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)
P.O. Box 483
Goshen, IN 46527
(Address of principal executive offices) (Zip code)
Anthony Zacharski
Dechert LLP
200 Clarendon Street, 27th Floor
Boston, MA 02116
(Name and Address of Agent for Service)
Registrant’s telephone number, including area code: (800) 977-2947
Date of fiscal year end: December 31
Date of reporting period: June 30, 2014
Item 1. Reports To Stockholders.
The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
Praxis Mutual Funds
Semi-Annual Report and Privacy Policy
for the six months ending June 30, 2014 (unaudited)
Praxis Mutual Funds | Class A | Class I | ||
Intermediate Income Fund | MIIAX | MIIIX | ||
International Index Fund | MPLAX | MPLIX | ||
Value Index Fund | MVIAX | MVIIX | ||
Growth Index Fund | MGNDX | MMDEX | ||
Small Cap Fund | MMSCX | MMSIX | ||
Praxis Genesis Portfolios | Class A | |||
Conservative Portfolio | MCONX | |||
Balanced Portfolio | MBAPX | |||
Growth Portfolio | MGAFX |
Dear Praxis shareholder:
Over the last five years, the market has experienced very strong returns. And there has been good reason for this strength. The United States economy has been on the mend for several years, despite the slight setback in the first quarter of 2014, when the economy shrank 2.1 percent on an annualized basis. But, more indicative of the recovery, the economy has grown at about 2.25 percent per year (adjusted for inflation) since 2010. This is a bit slower than some might expect coming out of a significant recession, but it has been consistently positive through the past several years.
Other signs point to a recovering economy, although there is still room for improvement. For example, labor markets have continued to recover in recent months, but wages have not yet responded to these positive moves. Some also look to new or upcoming energy sources – such as natural gas extraction (or “fracking”) – as signs of economic growth. We are encouraged by these signs of progress, but are also conscious of the potential risks that go along with opportunities.
Many Praxis shareholders are concerned about the environmental and social impacts of their investments. That’s why Praxis takes its commitment to shareholder advocacy seriously – and why we are encouraging energy companies to be attentive to the potential environmental impacts of their operations. It’s one way that Praxis is making a direct impact on our economy and our communities, through stewardship investing.
Stewardship investing is a philosophy of financial decision making that balances social and financial considerations and is motivated and informed by our faith convictions. At Praxis, we want to do our part to transform our world for the better – and that’s why our investment philosophy consists of careful company selection, targeted shareholder advocacy and community development investing.
Our stewardship investing approach is utilized in all of the funds in the Praxis family, but it is especially notable in the Praxis Intermediate Income Fund, with high social impact bonds making up approximately 15 percent of the portfolio.
Recently, Praxis purchased $2.0 million in the country’s first Real Estate Investment Trust green bonds, to fund environmentally friendly commercial and retail property projects. In addition, Praxis purchased $1.9 million in the auto industry’s first ever asset-backed green bond, to fund retail finance and lease contracts for qualified hybrid or alternative fuel powertrain vehicles.
Other Praxis Intermediate Income Fund high social impact investments include bonds in solar and wind installations, vaccines and medical research, as well as community development investments benefitting disadvantaged communities.
For many investors today, making money isn’t enough. They also want their investments to make a difference. They want to invest in what matters. That’s why shareholder advocacy, company screening, and community development investing remain essential to our work at Praxis. Our goal is to invest in ways that make a positive impact on communities locally and around the world – and we are able to do that because of you.
1
Message from the President (continued)
Thank you for being an investor with Praxis Mutual Funds. We are grateful for your support.
Sincerely,
David C. Gautsche
President
Praxis Mutual Funds are advised by Everence Capital Management and distributed through FINRA member BHIL Distributors Inc.
The views expressed are those of the president of Praxis Mutual Funds as of June 30, 2014, are subject to change, and may differ from the views of portfolio managers or the firm as a whole. These opinions 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 decision.
2
We are pleased to provide this 2014 mid-year update for the Praxis Mutual Funds. The following tables summarize the performance of the Praxis Mutual Funds as of June 30, 2014.
Annualized | ||||||||||||||||||||||||||||||||||||||||||||||||||
NAV 6/30/14 | Six Month Ended 6/30/14 | One Year Ended 6/30/14 | Three Year Ended 6/30/14 | Five Year Ended 6/30/14 | Ten Year Ended 6/30/14 | Since Inception 6/30/14 | Inception Date | Expense Gross / Net | ||||||||||||||||||||||||||||||||||||||||||
Praxis Intermediate Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A (No Load) | 10.51 | 3.62% | 4.08% | 3.40% | 4.87% | 4.76% | 4.99% | 1/4/94 | 1.00% | 0.95% | ||||||||||||||||||||||||||||||||||||||||
Class A * | 10.51 | -0.26% | 0.21% | 2.09% | 4.08% | 4.36% | 4.79% | 1/4/94 | ||||||||||||||||||||||||||||||||||||||||||
Class I ** | 10.47 | 3.85% | 4.52% | 3.80% | 5.27% | 5.04% | 5.09% | 1/4/94 | 0.55% | 0.55% | ||||||||||||||||||||||||||||||||||||||||
Barclays Capital Aggregate Bond Index1 | 3.93% | 4.37% | 3.66% | 4.85% | 4.93% | 5.80% | 1/4/94 | |||||||||||||||||||||||||||||||||||||||||||
Praxis International Index Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A (No Load) | 11.05 | 3.85% | 18.88% | 4.10% | n/a | n/a | 4.01% | 12/31/10 | 1.43% | 1.43% | ||||||||||||||||||||||||||||||||||||||||
Class A * | 11.05 | -1.60% | 12.66% | 2.25% | n/a | n/a | 2.42% | 12/31/10 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 11.13 | 4.02% | 19.54% | 4.81% | n/a | n/a | 4.70% | 12/31/10 | 0.80% | 0.80% | ||||||||||||||||||||||||||||||||||||||||
MSCI All Country World Index ex-U.S.2 | 5.56% | 21.75% | 5.73% | n/a | n/a | 6.02% | 12/31/10 | |||||||||||||||||||||||||||||||||||||||||||
Praxis Value Index Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A (No Load) | 12.09 | 7.85% | 22.16% | 15.09% | 17.26% | 5.68% | 3.54% | 5/1/01 | 1.03% | 1.03% | ||||||||||||||||||||||||||||||||||||||||
Class A * | 12.09 | 2.20% | 15.75% | 13.03% | 16.00% | 5.11% | 3.12% | 5/1/01 | ||||||||||||||||||||||||||||||||||||||||||
Class I ** | 12.04 | 8.08% | 22.79% | 15.87% | 18.05% | 6.14% | 3.83% | 5/1/01 | 0.48% | 0.48% | ||||||||||||||||||||||||||||||||||||||||
S&P 500 Value Index3 | 6.96% | 21.97% | 16.27% | 18.54% | 7.35% | 5.12% | 5/1/01 | |||||||||||||||||||||||||||||||||||||||||||
Praxis Growth Index Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A (No Load) | 16.19 | 6.58% | 26.07% | 16.58% | 18.03% | n/a | 7.23% | 5/1/07 | 1.01% | 1.01% | ||||||||||||||||||||||||||||||||||||||||
Class A * | 16.19 | 1.00% | 19.42% | 14.51% | 16.75% | n/a | 6.43% | 5/1/07 | ||||||||||||||||||||||||||||||||||||||||||
Class I ** | 16.32 | 6.88% | 26.82% | 17.23% | 18.62% | n/a | 7.69% | 5/1/07 | 0.47% | 0.47% | ||||||||||||||||||||||||||||||||||||||||
S&P 500 Growth Index4 | 7.30% | 27.14% | 16.99% | 19.23% | n/a | 8.13% | 5/1/07 |
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 less than 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 return figures shown reflect the maximum sales charge applicable to Class A for each Fund |
** Actual inception date of Class I Shares of the Intermediate and Value Index Funds was 5/1/06. Class I Share performance calculated for any period prior to 5/1/06 is based on the performance of Class B Shares since inception and has been adjusted to reflect differences in sales charges between the classes. The Class B Shares were exchanged into Class A Shares on August 17, 2009.
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 instance, and without this activity, the total returns would have been lower.
*** Reflects the expense ratios as reported in the Prospectus dated April 30, 2014. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee waivers are in effect from April 30, 2014 through April 30, 2015 for Class A.
1 Barclay’s Capital Aggregate Bond Index is an unmanaged index composed of the Barclay’s Capital Government/Credit Index and the Barclay’s Capital 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 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 prime and momentum) of the S&P 500 Index, a universe of large capitalization companies in the U.S. equity market.
3
Performance, continued
Annualized | ||||||||||||||||||||||||||||||||||||||||||||||||||
NAV 6/30/14 | Six Month Ended 6/30/14 | One Year Ended 6/30/14 | Three Year Ended 6/30/14 | Five Year Ended 6/30/14 | Ten Year Ended 6/30/14 | Since Inception 6/30/14 | Inception Date | Expense Gross / Net | ||||||||||||||||||||||||||||||||||||||||||
Praxis Small Cap Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A (No Load) | 13.66 | -1.01% | 19.64% | 10.15% | 19.42% | n/a | 6.12% | 5/1/07 | 1.90% | 1.69% | ||||||||||||||||||||||||||||||||||||||||
Class A * | 13.66 | -6.18% | 13.35% | 8.20% | 18.14% | n/a | 5.33% | 5/1/07 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 14.15 | -0.70% | 20.44% | 10.86% | 20.08% | n/a | 6.61% | 5/1/07 | 1.04% | 1.04% | ||||||||||||||||||||||||||||||||||||||||
Russell 2000 Index5 | 3.19% | 23.64% | 14.56% | 20.21% | n/a | 6.91% | 5/1/07 | |||||||||||||||||||||||||||||||||||||||||||
Praxis Genesis Conservative Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A (No Load) | 11.50 | 4.24% | 9.39% | 5.92% | n/a | n/a | 6.43% | 12/31/09 | 1.20% | 1.17% | ||||||||||||||||||||||||||||||||||||||||
Class A * | 11.50 | -1.28% | 3.66% | 4.02% | n/a | n/a | 5.17% | 12/31/09 | ||||||||||||||||||||||||||||||||||||||||||
Barclays Capital Aggregate Bond Index6 | 2.04% | 4.37% | 3.66% | n/a | n/a | 4.48% | 12/31/09 | |||||||||||||||||||||||||||||||||||||||||||
Composite Benchmark7 | 4.72% | 10.00% | 6.90% | n/a | n/a | 7.43% | 12/31/09 | |||||||||||||||||||||||||||||||||||||||||||
Praxis Genesis Balanced Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A (No Load) | 13.02 | 4.43% | 14.76% | 8.41% | n/a | n/a | 8.88% | 12/31/09 | 1.21% | 1.21% | ||||||||||||||||||||||||||||||||||||||||
Class A * | 13.02 | -1.03% | 8.70% | 6.46% | n/a | n/a | 7.59% | 12/31/09 | ||||||||||||||||||||||||||||||||||||||||||
Russell 3000 Index8 | 6.94% | 25.22% | 16.46% | n/a | n/a | 15.80% | 12/31/09 | |||||||||||||||||||||||||||||||||||||||||||
Composite Benchmark9 | 5.29% | 15.79% | 9.97% | n/a | n/a | 10.28% | 12/31/09 | |||||||||||||||||||||||||||||||||||||||||||
Praxis Genesis Growth Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A (No Load) | 14.11 | 4.60% | 18.35% | 9.93% | n/a | n/a | 10.41% | 12/31/09 | 1.30% | 1.24% | ||||||||||||||||||||||||||||||||||||||||
Class A * | 14.11 | -0.91% | 12.11% | 7.98% | n/a | n/a | 9.10% | 12/31/09 | ||||||||||||||||||||||||||||||||||||||||||
Russell 3000 Index8 | 6.94% | 25.22% | 16.46% | n/a | n/a | 15.80% | 12/31/09 | |||||||||||||||||||||||||||||||||||||||||||
Composite Benchmark10 | 5.64% | 19.74% | 11.93% | n/a | n/a | 12.07% | 12/31/09 |
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 less than 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 return figures shown reflect the maximum sales charge applicable to Class A for each Fund |
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 instance, and without this activity, the total returns would have been lower.
** Reflects the expense ratios as reported in the Prospectus dated April 30, 2014. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee waivers are in effect from April 30, 2014 through April 30, 2015 for Class A.
5 The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.
6 Barclay’s Capital Aggregate Bond Index is an unmanaged index composed of the Barclay’s Capital Government/Credit Index and the Barclay’s Capital 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.
7 The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (70%), the MSCI ACWI ex US Index (7.50%), the S&P 500 Index (2.50%) and the Russell 2000 Index (20%).
8 The Russell 3000 Index is a widely recognized unmanaged market capitalization-weighted index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization.
9 The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (40%), the MSCI ACWI ex US Index (15%), the S&P 500 Index (35%) and the Russell 2000 Index (10%).
10 The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (20%), the MSCI ACWI ex US Index (20%), the S&P 500 Index (45%) and the Russell 2000 Index (15%).
4
Schedule of Portfolio Investments
Praxis Intermediate Income Fund | ||
June 30, 2014 (unaudited) |
PRINCIPAL AMOUNT | FAIR VALUE | |||||||
ASSET BACKED SECURITIES—4.1% |
| |||||||
Ally Auto Receivables Trust, | $ | 939,266 | $ | 940,410 | ||||
Ally Auto Receivables Trust, 0.99%, 11/16/15 | 218,305 | 218,442 | ||||||
Ally Auto Receivables Trust, 1.35%, 12/15/15 | 555,579 | 556,417 | ||||||
Ally Auto Receivables Trust, 1.61%, 5/16/16 | 525,502 | 527,725 | ||||||
Beacon Container Finance LLC, | 413,562 | 422,241 | ||||||
Cabela’s Master Credit Card Trust, | 1,000,000 | 1,006,336 | ||||||
CLI Funding LLC, 2.83%, 3/18/28(a) | 875,000 | 872,134 | ||||||
Cronos Containers Program Ltd., | 791,667 | 792,950 | ||||||
Domino’s Pizza Master Issuer LLC, | 966,250 | 1,038,354 | ||||||
Fairway Outdoor Funding LLC, | 477,108 | 483,941 | ||||||
Ford Credit Auto Owner Trust, 0.51%, 4/15/17 | 1,488,616 | 1,489,655 | ||||||
Global SC Finance SRL, 4.11%, 7/19/27(a) | 808,333 | 811,365 | ||||||
GTP Acquisition Partners I LLC, | 800,000 | 827,392 | ||||||
Honda Auto Receivables Owner Trust, | 235,498 | 235,791 | ||||||
Honda Auto Receivables Owner Trust, | 906,423 | 908,492 | ||||||
Hyundai Auto Receivables Trust, | 742,148 | 745,072 | ||||||
SBA Tower Trust, 4.25%, 4/15/15(a) | 750,000 | 770,120 | ||||||
Solarcity LMC Series I LLC, | 877,456 | 912,277 | ||||||
Toyota Auto Receivables Owner Trust, | 1,900,000 | 1,901,343 | ||||||
Trip Rail Master Funding LLC, | 650,775 | 674,155 | ||||||
|
| |||||||
TOTAL ASSET BACKED SECURITIES | 16,134,612 | |||||||
|
| |||||||
COMMERCIAL MORTGAGE BACKED SECURITIES—5.1% |
| |||||||
Bear Stearns Commercial Mortgage Securities, 4.67%, 6/11/41 | 909,891 | 933,057 | ||||||
Bear Stearns Commercial Mortgage Securities, 4.95%, 2/11/41 | 4,887 | 4,885 | ||||||
Bear Stearns Commercial Mortgage Securities, 5.12%, 2/11/41+ | 1,000,000 | 1,015,860 | ||||||
Bear Stearns Commercial Mortgage Securities, 5.54%, 9/11/41 | 1,928,592 | 2,073,110 | ||||||
Bear Stearns Commercial Mortgage Securities, 5.74%, 9/11/42+ | 1,000,000 | 1,119,992 | ||||||
Commercial Mortgage Pass Through Certificates, 2.85%, 10/15/45 | 1,000,000 | 984,282 | ||||||
Commercial Mortgage Pass Through Certificates, 3.39%, 5/15/45 | 1,000,000 | 1,028,393 | ||||||
CSMC, 5.38%, 2/15/40(a) | 763,399 | 831,140 | ||||||
CSMC, 5.47%, 9/16/39+(a) | 892,225 | 946,225 | ||||||
DBUBS Mortgage Trust, 3.74%, 11/10/46(a) | 679,983 | 708,520 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, 5.09%, 3/25/19 | 1,140,000 | 1,297,781 | ||||||
JPMorgan Chase Commercial Mortgage Securities Corp., 4.92%, 10/15/42+ | 935,883 | 971,433 | ||||||
JPMorgan Chase Commercial Mortgage Securities Corp., 5.13%, 5/15/47 | 130,947 | 131,836 |
PRINCIPAL AMOUNT | FAIR VALUE | |||||||
COMMERCIAL MORTGAGE BACKED SECURITIES—5.1%, continued |
| |||||||
JPMorgan Chase Commercial Mortgage Securities Corp., 5.40%, 5/15/45 | $ | 1,970,601 | $ | 2,122,420 | ||||
ML-CFC Commercial Mortgage Trust, 5.42%, 8/12/48 | 250,000 | 268,128 | ||||||
Morgan Stanley Capital I, Inc., 3.88%, 9/15/47(a) | 1,000,000 | 1,038,915 | ||||||
Morgan Stanley Capital I, Inc., 5.98%, 8/12/41+ | 1,000,000 | 1,085,374 | ||||||
OBP Depositor LLC Trust, 4.65%, 7/15/45(a) | 1,040,000 | 1,159,973 | ||||||
RBSCF Trust, 6.14%, 2/16/51+(a) | 1,050,000 | 1,112,541 | ||||||
RBSCF Trust, 6.21%, 12/16/49(a) | 1,000,000 | 1,073,473 | ||||||
|
| |||||||
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES | 19,907,338 | |||||||
|
| |||||||
FOREIGN BONDS—1.7% | ||||||||
Arab Republic of Egypt, 4.45%, 9/15/15 | 2,000,000 | 2,098,134 | ||||||
Export Development Canada, 0.88%, 1/30/17 | 1,500,000 | 1,503,360 | ||||||
Hashemite Kingdom of Jordan, 2.50%, 10/30/20 | 3,000,000 | 3,038,328 | ||||||
|
| |||||||
TOTAL FOREIGN BONDS | 6,639,822 | |||||||
|
| |||||||
MUNICIPAL BONDS—3.3% | ||||||||
Bridgeport Connecticut Housing Authority, 1.85%, 12/15/18 | 305,000 | 305,519 | ||||||
Cincinnati Ohio Water System Rev., | 600,000 | 680,322 | ||||||
City of Lancaster PA (CIFG), 5.59%, 11/15/34 | 1,000,000 | 1,024,760 | ||||||
Columbus Multi-High School Building Corp. Rev., 6.45%, 1/15/30 | 1,000,000 | 1,082,680 | ||||||
Findlay City School District, 6.25%, 12/01/37 | 270,000 | 274,833 | ||||||
Florida Housing Finance Corp. Multifamily Housing Rev., 0.40%, 12/01/15 | 1,000,000 | 1,000,270 | ||||||
Fort Wayne International Airport Air Trade Center Building Corp., 4.25%, 7/15/16 | 500,000 | 524,360 | ||||||
Houston Independent School District, | 1,000,000 | 1,130,450 | ||||||
Indianapolis Industry Multifamily Housing Rev., 0.50%, 7/01/14 | 1,500,000 | 1,500,000 | ||||||
Indianapolis Public School Multi-School Building, 5.73%, 7/15/29 | 1,500,000 | 1,650,015 | ||||||
LL&P Wind Energy, Inc. (XLCA), 5.73%, 12/01/17(a) | 810,000 | 824,621 | ||||||
New Jersey St Housing and Mortgage Finance, 2.60%, 7/01/23 | 475,000 | 482,652 | ||||||
Osceola County Housing Finance Authority Rev., 3.35%, 7/01/23 | 330,000 | 342,477 | ||||||
Warm Springs Reservation Confederated Tribe, 8.25%, 11/01/19 | 990,000 | 1,112,651 | ||||||
Wisconsin Department of Transportation, | 800,000 | 887,088 | ||||||
|
| |||||||
TOTAL MUNICIPAL BONDS | 12,822,698 | |||||||
|
| |||||||
CORPORATE BONDS—36.2% | ||||||||
AUTO COMPONENTS—0.6% | ||||||||
BorgWarner, Inc., 5.75%, 11/01/16 | 1,000,000 | 1,095,641 | ||||||
Delphi Corp., 5.00%, 2/15/23 | 492,000 | 528,900 | ||||||
Delphi Corp., 6.13%, 5/15/21 | 150,000 | 167,640 | ||||||
TRW Automotive, Inc., 4.50%, 3/01/21(a) | 500,000 | 527,500 | ||||||
|
| |||||||
2,319,681 | ||||||||
|
|
See accompanying notes to financial statements.
5
Schedule of Portfolio Investments, continued
Praxis Intermediate Income Fund | ||
June 30, 2014 (unaudited) |
PRINCIPAL | FAIR VALUE | |||||||
CORPORATE BONDS—36.2%, continued | ||||||||
BANKS—1.8% | ||||||||
Bank of America Corp., 1.35%, 11/21/16 | $ | 1,000,000 | $ | 1,002,941 | ||||
Bank of America Corp., 5.65%, 5/01/18 | 1,250,000 | 1,416,921 | ||||||
Citigroup, Inc., 4.45%, 1/10/17 | 500,000 | 538,505 | ||||||
Citigroup, Inc., 6.13%, 11/21/17 | 1,000,000 | 1,143,747 | ||||||
JPMorgan Chase & Co., 4.63%, 5/10/21 | 500,000 | 551,128 | ||||||
JPMorgan Chase Bank NA, 5.88%, 6/13/16 | 700,000 | 765,862 | ||||||
Manufacturers & Traders Trust Co., | 600,000 | 698,150 | ||||||
Wells Fargo & Co., 3.50%, 3/08/22 | 887,000 | 916,826 | ||||||
|
| |||||||
7,034,080 | ||||||||
|
| |||||||
BEVERAGES—0.3% | ||||||||
Bottling Group LLC, 5.13%, 1/15/19 | 1,000,000 | 1,134,645 | ||||||
|
| |||||||
BUILDING PRODUCTS—0.1% | ||||||||
Masco Corp., 6.13%, 10/03/16 | 500,000 | 550,625 | ||||||
|
| |||||||
CAPITAL MARKETS—1.7% | ||||||||
Goldman Sachs Group, Inc., 6.00%, 6/15/20 | 1,200,000 | 1,398,726 | ||||||
Jefferies Group LLC, 8.50%, 7/15/19 | 700,000 | 875,000 | ||||||
Morgan Stanley, 5.63%, 9/23/19 | 1,500,000 | 1,725,314 | ||||||
Raymond James Financial, Inc., | 1,000,000 | 1,262,807 | ||||||
State Street Corp., 7.35%, 6/15/26 | 1,000,000 | 1,275,516 | ||||||
|
| |||||||
6,537,363 | ||||||||
|
| |||||||
CHEMICALS—0.5% | ||||||||
Methanex Corp., 6.00%, 8/15/15 | 1,000,000 | 1,053,938 | ||||||
Potash Corp of Saskatchewan, Inc., 5.88%, 12/01/36 | 840,000 | 1,008,673 | ||||||
|
| |||||||
2,062,611 | ||||||||
|
| |||||||
COMMERCIAL SERVICES & SUPPLIES—0.1% | ||||||||
Steelcase, Inc., 6.38%, 2/15/21 | 500,000 | 574,766 | ||||||
|
| |||||||
CONSTRUCTION MATERIALS—0.3% | ||||||||
Martin Marietta Materials, Inc., 6.60%, 4/15/18 | 1,000,000 | 1,145,639 | ||||||
|
| |||||||
CONSUMER FINANCE—0.5% | ||||||||
Ford Motor Credit Co. LLC, 4.25%, 2/03/17 | 500,000 | 536,968 | ||||||
Ford Motor Credit Co. LLC, 7.00%, 4/15/15 | 1,000,000 | 1,050,120 | ||||||
Harley-Davidson Financial Services, Inc., 2.70%, 3/15/17(a) | 500,000 | 517,118 | ||||||
|
| |||||||
2,104,206 | ||||||||
|
| |||||||
CONTAINERS & PACKAGING—0.3% | ||||||||
Bemis Co., Inc., 5.65%, 8/01/14 | 500,000 | 502,248 | ||||||
Sonoco Products Co., 5.75%, 11/01/40 | 500,000 | 576,317 | ||||||
|
| |||||||
1,078,565 | ||||||||
|
| |||||||
DIVERSIFIED CONSUMER SERVICES—0.2% | ||||||||
Washington Post Co., 7.25%, 2/01/19 | 575,000 | 676,964 | ||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES—0.9% | ||||||||
General Electric Capital Corp., 6.15%, 8/07/37 | 1,000,000 | 1,242,102 | ||||||
Moody’s Corp., 5.50%, 9/01/20 | 1,000,000 | 1,137,000 | ||||||
National Rural Utilities Cooperative Finance Corp., 10.38%, 11/01/18 | 780,000 | 1,050,827 | ||||||
|
| |||||||
3,429,929 | ||||||||
|
|
PRINCIPAL | FAIR VALUE | |||||||
CORPORATE BONDS—36.2%, continued | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.7% | ||||||||
Frontier Communications Corp., | $ | 750,000 | $ | 851,250 | ||||
Verizon Communications, Inc., 2.55%, 6/17/19 | 485,000 | 492,012 | ||||||
Verizon Communications, Inc., 6.00%, 4/01/41 | 500,000 | 585,625 | ||||||
Verizon Communications, Inc., 6.55%, 9/15/43 | 500,000 | 629,221 | ||||||
|
| |||||||
2,558,108 | ||||||||
|
| |||||||
ELECTRIC UTILITIES—2.1% | ||||||||
ITC Holdings Corp., 5.50%, 1/15/20(a) | 500,000 | 543,639 | ||||||
MidAmerican Energy Co., 6.75%, 12/30/31 | 1,500,000 | 2,010,931 | ||||||
NextEra Energy Capital Holdings, Inc., | 500,000 | 510,000 | ||||||
Oncor Electric Delivery Co. LLC, 6.80%, 9/01/18 | 750,000 | 891,803 | ||||||
Pennsylvania Electric Co., 5.20%, 4/01/20 | 500,000 | 553,763 | ||||||
Portland General Electric Co., 6.10%, 4/15/19 | 1,100,000 | 1,301,537 | ||||||
Potomac Edison Co., 5.13%, 8/15/15 | 1,000,000 | 1,040,936 | ||||||
Potomac Electric Power Co., 6.50%, 11/15/37 | 1,000,000 | 1,347,557 | ||||||
|
| |||||||
8,200,166 | ||||||||
|
| |||||||
ELECTRICAL EQUIPMENT—0.1% | ||||||||
Thomas & Betts Corp., 5.63%, 11/15/21 | 500,000 | 584,137 | ||||||
|
| |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2% | ||||||||
Arrow Electronics, Inc., 3.00%, 3/01/18 | 165,000 | 170,593 | ||||||
Arrow Electronics, Inc., 3.38%, 11/01/15 | 500,000 | 515,993 | ||||||
|
| |||||||
686,586 | ||||||||
|
| |||||||
FOOD & STAPLES RETAILING—0.4% | ||||||||
Wal-Mart Stores, Inc., 7.55%, 2/15/30 | 1,000,000 | 1,422,413 | ||||||
|
| |||||||
FOOD PRODUCTS—1.0% | ||||||||
Bunge Ltd. Finance Corp., 3.20%, 6/15/17 | 1,000,000 | 1,042,635 | ||||||
Cargill, Inc., 7.50%, 9/01/26(a) | 1,250,000 | 1,687,326 | ||||||
ConAgra Foods, Inc., 4.95%, 8/15/20 | 500,000 | 554,132 | ||||||
Mead Johnson Nutrition Co., 3.50%, 11/01/14 | 500,000 | 504,964 | ||||||
|
| |||||||
3,789,057 | ||||||||
|
| |||||||
FOOD-RETAIL—0.2% | ||||||||
Koninklijke Ahold NV, 7.82%, 1/02/20 | 617,341 | 694,509 | ||||||
�� |
| |||||||
GAS UTILITIES—0.2% | ||||||||
Indiana Gas Co., Inc., 6.55%, 6/30/28 | 250,000 | 291,520 | ||||||
National Fuel Gas Co., 6.50%, 4/15/18 | 500,000 | 576,106 | ||||||
|
| |||||||
867,626 | ||||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SUPPLIES—0.4% | ||||||||
DENTSPLY International, Inc., 2.75%, 8/15/16 | 570,000 | 590,322 | ||||||
Mallinckrodt International Finance SA, | 500,000 | 497,500 | ||||||
Zimmer Holdings, Inc., 4.63%, 11/30/19 | 500,000 | 553,195 | ||||||
|
| |||||||
1,641,017 | ||||||||
|
| |||||||
HEALTH CARE PROVIDERS & SERVICES—0.7% | ||||||||
Howard Hughes Medical Institute, | 1,500,000 | 1,544,346 |
See accompanying notes to financial statements.
6
Schedule of Portfolio Investments, continued
Praxis Intermediate Income Fund | ||
June 30, 2014 (unaudited) |
PRINCIPAL | FAIR VALUE | |||||||
CORPORATE BONDS—36.2%, continued | ||||||||
HEALTH CARE PROVIDERS & SERVICES—0.7%, continued | ||||||||
Laboratory Corp of America Holdings, | $ | 500,000 | $ | 520,770 | ||||
McKesson Corp., 6.00%, 3/01/41 | 474,000 | 571,197 | ||||||
|
| |||||||
2,636,313 | ||||||||
|
| |||||||
HOME BUILDERS—0.2% | ||||||||
DR Horton, Inc., 3.63%, 2/15/18 | 750,000 | 767,812 | ||||||
|
| |||||||
HOTELS, RESTAURANTS & LEISURE—0.6% | ||||||||
Brinker International, Inc., 2.60%, 5/15/18 | 500,000 | 499,998 | ||||||
Darden Restaurants, Inc., 3.35%, 11/01/22 | 1,000,000 | 980,985 | ||||||
Hyatt Hotels Corp., 3.38%, 7/15/23 | 1,000,000 | 974,776 | ||||||
|
| |||||||
2,455,759 | ||||||||
|
| |||||||
HOUSEHOLD PRODUCTS—0.1% | ||||||||
Church & Dwight Co., Inc., 3.35%, 12/15/15 | 500,000 | 518,936 | ||||||
|
| |||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—2.2% | ||||||||
FPL Energy American Wind LLC, | 713,524 | 730,445 | ||||||
FPL Energy National Wind LLC, 5.61%, 3/10/24(a) | 405,665 | 399,510 | ||||||
Harper Lake Solar Funding Corp., | 796,636 | 831,089 | ||||||
LS Power Funding Corp., 8.08%, 12/30/16 | 760,740 | 839,674 | ||||||
Midland Cogeneration Venture LP, | 250,000 | 252,147 | ||||||
Midland Cogeneration Venture LP, | 617,585 | 662,083 | ||||||
Salton Sea Funding Corp., 7.48%, 11/30/18 | 627,835 | 645,237 | ||||||
Solar Star Funding LLC, 5.38%, 6/30/35(a) | 500,000 | 520,102 | ||||||
SteelRiver Transmission Co. LLC, | 726,294 | 767,360 | ||||||
Tenaska Virginia Partners LP, 6.12%, 3/30/24(a) | 428,807 | 474,180 | ||||||
Topaz Solar Farms LLC, 5.75%, 9/30/39(a) | 800,000 | 874,489 | ||||||
TransAlta Corp., 4.75%, 1/15/15 | 500,000 | 510,994 | ||||||
TransAlta Corp., 6.65%, 5/15/18 | 500,000 | 566,580 | ||||||
Utility Contract Funding LLC, 7.94%, 10/01/16(a) | 345,763 | 373,176 | ||||||
|
| |||||||
8,447,066 | ||||||||
|
| |||||||
INDUSTRIAL CONGLOMERATES—0.1% | ||||||||
Ingersoll-Rand Global Holding Co. Ltd., | 500,000 | 512,539 | ||||||
|
| |||||||
INSURANCE—2.4% | ||||||||
American International Group, Inc., | 1,000,000 | 1,068,608 | ||||||
Fidelity National Financial, Inc., 5.50%, 9/01/22 | 725,000 | 791,289 | ||||||
Horace Mann Educators Corp., 6.85%, 4/15/16 | 750,000 | 821,840 | ||||||
Kemper Corp., 6.00%, 11/30/15 | 800,000 | 854,094 | ||||||
Liberty Mutual Group, Inc., 4.95%, 5/01/22(a) | 1,050,000 | 1,148,445 | ||||||
Markel Corp., 3.63%, 3/30/23 | 400,000 | 399,063 | ||||||
Montpelier Re Holdings Ltd., 4.70%, 10/15/22 | 250,000 | 258,371 | ||||||
OneBeacon US Holdings Inc, 4.60%, 11/09/22 | 1,000,000 | 1,032,432 | ||||||
Progressive Corp., 6.70%, 6/15/37+ | 500,000 | 556,250 |
PRINCIPAL | FAIR VALUE | |||||||
CORPORATE BONDS—36.2%, continued | ||||||||
INSURANCE—2.4%, continued | ||||||||
Prudential Financial, Inc., 5.87%, 9/15/42+ | $ | 500,000 | $ | 543,125 | ||||
RLI Corp., 4.88%, 9/15/23 | 1,000,000 | 1,023,690 | ||||||
W.R. Berkley Corp., 4.63%, 3/15/22 | 250,000 | 268,550 | ||||||
W.R. Berkley Corp., 6.15%, 8/15/19 | 710,000 | 802,438 | ||||||
|
| |||||||
9,568,195 | ||||||||
|
| |||||||
IT SERVICES—0.3% | ||||||||
Broadridge Financial Solutions, Inc., | 500,000 | 523,386 | ||||||
Xerox Corp., 2.75%, 3/15/19 | 500,000 | 509,301 | ||||||
|
| |||||||
1,032,687 | ||||||||
|
| |||||||
MACHINERY—1.0% | ||||||||
Harsco Corp., 5.75%, 5/15/18 | 750,000 | 811,875 | ||||||
Kennametal, Inc., 2.65%, 11/01/19 | 955,000 | 953,583 | ||||||
Pall Corp., 5.00%, 6/15/20 | 500,000 | 548,716 | ||||||
Snap-On, Inc., 4.25%, 1/15/18 | 500,000 | 537,339 | ||||||
Valmont Industries, Inc., 6.63%, 4/20/20 | 1,000,000 | 1,188,298 | ||||||
4,039,811 | ||||||||
|
| |||||||
MEDIA—0.9% | ||||||||
Comcast Corp., 4.75%, 3/01/44 | 500,000 | 528,828 | ||||||
Comcast Corp., 5.15%, 3/01/20 | 1,000,000 | 1,145,951 | ||||||
Omnicom Group, Inc., 6.25%, 7/15/19 | 1,000,000 | 1,180,573 | ||||||
Time Warner Cable, Inc., 4.50%, 9/15/42 | 500,000 | 486,741 | ||||||
|
| |||||||
3,342,093 | ||||||||
|
| |||||||
METALS & MINING—0.7% | ||||||||
Newcrest Finance Pty Ltd., 4.45%, 11/15/21(a) | 1,000,000 | 977,475 | ||||||
Reliance Steel & Aluminum Co., 4.50%, 4/15/23 | 705,000 | 719,214 | ||||||
Teck Resources Ltd., 3.00%, 3/01/19 | 500,000 | 510,606 | ||||||
Xstrata Finance Canada Ltd., 3.60%, 1/15/17(a) | 500,000 | 524,581 | ||||||
|
| |||||||
2,731,876 | ||||||||
|
| |||||||
MULTILINE RETAIL—0.4% | ||||||||
Dollar General Corp., 4.13%, 7/15/17 | 700,000 | 749,297 | ||||||
Macy’s Retail Holdings, Inc., 9.50%, 4/15/21 | 630,000 | 748,472 | ||||||
|
| |||||||
1,497,769 | ||||||||
|
| |||||||
MULTI-UTILITIES—0.8% | ||||||||
Consumers Energy Co., 6.70%, 9/15/19 | 750,000 | 911,337 | ||||||
Puget Energy, Inc., 5.63%, 7/15/22 | 750,000 | 870,670 | ||||||
Puget Sound Energy, Inc., 6.74%, 6/15/18 | 1,000,000 | 1,175,551 | ||||||
|
| |||||||
2,957,558 | ||||||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS—2.2% | ||||||||
ConocoPhillips Holding Co., 6.95%, 4/15/29 | 1,000,000 | 1,369,379 | ||||||
Continental Resources, Inc., 4.50%, 4/15/23 | 200,000 | 213,637 | ||||||
Denbury Resources, Inc., 4.63%, 7/15/23 | 600,000 | 582,126 | ||||||
Enbridge Energy Partners LP, 5.20%, 3/15/20 | 500,000 | 558,362 | ||||||
Florida Gas Transmission Co. LLC, | 1,000,000 | 1,029,115 | ||||||
Golden State Petroleum Transport Corp., 8.04%, 2/01/19 | 306,727 | 276,038 | ||||||
Kern River Funding Corp., 6.68%, 7/31/16(a) | 535,294 | 575,730 |
See accompanying notes to financial statements.
