Praxis Growth Index Fund Class I NCSR Certified 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 Zacharski

Dechert LLP

200 Clarendon Street, 27^th Floor

Boston, MA 02116

(Name and Address of Agent for Service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2017

Item 1.

Reports to Stockholders.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

Table of Contents

Message from the President	1
Stewardship Investing Report	2
Praxis Impact Bond Fund
Portfolio Managers’ Commentary	4
Performance Review	5
Schedule of Investments	6
Praxis International Index Fund
Portfolio Managers’ Commentary	13
Performance Review	14
Schedule of Investments	15
Praxis Value Index Fund
Portfolio Manager’s Commentary	25
Performance Review	26
Schedule of Investments	27
Praxis Growth Index Fund
Portfolio Manager’s Commentary	31
Performance Review	32
Schedule of Investments	33
Praxis Small Cap Index Fund
Portfolio Manager’s Commentary	37
Performance Review	38
Schedule of Investments	39
Praxis Genesis Portfolios
Portfolio Managers’ Commentary	45
Praxis Genesis Conservative Portfolio
Performance Review	46
Schedule of Investments	47
Praxis Genesis Balanced Portfolio
Performance Review	48
Schedule of Investments	49
Praxis Genesis Growth Portfolio
Performance Review	50
Schedule of Investments	51
Financial Statements
Statements of Assets and Liabilities	52
Statements of Operations	54
Statements of Changes in Net Assets	56
Financial Highlights	59
Notes to Financial Statements	67
Report of Independent Registered Public Accounting Firm	78
Additional Fund Information (unaudited)	79
Management of the Trust (unaudited)	86

Message from the President

Annual report to shareholders

Dear Praxis shareholder:

Despite the many risks that might have sidetracked the rally in risk assets during the year, investors focused on a long list of positives. Economies across the globe grew in synchrony, corporations generated strong profits, and the U.S. regulatory backdrop improved. And, as the year drew to a close, the U.S. Congress passed a wide-ranging tax bill that is expected to result in lower taxes for most individuals and corporations.

While U.S. equities generated strong returns, non-U.S. markets sailed to even stronger gains, with emerging markets outshining developed markets. In the U.S., large cap companies performed better than smaller ones, and growth strategies easily beat valuation- oriented strategies.

The benchmark 10-year U.S. Treasury traded in a narrow range for most of the year, highlighting the bond market’s cautious approach to the economic recovery entering its ninth year. The 10-year U.S. Treasury ended the year at 2.41 percent, down slightly from where it started the year.

The administration’s campaign to reduce regulations has been cheered by financial markets, but we are concerned that with less regulatory oversight of companies, there could be adverse environmental and social effects. And so, the Praxis^® team has continued to work diligently to make a difference at the companies in which we invest on your behalf. We do this in several ways, including actively voting proxy ballots at annual shareholder meetings. In 2017, there was an industry-wide emphasis on environmental and diversity-related resolutions, many of which Praxis supported. Support for these types of resolutions has increasingly included large institutional investors that in the past would have often voted with management against these initiatives.

And, we pursued direct discussions with companies, encouraging them to address the challenges of environmental sustainability and modern slavery that exist as a result of their activities, both directly and through their suppliers. These discussions focus on areas that we believe are in the financial interest of shareholders like Praxis, but we must be patient since the engagements often last several years before meaningful changes are made.

Many of our investors tell us their priorities involve more than making money. They want their investments to matter – to make an impact. They want to be catalysts for change, and that’s a big reason shareholder advocacy, positive investments, company screening and community development investing are so important to our work at Praxis. Because of you, we’re able to invest in ways that impact communities near you and around the world.

Thank you for entrusting your investments with Praxis Mutual Funds.

Sincerely,

Chad M. Horning
President

Praxis Mutual Funds are advised by Everence Capital Management and distributed through FINRA member Foreside Financial Services, LLC.

The views expressed are those of the Praxis Mutual Funds’ President as of Dec. 31, 2017, are subject to change, and may differ from the views of portfolio managers or Everence Capital Management as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

Message from the Vice President of Stewardship Investing

Annual report to shareholders

Impact: A shared goal for our diverse marketplace

In a world where there seems to be equal and opposing viewpoints on just about everything, one reassuring bright spot has been growing interest throughout the investor community in seeing an investment portfolio as more than just a way to save for the future. If managed carefully and thoughtfully, it can also be a way to save the future!

For decades faith-based and socially-concerned investors have pursued the integration of their values with their investments; much of that time focused on values-based avoidance screens. And while such screens remain important to many (and can be more financially material than many think), the movement to managing an investment portfolio for impact — utilizing a wide range of tools and strategies — has been gaining increased attention in many circles.

Praxis Mutual Funds (“Praxis”) has been pursuing a strategy of total portfolio impact for more than 15 years, seeking to provide our diverse shareholders with the opportunity to make a real difference in the world while providing financially for themselves, their family or institution.

We call this work “stewardship investing”. And in 2017 these efforts to reflect our values while delivering global impact yielded some exciting results:

●

Values + ESG screening — This innovative approach to company restrictions brings together traditional values-based screens with new integrated environmental, social and governance (ESG) screens. The result helps provide Praxis a positive social tilt while addressing long term risks related to ESG-related issues.

●

Robust shareholder advocacy — An historic strength for Praxis, in 2017 corporate engagement activities provided a range of meaningful impact for communities around the world including:

○

Strong resolution support and productive dialogues with AES, DTE Energy, Duke Energy and The Southern Company on climate risk and the coming transition to a low-carbon economy.

○

A commitment from Yum! Brands on the phase-out of certain antibiotics in poultry used in their restaurant chains, which include KFC, Taco Bell, and Pizza Hut.

○

New policies from Target and CVS removing a large number of chemicals of concern from hundreds of beauty and personal care products.

Details on these engagements, and many more, can be found at praxismutualfunds.com/how-we-invest/shareholder-advocacy.

●

Active ESG integration —The Praxis fixed income team works to integrate emerging corporate environmental, social and governance data into the active investment process for the Praxis Impact Bond Fund. In 2017, this approach helped the team avoid Equifax during its security debacle and has led to a focus on higher ESG-rated utilities that are investing in renewable energy and leading the transition to a new energy future.

●

Positive impact investments —The active management of the Praxis Impact Bond Fund, along with the deep Socially Responsible Investing/ESG commitments of our investment team, have helped position this fund at the forefront of industry in the inclusion of market-rate, positive impact bonds that benefit the climate and communities. Today, these investments account for nearly 27 percent of the portfolio and include:

○

International Finance Corporation — This innovative social bond from a member of the World Bank Group will be used to support women and emerging market communities by funding companies that buy from smaller- scale farmers, provide utilities for low-income households, and/or offer affordable health services, education or housing to low-income people.

○

Kaiser Foundation Hospitals — This unique green bond will help Kaiser’s health facilities pay for green projects, furthering the organization’s work to meet its long-term environmental stewardship goals. These goals include becoming “carbon net positive” by using clean energy, supporting sustainable agriculture and reducing waste.

○

Mexico City Airport Trust — This green bond provides financing for a new airport and is the largest green bond issues to date from Latin America. The project, currently under construction, has goals to be carbon neutral, operate with 100 percent clean energy, and achieve significant reductions in energy and water consumption.

More stories about positive impact bonds can be found at praxismutualfunds.com/how-we-invest/positive-investing.

Message from the Vice President of Stewardship Investing, continued

Annual report to shareholders

●

Values-driven proxy voting — How we communicate with corporations through resolutions on their annual proxy is our responsibility as part-owners of these companies. It also provides us an important means of articulating our support for the values and concerns we want taken seriously. In 2017, we cast more than 13,000 votes at 1,074 company meetings, voting with management’s recommendation approximately 88 percent of the time. Praxis consistently supported resolutions, even opposed by management, addressing diversity and gender equity, assessment of climate risk, transparency in political spending and many more. Check out our live proxy voting record and annual proxy voting report at praxismutualfunds.com/how-we-invest/proxy-voting.

●

Community development investing — Praxis continued to build out its relationship with the Calvert Foundation in 2017. The goal of this strategic partnership is to support of our industry-leading commitment of channeling approximately 1 percent of all Fund assets to opening doors of economic opportunity to marginalized communities and individuals. The impact of this partnership, now encompassing CDI investments of more than $12 million, can be explored through an interactive community investment map (praxismutualfunds.com/how-we-invest/community-development-investing).

At Praxis Mutual Funds, we seek to provide the financial performance you need along with the values and global impact so many now desire. As we’ve learned over the past two decades, the pursuit of responsible, stewardship investing can take many forms and serve the goals of many different investors. We’re delighted you’ve chosen to join us on this impact journey.

Mark A. Regier
Vice President of Stewardship Investing
Praxis Mutual Funds

The views expressed are those of the Vice President of Stewardship Investing as of Dec. 31, 2017, are subject to change, and may differ from the views of portfolio managers or Everence Capital Management as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

Praxis Impact Bond Fund

Annual Report to Shareholders

Portfolio Managers’ Commentary (unaudited)

For the year ended December 31, 2017, the Praxis Impact Bond Fund’s Class I Shares had a return of 3.58 percent, and the Class A Shares (Without Load) returned 3.11 percent. The Bloomberg Barclays U.S. Aggregate Bond Index, the Fund’s benchmark, returned 3.54 percent. Over the last five years, the Class I Shares returned 2.20 percent (average annual return) versus 2.10 percent for the Fund’s benchmark and over the last 10 years, the Class I Shares returned 4.33 percent (average annual return) versus 4.01 percent for the Fund’s benchmark.

It is always difficult to know what the future holds, but the crystal ball to start the year for 2017 seemed extra foggy. It seemed like the new administration might benefit stock markets, but the market was unsure of what exactly to expect. It turned out that stocks moved higher across the board and that helped corporate bond spreads to tighten. There is generally a good relationship between higher stock prices and higher corporate bond prices and 2017 was no different. The Praxis Impact Bond Fund (the “Fund”) had a higher weight to corporate bonds, especially utilities and BBB rated bonds, and this led to our outperforming the index. The Fund also holds some lower-rated bonds and these bonds did well also. The Fund does not own U.S. Treasuries and that also benefited performance.

The year ended on an economic high note with the unemployment rate at 4.1 percent, the Consumer Price Index (CPI) inflation rate above 2 percent and Gross Domestic Product (GDP) just below 3 percent. There was relative economic strength throughout the year and this allowed the Federal Reserve (“Fed”) to increase the Fed funds rate three times in 2017. These increases led to a dramatic increase in short term interest rates. The 6-month Treasury bill moved higher by over 0.90 percent. Oddly, while short term interest rates were increasing, long term interest rates decreased. This yield curve flattening generally happens when economic growth is slowing or expected to slow. Economic growth was slightly better than expected throughout the year, but it wasn’t enough to move long-term interest rates higher. The portfolio managers expected that interest rates would move higher, but the 30- year Treasury rate moving lower was unexpected and that detracted from performance for the Fund.

Consistently low inflation is one explanation why long-term rates have remained low. The inflation measures that the Fed watches for higher inflation have not been able to stay above 2 percent. The public looks at the CPI and many investors look at core CPI, which excludes food and energy, and those have been around the Fed’s 2 percent target for well over a year. The Fed looks at many different inflation data points, but the core Personal Consumption Expenditures (PCE) data is the inflation indicator that the Fed looks at most closely and that has not breached 2 percent since 2012. Whether this lack of inflation in that indicator persists in 2018 is the question that many bond investors are asking.

We expect inflation to rise modestly in 2018, moving above the Fed’s 2 percent target. With tight labor markets and solid wage growth compared to the prior five years, it seems like these are the ingredients for stronger inflation. Unless inflation moves much higher than expected, in our view the Fed will likely just increase the federal funds rate a few more times in 2018. We expect economic growth to continue at a solid pace for 2018 and the unemployment rate to continue its downward trend below 4 percent.

The overall economy wasn’t the only thing showing strong growth in 2017. The global green bond market continued its strong growth trajectory. After record breaking growth to about $85 billion in 2016, the green bond market grew to over $130 billion in 2017. About 33 percent of the issuance was in U.S. dollars, about 40 percent in Euros and about 20 percent in the Chinese renminbi. Green bonds fund projects that have positive environmental benefits.

We were able to increase the holdings of positive impact bonds –fixed income investments which have a positive impact on the climate and/or community – in the Fund to over 27 percent of the portfolio by December 31, 2017. We bought new bonds that supported women-owned enterprises and low-income communities in emerging markets, one that supported a Community Development Financial Institution (CDFI) for low income people and places, and an innovative green airport construction project.

The positive impact bond market has continued to grow in terms of number of bonds and the risk and return available from that part of the market. There are 113 bonds in the Fund that we define as positive impact holdings and 78 of those provide clear benefits to the climate. The remaining positive impact bonds produce benefits to communities by funding affordable housing, health care, sustainability and social bonds, and more.

As we start 2018, we are positioned for higher interest rates, and we continue to look for more opportunities to enhance the financial return and to make a positive impact on society.

Benjamin J. Bailey, CFA^®
Praxis Impact Bond Fund Co-Manager
Praxis Mutual Funds

Delmar King
Praxis Impact Bond Fund Co-Manager
Praxis Mutual Funds

The views expressed are those of the portfolio managers as of Dec. 31, 2017, are subject to change, and may differ from the views of other portfolio managers or Everence Capital Management as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

Praxis Impact Bond Fund

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/07 to 12/31/17

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 3.75%) of the Fund and Index from 12/31/07 to 12/31/17, and includes the reinvestment of dividends and capital gains.

			Average Annual Returns
	Inception Date	One Year Ended	Three Years Ended	Five Years Ended	Ten Years Ended	Expense Ratio** Gross / Net
Praxis Impact Bond Fund
Class A *	5/12/99	-0.75%	0.56%	1.02%	3.56%	0.99%	0.94%
Class A (Without Load)	5/12/99	3.11%	1.85%	1.79%	3.95%
Class I *	5/1/06	3.58%	2.24%	2.20%	4.33%	0.54%	0.54%
Bloomberg Barclays U.S. Aggregate Bond Index ¹		3.54%	2.24%	2.10%	4.01%

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. Class A Shares have a maximum sales charge on purchases of 3.75%.

Reflects the expense ratios as reported in the Prospectus dated April 30, 2017. Contractual fee waivers are in effect from May 1, 2017 through April 30, 2018 for Class A.

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.

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of these services. An investor cannot invest directly in an index, although they can invest in its underlying securities.

Schedule of Investments

Praxis Impact Bond Fund
December 31, 2017

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
ASSET BACKED SECURITIES—2.5%
Ally Auto Receivables Trust		1.490	%		11/15/19	$	779,674	$	778,891
Bank of The West Auto Trust (a)		1.650	%		03/16/20		1,844,780		1,843,844
Cal Funding II Ltd.(a)		3.620	%		06/25/42		712,500		710,011
CarMax Auto Owner Trust		1.320	%		07/15/19		678,120		677,641
CarMax Auto Owner Trust		1.380	%		11/15/19		233,445		233,120
CLI Funding LLC		2.830	%		03/18/28		509,000		501,763
Cronos Containers Program I Ltd. (b)		3.270	%		11/18/29		657,407		653,077
Fairway Outdoor Funding LLC (b)		4.212	%		10/15/19		426,506		431,462
Global SC Finance II SRL (b)		2.980	%		04/17/28		613,333		607,099
Hyundai Auto Receivables Trust		1.320	%		08/15/19		425,462		425,437
SBA Tower Trust		2.898	%		10/15/19		525,000		526,262
SolarCity LMC Series I LLC (b)(c)		4.800	%		12/21/26		641,773		660,349
SolarCity LMC Series IV LLC (b)(c)		4.180	%		08/21/45		233,699		236,848
Spruce ABS Trust		4.320	%		06/15/28		443,019		445,216
TCF Auto Receivables Owner Trust		2.330	%		05/15/20		2,000,000		2,001,495
Textainer Marine Containers Ltd.		3.720	%		05/20/42		704,063		708,244
Toyota Auto Receivables Owner Trust		1.270	%		05/15/19		357,306		356,872
Toyota Motor Credit Corp.		1.300	%		04/15/20		974,831		971,170
Verizon Owner Trust (b)		1.420	%		01/20/21		200,000		198,686
TOTAL ASSET BACKED SECURITIES (COST $12,969,536)									12,967,487

COMMERCIAL MORTGAGE BACKED SECURITIES—0.6%
Commercial Mortgage Pass Through Certificates		3.391	%		05/15/45		946,721		969,833
Commercial Mortgage Pass Through Certificates		2.853	%		10/15/45		1,000,000		1,003,744
OBP Depositor LLC Trust (b)		4.646	%		07/15/45		1,040,000		1,087,408
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES(COST $3,118,370)									3,060,985

MUNICIPAL BONDS—2.2%
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects		7.334	%		02/15/28		1,000,000		1,278,860
Bridgeport Connecticut Housing Authority		1.850	%		12/15/18		75,000		74,474
Cincinnati, Ohio Water System Rev.		6.458	%		12/01/34		600,000		645,390
Columbus Multi-High School Building Corp.		6.446	%		01/15/30		1,000,000		1,038,390
Findlay City School District		6.250	%		12/01/37		270,000		278,748
Houston Independent School District		6.168	%		02/15/34		1,000,000		1,047,250
Indianapolis Public School Multi-School Building		5.731	%		07/15/29		1,500,000		1,575,450
Massachusetts St.		3.277	%		06/01/46		1,500,000		1,480,545
New Jersey St. Housing and Mortgage Finance		2.600	%		07/01/23		320,000		320,208
Osceola County Housing Finance Authority Rev.		3.350	%		07/01/23		230,000		241,560
St. of Hawaii, Department of Business Economic Development & Tourism		1.467	%		07/01/22		530,031		525,600
St. Paul Housing & Redevelopment Authority Rev.		2.993	%		07/01/21		1,250,000		1,249,825
Warm Springs Reservation Confederated Tribe		8.250	%		11/01/19		795,000		837,827
Wisconsin Department of Transportation		5.837	%		07/01/30		800,000		840,640
TOTAL MUNICIPAL BONDS (COST $11,164,692)									11,434,767

CORPORATE BONDS—35.4%
AIRLINES—0.5%
British Airways, Series 2013-1 (b)		4.625	%		06/20/24		661,652		700,689
Delta Air Lines, Inc.		4.950	%		05/23/19		676,088		693,801
Delta Air Lines, Inc.		2.875	%		03/13/20		435,000		437,524
Southwest Airlines Co.		2.650	%		11/05/20		680,000		682,764
									2,514,778
BANKS—2.9%
Axis Bank/Dubai (b)		2.875	%		06/01/21		500,000		495,071
Bank of America Corp.		1.950	%		05/12/18		1,000,000		1,000,078
Bank of America Corp.		2.151	%		11/09/20		1,000,000		995,420
Bank of America Corp.		3.300	%		01/11/23		500,000		511,500
Bank of America Corp.		4.100	%		07/24/23		1,000,000		1,061,953
Citigroup, Inc.		2.400	%		02/18/20		1,250,000		1,248,537
Citigroup, Inc.		3.700	%		01/12/26		1,250,000		1,286,887
Commonwealth Bank of Australia (b)		2.250	%		03/10/20		1,500,000		1,495,381
Discover Bank/Greenwood DE		3.100	%		06/04/20		1,000,000		1,011,868
JPMorgan Chase & Co.		2.250	%		01/23/20		1,500,000		1,498,996
JPMorgan Chase & Co.		4.625	%		05/10/21		500,000		533,836
Mitsubishi UFJ Financial Group		2.527	%		09/13/23		1,250,000		1,217,542
Sumitomo Mitsui Banking Corp.		2.450	%		10/20/20		1,250,000		1,252,086
Toronto-Dominion Bank		1.850	%		09/11/20		1,575,000		1,557,587
									15,166,742
BIOTECHNOLOGY—0.7%
Amgen, Inc.		5.700	%		02/01/19		1,000,000		1,037,954
Biogen, Inc.		2.900	%		09/15/20		1,000,000		1,013,622
Celgene Corp.		2.875	%		08/15/20		1,250,000		1,261,650
Gilead Sciences, Inc.		3.650	%		03/01/26		500,000		518,700
									3,831,926
BUILDING MATERIALS—0.2%
Carlisle Cos. Inc.		3.500	%		12/01/24		1,250,000		1,259,877

