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 H. Zacharski, Esq.
Dechert LLP
90 State House Square
Harford, Connecticut 06103
(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, 2019
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Praxis Mutual Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on www.PraxisMutualfunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change; and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds or your financial intermediary electronically by notifying your financial intermediary directly or, if you are a direct investor, by calling 800-977-2947.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your reports. If you invest directly with the Praxis Mutual Funds, you can call 800-977-2947. Your election to receive reports in paper will apply to all funds held with the Praxis Mutual Funds or your financial intermediary.
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 | 11 |
Praxis Value Index Fund | |
Schedule of Investments | 21 |
Praxis Growth Index Fund | |
Schedule of Investments | 25 |
Praxis Small Cap Index Fund | |
Schedule of Investments | 29 |
Praxis Genesis Conservative Portfolio | |
Schedule of Investments | 35 |
Praxis Genesis Balanced Portfolio | |
Schedule of Investments | 36 |
Praxis Genesis Growth Portfolio | |
Schedule of Investments | 37 |
Financial Statements | |
Statements of Assets & Liabilities | 38 |
Statements of Operations | 40 |
Statements of Changes in Net Assets | 42 |
Financial Highlights | 45 |
Notes to Financial Statements | 53 |
Additional Fund Information | 64 |
Message from the President |
Dear Praxis shareholder:
This year marks the 25th anniversary of Praxis Mutual Funds®. Over a quarter century, our fund managers have navigated many different market environments, ranging from an internet-fueled rally in the late 1990s to the tech bubble crash in the early aughts to the Great Recession and the persistent recovery of the last decade. The funds and strategies have changed through these alternating periods of calm and chaos, but our commitment to work on behalf of shareholders to deliver investment returns and to make a positive impact on the world has not.
Praxis has made an impact on the world because shareholders placed their confidence in our team. We recognize that our shareholders are attracted to Praxis because they want their values to be reflected in their investments, but they also need investment products that help them prepare for the future. Whether building a nest egg for retirement, saving for college tuition, or planning for unanticipated expenses, our shareholders have counted on Praxis to offer funds that deliver results and have partnered with us in promoting positive change.
Through consistent — and insistent — advocacy, Praxis has pushed companies to consider the impact of their decisions on stakeholders far and near. Among other successes over the years, we have helped bring real change to the use of child labor, promoted human rights standards, hastened the removal of toxic chemicals from health and beauty products and encouraged utility companies to accelerate their conversion to renewable energy production.
In the early years, we did this against a backdrop of widely held skepticism about the wisdom of incorporating faith values into investing. The financial market establishment argued that viewing investment decisions through a non-financial lens would result in diminished returns. We knew better. Our shareholders voted with their dollars to invest for a better world, even as they invested for their own futures. As markets evolved, more investors discovered that a consideration of environmental, social and governance (ESG) factors may lead to better investment results — and today, the ESG integration movement is sweeping the investment industry.
As the rest of the mutual fund industry catches up and begins to consider these factors in their investment strategies, Praxis is leading in new ways to make an impact on the world. The Praxis Impact Bond fund demonstrates that an even more effective way to make a positive impact on the world is to actively direct money to those positive activities. Our purchase of market rate positive impact bonds funds a range of activities that support communities and the climate. We believe that investing in what we want to see, while also screening out certain companies and industries, is the best way to show our faith and to express optimism about the future.
Thank you for joining Praxis in this endeavor. We are grateful you have chosen to join us in making the world a better place through your investment decisions.
Sincerely,
Chad M. Horning, CFA®
President
Praxis Mutual Funds are advised by Everence Capital Management and distributed through FINRA member Foreside Financial Services, LLC.
The Fund’s stewardship investing strategy could cause the Fund to sell or avoid securities that may subsequently perform well, and the application of social screens may cause the Fund to lag the performance of its index or peer group.
The views expressed are those of the president of Praxis Mutual Funds as of June 30, 2019, 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.
1
Performance
We are pleased to provide this 2019 mid-year update for the Praxis Mutual Funds. The following tables summarize the performance of the Praxis Mutual Funds as of June 30, 2019.
Annualized | ||||||||||
| NAV | Six | One | Three | Five | Ten | Since | Inception | Expense | |
Praxis Impact Bond Fund | ||||||||||
Class A * | $10.58 | 1.79% | 3.09% | 0.68% | 1.69% | 3.27% | 5/12/1999 | |||
Class A (Without Load) | $10.58 | 5.72% | 7.07% | 1.99% | 2.47% | 3.66% | 5/12/1999 | 0.98% | 0.98% | |
Class I ** | $10.53 | 5.89% | 7.59% | 2.42% | 2.88% | 4.07% |
| 5/1/2006 | 0.53% | 0.53% |
Bloomberg Barclays U.S. Aggregate Bond Index 1 |
| 6.11% | 7.87% | 2.31% | 2.95% | 3.90% |
|
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|
Praxis International Index Fund | ||||||||||
Class A * | $10.98 | 6.50% | -5.83% | 5.83% | 0.29% | n/a | 1.81% | 12/31/2010 | ||
Class A (Without Load) | $10.98 | 12.38% | -0.62% | 7.76% | 1.37% | n/a | 2.45% | 12/31/2010 | 1.31% | 1.31% |
Class I ** | $11.07 | 12.96% | 0.23% | 8.50% | 2.00% | n/a | 3.10% | 12/31/2010 | 0.65% | 0.65% |
MSCI All Country World Index ex-U.S. 2 |
| 13.60% | 1.29% | 9.39% | 2.16% |
| 3.74% |
|
|
|
Praxis Value Index Fund | ||||||||||
Class A * | $13.85 | 11.16% | 3.23% | 9.22% | 6.06% | 11.52% | 5/1/2001 | |||
Class A (Without Load) | $13.85 | 17.27% | 8.92% | 11.19% | 7.21% | 12.12% | 5/1/2001 | 0.89% | 0.89% | |
Class I ** | $13.77 | 17.49% | 9.37% | 11.71% | 7.70% | 12.76% |
| 5/1/2006 | 0.42% | 0.42% |
S&P 500 Value Index 3 |
| 16.70% | 8.67% | 10.64% | 7.92% | 13.10% |
|
|
|
|
Praxis Growth Index Fund | ||||||||||
Class A * | $26.48 | 13.79% | 6.37% | 14.80% | 11.33% | 14.63% | 5/1/2007 | |||
Class A (Without Load) | $26.48 | 20.09% | 12.28% | 16.89% | 12.54% | 15.25% | 5/1/2007 | 0.82% | 0.82% | |
Class I ** | $26.71 | 20.26% | 12.67% | 17.36% | 12.99% | 15.77% |
| 5/1/2007 | 0.43% | 0.43% |
S&P 500 Growth Index 4 |
| 20.18% | 12.02% | 17.25% | 13.09% | 16.10% |
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|
|
Praxis Small Cap Index Fund | ||||||||||
Class A * | $8.35 | 6.37% | -10.99% | 5.04% | 1.49% | 10.09% | 5/1/2007 | |||
Class A (Without Load) | $8.35 | 12.23% | -6.09% | 6.96% | 2.60% | 10.69% | 5/1/2007 | 1.49% | 1.11% | |
Class I | $9.15 | 12.55% | -5.55% | 7.63% | 3.24% | 11.34% |
| 5/1/2007 | 0.46% | 0.46% |
S&P SmallCap 600 Index 5 |
| 13.69% | -4.88% | 11.97% | 8.41% | 14.99% |
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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 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, 2019. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee reductions are in effect through April 30, 2020 for Class A Shares.
1 Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index composed of the Bloomberg Barclays U.S. Government/Credit Index and the Bloomberg Barclays 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
Annualized | ||||||||||
| NAV | Six | One | Three | Five | Ten | Since | Inception | Expense | |
Praxis Genesis Conservative Portfolio | ||||||||||
Class A * | $11.90 | 2.99% | 1.20% | 2.92% | 2.63% | n/a | 4.42% | 12/31/2009 | ||
Class A (Without Load) | $11.90 | 8.69% | 6.80% | 4.80% | 3.75% | n/a | 5.01% | 12/31/2009 | 1.15% | 1.12% |
S&P Target Risk Conservative Index 6 |
| 8.96% | 7.02% | 5.31% | 3.91% | n/a | 5.09% |
|
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Conservative Composite Benchmark 7 |
| 9.36% | 7.83% | 5.51% | 4.67% | n/a | 6.03% |
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Praxis Genesis Balanced Portfolio | ||||||||||
Class A * | $13.79 | 5.72% | 0.24% | 5.63% | 3.79% | n/a | 6.17% | 12/31/2009 | ||
Class A (Without Load) | $13.79 | 11.61% | 5.79% | 7.54% | 4.91% | n/a | 6.77% | 12/31/2009 | 1.03% | 1.03% |
S&P Target Risk Growth Index 8 |
| 11.91% | 6.25% | 8.05% | 5.47% | n/a | 7.59% |
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|
Balanced Composite Benchmark 9 |
| 12.32% | 6.65% | 8.54% | 6.09% | n/a | 8.17% |
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Praxis Genesis Growth Portfolio | ||||||||||
Class A * | $15.09 | 7.48% | -0.71% | 7.25% | 4.38% | n/a | 7.20% | 12/31/2009 | ||
Class A (Without Load) | $15.09 | 13.46% | 4.81% | 9.18% | 5.51% | n/a | 7.80% | 12/31/2009 | 1.10% | 1.10% |
S&P Target Risk Aggressive Index 10 |
| 13.92% | 5.73% | 9.83% | 6.18% | n/a | 9.31% |
|
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Growth Composite Benchmark 11 |
| 14.24% | 5.67% | 10.51% | 6.95% | n/a | 9.51% |
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|
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 5.25%.
** Reflects the expense ratios as reported in the Prospectus dated April 30, 2019. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee reductions are in effect through April 30, 2020 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 The Conservative Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and effective January 1, 2019, consists of the Bloomberg Barclays U.S. Aggregate Bond Index (70%), the MSCI ACWI ex USA Index (9%), the S&P 500 Index (18.5%) and the S&P Small Cap 600 Index (2.5%). The composite benchmark from January 1, 2017 to December 31, 2018 consisted of the Bloomberg Barclays U.S. Aggregate Bond Index (70%), the MSCI ACWI ex USA Index (Net) (7.5%), the S&P 500 Index (20%) and the S&P Small Cap 600 Index (2.5%).The composite benchmark from April 30, 2013 to December 31, 2016 consisted of the Bloomberg Barclays U.S. Aggregate Bond Index (70%), the MSCI ACWI ex USA Index (Net) (7.5%), the S&P 500 Index (20%) and the Russell 2000 Index (2.5%).The composite benchmark prior to April 30, 2013 consisted of the Bloomberg Barclays U.S. Aggregate Bond Index (70%), the MSCI EAFE Index (7.5%), the Russell 1000 Index (20%) and the Russell 2000 Index (2.5%).
8 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.
9 The Balanced Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and effective January 1, 2019, consists of the Bloomberg Barclays U.S. Aggregate Bond Index (40%), the MSCI ACWI ex USA Index (18%), the S&P 500 Index (32%) and the S&P Small Cap 600 Index (10%). The composite benchmark from January 1, 2017 to December 31, 2018 consisted of the Bloomberg Barclays U.S. Aggregate Bond Index (40%), the MSCI ACWI ex USA (Net) (15%), the S&P 500 Index (35%) and the S&P Small Cap 600 Index (10%).The composite benchmark from April 30, 2013 to December 31, 2016 consisted of the Bloomberg Barclays U.S. Aggregate Bond Index (40%), the MSCI ACWI ex USA Index (Net) (15%), the S&P 500 Index (35%) and the Russell 2000 Index (10%).The composite benchmark prior to April 30, 2013 consisted of the Bloomberg Barclays U.S. Aggregate Bond Index (40%), the MSCI EAFE Index (15%), the Russell 1000 Index (35%) and the Russell 2000 Index (10%).
10 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.
11 The Growth Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and effective January 1, 2019, consists of the Bloomberg Barclays U.S. Aggregate Bond Index (20%), the MSCI ACWI ex USA Index (24%), the S&P 500 Index (41%) and the S&P Small Cap 600 Index (15%). The composite benchmark from January 1, 2017 to December 31, 2018 consisted of the Bloomberg Barclays U.S. Aggregate Bond Index (20%), the MSCI ACWI ex USA Index (Net) (20%), the S&P 500 Index (45%) and the S&P Small Cap 600 Index (15%).The composite benchmark from April 30, 2013 to December 31, 2016 consisted of the Bloomberg Barclays U.S. Aggregate Bond Index (20%), the MSCI ACWI ex USA Index (Net) (20%), the S&P 500 Index (45%) and the Russell 2000 Index (15%).The composite benchmark prior to April 30, 2013 consisted of the Bloomberg Barclays U.S. Aggregate Bond Index (20%), the MSCI EAFE Index (20%), the Russell 1000 Index (45%) and the Russell 2000 Index (15%).
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, 2019 (unaudited)
| Coupon | Maturity | Principal | Fair | ||||||||||||
ASSET BACKED SECURITIES — 1.8% | ||||||||||||||||
CAL Funding II Ltd. (a)(b) | 3.620 | % | 06/25/42 | $ | 600,000 | $ | 613,963 | |||||||||
CLI Funding LLC | 2.830 | % | 03/18/28 | 335,000 | 335,198 | |||||||||||
Cronos Containers Program Ltd. | 3.270 | % | 11/18/29 | 490,741 | 493,949 | |||||||||||
Global SC Finance II SRL (b) | 2.980 | % | 04/17/28 | 440,833 | 440,270 | |||||||||||
Golden Credit Card Trust | 1.600 | % | 09/15/21 | 2,000,000 | 1,996,423 | |||||||||||
Master Credit Card Trust | 2.260 | % | 01/21/20 | 2,000,000 | 1,998,892 | |||||||||||
SBA Tower Trust (b) | 2.898 | % | 10/15/19 | 525,000 | 524,993 | |||||||||||
SBA Tower Trust (b) | 3.448 | % | 03/15/23 | 1,250,000 | 1,285,248 | |||||||||||
SolarCity LMC Series I LLC (b) | 4.800 | % | 12/21/26 | 551,428 | 581,579 | |||||||||||
SolarCity LMC Series IV LLC (b) | 4.180 | % | 08/21/45 | 222,695 | 225,355 | |||||||||||
Spruce ABS Trust | 4.320 | % | 06/15/28 | 230,903 | 233,012 | |||||||||||
Textainer Marine Containers Ltd. | 3.720 | % | 05/20/42 | 602,998 | 611,353 | |||||||||||
Toyota Motor Credit Corp. | 1.300 | % | 04/15/20 | 9,135 | 9,129 | |||||||||||
Verizon Owner Trust (b) | 1.420 | % | 01/20/21 | 16,428 | 16,414 | |||||||||||
Wendy’s Funding LLC (b) | 3.783 | % | 06/15/49 | 390,000 | 392,305 | |||||||||||
TOTAL ASSET BACKED SECURITIES (COST $9,635,629) | 9,758,083 | |||||||||||||||
MUNICIPAL BONDS — 1.9% | ||||||||||||||||
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects | 7.334 | % | 02/15/28 | 1,000,000 | 1,286,140 | |||||||||||
Cincinnati, Ohio Water System Rev. | 6.458 | % | 12/01/34 | 600,000 | 609,282 | |||||||||||
Columbus Multi-High School Building Corp. | 6.446 | % | 01/15/30 | 1,000,000 | 1,021,570 | |||||||||||
Findlay City School District | 6.250 | % | 12/01/37 | 270,000 | 274,309 | |||||||||||
Houston Independent School District | 6.168 | % | 02/15/34 | 1,000,000 | 1,003,430 | |||||||||||
Indianapolis Public School Multi-School Building | 5.731 | % | 07/15/29 | 1,500,000 | 1,501,995 | |||||||||||
Massachusetts St. | 3.277 | % | 06/01/46 | 1,500,000 | 1,510,695 | |||||||||||
New Jersey St. Housing and Mortgage Finance | 2.600 | % | 07/01/23 | 245,000 | 247,163 | |||||||||||
Osceola County Housing Finance Authority Rev. | 3.350 | % | 07/01/23 | 180,000 | 189,772 | |||||||||||
St. of Hawaii, Department of Business Economic Development & Tourism | 1.467 | % | 07/01/22 | 242,939 | 242,319 | |||||||||||
St. Paul Housing & Redevelopment Authority Rev. | 2.993 | % | 07/01/21 | 1,250,000 | 1,272,175 | |||||||||||
Warm Springs Reservation Confederated Tribe | 8.250 | % | 11/01/19 | 695,000 | 701,630 | |||||||||||
Wisconsin Department of Transportation | 5.837 | % | 07/01/30 | 800,000 | 800,000 | |||||||||||
TOTAL MUNICIPAL BONDS (COST $10,503,694) | 10,660,480 | |||||||||||||||
CORPORATE BONDS — 39.7% | ||||||||||||||||
AIRLINES — 0.3% | ||||||||||||||||
British Airways, Series 2013-1 (b) | 4.625 | % | 06/20/24 | 592,512 | 627,411 | |||||||||||
Delta Air Lines, Inc. | 2.875 | % | 03/13/20 | 435,000 | 435,528 | |||||||||||
Southwest Airlines Co. | 2.650 | % | 11/05/20 | 680,000 | 682,849 | |||||||||||
1,745,788 |
| Coupon | Maturity | Principal | Fair | ||||||||||||
CORPORATE BONDS — 39.7%, continued | ||||||||||||||||
AUTO PARTS — 0.4% | ||||||||||||||||
American Honda Finance Corp. | 3.550 | % | 01/12/24 | $ | 357,000 | $ | 375,079 | |||||||||
BorgWarner, Inc. | 4.625 | % | 09/15/20 | 1,500,000 | 1,535,111 | |||||||||||
1,910,190 | ||||||||||||||||
BANKS — 5.2% | ||||||||||||||||
Axis Bank/Dubai (b) | 2.875 | % | 06/01/21 | 500,000 | 497,922 | |||||||||||
Bank of America Corp. | 2.151 | % | 11/09/20 | 1,000,000 | 996,937 | |||||||||||
Bank of America Corp. | 3.499 | % | 05/17/22 | 1,000,000 | 1,019,272 | |||||||||||
Bank of America Corp. | 3.300 | % | 01/11/23 | 500,000 | 515,388 | |||||||||||
Bank of America Corp. | 3.335 | % | 01/25/23 | 1,000,000 | 1,025,611 | |||||||||||
Bank of America Corp. | 4.100 | % | 07/24/23 | 1,000,000 | 1,067,162 | |||||||||||
Bank of America Corp. | 4.271 | % | 07/23/29 | 1,000,000 | 1,092,196 | |||||||||||
Capital One Financial Corp. | 2.500 | % | 05/12/20 | 1,000,000 | 1,001,037 | |||||||||||
Citigroup, Inc. | 4.500 | % | 01/14/22 | 1,250,000 | 1,313,985 | |||||||||||
Citigroup, Inc. | 3.875 | % | 10/25/23 | 1,000,000 | 1,057,610 | |||||||||||
Citigroup, Inc. | 3.700 | % | 01/12/26 | 1,750,000 | 1,842,224 | |||||||||||
Commonwealth Bank of Australia (b) | 2.250 | % | 03/10/20 | 1,500,000 | 1,499,436 | |||||||||||
Discover Bank/Greenwood DE | 4.200 | % | 08/08/23 | 1,255,000 | 1,331,810 | |||||||||||
Fifth Third Bank | 3.650 | % | 01/25/24 | 1,250,000 | 1,313,512 | |||||||||||
ING Groep N.V. (b) | 4.625 | % | 01/06/26 | 1,250,000 | 1,363,605 | |||||||||||
JPMorgan Chase & Co. | 4.625 | % | 05/10/21 | 500,000 | 520,498 | |||||||||||
JPMorgan Chase & Co. | 3.250 | % | 09/23/22 | 1,500,000 | 1,540,996 | |||||||||||
JPMorgan Chase & Co. | 3.200 | % | 06/15/26 | 2,557,000 | 2,631,495 | |||||||||||
Mitsubishi UFJ Financial Group | 2.527 | % | 09/13/23 | 1,250,000 | 1,247,397 | |||||||||||
National Australia Bank, New York Branch | 3.625 | % | 06/20/23 | 1,500,000 | 1,567,032 | |||||||||||
PNC Bank N.A. | 3.500 | % | 06/08/23 | 1,285,000 | 1,343,471 | |||||||||||
Sumitomo Mitsui Banking Corp. | 2.450 | % | 10/20/20 | 1,250,000 | 1,251,626 | |||||||||||
Toronto-Dominion Bank | 1.850 | % | 09/11/20 | 1,575,000 | 1,570,392 | |||||||||||
28,610,614 | ||||||||||||||||
BIOTECHNOLOGY — 0.5% | ||||||||||||||||
Biogen, Inc. | 2.900 | % | 09/15/20 | 1,000,000 | 1,005,023 | |||||||||||
Celgene Corp. | 2.875 | % | 08/15/20 | 1,250,000 | 1,256,632 | |||||||||||
Gilead Sciences, Inc. | 3.650 | % | 03/01/26 | 500,000 | 527,873 | |||||||||||
2,789,528 | ||||||||||||||||
BUILDING MATERIALS — 0.2% | ||||||||||||||||
Carlisle Cos., Inc. | 3.500 | % | 12/01/24 | 1,250,000 | 1,278,972 | |||||||||||
BUILDING MATERIALS & SERVICES — 0.1% | ||||||||||||||||
NVR, Inc. | 3.950 | % | 09/15/22 | 500,000 | 519,156 | |||||||||||
BUILDING PRODUCTS — 0.3% | ||||||||||||||||
Masco Corp. | 3.500 | % | 04/01/21 | 482,000 | 489,164 | |||||||||||
Owens Corning | 4.200 | % | 12/01/24 | 1,000,000 | 1,039,030 | |||||||||||
1,528,194 | ||||||||||||||||
CAPITAL MARKETS — 1.6% | ||||||||||||||||
Bank of New York Mellon Corp. (The), Perpetual Bond | 4.950 | % | 12/29/49 | 1,000,000 | 1,015,760 | |||||||||||
Goldman Sachs Group, Inc. | 2.600 | % | 04/23/20 | 1,000,000 | 1,001,912 | |||||||||||
Goldman Sachs Group, Inc. | 6.000 | % | 06/15/20 | 1,200,000 | 1,239,922 |
See accompanying notes to financial statements.
4
Schedule of Investments, continued
Praxis Impact Bond Fund
June 30, 2019 (unaudited)
| Coupon | Maturity | Principal | Fair | ||||||||||||
CORPORATE BONDS — 39.7%, continued | ||||||||||||||||
CAPITAL MARKETS — 1.6%, continued | ||||||||||||||||
Goldman Sachs Group, Inc. | 3.272 | % | 09/29/25 | $ | 1,500,000 | $ | 1,535,093 | |||||||||
Jefferies Group LLC | 8.500 | % | 07/15/19 | 900,000 | 901,902 | |||||||||||
Morgan Stanley | 3.125 | % | 07/27/26 | 2,000,000 | 2,038,030 | |||||||||||
State Street Corp. | 7.350 | % | 06/15/26 | 1,000,000 | 1,265,904 | |||||||||||
8,998,523 | ||||||||||||||||
CHEMICALS — 1.4% | ||||||||||||||||
Avery Dennison Corp. | 5.375 | % | 04/15/20 | 1,250,000 | 1,274,047 | |||||||||||
DowDuPont, Inc. | 4.493 | % | 11/15/25 | 1,500,000 | 1,659,840 | |||||||||||
Ecolab, Inc. | 5.500 | % | 12/08/41 | 150,000 | 190,197 | |||||||||||
Ecolab, Inc. | 3.950 | % | 12/01/47 | 1,220,000 | 1,311,228 | |||||||||||
LG Chemical Ltd. (b) | 3.250 | % | 10/15/24 | 290,000 | 297,230 | |||||||||||
NOVA Chemicals Corp. (b) | 5.250 | % | 08/01/23 | 500,000 | 506,875 | |||||||||||
Nutrien Ltd. | 5.875 | % | 12/01/36 | 840,000 | 975,413 | |||||||||||
Solvay Finance America LLC | 3.400 | % | 12/03/20 | 1,250,000 | 1,262,027 | |||||||||||
7,476,857 | ||||||||||||||||
COMMERCIAL SERVICES & SUPPLIES — 0.2% | ||||||||||||||||
Steelcase, Inc. | 5.125 | % | 01/18/29 | 1,000,000 | 1,090,939 | |||||||||||
COMMUNICATIONS EQUIPMENT — 0.1% | ||||||||||||||||
Juniper Networks, Inc. | 3.300 | % | 06/15/20 | 500,000 | 502,941 | |||||||||||
CONSUMER FINANCE — 0.8% | ||||||||||||||||
American Express Credit Corp. | 2.600 | % | 09/14/20 | 1,000,000 | 1,003,745 | |||||||||||
American Express Credit Corp. | 3.000 | % | 10/30/24 | 1,000,000 | 1,025,070 | |||||||||||
Ford Motor Credit Co. LLC | 3.157 | % | 08/04/20 | 1,000,000 | 1,003,742 | |||||||||||
Hyundai Capital Services, Inc. (b) | 2.875 | % | 03/16/21 | 1,250,000 | 1,251,271 | |||||||||||
4,283,828 | ||||||||||||||||
CONSUMER SERVICES — 0.7% | ||||||||||||||||
Ford Foundation (The), Series 2017 | 3.859 | % | 06/01/47 | 2,145,000 | 2,278,122 | |||||||||||
Local Initiatives Support Corp. | 4.649 | % | 03/01/37 | 1,500,000 | 1,578,007 | |||||||||||
3,856,129 | ||||||||||||||||
CONTAINERS & PACKAGING — 0.3% | ||||||||||||||||
Newell Rubbermaid, Inc. | 3.850 | % | 04/01/23 | 185,000 | 187,716 | |||||||||||
Sonoco Products Co. | 5.750 | % | 11/01/40 | 1,000,000 | 1,167,675 | |||||||||||
1,355,391 | ||||||||||||||||
DIVERSIFIED FINANCIAL SERVICES — 1.3% | ||||||||||||||||
AerCap Ireland Capital Ltd. | 5.000 | % | 10/01/21 | 1,000,000 | 1,048,837 | |||||||||||
Brookfield Finance, Inc. | 4.250 | % | 06/02/26 | 1,000,000 | 1,043,635 | |||||||||||
GATX Corp. | 2.600 | % | 03/30/20 | 897,000 | 896,189 | |||||||||||
GATX Corp. | 4.350 | % | 02/15/24 | 300,000 | 317,573 | |||||||||||
Genpact Luxembourg S.A.R.L. | 3.700 | % | 04/01/22 | 1,100,000 | 1,108,522 | |||||||||||
Moody’s Corp. | 5.500 | % | 09/01/20 | 1,000,000 | 1,035,448 | |||||||||||
MSCI, Inc. (b) | 5.750 | % | 08/15/25 | 500,000 | 525,000 | |||||||||||
S&P Global, Inc. | 3.300 | % | 08/14/20 | 750,000 | 757,843 | |||||||||||
S&P Global, Inc. | 4.000 | % | 06/15/25 | 500,000 | 542,912 | |||||||||||
7,275,959 | ||||||||||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.9% | ||||||||||||||||
AT&T, Inc. | 4.100 | % | 02/15/28 | 507,000 | 536,439 |
| Coupon | Maturity | Principal | Fair | ||||||||||||
CORPORATE BONDS — 39.7%, continued | ||||||||||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.9%, continued | ||||||||||||||||
AT&T, Inc. | 5.250 | % | 03/01/37 | $ | 500,000 | $ | 561,151 | |||||||||
AT&T, Inc. | 4.750 | % | 05/15/46 | 1,000,000 | 1,056,014 | |||||||||||
Verizon Communications, Inc. | 3.875 | % | 02/08/29 | 1,000,000 | 1,072,623 | |||||||||||
Verizon Communications, Inc. | 5.500 | % | 03/16/47 | 1,250,000 | 1,569,452 | |||||||||||
4,795,679 | ||||||||||||||||
EDUCATION — 1.1% | ||||||||||||||||
Massachusetts Institute of Technology | 3.959 | % | 07/01/38 | 1,500,000 | 1,649,862 | |||||||||||
President & Fellows of Harvard College | 3.150 | % | 07/15/46 | 2,500,000 | 2,448,089 | |||||||||||
University of Notre Dame, Series 2017 | 3.394 | % | 02/15/48 | 2,000,000 | 2,054,310 | |||||||||||
6,152,261 | ||||||||||||||||
ELECTRIC UTILITIES — 3.5% | ||||||||||||||||
Caledonia Generating LLC (b) | 1.950 | % | 02/28/22 | 303,696 | 302,644 | |||||||||||
DTE Electric Co. | 4.050 | % | 05/15/48 | 1,750,000 | 1,935,910 | |||||||||||
Electricite de France S.A. (b) | 3.625 | % | 10/13/25 | 1,250,000 | 1,321,213 | |||||||||||
Florida Power & Light Co. | 3.700 | % | 12/01/47 | 1,300,000 | 1,355,128 | |||||||||||
Georgia Power Co. | 3.250 | % | 04/01/26 | 1,000,000 | 1,012,366 | |||||||||||
Interstate Power & Light | 3.600 | % | 04/01/29 | 1,250,000 | 1,301,027 | |||||||||||
MidAmerican Energy Co. | 3.950 | % | 08/01/47 | 1,750,000 | 1,889,376 | |||||||||||
NextEra Energy Capital Holdings, Inc. | 2.700 | % | 09/15/19 | 1,250,000 | 1,249,951 | |||||||||||
Niagara Mohawk Power Corp. (b) | 4.881 | % | 08/15/19 | 840,000 | 842,201 | |||||||||||
NSTAR Electric Co. | 5.500 | % | 03/15/40 | 1,250,000 | 1,555,362 | |||||||||||
Pacificorp | 8.080 | % | 10/14/22 | 500,000 | 578,275 | |||||||||||
Pennsylvania Electric Co. | 5.200 | % | 04/01/20 | 500,000 | 508,756 | |||||||||||
Potomac Electric Power Co. | 6.500 | % | 11/15/37 | 1,000,000 | 1,374,613 | |||||||||||
Public Service Colorado | 3.700 | % | 06/15/28 | 1,750,000 | 1,887,474 | |||||||||||
San Diego Gas and Electric Co. | 4.500 | % | 08/15/40 | 841,000 | 899,717 | |||||||||||
Southern California Edison | 4.050 | % | 03/15/42 | 1,165,000 | 1,146,323 | |||||||||||
19,160,336 | ||||||||||||||||
ELECTRICAL EQUIPMENT — 0.4% | ||||||||||||||||
Johnson Controls, Inc. | 3.750 | % | 12/01/21 | 14,000 | 14,355 | |||||||||||
Legrand S.A. | 8.500 | % | 02/15/25 | 1,000,000 | 1,272,239 | |||||||||||
Thomas & Betts Corp. | 5.625 | % | 11/15/21 | 720,000 | 772,068 | |||||||||||
2,058,662 | ||||||||||||||||
FOOD & STAPLES RETAILING — 0.4% | ||||||||||||||||
Ahold Finance U.S.A., LLC, Series 2000-1, CV (a)(d) | 7.820 | % | 01/02/20 | 2,927 | 2,995 | |||||||||||
Ahold Finance U.S.A., LLC, CV | 8.620 | % | 01/02/25 | 940,987 | 1,075,884 | |||||||||||
Kroger Co. (The) | 5.000 | % | 04/15/42 | 1,000,000 | 1,041,565 | |||||||||||
2,120,444 | ||||||||||||||||
FOOD PRODUCTS — 2.4% | ||||||||||||||||
Bunge Ltd. Finance Corp. | 3.500 | % | 11/24/20 | 1,250,000 | 1,261,651 | |||||||||||
Campbell Soup Co. | 3.950 | % | 03/15/25 | 1,500,000 | 1,560,370 | |||||||||||
Cargill, Inc. (b) | 4.760 | % | 11/23/45 | 1,250,000 | 1,485,664 | |||||||||||
General Mills, Inc. | 4.000 | % | 04/17/25 | 1,500,000 | 1,595,388 | |||||||||||
J.M. Smucker Co. (The) | 3.500 | % | 03/15/25 | 1,250,000 | 1,292,937 |
See accompanying notes to financial statements.
5
Schedule of Investments, continued
Praxis Impact Bond Fund
June 30, 2019 (unaudited)
| Coupon | Maturity | Principal | Fair | ||||||||||||
CORPORATE BONDS — 39.7%, continued | ||||||||||||||||
FOOD PRODUCTS — 2.4%, continued | ||||||||||||||||
Kellogg Co. | 2.650 | % | 12/01/23 | $ | 1,000,000 | $ | 1,011,106 | |||||||||
Kraft Heinz Foods Co. | 5.375 | % | 02/10/20 | 1,000,000 | 1,016,489 | |||||||||||
Mars, Inc. (b) | 3.600 | % | 04/01/34 | 1,500,000 | 1,596,839 | |||||||||||
Mead Johnson Nutrition Co. | 3.000 | % | 11/15/20 | 1,000,000 | 1,009,035 | |||||||||||
Wm. Wrigley Jr. Co. (b) | 3.375 | % | 10/21/20 | 1,430,000 | 1,449,552 | |||||||||||
13,279,031 | ||||||||||||||||
GAS UTILITIES — 0.5% | ||||||||||||||||
Brooklyn Union Gas Co. (b) | 4.504 | % | 03/10/46 | 1,250,000 | 1,402,546 | |||||||||||
Indiana Gas Co., Inc. | 6.550 | % | 06/30/28 | 250,000 | 304,168 | |||||||||||
Laclede Group, Inc. (The) | 2.550 | % | 08/15/19 | 1,250,000 | 1,247,868 | |||||||||||
2,954,582 | ||||||||||||||||
HEALTH CARE PROVIDERS & SERVICES — 0.7% | ||||||||||||||||
CVS Health Corp. | 4.300 | % | 03/25/28 | 1,250,000 | 1,318,097 | |||||||||||
Kaiser Foundation Hospital | 3.150 | % | 05/01/27 | 1,500,000 | 1,546,544 | |||||||||||
Laboratory Corp. of America Holdings | 2.625 | % | 02/01/20 | 1,000,000 | 1,000,618 | |||||||||||
3,865,259 | ||||||||||||||||
HOTELS, RESTAURANTS & LEISURE — 0.5% | ||||||||||||||||
Hyatt Hotels Corp. | 3.375 | % | 07/15/23 | 1,000,000 | 1,021,499 | |||||||||||
Marriott International, Inc. | 3.600 | % | 04/15/24 | 727,000 | 757,739 | |||||||||||
Starbucks Corp. | 2.450 | % | 06/15/26 | 1,000,000 | 989,704 | |||||||||||
2,768,942 | ||||||||||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.6% | ||||||||||||||||
Midland Cogeneration Venture, L.P., CV (b) | 5.250 | % | 03/15/25 | 156,447 | 155,745 | |||||||||||
Midland Cogeneration Venture, L.P., CV (b) | 6.000 | % | 03/15/25 | 403,963 | 408,076 | |||||||||||
Solar Star Funding LLC (b) | 3.950 | % | 06/30/35 | 303,881 | 279,556 | |||||||||||
Solar Star Funding LLC (b) | 5.375 | % | 06/30/35 | 462,166 | 466,697 | |||||||||||
Tenaska Virginia Partners, L.P. (b) | 6.119 | % | 03/30/24 | 684,033 | 724,910 | |||||||||||
Topaz Solar Farms LLC (b) | 4.875 | % | 09/30/39 | 284,061 | 284,061 | |||||||||||
Topaz Solar Farms LLC (b) | 5.750 | % | 09/30/39 | 664,070 | 698,933 | |||||||||||
3,017,978 | ||||||||||||||||
INDUSTRIAL CONGLOMERATES — 0.2% | ||||||||||||||||
Ingersoll-Rand Global Holding Co. Ltd. | 2.900 | % | 02/21/21 | 500,000 | 503,390 | |||||||||||
Ingersoll-Rand Global Holding Co. Ltd. | 6.391 | % | 11/15/27 | 655,000 | 769,802 | |||||||||||
1,273,192 | ||||||||||||||||
INSURANCE — 4.0% | ||||||||||||||||
Aflac, Inc. | 4.000 | % | 10/15/46 | 1,058,000 | 1,101,197 | |||||||||||
American International Group, Inc. | 3.750 | % | 07/10/25 | 1,250,000 | 1,308,678 | |||||||||||
Anthem, Inc., CV | 2.500 | % | 11/21/20 | 1,500,000 | 1,502,987 | |||||||||||
Athene Global Funding (b) | 2.750 | % | 04/20/20 | 1,550,000 | 1,553,299 | |||||||||||
Fidelity National Financial, Inc. | 5.500 | % | 09/01/22 | 725,000 | 784,680 | |||||||||||
Five Corners Funding Trust (b) | 4.419 | % | 11/15/23 | 1,000,000 | 1,071,963 | |||||||||||
Horace Mann Educators Corp. | 4.500 | % | 12/01/25 | 1,235,000 | 1,289,081 | |||||||||||
Jackson National Life Global Funding (b) | 3.300 | % | 06/11/21 | 1,250,000 | 1,272,570 |
| Coupon | Maturity | Principal | Fair | ||||||||||||
CORPORATE BONDS — 39.7%, continued | ||||||||||||||||
INSURANCE — 4.0%, continued | ||||||||||||||||
Kemper Corp. | 4.350 | % | 02/15/25 | $ | 1,250,000 | $ | 1,307,891 | |||||||||
Liberty Mutual Group, Inc. (b) | 4.950 | % | 05/01/22 | 1,050,000 | 1,112,050 | |||||||||||
Marsh & McLennan Cos., Inc. | 3.750 | % | 03/14/26 | 1,000,000 | 1,055,209 | |||||||||||
Met Life Global Funding | 3.600 | % | 01/11/24 | 1,750,000 | 1,847,482 | |||||||||||
OneBeacon US Holdings, Inc. | 4.600 | % | 11/09/22 | 1,000,000 | 1,034,444 | |||||||||||
Principal Financial Group, Inc., CV | 3.700 | % | 05/15/29 | 625,000 | 653,294 | |||||||||||
Prudential Financial, Inc. (a) | 5.875 | % | 09/15/42 | 500,000 | 529,245 | |||||||||||
Reinsurance Group of America, Inc., CV | 3.900 | % | 05/15/29 | 500,000 | 519,022 | |||||||||||
RLI Corp. | 4.875 | % | 09/15/23 | 1,000,000 | 1,073,134 | |||||||||||
Sammons Financial Group | 4.450 | % | 05/12/27 | 800,000 | 812,822 | |||||||||||
StanCorp Financial Group, Inc. | 5.000 | % | 08/15/22 | 1,250,000 | 1,311,912 | |||||||||||
W.R. Berkley Corp. | 6.150 | % | 08/15/19 | 710,000 | 712,751 | |||||||||||
21,853,711 | ||||||||||||||||
IT SERVICES — 0.7% | ||||||||||||||||
Broadridge Financial Solutions, Inc. | 3.950 | % | 09/01/20 | 1,000,000 | 1,016,595 | |||||||||||
Fiserv, Inc. | 2.700 | % | 06/01/20 | 1,000,000 | 1,002,014 | |||||||||||
IBM Corp. | 3.300 | % | 05/15/26 | 1,000,000 | 1,036,613 | |||||||||||
Xerox Corp. | 4.070 | % | 03/17/22 | 750,000 | 754,688 | |||||||||||
3,809,910 | ||||||||||||||||
LIFE SCIENCES TOOLS & SERVICES — 0.2% | ||||||||||||||||
Agilent Technologies, Inc. | 3.875 | % | 07/15/23 | 1,250,000 | 1,307,433 | |||||||||||
MACHINERY — 0.4% | ||||||||||||||||
Illinois Tool Works, Inc. | 3.900 | % | 09/01/42 | 1,000,000 | 1,090,717 | |||||||||||
Pall Corp. | 5.000 | % | 06/15/20 | 1,000,000 | 1,024,437 | |||||||||||
2,115,154 | ||||||||||||||||
MEDIA — 0.4% | ||||||||||||||||
Comcast Corp. | 4.750 | % | 03/01/44 | 500,000 | 583,106 | |||||||||||
Discovery Communications, Inc. | 2.800 | % | 06/15/20 | 1,000,000 | 1,002,001 | |||||||||||
Time Warner Cable, Inc. | 4.500 | % | 09/15/42 | 500,000 | 467,203 | |||||||||||
2,052,310 | ||||||||||||||||
METALS & MINING — 0.5% | ||||||||||||||||
Newcrest Finance Property Ltd. (b) | 4.450 | % | 11/15/21 | 1,000,000 | 1,037,308 | |||||||||||
Nucor Corp. | 4.125 | % | 09/15/22 | 665,000 | 701,394 | |||||||||||
Reliance Steel & Aluminum Co. | 4.500 | % | 04/15/23 | 1,105,000 | 1,160,214 | |||||||||||
2,898,916 | ||||||||||||||||
MULTI-LINE RETAIL — 0.0% (c) | ||||||||||||||||
Macy’s Retail Holdings, Inc. | 9.500 | % | 04/15/21 | 180,000 | 189,753 | |||||||||||
MULTI-UTILITIES — 1.4% | ||||||||||||||||
Avangrid, Inc. | 3.150 | % | 12/01/24 | 1,800,000 | 1,835,323 | |||||||||||
Duke Energy LLC | 3.450 | % | 03/15/29 | 1,250,000 | 1,317,900 | |||||||||||
Oneok Partners, L.P. | 4.900 | % | 03/15/25 | 1,042,000 | 1,132,746 | |||||||||||
Puget Energy, Inc. | 5.625 | % | 07/15/22 | 750,000 | 804,621 | |||||||||||
Puget Sound Energy, Inc. | 4.223 | % | 06/15/48 | 1,000,000 | 1,117,571 |
See accompanying notes to financial statements.
