Praxis Growth Index Fund Class I NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-8056

Praxis Mutual Funds

(Exact name of registrant as specified in charter)

1110 N. Main Street, Goshen, IN 46527

(Address of principal executive offices) (Zip code)

Anthony H. Zacharski, Esq.

Dechert LLP

90 State House Square

Harford, Connecticut 06103

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2017

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Stockholders.

Table of Contents

Message from the President	1

Performance	2

Praxis Impact Bond Fund
Schedule of Investments	4
Praxis International Index Fund
Schedule of Investments	11
Praxis Value Index Fund
Schedule of Investments	21
Praxis Growth Index Fund
Schedule of Investments	25
Praxis Small Cap Index Fund
Schedule of Investments	29
Praxis Genesis Conservative Portfolio
Schedule of Investments	35
Praxis Genesis Balanced Portfolio
Schedule of Investments	36
Praxis Genesis Growth Portfolio
Schedule of Investments	37
Financial Statements
Statements of Assets and Liabilities	38
Statements of Operations	40
Statements of Changes in Net Assets	42
Financial Highlights	45
Notes to Financial Statements	53

Additional Fund Information (unaudited)	63

Message from the President

Dear Praxis shareholder:

Stock markets in the U.S. and abroad moved higher during the first half of the year as investors remained confident in underlying global economic growth, corporate profits, and the broadly supportive stance of central bankers. Companies exhibiting strong growth fared better than those with lower valuations and non-U.S. stock markets fared better than U.S. markets.

Despite the U.S. Federal Reserve’s (the “Fed”) two tightening moves in the federal funds rate this year, interest rates remain low, providing continuing support to economic activity. The Fed’s cautious tightening campaign reveals its concern about the potential for higher inflation, but also its hesitance to risk impeding the relatively slow economic growth.

The Praxis Mutual Funds^® equity funds benefited from the strength in stock markets, while the Impact Bond Fund's performance reflected a low interest rate market. The Praxis Small Cap Index Fund (formerly the Praxis Small Cap Fund) is off to a strong start after its early-January shift to an optimized index strategy – similar to the other equity funds.

Our shareholder advocacy work is a key reason why we started our Funds. At annual shareholder meetings held during the first half of the year, we get to see the fruits of our year-round work based on how much ballot support shareholder-sponsored resolutions receive. This year, Praxis participated in a coalition of investors that encouraged several utility companies to analyze the regulatory and business impacts of a 2 degrees Celsius warming scenario. These resolutions received more than 40 percent approval at several annual meetings, reflecting support from a wide range of investors.

Also, Praxis worked with a few prominent retailers to gain their commitment for removing toxic chemicals from hundreds of their store brand health and beauty products.

These impactful changes are only possible with the persistent work of investors like Praxis and the support of our shareholders. We aim to make a difference in the world through careful screening, persistent advocacy, and thoughtful investments that benefit our environment and communities.

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 LLC.

The views expressed are those of the president of Praxis Mutual Funds as of June 30, 2017, 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.

Performance

We are pleased to provide this 2017 mid-year update for the Praxis Mutual Funds. The following tables summarize the performance of the Praxis Mutual Funds as of June 30, 2017.

			Annualized
	NAV 6/30/17	Six Months Ended 6/30/17	One Year Ended 6/30/17	Three Years Ended 6/30/17	Five Years Ended 6/30/17	Ten Years Ended 6/30/17	Since Inception 6/30/17	Inception Date	Expense Ratio*** Gross / Net
Praxis Impact Bond Fund
Class A *	$ 10.42	-1.54%	-3.88%	0.80%	1.30%	4.01%	3.19%	1/4/1994
Class A (Without Load)	$ 10.42	2.29%	-0.09%	2.09%	2.08%	4.41%	3.35%	1/4/1994	0.99%	0.94%
Class I **	$ 10.37	2.48%	0.30%	2.47%	2.46%	4.77%	4.78%	5/1/2006	0.54%	0.54%
Bloomberg Barclays U.S. Aggregate Bond Index ¹		2.27%	-0.31%	2.48%	2.21%	4.48%	5.37%
Praxis International Index Fund
Class A *	$ 10.78	7.91%	13.18%	-1.05%	5.43%	n/a	1.64%	12/31/2010
Class A (Without Load)	$ 10.78	13.83%	19.49%	0.74%	6.58%	n/a	2.49%	12/31/2010	1.27%	1.27%
Class I **	$ 10.86	14.20%	20.19%	1.29%	7.20%	n/a	3.11%	12/31/2010	0.72%	0.72%
MSCI ACWI ex USA Index (Net) ²		14.09%	20.45%	0.80%	7.22%		3.58%
Praxis Value Index Fund
Class A *	$ 13.33	-0.07%	10.05%	4.26%	11.66%	2.93%	3.68%	5/1/2001
Class A (Without Load)	$ 13.33	5.46%	16.13%	6.16%	12.87%	3.49%	4.02%	5/1/2001	0.94%	0.94%
Class I **	$ 13.28	5.73%	16.71%	6.66%	13.46%	4.05%	4.39%	5/1/2006	0.44%	0.44%
S&P 500 Value Index ³		4.85%	15.86%	7.79%	13.82%	5.25%	6.42%
Praxis Growth Index Fund
Class A *	$ 21.23	6.90%	12.59%	8.38%	13.22%	7.52%	7.57%	5/1/2007
Class A (Without Load)	$ 21.23	12.81%	18.85%	10.35%	14.45%	8.10%	8.14%	5/1/2007	0.86%	0.86%
Class I **	$ 21.40	13.05%	19.38%	10.80%	14.96%	8.56%	8.59%	5/1/2007	0.44%	0.44%
S&P 500 Growth Index ⁴		13.32%	19.29%	11.03%	15.23%	8.97%	8.98%

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

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

*	The total return figures shown reflect the maximum sales charge applicable to Class A Shares for each Fund. Class A Shares have a maximum sales charge on purchases of 5.25%, except for Impact Bond Fund, which is 3.75%.

Class I Shares of the Impact Bond and the Value Index Funds were not in existence prior to 5/1/06. Class I Share performance for the Impact Bond 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 Impact Bond Fund were exchanged into Class A Shares on August 17, 2009. Class I Shares 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, 2017. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee reductions are in effect through April 30, 2018 for Class A Shares.

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

²	The MSCI ACWI ex USA Index (Net) 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 expenses. An investor cannot invest directly in an index, although an investor can invest in its underlying securities.

Performance, continued

			Annualized
	NAV 6/30/17	Six Months Ended 6/30/17	One Year Ended 6/30/17	Three Years Ended 6/30/17	Five Years Ended 6/30/17	Ten Years Ended 6/30/17	Since Inception 6/30/17	Inception Date	Expense Ratio** Gross / Net
Praxis Small Cap Index Fund
Class A *	$ 9.82	-3.82%	3.61%	-1.26%	5.96%	3.65%	3.89%	5/1/2007
Class A (Without Load)	$ 9.82	1.55%	9.40%	0.53%	7.11%	4.21%	4.44%	5/1/2007	1.21%	1.12%
Class I	$ 10.54	1.84%	10.05%	1.16%	7.79%	4.75%	4.97%	5/1/2007	0.45%	0.45%
Russell 2000 Index ⁵		4.99%	24.60%	7.36%	13.70%	6.92%	6.88%
S&P SmallCap 600 Index ⁶		2.79%	22.47%	9.32%	15.47%	8.44%	8.55%
Praxis Genesis Conservative Portfolio
Class A *	$ 11.61	-1.02%	-0.68%	1.23%	3.54%	n/a	4.33%	12/31/2009
Class A (Without Load)	$ 11.61	4.47%	4.85%	3.07%	4.66%	n/a	5.08%	12/31/2009	1.12%	1.12%
Conservative Composite Benchmark ⁷		4.59%	5.24%	4.02%	5.47%	n/a	6.13%
S&P Target Risk Conservative Index ⁸		5.19%	5.49%	3.05%	4.68%	n/a	5.06%
Praxis Genesis Balanced Portfolio
Class A *	$ 13.32	0.79%	4.19%	2.11%	6.16%	n/a	6.12%	12/31/2009
Class A (Without Load)	$ 13.32	6.41%	9.95%	3.96%	7.30%	n/a	6.88%	12/31/2009	1.08%	1.08%
Russell 3000 Index ⁹		8.93%	18.51%	9.10%	14.59%	n/a	13.31%
Balanced Composite Benchmark ¹⁰		6.74%	11.39%	5.39%	8.70%	n/a	8.45%
S&P Target Risk Growth Index ¹¹		8.13%	11.40%	4.83%	8.29%	n/a	7.91%
Praxis Genesis Growth Portfolio
Class A *	$ 14.51	2.04%	7.34%	2.54%	7.76%	n/a	7.20%	12/31/2009
Class A (Without Load)	$ 14.51	7.72%	13.25%	4.40%	8.93%	n/a	7.97%	12/31/2009	1.13%	1.13%
Russell 3000 Index ⁹		8.93%	18.51%	9.10%	14.59%	n/a	13.31%
Growth Composite Benchmark ¹²		8.19%	15.64%	6.24%	10.84%	n/a	9.90%
S&P Target Risk Aggressive Index ¹³		10.05%	15.38%	5.53%	10.43%	n/a	9.89%

*	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, 2017. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee reductions are in effect through April 30, 2018 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	S&P SmallCap 600 Index measures the small-cap segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to ensure they are liquid and financially viable.

⁷

The Conservative Composite Benchmark prior to April 30, 2013 consisted of Bloomberg Barclays U.S. Aggregate Bond Index (70%), the MSCI EAFE Index (7.50%), the Russell 1000 Index (20%) and the Russell 2000 Index (2.5%). The composite benchmark from April 30, 2013 to December 31, 2016 consisted of the Bloomberg Barclays Aggregate Bond Index (70%), the MSCI ACWI ex USA Index (Net) (7.50%), the S&P 500 Index (20%) and the Russell 2000 Index (2.5%).

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 prior to April 30, 2013 consisted of the Bloomberg Barclays Aggregate Bond Index (40%), the MSCI EAFE Index (15%), the Russell 1000 Index (35%) and the Russell 2000 Index (10%). The composite benchmark from April 30, 2013 to December 31, 2016 consisted of the Bloomberg Barclays Aggregate Bond Index (40%), the MSCI ACWI ex USA Index (Net) (15%), the S&P 500 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 indexes. The index is comprised exclusively of exchange-traded funds.

¹²

The Growth Composite Benchmark prior to April 30, 2013 consisted of the Bloomberg Barclays Aggregate Bond Index (20%), the MSCI EAFE Index (20%), the Russell 1000 Index (45%) and the Russell 2000 Index (15%). The composite benchmark from April 30, 2013 to December 31, 2016 consisted of the Bloomberg Barclays Aggregate Bond Index (20%), the S&P 500 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 indexes. The index is comprised exclusively of exchange traded funds.

Schedule of Investments

Praxis Impact Bond Fund
June 30, 2017 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
ASSET BACKED SECURITIES—3.4%
Ally Auto Receivables Trust		1.490	%	11/15/19	$	1,484,642	$	1,484,451
Bank of The West Auto Trust (a)		1.649	%	03/16/20		2,500,000		2,501,365
Cal Funding II Ltd (a)		3.620	%	06/25/42		750,000		749,916
CarMax Auto Owner Trust		1.320	%	07/15/19		1,436,136		1,435,313
CarMax Auto Owner Trust		1.380	%	11/15/19		448,392		448,236
CLI Funding LLC (b)		2.830	%	03/18/28		559,000		550,399
Cronos Containers Program I Ltd. (b)		3.270	%	11/18/29		712,963		711,907
Domino's Pizza Master Issuer LLC (b)		5.216	%	01/25/42		577,938		578,215
Fairway Outdoor Funding LLC (b)		4.212	%	10/15/19		433,735		434,824
Ford Credit Auto Owner Trust		0.900	%	10/15/18		213,994		213,931
Global SC Finance II SRL (b)		2.980	%	04/17/28		670,833		662,690
Hyundai Auto Receivables Trust		1.320	%	08/15/19		2,095,857		2,095,475
SBA Tower Trust		2.898	%	10/15/19		525,000		527,766
SolarCity LMC Series I LLC (b)(c)		4.800	%	12/21/26		682,322		677,645
SolarCity LMC Series IV LLC (b)(c)		4.180	%	08/21/45		235,103		219,415
Spruce ABS Trust		4.320	%	06/15/28		526,302		519,650
Textainer Marine Containers Ltd. (b)		3.720	%	05/20/42		736,638		742,746
Toyota Auto Receivables Owner Trust		1.270	%	05/15/19		786,462		785,876
Toyota Motor Credit Corp.		1.300	%	04/15/20		1,000,000		997,199
Trip Rail Master Funding LLC (a)(b)		3.489	%	07/15/41		363,386		363,385
Verizon Owner Trust (b)		1.420	%	01/20/21		200,000		199,011
TOTAL ASSET BACKED SECURITIES (COST $16,944,258)								16,899,415

COMMERCIAL MORTGAGE BACKED SECURITIES—0.7%
Bear Stearns Commercial Mortgage Securities		5.742	%	09/01/42		141,517		141,777
Commercial Mortgage Pass Through Certificates		3.391	%	05/15/45		946,721		982,969
Commercial Mortgage Pass Through Certificates		2.853	%	10/15/45		1,000,000		1,007,862
OBP Depositor LLC Trust (b)		4.646	%	07/15/45		1,040,000		1,110,478
RBSCF Trust (a)(b)		6.108	%	12/16/49		164,776		164,590
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (COST $3,441,690)								3,407,676

MUNICIPAL BONDS—2.4%
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects		7.334	%	02/15/28		1,000,000		1,291,730
Bridgeport Connecticut Housing Authority		1.850	%	12/15/18		110,000		110,647
Cincinnati, Ohio Water System Rev.		6.458	%	12/01/34		600,000		664,062
Columbus Multi-High School Building Corp.		6.446	%	01/15/30		1,000,000		1,047,430
Findlay City School District		6.250	%	12/01/37		270,000		273,602
Houston Independent School District		6.168	%	02/15/34		1,000,000		1,061,740
Indianapolis Public School Multi-School Building		5.731	%	07/15/29		1,500,000		1,599,675
LL&P Wind Energy, Inc., Washington		5.733	%	12/01/17		230,000		230,265
Massachusetts St.		3.277	%	06/01/46		1,500,000		1,412,850
New Jersey St. Housing and Mortgage Finance		2.600	%	07/01/23		345,000		349,913
Osceola County Housing Finance Authority Rev.		3.350	%	07/01/23		245,000		251,693
St. of Hawaii, Department of Business Economic Development & Tourism		1.467	%	07/01/22		624,338		617,551
St. Paul Housing & Redevelopment Authority Rev.		2.993	%	07/01/21		1,250,000		1,264,250
Warm Springs Reservation Confederated Tribe		8.250	%	11/01/19		895,000		960,442
Wisconsin Department of Transportation		5.837	%	07/01/30		800,000		851,184
TOTAL MUNICIPAL BONDS (COST $11,693,678)								11,987,034

CORPORATE BONDS—35.6%
AIRLINES—0.5%
British Airways		4.625	%	06/20/24		682,578		733,273
Delta Air Lines, Inc.		4.950	%	05/23/19		747,535		776,502
Delta Air Lines, Inc.		2.875	%	03/13/20		435,000		440,688
Southwest Airlines Co.		2.650	%	11/05/20		680,000		688,097
								2,638,560
BANKS—2.8%
Axis Bank/Dubai (b)		2.875	%	06/01/21		500,000		496,520
Bank of America Corp.		5.650	%	05/01/18		1,250,000		1,289,254
Bank of America Corp.		1.950	%	05/12/18		1,000,000		1,001,059
Bank of America Corp.		2.151	%	11/09/20		1,000,000		995,473
Bank of America Corp.		3.300	%	01/11/23		500,000		509,849
Citigroup, Inc.		2.400	%	02/18/20		1,250,000		1,256,722
Commonwealth Bank of Australia		2.250	%	03/10/20		1,500,000		1,503,232
Discover Bank/Greenwood DE		3.100	%	06/04/20		1,000,000		1,019,043
ING Bank NV (b)		2.000	%	11/26/18		1,515,000		1,516,259
JPMorgan Chase & Co.		2.250	%	01/23/20		500,000		501,551
JPMorgan Chase & Co.		4.625	%	05/10/21		500,000		539,009
Manufacturers & Traders Trust Co.		2.100	%	02/06/20		500,000		500,731
Mitsubishi UFJ Financial Group		2.527	%	09/13/23		1,250,000		1,224,508
Sumitomo Mitsui Banking Corp.		2.450	%	10/20/20		1,250,000		1,261,198
								13,614,408
BIOTECHNOLOGY—0.8%
Amgen, Inc.		5.700	%	02/01/19		1,000,000		1,060,054
Biogen, Inc.		2.900	%	09/15/20		1,000,000		1,020,046
Celgene Corp.		2.875	%	08/15/20		1,250,000		1,278,222
Gilead Sciences, Inc.		3.650	%	03/01/26		500,000		514,165
								3,872,487

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2017 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—35.6%, continued
BUILDING PRODUCTS—0.2%
Masco Corp.		3.500	%	04/01/21	$	250,000	$	256,743
Owens Corning		4.200	%	12/01/24		750,000		785,314
								1,042,057
CAPITAL MARKETS—1.9%
Bank of New York Mellon Corp. (The), Perpetual Bond (a)		4.950	%	12/29/49		1,000,000		1,043,000
Goldman Sachs Group, Inc.		6.000	%	06/15/20		1,200,000		1,323,868
Goldman Sachs Group, Inc.		3.500	%	01/23/25		1,000,000		1,010,864
Jefferies Group LLC		8.500	%	07/15/19		900,000		1,007,370
Morgan Stanley		2.200	%	12/07/18		910,000		914,535
Morgan Stanley		5.625	%	09/23/19		1,500,000		1,611,474
Raymond James Financial, Inc.		8.600	%	08/15/19		1,000,000		1,130,024
State Street Corp.		7.350	%	06/15/26		1,000,000		1,293,515
								9,334,650
CHEMICALS—1.1%
Avery Dennison Corp.		5.375	%	04/15/20		1,250,000		1,341,587
Ecolab, Inc.		5.500	%	12/08/41		1,100,000		1,347,423
NOVA Chemicals Corp. (b)		5.250	%	08/01/23		500,000		513,750
Potash Corp. of Saskatchewan, Inc.		5.875	%	12/01/36		840,000		993,028
Solvay Finance America LLC (b)		3.400	%	12/03/20		1,250,000		1,289,825
								5,485,613
COMMERCIAL SERVICES & SUPPLIES—0.2%
Steelcase, Inc.		6.375	%	02/15/21		750,000		829,854

COMMUNICATIONS EQUIPMENT—0.1%
Juniper Networks, Inc.		3.300	%	06/15/20		500,000		512,036

CONSTRUCTION MATERIALS—0.2%
Martin Marietta Materials, Inc.		6.600	%	04/15/18		1,000,000		1,035,656

CONSUMER FINANCE—1.0%
Ally Financial, Inc.		3.250	%	09/29/17		500,000		501,550
American Express Credit Corp.		2.600	%	09/14/20		1,000,000		1,014,602
Ford Motor Credit Co. LLC		3.157	%	08/04/20		1,000,000		1,019,074
GE Capital International Funding Co. (b)		4.418	%	11/15/35		1,250,000		1,360,485
Hyundai Capital Services, Inc. (b)		2.875	%	03/16/21		1,250,000		1,251,989
								5,147,700
CONSUMER SERVICES—0.3%
Local Initiatives Support Corp.		4.649	%	03/01/37		1,500,000		1,528,910

CONTAINERS & PACKAGING—0.3%
Newell Rubbermaid, Inc.		3.850	%	04/01/23		185,000		194,239
Sonoco Products Co.		5.750	%	11/01/40		1,000,000		1,195,541
								1,389,780
DIVERSIFIED FINANCIAL SERVICES—1.6%
AerCap Ireland Capital Ltd.		5.000	%	10/01/21		1,000,000		1,082,229
Brookfield Finance, Inc.		4.250	%	06/02/26		1,000,000		1,027,078
GATX Corp.		2.600	%	03/30/20		897,000		906,288
Genpact Luxembourg S. à. r.l. (b)		3.700	%	04/01/22		1,100,000		1,113,835
Moody's Corp.		5.500	%	09/01/20		1,000,000		1,096,858
MSCI, Inc. (b)		5.750	%	08/15/25		500,000		541,560
National Rural Utilities Cooperative Finance Corp.		10.375	%	11/01/18		780,000		867,453
S&P Global, Inc.		3.300	%	08/14/20		750,000		768,902
S&P Global, Inc.		4.000	%	06/15/25		500,000		523,517
								7,927,720
DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%
AT&T, Inc.		2.450	%	06/30/20		500,000		502,567
AT&T, Inc.		5.250	%	03/01/37		500,000		532,688
AT&T, Inc.		4.750	%	05/15/46		1,000,000		980,604
Frontier Communications Corp.		7.125	%	03/15/19		750,000		781,875
Verizon Communications, Inc.		5.500	%	03/16/47		1,250,000		1,366,454
								4,164,188
EDUCATION—0.7%
Graham Holdings Co.		7.250	%	02/01/19		575,000		614,531
Massachusetts Institute of Technology		3.959	%	07/01/38		1,500,000		1,629,797
President & Fellows of Harvard College		3.150	%	07/15/46		1,500,000		1,433,528
								3,677,856
ELECTRIC UTILITIES—3.5%
Electricite de France SA (b)		3.625	%	10/13/25		1,250,000		1,278,632
Florida Power & Light Co.		4.050	%	10/01/44		1,300,000		1,378,649
Georgia Power Co.		3.250	%	04/01/26		1,000,000		997,494
ITC Holdings Corp. (b)		5.500	%	01/15/20		1,000,000		1,069,396
MidAmerican Energy Co.		3.950	%	08/01/47		1,750,000		1,799,604
NextEra Energy Capital Holdings, Inc.		2.700	%	09/15/19		1,250,000		1,265,929
NSTAR Electric Co.		5.500	%	03/15/40		1,250,000		1,549,109
Oncor Electric Delivery Co.		6.800	%	09/01/18		811,000		856,509
Pacificorp		8.080	%	10/14/22		500,000		595,385
Pennsylvania Electric Co.		5.200	%	04/01/20		500,000		528,231
Portland General Electric Co.		6.100	%	04/15/19		1,100,000		1,181,520
Potomac Electric Power Co.		6.500	%	11/15/37		1,000,000		1,360,192
San Diego Gas and Electric Co.		4.500	%	08/15/40		841,000		939,409
Southern California Edison		4.050	%	03/15/42		1,165,000		1,218,794
Southern Power Co.		4.150	%	12/01/25		1,000,000		1,044,299
								17,063,152
ELECTRICAL EQUIPMENT—0.2%
Johnson Controls, Inc.		3.750	%	12/01/21		550,000		574,191
Thomas & Betts Corp.		5.625	%	11/15/21		500,000		565,755
								1,139,946
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.0% (d)
Arrow Electronics, Inc.		3.000	%	03/01/18		165,000		166,178

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2017 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—35.6%, continued
FOOD & STAPLES RETAILING—0.3%
Ahold Finance U.S.A., LLC, Series 2000-1, CV (a)		7.820	%	01/02/20	$	195,889	$	205,207
Kroger Co.		5.000	%	04/15/42		1,000,000		1,025,951
Smith's Food & Drug Centers, Inc. Pass Through Trust, Series 1994-A3		9.200	%	07/02/18		371,206		386,922
								1,618,080
FOOD PRODUCTS—1.2%
Bunge Ltd. Finance Corp.		3.500	%	11/24/20		250,000		256,302
Cargill, Inc.		4.760	%	11/23/45		1,250,000		1,430,867
ConAgra Foods, Inc.		4.950	%	08/15/20		94,000		99,388
J.M. Smucker Co. (The)		3.500	%	03/15/25		1,250,000		1,284,689
Kraft Foods Group, Inc.		5.375	%	02/10/20		1,000,000		1,077,780
Mead Johnson Nutrition Co.		3.000	%	11/15/20		1,000,000		1,025,767
Wm. Wrigley Jr. Co. (b)		3.375	%	10/21/20		680,000		701,912
								5,876,705
GAS UTILITIES—0.7%
Brooklyn Union Gas Co. (b)		4.504	%	03/10/46		1,250,000		1,351,056
Indiana Gas Co., Inc.		6.550	%	06/30/28		250,000		284,944
Laclede Group, Inc.		2.550	%	08/15/19		1,250,000		1,254,395
National Fuel Gas Co.		6.500	%	04/15/18		500,000		518,054
								3,408,449
HEALTH CARE PROVIDERS & SERVICES—1.0%
Express Scripts Holding Co.		3.300	%	02/25/21		1,000,000		1,029,909
Howard Hughes Medical Institute		3.500	%	09/01/23		1,500,000		1,584,466
Kaiser Foundation Hospital		3.150	%	05/01/27		820,000		820,516
Laboratory Corp. of America Holdings		2.625	%	02/01/20		1,000,000		1,008,235
McKesson Corp.		6.000	%	03/01/41		474,000		579,346
								5,022,472
HOME BUILDERS—0.2%
DR Horton, Inc.		3.625	%	02/15/18		750,000		754,659

HOTELS, RESTAURANTS & LEISURE—0.5%
Brinker International, Inc.		2.600	%	05/15/18		500,000		500,525
Hyatt Hotels Corp.		3.375	%	07/15/23		1,000,000		1,017,354
Starbucks Corp.		2.450	%	06/15/26		1,000,000		964,458
								2,482,337
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.3%
FPL Energy American Wind LLC (b)		6.639	%	06/20/23		475,830		487,725
FPL Energy National Wind LLC (b)		5.608	%	03/10/24		280,046		281,054
Harper Lake Solar Funding Corp. (b)		7.645	%	12/31/18		508,794		526,602
Midland Cogeneration Venture LP, CV (b)		5.250	%	03/15/25		197,633		199,778
Midland Cogeneration Venture LP, CV (b)		6.000	%	03/15/25		501,424		521,526
NRG Yield Operating LLC		5.375	%	08/15/24		500,000		524,375
Salton Sea Funding Corp.		7.475	%	11/30/18		160,602		158,991
Solar Star Funding LLC (b)		3.950	%	06/30/35		323,238		311,488
Solar Star Funding LLC (b)		5.375	%	06/30/35		487,619		527,247
Tenaska Virginia Partners LP (b)		6.119	%	03/30/24		863,878		950,090
Topaz Solar Farms LLC (b)		4.875	%	09/30/39		317,110		328,802
Topaz Solar Farms LLC (b)		5.750	%	09/30/39		734,159		814,546
TransAlta Corp.		6.900	%	05/15/18		500,000		519,382
								6,151,606
INDUSTRIAL CONGLOMERATES—0.1%
Ingersoll-Rand Global Holding Co. Ltd.		2.875	%	01/15/19		600,000		608,749

INSURANCE—2.9%
American International Group, Inc.		3.750	%	7/10/25		1,250,000		1,273,225
Fidelity National Financial, Inc.		5.500	%	09/01/22		725,000		770,797
Horace Mann Educators Corp.		4.500	%	12/01/25		1,235,000		1,271,014
Kemper Corp.		4.350	%	02/15/25		1,250,000		1,262,448
Liberty Mutual Group, Inc. (b)		4.950	%	05/01/22		1,050,000		1,151,602
Markel Corp.		3.625	%	03/30/23		400,000		412,441
Marsh & McLennan Cos., Inc.		3.750	%	03/14/26		1,000,000		1,041,146
OneBeacon US Holdings, Inc.		4.600	%	11/09/22		1,000,000		1,027,331
Provident Cos., Inc.		7.000	%	07/15/18		340,000		356,524
Prudential Financial, Inc. (a)		5.875	%	09/15/42		500,000		557,100
RLI Corp.		4.875	%	09/15/23		1,000,000		1,065,048
Sammons Financial Group(b)		4.450	%	05/12/27		800,000		814,362
TIAA Asset Management Finance Co. LLC (b)		2.950	%	11/01/19		1,250,000		1,267,865
Unum Group		3.000	%	05/15/21		700,000		706,669
W.R. Berkley Corp.		6.150	%	08/15/19		710,000		766,246
W.R. Berkley Corp.		4.625	%	03/15/22		250,000		269,060
								14,012,878
IT SERVICES—0.5%
Broadridge Financial Solutions, Inc.		3.950	%	09/01/20		1,000,000		1,047,300
Fiserv, Inc.		2.700	%	06/01/20		1,000,000		1,011,782
Xerox Corp. (b)		4.070	%	03/17/22		250,000		256,393
								2,315,475
LIFE SCIENCES TOOLS & SERVICES—0.3%
Agilent Technologies, Inc.		3.875	%	07/15/23		1,250,000		1,307,731

