KP Funds NPORT-P KP Retirement Path 2060 Fund (Sep 2020 report)

KP Retirement Path Retirement Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value   (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 72.9%
KP Fixed Income Fund		17,742,155	$	192,147
KP International Equity Fund		3,467,129		35,018
KP Large Cap Equity Fund		6,103,565		90,272
KP Small Cap Equity Fund		1,455,796		15,228
Total Affiliated Registered Investment Companies (Cost $302,444) (000)				332,665
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 27.0%
DFA Commodity Strategy Portfolio, Cl Institutional		879,047		4,360
DFA International Real Estate Securities, Cl Institutional		1,194,106		4,693
DFA Real Estate Securities Portfolio, Cl Institutional		248,015		8,783
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		308,029		4,297
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		472,292		4,477
T. Rowe Price New Era Fund, Cl Institutional		171,807		4,783
Vanguard Inflation-Protected Securities Fund, Cl Institutional		1,161,671		13,324
Vanguard Short-Term Bond Index Fund, Cl Institutional		3,993,347		43,448
Vanguard Short-Term Inflation- Protected Securities Index Fund, Cl Institutional		1,382,854		35,207
Total Unaffiliated Registered Investment Companies (Cost $120,172) (000)				123,372
Total Investments In Securities — 99.9% (Cost $422,616) (000)			$	456,037

Percentages are based on Net Assets of $456,368 (000).

Cl – Class

As of September 30, 2020, 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, 2020, there were no transfers in or out of Level 3.

For the period ended September 30, 2020, 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, 2020 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2020 (000):

	Value   12/31/2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain (Loss)			Value 9/30/2020		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	200,120	$	17,970	$	(36,825	)	$	9,275		$	1,607		$	192,147		17,742,155	$	-	$	-
KP International Equity Fund		33,195		5,955		(2,974	)		(1,138	)		(20	)		35,018		3,467,129		-		-
KP Large Cap Equity Fund		84,703		11,935		(13,106	)		4,668			2,072			90,272		6,103,565		-		-
KP Small Cap Equity Fund		14,052		3,009		(1,587	)		117			(363	)		15,228		1,455,796		-		-
Totals	$	332,070	$	38,869	$	(54,492	)	$	12,922		$	3,296		$	332,665		28,768,645	$	-	$	-

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

KPF-QH-004-1200

KP Retirement Path 2020 Fund

Schedule of Investments

September 30, 2020 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 75.3%
KP Fixed Income Fund		36,001,725	$	389,898
KP International Equity Fund		10,611,887		107,180
KP Large Cap Equity Fund		16,592,335		245,401
KP Small Cap Equity Fund		4,645,240		48,589
Total Affiliated Registered Investment Companies (Cost $721,527) (000)				791,068
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 24.6%
DFA Commodity Strategy Portfolio, Cl Institutional		1,997,217		9,906
DFA International Real Estate Securities, Cl Institutional		2,712,975		10,662
DFA Real Estate Securities Portfolio, Cl Institutional		563,327		19,947
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		699,473		9,758
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		1,072,978		10,172
T. Rowe Price New Era Fund, Cl Institutional		390,297		10,866
Vanguard Inflation-Protected Securities Fund, Cl Institutional		2,658,470		30,493
Vanguard Short-Term Bond Index Fund, Cl Institutional		8,041,844		87,495
Vanguard Short-Term Inflation- Protected Securities Index Fund, Cl Institutional		2,689,932		68,486
Total Unaffiliated Registered Investment Companies (Cost $252,242) (000)				257,785
Total Investments In Securities — 99.9% (Cost $973,769) (000)			$	1,048,853

Percentages are based on Net Assets of $1,049,528 (000).

Cl – Class

As of September 30, 2020, 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, 2020, there were no transfers in or out of Level 3.

For the period ended September 30, 2020, 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, 2020 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2020 (000):

	Value 12/31/2019		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation/ (Depreciation)			Realized Gain (Loss)			Value 9/30/2020		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund		$  405,013		$  46,094		$  (83,199)	$	19,218		$	2,772		$	389,898		36,001,725	$	-	$	-
KP International Equity Fund		107,146		14,989		(9,947)		(5,011	)		3			107,180		10,611,887		-		-
KP Large Cap Equity Fund		238,637		29,406		(39,281)		10,633			6,006			245,401		16,592,335		-		-
KP Small Cap Equity Fund		47,511		8,843		(6,164)		(1,321	)		(280	)		48,589		4,645,240		-		-
Totals		$  798,307		$  99,332		$  (138,591)	$	23,519		$	8,501		$	791,068		67,851,187	$	-	$	-

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

KPF-QH-004-1200

KP Retirement Path 2025 Fund

Schedule of Investments

September 30, 2020 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value   (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 79.9%
KP Fixed Income Fund		41,370,828	$	448,047
KP International Equity Fund		20,863,799		210,724
KP Large Cap Equity Fund		28,191,782		416,956
KP Small Cap Equity Fund		9,453,601		98,885
Total Affiliated Registered Investment Companies (Cost $1,067,971) (000)				1,174,612
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 20.1%
DFA Commodity Strategy Portfolio, Cl Institutional		2,781,159		13,795
DFA International Real Estate Securities, Cl Institutional		3,776,043		14,840
DFA Real Estate Securities Portfolio, Cl Institutional		784,888		27,792
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		974,991		13,601
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		1,495,205		14,175
T. Rowe Price New Era Fund, Cl Institutional		542,526		15,104
Vanguard Inflation-Protected Securities Fund, Cl Institutional		3,606,027		41,361
Vanguard Short-Term Bond Index Fund, Cl Institutional		8,304,537		90,353
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional		2,575,475		65,572
Total Unaffiliated Registered Investment Companies (Cost $292,251) (000)				296,593
Total Investments In Securities — 100.0% (Cost $1,360,222) (000)			$	1,471,205

Percentages are based on Net Assets of $1,471,934 (000).

Cl – Class

As of September 30, 2020, 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, 2020, there were no transfers in or out of Level 3.

For the period ended September 30, 2020, 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, 2020 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2020 (000):

	Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain (Loss)			Value 9/30/2020		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	454,732	$	66,112	$	(97,374	)	$	22,164		$	2,413		$	448,047		41,370,828	$	-	$	-
KP International Equity Fund		204,844		32,890		(17,048	)		(8,551	)		(1,411	)		210,724		20,863,799		-		-
KP Large Cap Equity Fund		397,690		51,769		(58,825	)		16,387			9,935			416,956		28,191,782		-		-
KP Small Cap Equity Fund		93,835		18,744		(10,322	)		(2,297	)		(1,075	)		98,885		9,453,601		-		-
Totals	$	1,151,101	$	169,515	$	(183,569	)	$	27,703		$	9,862		$	1,174,612		99,880,010	$	-	$	-

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

KPF-QH-004-1200

KP Retirement Path 2030 Fund

Schedule of Investments

September 30, 2020 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value   (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 84.7%
KP Fixed Income Fund		34,637,296	$	375,122
KP International Equity Fund		27,777,651		280,554
KP Large Cap Equity Fund		33,928,426		501,802
KP Small Cap Equity Fund		12,744,960		133,312
Total Affiliated Registered Investment Companies (Cost $1,172,142) (000)				1,290,790
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 15.3%
DFA Commodity Strategy Portfolio, Cl Institutional		2,820,313		13,989
DFA International Real Estate Securities, Cl Institutional		3,829,378		15,049
DFA Real Estate Securities Portfolio, Cl Institutional		796,499		28,204
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		989,502		13,804
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		1,516,822		14,379
T. Rowe Price New Era Fund, Cl Institutional		549,880		15,309
Vanguard Inflation-Protected Securities Fund, Cl Institutional		3,607,539		41,378
Vanguard Short-Term Bond Index Fund, Cl Institutional		4,758,835		51,776
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional		1,517,981		38,648
Total Unaffiliated Registered Investment Companies (Cost $231,313) (000)				232,536
Total Investments In Securities — 100.0% (Cost $1,403,455) (000)			$	1,523,326

Percentages are based on Net Assets of $1,523,855 (000).

Cl – Class

As of September 30, 2020, 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, 2020, there were no transfers in or out of Level 3.

For the period ended September 30, 2020, 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, 2020 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2020 (000):

	Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain (Loss)			Value 9/30/2020		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	374,459	$	56,405	$	(76,225	)	$	18,426		$	2,057		$	375,122		34,637,296	$	-	$	-
KP International Equity Fund		269,177		42,638		(18,087	)		(11,343	)		(1,831	)		280,554		27,777,651		-		-
KP Large Cap Equity Fund		468,882		59,911		(58,819	)		20,482			11,346			501,802		33,928,426		-		-
KP Small Cap Equity Fund		124,073		24,493		(10,931	)		(3,010	)		(1,313	)		133,312		12,744,960		-		-
Totals	$	1,236,591	$	183,447	$	(164,062	)	$	24,555		$	10,259		$	1,290,790		109,088,333	$	-	$	-

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

KPF-QH-004-1200

KP Retirement Path 2035 Fund

Schedule of Investments

September 30, 2020 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value   (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 89.3%
KP Fixed Income Fund		31,177,346	$	337,651
KP International Equity Fund		39,287,873		396,808
KP Large Cap Equity Fund		40,941,397		605,523
KP Small Cap Equity Fund		17,518,559		183,244
Total Affiliated Registered Investment Companies (Cost $1,387,266) (000)				1,523,226
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 10.7%
DFA Commodity Strategy Portfolio, Cl Institutional		2,803,368		13,905
DFA International Real Estate Securities, Cl Institutional		3,804,910		14,953
DFA Real Estate Securities Portfolio, Cl Institutional		791,436		28,024
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		983,110		13,714
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		1,507,157		14,288
T. Rowe Price New Era Fund, Cl Institutional		546,398		15,212
Vanguard Inflation-Protected Securities Fund, Cl Institutional		3,581,563		41,080
Vanguard Short-Term Bond Index Fund, Cl Institutional		2,489,200		27,083
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional		538,829		13,719
Total Unaffiliated Registered Investment Companies (Cost $182,900) (000)				181,978
Total Investments In Securities — 100.0% (Cost $1,570,166) (000)			$	1,705,204

Percentages are based on Net Assets of $1,705,554 (000).

Cl – Class

As of September 30, 2020, 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, 2020, there were no transfers in or out of Level 3.

For the period ended September 30, 2020, 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, 2020 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2020 (000):

	Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain (Loss)			Value 9/30/2020		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	342,614	$	51,415	$	(74,831	)	$	16,173		$	2,280		$	337,651		31,177,346	$	-	$	-
KP International Equity Fund		382,809		62,402		(28,805	)		(17,162	)		(2,436	)		396,808		39,287,873		-		-
KP Large Cap Equity Fund		573,141		70,006		(73,780	)		19,804			16,352			605,523		40,941,397		-		-
KP Small Cap Equity Fund		172,487		33,287		(15,715	)		(5,222	)		(1,593	)		183,244		17,518,559		-		-
Totals	$	1,471,051	$	217,110	$	(193,131	)	$	13,593		$	14,603		$	1,523,226		128,925,175	$	-	$	-

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

KPF-QH-004-1200

KP Retirement Path 2040 Fund

Schedule of Investments

September 30, 2020 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value   (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 92.8%
KP Fixed Income Fund		23,447,481	$	253,936
KP International Equity Fund		42,365,298		427,890
KP Large Cap Equity Fund		39,673,311		586,768
KP Small Cap Equity Fund		19,083,291		199,611
Total Affiliated Registered Investment Companies (Cost $1,340,179) (000)				1,468,205
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 7.2%
DFA Commodity Strategy Portfolio, Cl Institutional		2,255,734		11,188
DFA International Real Estate Securities, Cl Institutional		3,062,326		12,035
DFA Real Estate Securities Portfolio, Cl Institutional		636,871		22,553
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		791,129		11,036
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		1,212,999		11,499
T. Rowe Price New Era Fund, Cl Institutional		439,600		12,238
Vanguard Inflation-Protected Securities Fund, Cl Institutional		2,885,016		33,091
Total Unaffiliated Registered Investment Companies (Cost $115,658) (000)				113,640
Total Investments In Securities — 100.0% (Cost $1,455,837) (000)			$	1,581,845

Percentages are based on Net Assets of $1,582,031 (000).

Cl – Class

As of September 30, 2020, 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, 2020, there were no transfers in or out of Level 3.

For the period ended September 30, 2020, 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, 2020 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2020 (000):

	Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain (Loss)			Value 9/30/2020		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	259,049	$	38,373	$	(57,373	)	$	11,970		$	1,917		$	253,936		23,447,481	$	-	$	-
KP International Equity Fund		411,591		69,455		(31,612	)		(18,242	)		(3,302	)		427,890		42,365,298		-		-
KP Large Cap Equity Fund		555,878		67,605		(70,640	)		17,529			16,396			586,768		39,673,311		-		-
KP Small Cap Equity Fund		186,477		36,833		(16,236	)		(5,736	)		(1,727	)		199,611		19,083,291		-		-
Totals	$	1,412,995	$	212,266	$	(175,861	)	$	5,521		$	13,284		$	1,468,205		124,569,381	$	-	$	-

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

KPF-QH-004-1200

KP Retirement Path 2045 Fund

Schedule of Investments

September 30, 2020 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value   (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.6%
KP Fixed Income Fund		15,919,868	$	172,412
KP International Equity Fund		38,011,084		383,912
KP Large Cap Equity Fund		33,050,590		488,819
KP Small Cap Equity Fund		16,752,668		175,233
Total Affiliated Registered Investment Companies (Cost $1,123,577) (000)				1,220,376
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.4%
DFA Commodity Strategy Portfolio, Cl Institutional		1,393,796		6,913
DFA International Real Estate Securities, Cl Institutional		1,891,426		7,433
DFA Real Estate Securities Portfolio, Cl Institutional		393,628		13,938
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		489,070		6,823
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		749,604		7,106
T. Rowe Price New Era Fund, Cl Institutional		271,355		7,555
Vanguard Inflation-Protected Securities Fund, Cl Institutional		1,745,261		20,018
Total Unaffiliated Registered Investment Companies (Cost $71,188) (000)				69,786
Total Investments In Securities — 100.0% (Cost $1,194,765) (000)			$	1,290,162

Percentages are based on Net Assets of $1,290,264 (000).

Cl — Class

As of September 30, 2020, 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, 2020, there were no transfers in or out of Level 3.

For the period ended September 30, 2020, 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, 2020 (unaudited)

The following is a summary of the Fund’s transactions with affiliates for the period ended September 30, 2020 (000):

	Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain (Loss)			Value 9/30/2020		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	172,379	$	29,916	$	(39,214	)	$	7,675		$	1,656		$	172,412		15,919,868	$	-	$	-
KP International Equity Fund		358,248		70,060		(26,681	)		(16,590	)		(1,125	)		383,912		38,011,084		-		-
KP Large Cap Equity Fund		452,979		63,075		(55,709	)		18,259			10,215			488,819		33,050,590		-		-
KP Small Cap Equity Fund		159,994		34,607		(13,248	)		(4,821	)		(1,299	)		175,233		16,752,668		-		-
Totals	$	1,143,600	$	197,658	$	(134,852	)	$	4,523		$	9,447		$	1,220,376		103,734,210	$	-	$	-

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

KPF-QH-004-1200

KP Retirement Path 2050 Fund

Schedule of Investments

September 30, 2020 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value   (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.4%
KP Fixed Income Fund		9,001,374	$	97,485
KP International Equity Fund		25,655,859		259,124
KP Large Cap Equity Fund		22,146,963		327,554
KP Small Cap Equity Fund		11,678,707		122,159
Total Affiliated Registered Investment Companies (Cost $755,413) (000)				806,322
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 4.6%
DFA Commodity Strategy Portfolio, Cl Institutional		778,799		3,863
DFA International Real Estate Securities, Cl Institutional		1,055,887		4,150
DFA Real Estate Securities Portfolio, Cl Institutional		219,948		7,787
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		273,316		3,813
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		418,835		3,971
T. Rowe Price New Era Fund, Cl Institutional		151,353		4,214
Vanguard Inflation-Protected Securities Fund, Cl Institutional		945,710		10,847
Total Unaffiliated Registered Investment Companies (Cost $39,444) (000)				38,645
Total Investments In Securities — 100.0% (Cost $794,857) (000)			$	844,967

Percentages are based on Net Assets of $845,018 (000).

Cl – Class

As of September 30, 2020, 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, 2020, there were no transfers in or out of Level 3.

For the period ended September 30, 2020, 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, 2020 (unaudited)

The following is a summary of the Fund’s transactions with affiliates for the period ended September 30, 2020 (000):

	Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain		Value 9/30/2020		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	93,447	$	21,286	$	(22,424	)	$	4,347		$	829	$	97,485		9,001,374	$	-	$	-
KP International Equity Fund		232,715		56,171		(18,897	)		(12,128	)		1,263		259,124		25,655,859		-		-
KP Large Cap Equity Fund		292,160		53,604		(37,733	)		12,301			7,222		327,554		22,146,963		-		-
KP Small Cap Equity Fund		106,577		28,332		(9,214	)		(3,599	)		63		122,159		11,678,707		-		-
Totals	$	724,899	$	159,393	$	(88,268	)	$	921		$	9,377	$	806,322		68,482,903	$	-	$	-

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

KPF-QH-004-1200

KP Retirement Path 2055 Fund

Schedule of Investments

September 30, 2020 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value   (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.4%
KP Fixed Income Fund		3,148,000	$	34,093
KP International Equity Fund		10,721,420		108,286
KP Large Cap Equity Fund		9,202,710		136,109
KP Small Cap Equity Fund		4,736,177		49,540
Total Affiliated Registered Investment Companies (Cost $310,899) (000)				328,028
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 4.6%
DFA Commodity Strategy Portfolio, Cl Institutional		321,762		1,596
DFA International Real Estate Securities, Cl Institutional		436,101		1,714
DFA Real Estate Securities Portfolio, Cl Institutional		91,011		3,222
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		113,106		1,578
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		173,199		1,642
T. Rowe Price New Era Fund, Cl Institutional		62,384		1,737
Vanguard Inflation-Protected Securities Fund, Cl Institutional		368,962		4,232
Total Unaffiliated Registered Investment Companies (Cost $15,958) (000)				15,721
Total Investments In Securities — 100.0% (Cost $326,857) (000)			$	343,749

Percentages are based on Net Assets of $343,768 (000).

Cl – Class

As of September 30, 2020, 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, 2020, there were no transfers in or out of Level 3.

For the period ended September 30, 2020, 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, 2020 (unaudited)

The following is a summary of the Fund’s transactions with affiliates for the period ended September 30, 2020 (000):

	Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain (Loss)			Value 9/30/2020		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	30,366	$	10,173	$	(8,199	)	$	1,520		$	233		$	34,093		3,148,000	$	-	$	-
KP International Equity Fund		88,889		31,538		(8,812	)		(3,542	)		213			108,286		10,721,420		-		-
KP Large Cap Equity Fund		110,996		32,646		(16,317	)		7,191			1,593			136,109		9,202,710		-		-
KP Small Cap Equity Fund		39,662		14,920		(4,141	)		(27	)		(874	)		49,540		4,736,177		-		-
Totals	$	269,913	$	89,277	$	(37,469	)	$	5,142		$	1,165		$	328,028		27,808,307	$	-	$	-

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

KPF-QH-004-1200

KP Retirement Path 2060 Fund

Schedule of Investments

September 30, 2020 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value   (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.4%
KP Fixed Income Fund		670,316	$	7,260
KP International Equity Fund		2,276,872		22,996
KP Large Cap Equity Fund		1,955,398		28,920
KP Small Cap Equity Fund		1,005,765		10,520
Total Affiliated Registered Investment Companies (Cost $65,260) (000)				69,696
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 4.6%
DFA Commodity Strategy Portfolio, Cl Institutional		69,062		343
DFA International Real Estate Securities, Cl Institutional		93,570		368
DFA Real Estate Securities Portfolio, Cl Institutional		19,555		692
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		24,312		339
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		37,206		353
T. Rowe Price New Era Fund, Cl Institutional		13,372		372
Vanguard Inflation-Protected Securities Fund, Cl Institutional		76,627		879
Total Unaffiliated Registered Investment Companies (Cost $3,376) (000)				3,346
Total Investments In Securities — 100.0% (Cost $68,636) (000)			$	73,042

Percentages are based on Net Assets of $73,046 (000).

Cl – Class

As of September 30, 2020, 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, 2020, there were no transfers in or out of Level 3.

For the period ended September 30, 2020, 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, 2020 (unaudited)

The following is a summary of the Fund’s transactions with affiliates for the period ended September 30, 2020 (000):

	Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain (Loss)			Value 9/30/2020		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	6,223	$	2,738	$	(2,067	)	$	269		$	97		$	7,260		670,316	$	-	$	-
KP International Equity Fund		18,213		8,307		(2,879	)		(1	)		(644	)		22,996		2,276,872		-		-
KP Large Cap Equity Fund		22,743		9,006		(4,698	)		2,004			(135	)		28,920		1,955,398		-		-
KP Small Cap Equity Fund		8,127		3,889		(1,336	)		270			(430	)		10,520		1,005,765		-		-
Totals	$	55,306	$	23,940	$	(10,980	)	$	2,542		$	(1,112	)	$	69,696		5,908,351	$	-	$	-

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

KPF-QH-004-1200

KP Retirement Path 2065 Fund

Schedule of Investments

September 30, 2020 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value   (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.4%
KP Fixed Income Fund		158,294	$	1,714
KP International Equity Fund		537,584		5,430
KP Large Cap Equity Fund		460,350		6,809
KP Small Cap Equity Fund		235,894		2,467
Total Affiliated Registered Investment Companies (Cost $14,516) (000)				16,420
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 4.6%
DFA Commodity Strategy Portfolio, Cl Institutional		15,182		75
DFA International Real Estate Securities, Cl Institutional		20,516		81
DFA Real Estate Securities Portfolio, Cl Institutional		4,228		150
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		5,314		74
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		8,233		78
T. Rowe Price New Era Fund, Cl Institutional		2,924		81
Vanguard Inflation-Protected Securities Fund, Cl Institutional		21,289		244
Total Unaffiliated Registered Investment Companies (Cost $752) (000)				783
Total Investments In Securities — 100.0% (Cost $15,268) (000)			$	17,203

Percentages are based on Net Assets of $17,204 (000).

Cl – Class

As of September 30, 2020, 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, 2020, there were no transfers in or out of Level 3.

For the period ended September 30, 2020, 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, 2020 (unaudited)

The following is a summary of the Fund’s transactions with affiliates for the period ended September 30, 2020 (000):

	Value   12/31/2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value 9/30/2020		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	1,438	$	2,342	$	(2,169	)	$	60	$	43		$	1,714		158,294	$	-	$	-
KP International Equity Fund		4,209		6,746		(5,350	)		287		(462	)		5,430		537,584		-		-
KP Large Cap Equity Fund		5,255		8,098		(7,036	)		597		(105	)		6,809		460,350		-		-
KP Small Cap Equity Fund		1,878		3,070		(2,428	)		251		(304	)		2,467		235,894		-		-
Totals	$	12,780	$	20,256	$	(16,983	)	$	1,195	$	(828	)	$	16,420		1,392,122	$	-	$	-

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

KPF-QH-004-1200

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value   (000)
COMMON STOCK — 98.0%
Communication Services – 10.7%
Activision Blizzard		106,109	$	8,589
Alphabet, Cl A*		45,090		66,084
Alphabet, Cl C*		31,588		46,422
AT&T		397,248		11,326
CenturyLink		35,830		362
Charter Communications, Cl A*		5,273		3,292
Comcast, Cl A		643,928		29,788
Discovery, Cl A*		5,793		126
Discovery, Cl C*		143,168		2,806
DISH Network, Cl A*		8,586		249
Electronic Arts*		44,501		5,803
Facebook, Cl A*		356,527		93,374
Fox		6,776		190
Fox		11,368		316
IAC*		30,539		3,658
Interpublic Group of Companies		31,539		526
Live Nation Entertainment*		5,700		307
Match Group*		48,496		5,366
Netflix*		53,680		26,842
News, Cl A		14,068		197
News, Cl B		5,200		73
Omnicom Group		68,993		3,415
Pinterest, Cl A*		6,566		273
Spotify Technology*		37,351		9,060
Take-Two Interactive Software*		28,759		4,752
Tencent Holdings ADR		183,530		12,416
T-Mobile US*		20,647		2,361
Twitter*		28,090		1,250
Verizon Communications		324,767		19,320
ViacomCBS, Cl B		19,093		535
Walt Disney		71,157		8,829
				367,907
Consumer Discretionary – 13.2%
Advance Auto Parts		2,523		387
Alibaba Group Holding ADR*		53,310		15,672
Amazon.com*		53,859		169,587
Aptiv		114,260		10,475
AutoNation*		64,774		3,429
AutoZone*		3,628		4,273
Best Buy		74,683		8,311
Booking Holdings*		5,545		9,486
BorgWarner		8,397		325
CarMax*		47,107		4,330
Carnival		19,107		290
Carter’s		3,967		343
Carvana, Cl A*		28,214		6,293
Chipotle Mexican Grill, Cl A*		3,900		4,850

Description	Shares		Value   (000)
Columbia Sportswear		3,842	$	334
Darden Restaurants		4,728		476
Dick’s Sporting Goods		40,430		2,340
Dollar General		63,858		13,386
Dollar Tree*		8,201		749
Domino’s Pizza		19,039		8,097
DR Horton		11,495		869
DraftKings, Cl A*		75,857		4,463
Dunkin’ Brands Group		20,653		1,692
eBay		102,898		5,361
Etsy*		16,662		2,027
Expedia Group		4,880		447
Extended Stay America		61,432		734
Ford Motor		160,566		1,069
Gap		8,162		139
Garmin		13,575		1,288
General Motors		44,775		1,325
Gentex		27,172		700
Genuine Parts		5,215		496
Graham Holdings, Cl B		1,323		535
Grand Canyon Education*		9,057		724
H&R Block		167,725		2,732
Hanesbrands		115,377		1,817
Hasbro		4,601		381
Hilton Worldwide Holdings		40,972		3,496
Home Depot		70,453		19,566
L Brands		76,282		2,427
Las Vegas Sands		11,843		553
Leggett & Platt		4,746		195
Lennar, Cl A		23,697		1,936
Lennar, Cl B		22,089		1,450
Lions Gate Entertainment, Cl A*		47,168		447
LKQ*		9,700		269
Lowe’s		137,010		22,725
Lululemon Athletica*		18,049		5,945
Marriott International, Cl A		39,601		3,666
McDonald’s		33,509		7,355
MGM Resorts International		14,200		309
Mohawk Industries*		4,516		441
Newell Brands		15,700		269
NIKE, Cl B		91,614		11,501
Norwegian Cruise Line Holdings*		10,400		178
NVR*		1,299		5,304
O’Reilly Automotive*		7,870		3,629
Polaris Industries		1,854		175
PulteGroup		71,521		3,311
PVH		2,642		158
Qurate Retail		493,641		3,544
Qurate Retail		12,313		1,213
Ralph Lauren, Cl A		1,804		123
Ross Stores		136,087		12,700

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Royal Caribbean Cruises		6,392	$	414
Service International		4,369		184
Starbucks		72,463		6,226
Tapestry		10,489		164
Target		86,477		13,613
Tempur Sealy International*		6,586		587
Tesla*		16,725		7,175
Tiffany		3,792		439
TJX		88,780		4,941
Tractor Supply		23,966		3,435
Ulta Beauty*		7,481		1,676
Under Armour, Cl A*		6,400		72
Under Armour, Cl C*		6,520		64
VF		11,314		795
Wayfair, Cl A*		2,117		616
Wendy’s		114,391		2,550
Whirlpool		3,758		691
Williams-Sonoma		6,836		618
Wynn Resorts		3,091		222
Yum! Brands		71,141		6,495
				454,094
Consumer Staples – 5.3%
Altria Group		65,222		2,520
Archer-Daniels-Midland		95,522		4,441
Brown-Forman, Cl B		6,449		486
Campbell Soup		6,713		325
Casey’s General Stores		1,336		237
Church & Dwight		22,913		2,147
Clorox		4,325		909
Coca-Cola		172,256		8,504
Colgate-Palmolive		53,509		4,128
Conagra Brands		84,504		3,018
Constellation Brands, Cl A		5,962		1,130
Costco Wholesale		23,486		8,338
Danone		33,769		2,186
Diageo		236,980		8,103
Estee Lauder, Cl A		14,296		3,120
General Mills		60,257		3,717
Hershey		8,199		1,175
Hormel Foods		9,870		483
Ingredion		8,156		617
JM Smucker		21,333		2,464
Kellogg		8,715		563
Kimberly-Clark		70,947		10,476
Kraft Heinz		23,235		696
Kroger		245,196		8,315
Lamb Weston Holdings		5,300		351
McCormick		4,311		837
Molson Coors Beverage, Cl B		6,030		202
Mondelez International, Cl A		50,017		2,873
Monster Beverage*		69,468		5,571

Description	Shares		Value   (000)
Nestle		99,306	$	11,789
PepsiCo		91,426		12,672
Philip Morris International		93,461		7,009
Post Holdings*		15,052		1,294
Procter & Gamble		170,005		23,629
Reckitt Benckiser Group		33,506		3,269
Sprouts Farmers Market*		194,109		4,063
Sysco		18,086		1,125
TreeHouse Foods*		16,430		666
Tyson Foods, Cl A		108,594		6,459
Walgreens Boots Alliance		90,528		3,252
Walmart		134,097		18,761
				181,920
Energy – 1.1%
Apache		15,896		150
Baker Hughes, Cl A		24,623		327
Cabot Oil & Gas		16,334		284
Chevron		134,952		9,717
Concho Resources		15,647		690
ConocoPhillips		218,920		7,189
Devon Energy		16,265		154
Diamondback Energy		6,600		199
EOG Resources		94,909		3,411
Exxon Mobil		149,507		5,133
Halliburton		31,003		374
Hess		9,196		376
HollyFrontier		6,150		121
Kinder Morgan		66,962		826
Marathon Oil		33,714		138
Marathon Petroleum		22,486		660
National Oilwell Varco		14,246		129
Noble Energy		20,216		173
Occidental Petroleum		31,428		315
ONEOK		15,282		397
Phillips 66		15,145		785
Pioneer Natural Resources		27,353		2,352
Schlumberger		47,885		745
Suncor Energy		160,679		1,962
TechnipFMC		17,912		113
Valero Energy		18,058		782
Williams		41,892		823
				38,325
Financials – 10.5%
Aflac		23,097		840
Allstate		116,667		10,983
Ally Financial		56,133		1,407
American Express		87,160		8,738
American Financial Group		15,488		1,037
American International Group		29,956		825
American National Group		2,938		198

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Ameriprise Financial		37,978	$	5,853
Aon, Cl A		80,466		16,600
Arch Capital Group*		25,569		748
Arthur J Gallagher		6,538		690
Associated Banc-Corp		236,514		2,985
Assurant		2,027		246
Assured Guaranty		46,395		997
Bank of America		484,838		11,680
Bank of New York Mellon		155,280		5,332
Berkshire Hathaway, Cl B*		125,344		26,691
BlackRock, Cl A		17,908		10,092
Capital One Financial		68,686		4,936
Cboe Global Markets		5,590		490
Charles Schwab		98,653		3,574
Chubb		110,297		12,808
Cincinnati Financial		5,387		420
Citigroup		323,563		13,949
Citizens Financial Group		54,139		1,369
CME Group, Cl A		12,610		2,110
Comerica		27,823		1,064
Discover Financial Services		42,776		2,472
E*TRADE Financial		7,975		399
Eaton Vance		25,317		966
Equitable Holdings		45,364		827
Everest Re Group		9,784		1,933
Fidelity National Financial		25,998		814
Fifth Third Bancorp		24,918		531
First American Financial		12,982		661
First Citizens BancShares, Cl A		5,169		1,648
First Republic Bank		5,977		652
FNB		100,211		679
Franklin Resources		10,432		212
Globe Life		3,787		303
Goldman Sachs Group		77,896		15,655
Hanover Insurance Group		25,798		2,404
Hartford Financial Services Group		51,092		1,883
Huntington Bancshares		33,076		303
Intercontinental Exchange		19,789		1,980
Invesco		15,473		177
JPMorgan Chase		393,586		37,891
KeyCorp		35,234		420
Lincoln National		6,357		199
Loews		8,133		283
LPL Financial Holdings		19,844		1,521
M&T Bank		13,160		1,212
MarketAxess Holdings		1,300		626
Marsh & McLennan		123,511		14,167
Mercury General		43,786		1,811
MetLife		126,738		4,711
MGIC Investment		378,101		3,350
Moody’s		18,420		5,339

Description	Shares		Value   (000)
Morgan Stanley		91,115	$	4,405
Morningstar		588		94
MSCI, Cl A		3,000		1,070
Nasdaq		67,663		8,303
Northern Trust		7,468		582
Old Republic International		40,661		599
People’s United Financial		267,194		2,755
PNC Financial Services Group		67,412		7,409
Popular		162,126		5,880
Principal Financial Group		9,277		374
Progressive		60,042		5,684
Prudential Financial		13,754		874
Raymond James Financial		4,200		306
Regions Financial		163,888		1,890
S&P Global		21,172		7,635
SLM		309,407		2,503
State Street		69,698		4,135
SVB Financial Group*		1,900		457
Synchrony Financial		245,814		6,433
T Rowe Price Group		33,966		4,355
Travelers		102,176		11,054
Truist Financial		198,479		7,552
Unum Group		63,032		1,061
US Bancorp		275,224		9,867
Virtu Financial, Cl A		84,485		1,944
Wells Fargo		228,277		5,367
Western Alliance Bancorp		57,273		1,811
White Mountains Insurance Group		356		277
Willis Towers Watson		4,422		923
WR Berkley		5,500		336
XP, Cl A*		24,932		1,039
Zions Bancorp		38,759		1,133
				360,798
Health Care – 15.7%
Abbott Laboratories		184,487		20,078
AbbVie		161,367		14,134
ABIOMED*		1,600		443
Acceleron Pharma*		19,940		2,244
Agilent Technologies		10,677		1,078
Alexion Pharmaceuticals*		74,183		8,489
Align Technology*		5,741		1,879
AmerisourceBergen, Cl A		39,292		3,808
Amgen		23,964		6,091
Anthem		39,995		10,742
Avantor*		313,959		7,061
Baxter International		64,777		5,209
Becton Dickinson		30,133		7,011
Biogen*		37,990		10,777
Bio-Rad Laboratories, Cl A*		3,624		1,868
Boston Scientific*		170,122		6,500
Bristol-Myers Squibb		119,125		7,182

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Cardinal Health		116,954	$	5,491
Catalent*		5,700		488
Centene*		92,489		5,395
Cerner		10,858		785
Cigna		167,429		28,364
Cooper		1,800		607
CVS Health		105,802		6,179
Danaher		76,898		16,558
DaVita*		2,848		244
DENTSPLY SIRONA		7,149		313
DexCom*		3,400		1,402
Edwards Lifesciences*		21,946		1,752
Eli Lilly		31,903		4,722
Exelixis*		30,058		735
Gilead Sciences		116,714		7,375
GoodRx Holdings, Cl A*		3,293		183
HCA Healthcare		56,720		7,072
Henry Schein*		4,953		291
Hill-Rom Holdings		48,136		4,020
Hologic*		82,378		5,476
Humana		35,691		14,772
ICU Medical*		3,013		551
IDEXX Laboratories*		3,012		1,184
Illumina*		5,151		1,592
Immunomedics*		9,103		774
Incyte*		52,213		4,686
Insulet*		8,960		2,120
Intuitive Surgical*		20,869		14,807
IQVIA Holdings*		8,950		1,411
Jazz Pharmaceuticals*		15,229		2,171
Johnson & Johnson		358,132		53,319
Laboratory Corp of America Holdings*		3,403		641
Masimo*		6,044		1,427
McKesson		80,501		11,989
Medtronic		285,844		29,705
Merck		307,768		25,529
Mettler-Toledo International*		900		869
Molina Healthcare*		6,358		1,164
Mylan*		182,308		2,704
PerkinElmer		7,953		998
Perrigo		10,260		471
Pfizer		672,006		24,663
PRA Health Sciences*		23,620		2,396
QIAGEN*		20,074		1,049
Quest Diagnostics		4,705		539
Quidel*		11,906		2,612
Regeneron Pharmaceuticals*		8,166		4,571
ResMed		4,974		853
Roche Holding		8,959		3,065
STERIS		3,000		528
Stryker		68,108		14,192

Description	Shares		Value   (000)
Teleflex		4,059	$	1,382
Thermo Fisher Scientific		63,874		28,202
United Therapeutics*		40,903		4,131
UnitedHealth Group		109,149		34,029
Universal Health Services, Cl B		18,828		2,015
Varian Medical Systems*		3,229		555
Veeva Systems, Cl A*		15,971		4,491
Vertex Pharmaceuticals*		66,390		18,066
Waters*		5,694		1,114
West Pharmaceutical Services		2,583		710
Zimmer Biomet Holdings		7,398		1,007
Zoetis, Cl A		16,672		2,757
				537,857
Industrials – 8.3%
3M		28,086		4,499
AGCO		33,155		2,462
Alaska Air Group		26,443		969
Allegion		3,356		332
Allison Transmission Holdings		127,397		4,477
American Airlines Group		15,949		196
AMETEK		7,962		791
AO Smith		5,200		275
Boeing		22,479		3,715
Canadian National Railway		36,501		3,886
Carrier Global		28,429		868
Caterpillar		29,461		4,394
CH Robinson Worldwide		4,864		497
Cintas		3,076		1,024
Clean Harbors*		11,583		649
Copart*		7,200		757
CoStar Group*		9,365		7,946
Crane		20,268		1,016
CSX		26,904		2,090
Cummins		13,997		2,956
Curtiss-Wright		4,128		385
Deere		11,067		2,453
Delta Air Lines		65,952		2,017
Donaldson		34,313		1,593
Dover		5,072		549
Eaton		128,591		13,120
Emerson Electric		20,718		1,358
Equifax		36,920		5,793
Expeditors International of
Washington		6,058		548
Fastenal		19,718		889
FedEx		8,466		2,129
Flowserve		4,743		129
Fortive		11,739		895
Fortune Brands Home & Security		4,800		415
FTI Consulting*		4,914		521
General Dynamics		8,268		1,145

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
General Electric		381,520	$	2,377
HD Supply Holdings*		20,146		831
Hexcel		6,500		218
Honeywell International		116,018		19,098
Howmet Aerospace		15,455		258
Hubbell, Cl B		43,403		5,939
Huntington Ingalls Industries		18,158		2,556
IDEX		11,170		2,038
IHS Markit		12,951		1,017
Illinois Tool Works		70,806		13,680
Ingersoll Rand*		145,873		5,193
ITT		37,820		2,233
Jacobs Engineering Group		4,330		402
JB Hunt Transport Services		3,000		379
Johnson Controls International		300,007		12,255
Kansas City Southern		3,192		577
L3Harris Technologies		7,522		1,278
Lockheed Martin		38,382		14,711
ManpowerGroup		70,817		5,193
Masco		127,373		7,022
MSC Industrial Direct, Cl A		41,337		2,616
Nielsen Holdings		13,000		184
Norfolk Southern		21,701		4,644
Northrop Grumman		52,192		16,466
nVent Electric		70,516		1,247
Old Dominion Freight Line		9,721		1,759
Oshkosh		22,048		1,621
Otis Worldwide		45,029		2,811
PACCAR		31,327		2,672
Parker-Hannifin		4,460		902
Pentair		21,186		970
Quanta Services		9,667		511
Raytheon Technologies		116,106		6,681
Regal Beloit		20,237		1,900
Republic Services, Cl A		7,371		688
Robert Half International		4,442		235
Rockwell Automation		4,042		892
Rollins		5,250		284
Roper Technologies		3,673		1,451
Schneider National, Cl B		106,586		2,636
Snap-on		11,218		1,650
Southwest Airlines		51,580		1,934
Stanley Black & Decker		50,065		8,121
Teledyne Technologies*		6,861		2,128
Textron		7,914		286
Timken		18,413		998
Trane Technologies		75,299		9,130
TransDigm Group		1,900		903
TransUnion		44,015		3,703
Union Pacific		69,717		13,725
United Airlines Holdings*		42,147		1,465

Description	Shares		Value   (000)
United Parcel Service, Cl B		38,699	$	6,448
United Rentals*		9,438		1,647
Valmont Industries		4,803		596
Verisk Analytics, Cl A		13,478		2,498
Waste Management		13,713		1,552
Westinghouse Air Brake Technologies		6,490		402
WW Grainger		3,078		1,098
Xylem		6,422		540
				284,987
Information Technology – 27.1%
Accenture, Cl A		89,709		20,273
Adobe*		40,605		19,914
Advanced Micro Devices*		125,080		10,255
Akamai Technologies*		5,712		631
Alliance Data Systems		38,288		1,607
Amdocs		82,098		4,713
Amphenol, Cl A		10,660		1,154
Analog Devices		70,248		8,201
ANSYS*		3,034		993
Apple		1,473,981		170,702
Applied Materials		76,767		4,564
Arista Networks*		1,900		393
Arrow Electronics*		73,610		5,790
ASML Holding, Cl G		20,864		7,704
Autodesk*		40,688		9,399
Automatic Data Processing		15,168		2,116
Avnet		82,013		2,119
Black Knight*		15,470		1,347
Broadcom		38,962		14,195
Broadridge Financial Solutions		3,996		527
CACI International, Cl A*		16,751		3,571
Cadence Design Systems*		46,301		4,937
CDK Global		52,426		2,285
CDW		39,102		4,674
Ciena*		53,572		2,126
Cirrus Logic*		34,890		2,353
Cisco Systems		342,137		13,477
Citrix Systems		16,847		2,320
Cognizant Technology Solutions, Cl A		32,438		2,252
Corning		26,423		856
Crowdstrike Holdings, Cl A*		10,246		1,407
Dell Technologies, Cl C*		35,377		2,395
DocuSign, Cl A*		4,319		930
Dolby Laboratories, Cl A		15,108		1,001
Dropbox, Cl A*		60,997		1,175
DXC Technology		20,913		373
EPAM Systems*		6,879		2,224
F5 Networks*		2,235		274
Fair Isaac*		404		172
Fidelity National Information Services		124,011		18,256

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Fiserv*		102,957	$	10,610
FleetCor Technologies*		3,003		715
FLIR Systems		5,047		181
Fortinet*		25,873		3,048
Gartner*		3,267		408
Global Payments		116,223		20,639
Hewlett Packard Enterprise		46,545		436
HP		356,496		6,770
Intel		509,457		26,380
International Business Machines		62,113		7,557
Intuit		80,522		26,267
IPG Photonics*		1,300		221
Jabil		51,595		1,768
Jack Henry & Associates		2,800		455
Juniper Networks		13,480		290
Keysight Technologies*		33,768		3,336
KLA		5,416		1,049
Lam Research		9,843		3,265
Leidos Holdings		4,800		428
Manhattan Associates*		3,007		287
Marvell Technology Group		130,495		5,181
Mastercard, Cl A		42,528		14,382
Maxim Integrated Products		18,595		1,257
Microchip Technology		8,946		919
Micron Technology*		83,050		3,900
Microsoft		824,052		173,323
MongoDB, Cl A*		12,515		2,897
Motorola Solutions		5,950		933
National Instruments		48,740		1,740
NetApp		21,766		954
NortonLifeLock		124,637		2,597
NVIDIA		48,188		26,080
NXP Semiconductors		43,089		5,378
Oracle		181,510		10,836
Paychex		10,967		875
Paycom Software*		1,800		560
PayPal Holdings*		133,371		26,278
Qorvo*		50,134		6,468
QUALCOMM		54,502		6,414
RealPage*		4,907		283
salesforce.com*		117,523		29,536
Science Applications International		11,253		882
Seagate Technology		7,469		368
ServiceNow*		25,879		12,551
Shopify, Cl A*		687		703
Skyworks Solutions		22,133		3,220
Slack Technologies, Cl A*		78,623		2,112
Snap, Cl A*		373,736		9,758
Snowflake, Cl A*		2,206		554
Splunk*		44,291		8,332
Square, Cl A*		15,978		2,597

Description	Shares		Value   (000)
SS&C Technologies Holdings		116,047	$	7,023
SYNNEX		30,562		4,281
Synopsys*		40,712		8,712
TE Connectivity		11,463		1,120
Teradata*		13,385		304
Teradyne		5,800		461
Texas Instruments		161,502		23,061
Tyler Technologies*		1,500		523
VeriSign*		15,604		3,197
Visa, Cl A		194,267		38,848
Western Digital		10,501		384
Western Union		14,263		306
Wix.com*		9,800		2,498
Xerox Holdings		58,185		1,092
Xilinx		8,649		902
Zebra Technologies, Cl A*		10,884		2,748
Zoom Video Communications, Cl A*		11,020		5,181
				930,274
Materials – 1.8%
Air Products & Chemicals		7,818		2,329
Albemarle		3,700		330
Amcor		56,240		621
Avery Dennison		3,068		392
Ball		11,261		936
Cabot		30,168		1,087
Celanese, Cl A		4,300		462
CF Industries Holdings		8,151		250
Corteva		26,119		752
Dow		26,352		1,240
DuPont de Nemours		118,358		6,566
Eastman Chemical		16,197		1,265
Ecolab		8,783		1,755
FMC		4,532		480
Freeport-McMoRan		50,748		794
International Flavors & Fragrances		3,771		462
International Paper		77,227		3,131
Linde		18,422		4,387
LyondellBasell Industries, Cl A		11,361		801
Martin Marietta Materials		2,198		517
Mosaic		12,681		232
NewMarket		12,132		4,153
Newmont Goldcorp		28,330		1,798
Nucor		10,842		486
Packaging Corp of America		3,482		380
PPG Industries		89,966		10,983
Sealed Air		5,942		231
Sherwin-Williams		19,704		13,729
Sonoco Products		10,047		513
Vulcan Materials		4,627		627
Westrock		9,478		329

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
WR Grace		4,113	$	166
				62,184
Real Estate – 1.6%
Alexandria Real Estate Equities‡		4,100		656
American Tower, Cl A‡		29,505		7,132
Apartment Investment &
Management, Cl A‡		5,956		201
AvalonBay Communities‡		4,812		719
Boston Properties‡		24,421		1,961
Camden Property Trust‡		15,573		1,386
CBRE Group, Cl A*		48,211		2,265
Corporate Office Properties Trust‡		52,163		1,237
Crown Castle International‡		14,673		2,443
Digital Realty Trust‡		9,500		1,394
Duke Realty‡		65,989		2,435
Equinix‡		6,537		4,969
Equity Commonwealth‡		52,397		1,395
Equity Residential‡		12,231		628
Essex Property Trust‡		2,332		468
Extra Space Storage‡		4,600		492
Federal Realty Investment Trust‡		2,800		206
Gaming and Leisure Properties‡		45,277		1,672
Healthpeak Properties‡		18,695		508
Highwoods Properties‡		11,071		372
Host Hotels & Resorts‡		27,018		292
Hudson Pacific Properties‡		9,946		218
Iron Mountain‡		11,486		308
Kimco Realty‡		17,445		196
Medical Properties Trust‡		87,990		1,551
Mid-America Apartment
Communities‡		33,008		3,827
Prologis‡		55,592		5,594
Public Storage‡		15,446		3,440
Realty Income‡		11,900		723
Regency Centers‡		5,500		209
Rexford Industrial Realty‡		37,347		1,709
SBA Communications, Cl A‡		3,935		1,253
Simon Property Group‡		10,603		686
SL Green Realty‡		3,400		158
UDR‡		10,800		352
Ventas‡		13,164		552
Vornado Realty Trust‡		6,503		219
Welltower‡		14,383		792
Weyerhaeuser‡		26,087		744
				55,362
Utilities – 2.7%
AES		23,996		435
Alliant Energy		8,700		449
Ameren		8,641		683
American Electric Power		80,820		6,605

Description	Shares		Value   (000)
American Water Works		6,282	$	910
Atmos Energy		4,300		411
CenterPoint Energy		19,047		369
CMS Energy		9,964		612
Consolidated Edison		11,511		896
Dominion Energy		133,151		10,510
DTE Energy		6,608		760
Duke Energy		183,469		16,248
Edison International		13,101		666
Entergy		6,954		685
Evergy		36,960		1,878
Eversource Energy		12,205		1,020
Exelon		136,504		4,881
FirstEnergy		18,847		541
IDACORP		2,927		234
NextEra Energy		48,875		13,566
NiSource		13,627		300
NRG Energy		127,284		3,913
Pinnacle West Capital		4,092		305
PPL		26,824		730
Public Service Enterprise Group		17,464		959
Sempra Energy		32,335		3,827
Southern		233,568		12,664
Vistra Energy		82,409		1,554
WEC Energy Group		11,220		1,087
Xcel Energy		73,693		5,086
				92,784
Total Common Stock (Cost $2,610,535) (000)				3,366,492
PREFERRED STOCK — 0.3%
Air BNB, Ser D* (A)(B)(C)		11,406		901
Air BNB, Ser E* (A)(B)(C)		6,939		548
Aurora Innovation*(C)		42,480		393
DoorDash* (B)(C)		1,061		244
Magic Leap* (A)(B)(C)		5,553		15
Magic Leap, Ser C* (A)(B)(C)		13,521		31
Rivian Automotive*(C)		380,234		5,890
Snowflake*(C)		1,424		351
Stripe, Inc.* (B)(C)		15,136		237
Uipath Inc.*(C)		53,529		995
Waymo* (B)(C)		6,999		601
Total Preferred Stock (Cost $8,936) (000)				10,206

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
SHORT-TERM INVESTMENT — 1.8%
State Street Institutional Treasury Money Market Fund, Cl Premier, 0.020% (D)		61,689,146	$	61,689
Total Short-Term Investment (Cost $61,689) (000)				61,689
Total Investments In Securities — 100.1% (Cost $2,681,160) (000)			$	3,438,387

Percentages are based on Net Assets of $3,434,571 (000).

