UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-8056
Praxis Mutual Funds
(Exact name of registrant as specified in charter)
1110 N. Main Street
Goshen, IN 46527
(Address of principal executive offices) (Zip code)
Anthony Zacharski
Dechert LLP
200 Clarendon Street, 27th Floor
Boston, MA 02116
(Name and Address of Agent for Service)
Registrant’s telephone number, including area code: (800) 977-2947
Date of fiscal year end: December 31
Date of reporting period: June 30, 2015
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, 2015 (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:
During the first half of 2015, the U.S. economy continued to improve, even as Europe lurched into another crisis as it worked out how to manage the varied health of its member countries. U.S. stocks gained modestly while bonds generally finished flat.
Smaller U.S. companies generally outperformed larger companies in a reversal of what occurred in 2014. And, large company stocks in the developed economies of Europe and Asia generally generated stronger returns than their American counterparts, despite the continued strengthening of the U.S. dollar relative to the Euro, which otherwise reduced these returns to U.S. investors. Most of the gains were generated in the early part of the year, as concerns about the health of Europe, particularly Greece, dampened enthusiasm in June.
Bond investors maintained their focus on the timing of potential interest rate increases by the U.S. Federal Reserve. Broadly held consensus is that the Federal Reserve will begin raising short-term interest rates by the end of 2015, but the recovery of the U.S. economy has been uneven, with economic growth disappointing in the first quarter even as labor markets showed consistent improvement.
Praxis Mutual Funds continued to invest in what matters by participating in constructive conversations with companies regarding environmental sustainability and modern slavery, and by directing fund assets to projects and companies that are making a positive impact on the world. Investments in bonds that address climate and community challenges now represent over 18 percent of the net assets of the Praxis Intermediate Income Fund. Our managers have shaped the portfolio to make a positive impact while not compromising on their expectations for competitive risk adjusted returns.
Finally, we are excited to announce a change in how the fund family invests in community development investments. Praxis Mutual Funds has partnered with the Calvert Foundation to channel over $10 million to high impact investments across the country and around the world. These investments – representing approximately 1 percent of each fund in the Praxis Mutual Fund family – help open doors of economic opportunity to thousands of disadvantaged individuals and 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.
Thank you for entrusting your investments with Praxis Mutual Funds.
Sincerely,
Chad M. Horning, CFA
President
Praxis Mutual Funds are advised by Everence Capital Management and distributed through FINRA member BHIL Distributors Inc.
The Fund’s stewardship investing strategy could cause the Fund to sell or avoid securities that may subsequently perform well, and the application of social screens may cause the Fund to lag the performance of its index or peer group.
The views expressed are those of the president of Praxis Mutual Funds as of June 30, 2015, are subject to change, and may differ from the views of portfolio managers or the firm as a whole. These views are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decisions.
1
[THIS PAGE INTENTIONALLY LEFT BLANK]
2
We are pleased to provide this 2015 mid-year update for the Praxis Mutual Funds. The following tables summarize the performance of the Praxis Mutual Funds as of June 30, 2015.
| Annualized | ||||||||||||||||||||||||||||||||||||||
| NAV 6/30/15 |
Six Month Ended 6/30/15 |
One Year Ended 6/30/15 |
Three Year Ended 6/30/15 |
Five Year Ended 6/30/15 |
Ten Year Ended 6/30/15 |
Since Inception 6/30/15 |
Inception Date |
Expense Ratio*** Gross / Net |
||||||||||||||||||||||||||||||
| Praxis Intermediate Income Fund | ||||||||||||||||||||||||||||||||||||||
| Class A * | $10.41 | -3.83 | % | -2.37 | % | 0.56 | % | 2.33 | % | 3.91 | % | 4.64 | % | 1/4/94 | ||||||||||||||||||||||||
| Class A (Without Load) | $10.41 | -0.09 | % | 1.44 | % | 1.86 | % | 3.12 | % | 4.31 | % | 4.82 | % | 1/4/94 | 0.95 | % | 0.94 | % | ||||||||||||||||||||
| Class I ** | $10.37 | 0.11 | % | 1.85 | % | 2.24 | % | 3.52 | % | 4.62 | % | 4.94 | % | 5/1/06 | 0.54 | % | 0.54 | % | ||||||||||||||||||||
| Barclays Capital Aggregate Bond Index1 | -0.10 | % | 1.86 | % | 1.83 | % | 3.35 | % | 4.44 | % | 5.61 | % | ||||||||||||||||||||||||||
| Praxis International Index Fund | ||||||||||||||||||||||||||||||||||||||
| Class A * | $10.30 | -0.96 | % | -10.02 | % | 6.55 | % | n/a | n/a | 0.71 | % | 12/31/10 | ||||||||||||||||||||||||||
| Class A (Without Load) | $10.30 | 4.57 | % | -5.05 | % | 8.50 | % | n/a | n/a | 1.92 | % | 12/31/10 | 1.28 | % | 1.28 | % | ||||||||||||||||||||||
| Class I | $10.38 | 4.95 | % | -4.51 | % | 9.17 | % | n/a | n/a | 2.58 | % | 12/31/10 | 0.78 | % | 0.78 | % | ||||||||||||||||||||||
| MSCI All Country World Index ex-U.S.2 | 4.03 | % | -5.26 | % | 9.94 | % | 3.40 | % | ||||||||||||||||||||||||||||||
| Praxis Value Index Fund | ||||||||||||||||||||||||||||||||||||||
| Class A * | $12.44 | -5.97 | % | -1.89 | % | 14.54 | % | 13.05 | % | 4.44 | % | 3.15 | % | 5/1/01 | ||||||||||||||||||||||||
| Class A (Without Load) | $12.44 | -0.80 | % | 3.54 | % | 16.61 | % | 14.29 | % | 5.00 | % | 3.54 | % | 5/1/01 | 0.87 | % | 0.87 | % | ||||||||||||||||||||
| Class I ** | $12.38 | -0.64 | % | 3.91 | % | 17.21 | % | 15.02 | % | 5.49 | % | 3.84 | % | 5/1/06 | 0.45 | % | 0.45 | % | ||||||||||||||||||||
| S&P 500 Value Index3 | -0.45 | % | 4.56 | % | 16.82 | % | 16.00 | % | 6.68 | % | 5.08 | % | ||||||||||||||||||||||||||
| Praxis Growth Index Fund | ||||||||||||||||||||||||||||||||||||||
| Class A * | $17.56 | -3.57 | % | 3.38 | % | 14.75 | % | 16.30 | % | n/a | 6.76 | % | 5/1/07 | |||||||||||||||||||||||||
| Class A (Without Load) | $17.56 | 1.80 | % | 9.13 | % | 16.83 | % | 17.56 | % | n/a | 7.46 | % | 5/1/07 | 0.91 | % | 0.91 | % | |||||||||||||||||||||
| Class I | $17.69 | 2.02 | % | 9.56 | % | 17.37 | % | 18.19 | % | n/a | 7.91 | % | 5/1/07 | 0.42 | % | 0.42 | % | |||||||||||||||||||||
| S&P 500 Growth Index4 | 2.79 | % | 10.07 | % | 17.78 | % | 18.64 | % | 8.37 | % | ||||||||||||||||||||||||||||
Past Performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit www.praxismutualfunds.com. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.
The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any partyduring the periods presented. In such instances, and without activity, the total returns would have been lower.
* The total return figures shown reflect the maximum sales charge applicable to Class A Shares for each Fund. Class A Shares have a maximum sales charge on purchases of 5.25%, except for Intermediate Income Fund, which is 3.75%.
** Class I Shares of the Intermediate Income and the Value Index Funds were not in existence prior to 5/1/06. Class I Share performance for the Intermediate Income Fund is calculated for any period prior to 5/1/06 based on the performance of Class B Shares since inception and has been adjusted to reflect differences in sales charges and expenses between the classes. The Class B Shares for the Intermediate Income Fund were exchanged into Class A Shares on August 17, 2009. Class I share performance for the Value Index Fund is calculated for any period prior to 5/01/06 based on the performance of Class A shares since inception.
*** Reflects the expense ratios as reported in the Prospectus dated April 30, 2015. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee waivers are in effect from May 1, 2015 through April 30, 2016 for Class A Shares.
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.
The above indexes are for illustrative purposes only and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Funds’ performance reflects the deduction of these services. An investor cannot invest directly in an index, although the can invest in it’s underlying securities.
3
Performance, continued
| Annualized | ||||||||||||||||||||||||||||||||||||||||||||||||||
| NAV 6/30/15 |
Six Month Ended 6/30/15 |
One Year Ended 6/30/15 |
Three Year Ended 6/30/15 |
Five Year Ended 6/30/15 |
Ten Year Ended 6/30/15 |
Since Inception 6/30/15 |
Inception Date |
Expense Ratio** Gross / Net | ||||||||||||||||||||||||||||||||||||||||||
| Praxis Small Cap Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A (Without Load) | $12.29 | 6.96% | 3.62% | 12.86% | 16.34% | n/a | 5.81% | 5/1/07 | 1.70% | 1.69% | ||||||||||||||||||||||||||||||||||||||||
| Class A * | $12.29 | 1.32% | -1.84% | 10.85% | 15.10% | n/a | 5.12% | 5/1/07 | ||||||||||||||||||||||||||||||||||||||||||
| Class I | $12.88 | 7.24% | 4.23% | 13.59% | 17.04% | n/a | 6.32% | 5/1/07 | 1.02% | 1.02% | ||||||||||||||||||||||||||||||||||||||||
| Russell 2000 Index5 | 4.76% | 6.49% | 17.81% | 17.08% | 6.86% | |||||||||||||||||||||||||||||||||||||||||||||
| Praxis Genesis Conservative Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A (Without Load) | $11.33 | 0.46% | 1.85% | 5.32% | 6.03% | n/a | 5.59% | 12/31/09 | 1.16% | 1.14% | ||||||||||||||||||||||||||||||||||||||||
| Class A * | $11.33 | -4.83% | -3.52% | 3.44% | 4.90% | n/a | 4.56% | 12/31/09 | ||||||||||||||||||||||||||||||||||||||||||
| Barclays Capital Aggregate Bond Index6 | -0.10% | 1.86% | 1.83% | 3.35% | 4.00% | |||||||||||||||||||||||||||||||||||||||||||||
| Conservative Composite Benchmark7 | 0.68% | 2.63% | 5.97% | 7.00% | 6.54% | |||||||||||||||||||||||||||||||||||||||||||||
| S&P Target Risk Conservative Index8 | 0.24% | 0.31% | 4.83% | 5.68% | 5.28% | |||||||||||||||||||||||||||||||||||||||||||||
| Praxis Genesis Balanced Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A (Without Load) | $12.92 | 1.49% | 2.34% | 5.32% | 6.03% | n/a | 7.66% | 12/31/09 | 1.16% | 1.16% | ||||||||||||||||||||||||||||||||||||||||
| Class A * | $12.92 | -3.85% | -3.02% | 3.44% | 4.90% | n/a | 6.61% | 12/31/09 | ||||||||||||||||||||||||||||||||||||||||||
| Russell 3000 Index9 | 1.94% | 7.29% | 17.74% | 17.54% | 14.51% | |||||||||||||||||||||||||||||||||||||||||||||
| Balanced Composite Benchmark10 | 1.58% | 3.32% | 10.22% | 10.63% | 8.98% | |||||||||||||||||||||||||||||||||||||||||||||
| S&P Target Risk Growth Index11 | 1.74% | 2.58% | 9.85% | 10.23% | 8.61% | |||||||||||||||||||||||||||||||||||||||||||||
| Praxis Genesis Growth Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A (Without Load) | $14.08 | 2.10% | 2.58% | 11.40% | 11.21% | n/a | 8.94% | 12/31/09 | 1.21% | 1.21% | ||||||||||||||||||||||||||||||||||||||||
| Class A * | $14.86 | -3.23% | -2.79% | 9.42% | 10.02% | n/a | 7.89% | 12/31/09 | ||||||||||||||||||||||||||||||||||||||||||
| Russell 3000 Index9 | 1.94% | 7.29% | 17.74% | 17.54% | 14.51% | |||||||||||||||||||||||||||||||||||||||||||||
| Growth Composite Benchmark12 | 2.15% | 3.73% | 13.10% | 12.99% | 10.50% | |||||||||||||||||||||||||||||||||||||||||||||
| S&P Target Risk Aggressive Index13 | 2.81% | 2.78% | 12.83% | 13.43% | 10.99% | |||||||||||||||||||||||||||||||||||||||||||||
Past Performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit www.praxismutualfunds.com. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.
The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any partyduring the periods presented. In such instances, and without activity, the total returns would have been lower.
* The total return figures shown reflect the maximum sales charge applicable to Class A Shares for each Fund. Class A Shares have a maximum sales charge on purchases of 5.25%.
** Reflects the expense ratios as reported in the Prospectus dated April 30, 2015. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee waivers are in effect from May 1, 2015 through April 30, 2016 for Class A Shares.
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 Conservative 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 EAFE Index (7.50%), the Russell 1000 Index (20%) and the Russell 2000 Index (2.50%).
8 S&P Target Risk Conservative Index seeks to emphasize exposure to fixed income, in order to produce a current income stream and avoid excessive volatility of returns. Equities are included to protect long-term purchasing power. The series is comprised of four multi-asset class indices. The index is comprised exclusively of exchange traded funds.
9 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.
10 The Balanced 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 EAFE Index (15%), the Russell 1000 Index (35%) and the Russell 2000 Index (10%).
11 S&P Target Risk Growth Index seeks to provide increased exposure to equities, while using fixed income to dampen risk. The series is comprised of four multi-asset class indixes. The index is comprised exclusively of exchange trade funds.
12 The Growth 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 EAFE Index (20%), the Russell 1000 Index (45%) and the Russell 2000 Index (15%).
