N-CSRS 1 fp0079120_ncsrs.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-8056

 

 

Praxis Mutual Funds

(Exact name of registrant as specified in charter)

 

 

1110 N. Main Street

Goshen, IN 46527

(Address of principal executive offices) (Zip code)

 

 

Anthony Zacharski

Dechert LLP

200 Clarendon Street, 27th Floor

Boston, MA 02116

(Name and Address of Agent for Service)

 

 

Registrant’s telephone number, including area code: (800) 977-2947

Date of fiscal year end: December 31

Date of reporting period: June 30, 2022

 

 

 

 

 

 

 

Item 1. Reports to Stockholders.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

 

 

 

 

Table of Contents

 

   

Message from the President

1

Performance

2

Praxis Impact Bond Fund

 

Schedule of Investments

4

Praxis International Index Fund

 

Schedule of Investments

12

Praxis Value Index Fund

 

Schedule of Investments

19

Praxis Growth Index Fund

 

Schedule of Investments

23

Praxis Small Cap Index Fund

 

Schedule of Investments

27

Praxis Genesis Conservative Portfolio

 

Schedule of Investments

33

Praxis Genesis Balanced Portfolio

 

Schedule of Investments

34

Praxis Genesis Growth Portfolio

 

Schedule of Investments

35

Financial Statements

 

Statements of Assets & Liabilities

36

Statements of Operations

38

Statements of Changes in Net Assets

40

Financial Highlights

43

Notes to Financial Statements

51

Additional Fund Information

64

Notice of Privacy Policy and Practices

67

 

 

 

 

Message from the President

 

 

 

Dear Praxis shareholder:

 

Just six months ago, the U.S. stock market seemed immune to growing concerns about inflation and the grinding effects of the COVID-19 pandemic. Since then, Russia invaded Ukraine, causing untold suffering, and pitching the globe into an energy crisis. Inflation has gained momentum, reaching levels not seen in 40 years.

 

Persistent inflation prompted the U.S. Federal Reserve to reverse its accommodative stance, shifting to an aggressive tightening campaign with the goal of slowing the economy enough to roll back inflation, but not so much as to hasten a recession. The jury is still out on whether the Fed will be successful.

 

The uncertainty sown by these risks caused investors to sell stocks, pushing the S&P 500 Index into bear market territory (-19.97% year to date through June 30) and to sell bonds, generating one of the worst first half of the year records in U.S. financial history (Bloomberg U.S. Aggregate Bond Index, -10.35% year to date through June 30).

 

Investors have grown to expect bonds to be a haven when stocks are volatile, but so far this year, bonds haven’t played this traditional role. Falling bond values and rising interest rates led some investors to redeem their fixed income investments, including from the Praxis Impact Bond Fund. However, we have continued to see positive flows into the Praxis stock funds despite the market sell-off.

 

We know the financial results of your investments are at the foundation of why you invest with us. This is a serious responsibility that we willingly accept. We also know you are joining us to integrate your values into your financial decisions and to make a positive impact on the world. We do this work with the same seriousness with which we accept the financial responsibility.

 

To that end, our team pursued corporate advocacy on your behalf during the first half of the year, co-filing resolutions on paid sick leave, racial equity, and vaccine access and pricing at companies in our equity portfolios. We continued to purchase bonds that make an impact on the climate and/or communities by adding over $25 million of positive impact bonds in the Praxis Impact Bond Fund.

 

Our community investing work, which we pursue through investments in Calvert Impact Capital, continues to make an impact in communities that the traditional financial markets overlook. And lastly, we launched Real Impact Quarterly to share ways your investments are making a positive impact on the world, including more detail on our advocacy efforts, community investing, and more. You can find the report at www.praxismutualfunds.com.

 

Thank you for the confidence you’ve placed in our team. We are grateful for the partnership.

 

Sincerely,

 

 

Chad M. Horning, CFA®
President

 

The views expressed are those of the president of Praxis Mutual Funds as of June 30, 2022, are subject to change, and may differ from the views of portfolio managers or the firm as a whole. These views are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decisions.

 

Praxis Mutual Funds are advised by Everence Capital Management and distributed through FINRA member Foreside Financial Services, LLC.

 

This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

 

1

 

 

Performance

 

We are pleased to provide this 2022 mid-year update for the Praxis Mutual Funds. The following tables summarize the performance of the Praxis Mutual Funds as of June 30, 2022.

 

 

NAV
06/30/22

One
Year
Ended
06/30/22

Three
Years
Ended
06/30/22

Five
Years
Ended
06/30/22

Ten
Years
Ended
06/30/22

Since
Inception
06/30/22

Inception
Date

Expense
Ratio **
Gross/Net

Praxis Impact Bond Fund

                 

Class A *

$9.60

-14.16%

-2.54%

-0.35%

0.86%

3.43%

5/12/1999

0.88%

0.88%

Class A (Without Load)

$9.60

-10.78%

-1.30%

0.42%

1.25%

3.61%

5/12/1999

   

Class I

$9.55

-10.47%

-0.90%

0.84%

1.64%

3.55%

5/1/2006

0.48%

0.48%

Bloomberg U.S. Aggregate Bond Index 1

 

-10.29%

-0.93%

0.88%

1.54%

4.16%

 

 

 

Praxis International Index Fund

                 

Class A *

$11.09

-22.97%

-0.08%

0.87%

3.69%

1.79%

12/31/2010

1.20%

1.20%

Class A (Without Load)

$11.09

-18.70%

1.73%

1.97%

4.25%

2.26%

12/31/2010

   

Class I

$11.15

-18.20%

2.36%

2.65%

4.90%

2.91%

12/31/2010

0.61%

0.61%

MSCI All Country World Index ex-U.S. 2

 

-19.42%

1.35%

2.50%

4.83%

3.11%

 

 

 

Praxis Value Index Fund

                 

Class A *

$15.06

-11.29%

6.20%

7.24%

10.02%

4.78%

5/1/2001

0.78%

0.78%

Class A (Without Load)

$15.06

-6.40%

8.13%

8.40%

10.61%

5.04%

5/1/2001

   

Class I

$14.96

-6.01%

8.59%

8.87%

11.14%

6.24%

5/1/2006

0.38%

0.38%

S&P 500 Value Index 3

 

-4.86%

8.23%

8.19%

10.97%

6.84%

 

 

 

Praxis Growth Index Fund

                 

Class A *

$31.11

-20.69%

9.56%

12.06%

13.25%

9.42%

5/1/2007

0.66%

0.66%

Class A (Without Load)

$31.11

-16.28%

11.55%

13.27%

13.86%

9.81%

5/1/2007

   

Class I

$31.45

-16.02%

11.90%

13.66%

14.31%

10.24%

5/1/2007

0.36%

0.36%

S&P 500 Growth Index 4

 

-16.39%

11.65%

13.46%

14.35%

10.44%

 

 

 

Praxis Small Cap Index Fund

                 

Class A *

$8.56

-24.40%

3.66%

4.50%

5.79%

4.46%

5/1/2007

1.12%

1.12%

Class A (Without Load)

$8.56

-20.23%

5.53%

5.63%

6.37%

4.83%

5/1/2007

   

Class I

$9.51

-19.65%

6.24%

6.32%

7.06%

5.41%

5/1/2007

0.43%

0.43%

S&P SmallCap 600 Index 5

 

-16.81%

7.30%

7.21%

11.26%

8.11%

 

 

 

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit www.praxismutualfunds.com. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.

 

The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any party during the periods presented. In such instances, and without activity, the total returns would have been lower.

 

*    The total return figures shown reflect the maximum sales charge applicable to Class A Shares for each Fund. Class A Shares have a maximum sales charge on purchases of of 3.75% for the Praxis Impact Bond Fund and 5.25% for all other Praxis Mutual Funds.

 

**     Reflects the expense ratios as reported in the Prospectus dated April 30, 2022. For Praxis Small Cap Index Fund, contractual fee reductions are in effect through April 30, 2023 for Class A Shares.

 

1    Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of the Bloomberg U.S. Government/Credit Index and the Bloomberg U.S. Mortgage-Backed Securities Index and includes Treasury issues, agency issues, corporate bond issues and mortgage-backed securities, and is intended to be generally representative of the bond market as a whole.

 

2    The MSCI All Country World Index ex-U.S. is a market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S. based companies. The index includes both developed and emerging markets.

 

3    The S&P 500 Value Index represents the value companies (defined by book value to price ratio, earnings to price ratio and sales to price ratio) of the S&P 500 Index, a universe of large capitalization companies in the U.S. equity market.

 

4    The S&P 500 Growth Index represents the growth companies (defined by sales growth, earnings change to price, and momentum) of the S&P 500 Index, a universe of large capitalization companies in the U.S. equity market.

 

5     S&P SmallCap 600 Index measures the small-cap segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to ensure they are liquid and financially viable.

 

The above indexes are for illustrative purposes only and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Funds’ performance reflects the deduction of these expenses. An investor cannot invest directly in an index, although an investor can invest in its underlying securities.

 

2

 

 

Performance, continued

 

 

NAV
06/30/22

One
Year
Ended
06/30/22

Three
Years
Ended
06/30/22

Five
Years
Ended
06/30/22

Ten
Years
Ended
06/30/22

Since
Inception
06/30/22

Inception
Date

Expense
Ratio **
Gross/Net

Praxis Genesis Conservative Portfolio

                 

Class A *

$11.23

-16.54%

-0.46%

1.60%

3.12%

3.67%

12/31/2009

1.07%

1.07%

Class A (Without Load)

$11.23

-11.90%

1.34%

2.70%

3.68%

4.12%

12/31/2009

 

 

S&P Target Risk Conservative Index 6

 

-11.63%

1.46%

2.98%

3.83%

4.22%

 

 

 

Praxis Genesis Balanced Portfolio

                 

Class A *

$13.65

-17.80%

2.16%

3.81%

5.55%

5.65%

12/31/2009

0.92%

0.92%

Class A (Without Load)

$13.65

-13.25%

4.00%

4.94%

6.11%

6.10%

12/31/2009

 

 

S&P Target Risk Growth Index 7

 

-12.83%

3.73%

4.82%

6.54%

6.66%

 

 

 

Praxis Genesis Growth Portfolio

                 

Class A *

$15.69

-18.71%

3.62%

5.05%

6.97%

6.79%

12/31/2009

0.95%

0.95%

Class A (Without Load)

$15.69

-14.21%

5.51%

6.18%

7.55%

7.25%

12/31/2009

 

 

S&P Target Risk Aggressive Index 8

 

-13.67%

5.11%

5.94%

8.16%

8.29%

 

 

 

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit www.praxismutualfunds.com. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.

 

The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any party during the periods presented. In such instances, and without activity, the total returns would have been lower.

 

*    The total return figures shown reflect the maximum sales charge applicable to Class A Shares for each Fund. Class A Shares have a maximum sales charge on purchases of of 3.75% for the Praxis Impact Bond Fund and 5.25% for all other Praxis Mutual Funds.

 

**     Reflects the expense ratios as reported in the Prospectus dated April 30, 2022. For Praxis Small Cap Index Fund, contractual fee reductions are in effect through April 30, 2023 for Class A Shares.

 

6    S&P Target Risk Conservative Index seeks to emphasize exposure to fixed income, in order to produce a current income stream and avoid excessive volatility of returns. Equities are included to protect long-term purchasing power. The series is comprised of four multi-asset class indices.The index is comprised exclusively of exchange-traded funds.

 

7    S&P Target Risk Growth Index seeks to provide increased exposure to equities, while using fixed income to dampen risk. The series is comprised of four multi-asset class indices. The index is comprised exclusively of exchange-trade funds

 

8    S&P Target Risk Aggressive Index seeks to emphasize exposure to equities, maximizing opportunities for long-term capital accumulation. It may include small allocations in fixed income to enhance portfolio efficiency. The series is comprised of four multi-asset class indices.The index is comprised exclusively of exchange-traded funds.

 

The above indexes are for illustrative purposes only and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Funds’ performance reflects the deduction of these expenses. An investor cannot invest directly in an index, although an investor can invest in its underlying securities.

 

3

 

 

Schedule of Investments

Praxis Impact Bond Fund

June 30, 2022 (unaudited)

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

MUNICIPAL BONDS — 1.1%

American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A

    7.334 %     02/15/28     $ 1,000,000     $ 1,127,402  

City of San Francisco, California, Public Utilities Comm. Water Rev., Series 2019-A

    3.303 %     11/01/39       2,500,000       2,116,425  

Findlay City School District, Series 2010-B

    6.250 %     12/01/37       270,000       270,559  

Houston, Texas, Independent School District, Series 2009A-2

    6.168 %     02/15/34       1,000,000       1,032,080  

Massachusetts St., Series 2016-F

    3.277 %     06/01/46       3,100,000       2,631,621  

New Jersey St. Housing & Mortgage Finance, Series 2013-C

    2.600 %     07/01/23       85,000       85,042  

Osceola County Housing Finance Authority Rev., Series 2013-B

    3.350 %     07/01/23       65,000       65,646  

TOTAL MUNICIPAL BONDS (COST $8,372,963)

    7,328,775  
 

CORPORATE BONDS — 41.0%

APPAREL & TEXTILE PRODUCTS — 0.2%

Hanesbrands, Inc. (a)

    4.625 %     05/15/24     500,000       489,455  

VF Corp. (b)

    2.400 %     04/23/25       536,000       514,334  
                              1,003,789  

ASSET MANAGEMENT — 0.1%

Ameriprise Financial, Inc.

    3.000 %     04/02/25       730,000       712,835  
 

AUTOMOTIVE — 0.8%

BMW US Capital, LLC (a)

    3.800 %     04/06/23       1,000,000       1,004,428  

BorgWarner, Inc.

    2.650 %     07/01/27       601,000       545,943  

Honda Motor Co. Ltd.

    2.967 %     03/10/32       760,000       680,134  

Hyundai Capital Services, Inc. (a)

    1.250 %     02/08/26       200,000       179,874  

Magna International, Inc.

    2.450 %     06/15/30       1,250,000       1,064,201  

Toyota Motor Credit Corp., Series B (b)

    2.900 %     03/30/23       1,735,000       1,735,206  
                              5,209,786  

BANKING — 4.4%

Bank of America Corp.

    0.981 %     09/25/25       1,500,000       1,387,786  

Bank of America Corp.

    2.456 %     10/22/25       1,000,000       952,504  

Bank of America Corp.

    1.530 %     12/06/25       2,000,000       1,860,890  

Bank of America Corp.

    4.271 %     07/23/29       1,000,000       960,813  

Bank of Montreal (b)

    3.300 %     02/05/24       1,000,000       997,875  

Citigroup, Inc.

    1.678 %     05/15/24       1,250,000       1,224,848  

Citigroup, Inc.

    3.700 %     01/12/26       1,750,000       1,714,814  

Citigroup, Inc.

    2.014 %     01/25/26       1,000,000       936,807  

Citigroup, Inc.

    2.572 %     06/03/30       1,000,000       840,589  

ING Groep N.V. (a)

    4.625 %     01/06/26       1,250,000       1,247,173  

JPMorgan Chase & Co.

    0.653 %     09/16/24       1,000,000       958,377  

JPMorgan Chase & Co.

    0.563 %     02/16/25       500,000       470,916  

JPMorgan Chase & Co.

    3.200 %     06/15/26       2,557,000       2,466,993  

JPMorgan Chase & Co.

    2.739 %     10/15/30       2,000,000       1,745,007  

Key Bank, N.A.

    1.250 %     03/10/23       1,750,000       1,725,158  

Mitsubishi UFJ Financial Group

    2.527 %     09/13/23       1,250,000       1,234,759  

 

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

CORPORATE BONDS — 41.0%, continued

BANKING — 4.4%, continued

National Australia Bank, New York Branch

    3.625 %     06/20/23     $ 1,750,000     $ 1,760,885  

National Bank of Canada (a)

    2.150 %     10/07/22       1,250,000       1,247,872  

Regions Financial Corp.

    2.250 %     05/18/25       1,000,000       954,013  

Sumitomo Mitsui Financial Group, Inc.

    0.508 %     01/12/24       2,000,000       1,904,479  

Toronto-Dominion Bank (SOFR + 45) (c)

    0.500 %     09/28/23       2,000,000       1,989,238  
                              28,581,796  

BEVERAGES — 0.2%

Coca-Cola Co. (The)

    3.450 %     03/25/30       500,000       486,349  

Coca-Cola Femsa S.A.B. de C.V.

    1.850 %     09/01/32       1,000,000       776,250  
                              1,262,599  

BIOTECH & PHARMA — 0.9%

AbbVie, Inc.

    2.950 %     11/21/26       500,000       473,773  

Amgen, Inc.

    3.000 %     02/22/29       2,500,000       2,305,941  

Gilead Sciences, Inc. (b)

    3.650 %     03/01/26       750,000       736,539  

Zeneca Wilmington, Inc.

    7.000 %     11/15/23       1,100,000       1,151,897  

Zoetis, Inc.

    3.250 %     02/01/23       1,200,000       1,195,744  
                              5,863,894  

CABLE & SATELLITE — 0.2%

Comcast Corp.

    3.300 %     04/01/27       500,000       484,433  

Comcast Corp.

    2.937 %     11/01/56       672,000       466,969  

Time Warner Cable, Inc.

    4.500 %     09/15/42       500,000       390,310  
                              1,341,712  

CHEMICALS — 1.1%

Avery Dennison Corp.

    2.650 %     04/30/30       1,250,000       1,044,416  

DowDuPont, Inc.

    4.493 %     11/15/25       1,500,000       1,510,212  

Ecolab, Inc.

    4.800 %     03/24/30       140,000       145,165  

Ecolab, Inc.

    2.750 %     08/18/55       1,470,000       1,023,772  

LG Chemical Ltd. (a)

    3.250 %     10/15/24       290,000       286,445  

Nutrien Ltd.

    1.900 %     05/13/23       800,000       787,198  

Nutrien Ltd.

    5.875 %     12/01/36       840,000       931,923  

Solvay Finance S.A. (a)

    4.450 %     12/03/25       1,250,000       1,244,861  
                              6,973,992  

CONSTRUCTION MATERIALS — 0.4%

Carlisle Cos., Inc.

    3.500 %     12/01/24       1,250,000       1,235,640  

Owens Corning

    4.200 %     12/01/24       1,000,000       998,938  

Owens Corning

    3.950 %     08/15/29       300,000       278,277  
                              2,512,855  

CONSUMER SERVICES — 5.1%

Andrew W. Mellon Funding

    0.947 %     08/01/27       1,050,000       921,294  

California Endowment (The)

    2.498 %     04/01/51       4,500,000       3,126,886  

Conservation Fund, Series 2019

    3.474 %     12/15/29       535,000       496,608  

Ford Foundation (The), Series 2017

    3.859 %     06/01/47       2,485,000       2,328,772  

John D. & Catherine T. MacArthur Foundation, Series 2020

    1.299 %     12/01/30       1,500,000       1,233,852  

Leland Stanford Junior University (The)

    3.460 %     05/01/47       1,415,000       1,228,339  

Local Initiatives Support Corp.

    4.649 %     03/01/37       1,500,000       1,509,465  

 

 

See accompanying notes to financial statements.

 

4

 

 

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2022 (unaudited)

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

CORPORATE BONDS — 41.0%, continued

CONSUMER SERVICES — 5.1%, continued

Massachusetts Institute of Technology

    3.959 %     07/01/38     $ 1,500,000     $ 1,476,638  

Massachusetts Institute of Technology, Series H (b)

    3.067 %     04/01/52       4,000,000       3,302,264  

President & Fellows of Harvard College, Series 2016-B

    3.150 %     07/15/46       3,961,000       3,353,751  

President & Fellows of Harvard College, Series 2020-B

    2.517 %     10/15/50       1,300,000       952,044  

President & Fellows of Harvard College, Series 2022-A

    3.745 %     11/15/52       500,000       472,888  

Rockefeller Foundation (The)

    2.492 %     10/01/50       1,800,000       1,308,641  

Stanford University California, Series 2020-A

    2.413 %     06/01/50       3,450,000       2,468,530  

Trustees of Princeton University (The)

    2.516 %     07/01/50       5,150,000       3,855,824  

University of Notre Dame, Series 2017

    3.394 %     02/15/48       2,424,000       2,137,257  

Yale University

    2.402 %     04/15/50       4,165,000       3,017,014  
                              33,190,067  

CONTAINERS & PACKAGING — 0.4%

CCL Industries, Inc. (a)

    3.050 %     06/01/30       1,750,000       1,519,992  

Sonoco Products Co.

    5.750 %     11/01/40       1,000,000       1,017,800  
                              2,537,792  

DIVERSIFIED INDUSTRIALS — 0.1%

Illinois Tool Works, Inc.

    3.900 %     09/01/42       1,000,000       888,548  
 

ELECTRIC UTILITIES — 6.6%

Avangrid, Inc.

    3.150 %     12/01/24       1,800,000       1,757,943  

Avista Corp.

    4.000 %     04/01/52       1,000,000       901,737  

Caledonia Generating, LLC (a)

    1.950 %     02/28/34       1,843,209       1,639,788  

Consolidated Edison Co.

    3.350 %     04/01/30       1,000,000       931,571  

DTE Electric Co.

    4.050 %     05/15/48       1,750,000       1,596,002  

DTE Electric Co.

    3.650 %     03/01/52       500,000       431,514  

Duke Energy Carolinas, LLC

    3.550 %     03/15/52       1,000,000       829,529  

Duke Energy Progress NC Storm Funding, LLC, Series 2021A-3

    2.799 %     07/01/41       2,000,000       1,584,596  

Duke Energy Progress, LLC

    3.450 %     03/15/29       1,750,000       1,664,392  

Duke Energy Progress, LLC

    4.000 %     04/01/52       1,500,000       1,340,570  

Electricite de France S.A. (a)

    3.625 %     10/13/25       1,250,000       1,227,541  

Enel Finance International N.V. (a)

    2.650 %     09/10/24       1,250,000       1,210,512  

Florida Power & Light Co.

    3.700 %     12/01/47       1,300,000       1,142,470  

Florida Power & Light Co.

    2.875 %     12/04/51       2,000,000       1,487,158  

Georgia Power Co.

    3.250 %     04/01/26       1,000,000       970,935  

Interstate Power & Light Co.

    3.600 %     04/01/29       1,250,000       1,190,342  

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

CORPORATE BONDS — 41.0%, continued

ELECTRIC UTILITIES — 6.6%, continued

Liberty Utilities Financial Services (a)

    2.050 %     09/15/30     $ 355,000     $ 291,085  

MidAmerican Energy Co.

    3.950 %     08/01/47       1,750,000       1,558,392  

Midland Cogeneration Venture, L.P. (a)

    6.000 %     03/15/25       229,637       230,556  

Narragansett Electric Co. (a)

    3.395 %     04/09/30       1,500,000       1,408,635  

National Rural Utilities

    1.350 %     03/15/31       1,000,000       779,348  

NextEra Energy Capital Holdings, Inc. (b)

    0.650 %     03/01/23       400,000       393,131  

Niagara Mohawk Power Corp. (a)

    1.960 %     06/27/30       1,500,000       1,241,021  

Northern States Power Co.

    2.900 %     03/01/50       1,250,000       939,577  

NSTAR Electric Co.

    3.950 %     04/01/30       600,000       587,036  

NSTAR Electric Co.

    5.500 %     03/15/40       1,250,000       1,340,392  

Pacificorp

    8.080 %     10/14/22       500,000       505,558  

PG&E Energy Recovery Funding, LLC

    2.822 %     07/15/46       1,000,000       773,830  

PG&E Wildfire Recovery Funding, LLC, Series 2022-A

    4.674 %     12/01/51       1,500,000       1,524,795  

Potomac Electric Power Co.

    6.500 %     11/15/37       1,000,000       1,162,300  

Public Service Co.

    3.700 %     06/15/28       1,750,000       1,722,093  

Puget Energy, Inc.

    4.223 %     06/15/48       1,000,000       885,667  

Rochester Gas & Electric Corp. (a)

    1.850 %     12/01/30       500,000       400,020  

San Diego Gas and Electric Co.

    4.500 %     08/15/40       841,000       790,472  

Solar Star Funding, LLC (a)

    3.950 %     06/30/35       262,310       252,598  

Solar Star Funding, LLC (a)

    5.375 %     06/30/35       408,982       445,116  

Southern California Edison

    4.050 %     03/15/42       1,165,000       959,178  

Tenaska Virginia Partners, L.P. (a)

    6.119 %     03/30/24       268,040       269,339  

Texas Electric Market Stabilization N, LLC

    5.057 %     08/01/46       1,500,000       1,509,149  

Topaz Solar Farms, LLC (a)

    4.875 %     09/30/39       236,008       203,557  

Topaz Solar Farms, LLC (a)

    5.750 %     09/30/39       568,221       515,661  

Union Electric Co.

    2.625 %     03/15/51       2,000,000       1,386,704  

Westar Energy, Inc.

    2.550 %     07/01/26       1,292,000       1,224,272  
                              43,206,082  

ELECTRICAL EQUIPMENT — 0.3%

Johnson Controls International plc

    1.750 %     09/15/30       1,000,000       813,054  

Legrand S.A.

    8.500 %     02/15/25       1,000,000       1,105,958  

Roper Technologies, Inc.

    2.000 %     06/30/30       440,000       354,319  
                              2,273,331  

ENTERTAINMENT CONTENT — 0.2%

Magallanes, Inc. (a)

    4.054 %     03/15/29       1,500,000       1,373,965  
 

FOOD — 1.5%

Campbell Soup Co.

    3.950 %     03/15/25       1,500,000       1,496,209  

Cargill, Inc. (a)

    4.760 %     11/23/45       1,500,000       1,466,264  

General Mills, Inc. (b)

    4.000 %     04/17/25       1,500,000       1,498,820  

Hormel Foods Corp.

    1.800 %     06/11/30       2,250,000       1,886,484  

Ingredion, Inc.

    2.900 %     06/01/30       1,000,000       866,644  

Kellogg Co.

    2.650 %     12/01/23       1,250,000       1,237,928  

 

See accompanying notes to financial statements.

 

5

 

 

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2022 (unaudited)

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

CORPORATE BONDS — 41.0%, continued

FOOD — 1.5%, continued

Mars, Inc. (a)

    3.600 %     04/01/34     $ 1,500,000     $ 1,382,159  
                              9,834,508  

FORESTRY, PAPER & WOOD PRODUCTS — 0.1%

Fibria Overseas Finance Ltd.

    5.500 %     01/17/27       800,000       793,200  
 

GAS & WATER UTILITIES — 0.4%

American Water Capital Corp.

    2.800 %     05/01/30       1,500,000       1,344,894  

Brooklyn Union Gas Co. (a)

    4.504 %     03/10/46       1,250,000       1,070,490  

Indiana Gas Co., Inc.

    6.550 %     06/30/28       250,000       273,442  
                              2,688,826  

HEALTH CARE FACILITIES & SERVICES — 0.2%

Kaiser Foundation Hospital

    3.150 %     05/01/27       1,500,000       1,457,418  
 

HOME & OFFICE PRODUCTS — 0.1%

Steelcase, Inc. (b)

    5.125 %     01/18/29       1,000,000       930,660  
 

HOME CONSTRUCTION — 0.1%

NVR, Inc.

    3.000 %     05/15/30       1,000,000       861,544  
 

INSTITUTIONAL FINANCIAL SERVICES — 1.6%

Brookfield Finance, Inc.

    4.250 %     06/02/26       1,570,000       1,556,527  

Goldman Sachs Group, Inc.

    3.272 %     09/29/25       1,500,000       1,457,354  

Goldman Sachs Group, Inc.

    4.223 %     05/01/29       1,000,000       961,193  

Goldman Sachs Group, Inc.

    3.800 %     03/15/30       1,500,000       1,390,905  

Morgan Stanley

    3.125 %     07/27/26       2,000,000       1,907,891  

Morgan Stanley, Series GMTN

    2.699 %     01/22/31       1,250,000       1,082,650  

National Securities Clearing Corp. (a)

    1.500 %     04/23/25       1,000,000       941,010  

State Street Corp.

    7.350 %     06/15/26       1,000,000       1,121,976  
                              10,419,506  

INSURANCE — 4.7%

Aflac, Inc.

    4.000 %     10/15/46       1,058,000       911,784  

Athene Global Funding (a)

    2.800 %     05/26/23       1,500,000       1,484,142  

First American Financial Corp.

    2.400 %     08/15/31       1,500,000       1,156,567  

Five Corners Funding Trust (a)

    4.419 %     11/15/23       1,000,000       1,005,502  

GA Global Funding Trust

    2.250 %     01/06/27       2,000,000       1,788,885  

Horace Mann Educators Corp. (b)

    4.500 %     12/01/25       1,235,000       1,212,203  

Jackson National Life Global Funding

    1.750 %     01/12/25       385,000       363,080  

Kemper Corp.

    4.350 %     02/15/25       1,250,000       1,245,262  

Marsh & McLennan Cos., Inc.

    3.750 %     03/14/26       1,000,000       989,636  

Massachusetts Mutual Life Insurance Co. (a)

    3.375 %     04/15/50       1,500,000       1,159,916  

Met Life Global Funding I (a)

    1.950 %     01/13/23       500,000       497,010  

Met Life Global Funding I (a)

    3.600 %     01/11/24       1,750,000       1,742,650  

 

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

CORPORATE BONDS — 41.0%, continued

INSURANCE — 4.7%, continued

New York Life Global Funding (a)(b)

    2.900 %     01/17/24     $ 3,000,000     $ 2,971,915  

OneBeacon US Holdings, Inc. (b)

    4.600 %     11/09/22       1,000,000       1,003,997  

Pacific Life Global Funding II (a)

    1.200 %     06/24/25       415,000       381,135  

Primerica, Inc.

    2.800 %     11/19/31       1,000,000       836,794  

Principal Financial Group, Inc.

    3.700 %     05/15/29       1,250,000       1,175,645  

Prudential Financial, Inc.

    1.500 %     03/10/26       644,000       590,638  

Prudential Financial, Inc.

    5.875 %     09/15/42       750,000       736,312  

Prudential plc

    3.125 %     04/14/30       750,000       690,281  

Reliance STD Life Insurance Co. (a)

    2.750 %     05/07/25       1,280,000       1,224,591  

RLI Corp.

    4.875 %     09/15/23       1,000,000       1,002,594  

Sammons Financial Group, Inc. (a)

    4.450 %     05/12/27       1,200,000       1,173,177  

Security Benefit Global, Series MTN (a)

    1.250 %     05/17/24       1,500,000       1,422,650  

StanCorp Financial Group, Inc.

    5.000 %     08/15/22       1,250,000       1,252,930  

Teachers Insurance & Annuity Association (a)

    4.375 %     09/15/54       2,678,000       2,625,429  

Trustage Financial Group, Inc.

    4.625 %     04/15/32       250,000       229,047  
                              30,873,772  

LEISURE FACILITIES & SERVICES — 0.6%

Hyatt Hotels Corp.

    3.375 %     07/15/23       1,000,000       978,366  

Marriott International, Inc.

    3.600 %     04/15/24       727,000       720,243  

McDonald’s Corp., Series MTN

    3.500 %     07/01/27       1,000,000       979,823  

Starbucks Corp.

    2.450 %     06/15/26       1,000,000       943,067  
                              3,621,499  

MACHINERY — 0.6%

Ingersoll-Rand Global Holding Co. Ltd.

    6.391 %     11/15/27       655,000       687,384  

John Deere Capital Corp.

    1.750 %     03/09/27       250,000       227,938  

John Deere Capital Corp.

    3.050 %     01/06/28       1,250,000       1,199,094  

Xylem, Inc. (b)

    1.950 %     01/30/28       1,775,000       1,567,675  
                              3,682,091  

MEDICAL EQUIPMENT & DEVICES — 0.2%

Alcon Finance Corp. (a)

    2.600 %     05/27/30       1,250,000       1,062,847  
 

PERSONAL PRODUCTS — 0.1%

Estée Lauder Cos., Inc. (The) (b)

    2.600 %     04/15/30       1,000,000       897,718  
 

PIPELINES — 0.1%

Northern Natural Gas Co. (a)

    4.100 %     09/15/42       1,000,000       834,492  
 

REITS — 2.9%

Agree Ltd. Partnership

    2.900 %     10/01/30       650,000       551,162  

Alexandria Real Estate Equities, Inc.

    2.950 %     03/15/34       1,000,000       832,113  

Boston Properties, L.P.

    4.500 %     12/01/28       1,250,000       1,215,316  

Camden Property Trust

    2.800 %     05/15/30       500,000       441,360  

Duke Realty Trust, L.P.

    2.875 %     11/15/29       1,500,000       1,347,908  

 

 

See accompanying notes to financial statements.

 

6

 

 

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2022 (unaudited)

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

CORPORATE BONDS — 41.0%, continued

REITS — 2.9%, continued

ERP Operating, L.P.

    4.150 %     12/01/28     $ 1,250,000     $ 1,227,223  

ESSEX Portfolio, L.P.

    2.650 %     03/15/32       1,500,000       1,245,300  

Federal Realty Investment Trust

    1.250 %     02/15/26       515,000       460,750  

Kilroy Realty Corp.

    2.500 %     11/15/32       1,750,000       1,365,841  

Kimco Realty Corp.

    2.700 %     10/01/30       1,750,000       1,505,915  

Lexington Realty Trust

    2.700 %     09/15/30       1,500,000       1,231,198  

Mid-America Apartment Communities, Inc.

    3.950 %     03/15/29       1,750,000       1,671,017  

Ontario Teachers Cadillac Fairview Properties Trust (a)

    2.500 %     10/15/31       1,125,000       956,899  

Regency Centers, L.P.

    3.750 %     06/15/24       1,000,000       993,669  

Rexford Industrial Realty, L.P.

    2.150 %     09/01/31       1,750,000       1,375,699  

Sun Communities Operating Ltd.

    2.700 %     07/15/31       500,000       402,933  

UDR, Inc.

    1.900 %     03/15/33       1,000,000       755,611  

Vornado Realty, L.P.

    3.500 %     01/15/25       567,000       548,924  

WP Carey, Inc.

    2.450 %     02/01/32       985,000       792,210  
                              18,921,048  

RETAIL - CONSUMER STAPLES — 0.2%

Kroger Co. (The)

    5.000 %     04/15/42       1,000,000       966,685  

Walmart, Inc.

    1.800 %     09/22/31       500,000       424,502  
                              1,391,187  

RETAIL - DISCRETIONARY — 0.5%

ERAC USA Finance, LLC (a)

    2.700 %     11/01/23       1,250,000       1,231,762  

Home Depot, Inc. (b)

    3.625 %     04/15/52       1,000,000       857,764  

Lowe’s Cos., Inc.

    4.650 %     04/15/42       1,000,000       924,615  

Lowe’s Cos., Inc.

    3.000 %     10/15/50       500,000       348,389  
                              3,362,530  

SEMICONDUCTORS — 0.3%

Intel Corp.

    3.734 %     12/08/47       1,361,000       1,154,749  

NVIDIA Corp. (b)

    2.850 %     04/01/30       500,000       457,742  

Skyworks Solutions, Inc.

    0.900 %     06/01/23       500,000       483,256  
                              2,095,747  

SOFTWARE — 0.5%

Microsoft Corp.

    2.525 %     06/01/50       3,000,000       2,209,579  

Microsoft Corp.

    2.921 %     03/17/52       1,000,000       788,814  
                              2,998,393  

SPECIALTY FINANCE — 1.4%

American Express Credit Corp.

    3.000 %     10/30/24       1,000,000       982,388  

BlueHub Loan Fund, Inc.