A list of the open futures contracts held by the Fund at September 30, 2020, is as follows (000):

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount		Value		Unrealized Appreciation
S&P 500 Index E-MINI		229		Dec- 2020	$	38,200	$	38,380	$	180

* Non-income producing security.

‡ Real Estate Investment Trust

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

(B) Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of these securities at September 30, 2020 was $2,577 (000) and represents 0.1% of Net Assets.

(C) There is currently no rate available.

(D) The rate reported is the 7-day effective yield as of September 30, 2020.

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, 2020, 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	$	3,366,492	$	—	$	—	$	3,366,492
Preferred Stock		—		8,710		1,496		10,206
Short-Term Investment		61,689		—		—		61,689
Total Investments   in Securities	$	3,428,181	$	8,710	$	1,496	$	3,438,387
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts**
Unrealized Appreciation	$	180	$	–	$	–	$	180
Total Other
Financial
Instruments	$	180	$	–	$	–	$	180

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

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

For the period ended September 30, 2020, there were no transfers in or out of Level 3.

For the period ended September 30, 2020, 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.

KPF-QH-004-1200

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

SCHEDULE OF INVESTMENTS

Description	Shares		Value   (000)
COMMON STOCK — 97.7%
Communication Services – 1.5%
ATN International		31,934	$	1,601
Bandwidth, Cl A*		16,027		2,798
Boingo Wireless*		62,417		636
Cincinnati Bell*		18,058		271
Cogent Communications Holdings		14,998		901
Consolidated Communications Holdings*		25,683		146
EW Scripps, Cl A		304,067		3,479
Gannett		44,363		58
Glu Mobile*		51,897		398
Iridium Communications*		41,170		1,053
John Wiley & Sons, Cl A		15,597		495
Marcus		8,270		64
Meredith		14,451		190
ORBCOMM*		817,749		2,780
QuinStreet*		16,604		263
Scholastic		10,777		226
Shenandoah Telecommunications		17,633		783
Spok Holdings		6,047		57
TechTarget*		8,160		359
Vonage Holdings*		82,373		843
World Wrestling Entertainment, Cl A		28,873		1,168
Zillow Group, Cl A*		23,577		2,394
				20,963
Consumer Discretionary – 14.3%
1-800-Flowers.com, Cl A*		77,345		1,929
Abercrombie & Fitch, Cl A		21,750		303
American Axle & Manufacturing Holdings*		647,842		3,738
American Public Education*		5,279		149
America’s Car-Mart*		2,205		187
Asbury Automotive Group*		6,789		662
Barnes & Noble Education*		8,822		23
Bed Bath & Beyond		45,000		674
Big Lots		12,626		563
BJ’s Restaurants		7,907		233
Bloomin’ Brands		170,844		2,609
Boot Barn Holdings*		10,318		290
BorgWarner		46,438		1,799
Brinker International		77,358		3,305
Brunswick		32,685		1,925
Buckle		10,249		209
Caesars Entertainment*		87,398		4,900
Caleres		163,784		1,566
Callaway Golf		33,662		644
Capri Holdings*		53,395		961
CarParts.com*		102,475		1,108

Description	Shares		Value   (000)
Carriage Services, Cl A		169,811	$	3,788
Carter’s		37,377		3,236
Cato, Cl A		7,745		61
Cavco Industries*		27,950		5,040
Century Communities*		10,307		436
Cheesecake Factory		14,800		411
Chegg*		18,310		1,308
Chewy, Cl A*		45,738		2,508
Chico’s FAS		43,095		42
Children’s Place		5,349		152
Chuy’s Holdings*		62,064		1,215
Conn’s*		7,113		75
Cooper Tire & Rubber		184,426		5,846
Cooper-Standard Holdings*		5,812		77
Core-Mark Holding		15,820		458
Crocs*		117,415		5,017
Dana		461,855		5,690
Dave & Buster’s Entertainment		215,039		3,260
Deckers Outdoor*		16,737		3,682
Designer Brands, Cl A		641,582		3,484
Dine Brands Global		5,793		316
Dorman Products*		10,180		920
El Pollo Loco Holdings*		6,956		113
Ethan Allen Interiors		8,034		109
Fiesta Restaurant Group*		5,686		53
Five Below*		12,465		1,583
Floor & Decor Holdings, Cl A*		115,789		8,661
Fossil Group*		16,354		94
Fox Factory Holding*		56,086		4,169
GameStop, Cl A*		19,199		196
Genesco*		5,054		109
Gentex		75,915		1,955
Gentherm*		11,637		476
G-III Apparel Group*		280,622		3,679
Golden Entertainment*		90,608		1,253
Group 1 Automotive		6,152		544
Guess?		13,308		155
Hanesbrands		426,123		6,711
Haverty Furniture		6,348		133
Helen of Troy*		15,120		2,926
Hibbett Sports*		5,904		232
Installed Building Products*		8,040		818
iRobot*		9,959		756
KB Home		118,047		4,532
Kontoor Brands		16,585		401
La-Z-Boy, Cl Z		16,432		520
LCI Industries		45,967		4,886
LGI Homes*		7,796		906
Liquidity Services*		63,315		472
Lithia Motors, Cl A		12,040		2,744
Lumber Liquidators Holdings*		10,490		231

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
M/I Homes*		10,187	$	469
Macy’s		110,596		630
MarineMax*		7,634		196
MDC Holdings		116,794		5,501
Meritage Homes*		13,338		1,472
Michaels*		25,633		247
Monarch Casino & Resort*		4,271		190
Monro		55,279		2,243
Motorcar Parts of America*		6,944		108
Movado Group		5,476		54
National Vision Holdings*		138,792		5,307
Office Depot		18,952		369
Ollie’s Bargain Outlet Holdings*		27,020		2,360
Oxford Industries		5,946		240
Penn National Gaming*		45,349		3,297
Perdoceo Education*		24,874		304
PetMed Express		7,202		228
Planet Fitness, Cl A*		15,045		927
PlayAGS*		103,431		366
Red Robin Gourmet Burgers*		4,720		62
Regis*		462,497		2,840
Rent-A-Center, Cl A		17,287		517
Revolve Group, Cl A*		273,592		4,495
RH*		5,130		1,963
Ruth’s Hospitality Group		11,055		122
SeaWorld Entertainment*		144,709		2,854
Shake Shack, Cl A*		46,133		2,975
Shoe Carnival		3,168		106
Shutterstock		7,849		408
Signet Jewelers		18,889		353
Sleep Number*		9,963		487
Sonic Automotive, Cl A		8,605		346
Sonos*		164,778		2,501
Stamps.com*		15,004		3,615
Standard Motor Products		7,126		318
Steven Madden		27,385		534
Sturm Ruger		6,228		381
Tapestry		298,110		4,659
Toll Brothers		4,813		234
TopBuild*		37,697		6,435
Tupperware Brands		17,505		353
Ulta Beauty*		4,914		1,101
Unifi*		5,179		67
Universal Electronics*		5,037		190
Vera Bradley*		8,362		51
Vista Outdoor*		20,613		416
Visteon*		56,157		3,887
Winnebago Industries		12,035		622
Wolverine World Wide		104,945		2,712
YETI Holdings*		61,240		2,775

Description	Shares		Value   (000)
Zumiez*		7,324	$	204
				197,307
Consumer Staples – 4.5%
Andersons		10,640		204
B&G Foods		22,941		637
Boston Beer, Cl A*		3,186		2,814
Bunge		92,112		4,210
Calavo Growers		5,825		386
Cal-Maine Foods*		44,234		1,697
Casey’s General Stores		34,313		6,096
Central Garden & Pet*		3,480		139
Central Garden & Pet, Cl A*		13,627		492
Chefs’ Warehouse*		61,953		901
Coca-Cola Consolidated		1,654		398
Darling Ingredients*		157,993		5,692
elf Beauty*		177,832		3,267
Energizer Holdings		74,969		2,934
Fresh Del Monte Produce		10,634		244
Freshpet*		21,580		2,409
Hain Celestial Group*		33,573		1,152
Herbalife Nutrition*		46,680		2,178
Inter Parfums		125,752		4,697
J&J Snack Foods		5,329		695
John B Sanfilippo & Son		3,063		231
Laird Superfood*		3,976		182
Medifast		4,207		692
MGP Ingredients		4,707		187
National Beverage*		4,216		287
Nu Skin Enterprises, Cl A		32,781		1,642
Performance Food Group*		69,757		2,415
PriceSmart		8,284		550
Sanderson Farms		81,895		9,661
Seneca Foods, Cl A*		2,535		91
SpartanNash		12,644		207
TreeHouse Foods*		40,249		1,631
United Natural Foods*		19,306		287
Universal		8,788		368
USANA Health Sciences*		4,182		308
Vector Group		44,957		436
WD-40		4,819		912
				61,329
Energy – 1.3%
Archrock		46,623		251
Ardmore Shipping		309,511		1,102
Bonanza Creek Energy*		6,621		124
Bristow Group*		8,365		178
Cactus, Cl A		35,000		672
Callon Petroleum*		14,014		68
CONSOL Energy*		9,031		40
Core Laboratories		15,877		242

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Delek US Holdings		294,987	$	3,283
Diamond S Shipping*		30,804		212
DMC Global		5,204		171
Dorian LPG*		10,098		81
Dril-Quip*		12,619		312
Exterran*		10,082		42
Geospace Technologies*		4,516		28
Green Plains*		11,812		183
Gulfport Energy*		51,390		27
Helix Energy Solutions Group*		50,879		123
Helmerich & Payne		38,486		564
Laredo Petroleum*		3,434		34
Matador Resources*		38,800		320
Matrix Service*		9,565		80
Nabors Industries		2,437		60
Newpark Resources*		32,089		34
NexTier Oilfield Solutions*		182,419		337
Oasis Petroleum*		101,541		28
Oceaneering International*		72,976		257
Oil States International*		21,225		58
Par Pacific Holdings*		14,384		97
Patterson-UTI Energy		66,597		190
PBF Energy, Cl A		34,000		193
PDC Energy*		34,472		427
Penn Virginia*		4,820		47
ProPetro Holding*		29,389		119
QEP Resources		83,693		76
Range Resources		90,510		599
Renewable Energy Group*		13,946		745
REX American Resources*		1,994		131
Ring Energy*		267,901		182
RPC*		154,282		407
SEACOR Holdings*		6,327		184
SM Energy		38,203		61
Southwestern Energy*		214,041		503
Talos Energy*		6,900		45
US Silica Holdings		25,667		77
World Fuel Services		260,172		5,513
				18,507
Financials – 15.1%
Allegiance Bancshares		6,895		161
Ally Financial		176,208		4,418
Amalgamated Bank, Cl A		74,394		787
Ambac Financial Group*		16,712		213
American Equity Investment Life Holding		62,633		1,377
Ameris Bancorp		189,089		4,307
AMERISAFE		90,073		5,167
Apollo Commercial Real Estate Finance‡		47,990		432
ARMOUR Residential‡		23,066		219

Description	Shares		Value   (000)
Assetmark Financial Holdings*		434	$	9
Atlantic Union Bankshares		97,166		2,076
Axis Capital Holdings		121,090		5,333
Axos Financial*		18,150		423
B. Riley Principal Merger II, Cl A*		91,400		915
Banc of California		16,140		163
BancFirst		6,500		266
BankUnited		32,535		713
Banner		99,324		3,204
Berkshire Hills Bancorp		66,807		675
Blucora*		16,860		159
Boston Private Financial Holdings		29,215		161
Brightsphere Investment Group		20,932		270
Brookline Bancorp		27,978		242
BRP Group, Cl A*		119,693		2,982
Byline Bancorp		101,160		1,141
Cadence BanCorp, Cl A		45,318		389
Capstar Financial Holdings		142,467		1,398
Capstead Mortgage‡		33,823		190
Central Pacific Financial		10,223		139
City Holding		5,752		331
Columbia Banking System		229,848		5,482
Community Bank System		19,023		1,036
Community Bankers Trust		413,929		2,103
Customers Bancorp*		109,776		1,230
CVB Financial		389,236		6,473
Dime Community Bancshares		9,957		113
Donnelley Financial Solutions*		10,315		138
Eagle Bancorp		11,576		310
eHealth*		9,196		727
Employers Holdings		10,218		309
Encore Capital Group*		37,917		1,463
Enova International*		10,629		174
Esquire Financial Holdings*		28,168		423
Essent Group		137,450		5,087
Evans Bancorp		59,433		1,322
Evercore, Cl A		71,581		4,686
EZCORP, Cl A*		18,478		93
FB Financial		99,439		2,498
FinTech Acquisition III*		153,611		1,584
First American Financial		87,580		4,459
First BanCorp		77,819		406
First Bancorp NC		215,459		4,510
First Busey		91,414		1,453
First Commonwealth Financial		34,773		269
First Community		89,317		1,217
First Financial Bancorp		78,289		940
First Hawaiian		46,367		671
First Interstate BancSystem, Cl A		50,783		1,617
First Midwest Bancorp		40,833		440
Flagstar Bancorp		14,579		432

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
FNB		289,715	$	1,964
Granite Point Mortgage Trust‡		19,175		136
Great Western Bancorp		19,500		243
Green Dot, Cl A*		80,662		4,082
Greenhill		5,015		57
Hamilton Lane, Cl A		29,545		1,908
Hanmi Financial		10,951		90
HCI Group		2,255		111
Heritage Financial		235,462		4,330
HomeStreet		8,245		212
Hope Bancorp		44,341		336
Horace Mann Educators		108,129		3,612
Independent Bank		11,762		616
Independent Bank Group		13,079		578
Invesco Mortgage Capital‡		63,907		173
Investar Holding		55,267		709
James River Group Holdings		10,907		486
Kemper		36,288		2,425
Kinsale Capital Group		7,502		1,427
KKR Real Estate Finance Trust‡		9,600		159
LPL Financial Holdings		26,535		2,034
Malvern Bancorp*		30,257		357
Meta Financial Group		12,334		237
Mr Cooper Group*		25,700		574
National Bank Holdings, Cl A		108,290		2,843
NBT Bancorp		15,563		417
New York Mortgage Trust‡		134,187		342
NMI Holdings, Cl A*		30,242		538
Northfield Bancorp		15,606		142
Northwest Bancshares		45,215		416
OFG Bancorp		18,605		232
Old National Bancorp		188,378		2,366
Old Point Financial		23,186		351
OneMain Holdings, Cl A		89,729		2,804
Origin Bancorp		32,761		700
Orrstown Financial Services		36,588		468
Pacific Premier Bancorp		141,488		2,850
PacWest Bancorp		298,713		5,102
Palomar Holdings*		7,634		796
Park National		5,100		418
PennyMac Mortgage Investment Trust‡		34,906		561
Piper Sandler		4,854		354
PRA Group*		16,301		651
Preferred Bank		4,910		158
Primerica		42,185		4,773
ProAssurance		19,044		298
Prosperity Bancshares		27,944		1,448
Provident Financial Services		25,194		307
Ready Capital‡		13,254		148
Redwood Trust‡		40,685		306

Description	Shares		Value   (000)
Reinsurance Group of America, Cl A		25,048	$	2,384
S&T Bancorp		13,526		239
Safety Insurance Group		5,008		346
Sandy Spring Bancorp		143,145		3,304
Seacoast Banking Corp of Florida*		18,763		338
Selective Insurance Group		55,731		2,870
ServisFirst Bancshares		16,564		564
Shore Bancshares		204,219		2,242
Simmons First National, Cl A		39,018		619
SmartFinancial		101,353		1,377
Solar Capital		99,039		1,570
South State		43,709		2,105
Southern First Bancshares*		64,566		1,559
Southern National Bancorp of Virginia		163,568		1,420
Southside Bancshares		11,127		272
State Auto Financial		64,488		887
Sterling Bancorp		434,840		4,575
Stewart Information Services		9,490		415
Stifel Financial		14,595		738
StoneX Group*		5,674		290
SVB Financial Group*		31,193		7,506
TCF Financial		149,840		3,500
Texas Capital Bancshares*		25,820		804
Third Point Reinsurance*		29,280		204
Tompkins Financial		4,304		245
Tradeweb Markets, Cl A		51,366		2,979
Triumph Bancorp*		7,871		245
Trupanion*		11,500		907
TrustCo Bank		34,440		180
UMB Financial		46,097		2,259
Umpqua Holdings		81,341		864
United Community Banks		30,561		517
United Fire Group		7,493		152
United Insurance Holdings		7,602		46
Universal Insurance Holdings		10,546		146
Valley National Bancorp		259,832		1,780
Veritex Holdings		95,362		1,624
Virtus Investment Partners		2,576		357
Waddell & Reed Financial, Cl A		23,291		346
Walker & Dunlop		10,316		547
Westamerica Bancorporation		42,293		2,299
WisdomTree Investments		38,375		123
World Acceptance*		1,577		166
WSFS Financial		192,070		5,180
				207,660
Health Care – 16.2%
Acadia Healthcare*		77,199		2,276
Addus HomeCare*		29,400		2,779
Allscripts Healthcare Solutions*		57,800		471
Alphatec Holdings*		557,173		3,700
AMAG Pharmaceuticals*		10,240		96

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Amedisys*		6,007	$	1,420
Amicus Therapeutics*		93,690		1,323
AMN Healthcare Services*		16,573		969
Amphastar Pharmaceuticals*		13,013		244
AngioDynamics*		13,430		162
ANI Pharmaceuticals*		3,291		93
Anika Therapeutics*		5,143		182
Arrowhead Pharmaceuticals*		45,791		1,972
Avid Bioservices*		3,972		30
Axonics Modulation Technologies*		91,891		4,690
BioDelivery Sciences International*		888,248		3,313
Biohaven Pharmaceutical Holding*		104,427		6,789
Bio-Rad Laboratories, Cl A*		1,972		1,016
BioTelemetry*		12,202		556
Cardiovascular Systems*		14,063		553
CareDx*		74,773		2,837
Castle Biosciences*		50,606		2,604
Charles River Laboratories International*		19,581		4,434
Chemed		7,265		3,490
ChemoCentryx*		20,775		1,138
Coherus Biosciences*		94,447		1,732
Community Health Systems*		38,733		163
Computer Programs & Systems		4,577		126
CONMED		10,196		802
Corcept Therapeutics*		36,910		642
CorVel*		3,143		269
Covetrus*		34,891		851
CRISPR Therapeutics*		21,228		1,776
Cross Country Healthcare*		210,813		1,368
CryoLife*		274,845		5,076
CryoPort*		17,921		849
Cutera*		6,067		115
Cytokinetics*		25,037		542
Eagle Pharmaceuticals*		4,257		181
Emergent BioSolutions*		26,195		2,707
Enanta Pharmaceuticals*		6,361		291
Encompass Health		83,187		5,405
Endo International*		81,238		268
Ensign Group		18,030		1,029
Fate Therapeutics*		42,275		1,690
Fulgent Genetics*		4,200		168
Glaukos*		15,781		781
Haemonetics*		12,014		1,048
Halozyme Therapeutics*		147,890		3,887
Hanger*		13,680		216
HealthEquity*		23,062		1,185
HealthStream*		9,259		186
Heska*		2,999		296
HMS Holdings*		141,114		3,380
Horizon Therapeutics*		179,935		13,977

Description	Shares		Value   (000)
Immunomedics*		14,039	$	1,194
Innoviva*		21,836		228
Inogen*		6,536		190
Inovalon Holdings, Cl A*		89,713		2,373
Insmed*		61,530		1,978
Inspire Medical Systems*		60,732		7,837
Insulet*		26,469		6,262
Integer Holdings*		11,726		692
Invacare		12,283		92
iRhythm Technologies*		9,251		2,203
Lannett*		11,927		73
Lantheus Holdings*		23,363		296
LeMaitre Vascular		5,889		192
LHC Group*		17,785		3,780
Luminex		15,184		399
Magellan Health*		7,931		601
MEDNAX*		63,564		1,035
Medpace Holdings*		20,680		2,311
Meridian Bioscience*		15,442		262
Merit Medical Systems*		209,381		9,108
Mesa Laboratories		1,699		433
Mirati Therapeutics*		23,484		3,900
Momenta Pharmaceuticals*		42,125		2,211
MyoKardia*		48,860		6,661
Myriad Genetics*		26,432		345
NanoString Technologies*		39,592		1,770
Natera*		152,630		11,026
Natus Medical*		11,925		204
Neogen*		18,736		1,466
NeoGenomics*		102,195		3,770
Nevro*		20,015		2,788
NextGen Healthcare*		19,525		249
Novavax*		2,702		293
Omnicell*		15,236		1,138
Ontrak*		27,916		1,675
OraSure Technologies*		25,307		308
Orthofix Medical*		6,972		217
Owens & Minor		22,693		570
Oxford Immunotec Global*		357,738		4,186
Pacira BioSciences*		15,043		904
Pennant Group*		8,941		345
Phibro Animal Health, Cl A		7,322		127
Prestige Consumer Healthcare*		53,732		1,957
Providence Service*		37,788		3,511
Quidel*		21,240		4,660
R1 RCM*		40,800		700
RadNet*		15,094		232
REGENXBIO*		10,569		291
Repligen*		10,755		1,587
Schrodinger*		19,015		903
Select Medical Holdings*		37,751		786

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Shockwave Medical*		29,860	$	2,263
Simulations Plus		5,300		399
Spectrum Pharmaceuticals*		51,554		210
Supernus Pharmaceuticals*		68,607		1,430
Surgery Partners*		77,825		1,704
Surmodics*		4,889		190
Tabula Rasa HealthCare*		7,307		298
Tactile Systems Technology*		7,008		256
Tandem Diabetes Care*		97,034		11,013
TG Therapeutics*		38,360		1,027
Tivity Health*		13,258		186
Turning Point Therapeutics*		25,756		2,250
Ultragenyx Pharmaceutical*		30,843		2,535
US Physical Therapy		4,603		400
Vanda Pharmaceuticals*		19,340		187
Varex Imaging*		14,127		180
Xencor*		20,241		785
Zynex*		6,900		120
				223,895
Industrials – 18.2%
AAON		14,499		874
AAR		11,908		224
ABM Industries		23,797		872
Advanced Drainage Systems		20,257		1,265
AECOM*		16,665		697
Aegion, Cl A*		11,077		157
AerCap Holdings*		59,156		1,490
Aerojet Rocketdyne Holdings*		25,824		1,030
AeroVironment*		7,727		464
Alamo Group		3,469		375
Albany International, Cl A		50,140		2,482
Allegiant Travel, Cl A		23,493		2,814
Allison Transmission Holdings		109,480		3,847
Altra Industrial Motion		137,887		5,098
Ameresco, Cl A*		35,450		1,184
American Woodmark*		5,961		468
Apogee Enterprises		9,284		198
Applied Industrial Technologies		26,108		1,439
ArcBest		9,022		280
Arcosa		17,218		759
ASGN*		47,870		3,043
Astec Industries		29,641		1,608
Atlas Air Worldwide Holdings*		9,327		568
Avis Budget Group*		35,445		933
AZZ		32,275		1,101
Barnes Group		40,787		1,458
Brady, Cl A		17,293		692
BrightView Holdings*		386,579		4,407
Builders FirstSource*		74,545		2,432
CAI International		90,129		2,481
Capital Product Partners		40,024		264

Description	Shares		Value   (000)
Casella Waste Systems, Cl A*		39,421	$	2,202
Chart Industries*		12,570		883
CIRCOR International*		7,091		194
Colfax*		78,700		2,468
Columbus McKinnon		53,539		1,772
Comfort Systems USA		13,025		671
Covanta Holding		252,109		1,954
Crane		81,295		4,075
Cubic		11,188		651
Deluxe		14,654		377
Douglas Dynamics		83,982		2,872
DXP Enterprises*		5,581		90
Dycom Industries*		80,254		4,239
Echo Global Logistics*		9,425		243
EMCOR Group		76,507		5,180
Encore Wire		7,391		343
Enerpac Tool Group, Cl A		21,122		397
EnPro Industries		58,707		3,312
ESCO Technologies		9,299		749
Exponent		18,233		1,313
Federal Signal		21,515		629
Forrester Research*		3,826		125
Forward Air		9,991		573
Foundation Building Materials*		7,900		124
Franklin Electric		13,508		795
GATX		37,758		2,407
Gibraltar Industries*		58,651		3,821
GMS*		14,982		361
Granite Construction		16,565		292
Greenbrier		11,604		341
Griffon		15,905		311
Harsco*		133,238		1,853
Hawaiian Holdings		16,411		212
Heartland Express		17,504		326
Heidrick & Struggles International		6,884		135
Helios Technologies		104,071		3,788
Hillenbrand		26,320		746
Hub Group, Cl A*		66,378		3,332
Huron Consulting Group*		119,961		4,718
I3 Verticals, Cl A*		54,882		1,386
InnerWorkings*		162,199		485
Insperity		33,475		2,192
Insteel Industries		6,585		123
Interface, Cl A		247,231		1,513
ITT		77,985		4,605
John Bean Technologies		11,197		1,029
Kaman		9,855		384
Kansas City Southern		9,812		1,774
Kelly Services, Cl A		11,951		204
Kennametal		8,836		256

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Knight-Swift Transportation Holdings, Cl A		116,114	$	4,726
Korn Ferry		19,658		570
Lindsay		3,883		375
Luxfer Holdings		348,001		4,367
Lydall*		5,711		94
Marten Transport		20,866		341
Masonite International*		51,713		5,089
Matson		15,395		617
Matthews International, Cl A		219,823		4,915
Mayville Engineering*		130,774		1,202
McGrath RentCorp		80,217		4,780
Mercury Systems*		43,008		3,331
Meritor*		25,807		540
Moog, Cl A		80,109		5,089
Mueller Industries		179,779		4,865
MYR Group*		6,042		225
National Presto Industries		1,809		148
Navistar International*		25,450		1,108
Nordson		15,555		2,984
NOW*		38,700		176
Oshkosh		53,239		3,913
Owens Corning		41,155		2,832
Park Aerospace		6,835		75
Patrick Industries		7,890		454
PGT Innovations*		20,953		367
Pitney Bowes		61,689		328
Plug Power*		201,762		2,706
Powell Industries		3,212		78
Proto Labs*		9,505		1,231
Quanex Building Products		11,797		218
Raven Industries		12,730		274
Regal Beloit		28,855		2,709
Resideo Technologies*		44,002		484
Resources Connection		10,939		126
REV Group		294,635		2,325
RR Donnelley & Sons		25,000		37
Ryder System		163,789		6,918
Saia*		9,231		1,164
Shyft Group		110,660		2,089
Simpson Manufacturing		15,346		1,491
SiteOne Landscape Supply*		9,064		1,105
SkyWest		17,907		535
SP Plus*		82,330		1,478
SPX*		15,953		740
SPX FLOW*		14,928		639
Standex International		4,360		258
Stericycle*		33,975		2,143
Sunrun*		22,885		1,764
Team*		120,532		663
Tennant		122,073		7,368

Description	Shares		Value   (000)
Timken		66,624	$	3,612
Titan International		16,981		49
Titan Machinery*		284,551		3,765
TPI Composites*		65,700		1,903
Trex*		53,840		3,855
Triton International		106,220		4,320
Triumph Group		18,157		118
TrueBlue*		12,835		199
UFP Industries		21,597		1,220
UniFirst		5,380		1,019
Universal Logistics Holdings		62,724		1,308
US Ecology		11,148		364
US Xpress Enterprises, Cl A*		301,866		2,493
USA Truck*		160,790		1,520
Valmont Industries		36,816		4,572
Veritiv*		4,372		55
Viad		7,232		151
Vicor*		7,406		576
Wabash National		124,903		1,494
Watts Water Technologies, Cl A		9,680		969
WESCO International*		50,955		2,243
Westinghouse Air Brake Technologies		28,081		1,738
WillScot Mobile Mini Holdings, Cl A*		234,595		3,913
				251,339
Information Technology – 15.3%
3D Systems*		42,121		207
8x8*		37,085		577
ACI Worldwide*		86,795		2,268
ADTRAN		17,246		177
Advanced Energy Industries*		58,841		3,703
Agilysys*		7,286		176
Alarm.com Holdings*		15,749		870
Anaplan*		29,761		1,862
Applied Optoelectronics*		7,091		80
Arlo Technologies*		27,661		145
Aspen Technology*		20,435		2,587
AudioCodes		57,060		1,795
Avaya Holdings*		91,160		1,386
Axcelis Technologies*		11,905		262
Badger Meter		10,249		670
Bel Fuse, Cl B		3,256		35
Belden		44,360		1,380
Benchmark Electronics		253,566		5,109
Bottomline Technologies DE*		84,942		3,581
Box, Cl A*		73,585		1,277
Brooks Automation		26,042		1,205
CalAmp*		154,497		1,111
Calix*		74,960		1,333
Cardtronics*		12,774		253
Cerence*		40,614		1,985
CEVA*		7,859		309

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Cloudera*		71,855	$	782
Cohu		15,125		260
Comtech Telecommunications		8,775		123
Cree*		34,327		2,188
Crowdstrike Holdings, Cl A*		23,479		3,224
CSG Systems International		11,812		484
CTS		11,514		254
Daktronics		13,088		52
Diebold Nixdorf*		27,825		213
Digi International*		10,070		157
Digital Turbine*		33,895		1,110
Diodes*		14,894		841
DSP Group*		8,239		109
Dynatrace*		25,470		1,045
Ebix		8,011		165
Elastic*		10,546		1,138
Enphase Energy*		74,540		6,156
ePlus*		4,771		349
Euronet Worldwide*		20,566		1,874
Everbridge*		13,000		1,634
EVERTEC		21,005		729
ExlService Holdings*		12,041		794
Extreme Networks*		43,590		175
Fabrinet*		12,949		816
FARO Technologies*		6,408		391
First Solar*		43,245		2,863
Five9*		24,234		3,143
FLIR Systems		33,653		1,206
FormFactor*		27,201		678
Gartner*		6,480		810
Harmonic*		34,673		193
Ichor Holdings*		8,128		175
Infinera*		87,469		539
Inphi*		24,438		2,743
Insight Enterprises*		35,606		2,015
Itron*		62,861		3,818
KBR		231,968		5,187
Knowles*		174,073		2,594
Kulicke & Soffa Industries		186,186		4,171
Littelfuse		39,395		6,986
LivePerson*		83,914		4,363
MACOM Technology Solutions Holdings*		242,338		8,242
ManTech International, Cl A		9,669		666
MAXIMUS		66,730		4,565
MaxLinear, Cl A*		134,036		3,115
Methode Electronics		13,216		377
MicroStrategy, Cl A*		2,535		382
MKS Instruments		9,633		1,052
Model N*		43,456		1,533
MTS Systems		308,217		5,890

Description	Shares		Value   (000)
National Instruments		68,970	$	2,462
NETGEAR*		10,468		323
NIC		23,943		472
nLight*		113,870		2,674
Novanta*		29,351		3,092
Nuance Communications*		375,061		12,448
OneSpan*		11,769		247
Onto Innovation*		172,363		5,133
OSI Systems*		61,080		4,740
PC Connection		3,978		163
PDF Solutions*		9,999		187
Perficient*		11,815		505
Perspecta		157,827		3,070
Photronics*		23,312		232
Plantronics		13,171		156
Plexus*		10,300		727
Power Integrations		21,100		1,169
Progress Software		15,996		587
Q2 Holdings*		53,406		4,874
Rambus*		40,455		554
Rapid7*		32,825		2,010
RingCentral, Cl A*		4,661		1,280
Rogers*		25,518		2,502
Sailpoint Technologies Holdings*		60,868		2,409
Sanmina*		23,844		645
ScanSource*		9,165		182
Semtech*		26,519		1,404
SMART Global Holdings*		5,072		139
SolarEdge Technologies*		14,750		3,516
Sprout Social, Cl A*		74,020		2,850
SPS Commerce*		12,481		972
SVMK*		137,542		3,041
Sykes Enterprises*		14,245		487
Synaptics*		19,389		1,559
Teradyne		21,876		1,738
TTEC Holdings		52,133		2,844
TTM Technologies*		35,069		400
Ultra Clean Holdings*		14,191		305
Unisys*		22,225		237
Varonis Systems*		26,608		3,071
Veeco Instruments*		17,678		206
Viavi Solutions*		81,419		955
Virtusa*		10,092		496
Xperi Holding		67,027		770
Zendesk*		61,469		6,326
Zscaler*		6,192		871
				211,742
Materials – 5.0%
AdvanSix*		242,800		3,127
Alamos Gold, Cl A		114,373		1,008
Allegheny Technologies*		44,800		391

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
American Vanguard		283,544	$	3,726
Arconic*		34,306		653
Avient		59,326		1,570
Balchem		11,417		1,115
Berry Global Group*		43,635		2,108
Boise Cascade		14,016		559
Cabot		107,898		3,887
Carpenter Technology		17,200		312
Century Aluminum*		17,992		128
Clearwater Paper*		5,925		225
Cleveland-Cliffs		142,360		914
Compass Minerals International		122,248		7,255
Element Solutions*		104,455		1,098
Ferro*		480,856		5,963
Forterra*		207,434		2,452
FutureFuel		9,076		103
GCP Applied Technologies*		17,000		356
Hawkins		3,355		155
Haynes International		4,432		76
HB Fuller		25,603		1,172
Huntsman		231,380		5,139
Innospec		8,798		557
Kaiser Aluminum		5,628		302
Koppers Holdings*		80,533		1,684
Kraton*		138,992		2,477
Livent*		51,877		465
Louisiana-Pacific		202,504		5,976
Materion		7,247		377
Mercer International		14,484		96
Myers Industries		12,759		169
Neenah		5,977		224
Olympic Steel		2,849		32
Orion Engineered Carbons		182,098		2,278
PH Glatfelter		16,169		223
Quaker Chemical		4,630		832
Rayonier Advanced Materials*		22,347		71
Schweitzer-Mauduit International		11,078		337
Sensient Technologies		37,926		2,190
Silgan Holdings		49,204		1,809
Stepan		7,565		824
SunCoke Energy		28,785		98
Tecnoglass		202,308		1,072
TimkenSteel*		13,208		47
Tredegar		8,861		132
Trinseo		83,922		2,152
US Concrete*		5,706		166
Warrior Met Coal		18,274		312
				68,394
Real Estate – 4.4%
Acadia Realty Trust‡		30,667		322
Agree Realty‡		95,636		6,086

Description	Shares		Value   (000)
Alexander & Baldwin‡		25,678	$	288
American Assets Trust‡		17,160		413
Armada Hoffler Properties‡		20,002		185
Brandywine Realty Trust‡		61,063		631
CareTrust‡		34,240		609
CatchMark Timber Trust, Cl A‡		98,579		880
Chatham Lodging Trust‡		16,953		129
Community Healthcare Trust‡		61,944		2,897
CoreCivic‡		42,800		342
DiamondRock Hospitality‡		70,985		360
Diversified Healthcare Trust‡		84,962		299
Easterly Government Properties‡		104,648		2,345
Essential Properties Realty Trust‡		36,164		663
Four Corners Property Trust‡		25,116		643
Franklin Street Properties‡		34,177		125
Getty Realty‡		12,184		317
Global Net Lease‡		31,979		508
Hannon Armstrong Sustainable Infrastructure Capital‡		65,904		2,786
Hersha Hospitality Trust, Cl A‡		13,073		72
Independence Realty Trust‡		33,743		391
Industrial Logistics Properties Trust‡		275,483		6,025
Innovative Industrial Properties, Cl A‡		7,629		947
Investors Real Estate Trust‡		4,324		282
iStar‡		101,684		1,201
Kite Realty Group Trust‡		29,766		345
Lexington Realty Trust, Cl B‡		98,662		1,031
LTC Properties‡		14,006		488
Mack-Cali Realty‡		30,500		385
Marcus & Millichap*		8,332		229
National Retail Properties‡		97,414		3,362
National Storage Affiliates Trust‡		21,802		713
Newmark Group, Cl A		421,309		1,820
NexPoint Residential Trust‡		7,752		344
Office Properties Income Trust‡		17,199		356
Omega Healthcare Investors‡		46,599		1,395
Outfront Media‡		82,884		1,206
Postal Realty Trust, Cl A‡		157,650		2,387
QTS Realty Trust, Cl A‡		54,134		3,412
Rayonier‡		192,915		5,101
RE/MAX Holdings, Cl A		6,415		210
Realogy Holdings		40,947		387
Retail Opportunity Investments‡		41,524		433
Retail Properties of America, Cl A‡		76,519		445
RPT Realty‡		28,781		157
Safehold‡		4,739		294
Saul Centers‡		4,178		111
SITE Centers‡		52,800		380
St. Joe*		11,149		230
STAG Industrial‡		87,005		2,653
Summit Hotel Properties‡		38,072		197

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Tanger Factory Outlet Centers‡		33,673	$	203
Uniti Group‡		68,339		720
Universal Health Realty Income Trust‡		4,499		256
Urstadt Biddle Properties, Cl A‡		10,644		98
Washington‡		29,399		592
Washington Prime Group‡		67,536		44
Whitestone, Cl B‡		14,695		88
Xenia Hotels & Resorts‡		40,231		353
				60,171
Utilities – 1.9%
ALLETE		44,824		2,319
American States Water		52,040		3,900
Avista		109,953		3,752
California Water Service Group		17,398		756
Chesapeake Utilities		5,832		492
Northwest Natural Holding		61,268		2,781
NorthWestern		75,380		3,666
ONE Gas		37,358		2,578
South Jersey Industries		35,522		685
Spire		72,228		3,843
Unitil		49,928		1,929
				26,701
Total Common Stock (Cost $1,313,368) (000)				1,348,008
EXCHANGE TRADED FUNDS — 0.3%
iShares Russell 2000 ETF		15,819		2,369
iShares Russell 2000 Value ETF		20,466		2,033
Total Exchange Traded Funds (Cost $4,768) (000)				4,402
RIGHTS — 0.0%
	Number of  Rights
Media General, Expires‡‡ (A)		9,318		1
Tobira Therapeutics, Expires 12/31/2028(A)		900		13
Total Rights (Cost $–) (000)				14

Description	Shares		Value   (000)
SHORT-TERM INVESTMENT — 2.4%
State Street Institutional Treasury Money Market Fund, Cl Premier, 0.020% (B)		33,218,326	$	33,218
Total Short-Term Investment (Cost $33,218) (000)				33,218
Total Investments In Securities — 100.4% (Cost $1,351,354) (000)			$	1,385,642

Percentages are based on Net Assets of $1,380,548 (000).

A list of the open futures contracts held by the Fund at September 30, 2020, is as follows (000):

Type of Contract	Number of Contracts Long	Expiration Date	Notional Amount		Value		Unrealized Appreciation
Russell 2000 Index E-MINI	71	Dec- 2020	$	5,331	$	5,340	$	9

* Non-income producing security.

‡ Real Estate Investment Trust

‡‡ Expiration Date Unavailable

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

(B) The rate reported is the 7-day effective yield as of September 30, 2020.

Cl — Class

ETF — Exchange Traded Fund

The following is a list of the level of inputs used as of September 30, 2020, 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	$	1,348,008	$	—	$	—	$	1,348,008
Exchange Traded Funds		4,402		—		—		4,402
Rights		—		—		14		14
Short-Term Investment		33,218		—		—		33,218
Total Investments in Securities	$	1,385,628	$	—	$	14	$	1,385,642
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts**
Unrealized Appreciation	$	9	$	–	$	–	$	9
Total Other Financial Instruments	$	9	$	–	$	–	$	9

** 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, 2020, there were no transfers in or out of Level 3.

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

For the period ended September 30, 2020, 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.