6
Schedule of Investments, continued
Praxis Impact Bond Fund
June 30, 2019 (unaudited)
| Coupon | Maturity | Principal | Fair | ||||||||||||
CORPORATE BONDS — 39.7%, continued | ||||||||||||||||
MULTI-UTILITIES — 1.4%, continued | ||||||||||||||||
Westar Energy, Inc. | 2.550 | % | 07/01/26 | $ | 1,260,000 | $ | 1,245,611 | |||||||||
7,453,772 | ||||||||||||||||
OIL, GAS & CONSUMABLE FUELS — 0.2% | ||||||||||||||||
ConocoPhillips Holdings Co. | 6.950 | % | 04/15/29 | 1,000,000 | 1,344,568 | |||||||||||
PAPER & FOREST PRODUCTS — 0.3% | ||||||||||||||||
Fibria Overseas Finance Ltd. | 5.500 | % | 01/17/27 | 800,000 | 857,208 | |||||||||||
Klabin Finance S.A. (b) | 4.875 | % | 09/19/27 | 750,000 | 764,063 | |||||||||||
1,621,271 | ||||||||||||||||
PHARMACEUTICALS — 0.6% | ||||||||||||||||
AbbVie, Inc. | 2.500 | % | 05/14/20 | 1,000,000 | 999,905 | |||||||||||
AstraZeneca Wilmington | 7.000 | % | 11/15/23 | 1,100,000 | 1,286,289 | |||||||||||
Zoetis, Inc. | 3.250 | % | 02/01/23 | 1,200,000 | 1,224,775 | |||||||||||
3,510,969 | ||||||||||||||||
PIPELINES — 0.5% | ||||||||||||||||
Columbia Pipeline Group, Inc. | 3.300 | % | 06/01/20 | 850,000 | 855,730 | |||||||||||
Florida Gas Transmission Co. LLC (b) | 4.350 | % | 07/15/25 | 1,000,000 | 1,070,191 | |||||||||||
Northern Natural Gas Co. (b) | 4.100 | % | 09/15/42 | 1,000,000 | 1,019,787 | |||||||||||
2,945,708 | ||||||||||||||||
PROFESSIONAL SERVICES — 0.2% | ||||||||||||||||
Verisk Analytics, Inc. | 5.800 | % | 05/01/21 | 960,000 | 1,018,183 | |||||||||||
PUBLISHING — 0.2% | ||||||||||||||||
RELX Capital, Inc. | 3.500 | % | 03/16/23 | 1,200,000 | 1,239,249 | |||||||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.5% | ||||||||||||||||
Alexandria Real Estate Equities, Inc. | 4.000 | % | 01/15/24 | 1,500,000 | 1,586,615 | |||||||||||
Boston Properties, L.P. | 4.500 | % | 12/01/28 | 1,250,000 | 1,387,787 | |||||||||||
Digital Realty Trust, L.P. | 3.950 | % | 07/01/22 | 1,250,000 | 1,302,747 | |||||||||||
ERP Operating, L.P. | 4.150 | % | 12/01/28 | 1,250,000 | 1,382,603 | |||||||||||
Regency Centers, L.P. | 3.750 | % | 06/15/24 | 1,000,000 | 1,041,642 | |||||||||||
Vornado Realty, L.P. | 3.500 | % | 01/15/25 | 567,000 | 578,735 | |||||||||||
Welltower, Inc. | 5.250 | % | 01/15/22 | 1,000,000 | 1,063,497 | |||||||||||
8,343,626 | ||||||||||||||||
ROAD & RAIL — 1.1% | ||||||||||||||||
Burlington Northern Santa Fe LLC | 7.160 | % | 01/02/20 | 73,951 | 75,592 | |||||||||||
Burlington Northern Santa Fe LLC | 5.750 | % | 05/01/40 | 1,000,000 | 1,318,091 | |||||||||||
Kansas City Southern | 2.350 | % | 05/15/20 | 500,000 | 498,959 | |||||||||||
Norfolk Southern Corp. | 4.837 | % | 10/01/41 | 1,000,000 | 1,158,006 | |||||||||||
Norfolk Southern Corp. | 4.150 | % | 02/28/48 | 500,000 | 537,246 | |||||||||||
Ryder System, Inc. | 2.650 | % | 03/02/20 | 455,000 | 455,317 | |||||||||||
Ryder System, Inc. | 2.500 | % | 05/11/20 | 795,000 | 794,730 | |||||||||||
TTX Co. (b) | 2.600 | % | 06/15/20 | 1,000,000 | 1,000,656 | |||||||||||
TTX Co. | 4.600 | % | 02/01/49 | 280,000 | 320,412 | |||||||||||
6,159,009 | ||||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.7% | ||||||||||||||||
Intel Corp. | 3.734 | % | 12/08/47 | 1,361,000 | 1,423,224 | |||||||||||
KLA-Tencor Corp. | 3.375 | % | 11/01/19 | 600,000 | 601,107 |
| Coupon | Maturity | Principal | Fair | ||||||||||||
CORPORATE BONDS — 39.7%, continued | ||||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.7%, continued | ||||||||||||||||
KLA-Tencor Corp. | 4.125 | % | 11/01/21 | $ | 500,000 | $ | 517,719 | |||||||||
Lam Research Corp. | 2.750 | % | 03/15/20 | 1,000,000 | 1,000,879 | |||||||||||
Maxim Integrated Products, Inc. | 3.375 | % | 03/15/23 | 500,000 | 510,367 | |||||||||||
4,053,296 | ||||||||||||||||
SHIPPING — 0.1% | ||||||||||||||||
FedEx Corp. | 3.400 | % | 01/14/22 | 500,000 | 512,613 | |||||||||||
SOFTWARE — 0.4% | ||||||||||||||||
Microsoft Corp. | 4.450 | % | 11/03/45 | 2,000,000 | 2,398,503 | |||||||||||
SPECIALTY RETAIL — 0.7% | ||||||||||||||||
Advanced Auto Parts, Inc. | 4.500 | % | 01/15/22 | 402,000 | 417,824 | |||||||||||
Gap, Inc. (The) | 5.950 | % | 04/12/21 | 1,000,000 | 1,044,378 | |||||||||||
Lowe’s Cos., Inc. | 4.650 | % | 04/15/42 | 1,000,000 | 1,067,827 | |||||||||||
O’Reilly Automotive, Inc. | 3.800 | % | 09/01/22 | 1,000,000 | 1,038,486 | |||||||||||
3,568,515 | ||||||||||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.5% | ||||||||||||||||
Apple, Inc. | 2.850 | % | 02/23/23 | 1,250,000 | 1,279,984 | |||||||||||
Apple, Inc. | 3.000 | % | 06/20/27 | 1,000,000 | 1,024,806 | |||||||||||
Seagate HDD Cayman | 4.250 | % | 03/01/22 | 305,000 | 310,173 | |||||||||||
2,614,963 | ||||||||||||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.1% | ||||||||||||||||
Hanesbrands, Inc. (b) | 4.625 | % | 05/15/24 | 500,000 | 519,100 | |||||||||||
TRANSPORTATION SERVICES — 0.4% | ||||||||||||||||
ERAC USA Finance LLC | 2.700 | % | 11/01/23 | 1,250,000 | 1,252,251 | |||||||||||
Mexico City Airport Trust (b) | 4.250 | % | 10/31/26 | 497,000 | 494,266 | |||||||||||
Penske Truck Leasing | 3.450 | % | 07/01/24 | 500,000 | 515,236 | |||||||||||
2,261,753 | ||||||||||||||||
TOTAL CORPORATE BONDS (COST $208,863,592) | 218,461,660 | |||||||||||||||
CORPORATE NOTES — 1.0% | ||||||||||||||||
COMMUNITY DEVELOPMENT — 1.0% | ||||||||||||||||
Calvert Social Investment Foundation, Inc. (d) | 1.500 | % | 06/15/20 | 850,000 | 839,289 | |||||||||||
Calvert Social Investment Foundation, Inc. (d) | 2.000 | % | 06/15/22 | 980,000 | 962,973 | |||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 06/15/23 | 1,650,000 | 1,657,963 | |||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 12/15/23 | 950,000 | 954,517 | |||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 06/17/24 | 980,000 | 981,460 | |||||||||||
TOTAL CORPORATE NOTES (COST $5,410,000) | 5,396,202 | |||||||||||||||
FOREIGN GOVERNMENTS — 8.7% | ||||||||||||||||
FOREIGN AGENCY — 3.4% | ||||||||||||||||
Banco Nacional de Costa Rica (b) | 5.875 | % | 04/25/21 | 325,000 | 331,500 | |||||||||||
Bank Nederlandse Gemeenten (b) | 1.625 | % | 11/25/19 | 1,500,000 | 1,496,160 | |||||||||||
Bank Nederlandse Gemeenten (b) | 2.125 | % | 12/14/20 | 1,500,000 | 1,503,390 | |||||||||||
BNG Bank N.V. (b) | 3.125 | % | 11/08/21 | 1,500,000 | 1,541,810 |
See accompanying notes to financial statements.
7
Schedule of Investments, continued
Praxis Impact Bond Fund
June 30, 2019 (unaudited)
| Coupon | Maturity | Principal | Fair | ||||||||||||
FOREIGN GOVERNMENTS — 8.7%, continued | ||||||||||||||||
FOREIGN AGENCY — 3.4%, continued | ||||||||||||||||
Export Development Canada | 1.625 | % | 06/01/20 | $ | 700,000 | $ | 697,159 | |||||||||
Export-Import Bank of Korea | 2.125 | % | 02/11/21 | 1,250,000 | 1,245,713 | |||||||||||
KFW | 1.875 | % | 11/30/20 | 1,000,000 | 999,397 | |||||||||||
KFW | 2.000 | % | 11/30/21 | 1,000,000 | 1,004,199 | |||||||||||
KFW | 2.000 | % | 09/29/22 | 1,500,000 | 1,509,923 | |||||||||||
Kommunalbanken A.S. (b) | 1.375 | % | 10/26/20 | 1,000,000 | 991,587 | |||||||||||
Kommunalbanken A.S. (b) | 2.125 | % | 02/11/25 | 1,000,000 | 1,007,800 | |||||||||||
Kommunivest I Sverige AB | 1.875 | % | 06/01/21 | 1,500,000 | 1,498,875 | |||||||||||
Korea East-West Power Co. | 3.875 | % | 07/19/23 | 147,000 | 153,961 | |||||||||||
Municipality Finance plc (b) | 1.375 | % | 09/21/21 | 1,000,000 | 988,520 | |||||||||||
Nacional Financiera SNC (b) | 3.375 | % | 11/05/20 | 1,000,000 | 1,002,260 | |||||||||||
Nederlandse Waterschapsbank N.V. | 2.125 | % | 11/15/21 | 1,500,000 | 1,508,775 | |||||||||||
Ras Laffan Liquefied Natural Gas Co. Ltd. II (b) | 5.298 | % | 09/30/20 | 166,800 | 169,632 | |||||||||||
Svensk Exportkredit AB | 1.875 | % | 06/23/20 | 1,000,000 | 997,812 | |||||||||||
18,648,473 | ||||||||||||||||
SUPRANATIONAL — 5.3% | ||||||||||||||||
African Development Bank | 3.000 | % | 12/06/21 | 1,000,000 | 1,027,780 | |||||||||||
Asian Development Bank | 1.000 | % | 08/16/19 | 1,500,000 | 1,496,985 | |||||||||||
Asian Development Bank | 2.125 | % | 03/19/25 | 1,000,000 | 1,011,777 | |||||||||||
Asian Development Bank | 3.125 | % | 09/26/28 | 1,000,000 | 1,085,942 | |||||||||||
European Bank for Reconstruction & Development | 1.875 | % | 07/15/21 | 1,500,000 | 1,501,005 | |||||||||||
European Investment Bank | 2.500 | % | 10/15/24 | 1,000,000 | 1,031,500 | |||||||||||
European Investment Bank | 2.875 | % | 06/13/25 | 1,000,000 | 1,054,500 | |||||||||||
European Investment Bank | 2.125 | % | 04/13/26 | 1,000,000 | 1,009,264 | |||||||||||
European Investment Bank | 2.375 | % | 05/24/27 | 1,000,000 | 1,029,364 | |||||||||||
Inter-American Development Bank | 3.000 | % | 09/26/22 | 2,000,000 | 2,071,987 | |||||||||||
Inter-American Development Bank | 4.375 | % | 01/24/44 | 3,000,000 | 3,873,726 | |||||||||||
International Bank for Reconstruction & Development | 2.125 | % | 03/03/25 | 500,000 | 506,455 | |||||||||||
International Bank for Reconstruction & Development | 3.125 | % | 11/20/25 | 1,000,000 | 1,068,275 | |||||||||||
International Development Association (b) | 2.750 | % | 04/24/23 | 5,000,000 | 5,166,543 | |||||||||||
International Finance Corp., Series GMTN | 1.750 | % | 03/30/20 | 3,000,000 | 2,991,698 | |||||||||||
International Finance Corp., Series GMTN | 2.000 | % | 10/24/22 | 2,000,000 | 2,012,987 | |||||||||||
Nordic Investment Bank | 2.250 | % | 09/30/21 | 1,000,000 | 1,008,501 | |||||||||||
28,948,289 | ||||||||||||||||
TOTAL FOREIGN GOVERNMENTS (COST $46,129,969) | 47,596,762 | |||||||||||||||
| Coupon | Maturity | Principal | Fair | ||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.5% | ||||||||||||||||
Commercial Mortgage Pass Through Certificates | 3.391 | % | 05/15/45 | $ | 937,424 | $ | 960,511 | |||||||||
Commercial Mortgage Pass Through Certificates | 2.853 | % | 10/15/45 | 1,000,000 | 1,009,750 | |||||||||||
OBP Depositor LLC Trust (b) | 4.646 | % | 07/15/45 | 1,040,000 | 1,051,582 | |||||||||||
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (COST $3,104,705) | 3,021,843 | |||||||||||||||
U.S. GOVERNMENT AGENCIES — 42.0% | ||||||||||||||||
FEDERAL HOME LOAN BANK — 4.5% | ||||||||||||||||
FHLB | 3.375 | % | 06/12/20 | 1,000,000 | 1,012,654 | |||||||||||
FHLB | 5.500 | % | 07/15/36 | 17,120,000 | 23,895,192 | |||||||||||
24,907,846 | ||||||||||||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION — 12.2% | ||||||||||||||||
FHLMC | 5.000 | % | 12/01/21 | 32,360 | 33,233 | |||||||||||
FHLMC | 2.375 | % | 01/13/22 | 8,460,000 | 8,584,985 | |||||||||||
FHLMC | 5.500 | % | 04/01/22 | 18,613 | 18,983 | |||||||||||
FHLMC | 4.000 | % | 11/01/24 | 253,606 | 263,422 | |||||||||||
FHLMC | 4.000 | % | 10/01/25 | 118,449 | 123,270 | |||||||||||
FHLMC | 2.875 | % | 04/25/26 | 3,000,000 | 3,089,883 | |||||||||||
FHLMC | 6.000 | % | 04/01/27 | 102,097 | 111,816 | |||||||||||
FHLMC | 2.500 | % | 10/01/27 | 674,215 | 680,613 | |||||||||||
FHLMC | 7.000 | % | 02/01/30 | 19,835 | 19,863 | |||||||||||
FHLMC | 7.500 | % | 07/01/30 | 136,021 | 154,372 | |||||||||||
FHLMC | 7.000 | % | 03/01/31 | 49,721 | 58,118 | |||||||||||
FHLMC | 6.250 | % | 07/15/32 | 10,250,000 | 14,716,373 | |||||||||||
FHLMC | 3.000 | % | 11/01/32 | 871,802 | 888,391 | |||||||||||
FHLMC | 3.000 | % | 11/01/32 | 1,257,031 | 1,280,948 | |||||||||||
FHLMC | 5.500 | % | 11/01/33 | 47,662 | 52,911 | |||||||||||
FHLMC | 4.231 | % | 05/01/34 | 63,636 | 67,228 | |||||||||||
FHLMC | 4.231 | % | 05/01/34 | 32,795 | 34,300 | |||||||||||
FHLMC | 5.000 | % | 07/01/35 | 96,687 | 105,731 | |||||||||||
FHLMC | 4.500 | % | 10/01/35 | 166,392 | 178,676 | |||||||||||
FHLMC | 5.500 | % | 03/01/36 | 46,890 | 52,067 | |||||||||||
FHLMC | 5.500 | % | 06/01/36 | 62,356 | 69,305 | |||||||||||
FHLMC | 6.000 | % | 06/01/36 | 57,250 | 63,592 | |||||||||||
FHLMC | 5.500 | % | 12/01/36 | 53,708 | 59,643 | |||||||||||
FHLMC | 6.000 | % | 08/01/37 | 32,543 | 36,870 | |||||||||||
FHLMC | 5.000 | % | 03/01/38 | 274,958 | 300,301 | |||||||||||
FHLMC | 4.500 | % | 06/01/39 | 328,474 | 353,006 | |||||||||||
FHLMC | 5.000 | % | 06/01/39 | 452,795 | 492,313 | |||||||||||
FHLMC | 4.500 | % | 07/01/39 | 337,143 | 362,285 | |||||||||||
FHLMC | 4.500 | % | 11/01/39 | 306,765 | 329,611 | |||||||||||
FHLMC | 4.500 | % | 09/01/40 | 506,143 | 543,975 | |||||||||||
FHLMC | 4.500 | % | 05/01/41 | 971,450 | 1,044,065 | |||||||||||
FHLMC | 4.500 | % | 07/01/41 | 989,327 | 1,063,177 | |||||||||||
FHLMC | 5.000 | % | 09/01/41 | 421,711 | 458,604 | |||||||||||
FHLMC | 3.500 | % | 10/01/41 | 648,839 | 670,980 | |||||||||||
FHLMC | 4.000 | % | 10/01/41 | 511,156 | 539,432 | |||||||||||
FHLMC | 3.500 | % | 02/01/42 | 949,185 | 985,988 | |||||||||||
FHLMC | 4.000 | % | 02/01/42 | 281,337 | 296,900 | |||||||||||
FHLMC | 3.500 | % | 06/01/42 | 1,144,156 | 1,188,626 | |||||||||||
FHLMC | 3.500 | % | 06/01/42 | 1,092,242 | 1,134,694 | |||||||||||
FHLMC | 3.500 | % | 08/01/42 | 1,189,223 | 1,235,447 |
See accompanying notes to financial statements.
8
Schedule of Investments, continued
Praxis Impact Bond Fund
June 30, 2019 (unaudited)
| Coupon | Maturity | Principal | Fair | ||||||||||||
U.S. GOVERNMENT AGENCIES — 42.0%, continued | ||||||||||||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION — 12.2%, continued | ||||||||||||||||
FHLMC | 3.000 | % | 11/01/42 | $ | 1,912,470 | $ | 1,946,596 | |||||||||
FHLMC | 3.000 | % | 01/01/43 | 1,154,967 | 1,175,584 | |||||||||||
FHLMC | 3.000 | % | 05/01/43 | 1,642,332 | 1,671,653 | |||||||||||
FHLMC | 3.500 | % | 10/01/44 | 1,451,547 | 1,503,775 | |||||||||||
FHLMC | 3.500 | % | 11/01/44 | 1,316,552 | 1,362,435 | |||||||||||
FHLMC | 3.500 | % | 04/01/45 | 1,588,109 | 1,638,982 | |||||||||||
FHLMC | 3.000 | % | 05/01/46 | 2,307,409 | 2,339,807 | |||||||||||
FHLMC | 3.000 | % | 12/01/46 | 4,082,990 | 4,145,793 | |||||||||||
FHLMC | 3.500 | % | 03/01/48 | 4,534,501 | 4,707,341 | |||||||||||
FHLMC | 3.500 | % | 03/01/49 | 4,864,924 | 4,984,344 | |||||||||||
67,220,307 | ||||||||||||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 22.1% | ||||||||||||||||
FNMA | 7.000 | % | 11/01/19 | 281 | 281 | |||||||||||
FNMA | 7.000 | % | 11/01/19 | 49 | 49 | |||||||||||
FNMA | 3.500 | % | 07/01/20 | 31,695 | 32,716 | |||||||||||
FNMA | 1.875 | % | 04/05/22 | 9,500,000 | 9,517,028 | |||||||||||
FNMA | 5.500 | % | 06/01/22 | 34,894 | 35,773 | |||||||||||
FNMA | 2.890 | % | 07/01/22 | 2,333,759 | 2,368,829 | |||||||||||
FNMA | 2.000 | % | 10/05/22 | 3,500,000 | 3,524,494 | |||||||||||
FNMA | 2.190 | % | 01/01/23 | 1,944,367 | 1,947,785 | |||||||||||
FNMA | 2.375 | % | 01/19/23 | 4,500,000 | 4,588,448 | |||||||||||
FNMA | 2.670 | % | 12/01/23 | 2,392,914 | 2,455,109 | |||||||||||
FNMA | 2.646 | % | 07/25/24 | 3,000,000 | 3,048,987 | |||||||||||
FNMA | 2.625 | % | 09/06/24 | 5,750,000 | 5,966,909 | |||||||||||
FNMA | 2.890 | % | 12/01/24 | 4,000,000 | 4,092,743 | |||||||||||
FNMA | 3.080 | % | 12/01/24 | 2,301,963 | 2,399,966 | |||||||||||
FNMA | 2.710 | % | 01/01/25 | 4,500,000 | 4,563,179 | |||||||||||
FNMA | 5.000 | % | 04/01/25 | 74,297 | 78,529 | |||||||||||
FNMA | 5.000 | % | 07/01/25 | 57,195 | 60,452 | |||||||||||
FNMA | 3.500 | % | 10/01/25 | 126,961 | 131,048 | |||||||||||
FNMA | 5.000 | % | 10/01/25 | 76,240 | 80,582 | |||||||||||
FNMA | 5.500 | % | 11/01/25 | 23 | 24 | |||||||||||
FNMA | 4.000 | % | 03/01/26 | 466,229 | 486,169 | |||||||||||
FNMA | 2.125 | % | 04/24/26 | 2,000,000 | 2,014,565 | |||||||||||
FNMA | 8.500 | % | 09/01/26 | 10,848 | 10,986 | |||||||||||
FNMA | 2.878 | % | 09/25/26 | 1,826,722 | 1,879,114 | |||||||||||
FNMA | 2.746 | % | 04/25/27 | 958,541 | 979,519 | |||||||||||
FNMA | 2.500 | % | 09/01/27 | 811,349 | 818,576 | |||||||||||
FNMA | 2.500 | % | 11/01/27 | 1,190,162 | 1,200,785 | |||||||||||
FNMA | 3.044 | % | 11/25/27 | 1,305,267 | 1,369,497 | |||||||||||
FNMA | 2.500 | % | 01/01/28 | 803,681 | 810,857 | |||||||||||
FNMA | 3.325 | % | 06/25/28 | 2,000,000 | 2,127,788 | |||||||||||
FNMA | 6.625 | % | 11/15/30 | 8,300,000 | 11,866,243 | |||||||||||
FNMA | 2.000 | % | 01/01/32 | 2,699,738 | 2,673,223 | |||||||||||
FNMA | 3.000 | % | 12/01/32 | 1,280,310 | 1,303,880 | |||||||||||
FNMA | 6.000 | % | 10/01/33 | 39,114 | 44,099 | |||||||||||
FNMA | 5.500 | % | 02/01/34 | 49,227 | 54,626 | |||||||||||
FNMA (12MO LIBOR + 1.645) | 4.520 | % | 05/01/34 | 13,625 | 14,133 | |||||||||||
FNMA | 4.716 | % | 05/01/34 | 40,373 | 42,472 | |||||||||||
FNMA | 6.000 | % | 11/01/34 | 112,331 | 127,362 | |||||||||||
FNMA | 5.500 | % | 01/01/35 | 62,909 | 69,735 | |||||||||||
FNMA | 5.000 | % | 10/01/35 | 97,868 | 106,909 | |||||||||||
FNMA | 5.500 | % | 10/01/35 | 127,157 | 141,248 | |||||||||||
FNMA | 6.000 | % | 10/01/35 | 66,004 | 74,818 | |||||||||||
FNMA | 5.500 | % | 06/01/36 | 35,902 | 39,779 | |||||||||||
FNMA | 6.000 | % | 06/01/36 | 36,644 | 41,485 |
| Coupon | Maturity | Principal | Fair | ||||||||||||
U.S. GOVERNMENT AGENCIES — 42.0%, continued | ||||||||||||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 22.1%, continued | ||||||||||||||||
FNMA | 5.500 | % | 11/01/36 | $ | 42,399 | $ | 46,965 | |||||||||
FNMA (12MO LIBOR + 1.631) | 4.576 | % | 05/01/37 | 28,265 | 29,507 | |||||||||||
FNMA | 5.625 | % | 07/15/37 | 2,750,000 | 3,877,638 | |||||||||||
FNMA | 4.500 | % | 09/01/40 | 300,719 | 322,976 | |||||||||||
FNMA | 4.500 | % | 10/01/40 | 303,310 | 325,771 | |||||||||||
FNMA | 4.000 | % | 12/01/40 | 781,628 | 824,208 | |||||||||||
FNMA | 4.000 | % | 01/01/41 | 526,142 | 554,892 | |||||||||||
FNMA | 3.500 | % | 02/01/41 | 796,106 | 821,818 | |||||||||||
FNMA | 4.000 | % | 10/01/41 | 451,520 | 476,196 | |||||||||||
FNMA | 4.000 | % | 11/01/41 | 447,285 | 471,729 | |||||||||||
FNMA | 4.000 | % | 12/01/41 | 1,103,060 | 1,163,233 | |||||||||||
FNMA | 4.000 | % | 12/01/41 | 597,266 | 629,908 | |||||||||||
FNMA | 4.000 | % | 01/01/42 | 1,376,272 | 1,456,577 | |||||||||||
FNMA | 3.500 | % | 05/01/42 | 958,955 | 995,609 | |||||||||||
FNMA | 3.000 | % | 06/01/42 | 1,579,916 | 1,607,119 | |||||||||||
FNMA | 3.000 | % | 08/01/42 | 1,320,835 | 1,343,592 | |||||||||||
FNMA | 3.000 | % | 08/01/42 | 1,369,935 | 1,393,536 | |||||||||||
FNMA | 3.500 | % | 12/01/42 | 1,493,857 | 1,550,959 | |||||||||||
FNMA | 3.000 | % | 06/01/43 | 1,374,236 | 1,397,889 | |||||||||||
FNMA | 4.000 | % | 12/01/44 | 1,884,530 | 1,996,631 | |||||||||||
FNMA | 3.500 | % | 05/01/45 | 1,887,359 | 1,965,376 | |||||||||||
FNMA | 3.000 | % | 04/01/46 | 2,255,969 | 2,286,239 | |||||||||||
FNMA | 3.500 | % | 11/01/46 | 3,530,645 | 3,641,440 | |||||||||||
FNMA | 4.000 | % | 10/01/48 | 4,565,782 | 4,717,906 | |||||||||||
FNMA | 4.000 | % | 11/01/48 | 4,754,117 | 5,037,198 | |||||||||||
FNMA | 3.500 | % | 05/01/49 | 3,957,108 | 4,050,133 | |||||||||||
FNMA | 4.000 | % | 06/01/49 | 4,974,203 | 5,150,270 | |||||||||||
121,326,114 | ||||||||||||||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.1% | ||||||||||||||||
GNMA | 7.000 | % | 12/20/30 | 18,049 | 20,871 | |||||||||||
GNMA | 7.000 | % | 10/20/31 | 13,281 | 15,693 | |||||||||||
GNMA | 7.000 | % | 03/20/32 | 49,413 | 58,525 | |||||||||||
GNMA | 3.375 | % | 01/20/34 | 41,926 | 43,605 | |||||||||||
GNMA | 5.500 | % | 10/20/38 | 9,914 | 10,259 | |||||||||||
GNMA | 6.500 | % | 11/20/38 | 9,104 | 10,493 | |||||||||||
GNMA | 2.250 | % | 04/16/42 | 302,078 | 301,227 | |||||||||||
460,673 | ||||||||||||||||
OVERSEAS PRIVATE INVESTMENT CORPORATION — 0.9% | ||||||||||||||||
OPIC | 0.000 | % | 06/21/23 | 1,000,000 | 1,000,000 | |||||||||||
OPIC | 3.280 | % | 09/15/29 | 1,036,059 | 1,087,062 | |||||||||||
OPIC | 3.540 | % | 06/15/30 | 647,067 | 690,108 | |||||||||||
OPIC | 3.520 | % | 09/20/32 | 946,429 | 1,012,569 | |||||||||||
OPIC | 3.820 | % | 06/01/33 | 887,830 | 970,948 | |||||||||||
4,760,687 | ||||||||||||||||
SMALL BUSINESS ADMINISTRATION — 0.0% (c) | ||||||||||||||||
SBA (Prime - 265) | 2.850 | % | 02/25/32 | 197,664 | 197,000 | |||||||||||
UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 2.0% | ||||||||||||||||
Ukraine Government AID Bond | 1.847 | % | 05/29/20 | 1,000,000 | 1,001,256 | |||||||||||
Hashemite Kingdom of Jordan AID Bond | 2.503 | % | 10/30/20 | 5,000,000 | 5,038,541 | |||||||||||
Ukraine Government AID Bond | 1.471 | % | 09/29/21 | 2,000,000 | 1,984,912 | |||||||||||
Iraq Aid | 2.149 | % | 01/18/22 | 1,500,000 | 1,510,113 |
See accompanying notes to financial statements.
9
Schedule of Investments, continued
Praxis Impact Bond Fund
June 30, 2019 (unaudited)
| Coupon | Maturity | Principal | Fair | ||||||||||||
U.S. GOVERNMENT AGENCIES — 42.0%, continued | ||||||||||||||||
UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 2.0%, continued | ||||||||||||||||
Hashemite Kingdom of Jordan AID Bond | 3.000 | % | 06/30/25 | $ | 1,450,000 | $ | 1,522,481 | |||||||||
11,057,303 | ||||||||||||||||
UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT — 0.2% | ||||||||||||||||
United States Department of Housing and Urban Development | 2.350 | % | 08/01/21 | 1,000,000 | 1,009,194 | |||||||||||
TOTAL U.S. GOVERNMENT AGENCIES (COST $222,853,995) | 230,939,124 |
Shares | Fair | |||||||
MONEY MARKET FUNDS — 3.0% | ||||||||
First American Government Obligations Fund - Class X, 2.30% (e) (COST $16,524,875) | 16,524,875 | $ | 16,524,875 | |||||
INVESTMENT COMPANIES — 0.6% | ||||||||
Pax High Yield Bond Fund - Institutional Shares (COST $4,199,236) | 530,984 | $ | 3,520,422 | |||||
TOTAL INVESTMENTS - (COST $527,225,695) — 99.2% | $ | 545,879,451 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.8% | 4,216,133 | |||||||
NET ASSETS — 100.0% | $ | 550,095,584 |
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 2019. 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. |
(b) | 144a security may only be resold to qualified institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. At June 30, 2019, these securities were valued at $48,233,551 or 8.8% of net assets. |
(c) | Percentage rounds to less than 0.1%. |
(d) | Restricted and illiquid securities not registered under the Securities Act of 1933 are as follows: |
Acquisition | Current | Fair | % of Net | |||||||||||||
Ahold Finance U.S.A., LLC, Series 2000-1, CV | 04/12/12 | $ | 2,949 | $ | 2,995 | 0.0 | %(c) | |||||||||
Calvert Social Investment Foundation, Inc. 1.50%, 06/15/20 | 06/15/17 | $ | 850,000 | $ | 839,289 | 0.1 | % | |||||||||
Calvert Social Investment Foundation, Inc. 2.00%, 06/15/22 | 06/17/19 | 980,000 | 962,973 | 0.2 | % | |||||||||||
Calvert Social Investment Foundation, Inc. 3.00%, 06/15/23 | 06/18/18 | 1,650,000 | 1,657,963 | 0.3 | % | |||||||||||
Calvert Social Investment Foundation, Inc. 3.00%, 12/15/23 | 12/17/18 | 950,000 | 954,517 | 0.2 | % | |||||||||||
Calvert Social Investment Foundation, Inc. 3.00%, 06/17/24 | 06/17/19 | 980,000 | 981,460 | 0.2 | % | |||||||||||
$ | 5,412,949 | $ | 5,399,197 | 1.0 | % |
(e) | The rate shown is the 7-day effective yield as of June 30, 2019. |
plc | — Public Liability Company |
CV | — Convertible Security |
T | — U.S. Treasury 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 |
GMTN | — Global Medium-Term Note |
See accompanying notes to financial statements.
10
Schedule of Investments
Praxis International Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 97.4% | ||||||||
AUSTRALIA — 4.5% | ||||||||
BANKS — 1.6% | ||||||||
Australia & New Zealand Banking Group Ltd. (a) | 6,107 | $ | 121,220 | |||||
Australia & New Zealand Banking Group Ltd. - ADR | 36,061 | 715,450 | ||||||
Commonwealth Bank of Australia (a) | 21,512 | 1,251,752 | ||||||
Commonwealth Bank of Australia - ADR | 1,887 | 109,805 | ||||||
National Australia Bank Ltd. (a) | 12,131 | 227,870 | ||||||
National Australia Bank Ltd. - ADR | 63,688 | 599,304 | ||||||
Westpac Banking Corp. (a) | 4,794 | 95,546 | ||||||
Westpac Banking Corp. - ADR | 68,899 | 1,373,157 | ||||||
4,494,104 | ||||||||
BIOTECHNOLOGY — 0.5% | ||||||||
CSL Ltd. (a) | 3,640 | 551,183 | ||||||
CSL Ltd. - ADR | 10,704 | 811,149 | ||||||
1,362,332 | ||||||||
CAPITAL MARKETS — 0.3% | ||||||||
Macquarie Group Ltd. (a) | 7,209 | 635,878 | ||||||
Macquarie Group Ltd. - ADR | 2,747 | 241,736 | ||||||
877,614 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 0.1% | ||||||||
AMP Ltd. (a) | 152,182 | 227,008 | ||||||
FOOD & STAPLES RETAILING — 0.5% | ||||||||
Coles Group Ltd. (a) (b) | 22,877 | 214,795 | ||||||
Wesfarmers Ltd. (a) | 22,877 | 581,538 | ||||||
Woolworths Group Ltd. (a) | 27,413 | 640,126 | ||||||
1,436,459 | ||||||||
GAS UTILITIES — 0.2% | ||||||||
APA Group (a) | 53,069 | 402,439 | ||||||
INSURANCE — 0.2% | ||||||||
Suncorp Group Ltd. (a) | 46,152 | 437,040 | ||||||
METALS & MINING — 0.5% | ||||||||
Alumina Ltd. (a) | 40,277 | 66,113 | ||||||
Alumina Ltd. - ADR | 41,858 | 272,914 | ||||||
BlueScope Steel Ltd. (a) | 41,286 | 351,053 | ||||||
Fortescue Metals Group Ltd. (a) | 112,767 | 717,151 | ||||||
1,407,231 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 0.4% | ||||||||
Caltex Australia Ltd. (a) | 17,687 | 307,881 | ||||||
Origin Energy Ltd. (a) | 57,852 | 297,481 | ||||||
Woodside Petroleum Ltd. (a) | 18,241 | 467,855 | ||||||
Woodside Petroleum Ltd. - ADR | 5,235 | 133,178 | ||||||
1,206,395 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 0.2% | ||||||||
Transurban Group (a) | 62,866 | 650,940 | ||||||
TOTAL AUSTRALIA | 12,501,562 | |||||||
AUSTRIA — 0.4% | ||||||||
BANKS — 0.2% | ||||||||
Erste Group Bank AG (a) | 5,112 | 189,581 | ||||||
Erste Group Bank AG - ADR | 12,078 | 223,322 | ||||||
412,903 |
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
AUSTRIA — 0.4%, continued | ||||||||
METALS & MINING — 0.1% | ||||||||
voestalpine AG (a) | 12,224 | $ | 377,915 | |||||
OIL, GAS & CONSUMABLE FUELS — 0.1% | ||||||||
OMV AG (a) | 7,717 | 376,176 | ||||||
TOTAL AUSTRIA | 1,166,994 | |||||||
BELGIUM — 0.4% | ||||||||
FOOD & STAPLES RETAILING — 0.2% | ||||||||
Colruyt S.A. (a) | 8,334 | 483,838 | ||||||
PHARMACEUTICALS — 0.2% | ||||||||
UCB S.A. (a) | 6,260 | 519,533 | ||||||
TOTAL BELGIUM | 1,003,371 | |||||||
BERMUDA — 0.9% | ||||||||
BANKS — 0.3% | ||||||||
Credicorp Ltd. | 3,759 | 860,473 | ||||||
ELECTRIC UTILITIES — 0.1% | ||||||||
CK Infrastructure Holdings Ltd. (a) | 41,518 | 338,392 | ||||||
HOUSEHOLD DURABLES — 0.3% | ||||||||
Haier Electronics Group Co. (a) (b) | 243,000 | 674,296 | ||||||
INDUSTRIAL CONGLOMERATES — 0.2% | ||||||||
Jardine Matheson Holdings Ltd. (a) | 4,751 | 299,660 | ||||||
Jardine Matheson Holdings Ltd. - ADR | 3,618 | 228,838 | ||||||
528,498 | ||||||||
TOTAL BERMUDA | 2,401,659 | |||||||
BRAZIL — 1.4% | ||||||||
BANKS — 0.7% | ||||||||
Banco Bradesco S.A. - ADR | 119,323 | 1,171,752 | ||||||
Banco Santander Brasil S.A. - ADR | 54,398 | 645,704 | ||||||
1,817,456 | ||||||||
CHEMICALS — 0.1% | ||||||||
Braskem S.A. - ADR (b) | 13,840 | 253,549 | ||||||
OIL, GAS & CONSUMABLE FUELS — 0.6% | ||||||||
Petroleo Brasileiro S.A. - ADR | 82,724 | 1,288,013 | ||||||
Ultrapar Participacoes S.A. - ADR | 65,642 | 343,964 | ||||||
1,631,977 | ||||||||
PAPER & FOREST PRODUCTS — 0.0% (c) | ||||||||
Suzano S.A. | 6,328 | 107,766 | ||||||
TOTAL BRAZIL | 3,810,748 | |||||||
CANADA — 6.5% | ||||||||
AUTO COMPONENTS — 0.2% | ||||||||
Magna International, Inc. | 13,069 | 649,529 | ||||||
BANKS — 1.5% | ||||||||
Bank of Montreal | 7,625 | 575,306 | ||||||
Bank of Nova Scotia (The) | 12,180 | 661,983 | ||||||
Canadian Imperial Bank of Commerce | 6,759 | 530,987 | ||||||
Royal Bank of Canada | 17,137 | 1,360,678 |
See accompanying notes to financial statements.