    3.099 %     01/01/30       1,030,000       935,710  

Community Preservation Corp. (The)

    2.867 %     02/01/30       1,750,000       1,588,636  

F&G Global Funding

    2.300 %     04/11/27       535,000       477,291  

Fidelity National Financial, Inc.

    5.500 %     09/01/22       725,000       727,710  

Fidelity National Financial, Inc. (b)

    3.400 %     06/15/30       500,000       437,462  

GATX Corp.

    4.350 %     02/15/24       300,000       300,668  

Low Income Investment Fund

    3.386 %     07/01/26       115,000       112,635  

 

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

CORPORATE BONDS — 41.0%, continued

SPECIALTY FINANCE — 1.4%, continued

USAA Capital Corp. (a)

    1.500 %     05/01/23     $ 1,000,000     $ 984,983  

USAA Capital Corp. (a)

    2.125 %     05/01/30       3,000,000       2,569,596  
                              9,117,079  

STEEL — 0.4%

Nucor Corp.

    4.125 %     09/15/22       1,025,000       1,026,132  

Nucor Corp.

    2.000 %     06/01/25       460,000       432,877  

Reliance Steel & Aluminum Co.

    4.500 %     04/15/23       1,105,000       1,108,396  
                              2,567,405  

TECHNOLOGY HARDWARE — 0.5%

Apple, Inc.

    3.000 %     06/20/27       1,000,000       977,689  

Apple, Inc.

    2.650 %     05/11/50       1,000,000       737,609  

Apple, Inc.

    2.650 %     02/08/51       2,000,000       1,474,032  
                              3,189,330  

TECHNOLOGY SERVICES — 0.9%

Experian Finance plc (a)

    2.750 %     03/08/30       635,000       559,433  

HP, Inc.

    4.750 %     01/15/28       1,100,000       1,086,945  

HP, Inc.

    4.000 %     04/15/29       915,000       857,251  

IBM Corp.

    3.300 %     05/15/26       1,000,000       975,336  

Moody’s Corp.

    3.250 %     05/20/50       500,000       371,132  

Moody’s Corp.

    3.750 %     02/25/52       1,000,000       815,907  

RELX Capital, Inc.

    3.500 %     03/16/23       1,500,000       1,497,949  
                              6,163,953  

TELECOMMUNICATIONS — 0.7%

AT&T, Inc.

    5.250 %     03/01/37       500,000       515,196  

AT&T, Inc.

    4.750 %     05/15/46       1,500,000       1,388,349  

Verizon Communications, Inc.

    3.875 %     02/08/29       1,000,000       967,487  

Verizon Communications, Inc. (b)

    1.500 %     09/18/30       1,000,000       799,212  

Verizon Communications, Inc. (b)

    2.987 %     10/30/56       1,799,000       1,248,996  
                              4,919,240  

TRANSPORTATION & LOGISTICS — 1.1%

British Airways, Series 2013-1 (a)

    4.625 %     12/20/25       345,220       340,227  

Burlington Northern Santa Fe, LLC (b)

    5.750 %     05/01/40       1,000,000       1,097,028  

Canadian Pacific Railway Co.

    2.050 %     03/05/30       1,750,000       1,480,902  

Mexico City Airport Trust (a)

    4.250 %     10/31/26       497,000       457,667  

Norfolk Southern Corp.

    4.837 %     10/01/41       1,000,000       977,693  

Norfolk Southern Corp.

    3.050 %     05/15/50       1,500,000       1,098,893  

Penske Truck Leasing Co. (a)

    3.450 %     07/01/24       1,250,000       1,223,489  

TTX Co. (a)

    4.600 %     02/01/49       280,000       267,627  
                              6,943,526  

WHOLESALE - CONSUMER STAPLES — 0.3%

Bunge Ltd. Finance Corp.

    1.630 %     08/17/25       395,000       363,878  

Sysco Corp.

    2.400 %     02/15/30       1,750,000       1,492,408  
                              1,856,286  
 

TOTAL CORPORATE BONDS (COST $296,332,434)

  $ 268,416,848  

 

 

See accompanying notes to financial statements.

 

7

 

 

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2022 (unaudited)

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

CORPORATE NOTES — 1.1%

COMMUNITY DEVELOPMENT — 1.1%

Calvert Social Investment Foundation, Inc. (d)

    0.400 %     12/15/22     $ 500,000     $ 500,000  

Calvert Social Investment Foundation, Inc. (d)

    3.000 %     06/15/23       1,650,000       1,650,000  

Calvert Social Investment Foundation, Inc. (d)

    3.000 %     12/15/23       950,000       899,678  

Calvert Social Investment Foundation, Inc. (d)

    1.000 %     06/14/24       550,000       508,828  

Calvert Social Investment Foundation, Inc. (d)

    3.000 %     06/17/24       980,000       980,000  

Calvert Social Investment Foundation, Inc. (d)

    3.000 %     12/15/24       400,000       400,000  

Calvert Social Investment Foundation, Inc. (d)

    2.500 %     06/13/25       1,400,000       1,294,479  

Calvert Social Investment Foundation, Inc. (d)

    2.500 %     12/15/25       650,000       647,833  

TOTAL CORPORATE NOTES (COST $7,080,000)

  $ 6,880,818  
 

FOREIGN GOVERNMENTS — 7.5%

FOREIGN AGENCY — 0.7%

BNG Bank N.V. (a)(b)

    1.500 %     10/16/24       1,500,000       1,445,838  

BNG Bank N.V. (a)(b)

    0.500 %     11/24/25       2,000,000       1,825,825  

Kommunalbanken A.S. (a)(b)

    2.125 %     02/11/25       1,000,000       974,634  

Kommunivest I Sverige AB, Series MTN (a)

    0.375 %     06/19/24       500,000       473,629  
                              4,719,926  

SUPRANATIONAL — 6.8%

African Development Bank

    0.750 %     04/03/23       5,000,000       4,922,848  

Asian Development Bank

    2.125 %     03/19/25       1,000,000       973,903  

Asian Development Bank

    3.125 %     09/26/28       1,000,000       996,350  

Central American Bank for Economic Integration (a)

    1.140 %     02/09/26       1,200,000       1,096,260  

European Bank for Reconstruction & Development

    1.625 %     09/27/24       1,250,000       1,211,612  

European Bank for Reconstruction & Development

    1.500 %     02/13/25       200,000       192,028  

European Investment Bank (b)

    2.500 %     10/15/24       1,000,000       987,820  

European Investment Bank

    2.125 %     04/13/26       1,000,000       964,668  

European Investment Bank (b)

    2.375 %     05/24/27       4,000,000       3,860,360  

Inter-American Development Bank

    0.875 %     04/03/25       3,000,000       2,820,894  

Inter-American Development Bank

    4.375 %     01/24/44       3,000,000       3,309,769  

International Bank for Reconstruction & Development

    0.250 %     11/24/23       4,500,000       4,337,223  

International Bank for Reconstruction & Development

    0.625 %     04/22/25       1,000,000       933,234  

International Bank for Reconstruction & Development

    3.125 %     11/20/25       1,000,000       1,000,104  

 

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

FOREIGN GOVERNMENTS — 7.5%, continued

SUPRANATIONAL — 6.8%, continued

International Bank for Reconstruction & Development

    0.875 %     07/15/26     $ 3,000,000     $ 2,743,876  

International Development Association (a)

    2.750 %     04/24/23       5,000,000       4,989,150  

International Development Association (a)

    0.375 %     09/23/25       2,000,000       1,827,494  

International Development Association (a)(b)

    0.875 %     04/28/26       2,000,000       1,841,599  

International Finance Corp., Series GMTN

    0.500 %     03/20/23       2,500,000       2,458,125  

International Finance Corp., Series GMTN

    2.125 %     04/07/26       3,000,000       2,888,160  
                              44,355,477  
 

TOTAL FOREIGN GOVERNMENTS (COST $51,156,863)

  $ 49,075,403  
 

COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.1%

Commercial Mortgage Pass-Through Certificates, Class A-3 (COST $865,111)

    2.853 %     10/17/45       848,287       845,523  
 

U.S. GOVERNMENT AGENCIES — 43.2%

DEVELOPMENT FINANCE CORPORATION — 1.6%

DFC (PO)

    0.000 %     06/21/23       1,000,000       1,062,900  

DFC (c)

    0.130 %     09/15/26       708,333       708,333  

DFC

    1.590 %     04/15/28       2,000,000       1,826,419  

DFC

    1.650 %     04/15/28       3,500,000       3,205,795  

DFC

    3.130 %     04/15/28       1,000,000       983,517  

DFC

    3.280 %     09/15/29       824,052       822,617  

DFC

    3.540 %     06/15/30       470,600       473,059  

DFC

    3.520 %     09/20/32       732,143       733,412  

DFC

    3.820 %     06/01/33       797,576       809,612  
                              10,625,664  

FEDERAL HOME LOAN BANK — 4.8%

FHLB

    3.250 %     11/16/28       8,500,000       8,528,057  

FHLB

    5.500 %     07/15/36       18,620,000       22,440,726  
                              30,968,783  

FEDERAL HOME LOAN MORTGAGE CORPORATION — 11.3%

FHLMC

    4.000 %     11/01/24       44,404       44,921  

FHLMC

    0.375 %     09/23/25       3,500,000       3,210,531  

FHLMC

    4.000 %     10/01/25       29,265       29,605  

FHLMC

    2.875 %     04/25/26       3,000,000       2,952,552  

FHLMC

    6.000 %     04/01/27       47,107       49,536  

FHLMC

    2.500 %     10/01/27       251,900       248,564  

FHLMC

    2.738 %     04/25/29       2,318,304       2,266,827  

FHLMC

    2.412 %     08/25/29       3,670,000       3,385,493  

FHLMC

    7.000 %     02/01/30       14,210       14,243  

FHLMC

    7.500 %     07/01/30       61,096       65,890  

FHLMC

    1.487 %     11/25/30       2,500,000       2,117,786  

FHLMC

    1.878 %     01/25/31       1,500,000       1,339,344  

FHLMC

    2.000 %     01/25/31       3,000,000       2,633,373  

FHLMC

    7.000 %     03/01/31       24,039       25,832  

FHLMC

    1.777 %     10/25/31       2,000,000       1,716,635  

FHLMC

    2.091 %     11/25/31       2,500,000       2,191,637  

FHLMC

    6.250 %     07/15/32       7,050,000       8,754,427  

FHLMC

    3.000 %     11/01/32       380,050       373,597  

 

 

See accompanying notes to financial statements.

 

8

 

 

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2022 (unaudited)

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

U.S. GOVERNMENT AGENCIES — 43.2%, continued

FEDERAL HOME LOAN MORTGAGE CORPORATION — 11.3%, continued

FHLMC

    3.000 %     11/01/32     $ 499,091     $ 490,617  

FHLMC

    5.500 %     11/01/33       28,921       31,017  

FHLMC (H15T1Y + 223.10) (c)

    2.356 %     05/01/34       2,113       2,114  

FHLMC (H15T1Y + 223.10) (c)

    2.356 %     05/01/34       26,072       26,848  

FHLMC

    1.783 %     06/25/34       2,084,061       1,773,875  

FHLMC

    5.000 %     07/01/35       54,951       57,916  

FHLMC

    4.500 %     10/01/35       76,486       78,761  

FHLMC

    2.438 %     02/25/36       4,000,000       3,329,510  

FHLMC

    5.500 %     03/01/36       20,727       22,271  

FHLMC

    5.500 %     06/01/36       31,012       33,298  

FHLMC

    6.000 %     06/01/36       22,109       23,300  

FHLMC

    5.500 %     12/01/36       25,380       27,284  

FHLMC

    6.000 %     08/01/37       14,029       15,267  

FHLMC

    5.000 %     03/01/38       129,092       136,160  

FHLMC

    4.500 %     06/01/39       137,089       141,628  

FHLMC

    5.000 %     06/01/39       196,162       206,703  

FHLMC

    4.500 %     07/01/39       128,687       132,945  

FHLMC

    4.500 %     11/01/39       117,262       121,153  

FHLMC

    4.500 %     09/01/40       173,557       179,307  

FHLMC

    4.500 %     05/01/41       336,105       347,274  

FHLMC

    4.500 %     07/01/41       397,955       411,088  

FHLMC

    5.000 %     09/01/41       167,374       176,362  

FHLMC

    3.500 %     10/01/41       191,511       188,620  

FHLMC

    4.000 %     10/01/41       207,341       209,400  

FHLMC

    3.500 %     02/01/42       322,200       316,926  

FHLMC

    4.000 %     02/01/42       90,354       91,468  

FHLMC

    3.500 %     06/01/42       375,082       368,939  

FHLMC

    3.500 %     06/01/42       383,581       377,432  

FHLMC

    3.500 %     08/01/42       440,962       433,739  

FHLMC

    3.000 %     11/01/42       847,525       810,935  

FHLMC

    3.000 %     01/01/43       473,499       453,008  

FHLMC

    3.000 %     05/01/43       665,503       636,354  

FHLMC

    3.500 %     10/01/44       378,903       372,702  

FHLMC

    3.500 %     11/01/44       339,577       333,738  

FHLMC

    3.500 %     04/01/45       425,349       416,631  

FHLMC

    3.000 %     05/01/46       713,117       675,921  

FHLMC

    3.000 %     12/01/46       1,800,523       1,706,540  

FHLMC

    3.500 %     03/01/48       2,037,068       1,993,572  

FHLMC

    3.500 %     03/01/49       559,448       544,425  

FHLMC

    3.500 %     07/01/49       912,337       886,131  

FHLMC

    3.000 %     09/01/49       1,025,252       955,697  

FHLMC

    3.000 %     07/01/50       2,542,876       2,371,171  

FHLMC

    2.000 %     08/01/50       3,423,322       2,989,172  

FHLMC

    2.000 %     01/01/51       8,410,436       7,330,132  

FHLMC

    2.500 %     04/01/51       8,276,204       7,456,893  

FHLMC

    2.500 %     09/01/51       3,294,661       2,968,463  
                              74,073,500  

FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.3%

FNMA

    2.890 %     07/01/22       2,185,497       2,183,707  

FNMA

    2.190 %     01/01/23       1,818,164       1,816,930  

FNMA

    2.670 %     12/01/23       2,249,140       2,237,195  

FNMA (c)

    2.639 %     07/25/24       2,800,538       2,762,543  

FNMA

    2.890 %     12/01/24       4,000,000       3,996,333  

FNMA

    3.080 %     12/01/24       2,147,275       2,132,988  

FNMA

    2.710 %     01/01/25       4,500,000       4,468,860  

FNMA

    5.000 %     04/01/25       22,046       22,616  

 

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

U.S. GOVERNMENT AGENCIES — 43.2%, continued

FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.3%, continued

FNMA

    5.000 %     07/01/25     $ 17,921     $ 18,309  

FNMA

    3.500 %     10/01/25       31,395       31,333  

FNMA

    5.000 %     10/01/25       25,638       26,193  

FNMA

    5.500 %     11/01/25       7       7  

FNMA

    0.500 %     11/07/25       12,000,000       11,017,167  

FNMA

    4.000 %     03/01/26       137,834       139,368  

FNMA

    2.910 %     04/01/26       3,000,000       2,957,543  

FNMA

    2.125 %     04/24/26       2,000,000       1,931,402  

FNMA

    2.254 %     07/25/26       111,447       106,278  

FNMA

    8.500 %     09/01/26       4,408       4,428  

FNMA

    2.500 %     09/01/27       300,109       295,865  

FNMA

    0.750 %     10/08/27       10,000,000       8,845,926  

FNMA

    2.500 %     11/01/27       464,511       457,939  

FNMA

    2.500 %     01/01/28       307,249       302,899  

FNMA (c)

    2.900 %     01/25/28       398,882       398,307  

FNMA (c)

    3.430 %     06/25/28       1,819,064       1,800,729  

FNMA

    2.522 %     08/27/29       5,796,708       5,431,419  

FNMA

    0.875 %     08/05/30       19,000,000       15,719,677  

FNMA

    6.625 %     11/15/30       12,750,000       15,755,825  

FNMA (c)

    1.561 %     11/25/30       3,000,000       2,487,396  

FNMA (c)

    1.429 %     12/25/30       5,000,000       4,217,925  

FNMA

    1.292 %     01/25/31       3,000,000       2,486,562  

FNMA

    1.376 %     03/25/31       1,000,000       844,416  

FNMA

    2.000 %     01/01/32       1,300,876       1,243,957  

FNMA

    3.000 %     12/01/32       552,067       538,181  

FNMA

    6.000 %     10/01/33       19,866       21,731  

FNMA

    5.500 %     02/01/34       21,977       23,539  

FNMA (H15T1Y + 211.70) (c)

    2.242 %     05/01/34       26,352       27,001  

FNMA

    6.000 %     11/01/34       58,196       63,649  

FNMA

    5.500 %     01/01/35       32,088       34,384  

FNMA

    2.500 %     02/01/35       1,281,026       1,226,331  

FNMA

    5.000 %     10/01/35       49,433       51,995  

FNMA

    5.500 %     10/01/35       62,163       66,680  

FNMA

    6.000 %     10/01/35       33,462       36,559  

FNMA

    5.500 %     06/01/36       16,675       17,740  

FNMA

    6.000 %     06/01/36       14,860       16,270  

FNMA

    5.500 %     11/01/36       19,688       20,997  

FNMA (12MO LIBOR + 156.50) (c)

    1.940 %     05/01/37       2,130       2,146  

FNMA

    5.625 %     07/15/37       7,750,000       9,451,740  

FNMA

    4.500 %     09/01/40       104,541       107,611  

FNMA

    4.500 %     10/01/40       103,410       106,718  

FNMA

    4.000 %     12/01/40       272,749       275,853  

FNMA

    4.000 %     01/01/41       190,489       192,656  

FNMA

    3.500 %     02/01/41       283,427       278,899  

FNMA

    4.000 %     10/01/41       153,978       155,356  

FNMA

    4.000 %     11/01/41       158,648       160,069  

FNMA

    4.000 %     12/01/41       307,418       310,172  

FNMA

    4.000 %     12/01/41       202,773       204,591  

FNMA

    4.000 %     01/01/42       638,442       647,392  

FNMA

    3.500 %     05/01/42       322,762       317,175  

FNMA

    3.000 %     06/01/42       597,643       571,379  

FNMA

    3.000 %     08/01/42       446,234       426,673  

FNMA

    3.000 %     08/01/42       486,744       465,406  

FNMA

    3.500 %     12/01/42       678,432       666,687  

FNMA

    3.000 %     06/01/43       544,233       520,006  

FNMA

    4.000 %     12/01/44       778,249       783,749  

 

 

See accompanying notes to financial statements.

 

9

 

 

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2022 (unaudited)

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

U.S. GOVERNMENT AGENCIES — 43.2%, continued

FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.3%, continued

FNMA

    3.500 %     05/01/45     $ 895,544     $ 877,194  

FNMA

    3.000 %     04/01/46       710,672       673,622  

FNMA

    3.500 %     11/01/46       1,187,846       1,161,996  

FNMA

    4.000 %     10/01/48       571,821       572,325  

FNMA

    4.000 %     11/01/48       1,392,644       1,407,623  

FNMA

    3.500 %     05/01/49       469,068       455,808  

FNMA

    4.000 %     06/01/49       731,012       730,312  

FNMA

    3.500 %     08/01/49       1,892,462       1,837,479  

FNMA

    3.000 %     09/01/49       983,221       918,745  

FNMA

    3.000 %     06/01/50       2,019,242       1,884,714  

FNMA

    2.500 %     07/01/50       3,223,970       2,907,225  

FNMA

    2.500 %     08/01/50       2,273,714       2,057,008  

FNMA

    3.000 %     08/01/50       3,593,140       3,355,777  

FNMA

    2.000 %     11/01/50       5,636,996       4,915,324  

FNMA

    2.000 %     01/01/51       10,089,712       8,797,662  

FNMA

    2.000 %     02/01/51       5,958,703       5,196,289  

FNMA

    2.500 %     04/01/51       11,260,368       10,148,202  

FNMA

    2.000 %     08/01/51       3,742,846       3,258,785  
                              165,087,467  

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.0% (e)

GNMA

    7.000 %     12/20/30       9,385       9,986  

GNMA

    7.000 %     10/20/31       7,049       7,614  

GNMA

    7.000 %     03/20/32       28,777       31,149  

GNMA (H15T1Y + 150) (c)

    2.000 %     01/20/34       20,438       20,616  

GNMA

    5.500 %     10/20/38       5,195       5,330  

GNMA

    6.500 %     11/20/38       3,327       3,491  
                              78,186  

SMALL BUSINESS ADMINISTRATION — 0.0% (e)

SBA (Prime — 2.65) (c)

    0.600 %     02/25/32       104,865       106,066  
 

UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 0.2%

Hashemite Kingdom of Jordan AID Bond

    3.000 %     06/30/25       1,450,000       1,439,331  
 

TOTAL U.S. GOVERNMENT AGENCIES (COST $306,560,870)

  $ 282,378,997  
 

 

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

ASSET BACKED SECURITIES — 4.0%

Ahold Finance U.S.A., LLC

    8.620 %     01/02/25     $ 207,743     $ 219,808  

Beacon Container Finance II, LLC (a)

    2.250 %     10/22/46       962,000       856,390  

Cards II Trust (a)

    0.602 %     04/15/27       2,250,000       2,139,303  

CLI Funding, LLC (a)

    2.720 %     01/18/47       1,288,689       1,142,655  

DB Master Finance, LLC (a)

    2.490 %     11/20/51       2,014,875       1,704,189  

Iowa Student Loan Liquidity Corp. Rev.

    1.730 %     08/25/70       1,299,480       1,165,942  

Master Credit Card Trust II (a)

    1.990 %     09/21/24       4,000,000       3,960,798  

SBA Tower Trust (a)

    3.448 %     03/15/48       1,250,000       1,239,552  

SBA Tower Trust (a)

    2.836 %     01/15/50       282,000       272,400  

SolarCity LMC, Series I, LLC (a)(f)

    4.800 %     12/20/26       328,366       330,211  

Tesla Auto Lease Trust

    0.600 %     09/22/25       1,200,000       1,137,624  

Textainer Marine Containers VII Ltd. (a)

    1.680 %     02/20/46       1,340,000       1,163,964  

TIF Funding II, LLC (a)

    1.650 %     02/20/46       445,104       382,820  

Toyota Auto Receivables Owner Trust

    0.260 %     11/17/25       3,000,000       2,884,923  

Tribute Rail, LLC (a)

    4.760 %     05/17/52       2,000,000       1,990,697  

Triton Container Finance VIII, LLC (a)

    1.860 %     03/20/46       1,564,062       1,365,124  

Triumph Rail, LLC (a)

    2.150 %     06/19/51       1,987,137       1,752,551  

Vantage Data Centers Issuer, LLC (a)

    2.165 %     10/15/46       2,000,000       1,802,602  

Wendy’s Funding, LLC (a)

    3.783 %     06/15/49       686,250       662,534  

TOTAL ASSET BACKED SECURITIES (COST $28,212,308)

  $ 26,174,087  
 

 

 

See accompanying notes to financial statements.

 

10

 

 

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

MONEY MARKET FUNDS — 0.5%

First American Government Obligations Fund - Class X, 1.29% (g) (COST $3,594,243)

    3,594,243     $ 3,594,243  
 

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.4%

Mount Vernon Liquid Assets Portfolio, LLC, 1.64% (g)(h) (COST $15,982,630)

    15,982,630       15,982,630  
 

INVESTMENT COMPANIES — 0.5%

Pax High Yield Bond Fund - Institutional Class (COST $4,199,236)

    530,984       3,031,917  
 

TOTAL INVESTMENTS - (COST $722,356,658) — 101.4%

  $ 663,709,241  

LIABILITIES IN EXCESS OF OTHER ASSETS — (1.4%)

    (9,427,285 )

NET ASSETS — 100.0%

  $ 654,281,956  

 

 

(a)

144a security may only be resold to qualified institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. As of June 30, 2022, these securities were fair valued at $84,206,775 or 12.9% of net assets.

(b)

All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2022 was $15,702,883 (Note 8).

(c)

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

(d)

Restricted and illiquid securities not registered under the Securities Act of 1933 are as follows:

 

 

Acquisition
Date

   

Current
Cost

   

Fair
Value

   

% of Net
Assets

 

Calvert Social Investment Foundation, Inc. 0.400%, 12/15/22

    12/15/21     $ 500,000     $ 500,000       0.1 %

Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23

    06/18/18       1,650,000       1,650,000       0.3 %

Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23

    12/17/18       950,000       899,678       0.1 %

Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24

    06/15/21       550,000       508,828       0.1 %

Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24

    06/17/19       980,000       980,000       0.1 %

Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24

    12/12/19       400,000       400,000       0.1 %

Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25

    06/12/20       1,400,000       1,294,479       0.2 %

Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25

    12/15/20       650,000       647,833       0.1 %
            $ 7,080,000     $ 6,880,818       1.1 %

 

(e)

Percentage rounds to less than 0.1%.

(f)

Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total fair value of such securities was $330,211 as June 30, 2022, representing 0.0% (e) of net assets.

(g)

The rate shown is the 7-day effective yield as of June 30, 2022.

(h)

The security was purchased with cash collateral received from securities on loan (Note 8).

 

GMTN

— Global Medium-Term Note

H15T1Y

— U.S. Treasury yield curve rate for U.S. Treasury note with a constant maturity of 1 year

LIBOR

— London Interbank Offered Rate

plc

— Public Liability Company

PO

— Principal Only security with a redemption price above par

SOFR

— Secured Overnight Financing Rate

 

 

See accompanying notes to financial statements.

 

11

 

 

Schedule of Investments

Praxis International Index Fund

June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.1%

AUSTRALIA — 4.4%

ASX Ltd.

    6,094     $ 344,544  

Australia & New Zealand Banking Group Ltd.

    40,646       619,217  

Brambles Ltd.

    53,658       396,859  

Coles Group Ltd.

    20,682       254,581  

Commonwealth Bank of Australia

    17,086       1,067,733  

CSL Ltd. - ADR

    7,282       669,944  

CSL Ltd.

    3,640       676,020  

Dexus

    158,141       972,717  

Fortescue Metals Group Ltd.

    63,440       763,035  

Goodman Group

    44,189       545,766  

GPT Group (The)

    86,547       253,011  

Lendlease Group

    22,661       142,775  

Macquarie Group Ltd. - ADR

    2,747       311,922  

Macquarie Group Ltd.

    2,144       244,166  

Mirvac Group

    157,601       214,901  

National Australia Bank Ltd.

    36,653       695,213  

REA Group Ltd.

    2,913       224,998  

Scentre Group

    175,279       314,798  

SEEK Ltd.

    32,750       475,184  

Sonic Healthcare Ltd.

    7,195       164,037  

Stockland

    68,242       170,427  

Transurban Group

    154,802       1,540,545  

Vicinity Centres

    397,679       505,318  

Wesfarmers Ltd.

    32,429       938,203  

Woodside Energy Group Ltd.

    68,683       1,509,916  

Woolworths Group Ltd.

    28,598       702,604  
              14,718,434  

AUSTRIA — 0.3%

Raiffeisen Bank International AG (a)

    16,109       175,952  

Verbund AG

    6,899       677,978  
              853,930  

BELGIUM — 0.6%

KBC Group N.V. - ADR

    1,592       44,735  

KBC Group N.V.

    15,375       864,781  

UCB S.A.

    7,663       649,183  

Umicore S.A.

    8,424       295,216  
              1,853,915  

BERMUDA — 0.4%

Credicorp Ltd.

    5,427       650,752  

Shenzhen International Holdings Ltd.

    799,000       787,513  
              1,438,265  

BRAZIL — 1.4%

Banco Bradesco S.A. - ADR

    243,207       792,855  

Banco do Brasil S.A. - ADR

    74,607       474,501  

Banco Santander Brasil S.A. - ADR (b)

    143,531       787,985  

BRF S.A. - ADR (a)(b)

    58,854       150,666  

Cia Energética de Minas Gerais - ADR

    95,385       192,677  

Cia Siderurgica Nacional S.A. - ADR

    4,662       13,660  

Gerdau S.A. - ADR

    79,331       340,330  

Getnet Adquirencia e Servicos para Meios de Pagamento S.A. - ADR

    7,516       12,176  

Sendas Distribuidora S.A. - ADR

    17,197       233,707  

Suzano S.A. - ADR (b)

    45,067       427,235  

Telefónica Brasil S.A. - ADR

    91,332       827,468  

TIM S.A. - ADR

    24,867       302,134  
              4,555,394  

 

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.1%

CANADA — 8.0%

Bank of Montreal

    17,609     $ 1,693,458  

Bank of Nova Scotia (The) (b)

    27,062       1,602,341  

Cameco Corp.

    22,860       480,517  

Canadian Imperial Bank of Commerce

    24,528       1,190,589  

Canadian National Railway Co.

    15,841       1,781,637  

Canadian Pacific Railway Ltd.

    19,191       1,340,300  

CGI, Inc. (a)

    8,100       645,246  

Franco-Nevada Corp.

    12,761       1,679,092  

Gildan Activewear, Inc.

    18,362       528,458  

Manulife Financial Corp. (b)

    76,580       1,327,131  

Methanex Corp.

    15,712       600,670  

Nutrien Ltd. (b)

    13,124       1,045,852  

Open Text Corp.

    11,725       443,674  

Restaurant Brands International, Inc.

    11,589       581,188  

Royal Bank of Canada (b)

    32,068       3,104,824  

Sun Life Financial, Inc.

    23,887       1,094,264  

Teck Resources Ltd. - Class B (b)

    57,841       1,768,199  

Thomson Reuters Corp.

    20,428       2,128,802  

Toronto-Dominion Bank (The)

    26,902       1,764,233  

Wheaton Precious Metals Corp.

    45,301       1,632,195  
              26,432,670  

CAYMAN ISLANDS — 6.3%

Alibaba Group Holding Ltd. - ADR (a)

    27,050       3,075,044  

Autohome, Inc. - ADR

    2,537       99,780  

Baidu, Inc. - ADR (a)

    5,844       869,178  

China Literature Ltd. (a)

    83,000       402,041  

China Mengniu Dairy Co. Ltd. (a)

    58,000       290,759  

Daqo New Energy Corp. - ADR (a)

    1,141       81,445  

ENN Energy Holdings Ltd.

    21,000       347,098  

Genscript Biotech Corp. (a)

    112,000       407,264  

Hengan International Group Co. Ltd.

    99,000       465,992  

JD.com, Inc. - ADR

    11,792       757,282  

Kingboard Holdings Ltd.

    41,000       155,480  

Kingdee International Software Group Co. Ltd. (a)

    100,000       235,598  

Li Auto, Inc. - Class A (a)(b)

    8,962       343,334  

Meituan - ADR (a)

    34,219       1,708,897  

NetEase, Inc. - ADR (b)

    11,960       1,116,586  

New Oriental Education & Technology Group, Inc. - ADR (a)

    12,247       249,349  

NIO, Inc. - ADR (a)(b)

    28,907       627,860  

Noah Holdings Ltd. - ADR (a)

    6,771       136,977  

Sea Ltd. - ADR (a)

    2,260       151,104  

Shenzhou International Group Holdings Ltd.

    48,000       585,861  

Sunny Optical Technology Group Co. Ltd.

    21,900       359,084  

TAL Education Group - ADR (a)

    61,874       301,326  

Tencent Holdings Ltd. - ADR (b)

    101,986       4,629,145  

Tencent Music Entertainment Group - ADR (a)

    43,865       220,202  

Tingyi Cayman Islands Holding Corp.

    276,000       474,319  

Trip.com Group Ltd. - ADR (a)

    8,763       240,544  

Vipshop Holdings Ltd. - ADR (a)

    21,137       209,045  

VNET Group, Inc. - ADR (a)(b)

    23,314       140,817  

Weibo Corp. - ADR (a)

    8,105       187,469  

WuXi Biologics Cayman, Inc. (a)

    130,072       1,205,155  

Xinyi Solar Holdings Ltd.

    100,000       154,953  

XPeng, Inc. - ADR (a)

    3,834       121,691  

ZTO Express Cayman, Inc. - ADR

    19,738       541,808  
              20,892,487  

 

See accompanying notes to financial statements.

 

12

 

 

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.1%, continued

CHILE — 0.3%

Enel Americas S.A. - ADR

    53,811     $ 244,840  

Sociedad Quimica y Minera de Chile S.A. - ADR

    10,597       885,168  
              1,130,008  

CHINA — 3.3%

Agricultural Bank of China Ltd. - H Shares

    1,583,000       598,454  

ANTA Sports Products Ltd.

    50,400       620,233  

Bank of China Ltd. - H Shares

    1,903,000       760,374  

BYD Co. Ltd. - H Shares

    12,500       503,862  

China Life Insurance Co. Ltd. - H Shares

    376,000       656,390  

China Merchants Bank Co. Ltd. - H Shares

    82,820       559,394  

China Minsheng Banking Corp. Ltd. - H Shares

    456,500       162,972  

China Pacific Insurance Group Co. Ltd. - H Shares

    100,200       246,089  

China Resources Land Ltd.

    134,000       628,356  

China Vanke Co. Ltd. - H Shares

    168,574       424,426  

COSCO SHIPPING Holdings Co. Ltd. - H Shares

    87,500       122,214  

Haier Smart Home Co. Ltd. - H Shares

    241,230       897,835  

Huatai Securities Co. Ltd. - H Shares

    117,400       174,628  

Industrial & Commercial Bank of China Ltd. - H Shares

    1,118,000       667,044  

iQIYI, Inc. - ADR (a)

    1,956       8,215  

Jiangsu Expressway Co. Ltd. - H Shares

    720,000       726,328  

New World Development Co. Ltd.

    72,768       262,116  

Ping An Insurance Group Co. of China Ltd. - H Shares

    226,318       1,557,780  

Sinopharm Group Co. Ltd. - H Shares

    427,200       1,034,293  

TravelSky Technology Ltd. - H Shares

    111,000       216,440  
              10,827,443  

COLOMBIA — 0.3%

Bancolombia S.A. - ADR

    32,931       1,015,263  
 

DENMARK — 1.9%

A.P. Moller-Maersk A/S - Series B

    131       307,522  

Chr. Hansen Holding A/S

    1,812       132,266  

Coloplast A/S - Series B

    3,561       406,862  

DSV A/S

    4,551       639,922  

Genmab A/S (a)

    932       302,370  

Novo Nordisk A/S - ADR

    30,237       3,369,309  

Novozymes A/S - Class B

    3,368       202,141  

Orsted A/S

    3,039       320,066  

Pandora A/S

    2,532       160,858  

Vestas Wind Systems A/S

    21,015       446,802  
              6,288,118  

FINLAND — 0.6%

Neste OYJ

    16,349       727,025  

Nokia Corp. - ADR

    120,955       557,602  

UPM-Kymmene OYJ

    20,395       625,210  
              1,909,837  

FRANCE — 5.9%

Accor S.A. (a)

    5,364       146,299  

Aeroports de Paris (a)

    1,860       237,050  

Air Liquide S.A. - ADR

    1,328       35,569  

Air Liquide S.A.

    9,728       1,309,065  

Alstom S.A. - ADR (b)

    41,500       92,130  

Alstom S.A.

    10,037       229,129  

AXA S.A.

    56,866       1,298,559  

BNP Paribas S.A.

    3,140       150,152  

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.1%, continued

FRANCE — 5.9%, continued

Bollore SE

    82,440     $ 384,211  

Capgemini SE - ADR

    6,425       219,864  

Capgemini SE

    2,481       427,759  

Carrefour S.A.

    14,741       261,602  

Cie Generale des Etablissements Michelin SCA - ADR

    28,976       392,625  

Cie Generale des Etablissements Michelin SCA

    18,076       493,541  

Covivio

    5,514       307,972  

Danone S.A. - ADR (b)

    54,195       603,732  

Danone S.A.