BUILDING PRODUCTS—0.2%
Masco Corp.		3.500	%		04/01/21		250,000		253,912
Owens Corning		4.200	%		12/01/24		750,000		785,753
									1,039,665
CAPITAL MARKETS—1.9%
Bank of New York Mellon Corp. (The), Perpetual Bond		4.950	%		12/29/49		1,000,000		1,035,050

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2017

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—35.4%, continued
CAPITAL MARKETS—1.9%, continued
Goldman Sachs Group, Inc.		6.000	%		06/15/20	$	1,200,000	$	1,297,459
Goldman Sachs Group, Inc.		3.272	%		09/29/25		1,500,000		1,493,956
ING Bank N.V. (b)		2.000	%		11/26/18		1,515,000		1,514,239
Jefferies Group LLC		8.500	%		07/15/19		900,000		977,556
Morgan Stanley		2.200	%		12/07/18		910,000		911,042
Morgan Stanley		5.625	%		09/23/19		1,500,000		1,580,722
State Street Corp.		7.350	%		06/15/26		1,000,000		1,276,953
									10,086,977
CHEMICALS—1.1%
Avery Dennison Corp.		5.375	%		04/15/20		1,250,000		1,318,210
Ecolab, Inc.		5.500	%		12/08/41		150,000		187,793
Ecolab, Inc. (b)		3.950	%		12/01/47		1,220,000		1,247,094
NOVA Chemicals Corp. (b)		5.250	%		08/01/23		500,000		514,375
Potash Corp. of Saskatchewan, Inc.		5.875	%		12/01/36		840,000		1,033,905
Solvay Finance America LLC (b)		3.400	%		12/03/20		1,250,000		1,276,384
									5,577,761
COMMERCIAL SERVICES & SUPPLIES—0.2%
Steelcase, Inc.		6.375	%		02/15/21		750,000		820,796

COMMUNICATIONS EQUIPMENT—0.1%
Juniper Networks, Inc.		3.300	%		06/15/20		500,000		506,484

CONSTRUCTION MATERIALS—0.2%
Martin Marietta Materials, Inc.		6.600	%		04/15/18		1,000,000		1,012,939

CONSUMER FINANCE—0.9%
American Express Credit Corp.		2.600	%		09/14/20		1,000,000		1,005,061
Ford Motor Credit Co. LLC		3.157	%		08/04/20		1,000,000		1,012,213
GE Capital International Funding Co.		4.418	%		11/15/35		1,250,000		1,352,821
Hyundai Capital Services, Inc. (b)		2.875	%		03/16/21		1,250,000		1,238,670
									4,608,765
CONSUMER SERVICES—0.3%
Local Initiatives Support Corp.		4.649	%		03/01/37		1,500,000		1,547,232

CONTAINERS & PACKAGING—0.3%
Newell Rubbermaid, Inc.		3.850	%		04/01/23		185,000		191,431
Sonoco Products Co.		5.750	%		11/01/40		1,000,000		1,201,695
									1,393,126
DIVERSIFIED FINANCIAL SERVICES—1.5%
AerCap Ireland Capital Ltd.		5.000	%		10/01/21		1,000,000		1,065,986
Brookfield Finance, Inc.		4.250	%		06/02/26		1,000,000		1,032,153
GATX Corp.		2.600	%		03/30/20		897,000		896,772
Genpact Luxembourg S. a. r.l. (b)		3.700	%		04/01/22		1,100,000		1,093,275
Moody's Corp.		5.500	%		09/01/20		1,000,000		1,076,865
MSCI, Inc. (b)		5.750	%		08/15/25		500,000		536,875
National Rural Utilities Cooperative Finance Corp.		10.375	%		11/01/18		780,000		833,293
S&P Global, Inc.		3.300	%		08/14/20		750,000		763,951
S&P Global, Inc.		4.000	%		06/15/25		500,000		525,210
									7,824,380
DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%
AT&T, Inc.		5.250	%		03/01/37		500,000		528,812
AT&T, Inc.		4.750	%		05/15/46		1,000,000		978,047
AT&T, Inc. (b)		4.100	%		02/15/28		507,000		508,677
Frontier Communications Corp.		7.125	%		03/15/19		750,000		720,000
Verizon Communications, Inc.		5.500	%		03/16/47		1,250,000		1,424,266
									4,159,802
EDUCATION—1.1%
Graham Holdings Co.		7.250	%		02/01/19		575,000		596,562
Massachusetts Institute of Technology		3.959	%		07/01/38		1,500,000		1,654,058
President & Fellows of Harvard College		3.150	%		07/15/46		1,500,000		1,463,713
University of Notre Dame, Series 2017		3.394	%		02/15/48		2,000,000		1,994,678
									5,709,011
ELECTRIC UTILITIES—3.6%
Caledonia Generating LLC (b)		1.950	%		02/28/22		462,655		456,194
Electricite de France S.A. (b)		3.625	%		10/13/25		1,250,000		1,280,657
Florida Power & Light Co.		4.050	%		10/01/44		1,300,000		1,421,451
Georgia Power Co.		3.250	%		04/01/26		1,000,000		1,002,703
ITC Holdings Corp. (b)		5.500	%		01/15/20		1,250,000		1,312,098
MidAmerican Energy Co.		3.950	%		08/01/47		1,750,000		1,870,088
NextEra Energy Capital Holdings, Inc.		2.700	%		09/15/19		1,250,000		1,257,649
Niagara Mohawk Power Corp. (b)		4.881	%		08/15/19		840,000		871,991
NSTAR Electric Co.		5.500	%		03/15/40		1,250,000		1,603,457
Oncor Electric Delivery Co.		6.800	%		09/01/18		811,000		835,312
Pacificorp		8.080	%		10/14/22		500,000		609,655
Pennsylvania Electric Co.		5.200	%		04/01/20		500,000		527,733
Portland General Electric Co.		6.100	%		04/15/19		1,100,000		1,149,895
Potomac Electric Power Co.		6.500	%		11/15/37		1,000,000		1,385,241
San Diego Gas and Electric Co.		4.500	%		08/15/40		841,000		980,312
Southern California Edison		4.050	%		03/15/42		1,165,000		1,250,937
Southern Power Co.		4.150	%		12/01/25		1,000,000		1,053,831
									18,869,204
ELECTRICAL EQUIPMENT—0.5%
Johnson Controls, Inc.		3.750	%		12/01/21		550,000		568,913
Legrand		8.500	%		02/15/25		1,000,000		1,297,245
Thomas & Betts Corp.		5.625	%		11/15/21		500,000		554,767
									2,420,925
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.0% (d)
Arrow Electronics, Inc.		3.000	%		03/01/18		165,000		165,209

FOOD & STAPLES RETAILING—0.3%
Ahold Finance U.S.A., LLC, Series 2000-1, CV (a)		7.820	%		01/02/20		195,889		201,074
Kroger Co.		5.000	%		04/15/42		1,000,000		1,062,465

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2017

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—35.4%, continued
FOOD & STAPLES RETAILING—0.3%, continued
Smith's Food & Drug Centers, Inc., Pass Through Trust, Series 1994-A3		9.200	%		07/02/18	$	313,566	$	320,265
									1,583,804
FOOD PRODUCTS—1.4%
Bunge Ltd. Finance Corp.		3.500	%		11/24/20		1,250,000		1,276,077
Cargill, Inc. (b)		4.760	%		11/23/45		1,250,000		1,480,773
J.M. Smucker Co. (The)		3.500	%		03/15/25		1,250,000		1,276,977
Kraft Foods Group, Inc.		5.375	%		02/10/20		1,000,000		1,059,497
Mead Johnson Nutrition Co.		3.000	%		11/15/20		1,000,000		1,014,978
Wm. Wrigley Jr. Co. (b)		3.375	%		10/21/20		1,430,000		1,464,510
									7,572,812
GAS UTILITIES—0.6%
Brooklyn Union Gas Co. (b)		4.504	%		03/10/46		1,250,000		1,424,607
Indiana Gas Co., Inc.		6.550	%		06/30/28		250,000		290,281
Laclede Group, Inc.		2.550	%		08/15/19		1,250,000		1,240,306
									2,955,194
HEALTH CARE PROVIDERS & SERVICES—1.0%
Express Scripts Holding Co.		3.300	%		02/25/21		1,000,000		1,015,695
Howard Hughes Medical Institute		3.500	%		09/01/23		1,500,000		1,571,586
Kaiser Foundation Hospital		3.150	%		05/01/27		820,000		820,772
Laboratory Corp. of America Holdings		2.625	%		02/01/20		1,000,000		1,002,633
McKesson Corp.		6.000	%		03/01/41		474,000		579,014
									4,989,700
HOTELS, RESTAURANTS & LEISURE—0.5%
Brinker International, Inc.		2.600	%		05/15/18		500,000		500,000
Hyatt Hotels Corp.		3.375	%		07/15/23		1,000,000		1,021,831
Starbucks Corp.		2.450	%		06/15/26		1,000,000		963,996
									2,485,827
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.9%
FPL Energy National Wind LLC (b)		5.608	%		03/10/24		258,175		259,789
Harper Lake Solar Funding Corp. (b)		7.645	%		12/31/18		264,206		276,418
Midland Cogeneration Venture, L.P., CV (b)		5.250	%		03/15/25		187,212		191,135
Midland Cogeneration Venture, L.P., CV (b)		6.000	%		03/15/25		476,969		500,173
Solar Star Funding LLC (b)		3.950	%		06/30/35		323,238		316,705
Solar Star Funding LLC (b)		5.375	%		06/30/35		487,619		533,241
Tenaska Virginia Partners, L.P. (b)		6.119	%		03/30/24		839,705		912,406
Topaz Solar Farms LLC (b)		4.875	%		09/30/39		306,234		313,624
Topaz Solar Farms LLC (b)		5.750	%		09/30/39		710,635		779,945
TransAlta Corp.		6.900	%		05/15/18		500,000		507,752
									4,591,188
INDUSTRIAL CONGLOMERATES—0.1%
Ingersoll-Rand Global Holding Co. Ltd.		2.875	%		01/15/19		600,000		603,073

INSURANCE—3.5%
American International Group, Inc.		3.750	%		07/10/25		1,250,000		1,288,780
Anthem, Inc.		2.500	%		11/21/20		1,500,000		1,496,868
Athene Global Funding (b)		2.750	%		04/20/20		1,550,000		1,550,781
Fidelity National Financial, Inc.		5.500	%		09/01/22		725,000		799,833
Horace Mann Educators Corp.		4.500	%		12/01/25		1,235,000		1,286,894
Kemper Corp.		4.350	%		02/15/25		1,250,000		1,272,502
Liberty Mutual Group, Inc. (b)		4.950	%		05/01/22		1,050,000		1,132,993
Markel Corp.		3.625	%		03/30/23		400,000		407,231
Marsh & McLennan Cos., Inc.		3.750	%		03/14/26		1,000,000		1,044,379
OneBeacon US Holdings, Inc.		4.600	%		11/09/22		1,000,000		1,030,775
Provident Cos., Inc.		7.000	%		07/15/18		340,000		348,748
Prudential Financial, Inc.		5.875	%		09/15/42		500,000		546,250
RLI Corp.		4.875	%		09/15/23		1,000,000		1,054,267
Sammons Financial Group (b)		4.450	%		05/12/27		800,000		820,437
StanCorp Financial Group, Inc.		5.000	%		08/15/22		1,250,000		1,340,139
TIAA Asset Management Finance Co. LLC (b)		2.950	%		11/01/19		1,250,000		1,261,951
Unum Group		3.000	%		05/15/21		700,000		704,888
W.R. Berkley Corp.		6.150	%		08/15/19		710,000		750,028
W.R. Berkley Corp.		4.625	%		03/15/22		250,000		266,056
									18,403,800
IT SERVICES—0.4%
Broadridge Financial Solutions, Inc.		3.950	%		09/01/20		1,000,000		1,036,348
Fiserv, Inc.		2.700	%		06/01/20		1,000,000		1,006,247
Xerox Corp.		4.070	%		03/17/22		250,000		252,406
									2,295,001
LIFE SCIENCES TOOLS & SERVICES—0.2%
Agilent Technologies, Inc.		3.875	%		07/15/23		1,250,000		1,294,658

MACHINERY—0.8%
Illinois Tool Works, Inc.		3.900	%		09/01/42		1,000,000		1,071,668
Kennametal, Inc.		2.650	%		11/01/19		1,000,000		1,000,792
Pall Corp.		5.000	%		06/15/20		1,000,000		1,062,214
Snap-on, Inc.		4.250	%		01/15/18		500,000		500,107
Valmont Industries, Inc.		6.625	%		04/20/20		562,000		611,450
									4,246,231
MEDIA—0.4%
Comcast Corp.		4.750	%		03/01/44		500,000		573,384
Scripps Networks Interactive, Inc.		2.800	%		06/15/20		1,000,000		999,855
Time Warner Cable, Inc.		4.500	%		09/15/42		500,000		469,108
									2,042,347
METALS & MINING—0.5%
Newcrest Finance Property Ltd. (b)		4.450	%		11/15/21		1,000,000		1,051,086
Nucor Corp.		4.125	%		09/15/22		665,000		705,635

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2017

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—35.4%, continued
METALS & MINING—0.5%, continued
Reliance Steel & Aluminum Co.		4.500	%		04/15/23	$	905,000	$	953,954
									2,710,675
MULTI-LINE RETAIL—0.1%
Macy's Retail Holdings, Inc.		9.500	%		04/15/21		315,000		345,145

MULTI-UTILITIES—1.1%
Avangrid, Inc.		3.150	%		12/01/24		1,800,000		1,790,583
Consumers Energy Co.		6.700	%		09/15/19		750,000		803,708
Puget Energy, Inc.		5.625	%		07/15/22		750,000		828,324
Puget Sound Energy, Inc.		6.740	%		06/15/18		1,000,000		1,020,518
Westar Energy, Inc.		2.550	%		07/01/26		1,260,000		1,214,229
									5,657,362
OIL, GAS & CONSUMABLE FUELS—0.3%
ConocoPhillips Holdings Co.		6.950	%		04/15/29		1,000,000		1,313,409

PAPER & FOREST PRODUCTS—0.4%
Fibria Overseas Finance Ltd.		5.500	%		01/17/27		800,000		858,000
Klabin Finance SA (b)		4.875	%		09/19/27		750,000		740,250
PH Glatfelter Co.		5.375	%		10/15/20		750,000		759,375
									2,357,625
PHARMACEUTICALS—0.3%
AbbVie, Inc.		2.500	%		05/14/20		500,000		501,541
Zoetis, Inc.		3.250	%		02/01/23		1,200,000		1,218,466
									1,720,007
PIPELINES—0.6%
Columbia Pipeline Group, Inc.		3.300	%		06/01/20		850,000		862,141
Florida Gas Transmission Co. LLC (b)		4.350	%		07/15/25		1,000,000		1,068,093
Northern Natural Gas Co. (b)		4.100	%		09/15/42		1,000,000		1,027,335
									2,957,569
PROFESSIONAL SERVICES—0.4%
Dun & Bradstreet Corp.		4.625	%		12/01/22		1,000,000		1,014,183
Verisk Analytics, Inc.		5.800	%		05/01/21		960,000		1,044,597
									2,058,780
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.8%
Digital Realty Trust, L.P.		3.950	%		07/01/22		1,250,000		1,305,831
National Retail Properties, Inc.		3.800	%		10/15/22		750,000		774,724
Regency Centers, L.P.		3.750	%		06/15/24		1,000,000		1,019,363
Vornado Realty L.P.		3.500	%		01/15/25		567,000		565,594
Welltower Inc		5.250	%		01/15/22		400,000		434,673
									4,100,185
ROAD & RAIL—1.1%
Burlington Northern Santa Fe LLC		7.160	%		01/02/20		372,138		386,971
Burlington Northern Santa Fe LLC		5.750	%		05/01/40		1,000,000		1,303,037
Kansas City Southern		2.350	%		05/15/20		500,000		498,014
Norfolk Southern Corp.		4.837	%		10/01/41		1,000,000		1,165,498
Ryder System, Inc.		2.650	%		03/02/20		455,000		456,591
Ryder System, Inc.		2.500	%		05/11/20		795,000		795,776
TTX Co. (b)		2.600	%		06/15/20		1,000,000		995,645
									5,601,532
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.8%
Intel Corp. (b)		3.734	%		12/08/47		1,361,000		1,413,317
KLA-Tencor Corp.		3.375	%		11/01/19		600,000		609,892
Lam Research Corp.		2.750	%		03/15/20		1,000,000		1,007,079
Maxim Integrated Products, Inc.		3.375	%		03/15/23		500,000		504,665
NXP BV/NXP Funding LLC (b)		3.875	%		09/01/22		200,000		202,250
Xilinx, Inc.		2.125	%		03/15/19		600,000		598,084
									4,335,287
SOFTWARE—0.3%
Microsoft Corp.		4.450	%		11/03/45		1,500,000		1,758,145

SPECIALTY RETAIL—0.7%
Advanced Auto Parts, Inc.		4.500	%		01/15/22		402,000		421,278
Gap, Inc.		5.950	%		04/12/21		1,000,000		1,078,287
Lowe's Cos., Inc.		4.650	%		04/15/42		1,000,000		1,142,759
O'Reilly Automotive, Inc.		3.800	%		09/01/22		1,000,000		1,051,993
									3,694,317
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.6%
Apple, Inc.		2.850	%		02/23/23		1,250,000		1,266,934
Apple, Inc.		3.000	%		06/20/27		1,000,000		995,613
Seagate HDD Cayman		3.750	%		11/15/18		635,000		644,207
Seagate HDD Cayman (b)		4.250	%		03/01/22		305,000		308,720
									3,215,474
TEXTILES, APPAREL & LUXURY GOODS—0.1%
Hanesbrands, Inc. (b)		4.625	%		05/15/24		500,000		510,000

TRANSPORTATION SERVICES—0.2%
Mexico City Airport Trust (b)		4.250	%		10/31/26		1,000,000		1,022,500
TOTAL CORPORATE BONDS (COST $178,835,763)									184,937,246

CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc. (c)		1.000	%		06/15/18		1,100,000		1,100,000
Calvert Social Investment Foundation, Inc. (c)		1.000	%		12/17/18		1,200,000		1,200,000
Calvert Social Investment Foundation, Inc. (c)		1.500	%		06/17/19		1,700,000		1,700,000
Calvert Social Investment Foundation, Inc. (c)		1.500	%		06/15/20		850,000		850,000
TOTAL CORPORATE NOTES (COST $4,850,000)									4,850,000