11
Schedule of Investments, continued
Praxis International Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
CANADA — 6.5%, continued | ||||||||
BANKS — 1.5%, continued | ||||||||
Toronto-Dominion Bank (The) | 18,968 | $ | 1,106,972 | |||||
4,235,926 | ||||||||
CHEMICALS — 0.4% | ||||||||
Methanex Corp. | 7,519 | 341,814 | ||||||
Nutrien Ltd. | 13,301 | 711,072 | ||||||
1,052,886 | ||||||||
INSURANCE — 0.4% | ||||||||
Manulife Financial Corp. | 30,520 | 554,854 | ||||||
Sun Life Financial, Inc. | 11,714 | 484,491 | ||||||
1,039,345 | ||||||||
IT SERVICES — 0.3% | ||||||||
CGI, Inc. (b) | 9,434 | 724,248 | ||||||
MEDIA — 0.2% | ||||||||
Shaw Communications, Inc. - Class B | 21,893 | 446,179 | ||||||
METALS & MINING — 0.5% | ||||||||
Agnico Eagle Mines Ltd. | 12,148 | 622,464 | ||||||
Teck Resources Ltd. - Class B | 28,969 | 668,025 | ||||||
1,290,489 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 1.4% | ||||||||
Cenovus Energy, Inc. | 48,441 | 427,250 | ||||||
Enbridge, Inc. | 38,707 | 1,396,548 | ||||||
Encana Corp. | 50,696 | 260,070 | ||||||
Suncor Energy, Inc. | 58,123 | 1,811,113 | ||||||
3,894,981 | ||||||||
PROFESSIONAL SERVICES — 0.1% | ||||||||
Thomson Reuters Corp. | 6,365 | 410,288 | ||||||
ROAD & RAIL — 0.7% | ||||||||
Canadian National Railway Co. | 16,941 | 1,566,704 | ||||||
Canadian Pacific Railway Ltd. | 2,233 | 525,291 | ||||||
2,091,995 | ||||||||
SOFTWARE �� 0.2% | ||||||||
Open Text Corp. | 14,935 | 615,322 | ||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.4% | ||||||||
Gildan Activewear, Inc. | 25,642 | 991,833 | ||||||
WIRELESS TELECOMMUNICATION SERVICES — 0.2% | ||||||||
Rogers Communications, Inc. - Class B | 12,894 | 690,087 | ||||||
TOTAL CANADA | 18,133,108 | |||||||
CAYMAN ISLANDS — 5.2% | ||||||||
DIVERSIFIED CONSUMER SERVICES — 0.5% | ||||||||
New Oriental Education & Technology Group, Inc. - ADR (b) | 7,334 | 708,318 | ||||||
TAL Education Group - ADR (b) | 17,340 | 660,654 | ||||||
1,368,972 | ||||||||
ENTERTAINMENT — 0.2% | ||||||||
NetEase, Inc. - ADR | 2,394 | 612,313 | ||||||
GAS UTILITIES — 0.2% | ||||||||
ENN Energy Holdings Ltd. (a) | 50,000 | 486,591 | ||||||
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
CAYMAN ISLANDS — 5.2%, continued | ||||||||
INDUSTRIAL CONGLOMERATES — 0.3% | ||||||||
CK Hutchison Holdings Ltd. (a) | 53,500 | $ | 527,723 | |||||
CK Hutchison Holdings Ltd. - ADR | 28,954 | 283,518 | ||||||
811,241 | ||||||||
INTERACTIVE MEDIA & SERVICES — 2.1% | ||||||||
Baidu, Inc. - ADR (b) | 5,149 | 604,287 | ||||||
SINA Corp. (b) | 7,200 | 310,536 | ||||||
Tencent Holdings Ltd. - ADR | 103,302 | 4,675,448 | ||||||
Weibo Corp. - ADR (b) | 5,767 | 251,153 | ||||||
5,841,424 | ||||||||
INTERNET & DIRECT MARKETING RETAIL — 1.5% | ||||||||
Alibaba Group Holdings Ltd. - ADR (b) | 18,184 | 3,081,279 | ||||||
Ctrip.com International Ltd. - ADR (b) | 13,813 | 509,838 | ||||||
JD.com, Inc. - ADR (b) | 20,481 | 620,369 | ||||||
4,211,486 | ||||||||
PERSONAL PRODUCTS — 0.1% | ||||||||
Hengan International Group Co. Ltd. (a) | 41,500 | 305,581 | ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3% | ||||||||
Wharf Real Estate Investment Co. Ltd. (a) | 111,565 | 786,264 | ||||||
TOTAL CAYMAN ISLANDS | 14,423,872 | |||||||
CHILE — 0.4% | ||||||||
AIRLINES — 0.1% | ||||||||
Latam Airlines Group S.A. - ADR | 30,040 | 281,475 | ||||||
BEVERAGES — 0.0% (c) | ||||||||
Embotelladora Andina S.A. - Class B - ADR | 6,720 | 143,942 | ||||||
CHEMICALS — 0.1% | ||||||||
Sociedad Quimica y Minera de Chile S.A. - ADR | 7,828 | 243,529 | ||||||
ELECTRIC UTILITIES — 0.2% | ||||||||
Enel Americas S.A. - ADR | 53,811 | 477,304 | ||||||
TOTAL CHILE | 1,146,250 | |||||||
CHINA — 3.5% | ||||||||
BANKS — 1.8% | ||||||||
Bank of China Ltd. - H Shares (a) | 2,743,000 | 1,157,488 | ||||||
China Construction Bank Corp. - ADR | 69,587 | 1,193,069 | ||||||
China Construction Bank Corp. - H Shares (a) | 731,000 | 630,139 | ||||||
China Merchants Bank Co. Ltd. - H Shares (a) | 221,500 | 1,099,201 | ||||||
Industrial & Commercial Bank of China Ltd. - H Shares (a) | 1,364,000 | 995,636 | ||||||
5,075,533 | ||||||||
CHEMICALS — 0.1% | ||||||||
Sinopec Shanghai Petrochemical Co. Ltd. - ADR | 9,873 | 394,426 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1% | ||||||||
China Telecom Corp. Ltd. - ADR | 6,115 | 305,933 | ||||||
INSURANCE — 1.2% | ||||||||
China Life Insurance Co. Ltd. - ADR | 82,593 | 1,021,675 | ||||||
Ping An Insurance Group Co. of China Ltd. - ADR | 37,164 | 893,051 | ||||||
Ping An Insurance Group Co. of China Ltd. - H Shares (a) | 109,993 | 1,322,683 | ||||||
3,237,409 |
See accompanying notes to financial statements.
12
Schedule of Investments, continued
Praxis International Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
CHINA — 3.5%, continued | ||||||||
OIL, GAS & CONSUMABLE FUELS — 0.2% | ||||||||
PetroChina Co. Ltd. - H Shares (a) | 774,000 | $ | 426,784 | |||||
ROAD & RAIL — 0.1% | ||||||||
Guangshen Railway Co. - ADR | 8,797 | 150,429 | ||||||
TOTAL CHINA | 9,590,514 | |||||||
COLOMBIA — 0.6% | ||||||||
BANKS — 0.3% | ||||||||
BanColombia S.A. - ADR | 13,383 | 683,068 | ||||||
OIL, GAS & CONSUMABLE FUELS — 0.3% | ||||||||
Ecopetrol S.A. - ADR | 48,816 | 892,845 | ||||||
TOTAL COLOMBIA | 1,575,913 | |||||||
DENMARK — 1.2% | ||||||||
BANKS — 0.1% | ||||||||
Danske Bank A/S (a) | 11,624 | 184,169 | ||||||
Danske Bank A/S - ADR | 6,614 | 52,647 | ||||||
236,816 | ||||||||
ELECTRICAL EQUIPMENT — 0.2% | ||||||||
Vestas Wind Systems A/S (a) | 5,374 | 465,586 | ||||||
MARINE — 0.1% | ||||||||
A.P. Moller-Maerska A/S - Series B (a) | 274 | 340,955 | ||||||
Drilling Co. of 1972 A/S (The) (b) | 548 | 42,578 | ||||||
383,533 | ||||||||
PHARMACEUTICALS — 0.7% | ||||||||
Novo Nordisk A/S - ADR | 36,060 | 1,840,502 | ||||||
ROAD & RAIL — 0.1% | ||||||||
DSV A/S (a) | 4,551 | 448,152 | ||||||
TOTAL DENMARK | 3,374,589 | |||||||
FINLAND — 0.6% | ||||||||
COMMUNICATIONS EQUIPMENT — 0.2% | ||||||||
Nokia OYJ - ADR | 86,149 | 431,607 | ||||||
MACHINERY — 0.2% | ||||||||
Kone OYJ - Class B (a) | 11,250 | 664,373 | ||||||
OIL, GAS & CONSUMABLE FUELS — 0.1% | ||||||||
Neste OYJ (a) | 9,891 | 336,280 | ||||||
PAPER & FOREST PRODUCTS — 0.1% | ||||||||
Stora Enso OYJ - ADR | 32,308 | 377,680 | ||||||
TOTAL FINLAND | 1,809,940 | |||||||
FRANCE — 7.2% | ||||||||
AUTO COMPONENTS — 0.4% | ||||||||
Cie Generale des Etablissements Michelin (a) | 1,074 | 135,803 | ||||||
Cie Generale des Etablissements Michelin - ADR | 25,215 | 637,687 | ||||||
Valeo S.A. (a) | 2,793 | 90,932 | ||||||
Valeo S.A. - ADR | 13,056 | 210,463 | ||||||
1,074,885 |
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
FRANCE — 7.2%, continued | ||||||||
AUTOMOBILES — 0.1% | ||||||||
Renault S.A. (a) | 5,892 | $ | 370,427 | |||||
BANKS — 0.3% | ||||||||
BNP Paribas S.A. - ADR | 25,702 | 608,623 | ||||||
Societe Generale S.A. (a) | 4,111 | 103,763 | ||||||
Societe Generale S.A. - ADR | 36,300 | 181,500 | ||||||
893,886 | ||||||||
BUILDING PRODUCTS — 0.2% | ||||||||
Cie de Saint-Gobain (a) | 13,938 | 544,294 | ||||||
CHEMICALS — 0.4% | ||||||||
Air Liquide S.A. (a) | 8,057 | 1,126,958 | ||||||
Air Liquide S.A. - ADR | 3,275 | 91,471 | ||||||
1,218,429 | ||||||||
CONSTRUCTION & ENGINEERING — 0.5% | ||||||||
Bouygues S.A. (a) | 8,092 | 299,681 | ||||||
Vinci S.A. (a) | 1,494 | 152,581 | ||||||
Vinci S.A. - ADR | 34,082 | 869,432 | ||||||
1,321,694 | ||||||||
CONSTRUCTION MATERIALS — 0.1% | ||||||||
Imerys S.A. | 5,860 | 310,659 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2% | ||||||||
Orange S.A. - ADR | 35,228 | 553,784 | ||||||
ELECTRICAL EQUIPMENT — 0.7% | ||||||||
Legrand S.A. (a) | 17,254 | 1,261,463 | ||||||
Schneider Electric SE (a) | 8,469 | 766,326 | ||||||
2,027,789 | ||||||||
ENTERTAINMENT — 0.2% | ||||||||
Vivendi S.A. (a) | 12,138 | 333,111 | ||||||
Vivendi S.A. - ADR | 11,623 | 318,819 | ||||||
651,930 | ||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.6% | ||||||||
Gecina S.A. (a) | 2,704 | 404,755 | ||||||
ICADE (a) | 4,108 | 376,335 | ||||||
Klepierre S.A. (a) | 12,911 | 432,571 | ||||||
Unibail-Rodamco-Westfield SE (a) | 45,646 | 329,568 | ||||||
1,543,229 | ||||||||
FOOD PRODUCTS — 0.9% | ||||||||
Danone S.A. - ADR | 149,555 | 2,531,966 | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 0.3% | ||||||||
Essilor International S.A. (a) | 4,503 | 586,860 | ||||||
Essilor International S.A. - ADR | 2,486 | 162,154 | ||||||
749,014 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 0.1% | ||||||||
TUI AG - DI (a) | 21,801 | 213,273 | ||||||
INSURANCE — 0.4% | ||||||||
AXA S.A. (a) | 4,355 | 114,374 | ||||||
AXA S.A. - ADR | 34,977 | 915,698 | ||||||
1,030,072 |
See accompanying notes to financial statements.
13
Schedule of Investments, continued
Praxis International Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
FRANCE — 7.2%, continued | ||||||||
MEDIA — 0.1% | ||||||||
Publicis Groupe S.A. - ADR | 26,260 | $ | 345,056 | |||||
MULTI-LINE RETAIL — 0.3% | ||||||||
Kering S.A. (a) | 1,378 | 813,355 | ||||||
MULTI-UTILITIES — 0.4% | ||||||||
Engie S.A. (a) | 19,124 | 289,997 | ||||||
Engie S.A. - ADR | 11,994 | 180,869 | ||||||
Veolia Environnement S.A. (a) | 14,792 | 360,203 | ||||||
Veolia Environnement S.A. - ADR | 11,774 | 286,273 | ||||||
1,117,342 | ||||||||
PERSONAL PRODUCTS — 0.9% | ||||||||
L’Oreal S.A. (a) | 1,380 | 392,386 | ||||||
L’Oreal S.A. - ADR | 35,075 | 1,995,417 | ||||||
2,387,803 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.1% | ||||||||
Hermes International S.A. (a) | 573 | 413,089 | ||||||
TOTAL FRANCE | 20,111,976 | |||||||
GERMANY — 5.9% | ||||||||
AIR FREIGHT & LOGISTICS — 0.3% | ||||||||
Deutsche Post AG (a) | 10,161 | 334,276 | ||||||
Deutsche Post AG - ADR | 14,832 | 486,341 | ||||||
820,617 | ||||||||
AUTOMOBILES — 0.6% | ||||||||
Bayerische Moteren Werke AG - ADR | 27,692 | 680,946 | ||||||
Daimler AG (a) | 15,015 | 837,443 | ||||||
Daimler AG - ADR | 2,549 | 141,979 | ||||||
1,660,368 | ||||||||
CAPITAL MARKETS — 0.3% | ||||||||
Deutsche Bank AG | 32,333 | 246,701 | ||||||
Deutsche Boerse AG (a) | 3,878 | 547,476 | ||||||
Deutsche Boerse AG - ADR | 15,060 | 212,045 | ||||||
1,006,222 | ||||||||
CHEMICALS — 0.9% | ||||||||
BASF SE (a) | 4,371 | 317,998 | ||||||
BASF SE - ADR | 72,776 | 1,328,162 | ||||||
Covestro AG (a) | 6,595 | 335,760 | ||||||
Symrise AG (a) | 4,764 | 458,742 | ||||||
2,440,662 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2% | ||||||||
Deutsche Telekom AG - ADR | 38,043 | 659,666 | ||||||
HEALTH CARE PROVIDERS & SERVICES — 0.3% | ||||||||
Fresenius Medical Care AG & Co. KGaA - ADR | 19,354 | 760,225 | ||||||
HOUSEHOLD PRODUCTS — 0.1% | ||||||||
Henkel AG & Co. KGaA (a) | 3,207 | 294,757 | ||||||
INSURANCE — 1.0% | ||||||||
Allianze SE - ADR | 76,050 | 1,831,284 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG (a) | 1,682 | 421,620 |
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
GERMANY — 5.9%, continued | ||||||||
INSURANCE — 1.0%, continued | ||||||||
Muenchener Rueckversicherungs-Gesellschaft AG - ADR | 18,890 | $ | 473,006 | |||||
2,725,910 | ||||||||
IT SERVICES — 0.2% | ||||||||
Wirecard AG (a) | 2,723 | 459,703 | ||||||
PHARMACEUTICALS — 0.5% | ||||||||
Bayer AG - ADR | 51,088 | 891,486 | ||||||
Merck KGaA (a) | 5,809 | 606,778 | ||||||
1,498,264 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1% | ||||||||
Deutsche Wohnen SE (a) | 10,602 | 388,504 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.1% | ||||||||
Infineon Technologies AG (a) | 1,583 | 28,130 | ||||||
Infineon Technologies AG - ADR | 12,109 | 212,997 | ||||||
241,127 | ||||||||
SOFTWARE — 0.8% | ||||||||
SAP SE - ADR | 16,215 | 2,218,212 | ||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.3% | ||||||||
adidas AG (a) | 1,323 | 409,311 | ||||||
adidas AG - ADR | 2,402 | 370,412 | ||||||
779,723 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 0.2% | ||||||||
Brenntag AG (a) | 9,594 | 470,770 | ||||||
TOTAL GERMANY | 16,424,730 | |||||||
HONG KONG — 2.4% | ||||||||
BANKS — 0.1% | ||||||||
BOC Hong Kong Holdings Ltd. (a) | 44,159 | 173,865 | ||||||
BOC Hong Kong Holdings Ltd. - ADR | 1,754 | 137,514 | ||||||
311,379 | ||||||||
CAPITAL MARKETS — 0.3% | ||||||||
Hong Kong Exchanges & Clearing Ltd. (a) | 20,978 | 741,381 | ||||||
INSURANCE — 0.9% | ||||||||
AIA Group Ltd. (a) | 98,280 | 1,061,341 | ||||||
AIA Group Ltd. - ADR | 31,802 | 1,372,256 | ||||||
2,433,597 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.0% | ||||||||
Henderson Land Development Co. Ltd. (a) | 108,265 | 596,916 | ||||||
Sun Hung Kai Properties Ltd. (a) | 41,037 | 696,211 | ||||||
Sun Hung Kai Properties Ltd. - ADR | 11,174 | 190,070 | ||||||
Swire Pacific Ltd. - Class A (a) | 23,879 | 293,414 | ||||||
Swire Pacific Ltd. - Class A - ADR | 18,937 | 231,978 | ||||||
Swire Properties Ltd. (a) | 121,150 | 489,786 | ||||||
Wharf Holdings Ltd. (a) | 150,000 | 397,561 | ||||||
2,895,936 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1% | ||||||||
Lenovo Group Ltd. (a) | 462,000 | 357,728 | ||||||
TOTAL HONG KONG | 6,740,021 | |||||||
See accompanying notes to financial statements.
14
Schedule of Investments, continued
Praxis International Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
HUNGARY — 0.0% (c) | ||||||||
OIL, GAS & CONSUMABLE FUELS — 0.0% (c) | ||||||||
MOL Hungarian Oil & Gas plc - ADR | 6,368 | $ | 35,409 | |||||
INDIA — 2.9% | ||||||||
BANKS — 1.3% | ||||||||
HDFC Bank Ltd. - ADR | 16,597 | 2,158,274 | ||||||
ICICI Bank Ltd. - ADR | 102,004 | 1,284,230 | ||||||
3,442,504 | ||||||||
IT SERVICES — 1.0% | ||||||||
Infosys Ltd. - ADR | 160,168 | 1,713,797 | ||||||
Wipro Ltd. - ADR | 235,408 | 1,019,317 | ||||||
2,733,114 | ||||||||
METALS & MINING — 0.3% | ||||||||
Vedanta Ltd. - ADR | 88,007 | 895,031 | ||||||
PHARMACEUTICALS — 0.3% | ||||||||
Dr. Reddy’s Laboratories Ltd. - ADR | 23,268 | 871,852 | ||||||
TOTAL INDIA | 7,942,501 | |||||||
INDONESIA — 0.6% | ||||||||
BANKS — 0.2% | ||||||||
Bank Mandiri Persero Tbk PT - ADR | 49,403 | 556,772 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4% | ||||||||
Telekomunikasi Indonesia Persero Tbk PT - ADR | 36,434 | 1,065,330 | ||||||
TOTAL INDONESIA | 1,622,102 | |||||||
IRELAND — 0.3% | ||||||||
CONSTRUCTION MATERIALS — 0.3% | ||||||||
CRH plc - ADR | 22,204 | 727,181 | ||||||
ISRAEL — 0.3% | ||||||||
PHARMACEUTICALS — 0.1% | ||||||||
Teva Pharmaceutical Industries Ltd. - ADR (b) | 16,738 | 154,492 | ||||||
SOFTWARE — 0.2% | ||||||||
Check Point Software Technologies Ltd. (b) | 4,973 | 574,929 | ||||||
TOTAL ISRAEL | 729,421 | |||||||
ITALY — 0.7% | ||||||||
BANKS — 0.3% | ||||||||
Intesa Sanpaolo SpA (a) | 128,010 | 274,053 | ||||||
Intesa Sanpaolo SpA - ADR | 19,735 | 252,411 | ||||||
Unicredit SpA (a) | 30,356 | 373,660 | ||||||
900,124 | ||||||||
ELECTRIC UTILITIES — 0.3% | ||||||||
Enel SpA (a) | 110,102 | 768,070 | ||||||
INSURANCE — 0.1% | ||||||||
Assicurazioni Generali SpA (a) | 16,056 | 302,306 | ||||||
TOTAL ITALY | 1,970,500 | |||||||
JAPAN — 15.9% | ||||||||
AUTO COMPONENTS — 0.4% | ||||||||
Bridgestone Corp. (a) | 4,656 | 183,683 | ||||||
Bridgestone Corp. - ADR | 20,546 | 402,496 |
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
JAPAN — 15.9%, continued | ||||||||
AUTO COMPONENTS — 0.4%, continued | ||||||||
Denso Corp. (a) | 7,000 | $ | 295,177 | |||||
Denso Corp. - ADR | 6,048 | 127,310 | ||||||
1,008,666 | ||||||||
AUTOMOBILES — 1.5% | ||||||||
Honda Motor Co. Ltd. - ADR | 18,656 | 482,071 | ||||||
Nissan Motor Co. Ltd. - ADR | 36,396 | 520,099 | ||||||
Toyota Motor Corp. - ADR | 24,700 | 3,062,553 | ||||||
4,064,723 | ||||||||
BANKS — 1.0% | ||||||||
Mitsubishi UFJ Financial Group, Inc. - ADR | 232,770 | 1,105,657 | ||||||
Mizuho Financial Group, Inc. - ADR | 132,028 | 380,241 | ||||||
Sumitomo Mitsui Financial Group, Inc. - ADR | 173,615 | 1,225,722 | ||||||
2,711,620 | ||||||||
CAPITAL MARKETS — 0.2% | ||||||||
Daiwa Securities Group, Inc. (a) | 16,000 | 70,250 | ||||||
Daiwa Securities Group, Inc. - ADR | 49,678 | 219,080 | ||||||
Nomura Holdings, Inc. - ADR | 94,167 | 334,293 | ||||||
623,623 | ||||||||
CHEMICALS — 0.8% | ||||||||
Kansai Paint Co. Ltd. (a) | 16,000 | 336,273 | ||||||
Mitsubishi Chemical Holdings Corp. (a) | 55,000 | 385,090 | ||||||
Mitsui Chemicals, Inc. (a) | 16,000 | 397,530 | ||||||
Nitto Denko Corp. (a) | 500 | 24,750 | ||||||
Nitto Denko Corp. - ADR | 11,626 | 287,162 | ||||||
Shin-Etsu Chemical Co. Ltd. (a) | 7,400 | 692,390 | ||||||
2,123,195 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 0.2% | ||||||||
Dai Nippon Printing Co. Ltd. (a) | 25,000 | 533,955 | ||||||
Dai Nippon Printing Co. Ltd. - ADR | 37 | 392 | ||||||
534,347 | ||||||||
CONSTRUCTION & ENGINEERING — 0.3% | ||||||||
Kajima Corp. (a) | 26,000 | 357,633 | ||||||
Obayashi Corp. (a) | 55,000 | 543,354 | ||||||
900,987 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 0.1% | ||||||||
ORIX Corp. - ADR | 5,325 | 398,736 | ||||||
ELECTRIC UTILITIES — 0.1% | ||||||||
Kansai Electric Power Co., Inc. (The) (a) | 19,500 | 223,546 | ||||||
ELECTRICAL EQUIPMENT — 0.4% | ||||||||
Nidec Corp. - ADR | 30,872 | 1,057,983 | ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.2% | ||||||||
Hamamatsu Photonics K.K. (a) | 9,100 | 355,526 | ||||||
Hitachi Ltd. (a) | 5,200 | 191,331 | ||||||
Hitachi Ltd. - ADR | 5,344 | 393,211 | ||||||
Keyence Corp. (a) | 1,600 | 986,802 | ||||||
Kyocera Corp. (a) | 2,800 | 183,475 | ||||||
Kyocera Corp. - ADR | 4,458 | 292,222 | ||||||
Murata Manufacturing Co. Ltd. (a) | 10,500 | 472,739 | ||||||
Murata Manufacturing Co. Ltd. - ADR | 4,776 | 53,491 | ||||||
TDK Corp. (a) | 3,800 | 296,011 | ||||||
3,224,808 |
See accompanying notes to financial statements.
15
Schedule of Investments, continued
Praxis International Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
JAPAN — 15.9%, continued | ||||||||
ENTERTAINMENT — 0.3% | ||||||||
Nintendo Co. Ltd. (a) | 300 | $ | 110,075 | |||||
Nintendo Co. Ltd. - ADR | 13,760 | 629,795 | ||||||
739,870 | ||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.3% | ||||||||
Japan Retail Fund Investment Corp. (a) | 462 | 934,487 | ||||||
FOOD & STAPLES RETAILING — 0.1% | ||||||||
Seven & i Holdings Co. Ltd. (a) | 7,900 | 267,675 | ||||||
FOOD PRODUCTS — 0.1% | ||||||||
Kikkoman Corp. (a) | 5,000 | 218,042 | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 0.6% | ||||||||
Hoya Corp. (a) | 9,500 | 730,149 | ||||||
Hoya Corp. - ADR | 1,734 | 132,825 | ||||||
Terumo Corp. (a) | 23,600 | 705,046 | ||||||
1,568,020 | ||||||||
HOUSEHOLD DURABLES — 0.8% | ||||||||
Sekisui House Ltd. (a) | 8,000 | 131,819 | ||||||
Sekisui House Ltd. - ADR | 30,149 | 497,458 | ||||||
Sony Corp. - ADR | 32,810 | 1,718,916 | ||||||
2,348,193 | ||||||||
INSURANCE — 0.4% | ||||||||
MS&AD Insurance Group Holdings, Inc. - ADR | 34,266 | 540,717 | ||||||
Tokio Marine Holdings, Inc. (a) | 4,600 | 230,817 | ||||||
Tokio Marine Holdings, Inc. - ADR | 7,354 | 368,435 | ||||||
1,139,969 | ||||||||
LEISURE PRODUCTS — 0.1% | ||||||||
Shimano, Inc. (a) | 2,100 | 312,936 | ||||||
MACHINERY — 0.6% | ||||||||
FANUC Corp. - ADR | 39,830 | 736,058 | ||||||
Kubota Corp. - ADR | 7,847 | 654,440 | ||||||
Makita Corp. (a) | 1,200 | 40,973 | ||||||
Makita Corp. - ADR | 9,872 | 334,167 | ||||||
1,765,638 | ||||||||
METALS & MINING — 0.3% | ||||||||
Mitsubishi Materials Corp. (a) | 13,000 | 370,371 | ||||||
Sumitomo Metal Mining Co. Ltd. (a) | 11,500 | 344,746 | ||||||
715,117 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 0.4% | ||||||||
Idemitsu Kosan Co. Ltd. (a) | 10,100 | 305,489 | ||||||
Inpex Corp. (a) | 34,202 | 309,998 | ||||||
JXTG Holdings, Inc. (a) | 94,300 | 470,004 | ||||||
1,085,491 | ||||||||
PERSONAL PRODUCTS — 0.5% | ||||||||
Kao Corp. (a) | 8,000 | 610,463 | ||||||
Shiseido Co. Ltd. (a) | 2,100 | 158,844 | ||||||
Shiseido Co. Ltd. - ADR | 9,833 | 744,260 | ||||||
1,513,567 | ||||||||
PHARMACEUTICALS — 1.3% | ||||||||
Astellas Pharma, Inc. (a) | 17,800 | 253,675 | ||||||
Astellas Pharma, Inc. - ADR | 24,473 | 348,006 |
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
JAPAN — 15.9%, continued | ||||||||
PHARMACEUTICALS — 1.3%, continued | ||||||||
Chugai Pharmaceutical Co. Ltd. (a) | 5,300 | $ | 347,128 | |||||
Daiichi Sankyo Co. Ltd. (a) | 11,400 | 597,906 | ||||||
Daiichi Sankyo Co. Ltd. - ADR | 1,901 | 99,840 | ||||||
Eisai Co. Ltd. (a) | 4,700 | 266,391 | ||||||
Otsuka Holdings Co. Ltd. (a) | 10,500 | 343,122 | ||||||
Shionogi & Co. Ltd. (a) | 9,200 | 531,627 | ||||||
Takeda Pharmaceutical Co. Ltd. (a) | 2,700 | 96,051 | ||||||
Takeda Pharmaceutical Co. Ltd. - ADR | 45,005 | 796,588 | ||||||
3,680,334 | ||||||||
PROFESSIONAL SERVICES — 0.2% | ||||||||
Recruit Holdings Co. Ltd. (a) | 17,500 | 585,960 | ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.7% | ||||||||
Daiwa House Industry Co. Ltd. (a) | 1,000 | 29,222 | ||||||
Daiwa House Industry Co. Ltd. - ADR | 15,470 | 455,437 | ||||||
Mitsubishi Estate Co. Ltd. (a) | 11,000 | 205,022 | ||||||
Mitsubishi Estate Co. Ltd. - ADR | 16,350 | 302,802 | ||||||
Mitsui Fudosan Co. Ltd. (a) | 21,000 | 510,412 | ||||||
Sumitomo Realty & Development Co. Ltd. (a) | 13,000 | 465,093 | ||||||
1,967,988 | ||||||||
ROAD & RAIL — 0.5% | ||||||||
Central Japan Railway Co. (a) | 1,592 | 319,223 | ||||||
East Japan Railway Co. (a) | 3,590 | 336,197 | ||||||
East Japan Railway Co. - ADR | 29,226 | 453,880 | ||||||
Keikyu Corp. (a) | 18,500 | 319,007 | ||||||
1,428,307 | ||||||||
SPECIALTY RETAIL — 0.2% | ||||||||
Fast Retailing Co. Ltd. (a) | 900 | 544,794 | ||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.8% | ||||||||
Canon, Inc. - ADR | 55,621 | 1,628,027 | ||||||
FUJIFILM Holdings Corp. - ADR | 11,626 | 590,019 | ||||||
2,218,046 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.1% | ||||||||
Wacoal Holdings Corp. - ADR | 2,621 | 337,270 | ||||||
TRADING COMPANIES & DISTRIBUTORS — 0.7% | ||||||||
ITOCHU Corp. (a) | 25,000 | 478,948 | ||||||
Marubeni Corp. (a) | 61,000 | 404,922 | ||||||
Mitsubishi Corp. (a) | 24,100 | 636,881 | ||||||
Mitsui & Co. Ltd. - ADR | 1,637 | 534,104 | ||||||
2,054,855 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 0.7% | ||||||||
KDDI Corp. - ADR | 51,612 | 655,988 | ||||||
SoftBank Group Corp. (a) | 14,400 | 693,613 | ||||||
SoftBank Group Corp. - ADR | 10,546 | 505,470 | ||||||
1,855,071 | ||||||||
TOTAL JAPAN | 44,153,864 | |||||||
JERSEY — 1.3% | ||||||||
CONTAINERS & PACKAGING — 0.2% | ||||||||
Amcor plc (b) | 14,000 | 160,860 | ||||||
Amcor plc CDI (a) | 24,949 | 283,882 | ||||||
444,742 |
See accompanying notes to financial statements.
16
Schedule of Investments, continued
Praxis International Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
JERSEY — 1.3%, continued | ||||||||
MEDIA — 0.1% | ||||||||
WPP plc - ADR | 6,767 | $ | 425,712 | |||||
METALS & MINING — 0.4% | ||||||||
Glencore plc (a) (b) | 220,536 | 763,242 | ||||||
Glencore plc - ADR | 43,429 | 299,226 | ||||||
1,062,468 | ||||||||
PROFESSIONAL SERVICES — 0.4% | ||||||||
Experian plc (a) | 3,191 | 96,652 | ||||||
Experian plc - ADR | 37,268 | 1,132,575 | ||||||
1,229,227 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 0.2% | ||||||||
Ferguson plc - ADR | 68,689 | 485,631 | ||||||
Ferguson plc (a) | 508 | 36,164 | ||||||
521,795 | ||||||||
TOTAL JERSEY | 3,683,944 | |||||||
LUXEMBOURG — 0.4% | ||||||||
ENERGY EQUIPMENT & SERVICES — 0.2% | ||||||||
Tenaris S.A. - ADR | 19,646 | 516,886 | ||||||
MEDIA — 0.2% | ||||||||
RTL Group S.A. (a) | 11,328 | 579,813 | ||||||
TOTAL LUXEMBOURG | 1,096,699 | |||||||
MEXICO — 0.9% | ||||||||
BEVERAGES — 0.2% | ||||||||
Coca-Cola Femsa S.A.B. de C.V. - ADR | 8,109 | 503,893 | ||||||
CONSTRUCTION MATERIALS — 0.1% | ||||||||
Cemex S.A.B. de C.V. - ADR | 83,354 | 353,421 | ||||||
FOOD & STAPLES RETAILING — 0.3% | ||||||||
Wal-Mart de Mexico S.A.B. de C.V. - ADR | 29,614 | 807,278 | ||||||
TRANSPORTATION INFRASTRUCTURE — 0.3% | ||||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR | 7,483 | 780,552 | ||||||
TOTAL MEXICO | 2,445,144 | |||||||
NETHERLANDS — 3.3% | ||||||||
AUTOMOBILES — 0.4% | ||||||||
Ferrari N.V. | 5,031 | 812,104 | ||||||
Fiat Chrysler Automobiles N.V. | 26,965 | 372,656 | ||||||
1,184,760 | ||||||||
CHEMICALS — 0.2% | ||||||||
Akzo Nobel N.V. - ADR | 17,090 | 534,746 | ||||||
FOOD & STAPLES RETAILING — 0.4% | ||||||||
Koninklijke Ahold Delhaize N.V. (a) | 5,491 | 123,275 | ||||||
Koninklijke Ahold Delhaize N.V. - ADR | 39,149 | 879,287 | ||||||
1,002,562 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 0.4% | ||||||||
Koninklijke Philips N.V. - NY Registry Shares | 24,173 | 1,053,460 | ||||||
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
NETHERLANDS — 3.3%, continued | ||||||||
LIFE SCIENCES TOOLS & SERVICES — 0.2% | ||||||||
QIAGEN N.V. (b) | 16,162 | $ | 655,369 | |||||
PERSONAL PRODUCTS — 0.8% | ||||||||
Unilever N.V. - ADR | 36,596 | 2,222,109 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.9% | ||||||||
ASML Holding N.V. - ADR | 7,052 | 1,466,322 | ||||||
NXP Semiconductors N.V. | 5,879 | 573,849 | ||||||
STMicroelectronics N.V. | 24,248 | 427,250 | ||||||
2,467,421 | ||||||||
TOTAL NETHERLANDS | 9,120,427 | |||||||
NORWAY — 1.0% | ||||||||
OIL, GAS & CONSUMABLE FUELS — 1.0% | ||||||||
Equinor ASA | 133,829 | 2,647,138 | ||||||
PAPUA NEW GUINEA — 0.2% | ||||||||
OIL, GAS & CONSUMABLE FUELS — 0.2% | ||||||||
Oil Search Ltd. (a) | 92,754 | 462,549 | ||||||
PERU — 0.2% | ||||||||
METALS & MINING — 0.2% | ||||||||
Compania de Minas Buenaventura S.A. - ADR | 29,211 | 486,947 | ||||||
PORTUGAL — 0.2% | ||||||||
ELECTRIC UTILITIES — 0.1% | ||||||||
EDP - Energias de Portugal S.A. (a) | 82,980 | 315,371 | ||||||
EDP - Energias de Portugal S.A. - ADR | 1,231 | 46,641 | ||||||
362,012 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 0.1% | ||||||||
Galp Energia SGPS S.A. (a) | 23,007 | 353,843 | ||||||
TOTAL PORTUGAL | 715,855 | |||||||
RUSSIA — 0.3% | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 0.3% | ||||||||
Mobile TeleSystems PJSC - ADR | 86,910 | 809,132 | ||||||
SINGAPORE — 1.2% | ||||||||
BANKS — 0.9% | ||||||||
DBS Group Holdings Ltd. (a) | 656 | 12,602 | ||||||
DBS Group Holdings Ltd. - ADR | 16,080 | 1,234,783 | ||||||
United Overseas Bank Ltd. (a) | 19,475 | 376,491 | ||||||
United Overseas Bank Ltd. - ADR | 22,014 | 854,209 | ||||||
2,478,085 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1% | ||||||||
Singapore Telecommunications Ltd. (a) | 74,732 | 193,429 | ||||||
Singapore Telecommunications Ltd. - ADR | 6,886 | 178,416 | ||||||
371,845 | ||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.0% (c) | ||||||||
Keppel REIT (a) | 737 | 686 | ||||||
INDUSTRIAL CONGLOMERATES — 0.2% | ||||||||
Keppel Corp. Ltd. (a) | 11,721 | 57,753 | ||||||
Keppel Corp. Ltd. - ADR | 40,769 | 408,098 | ||||||
465,851 | ||||||||
TOTAL SINGAPORE | 3,316,467 | |||||||
See accompanying notes to financial statements.