KPF-QH-004-1200

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value   (000)
COMMON STOCK — 96.1%
Argentina – 0.3%
Globant*		15,011	$	2,690
MercadoLibre*		3,503		3,792
				6,482
Australia – 3.3%
Adairs		136,372		321
Adbri		1,013,350		2,075
Afterpay*		6,550		379
AGL Energy		19,382		189
ALS		186,118		1,234
Altium		3,731		97
Alumina		570,486		565
AMP*		418,212		395
Ampol		31,026		532
Ansell		54,864		1,463
APA Group		35,941		267
ARB		22,453		446
Aristocrat Leisure		17,506		379
Asaleo Care		385,686		278
ASX		6,030		351
AUB Group		13,675		163
Aurizon Holdings		59,651		182
AusNet Services		57,188		77
Austal		343,518		814
Australia & New Zealand Banking Group		85,680		1,062
Australian Pharmaceutical Industries		232,729		176
Baby Bunting Group		15,892		51
Beach Energy		273,882		262
BHP Group		105,740		2,702
BlueScope Steel		234,809		2,140
Boral		36,756		121
Brambles		228,726		1,736
carsales.com		90,837		1,356
Champion Iron*		138,307		288
Charter Hall Group‡		174,444		1,566
CIMIC Group*		2,687		36
Class		38,788		56
Cleanaway Waste Management		1,373,603		2,084
Coca-Cola Amatil		161,623		1,107
Cochlear*		1,922		274
Codan		36,349		288
Coles Group		40,633		497
Collins Foods		92,333		688
Commonwealth Bank of Australia		53,924		2,467
Computershare		30,037		264
Crown Resorts		11,372		72
CSL		13,831		2,859
CSR		375,781		1,152
Dacian Gold*		451,385		110
Data#3		166,708		793
Dexus‡		32,509		207
Domain Holdings Australia		113,356		303
Estia Health		397,256		417
Evolution Mining		59,853		247
Fortescue Metals Group		51,167		601
Goodman Group‡		50,522		653
GPT Group‡		56,661		158
GUD Holdings		126,407		1,030

Description	Shares		Value   (000)
GWA Group		110,120	$	220
Hansen Technologies		11,603		32
Harvey Norman Holdings		104,922		342
Iluka Resources		221,956		1,434
Imdex		28,505		27
Independence Group NL		302,734		903
Ingenia Communities Group‡		228,715		752
Insurance Australia Group		297,643		935
Integrated Research		14,897		38
IPH		50,064		258
James Hardie Industries*		13,499		322
JB Hi-Fi		17,964		612
Johns Lyng Group		33,128		66
Jupiter Mines		1,547,104		313
Kogan.com		71,519		1,042
Lend Lease Group		20,381		163
Macmahon Holdings		338,900		62
Macquarie Group		10,281		888
Magellan Financial Group		3,887		160
Mayne Pharma Group*		621,897		174
McMillan Shakespeare		4,911		29
Medibank		83,715		151
Metcash		174,596		346
Mineral Resources		28,002		503
Mirvac Group‡		120,848		189
MNF Group		14,420		48
Mount Gibson Iron		150,446		78
National Australia Bank		323,639		4,143
National Storage‡		197,377		259
Netwealth Group		36,083		393
Newcrest Mining		77,136		1,728
Nine Entertainment Holdings		371,687		468
Nitro Software*		41,083		83
Northern Star Resources		22,543		221
Nufarm*		88,359		244
Oil Search		155,874		297
Orica		124,472		1,379
Origin Energy		52,756		163
Orora		150,752		261
OZ Minerals		106,529		1,075
People Infrastructure		101,043		225
Perenti Global		94,337		78
Perseus Mining*		726,544		716
Premier Investments		5,817		86
Pro Medicus		1,467		29
Probiotec		7,520		10
Qantas Airways*		31,306		92
QBE Insurance Group		169,864		1,049
Ramelius Resources		325,785		488
Ramsay Health Care		5,426		257
REA Group		1,507		119
Regis Healthcare		37,656		28
Regis Resources		120,042		432
Reject Shop*		11,485		53
Rio Tinto		11,180		758
RPMGlobal Holdings*		72,933		59
Santos		54,429		192
Scentre Group‡		154,782		246
SEEK		10,808		166
Sigma Healthcare*		391,955		165
Sims		12,558		69
Sonic Healthcare		14,119		336
South32		149,777		221
Stockland‡		71,427		195

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Suncorp Group		38,298	$	231
Sydney Airport		47,847		201
Tabcorp Holdings		74,944		181
Technology One		213,030		1,218
Telstra		126,800		254
Temple & Webster Group*		24,411		218
TPG Telecom*		10,268		54
Transurban Group		83,315		846
Treasury Wine Estates		22,227		143
Unibail-Rodamco-Westfield‡		13,660		24
Vicinity Centres‡		122,260		121
Vita Group		96,528		71
Washington H Soul Pattinson		29,495		499
Waypoint‡		754,863		1,468
Wesfarmers		34,551		1,105
Western Areas		61,536		91
Westpac Banking		109,861		1,333
WiseTech Global		4,813		90
Woodside Petroleum		30,153		382
Woolworths Group		38,179		997
WPP AUNZ*		126,581		32
				74,459
Austria – 0.1%
ANDRITZ		9,266		286
BAWAG Group		10,480		378
Erste Group Bank		9,181		192
Oesterreichische Post		11,815		398
OMV		4,559		125
Raiffeisen Bank International		4,038		62
Semperit Holding*		1,571		33
Verbund		1,907		104
Vienna Insurance Group Wiener Versicherung Gruppe		4,725		105
Voestalpine		3,549		93
Wienerberger		49,656		1,312
Zumtobel Group		10,549		68
				3,156
Belgium – 0.5%
Ageas		5,330		218
AGFA-Gevaert*		74,387		310
Anheuser-Busch InBev		40,938		2,210
Argenx*		1,325		349
Barco		21,917		460
Befimmo‡		2,150		96
bpost*		50,864		447
Brederode*		648		60
Colruyt		1,753		114
D’ieteren		1,769		110
Econocom Group*		32,630		99
Elia Group		891		89
EVS Broadcast Equipment		6,019		100
Groupe Bruxelles Lambert		3,352		303
Intervest Offices & Warehouses‡		1,727		46
KBC Group*		91,797		4,606
Ontex Group*		8,600		113
Orange Belgium		2,252		36
Proximus		5,041		92
Sofina		444		121
Solvay		2,178		187
Telenet Group Holding		17,757		690
UCB		3,816		433

Description	Shares		Value   (000)
Umicore		5,858	$	243
				11,532
Brazil – 1.5%
Ambev ADR*		2,455,711		5,551
Ambev*		511,625		1,146
B3 - Brasil Bolsa Balcao		361,000		3,543
Banco Bradesco ADR*		1,252,800		4,297
Banco BTG Pactual*		9,700		125
BRF*		259,000		848
Cia de Saneamento do Parana*		100,200		452
Embraer*		61,960		69
JBS		374,500		1,379
LOG Commercial Properties e Participacoes		121,146		646
LPS Brasil Consultoria de Imoveis*		102,984		93
Marfrig Global Foods*		130,400		355
Minerva*		59,600		126
MRV Engenharia e Participacoes		332,500		959
Natura & Holding*		244,826		2,229
Odontoprev		494,200		1,062
Porto Seguro		146,124		1,253
Raia Drogasil		329,000		1,380
Rumo*		746,700		2,537
Sul America		169,700		1,193
TOTVS		705,300		3,390
Transmissora Alianca de Energia Eletrica		40,900		204
WEG		145,200		1,691
				34,528
Canada – 4.2%
Agnico Eagle Mines		7,299		582
Aimia*		59,760		174
Air Canada, Cl A*		5,100		60
AirBoss of America		5,489		80
Algonquin Power & Utilities		18,163		265
Alimentation Couche-Tard, Cl B		84,402		2,939
AltaGas		9,300		112
Andrew Peller, Cl A		3,600		27
Artis‡		22,900		137
Atco, Cl I		2,300		66
Atlantic Power*		32,200		64
B2Gold		29,900		195
Bank of Montreal		19,473		1,138
Bank of Nova Scotia		129,575		5,383
Barrick Gold		174,854		4,910
Bausch Health*		9,000		140
BCE		26,127		1,084
BlackBerry*		216,089		992
Boardwalk‡		10,028		207
Brookfield Asset Management, Cl A		137,413		4,547
CAE*		8,000		117
Cameco		12,400		125
Canadian Apartment Properties‡		2,500		87
Canadian Imperial Bank of Commerce		13,600		1,017
Canadian National Railway		79,913		8,507
Canadian National Railway		21,600		2,300
Canadian Natural Resources		117,655		1,886
Canadian Pacific Railway		11,844		3,603
Canadian Tire, Cl A		1,800		181
Canadian Utilities, Cl A		3,700		88
Canadian Western Bank		139		3

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Canfor Pulp Products*		11,900	$	44
Canopy Growth*		7,400		106
Cascades		12,600		159
CCL Industries, Cl B		4,600		177
Celestica*		41,918		290
Cenovus Energy*		33,200		129
CGI, Cl A*		7,100		482
Chemtrade Logistics Income Fund		7,800		27
CI Financial		6,400		81
Cogeco		9,100		602
Colliers International Group		3,167		211
Constellation Software		2,584		2,871
CRH Medical*		14,021		30
Cronos Group*		4,700		24
Dollarama		8,900		341
Dorel Industries, Cl B*		21,129		188
Dream Hard Asset Alternatives Trust		5,100		19
Dream Office‡		11,365		155
DREAM Unlimited, Cl A		11,899		174
Emera		7,600		312
Empire		5,600		163
Enbridge		61,500		1,797
Exco Technologies		4,200		21
Fairfax Financial Holdings		9,336		2,750
Finning International		50,723		776
First Capital Real Estate Investment Trust‡		5,000		49
First Quantum Minerals		21,500		192
Fortis		14,185		580
Franco-Nevada		16,260		2,272
George Weston		2,240		165
Gildan Activewear*		32,947		649
Great-West Lifeco		8,400		164
Hardwoods Distribution		2,800		51
High Liner Foods		15,435		99
Hydro One		10,000		212
iA Financial		3,000		104
IGM Financial		3,000		69
Imperial Oil		7,300		87
Intact Financial		4,400		471
Inter Pipeline		64,909		637
Intertape Polymer Group		2,600		29
Keyera		7,100		107
Kinross Gold		39,300		347
Kirkland Lake Gold		3,400		166
Kirkland Lake Gold		4,700		229
Leon’s Furniture		4,400		61
Linamar		900		27
Loblaw		40,248		2,108
Lundin Mining		19,800		110
Magna International		24,338		1,114
Mainstreet Equity*		600		32
Manulife Financial		59,100		822
Metro, Cl A		7,610		365
Morguard‡		13,500		43
Morguard North American Residential Real Estate Investment Trust‡		16,100		175
Mullen Group		31,200		211
National Bank of Canada		10,200		507
Nexus Real Estate Investment Trust‡		55,300		65
Nutrien		17,309		678
Onex		2,400		107
Open Text		8,300		351
Pan American Silver		6,100		196

Description	Shares		Value   (000)
Parkland		4,300	$	114
Pembina Pipeline		16,572		352
Polaris Infrastructure		10,200		104
Power Corp of Canada		16,681		327
PrairieSky Royalty		74,347		464
Protech Home Medical*		97,800		97
Quebecor, Cl B		5,800		145
Real Matters*		32,900		641
Resolute Forest Products*		32,675		146
Restaurant Brands International		8,500		488
RioCan‡		17,700		187
Ritchie Bros Auctioneers		39,677		2,353
Rogers Communications, Cl B		28,054		1,113
Roxgold*		36,300		47
Royal Bank of Canada		43,400		3,047
Russel Metals		3,900		53
Saputo		97,800		2,453
Shaw Communications, Cl B		14,208		259
Shopify, Cl A*		3,300		3,375
SmartCentres‡		2,200		33
Spin Master*		52,026		1,123
SSR Mining*		6,600		123
Stantec		3,671		111
Stella-Jones		6,200		210
Sun Life Financial		17,700		721
Suncor Energy		162,456		1,984
TC Energy		28,633		1,202
Teck Resources, Cl B		14,300		199
TECSYS		2,800		59
TELUS		12,917		227
Thomson Reuters		5,340		426
TMX Group		1,700		175
Toronto-Dominion Bank		55,118		2,552
Total Energy Services*		12,128		21
Viemed Healthcare*		10,035		87
Wajax		16,200		145
Wheaton Precious Metals		13,670		671
Winpak		10,400		356
WSP Global		3,500		230
Yamana Gold		27,400		156
				93,172
Chile – 0.1%
AES Gener		676,490		104
Cencosud		94,434		138
Cia Sud Americana de Vapores*		27,420,115		735
Colbun		384,866		62
Enaex		26,268		239
Engie Energia Chile		39,596		49
Falabella		225,141		660
Quinenco		628,316		867
				2,854
China – 2.5%
Alibaba Group Holding ADR*		29,334		8,623
Anhui Conch Cement, Cl H		330,280		2,290
Asia Cement China Holdings		28,000		25
Baidu ADR*		46,459		5,881
BeiGene ADR*		1,200		344
CECEP COSTIN New Materials Group* (A)		1,134,000		—
China Telecom ADR		6,143		184
China Tourism Group Duty Free, Cl A		175,350		5,779

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
JD.com ADR*		52,886	$	4,104
Jiangsu Hengrui Medicine, Cl A		119,240		1,582
Kweichow Moutai, Cl A		13,700		3,373
Midea Group, Cl A		391,100		4,192
Momo ADR*		33,340		459
NetEase ADR		7,389		3,360
TAL Education Group ADR*		40,632		3,090
TravelSky Technology, Cl H		1,054,000		2,261
Tsingtao Brewery, Cl H		72,000		588
Vipshop Holdings ADR*		112,413		1,758
Xiwang Special Steel*		1,566		—
Yum China Holdings*		101,792		5,390
Zhangzhou Pientzehuang Pharmaceutical, Cl A		94,800		3,399
				56,682
Colombia – 0.0%
Bancolombia ADR		31,452		804
Cypress – 0.0%
QIWI ADR		19,143		332
Czech Republic – 0.0%
Komercni Banka*		27,216		572
O2 Czech Republic		11,104		106
				678
Denmark – 2.2%
ALK-Abello*		2,401		795
Ambu, Cl B		4,707		133
AP Moeller - Maersk, Cl A		101		148
AP Moeller - Maersk, Cl B		202		320
Carlsberg, Cl B		32,789		4,418
Chemometec		10,339		729
Chr Hansen Holding		3,140		348
Coloplast, Cl B		30,796		4,860
D/S Nordern		29,726		482
Danske Bank*		31,545		428
Demant*		51,645		1,621
DSV PANALPINA		6,321		1,027
Genmab*		1,982		718
GN Store Nord		64,556		4,874
H Lundbeck		1,960		65
H+H International, Cl B*		7,030		139
Jyske Bank*		11,267		317
MT Hoejgaard Holding*		1,614		32
Netcompany Group*		3,533		292
Nilfisk Holding*		6,459		78
Novo Nordisk, Cl B		227,352		15,712
Novozymes, Cl B		6,298		395
Orsted		19,269		2,644
Pandora*		2,895		207
Per Aarsleff Holding		12,095		509
Ringkjoebing Landbobank		4,890		371
Royal Unibrew		1,344		138
Scandinavian Tobacco Group		23,659		351
Schouw		4,502		436
Solar, Cl B		2,081		99
Spar Nord Bank*		37,772		282
Tryg		3,475		110
Vestas Wind Systems		41,212		6,659
				49,737

Description	Shares		Value   (000)
Finland – 0.9%
Altia		2,850	$	33
Atria, Cl A		3,051		31
Cargotec, Cl B		6,552		226
Elisa		4,333		255
Fiskars Abp		1,923		26
Fortum		13,529		274
F-Secure*		12,306		49
Huhtamaki		15,558		768
Kamux		7,566		89
Kemira		32,917		419
Kojamo		3,078		66
Kone, Cl B		10,392		913
Konecranes, Cl A		13,404		420
Lassila & Tikanoja		7,338		112
Metsa Board		27,782		229
Neste		12,980		682
Nokia*		172,225		675
Nokian Renkaat		217,990		6,164
Nordea Bank Abp		3,302		25
Orion, Cl B		6,685		302
QT Group*		2,452		102
Sampo, Cl A		66,405		2,626
Stora Enso, Cl R		17,483		273
Tikkurila		105,292		1,845
Tokmanni Group		14,256		252
UPM-Kymmene		16,258		495
Uponor		14,156		248
Valmet		68,154		1,682
Wartsila, Cl B		61,506		484
				19,765
France – 6.7%
ABC arbitrage		3,283		28
Accor*		5,954		167
Aeroports de Paris*		805		81
Air Liquide		143,168		22,700
Airbus Group*		31,288		2,276
Alstom*		5,941		296
Alten*		7,047		668
Amundi*		1,702		120
Arkema		2,103		223
Atos*		2,948		237
AXA		108,387		1,999
Bigben Interactive*		13,371		234
BioMerieux		1,262		198
BNP Paribas*		67,010		2,430
Bollore		29,303		109
Bouygues		6,675		232
Bureau Veritas*		8,948		201
Capital Gemini		42,850		5,495
Carrefour		18,475		296
Cegedim*		2,822		89
Cie de Saint-Gobain*		15,762		663
Cie Generale des Etablissements Michelin SCA		5,222		557
CNP Assurances*		4,404		55
Coface*		20,815		146
Covivio‡		1,617		114
Credit Agricole*		35,105		307
Criteo ADR*		9,628		117
Danone		103,830		6,705
Dassault Aviation*		76		65

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Dassault Systemes		16,567	$	3,099
Derichebourg		11,647		35
Edenred		43,428		1,950
Eiffage*		2,634		215
Electricite de France*		18,194		193
Elis*		29,815		378
Engie*		342,242		4,575
EssilorLuxottica*		55,598		7,561
Eurazeo*		1,150		62
Eurofins Scientific*		2,932		2,315
Faurecia*		2,518		109
Gaztransport Et Technigaz		8,781		840
Gecina‡		1,397		184
Getlink*		63,681		865
Groupe Guillin		1,169		26
Groupe Partouche*		623		15
Guerbet		1,723		55
Hermes International		2,188		1,884
HEXAOM*		972		37
ICADE‡		953		54
Iliad		403		74
Imerys		2,686		100
Ingenico Group*		1,802		279
Ipsen		1,249		131
JCDecaux*		18,620		322
Kering		2,308		1,532
Klepierre‡		5,298		74
La Francaise des Jeux SAEM		2,478		91
LafargeHolcim		69		3
Legrand		83,850		6,682
L’Oreal		22,908		7,447
LVMH Moet Hennessy Louis Vuitton		24,556		11,483
Mercialys‡		12,820		71
Mersen*		4,721		145
Metropole Television*		10,913		131
Natixis*		28,839		65
Nexans*		6,487		375
Orange		59,730		622
Orpea*		1,490		169
Pernod Ricard		45,501		7,258
Peugeot*		17,391		315
Publicis Groupe		7,074		229
Quadient		9,057		123
Remy Cointreau		714		131
Renault*		6,071		158
Rexel*		40,233		506
Rubis SCA		7,735		310
Safran*		9,767		963
Sanofi		34,436		3,443
Sartorius Stedim Biotech		855		295
Schneider Electric		149,816		18,569
Science*		13,657		202
SCOR*		4,913		136
SEB		623		101
SES, Cl A		12,745		90
Societe BIC		5,303		278
Societe Generale*		24,695		326
Sodexo		2,822		201
Somfy		662		93
STMicroelectronics		19,323		594
Suez		10,152		188
Sword Group		866		32
Tarkett*		4,305		58
TechnipFMC		13,740		88

Description	Shares		Value   (000)
Teleperformance		5,105	$	1,574
Thales		8,225		619
TOTAL		270,348		9,224
Ubisoft Entertainment*		2,645		239
Valeo		6,940		213
Valneva*		18,541		153
Veolia Environnement		16,490		356
Vicat		4,204		141
Vinci		15,696		1,314
Virbac*		286		66
Vivendi		25,279		703
Wendel		695		64
Worldline*		4,094		336
				150,745
Germany – 6.1%
adidas*		12,910		4,166
ADO Properties*		8,169		226
ADVA Optical Networking*		7,942		56
Allgeier		4,927		302
Allianz		12,708		2,437
alstria office‡		33,866		471
Aroundtown*		33,864		170
Atoss Software		140		22
Aurubis		2,539		173
BASF		170,084		10,340
Bauer*		3,014		33
Bayer		130,278		8,023
Bayerische Motoren Werke		120,547		8,728
Beiersdorf		68,424		7,760
bet-at-home.com		568		24
Brenntag		28,269		1,795
Carl Zeiss Meditec		1,260		159
Centrotec*		1,792		30
Cewe Stiftung & KGAA		1,083		119
Commerzbank*		31,506		154
CompuGroup Medical & KgaA		4,895		453
Continental		3,245		351
Corestate Capital Holding		5,014		98
Covestro		5,251		261
CropEnergies		10,890		189
CTS Eventim & KGaA*		11,804		570
Daimler		26,071		1,402
Delivery Hero*		3,840		442
Dermapharm Holding		6,405		343
Deutsche Bank*		59,809		501
Deutsche Boerse		34,932		6,124
Deutsche EuroShop*		19,814		246
Deutsche Lufthansa*		9,950		86
Deutsche Post		30,133		1,370
Deutsche Telekom		166,369		2,780
Deutsche Wohnen		10,232		512
Draegerwerk & KGaA		908		67
Duerr		3,415		105
E.ON		68,054		750
Eckert & Ziegler Strahlen- und Medizintechnik		10,126		517
Encavis		14,704		288
Evonik Industries		6,606		171
Fraport Frankfurt Airport Services Worldwide*		1,260		50
Fresenius & KGaA		12,735		579
Fresenius Medical Care & KGaA		34,586		2,919

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
GEA Group		11,888	$	417
Gerresheimer		3,759		421
GFT Technologies		5,869		79
Hannover Rueck		4,511		697
HeidelbergCement		4,525		277
HelloFresh*		65,174		3,636
Henkel & KGaA		70,511		6,591
Hochtief		754		58
Hornbach Baumarkt		1,888		100
Hornbach Holding & KGaA		10,890		1,271
Infineon Technologies		37,829		1,064
IVU Traffic Technologies		5,518		104
KION Group		2,056		176
Knorr-Bremse		2,210		261
Krones		948		59
LANXESS		2,336		133
LEG Immobilien		2,050		293
Leifheit		591		22
Linde		19,185		4,535
LPKF Laser & Electronics		12,057		320
Merck KGaA		41,212		6,002
METRO		5,485		55
MTU Aero Engines		11,994		1,991
Muenchener Rueckversicherungs- Gesellschaft in Muenchen		4,263		1,079
Nemetschek		1,665		122
New Work		530		161
Nexus		1,524		82
Paul Hartmann		107		42
ProSiebenSat.1 Media*		20,988		274
Puma*		2,554		229
QIAGEN*		75,711		3,947
RWE		19,569		732
SAP		149,316		23,206
Scout24		3,278		287
Siemens		23,303		2,944
Siemens Energy*		11,652		314
Siemens Healthineers		8,052		361
Software		17,599		866
Stabilus		13,559		794
Symrise, Cl A		3,967		548
TAG Immobilien*		30,688		925
Takkt		4,992		62
TeamViewer*		3,748		185
Telefonica Deutschland Holding		34,296		88
ThyssenKrupp*		10,582		53
Traffic Systems		1,554		56
TUI		37,413		142
Uniper		6,088		196
United Internet		3,313		127
Varta*		4,354		610
Volkswagen		1,028		180
Vonovia		15,821		1,084
Wuestenrot & Wuerttembergische		5,474		92
Zalando*		4,574		428
zooplus*		1,549		288
				135,428
Greece – 0.3%
Aegean Airlines*		27,543		100
Cairo Mezz*		420,783		35
Eurobank Ergasias*		5,049,401		2,232
Fourlis Holdings*		173,901		770

Description	Shares		Value   (000)
Hellenic Petroleum		7,730	$	42
Hellenic Telecommunications Organization		71,491		1,029
JUMBO*		95,394		1,668
Motor Oil Hellas Corinth Refineries		48,181		567
National Bank of Greece*		219,194		278
				6,721
Hong Kong – 7.1%
Agricultural Bank of China, Cl H		3,018,000		947
AIA Group		2,199,200		21,801
Ajisen China Holdings		760,000		112
Alibaba Group Holding*		397,240		14,313
Analogue Holdings		34,000		4
APT Satellite Holdings		142,000		37
ASM Pacific Technology		10,000		102
BAIC Motor, Cl H		683,239		281
Bank of China, Cl H		4,367,914		1,360
Bank of East Asia		37,013		68
BOC Hong Kong Holdings		108,500		288
Brightoil Petroleum Holdings*		155,000		7
Budweiser Brewing APAC		54,600		160
BYD, Cl H		57,000		907
Champion‡		185,000		92
Chanjet Information Technology, Cl H		800		1
China Aoyuan Group		413,349		425
China Boqi Environmental Holding		193,000		48
China Construction Bank, Cl H		5,874,000		3,836
China Mengniu Dairy		135,000		640
China Mobile		1,214,000		7,806
China National Building Material, Cl H		526,168		670
China Overseas Grand Oceans Group		93,000		54
China Resources Cement Holdings		258,000		356
China Vanke, Cl H		110,477		341
Chow Sang Sang Holdings International		74,000		80
CITIC		1,346,000		995
CK Asset Holdings		78,638		386
CK Hutchison Holdings		247,884		1,502
CK Infrastructure Holdings		20,000		94
CLP Holdings		49,000		457
CNOOC		1,519,000		1,469
Convenience Retail Asia		94,000		49
Convoy Global Holdings*		402,000		2
Country Garden Holdings		1,501,621		1,852
Cowell e Holdings		1,407,000		621
Dah Sing Banking Group		51,600		45
Dah Sing Financial Holdings		8,073		20
Dynam Japan Holdings		96,200		101
Esprit Holdings*		2,189,377		215
First Pacific		536,000		146
Galaxy Entertainment Group*		66,000		447
GDH Guangnan Holdings		210,000		18
Giordano International		652,000		114
Goodbaby International Holdings*		157,000		20
Great Wall Motor, Cl H		669,000		857
Hang Lung Properties		61,000		156
Hang Seng Bank		22,800		337
Henderson Land Development		42,708		158
Hengan International Group		254,500		1,861
Hi Sun Technology China*		315,000		35
HK Electric Investments & HK Electric Investments		80,658		83

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
HKR International		193,600	$	77
HKT Trust		115,740		154
Hong Kong & China Gas		325,939		468
Hong Kong Exchanges and Clearing		36,725		1,732
Hongkong & Shanghai Hotels		256,088		200
HSBC Holdings*		1,298,211		5,032
Hysan Development		107,000		321
Industrial & Commercial Bank of China, Cl H		6,117,000		3,191
International Housewares Retail		240,000		68
Johnson Electric Holdings		389,570		847
K Wah International Holdings		350,000		169
Kerry Properties		24,000		62
Kingboard Holdings		255,340		845
Kowloon Development		44,000		54
Lenovo Group		2,766,000		1,835
Li Ning		441,500		2,075
Link‡		62,300		510
Livzon Pharmaceutical Group, Cl H		51,500		235
L’Occitane International		134,385		236
Logan Group		884,000		1,414
Longfor Group Holdings		192,000		1,088
Lonking Holdings		320,000		85
Luk Fook Holdings International		27,000		66
Meituan Dianping, Cl B*		126,400		3,989
Melco Resorts & Entertainment ADR*		5,973		99
Microport Scientific		21,000		84
MTR		46,877		232
NetDragon Websoft Holdings		50,000		109
NetEase		356,425		6,387
New World Development		44,459		217
Nine Dragons Paper Holdings		179,000		227
Pacific Century Premium Developments*		12,326		3
PCCW		114,136		68
Perfect Shape Medical		364,716		106
Pico Far East Holdings		18,000		2
Ping An Insurance Group of China, Cl H		648,000		6,713
Poly Property Group		111,374		31
Polytec Asset Holdings		415,000		35
Power Assets Holdings		42,500		224
Prosperity‡		257,000		76
Sands China*		71,600		279
Scud Group*		252,000		8
S-Enjoy Service Group		138,000		359
Shenzhou International Group Holdings		258,000		4,407
Shimao Group Holdings		119,000		496
Shui On Land		287,500		36
Sino Land		86,614		102
Sinopec Engineering Group, Cl H		275,000		103
Sinosoft Technology Group*		329,000		52
Sinotruk Hong Kong		262,308		678
SITC International Holdings		600,000		835
SJM Holdings		64,000		76
Skyworth Digital Holdings*		128,000		37
Stella International Holdings		1,037,948		1,018
Sun Hung Kai Properties		39,393		506
Sunlight‡		84,000		38
Swire Pacific, Cl A		13,000		63
Swire Properties		36,600		97
Tai Hing Group Holdings		408,358		86
Techtronic Industries		42,000		559

Description	Shares		Value   (000)
Television Broadcasts		132,600	$	115
Tencent Holdings		363,000		24,476
Tencent Music Entertainment Group ADR*		273,467		4,039
Texwinca Holdings		850,342		119
Tingyi Cayman Islands Holding		1,467,014		2,589
Town Health International Medical Group*		154,000		7
Trip.com Group ADR*		13,822		430
United Laboratories International Holdings		368,000		381
Vincent Medical Holdings		1,308,000		219
VSTECS Holdings		214,000		143
VTech Holdings		3,911		24
Wang On Properties		4,612,000		56
Want Want China Holdings		2,168,996		1,518
Weichai Power, Cl H		765,000		1,551
WH Group		291,601		239
Wharf Real Estate Investment		50,000		205
Wynn Macau*		50,000		81
XD*		147,600		751
Xinyi Glass Holdings		2,202,000		4,451
Yue Yuen Industrial Holdings		957,000		1,555
Zengame Technology Holding		354,560		48
Zhongsheng Group Holdings		127,500		804
				159,778
Hungary – 0.0%
MOL Hungarian Oil & Gas*		10,037		54
Richter Gedeon Nyrt		1,924		41
				95
India – 3.0%
Aarti Drugs		22,056		233
Asian Paints		88,658		2,393
Aurobindo Pharma		62,375		676
Axis Bank*		321,036		1,859
Bajaj Finance		29,570		1,317
Bata India		41		1
Bharti Airtel		348,754		1,999
Birlasoft		110,345		294
Britannia Industries		29,722		1,532
Cipla		48,634		513
Divi’s Laboratories		25,147		1,043
Dr Reddy’s Laboratories		22,473		1,584
eClerx Services		6,220		59
Glenmark Pharmaceuticals		55,076		362
HCL Technologies		212,074		2,344
HDFC Bank ADR*		3,836		192
HDFC Bank*		234,041		3,440
Housing Development Finance		258,037		6,102
Infosys		347,170		4,795
Infosys ADR		395,241		5,459
IOL Chemicals and Pharmaceuticals		3,866		38
ION Exchange India		6,166		61
Mahindra & Mahindra		101,617		838
Maruti Suzuki India		17,709		1,622
Motherson Sumi Systems		1,824,758		2,859
Mphasis		21,511		404
Oracle Financial Services Software		11,577		483
Redington India		5,025		8
Reliance Industries		278,253		8,446
Reliance Industries		17,780		328

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Sanofi India		1,241	$	146
Shriram Transport Finance		149,890		1,266
Sun Pharmaceutical Industries		133,871		911
Tata Consultancy Services		181,386		6,146
Torrent Pharmaceuticals		13,180		502
UPL		503,625		3,459
Vodafone Idea*		1,702,315		221
Wipro		624,903		2,663
WNS Holdings ADR*		3,636		233
				66,831
Indonesia – 0.3%
Bank Central Asia		1,419,900		2,591
Bank Mandiri Persero		1,712,400		572
Bank Negara Indonesia Persero		2,554,700		764
Bank Pembangunan Daerah Jawa Timur		467,000		16
Erajaya Swasembada*		1,637,100		171
Media Nusantara Citra*		12,073,643		586
Mitra Pinasthika Mustika		311,062		8
Telekomunikasi Indonesia Persero		10,537,000		1,816
United Tractors		481,294		740
				7,264
Ireland – 0.9%
AC Immune*		18,026		88
AerCap Holdings*		4,202		106
Bank of Ireland Group*		159,720		298
CRH		266,382		9,627
Irish Continental Group		96,182		351
Paddy Power Betfair*		6,947		1,103
Ryanair Holdings ADR*		99,954		8,172
Smurfit Kappa Group		6,904		271
				20,016
Israel – 0.6%
Ashtrom Group		8,795		104
Azrieli Group		1,275		57
Bank Hapoalim		33,875		181
Bank Leumi Le-Israel		43,646		193
Bayside Land		22		13
Bezeq The Israeli Telecommunication*		833,930		970
Blue Square Real Estate		62		2
Brack Capital Properties*		1		—
Camtek*		2,799		43
Check Point Software Technologies*		57,805		6,956
CyberArk Software*		1,100		114
Danel Adir Yeoshua		1,844		214
Delek Automotive Systems		4,195		21
Delta Galil Industries		5,021		81
Elbit Systems		720		88
Elco		3,756		142
Electra		270		122
Electra Consumer Products 1970		2,149		59
Equital*		1		—
First International Bank of Israel*		7,051		147
ICL Group		21,415		76
Industrial Buildings		368,776		690
International Flavors & Fragrances		0		—
Isracard		1		—
Israel Discount Bank, Cl A		44,350		120
Isramco Negev 2		338,439		56

Description	Shares		Value   (000)
Magic Software Enterprises		5,915	$	78
Malam - Team		381		65
Maytronics		45,158		694
Mizrahi Tefahot Bank		4,296		76
Naphtha Israel Petroleum*		26,244		100
Neto ME Holdings		1,071		45
NICE-Systems*		1,888		428
Norstar Holdings		1,304		6
Partner Communications*		6,086		24
Perion Network*		11,171		78
Prashkovsky Investments and
Construction		10,428		175
Sapiens International		4,688		143
Silicom*		1,618		52
Tadiran Holdings		1,274		83
Teva Pharmaceutical Industries ADR*		30,353		274
Teva Pharmaceutical Industries*		4,022		36
Wix.com*		1,600		408
				13,214
Italy – 1.4%
A2A		205,193		298
ACEA		25,756		542
Amplifon*		14,928		534
Anima Holding		27,893		110
Assicurazioni Generali		33,606		473
Atlantia*		14,906		234
Avio*		19,585		308
Azimut Holding		39,928		723
B&C Speakers*		1,422		16
Banca Carige*		3,461,944		2
Banca Generali		72,922		2,220
Banca Mediolanum		30,358		218
Banca Sistema		126,220		252
Buzzi Unicem		15,474		360
Cairo Communication*		16,623		25
Cellularline		2,087		12
Cerved Group*		11,242		81
CNH Industrial*		212,473		1,657
Davide Campari-Milano		80,537		878
De’ Longhi*		2,424		83
DiaSorin		726		146
Digital Bros		3,711		93
Elica*		16,618		49
Enel		246,678		2,140
Eni		292,728		2,293
Esprinet*		49,779		440
EXOR		3,163		172
Ferrari		3,840		704
Fiat Chrysler Automobiles*		33,721		414
Fine Foods & Pharmaceuticals NTM		8,130		101
FinecoBank Banca Fineco*		18,479		255
Freni Brembo*		300,150		2,995
Hera		116,605		431
Immobiliare Grande Distribuzione SIIQ‡		8,857		31
Infrastrutture Wireless Italiane		6,919		77
Intesa Sanpaolo*		2,342,674		4,399
Iren		323,296		833
Italgas		79,910		504
Italmobiliare		833		29
Leonardo-Finmeccanica		11,424		67

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Mediobanca Banca di Credito Finanziario*		19,696	$	154
Moncler*		6,130		251
Nexi*		11,474		230
Pharmanutra		641		20
Pirelli & C*		11,293		48
Poste Italiane		15,914		141
Prysmian		7,542		219
Recordati		3,185		163
Reno de Medici		62,734		66
Reply		4,621		534
Saipem		274,730		472
Sanlorenzo*		3,996		79
Sesa*		3,358		338
Snam		62,666		322
Telecom Italia		256,529		103
Telecom Italia		183,615		74
Tenaris		13,268		66
Terna Rete Elettrica Nazionale		43,396		304
Tinexta Spa*		11,170		218
UniCredit*		152,200		1,256
Unipol Gruppo*		316,982		1,385
				31,642
Japan – 16.0%
77 Bank		30,400		469
A&A Material		1,700		17
A&D		5,300		33
ABC-Mart		3,900		203
Acom*		12,100		53
Adastria		10,400		164
ADEKA		15,000		216
Advantest		6,100		296
Aeon		19,900		535
Aeon Delight		4,900		136
AEON Financial Service		10,800		98
Aeon Mall		3,100		44
AGC		6,000		176
Ain Holdings		40,600		2,839
Air Water		18,800		254
Aisin Seiki*		4,800		153
Ajinomoto		14,500		297
Alfresa Holdings		39,600		867
Alpen		5,100		96
Altech		6,519		127
Amada		9,600		90
Amuse*		2,300		53
ANA Holdings*		3,300		76
Anabuki Kosan		2,000		30
Anest Iwata		6,200		51
AOI TYO Holdings		5,600		22
Aozora Bank		3,600		60
Applied		900		45
Arata		2,200		110
Arcs		14,300		366
Argo Graphics		4,700		161
ArtSpark Holdings		9,200		179
Asahi		13,900		244
Asahi Group Holdings		20,100		701
Asahi Intecc		6,200		195
Asahi Kasei*		37,100		325
Asahi Net		21,000		190
Asia Pile Holdings		3,800		18

Description	Shares		Value   (000)
Asics		41,100	$	575
ASKUL		4,100		167
Astellas Pharma		77,200		1,150
Ateam		5,600		42
Azbil		10,400		388
Bank of Kyoto		2,000		97
Bank of Saga		1,188		15
Beenos		3,500		60
Benesse Holdings		2,100		54
BML		1,700		51
Bridgestone		40,000		1,262
Broccoli		3,100		44
Brother Industries		7,400		117
Bunka Shutter*		77,200		612
Business Brain Showa-Ota		200		3
Business Engineering		1,605		56
Calbee		8,100		267
Canon		207,400		3,439
Capcom		36,100		2,018
Career Design Center		5,600		51
Casio Computer		32,400		526
Cawachi		19,300		536
Central Japan Railway*		4,340		621
Chiba Bank		16,100		89
Chiba Kogyo Bank		32,700		78
Chubu Electric Power		19,300		234
Chugai Pharmaceutical		20,500		920
Chugoku Electric Power		8,700		109
Coca-Cola Bottlers Japan Holdings		3,400		57
Computer Engineering & Consulting		27,000		419
Computer Institute of Japan		9,300		82
Concordia Financial Group		31,300		109
CONEXIO*		6,900		77
Cosmos Pharmaceutical		600		105
Cota		1,760		23
Credit Saison		51,200		542
Creo		3,300		40
Cresco		3,800		50
CTI Engineering		8,800		170
CyberAgent		3,100		192
Cybernet Systems		40,700		344
Dai Nippon Printing		7,500		152
Daicel		6,500		47
Daifuku		7,100		715
Daihen		21,700		878
Dai-ichi Life Holdings		144,600		2,032
Daiichi Sankyo		51,900		1,594
Daiken Medical		20,100		104
Daikin Industries*		54,600		10,042
Daikoku Denki		4,200		40
Daito Pharmaceutical		5,400		182
Daito Trust Construction		2,100		186
Daitron		1,700		25
Daiwa House Industry		34,200		877
Daiwa House Investment, Cl A‡		63		161
Daiwa Office Investment‡		35		201
Daiwa Securities Group		88,900		373
DCM Holdings		78,700		1,083
Dena*		17,100		314
Denso		255,600		11,189
Dentsu Group		6,800		201
Digital Information Technologies		12,000		152
Dip*		16,600		341
Disco		900		219

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
DMS		454	$	6
Doshisha		18,700		375
Duskin		14,000		382
East Japan Railway		23,300		1,433
Ebara Jitsugyo		3,000		89
EDION		35,700		374
Eisai		7,620		694
Eizo		4,900		191
EJ Holdings		1,200		30
Electric Power Development		13,200		204
ENEOS Holdings		94,000		334
EPS Holdings		4,600		46
Exedy*		13,700		178
FamilyMart*		8,000		181
FAN Communications		18,400		84
FANUC		25,880		4,985
Fast Retailing		1,800		1,129
Feed One		2,820		25
Fields*		7,700		25
FINDEX		15,600		200
Foster Electric*		25,600		276
France Bed Holdings		11,400		96
F-Tech*		8,100		39
Fuji Electric		4,100		130
Fuji Heavy Industries		18,400		356
Fuji Media Holdings		68,200		656
Fuji Oil Holdings		11,900		375
Fuji Soft		4,600		236
FUJIFILM Holdings		11,000		542
Fujikura*		29,400		81
Fujimi		3,100		108
Fujitsu		6,000		821
Fukui Computer Holdings*		14,300		418
Fukuoka Financial Group		17,200		289
FULLCAST Holdings		4,200		69
Fumakilla		19,300		315
Funai Electric*		4,500		20
Furukawa		10,500		114
Furusato Industries		1,400		20
Furyu		19,700		223
Future		4,300		89
Gakken Holdings		4,900		76
Gakujo		1,100		12
GLOBERIDE		5,400		159
Glory		20,100		447
GLP J-Reit‡		105		163
GMO Payment Gateway		1,300		139
Godo Steel		15,700		301
Goldcrest*		12,100		158
Gree*		44,900		218
GungHo Online Entertainment*		39,700		854
Hakuhodo DY Holdings		21,900		283
Hamakyorex		1,000		30
Hamamatsu Photonics		4,300		217
Handsman		1,400		25
Hankyu Hanshin Holdings		7,200		231
Hanwa		13,900		278
Hikari Tsushin		600		143
Hino Motors*		8,900		57
Hioki EE		2,700		106
Hirose Electric		1,030		133
Hiroshima Bank		31,700		185
Hisamitsu Pharmaceutical		1,400		72
Hitachi		273,700		9,267

Description	Shares		Value   (000)
Hitachi Construction Machinery		3,300	$	119
Hitachi Metals*		7,200		111
Hitachi Zosen		219,200		927
Hochiki		1,800		22
Hogy Medical		7,400		255
Hokkaido Electric Power		86,800		371
Hokuetsu		26,300		91
Hokuetsu Industries		2,000		21
Hokuhoku Financial Group		5,600		56
Honda Motor		49,200		1,161
Hoshizaki Electric		6,200		494
Hosiden		39,400		355
Hoya		104,900		11,842
Hulic		8,700		82
Hyakujushi Bank		5,600		95
IDEA Consultants		6,400		118
Idemitsu Kosan		6,122		130
IDOM		20,400		123
Iida Group Holdings		5,000		101
Imagineer		20,700		263
Ines		8,400		131
Infocom		3,400		131
Inpex		61,300		328
Intage Holdings		12,600		119
Internet Initiative Japan		10,100		454
I-O Data Device, Cl O		6,600		68
IR Japan Holdings		1,400		178
ISB		3,100		81
Isetan Mitsukoshi Holdings		8,600		46
Isolite Insulating Products		5,400		24
Isuzu Motors		17,200		150
Itfor*		21,100		182
ITmedia		8,800		234
Ito En		1,500		107
ITOCHU		56,900		1,456
Itochu Techno-Solutions		3,100		118
Itoham Yonekyu Holdings		38,200		274
Itoki		6,400		22
Iwaki		6,400		31
Iwasaki Electric		13,300		182
Jaccs		6,900		112
Jafco*		11,400		481
Japan‡		42		215
Japan Airlines*		3,500		66
Japan Airport Terminal*		1,600		71
Japan Aviation Electronics Industry		2,500		34
Japan Exchange Group		26,900		751
Japan Lifeline		9,100		121
Japan Petroleum Exploration		10,500		163
Japan Post Bank*		11,600		90
Japan Post Holdings*		150,600		1,025
Japan Post Insurance		7,500		118
Japan Prime‡		24		75
Japan Pulp & Paper		800		28
Japan Retail Fund Investment‡		73		113
Japan Tobacco		224,100		4,088
Jeol		3,000		103
JFE Holdings*		16,000		111
JGC Holdings		5,800		60
JMS		9,000		78
Joshin Denki		2,800		70
JSR		6,200		147
JTEKT*		6,300		49
Juki*		14,400		62

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Juroku Bank		11,900	$	226
Kaga Electronics		16,000		341
Kajima		14,500		175
Kakaku.com		4,100		108
Kaken Pharmaceutical		21,000		963
Kamigumi		2,800		55
Kanamoto		24,800		564
Kandenko		70,400		576
Kanematsu		24,300		297
Kansai Electric Power		20,400		198
Kansai Paint		5,800		144
Kanto Denka Kogyo		27,800		192
Kao		28,800		2,156
KAWADA TECHNOLOGIES		2,400		111
Kawai Musical Instruments Manufacturing*		2,600		68
Kawasaki Heavy Industries*		4,300		58
KDDI		88,500		2,232
Keihan Holdings		2,700		112
Keikyu*		6,300		97
Keio*		3,100		192
Keisei Electric Railway*		4,300		121
Keiyo		11,300		94
Keiyo Bank		9,200		43
Kenedix		52,400		277
Kenedix Retail‡		207		418
Kewpie		22,600		466
Keyence		5,600		2,610
Kikkoman*		4,400		244
Kintetsu Group Holdings*		5,400		230
Kintetsu World Express		8,600		183
Kirin Holdings		130,800		2,455
Kissei Pharmaceutical		3,100		70
Kitz		16,300		93
Kobayashi Pharmaceutical		1,600		155
Kobe Bussan		1,800		99
Koei Chemical		6,400		196
Koito Manufacturing		62,400		3,173
Komatsu		191,300		4,207
Komeri		18,800		594
Komori*		10,400		73
Konami Holdings		11,300		489
Kose*		21,100		2,581
K’s Holdings		52,100		702
Kubota		677,800		12,123
Kuraray		9,200		89
Kureha*		9,600		416
Kurita Water Industries		3,200		105
Kyocera		105,800		6,045
Kyodo Printing		900		23
Kyoei Steel		10,300		132
Kyowa Kirin		8,200		233
Kyushu Electric Power		11,600		106
Kyushu Railway		4,500		96
Lasertec		2,200		180
Lawson		1,500		72
Life		5,600		258
LINE*		2,000		102
Lion		12,500		257
LIXIL Group		47,800		961
M3*		13,400		829
Mabuchi Motor		3,900		151
Maeda		50,400		369
Makita		13,200		631

Description	Shares		Value   (000)
Mandom		7,200	$	121
Marubeni		51,700		293
Marubun		14,500		73
Marui Group		22,800		436
Maruichi Steel Tube		1,700		42
Marvelous*		22,200		169
Matsumotokiyoshi Holdings		8,000		292
Max		4,800		72
Mazda Motor*		16,000		93
McDonald’s Holdings Japan		2,000		97
MCJ*		74,300		679
Mebuki Financial Group		30,000		68
Medipal Holdings		43,900		879
Megmilk Snow Brand		15,100		366
Meidensha		14,000		216
Meiji Electric Industries		1,600		22
MEIJI Holdings		7,100		542
Meiko Network Japan		21,700		151
Meitec		13,000		662
Meiwa Estate*		3,800		18
Melco Holdings		3,400		77
Menicon		2,472		165
Mercari*		2,900		134
Micronics Japan		32,200		338
Mimasu Semiconductor Industry		23,700		544
Minebea		10,900		207
Mirai‡		738		280
MISUMI Group		8,600		241
Mitsubishi		40,360		965
Mitsubishi Chemical Holdings		38,100		219
Mitsubishi Electric		55,000		745
Mitsubishi Estate		73,200		1,103
Mitsubishi Gas Chemical		4,200		78
Mitsubishi Heavy Industries		9,600		212
Mitsubishi Logistics		16,500		470
Mitsubishi Materials		3,400		67
Mitsubishi Motors*		16,000		35
Mitsubishi Research Institute		5,300		224
Mitsubishi UFJ Financial Group		372,400		1,473
Mitsubishi UFJ Lease & Finance*		11,800		54
Mitsuboshi Belting		3,000		49
Mitsui		49,700		853
Mitsui Chemicals		5,300		127
Mitsui Fudosan		28,300		491
Mitsui Matsushima Holdings*		6,300		44
Mitsui-Soko Holdings		15,100		264
Miura		2,500		122
Mixi		8,600		231
Miyazaki Bank		900		21
Mizuho Financial Group		73,480		918
Mizuno*		3,400		61
Mochida Pharmaceutical		2,400		95
MonotaRO		3,800		189
MS&AD Insurance Group Holdings		26,300		705
Murata Manufacturing		17,500		1,130
Nabtesco		3,600		131
Nafco		23,000		544
Nagoya Railroad*		6,000		164
Nakabayashi		4,800		30
Namco Bandai Holdings		26,300		1,925
NEC		21,100		1,235
NEC Capital Solutions		1,300		23
NET One Systems		19,400		885
Nexon		24,900		621