FOREIGN GOVERNMENTS—9.5%
FOREIGN AGENCY—3.9%
Banco Nacional de Costa Rica (b)		5.875	%		04/25/21		750,000		780,938
Bank Nederlandse Gemeenten (b)		1.625	%		11/25/19		1,500,000		1,485,069
Export Development Canada		1.250	%		12/10/18		1,000,000		993,087
Export Development Canada		1.625	%		06/01/20		1,000,000		989,672
Export-Import Bank of Korea		2.125	%		02/11/21		1,250,000		1,217,711

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2017

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
FOREIGN GOVERNMENTS—9.5%, continued
FOREIGN AGENCY—3.9%, continued
KFW		1.750	%		10/15/19	$	2,500,000	$	2,488,091
KFW		1.875	%		11/30/20		1,000,000		992,500
KFW		2.000	%		11/30/21		1,000,000		989,599
KFW		2.000	%		09/29/22		1,500,000		1,475,786
Kommunalbanken A.S. (b)		1.375	%		10/26/20		1,000,000		977,650
Kommunalbanken A.S. (b)		2.125	%		02/11/25		1,000,000		967,620
Kommunivest I Sverige AB (b)		1.500	%		04/23/19		1,000,000		993,335
Kommunivest I Sverige AB (b)		1.875	%		06/01/21		1,500,000		1,477,067
Municipality Finance plc (b)		1.375	%		09/21/21		1,000,000		965,352
Nacional Financiera SNC (b)		3.375	%		11/05/20		1,000,000		1,025,000
Neder Waterschapsbank (b)		2.125	%		11/15/21		1,500,000		1,486,125
Ras Laffan Liquefied Natural Gas Co. Ltd. II (b)		5.298	%		09/30/20		325,700		337,165
Svensk Exportkredit AB		1.875	%		06/23/20		1,000,000		993,426
									20,635,193
SUPRANATIONAL—5.6%
African Development Bank		1.375	%		12/17/18		1,000,000		994,677
Asian Development Bank		1.000	%		08/16/19		1,500,000		1,476,071
Asian Development Bank		2.125	%		03/19/25		1,000,000		975,348
Bank Nederlandse Gemeenten (b)		2.125	%		12/14/20		1,500,000		1,495,053
European Bank for Reconstruction & Development		1.625	%		04/10/18		500,000		500,030
European Bank for Reconstruction & Development		0.875	%		07/22/19		2,000,000		1,966,128
European Bank for Reconstruction & Development		1.875	%		07/15/21		1,500,000		1,478,279
European Investment Bank		2.500	%		10/15/24		1,000,000		999,172
European Investment Bank		2.125	%		04/13/26		1,000,000		965,532
European Investment Bank		2.375	%		05/24/27		1,000,000		981,893
Inter-American Development Bank		1.500	%		09/25/18		2,500,000		2,494,055
Inter-American Development Bank		2.125	%		11/09/20		3,000,000		3,002,535
Inter-American Development Bank		4.375	%		01/24/44		3,000,000		3,661,992
International Bank for Reconstruction & Development		2.125	%		03/03/25		500,000		488,162
International Finance Corp.		1.250	%		11/27/18		1,000,000		994,010
International Finance Corp., Series GMTN		1.750	%		03/30/20		3,000,000		2,980,526
International Finance Corp., Series GMTN		2.000	%		10/24/22		2,000,000		1,971,664
Nordic Investment Bank		2.250	%		09/30/21		1,000,000		999,232
North American Development Bank		2.300	%		10/10/18		1,000,000		1,002,964
									29,427,323
TOTAL FOREIGN GOVERNMENTS (COST $49,901,007)									50,062,516

U.S. GOVERNMENT AGENCIES—45.3%
FEDERAL HOME LOAN BANK—3.9%
FHLB		3.375	%		06/12/20		1,000,000		1,031,235
FHLB		5.500	%		07/15/36		14,120,000		19,365,411
									20,396,646
FEDERAL HOME LOAN MORTGAGE CORPORATION—16.3%
FHLMC		4.500	%		06/01/18		10,045		10,187
FHLMC		4.875	%		06/13/18		6,200,000		6,289,943
FHLMC		5.085	%		03/25/19		1,140,000		1,169,627
FHLMC		3.750	%		03/27/19		3,020,000		3,090,620
FHLMC		5.000	%		04/01/19		13,906		14,205
FHLMC		1.250	%		10/02/19		2,710,000		2,677,727
FHLMC		1.375	%		05/01/20		4,000,000		3,940,196
FHLMC		5.000	%		12/01/21		66,050		69,361
FHLMC		2.375	%		01/13/22		13,460,000		13,581,019
FHLMC		5.500	%		04/01/22		40,675		41,983
FHLMC		4.000	%		11/01/24		398,939		413,694
FHLMC		4.000	%		10/01/25		179,555		186,077
FHLMC		6.000	%		04/01/27		136,822		152,830
FHLMC		2.500	%		10/01/27		915,270		919,951
FHLMC		7.000	%		02/01/30		78,761		84,361
FHLMC		7.500	%		07/01/30		178,396		206,186
FHLMC		7.000	%		03/01/31		61,785		70,356
FHLMC		6.250	%		07/15/32		12,000,000		16,833,408
FHLMC		3.000	%		11/01/32		1,056,883		1,075,144
FHLMC		3.000	%		11/01/32		1,608,407		1,636,217
FHLMC		5.500	%		11/01/33		58,306		64,620
FHLMC (H15T1Y + 2.231) (a)		3.231	%		05/01/34		114,924		121,392
FHLMC (H15T1Y + 2.231) (a)		3.231	%		05/01/34		40,859		42,957
FHLMC		5.000	%		07/01/35		109,075		117,527
FHLMC		4.500	%		10/01/35		223,284		238,252
FHLMC		5.500	%		03/01/36		62,113		68,891
FHLMC		5.500	%		06/01/36		86,916		96,393
FHLMC		6.000	%		06/01/36		90,030		102,415
FHLMC		5.500	%		12/01/36		72,404		80,146
FHLMC		6.000	%		08/01/37		48,533		54,770
FHLMC		5.000	%		03/01/38		361,518		392,636
FHLMC		4.500	%		06/01/39		415,585		443,463
FHLMC		5.000	%		06/01/39		588,900		641,492
FHLMC		4.500	%		07/01/39		429,945		458,684
FHLMC		4.500	%		11/01/39		404,969		432,036
FHLMC		4.500	%		09/01/40		621,104		662,735
FHLMC		4.500	%		05/01/41		1,248,782		1,332,467
FHLMC		4.500	%		07/01/41		1,233,588		1,316,012
FHLMC		5.000	%		09/01/41		549,047		601,298
FHLMC		3.500	%		10/01/41		792,714		818,038
FHLMC		4.000	%		10/01/41		614,966		645,662
FHLMC		3.500	%		02/01/42		1,156,156		1,193,127
FHLMC		4.000	%		02/01/42		349,883		367,345
FHLMC		3.500	%		06/01/42		1,327,125		1,369,566
FHLMC		3.500	%		06/01/42		1,350,699		1,393,894
FHLMC		3.500	%		08/01/42		1,423,788		1,469,318
FHLMC		3.000	%		11/01/42		2,211,248		2,223,322
FHLMC		3.000	%		01/01/43		1,339,703		1,347,294
FHLMC		3.000	%		05/01/43		1,949,906		1,961,359
FHLMC		3.500	%		10/01/44		1,754,509		1,806,971
FHLMC		3.500	%		11/01/44		1,600,115		1,647,034

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2017

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
U.S. GOVERNMENT AGENCIES—45.3%, continued
FEDERAL HOME LOAN MORTGAGE CORPORATION—16.3%, continued
FHLMC		3.500	%		04/01/45	$	1,965,043	$	2,020,982
FHLMC		3.000	%		05/01/46		2,672,274		2,675,973
FHLMC		3.000	%		12/01/46		4,759,386		4,766,531
									85,437,694
FEDERAL NATIONAL MORTGAGE ASSOCIATION—22.1%
FNMA		5.000	%		07/01/18		7,751		7,890
FNMA		5.000	%		09/01/18		15,888		16,174
FNMA		1.875	%		02/19/19		3,000,000		3,000,777
FNMA		7.000	%		11/01/19		2,972		3,038
FNMA		7.000	%		11/01/19		1,112		1,117
FNMA		3.500	%		07/01/20		127,708		131,854
FNMA		1.250	%		05/06/21		7,000,000		6,808,564
FNMA		1.875	%		04/05/22		13,000,000		12,838,072
FNMA		5.500	%		06/01/22		74,067		77,269
FNMA		2.890	%		07/01/22		2,401,147		2,432,857
FNMA		2.190	%		01/01/23		2,000,000		1,974,643
FNMA		2.770	%		07/01/23		2,352,430		2,385,556
FNMA		2.670	%		12/01/23		2,458,563		2,467,465
FNMA		2.646	%		07/25/24		3,000,000		2,974,453
FNMA		2.625	%		09/06/24		16,750,000		16,973,026
FNMA		3.080	%		12/01/24		2,372,441		2,434,252
FNMA		5.000	%		04/01/25		111,682		119,897
FNMA		5.000	%		07/01/25		87,773		94,229
FNMA		3.500	%		10/01/25		190,382		196,562
FNMA		5.000	%		10/01/25		107,951		115,954
FNMA		5.500	%		11/01/25		33		37
FNMA		4.000	%		03/01/26		689,076		721,330
FNMA		2.125	%		04/24/26		2,000,000		1,929,982
FNMA		8.500	%		09/01/26		19,500		19,811
FNMA		1.875	%		09/24/26		7,500,000		7,069,778
FNMA		2.877	%		09/25/26		1,960,443		1,963,749
FNMA		2.746	%		04/25/27		997,888		1,002,524
FNMA		2.500	%		09/01/27		1,117,221		1,122,818
FNMA		2.500	%		11/01/27		1,607,185		1,615,237
FNMA		2.500	%		01/01/28		1,084,568		1,089,999
FNMA		6.625	%		11/15/30		5,050,000		7,101,845
FNMA		3.000	%		12/01/32		1,585,193		1,623,119
FNMA		6.000	%		10/01/33		49,325		55,696
FNMA (6MO LIBOR + 145) (a)		2.824	%		02/01/34		136,443		139,477
FNMA		5.500	%		02/01/34		62,599		69,419
FNMA (H15T1Y + 2.205) (a)		3.060	%		05/01/34		81,126		85,616
FNMA (12MO LIBOR + 1.645) (a)		3.520	%		06/01/33		14,636		15,197
FNMA		6.000	%		11/01/34		148,904		169,110
FNMA		5.500	%		01/01/35		111,299		123,329
FNMA		5.000	%		10/01/35		135,556		146,728
FNMA		5.500	%		10/01/35		166,671		184,939
FNMA		6.000	%		10/01/35		86,899		98,748
FNMA		5.500	%		06/01/36		43,520		48,079
FNMA		6.000	%		06/01/36		46,562		52,800
FNMA		5.500	%		11/01/36		55,681		61,505
FNMA (12MO LIBOR + 1.631) (a)		3.314	%		05/01/37		40,977		43,003
FNMA		5.625	%		07/15/37		2,750,000		3,859,757
FNMA		4.500	%		09/01/40		379,395		406,681
FNMA		4.500	%		10/01/40		390,897		419,105
FNMA		4.000	%		12/01/40		953,684		1,001,808
FNMA		4.000	%		01/01/41		649,024		681,748
FNMA		3.500	%		02/01/41		957,412		988,570
FNMA		4.000	%		10/01/41		567,263		595,708
FNMA		4.000	%		11/01/41		548,351		575,897
FNMA		4.000	%		12/01/41		1,391,992		1,461,927
FNMA		4.000	%		12/01/41		724,254		760,647
FNMA		4.000	%		01/01/42		1,688,182		1,785,392
FNMA		3.500	%		05/01/42		1,161,062		1,198,932
FNMA		3.000	%		06/01/42		1,843,629		1,853,576
FNMA		3.000	%		08/01/42		1,598,566		1,607,195
FNMA		3.000	%		08/01/42		1,659,043		1,668,008
FNMA		3.500	%		12/01/42		1,868,412		1,930,395
FNMA		3.000	%		06/01/43		1,627,043		1,635,669
FNMA		4.000	%		12/01/44		2,280,820		2,414,553
FNMA		3.500	%		05/01/45		2,334,108		2,410,977
FNMA		3.000	%		04/01/46		2,644,148		2,645,493
FNMA		3.500	%		11/01/46		4,082,606		4,193,936
									115,703,498
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION—0.1%
GNMA		7.000	%		12/20/30		22,624		26,208
GNMA		7.000	%		10/20/31		16,742		19,735
GNMA		7.000	%		03/20/32		63,914		75,526
GNMA		2.375	%		01/20/34		55,662		57,875
GNMA		5.500	%		10/20/38		26,221		27,291
GNMA		6.500	%		11/20/38		14,754		16,954
GNMA		2.250	%		04/16/42		385,179		383,530
									607,119
OVERSEAS PRIVATE INVESTMENT CORPORATION—0.5%
OPIC		3.280	%		09/15/29		1,087,815		1,106,747
OPIC		3.540	%		06/15/30		735,300		765,330
OPIC		3.820	%		06/01/33		923,884		969,463
									2,841,540
SMALL BUSINESS ADMINISTRATION—0.1%
SBA (Prime - 265) (a)		1.599	%		02/25/32		328,672		326,619

UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT—2.1%
Hashemite Kingdom of Jordan AID Bond		2.503	%		10/30/20		5,000,000		5,063,110
Hashemite Kingdom of Jordan AID Bond		3.000	%		06/30/25		1,450,000		1,492,241
Iraq Aid		2.149	%		01/18/22		1,500,000		1,491,394
Ukraine Government AID Bond		1.847	%		05/29/20		1,000,000		995,676
Ukraine Government AID Bond		1.471	%		09/29/21		2,000,000		1,947,820
									10,990,241
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		1,005,875
TOTAL U.S. GOVERNMENT AGENCIES (COST $235,680,662)									237,309,232

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2017

	SHARES		FAIR VALUE
INVESTMENT COMPANIES—0.7%
Pax High Yield Bond Fund - Institutional Class (Cost $4,199,236)		530,984	$	3,584,141

TOTAL INVESTMENTS (COST $500,719,266—Unrealized gain/loss $7,487,108)—97.1%			$	508,206,374
Other Assets in Excess of Liabilities—2.9%				15,496,210
NET ASSETS—100.0%			$	523,702,584

(a)	Variable rate security. Rates presented are the rates in effect at December 31, 2017. The benchmark on which the rate is calculated is shown parenthetically; otherwise, the rate fluctuations may be based on index changes, prepayment of underlying positions and/or other variables.

(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 December 31, 2017, these securities were valued at $51,965,657 or 9.9% of net assets.

(c)	Restricted and illiquid securities not registered under the Securities Act of 1933 are as follows:

	Acquisition Date	Current Cost		Fair Value		% of Net Assets
Calvert Social Investment Foundation, Inc. 1.00%, 06/15/18	06/15/17	$	1,100,000	$	1,100,000		0.2	%
Calvert Social Investment Foundation, Inc. 1.00%, 12/17/18	12/15/17		1,200,000		1,200,000		0.2	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/17/19	06/10/16		1,700,000		1,700,000		0.3	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/15/20	06/15/17		850,000		850,000		0.2	%
SolarCity LMC Series I LLC 4.80%, 12/21/26	11/13/13		641,485		660,349		0.1	%
SolarCity LMC Series I LLC 4.18%, 08/21/45	08/17/15		233,576		236,848		0.0	%
		$	5,725,061	$	5,747,197		1.1	%

(d)	Percentage rounds to less than 0.1%.

CV	—Convertible Security

H15T1Y

—U.S. Treasury yield curve rate for Treasury note with a constant maturity of 1 year

LIBOR

—London interbank offered rate

plc	—Public Liability Company

Prime

—U.S. Prime Rate

See accompanying notes to financial statements.

Praxis International Index Fund

Annual Report to Shareholders

Portfolio Managers’ Commentary (unaudited)

Foreign equity markets rose sharply in 2017, led by a surge in emerging market stock returns. Growth in the world’s largest economies, combined with strong corporate earnings and other fundamentals, buoyed returns and dampened volatility throughout the period. The MSCI All Country World ex US Index (the “Index”) posted a return of 27.19 percent for the year. The Index recorded positive returns in ten of ten market sectors, led by financials and technology companies. The Praxis International Index Fund (the “Fund”) closely tracked the Index. The Class I Shares returned 25.67 percent and the Class A Shares (Without Load) returned 24.97 percent.

The Praxis International Index Fund seeks to generate performance that reflects the performance of both foreign developed and emerging equity markets, as measured by the MSCI All Country World ex US Index. The portfolio is constructed using optimization techniques to have characteristics similar to the target benchmark index. Limitations due to the screens and the lower number of holdings versus the benchmark are expected to cause the Fund’s performance to deviate from the benchmark over short periods of time, but the goal over long periods of time is for the Fund to perform in line with the benchmark before fees.

During the period, these factors, including a mismatch in timing between the pricing of the securities in the portfolio and the benchmark, had a small negative contribution to the Fund’s returns relative to the benchmark. While there were no significant over/under exposures to any single factor, the Fund’s overweight to the telecommunications industry and underweight to the basic materials and energy industries detracted from relative returns. However, the results were consistent with our forecasted tracking error – a measure of variability of relative returns – for a portfolio subject to the constraints we discussed above.

Ran Leshem
Praxis International Index Fund Portfolio Manager
Aperio Group LLC

Michael T. Branch, CFA^®
Praxis International Index Fund Portfolio Manager
Aperio Group LLC

Praxis International Index Fund

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/10 to 12/31/17

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/10 to 12/31/17, and includes the reinvestment of dividends and capital gains.

			Average Annual Returns
	Inception Date	One Year Ended	Three Years Ended	Five Years Ended	Since Inception	Expense Ratio** Gross / Net
Praxis International Index Fund
Class A *	12/31/10	18.47%	5.40%	4.70%	2.89%	1.27%	1.27%
Class A (Without Load)	12/31/10	24.97%	7.32%	5.83%	3.68%
Class I **	12/31/10	25.67%	7.92%	6.41%	4.30%	0.72%	0.72%
MSCI All Country World Index ex-U.S. ¹		27.19%	7.83%	6.80%	4.93%

The total return figures shown reflect the maximum sales charge applicable to Class A Shares. 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.

The MSCI All Country World Index ex-U.S. is market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S. based companies. The index includes both developed and emerging markets.