17
Schedule of Investments, continued
Praxis International Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
SOUTH AFRICA — 1.7% | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 0.3% | ||||||||
FirstRand Ltd. (a) | 165,395 | $ | 805,455 | |||||
MEDIA — 0.8% | ||||||||
MultiChoice Group Ltd. (b) | 8,774 | 82,827 | ||||||
Naspers Ltd. - Class N - ADR | 43,870 | 2,124,624 | ||||||
2,207,451 | ||||||||
METALS & MINING — 0.3% | ||||||||
Gold Fields Ltd. - ADR | 144,758 | 783,141 | ||||||
TRADING COMPANIES & DISTRIBUTORS — 0.1% | ||||||||
Barloworld Ltd. (a) | 45,286 | 410,588 | ||||||
WIRELESS TELECOMMUNICATION SERVICES — 0.2% | ||||||||
MTN Group Ltd. (a) | 35,573 | 268,963 | ||||||
MTN Group Ltd. - ADR | 50,154 | 376,155 | ||||||
645,118 | ||||||||
TOTAL SOUTH AFRICA | 4,851,753 | |||||||
SOUTH KOREA — 2.6% | ||||||||
BANKS — 1.1% | ||||||||
KB Financial Group, Inc. - ADR | 35,152 | 1,387,801 | ||||||
Shinhan Financial Group Co. Ltd. - ADR | 37,454 | 1,456,212 | ||||||
Woori Financial Group, Inc. | 9,632 | 353,687 | ||||||
3,197,700 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6% | ||||||||
KT Corp. - ADR | 128,707 | 1,592,106 | ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.2% | ||||||||
LG Display Co. Ltd. - ADR | 62,183 | 481,918 | ||||||
METALS & MINING — 0.3% | ||||||||
POSCO - ADR | 14,886 | 789,851 | ||||||
WIRELESS TELECOMMUNICATION SERVICES — 0.4% | ||||||||
SK Telecom Co. Ltd. - ADR | 51,901 | 1,284,550 | ||||||
TOTAL SOUTH KOREA | 7,346,125 | |||||||
SPAIN — 1.7% | ||||||||
BANKS — 0.6% | ||||||||
Banco Bilbao Vizcaya Argentaria S.A. - ADR | 93,492 | 519,816 | ||||||
Banco de Sabadell S.A. (a) | 240,473 | 249,266 | ||||||
Banco Santander S.A. - ADR | 190,352 | 871,812 | ||||||
1,640,894 | ||||||||
CONSTRUCTION & ENGINEERING — 0.1% | ||||||||
ACS Actividades de Construccion y Servicios S.A. (a) | 10,071 | 402,944 | ||||||
ELECTRIC UTILITIES — 0.3% | ||||||||
Iberdrola S.A. (a) | 14,236 | 141,741 | ||||||
Iberdrola S.A. - ADR | 16,749 | 664,852 | ||||||
806,593 | ||||||||
GAS UTILITIES — 0.1% | ||||||||
Naturgy Energy Group S.A. (a) | 11,489 | 316,634 | ||||||
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
SPAIN — 1.7%, continued | ||||||||
OIL, GAS & CONSUMABLE FUELS — 0.4% | ||||||||
Repsol S.A. (a) | 36,854 | $ | 578,364 | |||||
Repsol S.A. - ADR | 27,585 | 430,326 | ||||||
1,008,690 | ||||||||
SPECIALTY RETAIL — 0.2% | ||||||||
Industria de Diseno Textil, S.A. (a) | 17,640 | 530,758 | ||||||
Industria de Diseno Textil, S.A. - ADR | 3,926 | 58,694 | ||||||
589,452 | ||||||||
TOTAL SPAIN | 4,765,207 | |||||||
SWEDEN — 1.5% | ||||||||
COMMUNICATIONS EQUIPMENT — 0.2% | ||||||||
Telefonaktiebolaget LM Ericsson - ADR | 52,416 | 497,952 | ||||||
CONSTRUCTION & ENGINEERING — 0.2% | ||||||||
Skanska AB - Class B (a) | 37,142 | 671,166 | ||||||
HOUSEHOLD PRODUCTS — 0.1% | ||||||||
Essity Aktiebolag AB - Class B (a) | 12,219 | 375,925 | ||||||
MACHINERY — 0.8% | ||||||||
Alfa Laval AB (a) | 23,419 | 511,802 | ||||||
Atlas Copco AB - Class A (a) | 8,922 | 285,932 | ||||||
Atlas Copco AB - Class A - ADR | 18,292 | 585,161 | ||||||
Sandvik AB (a) | 19,176 | 352,405 | ||||||
Sandvik AB - ADR | 20,116 | 369,631 | ||||||
2,104,931 | ||||||||
METALS & MINING — 0.2% | ||||||||
Boliden AB (a) (b) | 22,985 | 589,009 | ||||||
TOTAL SWEDEN | 4,238,983 | |||||||
SWITZERLAND — 6.4% | ||||||||
BEVERAGES — 0.1% | ||||||||
Coca-Cola HBC AG (a) (b) | 10,085 | 380,954 | ||||||
CAPITAL MARKETS — 0.4% | ||||||||
Julius Baer Group Ltd. (a) (b) | 9,537 | 424,916 | ||||||
UBS Group AG (b) | 46,462 | 550,575 | ||||||
975,491 | ||||||||
CONSTRUCTION MATERIALS — 0.2% | ||||||||
LafargeHolcim Ltd. (a) (b) | 11,723 | 573,220 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1% | ||||||||
Swisscom AG - ADR | 7,140 | 359,285 | ||||||
ELECTRICAL EQUIPMENT — 0.4% | ||||||||
ABB Ltd. - ADR | 57,192 | 1,145,556 | ||||||
FOOD PRODUCTS — 2.6% | ||||||||
Barry Callebaut AG (a) | 397 | 796,805 | ||||||
Chocoladefabiken Lindt & Spruengli AG (a) | 73 | 531,434 | ||||||
Nestlé S.A. - ADR | 57,524 | 5,947,982 | ||||||
7,276,221 |
See accompanying notes to financial statements.
18
Schedule of Investments, continued
Praxis International Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
SWITZERLAND — 6.4%, continued | ||||||||
INSURANCE — 0.7% | ||||||||
Swiss Re AG (a) | 4,652 | $ | 472,729 | |||||
Zurich Insurance Group AG - ADR | 38,250 | 1,333,013 | ||||||
1,805,742 | ||||||||
LIFE SCIENCES TOOLS & SERVICES — 0.3% | ||||||||
Lonza Group AG (a) (b) | 2,553 | 861,884 | ||||||
MACHINERY — 0.2% | ||||||||
Schindler Holding AG (a) | 2,309 | 504,784 | ||||||
MARINE — 0.2% | ||||||||
Keuhne + Nagel International AG (a) | 3,001 | 445,764 | ||||||
PHARMACEUTICALS — 1.1% | ||||||||
Roche Holding AG - ADR | 82,968 | 2,912,177 | ||||||
PROFESSIONAL SERVICES — 0.1% | ||||||||
Adecco Group AG (a) | 4,136 | 248,565 | ||||||
Adecco Group AG - ADR | 4,982 | 149,211 | ||||||
397,776 | ||||||||
TOTAL SWITZERLAND | 17,638,854 | |||||||
TAIWAN — 2.7% | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7% | ||||||||
Chunghwa Telecom Co. Ltd. - ADR | 50,293 | 1,837,706 | ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.2% | ||||||||
AU Optronics Corp. - ADR | 165,806 | 490,786 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.8% | ||||||||
ASE Industrial Holding Co. Ltd. - ADR (b) | 126,937 | 501,401 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 103,680 | 4,061,146 | ||||||
United Microelectronics Corp. - ADR | 232,508 | 513,843 | ||||||
5,076,390 | ||||||||
TOTAL TAIWAN | 7,404,882 | |||||||
TURKEY — 0.2% | ||||||||
BANKS — 0.0% (c) | ||||||||
Turkiye Garanti Bankasi A.S. - ADR (b) | 59,610 | 91,203 | ||||||
WIRELESS TELECOMMUNICATION SERVICES — 0.2% | ||||||||
Turkcell Iletisim Hizmetleri A.S. - ADR | 84,195 | 461,389 | ||||||
TOTAL TURKEY | 552,592 | |||||||
UNITED KINGDOM — 9.5% | ||||||||
BANKS — 1.5% | ||||||||
Barclays plc - ADR | 64,161 | 488,265 | ||||||
HSBC Holdings plc - ADR | 60,926 | 2,543,051 | ||||||
Lloyds Banking Group plc - ADR | 269,987 | 766,763 | ||||||
Standard Chartered plc (a) | 50,523 | 458,328 | ||||||
4,256,407 | ||||||||
BEVERAGES — 0.2% | ||||||||
Coca-Cola European Partners plc | 9,334 | 527,371 | ||||||
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
UNITED KINGDOM — 9.5%, continued | ||||||||
CHEMICALS — 0.2% | ||||||||
Croda International plc (a) | 8,428 | $ | 548,226 | |||||
DIVERSIFIED FINANCIAL SERVICES — 0.2% | ||||||||
London Stock Exchange Group plc (a) | 7,929 | 552,516 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1% | ||||||||
BT Group plc - ADR | 21,181 | 270,481 | ||||||
ELECTRIC UTILITIES — 0.1% | ||||||||
SSE plc (a) | 5,602 | 79,846 | ||||||
SSE plc - ADR | 16,837 | 240,769 | ||||||
320,615 | ||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.2% | ||||||||
Segro plc (a) | 67,383 | 625,433 | ||||||
FOOD & STAPLES RETAILING — 0.2% | ||||||||
J Sainsbury plc (a) | 4,806 | 11,943 | ||||||
J Sainsbury plc - ADR | 18,741 | 187,223 | ||||||
Tesco plc (a) | 53,137 | 153,173 | ||||||
Tesco plc - ADR | 29,931 | 260,696 | ||||||
613,035 | ||||||||
FOOD PRODUCTS — 0.1% | ||||||||
Associated British Foods plc (a) | 11,454 | 358,417 | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 0.4% | ||||||||
Smith & Nephew plc (a) | 4,232 | 91,894 | ||||||
Smith & Nephew plc - ADR | 24,332 | 1,059,415 | ||||||
1,151,309 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 0.8% | ||||||||
Carnival plc - ADR | 6,575 | 297,650 | ||||||
Compass Group plc (a) | 2,160 | 51,778 | ||||||
Compass Group plc - ADR | 45,261 | 1,084,454 | ||||||
InterContinental Hotels Group plc | 8,658 | 579,047 | ||||||
Whitbread plc (a) | 4,752 | 279,530 | ||||||
2,292,459 | ||||||||
HOUSEHOLD DURABLES — 0.3% | ||||||||
Persimmon plc (a) | 15,464 | 392,854 | ||||||
Taylor Wimpey plc (a) | 214,139 | 429,693 | ||||||
822,547 | ||||||||
HOUSEHOLD PRODUCTS — 0.4% | ||||||||
Reckitt Benckiser Group plc (a) | 3,212 | 253,597 | ||||||
Reckitt Benckiser Group plc - ADR | 61,810 | 981,543 | ||||||
1,235,140 | ||||||||
INSURANCE — 1.0% | ||||||||
Admiral Group plc (a) | 13,817 | 387,435 | ||||||
Aviva plc (a) | 41,971 | 222,297 | ||||||
Aviva plc - ADR | 22,486 | 238,352 | ||||||
Old Mutual Ltd. (a) | 207,421 | 310,157 | ||||||
Prudential plc - ADR | 26,183 | 1,147,339 | ||||||
RSA Insurance Group plc (a) | 55,487 | 406,631 | ||||||
2,712,211 | ||||||||
MEDIA — 0.1% | ||||||||
Pearson plc - ADR | 31,116 | 322,362 | ||||||
See accompanying notes to financial statements.
19
Schedule of Investments, continued
Praxis International Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 97.4%, continued | ||||||||
UNITED KINGDOM — 9.5%, continued | ||||||||
METALS & MINING — 0.2% | ||||||||
Antofagasta plc (a) | 50,787 | $ | 599,760 | |||||
MULTI-UTILITIES — 0.4% | ||||||||
National Grid plc - ADR | 21,442 | 1,140,286 | ||||||
PHARMACEUTICALS — 1.5% | ||||||||
AstraZeneca plc - ADR | 55,856 | 2,305,736 | ||||||
GlaxoSmithKline plc - ADR | 42,636 | 1,706,293 | ||||||
4,012,029 | ||||||||
PROFESSIONAL SERVICES — 0.6% | ||||||||
RELX plc (a) | 4,710 | 114,236 | ||||||
RELX plc - ADR | 58,124 | 1,418,807 | ||||||
1,533,043 | ||||||||
SOFTWARE — 0.2% | ||||||||
Sage Group plc (a) | 33,781 | 344,511 | ||||||
Sage Group plc - ADR | 2,320 | 96,048 | ||||||
440,559 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 0.3% | ||||||||
Ashtead Group plc (a) | 12,900 | 369,594 | ||||||
Bunzl plc (a) | 12,648 | 333,723 | ||||||
703,317 | ||||||||
WATER UTILITIES — 0.3% | ||||||||
Severn Trent plc (a) | 14,819 | 385,505 | ||||||
United Utilities Group plc (a) | 14,801 | 147,324 | ||||||
United Utilities Group plc - ADR | 12,883 | 256,114 | ||||||
788,943 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 0.2% | ||||||||
Vodafone Group plc - ADR | 25,844 | 422,032 | ||||||
TOTAL UNITED KINGDOM | 26,248,498 | |||||||
UNITED STATES — 0.3% | ||||||||
HOTELS, RESTAURANTS & LEISURE — 0.3% | ||||||||
Yum China Holdings, Inc. | 16,477 | 761,237 | ||||||
TOTAL COMMON STOCKS (COST $217,490,138) | 269,988,658 | |||||||
PREFERRED STOCKS — 0.5% | ||||||||
BRAZIL — 0.5% | ||||||||
BANKS — 0.3% | ||||||||
Itau Unibanco Holding S.A. - ADR | 92,356 | 869,994 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2% | ||||||||
Telefonica Brasil S.A. - ADR | 39,419 | 513,235 | ||||||
TOTAL PREFERRED STOCKS (COST $993,987) | 1,383,229 | |||||||
RIGHTS — 0.0% (c) | ||||||||
SPAIN — 0.0% (c) | ||||||||
OIL, GAS & CONSUMABLE FUELS — 0.0% (c) | ||||||||
Repsol S.A. Rights (COST $20,203) | 36,854 | 20,443 |
| Coupon | Maturity | Par Value | Fair | ||||||||||||
CORPORATE NOTES — 0.9% | ||||||||||||||||
COMMUNITY DEVELOPMENT — 0.9% | ||||||||||||||||
Calvert Social Investment Foundation, Inc. (d) | 1.500 | % | 06/15/20 | $ | 500,000 | $ | 493,699 | |||||||||
Calvert Social Investment Foundation, Inc. (d) | 2.000 | % | 06/15/22 | 290,000 | 284,962 | |||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 06/15/23 | 870,000 | 874,199 | |||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 12/15/23 | 480,000 | 482,282 | |||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 06/17/24 | 290,000 | 290,432 | |||||||||||
TOTAL CORPORATE NOTES (COST $2,430,000) | 2,425,574 |
Shares | Value | |||||||
MONEY MARKET FUNDS — 0.9% | ||||||||
First American Government Obligations Fund - Class X, 2.30% (e) (COST $2,552,861) | 2,552,861 | $ | 2,552,861 | |||||
TOTAL INVESTMENTS - (COST $223,487,189) — 99.7% | $ | 276,370,765 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3% | 708,264 | |||||||
NET ASSETS — 100.0% | $ | 277,079,029 |
(a) | This security has been fair valued by the methods established by a systematic valuation model provided by an independent third-party pricing service under the guidelines established by the Board of Trustees (Note 2). |
(b) | Non-income producing security. |
(c) | Percentage rounds to less than 0.1%. |
(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. 1.50%, 06/15/20 | 06/15/17 | $ | 500,000 | $ | 493,699 | 0.2 | % | |||||||||
Calvert Social Investment Foundation, Inc. 2.00%, 06/15/22 | 06/17/19 | 290,000 | 284,962 | 0.1 | % | |||||||||||
Calvert Social Investment Foundation, Inc. 3.00%, 06/15/23 | 06/18/18 | 870,000 | 874,199 | 0.3 | % | |||||||||||
Calvert Social Investment Foundation, Inc. 3.00%, 12/15/23 | 12/17/18 | 480,000 | 482,282 | 0.2 | % | |||||||||||
Calvert Social Investment Foundation, Inc. 3.00%, 06/17/24 | 06/17/19 | 290,000 | 290,432 | 0.1 | % | |||||||||||
$ | 2,430,000 | $ | 2,425,574 | 0.9 | % |
(e) | The rate shown is the 7-day effective yield as of June 30, 2019. |
ADR | — American Depositary Receipt |
plc | — Public Liability Company |
REIT | — Real Estate Investment Trust |
See accompanying notes to financial statements.
20
Schedule of Investments
Praxis Value Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 98.7% | ||||||||
AEROSPACE & DEFENSE — 0.1% | ||||||||
TransDigm Group, Inc. (a) | 660 | $ | 319,308 | |||||
AIR FREIGHT & LOGISTICS — 0.8% | ||||||||
FedEx Corp. | 4,400 | 722,436 | ||||||
United Parcel Service, Inc. - Class B | 10,980 | 1,133,905 | ||||||
1,856,341 | ||||||||
AIRLINES — 0.9% | ||||||||
American Airlines Group, Inc. | 7,680 | 250,445 | ||||||
Delta Air Lines, Inc. | 15,050 | 854,088 | ||||||
Southwest Airlines Co. | 9,830 | 499,167 | ||||||
United Airlines Holdings, Inc. (a) | 5,400 | 472,770 | ||||||
2,076,470 | ||||||||
AUTO COMPONENTS — 0.3% | ||||||||
Aptiv plc | 4,830 | 390,409 | ||||||
BorgWarner, Inc. | 7,240 | 303,935 | ||||||
694,344 | ||||||||
AUTOMOBILES — 0.4% | ||||||||
Ford Motor Co. | 89,723 | 917,866 | ||||||
BANKS — 10.5% | ||||||||
Bank of America Corp. | 188,750 | 5,473,750 | ||||||
BB&T Corp. | 16,944 | 832,459 | ||||||
Citigroup, Inc. | 47,146 | 3,301,634 | ||||||
Citizens Financial Group, Inc. | 17,060 | 603,242 | ||||||
Fifth Third Bancorp | 19,490 | 543,771 | ||||||
JPMorgan Chase & Co. | 67,825 | 7,582,835 | ||||||
KeyCorp | 18,558 | 329,405 | ||||||
M&T Bank Corp. | 2,776 | 472,114 | ||||||
PNC Financial Services Group, Inc. (The) | 14,391 | 1,975,596 | ||||||
Regions Financial Corp. | 24,860 | 371,408 | ||||||
SunTrust Banks, Inc. | 9,866 | 620,078 | ||||||
U.S. Bancorp | 23,767 | 1,245,391 | ||||||
Zions Bancorp. | 5,120 | 235,418 | ||||||
23,587,101 | ||||||||
BEVERAGES — 1.9% | ||||||||
Coca-Cola Co. (The) | 43,360 | 2,207,891 | ||||||
PepsiCo, Inc. | 15,849 | 2,078,279 | ||||||
4,286,170 | ||||||||
BIOTECHNOLOGY — 2.3% | ||||||||
AbbVie, Inc. | 13,498 | 981,575 | ||||||
Alexion Pharmaceuticals, Inc. (a) | 2,130 | 278,987 | ||||||
Amgen, Inc. | 3,974 | 732,329 | ||||||
Biogen, Inc. (a) | 1,960 | 458,385 | ||||||
Celgene Corp. (a) | 7,340 | 678,510 | ||||||
Gilead Sciences, Inc. | 26,970 | 1,822,093 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 490 | 153,370 | ||||||
5,105,249 | ||||||||
BUILDING PRODUCTS — 0.8% | ||||||||
Johnson Controls International plc | 34,917 | 1,442,421 | ||||||
Masco Corp. | 9,410 | 369,249 | ||||||
1,811,670 | ||||||||
CAPITAL MARKETS — 4.0% | ||||||||
Bank of New York Mellon Corp. (The) | 24,944 | 1,101,278 | ||||||
BlackRock, Inc. | 2,892 | 1,357,215 | ||||||
Charles Schwab Corp. (The) | 12,430 | 499,562 |
Shares | Fair | |||||||
COMMON STOCKS — 98.7%, continued | ||||||||
CAPITAL MARKETS — 4.0%, continued | ||||||||
CME Group, Inc. | 6,340 | $ | 1,230,657 | |||||
Franklin Resources, Inc. | 7,540 | 262,392 | ||||||
Goldman Sachs Group, Inc. (The) | 7,387 | 1,511,380 | ||||||
Invesco Ltd. | 20,392 | 417,220 | ||||||
Moody’s Corp. | 2,170 | 423,823 | ||||||
Morgan Stanley | 29,341 | 1,285,429 | ||||||
Northern Trust Corp. | 3,977 | 357,930 | ||||||
State Street Corp. | 10,580 | 593,115 | ||||||
9,040,001 | ||||||||
CHEMICALS — 3.1% | ||||||||
Air Products & Chemicals, Inc. | 2,887 | 653,530 | ||||||
Albemarle Corp. | 3,460 | 243,619 | ||||||
Celanese Corp. | 2,130 | 229,614 | ||||||
Corteva, Inc. (a) | 14,630 | 432,609 | ||||||
Dow, Inc. | 14,630 | 721,405 | ||||||
DuPont de Nemours, Inc. | 14,631 | 1,098,349 | ||||||
Eastman Chemical Co. | 3,520 | 273,962 | ||||||
Ecolab, Inc. | 2,076 | 409,885 | ||||||
International Flavors & Fragrances, Inc. | 2,880 | 417,859 | ||||||
Linde plc | 6,056 | 1,216,045 | ||||||
LyondellBasell Industries N.V. - Class A | 8,210 | 707,127 | ||||||
Sherwin-Williams Co. (The) | 1,030 | 472,039 | ||||||
6,876,043 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 0.9% | ||||||||
Republic Services, Inc. | 12,300 | 1,065,672 | ||||||
Waste Management, Inc. | 7,680 | 886,042 | ||||||
1,951,714 | ||||||||
COMMUNICATIONS EQUIPMENT — 0.2% | ||||||||
Cisco Systems, Inc. | 8,910 | 487,644 | ||||||
CONSTRUCTION MATERIALS — 0.2% | ||||||||
Vulcan Materials Co. | 2,520 | 346,021 | ||||||
CONSUMER FINANCE — 1.0% | ||||||||
American Express Co. | 6,414 | 791,744 | ||||||
Capital One Financial Corp. | 10,660 | 967,289 | ||||||
Synchrony Financial | 13,930 | 482,953 | ||||||
2,241,986 | ||||||||
CONTAINERS & PACKAGING — 0.5% | ||||||||
Ball Corp. | 5,768 | 403,702 | ||||||
International Paper Co. | 12,951 | 561,037 | ||||||
WestRock Co. | 4,550 | 165,939 | ||||||
1,130,678 | ||||||||
DIVERSIFIED CONSUMER SERVICES — 0.1% | ||||||||
H&R Block, Inc. | 9,410 | 275,713 | ||||||
DIVERSIFIED FINANCIAL SERVICES — 0.1% | ||||||||
Jefferies Financial Group, Inc. | 16,790 | 322,872 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.2% | ||||||||
AT&T, Inc. | 135,106 | 4,527,402 | ||||||
CenturyLink, Inc. | 12,078 | 142,037 | ||||||
Verizon Communications, Inc. | 3,480 | 198,813 | ||||||
4,868,252 | ||||||||
ELECTRIC UTILITIES — 3.4% | ||||||||
American Electric Power Co., Inc. | 15,270 | 1,343,913 |
See accompanying notes to financial statements.
21
Schedule of Investments, continued
Praxis Value Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 98.7%, continued | ||||||||
ELECTRIC UTILITIES — 3.4%, continued | ||||||||
Duke Energy Corp. | 21,154 | $ | 1,866,629 | |||||
Edison International | 8,487 | 572,109 | ||||||
Evergy, Inc. | 5,670 | 341,050 | ||||||
NextEra Energy, Inc. | 2,655 | 543,903 | ||||||
PPL Corp. | 22,061 | 684,112 | ||||||
Southern Co. (The) | 30,761 | 1,700,468 | ||||||
Xcel Energy, Inc. | 8,064 | 479,727 | ||||||
7,531,911 | ||||||||
ELECTRICAL EQUIPMENT — 1.6% | ||||||||
Eaton Corp. plc | 5,620 | 468,034 | ||||||
Emerson Electric Co. | 23,024 | 1,536,161 | ||||||
Rockwell Automation, Inc. | 8,980 | 1,471,193 | ||||||
3,475,388 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7% | ||||||||
Amphenol Corp. - Class A | 2,810 | 269,592 | ||||||
Corning, Inc. | 14,610 | 485,490 | ||||||
TE Connectivity Ltd. | 9,136 | 875,046 | ||||||
1,630,128 | ||||||||
ENERGY EQUIPMENT & SERVICES — 1.7% | ||||||||
Baker Hughes, a GE Co. | 27,490 | 677,079 | ||||||
Helmerich & Payne, Inc. | 7,130 | 360,920 | ||||||
National Oilwell Varco, Inc. (a) | 9,526 | 211,763 | ||||||
Schlumberger Ltd. | 45,666 | 1,814,767 | ||||||
TechnipFMC plc | 25,070 | 650,316 | ||||||
3,714,845 | ||||||||
ENTERTAINMENT — 1.8% | ||||||||
Activision Blizzard, Inc. | 14,220 | 671,184 | ||||||
Electronic Arts, Inc. (a) | 2,910 | 294,667 | ||||||
Fox Corp. - Class B | 4,760 | 173,883 | ||||||
Viacom, Inc. - Class B | 11,130 | 332,453 | ||||||
Walt Disney Co. (The) | 18,429 | 2,573,425 | ||||||
4,045,612 | ||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.2% | ||||||||
Crown Castle International Corp. | 5,780 | 753,423 | ||||||
Digital Realty Trust, Inc. | 2,690 | 316,855 | ||||||
Equinix, Inc. | 650 | 327,788 | ||||||
Equity Residential | 5,480 | 416,042 | ||||||
Host Hotels & Resorts, Inc. | 15,800 | 287,876 | ||||||
Iron Mountain, Inc. | 13,960 | 436,948 | ||||||
Mid-America Apartment Communities, Inc. | 1,780 | 209,613 | ||||||
Prologis, Inc. | 13,820 | 1,106,982 | ||||||
Simon Property Group, Inc. | 2,079 | 332,141 | ||||||
Ventas, Inc. | 6,840 | 467,514 | ||||||
Weyerhaeuser Co. | 11,149 | 293,665 | ||||||
4,948,847 | ||||||||
FOOD & STAPLES RETAILING — 3.0% | ||||||||
Costco Wholesale Corp. | 8,440 | 2,230,354 | ||||||
Kroger Co. (The) | 11,724 | 254,528 | ||||||
Walgreens Boots Alliance, Inc. | 13,050 | 713,444 | ||||||
Walmart, Inc. | 30,880 | 3,411,931 | ||||||
6,610,257 | ||||||||
FOOD PRODUCTS — 2.8% | ||||||||
Campbell Soup Co. | 9,790 | 392,285 | ||||||
Conagra Brands, Inc. | 15,230 | 403,900 |
Shares | Fair | |||||||
COMMON STOCKS — 98.7%, continued | ||||||||
FOOD PRODUCTS — 2.8%, continued | ||||||||
General Mills, Inc. | 23,954 | $ | 1,258,064 | |||||
J.M. Smucker Co. (The) | 5,180 | 596,684 | ||||||
Kraft Heinz Co. (The) | 28,360 | 880,294 | ||||||
Mondelez International, Inc. - Class A | 35,432 | 1,909,785 | ||||||
Tyson Foods, Inc. - Class A | 9,190 | 742,001 | ||||||
6,183,013 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 2.2% | ||||||||
Baxter International, Inc. | 6,002 | 491,564 | ||||||
Becton, Dickinson and Co. | 2,440 | 614,904 | ||||||
Danaher Corp. | 15,980 | 2,283,862 | ||||||
DENTSPLY SIRONA, Inc. | 9,670 | 564,341 | ||||||
Medtronic plc | 2,600 | 253,214 | ||||||
Stryker Corp. (a) | 2,960 | 608,517 | ||||||
4,816,402 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 4.4% | ||||||||
AmerisourceBergen Corp. | 4,630 | 394,754 | ||||||
Anthem, Inc. | 5,190 | 1,464,670 | ||||||
Cardinal Health, Inc. | 8,170 | 384,807 | ||||||
Centene Corp. (a) | 7,940 | 416,374 | ||||||
Cigna Corp. | 2,382 | 375,284 | ||||||
CVS Health Corp. | 30,124 | 1,641,457 | ||||||
McKesson Corp. | 5,714 | 767,904 | ||||||
UnitedHealth Group, Inc. | 17,910 | 4,370,219 | ||||||
9,815,469 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 1.4% | ||||||||
Carnival Corp. | 11,853 | 551,757 | ||||||
Marriott International, Inc. - Class A | 5,180 | 726,702 | ||||||
McDonald’s Corp. | 1,640 | 340,563 | ||||||
Royal Caribbean Cruises Ltd. | 4,330 | 524,839 | ||||||
Starbucks Corp. | 12,890 | 1,080,569 | ||||||
3,224,430 | ||||||||
HOUSEHOLD DURABLES — 0.1% | ||||||||
Whirlpool Corp. | 1,752 | 249,415 | ||||||
HOUSEHOLD PRODUCTS — 1.7% | ||||||||
Colgate-Palmolive Co. | 9,618 | 689,322 | ||||||
Kimberly-Clark Corp. | 2,070 | 275,890 | ||||||
Procter & Gamble Co. (The) | 25,456 | 2,791,250 | ||||||
3,756,462 | ||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1% | ||||||||
AES Corp. | 11,844 | 198,505 | ||||||
INDUSTRIAL CONGLOMERATES — 0.2% | ||||||||
Roper Technologies, Inc. | 1,100 | 402,886 | ||||||
INSURANCE — 6.3% | ||||||||
Aflac, Inc. | 17,570 | 963,012 | ||||||
Allstate Corp. (The) | 10,919 | 1,110,353 | ||||||
American International Group, Inc. | 26,277 | 1,400,039 | ||||||
Aon plc | 3,307 | 638,185 | ||||||
Chubb Ltd. | 14,717 | 2,167,668 | ||||||
Cincinnati Financial Corp. | 3,262 | 338,172 | ||||||
Hartford Financial Services Group, Inc. (The) | 14,530 | 809,612 | ||||||
Lincoln National Corp. | 4,220 | 271,979 | ||||||
Marsh & McLennan Cos., Inc. | 6,280 | 626,430 | ||||||
MetLife, Inc. | 24,023 | 1,193,222 |
See accompanying notes to financial statements.
22
Schedule of Investments, continued
Praxis Value Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 98.7%, continued | ||||||||
INSURANCE — 6.3%, continued | ||||||||
Principal Financial Group, Inc. | 11,170 | $ | 646,966 | |||||
Progressive Corp. (The) | 6,910 | 552,316 | ||||||
Prudential Financial, Inc. | 10,620 | 1,072,620 | ||||||
Travelers Cos., Inc. (The) | 9,533 | 1,425,374 | ||||||
Unum Group | 13,960 | 468,358 | ||||||
Willis Towers Watson plc | 2,350 | 450,119 | ||||||
14,134,425 | ||||||||
INTERACTIVE MEDIA & SERVICES — 0.1% | ||||||||
Alphabet, Inc. - Class C (a) | 300 | 324,273 | ||||||
INTERNET & DIRECT MARKETING RETAIL — 0.8% | ||||||||
Booking Holdings, Inc. (a) | 530 | 993,597 | ||||||
eBay, Inc. | 11,230 | 443,585 | ||||||
Expedia Group, Inc. | 2,510 | 333,905 | ||||||
1,771,087 | ||||||||
IT SERVICES — 3.2% | ||||||||
Accenture plc - Class A | 10,140 | 1,873,568 | ||||||
Cognizant Technology Solutions Corp. - Class A | 10,250 | 649,747 | ||||||
DXC Technology Co. | 5,750 | 317,112 | ||||||
FleetCor Technologies, Inc. (a) | 1,110 | 311,744 | ||||||
International Business Machines Corp. | 20,022 | 2,761,034 | ||||||
Mastercard, Inc. - Class A | 1,890 | 499,962 | ||||||
Paychex, Inc. | 3,684 | 303,156 | ||||||
Visa, Inc. - Class A | 3,120 | 541,476 | ||||||
7,257,799 | ||||||||
LIFE SCIENCES TOOLS & SERVICES — 0.5% | ||||||||
Thermo Fisher Scientific, Inc. | 3,504 | 1,029,055 | ||||||
MACHINERY — 2.9% | ||||||||
Deere & Co. | 7,637 | 1,265,527 | ||||||
Dover Corp. | 5,703 | 571,440 | ||||||
Flowserve Corp. | 6,920 | 364,615 | ||||||
Illinois Tool Works, Inc. | 8,785 | 1,324,866 | ||||||
Ingersoll-Rand plc | 2,185 | 276,774 | ||||||
PACCAR, Inc. | 6,906 | 494,884 | ||||||
Parker-Hannifin Corp. | 4,407 | 749,234 | ||||||
Pentair plc | 9,110 | 338,892 | ||||||
Stanley Black & Decker, Inc. | 5,020 | 725,942 | ||||||
Xylem, Inc. | 5,620 | 470,057 | ||||||
6,582,231 | ||||||||
MEDIA — 1.9% | ||||||||
CBS Corp. - Class B | 8,110 | 404,689 | ||||||
Charter Communications, Inc. - Class A (a) | 2,710 | 1,070,938 | ||||||
Comcast Corp. - Class A | 53,450 | 2,259,866 | ||||||
Discovery, Inc. (a) | 6,720 | 206,304 | ||||||
Omnicom Group, Inc. | 3,799 | 311,328 | ||||||
4,253,125 | ||||||||
METALS & MINING — 0.6% | ||||||||
Newmont Mining Corp. | 19,630 | 755,166 | ||||||
Nucor Corp. | 8,860 | 488,186 | ||||||
1,243,352 | ||||||||
MULTI-LINE RETAIL — 0.6% | ||||||||
Dollar Tree, Inc. (a) | 4,230 | 454,259 | ||||||
Macy’s, Inc. | 9,443 | 202,647 |
Shares | Fair | |||||||
COMMON STOCKS — 98.7%, continued | ||||||||
MULTI-LINE RETAIL — 0.6%, continued | ||||||||
Target Corp. | 8,326 | $ | 721,115 | |||||
1,378,021 | ||||||||
MULTI-UTILITIES — 1.2% | ||||||||
Consolidated Edison, Inc. | 12,301 | 1,078,552 | ||||||
DTE Energy Co. | 3,580 | 457,810 | ||||||
NiSource, Inc. | 7,270 | 209,376 | ||||||
Sempra Energy | 7,393 | 1,016,094 | ||||||
2,761,832 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 4.7% | ||||||||
Anadarko Petroleum Corp. | 5,330 | 376,085 | ||||||
Apache Corp. | 7,688 | 222,721 | ||||||
Cabot Oil & Gas Corp. | 11,790 | 270,699 | ||||||
ConocoPhillips | 15,487 | 944,707 | ||||||
Devon Energy Corp. | 7,820 | 223,027 | ||||||
Hess Corp. | 9,090 | 577,851 | ||||||
HollyFrontier Corp. | 1,270 | 58,776 | ||||||
Kinder Morgan, Inc. | 46,931 | 979,919 | ||||||
Marathon Petroleum Corp. | 18,141 | 1,013,719 | ||||||
Noble Energy, Inc. | 26,548 | 594,675 | ||||||
Occidental Petroleum Corp. | 36,030 | 1,811,588 | ||||||
ONEOK, Inc. | 5,405 | 371,918 | ||||||
Phillips 66 | 14,950 | 1,398,423 | ||||||
Valero Energy Corp. | 11,080 | 948,559 | ||||||
Williams Cos., Inc. (The) | 25,781 | 722,899 | ||||||
10,515,566 | ||||||||
PHARMACEUTICALS — 2.7% | ||||||||
Allergan plc | 5,790 | 969,420 | ||||||
Bristol-Myers Squibb Co. | 16,139 | 731,903 | ||||||
Johnson & Johnson | 24,941 | 3,473,782 | ||||||
Mylan N.V. (a) | 10,220 | 194,589 | ||||||
Perrigo Co. plc | 3,340 | 159,051 | ||||||
Zoetis, Inc. | 4,620 | 524,324 | ||||||
6,053,069 | ||||||||
PROFESSIONAL SERVICES — 0.1% | ||||||||
Nielsen Holdings plc | 11,010 | 248,826 | ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2% | ||||||||
CBRE Group, Inc. - Class A (a) | 6,650 | 341,145 | ||||||
ROAD & RAIL — 0.3% | ||||||||
CSX Corp. | 3,820 | 295,554 | ||||||
J.B. Hunt Transport Services, Inc. | 4,730 | 432,369 | ||||||
727,923 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.1% | ||||||||
Analog Devices, Inc. | 2,400 | 270,888 | ||||||
Applied Materials, Inc. | 19,590 | 879,787 | ||||||
Intel Corp. | 33,548 | 1,605,943 | ||||||
Lam Research Corp. | 2,870 | 539,101 | ||||||
Microchip Technology, Inc. | 2,530 | 219,351 | ||||||
Micron Technology, Inc. (a) | 20,260 | 781,833 | ||||||
NVIDIA Corp. | 5,320 | 873,704 | ||||||
QUALCOMM, Inc. (a) | 11,780 | 896,104 | ||||||
Texas Instruments, Inc. | 6,630 | 760,859 | ||||||
6,827,570 |
See accompanying notes to financial statements.
23
Schedule of Investments, continued
Praxis Value Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 98.7%, continued | ||||||||
SOFTWARE — 1.1% | ||||||||
Microsoft Corp. | 3,090 | $ | 413,936 | |||||
Oracle Corp. (a) | 31,342 | 1,785,554 | ||||||
Symantec Corp. | 11,610 | 252,634 | ||||||
2,452,124 | ||||||||
SPECIALTY RETAIL — 1.8% | ||||||||
Best Buy Co., Inc. | 4,590 | 320,060 | ||||||
Home Depot, Inc. (The) | 11,942 | 2,483,578 | ||||||
L Brands, Inc. | 12,830 | 334,863 | ||||||
Lowe’s Cos., Inc. | 8,010 | 808,289 | ||||||
3,946,790 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 8.2% | ||||||||
Apple, Inc. | 87,350 | 17,288,312 | ||||||
HP, Inc. | 25,540 | 530,976 | ||||||
Seagate Technology plc (a) | 4,910 | 231,359 | ||||||
Western Digital Corp. (a) | 5,265 | 250,351 | ||||||
18,300,998 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.6% | ||||||||
NIKE, Inc. - Class B | 12,420 | 1,042,659 | ||||||
PVH Corp. | 2,130 | 201,583 | ||||||
1,244,242 | ||||||||
WATER UTILITIES — 0.2% | ||||||||
American Water Works Co., Inc. | 3,640 | 422,240 | ||||||
TOTAL COMMON STOCKS (COST $172,120,700) | 220,614,706 |
| Coupon | Maturity | Principal | Fair | ||||||||||||
CORPORATE NOTES — 0.9% | ||||||||||||||||
COMMUNITY DEVELOPMENT — 0.9% | ||||||||||||||||
Calvert Social Investment Foundation, Inc. (b) | 1.500 | % | 06/15/20 | $ | 250,000 | $ | 246,850 | |||||||||
Calvert Social Investment Foundation, Inc. (b) | 2.000 | % | 06/15/22 | 280,000 | 275,135 | |||||||||||
Calvert Social Investment Foundation, Inc. (b) | 3.000 | % | 06/15/23 | 450,000 | 452,172 | |||||||||||
Calvert Social Investment Foundation, Inc. (b) | 3.000 | % | 12/15/23 | 720,000 | 723,424 | |||||||||||
Calvert Social Investment Foundation, Inc. (b) | 3.000 | % | 06/17/24 | 280,000 | 280,417 | |||||||||||
TOTAL CORPORATE NOTES (COST $1,980,000) | 1,977,998 |
Shares | Value | |||||||
MONEY MARKET FUNDS — 0.5% | ||||||||
First American Government Obligations Fund - Class X, 2.30% (c) (COST $1,087,797) | 1,087,797 | $ | 1,087,797 | |||||
TOTAL INVESTMENTS - (COST $175,188,497) — 100.1% | $ | 223,680,501 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1%) | (149,361 | ) | ||||||
NET ASSETS — 100.0% | $ | 223,531,140 |
(a) | Non-income producing security. |
(b) | 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. 1.50%, 06/15/20 | 06/15/17 | $ | 250,000 | $ | 246,850 | 0.1 | % | |||||||||
Calvert Social Investment Foundation, Inc. 2.00%, 06/15/22 | 06/17/19 | 280,000 | 275,135 | 0.1 | % | |||||||||||
Calvert Social Investment Foundation, Inc. 3.00%, 06/15/23 | 06/18/18 | 450,000 | 452,172 | 0.2 | % | |||||||||||
Calvert Social Investment Foundation, Inc. 3.00%, 12/15/23 | 12/17/18 | 720,000 | 723,424 | 0.3 | % | |||||||||||
Calvert Social Investment Foundation, Inc. 3.00%, 06/17/24 | 06/17/19 | 280,000 | 280,417 | 0.2 | % | |||||||||||
$ | 1,980,000 | $ | 1,977,998 | 0.9 | % |
(c) | The rate shown is the 7-day effective yield as of June 30, 2019. |
plc | — Public Liability Company |
See accompanying notes to financial statements.