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
NGK Insulators		8,100	$	115
NGK Spark Plug		4,300		75
NH Foods		8,300		371
Nichiban*		1,600		25
Nichiha		1,500		45
Nichi-iko Pharmaceutical		29,600		336
Nidec		13,600		1,271
Nihon House Holdings*		35,300		94
Nihon Kohden		122,400		4,033
Nihon M&A Center		4,600		263
Nihon Unisys		23,500		741
Niitaka		10,800		348
Nikkon Holdings		5,700		124
Nikon		9,200		62
Nintendo		4,000		2,270
Nippo		31,300		863
Nippon Building Fund‡		41		233
Nippon Carbide Industries		1,500		18
Nippon Commercial Development		7,100		114
Nippon Express		2,200		128
Nippon Paint Holdings		4,500		463
Nippon Paper Industries		8,400		104
Nippon Pillar Packing		12,200		185
Nippon Prologis‡		65		220
Nippon Shinyaku		1,400		115
Nippon Shokubai		6,400		340
Nippon Signal		16,100		159
Nippon Steel*		66,600		627
Nippon Suisan Kaisha		44,200		188
Nippon Telegraph & Telephone		138,000		2,814
Nippon Television Holdings*		66,820		717
Nippon Yusen		27,400		474
Nishi-Nippon Financial Holdings		52,900		369
Nishio Rent All		6,400		136
Nissan Chemical		17,200		920
Nissan Motor*		68,700		243
Nisshin Oillio Group		15,000		453
Nisshin Seifun Group		6,500		103
Nissin Foods Holdings		1,900		179
Nitori Holdings		2,400		499
Nitto Denko		133,900		8,734
Nitto Kogyo		16,200		322
Nohmi Bosai		10,400		238
Nomura		31,900		237
Nomura Holdings		250,900		1,139
Nomura Real Estate Holdings		59,800		1,133
Nomura Real Estate Master Fund‡		123		155
Nomura Research Institute		17,100		504
Noritake*		3,100		98
Noritz		4,500		65
North Pacific Bank		143,200		312
NS Solutions		10,400		321
NSD*		23,900		468
NSK*		10,900		83
NTT Data		134,300		1,715
NTT DOCOMO		54,300		2,002
Obayashi		131,000		1,188
Obic		2,060		362
Odakyu Electric Railway*		8,900		224
Oji Holdings		120,200		550
Okamura		9,100		64
Oki Electric Industry*		23,700		256
Okinawa Cellular Telephone		1,900		72
Olympus*		411,500		8,551

Description	Shares		Value   (000)
Omron		112,800	$	8,788
Ono Pharmaceutical		11,300		356
Onward Holdings*		42,100		109
Open House		10,500		381
Oracle Japan*		2,000		216
Organo		9,100		493
Oriental Land*		6,100		855
ORIX		39,500		491
Orix JREIT‡		75		115
Osaka Gas		11,300		220
OSJB Holdings		66,900		156
Otsuka		7,800		399
Otsuka Holdings		28,000		1,185
Oyo		5,500		65
Pan Pacific International Holdings		12,800		298
Panasonic		67,300		569
PAPYLESS		1,300		36
Park24*		3,500		57
Pasco		2,000		27
Pasona Group		3,800		58
PCA		3,900		177
Penta-Ocean Construction		88,000		576
PeptiDream*		3,000		140
Persol Holdings*		19,300		314
Pigeon		3,400		152
Pola Orbis Holdings		3,100		59
Poletowin Pitcrew Holdings		9,000		81
Prima Meat Packers		11,700		360
Proto		12,600		152
Punch Industry		4,400		17
Rakuten*		25,800		278
Rasa		4,800		42
Recruit Holdings*		38,700		1,545
Relia		114,600		1,447
Renesas Electronics*		90,200		659
Resona Holdings		470,040		1,598
Restar Holdings		10,700		221
Ricoh		19,600		132
Ricoh Leasing		6,300		171
Ride On Express Holdings		14,300		353
Riken Technos		10,900		44
Rinnai		4,900		478
Riso Kyoiku*		52,000		143
Rohm		13,000		1,003
Roland DG*		17,700		231
Ryoden		2,000		29
Ryohin Keikaku		7,900		131
Sac’s Bar Holdings		4,300		24
Saison Information Systems		900		18
San ju San Financial Group		1,700		22
Sangetsu		17,600		271
Sanken Electric*		4,700		110
Sanki Engineering		32,400		355
Sankyo		12,700		333
Sankyo Tateyama*		7,300		68
Sankyu		7,500		295
Santen Pharmaceutical		10,900		223
Sato Holdings*		13,500		288
Sawai Pharmaceutical		14,800		746
SBI Holdings		7,600		197
SCSK		14,200		795
Secom		13,400		1,226
Sega Sammy Holdings*		49,100		597
Seibu Holdings*		6,400		69

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Seiko Epson		8,000	$	92
Seiko Holdings*		15,100		204
Sekisui Chemical		35,600		570
Sekisui House		18,300		323
Senko		26,600		248
Seria		2,800		119
Seven & i Holdings		54,400		1,682
Seven Bank		16,800		41
SFP Holdings*		6,800		88
SG Holdings		5,100		264
Sharp		6,500		81
Shibaura Mechatronics		2,300		68
Shimachu		19,800		670
Shimadzu		14,200		432
Shimamura		700		68
Shimano		2,900		571
Shimizu		33,700		253
Shindengen Electric Manufacturing*		5,800		111
Shin-Etsu Chemical		32,900		4,295
Shinoken Group		15,700		147
Shinsei Bank*		5,900		73
Shionogi		8,060		431
Ship Healthcare Holdings		17,300		847
Shiseido		12,200		700
Shizuoka Bank		13,700		95
Showa Denko*		4,100		75
Showa Sangyo		4,400		147
Sinfonia Technology		2,800		32
Sinko Industries		8,600		120
Sintokogio		16,500		111
SK-Electronics*		6,000		62
SKY Perfect JSAT Holdings		169,800		743
SMC		4,400		2,442
Softbank		87,500		978
SoftBank Group*		47,700		2,966
Sohgo Security Services		8,900		423
Soiken Holdings		41,500		354
Soliton Systems		2,200		45
Sompo Holdings		34,900		1,203
Sony		49,900		3,811
Square Enix Holdings*		2,700		179
ST		3,700		80
St. Marc Holdings		5,300		78
St.-Care Holding		4,800		37
Stanley Electric		4,000		115
Starts*		12,300		270
SUMCO		8,500		119
Sumitomo		36,200		434
Sumitomo Bakelite		1,500		41
Sumitomo Chemical		47,500		157
Sumitomo Dainippon Pharma		6,100		80
Sumitomo Electric Industries		42,700		479
Sumitomo Forestry		8,900		142
Sumitomo Heavy Industries		3,400		79
Sumitomo Metal Mining		13,300		411
Sumitomo Mitsui Financial Group		73,700		2,046
Sumitomo Mitsui Trust Holdings		20,500		544
Sumitomo Realty & Development		9,800		289
Sumitomo Riko*		28,100		150
Sumitomo Rubber Industries		4,300		40
Sundrug		9,200		347
Suntory Beverage & Food		12,200		458
Sun-Wa Technos		11,000		93
Suruga Bank		50,700		183

Description	Shares		Value   (000)
Suzuken		2,300	$	88
Suzuki Motor*		11,100		474
SWCC Showa Holdings		11,600		134
Sysmex		5,120		489
Systena		28,300		493
T&D Holdings		43,000		422
Taiheiyo Cement		48,500		1,235
Taiho Kogyo, Cl A		1,858		10
Taisei		6,100		206
Taisho Pharmaceutical Holdings		900		59
Taiyo Nippon Sanso		4,000		62
Takara Leben		87,900		260
Takara Leben Real Estate Investment‡		416		345
Takara Standard		10,700		144
Takasago International		1,100		23
Takeda Pharmaceutical		70,324		2,510
Takeei		17,100		164
Tama Home		40,400		532
Tamron		23,300		368
Tanseisha		24,000		163
TDK		9,100		994
TechnoPro Holdings*		2,900		181
Teijin*		5,400		84
Teikoku Tsushin Kogyo		1,600		18
Terumo		192,800		7,677
T-Gaia		14,100		264
THK		3,600		90
Tigers Polymer*		3,500		14
TIS		44,900		952
TKC		5,600		363
Toa		3,800		31
Tobu Railway		5,800		179
TOC		2,300		14
Tochigi Bank		12,900		22
Toho		10,800		446
Toho Gas		2,500		124
Tohoku Electric Power*		12,200		122
Tokai		3,700		73
Tokio Marine Holdings		42,300		1,848
Tokuyama		5,600		135
Tokyo Century		1,400		76
Tokyo Electric Power Holdings*		42,000		116
Tokyo Electron		4,500		1,174
Tokyo Electron Device		9,900		296
Tokyo Gas		22,900		523
Tokyo Keiki		1,900		17
Tokyo Ohka Kogyo		10,700		553
Tokyo Tekko*		1,600		27
Tokyotokeiba		13,800		703
Tokyu		14,500		188
Tokyu Fudosan Holdings		17,400		75
Tomen Devices		3,400		132
TOMONY Holdings		37,800		122
Tomy		59,900		515
Toppan Forms		3,500		33
Toppan Printing		7,400		104
Topre		27,500		296
Toray Industries		41,400		189
Torii Pharmaceutical		11,700		333
Toshiba		11,400		290
Tosoh		7,400		120
TOTO*		4,500		207
Tow		11,100		35

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Towa Pharmaceutical		32,200	$	646
Toyo Machinery & Metal*		7,000		29
Toyo Seikan Group Holdings		64,800		644
Toyo Suisan Kaisha		20,900		1,106
Toyobo		8,800		121
Toyoda Gosei		2,000		46
Toyota Industries		10,900		689
Toyota Motor		180,100		11,878
Toyota Tsusho		6,400		179
Transaction		17,300		193
Transcosmos*		13,500		368
Trend Micro*		4,200		256
TSI Holdings*		7,200		22
Tsubakimoto Chain		1,500		35
Tsumura		22,700		708
Tsuruha Holdings		1,200		170
TV Asahi Holdings		30,300		481
ULS Group		1,500		60
Unicharm		12,200		546
UNITED		10,000		139
United Urban Investment‡		87		97
USS		22,500		403
Vital KSK Holdings		10,700		111
Wacom		35,900		236
Wakita		14,700		147
Warabeya Nichiyo Holdings		11,700		173
Waseda Academy		5,700		55
Watts		8,800		79
Welcia Holdings		3,000		132
West Japan Railway*		7,500		370
Will Group		27,100		222
World Holdings		6,600		131
Wowow		3,700		98
Xebio Holdings*		12,400		90
Yakult Honsha		3,600		200
YAMABIKO		9,900		121
Yamada Denki		23,400		117
Yamaguchi Financial Group		15,700		102
Yamaha		4,200		201
Yamaha Motor		7,800		113
Yamaichi Electronics		6,400		79
Yamanashi Chuo Bank		10,000		78
Yamato Holdings		9,420		248
Yamazaki Baking		3,100		54
Yamazen		3,900		39
Yaskawa Electric		7,300		286
Yokogawa Bridge Holdings		6,800		126
Yokogawa Electric		7,400		117
Yokohama Reito		19,800		172
Yokohama Rubber		4,300		61
Z Holdings*		80,600		537
Zenrin		5,500		59
ZERIA Pharmaceutical		8,600		164
ZOZO		21,200		592
Zuken		2,700		73
				357,005
Kenya – 0.0%
East African Breweries		484,578		761
Luxembourg – 0.0%
Ternium ADR*		11,639		219

Description	Shares		Value   (000)
Malaysia – 0.2%
Allianz Malaysia		6,200	$	20
Greatech Technology*		158,400		263
Hartalega Holdings		236,100		924
Hong Leong Bank		200		1
Hong Leong Industries		1,851		3
Insas		326,100		60
Kenanga Investment Bank		85,500		14
Kossan Rubber Industries		187,400		619
KSL Holdings*		551,500		66
Lii Hen Industries		44,000		35
Malayan Banking		43,400		76
Malaysian Pacific Industries		17,267		78
Petron Malaysia Refining & Marketing		40,506		32
Public Bank		44,800		169
Sime Darby		809,700		488
Syarikat Takaful Malaysia Keluarga		24,000		29
Top Glove		485,700		975
Tropicana*		48		—
Unisem		23,619		20
ViTrox		16,500		48
				3,920
Mexico – 0.8%
Cemex ADR*		68,152		259
Credito Real SOFOM ER*		2,787		1
Fomento Economico Mexicano ADR		19,000		1,068
Genomma Lab Internacional, Cl B*		2,395,036		2,329
Gentera*		3,105,122		877
Gruma, Cl B		26,668		295
Grupo Aeroportuario del Pacifico, Cl B*		376,332		3,018
Grupo Financiero Banorte, Cl O*		225,469		779
Grupo Financiero Inbursa, Cl O*		3,283,362		2,537
Grupo Lala, Cl B		1,152,275		713
Grupo Televisa ADR*		89,573		554
Industrias Bachoco		233,845		735
Kimberly-Clark de Mexico, Cl A		482,207		762
Nemak*		1,180,051		342
Qualitas Controladora		65,633		248
Wal-Mart de Mexico		1,002,423		2,398
				16,915
Netherlands – 3.0%
ABN AMRO Bank		13,628		114
Accell Group*		3,563		99
Adyen*		552		1,017
Aegon		56,811		148
Akzo Nobel		66,288		6,722
Alfen Beheer BV*		15,336		980
Altice Europe, Cl A*		19,589		94
Amsterdam Commodities		4,747		104
ArcelorMittal*		78,566		1,050
ASM International		17,944		2,577
ASML Holding		15,081		5,562
ASR Nederland		11,193		378
Boskalis Westminster*		224,190		4,468
Coca-Cola European Partners		1,470		58
Eurocommercial Properties‡ *		48,039		560
Euronext		2,926		367
Flow Traders		5,513		220
ForFarmers		6,502		40
Galapagos ADR*		400		57

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Galapagos*		1,306	$	185
Heineken		28,803		2,563
Heineken Holding		3,449		269
Hunter Douglas*		1,103		64
ING Groep*		601,055		4,270
Just Eat Takeaway.com*		5,768		646
Koninklijke Ahold Delhaize		83,513		2,474
Koninklijke BAM Groep*		181,518		230
Koninklijke DSM		5,254		866
Koninklijke KPN		454,543		1,069
Koninklijke Philips*		166,215		7,823
Koninklijke Vopak		2,017		114
Nederland Apparatenfabriek*		1,082		54
NN Group		9,814		368
Pharming Group*		126,092		140
Prosus*		14,847		1,371
Randstad*		75,642		3,947
RELX		197,862		4,406
SBM Offshore		410,230		6,568
Signify*		3,744		139
TKH Group		1,232		45
Unibail-Rodamco-Westfield‡		3,358		124
Unilever		44,495		2,684
Van Lanschot Kempen		21,603		400
Wolters Kluwer		8,244		703
				66,137
New Zealand – 0.1%
a2 Milk*		22,536		229
Argosy Property‡		51,461		46
Auckland International Airport*		37,693		182
EBOS Group		10,301		167
Fisher & Paykel Healthcare		17,612		387
Fletcher Building*		132,778		339
Heartland Group Holdings		27,291		23
Mercury NZ		20,749		70
Meridian Energy		40,395		133
NZX		83,714		90
PGG Wrightson		6,591		12
Property for Industry‡		32,158		58
Pushpay Holdings*		141,273		830
Ryman Healthcare		11,764		110
Skellerup Holdings		43,989		85
SKY Network Television*		1,589,187		151
Spark New Zealand		55,959		175
Summerset Group Holdings		26,942		160
Vista Group International*		37,912		41
				3,288
Norway – 0.9%
ABG Sundal Collier Holding		55,198		31
Adevinta, Cl B*		28,264		486
Bakkafrost P*		25,834		1,667
DNB		63,588		878
Equinor		104,607		1,486
Fjordkraft Holding		32,598		317
Gjensidige Forsikring		5,695		116
Mowi*		13,622		242
Nordic Semiconductor*		16,283		168
Norsk Hydro*		38,269		105
Norwegian Finans Holding		44,256		321

Description	Shares		Value   (000)
Orkla		22,847	$	231
Salmar*		2,311		131
Sandnes Sparebank		6,060		43
Schibsted, Cl A*		11,411		504
Schibsted, Cl B*		12,372		494
SpareBank 1 BV		17,631		67
SpareBank 1 Nord Norge		21,961		151
Sparebank 1 Oestlandet		26,700		250
SpareBank 1 SMN		4,125		37
Sparebanken Vest		17,302		117
Telenor		21,644		363
TGS NOPEC Geophysical		270,070		3,257
Veidekke*		13,361		173
Yara International		201,129		7,740
				19,375
Panama – 0.2%
Copa Holdings, Cl A*		84,800		4,269
Peru – 0.1%
Cia de Minas Buenaventura ADR		38,092		465
Credicorp		22,149		2,747
				3,212
Philippines – 0.0%
Bank of the Philippine Islands		365,390		484
First Gen		281,900		136
GT Capital Holdings		47,270		379
Lopez Holdings*		759,100		36
Megaworld*		872,000		54
SSI Group*		279,000		7
				1,096
Poland – 0.2%
Asseco Poland		12,648		228
Budimex		1,332		84
CD Projekt*		6,645		720
Enea*		60,238		89
Grupa Lotos		53,969		481
KGHM Polska Miedz*		43,040		1,310
Neuca		96		13
Polski Koncern Naftowy Orlen		49,146		584
Powszechny Zaklad Ubezpieczen*		76,784		492
Santander Bank Polska*		6,708		247
TEN Square Games		4,248		628
				4,876
Portugal – 0.2%
Banco Espirito Santo*		46,916		—
EDP-Energias de Portugal		83,337		410
Galp Energia		270,811		2,507
Jeronimo Martins		7,168		115
NOS SGPS		33,038		117
Semapa-Sociedade de Investimento e Gestao		4,267		38
Sonae SGPS		326,113		222
				3,409
Qatar – 0.1%
Mannai		7,450		6
Ooredoo QPSC		636,880		1,177

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
United Development QSC		170,100	$	87
				1,270
Russia – 0.4%
Alrosa PJSC		743,892		706
Globaltrans Investment GDR		22,615		152
Lukoil PJSC ADR		7,468		429
Magnit PJSC		4,245		272
Magnitogorsk Iron & Steel Works PJSC GDR		21,839		142
MMC Norilsk Nickel PJSC ADR		10,156		245
PhosAgro PJSC GDR		4,373		54
PhosAgro PJSC (LSE Shares) GDR		32,751		394
Polyus PJSC GDR		1,722		182
Sberbank of Russia PJSC ADR		122,106		1,424
Tatneft PJSC ADR		1,676		60
VEON ADR*		163,551		206
Yandex, Cl A*		72,944		4,759
				9,025
Singapore – 1.8%
AEM Holdings		181,700		516
ARA LOGOS Logistics Trust‡		218,300		99
Ascendas‡		93,716		224
Best World International(A)		17,700		18
CapitaLand		82,321		164
CapitaLand Commercial Trust‡		74,974		91
CapitaLand Mall Trust‡		82,800		118
City Developments		13,800		77
CSE Global		303,300		104
Dairy Farm International Holdings		9,400		36
DBS Group Holdings		304,234		4,468
Delfi		1,744,100		893
Food Empire Holdings		52,600		23
Frencken Group		380,900		277
Genting Singapore		1,014,300		500
Great Eastern Holdings		51,200		682
Haw Par		52,512		359
Hi-P International, Cl P		123,000		107
Hongkong Land Holdings		1,031,600		3,845
Jardine Cycle & Carriage		2,533		34
Jardine Matheson Holdings		200,600		7,966
Jardine Strategic Holdings		28,200		561
Jumbo Group		71,700		16
Keppel		43,900		143
Keppel DC‡		356,800		764
Mapletree Commercial Trust‡		65,500		93
Mapletree Logistics Trust‡		76,700		115
Olam International		70,700		66
Oversea-Chinese Banking		100,765		626
Sasseur Real Estate Investment Trust‡		37,700		21
SATS		721,000		1,502
Sheng Siong Group		434,600		514
Sing Holdings		134,800		37
Singapore Airlines		40,750		104
Singapore Exchange		23,700		160
Singapore Medical Group		75		—
Singapore Post		400,400		189
Singapore Technologies Engineering		46,500		119
Singapore Telecommunications		2,383,500		3,717
Sunningdale Tech		66,700		71
Suntec‡		70,300		75

Description	Shares		Value   (000)
United Industrial		18,948	$	29
United Overseas Bank		593,270		8,302
UOL Group		12,285		60
Venture		84,600		1,196
Wilmar International		56,800		184
Yangzijiang Shipbuilding Holdings		78,700		57
Yanlord Land Group		685,800		571
				39,893
South Africa – 1.0%
Alviva Holdings		10,324		4
Anglo American		33,533		809
Anglo American Platinum		38,410		2,665
Bid		88,259		1,358
Bidvest Group		177,491		1,462
Capitec Bank Holdings*		33,462		2,071
Cie Financiere Richemont		89,646		598
Clicks Group		117,224		1,550
DataTec*		28,258		38
Exxaro Resources		10,959		82
FirstRand		401,190		988
Gold Fields ADR		60,710		746
Grindrod		1,542,688		323
Kumba Iron Ore		21,955		651
Momentum Metropolitan Holdings		121,518		112
Raubex Group		557,288		630
Standard Bank Group		179,911		1,160
Telkom		286,688		450
Tiger Brands		588,024		6,687
Tsogo Sun Gaming		240,625		49
Tsogo Sun Hotels*		48,518		4
				22,437
South Korea – 2.9%
Amore Pacific Group		19,449		816
Cheil Worldwide		24,245		434
Chong Kun Dang Pharmaceutical		784		111
CJ		2,103		146
CJ Hello		45,601		151
Daelim Industrial		5,063		336
Daeyang Electric		3,787		36
Dong-A ST, Cl A		464		37
Dongyang E&P		10,103		148
Douzone Bizon		27,675		2,475
GS Home Shopping		3,105		341
Hana Financial Group		31,926		768
Hankook Tire & Technology		18,508		498
Hanwha Aerospace*		1,076		23
Hyundai Motor		8,009		1,219
JB Financial Group		9,678		37
Kakao		6,333		1,975
Kia Motors		59,695		2,394
Kortek		7,202		51
KT		20,346		399
KT ADR		93,225		896
LG		23,028		1,462
LG Display*		24,679		323
LG Electronics		39,122		3,082
LG Household & Health Care		3,485		4,317
LG Innotek		9,778		1,296
LG Uplus		101,551		998
NAVER		16,974		4,305
NCSoft		2,187		1,508

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Neowiz*		20,154	$	443
NHN*		6,396		407
POSCO		1,529		255
S-1, Cl 1		9,697		727
Samsung Electronics		295,613		14,696
Samsung Electronics GDR		8,470		10,538
Samsung Fire & Marine Insurance		8,501		1,320
Samsung SDS		2,933		426
SeAH Holdings		225		14
SK Hynix		57,950		4,153
SK Telecom		9,211		1,876
Tovis		7,623		42
UIL		6,402		21
Youngone Holdings		595		19
				65,519
Spain – 0.9%
Acerinox		41,298		341
ACS Actividades de Construccion y Servicios		8,744		198
Aena SME*		1,995		279
Almirall		64,995		730
Amadeus IT Group, Cl A		121,334		6,755
Banco Bilbao Vizcaya Argentaria*		199,752		555
Banco Santander*		502,141		940
Bankia		280,001		406
Bankinter		22,135		95
CaixaBank		109,470		232
Cellnex Telecom*		9,448		575
Cia de Distribucion Integral Logista Holdings		2,256		39
Enagas		7,996		184
Endesa		9,675		258
Faes Farma		68,735		278
Ferrovial		24,682		598
Gestamp Automocion*		86,163		249
Grifols		9,086		261
Iberdrola		180,140		2,211
Industria de Diseno Textil		33,228		925
Laboratorios Farmaceuticos Rovi		2,353		87
Mapfre		33,069		52
Mediaset Espana Comunicacion*		16,938		63
Naturgy Energy Group		9,331		187
Naturhouse Health SAU		5,270		8
Pharma Mar		5,299		671
Red Electrica		13,186		247
Repsol		45,319		304
Sacyr		144,905		258
Siemens Gamesa Renewable Energy		7,262		196
Telefonica		149,827		515
Viscofan		23,076		1,538
				20,235
Sweden – 2.1%
AddNode Group, Cl B*		3,262		75
Alfa Laval*		9,485		210
Angler Gaming		25,541		64
Arise*		45,868		211
Arjo		89,437		554
Assa Abloy, Cl B		155,481		3,634
Atlas Copco, Cl A		20,327		969
Atlas Copco, Cl B		11,887		496
Avanza Bank Holding		13,100		257

Description	Shares		Value   (000)
Axfood		22,896	$	525
Bergman & Beving, Cl B		5,478		53
Betsson		40,659		313
BHG Group*		20,272		286
BioGaia, Cl B		1,875		122
Biotage*		22,089		437
Boliden		8,409		250
Boule Diagnostics*		3,890		24
Bravida Holding		34,105		413
Bredband2 i Skandinavien		188,283		37
Bure Equity		4,665		147
Byggmax Group*		139,679		825
Catella*		51,082		125
Clas Ohlson, Cl B*		36,924		376
Cloetta, Cl B*		244,040		709
Coor Service Management Holding*		31,361		214
Dios Fastigheter*		4,146		29
Doro*		2,251		12
Duni*		4,447		45
Electrolux		6,870		160
Eolus Vind, Cl B		20,875		370
Epiroc, Cl A		19,723		286
Epiroc, Cl B		12,336		171
Equities		6,869		133
Essity, Cl B		125,698		4,240
Evolution Gaming Group		3,873		257
Fortnox		21,714		653
G5 Entertainment		9,464		397
Getinge, Cl B		139,068		3,029
GHP Specialty Care*		15,964		38
Hennes & Mauritz, Cl B*		24,118		416
Hexagon, Cl B*		8,573		647
Humana*		4,529		29
Husqvarna, Cl B		44,900		494
ICA Gruppen		3,208		163
Industrivarden, Cl C*		4,770		127
Indutrade*		6,340		340
Instalco		13,079		291
Investment Latour, Cl B		4,268		100
Investor, Cl B*		13,796		904
Inwido*		94,748		967
Kindred Group*		44,027		320
Kinnevik*		7,466		304
Klovern, Cl B		70,821		131
L E Lundbergforetagen, Cl B*		2,275		113
LeoVegas		85,052		360
Lindab International		57,486		1,003
Loomis, Cl B*		13,958		382
Lundin Energy		5,754		115
Modern Times Group, Cl B*		16,839		236
NCC, Cl B		40,465		738
Nederman Holding*		1,121		17
New Wave Group, Cl B*		28,903		153
Nibe Industrier, Cl B*		9,499		244
Nobia*		27,585		185
Nobina*		44,554		293
Nolato, Cl B*		6,539		636
Nordea Bank Abp		121,067		923
Nordic Entertainment Group, Cl B*		17,148		725
Nyfosa*		108,823		966
Paradox Interactive		20,277		690
Pricer, Cl B		186,747		490
Ratos, Cl B		40,505		152
RaySearch Laboratories*		3,236		32

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Recipharm, Cl B*		33,763	$	587
Sandvik*		106,929		2,085
Scandi Standard*		21,992		168
Sectra, Cl B		2,019		134
Securitas, Cl B*		10,262		157
Skandinaviska Enskilda Banken, Cl A*		48,689		433
Skanska, Cl B		10,189		215
SKF, Cl B		11,595		239
Stillfront Group*		6,473		813
Svenska Cellulosa, Cl B*		18,456		267
Svenska Handelsbanken, Cl A*		158,607		1,329
Swedbank, Cl A*		27,586		432
Swedish Match		17,243		1,409
Swedish Orphan Biovitrum*		25,433		616
Systemair*		1,174		31
Tele2, Cl B		15,154		214
Telefonaktiebolaget LM Ericsson, Cl B		88,910		973
Telia		80,594		331
Tethys Oil*		35,326		169
Thule Group*		6,260		207
VBG Group, Cl B*		643		10
Volvo, Cl B*		45,467		877
				46,528
Switzerland – 7.2%
ABB		89,381		2,271
Adecco Group		32,049		1,686
Alcon*		30,305		1,717
Allreal Holding		5,338		1,152
ALSO Holding		5,173		1,368
ams*		17,953		408
Ascom Holding*		18,817		261
Bachem Holding, Cl B		1,118		474
Baloise Holding		1,417		208
Banque Cantonale Vaudoise		971		99
Barry Callebaut		89		198
Basilea Pharmaceutica*		3,199		176
Belimo Holding		57		430
BKW		1,774		189
Burkhalter Holding		930		64
Chocoladefabriken Lindt & Spruengli		34		286
Chocoladefabriken Lindt & Spruengli		3		267
Cie Financiere Richemont, Cl A		202,336		13,518
Clariant*		5,657		111
Coca-Cola*		6,140		152
Credit Suisse Group		73,936		741
dormakaba Holding		587		318
EMS-Chemie Holding		256		229
Galenica		11,643		811
Geberit		6,107		3,614
Georg Fischer		254		263
Givaudan		279		1,202
Gurit Holding		124		264
Helvetia Holding		2,422		206
Hiag Immobilien Holding*		243		24
Huber + Suhner		1,058		79
Implenia		6,924		212
Ina Invest Holding*		586		12
Interroll Holding		60		151
Julius Baer Group		65,443		2,777
Kardex Holding		131		24
Kuehne + Nagel International		1,608		312
LafargeHolcim		206,993		9,416

Description	Shares		Value   (000)
Lastminute.com*		4,903	$	102
Logitech International		28,306		2,183
Lonza Group		2,266		1,396
Metall Zug		11		16
Nestle		238,131		28,275
Novartis		265,801		23,043
Orell Fuessli Holding		203		20
Partners Group Holding		569		524
PSP Swiss Property		786		95
Roche Holding		76,478		26,197
Schindler Holding		639		174
Schindler Holding		1,271		347
Schweiter Technologies		57		79
SFS Group		1,573		158
SGS		183		490
Siegfried Holding*		529		362
SIG Combibloc Group, Cl C*		23,140		464
Sika		19,097		4,684
Sonova Holding*		5,298		1,336
Straumann Holding		324		327
Swatch Group		1,404		63
Swatch Group BR		27,012		6,283
Swiss Life Holding		981		371
Swiss Prime Site		2,187		198
Swiss Re		8,944		662
Swisscom		785		416
Swissquote Group Holding		1,695		138
Tamedia*		1,993		144
Tecan Group		2,164		1,078
Temenos		2,001		269
u-blox Holding		4,580		254
UBS Group		612,947		6,832
Vaudoise Assurances Holding		78		39
Vetropack Holding*		1,951		120
Vifor Pharma		1,321		180
VZ Holding		1,065		95
V-ZUG Holding*		110		9
Zehnder Group		5,319		258
Zurich Insurance Group		19,203		6,685
				160,056
Taiwan – 2.9%
AU Optronics ADR*		578,712		2,164
ChipMOS Technologies ADR		11,140		215
Chroma ATE		188,000		1,003
Delta Electronics		342,516		2,250
E.Sun Financial Holding		2,338,317		2,076
Giant Manufacturing		290,414		2,757
Himax Technologies ADR*		8,099		29
King Slide Works		34,847		339
MediaTek		249,000		5,270
Merida Industry		215,428		1,747
PChome Online		172,587		604
Silicon Motion Technology ADR		12,215		461
Taiwan Semiconductor Manufacturing		537,000		8,113
Taiwan Semiconductor Manufacturing ADR		371,653		30,130
Teco Electric and Machinery		983,387		1,016
Uni-President Enterprises		1,584,000		3,421
United Microelectronics ADR		498,001		2,385
Yungtay Engineering		641,000		1,225
				65,205

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Thailand – 0.2%
Airports of Thailand		1,335,600	$	2,389
Bangkok Bank NVDR		21,200		65
Delta Electronics Thailand NVDR		43,500		217
Kasikornbank		357,000		872
Major Cineplex Group		2,120,400		1,041
Major Cineplex Group		46,800		23
				4,607
Turkey – 0.3%
Akbank T.A.S.*		1,085,533		726
Anadolu Efes Biracilik Ve Malt Sanayii		45,133		121
BIM Birlesik Magazalar*		71,588		646
Dogan Sirketler Grubu Holding		2,244,390		690
Dogus Otomotiv Servis ve Ticaret*		91,794		185
Eregli Demir ve Celik Fabrikalari		353,189		433
Haci Omer Sabanci Holding		648,510		700
KOC Holding		148,028		282
Koza Altin Isletmeleri*		2,756		28
Turk Telekomunikasyon		253,374		234
Turkiye Is Bankasi, Cl C*		1,029,411		714
Ulker Biskuvi Sanayi*		165,017		491
Vestel Elektronik Sanayi ve Ticaret*		182,299		411
Yapi ve Kredi Bankasi*		1,522,527		420
				6,081
United Arab Emirates – 0.0%
Emaar Properties PJSC*		1,186,814		903
United Kingdom – 12.0%
3i Group		180,435		2,321
4imprint Group*		9,467		228
888 Holdings		25,131		82
Admiral Group		39,033		1,315
Aggreko		601,543		2,857
Anglo American		353,709		8,525
Antofagasta		11,215		147
Ashtead Group		13,633		490
Associated British Foods		10,528		253
Assura‡		13		—
AstraZeneca		39,973		4,364
Atlantica Sustainable Infrastructure		18,217		521
Auto Trader Group		147,761		1,073
Avast		18,587		126
AVEVA Group		2,168		134
Aviva		121,602		447
BAE Systems		250,445		1,554
Bank of Georgia Group*		17,201		198
Bank of Ireland Group*		11,295		22
Barclays*		1,270,417		1,601
Barratt Developments*		71,582		438
Barrick Gold		940		25
BasWare*		1,307		58
Begbies Traynor Group		81		—
Berkeley Group Holdings		109,326		5,952
BHP Group		445,527		9,493
Bodycote		13,206		99
boohoo Group*		129,347		627
Bovis Homes Group*		8,016		59
BP		1,247,719		3,628
British American Tobacco		76,407		2,741
British Land‡ *		24,398		106
BT Group, Cl A		266,685		338

Description	Shares		Value   (000)
Bunzl		75,329	$	2,432
Burberry Group		12,427		248
Capita*		475,938		187
Carnival*		288,479		3,681
Cementir Holding		10,344		72
Centamin		116,090		303
Central Asia Metals		29,946		62
Centrica*		313,553		162
Checkit*		37,991		21
Close Brothers Group		18,166		239
Coca-Cola European Partners		16,238		630
Codemasters Group Holdings*		32,388		153
Compass Group*		455,386		6,844
Computacenter		14,855		454
ConvaTec Group		454,197		1,049
Craneware		2,549		51
Cranswick		8,007		376
CRH		7,747		278
Croda International		3,926		316
Daily Mail & General Trust, Cl A		22,229		186
Dart Group		40,787		353
DCC		19,206		1,484
Devro		95,397		228
DFS Furniture		11,222		24
Diageo		468,492		16,070
Dialog Semiconductor*		21,387		933
Dignity*		21,851		120
Direct Line Insurance Group		131,661		458
Drax Group		296,405		1,018
DS Smith*		232,472		880
Dunelm Group*		41,528		750
easyJet		65,026		419
Electrocomponents		269,040		2,464
Elementis*		88,293		87
EMIS Group		58,419		784
Endava ADR*		3,591		227
Epwin Group*		6,441		6
Ergomed*		8,559		84
Euromoney Institutional Investor*		19,821		205
Evraz		12,827		57
Experian		282,951		10,641
FDM Group Holdings		37,741		495
Ferguson		6,829		688
Flutter Entertainment*		16,369		2,583
Future		24,278		607
G4S*		465,020		1,202
Games Workshop Group		7,551		993
Gamesys Group		24,921		383
Gamma Communications		1,106		24
Genel Energy		58,432		91
Georgia Capital*		25,305		119
GlaxoSmithKline		152,827		2,859
Glencore*		821,875		1,698
Global Ports Investments GDR*		220,689		685
Globaltrans Investment GDR		39,129		240
Go-Ahead Group*		13,315		100
Grainger		175,947		674
Greencore Group*		15,104		19
Greggs*		2,905		44
GVC Holdings*		137,014		1,712
Halfords Group		109,024		256
Halma		11,852		358
Hargreaves Lansdown		10,114		205
Hays*		440,448		641

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
Hikma Pharmaceuticals		25,498	$	852
Hiscox*		22,566		261
HomeServe		154,057		2,455
Hon Hai Precision Industry GDR		185,240		989
HSBC Holdings*		620,377		2,414
Hummingbird Resources*		61,817		28
IG Group Holdings		76,069		778
IMI		438,299		5,939
Imperial Brands		28,829		509
Inchcape*		81,794		465
Informa*		80,293		388
IntegraFin Holdings		68,439		448
InterContinental Hotels Group*		8,884		468
International Personal Finance*		293,772		176
Intertek Group		55,172		4,491
Investec		129,686		239
ITV*		635,824		553
J Sainsbury		50,039		123
JD Sports Fashion*		12,708		133
John Menzies*		15,811		23
John Wood Group*		60,330		165
Johnson Matthey		104,766		3,178
Johnson Service Group*		63,371		74
Jupiter Fund Management		107,360		310
Just Eat Takeaway.com*		9,707		1,091
Just Group*		37,539		22
Kainos Group		14,732		189
KAZ Minerals		7,212		49
Keller Group		13,795		108
Kerry Group, Cl A		4,836		621
Kingfisher*		65,882		252
Kingspan Group*		4,720		429
Land Securities Group‡		21,076		142
Legal & General Group		177,830		430
Lloyds Banking Group*		15,248,255		5,166
London Stock Exchange Group		9,635		1,102
Lookers*		129,424		35
Lukoil PJSC ADR		196		11
M&G		76,476		157
Man Group		386,527		572
Marks & Spencer Group*		163,049		205
Marston’s*		565,773		322
McBride*		20,776		16
McCarthy & Stone*		91,111		83
Melrose Industries*		142,822		212
Micro Focus International*		147,550		467
Mondi		14,791		312
Moneysupermarket.com Group		19,705		68
Morgan Advanced Materials*		16,080		49
Morgan Sindall Group*		8,356		123
National Express Group*		138,970		274
National Grid		106,914		1,228
Network International Holdings		252,888		894
Next*		4,050		309
Ninety One*		92,709		243
Nomad Foods*		72,667		1,852
Non-Standard Finance*		128,595		8
Ocado Group*		13,922		493
Oxford Instruments*		5,840		120
Pagegroup*		59,880		289
Patisserie Holdings		3,055		—
PayPoint		22,692		148
Pearson		24,261		172
Persimmon		9,745		310

Description	Shares		Value   (000)
Petrofac*		19,081	$	27
Petropavlovsk*		982,662		417
Pets at Home Group		194,326		1,061
Phoenix Group Holdings		45,469		404
Playtech*		83,857		392
Plus500		49,892		1,011
Polar Capital Holdings		9,928		60
Premier Foods*		404,392		484
Provident Financial		70,284		176
Prudential		97,198		1,390
QinetiQ Group		34,799		124
Rank Group		14,029		17
Rathbone Brothers		8,123		162
Reach*		100,987		101
Reckitt Benckiser Group		104,565		10,215
Redde Northgate		63,905		152
RELX		222,862		4,957
Rentokil Initial*		56,884		392
Rightmove*		466,819		3,761
Rio Tinto		128,628		7,724
Robert Walters*		1,244		6
Rolls-Royce Holdings*		664,441		1,106
Rotork		127,986		464
Royal Bank of Scotland Group*		143,268		196
Royal Dutch Shell, Cl A		124,929		1,552
Royal Dutch Shell, Cl B		415,165		5,033
Royal Mail*		270,962		833
RPS Group*		40,677		24
RSA Insurance Group		31,000		181
RWS Holdings		108		1
Safestore Holdings‡		47,692		480
Sage Group		32,887		305
Samsung Electronics GDR		770		975
Savills*		23,409		234
Scapa Group*		22,914		35
Schroders		3,489		121
Segro‡		35,381		426
Senior*		217,532		125
Serco Group		549,499		901
Severn Trent		6,911		217
Sirius Real Estate		298,569		280
Smith & Nephew		42,814		836
Smiths Group		424,980		7,484
Softcat		47,965		746
Spectris		161,817		5,075
Spirax-Sarco Engineering		2,246		320
Spirent Communications		149,571		550
SSE		31,661		492
SSP Group		250,280		579
St. James’s Place		55,507		665
St. Modwen Properties		25,046		101
Standard Chartered*		208,411		957
Standard Life Aberdeen		71,679		209
State Bank of India GDR*		98,320		2,486
SThree*		13,169		41
Stock Spirits Group		36,930		103
Tate & Lyle		66,083		567
Taylor Wimpey*		111,488		156
Team17 Group*		11,370		102
Telit Communications*		17,770		31
Tesco		3,124,422		8,568
TP ICAP		33,195		98
Tracsis		3,041		22
Travis Perkins*		513,590		7,164

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
TUI		38,388	$	145
Ultra Electronics Holdings		4,290		115
Unilever		75,229		4,631
United Utilities Group		20,771		230
Victrex		187,609		4,409
Vodafone Group		808,450		1,074
Weir Group*		417,070		6,719
WH Smith		39,619		487
Whitbread*		6,352		174
WM Morrison Supermarkets		73,727		161
WPP		114,228		898
XP Power		1,052		60
				268,543
United States – 0.6%
Communication Services – 0.2%
DouYu International Holdings ADR*		65,928		871
Sea ADR*		17,547		2,703
				3,574
Consumer Discretionary – 0.1%
NIO ADR*		67,604		1,435
Consumer Staples – 0.1%
PriceSmart		18,992		1,262
Health Care – 0.0%
Taro Pharmaceutical Industries*		2,186		120
Information Technology – 0.1%
ASE Technology Holding ADR		122,823		501
BlackBerry*		10,277		47
Genpact		44,759		1,743
				2,291
Materials – 0.1%
Freeport-McMoRan*		118,445		1,853
Southern Copper		22,958		1,039
				2,892
				11,574
Total Common Stock (Cost $2,030,154) (000)				2,152,273
PREFERRED STOCK — 0.8%
Alpargatas		315,472		2,162
Amore Pacific Group		1,381		39
Banco Bradesco*		138,950		483
Banco do Brasil		71,861		152
Bayerische Motoren Werke		1,701		93
Bradespar*		13,500		108
Brodrene A&O Johansen		349		31
Cia de Transmissao de Energia Eletrica Paulista		23,142		90
Cia Energetica de Minas Gerais		249,100		447
Cia Paranaense de Energia*		16,900		187
Corem Property Group		213		8
Draegerwerk & KGaA		772		67
Einhell Germany		253		25
FUCHS PETROLUB		129,850		6,578

Description	Shares		Value   (000)
Grupo Aval Acciones y Valores		1,281,663	$	301
Henkel & KGaA		5,427		567
Itausa		178,017		280
Jungheinrich		60,558		2,085
Petroleo Brasileiro*		29,400		103
Porsche Automobil Holding		4,644		276
Sartorius		1,088		447
Schaeffler		13,901		86
STO & KGaA		1,131		151
Telefonica Brasil		45,681		354
Volkswagen		12,380		1,988
Total Preferred Stock (Cost $14,846) (000)				17,108
EXCHANGE TRADED FUND — 0.0%
BMO Commercial Property Trust		153,162		128
Total Exchange Traded Fund (Cost $109) (000)				128
RIGHTS* — 0.0%
	Number of  Rights
Cia Sud Americana de Vapores, Expires 10/1/2020		19,660,503		20
Pan American Silver ‡‡		20,581		8
Total Rights (Cost $–) (000)				28
WARRANTS — 0.0%
	Number of  Warrants
Ezion Holdings, Expires 4/16/2023* (A)		77,880		–
Total Warrants (Cost $–) (000)				–
SHORT-TERM INVESTMENT — 2.4%
	Shares
State Street Institutional Treasury Money Market Fund, Cl Premier, 0.020% (B)		53,620,280		53,620
Total Short-Term Investment (Cost $53,620) (000)				53,620
Total Investments In Securities — 99.3% (Cost $2,098,729) (000)			$	2,223,157

Percentages are based on Net Assets of $2,238,211 (000).

KP International Equity Fund

Schedule of Investments

September 30, 2020 (unaudited)

A list of the open futures contracts held by the Fund at September 30, 2020, is as follows (000):

Type of Contract	Number of Contracts Long	Expiration Date	Notional Amount  (Thousands)		Value  (Thousands)		Unrealized Depreciation  (Thousands)
MSCI EAFE Index	303	Dec-2020	$	28,702	$	28,076	$	(626	)
S&P TSX 60 Index	20	Dec-2020		2,932		2,888		(20	)
			$	31,634	$	30,964	$	(646	)

* Non-income producing security.

‡ Real Estate Investment Trust

‡‡ Expiration date not available.

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

(B) The rate reported is the 7-day effective yield as of September 30, 2020.