7
Schedule of Portfolio Investments, continued
Praxis Intermediate Income Fund | ||
June 30, 2014 (unaudited) |
PRINCIPAL | FAIR VALUE | |||||||
CORPORATE BONDS—36.2%, continued | ||||||||
OIL, GAS & CONSUMABLE FUELS—2.2%, continued | ||||||||
Merey Sweeny LP, 8.85%, 12/18/19(a) | $ | 552,402 | $ | 625,445 | ||||
Newfield Exploration Co., 7.13%, 5/15/18 | 500,000 | 515,625 | ||||||
Pioneer Natural Resources Co., 5.88%, 7/15/16 | 500,000 | 547,138 | ||||||
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.83%, 9/30/16(a) | 448,000 | 474,880 | ||||||
Spectra Energy Capital LLC, 6.75%, 7/15/18 | 800,000 | 918,160 | ||||||
Texas Gas Transmission LLC, 4.60%, 6/01/15 | 1,000,000 | 1,035,993 | ||||||
|
| |||||||
8,721,628 | ||||||||
|
| |||||||
PAPER & FOREST PRODUCTS—0.4% | ||||||||
Domtar Corp., 9.50%, 8/01/16 | 702,000 | 805,412 | ||||||
PH Glatfelter Co., 5.38%, 10/15/20 | 750,000 | 780,000 | ||||||
|
| |||||||
1,585,412 | ||||||||
|
| |||||||
PHARMACEUTICALS—0.1% | ||||||||
AbbVie, Inc., 2.00%, 11/06/18 | 500,000 | 499,381 | ||||||
|
| |||||||
PROFESSIONAL SERVICES—0.9% | ||||||||
Dun & Bradstreet Corp., 2.88%, 11/15/15 | 250,000 | 256,827 | ||||||
Dun & Bradstreet Corp., 4.38%, 12/01/22 | 1,000,000 | 1,025,479 | ||||||
Equifax, Inc., 4.45%, 12/01/14 | 1,110,000 | 1,127,847 | ||||||
Verisk Analytics, Inc., 5.80%, 5/01/21 | 960,000 | 1,082,362 | ||||||
|
| |||||||
3,492,515 | ||||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.5% | ||||||||
ERP Operating LP, 7.13%, 10/15/17 | 1,104,000 | 1,297,824 | ||||||
Federal Realty Investment Trust, | 625,000 | 680,147 | ||||||
Health Care REIT, Inc., 4.70%, 9/15/17 | 718,000 | 785,437 | ||||||
National Retail Properties, Inc., | 250,000 | 254,929 | ||||||
PPF Funding, Inc., 5.13%, 6/01/15(a) | 750,000 | 775,582 | ||||||
Regency Centers LP, 3.75%, 6/15/24 | 1,000,000 | 1,003,523 | ||||||
Vornado Realty LP, 2.50%, 6/30/19 | 1,000,000 | 1,001,605 | ||||||
|
| |||||||
5,799,047 | ||||||||
|
| |||||||
ROAD & RAIL—1.8% | ||||||||
Burlington Northern Santa Fe LLC, | 1,000,000 | 1,194,913 | ||||||
Burlington Northern Santa Fe LLC, | 794,125 | 912,213 | ||||||
CSX Transportation, Inc., 8.38%, 10/15/14 | 374,992 | 383,346 | ||||||
ERAC USA Finance LLC, 5.90%, 11/15/15(a) | 1,000,000 | 1,067,469 | ||||||
JB Hunt Transport Services, Inc., | 1,000,000 | 1,029,845 | ||||||
Kansas City Southern de Mexico SA de CV, 2.35%, 5/15/20 | 500,000 | 478,977 | ||||||
Penske Truck Leasing Co. LP / PTL Finance Corp., 3.75%, 5/11/17(a) | 1,000,000 | 1,062,564 | ||||||
TTX Co., 4.90%, 3/01/15(a) | 1,000,000 | 1,027,663 | ||||||
|
| |||||||
7,156,990 | ||||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.7% | ||||||||
Applied Materials, Inc., 7.13%, 10/15/17 | 500,000 | 584,304 | ||||||
KLA-Tencor Corp., 6.90%, 5/01/18 | 1,000,000 | 1,176,562 | ||||||
Maxim Integrated Products, Inc., | 500,000 | 488,133 |
PRINCIPAL | FAIR VALUE | |||||||
CORPORATE BONDS—36.2%, continued | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.7%, continued | ||||||||
Xilinx, Inc., 2.13%, 3/15/19 | $ | 500,000 | $ | 500,884 | ||||
|
| |||||||
2,749,883 | ||||||||
|
| |||||||
SOFTWARE—0.1% | ||||||||
Symantec Corp., 2.75%, 6/15/17 | 500,000 | 513,369 | ||||||
|
| |||||||
SPECIALTY RETAIL—0.7% | ||||||||
Advance Auto Parts, Inc., 4.50%, 1/15/22 | 402,000 | 428,564 | ||||||
Ethan Allen Global, Inc., 5.38%, 10/01/15 | 500,000 | 515,000 | ||||||
O’Reilly Automotive, Inc., 3.80%, 9/01/22 | 1,000,000 | 1,022,933 | ||||||
Staples, Inc., 2.75%, 1/12/18 | 580,000 | 586,196 | ||||||
|
| |||||||
2,552,693 | ||||||||
|
| |||||||
SUPRANATIONAL—4.2% | ||||||||
African Development Bank, 0.75%, 10/18/16 | 1,000,000 | 1,001,940 | ||||||
European Bank for Reconstruction & Development, 1.63%, 4/10/18 | 500,000 | 505,625 | ||||||
Inter-American Development Bank, | 3,000,000 | 3,014,493 | ||||||
Inter-American Development Bank, | 3,000,000 | 3,272,544 | ||||||
International Bank for Reconstruction & Development, 0.17%, 7/22/15+ | 500,000 | 499,683 | ||||||
International Bank for Reconstruction & Development, 0.38%, 8/24/15 | 1,000,000 | 1,001,637 | ||||||
International Finance Corp., 0.50%, 5/16/16 | 3,250,000 | 3,247,384 | ||||||
International Finance Corp., 0.63%, 11/15/16 | 2,000,000 | 1,995,018 | ||||||
International Finance Facility for Immunisation, 0.42%, 7/05/16+(a) | 2,000,000 | 2,000,400 | ||||||
|
| |||||||
16,538,724 | ||||||||
|
| |||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.2% | ||||||||
Hewlett-Packard Co., 3.30%, 12/09/16 | 500,000 | 526,189 | ||||||
Seagate HDD Cayman, 3.75%, 11/15/18(a) | 450,000 | 460,125 | ||||||
|
| |||||||
986,314 | ||||||||
|
| |||||||
TEXTILES, APPAREL & LUXURY GOODS—0.4% | ||||||||
Hanesbrands, Inc., 6.38%, 12/15/20 | 745,000 | 805,531 | ||||||
Levi Strauss & Co., 6.88%, 5/01/22 | 750,000 | 826,875 | ||||||
|
| |||||||
1,632,406 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS | 141,829,469 | |||||||
|
| |||||||
CORPORATE NOTES—1.0% | ||||||||
COMMUNITY DEVELOPMENT—1.0% | ||||||||
Everence Community Investment, Inc., 1.00%, 12/15/15+(b) | 1,340,000 | 1,340,695 | ||||||
Everence Community Investment, Inc., 1.50%, 12/15/14+(b) | 1,227,500 | 1,230,629 | ||||||
Everence Community Investment, Inc., 1.50%, 12/15/16+(b) | 1,307,500 | 1,314,669 | ||||||
|
| |||||||
TOTAL CORPORATE NOTES | 3,885,993 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCIES—44.5% | ||||||||
FEDERAL FARM CREDIT BANK—0.5% | ||||||||
4.88%, 12/16/15 | 2,000,000 | 2,132,490 | ||||||
|
| |||||||
FEDERAL HOME LOAN BANK—3.6% | ||||||||
3.38%, 6/12/20 | 1,000,000 | 1,077,752 | ||||||
5.00%, 11/17/17 | 4,000,000 | 4,512,872 |
See accompanying notes to financial statements.
8
Schedule of Portfolio Investments, continued
Praxis Intermediate Income Fund | ||
June 30, 2014 (unaudited) |
PRINCIPAL | FAIR VALUE | |||||||
U.S. GOVERNMENT AGENCIES—44.5%, continued |
| |||||||
FEDERAL HOME LOAN BANK—3.6%, continued | ||||||||
5.50%, 7/15/36 | $ | 6,570,000 | $ | 8,406,203 | ||||
|
| |||||||
13,996,827 | ||||||||
|
| |||||||
FEDERAL HOME LOAN MORTGAGE CORP.—19.5% | ||||||||
1.25%, 10/02/19 | 2,710,000 | 2,632,020 | ||||||
1.38%, 5/01/20 | 4,000,000 | 3,890,824 | ||||||
2.36%, 5/01/34+ | 230,926 | 246,035 | ||||||
2.36%, 5/01/34+ | 118,412 | 125,859 | ||||||
2.38%, 1/13/22 | 5,960,000 | 5,948,271 | ||||||
2.50%, 10/01/27 | 1,609,566 | 1,635,495 | ||||||
3.00%, 11/01/32 | 1,777,174 | 1,811,323 | ||||||
3.00%, 11/01/32 | 2,654,084 | 2,705,091 | ||||||
3.00%, 5/01/43 | 2,843,981 | 2,808,777 | ||||||
3.50%, 10/01/41 | 1,455,837 | 1,498,368 | ||||||
3.50%, 2/01/42 | 2,134,498 | 2,196,856 | ||||||
3.50%, 6/01/42 | 2,345,524 | 2,414,047 | ||||||
3.50%, 6/01/42 | 2,323,652 | 2,391,536 | ||||||
3.50%, 8/01/42 | 2,572,857 | 2,648,022 | ||||||
3.75%, 3/27/19 | 3,020,000 | 3,319,007 | ||||||
4.00%, 11/01/24 | 1,233,442 | 1,312,458 | ||||||
4.00%, 10/01/25 | 523,126 | 560,592 | ||||||
4.00%, 10/01/41 | 1,443,517 | 1,531,317 | ||||||
4.00%, 2/01/42 | 842,304 | 893,536 | ||||||
4.50%, 6/01/18 | 190,423 | 201,969 | ||||||
4.50%, 10/01/35 | 620,536 | 672,655 | ||||||
4.50%, 6/01/39 | 933,553 | 1,011,110 | ||||||
4.50%, 7/01/39 | 1,071,114 | 1,160,120 | ||||||
4.50%, 11/01/39 | 1,051,325 | 1,138,306 | ||||||
4.50%, 9/01/40 | 1,440,107 | 1,560,007 | ||||||
4.50%, 5/01/41 | 2,767,861 | 2,998,606 | ||||||
4.88%, 6/13/18 | 6,200,000 | 7,043,330 | ||||||
5.00%, 4/01/19 | 134,217 | 142,506 | ||||||
5.00%, 12/01/21 | 267,947 | 289,428 | ||||||
5.00%, 7/01/35 | 272,836 | 302,633 | ||||||
5.00%, 3/01/38 | 1,006,517 | 1,113,862 | ||||||
5.00%, 6/01/39 | 1,517,532 | 1,679,376 | ||||||
5.00%, 9/01/41 | 1,482,432 | 1,659,875 | ||||||
5.50%, 7/18/16 | 3,500,000 | 3,856,772 | ||||||
5.50%, 4/01/22 | 148,538 | 162,135 | ||||||
5.50%, 11/01/33 | 100,917 | 113,359 | ||||||
5.50%, 3/01/36 | 147,262 | 164,595 | ||||||
5.50%, 6/01/36 | 238,672 | 266,477 | ||||||
5.50%, 12/01/36 | 224,228 | 249,938 | ||||||
6.00%, 9/01/17 | 115,463 | 121,100 | ||||||
6.00%, 4/01/27 | 361,034 | 405,748 | ||||||
6.00%, 6/01/36 | 211,741 | 240,091 | ||||||
6.00%, 8/01/37 | 130,072 | 145,986 | ||||||
6.25%, 7/15/32 | 6,000,000 | 8,274,858 | ||||||
7.00%, 2/01/30 | 152,471 | 170,645 | ||||||
7.00%, 3/01/31 | 111,078 | 123,966 | ||||||
7.50%, 7/01/30 | 260,376 | 299,441 | ||||||
|
| |||||||
76,138,328 | ||||||||
|
| |||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION—19.4% | ||||||||
1.13%, 4/27/17 | 2,000,000 | 2,010,072 | ||||||
1.63%, 10/26/15 | 3,600,000 | 3,661,531 | ||||||
1.82%, 2/01/34+ | 172,862 | 173,452 |
PRINCIPAL | FAIR VALUE | |||||||
U.S. GOVERNMENT AGENCIES—44.5%, continued |
| |||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION—19.4%, continued | ||||||||
2.14%, 6/01/33+ | $ | 78,379 | $ | 78,972 | ||||
2.26%, 5/01/37+ | 265,806 | 285,492 | ||||||
2.26%, 1/01/23 | 2,000,000 | 1,935,572 | ||||||
2.32%, 5/01/34+ | 163,839 | 175,023 | ||||||
2.50%, 9/01/27 | 2,035,952 | 2,070,992 | ||||||
2.50%, 11/01/27 | 2,851,344 | 2,900,178 | ||||||
2.50%, 1/01/28 | 1,914,272 | 1,947,058 | ||||||
3.00%, 12/01/32 | 2,672,110 | 2,727,189 | ||||||
3.00%, 6/01/42 | 2,837,069 | 2,805,999 | ||||||
3.00%, 8/01/42 | 2,564,675 | 2,536,588 | ||||||
3.00%, 8/01/42 | 2,545,527 | 2,517,650 | ||||||
3.50%, 7/01/20 | 672,687 | 713,781 | ||||||
3.50%, 10/01/25 | 490,895 | 520,880 | ||||||
3.50%, 2/01/41 | 1,725,062 | 1,778,512 | ||||||
3.50%, 5/01/42 | 2,060,044 | 2,123,874 | ||||||
4.00%, 3/01/26 | 1,635,633 | 1,752,421 | ||||||
4.00%, 12/01/40 | 1,859,354 | 1,976,059 | ||||||
4.00%, 1/01/41 | 1,339,763 | 1,423,855 | ||||||
4.00%, 10/01/41 | 1,224,510 | 1,301,996 | ||||||
4.00%, 11/01/41 | 1,128,491 | 1,200,231 | ||||||
4.00%, 12/01/41 | 2,911,017 | 3,095,767 | ||||||
4.00%, 12/01/41 | 1,536,077 | 1,633,766 | ||||||
4.00%, 1/01/42 | 2,953,739 | 3,142,837 | ||||||
4.38%, 10/15/15 | 4,700,000 | 4,947,290 | ||||||
4.50%, 9/01/40 | 939,532 | 1,018,173 | ||||||
4.50%, 10/01/40 | 945,424 | 1,024,388 | ||||||
5.00%, 4/15/15 | 5,500,000 | 5,709,506 | ||||||
5.00%, 2/13/17 | 1,800,000 | 1,996,466 | ||||||
5.00%, 7/01/18 | 130,681 | 138,857 | ||||||
5.00%, 9/01/18 | 190,563 | 202,230 | ||||||
5.00%, 4/01/25 | 277,669 | 308,547 | ||||||
5.00%, 7/01/25 | 221,463 | 246,090 | ||||||
5.00%, 10/01/25 | 280,828 | 312,057 | ||||||
5.00%, 10/01/35 | 396,776 | 441,672 | ||||||
5.50%, 6/01/22 | 236,655 | 258,297 | ||||||
5.50%, 11/01/25 | 87 | 98 | ||||||
5.50%, 2/01/34 | 151,742 | 170,367 | ||||||
5.50%, 1/01/35 | 292,294 | 327,907 | ||||||
5.50%, 10/01/35 | 424,457 | 476,503 | ||||||
5.50%, 6/01/36 | 104,543 | 116,962 | ||||||
5.50%, 11/01/36 | 218,978 | 244,989 | ||||||
5.63%, 7/15/37 | 6,000,000 | 7,903,656 | ||||||
6.00%, 10/01/33 | 98,399 | 111,589 | ||||||
6.00%, 11/01/34 | 342,012 | 387,616 | ||||||
6.00%, 10/01/35 | 204,591 | 231,830 | ||||||
6.00%, 6/01/36 | 132,219 | 149,316 | ||||||
6.63%, 11/15/30 | 1,750,000 | 2,485,243 | ||||||
7.00%, 7/01/15 | 649 | 650 | ||||||
7.00%, 11/01/19 | 23,611 | 25,415 | ||||||
7.00%, 11/01/19 | 15,845 | 16,987 | ||||||
8.50%, 9/01/26 | 92,503 | 103,994 | ||||||
|
| |||||||
75,846,442 | ||||||||
|
| |||||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION—0.5% | ||||||||
1.63%, 1/20/34+ | 101,056 | 104,599 | ||||||
2.25%, 4/16/42 | 1,497,538 | 1,532,040 | ||||||
5.50%, 10/20/38 | 84,247 | 90,620 |
See accompanying notes to financial statements.
9
Schedule of Portfolio Investments, continued
Praxis Intermediate Income Fund | ||
June 30, 2014 (unaudited) |
PRINCIPAL AMOUNT/ SHARES | FAIR VALUE | |||||||
U.S. GOVERNMENT AGENCIES—44.5%, continued |
| |||||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION—0.5%, continued | ||||||||
6.50%, 11/20/38 | $ | 40,420 | $ | 44,446 | ||||
6.75%, 4/15/16 | 10,100 | 10,355 | ||||||
7.00%, 12/20/30 | 40,031 | 47,197 | ||||||
7.00%, 10/20/31 | 28,983 | 34,153 | ||||||
7.00%, 3/20/32 | 96,935 | 115,447 | ||||||
|
| |||||||
1,978,857 | ||||||||
|
| |||||||
OVERSEAS PRIVATE INVESTMENT CORP.—0.5% | ||||||||
3.54%, 6/15/30 | 941,179 | 976,418 | ||||||
3.82%, 6/01/33 | 1,000,000 | 1,038,970 | ||||||
|
| |||||||
2,015,388 | ||||||||
|
| |||||||
SMALL BUSINESS ADMINISTRATION—0.1% | ||||||||
0.60%, 2/25/32+ | 436,118 | 434,903 | ||||||
|
| |||||||
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT—0.4% | ||||||||
1.80%, 8/01/14 | 1,440,000 | 1,442,091 | ||||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCIES | 173,985,326 | |||||||
|
| |||||||
INVESTMENT COMPANY—1.1% | ||||||||
MUTUAL FUND—1.1% | ||||||||
Pax World High Yield Bond Fund, Individual Investor Class | 530,984 | 4,072,646 | ||||||
|
| |||||||
TOTAL INVESTMENTS (Cost* $365,689,572—Unrealized gain/loss $13,588,332)—97.0% |
| $ | 379,277,904 | |||||
Other assets in excess of liabilities—3.0% |
| 11,919,337 | ||||||
|
| |||||||
NET ASSETS—100% | $ | 391,197,241 | ||||||
|
|
+ | Variable rate security. Rates presented are the rates in effect at June 30, 2014. |
(a) | 144a security is restricted as to resale to institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. At June 30, 2014, these securities were valued at $37,216,311 or 9.5% of net assets. |
(b) | Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been fair valued by the Pricing Committee and have been deemed illiquid under guidelines established by the Board of Trustees: |
Security | Yield | Maturity Date | Principal Amount | Cost | Acquisition Date | |||||||||||||||
Everence Community |
| |||||||||||||||||||
1.00 | % | 12/15/2015 | $ | 1,340,000 | $ | 1,340,000 | 12/13/2012 | |||||||||||||
1.50 | 12/15/2014 | 802,500 | 802,500 | 12/30/2009 | ||||||||||||||||
1.50 | 12/15/2014 | 250,000 | 250,000 | 8/5/2010 | ||||||||||||||||
1.50 | 12/15/2014 | 175,000 | 175,000 | 9/12/2011 | ||||||||||||||||
1.50 | 12/15/2016 | 1,307,500 | 1,307,500 | 12/13/2013 |
At June 30, 2014, these securities had an aggregate market value of $3,885,993, representing 1.0% of net assets.
* | Represents cost for financial reporting purposes. |
CIFG | — | CDC IXIS Financial Guaranty | ||
Rev. | — | Revenue | ||
XLCA | — | XL Capital Assurance, Inc. | ||
REIT | — | Real Estate Investment Trust |
See accompanying notes to financial statements.
10
Schedule of Portfolio Investments
Praxis International Index Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9% | ||||||||
AUSTRALIA—5.7% | ||||||||
BANKS—2.4% | ||||||||
Australia & New Zealand Banking Group Ltd. | 6,107 | $ | 191,992 | |||||
Australia & New Zealand Banking Group Ltd.- ADR | 36,061 | 1,134,118 | ||||||
Commonwealth Bank of Australia | 3,955 | 301,631 | ||||||
Commonwealth Bank of Australia- ADR | 613 | 46,894 | ||||||
National Australia Bank Ltd. | 4,644 | 143,546 | ||||||
National Australia Bank Ltd.- ADR | 57,186 | 885,239 | ||||||
Westpac Banking Corp. | 4,051 | 129,418 | ||||||
Westpac Banking Corp.- ADR | 43,855 | 1,408,623 | ||||||
|
| |||||||
4,241,461 | ||||||||
|
| |||||||
BIOTECHNOLOGY—0.2% | ||||||||
CSL Ltd. | 2,979 | 186,942 | ||||||
CSL Ltd.- ADR(a) | 6,332 | 198,888 | ||||||
|
| |||||||
385,830 | ||||||||
|
| |||||||
CAPITAL MARKETS—0.1% | ||||||||
Macquarie Group Ltd. | 436 | 24,515 | ||||||
Macquarie Group Ltd.- ADR | 2,747 | 154,519 | ||||||
|
| |||||||
179,034 | ||||||||
|
| |||||||
CHEMICALS—0.2% | ||||||||
Orica Ltd. | 19,480 | 357,822 | ||||||
|
| |||||||
CONTAINERS & PACKAGING—0.1% | ||||||||
Amcor Ltd. | 3,344 | 32,888 | ||||||
Amcor Ltd.- ADR | 3,500 | 137,620 | ||||||
|
| |||||||
170,508 | ||||||||
|
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2% | ||||||||
Telstra Corp. Ltd. | 8,647 | 42,481 | ||||||
Telstra Corp. Ltd.- ADR | 10,910 | 268,386 | ||||||
|
| |||||||
310,867 | ||||||||
|
| |||||||
FOOD & STAPLES RETAILING—0.2% | ||||||||
Wesfarmers Ltd. | 7,898 | 311,600 | ||||||
|
| |||||||
INSURANCE—0.4% | ||||||||
Suncorp Group Ltd. | 46,152 | 589,248 | ||||||
|
| |||||||
METALS & MINING—1.3% | ||||||||
Alumina Ltd.- ADR(a) | 41,858 | 211,383 | ||||||
BHP Billiton Ltd.- ADR | 29,852 | 2,043,370 | ||||||
Newcrest Mining Ltd.- ADR(a) | 9,928 | 99,379 | ||||||
|
| |||||||
2,354,132 | ||||||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS—0.5% | ||||||||
Origin Energy Ltd. | 43,674 | 602,087 | ||||||
Woodside Petroleum Ltd. | 3,151 | 122,028 | ||||||
Woodside Petroleum Ltd.- ADR | 5,235 | 202,490 | ||||||
|
| |||||||
926,605 | ||||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.1% | ||||||||
Scentre Group REIT(a) | 25,459 | 76,821 | ||||||
Shopping Centres Australasia Property Group REIT | 1 | 2 | ||||||
Westfield Corp. REIT | 20,433 | 137,761 | ||||||
|
| |||||||
214,584 | ||||||||
|
|
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9%, continued | ||||||||
AUSTRALIA—5.7%, continued | ||||||||
TRANSPORTATION INFRASTRUCTURE—0.0%** | ||||||||
Sydney Airport | 463 | $ | 1,842 | |||||
|
| |||||||
10,043,533 | ||||||||
|
| |||||||
AUSTRIA—0.1% | ||||||||
BANKS—0.1% | ||||||||
Erste Group Bank AG | 757 | 24,483 | ||||||
Erste Group Bank AG- ADR | 12,078 | 195,543 | ||||||
|
| |||||||
220,026 | ||||||||
|
| |||||||
BELGIUM—0.3% | ||||||||
FOOD & STAPLES RETAILING—0.3% | ||||||||
Colruyt SA | 2,958 | 150,269 | ||||||
Delhaize Group SA | 1,156 | 78,212 | ||||||
Delhaize Group SA- ADR | 22,300 | 375,978 | ||||||
|
| |||||||
604,459 | ||||||||
|
| |||||||
BRAZIL—2.2% | ||||||||
BANKS—0.2% | ||||||||
Banco Bradesco SA- ADR | 29,175 | 423,621 | ||||||
|
| |||||||
BEVERAGES—0.3% | ||||||||
AMBEV SA- ADR | 68,188 | 480,044 | ||||||
|
| |||||||
CHEMICALS—0.0%** | ||||||||
Braskem SA- ADR | 7,600 | 97,660 | ||||||
|
| |||||||
ELECTRIC UTILITIES—0.1% | ||||||||
Cia Energetica de Minas Gerais- ADR | 18,991 | 151,738 | ||||||
|
| |||||||
FOOD PRODUCTS—0.2% | ||||||||
BRF SA- ADR | 16,910 | 411,082 | ||||||
|
| |||||||
METALS & MINING—0.6% | ||||||||
Cia Siderurgica Nacional SA- ADR | 57,569 | 245,244 | ||||||
Gerdau SA- ADR | 33,594 | 197,869 | ||||||
Vale SA- ADR | 44,774 | 592,360 | ||||||
|
| |||||||
1,035,473 | ||||||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS—0.6% | ||||||||
Petroleo Brasileiro SA- ADR | 47,557 | 695,759 | ||||||
Ultrapar Participacoes SA- ADR | 15,505 | 365,918 | ||||||
|
| |||||||
1,061,677 | ||||||||
|
| |||||||
WATER UTILITIES—0.2% | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo- ADR | 26,970 | 289,118 | ||||||
|
| |||||||
3,950,413 | ||||||||
|
| |||||||
CANADA—8.6% | ||||||||
AUTO COMPONENTS—0.3% | ||||||||
Magna International, Inc. | 5,715 | 615,791 | ||||||
|
| |||||||
BANKS—2.6% | ||||||||
Bank of Montreal | 9,619 | 707,862 | ||||||
Bank of Nova Scotia | 14,763 | 983,216 | ||||||
Canadian Imperial Bank of Commerce | 7,242 | 658,877 | ||||||
Royal Bank of Canada | 16,505 | 1,178,952 | ||||||
Toronto-Dominion Bank | 21,586 | 1,109,737 | ||||||
|
| |||||||
4,638,644 | ||||||||
|
|
See accompanying notes to financial statements.
11
Schedule of Portfolio Investments, continued
Praxis International Index Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9%, continued | ||||||||
CANADA—8.6%, continued | ||||||||
CHEMICALS—0.7% | ||||||||
Agrium, Inc. | 3,522 | $ | 322,721 | |||||
Methanex Corp. | 7,953 | 491,336 | ||||||
Potash Corp of Saskatchewan, Inc. | 10,495 | 398,390 | ||||||
|
| |||||||
1,212,447 | ||||||||
|
| |||||||
HOTELS, RESTAURANTS & LEISURE—0.2% | ||||||||
Tim Hortons, Inc. | 8,185 | 447,965 | ||||||
|
| |||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.1% | ||||||||
TransAlta Corp. | 9,461 | 116,087 | ||||||
|
| |||||||
INSURANCE—0.4% | ||||||||
Manulife Financial Corp. | 17,556 | 348,838 | ||||||
Sun Life Financial, Inc. | 9,109 | 334,391 | ||||||
|
| |||||||
683,229 | ||||||||
|
| |||||||
MEDIA—0.2% | ||||||||
Shaw Communications, Inc., Class B | 12,864 | 330,090 | ||||||
|
| |||||||
METALS & MINING—0.5% | ||||||||
Barrick Gold Corp. | 18,692 | 342,063 | ||||||
Goldcorp, Inc. | 7,537 | 210,358 | ||||||
Teck Resources Ltd., Class B | 16,007 | 365,440 | ||||||
|
| |||||||
917,861 | ||||||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS—2.3% | ||||||||
Advantage Oil & Gas Ltd.(a) | 18,950 | 127,344 | ||||||
Canadian Natural Resources Ltd. | 21,318 | 978,710 | ||||||
Cenovus Energy, Inc. | 15,381 | 497,883 | ||||||
Enbridge, Inc. | 18,096 | 859,017 | ||||||
Encana Corp. | 22,116 | 524,370 | ||||||
Suncor Energy, Inc. | 17,325 | 738,565 | ||||||
Talisman Energy, Inc. | 26,422 | 280,073 | ||||||
|
| |||||||
4,005,962 | ||||||||
|
| |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3% | ||||||||
Brookfield Asset Management, Inc., Class A | 11,557 | 508,739 | ||||||
|
| |||||||
ROAD & RAIL—1.0% | ||||||||
Canadian National Railway Co. | 12,210 | 793,894 | ||||||
Canadian Pacific Railway Ltd. | 5,165 | 935,588 | ||||||
|
| |||||||
1,729,482 | ||||||||
|
| |||||||
15,206,297 | ||||||||
|
| |||||||
CHILE—0.4% | ||||||||
AIRLINES—0.2% | ||||||||
Latam Airlines Group SA- ADR(a) | 21,752 | 291,912 | ||||||
|
| |||||||
BEVERAGES—0.1% | ||||||||
Embotelladora Andina SA, Class B- ADR | 6,720 | 152,141 | ||||||
|
| |||||||
CHEMICALS—0.1% | ||||||||
Sociedad Quimica y Minera de Chile SA- ADR | 8,470 | 248,255 | ||||||
|
| |||||||
692,308 | ||||||||
|
| |||||||
CHINA—2.6% | ||||||||
AIRLINES—0.0%** | ||||||||
China Southern Airlines Co. Ltd.- ADR | 5,546 | 83,190 | ||||||
|
| |||||||
BANKS—0.4% | ||||||||
China Construction Bank Corp.- ADR | 46,149 | 651,559 | ||||||
|
|
SHARES | FAIR | |||||||
COMMON STOCKS—97.9%, continued |
| |||||||
CHINA—2.6%, continued | ||||||||
CHEMICALS—0.1% | ||||||||
Sinopec Shanghai Petrochemical Co. Ltd.- ADR | 7,041 | $ | 194,966 | |||||
|
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2% | ||||||||
China Telecom Corp. Ltd.- ADR | 6,115 | 299,329 | ||||||
|
| |||||||
INSURANCE—0.6% | ||||||||
China Life Insurance Co. Ltd.- ADR | 22,204 | 870,619 | ||||||
Ping An Insurance Group Co. of China Ltd.- ADR | 15,855 | 244,484 | ||||||
|
| |||||||
1,115,103 | ||||||||
|
| |||||||
INTERNET SOFTWARE & SERVICES—1.0% | ||||||||
Tencent Holdings Ltd.- ADR | 115,130 | 1,758,035 | ||||||
|
| |||||||
ROAD & RAIL—0.1% | ||||||||
Guangshen Railway Co. Ltd.- ADR | 8,797 | 163,800 | ||||||
|
| |||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.2% | ||||||||
Lenovo Group Ltd.- ADR | 13,505 | 367,201 | ||||||
|
| |||||||
4,633,183 | ||||||||
|
| |||||||
COLOMBIA—0.5% | ||||||||
BANKS—0.3% | ||||||||
BanColombia SA- ADR | 7,754 | 448,181 | ||||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS—0.2% | ||||||||
Ecopetrol SA- ADR | 12,148 | 437,936 | ||||||
|
| |||||||
886,117 | ||||||||
|
| |||||||
DENMARK—0.9% | ||||||||
BANKS—0.1% | ||||||||
Danske Bank A/S | 3,457 | 97,713 | ||||||
Danske Bank A/S- ADR | 6,614 | 93,588 | ||||||
|
| |||||||
191,301 | ||||||||
|
| |||||||
PHARMACEUTICALS—0.8% | ||||||||
Novo Nordisk A/S- ADR | 28,510 | 1,316,877 | ||||||
|
| |||||||
1,508,178 | ||||||||
|
| |||||||
FINLAND—0.4% | ||||||||
MACHINERY—0.1% | ||||||||
Kone OYJ, Class B | 3,606 | 150,501 | ||||||
|
| |||||||
PAPER & FOREST PRODUCTS—0.2% | ||||||||
Stora Enso OYJ- ADR | 32,308 | 313,711 | ||||||
|
| |||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1% | ||||||||
Nokia OYJ- ADR | 31,017 | 234,488 | ||||||
|
| |||||||
698,700 | ||||||||
|
| |||||||
FRANCE—6.5% | ||||||||
AUTO COMPONENTS—0.6% | ||||||||
Cie Generale des Etablissements Michelin- ADR | 25,215 | 602,891 | ||||||
Cie Generale des Etablissements Michelin, Class B | 1,074 | 128,327 | ||||||
Valeo SA- ADR | 4,352 | 292,454 | ||||||
|
| |||||||
1,023,672 | ||||||||
|
| |||||||
BANKS—0.8% | ||||||||
BNP Paribas SA- ADR | 26,450 | 899,961 | ||||||
Credit Agricole SA | 5,199 | 73,326 | ||||||
Credit Agricole SA- ADR | 14,211 | 99,761 | ||||||
Societe Generale SA- ADR | 36,300 | 380,424 | ||||||
|
| |||||||
1,453,472 | ||||||||
|
|
See accompanying notes to financial statements.