MACHINERY—0.9%
Illinois Tool Works, Inc.		3.900	%	09/01/42		1,000,000		1,038,471
Kennametal, Inc.		2.650	%	11/01/19		1,000,000		1,004,856
Pall Corp.		5.000	%	06/15/20		1,000,000		1,086,846
Snap-on, Inc.		4.250	%	01/15/18		500,000		506,875
Valmont Industries, Inc.		6.625	%	04/20/20		562,000		620,836
								4,257,884
MEDIA—0.4%
Comcast Corp.		4.750	%	03/01/44		500,000		556,389
Scripps Networks Interactive, Inc.		2.800	%	06/15/20		1,000,000		1,011,716
Time Warner Cable, Inc.		4.500	%	09/15/42		500,000		475,745
								2,043,850

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2017 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—35.6%, continued
METALS & MINING—0.5%
Newcrest Finance Pty. Ltd. (b)		4.450	%	11/15/21	$	1,000,000	$	1,045,244
Nucor Corp.		4.125	%	09/15/22		665,000		711,418
Reliance Steel & Aluminum Co.		4.500	%	04/15/23		705,000		744,705
								2,501,367
MULTI-LINE RETAIL—0.1%
Macy's Retail Holdings, Inc.		9.500	%	04/15/21		360,000		381,054

MULTI-UTILITIES—0.8%
Consumers Energy Co.		6.700	%	09/15/19		750,000		824,910
Puget Energy, Inc.		5.625	%	07/15/22		750,000		837,878
Puget Sound Energy, Inc.		6.740	%	06/15/18		1,000,000		1,045,413
Westar Energy, Inc.		2.550	%	07/01/26		1,260,000		1,215,386
								3,923,587
OIL, GAS & CONSUMABLE FUELS—0.4%
ConocoPhillips Holdings Co.		6.950	%	04/15/29		1,000,000		1,282,565
Denbury Resources, Inc.		4.625	%	07/15/23		300,000		159,000
Ras Laffan Liquefied Natural Gas Co. Ltd. II (b)		5.298	%	09/30/20		376,900		390,016
								1,831,581
PAPER & FOREST PRODUCTS—0.5%
Fibria Overseas Finance Ltd.		5.500	%	01/17/27		800,000		817,120
PH Glatfelter Co.		5.375	%	10/15/20		750,000		766,875
Suzano Austria GMBH		5.750	%	07/14/26		750,000		776,250
								2,360,245
PHARMACEUTICALS—0.4%
AbbVie, Inc.		2.500	%	05/14/20		500,000		505,796
Zoetis, Inc.		3.250	%	02/01/23		1,200,000		1,229,862
								1,735,658
PIPELINES—0.9%
Columbia Pipeline Group, Inc. (b)		3.300	%	06/01/20		850,000		870,924
Florida Gas Transmission Co. LLC (b)		4.350	%	07/15/25		1,000,000		1,054,433
Northern Natural Gas Co. (b)		4.100	%	09/15/42		1,000,000		981,659
Spectra Energy Capital LLC		6.750	%	07/15/18		800,000		835,250
Williams Partners LP		4.875	%	05/15/23		500,000		518,810
								4,261,076
PROFESSIONAL SERVICES—0.4%
Dun & Bradstreet Corp.		4.625	%	12/01/22		1,000,000		1,038,294
Verisk Analytics, Inc.		5.800	%	05/01/21		960,000		1,067,382
								2,105,676
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.1%
Digital Realty Trust LP		3.950	%	07/01/22		1,250,000		1,310,292
Health Care REIT, Inc.		4.700	%	09/15/17		1,018,000		1,023,611
National Retail Properties, Inc.		3.800	%	10/15/22		750,000		781,159
Regency Centers LP		3.750	%	06/15/24		1,000,000		1,020,697
Vornado Realty LP		2.500	%	06/30/19		1,415,000		1,426,177
								5,561,936
ROAD & RAIL—1.1%
Burlington Northern Santa Fe LLC		7.160	%	01/02/20		376,109		399,224
Burlington Northern Santa Fe LLC		5.750	%	05/01/40		1,000,000		1,262,771
Kansas City Southern (b)		2.350	%	05/15/20		500,000		499,150
Norfolk Southern Corp.		4.837	%	10/01/41		1,000,000		1,123,789
Ryder System, Inc.		2.650	%	03/02/20		455,000		458,227
Ryder System, Inc.		2.500	%	05/11/20		795,000		799,321
TTX Co. (b)		2.600	%	06/15/20		1,000,000		1,000,436
								5,542,918
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.9%
Intel Corp.		4.900	%	07/29/45		1,250,000		1,452,341
KLA-Tencor Corp.		3.375	%	11/01/19		600,000		616,903
Lam Research Corp.		2.750	%	03/15/20		1,000,000		1,012,730
Maxim Integrated Products, Inc.		3.375	%	03/15/23		500,000		507,667
NXP BV/NXP Funding LLC		3.875	%	09/01/22		200,000		208,250
Xilinx, Inc.		2.125	%	03/15/19		600,000		602,692
								4,400,583
SOFTWARE—0.3%
Microsoft Corp.		4.450	%	11/03/45		1,500,000		1,669,007

SPECIALTY RETAIL—0.9%
Advanced Auto Parts, Inc.		4.500	%	01/15/22		402,000		427,494
Gap, Inc.		5.950	%	04/12/21		1,000,000		1,083,972
Lowe's Cos., Inc.		4.650	%	04/15/42		1,000,000		1,105,521
O'Reilly Automotive, Inc.		3.800	%	09/01/22		1,000,000		1,051,356
Staples, Inc.		2.750	%	01/12/18		580,000		582,188
								4,250,531
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.7%
Apple, Inc.		2.850	%	02/23/23		1,250,000		1,271,674
Apple, Inc.		3.000	%	06/20/27		1,000,000		994,977
Seagate HDD Cayman		3.750	%	11/15/18		635,000		650,240
Seagate HDD Cayman (b)		4.250	%	03/01/22		305,000		310,025
								3,226,916
TEXTILES, APPAREL & LUXURY GOODS—0.1%
Hanesbrands, Inc.		4.625	%	05/15/24		500,000		507,500
TOTAL CORPORATE BONDS (COST $168,847,992)								174,691,261

CORPORATE NOTES—1.0%
COMMUNITY DEVELOPMENT—1.0%
Calvert Social Investment Foundation, Inc. (c)		1.000	%	12/15/17		1,200,000		1,200,000
Calvert Social Investment Foundation, Inc. (c)		1.000	%	06/15/18		1,100,000		1,100,000
Calvert Social Investment Foundation, Inc. (c)		1.500	%	06/15/18		850,000		850,000
Calvert Social Investment Foundation, Inc. (c)		1.500	%	06/17/19		1,700,000		1,700,000
TOTAL CORPORATE NOTES (COST $4,850,000)								4,850,000

FOREIGN GOVERNMENTS—8.6%
FOREIGN AGENCY—3.6%
Banco Nacional de Costa Rica (b)		5.875	%	04/25/21		750,000		784,725
Bank Nederlandse Gemeenten		1.625	%	11/25/19		1,500,000		1,495,967

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2017 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
FOREIGN GOVERNMENTS—8.6%, continued
FOREIGN AGENCY—3.6%, continued
Export Development Canada		1.250	%	12/10/18	$	1,000,000	$	997,106
Export Development Canada		1.625	%	06/01/20		1,000,000		997,142
Export-Import Bank of Korea		2.125	%	02/11/21		1,250,000		1,227,875
KFW		1.750	%	10/15/19		2,500,000		2,507,428
KFW		1.875	%	11/30/20		1,000,000		1,000,512
KFW		2.000	%	11/30/21		1,000,000		1,000,583
Kommunalbanken AS		1.375	%	10/26/20		1,000,000		984,655
Kommunalbanken AS (b)		2.125	%	02/11/25		1,000,000		977,324
Kommunivest I Sverige AB (b)		1.500	%	04/23/19		1,000,000		996,647
Kommunivest I Sverige AB (b)		1.875	%	06/01/21		1,500,000		1,491,567
Municipality Finance plc		1.375	%	09/21/21		1,000,000		970,998
Nacional Financiera SNC (b)		3.375	%	11/05/20		1,000,000		1,028,750
Svensk Exportkredit AB		1.875	%	06/23/20		1,000,000		999,973
								17,461,252
SUPRANATIONAL—5.0%
African Development Bank		1.375	%	12/17/18		1,000,000		997,749
Asian Development Bank		1.000	%	08/16/19		1,500,000		1,482,393
Asian Development Bank		2.125	%	03/19/25		1,000,000		981,250
European Bank for Reconstruction & Development		1.625	%	04/10/18		500,000		499,384
European Bank for Reconstruction & Development		0.875	%	07/22/19		2,000,000		1,965,168
European Investment Bank		2.500	%	10/15/24		1,000,000		1,012,505
European Investment Bank		2.125	%	04/13/26		1,000,000		975,260
European Investment Bank		2.375	%	05/24/27		1,000,000		988,040
Inter-American Development Bank		1.500	%	09/25/18		2,500,000		2,500,953
Inter-American Development Bank		2.125	%	11/09/20		3,000,000		3,023,700
Inter-American Development Bank		4.375	%	01/24/44		3,000,000		3,607,860
International Bank for Reconstruction & Development		2.125	%	03/03/25		500,000		492,320
International Finance Corp.		1.250	%	11/27/18		1,000,000		997,314
International Finance Corp., Series GMTN		1.750	%	03/30/20		3,000,000		3,004,161
Nordic Investment Bank		2.250	%	09/30/21		1,000,000		1,010,764
North American Development Bank		2.300	%	10/10/18		1,000,000		1,006,299
								24,545,120
TOTAL FOREIGN GOVERNMENTS (COST $41,575,237)								42,006,372

U.S. GOVERNMENT AGENCIES—45.0%
FEDERAL HOME LOAN BANK—3.7%
FHLB		5.000	%	11/17/17		2,500,000		2,535,170
FHLB		3.375	%	06/12/20		1,000,000		1,049,408
FHLB		5.500	%	07/15/36		10,820,000		14,644,859
								18,229,437
FEDERAL HOME LOAN MORTGAGE CORPORATION—16.5%
FHLMC		6.000	%	09/01/17		327		327
FHLMC		4.500	%	06/01/18		22,715		23,220
FHLMC		4.875	%	06/13/18		6,200,000		6,408,835
FHLMC		5.085	%	03/25/19		1,140,000		1,191,921
FHLMC		3.750	%	03/27/19		3,020,000		3,141,827
FHLMC		5.000	%	04/01/19		20,532		21,055
FHLMC		1.250	%	10/02/19		2,710,000		2,695,092
FHLMC		1.375	%	05/01/20		4,000,000		3,973,412
FHLMC		5.000	%	12/01/21		77,948		81,856
FHLMC		2.375	%	01/13/22		13,460,000		13,742,498
FHLMC		5.500	%	04/01/22		59,033		61,981
FHLMC		4.000	%	11/01/24		484,071		508,047
FHLMC		4.000	%	10/01/25		214,640		225,273
FHLMC		6.000	%	04/01/27		162,329		182,404
FHLMC		2.500	%	10/01/27		1,007,237		1,019,940
FHLMC		7.000	%	02/01/30		120,263		131,586
FHLMC		7.500	%	07/01/30		189,392		214,852
FHLMC		7.000	%	03/01/31		64,700		73,998
FHLMC		6.250	%	07/15/32		6,000,000		8,529,252
FHLMC		3.000	%	11/01/32		1,766,023		1,808,058
FHLMC		3.000	%	11/01/32		1,146,183		1,173,450
FHLMC		5.500	%	11/01/33		59,944		66,983
FHLMC		2.855	%	05/01/34		53,673		56,609
FHLMC		2.855	%	05/01/34		126,285		133,198
FHLMC		5.000	%	07/01/35		135,065		147,282
FHLMC		4.500	%	10/01/35		255,190		274,073
FHLMC		5.500	%	03/01/36		68,526		76,669
FHLMC		5.500	%	06/01/36		97,929		109,481
FHLMC		6.000	%	06/01/36		101,828		116,596
FHLMC		5.500	%	12/01/36		82,161		91,638
FHLMC		6.000	%	08/01/37		52,686		59,742
FHLMC		5.000	%	03/01/38		408,378		446,671
FHLMC		4.500	%	06/01/39		446,702		480,105
FHLMC		5.000	%	06/01/39		666,452		730,705
FHLMC		4.500	%	07/01/39		478,617		514,444
FHLMC		4.500	%	11/01/39		453,809		487,935
FHLMC		4.500	%	09/01/40		697,350		749,869
FHLMC		4.500	%	05/01/41		1,366,735		1,469,755
FHLMC		4.500	%	07/01/41		1,358,375		1,460,527
FHLMC		5.000	%	09/01/41		631,964		689,282
FHLMC		3.500	%	10/01/41		850,466		877,635
FHLMC		4.000	%	10/01/41		669,501		706,992
FHLMC		3.500	%	02/01/42		1,266,059		1,306,034
FHLMC		4.000	%	02/01/42		390,259		412,120
FHLMC		3.500	%	06/01/42		1,462,005		1,508,571
FHLMC		3.500	%	06/01/42		1,426,849		1,472,295
FHLMC		3.500	%	08/01/42		1,542,012		1,591,095
FHLMC		3.000	%	11/01/42		2,365,572		2,374,254
FHLMC		3.000	%	01/01/43		1,418,789		1,424,288
FHLMC		3.000	%	05/01/43		2,072,242		2,079,725
FHLMC		3.500	%	10/01/44		1,911,734		1,967,377
FHLMC		3.500	%	11/01/44		1,757,997		1,807,991
FHLMC		3.500	%	04/01/45		2,155,693		2,216,333
FHLMC		3.000	%	05/01/46		2,799,399		2,795,158
FHLMC		3.000	%	12/01/46		4,964,643		4,959,669
								80,869,985

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2017 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
U.S. GOVERNMENT AGENCIES—45.0%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION—21.5%
FNMA		5.000	%	07/01/18	$	17,644	$	18,068
FNMA		5.000	%	09/01/18		31,151		31,900
FNMA		1.875	%	02/19/19		3,000,000		3,023,238
FNMA		7.000	%	11/01/19		3,202		3,225
FNMA		7.000	%	11/01/19		3,852		3,967
FNMA		3.500	%	07/01/20		172,168		179,247
FNMA		1.250	%	05/06/21		7,000,000		6,876,457
FNMA		1.875	%	04/05/22		5,000,000		4,984,300
FNMA		5.500	%	06/01/22		88,181		92,899
FNMA		2.590	%	07/01/22		2,425,553		2,472,317
FNMA		2.890	%	07/01/22		2,422,447		2,480,088
FNMA		2.190	%	01/01/23		2,000,000		1,985,506
FNMA		2.770	%	07/01/23		2,375,527		2,439,241
FNMA		2.670	%	12/01/23		2,479,356		2,508,244
FNMA		2.625	%	09/06/24		16,750,000		17,184,964
FNMA		3.080	%	12/01/24		2,394,762		2,472,298
FNMA		5.000	%	04/01/25		128,915		140,734
FNMA		5.000	%	07/01/25		100,051		109,225
FNMA		3.500	%	10/01/25		222,621		231,774
FNMA		5.000	%	10/01/25		122,527		133,761
FNMA		5.500	%	11/01/25		38		42
FNMA		4.000	%	03/01/26		775,089		815,885
FNMA		2.125	%	04/24/26		2,000,000		1,949,382
FNMA		8.500	%	09/01/26		45,838		50,029
FNMA		1.875	%	09/24/26		2,500,000		2,370,360
FNMA		2.784	%	09/25/26		1,984,995		2,014,172
FNMA		2.500	%	09/01/27		1,224,532		1,239,086
FNMA		2.500	%	11/01/27		1,763,577		1,784,508
FNMA		2.500	%	01/01/28		1,199,166		1,213,350
FNMA		6.625	%	11/15/30		5,050,000		7,219,793
FNMA		3.000	%	12/01/32		1,717,706		1,758,375
FNMA		6.000	%	10/01/33		58,412		66,021
FNMA		2.700	%	02/01/34		141,833		145,223
FNMA		5.500	%	02/01/34		67,428		75,288
FNMA		3.062	%	05/01/34		93,605		98,761
FNMA		3.520	%	05/01/34		28,794		29,961
FNMA		6.000	%	11/01/34		165,705		189,214
FNMA		5.500	%	01/01/35		120,466		134,738
FNMA		5.000	%	10/01/35		158,967		174,121
FNMA		5.500	%	10/01/35		180,852		202,466
FNMA		6.000	%	10/01/35		96,622		110,436
FNMA		5.500	%	06/01/36		49,674		55,434
FNMA		6.000	%	06/01/36		51,549		58,551
FNMA		5.500	%	11/01/36		64,007		71,477
FNMA		3.381	%	05/01/37		90,733		95,663
FNMA		5.625	%	07/15/37		2,750,000		3,775,365
FNMA		4.500	%	09/01/40		429,867		464,908
FNMA		4.500	%	10/01/40		432,265		467,471
FNMA		4.000	%	12/01/40		1,012,064		1,068,159
FNMA		4.000	%	01/01/41		710,500		749,998
FNMA		3.500	%	02/01/41		1,036,358		1,070,197
FNMA		4.000	%	10/01/41		631,078		665,857
FNMA		4.000	%	11/01/41		602,850		636,097
FNMA		4.000	%	12/01/41		791,881		835,597
FNMA		4.000	%	12/01/41		1,561,658		1,647,379
FNMA		4.000	%	01/01/42		1,834,217		1,947,501
FNMA		3.500	%	05/01/42		1,242,258		1,281,840
FNMA		3.000	%	06/01/42		1,962,103		1,970,422
FNMA		3.000	%	08/01/42		1,745,885		1,753,271
FNMA		3.000	%	08/01/42		1,734,049		1,741,399
FNMA		3.500	%	12/01/42		2,023,423		2,089,774
FNMA		3.000	%	06/01/43		1,727,598		1,734,649
FNMA		4.000	%	12/01/44		2,473,021		2,627,263
FNMA		3.500	%	05/01/45		2,579,764		2,664,065
FNMA		3.000	%	04/01/46		2,765,274		2,763,495
FNMA		3.500	%	11/01/46		4,318,810		4,438,437
								105,686,933
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION—0.1%
GNMA		7.000	%	12/20/30		24,697		29,511
GNMA		7.000	%	10/20/31		18,173		21,704
GNMA		7.000	%	03/20/32		67,261		80,592
GNMA		2.375	%	01/20/34		59,359		61,443
GNMA		5.500	%	10/20/38		31,125		32,671
GNMA		6.500	%	11/20/38		14,928		17,349
GNMA		2.250	%	04/16/42		485,475		485,466
								728,736
OVERSEAS PRIVATE INVESTMENT CORPORATION—0.6%
OPIC		3.280	%	09/15/29		1,095,938		1,119,427
OPIC		3.540	%	06/15/30		764,711		801,143
OPIC		3.820	%	06/01/33		945,649		997,139
								2,917,709
SMALL BUSINESS ADMINISTRATION—0.1%
Small Business Administration		1.350	%	02/25/32		353,866		351,192

UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT—2.3%
Hashemite Kingdom of Jordan AID Bond		2.503	%	10/30/20		5,000,000		5,116,745
Hashemite Kingdom of Jordan AID Bond		3.000	%	06/30/25		1,450,000		1,516,424
Iraq Aid		2.149	%	01/18/22		1,500,000		1,498,722
Ukraine Government AID Bond		1.471	%	09/29/21		2,000,000		1,955,486
Ukraine Government AID Bond		1.847	%	05/29/20		1,000,000		1,001,259
								11,088,636
UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT—0.2%
United States Department of Housing and Urban Development		2.350	%	08/01/21		1,000,000		1,017,900
TOTAL U.S. GOVERNMENT AGENCIES (COST $218,298,783)								220,890,528

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
INVESTMENT COMPANIES—0.7%
Pax World High Yield Bond Fund - Individual Investor Class (Cost $4,199,236)		530,984	$	3,610,690

TOTAL INVESTMENTS (COST (e) $469,850,874—Unrealized gain/loss $8,492,102)—97.4%			$	478,342,976
Other Assets in Excess of Liabilities—2.6%				12,516,442
NET ASSETS—100.0%			$	490,859,418

(a)	Variable rate security. Rates presented are the rates in effect at June 30, 2017.

(b)	144a security is restricted as to resale to institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. At June 30, 2017, these securities were valued at $37,956,142 or 7.7% of net assets.

(c)	Illiquid security.

(d)	Percentage rounds to less than 0.1%.

(e)	Represents cost for financial reporting purposes.

plc	— Public Liability Company

REIT	— Real Estate Investment Trust

CV	— Convertible Security

See accompanying notes to financial statements.

Schedule of Investments

Praxis International Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%
AUSTRALIA—4.9%
BANKS—2.1%
Australia & New Zealand Banking Group Ltd.		6,107	$	134,804
Australia & New Zealand Banking Group Ltd. - ADR		36,061		800,194
Commonwealth Bank of Australia		21,512		1,369,156
Commonwealth Bank of Australia - ADR		613		39,091
National Australia Bank Ltd.		4,644		105,615
National Australia Bank Ltd. - ADR		63,688		725,088
Westpac Banking Corp.		17,091		400,774
Westpac Banking Corp. - ADR		78,609		1,839,451
				5,414,173
BIOTECHNOLOGY—0.3%
CSL Ltd.		3,640		386,157
CSL Ltd. - ADR		8,710		464,069
				850,226
CAPITAL MARKETS—0.3%
Macquarie Group Ltd.		7,209		490,352
Macquarie Group Ltd. - ADR		2,747		187,180
				677,532
CHEMICALS—0.2%
Orica Ltd.		27,987		444,832

CONTAINERS & PACKAGING—0.2%
Amcor Ltd.		24,949		310,832
Amcor Ltd. - ADR		3,500		174,510
				485,342
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Telstra Corp. Ltd.		17,682		58,437
Telstra Corp. Ltd. - ADR		10,910		180,233
				238,670
FOOD & STAPLES RETAILING—0.4%
Wesfarmers Ltd.		19,358		596,912
Woolworths Ltd.		27,413		538,105
				1,135,017
INSURANCE—0.2%
Suncorp Group Ltd.		46,152		525,688

METALS & MINING—0.2%
Alumina Ltd. - ADR		41,858		247,799
Newcrest Mining Ltd. - ADR		9,928		153,685
Sims Metal Management Ltd. - ADR		21,356		247,836
				649,320
OIL, GAS & CONSUMABLE FUELS—0.6%
Caltex Australia Ltd.		12,181		295,935
Oil Search Ltd.		60,661		317,968
Origin Energy Ltd.		100,656		530,705
Woodside Petroleum Ltd.		18,241		418,768
Woodside Petroleum Ltd. - ADR		5,235		120,667
				1,684,043
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.2%
Scentre Group REIT		25,459		79,247
Shopping Centres Australasia Property Group REIT		1		2
Westfield Corp. REIT		72,500		447,448
				526,697
TRANSPORTATION INFRASTRUCTURE—0.1%
Sydney Airport		49,337		268,849
TOTAL AUSTRALIA				12,900,389

AUSTRIA—0.2%
BANKS—0.2%
Erste Group Bank AG		5,112		195,751
Erste Group Bank AG - ADR		12,078		230,931
TOTAL AUSTRIA				426,682

BELGIUM—0.2%
FOOD & STAPLES RETAILING—0.2%
Colruyt SA		8,334		439,070

BRAZIL—1.2%
BANKS—0.5%
Banco Bradesco SA - ADR		77,242		656,557
Itau Unibanco Holding SA - ADR		61,571		680,360
				1,336,917
CHEMICALS—0.1%
Braskem SA - ADR		13,824		286,433

FOOD PRODUCTS—0.1%
BRF SA - ADR		21,929		258,543

OIL, GAS & CONSUMABLE FUELS—0.3%
Petroleo Brasileiro SA - ADR (a)		63,920		510,721
Ultrapar Participacoes SA - ADR		14,545		342,244
				852,965
WATER UTILITIES—0.2%
Cia de Saneamento Basico do Estado de Sao Paulo - ADR		36,049		343,187
TOTAL BRAZIL				3,078,045

CANADA—6.5%
AUTO COMPONENTS—0.3%
Magna International, Inc. - Class A		15,982		740,446

BANKS—1.5%
Bank of Montreal		7,625		559,980
Bank of Nova Scotia		12,180		732,383
Canadian Imperial Bank of Commerce		6,759		548,560
Royal Bank of Canada		17,137		1,242,775
Toronto-Dominion Bank		18,236		918,730
				4,002,428
CHEMICALS—0.5%
Agrium, Inc.		9,767		883,816
Methanex Corp.		9,429		415,347
				1,299,163
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.1%
TransAlta Corp.		20,678		132,339

INSURANCE—0.5%
Manulife Financial Corp.		41,223		773,343
Sun Life Financial, Inc.		11,714		418,776
				1,192,119
MEDIA—0.3%
Shaw Communications, Inc. - Class B		30,240		658,930

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
CANADA—6.5%, continued
METALS & MINING—0.3%
Agnico Eagle Mines Ltd.		9,204	$	415,285
Teck Resources Ltd. - Class B		24,575		425,885
				841,170
OIL, GAS & CONSUMABLE FUELS—1.7%
Cameco Corp.		33,167		301,820
Enbridge, Inc.		51,813		2,062,675
Encana Corp.		36,072		317,434
Suncor Energy, Inc.		60,339		1,761,899
				4,443,828
ROAD & RAIL—0.9%
Canadian National Railway Co.		18,951		1,535,979
Canadian Pacific Railway Ltd.		5,165		830,584
				2,366,563
SOFTWARE—0.2%
Open Text Corp.		21,239		669,878

WIRELESS TELECOMMUNICATION SERVICES—0.2%
Rogers Communications, Inc. - Class B		12,894		608,726
TOTAL CANADA				16,955,590

CAYMAN ISLANDS—0.9%
DIVERSIFIED CONSUMER SERVICES—0.2%
TAL Education Group - ADR (a)		4,537		554,920

INTERNET & DIRECT MARKETING RETAIL—0.4%
Ctrip.com International Ltd. - ADR (a)		13,813		743,968
Vipshop Holdings Ltd. - ADR (a)		13,912		146,772
				890,740
INTERNET SOFTWARE & SERVICES—0.3%
SINA Corp. (a)		4,823		409,810
Weibo Corp. - ADR (a)		6,202		412,267
				822,077
TOTAL CAYMAN ISLANDS				2,267,737

CHILE—0.5%
AIRLINES—0.1%
Latam Airlines Group SA - ADR		30,040		332,543

BEVERAGES—0.1%
Embotelladora Andina SA - Class B - ADR		6,720		170,688

CHEMICALS—0.2%
Sociedad Quimica y Minera de Chile SA - ADR		15,440		509,829

METALS & MINING—0.1%
Antofagasta plc		31,044		323,093
Antofagasta plc - ADR (a)		3,393		70,670
				393,763
TOTAL CHILE				1,406,823

CHINA—5.3%
AIRLINES—0.1%
China Southern Airlines Co. Ltd. - ADR		5,546		229,604

BANKS—0.4%
China Construction Bank Corp. - ADR		69,587		1,084,165

CHEMICALS—0.1%
Sinopec Shanghai Petrochemical Co. Ltd. - ADR		7,041		376,764

DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
China Telecom Corp. Ltd. - ADR		6,115		293,092