13 S&P Target Risk Aggressive Index seeks to emphasize exposure to equities, maximizing opportunities for long-term capital accumulation. It may include small allocations in fixed income to enhance portfolio efficiency. The series is comprised of four multi-asset class indixes. The index is comprised exclusively of exchange traded funds.
4
Schedule of Portfolio Investments
| Praxis Intermediate Income Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
5
Schedule of Portfolio Investments, continued
| Praxis Intermediate Income Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
6
Schedule of Portfolio Investments, continued
| Praxis Intermediate Income Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
7
Schedule of Portfolio Investments, continued
| Praxis Intermediate Income Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
8
Schedule of Portfolio Investments, continued
| Praxis Intermediate Income Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
9
Schedule of Portfolio Investments, continued
| Praxis Intermediate Income Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
10
Schedule of Portfolio Investments
| Praxis International Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
11
Schedule of Portfolio Investments, continued
| Praxis International Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
12
Schedule of Portfolio Investments, continued
| Praxis International Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
13
Schedule of Portfolio Investments, continued
| Praxis International Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
14
Schedule of Portfolio Investments, continued
| Praxis International Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
15
Schedule of Portfolio Investments, continued
| Praxis International Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
16
Schedule of Portfolio Investments, continued
| Praxis International Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
17
Schedule of Portfolio Investments, continued
| Praxis International Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
18
Schedule of Portfolio Investments, continued
| Praxis International Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
19
Schedule of Portfolio Investments, continued
| Praxis International Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
20
Schedule of Portfolio Investments
| Praxis Value Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
21
Schedule of Portfolio Investments, continued
| Praxis Value Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
22
Schedule of Portfolio Investments, continued
| Praxis Value Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
23
Schedule of Portfolio Investments, continued
| Praxis Value Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
24
Schedule of Portfolio Investments
| Praxis Growth Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
25
Schedule of Portfolio Investments, continued
| Praxis Growth Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
26
Schedule of Portfolio Investments, continued
| Praxis Growth Index Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
27
Schedule of Portfolio Investments
| Praxis Small Cap Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
28
Schedule of Portfolio Investments, continued
| Praxis Small Cap Fund | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
29
Schedule of Portfolio Investments
| Praxis Genesis Conservative Portfolio | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
30
Schedule of Portfolio Investments
| Praxis Genesis Balanced Portfolio | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
31
Schedule of Portfolio Investments
| Praxis Genesis Growth Portfolio | ||
| June 30, 2015 (unaudited) |
See accompanying notes to financial statements.
32
Statements of assets & liabilities
June 30, 2015 (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 |
$ | 411,145,091 | $ | 153,814,297 | $ | 109,143,001 | $ | 119,181,674 | $ | 38,989,428 | ||||||||||
| Investments in unaffiliated securities, at fair value |
$ | 419,823,422 | $ | 176,933,040 | $ | 137,181,230 | $ | 180,109,653 | $ | 53,118,675 | ||||||||||
| Total investment securities, at fair value |
419,823,422 | 176,933,040 | 137,181,230 | 180,109,653 | 53,118,675 | |||||||||||||||
| Cash |
1,769,443 | 914,362 | 256,095 | 565,949 | 1,156,832 | |||||||||||||||
| Receivable for investments sold |
1,537,872 | — | — | — | — | |||||||||||||||
| Receivable for capital shares sold |
1,413,090 | 510,446 | 297,347 | 432,666 | 259,719 | |||||||||||||||
| Receivable for dividends and interest |
3,310,122 | 569,322 | 152,204 | 152,292 | 21,699 | |||||||||||||||
| Receivable for tax reclaims |
— | 34,438 | — | 15,025 | — | |||||||||||||||
| Prepaid expenses |
32,908 | 14,055 | 16,333 | 15,523 | 9,641 | |||||||||||||||
| Total Assets |
427,886,857 | 178,975,663 | 137,903,209 | 181,291,108 | 54,566,566 | |||||||||||||||
| Liabilities |
||||||||||||||||||||
| Distributions payable |
944,109 | — | — | — | — | |||||||||||||||
| Payable for capital shares redeemed |
947,720 | 270,992 | 86,683 | 109,701 | 74,414 | |||||||||||||||
| Payable for investments purchased |
1,001,200 | — | — | — | — | |||||||||||||||
| Accrued expenses and other payables: |
||||||||||||||||||||
| Investment advisory fees |
137,684 | 90,027 | 33,446 | 45,283 | 40,472 | |||||||||||||||
| Administration fees |
48,628 | 20,726 | 14,872 | 20,174 | 8,070 | |||||||||||||||
| Distribution fees |
25,623 | 6,702 | 6,526 | 18,280 | 1,081 | |||||||||||||||
| Other |
84,425 | 63,253 | 29,332 | 36,087 | 29,025 | |||||||||||||||
| Total Liabilities |
3,189,389 | 451,700 | 170,859 | 229,525 | 153,062 | |||||||||||||||
| Net Assets |
$424,697,468 | $178,523,963 | $137,732,350 | $181,061,583 | $54,413,504 | |||||||||||||||
| Components of Net Assets |
||||||||||||||||||||
| Paid-in capital |
$ | 416,140,964 | $ | 161,096,022 | $ | 105,110,735 | $ | 126,419,063 | $ | 32,297,821 | ||||||||||
| Accumulated (distributions in excess of) net investment income |
(383,183 | ) | 2,055,682 | 2,158,961 | 1,007,777 | 82,890 | ||||||||||||||
| Accumulated net realized gains (losses) on investments and foreign currency transactions |
261,356 | (7,742,931 | ) | 2,424,425 | (7,295,488 | ) | 7,903,546 | |||||||||||||
| Net unrealized appreciation/(depreciation) on investments and foreign currency translations |
8,678,331 | 23,115,190 | 28,038,229 | 60,930,231 | 14,129,247 | |||||||||||||||
| Net Assets |
$ | 424,697,468 | $ | 178,523,963 | $ | 137,732,350 | $ | 181,061,583 | $ | 54,413,504 | ||||||||||
| Pricing of Class A Shares |
||||||||||||||||||||
| Net assets attributable to Class A shares |
$ | 75,683,466 | $ | 20,110,437 | $ | 18,157,736 | $ | 57,672,545 | $ | 9,192,503 | ||||||||||
| Shares of beneficial interest outstanding |
7,269,072 | 1,951,683 | 1,460,180 | 3,284,701 | 748,232 | |||||||||||||||
| Net asset value, offering price and redemption price per share |
$ | 10.41 | $ | 10.30 | $ | 12.44 | $ | 17.56 | $ | 12.29 | ||||||||||
| Maximum sales charge |
3.75 | % | 5.25 | % | 5.25 | % | 5.25 | % | 5.25 | % | ||||||||||
| Maximum offering price per share |
$ | 10.82 | $ | 10.87 | $ | 13.13 | $ | 18.53 | $ | 12.97 | ||||||||||
| Pricing of Class I Shares |
||||||||||||||||||||
| Net assets attributable to Class I shares |
$ | 349,014,002 | $ | 158,413,526 | $ | 119,574,614 | $ | 123,389,038 | $ | 45,221,001 | ||||||||||
| Shares of beneficial interest outstanding |
33,664,387 | 15,263,812 | 9,656,785 | 6,976,571 | 3,510,130 | |||||||||||||||
| Net asset value and redemption price per share |
$ | 10.37 | $ | 10.38 | $ | 12.38 | $ | 17.69 | $ | 12.88 | ||||||||||
See accompanying notes to financial statements.
33
Statements of assets & liabilities, continued
June 30, 2015 (unaudited)
| Praxis Genesis Conservative Portfolio |
Praxis Genesis Balanced Portfolio |
Praxis Genesis Growth Portfolio |
||||||||||
| Assets |
| |||||||||||
| Investments in affiliates, at cost |
$ | 18,049,750 | $ | 50,339,415 | $ | 40,466,034 | ||||||
| Investments in affiliates, at fair value |
19,750,735 | 60,543,922 | 51,862,822 | |||||||||
| Cash |
710 | 46 | 142 | |||||||||
| Receivable for investments sold |
179,905 | — | 37,140 | |||||||||
| Receivable for capital shares sold |
24,866 | 131,170 | 5,481 | |||||||||
| Receivable for dividends and interest |
31,728 | 54,619 | 23,350 | |||||||||
| Prepaid expenses |
3,708 | 4,939 | 5,652 | |||||||||
| Total Assets |
19,991,652 | 60,734,696 | 51,934,587 | |||||||||
| Liabilities |
||||||||||||
| Payable for capital shares redeemed |
204,770 | 34,539 | 42,446 | |||||||||
| Payable for investments purchased |
31,728 | 150,433 | 23,350 | |||||||||
| Accrued expenses and other payables: |
||||||||||||
| Investment advisory fees |
820 | 2,499 | 2,156 | |||||||||
| Administration fees |
1,350 | 4,045 | 3,504 | |||||||||
| Distribution fees |
5,423 | 15,596 | 13,034 | |||||||||
| Other |
6,324 | 13,852 | 15,167 | |||||||||
| Total Liabilities |
250,415 | 220,964 | 99,657 | |||||||||
| Net Assets |
$19,741,237 | $60,513,732 | $51,834,930 | |||||||||
| Components of Net Assets |
||||||||||||
| Paid-in capital |
$ | 18,031,734 | $ | 49,592,003 | $ | 39,434,952 | ||||||
| Accumulated (distributions in excess of) net |
21,975 | 19,083 | (15,048 | ) | ||||||||
| Accumulated net realized gains (losses) on investments in affiliates |
(13,457 | ) | 698,139 | 1,018,238 | ||||||||
| Net unrealized appreciation/(depreciation) on |
1,700,985 | 10,204,507 | 11,396,788 | |||||||||
| Net Assets |
$ | 19,741,237 | $ | 60,513,732 | $ | 51,834,930 | ||||||
| Pricing of Class A Shares |
||||||||||||
| Net assets attributable to Class A shares |
$ | 19,741,237 | $ | 60,513,732 | $ | 51,834,930 | ||||||
| Shares of beneficial interest outstanding |
1,743,024 | 4,684,148 | 3,680,997 | |||||||||
| Net asset value, offering price and redemption price |
$ | 11.33 | $ | 12.92 | $ | 14.08 | ||||||
| Maximum sales charge |
5.25 | % | 5.25 | % | 5.25 | % | ||||||
| Maximum offering price per share |
$ | 11.96 | $ | 13.64 | $ | 14.86 | ||||||
See accompanying notes to financial statements.
34
For the six months ended June 30, 2015 (unaudited)
| Praxis Intermediate Income Fund |
Praxis International Index Fund |
Praxis Value Index Fund |
Praxis Growth Index Fund |
Praxis Small Cap Fund |
||||||||||||||||
| Investment income |
|
|||||||||||||||||||
| Dividends |
$ | 114,101 | $ | 3,137,633 | $ | 1,582,873 | $ | 1,482,304 | $ | 427,987 | ||||||||||
| Foreign tax withholding |
— | (104,396 | ) | — | — | (1,091 | ) | |||||||||||||
| Interest |
6,296,491 | 3,303 | 3,800 | 1,139 | 81 | |||||||||||||||
| Interest from affiliates |
14,764 | 5,787 | 2,074 | 7,970 | 2,560 | |||||||||||||||
| Total Investment Income |
6,425,356 | 3,042,327 | 1,588,747 | 1,491,413 | 429,537 | |||||||||||||||
| Expenses |
||||||||||||||||||||
| Investment advisory fees |
830,312 | 540,695 | 192,756 | 267,460 | 258,778 | |||||||||||||||
| Administration fees |
100,889 | 42,294 | 30,949 | 43,017 | 15,294 | |||||||||||||||
| Distribution fees - Class A |
93,286 | 24,546 | 21,948 | 70,706 | 9,973 | |||||||||||||||
| Transfer agent fees - Class A |
51,841 | 15,970 | 12,160 | 32,694 | 9,273 | |||||||||||||||
| Transfer agent fees - Class I |
4,966 | 2,137 | 2,513 | 2,225 | 2,107 | |||||||||||||||
| Compliance service fees |
33,589 | 14,276 | 10,450 | 14,448 | 5,110 | |||||||||||||||
| Registration fees - Class A |
8,408 | 8,095 | 6,557 | 6,737 | 7,674 | |||||||||||||||
| Registration fees - Class I |
9,400 | 7,050 | 5,962 | 7,481 | 8,222 | |||||||||||||||
| Shareholder report printing fees - Class A |
7,130 | 3,076 | 2,099 | 4,847 | 2,854 | |||||||||||||||
| Shareholder report printing fees - Class I |
575 | 118 | 283 | 100 | 127 | |||||||||||||||
| Professional fees |
52,590 | 35,857 | 18,661 | 23,599 | 12,896 | |||||||||||||||
| Custodian fees |
15,983 | 13,125 | 5,045 | 6,711 | 9,904 | |||||||||||||||
| Trustee fees and expenses |
20,085 | 8,702 | 6,126 | 7,740 | 3,482 | |||||||||||||||
| Other expenses |
33,837 | 27,381 | 7,366 | 8,875 | 4,004 | |||||||||||||||
| Total Expenses Before Reductions |
1,262,891 | 743,322 | 322,875 | 496,640 | 349,698 | |||||||||||||||
| Expenses waived by Investment Advisor |
(8,805 | ) | — | — | — | (3,051 | ) | |||||||||||||
| Net Expenses |
1,254,086 | 743,322 | 322,875 | 496,640 | 346,647 | |||||||||||||||
| Net Investment Income (Loss) |
5,171,270 | 2,299,005 | 1,265,872 | 994,773 | 82,890 | |||||||||||||||
| Realized and Unrealized Gains (Losses) on Investments |
||||||||||||||||||||
| Net realized gains (losses) on investments |
377,737 | (2,267,393 | ) | 215,346 | 2,124,572 | 5,342,616 | ||||||||||||||
| Net realized gains (losses) on foreign currency transactions |
— | (3,496 | ) | — | — | — | ||||||||||||||
| Change in unrealized appreciation (depreciation) of investments |
(5,486,161 | ) | 8,521,253 | (2,406,220 | ) | 270,046 | (1,175,503 | ) | ||||||||||||
| Change in unrealized appreciation (depreciation) of investments in affiliates |
(2,039 | ) | (1,565 | ) | (337 | ) | (1,607 | ) | (154 | ) | ||||||||||
| Change in unrealized appreciation (depreciation) of foreign currency translations |
— | (1,897 | ) | — | 895 | — | ||||||||||||||
| Net Realized and Unrealized Gains (Losses) on Investments, Investments in Affiliates and Foreign Currency Transactions |
(5,110,463 | ) | 6,246,902 | (2,191,211 | ) | 2,393,906 | 4,166,959 | |||||||||||||
| Net Change in Net Assets from Operations |
$ | 60,807 | $ | 8,545,907 | $ | (925,339 | ) | $ | 3,388,679 | $ | 4,249,849 | |||||||||
See accompanying notes to financial statements.