12
Schedule of Portfolio Investments, continued
Praxis International Index Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9%, continued |
| |||||||
FRANCE—6.5%, continued | ||||||||
BUILDING PRODUCTS—0.4% | ||||||||
Cie de Saint-Gobain | 11,742 | $ | 662,507 | |||||
|
| |||||||
CONSTRUCTION & ENGINEERING—0.4% | ||||||||
Bouygues SA | 956 | 39,782 | ||||||
Vinci SA- ADR | 30,694 | 572,750 | ||||||
|
| |||||||
612,532 | ||||||||
|
| |||||||
CONSTRUCTION MATERIALS—0.1% | ||||||||
Lafarge SA | 430 | 37,330 | ||||||
Lafarge SA- ADR | 6,876 | 146,871 | ||||||
|
| |||||||
184,201 | ||||||||
|
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3% | ||||||||
Orange SA- ADR | 17,186 | 271,539 | ||||||
Vivendi SA(a) | 9,270 | 226,831 | ||||||
|
| |||||||
498,370 | ||||||||
|
| |||||||
ELECTRICAL EQUIPMENT—0.6% | ||||||||
Legrand SA | 17,254 | 1,055,724 | ||||||
|
| |||||||
ENERGY EQUIPMENT & SERVICES—0.4% | ||||||||
CGG SA(a) | 670 | 9,486 | ||||||
CGG SA- ADR(a) | 7,732 | 109,795 | ||||||
Technip SA- ADR | 21,292 | 583,507 | ||||||
|
| |||||||
702,788 | ||||||||
|
| |||||||
FOOD & STAPLES RETAILING—0.2% | ||||||||
Carrefour SA | 1,523 | 56,182 | ||||||
Carrefour SA- ADR | 49,035 | 357,955 | ||||||
|
| |||||||
414,137 | ||||||||
|
| |||||||
FOOD PRODUCTS—0.6% | ||||||||
Danone SA- ADR | 73,000 | 1,089,890 | ||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SUPPLIES—0.3% | ||||||||
Essilor International SA | 4,503 | 477,554 | ||||||
Essilor International SA- ADR | 952 | 50,513 | ||||||
|
| |||||||
528,067 | ||||||||
|
| |||||||
INSURANCE—0.3% | ||||||||
AXA SA- ADR | 24,952 | 598,349 | ||||||
|
| |||||||
MEDIA—0.3% | ||||||||
Publicis Groupe SA- ADR | 26,260 | 555,662 | ||||||
|
| |||||||
MULTI-UTILITIES—0.5% | ||||||||
GDF Suez | 2,524 | 69,485 | ||||||
GDF Suez- ADR | 17,681 | 489,410 | ||||||
Veolia Environnement SA | 3,865 | 73,643 | ||||||
Veolia Environnement SA- ADR | 8,771 | 166,649 | ||||||
|
| |||||||
799,187 | ||||||||
|
| |||||||
PERSONAL PRODUCTS—0.5% | ||||||||
L’Oreal SA | 382 | 65,829 | ||||||
L’Oreal SA- ADR | 25,935 | 893,979 | ||||||
|
| |||||||
959,808 | ||||||||
|
| |||||||
SOFTWARE—0.2% | ||||||||
Dassault Systemes- ADR | 3,112 | 400,919 | ||||||
|
| |||||||
11,539,285 | ||||||||
|
|
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9%, continued |
| |||||||
GERMANY—6.3% | ||||||||
AIR FREIGHT & LOGISTICS—0.5% | ||||||||
Deutsche Post AG | 10,161 | $ | 367,454 | |||||
Deutsche Post AG- ADR | 14,832 | 537,215 | ||||||
|
| |||||||
904,669 | ||||||||
|
| |||||||
AIRLINES—0.1% | ||||||||
Deutsche Lufthansa AG- ADR | 10,201 | 218,403 | ||||||
|
| |||||||
AUTOMOBILES—0.7% | ||||||||
Bayerische Motoren Werke AG- ADR | 27,692 | 1,171,372 | ||||||
|
| |||||||
CAPITAL MARKETS—0.1% | ||||||||
Deutsche Bank AG | 6,576 | 231,344 | ||||||
|
| |||||||
CHEMICALS—0.9% | ||||||||
BASF SE- ADR | 13,580 | 1,582,070 | ||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES—0.2% | ||||||||
Deutsche Boerse AG | 2,890 | 224,298 | ||||||
Deutsche Boerse AG- ADR | 15,060 | 116,414 | ||||||
|
| |||||||
340,712 | ||||||||
|
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3% | ||||||||
Deutsche Telekom AG- ADR | 32,463 | 568,752 | ||||||
|
| |||||||
HEALTH CARE PROVIDERS & SERVICES—0.4% | ||||||||
Fresenius Medical Care AG & Co. KGaA- ADR | 17,810 | 596,457 | ||||||
Fresenius SE & Co. KGaA | 956 | 142,556 | ||||||
|
| |||||||
739,013 | ||||||||
|
| |||||||
INSURANCE—1.0% | ||||||||
Allianz SE- ADR | 61,090 | 1,025,640 | ||||||
Muenchener Rueckversicherungs AG- ADR | 18,890 | 418,791 | ||||||
Muenchener Rueckversicherungs Gesellschaft AG | 1,682 | 372,882 | ||||||
|
| |||||||
1,817,313 | ||||||||
|
| |||||||
MULTI-UTILITIES—0.2% | ||||||||
RWE AG | 2,125 | 91,265 | ||||||
RWE AG- ADR | 5,585 | 240,155 | ||||||
|
| |||||||
331,420 | ||||||||
|
| |||||||
PHARMACEUTICALS—0.8% | ||||||||
Bayer AG- ADR | 9,398 | 1,327,655 | ||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1% | ||||||||
Infineon Technologies AG- ADR | 12,109 | 150,757 | ||||||
|
| |||||||
SOFTWARE—0.5% | ||||||||
SAP AG- ADR | 12,252 | 943,404 | ||||||
|
| |||||||
TEXTILES, APPAREL & LUXURY GOODS—0.4% | ||||||||
adidas AG | 1,323 | 134,003 | ||||||
adidas AG- ADR | 9,964 | 504,826 | ||||||
Puma SE | 285 | 81,367 | ||||||
|
| |||||||
720,196 | ||||||||
|
| |||||||
TRADING COMPANIES & DISTRIBUTORS—0.1% | ||||||||
Brenntag AG | 1,173 | 209,608 | ||||||
|
| |||||||
11,256,688 | ||||||||
|
|
See accompanying notes to financial statements.
13
Schedule of Portfolio Investments, continued
Praxis International Index Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9%, continued |
| |||||||
HONG KONG—2.6% | ||||||||
BANKS—0.2% | ||||||||
BOC Hong Kong Holdings Ltd. | 59,500 | $ | 172,349 | |||||
BOC Hong Kong Holdings Ltd.- ADR | 1,754 | 101,557 | ||||||
|
| |||||||
273,906 | ||||||||
|
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2% | ||||||||
China Unicom Hong Kong Ltd.- ADR | 24,284 | 372,274 | ||||||
|
| |||||||
ELECTRIC UTILITIES—0.1% | ||||||||
Cheung Kong Infrastructure Holdings Ltd. | 32,000 | 220,685 | ||||||
|
| |||||||
INDUSTRIAL CONGLOMERATES—0.2% | ||||||||
Jardine Matheson Holdings Ltd. | 751 | 44,542 | ||||||
Jardine Matheson Holdings Ltd.- ADR | 3,618 | 215,162 | ||||||
|
| |||||||
259,704 | ||||||||
|
| |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.2% | ||||||||
Hang Lung Properties Ltd. | 23,000 | 70,926 | ||||||
Hang Lung Properties Ltd.- ADR | 4,159 | 64,381 | ||||||
Henderson Land Development Co. Ltd. | 9,680 | 56,641 | ||||||
Sun Hung Kai Properties Ltd. | 11,000 | 150,870 | ||||||
Sun Hung Kai Properties Ltd.- ADR | 22,014 | 302,252 | ||||||
Swire Pacific Ltd., Class A | 6,500 | 80,009 | ||||||
Swire Pacific Ltd., Class A- ADR | 32,051 | 393,586 | ||||||
Swire Properties Ltd. | 150 | 438 | ||||||
Wharf Holdings Ltd. | 150,000 | 1,079,944 | ||||||
|
| |||||||
2,199,047 | ||||||||
|
| |||||||
SPECIALTY RETAIL—0.0%** | ||||||||
Esprit Holdings Ltd. | 2,500 | 3,548 | ||||||
Esprit Holdings Ltd.- ADR | 4,499 | 12,552 | ||||||
|
| |||||||
16,100 | ||||||||
|
| |||||||
TEXTILES, APPAREL & LUXURY GOODS—0.1% | ||||||||
Li & Fung Ltd. | 122,000 | 180,708 | ||||||
Li & Fung Ltd.- ADR | 12,287 | 35,755 | ||||||
|
| |||||||
216,463 | ||||||||
|
| |||||||
WIRELESS TELECOMMUNICATION SERVICES—0.6% | ||||||||
China Mobile Ltd.- ADR | 20,993 | 1,020,470 | ||||||
|
| |||||||
4,578,649 | ||||||||
|
| |||||||
HUNGARY—0.1% | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1% | ||||||||
Magyar Telekom Telecommunications plc-ADR(a) | 11,582 | 88,370 | ||||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS—0.0%** | ||||||||
MOL Hungarian Oil & Gas plc- ADR | 796 | 21,946 | ||||||
|
| |||||||
110,316 | ||||||||
|
| |||||||
INDIA—1.7% | ||||||||
BANKS—0.6% | ||||||||
HDFC Bank Ltd.- ADR | 16,597 | 777,072 | ||||||
ICICI Bank Ltd.- ADR(a) | 7,885 | 393,461 | ||||||
|
| |||||||
1,170,533 | ||||||||
|
| |||||||
IT SERVICES—0.5% | ||||||||
Infosys Ltd.- ADR | 7,688 | 413,384 | ||||||
Wipro Ltd.- ADR | 39,159 | 465,600 | ||||||
|
| |||||||
878,984 | ||||||||
|
|
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9%, continued |
| |||||||
INDIA—1.7%, continued | ||||||||
METALS & MINING—0.3% | ||||||||
Sesa Sterlite Ltd.- ADR | 29,355 | $ | 568,313 | |||||
|
| |||||||
PHARMACEUTICALS—0.3% | ||||||||
Dr. Reddy’s Laboratories Ltd.- ADR | 10,846 | 468,005 | ||||||
|
| |||||||
3,085,835 | ||||||||
|
| |||||||
INDONESIA—0.6% | ||||||||
BANKS—0.2% | ||||||||
PT Bank Mandiri- ADR | 49,403 | 401,152 | ||||||
|
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3% | ||||||||
Telekomunikasi Indonesia Persero Tbk PT- ADR | 12,973 | 540,455 | ||||||
|
| |||||||
MACHINERY—0.1% | ||||||||
United Tractors Tbk PT- ADR | 3,369 | 129,707 | ||||||
|
| |||||||
1,071,314 | ||||||||
|
| |||||||
IRELAND—1.1% | ||||||||
CONSTRUCTION MATERIALS—0.2% | ||||||||
CRH plc- ADR | 15,719 | 406,336 | ||||||
|
| |||||||
PHARMACEUTICALS—0.5% | ||||||||
Shire plc- ADR | 3,634 | 855,771 | ||||||
|
| |||||||
PROFESSIONAL SERVICES—0.4% | ||||||||
Experian plc | 3,191 | 53,955 | ||||||
Experian plc- ADR | 37,268 | 626,848 | ||||||
|
| |||||||
680,803 | ||||||||
|
| |||||||
1,942,910 | ||||||||
|
| |||||||
ISRAEL—0.4% | ||||||||
PHARMACEUTICALS—0.3% | ||||||||
Teva Pharmaceutical Industries Ltd.- ADR | 11,470 | 601,258 | ||||||
|
| |||||||
SOFTWARE—0.1% | ||||||||
Check Point Software Technologies Ltd.(a) | 2,576 | 172,669 | ||||||
|
| |||||||
773,927 | ||||||||
|
| |||||||
ITALY—2.0% | ||||||||
BANKS—0.4% | ||||||||
Intesa Sanpaolo SpA | 59,272 | 183,100 | ||||||
Intesa Sanpaolo SpA- ADR | 5,976 | 110,436 | ||||||
UniCredit SpA | 48,046 | 402,302 | ||||||
|
| |||||||
695,838 | ||||||||
|
| |||||||
ELECTRIC UTILITIES—0.1% | ||||||||
Enel SpA | 9,543 | 55,588 | ||||||
|
| |||||||
INSURANCE—0.2% | ||||||||
Assicurazioni Generali SpA | 16,056 | 351,988 | ||||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS—0.8% | ||||||||
ENI SpA- ADR | 25,247 | 1,386,060 | ||||||
|
| |||||||
TEXTILES, APPAREL & LUXURY GOODS—0.3% | ||||||||
Luxottica Group SpA- ADR | 10,151 | 588,352 | ||||||
|
| |||||||
TRANSPORTATION INFRASTRUCTURE—0.2% | ||||||||
Atlantia SpA | 13,863 | 395,218 | ||||||
|
| |||||||
3,473,044 | ||||||||
|
|
See accompanying notes to financial statements.
14
Schedule of Portfolio Investments, continued
Praxis International Index Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9%, continued |
| |||||||
JAPAN—14.4% | ||||||||
AUTO COMPONENTS—0.5% | ||||||||
Bridgestone Corp. | 4,656 | $ | 162,929 | |||||
Bridgestone Corp.- ADR | 16,204 | 282,533 | ||||||
Denso Corp. | 5,900 | 281,590 | ||||||
Denso Corp.- ADR | 6,048 | 144,426 | ||||||
|
| |||||||
871,478 | ||||||||
|
| |||||||
AUTOMOBILES—1.9% | ||||||||
Honda Motor Co. Ltd.- ADR | 24,950 | 873,000 | ||||||
Nissan Motor Co. Ltd.- ADR | 26,653 | 505,474 | ||||||
Toyota Motor Corp.- ADR | 17,148 | 2,051,930 | ||||||
|
| |||||||
3,430,404 | ||||||||
|
| |||||||
BANKS—1.7% | ||||||||
Mitsubishi UFJ Financial Group, Inc.- ADR | 188,606 | 1,159,927 | ||||||
Mizuho Financial Group, Inc.- ADR | 132,028 | 542,635 | ||||||
Sumitomo Mitsui Financial Group, Inc.- ADR | 135,650 | 1,148,955 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 2,980 | 13,620 | ||||||
Sumitomo Mitsui Trust Holdings, Inc.- ADR | 39,737 | 179,214 | ||||||
|
| |||||||
3,044,351 | ||||||||
|
| |||||||
BUILDING PRODUCTS—0.1% | ||||||||
Asahi Glass Co. Ltd. | 3,000 | 17,679 | ||||||
Asahi Glass Co. Ltd.- ADR | 21,219 | 122,858 | ||||||
|
| |||||||
140,537 | ||||||||
|
| |||||||
CAPITAL MARKETS—0.5% | ||||||||
Daiwa Securities Group, Inc. | 16,000 | 138,512 | ||||||
Daiwa Securities Group, Inc.- ADR | 49,678 | 429,218 | ||||||
Nomura Holdings, Inc.- ADR | 53,590 | 376,738 | ||||||
|
| |||||||
944,468 | ||||||||
|
| |||||||
CHEMICALS—0.3% | ||||||||
Nitto Denko Corp. | 500 | 23,429 | ||||||
Nitto Denko Corp.- ADR | 11,626 | 271,235 | ||||||
Shin-Etsu Chemical Co. Ltd. | 2,000 | 121,573 | ||||||
Sumitomo Chemical Co. Ltd. | 38,000 | 143,665 | ||||||
|
| |||||||
559,902 | ||||||||
|
| |||||||
COMMERCIAL SERVICES & SUPPLIES—0.3% | ||||||||
Dai Nippon Printing Co. Ltd. | 50,000 | 522,186 | ||||||
Dai Nippon Printing Co. Ltd.- ADR | 37 | 385 | ||||||
|
| |||||||
522,571 | ||||||||
|
| |||||||
CONSTRUCTION & ENGINEERING—0.4% | ||||||||
JGC Corp. | 9,000 | 273,451 | ||||||
Obayashi Corp. | 55,000 | 392,528 | ||||||
|
| |||||||
665,979 | ||||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES—0.3% | ||||||||
ORIX Corp. | 2,300 | 38,119 | ||||||
ORIX Corp.- ADR | 5,614 | 466,187 | ||||||
|
| |||||||
504,306 | ||||||||
|
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3% | ||||||||
Nippon Telegraph & Telephone Corp.- ADR | 15,032 | 469,149 | ||||||
|
| |||||||
ELECTRIC UTILITIES—0.2% | ||||||||
Chubu Electric Power Co., Inc.(a) | 12,600 | 156,590 | ||||||
Tohoku Electric Power Co., Inc. | 9,200 | 107,979 | ||||||
|
| |||||||
264,569 | ||||||||
|
|
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9%, continued |
| |||||||
JAPAN—14.4%, continued | ||||||||
ELECTRICAL EQUIPMENT—0.3% | ||||||||
Nidec Corp.- ADR | 30,872 | $ | 475,120 | |||||
|
| |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.7% | ||||||||
FUJIFILM Holdings Corp.- ADR | 11,626 | 324,598 | ||||||
Hitachi Ltd.- ADR | 3,461 | 254,003 | ||||||
Hoya Corp. | 9,500 | 315,651 | ||||||
Hoya Corp.- ADR | 1,734 | 57,759 | ||||||
Kyocera Corp. | 2,800 | 132,890 | ||||||
Kyocera Corp.- ADR | 3,162 | 150,448 | ||||||
Murata Manufacturing Co. Ltd. | 500 | 46,794 | ||||||
TDK Corp. | 200 | 9,378 | ||||||
TDK Corp.- ADR | 826 | 38,880 | ||||||
|
| |||||||
1,330,401 | ||||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SUPPLIES—0.2% | ||||||||
Terumo Corp. | 11,800 | 263,827 | ||||||
|
| |||||||
HOUSEHOLD DURABLES—0.7% | ||||||||
Panasonic Corp. | 10,700 | 130,337 | ||||||
Panasonic Corp.- ADR | 21,410 | 260,774 | ||||||
Sekisui House Ltd. | 8,000 | 109,689 | ||||||
Sekisui House Ltd.- ADR | 30,149 | 411,534 | ||||||
Sharp Corp.(a) | 10,000 | 32,081 | ||||||
Sharp Corp.- ADR | 17,095 | 54,020 | ||||||
Sony Corp.- ADR | 18,382 | 308,266 | ||||||
|
| |||||||
1,306,701 | ||||||||
|
| |||||||
INSURANCE—0.4% | ||||||||
MS&AD Insurance Group Holdings, Inc.- ADR | 34,266 | 412,220 | ||||||
Tokio Marine Holdings, Inc. | 2,000 | 65,781 | ||||||
Tokio Marine Holdings, Inc.- ADR | 7,354 | 243,050 | ||||||
|
| |||||||
721,051 | ||||||||
|
| |||||||
INTERNET & CATALOG RETAIL—0.1% | ||||||||
Rakuten, Inc. | 18,400 | 237,753 | ||||||
|
| |||||||
IT SERVICES—0.0%** | ||||||||
Fujitsu Ltd. | 2,000 | 14,984 | ||||||
Fujitsu Ltd.- ADR | 1,240 | 46,339 | ||||||
|
| |||||||
61,323 | ||||||||
|
| |||||||
MACHINERY—1.2% | ||||||||
FANUC Corp. | 400 | 68,980 | ||||||
FANUC Corp.- ADR | 22,452 | 646,842 | ||||||
Kubota Corp.- ADR | 7,847 | 557,568 | ||||||
Makita Corp. | 600 | 37,076 | ||||||
Makita Corp.- ADR | 4,936 | 305,637 | ||||||
SMC Corp. | 1,900 | 508,455 | ||||||
|
| |||||||
2,124,558 | ||||||||
|
| |||||||
MARINE—0.0%** | ||||||||
Nippon Yusen KK- ADR | 7,243 | 41,647 | ||||||
|
| |||||||
METALS & MINING—0.3% | ||||||||
Nippon Steel Corp. | 54,000 | 172,706 | ||||||
Sumitomo Metal Mining Co. Ltd. | 23,000 | 373,476 | ||||||
|
| |||||||
546,182 | ||||||||
|
| |||||||
PERSONAL PRODUCTS—0.3% | ||||||||
Kao Corp.- ADR | 7,463 | 295,311 | ||||||
Shiseido Co. Ltd. | 2,100 | 38,288 |
See accompanying notes to financial statements.
15
Schedule of Portfolio Investments, continued
Praxis International Index Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9%, continued |
| |||||||
JAPAN—14.4%, continued | ||||||||
PERSONAL PRODUCTS—0.3%, continued | ||||||||
Shiseido Co. Ltd.- ADR | 15,035 | $ | 273,787 | |||||
|
| |||||||
607,386 | ||||||||
|
| |||||||
PHARMACEUTICALS—0.6% | ||||||||
Astellas Pharma, Inc. | 13,000 | 170,801 | ||||||
Astellas Pharma, Inc.- ADR | 22,165 | 291,248 | ||||||
Daiichi Sankyo Co. Ltd. | 4,600 | 85,820 | ||||||
Daiichi Sankyo Co. Ltd.- ADR | 1,901 | 35,530 | ||||||
Takeda Pharmaceutical Co. Ltd. | 2,700 | 125,239 | ||||||
Takeda Pharmaceutical Co. Ltd.- ADR | 17,304 | 402,318 | ||||||
|
| |||||||
1,110,956 | ||||||||
|
| |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.8% | ||||||||
Daiwa House Industry Co. Ltd.- ADR | 1,547 | 321,161 | ||||||
Mitsubishi Estate Co. Ltd. | 7,000 | 172,815 | ||||||
Mitsubishi Estate Co. Ltd.- ADR | 8,499 | 210,265 | ||||||
Mitsui Fudosan Co. Ltd. | 11,000 | 370,920 | ||||||
Sumitomo Realty & Development Co. Ltd. | 6,000 | 257,460 | ||||||
|
| |||||||
1,332,621 | ||||||||
|
| |||||||
ROAD & RAIL—0.6% | ||||||||
Central Japan Railway Co. | 500 | 71,319 | ||||||
East Japan Railway Co. | 3,590 | 282,756 | ||||||
East Japan Railway Co.- ADR | 29,226 | 383,153 | ||||||
Keikyu Corp. | 37,000 | 332,363 | ||||||
|
| |||||||
1,069,591 | ||||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1% | ||||||||
Rohm Co. Ltd. | 700 | 40,146 | ||||||
Rohm Co. Ltd.- ADR | 2,660 | 76,369 | ||||||
|
| |||||||
116,515 | ||||||||
|
| |||||||
SOFTWARE—0.1% | ||||||||
Nintendo Co. Ltd.- ADR | 11,880 | 177,606 | ||||||
|
| |||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4% | ||||||||
Canon, Inc.- ADR | 15,149 | 496,130 | ||||||
Seiko Epson Corp. | 600 | 25,527 | ||||||
Seiko Epson Corp.- ADR | 5,156 | 109,480 | ||||||
|
| |||||||
631,137 | ||||||||
|
| |||||||
TEXTILES, APPAREL & LUXURY GOODS—0.2% | ||||||||
Wacoal Holdings Corp.- ADR | 5,242 | 285,899 | ||||||
|
| |||||||
TRADING COMPANIES & DISTRIBUTORS—0.3% | ||||||||
Mitsui & Co. Ltd.- ADR | 1,637 | 524,659 | ||||||
|
| |||||||
WIRELESS TELECOMMUNICATION SERVICES—0.6% | ||||||||
KDDI Corp.- ADR | 14,200 | 216,550 | ||||||
NTT DoCoMo, Inc.- ADR | 20,317 | 347,217 | ||||||
Softbank Corp. | 6,500 | 483,979 | ||||||
Softbank Corp.- ADR | 2,656 | 99,866 | ||||||
|
| |||||||
1,147,612 | ||||||||
|
| |||||||
25,530,259 | ||||||||
|
| |||||||
JERSEY—0.2% | ||||||||
METALS & MINING—0.2% | ||||||||
Randgold Resources Ltd.- ADR | 4,454 | 376,808 | ||||||
|
|
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9%, continued |
| |||||||
MEXICO—1.4% | ||||||||
BEVERAGES—0.2% | ||||||||
Coca-Cola Femsa SAB de CV- ADR | 3,164 | $ | 359,494 | |||||
|
| |||||||
CONSTRUCTION & ENGINEERING—0.1% | ||||||||
Empresas ICA SAB de CV- ADR(a) | 18,068 | 141,292 | ||||||
|
| |||||||
CONSTRUCTION MATERIALS—0.2% | ||||||||
Cemex SAB de CV- ADR(a) | 29,132 | 385,416 | ||||||
|
| |||||||
FOOD & STAPLES RETAILING—0.2% | ||||||||
Wal-Mart de Mexico SAB de CV- ADR | 11,112 | 296,579 | ||||||
|
| |||||||
MEDIA—0.2% | ||||||||
Grupo Televisa SAB- ADR | 11,081 | 380,189 | ||||||
|
| |||||||
METALS & MINING—0.1% | ||||||||
Fresnillo plc | 14,613 | 218,076 | ||||||
|
| |||||||
TRANSPORTATION INFRASTRUCTURE—0.2% | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV- ADR | 4,513 | 305,169 | ||||||
|
| |||||||
WIRELESS TELECOMMUNICATION SERVICES—0.2% | ||||||||
America Movil SAB de CV, Series L- ADR | 15,389 | 319,322 | ||||||
|
| |||||||
2,405,537 | ||||||||
|
| |||||||
NETHERLANDS—2.8% | ||||||||
CHEMICALS—0.2% | ||||||||
Akzo Nobel NV- ADR | 10,773 | 268,786 | ||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES—0.2% | ||||||||
ING Groep NV- ADR(a) | 29,422 | 412,497 | ||||||
|
| |||||||
FOOD & STAPLES RETAILING—0.3% | ||||||||
Koninklijke Ahold NV- ADR | 23,941 | 449,611 | ||||||
|
| |||||||
FOOD PRODUCTS—0.7% | ||||||||
Unilever NV—NY Registry Shares | 28,732 | 1,257,312 | ||||||
|
| |||||||
INDUSTRIAL CONGLOMERATES—0.6% | ||||||||
Koninklijke Philips NV—NY Registry Shares | 30,708 | 975,286 | ||||||
|
| |||||||
INSURANCE—0.1% | ||||||||
Aegon NV—NY Registry Shares | 23,208 | 203,534 | ||||||
|
| |||||||
LIFE SCIENCES TOOLS & SERVICES—0.2% | ||||||||
QIAGEN NV(a) | 16,784 | 410,369 | ||||||
|
| |||||||
MEDIA—0.1% | ||||||||
Wolters Kluwer NV | 954 | 28,242 | ||||||
Wolters Kluwer NV- ADR | 7,337 | 217,469 | ||||||
|
| |||||||
245,711 | ||||||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS—0.1% | ||||||||
Koninklijke Vopak NV | 2,532 | 123,774 | ||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.2% | ||||||||
ASML Holding NV—NY Registry Shares | 4,549 | 424,285 | ||||||
|
| |||||||
SOFTWARE—0.1% | ||||||||
Gemalto NV | 2,161 | 224,001 | ||||||
|
| |||||||
4,995,166 | ||||||||
|
| |||||||
NORWAY—0.9% | ||||||||
CHEMICALS—0.2% | ||||||||
Yara International ASA- ADR | 7,283 | 364,514 | ||||||
|
|
See accompanying notes to financial statements.
16
Schedule of Portfolio Investments, continued
Praxis International Index Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9%, continued |
| |||||||
NORWAY—0.9%, continued | ||||||||
METALS & MINING—0.1% | ||||||||
Norsk Hydro ASA | 13,975 | $ | 74,798 | |||||
Norsk Hydro ASA- ADR | 13,201 | 71,681 | ||||||
|
| |||||||
146,479 | ||||||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS—0.6% | ||||||||
Statoil ASA- ADR | 36,526 | 1,126,097 | ||||||
|
| |||||||
1,637,090 | ||||||||
|
| |||||||
PORTUGAL—0.1% | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.0%** | ||||||||
Portugal Telecom SGPS SA- ADR | 26,158 | 95,738 | ||||||
|
| |||||||
ELECTRIC UTILITIES—0.1% | ||||||||
EDP—Energias de Portugal SA | 20,520 | 102,952 | ||||||
EDP—Energias de Portugal SA- ADR | 1,231 | 61,673 | ||||||
|
| |||||||
164,625 | ||||||||
|
| |||||||
260,363 | ||||||||
|
| |||||||
RUSSIA—1.2% | ||||||||
MEDIA—0.2% | ||||||||
CTC Media, Inc. | 28,039 | 308,709 | ||||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS—0.6% | ||||||||
Gazprom OAO- ADR(a) | 65,501 | 570,841 | ||||||
Lukoil OAO- ADR | 9,123 | 545,738 | ||||||
|
| |||||||
1,116,579 | ||||||||
|
| |||||||
WIRELESS TELECOMMUNICATION SERVICES—0.4% | ||||||||
Mobile Telesystems OJSC- ADR | 37,298 | 736,263 | ||||||
|
| |||||||
2,161,551 | ||||||||
|
| |||||||
SINGAPORE—2.1% | ||||||||
BANKS—1.3% | ||||||||
DBS Group Holdings Ltd. | 10,656 | 143,145 | ||||||
DBS Group Holdings Ltd.- ADR | 18,371 | 991,116 | ||||||
United Overseas Bank Ltd. | 24,187 | 436,836 | ||||||
United Overseas Bank Ltd.- ADR | 22,014 | 796,687 | ||||||
|
| |||||||
2,367,784 | ||||||||
|
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3% | ||||||||
Singapore Telecommunications Ltd. | 71,000 | 219,223 | ||||||
Singapore Telecommunications Ltd.- ADR | 6,886 | 213,535 | ||||||
|
| |||||||
432,758 | ||||||||
|
| |||||||
INDUSTRIAL CONGLOMERATES—0.5% | ||||||||
Keppel Corp. Ltd. | 11,721 | 101,427 | ||||||
Keppel Corp. Ltd.- ADR | 49,775 | 860,610 | ||||||
|
| |||||||
962,037 | ||||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.0%** | ||||||||
Keppel REIT Management Ltd. REIT | 737 | 757 | ||||||
|
| |||||||
3,763,336 | ||||||||
|
| |||||||
SOUTH AFRICA—0.7% | ||||||||
BANKS—0.1% | ||||||||
Standard Bank Group Ltd.- ADR | 11,694 | 159,272 | ||||||
|
| |||||||
METALS & MINING—0.1% | ||||||||
Impala Platinum Holdings Ltd.- ADR | 15,171 | 151,407 | ||||||
|
|
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9%, continued |
| |||||||
SOUTH AFRICA—0.7%, continued | ||||||||
TRADING COMPANIES & DISTRIBUTORS—0.2% | ||||||||
Barloworld Ltd. | 45,286 | $ | 431,143 | |||||
|
| |||||||
WIRELESS TELECOMMUNICATION SERVICES—0.3% | ||||||||
MTN Group Ltd.- ADR | 22,849 | 484,399 | ||||||
|
| |||||||
1,226,221 | ||||||||
|
| |||||||
SOUTH KOREA—2.7% | ||||||||
BANKS—1.5% | ||||||||
KB Financial Group, Inc.- ADR | 33,114 | 1,151,043 | ||||||
Shinhan Financial Group Co. Ltd.- ADR | 25,553 | 1,171,861 | ||||||
Woori Finance Holdings Co. Ltd.- ADR(a) | 9,632 | 338,757 | ||||||
|
| |||||||
2,661,661 | ||||||||
|
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3% | ||||||||
KT Corp.- ADR | 38,311 | 580,028 | ||||||
|
| |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4% | ||||||||
LG Display Co. Ltd.- ADR(a) | 42,203 | 665,541 | ||||||
|
| |||||||
WIRELESS TELECOMMUNICATION SERVICES—0.5% | ||||||||
SK Telecom Co. Ltd.- ADR | 34,055 | 883,387 | ||||||
|
| |||||||
4,790,617 | ||||||||
|
| |||||||
SPAIN—2.5% | ||||||||
BANKS—1.1% | ||||||||
Banco Bilbao Vizcaya Argentaria SA- ADR | 64,435 | 822,835 | ||||||
Banco Santander SA- ADR | 116,415 | 1,213,044 | ||||||
|
| |||||||
2,035,879 | ||||||||
|
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3% | ||||||||
Telefonica SA- ADR | 32,722 | 561,510 | ||||||
|
| |||||||
ELECTRIC UTILITIES—0.3% | ||||||||
Iberdrola SA- ADR | 15,225 | 467,408 | ||||||
|
| |||||||
METALS & MINING—0.2% | ||||||||
Acerinox SA | 16,589 | 293,936 | ||||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS—0.3% | ||||||||
Repsol YPF SA- ADR | 23,386 | 619,729 | ||||||
|
| |||||||
SPECIALTY RETAIL—0.3% | ||||||||
Inditex SA | 3,528 | 542,992 | ||||||
|
| |||||||
4,521,454 | ||||||||
|
| |||||||
SWEDEN—2.7% | ||||||||
COMMUNICATIONS EQUIPMENT—0.3% | ||||||||
Telefonaktiebolaget LM Ericsson- ADR | 48,767 | 589,105 | ||||||
|
| |||||||
CONSTRUCTION & ENGINEERING—0.4% | ||||||||
Skanska AB, Class B | 37,142 | 847,731 | ||||||
|
| |||||||
HOUSEHOLD PRODUCTS—0.2% | ||||||||
Svenska Cellulosa AB SCA, Class B | 12,219 | 318,388 | ||||||
|
| |||||||
MACHINERY—1.1% | ||||||||
Alfa Laval AB | 23,419 | 603,565 | ||||||
Atlas Copco AB, Class A | 8,922 | 257,850 | ||||||
Atlas Copco AB, Class A- ADR | 18,292 | 531,749 | ||||||
Sandvik AB | 19,176 | 262,030 | ||||||
Sandvik AB- ADR | 20,116 | 275,589 | ||||||
|
| |||||||
1,930,783 | ||||||||
|
|
See accompanying notes to financial statements.
17
Schedule of Portfolio Investments, continued
Praxis International Index Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9%, continued |
| |||||||
SWEDEN—2.7%, continued | ||||||||
METALS & MINING—0.2% | ||||||||
Boliden AB | 22,985 | $ | 333,515 | |||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS—0.1% | ||||||||
Lundin Petroleum AB(a) | 7,186 | 145,408 | ||||||
|
| |||||||
SPECIALTY RETAIL—0.4% | ||||||||
Hennes & Mauritz AB (H&M), Class B | 3,195 | 139,629 | ||||||
Hennes & Mauritz AB- ADR | 65,360 | 568,632 | ||||||
|
| |||||||
708,261 | ||||||||
|
| |||||||
4,873,191 | ||||||||
|
| |||||||
SWITZERLAND—6.8% | ||||||||
CAPITAL MARKETS—1.0% | ||||||||
Credit Suisse Group AG- ADR(a) | 15,539 | 440,841 | ||||||
Julius Baer Group Ltd.(a) | 9,537 | 393,181 | ||||||
UBS AG(a) | 46,462 | 851,184 | ||||||
|
| |||||||
1,685,206 | ||||||||
|
| |||||||
CHEMICALS—0.7% | ||||||||
Syngenta AG- ADR | 15,780 | 1,180,344 | ||||||
|
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2% | ||||||||
Swisscom AG- ADR | 7,140 | 415,584 | ||||||
|
| |||||||
ELECTRICAL EQUIPMENT—0.7% | ||||||||
ABB Ltd.- ADR(a) | 52,187 | 1,201,345 | ||||||
|
| |||||||
FOOD PRODUCTS—0.1% | ||||||||
Barry Callebaut AG(a) | 110 | 149,470 | ||||||
|
| |||||||
INSURANCE—0.8% | ||||||||
Swiss Re AG(a) | 3,563 | 317,006 | ||||||
Zurich Insurance Group AG- ADR(a) | 38,640 | 1,163,064 | ||||||
|
| |||||||
1,480,070 | ||||||||
|
| |||||||
MACHINERY—0.1% | ||||||||
Schindler Holding AG | 1,587 | 239,267 | ||||||
|
| |||||||
PHARMACEUTICALS—2.8% | ||||||||
Novartis AG- ADR | 27,800 | 2,516,734 | ||||||
Roche Holding AG- ADR | 66,520 | 2,481,196 | ||||||
|
| |||||||
4,997,930 | ||||||||
|
| |||||||
PROFESSIONAL SERVICES—0.1% | ||||||||
Adecco SA(a) | 2,237 | 184,146 | ||||||
Adecco SA- ADR(a) | 1,206 | 49,591 | ||||||
|
| |||||||
233,737 | ||||||||
|
| |||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1% | ||||||||
Logitech International SA | 10,434 | 135,955 | ||||||
|
| |||||||
TRADING COMPANIES & DISTRIBUTORS—0.2% | ||||||||
Wolseley plc | 537 | 29,436 | ||||||
Wolseley plc- ADR | 63,056 | 344,916 | ||||||
|
| |||||||
374,352 | ||||||||
|
| |||||||
12,093,260 | ||||||||
|
| |||||||
TAIWAN—2.6% | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.5% | ||||||||
Chunghwa Telecom Co. Ltd.- ADR | 27,083 | 868,281 | ||||||
|
| |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1% | ||||||||
AU Optronics Corp.- ADR(a) | 36,833 | 154,330 | ||||||
|
|
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9%, continued |
| |||||||
TAIWAN—2.6%, continued | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.0% | ||||||||
Advanced Semiconductor Engineering, Inc.- ADR | 101,549 | $ | 660,069 | |||||
Siliconware Precision Industries Co.- ADR | 79,145 | 649,780 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd.- ADR | 84,657 | 1,810,813 | ||||||
United Microelectronics Corp.- ADR | 191,039 | 460,404 | ||||||
|
| |||||||
3,581,066 | ||||||||
|
| |||||||
4,603,677 | ||||||||
|
| |||||||
TURKEY—0.3% | ||||||||
BANKS—0.1% | ||||||||
Turkiye Garanti Bankasi AS- ADR | 59,610 | 235,459 | ||||||
|
| |||||||
WIRELESS TELECOMMUNICATION SERVICES—0.2% | ||||||||
Turkcell Iletisim Hizmetleri AS- ADR(a) | 22,886 | 357,022 | ||||||
|
| |||||||
592,481 | ||||||||
|
| |||||||
UNITED KINGDOM—12.9% | ||||||||
BANKS—2.0% | ||||||||
Barclays plc- ADR | 29,605 | 432,529 | ||||||
HSBC Holdings plc- ADR | 37,694 | 1,914,855 | ||||||
Lloyds Banking Group plc- ADR(a) | 112,371 | 577,587 | ||||||
Standard Chartered plc | 26,352 | 538,480 | ||||||
|
| |||||||
3,463,451 | ||||||||
|
| |||||||
CAPITAL MARKETS—0.0%** | ||||||||
Man Group plc | 3,940 | 7,094 | ||||||
Man Group plc- ADR | 7,608 | 13,685 | ||||||
|
| |||||||
20,779 | ||||||||
|
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3% | ||||||||
BT Group plc- ADR | 8,434 | 553,524 | ||||||
|
| |||||||
ELECTRIC UTILITIES—0.4% | ||||||||
SSE plc | 2,983 | 79,997 | ||||||
SSE plc- ADR | 26,274 | 711,763 | ||||||
|
| |||||||
791,760 | ||||||||
|
| |||||||
ENERGY EQUIPMENT & SERVICES—0.4% | ||||||||
AMEC plc | 26,726 | 555,727 | ||||||
Subsea 7 SA | 2,434 | 45,396 | ||||||
Subsea 7 SA- ADR | 3,305 | 61,803 | ||||||
|
| |||||||
662,926 | ||||||||
|
| |||||||
FOOD & STAPLES RETAILING—0.5% | ||||||||
J Sainsbury plc | 4,806 | 25,950 | ||||||
J Sainsbury plc- ADR | 18,741 | 410,803 | ||||||
Tesco plc- ADR | 17,883 | 261,986 | ||||||
WM Morrison Supermarkets plc | 29,374 | 92,196 | ||||||
WM Morrison Supermarkets plc- ADR | 8,054 | 127,414 | ||||||
|
| |||||||
918,349 | ||||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SUPPLIES—0.4% | ||||||||
Smith & Nephew plc | 4,232 | 75,251 | ||||||
Smith & Nephew plc- ADR | 6,874 | 613,711 | ||||||
|
| |||||||
688,962 | ||||||||
|
| |||||||
HOTELS, RESTAURANTS & LEISURE—0.8% | ||||||||
Compass Group plc | 2,388 | 41,563 | ||||||
Compass Group plc- ADR | 50,014 | 885,748 |
See accompanying notes to financial statements.