INSURANCE—1.3%
AIA Group Ltd. - ADR		20,771		610,148
China Life Insurance Co. Ltd. - ADR		90,790		1,392,719
Ping An Insurance Group Co. of China Ltd. - ADR		33,826		451,577
Ping An Insurance Group Co. of China Ltd. - Class H		131,769		868,339
				3,322,783
INTERNET SOFTWARE & SERVICES—3.1%
Alibaba Group Holdings Ltd. - ADR (a)		17,583		2,477,445
Baidu, Inc. - ADR (a)		5,149		920,950
NetEase, Inc. - ADR		2,394		719,708
Tencent Holdings Ltd. - ADR		109,906		3,952,220
				8,070,323
ROAD & RAIL—0.1%
Guangshen Railway Co. - ADR		8,797		218,693

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%
Lenovo Group Ltd. - ADR		18,577		236,114
TOTAL CHINA				13,831,538

COLOMBIA—0.3%
BANKS—0.2%
BanColombia SA - ADR		10,431		464,701

OIL, GAS & CONSUMABLE FUELS—0.1%
Ecopetrol SA - ADR		42,848		389,488
TOTAL COLOMBIA				854,189

DENMARK—1.0%
BANKS—0.2%
Danske Bank A/S		11,624		447,082
Danske Bank A/S - ADR		6,614		127,650
				574,732
PHARMACEUTICALS—0.7%
Novo Nordisk A/S - ADR		39,423		1,690,852

TEXTILES, APPAREL & LUXURY GOODS—0.1%
Pandora A/S		2,460		229,551
TOTAL DENMARK				2,495,135

FINLAND—0.7%
COMMUNICATIONS EQUIPMENT—0.3%
Nokia OYJ - ADR		122,822		756,584

MACHINERY—0.2%
Kone OYJ - Class B		11,250		572,330

PAPER & FOREST PRODUCTS—0.2%
Stora Enso OYJ - ADR		32,308		420,004
TOTAL FINLAND				1,748,918

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
FRANCE—6.4%
AUTO COMPONENTS—0.6%
Cie Generale des Etablissements Michelin		1,074	$	142,791
Cie Generale des Etablissements Michelin - ADR		25,215		672,484
Valeo SA		2,793		188,189
Valeo SA - ADR		13,056		441,750
				1,445,214
AUTOMOBILES—0.2%
Renault SA		5,892		533,342

BANKS—0.8%
BNP Paribas SA - ADR		29,644		1,077,856
Credit Agricole SA		11,014		177,193
Credit Agricole SA - ADR		14,211		114,967
Societe Generale SA		4,111		221,210
Societe Generale SA - ADR		36,300		396,941
				1,988,167
BUILDING PRODUCTS—0.3%
Cie de Saint-Gobain		13,938		744,740

CONSTRUCTION & ENGINEERING—0.4%
Bouygues SA		8,092		341,241
Vinci SA		1,494		127,523
Vinci SA - ADR		30,694		657,466
				1,126,230
DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%
Orange SA - ADR		40,170		641,917
Vivendi SA		12,138		270,211
Vivendi SA - ADR		11,623		258,612
				1,170,740
ELECTRICAL EQUIPMENT—0.5%
Legrand SA		17,254		1,207,090

FOOD & STAPLES RETAILING—0.1%
Carrefour SA		1,523		38,532
Carrefour SA - ADR		58,790		299,829
				338,361
FOOD PRODUCTS—0.9%
Danone SA - ADR		153,190		2,300,914

HEALTH CARE EQUIPMENT & SUPPLIES—0.2%
Essilor International SA		4,503		572,969
Essilor International SA - ADR		952		60,738
				633,707
INSURANCE—0.4%
AXA SA		4,355		119,134
AXA SA - ADR		34,977		963,966
				1,083,100
MEDIA—0.2%
Publicis Groupe SA - ADR		26,260		492,375

MULTI-UTILITIES—0.5%
Engie SA (a)		21,648		326,760
Engie SA - ADR		26,565		402,460
Veolia Environnement SA		14,792		312,566
Veolia Environnement SA - ADR (a)		11,774		249,844
				1,291,630
PERSONAL PRODUCTS—0.6%
L'Oreal SA		1,380		287,507
L'Oreal SA - ADR		32,890		1,374,966
				1,662,473
SOFTWARE—0.2%
Dassault Systemes - ADR		6,224		557,048
TOTAL FRANCE				16,575,131

GERMANY—6.6%
AIR FREIGHT & LOGISTICS—0.4%
Deutsche Post AG		10,161		380,907
Deutsche Post AG - ADR		14,832		557,683
				938,590
AIRLINES—0.1%
Deutsche Lufthansa AG - ADR		10,201		232,685

AUTOMOBILES—0.8%
Bayerische Moteren Werke AG - ADR		27,692		862,883
Daimler AG		15,015		1,086,808
Daimler AG - ADR		2,549		184,828
				2,134,519
BANKS—0.2%
Deutsche Bank AG		37,292		663,425

CHEMICALS—0.8%
BASF SE		4,371		404,848
BASF SE - ADR		18,194		1,697,318
				2,102,166
DIVERSIFIED FINANCIAL SERVICES—0.2%
Deutsche Boerse AG		3,878		409,372
Deutsche Boerse AG - ADR		15,060		158,883
				568,255
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Deutsche Telekom AG - ADR		38,043		685,345

ENERGY EQUIPMENT & SERVICES—0.2%
E.ON SE (a)		53,575		504,725

HEALTH CARE PROVIDERS & SERVICES—0.5%
Fresenius Medical Care AG & Co. KGaA - ADR		19,354		935,379
Fresenius SE & Co. KGaA		5,130		439,815
				1,375,194
INSURANCE—0.9%
Allianze SE - ADR		76,050		1,503,889
Muenchener Rueckversicherungs-Gesellschaft AG		1,682		339,186
Muenchener Rueckversicherungs-Gesellschaft AG - ADR		18,890		382,900
				2,225,975
MULTI-UTILITIES—0.2%
RWE AG		17,185		342,424
RWE AG - ADR (a)		5,585		111,365
				453,789
PHARMACEUTICALS—0.6%
Bayer AG - ADR		12,772		1,658,636

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
GERMANY—6.6%, continued
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Infineon Technologies AG - ADR		12,109	$	257,922

SOFTWARE—0.7%
SAP SE - ADR		16,215		1,697,224

TEXTILES, APPAREL & LUXURY GOODS—0.5%
adidas AG		1,323		253,493
adidas AG - ADR		9,804		940,890
Puma SE		285		109,524
				1,303,907
TRADING COMPANIES & DISTRIBUTORS—0.1%
Brenntag AG		5,521		319,594
TOTAL GERMANY				17,121,951

HONG KONG—3.3%
BANKS—0.4%
BOC Hong Kong Holdings Ltd.		158,000		755,855
BOC Hong Kong Holdings Ltd. - ADR		1,754		167,226
				923,081
DIVERSIFIED FINANCIAL SERVICES—0.2%
Hong Kong Exchanges & Clearing Ltd.		24,500		633,254

ELECTRIC UTILITIES—0.1%
CK Intrastructure Holdings Ltd		41,518		348,844

INDUSTRIAL CONGLOMERATES—0.7%
CK Hutchison Holdings Ltd.		60,500		759,403
CK Hutchison Holdings Ltd. - ADR		36,503		457,200
Jardine Matheson Holdings Ltd.		4,751		305,014
Jardine Matheson Holdings Ltd. - ADR		3,618		232,511
				1,754,128
INSURANCE—0.6%
AIA Group Ltd.		193,200		1,411,736

REAL ESTATE MANAGEMENT & DEVELOPMENT—1.3%
Henderson Land Development Co. Ltd.		89,476		499,098
Sun Hung Kai Properties Ltd.		28,000		411,351
Sun Hung Kai Properties Ltd. - ADR		22,014		324,707
Swire Pacific Ltd. - Class A		28,000		273,457
Swire Pacific Ltd. - Class A - ADR		32,051		316,023
Swire Properties Ltd.		121,150		399,569
Wharf Holdings Ltd.		150,000		1,243,043
				3,467,248
TOTAL HONG KONG				8,538,291

HUNGARY—0.0% (b)
DIVERSIFIED TELECOMMUNICATION SERVICES—0.0% (b)
Magyar Telekom Telecommunications plc - ADR		11,582		100,416

OIL, GAS & CONSUMABLE FUELS—0.0% (b)
MOL Hungarian Oil & Gas plc - ADR		796		32,556
TOTAL HUNGARY				132,972

INDIA—1.3%
BANKS—0.8%
HDFC Bank Ltd. - ADR		16,597		1,443,441
ICICI Bank Ltd. - ADR		72,585		651,084
				2,094,525
IT SERVICES—0.3%
Infosys Ltd. - ADR		37,297		560,201
Wipro Ltd. - ADR		78,318		407,254
				967,455
PHARMACEUTICALS—0.2%
Dr. Reddy's Laboratories Ltd. - ADR		10,846		457,050
TOTAL INDIA				3,519,030

INDONESIA—0.7%
BANKS—0.2%
PT Bank Mandiri - ADR		49,403		482,173

DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
Telekomunikasi Indonesia Persero Tbk PT - ADR		33,206		1,118,046

MACHINERY—0.1%
United Tractors Tbk PT - ADR		3,369		138,779
TOTAL INDONESIA				1,738,998

IRELAND—0.9%
CONSTRUCTION MATERIALS—0.3%
CRH plc - ADR		23,753		842,519

PHARMACEUTICALS—0.3%
Shire plc - ADR		4,692		775,447

PROFESSIONAL SERVICES—0.3%
Experian plc		3,191		65,465
Experian plc - ADR		37,268		767,348
				832,813
TOTAL IRELAND				2,450,779

ISRAEL—0.9%
PHARMACEUTICALS—0.5%
Taro Pharmaceutical Industries Ltd. (a)		3,950		442,637
Teva Pharmaceutical Industries Ltd. - ADR		26,006		863,919
				1,306,556
SOFTWARE—0.4%
Check Point Software Technologies Ltd. (a)		8,509		928,162
TOTAL ISRAEL				2,234,718

ITALY—0.9%
BANKS—0.3%
Intesa Sanpaolo SpA		128,010		405,889
Intesa Sanpaolo SpA - ADR		12,596		241,717
Unicredit Spa		5,798		108,278
				755,884
ELECTRIC UTILITIES—0.2%
Enel SpA		86,564		464,114

INSURANCE—0.1%
Assicurazioni Generali SpA		16,056		264,268

TEXTILES, APPAREL & LUXURY GOODS—0.2%
Luxottica Group SpA - ADR		9,316		542,936

TRANSPORTATION INFRASTRUCTURE—0.1%
Atlantia SpA		13,863		390,159
TOTAL ITALY				2,417,361

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
JAPAN—16.2%
AUTO COMPONENTS—0.4%
Bridgestone Corp.		4,656	$	200,365
Bridgestone Corp. - ADR		20,546		443,999
Denso Corp.		7,000		295,136
Denso Corp. - ADR		6,048		127,915
				1,067,415
AUTOMOBILES—1.9%
Honda Motor Co. Ltd. - ADR		49,827		1,364,761
Nissan Motor Co. Ltd. - ADR		36,396		727,374
Toyota Motor Corp. - ADR		27,232		2,859,905
				4,952,040
BANKS—1.6%
Mitsubishi UFJ Financial Group, Inc. - ADR		269,546		1,819,435
Mizuho Financial Group, Inc. - ADR		132,028		484,543
Sumitomo Mitsui Financial Group, Inc. - ADR		213,385		1,677,206
Sumitomo Mitsui Trust Holdings, Inc.		298		10,649
Sumitomo Mitsui Trust Holdings, Inc. - ADR		39,737		142,258
				4,134,091
BUILDING PRODUCTS—0.1%
Asahi Glass Co. Ltd.		600		25,233
Asahi Glass Co. Ltd. - ADR		21,219		190,971
				216,204
CAPITAL MARKETS—0.4%
Daiwa Securities Group, Inc.		16,000		94,717
Daiwa Securities Group, Inc. - ADR		49,678		294,590
Nomura Holdings, Inc. - ADR		94,167		568,769
				958,076
CHEMICALS—0.5%
Nitto Denko Corp.		500		41,078
Nitto Denko Corp. - ADR		11,626		478,875
Shin-Etsu Chemical Co. Ltd.		5,600		507,122
Sumitomo Chemical Co. Ltd.		38,000		218,263
				1,245,338
COMMERCIAL SERVICES & SUPPLIES—0.2%
Dai Nippon Printing Co. Ltd.		50,000		554,814
Dai Nippon Printing Co. Ltd. - ADR		37		412
				555,226
CONSTRUCTION & ENGINEERING—0.2%
Obayashi Corp.		55,000		645,995

DIVERSIFIED FINANCIAL SERVICES—0.4%
ORIX Corp.		20,100		310,963
ORIX Corp. - ADR		9,867		768,935
				1,079,898
DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%
Nippon Telegraph & Telephone Corp. - ADR		32,480		1,530,458

ELECTRIC UTILITIES—0.1%
Chubu Electric Power Co., Inc.		12,600		167,205
Tohoku Electric Power Co., Inc.		12,700		175,589
				342,794
ELECTRICAL EQUIPMENT—0.3%
Nidec Corp. - ADR		30,872		790,014

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%
Hitachi Ltd.		26,000		159,370
Hitachi Ltd. - ADR		5,344		329,458
Kyocera Corp.		2,800		161,970
Kyocera Corp. - ADR		3,162		184,250
Murata Manufacturing Co. Ltd.		2,300		349,080
Murata Manufacturing Co. Ltd. - ADR		1,592		60,591
TDK Corp.		800		52,565
TDK Corp. - ADR		826		54,327
				1,351,611
FOOD PRODUCTS—0.2%
Ajinomoto Co., Inc.		7,000		151,022
Meiji Holdings Co. Ltd.		2,000		161,999
Yakult Honsha Co. Ltd.		2,800		190,451
				503,472
HEALTH CARE EQUIPMENT & SUPPLIES—0.4%
Hoya Corp.		9,500		492,696
Hoya Corp. - ADR		1,734		90,428
Terumo Corp.		11,800		464,257
				1,047,381
HOUSEHOLD DURABLES—0.8%
Sekisui House Ltd.		8,000		140,802
Sekisui House Ltd. - ADR		30,149		535,597
Sony Corp. - ADR		38,785		1,481,199
				2,157,598
INSURANCE—0.4%
MS&AD Insurance Group Holdings, Inc. - ADR		34,266		575,669
Tokio Marine Holdings, Inc.		4,600		190,225
Tokio Marine Holdings, Inc. - ADR		7,354		305,706
				1,071,600
INTERNET & DIRECT MARKETING RETAIL—0.1%
Rakuten, Inc.		18,400		216,278

IT SERVICES—0.1%
Fujitsu Ltd.		20,000		147,204
Fujitsu Ltd. - ADR		1,240		45,557
				192,761
LEISURE PRODUCTS—0.1%
Shimano, Inc.		1,600		252,939

MACHINERY—0.8%
FANUC Corp.		1,100		211,794
FANUC Corp. - ADR		43,920		847,656
Kubota Corp. - ADR		7,847		662,836
Makita Corp.		1,200		44,332
Makita Corp. - ADR		9,872		366,054
				2,132,672
MARINE—0.1%
Nippon Yusen KK		56,000		104,063
Nippon Yusen KK - ADR		7,243		26,946
				131,009
METALS & MINING—0.1%
Sumitomo Metal Mining Co. Ltd.		23,000		306,851

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
JAPAN—16.2%, continued
OIL, GAS & CONSUMABLE FUELS—0.1%
Inpex Corp.		26,239	$	252,195

PERSONAL PRODUCTS—0.5%
Kao Corp.		1,000		59,323
Kao Corp. - ADR		11,651		692,244
Shiseido Co. Ltd.		2,100		74,575
Shiseido Co. Ltd. - ADR		15,035		537,501
				1,363,643
PHARMACEUTICALS—0.5%
Astellas Pharma, Inc.		17,800		217,534
Astellas Pharma, Inc. - ADR		24,473		299,305
Daiichi Sankyo Co. Ltd.		7,700		181,221
Daiichi Sankyo Co. Ltd. - ADR		1,901		43,438
Takeda Pharmaceutical Co. Ltd.		2,700		137,053
Takeda Pharmaceutical Co. Ltd. - ADR		18,144		461,221
				1,339,772
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%
Daiwa House Industry Co. Ltd. - ADR		15,470		528,068
Mitsubishi Estate Co. Ltd.		11,000		204,752
Mitsubishi Estate Co. Ltd. - ADR		11,717		218,815
Mitsui Fudosan Co. Ltd.		21,000		500,493
Sumitomo Realty & Development Co. Ltd.		13,000		400,507
				1,852,635
RETAIL—0.4%
Japan Retail Fund Investment Corp. (a)		607		1,119,877

ROAD & RAIL—0.6%
Central Japan Railway Co.		1,348		219,453
East Japan Railway Co.		3,590		342,976
East Japan Railway Co. - ADR		29,226		463,963
Keikyu Corp.		37,000		445,105
				1,471,497
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Rohm Co. Ltd.		700		53,712
Rohm Co. Ltd. - ADR		2,660		101,745
				155,457
SOFTWARE—0.4%
Nintendo Co. Ltd.		300		100,507
Nintendo Co. Ltd. - ADR		22,464		939,444
				1,039,951
SPECIALTY RETAIL—0.1%
Fast Retailing Co. Ltd.		700		232,898

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.0%
Canon, Inc. - ADR		57,457		1,954,687
FUJIFILM Holdings Corp. - ADR		11,626		418,420
Seiko Epson Corp.		1,200		26,663
Seiko Epson Corp. - ADR		10,312		114,669
				2,514,439
TEXTILES, APPAREL & LUXURY GOODS—0.1%
Wacoal Holdings Corp. - ADR		5,242		353,835

TRADING COMPANIES & DISTRIBUTORS—0.3%
Mitsubishi Corp.		16,300		341,449
Mitsui & Co. Ltd. - ADR		1,637		467,928
				809,377
WIRELESS TELECOMMUNICATION SERVICES—1.1%
KDDI Corp. - ADR		51,612		680,246
NTT DoCoMo, Inc. - ADR		32,356		765,220
Softbank Group Corp.		7,200		582,363
Softbank Group Corp. - ADR		21,536		876,515
				2,904,344
TOTAL JAPAN				42,291,641

JERSEY—0.5%
METALS & MINING—0.5%
Glencore plc		220,536		825,024
Randgold Resources Ltd. - ADR		4,722		417,708
TOTAL JERSEY				1,242,732

LUXEMBOURG—0.6%
ENERGY EQUIPMENT & SERVICES—0.2%					��
Tenaris SA - ADR		20,102		625,976

MEDIA—0.4%
RTL Group SA		12,091		913,005
TOTAL LUXEMBOURG				1,538,981

MEXICO—1.4%
BANKS—0.1%
Grupo Financiero Banorte SAB de CV - ADR		5,851		186,822

BEVERAGES—0.2%
Coca-Cola Femsa SAB de CV - ADR		7,597		643,238

CONSTRUCTION MATERIALS—0.3%
Cemex SAB de CV - ADR (a)		83,354		785,195

FOOD & STAPLES RETAILING—0.3%
Wal-Mart de Mexico SAB de CV - ADR		29,614		687,341

MEDIA—0.1%
Grupo Televisa SAB - ADR		11,081		270,044

METALS & MINING—0.1%
Fresnillo plc		14,613		282,853

TRANSPORTATION INFRASTRUCTURE—0.2%
Grupo Aeroportuario del Pacifico SAB de CV - ADR		4,513		506,810

WIRELESS TELECOMMUNICATION SERVICES—0.1%
America Movil SAB de CV - Series L - ADR		17,340		276,053
TOTAL MEXICO				3,638,356

NETHERLANDS—3.4%
AUTOMOBILES—0.4%
Ferrari NV		8,603		740,030
Fiat Chrysler Automobiles NV (a)		26,965		286,638
				1,026,668
BANKS—0.6%
ING Groep NV - ADR		90,007		1,565,222

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
NETHERLANDS—3.4%, continued
CHEMICALS—0.2%
Akzo Nobel NV - ADR		19,227	$	557,775

FOOD & STAPLES RETAILING—0.4%
Koninklijke Ahold Delhaize NV		5,491		104,991
Koninklijke Ahold Delhaize NV - ADR		49,012		938,090
				1,043,081
INDUSTRIAL CONGLOMERATES—0.4%
Koninklijke Philips NV - NY Registry Shares		30,708		1,099,961

LIFE SCIENCES TOOLS & SERVICES—0.2%
Qiagen NV		16,162		541,912

MEDIA—0.1%
Wolters Kluwer NV		954		40,388
Wolters Kluwer NV - ADR		7,337		311,419
				351,807
OIL, GAS & CONSUMABLE FUELS—0.1%
Koninklijke Vopak NV		3,557		164,950

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%
ASML Holding NV - NY Registry Shares		6,611		861,479
NXP Semiconductors NV (a)		5,879		643,457
				1,504,936
SOFTWARE—0.1%
Gemalto NV		2,161		129,709

TRADING COMPANIES & DISTRIBUTORS—0.3%
AerCap Holdings NV (a)		18,140		842,240
TOTAL NETHERLANDS				8,828,261

NORWAY—1.1%
CHEMICALS—0.1%
Yara International ASA - ADR		7,283		273,185

METALS & MINING—0.2%
Norsk Hydro ASA		61,990		343,611
Norsk Hydro ASA - ADR		13,201		73,002
				416,613
OIL, GAS & CONSUMABLE FUELS—0.8%
Statoil ASA - ADR		133,829		2,212,193
TOTAL NORWAY				2,901,991

PERU—0.3%
METALS & MINING—0.3%
Southern Copper Corp.		24,026		832,020

PORTUGAL—0.1%
ELECTRIC UTILITIES—0.1%
EDP - Energias de Portugal SA		82,980		271,355
EDP - Energias de Portugal SA - ADR		1,231		40,321
TOTAL PORTUGAL				311,676

RUSSIA—0.1%
WIRELESS TELECOMMUNICATION SERVICES—0.1%
Mobile TeleSystems PJSC - ADR		37,298		312,557

SINGAPORE—1.4%
BANKS—1.0%
DBS Group Holdings Ltd.		10,656		160,519
DBS Group Holdings Ltd. - ADR		19,975		1,208,487
United Overseas Bank Ltd.		24,187		406,156
United Overseas Bank Ltd. - ADR		22,014		742,973
				2,518,135
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Singapore Telecommunications Ltd.		86,000		242,980
Singapore Telecommunications Ltd. - ADR		6,886		194,770
				437,750
INDUSTRIAL CONGLOMERATES—0.2%
Keppel Corp. Ltd.		11,721		53,547
Keppel Corp. Ltd. - ADR		49,775		454,943
				508,490
MACHINERY—0.1%
Sembcorp Marine Ltd.		204,000		243,736

REAL ESTATE INVESTMENT TRUSTS (REITS)—0.0% (b)
Keppel REIT		737		613
TOTAL SINGAPORE				3,708,724

SOUTH AFRICA—1.2%
BANKS—0.1%
Standard Bank Group Ltd. - ADR		19,275		212,218

MEDIA—0.5%
Naspers Ltd. - ADR		61,310		1,247,658

METALS & MINING—0.4%
Gold Fields Ltd. - ADR		273,785		952,772

TRADING COMPANIES & DISTRIBUTORS—0.1%
Barloworld Ltd.		45,286		376,587

WIRELESS TELECOMMUNICATION SERVICES—0.1%
MTN Group Ltd. - ADR		50,154		432,829
TOTAL SOUTH AFRICA				3,222,064

SOUTH KOREA—2.5%
BANKS—1.4%
KB Financial Group, Inc. - ADR		35,152		1,774,824
Shinhan Financial Group Co. Ltd. - ADR		30,017		1,305,439
Woori Bank - ADR		9,632		469,078
				3,549,341
DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
KT Corp. - ADR		71,631		1,191,940

ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS—0.4%
LG Display Co. Ltd. - ADR		61,056		981,170

WIRELESS TELECOMMUNICATION SERVICES—0.3%
SK Telecom Co. Ltd. - ADR		32,754		840,795
TOTAL SOUTH KOREA				6,563,246

SPAIN—2.2%
BANKS—0.9%
Banco Bilbao Vizcaya Argentaria SA - ADR		102,689		858,480
Banco Santander SA - ADR		230,491		1,541,985
				2,400,465

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
SPAIN—2.2%, continued
DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
Telefonica SA - ADR		103,466	$	1,075,012

ELECTRIC UTILITIES—0.2%
Iberdrola SA - ADR		16,749		531,362

METALS & MINING—0.1%
Acerinox SA (a)		16,589		227,092

OIL, GAS & CONSUMABLE FUELS—0.3%
Repsol SA		24,639		377,113
Repsol SA - ADR		27,585		425,085
				802,198
SPECIALTY RETAIL—0.3%
Industria de Diseno Textil SA		17,640		677,191
TOTAL SPAIN				5,713,320

SWEDEN—2.1%
COMMUNICATIONS EQUIPMENT—0.2%
Telefonaktiebolaget LM Ericsson - ADR		68,485		491,037

CONSTRUCTION & ENGINEERING—0.3%
Skanska AB - Class B		37,142		881,108

HOUSEHOLD PRODUCTS—0.2%
Essity Aktiebolag AB - Class B		12,219		334,240
Svenska Cellulosa AB SCA - Class B		12,219		92,442
				426,682
MACHINERY—0.8%
Alfa Laval AB		23,419		479,134
Atlas Copco AB - Class A		8,922		341,992
Atlas Copco AB - Class A - ADR		18,292		707,717
Sandvik AB		19,176		301,526
Sandvik AB - ADR		20,116		318,235
				2,148,604
METALS & MINING—0.2%
Boliden AB		22,985		627,097

OIL, GAS & CONSUMABLE FUELS—0.2%
Lundin Petroleum AB (a)		24,270		466,879

SPECIALTY RETAIL—0.2%
Hennes & Mauritz AB - ADR		65,360		323,205
Hennes & Mauritz AB - Class B		3,195		79,586
				402,791
TOTAL SWEDEN				5,444,198

SWITZERLAND—6.7%
CAPITAL MARKETS—0.7%
Credit Suisse Group AG - ADR		31,487		459,710
Julius Baer Group Ltd.		9,537		501,743
UBS Group AG		46,462		788,925
				1,750,378
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Swisscom AG - ADR		7,140		346,290

ELECTRICAL EQUIPMENT—0.6%
ABB Ltd. - ADR		61,282		1,525,922

FOOD PRODUCTS—2.2%
Barry Callebaut AG		397		545,650
Nestle SA - ADR		60,374		5,264,613
				5,810,263
INSURANCE—0.6%
Swiss Re AG		3,563		325,669
Zurich Insurance Group AG - ADR		38,250		1,114,223
				1,439,892
MACHINERY—0.1%
Schindler Holding AG		1,587		329,005

PHARMACEUTICALS—2.0%
Novartis AG - ADR		31,455		2,625,549
Roche Holding AG - ADR		80,784		2,568,931
				5,194,480
PROFESSIONAL SERVICES—0.2%
Adecco SA		4,136		314,425
Adecco SA - ADR		4,982		190,063
				504,488
TRADING COMPANIES & DISTRIBUTORS—0.2%
Wolseley plc		537		32,967
Wolseley plc - ADR		63,056		389,056
				422,023
TOTAL SWITZERLAND				17,322,741

TAIWAN—2.2%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%
Chunghwa Telecom Co. Ltd. - ADR		40,566		1,428,734

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.7%
Advanced Semiconductor Engineering, Inc. - ADR		101,549		640,774
Siliconware Precision Industries Co. Ltd. - ADR		70,913		565,177
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		77,900		2,723,384
United Microelectronics Corp. - ADR		191,039		466,135
				4,395,470
TOTAL TAIWAN				5,824,204

TURKEY—0.1%
BANKS—0.1%
Turkiye Garanti Bankasi AS - ADR		59,610		166,312

UNITED KINGDOM—11.4%
BANKS—1.9%
Barclays plc - ADR		64,161		679,465
HSBC Holdings plc - ADR		60,926		2,826,357
Lloyds Banking Group plc - ADR		269,987		953,054
Standard Chartered plc		45,039		455,957
				4,914,833
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
BT Group plc - ADR		38,538		748,022