35
Statements of operations, continued
For the six months ended June 30, 2015 (unaudited)
| Praxis Genesis Conservative Portfolio |
Praxis Genesis Balanced Portfolio |
Praxis Genesis Growth Portfolio |
||||||||||
| Investment income |
| |||||||||||
| Dividends from affiliates |
$ | 188,702 | $ | 324,024 | $ | 139,199 | ||||||
| Total Investment Income |
188,702 | 324,024 | 139,199 | |||||||||
| Expenses |
||||||||||||
| Investment advisory fees |
4,915 | 26,057 | 20,522 | |||||||||
| Administration fees |
2,827 | 8,517 | 7,302 | |||||||||
| Distribution fees |
24,576 | 74,051 | 63,781 | |||||||||
| Recoupment of waiver |
1,311 | 5,886 | 6,443 | |||||||||
| Transfer agent fees |
11,379 | 33,529 | 40,318 | |||||||||
| Compliance service fees |
159 | 477 | 411 | |||||||||
| Registration fees |
8,261 | 6,572 | 7,346 | |||||||||
| Shareholder report printing fees |
2,135 | 4,258 | 5,014 | |||||||||
| Professional fees |
1,724 | 2,175 | 2,084 | |||||||||
| Custodian fees |
378 | 425 | 425 | |||||||||
| Trustee fees and expenses |
84 | 284 | 256 | |||||||||
| Other expenses |
136 | 410 | 345 | |||||||||
| Total Expenses Before Reductions |
57,885 | 162,641 | 154,247 | |||||||||
| Net Expenses |
57,885 | 162,641 | 154,247 | |||||||||
| Net Investment Income (Loss) |
130,817 | 161,383 | (15,048 | ) | ||||||||
| Realized and Unrealized Gains (Losses) on Investments |
||||||||||||
| Net realized gains (losses) on investments in affiliates |
(9,755 | ) | (20,952 | ) | (28,474 | ) | ||||||
| Change in unrealized appreciation (depreciation) of investments in |
(36,777 | ) | 711,493 | 1,090,312 | ||||||||
| Net Realized and Unrealized Gains (Losses) on Investments in Affiliates |
(46,532 | ) | 690,541 | 1,061,838 | ||||||||
| Net Change in Net Assets from Operations |
$ | 84,285 | $ | 851,924 | $ | 1,046,790 | ||||||
See accompanying notes to financial statements.
36
Statements of changes in net assets
| Praxis Intermediate Income Fund |
Praxis International Index Fund |
|||||||||||||||
| For the Six Months Ended June 30, 2015 (Unaudited) |
For the Year Ended December 31, 2014 |
For the Six Months Ended June 30, 2015 (Unaudited) |
For the Year Ended December 31, 2014 |
|||||||||||||
| From Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 5,171,270 | $ | 10,248,077 | $ | 2,299,005 | $ | 3,940,342 | ||||||||
| Net realized gains (losses) from |
377,737 | 1,242,984 | (2,270,889 | ) | (1,159,772 | ) | ||||||||||
| Net change in unrealized |
(5,488,200 | ) | 9,412,038 | 8,517,791 | (11,994,912 | ) | ||||||||||
| Net Change in Net Assets from |
60,807 | 20,903,099 | 8,545,907 | (9,214,342 | ) | |||||||||||
| Distributions to Shareholders |
||||||||||||||||
| From net investment income |
||||||||||||||||
| Class A |
(864,609 | ) | (1,755,138 | ) | — | (339,901 | ) | |||||||||
| Class I |
(4,689,844 | ) | (9,203,257 | ) | — | (3,648,304 | ) | |||||||||
| Change in Net Assets from |
(5,554,453 | ) | (10,958,395 | ) | — | (3,988,205 | ) | |||||||||
| Change in Net Assets from |
24,498,483 | 33,369,902 | (2,465,477 | ) | 15,385,151 | |||||||||||
| Change in Net Assets |
19,004,837 | 43,314,606 | 6,080,430 | 2,182,604 | ||||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
405,692,631 | 362,378,025 | 172,443,533 | 170,260,929 | ||||||||||||
| End of period |
$ | 424,697,468 | $ | 405,692,631 | $ | 178,523,963 | $ | 172,443,533 | ||||||||
| Accumulated (Distributions in |
$ | (383,183 | ) | $ | — | $ | 2,055,682 | $ | (243,323 | ) | ||||||
See accompanying notes to financial statements.
37
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, 2015 |
For the Year December 31, |
For the Six Months Ended June 30, 2015 |
For the Year December 31, |
For the Six Months Ended June 30, 2015 |
For the Year December 31, 2014 |
|||||||||||||||||||
| From Operations |
||||||||||||||||||||||||
| Net investment income (loss) |
$ | 1,265,872 | $ | 2,189,580 | $ | 994,773 | $ | 1,656,223 | $ | 82,890 | $ | (270,507 | ) | |||||||||||
| Net realized gains (losses) from security transactions |
215,346 | 8,204,335 | 2,124,572 | 5,583,884 | 5,342,616 | 7,991,935 | ||||||||||||||||||
| Net change in unrealized appreciation (depreciation) |
(2,406,557 | ) | 4,173,307 | 269,334 | 14,665,534 | (1,175,657 | ) | (10,936,974 | ) | |||||||||||||||
| Net Change in Net Assets from Operations |
(925,339 | ) | 14,567,222 | 3,388,679 | 21,905,641 | 4,249,849 | (3,215,546 | ) | ||||||||||||||||
| Distributions to Shareholders |
||||||||||||||||||||||||
| From net investment income |
||||||||||||||||||||||||
| Class A |
— | (110,202 | ) | — | (344,766 | ) | — | — | ||||||||||||||||
| Class I |
— | (1,150,898 | ) | — | (1,273,958 | ) | — | — | ||||||||||||||||
| From net realized gains |
||||||||||||||||||||||||
| Class A |
— | — | — | — | — | (1,053,634 | ) | |||||||||||||||||
| Class I |
— | — | — | — | — | (6,905,347 | ) | |||||||||||||||||
| Change in Net Assets from Distributions to Shareholders |
— | (1,261,100 | ) | — | (1,618,724 | ) | — | (7,958,981 | ) | |||||||||||||||
| Change in Net Assets from |
12,457,519 | 3,500,289 | 3,220,641 | 1,879,864 | (11,283,486 | ) | (4,605,058 | ) | ||||||||||||||||
| Change in Net Assets |
11,532,180 | 16,806,411 | 6,609,320 | 22,166,781 | (7,033,637 | ) | (15,779,585 | ) | ||||||||||||||||
| Net Assets |
||||||||||||||||||||||||
| Beginning of period |
126,200,170 | 109,393,759 | 174,452,263 | 152,285,482 | 61,447,141 | 77,226,726 | ||||||||||||||||||
| End of period |
$ | 137,732,350 | $ | 126,200,170 | $ | 181,061,583 | $ | 174,452,263 | $ | 54,413,504 | $ | 61,447,141 | ||||||||||||
| Accumulated (Distributions in Excess of) Net Investment Income |
$ | 2,158,961 | $ | 893,089 | $ | 1,007,777 | $ | 13,004 | $ | 82,890 | $ | — | ||||||||||||
See accompanying notes to financial statements.
38
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, 2015 (Unaudited) |
For the Year December 31, |
For the Six Months Ended June 30, 2015 (Unaudited) |
For the Year December 31, |
For the Six Months Ended June 30, 2015 (Unaudited) |
For the Year Ended December 31, |
|||||||||||||||||||
| From Operations |
||||||||||||||||||||||||
| Net investment income (loss) |
$ | 130,817 | $ | 340,315 | $ | 161,383 | $ | 746,998 | $ | (15,048 | ) | $ | 463,682 | |||||||||||
| Net realized gains (losses) on investments in affiliates |
(9,755 | ) | 82,932 | (20,952 | ) | 333,390 | (28,474 | ) | 268,296 | |||||||||||||||
| Distribution of realized gains received from affiliates |
— | 62,340 | — | 751,613 | — | 973,473 | ||||||||||||||||||
| Net change in unrealized |
(36,777 | ) | 531,064 | 711,493 | 1,061,165 | 1,090,312 | 682,839 | |||||||||||||||||
| Net Change in Net Assets from Operations |
84,285 | 1,016,651 | 851,924 | 2,893,166 | 1,046,790 | 2,388,290 | ||||||||||||||||||
| Distributions to Shareholders |
||||||||||||||||||||||||
| From net investment income |
||||||||||||||||||||||||
| Class A |
(108,842 | ) | (340,468 | ) | (142,300 | ) | (747,151 | ) | — | (463,893 | ) | |||||||||||||
| From net realized gains |
||||||||||||||||||||||||
| Class A |
— | (299,450 | ) | — | (1,025,974 | ) | — | (908,646 | ) | |||||||||||||||
| Change in Net Assets from Distributions to Shareholders |
(108,842 | ) | (639,918 | ) | (142,300 | ) | (1,773,125 | ) | — | (1,372,539 | ) | |||||||||||||
| Change in Net Assets from |
638,203 | 706,241 | 2,193,333 | 2,877,140 | 1,118,395 | 2,860,563 | ||||||||||||||||||
| Change in Net Assets |
613,646 | 1,082,974 | 2,902,957 | 3,997,181 | 2,165,185 | 3,876,314 | ||||||||||||||||||
| Net Assets |
||||||||||||||||||||||||
| Beginning of period |
19,127,591 | 18,044,617 | 57,610,775 | 53,613,594 | 49,669,745 | 45,793,431 | ||||||||||||||||||
| End of period |
$ | 19,741,237 | $ | 19,127,591 | $ | 60,513,732 | $ | 57,610,775 | $ | 51,834,930 | $ | 49,669,745 | ||||||||||||
| Accumulated (Distributions in |
$ | 21,975 | $ | — | $ | 19,083 | $ | — | $ | (15,048 | ) | $ | — | |||||||||||
See accompanying notes to financial statements.