18
Schedule of Portfolio Investments, continued
Praxis International Index Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9%, continued |
| |||||||
UNITED KINGDOM—12.9%, continued | ||||||||
HOTELS, RESTAURANTS & LEISURE—0.8%, continued | ||||||||
InterContinental Hotels Group plc- ADR | 12,377 | $ | 513,769 | |||||
|
| |||||||
1,441,080 | ||||||||
|
| |||||||
HOUSEHOLD PRODUCTS—0.6% | ||||||||
Reckitt Benckiser Group plc | 3,212 | 280,348 | ||||||
Reckitt Benckiser Group plc- ADR | 49,075 | 858,812 | ||||||
|
| |||||||
1,139,160 | ||||||||
|
| |||||||
INSURANCE—0.8% | ||||||||
Aviva plc | 30,794 | 269,038 | ||||||
Aviva plc- ADR | 6,116 | 107,642 | ||||||
Prudential plc- ADR | 22,297 | 1,022,986 | ||||||
|
| |||||||
1,399,666 | ||||||||
|
| |||||||
MEDIA—1.2% | ||||||||
British Sky Broadcasting Group plc | 3,176 | 49,136 | ||||||
British Sky Broadcasting Group plc- ADR | 6,005 | 376,514 | ||||||
Pearson plc- ADR | 23,760 | 470,686 | ||||||
Reed Elsevier plc- ADR | 7,992 | 517,002 | ||||||
WPP plc- ADR | 6,767 | 737,535 | ||||||
|
| |||||||
2,150,873 | ||||||||
|
| |||||||
METALS & MINING—0.6% | ||||||||
Antofagasta plc | 3,335 | 43,548 | ||||||
Antofagasta plc- ADR | 3,393 | 88,863 | ||||||
BHP Billiton plc | 30,582 | 988,927 | ||||||
|
| |||||||
1,121,338 | ||||||||
|
| |||||||
MULTILINE RETAIL—0.3% | ||||||||
Marks & Spencer Group plc | 10,719 | 78,001 | ||||||
Marks & Spencer Group plc- ADR | 17,019 | 247,116 | ||||||
Next plc | 1,607 | 178,076 | ||||||
|
| |||||||
503,193 | ||||||||
|
| |||||||
MULTI-UTILITIES—0.8% | ||||||||
National Grid plc- ADR | 18,075 | 1,344,419 | ||||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS—0.6% | ||||||||
BG Group plc | 6,208 | 131,211 | ||||||
BG Group plc- ADR | 37,740 | 805,749 | ||||||
Tullow Oil plc | 6,601 | 96,420 | ||||||
Tullow Oil plc- ADR | 15,976 | 116,465 | ||||||
|
| |||||||
1,149,845 | ||||||||
|
| |||||||
PHARMACEUTICALS—1.5% | ||||||||
AstraZeneca plc- ADR | 15,840 | 1,177,070 | ||||||
GlaxoSmithKline plc- ADR | 27,908 | 1,492,520 | ||||||
|
| |||||||
2,669,590 | ||||||||
|
| |||||||
PROFESSIONAL SERVICES—0.1% | ||||||||
Capita plc | 12,030 | 235,734 | ||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.2% | ||||||||
Land Securities Group plc REIT | 16,051 | 284,586 | ||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.2% | ||||||||
ARM Holdings plc- ADR | 8,551 | 386,847 | ||||||
|
| |||||||
SOFTWARE—0.2% | ||||||||
Sage Group plc | 33,781 | 222,059 | ||||||
Sage Group plc- ADR | 2,320 | 60,807 | ||||||
|
| |||||||
282,866 | ||||||||
|
|
PRINCIPAL SHARES | FAIR VALUE | |||||||
COMMON STOCKS—97.9%, continued |
| |||||||
UNITED KINGDOM—12.9%, continued | ||||||||
SPECIALTY RETAIL—0.2% | ||||||||
Kingfisher plc- ADR | 29,151 | $ | 357,974 | |||||
|
| |||||||
WATER UTILITIES—0.4% | ||||||||
Severn Trent plc | 6,683 | 220,968 | ||||||
United Utilities Group plc | 2,386 | 36,016 | ||||||
United Utilities Group plc- ADR | 12,883 | 388,938 | ||||||
|
| |||||||
645,922 | ||||||||
|
| |||||||
WIRELESS TELECOMMUNICATION SERVICES—0.4% | ||||||||
Vodafone Group plc- ADR | 22,996 | 767,837 | ||||||
|
| |||||||
22,980,681 | ||||||||
|
| |||||||
UNITED STATES—0.6% | ||||||||
HEALTH CARE PROVIDERS & SERVICES—0.1% | ||||||||
Catamaran Corp.(a) | 3,636 | 160,566 | ||||||
|
| |||||||
HOTELS, RESTAURANTS & LEISURE—0.1% | ||||||||
Carnival plc- ADR | 4,671 | 177,265 | ||||||
|
| |||||||
MEDIA—0.1% | ||||||||
Thomson Reuters Corp. | 5,573 | 202,634 | ||||||
|
| |||||||
METALS & MINING—0.1% | ||||||||
Sims Metal Management Ltd.- ADR(a) | 21,356 | 193,699 | ||||||
|
| |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2% | ||||||||
Brookfield Property Partners LP | 13,975 | 291,658 | ||||||
|
| |||||||
1,025,822 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 174,112,696 | |||||||
|
| |||||||
PREFERRED STOCKS—0.4% | ||||||||
BRAZIL—0.4% | ||||||||
BANKS—0.2% | ||||||||
Itau Unibanco Holding SA- ADR | 28,574 | 410,894 | ||||||
|
| |||||||
FOOD & STAPLES RETAILING—0.2% | ||||||||
Cia Brasileira de Distribuicao- ADR | 5,510 | 255,278 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 666,172 | |||||||
|
| |||||||
RIGHT—0.0%** | ||||||||
SPAIN—0.0%** | ||||||||
Acerinox SA, expiring 7/8/14(a) | 16,589 | 10,063 | ||||||
|
| |||||||
WARRANT—0.0%** | ||||||||
HONG KONG—0.0%** | ||||||||
Sun Hung Kai Properties Ltd., expiring 4/22/16 (a) | 916 | 1,196 | ||||||
|
| |||||||
CORPORATE NOTES—0.9% | ||||||||
COMMUNITY DEVELOPMENT—0.9% | ||||||||
Everence Community Investment, Inc., 1.00%, 12/15/15+(b) | $ | 343,000 | 343,178 | |||||
Everence Community Investment, Inc., 1.50%, 12/15/14+(b) | 606,000 | 607,545 | ||||||
Everence Community Investment, Inc., 1.50%, 12/15/16+(b) | 656,000 | 659,597 | ||||||
|
| |||||||
TOTAL CORPORATE NOTES | 1,610,320 | |||||||
|
| |||||||
TOTAL INVESTMENTS (Cost* $144,885,962—Unrealized gain/loss $31,514,485)—99.2% |
| $ | 176,400,447 | |||||
Other assets in excess of liabilities—0.8% |
| 1,391,911 | ||||||
|
| |||||||
NET ASSETS—100% | $ | 177,792,358 | ||||||
|
|
See accompanying notes to financial statements.
19
Schedule of Portfolio Investments, continued
Praxis International Index Fund | ||
June 30, 2014 (unaudited) |
+ | Variable rate security. Rates presented are the rates in effect at June 30, 2014. |
(a) | Non-income producing securities. |
(b) | Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been fair valued by the Pricing Committee and have been deemed illiquid under guidelines established by the Board of Trustees: |
Security | Yield | Maturity Date | Principal Amount | Cost | Acquisition Date | |||||||||||||||
Everence Community |
| |||||||||||||||||||
1.00 | % | 12/15/2015 | $ | 343,000 | $ | 343,000 | 12/13/2012 | |||||||||||||
1.50 | 12/15/2014 | 256,000 | 256,000 | 3/22/2012 | ||||||||||||||||
1.50 | 12/15/2014 | 350,000 | 350,000 | 8/29/2012 | ||||||||||||||||
1.50 | 12/15/2016 | 656,000 | 656,000 | 12/13/2013 |
At June 30, 2014, these securities had an aggregate market value of $1,610,320, representing 0.9% of net assets.
* | Represents cost for financial reporting purposes. |
** | Amount rounds to less than 0.1%. |
ADR | — | American Depositary Receipt | ||
plc | — | Public Liability Company | ||
REIT | — | Real Estate Investment Trust |
See accompanying notes to financial statements.
20
Schedule of Portfolio Investments
Praxis Value Index Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—98.9% | ||||||||
AIR FREIGHT & LOGISTICS—0.8% | ||||||||
C. H. Robinson Worldwide, Inc. | 2,912 | $ | 185,757 | |||||
FedEx Corp. | 3,106 | 470,186 | ||||||
United Parcel Service, Inc., Class B | 3,464 | 355,614 | ||||||
|
| |||||||
1,011,557 | ||||||||
|
| |||||||
AUTO COMPONENTS—0.1% | ||||||||
Johnson Controls, Inc. | 2,111 | 105,402 | ||||||
|
| |||||||
AUTOMOBILES—1.7% | ||||||||
Ford Motor Co. | 70,233 | 1,210,817 | ||||||
General Motors Co. | 23,100 | 838,530 | ||||||
|
| |||||||
2,049,347 | ||||||||
|
| |||||||
BANKS—10.8% | ||||||||
Bank of America Corp. | 153,220 | 2,354,991 | ||||||
BB&T Corp. | 13,054 | 514,719 | ||||||
Citigroup, Inc. | 25,146 | 1,184,377 | ||||||
Comerica, Inc. | 4,021 | 201,693 | ||||||
Huntington Bancshares, Inc. | 6,364 | 60,713 | ||||||
JPMorgan Chase & Co. | 55,892 | 3,220,497 | ||||||
KeyCorp | 9,408 | 134,817 | ||||||
M&T Bank Corp. | 1,286 | 159,528 | ||||||
PNC Financial Services Group, Inc. | 7,721 | 687,555 | ||||||
SunTrust Banks, Inc. | 6,766 | 271,046 | ||||||
U.S. Bancorp | 11,287 | 488,953 | ||||||
Wells Fargo & Co. | 70,819 | 3,722,247 | ||||||
Zions Bancorp | 4,400 | 129,668 | ||||||
|
| |||||||
13,130,804 | ||||||||
|
| |||||||
BEVERAGES—2.0% | ||||||||
Coca-Cola Co. | 29,710 | 1,258,516 | ||||||
Coca-Cola Enterprises, Inc. | 4,031 | 192,601 | ||||||
PepsiCo, Inc. | 10,879 | 971,930 | ||||||
|
| |||||||
2,423,047 | ||||||||
|
| |||||||
BIOTECHNOLOGY—0.1% | ||||||||
Amgen, Inc. | 1,504 | 178,028 | ||||||
|
| |||||||
BUILDING PRODUCTS—0.1% | ||||||||
Allegion plc | 1,788 | 101,344 | ||||||
|
| |||||||
CAPITAL MARKETS—2.9% | ||||||||
Ameriprise Financial, Inc. | 1,806 | 216,720 | ||||||
Bank of New York Mellon Corp. | 14,064 | 527,119 | ||||||
BlackRock, Inc. | 932 | 297,867 | ||||||
Goldman Sachs Group, Inc. | 6,557 | 1,097,904 | ||||||
Invesco Ltd. | 4,702 | 177,500 | ||||||
Morgan Stanley | 22,811 | 737,480 | ||||||
Northern Trust Corp. | 3,977 | 255,363 | ||||||
State Street Corp. | 2,400 | 161,424 | ||||||
|
| |||||||
3,471,377 | ||||||||
|
| |||||||
CHEMICALS—2.2% | ||||||||
Air Products & Chemicals, Inc. | 5,817 | 748,183 | ||||||
E.I. du Pont de Nemours & Co. | 15,069 | 986,115 | ||||||
Ecolab, Inc. | 1,616 | 179,926 | ||||||
Mosaic Co. | 4,920 | 243,294 | ||||||
Praxair, Inc. | 4,186 | 556,068 | ||||||
|
| |||||||
2,713,586 | ||||||||
|
|
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—98.9%, continued | ||||||||
COMMERCIAL SERVICES & SUPPLIES—1.0% | ||||||||
ADT Corp. | 5,046 | $ | 176,307 | |||||
Tyco International Ltd. | 10,821 | 493,438 | ||||||
Waste Management, Inc. | 11,586 | 518,242 | ||||||
|
| |||||||
1,187,987 | ||||||||
|
| |||||||
COMMUNICATIONS EQUIPMENT—1.7% | ||||||||
Cisco Systems, Inc. | 75,985 | 1,888,227 | ||||||
Motorola Solutions, Inc. | 2,965 | 197,380 | ||||||
|
| |||||||
2,085,607 | ||||||||
|
| |||||||
CONSTRUCTION MATERIALS—0.2% | ||||||||
Vulcan Materials Co. | 3,272 | 208,590 | ||||||
|
| |||||||
CONSUMER FINANCE—0.9% | ||||||||
American Express Co. | 2,374 | 225,221 | ||||||
Capital One Financial Corp. | 9,400 | 776,440 | ||||||
Navient Corp. | 5,903 | 104,542 | ||||||
SLM Corp. | 4,383 | 36,423 | ||||||
|
| |||||||
1,142,626 | ||||||||
|
| |||||||
CONTAINERS & PACKAGING—0.5% | ||||||||
Avery Dennison Corp. | 3,846 | 197,107 | ||||||
Ball Corp. | 4,084 | 255,985 | ||||||
Owens-Illinois, Inc.(a) | 3,065 | 106,172 | ||||||
|
| |||||||
559,264 | ||||||||
|
| |||||||
DIVERSIFIED CONSUMER SERVICES—0.2% | ||||||||
H&R Block, Inc. | 6,094 | 204,271 | ||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES—3.4% | ||||||||
Berkshire Hathaway, Inc., Class B(a) | 27,382 | 3,465,466 | ||||||
CME Group, Inc. | 5,240 | 371,778 | ||||||
McGraw Hill Financial, Inc. | 3,488 | 289,609 | ||||||
|
| |||||||
4,126,853 | ||||||||
|
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—4.4% | ||||||||
AT&T, Inc. | 86,318 | 3,052,204 | ||||||
CenturyLink, Inc. | 10,818 | 391,612 | ||||||
Frontier Communications Corp. | 32,028 | 187,044 | ||||||
Verizon Communications, Inc. | 31,430 | 1,537,870 | ||||||
Windstream Holdings, Inc. | 14,690 | 146,312 | ||||||
|
| |||||||
5,315,042 | ||||||||
|
| |||||||
ELECTRIC UTILITIES—3.6% | ||||||||
American Electric Power Co., Inc. | 3,730 | 208,022 | ||||||
Duke Energy Corp. | 14,124 | 1,047,860 | ||||||
Edison International | 5,917 | 343,837 | ||||||
NextEra Energy, Inc. | 8,265 | 846,997 | ||||||
Pepco Holdings, Inc. | 2,099 | 57,680 | ||||||
PPL Corp. | 14,801 | 525,880 | ||||||
Southern Co. | 24,911 | 1,130,461 | ||||||
Xcel Energy, Inc. | 8,784 | 283,108 | ||||||
|
| |||||||
4,443,845 | ||||||||
|
| |||||||
ELECTRICAL EQUIPMENT—0.6% | ||||||||
Eaton Corp. plc | 3,190 | 246,204 | ||||||
Emerson Electric Co. | 7,364 | 488,675 | ||||||
|
| |||||||
734,879 | ||||||||
|
|
See accompanying notes to financial statements.
21
Schedule of Portfolio Investments, continued
Praxis Value Index Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—98.9%, continued |
| |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.9% | ||||||||
Corning, Inc. | 35,156 | $ | 771,674 | |||||
Jabil Circuit, Inc. | 9,905 | 207,014 | ||||||
TE Connectivity Ltd. | 1,996 | 123,433 | ||||||
|
| |||||||
1,102,121 | ||||||||
|
| |||||||
ENERGY EQUIPMENT & SERVICES—1.7% | ||||||||
Baker Hughes, Inc. | 2,000 | 148,900 | ||||||
Cameron International Corp.(a) | 4,198 | 284,247 | ||||||
Diamond Offshore Drilling, Inc. | 2,733 | 135,639 | ||||||
Ensco plc, Class A | 4,030 | 223,947 | ||||||
Nabors Industries Ltd. | 4,796 | 140,858 | ||||||
National Oilwell Varco, Inc. | 5,916 | 487,183 | ||||||
Noble Corp. plc | 5,821 | 195,353 | ||||||
Rowan Cos. plc, Class A | 5,585 | 178,329 | ||||||
Transocean Ltd. | 4,770 | 214,793 | ||||||
|
| |||||||
2,009,249 | ||||||||
|
| |||||||
FOOD & STAPLES RETAILING—4.9% | ||||||||
Costco Wholesale Corp. | 6,540 | 753,146 | ||||||
CVS Caremark Corp. | 19,593 | 1,476,724 | ||||||
Kroger Co. | 11,522 | 569,533 | ||||||
Safeway, Inc. | 3,077 | 105,664 | ||||||
Sysco Corp. | 10,383 | 388,843 | ||||||
Walgreen Co. | 8,566 | 634,998 | ||||||
Wal-Mart Stores, Inc. | 26,700 | 2,004,369 | ||||||
|
| |||||||
5,933,277 | ||||||||
|
| |||||||
FOOD PRODUCTS—3.0% | ||||||||
Archer-Daniels-Midland Co. | 7,850 | 346,263 | ||||||
Campbell Soup Co. | 5,016 | 229,783 | ||||||
ConAgra Foods, Inc. | 6,460 | 191,733 | ||||||
General Mills, Inc. | 8,384 | 440,495 | ||||||
Hormel Foods Corp. | 5,131 | 253,215 | ||||||
Kellogg Co. | 3,959 | 260,106 | ||||||
Kraft Foods Group, Inc. | 10,350 | 620,483 | ||||||
Mondelez International, Inc., Class A | 34,482 | 1,296,868 | ||||||
|
| |||||||
3,638,946 | ||||||||
|
| |||||||
GAS UTILITIES—0.3% | ||||||||
AGL Resources, Inc. | 7,240 | 398,417 | ||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SUPPLIES—0.8% | ||||||||
Baxter International, Inc. | 2,140 | 154,722 | ||||||
Medtronic, Inc. | 12,551 | 800,252 | ||||||
|
| |||||||
954,974 | ||||||||
|
| |||||||
HEALTH CARE PROVIDERS & SERVICES—3.4% | ||||||||
Aetna, Inc. | 6,449 | 522,885 | ||||||
Cigna Corp. | 1,255 | 115,422 | ||||||
Express Scripts Holding Co.(a) | 10,107 | 700,718 | ||||||
Humana, Inc. | 3,560 | 454,683 | ||||||
McKesson Corp. | 1,664 | 309,854 | ||||||
UnitedHealth Group, Inc. | 16,767 | 1,370,702 | ||||||
WellPoint, Inc. | 5,655 | 608,535 | ||||||
|
| |||||||
4,082,799 | ||||||||
|
| |||||||
HOTELS, RESTAURANTS & LEISURE—1.6% | ||||||||
Carnival Corp. | 8,393 | 315,997 | ||||||
Marriott International, Inc., Class A | 2,660 | 170,506 |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—98.9%, continued |
| |||||||
HOTELS, RESTAURANTS & LEISURE—1.6%, continued | ||||||||
McDonald’s Corp. | 11,860 | $ | 1,194,776 | |||||
Starwood Hotels & Resorts Worldwide, Inc. | 1,776 | 143,536 | ||||||
Wyndham Worldwide Corp. | 1,251 | 94,726 | ||||||
|
| |||||||
1,919,541 | ||||||||
|
| |||||||
HOUSEHOLD DURABLES—0.5% | ||||||||
D.R. Horton, Inc. | 8,224 | 202,146 | ||||||
Newell Rubbermaid, Inc. | 6,507 | 201,652 | ||||||
Whirlpool Corp. | 1,522 | 211,893 | ||||||
|
| |||||||
615,691 | ||||||||
|
| |||||||
HOUSEHOLD PRODUCTS—1.6% | ||||||||
Colgate-Palmolive Co. | 4,598 | 313,491 | ||||||
Procter & Gamble Co. | 20,308 | 1,596,006 | ||||||
|
| |||||||
1,909,497 | ||||||||
|
| |||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.4% | ||||||||
AES Corp. | 11,874 | 184,641 | ||||||
NRG Energy, Inc. | 6,736 | 250,579 | ||||||
|
| |||||||
435,220 | ||||||||
|
| |||||||
INDUSTRIAL CONGLOMERATES—0.6% | ||||||||
3M Co. | 4,825 | 691,133 | ||||||
|
| |||||||
INSURANCE—4.7% | ||||||||
ACE Ltd. | 4,420 | 458,354 | ||||||
Aflac, Inc. | 6,810 | 423,923 | ||||||
Allstate Corp. | 8,739 | 513,154 | ||||||
American International Group, Inc. | 21,857 | 1,192,955 | ||||||
Aon plc | 2,267 | 204,234 | ||||||
Assurant, Inc. | 2,924 | 191,668 | ||||||
Chubb Corp. | 3,750 | 345,638 | ||||||
Cincinnati Financial Corp. | 2,512 | 120,676 | ||||||
Hartford Financial Services Group, Inc. | 4,990 | 178,692 | ||||||
Loews Corp. | 3,484 | 153,331 | ||||||
Marsh & McLennan Cos., Inc. | 5,930 | 307,293 | ||||||
MetLife, Inc. | 18,363 | 1,020,248 | ||||||
Progressive Corp. | 4,933 | 125,101 | ||||||
Travelers Cos., Inc. | 5,533 | 520,489 | ||||||
|
| |||||||
5,755,756 | ||||||||
|
| |||||||
INTERNET SOFTWARE & SERVICES—0.2% | ||||||||
eBay, Inc.(a) | 5,038 | 252,202 | ||||||
|
| |||||||
IT SERVICES—2.3% | ||||||||
Accenture plc, Class A | 4,238 | 342,600 | ||||||
Blackhawk Network Holdings, Inc., Class B(a) | 505 | 13,559 | ||||||
Fidelity National Information Services, Inc. | 3,862 | 211,406 | ||||||
International Business Machines Corp. | 9,352 | 1,695,237 | ||||||
Paychex, Inc. | 3,684 | 153,107 | ||||||
Western Union Co. | 10,989 | 190,549 | ||||||
Xerox Corp. | 15,601 | 194,077 | ||||||
|
| |||||||
2,800,535 | ||||||||
|
| |||||||
LIFE SCIENCES TOOLS & SERVICES—0.1% | ||||||||
Thermo Fisher Scientific, Inc. | 1,204 | 142,072 | ||||||
|
| |||||||
MACHINERY—2.9% | ||||||||
Deere & Co. | 9,107 | 824,639 | ||||||
Dover Corp. | 3,483 | 316,779 |
See accompanying notes to financial statements.
22
Schedule of Portfolio Investments, continued
Praxis Value Index Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—98.9%, continued |
| |||||||
MACHINERY—2.9%, continued | ||||||||
Illinois Tool Works, Inc. | 3,805 | $ | 333,166 | |||||
Ingersoll-Rand plc | 5,365 | 335,366 | ||||||
Joy Global, Inc. | 1,970 | 121,312 | ||||||
PACCAR, Inc. | 3,666 | 230,335 | ||||||
Parker Hannifin Corp. | 3,757 | 472,367 | ||||||
Pentair plc | 3,600 | 259,632 | ||||||
Stanley Black & Decker, Inc. | 2,540 | 223,063 | ||||||
Xylem, Inc. | 10,598 | 414,170 | ||||||
|
| |||||||
3,530,829 | ||||||||
|
| |||||||
MEDIA—2.0% | ||||||||
Comcast Corp., Class A | 4,325 | 232,166 | ||||||
Omnicom Group, Inc. | 2,019 | 143,793 | ||||||
Time Warner Cable, Inc. | 1,227 | 180,737 | ||||||
Time Warner, Inc. | 6,432 | 451,848 | ||||||
Time, Inc.(a) | 804 | 19,473 | ||||||
Viacom, Inc., Class B | 3,931 | 340,936 | ||||||
Walt Disney Co. | 11,967 | 1,026,050 | ||||||
|
| |||||||
2,395,003 | ||||||||
|
| |||||||
METALS & MINING—0.7% | ||||||||
Newmont Mining Corp. | 12,040 | 306,298 | ||||||
Nucor Corp. | 9,290 | 457,532 | ||||||
United States Steel Corp. | 3,907 | 101,738 | ||||||
|
| |||||||
865,568 | ||||||||
|
| |||||||
MULTILINE RETAIL—0.8% | ||||||||
Macy’s, Inc. | 6,103 | 354,096 | ||||||
Target Corp. | 11,166 | 647,070 | ||||||
|
| |||||||
1,001,166 | ||||||||
|
| |||||||
MULTI-UTILITIES—1.7% | ||||||||
CenterPoint Energy, Inc. | 9,131 | 233,206 | ||||||
Consolidated Edison, Inc. | 9,561 | 552,052 | ||||||
DTE Energy Co. | 3,270 | 254,635 | ||||||
NiSource, Inc. | 4,934 | 194,104 | ||||||
PG&E Corp. | 5,320 | 255,466 | ||||||
SCANA Corp. | 4,988 | 268,404 | ||||||
Sempra Energy | 2,723 | 285,125 | ||||||
|
| |||||||
2,042,992 | ||||||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS—12.0% | ||||||||
Anadarko Petroleum Corp. | 1,350 | 147,784 | ||||||
Apache Corp. | 9,988 | 1,004,993 | ||||||
Chesapeake Energy Corp. | 4,157 | 129,200 | ||||||
ConocoPhillips | 33,767 | 2,894,845 | ||||||
Denbury Resources, Inc. | 11,999 | 221,502 | ||||||
Devon Energy Corp. | 10,065 | 799,161 | ||||||
EQT Corp. | 1,308 | 139,825 | ||||||
Hess Corp. | 11,640 | 1,151,080 | ||||||
Kinder Morgan, Inc. | 14,521 | 526,531 | ||||||
Marathon Oil Corp. | 23,566 | 940,755 | ||||||
Marathon Petroleum Corp. | 3,978 | 310,562 | ||||||
Murphy Oil Corp. | 10,196 | 677,830 | ||||||
Noble Energy, Inc. | 4,958 | 384,047 | ||||||
Occidental Petroleum Corp. | 11,810 | 1,212,060 | ||||||
ONEOK, Inc. | 7,415 | 504,813 | ||||||
Phillips 66 | 11,344 | 912,398 |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—98.9%, continued |
| |||||||
OIL, GAS & CONSUMABLE FUELS—12.0%, continued | ||||||||
QEP Resources, Inc. | 6,218 | $ | 214,521 | |||||
Southwestern Energy Co.(a) | 6,594 | 299,961 | ||||||
Spectra Energy Corp. | 27,629 | 1,173,680 | ||||||
Valero Energy Corp. | 10,459 | 523,996 | ||||||
Williams Cos., Inc. | 7,991 | 465,156 | ||||||
|
| |||||||
14,634,700 | ||||||||
|
| |||||||
PAPER & FOREST PRODUCTS—0.2% | ||||||||
International Paper Co. | 5,781 | 291,767 | ||||||
|
| |||||||
PERSONAL PRODUCTS—0.2% | ||||||||
Avon Products, Inc. | 11,182 | 163,369 | ||||||
Estee Lauder Cos., Inc., Class A | 1,570 | 116,588 | ||||||
|
| |||||||
279,957 | ||||||||
|
| |||||||
PHARMACEUTICALS—5.6% | ||||||||
AbbVie, Inc. | 6,888 | 388,759 | ||||||
Bristol-Myers Squibb Co. | 12,729 | 617,484 | ||||||
Eli Lilly & Co. | 20,927 | 1,301,032 | ||||||
Forest Laboratories, Inc.(a) | 1,495 | 148,005 | ||||||
Hospira, Inc.(a) | 2,583 | 132,689 | ||||||
Johnson & Johnson | 26,241 | 2,745,333 | ||||||
Merck & Co., Inc. | 25,311 | 1,464,241 | ||||||
|
| |||||||
6,797,543 | ||||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.4% | ||||||||
Equity Residential | 3,691 | 232,533 | ||||||
General Growth Properties, Inc. | 5,250 | 123,690 | ||||||
HCP, Inc. | 4,327 | 179,051 | ||||||
Host Hotels & Resorts, Inc. | 5,618 | 123,652 | ||||||
Plum Creek Timber Co., Inc. | 2,980 | 134,398 | ||||||
Prologis, Inc. | 4,597 | 188,891 | ||||||
Simon Property Group, Inc. | 2,569 | 427,173 | ||||||
Vornado Realty Trust | 1,493 | 159,348 | ||||||
Washington Prime Group, Inc.(a) | 1,284 | 24,062 | ||||||
Weyerhaeuser Co. | 3,419 | 113,135 | ||||||
|
| |||||||
1,705,933 | ||||||||
|
| |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.1% | ||||||||
CBRE Group, Inc., Class A(a) | 5,299 | 169,780 | ||||||
|
| |||||||
ROAD & RAIL—0.7% | ||||||||
CSX Corp. | 16,936 | 521,798 | ||||||
Norfolk Southern Corp. | 1,835 | 189,060 | ||||||
Ryder System, Inc. | 1,959 | 172,569 | ||||||
|
| |||||||
883,427 | ||||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.6% | ||||||||
Analog Devices, Inc. | 6,343 | 342,966 | ||||||
Applied Materials, Inc. | 15,187 | 342,467 | ||||||
Broadcom Corp., Class A | 3,700 | 137,344 | ||||||
Intel Corp. | 73,958 | 2,285,302 | ||||||
NVIDIA Corp. | 5,508 | 102,118 | ||||||
|
| |||||||
3,210,197 | ||||||||
|
| |||||||
SOFTWARE—1.8% | ||||||||
Adobe Systems, Inc.(a) | 1,819 | 131,623 | ||||||
Autodesk, Inc.(a) | 2,660 | 149,971 | ||||||
CA, Inc. | 7,512 | 215,895 |
See accompanying notes to financial statements.
23
Schedule of Portfolio Investments, continued
Praxis Value Index Fund | ||
June 30, 2014 (unaudited) |
PRINCIPAL SHARES | FAIR VALUE | |||||||
COMMON STOCKS—98.9%, continued |
| |||||||
SOFTWARE—1.8%, continued | ||||||||
Microsoft Corp. | 15,730 | $ | 655,941 | |||||
Oracle Corp. | 26,072 | 1,056,698 | ||||||
|
| |||||||
2,210,128 | ||||||||
|
| |||||||
SPECIALTY RETAIL—0.6% | ||||||||
Home Depot, Inc. | 5,942 | 481,064 | ||||||
Lowe’s Cos., Inc. | 3,385 | 162,446 | ||||||
Staples, Inc. | 8,050 | 87,262 | ||||||
|
| |||||||
730,772 | ||||||||
|
| |||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.4% | ||||||||
Apple, Inc. | 1,610 | 149,617 | ||||||
EMC Corp. | 23,911 | 629,816 | ||||||
Hewlett-Packard Co. | 28,901 | 973,386 | ||||||
|
| |||||||
1,752,819 | ||||||||
|
| |||||||
TRADING COMPANIES & DISTRIBUTORS—0.0%** | ||||||||
NOW, Inc.(a) | 1,479 | 53,555 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 120,391,022 | |||||||
|
| |||||||
CORPORATE NOTES—0.9% | ||||||||
COMMUNITY DEVELOPMENT—0.9% | ||||||||
Everence Community Investment, Inc., 1.00%, 12/15/15+(b) | $ | 175,000 | 175,091 | |||||
Everence Community Investment, Inc., 1.50%, 12/15/14+(b) | 758,500 | 760,434 | ||||||
Everence Community Investment, Inc., 1.50%, 12/15/16+(b) | 192,500 | 193,555 | ||||||
|
| |||||||
TOTAL CORPORATE NOTES | 1,129,080 | |||||||
|
| |||||||
TOTAL INVESTMENTS (Cost* $87,737,742—Unrealized |
| $ | 121,520,102 | |||||
Other assets in excess of liabilities—0.2% |
| 284,677 | ||||||
|
| |||||||
NET ASSETS—100% | $ | 121,804,779 | ||||||
|
|
+ | Variable rate security. Rates presented are the rates in effect at June 30, 2014. |
(a) | Non-income producing securities. |
(b) | Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been fair valued by the Pricing Committee and have been deemed illiquid under guidelines established by the Board of Trustees: |
Security | Yield | Maturity Date | Principal Amount | Cost | Acquisition Date | |||||||||||||||
Everence Community |
| |||||||||||||||||||
1.00 | % | 12/15/2015 | $ | 175,000 | $ | 175,000 | 12/13/2012 | |||||||||||||
1.50 | 12/15/2014 | 192,500 | 192,500 | 12/30/2009 | ||||||||||||||||
1.50 | 12/15/2014 | 566,000 | 566,000 | 12/10/2012 | ||||||||||||||||
1.50 | 12/15/2016 | 192,500 | 192,500 | 12/13/2013 |
At June 30, 2014, these securities had an aggregate market value of $1,129,080, representing 0.9% of net assets.
* | Represents cost for financial reporting purposes. |
** | Amount rounds to less than 0.1%. |
plc | — | Public Liability Company | ||
REIT | — | Real Estate Investment Trust |
See accompanying notes to financial statements.