ELECTRIC UTILITIES—0.3%
SSE plc		8,585		162,483
SSE plc - ADR		39,878		768,449
				930,932

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
UNITED KINGDOM—11.4%, continued
ENERGY EQUIPMENT & SERVICES—0.3%
AMEC Foster Wheeler plc		32,410	$	197,236
Subsea 7 SA		42,228		567,979
Subsea 7 SA - ADR		2,780		37,602
				802,817
FOOD & STAPLES RETAILING—0.3%
J Sainsbury plc		4,806		15,757
J Sainsbury plc - ADR		18,741		249,443
Tesco plc (a)		46,000		101,142
Tesco plc - ADR (a)		29,931		201,136
WM Morrison Supermarkets plc		29,374		92,287
WM Morrison Supermarkets plc - ADR		8,054		126,850
				786,615
FOOD PRODUCTS—0.2%
Associated British Foods plc		11,454		437,893

HEALTH CARE EQUIPMENT & SUPPLIES—0.3%
Smith & Nephew plc		4,232		73,040
Smith & Nephew plc - ADR		24,332		847,970
				921,010
HOTELS, RESTAURANTS & LEISURE—0.6%
Compass Group plc		2,160		45,580
Compass Group plc - ADR		45,261		971,754
Intercontinental Hotels Group plc		9,114		506,100
				1,523,434
HOUSEHOLD PRODUCTS—0.8%
Reckitt Benckiser Group plc		5,677		575,605
Reckitt Benckiser Group plc - ADR		70,985		1,469,389
				2,044,994
INSURANCE—0.7%
Aviva plc		41,971		287,566
Aviva plc - ADR		22,486		311,206
Prudential plc - ADR		26,183		1,204,680
				1,803,452
MEDIA—1.0%
Pearson plc - ADR		52,078		467,140
RELX plc		4,710		101,843
RELX plc - ADR		48,463		1,061,340
WPP plc - ADR		9,005		949,217
				2,579,540
MULTI-LINE RETAIL—0.2%
Marks & Spencer Group plc		10,719		46,537
Marks & Spencer Group plc - ADR		25,759		224,103
Next plc		3,908		196,288
				466,928
MULTI-UTILITIES—0.7%
National Grid plc		26,991		1,695,575

OIL, GAS & CONSUMABLE FUELS—0.1%
Tullow Oil plc (a)		112,077		220,005
Tullow Oil plc - ADR (a)		15,976		16,136
				236,141
PERSONAL PRODUCTS—0.9%
Unilever NV - NY Registry Shares - ADR		42,041		2,323,606

PHARMACEUTICALS—1.5%
AstraZeneca plc - ADR		48,500		1,653,365
GlaxoSmithKline plc - ADR		50,820		2,191,358
				3,844,723
PROFESSIONAL SERVICES—0.1%
Capita plc		32,934		296,647

REAL ESTATE INVESTMENT TRUSTS (REIT)—0.2%
Land Securities Group plc		30,627		403,727

SOFTWARE—0.1%
Sage Group plc		33,781		302,736
Sage Group plc - ADR		2,320		82,934
				385,670
SPECIALTY RETAIL—0.1%
Kingfisher plc - ADR		29,151		232,916

WATER UTILITIES—0.2%
Severn Trent plc		10,914		310,200
United Utilities Group plc		2,386		26,961
United Utilities Group plc - ADR		12,883		297,082
				634,243
WIRELESS TELECOMMUNICATION SERVICES—0.6%
Vodafone Group plc - ADR		58,711		1,686,767
TOTAL UNITED KINGDOM				29,700,485

UNITED STATES—2.1%
DIVERSIFIED CONSUMER SERVICES—0.2%
New Oriental Education & Technology Group, Inc. - ADR (a)		7,334		516,974

HOTELS, RESTAURANTS & LEISURE—0.5%
Carnival plc - ADR		7,671		507,206
Yum China Holdings, Inc. (a)		21,920		864,306
				1,371,512
IT SERVICES—0.2%
CGI Group, Inc. - Class A (a)		9,434		481,794

MEDIA—0.3%
Thomson Reuters Corp.		14,688		679,908

MULTI-LINE RETAIL—0.4%
JD.com, Inc. - ADR (a)		25,659		1,006,346

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.2%
STMicroelectronics NV - NY Registry Shares		37,925		545,361

TEXTILES, APPAREL & LUXURY GOODS—0.3%
Gildan Activewear, Inc.		25,642		787,979
TOTAL UNITED STATES				5,389,874
TOTAL COMMON STOCKS (COST $210,025,242)				256,086,730

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2017 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc. (c)		1.000	%	12/15/17	$	600,000	$	600,000
Calvert Social Investment Foundation, Inc. (c)		1.000	%	06/15/18		750,000		750,000
Calvert Social Investment Foundation, Inc. (c)		1.500	%	06/15/18		500,000		500,000
Calvert Social Investment Foundation, Inc. (c)		1.500	%	06/17/19		500,000		500,000
TOTAL CORPORATE NOTES (COST $2,350,000)								2,350,000

TOTAL INVESTMENTS (COST (d) $212,375,242—Unrealized gain/loss $46,061,488)—99.2%							$	258,436,730
Other Assets in Excess of Liabilities—0.8%								2,049,903
NET ASSET—100.0%							$	260,486,633

(a)	Non-income producing security.

(b)	Percentage rounds to less than 0.1%.

(c)	Illiquid security.

(d)	Represents cost for financial reporting purposes.

ADR	— American Depositary Receipt

plc	— Public Liability Company

REIT	— Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Investments

Praxis Value Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%
AEROSPACE & DEFENSE—0.2%
TransDigm Group, Inc.		1,320	$	354,908

AIR FREIGHT & LOGISTICS—0.2%
United Parcel Service, Inc. - Class B		3,150		348,359

AIRLINES—0.8%
American Airlines Group, Inc.		12,970		652,651
Delta Air Lines, Inc.		13,910		747,523
				1,400,174
AUTO COMPONENTS—0.4%
Delphi Automotive plc		4,830		423,350
Goodyear Tire & Rubber Co. (The)		9,590		335,266
				758,616
AUTOMOBILES—0.6%
Ford Motor Co.		88,423		989,453

BANKS—13.0%
Bank of America Corp.		206,280		5,004,353
BB&T Corp.		28,654		1,301,178
Citigroup, Inc.		55,866		3,736,318
Citizens Financial Group, Inc.		4,490		160,203
Fifth Third Bancorp		13,220		343,191
Huntington Bancshares, Inc.		18,154		245,442
JPMorgan Chase & Co.		78,335		7,159,819
KeyCorp		19,528		365,955
M&T Bank Corp.		3,476		562,938
PNC Financial Services Group, Inc. (The)		12,861		1,605,953
Regions Financial Corp.		24,860		363,950
SunTrust Banks, Inc.		9,636		546,554
U.S. Bancorp		30,567		1,587,039
				22,982,893
BEVERAGES—2.2%
Coca-Cola Co. (The)		47,220		2,117,817
PepsiCo, Inc.		15,769		1,821,162
				3,938,979
BIOTECHNOLOGY—0.9%
Amgen, Inc.		7,514		1,294,136
Vertex Pharmaceuticals, Inc. (a)		2,930		377,589
				1,671,725
BUILDING PRODUCTS—0.2%
Masco Corp.		9,010		344,272

CAPITAL MARKETS—3.8%
Ameriprise Financial, Inc.		1,806		229,886
Bank of New York Mellon Corp. (The)		29,004		1,479,784
BlackRock, Inc.		992		419,031
Franklin Resources, Inc.		7,540		337,717
Goldman Sachs Group, Inc. (The)		7,297		1,619,204
Invesco Ltd.		9,712		341,765
Morgan Stanley		28,381		1,264,657
Northern Trust Corp.		3,977		386,604
State Street Corp.		6,240		559,915
				6,638,563
CHEMICALS—3.7%
Air Products & Chemicals, Inc.		3,687		527,462
Dow Chemical Co. (The)		25,460		1,605,762
E.I. du Pont de Nemours & Co.		9,059		731,152
Eastman Chemical Co.		3,520		295,645
Ecolab, Inc.		5,966		791,987
International Flavors & Fragrances, Inc.		1,480		199,800
LyondellBasell Industries NV - Class A		10,220		862,466
Mosaic Co. (The)		10,240		233,779
Praxair, Inc.		9,146		1,212,302
				6,460,355
COMMERCIAL SERVICES & SUPPLIES—1.5%
Johnson Controls International plc		22,287		966,364
Republic Services, Inc.		9,250		589,503
Stericycle, Inc. (a)		3,920		299,174
Waste Management, Inc.		10,850		795,848
				2,650,889
COMMUNICATIONS EQUIPMENT—1.7%
Cisco Systems, Inc.		98,575		3,085,398

CONSUMER FINANCE—1.1%
American Express Co.		6,564		552,951
Capital One Financial Corp.		10,900		900,558
Synchrony Financial		13,930		415,393
				1,868,902
CONTAINERS & PACKAGING—0.6%
Ball Corp.		12,508		527,963
International Paper Co.		5,781		327,262
WestRock Co.		4,550		257,803
				1,113,028
DISTRIBUTORS—0.4%
Genuine Parts Co.		7,820		725,383

DIVERSIFIED FINANCIAL SERVICES—0.3%
CME Group, Inc.		3,070		384,487
Leucadia National Corp.		8,360		218,697
				603,184
DIVERSIFIED TELECOMMUNICATION SERVICES—3.4%
AT&T, Inc.		111,181		4,194,859
CenturyLink, Inc.		7,688		183,589
Verizon Communications, Inc.		37,430		1,671,624
				6,050,072
ELECTRIC UTILITIES—4.6%
American Electric Power Co., Inc.		15,270		1,060,807
Duke Energy Corp.		21,544		1,800,863
Edison International		5,807		454,049
Eversource Energy		11,270		684,202
NextEra Energy, Inc.		6,925		970,400
PPL Corp.		21,901		846,693
Southern Co. (The)		34,381		1,646,162
Xcel Energy, Inc.		15,124		693,889
				8,157,065
ELECTRICAL EQUIPMENT—1.0%
Eaton Corp. plc		6,720		523,018
Emerson Electric Co.		13,984		833,726
Rockwell Automation, Inc.		2,280		369,269
				1,726,013
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%
TE Connectivity Ltd.		6,156		484,354

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
ENERGY EQUIPMENT & SERVICES—2.2%
Baker Hughes, Inc.		11,480	$	625,775
National Oilwell Varco, Inc.		9,526		313,787
Schlumberger Ltd.		32,436		2,135,586
TechnipFMC plc (a)		20,350		553,520
Transocean Ltd. (a)		21,310		175,381
				3,804,049
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—0.6%
Crown Castle International Corp.		1,960		196,353
Equity Residential		2,540		167,208
Iron Mountain, Inc.		5,070		174,205
Public Storage		1,620		337,818
Ventas, Inc.		2,420		168,142
				1,043,726
FOOD & STAPLES RETAILING—4.7%
Costco Wholesale Corp.		8,400		1,343,412
CVS Health Corp.		26,003		2,092,201
Kroger Co. (The)		23,634		551,145
Sysco Corp.		7,993		402,288
Walgreen Boots Alliance, Inc.		18,410		1,441,687
Wal-Mart Stores, Inc.		28,280		2,140,230
Whole Foods Market, Inc.		6,300		265,293
				8,236,256
FOOD PRODUCTS—2.3%
Conagra Brands, Inc.		6,540		233,870
General Mills, Inc.		5,864		324,866
Hormel Foods Corp.		5,000		170,550
J.M. Smucker Co. (The)		2,030		240,210
Kellogg Co.		2,689		186,778
Kraft Heinz Co. (The)		13,020		1,115,033
Mondelēz International, Inc. - Class A		35,312		1,525,125
Tyson Foods, Inc. - Class A		3,530		221,084
				4,017,516
HEALTH CARE EQUIPMENT & SUPPLIES—3.8%
Abbott Laboratories		35,130		1,707,670
Baxter International, Inc.		9,382		567,986
Becton, Dickinson and Co.		1,720		335,589
Danaher Corp.		15,190		1,281,884
DENTSPLY SIRONA, Inc.		4,770		309,287
Medtronic plc		28,240		2,506,300
				6,708,716
HEALTH CARE PROVIDERS & SERVICES—3.4%
AmerisourceBergen Corp.		4,320		408,370
Anthem, Inc.		5,470		1,029,071
Cardinal Health, Inc.		8,170		636,606
Centene Corp. (a)		3,730		297,952
Cigna Corp.		5,445		911,439
DaVita, Inc. (a)		5,270		341,285
Express Scripts Holding Co. (a)		12,457		795,255
HCA Healthcare, Inc. (a)		2,520		219,744
Laboratory Corp. of America Holdings (a)		2,670		411,554
McKesson Corp.		3,974		653,882
UnitedHealth Group, Inc.		1,390		257,734
				5,962,892
HOTELS, RESTAURANTS & LEISURE—1.0%
Carnival Corp.		8,393		550,329
McDonald's Corp.		7,590		1,162,484
				1,712,813
HOUSEHOLD DURABLES—0.7%
D.R. Horton, Inc.		12,220		422,445
Leggett & Platt, Inc.		3,240		170,197
Newell Brands, Inc.		5,730		307,243
Whirlpool Corp.		1,752		335,718
				1,235,603
HOUSEHOLD PRODUCTS—1.8%
Colgate-Palmolive Co.		6,578		487,627
Kimberly-Clark Corp.		2,070		267,258
Procter & Gamble Co. (The)		28,046		2,444,209
				3,199,094
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.2%
AES Corp.		28,654		318,346

INDUSTRIAL CONGLOMERATES—1.1%
3M Co.		7,625		1,587,449
Roper Technologies, Inc.		1,890		437,591
				2,025,040
INSURANCE—8.6%
Aflac, Inc.		10,310		800,881
Allstate Corp. (The)		13,209		1,168,204
American International Group, Inc.		24,607		1,538,430
Aon plc		2,137		284,114
Assurant, Inc.		2,924		303,189
Chubb Corp.		20,437		2,971,132
Cincinnati Financial Corp.		3,262		236,332
Hartford Financial Services Group, Inc. (The)		9,080		477,336
Lincoln National Corp.		4,220		285,188
Loews Corp.		10,970		513,506
Marsh & McLennan Cos., Inc.		3,820		297,807
MetLife, Inc.		27,543		1,513,212
Principal Financial Group, Inc.		6,500		416,455
Progressive Corp. (The)		19,043		839,606
Prudential Financial, Inc.		12,740		1,377,704
Travelers Cos., Inc. (The)		9,463		1,197,353
Unum Group		5,160		240,611
Willis Towers Watson plc		2,350		341,831
XL Group Ltd.		8,980		393,324
				15,196,215
INTERNET SOFTWARE & SERVICES—0.4%
Alphabet, Inc. - Class C (a)		300		272,619
eBay, Inc. (a)		13,068		456,335
				728,954
IT SERVICES—1.2%
Accenture plc - Class A		3,890		481,115
International Business Machines Corp.		7,332		1,127,881
Paychex, Inc.		3,684		209,767
Visa, Inc. - Class A		3,120		292,594
				2,111,357
LIFE SCIENCES TOOLS & SERVICES—0.5%
Thermo Fisher Scientific, Inc.		4,884		852,112

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
MACHINERY—1.8%
Deere & Co.		4,267	$	527,358
Dover Corp.		5,143		412,571
Flowserve Corp.		3,900		181,077
Illinois Tool Works, Inc.		2,235		320,164
Ingersoll-Rand plc		2,625		239,899
PACCAR, Inc.		2,996		197,856
Parker-Hannifin Corp.		1,567		250,438
Pentair plc		4,480		298,099
Snap-on, Inc.		2,090		330,220
Stanley Black & Decker, Inc.		2,630		370,120
				3,127,802
MEDIA—1.6%
Charter Communications, Inc. - Class A (a)		820		276,217
Comcast Corp. - Class A		5,450		212,114
Omnicom Group, Inc.		2,019		167,375
Twenty-First Century Fox, Inc. - Class B		21,460		598,090
Viacom, Inc. - Class B		4,870		163,486
Walt Disney Co. (The)		12,757		1,355,431
				2,772,713
METALS & MINING—0.3%
Newmont Mining Corp.		8,330		269,809
Nucor Corp.		5,300		306,711
				576,520
MULTI-LINE RETAIL—0.4%
Macy's, Inc.		8,583		199,469
Target Corp.		9,106		476,153
				675,622
MULTI-UTILITIES—1.5%
Ameren Corp.		5,570		304,512
Consolidated Edison, Inc.		7,361		594,916
DTE Energy Co.		5,910		625,219
NiSource, Inc.		6,840		173,463
Sempra Energy		7,343		827,923
WEC Energy Group, Inc.		2,940		180,457
				2,706,490
OIL, GAS & CONSUMABLE FUELS—8.6%
Anadarko Petroleum Corp.		6,410		290,629
Apache Corp.		5,378		257,768
ConocoPhillips		55,397		2,435,252
EOG Resources, Inc.		9,010		815,585
EQT Corp.		5,638		330,331
Hess Corp.		21,630		948,908
Kinder Morgan, Inc.		53,301		1,021,247
Marathon Oil Corp.		35,486		420,509
Marathon Petroleum Corp.		13,936		729,271
Murphy Oil Corp.		13,916		356,667
Noble Energy, Inc.		10,718		303,319
Occidental Petroleum Corp.		57,570		3,446,716
ONEOK, Inc.		6,125		319,480
Phillips 66		20,080		1,660,415
Pioneer Natural Resources Co.		1,110		177,134
Tesoro Corp.		4,480		419,328
Valero Energy Corp.		14,510		978,845
Williams Cos., Inc. (The)		9,371		283,754
				15,195,158
PERSONAL PRODUCTS—0.1%
Estée Lauder Cos., Inc. (The) - Class A		2,200		211,156

PHARMACEUTICALS—4.4%
AbbVie, Inc.		3,278		237,688
Bristol-Myers Squibb Co.		15,019		836,859
Eli Lilly & Co.		14,157		1,165,121
Johnson & Johnson		23,521		3,111,593
Mallinckrodt plc (a)		5,340		239,286
Merck & Co., Inc.		24,171		1,549,119
Mylan NV (a)		10,220		396,740
Perrigo Co. plc		3,340		252,237
				7,788,643
PROFESSIONAL SERVICES—0.1%
Nielsen Holdings plc		5,930		229,254

REAL ESTATE INVESTMENT TRUSTS (REITS)—0.8%
HCP, Inc.		8,647		276,358
Simon Property Group, Inc.		3,089		499,677
Weyerhaeuser Co.		16,349		547,691
				1,323,726
ROAD & RAIL—0.8%
CSX Corp.		5,740		313,174
Norfolk Southern Corp.		4,645		565,297
Union Pacific Corp.		5,360		583,758
				1,462,229
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4%
Intel Corp.		55,118		1,859,681
Micron Technology, Inc. (a)		13,970		417,144
Qorvo, Inc. (a)		2,470		156,401
				2,433,226
SOFTWARE—1.2%
Adobe Systems, Inc. (a)		1,819		257,279
CA, Inc.		7,512		258,938
Microsoft Corp.		3,090		212,994
Oracle Corp.		26,762		1,341,847
				2,071,058
SOFTWARE & SERVICES—0.2%
S&P Global, Inc.		2,128		310,667

SPECIALTY RETAIL—0.6%
Home Depot, Inc. (The)		1,142		175,183
Lowe's Cos., Inc.		8,780		680,713
Staples, Inc.		25,360		255,375
				1,111,271
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.8%
Apple, Inc.		1,610		231,872
HP, Inc.		32,130		561,632
Seagate Technology plc		4,910		190,263
Western Digital Corp.		4,475		396,485
				1,380,252
TEXTILES, APPAREL & LUXURY GOODS—0.5%
NIKE, Inc. - Class B		11,440		674,960
VF Corp.		5,110		294,336
				969,296

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
WATER UTILITIES—0.2%
American Water Works Co., Inc.		3,640	$	283,738
TOTAL COMMON STOCKS (COST $138,673,001)				174,134,095

RIGHTS—0.0% (b)
Safeway, Inc. (Casa Ley subsidiary), expiring 1/30/18 (Cost $0)		6,607		6,706

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc. (c)		1.000	%	12/15/17	$	750,000	$	750,000
Calvert Social Investment Foundation, Inc. (c)		1.000	%	06/15/18		300,000		300,000
Calvert Social Investment Foundation, Inc. (c)		1.500	%	06/15/18		250,000		250,000
Calvert Social Investment Foundation, Inc. (c)		1.500	%	06/17/19		260,000		260,000
TOTAL CORPORATE NOTES (COST $1,560,000)								1,560,000

TOTAL INVESTMENTS (COST (d) $140,233,001—Unrealized gain/loss $35,467,800)—99.6%							$	175,700,801
Other Assets in Excess of Liabilities—0.4%								746,050
NET ASSETS—100.0%							$	176,446,851

(a)	Non-income producing security.

(b)	Percentage rounds to less than 0.1%.

(c)	Illiquid security.

(d)	Represents cost for financial reporting purposes.

plc	— Public Liability Company

See accompanying notes to financial statements.

Schedule of Investments

Praxis Growth Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%
AEROSPACE & DEFENSE—0.4%
TransDigm Group, Inc.		3,846	$	1,034,074

AIR FREIGHT & LOGISTICS—1.4%
C.H. Robinson Worldwide, Inc.		3,010		206,727
FedEx Corp.		5,881		1,278,117
United Parcel Service, Inc. - Class B		16,427		1,816,662
				3,301,506
AIRLINES—0.6%
Alaska Air Group, Inc.		2,640		236,967
Southwest Airlines Co.		13,080		812,791
United Continental Holdings, Inc. (a)		6,113		460,003
				1,509,761
AUTOMOBILES—0.1%
Harley-Davidson, Inc.		4,305		232,556

BANKS—1.2%
Citizens Financial Group, Inc.		6,231		222,322
Comerica, Inc.		4,494		329,140
JPMorgan Chase & Co.		2,354		215,156
KeyCorp		18,927		354,692
PNC Financial Services Group, Inc. (The)		2,433		303,809
U.S. Bancorp		25,805		1,339,796
				2,764,915
BEVERAGES—2.6%
Coca-Cola Co. (The)		54,004		2,422,079
Dr Pepper Snapple Group, Inc.		7,330		667,836
Monster Beverage Corp. (a)		8,550		424,764
PepsiCo, Inc.		23,089		2,666,549
				6,181,228
BIOTECHNOLOGY—3.5%
Alexion Pharmaceuticals, Inc. (a)		4,425		538,390
Amgen, Inc.		9,369		1,613,623
Biogen, Inc. (a)		4,102		1,113,119
Celgene Corp. (a)		15,030		1,951,946
Gilead Sciences, Inc.		27,152		1,921,818
Regeneron Pharmaceuticals, Inc. (a)		1,227		602,629
Vertex Pharmaceuticals, Inc. (a)		4,082		526,047
				8,267,572
BUILDING PRODUCTS—0.1%
Masco Corp.		6,010		229,642

CAPITAL MARKETS—1.3%
BlackRock, Inc.		1,574		664,873
Charles Schwab Corp. (The)		25,758		1,106,564
Moody's Corp.		3,611		439,386
S&P Global, Inc.		5,128		748,637
				2,959,460
CHEMICALS—2.1%
Air Products & Chemicals, Inc.		4,111		588,120
Albemarle Corp.		3,093		326,435
E.I. du Pont de Nemours & Co.		7,834		632,282
Ecolab, Inc.		5,322		706,496
International Flavors & Fragrances, Inc.		3,158		426,330
LyondellBasell Industries NV - Class A		2,820		237,980
Praxair, Inc.		8,079		1,070,871
Sherwin-Williams Co. (The)		2,820		989,707
				4,978,221
COMMERCIAL SERVICES & SUPPLIES—1.1%
Johnson Controls International plc		5,457		236,616
Republic Services, Inc.		14,451		920,962
Waste Management, Inc.		18,252		1,338,784
				2,496,362
COMMUNICATIONS EQUIPMENT—0.1%
Juniper Networks, Inc.		8,505		237,119

CONSTRUCTION MATERIALS—0.6%
Martin Marietta Materials, Inc.		2,886		642,366
Vulcan Materials Co.		5,294		670,644
				1,313,010
CONSUMER FINANCE—0.5%
American Express Co.		6,566		553,120
Discover Financial Services		10,384		645,781
				1,198,901
CONTAINERS & PACKAGING—0.2%
International Paper Co.		6,608		374,079

DIVERSIFIED FINANCIAL SERVICES—0.5%
CME Group, Inc.		3,995		500,334
Intercontinental Exchange, Inc.		10,235		674,691
				1,175,025
DIVERSIFIED TELECOMMUNICATION SERVICES—1.2%
AT&T, Inc.		7,872		297,011
Level 3 Communications, Inc. (a)		6,264		371,455
Verizon Communications, Inc.		49,462		2,208,973
				2,877,439
ELECTRIC UTILITIES—0.3%
NextEra Energy, Inc.		5,360		751,097

ELECTRICAL EQUIPMENT—1.1%
Acuity Brands, Inc.		2,418		491,531
Emerson Electric Co.		10,512		626,725
Rockwell Automation, Inc.		9,035		1,463,309
				2,581,565
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.7%
Amphenol Corp. - Class A		7,167		529,068
Corning, Inc.		20,828		625,881
TE Connectivity Ltd.		5,385		423,692
				1,578,641
ENERGY EQUIPMENT & SERVICES—0.6%
Baker Hughes, Inc.		5,892		321,173
Schlumberger Ltd.		16,042		1,056,205
				1,377,378
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.9%
American Tower Corp.		10,594		1,401,798
AvalonBay Communities, Inc.		2,316		445,066
Crown Castle International Corp.		9,450		946,701
Digital Realty Trust, Inc.		4,316		487,492
Equinix, Inc.		1,753		752,318
Federal Realty Investment Trust		3,075		388,649
GGP, Inc.		12,536		295,348
Host Hotels & Resorts, Inc.		16,449		300,523
Iron Mountain, Inc.		8,187		281,305
Prologis, Inc.		13,062		765,956
Public Storage		2,206		460,017

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.9%, continued
Realty Income Corp.		5,555	$	306,525
Simon Property Group, Inc.		5,204		841,799
UDR, Inc.		10,721		417,797
Ventas, Inc.		5,177		359,698
Welltower, Inc.		9,882		739,668
				9,190,660
FOOD & STAPLES RETAILING—0.4%
Sysco Corp.		7,188		361,772
Wal-Mart Stores, Inc.		2,611		197,600
Whole Foods Market, Inc.		6,590		277,505
				836,877
FOOD PRODUCTS—1.0%
General Mills, Inc.		17,792	��	985,677
Hershey Co. (The)		5,263		565,088
Kellogg Co.		8,108		563,182
Kraft Heinz Co. (The)		3,810		326,288
				2,440,235
HEALTH CARE EQUIPMENT & SUPPLIES—3.3%
Abbott Laboratories		16,121		783,642
Baxter International, Inc.		7,430		449,812
Becton, Dickinson and Co.		7,318		1,427,815
Boston Scientific Corp. (a)		28,192		781,482
C.R. Bard, Inc.		2,178		688,488
Danaher Corp.		15,314		1,292,348
Edwards Lifesciences Corp. (a)		4,070		481,237
Intuitive Surgical, Inc. (a)		887		829,673
Stryker Corp.		6,643		921,916
				7,656,413
HEALTH CARE PROVIDERS & SERVICES—2.9%
Aetna, Inc.		7,870		1,194,902
AmerisourceBergen Corp.		5,221		493,541
Centene Corp. (a)		2,008		160,399
HCA Healthcare, Inc. (a)		5,270		459,544
Humana, Inc.		3,143		756,269
UnitedHealth Group, Inc.		19,462		3,608,644
				6,673,299
HEALTH CARE TECHNOLOGY—0.2%
Cerner Corp. (a)		8,234		547,314