24
Schedule of Investments
Praxis Growth Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 98.8% | ||||||||
AEROSPACE & DEFENSE — 0.5% | ||||||||
TransDigm Group, Inc. (a) | 3,007 | $ | 1,454,787 | |||||
AIR FREIGHT & LOGISTICS — 0.5% | ||||||||
FedEx Corp. | 3,068 | 503,735 | ||||||
United Parcel Service, Inc. - Class B | 9,108 | 940,583 | ||||||
1,444,318 | ||||||||
AIRLINES — 0.1% | ||||||||
Delta Air Lines, Inc. | 6,285 | 356,674 | ||||||
BANKS — 1.2% | ||||||||
BB&T Corp. | 5,499 | 270,166 | ||||||
JPMorgan Chase & Co. | 4,809 | 537,646 | ||||||
PNC Financial Services Group, Inc. (The) | 2,433 | 334,002 | ||||||
U.S. Bancorp | 44,760 | 2,345,424 | ||||||
3,487,238 | ||||||||
BEVERAGES — 2.1% | ||||||||
Coca-Cola Co. (The) | 57,289 | 2,917,156 | ||||||
PepsiCo, Inc. | 24,978 | 3,275,365 | ||||||
6,192,521 | ||||||||
BIOTECHNOLOGY — 2.6% | ||||||||
AbbVie, Inc. | 22,902 | 1,665,433 | ||||||
Alexion Pharmaceuticals, Inc. (a) | 6,163 | 807,230 | ||||||
Amgen, Inc. | 11,663 | 2,149,258 | ||||||
Biogen, Inc. (a) | 2,496 | 583,739 | ||||||
Celgene Corp. (a) | 9,179 | 848,507 | ||||||
Incyte Corp. (a) | 4,067 | 345,532 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 1,071 | 335,223 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 5,884 | 1,079,008 | ||||||
7,813,930 | ||||||||
BUILDING PRODUCTS — 0.2% | ||||||||
Johnson Controls International plc | 12,325 | 509,146 | ||||||
CAPITAL MARKETS — 1.7% | ||||||||
Ameriprise Financial, Inc. | 2,290 | 332,416 | ||||||
BlackRock, Inc. | 640 | 300,352 | ||||||
Cboe Global Markets, Inc. | 4,824 | 499,911 | ||||||
Charles Schwab Corp. (The) | 11,107 | 446,390 | ||||||
Intercontinental Exchange, Inc. | 13,888 | 1,193,535 | ||||||
MSCI, Inc. | 1,797 | 429,106 | ||||||
Northern Trust Corp. | 2,949 | 265,410 | ||||||
S&P Global, Inc. | 5,128 | 1,168,107 | ||||||
T. Rowe Price Group, Inc. | 4,600 | 504,666 | ||||||
5,139,893 | ||||||||
CHEMICALS — 2.0% | ||||||||
Air Products & Chemicals, Inc. | 7,178 | 1,624,884 | ||||||
Albemarle Corp. | 6,211 | 437,316 | ||||||
Celanese Corp. | 2,677 | 288,581 | ||||||
Ecolab, Inc. | 8,256 | 1,630,065 | ||||||
Linde plc | 8,079 | 1,622,263 | ||||||
Sherwin-Williams Co. (The) | 749 | 343,259 | ||||||
5,946,368 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 1.2% | ||||||||
Cintas Corp. | 1,634 | 387,732 | ||||||
Republic Services, Inc. | 10,093 | 874,457 | ||||||
Rollins, Inc. | 6,764 | 242,625 |
Shares | Fair | |||||||
COMMON STOCKS — 98.8%, continued | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 1.2%, continued | ||||||||
Waste Management, Inc. | 18,252 | $ | 2,105,733 | |||||
3,610,547 | ||||||||
COMMUNICATIONS EQUIPMENT — 2.3% | ||||||||
Arista Networks, Inc. (a) | 3,120 | 810,015 | ||||||
Cisco Systems, Inc. | 103,780 | 5,679,879 | ||||||
Juniper Networks, Inc. | 17,022 | 453,296 | ||||||
6,943,190 | ||||||||
CONSTRUCTION & ENGINEERING — 0.1% | ||||||||
Quanta Services, Inc. | 4,122 | 157,419 | ||||||
CONSTRUCTION MATERIALS — 0.1% | ||||||||
Martin Marietta Materials, Inc. | 1,616 | 371,858 | ||||||
CONSUMER FINANCE — 0.4% | ||||||||
American Express Co. | 7,894 | 974,435 | ||||||
Discover Financial Services | 4,095 | 317,731 | ||||||
1,292,166 | ||||||||
CONTAINERS & PACKAGING — 0.5% | ||||||||
Avery Dennison Corp. | 5,268 | 609,402 | ||||||
Ball Corp. | 7,143 | 499,939 | ||||||
International Paper Co. | 6,608 | 286,258 | ||||||
1,395,599 | ||||||||
DISTRIBUTORS — 0.1% | ||||||||
Genuine Parts Co. | 2,808 | 290,853 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.9% | ||||||||
AT&T, Inc. | 8,289 | 277,764 | ||||||
Verizon Communications, Inc. | 97,758 | 5,584,915 | ||||||
5,862,679 | ||||||||
ELECTRIC UTILITIES — 1.8% | ||||||||
American Electric Power Co., Inc. | 8,040 | 707,600 | ||||||
Duke Energy Corp. | 5,688 | 501,909 | ||||||
Eversource Energy | 3,989 | 302,207 | ||||||
NextEra Energy, Inc. | 12,598 | 2,580,826 | ||||||
Southern Co. (The) | 13,034 | 720,520 | ||||||
Xcel Energy, Inc. | 8,037 | 478,121 | ||||||
5,291,183 | ||||||||
ELECTRICAL EQUIPMENT — 0.6% | ||||||||
Eaton Corp. plc | 4,956 | 412,735 | ||||||
Rockwell Automation, Inc. | 9,137 | 1,496,915 | ||||||
1,909,650 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.3% | ||||||||
IPG Photonics Corp. (a) | 1,276 | 196,823 | ||||||
Keysight Technologies, Inc. (a) | 8,004 | 718,839 | ||||||
915,662 | ||||||||
ENERGY EQUIPMENT & SERVICES — 0.2% | ||||||||
Baker Hughes, a GE Co. | 6,322 | 155,711 | ||||||
Schlumberger Ltd. | 12,261 | 487,252 | ||||||
642,963 | ||||||||
ENTERTAINMENT — 2.5% | ||||||||
Electronic Arts, Inc. (a) | 3,067 | 310,564 | ||||||
Fox Corp. - Class B | 5,385 | 196,714 | ||||||
Netflix, Inc. (a) | 9,792 | 3,596,798 |
See accompanying notes to financial statements.
25
Schedule of Investments, continued
Praxis Growth Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 98.8%, continued | ||||||||
ENTERTAINMENT — 2.5%, continued | ||||||||
Walt Disney Co. (The) | 25,353 | $ | 3,540,293 | |||||
7,644,369 | ||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.8% | ||||||||
American Tower Corp. | 9,532 | 1,948,817 | ||||||
AvalonBay Communities, Inc. | 2,316 | 470,565 | ||||||
Boston Properties, Inc. | 4,092 | 527,868 | ||||||
Crown Castle International Corp. | 4,969 | 647,709 | ||||||
Digital Realty Trust, Inc. | 4,316 | 508,382 | ||||||
Equinix, Inc. | 1,090 | 549,676 | ||||||
Extra Space Storage, Inc. | 2,966 | 314,693 | ||||||
HCP, Inc. | 11,789 | 377,012 | ||||||
Iron Mountain, Inc. | 8,187 | 256,253 | ||||||
Public Storage | 3,491 | 831,451 | ||||||
Realty Income Corp. | 4,636 | 319,745 | ||||||
Simon Property Group, Inc. | 6,522 | 1,041,955 | ||||||
Welltower, Inc. | 9,000 | 733,770 | ||||||
8,527,896 | ||||||||
FOOD & STAPLES RETAILING — 0.4% | ||||||||
Sysco Corp. | 8,321 | 588,461 | ||||||
Walmart, Inc. | 4,407 | 486,930 | ||||||
1,075,391 | ||||||||
FOOD PRODUCTS — 0.5% | ||||||||
Hershey Co. (The) | 2,231 | 299,021 | ||||||
Hormel Foods Corp. | 5,860 | 237,564 | ||||||
Kellogg Co. | 8,574 | 459,309 | ||||||
McCormick & Co., Inc. | 1,790 | 277,468 | ||||||
Mondelez International, Inc. - Class A | 5,770 | 311,003 | ||||||
1,584,365 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 6.2% | ||||||||
Abbott Laboratories | 49,902 | 4,196,758 | ||||||
Align Technology, Inc. (a) | 1,431 | 391,665 | ||||||
Becton, Dickinson and Co. | 5,874 | 1,480,307 | ||||||
Boston Scientific Corp. (a) | 35,332 | 1,518,569 | ||||||
Cooper Cos., Inc. (The) | 1,161 | 391,129 | ||||||
Danaher Corp. | 18,865 | 2,696,186 | ||||||
Edwards Lifesciences Corp. (a) | 4,070 | 751,892 | ||||||
Hologic, Inc. (a) | 6,559 | 314,963 | ||||||
IDEXX Laboratories, Inc. (a) | 2,060 | 567,180 | ||||||
Intuitive Surgical, Inc. (a) | 2,661 | 1,395,828 | ||||||
Medtronic plc | 35,026 | 3,411,182 | ||||||
ResMed, Inc. | 3,458 | 421,980 | ||||||
Stryker Corp. (a) | 5,375 | 1,104,992 | ||||||
18,642,631 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 1.2% | ||||||||
AmerisourceBergen Corp. | 5,540 | 472,340 | ||||||
Cigna Corp. | 5,474 | 862,429 | ||||||
CVS Health Corp. | 6,837 | 372,548 | ||||||
HCA Healthcare, Inc. | 4,561 | 616,510 | ||||||
Humana, Inc. | 3,198 | 848,430 | ||||||
UnitedHealth Group, Inc. | 980 | 239,130 | ||||||
WellCare Health Plans, Inc. (a) | 1,059 | 301,889 | ||||||
3,713,276 | ||||||||
HEALTH CARE TECHNOLOGY — 0.2% | ||||||||
Cerner Corp. | 9,173 | 672,381 | ||||||
Shares | Fair | |||||||
COMMON STOCKS — 98.8%, continued | ||||||||
HOTELS, RESTAURANTS & LEISURE — 2.5% | ||||||||
Carnival Corp. | 9,381 | $ | 436,686 | |||||
Chipotle Mexican Grill, Inc. (a) | 778 | 570,181 | ||||||
Marriott International, Inc. - Class A | 3,226 | 452,575 | ||||||
McDonald’s Corp. | 18,877 | 3,919,998 | ||||||
Starbucks Corp. | 14,909 | 1,249,821 | ||||||
Yum! Brands, Inc. | 7,084 | 783,986 | ||||||
7,413,247 | ||||||||
HOUSEHOLD DURABLES — 0.2% | ||||||||
Mohawk Industries, Inc. (a) | 3,120 | 460,106 | ||||||
HOUSEHOLD PRODUCTS — 1.9% | ||||||||
Church & Dwight Co., Inc. | 4,462 | 325,994 | ||||||
Clorox Co. (The) | 2,852 | 436,670 | ||||||
Colgate-Palmolive Co. | 10,399 | 745,296 | ||||||
Kimberly-Clark Corp. | 3,801 | 506,597 | ||||||
Procter & Gamble Co. (The) | 34,487 | 3,781,500 | ||||||
5,796,057 | ||||||||
INDUSTRIAL CONGLOMERATES — 0.3% | ||||||||
Roper Technologies, Inc. | 2,829 | 1,036,150 | ||||||
INSURANCE — 2.5% | ||||||||
Aflac, Inc. | 8,308 | 455,361 | ||||||
Allstate Corp. (The) | 3,039 | 309,036 | ||||||
American International Group, Inc. | 6,403 | 341,152 | ||||||
Aon plc | 4,556 | 879,217 | ||||||
Arthur J. Gallagher & Co. | 4,367 | 382,506 | ||||||
Chubb Ltd. | 5,335 | 785,792 | ||||||
Cincinnati Financial Corp. | 3,545 | 367,510 | ||||||
Marsh & McLennan Cos., Inc. | 12,031 | 1,200,092 | ||||||
MetLife, Inc. | 6,692 | 332,392 | ||||||
Principal Financial Group, Inc. | 9,237 | 535,007 | ||||||
Progressive Corp. (The) | 11,913 | 952,206 | ||||||
Torchmark Corp. | 6,108 | 546,422 | ||||||
Travelers Cos., Inc. (The) | 2,024 | 302,628 | ||||||
7,389,321 | ||||||||
INTERACTIVE MEDIA & SERVICES — 8.7% | ||||||||
Alphabet, Inc. - Class A (a) | 5,497 | 5,952,152 | ||||||
Alphabet, Inc. - Class C (a) | 8,586 | 9,280,693 | ||||||
Facebook, Inc. - Class A (a) | 54,765 | 10,569,645 | ||||||
Twitter, Inc. (a) | 12,505 | 436,424 | ||||||
26,238,914 | ||||||||
INTERNET & DIRECT MARKETING RETAIL — 6.5% | ||||||||
Amazon.com, Inc. (a) | 9,286 | 17,584,248 | ||||||
Booking Holdings, Inc. (a) | 710 | 1,331,044 | ||||||
eBay, Inc. | 8,486 | 335,197 | ||||||
Expedia Group, Inc. | 2,852 | 379,402 | ||||||
19,629,891 | ||||||||
IT SERVICES — 8.0% | ||||||||
Accenture plc - Class A | 9,729 | 1,797,627 | ||||||
Akamai Technologies, Inc. (a) | 6,711 | 537,820 | ||||||
Automatic Data Processing, Inc. | 11,168 | 1,846,405 | ||||||
DXC Technology Co. | 2,990 | 164,899 | ||||||
Fidelity National Information Services, Inc. | 6,830 | 837,904 | ||||||
Fiserv, Inc. (a) | 8,820 | 804,031 | ||||||
FleetCor Technologies, Inc. (a) | 1,333 | 374,373 | ||||||
Gartner, Inc. (a) | 2,140 | 344,412 |
See accompanying notes to financial statements.
26
Schedule of Investments, continued
Praxis Growth Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 98.8%, continued | ||||||||
IT SERVICES — 8.0%, continued | ||||||||
Mastercard, Inc. - Class A | 21,816 | $ | 5,770,987 | |||||
Paychex, Inc. | 6,525 | 536,942 | ||||||
PayPal Holdings, Inc. (a) | 26,707 | 3,056,883 | ||||||
Total System Services, Inc. | 3,608 | 462,798 | ||||||
VeriSign, Inc. (a) | 2,251 | 470,819 | ||||||
Visa, Inc. - Class A | 41,463 | 7,195,904 | ||||||
24,201,804 | ||||||||
LIFE SCIENCES TOOLS & SERVICES — 2.1% | ||||||||
Agilent Technologies, Inc. | 5,785 | 431,966 | ||||||
Illumina, Inc. (a) | 3,249 | 1,196,119 | ||||||
Mettler-Toledo International, Inc. (a) | 600 | 504,000 | ||||||
Thermo Fisher Scientific, Inc. | 12,697 | 3,728,855 | ||||||
Waters Corp. (a) | 1,646 | 354,285 | ||||||
6,215,225 | ||||||||
MACHINERY — 1.0% | ||||||||
Dover Corp. | 3,391 | 339,778 | ||||||
Illinois Tool Works, Inc. | 5,781 | 871,833 | ||||||
Ingersoll-Rand plc | 5,595 | 708,719 | ||||||
Pentair plc | 6,950 | 258,540 | ||||||
Stanley Black & Decker, Inc. | 4,056 | 586,538 | ||||||
Xylem, Inc. | 3,720 | 311,141 | ||||||
3,076,549 | ||||||||
MEDIA — 1.0% | ||||||||
CBS Corp. - Class B | 2,991 | 149,251 | ||||||
Charter Communications, Inc. - Class A (a) | 1,837 | 725,946 | ||||||
Comcast Corp. - Class A | 53,294 | 2,253,270 | ||||||
3,128,467 | ||||||||
MULTI-LINE RETAIL — 0.2% | ||||||||
Dollar General Corp. | 3,510 | 474,412 | ||||||
OIL, GAS & CONSUMABLE FUELS — 2.3% | ||||||||
Anadarko Petroleum Corp. | 13,642 | 962,580 | ||||||
Apache Corp. | 13,884 | 402,219 | ||||||
Cabot Oil & Gas Corp. | 10,588 | 243,100 | ||||||
ConocoPhillips | 33,065 | 2,016,965 | ||||||
Devon Energy Corp. | 11,664 | 332,657 | ||||||
Hess Corp. | 8,179 | 519,939 | ||||||
Marathon Oil Corp. | 17,450 | 247,965 | ||||||
Occidental Petroleum Corp. | 30,785 | 1,547,870 | ||||||
ONEOK, Inc. | 5,111 | 351,688 | ||||||
Phillips 66 | 1,989 | 186,051 | ||||||
6,811,034 | ||||||||
PERSONAL PRODUCTS — 0.2% | ||||||||
Coty, Inc. - Class A | 15,370 | 205,958 | ||||||
Estée Lauder Cos., Inc. (The) - Class A | 2,452 | 448,986 | ||||||
654,944 | ||||||||
PHARMACEUTICALS — 5.4% | ||||||||
Bristol-Myers Squibb Co. | 24,259 | 1,100,146 | ||||||
Eli Lilly & Co. | 23,284 | 2,579,634 | ||||||
Johnson & Johnson | 41,810 | 5,823,297 | ||||||
Merck & Co., Inc. (a) | 66,121 | 5,544,246 | ||||||
Zoetis, Inc. | 10,745 | 1,219,450 | ||||||
16,266,773 |
Shares | Fair | |||||||
COMMON STOCKS — 98.8%, continued | ||||||||
PROFESSIONAL SERVICES — 0.6% | ||||||||
Equifax, Inc. | 4,774 | $ | 645,636 | |||||
IHS Markit Ltd. (a) | 7,747 | 493,639 | ||||||
Nielsen Holdings plc | 10,461 | 236,418 | ||||||
Verisk Analytics, Inc. | 3,035 | 444,506 | ||||||
1,820,199 | ||||||||
ROAD & RAIL — 1.7% | ||||||||
CSX Corp. | 15,653 | 1,211,073 | ||||||
Norfolk Southern Corp. | 4,255 | 848,149 | ||||||
Union Pacific Corp. | 17,630 | 2,981,409 | ||||||
5,040,631 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.1% | ||||||||
Advanced Micro Devices, Inc. (a) | 17,446 | 529,835 | ||||||
Analog Devices, Inc. | 4,098 | 462,541 | ||||||
Broadcom, Inc. | 9,079 | 2,613,481 | ||||||
Intel Corp. | 72,384 | 3,465,022 | ||||||
Microchip Technology, Inc. | 3,457 | 299,722 | ||||||
NVIDIA Corp. | 5,454 | 895,710 | ||||||
Qorvo, Inc. (a) | 511 | 34,038 | ||||||
QUALCOMM, Inc. (a) | 15,647 | 1,190,267 | ||||||
Skyworks Solutions, Inc. | 6,628 | 512,146 | ||||||
Texas Instruments, Inc. | 15,934 | 1,828,586 | ||||||
Xilinx, Inc. | 4,619 | 544,673 | ||||||
12,376,021 | ||||||||
SOFTWARE — 11.9% | ||||||||
Adobe, Inc. (a) | 10,776 | 3,175,148 | ||||||
ANSYS, Inc. (a) | 1,778 | 364,170 | ||||||
Autodesk, Inc. (a) | 4,626 | 753,575 | ||||||
Citrix Systems, Inc. | 3,452 | 338,779 | ||||||
Intuit, Inc. | 6,400 | 1,672,512 | ||||||
Microsoft Corp. | 176,931 | 23,701,677 | ||||||
Oracle Corp. (a) | 35,196 | 2,005,116 | ||||||
Red Hat, Inc. (a) | 3,789 | 711,423 | ||||||
salesforce.com, Inc. (a) | 17,428 | 2,644,351 | ||||||
Synopsys, Inc. (a) | 2,920 | 375,775 | ||||||
35,742,526 | ||||||||
SPECIALTY RETAIL — 2.5% | ||||||||
AutoZone, Inc. (a) | 469 | 515,651 | ||||||
Home Depot, Inc. (The) | 13,415 | 2,789,918 | ||||||
Lowe’s Cos., Inc. | 9,809 | 989,826 | ||||||
O’Reilly Automotive, Inc. (a) | 1,828 | 675,117 | ||||||
Ross Stores, Inc. | 6,132 | 607,804 | ||||||
TJX Cos., Inc. (The) | 25,363 | 1,341,195 | ||||||
Ulta Beauty, Inc. (a) | 1,400 | 485,646 | ||||||
7,405,157 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1% | ||||||||
NetApp, Inc. (a) | 5,407 | 333,612 | ||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.4% | ||||||||
NIKE, Inc. - Class B | 11,317 | 950,062 | ||||||
VF Corp. | 4,295 | 375,168 | ||||||
1,325,230 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 0.3% | ||||||||
Fastenal Co. | 16,064 | 523,526 | ||||||
W.W. Grainger, Inc. | 863 | 231,482 | ||||||
755,008 |
See accompanying notes to financial statements.
27
Schedule of Investments, continued
Praxis Growth Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 98.8%, continued | ||||||||
WATER UTILITIES — 0.2% | ||||||||
American Water Works Co., Inc. | 4,180 | $ | 484,880 | |||||
TOTAL COMMON STOCKS (COST $163,910,976) | 296,965,111 |
| Coupon | Maturity | Principal | Fair | ||||||||||||
CORPORATE NOTES — 0.9% | ||||||||||||||||
COMMUNITY DEVELOPMENT — 0.9% | ||||||||||||||||
Calvert Social Investment Foundation, Inc. (b) | 1.500 | % | 06/15/20 | $ | 475,000 | $ | 469,015 | |||||||||
Calvert Social Investment Foundation, Inc. (b) | 2.000 | % | 06/15/22 | 550,000 | 540,444 | |||||||||||
Calvert Social Investment Foundation, Inc. (b) | 3.000 | % | 06/15/23 | 900,000 | 904,343 | |||||||||||
Calvert Social Investment Foundation, Inc. (b) | 3.000 | % | 12/15/23 | 200,000 | 200,951 | |||||||||||
Calvert Social Investment Foundation, Inc. (b) | 3.000 | % | 06/17/24 | 550,000 | 550,820 | |||||||||||
TOTAL CORPORATE NOTES (COST $2,675,000) | 2,665,573 |
Shares | Value | |||||||
MONEY MARKET FUNDS — 0.4% | ||||||||
First American Government Obligations Fund - Class X, 2.30% (c) (COST $1,176,078) | 1,176,078 | $ | 1,176,078 | |||||
TOTAL INVESTMENTS - (COST $167,762,054) — 100.1% | $ | 300,806,762 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1%) | (173,120 | ) | ||||||
NET ASSETS — 100.0% | $ | 300,633,642 |
(a) | Non-income producing security. |
(b) | 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. 1.50%, 06/15/20 | 06/15/17 | $ | 475,000 | $ | 469,015 | 0.1 | % | |||||||||
Calvert Social Investment Foundation, Inc. 2.00%, 06/15/22 | 06/17/19 | 550,000 | 540,444 | 0.2 | % | |||||||||||
Calvert Social Investment Foundation, Inc. 3.00%, 06/15/23 | 06/18/18 | 900,000 | 904,343 | 0.3 | % | |||||||||||
Calvert Social Investment Foundation, Inc. 3.00%, 12/15/23 | 12/17/18 | 200,000 | 200,951 | 0.1 | % | |||||||||||
Calvert Social Investment Foundation, Inc. 3.00%, 06/17/24 | 06/17/19 | 550,000 | 550,820 | 0.2 | % | |||||||||||
$ | 2,675,000 | $ | 2,665,573 | 0.9 | % |
(c) | The rate shown is the 7-day effective yield as of June 30, 2019. |
plc | — Public Liability Company |
See accompanying notes to financial statements.
28
Schedule of Investments
Praxis Small Cap Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 98.8% | ||||||||
AIR FREIGHT & LOGISTICS — 0.6% | ||||||||
Echo Global Logistics, Inc. (a) | 6,670 | $ | 139,203 | |||||
Forward Air Corp. | 6,040 | 357,266 | ||||||
Hub Group, Inc. - Class A (a) | 4,660 | 195,627 | ||||||
692,096 | ||||||||
AIRLINES — 0.8% | ||||||||
Allegiant Travel Co. | 2,220 | 318,570 | ||||||
Hawaiian Holdings, Inc. | 8,210 | 225,200 | ||||||
SkyWest, Inc. | 6,980 | 423,477 | ||||||
967,247 | ||||||||
AUTO COMPONENTS — 1.9% | ||||||||
American Axle & Manufacturing Holdings, Inc. (a) | 11,990 | 152,992 | ||||||
Cooper Tire & Rubber Co. | 6,440 | 203,182 | ||||||
Cooper-Standard Holdings, Inc. (a) | 2,550 | 116,841 | ||||||
Dorman Products, Inc. (a) | 4,170 | 363,374 | ||||||
Fox Factory Holding Corp. (a) | 7,010 | 578,395 | ||||||
Garrett Motion, Inc. (a) | 14,830 | 227,640 | ||||||
Gentherm, Inc. (a) | 4,820 | 201,621 | ||||||
LCI Industries | 2,400 | 216,000 | ||||||
Standard Motor Products, Inc. | 3,290 | 149,169 | ||||||
2,209,214 | ||||||||
AUTOMOBILES — 0.3% | ||||||||
Winnebago Industries, Inc. | 7,900 | 305,335 | ||||||
BANKS — 8.6% | ||||||||
Ameris Bancorp | 5,250 | 205,748 | ||||||
Banc of California, Inc. | 10,340 | 144,450 | ||||||
Banner Corp. | 4,150 | 224,723 | ||||||
Berkshire Hills Bancorp, Inc. | 830 | 26,054 | ||||||
Boston Private Financial Holdings, Inc. | 10,750 | 129,752 | ||||||
Brookline Bancorp, Inc. | 12,520 | 192,558 | ||||||
Central Pacific Financial Corp. | 5,690 | 170,472 | ||||||
City Holding Co. | 2,910 | 221,917 | ||||||
Columbia Banking System, Inc. | 8,460 | 306,083 | ||||||
Community Bank System, Inc. | 9,070 | 597,169 | ||||||
Customers Bancorp, Inc. (a) | 6,950 | 145,950 | ||||||
CVB Financial Corp. | 13,780 | 289,793 | ||||||
Eagle Bancorp, Inc. | 3,220 | 174,299 | ||||||
Fidelity Southern Corp. | 6,280 | 194,492 | ||||||
First BanCorp. | 38,970 | 430,229 | ||||||
First Commonwealth Financial Corp. | 12,660 | 170,530 | ||||||
First Financial Bancorp | 13,550 | 328,181 | ||||||
First Midwest Bancorp, Inc. | 13,350 | 273,274 | ||||||
Glacier Bancorp, Inc. | 15,520 | 629,336 | ||||||
Great Western Bancorp, Inc. | 7,950 | 283,974 | ||||||
Hanmi Financial Corp. | 6,740 | 150,100 | ||||||
Heritage Financial Corp. | 6,310 | 186,397 | ||||||
Hope Bancorp, Inc. | 15,300 | 210,834 | ||||||
Independent Bank Corp. | 5,100 | 388,365 | ||||||
LegacyTexas Financial Group, Inc. | 5,590 | 227,569 | ||||||
NBT Bancorp, Inc. | 5,910 | 221,684 | ||||||
OFG Bancorp | 7,240 | 172,095 | ||||||
Old National Bancorp | 19,510 | 323,671 | ||||||
Opus Bank | 6,640 | 140,170 | ||||||
Pacific Premier Bancorp, Inc. | 6,570 | 202,882 | ||||||
Preferred Bank | 2,910 | 137,497 | ||||||
S&T Bancorp, Inc. | 5,970 | 223,756 | ||||||
Seacoast Banking Corp. of Florida (a) | 8,510 | 216,494 |
Shares | Fair | |||||||
COMMON STOCKS — 98.8%, continued | ||||||||
BANKS — 8.6%, continued | ||||||||
ServisFirst Bancshares, Inc. | 10,670 | $ | 365,554 | |||||
Simmons First National Corp. - Class A | 11,090 | 257,953 | ||||||
Southside Bancshares, Inc. | 4,987 | 161,479 | ||||||
Tompkins Financial Corp. | 2,100 | 171,360 | ||||||
United Community Banks, Inc. | 9,000 | 257,040 | ||||||
Veritex Holdings, Inc. | 13,050 | 338,647 | ||||||
Westamerica Bancorp. | 4,020 | 247,672 | ||||||
9,740,203 | ||||||||
BIOTECHNOLOGY — 2.5% | ||||||||
Acorda Therapeutics, Inc. (a) | 8,750 | 67,113 | ||||||
AMAG Pharmaceuticals, Inc. (a) | 7,730 | 77,223 | ||||||
Anika Therapeutics, Inc. (a) | 6,520 | 264,842 | ||||||
Arrowhead Pharmaceuticals, Inc. (a) | 14,900 | 394,850 | ||||||
Cytokinetics, Inc. (a) | 16,380 | 184,275 | ||||||
Eagle Pharmaceuticals, Inc. (a) | 3,150 | 175,392 | ||||||
Emergent BioSolutions, Inc. (a) | 6,500 | 314,015 | ||||||
Enanta Pharmaceuticals, Inc. (a) | 2,990 | 252,296 | ||||||
Momenta Pharmaceuticals, Inc. (a) | 14,740 | 183,513 | ||||||
Myriad Genetics, Inc. (a) | 13,480 | 374,474 | ||||||
Progenics Pharmaceuticals, Inc. (a) | 28,980 | 178,807 | ||||||
REGENXBIO, Inc. (a) | 3,410 | 175,172 | ||||||
Spectrum Pharmaceuticals, Inc. (a) | 15,240 | 131,216 | ||||||
Vanda Pharmaceuticals, Inc. (a) | 7,380 | 103,984 | ||||||
2,877,172 | ||||||||
BUILDING PRODUCTS — 2.5% | ||||||||
AAON, Inc. | 9,750 | 489,255 | ||||||
American Woodmark Corp. (a) | 2,505 | 211,973 | ||||||
Apogee Enterprises, Inc. | 4,720 | 205,037 | ||||||
Gibraltar Industries, Inc. (a) | 10,440 | 421,358 | ||||||
Insteel Industries, Inc. | 5,610 | 116,800 | ||||||
Patrick Industries, Inc. (a) | 4,460 | 219,387 | ||||||
PGT Innovations, Inc. (a) | 9,430 | 157,670 | ||||||
Quanex Building Products Corp. | 11,930 | 225,358 | ||||||
Simpson Manufacturing Co., Inc. | 7,730 | 513,736 | ||||||
Universal Forest Products, Inc. | 7,950 | 302,577 | ||||||
2,863,151 | ||||||||
CAPITAL MARKETS — 1.1% | ||||||||
Blucora, Inc. (a) | 6,450 | 195,887 | ||||||
Donnelley Financial Solutions, Inc. (a) | 10,660 | 142,204 | ||||||
Greenhill & Co., Inc. | 6,880 | 93,499 | ||||||
INTL FCStone, Inc. (a) | 4,090 | 161,923 | ||||||
Piper Jaffray Cos. | 2,460 | 182,704 | ||||||
Virtus Investment Partners, Inc. | 1,600 | 171,840 | ||||||
Waddell & Reed Financial, Inc. - Class A | 10,140 | 169,034 | ||||||
WisdomTree Investments, Inc. | 23,400 | 144,378 | ||||||
1,261,469 | ||||||||
CHEMICALS — 2.3% | ||||||||
Balchem Corp. | 4,700 | 469,859 | ||||||
H.B. Fuller Co. | 7,040 | 326,656 | ||||||
Innospec, Inc. | 5,910 | 539,229 | ||||||
Kraton Corp. (a) | 6,500 | 201,955 | ||||||
Livent Corp. (a) | 18,370 | 127,120 | ||||||
Quaker Chemical Corp. | 2,310 | 468,653 | ||||||
Rayonier Advanced Materials, Inc. | 11,460 | 74,375 | ||||||
Stepan Co. | 3,960 | 363,964 | ||||||
2,571,811 |
See accompanying notes to financial statements.
29
Schedule of Investments, continued
Praxis Small Cap Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 98.8%, continued | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 3.1% | ||||||||
ABM Industries, Inc. | 13,350 | $ | 534,000 | |||||
Brady Corp. - Class A | 14,170 | 698,864 | ||||||
Interface, Inc. | 10,700 | 164,031 | ||||||
LSC Communications, Inc. | 13,920 | 51,087 | ||||||
Matthews International Corp. - Class A | 5,810 | 202,479 | ||||||
Mobile Mini, Inc. | 5,870 | 178,624 | ||||||
Multi-Color Corp. | 3,460 | 172,896 | ||||||
R.R. Donnelley & Sons Co. | 30,530 | 60,144 | ||||||
Tetra Tech, Inc. | 7,820 | 614,261 | ||||||
UniFirst Corp. | 2,490 | 469,539 | ||||||
US Ecology, Inc. | 3,510 | 208,986 | ||||||
Viad Corp. | 1,980 | 131,155 | ||||||
3,486,066 | ||||||||
COMMUNICATIONS EQUIPMENT — 1.6% | ||||||||
ADTRAN, Inc. | 14,390 | 219,447 | ||||||
Applied Optoelectronics, Inc. (a) | 19,220 | 197,582 | ||||||
CalAmp Corp. (a) | 9,400 | 109,792 | ||||||
Finisar Corp. (a) | 20,410 | 466,777 | ||||||
Harmonic, Inc. (a) | 31,980 | 177,489 | ||||||
NETGEAR, Inc. (a) | 4,710 | 119,116 | ||||||
Viavi Solutions, Inc. (a) | 37,780 | 502,096 | ||||||
1,792,299 | ||||||||
CONSTRUCTION & ENGINEERING — 0.9% | ||||||||
Aegion Corp. (a) | 7,920 | 145,728 | ||||||
Arcosa, Inc. | 11,690 | 439,895 | ||||||
Comfort Systems USA, Inc. | 4,810 | 245,262 | ||||||
MYR Group, Inc. (a) | 4,650 | 173,677 | ||||||
1,004,562 | ||||||||
CONSTRUCTION MATERIALS — 0.1% | ||||||||
U.S. Concrete, Inc. (a) | 3,620 | 179,878 | ||||||
CONSUMER FINANCE — 0.7% | ||||||||
Encore Capital Group, Inc. (a) | 6,580 | 222,864 | ||||||
Enova International, Inc. (a) | 7,260 | 167,343 | ||||||
PRA Group, Inc. (a) | 6,920 | 194,729 | ||||||
World Acceptance Corp. (a) | 1,600 | 262,576 | ||||||
847,512 | ||||||||
CONTAINERS & PACKAGING — 0.2% | ||||||||
Myers Industries, Inc. | 10,200 | 196,554 | ||||||
DIVERSIFIED CONSUMER SERVICES — 0.9% | ||||||||
American Public Education, Inc. (a) | 5,580 | 165,056 | ||||||
Career Education Corp. (a) | 11,680 | 222,738 | ||||||
Strategic Education, Inc. | 3,580 | 637,240 | ||||||
1,025,034 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.2% | ||||||||
ATN International, Inc. | 3,340 | 192,818 | ||||||
Cincinnati Bell, Inc. (a) | 13,530 | 66,974 | ||||||
Cogent Communications Holdings, Inc. | 6,040 | 358,534 | ||||||
Consolidated Communications Holdings, Inc. | 10,470 | 51,617 | ||||||
Iridium Communications, Inc. (a) | 16,070 | 373,788 | ||||||
Vonage Holdings Corp. (a) | 27,790 | 314,861 | ||||||
1,358,592 | ||||||||
ELECTRICAL EQUIPMENT — 0.5% | ||||||||
AZZ, Inc. | 7,130 | 328,123 |
Shares | Fair | |||||||
COMMON STOCKS — 98.8%, continued | ||||||||
ELECTRICAL EQUIPMENT — 0.5%, continued | ||||||||
Encore Wire Corp. | 3,540 | $ | 207,373 | |||||
535,496 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.8% | ||||||||
Anixter International, Inc. (a) | 3,970 | 237,049 | ||||||
Arlo Technologies, Inc. (a) | 48,227 | 193,390 | ||||||
Badger Meter, Inc. | 5,090 | 303,822 | ||||||
Benchmark Electronics, Inc. | 8,020 | 201,462 | ||||||
Control4 Corp. (a) | 5,090 | 120,888 | ||||||
CTS Corp. | 6,010 | 165,756 | ||||||
Daktronics, Inc. | 20,710 | 127,781 | ||||||
ePlus, Inc. (a) | 2,280 | 157,183 | ||||||
Fabrinet (a) | 7,070 | 351,167 | ||||||
FARO Technologies, Inc. (a) | 3,280 | 172,462 | ||||||
II-VI, Inc. (a) | 7,820 | 285,899 | ||||||
Insight Enterprises, Inc. (a) | 5,560 | 323,592 | ||||||
Itron, Inc. (a) | 4,950 | 309,722 | ||||||
KEMET Corp. | 8,220 | 154,618 | ||||||
Knowles Corp. (a) | 18,120 | 331,777 | ||||||
Methode Electronics, Inc. | 4,360 | 124,565 | ||||||
MTS Systems Corp. | 3,280 | 191,978 | ||||||
OSI Systems, Inc. (a) | 2,550 | 287,207 | ||||||
Plexus Corp. (a) | 4,900 | 286,013 | ||||||
Rogers Corp. (a) | 2,710 | 467,692 | ||||||
Sanmina Corp. (a) | 8,760 | 265,253 | ||||||
ScanSource, Inc. (a) | 4,820 | 156,939 | ||||||
TTM Technologies, Inc. (a) | 16,420 | 167,484 | ||||||
5,383,699 | ||||||||
ENERGY EQUIPMENT & SERVICES — 3.0% | ||||||||
Archrock, Inc. | 21,360 | 226,416 | ||||||
C&J Energy Services, Inc. (a) | 14,350 | 169,043 | ||||||
DMC Global, Inc. | 2,120 | 134,302 | ||||||
Dril-Quip, Inc. (a) | 6,340 | 304,320 | ||||||
Era Group, Inc. (a) | 15,280 | 127,435 | ||||||
Exterran Corp. (a) | 12,820 | 182,301 | ||||||
Helix Energy Solutions Group, Inc. (a) | 34,270 | 295,750 | ||||||
KLX Energy Services Holdings, Inc. (a) | 17,530 | 358,138 | ||||||
Nabors Industries Ltd. | 123,570 | 358,353 | ||||||
Newpark Resources, Inc. (a) | 26,460 | 196,333 | ||||||
Noble Corp. plc (a) | 69,870 | 130,657 | ||||||
Oil States International, Inc. (a) | 9,680 | 177,144 | ||||||
SEACOR Holdings, Inc. (a) | 3,470 | 164,860 | ||||||
TETRA Technologies, Inc. (a) | 132,540 | 216,040 | ||||||
U.S. Silica Holdings, Inc. | 13,680 | 174,967 | ||||||
Unit Corp. (a) | 22,190 | 197,269 | ||||||
3,413,328 | ||||||||
ENTERTAINMENT — 0.1% | ||||||||
Marcus Corp. (The) | 3,960 | 130,522 | ||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 6.2% | ||||||||
Acadia Realty Trust | 9,380 | 256,731 | ||||||
Agree Realty Corp. | 6,430 | 411,841 | ||||||
American Assets Trust, Inc. | 6,220 | 293,086 | ||||||
Armada Hoffler Properties, Inc. | 8,590 | 142,164 | ||||||
CareTrust REIT, Inc. | 16,990 | 404,022 | ||||||
CBL & Associates Properties, Inc. | 26,150 | 27,196 | ||||||
Chatham Lodging Trust | 7,580 | 143,035 | ||||||
Chesapeake Lodging Trust | 6,970 | 198,087 |
See accompanying notes to financial statements.