24
Schedule of Portfolio Investments
Praxis Growth Index Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—98.8% |
| |||||||
AIR FREIGHT & LOGISTICS—1.5% | ||||||||
C. H. Robinson Worldwide, Inc. | 4,879 | $ | 311,231 | |||||
Expeditors International of Washington, Inc. | 3,995 | 176,419 | ||||||
FedEx Corp. | 4,034 | 610,667 | ||||||
United Parcel Service, Inc., Class B | 13,337 | 1,369,177 | ||||||
|
| |||||||
2,467,494 | ||||||||
|
| |||||||
AIRLINES—0.5% | ||||||||
Delta Air Lines, Inc. | 22,163 | 858,151 | ||||||
|
| |||||||
AUTO COMPONENTS—0.7% | ||||||||
Delphi Automotive plc | 5,636 | 387,419 | ||||||
Johnson Controls, Inc. | 15,567 | 777,260 | ||||||
|
| |||||||
1,164,679 | ||||||||
|
| |||||||
AUTOMOBILES—0.2% | ||||||||
Harley-Davidson, Inc. | 4,305 | 300,704 | ||||||
|
| |||||||
BANKS—1.4% | ||||||||
Citigroup, Inc. | 24,287 | 1,143,918 | ||||||
Fifth Third Bancorp | 13,966 | 298,174 | ||||||
U.S. Bancorp | 19,296 | 835,903 | ||||||
|
| |||||||
2,277,995 | ||||||||
|
| |||||||
BEVERAGES—2.8% | ||||||||
Coca-Cola Co. | 53,560 | 2,268,801 | ||||||
Monster Beverage Corp.(a) | 2,421 | 171,964 | ||||||
PepsiCo, Inc. | 22,533 | 2,013,098 | ||||||
|
| |||||||
4,453,863 | ||||||||
|
| |||||||
BIOTECHNOLOGY—5.4% | ||||||||
Alexion Pharmaceuticals, Inc.(a) | 4,425 | 691,406 | ||||||
Amgen, Inc. | 16,153 | 1,912,031 | ||||||
Biogen Idec, Inc.(a) | 4,859 | 1,532,091 | ||||||
Celgene Corp.(a) | 18,598 | 1,597,196 | ||||||
Gilead Sciences, Inc.(a) | 31,272 | 2,592,762 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 4,082 | 386,484 | ||||||
|
| |||||||
8,711,970 | ||||||||
|
| |||||||
BUILDING PRODUCTS—0.1% | ||||||||
Allegion plc | 1,152 | 65,295 | ||||||
Masco Corp. | 7,182 | 159,441 | ||||||
|
| |||||||
224,736 | ||||||||
|
| |||||||
CAPITAL MARKETS—2.6% | ||||||||
Ameriprise Financial, Inc. | 4,361 | 523,320 | ||||||
BlackRock, Inc. | 2,928 | 935,789 | ||||||
Charles Schwab Corp. | 25,375 | 683,349 | ||||||
Franklin Resources, Inc. | 11,949 | 691,130 | ||||||
Northern Trust Corp. | 4,438 | 284,964 | ||||||
State Street Corp. | 4,392 | 295,406 | ||||||
T. Rowe Price Group, Inc. | 8,045 | 679,078 | ||||||
|
| |||||||
4,093,036 | ||||||||
|
| |||||||
CHEMICALS—3.6% | ||||||||
Air Products & Chemicals, Inc. | 5,469 | 703,423 | ||||||
E.I. du Pont de Nemours & Co. | 12,928 | 846,008 | ||||||
Ecolab, Inc. | 7,662 | 853,087 | ||||||
LyondellBasell Industries NV, Class A | 9,411 | 918,984 | ||||||
PPG Industries, Inc. | 3,500 | 735,525 | ||||||
Praxair, Inc. | 8,079 | 1,073,214 |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—98.8%, continued |
| |||||||
CHEMICALS—3.6%, continued | ||||||||
Sherwin-Williams Co. | 1,830 | $ | 378,645 | |||||
Sigma-Aldrich Corp. | 2,605 | 264,356 | ||||||
|
| |||||||
5,773,242 | ||||||||
|
| |||||||
COMMUNICATIONS EQUIPMENT—2.0% | ||||||||
Cisco Systems, Inc. | 7,920 | 196,812 | ||||||
F5 Networks, Inc.(a) | 1,257 | 140,080 | ||||||
Juniper Networks, Inc.(a) | 8,505 | 208,713 | ||||||
QUALCOMM, Inc. | 32,565 | 2,579,148 | ||||||
|
| |||||||
3,124,753 | ||||||||
|
| |||||||
CONSUMER FINANCE—1.5% | ||||||||
American Express Co. | 17,687 | 1,677,966 | ||||||
Discover Financial Services | 11,927 | 739,235 | ||||||
|
| |||||||
2,417,201 | ||||||||
|
| |||||||
CONTAINERS & PACKAGING—0.3% | ||||||||
Sealed Air Corp. | 14,643 | 500,351 | ||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES—0.8% | ||||||||
Berkshire Hathaway, Inc., Class B(a) | 2,515 | 318,299 | ||||||
Intercontinental Exchange, Inc. | 2,047 | 386,678 | ||||||
McGraw Hill Financial, Inc. | 7,028 | 583,535 | ||||||
|
| |||||||
1,288,512 | ||||||||
|
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES—1.0% | ||||||||
Verizon Communications, Inc. | 32,953 | 1,612,390 | ||||||
|
| |||||||
ELECTRIC UTILITIES—0.1% | ||||||||
NextEra Energy, Inc. | 2,070 | 212,134 | ||||||
|
| |||||||
ELECTRICAL EQUIPMENT—0.9% | ||||||||
Emerson Electric Co. | 11,472 | 761,282 | ||||||
Rockwell Automation, Inc. | 5,547 | 694,262 | ||||||
|
| |||||||
1,455,544 | ||||||||
|
| |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3% | ||||||||
Amphenol Corp., Class A | 5,073 | 488,733 | ||||||
|
| |||||||
ENERGY EQUIPMENT & SERVICES—2.6% | ||||||||
Cameron International Corp.(a) | 4,337 | 293,658 | ||||||
Diamond Offshore Drilling, Inc. | 5,939 | 294,753 | ||||||
Ensco plc, Class A | 5,092 | 282,962 | ||||||
National Oilwell Varco, Inc. | 5,463 | 449,878 | ||||||
Rowan Cos. plc, Class A | 6,620 | 211,377 | ||||||
Schlumberger Ltd. | 21,941 | 2,587,941 | ||||||
|
| |||||||
4,120,569 | ||||||||
|
| |||||||
FOOD & STAPLES RETAILING—0.7% | ||||||||
Costco Wholesale Corp. | 1,796 | 206,827 | ||||||
Walgreen Co. | 8,212 | 608,756 | ||||||
Wal-Mart Stores, Inc. | 2,244 | 168,457 | ||||||
Whole Foods Market, Inc. | 4,929 | 190,407 | ||||||
|
| |||||||
1,174,447 | ||||||||
|
| |||||||
FOOD PRODUCTS—1.4% | ||||||||
Campbell Soup Co. | 5,670 | 259,743 | ||||||
Hershey Co. | 5,314 | 517,424 | ||||||
Kellogg Co. | 4,846 | 318,382 | ||||||
Kraft Foods Group, Inc. | 5,576 | 334,281 | ||||||
Mead Johnson Nutrition Co. | 4,013 | 373,891 |
See accompanying notes to financial statements.
25
Schedule of Portfolio Investments, continued
Praxis Growth Index Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—98.8%, continued |
| |||||||
FOOD PRODUCTS—1.4%, continued | ||||||||
Mondelez International, Inc., Class A | 11,813 | $ | 444,287 | |||||
|
| |||||||
2,248,008 | ||||||||
|
| |||||||
GAS UTILITIES—0.2% | ||||||||
AGL Resources, Inc. | 5,725 | 315,047 | ||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SUPPLIES—2.6% | ||||||||
Baxter International, Inc. | 11,801 | 853,212 | ||||||
Boston Scientific Corp.(a) | 32,126 | 410,249 | ||||||
Covidien plc | 8,857 | 798,724 | ||||||
Edwards Lifesciences Corp.(a) | 2,620 | 224,901 | ||||||
Intuitive Surgical, Inc.(a) | 511 | 210,430 | ||||||
Medtronic, Inc. | 13,250 | 844,820 | ||||||
Stryker Corp. | 5,228 | 440,825 | ||||||
Zimmer Holdings, Inc. | 2,886 | 299,740 | ||||||
|
| |||||||
4,082,901 | ||||||||
|
| |||||||
HEALTH CARE PROVIDERS & SERVICES—0.5% | ||||||||
DaVita HealthCare Partners, Inc.(a) | 4,292 | 310,397 | ||||||
Express Scripts Holding Co.(a) | 3,025 | 209,723 | ||||||
UnitedHealth Group, Inc. | 3,826 | 312,776 | ||||||
|
| |||||||
832,896 | ||||||||
|
| |||||||
HEALTH CARE TECHNOLOGY—0.3% | ||||||||
Cerner Corp.(a) | 8,234 | 424,710 | ||||||
|
| |||||||
HOTELS, RESTAURANTS & LEISURE—2.6% | ||||||||
Chipotle Mexican Grill, Inc.(a) | 790 | 468,083 | ||||||
Marriott International, Inc., Class A | 5,438 | 348,576 | ||||||
McDonald’s Corp. | 10,611 | 1,068,952 | ||||||
Starbucks Corp. | 15,692 | 1,214,247 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 6,087 | 491,951 | ||||||
Yum! Brands, Inc. | 6,767 | 549,481 | ||||||
|
| |||||||
4,141,290 | ||||||||
|
| |||||||
HOUSEHOLD DURABLES—0.1% | ||||||||
Whirlpool Corp. | 761 | 105,946 | ||||||
|
| |||||||
HOUSEHOLD PRODUCTS—2.3% | ||||||||
Colgate-Palmolive Co. | 11,452 | 780,797 | ||||||
Kimberly-Clark Corp. | 8,229 | 915,230 | ||||||
Procter & Gamble Co. | 26,136 | 2,054,028 | ||||||
|
| |||||||
3,750,055 | ||||||||
|
| |||||||
INDUSTRIAL CONGLOMERATES—1.6% | ||||||||
3M Co. | 13,321 | 1,908,100 | ||||||
Roper Industries, Inc. | 4,143 | 604,920 | ||||||
|
| |||||||
2,513,020 | ||||||||
|
| |||||||
INSURANCE—1.4% | ||||||||
Aflac, Inc. | 4,154 | 258,587 | ||||||
Aon plc | 5,036 | 453,693 | ||||||
Chubb Corp. | 4,619 | 425,733 | ||||||
Prudential Financial, Inc. | 9,822 | 871,899 | ||||||
Travelers Cos., Inc. | 2,642 | 248,533 | ||||||
|
| |||||||
2,258,445 | ||||||||
|
| |||||||
INTERNET & CATALOG RETAIL—2.5% | ||||||||
Amazon.com, Inc.(a) | 6,436 | 2,090,284 | ||||||
Expedia, Inc. | 2,388 | 188,079 |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—98.8%, continued |
| |||||||
INTERNET & CATALOG RETAIL—2.5%, continued | ||||||||
Netflix, Inc.(a) | 1,218 | $ | 536,651 | |||||
Priceline Group, Inc.(a) | 1,030 | 1,239,090 | ||||||
|
| |||||||
4,054,104 | ||||||||
|
| |||||||
INTERNET SOFTWARE & SERVICES—6.2% | ||||||||
Akamai Technologies, Inc.(a) | 5,069 | 309,513 | ||||||
eBay, Inc.(a) | 16,367 | 819,332 | ||||||
Facebook, Inc., Class A(a) | 31,373 | 2,111,089 | ||||||
Google, Inc., Class C(a) | 5,029 | 2,893,083 | ||||||
Google, Inc., Class A(a) | 5,029 | 2,940,306 | ||||||
VeriSign, Inc.(a) | 5,480 | 267,479 | ||||||
Yahoo!, Inc.(a) | 17,787 | 624,857 | ||||||
|
| |||||||
9,965,659 | ||||||||
|
| |||||||
IT SERVICES—5.0% | ||||||||
Accenture plc, Class A | 7,994 | 646,235 | ||||||
Automatic Data Processing, Inc. | 11,012 | 873,031 | ||||||
Cognizant Technology Solutions Corp., Class A(a) | 11,980 | 585,942 | ||||||
Fiserv, Inc.(a) | 5,400 | 325,728 | ||||||
International Business Machines Corp. | 8,636 | 1,565,448 | ||||||
Mastercard, Inc., Class A | 22,680 | 1,666,299 | ||||||
Paychex, Inc. | 5,970 | 248,113 | ||||||
Visa, Inc., Class A | 10,194 | 2,147,978 | ||||||
|
| |||||||
8,058,774 | ||||||||
|
| |||||||
LIFE SCIENCES TOOLS & SERVICES—0.7% | ||||||||
Agilent Technologies, Inc. | 5,785 | 332,290 | ||||||
Thermo Fisher Scientific, Inc. | 6,472 | 763,696 | ||||||
|
| |||||||
1,095,986 | ||||||||
|
| |||||||
MACHINERY—1.2% | ||||||||
Deere & Co. | 6,049 | 547,737 | ||||||
Illinois Tool Works, Inc. | 8,492 | 743,559 | ||||||
Ingersoll-Rand plc | 4,358 | 272,419 | ||||||
Parker Hannifin Corp. | 2,984 | 375,178 | ||||||
|
| |||||||
1,938,893 | ||||||||
|
| |||||||
MEDIA—6.9% | ||||||||
CBS Corp., Class B | 13,368 | 830,687 | ||||||
Comcast Corp., Class A | 48,948 | 2,627,529 | ||||||
DIRECTV(a) | 11,407 | 969,709 | ||||||
Discovery Communications, Inc., Class A(a) | 6,791 | 504,435 | ||||||
Gannett Co., Inc. | 6,184 | 193,621 | ||||||
Omnicom Group, Inc. | 8,439 | 601,026 | ||||||
Time Warner Cable, Inc. | 6,397 | 942,278 | ||||||
Time Warner, Inc. | 15,983 | 1,122,806 | ||||||
Time, Inc.(a) | 1,997 | 48,367 | ||||||
Viacom, Inc., Class B | 10,061 | 872,591 | ||||||
Walt Disney Co. | 27,439 | 2,352,620 | ||||||
|
| |||||||
11,065,669 | ||||||||
|
| |||||||
MULTILINE RETAIL—0.2% | ||||||||
Dollar Tree, Inc.(a) | 3,712 | 202,156 | ||||||
Target Corp. | 2,531 | 146,671 | ||||||
|
| |||||||
348,827 | ||||||||
|
|
See accompanying notes to financial statements.
26
Schedule of Portfolio Investments, continued
Praxis Growth Index Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—98.8%, continued |
| |||||||
OIL, GAS & CONSUMABLE FUELS—4.3% | ||||||||
ConocoPhillips | 6,128 | $ | 525,353 | |||||
EOG Resources, Inc. | 13,870 | 1,620,848 | ||||||
EQT Corp. | 4,010 | 428,669 | ||||||
Hess Corp. | 3,235 | 319,909 | ||||||
Kinder Morgan, Inc. | 9,393 | 340,590 | ||||||
Marathon Oil Corp. | 7,281 | 290,658 | ||||||
Murphy Oil Corp. | 3,439 | 228,625 | ||||||
Noble Energy, Inc. | 7,778 | 602,484 | ||||||
Phillips 66 | 3,335 | 268,234 | ||||||
Pioneer Natural Resources Co. | 4,090 | 939,923 | ||||||
Southwestern Energy Co.(a) | 5,272 | 239,823 | ||||||
Spectra Energy Corp. | 14,393 | 611,415 | ||||||
Williams Cos., Inc. | 8,576 | 499,209 | ||||||
|
| |||||||
6,915,740 | ||||||||
|
| |||||||
PHARMACEUTICALS—6.5% | ||||||||
AbbVie, Inc. | 29,064 | 1,640,372 | ||||||
Actavis plc(a) | 3,223 | 718,890 | ||||||
Allergan, Inc./United States | 4,698 | 794,996 | ||||||
Bristol-Myers Squibb Co. | 22,468 | 1,089,923 | ||||||
Eli Lilly & Co. | 7,061 | 438,982 | ||||||
Johnson & Johnson | 31,098 | 3,253,473 | ||||||
Merck & Co., Inc. | 28,494 | 1,648,378 | ||||||
Mylan, Inc.(a) | 8,313 | 428,618 | ||||||
Perrigo Co. plc | 2,823 | 411,480 | ||||||
|
| |||||||
10,425,112 | ||||||||
|
| |||||||
PROFESSIONAL SERVICES—0.2% | ||||||||
Robert Half International, Inc. | 6,317 | 301,574 | ||||||
|
| |||||||
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.9% | ||||||||
American Tower Corp. | 10,594 | 953,248 | ||||||
Crown Castle International Corp. | 7,430 | 551,752 | ||||||
Public Storage | 3,142 | 538,382 | ||||||
Simon Property Group, Inc. | 5,204 | 865,321 | ||||||
Washington Prime Group, Inc.(a) | 2,602 | 48,761 | ||||||
Weyerhaeuser Co. | 4,274 | 141,427 | ||||||
|
| |||||||
3,098,891 | ||||||||
|
| |||||||
ROAD & RAIL—1.7% | ||||||||
Kansas City Southern | 2,586 | 278,021 | ||||||
Norfolk Southern Corp. | 7,484 | 771,077 | ||||||
Union Pacific Corp. | 17,062 | 1,701,934 | ||||||
|
| |||||||
2,751,032 | ||||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.9% | ||||||||
Altera Corp. | 5,948 | 206,753 | ||||||
Analog Devices, Inc. | 5,281 | 285,544 | ||||||
Broadcom Corp., Class A | 6,525 | 242,208 | ||||||
Intel Corp. | 15,257 | 471,441 | ||||||
Micron Technology, Inc.(a) | 26,722 | 880,490 | ||||||
Texas Instruments, Inc. | 18,499 | 884,067 | ||||||
|
| |||||||
2,970,503 | ||||||||
|
| |||||||
SOFTWARE—6.0% | ||||||||
Adobe Systems, Inc.(a) | 5,512 | 398,848 | ||||||
Autodesk, Inc.(a) | 4,626 | 260,814 | ||||||
Citrix Systems, Inc.(a) | 3,452 | 215,923 | ||||||
Intuit, Inc. | 6,883 | 554,288 |
PRINCIPAL SHARES | FAIR VALUE | |||||||
COMMON STOCKS—98.8%, continued |
| |||||||
SOFTWARE—6.0%, continued | ||||||||
Microsoft Corp. | 130,802 | $ | 5,454,443 | |||||
Oracle Corp. | 41,356 | 1,676,159 | ||||||
Red Hat, Inc.(a) | 3,075 | 169,955 | ||||||
salesforce.com, Inc.(a) | 12,396 | 719,960 | ||||||
Symantec Corp. | 10,288 | 235,595 | ||||||
|
| |||||||
9,685,985 | ||||||||
|
| |||||||
SPECIALTY RETAIL—2.7% | ||||||||
Bed Bath & Beyond, Inc.(a) | 2,655 | 152,344 | ||||||
Gap, Inc. | 3,876 | 161,125 | ||||||
Home Depot, Inc. | 20,901 | 1,692,145 | ||||||
Lowe’s Cos., Inc. | 17,846 | 856,430 | ||||||
O’Reilly Automotive, Inc.(a) | 1,963 | 295,628 | ||||||
Ross Stores, Inc. | 4,571 | 302,280 | ||||||
TJX Cos., Inc. | 16,661 | 885,532 | ||||||
|
| |||||||
4,345,484 | ||||||||
|
| |||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.2% | ||||||||
Apple, Inc. | 110,005 | 10,222,765 | ||||||
EMC Corp. | 7,874 | 207,401 | ||||||
NetApp, Inc. | 6,524 | 238,257 | ||||||
SanDisk Corp. | 4,838 | 505,232 | ||||||
Western Digital Corp. | 4,218 | 389,321 | ||||||
|
| |||||||
11,562,976 | ||||||||
|
| |||||||
TEXTILES, APPAREL & LUXURY GOODS—1.4% | ||||||||
Coach, Inc. | 6,796 | 232,355 | ||||||
Fossil Group, Inc.(a) | 1,418 | 148,209 | ||||||
NIKE, Inc., Class B | 12,530 | 971,702 | ||||||
Ralph Lauren Corp. | 1,097 | 176,277 | ||||||
VF Corp. | 11,858 | 747,054 | ||||||
|
| |||||||
2,275,597 | ||||||||
|
| |||||||
TRADING COMPANIES & DISTRIBUTORS—0.3% | ||||||||
Fastenal Co. | 3,809 | 188,507 | ||||||
NOW, Inc.(a) | 1,365 | 49,427 | ||||||
W.W. Grainger, Inc. | 1,104 | 280,714 | ||||||
|
| |||||||
518,648 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 158,772,276 | |||||||
|
| |||||||
CORPORATE NOTES—1.0% | ||||||||
COMMUNITY DEVELOPMENT—1.0% | ||||||||
Everence Community Investment, Inc., 1.00%, 12/15/15+(b) | $ | 453,000 | 453,235 | |||||
Everence Community Investment, Inc., 1.00%, 11/30/16+(b) | 135,000 | 135,070 | ||||||
Everence Community Investment, Inc., 1.50%, 12/15/14+(b) | 175,000 | 175,446 | ||||||
Everence Community Investment, Inc., 1.50%, 11/30/16+(b) | 230,000 | 231,261 | ||||||
Everence Community Investment, Inc., 1.50%, 12/15/16+(b) | 566,000 | 569,104 | ||||||
|
| |||||||
TOTAL CORPORATE NOTES | 1,564,116 | |||||||
|
|
See accompanying notes to financial statements.
27
Schedule of Portfolio Investments, continued
Praxis Growth Index Fund | ||
June 30, 2014 (unaudited) |
PRINCIPAL SHARES | FAIR VALUE | |||||
TOTAL INVESTMENTS (Cost* $105,843,068—Unrealized gain/loss $54,493,324)—99.8% | $ | 160,336,392 | ||||
Other assets in excess of liabilities—0.2% | 392,559 | |||||
|
| |||||
NET ASSETS—100% | $ | 160,728,951 | ||||
|
|
+ | Variable rate security. Rates presented are the rates in effect at June 30, 2014. |
(a) | Non-income producing securities. |
(b) | Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been fair valued by the Pricing Committee and have been deemed illiquid under guidelines established by the Board of Trustees: |
Security | Yield | Maturity Date | Principal Amount | Cost | Acquisition Date | |||||||||||||||
Everence Community |
| |||||||||||||||||||
1.00 | % | 12/15/2015 | $ | 453,000 | $ | 453,000 | 12/13/2012 | |||||||||||||
1.00 | 11/30/2016 | 135,000 | 135,000 | 11/29/2013 | ||||||||||||||||
1.50 | 12/15/2014 | 75,000 | 75,000 | 9/12/2011 | ||||||||||||||||
1.50 | 12/15/2014 | 100,000 | 100,000 | 8/29/2012 | ||||||||||||||||
1.50 | 11/30/2016 | 230,000 | 230,000 | 11/29/2013 | ||||||||||||||||
1.50 | 12/15/2016 | 566,000 | 566,000 | 12/13/2013 |
At June 30, 2014, these securities had an aggregate market value of $1,564,116, representing 1.0% of net assets.
* | Represents cost for financial reporting purposes. |
plc | — | Public Liability Company | ||
REIT | — | Real Estate Investment Trust |
See accompanying notes to financial statements.
28
Schedule of Portfolio Investments
Praxis Small Cap Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—93.2% | ||||||||
AEROSPACE & DEFENSE—1.2% | ||||||||
Hexcel Corp.(a) | 22,715 | $ | 929,043 | |||||
|
| |||||||
AUTO COMPONENTS—1.0% | ||||||||
Dorman Products, Inc.(a) | 15,435 | 761,254 | ||||||
|
| |||||||
AUTOMOBILES—1.8% | ||||||||
Thor Industries, Inc. | 13,240 | 752,959 | ||||||
Winnebago Industries, Inc.(a) | 26,580 | 669,284 | ||||||
|
| |||||||
1,422,243 | ||||||||
|
| |||||||
BANKS—8.8% | ||||||||
BancorpSouth, Inc. | 46,353 | 1,138,893 | ||||||
Columbia Banking System, Inc. | 34,470 | 906,906 | ||||||
Community Bank System, Inc. | 16,770 | 607,074 | ||||||
Hancock Holding Co. | 18,630 | 658,011 | ||||||
Hanmi Financial Corp. | 32,335 | 681,622 | ||||||
Home Bancshares, Inc. | 33,750 | 1,107,675 | ||||||
Prosperity Bancshares, Inc. | 12,255 | 767,163 | ||||||
Texas Capital Bancshares, Inc.(a) | 20,125 | 1,085,744 | ||||||
|
| |||||||
6,953,088 | ||||||||
|
| |||||||
BIOTECHNOLOGY—1.6% | ||||||||
Exact Sciences Corp.(a) | 73,510 | 1,251,875 | ||||||
|
| |||||||
BUILDING PRODUCTS—0.6% | ||||||||
PGT, Inc.(a) | 56,272 | 476,624 | ||||||
|
| |||||||
CAPITAL MARKETS—3.0% | ||||||||
Evercore Partners, Inc., Class A | 17,375 | 1,001,495 | ||||||
HFF, Inc., Class A | 35,830 | 1,332,518 | ||||||
|
| |||||||
2,334,013 | ||||||||
|
| |||||||
CHEMICALS—1.4% | ||||||||
PolyOne Corp. | 25,840 | 1,088,898 | ||||||
|
| |||||||
COMMERCIAL SERVICES & SUPPLIES—1.2% | ||||||||
MSA Safety, Inc. | 16,580 | 953,018 | ||||||
|
| |||||||
COMMUNICATIONS EQUIPMENT—3.7% | ||||||||
Ciena Corp.(a) | 45,200 | 979,032 | ||||||
Infinera Corp.(a) | 73,910 | 679,972 | ||||||
Ruckus Wireless, Inc.(a) | 50,845 | 605,564 | ||||||
Sonus Networks, Inc.(a) | 174,175 | 625,288 | ||||||
|
| |||||||
2,889,856 | ||||||||
|
| |||||||
CONSTRUCTION & ENGINEERING—0.9% | ||||||||
Primoris Services Corp. | 25,310 | 729,940 | ||||||
|
| |||||||
CONSTRUCTION MATERIALS—1.0% | ||||||||
Headwaters, Inc.(a) | 59,590 | 827,705 | ||||||
|
| |||||||
CONTAINERS & PACKAGING—1.4% | ||||||||
Greif, Inc., Class A | 19,925 | 1,087,108 | ||||||
|
| |||||||
DISTRIBUTORS—1.2% | ||||||||
Pool Corp. | 16,315 | 922,776 | ||||||
|
| |||||||
DIVERSIFIED CONSUMER SERVICES—2.0% | ||||||||
DeVry Education Group, Inc. | 13,985 | 592,125 | ||||||
Hillenbrand, Inc. | 31,385 | 1,023,779 | ||||||
|
| |||||||
1,615,904 | ||||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES—1.0% | ||||||||
MarketAxess Holdings, Inc. | 13,985 | 756,029 | ||||||
|
|
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—93.2%, continued | ||||||||
ELECTRICAL EQUIPMENT—1.3% | ||||||||
Franklin Electric Co., Inc. | 24,900 | $ | 1,004,217 | |||||
|
| |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.8% | ||||||||
Belden, Inc. | 18,655 | 1,458,075 | ||||||
Coherent, Inc.(a) | 11,315 | 748,713 | ||||||
|
| |||||||
2,206,788 | ||||||||
|
| |||||||
ENERGY EQUIPMENT & SERVICES—0.5% | ||||||||
Atwood Oceanics, Inc.(a) | 7,770 | 407,770 | ||||||
|
| |||||||
FOOD & STAPLES RETAILING—0.7% | ||||||||
Chefs’ Warehouse, Inc.(a) | 27,240 | 538,535 | ||||||
|
| |||||||
FOOD PRODUCTS—1.3% | ||||||||
Post Holdings, Inc.(a) | 20,985 | 1,068,346 | ||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SUPPLIES—7.1% | ||||||||
CONMED Corp. | 12,585 | 555,628 | ||||||
Cyberonics, Inc.(a) | 15,315 | 956,575 | ||||||
Cynosure, Inc., Class A(a) | 33,783 | 717,889 | ||||||
DexCom, Inc.(a) | 31,145 | 1,235,210 | ||||||
Endologix, Inc.(a) | 70,960 | 1,079,301 | ||||||
Spectranetics Corp.(a) | 45,427 | 1,039,370 | ||||||
|
| |||||||
5,583,973 | ||||||||
|
| |||||||
HEALTH CARE PROVIDERS & SERVICES—4.4% | ||||||||
Acadia Healthcare Co., Inc.(a) | 21,170 | 963,235 | ||||||
MWI Veterinary Supply, Inc.(a) | 7,620 | 1,081,964 | ||||||
Team Health Holdings, Inc.(a) | 28,050 | 1,400,817 | ||||||
|
| |||||||
3,446,016 | ||||||||
|
| |||||||
HOTELS, RESTAURANTS & LEISURE—2.5% | ||||||||
La Quinta Holdings, Inc.(a) | 41,100 | 786,654 | ||||||
Orient-Express Hotels Ltd., Class A(a) | 81,589 | 1,186,304 | ||||||
|
| |||||||
1,972,958 | ||||||||
|
| |||||||
INDUSTRIAL CONGLOMERATES—0.8% | ||||||||
Raven Industries, Inc. | 18,550 | 614,747 | ||||||
|
| |||||||
INTERNET SOFTWARE & SERVICES—3.4% | ||||||||
E2open, Inc.(a) | 22,865 | 472,620 | ||||||
Intralinks Holdings, Inc.(a) | 58,189 | 517,300 | ||||||
LogMeIn, Inc.(a) | 22,845 | 1,065,034 | ||||||
SPS Commerce, Inc.(a) | 9,795 | 618,946 | ||||||
|
| |||||||
2,673,900 | ||||||||
|
| |||||||
IT SERVICES—3.7% | ||||||||
Acxiom Corp.(a) | 43,790 | 949,805 | ||||||
Euronet Worldwide, Inc.(a) | 23,270 | 1,122,545 | ||||||
Sapient Corp.(a) | 53,690 | 872,462 | ||||||
|
| |||||||
2,944,812 | ||||||||
|
| |||||||
MACHINERY—5.7% | ||||||||
Actuant Corp., Class A | 16,975 | 586,826 | ||||||
Barnes Group, Inc. | 27,035 | 1,041,929 | ||||||
Chart Industries, Inc.(a) | 6,955 | 575,456 | ||||||
Harsco Corp. | 24,430 | 650,571 | ||||||
Manitowoc Co., Inc. | 31,440 | 1,033,118 | ||||||
TriMas Corp.(a) | 16,291 | 621,176 | ||||||
|
| |||||||
4,509,076 | ||||||||
|
|
See accompanying notes to financial statements.
29
Schedule of Portfolio Investments, continued
Praxis Small Cap Fund | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
COMMON STOCKS—93.2%, continued | ||||||||
MARINE—0.8% | ||||||||
Diana Shipping, Inc.(a) | 57,620 | $ | 627,482 | |||||
|
| |||||||
MEDIA—1.3% | ||||||||
EW Scripps Co., Class A(a) | 48,810 | �� | 1,032,820 | |||||
|
| |||||||
METALS & MINING—2.1% | ||||||||
Commercial Metals Co. | 41,385 | 716,375 | ||||||
Worthington Industries, Inc. | 21,805 | 938,487 | ||||||
|
| |||||||
1,654,862 | ||||||||
|
| |||||||
OIL, GAS & CONSUMABLE FUELS—5.3% | ||||||||
Bill Barrett Corp.(a) | 40,905 | 1,095,436 | ||||||
Parsley Energy, Inc., Class A(a) | 41,945 | 1,009,616 | ||||||
Sanchez Energy Corp.(a) | 26,923 | 1,012,036 | ||||||
Synergy Resources Corp.(a) | 77,460 | 1,026,345 | ||||||
|
| |||||||
4,143,433 | ||||||||
|
| |||||||
PHARMACEUTICALS—2.1% | ||||||||
Akorn, Inc.(a) | 49,252 | 1,637,629 | ||||||
|
| |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.3% | ||||||||
Kennedy-Wilson Holdings, Inc. | 38,595 | 1,035,118 | ||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3% | ||||||||
Rambus, Inc.(a) | 72,135 | 1,031,531 | ||||||
|
| |||||||
SOFTWARE—4.8% | ||||||||
ACI Worldwide, Inc.(a) | 17,535 | 978,979 | ||||||
Allot Communications Ltd.(a) | 36,435 | 475,477 | ||||||
Aspen Technology, Inc.(a) | 13,775 | 639,160 | ||||||
Bottomline Technologies de, Inc.(a) | 16,210 | 485,003 | ||||||
Interactive Intelligence Group, Inc.(a) | 21,045 | 1,181,256 | ||||||
|
| |||||||
3,759,875 | ||||||||
|
| |||||||
SPECIALTY RETAIL—0.7% | ||||||||
Pier 1 Imports, Inc. | 33,895 | 522,322 | ||||||
|
| |||||||
TEXTILES, APPAREL & LUXURY GOODS—3.9% | ||||||||
Kate Spade & Co.(a) | 15,645 | 596,700 | ||||||
Movado Group, Inc. | 21,705 | 904,448 | ||||||
Oxford Industries, Inc. | 12,285 | 819,041 | ||||||
Skechers U.S.A., Inc., Class A(a) | 17,090 | 781,013 | ||||||
|
| |||||||
3,101,202 | ||||||||
|
| |||||||
THRIFTS & MORTGAGE FINANCE—0.8% | ||||||||
Capitol Federal Financial, Inc. | 54,060 | 657,370 | ||||||
|
| |||||||
TRADING COMPANIES & DISTRIBUTORS—2.8% | ||||||||
Aceto Corp. | 35,200 | 638,528 | ||||||
MRC Global, Inc.(a) | 19,935 | 563,961 | ||||||
WESCO International, Inc.(a) | 12,145 | 1,049,085 | ||||||
|
| |||||||
2,251,574 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 73,425,730 | |||||||
|
|
PRINCIPAL AMOUNT | FAIR VALUE | |||||||
CORPORATE NOTES—0.9% | ||||||||
COMMUNITY DEVELOPMENT—0.9% | ||||||||
Everence Community Investment, Inc., 1.00%, 11/30/16+(b) | $ | 280,000 | $ | 280,145 | ||||
Everence Community Investment, Inc., 1.50%, 12/15/14+(b) | 275,000 | 275,701 | ||||||
Everence Community Investment, Inc., 1.50%, 11/30/16+(b) | 195,000 | 196,069 | ||||||
|
| |||||||
TOTAL CORPORATE NOTES | 751,915 | |||||||
|
| |||||||
TOTAL INVESTMENTS (Cost* $55,291,402—Unrealized |
| $ | 74,177,645 | |||||
Other assets in excess of liabilities—5.9% |
| 4,618,308 | ||||||
|
| |||||||
NET ASSETS—100% | $ | 78,795,953 | ||||||
|
|
+ | Variable rate security. Rates presented are the rates in effect at June 30, 2014. |
(a) | Non-income producing securities. |
(b) | Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been fair valued by the Pricing Committee and have been deemed illiquid under guidelines established by the Board of Trustees: |
Security | Yield | Maturity Date | Principal Amount | Cost | Acquisition Date | |||||||||||||||
Everence Community Investment, Inc. | ||||||||||||||||||||
1.00 | % | 11/30/2016 | $ | 280,000 | $ | 280,000 | 11/29/2013 | |||||||||||||
1.50 | 12/15/2014 | 75,000 | 75,000 | 9/12/2011 | ||||||||||||||||
1.50 | 12/15/2014 | 200,000 | 200,000 | 8/29/2012 | ||||||||||||||||
1.50 | 11/30/2016 | 195,000 | 195,000 | 11/29/2013 |
At June 30, 2014, these securities had an aggregate market value of $751,915, representing 0.9% of net assets.
* | Represents cost for financial reporting purposes. |
See accompanying notes to financial statements.
30
Schedule of Portfolio Investments
Praxis Genesis Conservative Portfolio | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
MUTUAL FUNDS—100.1% | ||||||||
DEBT FUND—68.8% | ||||||||
Praxis Intermediate Income Fund, Class I(a) | 1,235,645 | $ | 12,937,205 | |||||
|
| |||||||
EQUITY FUND—31.3% | ||||||||
Praxis Growth Index Fund, Class I(a) | 121,117 | 1,976,637 | ||||||
Praxis International Index Fund, Class I(a) | 130,037 | 1,447,315 | ||||||
Praxis Small Cap Fund, Class I(a) | 31,998 | 452,767 | ||||||
Praxis Value Index Fund, Class I(a) | 165,652 | 1,994,449 | ||||||
|
| |||||||
5,871,168 | ||||||||
|
| |||||||
TOTAL MUTUAL FUNDS | 18,808,373 | |||||||
|
| |||||||
TOTAL INVESTMENTS (Cost* $16,959,984—Unrealized |
| $ | 18,808,373 | |||||
Liabilities in excess of other assets—(0.1)% | (11,214 | ) | ||||||
|
| |||||||
NET ASSETS—100% | $ | 18,797,159 | ||||||
|
|
(a) | Affiliated fund. |
* | Represents cost for financial reporting purposes. |
See accompanying notes to financial statements.