39
For a share outstanding throughout the period indicated
Praxis Intermediate Income Fund - Class A
| Six Months Ended June 30, 2015 (Unaudited) |
Year Ended December 31, 2014 |
Year Ended December 31, 2013 |
Year Ended December 31, 2012 |
Year Ended December 31, 2011 |
Year Ended December 31, 2010 |
|||||||||||||||||||||||
| Net asset value at beginning of period |
$ | 10.54 | $ | 10.27 | $ | 10.73 | $ | 10.63 | $ | 10.43 | $ | 10.20 | ||||||||||||||||
| Net investment income (loss) |
0.11 | 0.24 | (a) | 0.25 | (a) | 0.27 | 0.34 | 0.37 | ||||||||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(0.12 | ) | 0.29 | (0.42 | ) | 0.22 | 0.32 | 0.27 | ||||||||||||||||||||
| Total from investment operations |
(0.01 | ) | 0.53 | (0.17 | ) | 0.49 | 0.66 | 0.64 | ||||||||||||||||||||
| Less distributions: |
||||||||||||||||||||||||||||
| Dividends from investment income |
(0.12 | ) | (0.26 | ) | (0.28 | ) | (0.30 | ) | (0.35 | ) | (0.37 | ) | ||||||||||||||||
| Distributions from net realized gains |
— | — | (0.01 | ) | (0.09 | ) | (0.11 | ) | (0.04 | ) | ||||||||||||||||||
| Total distributions |
(0.12 | ) | (0.26 | ) | (0.29 | ) | (0.39 | ) | (0.46 | ) | (0.41 | ) | ||||||||||||||||
| Paid-in capital from redemption fees |
— | (b) | — | (b) | — | (b) | — | (b) | — | — | ||||||||||||||||||
| Net asset value at end of period |
$ | 10.41 | $ | 10.54 | $ | 10.27 | $ | 10.73 | $ | 10.63 | $ | 10.43 | ||||||||||||||||
| Total return (excludes sales charge) |
(0.09 | %)(c) | 5.21 | % | (1.65 | %) | 4.64 | % | 6.43 | % | 6.26 | % | ||||||||||||||||
| Net assets at end of period (in 000s) |
$ | 75,683 | $ | 74,950 | $ | 69,784 | $ | 83,494 | $ | 72,106 | $ | 67,259 | ||||||||||||||||
| Ratio of net expenses to average net assets |
0.93 | %(d) | 0.93 | % | 0.94 | % | 0.96 | % | 0.96 | % | 0.98 | % | ||||||||||||||||
| Ratio of net investment income to average net assets |
2.16 | %(d) | 2.32 | % | 2.34 | % | 2.49 | % | 3.19 | % | 3.49 | % | ||||||||||||||||
| Ratio of gross expenses to average net assets* |
0.95 | %(d) | 0.94 | % | 0.99 | % | 1.05 | % | 1.08 | % | 1.16 | % | ||||||||||||||||
| Portfolio turnover rate |
9.05 | %(c) | 16.48 | % | 23.68 | % | 35.75 | % | 36.12 | % | 26.75 | % | ||||||||||||||||
Praxis Intermediate Income Fund - Class I
| Six Months Ended June 30, 2015 (Unaudited) |
Year Ended December 31, 2014 |
Year Ended December 31, 2013 |
Year Ended December 31, 2012 |
Year Ended December 31, 2011 |
Year Ended December 31, 2010 |
|||||||||||||||||||||||
| Net asset value at beginning of period |
$ | 10.50 | $ | 10.22 | $ | 10.69 | $ | 10.60 | $ | 10.39 | $ | 10.17 | ||||||||||||||||
| Net investment income (loss) |
0.13 | 0.28 | (a) | 0.29 | (a) | 0.31 | 0.38 | 0.40 | ||||||||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(0.12 | ) | 0.30 | (0.43 | ) | 0.21 | 0.33 | 0.27 | ||||||||||||||||||||
| Total from investment operations |
0.01 | 0.58 | (0.14 | ) | 0.52 | 0.71 | 0.67 | |||||||||||||||||||||
| Less distributions: |
||||||||||||||||||||||||||||
| Dividends from investment income |
(0.14 | ) | (0.30 | ) | (0.32 | ) | (0.34 | ) | (0.39 | ) | (0.41 | ) | ||||||||||||||||
| Distributions from net realized gains |
— | — | (0.01 | ) | (0.09 | ) | (0.11 | ) | (0.04 | ) | ||||||||||||||||||
| Total distributions |
(0.14 | ) | (0.30 | ) | (0.33 | ) | (0.43 | ) | (0.50 | ) | (0.45 | ) | ||||||||||||||||
| Paid-in capital from redemption fees |
— | (b) | — | (b) | — | (b) | — | (b) | — | — | ||||||||||||||||||
| Net asset value at end of period |
$ | 10.37 | $ | 10.50 | $ | 10.22 | $ | 10.69 | $ | 10.60 | $ | 10.39 | ||||||||||||||||
| Total return (excludes sales charge) |
0.11 | %(c) | 5.66 | % | (1.26 | %) | 4.98 | % | 6.98 | % | 6.60 | % | ||||||||||||||||
| Net assets at end of period (in 000s) |
$ | 349,014 | $ | 330,742 | $ | 292,594 | $ | 268,864 | $ | 234,612 | $ | 229,140 | ||||||||||||||||
| Ratio of net expenses to average net assets |
0.53 | %(c) | 0.53 | % | 0.54 | % | 0.56 | % | 0.57 | % | 0.58 | % | ||||||||||||||||
| Ratio of net investment income to average net assets |
2.56 | %(c) | 2.73 | % | 2.73 | % | 2.89 | % | 3.59 | % | 3.86 | % | ||||||||||||||||
| Ratio of gross expenses to average |
0.53 | %(c) | 0.53 | % | 0.54 | % | 0.56 | % | 0.57 | % | 0.58 | % | ||||||||||||||||
| Portfolio turnover rate |
9.05 | %(c) | 16.48 | % | 23.68 | % | 35.75 | % | 36.12 | % | 26.75 | % | ||||||||||||||||
| * | During the period, certain expenses were reduced by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated. |
| (a) | Net investment income (loss) per share have been calculated using the average daily shares outstanding during the period. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Not annualized. |
| (d) | Annualized. |
See accompanying notes to financial statements.
40
Financial Highlights, continued
For a share outstanding throughout the period indicated
Praxis International Index Fund - Class A
| Six Months Ended June 30, 2015 (Unaudited) |
Year Ended December 31, 2014 |
Year Ended December 31, 2013 |
Year Ended December 31, 2012 |
Year Ended December 31, 2011 (a) |
||||||||||||||||||||
| Net asset value at beginning of period |
$ | 9.85 | $ | 10.64 | $ | 9.47 | $ | 8.25 | $ | 10.00 | ||||||||||||||
| Net investment income (loss) |
0.11 | 0.20 | (b) | 0.14 | (b) | 0.17 | 0.03 | |||||||||||||||||
| Net realized and unrealized gains (losses) |
0.34 | (0.81 | ) | 1.17 | 1.17 | (1.68 | ) | |||||||||||||||||
| Total from investment operations |
0.45 | (0.61 | ) | 1.31 | 1.34 | (1.65 | ) | |||||||||||||||||
| Less distributions: |
||||||||||||||||||||||||
| Dividends from investment income |
— | (0.18 | ) | (0.14 | ) | (0.12 | ) | (0.10 | ) | |||||||||||||||
| Distributions from net realized gains |
— | — | — | — | — | |||||||||||||||||||
| Total distributions |
— | (0.18 | ) | (0.14 | ) | (0.12 | ) | (0.10 | ) | |||||||||||||||
| Paid-in capital from redemption fees |
— | (c) | — | (c) | — | (c) | — | (c) | — | |||||||||||||||
| Net asset value at end of period |
$ | 10.30 | $ | 9.85 | $ | 10.64 | $ | 9.47 | $ | 8.25 | ||||||||||||||
| Total return (excludes sales charge) |
4.57 | %(d) | (5.70 | %) | 13.86 | % | 16.24 | % | (16.54 | %) | ||||||||||||||
| Net assets at end of period (in 000s) |
$ | 20,110 | $ | 18,370 | $ | 19,892 | $ | 18,181 | $ | 2,363 | ||||||||||||||
| Ratio of net expenses to average net assets |
1.28 | %(e) | 1.28 | % | 1.43 | % | 1.73 | % | 1.73 | % | ||||||||||||||
| Ratio of net investment income to average |
2.12 | %(e) | 1.88 | % | 1.36 | % | 1.58 | % | 0.89 | % | ||||||||||||||
| Ratio of gross expenses to average |
1.28 | %(e) | 1.28 | % | 1.43 | % | 1.73 | % | 4.87 | % | ||||||||||||||
| Portfolio turnover rate |
3.30 | %(d) | 5.73 | % | 11.36 | % | 5.18 | % | 2.44 | % | ||||||||||||||
Praxis International Index Fund - Class I
| Six Months Ended June 30, 2015 (Unaudited) |
Year Ended December 31, 2014 |
Year Ended December 31, 2013 |
Year Ended December 31, 2012 |
Year Ended December 31, 2011 (a) |
||||||||||||||||||||
| Net asset value at beginning of period |
$ | 9.89 | $ | 10.70 | $ | 9.51 | $ | 8.27 | $ | 10.00 | ||||||||||||||
| Net investment income (loss) |
0.13 | 0.25 | (b) | 0.20 | (b) | 0.18 | 0.12 | |||||||||||||||||
| Net realized and unrealized gains (losses) |
0.36 | (0.82 | ) | 1.20 | 1.24 | (1.73 | ) | |||||||||||||||||
| Total from investment operations |
0.49 | (0.57 | ) | 1.40 | 1.42 | (1.61 | ) | |||||||||||||||||
| Less distributions: |
||||||||||||||||||||||||
| Dividends from investment income |
— | (0.24 | ) | (0.21 | ) | (0.18 | ) | (0.12 | ) | |||||||||||||||
| Distributions from net realized gains |
— | — | — | — | — | |||||||||||||||||||
| Total distributions |
— | (0.24 | ) | (0.21 | ) | (0.18 | ) | (0.12 | ) | |||||||||||||||
| Paid-in capital from redemption fees |
— | (c) | — | (c) | — | (c) | — | (c) | — | |||||||||||||||
| Net asset value at end of period |
$ | 10.38 | $ | 9.89 | $ | 10.70 | $ | 9.51 | $ | 8.27 | ||||||||||||||
| Total return (excludes sales charge) |
4.95 | %(d) | (5.36 | %) | 14.68 | % | 17.26 | % | (16.05 | %) | ||||||||||||||
| Net assets at end of period (in 000s) |
$ | 158,414 | $ | 154,074 | $ | 150,369 | $ | 118,838 | $ | 64,580 | ||||||||||||||
| Ratio of net expenses to average net assets |
0.77 | %(e) | 0.78 | % | 0.80 | % | 0.84 | % | 0.86 | % | ||||||||||||||
| Ratio of net investment income to average |
2.60 | %(e) | 2.35 | % | 1.96 | % | 2.29 | % | 2.25 | % | ||||||||||||||
| Ratio of gross expenses to average |
0.77 | %(e) | 0.78 | % | 0.80 | % | 0.84 | % | 0.86 | % | ||||||||||||||
| Portfolio turnover rate |
3.30 | %(d) | 5.73 | % | 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’s inception date is December 31, 2010. The Fund 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.
41
Financial Highlights, continued
For a share outstanding throughout the period indicated
Praxis Value Index Fund - Class A
| Six Months Ended June 30, 2015 (Unaudited) |
Year Ended December 31, 2014 |
Year Ended December 31, 2013 |
Year Ended December 31, 2012 |
Year Ended December 31, 2011 |
Year Ended December 31, 2010 |
|||||||||||||||||||||||
| Net asset value at beginning of period |
$ | 12.54 | $ | 11.21 | $ | 8.71 | $ | 7.57 | $ | 7.95 | $ | 7.09 | ||||||||||||||||
| Net investment income (loss) |
0.10 | 0.18 | (b) | 0.14 | (b) | 0.28 | 0.12 | 0.14 | ||||||||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(0.20 | ) | 1.23 | 2.60 | 0.93 | (0.40 | ) | 0.81 | ||||||||||||||||||||
| Total from investment operations |
(0.10 | ) | 1.41 | 2.74 | 1.21 | (0.28 | ) | 0.95 | ||||||||||||||||||||
| Less distributions: |
||||||||||||||||||||||||||||
| Dividends from investment income |
— | (0.08 | ) | (0.24 | ) | (0.07 | ) | (0.10 | ) | (0.09 | ) | |||||||||||||||||
| Distributions from net realized gains |
— | — | — | — | — | — | ||||||||||||||||||||||
| Total distributions |
— | (0.08 | ) | (0.24 | ) | (0.07 | ) | (0.10 | ) | (0.09 | ) | |||||||||||||||||
| Paid-in capital from redemption fees |
— | (c) | — | (c) | — | (c) | — | (c) | — | — | ||||||||||||||||||
| Net asset value at end of period |
$ | 12.44 | $ | 12.54 | $ | 11.21 | $ | 8.71 | $ | 7.57 | $ | 7.95 | ||||||||||||||||
| Total return (excludes sales charge) |
(0.80 | %)(d) | 12.57 | % | 31.33 | % | 16.12 | % | (3.58 | %) | 13.40 | % | ||||||||||||||||
| Net assets at end of period (in 000s) |
$ | 18,158 | $ | 17,356 | $ | 16,275 | $ | 13,591 | $ | 20,776 | $ | 24,341 | ||||||||||||||||
| Ratio of net expenses to average net assets |
0.91 | %(e) | 0.87 | % | 1.03 | % | 1.21 | % | 1.32 | % | 1.38 | % | ||||||||||||||||
| Ratio of net investment income to average net assets |
1.57 | %(e) | 1.53 | % | 1.40 | % | 1.48 | % | 1.19 | % | 1.15 | % | ||||||||||||||||
| Ratio of gross expenses to average |
0.91 | %(e) | 0.87 | % | 1.03 | % | 1.21 | % | 1.32 | % | 1.38 | % | ||||||||||||||||
| Portfolio turnover rate |
1.69 | %(d) | 20.53 | % | 30.38 | % | 69.58 | % | 29.11 | % | 24.12 | % | ||||||||||||||||
Praxis Value Index Fund - Class I
| Six Months Ended June 30, 2015 (Unaudited) |
Year Ended December 31, 2014 |
Year Ended December 31, 2013 |
Year Ended December 31, 2012 |
Year Ended December 31, 2011 |
Year Ended December 31, 2010 |
|||||||||||||||||||||||
| Net asset value at beginning of period |
$ | 12.46 | $ | 11.14 | $ | 8.65 | $ | 7.52 | $ | 7.91 | $ | 7.05 | ||||||||||||||||
| Net investment income (loss) |
0.13 | 0.23 | (b) | 0.20 | (b) | 0.09 | 0.15 | 0.17 | ||||||||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(0.21 | ) | 1.22 | 2.59 | 1.18 | (0.37 | ) | 0.85 | ||||||||||||||||||||
| Total from investment operations |
(0.08 | ) | 1.45 | 2.79 | 1.27 | (0.22 | ) | 1.02 | ||||||||||||||||||||
| Less distributions: |
||||||||||||||||||||||||||||
| Dividends from investment income |
— | (0.13 | ) | (0.30 | ) | (0.14 | ) | (0.17 | ) | (0.16 | ) | |||||||||||||||||
| Distributions from net realized gains |
— | — | — | — | — | — | ||||||||||||||||||||||
| Total distributions |