30
Schedule of Investments, continued
Praxis Small Cap Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 98.8%, continued | ||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 6.2%, continued | ||||||||
Community Healthcare Trust, Inc. | 21,560 | $ | 849,680 | |||||
DiamondRock Hospitality Co. | 24,980 | 258,293 | ||||||
Four Corners Property Trust, Inc. | 9,270 | 253,349 | ||||||
Franklin Street Properties Corp. | 20,600 | 152,028 | ||||||
Getty Realty Corp. | 3,980 | 122,425 | ||||||
Global Net Lease, Inc. | 8,930 | 175,207 | ||||||
Hersha Hospitality Trust | 7,500 | 124,050 | ||||||
Independence Realty Trust, Inc. | 16,080 | 186,046 | ||||||
Innovative Industrial Properties, Inc. | 1,460 | 180,398 | ||||||
iStar, Inc. | 14,210 | 176,488 | ||||||
Kite Realty Group Trust | 10,900 | 164,917 | ||||||
Lexington Realty Trust | 19,510 | 183,589 | ||||||
LTC Properties, Inc. | 4,560 | 208,210 | ||||||
National Storage Affiliates Trust | 7,930 | 229,494 | ||||||
NorthStar Realty Europe Corp. | 5,910 | 97,101 | ||||||
Office Properties Income Trust | 8,140 | 213,838 | ||||||
Pennsylvania Real Estate Investment Trust | 20,590 | 133,835 | ||||||
Retail Opportunity Investments Corp. | 14,670 | 251,297 | ||||||
Saul Centers, Inc. | 3,160 | 177,371 | ||||||
Summit Hotel Properties, Inc. | 18,710 | 214,604 | ||||||
Universal Health Realty Income Trust | 1,650 | 140,134 | ||||||
Washington Prime Group, Inc. | 23,940 | 91,451 | ||||||
Washington Real Estate Investment Trust | 8,120 | 217,048 | ||||||
Xenia Hotels & Resorts, Inc. | 14,130 | 294,610 | ||||||
6,971,625 | ||||||||
FOOD & STAPLES RETAILING — 1.0% | ||||||||
Andersons, Inc. (The) | 8,590 | 233,991 | ||||||
Chefs’ Warehouse, Inc. (The) (a) | 19,440 | 681,761 | ||||||
SpartanNash Co. | 9,300 | 108,531 | ||||||
United Natural Foods, Inc. (a) | 10,530 | 94,454 | ||||||
1,118,737 | ||||||||
FOOD PRODUCTS — 1.1% | ||||||||
Calavo Growers, Inc. | 2,150 | 207,991 | ||||||
Cal-Maine Foods, Inc. | 7,730 | 322,496 | ||||||
Darling Ingredients, Inc. (a) | 28,470 | 566,268 | ||||||
John B. Sanfilippo & Son, Inc. | 1,410 | 112,363 | ||||||
1,209,118 | ||||||||
GAS UTILITIES — 1.0% | ||||||||
Northwest Natural Holdings Co. | 8,330 | 578,935 | ||||||
South Jersey Industries, Inc. | 18,210 | 614,223 | ||||||
1,193,158 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 2.6% | ||||||||
AngioDynamics, Inc. (a) | 7,230 | 142,359 | ||||||
Cardiovascular Systems, Inc. (a) | 8,070 | 346,445 | ||||||
CryoLife, Inc. (a) | 3,830 | 114,632 | ||||||
Heska Corp. (a) | 2,880 | 245,290 | ||||||
Integer Holdings Corp. (a) | 4,140 | 347,429 | ||||||
Invacare Corp. | 23,550 | 122,224 | ||||||
LeMaitre Vascular, Inc. | 5,160 | 144,377 | ||||||
Meridian Bioscience, Inc. | 9,350 | 111,078 | ||||||
Merit Medical Systems, Inc. (a) | 7,720 | 459,803 | ||||||
Neogen Corp. (a) | 6,993 | 434,335 | ||||||
OraSure Technologies, Inc. (a) | 13,990 | 129,827 | ||||||
Orthofix Medical, Inc. (a) | 3,650 | 193,012 | ||||||
Tactile Systems Technology, Inc. (a) | 2,490 | 141,731 | ||||||
2,932,542 |
Shares | Fair | |||||||
COMMON STOCKS — 98.8%, continued | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 3.0% | ||||||||
Addus HomeCare Corp. (a) | 2,750 | $ | 206,113 | |||||
AMN Healthcare Services, Inc. (a) | 6,420 | 348,285 | ||||||
BioTelemetry, Inc. (a) | 4,540 | 218,601 | ||||||
CorVel Corp. (a) | 2,400 | 208,824 | ||||||
Diplomat Pharmacy, Inc. (a) | 52,730 | 321,126 | ||||||
Ensign Group, Inc. (The) | 6,850 | 389,902 | ||||||
LHC Group, Inc. (a) | 4,050 | 484,299 | ||||||
Magellan Health, Inc. (a) | 3,260 | 241,990 | ||||||
Owens & Minor, Inc. | 22,720 | 72,704 | ||||||
Select Medical Holdings Corp. (a) | 35,150 | 557,830 | ||||||
Tivity Health, Inc. (a) | 8,628 | 141,844 | ||||||
U.S. Physical Therapy, Inc. | 2,050 | 251,268 | ||||||
3,442,786 | ||||||||
HEALTH CARE TECHNOLOGY — 1.3% | ||||||||
HealthStream, Inc. (a) | 5,690 | 147,143 | ||||||
HMS Holdings Corp. (a) | 11,250 | 364,388 | ||||||
NextGen Healthcare, Inc. (a) | 9,550 | 190,045 | ||||||
Omnicell, Inc. (a) | 5,710 | 491,231 | ||||||
Tabula Rasa HealthCare, Inc. (a) | 4,720 | 235,670 | ||||||
1,428,477 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 1.9% | ||||||||
Bloomin’ Brands, Inc. | 12,830 | 242,615 | ||||||
Chuy’s Holdings, Inc. (a) | 6,790 | 155,627 | ||||||
Dave & Buster’s Entertainment, Inc. | 5,310 | 214,896 | ||||||
Dine Brands Global, Inc. | 3,140 | 299,776 | ||||||
Fiesta Restaurant Group, Inc. (a) | 9,220 | 121,151 | ||||||
Red Robin Gourmet Burgers, Inc. (a) | 4,050 | 123,808 | ||||||
Shake Shack, Inc. - Class A (a) | 4,080 | 294,576 | ||||||
Wingstop, Inc. | 7,250 | 686,937 | ||||||
2,139,386 | ||||||||
HOUSEHOLD DURABLES — 2.7% | ||||||||
Cavco Industries, Inc. (a) | 1,410 | 222,131 | ||||||
Ethan Allen Interiors, Inc. | 6,730 | 141,734 | ||||||
Installed Building Products, Inc. (a) | 5,020 | 297,284 | ||||||
iRobot Corp. (a) | 4,940 | 452,702 | ||||||
La-Z-Boy, Inc. | 6,970 | 213,700 | ||||||
LGI Homes, Inc. (a) | 3,740 | 267,148 | ||||||
M.D.C. Holdings, Inc. | 16,114 | 528,217 | ||||||
M/I Homes, Inc. (a) | 5,860 | 167,244 | ||||||
TopBuild Corp. (a) | 4,720 | 390,627 | ||||||
Universal Electronics, Inc. (a) | 4,730 | 194,025 | ||||||
William Lyon Homes - Class A (a) | 10,120 | 184,488 | ||||||
3,059,300 | ||||||||
HOUSEHOLD PRODUCTS — 0.5% | ||||||||
Central Garden & Pet Co. - Class A (a) | 6,730 | 165,827 | ||||||
WD-40 Co. | 2,600 | 413,504 | ||||||
579,331 | ||||||||
INDUSTRIAL CONGLOMERATES — 0.2% | ||||||||
Raven Industries, Inc. | 7,150 | 256,542 | ||||||
INSURANCE — 3.6% | ||||||||
Ambac Financial Group, Inc. (a) | 8,260 | 139,181 | ||||||
American Equity Investment Life Holding Co. | 13,960 | 379,154 | ||||||
AMERISAFE, Inc. | 3,030 | 193,223 | ||||||
eHealth, Inc. (a) | 3,080 | 265,188 |
See accompanying notes to financial statements.
31
Schedule of Investments, continued
Praxis Small Cap Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 98.8%, continued | ||||||||
INSURANCE — 3.6%, continued | ||||||||
Employers Holdings, Inc. | 4,660 | $ | 196,978 | |||||
Horace Mann Educators Corp. | 5,380 | 216,760 | ||||||
James River Group Holdings Ltd. | 4,540 | 212,926 | ||||||
ProAssurance Corp. | 9,820 | 354,600 | ||||||
RLI Corp. | 7,580 | 649,682 | ||||||
Safety Insurance Group, Inc. | 1,790 | 170,283 | ||||||
Selective Insurance Group, Inc. | 12,170 | 911,411 | ||||||
Stewart Information Services Corp. | 3,830 | 155,077 | ||||||
United Fire Group, Inc. | 3,020 | 146,349 | ||||||
Universal Insurance Holdings, Inc. | 4,480 | 124,992 | ||||||
4,115,804 | ||||||||
INTERACTIVE MEDIA & SERVICES — 0.1% | ||||||||
QuinStreet, Inc. (a) | 6,800 | 107,780 | ||||||
INTERNET & DIRECT MARKETING RETAIL — 0.6% | ||||||||
PetMed Express, Inc. | 5,520 | 86,498 | ||||||
Shutterfly, Inc. (a) | 4,610 | 233,036 | ||||||
Shutterstock, Inc. | 4,940 | 193,599 | ||||||
Stamps.com, Inc. (a) | 2,760 | 124,945 | ||||||
638,078 | ||||||||
IT SERVICES — 2.8% | ||||||||
Cardtronics plc - Class A (a) | 6,690 | 182,771 | ||||||
CSG Systems International, Inc. | 16,050 | 783,722 | ||||||
EVERTEC, Inc. | 10,810 | 353,487 | ||||||
ExlService Holdings, Inc. (a) | 5,430 | 359,086 | ||||||
NIC, Inc. | 11,920 | 191,197 | ||||||
Perficient, Inc. (a) | 7,030 | 241,270 | ||||||
Sykes Enterprises, Inc. (a) | 8,000 | 219,680 | ||||||
TTEC Holdings, Inc. | 5,360 | 249,722 | ||||||
Unisys Corp. (a) | 10,560 | 102,643 | ||||||
Virtusa Corp. (a) | 10,050 | 446,521 | ||||||
3,130,099 | ||||||||
LEISURE PRODUCTS — 0.2% | ||||||||
Callaway Golf Co. | 14,230 | 244,187 | ||||||
LIFE SCIENCES TOOLS & SERVICES — 1.1% | ||||||||
Cambrex Corp. (a) | 5,105 | 238,965 | ||||||
Luminex Corp. | 9,510 | 196,286 | ||||||
Medpace Holdings, Inc. (a) | 5,530 | 361,773 | ||||||
NeoGenomics, Inc. (a) | 18,890 | 414,447 | ||||||
1,211,471 | ||||||||
MACHINERY — 6.7% | ||||||||
Actuant Corp. - Class A | 13,840 | 343,370 | ||||||
Alamo Group, Inc. | 1,800 | 179,874 | ||||||
Astec Industries, Inc. | 4,300 | 140,008 | ||||||
Barnes Group, Inc. | 6,120 | 344,801 | ||||||
Briggs & Stratton Corp. | 20,550 | 210,432 | ||||||
Chart Industries, Inc. (a) | 6,330 | 486,650 | ||||||
EnPro Industries, Inc. | 5,320 | 339,629 | ||||||
ESCO Technologies, Inc. | 3,220 | 266,036 | ||||||
Federal Signal Corp. | 13,370 | 357,648 | ||||||
Franklin Electric Co., Inc. | 7,820 | 371,450 | ||||||
Greenbrier Cos., Inc. (The) | 4,200 | 127,680 | ||||||
Harsco Corp. (a) | 14,500 | 397,880 | ||||||
Hillenbrand, Inc. | 12,210 | 483,150 | ||||||
John Bean Technologies Corp. | 5,305 | 642,595 |
Shares | Fair | |||||||
COMMON STOCKS — 98.8%, continued | ||||||||
MACHINERY — 6.7%, continued | ||||||||
Lindsay Corp. | 2,190 | $ | 180,040 | |||||
Lydall, Inc. (a) | 6,730 | 135,946 | ||||||
Mueller Industries, Inc. | 12,020 | 351,825 | ||||||
Proto Labs, Inc. (a) | 4,900 | 568,498 | ||||||
SPX Corp. (a) | 6,750 | 222,885 | ||||||
SPX FLOW, Inc. (a) | 5,660 | 236,928 | ||||||
Standex International Corp. | 1,630 | 119,218 | ||||||
Tennant Co. | 2,930 | 179,316 | ||||||
Wabash National Corp. | 11,190 | 182,061 | ||||||
Watts Water Technologies, Inc. - Class A | 7,090 | 660,646 | ||||||
7,528,566 | ||||||||
MARINE — 0.2% | ||||||||
Matson, Inc. | 5,550 | 215,617 | ||||||
MEDIA — 0.5% | ||||||||
E.W. Scripps Co. (The) - Class A | 9,180 | 140,362 | ||||||
Gannett Co., Inc. | 17,040 | 139,046 | ||||||
New Media Investment Group, Inc. | 11,490 | 108,466 | ||||||
Scholastic Corp. | 4,200 | 139,608 | ||||||
527,482 | ||||||||
METALS & MINING — 0.1% | ||||||||
Olympic Steel, Inc. | 9,490 | 129,538 | ||||||
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.4% | ||||||||
Apollo Commercial Real Estate Finance, Inc. | 22,000 | 404,580 | ||||||
ARMOUR Residential REIT, Inc. | 6,680 | 124,515 | ||||||
Capstead Mortgage Corp. | 12,570 | 104,959 | ||||||
Invesco Mortgage Capital, Inc. | 18,730 | 301,928 | ||||||
New York Mortgage Trust, Inc. | 24,280 | 150,536 | ||||||
PennyMac Mortgage Investment Trust | 15,630 | 341,203 | ||||||
Redwood Trust, Inc. | 9,390 | 155,217 | ||||||
1,582,938 | ||||||||
MULTI-LINE RETAIL — 0.4% | ||||||||
Big Lots, Inc. | 10,440 | 298,688 | ||||||
J. C. Penney Co., Inc. (a) | 113,750 | 129,675 | ||||||
428,363 | ||||||||
MULTI-UTILITIES — 0.5% | ||||||||
Avista Corp. | 12,930 | 576,678 | ||||||
OIL, GAS & CONSUMABLE FUELS — 0.4% | ||||||||
Denbury Resources, Inc. (a) | 79,000 | 97,960 | ||||||
Green Plains, Inc. | 12,000 | 129,360 | ||||||
Par Pacific Holdings, Inc. (a) | 7,570 | 155,337 | ||||||
Renewable Energy Group, Inc. (a) | 5,720 | 90,719 | ||||||
473,376 | ||||||||
PAPER & FOREST PRODUCTS — 0.6% | ||||||||
Boise Cascade Co. | 13,960 | 392,416 | ||||||
Clearwater Paper Corp. (a) | 5,150 | 95,223 | ||||||
Neenah, Inc. | 2,500 | 168,875 | ||||||
656,514 | ||||||||
PERSONAL PRODUCTS — 0.6% | ||||||||
Avon Products, Inc. (a) | 65,260 | 253,209 | ||||||
Inter Parfums, Inc. | 3,980 | 264,630 | ||||||
Medifast, Inc. | 1,770 | 227,091 | ||||||
744,930 |
See accompanying notes to financial statements.
32
Schedule of Investments, continued
Praxis Small Cap Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 98.8%, continued | ||||||||
PHARMACEUTICALS — 1.0% | ||||||||
Amphastar Pharmaceuticals, Inc. (a) | 7,700 | $ | 162,547 | |||||
Assertio Therapeutics, Inc. (a) | 32,170 | 110,986 | ||||||
Endo International plc (a) | 25,330 | 104,360 | ||||||
Innoviva, Inc. (a) | 9,270 | 134,971 | ||||||
Medicines Co. (The) (a) | 9,540 | 347,924 | ||||||
Supernus Pharmaceuticals, Inc. (a) | 7,020 | 232,292 | ||||||
1,093,080 | ||||||||
PROFESSIONAL SERVICES — 2.1% | ||||||||
Exponent, Inc. | 8,210 | 480,613 | ||||||
FTI Consulting, Inc. (a) | 4,900 | 410,816 | ||||||
Kelly Services, Inc. - Class A | 6,880 | 180,187 | ||||||
Korn Ferry | 7,500 | 300,525 | ||||||
Navigant Consulting, Inc. | 14,710 | 341,125 | ||||||
TrueBlue, Inc. (a) | 7,400 | 163,244 | ||||||
WageWorks, Inc. (a) | 9,250 | 469,808 | ||||||
2,346,318 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3% | ||||||||
Marcus & Millichap, Inc. (a) | 6,190 | 190,962 | ||||||
RE/MAX Holdings, Inc. - Class A | 4,300 | 132,268 | ||||||
323,230 | ||||||||
ROAD & RAIL — 0.8% | ||||||||
ArcBest Corp. | 8,470 | 238,092 | ||||||
Heartland Express, Inc. | 14,760 | 266,713 | ||||||
Marten Transport Ltd. | 8,500 | 154,275 | ||||||
Saia, Inc. (a) | 3,430 | 221,818 | ||||||
880,898 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.7% | ||||||||
Advanced Energy Industries, Inc. (a) | 6,290 | 353,938 | ||||||
Axcelis Technologies, Inc. (a) | 7,890 | 118,745 | ||||||
Brooks Automation, Inc. | 10,020 | 388,275 | ||||||
Cabot Microelectronics Corp. | 3,830 | 421,606 | ||||||
CEVA, Inc. (a) | 4,260 | 103,731 | ||||||
Cohu, Inc. | 12,450 | 192,104 | ||||||
Diodes, Inc. (a) | 6,230 | 226,585 | ||||||
FormFactor, Inc. (a) | 13,950 | 218,597 | ||||||
Ichor Holdings Ltd. (a) | 7,950 | 187,938 | ||||||
Kulicke & Soffa Industries, Inc. (a) | 9,850 | 222,118 | ||||||
MaxLinear, Inc. (a) | 8,600 | 201,584 | ||||||
Nanometrics, Inc. (a) | 5,130 | 178,062 | ||||||
Power Integrations, Inc. | 4,030 | 323,125 | ||||||
Rambus, Inc. (a) | 13,445 | 161,878 | ||||||
Rudolph Technologies, Inc. (a) | 7,110 | 196,449 | ||||||
SolarEdge Technologies, Inc. (a) | 8,140 | 508,424 | ||||||
Xperi Corp. | 7,580 | 156,072 | ||||||
4,159,231 | ||||||||
SOFTWARE — 2.5% | ||||||||
8x8, Inc. (a) | 14,170 | 341,497 | ||||||
Agilysys, Inc. (a) | 6,190 | 132,899 | ||||||
Alarm.com Holdings, Inc. (a) | 4,690 | 250,915 | ||||||
Bottomline Technologies (de), Inc. (a) | 5,320 | 235,357 | ||||||
Ebix, Inc. | 3,880 | 194,854 | ||||||
LivePerson, Inc. (a) | 9,500 | 266,380 | ||||||
MicroStrategy, Inc. - Class A (a) | 1,390 | 199,201 | ||||||
Monotype Imaging Holdings, Inc. | 8,820 | 148,529 | ||||||
Progress Software Corp. | 6,410 | 279,604 |
Shares | Fair | |||||||
COMMON STOCKS — 98.8%, continued | ||||||||
SOFTWARE — 2.5%, continued | ||||||||
Qualys, Inc. (a) | 4,580 | $ | 398,826 | |||||
SPS Commerce, Inc. (a) | 2,390 | 244,282 | ||||||
TiVo Corp. | 17,170 | 126,543 | ||||||
2,818,887 | ||||||||
SPECIALTY RETAIL — 3.6% | ||||||||
Abercrombie & Fitch Co. - Class A | 13,550 | 217,342 | ||||||
Asbury Automotive Group, Inc. (a) | 3,100 | 261,454 | ||||||
Ascena Retail Group, Inc. (a) | 15,400 | 9,394 | ||||||
Boot Barn Holdings, Inc. (a) | 4,560 | 162,518 | ||||||
Caleres, Inc. | 6,100 | 121,512 | ||||||
Chico’s FAS, Inc. | 24,560 | 82,767 | ||||||
Children’s Place, Inc. (The) | 2,440 | 232,727 | ||||||
Designer Brands, Inc. - Class A | 9,020 | 172,913 | ||||||
Express, Inc. (a) | 22,080 | 60,278 | ||||||
GameStop Corp. - Class A | 10,930 | 59,787 | ||||||
Genesco, Inc. (a) | 3,550 | 150,130 | ||||||
Group 1 Automotive, Inc. | 3,050 | 249,765 | ||||||
Guess?, Inc. | 9,260 | 149,549 | ||||||
Hibbett Sports, Inc. (a) | 9,960 | 181,272 | ||||||
Lithia Motors, Inc. - Class A | 2,810 | 333,772 | ||||||
Lumber Liquidators Holdings, Inc. (a) | 11,530 | 133,172 | ||||||
MarineMax, Inc. (a) | 7,260 | 119,354 | ||||||
Monro, Inc. | 4,500 | 383,850 | ||||||
Office Depot, Inc. | 76,770 | 158,146 | ||||||
RH (a) | 3,490 | 403,444 | ||||||
Sleep Number Corp. (a) | 3,400 | 137,326 | ||||||
Tailored Brands, Inc. | 11,680 | 67,394 | ||||||
Vitamin Shoppe, Inc. (a) | 50,200 | 197,788 | ||||||
4,045,654 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.6% | ||||||||
3D Systems Corp. (a) | 17,030 | 154,973 | ||||||
Cray, Inc. (a) | 6,960 | 242,347 | ||||||
Electronics For Imaging, Inc. (a) | 6,770 | 249,881 | ||||||
647,201 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 1.6% | ||||||||
Crocs, Inc. (a) | 10,300 | 203,425 | ||||||
Fossil Group, Inc. (a) | 7,830 | 90,045 | ||||||
G-III Apparel Group Ltd. (a) | 5,110 | 150,336 | ||||||
Kontoor Brands, Inc. (a) | 12,890 | 361,178 | ||||||
Movado Group, Inc. | 4,320 | 116,640 | ||||||
Oxford Industries, Inc. | 1,855 | 140,609 | ||||||
Steven Madden Ltd. | 11,935 | 405,193 | ||||||
Wolverine World Wide, Inc. | 13,500 | 371,790 | ||||||
1,839,216 | ||||||||
THRIFTS & MORTGAGE FINANCE — 1.9% | ||||||||
Axos Financial, Inc. (a) | 7,150 | 194,838 | ||||||
Dime Community Bancshares, Inc. | 7,730 | 146,793 | ||||||
HomeStreet, Inc. (a) | 5,810 | 172,208 | ||||||
Meta Financial Group, Inc. | 6,750 | 189,337 | ||||||
NMI Holdings, Inc. - Class A (a) | 14,580 | 413,926 | ||||||
Northwest Bancshares, Inc. | 23,090 | 406,615 | ||||||
Provident Financial Services, Inc. | 9,430 | 228,678 | ||||||
TrustCo Bank Corp. | 23,830 | 188,734 | ||||||
Walker & Dunlop, Inc. | 4,340 | 230,931 | ||||||
2,172,060 |
See accompanying notes to financial statements.
33
Schedule of Investments, continued
Praxis Small Cap Index Fund
June 30, 2019 (unaudited)
Shares | Fair | |||||||
COMMON STOCKS — 98.8%, continued | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 0.7% | ||||||||
Applied Industrial Technologies, Inc. | 8,380 | $ | 515,621 | |||||
DXP Enterprises, Inc. (a) | 4,230 | 160,275 | ||||||
Veritiv Corp. (a) | 5,420 | 105,256 | ||||||
781,152 | ||||||||
WATER UTILITIES — 1.0% | ||||||||
American States Water Co. | 7,920 | 595,901 | ||||||
California Water Service Group | 11,000 | 556,930 | ||||||
1,152,831 | ||||||||
TOTAL COMMON STOCKS (COST $105,173,020) | 111,743,421 |
| Coupon | Maturity | Principal | Fair | ||||||||||||
CORPORATE NOTES — 0.9% | ||||||||||||||||
COMMUNITY DEVELOPMENT — 0.9% | ||||||||||||||||
Calvert Social Investment Foundation, Inc. (b) | 1.500 | % | 06/15/20 | $ | 175,000 | $ | 172,795 | |||||||||
Calvert Social Investment Foundation, Inc. (b) | 2.000 | % | 06/15/22 | 70,000 | 68,784 | |||||||||||
Calvert Social Investment Foundation, Inc. (b) | 3.000 | % | 06/15/23 | 330,000 | 331,593 | |||||||||||
Calvert Social Investment Foundation, Inc. (b) | 3.000 | % | 12/15/23 | 330,000 | 331,569 | |||||||||||
Calvert Social Investment Foundation, Inc. (b) | 3.000 | % | 06/17/24 | 60,000 | 60,089 | |||||||||||
TOTAL CORPORATE NOTES (COST $965,000) | 964,830 |
Shares | Value | |||||||
MONEY MARKET FUNDS — 0.2% | ||||||||
First American Government Obligations Fund - Class X, 2.30% (c) (COST $258,553) | 258,553 | $ | 258,553 | |||||
TOTAL INVESTMENTS - (COST $106,396,573) — 99.9% | $ | 112,966,804 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 65,572 | |||||||
NET ASSETS — 100.0% | $ | 113,032,376 |
(a) | Non-income producing security. |
(b) | 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. 1.50%, 06/15/20 | 06/15/17 | $ | 175,000 | $ | 172,795 | 0.1 | % | |||||||||
Calvert Social Investment Foundation, Inc. 2.00%, 06/15/22 | 06/17/19 | 70,000 | 68,784 | 0.1 | % | |||||||||||
Calvert Social Investment Foundation, Inc. 3.00%, 06/15/23 | 06/18/18 | 330,000 | 331,593 | 0.3 | % | |||||||||||
Calvert Social Investment Foundation, Inc. 3.00%, 12/15/23 | 12/17/18 | 330,000 | 331,569 | 0.3 | % | |||||||||||
Calvert Social Investment Foundation, Inc. 3.00%, 06/17/24 | 06/17/19 | 60,000 | 60,089 | 0.1 | % | |||||||||||
$ | 965,000 | $ | 964,830 | 0.9 | % |
(c) | The rate shown is the 7-day effective yield as of June 30, 2019. |
plc | — Public Liability Company |
REIT | — Real Estate Investment Trust |
See accompanying notes to financial statements.
34
Schedule of Investments
Praxis Genesis Conservative Portfolio
June 30, 2019 (unaudited)
Shares | Fair | |||||||
MUTUAL FUNDS — 100.0% | ||||||||
DEBT FUND — 70.1% | ||||||||
Praxis Impact Bond Fund - Class I | 1,630,767 | $ | 17,171,979 | |||||
EQUITY FUND — 29.9% | ||||||||
Praxis Growth Index Fund - Class I | 86,350 | 2,306,406 | ||||||
Praxis International Index Fund - Class I | 194,136 | 2,149,088 | ||||||
Praxis Small Cap Index Fund - Class I | 64,583 | 590,932 | ||||||
Praxis Value Index Fund - Class I | 164,556 | 2,265,937 | ||||||
7,312,363 | ||||||||
TOTAL MUTUAL FUNDS (COST $21,499,824) | 24,484,342 | |||||||
MONEY MARKET FUNDS — 0.0% (a) | ||||||||
First American Government Obligations Fund - Class X, 2.30% (b) (COST $5,854) | 5,854 | $ | 5,854 | |||||
TOTAL INVESTMENTS - (COST $21,505,678) — 100.0% | $ | 24,490,196 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (a) | 3,793 | |||||||
NET ASSETS — 100.0% | $ | 24,493,989 |
(a) | Percentage rounds to less than 0.1%. |
(b) | The rate shown is the 7-day effective yield as of June 30, 2019. |
See accompanying notes to financial statements.
35
Schedule of Investments
Praxis Genesis Balanced Portfolio
June 30, 2019 (unaudited)
Shares | Fair | |||||||
MUTUAL FUNDS — 100.0% | ||||||||
DEBT FUND — 40.2% | ||||||||
Praxis Impact Bond Fund - Class I | 2,982,176 | $ | 31,402,316 | |||||
EQUITY FUND — 59.8% | ||||||||
Praxis Growth Index Fund - Class I | 477,892 | 12,764,489 | ||||||
Praxis International Index Fund - Class I | 1,242,657 | 13,756,216 | ||||||
Praxis Small Cap Index Fund - Class I | 827,301 | 7,569,803 | ||||||
Praxis Value Index Fund - Class I | 910,677 | 12,540,024 | ||||||
46,630,532 | ||||||||
TOTAL MUTUAL FUNDS (COST $62,534,162) | 78,032,848 | |||||||
MONEY MARKET FUNDS — 0.0% (a) | ||||||||
First American Government Obligations Fund - Class X, 2.30% (b) (COST $531) | 531 | $ | 531 | |||||
TOTAL INVESTMENTS - (COST $62,534,693) — 100.0% | $ | 78,033,379 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) (a) | (17,946 | ) | ||||||
NET ASSETS — 100.0% | $ | 78,015,433 |
(a) | Percentage rounds to less than 0.1%. |
(b) | The rate shown is the 7-day effective yield as of June 30, 2019. |
See accompanying notes to financial statements.
36
Schedule of Investments
Praxis Genesis Growth Portfolio
June 30, 2019 (unaudited)
Shares | Fair | |||||||
MUTUAL FUNDS — 100.0% | ||||||||
DEBT FUND — 20.2% | ||||||||
Praxis Impact Bond Fund - Class I | 1,326,412 | $ | 13,967,121 | |||||
EQUITY FUND — 79.8% | ||||||||
Praxis Growth Index Fund - Class I | 544,633 | 14,547,152 | ||||||
Praxis International Index Fund - Class I | 1,474,069 | 16,317,945 | ||||||
Praxis Small Cap Index Fund - Class I | 1,103,902 | 10,100,703 | ||||||
Praxis Value Index Fund - Class I | 1,037,802 | 14,290,535 | ||||||
55,256,335 | ||||||||
TOTAL MUTUAL FUNDS (COST $52,503,307) | 69,223,456 | |||||||
MONEY MARKET FUNDS — 0.0% (a) | ||||||||
First American Government Obligations Fund - Class X, 2.30% (b) (COST $261) | 261 | $ | 261 | |||||
TOTAL INVESTMENTS - (COST $52,503,568) — 100.0% | $ | 69,223,717 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) (a) | (14,055 | ) | ||||||
NET ASSETS — 100.0% | $ | 69,209,662 |
(a) | Percentage rounds to less than 0.1%. |
(b) | The rate shown is the 7-day effective yield as of June 30, 2019. |
See accompanying notes to financial statements.
37
Statements of Assets & Liabilities
June 30, 2019 (unaudited)
| Praxis | Praxis | Praxis | Praxis | Praxis | |||||||||||||||
Assets | ||||||||||||||||||||
Total investments in unaffiliated securities, at cost | $ | 527,225,695 | $ | 223,487,189 | $ | 175,188,497 | $ | 167,762,054 | $ | 106,396,573 | ||||||||||
Investments in unaffiliated securities, at fair value | $ | 545,879,451 | $ | 276,370,765 | $ | 223,680,501 | $ | 300,806,762 | $ | 112,966,804 | ||||||||||
Cash denominated in foreign currency (Cost $3,848) | — | 3,849 | — | — | — | |||||||||||||||
Receivable for capital shares sold | 1,808,083 | 230,046 | 224,434 | 412,293 | 157,135 | |||||||||||||||
Receivable for investments sold | 869 | — | — | — | — | |||||||||||||||
Receivable for dividends and interest | 4,187,634 | 1,015,910 | 278,199 | 235,287 | 124,173 | |||||||||||||||
Receivable for tax reclaims | — | 228,939 | — | — | — | |||||||||||||||
Prepaid expenses | 59,297 | 39,947 | 37,727 | 43,816 | 28,761 | |||||||||||||||
Total Assets | 551,935,334 | 277,889,456 | 224,220,861 | 301,498,158 | 113,276,873 | |||||||||||||||
Liabilities | ||||||||||||||||||||
Distributions payable | 536,749 | — | — | — | — | |||||||||||||||
Payable for capital shares redeemed | 1,014,766 | 645,446 | 592,092 | 718,307 | 193,536 | |||||||||||||||
Accrued expenses and other payables: | ||||||||||||||||||||
Investment advisory fees | 178,858 | 108,494 | 54,059 | 73,313 | 25,893 | |||||||||||||||
Administration fees | 22,708 | 11,297 | 9,150 | 12,147 | 4,505 | |||||||||||||||
Distribution fees | 12,377 | 2,186 | 5,670 | 16,596 | 918 | |||||||||||||||
Other | 74,292 | 43,004 | 28,750 | 44,153 | 19,645 | |||||||||||||||
Total Liabilities | 1,839,750 | 810,427 | 689,721 | 864,516 | 244,497 | |||||||||||||||
Net Assets | $ | 550,095,584 | $ | 277,079,029 | $ | 223,531,140 | $ | 300,633,642 | $ | 113,032,376 | ||||||||||
| ||||||||||||||||||||
Components of Net Assets | ||||||||||||||||||||
Paid-in capital | $ | 533,567,450 | $ | 239,411,295 | $ | 170,490,195 | $ | 147,973,242 | $ | 104,844,689 | ||||||||||
Accumulated earnings | 16,528,134 | 37,667,734 | 53,040,945 | 152,660,400 | 8,187,687 | |||||||||||||||
Net Assets | $ | 550,095,584 | $ | 277,079,029 | $ | 223,531,140 | $ | 300,633,642 | $ | 113,032,376 | ||||||||||
Pricing of Class A Shares | ||||||||||||||||||||
Net assets attributable to Class A shares | $ | 60,281,023 | $ | 10,865,650 | $ | 28,341,024 | $ | 81,986,649 | $ | 4,558,046 | ||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 5,698,458 | 989,141 | 2,046,486 | 3,096,184 | 545,684 | |||||||||||||||
Net asset value, offering price and redemption price per share* | $ | 10.58 | $ | 10.98 | $ | 13.85 | $ | 26.48 | $ | 8.35 | ||||||||||
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] | $ | 10.99 | $ | 11.59 | $ | 14.62 | $ | 27.95 | $ | 8.81 | ||||||||||
| ||||||||||||||||||||
Pricing of Class I Shares | ||||||||||||||||||||
Net assets attributable to Class I shares | $ | 489,814,561 | $ | 266,213,379 | $ | 195,190,116 | $ | 218,646,993 | $ | 108,474,330 | ||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 46,515,498 | 24,057,418 | 14,172,615 | 8,184,651 | 11,854,734 | |||||||||||||||
Net asset value and redemption price per share* | $ | 10.53 | $ | 11.07 | $ | 13.77 | $ | 26.71 | $ | 9.15 |
* | A redemption fee of 2.00% may be charged on shares redeemed within 30 days of purchase. |
See accompanying notes to financial statements.
38
Statements of Assets & Liabilities, continued
June 30, 2019 (unaudited)
| Praxis Genesis | Praxis Genesis | Praxis Genesis | |||||||||
Assets | ||||||||||||
Investments in affiliated securities, at cost | $ | 21,499,824 | $ | 62,534,162 | $ | 52,503,307 | ||||||
Investments in unaffiliated securities, at cost | 5,854 | 531 | 261 | |||||||||
Investments in affiliated securities, at fair value | $ | 24,484,342 | $ | 78,032,848 | $ | 69,223,456 | ||||||
Investments in unaffiliated securities, at fair value | 5,854 | 531 | 261 | |||||||||
Receivable for capital shares sold | 69,908 | 4,753 | 11,586 | |||||||||
Receivable for investments sold | 13 | 137,665 | — | |||||||||
Receivable from adviser | 1,213 | — | — | |||||||||
Receivable for dividends and interest | 37,029 | 67,696 | 30,110 | |||||||||
Prepaid expenses | 13,136 | 15,273 | 14,673 | |||||||||
Total Assets | 24,611,495 | 78,258,766 | 69,280,086 | |||||||||
| ||||||||||||
Liabilities | ||||||||||||
Distributions payable | 817 | 289 | — | |||||||||
Payable for capital shares redeemed | 68,775 | 142,058 | 106 | |||||||||
Payable for investments purchased | 36,939 | 67,668 | 41,311 | |||||||||
Accrued expenses and other payables: | ||||||||||||
Investment advisory fees | — | 3,153 | 567 | |||||||||
Administration fees | 596 | 1,887 | 1,669 | |||||||||
Distribution fees | 4,975 | 15,765 | 13,940 | |||||||||
Other | 5,404 | 12,513 | 12,831 | |||||||||
Total Liabilities | 117,506 | 243,333 | 70,424 | |||||||||
| ||||||||||||
Net Assets | $ | 24,493,989 | $ | 78,015,433 | $ | 69,209,662 | ||||||
Components of Net Assets | ||||||||||||
Paid-in capital | $ | 21,671,346 | $ | 62,385,461 | $ | 52,188,540 | ||||||
Accumulated earnings | 2,822,643 | 15,629,972 | 17,021,122 | |||||||||
Net Assets | $ | 24,493,989 | $ | 78,015,433 | $ | 69,209,662 | ||||||
Pricing of Class A Shares | ||||||||||||
Net assets attributable to Class A shares | $ | 24,493,989 | $ | 78,015,433 | $ | 69,209,662 | ||||||
Shares of beneficial interest outstanding | 2,058,274 | 5,658,922 | 4,586,134 | |||||||||
Net asset value, offering price and redemption price per share* | $ | 11.90 | $ | 13.79 | $ | 15.09 | ||||||
Maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Maximum offering price per share | $ | 12.56 | $ | 14.55 | $ | 15.93 |
* | A redemption fee of 2.00% may be charged on shares redeemed within 30 days of purchase. |
See accompanying notes to financial statements.