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia, and Far East

GDR — Global Depositary Receipt

MSCI – Morgan Stanley Capital International

S&P — Standard & Poor’s

TSX — Toronto Stock Exchange

The following is a list of the level of inputs used as of September 30, 2020, 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
Argentina	$	6,482	$	–	$	–	$	6,482
Australia		–		74,459		–		74,459
Austria		–		3,156		–		3,156
Belgium		–		11,532		–		11,532
Brazil		34,528		–		–		34,528
Canada		93,172		–		–		93,172
Chile		2,854		–		–		2,854
China		33,194		23,488		–		56,682
Colombia		804		–		–		804
Cypress		332		–		–		332
Czech Republic		–		678		–		678
Denmark		–		49,737		–		49,737
Finland		–		19,765		–		19,765
France		155		150,590		–		150,745
Germany		314		135,114		–		135,428
Greece		35		6,686		–		6,721
Hong Kong		4,585		155,193		–		159,778
Hungary		–		95		–		95
India		5,883		60,948		–		66,831
Indonesia		–		7,264		–		7,264
Ireland		8,366		11,650		–		20,016
Israel		8,146		5,068		–		13,214
Italy		21		31,621		–		31,642
Japan		185		356,820		–		357,005
Kenya		–		761		–		761
Luxembourg		219		–		–		219
Malaysia		–		3,920		–		3,920
Mexico		16,915		–		–		16,915
Netherlands		470		65,667		–		66,137
New Zealand		–		3,288		–		3,288

Investments In    Securities	Level 1		Level 2		Level 3^		Total
Norway	$	–	$	19,375	$	–	$	19,375
Panama		4,269		–		–		4,269
Peru		3,212		–		–		3,212
Philippines		–		1,096		–		1,096
Poland		–		4,876		–		4,876
Portugal		–		3,409		–		3,409
Qatar		–		1,270		–		1,270
Russia		6,578		2,447		–		9,025
Singapore		–		39,875		18		39,893
South Africa		858		21,579		–		22,437
South Korea		11,433		54,086		–		65,519
Spain		–		20,235		–		20,235
Sweden		–		46,528		–		46,528
Switzerland		–		160,056		–		160,056
Taiwan		35,384		29,821		–		65,205
Thailand		–		4,607		–		4,607
Turkey		–		6,081		–		6,081
United Arab Emirates		–		903		–		903
United Kingdom		3,837		264,706		–		268,543
United States		11,574		–		–		11,574
Total Common Stock		293,805		1,858,450		18		2,152,273
Preferred Stock		4,666		12,442		–		17,108
Exchange Traded Fund		–		128		–		128
Rights		28		–		–		28
Warrants		–		–		–		–
Short-Term Investment		53,620		–		–		53,620
Total Investments in Securities	$	352,119	$	1,871,020	$	18	$	2,223,157

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*
Unrealized Depreciation	$	(646	)	$	–	$	–	$	(646	)
Total Other Financial Instruments	$	(646	)	$	–	$	–	$	(646	)

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

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

For the period ended September 30, 2020, there were no transfers in or out of Level 3.

For the period ended September 30, 2020, 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.

KPF-QH-004-1200

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

  SCHEDULE OF INVESTMENTS

Description	Face           Amount   (000)		Value   (000)
CORPORATE OBLIGATIONS — 25.9%
Communication Services – 1.7%
Activision Blizzard
3.400%, 09/15/26	$	50	$	57
1.350%, 09/15/30		35		34
Alphabet
3.375%, 02/25/24		100		110
America Movil
3.625%, 04/22/29		300		340
AT&T
4.900%, 08/15/37		150		181
4.850%, 03/01/39		70		84
4.800%, 06/15/44		100		119
4.750%, 05/15/46		500		587
4.500%, 03/09/48		100		115
4.350%, 03/01/29		500		589
4.100%, 02/15/28		253		293
3.800%, 02/15/27		150		169
3.650%, 06/01/51		100		101
3.500%, 09/15/53 (A)		1,578		1,526
3.300%, 02/01/52		30		28
3.100%, 02/01/43		2,571		2,508
2.950%, 07/15/26		200		219
2.750%, 06/01/31		3,375		3,561
2.300%, 06/01/27		1,893		1,982
2.250%, 02/01/32		40		40
1.650%, 02/01/28		10		10
Baidu
3.875%, 09/29/23		200		214
Bell Canada
4.464%, 04/01/48		15		19
4.300%, 07/29/49		30		37
Charter Communications Operating
6.484%, 10/23/45		150		201
6.384%, 10/23/35		150		206
5.375%, 04/01/38		100		122
5.375%, 05/01/47		100		119
4.908%, 07/23/25		2,694		3,115
4.800%, 03/01/50		155		176
4.500%, 02/01/24		100		111
3.700%, 04/01/51		1,212		1,198
Comcast
4.950%, 10/15/58		25		36
4.700%, 10/15/48		1,260		1,680
4.600%, 10/15/38		1,128		1,442
4.400%, 08/15/35		100		127
4.250%, 10/15/30		25		31
4.150%, 10/15/28		45		54
4.000%, 08/15/47		200		242
3.950%, 10/15/25		50		57
3.900%, 03/01/38		100		119
3.450%, 02/01/50		300		339
3.375%, 02/15/25		125		138
3.250%, 11/01/39		100		111
3.150%, 03/01/26		50		56
3.100%, 04/01/25		300		331
1.950%, 01/15/31		1,079		1,109
1.500%, 02/15/31		3,118		3,089

Description	Face           Amount   (000)		Value   (000)
Discovery Communications
5.300%, 05/15/49	$	40	$	49
4.125%, 05/15/29		100		115
4.000%, 09/15/55 (A)		182		185
3.800%, 03/13/24		50		55
2.950%, 03/20/23		27		28
Fox
4.709%, 01/25/29		200		240
Interpublic Group
5.400%, 10/01/48		25		29
Omnicom Group
3.600%, 04/15/26		100		113
Orange
5.375%, 01/13/42		200		281
Rogers Communications
4.350%, 05/01/49		75		91
4.300%, 02/15/48		40		48
2.900%, 11/15/26		50		56
Telefonica Emisiones
5.213%, 03/08/47		150		178
4.895%, 03/06/48		150		173
TELUS
4.600%, 11/16/48		50		62
Thomson Reuters
3.350%, 05/15/26		100		110
T-Mobile USA
4.375%, 04/15/40 (A)		300		352
3.875%, 04/15/30 (A)		300		340
TWDC Enterprises 18
3.700%, 12/01/42		72		81
Verizon Communications
5.250%, 03/16/37		100		138
4.812%, 03/15/39		100		131
4.272%, 01/15/36		1,407		1,736
4.000%, 03/22/50		300		369
3.875%, 02/08/29		10		12
3.376%, 02/15/25		150		167
3.150%, 03/22/30		300		339
3.000%, 03/22/27		500		557
2.625%, 08/15/26		135		148
ViacomCBS
6.875%, 04/30/36		100		138
4.200%, 05/19/32		902		1,032
Vodafone Group
5.250%, 05/30/48		150		194
4.875%, 06/19/49		1,751		2,174
4.375%, 05/30/28		200		237
Walt Disney
6.400%, 12/15/35		735		1,114
4.700%, 03/23/50		250		331
3.700%, 10/15/25		20		23
3.350%, 03/24/25		500		557
				39,115
Consumer Discretionary – 1.8%
Alibaba Group Holding
4.000%, 12/06/37		250		298
Amazon.com
4.800%, 12/05/34		100		138

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
4.050%, 08/22/47	$	150	$	195
3.875%, 08/22/37		100		125
2.700%, 06/03/60		15		16
2.500%, 06/03/50		2,908		2,966
1.500%, 06/03/30		40		41
1.200%, 06/03/27		25		25
0.800%, 06/03/25		35		35
0.400%, 06/03/23		25		25
American Honda Finance
2.600%, 11/16/22		50		52
2.350%, 01/08/27		100		107
1.950%, 05/20/22		125		128
0.650%, 09/08/23		461		461
Aptiv
4.150%, 03/15/24		40		44
AutoNation
3.800%, 11/15/27		25		27
AutoZone
3.750%, 06/01/27		100		114
Best Buy
4.450%, 10/01/28		25		30
Booking Holdings
2.750%, 03/15/23		50		53
BorgWarner
2.650%, 07/01/27		25		26
California Institute of Technology
3.650%, 09/01/19		20		22
Diageo Capital
2.375%, 10/24/29		200		213
Diageo Investment
2.875%, 05/11/22		100		104
Dollar General
4.150%, 11/01/25		25		29
4.125%, 05/01/28		35		41
Dollar Tree
4.200%, 05/15/28		45		53
eBay
2.700%, 03/11/30		140		148
Expedia Group
4.500%, 08/15/24		100		107
Ford Foundation
2.815%, 06/01/70		1,740		1,815
Ford Motor Credit
3.370%, 11/17/23		3,015		2,970
General Motors
6.750%, 04/01/46		250		308
5.950%, 04/01/49		848		994
5.200%, 04/01/45		150		161
5.150%, 04/01/38		100		106
General Motors Financial
4.300%, 07/13/25		100		109
4.200%, 11/06/21		100		103
4.000%, 01/15/25		100		107
4.000%, 10/06/26		50		53
3.700%, 05/09/23		1,749		1,828
3.250%, 01/05/23		148		153
3.150%, 06/30/22		1,240		1,274
2.450%, 11/06/20		2,560		2,564

Description	Face           Amount   (000)		Value   (000)
Georgetown University
2.943%, 04/01/50	$	25	$	25
Grupo Televisa
5.000%, 05/13/45		200		226
Hasbro
3.500%, 09/15/27		30		31
3.000%, 11/19/24		100		106
Home Depot
5.875%, 12/16/36		150		226
4.250%, 04/01/46		100		128
3.900%, 12/06/28		40		47
3.900%, 06/15/47		50		62
3.350%, 04/15/50		629		728
3.300%, 04/15/40		300		341
2.800%, 09/14/27		50		55
2.625%, 06/01/22		100		104
Hyatt Hotels
4.375%, 09/15/28		50		52
Hyundai Capital America
2.375%, 10/15/27 (A)		1,273		1,273
1.800%, 10/15/25 (A)		1,567		1,559
1.250%, 09/18/23 (A)		3,369		3,361
JD.com
3.375%, 01/14/30		200		217
Kohl’s
9.500%, 05/15/25		30		35
Las Vegas Sands
3.900%, 08/08/29		40		40
3.200%, 08/08/24		45		45
2.900%, 06/25/25		15		15
Lear
3.500%, 05/30/30		25		26
Leggett & Platt
4.400%, 03/15/29		50		55
Leland Stanford Junior University
2.413%, 06/01/50		727		736
Lowe’s
5.125%, 04/15/50		1,635		2,256
4.050%, 05/03/47		100		120
3.100%, 05/03/27		100		112
2.500%, 04/15/26		50		54
Magna International
3.625%, 06/15/24		50		55
Marriott International
4.150%, 12/01/23		50		53
3.125%, 10/15/21		100		101
Massachusetts Institute of Technology
2.989%, 07/01/50		100		113
McDonald’s
3.625%, 09/01/49		100		112
3.500%, 03/01/27		100		113
3.375%, 05/26/25		100		111
3.350%, 04/01/23		130		139
3.300%, 07/01/25		200		223
Mohawk Industries
3.625%, 05/15/30		50		55
New York and Presbyterian Hospital
3.954%, 08/01/19		35		38

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
NIKE
2.850%, 03/27/30	$	300	$	337
O’Reilly Automotive
4.350%, 06/01/28		50		60
3.550%, 03/15/26		50		56
President & Fellows of Harvard College
3.150%, 07/15/46		100		114
Princeton University
2.516%, 07/01/50		20		21
Sands China
4.600%, 08/08/23		200		213
Starbucks
4.500%, 11/15/48		30		37
4.450%, 08/15/49		100		121
3.500%, 11/15/50		50		53
2.550%, 11/15/30		100		106
1.300%, 05/07/22		15		15
Target
4.000%, 07/01/42		200		262
3.375%, 04/15/29		50		58
Time Warner Cable
7.300%, 07/01/38		431		610
TJX
3.500%, 04/15/25		100		111
Toyota Motor Credit
3.650%, 01/08/29		100		117
3.450%, 09/20/23		50		54
2.250%, 10/18/23		50		53
1.800%, 02/13/25		100		105
1.150%, 05/26/22		100		101
1.150%, 08/13/27		678		677
0.450%, 07/22/22		200		200
University of Pennsylvania
3.610%, 02/15/19		100		111
VF
2.050%, 04/23/22		200		205
Viacom
5.850%, 09/01/43		150		190
Whirlpool
4.000%, 03/01/24		60		66
Yale University
1.482%, 04/15/30		1,350		1,366
0.873%, 04/15/25		3,709		3,737
				40,472
Consumer Staples – 0.8%
Altria Group
6.200%, 02/14/59		15		21
5.950%, 02/14/49		40		54
5.800%, 02/14/39		165		211
5.375%, 01/31/44		100		124
4.800%, 02/14/29		40		47
4.450%, 05/06/50		20		22
3.800%, 02/14/24		20		22
3.400%, 05/06/30		10		11
2.350%, 05/06/25		20		21
Anheuser-Busch
4.900%, 02/01/46		1,866		2,301

Description	Face           Amount   (000)		Value   (000)
4.700%, 02/01/36	$	150	$	181
Anheuser-Busch InBev Worldwide
4.600%, 04/15/48		1,229		1,465
4.500%, 06/01/50		250		300
4.439%, 10/06/48		100		117
4.350%, 06/01/40		400		467
4.150%, 01/23/25		250		283
4.000%, 04/13/28		55		64
3.500%, 06/01/30		300		341
Bunge Finance
3.250%, 08/15/26		120		130
3.000%, 09/25/22		30		31
Campbell Soup
4.800%, 03/15/48		110		142
4.150%, 03/15/28		50		58
3.650%, 03/15/23		15		16
Church & Dwight
2.450%, 08/01/22		100		103
Clorox
3.500%, 12/15/24		50		56
1.800%, 05/15/30		5		5
Coca-Cola
2.875%, 10/27/25		50		55
2.600%, 06/01/50		50		50
2.550%, 06/01/26		50		55
2.500%, 06/01/40		25		26
2.500%, 03/15/51		35		35
1.750%, 09/06/24		100		105
1.650%, 06/01/30		35		36
1.375%, 03/15/31		100		100
Conagra Brands
5.400%, 11/01/48		20		27
5.300%, 11/01/38		10		13
4.850%, 11/01/28		25		30
4.600%, 11/01/25		200		232
4.300%, 05/01/24		15		17
3.800%, 10/22/21		20		21
Constellation Brands
4.650%, 11/15/28		30		36
4.250%, 05/01/23		50		55
3.750%, 05/01/50		10		11
2.875%, 05/01/30		15		16
2.650%, 11/07/22		50		52
Costco Wholesale
1.600%, 04/20/30		65		66
1.375%, 06/20/27		100		102
General Mills
4.200%, 04/17/28		50		59
2.875%, 04/15/30		100		110
Hershey
2.300%, 08/15/26		50		54
Ingredion
3.200%, 10/01/26		50		55
Kellogg
3.400%, 11/15/27		25		28
2.100%, 06/01/30		65		67
Keurig Dr Pepper
5.085%, 05/25/48		150		201
4.985%, 05/25/38		175		227
4.597%, 05/25/28		50		60

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
Kimberly-Clark
3.950%, 11/01/28	$	10	$	12
2.875%, 02/07/50		100		111
2.750%, 02/15/26		100		110
Kroger
3.950%, 01/15/50		25		29
2.200%, 05/01/30		165		173
McCormick
3.150%, 08/15/24		100		109
Molson Coors Brewing
4.200%, 07/15/46		200		211
Mondelez International
4.625%, 05/07/48		100		138
4.125%, 05/07/28		50		60
2.625%, 09/04/50		1,143		1,110
1.500%, 02/04/31		1,297		1,264
PepsiCo
3.600%, 03/01/24		100		110
3.000%, 10/15/27		50		57
2.850%, 02/24/26		100		111
2.625%, 03/19/27		500		549
1.625%, 05/01/30		95		98
0.750%, 05/01/23		145		146
Philip Morris International
4.500%, 03/20/42		100		123
3.375%, 08/11/25		100		111
2.500%, 11/02/22		100		104
2.100%, 05/01/30		20		21
Precision Castparts
3.250%, 06/15/25		100		111
Procter & Gamble
3.500%, 10/25/47		100		125
2.450%, 03/25/25		100		108
2.450%, 11/03/26		50		55
2.150%, 08/11/22		100		104
Suzano Austria GmbH
5.000%, 01/15/30		200		215
Sysco
4.450%, 03/15/48		50		55
3.550%, 03/15/25		50		54
3.300%, 02/15/50		120		113
2.400%, 02/15/30		15		15
Tyson Foods
4.875%, 08/15/34		200		261
Unilever Capital
2.200%, 05/05/22		100		103
2.125%, 09/06/29		250		265
University of Chicago
2.761%, 04/01/45		5		5
University of Southern California
3.226%, 10/01/20		35		37
USJ-Acucar e Alcool S
9.875%, 11/09/23 (A)		379		116
Walgreens Boots Alliance
4.800%, 11/18/44		200		219
Walmart
4.050%, 06/29/48		1,622		2,117
3.950%, 06/28/38		115		144
3.700%, 06/26/28		100		119

Description	Face           Amount   (000)		Value   (000)
3.300%, 04/22/24	$	100	$	109
3.250%, 07/08/29		140		163
2.850%, 07/08/24		150		163
2.650%, 12/15/24		50		54
				18,181
Energy – 3.6%
Abu Dhabi Crude Oil Pipeline
4.600%, 11/02/47 (A)		4,145		5,074
Baker Hughes a GE
4.486%, 05/01/30		30		34
3.138%, 11/07/29		65		68
Boardwalk Pipelines
4.950%, 12/15/24		50		55
BP Capital Markets
3.062%, 03/17/22		200		208
BP Capital Markets America
2.772%, 11/10/50		130		120
1.749%, 08/10/30		130		129
Canadian Natural Resources
3.850%, 06/01/27		100		108
2.950%, 07/15/30		50		50
2.050%, 07/15/25		50		51
Cheniere Corpus Christi Holdings
7.000%, 06/30/24		150		173
Chevron
2.954%, 05/16/26		50		55
2.566%, 05/16/23		50		53
2.355%, 12/05/22		150		156
1.141%, 05/11/23		150		153
Chevron USA
2.343%, 08/12/50		30		28
1.018%, 08/12/27		20		20
0.687%, 08/12/25		35		35
0.426%, 08/11/23		15		15
Cimarex Energy
3.900%, 05/15/27		100		101
Concho Resources
4.850%, 08/15/48		15		17
4.300%, 08/15/28		10		11
3.750%, 10/01/27		100		108
Consumer Energy
2.500%, 05/01/60		85		80
Devon Energy
5.600%, 07/15/41		150		152
Diamondback Energy
3.500%, 12/01/29		50		49
3.250%, 12/01/26		20		20
2.875%, 12/01/24		30		30
Ecopetrol
5.875%, 09/18/23		100		110
Emera US Finance
2.700%, 06/15/21		1,473		1,493
Enable Midstream Partners
4.150%, 09/15/29		100		93
Enbridge
4.000%, 11/15/49		100		106
3.700%, 07/15/27		100		111

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
Enbridge Energy Partners
5.875%, 10/15/25	$	100	$	120
Energy Transfer Operating
6.250%, 04/15/49		584		604
6.125%, 12/15/45		150		150
6.000%, 06/15/48		125		126
5.800%, 06/15/38		225		226
5.250%, 04/15/29		50		54
4.200%, 04/15/27		200		207
Energy Transfer Partners
6.500%, 02/01/42		27		28
4.500%, 11/01/23		100		107
Enterprise Products Operating
6.450%, 09/01/40		150		198
5.950%, 02/01/41		100		126
4.800%, 02/01/49		25		29
4.250%, 02/15/48		25		26
4.200%, 01/31/50		35		37
4.150%, 10/16/28		175		205
3.700%, 01/31/51		243		240
3.500%, 02/01/22		25		26
3.350%, 03/15/23		100		106
3.200%, 02/15/52		2,670		2,467
EOG Resources
3.150%, 04/01/25		100		109
2.625%, 03/15/23		100		104
Equinor
3.950%, 05/15/43		200		233
3.700%, 03/01/24		100		110
2.875%, 04/06/25		1,766		1,920
2.450%, 01/17/23		125		131
1.750%, 01/22/26		6,881		7,138
Exxon Mobil
3.452%, 04/15/51		3,180		3,494
3.095%, 08/16/49		25		26
3.043%, 03/01/26		50		55
2.995%, 08/16/39		25		26
2.726%, 03/01/23		35		37
2.709%, 03/06/25		150		162
2.610%, 10/15/30		200		216
2.440%, 08/16/29		25		27
2.019%, 08/16/24		25		26
1.902%, 08/16/22		10		10
1.571%, 04/15/23		300		309
Fermaca Enterprises
6.375%, 03/30/38 (A)		974		1,042
Halliburton
5.000%, 11/15/45		100		103
3.800%, 11/15/25		10		11
3.500%, 08/01/23		6		6
3.250%, 11/15/21		3,280		3,348
Hess
7.875%, 10/01/29		497		622
Husky Energy
4.000%, 04/15/24		100		106
Kinder Morgan
3.250%, 08/01/50		145		130
2.000%, 02/15/31		140		135
Kinder Morgan Energy Partners
6.375%, 03/01/41		150		184

Description	Face           Amount   (000)		Value   (000)
5.500%, 03/01/44	$	100	$	118
Magellan Midstream Partners
3.950%, 03/01/50		25		25
3.250%, 06/01/30		50		54
Marathon Oil
6.600%, 10/01/37		150		154
Marathon Petroleum
6.500%, 03/01/41		250		305
5.375%, 10/01/22		1,951		1,951
5.125%, 12/15/26		2,324		2,694
4.750%, 12/15/23		2,438		2,672
4.700%, 05/01/25		4,754		5,372
3.800%, 04/01/28		30		33
3.400%, 12/15/20		557		559
MPLX
5.200%, 03/01/47		200		218
5.200%, 12/01/47		150		165
4.800%, 02/15/29		70		80
4.125%, 03/01/27		65		72
4.000%, 02/15/25		25		27
3.500%, 12/01/22		25		26
1.750%, 03/01/26		3,216		3,202
Nexen
6.400%, 05/15/37		150		222
Noble Energy
6.000%, 03/01/41		346		486
4.950%, 08/15/47		100		131
3.250%, 10/15/29		100		111
Odebrecht Oil & Gas Finance
0.000%, 01/03/69 (A) (B)		97		—
ONEOK
5.200%, 07/15/48		75		73
4.550%, 07/15/28		50		53
4.450%, 09/01/49		100		89
4.000%, 07/13/27		30		31
3.100%, 03/15/30		25		24
ONEOK Partners
3.375%, 10/01/22		100		104
Petroleos de Venezuela
9.000%, 11/17/21 (C)		660		16
8.500%, 10/27/20 (A)		123		13
6.000%, 11/15/26 (A) (C)		785		20
5.375%, 04/12/27 (C)		670		17
Phillips 66
3.850%, 04/09/25		200		222
2.150%, 12/15/30		25		24
Phillips 66 Partners
3.605%, 02/15/25		25		26
2.450%, 12/15/24		100		103
Pioneer Natural Resources
1.900%, 08/15/30		50		47
Plains All American Pipeline
4.650%, 10/15/25		4,597		4,934
3.850%, 10/15/23		150		157
3.650%, 06/01/22		2,709		2,774
3.550%, 12/15/29		100		97
Sabine Pass Liquefaction
5.625%, 03/01/25		85		97
5.000%, 03/15/27		300		339

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
Saudi Arabian Oil
4.250%, 04/16/39 (A)	$	2,110	$	2,425
Schlumberger Investment
2.650%, 06/26/30		100		101
Shell International Finance
4.550%, 08/12/43		400		500
2.875%, 05/10/26		100		111
Shell International Finance BV
2.000%, 11/07/24		150		158
Southern Gas Corridor CJSC
6.875%, 03/24/26 (A)		840		954
Spectra Energy Partners
3.500%, 03/15/25		100		109
Suncor Energy
6.500%, 06/15/38		150		192
2.800%, 05/15/23		20		21
Total Capital
3.883%, 10/11/28		50		59
Total Capital Canada
2.750%, 07/15/23		100		106
Total Capital International
3.455%, 02/19/29		25		28
3.386%, 06/29/60		100		106
2.700%, 01/25/23		100		105
TransCanada PipeLines
5.100%, 03/15/49		25		32
4.875%, 01/15/26		100		117
4.625%, 03/01/34		300		354
4.250%, 05/15/28		25		29
Transcontinental Gas Pipe Line
3.950%, 05/15/50 (A)		150		158
3.250%, 05/15/30 (A)		75		81
Valero Energy
4.350%, 06/01/28		70		79
4.000%, 04/01/29		35		38
3.650%, 03/15/25		100		108
3.400%, 09/15/26		4,515		4,852
2.850%, 04/15/25		3,367		3,533
2.150%, 09/15/27		888		885
1.200%, 03/15/24		776		773
Williams
8.750%, 03/15/32		1,123		1,601
5.750%, 06/24/44		20		24
4.850%, 03/01/48		25		28
4.550%, 06/24/24		45		50
3.700%, 01/15/23		15		16
3.600%, 03/15/22		100		103
3.500%, 11/15/30		2,194		2,386
YPF
16.500%, 05/09/22 (ARS) (A)		6,000		26
				82,153
Financials – 7.9%
Affiliated Managers Group
3.300%, 06/15/30		35		37
Aflac
4.750%, 01/15/49		15		19
3.625%, 06/15/23		100		109

Description	Face           Amount   (000)		Value   (000)
Allstate
4.200%, 12/15/46	$	200	$	250
Ally Financial
3.875%, 05/21/24		150		160
3.050%, 06/05/23		15		15
1.450%, 10/02/23		5		5
American Express
4.200%, 11/06/25		105		122
3.125%, 05/20/26		100		111
2.500%, 08/01/22		100		104
2.500%, 07/30/24		65		69
American Express Credit
2.700%, 03/03/22		100		103
American Financial Group
3.500%, 08/15/26		35		38
American International Group
4.700%, 07/10/35		200		251
4.375%, 06/30/50		100		117
3.875%, 01/15/35		200		231
3.400%, 06/30/30		2,272		2,516
Andina de Fomento
4.375%, 06/15/22		100		105
3.750%, 11/23/23		90		98
Aon
4.500%, 12/15/28		50		61
2.800%, 05/15/30		2,112		2,288
2.200%, 11/15/22		65		67
Arch Capital Group
3.635%, 06/30/50		70		75
Ares Capital
4.200%, 06/10/24		65		68
Assurant
4.000%, 03/15/23		74		78
Australia & New Zealand Banking Group NY
2.625%, 05/19/22		250		259
AXA Equitable Holdings
4.350%, 04/20/28		150		171
Banco del Estado de Chile
2.668%, 01/08/21 (A)		1,227		1,230
Banco Santander
3.306%, 06/27/29		200		217
2.746%, 05/28/25		200		210
Bank of America
5.000%, 01/21/44		250		345
4.450%, 03/03/26		130		150
4.244%, VAR ICE LIBOR USD 3 Month+1.814%, 04/24/38		100		122
4.200%, 08/26/24		165		184
4.100%, 07/24/23		100		110
4.078%, VAR ICE LIBOR USD 3 Month+1.320%, 04/23/40		100		119
4.000%, 01/22/25		100		111
3.974%, VAR ICE LIBOR USD 3 Month+1.210%, 02/07/30		40		46
3.950%, 04/21/25		200		222
3.946%, VAR ICE LIBOR USD 3
Month+1.190%, 01/23/49		100		122

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
3.864%, VAR ICE LIBOR USD 3 Month+0.940%, 07/23/24	$	2,725	$	2,951
3.559%, VAR ICE LIBOR USD 3 Month+1.060%, 04/23/27		6,897		7,704
3.500%, 04/19/26		50		56
3.458%, VAR ICE LIBOR USD 3 Month+0.970%, 03/15/25		100		108
3.194%, VAR ICE LIBOR USD 3 Month+1.180%, 07/23/30		100		110
3.093%, VAR ICE LIBOR USD 3 Month+1.090%, 10/01/25		100		108
3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/23		5,641		5,922
2.884%, VAR ICE LIBOR USD 3 Month+0.012%, 10/22/30		50		54
2.881%, VAR ICE LIBOR USD 3 Month+1.021%, 04/24/23		200		207
2.676%, VAR United States Secured Overnight Financing Rate+1.930%, 06/19/41		1,548		1,581
2.592%, VAR United States Secured Overnight Financing Rate+2.150%, 04/29/31		3,765		4,006
2.503%, 10/21/22		100		102
2.496%, VAR ICE LIBOR USD 3 Month+0.990%, 02/13/31		200		210
2.456%, VAR ICE LIBOR USD 3 Month+0.870%, 10/22/25		50		53
1.898%, VAR United States Secured Overnight Financing Rate+1.530%, 07/23/31		100		99
Bank of Montreal
3.300%, 02/05/24		100		108
2.500%, 06/28/24		65		69
2.050%, 11/01/22		80		83
Bank of New York Mellon
3.450%, 08/11/23		50		54
3.400%, 01/29/28		50		58
3.300%, 08/23/29		100		114
3.000%, 02/24/25		100		110
2.950%, 01/29/23		50		53
2.450%, 08/17/26		50		55
Bank of Nova Scotia
2.700%, 08/03/26		200		219
1.300%, 06/11/25		50		51
Barclays
4.610%, VAR ICE LIBOR USD 3 Month+1.400%, 02/15/23		200		209
4.375%, 09/11/24		200		215
3.932%, VAR ICE LIBOR USD 3 Month+1.610%, 05/07/25		300		323
2.852%, VAR ICE LIBOR USD 3 Month+2.452%, 05/07/26		200		208
BAT Capital
4.758%, 09/06/49		50		54
4.540%, 08/15/47		100		107
4.390%, 08/15/37		1,074		1,161
3.557%, 08/15/27		100		108
3.462%, 09/06/29		50		53
3.222%, 08/15/24		50		54
3.215%, 09/06/26		4,016		4,318
2.789%, 09/06/24		35		37

Description	Face           Amount   (000)		Value   (000)
2.764%, 08/15/22	$	50	$	52
BB&T
3.750%, 12/06/23		100		109
3.700%, 06/05/25		50		57
2.200%, 03/16/23		100		104
Berkshire Hathaway Finance
4.300%, 05/15/43		200		260
4.250%, 01/15/49		50		65
BlackRock
3.250%, 04/30/29		100		116
3.200%, 03/15/27		100		114
1.900%, 01/28/31		5		5
BNP Paribas
3.250%, 03/03/23		150		160
BP Capital Markets America
4.234%, 11/06/28		100		118
3.410%, 02/11/26		100		112
BPCE
4.000%, 04/15/24		250		277
Brighthouse Financial
3.700%, 06/22/27		50		52
Brookfield Finance
3.450%, 04/15/50		50		49
Canadian Imperial Bank of Commerce
3.100%, 04/02/24		100		108
0.950%, 06/23/23		20		20
Capital One Financial
4.250%, 04/30/25		50		57
3.900%, 01/29/24		4,140		4,506
3.650%, 05/11/27		1,011		1,120
3.200%, 02/05/25		50		54
2.600%, 05/11/23		50		52
Charles Schwab
3.550%, 02/01/24		100		109
Chubb INA Holdings
1.375%, 09/15/30		250		247
Citigroup
8.125%, 07/15/39		250		435
4.750%, 05/18/46		100		126
4.450%, 09/29/27		1,085		1,258
4.412%, VAR United States Secured Overnight Financing Rate+3.914%, 03/31/31		2,302		2,760
4.300%, 11/20/26		1,425		1,633
4.281%, VAR ICE LIBOR USD 3 Month+1.839%, 04/24/48		100		126
4.125%, 07/25/28		85		98
4.075%, VAR ICE LIBOR USD 3 Month+1.192%, 04/23/29		150		174
4.044%, VAR ICE LIBOR USD 3 Month+1.023%, 06/01/24		50		54
3.887%, VAR ICE LIBOR USD 3 Month+1.563%, 01/10/28		496		561
3.750%, 06/16/24		100		110
3.668%, VAR ICE LIBOR USD 3 Month+1.390%, 07/24/28		100		112
3.500%, 05/15/23		100		107
3.352%, VAR ICE LIBOR USD 3 Month+0.897%, 04/24/25		100		108

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
3.300%, 04/27/25	$	100	$	110
3.142%, VAR ICE LIBOR USD 3 Month+0.722%, 01/24/23		2,156		2,225
3.106%, VAR United States Secured Overnight Financing Rate+2.750%, 04/08/26		500		541
2.976%, VAR United States Secured Overnight Financing Rate+1.422%, 11/05/30		50		54
2.900%, 12/08/21		100		103
2.876%, VAR ICE LIBOR USD 3 Month+0.950%, 07/24/23		3,231		3,353
2.750%, 04/25/22		100		103
2.572%, VAR United States Secured Overnight Financing Rate+2.107%, 06/03/31		2,562		2,685
1.678%, VAR United States Secured Overnight Financing Rate+1.667%, 05/15/24		100		102
Citizens Financial Group
3.250%, 04/30/30		95		105
CNA Financial
2.050%, 08/15/30		20		20
CNO Financial Group
5.250%, 05/30/29		100		115
Comerica
4.000%, 02/01/29		50		57
3.700%, 07/31/23		25		27
Cooperatieve Rabobank UA
5.250%, 05/24/41		100		147
4.625%, 12/01/23		796		884
3.375%, 05/21/25		250		281
2.750%, 01/10/23		250		263
Credit Suisse Group Funding Guernsey
4.875%, 05/15/45		250		334
Credit Suisse NY
2.800%, 04/08/22		250		259
1.000%, 05/05/23		1,554		1,570
Deutsche Bank NY
3.961%, VAR United States Secured Overnight Financing Rate+2.581%, 11/26/25		200		213
3.700%, 05/30/24		85		89
Discover Bank
3.450%, 07/27/26		250		274
Discover Financial Services
4.100%, 02/09/27		40		44
E*TRADE Financial
4.500%, 06/20/28		50		59
Fairfax Financial Holdings
4.625%, 04/29/30 (A)		25		27
Fibria Overseas Finance
5.500%, 01/17/27		25		28
Fidelity National Financial
4.500%, 08/15/28		50		58
Fifth Third Bancorp
3.650%, 01/25/24		300		327
2.550%, 05/05/27		90		97
1.625%, 05/05/23		70		72

Description	Face           Amount   (000)		Value   (000)
First Republic Bank
4.625%, 02/13/47	$	200	$	250
Goldman Sachs Group
4.411%, VAR ICE LIBOR USD 3 Month+1.430%, 04/23/39		2,170		2,649
4.223%, VAR ICE LIBOR USD 3 Month+1.301%, 05/01/29		300		350
3.750%, 05/22/25		100		111
3.750%, 02/25/26		250		281
3.691%, VAR ICE LIBOR USD 3 Month+1.510%, 06/05/28		165		185
3.625%, 02/20/24		530		575
3.500%, 04/01/25		300		331
3.272%, VAR ICE LIBOR USD 3 Month+1.201%, 09/29/25		75		81
3.200%, 02/23/23		150		159
2.908%, VAR ICE LIBOR USD 3 Month+1.053%, 06/05/23		100		104
2.876%, VAR ICE LIBOR USD 3 Month+0.821%, 10/31/22		4,357		4,462
2.350%, 11/15/21		45		45
Hanover Insurance Group
4.500%, 04/15/26		100		114
2.500%, 09/01/30		30		31
Hartford Financial Services Group
4.400%, 03/15/48		100		124
HSBC Holdings
5.250%, 03/14/44		200		253
4.950%, 03/31/30		250		301
4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/29		200		231
4.250%, 08/18/25		200		218
4.000%, 03/30/22		100		105
3.803%, VAR ICE LIBOR USD 3 Month+1.211%, 03/11/25		4,502		4,864
3.600%, 05/25/23		200		213
2.357%, VAR United States Secured Overnight Financing Rate+1.947%, 08/18/31		181		178
2.013%, VAR United States Secured Overnight Financing Rate+1.732%, 09/22/28		1,246		1,235
1.645%, VAR United States Secured Overnight Financing Rate+1.538%, 04/18/26		4,199		4,183
Huntington National Bank
2.500%, 08/07/22		250		259
ING Groep
3.550%, 04/09/24		250		272
Intercontinental Exchange
4.000%, 10/15/23		150		165
JPMorgan Chase
5.600%, 07/15/41		250		367
4.203%, VAR ICE LIBOR USD 3 Month+1.260%, 07/23/29		100		118
4.023%, VAR ICE LIBOR USD 3 Month+1.000%, 12/05/24		827		907
4.005%, VAR ICE LIBOR USD 3 Month+1.120%, 04/23/29		150		174
3.964%, VAR ICE LIBOR USD 3 Month+1.380%, 11/15/48		195		237

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
3.897%, VAR ICE LIBOR USD 3 Month+1.220%, 01/23/49	$	150	$	181
3.882%, VAR ICE LIBOR USD 3 Month+1.360%, 07/24/38		150		177
3.797%, VAR ICE LIBOR USD 3 Month+0.890%, 07/23/24		100		108
3.625%, 05/13/24		100		110
3.559%, VAR ICE LIBOR USD 3 Month+0.730%, 04/23/24		75		80
3.300%, 04/01/26		100		111
3.220%, VAR ICE LIBOR USD 3 Month+1.155%, 03/01/25		160		172
3.207%, VAR ICE LIBOR USD 3 Month+0.695%, 04/01/23		200		208
3.200%, 06/15/26		100		111
3.125%, 01/23/25		150		164
3.109%, VAR United States Secured Overnight Financing Rate+2.460%, 04/22/41		65		70
3.109%, VAR United States Secured Overnight Financing Rate+2.440%, 04/22/51		768		824
2.776%, VAR ICE LIBOR USD 3 Month+0.935%, 04/25/23		75		78
2.700%, 05/18/23		100		106
2.522%, VAR United States Secured Overnight Financing Rate+2.040%, 04/22/31		100		106
2.301%, VAR United States Secured Overnight Financing Rate+1.160%, 10/15/25		75		79
2.182%, VAR United States Secured Overnight Financing Rate+1.890%, 06/01/28		8,609		8,982
2.083%, VAR United States Secured Overnight Financing Rate+1.850%, 04/22/26		100		105
2.005%, VAR United States Secured Overnight Financing Rate+1.585%, 03/13/26		500		518
KeyCorp
2.250%, 04/06/27		100		106
Lazard Group
3.750%, 02/13/25		50		54
Lincoln National
4.375%, 06/15/50		30		35
3.625%, 12/12/26		100		113
3.050%, 01/15/30		50		54
Lloyds Banking Group
4.582%, 12/10/25		200		220
4.450%, 05/08/25		200		226
3.870%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+3.500%, 07/09/25		200		218
Loews
2.625%, 05/15/23		100		105
Manulife Financial
5.375%, 03/04/46		50		70
Markel
4.150%, 09/17/50		25		30
3.500%, 11/01/27		50		55

Description	Face           Amount   (000)		Value   (000)
Marsh & McLennan
4.375%, 03/15/29	$	45	$	55
3.750%, 03/14/26		150		169
2.750%, 01/30/22		30		31
MetLife
6.400%, 12/15/36		1,530		1,903
3.600%, 11/13/25		50		57
Mitsubishi UFJ Financial Group
4.153%, 03/07/39		35		42
3.850%, 03/01/26		200		228
3.741%, 03/07/29		150		172
3.407%, 03/07/24		50		54
3.287%, 07/25/27		50		56
3.218%, 03/07/22		50		52
2.665%, 07/25/22		50		52
2.048%, 07/17/30		995		1,006
0.848%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+0.680%, 09/15/24		2,933		2,935
Mizuho Financial Group 3.922%, VAR ICE LIBOR USD 3 Month+1.000%, 09/11/24		200		217
2.601%, 09/11/22		200		208
Moody’s
3.250%, 05/20/50		150		161
Morgan Stanley
6.375%, 07/24/42		200		313
4.875%, 11/01/22		100		108
4.431%, VAR ICE LIBOR USD 3 Month+1.628%, 01/23/30		150		179
3.971%, VAR ICE LIBOR USD 3 Month+1.455%, 07/22/38		100		118
3.875%, 01/27/26		200		228
3.737%, VAR ICE LIBOR USD 3 Month+0.847%, 04/24/24		90		97
3.622%, VAR United States Secured Overnight Financing Rate+3.120%, 04/01/31		500		574
3.591%, VAR ICE LIBOR USD 3 Month+1.340%, 07/22/28		150		169
3.125%, 01/23/23		150		159
2.699%, VAR United States Secured Overnight Financing Rate+1.143%, 01/22/31		95		101
2.188%, VAR United States Secured Overnight Financing Rate+1.990%, 04/28/26		105		110
MUFG Americas Holdings
3.000%, 02/10/25		160		173
Muthoot Finance
6.125%, 10/31/22 (A)		820		833
MV24 Capital BV
6.748%, 06/01/34 (A)		902		911
Nasdaq
3.850%, 06/30/26		150		171
National Rural Utilities Cooperative Finance
3.400%, 02/07/28		100		115
2.400%, 03/15/30		80		87
1.750%, 01/21/22		25		26

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
NatWest Markets
2.375%, 05/21/23 (A)	$	1,980	$	2,039
Northern Trust
3.650%, 08/03/28		25		29
3.375%, VAR ICE LIBOR USD 3 Month+1.131%, 05/08/32		63		69
1.950%, 05/01/30		40		42
ORIX
4.050%, 01/16/24		50		55
2.900%, 07/18/22		30		31
Owl Rock Capital
4.000%, 03/30/25		25		25
Pacific Life Global Funding II
1.200%, 06/24/25 (A)		2,292		2,321
PNC Financial Services Group
3.500%, 01/23/24		125		136
3.450%, 04/23/29		50		57
2.550%, 01/22/30		500		542
Pricoa Global Funding I
0.800%, 09/01/25 (A)		4,923		4,906
Principal Financial Group
3.400%, 05/15/25		100		111
Progressive
4.125%, 04/15/47		100		127
4.000%, 03/01/29		50		60
Protective Life Global Funding
1.170%, 07/15/25 (A)		1,118		1,126
Prudential Financial
3.700%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.035%, 10/01/50		145		148
3.700%, 03/13/51		50		55
3.500%, 05/15/24		200		221
3.000%, 03/10/40		25		27
2.100%, 03/10/30		15		16
Regions Financial
3.800%, 08/14/23		50		54
2.750%, 08/14/22		50		52
Reinsurance Group of America
3.900%, 05/15/29		50		57
RenaissanceRe Holdings
3.600%, 04/15/29		50		56
Royal Bank of Canada
2.800%, 04/29/22		100		104
2.550%, 07/16/24		50		53
2.250%, 11/01/24		4,745		5,030
1.150%, 06/10/25		140		142
Royal Bank of Scotland Group
6.000%, 12/19/23		60		67
5.125%, 05/28/24		65		71
4.269%, VAR ICE LIBOR USD 3 Month+1.762%, 03/22/25		400		435
S&P Global
4.000%, 06/15/25		100		115
2.300%, 08/15/60		260		235
Santander Holdings USA
4.450%, 12/03/21		30		31
4.400%, 07/13/27		25		27
3.500%, 06/07/24		105		113

Description	Face           Amount   (000)		Value   (000)
3.450%, 06/02/25	$	2,999	$	3,207
Santander UK
2.875%, 06/18/24		200		214
Santander UK Group Holdings
3.373%, VAR ICE LIBOR USD 3 Month+1.080%, 01/05/24		200		209
Shriram Transport Finance
5.950%, 10/24/22 (A)		1,080		1,017
Societe Generale
2.625%, 01/22/25 (A)		3,596		3,711
State Street
2.901%, VAR United States Secured Overnight Financing Rate+2.600%, 03/30/26 (A)		1,659		1,804
Sumitomo Mitsui Financial Group
3.944%, 07/19/28		100		115
3.784%, 03/09/26		50		57
3.748%, 07/19/23		100		108
3.544%, 01/17/28		50		56
3.446%, 01/11/27		50		56
3.202%, 09/17/29		25		27
3.102%, 01/17/23		50		53
2.846%, 01/11/22		50		51
2.784%, 07/12/22		50		52
2.778%, 10/18/22		50		52
2.724%, 09/27/29		200		212
2.130%, 07/08/30		994		1,009
1.474%, 07/08/25		4,882		4,972
SunTrust Banks
2.700%, 01/27/22		150		154
Svensk Exportkredit
0.625%, 05/14/25		200		201
Synchrony Financial
4.500%, 07/23/25		100		110
4.375%, 03/19/24		35		38
2.850%, 07/25/22		30		31
Syngenta Finance
4.892%, 04/24/25 (A)		2,700		2,927
TBC Bank JSC
5.750%, 06/19/24 (A)		670		673
TD Ameritrade Holding
3.300%, 04/01/27		30		34
Toronto-Dominion Bank
1.150%, 06/12/25		250		254
0.750%, 09/11/25		6,083		6,066
Travelers
4.050%, 03/07/48		100		124
2.550%, 04/27/50		20		20
Truist Bank
1.250%, 03/09/23		300		305
Unum Group
4.500%, 12/15/49		100		97
4.000%, 03/15/24		50		54
US Bancorp
3.375%, 02/05/24		500		544
2.400%, 07/30/24		100		106
Voya Financial
3.125%, 07/15/24		50		54