— | (0.13 | ) | (0.30 | ) | (0.14 | ) | (0.17 | ) | (0.16 | ) | |||||||||||||||||
| Paid-in capital from redemption fees |
— | (c) | — | (c) | — | — | — | — | ||||||||||||||||||||
| Net asset value at end of period |
$ | 12.38 | $ | 12.46 | $ | 11.14 | $ | 8.65 | $ | 7.52 | $ | 7.91 | ||||||||||||||||
| Total return (excludes sales charge) |
(0.64 | %)(d) | 13.03 | % | 32.26 | % | 16.91 | % | (2.80 | %) | 14.53 | % | ||||||||||||||||
| Net assets at end of period (in 000s) |
$ | 119,574 | $ | 108,845 | $ | 93,118 | $ | 71,284 | $ | 32,070 | $ | 31,865 | ||||||||||||||||
| Ratio of net expenses to average net assets |
0.44 | %(e) | 0.45 | % | 0.48 | % | 0.47 | % | 0.49 | % | 0.50 | % | ||||||||||||||||
| Ratio of net investment income to average net assets |
2.03 | %(e) | 1.94 | % | 1.95 | % | 2.24 | % | 2.03 | % | 2.06 | % | ||||||||||||||||
| Ratio of gross expenses to average |
0.44 | %(e) | 0.45 | % | 0.48 | % | 0.47 | % | 0.49 | % | 0.50 | % | ||||||||||||||||
| Portfolio turnover rate |
1.69 | %(d) | 20.53 | % | 30.38 | % | 69.58 | % | 29.11 | % | 24.12 | % | ||||||||||||||||
| (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 period indicated
Praxis Growth Index Fund - Class A
| Six Months Ended June 30, 2015 (Unaudited) |
Year Ended December 31, 2014 |
Year Ended December 31, 2013 |
Year Ended December 31, 2012 |
Year Ended December 31, 2011 |
Year Ended December 31, 2010 |
|||||||||||||||||||||||
| Net asset value at beginning of period |
$ | 17.25 | $ | 15.19 | $ | 11.63 | $ | 9.96 | $ | 9.86 | $ | 8.71 | ||||||||||||||||
| Net investment income (loss) |
0.07 | 0.12 | 0.10 | (b) | 0.02 | 0.01 | 0.01 | |||||||||||||||||||||
| Net realized and unrealized gains (losses) on investments |
0.24 | 2.05 | 3.58 | 1.70 | 0.10 | 1.14 | ||||||||||||||||||||||
| Total from investment operations |
0.31 | 2.17 | 3.68 | 1.72 | 0.11 | 1.15 | ||||||||||||||||||||||
| Less distributions: |
||||||||||||||||||||||||||||
| Dividends from investment income |
— | (0.11 | ) | (0.12 | ) | (0.05 | ) | (0.01 | ) | — | ||||||||||||||||||
| Distributions from net realized gains |
— | — | — | — | — | — | ||||||||||||||||||||||
| Total distributions |
— | (0.11 | ) | (0.12 | ) | (0.05 | ) | (0.01 | ) | — | ||||||||||||||||||
| Paid-in capital from redemption fees |
— | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | ||||||||||||||||
| Net asset value at end of period |
$ | 17.56 | $ | 17.25 | $ | 15.19 | $ | 11.63 | $ | 9.96 | $ | 9.86 | ||||||||||||||||
| Total return (excludes sales charge) |
1.80 | %(d) | 14.26 | % | 31.72 | % | 17.15 | % | 1.12 | % | 13.20 | % | ||||||||||||||||
| Net assets at end of period (in 000s) |
$ | 57,673 | $ | 55,833 | $ | 51,724 | $ | 43,035 | $ | 3,363 | $ | 2,911 | ||||||||||||||||
| Ratio of net expenses to average net assets |
0.82 | %(e) | 0.91 | % | 1.01 | % | 1.08 | % | 1.10 | % | 1.10 | % | ||||||||||||||||
| Ratio of net investment income to average net assets |
0.85 | %(e) | 0.73 | % | 0.76 | % | 1.08 | % | 0.14 | % | 0.13 | % | ||||||||||||||||
| Ratio of gross expenses to average net assets* |
0.82 | %(e) | 0.91 | % | 1.01 | % | 1.26 | % | 2.01 | % | 2.68 | % | ||||||||||||||||
| Portfolio turnover rate |
3.67 | %(d) | 19.09 | % | 14.82 | % | 82.74 | % | 21.18 | % | 28.55 | % | ||||||||||||||||
Praxis Growth Index Fund - Class I
| Six Months Ended June 30, 2015 (Unaudited) |
Year Ended December 31, 2014 |
Year Ended December 31, 2013 |
Year Ended December 31, 2012 |
Year Ended December 31, 2011 |
Year Ended December 31, 2010 |
|||||||||||||||||||||||
| Net asset value at beginning of period |
$ | 17.34 | $ | 15.27 | $ | 11.68 | $ | 9.96 | $ | 9.86 | $ | 8.72 | ||||||||||||||||
| Net investment income (loss) |
0.11 | 0.20 | 0.18 | (b) | 0.07 | 0.07 | 0.05 | |||||||||||||||||||||
| Net realized and unrealized gains (losses) on investments |
0.24 | 2.06 | 3.60 | 1.71 | 0.10 | 1.15 | ||||||||||||||||||||||
| Total from investment operations |
0.35 | 2.26 | 3.78 | 1.78 | 0.17 | 1.20 | ||||||||||||||||||||||
| Less distributions: |
||||||||||||||||||||||||||||
| Dividends from investment income |
— | (0.19 | ) | (0.19 | ) | (0.06 | ) | (0.07 | ) | (0.06 | ) | |||||||||||||||||
| Distributions from net realized gains |
— | — | — | — | — | — | ||||||||||||||||||||||
| Total distributions |
— | (0.19 | ) | (0.19 | ) | (0.06 | ) | (0.07 | ) | (0.06 | ) | |||||||||||||||||
| Paid-in capital from redemption fees |
— | (c) | — | (c) | — | (c) | — | (c) | — | — | ||||||||||||||||||
| Net asset value at end of period |
$ | 17.69 | $ | 17.34 | $ | 15.27 | $ | 11.68 | $ | 9.96 | $ | 9.86 | ||||||||||||||||
| Total return (excludes sales charge) |
2.02 | %(d) | 14.77 | % | 32.26 | % | 17.94 | % | 1.73 | % | 13.74 | % | ||||||||||||||||
| Net assets at end of period (in 000s) |
$ | 123,389 | $ | 118,619 | $ | 100,561 | $ | 97,072 | $ | 33,843 | $ | 29,401 | ||||||||||||||||
| Ratio of net expenses to average net assets |
0.43 | %(e) | 0.42 | % | 0.47 | % | 0.48 | % | 0.50 | % | 0.58 | % | ||||||||||||||||
| Ratio of net investment income to average net assets |
1.24 | %(e) | 1.22 | % | 1.31 | % | 1.31 | % | 0.75 | % | 0.70 | % | ||||||||||||||||
| Ratio of gross expenses to average |
0.43 | %(e) | 0.42 | % | 0.47 | % | 0.48 | % | 0.50 | % | 0.58 | % | ||||||||||||||||
| Portfolio turnover rate |
3.67 | %(d) | 19.09 | % | 14.82 | % | 82.74 | % | 21.18 | % | 28.55 | % | ||||||||||||||||
| * | 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. |
| (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 period indicated
Praxis Small Cap Fund - Class A
| Six Months Ended June 30, 2015 (Unaudited) |
Year Ended December 31, 2014 |
Year Ended December 31, 2013 |
Year Ended December 31, 2012 |
Year Ended December 31, 2011 |
Year Ended December 31, 2010 |
|||||||||||||||||||||||
| Net asset value at beginning of period |
$ | 11.49 | $ | 13.80 | $ | 11.33 | $ | 10.51 | $ | 9.95 | $ | 7.55 | ||||||||||||||||
| Net investment income (loss) |
(0.02 | ) | (0.12 | )(b) | (0.12 | )(b) | (0.06 | ) | (0.09 | ) | (0.11 | ) | ||||||||||||||||
| Net realized and unrealized gains (losses) on investments |
0.82 | (0.43 | ) | 4.04 | 1.03 | 0.64 | 2.51 | |||||||||||||||||||||
| Total from investment operations |
0.80 | (0.55 | ) | 3.92 | 0.97 | 0.55 | 2.40 | |||||||||||||||||||||
| Less distributions: |
||||||||||||||||||||||||||||
| Distributions from net realized gains |
— | (1.76 | ) | (1.45 | ) | (0.15 | ) | — | — | |||||||||||||||||||
| Total distributions |
— | (1.76 | ) | (1.45 | ) | (0.15 | ) | — | — | |||||||||||||||||||
| Paid-in capital from redemption fees |
— | (c) | — | (c) | — | (c) | — | (c) | 0.01 | — | (c) | |||||||||||||||||
| Net asset value at end of period |
$ | 12.29 | $ | 11.49 | $ | 13.80 | $ | 11.33 | $ | 10.51 | $ | 9.95 | ||||||||||||||||
| Total return (excludes sales charge) |
6.96 | %(d) | (4.11 | %) | 34.63 | % | 9.26 | % | 5.63 | % | 31.79 | % | ||||||||||||||||
| Net assets at end of period (in 000s) |
$ | 9,193 | $ | 7,664 | $ | 8,465 | $ | 5,710 | $ | 5,541 | $ | 3,341 | ||||||||||||||||
| Ratio of net expenses to average net assets |
1.69 | %(e) | 1.69 | % | 1.69 | % | 1.72 | % | 1.71 | % | 1.69 | % | ||||||||||||||||
| Ratio of net investment income to average net assets |
(0.30 | )%(e) | (0.95 | )% | (0.95 | )% | (0.34 | )% | (1.09 | )% | (1.08 | )% | ||||||||||||||||
| Ratio of gross expenses to average net assets* |
1.76 | %(e) | 1.70 | % | 1.90 | % | 1.91 | % | 2.17 | % | 2.79 | % | ||||||||||||||||
| Portfolio turnover rate |
33.01 | %(d) | 73.67 | % | 49.25 | % | 49.78 | % | 67.48 | % | 84.26 | % | ||||||||||||||||
Praxis Small Cap Fund - Class I
| Six Months Ended June 30, 2015 (Unaudited) |
Year Ended December 31, 2014 |
Year Ended December 31, 2013 |
Year Ended December 31, 2012 |
Year Ended December 31, 2011 |
Year Ended December 31, 2010 |
|||||||||||||||||||||||
| Net asset value at beginning of period |
$ | 12.01 | $ | 14.25 | $ | 11.59 | $ | 10.67 | $ | 10.06 | $ | 7.59 | ||||||||||||||||
| Net investment income (loss) |
0.02 | (0.04 | )(b) | (0.04 | )(b) | 0.06 | (0.03 | ) | (0.04 | ) | ||||||||||||||||||
| Net realized and unrealized gains (losses) on investments |
0.85 | (0.44 | ) | 4.15 | 1.01 | 0.64 | 2.51 | |||||||||||||||||||||
| Total from investment operations |
0.87 | (0.48 | ) | 4.11 | 1.07 | 0.61 | 2.47 | |||||||||||||||||||||
| Less distributions: |
||||||||||||||||||||||||||||
| Distributions from net realized gains |
— | (1.76 | ) | (1.45 | ) | (0.15 | ) | — | — | |||||||||||||||||||
| Total distributions |
— | (1.76 | ) | (1.45 | ) | (0.15 | ) | — | — | |||||||||||||||||||
| Paid-in capital from redemption fees |
— | — | (c) | — | (c) | — | — | — | ||||||||||||||||||||
| Net asset value at end of period |
$ | 12.88 | $ | 12.01 | $ | 14.25 | $ | 11.59 | $ | 10.67 | $ | 10.06 | ||||||||||||||||
| Total return (excludes sales charge) |
7.24 | %(d) | (3.49 | %) | 35.53 | % | 10.06 | % | 6.06 | % | 32.54 | % | ||||||||||||||||
| Net assets at end of period (in 000s) |
$ | 45,221 | $ | 53,783 | $ | 68,762 | $ | 63,520 | $ | 61,130 | $ | 25,584 | ||||||||||||||||
| Ratio of net expenses to average net assets |
1.06 | %(e) | 1.02 | % | 1.04 | % | 1.05 | % | 1.04 | % | 1.08 | % | ||||||||||||||||
| Ratio of net investment income to average net assets |
0.36 | %(e) | (0.28 | %) | (0.31 | %) | 0.50 | % | (0.44 | %) | (0.46 | %) | ||||||||||||||||
| Ratio of gross expenses to average |
1.06 | %(e) | 1.02 | % | 1.04 | % | 1.05 | % | 1.04 | % | 1.08 | % | ||||||||||||||||
| Portfolio turnover rate |
33.01 | %(d) | 73.67 | % | 49.25 | % | 49.78 | % | 67.48 | % | 84.26 | % | ||||||||||||||||
| * | 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. |
| (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 period indicated
Praxis Genesis Conservative Portfolio - Class A
| Six Months Ended June 30, 2015 (Unaudited) |
Year Ended December 31, 2014 |
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 |
$ | 11.34 | $ | 11.10 | $ | 10.79 | $ | 10.50 | $ | 10.55 | $ | 10.00 | ||||||||||||||||
| Net investment income (loss) |
0.08 | 0.21 | (b) | 0.23 | (b) | 0.23 | 0.24 | 0.25 | ||||||||||||||||||||
| Net realized and unrealized gains (losses) on investments |
(0.03 | ) | 0.42 | 0.45 | 0.54 | 0.06 | 0.55 | |||||||||||||||||||||
| Total from investment operations |
0.05 | 0.63 | 0.68 | 0.77 | 0.30 | 0.80 | ||||||||||||||||||||||
| Less distributions: |
||||||||||||||||||||||||||||
| Dividends from investment income |
(0.06 | ) | (0.21 | ) | (0.23 | ) | (0.24 | ) | (0.29 | ) | (0.25 | ) | ||||||||||||||||
| Distributions from net realized gains |
— | (0.18 | ) | (0.14 | ) | (0.24 | ) | (0.06 | ) | — | ||||||||||||||||||
| Total distributions |
(0.06 | ) | (0.39 | ) | (0.37 | ) | (0.48 | ) | (0.35 | ) | (0.25 | ) | ||||||||||||||||
| Paid-in capital from redemption fees |
— | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | ||||||||||||||||
| Net asset value at end of period |
$ | 11.33 | $ | 11.34 | $ | 11.10 | $ | 10.79 | $ | 10.50 | $ | 10.55 | ||||||||||||||||
| Total return (excludes sales charge) |
0.46 | %(d) | 5.68 | % | 6.28 | % | 7.42 | % | 2.88 | % | 8.22 | % | ||||||||||||||||
| Net assets at end of period (in 000s) |
$ | 19,741 | $ | 19,128 | $ | 18,045 | $ | 17,203 | $ | 14,018 | $ | 12,695 | ||||||||||||||||
| Ratio of net expenses to average net assets † |
0.59 | %(e) | 0.60 | % | 0.61 | % | 0.61 | % | 0.61 | % | 0.65 | % | ||||||||||||||||
| Ratio of net investment income to average net assets † |
1.33 | %(e) | 1.82 | % | 2.04 | % | 2.13 | % | 2.31 | % | 2.60 | % | ||||||||||||||||
| Ratio of gross expenses to average net assets †* |
0.59 | %(e) | 0.62 | % | 0.64 | % | 0.65 | % | 0.78 | % | 0.97 | % | ||||||||||||||||
| Portfolio turnover rate |
3.64 | %(d) | 10.78 | % | 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) | The Fund’s inception date is December 31, 2009. The Fund commenced public offering and investment operations on January 4, 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.