31
Schedule of Portfolio Investments
Praxis Genesis Balanced Portfolio | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
MUTUAL FUNDS—100.1% | ||||||||
DEBT FUND—38.8% | ||||||||
Praxis Intermediate Income Fund, Class I(a) | 2,081,086 | $ | 21,788,969 | |||||
|
| |||||||
EQUITY FUND—61.3% | ||||||||
Praxis Growth Index Fund, Class I(a) | 624,757 | 10,196,027 | ||||||
Praxis International Index Fund, Class I(a) | 766,123 | 8,526,952 | ||||||
Praxis Small Cap Fund, Class I(a) | 377,562 | 5,342,498 | ||||||
Praxis Value Index Fund, Class I(a) | 855,122 | 10,295,666 | ||||||
|
| |||||||
34,361,143 | ||||||||
|
| |||||||
TOTAL MUTUAL FUNDS | 56,150,112 | |||||||
|
| |||||||
TOTAL INVESTMENTS (Cost* $45,476,098—Unrealized |
| $ | 56,150,112 | |||||
Liabilities in excess of other assets—(0.1)% | (40,561 | ) | ||||||
|
| |||||||
NET ASSETS—100% | $ | 56,109,551 | ||||||
|
|
(a) | Affiliated fund. |
* | Represents cost for financial reporting purposes. |
See accompanying notes to financial statements.
32
Schedule of Portfolio Investments
Praxis Genesis Growth Portfolio | ||
June 30, 2014 (unaudited) |
SHARES | FAIR VALUE | |||||||
MUTUAL FUNDS—100.1% | ||||||||
DEBT FUND—19.3% | ||||||||
Praxis Intermediate Income Fund, Class I(a) | 907,271 | $ | 9,499,123 | |||||
|
| |||||||
EQUITY FUND—80.8% | ||||||||
Praxis Growth Index Fund, Class I(a) | 699,675 | 11,418,691 | ||||||
Praxis International Index Fund, Class I(a) | 897,977 | 9,994,488 | ||||||
Praxis Small Cap Fund, Class I(a) | 494,358 | 6,995,160 | ||||||
Praxis Value Index Fund, Class I(a) | 949,876 | 11,436,513 | ||||||
|
| |||||||
39,844,852 | ||||||||
|
| |||||||
TOTAL MUTUAL FUNDS | 49,343,975 | |||||||
|
| |||||||
TOTAL INVESTMENTS (Cost* $37,574,747—Unrealized |
| $ | 49,343,975 | |||||
Liabilities in excess of other assets—(0.1)% | (39,515 | ) | ||||||
|
| |||||||
NET ASSETS—100% | $ | 49,304,460 | ||||||
|
|
(a) | Affiliated fund. |
* | Represents cost for financial reporting purposes. |
See accompanying notes to financial statements.
33
Statements of assets & liabilities
June 30, 2014 (unaudited)
Praxis Intermediate Income Fund | Praxis International Index Fund | Praxis Value Index Fund | Praxis Growth Index Fund | Praxis Small Cap Fund | ||||||||||||||||
Assets | ||||||||||||||||||||
Total investment securities, at cost | $ | 365,689,572 | $ | 144,885,962 | $ | 87,737,742 | $ | 105,843,068 | $ | 55,291,402 | ||||||||||
Investments in unaffiliated securities, at fair value | $ | 375,391,911 | $ | 174,790,127 | $ | 120,391,022 | $ | 158,772,276 | $ | 73,425,730 | ||||||||||
Investments in affiliates, at fair value | 3,885,993 | 1,610,320 | 1,129,080 | 1,564,116 | 751,915 | |||||||||||||||
Total investment securities, at fair value | 379,277,904 | 176,400,447 | 121,520,102 | 160,336,392 | 74,177,645 | |||||||||||||||
Cash | 13,194,252 | 856,327 | 159,764 | 198,357 | 4,607,245 | |||||||||||||||
Foreign currency, at fair value (cost $– and $345) | — | 346 | — | — | — | |||||||||||||||
Receivable for investments sold | 921,236 | — | — | — | — | |||||||||||||||
Receivable for capital shares sold | 1,034,451 | 135,515 | 121,460 | 191,925 | 118,777 | |||||||||||||||
Receivable for dividends and interest | 3,090,984 | 580,744 | 115,810 | 145,437 | 38,760 | |||||||||||||||
Receivable for tax reclaims | — | 23,691 | — | 53,874 | — | |||||||||||||||
Prepaid expenses | 23,101 | 10,342 | 9,897 | 11,463 | 6,827 | |||||||||||||||
Total Assets | 397,541,928 | 178,007,412 | 121,927,033 | 160,937,448 | 78,949,254 | |||||||||||||||
Liabilities | ||||||||||||||||||||
Distributions payable | 384,130 | — | — | — | — | |||||||||||||||
Payable for capital shares redeemed | 363,058 | 54,858 | 26,872 | 63,196 | 61,817 | |||||||||||||||
Payable for investments purchased | 5,321,912 | 68 | — | — | — | |||||||||||||||
Accrued expenses and other payables: | ||||||||||||||||||||
Investment advisory fees | 125,269 | 87,398 | 29,799 | 39,184 | 53,913 | |||||||||||||||
Administration fees | 23,768 | 7,858 | 6,381 | 18,398 | 5,200 | |||||||||||||||
Distribution fees | 14,347 | 4,231 | 3,773 | 10,943 | 1,737 | |||||||||||||||
Other | 112,203 | 60,641 | 55,429 | 76,776 | 30,634 | |||||||||||||||
Total Liabilities | 6,344,687 | 215,054 | 122,254 | 208,497 | 153,301 | |||||||||||||||
Net Assets | $ | 391,197,241 | $ | 177,792,358 | $ | 121,804,779 | $ | 160,728,951 | $ | 78,795,953 | ||||||||||
Components of Net Assets | ||||||||||||||||||||
Paid-in capital | $ | 378,311,243 | $ | 148,803,759 | $ | 92,529,162 | $ | 119,640,786 | $ | 50,533,947 | ||||||||||
Accumulated (distributions in excess of) net investment income | (248,808 | ) | 2,546,161 | 1,054,271 | 777,435 | (108,087 | ) | |||||||||||||
Accumulated net realized gains (losses) on investments and foreign currency transactions | (453,526 | ) | (5,073,124 | ) | (5,561,014 | ) | (14,187,397 | ) | 9,483,850 | |||||||||||
Net unrealized appreciation/(depreciation) on investments and foreign currency translations | 13,577,339 | 31,510,242 | 33,779,280 | 54,493,011 | 18,884,328 | |||||||||||||||
Net unrealized appreciation/(depreciation) on investments in affiliates | 10,993 | 5,320 | 3,080 | 5,116 | 1,915 | |||||||||||||||
Net Assets | $ | 391,197,241 | $ | 177,792,358 | $ | 121,804,779 | $ | 160,728,951 | $ | 78,795,953 | ||||||||||
Pricing of Class A Shares | ||||||||||||||||||||
Net assets attributable to Class A shares | $ | 70,336,396 | $ | 20,666,571 | $ | 18,572,942 | $ | 53,672,409 | $ | 8,659,004 | ||||||||||
Shares of beneficial interest outstanding | 6,690,012 | 1,870,176 | 1,536,475 | 3,314,686 | 633,874 | |||||||||||||||
Net asset value, offering price and redemption price per share | $ | 10.51 | $ | 11.05 | $ | 12.09 | $ | 16.19 | $ | 13.66 | ||||||||||
Maximum sales charge | 3.75 | % | 5.25 | % | 5.25 | % | 5.25 | % | 5.25 | % | ||||||||||
Maximum offering price per share | $ | 10.92 | $ | 11.66 | $ | 12.76 | $ | 17.09 | $ | 14.42 | ||||||||||
Pricing of Class I Shares | ||||||||||||||||||||
Net assets attributable to Class I shares | $ | 320,860,845 | $ | 157,125,787 | $ | 103,231,837 | $ | 107,056,542 | $ | 70,136,949 | ||||||||||
Shares of beneficial interest outstanding | 30,642,378 | 14,114,211 | 8,577,186 | 6,561,241 | 4,956,923 | |||||||||||||||
Net asset value and redemption price per share | $ | 10.47 | $ | 11.13 | $ | 12.04 | $ | 16.32 | $ | 14.15 | ||||||||||
See accompanying notes to financial statements.
34
Statements of assets & liabilities, continued
June 30, 2014 (unaudited)
Praxis Genesis Conservative Portfolio | Praxis Genesis Balanced Portfolio | Praxis Genesis Growth Portfolio | ||||||||||
Assets | ||||||||||||
Investments in affiliates, at cost | $ | 16,959,984 | $ | 45,476,098 | $ | 37,574,747 | ||||||
Investments in affiliates, at fair value | $ | 18,808,373 | $ | 56,150,112 | $ | 49,343,975 | ||||||
Cash | 34 | 46 | 142 | |||||||||
Receivable for capital shares sold | 21,228 | 56,999 | 34,760 | |||||||||
Receivable for dividends and interest | 29,805 | 50,213 | 21,890 | |||||||||
Prepaid expenses | 6,497 | 3,077 | 2,779 | |||||||||
Total Assets | 18,865,937 | 56,260,447 | 49,403,546 | |||||||||
Liabilities | ||||||||||||
Payable for capital shares redeemed | 3,533 | 20,510 | 218 | |||||||||
Payable for investments purchased | 47,453 | 85,776 | 55,336 | |||||||||
Accrued expenses and other payables: | ||||||||||||
Investment advisory fees | 402 | 2,292 | 1,995 | |||||||||
Administration fees | 998 | 2,462 | 2,179 | |||||||||
Distribution fees | 3,836 | 11,458 | 9,973 | |||||||||
Other | 12,556 | 28,398 | 29,385 | |||||||||
Total Liabilities | 68,778 | 150,896 | 99,086 | |||||||||
Net Assets | $ | 18,797,159 | $ | 56,109,551 | $ | 49,304,460 | ||||||
Components of Net Assets | ||||||||||||
Paid-in capital | $ | 16,793,444 | $ | 44,769,160 | $ | 36,837,143 | ||||||
Accumulated (distributions in excess of) net investment income | 19,557 | 23,219 | (1,810 | ) | ||||||||
Accumulated net realized gains (losses) on investments in affiliates | 135,769 | 643,158 | 699,899 | |||||||||
Net unrealized appreciation/(depreciation) on investments in affiliates | 1,848,389 | 10,674,014 | 11,769,228 | |||||||||
Net Assets | $ | 18,797,159 | $ | 56,109,551 | $ | 49,304,460 | ||||||
Pricing of Class A Shares | ||||||||||||
Net assets attributable to Class A shares | $ | 18,797,159 | $ | 56,109,551 | $ | 49,304,460 | ||||||
Shares of beneficial interest outstanding | 1,634,874 | 4,310,964 | 3,495,462 | |||||||||
Net asset value, offering price and redemption price per share | $ | 11.50 | $ | 13.02 | $ | 14.11 | ||||||
Maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Maximum offering price per share | $ | 12.14 | $ | 13.74 | $ | 14.89 | ||||||
See accompanying notes to financial statements.
35
For the six months ended June 30, 2014 (unaudited)
Praxis Intermediate Income Fund | Praxis International Index Fund | Praxis Value Index Fund | Praxis Growth Index Fund | Praxis Small Cap Fund | ||||||||||||||||
Investment income | ||||||||||||||||||||
Dividends | $ | 126,049 | $ | 3,597,883 | $ | 1,341,258 | $ | 1,227,485 | $ | 298,653 | ||||||||||
Foreign tax withholding | — | (98,538 | ) | — | — | (117 | ) | |||||||||||||
Interest | 6,034,302 | — | — | — | — | |||||||||||||||
Interest from affiliates | 25,710 | 11,180 | 8,007 | 10,222 | 4,925 | |||||||||||||||
Total Investment Income | 6,186,061 | 3,510,525 | 1,349,265 | 1,237,707 | 303,461 | |||||||||||||||
Expenses | ||||||||||||||||||||
Investment advisory fees | 739,932 | 505,652 | 168,860 | 228,020 | 318,540 | |||||||||||||||
Administration fees | 71,566 | 38,915 | 23,076 | 22,974 | 15,797 | |||||||||||||||
Distribution fees - Class A | 86,138 | 24,550 | 21,058 | 63,705 | 10,403 | |||||||||||||||
Recoupment of waiver | — | — | — | 28,590 | — | |||||||||||||||
Transfer agent fees - Class A | 43,716 | 16,517 | 10,708 | 32,888 | 7,897 | |||||||||||||||
Transfer agent fees - Class I | 4,310 | 3,124 | 3,234 | 3,240 | 3,473 | |||||||||||||||
Compliance service fees | 32,499 | 15,291 | 10,874 | 13,790 | 6,397 | |||||||||||||||
Registration fees - Class A | 11,470 | 6,387 | 7,097 | 10,252 | 8,370 | |||||||||||||||
Registration fees - Class I | 12,399 | 9,204 | 9,202 | 7,678 | 7,540 | |||||||||||||||
Shareholder report printing fees - Class A | 8,536 | 3,882 | 835 | 6,465 | 2,444 | |||||||||||||||
Shareholder report printing fees - Class I | 121 | 5 | 72 | 65 | 63 | |||||||||||||||
Professional fees | 37,778 | 37,807 | 17,958 | 20,408 | 12,935 | |||||||||||||||
Custodian fees | 16,078 | 11,522 | 7,955 | 6,128 | 8,150 | |||||||||||||||
Trustee fees and expenses | 23,876 | 11,940 | 7,655 | 10,207 | 5,816 | |||||||||||||||
Other expenses | 28,892 | 23,763 | 6,410 | 5,862 | 3,965 | |||||||||||||||
Total Expenses Before Reductions | 1,117,311 | 708,559 | 294,994 | 460,272 | 411,790 | |||||||||||||||
Expenses waived by Investment Advisor | (5,799 | ) | — | — | — | (242 | ) | |||||||||||||
Net Expenses | 1,111,512 | 708,559 | 294,994 | 460,272 | 411,548 | |||||||||||||||
Net Investment Income (Loss) | 5,074,549 | 2,801,966 | 1,054,271 | 777,435 | (108,087 | ) | ||||||||||||||
Realized and Unrealized Gains (Losses) on Investments | ||||||||||||||||||||
Net realized gains (losses) on investments | 269,683 | (763,286 | ) | 475,025 | 961,432 | 6,955,874 | ||||||||||||||
Net realized gains (losses) on foreign currency transactions | — | (17,925 | ) | — | — | — | ||||||||||||||
Change in unrealized appreciation (depreciation) of investments | 8,843,933 | 4,904,508 | 7,514,875 | 8,505,666 | (7,353,582 | ) | ||||||||||||||
Change in unrealized appreciation (depreciation) of investments in affiliates | (10,094 | ) | (4,439 | ) | (3,994 | ) | (3,219 | ) | (2,053 | ) | ||||||||||
Change in unrealized appreciation (depreciation) of foreign currency translations | — | 23,182 | — | 317 | — | |||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments, Investments in Affiliates and Foreign Currency Transactions | 9,103,522 | 4,142,040 | 7,985,906 | 9,464,196 | (399,761 | ) | ||||||||||||||
Net Change in Net Assets from Operations | $ | 14,178,071 | $ | 6,944,006 | $ | 9,040,177 | $ | 10,241,631 | $ | (507,848 | ) | |||||||||
See accompanying notes to financial statements.
36
Statements of operations, continued
For the six months ended June 30, 2014 (unaudited)
Praxis Genesis Conservative Portfolio | Praxis Genesis Balanced Portfolio | Praxis Genesis Growth Portfolio | ||||||||||
Investment income | ||||||||||||
Dividends from affiliates | $ | 187,502 | $ | 314,548 | $ | 134,690 | ||||||
Total Investment Income | 187,502 | 314,548 | 134,690 | |||||||||
Expenses | ||||||||||||
Investment advisory fees | 4,571 | 13,479 | 11,546 | |||||||||
Administration fees | 2,726 | 8,101 | 6,902 | |||||||||
Distribution fees | 22,856 | 67,395 | 57,726 | |||||||||
Recoupment of waiver | — | 13,601 | 5,275 | |||||||||
Transfer agent fees | 11,837 | 31,067 | 36,513 | |||||||||
Compliance service fees | 179 | 478 | 400 | |||||||||
Registration fees | 9,242 | 10,099 | 9,120 | |||||||||
Shareholder report printing fees | 2,867 | 1,751 | 3,503 | |||||||||
Professional fees | 1,941 | 2,384 | 2,273 | |||||||||
Custodian fees | 344 | 300 | 367 | |||||||||
Trustee fees and expenses | 141 | 380 | 311 | |||||||||
Other expenses | 72 | 207 | 170 | |||||||||
Total Expenses Before Reductions | 56,776 | 149,242 | 134,106 | |||||||||
Expenses waived by Investment Advisor | (1,587 | ) | — | — | ||||||||
Net Expenses | 55,189 | 149,242 | 134,106 | |||||||||
Net Investment Income (Loss) | 132,313 | 165,306 | 584 | |||||||||
Realized and Unrealized Gains (Losses) on Investments | ||||||||||||
Net realized gains (losses) on investments in affiliates | (14,860 | ) | (17,057 | ) | (13,901 | ) | ||||||
Change in unrealized appreciation (depreciation) of investments in affiliates | 641,691 | 2,242,165 | 2,145,591 | |||||||||
Net Realized and Unrealized Gains (Losses) on Investments in Affiliates | 626,831 | 2,225,108 | 2,131,690 | |||||||||
Net Change in Net Assets from Operations | $ | 759,144 | $ | 2,390,414 | $ | 2,132,274 | ||||||
See accompanying notes to financial statements.
37
Statements of changes in net assets
Praxis Intermediate Income Fund | Praxis International Index Fund | |||||||||||||||
For the Six Months Ended June 30, 2014 (Unaudited) | For the Year Ended December 31, 2013 | For the Six Months Ended June 30, 2014 (Unaudited) | For the Year Ended December 31, 2013 | |||||||||||||
From Operations | ||||||||||||||||
Net investment income (loss) | $ | 5,074,549 | $ | 9,280,836 | $ | 2,801,966 | $ | 2,959,599 | ||||||||
Net realized gains (losses) from security transactions | 269,683 | 583,583 | (781,211 | ) | (2,241,859 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments, investments in affiliates and foreign currency transactions | 8,833,839 | (14,910,476 | ) | 4,923,251 | 21,002,767 | |||||||||||
Net Change in Net Assets from Operations | 14,178,071 | (5,046,057 | ) | 6,944,006 | 21,720,507 | |||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income | ||||||||||||||||
Class A | (868,817 | ) | (2,000,686 | ) | — | (264,179 | ) | |||||||||
Class I | (4,469,267 | ) | (8,406,868 | ) | — | (2,858,933 | ) | |||||||||
From net realized gains | ||||||||||||||||
Class A | — | (55,855 | ) | — | — | |||||||||||
Class I | — | (234,454 | ) | — | — | |||||||||||
Change in Net Assets from Distributions to Shareholders | (5,338,084 | ) | (10,697,863 | ) | — | (3,123,112 | ) | |||||||||
Change in Net Assets from Capital Transactions | 19,979,229 | 25,763,418 | 587,423 | 14,644,539 | ||||||||||||
Change in Net Assets | 28,819,216 | 10,019,498 | 7,531,429 | 33,241,934 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 362,378,025 | 352,358,527 | 170,260,929 | 137,018,995 | ||||||||||||
End of period | $ | 391,197,241 | $ | 362,378,025 | $ | 177,792,358 | $ | 170,260,929 | ||||||||
Accumulated (Distributions in Excess of) Net Investment Income | $ | (248,808 | ) | $ | 14,727 | $ | 2,546,161 | $ | (255,805 | ) | ||||||
See accompanying notes to financial statements.
38
Statements of changes in net assets, continued
Praxis Value Index Fund | Praxis Growth Index Fund | Praxis Small Cap Fund | ||||||||||||||||||||||
For the Six Months Ended June 30, 2014 (Unaudited) | For the Year Ended December 31, 2013 | For the Six Months Ended June 30, 2014 (Unaudited) | For the Year Ended December 31, 2013 | For the Six Months Ended June 30, 2014 (Unaudited) | For the Year Ended December 31, 2013 | |||||||||||||||||||
From Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 1,054,271 | $ | 1,915,454 | $ | 777,435 | $ | 1,609,270 | $ | (108,087 | ) | $ | (272,024 | ) | ||||||||||
Net realized gains (losses) from security transactions | 475,025 | 7,001,424 | 961,432 | 5,770,495 | 6,955,874 | 9,417,386 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, investments in affiliates and foreign currency transactions | 7,510,881 | 19,168,313 | 8,502,764 | 32,329,227 | (7,355,635 | ) | 12,899,991 | |||||||||||||||||
Net Change in Net Assets from Operations | 9,040,177 | 28,085,191 | 10,241,631 | 39,708,992 | (507,848 | ) | 22,045,353 | |||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||||||
From net investment income | ||||||||||||||||||||||||
Class A | — | (340,066 | ) | — | (389,543 | ) | — | — | ||||||||||||||||
Class I | — | (2,464,942 | ) | — | (1,244,235 | ) | — | (17,379 | ) | |||||||||||||||
From net realized gains | ||||||||||||||||||||||||
Class A | — | — | — | — | — | (811,959 | ) | |||||||||||||||||
Class I | — | — | — | — | — | (6,360,506 | ) | |||||||||||||||||
Change in Net Assets from Distributions to Shareholders | — | (2,805,008 | ) | — | (1,633,778 | ) | — | (7,189,844 | ) | |||||||||||||||
Change in Net Assets from Capital Transactions | 3,370,843 | (760,922 | ) | (1,798,162 | ) | (25,896,367 | ) | 2,077,075 | (6,859,003 | ) | ||||||||||||||
Change in Net Assets | 12,411,020 | 24,519,261 | 8,443,469 | 12,178,847 | 1,569,227 | 7,996,506 | ||||||||||||||||||
Net Assets | ||||||||||||||||||||||||
Beginning of period | 109,393,759 | 84,874,498 | 152,285,482 | 140,106,635 | 77,226,726 | 69,230,220 | ||||||||||||||||||
End of period | $ | 121,804,779 | $ | 109,393,759 | $ | 160,728,951 | $ | 152,285,482 | $ | 78,795,953 | $ | 77,226,726 | ||||||||||||
Accumulated (Distributions in Excess of) Net Investment Income | $ | 1,054,271 | $ | — | $ | 777,435 | $ | — | $ | (108,087 | ) | $ | — | |||||||||||
See accompanying notes to financial statements.
39
Statements of changes in net assets, continued
Praxis Genesis Conservative Portfolio | Praxis Genesis Balanced Portfolio | Praxis Genesis Growth Portfolio | ||||||||||||||||||||||
For the Six Months Ended June 30, 2014 (Unaudited) | For the Year Ended December 31, 2013 | For the Six Months Ended June 30, 2014 (Unaudited) | For the Year Ended December 31, 2013 | For the Six Months Ended June 30, 2014 (Unaudited) | For the Year Ended December 31, 2013 | |||||||||||||||||||
From Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 132,313 | $ | 364,561 | $ | 165,306 | $ | 811,538 | $ | 584 | $ | 569,665 | ||||||||||||
Net realized gains (losses) on investments in affiliates | (14,860 | ) | 231,272 | (17,057 | ) | 553,232 | (13,901 | ) | 437,077 | |||||||||||||||
Distribution of realized gains received from affiliates | — | 52,435 | — | 515,974 | — | 640,736 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments in affiliates | 641,691 | 439,010 | 2,242,165 | 5,092,192 | 2,145,591 | 6,282,949 | ||||||||||||||||||
Net Change in Net Assets from Operations | 759,144 | 1,087,278 | 2,390,414 | 6,972,936 | 2,132,274 | 7,930,427 | ||||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||||||
From net investment income | — | — | — | — | — | — | ||||||||||||||||||
Class A | (112,756 | ) | (365,829 | ) | (142,087 | ) | (810,539 | ) | (2,394 | ) | (568,608 | ) | ||||||||||||
From net realized gains | ||||||||||||||||||||||||
Class A | — | (217,262 | ) | — | (614,548 | ) | — | (546,812 | ) | |||||||||||||||
Change in Net Assets from Distributions to Shareholders | (112,756 | ) | (583,091 | ) | (142,087 | ) | (1,425,087 | ) | (2,394 | ) | (1,115,420 | ) | ||||||||||||
Change in Net Assets from Capital Transactions | 106,154 | 337,809 | 247,630 | 3,481,362 | 1,381,149 | 2,684,884 | ||||||||||||||||||
Change in Net Assets | 752,542 | 841,996 | 2,495,957 | 9,029,211 | 3,511,029 | 9,499,891 | ||||||||||||||||||
Net Assets | ||||||||||||||||||||||||
Beginning of period | 18,044,617 | 17,202,621 | 53,613,594 | 44,584,383 | 45,793,431 | 36,293,540 | ||||||||||||||||||
End of period | $ | 18,797,159 | $ | 18,044,617 | $ | 56,109,551 | $ | 53,613,594 | $ | 49,304,460 | $ | 45,793,431 | ||||||||||||
Accumulated (Distributions in Excess of) Net Investment Income | $ | 19,557 | $ | — | $ | 23,219 | $ | — | $ | (1,810 | ) | $ | — | |||||||||||
See accompanying notes to financial statements.
40
For a share outstanding throughout the year indicated
Praxis Intermediate Income Fund - Class A
Six Months Ended June 30, 2014 (Unaudited) | Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 (a) | |||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.27 | $ | 10.73 | $ | 10.63 | $ | 10.43 | $ | 10.20 | $ | 9.62 | ||||||||||||||||
Net investment income (loss) | 0.12 | (b) | 0.25 | (b) | 0.27 | 0.34 | 0.37 | 0.43 | ||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.25 | (0.42 | ) | 0.22 | 0.32 | 0.27 | 0.56 | |||||||||||||||||||||
Total from investment operations | 0.37 | (0.17 | ) | 0.49 | 0.66 | 0.64 | 0.99 | |||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from investment income | (0.13 | ) | (0.28 | ) | (0.30 | ) | (0.35 | ) | (0.37 | ) | (0.41 | ) | ||||||||||||||||
Distributions from net realized gains | — | (0.01 | ) | (0.09 | ) | (0.11 | ) | (0.04 | ) | — | ||||||||||||||||||
Total distributions | (0.13 | ) | (0.29 | ) | (0.39 | ) | (0.46 | ) | (0.41 | ) | (0.41 | ) | ||||||||||||||||
Paid-in capital from redemption fees | — | (c) | — | (c) | — | (c) | — | — | — | |||||||||||||||||||
Net asset value at end of period | $ | 10.51 | $ | 10.27 | $ | 10.73 | $ | 10.63 | $ | 10.43 | $ | 10.20 | ||||||||||||||||
Total return (excludes sales charge) | 3.62 | %(d) | (1.65 | )% | 4.64 | % | 6.43 | % | 6.26 | % | 10.49 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 70,336 | $ | 69,784 | $ | 83,494 | $ | 72,106 | $ | 67,259 | $ | 74,965 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.93 | %(e) | 0.94 | % | 0.96 | % | 0.96 | % | 0.98 | % | 0.92 | % | ||||||||||||||||
Ratio of net investment income to average net assets | 2.41 | %(e) | 2.34 | % | 2.49 | % | 3.19 | % | 3.49 | % | 4.22 | % | ||||||||||||||||
Ratio of gross expenses to average net assets* | 0.95 | %(e) | 0.99 | % | 1.05 | % | 1.08 | % | 1.16 | % | 1.27 | % | ||||||||||||||||
Portfolio turnover rate | 6.63 | %(d) | 23.68 | % | 35.75 | % | 36.12 | % | 26.75 | % | 28.56 | % |
Praxis Intermediate Income Fund - Class I
Six Months Ended June 30, 2014 (Unaudited) | Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 | |||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.22 | $ | 10.69 | $ | 10.60 | $ | 10.39 | $ | 10.17 | $ | 9.61 | ||||||||||||||||
Net investment income (loss) | 0.15 | (b) | 0.29 | (b) | 0.31 | 0.38 | 0.40 | 0.45 | ||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.25 | (0.43 | ) | 0.21 | 0.33 | 0.27 | 0.57 | |||||||||||||||||||||
Total from investment operations | 0.40 | (0.14 | ) | 0.52 | 0.71 | 0.67 | 1.02 | |||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from investment income | (0.15 | ) | (0.32 | ) | (0.34 | ) | (0.39 | ) | (0.41 | ) | (0.46 | ) | ||||||||||||||||
Distributions from net realized gains | — | (0.01 | ) | (0.09 | ) | (0.11 | ) | (0.04 | ) | — | ||||||||||||||||||
Total distributions | (0.15 | ) | (0.33 | ) | (0.43 | ) | (0.50 | ) | (0.45 | ) | (0.46 | ) | ||||||||||||||||
Paid-in capital from redemption fees | — | (c) | — | (c) | — | (c) | — | — | — | |||||||||||||||||||
Net asset value at end of period | $ | 10.47 | $ | 10.22 | $ | 10.69 | $ | 10.60 | $ | 10.39 | $ | 10.17 | ||||||||||||||||
Total return (excludes sales charge) | 3.85 | %(d) | (1.26 | )% | 4.98 | % | 6.98 | % | 6.60 | % | 10.79 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 320,861 | $ | 292,594 | $ | 268,864 | $ | 234,612 | $ | 229,140 | $ | 176,005 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.52 | %(e) | 0.54 | % | 0.56 | % | 0.57 | % | 0.58 | % | 0.67 | % | ||||||||||||||||
Ratio of net investment income to average net assets | 2.82 | %(e) | 2.73 | % | 2.89 | % | 3.59 | % | 3.86 | % | 4.51 | % | ||||||||||||||||
Ratio of gross expenses to average net assets* | 0.52 | %(e) | 0.54 | % | 0.56 | % | 0.57 | % | 0.58 | % | 0.72 | % | ||||||||||||||||
Portfolio turnover rate | 6.63 | %(d) | 23.68 | % | 35.75 | % | 36.12 | % | 26.75 | % | 28.56 | % |
* | 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) | On August 17, 2009, Class B shares were exchanged for Class A shares. |
(b) | Net investment income (loss) per share have been calculated using the average daily shares outstanding during the period. |
(c) | Amount is less than $0.005 per share. |
(d) | Not annualized. |
(e) | Annualized. |
See accompanying notes to financial statements.
41
Financial Highlights, continued
For a share outstanding throughout the year indicated
Praxis International Index Fund - Class A
Six Months Ended June 30, 2014 (Unaudited) | Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 (a) | |||||||||||||||||
Net asset value at beginning of period | $ | 10.64 | $ | 9.47 | $ | 8.25 | $ | 10.00 | ||||||||||||
Net investment income (loss) | 0.15 | (b) | 0.14 | (b) | 0.17 | 0.03 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.26 | 1.17 | 1.17 | (1.68 | ) | |||||||||||||||
Total from investment operations | 0.41 | 1.31 | 1.34 | (1.65 | ) | |||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from investment income | — | (0.14 | ) | (0.12 | ) | (0.10 | ) | |||||||||||||
Distributions from net realized gains | — | — | — | — | ||||||||||||||||
Total distributions | — | (0.14 | ) | (0.12 | ) | (0.10 | ) | |||||||||||||
Paid-in capital from redemption fees | — | (c) | — | (c) | — | (c) | — | |||||||||||||
Net asset value at end of period | $ | 11.05 | $ | 10.64 | $ | 9.47 | $ | 8.25 | ||||||||||||
Total return (excludes sales charge) | 3.85 | %(d) | 13.86 | % | 16.24 | % | (16.54 | )% | ||||||||||||
Net assets at end of period (in 000s) | $ | 20,667 | $ | 19,892 | $ | 18,181 | $ | 2,363 | ||||||||||||
Ratio of net expenses to average net assets | 1.29 | %(e) | 1.43 | % | 1.73 | % | 1.73 | % | ||||||||||||
Ratio of net investment income to average net assets | 2.88 | %(e) | 1.36 | % | 1.58 | % | 0.89 | % | ||||||||||||
Ratio of gross expenses to average net assets* | 1.29 | %(e) | 1.43 | % | 1.73 | % | 4.87 | % | ||||||||||||
Portfolio turnover rate | 2.91 | %(d) | 11.36 | % | 5.18 | % | 2.44 | % |
Praxis International Index Fund - Class I
Six Months Ended June 30, 2014 (Unaudited) | Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 (a) | |||||||||||||||||
Net asset value at beginning of period | $ | 10.70 | $ | 9.51 | $ | 8.27 | $ | 10.00 | ||||||||||||
Net investment income (loss) | 0.18 | (b) | 0.20 | (b) | 0.18 | 0.12 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.25 | 1.20 | 1.24 | (1.73 | ) | |||||||||||||||
Total from investment operations | 0.43 | 1.40 | 1.42 | (1.61 | ) | |||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from investment income | — | (0.21 | ) | (0.18 | ) | (0.12 | ) | |||||||||||||
Distributions from net realized gains | — | — | — | — | ||||||||||||||||
Total distributions | — | (0.21 | ) | (0.18 | ) | (0.12 | ) | |||||||||||||
Paid-in capital from redemption fees | — | (c) | — | (c) | — | (c) | — | |||||||||||||
Net asset value at end of period | $ | 11.13 | $ | 10.70 | $ | 9.51 | $ | 8.27 | ||||||||||||
Total return (excludes sales charge) | 4.02 | %(d) | 14.68 | % | 17.26 | % | (16.05 | )% | ||||||||||||
Net assets at end of period (in 000s) | $ | 157,126 | $ | 150,369 | $ | 118,838 | $ | 64,580 | ||||||||||||
Ratio of net expenses to average net assets | 0.78 | %(e) | 0.80 | % | 0.84 | % | 0.86 | % | ||||||||||||
Ratio of net investment income to average net assets | 3.38 | %(e) | 1.96 | % | 2.29 | % | 2.25 | % | ||||||||||||
Ratio of gross expenses to average net assets | 0.78 | %(e) | 0.80 | % | 0.84 | % | 0.86 | % | ||||||||||||
Portfolio turnover rate | 2.91 | %(d) | 11.36 | % | 5.18 | % | 2.44 | % |
* | 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) | The fund commenced operations on December 31, 2010, and commenced public offering and investment operations on January 3, 2011. |
(b) | Net investment income (loss) per share have been calculated using the average daily shares outstanding during the period. |
(c) | Amount is less than $0.005 per share. |
(d) | Not annualized. |
(e) | Annualized. |
See accompanying notes to financial statements.