    8,808       493,135  

Dassault Systemes SE - ADR

    3,725       137,229  

Dassault Systemes SE

    9,814       363,422  

EssilorLuxottica S.A.

    4,430       671,464  

Eurofins Scientific SE (a)

    2,307       182,154  

Faurecia SE (a)

    3,770       75,532  

Getlink SE

    32,859       582,609  

Groupe Bruxelles Lambert S.A.

    6,989       585,727  

Henkel AG & Co. KGaA

    1,633       100,305  

Hermes International

    830       933,855  

Kering S.A.

    1,378       713,925  

Klepierre S.A. (a)

    15,984       309,239  

Legrand S.A.

    10,029       744,439  

L’Oreal S.A. - ADR (b)

    21,745       1,501,492  

L’Oreal S.A.

    1,380       479,015  

Publicis Groupe S.A. (a)

    8,339       410,007  

Renault S.A. (a)

    6,740       170,112  

Sartorius Sedim Biotech

    1,319       416,056  

Schneider Electric SE

    9,145       1,089,385  

Societe Generale S.A.

    15,878       350,964  

Solvay S.A.

    2,892       235,537  

Teleperformance

    1,454       448,852  

Ubisoft Entertainment S.A. (a)

    1,204       53,086  

Unibail-Rodamco-Westfield (a)

    6,388       324,678  

Unibail-Rodamco-Westfield - CDI (a)

    45,646       118,136  

Valeo

    19,877       387,219  

Vivendi SE - ADR

    5,023       50,783  

Vivendi SE

    2,901       29,596  

Wendel SE

    6,535       547,571  

Worldline S.A. (a)

    11,073       412,905  
              19,507,688  

GERMANY — 3.9%

adidas AG - ADR (b)

    2,402       212,817  

adidas AG

    1,323       234,943  

Allianz SE - ADR

    76,050       1,447,232  

Allianz SE

    880       168,660  

BASF SE

    8,485       371,138  

Bayerische Motoren Werke AG - ADR

    2       52  

Bayerische Motoren Werke AG

    2,092       162,130  

Brenntag AG

    2,282       149,381  

Continental AG - ADR

    7,120       49,698  

Continental AG

    1,719       120,622  

Covestro AG

    7,156       248,595  

Daimler Truck Holding AG (a)

    9,334       245,753  

Deutsche Bank AG (b)

    16,335       142,768  

Deutsche Boerse AG

    5,016       842,095  

Deutsche Post AG - ADR

    14,832       556,942  

Deutsche Post AG

    10,161       383,537  

Deutsche Telekom AG - ADR

    30,009       597,779  

 

See accompanying notes to financial statements.

 

13

 

 

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.1%, continued

GERMANY — 3.9%, continued

Deutsche Telekom AG

    25,629     $ 509,605  

Fast Retailing Co. Ltd. - ADR

    1,220       63,635  

Fraport AG Frankfurt Airport Services Worldwide (a)

    1,961       85,736  

Hannover Rueck SE

    1,159       169,000  

Infineon Technologies AG - ADR

    12,109       292,917  

Infineon Technologies AG

    8,718       212,013  

Mercedes-Benz Group AG

    18,669       1,083,974  

Merck KGaA

    3,246       550,443  

Muenchener Rueckversicherungs-Gesellschaft AG - ADR

    18,890       443,726  

Muenchener Rueckversicherungs-Gesellschaft AG

    1,787       422,597  

RWE AG

    5,116       189,170  

Sartorius AG

    493       172,981  

Siemens AG

    10,943       1,124,600  

Symrise AG

    636       69,347  

Telefonica Deutschland Holding AG

    166,204       479,156  

Vitesco Technologies Group AG (a)

    973       37,781  

Vonovia SE

    28,996       896,909  

Zalando SE (a)

    6,837       180,056  
              12,917,788  

HONG KONG — 2.5%

AIA Group Ltd. - ADR

    40,539       1,776,419  

AIA Group Ltd.

    57,569       629,023  

BYD Electronic International Co. Ltd.

    86,500       273,756  

Hang Seng Bank Ltd.

    26,900       476,685  

Hong Kong Exchanges & Clearing Ltd.

    26,978       1,334,213  

Lenovo Group Ltd.

    562,000       528,108  

Link Real Estate Investment Trust

    95,500       780,355  

New China Life Insurance Co. Ltd. - H Shares

    87,400       245,963  

Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares

    132,000       154,163  

Sino Land Co. Ltd.

    144,000       212,638  

Swire Properties Ltd.

    206,350       513,729  

Techtronic Industries Co. Ltd.

    24,500       255,829  

Wharf Holdings Ltd. (The)

    166,000       604,918  

Zhongsheng Group Holdings Ltd.

    86,000       607,630  
              8,393,429  

INDIA — 3.1%

HDFC Bank Ltd. - ADR

    30,589       1,681,172  

ICICI Bank Ltd. - ADR

    144,722       2,567,368  

Infosys Ltd. - ADR

    194,180       3,594,272  

Wipro Ltd. - ADR

    451,901       2,399,594  
              10,242,406  

INDONESIA — 0.7%

Bank Mandiri Persero Tbk PT - ADR

    87,101       921,528  

Telkom Indonesia Persero Tbk PT - ADR

    50,040       1,353,082  
              2,274,610  

IRELAND — 0.3%

CRH plc - ADR (b)

    14,500       504,890  

Kingspan Group plc

    2,206       132,614  

Smurfit Kappa Group plc

    14,247       480,309  
              1,117,813  

ISRAEL — 0.5%

Check Point Software Technologies Ltd. (a)

    4,473       544,722  

CyberArk Software Ltd. (a)

    2,299       294,180  

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.1%, continued

ISRAEL — 0.5%. continued

ICL Group Ltd.

    33,089     $ 300,448  

Nice Ltd. - ADR (a)

    2,630       506,144  

Wix.com Ltd. (a)(b)

    2,608       170,954  
              1,816,448  

ITALY — 1.3%

Assicurazioni Generali S.p.A.

    41,464       662,117  

Enel S.p.A.

    97,377       533,894  

Intesa Sanpaolo S.p.A.

    276,901       518,073  

Mediobanca Banca di Credito Finanziario S.p.A.

    29,677       257,309  

Moncler S.p.A.

    7,061       304,149  

Poste Italiane S.p.A.

    34,809       325,602  

Telecom Italia S.p.A. (a)

    591,414       155,032  

Terna - Rete Elettrica Nazionale S.p.A.

    134,579       1,057,808  

UniCredit S.p.A.

    52,597       502,500  
              4,316,484  

JAPAN — 14.1%

Advantest Corp.

    4,800       258,109  

Aeon Co. Ltd.

    7,900       137,214  

AGC, Inc.

    10,000       351,351  

Asahi Intecc Co. Ltd.

    11,100       168,052  

Asahi Kasei Corp.

    50,000       380,341  

Astellas Pharma, Inc.

    34,300       535,099  

Azbil Corp.

    3,900       102,814  

Bandai Namco Holdings, Inc.

    2,300       162,368  

Bridgestone Corp.

    28,756       1,048,349  

Brothers Industries Ltd.

    13,900       244,544  

Canon, Inc. - ADR

    9,876       224,284  

Canon, Inc.

    13,500       305,906  

Chiba Bank Ltd. (The)

    28,700       157,084  

Chugai Pharmaceutical Co. Ltd.

    14,700       376,006  

CyberAgent, Inc.

    13,700       137,244  

Dai Nippon Printing Co. Ltd.

    55,018       1,183,378  

Dai-ichi Life Holdings, Inc.

    16,346       302,303  

Daiichi Sankyo Co. Ltd. - ADR

    5,703       144,913  

Daiichi Sankyo Co. Ltd.

    23,430       595,839  

Daiwa House Industry Co. Ltd.

    30,000       701,558  

Denso Corp.

    10,000       527,786  

Dentsu Group, Inc.

    4,300       129,626  

East Japan Railway Co.

    5,729       293,012  

ENEOS Holdings, Inc.

    167,700       630,974  

FANUC Corp. - ADR

    10,090       156,799  

FANUC Corp.

    800       125,382  

Fast Retailing Co. Ltd.

    1,000       525,238  

FUJIFILM Holdings Corp. - ADR

    8,601       460,756  

FUJIFILM Holdings Corp.

    1,500       80,591  

Fujitsu Ltd.

    4,868       609,078  

Futu Holdings Ltd. - ADR (a)(b)

    4,235       221,109  

Honda Motor Co. Ltd.

    17,400       419,502  

Hoya Corp. - ADR

    1,273       108,536  

Hoya Corp.

    6,861       587,141  

Ibiden Co., Ltd.

    4,600       130,311  

Japan Exchange Group, Inc.

    20,800       301,466  

Kao Corp.

    29,400       1,192,067  

KDDI Corp. - ADR

    43,814       690,027  

Keyence Corp.

    3,600       1,234,487  

Kintetsu Group Holdings Co. Ltd.

    10,728       333,742  

Kubota Corp. - ADR

    7,274       528,311  

Kubota Corp.

    24,000       359,640  

 

See accompanying notes to financial statements.

 

14

 

 

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.1%, continued

JAPAN — 14.1%, continued

Lixil Corp.

    15,100     $ 283,792  

M3, Inc.

    2,400       69,079  

Medipal Holdings Corp.

    22,700       320,195  

Mitsubishi Corp.

    38,500       1,146,491  

Mitsubishi UFJ Financial Group, Inc. - ADR (b)

    25,008       133,543  

Mitsubishi UFJ Financial Group, Inc.

    317,209       1,696,960  

Mitsui & Co. Ltd. - ADR

    1,204       529,038  

Mitsui & Co. Ltd.

    27,090       595,246  

Mitsui Chemicals, Inc.

    7,100       151,428  

Mitsui OSK Lines Ltd.

    21,700       499,162  

Mizuho Financial Group, Inc.

    65,200       742,242  

Murata Manufacturing Co. Ltd. - ADR

    916       12,430  

Murata Manufacturing Co. Ltd.

    12,900       702,061  

Nexon Co. Ltd.

    13,700       281,306  

Nidec Corp. - ADR

    34,780       538,325  

Nintendo Co. Ltd. - ADR

    14,840       798,689  

Nintendo Co. Ltd.

    300       129,007  

Nippon Building Fund, Inc.

    33       164,681  

Nippon Express Holdings, Inc.

    2,700       147,067  

Nippon Prologis REIT, Inc. (a)

    175       430,988  

Nippon Steel Corp.

    9,800       137,142  

Nippon Telegraph & Telephone Corp.

    12,900       370,631  

Nippon Yusen KK

    4,600       315,375  

Nitori Holdings Co. Ltd.

    1,100       104,671  

Nomura Holdings, Inc. - ADR

    47,702       170,773  

Nomura Research Institute Ltd.

    10,200       273,713  

Odakyu Electric Railway Co. Ltd.

    10,400       140,304  

Olympus Corp.

    8,200       164,767  

Omron Corp.

    6,100       310,447  

Oriental Land Co. Ltd.

    2,960       413,339  

Pan Pacific International Holdings Corp.

    10,900       173,769  

Persol Holdings Co. Ltd.

    8,000       145,390  

Recruit Holdings Co. Ltd.

    20,050       590,438  

Ricoh Co. Ltd.

    25,500       199,068  

Ryohin Keikaku Co. Ltd.

    12,400       121,466  

Secom Co. Ltd.

    2,700       166,698  

Seiko Epson Corp.

    30,300       428,622  

Sekisui House Ltd. - ADR (b)

    21,690       380,876  

Sekisui House Ltd.

    8,000       140,432  

Seven & i Holdings Co. Ltd.

    18,900       733,274  

Sharp Corp.

    20,600       159,331  

Shimadzu Corp.

    17,000       538,784  

Shimano, Inc.

    2,084       351,038  

Shin-Etsu Chemical Co. Ltd.

    4,400       494,572  

Shionogi & Co. Ltd.

    3,400       173,518  

Shiseido Co. Ltd. - ADR (b)

    7,565       304,113  

Shiseido Co. Ltd.

    2,100       84,639  

SMC Corp.

    78       34,718  

SoftBank Corp.

    33,205       368,633  

SoftBank Group Corp. - ADR

    12,750       245,820  

SoftBank Group Corp.

    13,000       503,823  

Sony Group Corp. - ADR

    23,139       1,892,076  

Sumitomo Corp.

    23,254       316,079  

Sumitomo Metal Mining Co. Ltd.

    8,000       248,016  

Sumitomo Mitsui Trust Holdings, Inc.

    19,600       605,712  

Suntory Beverage & Food Ltd.

    12,200       460,675  

Takeda Pharmaceutical Co. Ltd. - ADR

    17,704       248,564  

Takeda Pharmaceutical Co. Ltd.

    26,800       752,712  

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.1%, continued

JAPAN — 14.1%, continued

TDK Corp.

    6,300     $ 194,771  

Terumo Corp.

    10,972       331,890  

Toho Co. Ltd.

    4,100       148,512  

Tokyo Electron Ltd. - ADR

    3,692       300,935  

Tokyo Electron Ltd.

    1,900       620,102  

Tokyu Corp.

    42,700       503,971  

Toppan, Inc.

    55,900       932,562  

Toray Industries, Inc.

    50,000       281,421  

Toyota Motor Corp. - ADR (b)

    11,838       1,825,064  

USS Co. Ltd.

    31,120       539,334  

Yamaha Corp.

    10,900       449,319  

Yamaha Motor Co. Ltd.

    18,900       347,031  

Yokogawa Electric Corp.

    26,800       443,326  
              46,716,323  

JERSEY — 0.8%

Experian plc - ADR

    11,145       326,994  

Ferguson plc

    508       56,906  

Ferguson plc

    5,680       628,833  

Glencore plc (a)

    248,450       1,345,681  

WPP plc - ADR

    1,188       60,101  

WPP plc

    34,966       353,192  
              2,771,707  

LUXEMBOURG — 0.1%

ArcelorMittal S.A. - ADR (b)

    5,428       122,673  

Aroundtown S.A.

    34,293       109,653  
              232,326  

MEXICO — 1.2%

América Móvil S.A.B. de C.V. - Class L - ADR

    16,903       345,328  

Coca-Cola Femsa S.A.B. de C.V. - ADR

    12,760       705,373  

Fomento Economico Mexicano S.A.B. de C.V. - ADR

    10,097       681,447  

Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR

    2,661       371,422  

Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR

    2,464       483,905  

Grupo Televisa S.A.B. - ADR

    39,194       320,607  

Wal-Mart de Mexico S.A.B. de C.V. - ADR (b)

    32,608       1,118,454  
              4,026,536  

NETHERLANDS — 2.9%

ABN AMRO Bank N.V.

    21,591       242,544  

Adyen N.V. (a)

    349       503,518  

AEGON N.V. (b)

    48,989       214,572  

Akzo Nobel N.V. - ADR

    9,200       201,388  

ASML Holding N.V. - ADR

    6,611       3,146,043  

Exor N.V.

    3,298       206,037  

ING Groep N.V. - ADR (b)

    40,673       403,476  

ING Groep N.V.

    16,762       165,088  

Koninklijke Ahold Delhaize N.V. - ADR

    24,466       639,541  

Koninklijke Ahold Delhaize N.V.

    5,491       142,887  

Koninklijke DSM N.V.

    4,332       620,395  

Koninklijke Philips N.V. - ADR

    16,004       344,566  

NN Group N.V.

    5,475       247,912  

Prosus N.V. (a)

    13,725       888,506  

QIAGEN N.V. (a)

    7,847       370,378  

Stellantis N.V.

    42,053       522,589  

STMicroelectronics N.V. - ADR (b)

    14,434       454,238  

 

See accompanying notes to financial statements.

 

15

 

 

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.1%, continued

NETHERLANDS — 2.9%, continued

Wolters Kluwer N.V.

    5,108     $ 494,924  
              9,808,602  

NORWAY — 2.3%

Aker BP ASA

    40,331       1,396,772  

Equinor ASA - ADR (b)

    158,981       5,526,180  

Norsk Hydro ASA

    112,833       637,644  
              7,560,596  

PHILIPPINES — 0.2%

PLDT, Inc. - ADR (b)

    26,933       819,302  
 

PORTUGAL — 0.4%

Galp Energia SGPS S.A.

    109,153       1,276,856  

Jeronimo Martins SGPS S.A.

    8,104       175,634  
              1,452,490  

RUSSIA — 0.0% (c)

Mobile TeleSystems PJSC - ADR (d)(e)

    86,910       869  
 

SINGAPORE — 1.6%

Ascendas Real Estate Investment Trust

    167,800       344,357  

BOC Aviation Ltd.

    87,700       741,459  

CapitaLand Integrated Commercial Trust

    387,425       605,583  

CapitaLand Investment Ltd.

    183,000       503,635  

CDL Hospitality Trusts

    28,826       26,361  

City Developments Ltd.

    181,300       1,064,783  

DBS Group Holdings Ltd. - ADR

    11,392       973,674  

Singapore Telecommunications Ltd.

    216,000       393,318  

Venture Corp. Ltd.

    63,900       765,365  
              5,418,535  

SOUTH AFRICA — 1.0%

FirstRand Ltd.

    201,574       775,712  

Gold Fields Ltd. - ADR (b)

    14,088       128,483  

Impala Platinum Holdings Ltd. - ADR

    34,408       379,864  

Mr Price Group Ltd.

    43,236       474,090  

MTN Group Ltd.

    427       3,475  

MultiChoice Group Ltd.

    72,496       516,046  

Naspers Ltd. - Class N - ADR

    23,175       675,783  

Standard Bank Group Ltd.

    44,968       429,012  
              3,382,465  

SOUTH KOREA — 4.1%

Celltrion, Inc.

    4,338       600,668  

Hyundai Mobis Co. Ltd.

    6,297       977,588  

Hyundai Motor Co.

    2,200       309,658  

KB Financial Group, Inc. - ADR

    27,719       1,031,147  

KT Corp. - ADR

    39,515       551,629  

LG Chem Ltd.

    905       362,128  

LG Display Co. Ltd. - ADR

    3       17  

NAVER Corp.

    6,610       1,241,817  

POSCO Holdings, Inc. - ADR

    16,598       738,943  

Samsung Electronics Co. Ltd.

    90,496       4,020,273  

Shinhan Financial Group Co. Ltd. - ADR (b)

    31,408       897,013  

Shinhan Financial Group Co. Ltd.

    11,989       346,253  

SK Hynix, Inc.

    13,491       959,513  

SK Telecom Co. Ltd. - ADR

    19,898       444,123  

Woori Financial Group, Inc. - ADR (b)

    38,936       1,101,110  
              13,581,880  

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.1%, continued

SPAIN — 2.2%

Aena SME S.A. (a)

    4,174     $ 532,464  

Amadeus IT Group S.A. (a)

    8,543       478,230  

Banco Santander S.A.

    79,125       223,817  

Cellnex Telecom S.A. - ADR

    10,780       208,701  

Grifols S.A. (a)

    13,304       158,052  

Iberdrola S.A. - ADR

    17,047       705,234  

Iberdrola S.A.

    29,928       311,509  

Industria de Diseno Textil S.A.

    34,462       782,955  

Naturgy Energy Group S.A.

    12,657       365,634  

Repsol S.A.

    168,496       2,483,303  

Siemens Gamesa Renewable Energy S.A. (a)

    11,865       223,647  

Telefónica S.A. - ADR (a)(b)

    34,242       175,661  

Telefónica S.A.

    98,803       504,307  
              7,153,514  

SWEDEN — 1.5%

Assa Abloy AB - Class B

    7,863       167,786  

Atlas Copco AB

    35,688       334,019  

Atlas Copco AB - Class A - ADR

    40,296       375,156  

Boliden AB

    25,785       824,563  

Essity AB - Series B

    12,219       319,390  

H & M Hennes & Mauritz AB - B Shares

    19,185       230,256  

Hexagon AB - B Shares

    58,429       610,488  

Lundin Energy AB

    30,924       21,026  

Svenska Cellulosa AB S.C.A. - Series B

    16,418       246,665  

Svenska Handelsbanken AB

    84,310       1,390,330  

Svenska Handelsbanken AB - A Shares

    31,343       269,028  

Telefonaktiebolaget LM Ericsson - B Shares

    42,832       319,892  
              5,108,599  

SWITZERLAND — 6.6%

ABB Ltd. - ADR

    39,077       1,044,528  

Adecco Group AG

    14,312       487,838  

Barry Callebaut AG

    553       1,237,332  

Coca-Cola HBC AG

    12,918       287,828  

Geberit AG

    1,928       927,597  

Givaudan S.A.

    272       958,752  

Groupe Bruxelles Lambert S.A.

    2,460       204,393  

Holcim Ltd. (a)

    8,532       365,945  

Julius Baer Group Ltd.

    3,557       165,015  

Keuhne + Nagel International AG

    643       152,783  

Logitech International S.A.

    5,031       261,914  

Lonza Group AG - ADR

    1,070       57,127  

Lonza Group AG

    1,788       955,068  

Nestlé S.A. - ADR

    37,439       4,357,525  

Nestlé S.A.

    4,022       470,077  

Partners Group Holding AG

    644       581,613  

Roche Holding AG - ADR

    90,312       3,766,913  

Roche Holding AG

    1,749       584,709  

Sika AG

    852       196,680  

Sonova Holding AG

    1,171       374,242  

Swatch Group AG (The)

    707       167,945  

Swiss Re AG

    9,611       746,010  

Swisscom AG

    1,895       1,048,196  

Temenos AG

    5,377       460,178  

UBS Group AG (b)

    39,428       637,442  

UBS Group AG

    9,486       153,863  

Zurich Insurance Group AG - ADR

    24,700       1,075,685  

 

See accompanying notes to financial statements.

 

16

 

 

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.1%, continued

SWITZERLAND — 6.6%, continued

Zurich Insurance Group AG

    492     $ 214,555  
              21,941,753  

TAIWAN — 4.8%

ASE Technology Holding Co. Ltd. - ADR

    126,937       656,264  

AUO Corp. - ADR

    144,653       914,207  

Chunghwa Telecom Co. Ltd. - ADR

    127,719       5,268,409  

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

    100,616       8,225,358  

United Microelectronics Corp. - ADR (b)

    129,788       878,665  
              15,942,903  

TURKEY — 0.0% (c)

Turkcell Iletisim Hizmetleri A.S. - ADR

    1       3  
 

UNITED KINGDOM — 8.3%

3i Group plc

    68,813       932,657  

Antofagasta plc

    47,452       669,761  

Ashtead Group plc

    11,037       464,299  

AstraZeneca plc - ADR (b)

    49,298       3,257,119  

Aviva plc

    54,188       265,421  

Barratt Developments plc

    56,585       316,510  

British Land Co. plc (The)

    62,287       340,648  

BT Group plc

    130,919       297,540  

Burberry Group plc

    13,434       269,499  

Coca-Cola Europacific Partners plc (b)

    12,461       643,112  

Compass Group plc

    35,682       732,583  

GSK plc - ADR (b)

    50,072       2,179,634  

Halma plc

    17,839       437,975  

HSBC Holdings plc - ADR

    50,405       1,646,731  

HSBC Holdings plc

    27,340       178,595  

Informa plc (a)

    99,047       639,889  

InterContinental Hotels Group plc - ADR (b)

    6,022       325,489  

ITV plc

    87,380       69,777  

J Sainsbury plc

    86,209       214,540  

Kingfisher plc

    161,921       483,887  

Land Securities Group plc

    37,958       307,928  

Legal & General Group plc

    210,040       614,053  

Lloyds Banking Group plc

    437,921       225,281  

London Stock Exchange Group plc

    7,929       739,851  

Mondi plc

    36,334       644,918  

National Grid plc - ADR

    5,768       373,132  

National Grid plc

    49,369       634,423  

NatWest Group plc

    172,577       459,348  

PEARSON plc - ADR (b)

    44,436       409,700  

PEARSON plc

    29,189       267,220  

Prudential plc - ADR

    16,409       412,030  

Reckitt Benckiser Group plc - ADR (b)

    34,350       523,150  

Reckitt Benckiser Group plc

    3,212       241,576  

RELX plc - ADR

    19,899       536,079  

RELX plc

    54,912       1,490,900  

Rentokil Initial plc

    28,495       165,180  

Sage Group plc (The) - ADR

    2,320       71,918  

Sage Group plc (The)

    33,781       261,587  

Segro plc

    65,385       780,372  

Severn Trent plc

    11,429       379,436  

Taylor Wimpey plc

    108,822       155,007  

Tesco plc - ADR

    5,503       51,123  

Tesco plc

    144,166       449,298  

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.1%, continued

UNITED KINGDOM — 8.3%, continued

Unilever plc - ADR (b)

    41,016     $ 1,879,763  

United Utilities Group plc

    43,531       541,873  

Vodafone Group plc - ADR

    40,631       633,031  
              27,613,843  

TOTAL COMMON STOCKS (Cost $258,742,169)

  $ 326,034,676  
 

 

 

 

Coupon

   

Maturity

   

Par Value

   

Fair
Value

 

CORPORATE NOTES — 0.9%

COMMUNITY DEVELOPMENT — 0.9%

Calvert Social Investment Foundation, Inc. (d)

    3.000 %     06/15/23     $ 870,000     $ 870,000  

Calvert Social Investment Foundation, Inc. (d)

    3.000 %     12/15/23       480,000       454,574  

Calvert Social Investment Foundation, Inc. (d)

    1.000 %     06/14/24       450,000       416,314  

Calvert Social Investment Foundation, Inc. (d)

    3.000 %     06/17/24       290,000       290,000  

Calvert Social Investment Foundation, Inc. (d)

    3.000 %     12/15/24       120,000       120,000  

Calvert Social Investment Foundation, Inc. (d)

    2.500 %     06/13/25       500,000       462,314  

Calvert Social Investment Foundation, Inc. (d)

    2.500 %     12/15/25       400,000       398,667  

TOTAL CORPORATE NOTES (Cost $3,110,000)

  $ 3,011,869  

 


 

Shares

   

Fair
Value

 

MONEY MARKET FUNDS — 0.4%

First American Government Obligations Fund - Class X, 1.29% (f) (Cost $1,205,501)

    1,205,501     $ 1,205,501  
 

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 9.8%

Mount Vernon Liquid Assets Portfolio, LLC, 1.64% (f)(g) (Cost $32,559,490)

    32,559,490     32,559,490  
         

TOTAL INVESTMENTS - (Cost $295,617,160) — 109.2%

  $ 362,811,536  

LIABILITES IN EXESS OF OTHER ASSETS — (9.2%)

    (30,447,569 )

NET ASSETS — 100.0%

  $ 332,363,967  

 

 
(a)Non-income producing security.
(b)All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2022 was $31,407,881 (Note 8).
(c)Percentage rounds to less than 0.1%.

 

See accompanying notes to financial statements.

 

17

 

 

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2022 (unaudited)

 

(d)Restricted and/or illiquid securities not registered under the Securities Act of 1933 are as follows:

 

 

 

Acquisition
Date

   

Current
Cost

   

Fair
Value

   

% of Net
Assets

 

Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23

    06/18/18     $ 870,000     $ 870,000       0.3 %

Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23

    12/17/18       480,000       454,574       0.1 %

Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24

    06/15/21       450,000       416,314       0.1 %

Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24

    06/17/19       290,000       290,000       0.1 %

Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24

    12/12/19       120,000       120,000       0.1 %

Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25

    06/12/20       500,000       462,314       0.1 %

Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25

    12/15/20       400,000       398,667       0.1 %

Mobile TeleSystems PJSC - ADR

    07/01/11       752,376       869       0.0 %(c)
            $ 3,862,376     $ 3,012,738       0.9 %

 

(e)Security value has been determined in good faith pursuant of procedures adopted by the Board of Trustees. The total fair value of such securities was $869 as of June 30, 2022, representing 0.0% (c) of net assets.
(f)The rate shown is the 7-day effective yield as of June 30, 2022.
(g)The security was purchased with cash collateral received from securities on loan (Note 8).

 

ADR

— American Depositary Receipt

CDI

— CHESS Depositary Interest

plc

— Public Liability Company

REIT

— Real Estate Investment Trust

Common Stocks by Sector/Industry (Unaudited)

 

% of Net
Assets

 

Communications — 10.3%

Advertising & Marketing

    0.3 %

Cable & Satellite

    0.3 %

Entertainment Content

    0.7 %

Internet Media & Services

    3.5 %

Publishing & Broadcasting

    0.4 %

Telecommunications

    5.1 %

Consumer Discretionary — 9.5%

Apparel & Textile Products

    1.1 %

Automotive

    3.2 %

Consumer Services

    0.2 %

E—Commerce Discretionary

    1.4 %

Home Construction

    0.9 %

Leisure Facilities & Services

    0.4 %

Leisure Products

    0.2 %

Retail — Discretionary

    1.8 %

Wholesale — Discretionary

    0.3 %

Consumer Staples — 7.3%

Beverages

    1.0 %

Food

    2.3 %

Household Products

    2.1 %

Retail — Consumer Staples

    1.5 %

Wholesale — Consumer Staples

    0.4 %

Energy — 4.3%

       

Oil & Gas Producers

    4.1 %

Renewable Energy

    0.2 %

 

Common Stocks by Sector/Industry (Unaudited)

 

% of Net
Assets

 

Financials — 19.8%

       

Asset Management

    1.2 %

Banking

    12.5 %

Institutional Financial Services

    1.1 %

Insurance

    4.8 %

Specialty Finance

    0.2 %

Health Care — 8.7%

       

Biotech & Pharma

    6.0 %

Health Care Facilities & Services

    1.0 %

Medical Equipment & Devices

    1.7 %

Industrials — 8.8%

       

Commercial Support Services

    1.4 %

Diversified Industrials

    0.4 %

Electrical Equipment

    1.4 %

Engineering & Construction

    0.1 %

Industrial Support Services

    0.4 %

Machinery

    1.0 %

Transportation & Logistics

    3.9 %

Transportation Equipment

    0.2 %

Materials — 8.3%

       

Chemicals

    2.8 %

Construction Materials

    0.5 %

Containers & Packaging

    0.5 %

Forestry, Paper & Wood Products

    0.4 %

Metals & Mining

    3.4 %

Steel

    0.7 %

Real Estate — 4.1%

       

Real Estate Owners & Developers

    1.7 %

REITs

    2.4 %

Technology — 14.9%

       

Semiconductors

    4.8 %

Software

    1.0 %

Technology Hardware

    4.4 %

Technology Services

    4.7 %

Utilities — 2.1%

       

Electric & Gas Marketing & Trading

    0.2 %

Electric Utilities

    1.5 %

Gas & Water Utilities

    0.4 %
      98.1 %
         

  

See accompanying notes to financial statements.

 

18

 

 

Schedule of Investments

Praxis Value Index Fund

June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 97.9%

ADVERTISING & MARKETING — 0.2%

Omnicom Group, Inc.

    10,229     $ 650,667  
 

AEROSPACE & DEFENSE — 0.1%

Howmet Aerospace, Inc.

    14,090       443,131  
 

APPAREL & TEXTILE PRODUCTS — 0.4%

NIKE, Inc. - Class B

    9,970       1,018,934  

VF Corp.

    7,520       332,158  
              1,351,092  

ASSET MANAGEMENT — 0.4%

Ameriprise Financial, Inc.

    1,540       366,027  

BlackRock, Inc.

    742       451,908  

Charles Schwab Corp. (The)

    11,220       708,879  
              1,526,814  

AUTOMOTIVE — 0.4%

BorgWarner, Inc.

    14,870       496,212  

Ford Motor Co.

    81,853       911,024  
              1,407,236  

BANKING — 5.0%

Bank of America Corp.

    101,100       3,147,243  

Citigroup, Inc.

    46,326       2,130,533  

Citizens Financial Group, Inc.

    10,900       389,021  

Fifth Third Bancorp

    19,490       654,864  

Huntington Bancshares, Inc. (a)

    33,170       399,035  

JPMorgan Chase & Co.

    42,305       4,763,966  

KeyCorp (a)

    21,488       370,238  

M&T Bank Corp. (a)

    6,994       1,114,774  

PNC Financial Services Group, Inc. (The)

    11,651       1,838,178  

Regions Financial Corp.

    24,860       466,125  

Truist Financial Corp. (a)

    40,660       1,928,504  

U.S. Bancorp

    22,707       1,044,976  
              18,247,457  

BEVERAGES — 3.0%

Coca-Cola Co. (The)

    106,520       6,701,173  

PepsiCo, Inc.

    25,859       4,309,661  
              11,010,834  

BIOTECH & PHARMA — 8.2%

AbbVie, Inc.

    17,386       2,662,840  

Amgen, Inc.

    6,604       1,606,753  

Biogen, Inc. (b)

    3,860       787,208  

Bristol-Myers Squibb Co.

    63,139       4,861,703  

Gilead Sciences, Inc.

    23,550       1,455,626  

Johnson & Johnson

    64,781       11,499,275  

Merck & Co., Inc.

    61,130       5,573,222  

Vertex Pharmaceuticals, Inc. (b)

    1,080       304,333  

Viatris, Inc.

    40,540       424,454  

Zoetis, Inc.

    3,990       685,841  
              29,861,255  

CABLE & SATELLITE — 1.1%

Comcast Corp. - Class A

    103,410       4,057,808  
 

CHEMICALS — 5.1%

Air Products & Chemicals, Inc.

    7,697       1,850,974  

Dow, Inc.

    19,230       992,460  

DuPont de Nemours, Inc.

    12,548       697,418  

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 97.9%, continued

CHEMICALS — 5.1%, continued

Eastman Chemical Co. (a)

    3,900     $ 350,103  

Ecolab, Inc.

    7,050       1,084,008  

International Flavors & Fragrances, Inc.

    10,582       1,260,528  

Linde plc

    23,156       6,658,045  

LyondellBasell Industries N.V. - Class A

    56,480       4,939,741  

PPG Industries, Inc.

    1,080       123,487  

Sherwin-Williams Co. (The)

    2,880       644,861  
              18,601,625  

COMMERCIAL SUPPORT SERVICES — 1.8%

Republic Services, Inc.

    11,450       1,498,461  

Robert Half International, Inc. (a)

    5,180       387,930  

Rollins, Inc. (a)

    25,890       904,079  

Waste Management, Inc.

    25,070       3,835,209  
              6,625,679  

CONSTRUCTION MATERIALS — 0.1%

Martin Marietta Materials, Inc.

    1,320       394,997  
 

CONTAINERS & PACKAGING — 0.6%

Ball Corp.

    12,248       842,295  

International Paper Co. (a)

    12,160       508,653  

Packaging Corp. of America (a)

    3,290       452,375  

WestRock Co.

    10,430       415,531  
              2,218,854  

DIVERSIFIED INDUSTRIALS — 1.1%

Dover Corp.

    5,253       637,294  

Emerson Electric Co.

    9,554       759,925  

Illinois Tool Works, Inc.

    14,045       2,559,701  
              3,956,920  

ELECTRIC UTILITIES — 5.5%

AES Corp. (The)

    27,234       572,186  

American Electric Power Co., Inc.

    16,270       1,560,944  

CMS Energy Corp.

    12,530       845,775  

Consolidated Edison, Inc.

    26,561       2,525,951  

DTE Energy Co.

    4,170       528,547  

Duke Energy Corp.

    25,514       2,735,356  

Edison International

    11,827       747,939  

Eversource Energy

    7,770       656,332  

NextEra Energy, Inc.

    49,300       3,818,778  

PPL Corp.

    16,050       435,437  

Sempra Energy

    15,043       2,260,512  

Southern Co. (The)

    31,681       2,259,172  

Xcel Energy, Inc.

    14,114       998,707  
              19,945,636  

ELECTRICAL EQUIPMENT — 2.7%

Carrier Global Corp.