45
Financial Highlights, continued
For a share outstanding throughout the period indicated
Praxis Genesis Balanced Portfolio - Class A
| Six Months Ended June 30, 2015 (Unaudited) |
Year Ended December 31, 2014 |
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 |
$ | 12.76 | $ | 12.50 | $ | 11.14 | $ | 10.62 | $ | 10.91 | $ | 10.00 | ||||||||||||||||
| Net investment income (loss) |
0.04 | 0.17 | (b) | 0.20 | (b) | 0.17 | 0.15 | 0.16 | ||||||||||||||||||||
| Net realized and unrealized gains (losses) on investments |
0.15 | 0.49 | 1.50 | 0.90 | (0.17 | ) | 0.91 | |||||||||||||||||||||
| Total from investment operations |
0.19 | 0.66 | 1.70 | 1.07 | (0.02 | ) | 1.07 | |||||||||||||||||||||
| Less distributions: |
||||||||||||||||||||||||||||
| Dividends from investment income |
(0.03 | ) | (0.17 | ) | (0.19 | ) | (0.18 | ) | (0.18 | ) | (0.16 | ) | ||||||||||||||||
| Distributions from net realized gains |
— | (0.23 | ) | (0.15 | ) | (0.37 | ) | (0.09 | ) | — | ||||||||||||||||||
| Total distributions |
(0.03 | ) | (0.40 | ) | (0.34 | ) | (0.55 | ) | (0.27 | ) | (0.16 | ) | ||||||||||||||||
| Paid-in capital from redemption fees |
— | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | |||||||||||||||||
| Net asset value at end of period |
$ | 12.92 | $ | 12.76 | $ | 12.50 | $ | 11.14 | $ | 10.62 | $ | 10.91 | ||||||||||||||||
| Total return (excludes sales charge) |
1.49 | %(d) | 5.30 | % | 15.30 | % | 10.11 | % | (0.21 | %) | 10.88 | % | ||||||||||||||||
| Net assets at end of period (in 000s) |
$ | 60,514 | $ | 57,611 | $ | 53,614 | $ | 44,584 | $ | 37,770 | $ | 34,182 | ||||||||||||||||
| Ratio of net expenses to average net assets † |
0.55 | %(e) | 0.58 | % | 0.60 | % | 0.61 | % | 0.61 | % | 0.64 | % | ||||||||||||||||
| Ratio of net investment income to average net assets † |
0.54 | %(e) | 1.33 | % | 1.65 | % | 1.57 | % | 1.39 | % | 1.80 | % | ||||||||||||||||
| Ratio of gross expenses to average net assets †* |
0.55 | %(e) | 0.58 | % | 0.60 | % | 0.62 | % | 0.71 | % | 0.90 | % | ||||||||||||||||
| Portfolio turnover rate |
2.05 | %(d) | 10.26 | % | 19.91 | % | 38.48 | % | 15.11 | % | 7.84 | % | ||||||||||||||||
| † | 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) | The Fund’s inception date is December 31, 2009. The Fund commenced public offering and investment operations on January 4, 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 period indicated
Praxis Genesis Growth Portfolio - Class A
| Six Months Ended June 30, 2015 (Unaudited) |
Year Ended December 31, 2014 |
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 |
$ | 13.79 | $ | 13.49 | $ | 11.40 | $ | 10.68 | $ | 11.15 | $ | 10.00 | ||||||||||||||||
| Net investment income (loss) |
— | (b)(c) | 0.13 | (b) | 0.17 | (b) | 0.13 | 0.08 | 0.10 | |||||||||||||||||||
| Net realized and unrealized gains (losses) on investments |
0.29 | 0.56 | 2.26 | 1.13 | (0.33 | ) | 1.15 | |||||||||||||||||||||
| Total from investment operations |
0.29 | 0.69 | 2.43 | 1.26 | (0.25 | ) | 1.25 | |||||||||||||||||||||
| Less distributions: |
||||||||||||||||||||||||||||
| Dividends from investment income |
— | (0.13 | ) | (0.17 | ) | (0.14 | ) | (0.10 | ) | (0.10 | ) | |||||||||||||||||
| Distributions from net realized gains |
— | (0.26 | ) | (0.17 | ) | (0.40 | ) | (0.12 | ) | — | ||||||||||||||||||
| Total distributions |
— | (0.39 | ) | (0.34 | ) | (0.54 | ) | (0.22 | ) | (0.10 | ) | |||||||||||||||||
| Paid-in capital from redemption fees |
— | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | |||||||||||||||||
| Net asset value at end of period |
$ | 14.08 | $ | 13.79 | $ | 13.49 | $ | 11.40 | $ | 10.68 | $ | 11.15 | ||||||||||||||||
| Total return (excludes sales charge) |
2.10 | %(d) | 5.09 | % | 21.28 | % | 11.82 | % | (2.24 | %) | 12.65 | % | ||||||||||||||||
| Net assets at end of period (in 000s) |
$ | 51,835 | $ | 49,670 | $ | 45,793 | $ | 36,294 | $ | 29,882 | $ | 26,673 | ||||||||||||||||
| Ratio of net expenses to average net assets † |
0.60 | %(e) | 0.60 | % | 0.60 | % | 0.61 | % | 0.61 | % | 0.64 | % | ||||||||||||||||
| Ratio of net investment income to average net assets † |
(0.06 | )%(e) | 0.95 | % | 1.39 | % | 1.22 | % | 0.79 | % | 1.33 | % | ||||||||||||||||
| Ratio of gross expenses to average net assets †* |
0.60 | %(e) | 0.60 | % | 0.66 | % | 0.74 | % | 0.89 | % | 1.15 | % | ||||||||||||||||
| Portfolio turnover rate |
2.49 | %(d) | 8.81 | % | 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) | The Fund’s inception date is December 31, 2009. The Fund commenced public offering and investment operations on January 4, 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, 2015 |
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 December 31, 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, 2015, 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 year. Actual results could differ from those estimates.
Securities Valuation:
The Funds and Portfolios record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.
Securities generally are valued at 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 are reviewed by the Pricing Committee of the Funds and Portfolios (“Pricing Committee”) under general supervision of the Board of Trustees (the “Board”). Securities for which market quotations are not readily available (e.g. an approved pricing service does not provide a price, certain stale prices or an event occurs that materially affects the furnished price) are valued at their fair value as determined in good faith in accordance with consistently applied procedures established by and under the general supervision of the Board. Short-term debt securities of sufficient credit quality maturing in less than 61 days may be at amortized cost. 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 Pricing Committee. In valuing restricted securities under the Valuation Procedures, the Pricing Committee will consider (but is not limited to) certain specific and general factors enumerated in the Valuation Procedures. The Valuation Procedures require that the Pricing Committee report to the Board at each of its regular quarterly meetings regarding valuation of restricted securities and actions taken in connection with the Valuation Procedures.
The valuation techniques described maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:
| • | Level 1 — | quoted prices in active markets for identical securities | ||
| • | Level 2 — | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | ||
48
| • | 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 year end.
The aggregate value by input level, as of June 30, 2015, 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 |
$ | — | $ | 13,136,879 | $ | — | $ | 13,136,879 | ||||||||
| Commercial Mortgage Backed Securities |
— | 15,826,992 | — | 15,826,992 | ||||||||||||
| Corporate Bonds |
— | 176,951,683 | — | 176,951,683 | ||||||||||||
| Corporate Notes |
— | 4,200,000 | — | 4,200,000 | ||||||||||||
| Foreign Bonds |
— | 9,633,470 | — | 9,633,470 | ||||||||||||
| Investment Company |
3,663,788 | — | — | 3,663,788 | ||||||||||||
| Municipal Bonds |
— | 14,043,732 | — | 14,043,732 | ||||||||||||
| U.S. Government Agencies |
— | 182,366,878 | — | 182,366,878 | ||||||||||||
| Total Investments |
$ | 3,663,788 | $ | 416,159,634 | $ | — | $ | 419,823,422 | ||||||||
There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2015.
International Index Fund Valuation Inputs at Reporting Date:
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Investments at Value |
||||||||||||||||
| Common Stocks |
$ | 174,833,558 | $ | — | $ | — | $ | 174,833,558 | ||||||||
| Corporate Notes |
— | 1,600,000 | — | 1,600,000 | ||||||||||||
| Preferred Stocks |
496,226 | — | — | 496,226 | ||||||||||||
| Warrant |
3,256 | — | — | 3,256 | ||||||||||||
| Total Investments |
$ | 175,333,040 | $ | 1,600,000 | $ | — | $ | 176,933,040 | ||||||||
There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2015.
Value Index Fund Valuation Inputs at Reporting Date:
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Investments at Value |
||||||||||||||||
| Common Stocks |
$ | 135,974,201 | $ | 7,029 | $ | — | $ | 135,981,230 | ||||||||
| Corporate Notes |
— | 1,200,000 | — | 1,200,000 | ||||||||||||
| Total Investments |
$ | 135,974,201 | $ | 1,207,029 | $ | — | $ | 137,181,230 | ||||||||
There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2015.
Growth Index Fund Valuation Inputs at Reporting Date:
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Investments at Value |
||||||||||||||||
| Common Stocks |
$ | 178,434,653 | $ | — | $ | — | $ | 178,434,653 | ||||||||
| Corporate Notes |
— | 1,675,000 | — | 1,675,000 | ||||||||||||
| Total Investments |
$ | 178,434,653 | $ | 1,675,000 | $ | — | $ | 180,109,653 | ||||||||
There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2015.
49
| Notes to Financial Statements (unaudited), continued | June 30, 2015 |
Small Cap Fund Valuation Inputs at Reporting Date:
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Investments at Value |
||||||||||||||||
| Common Stocks |
$ | 52,668,675 | $ | — | $ | — | $ | 52,668,675 | ||||||||
| Corporate Note |
— | 450,000 | — | 450,000 | ||||||||||||
| Total Investments |
$ | 52,668,675 | $ | 450,000 | $ | — | $ | 53,118,675 | ||||||||
There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2015.
Conservative Portfolio Valuation Inputs at Reporting Date:
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Investments at Value |
||||||||||||||||
| Mutual Funds |
$ | 19,750,735 | $ | — | $ | — | $ | 19,750,735 | ||||||||
| Total Investments |
$ | 19,750,735 | $ | — | $ | — | $ | 19,750,735 | ||||||||
There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2014.
Balanced Portfolio Valuation Inputs at Reporting Date:
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Investments at Value |
||||||||||||||||
| Mutual Funds |
$ | 60,543,922 | $ | — | $ | — | $ | 60,543,922 | ||||||||
| Total Investments |
$ | 60,543,922 | $ | — | $ | — | $ | 60,543,922 | ||||||||
There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2015.
Growth Portfolio Valuation Inputs at Reporting Date:
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Investments at Value |
||||||||||||||||
| Mutual Funds |
$ | 51,862,822 | $ | — | $ | — | $ | 51,862,822 | ||||||||
| Total Investments |
$ | 51,862,822 | $ | — | $ | — | $ | 51,862,822 | ||||||||
There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2015.
The 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, 2014 |
$ | 2,649,539 | $ | 1,000,565 | $ | 367,837 | $ | 1,385,607 | $ | 475,154 | ||||||||||
| Proceeds from Maturities |
— | — | — | — | — | |||||||||||||||
| Cost of Purchases |
— | — | — | — | — | |||||||||||||||
| Sales |
(2,647,500 | ) | (999,000 | ) | (367,500 | ) | (1,384,000 | ) | (475,001 | ) | ||||||||||
| Change in unrealized appreciation (depreciation) |
(2,039 | ) | (1,565 | ) | (337 | ) | (1,607 | ) | (153 | ) | ||||||||||
| Balance as of June 30, 2015 |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
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.
50
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 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.
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.
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.