Schedule of Investments

Praxis International Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.6%
AUSTRALIA—5.0%
BANKS—1.9%
Australia & New Zealand Banking Group Ltd. (a)		6,107	$	136,256
Australia & New Zealand Banking Group Ltd. - ADR		36,061		805,603
Commonwealth Bank of Australia (a)		21,512		1,342,678
Commonwealth Bank of Australia - ADR		613		38,334
National Australia Bank Ltd. (a)		4,644		106,662
National Australia Bank Ltd. - ADR		63,688		729,865
Westpac Banking Corp. (a)		17,091		415,759
Westpac Banking Corp. - ADR		78,609		1,916,487
				5,491,644
BIOTECHNOLOGY—0.3%
CSL Ltd. (a)		3,640		400,057
CSL Ltd. - ADR		8,710		480,531
				880,588
CAPITAL MARKETS—0.3%
Macquarie Group Ltd. (a)		7,209		557,640
Macquarie Group Ltd. - ADR		2,747		213,085
				770,725
CHEMICALS—0.1%
Orica Ltd. (a)		27,987		393,512

CONTAINERS & PACKAGING—0.2%
Amcor Ltd. (a)		24,949		298,980
Amcor Ltd. - ADR		3,500		168,070
				467,050
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Telstra Corp. Ltd. (a)		17,682		49,990
Telstra Corp. Ltd. - ADR		10,910		154,377
				204,367
FOOD & STAPLES RETAILING—0.4%
Wesfarmers Ltd. (a)		19,358		669,432
Woolworths Ltd. (a)		27,413		582,489
				1,251,921
INSURANCE—0.2%
Suncorp Group Ltd. (a)		46,152		497,492

METALS & MINING—0.3%
Alumina Ltd. - ADR		41,858		314,354
Newcrest Mining Ltd. - ADR		9,928		177,215
Sims Metal Management Ltd. - ADR		21,356		259,902
				751,471
OIL, GAS & CONSUMABLE FUELS—0.7%
Caltex Australia Ltd. (a)		12,181		322,725
Oil Search Ltd. (a)		60,661		367,319
Origin Energy Ltd. (a)(b)		100,656		737,406
Woodside Petroleum Ltd. (a)		18,241		469,356
Woodside Petroleum Ltd. - ADR		5,235		134,749
				2,031,555
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.4%
Scentre Group REIT (a)		25,459		83,055
Shopping Centres Australasia Property Group REIT (a)		1		2
Westfield Corp. REIT (a)		123,771		914,544
				997,601
TRANSPORTATION INFRASTRUCTURE—0.1%
Sydney Airport (a)		49,337		270,747
TOTAL AUSTRALIA				14,008,673

AUSTRIA—0.2%
BANKS—0.2%
Erste Group Bank AG (a)		5,112		221,515
Erste Group Bank AG - ADR		12,078		263,300
TOTAL AUSTRIA				484,815

BELGIUM—0.2%
FOOD & STAPLES RETAILING—0.2%
Colruyt S.A. (a)		8,334		433,517

BRAZIL—1.2%
BANKS—0.6%
Banco Bradesco S.A. - ADR		77,242		790,958
Itau Unibanco Holding S.A. - ADR		61,571		800,423
				1,591,381
CHEMICALS—0.1%
Braskem S.A. - ADR		13,824		363,018

OIL, GAS & CONSUMABLE FUELS—0.4%
Petroleo Brasileiro S.A. - ADR (b)		63,920		657,737
Ultrapar Participacoes S.A. - ADR		14,545		330,608
				988,345
WATER UTILITIES—0.1%
Cia de Saneamento Basico do Estado de Sao Paulo - ADR		36,049		376,712
TOTAL BRAZIL				3,319,456

CANADA—6.6%
AUTO COMPONENTS—0.3%
Magna International, Inc. - Class A		15,982		905,700

BANKS—1.6%
Bank of Montreal		7,625		610,153
Bank of Nova Scotia		12,180		785,975
Canadian Imperial Bank of Commerce		6,759		658,394
Royal Bank of Canada		17,137		1,399,236
Toronto-Dominion Bank		18,236		1,068,265
				4,522,023
CHEMICALS—0.6%
Agrium, Inc.		9,767		1,123,205
Methanex Corp.		9,429		570,926
				1,694,131
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.0% (c)
TransAlta Corp.		20,678		123,034

INSURANCE—0.4%
Manulife Financial Corp.		30,520		636,647
Sun Life Financial, Inc.		11,714		483,320
				1,119,967
MEDIA—0.2%
Shaw Communications, Inc. - Class B		30,240		690,379

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
CANADA—6.6%, continued
METALS & MINING—0.4%
Agnico Eagle Mines Ltd.		9,204	$	425,041
Teck Resources Ltd. - Class B		24,575		643,128
				1,068,169
OIL, GAS & CONSUMABLE FUELS—1.7%
Enbridge, Inc.		51,813		2,026,406
Encana Corp.		36,072		480,840
Suncor Energy, Inc.		60,339		2,215,648
				4,722,894
ROAD & RAIL—0.9%
Canadian National Railway Co.		18,951		1,563,458
Canadian Pacific Railway Ltd.		5,165		943,955
				2,507,413
SOFTWARE—0.3%
Open Text Corp.		21,239		757,595

WIRELESS TELECOMMUNICATION SERVICES—0.2%
Rogers Communications, Inc. - Class B		12,894		656,692
TOTAL CANADA				18,767,997

CAYMAN ISLANDS—0.9%
DIVERSIFIED CONSUMER SERVICES—0.3%
TAL Education Group - ADR		27,222		808,766

INTERNET & DIRECT MARKETING RETAIL—0.2%
Ctrip.com International Ltd. - ADR (b)		13,813		609,153

INTERNET SOFTWARE & SERVICES—0.4%
SINA Corp. (b)		4,823		483,795
Weibo Corp. - ADR (b)		6,202		641,659
				1,125,454
TOTAL CAYMAN ISLANDS				2,543,373

CHILE—0.7%
AIRLINES—0.1%
Latam Airlines Group S.A. - ADR		30,040		417,556

BEVERAGES—0.1%
Embotelladora Andina S.A. - Class B - ADR		6,720		194,410

CHEMICALS—0.3%
Sociedad Quimica y Minera de Chile S.A. - ADR		15,440		916,673

METALS & MINING—0.2%
Antofagasta plc (a)		31,044		418,526
TOTAL CHILE				1,947,165

CHINA—6.2%
AIRLINES—0.1%
China Southern Airlines Co. Ltd. - ADR		5,546		287,394

BANKS—0.4%
China Construction Bank Corp. - ADR		69,587		1,283,880

CHEMICALS—0.1%
Sinopec Shanghai Petrochemical Co. Ltd. - ADR		7,041		401,337

DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
China Telecom Corp. Ltd. - ADR		6,115		290,279

INSURANCE—1.5%
AIA Group Ltd. - ADR		20,771		711,095
China Life Insurance Co. Ltd. - ADR		90,790		1,417,232
Ping An Insurance Group Co. of China Ltd. - ADR		33,826		706,625
Ping An Insurance Group Co. of China Ltd. - Class H (a)		131,769		1,366,715
				4,201,667
INTERNET SOFTWARE & SERVICES—3.8%
Alibaba Group Holdings Ltd. - ADR (b)		17,583		3,031,837
Baidu, Inc. - ADR (b)		5,149		1,205,947
NetEase, Inc. - ADR		2,394		826,098
Tencent Holdings Ltd. - ADR		109,906		5,706,319
				10,770,201
ROAD & RAIL—0.1%
Guangshen Railway Co. - ADR		8,797		294,700

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%
Lenovo Group Ltd. - ADR		18,577		208,805
TOTAL CHINA				17,738,263

COLOMBIA—0.4%
BANKS—0.2%
BanColombia S.A. - ADR		10,431		413,693

OIL, GAS & CONSUMABLE FUELS—0.2%
Ecopetrol S.A. - ADR		42,848		626,866
TOTAL COLOMBIA				1,040,559

DENMARK—1.0%
BANKS—0.2%
Danske Bank A/S (a)		11,624		452,415
Danske Bank A/S - ADR		6,614		129,304
				581,719
PHARMACEUTICALS—0.7%
Novo Nordisk A/S - ADR		39,423		2,115,832

TEXTILES, APPAREL & LUXURY GOODS—0.1%
Pandora A/S (a)		2,460		267,390
TOTAL DENMARK				2,964,941

FINLAND—0.5%
COMMUNICATIONS EQUIPMENT—0.1%
Nokia OYJ - ADR		86,149		401,454

MACHINERY—0.2%
Kone OYJ - Class B (a)		11,250		604,111

PAPER & FOREST PRODUCTS—0.2%
Stora Enso OYJ - ADR		32,308		509,820
TOTAL FINLAND				1,515,385

FRANCE—6.4%
AUTO COMPONENTS—0.6%
Cie Generale des Etablissements Michelin (a)		1,074		153,630
Cie Generale des Etablissements Michelin - ADR		25,215		721,653
Valeo S.A. (a)		2,793		208,038
Valeo S.A. - ADR		13,056		487,446
				1,570,767
AUTOMOBILES—0.2%
Renault S.A. (a)		5,892		591,383

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
FRANCE—6.4%, continued
BANKS—0.7%
BNP Paribas S.A. - ADR		29,644	$	1,107,203
Credit Agricole S.A. (a)		11,014		181,850
Credit Agricole S.A. - ADR		14,211		116,743
Societe Generale S.A. (a)		4,111		211,929
Societe Generale S.A. - ADR		36,300		376,068
				1,993,793
BUILDING PRODUCTS—0.3%
Cie de Saint-Gobain (a)		13,938		767,038

CONSTRUCTION & ENGINEERING—0.5%
Bouygues S.A. (a)		8,092		419,844
Vinci S.A. (a)		1,494		152,514
Vinci S.A. - ADR		30,694		782,697
				1,355,055
DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%
Orange S.A. - ADR		40,170		698,958
Vivendi S.A. (a)		12,138		325,754
Vivendi S.A. - ADR		11,623		311,729
				1,336,441
ELECTRICAL EQUIPMENT—0.5%
Legrand S.A. (a)		17,254		1,326,370

FOOD & STAPLES RETAILING—0.1%
Carrefour S.A. (a)		1,523		32,834
Carrefour S.A. - ADR		58,790		255,148
				287,982
FOOD PRODUCTS—0.9%
Danone S.A. - ADR		153,190		2,568,996

HEALTH CARE EQUIPMENT & SUPPLIES—0.2%
Essilor International S.A. (a)		4,503		620,204
Essilor International S.A. - ADR		952		65,669
				685,873
INSURANCE—0.4%
AXA S.A. (a)		4,355		129,043
AXA S.A. - ADR		34,977		1,037,593
				1,166,636
MEDIA—0.2%
Publicis Groupe S.A. - ADR		26,260		446,157

MULTI-UTILITIES—0.5%
Engie S.A. (a)		21,648		372,134
Engie S.A. - ADR		26,565		455,988
Veolia Environnement S.A. (a)		14,792		377,155
Veolia Environnement S.A. - ADR (b)		11,774		300,237
				1,505,514
PERSONAL PRODUCTS—0.6%
L'Oreal S.A. (a)		1,380		305,759
L'Oreal S.A. - ADR		32,890		1,456,369
				1,762,128
SOFTWARE—0.2%
Dassault Systemes - ADR		6,224		659,993
TOTAL FRANCE				18,024,126

GERMANY—6.6%
AIR FREIGHT & LOGISTICS—0.4%
Deutsche Post AG (a)		10,161		482,952
Deutsche Post AG - ADR		14,832		705,781
				1,188,733
AIRLINES—0.1%
Deutsche Lufthansa AG - ADR		10,201		375,397

AUTOMOBILES—0.9%
Bayerische Moteren Werke AG - ADR		27,692		960,082
Daimler AG (a)		15,015		1,269,581
Daimler AG - ADR		2,549		215,556
				2,445,219
BANKS—0.2%
Deutsche Bank AG		32,333		615,297

CHEMICALS—0.9%
BASF SE (a)		4,371		479,163
BASF SE - ADR		72,776		1,999,157
				2,478,320
DIVERSIFIED FINANCIAL SERVICES—0.2%
Deutsche Boerse AG (a)		3,878		448,827
Deutsche Boerse AG - ADR		15,060		173,717
				622,544
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Deutsche Telekom AG - ADR		38,043		671,878

HEALTH CARE PROVIDERS & SERVICES—0.5%
Fresenius Medical Care AG & Co. KGaA - ADR		19,354		1,017,053
Fresenius SE & Co. KGaA (a)		5,130		398,939
				1,415,992
INSURANCE—0.9%
Allianze SE - ADR		76,050		1,746,488
Muenchener Rueckversicherungs-Gesellschaft AG (a)		1,682		363,201
Muenchener Rueckversicherungs-Gesellschaft AG - ADR		18,890		408,780
				2,518,469
MULTI-UTILITIES—0.4%
E.ON SE (a)		53,575		580,505
RWE AG (a)(b)		17,185		349,696
RWE AG - ADR (b)		5,585		113,320
				1,043,521
PHARMACEUTICALS—0.6%
Bayer AG - ADR		51,088		1,588,326

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Infineon Technologies AG - ADR		12,109		330,273

SOFTWARE—0.6%
SAP SE - ADR		16,215		1,821,917

TEXTILES, APPAREL & LUXURY GOODS—0.5%
adidas AG (a)		1,323		264,567
adidas AG - ADR		9,804		978,635
Puma SE (a)		285		123,923
				1,367,125

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
GERMANY—6.6%, continued
TRADING COMPANIES & DISTRIBUTORS—0.1%
Brenntag AG (a)		5,521	$	348,038
TOTAL GERMANY				18,831,049

HONG KONG—3.3%
BANKS—0.3%
BOC Hong Kong Holdings Ltd. (a)		158,000		798,496
BOC Hong Kong Holdings Ltd. - ADR		1,754		178,154
				976,650
DIVERSIFIED FINANCIAL SERVICES—0.3%
Hong Kong Exchanges & Clearing Ltd. (a)		24,500		749,412

ELECTRIC UTILITIES—0.1%
CK Infrastructure Holdings Ltd. (a)		41,518		356,272

INDUSTRIAL CONGLOMERATES—0.6%
CK Hutchison Holdings Ltd. (a)		60,500		758,082
CK Hutchison Holdings Ltd. - ADR		36,503		458,295
Jardine Matheson Holdings Ltd. (a)		4,751		288,255
Jardine Matheson Holdings Ltd. - ADR		3,618		219,739
				1,724,371
INSURANCE—0.6%
AIA Group Ltd. (a)		193,200		1,643,289

MEDIA—0.0% (c)
I-CABLE Communications Ltd. (a)(b)		114,973		3,369

REAL ESTATE MANAGEMENT & DEVELOPMENT—1.4%
Henderson Land Development Co. Ltd. (a)		89,476		588,304
Sun Hung Kai Properties Ltd. (a)		28,000		466,173
Sun Hung Kai Properties Ltd. - ADR		22,014		366,423
Swire Pacific Ltd. - Class A (a)		28,000		259,065
Swire Pacific Ltd. - Class A - ADR		32,051		294,389
Swire Properties Ltd. (a)		121,150		390,348
Wharf Holdings Ltd. (a)		150,000		517,273
Wharf Real Estate Investment Co., Ltd. (b)		150,000		998,354
				3,880,329
TOTAL HONG KONG				9,333,692

HUNGARY—0.0% (c)
DIVERSIFIED TELECOMMUNICATION SERVICES—0.0% (c)
Magyar Telekom Telecommunications plc - ADR		11,582		101,574

OIL, GAS & CONSUMABLE FUELS—0.0% (c)
MOL Hungarian Oil & Gas plc - ADR		6,368		37,037
TOTAL HUNGARY				138,611

INDIA—1.4%
BANKS—0.8%
HDFC Bank Ltd. - ADR		16,597		1,687,417
ICICI Bank Ltd. - ADR		72,584		706,242
				2,393,659
IT SERVICES—0.4%
Infosys Ltd. - ADR		37,297		604,957
Wipro Ltd. - ADR		78,318		428,400
				1,033,357
PHARMACEUTICALS—0.2%
Dr. Reddy's Laboratories Ltd. - ADR		10,846		407,376
TOTAL INDIA				3,834,392

INDONESIA—0.6%
BANKS—0.2%
PT Bank Mandiri - ADR		49,403		582,461

DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
Telekomunikasi Indonesia Persero Tbk PT - ADR		33,206		1,069,897

MACHINERY—0.0% (c)
United Tractors Tbk PT - ADR		3,369		175,806
TOTAL INDONESIA				1,828,164

IRELAND—0.8%
BIOTECHNOLOGY—0.2%
Shire plc - ADR		3,955		613,499

CONSTRUCTION MATERIALS—0.3%
CRH plc - ADR		23,753		857,246

PROFESSIONAL SERVICES—0.3%
Experian plc (a)		3,191		70,333
Experian plc - ADR		37,268		816,915
				887,248
TOTAL IRELAND				2,357,993

ISRAEL—0.6%
PHARMACEUTICALS—0.3%
Taro Pharmaceutical Industries Ltd. (b)		3,950		413,604
Teva Pharmaceutical Industries Ltd. - ADR		26,006		492,814
				906,418
SOFTWARE—0.3%
Check Point Software Technologies Ltd. (b)		8,509		881,703
TOTAL ISRAEL				1,788,121

ITALY—0.9%
BANKS—0.3%
Intesa Sanpaolo SpA (a)		128,010		424,688
Intesa Sanpaolo SpA - ADR		12,596		251,353
Unicredit SpA (a)		5,798		108,149
				784,190
ELECTRIC UTILITIES—0.2%
Enel SpA (a)		86,564		532,266

INSURANCE—0.1%
Assicurazioni Generali SpA (a)		16,056		292,221

TEXTILES, APPAREL & LUXURY GOODS—0.2%
Luxottica Group SpA - ADR		9,316		569,860

TRANSPORTATION INFRASTRUCTURE—0.1%
Atlantia SpA (a)		13,863		437,018
TOTAL ITALY				2,615,555

JAPAN—16.3%
AUTO COMPONENTS—0.4%
Bridgestone Corp. (a)		4,656		215,471
Bridgestone Corp. - ADR		20,546		477,489
Denso Corp. (a)		7,000		419,324
Denso Corp. - ADR		6,048		181,470
				1,293,754
AUTOMOBILES—2.1%
Honda Motor Co. Ltd. - ADR		49,827		1,698,104
Nissan Motor Co. Ltd. - ADR		36,396		724,280

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
JAPAN—16.3%, continued
AUTOMOBILES—2.1%, continued
Toyota Motor Corp. - ADR		27,232	$	3,463,093
				5,885,477
BANKS—1.6%
Mitsubishi UFJ Financial Group, Inc. - ADR		269,546		1,959,599
Mizuho Financial Group, Inc. - ADR		132,028		480,582
Sumitomo Mitsui Financial Group, Inc. - ADR		213,385		1,854,316
Sumitomo Mitsui Trust Holdings, Inc. (a)		298		11,790
Sumitomo Mitsui Trust Holdings, Inc. - ADR		39,737		160,140
				4,466,427
BUILDING PRODUCTS—0.1%
Asahi Glass Co. Ltd. (a)		600		25,932
Asahi Glass Co. Ltd. - ADR		21,219		184,605
				210,537
CAPITAL MARKETS—0.3%
Daiwa Securities Group, Inc. (a)		16,000		100,095
Daiwa Securities Group, Inc. - ADR		49,678		313,468
Nomura Holdings, Inc. - ADR		94,167		548,052
				961,615
CHEMICALS—0.5%
Nitto Denko Corp. (a)		500		44,220
Nitto Denko Corp. - ADR		11,626		515,962
Shin-Etsu Chemical Co. Ltd. (a)		5,600		567,358
Sumitomo Chemical Co. Ltd. (a)		38,000		271,891
				1,399,431
COMMERCIAL SERVICES & SUPPLIES—0.2%
Dai Nippon Printing Co. Ltd. (a)		25,000		556,532
Dai Nippon Printing Co. Ltd. - ADR		37		412
				556,944
CONSTRUCTION & ENGINEERING—0.2%
Obayashi Corp. (a)		55,000		664,348