39
Statements of Operations
For the six months ended June 30, 2019 (unaudited)
| Praxis | Praxis | Praxis | Praxis | Praxis | |||||||||||||||
Investment income | ||||||||||||||||||||
Dividends | $ | 185,447 | $ | 5,725,854 | $ | 2,863,191 | $ | 2,436,861 | $ | 817,916 | ||||||||||
Foreign tax withholding | — | (813,078 | ) | (2 | ) | — | (96 | ) | ||||||||||||
Interest | 8,207,035 | 27,797 | 21,615 | 26,363 | 11,264 | |||||||||||||||
Total Investment Income | 8,392,482 | 4,940,573 | 2,884,804 | 2,463,224 | 829,084 | |||||||||||||||
| ||||||||||||||||||||
Expenses | ||||||||||||||||||||
Investment advisory fees | 1,037,450 | 647,647 | 309,861 | 424,351 | 159,573 | |||||||||||||||
Administration fees | 133,682 | 68,483 | 53,234 | 72,893 | 27,556 | |||||||||||||||
Distribution fees - Class A | 72,862 | 13,941 | 26,730 | 99,867 | 5,812 | |||||||||||||||
Transfer agent fees - Class A | 39,669 | 16,519 | 13,666 | 43,320 | 5,387 | |||||||||||||||
Transfer agent fees - Class I | 21,914 | 5,344 | 15,450 | 22,762 | 3,071 | |||||||||||||||
Professional fees | 38,747 | 25,578 | 30,690 | 22,994 | 17,988 | |||||||||||||||
Registration fees - Class A | 15,746 | 12,081 | 8,998 | 13,318 | 11,631 | |||||||||||||||
Registration fees - Class I | 9,409 | 8,538 | 9,041 | 6,491 | 5,837 | |||||||||||||||
Trustee fees and expenses | 29,893 | 15,758 | 11,757 | 14,852 | 6,262 | |||||||||||||||
Custodian fees | 16,195 | 32,485 | 6,706 | 7,344 | 5,206 | |||||||||||||||
Shareholder report printing fees - Class A | 4,764 | 3,072 | 1,800 | 6,061 | 825 | |||||||||||||||
Shareholder report printing fees - Class I | 5,761 | 7,756 | 3,950 | 5,949 | 1,431 | |||||||||||||||
Insurance expense | 14,534 | 7,319 | 5,270 | 7,494 | 1,553 | |||||||||||||||
Other expenses | 59,654 | 3,556 | 16,730 | 16,701 | 21,438 | |||||||||||||||
Total Expenses | 1,500,280 | 868,077 | 513,883 | 764,397 | 273,570 | |||||||||||||||
Class A expenses contractually reduced by Investment Adviser | — | — | — | — | (10,933 | ) | ||||||||||||||
Net Expenses | 1,500,280 | 868,077 | 513,883 | 764,397 | 262,637 | |||||||||||||||
Net Investment Income | 6,892,202 | 4,072,496 | 2,370,921 | 1,698,827 | 566,447 | |||||||||||||||
| ||||||||||||||||||||
Realized and Unrealized Gains (Losses) on Investments | ||||||||||||||||||||
Net realized gains (losses) on investments | 587,264 | (92,703 | ) | (606,350 | ) | 836,323 | 1,122,337 | |||||||||||||
Net realized losses on foreign currency transactions | — | (4,662 | ) | — | — | — | ||||||||||||||
Change in unrealized appreciation/(depreciation) of investments | 22,816,997 | 28,001,080 | 30,973,082 | 48,447,228 | 10,440,802 | |||||||||||||||
Change in unrealized appreciation/(depreciation) of foreign currency translations | — | (64 | ) | — | — | — | ||||||||||||||
Net Realized and Unrealized Gains on Investments and Foreign Currency Transactions | 23,404,261 | 27,903,651 | 30,366,732 | 49,283,551 | 11,563,139 | |||||||||||||||
Net Change in Net Assets from Operations | $ | 30,296,463 | $ | 31,976,147 | $ | 32,737,653 | $ | 50,982,378 | $ | 12,129,586 |
See accompanying notes to financial statements.
40
Statements of Operations, continued
For the six months ended June 30, 2019 (unaudited)
| Praxis Genesis | Praxis Genesis | Praxis Genesis | |||||||||
Investment income | ||||||||||||
Dividends from affiliates | $ | 223,492 | $ | 408,518 | $ | 181,065 | ||||||
Dividends from non-affiliates | 34 | 6 | 3 | |||||||||
Total Investment Income | 223,526 | 408,524 | 181,068 | |||||||||
Expenses | ||||||||||||
Distribution fees - Class A | 29,014 | 92,860 | 82,214 | |||||||||
Transfer agent fees | 14,180 | 44,084 | 56,060 | |||||||||
Registration and filing fees | 14,347 | 16,047 | 14,907 | |||||||||
Investment advisory fees | 5,803 | 18,573 | 17,001 | |||||||||
Professional fees | 5,770 | 11,131 | 10,155 | |||||||||
Administration fees | 3,482 | 11,140 | 9,862 | |||||||||
Shareholder report printing fees | 2,276 | 6,359 | 9,341 | |||||||||
Custodian fees | 207 | 229 | 245 | |||||||||
Trustee fees and expenses | 70 | 224 | 201 | |||||||||
Insurance expense | 64 | 202 | 177 | |||||||||
Other expenses | 1,475 | 2,358 | 49 | |||||||||
Total Expenses | 76,688 | 203,207 | 200,212 | |||||||||
Expenses contractually reduced by Investment Adviser | (7,016 | ) | — | (2,788 | ) | |||||||
Net Expenses | 69,672 | 203,207 | 197,424 | |||||||||
Net Investment Income (Loss) | 153,854 | 205,317 | (16,356 | ) | ||||||||
Realized and Unrealized Gains (Losses) on | ||||||||||||
Net realized losses on investments in affiliates | (18,453 | ) | (88,609 | ) | (75,185 | ) | ||||||
Change in unrealized appreciation/(depreciation) of | 1,799,974 | 7,976,082 | 8,279,531 | |||||||||
Net Realized and Unrealized Gains on | 1,781,521 | 7,887,473 | 8,204,346 | |||||||||
Net Change in Net Assets from Operations | $ | 1,935,375 | $ | 8,092,790 | $ | 8,187,990 |
See accompanying notes to financial statements.
41
Statements of Changes in Net Assets
| Praxis | Praxis | ||||||||||||||
| For the | For the Year | For the | For the Year | ||||||||||||
From Operations | ||||||||||||||||
Net investment income | $ | 6,892,202 | $ | 13,449,131 | $ | 4,072,496 | $ | 6,045,725 | ||||||||
Net realized gains (losses) from | 587,264 | (1,656,774 | ) | (97,365 | ) | (1,539,717 | ) | |||||||||
Net change in unrealized | 22,816,997 | (11,650,349 | ) | 28,001,016 | (46,761,410 | ) | ||||||||||
Net Change in Net Assets from Operations | 30,296,463 | 142,008 | 31,976,147 | (42,255,402 | ) | |||||||||||
| ||||||||||||||||
Distributions to Shareholders | ||||||||||||||||
Class A | (659,563 | ) | (1,617,697 | ) | — | (181,781 | ) | |||||||||
Class I | (6,360,455 | ) | (12,491,206 | ) | — | (5,857,401 | ) | |||||||||
Change in Net Assets from | (7,020,018 | ) | (14,108,903 | ) | — | (6,039,182 | ) | |||||||||
Change in Net Assets from | 16,981,515 | 101,935 | (4,732,571 | ) | 14,248,204 | |||||||||||
Change in Net Assets | 40,257,960 | (13,864,960 | ) | 27,243,576 | (34,046,380 | ) | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 509,837,624 | 523,702,584 | 249,835,453 | 283,881,833 | ||||||||||||
End of period | $ | 550,095,584 | $ | 509,837,624 | $ | 277,079,029 | $ | 249,835,453 |
See accompanying notes to financial statements.
42
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 | $ | 2,370,921 | $ | 4,087,827 | $ | 1,698,827 | $ | 2,346,541 | $ | 566,447 | $ | 446,081 | ||||||||||||
Net realized gains (losses) from investments and foreign currency transactions | (606,350 | ) | 5,590,070 | 836,323 | 19,312,975 | 1,122,337 | 3,033,242 | |||||||||||||||||
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation | 30,973,082 | (25,213,925 | ) | 48,447,228 | (20,457,179 | ) | 10,440,802 | (8,741,364 | ) | |||||||||||||||
Net Change in Net Assets from Operations | 32,737,653 | (15,536,028 | ) | 50,982,378 | 1,202,337 | 12,129,586 | (5,262,041 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||||||
Class A | — | (1,268,633 | ) | — | (3,242,309 | ) | — | (254,691 | ) | |||||||||||||||
Class I | — | (12,016,630 | ) | — | (8,591,100 | ) | — | (2,986,240 | ) | |||||||||||||||
Change in Net Assets from Distributions to Shareholders | — | (13,285,263 | ) | — | (11,833,409 | ) | — | (3,240,931 | ) | |||||||||||||||
Change in Net Assets from Capital Transactions (Note 6) | 9,884,476 | 19,082,128 | (1,689,049 | ) | 2,474,438 | 10,938,611 | 45,002,716 | |||||||||||||||||
Change in Net Assets | 42,622,129 | (9,739,163 | ) | 49,293,329 | (8,156,634 | ) | 23,068,197 | 36,499,744 | ||||||||||||||||
| ||||||||||||||||||||||||
Net Assets | ||||||||||||||||||||||||
Beginning of period | 180,909,011 | 190,648,174 | 251,340,313 | 259,496,947 | 89,964,179 | 53,464,435 | ||||||||||||||||||
End of period | $ | 223,531,140 | $ | 180,909,011 | $ | 300,633,642 | $ | 251,340,313 | $ | 113,032,376 | $ | 89,964,179 |
See accompanying notes to financial statements.
43
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) | $ | 153,854 | $ | 475,150 | $ | 205,317 | $ | 1,514,802 | $ | (16,356 | ) | $ | 1,241,505 | |||||||||||
Net realized gains (losses) on investments in affiliates | (18,453 | ) | 12,308 | (88,609 | ) | 191,365 | (75,185 | ) | 198,142 | |||||||||||||||
Capital gain distributions from investments in affiliates | — | 130,284 | — | 893,056 | — | 1,065,133 | ||||||||||||||||||
Net change in unrealized appreciation/(depreciation) on investments in affiliates | 1,799,974 | (1,226,811 | ) | 7,976,082 | (6,154,024 | ) | 8,279,531 | (6,703,218 | ) | |||||||||||||||
Net Change in Net Assets from Operations | 1,935,375 | (609,069 | ) | 8,092,790 | (3,554,801 | ) | 8,187,990 | (4,198,438 | ) | |||||||||||||||
| ||||||||||||||||||||||||
Distributions to Class A Shareholders | (153,815 | ) | (833,663 | ) | (209,615 | ) | (3,586,043 | ) | — | (3,541,941 | ) | |||||||||||||
Change in Net Assets from Capital Transactions (Note 6) | 563,999 | 710,449 | (236,020 | ) | 4,315,966 | 337,084 | 3,490,426 | |||||||||||||||||
Change in Net Assets | 2,345,559 | (732,283 | ) | 7,647,155 | (2,824,878 | ) | 8,525,074 | (4,249,953 | ) | |||||||||||||||
Net Assets | ||||||||||||||||||||||||
Beginning of period | 22,148,430 | 22,880,713 | 70,368,278 | 73,193,156 | 60,684,588 | 64,934,541 | ||||||||||||||||||
End of period | $ | 24,493,989 | $ | 22,148,430 | $ | 78,015,433 | $ | 70,368,278 | $ | 69,209,662 | $ | 60,684,588 |
See accompanying notes to financial statements.
44
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 | $ | 10.12 | $ | 10.39 | $ | 10.30 | $ | 10.32 | $ | 10.54 | $ | 10.27 | ||||||||||||||||
Net investment income(a) | 0.12 | 0.22 | 0.21 | 0.20 | 0.23 | 0.24 | ||||||||||||||||||||||
Net realized and unrealized gains (losses) | 0.46 | (0.26 | ) | 0.11 | 0.02 | (0.19 | ) | 0.29 | ||||||||||||||||||||
Total from investment operations | 0.58 | (0.04 | ) | 0.32 | 0.22 | 0.04 | 0.53 | |||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income | (0.12 | ) | (0.23 | ) | (0.23 | ) | (0.23 | ) | (0.25 | ) | (0.26 | ) | ||||||||||||||||
Distributions from net realized gains | — | — | — | (0.01 | ) | (0.01 | ) | — | ||||||||||||||||||||
Total distributions | (0.12 | ) | (0.23 | ) | (0.23 | ) | (0.24 | ) | (0.26 | ) | (0.26 | ) | ||||||||||||||||
Paid-in capital from redemption fees | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | ||||||||||||||||
Net asset value at end of period | $ | 10.58 | $ | 10.12 | $ | 10.39 | $ | 10.30 | $ | 10.32 | $ | 10.54 | ||||||||||||||||
Total return (excludes sales charge) | 5.72 | %(c) | (0.36 | %) | 3.11 | % | 2.13 | % | 0.33 | % | 5.21 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 60,281 | $ | 60,692 | $ | 91,048 | $ | 83,211 | $ | 79,999 | $ | 74,950 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.97 | %(d) | 0.97 | % | 0.93 | % | 0.94 | % | 0.93 | % | 0.93 | % | ||||||||||||||||
Ratio of net investment income to average | 2.32 | %(d) | 2.15 | % | 2.02 | % | 1.87 | % | 2.16 | % | 2.32 | % | ||||||||||||||||
Ratio of gross expenses to average | 0.97 | %(d) | 0.98 | %* | 0.98 | %* | 0.99 | %* | 0.98 | %* | 0.94 | %* | ||||||||||||||||
Portfolio turnover rate | 9.75 | %(c) | 27.27 | % | 17.36 | % | 16.05 | % | 22.67 | % | 16.48 | % |
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 | $ | 10.08 | $ | 10.35 | $ | 10.25 | $ | 10.27 | $ | 10.50 | $ | 10.22 | ||||||||||||||||
Net investment income(a) | 0.14 | 0.26 | 0.25 | 0.26 | 0.27 | 0.28 | ||||||||||||||||||||||
Net realized and unrealized gains (losses) | 0.45 | (0.26 | ) | 0.11 | 0.00 | (b) | (0.20 | ) | 0.30 | |||||||||||||||||||
Total from investment operations | 0.59 | 0.00 | (b) | 0.36 | 0.26 | 0.07 | 0.58 | |||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income | (0.14 | ) | (0.27 | ) | (0.26 | ) | (0.27 | ) | (0.29 | ) | (0.30 | ) | ||||||||||||||||
Distributions from net realized gains | — | — | — | (0.01 | ) | (0.01 | ) | — | ||||||||||||||||||||
Total distributions | (0.14 | ) | (0.27 | ) | (0.26 | ) | (0.28 | ) | (0.30 | ) | (0.30 | ) | ||||||||||||||||
Paid-in capital from redemption fees | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | ||||||||||||||||
Net asset value at end of period | $ | 10.53 | $ | 10.08 | $ | 10.35 | $ | 10.25 | $ | 10.27 | $ | 10.50 | ||||||||||||||||
Total return | 5.89 | %(c) | 0.08 | % | 3.58 | % | 2.55 | % | 0.72 | % | 5.66 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 489,815 | $ | 449,146 | $ | 432,654 | $ | 381,697 | $ | 353,954 | $ | 330,742 | ||||||||||||||||
Ratio of expenses to average net assets | 0.53 | %(d) | 0.53 | % | 0.54 | % | 0.54 | % | 0.54 | % | 0.53 | % | ||||||||||||||||
Ratio of net investment income to average | 2.76 | %(d) | 2.60 | % | 2.41 | % | 2.41 | % | 2.55 | % | 2.73 | % | ||||||||||||||||
Portfolio turnover rate | 9.75 | %(c) | 27.27 | % | 17.36 | % | 16.05 | % | 22.67 | % | 16.48 | % |
* | 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.
45
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 | $ | 9.77 | $ | 11.69 | $ | 9.47 | $ | 9.15 | $ | 9.85 | $ | 10.64 | ||||||||||||||||
Net investment income(a) | 0.12 | 0.17 | 0.13 | 0.13 | 0.14 | 0.20 | ||||||||||||||||||||||
Net realized and unrealized gains (losses) | 1.09 | (1.94 | ) | 2.23 | 0.32 | (0.71 | ) | (0.81 | ) | |||||||||||||||||||
Total from investment operations | 1.21 | (1.77 | ) | 2.36 | 0.45 | (0.57 | ) | (0.61 | ) | |||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income | — | (0.15 | ) | (0.14 | ) | (0.13 | ) | (0.13 | ) | (0.18 | ) | |||||||||||||||||
Paid-in capital from redemption fees | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | ||||||||||||||||
Net asset value at end of period | $ | 10.98 | $ | 9.77 | $ | 11.69 | $ | 9.47 | $ | 9.15 | $ | 9.85 | ||||||||||||||||
Total return (excludes sales charge) | 12.38 | %(c) | (15.13 | %) | 24.97 | % | 4.97 | % | (5.76 | %) | (5.70 | %) | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 10,866 | $ | 11,853 | $ | 26,344 | $ | 18,877 | $ | 17,631 | $ | 18,370 | ||||||||||||||||
Ratio of expenses to average net assets | 1.51 | %(d) | 1.31 | % | 1.26 | % | 1.32 | % | 1.33 | % | 1.28 | % | ||||||||||||||||
Ratio of net investment income to average | 2.11 | %(d) | 1.52 | % | 1.22 | % | 1.45 | % | 1.45 | % | 1.88 | % | ||||||||||||||||
Portfolio turnover rate | 5.57 | %(c) | 21.08 | % | 5.22 | % | 10.26 | % | 4.48 | % | 5.73 | % |
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 | $ | 9.80 | $ | 11.75 | $ | 9.51 | $ | 9.19 | $ | 9.89 | $ | 10.70 | ||||||||||||||||
Net investment income(a) | 0.16 | 0.25 | 0.19 | 0.19 | 0.20 | 0.25 | ||||||||||||||||||||||
Net realized and unrealized gains (losses) | 1.11 | (1.96 | ) | 2.25 | 0.31 | (0.71 | ) | (0.82 | ) | |||||||||||||||||||
Total from investment operations | 1.27 | (1.71 | ) | 2.44 | 0.50 | (0.51 | ) | (0.57 | ) | |||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income | — | (0.24 | ) | (0.20 | ) | (0.18 | ) | (0.19 | ) | (0.24 | ) | |||||||||||||||||
Paid-in capital from redemption fees | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | ||||||||||||||||
Net asset value at end of period | $ | 11.07 | $ | 9.80 | $ | 11.75 | $ | 9.51 | $ | 9.19 | $ | 9.89 | ||||||||||||||||
Total return | 12.96 | %(c) | (14.52 | %) | 25.67 | % | 5.48 | % | (5.19 | %) | (5.36 | %) | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 266,213 | $ | 237,982 | $ | 257,538 | $ | 173,598 | $ | 153,099 | $ | 154,074 | ||||||||||||||||
Ratio of expenses to average net assets | 0.62 | %(d) | 0.65 | % | 0.72 | % | 0.77 | % | 0.78 | % | 0.78 | % | ||||||||||||||||
Ratio of net investment income to average | 3.10 | %(d) | 2.21 | % | 1.75 | % | 2.01 | % | 1.97 | % | 2.35 | % | ||||||||||||||||
Portfolio turnover rate | 5.57 | %(c) | 21.08 | % | 5.22 | % | 10.26 | % | 4.48 | % | 5.73 | % |
(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 Value Index Fund - Class A
Six Months | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.81 | $ | 13.82 | $ | 12.64 | $ | 11.17 | $ | 12.54 | $ | 11.21 | ||||||||||||||||
Net investment income(a) | 0.12 | 0.23 | 0.21 | 0.19 | 0.20 | 0.18 | ||||||||||||||||||||||
Net realized and unrealized gains (losses) | 1.92 | (1.38 | ) | 1.85 | 1.61 | (1.00 | ) | 1.23 | ||||||||||||||||||||
Total from investment operations | 2.04 | (1.15 | ) | 2.06 | 1.80 | (0.80 | ) | 1.41 | ||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income | — | (0.23 | ) | (0.13 | ) | (0.23 | ) | (0.28 | ) | (0.08 | ) | |||||||||||||||||
Distributions from net realized gains | — | (0.63 | ) | (0.75 | ) | (0.10 | ) | (0.29 | ) | — | ||||||||||||||||||
Total distributions | — | (0.86 | ) | (0.88 | ) | (0.33 | ) | (0.57 | ) | (0.08 | ) | |||||||||||||||||
Paid-in capital from redemption fees | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | ||||||||||||||||
Net asset value at end of period | $ | 13.85 | $ | 11.81 | $ | 13.82 | $ | 12.64 | $ | 11.17 | $ | 12.54 | ||||||||||||||||
Total return (excludes sales charge) | 17.27 | %(c) | (8.47 | %) | 16.31 | % | 16.13 | % | (6.41 | %) | 12.57 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 28,341 | $ | 18,124 | $ | 25,057 | $ | 21,676 | $ | 17,453 | $ | 17,356 | ||||||||||||||||
Ratio of expenses to average net assets | 0.90 | %(d) | 0.89 | % | 0.94 | % | 0.94 | % | 0.94 | % | 0.87 | % | ||||||||||||||||
Ratio of net investment income to average | 1.87 | %(d) | 1.69 | % | 1.58 | % | 1.68 | % | 1.62 | % | 1.53 | % | ||||||||||||||||
Portfolio turnover rate | 3.19 | %(c) | 32.38 | % | 31.87 | % | 48.26 | % | 21.38 | % | 20.53 | % |
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 | $ | 11.72 | $ | 13.74 | $ | 12.56 | $ | 11.09 | $ | 12.46 | $ | 11.14 | ||||||||||||||||
Net investment income(a) | 0.15 | 0.30 | 0.28 | 0.26 | 0.26 | 0.23 | ||||||||||||||||||||||
Net realized and unrealized gains (losses) | 1.90 | (1.38 | ) | 1.85 | 1.60 | (1.00 | ) | 1.22 | ||||||||||||||||||||
Total from investment operations | 2.05 | (1.08 | ) | 2.13 | 1.86 | (0.74 | ) | 1.45 | ||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income | — | (0.31 | ) | (0.20 | ) | (0.29 | ) | (0.34 | ) | (0.13 | ) | |||||||||||||||||
Distributions from net realized gains | — | (0.63 | ) | (0.75 | ) | (0.10 | ) | (0.29 | ) | — | ||||||||||||||||||
Total distributions | — | (0.94 | ) | (0.95 | ) | (0.39 | ) | (0.63 | ) | (0.13 | ) | |||||||||||||||||
Paid-in capital from redemption fees | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | ||||||||||||||||
Net asset value at end of period | $ | 13.77 | $ | 11.72 | $ | 13.74 | $ | 12.56 | $ | 11.09 | $ | 12.46 | ||||||||||||||||
Total return | 17.49 | %(c) | (8.06 | %) | 16.91 | % | 16.75 | % | (6.00 | %) | 13.03 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 195,190 | $ | 162,785 | $ | 165,591 | $ | 137,191 | $ | 113,927 | $ | 108,845 | ||||||||||||||||
Ratio of expenses to average net assets | 0.45 | %(d) | 0.42 | % | 0.45 | % | 0.44 | % | 0.45 | % | 0.45 | % | ||||||||||||||||
Ratio of net investment income to average | 2.34 | %(d) | 2.18 | % | 2.07 | % | 2.25 | % | 2.11 | % | 1.94 | % | ||||||||||||||||
Portfolio turnover rate | 3.19 | %(c) | 32.38 | % | 31.87 | % | 48.26 | % | 21.68 | % | 20.53 | % |
(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 Growth Index Fund - Class A
Six Months | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.05 | $ | 23.05 | $ | 18.82 | $ | 17.68 | $ | 17.25 | $ | 15.19 | ||||||||||||||||
Net investment income(a) | 0.12 | 0.15 | 0.17 | 0.15 | 0.18 | 0.12 | ||||||||||||||||||||||
Net realized and unrealized gains (losses) | 4.31 | (0.13 | ) | 4.78 | 1.11 | 0.46 | 2.05 | |||||||||||||||||||||
Total from investment operations | 4.43 | 0.02 | 4.95 | 1.26 | 0.64 | 2.17 | ||||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income | — | (0.21 | ) | (0.08 | ) | (0.12 | ) | (0.21 | ) | (0.11 | ) | |||||||||||||||||
Distributions from net realized gains | — | (0.81 | ) | (0.64 | ) | — | — | — | ||||||||||||||||||||
Total distributions | — | (1.02 | ) | (0.72 | ) | (0.12 | ) | (0.21 | ) | (0.11 | ) | |||||||||||||||||
Paid-in capital from redemption fees | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | ||||||||||||||||
Net asset value at end of period | $ | 26.48 | $ | 22.05 | $ | 23.05 | $ | 18.82 | $ | 17.68 | $ | 17.25 | ||||||||||||||||
Total return (excludes sales charge) | 20.09 | %(c) | (0.05 | %) | 26.28 | % | 7.15 | % | 3.70 | % | 14.26 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 81,987 | $ | 72,735 | $ | 87,613 | $ | 67,007 | $ | 64,689 | $ | 55,833 | ||||||||||||||||
Ratio of expenses to average net assets | 0.81 | %(d) | 0.82 | % | 0.85 | % | 0.86 | % | 0.84 | % | 0.91 | % | ||||||||||||||||
Ratio of net investment income to average | 0.93 | %(d) | 0.59 | % | 0.78 | % | 0.86 | % | 1.00 | % | 0.73 | % | ||||||||||||||||
Portfolio turnover rate | 2.53 | %(c) | 27.24 | % | 27.49 | % | 43.09 | % | 18.68 | % | 19.09 | % |
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 | $ | 22.21 | $ | 23.21 | $ | 18.93 | $ | 17.79 | $ | 17.34 | $ | 15.27 | ||||||||||||||||
Net investment income(a) | 0.16 | 0.25 | 0.26 | 0.23 | 0.25 | 0.20 | ||||||||||||||||||||||
Net realized and unrealized gains (losses) | 4.34 | (0.13 | ) | 4.82 | 1.11 | 0.47 | 2.06 | |||||||||||||||||||||
Total from investment operations | 4.50 | 0.12 | 5.08 | 1.34 | 0.72 | 2.26 | ||||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income | — | (0.31 | ) | (0.16 | ) | (0.20 | ) | (0.27 | ) | (0.19 | ) | |||||||||||||||||
Distributions from net realized gains | — | (0.81 | ) | (0.64 | ) | — | — | — | ||||||||||||||||||||
Total distributions | — | (1.12 | ) | (0.80 | ) | (0.20 | ) | (0.27 | ) | (0.19 | ) | |||||||||||||||||
Paid-in capital from redemption fees | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | ||||||||||||||||
Net asset value at end of period | $ | 26.71 | $ | 22.21 | $ | 23.21 | $ | 18.93 | $ | 17.79 | $ | 17.34 | ||||||||||||||||
Total return | 20.26 | %(c) | 0.39 | % | 26.78 | % | 7.62 | % | 4.10 | % | 14.77 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 218,647 | $ | 178,605 | $ | 171,884 | $ | 136,862 | $ | 122,311 | $ | 118,619 | ||||||||||||||||
Ratio of expenses to average net assets | 0.43 | %(d) | 0.43 | % | 0.44 | % | 0.44 | % | 0.44 | % | 0.42 | % | ||||||||||||||||
Ratio of net investment income to average | 1.30 | %(d) | 0.99 | % | 1.18 | % | 1.26 | % | 1.38 | % | 1.22 | % | ||||||||||||||||
Portfolio turnover rate | 2.53 | %(c) | 27.24 | % | 27.49 | % | 43.09 | % | 18.68 | % | 19.09 | % |
(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 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 | $ | 7.44 | $ | 8.63 | $ | 9.67 | $ | 9.45 | $ | 11.49 | $ | 13.80 | ||||||||||||||||
Net investment income (loss)(a) | 0.02 | 0.01 | 0.02 | (0.08 | ) | (0.09 | ) | (0.12 | ) | |||||||||||||||||||
Net realized and unrealized gains (losses) | 0.89 | (0.73 | ) | 1.03 | 0.85 | (0.41 | ) | (0.43 | ) | |||||||||||||||||||
Total from investment operations | 0.91 | (0.72 | ) | 1.05 | 0.77 | (0.50 | ) | (0.55 | ) | |||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from net realized gains | — | (0.47 | ) | (2.09 | ) | (0.55 | ) | (1.54 | ) | (1.76 | ) | |||||||||||||||||
Paid-in capital from redemption fees | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | ||||||||||||||||
Net asset value at end of period | $ | 8.35 | $ | 7.44 | $ | 8.63 | $ | 9.67 | $ | 9.45 | $ | 11.49 | ||||||||||||||||
Total return (excludes sales charge) | 12.23 | %(c) | (8.56 | %) | 10.70 | % | 8.18 | % | (4.53 | %) | (4.11 | %) | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 4,558 | $ | 4,284 | $ | 5,449 | $ | 5,771 | $ | 7,339 | $ | 7,664 | ||||||||||||||||
Ratio of net expenses to average net assets | 1.12 | %(d) | 1.11 | % | 1.13 | % | 1.67 | % | 1.68 | % | 1.69 | % | ||||||||||||||||
Ratio of net investment income (loss) to average | 0.42 | %(d) | 0.13 | % | 0.21 | % | (1.45 | %) | (0.75 | %) | (0.95 | %) | ||||||||||||||||
Ratio of gross expenses to average net assets* | 1.59 | %(d) | 1.49 | % | 1.66 | % | 1.76 | % | 1.81 | % | 1.70 | % | ||||||||||||||||
Portfolio turnover rate | 10.19 | %(c) | 25.17 | % | 103.54 | % | 60.49 | % | 75.84 | % | 73.67 | % |
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 | $ | 8.13 | $ | 9.36 | $ | 10.35 | $ | 10.01 | $ | 12.01 | $ | 14.25 | ||||||||||||||||
Net investment income (loss)(a) | 0.05 | 0.08 | 0.09 | (0.02 | ) | (0.01 | ) | (0.04 | ) | |||||||||||||||||||
Net realized and unrealized gains (losses) | 0.97 | (0.79 | ) | 1.09 | 0.91 | (0.45 | ) | (0.44 | ) | |||||||||||||||||||
Total from investment operations | 1.02 | (0.71 | ) | 1.18 | 0.89 | (0.46 | ) | (0.48 | ) | |||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income | — | (0.05 | ) | (0.08 | ) | — | — | — | ||||||||||||||||||||
Dividends from net realized gains | — | (0.47 | ) | (2.09 | ) | (0.55 | ) | (1.54 | ) | (1.76 | ) | |||||||||||||||||
Total distributions | — | (0.52 | ) | (2.17 | ) | (0.55 | ) | (1.54 | ) | (1.76 | ) | |||||||||||||||||
Paid-in capital from redemption fees | — | — | — | — | — | 0.00 | (b) | |||||||||||||||||||||
Net asset value at end of period | $ | 9.15 | $ | 8.13 | $ | 9.36 | $ | 10.35 | $ | 10.01 | $ | 12.01 | ||||||||||||||||
Total return | 12.55 | %(c) | (7.83 | %) | 11.22 | % | 8.93 | % | (3.99 | %) | (3.49 | %) | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 108,474 | $ | 85,680 | $ | 48,015 | $ | 42,139 | $ | 39,824 | $ | 53,783 | ||||||||||||||||
Ratio of expenses to average net assets | 0.46 | %(d) | 0.46 | % | 0.50 | % | 1.00 | % | 1.06 | % | 1.02 | % | ||||||||||||||||
Ratio of net investment income (loss) to average | 1.09 | %(d) | 0.83 | % | 0.85 | % | (0.13 | %) | (0.07 | %) | (0.28 | %) | ||||||||||||||||
Portfolio turnover rate | 10.19 | %(c) | 25.17 | % | 103.54 | % | 60.49 | % | 75.84 | % | 73.67 | % |
* | 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 (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.
49
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 | $ | 11.02 | $ | 11.75 | $ | 11.18 | $ | 10.97 | $ | 11.34 | $ | 11.10 | ||||||||||||||||
Net investment income(a) | 0.08 | 0.24 | 0.21 | 0.19 | 0.22 | 0.21 | ||||||||||||||||||||||
Net realized and unrealized gains (losses) | 0.88 | (0.55 | ) | 0.72 | 0.29 | (0.31 | ) | 0.42 | ||||||||||||||||||||
Total from investment operations | 0.96 | (0.31 | ) | 0.93 | 0.48 | (0.09 | ) | 0.63 | ||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income | (0.08 | ) | (0.24 | ) | (0.21 | ) | (0.21 | ) | (0.22 | ) | (0.21 | ) | ||||||||||||||||
Distributions from net realized gains | — | (0.18 | ) | (0.15 | ) | (0.06 | ) | (0.06 | ) | (0.18 | ) | |||||||||||||||||
Total distributions | (0.08 | ) | (0.42 | ) | (0.36 | ) | (0.27 | ) | (0.28 | ) | (0.39 | ) | ||||||||||||||||
Paid-in capital from redemption fees | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | ||||||||||||||||
Net asset value at end of period | $ | 11.90 | $ | 11.02 | $ | 11.75 | $ | 11.18 | $ | 10.97 | $ | 11.34 | ||||||||||||||||
Total return (excludes sales charge) | 8.69 | %(c) | (2.64 | %) | 8.36 | % | 4.23 | % | (0.81 | %) | 5.68 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 24,494 | $ | 22,148 | $ | 22,881 | $ | 21,596 | $ | 19,718 | $ | 19,128 | ||||||||||||||||
Ratio of net expenses to average net assets† | 0.60 | %(d) | 0.60 | % | 0.61 | % | 0.58 | % | 0.60 | % | 0.60 | % | ||||||||||||||||
Ratio of net investment income to average | 1.32 | %(d) | 2.08 | % | 1.83 | % | 1.72 | % | 1.95 | % | 1.82 | % | ||||||||||||||||
Ratio of gross expenses to average | 0.66 | %(d) | 0.63 | % | 0.64 | % | 0.58 | % | 0.63 | % | 0.62 | % | ||||||||||||||||
Portfolio turnover rate | 6.37 | %(c) | 15.49 | % | 15.88 | % | 11.42 | % | 8.66 | % | 10.78 | % |
† | 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. |
** | 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.
50
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 | $ | 12.39 | $ | 13.71 | $ | 12.55 | $ | 12.13 | $ | 12.76 | $ | 12.50 | ||||||||||||||||
Net investment income(a) | 0.04 | 0.27 | 0.28 | 0.17 | 0.21 | 0.17 | ||||||||||||||||||||||
Net realized and unrealized gains (losses) | 1.40 | (0.93 | ) | 1.40 | 0.64 | (0.42 | ) | 0.49 | ||||||||||||||||||||
Total from investment operations | 1.44 | (0.66 | ) | 1.68 | 0.81 | (0.21 | ) | 0.66 | ||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income | (0.04 | ) | (0.27 | ) | (0.29 | ) | (0.19 | ) | (0.22 | ) | (0.17 | ) | ||||||||||||||||
Distributions from net realized gains | — | (0.39 | ) | (0.23 | ) | (0.20 | ) | (0.20 | ) | (0.23 | ) | |||||||||||||||||
Total distributions | (0.04 | ) | (0.66 | ) | (0.52 | ) | (0.39 | ) | (0.42 | ) | (0.40 | ) | ||||||||||||||||
Paid-in capital from redemption fees | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | ||||||||||||||||
Net asset value at end of period | $ | 13.79 | $ | 12.39 | $ | 13.71 | $ | 12.55 | $ | 12.13 | $ | 12.76 | ||||||||||||||||
Total return (excludes sales charge) | 11.61 | %(c) | (4.89 | %) | 13.38 | % | 6.58 | % | (1.66 | %) | 5.30 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 78,015 | $ | 70,368 | $ | 73,193 | $ | 63,565 | $ | 59,742 | $ | 57,611 | ||||||||||||||||
Ratio of expenses to average net assets† | 0.54 | %(d) | 0.52 | % | 0.53 | % | 0.55 | % | 0.54 | % | 0.58 | % | ||||||||||||||||
Ratio of net investment income to average | 0.55 | %(d) | 2.04 | % | 2.15 | % | 1.39 | % | 1.65 | % | 1.33 | % | ||||||||||||||||
Portfolio turnover rate | 4.83 | %(c) | 12.90 | % | 11.91 | % | 10.29 | % | 6.53 | % | 10.26 | % |
† | 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.
51
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 | $ | 13.30 | $ | 15.09 | $ | 13.47 | $ | 12.93 | $ | 13.79 | $ | 13.49 | ||||||||||||||||
Net investment income (loss)(a) | (0.00 | )(b) | 0.27 | 0.32 | 0.14 | 0.18 | 0.13 | |||||||||||||||||||||
Net realized and unrealized gains (losses) | 1.79 | (1.24 | ) | 1.93 | 0.87 | (0.52 | ) | 0.56 | ||||||||||||||||||||
Total from investment operations | 1.79 | (0.97 | ) | 2.25 | 1.01 | (0.34 | ) | 0.69 | ||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income | — | (0.28 | ) | (0.33 | ) | (0.14 | ) | (0.19 | ) | (0.13 | ) | |||||||||||||||||
Distributions from net realized gains | — | (0.54 | ) | (0.30 | ) | (0.33 | ) | (0.33 | ) | (0.26 | ) | |||||||||||||||||
Total distributions | — | (0.82 | ) | (0.63 | ) | (0.47 | ) | (0.52 | ) | (0.39 | ) | |||||||||||||||||
Paid-in capital from redemption fees | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | ||||||||||||||||
Net asset value at end of period | $ | 15.09 | $ | 13.30 | $ | 15.09 | $ | 13.47 | $ | 12.93 | $ | 13.79 | ||||||||||||||||
Total return (excludes sales charge) | 13.46 | %(c) | (6.52 | %) | 16.71 | % | 7.82 | % | (2.49 | %) | 5.09 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 69,210 | $ | 60,685 | $ | 64,935 | $ | 53,925 | $ | 49,881 | $ | 49,670 | ||||||||||||||||
Ratio of net expenses to average net assets† | 0.60 | %(d) | 0.58 | % | 0.60 | % | 0.61 | % | 0.62 | % | 0.60 | % | ||||||||||||||||
Ratio of net investment income (loss) to average | (0.05 | %)(d) | 1.91 | % | 2.29 | % | 1.09 | % | 1.33 | % | 0.95 | % | ||||||||||||||||
Ratio of gross expenses to average | 0.61 | %**(d) | 0.58 | % | 0.60 | % | 0.61 | % | 0.62 | % | 0.60 | % | ||||||||||||||||
Portfolio turnover rate | 3.52 | %(c) | 12.72 | % | 11.05 | % | 9.32 | % | 7.39 | % | 8.81 | % |
† | 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. |
** | 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.
52
Notes to Financial Statements (unaudited) | June 30, 2019 |
1. Organization:
The Praxis Mutual Funds (the “Trust”) is an open-end management investment company established as a Delaware statuatory 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”). As of June 30, 2019, 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 (“ASC”) Topic 946, “Financial Services – Investment Companies.”
As of June 30, 2019, 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 and income, 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:
New Accounting Pronouncement:
In March 2017, FASB issued Accounting Standards Update No. 2017-08 (“ASU 2017-08”), “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. ASU 2017-08 does not require an accounting change for securities held at a discount, which continues to accrete to maturity. ASU 2017-08 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. The Funds and Portfolios have adopted ASU 2017-08 with these financial statements.
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 income and expenses for the reporting year. Actual results could differ from those estimates.
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 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 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.