51
| Notes to Financial Statements (unaudited), continued | June 30, 2015 |
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, 2015 were as follows:
| Purchases | Sales | |||||||
| Intermediate Income Fund |
$ | 68,577,991 | $ | 36,868,880 | ||||
| International Index Fund |
5,893,119 | 6,573,519 | ||||||
| Value Index Fund |
15,895,020 | 2,177,876 | ||||||
| Growth Index Fund |
10,207,492 | 6,536,669 | ||||||
| Small Cap Fund |
19,353,612 | 29,135,043 | ||||||
| Conservative Portfolio |
1,368,308 | 719,536 | ||||||
| Balanced Portfolio |
3,406,316 | 1,217,841 | ||||||
| Growth Portfolio |
2,354,467 | 1,274,097 | ||||||
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 semiannual period ended June 30, 2015 | ||||||||||||||||||||||||||||
| Affiliate | Fair value at December 31, 2014 |
Purchase Cost |
Sales Proceeds |
Realized Gain/ (Loss) |
Dividend Income |
Shares at June 30, 2015 |
Fair value at June 30, 2015 |
|||||||||||||||||||||
| Praxis Genesis Conservative Portfolio |
||||||||||||||||||||||||||||
| Praxis Intermediate Income Fund |
$ | 13,455,374 | $ | 1,014,426 | $ | 503,675 | $ | (5,950 | ) | $ | 188,702 | 1,329,653 | $ | 13,788,496 | ||||||||||||||
| Praxis Growth Index Fund |
1,894,323 | 117,961 | 71,954 | (594 | ) | — | 111,845 | 1,978,529 | ||||||||||||||||||||
| Praxis International Index Fund |
1,395,904 | 88,470 | 53,965 | (453 | ) | — | 144,510 | 1,500,018 | ||||||||||||||||||||
| Praxis Small Cap Fund |
485,442 | 29,490 | 17,988 | (1,888 | ) | — | 41,375 | 532,912 | ||||||||||||||||||||
| Praxis Value Index Fund |
1,917,452 | 117,961 | 71,954 | (870 | ) | — | 157,575 | 1,950,780 | ||||||||||||||||||||
| Total |
$ | 19,148,495 | $ | 1,368,308 | $ | 719,536 | $ | (9,755 | ) | $ | 188,702 | 1,784,958 | $ | 19,750,735 | ||||||||||||||
| For the semiannual period ended June 30, 2015 | ||||||||||||||||||||||||||||
| Affiliate | Fair value at December 31, 2014 |
Purchase Cost |
Sales Proceeds |
Realized Gain/ (Loss) |
Dividend Income |
Shares at June 30, 2015 |
Fair value at June 30, 2015 |
|||||||||||||||||||||
| Praxis Genesis Balanced Portfolio |
||||||||||||||||||||||||||||
| Praxis Intermediate Income Fund |
$ | 23,226,013 | $ | 1,556,941 | $ | 487,136 | $ | (4,433 | ) | $ | 324,024 | 2,313,583 | $ | 23,991,854 | ||||||||||||||
| Praxis Growth Index Fund |
10,012,892 | 539,401 | 213,122 | 400 | — | 596,017 | 10,543,540 | |||||||||||||||||||||
| Praxis International Index Fund |
8,434,364 | 462,344 | 182,676 | (2,408 | ) | — | 880,046 | 9,134,875 | ||||||||||||||||||||
| Praxis Small Cap Fund |
5,859,092 | 308,229 | 121,785 | (13,297 | ) | — | 503,057 | 6,479,370 | ||||||||||||||||||||
| Praxis Value Index Fund |
10,132,544 | 539,401 | 213,122 | (1,214 | ) | — | 839,603 | 10,394,283 | ||||||||||||||||||||
| Total |
$ | 57,664,905 | $ | 3,406,316 | $ | 1,217,841 | $ | (20,952 | ) | $ | 324,024 | 5,132,306 | $ | 60,543,922 | ||||||||||||||
| For the semiannual period ended June 30, 2015 | ||||||||||||||||||||||||||||
| Affiliate | Fair value at December 31, 2014 |
Purchase Cost |
Sales Proceeds |
Realized Gain/ (Loss) |
Dividend Income |
Shares at June 30, 2015 |
Fair value at June 30, 2015 |
|||||||||||||||||||||
| Praxis Genesis Growth Portfolio |
||||||||||||||||||||||||||||
| Praxis Intermediate Income Fund |
$ | 10,035,938 | $ | 582,253 | $ | 254,819 | $ | (3,270 | ) | $ | 139,199 | 986,751 | $ | 10,232,609 | ||||||||||||||
| Praxis Growth Index Fund |
11,121,593 | 498,435 | 286,672 | (799 | ) | — | 653,386 | 11,558,394 | ||||||||||||||||||||
| Praxis International Index Fund |
9,715,189 | 443,053 | 254,819 | (1,473 | ) | — | 1,000,719 | 10,387,467 | ||||||||||||||||||||
| Praxis Small Cap Fund |
7,592,841 | 332,290 | 191,115 | (21,451 | ) | — | 643,571 | 8,289,190 | ||||||||||||||||||||
| Praxis Value Index Fund |
11,255,053 | 498,436 | 286,672 | (1,481 | ) | — | 920,449 | 11,395,162 | ||||||||||||||||||||
| Total |
$ | 49,720,614 | $ | 2,354,467 | $ | 1,274,097 | $ | (28,474 | ) | $ | 139,199 | 4,204,876 | $ | 51,862,822 | ||||||||||||||
52
5. Related Party Transactions:
Everence Capital Management, Inc. (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, 2016. 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, 2015 were:
| Intermediate Income Fund (Class A) |
0.90 | % | ||
| 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 | % | ||
For the period ended June 30, 2015, 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) |
$ | 8,805 | ||
| Small Cap Fund (Class A) |
3,051 | |||
For the period ended June 30, 2015, the Advisor recouped investment advisory fees of the Funds and Portfolios as follows:
| Conservative Portfolio (Class A) |
$ | 1,311 | ||
| Balanced Portfolio (Class A) |
5,886 | |||
| Growth Portfolio (Class A) |
6,443 | |||
53
| Notes to Financial Statements (unaudited), continued | June 30, 2015 |
As of June 30, 2015, 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 |
2012 | 2015 | $ | 66,632 | ||||||||
| 2013 | 2016 | 39,015 | ||||||||||
| 2014 | 2017 | 2,575 | ||||||||||
| 2015 | 2018 | 8,805 | ||||||||||
| $ | 117,027 | |||||||||||
| Small Cap Fund |
2012 | 2015 | $ | 16,604 | ||||||||
| 2013 | 2016 | 14,524 | ||||||||||
| 2014 | 2017 | 1,183 | ||||||||||
| 2015 | 2018 | 3,051 | ||||||||||
| $ | 35,362 | |||||||||||
| Conservative Portfolio |
2012 | 2015 | $ | 6,013 | ||||||||
| 2013 | 2016 | 6,678 | ||||||||||
| 2014 | 2017 | 2,698 | ||||||||||
| $ | 15,389 | |||||||||||
| Growth Portfolio |
2012 | 2015 | $ | 40,587 | ||||||||
| 2013 | 2016 | 21,201 | ||||||||||
| $ | 61,788 | |||||||||||
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 |
$ | 1,458 | ||
| International Index |
699 | |||
| Value Index |
1,751 | |||
| Growth Index |
4,098 | |||
| Small Cap |
1,127 | |||
| Conservative Portfolio |
3,873 | |||
| Balanced Portfolio |
17,026 | |||
| Growth Portfolio |
12,258 | |||
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’ Compliance Program, providing the Chief Compliance Officer and providing the Chief Financial Officer. For these services, Beacon Hill receives a quarterly 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 $58,000 in aggregate Trustee fees during the period ended June 30, 2015.
54
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 30-Jun-15 |
Year Ended 31-Dec-14 |
Six Months Ended 30-Jun-15 |
Year Ended 31-Dec-14 |
|||||||||||||
| Capital Transactions: |
||||||||||||||||
| Class A Shares: |
||||||||||||||||
| Proceeds from shares issued |
$ | 12,229,349 | $ | 18,836,663 | $ | 2,421,352 | $ | 3,656,590 | ||||||||
| Dividends reinvested |
642,513 | 1,493,127 | — | 326,602 | ||||||||||||
| Cost of shares redeemed |
(11,208,375 | ) | (17,023,565 | ) | (1,523,495 | ) | (4,006,423 | ) | ||||||||
| Redemption fees |
6,828 | 2,692 | 25 | 1,175 | ||||||||||||
| Class A Share Transactions |
$ | 1,670,315 | $ | 3,308,917 | $ | 897,882 | $ | (22,056 | ) | |||||||
| Class I Shares: |
||||||||||||||||
| Proceeds from shares issued |
$ | 40,508,556 | $ | 66,714,226 | $ | 11,556,681 | $ | 32,872,118 | ||||||||
| Dividends reinvested |
2,015,388 | 4,760,965 | — | 2,095,455 | ||||||||||||
| Cost of shares redeemed |
(19,695,943 | ) | (41,415,913 | ) | (14,920,040 | ) | (19,560,655 | ) | ||||||||
| Redemption fees |
167 | 1,707 | — | 289 | ||||||||||||
| Class I Share Transactions |
$ | 22,828,168 | $ | 30,060,985 | $ | (3,363,359 | ) | $ | 15,407,207 | |||||||
| Net increase (decrease) from capital transactions |
$ | 24,498,483 | $ | 33,369,902 | $ | (2,465,477 | ) | $ | 15,385,151 | |||||||
| Share Transactions: |
||||||||||||||||
| Class A Shares: |
||||||||||||||||
| Issued |
1,156,777 | 1,798,114 | 233,666 | 346,513 | ||||||||||||
| Reinvested |
60,562 | 142,462 | — | 32,990 | ||||||||||||
| Redeemed |
(1,057,633 | ) | (1,629,248 | ) | (147,185 | ) | (383,277 | ) | ||||||||
| Change in Class A Shares: |
159,706 | 311,328 | 86,481 | (3,774 | ) | |||||||||||
| Class I Shares: |
||||||||||||||||
| Issued |
3,843,365 | 6,397,073 | 1,111,674 | 3,138,546 | ||||||||||||
| Reinvested |
190,718 | 456,054 | — | 210,599 | ||||||||||||
| Redeemed |
(1,871,593 | ) | (3,968,016 | ) | (1,419,482 | ) | (1,836,706 | ) | ||||||||
| Change in Class I Shares: |
2,162,490 | 2,885,111 | (307,808 | ) | 1,512,439 | |||||||||||
| Net increase (decrease) from share transactions |
2,322,196 | 3,196,439 | (221,327 | ) | 1,508,665 | |||||||||||
55
| Notes to Financial Statements (unaudited), continued | June 30, 2015 |
| Praxis Value Index Fund | Praxis Growth Index Fund | Praxis Small Cap Fund | ||||||||||||||||||||||
| Six Months Ended 30-Jun-15 |
Year Ended 31-Dec-14 |
Six Months Ended 30-Jun-15 |
Year Ended 31-Dec-14 |
Six Months Ended 30-Jun-15 |
Year Ended 31-Dec-14 |
|||||||||||||||||||
| Capital Transactions: |
||||||||||||||||||||||||
| Class A Shares: |
||||||||||||||||||||||||
| Proceeds from shares issued |
$ | 1,978,815 | $ | 3,756,219 | $ | 3,963,970 | $ | 4,241,009 | $ | 1,721,102 | $ | 1,880,889 | ||||||||||||
| Dividends reinvested |
— | 103,491 | — | 334,373 | — | 962,681 | ||||||||||||||||||
| Cost of shares redeemed |
(1,016,625 | ) | (4,728,180 | ) | (3,113,236 | ) | (7,204,375 | ) | (725,293 | ) | (2,222,203 | ) | ||||||||||||
| Redemption fees |
293 | 2,019 | 31 | 152 | 148 | 74 | ||||||||||||||||||
| Class A Share Transactions |
$ | 962,483 | $ | (866,451 | ) | $ | 850,765 | $ | (2,628,841 | ) | $ | 995,957 | $ | 621,441 | ||||||||||
| Class I Shares: |
||||||||||||||||||||||||
| Proceeds from shares issued |
$ | 19,082,852 | $ | 18,677,593 | $ | 11,050,696 | $ | 24,196,281 | $ | 2,752,285 | $ | 12,452,928 | ||||||||||||
| Dividends reinvested |
— | 705,197 | — | 783,510 | — | 6,870,866 | ||||||||||||||||||
| Cost of shares redeemed |
(7,587,816 | ) | (15,017,156 | ) | (8,680,843 | ) | (20,474,425 | ) | (15,031,728 | ) | (24,551,236 | ) | ||||||||||||
| Redemption fees |
— | 1,106 | 23 | 3,339 | — | 943 | ||||||||||||||||||
| Class I Share Transactions |
$ | 11,495,036 | $ | 4,366,740 | $ | 2,369,876 | $ | 4,508,705 | $ | (12,279,443 | ) | $ | (5,226,499 | ) | ||||||||||
| Net increase (decrease) |
$ | 12,457,519 | $ | 3,500,289 | $ | 3,220,641 | $ | 1,879,864 | $ | (11,283,486 | ) | $ | (4,605,058 | ) | ||||||||||
| Share Transactions: |
||||||||||||||||||||||||
| Class A Shares: |
||||||||||||||||||||||||
| Issued |
157,726 | 321,193 | 223,973 | 263,797 | 142,838 | 142,474 | ||||||||||||||||||
| Reinvested |
— | 8,162 | — | 19,195 | — | 82,776 | ||||||||||||||||||
| Redeemed |
(81,291 | ) | (397,469 | ) | (176,792 | ) | (449,610 | ) | (61,626 | ) | (171,627 | ) | ||||||||||||
| Change in Class A Shares: |
76,435 | (68,114 | ) | 47,181 | (166,618 | ) | 81,212 | 53,623 | ||||||||||||||||
| Class I Shares: |
||||||||||||||||||||||||
| Issued |
1,525,790 | 1,587,421 | 621,712 | 1,468,820 | 222,328 | 915,822 | ||||||||||||||||||
| Reinvested |
— | 56,012 | — | 44,746 | — | 565,038 | ||||||||||||||||||
| Redeemed |
(604,752 | ) | (1,268,612 | ) | (486,781 | ) | (1,257,560 | ) | (1,190,016 | ) | (1,829,651 | ) | ||||||||||||
| Change in Class I Shares: |
921,038 | 374,821 | 134,931 | 256,006 | (967,688 | ) | (348,791 | ) | ||||||||||||||||
| Net increase (decrease) |
997,473 | 306,707 | 182,112 | 89,388 | (886,476 | ) | (295,168 | ) | ||||||||||||||||
| Praxis Genesis Conservative Portfolio |
Praxis Genesis Balanced Portfolio | Praxis Genesis Growth Portfolio | ||||||||||||||||||||||
| Six Months Ended 30-Jun-15 |