DIVERSIFIED FINANCIAL SERVICES—0.4%
ORIX Corp. (a)		20,100		338,874
ORIX Corp. - ADR		9,867		836,524
				1,175,398
DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
Nippon Telegraph & Telephone Corp. - ADR		32,480		1,534,355

ELECTRIC UTILITIES—0.1%
Chubu Electric Power Co., Inc. (a)		12,600		156,273
Tohoku Electric Power Co., Inc. (a)		12,700		162,125
				318,398
ELECTRICAL EQUIPMENT—0.4%
Nidec Corp. - ADR		30,872		1,085,151

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%
Hitachi Ltd. (a)		26,000		201,695
Hitachi Ltd. - ADR		5,344		417,046
Kyocera Corp. (a)		2,800		182,787
Kyocera Corp. - ADR		3,162		207,143
Murata Manufacturing Co. Ltd. (a)		2,300		307,915
Murata Manufacturing Co. Ltd. - ADR		1,592		53,475
TDK Corp. (a)		800		63,571
TDK Corp. - ADR		826		66,010
				1,499,642
FOOD PRODUCTS—0.2%
Ajinomoto Co., Inc. (a)		7,000		131,688
Meiji Holdings Co. Ltd. (a)		2,000		170,202
Yakult Honsha Co. Ltd. (a)		5,100		384,788
				686,678
HEALTH CARE EQUIPMENT & SUPPLIES—0.4%
Hoya Corp. (a)		9,500		473,088
Hoya Corp. - ADR		1,734		86,700
Terumo Corp. (a)		11,800		558,205
				1,117,993
HOUSEHOLD DURABLES—0.9%
Sekisui House Ltd. (a)		8,000		144,296
Sekisui House Ltd. - ADR		30,149		545,697
Sony Corp. - ADR		38,785		1,743,386
				2,433,379
INSURANCE—0.4%
MS&AD Insurance Group Holdings, Inc. - ADR		34,266		580,466
Tokio Marine Holdings, Inc. (a)		4,600		209,203
Tokio Marine Holdings, Inc. - ADR		7,354		336,445
				1,126,114
INTERNET & DIRECT MARKETING RETAIL—0.1%
Rakuten, Inc. (a)		18,400		168,174

IT SERVICES—0.1%
Fujitsu Ltd. (a)		20,000		141,778
Fujitsu Ltd. - ADR		1,240		44,280
				186,058
LEISURE PRODUCTS—0.1%
Shimano, Inc. (a)		1,600		224,874

MACHINERY—0.9%
FANUC Corp. (a)		1,100		263,863
FANUC Corp. - ADR		43,920		1,055,837
Kubota Corp. - ADR		7,847		774,342
Makita Corp. (a)		1,200		50,320
Makita Corp. - ADR		9,872		416,796
				2,561,158
MARINE—0.1%
Nippon Yusen KK (a)		5,600		136,245
Nippon Yusen KK - ADR (b)		7,243		35,350
				171,595
METALS & MINING—0.2%
Sumitomo Metal Mining Co. Ltd. (a)		11,500		526,082

OIL, GAS & CONSUMABLE FUELS—0.1%
Inpex Corp. (a)		26,239		326,542

PERSONAL PRODUCTS—0.6%
Kao Corp. (a)		1,000		67,564
Kao Corp. - ADR		11,651		787,316
Shiseido Co. Ltd. (a)		2,100		101,180
Shiseido Co. Ltd. - ADR		15,035		728,596
				1,684,656
PHARMACEUTICALS—0.5%
Astellas Pharma, Inc. (a)		17,800		226,098
Astellas Pharma, Inc. - ADR		24,473		310,320

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
JAPAN—16.3%, continued
PHARMACEUTICALS—0.5%, continued
Daiichi Sankyo Co. Ltd. (a)		7,700	$	200,198
Daiichi Sankyo Co. Ltd. - ADR		1,901		49,700
Takeda Pharmaceutical Co. Ltd. (a)		2,700		152,854
Takeda Pharmaceutical Co. Ltd. - ADR		18,144		516,197
				1,455,367
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%
Daiwa House Industry Co. Ltd. - ADR		15,470		593,816
Mitsubishi Estate Co. Ltd. (a)		11,000		190,977
Mitsubishi Estate Co. Ltd. - ADR		11,717		202,938
Mitsui Fudosan Co. Ltd. (a)		21,000		469,633
Sumitomo Realty & Development Co. Ltd. (a)		13,000		426,609
				1,883,973
RETAIL—0.4%
Japan Retail Fund Investment Corp. (a)		607		1,112,542

ROAD & RAIL—0.5%
Central Japan Railway Co. (a)		1,348		241,217
East Japan Railway Co. (a)		3,590		350,059
East Japan Railway Co. - ADR		29,226		475,507
Keikyu Corp. (a)		18,500		354,949
				1,421,732
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Rohm Co. Ltd. (a)		700		77,107
Rohm Co. Ltd. - ADR		2,660		146,486
				223,593
SOFTWARE—0.4%
Nintendo Co. Ltd. (a)		300		108,019
Nintendo Co. Ltd. - ADR		22,464		1,012,455
				1,120,474
SPECIALTY RETAIL—0.1%
Fast Retailing Co. Ltd. (a)		700		278,305

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.0%
Canon, Inc. - ADR		57,457		2,148,892
FUJIFILM Holdings Corp. - ADR		11,626		476,085
Seiko Epson Corp. (a)		1,200		28,247
Seiko Epson Corp. - ADR		10,312		120,960
				2,774,184
TEXTILES, APPAREL & LUXURY GOODS—0.1%
Wacoal Holdings Corporation - ADR (b)		2,621		414,148

TRADING COMPANIES & DISTRIBUTORS—0.3%
Mitsubishi Corp. (a)		16,300		449,413
Mitsui & Co. Ltd. - ADR		1,637		534,480
				983,893
WIRELESS TELECOMMUNICATION SERVICES—0.9%
KDDI Corp. - ADR		51,612		638,466
NTT DoCoMo, Inc. - ADR		25,031		594,987
Softbank Group Corp. (a)		7,200		569,978
Softbank Group Corp. - ADR		15,592		619,860
				2,423,291
TOTAL JAPAN				46,356,282

JERSEY—0.3%
METALS & MINING—0.2%
Randgold Resources Ltd. - ADR		4,722		466,958

TRADING COMPANIES & DISTRIBUTORS—0.1%
Ferguson plc - ADR		63,056		452,112
TOTAL JERSEY				919,070

LUXEMBOURG—0.6%
ENERGY EQUIPMENT & SERVICES—0.2%
Tenaris S.A. - ADR		20,102		640,450

MEDIA—0.4%
RTL Group S.A. (a)		12,091		970,552
TOTAL LUXEMBOURG				1,611,002

MEXICO—1.0%
BANKS—0.1%
Grupo Financiero Banorte S.A.B. de C.V. - ADR		5,851		160,089

BEVERAGES—0.2%
Coca-Cola Femsa S.A.B. de C.V. - ADR		7,597		528,903

CONSTRUCTION MATERIALS—0.2%
Cemex S.A.B. de C.V. (b)		83,354		625,155

FOOD & STAPLES RETAILING—0.2%
Wal-Mart de Mexico S.A.B. de C.V. - ADR		29,614		723,174

METALS & MINING—0.1%
Fresnillo plc (a)		14,613		280,754

TRANSPORTATION INFRASTRUCTURE—0.2%
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR		4,513		463,756
TOTAL MEXICO				2,781,831

NETHERLANDS—3.4%
AUTOMOBILES—0.5%
Ferrari N.V.		8,603		901,939
Fiat Chrysler Automobiles N.V.		26,965		481,056
				1,382,995
BANKS—0.5%
ING Groep N.V. - ADR		71,517		1,320,204

CHEMICALS—0.2%
Akzo Nobel NV - ADR		19,227		560,275

FOOD & STAPLES RETAILING—0.4%
Koninklijke Ahold Delhaize N.V. (a)		5,491		120,699
Koninklijke Ahold Delhaize N.V. - ADR		49,012		1,078,754
				1,199,453
HEALTH CARE EQUIPMENT & SUPPLIES—0.4%
Koninklijke Philips N.V. - NY Registry Shares		30,708		1,160,762

LIFE SCIENCES TOOLS & SERVICES—0.2%
QIAGEN N.V.		16,162		499,891

MEDIA—0.2%
Wolters Kluwer N.V. (a)		954		49,728
Wolters Kluwer N.V. - ADR		7,337		382,845
				432,573

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2017

	SHARES			FAIR VALUE
COMMON STOCKS—98.6%, continued
NETHERLANDS—3.4%, continued
OIL, GAS & CONSUMABLE FUELS—0.1%
Koninklijke Vopak NV (a)		3,557		$	155,800

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%
ASML Holding NV - NY Registry Shares		6,611			1,149,124
NXP Semiconductors NV (b)		5,879			688,372
					1,837,496
SOFTWARE—0.0% (c)
Gemalto NV (a)		2,161			127,965

TRADING COMPANIES & DISTRIBUTORS—0.3%
AerCap Holdings NV (b)		18,140			954,345
TOTAL NETHERLANDS					9,631,759

NORWAY—1.3%
CHEMICALS—0.1%
Yara International ASA - ADR		7,283			333,853

METALS & MINING—0.2%
Norsk Hydro ASA (a)		61,990			469,945
Norsk Hydro ASA - ADR		13,201			100,328
					570,273
OIL, GAS & CONSUMABLE FUELS—1.0%
Statoil ASA - ADR		133,829			2,866,617
TOTAL NORWAY					3,770,743

PERU—0.4%
METALS & MINING—0.4%
Southern Copper Corp.		24,026			1,140,034

PORTUGAL—0.1%
ELECTRIC UTILITIES—0.1%
EDP - Energias de Portugal S.A.		82,980			287,219
EDP - Energias de Portugal S.A. - ADR		1,231			42,666
TOTAL PORTUGAL					329,885

RUSSIA—0.7%
WIRELESS TELECOMMUNICATION SERVICES—0.7%
Mobile TeleSystems PJSC - ADR		183,318			1,868,010

SINGAPORE—1.5%
BANKS—1.1%
DBS Group Holdings Ltd. (a)		10,656			197,089
DBS Group Holdings Ltd. - ADR		19,975			1,491,334
United Overseas Bank Ltd. (a)		24,187			476,781
United Overseas Bank Ltd. - ADR		22,014			872,525
					3,037,729
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Singapore Telecommunications Ltd. (a)		86,000			229,278
Singapore Telecommunications Ltd. - ADR		6,886			183,512
					412,790
INDUSTRIAL CONGLOMERATES—0.2%
Keppel Corp. Ltd. (a)		11,721			64,137
Keppel Corp. Ltd. - ADR		49,775			545,435
					609,572
MACHINERY—0.1%
Sembcorp Marine Ltd. (a)		204,000			279,535

REAL ESTATE INVESTMENT TRUSTS (REITS)—0.0%
Keppel REIT		737			694
TOTAL SINGAPORE					4,340,320

SOUTH AFRICA—2.2%
BANKS—0.1%
Standard Bank Group Ltd. - ADR		19,275			305,605

MEDIA—0.9%
Naspers Ltd. - Class N - ADR		43,870			2,483,042

METALS & MINING—0.8%
Glencore plc (a)		220,536			1,154,197
Gold Fields Ltd. - ADR		273,785			1,177,275
					2,331,472
TRADING COMPANIES & DISTRIBUTORS—0.2%
Barloworld Ltd.		45,286			583,910

WIRELESS TELECOMMUNICATION SERVICES—0.2%
MTN Group Ltd. - ADR		50,154			545,174
TOTAL SOUTH AFRICA					6,249,203

SOUTH KOREA—2.4%
BANKS—1.4%
KB Financial Group, Inc. - ADR (b)		35,152			2,056,744
Shinhan Financial Group Co. Ltd. - ADR (b)		30,017			1,392,789
Woori Bank - ADR		9,632			430,454
					3,879,987
DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
KT Corp. - ADR (b)		71,631			1,118,160

ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS—0.3%
LG Display Co. Ltd. - ADR (b)		61,056			840,131

WIRELESS TELECOMMUNICATION SERVICES—0.3%
SK Telecom Co. Ltd. - ADR		32,754			914,164
TOTAL SOUTH KOREA					6,752,442

SPAIN—2.0%
BANKS—0.8%
Banco Bilbao Vizcaya Argentaria SA - ADR		102,689			872,857
Banco Santander SA - ADR		230,491			1,507,411
					2,380,268
DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
Telefónica SA - ADR		103,466			1,001,551

ELECTRIC UTILITIES—0.2%			��
Iberdrola SA - ADR		16,749			518,130

METALS & MINING—0.1%
Acerinox SA (a)		16,589			236,723

OIL, GAS & CONSUMABLE FUELS—0.3%
Repsol SA (a)		24,639			435,005
Repsol SA - ADR		27,585			488,806
					923,811

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
SPAIN—2.0%, continued
SPECIALTY RETAIL—0.2%
Industria de Diseno Textil SA (a)		17,640	$	613,328
TOTAL SPAIN				5,673,811

SWEDEN—2.1%
COMMUNICATIONS EQUIPMENT—0.1%
Telefonaktiebolaget LM Ericsson - ADR		68,485		457,480

CONSTRUCTION & ENGINEERING—0.3%
Skanska AB - Class B (a)		37,142		769,602

HOUSEHOLD PRODUCTS—0.2%
Essity Aktiebolag AB - Class B (a)(b)		12,219		347,236
Svenska Cellulosa AB SCA - Class B		12,219		125,941
				473,177
MACHINERY—0.9%
Alfa Laval AB (a)		23,419		553,931
Atlas Copco AB - Class A (a)		8,922		385,035
Atlas Copco AB - Class A - ADR		18,292		788,294
Sandvik AB (a)		19,176		335,667
Sandvik AB - ADR		20,116		352,030
				2,414,957
METALS & MINING—0.3%
Boliden AB (a)		22,985		786,028

OIL, GAS & CONSUMABLE FUELS—0.2%
Lundin Petroleum AB (a)(b)		24,270		555,565

SPECIALTY RETAIL—0.1%
Hennes & Mauritz AB - ADR		65,360		266,669
Hennes & Mauritz AB - Class B (a)		3,195		66,084
				332,753
TOTAL SWEDEN				5,789,562

SWITZERLAND—6.1%
CAPITAL MARKETS—0.6%
Credit Suisse Group AG - ADR		18,311		326,852
Julius Baer Group Ltd. (a)		9,537		583,279
UBS Group AG		46,462		854,436
				1,764,567
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Swisscom AG - ADR		7,140		380,776

ELECTRICAL EQUIPMENT—0.6%
ABB Ltd. - ADR		61,282		1,643,583

FOOD PRODUCTS—2.1%
Barry Callebaut AG (a)		397		827,603
Nestlé S.A. - ADR		60,374		5,190,353
				6,017,956
INSURANCE—0.5%
Swiss Re AG (a)		3,563		333,255
Zurich Insurance Group AG - ADR		38,250		1,163,183
				1,496,438
MACHINERY—0.2%
Schindler Holding AG (a)		1,587		358,912

PHARMACEUTICALS—1.8%
Novartis AG - ADR		31,455		2,640,962
Roche Holding AG - ADR		80,784		2,551,159
				5,192,121
PROFESSIONAL SERVICES—0.2%
Adecco S.A. (a)		4,136		316,112
Adecco S.A. - ADR		4,982		190,960
				507,072
TRADING COMPANIES & DISTRIBUTORS—0.0% (c)
Ferguson plc (a)		537		38,535
TOTAL SWITZERLAND				17,399,960

TAIWAN—2.2%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%
Chunghwa Telecom Co. Ltd. - ADR		40,566		1,437,659

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.7%
Advanced Semiconductor Engineering, Inc. - ADR		101,549		658,038
Siliconware Precision Industries Co. Ltd. - ADR		70,913		596,378
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		77,900		3,088,735
United Microelectronics Corp. - ADR		191,039		456,583
				4,799,734
TOTAL TAIWAN				6,237,393

TURKEY—0.1%
BANKS—0.1%
Turkiye Garanti Bankasi A.S. - ADR		59,610		168,696

UNITED KINGDOM—10.3%
BANKS—1.6%
HSBC Holdings plc - ADR		60,926		3,146,219
Lloyds Banking Group plc - ADR		269,987		1,012,451
Standard Chartered plc (a)		45,039		472,948
				4,631,618
COMMERCIAL BANKS—0.2%
Barclays plc - ADR		64,161		699,355

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
BT Group plc - ADR		38,538		702,162

ELECTRIC UTILITIES—0.3%
SSE plc (a)		8,585		152,612
SSE plc - ADR		39,878		711,424
				864,036
ENERGY EQUIPMENT & SERVICES—0.3%
John Wood Group plc (a)		24,307		212,662
Subsea 7 S.A. (a)		42,228		632,677
Subsea 7 S.A. - ADR		2,780		41,839
				887,178
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—0.1%
Land Securities Group plc (a)		28,712		389,688

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
UNITED KINGDOM—10.3%, continued
FOOD & STAPLES RETAILING—0.3%
J Sainsbury plc (a)		4,806	$	15,649
J Sainsbury plc - ADR		18,741		244,383
Tesco plc (a)(b)		46,000		130,131
Tesco plc - ADR		29,931		254,114
WM Morrison Supermarkets plc		29,374		87,205
WM Morrison Supermarkets plc - ADR		8,054		118,837
				850,319
FOOD PRODUCTS—0.2%
Associated British Foods plc (a)		11,454		435,467

HEALTH CARE EQUIPMENT & SUPPLIES—0.3%
Smith & Nephew plc (a)		4,232		73,222
Smith & Nephew plc - ADR		24,332		851,863
				925,085
HOTELS, RESTAURANTS & LEISURE—0.6%
Compass Group plc (a)		2,160		46,571
Compass Group plc - ADR		45,261		993,705
Intercontinental Hotels Group plc (a)		9,114		578,830
				1,619,106
HOUSEHOLD PRODUCTS—0.7%
Reckitt Benckiser Group plc (a)		5,677		529,590
Reckitt Benckiser Group plc - ADR		70,985		1,349,425
				1,879,015
INSURANCE—0.7%
Aviva plc (a)		41,971		286,236
Aviva plc - ADR		22,486		309,857
Prudential plc - ADR		26,183		1,329,573
				1,925,666
MEDIA—0.8%
Pearson plc - ADR		52,078		511,406
RELX plc (a)		4,710		110,433
RELX plc - ADR		48,463		1,148,573
WPP plc - ADR		6,767		612,819
				2,383,231
MULTI-LINE RETAIL—0.2%
Marks & Spencer Group plc (a)		10,719		45,474
Marks & Spencer Group plc - ADR		25,759		217,148
Next plc (a)		3,908		238,173
				500,795
MULTI-UTILITIES—0.5%
National Grid plc		23,905		1,405,853

OIL, GAS & CONSUMABLE FUELS—0.1%
Tullow Oil plc (a)(b)		112,077		312,033
Tullow Oil plc - ADR		15,976		21,567
				333,600
PERSONAL PRODUCTS—0.8%
Unilever N.V. - NY Registry Shares - ADR		42,041		2,367,749