    22,720       810,195  

Fortive Corp.

    5,060       275,163  

Johnson Controls International plc

    75,907       3,634,427  

Keysight Technologies, Inc. (b)

    6,000       827,100  

Otis Worldwide Corp.

    9,260       654,404  

Rockwell Automation, Inc.

    8,530       1,700,115  

Roper Technologies, Inc.

    3,030       1,195,790  

TE Connectivity Ltd.

    2,220       251,193  

Trane Technologies plc

    2,090       271,428  

Trimble, Inc. (b)

    3,240       188,665  
              9,808,480  

 

See accompanying notes to financial statements.

 

19

 

 

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 97.9%, continued

ENTERTAINMENT CONTENT — 2.3%

Activision Blizzard, Inc.

    18,000     $ 1,401,480  

Electronic Arts, Inc.

    8,020       975,633  

Fox Corp. - Class A

    15,020       483,043  

Paramount Global - Class B (a)

    15,986       394,535  

Walt Disney Co. (The) (b)

    43,269       4,084,594  

Warner Bros. Discovery, Inc. (a)(b)

    85,027       1,141,062  
              8,480,347  

FOOD — 3.0%

Campbell Soup Co. (a)

    10,070       483,863  

Conagra Brands, Inc. (a)

    16,070       550,237  

General Mills, Inc. (a)

    31,984       2,413,193  

Hershey Co. (The) (a)

    2,830       608,903  

Hormel Foods Corp.

    22,750       1,077,440  

J.M. Smucker Co. (The)

    3,710       474,917  

Kellogg Co. (a)

    5,960       425,186  

Kraft Heinz Co. (The)

    26,030       992,784  

McCormick & Co., Inc. (a)

    6,090       506,993  

Mondelez International, Inc. - Class A

    40,482       2,513,527  

Tyson Foods, Inc. - Class A

    9,110       784,007  
              10,831,050  

GAS & WATER UTILITIES — 0.5%

American Water Works Co., Inc.

    6,040       898,571  

NiSource, Inc.

    29,770       877,917  
              1,776,488  

HEALTH CARE FACILITIES & SERVICES — 5.3%

AmerisourceBergen Corp.

    8,740       1,236,535  

Cardinal Health, Inc.

    11,920       623,058  

Cigna Corp.

    12,642       3,331,420  

CVS Health Corp.

    25,454       2,358,568  

Elevance Health, Inc.

    6,020       2,905,131  

Humana, Inc.

    1,410       659,979  

IQVIA Holdings, Inc. (b)

    2,920       633,611  

Laboratory Corp. of America Holdings

    2,120       496,843  

McKesson Corp.

    5,714       1,863,964  

UnitedHealth Group, Inc.

    10,290       5,285,253  
              19,394,362  

HOME & OFFICE PRODUCTS — 0.1%

Whirlpool Corp. (a)

    3,150       487,841  
 

HOUSEHOLD PRODUCTS — 3.3%

Church & Dwight Co., Inc.

    6,650       616,189  

Colgate-Palmolive Co.

    8,980       719,657  

Kimberly-Clark Corp.

    14,960       2,021,844  

Procter & Gamble Co. (The)

    58,706       8,441,336  
              11,799,026  

INDUSTRIAL SUPPORT SERVICES — 0.3%

Fastenal Co.

    9,800       489,216  

W.W. Grainger, Inc.

    1,310       595,303  
              1,084,519  

INSTITUTIONAL FINANCIAL SERVICES — 1.7%

Bank of New York Mellon Corp. (The)

    38,024       1,585,981  

CME Group, Inc.

    9,190       1,881,193  

Intercontinental Exchange, Inc.

    5,030       473,021  

Morgan Stanley

    17,641       1,341,774  

Northern Trust Corp.

    6,297       607,535  

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 97.9%, continued

INSTITUTIONAL FINANCIAL SERVICES — 1.7%, continued

State Street Corp.

    6,610     $ 407,507  
              6,297,011  

INSURANCE — 5.7%

Aflac, Inc.

    38,140       2,110,286  

Allstate Corp. (The)

    10,919       1,383,765  

American International Group, Inc.

    22,987       1,175,325  

Arthur J. Gallagher & Co.

    2,930       477,707  

Assurant, Inc.

    4,170       720,784  

Berkley (W.R.) Corp.

    9,825       670,654  

Cincinnati Financial Corp.

    4,172       496,385  

Globe Life, Inc.

    10,480       1,021,486  

Hartford Financial Services Group, Inc. (The)

    10,830       708,607  

Lincoln National Corp.

    7,310       341,889  

Loews Corp.

    25,180       1,492,167  

Marsh & McLennan Cos., Inc.

    7,150       1,110,038  

MetLife, Inc.

    35,413       2,223,582  

Principal Financial Group, Inc. (a)

    11,170       746,044  

Progressive Corp. (The)

    16,630       1,933,570  

Prudential Financial, Inc.

    20,750       1,985,360  

Travelers Cos., Inc. (The)

    13,253       2,241,480  
              20,839,129  

INTERNET MEDIA & SERVICES — 0.6%

Booking Holdings, Inc. (b)

    700       1,224,293  

Expedia Group, Inc. (a)(b)

    3,040       288,283  

Match Group, Inc. (b)

    6,650       463,439  

Netflix, Inc. (b)

    710       124,158  

Twitter, Inc. (b)

    5,690       212,749  
              2,312,922  

LEISURE FACILITIES & SERVICES — 2.0%

Carnival Corp. (a)(b)

    28,663       247,935  

Darden Restaurants, Inc.

    4,210       476,235  

Hilton Worldwide Holdings, Inc.

    6,420       715,445  

Live Nation Entertainment, Inc. (a)(b)

    2,620       216,360  

Marriott International, Inc. - Class A

    6,210       844,622  

McDonald’s Corp.

    11,220       2,769,994  

Starbucks Corp.

    16,870       1,288,699  

Yum! Brands, Inc.

    5,400       612,954  
              7,172,244  

LEISURE PRODUCTS — 0.2%

Hasbro, Inc.

    6,490       531,401  
 

MACHINERY — 1.0%

Deere & Co. (a)

    5,057       1,514,420  

IDEX Corp.

    2,840       515,829  

Ingersoll-Rand, Inc.

    13,050       549,144  

Stanley Black & Decker, Inc.

    5,070       531,640  

Xylem, Inc.

    7,010       548,042  
              3,659,075  

MEDICAL EQUIPMENT & DEVICES — 4.0%

Abbott Laboratories

    23,170       2,517,421  

Baxter International, Inc.

    17,182       1,103,600  

Becton, Dickinson and Co.

    8,310       2,048,664  

Boston Scientific Corp. (b)

    29,180       1,087,539  

Cooper Cos., Inc. (The)

    1,170       366,350  

Danaher Corp.

    7,520       1,906,470  

DENTSPLY SIRONA, Inc.

    8,810       314,781  

 

See accompanying notes to financial statements.

 

20

 

 

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 97.9%, continued

MEDICAL EQUIPMENT & DEVICES — 4.0%, continued

Edwards Lifesciences Corp. (b)

    5,460     $ 519,191  

Illumina, Inc. (b)

    3,590       661,852  

Intuitive Surgical, Inc. (b)

    1,460       293,037  

Medtronic plc

    3,040       272,840  

Mettler-Toledo International, Inc. (b)

    400       459,508  

ResMed, Inc.

    980       205,437  

Stryker Corp.

    3,720       740,020  

Teleflex, Inc.

    1,370       336,815  

Thermo Fisher Scientific, Inc.

    3,154       1,713,505  
              14,547,030  

METALS & MINING — 0.1%

Newmont Corp.

    3,280       195,718  
 

OIL & GAS PRODUCERS — 3.7%

ConocoPhillips

    109,937       9,873,442  

Valero Energy Corp.

    34,350       3,650,718  
              13,524,160  

OIL & GAS SERVICES & EQUIPMENT — 1.6%

Baker Hughes Co.

    65,320       1,885,789  

Schlumberger Ltd.

    105,016       3,755,372  
              5,641,161  

REAL ESTATE SERVICES — 0.8%

CBRE Group, Inc. - Class A (b)

    40,520       2,982,677  
 

REITS — 3.4%

American Tower Corp.

    4,760       1,216,609  

AvalonBay Communities, Inc.

    5,900       1,146,075  

Boston Properties, Inc.

    3,190       283,846  

Crown Castle International Corp.

    4,160       700,461  

Digital Realty Trust, Inc.

    5,980       776,384  

Equinix, Inc.

    910       597,888  

Equity Residential

    17,370       1,254,462  

Federal Realty Investment Trust

    1,600       153,184  

Healthpeak Properties, Inc.

    20,530       531,932  

Host Hotels & Resorts, Inc. (a)

    49,590       777,571  

Iron Mountain, Inc. (a)

    10       487  

Kimco Realty Corp.

    22,420       443,243  

Prologis, Inc.

    15,540       1,828,281  

Public Storage

    1,920       600,326  

Realty Income Corp.

    9,490       647,787  

Regency Centers Corp.

    9,230       547,431  

Simon Property Group, Inc.

    2,089       198,288  

Welltower, Inc. (a)

    9,100       749,385  
              12,453,640  

RENEWABLE ENERGY — 0.1%

SolarEdge Technologies, Inc. (b)

    580       158,734  
 

RETAIL - CONSUMER STAPLES — 2.4%

Costco Wholesale Corp.

    3,160       1,514,525  

Dollar General Corp.

    2,630       645,507  

Dollar Tree, Inc. (b)

    4,010       624,958  

Kroger Co. (The) (a)

    20,514       970,928  

Target Corp.

    4,850       684,966  

Walgreen Boots Alliance, Inc.

    14,940       566,226  

Walmart, Inc.

    30,750       3,738,585  
              8,745,695  

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 97.9%, continued

RETAIL - DISCRETIONARY — 1.3%

Genuine Parts Co.

    4,570     $ 607,810  

Home Depot, Inc. (The)

    6,312       1,731,192  

Lowe’s Cos., Inc.

    1,910       333,620  

Ross Stores, Inc. (a)

    5,160       362,387  

TJX Cos., Inc. (The)

    29,130       1,626,910  
              4,661,919  

SEMICONDUCTORS — 2.7%

Analog Devices, Inc.

    8,960       1,308,967  

Broadcom, Inc.

    3,100       1,506,011  

Intel Corp.

    83,908       3,138,998  

Micron Technology, Inc.

    29,590       1,635,735  

Qorvo, Inc. (b)

    4,610       434,815  

Texas Instruments, Inc.

    12,020       1,846,873  
              9,871,399  

SOFTWARE — 1.4%

Autodesk, Inc. (b)

    2,650       455,694  

Microsoft Corp.

    4,950       1,271,308  

NortonLifeLock, Inc.

    15,800       346,968  

Oracle Corp.

    8,432       589,144  

salesforce.com, inc. (b)

    10,040       1,657,002  

Synopsys, Inc. (b)

    2,040       619,548  
              4,939,664  

SPECIALTY FINANCE — 0.6%

American Express Co.

    9,754       1,352,099  

Capital One Financial Corp.

    6,200       645,978  

Synchrony Financial

    10,350       285,867  
              2,283,944  

TECHNOLOGY HARDWARE — 1.5%

Cisco Systems, Inc.

    73,730       3,143,847  

Corning, Inc.

    14,610       460,361  

HP, Inc.

    26,820       879,160  

Western Digital Corp. (b)

    11,965       536,391  

Zebra Technologies Corp. - Class A (b)

    690       202,825  
              5,222,584  

TECHNOLOGY SERVICES — 5.6%

Accenture plc - Class A

    16,780       4,658,967  

Automatic Data Processing, Inc.

    5,210       1,094,308  

Cognizant Technology Solutions Corp. - Class A

    10,200       688,398  

DXC Technology Co. (b)

    15,380       466,168  

EPAM Systems, Inc. (a)(b)

    1,050       309,519  

Fidelity National Information Services, Inc.

    16,860       1,545,556  

Fiserv, Inc. (b)

    11,100       987,567  

International Business Machines Corp.

    17,092       2,413,220  

Mastercard, Inc. - Class A

    7,750       2,444,970  

MSCI, Inc.

    1,140       469,851  

Paychex, Inc.

    3,334       379,643  

PayPal Holdings, Inc. (b)

    13,360       933,062  

S&P Global, Inc.

    2,450       825,797  

Visa, Inc. - Class A (a)

    16,370       3,223,089  
              20,440,115  

TELECOMMUNICATIONS — 2.7%

AT&T, Inc.

    204,646       4,289,380  

T-Mobile US, Inc. (a)(b)

    13,480       1,813,599  

Verizon Communications, Inc.

    73,160       3,712,870  
              9,815,849  

 

See accompanying notes to financial statements.

 

21

 

 

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 97.9%, continued

TRANSPORTATION & LOGISTICS — 3.8%

Alaska Air Group, Inc. (b)

    9,130     $ 365,656  

American Airlines Group, Inc. (a)(b)

    43,070       546,128  

C.H. Robinson Worldwide, Inc. (a)

    6,070       615,316  

CSX Corp.

    57,110       1,659,617  

Delta Air Lines, Inc. (a)(b)

    29,020       840,709  

FedEx Corp.

    5,380       1,219,700  

J.B. Hunt Transport Services, Inc.

    4,690       738,534  

Norfolk Southern Corp.

    7,190       1,634,215  

Southwest Airlines Co. (b)

    34,690       1,253,003  

Union Pacific Corp.

    10,450       2,228,776  

United Airlines Holdings, Inc. (b)

    13,060       462,585  

United Parcel Service, Inc. - Class B

    11,880       2,168,575  
              13,732,814  

TRANSPORTATION EQUIPMENT — 0.1%

PACCAR, Inc.

    5,090       419,111  
 

WHOLESALE - CONSUMER STAPLES — 0.4%

Sysco Corp.

    18,180       1,540,028  
 

TOTAL COMMON STOCKS (COST $298,338,859)

  $ 355,950,142  

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

CORPORATE NOTES — 1.0%

COMMUNITY DEVELOPMENT — 1.0%

Calvert Social Investment Foundation, Inc. (c)

    0.400 %     12/15/22     $ 400,000     $ 400,000  

Calvert Social Investment Foundation, Inc. (c)

    3.000 %     06/15/23       450,000       450,000  

Calvert Social Investment Foundation, Inc. (c)

    3.000 %     12/15/23       720,000       681,861  

Calvert Social Investment Foundation, Inc. (c)

    1.000 %     06/14/24       750,000       693,856  

Calvert Social Investment Foundation, Inc. (c)

    3.000 %     06/17/24       280,000       280,000  

Calvert Social Investment Foundation, Inc. (c)

    3.000 %     12/15/24       250,000       250,000  

Calvert Social Investment Foundation, Inc. (c)

    2.500 %     06/13/25       280,000       258,896  

Calvert Social Investment Foundation, Inc. (c)

    2.500 %     12/15/25       450,000       448,500  

TOTAL CORPORATE NOTES (COST $3,580,000)

  $ 3,463,113  

 


 

Shares

   

Fair
Value

 

MONEY MARKET FUNDS — 0.8%

First American Government Obligations Fund - Class X, 1.29% (d) (COST $2,816,480)

    2,816,480     $ 2,816,480  
 

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 6.1%

Mount Vernon Liquid Assets Portfolio, LLC, 1.64% (d)(e) (COST $22,134,220)

    22,134,220       22,134,220  
 

TOTAL INVESTMENTS - (COST $326,869,559) — 105.8%

  $ 384,363,955  

LIABILITIES IN EXCESS OF OTHER ASSETS — (5.8%)

    (20,964,511 )

NET ASSETS — 100.0%

  $ 363,399,444  

 

 
(a)All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2022 was $21,434,804 (Note 8).
(b)Non-income producing security.
(c)Restricted and illiquid securities not registered under the Securities Act of 1933 are as follows:

 

 

 

Acquisition
Date

   

Current
Cost

   

Fair
Value

   

% of Net
Assets

 

Calvert Social Investment Foundation, Inc. 0.400%, 12/15/22

    12/15/21     $ 400,000     $ 400,000       0.1 %

Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23

    06/18/18       450,000       450,000       0.1 %

Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23

    12/17/18       720,000       681,861       0.2 %

Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24

    06/15/21       750,000       693,856       0.2 %

Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24

    06/17/19       280,000       280,000       0.1 %

Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24

    12/12/19       250,000       250,000       0.1 %

Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25

    06/12/20       280,000       258,896       0.1 %

Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25

    12/15/20       450,000       448,500       0.1 %
            $ 3,580,000     $ 3,463,113       1.0 %

 

(d)The rate shown is the 7-day effective yield as of June 30, 2022.
(e)The security was purchased with cash collateral received from securities on loan (Note 8).

 

plc

— Public Liability Company

 

See accompanying notes to financial statements.

 

22

 

 

Schedule of Investments

Praxis Growth Index Fund

June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.4%

APPAREL & TEXTILE PRODUCTS — 0.5%

NIKE, Inc. - Class B

    23,367     $ 2,388,107  
 

ASSET MANAGEMENT — 1.0%

Ameriprise Financial, Inc.

    1,380       327,998  

BlackRock, Inc.

    2,233       1,359,986  

Charles Schwab Corp. (The)

    32,260       2,038,187  

Raymond James Financial, Inc.

    3,650       326,347  

T. Rowe Price Group, Inc. (a)

    2,810       319,244  
              4,371,762  

AUTOMOTIVE — 3.6%

Tesla, Inc. (b)

    24,350       16,397,777  
 

BANKING — 1.9%

Bank of America Corp.

    88,350       2,750,335  

Fifth Third Bancorp

    3,580       120,288  

First Republic Bank

    6,350       915,670  

JPMorgan Chase & Co.

    28,850       3,248,799  

Regions Financial Corp.

    17,120       321,000  

Signature Bank

    2,090       374,549  

SVB Financial Group (b)

    1,590       628,034  
              8,358,675  

BEVERAGES — 0.9%

Coca-Cola Co. (The)

    6,170       388,155  

PepsiCo, Inc.

    23,220       3,869,845  
              4,258,000  

BIOTECH & PHARMA — 4.8%

AbbVie, Inc.

    20,711       3,172,097  

Amgen, Inc.

    12,054       2,932,738  

Bristol-Myers Squibb Co.

    6,116       470,932  

Eli Lilly & Co.

    21,800       7,068,214  

Johnson & Johnson

    4,488       796,665  

Merck & Co., Inc.

    5,571       507,908  

Moderna, Inc. (b)

    10,580       1,511,353  

Regeneron Pharmaceuticals, Inc. (b)

    3,101       1,833,094  

Vertex Pharmaceuticals, Inc. (b)

    5,704       1,607,330  

Zoetis, Inc.

    9,730       1,672,490  
              21,572,821  

CHEMICALS — 1.2%

Air Products & Chemicals, Inc.

    2,878       692,102  

Linde plc

    11,878       3,415,281  

LyondellBasell Industries N.V. - Class A

    3,540       309,608  

Sherwin-Williams Co. (The)

    3,471       777,192  
              5,194,183  

COMMERCIAL SUPPORT SERVICES — 0.3%

Cintas Corp.

    900       336,177  

Waste Management, Inc.

    6,464       988,863  
              1,325,040  

CONTAINERS & PACKAGING — 0.1%

Ball Corp.

    5,630       387,175  
 

DIVERSIFIED INDUSTRIALS — 0.1%

Illinois Tool Works, Inc.

    1,794       326,957  
 

E-COMMERCE DISCRETIONARY — 5.0%

Amazon.com, Inc. (b)

    203,600       21,624,356  

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.4%, continued

E-COMMERCE DISCRETIONARY — 5.0%, continued

eBay, Inc.

    16,625     $ 692,764  

Etsy, Inc. (a)(b)

    5,590       409,244  
              22,726,364  

ELECTRIC UTILITIES — 0.3%

Eversource Energy

    6,420       542,297  

NextEra Energy, Inc.

    8,874       687,380  
              1,229,677  

ELECTRICAL EQUIPMENT — 0.8%

Amphenol Corp. - Class A

    10,642       685,132  

Generac Holdings, Inc. (b)

    1,790       376,938  

Keysight Technologies, Inc. (b)

    6,221       857,565  

Otis Worldwide Corp.

    4,680       330,736  

Rockwell Automation, Inc.

    2,298       458,014  

Trane Technologies plc

    4,660       605,194  

Trimble, Inc. (b)

    5,600       326,088  
              3,639,667  

ENTERTAINMENT CONTENT — 0.4%

Activision Blizzard, Inc.

    6,560       510,762  

Electronic Arts, Inc.

    7,895       960,427  

Walt Disney Co. (The) (b)

    5,103       481,723  
              1,952,912  

GAS & WATER UTILITIES — 0.1%

American Water Works Co., Inc.

    3,780       562,351  
 

HEALTH CARE FACILITIES & SERVICES — 2.5%

AmerisourceBergen Corp.

    2,250       318,330  

Catalent, Inc. (a)(b)

    5,970       640,521  

Charles River Laboratories International, Inc. (b)

    2,140       457,896  

Elevance Health, Inc.

    1,300       627,354  

HCA Healthcare, Inc.

    2,590       435,276  

Humana, Inc.

    1,060       496,154  

IQVIA Holdings, Inc. (b)

    4,968       1,078,006  

Laboratory Corp. of America Holdings

    2,060       482,782  

McKesson Corp.

    1,730       564,343  

UnitedHealth Group, Inc.

    12,240       6,286,831  
              11,387,493  

HOME CONSTRUCTION — 0.2%

D.R. Horton, Inc.

    6,078       402,303  

Masco Corp.

    8,006       405,103  
              807,406  

HOUSEHOLD PRODUCTS — 0.1%

Colgate-Palmolive Co.

    5,297       424,502  
 

INDUSTRIAL SUPPORT SERVICES — 0.2%

Fastenal Co.

    11,534       575,777  

United Rentals, Inc. (b)

    1,490       361,936  
              937,713  

INSTITUTIONAL FINANCIAL SERVICES — 1.3%

Goldman Sachs Group, Inc. (The)

    8,620       2,560,312  

Intercontinental Exchange, Inc.

    13,631       1,281,859  

Morgan Stanley

    19,100       1,452,746  

Nasdaq, Inc.

    5,020       765,751  
              6,060,668  

INSURANCE — 0.4%

Marsh & McLennan Cos., Inc.

    10,720       1,664,280  

 

See accompanying notes to financial statements.

 

23

 

 

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.4%, continued

INTERNET MEDIA & SERVICES — 8.2%

Alphabet, Inc. - Class A (b)

    5,155     $ 11,234,085  

Alphabet, Inc. - Class C (b)

    4,866       10,644,132  

Booking Holdings, Inc. (b)

    165       288,583  

Expedia Group, Inc. (a)(b)

    5,590       530,100  

Meta Platforms, Inc. - Class A (b)

    68,245       11,004,506  

Netflix, Inc. (b)

    13,262       2,319,126  

Twitter, Inc. (b)

    9,460       353,710  

VeriSign, Inc. (b)

    3,410       570,595  
              36,944,837  

LEISURE FACILITIES & SERVICES — 1.1%

Chipotle Mexican Grill, Inc. (b)

    617       806,580  

Hilton Worldwide Holdings, Inc.

    5,360       597,318  

McDonald’s Corp.

    7,567       1,868,141  

Starbucks Corp.

    14,692       1,122,322  

Yum! Brands, Inc.

    5,234       594,111  
              4,988,472  

MACHINERY — 0.4%

Deere & Co. (a)

    4,096       1,226,629  

Xylem, Inc.

    7,650       598,077  
              1,824,706  

MEDICAL EQUIPMENT & DEVICES — 5.5%

Abbott Laboratories

    27,456       2,983,094  

Agilent Technologies, Inc.

    8,185       972,133  

Align Technology, Inc. (b)

    1,711       404,942  

Bio-Rad Laboratories, Inc. - Class A (b)

    680       336,600  

Bio-Techne Corp.

    1,340       464,498  

Cooper Cos., Inc. (The)

    1,161       363,532  

Danaher Corp.

    14,164       3,590,857  

DexCom, Inc. (b)

    19,270       1,436,193  

Edwards Lifesciences Corp. (b)

    12,250       1,164,853  

IDEXX Laboratories, Inc. (b)

    2,060       722,504  

Illumina, Inc. (b)

    2,758       508,465  

Intuitive Surgical, Inc. (b)

    6,310       1,266,480  

Mettler-Toledo International, Inc. (b)

    960       1,102,819  

PerkinElmer, Inc. (a)

    4,400       625,768  

ResMed, Inc.

    3,038       636,856  

Thermo Fisher Scientific, Inc.

    12,345       6,706,792  

Waters Corp. (b)

    1,646       544,793  

West Pharmaceutical Services, Inc.

    2,490       752,901  
              24,584,080  

OIL & GAS PRODUCERS — 0.4%

ConocoPhillips

    12,890       1,157,651  

Valero Energy Corp.

    5,530       587,728  
              1,745,379  

OIL & GAS SERVICES & EQUIPMENT — 0.4%

Baker Hughes Co.

    23,030       664,876  

Schlumberger Ltd.

    35,490       1,269,122  
              1,933,998  

REAL ESTATE SERVICES — 0.2%

CBRE Group, Inc. - Class A (b)

    9,893       728,224  
 

REITS — 2.2%

American Tower Corp.

    6,962       1,779,418  

Camden Property Trust

    2,480       333,510  

Crown Castle International Corp.

    3,279       552,118  

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.4%, continued

               

REITS — 2.2%, continued

               

Equinix, Inc.

    1,737     $ 1,141,244  

Extra Space Storage, Inc.

    2,700       459,324  

Prologis, Inc.

    29,527       3,473,852  

Public Storage

    2,570       803,562  

SBA Communications Corp.

    1,668       533,843  

Simon Property Group, Inc.

    3,670       348,356  

Weyerhaeuser Co.

    8,980       297,418  
              9,722,645  

RENEWABLE ENERGY — 0.3%

Enphase Energy, Inc. (b)

    4,120       804,389  

SolarEdge Technologies, Inc. (b)

    1,750       478,940  
              1,283,329  

RETAIL - CONSUMER STAPLES — 1.2%

Costco Wholesale Corp.

    6,543       3,135,929  

Dollar General Corp.

    3,453       847,504  

Dollar Tree, Inc. (b)

    1,100       171,435  

Target Corp.

    8,164       1,153,002  

Walmart, Inc.

    2,700       328,266  
              5,636,136  

RETAIL - DISCRETIONARY — 3.4%

AutoZone, Inc. (b)

    659       1,416,270  

Bath & Body Works, Inc.

    10,790       290,467  

CarMax, Inc. (b)

    5,870       531,117  

Home Depot, Inc. (The)

    22,076       6,054,784  

Lowe’s Cos., Inc.

    19,889       3,474,012  

O’Reilly Automotive, Inc. (b)

    2,310       1,459,366  

Ross Stores, Inc.

    6,195       435,075  

TJX Cos., Inc. (The)

    12,383       691,590  

Tractor Supply Co.

    3,700       717,245  

Ulta Beauty, Inc. (b)

    1,070       412,464  
              15,482,390  

SEMICONDUCTORS — 7.9%

Advanced Micro Devices, Inc. (b)

    50,806       3,885,135  

Analog Devices, Inc.

    4,614       674,059  

Applied Materials, Inc.

    28,006       2,547,986  

Broadcom, Inc.

    10,149       4,930,486  

KLA Corp.

    4,062       1,296,103  

Lam Research Corp.

    4,223       1,799,631  

Microchip Technology, Inc.

    5,600       325,248  

Monolithic Power Systems, Inc. (a)

    1,810       695,112  

NVIDIA Corp.

    75,496       11,444,439  

NXP Semiconductors N.V.

    4,060       601,002  

ON Semiconductor Corp. (b)

    6,160       309,910  

QUALCOMM, Inc.

    33,080       4,225,639  

Teradyne, Inc.

    4,990       446,854  

Texas Instruments, Inc.

    17,317       2,660,757  
              35,842,361  

SOFTWARE — 18.5%

Adobe, Inc. (b)

    15,567       5,698,456  

Akamai Technologies, Inc. (b)

    6,400       584,512  

ANSYS, Inc. (b)

    2,738       655,176  

Autodesk, Inc. (b)

    6,486       1,115,333  

Cadence Design Systems, Inc. (b)

    14,424       2,164,033  

Ceridian HCM Holding, Inc. (b)

    6,160       290,013  

Citrix Systems, Inc. (a)

    5,442       528,799  

Fortinet, Inc. (b)

    21,100       1,193,838  

 

See accompanying notes to financial statements.

 

24

 

 

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.4%, continued

               

SOFTWARE — 18.5%, continued

               

Intuit, Inc.

    10,650     $ 4,104,936  

Microsoft Corp.

    204,638       52,557,177  

Oracle Corp.

    56,130       3,921,803  

Paycom Software, Inc. (b)

    1,910       535,029  

PTC, Inc. (a)(b)

    3,150       334,971  

salesforce.com, inc. (b)

    23,827       3,932,408  

ServiceNow, Inc. (b)

    7,153       3,401,395  

Synopsys, Inc. (b)

    6,460       1,961,902  

Tyler Technologies, Inc. (b)

    1,360       452,173  
              83,431,954  

SPECIALTY FINANCE — 0.7%

American Express Co.

    10,000       1,386,200  

Capital One Financial Corp.

    6,690       697,031  

Discover Financial Services

    9,570       905,131  

Synchrony Financial

    10,370       286,419  
              3,274,781  

STEEL — 0.1%

Nucor Corp. (a)

    3,250       339,333  
 

TECHNOLOGY HARDWARE — 14.2%

Apple, Inc.

    427,358       58,428,386  

Arista Networks, Inc. (b)

    7,440       697,425  

Cisco Systems, Inc.

    67,820       2,891,845  

F5, Inc. (b)

    2,090       319,854  

HP, Inc.

    19,530       640,193  

Seagate Technology plc

    4,440       317,194  

Western Digital Corp. (b)

    5,770       258,669  

Zebra Technologies Corp. - Class A (b)

    2,137       628,171  
              64,181,737  

TECHNOLOGY SERVICES — 6.6%

Accenture plc - Class A

    23,879       6,630,004  

Automatic Data Processing, Inc.

    13,460       2,827,138  

Broadridge Financial Solutions, Inc.

    2,596       370,060  

Cognizant Technology Solutions Corp. - Class A

    8,540       576,365  

EPAM Systems, Inc. (a)(b)

    1,680       495,230  

Equifax, Inc.

    2,580       471,572  

FactSet Research Systems, Inc.

    940       361,496  

Fidelity National Information Services, Inc.

    3,590       329,095  

Fiserv, Inc. (b)

    7,526       669,588  

Gartner, Inc. (b)

    2,610       631,176  

International Business Machines Corp.

    5,700       804,783  

Jack Henry & Associates, Inc.

    3,810       685,876  

Mastercard, Inc. - Class A

    13,716       4,327,124  

Moody’s Corp.

    3,375       917,899  

MSCI, Inc.

    1,797       740,634  

PayPal Holdings, Inc. (b)

    22,317       1,558,619  

S&P Global, Inc.

    5,844       1,969,779  

Verisk Analytics, Inc. (a)

    3,035       525,328  

Visa, Inc. - Class A (a)

    24,203       4,765,329  
              29,657,095  

TRANSPORTATION & LOGISTICS — 1.2%

CSX Corp.

    10,481       304,578  

Expeditors International of Washington, Inc.

    4,770       464,884  

J.B. Hunt Transport Services, Inc.

    2,270       357,457  

Old Dominion Freight Line, Inc. (a)

    4,700       1,204,516  

Union Pacific Corp.

    6,771       1,444,119  

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.4%, continued

               

TRANSPORTATION & LOGISTICS — 1.2%, continued

United Parcel Service, Inc. - Class B

    9,065     $ 1,654,725  
              5,430,279  

WHOLESALE - DISCRETIONARY — 0.2%

Copart, Inc. (b)

    5,108       555,035  

Pool Corp.

    1,190       417,964  
              972,999  

TOTAL COMMON STOCKS (COST $284,927,831)

  $ 443,978,265  

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

CORPORATE NOTES — 0.9%

COMMUNITY DEVELOPMENT — 0.9%

Calvert Social Investment Foundation, Inc. (c)

    0.400 %     12/15/22     $ 750,000     $ 750,000  

Calvert Social Investment Foundation, Inc. (c)

    3.000 %     06/15/23       900,000       900,000  

Calvert Social Investment Foundation, Inc. (c)

    3.000 %     12/15/23       200,000       189,406  

Calvert Social Investment Foundation, Inc. (c)

    1.000 %     06/14/24       520,000       481,073  

Calvert Social Investment Foundation, Inc. (c)

    3.000 %     06/17/24       550,000       550,000  

Calvert Social Investment Foundation, Inc. (c)

    3.000 %     12/15/24       150,000       150,000  

Calvert Social Investment Foundation, Inc. (c)

    2.500 %     06/13/25       670,000       619,501  

Calvert Social Investment Foundation, Inc. (c)

    2.500 %     12/15/25       500,000       498,334  

TOTAL CORPORATE NOTES (COST $4,240,000)

  $ 4,138,314  

 

See accompanying notes to financial statements.

 

25

 

 

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

MONEY MARKET FUNDS — 0.6%

First American Government Obligations Fund - Class X, 1.29% (d) (COST $2,558,224)

    2,558,224     $ 2,558,224  
 

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.6%

Mount Vernon Liquid Assets Portfolio, LLC, 1.64% (d)(e) (COST $11,809,921)

    11,809,921       11,809,921  
 

TOTAL INVESTMENTS - (COST $303,535,976) — 102.5%

  $ 462,484,724  

LIABILITIES IN EXCESS OF OTHER ASSETS — (2.5%)

    (11,467,939 )

NET ASSETS — 100.0%

  $ 451,016,785  

 

 
(a)All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2022 was $11,479,038 (Note 8).
(b)Non-income producing security.
(c)Restricted and illiquid securities not registered under the Securities Act of 1933 are as follows:

 

 

 

Acquisition
Date

   

Current
Cost

   

Fair
Value

   

% of Net
Assets

 

Calvert Social Investment Foundation, Inc. 0.400%, 12/15/22

    12/15/21     $ 750,000     $ 750,000       0.2 %

Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23

    06/18/18       900,000       900,000       0.2 %

Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23

    12/17/18       200,000       189,406       0.1 %

Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24

    06/15/21       520,000       481,073       0.1 %

Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24

    06/17/19       550,000       550,000       0.1 %

Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24

    12/12/19       150,000       150,000       0.0 %(f)

Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25

    06/12/20       670,000       619,501       0.1 %

Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25

    12/15/20       500,000       498,334       0.1 %
            $ 4,240,000     $ 4,138,314       0.9 %

 

(d)The rate shown is the 7-day effective yield as of June 30, 2022.
(e)The security was purchased with cash collateral received from securities on loan (Note 8).
(f)Percentage rounds to less than 0.1%

 

plc

— Public Liability Company

  

See accompanying notes to financial statements.

 

26

 

 

Schedule of Investments

Praxis Small Cap Index Fund

June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.2%

ADVERTISING & MARKETING — 0.1%

QuinStreet, Inc. (a)

    15,700     $ 157,942  
 

AEROSPACE & DEFENSE — 0.2%

Barnes Group, Inc.

    6,060       188,708  

Park Aerospace Corp.

    12,250       156,310  
              345,018  

APPAREL & TEXTILE PRODUCTS — 1.1%

Fossil Group, Inc. (a)(b)

    32,990       170,558  

Kontoor Brands, Inc.

    7,330       244,602  

Movado Group, Inc. (b)

    6,810       210,633  

Oxford Industries, Inc.

    3,465       307,484  

Steven Madden Ltd.