HOTELS, RESTAURANTS & LEISURE—2.3%
Chipotle Mexican Grill, Inc. (a)		790		328,719
Marriott International, Inc. - Class A		8,558		858,453
McDonald's Corp.		12,500		1,914,500
Starbucks Corp.		31,676		1,847,027
Yum! Brands, Inc.		6,767		499,134
				5,447,833
HOUSEHOLD DURABLES—0.2%
Mohawk Industries, Inc. (a)		1,064		257,158
Newell Brands, Inc.		5,827		312,444
				569,602
HOUSEHOLD PRODUCTS—2.2%
Church & Dwight Co., Inc.		4,430		229,828
Colgate-Palmolive Co.		19,805		1,468,145
Kimberly-Clark Corp.		6,725		868,265
Procter & Gamble Co. (The)		28,993		2,526,740
				5,092,978
INDUSTRIAL CONGLOMERATES—1.4%
3M Co.		13,549		2,820,766
Roper Technologies, Inc.		1,811		419,301
				3,240,067
INSURANCE—1.3%
Aflac, Inc.		4,154		322,683
Aon plc		6,821		906,852
Chubb Corp.		2,780		404,156
Marsh & McLennan Cos., Inc.		17,227		1,343,017
				2,976,708
INTERNET & DIRECT MARKETING RETAIL—4.8%
Amazon.com, Inc. (a)		7,761		7,512,648
Expedia, Inc.		2,852		424,805
Netflix, Inc. (a)		8,437		1,260,572
Priceline Group, Inc. (The) (a)		1,030		1,926,636
				11,124,661
INTERNET SOFTWARE & SERVICES—7.7%
Akamai Technologies, Inc. (a)		5,069		252,487
Alphabet, Inc. - Class A (a)		6,379		5,930,429
Alphabet, Inc. - Class C (a)		5,236		4,758,110
Facebook, Inc. - Class A (a)		46,207		6,976,333
				17,917,359
IT SERVICES—6.1%
Accenture plc - Class A		14,553		1,799,915
Automatic Data Processing, Inc.		8,962		918,247
Cognizant Technology Solutions Corp. - Class A		8,415		558,756
Fidelity National Information Services, Inc.		8,241		703,781
Fiserv, Inc. (a)		6,387		781,386
International Business Machines Corp.		10,084		1,551,222
MasterCard, Inc. - Class A		20,125		2,444,181
Paychex, Inc.		12,166		692,732
PayPal Holdings, Inc. (a)		22,112		1,186,751
Visa, Inc. - Class A		38,164		3,579,020
				14,215,991
LEISURE PRODUCTS—0.2%
Hasbro, Inc.		4,868		542,831

LIFE SCIENCES TOOLS & SERVICES—0.7%
Agilent Technologies, Inc.		5,785		343,109
Illumina, Inc. (a)		1,783		309,386
Thermo Fisher Scientific, Inc.		6,351		1,108,059
				1,760,554
MACHINERY—1.7%
Deere & Co.		4,488		554,672
Illinois Tool Works, Inc.		9,594		1,374,341
Ingersoll-Rand plc		6,896		630,226
PACCAR, Inc.		4,404		290,840
Parker-Hannifin Corp.		4,481		716,153
Xylem, Inc.		6,063		336,072
				3,902,304
MEDIA—4.9%
CBS Corp. - Class B		10,907		695,648
Charter Communications, Inc. - Class A (a)		4,569		1,539,068

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
MEDIA—4.9%, continued
Comcast Corp. - Class A		99,802	$	3,884,294
Discovery Communications, Inc. - Class C (a)		13,725		346,007
Omnicom Group, Inc.		6,116		507,016
Time Warner, Inc.		16,206		1,627,244
Twenty-First Century Fox, Inc. - Class B		22,965		640,035
Walt Disney Co. (The)		19,939		2,118,519
				11,357,831
METALS & MINING—0.3%
Newmont Mining Corp.		12,767		413,523
Nucor Corp.		4,570		264,466
				677,989
MULTI-LINE RETAIL—0.2%
Dollar Tree, Inc. (a)		3,886		271,709
Target Corp.		4,956		259,149
				530,858
MULTI-UTILITIES—0.2%
CenterPoint Energy, Inc.		13,201		361,443

OIL, GAS & CONSUMABLE FUELS—1.2%
Apache Corp.		6,000		287,580
ConocoPhillips		4,907		215,712
EOG Resources, Inc.		6,985		632,282
EQT Corp.		3,520		206,237
Noble Energy, Inc.		775		21,933
Occidental Petroleum Corp.		8,735		522,964
ONEOK, Inc.		5,111		266,590
Pioneer Natural Resources Co.		3,656		583,424
Williams Cos., Inc. (The)		5,981		181,105
				2,917,827
PERSONAL PRODUCTS—0.3%
Estée Lauder Cos., Inc. (The) - Class A		7,700		739,046

PHARMACEUTICALS—5.5%
AbbVie, Inc.		36,696		2,660,827
Bristol-Myers Squibb Co.		19,655		1,095,177
Eli Lilly & Co.		12,108		996,488
Johnson & Johnson		35,751		4,729,500
Merck & Co., Inc.		37,284		2,389,532
Zoetis, Inc.		14,643		913,430
				12,784,954
PROFESSIONAL SERVICES—0.2%
Nielsen Holdings plc		10,461		404,422

ROAD & RAIL—1.2%
CSX Corp.		19,635		1,071,285
J.B. Hunt Transport Services, Inc.		2,550		233,019
Union Pacific Corp.		13,604		1,481,612
				2,785,916
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.3%
Advanced Micro Devices, Inc. (a)		17,610		219,773
Analog Devices, Inc.		7,094		551,913
Applied Materials, Inc.		24,367		1,006,601
Broadcom Ltd.		8,089		1,885,141
Intel Corp.		47,177		1,591,752
KLA-Tencor Corp.		4,512		412,893
Lam Research Corp.		3,913		553,416
Microchip Technology, Inc.		7,002		540,414
NVIDIA Corp.		10,929		1,579,896
QUALCOMM, Inc.		30,537		1,686,253
Skyworks Solutions, Inc.		3,110		298,405
Texas Instruments, Inc.		22,211		1,708,692
Xilinx, Inc.		4,619		297,094
				12,332,243
SOFTWARE—8.0%
Activision Blizzard, Inc.		14,012		806,671
Adobe Systems, Inc. (a)		10,776		1,524,157
Autodesk, Inc. (a)		4,626		466,393
Citrix Systems, Inc. (a)		3,452		274,710
Electronic Arts, Inc. (a)		5,362		566,871
Intuit, Inc.		5,164		685,831
Microsoft Corp.		154,029		10,617,219
Oracle Corp.		35,196		1,764,727
Red Hat, Inc. (a)		3,789		362,797
salesforce.com, Inc. (a)		13,105		1,134,893
Symantec Corp.		13,164		371,883
				18,576,152
SPECIALTY RETAIL—3.3%
Advance Auto Parts, Inc.		1,310		152,733
AutoZone, Inc. (a)		659		375,933
Home Depot, Inc. (The)		26,011		3,990,087
Lowe's Cos., Inc.		15,097		1,170,471
O'Reilly Automotive, Inc. (a)		2,290		500,915
Ross Stores, Inc.		6,132		354,000
TJX Cos., Inc. (The)		10,035		724,226
Ulta Beauty, Inc. (a)		1,400		402,276
				7,670,641
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.5%
Apple, Inc.		104,727		15,082,783

TEXTILES, APPAREL & LUXURY GOODS—0.5%
NIKE, Inc. - Class B		16,735		987,365
Under Armour, Inc. - Class A (a)		11,753		255,745
				1,243,110
TRADING COMPANIES & DISTRIBUTORS—0.4%
Fastenal Co.		12,862		559,883
W.W. Grainger, Inc.		1,898		342,646
				902,529
WATER UTILITIES—0.2%
American Water Works Co., Inc.		6,943		541,207
TOTAL COMMON STOCKS (COST $143,946,471)				230,464,188

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2017 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc. (b)		1.000	%	12/15/17	$	175,000	$	175,000
Calvert Social Investment Foundation, Inc. (b)		1.000	%	06/15/18		650,000		650,000
Calvert Social Investment Foundation, Inc. (b)		1.500	%	06/15/18		475,000		475,000
Calvert Social Investment Foundation, Inc. (b)		1.500	%	06/17/19		800,000		800,000
TOTAL CORPORATE NOTES (COST $2,100,000)								2,100,000

TOTAL INVESTMENTS (COST (c) $146,046,471—Unrealized gain/loss $86,517,717)—99.6%							$	232,564,188
Other Assets in Excess of Liabilities—0.4%								833,984
NET ASSETS—100.0%							$	233,398,172

(a)	Non-income producing security.

(b)	Illiquid security.

(c)	Represents cost for financial reporting purposes.

plc	— Public Liability Company

See accompanying notes to financial statements.

Schedule of Investments

Praxis Small Cap Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%
AEROSPACE & DEFENSE—0.4%
Axon Enterprise, Inc. (a)		3,650	$	91,761
Engility Holdings, Inc. (a)		2,850		80,940
				172,701
AIR FREIGHT & LOGISTICS—0.6%
Echo Global Logistics, Inc. (a)		4,470		88,953
Forward Air Corp.		2,040		108,691
Hub Group, Inc. - Class A (a)		2,260		86,671
				284,315
AUTO COMPONENTS—1.4%
American Axle & Manufacturing Holdings, Inc. (a)		5,900		92,040
Cooper-Standard Holdings, Inc. (a)		1,190		120,035
Dorman Products, Inc. (a)		2,250		186,233
Fox Factory Holding Corp. (a)		3,770		134,212
Gentherm, Inc. (a)		2,520		97,776
Standard Motor Products, Inc.		1,500		78,330
				708,626
AUTOMOBILES—0.6%
LCI Industries		1,700		174,080
Winnebago Industries, Inc.		3,730		130,550
				304,630
BANKS—7.6%
Ameris Bancorp		2,470		119,054
Banc of California, Inc.		4,200		90,300
Banner Corp.		1,960		110,760
Central Pacific Financial Corp.		2,270		71,437
City Holding Co.		1,460		96,170
Columbia Banking System, Inc.		3,710		147,843
Community Bank System, Inc.		2,710		151,137
Customers Bancorp, Inc. (a)		2,090		59,105
CVB Financial Corp.		6,370		142,879
Fidelity Southern Corp.		2,160		49,378
First BanCorp (a)		18,890		109,373
First Commonwealth Financial Corp.		5,600		71,008
First Financial Bancorp		4,940		136,838
First Financial Bankshares, Inc.		4,410		194,922
First Midwest Bancorp, Inc.		5,580		130,070
Glacier Bancorp, Inc.		5,010		183,416
Great Western Bancorp, Inc.		3,870		157,935
Hanmi Financial Corp.		2,240		63,728
Hope Bancorp, Inc.		8,360		155,914
Independent Bank Corp. (Massachusetts)		1,730		115,304
LegacyTexas Financial Group, Inc.		3,040		115,915
NBT Bancorp, Inc.		2,980		110,111
OFG Bancorp		4,070		40,700
Old National Bancorp		9,310		160,597
Opus Bank		4,010		97,042
S&T Bancorp, Inc.		2,180		78,175
ServisFirst Bancshares, Inc.		3,040		112,146
Simmons First National Corp. - Class A		1,970		104,213
Southside Bancshares, Inc.		2,306		80,572
Sterling Bancorp		9,370		217,852
Tompkins Financial Corp.		920		72,422
United Community Banks, Inc.		4,800		133,440
Westamerica Bancorp.		1,670		93,587
				3,773,343
BEVERAGES—0.1%
Coca-Cola Bottling Co.		280		64,084

BIOTECHNOLOGY—1.9%
Acorda Therapeutics, Inc. (a)		3,480		68,556
AMAG Pharmaceuticals, Inc. (a)		2,360		43,424
Cytokinetics, Inc. (a)		3,340		40,414
Eagle Pharmaceuticals, Inc. (a)		1,210		95,457
Emergent BioSolutions, Inc. (a)		3,960		134,284
Enanta Pharmaceuticals, Inc. (a)		1,630		58,647
Ligand Pharmaceuticals, Inc. (a)		1,270		154,178
MiMedx Group, Inc. (a)		6,580		98,503
Momenta Pharmaceuticals, Inc. (a)		4,620		78,078
Progenics Pharmaceuticals, Inc. (a)		4,270		28,993
Repligen Corp. (a)		2,250		93,240
Spectrum Pharmaceuticals, Inc. (a)		7,480		55,726
				949,500
BUILDING PRODUCTS—2.9%
AAON, Inc.		4,090		150,716
American Woodmark Corp. (a)		1,025		97,939
Apogee Enterprises, Inc.		1,960		111,406
Gibraltar Industries, Inc. (a)		3,370		120,140
Insteel Industries, Inc.		2,100		69,237
Patrick Industries, Inc. (a)		1,000		72,800
PGT Innovations, Inc. (a)		4,110		52,608
Quanex Building Products Corp.		5,670		119,921
Simpson Manufacturing Co., Inc.		3,990		174,403
TopBuild Corp. (a)		2,710		143,820
Trex Co., Inc. (a)		2,350		159,001
Universal Forest Products, Inc.		1,560		136,204
				1,408,195
CAPITAL MARKETS—2.3%
Donnelley Financial Solutions, Inc. (a)		4,680		107,453
Evercore Partners, Inc. - Class A		2,760		194,580
Financial Engines, Inc.		4,720		172,752
Greenhill & Co., Inc.		2,200		44,220
HFF, Inc. - Class A		2,570		89,359
Interactive Brokers Group, Inc. - Class A		4,980		186,352
INTL FCStone, Inc. (a)		1,800		67,968
Investment Technology Group, Inc.		2,350		49,914
Piper Jaffray Cos.		1,130		67,743
Virtus Investment Partners, Inc.		490		54,365
Waddell & Reed Financial, Inc. - Class A		2,740		51,731
WisdomTree Investments, Inc.		5,510		56,037
				1,142,474
CHEMICALS—0.9%
H.B. Fuller Co.		4,510		230,506
Quaker Chemical Corp.		1,460		212,036
				442,542
COMMERCIAL SERVICES & SUPPLIES—3.7%
ABM Industries, Inc.		4,080		169,402
Brady Corp. - Class A		4,820		163,398
Brink's Co. (The)		3,320		222,440
Essendant, Inc.		3,100		45,973
Healthcare Services Group, Inc.		4,950		231,808
Interface, Inc.		4,680		91,962
LSC Communications, Inc.		1,990		42,586
Mobile Mini, Inc.		3,110		92,834

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
COMMERCIAL SERVICES & SUPPLIES—3.7%, continued
Multi-Color Corp.		1,020	$	83,232
R.R. Donnelley & Sons Co.		6,330		79,378
Team, Inc. (a)		2,640		61,908
Tetra Tech, Inc.		4,740		216,855
UniFirst Corp.		1,150		161,805
US Ecology, Inc.		1,490		75,245
Viad Corp.		1,980		93,555
				1,832,381
COMMUNICATIONS EQUIPMENT—1.8%
ADTRAN, Inc.		3,230		66,699
Applied Optoelectronics, Inc. (a)		1,580		97,628
CalAmp Corp. (a)		3,190		64,853
Harmonic, Inc. (a)		9,220		48,405
Lumentum Holdings, Inc. (a)		4,670		266,424
NETGEAR, Inc. (a)		2,450		105,595
Oclaro, Inc. (a)		6,890		64,353
Viavi Solutions, Inc. (a)		15,670		165,005
				878,962
CONSTRUCTION & ENGINEERING—0.4%
Aegion Corp. (a)		2,880		63,014
Comfort Systems USA, Inc.		2,340		86,814
MYR Group, Inc. (a)		1,530		47,461
				197,289
CONSTRUCTION MATERIALS—0.2%
U.S. Concrete, Inc. (a)		1,100		86,405

CONSUMER FINANCE—0.8%
Encore Capital Group, Inc. (a)		2,750		110,413
Green Dot Corp. - Class A (a)		3,100		119,443
PRA Group, Inc. (a)		3,460		131,134
World Acceptance Corp. (a)		710		53,186
				414,176
CONTAINERS & PACKAGING—0.5%
Ingevity Corp. (a)		2,980		171,052
Myers Industries, Inc.		4,580		82,211
				253,263
DIVERSIFIED CONSUMER SERVICES—0.7%
Capella Education Co.		880		75,328
Career Education Corp. (a)		4,710		45,216
Matthews International Corp. - Class A		2,810		172,113
Strayer Education, Inc.		760		70,847
				363,504
DIVERSIFIED TELECOMMUNICATION SERVICES—1.3%
8x8, Inc. (a)		6,310		91,810
ATN International, Inc.		1,320		90,341
Cincinnati Bell, Inc. (a)		3,160		61,778
Cogent Communications Holdings, Inc.		3,200		128,320
Consolidated Communications Holdings, Inc.		3,970		85,236
Iridium Communications, Inc. (a)		10,490		115,915
Lumos Networks Corp. (a)		2,560		45,747
				619,147
ELECTRIC UTILITIES—0.5%
ALLETE, Inc.		3,670		263,066

ELECTRICAL EQUIPMENT—0.9%
AZZ, Inc.		1,800		100,440
Encore Wire Corp.		1,700		72,590
Franklin Electric Co., Inc.		4,130		170,982
General Cable Corp.		4,630		75,700
				419,712
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.4%
Anixter International, Inc. (a)		2,180		170,476
Badger Meter, Inc.		2,110		84,083
Benchmark Electronics, Inc. (a)		3,960		127,908
CTS Corp.		2,780		60,048
Daktronics, Inc.		9,940		95,722
Fabrinet (a)		2,610		111,343
FARO Technologies, Inc. (a)		1,290		48,762
II-VI, Inc. (a)		3,780		129,654
Insight Enterprises, Inc. (a)		2,820		112,772
Itron, Inc. (a)		3,150		213,413
Methode Electronics, Inc.		2,500		103,000
MTS Systems Corp.		1,320		68,376
OSI Systems, Inc. (a)		1,360		102,204
Plexus Corp. (a)		2,470		129,848
Rogers Corp. (a)		1,610		174,878
Sanmina Corp. (a)		5,140		195,834
ScanSource, Inc. (a)		2,400		96,720
TTM Technologies, Inc. (a)		7,390		128,290
				2,153,331
ENERGY EQUIPMENT & SERVICES—2.4%
Archrock, Inc.		4,940		56,316
Atwood Oceanics, Inc. (a)		10,930		89,079
CARBO Ceramics, Inc. (a)		3,940		26,989
Era Group, Inc. (a)		4,530		42,854
Exterran Corp. (a)		4,550		121,485
Geospace Technologies Corp. (a)		2,810		38,862
Helix Energy Solutions Group, Inc. (a)		18,730		105,637
Matrix Service Co. (a)		8,110		75,829
McDermott International, Inc. (a)		16,190		116,082
Newpark Resources, Inc. (a)		16,660		122,451
Pioneer Energy Services Corp. (a)		36,020		73,841
SEACOR Holdings, Inc. (a)		1,250		42,875
TETRA Technologies, Inc. (a)		25,210		70,336
U.S. Silica Holdings, Inc.		6,050		214,715
				1,197,351
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—5.8%
Acadia Realty Trust		5,320		147,896
Agree Realty Corp.		1,980		90,823
American Assets Trust, Inc.		3,790		149,288
CareTrust REIT, Inc.		5,220		96,779
CBL & Associates Properties, Inc.		5,960		50,243
Chesapeake Lodging Trust		3,710		90,784
CoreSite Realty Corp.		2,450		253,648
DiamondRock Hospitality Co.		14,040		153,738
EastGroup Properties, Inc.		2,290		191,902
Franklin Street Properties Corp.		7,520		83,322
Government Properties Income Trust		6,310		115,536
Hersha Hospitality Trust		2,630		48,681
Kite Realty Group Trust		5,340		101,086
Lexington Realty Trust		19,510		193,344
LTC Properties, Inc.		2,270		116,655

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—5.8%, continued
Parkway, Inc.		2,790	$	63,863
Pennsylvania Real Estate Investment Trust		8,260		93,503
PS Business Parks, Inc.		1,590		210,500
Retail Opportunity Investments Corp.		7,190		137,976
Sabra Health Care REIT, Inc.		4,460		107,486
Saul Centers, Inc.		1,440		83,491
Summit Hotel Properties, Inc.		9,270		172,886
Universal Health Realty Income Trust		1,650		131,241
				2,884,671
FOOD & STAPLES RETAILING—0.6%
Andersons, Inc. (The)		1,860		63,519
Diplomat Pharmacy, Inc. (a)		7,240		107,152
SpartanNash Co.		2,920		75,803
SUPERVALU, Inc. (a)		18,810		61,885
				308,359
FOOD PRODUCTS—2.0%
B&G Foods, Inc.		4,680		166,608
Calavo Growers, Inc.		1,050		72,503
Cal-Maine Foods, Inc.		3,150		124,740
Darling Ingredients, Inc. (a)		11,730		184,630
J & J Snack Foods Corp.		1,600		211,312
Sanderson Farms, Inc.		2,020		233,613
				993,406
GAS UTILITIES—1.2%
Northwest Natural Gas Co.		2,480		148,428
South Jersey Industries, Inc.		6,330		216,296
Spire, Inc.		3,590		250,403
				615,127
HEALTH CARE EQUIPMENT & SUPPLIES—3.9%
Abaxis, Inc.		1,520		80,590
Analogic Corp.		950		69,017
AngioDynamics, Inc. (a)		3,020		48,954
Anika Therapeutics, Inc. (a)		950		46,873
CONMED Corp.		1,820		92,711
Haemonetics Corp. (a)		3,650		144,139
ICU Medical, Inc. (a)		1,050		181,125
Inogen, Inc. (a)		1,750		166,985
Integer Holdings Corp. (a)		2,180		94,285
Integra LifeSciences Holdings Corp. (a)		5,310		289,448
Invacare Corp.		3,570		47,124
LeMaitre Vascular, Inc.		1,550		48,391
Meridian Bioscience, Inc.		3,290		51,818
Merit Medical Systems, Inc. (a)		3,140		119,791
Natus Medical, Inc. (a)		1,410		52,593
Neogen Corp. (a)		2,365		163,445
OraSure Technologies, Inc. (a)		3,190		55,059
Varex Imaging Corp. (a)		4,550		153,790
				1,906,138
HEALTH CARE PROVIDERS & SERVICES—3.7%
Aceto Corp.		6,755		104,365
Amedisys, Inc. (a)		2,810		176,496
AMN Healthcare Services, Inc. (a)		3,380		131,989
Community Health Systems, Inc. (a)		10,040		99,998
CorVel Corp. (a)		1,030		48,874
Cross Country Healthcare, Inc. (a)		3,090		39,892
Ensign Group, Inc. (The)		3,400		74,018
HealthEquity, Inc. (a)		4,070		202,808
HMS Holdings Corp. (a)		5,890		108,965
Kindred Healthcare, Inc.		7,520		87,608
Landauer, Inc.		1,840		96,232
LHC Group, Inc. (a)		1,070		72,642
Magellan Health, Inc. (a)		1,600		116,640
PharMerica Corp. (a)		2,260		59,325
Providence Service Corp. (The) (a)		1,220		61,744
Select Medical Holdings Corp. (a)		11,670		179,135
Tivity Health, Inc. (a)		2,400		95,640
U.S. Physical Therapy, Inc.		850		51,340
				1,807,711
HEALTH CARE TECHNOLOGY—0.5%
HealthStream, Inc. (a)		2,180		57,378
Omnicell, Inc. (a)		2,840		122,404
Quality Systems, Inc. (a)		4,120		70,905
				250,687
HOTELS, RESTAURANTS & LEISURE—3.3%
Belmond Ltd. - Class A (a)		6,450		85,785
Biglari Holdings, Inc. (a)		220		87,943
Bob Evans Farms, Inc.		1,500		107,745
Chuy's Holdings, Inc. (a)		1,450		33,930
Dave & Buster's Entertainment, Inc. (a)		3,440		228,794
DineEquity, Inc.		2,520		111,006
Fiesta Restaurant Group, Inc. (a)		3,740		77,231
ILG, Inc.		7,690		211,398
Marcus Corp. (The)		1,880		56,776
Marriott Vacations Worldwide Corp.		1,800		211,950
Red Robin Gourmet Burgers, Inc. (a)		1,120		73,080
Shake Shack, Inc. - Class A (a)		1,400		48,832
Sonic Corp.		5,480		145,165
Wingstop, Inc.		4,060		125,454
				1,605,089
HOUSEHOLD DURABLES—2.1%
Cavco Industries, Inc. (a)		790		102,423
Ethan Allen Interiors, Inc.		2,030		65,569
Installed Building Products, Inc. (a)		2,400		127,080
iRobot Corp. (a)		1,930		162,390
La-Z-Boy, Inc.		3,670		119,275
LGI Homes, Inc. (a)		1,640		65,895
M/I Homes, Inc. (a)		1,900		54,245
MDC Holdings, Inc.		3,150		111,290
Meritage Homes Corp. (a)		2,680		113,096
Universal Electronics, Inc. (a)		1,130		75,541
William Lyon Homes - Class A (a)		2,360		56,970
				1,053,774
HOUSEHOLD PRODUCTS—0.7%
Central Garden & Pet Co. - Class A (a)		3,330		99,967
WD-40 Co.		2,440		269,254
				369,221
INDUSTRIAL CONGLOMERATES—0.3%
Raven Industries, Inc.		4,490		149,517

INSURANCE—3.0%
American Equity Investment Life Holding Co.		6,800		178,704
AMERISAFE, Inc.		1,540		87,703

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
INSURANCE—3.0%, continued
Employers Holdings, Inc.		2,590	$	109,557
HCI Group, Inc.		980		46,040
Horace Mann Educators Corp.		3,080		116,424
Maiden Holdings Ltd.		5,990		66,489
Navigators Group, Inc. (The)		2,540		139,446
ProAssurance Corp.		3,540		215,232
RLI Corp.		2,580		140,920
Selective Insurance Group, Inc.		3,910		195,695
Stewart Information Services Corp.		1,710		77,600
United Fire Group, Inc.		1,370		60,362
Universal Insurance Holdings, Inc.		2,220		55,944
				1,490,116
INTERNET & DIRECT MARKETING RETAIL—0.5%
Nutrisystem, Inc.		2,150		111,907
PetMed Express, Inc.		1,670		67,802
Shutterfly, Inc. (a)		1,020		48,450
				228,159
INTERNET SOFTWARE & SERVICES—1.2%
Blucora, Inc. (a)		3,190		67,628
LivePerson, Inc. (a)		8,470		93,170
NIC, Inc.		4,840		91,718
Shutterstock, Inc. (a)		2,450		107,996
SPS Commerce, Inc. (a)		1,280		81,613
Stamps.com, Inc. (a)		1,120		173,460
				615,585
IT SERVICES—1.2%
Cardtronics plc - Class A (a)		3,300		108,438
CSG Systems International, Inc.		2,660		107,943
ExlService Holdings, Inc. (a)		2,360		131,169
Perficient, Inc. (a)		3,200		59,648
Sykes Enterprises, Inc. (a)		3,400		114,002
Virtusa Corp. (a)		2,370		69,678
				590,878
LEISURE PRODUCTS—0.3%
Callaway Golf Co.		8,680		110,930
Nautilus, Inc. (a)		2,630		50,365
				161,295
LIFE SCIENCES TOOLS & SERVICES—0.7%
Albany Molecular Research, Inc. (a)		3,470		75,299
Cambrex Corp. (a)		2,535		151,466
Luminex Corp.		4,580		96,730
				323,495
MACHINERY—5.5%
Actuant Corp. - Class A		4,520		111,192
Alamo Group, Inc.		690		62,659
Albany International Corp. - Class A		2,090		111,606
Astec Industries, Inc.		1,530		84,930
Barnes Group, Inc.		3,690		215,976
Briggs & Stratton Corp.		3,210		77,361
Chart Industries, Inc. (a)		2,270		78,837
CIRCOR International, Inc.		1,270		75,413
EnPro Industries, Inc.		1,620		115,619
ESCO Technologies, Inc.		1,900		113,335
Federal Signal Corp.		4,870		84,543
Greenbrier Cos., Inc. (The)		2,030		93,887
Harsco Corp. (a)		6,320		101,752
Hillenbrand, Inc.		5,160		186,276
John Bean Technologies Corp.		2,085		204,330
Lindsay Corp.		840		74,970
Lydall, Inc. (a)		1,350		69,795
Mueller Industries, Inc.		4,570		139,157
Proto Labs, Inc. (a)		1,720		115,670
SPX Corp. (a)		3,480		87,557
SPX FLOW, Inc. (a)		2,860		105,477
Standex International Corp.		980		88,886
Tennant Co.		1,310		96,678
Wabash National Corp.		4,440		97,591
Watts Water Technologies, Inc. - Class A		2,220		140,304
				2,733,801
MARINE—0.2%
Matson, Inc.		3,030		91,021