PHARMACEUTICALS—1.1%
AstraZeneca plc - ADR		48,500		1,682,950
GlaxoSmithKline plc - ADR		42,881		1,520,989
				3,203,939

PROFESSIONAL SERVICES—0.1%
Capita plc (a)		32,934		177,934

SOFTWARE—0.2%
Sage Group plc (a)		33,781		363,137
Sage Group plc - ADR		2,320		100,897
				464,034
SPECIALTY RETAIL—0.1%
Kingfisher plc - ADR		29,151		274,603

WATER UTILITIES—0.2%
Severn Trent plc (a)		10,914		317,996
United Utilities Group plc (a)		2,386		26,693
United Utilities Group plc - ADR		12,883		288,966
				633,655
WIRELESS TELECOMMUNICATION SERVICES—0.7%
Vodafone Group plc - ADR		58,711		1,872,881
TOTAL UNITED KINGDOM				29,426,969

UNITED STATES—2.1%
DIVERSIFIED CONSUMER SERVICES—0.2%
New Oriental Education & Technology Group, Inc. - ADR		7,334		689,396

HOTELS, RESTAURANTS & LEISURE—0.5%
Carnival plc - ADR		7,671		508,434
Yum China Holdings, Inc.		21,920		877,239
				1,385,673
INTERNET & DIRECT MARKETING RETAIL—0.4%
JD.com, Inc. - ADR (b)		25,659		1,062,796

IT SERVICES—0.2%
CGI Group, Inc. - Class A (b)		9,434		512,549

MEDIA—0.2%
Thomson Reuters Corp.		14,688		640,250

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.3%
STMicroelectronics NV - NY Registry Shares		37,925		828,282

TEXTILES, APPAREL & LUXURY GOODS—0.3%
Gildan Activewear, Inc.		25,642		828,237
TOTAL UNITED STATES				5,947,183
TOTAL COMMON STOCKS (COST $208,279,431)				279,910,002

RIGHTS—0.0% (c)
SPAIN—0.0% (c)
Repsol S.A. (Cost $0)		24,639		11,203

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2017

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.8%
COMMUNITY DEVELOPMENT—0.8%
Calvert Social Investment Foundation, Inc. (d)		1.000	%		06/15/18	$	750,000	$	750,000
Calvert Social Investment Foundation, Inc. (d)		1.000	%		12/17/18		600,000		600,000
Calvert Social Investment Foundation, Inc. (d)		1.500	%		06/17/19		500,000		500,000
Calvert Social Investment Foundation, Inc. (d)		1.500	%		06/15/20		500,000		500,000
TOTAL CORPORATE NOTES (COST $2,350,000)									2,350,000

TOTAL INVESTMENTS (COST $210,629,431—Unrealized gain/loss $71,641,774)—99.4%								$	282,271,205
Other Assets in Excess of Liabilities—0.6%									1,610,628
NET ASSETS—100.0%								$	283,881,833

(a)

This security has been fair valued by the Pricing Committee under the guidelines established by the Board of Trustees (Note 2).

(b)

Non-income producing security.

(c)

Percentage rounds to less than 0.1%

(d)

Restricted and illiquid securities not registered under the Securities Act of 1933 are as follows:

	Acquisition Date	Current Cost		Fair Value		% of Net Assets
Calvert Social Investment Foundation, Inc. 1.00%, 06/15/18	06/15/17	$	750,000	$	750,000		0.3	%
Calvert Social Investment Foundation, Inc. 1.00%, 12/17/18	12/15/17		600,000		600,000		0.2	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/17/19	06/10/16		500,000		500,000		0.2	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/15/20	06/15/17		500,000		500,000		0.2	%
		$	2,350,000	$	2,350,000		0.8	%

ADR — American Depositary Receipt

plc — Public Liability Company

REIT — Real Estate Investment Trust

See accompanying notes to financial statements.

Praxis Value Index Fund

Annual Report to Shareholders

Portfolio Manager’s Commentary (unaudited)

2017 was a banner year for U.S. large cap stock returns with the S&P 500 returning 21.82 percent, the second straight year of double digit positive returns and the largest since the 32.37 percent returns during 2013. Looking back on a chart of the S&P 500 for 2017 one sees a steady upward trend throughout the year. In terms of major asset classes, as well as U.S. large cap stocks performed, international stocks performed even better with returns approaching 30 percent. Commodities and bonds were on the other end of the spectrum with low single digits returns, and for the second straight year all major classes reported positive returns. Crude oil experienced another year of volatility as the price hit a high of $60.42 per barrel on the last day of the year, having started the year at $53.72 per barrel and dipping as low as $42.53 per barrel in mid-June.

In a review of sector breakouts for large cap stocks, energy (2016’s top performing sector) was the only sector with a negative return in 2017, down 1 percent. This is largely a result of dropping oil prices through the first half of the year with prices not fully recovering until late in the year. All other sectors had double digit positive returns led by technology with an astounding 38 percent gain, followed by basic materials with a 26 percent gain.

2017 saw a return to the growth style outperforming the value style after a one year hiatus. The S&P 500 Growth Index returned 27.43 percent, nearly doubling the S&P 500 Value Index return of 15.36 percent. Growth has outperformed value in four of the last five years.

In this environment, the Praxis Value Index Fund Class A Shares (Without Load) returned 16.31 percent, outperforming the 15.36 percent return of the benchmark (S&P 500 Value Index), and was remarkably close to its 16.13 percent return in 2016. The Praxis Value Index Fund Class I Shares returned 16.91 percent. Stock specific factors were once again the leading contributor to relative performance. Not owning General Electric (military weapons screen) was a big positive contributor to relative performance as GE tumbled by 43 percent during the year. The Praxis Value Index Fund (the “Fund”) underweight allocation to the energy sector was also a positive contributor to relative performance. Wells Fargo, a top member of the benchmark that was dropped mid-year when it was added to our exclusion list due to governance concerns, was a top detractor to relative performance. We continue to be pleased with the performance of the Fund, being able to incorporate our Values + ESG screens and deliver returns that parallel benchmark returns.

The annual mid-December reconstitution of the benchmark index and our routine updating of our Values + ESG screening list again caused some realignment of portfolio holdings near year end. This is always a good opportunity to fine tune our efforts to track benchmark returns.

Dale Snyder, CFA^®
Praxis Value Index Fund Manager
Praxis Mutual Funds

The views expressed are those of the portfolio manager as of Dec. 31, 2017, are subject to change, and may differ from the views of other portfolio managers or Everence Capital Management as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

Praxis Value Index Fund

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/07 to 12/31/17

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/07 to 12/31/17, and includes the reinvestment of dividends and capital gains.

			Average Annual Returns
	Inception Date	One Year Ended	Three Years Ended	Five Years Ended	Ten Years Ended	Expense Ratio** Gross / Net
Praxis Value Index Fund
Class A *	5/1/01	10.21%	6.21%	12.11%	5.14%	0.94%	0.94%
Class A (Without Load)	5/1/01	16.31%	8.12%	13.32%	5.70%
Class I **	5/1/06	16.91%	8.66%	13.91%	6.30%	0.44%	0.44%
S&P 500 Value Index ¹		15.36%	9.47%	14.24%	6.80%

The total return figures shown reflect the maximum sales charge applicable to Class A Shares. 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.

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.

Schedule of Investments

Praxis Value Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.0%
AEROSPACE & DEFENSE—0.2%
TransDigm Group, Inc.		1,320	$	362,498

AIR FREIGHT & LOGISTICS—0.8%
FedEx Corp.		2,330		581,428
United Parcel Service, Inc. - Class B		7,830		932,945
				1,514,373
AIRLINES—0.5%
Delta Air Lines, Inc.		11,300		632,800
United Continental Holdings, Inc. (a)		4,230		285,102
				917,902
AUTO COMPONENTS—0.4%
Aptiv plc (a)		4,830		409,729
Goodyear Tire & Rubber Co. (The)		9,590		309,853
				719,582
AUTOMOBILES—0.6%
Ford Motor Co.		89,723		1,120,640

BANKS—12.5%
Bank of America Corp.		97,050		2,864,916
BB&T Corp.		25,054		1,245,685
Citigroup, Inc.		47,696		3,549,059
Citizens Financial Group, Inc.		11,030		463,039
Fifth Third Bancorp		19,490		591,327
Huntington Bancshares, Inc.		31,664		461,028
JPMorgan Chase & Co.		66,715		7,134,502
KeyCorp		30,658		618,372
M&T Bank Corp.		4,596		785,870
People's United Financial, Inc.		31,070		581,009
PNC Financial Services Group, Inc. (The)		12,861		1,855,714
Regions Financial Corp.		24,860		429,581
SunTrust Banks, Inc.		9,866		637,245
U.S. Bancorp		45,657		2,446,302
Zions Bancorp		5,120		260,249
				23,923,898
BEVERAGES—1.9%
Coca-Cola Co. (The)		43,200		1,982,016
PepsiCo, Inc.		14,219		1,705,142
				3,687,158
BIOTECHNOLOGY—1.3%
Alexion Pharmaceuticals, Inc. (a)		2,410		288,212
Amgen, Inc.		6,444		1,120,612
Biogen, Inc. (a)		1,360		433,255
Gilead Sciences, Inc.		10,230		732,877
				2,574,956
BUILDING PRODUCTS—0.5%
Johnson Controls International plc		27,497		1,047,911

CAPITAL MARKETS—3.4%
Bank of New York Mellon Corp. (The)		24,944		1,343,484
BlackRock, Inc.		992		509,600
Franklin Resources, Inc.		7,540		326,708
Goldman Sachs Group, Inc. (The)		6,567		1,673,009
Invesco Ltd.		9,712		354,877
Morgan Stanley		24,871		1,304,981

Northern Trust Corp.		3,977		397,263
State Street Corp.		6,240		609,086
				6,519,008
CHEMICALS—4.7%
Air Products & Chemicals, Inc.		4,847		795,296
DowDuPont, Inc.		68,153		4,853,856
Eastman Chemical Co.		3,520		326,093
Ecolab, Inc.		4,576		614,008
International Flavors & Fragrances, Inc.		1,480		225,863
LyondellBasell Industries NV - Class A		6,550		722,596
Mosaic Co. (The)		10,240		262,758
Praxair, Inc.		7,896		1,221,353
				9,021,823
COMMERCIAL SERVICES & SUPPLIES—0.8%
Republic Services, Inc.		9,250		625,392
Stericycle, Inc. (a)		3,920		266,521
Waste Management, Inc.		7,680		662,784
				1,554,697
COMMUNICATIONS EQUIPMENT—1.0%
Cisco Systems, Inc.		49,115		1,881,105

CONSUMER FINANCE—1.3%
American Express Co.		4,674		464,175
Capital One Financial Corp.		10,660		1,061,523
Discover Financial Services		6,670		513,056
Synchrony Financial		13,930		537,837
				2,576,591
CONTAINERS & PACKAGING—0.6%
Ball Corp.		12,508		473,428
International Paper Co.		5,781		334,951
WestRock Co.		4,550		287,605
				1,095,984
DISTRIBUTORS—0.3%
Genuine Parts Co.		5,340		507,353

DIVERSIFIED FINANCIAL SERVICES—0.3%
CME Group, Inc.		1,860		271,653
Leucadia National Corp.		8,360		221,456
				493,109
DIVERSIFIED TELECOMMUNICATION SERVICES—4.7%
AT&T, Inc.		115,851		4,504,287
CenturyLink, Inc.		23,288		388,444
Verizon Communications, Inc.		76,140		4,030,090
				8,922,821
ELECTRIC UTILITIES—4.3%
American Electric Power Co., Inc.		15,270		1,123,414
Duke Energy Corp.		23,444		1,971,875
Edison International		8,487		536,718
Eversource Energy		7,950		502,281
NextEra Energy, Inc.		6,925		1,081,616
PPL Corp.		28,101		869,726
Southern Co. (The)		30,761		1,479,296
Xcel Energy, Inc.		11,424		549,608
				8,114,534

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.0%, continued
ELECTRICAL EQUIPMENT—0.9%
Eaton Corp. plc		9,150	$	722,941
Emerson Electric Co.		8,424		587,069
Rockwell Automation, Inc.		2,280		447,678
				1,757,688
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%
TE Connectivity Ltd.		3,066		291,393

ENERGY EQUIPMENT & SERVICES—2.1%
Baker Hughes, Inc.		17,830		564,141
National Oilwell Varco, Inc.		9,526		343,127
Schlumberger Ltd.		38,646		2,604,354
TechnipFMC plc		13,090		409,848
				3,921,470
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—1.6%
Boston Properties, Inc.		2,920		379,688
Crown Castle International Corp.		3,840		426,278
Equity Residential		5,230		333,517
Host Hotels & Resorts, Inc.		15,800		313,630
Iron Mountain, Inc.		5,070		191,291
Public Storage		1,620		338,580
SL Green Realty Corp.		2,780		280,586
Ventas, Inc.		6,840		410,468
Welltower, Inc.		7,480		477,000
				3,151,038
FOOD & STAPLES RETAILING—4.2%
Costco Wholesale Corp.		7,430		1,382,872
CVS Health Corp.		20,473		1,484,292
Kroger Co. (The)		16,464		451,937
Sysco Corp.		7,993		485,415
Walgreen Boots Alliance, Inc.		18,410		1,336,934
Wal-Mart Stores, Inc.		28,850		2,848,938
				7,990,388
FOOD PRODUCTS—2.7%
Conagra Brands, Inc.		6,540		246,362
General Mills, Inc.		15,974		947,099
Hormel Foods Corp.		10,080		366,811
J.M. Smucker Co. (The)		2,030		252,207
Kellogg Co.		10,489		713,042
Kraft Heinz Co. (The)		10,690		831,254
Mondelez International, Inc. - Class A		30,982		1,326,030
Tyson Foods, Inc. - Class A		5,830		472,638
				5,155,443
HEALTH CARE EQUIPMENT & SUPPLIES—2.2%
Abbott Laboratories		4,340		247,684
Baxter International, Inc.		6,002		387,969
Danaher Corp.		20,910		1,940,866
Dentsply Sirona, Inc.		4,770		314,009
Medtronic plc		17,180		1,387,285
				4,277,813
HEALTH CARE PROVIDERS & SERVICES—2.4%
Aetna, Inc.		3,750		676,462
AmerisourceBergen Corp.		2,260		207,513
Anthem, Inc.		2,850		641,279
Cardinal Health, Inc.		8,170		500,576
Express Scripts Holding Co. (a)		9,787		730,502
HCA Healthcare, Inc. (a)		2,520		221,357

HEALTH CARE PROVIDERS & SERVICES—2.4%, continued
Humana, Inc.		2,550		632,579
McKesson Corp.		3,974		619,745
UnitedHealth Group, Inc.		1,390		306,439
				4,536,452
HOTELS, RESTAURANTS & LEISURE—1.1%
Carnival Corp.		5,563		369,216
McDonald's Corp.		3,440		592,093
Starbucks Corp.		12,890		740,273
Yum! Brands, Inc.		4,510		368,061
				2,069,643
HOUSEHOLD DURABLES—0.6%
Leggett & Platt, Inc.		7,280		347,475
Newell Brands, Inc.		14,660		452,994
Whirlpool Corp.		1,752		295,457
				1,095,926
HOUSEHOLD PRODUCTS—1.7%
Colgate-Palmolive Co.		6,578		496,310
Kimberly-Clark Corp.		2,070		249,766
Procter & Gamble Co. (The)		28,046		2,576,867
				3,322,943
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.1%
AES Corp.		11,694		126,646

INDUSTRIAL CONGLOMERATES—0.1%
Roper Technologies, Inc.		1,100		284,900

INSURANCE—7.0%
Aflac, Inc.		10,990		964,702
Allstate Corp. (The)		8,399		879,459
American International Group, Inc.		24,607		1,466,085
Aon plc		2,137		286,358
Brighthouse Financial, Inc. (a)		5,673		332,665
Chubb Corp.		16,097		2,352,256
Cincinnati Financial Corp.		3,262		244,552
Everest Re Group Ltd.		2,020		446,945
Hartford Financial Services Group, Inc. (The)		9,080		511,022
Lincoln National Corp.		4,220		324,391
Loews Corp.		6,010		300,680
Marsh & McLennan Cos., Inc.		6,280		511,129
MetLife, Inc.		24,023		1,214,603
Principal Financial Group, Inc.		3,860		272,362
Prudential Financial, Inc.		10,620		1,221,088
Travelers Cos., Inc. (The)		8,053		1,092,309
Unum Group		5,160		283,233
Willis Towers Watson plc		2,350		354,122
XL Group Ltd.		8,980		315,737
				13,373,698
INTERNET SOFTWARE & SERVICES—0.2%
Alphabet, Inc. - Class C (a)		300		313,920

IT SERVICES—2.5%
Accenture plc - Class A		7,630		1,168,077
DXC Technology Co.		2,460		233,454
International Business Machines Corp.		16,252		2,493,382
MasterCard, Inc. - Class A		1,890		286,070
Paychex, Inc.		3,684		250,807
Visa, Inc. - Class A		3,120		355,742
				4,787,532