42
Financial Highlights, continued
For a share outstanding throughout the year indicated
Praxis Value Index Fund - Class A
Six Months Ended June 30, 2014 (Unaudited) | Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 (a) | |||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.21 | $ | 8.71 | $ | 7.57 | $ | 7.95 | $ | 7.09 | $ | 5.80 | ||||||||||||||||
Net investment income (loss) | 0.08 | (b) | 0.14 | (b) | 0.28 | 0.12 | 0.14 | 0.10 | ||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.80 | 2.60 | 0.93 | (0.40 | ) | 0.81 | 1.21 | |||||||||||||||||||||
Total from investment operations | 0.88 | 2.74 | 1.21 | (0.28 | ) | 0.95 | 1.31 | |||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from investment income | — | (0.24 | ) | (0.07 | ) | (0.10 | ) | (0.09 | ) | (0.02 | ) | |||||||||||||||||
Distributions from net realized gains | — | — | — | — | — | — | ||||||||||||||||||||||
Total distributions | — | (0.24 | ) | (0.07 | ) | (0.10 | ) | (0.09 | ) | (0.02 | ) | |||||||||||||||||
Paid-in capital from redemption fees | — | (c) | — | (c) | — | (c) | — | — | — | |||||||||||||||||||
Net asset value at end of period | $ | 12.09 | $ | 11.21 | $ | 8.71 | $ | 7.57 | $ | 7.95 | $ | 7.09 | ||||||||||||||||
Total return (excludes sales charge) | 7.85 | %(d) | 31.33 | % | 16.12 | % | (3.58 | )% | 13.40 | % | 22.64 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 18,573 | $ | 16,275 | $ | 13,591 | $ | 20,776 | $ | 24,341 | $ | 30,983 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.90 | %(e) | 1.03 | % | 1.21 | % | 1.32 | % | 1.38 | % | 1.01 | % | ||||||||||||||||
Ratio of net investment income to average net assets | 1.49 | %(e) | 1.40 | % | 1.48 | % | 1.19 | % | 1.15 | % | 1.96 | % | ||||||||||||||||
Ratio of gross expenses to average net assets* | 0.90 | %(e) | 1.03 | % | 1.21 | % | 1.32 | % | 1.38 | % | 1.33 | % | ||||||||||||||||
Portfolio turnover rate | 1.50 | %(d) | 30.38 | % | 69.58 | % | 29.11 | % | 24.12 | % | 25.72 | % |
Praxis Value Index Fund - Class I
Six Months Ended June 30, 2014 (Unaudited) | Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 | |||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.14 | $ | 8.65 | $ | 7.52 | $ | 7.91 | $ | 7.05 | $ | 5.77 | ||||||||||||||||
Net investment income (loss) | 0.11 | (b) | 0.20 | (b) | 0.09 | 0.15 | 0.17 | 0.14 | ||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.79 | 2.59 | 1.18 | (0.37 | ) | 0.85 | 1.18 | |||||||||||||||||||||
Total from investment operations | 0.90 | 2.79 | 1.27 | (0.22 | ) | 1.02 | 1.32 | |||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from investment income | — | (0.30 | ) | (0.14 | ) | (0.17 | ) | (0.16 | ) | (0.04 | ) | |||||||||||||||||
Distributions from net realized gains | — | — | — | — | — | — | ||||||||||||||||||||||
Total distributions | — | (0.30 | ) | (0.14 | ) | (0.17 | ) | (0.16 | ) | (0.04 | ) | |||||||||||||||||
Paid-in capital from redemption fees | — | (c) | — | — | — | — | — | |||||||||||||||||||||
Net asset value at end of period | $ | 12.04 | $ | 11.14 | $ | 8.65 | $ | 7.52 | $ | 7.91 | $ | 7.05 | ||||||||||||||||
Total return (excludes sales charge) | 8.08 | %(d) | 32.26 | % | 16.91 | % | (2.80 | )% | 14.53 | % | 22.82 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 103,232 | $ | 93,118 | $ | 71,284 | $ | 32,070 | $ | 31,865 | $ | 30,900 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.46 | %(e) | 0.48 | % | 0.47 | % | 0.49 | % | 0.50 | % | 0.73 | % | ||||||||||||||||
Ratio of net investment income to average net assets | 1.94 | %(e) | 1.95 | % | 2.24 | % | 2.03 | % | 2.06 | % | 2.28 | % | ||||||||||||||||
Ratio of gross expenses to average net assets | 0.46 | %(e) | 0.48 | % | 0.47 | % | 0.49 | % | 0.50 | % | 0.73 | % | ||||||||||||||||
Portfolio turnover rate | 1.50 | %(d) | 30.38 | % | 69.58 | % | 29.11 | % | 24.12 | % | 25.72 | % |
* | 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) | On August 17, 2009, Class B shares were exchanged for Class A shares. |
(b) | Net investment income (loss) per share have been calculated using the average daily shares outstanding during the period. |
(c) | Amount is less than $0.005 per share. |
(d) | Not annualized. |
(e) | Annualized. |
See accompanying notes to financial statements.
43
Financial Highlights, continued
For a share outstanding throughout the year indicated
Praxis Growth Index Fund - Class A
Six Months Ended June 30, 2014 (Unaudited) | Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 (a) | |||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.19 | $ | 11.63 | $ | 9.96 | $ | 9.86 | $ | 8.71 | $ | 6.50 | ||||||||||||||||
Net investment income (loss) | 0.05 | (b) | 0.10 | (b) | 0.02 | 0.01 | 0.01 | 0.03 | ||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.95 | 3.58 | 1.70 | 0.10 | 1.14 | 2.20 | ||||||||||||||||||||||
Total from investment operations | 1.00 | 3.68 | 1.72 | 0.11 | 1.15 | 2.23 | ||||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from investment income | — | (0.12 | ) | (0.05 | ) | (0.01 | ) | — | (0.02 | ) | ||||||||||||||||||
Distributions from net realized gains | — | — | — | — | — | — | ||||||||||||||||||||||
Total distributions | — | (0.12 | ) | (0.05 | ) | (0.01 | ) | — | (0.02 | ) | ||||||||||||||||||
Paid-in capital from redemption fees | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | |||||||||||||||||
Net asset value at end of period | $ | 16.19 | $ | 15.19 | $ | 11.63 | $ | 9.96 | $ | 9.86 | $ | 8.71 | ||||||||||||||||
Total return (excludes sales charge) | 6.58 | %(d) | 31.72 | % | 17.15 | % | 1.12 | % | 13.20 | % | 34.38 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 53,672 | $ | 51,724 | $ | 43,035 | $ | 3,363 | $ | 2,911 | $ | 4,714 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.96 | %(e) | 1.01 | % | 1.08 | % | 1.10 | % | 1.10 | % | 0.93 | % | ||||||||||||||||
Ratio of net investment income to average net assets | 0.67 | %(e) | 0.76 | % | 1.08 | % | 0.14 | % | 0.13 | % | 0.42 | % | ||||||||||||||||
Ratio of gross expenses to average net assets* | 0.96 | %(e) | 1.01 | % | 1.26 | % | 2.01 | % | 2.68 | % | 1.54 | % | ||||||||||||||||
Portfolio turnover rate | 1.95 | %(d) | 14.82 | % | 82.74 | % | 21.18 | % | 28.55 | % | 30.99 | % |
Praxis Growth Index Fund - Class I
Six Months Ended June 30, 2014 (Unaudited) | Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 | |||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.27 | $ | 11.68 | $ | 9.96 | $ | 9.86 | $ | 8.72 | $ | 6.51 | ||||||||||||||||
Net investment income (loss) | 0.09 | (b) | 0.18 | (b) | 0.07 | 0.07 | 0.05 | 0.04 | ||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.96 | 3.60 | 1.71 | 0.10 | 1.15 | 2.20 | ||||||||||||||||||||||
Total from investment operations | 1.05 | 3.78 | 1.78 | 0.17 | 1.20 | 2.24 | ||||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from investment income | — | (0.19 | ) | (0.06 | ) | (0.07 | ) | (0.06 | ) | (0.03 | ) | |||||||||||||||||
Distributions from net realized gains | — | — | — | — | — | — | ||||||||||||||||||||||
Total distributions | — | (0.19 | ) | (0.06 | ) | (0.07 | ) | (0.06 | ) | (0.03 | ) | |||||||||||||||||
Paid-in capital from redemption fees | — | (c) | — | (c) | — | (c) | — | — | — | |||||||||||||||||||
Net asset value at end of period | $ | 16.32 | $ | 15.27 | $ | 11.68 | $ | 9.96 | $ | 9.86 | $ | 8.72 | ||||||||||||||||
Total return (excludes sales charge) | 6.88 | %(d) | 32.26 | % | 17.94 | % | 1.73 | % | 13.74 | % | 34.46 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 107,057 | $ | 100,561 | $ | 97,072 | $ | 33,843 | $ | 29,401 | $ | 16,570 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.43 | %(e) | 0.47 | % | 0.48 | % | 0.50 | % | 0.58 | % | 0.81 | % | ||||||||||||||||
Ratio of net investment income to average net assets | 1.20 | %(e) | 1.31 | % | 1.31 | % | 0.75 | % | 0.70 | % | 0.54 | % | ||||||||||||||||
Ratio of gross expenses to average net assets | 0.43 | %(e) | 0.47 | % | 0.48 | % | 0.50 | % | 0.58 | % | 0.87 | % | ||||||||||||||||
Portfolio turnover rate | 1.95 | %(d) | 14.82 | % | 82.74 | % | 21.18 | % | 28.55 | % | 30.99 | % |
* | 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) | On August 17, 2009, Class B Shares were exchanged for Class A Shares. |
(b) | Net investment income (loss) per share have been calculated using the average daily shares outstanding during the period. |
(c) | Amount is less than $0.005 per share. |
(d) | Not annualized. |
(e) | Annualized. |
See accompanying notes to financial statements.
44
Financial Highlights, continued
For a share outstanding throughout the year indicated
Praxis Small Cap Fund - Class A
Six Months Ended June 30, 2014 (Unaudited) | Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 (a) | |||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.80 | $ | 11.33 | $ | 10.51 | $ | 9.95 | $ | 7.55 | $ | 5.82 | ||||||||||||||||
Net investment income (loss) | (0.06 | )(b) | (0.12 | )(b) | (0.06 | ) | (0.09 | ) | (0.11 | ) | (0.04 | ) | ||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.08 | ) | 4.04 | 1.03 | 0.64 | 2.51 | 1.77 | |||||||||||||||||||||
Total from investment operations | (0.14 | ) | 3.92 | 0.97 | 0.55 | 2.40 | 1.73 | |||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Distributions from net realized gains | — | (1.45 | ) | (0.15 | ) | — | — | — | ||||||||||||||||||||
Total distributions | — | (1.45 | ) | (0.15 | ) | — | — | — | ||||||||||||||||||||
Paid-in capital from redemption fees | — | (c) | — | (c) | — | (c) | 0.01 | — | (c) | — | (c) | |||||||||||||||||
Net asset value at end of period | $ | 13.66 | $ | 13.80 | $ | 11.33 | $ | 10.51 | $ | 9.95 | $ | 7.55 | ||||||||||||||||
Total return (excludes sales charge) | (1.01 | )%(d) | 34.63 | % | 9.26 | % | 5.63 | % | 31.79 | % | 29.73 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 8,659 | $ | 8,465 | $ | 5,710 | $ | 5,541 | $ | 3,341 | $ | 4,227 | ||||||||||||||||
Ratio of net expenses to average net assets | 1.69 | %(e) | 1.69 | % | 1.72 | % | 1.71 | % | 1.69 | % | 1.49 | % | ||||||||||||||||
Ratio of net investment income to average net assets | (0.87 | )%(e) | (0.95 | )% | (0.34 | )% | (1.09 | )% | (1.08 | )% | (0.80 | )% | ||||||||||||||||
Ratio of gross expenses to average net assets* | 1.69 | %(e) | 1.90 | % | 1.91 | % | 2.17 | % | 2.79 | % | 2.34 | % | ||||||||||||||||
Portfolio turnover rate | 29.50 | %(d) | 49.25 | % | 49.78 | % | 67.48 | % | 84.26 | % | 60.33 | % |
Praxis Small Cap Fund - Class I
Six Months Ended June 30, 2014 (Unaudited) | Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 | |||||||||||||||||||||||
Net asset value at beginning of period | $ | 14.25 | $ | 11.59 | $ | 10.67 | $ | 10.06 | $ | 7.59 | $ | 5.84 | ||||||||||||||||
Net investment income (loss) | (0.01 | )(b) | (0.04 | )(b) | 0.06 | (0.03 | ) | (0.04 | ) | (0.04 | ) | |||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.09 | ) | 4.15 | 1.01 | 0.64 | 2.51 | 1.79 | |||||||||||||||||||||
Total from investment operations | (0.10 | ) | 4.11 | 1.07 | 0.61 | 2.47 | 1.75 | |||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Distributions from net realized gains | — | (1.45 | ) | (0.15 | ) | — | — | — | ||||||||||||||||||||
Total distributions | — | (1.45 | ) | (0.15 | ) | — | — | — | ||||||||||||||||||||
Paid-in capital from redemption fees | — | (c) | — | (c) | — | — | — | — | ||||||||||||||||||||
Net asset value at end of period | $ | 14.15 | $ | 14.25 | $ | 11.59 | $ | 10.67 | $ | 10.06 | $ | 7.59 | ||||||||||||||||
Total return (excludes sales charge) | (0.70 | )%(d) | 35.53 | % | 10.06 | % | 6.06 | % | 32.54 | % | 29.97 | % | ||||||||||||||||
Net assets at end of period (in 000s) | $ | 70,137 | $ | 68,762 | $ | 63,520 | $ | 61,130 | $ | 25,584 | $ | 18,300 | ||||||||||||||||
Ratio of net expenses to average net assets | 1.02 | %(e) | 1.04 | % | 1.05 | % | 1.04 | % | 1.08 | % | 1.36 | % | ||||||||||||||||
Ratio of net investment income to average net assets | (0.22 | )%(e) | (0.31 | )% | 0.50 | % | (0.44 | )% | (0.46 | )% | (0.66 | )% | ||||||||||||||||
Ratio of gross expenses to average net assets* | 1.02 | %(e) | 1.04 | % | 1.05 | % | 1.04 | % | 1.08 | % | 1.53 | % | ||||||||||||||||
Portfolio turnover rate | 29.50 | %(d) | 49.25 | % | 49.78 | % | 67.48 | % | 84.26 | % | 60.33 | % |
* | 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) | On August 17, 2009, Class B shares were exchanged for Class A shares. |
(b) | Net investment income (loss) per share have been calculated using the average daily shares outstanding during the period. |
(c) | Amount is less than $0.005 per share. |
(d) | Not annualized. |
(e) | Annualized. |
See accompanying notes to financial statements.
45
Financial Highlights, continued
For a share outstanding throughout the year indicated
Praxis Genesis Conservative Portfolio - Class A
Six Months Ended June 30, 2014 (Unaudited) | Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 (a) | ||||||||||||||||||||
Net asset value at beginning of period | $ | 11.10 | $ | 10.79 | $ | 10.50 | $ | 10.55 | $ | 10.00 | ||||||||||||||
Net investment income (loss) | 0.08 | (b) | 0.23 | (b) | 0.23 | 0.24 | 0.25 | |||||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.39 | 0.45 | 0.54 | 0.06 | 0.55 | |||||||||||||||||||
Total from investment operations | 0.47 | 0.68 | 0.77 | 0.30 | 0.80 | |||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Dividends from investment income | (0.07 | ) | (0.23 | ) | (0.24 | ) | (0.29 | ) | (0.25 | ) | ||||||||||||||
Distributions from net realized gains | — | (0.14 | ) | (0.24 | ) | (0.06 | ) | — | ||||||||||||||||
Total distributions | (0.07 | ) | (0.37 | ) | (0.48 | ) | (0.35 | ) | (0.25 | ) | ||||||||||||||
Paid-in capital from redemption fees | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | ||||||||||||||
Net asset value at end of period | $ | 11.50 | $ | 11.10 | $ | 10.79 | $ | 10.50 | $ | 10.55 | ||||||||||||||
Total return (excludes sales charge) | 4.24 | %(d) | 6.28 | % | 7.42 | % | 2.88 | % | 8.22 | % | ||||||||||||||
Net assets at end of period (in 000s) | $ | 18,797 | $ | 18,045 | $ | 17,203 | $ | 14,018 | $ | 12,695 | ||||||||||||||
Ratio of net expenses to average net assets † | 0.60 | %(e) | 0.61 | % | 0.61 | % | 0.61 | % | 0.65 | % | ||||||||||||||
Ratio of net investment income to average net assets † | 1.45 | %(e) | 2.04 | % | 2.13 | % | 2.31 | % | 2.60 | % | ||||||||||||||
Ratio of gross expenses to average net assets †* | 0.62 | %(e) | 0.64 | % | 0.65 | % | 0.78 | % | 0.97 | % | ||||||||||||||
Portfolio turnover rate | 5.16 | %(d) | 25.69 | % | 30.58 | % | 15.03 | % | 10.08 | % |
† | The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which they invest. |
* | 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) | For the period December 31, 2009 (commencement of operations) through December 31, 2010. |
(b) | Net investment income (loss) per share have been calculated using the average daily shares outstanding during the period. |
(c) | Amount is less than $0.005 per share. |
(d) | Not annualized. |
(e) | Annualized. |
See accompanying notes to financial statements.
46
Financial Highlights, continued
For a share outstanding throughout the year indicated
Praxis Genesis Balanced Portfolio - Class A
Six Months Ended June 30, 2014 (Unaudited) | Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 (a) | ||||||||||||||||||||
Net asset value at beginning of period | $ | 12.50 | $ | 11.14 | $ | 10.62 | $ | 10.91 | $ | 10.00 | ||||||||||||||
Net investment income (loss) | 0.04 | (b) | 0.20 | (b) | 0.17 | 0.15 | 0.16 | |||||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.51 | 1.50 | 0.90 | (0.17 | ) | 0.91 | ||||||||||||||||||
Total from investment operations | 0.55 | 1.70 | 1.07 | (0.02 | ) | 1.07 | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Dividends from investment income | (0.03 | ) | (0.19 | ) | (0.18 | ) | (0.18 | ) | (0.16 | ) | ||||||||||||||
Distributions from net realized gains | — | (0.15 | ) | (0.37 | ) | (0.09 | ) | — | ||||||||||||||||
Total distributions | (0.03 | ) | (0.34 | ) | (0.55 | ) | (0.27 | ) | (0.16 | ) | ||||||||||||||
Paid-in capital from redemption fees | — | (c) | — | (c) | — | (c) | — | (c) | — | |||||||||||||||
Net asset value at end of period | $ | 13.02 | $ | 12.50 | $ | 11.14 | $ | 10.62 | $ | 10.91 | ||||||||||||||
Total return (excludes sales charge) | 4.43 | %(d) | 15.30 | % | 10.11 | % | (0.21 | )% | 10.88 | % | ||||||||||||||
Net assets at end of period (in 000s) | $ | 56,110 | $ | 53,614 | $ | 44,584 | $ | 37,770 | $ | 34,182 | ||||||||||||||
Ratio of net expenses to average net assets † | 0.55 | %(e) | 0.60 | % | 0.61 | % | 0.61 | % | 0.64 | % | ||||||||||||||
Ratio of net investment income to average net assets † | 0.61 | %(e) | 1.65 | % | 1.57 | % | 1.39 | % | 1.80 | % | ||||||||||||||
Ratio of gross expenses to average net assets †* | 0.55 | %(e) | 0.60 | % | 0.62 | % | 0.71 | % | 0.90 | % | ||||||||||||||
Portfolio turnover rate | 3.34 | %(d) | 19.91 | % | 38.48 | % | 15.11 | % | 7.84 | % |
Praxis Genesis Growth Portfolio - Class A
Six Months Ended June 30, 2014 (Unaudited) | Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 (a) | ||||||||||||||||||||
Net asset value at beginning of period | $ | 13.49 | $ | 11.40 | $ | 10.68 | $ | 11.15 | $ | 10.00 | ||||||||||||||
Net investment income (loss) | — | (b) | 0.17 | (b) | 0.13 | 0.08 | 0.10 | |||||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.62 | 2.26 | 1.13 | (0.33 | ) | 1.15 | ||||||||||||||||||
Total from investment operations | 0.62 | 2.43 | 1.26 | (0.25 | ) | 1.25 | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Dividends from investment income | — | (0.17 | ) | (0.14 | ) | (0.10 | ) | (0.10 | ) | |||||||||||||||
Distributions from net realized gains | — | (0.17 | ) | (0.40 | ) | (0.12 | ) | — | ||||||||||||||||
Total distributions | — | (0.34 | ) | (0.54 | ) | (0.22 | ) | (0.10 | ) | |||||||||||||||
Paid-in capital from redemption fees | — | (c) | — | (c) | — | (c) | — | (c) | — | |||||||||||||||
Net asset value at end of period | $ | 14.11 | $ | 13.49 | $ | 11.40 | $ | 10.68 | $ | 11.15 | ||||||||||||||
Total return (excludes sales charge) | 4.60 | %(d) | 21.28 | % | 11.82 | % | (2.24 | )% | 12.65 | % | ||||||||||||||
Net assets at end of period (in 000s) | $ | 49,304 | $ | 45,793 | $ | 36,294 | $ | 29,882 | $ | 26,673 | ||||||||||||||
Ratio of net expenses to average net assets † | 0.58 | %(e) | 0.60 | % | 0.61 | % | 0.61 | % | 0.64 | % | ||||||||||||||
Ratio of net investment income to average net assets † | — | %(e)(f) | 1.39 | % | 1.22 | % | 0.79 | % | 1.33 | % | ||||||||||||||
Ratio of gross expenses to average net assets †* | 0.58 | %(e) | 0.66 | % | 0.74 | % | 0.89 | % | 1.15 | % | ||||||||||||||
Portfolio turnover rate | 1.71 | %(d) | 20.87 | % | 45.13 | % | 15.54 | % | 7.54 | % |
† | The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which they invest. |
* | 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) | For the period December 31, 2009 (commencement of operations) through December 31, 2010. |
(b) | Net investment income (loss) per share have been calculated using the average daily shares outstanding during the period. |
(c) | Amount is less than $0.005 per share. |
(d) | Not annualized. |
(e) | Annualized. |
See accompanying notes to financial statements.
47
Notes to Financial Statements (unaudited) | June 30, 2014 |
1. Organization:
The Praxis Mutual Funds (the “Trust”) is an open-end management investment company established as a Delaware business trust under a Declaration of Trust dated September 27, 1993, as amended and restated December 1, 1993, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of June 30, 2014, the Trust consists of the Praxis Intermediate Income Fund, the Praxis International Index Fund, the Praxis Value Index Fund, the Praxis Growth Index Fund, and the Praxis Small Cap 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 Intermediate Income Fund, International Index Fund, Value Index Fund, Growth Index Fund, Small Cap Fund, Conservative Portfolio, Balanced Portfolio, and Growth Portfolio in the financial statements. Each Fund and Portfolio is a diversified series of the Trust.
As of June 30, 2014, 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 agreements, 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 Intermediate Income Fund which has a maximum sales charge of 3.75 percent.
2. Significant Accounting Policies:
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. generally accepted accounting principles (“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 period. 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 market 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 investment companies are valued at their respective net asset values as reported by such companies. The differences between the cost and market values of investments are reflected as either unrealized appreciation or depreciation.
The Funds use various independent pricing services to value most of their 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 will be reviewed by Everence Capital Management, Inc. (the “Adviser”) 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 are valued at amortized cost, which approximates fair value. The Portfolios’ investments in the Funds (the “Underlying Funds”) are valued at the closing net asset value per share.
In certain circumstances, the Praxis Mutual Funds Valuation Procedures (“Valuation Procedures”) contemplate the Board’s delegation of the implementation of the Valuation Procedures to the Adviser. In valuing restricted securities under the Valuation Procedures, the Adviser will consider (but is not limited to) certain specific and general factors enumerated in the Valuation Procedures. The Valuation Procedures require that the Adviser 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 Pricing Committee of the Adviser (“Pricing Committee”) has established a policy and methodology, which was approved by the Board, for pricing the Everence Community Investments notes held by several of the Praxis Funds. The methodology takes into consideration the fundamental quality of the notes, the nature and duration of restrictions on the disposition of the securities, and an evaluation of the forces that influence the market in which these securities are purchased and sold. Accordingly, the Pricing Committee applied discounts to the notes, for which there is not an active market, based on the credit quality, maturity, and liquidity characteristics of what the committee determined to be similar securities.
48
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 are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt securities of sufficient credit quality maturing in less than 61 days are 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 Trust determines transfers between fair value hierarchy levels at the reporting period end.
The aggregate value by input level, as of June 30, 2014, for each Fund’s and Portfolio’s investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, are as follows:
Intermediate Income Fund Valuation Inputs at Reporting Date:
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments at Value | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 16,134,612 | $ | — | $ | 16,134,612 | ||||||||
Commercial Mortgage Backed Securities | — | 19,907,338 | — | 19,907,338 | ||||||||||||
Corporate Bonds | — | 141,829,469 | — | 141,829,469 | ||||||||||||
Everence Community Investment Notes | — | — | 3,885,993 | 3,885,993 | ||||||||||||
Foreign Bonds | — | 6,639,822 | — | 6,639,822 | ||||||||||||
Investment Companies | 4,072,646 | — | — | 4,072,646 | ||||||||||||
Municipal Bonds | — | 12,822,698 | — | 12,822,698 | ||||||||||||
U.S. Government Agencies | — | 173,985,326 | — | 173,985,326 | ||||||||||||
Total Investments | $ | 4,072,646 | $ | 371,319,265 | $ | 3,885,993 | $ | 379,277,904 | ||||||||
There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2014.
International Index Fund Valuation Inputs at Reporting Date
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments at Value | ||||||||||||||||
Common Stocks | $ | 173,773,939 | $ | 338,757 | $ | — | $ | 174,112,696 | ||||||||
Everence Community Investment Notes | — | — | 1,610,320 | 1,610,320 | ||||||||||||
Preferred Stocks | 666,172 | — | — | 666,172 | ||||||||||||
Rights | 10,063 | — | — | 10,063 | ||||||||||||
Warrants | 1,196 | — | — | 1,196 | ||||||||||||
Total Investments | $ | 174,451,370 | $ | 338,757 | $ | 1,610,320 | $ | 176,400,447 | ||||||||
There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2014.
Value Index Fund Valuation Inputs at Reporting Date:
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments at Value | ||||||||||||||||
Common Stocks | $ | 120,391,022 | $ | — | $ | — | $ | 120,391,022 | ||||||||
Everence Community Investment Notes | — | — | 1,129,080 | 1,129,080 | ||||||||||||
Total Investments | $ | 120,391,022 | $ | — | $ | 1,129,080 | $ | 121,520,102 | ||||||||
There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2014.
Growth Index Fund Valuation Inputs at Reporting Date:
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments at Value | ||||||||||||||||
Common Stocks | $ | 158,772,276 | $ | — | $ | — | $ | 158,772,276 | ||||||||
Everence Community Investment Notes | — | — | 1,564,116 | 1,564,116 | ||||||||||||
Total Investments | $ | 158,772,276 | $ | — | $ | 1,564,116 | $ | 160,336,392 | ||||||||
49
Notes to Financial Statements (unaudited), continued | June 30, 2014 |
There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2014.
Small Cap Fund Valuation Inputs at Reporting Date:
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments at Value | ||||||||||||||||
Common Stocks | $ | 73,425,730 | $ | — | $ | — | $ | 73,425,730 | ||||||||
Everence Community Investment Notes | — | — | 751,915 | 751,915 | ||||||||||||
Total Investments | $ | 73,425,730 | $ | — | $ | 751,915 | $ | 74,177,645 | ||||||||
There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2014.
Conservative Portfolio Valuation Inputs at Reporting Date:
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments at Value | ||||||||||||||||
Mutual Funds | $ | 18,808,373 | $ | — | $ | — | $ | 18,808,373 | ||||||||
Total Investments | $ | 18,808,373 | $ | — | $ | — | $ | 18,808,373 | ||||||||
There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2014.
Balanced Portfolio Valuation Inputs at Reporting Date:
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments at Value | ||||||||||||||||
Mutual Funds | $ | 56,150,112 | $ | — | $ | — | $ | 56,150,112 | ||||||||
Total Investments | $ | 56,150,112 | $ | — | $ | — | $ | 56,150,112 | ||||||||
There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2014.
Growth Portfolio Valuation Inputs at Reporting Date:
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments at Value | ||||||||||||||||
Mutual Funds | $ | 49,343,975 | $ | — | $ | — | $ | 49,343,975 | ||||||||
Total Investments | $ | 49,343,975 | $ | — | $ | — | $ | 49,343,975 | ||||||||
There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2014.
Following is a reconciliation of Level 3 assets for which significant unobservable inputs for Investments in Securities were used to determine fair value:
Everence Community Investment Notes | Intermediate Income Fund | International Index Fund | Value Index Fund | Growth Index Fund | Small Cap Fund | |||||||||||||||
Balance as of December 31, 2013 | $ | 3,896,087 | $ | 1,614,759 | $ | 1,133,074 | $ | 1,567,335 | $ | 753,968 | ||||||||||
Proceeds from Maturities | — | — | — | — | — | |||||||||||||||
Cost of Purchases | — | — | — | — | — | |||||||||||||||
Change in unrealized appreciation (depreciation) | (10,094 | ) | (4,439 | ) | (3,994 | ) | (3,219 | ) | (2,053 | ) | ||||||||||
Balance as of June 30, 2014 | $ | 3,885,993 | $ | 1,610,320 | $ | 1,129,080 | $ | 1,564,116 | $ | 751,915 | ||||||||||
50
The following represents quantitative information about Level 3 fair value measurements:
Fund | Investment Type | Fair value at 6/30/2014 | Valuation Technique(s) | Unobservable Inputs(s)* | Range | |||||||||||
Fundamental quality | Credit rating | AA | ||||||||||||||
| ||||||||||||||||
Intermediate Income Fund |
| Everence Community Investment Notes |
| $ | 3,885,993 | Nature and duration of restrictions on disposition | Discount for Lack of Marketability | 0.50 | % | |||||||
Fundamental quality | Credit rating | AA | ||||||||||||||
| ||||||||||||||||
International Index Fund |
| Everence Community Investment Notes |
| $ | 1,610,320 | Nature and duration of restrictions on disposition | Discount for Lack of Marketability | 0.50 | % | |||||||
Fundamental quality | Credit rating | AA | ||||||||||||||
| ||||||||||||||||
Value Index Fund | | Everence Community Investment Notes | | $ | 1,129,080 | Nature and duration of restrictions on disposition | Discount for Lack of Marketability | 0.50 | % | |||||||
Fundamental quality | Credit rating | AA | ||||||||||||||
| ||||||||||||||||
Growth Index Fund | | Everence Community Investment Notes | | $ | 1,564,116 | Nature and duration of restrictions on disposition | Discount for Lack of Marketability | 0.50 | % | |||||||
Fundamental quality | Credit rating | AA | ||||||||||||||
| ||||||||||||||||
Small Cap Fund | | Everence Community Investkment Notes | | $ | 751,915 | Nature and duration of restrictions on disposition | Discount for Lack of Marketability | 0.50 | % | |||||||
Changes to any of these inputs may result in significant changes to fair value measurement as follows:
Unobservable Input(s)* | Increase in Inputs Impact to Valuation | Decrease in Inputs Impact to Valuation | ||
Fundamental quality | Increase | Decrease | ||
Nature and duration of restrictions on disposition | Decrease | Increase | ||
Discounts applied for lack of marketability are taken after consideration of changes in other unobservable inputs used to value these securities.
* | Level 3 values are based on significant unobservable inputs that reflect the Pricing Committee’s determination of assumptions that market participants might reasonably use in valuing the securities. Changes in significant unobservable inputs could cause significant changes in valuation to individual securities and in aggregate. Fair value determinations and valuation of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred. |
Securities Transactions and Related Income:
Changes in holdings of portfolio securities are reflected in the Funds’ and Portfolios’ valuation no later than in the first business day following trade date. For financial reporting purposes, security transactions are accounted for on the trade date on the last business day of the reporting period. Gains or losses realized on sales of securities 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. Dividend income is recorded on the ex-dividend date.
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 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 deducted from 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 the Portfolio’s assets are allocated among the underlying investments.
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
51
Notes to Financial Statements (unaudited), continued | June 30, 2014 |
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 market value of investment securities, 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.
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 Funds’ 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 including investments in securities at the reporting period, resulting from changes in the exchange rate.
Community Development Investments:
The Board has authorized the Funds to make certain types of community development investments. In connection with the community development investments, the Funds have received from the Securities and Exchange Commission (“SEC”) an exemptive order that permits each of the Funds to invest a limited portion of its respective net assets in securities issued by Everence Community Investments, Inc. (“ECI”), an affiliate of the Adviser. ECI is a not-for-profit corporation that was organized specifically to promote community development investing and it seeks to fund its efforts primarily through the sale to investors of interests in certain investment pools that it has established (the “ECI-Notes”). Assets raised through offerings of ECI-Notes are then invested directly in non-profit and not-for-profit community development organizations. Each Fund, in accordance with guidelines established by the Board and in compliance with the SEC’s exemptive order, would be permitted to invest up to 3 percent of its net assets in ECI-Notes. ECI-Notes have certain specific risk factors associated with them. These types of investments offer a rate of return below the prevailing market rate at acquisition and are considered illiquid, unrated and below-investment grade. They also involve a greater risk of default or price decline than investment-grade securities. However, these investments have been determined by the Adviser and the Board as being a beneficial way to carry out each Fund’s goals for stewardship investing at the community level. In addition, these investments are valued in accordance with procedures approved by the Board.
Dividends and Distributions:
Dividends from net investment income are declared and paid monthly for the Intermediate Income Fund and the Portfolios. Dividends from net investment income are declared and paid annually for the International Index Fund, the Value Index Fund, the Growth Index Fund, and the Small Cap Fund. To the extent the Portfolios invest in the Intermediate Income Fund and receive dividends, they will be paid monthly. Distributions of realized gains from the Underlying Funds are recorded on the ex-dividend date or when the Portfolios first learn of the dividend. Distributable net realized capital gains, if any, are declared and distributed at least annually.
The amounts of dividends from net investment income and distributions from net realized 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.
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.
52
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 Transactions as disclosed in Note 6 to the Financial Statements.
3. Purchases and Sales of Securities:
Purchases and sales of securities (excluding short-term debt securities having maturities one year or less and U.S. Government Securities) for the period ended June 30, 2014 were as follows:
Purchases | Sales | |||||||
Intermediate Income Fund | $ | 48,359,831 | $ | 23,951,677 | ||||
International Index Fund | 7,038,130 | 4,936,797 | ||||||
Value Index Fund | 6,160,586 | 1,710,987 | ||||||
Growth Index Fund | 2,995,256 | 4,113,811 | ||||||
Small Cap Fund | 21,427,153 | 22,921,649 | ||||||
Conservative Portfolio | 1,073,973 | 952,526 | ||||||
Balanced Portfolio | 2,047,576 | 1,820,942 | ||||||
Growth Portfolio | 2,179,956 | 802,074 | ||||||
4. Investment Transactions with Affiliates:
The Portfolios invest in the underlying Praxis Mutual Funds which are also advised by the Adviser. Therefore, the Underlying Funds are deemed affiliates, and the related activities in those investments were as follows:
For the semi annual period ended June 30, 2014 | ||||||||||||||||||||||||||||
Affiliate | Fair value at December 31, 2013 | Purchase Cost | Sales Proceeds | Realized Gain/ (Loss) | Dividend Income | Shares at June 30, 2014 | Fair value at June 30, 2014 | |||||||||||||||||||||
Conservative Portfolio |
| |||||||||||||||||||||||||||
Praxis Intermediate Income Fund | $ | 12,500,713 | $ | 808,032 | $ | 666,768 | $ | (16,313 | ) | $ | 187,502 | $ | 1,235,645 | $ | 12,937,205 | |||||||||||||
Praxis Growth Index Fund | 1,855,145 | 88,647 | 95,253 | 991 | — | 121,117 | 1,976,637 | |||||||||||||||||||||
Praxis International Index Fund | 1,395,816 | 66,485 | 71,439 | 181 | — | 130,037 | 1,447,315 | |||||||||||||||||||||
Praxis Small Cap Fund | 457,751 | 22,162 | 23,813 | (856 | ) | — | 31,998 | 452,767 | ||||||||||||||||||||
Praxis Value Index Fund | 1,850,669 | 88,647 | 95,253 | 1,137 | 8,007 | 165,652 | 1,994,449 | |||||||||||||||||||||
Total | $ | 18,060,094 | $ | 1,073,973 | $ | 952,526 | $ | (14,860 | ) | $ | 195,509 | $ | 1,684,449 | $ | 18,808,373 | |||||||||||||
For the semi annual period ended June 30, 2014 | ||||||||||||||||||||||||||||
Affiliate | Fair value at December 31, 2013 | Purchase Cost | Sales Proceeds | Realized Gain/ (Loss) | Dividend Income | Shares at June 30, 2014 | Fair value at June 30, 2014 | |||||||||||||||||||||
Balanced Portfolio | ||||||||||||||||||||||||||||
Praxis Intermediate Income Fund | $ | 21,013,254 | $ | 1,007,759 | $ | 728,377 | $ | (17,554 | ) | $ | 314,548 | $ | 2,081,086 | $ | 21,788,969 | |||||||||||||
Praxis Growth Index Fund | 9,552,071 | 303,280 | 318,665 | 2,282 | — | 624,757 | 10,169,027 | |||||||||||||||||||||
Praxis International Index Fund | 8,208,079 | 259,954 | 273,141 | 184 | — | 766,123 | 8,526,952 | |||||||||||||||||||||
Praxis Small Cap Fund | 5,388,231 | 173,303 | 182,094 | (5,179 | ) | — | 377,562 | 5,342,498 | ||||||||||||||||||||
Praxis Value Index Fund | 9,536,737 | 303,280 | 318,665 | 3,210 | — | 855,122 | 10,295,666 | |||||||||||||||||||||
Total | $ | 53,698,372 | $ | 2,047,576 | $ | 1,820,942 | $ | (17,057 | ) | $ | 314,548 | $ | 4,704,650 | $ | 56,123,112 | |||||||||||||
For the semi annual period ended June 30, 2014 | ||||||||||||||||||||||||||||
Affiliate | Fair value at December 31, 2013 | Purchase Cost | Sales Proceeds | Realized Gain/ (Loss) | Dividend Income | Shares at June 30, 2014 | Fair value at June 30, 2014 | |||||||||||||||||||||
Growth Portfolio | ||||||||||||||||||||||||||||
Praxis Intermediate Income Fund | $ | 8,904,518 | $ | 543,743 | $ | 160,415 | $ | (5,497 | ) | $ | 134,690 | $ | 907,271 | $ | 9,499,123 | |||||||||||||
Praxis Growth Index Fund | 10,409,221 | 460,185 | 180,467 | (1,308 | ) | — | 699,675 | 11,418,691 | ||||||||||||||||||||
Praxis International Index Fund | 9,360,347 | 409,053 | 160,415 | (2,402 | ) | — | 897,977 | 9,994,488 | ||||||||||||||||||||
Praxis Small Cap Fund | 6,852,176 | 306,790 | 120,310 | (4,024 | ) | — | 494,358 | 6,995,160 | ||||||||||||||||||||
Praxis Value Index Fund | 10,308,141 | 460,185 | 180,467 | (668 | ) | — | 949,876 | 11,436,513 | ||||||||||||||||||||
Total | $ | 45,834,403 | $ | 2,179,956 | $ | 802,074 | $ | (13,899 | ) | $ | 134,690 | $ | 3,949,157 | $ | 49,343,975 | |||||||||||||
53
Notes to Financial Statements (unaudited), continued | June 30, 2014 |
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:
Intermediate Income Fund | 0.40 | % | ||
International Index Fund | 0.60 | % | ||
Value Index Fund | 0.30 | % | ||
Growth Index Fund | 0.30 | % | ||
Small Cap Fund | 0.85 | % | ||
Conservative Portfolio | 0.05 | % | ||
Balanced Portfolio | 0.05 | % | ||
Growth Portfolio | 0.05 | % | ||
The Adviser has retained various Sub-Advisers to manage the investments of certain Funds under the terms of the Sub-Advisory Agreements. The Adviser (not the Funds) pays each Sub-Adviser a fee for these services. Aperio Group LLC serves as the Sub-Adviser to the International Index Fund and Luther King Capital Management Corporation serves as the Sub-Adviser to the Small Cap Fund.