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
W R Berkley
4.000%, 05/12/50	$	20	$	24
WEA Finance
3.250%, 10/05/20 (A)		406		406
3.150%, 04/05/22 (A)		461		469
Wells Fargo
5.013%, VAR ICE LIBOR USD 3 Month+4.240%, 04/04/51		150		205
4.900%, 11/17/45		917		1,166
4.650%, 11/04/44		350		427
4.150%, 01/24/29		100		118
4.125%, 08/15/23		200		218
3.550%, 09/29/25		100		111
3.068%, VAR United States Secured Overnight Financing Rate+2.530%, 04/30/41		85		89
3.000%, 02/19/25		100		108
3.000%, 04/22/26		100		109
2.625%, 07/22/22		150		156
2.406%, VAR ICE LIBOR USD 3 Month+0.825%, 10/30/25		150		157
2.393%, VAR United States Secured Overnight Financing Rate+2.100%, 06/02/28		1,269		1,324
2.188%, VAR United States Secured Overnight Financing Rate+2.000%, 04/30/26		95		99
2.164%, VAR ICE LIBOR USD 3 Month+0.750%, 02/11/26		6,251		6,491
1.654%, VAR United States Secured Overnight Financing Rate+1.600%, 06/02/24		100		102
Wells Fargo Bank
6.600%, 01/15/38		250		367
Westpac Banking
4.322%, VAR USD ICE Swap 11:00 NY 5 Yr+2.236%, 11/23/31		200		226
3.300%, 02/26/24		50		54
2.700%, 08/19/26		100		110
2.650%, 01/16/30		100		111
2.000%, 01/13/23		30		31
Willis North America
4.500%, 09/15/28		100		119
3.600%, 05/15/24		50		55
				182,007
Health Care – 2.3%
Abbott Laboratories
4.900%, 11/30/46		200		284
3.750%, 11/30/26		100		116
3.400%, 11/30/23		35		38
AbbVie
4.875%, 11/14/48		1,040		1,321
4.550%, 03/15/35 (A)		300		369
4.400%, 11/06/42		622		740
4.300%, 05/14/36		150		177
4.250%, 11/14/28		15		18
4.250%, 11/21/49 (A)		45		53
4.050%, 11/21/39 (A)		958		1,102
3.800%, 03/15/25 (A)		190		211
3.750%, 11/14/23		35		38

Description	Face           Amount   (000)		Value   (000)
3.375%, 11/14/21	$	100	$	103
3.200%, 11/06/22		100		105
3.200%, 11/21/29 (A)		105		116
2.950%, 11/21/26 (A)		70		76
2.900%, 11/06/22		150		157
2.850%, 05/14/23		50		52
2.600%, 11/21/24 (A)		3,948		4,183
2.300%, 11/21/22 (A)		50		52
2.150%, 11/19/21 (A)		200		204
Advocate Health & Hospitals
3.387%, 10/15/49		358		400
Aetna
2.800%, 06/15/23		25		26
2.750%, 11/15/22		150		156
Agilent Technologies
3.050%, 09/22/26		65		71
AmerisourceBergen
3.400%, 05/15/24		100		109
Amgen
3.625%, 05/22/24		300		330
3.375%, 02/21/50		225		242
3.150%, 02/21/40		125		133
2.450%, 02/21/30		50		53
1.900%, 02/21/25		15		16
Anthem
3.650%, 12/01/27		65		74
3.300%, 01/15/23		200		212
3.125%, 05/15/50		20		20
2.875%, 09/15/29		200		216
2.375%, 01/15/25		20		21
2.250%, 05/15/30		15		16
Ascension Health
3.106%, 11/15/39		45		48
2.532%, 11/15/29		10		11
AstraZeneca
4.375%, 11/16/45		100		129
4.375%, 08/17/48		100		131
2.375%, 06/12/22		100		103
Becton Dickinson
4.685%, 12/15/44		157		194
3.700%, 06/06/27		33		38
Becton Dickinson and
2.823%, 05/20/30		70		76
Biogen
3.625%, 09/15/22		100		106
3.150%, 05/01/50		15		15
2.250%, 05/01/30		10		10
Boston Scientific
4.550%, 03/01/39		150		188
3.375%, 05/15/22		100		104
Bristol-Myers Squibb
4.250%, 10/26/49		444		583
4.125%, 06/15/39		2,217		2,803
3.875%, 08/15/25		100		114
3.400%, 07/26/29		80		93
3.250%, 02/20/23		100		106
2.900%, 07/26/24		55		60
2.600%, 05/16/22		50		52
2.000%, 08/01/22		100		103

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
Cardinal Health
3.200%, 03/15/23	$	100	$	106
Cigna
4.900%, 12/15/48		549		713
3.750%, 07/15/23		1,005		1,089
3.400%, 09/17/21		3,025		3,113
2.400%, 03/15/30		4,515		4,682
CommonSpirit Health
4.187%, 10/01/49		100		106
Cottage Health Obligated Group
3.304%, 11/01/49		944		1,048
CVS Health
5.125%, 07/20/45		200		253
5.050%, 03/25/48		316		403
4.300%, 03/25/28		310		363
4.125%, 04/01/40		600		683
3.875%, 07/20/25		120		135
3.700%, 03/09/23		50		54
2.700%, 08/21/40		1,774		1,691
CVS Pass-Through Trust
4.163%, 08/11/36 (A)		549		576
Danaher
3.350%, 09/15/25		30		33
2.600%, 10/01/50		2,092		2,051
DH Europe Finance II Sarl
2.050%, 11/15/22		200		206
Eli Lilly
3.950%, 05/15/47		100		126
2.350%, 05/15/22		100		103
Eli Lilly and
2.250%, 05/15/50		25		24
Gilead Sciences
4.500%, 02/01/45		150		188
3.650%, 03/01/26		500		563
2.600%, 10/01/40		1,085		1,079
2.500%, 09/01/23		35		37
1.950%, 03/01/22		15		15
0.750%, 09/29/23		2,472		2,477
GlaxoSmithKline Capital
3.875%, 05/15/28		150		178
2.850%, 05/08/22		100		104
2.800%, 03/18/23		125		133
HCA
5.500%, 06/15/47		40		49
5.250%, 04/15/25		35		40
5.250%, 06/15/26		40		47
5.125%, 06/15/39		25		30
5.000%, 03/15/24		55		62
4.750%, 05/01/23		35		38
4.500%, 02/15/27		30		34
4.125%, 06/15/29		20		23
Johnson & Johnson
3.625%, 03/03/37		150		183
2.625%, 01/15/25		100		109
2.450%, 03/01/26		400		438
2.450%, 09/01/60		487		493
2.250%, 09/01/50		25		25
2.100%, 09/01/40		1,483		1,480
1.300%, 09/01/30		35		35

Description	Face           Amount   (000)		Value   (000)
Kaiser Foundation Hospitals
3.150%, 05/01/27	$	25	$	28
Laboratory Corp of America Holdings
3.250%, 09/01/24		100		109
2.950%, 12/01/29		50		55
McKesson
2.850%, 03/15/23		200		210
Medtronic
4.625%, 03/15/45		163		225
4.375%, 03/15/35		144		192
2.750%, 04/01/23		100		105
Memorial Sloan-Kettering Cancer Center
2.955%, 01/01/50		30		32
Merck
4.150%, 05/18/43		100		128
4.000%, 03/07/49		35		44
3.900%, 03/07/39		50		62
3.400%, 03/07/29		50		58
2.900%, 03/07/24		25		27
1.450%, 06/24/30		105		107
Mount Sinai Hospitals Group
3.737%, 07/01/49		20		22
Mylan
5.250%, 06/15/46		200		248
Northwell Healthcare
3.809%, 11/01/49		100		107
Novartis Capital
4.400%, 05/06/44		150		202
3.400%, 05/06/24		100		110
3.000%, 11/20/25		50		56
2.750%, 08/14/50		15		16
2.400%, 05/17/22		50		52
2.200%, 08/14/30		25		27
2.000%, 02/14/27		100		106
1.750%, 02/14/25		25		26
PerkinElmer
3.300%, 09/15/29		30		33
Pfizer
4.400%, 05/15/44		865		1,139
4.200%, 09/15/48		15		19
4.125%, 12/15/46		100		128
4.100%, 09/15/38		25		31
4.000%, 03/15/49		50		64
3.900%, 03/15/39		125		152
3.600%, 09/15/28		100		118
3.450%, 03/15/29		50		59
3.200%, 09/15/23		25		27
3.000%, 06/15/23		100		107
2.950%, 03/15/24		50		54
2.700%, 05/28/50		333		348
2.550%, 05/28/40		2,087		2,170
1.700%, 05/28/30		50		51
0.800%, 05/28/25		30		30
Providence St. Joseph Health Obligated Group
2.532%, 10/01/29		40		42
Quest Diagnostics
2.800%, 06/30/31		140		151

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
Royalty Pharma
3.550%, 09/02/50 (A)	$	30	$	29
2.200%, 09/02/30 (A)		40		40
1.200%, 09/02/25 (A)		70		70
RWJ Barnabas Health
3.477%, 07/01/49		25		26
Shire Acquisitions Investments Ireland DAC
3.200%, 09/23/26		60		67
2.875%, 09/23/23		50		53
SSM Health Care
3.688%, 06/01/23		20		22
Stanford Health Care
3.795%, 11/15/48		100		122
Stryker
4.625%, 03/15/46		100		130
3.500%, 03/15/26		25		28
3.375%, 11/01/25		50		56
Takeda Pharmaceutical
3.175%, 07/09/50		200		203
2.050%, 03/31/30		200		202
Thermo Fisher Scientific
4.133%, 03/25/25		300		342
2.950%, 09/19/26		30		33
UnitedHealth Group
4.750%, 07/15/45		100		137
4.450%, 12/15/48		10		13
4.250%, 04/15/47		100		127
4.250%, 06/15/48		50		64
3.875%, 12/15/28		10		12
3.850%, 06/15/28		50		59
3.750%, 07/15/25		50		57
3.700%, 12/15/25		10		12
3.500%, 06/15/23		50		54
3.500%, 02/15/24		10		11
3.500%, 08/15/39		350		402
2.900%, 05/15/50		25		26
2.750%, 05/15/40		1,825		1,928
1.250%, 01/15/26		20		21
Zoetis
4.450%, 08/20/48		125		164
3.250%, 02/01/23		50		53
3.000%, 09/12/27		50		55
				53,790
Industrials – 1.5%
3M
5.700%, 03/15/37		150		217
4.000%, 09/14/48		100		125
3.700%, 04/15/50		100		121
2.000%, 02/14/25		100		106
AerCap Ireland Capital DAC
4.125%, 07/03/23		150		153
2.875%, 08/14/24		150		144
Aeropuerto Internacional de Tocumen
6.000%, 11/18/48 (A)		388		432
Air Lease
4.625%, 10/01/28		100		103
3.375%, 07/01/25		45		46

Description	Face           Amount   (000)		Value   (000)
2.300%, 02/01/25	$	100	$	99
Aircastle
5.500%, 02/15/22		15		15
5.000%, 04/01/23		15		15
4.250%, 06/15/26		35		33
4.125%, 05/01/24		15		15
Allegion US Holding
3.550%, 10/01/27		50		54
American Airlines Pass-Through Trust
3.150%, 02/15/32		39		36
Boeing
5.930%, 05/01/60		50		62
5.805%, 05/01/50		336		407
5.705%, 05/01/40		50		59
5.150%, 05/01/30		2,697		3,031
4.875%, 05/01/25		1,814		1,974
3.900%, 05/01/49		25		23
3.750%, 02/01/50		50		46
3.600%, 05/01/34		25		24
3.450%, 11/01/28		50		50
3.100%, 05/01/26		25		25
2.950%, 02/01/30		50		48
2.350%, 10/30/21		150		152
2.125%, 03/01/22		50		50
Burlington Northern Santa Fe
4.150%, 12/15/48		105		133
3.750%, 04/01/24		200		220
3.050%, 03/15/22		100		103
Canadian National Railway
2.450%, 05/01/50		100		99
Canadian Pacific Railway
4.000%, 06/01/28		15		18
2.900%, 02/01/25		100		108
2.050%, 03/05/30		35		36
Carlisle
2.750%, 03/01/30		35		37
Carrier Global
3.577%, 04/05/50 (A)		50		53
3.377%, 04/05/40 (A)		265		278
2.722%, 02/15/30 (A)		50		52
2.493%, 02/15/27 (A)		35		37
2.242%, 02/15/25 (A)		35		36
1.923%, 02/15/23 (A)		10		10
Caterpillar
5.200%, 05/27/41		100		141
3.400%, 05/15/24		100		109
3.250%, 09/19/49		35		39
Caterpillar Financial Services
3.650%, 12/07/23		100		110
0.950%, 05/13/22		100		101
0.650%, 07/07/23		25		25
0.450%, 09/14/23		1,417		1,416
CNH Industrial Capital
4.375%, 04/05/22		10		10
4.200%, 01/15/24		50		54
3.875%, 10/15/21		10		10
1.875%, 01/15/26		2,338		2,335
CSX
4.250%, 03/15/29		65		78

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
3.800%, 03/01/28	$	100	$	117
3.800%, 11/01/46		200		233
3.350%, 09/15/49		100		111
3.250%, 06/01/27		50		57
Cummins
2.600%, 09/01/50		1,480		1,452
1.500%, 09/01/30		100		99
Deere
2.875%, 09/07/49		15		16
Eaton
3.103%, 09/15/27		100		112
Emerson Electric
1.950%, 10/15/30		50		52
0.875%, 10/15/26		65		64
Equifax
2.600%, 12/01/24		50		53
2.600%, 12/15/25		25		27
FedEx
4.950%, 10/17/48		100		128
4.750%, 11/15/45		100		124
3.800%, 05/15/25		150		169
Fortune Brands Home & Security
4.000%, 09/21/23		50		55
GATX
3.850%, 03/30/27		200		220
GE Capital Funding
4.400%, 05/15/30 (A)		2,136		2,294
GE Capital International Funding Unlimited Co
4.418%, 11/15/35		1,784		1,883
General Dynamics
3.750%, 05/15/28		55		65
3.625%, 04/01/30		100		119
2.250%, 11/15/22		100		103
General Electric
4.350%, 05/01/50		30		31
4.250%, 05/01/40		30		30
3.625%, 05/01/30		25		26
3.450%, 05/15/24		100		107
3.450%, 05/01/27		320		339
Georgian Oil and Gas JSC
6.750%, 04/26/21 (A)		200		201
Honeywell International
2.500%, 11/01/26		150		165
2.300%, 08/15/24		150		160
Hutama Karya Persero
3.750%, 05/11/30 (A)		1,390		1,505
IDEX
3.000%, 05/01/30		15		17
IHS Markit
4.250%, 05/01/29		85		99
Indonesia Asahan Aluminium Persero
5.450%, 05/15/30 (A)		444		513
4.750%, 05/15/25 (A)		1,363		1,500
Ingersoll-Rand Global Holding
4.250%, 06/15/23		100		110

Description	Face           Amount   (000)		Value   (000)
Ingersoll-Rand Luxembourg Finance
3.800%, 03/21/29	$	100	$	117
Israel Electric
6.875%, 06/21/23 (A)		820		939
John Deere Capital
3.350%, 06/12/24		100		110
2.800%, 03/06/23		50		53
2.800%, 09/08/27		50		55
2.650%, 06/24/24		100		108
1.200%, 04/06/23		400		408
Johnson Controls International
3.625%, 07/02/24		40		44
1.750%, 09/15/30		15		15
Kansas City Southern
4.700%, 05/01/48		50		56
2.875%, 11/15/29		15		16
Kennametal
4.625%, 06/15/28		25		28
L3Harris Technologies
5.054%, 04/27/45		100		136
4.400%, 06/15/28		150		179
Lockheed Martin
4.700%, 05/15/46		150		204
3.800%, 03/01/45		100		119
1.850%, 06/15/30		10		11
Masco
4.500%, 05/15/47		100		117
4.375%, 04/01/26		40		46
MidAmerican Energy
3.150%, 04/15/50		100		111
Norfolk Southern
4.150%, 02/28/48		60		74
3.400%, 11/01/49		50		55
3.250%, 12/01/21		100		103
3.155%, 05/15/55		68		72
3.150%, 06/01/27		25		28
2.900%, 06/15/26		35		39
Northrop Grumman
5.150%, 05/01/40		200		269
4.030%, 10/15/47		150		184
3.250%, 08/01/23		50		54
Owens Corning
4.200%, 12/01/24		100		110
Parker-Hannifin
4.000%, 06/14/49		20		24
Republic Services
3.950%, 05/15/28		50		59
1.450%, 02/15/31		200		197
Rockwell Automation
3.500%, 03/01/29		85		99
Roper Technologies
2.800%, 12/15/21		150		154
Ryder System
3.875%, 12/01/23		25		27
2.800%, 03/01/22		30		31
2.500%, 09/01/24		20		21
Snap-on
3.100%, 05/01/50		20		21

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
Southwest Airlines
5.250%, 05/04/25	$	45	$	50
2.625%, 02/10/30		50		47
Stanley Black & Decker 4.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.657%, 03/15/60		30		31
2.900%, 11/01/22		100		105
Textron
2.450%, 03/15/31		65		65
Union Pacific
3.839%, 03/20/60		100		116
3.799%, 10/01/51		200		238
3.646%, 02/15/24		100		109
3.600%, 09/15/37		150		173
3.550%, 08/15/39		70		80
United Airlines, Pass-Through Trust
4.300%, 08/15/25		70		68
3.750%, 09/03/26		72		68
2.700%, 05/01/32		30		28
United Parcel Service
5.300%, 04/01/50		200		297
3.400%, 03/15/29		115		133
3.050%, 11/15/27		100		113
United Technologies
4.625%, 11/16/48		1,268		1,656
4.450%, 11/16/38		10		12
4.125%, 11/16/28		330		391
3.950%, 08/16/25		15		17
3.750%, 11/01/46		150		172
Verisk Analytics
4.125%, 03/15/29		110		130
4.000%, 06/15/25		50		57
Waste Connections
3.500%, 05/01/29		50		57
Waste Management
4.150%, 07/15/49		65		83
3.500%, 05/15/24		100		109
Westinghouse Air Brake Technologies
4.950%, 09/15/28		150		175
WW Grainger
1.850%, 02/15/25		100		105
Xylem
2.250%, 01/30/31		90		95
				34,942
Information Technology – 1.5%
Adobe
2.300%, 02/01/30		30		32
2.150%, 02/01/27		30		32
1.900%, 02/01/25		30		32
1.700%, 02/01/23		20		21
Amphenol
4.350%, 06/01/29		25		30
2.800%, 02/15/30		50		55
Apple
4.650%, 02/23/46		400		558
4.500%, 02/23/36		100		133

Description	Face           Amount   (000)		Value   (000)
3.850%, 08/04/46	$	100	$	125
3.450%, 05/06/24		100		110
3.000%, 06/20/27		25		28
3.000%, 11/13/27		100		113
2.950%, 09/11/49		100		110
2.850%, 05/11/24		250		270
2.550%, 08/20/60		30		30
2.500%, 02/09/22		50		51
2.400%, 01/13/23		200		209
2.400%, 08/20/50		30		30
2.300%, 05/11/22		100		103
1.125%, 05/11/25		65		67
0.550%, 08/20/25		50		50
Applied Materials
3.300%, 04/01/27		125		142
Arrow Electronics
3.500%, 04/01/22		100		103
Autodesk
2.850%, 01/15/30		30		33
Automatic Data Processing
1.250%, 09/01/30		40		39
Broadcom
4.750%, 04/15/29		100		117
4.300%, 11/15/32		30		34
4.250%, 04/15/26		100		113
4.150%, 11/15/30		3,346		3,759
4.110%, 09/15/28		211		238
3.875%, 01/15/27		100		111
3.459%, 09/15/26		26		28
3.150%, 11/15/25		40		43
2.250%, 11/15/23		35		36
Cisco Systems
3.625%, 03/04/24		100		111
3.500%, 06/15/25		50		57
2.950%, 02/28/26		50		55
2.500%, 09/20/26		100		110
2.200%, 09/20/23		100		105
Citrix Systems
3.300%, 03/01/30		50		53
Corning
5.350%, 11/15/48		100		135
Dell International
6.020%, 06/15/26 (A)		260		305
5.300%, 10/01/29 (A)		50		57
4.900%, 10/01/26 (A)		50		57
Deutsche Telekom International Finance BV
8.750%, 06/15/30		100		155
DXC Technology
4.125%, 04/15/25		35		38
Fidelity National Information Services
3.000%, 08/15/26		150		166
Fiserv
4.400%, 07/01/49		40		50
3.800%, 10/01/23		100		109
3.500%, 07/01/29		45		51
2.750%, 07/01/24		50		53
2.650%, 06/01/30		100		108
2.250%, 06/01/27		100		106

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
Flex
4.875%, 06/15/29	$	50	$	58
3.750%, 02/01/26		15		16
Genpact Luxembourg Sarl
3.375%, 12/01/24		25		26
Global Payments
4.150%, 08/15/49		100		118
2.900%, 05/15/30		45		48
Hewlett Packard Enterprise
6.350%, 10/15/45		150		191
1.750%, 04/01/26		50		50
1.450%, 04/01/24		50		51
HP
6.000%, 09/15/41		150		184
Intel
4.600%, 03/25/40		300		400
3.700%, 07/29/25		25		28
3.250%, 11/15/49		100		112
3.150%, 05/11/27		100		112
2.600%, 05/19/26		100		110
2.450%, 11/15/29		200		218
International Business Machines
4.250%, 05/15/49		100		125
4.150%, 05/15/39		100		123
3.625%, 02/12/24		100		110
3.450%, 02/19/26		50		57
3.300%, 05/15/26		100		113
3.000%, 05/15/24		300		325
2.950%, 05/15/50		100		103
2.850%, 05/13/22		100		104
Jabil
3.600%, 01/15/30		25		27
Juniper Networks
4.500%, 03/15/24		50		56
Keysight Technologies
3.000%, 10/30/29		50		55
KLA
4.100%, 03/15/29		65		78
3.300%, 03/01/50		25		26
Lam Research
4.000%, 03/15/29		30		36
3.750%, 03/15/26		100		115
3.125%, 06/15/60		1,648		1,765
Mastercard
3.950%, 02/26/48		10		13
3.850%, 03/26/50		1,936		2,472
3.650%, 06/01/49		50		61
3.500%, 02/26/28		5		6
2.950%, 11/21/26		50		56
2.950%, 06/01/29		50		56
Microchip Technology
2.670%, 09/01/23 (A)		1,587		1,643
Micron Technology
4.663%, 02/15/30		100		117
Microsoft
3.700%, 08/08/46		100		125
3.300%, 02/06/27		160		183
3.125%, 11/03/25		1,453		1,625
2.875%, 02/06/24		35		38

Description	Face   Amount   (000)		Value   (000)
2.700%, 02/12/25	$	300	$	327
2.650%, 11/03/22		150		157
2.525%, 06/01/50		500		523
2.400%, 08/08/26		100		109
Motorola Solutions
4.600%, 05/23/29		25		30
2.300%, 11/15/30		85		84
NVIDIA
2.850%, 04/01/30		250		281
NXP BV
5.350%, 03/01/26 (A)		1,377		1,628
4.300%, 06/18/29 (A)		1,244		1,434
Oracle
3.900%, 05/15/35		200		243
3.600%, 04/01/40		250		286
3.600%, 04/01/50		2,285		2,576
2.950%, 05/15/25		100		109
2.950%, 04/01/30		400		447
2.500%, 05/15/22		150		155
2.400%, 09/15/23		200		210
PayPal Holdings
2.300%, 06/01/30		105		111
QUALCOMM
3.250%, 05/20/27		50		56
3.250%, 05/20/50		65		73
3.000%, 05/20/22		100		104
2.150%, 05/20/30		150		157
Seagate HDD Cayman
4.091%, 06/01/29 (A)		53		58
Texas Instruments
4.150%, 05/15/48		50		65
1.375%, 03/12/25		15		16
Total System Services
4.800%, 04/01/26		100		117
Trimble
4.150%, 06/15/23		100		108
Tyco Electronics Group
3.125%, 08/15/27		25		27
Visa
2.800%, 12/14/22		100		105
2.700%, 04/15/40		250		270
2.050%, 04/15/30		463		496
1.900%, 04/15/27		150		159
1.100%, 02/15/31		3,625		3,559
VMware
2.950%, 08/21/22		100		104
Western Union
4.250%, 06/09/23		50		54
Xilinx
2.375%, 06/01/30		50		53
				34,492
Materials – 0.5%
Air Products and Chemicals
2.800%, 05/15/50		20		21
2.700%, 05/15/40		25		27
2.050%, 05/15/30		10		11
1.500%, 10/15/25		10		10

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
Airgas
3.650%, 07/15/24	$	100	$	110
Barrick
5.250%, 04/01/42		150		206
BHP Billiton Finance USA
5.000%, 09/30/43		100		141
Celanese US Holdings
4.625%, 11/15/22		20		22
CNAC HK Finbridge
4.125%, 03/14/21		2,000		2,023
Dow Chemical
5.550%, 11/30/48		50		67
4.800%, 11/30/28		100		120
DuPont de Nemours
5.419%, 11/15/48		40		53
4.205%, 11/15/23		100		110
2.169%, 05/01/23		60		61
Eastman Chemical
3.800%, 03/15/25		150		166
Ecolab
3.250%, 01/14/23		100		106
1.300%, 01/30/31		80		78
FMC
4.500%, 10/01/49		100		123
Huntsman International
4.500%, 05/01/29		20		22
International Paper
5.150%, 05/15/46		150		196
Linde
2.000%, 08/10/50		30		27
1.100%, 08/10/30		50		49
LYB International Finance III
4.200%, 10/15/49		75		83
4.200%, 05/01/50		1,350		1,505
3.375%, 05/01/30		50		54
2.875%, 05/01/25		50		54
LyondellBasell Industries
6.000%, 11/15/21		1,024		1,071
Martin Marietta Materials
4.250%, 12/15/47		100		114
Mosaic
4.050%, 11/15/27		100		111
Newmont Goldcorp
5.450%, 06/09/44		100		142
3.700%, 03/15/23		7		8
Nucor
3.950%, 05/01/28		150		175
Nutrien
6.125%, 01/15/41		150		199
3.625%, 03/15/24		100		109
Nutrition & Biosciences
1.832%, 10/15/27 (A)		2,930		2,943
Packaging Corp of America
3.650%, 09/15/24		100		110
3.400%, 12/15/27		35		39
PPG Industries
2.400%, 08/15/24		50		53

Description	Face           Amount   (000)		Value   (000)
RPM International
4.550%, 03/01/29	$	50	$	58
Sherwin-Williams
3.800%, 08/15/49		50		57
3.450%, 08/01/25		100		111
3.300%, 05/15/50		50		53
2.950%, 08/15/29		50		55
Southern Copper
5.875%, 04/23/45		150		204
3.875%, 04/23/25		30		33
Steel Dynamics
2.800%, 12/15/24		25		26
Vale Overseas
6.875%, 11/21/36		200		260
Vulcan Materials
3.500%, 06/01/30		100		112
Westlake Chemical
3.600%, 08/15/26		100		110
WRKCo
4.650%, 03/15/26		100		118
4.200%, 06/01/32		50		60
				11,776
Real Estate – 0.6%
Alexandria Real Estate Equities
4.000%, 01/15/24		100		110
4.000%, 02/01/50		50		60
3.450%, 04/30/25		25		28
American Campus Communities Operating Partnership
3.300%, 07/15/26		100		107
American Tower
3.800%, 08/15/29		150		172
3.375%, 05/15/24		100		108
3.100%, 06/15/50		100		99
2.250%, 01/15/22		50		51
AvalonBay Communities
3.500%, 11/15/24		100		110
3.300%, 06/01/29		65		74
Boston Properties
3.650%, 02/01/26		150		167
3.250%, 01/30/31		15		16
Brandywine Operating Partnership
4.100%, 10/01/24		50		53
Brixmor Operating Partnership
4.050%, 07/01/30		2,556		2,734
3.250%, 09/15/23		100		103
Camden Property Trust
4.100%, 10/15/28		10		12
3.150%, 07/01/29		30		33
Corporate Office Properties
2.250%, 03/15/26		35		35
Crown Castle International
5.250%, 01/15/23		100		110
4.000%, 11/15/49		10		11
3.700%, 06/15/26		35		39
3.250%, 01/15/51		100		100
2.250%, 01/15/31		25		25
1.350%, 07/15/25		20		20

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
CubeSmart
4.375%, 02/15/29	$	15	$	17
2.000%, 02/15/31		30		30
CyrusOne
3.450%, 11/15/29		100		108
Digital Realty Trust
3.600%, 07/01/29		30		34
Duke Realty
3.750%, 12/01/24		100		111
EPR Properties
4.750%, 12/15/26		50		48
Equinix
5.375%, 05/15/27		35		38
2.625%, 11/18/24		65		69
ERP Operating
4.625%, 12/15/21		120		125
4.150%, 12/01/28		50		59
Essex Portfolio
3.375%, 04/15/26		100		111
2.650%, 03/15/32		15		16
Federal Realty Investment Trust
3.950%, 01/15/24		1,429		1,548
3.500%, 06/01/30		1,469		1,589
3.200%, 06/15/29		50		53
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		16
4.000%, 01/15/30		65		67
Healthcare Trust of America Holdings
2.000%, 03/15/31		55		54
Healthpeak Properties
3.875%, 08/15/24		150		166
3.250%, 07/15/26		100		112
Highwoods Realty
4.200%, 04/15/29		50		56
Host Hotels & Resorts
3.750%, 10/15/23		100		103
Kilroy Realty
3.450%, 12/15/24		50		53
Kimco Realty
3.300%, 02/01/25		80		87
2.700%, 10/01/30		25		25
Life Storage
4.000%, 06/15/29		50		57
Mid-America Apartments
3.950%, 03/15/29		50		58
3.600%, 06/01/27		25		28
National Retail Properties
4.000%, 11/15/25		35		39
3.600%, 12/15/26		100		108
Office Properties Income Trust
4.250%, 05/15/24		50		50
Omega Healthcare Investors
4.375%, 08/01/23		50		54
3.625%, 10/01/29		100		101

Description	Face           Amount   (000)		Value   (000)
Prologis
3.875%, 09/15/28	$	35	$	41
3.000%, 04/15/50		125		134
2.250%, 04/15/30		30		32
2.125%, 04/15/27		25		27
Public Storage
3.385%, 05/01/29		30		35
Realty Income
3.875%, 04/15/25		25		28
3.250%, 10/15/22		100		105
3.250%, 06/15/29		25		28
Regency Centers
3.600%, 02/01/27		30		32
2.950%, 09/15/29		50		52
Sabra Health Care
3.900%, 10/15/29		50		49
Simon Property Group
3.375%, 10/01/24		125		135
3.300%, 01/15/26		100		109
Spirit Realty
3.200%, 02/15/31		100		98
UDR
4.400%, 01/26/29		25		30
4.000%, 10/01/25		50		56
3.100%, 11/01/34		15		16
2.100%, 08/01/32		2,363		2,343
Ventas Realty
3.750%, 05/01/24		50		54
2.650%, 01/15/25		100		104
VEREIT Operating Partnership
4.875%, 06/01/26		20		23
4.625%, 11/01/25		50		55
4.600%, 02/06/24		15		16
Welltower
4.950%, 09/01/48		100		120
3.100%, 01/15/30		30		32
2.700%, 02/15/27		100		106
Weyerhaeuser
4.625%, 09/15/23		100		111
WP Carey
4.600%, 04/01/24		50		55
				13,654
Utilities – 3.7%
ABY Transmision Sur
6.875%, 04/30/43 (A)		—		—
AEP Transmission
3.800%, 06/15/49		50		59
3.100%, 12/01/26		150		169
Alabama Power
4.300%, 07/15/48		30		38
Ameren
2.500%, 09/15/24		2,086		2,209
Ameren Illinois
4.500%, 03/15/49		25		33
3.250%, 03/15/50		714		804
American Electric Power
3.650%, 12/01/21		35		36

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
Appalachian Power
3.700%, 05/01/50	$	50	$	57
Arizona Public Service
4.500%, 04/01/42		100		125
3.150%, 05/15/25		50		55
Atmos Energy
4.125%, 03/15/49		20		26
3.000%, 06/15/27		65		72
1.500%, 01/15/31		2,461		2,451
Avangrid
3.800%, 06/01/29		50		58
Berkshire Hathaway Energy
3.750%, 11/15/23		100		109
Black Hills
4.350%, 05/01/33		30		36
3.050%, 10/15/29		50		54
CenterPoint Energy
4.250%, 11/01/28		25		30
3.850%, 02/01/24		25		27
3.700%, 09/01/49		25		28
3.600%, 11/01/21		10		10
2.950%, 03/01/30		25		27
2.500%, 09/01/22		50		52
CenterPoint Energy Houston Electric
4.250%, 02/01/49		25		32
2.250%, 08/01/22		100		103
Cleco Corporate Holdings
3.743%, 05/01/26		100		107
CMS Energy
4.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.116%, 06/01/50		100		106
3.000%, 05/15/26		40		44
Commonwealth Edison
3.000%, 03/01/50		50		53
Connecticut Light & Power
4.000%, 04/01/48		25		32
3.200%, 03/15/27		25		28
Consolidated Edison of New York
4.450%, 03/15/44		150		186
4.000%, 12/01/28		100		119
3.875%, 06/15/47		100		116
3.800%, 05/15/28		50		58
Dominion Energy
5.950%, 06/15/35		1,377		1,844
4.050%, 09/15/42		150		176
3.375%, 04/01/30		150		169
3.071%, 08/15/24		35		38
2.750%, 01/15/22		100		102
2.450%, 01/15/23 (A)		2,543		2,649
DTE Electric
3.750%, 08/15/47		100		120
2.250%, 03/01/30		50		53
DTE Energy
3.400%, 06/15/29		70		78
2.529%, 10/01/24		2,325		2,472
1.050%, 06/01/25		2,377		2,376
0.550%, 11/01/22		15		15

Description	Face           Amount   (000)		Value   (000)
Duke Energy
3.750%, 09/01/46	$	200	$	228
Duke Energy Carolinas
5.300%, 02/15/40		300		424
3.700%, 12/01/47		100		118
3.200%, 08/15/49		25		28
3.050%, 03/15/23		100		106
2.950%, 12/01/26		50		56
Duke Energy Florida
4.200%, 07/15/48		1,322		1,686
3.800%, 07/15/28		50		59
2.500%, 12/01/29		50		54
1.750%, 06/15/30		1,449		1,472
Duke Energy Progress
3.700%, 09/01/28		50		58
3.450%, 03/15/29		35		40
Edison International
5.750%, 06/15/27		3,299		3,642
2.400%, 09/15/22		80		82
Empresa de Transporte de Pasajeros Metro
4.700%, 05/07/50 (A)		278		342
Enel Generacion Chile
4.250%, 04/15/24		50		54
Entergy
4.000%, 07/15/22		50		53
2.800%, 06/15/30		100		108
0.900%, 09/15/25		660		657
Entergy Louisiana
4.200%, 04/01/50		50		64
2.900%, 03/15/51		15		16
Entergy Texas
3.550%, 09/30/49		50		56
1.750%, 03/15/31		20		20
Evergy Kansas Central
3.250%, 09/01/49		50		55
Evergy Metro
3.650%, 08/15/25		100		113
2.250%, 06/01/30		50		53
Eversource Energy
3.300%, 01/15/28		100		112
1.650%, 08/15/30		50		49
Exelon
3.400%, 04/15/26		100		112
Exelon Generation
5.600%, 06/15/42		600		707
FirstEnergy
4.250%, 03/15/23		1,445		1,533
3.900%, 07/15/27		2,031		2,233
2.850%, 07/15/22		515		528
2.250%, 09/01/30		40		39
1.600%, 01/15/26		35		35
FirstEnergy Transmission
5.450%, 07/15/44 (A)		1,217		1,573
4.550%, 04/01/49 (A)		530		623
Florida Power & Light
4.125%, 06/01/48		50		65
3.990%, 03/01/49		50		64
3.700%, 12/01/47		1,239		1,508

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
Georgia Power
4.300%, 03/15/42	$	200	$	239
Israel Electric
5.000%, 11/12/24 (A)		1,172		1,318
ITC Holdings
3.650%, 06/15/24		25		27
2.700%, 11/15/22		3,645		3,802
Kentucky Utilities
3.300%, 06/01/50		145		159
MidAmerican Energy
3.950%, 08/01/47		100		126
National Fuel Gas
3.950%, 09/15/27		50		51
Nevada Power
3.700%, 05/01/29		40		47
2.400%, 05/01/30		1,221		1,307
NextEra Energy Capital Holdings
4.800%, VAR ICE LIBOR USD 3 Month+2.409%, 12/01/77		200		215
3.150%, 04/01/24		100		108
2.800%, 01/15/23		1,415		1,485
2.250%, 06/01/30		3,711		3,843
NiSource
4.375%, 05/15/47		100		123
3.600%, 05/01/30		2,840		3,236
1.700%, 02/15/31		2,785		2,738
0.950%, 08/15/25		5,033		5,028
Oglethorpe Power
5.050%, 10/01/48		50		59
Ohio Power
4.000%, 06/01/49		20		24
Oklahoma Gas & Electric
3.800%, 08/15/28		25		29
3.300%, 03/15/30		25		28
Oncor Electric Delivery
4.100%, 11/15/48		50		64
3.750%, 04/01/45		100		119
3.700%, 11/15/28		100		118
ONE Gas
4.500%, 11/01/48		45		57
Pacific Gas & Electric
4.000%, 12/01/46		700		658
Pacific Gas and Electric
4.500%, 07/01/40		100		102
4.250%, 08/01/23		1,148		1,223
3.500%, 08/01/50		20		18
3.450%, 07/01/25		250		263
3.150%, 01/01/26		2,199		2,256
2.500%, 02/01/31		50		48
1.750%, 06/16/22		1,675		1,677
PacifiCorp
2.700%, 09/15/30		400		439
PECO Energy
3.900%, 03/01/48		15		19
Perusahaan Listrik Negara
5.500%, 11/22/21 (A)		776		812
4.875%, 07/17/49 (A)		571		627
Piedmont Natural Gas
3.500%, 06/01/29		100		114

Description	Face           Amount   (000)		Value   (000)
PPL Capital Funding
4.200%, 06/15/22	$	559	$	589
4.125%, 04/15/30		1,126		1,330
4.000%, 09/15/47		100		115
PPL Electric Utilities
3.000%, 10/01/49		35		38
Progress Energy
7.750%, 03/01/31		1,085		1,588
PSEG Power
3.850%, 06/01/23		50		54
Public Service Electric and Gas
2.700%, 05/01/50		100		104
Public Service Enterprise Group
2.650%, 11/15/22		150		157
0.800%, 08/15/25		1,806		1,794
Public Service of Colorado
4.100%, 06/15/48		65		83
3.200%, 03/01/50		100		114
1.900%, 01/15/31		100		104
Public Service of New Hampshire
3.600%, 07/01/49		25		29
Puget Sound Energy
4.223%, 06/15/48		100		125
Ruwais Power PJSC
6.000%, 08/31/36 (A)		540		708
San Diego Gas & Electric
4.150%, 05/15/48		636		770
3.750%, 06/01/47		858		980
1.700%, 10/01/30		3,150		3,138
Sempra Energy
6.000%, 10/15/39		231		319
3.800%, 02/01/38		200		224
3.550%, 06/15/24		100		108
2.900%, 02/01/23		35		37
Southern
4.250%, 07/01/36		150		174
3.700%, 04/30/30		200		229
Southern California Edison
4.875%, 03/01/49		100		121
4.125%, 03/01/48		150		165
3.700%, 08/01/25		931		1,032
3.650%, 03/01/28		50		55
3.650%, 02/01/50		1,173		1,212
3.500%, 10/01/23		150		161
2.850%, 08/01/29		75		79
Southern Gas Capital
3.250%, 06/15/26		30		33
Southwestern Electric Power
4.100%, 09/15/28		25		29
2.750%, 10/01/26		50		54
Southwestern Public Service
4.400%, 11/15/48		100		128
3.750%, 06/15/49		50		59
Tampa Electric
4.450%, 06/15/49		25		32
4.300%, 06/15/48		25		32
Tucson Electric Power
1.500%, 08/01/30		45		45

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
Union Electric
3.500%, 04/15/24	$	150	$	162
3.250%, 10/01/49		150		169
Virginia Electric & Power
3.800%, 04/01/28		100		118
3.500%, 03/15/27		100		114
3.100%, 05/15/25		100		110
Washington Gas Light
3.650%, 09/15/49		25		28
WEC Energy Group
3.100%, 03/08/22		25		26
0.550%, 09/15/23		100		100
Wisconsin Electric Power
4.300%, 10/15/48		10		13
Wisconsin Power and Light
3.650%, 04/01/50		150		177
				86,237
Total Corporate Obligations (Cost $571,281) (000)				596,819
MORTGAGE-BACKED SECURITIES — 22.8%
Agency Mortgage-Backed Obligations – 21.0%
FHLMC
5.000%, 02/01/39 - 12/01/49		2,400		2,728
4.500%, 05/01/42 - 04/01/49		5,101		5,601
4.000%, 08/01/40 - 06/01/48		13,654		14,936
3.500%, 06/01/33 - 03/01/50		30,437		32,682
3.000%, 11/01/27 - 06/01/50		26,679		28,290
2.500%, 01/01/32 - 07/01/50		4,275		4,482
2.000%, 10/01/50		1,250		1,293
FHLMC, Ser 2011-3830, Cl DZ
4.000%, 12/15/30		—		—
FHLMC, Ser 2018-4821, Cl MA
3.500%, 10/15/53		2,295		2,421
FHLMC Multifamily Structured Pass-Through Certificates, Ser K055, Cl A2
2.673%, 03/25/26		400		438
FHLMC Multifamily Structured Pass-Through Certificates, Ser K065, Cl A2
3.243%, 04/25/27		1,026		1,173
FHLMC Multifamily Structured Pass-Through Certificates, Ser K067, Cl A2
3.194%, 07/25/27		1,402		1,599
FHLMC Multifamily Structured Pass-Through Certificates, Ser K068, Cl A2
3.244%, 08/25/27		723		832
FHLMC Multifamily Structured Pass-Through Certificates, Ser K069, Cl A2
3.187%, 09/25/27 (D)		400		459
FHLMC Multifamily Structured Pass-Through Certificates, Ser K070, Cl A2

Description	Face           Amount   (000)		Value   (000)
3.303%, 11/25/27 (D)	$	361	$	415
FHLMC Multifamily Structured Pass-Through Certificates, Ser K072, Cl A2
3.444%, 12/25/27		100		117
FHLMC Multifamily Structured Pass-Through Certificates, Ser K076, Cl A2
3.900%, 04/25/28		2,705		3,241
FHLMC Multifamily Structured Pass-Through Certificates, Ser K078, Cl A2
3.854%, 06/25/28		200		239
FHLMC Multifamily Structured Pass-Through Certificates, Ser K079, Cl A2
3.926%, 06/25/28		200		240
FHLMC Multifamily Structured Pass-Through Certificates, Ser K080, Cl A2
3.926%, 07/25/28 (D)		402		483
FHLMC Multifamily Structured Pass-Through Certificates, Ser K085, Cl A2
4.060%, 10/25/28 (D)		1,311		1,583
FHLMC Multifamily Structured Pass-Through Certificates, Ser K086, Cl A2
3.858%, 11/25/51 (D)		120		145
FHLMC Multifamily Structured Pass-Through Certificates, Ser K091, Cl A2
3.505%, 03/25/29		1,225		1,448
FHLMC Multifamily Structured Pass-Through Certificates, Ser K098, Cl A2
2.425%, 08/25/29		100		111
FHLMC Multifamily Structured Pass-Through Certificates, Ser K099, Cl A2
2.595%, 09/25/29		100		112
FHLMC Multifamily Structured Pass-Through Certificates, Ser K101, Cl A2
2.524%, 10/25/29		200		223
FHLMC Multifamily Structured Pass-Through Certificates, Ser K107, Cl A2
1.639%, 01/25/30		870		911
FHLMC Multifamily Structured Pass-Through Certificates, Ser K723, Cl A2
2.454%, 08/25/23		350		367
FHLMC Multifamily Structured Pass-Through Certificates, Ser K737, Cl A2
2.525%, 10/25/26		300		328
FNMA
5.500%, 09/01/40		600		695
5.000%, 07/01/41 - 09/01/48		1,733		1,957

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
4.500%, 01/01/30 - 09/01/50	$	10,637	$	11,706
4.000%, 11/01/33 - 02/01/50		22,703		24,665
3.500%, 08/01/30 - 06/01/50		42,279		45,286
3.000%, 10/01/27 - 09/01/50		67,119		70,995
2.500%, 12/01/27 - 10/01/50		38,456		40,544
2.000%, 08/01/50		497		514
FNMA TBA
5.000%, 10/01/36		2,400		2,630
4.500%, 10/14/34		3,545		3,835
4.000%, 10/14/39		7,515		8,015
3.500%, 10/01/40		2,760		2,910
3.000%, 10/15/42		390		408
2.500%, 10/01/42 - 11/01/43		4,500		4,715
2.000%, 10/14/69 - 11/12/69		38,925		40,211
FNMA, Ser 2015-M11, Cl A2
2.916%, 04/25/25 (D)		450		486
FNMA, Ser 2018-M12, Cl A2
3.776%, 08/25/30 (D)		100		121
FNMA, Ser M42, Cl A2
1.270%, 07/25/30		120		122
FNMA, Ser M7, Cl A2
3.150%, 03/25/28 (D)		500		570
GNMA
5.000%, 09/20/46 - 09/20/48		1,276		1,417
4.500%, 12/20/41 - 11/20/48		1,858		2,024
4.000%, 06/20/45 - 07/20/49		19,119		20,553
3.500%, 11/20/44 - 03/20/50		27,802		29,578
3.000%, 06/20/45 - 07/20/50		10,531		11,085
2.500%, 12/20/46 - 09/20/50		3,437		3,612
GNMA TBA
3.500%, 11/15/41		7,320		7,709
3.000%, 11/01/42		13,130		13,741
2.500%, 02/20/46		26,870		28,219
				485,220
Non-Agency Mortgage-Backed Obligations – 1.8%
Alternative Loan Trust, Ser 2003-22CB, Cl 3A1
6.000%, 12/25/33		495		510
BANK, Ser 2017-BNK8, Cl A4
3.488%, 11/15/50		90		103
BANK, Ser 2017-BNK8, Cl B
4.063%, 11/15/50 (D)		50		56
BANK, Ser 2018-BN13, Cl A5
4.217%, 08/15/61 (D)		250		296
BANK, Ser 2018-BN14, Cl A4
4.231%, 09/15/60 (D)		96		113
BANK, Ser 2018-BN15, Cl A4
4.407%, 11/15/61 (D)		50		60
BANK, Ser 2019-BN19, Cl A3
3.183%, 08/15/61		100		113
BANK, Ser 2019-BN21, Cl A5
2.851%, 10/17/52		993		1,099
BANK, Ser 2020-BN27, Cl A5
2.144%, 04/15/63		693		728
BBCMS Mortgage Trust, Ser 2018-C2, Cl A5
4.314%, 12/15/51		50		60