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.0%, continued
LIFE SCIENCES TOOLS & SERVICES—0.5%
IQVIA Holdings Inc. (a)		2,740	$	268,246
Thermo Fisher Scientific, Inc.		3,914		743,190
				1,011,436
MACHINERY—2.1%
Deere & Co.		4,267		667,828
Dover Corp.		3,223		325,491
Flowserve Corp.		4,210		177,367
Illinois Tool Works, Inc.		5,855		976,907
Ingersoll-Rand plc		5,415		482,964
PACCAR, Inc.		6,906		490,878
Parker-Hannifin Corp.		1,567		312,742
Pentair plc		4,480		316,377
Stanley Black & Decker, Inc.		1,530		259,626
				4,010,180
MEDIA—3.4%
Comcast Corp. - Class A		42,100		1,686,105
Omnicom Group, Inc.		6,179		450,017
Time Warner, Inc.		13,400		1,225,698
Twenty-First Century Fox, Inc. - Class B		28,250		963,890
Viacom, Inc. - Class B		11,130		342,915
Walt Disney Co. (The)		16,247		1,746,715
				6,415,340
METALS & MINING—0.6%
Newmont Mining Corp.		13,830		518,901
Nucor Corp.		8,860		563,319
				1,082,220
MULTI-LINE RETAIL—0.5%
Macy's, Inc.		8,583		216,206
Target Corp.		11,126		725,971
				942,177
MULTI-UTILITIES—1.3%
Ameren Corp.		5,570		328,574
Consolidated Edison, Inc.		7,361		625,317
DTE Energy Co.		3,580		391,867
NiSource, Inc.		13,870		356,043
Sempra Energy		5,733		612,973
WEC Energy Group, Inc.		2,940		195,304
				2,510,078
OIL, GAS & CONSUMABLE FUELS—7.9%
Anadarko Petroleum Corp.		10,690		573,412
Andeavor		2,800		320,152
Apache Corp.		12,418		524,288
ConocoPhillips		36,827		2,021,434
Devon Energy Corp.		12,570		520,398
EOG Resources, Inc.		10,870		1,172,982
EQT Corp.		5,638		320,915
Hess Corp.		13,200		626,604
Kinder Morgan, Inc.		42,891		775,040
Marathon Oil Corp.		25,286		428,092
Marathon Petroleum Corp.		8,216		542,092
Noble Energy, Inc.		17,398		506,978
Occidental Petroleum Corp.		38,870		2,863,164
ONEOK, Inc.		9,005		481,317
Phillips 66		11,270		1,139,960
Pioneer Natural Resources Co.		4,290		741,526
Valero Energy Corp.		10,030		921,857
Williams Cos., Inc. (The)		16,591		505,860
				14,986,071
PHARMACEUTICALS—4.5%
AbbVie, Inc.		3,278		317,016
Bristol-Myers Squibb Co.		12,669		776,356
Eli Lilly & Co.		10,287		868,840
Johnson & Johnson		26,631		3,720,883
Merck & Co., Inc.		37,641		2,118,059
Mylan NV (a)		10,220		432,408
Perrigo Co. plc		3,340		291,115
				8,524,677
PROFESSIONAL SERVICES—0.4%
IHS Markit Ltd. (a)		6,530		294,830
Nielsen Holdings plc		11,010		400,764
				695,594
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.6%
HCP, Inc.		8,647		225,514
Simon Property Group, Inc.		3,089		530,505
Weyerhaeuser Co.		11,149		393,113
				1,149,132
ROAD & RAIL—0.8%
Norfolk Southern Corp.		3,145		455,711
Union Pacific Corp.		7,360		986,976
				1,442,687
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.8%
Intel Corp.		41,038		1,894,314
QUALCOMM, Inc.		17,900		1,145,958
Texas Instruments, Inc.		3,000		313,320
				3,353,592
SOFTWARE—1.0%
CA, Inc.		7,512		249,999
Microsoft Corp.		3,090		264,319
Oracle Corp.		31,632		1,495,561
				2,009,879
SPECIALTY RETAIL—1.3%
AutoZone, Inc. (a)		420		298,776
Best Buy Co., Inc.		4,590		314,277
Home Depot, Inc. (The)		1,142		216,443
L Brands, Inc.		6,060		364,933
Lowe's Cos., Inc.		6,060		563,216
O'Reilly Automotive, Inc. (a)		1,080		259,783
TJX Companies, Inc. (The)		6,860		524,516
				2,541,944
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.7%
Apple, Inc.		1,610		272,460
HP, Inc.		23,630		496,466
Seagate Technology plc		4,910		205,435
Western Digital Corp.		4,475		355,897
				1,330,258
TEXTILES, APPAREL & LUXURY GOODS—0.6%
NIKE, Inc. - Class B		8,580		536,679
PVH Corp.		1,810		248,350
VF Corp.		5,110		378,140
				1,163,169

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.0%, continued
TRADING COMPANIES & DISTRIBUTORS—0.2%
W.W. Grainger, Inc.		1,440	$	340,200

WATER UTILITIES—0.2%
American Water Works Co., Inc.		3,640		333,024
TOTAL COMMON STOCKS (COST $144,128,353)				186,854,494

RIGHTS—0.0% (b)
Safeway, Inc. (Casa Ley subsidiary), expiring 01/30/18 (Cost $—)		6,607		6,706

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.8%
COMMUNITY DEVELOPMENT—0.8%
Calvert Social Investment Foundation, Inc. (c)		1.000	%		06/15/18	$	300,000	$	300,000
Calvert Social Investment Foundation, Inc. (c)		1.000	%		12/17/18		750,000		750,000
Calvert Social Investment Foundation, Inc. (c)		1.500	%		06/17/19		260,000		260,000
Calvert Social Investment Foundation, Inc. (c)		1.500	%		06/15/20		250,000		250,000
TOTAL CORPORATE NOTES (COST $1,560,000)									1,560,000

TOTAL INVESTMENTS (COST $145,688,353—Unrealized gain/loss $42,732,847)—98.8%								$	188,421,200
Other Assets in Excess of Liabilities—1.2%									2,226,974
NET ASSETS—100.0%								$	190,648,174

(a)

Non-income producing security.

(b)

Percentage rounds to less than 0.1%.

(c)

Restricted and illiquid securities not registered under the Securities Act of 1933 are as follows:

	Acquisition Date	Current Cost		Fair Value		% of Net Assets
Calvert Social Investment Foundation, Inc. 1.00%, 06/15/18	06/15/17	$	300,000	$	300,000		0.2	%
Calvert Social Investment Foundation, Inc. 1.00%, 12/17/18	12/15/17		750,000		750,000		0.4	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/17/19	06/10/16		260,000		260,000		0.1	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/15/20	06/15/17		250,000		250,000		0.1	%
		$	1,560,000	$	1,560,000		0.8	%

plc —Public Liability Company

See accompanying notes to financial statements.

Praxis Growth Index Fund

Annual Report to Shareholders

Portfolio Manager’s Commentary (unaudited)

In this environment, the Praxis Growth Index Fund Class A Shares (Without Load) returned 26.28 percent, underperforming the 27.43 percent return of the benchmark (S&P 500 Growth Index), but outdistancing nearly 4 times the 6.89 percent return in 2016. The Praxis Growth Index Fund Class I Shares returned 26.78 percent. Fundamental factors (versus stock specific factors) were once again the leading contributors to relative performance, specifically underweight allocations to the tobacco and aerospace industries. On the stock specific side, not owning General Electric (military weapons screen) was a positive contributor to relative performance as GE tumbled by 43 percent during the year. We continue to be pleased with the performance of the Praxis Growth Index Fund, being able to incorporate our Values + ESG screens and deliver returns that parallel benchmark returns, especially in years of large gains.

Dale Snyder, CFA^®
Praxis Growth Index Fund Manager
Praxis Mutual Funds

Praxis Growth Index Fund

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/07 to 12/31/17

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/07 to 12/31/17, and includes the reinvestment of dividends and capital gains.

			Average Annual Returns
	Inception Date	One Year Ended	Three Years Ended	Five Years Ended	Ten Years Ended	Expense Ratio** Gross / Net
Praxis Growth Index Fund
Class A *	5/1/07	19.67%	9.95%	14.89%	8.49%	0.86%	0.86%
Class A (Without Load)	5/1/07	26.28%	11.95%	16.13%	9.08%
Class I **	5/1/07	26.78%	12.41%	16.61%	9.55%	0.44%	0.44%
S&P 500 Growth Index ¹		27.43%	12.86%	17.00%	9.99%

The total return figures shown reflect the maximum sales charge applicable to Class A Shares. 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.

The S&P 500 Growth Index represents the growth companies (defined by sales growth, earnings charge to price and momentum) of the S&P 500 Index, a universe of large capitalization companies in the US equity market.

Schedule of Investments

Praxis Growth Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.4%
AEROSPACE & DEFENSE—0.2%
TransDigm Group, Inc.		2,119	$	581,920

AIR FREIGHT & LOGISTICS—0.7%
FedEx Corp.		3,068		765,589
United Parcel Service, Inc. - Class B		9,578		1,141,218
				1,906,807
AIRLINES—0.2%
Southwest Airlines Co.		8,000		523,600

AUTOMOBILES—0.1%
Harley-Davidson, Inc.		4,411		224,432

BANKS—1.8%
Bank of America Corp.		100,541		2,967,970
Citizens Financial Group, Inc.		6,337		266,027
Comerica, Inc.		4,494		390,124
JPMorgan Chase & Co.		4,809		514,275
PNC Financial Services Group, Inc. (The)		2,433		351,058
U.S. Bancorp		4,745		254,237
				4,743,691
BEVERAGES—2.1%
Coca-Cola Co. (The)		46,914		2,152,414
Dr Pepper Snapple Group, Inc.		3,253		315,736
Monster Beverage Corp. (a)		8,550		541,130
PepsiCo, Inc.		20,153		2,416,748
				5,426,028
BIOTECHNOLOGY—3.4%
Alexion Pharmaceuticals, Inc. (a)		4,425		529,186
Amgen, Inc.		10,935		1,901,596
Biogen, Inc. (a)		3,308		1,053,830
Celgene Corp. (a)		19,103		1,993,589
Gilead Sciences, Inc.		20,291		1,453,647
Incyte Corp. (a)		4,067		385,186
Regeneron Pharmaceuticals, Inc. (a)		1,737		653,042
Vertex Pharmaceuticals, Inc. (a)		5,884		881,776
				8,851,852
BUILDING PRODUCTS—0.5%
Allegion plc		6,005		477,758
Johnson Controls International plc		12,325		469,705
Masco Corp.		6,250		274,625
				1,222,088
CAPITAL MARKETS—1.8%
Ameriprise Financial, Inc.		2,290		388,086
BlackRock, Inc.		2,081		1,069,031
Charles Schwab Corp. (The)		25,758		1,323,188
Moody's Corp.		3,611		533,020
S&P Global, Inc.		5,128		868,683
T. Rowe Price Group, Inc.		4,600		482,678
				4,664,686
CHEMICALS—1.9%
Air Products & Chemicals, Inc.		2,486		407,903
Albemarle Corp.		3,093		395,564
DowDuPont, Inc.		10,043		715,262
Ecolab, Inc.		5,322		714,106
International Flavors & Fragrances, Inc.		3,158		481,942
Praxair, Inc.		8,079		1,249,660
Sherwin-Williams Co. (The)		2,170		889,787
				4,854,224
COMMERCIAL SERVICES & SUPPLIES—1.0%
Cintas Corp.		1,634		254,626
Republic Services, Inc.		10,213		690,501
Waste Management, Inc.		18,252		1,575,148
				2,520,275
COMMUNICATIONS EQUIPMENT—0.8%
Cisco Systems, Inc.		50,169		1,921,473
Juniper Networks, Inc.		8,206		233,871
				2,155,344
CONSTRUCTION MATERIALS—0.1%
Martin Marietta Materials, Inc.		1,616		357,201

CONSUMER FINANCE—0.4%
American Express Co.		10,373		1,030,143

CONTAINERS & PACKAGING—0.4%
Avery Dennison Corp.		2,529		290,481
Ball Corp.		7,143		270,363
International Paper Co.		6,608		382,867
				943,711
DISTRIBUTORS—0.1%
Genuine Parts Co.		2,808		266,788

DIVERSIFIED FINANCIAL SERVICES—0.8%
Cboe Global Markets, Inc.		2,370		295,279
CME Group, Inc.		5,703		832,923
Intercontinental Exchange, Inc.		13,888		979,937
				2,108,139
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
AT&T, Inc.		7,872		306,063
Verizon Communications, Inc.		6,444		341,081
				647,144
ELECTRIC UTILITIES—0.4%
NextEra Energy, Inc.		5,360		837,178
Southern Co. (The)		4,987		239,825
				1,077,003
ELECTRICAL EQUIPMENT—0.7%
AMETEK, Inc.		5,587		404,890
Emerson Electric Co.		6,649		463,369
Rockwell Automation, Inc.		5,260		1,032,801
				1,901,060
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.7%
Amphenol Corp. - Class A		7,167		629,263
Corning, Inc.		20,828		666,288
TE Connectivity Ltd.		5,385		511,790
				1,807,341
ENERGY EQUIPMENT & SERVICES—0.1%
Baker Hughes, Inc.		5,892		186,423

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.2%
American Tower Corp. - Class A		12,382		1,766,540
AvalonBay Communities, Inc.		2,316		413,198
Boston Properties, Inc.		2,027		263,571

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.4%, continued
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.2%, continued
Crown Castle International Corp.		7,128	$	791,279
Digital Realty Trust, Inc.		4,316		491,592
Equinix, Inc.		1,753		794,495
Essex Property Trust, Inc.		1,031		248,852
Extra Space Storage, Inc.		2,966		259,377
GGP, Inc.		12,536		293,217
Iron Mountain, Inc.		8,187		308,895
Prologis, Inc.		13,062		842,630
Public Storage		2,206		461,054
Simon Property Group, Inc.		5,204		893,735
UDR, Inc.		10,721		412,973
				8,241,408
FOOD & STAPLES RETAILING—0.2%
Wal-Mart Stores, Inc.		5,256		519,030

FOOD PRODUCTS—0.3%
Campbell Soup Co.		4,561		219,430
General Mills, Inc.		5,481		324,968
Mondelez International, Inc. - Class A		4,117		176,208
				720,606
HEALTH CARE EQUIPMENT & SUPPLIES—4.3%
Abbott Laboratories		44,381		2,532,824
Align Technology, Inc. (a)		1,431		317,954
Baxter International, Inc.		7,430		480,275
Becton, Dickinson and Co.		8,031		1,719,184
Boston Scientific Corp. (a)		28,192		698,880
Cooper Cos., Inc. (The)		1,161		252,959
Danaher Corp.		4,771		442,844
Edwards Lifesciences Corp. (a)		4,070		458,730
Hologic, Inc. (a)		6,559		280,397
IDEXX Laboratories, Inc. (a)		2,060		322,143
Intuitive Surgical, Inc. (a)		2,661		971,105
Medtronic plc		14,731		1,189,528
ResMed, Inc.		3,458		292,858
Stryker Corp.		8,340		1,291,365
				11,251,046
HEALTH CARE PROVIDERS & SERVICES—3.1%
Aetna, Inc.		3,898		703,160
AmerisourceBergen Corp.		2,297		210,910
Anthem, Inc.		3,101		697,756
Centene Corp. (a)		4,602		464,250
Cigna Corp.		5,474		1,111,715
HCA Healthcare, Inc. (a)		1,890		166,018
UnitedHealth Group, Inc.		21,794		4,804,705
				8,158,514
HEALTH CARE TECHNOLOGY—0.1%
Cerner Corp. (a)		4,487		302,379

HOTELS, RESTAURANTS & LEISURE—2.8%
Carnival Corp.		4,611		306,032
Chipotle Mexican Grill, Inc. (a)		778		224,865
Marriott International, Inc.		8,558		1,161,578
McDonald's Corp.		19,012		3,272,346
Royal Caribbean Cruises Ltd.		2,560		305,357
Starbucks Corp.		22,982		1,319,856
Wyndham Worldwide Corp.		4,075		472,170
Yum! Brands, Inc.		3,561		290,613
				7,352,817
HOUSEHOLD DURABLES—0.3%
D.R. Horton, Inc.		5,104		260,661
Mohawk Industries, Inc. (a)		1,064		293,558
Newell Brands, Inc.		5,836		180,332
				734,551
HOUSEHOLD PRODUCTS—1.5%
Church & Dwight Co., Inc.		4,462		223,858
Clorox Co. (The)		2,852		424,206
Colgate-Palmolive Co.		10,399		784,605
Kimberly-Clark Corp.		3,801		458,629
Procter & Gamble Co. (The)		21,860		2,008,497
				3,899,795
INDUSTRIAL CONGLOMERATES—0.3%
Roper Technologies, Inc.		2,829		732,711

INSURANCE—1.8%
Aflac, Inc.		4,154		364,638
Allstate Corp. (The)		6,014		629,726
Aon plc		4,556		610,504
Arthur J. Gallagher & Co.		4,367		276,344
Chubb Corp.		2,780		406,241
Marsh & McLennan Cos., Inc.		9,036		735,440
Principal Financial Group, Inc.		3,731		263,259
Progressive Corp. (The)		17,816		1,003,397
Torchmark Corp.		2,891		262,243
Willis Towers Watson plc		1,674		252,255
				4,804,047
INTERNET & DIRECT MARKETING RETAIL—5.5%
Amazon.com, Inc. (a)		8,814		10,307,709
Expedia, Inc.		2,852		341,584
Netflix, Inc. (a)		9,792		1,879,672
Priceline Group, Inc. (The)(a)		1,030		1,789,872
				14,318,837
INTERNET SOFTWARE & SERVICES—9.7%
Akamai Technologies, Inc. (a)		5,069		329,688
Alphabet, Inc. - Class A (a)		4,235		4,461,149
Alphabet, Inc. - Class C (a)		9,521		9,962,774
eBay, Inc. (a)		20,473		772,651
Facebook, Inc. - Class A (a)		52,985		9,349,733
VeriSign, Inc. (a)		2,251		257,605
				25,133,600
IT SERVICES—6.0%
Accenture plc - Class A		9,729		1,489,413
Automatic Data Processing, Inc.		11,168		1,308,778
Cognizant Technology Solutions Corp. - Class A		12,602		894,994
DXC Technology Co.		2,990		283,751
Fidelity National Information Services, Inc.		4,435		417,289
Fiserv, Inc. (a)		4,410		578,283
Gartner, Inc. - Class A (a)		2,140		263,541
MasterCard, Inc. - Class A		21,816		3,302,070
Paychex, Inc.		6,525		444,222
PayPal Holdings, Inc. (a)		22,292		1,641,137
Total System Services, Inc.		3,608		285,357

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.4%, continued
IT SERVICES—6.0%, continued
Visa, Inc. - Class A		41,463	$	4,727,611
				15,636,446
LEISURE PRODUCTS—0.2%
Hasbro, Inc.		4,868		442,452

LIFE SCIENCES TOOLS & SERVICES—1.3%
Agilent Technologies, Inc.		5,785		387,421
Illumina, Inc. (a)		3,249		709,874
Mettler-Toledo International, Inc. (a)		600		371,712
Thermo Fisher Scientific, Inc.		7,715		1,464,924
Waters Corp. (a)		1,646		317,991
				3,251,922
MACHINERY—1.7%
Deere & Co.		4,488		702,417
Dover Corp.		5,463		551,708
Illinois Tool Works, Inc.		9,594		1,600,759
Ingersoll-Rand plc		2,987		266,411
Parker-Hannifin Corp.		2,881		574,990
Stanley Black & Decker, Inc.		2,002		339,719
Xylem, Inc.		6,063		413,497
				4,449,501
MEDIA—2.4%
CBS Corp. - Class B		4,421		260,839
Charter Communications, Inc. - Class A (a)		4,569		1,535,001
Comcast Corp. - Class A		53,081		2,125,894
Omnicom Group, Inc.		6,116		445,429
Walt Disney Co. (The)		17,022		1,830,035
				6,197,198
METALS & MINING—0.1%
Nucor Corp.		4,570		290,561

MULTI-LINE RETAIL—0.2%
Dollar Tree, Inc. (a)		3,886		417,007

OIL, GAS & CONSUMABLE FUELS—0.5%
Apache Corp.		5,088		214,815
ConocoPhillips		2,278		125,039
EQT Corp.		8,107		461,451
ONEOK, Inc.		5,111		273,183
Williams Cos., Inc. (The)		4,298		131,046
				1,205,534
PERSONAL PRODUCTS—0.2%
Estee Lauder Cos., Inc. (The) - Class A		4,590		584,032

