Answer
During the cooling, $KNO_3$ will precipitate.
Work Step by Step
At $40 ^{\circ}C$, the solubility of $KNO_3$ in water is greater than 45 g $KNO_3$ / 100 g $H_2O$. Thus, the solution is unsaturated at that temperature.
But, at $0^oC$, the solubility is lower than that. Therefore, during that process, the solution will reach the maximum solubility of that compound, which will cause its precipitation.