    11,935       384,427  

Wolverine World Wide, Inc.

    13,500       272,160  
              1,589,864  

ASSET MANAGEMENT — 0.6%

B. Riley Financial, Inc.

    3,350       141,538  

Blucora, Inc. (a)

    15,340       283,176  

BrightSphere Investment Group, Inc.

    7,030       126,610  

Virtus Investment Partners, Inc.

    920       157,338  

WisdomTree Investments, Inc. (b)

    39,470       200,113  
              908,775  

AUTOMOTIVE — 1.0%

American Axle & Manufacturing Holdings, Inc. (a)

    25,710       193,596  

Dorman Products, Inc. (a)

    4,390       481,627  

Gentherm, Inc. (a)

    6,580       410,658  

Methode Electronics, Inc. (b)

    8,170       302,617  

XPEL, Inc. (a)

    2,280       104,720  
              1,493,218  

BANKING — 11.1%

Allegiance Bancshares, Inc.

    6,260       236,378  

Ameris Bancorp

    10,274       412,809  

Axos Financial, Inc. (a)

    8,590       307,951  

Banc of California, Inc.

    16,350       288,087  

BancFirst Corp. (b)

    5,260       503,435  

Bancorp, Inc. (The) (a)

    14,120       275,622  

BankUnited, Inc. (b)

    2,940       104,576  

Banner Corp.

    6,070       341,195  

Berkshire Hills Bancorp, Inc.

    14,650       362,880  

Brookline Bancorp, Inc.

    15,670       208,568  

Capitol Federal Financial, Inc.

    21,140       194,065  

Central Pacific Financial Corp.

    5,870       125,912  

City Holding Co.

    2,750       219,670  

Columbia Banking System, Inc.

    14,740       422,301  

Community Bank System, Inc.

    5,920       374,618  

Customers Bancorp, Inc. (a)

    4,860       164,754  

CVB Financial Corp.

    21,680       537,881  

Dime Community Bancshares, Inc.

    4,419       131,023  

Eagle Bancorp, Inc.

    2,540       120,421  

FB Financial Corp.

    6,486       254,381  

First BanCorp.

    38,970       503,103  

First Bancorp/NC

    5,760       201,024  

First Commonwealth Financial Corp.

    16,550       222,101  

First Financial Bancorp

    10,000       194,000  

First Hawaiian, Inc.

    28,320       643,147  

Flagstar Bancorp, Inc.

    9,250       327,913  

Hanmi Financial Corp.

    9,870       221,483  

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.2%, continued

BANKING — 11.1%, continued

Heritage Financial Corp.

    8,730     $ 219,647  

HomeStreet, Inc.

    5,810       201,433  

Hope Bancorp, Inc.

    22,210       307,386  

Independent Bank Corp.

    6,900       548,067  

Independent Bank Group, Inc.

    6,540       444,131  

Lakeland Financial Corp.

    5,160       342,727  

Meta Financial Group, Inc.

    6,750       261,023  

National Bank Holdings Corp. - Class A

    6,570       251,434  

NBT Bancorp, Inc.

    3,260       122,543  

Northwest Bancshares, Inc.

    8,470       108,416  

OFG Bancorp (b)

    11,530       292,862  

Pacific Premier Bancorp, Inc.

    11,826       345,792  

Park National Corp.

    2,050       248,563  

Preferred Bank

    2,910       197,938  

Provident Financial Services, Inc.

    14,360       319,654  

Renasant Corp.

    9,410       271,102  

Seacoast Banking Corp. of Florida

    8,510       281,170  

ServisFirst Bancshares, Inc. (b)

    10,670       842,076  

Simmons First National Corp. - Class A

    20,420       434,129  

Southside Bancshares, Inc.

    4,987       186,614  

Triumph Bancorp, Inc. (a)

    5,040       315,302  

Trustmark Corp.

    7,370       215,130  

United Community Banks, Inc.

    15,290       461,605  

Veritex Holdings, Inc.

    13,050       381,843  

Westamerica Bancorp.

    2,130       118,556  

WSFS Financial Corp.

    10,230       410,121  
              16,028,562  

BEVERAGES — 0.9%

Celsius Holdings, Inc. (a)(b)

    7,620       497,281  

Coca-Cola Consolidated, Inc.

    990       558,261  

National Beverage Corp.

    4,440       217,294  
              1,272,836  

BIOTECH & PHARMA — 3.8%

Amphastar Pharmaceuticals, Inc. (a)

    3,280       114,111  

Anika Therapeutics, Inc. (a)

    4,670       104,234  

Arcus Biosciences, Inc. (a)

    10,060       254,920  

Avid Bioservices, Inc. (a)(b)

    13,350       203,721  

Coherus Biosciences, Inc. (a)(b)

    28,080       203,299  

Cytokinetics, Inc. (a)(b)

    16,450       646,321  

Dynavax Technologies Corp. (a)(b)

    20,100       253,059  

Eagle Pharmaceuticals, Inc. (a)

    4,970       220,817  

Emergent BioSolutions, Inc. (a)

    8,680       269,427  

Enanta Pharmaceuticals, Inc. (a)

    4,260       201,370  

Harmony Biosciences Holdings, Inc. (a)

    2,350       114,610  

Heska Corp. (a)(b)

    1,950       184,295  

Innoviva, Inc. (a)(b)

    11,970       176,677  

Ironwood Pharmaceuticals, Inc. (a)(b)

    54,490       628,270  

iTeos Therapeutics, Inc. (a)

    6,490       133,694  

Ligand Pharmaceuticals, Inc. (a)(b)

    2,760       246,247  

Nektar Therapeutics (a)

    47,670       181,146  

Pacira BioSciences, Inc. (a)

    4,030       234,949  

Prestige Consumer Healthcare, Inc. (a)

    6,630       389,844  

REGENXBIO, Inc. (a)

    5,140       126,958  

Supernus Pharmaceuticals, Inc. (a)

    3,820       110,474  

Vanda Pharmaceuticals, Inc. (a)

    10,890       118,701  

Vir Biotechnology, Inc. (a)(b)

    10,170       259,030  

 

See accompanying notes to financial statements.

 

27

 

 

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.2%, continued

BIOTECH & PHARMA — 3.8%, continued

Xencor, Inc. (a)

    4,480     $ 122,618  
              5,498,792  

CHEMICALS — 3.2%

AdvanSix, Inc.

    10,540       352,457  

Balchem Corp.

    5,600       726,544  

GCP Applied Technologies, Inc. (a)

    9,310       291,217  

H.B. Fuller Co.

    10,240       616,550  

Innospec, Inc.

    3,160       302,696  

Materion Corp.

    3,520       259,530  

Quaker Chemical Corp.

    760       113,635  

Rogers Corp. (a)

    3,610       946,145  

Stepan Co.

    3,960       401,346  

Trinseo plc

    2,760       106,150  

WD-40 Co. (b)

    2,500       503,400  
              4,619,670  

COMMERCIAL SUPPORT SERVICES — 3.6%

ABM Industries, Inc.

    13,350       579,657  

AMN Healthcare Services, Inc. (a)(b)

    9,180       1,007,138  

Brady Corp. - Class A

    19,830       936,769  

CorVel Corp. (a)

    2,390       351,975  

Cross Country Healthcare, Inc. (a)(b)

    5,410       112,690  

Harsco Corp. (a)

    29,190       207,541  

Healthcare Services Group, Inc.

    7,100       123,611  

Heidrick & Struggles International, Inc.

    6,300       203,868  

Kelly Services, Inc. - Class A

    11,930       236,572  

Korn Ferry

    8,880       515,218  

TrueBlue, Inc. (a)

    27,600       494,040  

UniFirst Corp.

    1,790       308,202  

Viad Corp. (a)

    5,500       151,855  
              5,229,136  

CONSTRUCTION MATERIALS — 0.1%

Apogee Enterprises, Inc.

    4,720       185,118  
 

CONSUMER SERVICES — 1.2%

Adtalem Global Education, Inc. (a)

    12,630       454,301  

American Public Education, Inc. (a)

    7,960       128,634  

Medifast, Inc.

    1,780       321,308  

Perdoceo Education Corp. (a)

    16,740       197,197  

Strategic Education, Inc. (b)

    5,770       407,247  

WW International, Inc. (a)

    29,160       186,332  
              1,695,019  

CONTAINERS & PACKAGING — 0.4%

Myers Industries, Inc.

    10,120       230,028  

O-I Glass, Inc. (a)

    22,780       318,920  
              548,948  

E-COMMERCE DISCRETIONARY — 0.1%

PetMed Express, Inc. (b)

    8,210       163,379  
 

ELECTRIC UTILITIES — 1.2%

Avista Corp.

    18,490       804,500  

Unitil Corp.

    15,560       913,683  
              1,718,183  

ELECTRICAL EQUIPMENT — 2.4%

AAON, Inc.

    11,030       604,003  

Advanced Energy Industries, Inc. (b)

    6,290       459,044  

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.2%, continued

ELECTRICAL EQUIPMENT — 2.4%, continued

Alarm.com Holdings, Inc. (a)

    7,330     $ 453,434  

Badger Meter, Inc.

    6,300       509,607  

FARO Technologies, Inc. (a)(b)

    5,290       163,091  

Itron, Inc. (a)

    8,320       411,257  

Mesa Laboratories, Inc.

    1,460       297,752  

OSI Systems, Inc. (a)

    2,550       217,872  

SPX Corp. (a)

    7,870       415,851  
              3,531,911  

ENGINEERING & CONSTRUCTION — 1.6%

Arcosa, Inc.

    5,970       277,187  

Comfort Systems USA, Inc.

    5,920       492,248  

Exponent, Inc.

    7,250       663,158  

Granite Construction, Inc.

    7,530       219,424  

Installed Building Products, Inc.

    3,410       283,576  

MYR Group, Inc. (a)

    1,260       111,044  

NV5 Global, Inc. (a)

    2,110       246,321  
              2,292,958  

FOOD — 1.4%

B&G Foods, Inc. (b)

    10,010       238,038  

Cal-Maine Foods, Inc.

    6,880       339,941  

Hostess Brands, Inc. (a)

    23,120       490,375  

Simply Good Foods Co. (The) (a)

    16,280       614,896  

TreeHouse Foods, Inc. (a)

    9,670       404,399  
              2,087,649  

FORESTRY, PAPER & WOOD PRODUCTS — 0.9%

Boise Cascade Co.

    7,010       417,025  

Glatfelter Corp.

    26,850       184,728  

Sylvamo Corp.

    2,650       86,602  

UFP Industries, Inc.

    9,070       618,030  
              1,306,385  

GAS & WATER UTILITIES — 1.6%

American States Water Co.

    4,290       349,678  

California Water Service Group

    18,230       1,012,677  

Middlesex Water Co. (b)

    10,930       958,342  
              2,320,697  

HEALTH CARE FACILITIES & SERVICES — 2.6%

Addus HomeCare Corp. (a)

    2,750       229,020  

Community Health Systems, Inc. (a)

    47,570       178,387  

Covetrus, Inc. (a)

    21,810       452,557  

Ensign Group, Inc. (The) (b)

    8,010       588,495  

Fulgent Genetics, Inc. (a)(b)

    2,920       159,228  

Joint Corp. (The) (a)

    12,140       185,863  

MEDNAX, Inc. (a)(b)

    14,540       305,485  

ModivCare, Inc. (a)

    2,130       179,985  

NeoGenomics, Inc. (a)

    17,840       145,396  

Owens & Minor, Inc.

    12,410       390,295  

Pennant Group, Inc. (The) (a)

    10,440       133,736  

RadNet, Inc. (a)(b)

    11,320       195,610  

Select Medical Holdings Corp.

    16,840       397,761  

U.S. Physical Therapy, Inc. (b)

    2,080       227,136  
              3,768,954  

HOME & OFFICE PRODUCTS — 0.5%

HNI Corp. (b)

    11,550       400,669  

iRobot Corp. (a)

    3,560       130,830  

 

See accompanying notes to financial statements.

 

28

 

 

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.2%, continued

HOME & OFFICE PRODUCTS — 0.5%, continued

Tupperware Brands Corp. (a)

    24,740     $ 156,852  
              688,351  

HOME CONSTRUCTION — 1.8%

Cavco Industries, Inc. (a)(b)

    1,500       293,985  

Century Communities, Inc.

    4,430       199,217  

Interface, Inc.

    24,150       302,841  

LGI Homes, Inc. (a)

    3,980       345,862  

M/I Homes, Inc. (a)

    3,510       139,207  

MDC Holdings, Inc.

    10,555       341,032  

Meritage Homes Corp. (a)

    6,110       442,975  

Patrick Industries, Inc.

    2,420       125,453  

PGT Innovations, Inc. (a)

    9,950       165,568  

TRI Pointe Homes, Inc. (a)

    14,490       244,446  
              2,600,586  

HOUSEHOLD PRODUCTS — 0.7%

Clearwater Paper Corp. (a)

    3,190       107,280  

e.l.f. Beauty, Inc. (a)

    8,410       258,019  

Edgewell Personal Care Co.

    5,910       204,013  

Inter Parfums, Inc.

    2,400       175,344  

Quanex Building Products Corp.

    11,930       271,407  
              1,016,063  

INDUSTRIAL INTERMEDIATE PRODUCTS — 1.3%

AZZ, Inc.

    4,910       200,426  

EnPro Industries, Inc.

    6,060       496,496  

Gibraltar Industries, Inc. (a)

    5,860       227,075  

Insteel Industries, Inc.

    8,650       291,245  

Mueller Industries, Inc. (b)

    8,500       452,965  

Proto Labs, Inc. (a)

    2,240       107,162  

Standex International Corp.

    2,030       172,103  
              1,947,472  

INDUSTRIAL SUPPORT SERVICES — 1.0%

Applied Industrial Technologies, Inc.

    8,380       805,905  

DXP Enterprises, Inc. (a)

    5,460       167,240  

Resideo Technologies, Inc. (a)

    24,870       482,975  
              1,456,120  

INSTITUTIONAL FINANCIAL SERVICES — 0.4%

Piper Sandler Cos.

    3,730       422,833  

StoneX Group, Inc. (a)

    2,410       188,149  
              610,982  

INSURANCE — 1.9%

Ambac Financial Group, Inc. (a)(b)

    10,910       123,828  

American Equity Investment Life Holding Co.

    15,500       566,835  

Assured Guaranty Ltd.

    8,310       463,615  

eHealth, Inc. (a)

    21,160       197,423  

Employers Holdings, Inc.

    3,240       135,724  

Genworth Financial, Inc. - Class A (a)

    116,460       411,104  

NMI Holdings, Inc. - Class A (a)

    9,380       156,177  

Palomar Holdings, Inc. (a)

    2,530       162,932  

SelectQuote, Inc. (a)

    49,790       123,479  

Trupanion, Inc. (a)(b)

    6,280       378,433  
              2,719,550  

INTERNET MEDIA & SERVICES — 0.6%

Cars.com, Inc. (a)

    16,270       153,426  

Shutterstock, Inc. (b)

    3,610       206,889  

TechTarget, Inc. (a)

    4,120       270,767  

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.2%, continued

INTERNET MEDIA & SERVICES — 0.6%, continued

Yelp, Inc. (a)

    7,330     $ 203,554  
              834,636  

LEISURE FACILITIES & SERVICES — 1.9%

Bloomin’ Brands, Inc. (b)

    18,470       306,972  

Brinker International, Inc. (a)

    11,120       244,974  

Cheesecake Factory, Inc. (The) (b)

    12,560       331,835  

Chuy’s Holdings, Inc. (a)(b)

    6,950       138,444  

Cinemark Holdings, Inc. (a)

    24,860       373,397  

Dave & Buster’s Entertainment, Inc. (a)

    9,190       301,248  

Dine Brands Global, Inc. (b)

    3,280       213,462  

El Pollo Loco Holdings, Inc. (a)

    10,590       104,206  

Jack in the Box, Inc.

    4,400       246,664  

Marcus Corp. (The) (a)

    14,120       208,552  

Shake Shack, Inc. - Class A (a)(b)

    8,440       333,211  
              2,802,965  

LEISURE PRODUCTS — 0.5%

LCI Industries

    4,750       531,430  

Winnebago Industries, Inc. (b)

    3,720       180,643  
              712,073  

MACHINERY — 2.4%

Alamo Group, Inc.

    1,800       209,574  

Astec Industries, Inc.

    4,830       196,967  

Enerpac Tool Group Corp.

    19,940       379,259  

ESCO Technologies, Inc.

    1,640       112,127  

Franklin Electric Co., Inc.

    6,300       461,538  

Hillenbrand, Inc. (b)

    4,920       201,523  

Ichor Holdings Ltd. (a)

    3,980       103,400  

John Bean Technologies Corp.

    5,325       587,987  

Lindsay Corp.

    3,140       417,055  

Tennant Co.

    3,800       225,150  

Titan International, Inc. (a)

    33,750       509,625  
              3,404,205  

MEDICAL EQUIPMENT & DEVICES — 3.8%

AngioDynamics, Inc. (a)

    10,480       202,788  

Avanos Medical, Inc. (a)(b)

    4,050       110,727  

BioLife Solutions, Inc. (a)

    7,490       103,437  

CONMED Corp.

    3,920       375,379  

Cutera, Inc. (a)

    4,980       186,750  

Embecta Corp. (a)

    9,350       236,742  

Glaukos Corp. (a)

    7,100       322,482  

Inogen, Inc. (a)

    4,340       104,941  

Integer Holdings Corp. (a)

    4,160       293,946  

Lantheus Holdings, Inc. (a)

    12,093       798,501  

LeMaitre Vascular, Inc.

    5,530       251,891  

Meridian Bioscience, Inc. (a)

    8,520       259,178  

Merit Medical Systems, Inc. (a)

    10,140       550,298  

Myriad Genetics, Inc. (a)

    13,280       241,298  

Natus Medical, Inc. (a)

    3,330       109,124  

Omnicell, Inc. (a)(b)

    6,130       697,287  

OraSure Technologies, Inc. (a)

    51,910       140,676  

Varex Imaging Corp. (a)(b)

    8,210       175,612  

Vericel Corp. (a)(b)

    8,820       222,088  

Zimvie, Inc. (a)

    9,430       150,974  
              5,534,119  

METALS & MINING — 1.6%

Arconic Corp. (a)

    14,750       413,738  

 

See accompanying notes to financial statements.

 

29

 

 

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.2%, continued

METALS & MINING — 1.6%, continued

Century Aluminum Co. (a)

    22,250     $ 163,983  

Encore Wire Corp. (b)

    3,620       376,190  

Kaiser Aluminum Corp.

    4,330       342,460  

Livent Corp. (a)(b)

    35,680       809,579  

SunCoke Energy, Inc.

    30,440       207,296  
              2,313,246  

OIL & GAS PRODUCERS — 0.2%

Ranger Oil Corp - Class A (a)(b)

    6,940       228,118  
 

OIL & GAS SERVICES & EQUIPMENT — 1.0%

Core Laboratories N.V.

    47,990       950,682  

DMC Global, Inc. (a)

    9,380       169,121  

U.S. Silica Holdings, Inc. (a)

    25,290       288,812  
              1,408,615  

PUBLISHING & BROADCASTING — 0.4%

E.W. Scripps Co. (The) - Class A (a)

    9,180       114,475  

Gannett Co., Inc. (a)

    44,487       129,012  

Scholastic Corp.

    8,410       302,508  
              545,995  

REAL ESTATE OWNERS & DEVELOPERS — 0.1%

St. Joe Co. (The)

    5,140       203,338  
 

REAL ESTATE SERVICES — 0.4%

Anywhere Real Estate, Inc. (a)

    32,310       317,607  

Marcus & Millichap, Inc.

    3,450       127,616  

RE/MAX Holdings, Inc. - Class A

    4,840       118,677  
              563,900  

REITS — 7.7%

Acadia Realty Trust

    17,540       273,975  

Agree Realty Corp. (b)

    14,010       1,010,541  

Alexander & Baldwin, Inc.

    7,290       130,855  

American Assets Trust, Inc.

    6,220       184,734  

Armada Hoffler Properties, Inc.

    12,440       159,730  

Brandywine Realty Trust

    55,840       538,298  

CareTrust REIT, Inc.

    12,440       229,394  

Centerspace

    3,050       248,727  

Chatham Lodging Trust (a)

    14,320       149,644  

DiamondRock Hospitality Co. (a)

    41,780       343,014  

Diversified Healthcare Trust

    107,560       195,759  

Easterly Government Properties, Inc.

    9,670       184,117  

Essential Properties Realty Trust, Inc.

    9,360       201,146  

Four Corners Property Trust, Inc.

    4,460       118,591  

Franklin BSP Realty Trust, Inc. (b)

    13,012       175,402  

Franklin Street Properties Corp.

    32,340       134,858  

Getty Realty Corp.

    8,140       215,710  

Hersha Hospitality Trust (a)

    18,960       185,998  

Industrial Logistics Properties Trust

    9,300       130,944  

Innovative Industrial Properties, Inc.

    4,430       486,724  

iStar, Inc.

    14,210       194,819  

LTC Properties, Inc.

    7,200       276,408  

LXP Industrial Trust (b)

    32,120       344,969  

Matson, Inc.

    9,140       666,123  

NexPoint Residential Trust, Inc.

    3,250       203,157  

Office Properties Income Trust (b)

    8,060       160,797  

Orion Office REIT, Inc.

    8,820       96,667  

Retail Opportunity Investments Corp.

    15,690       247,588  

RPT Realty

    19,470       191,390  

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.2%, continued

REITS — 7.7%, continued

Safehold, Inc. (b)

    3,430     $ 121,319  

Saul Centers, Inc.

    3,420       161,116  

SITE Centers Corp.

    33,690       453,804  

Summit Hotel Properties, Inc. (a)

    23,710       172,372  

Tanger Factory Outlet Centers, Inc.

    23,000       327,060  

Uniti Group, Inc.

    35,680       336,106  

Urban Edge Properties

    6,970       106,014  

Urstadt Biddle Properties, Inc. - Class A

    6,520       105,624  

Veris Residential, Inc. (a)

    20,870       276,319  

Washington Real Estate Investment Trust

    21,530       458,804  

Whitestone REIT

    58,810       632,208  

Xenia Hotel & Resorts, Inc. (a)

    18,240       265,027  
              11,095,852  

RENEWABLE ENERGY — 0.3%

FutureFuel Corp.

    18,910       137,665  

Green Plains, Inc. (a)

    10,370       281,753  
              419,418  

RETAIL - CONSUMER STAPLES — 0.9%

Big Lots, Inc. (b)

    5,740       120,368  

OptimizeRx, Corp. (a)

    5,000       136,950  

PriceSmart, Inc.

    2,690       192,685  

SpartanNash Co.

    28,990       874,628  
              1,324,631  

RETAIL - DISCRETIONARY — 4.9%

Abercrombie & Fitch Co. - Class A (a)

    13,550       229,266  

Academy Sports & Outdoors, Inc.

    16,030       569,706  

America’s Car-Mart, Inc. (a)

    1,440       144,864  

Asbury Automotive Group, Inc. (a)

    3,100       524,954  

Bed Bath & Beyond, Inc. (a)(b)

    19,560       97,213  

Boot Barn Holdings, Inc. (a)

    4,560       314,230  

Buckle, Inc. (The) (b)

    5,380       148,972  

Caleres, Inc.

    10,210       267,910  

Chico’s FAS, Inc. (a)(b)

    40,780       202,677  

Children’s Place, Inc. (The) (a)

    4,250       165,410  

Conn’s, Inc. (a)(b)

    22,140       177,563  

Designer Brands, Inc. - Class A (b)

    11,180       146,011  

Ethan Allen Interiors, Inc. (b)

    16,450       332,455  

Genesco, Inc. (a)

    3,300       164,703  

GMS, Inc. (a)

    7,050       313,725  

Group 1 Automotive, Inc. (b)

    3,050       517,890  

Guess?, Inc. (b)

    9,260       157,883  

Hibbett, Inc. (b)

    5,140       224,669  

La-Z-Boy, Inc.

    6,970       165,259  

LL Flooring Holdings, Inc. (a)

    19,180       179,717  

MarineMax, Inc. (a)

    10,070       363,728  

Monro, Inc.

    6,250       268,000  

National Vision Holdings, Inc. (a)(b)

    7,720       212,300  

ODP Corp. (The) (a)

    7,677       232,152  

Sally Beauty Holdings, Inc. (a)

    15,060       179,515  

Shoe Carnival, Inc. (b)

    4,530       97,893  

Signet Jewelers Ltd.

    5,440       290,822  

Sleep Number Corp. (a)(b)

    4,070       125,967  

Urban Outfitters, Inc. (a)

    4,920       91,807  

Zumiez, Inc. (a)(b)

    4,180       108,680  
              7,015,941  

SEMICONDUCTORS — 3.6%

Alpha & Omega Semiconductor Ltd. (a)

    6,060       202,040  

 

See accompanying notes to financial statements.

 

30

 

 

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.2%, continued

SEMICONDUCTORS — 3.6%, continued

Axcelis Technologies, Inc. (a)

    16,000     $ 877,440  

CEVA, Inc. (a)

    4,260       142,966  

Cohu, Inc. (a)(b)

    7,270       201,742  

CTS Corp.

    6,010       204,640  

Diodes, Inc. (a)

    6,230       402,271  

FormFactor, Inc. (a)(b)

    11,450       443,459  

Kulicke & Soffa Industries, Inc. (b)

    9,850       421,679  

MaxLinear, Inc. (a)(b)

    12,360       419,993  

Onto Innovation, Inc. (a)(b)

    10,847       756,470  

Photronics, Inc. (a)

    16,690       325,121  

Rambus, Inc. (a)

    18,385       395,094  

SMART Global Holdings, Inc. (a)

    5,220       85,451  

Ultra Clean Holdings, Inc. (a)

    3,800       113,126  

Veeco Instruments, Inc. (a)(b)

    8,620       167,228  
              5,158,720  

SOFTWARE — 2.7%

Agilysys, Inc. (a)

    6,190       292,601  

Allscripts Healthcare Solutions, Inc. (a)(b)

    23,320       345,836  

Apollo Medical Holdings, Inc. (a)

    6,870       265,113  

Cerence, Inc. (a)

    6,700       169,041  

Consensus Cloud Solutions, Inc. (a)

    4,440       193,939  

Digi International, Inc. (a)

    11,930       288,945  

Donnelley Financial Solutions, Inc. (a)

    6,550       191,850  

Ebix, Inc.

    7,800       131,820  

LivePerson, Inc. (a)

    9,500       134,330  

Loyalty Ventures, Inc. (a)

    31,770       113,419  

NextGen Healthcare, Inc. (a)

    7,250       126,440  

PDF Solutions, Inc. (a)

    9,190       197,677  

Progress Software Corp. (b)

    6,410       290,373  

Simulations Plus, Inc.

    2,410       118,885  

SPS Commerce, Inc. (a)

    5,620       635,341  

Thryv Holdings, Inc. (a)

    9,180       205,540  

Xperi Holding Corp.

    14,711       212,280  
              3,913,430  

SPECIALTY FINANCE — 3.2%

Apollo Commercial Real Estate Finance, Inc.

    31,690       330,844  

ARMOUR Residential REIT, Inc. (b)

    33,710       237,318  

Deluxe Corp.

    18,520       401,328  

Ellington Financial, Inc.

    15,050       220,783  

Encore Capital Group, Inc. (a)(b)

    7,690       444,251  

Enova International, Inc. (a)

    7,260       209,233  

Granite Point Mortgage Trust, Inc.

    14,530       139,052  

Invesco Mortgage Capital, Inc. (b)

    8,876       130,300  

KKR Real Estate Finance Trust, Inc. (b)

    6,670       116,391  

LendingTree, Inc. (a)

    2,130       93,337  

Mr. Cooper Group, Inc. (a)

    12,660       465,128  

New York Mortgage Trust, Inc.

    44,650       123,234  

PennyMac Mortgage Investment Trust

    23,960       331,367  

PRA Group, Inc. (a)(b)

    3,170       115,261  

Redwood Trust, Inc.

    19,810       152,735  

Stewart Information Services Corp. (b)

    3,830       190,543  

Two Harbors Investment Corp. (b)

    41,120       204,778  

Walker & Dunlop, Inc.

    6,340       610,796  

World Acceptance Corp. (a)

    890       99,894  
              4,616,573  

STEEL — 0.6%

Allegheny Technologies, Inc. (a)(b)

    17,890       406,282  

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.2%, continued

STEEL — 0.6%, continued

Carpenter Technology Corp.

    6,590     $ 183,927  

TimkenSteel Corp. (a)

    17,280       323,309  
              913,518  

TECHNOLOGY HARDWARE — 4.7%

3D Systems Corp. (a)

    16,470       159,759  

A10 Networks, Inc.

    15,080       216,850  

ADTRAN, Inc.

    14,390       252,257  

Arlo Technologies, Inc. (a)

    31,600       198,132  

Benchmark Electronics, Inc.

    7,800       175,968  

CalAmp Corp. (a)

    21,620       90,155  

Comtech Telecommunications Corp.

    18,530       168,067  

Corsair Gaming, Inc. (a)(b)

    10,890       142,986  

Diebold Nixdorf, Inc. (a)

    58,700       133,249  

Extreme Networks, Inc. (a)

    29,990       267,511  

Fabrinet (a)

    9,090       737,199  

Harmonic, Inc. (a)

    29,630       256,892  

InterDigital, Inc. (b)

    6,470       393,376  

Knowles Corp. (a)

    18,120       314,019  

NetScout Systems, Inc. (a)

    14,920       505,042  

Pitney Bowes, Inc.

    38,260       138,501  

Plantronics, Inc. (a)

    5,500       218,240  

Plexus Corp. (a)(b)

    4,900       384,650  

Sanmina Corp. (a)

    13,090       533,156  

Sonos, Inc. (a)

    18,690       337,168  

TTM Technologies, Inc. (a)

    42,830       535,375  

Viavi Solutions, Inc. (a)

    44,640       590,587  
              6,749,139  

TECHNOLOGY SERVICES — 2.6%

CSG Systems International, Inc.

    5,650       337,192  

EVERTEC, Inc.

    10,810       398,673  

ExlService Holdings, Inc. (a)

    6,200       913,446  

Green Dot Corp. - Class A (a)

    12,060       302,826  

Insight Enterprises, Inc. (a)(b)

    8,860       764,441  

LiveRamp Holdings, Inc. (a)

    3,890       100,401  

Perficient, Inc. (a)(b)

    6,350       582,231  

TTEC Holdings, Inc.

    3,630       246,441  

Unisys Corp. (a)

    10,560       127,037  
              3,772,688  

TELECOMMUNICATIONS — 1.5%

8x8, Inc. (a)

    26,120       134,518  

ATN International, Inc.

    2,410       113,053  

Cogent Communications Holdings, Inc.

    5,100       309,876  

Consolidated Communications Holdings, Inc. (a)

    29,970       209,790  

Gogo, Inc. (a)

    6,330       102,483  

Shenandoah Telecommunications Co.

    4,380       97,236  

Telephone and Data Systems, Inc.

    17,960       283,589  

Vonage Holdings Corp. (a)

    50,960       960,086  
              2,210,631  

TRANSPORTATION & LOGISTICS — 2.5%

Allegiant Travel Co. (a)(b)

    3,490       394,684  

ArcBest Corp.

    6,890       484,849  

Atlas Air Worldwide Holdings, Inc. (a)(b)

    7,090       437,524  

Bristow Group, Inc. (a)

    8,623       201,778  

Forward Air Corp.

    5,730       526,931  

Hawaiian Holdings, Inc. (a)

    17,650       252,571  

Hub Group, Inc. - Class A (a)

    10,840       768,990  

 

See accompanying notes to financial statements.

 

31

 

 

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

COMMON STOCKS — 98.2%, continued

TRANSPORTATION & LOGISTICS — 2.5%, continued

Marten Transport Ltd.

    18,180     $ 305,788  

SkyWest, Inc. (a)

    13,750       292,187  
              3,665,302  

TRANSPORTATION EQUIPMENT — 0.7%

Greenbrier Cos., Inc. (The)

    6,020       216,660  

Meritor, Inc. (a)

    15,030       546,040  

Trinity Industries, Inc.

    4,490       108,748  

Wabash National Corp.

    15,190       206,280  
              1,077,728  

WHOLESALE - CONSUMER STAPLES — 1.2%

Andersons, Inc. (The)

    27,150       895,678  

Chefs’ Warehouse, Inc. (The) (a)

    5,800       225,562  

United Natural Foods, Inc. (a)

    14,890       586,666  
              1,707,906  

WHOLESALE - DISCRETIONARY — 1.5%

ePlus, Inc. (a)

    4,560       242,227  

G-III Apparel Group Ltd. (a)(b)

    9,060       183,284  

KAR Auction Services, Inc. (a)

    29,360       433,647  

PC Connection, Inc.

    2,970       130,829  

ScanSource, Inc. (a)

    23,700       738,018  

Veritiv Corp. (a)(b)

    3,640       395,122  
              2,123,127  

TOTAL COMMON STOCKS (COST $125,655,833)

  $ 142,117,952  
 

RIGHTS — 0.0% (c)

Lantheus Holdings, Inc., CVR (a)(d)(e) (Cost $0)

    28,980     $ 2,608  

 

 

 

Coupon

   

Maturity

   

Principal
Amount

   

Fair
Value

 

CORPORATE NOTES — 1.0%

COMMUNITY DEVELOPMENT — 1.0%

Calvert Social Investment Foundation, Inc. (e)

    0.400 %     12/15/22     $ 110,000     $ 110,000  

Calvert Social Investment Foundation, Inc. (e)

    3.000 %     06/15/23       330,000       330,000  

Calvert Social Investment Foundation, Inc. (e)

    3.000 %     12/15/23       330,000       312,520  

Calvert Social Investment Foundation, Inc. (e)

    1.000 %     06/14/24       100,000       92,514  

Calvert Social Investment Foundation, Inc. (e)

    3.000 %     06/17/24       60,000       60,000  

Calvert Social Investment Foundation, Inc. (e)

    3.000 %     12/15/24       90,000       90,000  

Calvert Social Investment Foundation, Inc. (e)

    2.500 %     06/13/25       150,000       138,694  

Calvert Social Investment Foundation, Inc. (e)

    2.500 %     12/15/25       280,000       279,067  

TOTAL CORPORATE NOTES (COST $1,450,000)

  $ 1,412,795  

 


 

Shares

   

Fair
Value

 

MONEY MARKET FUNDS — 0.6%

First American Government Obligations Fund - Class X, 1.29% (f) (COST $815,985)

    815,985     $ 815,985  
 

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 16.2%

Mount Vernon Liquid Assets Portfolio, LLC, 1.64% (f)(g) (COST $23,439,548)

    23,439,548       23,439,548  
 

TOTAL INVESTMENTS - (COST $151,361,366) — 116.0%

  $ 167,788,888  

LIABILITIES IN EXCESS OF OTHER ASSETS — (16.0%)

    (23,145,017 )

NET ASSETS — 100.0%

  $ 144,643,871  

 

 
(a)Non-income producing security.
(b)All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2022 was $22,595,083 (Note 8).
(c)Percentage rounds to less than 0.1%.
(d)Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total fair value of such securities was $2,608 as of June 30, 2022, representing 0.0% (c) of net assets.
(e)Restricted and/or illiquid securities not registered under the Securities Act of 1933 are as follows:

 

 

 

Acquisition
Date

   

Current
Cost

   

Fair
Value

   

% of Net
Assets

 

Calvert Social Investment Foundation, Inc. 0.400%, 12/15/22

    12/15/21     $ 110,000     $ 110,000       0.1 %

Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23

    06/18/18       330,000       330,000       0.2 %

Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23

    12/17/18       330,000       312,520       0.2 %

Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24

    06/15/21       100,000       92,514       0.1 %

Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24

    06/17/19       60,000       60,000       0.0 %(c)

Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24

    12/12/19       90,000       90,000       0.1 %

Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25

    06/12/20       150,000       138,694       0.1 %

Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25

    12/15/20       280,000       279,067       0.2 %

Lantheus Holdings, Inc., CVR

    06/22/20             2,608       0.0 %(c)
            $ 1,450,000     $ 1,415,403       1.0 %

 

(f)The rate shown is the 7-day effective yield as of June 30, 2022.
(g)The security was purchased with cash collateral received from securities on loan (Note 8).