Description	Face           Amount   (000)		Value   (000)
Benchmark Mortgage Trust, Ser 2018-B2, Cl A5
3.882%, 02/15/51 (D)	$	100	$	117
Benchmark Mortgage Trust, Ser 2018-B6, Cl A4
4.261%, 10/10/51		50		60
Benchmark Mortgage Trust, Ser 2019-B11, Cl A5
3.542%, 05/15/52		200		231
Benchmark Mortgage Trust, Ser 2019-B9, Cl A5
4.016%, 03/15/52		57		68
Benchmark Mortgage Trust, Ser 2020-B16, Cl A5
2.732%, 02/15/53		232		255
Benchmark Mortgage Trust, Ser 2020-B17, Cl A5
2.289%, 03/15/53		1,644		1,744
CD Mortgage Trust, Ser 2019-CD8, Cl A4
2.912%, 08/15/57		100		111
Citigroup Commercial Mortgage Trust, Ser 2015-GC33, Cl A4
3.778%, 09/10/58		245		274
Citigroup Commercial Mortgage Trust, Ser 2016-C3, Cl A4
3.154%, 11/15/49		1,004		1,113
Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl A5
3.720%, 11/10/26		914		1,043
Citigroup Commercial Mortgage Trust, Ser 2017-P7, Cl A4
3.712%, 04/14/50		500		570
Citigroup Commercial Mortgage Trust, Ser 2018-C5, Cl A4
4.228%, 06/10/51 (D)		100		118
Citigroup Commercial Mortgage Trust, Ser C7, Cl A4
3.102%, 12/15/72		1,955		2,207
Citigroup Commercial Mortgage Trust, Ser GC43, Cl A4
3.038%, 11/10/52		50		56
Citigroup Mortgage Loan Trust, Ser 2018-A, Cl A1
4.000%, 01/25/68 (A) (D)		558		560
COMM Mortgage Trust, Ser 2013-CCRE9, Cl A4
4.362%, 07/10/45 (D)		300		322
COMM Mortgage Trust, Ser 2013-CR12, Cl A3
3.765%, 10/10/46		1,276		1,373
COMM Mortgage Trust, Ser 2013-CR7, Cl A4
3.213%, 03/10/46		312		326
COMM Mortgage Trust, Ser 2015-DC1, Cl A5
3.350%, 02/10/48		200		218
COMM Mortgage Trust, Ser 2015-LC23, Cl A4

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face         Amount (000)		Value   (000)
3.774%, 10/10/48	$	1,167	$	1,310
Credit Suisse First Boston Mortgage Securities, Ser 2004-AR2, Cl 5A1
3.429%, 03/25/34 (D)		16		17
CSAIL Commercial Mortgage Trust, Ser 2016-C7, Cl A5
3.502%, 11/15/49		597		662
CSAIL Commercial Mortgage Trust, Ser 2019-C16, Cl A3
3.329%, 06/15/52		484		541
CSFB Mortgage-Backed Pass- Through Certificates, Ser 2003-27, Cl 4A4
5.750%, 11/25/33		60		63
CSMC Trust, Ser 2018-RPL7, Cl A1
4.000%, 08/26/58 (A)		445		452
GS Mortgage Securities Trust, Ser 2013-GCJ12, Cl A4
3.135%, 06/10/46		367		383
GS Mortgage Securities Trust, Ser 2014-GC18, Cl A3
3.801%, 01/10/47		1,415		1,506
GS Mortgage Securities Trust, Ser 2014-GC18, Cl A4
4.074%, 01/10/47		581		630
GS Mortgage Securities Trust, Ser 2016-GS4, Cl A4
3.442%, 11/10/49 (D)		365		407
GS Mortgage Securities Trust, Ser 2017-GS5, Cl A4
3.674%, 03/10/50		750		855
GS Mortgage Securities Trust, Ser 2019-GC38, Cl A4
3.968%, 02/10/52		100		117
GS Mortgage Securities Trust, Ser 2019-GC42, Cl A4
3.001%, 09/01/52		100		112
GS Mortgage Securities Trust, Ser 2020-GC45, Cl A5
2.911%, 02/13/53		1,091		1,220
GSR Mortgage Loan Trust, Ser 2005-4F, Cl 6A1
6.500%, 02/25/35		30		30
HarborView Mortgage Loan Trust, Ser 2004-3, Cl 1A
3.993%, 05/19/34 (D)		21		21
JPMCC Commercial Mortgage Securities Trust, Ser 2017-JP5, Cl A2
3.240%, 03/15/50		361		368
MLCC Mortgage Investors, Ser 2006-2, Cl 2A
2.842%, 05/25/36 (D)		81		80
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C19, Cl AS
3.832%, 12/15/47		500		544

Description	Face         Amount (000)		Value   (000)
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Cl A4
3.249%, 02/15/48	$	1,679	$	1,819
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl A4
3.732%, 05/15/48		1,839		2,052
Morgan Stanley Capital I Trust, Ser 2014-CPT, Cl A
3.350%, 07/13/29 (A)		1,104		1,119
Morgan Stanley Capital I Trust, Ser 2017-HR2, Cl A4
3.587%, 12/15/50		250		283
Morgan Stanley Capital I Trust, Ser 2018-H4, Cl A4
4.310%, 12/15/51		1,173		1,400
Morgan Stanley Capital I Trust, Ser 2019-H7, Cl A3
3.005%, 07/15/52		556		616
Morgan Stanley Capital I Trust, Ser 2019-H7, Cl A4
3.261%, 07/15/52		100		113
UBS Commercial Mortgage Trust, Ser 2018-C8, Cl A4
3.983%, 02/15/51		300		347
UBS Commercial Mortgage Trust, Ser C18, Cl A4
3.035%, 12/15/52		100		111
Wells Fargo Commercial Mortgage Trust, Ser 2015-C31, Cl A4
3.695%, 11/15/48		985		1,102
Wells Fargo Commercial Mortgage Trust, Ser 2015-LC22, Cl A4
3.839%, 09/15/58		885		993
Wells Fargo Commercial Mortgage Trust, Ser 2015-P2, Cl A4
3.809%, 12/15/48		638		717
Wells Fargo Commercial Mortgage Trust, Ser 2016-C34, Cl A4
3.096%, 06/15/49		1,338		1,446
Wells Fargo Commercial Mortgage Trust, Ser 2018-C47, Cl A4
4.442%, 09/15/61		339		407
Wells Fargo Commercial Mortgage Trust, Ser 2019-C49, Cl A4
3.760%, 03/15/52		394		452
Wells Fargo Commercial Mortgage Trust, Ser 2019-C49, Cl A5
4.023%, 03/15/52		100		118
Wells Fargo Commercial Mortgage Trust, Ser 2019-C52, Cl A5
2.892%, 08/15/52		100		111
Wells Fargo Commercial Mortgage Trust, Ser 2019-C54, Cl A4
3.146%, 12/15/52		1,114		1,256
Wells Fargo Commercial Mortgage Trust, Ser 2020-C55, Cl A5
2.725%, 02/15/53		1,452		1,594

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face         Amount (000)		Value   (000)
Wells Fargo Commercial Mortgage Trust, Ser 2020-C56, Cl A5
2.448%, 06/15/53	$	199	$	214
WFRBS Commercial Mortgage Trust, Ser 2013-C13, Cl A3
2.749%, 05/15/45		430		444
WFRBS Commercial Mortgage Trust, Ser 2013-C14, Cl A5
3.337%, 06/15/46		60		63
WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl A5
3.631%, 11/15/47		1,387		1,508
				41,507
Total Mortgage-Backed Securities (Cost $514,435) (000)				526,727
U.S. TREASURY OBLIGATIONS — 20.0%
U.S. Treasury Bonds
5.375%, 02/15/31		1,000		1,474
5.000%, 05/15/37		2,240		3,633
4.750%, 02/15/37		7,744		12,212
4.625%, 02/15/40		500		806
4.500%, 02/15/36		750		1,136
4.375%, 02/15/38 - 05/15/41		5,812		9,084
4.250%, 11/15/40		450		700
3.875%, 08/15/40		500		741
3.750%, 08/15/41		600		882
3.625%, 08/15/43		900		1,314
3.375%, 11/15/48		11,727		17,107
3.125%, 02/15/42 - 05/15/48		13,207		18,344
3.000%, 11/15/44 - 02/15/49		15,263		20,789
2.875%, 05/15/43 - 05/15/49		5,301		7,036
2.750%, 08/15/42 - 11/15/47		21,186		27,545
2.500%, 02/15/45 - 05/15/46		3,250		4,017
2.375%, 11/15/49		2,959		3,623
2.250%, 08/15/46 - 08/15/49		9,510		11,337
2.000%, 02/15/50		4,968		5,636
1.375%, 08/15/50		600		589
1.250%, 05/15/50		6,862		6,523
1.125%, 05/15/40 - 08/15/40		5,368		5,282
U.S. Treasury Notes
3.125%, 11/15/28		2,000		2,410
3.000%, 09/30/25		1,000		1,135
2.875%, 11/15/21 - 05/15/28		10,025		11,153
2.750%, 05/31/23 - 08/31/25		8,500		9,189
2.625%, 12/15/21 - 02/15/29		7,500		8,264
2.500%, 01/15/22 - 01/31/25		6,700		7,153
2.375%, 02/29/24 - 05/15/29		15,046		16,472
2.250%, 12/31/23 - 08/15/27		16,761		18,166
2.125%, 05/15/22 - 05/31/26		17,325		18,462
2.000%, 10/31/21 - 11/15/26		26,742		28,418
1.875%, 11/30/21 - 06/30/26		9,750		10,173
1.750%, 02/28/22 - 12/31/26		25,892		27,233
1.625%, 08/15/22 - 08/15/29		8,000		8,367
1.500%, 11/30/21 - 02/15/30		35,829		37,631
1.375%, 01/31/22 - 08/31/26		7,000		7,215
1.250%, 08/31/24		5,503		5,726
1.125%, 02/28/22 - 02/28/27		7,500		7,740
0.625%, 03/31/27 - 08/15/30		5,718		5,702
0.500%, 03/31/25 - 06/30/27		4,220		4,248

Description	Face         Amount (000)		Value   (000)
0.375%, 04/30/25 - 09/30/27	$	16,410	$	16,399
0.250%, 04/15/23 - 09/30/25		41,853		41,839
0.125%, 04/30/22 - 09/15/23		7,514		7,512
Total U.S. Treasury Obligations (Cost $418,285) (000)				460,417
LOAN PARTICIPATIONS — 9.4%
Airlines – 0.0%
American Airlines, Inc., 2018 Replacement Term Loan
1.895%, VAR LIBOR+1.750%, 06/27/25		723		439
Automobile – 0.1%
Belron Finance US LLC, Initial Term B Loan, 1st Lien
2.742%, VAR LIBOR+2.500%, 11/07/24		975		960
Clarios Global LP, Initial Dollar Term Loan, 1st Lien
3.647%, VAR LIBOR+3.500%, 04/30/26		1,638		1,593
Honeywell Technologies Sàrl, Dollar Tranche B Term Loan, 1st Lien
3.540%, VAR LIBOR+3.250%, 09/19/25		735		709
				3,262
Automotive – 0.1%
Chassix Inc., Term Loan B
6.500%, 11/15/23		235		208
Chassix, Inc., Initial Loan, 1st Lien
7.750%, 11/15/23		1		1
6.500%, 11/15/23		251		222
Dayco Products, LLC, Term Loan, 1st Lien
4.506%, VAR LIBOR+4.250%, 05/08/23		677		423
International Cash Wash Group, Term Loan
4.250%, 09/25/24		398		389
TI Group Automotive Systems, LLC, Initial US Term Loan, 1st Lien
3.250%, VAR LIBOR+2.500%, 06/30/22		1,923		1,916
				3,159
Banking – 0.1%
Azalea TopCo, Inc., Initial Term Loan, 1st Lien
3.761%, VAR LIBOR+3.500%, 07/24/26		1,313		1,262

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face         Amount (000)		Value   (000)
Broadcasting and Entertainment – 0.3%
Charter Communications Operating, LLC, Term B-2 Loan, 1st Lien
1.900%, VAR LIBOR+1.750%, 02/01/27	$	746	$	728
Crown Finance US, Inc., Initial Dollar Tranche Term Loan, 1st Lien
2.769%, VAR LIBOR+2.500%, 02/28/25		1,004		664
CSC Holdings, LLC, March 2017 Refinancing Term Loan, 1st Lien
2.402%, VAR LIBOR+2.250%, 07/17/25		1,240		1,197
Diamond Sports Group, LLC, Term Loan, 1st Lien
3.400%, VAR LIBOR+3.250%, 08/24/26		1,489		1,149
NEP Group, Inc., Initial Dollar Term Loan, 1st Lien
3.397%, VAR LIBOR+3.250%, 10/20/25		317		271
NEP Group, Inc., Initial Loan, 2nd Lien
7.147%, VAR LIBOR+7.000%, 10/19/26		500		390
Numericable U.S. LLC, USD TLB- [12] Term Loan, 1st Lien
3.840%, VAR LIBOR+3.688%, 01/31/26		1,461		1,405
Numericable U.S. LLC, USD TLB-11 Term Loan, 1st Lien
2.897%, VAR LIBOR+2.750%, 07/31/25		247		235
Technicolor S.A., First Incremental U.S. Term Loan, 1st Lien
3.113%, VAR LIBOR+2.750%, 12/06/23		732		353
Virgin Media Bristol LLC, N Facility, 1st Lien
2.652%, VAR LIBOR+2.500%, 01/31/28		1,400		1,357
				7,749
Building Materials – 0.1%
Beacon Roofing Supply, Inc., Initial Term Loan, 1st Lien
2.406%, VAR LIBOR+2.250%, 01/02/25		974		942
Foundation Building Materials Holding Company LLC, Term Loan, 1st Lien
3.156%, 05/09/25		748		735
Priso Acquisition Corporation (aka PrimeSource Building Products), Term B Loan, 1st Lien
4.175%, VAR LIBOR+3.000%, 05/08/22		881		854
				2,531

Description	Face         Amount (000)		Value   (000)
Buildings and Real Estate – 0.2%
Blackstone Mortgage Trust, Inc., Term B-2 Loan, 1st Lien
5.750%, VAR LIBOR+4.750%, 04/23/26	$	933	$	926
C.H.I. Overhead Doors, Inc., Initial Term Loan, 1st Lien
4.250%, VAR LIBOR+3.250%, 07/29/22		746		738
Claros Mortgage Trust, Inc., Initial Term Loan, 1st Lien
3.406%, VAR LIBOR+3.250%, 08/09/26		406		393
Forest City Enterprises, L.P., Replacement Term Loan, 1st Lien
3.647%, VAR LIBOR+3.500%, 12/08/25		1,162		1,134
RHP Hotel Properties, LP, Tranche B Term Loan, 1st Lien
2.150%, VAR LIBOR+2.000%, 05/11/24		576		543
VICI Properties 1 LLC, Term B Loan, 1st Lien
1.906%, VAR LIBOR+1.750%, 12/20/24		1,164		1,123
				4,857
Cable/Wireless Video – 0.0%
Charter Communications Operating LLC, Term Loan, 1st Lien
1.900%, 04/30/25		899		882
Cargo Transport – 0.1%
XPO Logistics, Inc., Refinancing Term Loan (2018), 1st Lien
2.147%, VAR LIBOR+2.000%, 02/24/25		1,046		1,024
Chemicals – 0.8%
AkzoNobel (Starfruit), Term Loan B
3.151%, VAR LIBOR+3.000%, 10/01/25		1,611		1,558
Allnex (Luxembourg) & Cy S.C.A. (f/k/a AI Chem & Cy S.C.A.), Tranche B-2 Term Loan, 1st Lien
4.000%, VAR LIBOR+3.250%, 06/02/23		687		668
Allnex (Luxembourg) & Cy S.C.A. (f/k/a AI Chem & Cy S.C.A.), Tranche B-3 Term Loan
4.000%, VAR LIBOR+3.250%, 06/02/23		517		503
Alpha 3 B.V., Initial Term B-1 Loan
4.000%, 01/31/24 (D)		746		733
Archroma Finance S.a r.l., Facility B2, 1st Lien
4.558%, VAR LIBOR+4.250%, 08/12/24		—		—

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face         Amount (000)		Value   (000)
Ascend Performance Term Loan B (2019)
6.250%, VAR LIBOR+5.250%, 08/27/26	$	930	$	926
ASP Chromaflo Intermediate Holdings, Inc., Initial Tranche B-1 Term Loan
4.500%, VAR LIBOR+3.500%, 11/20/23		393		374
ASP Chromaflo Intermediate Holdings, Inc., Initial Tranche B-2 Term Loan
4.500%, VAR LIBOR+3.500%, 11/20/23		511		487
Berry Global, Inc., Term Loan, 1st Lien
2.156%, 10/01/22		250		248
Berry Global, Inc., Term Y Loan, 1st Lien
2.156%, VAR LIBOR+2.000%, 07/01/26		990		959
Dubois Chemicals, Term Loan, 1st Lien
4.651%, 09/30/26		1,243		1,197
Ferro Corporation, Tranche B-1 Term Loan, 1st Lien
2.558%, 02/14/24 (D)		757		743
Flint Group, Term Loan, 1st Lien
4.000%, 09/07/21 (D)		724		653
Messer Industries GmbH, Initial Term B-1 Loan
2.720%, 03/02/26		1,116		1,090
Orion Engineered Carbons GmbH, Initial Dollar Term Loan, 1st Lien
2.308%, VAR LIBOR+2.000%, 07/25/24		1,327		1,300
PMHC II, Inc., Initial Term Loan
4.500%, 03/21/25		315		284
4.500%, 03/31/25		668		603
PQ Corporation, Third Amendment Tranche B-1 Term Loan
2.511%, 02/07/27 (D)		1,361		1,326
Ravago Holdings America, Inc., Term Loan, 1st Lien
2.910%, VAR LIBOR+2.750%, 06/30/23		303		299
Schenectady International Group, Inc., Initial Term Loan
4.897%, 10/15/25		16		15
Schenectady International Group, Inc., Initial Term Loan, 1st Lien
4.906%, 10/15/25		1,067		1,024
Styrolution, Term Loan, 1st Lien
2.308%, 01/22/27		216		210
Tronox Limited, Initial Dollar Term Loan
3.220%, VAR LIBOR+3.000%, 09/23/24		513		504

Description	Face         Amount (000)		Value   (000)
U.S. Farathane, LLC, Term B-4 Loan, 1st Lien
4.500%, VAR LIBOR+3.500%, 12/31/21	$	1,083	$	934
Vantage Specialty Chemicals, Inc., Closing Date Term Loan
4.500%, 10/28/24		29		26
Vantage Specialty Chemicals, Inc., Closing Date Term Loan, 1st Lien
4.500%, VAR LIBOR+4.000%, 10/28/24		698		626
				17,290
Chemicals, Plastics and Rubber – 0.3%
Acuity Specialty Products, Inc., Initial Term Loan, 1st Lien
5.000%, VAR LIBOR+4.000%, 08/12/24		968		905
Axalta Coating Systems Dutch Holding B B.V. (Axalta Coating Systems U.S. Holdings, Inc.), Term B-3 Dollar Loan, 1st Lien
1.970%, VAR LIBOR+1.750%, 06/01/24		1,358		1,324
Graftech International Ltd., Initial Term Loan, 1st Lien
4.500%, VAR LIBOR+3.500%, 02/12/25		1,371		1,352
Nouryon Finance B.V., Initial Dollar Term Loan, 1st Lien
3.151%, VAR LIBOR+3.000%, 10/01/25		313		303
Solenis Holdings LLC, Initial Dollar Term Loan, 1st Lien
4.256%, VAR LIBOR+4.000%, 06/26/25		741		722
Summit Materials, Term Loan, 1st Lien
2.156%, 11/21/24 (D)		497		492
Tronox Finance LLC, Initial Dollar Term Loan, 1st Lien
3.220%, VAR LIBOR+3.000%, 09/23/24		727		714
Univar Solutions USA Inc., Term B-3 Loan, 1st Lien
2.397%, VAR LIBOR+2.250%, 07/01/24		490		483
Vantage Specialty Chemicals, Inc., Initial Loan, 2nd Lien
9.250%, VAR LIBOR+8.250%, 10/27/25		205		155
Wilsonart LLC, Tranche D Term Loan, 1st Lien
4.250%, VAR LIBOR+3.250%, 12/19/23		485		480
				6,930

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face         Amount (000)		Value   (000)
Commercial Services – 0.0%
Autokiniton US Holdings, Inc., Closing Date Term B Loan, 1st Lien
6.531%, 05/17/25 (D)	$	572	$	546
Communication Services – 0.1%
CPI International, Inc., Initial Term Loan, 1st Lien
8.250%, 07/25/25 (D)		312		265
Flight Bidco Inc., Initial Term Loan
4.000%, 07/23/25		610		579
Flight Bidco Inc., Initial Term Loan, 1st Lien
7.660%, 06/19/26		556		473
Flint Acquisition Company, Inc 12/29/2023 Lien 1
4.000%, 09/07/21 (D)		2		2
				1,319
Computers & Electronics – 0.4%
Applied Systems, Inc., Initial Term Loan
4.250%, VAR LIBOR+3.000%, 09/19/24		744		739
Brooks Automation, Inc., Initial Term B Loan
3.740%, 10/04/24 (D)		499		490
CPI International, Inc., Initial Term Loan, 1st Lien
4.500%, VAR LIBOR+3.500%, 07/26/24		334		322
Cypress Intermediate Holdings III, Inc. (fka Jaguar Holding Inc.), Initial Term Loan
4.000%, VAR LIBOR+3.000%, 04/26/24		1,222		1,211
Hyland Software Inc., 1st Lien
4.000%, 07/01/24		635		631
MACOM Technology Solutions Holdings, Inc. (fka M/A-COM Technology Solutions Holdings, Inc.), Initial Term Loan, 1st Lien
2.406%, VAR LIBOR+2.250%, 05/07/24		1,051		1,015
Oberthur Technologies Holding S.A.S. (fka OT Frenchco 1 SAS), Facility B1 (USD), 1st Lien
4.058%, VAR LIBOR+3.750%, 01/10/24		1,354		1,297
Project Alpha, Term Loan B, 1st Lien
4.520%, 04/26/24		1,125		1,111
Solera, LLC (Solera Finance, Inc.), Dollar Term Loan, 1st Lien
2.938%, VAR LIBOR+2.750%, 03/03/23		1,887		1,846
				8,662

Description	Face         Amount (000)		Value   (000)
Containers, Packaging and Glass – 0.1%
Flex Acquisition Company, Inc., Initial Term Loan, 1st Lien
4.000%, VAR LIBOR+3.000%, 12/29/23	$	1,279	$	1,248
ProAmpac PG Borrower LLC, Initial Term Loan, 1st Lien
4.500%, VAR LIBOR+3.500%, 11/20/23		483		476
				1,724
Diversified/Conglomerate Manufacturing – 0.0%
Filtration Group Corporation, Initial Dollar Term Loan
3.147%, VAR LIBOR+3.000%, 03/31/25		910		891
Diversified/Conglomerate Service – 0.6%
AI Aqua Merger Sub, Inc., 2017 Incremental Term Loan, 1st Lien
4.250%, VAR LIBOR+3.250%, 12/13/23		249		241
AI Aqua Merger Sub, Inc., Tranche B-1 Term Loan, 1st Lien
4.250%, 12/13/23		398		388
Amynta Agency Borrower Inc. (Amynta Warranty Borrower Inc.), Term B Loan, 1st Lien
4.647%, VAR LIBOR+4.500%, 02/28/25		80		73
Asplundh Tree Expert, LLC, Initial Term Loan, 1st Lien
2.655%, VAR LIBOR+2.500%, 09/07/27		545		544
Brand Energy & Infrastructure Services, Inc. (fka FR Brand Acquisition Corp), Initial Term Loan, 1st Lien
5.250%, VAR LIBOR+4.250%, 06/21/24		619		575
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien
3.500%, VAR LIBOR+2.500%, 03/01/24		1,623		1,587
Inovalon Holdings, Inc., Refinancing Date Term Loan, 1st Lien
3.188%, VAR LIBOR+3.000%, 04/02/25		1,395		1,362
PODS, LLC, Tranche B-4 Term Loan, 1st Lien
3.750%, VAR LIBOR+2.750%, 12/06/24		1,208		1,182
Pug LLC, USD Term B Loan, 1st Lien
3.647%, VAR LIBOR+3.500%, 02/12/27		995		874

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face Amount (000)		Value   (000)
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), Initial Term Loan, 1st Lien
3.397%, VAR LIBOR+3.250%, 12/31/25	$	1,142	$	1,099
Tempo Acquisition, LLC, Extended Term Loan, 1st Lien
3.750%, VAR LIBOR+3.250%, 11/02/26		1,448		1,402
WEX Inc., Term B-3 Loan, 1st Lien
2.397%, VAR LIBOR+2.250%, 05/15/26		1,214		1,170
William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC), Term B-1 Loan, 1st Lien
9.500%, 05/01/27		499		473
2.900%, VAR LIBOR+2.750%, 05/18/25		1,877		1,598
				12,568
Ecological – 0.1%
Cast & Crew Payroll, LLC, Initial Term Loan, 1st Lien
3.897%, VAR LIBOR+3.750%, 02/09/26		697		664
Strategic Materials Holding Corp., Initial Term Loan, 1st Lien
4.750%, VAR LIBOR+3.750%, 11/01/24		731		563
Strategic Materials Holding Corp., Initial Term Loan, 2nd Lien
8.750%, VAR LIBOR+7.750%, 10/31/25		500		165
				1,392
Educational Services – 0.1%
Adtalem Global Education Inc., Term B Loan, 1st Lien
3.156%, 04/09/25 (D)		240		233
Global Education Management Systems Establishment, Term Loan, 1st Lien
6.000%, 07/31/26		744		721
Learning Care Group (US) No. 2 Inc., Initial Term Loan, 1st Lien
4.250%, 03/13/25		526		476
Learning Care, Term Loan B, 1st Lien
4.250%, 03/13/25 (D)		663		602
				2,032
Electronics – 1.2%
Airxcel, Inc., Initial Term Loan, 1st Lien
4.688%, VAR LIBOR+4.500%, 04/28/25		735		687

Description	Face Amount (000)		Value   (000)
Airxcel, Inc., Initial Term Loan, 2nd Lien
8.938%, VAR LIBOR+8.750%, 04/27/26	$	500	$	426
Aston FinCo S.a r.l., Dollar Term Loan, 1st Lien
4.401%, VAR LIBOR+4.250%, 10/09/26 (E)		647		633
athenahealth, Inc., Term B Loan, 1st Lien
4.750%, VAR LIBOR+4.500%, 02/11/26		1,773		1,742
Cohu, Inc., Initial Term B Loan, 1st Lien
3.147%, VAR LIBOR+3.000%, 10/01/25		1,146		1,098
Epicor Software Corporation (fka Eagle Parent Inc.), Initial Term Loan, 2nd Lien
8.750%, VAR LIBOR+7.750%, 07/31/28		510		523
Epicor Software Corporation (fka Eagle Parent Inc.), Term B Loan (2020), 1st Lien
5.250%, VAR LIBOR+4.250%, 07/30/27		1,708		1,704
Excelitas Technologies Corp. (fka EXC Holdings III Corp.), Initial USD Term Loan, 1st Lien
4.500%, VAR LIBOR+3.500%, 12/02/24		975		962
Flexera Software LLC (fka Flexera Software, Inc.), Initial Term Loan
4.250%, VAR LIBOR+3.250%, 02/26/25		1,380		1,368
Flexera Software LLC (fka Flexera Software, Inc.), Initial Term Loan, 1st Lien
4.250%, VAR LIBOR+3.250%, 02/26/25		7		7
Go Daddy Operating Company, LLC (GD Finance Co, Inc.), Tranche B-2 Term Loan, 1st Lien
1.897%, VAR LIBOR+1.750%, 02/15/24		975		955
Level 3 Financing, Inc., Tranche B 2027 Term Loan, 1st Lien
1.897%, VAR LIBOR+1.750%, 03/01/27		2,045		1,979
MA Financeco., LLC, Tranche B-3 Term Loan, 1st Lien
2.647%, VAR LIBOR+2.500%, 06/21/24		206		196
MA Financeco., LLC, Tranche B-4 Term Loan, 1st Lien
5.250%, VAR LIBOR+4.250%, 06/05/25		207		206

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face Amount (000)		Value   (000)
Micro Holdings (Internet Brands), Term Loan (2017)
3.647%, VAR LIBOR+3.500%, 09/13/24	$	737	$	715
Micro Holdings (Internet Brands), Term Loan, 2nd Lien
7.647%, VAR LIBOR+7.500%, 09/15/25		244		242
Microchip Technology Incorporated, Initial Term Loan, 1st Lien
2.150%, VAR LIBOR+2.000%, 05/29/25		1,183		1,177
Misys Limited, Dollar Term Loan, 1st Lien
4.500%, VAR LIBOR+3.500%, 06/13/24		1,391		1,297
Project Alpha Intermediate Holding, Inc., Term Loan, 1st Lien
4.500%, VAR LIBOR+3.500%, 04/26/24		497		487
Project Boost Purchaser, LLC, Term Loan, 1st Lien
3.647%, VAR LIBOR+3.500%, 06/01/26		1,325		1,284
Project Ruby Ultimate Parent Corp., New Term Loan, 1st Lien
4.500%, VAR LIBOR+3.500%, 02/09/24		1,548		1,523
Seattle SpinCo, Inc., Initial Term Loan, 1st Lien
2.647%, VAR LIBOR+2.500%, 06/21/24		1,394		1,321
SolarWinds Holdings, Inc., 2018 Refinancing Term Loan
2.897%, VAR LIBOR+2.750%, 02/05/24		992		972
SS&C Technologies Holdings, Inc., Term B-3 Loan, 1st Lien
1.897%, VAR LIBOR+1.750%, 04/16/25		987		954
SS&C Technologies Holdings, Inc., Term B-4 Loan, 1st Lien
1.897%, VAR LIBOR+1.750%, 04/16/25		693		670
Ultimate Software Group Inc., The, Initial Term Loan, 1st Lien
3.897%, VAR LIBOR+3.750%, 05/04/26		1,737		1,721
Vertic Group, Term Loan 1st Lien
3.157%, 03/02/27		1,446		1,422
VS Buyer, LLC, Initial Term Loan, 1st Lien
3.397%, VAR LIBOR+3.250%, 02/28/27		801		785
				27,056

Description	Face Amount (000)		Value   (000)
Entertainment & Leisure – 0.0%
Metro-Goldwyn-Mayer Inc., Initial Term Loan
2.660%, 06/27/25	$	426	$	409
Environmental Services – 0.0%
GFL Environmental Inc., Effective Date Incremental Term Loan
4.000%, 05/30/25		340		338
Finance (including structured products) – 0.4%
Achilles Acquisition LLC, Closing Date Term Loan, 1st Lien
4.188%, VAR LIBOR+4.000%, 10/13/25		739		724
American Builders & Contractors Supply Co., Inc., Restatement Effective Date Term Loan, 1st Lien
2.147%, VAR LIBOR+2.000%, 01/15/27		1,241		1,205
AssuredPartners, Inc., 2020 February Refinancing Term Loan, 1st Lien
3.647%, VAR LIBOR+3.500%, 02/12/27		1,219		1,182
BCP Renaissance Parent L.L.C., Initial Term Loan, 1st Lien
3.808%, VAR LIBOR+3.500%, 11/01/24		249		214
Deerfield Dakota Holding, LLC , Initial Dollar Term Loan, 1st Lien
4.750%, VAR LIBOR+3.750%, 04/09/27		651		647
Ditech Holding Corporation (fka Walter Investment Management Corp.), Tranche B Term Loan, 1st Lien
10.250%, VAR Prime Rate by Country+7.000%, 06/30/22		368		85
Hudson River Trading LLC, 2020 Repriced Term Loan, 1st Lien
3.145%, VAR LIBOR+3.000%, 02/18/27		1,259		1,228
Lions Gate Capital Holdings LLC, Term B Loan, 1st Lien
2.397%, VAR LIBOR+2.250%, 03/24/25		594		571
Refinitiv US Holdings Inc., Initial Dollar Term Loan, 1st Lien
3.397%, VAR LIBOR+3.250%, 10/01/25		1,497		1,481
VFH Parent LLC, Initial Term Loan, 1st Lien
3.151%, VAR LIBOR+3.000%, 03/01/26		902		895
				8,232

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face Amount (000)		Value   (000)
Financial Services – 0.3%
Altisource Solutions, Term Loan B, 1st Lien
5.000%, 03/29/24 (D)	$	545	$	382
BIFM US Finance, LLC, Term Loan 1st Lien
3.737%, 05/01/26		744		731
Citco Funding LLC, 2017 Term Loan, 1st Lien
3.572%, VAR LIBOR+3.000%, 03/23/22		1,433		1,393
Evertec, Term Loan, First Lien
2.156%, 11/27/23		468		460
Focus Financial Partners, Term Loan B, 1st Lien
2.147%, 07/03/24		1,114		1,081
Insurity Holdings, Term Loan, 1st Lien
4.156%, 07/31/26		998		991
Liquidnet Holdings, Inc., Term Loan
4.322%, 07/15/24		462		445
Newport Group Holdings II, Inc., Initial Term Loan
3.808%, 08/08/25		439		416
Solera, LLC (Solera Finance, Inc.), 1st Lien
%, 03/03/23		5		5
St. George’s, Term Loan, 1st Lien
3.410%, 07/17/25		745		728
Triton, Term Loan B, 1st Lien
7.072%, 10/31/24		600		513
Virtus Investment 2/17 Term Loan, 1st Lien
3.000%, 03/03/24 (D)		465		460
				7,605
Food & Beverage – 0.2%
JBS USA Lux S.A. (fka JBS USA, LLC), New Term Loan, 1st Lien
3.072%, 05/01/26		664		645
United Natural Foods, Inc., Initial Term Loan, 1st Lien
4.397%, 10/22/25		1,320		1,284
US Foods (aka U.S. Foodservice), Initial Term Loan, 1st Lien
1.897%, VAR LIBOR+2.500%, 06/27/23		496		476
US Foods Inc., 1st Lien
2.147%, 09/13/26 (E)		1,205		1,149
				3,554
Forest Products – 0.0%
Ply Gem Midco, Inc., Initial Term Loan, 1st Lien
3.901%, VAR LIBOR+3.750%, 04/12/25		348		341

Description	Face Amount (000)		Value   (000)
Gaming & Hotels – 0.0%
CBAC Borrower, LLC, Term B Loan, 1st Lien
4.147%, VAR LIBOR+4.000%, 07/08/24	$	487	$	424
Health Care – 0.0%
Carestream, Term Loan, 1st Lien
7.750%, 05/08/23		367		357
Healthcare, Education and Childcare – 0.8%
Bausch Health Companies Inc., First Incremental Term Loan, 1st Lien
2.901%, VAR LIBOR+2.750%, 11/27/25		457		446
Bausch Health Companies Inc., Initial Term Loan, 1st Lien
3.151%, VAR LIBOR+3.000%, 06/02/25		1,357		1,328
Bulldog Purchaser Inc., Initial Term Loan
4.822%, 08/22/25		1,377		1,185
DaVita Inc., Tranche B-1 Term Loan, 1st Lien
1.897%, VAR LIBOR+1.750%, 08/12/26		1,491		1,462
Elanco Animal Health Incorporated, Term Loan, 1st Lien
1.905%, VAR LIBOR+1.750%, 08/01/27		702		682
Endo Luxembourg Finance Company I S.a r.l., Initial Term Loan, 1st Lien
5.000%, VAR LIBOR+4.250%, 04/29/24		1,115		1,060
Grifols Worldwide Operations Limited, Dollar Tranche B Term Loan, 1st Lien
2.100%, VAR LIBOR+2.000%, 11/15/27		1,696		1,659
Jaguar Holding Company I, LLC (fka Jaguar Holding Company I), 2018 Term Loan, 1st Lien
3.500%, VAR LIBOR+2.500%, 08/18/22		1,444		1,437
LGC, Term Loan, 1st Lien
3.656%, 04/21/27		306		297
PDS Holdco Inc., December 2018 Term Loan, 1st Lien
5.500%, VAR LIBOR+4.500%, 06/30/23		160		141
PDS Holdco Inc., New Term Loan, 1st Lien
6.250%, VAR LIBOR+5.250%, 06/30/23		1,178		1,036
Prometric Holdings Inc. (fka ETS Holdings Inc.), Initial Term Loan, 1st Lien
4.000%, VAR LIBOR+3.000%, 01/29/25		980		909

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face Amount (000)		Value   (000)
Radiology Partners, Term B Loan, First Lien
5.985%, 07/09/25	$	475	$	454
5.295%, 07/09/25		407		390
Select Medical Corporation, Tranche B Term Loan, 1st Lien
2.780%, VAR LIBOR+2.500%, 03/06/25		972		944
Sotera Health Holdings, LLC, Initial Term Loan, 1st Lien
5.500%, VAR LIBOR+4.500%, 12/11/26		1,228		1,222
Spectrum Holdings III Corp., Closing Date Term Loan, 2nd Lien
8.000%, VAR LIBOR+7.000%, 01/31/26		500		411
Surgery Center Holdings, Inc., Initial Term Loan, 1st Lien
4.250%, VAR LIBOR+3.250%, 09/03/24		663		623
Syneos Health, Inc. (fka INC Research Holdings, Inc.), Term Loan, 1st Lien
1.656%, 03/25/24		975		948
Viant Medical Holdings, Inc., Initial Term Loan, 1st Lien
3.897%, VAR LIBOR+3.750%, 07/02/25		468		430
Viant Medical Holdings, Inc., Initial Term Loan, 2nd Lien
7.897%, VAR LIBOR+7.750%, 07/02/26		122		101
				17,165
Home and Office Furnishings, Housewares and Durable Consumer Products – 0.1%
ACProducts, Inc., Initial Term Loan, 1st Lien
7.500%, VAR LIBOR+6.500%, 08/18/25		583		583
Blount International, Inc., New Refinancing Term Loan, 1st Lien
4.750%, VAR LIBOR+3.750%, 04/12/23		489		484
Pelican Products, Inc., Term Loan, 1st Lien
4.500%, VAR LIBOR+3.500%, 05/01/25		68		64
Reynolds Group Holdings Inc., Incremental U.S. Term Loan
2.897%, VAR LIBOR+2.750%, 02/05/23		426		421
Reynolds Group Holdings Incremental US Term Loans
2.897%, VAR LIBOR+2.750%, 02/05/23		717		708

Description	Face Amount (000)		Value   (000)
Samsonite International S.A., 2020 Incremental Tranche B Term Loan, 1st Lien
5.500%, VAR LIBOR+4.500%, 04/25/25	$	182	$	177
Serta Simmons Bedding, LLC, Initial Exchange Term Loan (Super- Priority), 1st Lien
8.500%, VAR LIBOR+7.500%, 08/10/23		771		626
				3,063
Home Furnishings – 0.0%
Al Aqua Merger Sub, Inc., Term Loan, 1st Lien
5.342%, 12/13/23		801		789
Hotels, Motels, Inns and Gaming – 0.1%
Flutter Entertainment plc, USD Term Loan, 1st Lien
3.720%, VAR LIBOR+3.500%, 07/10/25		1,141		1,137
Gateway Casinos & Entertainment, Term Loan B (2018)
3.308%, VAR LIBOR+3.000%, 12/01/23		1,497		1,348
Hilton Worldwide Finance LLC, Refinanced Series B-2 Term Loan, 1st Lien
1.898%, VAR LIBOR+1.750%, 06/22/26		750		723
				3,208
Housing – 0.0%
Installed Building Products, Term Loan, 1st Lien
2.406%, 04/15/25		750		721
Industrial Services – 0.1%
Delachaux Group, Facility B2, 1st Lien
5.362%, 04/01/26		485		463
JMC Steel, Term Loan, 1st Lien
2.171%, 01/17/27		1,496		1,446
SiteOne Landscape Supply, LLC (fka John Deere Landscapes LLC), Tranche E Term Loan
3.750%, 10/24/29		1,018		1,008
				2,917
Insurance – 0.4%
Acrisure, LLC, 2020 Term Loan, 1st Lien
3.647%, VAR LIBOR+3.500%, 02/15/27		1,648		1,589
Alera Group Intermediate Holdings, Inc., Term B Loan, 1st Lien
4.147%, VAR LIBOR+4.000%, 08/01/25		497		489

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face Amount (000)		Value   (000)
Alliant Holdings Intermediate, LLC, Initial Term Loan (2018), 1st Lien
2.897%, VAR LIBOR+2.750%, 05/09/25	$	1,381	$	1,339
AmWINS Group, Inc., Term Loan
3.750%, VAR LIBOR+2.750%, 01/25/24		125		123
AmWINS Group, Inc., Term Loan, 1st Lien
3.750%, 01/25/24 (D)		620		613
Hub International Limited, Initial Term Loan
3.264%, VAR LIBOR+3.000%, 04/25/25		3		3
Hub International, Ltd., Cov-Lite, Term Loan B, 1st Lien
3.264%, VAR LIBOR+3.000%, 04/25/25		1,223		1,181
MPH Acquisition Holdings LLC, Initial Term Loan, 1st Lien
3.750%, VAR LIBOR+2.750%, 06/07/23		1,275		1,253
NFP Corp, Term Loan, 1st Lien
3.406%, 01/08/24		1,674		1,605
Ryan Specialty Group, LLC, Initial Term Loan, 1st Lien
4.000%, VAR LIBOR+3.250%, 09/01/27		539		533
Sedgwick Claims Management Services, Inc., Term Loan B, 1st Lien
4.147%, 09/03/26 (E)		265		261
				8,989
Investment Company – 0.0%
EIG Management Company, LLC, Initial Term Loan
4.500%, 01/31/25		440		438
Leasing – 0.0%
FLY Leasing, Term Loan, 1st Lien
2.200%, 08/09/25		599		515
Leisure, Amusement, Motion Pictures, Entertainment – 0.3%
Alterra Mountain Company, Initial Bluebird Term Loan, 1st Lien
2.897%, VAR LIBOR+2.750%, 07/31/24		1,714		1,649
AMC Entertainment Holdings, Inc. (fka AMC Entertainment Inc.), Term B-1 Loan, 1st Lien
3.220%, VAR LIBOR+3.000%, 04/22/26		455		290
Callaway Golf Company, Term Loan, 1st Lien
4.651%, VAR LIBOR+4.500%, 01/02/26		881		882

Description	Face Amount (000)		Value   (000)
Motion Acquisition Limited, Facility B1 (USD), 1st Lien
3.470%, VAR LIBOR+3.250%, 11/12/26	$	1,099	$	949
Motion Acquisition Limited, Facility B2 (USD), 1st Lien
3.470%, VAR LIBOR+3.250%, 11/12/26		144		125
Seaworld Parks & Entertainment, Inc. (f/k/a SW Acquisitions Co., Inc.), Term B-5 Loan, 1st Lien
3.750%, VAR LIBOR+3.000%, 04/01/24		1,228		1,140
Topgolf International, Inc., Initial Term Loan, 1st Lien
7.000%, VAR LIBOR+6.250%, 02/09/26		623		609
UFC Holdings, LLC, Term B-1 Loan, 1st Lien
4.250%, VAR LIBOR+3.250%, 04/29/26		988		970
				6,614
Machinery – 0.0%
CPM Holdings, Inc., Initial Term Loan
8.405%, 10/24/26		247		225
3.905%, 10/24/25		361		336
				561
Machinery (Non-Agriculture, Non-Construction and Non- Electronic) – 0.2%
Altra Industrial Motion Corp., Term Loan, 1st Lien
2.147%, VAR LIBOR+2.000%, 10/01/25		788		763
Douglas Dynamics L.L.C., 2020 Term B Loan, 1st Lien
4.750%, VAR LIBOR+3.750%, 06/08/26		321		317
Dynacast International LLC, Term B- 2 Loan, 1st Lien
4.250%, VAR LIBOR+3.250%, 01/28/22		1,220		1,093
Granite US Holdings Corporation, Term B Loan, 1st Lien
5.470%, VAR LIBOR+5.250%, 09/30/26		598		566
Ingersoll-Rand Services Company, 2020 Spinco Tranche B-1 Dollar Term Loan, 1st Lien
1.897%, VAR LIBOR+1.750%, 03/01/27		998		963
Utex Industries, Inc., Initial Term Loan, 1st Lien
5.311%, VAR LIBOR+4.000%, 05/14/21		544		163
				3,865

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face Amount (000)		Value   (000)
Manufacturing – 0.0%
LTI Boyd Corporation, Term Loan B
3.647%, VAR LIBOR+3.500%, 09/06/25	$	857	$	795
Pelican Products, Inc., Term Loan
8.750%, 04/17/26		88		69
				864
Media – 0.0%
Metro-Goldwyn-Mayer Inc., Initial Term Loan
5.500%, 06/29/26		776		750
Oil & Gas – 0.0%
BCP Raptor, LLC, Initial Term Loan, 1st Lien
5.250%, VAR LIBOR+4.250%, 06/24/24		693		540
PES Holdings, LLC, Tranche C Loan
6.990%, 12/31/22		630		91
				631
Oil and Gas – 0.0%
Lower Cadence Holdings LLC, Initial Term Loan, 1st Lien
4.147%, VAR LIBOR+4.000%, 05/22/26		906		835
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
ABG Intermediate Holdings 2 LLC, Amendment No. 5 Incremental Term Loan, 1st Lien
6.250%, VAR LIBOR+5.250%, 09/27/24		167		165
ABG Intermediate Holdings 2 LLC, Initial Term Loan, 1st Lien
3.720%, VAR LIBOR+3.500%, 09/27/24		765		749
				914
Personal Transportation – 0.1%
Avolon TLB Borrower 1 (US) LLC, Term B-3 Loan, 1st Lien
2.500%, VAR LIBOR+1.750%, 01/15/25		750		728
JetBlue Airways Corporation, Term Loan, 1st Lien
6.250%, VAR LIBOR+5.250%, 06/17/24		92		91
Mileage Plus Holdings LLC (Mileage Plus Intellectual Property Assets, Ltd.), Initial Term Loan, 1st Lien
6.250%, VAR LIBOR+5.250%, 06/21/27		370		375
				1,194