Year Ended 31-Dec-14 |
Six Months Ended 30-Jun-15 |
Year Ended 31-Dec-14 |
Six Months Ended 30-Jun-15 |
Year Ended 31-Dec-14 |
|||||||||||||||||||
| Capital Transactions: |
||||||||||||||||||||||||
| Class A Shares: |
||||||||||||||||||||||||
| Proceeds from shares issued |
$ | 1,448,915 | $ | 2,247,788 | $ | 4,506,838 | $ | 7,738,709 | $ | 3,254,849 | $ | 5,898,483 | ||||||||||||
| Dividends reinvested |
107,136 | 535,320 | 140,603 | 1,322,198 | — | 908,858 | ||||||||||||||||||
| Cost of shares redeemed |
(917,852 | ) | (2,076,881 | ) | (2,454,132 | ) | (6,183,959 | ) | (2,136,488 | ) | (3,946,922 | ) | ||||||||||||
| Redemption fees |
4 | 14 | 24 | 192 | 34 | 144 | ||||||||||||||||||
| Class A Share Transactions |
$ | 638,203 | $ | 706,241 | $ | 2,193,333 | $ | 2,877,140 | $ | 1,118,395 | $ | 2,860,563 | ||||||||||||
| Net increase (decrease) |
$ | 638,203 | $ | 706,241 | $ | 2,193,333 | $ | 2,877,140 | $ | 1,118,395 | $ | 2,860,563 | ||||||||||||
| Share Transactions: |
||||||||||||||||||||||||
| Class A Shares: |
||||||||||||||||||||||||
| Issued |
126,682 | 198,287 | 348,120 | 605,671 | 230,744 | 429,532 | ||||||||||||||||||
| Reinvested |
9,350 | 46,999 | 10,828 | 102,467 | — | 64,605 | ||||||||||||||||||
| Redeemed |
(80,419 | ) | (182,954 | ) | (188,828 | ) | (484,252 | ) | (150,875 | ) | (286,925 | ) | ||||||||||||
| Change in Class A Shares: |
55,613 | 62,332 | 170,120 | 223,886 | 79,869 | 207,212 | ||||||||||||||||||
| Net increase (decrease) |
55,613 | 62,332 | 170,120 | 223,886 | 79,869 | 207,212 | ||||||||||||||||||
56
7. Federal Income Tax Information:
The character of dividends paid to shareholders for federal income tax purposes during the latest years ended December 31, 2014 and 2013 was (as applicable) as follows:
| Praxis Intermediate Income Fund |
Praxis International Index Fund |
Praxis Value Index Fund |
||||||||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
| From ordinary income |
$ | 10,958,395 | $ | 10,407,782 | $ | 3,988,205 | $ | 3,123,112 | $ | 1,261,100 | $ | 2,805,008 | ||||||||||||
| From long-term capital gains |
— | 290,081 | — | — | — | — | ||||||||||||||||||
| Total distributions |
$ | 10,958,395 | $ | 10,697,863 | $ | 3,988,205 | $ | 3,123,112 | $ | 1,261,100 | $ | 2,805,008 | ||||||||||||
| Praxis Growth Index Fund | Praxis Small Cap Fund | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| From ordinary income |
$ | 1,618,724 | $ | 1,633,778 | $ | — | $ | 17,379 | ||||||||
| From long-term capital gains |
— | — | 7,958,981 | 7,172,465 | ||||||||||||
| Total distributions |
$ | 1,618,724 | $ | 1,633,778 | $ | 7,958,981 | $ | 7,189,844 | ||||||||
| Praxis Genesis Conservative Portfolio |
Praxis Genesis Balanced Portfolio |
Praxis Genesis Growth Portfolio |
||||||||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
| From ordinary income |
$ | 349,748 | $ | 406,843 | $ | 807,461 | $ | 936,467 | $ | 526,232 | $ | 689,574 | ||||||||||||
| From long-term capital gains |
290,170 | 176,248 | 965,664 | 488,620 | 846,307 | 425,846 | ||||||||||||||||||
| Total distributions |
$ | 639,918 | $ | 583,091 | $ | 1,773,125 | $ | 1,425,087 | $ | 1,372,539 | $ | 1,115,420 | ||||||||||||
The following information is computed on a tax basis for each item as of December 31, 2014:
| Praxis Intermediate Income Fund |
Praxis International Index Fund |
Praxis Value Index Fund |
||||||||||
| Tax cost of portfolio investments |
$ | 380,073,365 | $ | 157,015,064 | $ | 95,934,921 | ||||||
| Gross unrealized appreciation |
15,886,937 | 30,180,040 | 31,740,530 | |||||||||
| Gross unrealized depreciation |
(1,720,406 | ) | (15,767,744 | ) | (2,017,848 | ) | ||||||
| Net unrealized appreciation (depreciation) |
14,166,531 | 14,412,296 | 29,722,682 | |||||||||
| Undistributed ordinary income |
— | — | 893,090 | |||||||||
| Undistributed long-term capital gains |
— | — | 2,931,182 | |||||||||
| Capital loss carryforward |
(89,170 | ) | (5,077,198 | ) | — | |||||||
| Post-October losses |
(27,211 | ) | (453,064 | ) | — | |||||||
| Other temporary differences |
— | — | — | |||||||||
| Accumulated earnings (deficit) |
$ | 14,050,150 | $ | 8,882,034 | $ | 33,546,954 | ||||||
| Praxis Growth Index Fund |
Praxis Small Cap Fund |
|||||||||||
| Tax cost of portfolio investments |
$ | 113,663,576 | $ | 43,444,581 | ||||||||
| Gross unrealized appreciation |
60,711,270 | 15,782,223 | ||||||||||
| Gross unrealized depreciation |
(322,764 | ) | (493,654 | ) | ||||||||
| Net unrealized appreciation (depreciation) |
60,388,506 | 15,288,569 | ||||||||||
| Undistributed ordinary income |
13,004 | — | ||||||||||
| Undistributed long-term capital gains |
— | 2,577,265 | ||||||||||
| Capital loss carryforward |
(9,147,669 | ) | — | |||||||||
| Post-October losses |
— | — | ||||||||||
| Other temporary differences |
— | — | ||||||||||
| Accumulated earnings (deficit) |
$ | 51,253,841 | $ | 17,865,834 | ||||||||
| Praxis Genesis Conservative Portfolio |
Praxis Genesis Balanced Portfolio |
Praxis Genesis Growth Portfolio |
||||||||||
| Tax cost of portfolio investments |
$ | 17,516,488 | $ | 48,385,412 | $ | 39,591,159 | ||||||
| Gross unrealized appreciation |
1,653,953 | 9,490,143 | 10,420,156 | |||||||||
| Gross unrealized depreciation |
(21,946 | ) | (210,649 | ) | (290,701 | ) | ||||||
| Net unrealized appreciation (depreciation) |
1,632,007 | 9,279,494 | 10,129,455 | |||||||||
| Undistributed ordinary income |
727 | 5,235 | 26,556 | |||||||||
| Undistributed long-term capital gains |
101,326 | 927,376 | 1,197,177 | |||||||||
| Capital loss carryforward |
— | — | — | |||||||||
| Other temporary differences |
— | — | — | |||||||||
| Accumulated earnings (deficit) |
$ | 1,734,060 | $ | 10,212,105 | $ | 11,353,188 | ||||||
57
| Notes to Financial Statements (unaudited), continued | June 30, 2015 |
The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral on wash sales loss and nontaxable distributions, as well as investments in Passive Foreign Investment Companies.
As of the end of tax year ended December 31, 2014, 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 | |||||||
| Growth Index Fund |
$ | 5,331,513 | 2016 | |||||
| 3,816,156 | 2017 | |||||||
| $ | 9,147,669 | |||||||
Post-effective CLCFs not subject to expiration:
| Short Term CLCF | Long Term CLCF | |||||||
| Intermediate Income Fund |
$ | 89,170 | $ | — | ||||
| International Index Fund |
$ | 3,179,928 | $ | 1,897,270 | ||||
During the year ended December 31, 2014 the Intermediate Income Fund, Value Index Fund and Growth Index Fund utilized $506,047, $5,241,728 and $5,709,756 of capital loss carryfowards, respectively.
| Praxis Intermediate Income Fund |
Praxis International Index Fund |
Praxis Value Index Fund |
||||||||||
| Tax cost of portfolio investments |
$ | 411,145,091 | $ | 153,814,347 | $ | 109,950,004 | ||||||
| Gross unrealized appreciation |
11,753,368 | 37,041,540 | 30,091,406 | |||||||||
| Gross unrealized depreciation |
(3,075,037 | ) | (13,922,847 | ) | (2,860,180 | ) | ||||||
| Net unrealized appreciation (depreciation) |
8,678,331 | 23,118,693 | 27,231,226 | |||||||||
| Praxis Growth Index Fund |
Praxis Small Cap Fund |
|||||||||||
| Tax cost of portfolio investments |
$ | 119,463,552 | $ | 38,991,167 | ||||||||
| Gross unrealized appreciation |
62,159,113 | 14,409,069 | ||||||||||
| Gross unrealized depreciation |
(1,513,012 | ) | (281,561 | ) | ||||||||
| Net unrealized appreciation (depreciation) |
60,646,101 | 14,127,508 | ||||||||||
| Praxis Genesis Conservative Portfolio |
Praxis Genesis Balanced Portfolio |
Praxis Genesis Growth Portfolio |
||||||||||
| Tax cost of portfolio investments |
$ | 18,164,839 | $ | 50,575,542 | $ | 40,675,311 | ||||||
| Gross unrealized appreciation |
1,597,373 | 10,040,778 | 11,231,849 | |||||||||
| Gross unrealized depreciation |
(11,477 | ) | (72,398 | ) | (44,338 | ) | ||||||
| Net unrealized appreciation (depreciation) |
1,585,896 | 9,968,380 | 11,187,511 | |||||||||
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, 2015 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.
58
| Additional Fund Information (unaudited) | June 30, 2015 |
59
| Additional Fund Information (unaudited), continued | June 30, 2015 |
60
| Additional Fund Information (unaudited), continued | June 30, 2015 |
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, 2015 through June 30, 2015.
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 1/1/2015 |
Ending Account Value 6/30/2015 |
Expenses Paid During Period* 1/1/2015-6/30/2015 |
Expense Ratio During Period** 1/1/2015-6/30/2015 | |||||
| Praxis Intermediate Income Fund | ||||||||
| Class A |
$1,000.00 | $999.10 | $4.46 | 0.90% | ||||
| Class I |
1,000.00 | 1,001.10 | 2.48 | 0.50% | ||||
| Praxis International Index Fund | ||||||||
| Class A |
1,000.00 | 1,045.70 | 6.24 | 1.23% | ||||
| Class I |
1,000.00 | 1,049.50 | 3.66 | 0.72% | ||||
| Praxis Value Index Fund | ||||||||
| Class A |
1,000.00 | 992.00 | 4.35 | 0.88% | ||||
| Class I |
1,000.00 | 993.60 | 2.03 | 0.41% | ||||
| Praxis Growth Index Fund | ||||||||
| Class A |
1,000.00 | 1,018.00 | 4.00 | 0.80% | ||||
| Class I |
1,000.00 | 1,020.20 | 2.05 | 0.41% | ||||
| Praxis Small Cap Fund | ||||||||
| Class A |
1,000.00 | 1,069.60 | 8.47 | 1.65% | ||||
| Class I |
1,000.00 | 1,072.40 | 5.24 | 1.02% | ||||
| Praxis Genesis Conservative Portfolio | ||||||||
| Class A |
1,000.00 | 1,004.60 | 2.93 | 0.59% | ||||
| Praxis Genesis Balanced Portfolio | ||||||||
| Class A |
1,000.00 | 1,014.90 | 2.75 | 0.55% | ||||
| Praxis Genesis Growth Portfolio | ||||||||
| Class A |
1,000.00 | 1,021.00 | 3.01 | 0.60% |
* Expenses are equal to average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.
** Annualized
61
| Additional Fund Information (unaudited), continued | June 30, 2015 |
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 1/1/2015 |
Ending Account Value 6/30/2015 |
Expenses Paid During Period* 1/1/2015-6/30/2015 |
Expense Ratio During Period** 1/1/2015-6/30/2015 | |||||
| Praxis Intermediate Income Fund | ||||||||
| Class A |
$1,000.00 | $1,020.33 | $4.51 | 0.90% | ||||
| Class I |
1,000.00 | 1,022.32 | 2.51 | 0.50% | ||||
| Praxis International Index Fund | ||||||||
| Class A |
1,000.00 | 1,018.70 | 6.16 | 1.23% | ||||
| Class I |
1,000.00 | 1,021.22 | 3.61 | 0.72% | ||||
| Praxis Value Index Fund | ||||||||
| Class A |
1,000.00 | 1,020.43 | 4.41 | 0.88% | ||||
| Class I |
1,000.00 | 1,022.76 | 2.06 | 0.41% | ||||
| Praxis Growth Index Fund | ||||||||
| Class A |
1,000.00 | 1,020.83 | 4.01 | 0.80% | ||||
| Class I |
1,000.00 | 1,022.76 | 2.06 | 0.41% | ||||
| Praxis Small Cap Fund | ||||||||
| Class A |
1,000.00 | 1,016.61 | 8.25 | 1.65% | ||||
| Class I |
1,000.00 | 1,019.74 | 5.11 | 1.02% | ||||
| Praxis Genesis Conservative Portfolio | ||||||||
| Class A |
1,000.00 | 1,021.87 | 2.96 | 0.59% | ||||
| 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 | 1,021.82 | 3.01 | 0.60% |
* Expenses are equal to average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.
** Annualized
62
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
2150808
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, 2015 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Chad Horning | |
| Chad Horning | ||
| President and Chief Executive Officer | ||
| August 28, 2015 |
| By: | /s/ Trent Statczar | |
| Trent Statczar | ||
| Treasurer and Chief Financial Officer | ||
| August 28, 2015 |