 

plc

— Public Liability Company

REIT

— Real Estate Investment Trust

 

See accompanying notes to financial statements.

 

32

 

 

Schedule of Investments

Praxis Genesis Conservative Portfolio

June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

AFFILIATED MUTUAL FUNDS — 100.0%

DEBT FUND — 69.7%

Praxis Impact Bond Fund - Class I

    1,819,802     $ 17,379,106  
 

EQUITY FUND — 30.3%

Praxis Growth Index Fund - Class I

    74,767       2,351,433  

Praxis International Index Fund - Class I

    199,810       2,227,887  

Praxis Small Cap Index Fund - Class I

    67,021       637,374  

Praxis Value Index Fund - Class I

    156,088       2,335,080  
              7,551,774  

TOTAL AFFILIATED MUTUAL FUNDS (COST $23,465,908)

  $ 24,930,880  
 

MONEY MARKET FUNDS — 0.0% (a)

First American Government Obligations Fund - Class X, 1.29% (b) (COST $6,094)

    6,094       6,094  
 

TOTAL INVESTMENTS - (COST $23,472,002) — 100.0%

  $ 24,936,974  

LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) (a)

    (473 )

NET ASSETS — 100.0%

  $ 24,936,501  

 

 
(a)Percentage rounds to less than 0.1%.
(b)The rate shown is the 7-day effective yield as of June 30, 2022.

 

See accompanying notes to financial statements.

 

33

 

 

Schedule of Investments

Praxis Genesis Balanced Portfolio

June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

AFFILIATED MUTUAL FUNDS — 100.0%

DEBT FUND — 39.7%

Praxis Impact Bond Fund - Class I

    3,330,628     $ 31,807,498  
 

EQUITY FUND — 60.3%

Praxis Growth Index Fund - Class I

    414,505       13,036,171  

Praxis International Index Fund - Class I

    1,278,372       14,253,849  

Praxis Small Cap Index Fund - Class I

    858,644       8,165,706  

Praxis Value Index Fund - Class I

    865,131       12,942,362  
              48,398,088  

TOTAL AFFILIATED MUTUAL FUNDS (COST $66,529,798)

  $ 80,205,586  
 

MONEY MARKET FUNDS — 0.0% (a)

First American Government Obligations Fund - Class X, 1.29% (b) (COST $1,247)

    1,247       1,247  
 

TOTAL INVESTMENTS - (COST $66,531,045) — 100.0%

  $ 80,206,833  

LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) (a)

    (23,046 )

NET ASSETS — 100.0%

  $ 80,183,787  

 

 
(a)Percentage rounds to less than 0.1%.
(b)The rate shown is the 7-day effective yield as of June 30, 2022.

 

See accompanying notes to financial statements.

 

34

 

 

Schedule of Investments

Praxis Genesis Growth Portfolio

June 30, 2022 (unaudited)

 


 

Shares

   

Fair
Value

 

AFFILIATED MUTUAL FUNDS — 100.0%

DEBT FUND — 19.8%

Praxis Impact Bond Fund - Class I

    1,754,415     $ 16,754,666  
 

EQUITY FUND — 80.2%

Praxis Growth Index Fund - Class I

    559,581       17,598,813  

Praxis International Index Fund - Class I

    1,795,621       20,021,178  

Praxis Small Cap Index Fund - Class I

    1,356,937       12,904,467  

Praxis Value Index Fund - Class I

    1,167,579       17,466,986  
              67,991,444  

TOTAL AFFILIATED MUTUAL FUNDS (COST $66,700,922)

  $ 84,746,110  
 

MONEY MARKET FUNDS — 0.0% (a)

First American Government Obligations Fund - Class X, 1.29% (b) (COST $890)

    890       890  
 

TOTAL INVESTMENTS - (COST $66,701,812) — 100.0%

  $ 84,747,000  

LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) (a)

    (25,691 )

NET ASSETS — 100.0%

  $ 84,721,309  

 

 
(a)Percentage rounds to less than 0.1%.
(b)The rate shown is the 7-day effective yield as of June 30, 2022.

 

See accompanying notes to financial statements.

 

35

 

 

Statements of Assets & Liabilities

June 30, 2022 (Unaudited)

 

   

Praxis
Impact
Bond Fund

   

Praxis
International
Index Fund

   

Praxis
Value
Index Fund

   

Praxis
Growth Index
Fund

   

Praxis
Small Cap
Index Fund

 

Assets

                                       

Investments in unaffiliated securities, at cost

  $ 722,356,658     $ 295,617,160     $ 326,869,559     $ 303,535,976     $ 151,361,366  

Investments in unaffiliated securities, at fair value*

  $ 663,709,241     $ 362,811,536     $ 384,363,955     $ 462,484,724     $ 167,788,888  

Cash

          27,624                    

Cash denominated in foreign currency (Cost $128)

          129                    

Receivable for capital shares sold

    1,478,571       340,703       902,954       615,812       190,666  

Receivable for investments sold

    2,293,984       239,281                    

Receivable for dividends and interest

    4,297,648       1,215,938       559,241       135,702       158,833  

Receivable for tax reclaims

    15,711       576,419                    

Prepaid expenses and other assets

    40,164       30,853       38,780       39,419       23,813  

Total Assets

    671,835,319       365,242,483       385,864,930       463,275,657       168,162,200  
                                         

Liabilities

                                       

Distributions payable

    519,650                          

Payable for capital shares redeemed

    724,192       93,666       180,702       258,743       14,153  

Payable for return of collateral received for securities on loan

    15,982,630       32,559,490       22,134,220       11,809,921       23,439,548  

Accrued expenses and other payables:

                                       

Investment advisory fees

    202,400       125,683       77,912       92,345       36,336  

Administration fees

    23,719       12,465       13,550       16,724       5,339  

Distribution fees

    6,847       1,717       5,069       16,322       1,102  

Other

    93,925       85,495       54,033       64,817       21,851  

Total Liabilities

    17,553,363       32,878,516       22,465,486       12,258,872       23,518,329  
                                         

Net Assets

  $ 654,281,956     $ 332,363,967     $ 363,399,444     $ 451,016,785     $ 144,643,871  

 

                                       

Components of Net Assets

                                       

Paid-in capital

  $ 718,966,712     $ 295,937,330     $ 290,692,601     $ 271,882,203     $ 130,346,977  

Accumulated earnings (deficit)

    (64,684,756 )     36,426,637       72,706,843       179,134,582       14,296,894  

Net Assets

  $ 654,281,956     $ 332,363,967     $ 363,399,444     $ 451,016,785     $ 144,643,871  
                                         

Pricing of Class A Shares

                                       

Net assets attributable to Class A shares

  $ 33,229,210     $ 7,666,606     $ 23,827,837     $ 76,520,957     $ 5,193,700  

Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)

    3,461,146       691,171       1,582,351       2,459,297       606,753  

Net asset value, offering price and redemption price per share*

  $ 9.60     $ 11.09     $ 15.06     $ 31.11     $ 8.56  

Maximum sales charge

    3.75 %     5.25 %     5.25 %     5.25 %     5.25 %

Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]

  $ 9.97     $ 11.70     $ 15.89     $ 32.83     $ 9.03  

 

                                       

Pricing of Class I Shares

                                       

Net assets attributable to Class I shares

  $ 621,052,746     $ 324,697,361     $ 339,571,607     $ 374,495,828     $ 139,450,171  

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)

    65,003,367       29,114,358       22,697,872       11,906,514       14,669,294  

Net asset value and redemption price per share

  $ 9.55     $ 11.15     $ 14.96     $ 31.45     $ 9.51  

*Includes fair value of securities on loan

  $ 15,702,883     $ 31,407,881     $ 21,434,804     $ 11,479,038     $ 22,595,083  

 

See accompanying notes to financial statements.

 

36

 

 

Statements of Assets & Liabilities, continued

June 30, 2022 (Unaudited)

 

 

 

Praxis Genesis
Conservative
Portfolio

   

Praxis Genesis
Balanced
Portfolio

   

Praxis Genesis
Growth
Portfolio

 

Assets

                       

Investments in affiliated securities, at cost

  $ 23,465,908     $ 66,529,798     $ 66,700,922  

Investments in unaffiliated securities, at cost

    6,094       1,247       890  

Investments in affiliated securities, at fair value

  $ 24,930,880     $ 80,205,586     $ 84,746,110  

Investments in unaffiliated securities, at fair value

    6,094       1,247       890  

Receivable for capital shares sold

    2       598       493  

Receivable for investments sold

    2,203       7,894       728  

Receivable for dividends

    4       1       1  

Prepaid expenses and other assets

    13,997       17,539       17,200  

Total Assets

    24,953,180       80,232,865       84,765,422  

 

                       

Liabilities

                       

Distributions payable

    359       117        

Payable for capital shares redeemed

    1,846       8,375       1,222  

Accrued expenses and other payables:

                       

Investment advisory fees

    1,037       3,350       3,561  

Administration fees

    600       1,940       2,062  

Distribution fees

    5,183       16,751       17,807  

Other

    7,654       18,545       19,461  

Total Liabilities

    16,679       49,078       44,113  

 

                       

Net Assets

  $ 24,936,501     $ 80,183,787     $ 84,721,309  
                         

Components of Net Assets

                       

Paid-in capital

  $ 23,749,307     $ 66,508,937     $ 66,431,157  

Accumulated earnings

    1,187,194       13,674,850       18,290,152  

Net Assets

  $ 24,936,501     $ 80,183,787     $ 84,721,309  
                         

Pricing of Class A Shares

                       

Net assets attributable to Class A shares

  $ 24,936,501     $ 80,183,787     $ 84,721,309  

Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)

    2,220,939       5,875,264       5,398,960  

Net asset value, offering price and redemption price per share

  $ 11.23     $ 13.65     $ 15.69  

Maximum sales charge

    5.25 %     5.25 %     5.25 %

Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]

  $ 11.85     $ 14.41     $ 16.56  

 

See accompanying notes to financial statements.

 

37

 

 

Statements of Operations

For the six months ended June 30, 2022 (unaudited)

 

 

 

Praxis
Impact
Bond Fund

   

Praxis
International
Index Fund

   

Praxis
Value
Index Fund

   

Praxis
Growth Index
Fund

   

Praxis
Small Cap
Index Fund

 

Investment income

                                       

Dividends

  $ 87,047     $ 7,238,156     $ 4,656,367     $ 2,069,506     $ 1,062,022  

Foreign tax withholding

          (1,024,041 )                 (2,121 )

Securities lending income

    22,942       151,717       12,828       11,937       18,456  

Interest

    8,637,872       42,542       41,726       50,736       18,883  

Total Investment Income

    8,747,861       6,408,374       4,710,921       2,132,179       1,097,240  

 

                                       

Expenses

                                       

Investment advisory fees

    1,316,013       796,950       498,629       590,206       234,675  

Administration fees

    156,050       78,958       87,622       107,752       34,325  

Transfer agent fees - Class A

    34,448       13,948       13,446       29,978       4,823  

Transfer agent fees - Class I

    50,956       15,643       48,540       42,958       7,161  

Distribution fees - Class A

    45,748       12,051       29,839       112,699       7,319  

Custodian fees

    26,060       68,614       14,471       14,619       8,545  

Legal fees

    39,951       19,456       21,466       26,541       8,533  

Registration fees - Class A

    5,072       3,971       3,735       7,348       7,458  

Registration fees - Class I

    17,722       13,746       17,253       12,177       9,573  

Trustee fees and expenses

    32,834       15,884       18,092       21,157       6,926  

Audit and tax services fees

    19,040       37,764       12,724       14,717       7,445  

Pricing fees

    40,010       32,021       3,152       2,389       4,930  

Insurance fees

    17,895       8,640       8,343       10,808       3,428  

Other expenses

    31,520       21,874       25,045       21,621       14,959  

Total Expenses

    1,833,319       1,139,520       802,357       1,014,970       360,100  

Class A expenses contractually reduced by Investment Adviser

                            (1,625 )

Net Expenses

    1,833,319       1,139,520       802,357       1,014,970       358,475  
                                         

Net Investment Income

    6,914,542       5,268,854       3,908,564       1,117,209       738,765  

 

                                       

Realized and Unrealized Losses on Investments

                                       

Net realized losses on investments

    (3,942,593 )     (3,449,680 )     (6,806,330 )     (4,982,232 )     (2,676,275 )

Net realized losses on foreign currency transactions

          (129,512 )                  

Change in unrealized appreciation/(depreciation) of investments

    (79,864,885 )     (70,981,826 )     (52,525,008 )     (153,510,131 )     (36,976,290 )

Change in unrealized appreciation/(depreciation) of foreign currency translations

          (34,502 )                  

Net Realized and Unrealized Losses on Investments and Foreign Currency Transactions

    (83,807,478 )     (74,595,520 )     (59,331,338 )     (158,492,363 )     (39,652,565 )

Net Change in Net Assets from Operations

  $ (76,892,936 )   $ (69,326,666 )   $ (55,422,774 )   $ (157,375,154 )   $ (38,913,800 )

 

See accompanying notes to financial statements.

 

38

 

 

Statements of Operations, continued

For the six months ended June 30, 2022 (unaudited)

 

 

 

Praxis Genesis
Conservative
Portfolio

   

Praxis Genesis
Balanced
Portfolio

   

Praxis Genesis
Growth
Portfolio

 

Investment income

                       

Dividends from affiliates

  $ 192,550     $ 358,605     $ 188,652  

Dividends from non-affiliates

    9       8       2  

Total Investment Income

    192,559       358,613       188,654  
                         

Expenses

                       

Distribution fees - Class A

    33,102       108,783       114,862  

Transfer agent fees

    11,401       33,989       46,832  

Investment advisory fees

    6,621       21,757       22,973  

Administration fees

    3,949       12,977       13,703  

Registration and filing fees

    11,029       13,656       11,568  

Audit and tax services fees

    4,583       7,251       7,423  

Shareholder reporting expenses

    419       1,371       1,642  

Custodian fees

    480       480       480  

Trustee fees and expenses

    183       608       641  

Legal fees

    150       488       510  

Insurance expense

    75       276       270  

Other expenses

    2,877       4,138       3,533  

Total Expenses

    74,869       205,774       224,437  

Expenses contractually reduced by Investment Adviser

    (46 )            

Net Expenses

    74,823       205,774       224,437  
                         

Net Investment Income (Loss)

    117,736       152,839       (35,783 )
                         

Realized and Unrealized Losses on Investments

                       

Net realized losses on investments in affiliates

    (155,708 )     (412,036 )     (539,475 )

Change in unrealized appreciation/(depreciation) of investments in affiliates

    (3,763,671 )     (15,195,820 )     (17,852,143 )

Net Realized and Unrealized Losses on Investments

    (3,919,379 )     (15,607,856 )     (18,391,618 )

Net Change in Net Assets from Operations

  $ (3,801,643 )   $ (15,455,017 )   $ (18,427,401 )

 

See accompanying notes to financial statements.

 

39

 

 

Statements of Changes in Net Assets

 

 

 

Praxis
Impact
Bond Fund

   

Praxis
International
Index Fund

 

 

 

For the
Six Months
Ended
June 30, 2022
(Unaudited)

   

For the Year
Ended
December 31,
2021

   

For the
Six Months
Ended
June 30, 2022
(Unaudited)

   

For the Year
Ended
December 31,
2021

 

From Operations

                               

Net investment income

  $ 6,914,542     $ 12,716,498     $ 5,268,854     $ 7,067,970  

Net realized gains (losses) from investments and foreign currency transactions

    (3,942,593 )     309,296       (3,579,192 )     (1,247,871 )

Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation

    (79,864,885 )     (27,273,227 )     (71,016,328 )     19,864,270  

Net Change in Net Assets from Operations

    (76,892,936 )     (14,247,433 )     (69,326,666 )     25,684,369  
                                 

Distributions to Shareholders

                               

Class A

    (305,630 )     (648,495 )           (195,286 )

Class I

    (7,005,948 )     (13,815,730 )           (9,142,870 )

Change in Net Assets from Distributions to Shareholders

    (7,311,578 )     (14,464,225 )           (9,338,156 )
                                 

Change in Net Assets from Capital Transactions (Note 6)

    (76,196,686 )     114,309,066       20,036,307       45,292,617  

Change in Net Assets

    (160,401,200 )     85,597,408       (49,290,359 )     61,638,830  
                                 

Net Assets

                               

Beginning of period

    814,683,156       729,085,748       381,654,326       320,015,496  

End of period

  $ 654,281,956     $ 814,683,156     $ 332,363,967     $ 381,654,326  

 

See accompanying notes to financial statements.

 

40

 

 

Statements of Changes in Net Assets, continued

 

 

 

Praxis
Value
Index Fund

   

Praxis
Growth Index
Fund

   

Praxis
Small Cap
Index Fund

 

 

 

For the
Six Months
Ended
June 30, 2022
(Unaudited)

   

For the Year
Ended
December 31,
2021

   

For the
Six Months
Ended
June 30, 2022
(Unaudited)

   

For the Year
Ended
December 31,
2021

   

For the
Six Months
Ended
June 30, 2022
(Unaudited)

   

For the Year
Ended
December 31,
2021

 

From Operations

                                               

Net investment income

  $ 3,908,564     $ 6,560,667     $ 1,117,209     $ 1,474,181     $ 738,765     $ 1,275,088  

Net realized gains (losses) from investments

    (6,806,330 )     21,871,536       (4,982,232 )     25,696,730       (2,676,275 )     16,735,523  

Net change in unrealized appreciation/(depreciation) on investments

    (52,525,008 )     53,067,993       (153,510,131 )     102,477,187       (36,976,290 )     19,863,231  

Net Change in Net Assets from Operations

    (55,422,774 )     81,500,196       (157,375,154 )     129,648,098       (38,913,800 )     37,873,842  
                                                 

Distributions to Shareholders

                                               

Class A

          (783,817 )           (4,460,917 )           (667,077 )

Class I

          (16,566,138 )           (17,988,411 )           (16,040,570 )

Change in Net Assets from Distributions to Shareholders

          (17,349,955 )           (22,449,328 )           (16,707,647 )
                                                 

Change in Net Assets from Capital Transactions (Note 6)

    (20,783,680 )     66,459,413       78,785,964       22,119,735       10,438,942       12,289,668  

Change in Net Assets

    (76,206,454 )     130,609,654       (78,589,190 )     129,318,505       (28,474,858 )     33,455,863  
                                                 

Net Assets

                                               

Beginning of period

    439,605,898       308,996,244       529,605,975       400,287,470       173,118,729       139,662,866  

End of period

  $ 363,399,444     $ 439,605,898     $ 451,016,785     $ 529,605,975     $ 144,643,871     $ 173,118,729  

 

See accompanying notes to financial statements.

 

41

 

 

Statements of Changes in Net Assets, continued

 

 

 

Praxis Genesis
Conservative
Portfolio

   

Praxis Genesis
Balanced
Portfolio

   

Praxis Genesis
Growth
Portfolio

 

 

 

For the
Six Months
Ended
June 30, 2022
(Unaudited)

   

For the Year
Ended
December 31,
2021

   

For the
Six Months
Ended
June 30, 2022
(Unaudited)

   

For the Year
Ended
December 31,
2021

   

For the
Six Months
Ended
June 30, 2022
(Unaudited)

   

For the Year
Ended
December 31,
2021

 

From Operations

                                               

Net investment income (loss)

  $ 117,736     $ 428,005     $ 152,839     $ 1,861,785     $ (35,783 )   $ 2,156,198  

Net realized gains (losses) on investments in affiliates

    (155,708 )     436,199       (412,036 )     1,861,645       (539,475 )     1,126,350  

Long-term capital gain distributions from investments in affiliates

          144,741             1,105,509             1,581,295  

Net change in unrealized appreciation/(depreciation) on investments in affiliates

    (3,763,671 )     216,230       (15,195,820 )     5,384,325       (17,852,143 )     9,426,914  

Net Change in Net Assets from Operations

    (3,801,643 )     1,225,175       (15,455,017 )     10,213,264       (18,427,401 )     14,290,757  
                                                 

Distributions to Class A Shareholders

    (116,814 )     (1,223,307 )     (151,011 )     (5,111,964 )           (4,501,599 )
                                                 

Change in Net Assets from Capital Transactions (Note 6)

    246,134       844,126       (145,151 )     3,306,675       2,294,531       5,416,163  

Change in Net Assets

    (3,672,323 )     845,994       (15,751,179 )     8,407,975       (16,132,870 )     15,205,321  
                                                 

Net Assets

                                               

Beginning of period

    28,608,824       27,762,830       95,934,966       87,526,991       100,854,179       85,648,858  

End of period

  $ 24,936,501     $ 28,608,824     $ 80,183,787     $ 95,934,966     $ 84,721,309     $ 100,854,179  

 

See accompanying notes to financial statements.

 

42

 

 

Financial Highlights

For a share outstanding throughout the period indicated

 

Praxis Impact Bond Fund - Class A

           

Six Months
Ended
June 30, 2022
(Unaudited)

   

Year Ended
December 31,
2021

   

Year Ended
December 31,
2020

   

Year Ended
December 31,
2019

   

Year Ended
December 31,
2018

   

Year Ended
December 31,
2017

 

Net asset value at beginning of period

          $ 10.78     $ 11.19     $ 10.67     $ 10.12     $ 10.39     $ 10.30  

Net investment income (a)

            0.07       0.14       0.19       0.23       0.22       0.21  

Net realized and unrealized gains (losses) on investments

            (1.17 )     (0.39 )     0.60       0.55       (0.26 )     0.11  

Total from investment operations

            (1.10 )     (0.25 )     0.79       0.78       (0.04 )     0.32  

Less distributions from:

                                                       

Net investment income

            (0.08 )     (0.16 )     (0.20 )     (0.23 )     (0.23 )     (0.23 )

Net realized gains

                        (0.07 )                  

Total distributions

            (0.08 )     (0.16 )     (0.27 )     (0.23 )     (0.23 )     (0.23 )

Paid-in capital from redemption fees

                  0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b) 

Net asset value at end of period

          $ 9.60     $ 10.78     $ 11.19     $ 10.67     $ 10.12     $ 10.39  

Total return (excludes sales charge)

            (10.19 %)(c)     (2.23 %)     7.45 %     7.75 %     (0.36 %)     3.11 %

Net assets at end of period (in 000s)

          $ 33,229     $ 41,413     $ 48,146     $ 58,383     $ 60,692     $ 91,048  

Ratio of net expenses to average net assets

            0.98 %(d)     0.88 %     0.92 %     0.95 %     0.97 %     0.93 %

Ratio of gross expenses to average net assets

            0.98 %(d)     0.88 %     0.92 %     0.95 %     0.98 %*     0.98 %*

Ratio of net investment income to average net assets

            1.49 %(d)     1.28 %     1.72 %     2.16 %     2.15 %     2.02 %

Portfolio turnover rate

            9.30 %(c)     14.68 %     31.27 %     17.58 %     27.27 %     17.36 %

 

Praxis Impact Bond Fund - Class I

           

Six Months
Ended
June 30, 2022
(Unaudited)

   

Year Ended
December 31,
2021

   

Year Ended
December 31,
2020

   

Year Ended
December 31,
2019

   

Year Ended
December 31,
2018

   

Year Ended
December 31,
2017

 

Net asset value at beginning of period

          $ 10.72     $ 11.14     $ 10.62     $ 10.08     $ 10.35     $ 10.25  

Net investment income (a)

            0.10       0.18       0.23       0.27       0.26       0.25  

Net realized and unrealized gains (losses) on investments

            (1.17 )     (0.39 )     0.61       0.54       (0.26 )     0.11  

Total from investment operations

            (1.07 )     (0.21 )     0.84       0.81       0.00(b)      0.36  

Less distributions from:

                                                       

Net investment income

            (0.10 )     (0.21 )     (0.25 )     (0.27 )     (0.27 )     (0.26 )

Net realized gains

                        (0.07 )                  

Total distributions

            (0.10 )     (0.21 )     (0.32 )     (0.27 )     (0.27 )     (0.26 )

Paid-in capital from redemption fees

                  0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b) 

Net asset value at end of period

          $ 9.55     $ 10.72     $ 11.14     $ 10.62     $ 10.08     $ 10.35  

Total return

            (9.98 %)(c)     (1.93 %)     7.94 %     8.15 %     0.08 %     3.58 %

Net assets at end of period (in 000s)

          $ 621,053     $ 773,270     $ 680,940     $ 530,250     $ 449,146     $ 432,654  

Ratio of expenses to average net assets

            0.49 %(d)     0.48 %     0.52 %     0.53 %     0.53 %     0.54 %

Ratio of net investment income to average net assets

            1.97 %(d)     1.68 %     2.08 %     2.58 %     2.60 %     2.41 %

Portfolio turnover rate

            9.30 %(c)     14.68 %     31.27 %     17.58 %     27.27 %     17.36 %

 

*

During the period, certain expenses were reduced by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.

(a)

Net investment income per share has been calculated using the average daily shares outstanding during the period.

(b)

Amount is less than $0.005 per share.

(c)

Not Annualized.

(d)

Annualized.

 

See accompanying notes to financial statements.

 

43

 

 

Financial Highlights, continued

For a share outstanding throughout the period indicated

 

Praxis International Index Fund - Class A

           

Six Months
Ended
June 30, 2022
(Unaudited)

   

Year Ended
December 31,
2021

   

Year Ended
December 31,
2020

   

Year Ended
December 31,
2019

   

Year Ended
December 31,
2018

   

Year Ended
December 31,
2017

 

Net asset value at beginning of period

          $ 13.50     $ 12.82     $ 11.50     $ 9.77     $ 11.69     $ 9.47  

Net investment income (a)

            0.13       0.18       0.10       0.18       0.17       0.13  

Net realized and unrealized gains (losses) on investments and foreign currencies

            (2.54 )     0.75       1.32       1.73       (1.94 )     2.23  

Total from investment operations

            (2.41 )     0.93       1.42       1.91       (1.77 )     2.36  

Less distributions from:

                                                       

Net investment income

                  (0.25 )     (0.10 )     (0.18 )     (0.15 )     (0.14 )

Paid-in capital from redemption fees

                              0.00 (b)      0.00 (b)      0.00 (b) 

Net asset value at end of period

          $ 11.09     $ 13.50     $ 12.82     $ 11.50     $ 9.77     $ 11.69  

Total return (excludes sales charge)

            (17.85 %)(c)     7.22 %     12.37 %     19.55 %     (15.13 %)     24.97 %

Net assets at end of period (in 000s)

          $ 7,667     $ 10,859     $ 11,251     $ 11,074     $ 11,853     $ 26,344  

Ratio of expenses to average net assets

            1.28 %(d)     1.20 %     1.30 %     1.40 %     1.31 %     1.26 %

Ratio of net investment income to average net assets

            2.13 %(d)     1.32 %     0.92 %     1.70 %     1.52 %     1.22 %

Portfolio turnover rate

            23.17 %(c)     39.58 %     86.12 %     20.61 %     21.08 %     5.22 %

 

Praxis International Index Fund - Class I

           

Six Months
Ended
June 30, 2022
(Unaudited)

   

Year Ended
December 31,
2021

   

Year Ended
December 31,
2020

   

Year Ended
December 31,
2019

   

Year Ended
December 31,
2018

   

Year Ended
December 31,
2017

 

Net asset value at beginning of period

          $ 13.53     $ 12.86     $ 11.53     $ 9.80     $ 11.75     $ 9.51  

Net investment income (a)

            0.18       0.27       0.18       0.27       0.25       0.19  

Net realized and unrealized gains (losses) on investments and foreign currencies

            (2.56 )     0.74       1.34       1.73       (1.96 )     2.25  

Total from investment operations

            (2.38 )     1.01       1.52       2.00       (1.71 )     2.44  

Less distributions from:

                                                       

Net investment income

                  (0.34 )     (0.19 )     (0.27 )     (0.24 )     (0.20 )

Paid-in capital from redemption fees

                  0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b) 

Net asset value at end of period

          $ 11.15     $ 13.53     $ 12.86     $ 11.53     $ 9.80     $ 11.75  

Total return

            (17.59 %)(c)     7.83 %     13.18 %     20.45 %     (14.52 %)     25.67 %

Net assets at end of period (in 000s)

          $ 324,697     $ 370,796     $ 308,764     $ 277,404     $ 237,982     $ 257,538  

Ratio of expenses to average net assets

            0.62 %(d)     0.61 %     0.61 %     0.64 %     0.65 %     0.72 %

Ratio of net investment income to average net assets

            2.88 %(d)     1.94 %     1.62 %     2.48 %     2.21 %     1.75 %

Portfolio turnover rate

            23.17 %(c)     39.58 %     86.12 %     20.61 %     21.08 %     5.22 %

 

(a)

Net investment income per share has been calculated using the average daily shares outstanding during the period.

(b)

Amount is less than $0.005 per share.

(c)

Not Annualized.

(d)

Annualized.

 

See accompanying notes to financial statements.

 

44

 

 

Financial Highlights, continued

For a share outstanding throughout the period indicated

 

Praxis Value Index Fund - Class A

           

Six Months
Ended
June 30, 2022
(Unaudited)

   

Year Ended
December 31,
2021

   

Year Ended
December 31,
2020

   

Year Ended
December 31,
2019

   

Year Ended
December 31,
2018

   

Year Ended
December 31,
2017

 

Net asset value at beginning of period

          $ 17.32     $ 14.42     $ 15.13     $ 11.81     $ 13.82     $ 12.64  

Net investment income (a)

            0.13       0.22       0.26       0.24       0.23       0.21  

Net realized and unrealized gains (losses) on investments

            (2.39 )     3.30       0.26 (b)      3.56       (1.38 )     1.85  

Total from investment operations

            (2.26 )     3.52       0.52       3.80       (1.15 )     2.06  

Less distributions from:

                                                       

Net investment income

                  (0.31 )           (0.23 )     (0.23 )     (0.13 )

Net realized gains

                  (0.31 )     (1.23 )     (0.25 )     (0.63 )     (0.75 )

Total distributions

                  (0.62 )     (1.23 )     (0.48 )     (0.86 )     (0.88 )

Paid-in capital from redemption fees

                  0.00 (c)      0.00 (c)      0.00 (c)      0.00 (c)      0.00 (c) 

Net asset value at end of period

          $ 15.06     $ 17.32     $ 14.42     $ 15.13     $ 11.81     $ 13.82  

Total return (excludes sales charge)

            (13.05 %)(d)     24.52 %     3.58 %     32.21 %     (8.47 %)     16.31 %

Net assets at end of period (in 000s)

          $ 23,828     $ 22,442     $ 18,863     $ 30,603     $ 18,124     $ 25,057  

Ratio of expenses to average net assets

            0.77 %(e)     0.78 %     0.91 %     0.86 %     0.89 %     0.94 %

Ratio of net investment income to average net assets

            1.62 %(e)     1.34 %     1.90 %     1.72 %     1.69 %     1.58 %

Portfolio turnover rate

            12.39 %(d)     28.06 %     44.98 %     39.06 %     32.38 %     31.87 %

 

Praxis Value Index Fund - Class I

           

Six Months
Ended
June 30, 2022
(Unaudited)

   

Year Ended
December 31,
2021

   

Year Ended
December 31,
2020

   

Year Ended
December 31,
2019

   

Year Ended
December 31,
2018

   

Year Ended
December 31,
2017

 

Net asset value at beginning of period

          $ 17.18     $ 14.30     $ 15.02     $ 11.72     $ 13.74     $ 12.56  

Net investment income (a)

            0.16       0.28       0.32       0.30       0.30       0.28  

Net realized and unrealized gains (losses) on investments

            (2.38 )     3.29       0.27 (b)      3.53       (1.38 )     1.85  

Total from investment operations

            (2.22 )     3.57       0.59       3.83       (1.08 )     2.13  

Less distributions from:

                                                       

Net investment income

                  (0.38 )     (0.08 )     (0.28 )     (0.31 )     (0.20 )

Net realized gains

                  (0.31 )     (1.23 )     (0.25 )     (0.63 )     (0.75 )

Total distributions

                  (0.69 )     (1.31 )     (0.53 )     (0.94 )     (0.95 )

Paid-in capital from redemption fees

                  0.00 (c)      0.00 (c)      0.00 (c)      0.00 (c)      0.00 (c) 

Net asset value at end of period

          $ 14.96     $ 17.18     $ 14.30     $ 15.02     $ 11.72     $ 13.74  

Total return

            (12.92 %)(d)     25.08 %     4.07 %     32.74 %     (8.06 %)     16.91 %

Net assets at end of period (in 000s)

          $ 339,572     $ 417,164     $ 290,133     $ 223,097     $ 162,785     $ 165,591  

Ratio of expenses to average net assets

            0.38 %(e)     0.38 %     0.44 %     0.44 %     0.42 %     0.45 %

Ratio of net investment income to average net assets

            1.98 %(e)     1.73 %     2.32 %     2.16 %     2.18 %     2.07 %

Portfolio turnover rate

            12.39 %(d)     28.06 %     44.98 %     39.06 %     32.38 %     31.87 %

 

(a)

Net investment income per share has been calculated using the average daily shares outstanding during the period.

(b)

Represents a balancing figure derived from other amounts in the financial highlights table that captures all other changes affecting net asset value per share.

(c)

Amount is less than $0.005 per share.

(d)

Not Annualized.

(e)

Annualized.

 

See accompanying notes to financial statements.