Description	Face Amount (000)		Value   (000)
Personal, Food and Miscellaneous Services – 0.3%
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-4 Loan, 1st Lien
1.897%, VAR LIBOR+1.750%, 11/19/26	$	1,978	$	1,893
Aramark, Term Loan B-3
1.897%, 03/11/25 (D)		500		477
Flynn Restaurant Group LP, Initial Term Loan, 1st Lien
3.647%, VAR LIBOR+3.500%, 06/27/25		1,016		967
IRB Holding Corp., 2020 Replacement Term B Loan, 1st Lien
3.750%, VAR LIBOR+2.750%, 02/05/25		1,224		1,167
K-Mac Holdings Corp., Initial Term Loan, 1st Lien
3.147%, VAR LIBOR+3.000%, 03/14/25		492		473
K-Mac Holdings Corp., Initial Term Loan, 2nd Lien
6.897%, VAR LIBOR+6.750%, 03/16/26		291		276
Whatabrands LLC, 2020 Refinancing Term Loan, 1st Lien
2.906%, VAR LIBOR+2.750%, 07/31/26		499		487
				5,740
Printing, Publishing and Broadcasting – 0.1%
Camelot U.S. Acquisition 1 Co., Initial Term Loan, 1st Lien
3.147%, VAR LIBOR+3.000%, 10/30/26		1,245		1,219
Clear Channel Outdoor Holdings, Inc. Term Loan B
3.761%, VAR LIBOR+3.500%, 08/21/26		822		746
Clear Channel Outdoor Holdings, Inc., Term B Loan, 1st Lien
3.761%, VAR LIBOR+3.500%, 08/21/26		2		2
				1,967
Professional & Business Services – 0.2%
Amynta Agency Borrower Inc. (Amynta Warranty Borrower Inc.), Term B Loan, 1st Lien
4.647%, VAR LIBOR+4.500%, 02/28/25		119		110
Avantor, Inc., Initial B-1 Dollar Term Loan
3.250%, VAR LIBOR+4.000%, 11/21/24		786		775
Casmar Holdings (Australia) Pty Limited, Initial Term Loan
5.500%, VAR LIBOR+4.500%, 12/20/23		732		595

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face Amount (000)		Value   (000)
Cineworld (Crown Finance) Incremental 2019 Term Loan
3.572%, 09/20/26	$	585	$	384
Finco I LLC, Replacement Term Loan
2.156%, 12/27/22 (D)		850		845
GHX Ultimate Parent Corporation, Initial Term Loan
4.250%, VAR LIBOR+3.250%, 06/28/24		979		956
KinderCare (KUEHG Corp), Term Loan B-3
4.750%, 02/14/25		917		836
KUEHG Corp (fka KC MergerSub, Inc.), Term B-3 Loan, 1st Lien
4.750%, 02/14/25		319		291
Safe Fleet Holdings LLC, Initial Term Loan
4.000%, VAR LIBOR+3.000%, 02/03/25		728		681
				5,473
Real Estate – 0.1%
DTZ Cushman & Wakefield, Term Loan
2.906%, 08/21/25		1,736		1,670
iStar Inc. (fka iStar Financial Inc.), Loan, 1st Lien
2.905%, VAR LIBOR+3.000%, 07/01/22		552		538
2.902%, VAR LIBOR+3.000%, 07/01/22		305		297
				2,505
Recreation Facilities & Services – 0.0%
Bulldog Purchaser Inc., Term Loan, 1st Lien
8.822%, 09/04/26		250		207
Restaurants – 0.0%
Miller’s Ale House, Inc., Term B Loan, 1st Lien
7.000%, 05/26/25 (E)		5		3
4.906%, 05/26/25		971		704
Miller’s Ale House, Inc., Term Loan, 1st Lien
4.906%, 05/26/25		5		4
				711
Retail Stores – 0.3%
Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), Initial Term Loan, 1st Lien
4.397%, VAR LIBOR+4.250%, 07/10/26		1,244		1,229
EG Group Limited, Additional Facility Loan (USD), 1st Lien
4.220%, VAR LIBOR+4.000%, 02/07/25		1,135		1,110

Description	Face Amount (000)		Value   (000)
Flynn Restaurant Group LP, Initial Term Loan
7.156%, 06/22/26	$	532	$	452
GOBP Holdings, Inc., Term Loan, 1st Lien
2.901%, VAR LIBOR+2.750%, 10/22/25		500		491
Mister Car Wash Holdings, Inc., Initial Term Loan, 1st Lien
4.375%, VAR LIBOR+3.250%, 05/14/26		796		751
Trugreen Limited Partnership, Initial Refinancing Term Loan
3.906%, 03/13/26		1,471		1,456
USS Ultimate Holdings, Inc., Initial Term Loan, 1st Lien
4.750%, VAR LIBOR+3.750%, 08/25/24		605		596
				6,085
Securities & Trusts – 0.0%
AI Ladder (Luxembourg) Subco S.a r.l., Facility B, 1st Lien
4.656%, 05/02/25		498		473
Shipping & Ship Building – 0.0%
AI Mistral Holdco Limited, Initial Term Loan
4.000%, VAR LIBOR+3.000%, 01/17/24		974		735
Steel – 0.1%
Atkore International, Inc., Term Loan (2016)
3.750%, VAR LIBOR+2.750%, 12/22/23		1,103		1,097
Technology – 0.1%
Applied Systems Inc., Initial Term Loan, 2nd Lien
8.000%, 09/19/25 (D)		308		311
Kofax, Term Loan, 1st Lien
5.250%, 07/07/23		987		968
				1,279
Telecommunications – 0.4%
CenturyLink, Inc., Term B Loan, 1st Lien
2.397%, VAR LIBOR+2.250%, 03/15/27		1,439		1,380
Commscope, Inc., Initial Term Loan, 1st Lien
3.397%, VAR LIBOR+3.250%, 04/06/26		1,464		1,424
MTN Infrastructure TopCo, Inc., Initial Term Loan, 1st Lien
4.000%, VAR LIBOR+3.000%, 11/15/24		985		967

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face Amount (000)		Value   (000)
SBA Senior Finance II LLC, Initial Term Loan, 1st Lien
1.900%, VAR LIBOR+1.750%, 04/11/25	$	1,197	$	1,164
T-Mobile USA, Inc., Term Loan, 1st Lien
3.147%, VAR LIBOR+3.000%, 04/01/27		1,500		1,498
Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1st Lien
3.147%, VAR LIBOR+3.000%, 03/09/27		1,497		1,451
				7,884
Transportation – 0.0%
Agro Merchants North America Holdings, Inc., Effective Date Loan
4.750%, VAR LIBOR+3.750%, 11/15/24		321		314
Utilities – 0.1%
AI Alpine AT BidCo GmbH, Facility B (USD), 1st Lien
4.209%, VAR LIBOR+3.000%, 10/31/25		985		906
Traverse Midstream Partners LLC, Advance, 1st Lien
5.000%, VAR LIBOR+4.000%, 09/27/24		764		700
				1,606
Waste Management – 0.0%
GFL Environmental Inc., Effective Date Incremental Term Loan, 1st Lien
4.000%, 05/30/25		177		176
Total Loan Participations (Cost $227,869) (000)				217,120
ASSET-BACKED SECURITIES — 9.4%
Automotive – 7.1%
Ally Auto Receivables Trust, Ser 2017-5, Cl A3
1.990%, 03/15/22		575		576
Ally Auto Receivables Trust, Ser 2019-4, Cl A2
1.930%, 10/17/22		1,774		1,782
Ally Auto Receivables Trust, Ser 2019-4, Cl A3
1.840%, 06/17/24		2,172		2,210
Ally Auto Receivables Trust, Ser 2019-4, Cl A4
1.920%, 01/15/25		716		735
American Credit Acceptance Receivables Trust, Ser 2019-4, Cl A
2.180%, 02/13/23 (A)		1,809		1,816

Description	Face Amount (000)		Value   (000)
American Credit Acceptance Receivables Trust, Ser 2020-2, Cl A
1.650%, 12/13/23 (A)	$	2,130	$	2,145
Americredit Automobile Receivables Trust, Ser 2018-2, Cl B
3.450%, 06/18/24		2,063		2,131
Americredit Automobile Receivables Trust, Ser 2019-1, Cl A2A
2.930%, 06/20/22		212		212
Americredit Automobile Receivables Trust, Ser 2019-2, Cl A2A
2.430%, 09/19/22		1,190		1,195
AmeriCredit Automobile Receivables Trust, Ser 2017-4, Cl B
2.360%, 12/19/22		1,784		1,797
AmeriCredit Automobile Receivables Trust, Ser 2019-3, Cl A2A
2.170%, 01/18/23		638		643
AmeriCredit Automobile Receivables Trust, Ser 2020-2, Cl A3
0.660%, 12/18/24		1,117		1,121
AmeriCredit Automobile Receivables Trust, Ser 2020-2, Cl B
0.970%, 02/18/26		475		477
AmeriCredit Automobile Receivables Trust, Ser 2020-2, Cl C
1.480%, 02/18/26		655		664
BMW Floorplan Master Owner Trust, Ser 2018-1, Cl A2
0.472%, VAR ICE LIBOR USD 1 Month+0.320%, 05/15/23 (A)		1,721		1,723
BMW Vehicle Owner Trust, Ser 2020-A, Cl A4
0.620%, 04/26/27		1,127		1,133
Capital One Prime Auto Receivables Trust, Ser 2019-2, Cl A3
1.920%, 05/15/24		1,252		1,279
Carmax Auto Owner Trust, Ser 2020-1, Cl A3
1.890%, 12/16/24		1,347		1,383
Carmax Auto Owner Trust, Ser 2020-1, Cl A4
2.030%, 06/16/25		903		938
CarMax Auto Owner Trust, Ser 2018-2, Cl A4
3.160%, 07/17/23		731		759
CarMax Auto Owner Trust, Ser 2019-1, Cl A4
3.260%, 08/15/24		929		985
CarMax Auto Owner Trust, Ser 2020-3, Cl A4
0.770%, 03/16/26		1,197		1,209
CPS Auto Receivables Trust, Ser 2019-B, Cl A
2.890%, 05/16/22 (A)		88		88
CPS Auto Receivables Trust, Ser 2019-C, Cl A
2.550%, 09/15/22 (A)		517		519

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face Amount (000)		Value   (000)
CPS Auto Receivables Trust, Ser 2019-D, Cl A
2.170%, 12/15/22 (A)	$	1,294	$	1,301
CPS Auto Receivables Trust, Ser 2020-A, Cl A
2.090%, 05/15/23 (A)		2,227		2,244
CPS Auto Receivables Trust, Ser 2020-B, Cl A
1.150%, 07/17/23 (A)		1,167		1,171
CPS Auto Receivables Trust, Ser 2020-B, Cl B
2.110%, 04/15/26 (A)		690		700
Credit Acceptance Auto Loan Trust, Ser 2018-1A, Cl A
3.010%, 02/16/27 (A)		856		859
Credit Acceptance Auto Loan Trust, Ser 2018-3A, Cl A
3.550%, 08/15/27 (A)		740		750
Credit Acceptance Auto Loan Trust, Ser 2019-1A, Cl A
3.330%, 02/15/28 (A)		2,183		2,236
Credit Acceptance Auto Loan Trust, Ser 2020-2A, Cl A
1.370%, 07/16/29 (A)		1,023		1,035
Drive Auto Receivables Trust, Ser 2018-4, Cl D
4.090%, 01/15/26		100		104
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		2,211
Drive Auto Receivables Trust, Ser 2020-1, Cl A2
1.990%, 12/15/22		1,710		1,717
Drive Auto Receivables Trust, Ser 2020-1, Cl A3
2.020%, 11/15/23		2,753		2,789
Drive Auto Receivables Trust, Ser 2020-2, Cl B
1.420%, 03/17/25		994		1,006
Drive Auto Receivables Trust, Ser 2020-2, Cl C
2.280%, 08/17/26		718		738
DT Auto Owner Trust, Ser 2019-1A, Cl A
3.080%, 09/15/22 (A)		42		43
DT Auto Owner Trust, Ser 2019-2A, Cl A
2.850%, 09/15/22 (A)		492		494
DT Auto Owner Trust, Ser 2019-3A, Cl A
2.550%, 08/15/22 (A)		305		306
DT Auto Owner Trust, Ser 2020-1A, Cl A
1.940%, 09/15/23 (A)		1,484		1,494
DT Auto Owner Trust, Ser 2020-2A, Cl A

Description	Face Amount (000)		Value   (000)
1.140%, 01/16/24 (A)	$	2,010	$	2,018
DT Auto Owner Trust, Ser 2020-2A, Cl B
2.080%, 03/16/26 (A)		581		594
DT Auto Owner Trust, Ser 2020-3A, Cl C
1.470%, 06/15/26 (A)		850		852
Exeter Automobile Receivables Trust, Ser 2019-4A, Cl A
2.180%, 01/17/23 (A)		591		593
Exeter Automobile Receivables Trust, Ser 2020-1A, Cl A
2.050%, 06/15/23 (A)		992		999
Exeter Automobile Receivables Trust, Ser 2020-2A, Cl A
1.130%, 08/15/23 (A)		4,182		4,195
Exeter Automobile Receivables Trust, Ser 2020-2A, Cl B
2.080%, 07/15/24 (A)		1,355		1,375
Exeter Automobile Receivables Trust, Ser 2020-3A, Cl C
1.320%, 07/15/25		911		913
First Investors Auto Owner Trust, Ser 2019-2A, Cl A
2.210%, 09/16/24 (A)		1,300		1,317
Flagship Credit Auto Trust, Ser 2019-1, Cl A
3.110%, 08/15/23 (A)		1,115		1,131
Flagship Credit Auto Trust, Ser 2019-2, Cl A
2.830%, 10/16/23 (A)		2,381		2,416
Flagship Credit Auto Trust, Ser 2019-4, Cl A
2.170%, 06/17/24 (A)		3,331		3,381
Flagship Credit Auto Trust, Ser 2020-1, Cl A
1.900%, 08/15/24 (A)		3,314		3,362
Flagship Credit Auto Trust, Ser 2020-2, Cl A
1.490%, 07/15/24 (A)		2,724		2,749
Flagship Credit Auto Trust, Ser 2020- 3, Cl A
0.700%, 04/15/25 (A)		1,128		1,130
Ford Credit Auto Owner Trust, Ser 2017-C, Cl A3
2.010%, 03/15/22		233		234
Ford Credit Auto Owner Trust, Ser 2019-B, Cl A3
2.230%, 10/15/23		100		102
Ford Credit Auto Owner Trust, Ser 2020-A, Cl A2
1.030%, 10/15/22		1,711		1,717
Ford Credit Auto Owner Trust, Ser 2020-A, Cl A3
1.040%, 08/15/24		2,114		2,140
Ford Credit Auto Owner Trust, Ser 2020-A, Cl A4
1.350%, 07/15/25		1,329		1,366

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face Amount (000)		Value   (000)
Ford Credit Auto Owner Trust, Ser 2020-B, Cl A4
0.790%, 11/15/25	$	1,531	$	1,551
Ford Credit Floorplan Master Owner Trust, Ser 2017-3, Cl A
2.480%, 09/15/24		150		156
Ford Credit Floorplan Master Owner Trust A, Ser 2020-2, Cl A
1.060%, 09/15/27		3,884		3,891
GM Financial Automobile Leasing Trust, Ser 2020-2, Cl A3
0.800%, 07/20/23		1,860		1,875
GM Financial Automobile Leasing Trust, Ser 2020-2, Cl A4
1.010%, 07/22/24		561		568
GM Financial Consumer Automobile Receivables Trust, Ser 2018-1, Cl A3
2.320%, 07/18/22		776		781
GM Financial Consumer Automobile Receivables Trust, Ser 2019-3, Cl A3
2.180%, 04/16/24		100		102
GM Financial Consumer Automobile Receivables Trust, Ser 2020-1, Cl A3
1.840%, 09/16/24		3,129		3,205
GM Financial Consumer Automobile Receivables Trust, Ser 2020-2, Cl A3
1.490%, 12/16/24		2,138		2,181
GM Financial Consumer Automobile Receivables Trust, Ser 2020-3, Cl A3
0.450%, 04/16/25		1,551		1,552
GMF Floorplan Owner Revolving Trust, Ser 2020-1, Cl A
0.680%, 08/15/25 (A)		1,473		1,476
Honda Auto Receivables 2020-3 Owner Trust, Ser 2020-3, Cl A4
0.460%, 04/19/27		2,182		2,179
Honda Auto Receivables Owner Trust, Ser 2017-4, Cl A3
2.050%, 11/22/21		175		175
Honda Auto Receivables Owner Trust, Ser 2019-4, Cl A3
1.830%, 01/18/24		100		102
Honda Auto Receivables Owner Trust, Ser 2020-2, Cl A2
0.740%, 11/15/22		2,345		2,352
Honda Auto Receivables Owner Trust, Ser 2020-2, Cl A3
0.820%, 07/15/24		2,517		2,540
Honda Auto Receivables Owner Trust, Ser 2020-2, Cl A4
1.090%, 10/15/26		866		882
Hyundai Auto Receivables Trust, Ser 2019-B, Cl A3
1.940%, 02/15/24		55		56

Description	Face Amount (000)		Value   (000)
Hyundai Auto Receivables Trust, Ser 2020-A, Cl A3
1.410%, 11/15/24	$	2,594	$	2,650
Hyundai Auto Receivables Trust, Ser 2020-A, Cl A4
1.720%, 06/15/26		1,938		1,995
Mercedes-Benz Auto Receivables Trust, Ser 2019-1, Cl A3
1.940%, 03/15/24		100		102
Nissan Auto Receivables Owner Trust, Ser 2019-A, Cl A2A
2.820%, 01/18/22		359		360
Nissan Auto Receivables Owner Trust, Ser 2020-A, Cl A3
1.380%, 12/16/24		2,557		2,608
Santander Consumer Auto Receivables Trust, Ser 2020-BA, Cl A3
0.460%, 08/15/24 (A)		3,227		3,230
Santander Consumer Auto Receivables Trust, Ser 2020-BA, Cl C
1.290%, 04/15/26 (A)		438		439
Santander Drive Auto Receivables
Trust, Ser 2018-1, Cl D
3.320%, 03/15/24		85		87
Santander Drive Auto Receivables Trust, Ser 2019-1, Cl B
3.210%, 09/15/23		1,416		1,426
Santander Drive Auto Receivables Trust, Ser 2020-1, Cl A2A
2.070%, 01/17/23		3,825		3,852
Santander Drive Auto Receivables Trust, Ser 2020-1, Cl A3
2.030%, 02/15/24		1,747		1,781
Santander Drive Auto Receivables Trust, Ser 2020-2, Cl A3
0.670%, 04/15/24		1,164		1,167
Santander Drive Auto Receivables Trust, Ser 2020-2, Cl B
0.960%, 11/15/24		910		913
Santander Drive Auto Receivables Trust, Ser 2020-2, Cl C
1.460%, 09/15/25		972		984
Toyota Auto Loan Extended Note Trust, Ser 2020-1A, Cl A
1.350%, 05/25/33 (A)		3,259		3,345
Toyota Auto Receivables Owner Trust, Ser 2019-C, Cl A3
1.910%, 09/15/23		100		102
Toyota Auto Receivables Owner Trust, Ser 2020-A, Cl A4
1.680%, 05/15/25		743		768
Toyota Auto Receivables Owner Trust, Ser 2020-B, Cl A3
1.360%, 08/15/24		2,438		2,484
Toyota Auto Receivables Owner Trust, Ser 2020-B, Cl A4
1.660%, 09/15/25		1,910		1,968

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
USAA Auto Owner Trust, Ser 2019- 1, Cl A4
2.140%, 11/15/24	$	1,839	$	1,889
Volkswagen Auto Loan Enhanced Trust, Ser 2020-1, Cl A3
0.980%, 11/20/24		3,024		3,062
Volkswagen Auto Loan Enhanced Trust, Ser 2020-1, Cl A4
1.260%, 08/20/26		1,238		1,270
Westlake Automobile Receivables Trust, Ser 2019-1A, Cl A2A
3.060%, 05/16/22 (A)		581		583
Westlake Automobile Receivables Trust, Ser 2019-2A, Cl A2A
2.570%, 02/15/23 (A)		976		983
Westlake Automobile Receivables Trust, Ser 2019-3A, Cl A2
2.150%, 02/15/23 (A)		2,480		2,498
World Omni Auto Receivables Trust, Ser 2018-D, Cl A3
3.330%, 04/15/24		5,000		5,124
World Omni Auto Receivables Trust, Ser 2019-B, Cl A3
2.590%, 07/15/24		2,883		2,952
World Omni Auto Receivables Trust, Ser 2019-C, Cl A3
1.960%, 12/16/24		1,999		2,051
World Omni Auto Receivables Trust, Ser 2020-C, Cl A3
0.480%, 11/17/25		885		886
World Omni Auto Receivables Trust, Ser 2020-C, Cl A4
0.610%, 10/15/26		1,288		1,296
World Omni Select Auto Trust, Ser 2020-A, Cl A2
0.470%, 06/17/24		2,298		2,298
World Omni Select Auto Trust, Ser 2020-A, Cl A3
0.550%, 07/15/25		884		886
				164,585
Credit Card – 0.4%
American Express Credit Account Master Trust, Ser 2019-1, Cl A
2.870%, 10/15/24		450		467
American Express Credit Account Master Trust, Ser 2019-4, Cl A
0.392%, VAR ICE LIBOR USD 1 Month+0.240%, 04/15/24		3,360		3,365
BA Credit Card Trust, Ser 2019-A1, Cl A1
1.740%, 01/15/25		100		103
Capital One Multi-Asset Execution Trust, Ser 2019-A2, Cl A2
1.720%, 08/15/24		1,814		1,864
Discover Card Execution Note Trust, Ser 2019-A1, Cl A1
3.040%, 07/15/24		1,282		1,328

Description	Face           Amount   (000)		Value   (000)
Discover Card Execution Note Trust, Ser 2019-A2, Cl A
0.422%, VAR ICE LIBOR USD 1 Month+0.270%, 12/15/23	$	1,613	$	1,615
Synchrony Credit Card Master Note Trust, Ser 2018-2, Cl A
3.470%, 05/15/26		200		214
				8,956
Financials – 0.1%
PRPM, Ser 2020-2, Cl A1
3.671%, 08/25/25 (A)		1,525		1,525
PRPM, Ser 2020-3, Cl A1
2.857%, 09/25/25 (A)		1,100		1,100
				2,625
Other Asset-Backed Securites – 0.5%
BANK, Ser 2020-BN28, Cl A4
1.844%, 03/15/63		876		900
Bayview Opportunity Master Fund V Trust, Ser 2020-RN3, Cl A1
3.105%, 09/25/35 (A)		135		135
Benchmark Mortgage Trust, Ser 2020-B19, Cl A5
1.850%, 09/15/53		1,848		1,899
CSMC Trust, Ser 2020-RPL3, Cl A1
2.691%, 03/25/60 (A) (D)		1,345		1,345
New Residential Mortgage Loan Trust, Ser 2020-NPL2, Cl A1
3.228%, 08/25/60 (A)		1,320		1,320
New Residential Mortgage Loan Trust, Ser 2020-RPL2, Cl A1
3.578%, 08/25/25 (A) (D)		2,827		2,826
RCO V Mortgage, Ser 2020-1, Cl A1
3.105%, 09/25/25 (A)		980		981
Wells Fargo Commercial Mortgage Trust, Ser 2020-C57, Cl A4
2.118%, 08/15/53		1,547		1,607
				11,013
Other Asset-Backed Securities – 1.3%
CLUB Credit Trust, Ser 2018-P3, Cl A
3.820%, 01/15/26 (A)		393		395
Consumer Loan Underlying Bond Credit Trust, Ser 2019-HP1, Cl A
2.590%, 12/15/26 (A)		999		1,010
Consumer Loan Underlying Bond Credit Trust, Ser 2019-P1, Cl A
2.940%, 07/15/26 (A)		497		501
GCAT, Ser 2020-1, Cl A1
2.981%, 01/26/60 (A)		830		817
PRPM, Ser 2019-4A, Cl A1
3.351%, 11/25/24 (A)		2,448		2,454
PRPM, Ser 2020-1A, Cl A1
2.981%, 02/25/25 (A)		1,918		1,911
SoFi Consumer Loan Program Trust, Ser 2019-3, Cl A
2.900%, 05/25/28 (A)		1,056		1,068

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
Vericrest Opportunity Loan Trust, Ser 2019-NPL5, Cl A1A
3.352%, 09/25/49 (A)	$	1,556	$	1,558
Vericrest Opportunity Loan Trust, Ser 2019-NPL8, Cl A1A
3.278%, 11/25/49 (A)		2,382		2,384
Vericrest Opportunity Loan Trust, Ser 2020-NPL5, Cl A1A
2.982%, 03/25/50 (A)		251		251
Verizon Owner Trust, Ser 2018-A, Cl A1A
3.230%, 04/20/23		5,596		5,683
Verizon Owner Trust, Ser 2019-A, Cl A1A
2.930%, 09/20/23		1,845		1,890
Verizon Owner Trust, Ser 2020-A, Cl A1A
1.850%, 07/22/24		4,838		4,962
VOLT LXXXIII, Ser 2019-NPL9, Cl A1A
3.327%, 11/26/49 (A)		938		940
VOLT LXXXV, Ser 2020-NPL1, Cl A1A
3.228%, 01/25/50 (A)		1,041		1,043
VOLT LXXXVII, Ser 2020-NPL3, Cl A1A
2.981%, 02/25/50 (A)		2,854		2,854
				29,721
Total Asset-Backed Securities (Cost $214,457) (000)				216,900
SOVEREIGN DEBT — 3.7%
1MDB Global Investments
4.400%, 03/09/23		3,400		3,403
Abu Dhabi Government International Bond
1.700%, 03/02/31 (A)		1,221		1,208
0.750%, 09/02/23 (A)		2,545		2,542
African Development Bank
3.000%, 09/20/23		100		108
2.125%, 11/16/22		50		52
Angolan Government International Bond
9.375%, 05/08/48 (A)		1,685		1,314
8.250%, 05/09/28 (A)		1,995		1,585
Argentine Republic Government International Bond
2.000%, 2.000%, 0 01/09/38 (F)		2,676		1,151
1.125%, 1.125%, 0 07/09/35 (F)		3,113		1,170
1.000%, 07/09/29		424		194
0.500%, 0.500%, 0 07/09/30 (F)		1,850		777
Armenia International Bond
7.150%, 03/26/25 (A)		2,055		2,229
Asian Development Bank
2.750%, 03/17/23		235		249
2.375%, 08/10/27		100		112
2.000%, 01/22/25		100		107

Description	Face           Amount   (000)		Value   (000)
1.750%, 09/19/29	$	100	$	108
1.625%, 01/24/23		100		103
1.500%, 10/18/24		150		157
0.625%, 04/07/22		300		302
0.375%, 09/03/25		150		149
0.250%, 07/14/23		225		225
Asian Infrastructure Investment Bank
0.500%, 05/28/25		100		100
0.250%, 09/29/23		65		65
Banco Bilbao Vizcaya Argentaria
0.875%, 09/18/23		2,000		1,999
BAT Capital
3.734%, 09/25/40		30		30
2.726%, 03/25/31		50		50
2.259%, 03/25/28		25		25
BAT International Finance
1.668%, 03/25/26		1,804		1,810
Bermuda Government International Bond
3.375%, 08/20/50 (A)		580		596
2.375%, 08/20/30 (A)		210		212
Brookfield Finance
3.500%, 03/30/51		100		99
Canada Government International Bond
2.000%, 11/15/22		100		104
1.625%, 01/22/25		150		158
Chile Government International Bond
3.125%, 01/21/26		107		119
2.450%, 01/31/31		200		210
Colombia Government International Bond
5.000%, 06/15/45		200		233
4.000%, 02/26/24		200		213
3.875%, 04/25/27		2,134		2,303
3.125%, 04/15/31		200		205
Council of Europe Development Bank
2.625%, 02/13/23		30		32
2.500%, 02/27/24		60		64
1.375%, 02/27/25		50		52
Development Bank of Mongolia
7.250%, 10/23/23 (A)		1,360		1,421
Ecopetrol
6.875%, 04/29/30		200		239
Ecuador Government International Bond
5.000%, 5.000%, 0 07/31/30 (A) (F)		1,255		847
1.000%, 1.000%, 0 07/31/35 (A) (F)		2,940		1,624
0.500%, 0.500%, 0 07/31/40 (A) (F)		1,214		606
0.000%, 07/31/30 (A)		287		133
European Bank for Reconstruction & Development
2.750%, 03/07/23		100		106
0.500%, 05/19/25		100		100
0.250%, 07/10/23		100		100
European Investment Bank

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
3.125%, 12/14/23	$	150	$	164
2.875%, 12/15/21		200		206
2.875%, 08/15/23		150		161
2.250%, 03/15/22		150		155
2.250%, 06/24/24		150		161
2.125%, 10/15/21		200		204
2.125%, 04/13/26		100		109
2.000%, 12/15/22		150		156
1.625%, 10/09/29		200		214
1.375%, 05/15/23		100		103
0.250%, 09/15/23		145		145
Export Development Canada
2.500%, 01/24/23		100		105
1.375%, 02/24/23		150		154
Export-Import Bank of Korea
2.875%, 01/21/25		200		217
Financiera de Desarrollo
4.750%, 07/15/25 (A)		507		569
Hungary Government International Bond
7.625%, 03/29/41		150		268
Indonesia Asahan Aluminium Persero
5.800%, 05/15/50 (A)		237		277
Indonesia Government International Bond
4.450%, 02/11/24		200		221
4.350%, 01/11/48		200		231
Inter-American Development Bank
3.125%, 09/18/28		150		178
2.375%, 07/07/27		100		111
2.125%, 01/15/25		125		134
2.000%, 07/23/26		150		162
1.750%, 04/14/22		150		154
1.750%, 09/14/22		100		103
0.875%, 04/03/25		150		153
0.625%, 07/15/25		100		101
0.500%, 05/24/23		300		302
International Bank for Reconstruction & Development
2.500%, 07/29/25		150		165
2.500%, 11/22/27		200		226
2.125%, 12/13/21		200		205
2.125%, 07/01/22		200		207
2.125%, 02/13/23		100		104
2.000%, 01/26/22		200		205
1.875%, 06/19/23		100		104
1.500%, 08/28/24		100		104
0.750%, 03/11/25		400		406
0.625%, 04/22/25		300		303
International Finance
2.875%, 07/31/23		95		102
2.000%, 10/24/22		50		52
1.375%, 10/16/24		90		94
Israel Government International Bond
3.875%, 07/03/50		200		240
3.150%, 06/30/23		200		214
Ivory Coast Government International Bond
6.125%, 06/15/33 (A)		1,260		1,177

Description	Face           Amount   (000)		Value   (000)
5.750%, 12/31/32 (A)	$	12	$	11
Japan Bank for International Cooperation
3.375%, 10/31/23		200		218
2.500%, 06/01/22		200		207
2.500%, 05/23/24		250		268
2.375%, 04/20/26		200		219
Korea Development Bank
1.750%, 02/18/25		200		207
Korea Government International Bond
2.750%, 01/19/27		200		220
Kreditanstalt fuer Wiederaufbau
3.125%, 12/15/21		150		155
2.875%, 04/03/28		90		105
2.500%, 11/20/24		300		327
2.375%, 12/29/22		280		293
2.125%, 03/07/22		150		154
1.750%, 09/14/29		400		434
1.625%, 02/15/23		150		155
1.375%, 08/05/24		100		104
0.250%, 10/19/23		100		100
Landwirtschaftliche Rentenbank
3.125%, 11/14/23		150		163
2.500%, 11/15/27		150		169
Mexico Government International Bond
5.550%, 01/21/45		300		361
5.000%, 04/27/51		2,365		2,649
4.750%, 04/27/32		500		564
4.500%, 04/22/29		200		224
4.150%, 03/28/27		200		223
Mongolia Government International Bond
10.875%, 04/06/21 (A)		2,010		2,083
5.125%, 12/05/22 (A)		720		735
5.125%, 12/05/22		490		500
Nigeria Government International Bond
7.625%, 11/21/25 (A)		1,340		1,394
Nordic Investment Bank
0.375%, 05/19/23		200		201
Oesterreichische Kontrollbank
3.125%, 11/07/23		100		109
2.875%, 03/13/23		50		53
1.500%, 02/12/25		50		52
Panama Government International Bond
4.500%, 05/15/47		200		250
3.875%, 03/17/28		200		227
3.870%, 07/23/60		725		829
2.252%, 09/29/32		1,344		1,354
Peru Government Bond
5.350%, 08/12/40 (PEN)		3,680		1,011
Peruvian Government International Bond
7.350%, 07/21/25		100		128
5.625%, 11/18/50		150		239
2.392%, 01/23/26		1,582		1,659

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
Philippine Government International Bond
5.500%, 03/30/26	$	200	$	247
3.700%, 02/02/42		300		348
Poland Government International Bond
4.000%, 01/22/24		125		139
3.000%, 03/17/23		150		159
Province of Alberta Canada
3.300%, 03/15/28		200		233
2.200%, 07/26/22		100		104
Province of British Columbia Canada
2.000%, 10/23/22		100		103
Province of New Brunswick Canada
3.625%, 02/24/28		100		117
Province of Ontario Canada
2.450%, 06/29/22		200		207
2.300%, 06/15/26		100		109
1.750%, 01/24/23		100		103
1.125%, 10/07/30		100		100
1.050%, 05/21/27		100		101
Province of Quebec Canada
2.875%, 10/16/24		100		109
2.625%, 02/13/23		200		211
1.500%, 02/11/25		150		156
0.600%, 07/23/25		50		50
Provincia de Cordoba
7.125%, 06/10/21 (A)		970		592
Qatar Government International Bond
4.400%, 04/16/50 (A)		492		633
3.400%, 04/16/25 (A)		3,037		3,328
2.375%, 06/02/21 (A)		451		456
Republic of Italy Government International Bond
2.875%, 10/17/29		200		207
Shell International Finance BV
3.250%, 04/06/50		50		53
2.750%, 04/06/30		40		44
0.375%, 09/15/23		100		100
Sri Lanka Government International Bond
7.850%, 03/14/29 (A)		1,280		883
6.850%, 11/03/25 (A)		1,205		844
6.200%, 05/11/27 (A)		2,815		1,900
Sumitomo Mitsui Financial Group
2.142%, 09/23/30		1,809		1,783
Svensk Exportkredit
0.250%, 09/29/23		200		199
TSMC Global
1.375%, 09/28/30 (A)		2,053		2,012
Ukraine Government AID Bonds
1.471%, 09/29/21		200		202
Ukraine Government International Bond
7.750%, 09/01/25 (A)		1,870		1,872
7.750%, 09/01/27 (A)		1,870		1,850
7.375%, 09/25/32 (A)		270		253
7.253%, 03/15/33 (A)		2,096		1,926

Description	Face           Amount   (000)		Value   (000)
Uruguay Government International Bond
5.100%, 06/18/50	$	2,101	$	2,825
4.975%, 04/20/55		140		186
4.500%, 08/14/24		100		109
4.375%, 12/15/28 (UYU)		20,500		1,111
4.375%, 01/23/31		180		214
3.875%, 07/02/40 (UYU)		41,400		1,126
Venezuela Government International Bond
7.750%, 10/13/19 (C)		705		53
7.650%, 04/21/25 (C)		362		27
7.000%, 03/31/38 (C)		422		32
Total Sovereign Debt (Cost $87,561) (000)				85,996
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.8%
FFCB
2.070%, 01/13/26		100		100
2.000%, 02/04/26		100		100
1.690%, 08/20/35		100		99
1.150%, 08/12/30		100		100
0.900%, 08/19/27		100		100
0.680%, 08/04/25		100		100
0.420%, 10/16/23		100		100
0.375%, 04/08/22		300		301
0.200%, 07/13/22		200		200
FHLB
3.250%, 06/09/28 - 11/16/28		405		482
2.750%, 12/13/24		300		330
2.500%, 02/13/24		220		237
1.875%, 11/29/21		150		153
1.625%, 11/19/21		205		209
0.375%, 09/04/25		35		35
FHLMC
6.250%, 07/15/32		1,279		2,005
2.220%, 07/13/40		100		100
1.500%, 02/12/25		100		105
0.750%, 08/04/25		150		150
0.700%, 08/19/25		100		100
0.670%, 04/27/23		300		300
0.570%, 08/05/24		200		200
0.400%, 12/29/22		100		100
0.375%, 04/20/23 - 09/23/25		490		491
0.250%, 06/26/23 - 09/08/23		450		450
FNMA
6.625%, 11/15/30		250		384
2.625%, 09/06/24		1,399		1,529
2.250%, 04/12/22		2,590		2,674
2.125%, 04/24/26		200		218
1.875%, 09/24/26		200		217
1.750%, 07/02/24		200		211
1.625%, 10/15/24 - 01/07/25		2,604		2,744
1.375%, 09/06/22		350		358
0.875%, 08/05/30		100		99
0.700%, 07/30/25		200		200
0.625%, 04/22/25		85		86
0.500%, 06/17/25		100		100
0.375%, 08/25/25		95		95

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Face           Amount   (000)		Value   (000)
Tennessee Valley Authority
5.250%, 09/15/39	$	200	$	308
2.875%, 02/01/27		250		284
0.750%, 05/15/25		2,555		2,602
Total U.S. Government Agency Obligations (Cost $17,682) (000)				18,756
MUNICIPAL BONDS — 0.6%
Bay Area, Toll Authority RB
6.263%, 04/01/49		200		341
California State GO
4.600%, 04/01/38		315		375
4.500%, 04/01/33		25		30
3.500%, 04/01/28		25		29
3.375%, 04/01/25		20		22
California State, Department of Water Resources, Power Supply Revenue RB
2.000%, 05/01/22		100		103
Chicago, O’Hare International Airport RB
4.572%, 01/01/54		150		191
4.472%, 01/01/49		50		63
City of San Francisco, Public Utilities Commission Water Revenue RB
3.303%, 11/01/39		100		108
Dallas/Fort Worth International Airport RB
2.994%, 11/01/38		100		104
Grand Parkway Transportation RB
3.236%, 10/01/52		30		31
Houston GO
3.961%, 03/01/47		150		186
Illinois State GO
5.100%, 06/01/33		2,355		2,380
Illinois State, Sales Tax Securitization RB
3.820%, 01/01/48		100		110
New Jersey State, Transportation Trust Fund Authority		RB
5.754%, 12/15/28		1,790		2,022
4.131%, 06/15/42		575		548
4.081%, 06/15/39		100		95
New York State, Dormitory Authority RB
4.946%, 08/01/48		100		113
3.190%, 02/15/43		3,075		3,348
Ohio State, Beverage System RB
2.833%, 01/01/38		10		11
Ohio State, Turnpike & Infrastructure Commission RB
3.216%, 02/15/48		150		158
Pennsylvania State, Commonwealth Financing Authority RB
3.864%, 06/01/38		150		173

Description	Face           Amount   (000)		Value   (000)
Port Authority of New York & New Jersey RB
4.031%, 09/01/48	$	150	$	177
3.287%, 08/01/69		50		51
1.086%, 07/01/23		1,865		1,891
Rutgers, The State University of New Jersey RB
3.270%, 05/01/43		150		166
Texas State GO
3.211%, 04/01/44		50		54
Texas State, Permanent University Fund - Texas A&M University System RB
3.660%, 07/01/47		100		110
Texas State, Transportation Commission GO
2.562%, 04/01/42		40		41
Texas Transportation Commission
2.472%, 10/01/44		50		51
University of California RB
4.858%, 05/15/12		200		291
3.349%, 07/01/29		100		115
University of Texas, Taxable Financing System RB
3.354%, 08/15/47		250		299
Wisconsin State RB
3.154%, 05/01/27		200		225
				14,012
Total Municipal Bonds (Cost $13,169) (000)				14,012
COMMON STOCK — 0.0%
United States – 0.0%
Consumer Discretionary – 0.0%
Horizon Global*		1,760		10
Total Common Stock (Cost $8) (000)				10
PREFERRED STOCK — 0.0%
PES Energy(G)		26,609		–
Total Preferred Stock (Cost $239) (000)				–

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

Description	Shares		Value   (000)
SHORT-TERM INVESTMENT — 4.9%
State Street Institutional Treasury Money Market Fund, Cl Premier, 0.020% (H)		113,649,524	$	113,650
Total Short-Term Investment (Cost $113,650) (000)				113,650
Total Investments In Securities — 97.5% (Cost $2,178,636) (000)			$	2,250,407

Percentages are based on net assets of $2,309,021 (000).

A list of the open forward foreign currency contracts held by the Fund at September 30, 2020 is as follows (000):

Counterparty	Maturity Date		Currency to Deliver			Currency to Receive			Unrealized Appreciation (depreciation)
HSBC		10/14/20		USD	1,196		INR	90,450		$   30
HSBC		10/14/20		INR	90,450		USD	1,198		(28	)
HSBC		10/15/20		USD	1,200		PHP	59,670		31
Barclays PLC		10/15/20		PHP	59,670		USD	1,203		(28	)
HSBC		10/19/20		USD	1,211		CLP	951,000		—
HSBC		10/19/20		CLP	951,000		USD	1,229		17
HSBC		10/20/20		USD	956		MXN	21,600		19
HSBC		10/26/20		USD	1,205		PLN	4,774		30
HSBC		10/29/20		CNH	17,124		USD	2,512		(7	)
HSBC		10/29/20		USD	2,431		CNH	17,124		88
HSBC		11/10/20		USD	357		RUB	26,380		(19	)
Barclays PLC		11/10/20		RUB	276,460		USD	3,722		177
HSBC		11/10/20		RUB	26,380		USD	332		(6	)
Barclays PLC		11/10/20		USD	3,485		RUB	276,460		60
Barclays PLC		11/19/20		THB	78,700		USD	2,499		15
Barclays PLC		11/19/20		USD	2,487		THB	78,700		(4	)
Barclays PLC		11/24/20		USD	2,546		MYR	10,546		(12	)
Barclays PLC		11/24/20		MYR	10,546		USD	2,512		(23	)
HSBC		12/14/20		IDR	9,376,000		USD	626		1
HSBC		12/14/20		USD	625		IDR	9,376,000		—
Barclays PLC		12/14/20		IDR46,498,000			USD	3,107		6
Barclays PLC		12/14/20		USD	3,100		IDR46,498,000			1
HSBC		12/17/20		BRL	15,616		USD	2,939		164
HSBC		12/22/20		USD	3,345		ZAR	57,060		27
HSBC		12/22/20		ZAR	31,790		USD	1,854		(25	)
HSBC		12/22/20		ZAR	25,270		USD	1,507		14
Barclays PLC		12/23/20		USD	2,402		PEN	8,634		(6	)
Barclays PLC		12/23/20		PEN	8,634		USD	2,445		50
HSBC		03/22/21		USD	6,626		EUR	5,620		(10	)
HSBC		03/22/21		EUR	2,557		USD	2,996		(14	)
HSBC		03/22/21		EUR	3,646		USD	4,344		52
										$  600

* Non-income producing security.

(A) Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of these securities at September 30, 2020 was $197,864 (000) and represents 9.4% 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) 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.

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

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

(G) There is currently no stated interest rate.

(H) The rate reported is the 7-day effective yield as of September 30, 2020.

AID — Agency for International Development

ARS — Argentine Peso

BRL — Brazilian Real

Cl — Class

CLP — Chilean Peso

CNH — Chinese Yuan Offshore

DAC — Designated Activity Company

EUR — Euro

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

ICE — Intercontinental Exchange

IDR — Indonesian Rupiah

INR — Indian Rupee

JSC — Joint Stock Company

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Company

L.P. — Limited Partnership

Ltd. — Limited

MXN — Mexican Peso

MYR — Malaysian Ringgit

PEN — Peruvian Sol

PHP — Philippine Peso

PLC — Public Limited Company

PLN — Polish Zloty

RB — Revenue Bond

RUB — Russian Ruble

Ser — Series

TBA — To Be Announced

THB — Thai Baht

USD — U.S. Dollar

UYU — Uruguayan Peso

VAR — Variable Rate

ZAR — South African Rand

KP Fixed Income Fund

Schedule of Investments

September 30, 2020 (unaudited)

The following is a list of the level of inputs used as of September 30, 2020, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1		Level 2			Level 3^		Total
Corporate Obligations	$	—	$	596,819		$	—	$	596,819
Mortgage- Backed Securities		—		526,727			—		526,727
U.S. Treasury Obligations		24,959		435,458			—		460,417
Loan Participations		—		216,217			903		217,120
Asset-Backed Securities		—		216,900			—		216,900
Sovereign Debt		—		85,996			—		85,996
U.S. Government Agency Obligations		—		18,756			—		18,756
Municipal Bonds		—		14,012			—		14,012
Common Stock		10		—			—		10
Preferred Stock		—		—			—		—
Short-Term Investment		113,650		—			—		113,650
Total Investments in Securities	$	138,619	$	2,110,885		$	903	$	2,250,407
Other Financial Instruments	Level  1		Level 2			Level 3		Total
Forwards Contracts*
Unrealized Appreciation	$	–	$	782		$	–	$	782
Unrealized Depreciation		–		(182	)		–		(182	)
Total Other Financial Instruments	$	–	$	600		$	–	$	600

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

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

For the period ended September 30, 2020, there were no transfers in or out of Level 3.

For the period ended September 30, 2020, 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.

KPF-QH-004-1200