The Adviser has entered into an expense limitation agreement until April 30, 2015. Pursuant to this agreement, the Adviser has agreed to waive fees 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, fees paid to vendors providing fair value pricing and fund compliance services, 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 amounts waived and/or reimbursed 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 waiver and/or reimbursement and at the time of repayment, and the repayment is made within three years after the year in which the Adviser waived and/or reimbursed the expense.
The contractual expense limits in place for the period ended June 30, 2014 were:
Intermediate Income Fund (Class A) | 0.90 | % | ||
International Index Fund (Class A)* | 1.45 | % | ||
Growth Index Fund (Class A) | 1.04 | % | ||
Small Cap Fund (Class A) | 1.65 | % | ||
Conservative Portfolio (Class A) | 0.60 | % | ||
Balanced Portfolio (Class A) | 0.60 | % | ||
Growth Portfolio (Class A) | 0.60 | % | ||
* | Pursuant to an amendment to the expense limitation agreement, the expense limitation that applies to International Index Fund was reduced from 1.65% to 1.45% effective April 30, 2014. |
For the period ended June 30, 2014, the Adviser contractually waived investment advisory fees and/or reimbursed other operating expenses of the Funds and Portfolios as follows:
Intermediate Income Fund (Class A) | $ | 5,799 | ||
Small Cap Fund (Class A) | 242 | |||
Conservative Portfolio (Class A) | 1,587 | |||
For the period ended June 30, 2014, the Advisor recouped investment advisory fees of the Funds and Portfolios as follows:
Growth Index Fund (Class A) | $ | 28,590 | ||
Balanced Portfolio (Class A) | 13,601 | |||
Growth Portfolio (Class A) | 5,275 | |||
54
As of June 30, 2014, the Funds and Portfolios had the following amounts (and year of expiration) subject to repayment to the Adviser:
Year Waived | Year Repayment Expires | Balance | ||||||||||
Intermediate Income Fund | 2011 | 2014 | $ | 83,384 | ||||||||
2012 | 2015 | 66,632 | ||||||||||
2013 | 2016 | 39,015 | ||||||||||
2014 | 2017 | 5,799 | ||||||||||
$ | 194,830 | |||||||||||
Growth Index Fund | 2011 | 2014 | $ | 30,195 | ||||||||
2012 | 2015 | 9,361 | ||||||||||
2013 | 2016 | — | ||||||||||
2014 | 2017 | — | ||||||||||
$ | 39,556 | |||||||||||
Small Cap Fund | 2011 | 2014 | $ | 24,721 | ||||||||
2012 | 2015 | 16,604 | ||||||||||
2013 | 2016 | 14,524 | ||||||||||
2014 | 2017 | 242 | ||||||||||
$ | 56,091 | |||||||||||
Conservative Portfolio | 2011 | 2014 | $ | 22,806 | ||||||||
2012 | 2015 | 7,324 | ||||||||||
2013 | 2016 | 6,678 | ||||||||||
2014 | 2017 | 1,587 | ||||||||||
$ | 38,395 | |||||||||||
Balanced Portfolio | 2011 | 2014 | $ | 37,883 | ||||||||
2012 | 2015 | 5,886 | ||||||||||
2013 | 2016 | — | ||||||||||
2014 | 2017 | — | ||||||||||
$ | 43,769 | |||||||||||
Growth Portfolio | 2011 | 2014 | $ | 83,266 | ||||||||
2012 | 2015 | 47,030 | ||||||||||
2013 | 2016 | 21,201 | ||||||||||
2014 | 2017 | — | ||||||||||
$ | 151,497 | |||||||||||
JPMorgan Chase Bank, N.A. (“JPMorgan”) provides administrative and accounting services on behalf of the Trust. For these services, JPMorgan receives an annual fee, paid monthly, from each Fund and Portfolio.
U.S. Bancorp Fund Services LLC provides 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.
BHIL Distributors, Inc. (“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 amounts from underwriting and broker commissions on the sale of shares as follows:
Intermediate Income Fund | $ | 871 | ||
International Index Fund | 850 | |||
Value Index Fund | 1,440 | |||
Growth Index Fund | 3,006 | |||
Small Cap Fund | 1,406 | |||
Conservative Portfolio | 2,974 | |||
Balanced Portfolio | 10,314 | |||
Growth Portfolio | 11,170 | |||
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 percent 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.
Under the terms of the Compliance and Financial Controls Service Agreements between the Trust and Beacon Hill Fund Services (“Beacon Hill”), Beacon Hill provides certain compliance and financial control services to the Trust, including developing and assisting in implementing a compliance program for the Trust, providing administrative support services to the Funds’ and Portfolios’
55
Notes to Financial Statements (unaudited), continued | June 30, 2014 |
Compliance Program, providing the Chief Compliance Officer and providing the Chief Financial Officer. For these services, Beacon Hill receives a monthly fee from each Fund and Portfolio.
Certain Officers of the Trust are affiliated with the Adviser, Distributor and/or JPMorgan. With the exception of the Chief Compliance Officer and the Chief Financial Officer, such officers are not paid any fees directly by the Funds or Portfolios for serving as Officers of the Trust.
The Chair of the Board of Trustees receives an annual retainer of $9,000. The Audit Committee Chair receives an annual retainer of $7,000. Each additional Independent Trustee receives an annual retainer of $6,000. The meeting attendance fee is $2,000 per Trustee for each quarterly in-person meeting and $1,000 for telephonic Board meetings. The Trust paid $54,000 in aggregate Trustee fees during the period ended June 30, 2014.
6. Capital Share Transactions:
Transactions in shares of the Funds and Portfolios are summarized below:
Praxis Intermediate Income Fund | Praxis International Index Fund | |||||||||||||||
Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | |||||||||||||
Capital Transactions: | ||||||||||||||||
Class A Shares: | ||||||||||||||||
Proceeds from shares issued | $ | 8,366,574 | $ | 15,797,015 | $ | 1,689,767 | $ | 3,192,224 | ||||||||
Dividends reinvested | 739,841 | 1,769,191 | — | 252,938 | ||||||||||||
Cost of shares redeemed | (10,209,770 | ) | (27,832,055 | ) | (1,677,482 | ) | (3,909,637 | ) | ||||||||
Redemption fees | 1,851 | 3,908 | 542 | 892 | ||||||||||||
Class A Share Transactions | $ | (1,101,504 | ) | $ | (10,261,941 | ) | $ | 12,827 | $ | (463,583 | ) | |||||
Class I Shares: | ||||||||||||||||
Proceeds from shares issued | $ | 39,472,543 | $ | 90,106,019 | $ | 13,083,916 | $ | 37,301,377 | ||||||||
Dividends reinvested | 2,333,827 | 4,527,307 | — | 1,639,574 | ||||||||||||
Cost of shares redeemed | (20,727,218 | ) | (58,608,804 | ) | (12,509,320 | ) | (23,832,830 | ) | ||||||||
Redemption fees | 1,581 | 837 | — | 1 | ||||||||||||
Class I Share Transactions | $ | 21,080,733 | $ | 36,025,359 | $ | 574,596 | $ | 15,108,122 | ||||||||
Net increase (decrease) from capital transactions | $ | 19,979,229 | $ | 25,763,418 | $ | 587,423 | $ | 14,644,539 | ||||||||
Share Transactions: | ||||||||||||||||
Class A Shares: | ||||||||||||||||
Issued | 802,829 | 1,499,786 | 160,141 | 321,309 | ||||||||||||
Reinvested | 70,826 | 168,770 | — | 23,840 | ||||||||||||
Redeemed | (981,681 | ) | (2,649,670 | ) | (158,941 | ) | (395,263 | ) | ||||||||
Change in Class A Shares: | (108,026 | ) | (981,114 | ) | 1,200 | (50,114 | ) | |||||||||
Class I Shares: | ||||||||||||||||
Issued | 3,797,622 | 8,641,573 | 1,231,452 | 3,765,179 | ||||||||||||
Reinvested | 224,310 | 434,387 | — | 153,806 | ||||||||||||
Redeemed | (1,996,340 | ) | (5,600,890 | ) | (1,176,422 | ) | (2,350,124 | ) | ||||||||
Change in Class I Shares: | 2,025,592 | 3,475,070 | 55,030 | 1,568,861 | ||||||||||||
Net increase (decrease) from share transactions | 1,917,566 | 2,493,956 | 56,230 | 1,518,747 | ||||||||||||
56
Praxis Value Index Fund | Praxis Growth Index Fund | Praxis Small Cap Fund | ||||||||||||||||||||||
Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 2,282,520 | $ | 3,586,156 | $ | 2,046,576 | $ | 4,612,744 | $ | 1,203,806 | $ | 2,300,259 | ||||||||||||
Dividends reinvested | — | 326,183 | — | 376,514 | — | 726,033 | ||||||||||||||||||
Cost of shares redeemed | (1,320,522 | ) | (5,015,353 | ) | (3,424,695 | ) | (8,847,685 | ) | (918,463 | ) | (1,489,585 | ) | ||||||||||||
Redemption fees | 1,227 | 2,967 | 13 | 960 | 73 | 113 | ||||||||||||||||||
Class A Share Transactions | $ | 963,225 | $ | (1,100,047 | ) | $ | (1,378,106 | ) | $ | (3,857,467 | ) | $ | 285,416 | $ | 1,536,820 | |||||||||
Class I Shares: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 8,532,006 | $ | 23,700,673 | $ | 7,718,317 | $ | 13,804,230 | $ | 6,552,081 | $ | 12,103,273 | ||||||||||||
Dividends reinvested | — | 1,569,340 | — | 845,938 | — | 6,362,205 | ||||||||||||||||||
Cost of shares redeemed | (6,125,494 | ) | (24,930,888 | ) | (8,141,533 | ) | (36,689,408 | ) | (4,761,365 | ) | (26,863,112 | ) | ||||||||||||
Redemption fees | 1,106 | — | 3,160 | 340 | 943 | 1,811 | ||||||||||||||||||
Class I Share Transactions | $ | 2,407,618 | $ | 339,125 | $ | (420,056 | ) | $ | (22,038,900 | ) | $ | 1,791,659 | $ | (8,395,823 | ) | |||||||||
Net increase (decrease) from capital transactions | $ | 3,370,843 | $ | (760,922 | ) | $ | (1,798,162 | ) | $ | (25,896,367 | ) | $ | 2,077,075 | $ | (6,859,003 | ) | ||||||||
Share Transactions: | ||||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||
Issued | 200,349 | 356,985 | 133,284 | 354,576 | 89,269 | 173,730 | ||||||||||||||||||
Reinvested | — | 29,202 | — | 24,884 | — | 52,611 | ||||||||||||||||||
Redeemed | (115,733 | ) | (494,936 | ) | (222,736 | ) | (674,689 | ) | (68,792 | ) | (117,083 | ) | ||||||||||||
Change in Class A Shares: | 84,616 | (108,749 | ) | (89,452 | ) | (295,229 | ) | 20,477 | 109,258 | |||||||||||||||
Class I Shares: | ||||||||||||||||||||||||
Issued | 753,103 | 2,450,325 | 502,191 | 1,030,219 | 473,632 | 906,943 | ||||||||||||||||||
Reinvested | — | 141,382 | — | 55,654 | — | 446,472 | ||||||||||||||||||
Redeemed | (536,843 | ) | (2,469,735 | ) | (526,584 | ) | (2,807,788 | ) | (343,318 | ) | (2,009,483 | ) | ||||||||||||
Change in Class I Shares: | 216,260 | 121,972 | (24,393 | ) | (1,721,915 | ) | 130,314 | (656,068 | ) | |||||||||||||||
Net increase (decrease) from share transactions | 300,876 | 13,223 | (113,845 | ) | (2,017,144 | ) | 150,791 | (546,810 | ) | |||||||||||||||
Praxis Genesis Conservative Portfolio | Praxis Genesis Balanced Portfolio | Praxis Genesis Growth Portfolio | ||||||||||||||||||||||
Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 1,156,039 | $ | 2,851,379 | $ | 3,289,197 | $ | 6,664,424 | $ | 3,147,922 | $ | 5,324,232 | ||||||||||||
Dividends reinvested | 110,495 | 568,242 | 140,488 | 1,302,708 | 2,383 | 959,596 | ||||||||||||||||||
Cost of shares redeemed | (1,160,383 | ) | (3,081,972 | ) | (3,182,246 | ) | (4,485,960 | ) | (1,769,212 | ) | (3,599,480 | ) | ||||||||||||
Redemption fees | 3 | 160 | 191 | 190 | 56 | 536 | ||||||||||||||||||
Class A Share Transactions | $ | 106,154 | $ | 337,809 | $ | 247,630 | $ | 3,481,362 | $ | 1,381,149 | $ | 2,684,884 | ||||||||||||
Net increase (decrease) from capital transactions | $ | 106,154 | $ | 337,809 | $ | 247,630 | $ | 3,481,362 | $ | 1,381,149 | $ | 2,684,884 | ||||||||||||
Share Transactions: | ||||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||
Issued | 103,102 | 258,389 | 262,044 | 557,486 | 232,158 | 420,904 | ||||||||||||||||||
Reinvested | 9,840 | 51,558 | 11,229 | 109,205 | 180 | 76,449 | ||||||||||||||||||
Redeemed | (103,147 | ) | (279,018 | ) | (252,451 | ) | (377,024 | ) | (130,792 | ) | (287,578 | ) | ||||||||||||
Change in Class A Shares: | 9,795 | 30,929 | 20,822 | 289,667 | 101,546 | 209,775 | ||||||||||||||||||
Net increase (decrease) from share transactions | 9,795 | 30,929 | 20,822 | 289,667 | 101,546 | 209,775 | ||||||||||||||||||
57
Notes to Financial Statements (unaudited), continued | June 30, 2014 |
7. Federal Income Tax Information:
The character of dividends paid to shareholders for federal income tax purposes during the latest years ended December 31, 2013 and 2012 was (as applicable) as follows:
Intermediate Income Fund | International Index Fund | Value Index Fund | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
From ordinary income | $ | 10,407,782 | $ | 11,220,863 | $ | 3,123,112 | $ | 2,510,371 | $ | 2,805,008 | $ | 1,141,144 | ||||||||||||
From long-term capital gains | 290,081 | 2,174,721 | — | — | — | — | ||||||||||||||||||
Total distributions | $ | 10,697,863 | $ | 13,395,584 | $ | 3,123,112 | $ | 2,510,371 | $ | 2,805,008 | $ | 1,141,144 | ||||||||||||
Growth Index Fund | Small Cap Fund | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
From ordinary income | $ | 1,633,778 | $ | 668,709 | $ | 17,379 | $ | — | ||||||||
From long-term capital gains | — | — | 7,172,465 | 887,041 | ||||||||||||
Total distributions | $ | 1,633,778 | $ | 668,709 | $ | 7,189,844 | $ | 887,041 | ||||||||
Conservative Portfolio | Balanced Portfolio | Growth Portfolio | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
From ordinary income | $ | 406,843 | $ | 396,966 | $ | 936,467 | $ | 761,816 | $ | 689,574 | $ | 446,907 | ||||||||||||
From long-term capital gains | 176,248 | 344,316 | 488,620 | 1,350,077 | 425,846 | 1,208,801 | ||||||||||||||||||
Total distributions | $ | 583,091 | $ | 741,282 | $ | 1,425,087 | $ | 2,111,893 | $ | 1,115,420 | $ | 1,655,708 | ||||||||||||
The following information is computed on a tax basis for each item as of December 31, 2013:
Intermediate Income Fund | International Index Fund | Value Index Fund | ||||||||||
Tax cost of portfolio investments | $ | 342,191,406 | $ | 143,911,718 | $ | 83,601,977 | ||||||
Gross unrealized appreciation | 10,585,154 | 32,801,196 | 25,740,841 | |||||||||
Gross unrealized depreciation | (5,830,661 | ) | (6,527,350 | ) | (258,221 | ) | ||||||
Net unrealized appreciation (depreciation) on investments | 4,754,493 | 26,273,846 | 25,482,620 | |||||||||
Net unrealized appreciation (depreciation) on foreign currency translations | — | (16,274 | ) | — | ||||||||
Undistributed ordinary income | 14,727 | 82,338 | — | |||||||||
Undistributed long-term capital gains | — | — | — | |||||||||
Capital loss carryforward | (589,488 | ) | (3,177,562 | ) | (5,247,180 | ) | ||||||
Post-October losses | (133,721 | ) | (1,117,755 | ) | — | |||||||
Other temporary differences | — | — | — | |||||||||
Accumulated earnings (deficit) | $ | 4,046,011 | $ | 22,044,593 | $ | 20,235,440 | ||||||
Growth Index Fund | Small Cap Fund | |||||||||||
Tax cost of portfolio investments | $ | 106,301,549 | $ | 49,674,374 | ||||||||
Gross unrealized appreciation | 45,857,397 | 26,460,318 | ||||||||||
Gross unrealized depreciation | (157,450 | ) | (62,790 | ) | ||||||||
Net unrealized appreciation (depreciation) on investments | 45,699,947 | 26,397,528 | ||||||||||
Net unrealized appreciation (depreciation) on foreign currency translations | 4,486 | — | ||||||||||
Undistributed ordinary income | — | — | ||||||||||
Undistributed long-term capital gains | — | 2,372,326 | ||||||||||
Capital loss carryforward | (14,857,899 | ) | — | |||||||||
Post-October losses | — | — | ||||||||||
Other temporary differences | — | — | ||||||||||
Accumulated earnings (deficit) | $ | 30,846,534 | $ | 28,769,854 | ||||||||
58
Conservative Portfolio | Balanced Portfolio | Growth Portfolio | ||||||||||
Tax cost of portfolio investments | $ | 16,935,355 | $ | 45,418,237 | $ | 36,344,405 | ||||||
Gross unrealized appreciation | 1,319,302 | 8,646,013 | 9,660,219 | |||||||||
Gross unrealized depreciation | (194,563 | ) | (365,878 | ) | (170,221 | ) | ||||||
Net unrealized appreciation (depreciation) | 1,124,739 | 8,280,135 | 9,489,998 | |||||||||
Undistributed ordinary income | 1,946 | 18,868 | 20,327 | |||||||||
Undistributed long-term capital gains | 230,642 | 793,061 | 827,113 | |||||||||
Post-October losses | — | — | — | |||||||||
Other temporary differences | — | — | — | |||||||||
Accumulated earnings (deficit) | $ | 1,357,327 | $ | 9,092,064 | $ | 10,337,438 | ||||||
The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral on wash sales loss and investments in corporations with nontaxable distributions, as well as investments in Passive Foreign Investment Companies.
As of the end of tax year ended December 31, 2013, the following Funds have capital loss carry forwards (“CLCFs”) as summarized in the table below. Under the provisions of the Regulated Investment Company Modernization Act of 2010, CLCFs that originated in a tax year that began before December 23, 2010 (pre-effective CLCFs) may be carried forward, subject to certain limitations, and applied to offset future capital gains, and thus reduce the amount of distributable capital gains, for up to eight succeeding tax years, after which any unutilized CLCFs expire. Pre-effective CLCFs are applied as short-term capital loss regardless of whether the originating capital loss was short term or long term. CLCFs that originate in tax years beginning after December 22, 2010 (post-effective CLCFs), are applied consistent with the character in which they originated as a new loss on the first day of the immediately succeeding tax year, and thus take precedent over the application of pre-effective CLCFs. Post-effective CLCFs can be carried forward indefinitely.
Pre-effective CLCFs subject to expiration:
Amount | Expires | |||||||
Value Index Fund | $ | 371,858 | 2017 | |||||
4,875,322 | 2018 | |||||||
$ | 5,247,180 | |||||||
Growth Index Fund | $ | 11,041,743 | 2016 | |||||
3,816,156 | 2017 | |||||||
$ | 14,857,899 | |||||||
Post-effective CLCFs not subject to expiration:
Short Term CLCF | Long Term CLCF | |||||||
Intermediate Income Fund | $ | 589,488 | $ | — | ||||
International Index Fund | $ | 2,116,894 | $ | 1,060,668 | ||||
During the year ended December 31, 2013 the Value Index Fund and Growth Index Fund utilized $6,079,351 and $6,040,218 of capital loss carryfowards, respectively.
The following information is computed on a tax basis for each item as of June 30, 2014:
Intermediate Income Fund | International Index Fund | Value Index Fund | ||||||||||
Tax cost of portfolio investments | $ | 365,689,540 | $ | 144,885,976 | $ | 88,575,695 | ||||||
Gross unrealized appreciation | 15,330,953 | 37,198,500 | 33,345,803 | |||||||||
Gross unrealized depreciation | (1,742,589 | ) | (5,684,029 | ) | (401,396 | ) | ||||||
Net unrealized appreciation (depreciation) | 13,588,364 | 31,514,471 | 32,944,407 | |||||||||
Growth Index Fund | Small Cap Fund | |||||||
Tax cost of portfolio investments | $ | 106,136,534 | $ | 55,416,736 | ||||
Gross unrealized appreciation | 54,725,639 | 19,985,481 | ||||||
Gross unrealized depreciation | (525,781 | ) | (1,224,572 | ) | ||||
Net unrealized appreciation (depreciation) | 54,199,858 | 18,760,909 | ||||||
59
Notes to Financial Statements (unaudited), continued | June 30, 2014 |
Conservative Portfolio | Balanced Portfolio | Growth Portfolio | ||||||||||
Tax cost of portfolio investments | $ | 17,059,650 | $ | 45,653,453 | $ | 37,722,913 | ||||||
Gross unrealized appreciation | 1,748,723 | 10,496,659 | 11,621,062 | |||||||||
Gross unrealized depreciation | — | — | — | |||||||||
Net unrealized appreciation (depreciation) | 1,748,723 | 10,496,659 | 11,621,062 | |||||||||
The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) and any net capital losses carryforwards will be determined at the end of the current tax year.
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. Subsequent Events
The Funds and Portfolios evaluated subsequent events from June 30, 2014 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.
60
Additional Fund Information (unaudited) |
Security Allocation:
The following information is provided to supplement the information provided in the schedules of Portfolio Investments.
The Praxis Mutual Funds invested, as a percentage of net assets, in the following as of the period ended June 30, 2014.
Praxis Intermediate Income Fund
Security Allocation | Percentage of Net Assets | |||
Asset Backed Securities | 4.1% | |||
Commercial Mortgage Backed Securities | 5.1% | |||
Corporate Bonds | 36.2% | |||
Corporate Notes | 1.0% | |||
Foreign Bonds | 1.7% | |||
Municipal Bonds | 3.3% | |||
Federal Farm Credit Bank | 0.5% | |||
Federal Home Loan Bank | 3.6% | |||
Federal Home Loan Mortgage Corp. | 19.5% | |||
Federal National Mortgage Association | 19.4% | |||
Government National Mortgage Association | 0.5% | |||
Overseas Private Investment Corp | 0.5% | |||
Small Business Administration | 0.1% | |||
U.S. Department of Housing and Urban Development | 0.4% | |||
Mutual Funds | 1.1% | |||
TOTAL | 97.0% | |||
Praxis International Index Fund
Security Allocation | Percentage of Net Assets | |||
Australia | 5.7% | |||
Austria | 0.1% | |||
Belgium | 0.3% | |||
Brazil | 2.2% | |||
Canada | 8.6% | |||
Chile | 0.4% | |||
China | 2.6% | |||
Colombia | 0.5% | |||
Denmark | 0.9% | |||
Finland | 0.4% | |||
France | 6.5% | |||
Germany | 6.3% | |||
Hong Kong | 2.6% | |||
Hungary | 0.1% | |||
India | 1.7% | |||
Indonesia | 0.6% | |||
Ireland | 1.1% | |||
Israel | 0.4% | |||
Italy | 2.0% | |||
Japan | 14.4% | |||
Jersey | 0.2% | |||
Mexico | 1.4% | |||
Netherlands | 2.8% | |||
Norway | 0.9% | |||
Portugal | 0.1% | |||
Russia | 1.2% | |||
Singapore | 2.1% | |||
South Africa | 0.7% | |||
South Korea | 2.7% | |||
Spain | 2.5% | |||
Sweden | 2.7% | |||
Switzerland | 6.8% | |||
Taiwan | 2.6% | |||
Turkey | 0.3% | |||
United Kingdom | 12.9% | |||
United States | 0.6% | |||
Corporate Note | 0.9% | |||
Preferred Stock | 0.4% |
** | Amount rounds to less than 0.1%. |
Security Allocation | Percentage of Net Assets | |||
Right** | 0.0% | |||
Warrant** | 0.0% | �� | ||
TOTAL | 99.2% | |||
Security Allocation | Percentage of Net Assets | |||
Banks | 16.4% | |||
Pharmaceuticals | 7.5% | |||
Oil, Gas & Consumable Fuels | 6.8% | |||
Insurance | 5.0% | |||
Metals & Mining | 4.7% | |||
Diversified Telecommunication Services | 3.8% | |||
Chemicals | 3.4% | |||
Wireless Telecommunication Services | 3.2% | |||
Semiconductors & Semiconductor Equipment | 2.6% | |||
Automobiles | 2.6% | |||
Machinery | 2.6% | |||
Real Estate Management & Development | 2.4% | |||
Media | 2.4% | |||
Food & Staples Retailing | 1.8% | |||
Capital Markets | 1.7% | |||
Road & Rail | 1.7% | |||
Food Products | 1.6% | |||
Electrical Equipment | 1.5% | |||
Auto Components | 1.4% | |||
Multi-Utilities | 1.4% | |||
Construction & Engineering | 1.3% | |||
Software | 1.2% | |||
Industrial Conglomerates | 1.2% | |||
Electronic Equipment, Instruments & Components | 1.2% | |||
Electric Utilities | 1.2% | |||
Hotels, Restaurants & Leisure | 1.2% | |||
Textiles, Apparel & Luxury Goods | 1.0% | |||
Internet Software & Services | 1.0% | |||
Specialty Retail | 0.9% | |||
Community Development | 0.9% | |||
Personal Products | 0.9% | |||
Trading Companies & Distributors | 0.9% | |||
Health Care Equipment & Supplies | 0.8% | |||
Household Products | 0.8% | |||
Technology Hardware, Storage & Peripherals | 0.8% | |||
Energy Equipment & Services | 0.8% | |||
Household Durables | 0.7% | |||
Diversified Financial Services | 0.7% | |||
Professional Services | 0.7% | |||
Beverages | 0.6% | |||
Construction Materials | 0.6% | |||
IT Services | 0.5% | |||
Water Utilities | 0.5% | |||
Air Freight & Logistics | 0.5% | |||
Health Care Providers & Services | 0.5% | |||
Building Products | 0.5% | |||
Transportation Infrastructure | 0.4% | |||
Airlines | 0.3% | |||
Communications Equipment | 0.3% | |||
Commercial Services & Supplies | 0.3% | |||
Multiline Retail | 0.3% | |||
Real Estate Investment Trusts (REITs) | 0.3% | |||
Life Sciences Tools & Services | 0.2% | |||
Biotechnology | 0.2% | |||
Paper & Forest Products | 0.2% | |||
Internet & Catalog Retail | 0.1% | |||
Containers & Packaging | 0.1% | |||
Independent Power and Renewable Electricity Producers | 0.1% | |||
Marine** | 0.0% | |||
Other Assets Less Liabilities | 0.8% | |||
TOTAL | 100.0% | |||
61
Additional Fund Information (unaudited), continued |
Praxis Value Index Fund
Security Allocation | Percentage of Net Assets | |||
Common Stock | 98.9% | |||
Corporate Note | 0.9% | |||
TOTAL | 99.8% | |||
Praxis Growth Index Fund
Security Allocation | Percentage of Net Assets | |||
Common Stocks | 98.8% | |||
Corporate Notes | 1.0% | |||
TOTAL | 99.8% | |||
Praxis Small Cap Fund
Security Allocation | Percentage of Net Assets | |||
Common Stock | 93.2% | |||
Corporate Notes | 0.9% | |||
TOTAL | 94.1% | |||
Praxis Genesis Conservative Portfolio
Security Allocation | Percentage of Net Assets | |||
Mutual Funds | 100.1% | |||
Praxis Genesis Balanced Portfolio
Security Allocation | Percentage of Net Assets | |||
Mutual Funds | 100.1% | |||
Praxis Genesis Growth Portfolio
Security Allocation | Percentage of Net Assets | |||
Mutual Funds | 100.1% | |||
62
Additional Fund Information (unaudited), continued |
Expense Comparison:
As a shareholder of the Praxis Mutual Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, reinvested dividends, or other distributions; redemption fees; and exchange fees; (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, 2014 through June 30, 2014.
Actual Expenses:
The table below provides information about actual account values and actual expenses. You may use the information below, 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 Period” to estimate the expenses you paid on your account during this period.
Beginning Account Value 1/1/2014 | Ending Account Value 6/30/2014 | Expenses Paid During Period* 1/1/2014-6/30/2014 | Expense Ratio During Period** 1/1/2014-6/30/2014 | |||||
Praxis Intermediate Income Fund | ||||||||
Class A | $1,000.00 | $1,036.20 | $4.54 | 0.90% | ||||
Class I | 1,000.00 | 1,038.50 | 2.48 | 0.49% | ||||
Praxis International Index Fund | ||||||||
Class A | 1,000.00 | 1,038.50 | 6.22 | 1.23% | ||||
Class I | 1,000.00 | 1,040.20 | 3.69 | 0.73% | ||||
Praxis Value Index Fund | ||||||||
Class A | 1,000.00 | 1,078.50 | 4.48 | 0.87% | ||||
Class I | 1,000.00 | 1,080.80 | 2.17 | 0.42% | ||||
Praxis Growth Index Fund | ||||||||
Class A | 1,000.00 | 1,065.80 | 4.71 | 0.92% | ||||
Class I | 1,000.00 | 1,068.80 | 2.00 | 0.39% | ||||
Praxis Small Cap Fund | ||||||||
Class A | 1,000.00 | 989.90 | 8.14 | 1.65% | ||||
Class I | 1,000.00 | 993.00 | 4.89 | 0.99% | ||||
Praxis Genesis Conservative Portfolio | ||||||||
Class A | 1,000.00 | 1,042.40 | 3.04 | 0.60% | ||||
Praxis Genesis Balanced Portfolio | ||||||||
Class A | 1,000.00 | 1,044.30 | 2.79 | 0.55% | ||||
Praxis Genesis Growth Portfolio | ||||||||
Class A | 1,000.00 | 1,046.00 | 2.94 | 0.58% |
* 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
63
Additional Fund Information (unaudited), continued |
Hypothetical Example for Comparison Purposes:
The table below provides information about hypothetical account values and hypothetical expenses based on each Praxis Mutual Fund’s expense ratio and an assumed rate of return of 5 percent per year before expenses, which is not the 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 this 5 percent hypothetical example with the 5 percent hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 1/1/2014 | Ending Account Value 6/30/2014 | Expenses Paid During Period* 1/1/2014-6/30/2014 | Expense Ratio During Period** 1/1/2014-6/30/2014 | |||||
Praxis Intermediate Income Fund | ||||||||
Class A | $1,000.00 | $1,020.33 | $4.51 | 0.90% | ||||
Class I | 1,000.00 | 1,022.36 | 2.46 | 0.49% | ||||
Praxis International Index Fund | ||||||||
Class A | 1,000.00 | 1,018.70 | 6.16 | 1.23% | ||||
Class I | 1,000.00 | 1,021.17 | 3.66 | 0.73% | ||||
Praxis Value Index Fund | ||||||||
Class A | 1,000.00 | 1,020.48 | 4.36 | 0.87% | ||||
Class I | 1,000.00 | 1,022.71 | 2.11 | 0.42% | ||||
Praxis Growth Index Fund | ||||||||
Class A | 1,000.00 | 1,020.23 | 4.61 | 0.92% | ||||
Class I | 1,000.00 | 1,022.86 | 1.96 | 0.39% | ||||
Praxis Small Cap Fund | ||||||||
Class A | 1,000.00 | 1,016.61 | 8.25 | 1.65% | ||||
Class I | 1,000.00 | 1,019.89 | 4.96 | 0.99% | ||||
Praxis Genesis Conservative Portfolio | ||||||||
Class A | 1,000.00 | 1,021.82 | 3.01 | 0.60% | ||||
Praxis Genesis Balanced Portfolio | ||||||||
Class A | 1,000.00 | 1,022.07 | 2.76 | 0.55% | ||||
Praxis Genesis Growth Portfolio | ||||||||
Class A | 1,000.00 | 1,021.92 | 2.91 | 0.58% |
* 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
64
For more information about the Praxis Mutual Funds, the following documents are available free upon request:
Proxy Voting
The investment adviser is responsible for exercising the voting rights associated with the securities purchased and held by the Funds. 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 ending June 30 are available without charge upon request by calling toll free 1-800-977-2947 or on the Securities and Exchange Commission’s website at www.sec.gov.
Portfolio Disclosure
The Trust files a complete listing of portfolio holdings as of the end of the first and third quarters of each fiscal year on Form N-Q and each second and fourth quarters of each fiscal year on Form N-CSR. The complete listing (i) is available on the Commission’s website; (ii) may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; and (iii) will be made available to shareholders upon request by calling 1-800-977-2947. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
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 will find a discussion of the market conditions and investment strategies that significantly affected the Funds’ or Portfolio’s performance during their last fiscal 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 Funds’ 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 e-mailing 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
2140854
Item 2. Code Of Ethics.
Not applicable for this reporting period.
Item 3. Audit Committee Financial Expert.
Not applicable for this reporting period.
Item 4. Principal Accountant Fees and Services.
Not applicable for this reporting period.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments
(a) | Schedule I – Investments in Securities of Unaffiliated Issuers |
The complete schedule of investments is included in the report to shareholders in Item 1 of this Form N-CSR.
(b) | Securities Divested of in accordance with Section 13(c) of the Investment Company Act of 1940. |
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. Purchase Of Equity Securities By Closed-End Management Investment Company And Affiliated Purchasers.
Not applicable.
Item 10. Submission Of Matters To A Vote Of Security Holders.
Not applicable.
Item 11. Controls And Procedures.
(a) | The Registrant’s principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Exhibits.
(a)(1) | Not required for this filing. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act – Not applicable. |
(b) | Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Praxis Mutual Funds
By: | /s/ Trent Statczar | |
Trent Statczar | ||
Treasurer and Chief Financial Officer | ||
August 28, 2014 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ David Gautsche | |
David Gautsche | ||
President and Chief Executive Officer | ||
August 28, 2014 |
By: | /s/ Trent Statczar | |
Trent Statczar | ||
Treasurer and Chief Financial Officer | ||
August 28, 2014 |