53
Notes to Financial Statements (unaudited), continued | June 30, 2019 |
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 input level, as of June 30, 2019, for each Fund’s and Portfolio’s investments are as follows:
Impact Bond Fund Valuation Inputs at Reporting Date:
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments at Value | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 9,758,083 | $ | — | $ | 9,758,083 | ||||||||
Municipal Bonds | — | 10,660,480 | — | 10,660,480 | ||||||||||||
Corporate Bonds | — | 218,461,660 | — | 218,461,660 | ||||||||||||
Corporate Notes | — | 5,396,202 | — | 5,396,202 | ||||||||||||
Foreign Governments | — | 47,596,762 | — | 47,596,762 | ||||||||||||
Commercial Mortgage Backed Securities | — | 3,021,843 | — | 3,021,843 | ||||||||||||
U.S. Government Agencies | — | 230,939,124 | — | 230,939,124 | ||||||||||||
Money Market Funds | 16,524,875 | — | — | 16,524,875 | ||||||||||||
Investment Companies | 3,520,422 | — | — | 3,520,422 | ||||||||||||
Total Investments | $ | 20,045,297 | $ | 525,834,154 | $ | — | $ | 545,879,451 |
International Index Fund Valuation Inputs at Reporting Date:
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments at Value | ||||||||||||||||
Common Stocks | $ | 181,914,325 | $ | 88,074,333 | $ | — | $ | 269,988,658 | ||||||||
Preferred Stocks | 1,383,229 | — | — | 1,383,229 | ||||||||||||
Rights | 20,443 | — | — | 20,443 | ||||||||||||
Corporate Notes | — | 2,425,574 | — | 2,425,574 | ||||||||||||
Money Market Funds | 2,552,861 | — | — | 2,552,861 | ||||||||||||
Total Investments | $ | 185,870,858 | $ | 90,499,907 | $ | — | $ | 276,370,765 |
Value Index Fund Valuation Inputs at Reporting Date:
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments at Value | ||||||||||||||||
Common Stocks | $ | 220,614,706 | $ | — | $ | — | $ | 220,614,706 | ||||||||
Corporate Notes | — | 1,977,998 | — | 1,977,998 | ||||||||||||
Money Market Funds | 1,087,797 | — | — | 1,087,797 | ||||||||||||
Total Investments | $ | 221,702,503 | $ | 1,977,998 | $ | — | $ | 223,680,501 |
54
Notes to Financial Statements (unaudited), continued | June 30, 2019 |
Growth Index Fund Valuation Inputs at Reporting Date:
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments at Value | ||||||||||||||||
Common Stocks | $ | 296,965,111 | $ | — | $ | — | $ | 296,965,111 | ||||||||
Corporate Notes | — | 2,665,573 | — | 2,665,573 | ||||||||||||
Money Market Funds | 1,176,078 | — | — | 1,176,078 | ||||||||||||
Total Investments | $ | 298,141,189 | $ | 2,665,573 | $ | — | $ | 300,806,762 |
Small Cap Index Fund Valuation Inputs at Reporting Date:
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments at Value | ||||||||||||||||
Common Stocks | $ | 111,743,421 | $ | — | $ | — | $ | 111,743,421 | ||||||||
Corporate Notes | — | 964,830 | — | 964,830 | ||||||||||||
Money Market Funds | 258,553 | — | — | 258,553 | ||||||||||||
Total Investments | $ | 112,001,974 | $ | 964,830 | $ | — | $ | 112,966,804 |
Conservative Portfolio Valuation Inputs at Reporting Date:
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments at Value | ||||||||||||||||
Mutual Funds | $ | 24,484,342 | $ | — | $ | — | $ | 24,484,342 | ||||||||
Money Market Funds | 5,854 | — | — | 5,854 | ||||||||||||
Total Investments | $ | 24,490,196 | $ | — | $ | — | $ | 24,490,196 |
Balanced Portfolio Valuation Inputs at Reporting Date:
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments at Value | ||||||||||||||||
Mutual Funds | $ | 78,032,848 | $ | — | $ | — | $ | 78,032,848 | ||||||||
Money Market Funds | 531 | — | — | 531 | ||||||||||||
Total Investments | $ | 78,033,379 | $ | — | $ | — | $ | 78,033,379 |
Growth Portfolio Valuation Inputs at Reporting Date:
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments at Value | ||||||||||||||||
Mutual Funds | $ | 69,223,456 | $ | — | $ | — | $ | 69,223,456 | ||||||||
Money Market Funds | 261 | — | — | 261 | ||||||||||||
Total Investments | $ | 69,223,717 | $ | — | $ | — | $ | 69,223,717 |
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 yield to maturity or effective yield. Dividend income is recorded on the ex-dividend date. 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 must use estimates in reporting the character of their income and distributions for financial statement purposes. 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.
55
Notes to Financial Statements (unaudited), continued | June 30, 2019 |
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.
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 Funds and Portfolios do 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.
56
Notes to Financial Statements (unaudited), continued | June 30, 2019 |
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.
Redemption Fees:
The Funds and Portfolios will charge a redemption fee of two percent of the total redemption amount if a shareholder sells or exchanges 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.
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, 2019 were as follows:
| Purchases | Sales | ||||||
Impact Bond Fund | $ | 35,009,093 | $ | 21,201,603 | ||||
International Index Fund | 14,720,500 | 16,400,967 | ||||||
Value Index Fund | 20,537,066 | 6,553,862 | ||||||
Growth Index Fund | 7,133,748 | 7,137,152 | ||||||
Small Cap Index Fund | 23,912,188 | 10,699,460 | ||||||
Conservative Portfolio | 2,038,659 | 1,487,462 | ||||||
Balanced Portfolio | 3,608,639 | 3,854,692 | ||||||
Growth Portfolio | 2,632,285 | 2,322,508 |
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, 2019 | ||||||||||||||||||||||||||||||||||||
Affiliate | Fair Value at | Purchase | Sales | Realized | Change in | Fair Value at | Dividend | Long-Term | Shares at | |||||||||||||||||||||||||||
Praxis Genesis Conservative Portfolio | ||||||||||||||||||||||||||||||||||||
Growth Index - Class I | $ | 1,987,450 | $ | 149,314 | $ | (227,540 | ) | $ | 7,964 | $ | 389,218 | $ | 2,306,406 | $ | — | $ | — | 86,350 | ||||||||||||||||||
Impact Bond - Class I | 15,676,788 | 1,590,717 | (815,841 | ) | (19,766 | ) | 740,081 | 17,171,979 | 223,492 | — | 1,630,767 | |||||||||||||||||||||||||
International Index - Class I | 1,965,006 | 111,985 | (181,405 | ) | (2,935 | ) | 256,437 | 2,149,088 | — | — | 194,136 | |||||||||||||||||||||||||
Small Cap Index - Class I | 533,239 | 37,328 | (46,135 | ) | (6,538 | ) | 73,038 | 590,932 | — | — | 64,583 | |||||||||||||||||||||||||
Value Index - Class I | 1,989,141 | 149,314 | (216,540 | ) | 2,822 | 341,200 | 2,265,937 | — | — | 164,556 | ||||||||||||||||||||||||||
Total | $ | 22,151,624 | $ | 2,038,658 | $ | (1,487,461 | ) | $ | (18,453 | ) | $ | 1,799,974 | $ | 24,484,342 | $ | 223,492 | $ | — | 2,140,392 |
For the six months ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Affiliate | Fair Value at | Purchase | Sales | Realized | Change in | Fair Value at | Dividend | Long-Term | Shares at | |||||||||||||||||||||||||||
Praxis Genesis Balanced Portfolio | ||||||||||||||||||||||||||||||||||||
Growth Index - Class I | $ | 11,053,957 | $ | 360,965 | $ | (844,523 | ) | $ | 34,491 | $ | 2,159,599 | $ | 12,764,489 | $ | — | $ | — | 477,892 | ||||||||||||||||||
Impact Bond - Class I | 28,801,379 | 2,371,045 | (1,087,326 | ) | (28,341 | ) | 1,345,559 | 31,402,316 | 408,518 | — | 2,982,176 | |||||||||||||||||||||||||
International Index - Class I | 12,618,635 | 309,399 | (790,592 | ) | (26,536 | ) | 1,645,310 | 13,756,216 | — | — | 1,242,657 | |||||||||||||||||||||||||
Small Cap Index - Class I | 6,850,982 | 206,266 | (341,727 | ) | (42,457 | ) | 896,739 | 7,569,803 | — | — | 827,301 | |||||||||||||||||||||||||
Value Index - Class I | 11,066,475 | 360,965 | (790,525 | ) | (25,766 | ) | 1,928,875 | 12,540,024 | — | — | 910,677 | |||||||||||||||||||||||||
Total | $ | 70,391,428 | $ | 3,608,640 | $ | (3,854,693 | ) | $ | (88,609 | ) | $ | 7,976,082 | $ | 78,032,848 | $ | 408,518 | $ | — | 6,440,703 |
57
Notes to Financial Statements (unaudited), continued | June 30, 2019 |
For the six months ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Affiliate | Fair Value at | Purchase | Sales | Realized | Change in | Fair Value at | Dividend | Long-Term | Shares at | |||||||||||||||||||||||||||
Praxis Genesis Growth Portfolio | ||||||||||||||||||||||||||||||||||||
Growth Index - Class I | $ | 12,309,511 | $ | 396,173 | $ | (633,195 | ) | $ | 18,561 | $ | 2,456,102 | $ | 14,547,152 | $ | — | $ | — | 544,633 | ||||||||||||||||||
Impact Bond - Class I | 12,522,616 | 1,189,157 | (328,412 | ) | (9,060 | ) | 592,820 | 13,967,121 | 181,065 | — | 1,326,412 | |||||||||||||||||||||||||
International Index - Class I | 14,619,402 | 352,154 | (540,395 | ) | (24,730 | ) | 1,911,514 | 16,317,945 | — | — | 1,474,069 | |||||||||||||||||||||||||
Small Cap Index - Class I | 8,931,310 | 298,628 | (246,309 | ) | (36,373 | ) | 1,153,447 | 10,100,703 | — | — | 1,103,902 | |||||||||||||||||||||||||
Value Index - Class I | 12,326,493 | 396,173 | (574,196 | ) | (23,583 | ) | 2,165,648 | 14,290,535 | — | — | 1,037,802 | |||||||||||||||||||||||||
Total | $ | 60,709,332 | $ | 2,632,285 | $ | (2,322,507 | ) | $ | (75,185 | ) | $ | 8,279,531 | $ | 69,223,456 | $ | 181,065 | $ | — | 5,486,818 |
5. Related Party Transactions:
The Adviser provides investment advisory services to the Funds and Portfolios. Under the terms of the investment advisory agreement, the Adviser is 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 | 0.40 | % | ||
International Index Fund | 0.55 | % | ||
Value Index Fund | 0.30 | % | ||
Growth Index Fund | 0.30 | % | ||
Small Cap Index Fund | 0.30 | % | ||
Conservative Portfolio | 0.05 | % | ||
Balanced Portfolio | 0.05 | % | ||
Growth Portfolio | 0.05 | % |
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, 2020. 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, fees paid to vendors providing fair value pricing and fund compliance services, 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 year in which the Adviser reduced and/or reimbursed the expense.
The contractual expense limits in place as of June 30, 2019 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, 2019, the Adviser contractually reduced investment advisory fees and/or reimbursed other operating expenses of the Funds and Portfolios as follows:
|
| |||
Small Cap Index Fund | $ | 10,933 | ||
Conservative Portfolio | 7,016 | |||
Growth Portfolio | 2,788 |
58
Notes to Financial Statements (unaudited), continued | June 30, 2019 |
As of June 30, 2019, the Funds and Portfolios had the following amounts (and year of expiration) subject to repayment to the Adviser:
| Year Waived | Year Repayment Expires | Balance | |||||||||
Impact Bond Fund | 2016 | 2019 | $ | 30,394 | ||||||||
2017 | 2020 | 43,249 | ||||||||||
| 2018 | 2021 | 6,169 | |||||||||
| $ | 79,812 | ||||||||||
Small Cap Index Fund | 2016 | 2019 | $ | 2,376 | ||||||||
2017 | 2020 | 27,926 | ||||||||||
2018 | 2021 | 19,950 | ||||||||||
| 2019 | 2022 | 10,933 | |||||||||
| $ | 61,185 | ||||||||||
Conservative Portfolio | 2017 | 2020 | $ | 6,410 | ||||||||
2018 | 2021 | 7,745 | ||||||||||
| 2019 | 2022 | 7,016 | |||||||||
| $ | 21,171 | ||||||||||
Growth Portfolio | 2017 | 2022 | $ | 2,788 |
U.S. Bancorp Fund Services LLC provides transfer agent, shareholder servicing and dividend disbursing services on behalf of the Trust. For these services, U.S. Bancorp Fund Services LLC 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, 2019 as follows:
|
| |||
Impact Bond Fund | $ | 1,733 | ||
International Index Fund | 374 | |||
Value Index Fund | 737 | |||
Growth Index Fund | 4,736 | |||
Small Cap Index Fund | 303 | |||
Conservative Portfolio | 4,426 | |||
Balanced Portfolio | 10,823 | |||
Growth Portfolio | 14,195 |
The Trust has adopted a Plan of Distribution (“Rule 12b-1 Plan”) under which each Fund and Portfolio may directly incur or reimburse the Adviser or the Underwriter 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. 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 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 in Administration Fees on the Statements of Operations.
59
Notes to Financial Statements (unaudited), continued | June 30, 2019 |
6. Capital Share Transactions:
Transactions in shares of the Funds and Portfolios are summarized below:
Praxis Impact Bond Fund | Praxis International Index Fund | |||||||||||||||
| Six Months Ended | Year Ended | Six Months Ended | Year Ended | ||||||||||||
Capital Transactions: | ||||||||||||||||
Class A Shares: | ||||||||||||||||
Proceeds from shares issued | $ | 9,555,453 | $ | 28,701,765 | $ | 874,121 | $ | 3,633,923 | ||||||||
Dividends reinvested | 498,267 | 1,325,634 | — | 176,076 | ||||||||||||
Cost of shares redeemed | (13,069,377 | ) | (57,779,121 | ) | (3,236,843 | ) | (16,067,801 | ) | ||||||||
Redemption fees | 2,153 | 2,047 | 195 | 66 | ||||||||||||
Class A Share Transactions | $ | (3,013,504 | ) | $ | (27,749,675 | ) | $ | (2,362,527 | ) | $ | (12,257,736 | ) | ||||
Class I Shares: | ||||||||||||||||
Proceeds from shares issued | $ | 51,039,964 | $ | 135,274,910 | $ | 18,563,838 | $ | 57,495,101 | ||||||||
Dividends reinvested | 3,266,888 | 6,568,005 | — | 2,920,585 | ||||||||||||
Cost of shares redeemed | (34,312,753 | ) | (113,993,434 | ) | (20,933,937 | ) | (33,910,426 | ) | ||||||||
Redemption fees | 920 | 2,129 | 55 | 680 | ||||||||||||
Class I Share Transactions | $ | 19,995,019 | $ | 27,851,610 | $ | (2,370,044 | ) | $ | 26,505,940 | |||||||
Net increase (decrease) from capital transactions | $ | 16,981,515 | $ | 101,935 | $ | (4,732,571 | ) | $ | 14,248,204 | |||||||
Share Transactions: | ||||||||||||||||
Class A Shares: | ||||||||||||||||
Issued | 922,898 | 2,833,345 | 82,342 | 316,786 | ||||||||||||
Reinvested | 48,165 | 131,074 | — | 18,022 | ||||||||||||
Redeemed | (1,270,358 | ) | (5,727,942 | ) | (306,562 | ) | (1,375,063 | ) | ||||||||
Change in Class A Shares: | (299,295 | ) | (2,763,523 | ) | (224,220 | ) | (1,040,255 | ) | ||||||||
Class I Shares: | ||||||||||||||||
Issued | 4,972,525 | 13,455,703 | 1,766,060 | 5,084,094 | ||||||||||||
Reinvested | 317,000 | 653,078 | — | 298,019 | ||||||||||||
Redeemed | (3,352,769 | ) | (11,344,322 | ) | (1,997,733 | ) | (3,006,741 | ) | ||||||||
Change in Class I Shares: | 1,936,756 | 2,764,459 | (231,673 | ) | 2,375,372 | |||||||||||
Net increase (decrease) from share transactions | 1,637,461 | 936 | (455,893 | ) | 1,335,117 |
Praxis Value Index Fund | Praxis Growth Index Fund | Praxis 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 | $ | 8,473,008 | $ | 4,543,358 | $ | 3,784,292 | $ | 9,702,118 | $ | 459,491 | $ | 1,614,437 | ||||||||||||
Dividends reinvested | — | 1,229,004 | — | 3,137,196 | — | 237,197 | ||||||||||||||||||
Cost of shares redeemed | (1,592,766 | ) | (9,762,425 | ) | (8,918,446 | ) | (25,288,460 | ) | (703,527 | ) | (2,361,669 | ) | ||||||||||||
Redemption fees | 176 | 6,563 | 321 | 1,080 | 1,177 | 627 | ||||||||||||||||||
Class A Share Transactions | $ | 6,880,418 | $ | (3,983,500 | ) | $ | (5,133,833 | ) | $ | (12,448,066 | ) | $ | (242,859 | ) | $ | (509,408 | ) | |||||||
Class I Shares: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 19,562,936 | $ | 40,521,610 | $ | 20,381,928 | $ | 48,369,360 | $ | 16,112,739 | $ | 52,448,664 | ||||||||||||
Dividends reinvested | — | 9,453,395 | — | 7,618,743 | — | 2,732,975 | ||||||||||||||||||
Cost of shares redeemed | (16,559,709 | ) | (26,909,451 | ) | (16,937,949 | ) | (41,067,325 | ) | (4,931,269 | ) | (9,669,515 | ) | ||||||||||||
Redemption fees | 831 | 74 | 805 | 1,726 | — | — | ||||||||||||||||||
Class I Share Transactions | $ | 3,004,058 | $ | 23,065,628 | $ | 3,444,784 | $ | 14,922,504 | $ | 11,181,470 | $ | 45,512,124 | ||||||||||||
Net increase (decrease) from capital transactions | $ | 9,884,476 | $ | 19,082,128 | $ | (1,689,049 | ) | $ | 2,474,438 | $ | 10,938,611 | $ | 45,002,716 |
60
Notes to Financial Statements (unaudited), continued | June 30, 2019 |
Praxis Value Index Fund | Praxis Growth Index Fund | Praxis Small Cap Index Fund | ||||||||||||||||||||||
| Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
Share Transactions: | ||||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||
Issued | 633,641 | 328,689 | 151,468 | 396,099 | 55,729 | 171,155 | ||||||||||||||||||
Reinvested | — | 100,257 | — | 137,402 | — | 30,644 | ||||||||||||||||||
Redeemed | (121,969 | ) | (706,795 | ) | (353,278 | ) | (1,036,738 | ) | (85,694 | ) | (257,927 | ) | ||||||||||||
Change in Class A Shares: | 511,672 | (277,849 | ) | (201,810 | ) | (503,237 | ) | (29,965 | ) | (56,128 | ) | |||||||||||||
Class I Shares: | ||||||||||||||||||||||||
Issued | 1,528,803 | 3,043,398 | 813,745 | 1,960,410 | 1,860,231 | 6,055,415 | ||||||||||||||||||
Reinvested | — | 770,980 | — | 330,683 | — | 321,442 | ||||||||||||||||||
Redeemed | (1,249,227 | ) | (1,974,305 | ) | (671,334 | ) | (1,653,588 | ) | (547,730 | ) | (962,766 | ) | ||||||||||||
Change in Class I Shares: | 279,576 | 1,840,073 | 142,411 | 637,505 | 1,312,501 | 5,414,091 | ||||||||||||||||||
Net increase (decrease) from share transactions | 791,248 | 1,562,224 | (59,399 | ) | 134,268 | 1,282,536 | 5,357,963 |
Praxis Genesis Conservative Portfolio | Praxis Genesis Balanced Portfolio | Praxis Genesis 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 | $ | 2,117,528 | $ | 3,177,620 | $ | 3,612,915 | $ | 9,525,960 | $ | 3,259,662 | $ | 6,791,036 | ||||||||||||
Dividends reinvested | 151,262 | 825,743 | 208,389 | 3,569,280 | — | 3,530,838 | ||||||||||||||||||
Cost of shares redeemed | (1,704,854 | ) | (3,293,123 | ) | (4,057,493 | ) | (8,779,638 | ) | (2,922,596 | ) | (6,831,507 | ) | ||||||||||||
Redemption fees | 63 | 209 | 169 | 364 | 18 | 59 | ||||||||||||||||||
Class A Share Transactions | $ | 563,999 | $ | 710,449 | $ | (236,020 | ) | $ | 4,315,966 | $ | 337,084 | $ | 3,490,426 | |||||||||||
Net increase (decrease) from capital transactions | $ | 563,999 | $ | 710,449 | $ | (236,020 | ) | $ | 4,315,966 | $ | 337,084 | $ | 3,490,426 | |||||||||||
Share Transactions: | ||||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||
Issued | 183,633 | 273,385 | 271,390 | 700,091 | 224,837 | 451,076 | ||||||||||||||||||
Reinvested | 13,057 | 73,377 | 15,585 | 280,223 | — | 258,394 | ||||||||||||||||||
Redeemed | (147,995 | ) | (284,777 | ) | (308,252 | ) | (640,579 | ) | (203,067 | ) | (447,533 | ) | ||||||||||||
Change in Class A Shares: | 48,695 | 61,985 | (21,277 | ) | 339,735 | 21,770 | 261,937 | |||||||||||||||||
Net increase (decrease) from share transactions | 48,695 | 61,985 | (21,277 | ) | 339,735 | 21,770 | 261,937 |
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, 2019 and December 31, 2018 was as follows:
Praxis Impact | Praxis International | Praxis Value | ||||||||||||||||||||||
| 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
From ordinary income | $ | 7,020,018 | $ | 14,108,903 | $ | — | $ | 6,039,182 | $ | — | $ | 7,412,589 | ||||||||||||
From long-term capital gains | — | — | — | — | — | 5,872,674 | ||||||||||||||||||
Total distributions | $ | 7,020,018 | $ | 14,108,903 | $ | — | $ | 6,039,182 | $ | — | $ | 13,285,263 |
Praxis Growth Index Fund | Praxis Small Cap Index Fund | |||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||
From ordinary income | $ | — | $ | 5,042,115 | $ | — | $ | 1,051,897 | ||||||||
From long-term capital gains | — | 6,791,294 | — | 2,189,034 | ||||||||||||
Total distributions | $ | — | $ | 11,833,409 | $ | — | $ | 3,240,931 |
Praxis Genesis | Praxis Genesis | Praxis Genesis | ||||||||||||||||||||||
| 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
From ordinary income | $ | 153,815 | $ | 495,849 | $ | 209,615 | $ | 1,591,163 | $ | — | $ | 1,310,288 | ||||||||||||
From long-term capital gains | — | 337,814 | — | 1,994,880 | — | 2,231,653 | ||||||||||||||||||
Total distributions | $ | 153,815 | $ | 833,663 | $ | 209,615 | $ | 3,586,043 | $ | — | $ | 3,541,941 |
61
Notes to Financial Statements (unaudited), continued | June 30, 2019 |
The following information is computed on a tax basis for each item as of December 31, 2018:
| Praxis Impact | Praxis International | Praxis Value | |||||||||
Tax cost of portfolio investments | $ | 511,171,499 | $ | 226,874,899 | $ | 163,841,131 | ||||||
Gross unrealized appreciation | 4,793,714 | 44,151,781 | 27,146,143 | |||||||||
Gross unrealized depreciation | (9,214,980 | ) | (19,656,823 | ) | (11,191,185 | ) | ||||||
Net unrealized appreciation (depreciation) on investments | $ | (4,421,266 | ) | $ | 24,494,958 | $ | 15,954,958 | |||||
Net unrealized appreciation on foreign currency transactions | — | 2,664 | — | |||||||||
Undistributed ordinary income | — | — | 477,337 | |||||||||
Undistributed long-term capital gains | — | — | 3,870,997 | |||||||||
Qualified late year ordinary losses | — | (188,398 | ) | — | ||||||||
Accumulated capital and other losses | (2,327,045 | ) | (18,617,637 | ) | — | |||||||
Distributable earnings (accumulated deficit) | $ | (6,748,311 | ) | $ | 5,691,587 | $ | 20,303,292 |
| Praxis Growth | Praxis Small Cap | ||||||
Tax cost of portfolio investments | $ | 166,816,082 | $ | 92,663,378 | ||||
Gross unrealized appreciation | 88,008,721 | 6,494,975 | ||||||
Gross unrealized depreciation | (3,721,658 | ) | (10,491,070 | ) | ||||
Net unrealized appreciation (depreciation) on investments | $ | 84,287,063 | $ | (3,996,095 | ) | |||
Undistributed ordinary income | 326,007 | — | ||||||
Undistributed long-term capital gains | 17,064,952 | 259,028 | ||||||
Post-October capital losses | — | (204,832 | ) | |||||
Distributable earnings (accumulated deficit) | $ | 101,678,022 | $ | (3,941,899 | ) |
| Praxis Genesis | Praxis Genesis | Praxis Genesis | |||||||||
Tax cost of portfolio investments | $ | 21,217,660 | $ | 63,469,332 | $ | 52,936,417 | ||||||
Gross unrealized appreciation | 1,382,749 | 8,535,357 | 9,433,204 | |||||||||
Gross unrealized depreciation | (447,427 | ) | (1,612,805 | ) | (1,660,038 | ) | ||||||
Net unrealized appreciation on investments | $ | 935,322 | $ | 6,922,552 | 7,773,166 | |||||||
Undistributed ordinary income | — | — | 5,135 | |||||||||
Undistributed long-term capital gains | 105,761 | 844,884 | 1,054,831 | |||||||||
Post-October capital losses | — | (20,639 | ) | — | ||||||||
Distributable earnings (accumulated deficit) | $ | 1,041,083 | $ | 7,746,797 | $ | 8,833,132 |
Post-October capital losses listed above incurred after October 31, 2018 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) is attributable primarily to the tax deferral on wash sales loss and nontaxable distributions, as well as investments in Passive Foreign Investment Companies.
For the latest tax year ended December 31, 2018, the following Funds have capital loss carry forwards (“CLCFs”) as summarized below.
CLCFs not subject to expiration:
Praxis Impact | Praxis International | |||||||
No expiration - short-term | $ | 553,679 | $ | 9,842,793 | ||||
No expiration - long-term | 1,773,366 | 8,774,844 | ||||||
$ | 2,327,045 | $ | 18,617,637 |
The federal tax cost, unrealized appreciation (depreciation) as of June 30, 2019 is as follows:
| Praxis Impact | Praxis International | Praxis Value | |||||||||
Tax cost of portfolio investments | $ | 527,225,695 | $ | 223,487,244 | $ | 176,733,236 | ||||||
Gross unrealized appreciation | 20,099,812 | 67,014,150 | 55,213,308 | |||||||||
Gross unrealized depreciation | (1,446,056 | ) | (14,130,629 | ) | (8,266,043 | ) | ||||||
Net unrealized appreciation on investments | $ | 18,653,756 | $ | 52,883,521 | $ | 46,947,265 |
62
Notes to Financial Statements (unaudited), continued | June 30, 2019 |
| Praxis Growth | Praxis Small Cap | ||||||
Tax cost of portfolio investments | $ | 168,072,471 | $ | 106,511,388 | ||||
Gross unrealized appreciation | 135,043,338 | 16,477,104 | ||||||
Gross unrealized depreciation | (2,309,047 | ) | (10,021,688 | ) | ||||
Net unrealized appreciation on investments | $ | 132,734,291 | $ | 6,455,416 |
| Praxis Genesis | Praxis Genesis | Praxis Genesis | |||||||||
Tax cost of portfolio investments | $ | 21,785,363 | $ | 63,215,430 | $ | 53,257,230 | ||||||
Gross unrealized appreciation | 2,820,280 | 15,232,498 | 16,684,294 | |||||||||
Gross unrealized depreciation | (115,447 | ) | (414,549 | ) | (717,807 | ) | ||||||
Net unrealized appreciation on investments | $ | 2,704,833 | $ | 14,817,949 | $ | 15,966,487 |
The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral on wash sale losses and nontaxable distributions, as well as investments in Passive Foreign Investment Companies.
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. 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.
9. Special Meeting of Shareholders of the International Index Fund
A Special Meeting of Shareholders of the International Index Fund was held on January 28, 2019 for the purpose of voting to approve a new investment sub-advisory agreement between Everence Capital Management, Inc. and Aperio Group, LLC, for the Fund. At the meeting, the proposal set forth in the shareholder proxy statement was approved. The voting results for the proposal were as follows:
For | % For Voted | % For of | Against | % Against Voted | % Against of | Abstain | % Abstain Voted | % of Abstain |
21,802,126.848 | 99.94% | 87.19% | 207.000 | 0.00% | 0.00% | 12,183.117 | 0.06% | 0.05% |
10. Subsequent Events
The Funds and Portfolios evaluated subsequent events from June 30, 2019 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, 2019 |
Praxis Impact Bond Fund
Security Allocation | Percentage of | |||
Asset Backed Security | 1.8 | % | ||
Commercial Mortgage Backed Security | 0.5 | % | ||
Corporate Bond | 39.7 | % | ||
Corporate Notes | 1.0 | % | ||
Federal Home Loan Bank | 4.5 | % | ||
Federal Home Loan Mortgage Corporation | 12.2 | % | ||
Federal National Mortgage Association | 22.1 | % | ||
Foreign Governments | 8.7 | % | ||
Government National Mortgage Association | 0.1 | % | ||
Investment Company | 0.6 | % | ||
Municipal Bond | 1.9 | % | ||
Overseas Private Investment Corporation | 0.9 | % | ||
Small Business Administration ** | 0.0 | % | ||
United States Agency of International Development | 2.0 | % | ||
United States Deparment of Housing and Urban Development | 0.2 | % | ||
Money Market Funds | 3.0 | % | ||
Total | 99.2 | % |
** Amount rounds to less than 0.1%
Praxis International Index Fund
Security Allocation | Percentage of | |||
Australia | 4.5 | % | ||
Austria | 0.4 | % | ||
Belgium | 0.4 | % | ||
Bermuda | 0.9 | % | ||
Brazil | 1.4 | % | ||
Canada | 6.5 | % | ||
Cayman Islands | 5.2 | % | ||
Chile | 0.4 | % | ||
China | 3.5 | % | ||
Columbia | 0.6 | % | ||
Denmark | 1.2 | % | ||
Finland | 0.6 | % | ||
France | 7.2 | % | ||
Germany | 5.9 | % | ||
Hong Kong | 2.4 | % | ||
Hungary ** | 0.0 | % | ||
India | 2.9 | % | ||
Indonesia | 0.6 | % | ||
Ireland | 0.3 | % | ||
Israel | 0.3 | % | ||
Italy | 0.7 | % | ||
Japan | 15.9 | % | ||
Jersey | 1.3 | % | ||
Luxembourg | 0.4 | % | ||
Mexico | 0.9 | % | ||
Netherlands | 3.3 | % | ||
Norway | 1.0 | % | ||
Papua New Guinea | 0.2 | % | ||
Peru | 0.2 | % | ||
Portugal | 0.2 | % | ||
Russia | 0.3 | % | ||
Singapore | 1.2 | % | ||
South Africa | 1.7 | % | ||
South Korea | 2.6 | % | ||
Spain | 1.7 | % | ||
Sweden | 1.5 | % | ||
Switzerland | 6.4 | % | ||
Taiwan | 2.7 | % | ||
Turkey | 0.2 | % | ||
United Kingdom | 9.5 | % | ||
United States | 0.3 | % |
Praxis International Index Fund
Security Allocation (continued) | Percentage of | |||
Preferred Stocks | 0.5 | % | ||
Rights ** | 0.0 | % | ||
Corporate Notes | 0.9 | % | ||
Money Market Funds | 0.9 | % | ||
Total | 99.7 | % |
** | Amount rounds to less than 0.1% |
Praxis International Index Fund
Security Allocation | Percentage of | |||
Air Freight & Logistics | 0.3 | % | ||
Airlines | 0.1 | % | ||
Auto Components | 1.0 | % | ||
Automobiles | 2.6 | % | ||
Banks | 14.1 | % | ||
Beverages | 0.6 | % | ||
Biotechnology | 0.5 | % | ||
Building Products | 0.2 | % | ||
Capital Markets | 1.5 | % | ||
Chemicals | 3.2 | % | ||
Commercial Services & Supplies | 0.2 | % | ||
Communications Equipment | 0.3 | % | ||
Community Development | 0.9 | % | ||
Construction & Engineering | 1.2 | % | ||
Construction Materials | 0.7 | % | ||
Containers and Packaging | 0.2 | % | ||
Diversified Consumer Services | 0.5 | % | ||
Diversified Financial Services | 0.7 | % | ||
Diversified Telecommunications Services | 2.7 | % | ||
Electric Utilities | 1.2 | % | ||
Electrical Equipment | 1.7 | % | ||
Electronic Equipment, Instruments, & Components | 1.5 | % | ||
Energy Equipment & Services | 0.2 | % | ||
Entertainment | 0.7 | % | ||
Equity Real Estate Investment Trusts (REITs) | 1.1 | % | ||
Food & Staples Retailing | 1.7 | % | ||
Food Products | 3.8 | % | ||
Gas Utilities | 0.4 | % | ||
Health Care Equipment & Supplies | 1.6 | % | ||
Health Care Providers & Services | 0.3 | % | ||
Hotels, Restaurants and Leisure | 1.2 | % | ||
Household Durables | 1.4 | % | ||
Household Products | 0.7 | % | ||
Industrial Conglomerates | 0.6 | % | ||
Insurance | 6.1 | % | ||
Interactive Media & Services | 2.1 | % | ||
Internet & Direct Marketing Retail | 1.5 | % | ||
IT Services | 1.4 | % | ||
Leisure Products | 0.1 | % | ||
Life Sciences Tools & Services | 0.5 | % | ||
Machinery | 1.8 | % | ||
Marine | 0.3 | % | ||
Media | 1.6 | % | ||
Metals & Mining | 3.3 | % | ||
Multi-Line Retail | 0.3 | % | ||
Multi-Utilities | 0.8 | % | ||
Oil, Gas, & Consumable Fuels | 5.2 | % | ||
Paper & Forest Products | 0.2 | % | ||
Personal Products | 2.3 | % | ||
Pharmaceuticals | 5.6 | % | ||
Professional Services | 1.5 | % | ||
Real Estate Management and Development | 2.2 | % |
64
Additional Fund Information (unaudited), continued | June 30, 2019 |
Praxis International Index Fund
Security Allocation (continued) | Percentage of | |||
Road and Rail | 1.5 | % | ||
Semiconductors & Semiconductor Equipment | 2.8 | % | ||
Software | 1.4 | % | ||
Specialty Retail | 0.4 | % | ||
Technology Hardware, Storage, & Peripherals | 0.9 | % | ||
Textiles, Apparel, & Luxury Goods | 0.9 | % | ||
Trading Companies & Distributors | 1.5 | % | ||
Transportation Infrastructure | 0.5 | % | ||
Water Utilities | 0.3 | % | ||
Wireless Telecommunication Services | 2.2 | % | ||
Money Market Funds | 0.9 | % | ||
Total | 99.7 | % |
Praxis Value Index Fund
Security Allocation | Percentage of | |||
Common Stocks | 98.7 | % | ||
Corporate Notes | 0.9 | % | ||
Money Market Funds | 0.5 | % | ||
Total | 100.1 | % |
Praxis Growth Index Fund
Security Allocation | Percentage of | |||
Common Stocks | 98.8 | % | ||
Corporate Notes | 0.9 | % | ||
Money Market Funds | 0.4 | % | ||
Total | 100.1 | % |
Praxis Small Cap Index Fund
Security Allocation | Percentage of | |||
Common Stocks | 98.8 | % | ||
Corporate Notes | 0.9 | % | ||
Money Market Funds | 0.2 | % | ||
Total | 99.9 | % |
Praxis Genesis Conservative Portfolio
Security Allocation | Percentage of | |||
Mutual Funds | 100.0 | % | ||
Money Market Funds ** | 0.0 | % | ||
Total | 100.0 | % |
** | Amount rounds to less than 0.1% |
Praxis Genesis Balanced Portfolio
Security Allocation | Percentage of | |||
Mutual Funds | 100.0 | % | ||
Money Market Funds ** | 0.0 | % | ||
Total | 100.0 | % |
** | Amount rounds to less than 0.1% |
Praxis Genesis Growth Portfolio
Security Allocation | Percentage of | |||
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, 2019 |
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, 2019 through June 30, 2019.
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 |
Praxis Impact Bond Fund | |||||||
Class A | 1,000.00 | 1,000.00 | 1,057.20 | 1,019.98 | 4.95 | 4.86 | 0.97% |
Class I | 1,000.00 | 1,000.00 | 1,058.90 | 1,022.17 | 2.71 | 2.65 | 0.53% |
Praxis International Index Fund | |||||||
Class A | 1,000.00 | 1,000.00 | 1,123.80 | 1,017.31 | 7.95 | 7.55 | 1.51% |
Class I | 1,000.00 | 1,000.00 | 1,129.60 | 1,021.72 | 3.27 | 3.11 | 0.62% |
Praxis Value Index Fund | |||||||
Class A | 1,000.00 | 1,000.00 | 1,172.70 | 1,020.33 | 4.85 | 4.51 | 0.90% |
Class I | 1,000.00 | 1,000.00 | 1,174.90 | 1,022.56 | 2.43 | 2.26 | 0.45% |
Praxis Growth Index Fund | |||||||
Class A | 1,000.00 | 1,000.00 | 1,200.90 | 1,020.78 | 4.42 | 4.06 | 0.81% |
Class I | 1,000.00 | 1,000.00 | 1,202.60 | 1,022.66 | 2.35 | 2.16 | 0.43% |
Praxis Small Cap Index Fund | |||||||
Class A | 1,000.00 | 1,000.00 | 1,122.30 | 1,019.24 | 5.89 | 5.61 | 1.12% |
Class I | 1,000.00 | 1,000.00 | 1,125.50 | 1,022.51 | 2.42 | 2.31 | 0.46% |
Praxis Genesis Conservative Portfolio | |||||||
Class A | 1,000.00 | 1,000.00 | 1,086.90 | 1,021.82 | 3.10 | 3.01 | 0.60% |
Praxis Genesis Balanced Portfolio | |||||||
Class A | 1,000.00 | 1,000.00 | 1,116.10 | 1,022.12 | 2.83 | 2.71 | 0.54% |
Praxis Genesis Growth Portfolio | |||||||
Class A | 1,000.00 | 1,000.00 | 1,134.60 | 1,021.82 | 3.18 | 3.01 | 0.60% |
* Expenses are equal to average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year
** Annualized.
66
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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 http://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 on Form N-Q or as an exhibit to its reports on Form N-Q’s successor form, 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. Bancorp Fund Services LLC
P.O. Box 701
Milwaukee, WI 53201-0701
Telephone: 1-800-977-2947
Internet: http://www.praxismutualfunds.com(1)
You can review and get copies of the Praxis Mutual Fund’s reports and SAI at the Public Reference Room of the Securities and Exchange Commission. You can get text only copies:
● | For a duplicating fee, by writing the Public Reference Section of the Commission, Washington, DC 20549-1520 or calling (202) 551-8090, or by electronic request, by emailing the SEC at the following address: publicinfo@sec.gov. |
● | Free from the Commission’s Web site at http://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
2190088
Item 2. Code of Ethics.
Not applicable for semi-annual reporting period.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reporting period.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reporting period.
Item 5.Audit Committee of Listed Registrants.
Not applicable for semi-annual reporting period.
Item 6.Schedule of Investments.
(a) The Schedule of Investments is included in the Annual Report to Shareholders filed under Item 1 of this Form.
(b) Not applicable.
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. Purchases 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 these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR 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 Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affected, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management InvestmentCompanies.
Not applicable.
Item 13.Exhibits.
(a)(1) | Code of Ethics for Senior Financial Officers is filed herewith. |
(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.
Registrant | Praxis Mutual Funds | |
By (Signature and Title) | /s/ Trent Statczar | |
Trent Statczar, Treasurer | ||
Date: | September 5, 2019 |
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 (Signature and Title) | /s/ Chad Horning | |
Chad Horning, President | ||
Date: | September 5, 2019 | |
By (Signature and Title) | /s/ Trent Statczar | |
Trent Statczar, Treasurer | ||
Date: | September 5, 2019 |