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 |
One |
Three |
Five |
Ten |
Since |
Inception |
Expense |
|
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 |
One |
Three |
Five |
Ten |
Since |
Inception |
Expense |
|
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 |
Fair |
||||||||||||
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 |
Fair |
||||||||||||
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 |
Fair |
||||||||||||
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 |
Fair |
||||||||||||
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 |
Fair |
||||||||||||
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 |
Fair |
||||||||||||
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 |
Fair |
||||||||||||
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 |
Fair |
||||||||||||
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 |
Fair |
||||||||||||
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 |
Fair |
||||||||||||
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 |
Fair |
||||||||||||
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 |
Fair |
||||||||||||
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 |
Fair |
||||||||||||
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 |
Fair |
||||||||||||
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 |
||||||
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 |
Current |
Fair |
% of Net |
||||||||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||||||||
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 |
||||||
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 |
Current |
Fair |
% of Net |
||||||||||||
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 |
|||
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 |
|||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
Fair |
||||||||||||
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 |
||||||
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 |
Current |
Fair |
% of Net |
||||||||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
Fair |
||||||||||||
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 |
||||||
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 |
Current |
Fair |
% of Net |
||||||||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
Fair |
||||||||||||
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 |
||||||
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 |
Current |
Fair |
% of Net |
||||||||||||
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 |
||||||
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 |
||||||
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 |
||||||
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 |
Praxis |
Praxis |
Praxis |
Praxis |
||||||||||||||||
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 |
Praxis Genesis |
Praxis Genesis |
|||||||||
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 |
Praxis |
Praxis |
Praxis |
Praxis |
|||||||||||||||
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 |
Praxis Genesis |
Praxis Genesis |
|||||||||
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 |
Praxis |
||||||||||||||
|
For the |
For the Year |
For the |
For the Year |
||||||||||||
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 |
Praxis |
Praxis |
|||||||||||||||||||||
|
For the |
For the Year |
For the |
For the Year |
For the |
For the Year |
||||||||||||||||||
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 |
Praxis Genesis |
Praxis Genesis |
|||||||||||||||||||||
|
For the |
For the Year |
For the |
For the Year |
For the |
For the Year |
||||||||||||||||||
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 |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||||||
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 |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||||||
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 |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||||||
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 |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||||||
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 |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||||||
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 |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||||||
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 |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||||||
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 |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||||||
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 |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||||||
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 |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||||||
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 |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||||||
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 |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||||||
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 |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||||||
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 |
— | — | — | 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 |
— | — | — | 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 |
— | — | — | 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 |
— | — | — | 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 |
— | — | — | 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 |
Small Cap |
||||||
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 |
|||
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 |
|||
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 |
Purchase |
Sales |
Realized |
Change in |
Fair Value at |
Dividend |
Long-Term |
Shares at |
|||||||||||||||||||||||||||
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 |
Purchase |
Sales |
Realized |
Change in |
Fair Value at |
Dividend |
Long-Term |
Shares at |
|||||||||||||||||||||||||||
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 |
Purchase |
Sales |
Realized |
Change in |
Fair Value at |
Dividend |
Long-Term |
Shares at |
|||||||||||||||||||||||||||
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 |
Year Ended |
Six Months Ended |
Year Ended |
||||||||||||
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 |
Year Ended |
Six Months Ended |
Year Ended |
Six Months Ended |
Year Ended |
||||||||||||||||||
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, |
Year Ended December 31, 2021 |
Six Months Ended June 30, |
Year Ended December 31, 2021 |
Six Months Ended June 30, |
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 |
Year Ended |
Six Months Ended |
Year Ended |
Six Months Ended |
Year Ended |
||||||||||||||||||
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 |
International |
Value |
||||||||||||||||||||||
|
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 |
International Index |
Value |
|||||||||
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 |
Small Cap |
||||||
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 |
International |
Value |
||||||||||
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 |
Cash |
||||||
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
Account Value at |
Expenses Paid |
Expense Ratio |
||||
|
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. |
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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 |