 

45

 

 

Financial Highlights, continued

For a share outstanding throughout the period indicated

 

Praxis Growth Index Fund - Class A

           

Six Months
Ended
June 30, 2022
(Unaudited)

   

Year Ended
December 31,
2021

   

Year Ended
December 31,
2020

   

Year Ended
December 31,
2019

   

Year Ended
December 31,
2018

   

Year Ended
December 31,
2017

 

Net asset value at beginning of period

          $ 42.88     $ 33.96     $ 27.23     $ 22.05     $ 23.05     $ 18.82  

Net investment income (a)

            0.03       0.03       0.11       0.20       0.15       0.17  

Net realized and unrealized gains (losses) on investments

            (11.80 )     10.69       8.80       6.71       (0.13 )     4.78  

Total from investment operations

            (11.77 )     10.72       8.91       6.91       0.02       4.95  

Less distributions from:

                                                       

Net investment income

                  (0.03 )     (0.10 )     (0.20 )     (0.21 )     (0.08 )

Net realized gains

                  (1.77 )     (2.08 )     (1.53 )     (0.81 )     (0.64 )

Total distributions

                  (1.80 )     (2.18 )     (1.73 )     (1.02 )     (0.72 )

Paid-in capital from redemption fees

                  0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b) 

Net asset value at end of period

          $ 31.11     $ 42.88     $ 33.96     $ 27.23     $ 22.05     $ 23.05  

Total return (excludes sales charge)

            (27.45 %)(c)     31.60 %     32.81 %     31.45 %     (0.05 %)     26.28 %

Net assets at end of period (in 000s)

          $ 76,521     $ 109,319     $ 90,516     $ 84,526     $ 72,735     $ 87,613  

Ratio of expenses to average net assets

            0.67 %(d)     0.66 %     0.75 %     0.79 %     0.82 %     0.85 %

Ratio of net investment income to average net assets

            0.19 %(d)     0.08 %     0.38 %     0.78 %     0.59 %     0.78 %

Portfolio turnover rate

            9.56 %(c)     18.17 %     28.05 %     32.33 %     27.24 %     27.49 %

 

Praxis Growth Index Fund - Class I

           

Six Months
Ended
June 30, 2022
(Unaudited)

   

Year Ended
December 31,
2021

   

Year Ended
December 31,
2020

   

Year Ended
December 31,
2019

   

Year Ended
December 31,
2018

   

Year Ended
December 31,
2017

 

Net asset value at beginning of period

          $ 43.27     $ 34.25     $ 27.45     $ 22.21     $ 23.21     $ 18.93  

Net investment income (a)

            0.09       0.15       0.21       0.30       0.25       0.26  

Net realized and unrealized gains (losses) on investments

            (11.91 )     10.79       8.87       6.76       (0.13 )     4.82  

Total from investment operations

            (11.82 )     10.94       9.08       7.06       0.12       5.08  

Less distributions from:

                                                       

Net investment income

                  (0.15 )     (0.20 )     (0.29 )     (0.31 )     (0.16 )

Net realized gains

                  (1.77 )     (2.08 )     (1.53 )     (0.81 )     (0.64 )

Total distributions

                  (1.92 )     (2.28 )     (1.82 )     (1.12 )     (0.80 )

Paid-in capital from redemption fees

                  0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b) 

Net asset value at end of period

          $ 31.45     $ 43.27     $ 34.25     $ 27.45     $ 22.21     $ 23.21  

Total return

            (27.32 %)(c)     31.97 %     33.19 %     31.91 %     0.39 %     26.78 %

Net assets at end of period (in 000s)

          $ 374,496     $ 420,287     $ 309,772     $ 241,118     $ 178,605     $ 171,884  

Ratio of expenses to average net assets

            0.36 %(d)     0.36 %     0.43 %     0.43 %     0.43 %     0.44 %

Ratio of net investment income to average net assets

            0.51 %(d)     0.38 %     0.69 %     1.13 %     0.99 %     1.18 %

Portfolio turnover rate

            9.56 %(c)     18.17 %     28.05 %     32.33 %     27.24 %     27.49 %

 

(a)

Net investment income per share has been calculated using the average daily shares outstanding during the period.

(b)

Amount is less than $0.005 per share.

(c)

Not Annualized.

(d)

Annualized.

 

See accompanying notes to financial statements.

 

46

 

 

Financial Highlights, continued

For a share outstanding throughout the period indicated

 

Praxis Small Cap Index Fund - Class A

           

Six Months
Ended
June 30, 2022
(Unaudited)

   

Year Ended
December 31,
2021

   

Year Ended
December 31,
2020

   

Year Ended
December 31,
2019

   

Year Ended
December 31,
2018

   

Year Ended
December 31,
2017

 

Net asset value at beginning of period

          $ 11.00     $ 9.69     $ 8.85     $ 7.44     $ 8.63     $ 9.67  

Net investment income (a)

            0.02       0.02       0.02       0.03       0.01       0.02  

Net realized and unrealized gains (losses) on investments

            (2.46 )     2.52       0.90       1.56       (0.73 )     1.03  

Total from investment operations

            (2.44 )     2.54       0.92       1.59       (0.72 )     1.05  

Less distributions from:

                                                       

Net investment income

                  (0.03 )     (0.04 )                  

Net realized gains

                  (1.20 )     (0.04 )     (0.18 )     (0.47 )     (2.09 )

Total distributions

                  (1.23 )     (0.08 )     (0.18 )     (0.47 )     (2.09 )

Paid-in capital from redemption fees

                  0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b) 

Net asset value at end of period

          $ 8.56     $ 11.00     $ 9.69     $ 8.85     $ 7.44     $ 8.63  

Total return (excludes sales charge)

            (22.18 %)(c)     26.53 %     10.39 %     21.36 %     (8.56 %)     10.70 %

Net assets at end of period (in 000s)

          $ 5,194     $ 6,656     $ 5,173     $ 4,665     $ 4,284     $ 5,449  

Ratio of net expenses to average net assets

            1.12 %(d)     1.12 %     1.12 %     1.12 %     1.11 %     1.13 %

Ratio of gross expenses to average net assets*

            1.13 %(d)     1.12 %     1.37 %     1.42 %     1.49 %     1.66 %

Ratio of net investment income to average net assets

            0.33 %(d)     0.13 %     0.25 %     0.33 %     0.13 %     0.21 %

Portfolio turnover rate

            18.79 %(c)     40.95 %     39.21 %     21.59 %     25.17 %     103.54 %

 

Praxis Small Cap Index Fund - Class I

           

Six Months
Ended
June 30, 2022
(Unaudited)

   

Year Ended
December 31,
2021

   

Year Ended
December 31,
2020

   

Year Ended
December 31,
2019

   

Year Ended
December 31,
2018

   

Year Ended
December 31,
2017

 

Net asset value at beginning of period

          $ 12.17     $ 10.60     $ 9.66     $ 8.13     $ 9.36     $ 10.35  

Net investment income (a)

            0.05       0.11       0.08       0.09       0.08       0.09  

Net realized and unrealized gains (losses) on investments

            (2.71 )     2.76       0.98       1.71       (0.79 )     1.09  

Total from investment operations

            (2.66 )     2.87       1.06       1.80       (0.71 )     1.18  

Less distributions from:

                                                       

Net investment income

                  (0.10 )     (0.08 )     (0.09 )     (0.05 )     (0.08 )

Net realized gains

                  (1.20 )     (0.04 )     (0.18 )     (0.47 )     (2.09 )

Total distributions

                  (1.30 )     (0.12 )     (0.27 )     (0.52 )     (2.17 )

Paid-in capital from redemption fees

                  0.00 (b)      0.00 (b)      0.00 (b)             

Net asset value at end of period

          $ 9.51     $ 12.17     $ 10.60     $ 9.66     $ 8.13     $ 9.36  

Total return

            (21.86 %)(c)     27.36 %     11.04 %     22.12 %     (7.83 %)     11.22 %

Net assets at end of period (in 000s)

          $ 139,450     $ 166,462     $ 134,490     $ 115,562     $ 85,680     $ 48,015  

Ratio of expenses to average net assets

            0.43 %(d)     0.43 %     0.45 %     0.45 %     0.46 %     0.50 %

Ratio of net investment income to average net assets

            0.97 %(d)     0.83 %     0.94 %     1.02 %     0.83 %     0.85 %

Portfolio turnover rate

            18.79 %(c)     40.95 %     39.21 %     21.59 %     25.17 %     103.54 %

 

*

During the period, certain expenses were reduced by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.

(a)

Net investment income per share has been calculated using the average daily shares outstanding during the period.

(b)

Amount is less than $0.005 per share.

(c)

Not Annualized.

(d)

Annualized.

 

See accompanying notes to financial statements.

 

47

 

 

Financial Highlights, continued

For a share outstanding throughout the period indicated

 

Praxis Genesis Conservative Portfolio - Class A

           

Six Months
Ended
June 30, 2022
(Unaudited)

   

Year Ended
December 31,
2021

   

Year Ended
December 31,
2020

   

Year Ended
December 31,
2019

   

Year Ended
December 31,
2018

   

Year Ended
December 31,
2017

 

Net asset value at beginning of period

          $ 12.99     $ 12.99     $ 12.20     $ 11.02     $ 11.75     $ 11.18  

Net investment income (a)

            0.05       0.20       0.26       0.21       0.24       0.21  

Net realized and unrealized gains (losses) on investments

            (1.76 )     0.37       0.99       1.23       (0.55 )     0.72  

Total from investment operations

            (1.71 )     0.57       1.25       1.44       (0.31 )     0.93  

Less distributions from:

                                                       

Net investment income

            (0.05 )     (0.20 )     (0.27 )     (0.20 )     (0.24 )     (0.21 )

Net realized gains

                  (0.37 )     (0.19 )     (0.06 )     (0.18 )     (0.15 )

Total distributions

            (0.05 )     (0.57 )     (0.46 )     (0.26 )     (0.42 )     (0.36 )

Paid-in capital from redemption fees

                  0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b) 

Net asset value at end of period

          $ 11.23     $ 12.99     $ 12.99     $ 12.20     $ 11.02     $ 11.75  

Total return (excludes sales charge)

            (13.17 %)(c)     4.42 %     10.28 %     13.14 %     (2.64 %)     8.36 %

Net assets at end of period (in 000s)

          $ 24,937     $ 28,609     $ 27,763     $ 26,761     $ 22,148     $ 22,881  

Ratio of net expenses to average net assets

            0.57 %(d)     0.60 %     0.60 %     0.61 %     0.60 %     0.61 %

Ratio of gross expenses to average net assets**

            0.57 %(d)     0.58 %     0.58 %     0.63 %     0.63 %     0.64 %

Ratio of net investment income to average net assets*

            0.89 %(d)     1.50 %     2.05 %     1.81 %     2.08 %     1.83 %

Portfolio turnover rate

            7.09 %(c)     15.51 %     28.90 %     10.10 %     15.49 %     15.88 %

 

The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which it invests.

**

During the period, certain expenses were reduced and/or recouped by the Adviser and/or Distributor. If such expense reductions/recoupments had not occurred, the ratios would have been as indicated.

*

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying companies in which the Fund invests.

(a)

Net investment income per share has been calculated using the average daily shares outstanding during the period.

(b)

Amount is less than $0.005 per share.

(c)

Not Annualized.

(d)

Annualized.

 

See accompanying notes to financial statements.

 

48

 

 

Financial Highlights, continued

For a share outstanding throughout the period indicated

 

Praxis Genesis Balanced Portfolio - Class A

           

Six Months
Ended
June 30, 2022
(Unaudited)

   

Year Ended
December 31,
2021

   

Year Ended
December 31,
2020

   

Year Ended
December 31,
2019

   

Year Ended
December 31,
2018

   

Year Ended
December 31,
2017

 

Net asset value at beginning of period

          $ 16.30     $ 15.40     $ 14.30     $ 12.39     $ 13.71     $ 12.55  

Net investment income (a)

            0.03       0.33       0.34       0.22       0.27       0.28  

Net realized and unrealized gains (losses) on investments

            (2.65 )     1.47       1.50       2.07       (0.93 )     1.40  

Total from investment operations

            (2.62 )     1.80       1.84       2.29       (0.66 )     1.68  

Less distributions from:

                                                       

Net investment income

            (0.03 )     (0.32 )     (0.34 )     (0.22 )     (0.27 )     (0.29 )

Net realized gains

                  (0.58 )     (0.40 )     (0.16 )     (0.39 )     (0.23 )

Total distributions

            (0.03 )     (0.90 )     (0.74 )     (0.38 )     (0.66 )     (0.52 )

Paid-in capital from redemption fees

                  0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b) 

Net asset value at end of period

          $ 13.65     $ 16.30     $ 15.40     $ 14.30     $ 12.39     $ 13.71  

Total return (excludes sales charge)

            (16.11 %)(c)     11.77 %     12.97 %     18.54 %     (4.89 %)     13.38 %

Net assets at end of period (in 000s)

          $ 80,184     $ 95,935     $ 87,527     $ 83,240     $ 70,368     $ 73,193  

Ratio of expenses to average net assets

            0.47 %(d)     0.46 %     0.49 %     0.52 %     0.52 %     0.53 %

Ratio of net investment income to average net assets*

            0.35 %(d)     2.01 %     2.38 %     1.64 %     2.04 %     2.15 %

Portfolio turnover rate

            5.26 %(c)     15.28 %     21.52 %     9.43 %     12.90 %     11.91 %

 

The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which it invests.

*

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying companies in which the Fund invests.

(a)

Net investment income per share has been calculated using the average daily shares outstanding during the period.

(b)

Amount is less than $0.005 per share.

(c)

Not Annualized.

(d)

Annualized.

 

See accompanying notes to financial statements.

 

49

 

 

Financial Highlights, continued

For a share outstanding throughout the period indicated

 

Praxis Genesis Growth Portfolio - Class A

           

Six Months
Ended
June 30, 2022
(Unaudited)

   

Year Ended
December 31,
2021

   

Year Ended
December 31,
2020

   

Year Ended
December 31,
2019

   

Year Ended
December 31,
2018

   

Year Ended
December 31,
2017

 

Net asset value at beginning of period

          $ 19.15     $ 17.17     $ 15.79     $ 13.30     $ 15.09     $ 13.47  

Net investment income (loss) (a)

            (0.01 )     0.43       0.40       0.21       0.27       0.32  

Net realized and unrealized gains (losses) on investments

            (3.45 )     2.43       1.81       2.73       (1.24 )     1.93  

Total from investment operations

            (3.46 )     2.86       2.21       2.94       (0.97 )     2.25  

Less distributions from:

                                                       

Net investment income

                  (0.42 )     (0.39 )     (0.21 )     (0.28 )     (0.33 )

Net realized gains

                  (0.46 )     (0.44 )     (0.24 )     (0.54 )     (0.30 )

Total distributions

                  (0.88 )     (0.83 )     (0.45 )     (0.82 )     (0.63 )

Paid-in capital from redemption fees

                  0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b)      0.00 (b) 

Net asset value at end of period

          $ 15.69     $ 19.15     $ 17.17     $ 15.79     $ 13.30     $ 15.09  

Total return (excludes sales charge)

            (18.07 %)(c)     16.72 %     14.08 %     22.16 %     (6.52 %)     16.71 %

Net assets at end of period (in 000s)

          $ 84,721     $ 100,854     $ 85,649     $ 74,220     $ 60,685     $ 64,935  

Ratio of expenses to average net assets

            0.49 %(d)     0.49 %     0.54 %     0.58 %     0.58 %     0.60 %

Ratio of net investment income (loss) to average net assets*

            (0.08 %)(d)     2.28 %     2.59 %     1.42 %     1.91 %     2.29 %

Portfolio turnover rate

            4.77 %(c)     12.90 %     18.36 %     7.72 %     12.72 %     11.05 %

 

The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which it invests.

*

Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying companies in which the Fund invests.

(a)

Net investment income (loss) per share has been calculated using the average daily shares outstanding during the period.

(b)

Amount is less than $0.005 per share.

(c)

Not Annualized.

(d)

Annualized.

 

See accompanying notes to financial statements.

 

50

 

 

Notes to Financial Statements (unaudited)

June 30, 2022

 

1. Organization:

 

The Praxis Mutual Funds (the “Trust”) is an open-end management investment company established as a Delaware statutory trust under a Declaration of Trust dated September 27, 1993, as amended and restated April 28, 2016, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust consists of the Praxis Impact Bond Fund, the Praxis International Index Fund, the Praxis Value Index Fund, the Praxis Growth Index Fund, and the Praxis Small Cap Index Fund, (individually a “Fund”, collectively “the Funds”), the Praxis Genesis Conservative Portfolio, the Praxis Genesis Balanced Portfolio, and the Praxis Genesis Growth Portfolio, (individually a “Portfolio”, collectively “the Portfolios”). The Funds and Portfolios are also referred to individually as the Impact Bond Fund, International Index Fund, Value Index Fund, Growth Index Fund, Small Cap Index Fund, Conservative Portfolio, Balanced Portfolio and Growth Portfolio in the financial statements. Each Fund and Portfolio is a diversified series of the Trust. Each Fund and Portfolio follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.”

 

As of June 30, 2022, the Funds offer Class A and Class I Shares and the Portfolios offer Class A Shares. Each class of shares in a Fund or Portfolio has identical rights and privileges except with respect to fees paid under the distribution and shareholder servicing agreement, certain other class specific expenses, voting rights on matters affecting a single class of shares and the exchange privileges of each class of shares. Class A has a maximum sales charge on purchases of 5.25 percent as a percentage of the original purchase price, except for the Impact Bond Fund which has a maximum sales charge of 3.75 percent.

 

2. Significant Accounting Policies:

 

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net change in net assets from operations for the reporting year. Actual results could differ from those estimates.

 

New Accounting Pronouncement:

 

In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. ASU 2020-04 provides entities with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates (e.g., LIBOR) that are expected to be discontinued. ASU 2020-04 allows, among other things, certain contract modifications to be accounted as a continuation of the existing contract. This ASU was effective upon the issuance and its optional relief can be applied through December 31, 2022. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the financial statements.

 

Securities Valuation:

 

The Funds and Portfolios record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.

 

Securities generally are valued at fair values determined on the basis of the latest available bid prices in the principal market (closing sales prices if the principal market is an exchange) in which such securities are normally traded. Investments in open-end investment companies are valued at their respective net asset values (“NAVs”) as reported by such companies. The differences between the cost and fair values of investments are reflected as either unrealized appreciation or depreciation.

 

The Funds use various independent pricing services to value most of their debt investments. A pricing service would normally consider such factors as yield, risk, quality, maturity, type of issue, trading characteristics, special circumstances and other factors it deems relevant in determining valuations of normal institutional trading units of debt securities and would not rely exclusively on quoted prices. When valuing foreign securities held by the Funds, certain pricing services might use computerized pricing models to systematically calculate adjustments to foreign security closing prices based on the latest market movements. Such pricing models utilize market data that has been obtained between the local market close and the NYSE close to compute adjustments to foreign security close prices. The methods used by the pricing service and the valuations so established are reviewed by the Pricing Committee of the Funds and Portfolios (“Pricing Committee”) under general supervision of the Trust’s Board of Trustees (the “Board”). Securities for which market quotations are not readily available (e.g. an approved pricing service does not provide a price, certain stale prices or an event occurs that materially affects the furnished price) are valued at their fair value as determined in good faith in accordance with consistently

 

51

 

 

Notes to Financial Statements (unaudited), continued

June 30, 2022

 

applied procedures established by and under the general supervision of the Board. Short-term debt securities of sufficient credit quality maturing in less than 61 days may be valued at amortized cost, which approximates fair value. The Portfolios’ investments in the Funds (the “Underlying Funds”) are valued at the closing NAV per share.

 

In certain circumstances, the Praxis Mutual Funds Valuation Procedures (“Valuation Procedures”) contemplate the Board’s delegation of the implementation of the Valuation Procedures to the Pricing Committee. In valuing restricted securities under the Valuation Procedures, the Pricing Committee will consider (but is not limited to) certain specific and general factors enumerated in the Valuation Procedures. The Valuation Procedures require that the Pricing Committee report to the Board at each of its regular quarterly meetings regarding valuation of restricted securities and actions taken in connection with the Valuation Procedures.

 

The valuation techniques described maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:

 

 

Level 1 — quoted prices in active markets for identical securities

 

 

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

 

 

Level 3 — significant unobservable inputs (including the Funds’ and Portfolios’ own assumptions in determining the fair value of investments)

 

The inputs or methodology used for valuing securities is not necessarily an indication of the risks associated with investing in those securities. For example, short-term debt securities of sufficient credit quality maturing in less than 61 days may be valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

 

The aggregate value by each Fund’s and Portfolio’s investments and the input level, as of June 30, 2022, for the investments are as follows:

 

Impact Bond Fund Valuation Inputs at Reporting Date:

 

Description

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Investments at Fair Value

                               

Municipal Bonds

  $     $ 7,328,775     $     $ 7,328,775  

Corporate Bonds

          268,416,848             268,416,848  

Corporate Notes

          6,880,818             6,880,818  

Foreign Governments

          49,075,403             49,075,403  

Commercial Mortgage-Backed Securities

          845,523             845,523  

U.S. Government Agencies

          282,378,997             282,378,997  

Asset Backed Securities

          26,174,087             26,174,087  

Money Market Funds

    3,594,243                   3,594,243  

Investment Purchased with the Cash Proceeds from
Securities Lending *

                      15,982,630  

Investment Companies

    3,031,917                   3,031,917  

Total Investments

  $ 6,626,160     $ 641,100,451     $     $ 663,709,241  

 

International Index Fund Valuation Inputs at Reporting Date:

 

Description

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Investments at Fair Value

                               

Common Stocks

  $ 156,083,528     $ 169,950,279     $ 869     $ 326,034,676  

Corporate Notes

          3,011,869             3,011,869  

Money Market Funds

    1,205,501                   1,205,501  

Investment Purchased with the Cash Proceeds from
Securities Lending *

                      32,559,490  

Total Investments

  $ 157,289,029     $ 172,962,148     $ 869     $ 362,811,536  

 

52

 

 

Notes to Financial Statements (unaudited), continued

June 30, 2022

 

Value Index Fund Valuation Inputs at Reporting Date:

 

Description

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Investments at Fair Value

                               

Common Stocks

  $ 355,950,142     $     $     $ 355,950,142  

Corporate Notes

          3,463,113             3,463,113  

Money Market Funds

    2,816,480                   2,816,480  

Investment Purchased with the Cash Proceeds from
Securities Lending *

                      22,134,220  

Total Investments

  $ 358,766,622     $ 3,463,113     $     $ 384,363,955  

 

Growth Index Fund Valuation Inputs at Reporting Date:

 

Description

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Investments at Fair Value

                               

Common Stocks

  $ 443,978,265     $     $     $ 443,978,265  

Corporate Notes

          4,318,314             4,138,314  

Money Market Funds

    2,558,224                   2,558,224  

Investment Purchased with the Cash Proceeds from
Securities Lending *

                      11,809,921  

Total Investments

  $ 446,536,489     $ 4,318,314     $     $ 462,484,724  

 

Small Cap Index Fund Valuation Inputs at Reporting Date:

 

Description

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Investments at Fair Value

                               

Common Stocks

  $ 142,117,952     $     $     $ 142,117,952  

Rights

                2,608       2,608  

Corporate Notes

          1,412,795             1,412,795  

Money Market Funds

    815,985                   815,985  

Investment Purchased with the Cash Proceeds from
Securities Lending *

                      23,439,548  

Total Investments

  $ 142,933,937     $ 1,412,795     $ 2,608     $ 167,788,888  

 

*

Investments purchased with cash proceeds from securities lending are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the Statements of Assets & Liabilities.

 

Conservative Portfolio Valuation Inputs at Reporting Date:

 

Description

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Investments at Fair Value

                               

Affiliated Mutual Funds

  $ 24,930,880     $     $     $ 24,930,880  

Money Market Funds

    6,094                   6,094  

Total Investments

  $ 24,936,974     $     $     $ 24,936,974  

 

Balanced Portfolio Valuation Inputs at Reporting Date:

 

Description

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Investments at Fair Value

                               

Affiliated Mutual Funds

  $ 80,205,586     $     $     $ 80,205,586  

Money Market Funds

    1,247                   1,247  

Total Investments

  $ 80,206,833     $     $     $ 80,206,833  

 

Growth Portfolio Valuation Inputs at Reporting Date:

 

Description

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Investments at Fair Value

                               

Affiliated Mutual Funds

  $ 84,746,110     $     $     $ 84,746,110  

Money Market Funds

    890                   890  

Total Investments

  $ 84,747,000     $     $     $ 84,747,000  

 

53

 

 

Notes to Financial Statements (unaudited), continued

June 30, 2022

 

The following is a reconciliation of Level 3 instruments held in the International Index Fund and Small Cap Index Fund for which significant unobservable inputs were used to determine fair value for the six months ended June 30, 2022:

 

 

 

International
Index Fund

   

Small Cap
Index Fund

 

Balance as of December 31, 2021

  $     $ 2,608  

Security valuation unavailable

    869        

Balance as of June 30, 2022

  $ 869     $ 2,608  

 

The total change in unrealized appreciation (depreciation) included on the Statements of Operations attributable to Level 3 investments still held as of June 30, 2022 for the International Index Fund and Small Cap Index Fund was ($751,507) and $0, respectively.

 

The following tables summarizes the valuation techniques used and unobservable inputs developed by the Trust’s Pricing Committee in conformity with guidelines adopted by and subject to review by the Board to determine the fair value of the Level 3 instruments:

 

International Index Fund

 

 

6/30/2022

 

Valuation Technique

Unobservable Input

Range

Impact to Valuation from an
Increase in Input *

Common Stocks

  $ 869  

Discount on Future Cash Flows

Estimate of Future Cash Flows

100%

Increase

 

*

This column represents the directional change in fair value of the Level 3 investments that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

 

Small Cap Index Fund

 

 

6/30/2022

 

Valuation Technique

Unobservable Input

Range

Impact to Valuation from an
Increase in Input *

Rights

  $ 2,608  

Discount on Future Cash Flows

Estimate of Future Cash Flows

100%

Increase

 

*

This column represents the directional change in fair value of the Level 3 investments that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

 

Investment Transactions and Related Income:

 

Changes in holdings of portfolio investments are reflected in the calculation of each Fund’s and Portfolio’s NAV no later than the first business day following trade date. For financial reporting purposes, investment transactions are accounted for on the trade date on the last business day of the reporting period. Realized gains or losses realized on sales of investments are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Interest income is recognized on the accrual basis and includes, where applicable, the pro-rata amortization of premium or accretion of discount calculated using constant yield to maturity or effective yield.

 

Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Withholding taxes on foreign dividends have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

 

Distributions received from the Funds’ investments in REITs may be characterized as ordinary income, net capital gains or return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds may use estimates in reporting the character of their income and distributions for financial statement purposes; otherwise, these amounts are recorded once the issuers provide the information about the actual composition of the distributions. The actual character of distributions to the Funds’ shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Funds’ shareholders may represent a return of capital.

 

Allocations:

 

Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation for the Funds are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Class specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Expenses not directly billed to a Fund or Portfolio are allocated proportionally among all Funds and Portfolios daily in relation to the net assets of each Fund or Portfolio or another reasonable measure.

 

54

 

 

Notes to Financial Statements (unaudited), continued

June 30, 2022

 

The Portfolios invest in other Praxis equity and fixed income funds (the “Underlying Funds”) and, as a result, the Portfolios indirectly pay a portion of the operating expenses, including management fees, of the Underlying Funds. These expenses are accrued by the Underlying Funds before their share prices are calculated and are reflected as Acquired Fund Fees and Expenses (“AFFE”) in the Portfolios’ prospectus fee tables. Actual indirect expenses vary depending on how a Portfolio’s assets are allocated among the Underlying Funds.

 

Risks Associated with Foreign Securities and Currencies:

 

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include adverse future political and economic developments and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those countries.

 

Certain countries may also impose substantial restrictions on investments on their capital markets by foreign entities, including restriction on investment in issuers or industries deemed sensitive to the relevant nation’s interests. These factors may limit the investment opportunities available or result in lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

 

Foreign Currency Translation:

 

The fair value of investment securities and other assets and liabilities of the International Index Fund denominated in foreign currencies are translated into U.S. dollars at the current exchange rate at the close of each business day. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars based at the exchange rate on the date of the transaction.

 

The International Index Fund does not isolate that portion of the results of operations resulting from the changes in foreign exchange rates on investments from the fluctuations arising from the changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

 

Reported net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from the changes in the value of assets and liabilities other than investments in securities at the reporting period, resulting from changes in the exchange rate.

 

Dividends and Distributions:

 

Dividends from net investment income, if any, are declared and paid monthly for the Impact Bond Fund and for each of the Portfolios. Dividends from net investment income, if any, are declared and paid annually for the International Index Fund, the Value Index Fund, the Growth Index Fund and the Small Cap Index Fund. To the extent the Portfolios invest in the Impact Bond Fund and receive dividends, they will be paid monthly. Distributions of net realized capital gains from the Underlying Funds are recorded on the ex-dividend date or when the Portfolios are first notified of the dividend. Distributable net realized capital gains of the Funds, if any, are declared and distributed at least annually.

 

The amounts of dividends from net investment income and distributions from net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

 

Uninvested Cash:

 

The Funds may maintain cash at their custodian which, at times, may exceed United States federally insured limits. The Funds maintain these balances with a high-quality financial institution. The Funds may incur charges on cash overdrafts.

 

Federal Income Taxes:

 

It is each Fund’s and Portfolio’s policy to continue to qualify as a regulated investment company by complying with the provisions available to investment companies, as defined in applicable sections of Subchapter M of the Internal Revenue Code, and to distribute timely all of its net investment company taxable income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax law, a withholding tax may be imposed on interest, dividends and capital gains earned on foreign investments at various rates. Where available, the Funds will file for claims on foreign taxes withheld. The Funds and Portfolios recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended June 30, 2022, the Funds and Portfolios did not incur any interest or penalties.

 

55

 

 

Notes to Financial Statements (unaudited), continued

June 30, 2022

 

Redemption Fees:

 

The Funds and Portfolios previously charged a redemption fee of two percent of the total redemption amount if a shareholder sold or exchanged shares after holding them for less than 30 days subject to certain exceptions and limitations described in the Prospectus. Amounts charged are included in Paid-in Capital Share Transactions as disclosed in Note 6 to the Financial Statements. Effective April 30, 2021, redemption fees were no longer charged to shareholders.

 

3. Purchases and Sales of Securities:

 

Purchases, sales and maturities of securities (excluding short-term debt securities having maturities one year or less and U.S. Government Securities) for the six months ended June 30, 2022 were as follows:

 

 

 

Purchases

   

Sales

 

Impact Bond Fund

  $ 48,049,360     $ 72,666,373  

International Index Fund

    107,338,585       83,435,843  

Value Index Fund

    49,862,745       67,197,509  

Growth Index Fund

    126,099,495       47,139,998  

Small Cap Index Fund

    41,446,906       29,633,928  

Conservative Portfolio

    2,136,837       1,903,959  

Balanced Portfolio

    4,646,572       4,800,858  

Growth Portfolio

    6,687,159       4,438,348  

 

4. Investment Transactions with Affiliates:

 

The Portfolios invest in the Underlying Funds, which are also advised by Everence Capital Management, Inc. (the “Adviser”). The Underlying Funds are deemed affiliates of the Portfolios, and the related activities in those investments were as follows

 

   

For the six months ended June 30, 2022

 

Affiliate

 

Fair Value at
December 31,
2021

   

Purchase
Cost

   

Sales
Proceeds

   

Realized
Gain/(Loss)

   

Change in
Unrealized
Appreciation
(Depreciation)

   

Fair Value at
June 30,
2022

   

Dividend
Income

   

Long-Term
Capital Gain
Distributions

   

Shares at
June 30,
2022

 

Conservative Portfolio

                                                                       

Growth Index - Class I

  $ 2,739,573     $ 503,607     $ (124,574 )   $ (9,228 )   $ (757,945 )   $ 2,351,433     $     $       74,767  

Impact Bond - Class I

    19,758,915       1,225,410       (1,432,630 )     (128,795 )     (2,043,794 )     17,379,106       192,550             1,819,802  

International Index - Class I

    2,638,404       151,455       (93,431 )     (11,687 )     (456,854 )     2,227,887                   199,810  

Small Cap Index - Class I

    749,829       93,473       (44,465 )     (6,961 )     (154,502 )     637,374                   67,021  

Value Index - Class I

    2,730,660       162,892       (208,859 )     963       (350,576 )     2,335,080                   156,088  

Total

  $ 28,617,381     $ 2,136,837     $ (1,903,959 )   $ (155,708 )   $ (3,763,671 )   $ 24,930,880     $ 192,550     $       2,317,488  

 

   

For the six months ended June 30, 2022

 

Affiliate

 

Fair Value at
December 31,
2021

   

Purchase
Cost

   

Sales
Proceeds

   

Realized
Gain/(Loss)

   

Change in
Unrealized
Appreciation
(Depreciation)

   

Fair Value at
June 30,
2022

   

Dividend
Income

   

Long-Term
Capital Gain
Distributions

   

Shares at
June 30,
2022

 

Balanced Portfolio

                                                                       

Growth Index - Class I

  $ 15,667,595     $ 2,159,289     $ (427,045 )   $ (13,633 )   $ (4,350,035 )   $ 13,036,171     $     $       414,505  

Impact Bond - Class I

    37,332,116       1,071,614       (2,529,165 )     (272,936 )     (3,794,131 )     31,807,498       358,605             3,330,628  

International Index - Class I

    17,429,797       341,218       (452,152 )     (62,609 )     (3,002,405 )     14,253,849                   1,278,372  

Small Cap Index - Class I

    9,912,300       762,510       (384,799 )     (68,258 )     (2,056,047 )     8,165,706                   858,644  

Value Index - Class I

    15,625,920       311,941       (1,007,697 )     5,400       (1,993,202 )     12,942,362                   865,131  

Total

  $ 95,967,728     $ 4,646,572     $ (4,800,858 )   $ (412,036 )   $ (15,195,820 )   $ 80,205,586     $ 358,605     $       6,747,280  

 

56

 

 

Notes to Financial Statements (unaudited), continued

June 30, 2022

 

   

For the six months ended June 30, 2022

 

Affiliate

 

Fair Value at
December 31,
2021

   

Purchase
Cost

   

Sales
Proceeds

   

Realized
Gain/(Loss)

   

Change in
Unrealized
Appreciation
(Depreciation)

   

Fair Value at
June 30,
2022

   

Dividend
Income

   

Long-Term
Capital Gain
Distributions

   

Shares at
June 30,
2022

 

Growth Portfolio

                                                                       

Growth Index - Class I

  $ 20,910,142     $ 2,943,795     $ (361,259 )   $ (51,484 )   $ (5,842,381 )   $ 17,598,813     $     $       559,581  

Impact Bond - Class I

    19,441,616       886,847       (1,435,163 )     (167,261 )     (1,971,373 )     16,754,666       188,652             1,754,415  

International Index - Class I

    24,193,961       803,157       (676,758 )     (126,787 )     (4,172,395 )     20,021,178                   1,795,621  

Small Cap Index - Class I

    15,485,724       1,267,891       (490,867 )     (90,320 )     (3,267,961 )     12,904,467                   1,356,937  

Value Index - Class I

    20,857,474       785,469       (1,474,301 )     (103,623 )     (2,598,033 )     17,466,986                   1,167,579  

Total

  $ 100,888,917     $ 6,687,159     $ (4,438,348 )   $ (539,475 )   $ (17,852,143 )   $ 84,746,110     $ 188,652     $       6,634,133  

 

5. Related Party Transactions:

 

The Adviser provides investment advisory services to the Funds and Portfolios. During the six months ended June 30, 2022, under the terms of the investment advisory agreement, the Adviser was entitled to receive fees based on a percentage of the average daily net assets of each of the Funds and Portfolios as follows:

 

 

 

 

 

Impact Bond Fund*

    0.37 %

International Index Fund**

    0.44 %

Value Index Fund***

    0.25 %

Growth Index Fund***

    0.24 %

Small Cap Index Fund***

    0.30 %

Conservative Portfolio

    0.05 %

Balanced Portfolio

    0.05 %

Growth Portfolio

    0.05 %

 

*The Impact Bond Fund’s fee is subject to a tier schedule as follows: 0.40% on the average daily net assets up to $500 million and 0.30% on the average daily net assets over $500 million. Rate disclosed above represents the effective rate charged during the six months.

 

**The International Index Fund’s fee is subject to a tier schedule as follows: 0.53% on the average daily net assets up to $100 million and 0.41% on the average daily net assets over $100 million, and 0.38% on the average daily net assets over $500 million. Rate disclosed above represents the effective rate charged during the six months.

 

***The Value Index Fund, Growth Index Fund and Small Cap Index Fund fees are subject to a tier schedule as follows: 0.30% on the average daily net assets of each Fund up to $200 million and 0.20% on the average daily net assets of each Fund over $200 million. Rates disclosed above represents the effective rates charged during the six months.

 

The Adviser has retained Aperio Group LLC (the “Sub-Adviser”) to perform the daily investment of the assets of the International Index Fund under the terms of a Sub-Advisory Agreement. The Adviser (not the Fund) pays the Sub-Adviser a fee for these services.