MEDIA—0.7%
Gannett Co., Inc.		8,110		70,719
New Media Investment Group, Inc.		4,350		58,638
Scholastic Corp.		2,210		96,334
Time, Inc.		4,370		62,710
World Wrestling Entertainment, Inc. - Class A		2,990		60,906
				349,307
METALS & MINING—0.5%
Materion Corp.		2,680		100,232
Olympic Steel, Inc.		4,480		87,270
SunCoke Energy, Inc. (a)		6,660		72,594
				260,096
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.5%
Capstead Mortgage Corp.		12,570		131,105
Four Corners Property Trust, Inc.		4,110		103,202
				234,307
MULTI-LINE RETAIL—0.5%
Fred's, Inc. - Class A		2,820		26,029
Ollie's Bargain Outlet Holdings, Inc. (a)		4,875		207,675
				233,704
MULTI-UTILITIES—0.4%
Avista Corp.		5,040		213,998

OIL, GAS & CONSUMABLE FUELS—0.6%
Cloud Peak Energy, Inc. (a)		22,230		78,472
Contango Oil & Gas Co. (a)		13,220		87,781
Green Plains, Inc.		3,100		63,705
REX American Resources Corp. (a)		570		55,039
				284,997
PAPER & FOREST PRODUCTS—1.5%
Boise Cascade Co. (a)		3,890		118,256
Clearwater Paper Corp. (a)		1,730		80,877
Deltic Timber Corp.		1,350		100,791
KapStone Paper and Packaging Corp.		7,190		148,330
Neenah Paper, Inc.		2,500		200,625
P.H. Glatfelter Co.		4,550		88,907
				737,786

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
PHARMACEUTICALS—2.1%
Amphastar Pharmaceuticals, Inc. (a)		3,400	$	60,724
Depomed, Inc. (a)		4,530		48,652
Heska Corp. (a)		480		48,994
Impax Laboratories, Inc. (a)		5,670		91,287
Innoviva, Inc. (a)		9,270		118,656
Lannett Co., Inc. (a)		2,180		44,472
Medicines Co. (The) (a)		4,760		180,928
Nektar Therapeutics (a)		10,150		198,432
Phibro Animal Health Corp. - Class A		1,640		60,762
Sucampo Pharmaceuticals, Inc. - Class A (a)		4,560		47,880
Supernus Pharmaceuticals, Inc. (a)		3,420		147,402
				1,048,189
PROFESSIONAL SERVICES—1.9%
Exponent, Inc.		2,020		117,766
Insperity, Inc.		1,390		98,690
Kelly Services, Inc. - Class A		2,590		58,145
Korn/Ferry International		4,520		156,076
Navigant Consulting, Inc. (a)		4,350		85,956
On Assignment, Inc. (a)		3,380		183,027
TrueBlue, Inc. (a)		3,620		95,930
WageWorks, Inc. (a)		2,490		167,328
				962,918
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.1%
RE/MAX Holdings, Inc. - Class A		1,260		70,623

ROAD & RAIL—1.2%
ArcBest Corp.		1,760		36,256
Heartland Express, Inc.		5,750		119,715
Knight Transportation, Inc.		6,610		244,901
Marten Transport Ltd.		1,980		54,252
Roadrunner Transportation Systems, Inc. (a)		6,890		50,090
Saia, Inc. (a)		1,850		94,905
				600,119
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.4%
Advanced Energy Industries, Inc. (a)		2,880		186,307
Brooks Automation, Inc.		5,540		120,163
Cabot Microelectronics Corp.		1,630		120,343
CEVA, Inc. (a)		1,740		79,083
Diodes, Inc. (a)		2,910		69,927
Kulicke & Soffa Industries, Inc. (a)		5,390		102,518
MKS Instruments, Inc.		4,100		275,930
Nanometrics, Inc. (a)		2,070		52,350
Power Integrations, Inc.		1,970		143,613
Rambus, Inc. (a)		7,285		83,268
Rudolph Technologies, Inc. (a)		2,700		61,695
Semtech Corp. (a)		4,710		168,382
Veeco Instruments, Inc. (a)		3,481		96,946
Xperi Corp.		3,380		100,724
				1,661,249
SOFTWARE—2.5%
Blackbaud, Inc.		3,550		304,412
Bottomline Technologies (de), Inc. (a)		3,210		82,465
Ebix, Inc.		2,750		148,225
ePlus, Inc. (a)		1,060		78,546
MicroStrategy, Inc. - Class A (a)		680		130,336
Monotype Imaging Holdings, Inc.		3,610		66,063
Progress Software Corp.		3,880		119,853
Qualys, Inc. (a)		2,220		90,576
Synchronoss Technologies, Inc. (a)		3,140		51,653
TiVo Solutions, Inc.		8,170		152,371
				1,224,500
SPECIALTY RETAIL—4.4%
Abercrombie & Fitch Co. - Class A		5,900		73,396
Asbury Automotive Group, Inc. (a)		1,760		99,528
Ascena Retail Group, Inc. (a)		13,890		29,863
Barnes & Noble Education, Inc. (a)		3,970		42,201
Barnes & Noble, Inc.		4,090		31,084
Caleres, Inc.		3,100		86,118
Children's Place, Inc. (The)		1,390		141,919
DSW, Inc. - Class A		2,890		51,153
Express, Inc. (a)		6,430		43,402
Finish Line, Inc. (The) - Class A		8,500		120,445
Five Below, Inc. (a)		3,920		193,530
Francesca's Holdings Corp. (a)		5,970		65,312
Genesco, Inc. (a)		1,570		53,223
Group 1 Automotive, Inc.		1,380		87,382
Guess?, Inc.		9,260		118,343
Hibbett Sports, Inc. (a)		3,770		78,227
Lithia Motors, Inc. - Class A		1,650		155,479
Lumber Liquidators Holdings, Inc. (a)		2,930		73,426
MarineMax, Inc. (a)		2,510		49,071
Monro Muffler Brake, Inc.		2,320		96,860
RH (a)		2,000		129,040
Select Comfort Corp. (a)		3,400		120,666
Tailored Brands, Inc.		5,280		58,925
Tile Shop Holdings, Inc.		4,970		102,631
Vitamin Shoppe, Inc. (a)		5,080		59,182
				2,160,406
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.7%
Cray, Inc. (a)		3,130		57,592
Electronics For Imaging, Inc. (a)		3,390		160,618
Super Micro Computer, Inc. (a)		4,440		109,446
				327,656
TEXTILES, APPAREL & LUXURY GOODS—1.6%
Crocs, Inc. (a)		6,870		52,968
G-III Apparel Group Ltd. (a)		5,110		127,494
Iconix Brand Group, Inc. (a)		5,250		36,277
Movado Group, Inc.		1,630		41,158
Oxford Industries, Inc.		1,855		115,919
Steven Madden Ltd. (a)		5,170		206,542
Wolverine World Wide, Inc.		7,210		201,952
				782,310
THRIFTS & MORTGAGE FINANCE—1.9%
Astoria Financial Corp.		8,780		176,917
BofI Holding, Inc. (a)		3,910		92,745
Dime Community Bancshares, Inc.		2,440		47,824
HomeStreet, Inc. (a)		2,050		56,734
LendingTree, Inc. (a)		950		163,590
Northwest Bancshares, Inc.		7,750		120,977
Provident Financial Services, Inc.		4,170		105,835
TrustCo Bank Corp.		11,340		87,885
Walker & Dunlop, Inc. (a)		2,200		107,426
				959,933

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
TRADING COMPANIES & DISTRIBUTORS—0.6%
Applied Industrial Technologies, Inc.		2,920	$	172,426
DXP Enterprises, Inc. (a)		1,340		46,230
Veritiv Corp. (a)		1,190		53,550
				272,206
WATER UTILITIES—0.6%
American States Water Co.		2,420		114,732
California Water Service Group		4,300		158,240
				272,972
TOTAL COMMON STOCKS (COST $47,684,638)				48,764,323

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc. (b)		1.000	%	06/15/18	$	270,000	$	270,000
Calvert Social Investment Foundation, Inc. (b)		1.500	%	06/15/18		175,000		175,000
TOTAL CORPORATE NOTES (COST $445,000)								445,000

TOTAL INVESTMENTS (COST (c) $48,129,638—Unrealized gain/loss $1,079,685)—99.6%							$	49,209,323
Other Assets in Excess of Liabilities—0.4%								179,501
NET ASSETS—100.0%							$	49,388,824

(a)	Non-income producing security.

(b)	Illiquid security.

(c)	Represents cost for financial reporting purposes.

plc	— Public Liability Company

REIT	— Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Investments

Praxis Genesis Conservative Portfolio
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
MUTUAL FUNDS—99.3%
DEBT FUND—69.4%
Praxis Impact Bond Fund - Class I		1,467,096	$	15,213,786

EQUITY FUND—29.9%
Praxis Growth Index Fund - Class I		93,202		1,994,520
Praxis International Index Fund - Class I		181,095		1,966,689
Praxis Small Cap Index Fund - Class I		51,987		547,947
Praxis Value Index Fund - Class I		153,156		2,033,912
				6,543,068
TOTAL INVESTMENTS (COST (a) $19,576,001—Unrealized gain/loss $2,180,853)—99.3%			$	21,756,854
Other Assets in Excess of Liabilities—0.7%				148,286
NET ASSETS—100.0%			$	21,905,140

(a)	Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

Schedule of Investments

Praxis Genesis Balanced Portfolio
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
MUTUAL FUNDS—100.0%
DEBT FUND—39.9%
Praxis Impact Bond Fund - Class I		2,623,415	$	27,204,815

EQUITY FUND—60.1%
Praxis Growth Index Fund - Class I		504,280		10,791,588
Praxis International Index Fund - Class I		1,133,682		12,311,792
Praxis Small Cap Index Fund - Class I		650,715		6,858,541
Praxis Value Index Fund - Class I		829,023		11,009,420
				40,971,341
TOTAL INVESTMENTS (COST (a) $55,734,925—Unrealized gain/loss $12,441,231)—100.0%			$	68,176,156
Liabilities in Excess of Other Assets—(0.0%) (b)				(7,697	)
NET ASSETS—100.0%			$	68,168,459

(a)	Represents cost for financial reporting purposes.

(b)	Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

Schedule of Investments

Praxis Genesis Growth Portfolio
June 30, 2017 (unaudited)

	SHARES		FAIR VALUE
MUTUAL FUNDS—100.0%
DEBT FUND—19.9%
Praxis Impact Bond Fund - Class I		1,144,452	$	11,867,968

EQUITY FUND—80.1%
Praxis Growth Index Fund - Class I		563,800		12,065,310
Praxis International Index Fund - Class I		1,318,599		14,319,989
Praxis Small Cap Index Fund - Class I		851,599		8,975,852
Praxis Value Index Fund - Class I		926,797		12,307,858
				47,669,009
TOTAL INVESTMENTS (COST (a) $45,803,686—Unrealized gain/loss $13,733,291)—100.0%			$	59,536,977
Liabilities in Excess of Other Assets—(0.0%) (b)				(4,454	)
NET ASSETS—100.0%			$	59,532,523

(a)	Represents cost for financial reporting purposes.

(b)	Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

Statements of Assets & Liabilities

June 30, 2017 (unaudited)

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Index Fund
Assets
Total investments in unaffiliated securities, at cost	$	469,850,874		$	212,375,242		$	140,233,001		$	146,046,471		$	48,129,638
Investments in unaffiliated securities, at fair value	$	478,342,976		$	258,436,730		$	175,700,801		$	232,564,188		$	49,209,323
Cash		12,269,156			633,963			489,022			1,958,829			137,533
Receivable for investments sold		753			222,655			—			—			—
Receivable for capital shares sold		1,518,935			348,095			200,732			339,350			16,423
Receivable for dividends and interest		3,624,557			945,879			237,665			167,973			45,726
Receivable for tax reclaims		—			197,700			—			14,650			—
Prepaid expenses		113,463			39,716			48,085			72,915			31,591
Total Assets		495,869,840			260,824,738			176,676,305			235,117,905			49,440,596

Liabilities
Distributions payable		975,885			—			—			—			—
Payable for investments purchased		3,251,478			—			—			1,476,898
Payable for capital shares redeemed		470,205			155,055			142,298			92,000			24,424
Accrued expenses and other payables:
Investment advisory fees		165,081			117,266			42,950			57,888			14,750
Administration fees		22,020			11,815			7,840			20,780			2,195
Distribution fees		17,969			5,129			4,757			15,804			1,058
Other		107,784			48,840			31,609			56,363			9,345
Total Liabilities		5,010,422			338,105			229,454			1,719,733			51,772

Net Assets	$	490,859,418		$	260,486,633		$	176,446,851		$	233,398,172		$	49,388,824

Components of Net Assets
Paid-in capital	$	482,524,346		$	227,935,808		$	131,030,404		$	138,555,317		$	37,809,378
Accumulated (distributions in excess of) net investment income		(451,768	)		2,844,791			1,644,636			1,490,289			204,181
Accumulated net realized gains (losses) on investments and foreign currency transactions		294,738			(16,355,454	)		8,304,011			6,834,849			10,295,580
Net unrealized appreciation on investments and foreign currency translations		8,492,102			46,061,488			35,467,800			86,517,717			1,079,685
Net Assets	$	490,859,418		$	260,486,633		$	176,446,851		$	233,398,172		$	49,388,824

Pricing of Class A Shares
Net assets attributable to Class A shares	$	88,118,739		$	24,856,255		$	23,313,007		$	77,490,876		$	5,189,434
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		8,459,780			2,305,253			1,748,845			3,650,674			528,430
Net asset value, offering price and redemption price per share	$	10.42		$	10.78		$	13.33		$	21.23		$	9.82
Maximum sales charge		3.75	%		5.25	%		5.25	%		5.25	%		5.25	%
Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]	$	10.83		$	11.38		$	14.07		$	22.41		$	10.36

Pricing of Class I Shares
Net assets attributable to Class I shares	$	402,740,679		$	235,630,378		$	153,133,844		$	155,907,296		$	44,199,390
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		38,844,147			21,693,237			11,533,516			7,287,003			4,194,068
Net asset value and redemption price per share	$	10.37		$	10.86		$	13.28		$	21.40		$	10.54

See accompanying notes to financial statements.

Statements of Assets & Liabilities, continued

June 30, 2017 (unaudited)

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Assets
Total investments in affiliated securities, at cost	$	19,576,001		$	55,734,925		$	45,803,686
Investments in affiliated securities, at fair value	$	21,756,854		$	68,176,156		$	59,536,977
Cash		4,886			4,283			3,294
Receivable for capital shares sold		219,425			42,540			9,428
Receivable for dividends and interest		30,937			55,493			24,211
Prepaid expenses		20,313			43,230			38,117
Total Assets		22,032,415			68,321,702			59,612,027

Liabilities
Distributions payable		20,489			23,532			—
Payable for capital shares redeemed		2,874			12,277			100
Payable for investments purchased		86,134			61,536			26,024
Accrued expenses and other payables:
Investment advisory fees		896			2,808			2,445
Administration fees		540			1,685			1,470
Distribution fees		4,481			14,039			12,226
Other		11,861			37,366			37,239
Total Liabilities		127,275			153,243			79,504

Net Assets	$	21,905,140		$	68,168,459		$	59,532,523

Components of Net Assets
Paid-in capital	$	19,619,049		$	54,986,335		$	45,058,960
Accumulated distributions in excess of net investment income		(67	)		(493	)		(18,655	)
Accumulated net realized gains on investments		105,305			741,386			758,927
Net unrealized appreciation on investments		2,180,853			12,441,231			13,733,291
Net Assets	$	21,905,140		$	68,168,459		$	59,532,523

Pricing of Class A Shares
Net assets attributable to Class A shares	$	21,905,140		$	68,168,459		$	59,532,523
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		1,886,234			5,118,010			4,102,534
Net asset value, offering price and redemption price per share	$	11.61		$	13.32		$	14.51
Maximum sales charge		5.25	%		5.25	%		5.25	%
Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]	$	12.25		$	14.06		$	15.31

See accompanying notes to financial statements.

Statements of Operations

For the six months ended June 30, 2017 (unaudited)

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund		Praxis Small Cap Index Fund
Investment income
Dividends	$	98,428		$	4,464,430		$	2,059,048		$	1,842,586	$	338,657
Foreign tax withholding		(3,108	)		(508,989	)		(1,355	)		—		—
Interest		6,871,652			9,486			7,091			10,936		2,215
Total Investment Income		6,966,972			3,964,927			2,064,784			1,853,522		340,872

Expenses
Investment advisory fees		942,283			619,048			248,021			329,636		71,358
Administration fees		132,798			63,483			46,586			61,955		13,404
Distribution fees - Class A		104,783			27,135			28,079			90,334		6,562
Professional fees		56,877			36,990			23,082			29,516		9,901
Transfer agent fees - Class A		47,432			15,635			10,917			28,778		5,040
Transfer agent fees - Class I		6,667			2,571			4,817			6,102		1,573
Pricing fees		45,006			35,032			3,926			3,596		5,458
Registration fees - Class A		15,844			12,641			10,563			14,479		12,979
Registration fees - Class I		3,050			3,194			2,992			1,962		1,219
Insurance expense		32,384			12,957			10,460			13,118		3,152
Trustee fees and expenses		29,849			14,560			10,546			12,849		3,332
Custodian fees		19,204			19,763			5,494			7,101		6,357
Shareholder report printing fees - Class A		7,660			3,576			1,922			5,633		3,636
Shareholder report printing fees - Class I		1,889			645			1,292			2,040		344
Postage & Supplies		16			1,832			1,832			1,832		1,832
Other expenses		19,014			7,305			9,619			22,654		2,963
Total Expenses		1,464,756			876,367			420,148			631,585		149,110
Expenses reduced by Investment Adviser		(20,648	)		—			—			—		(12,419	)
Net Expenses		1,444,108			876,367			420,148			631,585		136,691

Net Investment Income		5,522,864			3,088,560			1,644,636			1,221,937		204,181

Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		816,444			(2,346,959	)		2,280,807			191,629		10,297,073
Net realized losses on foreign currency transactions		—			(28,081	)		—			—		—
Change in unrealized appreciation (depreciation) of investments		4,893,114			28,646,940			5,269,162			25,146,204		(9,626,040	)
Change in unrealized appreciation (depreciation) of foreign currency translations		—			1,590			—			1,876		—
Net Realized and Unrealized Gains on Investments and Foreign Currency Transactions		5,709,558			26,273,490			7,549,969			25,339,709		671,033
Net Change in Net Assets from Operations	$	11,232,422		$	29,362,050		$	9,194,605		$	26,561,646	$	875,214

See accompanying notes to financial statements.

Statements of Operations, continued

For the six months ended June 30, 2017 (unaudited)

	Praxis Genesis Conservative Portfolio		Praxis Genesis Balanced Portfolio		Praxis Genesis Growth Portfolio
Investment income
Dividends from affiliates	$	195,322	$	340,257	$	146,653

Expenses
Distribution fees - Class A		26,962		82,048		70,705
Transfer agent fees		9,653		27,998		33,489
Investment advisory fees		5,392		16,410		14,141
Registration fees and filing fees		8,347		8,166		8,072
Administration fees		3,236		9,851		8,490
Professional fees		5,256		6,334		6,122
Shareholder report printing fees		1,055		4,686		5,730
Postage & Supplies		1,832		1,832		1,832
Custodian fees		408		408		400
Trustee fees and expenses		148		450		385
Insurance expense		148		433		361
Pricing fees		11		32		26
Other expenses		2,589		10,537		15,555
Total Expenses		65,037		169,185		165,308

Net Investment Income (Loss)		130,285		171,072		(18,655	)

Realized and Unrealized Gains on Investments in Affiliates
Net realized gains on investments in affiliates		193,761		778,269		726,172
Change in unrealized appreciation (depreciation) of investments in affiliates		625,854		3,159,850		3,493,803
Net Realized and Unrealized Gains on Investments in Affiliates		819,615		3,938,119		4,219,975
Net Change in Net Assets from Operations	$	949,900	$	4,109,191	$	4,201,320

See accompanying notes to financial statements.

Statements of Changes in Net Assets

	Praxis Impact Bond Fund						Praxis International Index Fund
	For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016
From Operations
Net investment income	$	5,522,864		$	10,617,263		$	3,088,560		$	3,516,419
Net realized gains (losses) from investments and foreign currency transactions		816,444			627,949			(2,375,040	)		(5,736,541	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		4,893,114			(584,097	)		28,648,530			12,431,310
Net Change in Net Assets from Operations		11,232,422			10,661,115			29,362,050			10,211,188

Distributions to Shareholders
From net investment income
Class A		(934,256	)		(1,936,638	)		—			(267,004	)
Class I		(5,049,232	)		(9,821,417	)		—			(3,317,908	)
From net realized gains
Class A		—			(66,864	)		—			—
Class I		—			(309,759	)		—			—
Change in Net Assets from Distributions to Shareholders		(5,983,488	)		(12,134,678	)		—			(3,584,912	)

Change in Net Assets from Capital Transactions (Note 6)		20,701,674			32,429,421			38,649,498			15,118,614
Change in Net Assets		25,950,608			30,955,858			63,011,548			21,744,890

Net Assets
Beginning of period		464,908,810			433,952,952			192,475,085			170,730,195
End of period	$	490,859,418		$	464,908,810		$	260,486,633		$	192,475,085

Accumulated (Distributions in Excess of) Net Investment Income	$	(451,768	)	$	8,856		$	2,844,791		$	(215,688	)

See accompanying notes to financial statements.

Statements of Changes in Net Assets, continued

	Praxis Value Index Fund					Praxis Growth Index Fund					Praxis Small Cap Index Fund
	For the Six Months Ended June 30, 2017 (Unaudited)		For the Year Ended December 31, 2016			For the Six Months Ended June 30, 2017 (Unaudited)		For the Year Ended December 31, 2016			For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016
From Operations
Net investment income (loss)	$	1,644,636	$	3,145,127		$	1,221,937	$	2,160,777		$	204,181		$	(153,202	)
Net realized gains from security transactions		2,280,807		7,556,162			191,629		10,288,360			10,297,073			2,619,380
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		5,269,162		12,834,166			25,148,080		1,551,046			(9,626,040	)		1,724,520
Net Change in Net Assets from Operations		9,194,605		23,535,455			26,561,646		14,000,183			875,214			4,190,698

Distributions to Shareholders
From net investment income
Class A		—		(394,778	)		—		(439,271	)		—			—
Class I		—		(3,136,628	)		—		(1,466,838	)		—			—
From net realized gains
Class A		—		(163,656	)		—		—			—			(313,627	)
Class I		—		(1,048,199	)		—		—			—			(2,140,464	)
Change in Net Assets from Distributions to Shareholders		—		(4,743,261	)		—		(1,906,109	)		—			(2,454,091	)

Change in Net Assets from Capital Transactions (Note 6)		8,386,006		8,693,909			2,967,862		4,774,596			603,745			(989,791	)
Change in Net Assets		17,580,611		27,486,103			29,529,508		16,868,670			1,478,959			746,816

Net Assets
Beginning of period		158,866,240		131,380,137			203,868,664		186,999,994			47,909,865			47,163,049
End of period	$	176,446,851	$	158,866,240		$	233,398,172	$	203,868,664		$	49,388,824		$	47,909,865

Accumulated Net Investment Income	$	1,644,636	$	—		$	1,490,289	$	268,352		$	204,181		$	—

See accompanying notes to financial statements.

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, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016
From Operations
Net investment income (loss)	$	130,285		$	358,872		$	171,072		$	858,152		$	(18,655	)	$	560,493
Net realized gains (losses) on investments in affiliates		193,761			(10,150	)		778,269			(164,281	)		726,172			(223,922	)
Distribution of realized gains received from affiliates		—			56,044			—			429,255			—			513,581
Net change in unrealized appreciation (depreciation) on investments in affiliates		625,854			466,687			3,159,850			2,832,421			3,493,803			3,141,548
Net Change in Net Assets from Operations		949,900			871,453			4,109,191			3,955,547			4,201,320			3,991,700

Distributions to Shareholders
From net investment income
Class A		(130,352	)		(359,249	)		(171,565	)		(858,833	)		—			(561,401	)
From net realized gains
Class A		—			(116,382	)		—			(1,007,884	)		—			(1,276,437	)
Change in Net Assets from Distributions to Shareholders		(130,352	)		(475,631	)		(171,565	)		(1,866,717	)		—			(1,837,838	)

Change in Net Assets from Capital Transactions (Note 6)		(510,302	)		1,481,723			665,703			1,734,670			1,405,291			1,890,668
Change in Net Assets		309,246			1,877,545			4,603,329			3,823,500			5,606,611			4,044,530

Net Assets
Beginning of period		21,595,894			19,718,349			63,565,130			59,741,630		$	53,925,912			49,881,382
End of period	$	21,905,140		$	21,595,894		$	68,168,459		$	63,565,130		$	59,532,523		$	53,925,912

Distributions in Excess of Net Investment Income	$	(67	)	$	—		$	(493	)	$	—		$	(18,655	)	$	—

See accompanying notes to financial statements.

Financial Highlights

For a share outstanding throughout the period indicated

Praxis Impact Bond Fund - Class A

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value at beginning of period	$	10.30		$	10.32		$	10.54		$	10.27		$	10.73		$	10.63
Net investment income		0.10	^(a)		0.20	^(a)		0.23	^(a)		0.24	^(a)		0.25	^(a)		0.27
Net realized and unrealized gains (losses) on investments		0.13			0.02			(0.19	)		0.29			(0.42	)		0.22
Total from investment operations		0.23			0.22			0.04			0.53			(0.17	)		0.49
Less distributions:
Dividends from investment income		(0.11	)		(0.23	)		(0.25	)		(0.26	)		(0.28	)		(0.30	)
Distributions from net realized gains		—			(0.01	)		(0.01	)		—			(0.01	)		(0.09	)
Total distributions		(0.11	)		(0.24	)		(0.26	)		(0.26	)		(0.29	)		(0.39	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	10.42		$	10.30		$	10.32		$	10.54		$	10.27		$	10.73
Total return (excludes sales charge)		2.29	%^(c)		2.13	%		0.33	%		5.21	%		(1.65	%)		4.64	%
Net assets at end of period (in 000s)	$	88,119		$	83,211		$	79,999		$	74,950		$	69,784		$	83,494
Ratio of net expenses to average net assets		0.92	%^(d)		0.94	%		0.93	%		0.93	%		0.94	%		0.96	%
Ratio of net investment income to average net assets		2.04	%^(d)		1.87	%		2.16	%		2.32	%		2.34	%		2.49	%
Ratio of gross expenses to average net assets*		0.97	%^(d)		0.99	%		0.98	%		0.94	%		0.99	%		1.05	%
Portfolio turnover rate		10.74	%^(c)		16.05	%		22.67	%		16.48	%		23.68	%		35.75	%

Praxis Impact Bond Fund - Class I

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value at beginning of period	$	10.25		$	10.27		$	10.50		$	10.22		$	10.69		$	10.60
Net investment income		0.12	^(a)		0.26	^(a)		0.27	^(a)		0.28	^(a)		0.29	^(a)		0.31
Net realized and unrealized gains (losses) on investments		0.13			0.00	^(b)		(0.20	)		0.30			(0.43	)		0.21
Total from investment operations		0.25			0.26			0.07			0.58			(0.14	)		0.52
Less distributions:
Dividends from investment income		(0.13	)		(0.27	)		(0.29	)		(0.30	)		(0.32	)		(0.34	)
Distributions from net realized gains		—			(0.01	)		(0.01	)		—			(0.01	)		(0.09	)
Total distributions		(0.13	)		(0.28	)		(0.30	)		(0.30	)		(0.33	)		(0.43	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	10.37		$	10.25		$	10.27		$	10.50		$	10.22		$	10.69
Total return (excludes sales charge)		2.48	%^(c)		2.55	%		0.72	%		5.66	%		(1.26	%)		4.98	%
Net assets at end of period (in 000s)	$	402,741		$	381,697		$	353,954		$	330,742		$	292,594		$	268,864
Ratio of expenses to average net assets		0.55	%^(d)		0.54	%		0.54	%		0.53	%		0.54	%		0.56	%
Ratio of net investment income to average net assets		2.41	%^(d)		2.41	%		2.55	%		2.73	%		2.73	%		2.89	%
Portfolio turnover rate		10.74	%^(c)		16.05	%		22.67	%		16.48	%		23.68	%		35.75	%

*	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 per share has been calculated using the average daily shares outstanding during the period.

^(b)	Amount is less than $0.005 per share.

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis International Index Fund - Class A

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value at beginning of period	$	9.47		$	9.15		$	9.85		$	10.64		$	9.47		$	8.25
Net investment income		0.11	^(a)		0.13	^(a)		0.14	^(a)		0.20	^(a)		0.14	^(a)		0.17
Net realized and unrealized gains (losses) on investments		1.20			0.32			(0.71	)		(0.81	)		1.17			1.17
Total from investment operations		1.31			0.45			(0.57	)		(0.61	)		1.31			1.34
Less distributions:
Dividends from investment income		—			(0.13	)		(0.13	)		(0.18	)		(0.14	)		(0.12	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	10.78		$	9.47		$	9.15		$	9.85		$	10.64		$	9.47
Total return (excludes sales charge)		13.83	%^(c)		4.97	%		(5.76	%)		(5.70	%)		13.86	%		16.24	%
Net assets at end of period (in 000s)	$	24,856		$	18,877		$	17,631		$	18,370		$	19,892		$	18,181
Ratio of net expenses to average net assets		1.27	%^(d)		1.32	%		1.33	%		1.28	%		1.43	%		1.73	%
Ratio of net investment income to average net assets		2.21	%^(d)		1.45	%		1.45	%		1.88	%		1.36	%		1.58	%
Portfolio turnover rate		3.75	%^(c)		10.26	%		4.48	%		5.73	%		11.36	%		5.18	%

Praxis International Index Fund - Class I

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value at beginning of period	$	9.51		$	9.19		$	9.89		$	10.70		$	9.51		$	8.27
Net investment income		0.14	^(a)		0.19	^(a)		0.20	^(a)		0.25	^(a)		0.20	^(a)		0.18
Net realized and unrealized gains (losses) on investments		1.21			0.31			(0.71	)		(0.82	)		1.20			1.24
Total from investment operations		1.35			0.50			(0.51	)		(0.57	)		1.40			1.42
Less distributions:
Dividends from investment income		—			(0.18	)		(0.19	)		(0.24	)		(0.21	)		(0.18	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	10.86		$	9.51		$	9.19		$	9.89		$	10.70		$	9.51
Total return (excludes sales charge)		14.20	%^(c)		5.48	%		(5.19	%)		(5.36	%)		14.68	%		17.26	%
Net assets at end of period (in 000s)	$	235,630		$	173,598		$	153,099		$	154,074		$	150,369		$	118,838
Ratio of expenses to average net assets		0.72	%^(d)		0.77	%		0.78	%		0.78	%		0.80	%		0.84	%
Ratio of net investment income to average net assets		2.77	%^(d)		2.01	%		1.97	%		2.35	%		1.96	%		2.29	%
Portfolio turnover rate		3.75	%^(c)		10.26	%		4.48	%		5.73	%		11.36	%		5.18	%

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

^(b)	Amount is less than $0.005 per share.

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Value Index Fund - Class A

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value at beginning of period	$	12.64		$	11.17		$	12.54		$	11.21		$	8.71		$	7.57
Net investment income		0.10	^(a)		0.19	^(a)		0.20	^(a)		0.18	^(a)		0.14	^(a)		0.28
Net realized and unrealized gains (losses) on investments		0.59			1.61			(1.00	)		1.23			2.60			0.93
Total from investment operations		0.69			1.80			(0.80	)		1.41			2.74			1.21
Less distributions:
Dividends from investment income		—			(0.23	)		(0.28	)		(0.08	)		(0.24	)		(0.07	)
Distributions from net realized gains		—			(0.10	)		(0.29	)		—			—			—
Total distributions		—			(0.33	)		(0.57	)		(0.08	)		(0.24	)		(0.07	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	13.33		$	12.64		$	11.17		$	12.54		$	11.21		$	8.71
Total return (excludes sales charge)		5.46	%^(c)		16.13	%		(6.41	%)		12.57	%		31.33	%		16.12	%
Net assets at end of period (in 000s)	$	23,313		$	21,676		$	17,453		$	17,356		$	16,275		$	13,591
Ratio of expenses to average net assets		0.93	%^(d)		0.94	%		0.94	%		0.87	%		1.03	%		1.21	%
Ratio of net investment income to average net assets		1.57	%^(d)		1.68	%		1.62	%		1.53	%		1.40	%		1.48	%
Portfolio turnover rate		5.45	%^(c)		48.26	%		21.38	%		20.53	%		30.38	%		69.58	%

Praxis Value Index Fund - Class I

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value at beginning of period	$	12.56		$	11.09		$	12.46		$	11.14		$	8.65		$	7.52
Net investment income		0.13	^(a)		0.26	^(a)		0.26	^(a)		0.23	^(a)		0.20	^(a)		0.09
Net realized and unrealized gains (losses) on investments		0.59			1.60			(1.00	)		1.22			2.59			1.18
Total from investment operations		0.72			1.86			(0.74	)		1.45			2.79			1.27
Less distributions:
Dividends from investment income		—			(0.29	)		(0.34	)		(0.13	)		(0.30	)		(0.14	)
Distributions from net realized gains		—			(0.10	)		(0.29	)		—			—			—
Total distributions		—			(0.39	)		(0.63	)		(0.13	)		(0.30	)		(0.14	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		—			—
Net asset value at end of period	$	13.28		$	12.56		$	11.09		$	12.46		$	11.14		$	8.65
Total return (excludes sales charge)		5.73	%^(c)		16.75	%		(6.00	%)		13.03	%		32.26	%		16.91	%
Net assets at end of period (in 000s)	$	153,134		$	137,191		$	113,927		$	108,845		$	93,118		$	71,284
Ratio of expenses to average net assets		0.44	%^(d)		0.44	%		0.45	%		0.45	%		0.48	%		0.47	%
Ratio of net investment income to average net assets		2.05	%^(d)		2.25	%		2.11	%		1.94	%		1.95	%		2.24	%
Portfolio turnover rate		5.45	%^(c)		48.26	%		21.68	%		20.53	%		30.38	%		69.58	%

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

^(b)	Amount is less than $0.005 per share.

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Growth Index Fund - Class A

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value at beginning of period	$	18.82		$	17.68		$	17.25		$	15.19		$	11.63		$	9.96
Net investment income		0.08	^(a)		0.15	^(a)		0.18	^(a)		0.12	^(a)		0.10	^(a)		0.02
Net realized and unrealized gains on investments		2.33			1.11			0.46			2.05			3.58			1.70
Total from investment operations		2.41			1.26			0.64			2.17			3.68			1.72
Less distributions:
Dividends from investment income		—			(0.12	)		(0.21	)		(0.11	)		(0.12	)		(0.05	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	21.23		$	18.82		$	17.68		$	17.25		$	15.19		$	11.63
Total return (excludes sales charge)		12.81	%^(c)		7.15	%		3.70	%		14.26	%		31.72	%		17.15	%
Net assets at end of period (in 000s)	$	77,491		$	67,007		$	64,689		$	55,833		$	51,724		$	43,035
Ratio of net expenses to average net assets		0.85	%^(d)		0.86	%		0.84	%		0.91	%		1.01	%		1.08	%*
Ratio of net investment income to average net assets		0.83	%^(d)		0.86	%		1.00	%		0.73	%		0.76	%		1.08	%
Portfolio turnover rate		2.30	%^(c)		43.09	%		18.68	%		19.09	%		14.82	%		82.74	%

Praxis Growth Index Fund - Class I

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value at beginning of period	$	18.93		$	17.79		$	17.34		$	15.27		$	11.68		$	9.96
Net investment income		0.13	^(a)		0.23	^(a)		0.25	^(a)		0.20	^(a)		0.18	^(a)		0.07
Net realized and unrealized gains on investments		2.34			1.11			0.47			2.06			3.60			1.71
Total from investment operations		2.47			1.34			0.72			2.26			3.78			1.78
Less distributions:
Dividends from investment income		—			(0.20	)		(0.27	)		(0.19	)		(0.19	)		(0.06	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	21.40		$	18.93		$	17.79		$	17.34		$	15.27		$	11.68
Total return (excludes sales charge)		13.05	%^(c)		7.62	%		4.10	%		14.77	%		32.26	%		17.94	%
Net assets at end of period (in 000s)	$	155,907		$	136,862		$	122,311		$	118,619		$	100,561		$	97,072
Ratio of expenses to average net assets		0.44	%^(d)		0.44	%		0.44	%		0.42	%		0.47	%		0.48	%
Ratio of net investment income to average net assets		1.25	%^(d)		1.26	%		1.38	%		1.22	%		1.31	%		1.31	%
Portfolio turnover rate		2.30	%^(c)		43.09	%		18.68	%		19.09	%		14.82	%		82.74	%

*	During the period, certain expenses were reduced by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratio would have been 1.26% for the year ended December 31, 2012.

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

^(b)	Amount is less than $0.005 per share.

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Small Cap Index Fund - Class A

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value at beginning of period	$	9.67		$	9.45		$	11.49		$	13.80		$	11.33		$	10.51
Net investment income (loss)		0.02	^(a)		(0.08	)^(a)		(0.09	)^(a)		(0.12	)^(a)		(0.12	)^(a)		(0.06	)
Net realized and unrealized gains (losses) on investments		0.13			0.85			(0.41	)		(0.43	)		4.04			1.03
Total from investment operations		0.15			0.77			(0.50	)		(0.55	)		3.92			0.97
Less distributions:
Dividends from net realized gains		—			(0.55	)		(1.54	)		(1.76	)		(1.45	)		(0.15	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	9.82		$	9.67		$	9.45		$	11.49		$	13.80		$	11.33
Total return (excludes sales charge)		1.55	%^(c)		8.18	%		(4.53	%)		(4.11	%)		34.63	%		9.26	%
Net assets at end of period (in 000s)	$	5,189		$	5,771		$	7,339		$	7,664		$	8,465		$	5,710
Ratio of net expenses to average net assets		1.11	%^(d)		1.67	%		1.68	%		1.69	%		1.69	%		1.72	%
Ratio of net investment income (loss) to average net assets		0.31	%^(d)		(1.45	%)		(0.75	%)		(0.95	%)		(0.95	%)		(0.34	%)
Ratio of gross expenses to average net assets*		1.58	%^(d)		1.76	%		1.81	%		1.70	%		1.90	%		1.91	%
Portfolio turnover rate		99.06	%^(c)		60.49	%		75.84	%		73.67	%		49.25	%		49.78	%

Praxis Small Cap Index Fund - Class I

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value at beginning of period	$	10.35		$	10.01		$	12.01		$	14.25		$	11.59		$	10.67
Net investment income (loss)		0.05	^(a)		(0.02	)^(a)		(0.01	)^(a)		(0.04	)^(a)		(0.04	)^(a)		0.06
Net realized and unrealized gains (losses) on investments		0.14			0.91			(0.45	)		(0.44	)		4.15			1.01
Total from investment operations		0.19			0.89			(0.46	)		(0.48	)		4.11			1.07
Less distributions:
Dividends from net realized gains		—			(0.55	)		(1.54	)		(1.76	)		(1.45	)		(0.15	)
Paid-in capital from redemption fees		—			—			—			0.00	^(b)		0.00	^(b)		—
Net asset value at end of period	$	10.54		$	10.35		$	10.01		$	12.01		$	14.25		$	11.59
Total return (excludes sales charge)		1.84	%^(c)		8.93	%		(3.99	%)		(3.49	%)		35.53	%		10.06	%
Net assets at end of period (in 000s)	$	44,199		$	42,139		$	39,824		$	53,783		$	68,762		$	63,520
Ratio of expenses to average net assets		0.51	%^(d)		1.00	%		1.06	%		1.02	%		1.04	%		1.05	%
Ratio of net investment income (loss) to average net assets		0.93	%^(d)		(0.13	%)		(0.07	%)		(0.28	%)		(0.31	%)		0.50	%
Portfolio turnover rate		99.06	%^(c)		60.49	%		75.84	%		73.67	%		49.25	%		49.78	%

*	During the period, certain expenses were reduced by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.

^(a)	Net investment income (loss) per share has been calculated using the average daily shares outstanding during the period.

^(b)	Amount is less than $0.005 per share.

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Conservative Portfolio - Class A

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value at beginning of period	$	11.18		$	10.97		$	11.34		$	11.10		$	10.79		$	10.50
Net investment income		0.07	^(a)		0.19	^(a)		0.22	^(a)		0.21	^(a)		0.23	^(a)		0.23
Net realized and unrealized gains (losses) on investments		0.43			0.29			(0.31	)		0.42			0.45			0.54
Total from investment operations		0.50			0.48			(0.09	)		0.63			0.68			0.77
Less distributions:
Dividends from investment income		(0.07	)		(0.21	)		(0.22	)		(0.21	)		(0.23	)		(0.24	)
Distributions from net realized gains		—			(0.06	)		(0.06	)		(0.18	)		(0.14	)		(0.24	)
Total distributions		(0.07	)		(0.27	)		(0.28	)		(0.39	)		(0.37	)		(0.48	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	11.61		$	11.18		$	10.97		$	11.34		$	11.10		$	10.79
Total return (excludes sales charge)		4.47	%^(c)		4.23	%		(0.81	%)		5.68	%		6.28	%		7.42	%
Net assets at end of period (in 000s)	$	21,905		$	21,596		$	19,718		$	19,128		$	18,045		$	17,203
Ratio of net expenses to average net assets^†		0.60	%^(d)		0.58	%		0.60	%		0.60	%		0.61	%		0.61	%
Ratio of net investment income to average net assets		1.21	%^(d)		1.72	%		1.95	%		1.82	%		2.04	%		2.13	%
Ratio of gross expenses to average net assets^†*		0.60	%^(d)		0.58	%		0.63	%		0.62	%		0.64	%		0.65	%
Portfolio turnover rate		6.09	%^(c)		11.42	%		8.66	%		10.78	%		25.69	%		30.58	%

^†	The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which it invests.

*	During the period, certain expenses were reduced by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

^(b)	Amount is less than $0.005 per share.

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Balanced Portfolio - Class A

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value at beginning of period	$	12.55		$	12.13		$	12.76		$	12.50		$	11.14		$	10.62
Net investment income		0.03	^(a)		0.17	^(a)		0.21	^(a)		0.17	^(a)		0.20	^(a)		0.17
Net realized and unrealized gains (losses) on investments		0.77			0.64			(0.42	)		0.49			1.50			0.90
Total from investment operations		0.80			0.81			(0.21	)		0.66			1.70			1.07
Less distributions:
Dividends from investment income		(0.03	)		(0.19	)		(0.22	)		(0.17	)		(0.19	)		(0.18	)
Distributions from net realized gains		—			(0.20	)		(0.20	)		(0.23	)		(0.15	)		(0.37	)
Total distributions		(0.03	)		(0.39	)		(0.42	)		(0.40	)		(0.34	)		(0.55	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	13.32		$	12.55		$	12.13		$	12.76		$	12.50		$	11.14
Total return (excludes sales charge)		6.41	%^(c)		6.58	%		(1.66	%)		5.30	%		15.30	%		10.11	%
Net assets at end of period (in 000s)	$	68,168		$	63,565		$	59,742		$	57,611		$	53,614		$	44,584
Ratio of net expenses to average net assets^†		0.52	%^(d)		0.55	%		0.54	%		0.58	%		0.60	%		0.61	%*
Ratio of net investment income to average net assets		0.52	%^(d)		1.39	%		1.65	%		1.33	%		1.65	%		1.57	%
Portfolio turnover rate		7.15	%^(c)		10.29	%		6.53	%		10.26	%		19.91	%		38.48	%

^†	The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which it invests.

*	During the period, certain expenses were reduced by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratio would have been 0.62% for the year ended December 31, 2012.

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

^(b)	Amount is less than $0.005 per share.

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Growth Portfolio - Class A

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value at beginning of period	$	13.47		$	12.93		$	13.79		$	13.49		$	11.40		$	10.68
Net investment income (loss)		(0.00	)^(a)		0.14	^(a)		0.18	^(a)		0.13	^(a)		0.17	^(a)		0.13
Net realized and unrealized gains (losses) on investments		1.04			0.87			(0.52	)		0.56			2.26			1.13
Total from investment operations		1.04			1.01			(0.34	)		0.69			2.43			1.26
Less distributions:
Dividends from investment income		—			(0.14	)		(0.19	)		(0.13	)		(0.17	)		(0.14	)
Distributions from net realized gains		—			(0.33	)		(0.33	)		(0.26	)		(0.17	)		(0.40	)
Total distributions		—			(0.47	)		(0.52	)		(0.39	)		(0.34	)		(0.54	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	14.51		$	13.47		$	12.93		$	13.79		$	13.49		$	11.40
Total return (excludes sales charge)		7.72	%^(c)		7.82	%		(2.49	%)		5.09	%		21.28	%		11.82	%
Net assets at end of period (in 000s)	$	59,533		$	53,925		$	49,881		$	49,670		$	45,793		$	36,294
Ratio of net expenses to average net assets^†		0.58	%^(d)		0.61	%		0.62	%		0.60	%		0.60	%		0.61	%
Ratio of net investment income (loss) to average net assets		(0.07	%)^(d)		1.09	%		1.33	%		0.95	%		1.39	%		1.22	%
Ratio of gross expenses to average net assets^†*		0.58	%^(d)		0.61	%		0.62	%		0.60	%		0.66	%		0.74	%
Portfolio turnover rate		7.55	%^(c)		9.32	%		7.39	%		8.81	%		20.87	%		45.13	%

^†	The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which it invests.

*	During the period, certain expenses were reduced by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.

^(a)	Net investment income (loss) per share has been calculated using the average daily shares outstanding during the period.

^(b)	Amount is less than $0.005 per share.

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Notes to Financial Statements (unaudited)

June 30, 2017

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 April 28, 2016, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of June 30, 2017, the Trust consists of the Praxis Impact Bond Fund, the Praxis International Index Fund, the Praxis Value Index Fund, the Praxis Growth Index Fund, and the Praxis Small Cap Index Fund (formerly 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 Impact Bond Fund, International Index Fund, Value Index Fund, Growth Index Fund, Small Cap Index Fund, Conservative Portfolio, Balanced Portfolio and Growth Portfolio in the financial statements. Each Fund and Portfolio is a diversified series of the Trust.

As of June 30, 2017, 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 Impact Bond Fund which has a maximum sales charge of 3.75 percent.

2. Significant Accounting Policies:

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X which will impact financial statement presentation, particularly the presentation of derivative investments. Although still evaluating the impact, management believes that many of the Regulation S-X amendments are consistent with the Funds’ and Portfolios’ current financial statement presentation and expects that the Funds and the Portfolios will be able to comply with the amendments by the August 1, 2017 compliance date.

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 open-end 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 debt investments. A pricing service would normally consider such factors as yield, risk, quality, maturity, type of issue, trading characteristics, special circumstances and other factors it deems relevant in determining valuations of normal institutional trading units of debt securities and would not rely exclusively on quoted prices. When valuing foreign securities held by the Funds, certain pricing services might use computerized pricing models to systematically calculate adjustments to foreign security closing prices based on the latest market movements. Such pricing models utilize market data that has been obtained between the local market close and the NYSE close to compute adjustments to foreign security close prices. The methods used by the pricing service and the valuations so established are reviewed by the Pricing Committee of the Funds and Portfolios (“Pricing Committee”) under general supervision of the Board of Trustees (the “Board”). Securities for which market quotations are not readily available (e.g. an approved pricing service does not provide a price, certain stale prices or an event occurs that materially affects the furnished price) are valued at their fair value as determined in good faith in accordance with consistently applied procedures established by and under the general supervision of the Board. Short-term debt securities of sufficient credit quality maturing in less than 61 days may be valued at amortized cost, which approximates fair value. The Portfolios’ investments in the Funds (the “Underlying Funds”) are valued at the closing 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.

Notes to Financial Statements (unaudited), continued

June 30, 2017

The valuation techniques described maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:

● Level 1 —

quoted prices in active markets for identical securities

● Level 2 —

other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 —

significant unobservable inputs (including the Funds’ and Portfolios’ own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities is not necessarily an indication of the risks associated with investing in those securities. For example, short-term debt securities of sufficient credit quality maturing in less than 61 days may be valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The Trust determines transfers between fair value hierarchy levels at the reporting period end.

The aggregate value by input level, as of June 30, 2017, for each Fund’s and Portfolio’s investments are as follows:

Impact Bond Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Asset Backed Securities	$	—	$	16,899,415	$	—	$	16,899,415
Commercial Mortgage Backed Securities		—		3,407,676		—		3,407,676
Municipal Bonds		—		11,987,034		—		11,987,034
Corporate Bonds		—		174,691,261		—		174,691,261
Corporate Notes		—		4,850,000		—		4,850,000
Foreign Governments		—		42,006,372		—		42,006,372
U.S. Government Agencies		—		220,890,528		—		220,890,528
Investment Companies		3,610,690		—		—		3,610,690
Total Investments	$	3,610,690	$	474,732,286	$	—	$	478,342,976

International Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	256,016,060	$	70,670	$	—	$	256,086,730
Corporate Notes		—		2,350,000		—		2,350,000
Total Investments	$	256,016,060	$	2,420,670	$	—	$	258,436,730

Value Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	174,134,095	$	—	$	—	$	174,134,095
Rights		—		6,706		—		6,706
Corporate Notes		—		1,560,000		—		1,560,000
Total Investments	$	174,134,095	$	1,566,706	$	—	$	175,700,801

Growth Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	230,464,188	$	—	$	—	$	230,464,188
Corporate Notes		—		2,100,000		—		2,100,000
Total Investments	$	230,464,188	$	2,100,000	$	—	$	232,564,188

Notes to Financial Statements (unaudited), continued

June 30, 2017

Small Cap Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	48,764,323	$	—	$	—	$	48,764,323
Corporate Notes		—		445,000		—		445,000
Total Investments	$	48,764,323	$	445,000	$	—	$	49,209,323

Conservative Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	21,756,854	$	—	$	—	$	21,756,854
Total Investments	$	21,756,854	$	—	$	—	$	21,756,854

Balanced Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	68,176,156	$	—	$	—	$	68,176,156
Total Investments	$	68,176,156	$	—	$	—	$	68,176,156

Growth Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	59,536,977	$	—	$	—	$	59,536,977
Total Investments	$	59,536,977	$	—	$	—	$	59,536,977

During the six months ended June 30, 2017, the Funds and Portfolios had no transfers in and out of Levels 1, 2, or 3.

Securities Transactions and Related Income:

Changes in holdings of portfolio securities are reflected in the calculation of each Fund’s and Portfolio’s net asset value no later than 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. Realized 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. Withholding taxes on foreign dividends have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

Allocations:

Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation for the Funds are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Class specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Expenses not directly billed to a Fund or Portfolio are allocated proportionally among all Funds and Portfolios daily in relation to the net assets of each Fund or Portfolio or another reasonable measure.

The Portfolios invest in other Praxis equity and fixed income funds (the “Underlying Funds”) and, as a result, the Portfolios indirectly pay a portion of the operating expenses, including management fees, of the Underlying Funds. These expenses are 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 a Portfolio’s assets are allocated among the Underlying Funds.

Risks Associated with Foreign Securities and Currencies:

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include adverse future political and economic developments and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those countries.

Notes to Financial Statements (unaudited), continued

June 30, 2017

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 and other assets and liabilities of the International Index Fund denominated in foreign currencies are translated into U.S. dollars at the current exchange rate at the close of each business day. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars based at the exchange rate on the date of the transaction.

Reported net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from the changes in the value of assets and liabilities including investments in securities at the reporting period, resulting from changes in the exchange rate.

Dividends and Distributions:

Dividends from net investment income, if any, are declared and paid monthly for the Impact Bond Fund and for each of the Portfolios. Dividends from net investment income, if any, are declared and paid annually for the International Index Fund, the Value Index Fund, the Growth Index Fund and the Small Cap Index Fund. To the extent the Portfolios invest in the Impact Bond Fund and receive dividends, they will be paid monthly. Distributions of net realized capital gains from the Underlying Funds are recorded on the ex-dividend date or when the Portfolios are first notified of the dividend. Distributable net realized capital gains of the Funds, if any, are declared and distributed at least annually.

The amounts of dividends from net investment income and distributions from net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

Federal Income Taxes:

It is each Fund’s and Portfolio’s policy to continue to qualify as a regulated investment company by complying with the provisions available to investment companies, as defined in applicable sections of Subchapter M of the Internal Revenue Code, and to distribute timely all of its net investment company taxable income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax law, a withholding tax may be imposed on interest, dividends and capital gains earned on foreign investments at various rates. Where available, the Funds will file for claims on foreign taxes withheld.

Redemption Fees:

The Funds and Portfolios will charge a redemption fee of two percent of the total redemption amount if a shareholder sells or exchanges shares after holding them for less than 30 days subject to certain exceptions and limitations described in the Prospectus. Amounts charged are included in Paid-in Capital Share Transactions as disclosed in Note 6 to the Financial Statements.

3. Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term debt securities having maturities one year or less and U.S. Government Securities) for the six months ended June 30, 2017 were as follows:

	Purchases		Sales
Impact Bond Fund	$	65,295,465	$	48,953,477
International Index Fund		49,555,530		8,373,429
Value Index Fund		18,311,426		9,042,189
Growth Index Fund		9,175,911		5,035,023
Small Cap Index Fund		51,074,660		46,578,479
Conservative Portfolio		1,323,065		1,990,045
Balanced Portfolio		5,365,974		4,722,972
Growth Portfolio		5,664,797		4,296,108

Notes to Financial Statements (unaudited), continued

June 30, 2017

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 six months ended June 30, 2017
Affiliate	Fair Value at December 31, 2016		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2017		Dividend Income		Shares at June 30, 2017
Praxis Genesis Conservative Portfolio
Praxis Impact Bond Fund	$	15,169,753	$	815,817	$	(950,099	)	$	(21,704	)	$	200,019	$	15,213,786	$	195,322		1,467,096
Praxis International Index Fund		1,612,374		311,569		(207,243	)		16,925			233,064		1,966,689		—		181,095
Praxis Growth Index Fund		2,134,626		47,117		(449,351	)		151,309			110,819		1,994,520		—		93,202
Praxis Value Index Fund		2,145,972		118,188		(349,420	)		53,089			66,083		2,033,912		—		153,156
Praxis Small Cap Index Fund		541,494		30,374		(33,932	)		(5,858	)		15,869		547,947		—		51,987
Total	$	21,604,219	$	1,323,065	$	(1,990,045	)	$	193,761		$	625,854	$	21,756,854	$	195,322		1,946,536

	For the six months ended June 30, 2017
Affiliate	Fair Value at December 31, 2016		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2017		Dividend Income		Shares at June 30, 2017
Praxis Genesis Balanced Portfolio
Praxis Impact Bond Fund	$	25,584,075	$	1,872,300	$	(558,941	)	$	(14,105	)	$	321,486	$	27,204,815	$	340,257		2,623,415
Praxis International Index Fund		9,519,836		2,012,515		(731,105	)		40,376			1,470,170		12,311,792		—		1,133,682
Praxis Growth Index Fund		11,024,719		296,285		(1,900,304	)		621,830			749,058		10,791,588		—		504,280
Praxis Value Index Fund		11,080,357		698,865		(1,392,887	)		154,938			468,147		11,009,420		—		829,023
Praxis Small Cap Index Fund		6,386,048		486,009		(139,735	)		(24,770	)		150,989		6,858,541		—		650,715
Total	$	63,595,035	$	5,365,974	$	(4,722,972	)	$	778,269		$	3,159,850	$	68,176,156	$	340,257		5,741,115

	For the six months ended June 30, 2017
Affiliate	Fair Value at December 31, 2016		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2017		Dividend Income		Shares at June 30, 2017
Praxis Genesis Growth Portfolio
Praxis Impact Bond Fund	$	10,872,897	$	1,017,984	$	(154,920	)	$	(4,029	)	$	136,036	$	11,867,968	$	146,653		1,144,452
Praxis International Index Fund		10,789,040		2,473,195		(672,788	)		38,506			1,692,036		14,319,989		—		1,318,599
Praxis Growth Index Fund		12,047,766		447,861		(1,938,905	)		546,444			962,144		12,065,310		—		563,800
Praxis Value Index Fund		12,107,486		929,261		(1,413,304	)		169,147			515,268		12,307,858		—		926,797
Praxis Small Cap Index Fund		8,131,124		796,496		(116,191	)		(23,896	)		188,319		8,975,852		—		851,599
Total	$	53,948,313	$	5,664,797	$	(4,296,108	)	$	726,172		$	3,493,803	$	59,536,977	$	146,653		4,805,247

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:

Impact Bond Fund	0.40%
International Index Fund	0.60%
Value Index Fund	0.30%
Growth Index Fund	0.30%
Small Cap Index Fund	0.30%
Conservative Portfolio	0.05%
Balanced Portfolio	0.05%
Growth Portfolio	0.05%

Notes to Financial Statements (unaudited), continued

June 30, 2017

The Adviser has retained Aperio Group LLC (the “Sub-Adviser”) to perform the daily investment of the assets of the International Index Fund under the terms of a Sub-Advisory Agreement. The Adviser (not the Funds) pays the Sub-Adviser a fee for these services. Prior to January 1, 2017, Luther King Capital Management (“Luther King”) served as sub-adviser to the Small Cap Index Fund. Performance prior to that date includes performance of the Fund’s previous sub-adviser, Luther King, using a modified investment strategy.