 

The Adviser has entered into an expense limitation agreement effective until April 30, 2023. Pursuant to this agreement, the Adviser has agreed to reduce its fees (but not below zero) and/or reimburse expenses to the extent necessary in order to limit the Total Annual Fund Operating Expenses (excluding AFFE, brokerage costs, interest, taxes, dividends, Trustees fees and expenses, legal fees and expenses, and extraordinary expenses) of certain Funds and the Portfolios. Those Funds and Portfolios have agreed to repay the Adviser for the amount of fee reduction and/or expense reimbursements by the Adviser pursuant to this expense limitation agreement provided that such repayment does not cause the Total Annual Fund Operating Expenses (excluding AFFE, brokerage costs, interest, taxes, dividends, Trustees fees and expenses, legal fees and expenses, and extraordinary expenses) to exceed the contractual expense limit in place at the time of the fee reduction and/or reimbursement and at the time of repayment, and the repayment is made within three years after the time in which the Adviser reduced and/or reimbursed the expense.

 

The contractual expense limits in place as of June 30, 2022 were:

 

 

 

 

 

Small Cap Index Fund (Class A)

    1.10 %

Conservative Portfolio (Class A)

    0.60 %

Balanced Portfolio (Class A)

    0.60 %

Growth Portfolio (Class A)

    0.60 %

 

For the six months ended June 30, 2022, the Adviser contractually reduced investment advisory fees and/or reimbursed other operating expenses of the Funds and Portfolios as follows:

 

 

 

 

 

Small Cap Index Fund

  $ 1,625  

Conservative Portfolio

    46  

 

57

 

 

Notes to Financial Statements (unaudited), continued

June 30, 2022

 

As of June 30, 2022, the Funds and Portfolios had the following amounts (and year of expiration) subject to repayment to the Adviser:

 

 

 

Year Waived

   

Year Repayment Expires

   

Balance

 

Small Cap Index Fund

    2019       2022     $ 2,879  
      2020       2023       9,564  
      2021       2024       97  

 

    2022       2025       1,625  

 

                  $ 14,165  

Conservative Portfolio

    2022       2025     $ 46  

 

                  $ 46  

 

U.S. Bank Global Fund Services provides transfer agent, shareholder servicing and dividend disbursing services on behalf of the Trust. For these services, U.S. Bank Global Fund Services receives an annual fee, paid monthly, from each Fund and Portfolio.

 

Foreside Financial Services, LLC (“Distributor” and “Underwriter”) serves as the Funds’ and Portfolios’ principal Distributor and Underwriter and, as such, acts as exclusive agent for distribution of the Funds’ and Portfolios’ shares. Under the terms of the Underwriting Agreements between the Trust and the Underwriter, the Underwriter earned sales charges from underwriting and broker commissions on the sale of shares during the six months ended June 30, 2022 as follows:

 

 

 

 

 

Impact Bond Fund

  $ 2,106  

International Index Fund

    602  

Value Index Fund

    1,167  

Growth Index Fund

    8,295  

Small Cap Index Fund

    537  

Conservative Portfolio

    4,732  

Balanced Portfolio

    13,094  

Growth Portfolio

    16,687  

 

The Trust has adopted a Plan of Distribution (“Rule 12b-1 Plan”) under which each Fund and Portfolio may compensate or reimburse the Underwriter or certain third parties for expenses related to the distribution and promotion of shares. The Rule 12b-1 Plan permits Class A Shares of the Funds and Portfolios to pay a 12b-1 fee of up to 0.50% of the average daily net assets attributable to Class A Shares of the applicable Fund and Portfolio, although the Board has currently authorized the Funds and Portfolios to charge no more than 0.25%. The Distributor may use the 12b-1 fee for shareholder servicing or distribution.

 

The Trust has entered into a Management and Administration Agreement with Foreside Management Services, LLC (“Foreside”) to serve as business manager and administrator for the Trust on behalf of the Funds and Portfolios. Pursuant to the terms of the Agreement, Foreside, as business manager and administrator for the Trust, performs and coordinates all management and administration services for the Trust either directly or through working with the Trust’s service providers. Services provided under the Agreement by Foreside include, but are not limited to, coordinating and monitoring activities of the third party service providers to the Funds; serving as officers of the Trust, including but not limited to Assistant Secretary, Chief Compliance Officer, Anti-Money Laundering Officer, Treasurer and others as are deemed necessary and appropriate; performing compliance services for the Trust, including maintaining the Trust compliance program as required under the 1940 Act; managing the process of filing amendments to the Trust’s registration statement and other reports to shareholders; coordinating the Board meeting preparation process; reviewing financial filings and filing with the U.S Securities and Exchange Commission (the “SEC”); and maintaining books and records in accordance with applicable laws and regulations. For these services, Foreside receives a monthly fee from each Fund and Portfolio. These fees are reflected as Administration Fees on the Statements of Operations.

 

58

 

 

Notes to Financial Statements (unaudited), continued

June 30, 2022

 

6. Capital Share Transactions:

 

Transactions in shares of the Funds and Portfolios are summarized below:

 

   

Impact Bond Fund

   

International Index Fund

 

 

 

Six Months Ended
June 30,
2022

   

Year Ended
December 31,
2021

   

Six Months Ended
June 30,
2022

   

Year Ended
December 31,
2021

 

Capital Transactions:

                               

Class A Shares:

                               

Proceeds from shares issued

  $ 1,554,770     $ 9,193,729     $ 388,923     $ 1,197,168  

Dividends reinvested

    266,761       571,674             186,827  

Cost of shares redeemed

    (5,634,548 )     (14,766,998 )     (1,734,197 )     (2,375,844 )

Redemption fees

          1,053              

Class A Share Transactions

  $ (3,813,017 )   $ (5,000,542 )   $ (1,345,274 )   $ (991,849 )

Class I Shares:

                               

Proceeds from shares issued

  $ 93,801,390     $ 246,846,133     $ 49,712,084     $ 91,737,890  

Dividends reinvested

    3,750,470       7,037,381             4,164,184  

Cost of shares redeemed

    (169,935,529 )     (134,578,096 )     (28,330,503 )     (49,618,242 )

Redemption fees

          4,190             634  

Class I Share Transactions

  $ (72,383,669 )   $ 119,309,608     $ 21,381,581     $ 46,284,466  

Net increase (decrease) from capital transactions

  $ (76,196,686 )   $ 114,309,066     $ 20,036,307     $ 45,292,617  

Share Transactions:

                               

Class A Shares:

                               

Issued

    153,668       840,253       30,987       87,660  

Reinvested

    26,641       52,398             13,849  

Redeemed

    (560,546 )     (1,352,381 )     (144,306 )     (174,296 )

Change in Class A Shares:

    (380,237 )     (459,730 )     (113,319 )     (72,787 )

Class I Shares:

                               

Issued

    9,354,193       22,703,408       3,956,015       6,688,812  

Reinvested

    376,853       648,911             307,774  

Redeemed

    (16,834,427 )     (12,390,583 )     (2,253,684 )     (3,591,753 )

Change in Class I Shares:

    (7,103,381 )     10,961,736       1,702,331       3,404,833  

Net increase (decrease) from share transactions

    (7,483,618 )     10,502,006       1,589,012       3,332,046  

 

   

Value Index Fund

   

Growth Index Fund

   

Small Cap Index Fund

 

 

 

Six Months Ended
June 30,
2022

   

Year Ended
December 31,
2021

   

Six Months Ended
June 30,
2022

   

Year Ended
December 31,
2021

   

Six Months Ended
June 30,
2022

   

Year Ended
December 31,
2021

 

Capital Transactions:

                                               

Class A Shares:

                                               

Proceeds from shares issued

  $ 7,438,611     $ 3,401,447     $ 3,017,706     $ 6,886,005     $ 432,557     $ 1,521,654  

Dividends reinvested

          747,417             4,352,705             631,785  

Cost of shares redeemed

    (2,647,984 )     (4,168,874 )     (6,282,647 )     (15,463,586 )     (417,793 )     (1,382,746 )

Redemption fees

          36             303             512  

Class A Share Transactions

  $ 4,790,627     $ (19,974 )   $ (3,264,941 )   $ (4,224,573 )   $ 14,764     $ 771,205  

Class I Shares:

                                               

Proceeds from shares issued

  $ 75,975,770     $ 137,848,514     $ 131,623,804     $ 92,764,892     $ 19,593,079     $ 36,730,879  

Dividends reinvested

          12,468,095             16,833,013             15,163,473  

Cost of shares redeemed

    (101,550,077 )     (83,844,068 )     (49,572,899 )     (83,254,304 )     (9,168,901 )     (40,375,889 )

Redemption fees

          6,846             707              

Class I Share Transactions

  $ (25,574,307 )   $ 66,479,387     $ 82,050,905     $ 26,344,308     $ 10,424,178     $ 11,518,463  

Net increase (decrease) from capital transactions

  $ (20,783,680 )   $ 66,459,413     $ 78,785,964     $ 22,119,735     $ 10,438,942     $ 12,289,668  

 

59

 

 

Notes to Financial Statements (unaudited), continued

June 30, 2022

 

   

Value Index Fund

   

Growth Index Fund

   

Small Cap Index Fund

 

 

 

Six Months Ended June 30,
2022

   

Year Ended December 31, 2021

   

Six Months Ended June 30,
2022

   

Year Ended December 31, 2021

   

Six Months Ended June 30,
2022

   

Year Ended December 31, 2021

 

Share Transactions:

                                               

Class A Shares:

                                               

Issued

    449,035       202,633       80,221       180,129       44,117       129,311  

Reinvested

          43,352             101,843             58,788  

Redeemed

    (162,176 )     (258,319 )     (170,585 )     (397,412 )     (42,567 )     (116,965 )

Change in Class A Shares:

    286,859       (12,334 )     (90,364 )     (115,440 )     1,550       71,134  

Class I Shares:

                                               

Issued

    4,627,042       8,379,573       3,552,252       2,392,386       1,832,162       2,861,288  

Reinvested

          727,581             389,068             1,267,926  

Redeemed

    (6,214,480 )     (5,105,740 )     (1,358,071 )     (2,112,443 )     (835,931 )     (3,146,022 )

Change in Class I Shares:

    (1,587,438 )     4,001,414       2,194,181       669,011       996,231       983,192  

Net increase (decrease) from share transactions

    (1,300,579 )     3,989,080       2,103,817       553,571       997,781       1,054,326  

 

   

Conservative Portfolio

   

Balanced Portfolio

   

Growth Portfolio

 

 

 

Six Months Ended
June 30,
2022

   

Year Ended
December 31,
2021

   

Six Months Ended
June 30,
2022

   

Year Ended
December 31,
2021

   

Six Months Ended
June 30,
2022

   

Year Ended
December 31,
2021

 

Capital Transactions:

                                               

Class A Shares:

                                               

Proceeds from shares issued

  $ 1,904,075     $ 3,414,142     $ 3,557,965     $ 8,966,128     $ 5,460,184     $ 8,898,832  

Dividends reinvested

    114,719       1,203,630       150,369       5,097,146             4,492,316  

Cost of shares redeemed

    (1,772,660 )     (3,773,651 )     (3,853,485 )     (10,756,620 )     (3,165,653 )     (7,975,052 )

Redemption fees

          5             21             67  

Class A Share Transactions

  $ 246,134     $ 844,126     $ (145,151 )   $ 3,306,675     $ 2,294,531     $ 5,416,163  

Net increase (decrease) from capital transactions

  $ 246,134     $ 844,126     $ (145,151 )   $ 3,306,675     $ 2,294,531     $ 5,416,163  

Share Transactions:

                                               

Class A Shares:

                                               

Issued

    157,992       258,809       236,111       545,280       312,439       470,630  

Reinvested

    9,651       92,168       10,237       311,140             233,459  

Redeemed

    (148,654 )     (285,459 )     (256,305 )     (655,753 )     (179,050 )     (426,462 )

Change in Class A Shares:

    18,989       65,518       (9,957 )     200,667       133,389       277,627  

Net increase (decrease) from share transactions

    18,989       65,518       (9,957 )     200,667       133,389       277,627  

 

7. Federal Income Tax Information:

 

The character of dividends paid to shareholders of the Funds and Portfolios for federal income tax purposes during the periods ended June 30, 2022 and December 31, 2021 was as follows:

 

   

Impact
Bond Fund

   

International
Index Fund

   

Value
Index Fund

 

 

 

2022

   

2021

   

2022

   

2021

   

2022

   

2021

 

From ordinary income

  $ 7,311,578     $ 14,464,225     $     $ 9,338,156     $     $ 14,970,501  

From long-term capital gains

                                  2,379,454  

Total distributions

  $ 7,311,578     $ 14,464,225     $     $ 9,338,156     $     $ 17,349,955  

 

   

Growth Index Fund

   

Small Cap Index Fund

 

 

 

2022

   

2021

   

2022

   

2021

 

From ordinary income

  $     $ 5,380,168     $     $ 8,051,720  

From long-term capital gains

          17,069,160             8,655,927  

Total distributions

  $     $ 22,449,328     $     $ 16,707,647  

 

   

Conservative Portfolio

   

Balanced Portfolio

   

Growth Portfolio

 

 

 

2022

   

2021

   

2022

   

2021

   

2022

   

2021

 

From ordinary income

  $ 116,814     $ 523,092     $ 151,011     $ 2,194,137     $     $ 2,554,162  

From long-term capital gains

          700,215             2,917,827             1,947,437  

Total distributions

  $ 116,814     $ 1,223,307     $ 151,011     $ 5,111,964     $     $ 4,501,599  

 

60

 

 

Notes to Financial Statements (unaudited), continued

June 30, 2022

 

The following information was computed on a tax basis for each item as of December 31, 2021:

 

 

 

Impact
Bond Fund

   

International Index
Fund

   

Value
Index Fund

 

Tax cost of portfolio investments

  $ 833,674,903     $ 259,039,632     $ 356,845,199  

Gross unrealized appreciation

    28,434,520       140,503,852       116,868,410  

Gross unrealized depreciation

    (7,414,638 )     (4,799,542 )     (8,045,143 )

Net unrealized appreciation on investments

  $ 21,019,882     $ 135,704,310     $ 108,823,267  

Net unrealized appreciation on foreign currency transactions

          (4,430 )      

Undistributed ordinary income

                7,647,883  

Undistributed long-term capital gains

                11,658,467  

Qualified late year ordinary losses

          (52,207 )      

Accumulated capital and other losses

    (1,500,124 )     (29,894,370 )      

Distributable earnings

  $ 19,519,758     $ 105,753,303     $ 128,129,617  

 

 

 

Growth
Index Fund

   

Small Cap
Index Fund

 

Tax cost of portfolio investments

  $ 228,380,786     $ 164,085,604  

Gross unrealized appreciation

    313,583,089       59,253,025  

Gross unrealized depreciation

    (1,312,762 )     (6,313,770 )

Net unrealized appreciation on investments

  $ 312,270,327     $ 52,939,255  

Undistributed ordinary income

    1,848,962        

Undistributed long-term capital gains

    22,390,447       1,383,252  

Post-October capital losses

          (1,111,813 )

Distributable earnings

  $ 336,509,736     $ 53,210,694  

 

 

 

Conservative Portfolio

   

Balanced Portfolio

   

Growth Portfolio

 

Tax cost of portfolio investments

  $ 23,700,988     $ 67,848,630     $ 65,830,157  

Gross unrealized appreciation

    5,031,018       28,470,836       35,451,677  

Gross unrealized depreciation

    (108,536 )     (351,292 )     (392,029 )

Net unrealized appreciation on investments

  $ 4,922,482     $ 28,119,544     $ 35,059,648  

Undistributed ordinary income

                94,757  

Undistributed long-term capital gains

    185,211       1,168,397       1,563,148  

Post-October capital losses

    (2,042 )     (7,063 )      

Distributable earnings

  $ 5,105,651     $ 29,280,878     $ 36,717,553  

 

Post-October capital losses listed above incurred after October 31, 2021 and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year.

 

The difference between book basis and tax basis net unrealized appreciation (depreciation) was attributable primarily to the tax deferral on wash sales loss and nontaxable distributions, as well as investments in Passive Foreign Investment Companies (“PFICs”).

 

For the latest tax year ended December 31, 2021, the following Fund have capital loss carry forwards (“CLCFs”) as summarized below.

 

CLCFs not subject to expiration:

 

   

Impact Bond

   

International Index

 

No expiration - short-term

  $ 621,214     $ 25,020,313  

No expiration - long-term

    878,910       4,874,057  
    $ 1,500,124     $ 29,894,370  

 

The federal tax cost, unrealized appreciation (depreciation) as of June 30, 2022 is as follows:

 

   

Impact
Bond Fund

   

International
Index Fund

   

Value
Index Fund

 

Tax cost of portfolio investments

  $ 722,552,133     $ 298,086,521     $ 328,355,465  

Gross unrealized appreciation

    1,918,957       83,383,479       80,987,089  

Gross unrealized depreciation

    (60,761,849 )     (18,658,464 )     (24,978,599 )

Net unrealized appreciation (depreciation) on investments

  $ (58,842,892 )   $ 64,725,015     $ 56,008,490  

 

   

Growth Index Fund

   

Small Cap Index Fund

 

Tax cost of portfolio investments

  $ 303,754,573     $ 151,760,546  

Gross unrealized appreciation

    184,603,271       32,021,556  

Gross unrealized depreciation

    (25,873,120 )     (15,993,214 )

Net unrealized appreciation on investments

  $ 158,730,151     $ 16,028,342  

 

61

 

 

Notes to Financial Statements (unaudited), continued

June 30, 2022

 

   

Conservative Portfolio

   

Balanced Portfolio

   

Growth Portfolio

 

Tax cost of portfolio investments

  $ 23,866,930     $ 67,386,530     $ 67,776,380  

Gross unrealized appreciation

    2,868,908       16,768,577       20,524,032  

Gross unrealized depreciation

    (1,798,864 )     (3,948,274 )     (3,553,412 )

Net unrealized appreciation on investments

  $ 1,070,044     $ 12,820,303     $ 16,970,620  

 

The difference between book basis and tax basis net unrealized appreciation (depreciation) was attributable primarily to the tax deferral on wash sales loss and nontaxable distributions, as well as investments in Passive Foreign Investment Companies (“PFICs”).

 

The Funds and Portfolios have analyzed their tax positions taken on Federal income tax returns for the current and all open tax years (generally, three years) and have concluded that no provisions for income tax is required in their financial statements. The Funds and Portfolios recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities.

 

8. Securities Lending

 

Under the terms of the securities lending agreement with U.S. Bank, N.A. (“U.S. Bank”), U.S. Bank is authorized to loan securities on behalf of the Funds to approved borrowers. The contractual maturity of securities lending transactions are on an overnight and continuous basis. In exchange, the Funds receive cash collateral in the amount of at least 102% of the value of the securities loaned. Any collateral shortfalls due to changes in security market prices are adjusted the next business day. The cash collateral is invested in a short-term investment instrument as noted on the Funds’ Schedules of Portfolio Investments. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them. The agreement provides that after predetermined rebates to borrowers, the Funds retain a portion of their net securities lending income and pays U.S. Bank the remaining portion. The Funds are not subject to a master netting agreement with respect to securities lending; therefore, no additional disclosures are required. The Funds’ collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize current income to the extent with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit. The Funds have measures in place to recall loaned securities to vote proxies.

 

As of June 30, 2022, the fair value of securities on loan and the collateral held were as follows:

 

 

 

Fair Value of
Securities Loaned

   

Cash
Collateral

 

Impact Bond Fund

  $ 15,702,883     $ 15,982,630  

International Index Fund

    31,407,881       32,559,490  

Value Index Fund

    21,434,804       22,134,220  

Growth Index Fund

    11,479,038       11,809,921  

Small Cap Index Fund

    22,595,083       23,439,548  

 

9. Commitments and Contingencies

 

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide general indemnification. Each Fund’s and Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against a Fund or Portfolio. However, based on experience, the Trust expects the risk of loss to be remote.

 

10. Trustee Compensation

 

Each Trustee who is not an “interested person” of the Trust (“Independent Trustee”) receives an annual retainer and meeting fees, plus reimbursement for travel and other meeting related expenses. Collectively, the Independent Trustees were paid $94,000 in retainers and meeting fees during the six months ended June 30, 2022.

 

11. Other Recent Developments

 

The continued spread of an infectious respiratory illness caused by COVID-19 has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Funds hold, and may adversely affect the Funds’ investments and operations. The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things: quarantines and travel restrictions, including border closings, strained healthcare systems, event cancellations, disruptions to business operations and supply chains, and a reduction in consumer and business spending, as well as general concern and uncertainty that has negatively affected the economy. These disruptions have led to instability in the market place, including equity and debt market losses and overall volatility, and the jobs market. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial well-being

 

62

 

 

Notes to Financial Statements (unaudited), continued

June 30, 2022

 

and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

 

12. Board Review of Liquidity Risk Management Program

 

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the “Commission”) adopted Rule 22e-4 under the Investment Company Act of 1940. This Rule requires every registered open-end management company to establish a liquidity risk management program (the “LRMP”) that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund’s portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, the establishment of a 15% limitation on illiquid investments, and periodic reporting to the fund’s board of trustees. Additionally, the Commission adopted Rule 30b1-10 and Form N-LIQUID, which, generally requires a fund to notify the Commission when certain liquidity-related events occur.

 

The Board approved the designation of a committee (the “Committee”) as the Program Administrator of the LRMP for the Trust. The Committee is comprised of the Trust’s Chief Compliance Officer and other officers of the Trust and employees of the Adviser. At the Board’s regular meeting on May 20, 2022, the Trust’s Chief Compliance Officer provided a report to the Board (the “Report”) on the operation and effectiveness of the LRMP for the period April 1, 2021 through March 31, 2022 (the “Reporting Period”). The Report included, among other things, a discussion of how the Adviser manages liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying every fund investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of fund investments, the Trust utilizes a third party provider of liquidity monitoring services.

 

The Report concluded that the LRMP was reasonably designed to assess and manage liquidity risk and did effectively manage the Funds’ liquidity risks for the Reporting Period. The Report stated that during the Reporting Period, each Fund held no less than 65% of its total net assets in highly liquid investments. Because each Fund’s assets consisted primarily of highly liquid investments that exceeded the 65% threshold established by the Trust for Primarily Highly Liquid Funds, no highly liquid investment minimum was required to be established for the Funds, and each Fund was well under its illiquid investment limitations. Additionally, no events that would require the filing of Form N-LIQUID occurred.

 

13. Subsequent Events

 

The Funds and Portfolios evaluated subsequent events June 30, 2022 through the date these financial statements were issued. There were no significant events that would have a material impact on the Funds’ and Portfolios’ financial statements.

 

63

 

 

Additional Fund Information (unaudited)

June 30, 2022

 

Impact Bond Fund

Security Allocation

Percentage of
Net Assets

Asset Backed Securities

4.0%

Commercial Mortgage-Backed Securities

0.1%

Corporate Bonds

41.0%

Corporate Notes

1.1%

Development Finance Corporation

1.6%

Federal Home Loan Bank

4.8%

Federal Home Loan Mortgage Corporation

11.3%

Federal National Mortgage Association

25.3%

Foreign Governments

7.5%

Government National Mortgage Association **

0.0%

Investment Companies

0.5%

Municipal Bonds

1.1%

Small Business Administration **

0.0%

United States Agency of International Development

0.2%

Investment Purchased with the Cash Proceeds from Securities Lending

2.4%

Money Market Funds

0.5%

Total

101.4%

 

**

Amount rounds to less than 0.1%

 

International Index Fund

Security Allocation

Percentage of
Net Assets

Australia

4.4%

Austria

0.3%

Belgium

0.6%

Bermuda

0.4%

Brazil

1.4%

Canada

8.0%

Cayman Islands

6.3%

Chile

0.3%

China

3.3%

Colombia

0.3%

Denmark

1.9%

Finland

0.6%

France

5.9%

Germany

3.9%

Hong Kong

2.5%

India

3.1%

Indonesia

0.7%

Ireland

0.3%

Israel

0.5%

Italy

1.3%

Japan

14.1%

Jersey

0.8%

Luxembourg

0.1%

Mexico

1.2%

Netherlands

2.9%

Norway

2.3%

Philippines

0.2%

Portugal

0.4%

Russia **

0.0%

Singapore

1.6%

South Africa

1.0%

South Korea

4.1%

Spain

2.2%

Sweden

1.5%

Switzerland

6.6%

Taiwan

4.8%

Turkey **

0.0%

United Kingdom

8.3%

Corporate Notes

0.9%

   

 

International Index Fund

Security Allocation (continued)

Percentage of
Net Assets

Investment Purchased with the Cash Proceeds from Securities Lending

9.8%

Money Market Funds

0.4%

Total

109.2%

 

**

Amount rounds to less than 0.1%

 

International Index Fund

Security Allocation

Percentage of
Net Assets

Advertising & Marketing

0.3%

Apparel & Textile Products

1.1%

Asset Management

1.2%

Automotive

3.2%

Banking

12.5%

Beverages

1.0%

Biotech & Pharma

6.0%

Cable & Satellite

0.3%

Chemicals

2.8%

Commercial Support Services

1.4%

Community Development

0.9%

Construction Materials

0.5%

Consumer Services

0.2%

Containers & Packaging

0.5%

Diversified Industrials

0.4%

E-Commerce Discretionary

1.4%

Electric & Gas Marketing & Trading

0.2%

Electric Utilities

1.5%

Electrical Equipment

1.4%

Engineering & Construction

0.1%

Entertainment Content

0.7%

Food

2.3%

Forestry, Paper & Wood Products

0.4%

Gas & Water Utilities

0.4%

Health Care Facilities & Services

1.0%

Home Construction

0.9%

Household Products

2.1%

Industrial Support Services

0.4%

Institutional Financial Services

1.1%

Insurance

4.8%

Internet Media & Services

3.5%

Leisure Facilities & Services

0.4%

Leisure Products

0.2%

Machinery

1.0%

Medical Equipment & Devices

1.7%

Metals & Mining

3.4%

Oil & Gas Producers

4.1%

Publishing & Broadcasting

0.4%

Real Estate Owners & Development

1.7%

REITs

2.4%

Renewable Energy

0.2%

Retail - Consumer Staples

1.5%

Retail - Discretionary

1.8%

Semiconductors

4.8%

Software

1.0%

Specialty Finance

0.2%

Steel

0.7%

Technology Hardware

4.4%

Technology Services

4.7%

Telecommunications

5.1%

Transportation & Logistics

3.9%

Transportation Equipment

0.2%

Wholesale - Consumer Staples

0.4%

   

 

 

64

 

 

Additional Fund Information (unaudited), continued

June 30, 2022

 

International Index Fund

Security Allocation (continued)

Percentage of
Net Assets

Wholesale - Discretionary

0.3%

Investment Purchased with the Cash Proceeds from Securities Lending

9.8%

Money Market Funds

0.4%

Total

109.2%

 

Value Index Fund

Security Allocation

Percentage of
Net Assets

Common Stocks

97.9%

Corporate Notes

1.0%

Investment Purchased with the Cash Proceeds from Securities Lending

6.1%

Money Market Funds

0.8%

Total

105.8%

 

Growth Index Fund

Security Allocation

Percentage of
Net Assets

Common Stocks

98.4%

Corporate Notes

0.9%

Investment Purchased with the Cash Proceeds from Securities Lending

2.6%

Money Market Funds

0.6%

Total

102.5%

 

Small Cap Index Fund

Security Allocation

Percentage of
Net Assets

Common Stocks

98.2%

Rights **

0.0%

Corporate Notes

1.0%

Investment Purchased with the Cash Proceeds from Securities Lending

16.2%

Money Market Funds

0.6%

Total

116.0%

 

**

Amount rounds to less than 0.1%

 

Conservative Portfolio

Security Allocation

Percentage of
Net Assets

Affiliated Mutual Funds

100.0%

Money Market Funds **

0.0%

Total

100.0%

 

**

Amount rounds to less than 0.1%

 

Balanced Portfolio

Security Allocation

Percentage of
Net Assets

Affiliated Mutual Funds

100.0%

Money Market Funds **

0.0%

Total

100.0%

 

**

Amount rounds to less than 0.1%

 

Growth Portfolio

Security Allocation

Percentage of
Net Assets

Affiliated Mutual Funds

100.0%

Money Market Funds **

0.0%

Total

100.0%

 

**

Amount rounds to less than 0.1%

 

 

65

 

 

Additional Fund Information (unaudited), continued

June 30, 2022

 

Expense Comparison:

 

As a shareholder of the Praxis Mutual Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads); redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Praxis Mutual Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

 

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 through June 30, 2022.

 

The Actual Expense example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses paid during the period” to estimate the expenses you paid on your account during this period.

 

The Hypothetical Expense example below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in this Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 

 

Account Value at
Beginning of Period ($)

Account Value at
End of Period ($)

Expenses Paid
During Period ($)*

Expense Ratio
During
Period (%)**

 

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Actual

Impact Bond Fund

             

Class A

1,000.00

1,000.00

898.10

1,019.93

4.61

4.91

0.98%

Class I

1,000.00

1,000.00

900.20

1,022.36

2.31

2.46

0.49%

International Index Fund

             

Class A

1,000.00

1,000.00

821.50

1,018.45

5.78

6.41

1.28%

Class I

1,000.00

1,000.00

824.10

1,021.72

2.80

3.11

0.62%

Value Index Fund

             

Class A

1,000.00

1,000.00

869.50

1,020.98

3.57

3.86

0.77%

Class I

1,000.00

1,000.00

870.80

1,022.91

1.76

1.91

0.38%

Growth Index Fund

             

Class A

1,000.00

1,000.00

725.50

1,021.47

2.87

3.36

0.67%

Class I

1,000.00

1,000.00

726.80

1,023.01

1.54

1.81

0.36%

Small Cap Index Fund

             

Class A

1,000.00

1,000.00

778.20

1,019.24

4.94

5.61

1.12%

Class I

1,000.00

1,000.00

781.40

1,022.66

1.90

2.16

0.43%

Conservative Portfolio

             

Class A

1,000.00

1,000.00

868.30

1,021.97

2.64

2.86

0.57%

Balanced Portfolio

             

Class A

1,000.00

1,000.00

838.90

1,022.46

2.14

2.36

0.47%

Growth Portfolio

             

Class A

1,000.00

1,000.00

819.30

1,022.36

2.21

2.46

0.49%

 

* Expenses are equal to average account value times each Fund’s annualized expense ratio multiplied by 181/365 (to reflect the one-half year period).

 

** Annualized.

 

66

 

 

Praxis Mutual Funds

 

Notice of Privacy Policy and Practices

 

Praxis Mutual Funds recognizes and respects the privacy concerns and expectations of our shareholders. We are committed to maintaining the privacy and confidentiality of your personal information. We provide this notice so that you will understand the nature of information we collect and the circumstances in which that information may be disclosed to third parties.

 

We collect nonpublic personal information about our customers from the following sources(1):

 

Account applications and other forms — which may include a customer’s name, address, Social Security Number and information about a customer’s investment goals and risk tolerance;

 

Account history — including information about the transactions and balances in a customer’s account(s); and

 

Correspondence — written, telephonic or electronic between a customer and Praxis Mutual Funds or service providers to Praxis Mutual Funds.

 

We may disclose all the information described above to certain third parties who are affiliated with Praxis Mutual Funds under one or more of these circumstances:

 

As authorized — if you request or authorize the disclosure of the information.

 

As permitted by law — for example sharing information with companies who maintain or service customer accounts for Praxis Mutual Funds is essential for us to provide shareholders with necessary or useful services with respect to their accounts.

 

Under joint agreement — we may also share information with companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements.

 

We require Praxis Mutual Funds service providers to maintain:

 

policies and procedures designed to assure only appropriate access to, and use of information about customers of Praxis Mutual Funds; and

 

physical, electronic and procedural safeguards that comply with federal standards to guard nonpublic personal information of customers of Praxis Mutual Funds.

 

We will adhere to the policies and procedures described in this notice regardless of whether you are a current or former shareholder of Praxis Mutual Funds.

 

 

(1)

For purposes of this notice, the terms “customer” or “customers” include individuals who provide nonpublic personal information to Praxis Mutual Funds, even if they do not invest in Praxis Mutual Fund shares.

 

 

For more information about the Praxis Mutual Funds, the following documents are available free upon request:

 

Proxy Voting:

 

The Adviser is responsible for exercising the voting rights associated with the securities purchased and held by the Funds and Portfolios. A description of the policies and procedures that the Adviser uses in fulfilling this responsibility and information regarding how those proxies were voted during the twelve month period ended June 30 are available (i) without charge, upon request, by calling (800) 977-2947; and (ii) on the Securities and Exchange Commission’s (“Commission’s”) Web site at www.sec.gov.

 

Quarterly Portfolio Disclosure:

 

The Trust files a complete listing of the Schedules of Portfolio Investments for each Fund and Portfolio as of the end of the first and third quarters of each fiscal year as an exhibit on Form N-PORT. The complete listing (i) is available on the Commission’s Web site and (ii) will be made available to shareholders upon request by calling (800) 977-2947. The Statement of Additional Information contains more information about the Funds and Portfolios and can be obtained free of charge by calling (800) 977-2947.

 

Annual/Semi-Annual Reports:

 

The Praxis Mutual Funds’ annual and semi-annual reports to shareholders contain additional information on each Fund’s or Portfolio’s investments. In the annual report you find a discussion of the market conditions and investment strategies that significantly affected the Fund’s or Portfolio’s performance during the year.

 

Statement of Additional Information (SAI):

 

The SAI provides more detailed information about the Praxis Mutual Funds, including their operations and investment policies. It is incorporated by reference and is legally considered a part of this prospectus.

 

You can get free copies of reports and the SAI, or request other information and discuss your questions about the Funds or Portfolios, by contacting the broker that sells the Praxis Mutual Funds, or by contacting the Praxis Mutual Funds at:

 

Praxis Mutual Funds
c/o U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, WI 53201-0701
Telephone: 1-800-977-2947
Internet: http://www.praxismutualfunds.com
(1)

 

You can review and get copies of the Praxis Mutual Fund’s reports and SAI at the Public Reference Room of the Securities and Exchange Commission. You can get text only copies:

 

For a duplicating fee, by writing the Public Reference Section of the Commission, Washington, DC 20549-1520 or calling (202) 551-8090, or by electronic request, by emailing the SEC at the following address: publicinfo@sec.gov.

 

Free from the Commission’s Web site at www.sec.gov.

 

(1)

The Funds’ site is not a part of this prospectus.

Investment Company Act file no. 811-08056

 

 

 

Praxis Mutual Funds

c/o U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201-0701

 

2220053

 

 

 

Item 2.

Code of Ethics. 

 

Not applicable for semi-annual report filing.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable for semi-annual report filing.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable for semi-annual report filing.

 

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual report filing.

 

Item 6. Investments

 

(a) Schedule I – Investments in Securities of Unaffiliated Issuers

 

 The complete schedule of investments is included in the report to shareholders in Item 1 of this Form N-CSR.

 

(b) The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies.

Not applicable.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

 

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

 

Item 10. Submission of Matters to a Vote Of Security Holders.

Not applicable.

 

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 13. Exhibits.

 

(a)(1) Not applicable for semi-annual report filing.

 

 

 

 

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act – Not applicable.

 

(b) Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is furnished herewith.

 

 

 

 

SIGNATURES

 

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

 

Praxis Mutual Funds

 

By:

/s/ Trent Statczar

 
  Trent Statczar  
  Treasurer and Chief Financial Officer  
  September 6, 2022  

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

 

By:

/s/ Chad Horning

 
  Chad Horning  
  President and Chief Executive Officer  
  September 6, 2022  

 

By:

/s/ Trent Statczar

 
  Trent Statczar  
  Treasurer and Chief Financial Officer  
  September 6, 2022