The Adviser has entered into an expense limitation agreement effective until April 30, 2018. Pursuant to this agreement, the Adviser has agreed to reduce its 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 amount of fee reduction and/or expense reimbursements by the Adviser pursuant to this expense limitation agreement provided that such repayment does not cause the Total Annual Fund Operating Expenses (excluding AFFE, brokerage costs, interest, taxes, dividends, fees paid to vendors providing fair value pricing and fund compliance services, Trustees fees and expenses, legal fees and expenses, and extraordinary expenses) to exceed the contractual expense limit in place at the time of the fee reduction and/or reimbursement and at the time of repayment, and the repayment is made within three years after the year in which the Adviser reduced and/or reimbursed the expense.

The contractual expense limits in place as of June 30, 2017 were:

Impact Bond Fund (Class A)	0.90%
Small Cap Index Fund (Class A)	1.10%
Conservative Portfolio (Class A)	0.60%
Balanced Portfolio (Class A)	0.60%
Growth Portfolio (Class A)	0.60%

For the six months ended June 30, 2017, the Adviser contractually reduced investment advisory fees and/or reimbursed other operating expenses of the Funds as follows:

Impact Bond Fund (Class A)		$	20,648
Small Cap Index Fund (Class A)			12,419

As of June 30, 2017, the Funds and Portfolios had the following amounts (and year of expiration) subject to repayment to the Adviser:

	Year Waived	Year Repayment Expires	Balance
Impact Bond Fund	2014	2017	$	2,575
	2015	2018		35,957
	2016	2019		48,214
	2017	2020		20,648
			$	107,394
Small Cap Index Fund	2014	2017	$	1,183
	2015	2018		9,640
	2016	2019		6,061
	2017	2020		12,419
			$	29,303
Conservative Portfolio	2014	2017	$	2,698
	2015	2018		4,872
			$	7,570

U.S. Bancorp Fund Services LLC provides transfer agent, shareholder servicing and dividend disbursing services on behalf of the Trust. For these services, U.S. Bancorp Fund Services LLC receives an annual fee, paid monthly, from each Fund and Portfolio.

BHIL Distributors, LLC (“Distributor” and “Underwriter”) serves as the Funds’ and Portfolios’ principal Distributor and Underwriter and, as such, acts as exclusive agent for distribution of the Funds’ and Portfolios’ shares. Under the terms of the Underwriting Agreements between the Trust and the Underwriter, the Underwriter earned amounts from underwriting and broker commissions on the sale of shares during the six months ended June 30, 2017 as follows:

Impact Bond Fund	$	1,651
International Index Fund		333
Value Index Fund		1,478
Growth Index Fund		4,597
Small Cap Index Fund		191
Conservative Portfolio		3,670
Balanced Portfolio		9,697
Growth Portfolio		13,339

Notes to Financial Statements (unaudited), continued

June 30, 2017

The Trust has adopted a Plan of Distribution (“Rule 12b-1 Plan”) under which each Fund and Portfolio may directly incur or reimburse the Adviser or the Underwriter for expenses related to the distribution and promotion of shares. The Rule 12b-1 Plan permits Class A Shares of the Funds and Portfolios to pay a 12b-1 fee of up to 0.50% of the average daily net assets attributable to Class A Shares of the applicable Fund and Portfolio, although the Board has currently authorized the Funds and Portfolios to charge no more than 0.25%. The Distributor may use the 12b-1 fee for shareholder servicing or distribution.

The Trust has entered into a Management and Administration Agreement with Foreside Management Services, LLC (“Foreside”) to serve as business manager and administrator for the Trust on behalf of the Funds. Pursuant to the terms of the Agreement, Foreside, as business manager and administrator for the Trust, performs and coordinates all management and administration services for the Trust either directly or through working with the Trust’s service providers. Services provided under the Agreement by Foreside include, but are not limited to, coordinating and monitoring activities of the third party service providers to the Funds; serving as officers of the Trust, including but not limited to Assistant Secretary, Chief Compliance Officer, Anti-Money Laundering Officer, Treasurer and others as are deemed necessary and appropriate; performing compliance services for the Trust, including maintaining the Trust compliance program as required under the 1940 Act; managing the process of filing amendments to the Trust’s registration statement and other reports to shareholders; coordinating the Board meeting preparation process; reviewing financial filings and filing with the SEC; and maintaining books and records in accordance with applicable laws and regulations. For these services, Foreside receives a monthly fee from each Fund and Portfolio.

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 $89,000 in aggregate Trustee fees during the six months ended June 30, 2017.

6. Capital Share Transactions:

Transactions in shares of the Funds and Portfolios are summarized below:

	Praxis Impact Bond Fund						Praxis International Index Fund
	Six Months Ended June 30, 2017			Year Ended December 31, 2016			Six Months Ended June 30, 2017			Year Ended December 31, 2016
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	20,369,619		$	29,429,619		$	6,493,639		$	3,792,535
Dividends reinvested		851,383			1,664,625			—			261,502
Cost of shares redeemed		(17,243,411	)		(27,546,172	)		(3,340,290	)		(3,539,492	)
Redemption fees		2,917			2,021			1,916			375
Class A Share Transactions	$	3,980,508		$	3,550,093		$	3,155,265		$	514,920
Class I Shares:
Proceeds from shares issued	$	44,855,984		$	86,125,619		$	49,614,828		$	35,441,754
Dividends reinvested		2,624,486			5,090,725			—			1,914,089
Cost of shares redeemed		(30,759,406	)		(62,337,747	)		(14,120,602	)		(22,752,292	)
Redemption fees		102			731			7			143
Class I Share Transactions	$	16,721,166		$	28,879,328		$	35,494,233		$	14,603,694
Net increase from capital transactions	$	20,701,674		$	32,429,421		$	38,649,498		$	15,118,614
Share Transactions:
Class A Shares:
Issued		1,963,100			2,797,252			634,722			419,684
Reinvested		82,052			158,049			—			27,614
Redeemed		(1,663,618	)		(2,629,475	)		(323,554	)		(380,688	)
Change in Class A Shares:		381,534			325,826			311,168			66,610
Class I Shares:
Issued		4,344,800			8,234,526			4,797,759			3,819,634
Reinvested		254,123			485,957			—			201,271
Redeemed		(2,980,037	)		(5,945,448	)		(1,355,157	)		(2,434,021	)
Change in Class I Shares:		1,618,886			2,775,035			3,442,602			1,586,884
Net increase from share transactions		2,000,420			3,100,861			3,753,770			1,653,494

Notes to Financial Statements (unaudited), continued

June 30, 2017

	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Index Fund
	Six Months Ended June 30, 2017			Year Ended December 31, 2016			Six Months Ended June 30, 2017			Year Ended December 31, 2016			Six Months Ended June 30, 2017			Year Ended December 31, 2016
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,255,600		$	4,090,425		$	7,425,099		$	11,774,936		$	508,641		$	1,079,098
Dividends reinvested		—			536,510			—			400,344			—			300,915
Cost of shares redeemed		(1,808,362	)		(2,778,619	)		(5,571,902	)		(14,102,860	)		(1,160,499	)		(3,092,514	)
Redemption fees		51			80			1,772			654			7			3
Class A Share Transactions	$	447,289		$	1,848,396		$	1,854,969		$	(1,926,926	)	$	(651,851	)	$	(1,712,498	)
Class I Shares:
Proceeds from shares issued	$	18,123,066		$	28,468,317		$	15,267,249		$	31,920,870		$	3,386,733		$	5,305,383
Dividends reinvested		—			2,682,677			—			982,772			—			2,125,232
Cost of shares redeemed		(10,184,360	)		(24,305,718	)		(14,155,227	)		(26,202,372	)		(2,131,137	)		(6,707,908	)
Redemption fees		11			237			871			252			—			—
Class I Share Transactions	$	7,938,717		$	6,845,513		$	1,112,893		$	6,701,522		$	1,255,596		$	722,707
Net increase (decrease) from capital transactions	$	8,386,006		$	8,693,909		$	2,967,862		$	4,774,596		$	603,745		$	(989,791	)
Share Transactions:
Class A Shares:
Issued		172,308			348,891			363,399			658,317			52,601			116,839
Reinvested		—			42,163			—			21,272			—			31,086
Redeemed		(138,010	)		(238,887	)		(274,023	)		(776,458	)		(120,789	)		(327,644	)
Change in Class A Shares:		34,298			152,167			89,376			(96,869	)		(68,188	)		(179,719	)
Class I Shares:
Issued		1,392,426			2,453,620			744,593			1,743,165			329,289			549,814
Reinvested		—			211,366			—			51,916			—			205,336
Redeemed		(780,560	)		(2,012,029	)		(688,788	)		(1,439,842	)		(206,500	)		(661,323	)
Change in Class I Shares:		611,866			652,957			55,805			355,239			122,789			93,827
Net increase (decrease) from share transactions		646,164			805,124			145,181			258,370			54,601			(85,892	)

	Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio
	Six Months Ended June 30, 2017			Year Ended December 31, 2016			Six Months Ended June 30, 2017			Year Ended December 31, 2016			Six Months Ended June 30, 2017			Year Ended December 31, 2016
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	963,619		$	3,738,104		$	3,170,179		$	5,842,699		$	3,346,766		$	4,615,324
Dividends reinvested		128,754			468,949			170,293			1,855,261			—			1,832,565
Cost of shares redeemed		(1,602,677	)		(2,725,336	)		(2,674,811	)		(5,963,368	)		(1,941,629	)		(4,557,323	)
Redemption fees		2			6			42			78			154			102
Class A Share Transactions	$	(510,302	)	$	1,481,723		$	665,703		$	1,734,670		$	1,405,291		$	1,890,668
Net increase (decrease) from capital transactions	$	(510,302	)	$	1,481,723		$	665,703		$	1,734,670		$	1,405,291		$	1,890,668
Share Transactions:
Class A Shares:
Issued		83,914			334,248			243,595			473,985			237,979			351,978
Reinvested		11,233			41,789			13,069			147,428			—			135,015
Redeemed		(139,856	)		(243,237	)		(205,566	)		(479,444	)		(138,289	)		(342,563	)
Change in Class A Shares:		(44,709	)		132,800			51,098			141,969			99,690			144,430
Net increase (decrease) from share transactions		(44,709	)		132,800			51,098			141,969			99,690			144,430

Notes to Financial Statements (unaudited), continued

June 30, 2017

7. Federal Income Tax Information:

The character of dividends paid to shareholders of the Funds and Portfolios for federal income tax purposes during the periods ended June 30, 2017 and December 31, 2016 was as follows:

	Praxis Impact Bond Fund				Praxis International Index Fund				Praxis Value Index Fund
	2017		2016		2017		2016		2017		2016
From ordinary income	$	5,983,488	$	11,758,062	$	—	$	3,584,912	$	—	$	3,531,406
From long-term capital gains		—		376,616		—		—		—		1,211,855
Total distributions	$	5,983,488	$	12,134,678	$	—	$	3,584,912	$	—	$	4,743,261

	Praxis Growth Index Fund				Praxis Small Cap Index Fund
	2017		2016		2017		2016
From ordinary income	$	—	$	1,906,109	$	—	$	—
From long-term capital gains		—		—		—		2,454,091
Total distributions	$	—	$	1,906,109	$	—	$	2,454,091

	Praxis Genesis Conservative Portfolio				Praxis Genesis Balanced Portfolio				Praxis Genesis Growth Portfolio
	2017		2016		2017		2016		2017		2016
From ordinary income	$	130,532	$	359,245	$	171,565	$	858,748	$	—	$	561,393
From long-term capital gains		—		116,386		—		1,007,969		—		1,276,445
Total distributions	$	130,532	$	475,631	$	171,565	$	1,866,717	$	—	$	1,837,838

The following information is computed on a tax basis for each item as of December 31, 2016:

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund
Tax cost of portfolio investments	$	448,272,098		$	173,216,597		$	129,814,506
Gross unrealized appreciation		9,190,329			34,938,708			31,338,901
Gross unrealized depreciation		(5,591,341	)		(17,935,086	)		(2,547,357	)
Net unrealized appreciation (depreciation) on investments	$	3,598,988		$	17,003,622		$	28,791,544
Net unrealized appreciation (depreciation) on foreign currency transactions		—			(5,840	)		—
Undistributed ordinary income		8,856			53,082			1,831,176
Undistributed long-term capital gains		—			—			5,599,122
Accumulated capital and other losses		(521,705	)		(13,862,089	)		—
Accumulated earnings	$	3,086,139		$	3,188,775		$	36,221,842

	Praxis Growth Index Fund			Praxis Small Cap Index Fund
Tax cost of portfolio investments	$	141,565,105		$	33,338,262
Gross unrealized appreciation		62,698,885			10,925,700
Gross unrealized depreciation		(1,550,473	)		(228,285	)
Net unrealized appreciation (depreciation) on investments	$	61,148,412		$	10,697,415
Undistributed ordinary income		268,352			—
Undistributed long-term capital gains		6,864,446			6,817
Accumulated earnings	$	68,281,210		$	10,704,232

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Tax cost of portfolio investments	$	20,228,537		$	54,806,034		$	44,325,331
Gross unrealized appreciation		1,590,415			9,403,761			10,277,756
Gross unrealized depreciation		(214,733	)		(614,760	)		(564,774	)
Net unrealized appreciation (depreciation) on investments	$	1,375,682		$	8,789,001		$	9,712,982
Undistributed ordinary income		16,188			56,145			45,268
Undistributed long-term capital gains		74,673			399,352			513,993
Accumulated earnings	$	1,466,543		$	9,244,498		$	10,272,243

As of the end of tax year ended December 31, 2016, 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

Notes to Financial Statements (unaudited), continued

June 30, 2017

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.

Post-effective CLCFs not subject to expiration:

	Short Term CLCF		Long Term CLCF		Total
Impact Bond Fund	$	—	$	521,705	$	521,705
International Index Fund		5,839,340		8,022,749		13,862,089

During the year ended December 31, 2016 the Growth Index Fund utilized $2,741,906 of capital loss carryforwards.

The federal tax cost, unrealized appreciation (depreciation) as of June 30, 2017 is as follows:

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund
Tax cost of portfolio investments	$	469,850,874		$	212,375,304		$	141,578,852
Gross unrealized appreciation		11,425,720			55,938,825			37,577,101
Gross unrealized depreciation		(2,933,618	)		(9,877,399	)		(3,455,152	)
Net unrealized appreciation	$	8,492,102		$	46,061,426		$	34,121,949

	Praxis Growth Index Fund			Praxis Small Cap Index Fund
Tax cost of portfolio investments	$	146,267,601		$	48,144,035
Gross unrealized appreciation		89,020,619			4,383,769
Gross unrealized depreciation		(2,724,032	)		(3,318,481	)
Net unrealized appreciation	$	86,296,587		$	1,065,288

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Tax cost of portfolio investments	$	19,773,856		$	56,249,209		$	46,335,880
Gross unrealized appreciation		2,045,914			12,161,683			13,461,942
Gross unrealized depreciation		(62,916	)		(234,736	)		(260,845	)
Net unrealized appreciation	$	1,982,998		$	11,926,947		$	13,201,097

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral on wash sale losses and nontaxable distributions, as well as investments in Passive Foreign Investment Companies.

For the six months ended June 30, 2017, Praxis International Index Fund reclassified $28,081 of net realized losses on foreign currency transactions against accumulated net investment income on the Statements of Assets and Liabilities. This reclassification is the result of permanent differences between the financial statement and income tax reporting requirements. It has no effect on the Fund’s total net assets or net asset value per share.

The Funds and Portfolios have analyzed their tax positions taken on Federal income tax returns for the current and all open tax years (tax years ended December 31, 2013 through 2016) and have concluded that no provisions for income tax is required in their financial statements.

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, 2017 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.

Additional Fund Information (unaudited)

June 30, 2017

Praxis Impact Bond Fund

Security Allocation	Percentage of Net Assets
Asset Backed Securities	3.4%
Commercial Mortgage Backed Securities	0.7%
Corporate Bonds	35.6%
Corporate Notes	1.0%
Federal Home Loan Bank	3.7%
Federal Home Loan Mortgage Corporation	16.5%
Federal National Mortgage Association	21.5%
Foreign Governments	8.6%
Government National Mortgage Association	0.1%
Investment Companies	0.7%
Municipal Bonds	2.4%
Overseas Private Investment Corporation	0.6%
Small Business Administration	0.1%
United States Agency of International Development	2.3%
United States Department of Housing and Urban Development	0.2%
Total	97.4%

Praxis International Index Fund

Security Allocation	Percentage of Net Assets
Australia	4.9%
Austria	0.2%
Belgium	0.2%
Brazil	1.2%
Canada	6.5%
Cayman Islands	0.9%
Chile	0.5%
China	5.3%
Columbia	0.3%
Denmark	1.0%
Finland	0.7%
France	6.4%
Germany	6.6%
Hong Kong	3.3%
Hungary**	0.0%
India	1.3%
Indonesia	0.7%
Ireland	0.9%
Israel	0.9%
Italy	0.9%
Japan	16.2%
Jersey	0.5%
Luxembourg	0.6%
Mexico	1.4%
Netherlands	3.4%
Norway	1.1%
Peru	0.3%
Portugal	0.1%
Russia	0.1%
Singapore	1.4%
South Africa	1.2%
South Korea	2.5%
Spain	2.2%
Sweden	2.1%
Switzerland	6.7%
Taiwan	2.2%
Turkey	0.1%
United Kingdom	11.4%
United States	2.1%
Corporate Notes	0.9%
Total	99.2%

**	Amount rounds to less than 0.1%.

Praxis International Index Fund

Security Allocation	Percentage of Net Assets
Air Freight & Logistics	0.4%
Airlines	0.3%
Auto Components	1.3%
Automobiles	3.3%
Banks	15.5%
Beverages	0.3%
Biotechnology	0.3%
Building Products	0.4%
Capital Markets	1.4%
Chemicals	2.7%
Commercial Services & Supplies	0.2%
Communications Equipment	0.5%
Construction & Engineering	0.9%
Construction Materials	0.6%
Containers and Packaging	0.2%
Diversified Consumer Services	0.4%
Diversified Financial Services	0.8%
Diversified Telecommunications Services	3.8%
Electric Utilities	1.0%
Electrical Equipment	1.4%
Electronic Equipment, Instruments, & Components	0.9%
Energy Equipment & Services	0.7%
Food & Staples Retailing	1.7%
Food Products	3.6%
Health Care Equipment & Supplies	0.9%
Health Care Providers & Services	0.5%
Hotels, Restaurants and Leisure	1.1%
Household Durables	0.8%
Household Products	1.0%
Independent Power Producers & Energy Traders	0.1%
Industrial Conglomerates	1.3%
Insurance	5.7%
Internet & Direct Marketing Retail	0.5%
Internet Software & Services	3.4%
IT Services	0.6%
Leisure Products	0.1%
Life Sciences Tools & Services	0.2%
Machinery	2.1%
Marine	0.1%
Media	2.9%
Metals & Mining	2.5%
Multi-Line Retail	0.6%
Multi-Utilities	1.4%
Oil, Gas, & Consumable Fuels	4.2%
Paper & Forest Products	0.3%
Personal Products	2.0%
Pharmaceuticals	6.3%
Professional Services	0.6%
Real Estate Investment Trusts (REITs)	0.4%
Real Estate Management and Development	2.0%
Retail	0.4%
Road and Rail	1.6%
Semiconductors & Semiconductor Equipment	2.7%
Software	2.1%
Specialty Retail	0.7%
Technology Hardware, Storage, & Peripherals	1.1%
Textiles, Apparel, & Luxury Goods	1.2%
Trading Companies & Distributors	1.0%
Transportation Infrastructure	0.4%
Water Utilities	0.4%
Wireless Telecommunication Services	2.5%
Other Assets in Excess of Liabilities	1.7%
Total	100.0%

Additional Fund Information (unaudited), continued

June 30, 2017

Praxis Value Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.7%
Corporate Notes	0.9%
Rights**	0.0%
Total	99.6%

**	Amount rounds to less than 0.1%

Praxis Growth Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.7%
Corporate Notes	0.9%
Total	99.6%

Praxis Small Cap Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.7%
Corporate Notes	0.9%
Total	99.6%

Praxis Genesis Conservative Portfolio

Security Allocation	Percentage of Net Assets
Mutual Funds	100.0%

Praxis Genesis Balanced Portfolio

Security Allocation	Percentage of Net Assets
Mutual Funds	100.0%

Praxis Genesis Growth Portfolio

Security Allocation	Percentage of Net Assets
Mutual Funds	100.0%

Additional Fund Information (unaudited), continued

June 30, 2017

Expense Comparison:

As a shareholder of the Praxis Mutual Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads); redemption fees; and exchange fees; (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, 2017 through June 30, 2017.

The Actual Expense example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses paid during the period” to estimate the expenses you paid on your account during this period.

The Hypothetical Expense example below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in this Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Account Value at Beginning of Period ($)		Account Value at End of Period ($)		Expenses Paid During Period ($) *		Expense Ratio During Period (%)**
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Praxis Impact Bond Fund
Class A	1,000.00	1,000.00	1,022.90	1,020.23	4.61	4.61	0.92%
Class I	1,000.00	1,000.00	1,024.80	1,022.07	2.76	2.75	0.55%
Praxis International Index Fund
Class A	1,000.00	1,000.00	1,138.30	1,018.50	6.73	6.36	1.27%
Class I	1,000.00	1,000.00	1,142.00	1,021.22	3.82	3.61	0.72%
Praxis Value Index Fund
Class A	1,000.00	1,000.00	1,054.60	1,020.18	4.74	4.66	0.93%
Class I	1,000.00	1,000.00	1,057.30	1,022.61	2.24	2.21	0.44%
Praxis Growth Index Fund
Class A	1,000.00	1,000.00	1,128.10	1,020.58	4.49	4.26	0.85%
Class I	1,000.00	1,000.00	1,130.50	1,022.61	2.32	2.21	0.44%
Praxis Small Cap Index Fund
Class A	1,000.00	1,000.00	1,015.50	1,019.29	5.55	5.56	1.11%
Class I	1,000.00	1,000.00	1,018.40	1,022.27	2.55	2.56	0.51%
Praxis Genesis Conservative Portfolio
Class A	1,000.00	1,000.00	1,044.70	1,021.82	3.04	3.01	0.60%
Praxis Genesis Balanced Portfolio
Class A	1,000.00	1,000.00	1,064.10	1,022.10	2.66	2.61	0.52%
Praxis Genesis Growth Portfolio
Class A	1,000.00	1,000.00	1,077.20	1,021.92	2.99	2.91	0.58%

*	Expenses are equal to average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year

**	Annualized

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For more information about the Praxis Mutual Funds, the following documents are available free upon request:

Proxy Voting:

The Adviser and Sub-Adviser are responsible for exercising the voting rights associated with the securities purchased and held by the Funds and Portfolios. A description of the policies and procedures that the Adviser and Sub-Adviser use in fulfilling this responsibility and information regarding how those proxies were voted during the twelve month period ended June 30 are available (i) without charge, upon request, by calling (800) 977-2947; and (ii) on the Securities and Exchange Commission’s (“Commission’s”) Web site at http://www.sec.gov.

Quarterly Portfolio Disclosure:

The Trust files a complete listing of the Schedules of Portfolio Investments for each Fund and Portfolio as of the end of the first and third quarters of each fiscal year on Form N-Q. The complete listing (i) is available on the Commission’s Web site, (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 (800) 977-2947. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Statement of Additional Information contains more information about the Funds and Portfolios and can be obtained free of charge by calling (800) 977-2947.

Annual/Semi-Annual Reports:

The Praxis Mutual Funds’ annual and semi-annual reports to shareholders contain additional information on each Fund’s or Portfolio’s investments. In the annual report you find a discussion of the market conditions and investment strategies that significantly affected the Fund’s or Portfolio’s performance during the year.

Statement of Additional Information (SAI):

The SAI provides more detailed information about the Praxis Mutual Funds, including their operations and investment policies. It is incorporated by reference and is legally considered a part of this prospectus.

You can get free copies of reports and the SAI, or request other information and discuss your questions about the Funds or Portfolios, by contacting the broker that sells the Praxis Mutual Funds, or by contacting the Praxis Mutual Funds at:

Praxis Mutual Funds
c/o U.S. Bancorp Fund Services LLC
P.O. Box 701
Milwaukee, WI 53201-0701
Telephone: 1-800-977-2947
Internet: http://www.praxismutualfunds.com⁽¹⁾

You can review and get copies of the Praxis Mutual Fund’s reports and SAI at the Public Reference Room of the Securities and Exchange Commission. You can get text only copies:

●	For a duplicating fee, by writing the Public Reference Section of the Commission, Washington, DC 20549-1520 or calling (202) 551-8090, or by electronic request, by emailing the SEC at the following address: publicinfo@sec.gov.

●	Free from the Commission’s Web site at http://www.sec.gov.

⁽¹⁾	The Funds’ site is not a part of this prospectus.

Investment Company Act file no. 811-08056

Item 2.

Code of Ethics.

Not applicable for semi-annual reporting period.

Item 3.

Audit Committee Financial Expert.

Not applicable for semi-annual reporting period.

Item 4.

Principal Accountant Fees and Services.

Not applicable for semi-annual reporting period.

Item 5.

Audit Committee of Listed Registrants.

Not applicable for semi-annual reporting period.

Item 6.

Schedule of Investments.

(a) The Schedule of Investments is included in the Semi-Annual Report to Shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11.

Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affected, the registrant’s internal control over financial reporting.

Item 12.

Exhibits.


(a)(1)		Not applicable for semi-annual reporting period.

(a)(2)		Certifications required by Item 12(a) of Form N-CSR are filed herewith.

(a)(3)		Not applicable.

(b)		Certification required by Item 12(b) of Form N-CSR is furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant		Praxis Mutual Funds

By (Signature and Title)		/s/ Trent Statczar
		Trent Statczar, Treasurer

Date: September 5, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ Chad Horning
		Chad Horning, President

Date: September 5, 2017

By (Signature and Title)		/s/ Trent Statczar
		Trent Statczar, Treasurer

Date: September 5, 2017

Praxis Growth Index Fund Class I (MMDEX) N-CSRSCertified semi-annual shareholder report (management investment company)