PHARMACEUTICALS—5.5%
AbbVie, Inc.		39,364		3,806,892
Bristol-Myers Squibb Co.		24,259		1,486,592
Eli Lilly & Co.		16,118		1,361,326
Johnson & Johnson		35,751		4,995,130
Merck & Co., Inc.		27,335		1,538,140
Zoetis, Inc.		14,643		1,054,882
				14,242,962
PROFESSIONAL SERVICES—0.4%
Equifax, Inc.		2,173		256,240
Nielsen Holdings plc		10,461		380,780
Verisk Analytics, Inc. (a)		3,035		291,360
				928,380
ROAD & RAIL—1.0%
CSX Corp.		19,508		1,073,135
Norfolk Southern Corp.		2,628		380,797
Union Pacific Corp.		9,348		1,253,567
				2,707,499
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.4%
Analog Devices, Inc.		10,101		899,292
Applied Materials, Inc.		24,367		1,245,641
Broadcom Ltd.		9,079		2,332,395
Intel Corp.		61,671		2,846,733
KLA-Tencor Corp.		4,512		474,076
Lam Research Corp.		3,383		622,709
Microchip Technology, Inc.		7,002		615,336
Micron Technology, Inc. (a)		24,852		1,021,914
NVIDIA Corp.		13,886		2,686,941
QUALCOMM, Inc.		11,434		732,005
Skyworks Solutions, Inc.		3,010		285,799
Texas Instruments, Inc.		24,773		2,587,292
Xilinx, Inc.		4,619		311,413
				16,661,546
SOFTWARE—9.5%
Activision Blizzard, Inc.		14,771		935,300
Adobe Systems, Inc. (a)		10,776		1,888,386
ANSYS, Inc. (a)		1,778		262,415
Autodesk, Inc. (a)		4,626		484,943
Citrix Systems, Inc. (a)		3,452		303,776
Electronic Arts, Inc. (a)		7,552		793,413
Intuit, Inc.		5,164		814,776
Microsoft Corp.		172,600		14,764,204
Oracle Corp.		35,196		1,664,067
Red Hat, Inc. (a)		3,789		455,059
salesforce.com, Inc. (a)		15,569		1,591,619
Symantec Corp.		13,164		369,382
Synopsys, Inc. (a)		2,920		248,901
				24,576,241
SPECIALTY RETAIL—3.1%
Home Depot, Inc. (The)		27,779		5,264,954
Lowe's Cos., Inc.		15,097		1,403,115
O'Reilly Automotive, Inc. (a)		1,115		268,202
Ross Stores, Inc.		6,132		492,093
TJX Cos., Inc. (The)		3,533		270,133
Ulta Beauty, Inc. (a)		1,400		313,124
				8,011,621
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.6%
Apple, Inc.		114,170		19,320,989
NetApp, Inc.		5,407		299,115
				19,620,104
TEXTILES, APPAREL & LUXURY GOODS—0.6%
NIKE, Inc. - Class B		20,716		1,295,786
VF Corp.		4,295		317,830
				1,613,616
TRADING COMPANIES & DISTRIBUTORS—0.2%
Fastenal Co.		8,032		439,270
TOTAL COMMON STOCKS (COST $150,392,119)				255,445,133

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
December 31, 2017

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.8%
COMMUNITY DEVELOPMENT—0.8%
Calvert Social Investment Foundation, Inc. (b)		1.000	%		06/15/18	$	650,000	$	650,000
Calvert Social Investment Foundation, Inc. (b)		1.000	%		12/17/18		175,000		175,000
Calvert Social Investment Foundation, Inc. (b)		1.500	%		06/17/19		800,000		800,000
Calvert Social Investment Foundation, Inc. (b)		1.500	%		06/15/20		475,000		475,000
TOTAL CORPORATE NOTES (COST $2,100,000)									2,100,000

TOTAL INVESTMENTS (COST $152,492,119—Unrealized gain/loss $105,053,014)—99.2%								$	257,545,133
Other Assets in Excess of Liabilities—0.8%									1,951,814
NET ASSETS—100.0%								$	259,496,947

(a)

Non-income producing security.

(b)

Restricted and illiquid securities not registered under the Securities Act of 1933 were as follows:

	Acquisition Date	Current Cost		Fair Value		% of Net Assets
Calvert Social Investment Foundation, Inc. 1.00%, 06/15/18	06/15/17	$	650,000	$	650,000		0.3	%
Calvert Social Investment Foundation, Inc. 1.00%, 12/17/18	12/15/17		175,000		175,000		0.1	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/17/19	06/10/16		800,000		800,000		0.3	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/15/20	06/15/17		475,000		475,000		0.2	%
		$	2,100,000	$	2,100,000		0.8	%

plc —Public Liability Company

See accompanying notes to financial statements.

Praxis Small Cap Index Fund

Annual Report to Shareholders

Portfolio Manager’s Commentary (unaudited)

2017 was a good year for U.S. Small Cap stock returns with the S&P SmallCap 600 Index (the “Index”) returning 13.23 percent. In terms of major asset classes, in 2017 international stocks were the best performers with returns approaching 30 percent while commodities and bonds were on the other end of the spectrum with low single digit returns. For the second straight year all major asset classes reported positive returns. The U.S. Small Cap return was about half of the 26.56 percent return experienced in 2016 when U.S. Small Cap stocks were the top performing major asset class. The Index for 2017 traded in a range for most of the first three quarters of the year before breaking out in September and again in November to reach the highs for the year. Crude oil experienced another year of volatility as the price hit a high of $60.42 per barrel on the last day of the year, having started the year at $53.72 per barrel and dipping as low as $42.53 per barrel in mid-June.

In a review of sector breakouts for small cap stocks, energy was the only sector with a negative return in 2017. This is largely a result of dropping oil prices through the first half of the year with prices not fully recovering until late in the year. Most other sectors had double digit positive returns led by consumer, non-cyclical.

In this environment, the Praxis Small Cap Index Fund Class A Shares (Without Load) returned 10.70 percent, underperforming the 13.23 percent return of the benchmark (S&P SmallCap 600 Index). The Praxis Small Cap Index Fund Class I shares returned 11.22 percent. Stock specific factors were the leading contributor to relative performance as annual stock returns can vary widely in the small cap space, with stocks often being acquired or “graduating” out of the small cap universe. Several gaming stocks (gambling screen) were detractors to relative performance as they had banner years. A positive contributor to relative performance was the allocation (underweight) to basic materials and energy.

2017 is the inaugural year of managing the Praxis Small Cap Index Fund (the “Fund”) as an index fund, utilizing the same methodology and processes we use to manage our Growth Index and Value Index funds. The transition involved moving to a fund with approximately 450 holdings from one with approximately 70 holdings and a change of benchmarks to the S&P SmallCap 600 Index from the Russell 2000 Index. This transition occurred during a strong move higher in the stock market and that timing had a negative impact on relative performance. While the Fund’s performance during the initial transition period did not meet our expectations, we are pleased with the performance once the transition was completed, and look forward to continuing to be able to incorporate our Values + ESG screens and still deliver returns that closely track benchmark returns.

Dale Snyder, CFA^®
Praxis Value Index Fund Manager
Praxis Mutual Funds

Praxis Small Cap Index Fund

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/07 to 12/31/17

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/07 to 12/31/17, and includes the reinvestment of dividends and capital gains.

			Average Annual Returns
	Inception Date	One Year Ended	Three Years Ended	Five Years Ended	Ten Years Ended	Expense Ratio** Gross / Net
Praxis Small Cap Index Fund
Class A *	5/1/07	4.84%	2.69%	6.94%	5.39%	1.21%	1.12%
Class A (Without Load)	5/1/07	10.70%	4.57%	8.10%	5.96%
Class I	5/1/07	11.22%	5.17%	8.76%	6.52%	0.45%	0.45%
S&P SmallCap 600 Index ¹		13.23%	12.00%	15.99%	10.43%
Russell 2000 Index ²		14.63%	9.94%	14.11%	8.71%

The returns include the Fund’s performance when the Fund’s portfolio was managed by a sub-adviser and pursued a different investment strategy prior to January 1, 2017.

The total return figures shown reflect the maximum sales charge applicable to Class A Shares. 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. Contractual fee waivers are in effect from May 1, 2017 through April 30, 2018 for Class A.

The S&P SmallCap 600 Index measures the small-cap segment of the U.S. equity market. The Index is designed to track companies that meet specific inclusion criteria to ensure they are liquid and financially viable.

The Russell 2000 Index is an unmanaged index consisting of the 2,000 smallest of the 3,000 largest stocks. Returns are adjusted for the reinvestment of capital gains distributions and income dividends. You cannot invest directly in an index. Prior to January 1, 2017 the Russell 2000 Index served as the Fund’s primary Index. The primary Index was changed due to the change in investment strategy of the Fund.

Schedule of Investments

Praxis Small Cap Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.4%
AEROSPACE & DEFENSE—0.3%
Axon Enterprise, Inc. (a)		3,650	$	96,725
Engility Holdings, Inc. (a)		2,850		80,854
				177,579
AIR FREIGHT & LOGISTICS—0.8%
Echo Global Logistics, Inc. (a)		4,470		125,160
Forward Air Corp.		3,800		218,272
Hub Group, Inc. - Class A (a)		2,260		108,254
				451,686
AUTO COMPONENTS—1.3%
American Axle & Manufacturing Holdings, Inc. (a)		5,900		100,477
Cooper-Standard Holdings, Inc. (a)		1,190		145,775
Dorman Products, Inc. (a)		2,250		137,565
Fox Factory Holding Corp. (a)		3,770		146,464
Gentherm, Inc. (a)		2,520		80,010
Standard Motor Products, Inc.		1,500		67,365
				677,656
AUTOMOBILES—0.8%
LCI Industries		1,700		221,000
Winnebago Industries, Inc.		3,730		207,388
				428,388
BANKS—7.5%
Ameris Bancorp		2,470		119,054
Banc of California, Inc.		4,200		86,730
Banner Corp.		1,960		108,035
Boston Private Financial Holdings, Inc.		14,160		218,772
Central Pacific Financial Corp.		2,270		67,714
City Holding Co.		1,460		98,506
Columbia Banking System, Inc.		3,710		161,162
Community Bank System, Inc.		2,710		145,663
Customers Bancorp, Inc. (a)		2,090		54,319
CVB Financial Corp.		6,370		150,077
Fidelity Southern Corp.		2,160		47,088
First BanCorp. (a)		18,890		96,339
First Commonwealth Financial Corp.		5,600		80,192
First Financial Bancorp		4,940		130,169
First Financial Bankshares, Inc.		4,410		198,671
First Midwest Bancorp, Inc.		5,580		133,976
Glacier Bancorp, Inc.		5,010		197,344
Great Western Bancorp, Inc.		3,870		154,026
Hanmi Financial Corp.		2,240		67,984
Hope Bancorp, Inc.		8,360		152,570
Independent Bank Corp. (Massachusetts)		1,730		120,841
LegacyTexas Financial Group, Inc.		3,040		128,318
NBT Bancorp, Inc.		2,980		109,664
OFG Bancorp		11,240		105,656
Old National Bancorp		9,310		162,459
Opus Bank (a)		1,980		54,054
S&T Bancorp, Inc.		2,180		86,786
ServisFirst Bancshares, Inc.		6,230		258,545
Simmons First National Corp. - Class A		1,970		112,487
Southside Bancshares, Inc.		2,307		77,700
Tompkins Financial Corp.		920		74,842
United Community Banks, Inc.		4,800		135,072
Westamerica Bancorp.		1,670		99,448
				3,994,263
BEVERAGES—0.3%
Coca-Cola Bottling Co. Consolidated		780		167,903

BIOTECHNOLOGY—2.0%
Acorda Therapeutics, Inc. (a)		3,480		74,646
AMAG Pharmaceuticals, Inc. (a)		2,360		31,270
Cytokinetics, Inc. (a)		3,340		27,221
Eagle Pharmaceuticals, Inc. (a)		1,210		64,638
Emergent BioSolutions, Inc. (a)		3,960		184,021
Enanta Pharmaceuticals, Inc. (a)		1,630		95,649
Ligand Pharmaceuticals, Inc. - Class B (a)		1,270		173,901
MiMedx Group, Inc. (a)		6,580		82,974
Momenta Pharmaceuticals, Inc. (a)		4,620		64,449
Progenics Pharmaceuticals, Inc. (a)		4,620		27,489
Repligen Corp. (a)		2,250		81,630
Spectrum Pharmaceuticals, Inc. (a)		7,480		141,746
				1,049,634
BUILDING PRODUCTS—3.2%
AAON, Inc.		4,090		150,103
American Woodmark Corp. (a)		1,025		133,506
Apogee Enterprises, Inc.		1,960		89,631
Gibraltar Industries, Inc. (a)		3,370		111,210
Insteel Industries, Inc.		2,100		59,472
Patrick Industries, Inc. (a)		1,500		104,100
PGT Innovations, Inc. (a)		4,110		69,253
Quanex Building Products Corp.		5,670		132,678
Simpson Manufacturing Co., Inc.		3,990		229,066
TopBuild Corp. (a)		2,710		205,255
Trex Co., Inc. (a)		2,350		254,717
Universal Forest Products, Inc.		4,680		176,062
				1,715,053
CAPITAL MARKETS—2.8%
Donnelley Financial Solutions, Inc. (a)		4,680		91,213
Evercore, Inc. - Class A		2,760		248,400
Financial Engines, Inc.		4,720		143,016
Greenhill & Co., Inc.		3,210		62,595
HFF, Inc. - Class A		2,570		125,005
Interactive Brokers Group, Inc. - Class A		4,980		294,866
INTL FCStone, Inc. (a)		1,800		76,554
Investment Technology Group, Inc.		2,350		45,238
Piper Jaffray Cos.		1,130		97,462
Virtus Investment Partners, Inc.		490		56,374
Waddell & Reed Financial, Inc. - Class A		5,350		119,519
WisdomTree Investments, Inc.		10,100		126,755
				1,486,997
CHEMICALS—0.9%
H.B. Fuller Co.		4,510		242,954
Quaker Chemical Corp.		1,460		220,153
				463,107
COMMERCIAL SERVICES & SUPPLIES—3.1%
ABM Industries, Inc.		4,080		153,898
Brady Corp. - Class A		4,820		182,678
Essendant, Inc.		3,100		28,737
Healthcare Services Group, Inc.		4,950		260,964
Interface, Inc.		4,680		117,702
LSC Communications, Inc.		3,040		46,056
Mobile Mini, Inc.		3,110		107,295
Multi-Color Corp.		1,020		76,347

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.4%, continued
COMMERCIAL SERVICES & SUPPLIES—3.1%, continued
R.R. Donnelley & Sons Co.		6,330	$	58,869
Team, Inc. (a)		2,640		39,336
Tetra Tech, Inc.		4,740		228,231
UniFirst Corp.		1,150		189,635
US Ecology, Inc.		1,490		75,990
Viad Corp.		1,980		109,692
				1,675,430
COMMUNICATIONS EQUIPMENT—1.6%
ADTRAN, Inc.		3,230		62,500
Applied Optoelectronics, Inc. (a)		1,580		59,756
CalAmp Corp. (a)		3,190		68,362
Harmonic, Inc. (a)		14,710		61,782
Lumentum Holdings, Inc. (a)		4,670		228,363
NETGEAR, Inc. (a)		2,450		143,937
Oclaro, Inc. (a)		12,690		85,531
Viavi Solutions, Inc. (a)		15,670		136,956
				847,187
CONSTRUCTION & ENGINEERING—0.4%
Aegion Corp. (a)		2,880		73,238
Comfort Systems USA, Inc.		2,340		102,141
MYR Group, Inc. (a)		1,530		54,667
				230,046
CONSTRUCTION MATERIALS—0.2%
U.S. Concrete, Inc. (a)		1,100		92,015

CONSUMER FINANCE—0.9%
Encore Capital Group, Inc. (a)		2,750		115,775
Green Dot Corp. - Class A (a)		3,100		186,806
PRA Group, Inc. (a)		3,460		114,872
World Acceptance Corp. (a)		710		57,311
				474,764
CONTAINERS & PACKAGING—0.7%
Ingevity Corp. (a)		3,870		272,719
Myers Industries, Inc.		4,580		89,310
				362,029
DIVERSIFIED CONSUMER SERVICES—0.8%
American Public Education, Inc. (a)		3,900		97,695
Capella Education Co.		880		68,112
Career Education Corp. (a)		4,710		56,897
Matthews International Corp. - Class A		2,810		148,368
Strayer Education, Inc.		760		68,081
				439,153
DIVERSIFIED TELECOMMUNICATION SERVICES—1.3%
8x8, Inc. (a)		6,310		88,971
ATN International, Inc.		1,320		72,943
Cincinnati Bell, Inc. (a)		3,160		65,886
Cogent Communications Holdings, Inc.		3,200		144,960
Consolidated Communications Holdings, Inc.		3,970		48,394
General Communication, Inc. - Class A (a)		1,440		56,189
Iridium Communications, Inc. (a)		10,490		123,782
Vonage Holdings Corp. (a)		7,960		80,953
				682,078
ELECTRIC UTILITIES—0.5%
ALLETE, Inc.		3,670		272,901

ELECTRICAL EQUIPMENT—0.9%
AZZ, Inc.		1,800		91,980
Encore Wire Corp.		1,700		82,705
Franklin Electric Co., Inc.		4,130		189,567
General Cable Corp.		4,630		137,048
				501,300
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.9%
Anixter International, Inc. (a)		2,180		165,680
Badger Meter, Inc.		2,110		100,858
Benchmark Electronics, Inc. (a)		3,960		115,236
Control4 Corp. (a)		5,090		151,478
CTS Corp.		2,780		71,585
Daktronics, Inc.		9,940		90,752
Electro Scientific Industries, Inc. (a)		4,390		94,078
ePlus, Inc. (a)		1,060		79,712
Fabrinet (a)		2,610		74,907
FARO Technologies, Inc. (a)		1,290		60,630
II-VI, Inc. (a)		3,780		177,471
Insight Enterprises, Inc. (a)		2,820		107,978
Itron, Inc. (a)		3,150		214,830
KEMET Corp. (a)		5,430		81,776
Methode Electronics, Inc.		2,500		100,250
MTS Systems Corp.		1,320		70,884
OSI Systems, Inc. (a)		1,360		87,557
Plexus Corp. (a)		2,470		149,979
Rogers Corp. (a)		1,610		260,691
Sanmina Corp. (a)		5,140		169,620
ScanSource, Inc. (a)		2,400		85,920
TTM Technologies, Inc. (a)		7,390		115,801
				2,627,673
ENERGY EQUIPMENT & SERVICES—2.9%
Archrock, Inc.		4,940		51,870
Era Group, Inc. (a)		10,000		107,500
Exterran Corp. (a)		2,910		91,490
Geospace Technologies Corp. (a)		2,810		36,446
Gulf Island Fabrication, Inc.		4,240		56,922
Helix Energy Solutions Group, Inc. (a)		18,730		141,224
Matrix Service Co. (a)		8,110		144,358
McDermott International, Inc. (a)		16,190		106,530
Newpark Resources, Inc. (a)		16,660		143,276
Noble Corp. plc (a)		28,070		126,877
Oil States International, Inc. (a)		2,230		63,109
Pioneer Energy Services Corp. (a)		36,020		109,861
SEACOR Holdings, Inc. (a)		1,250		57,775
TETRA Technologies, Inc. (a)		25,210		107,647
U.S. Silica Holdings, Inc.		6,050		196,988
				1,541,873
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—5.0%
Acadia Realty Trust		5,320		145,555
Agree Realty Corp.		1,980		101,851
American Assets Trust, Inc.		3,790		144,930
CareTrust REIT, Inc.		5,220		87,487
CBL & Associates Properties, Inc. - Class B		9,280		52,525
Chesapeake Lodging Trust		3,710		100,504
DiamondRock Hospitality Co.		14,040		158,512
EastGroup Properties, Inc.		2,290		202,390
Franklin Street Properties Corp.		7,520		80,765
Government Properties Income Trust		6,310		116,987

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.4%, continued
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—5.0%, continued
Hersha Hospitality Trust		2,630	$	45,762
Independence Realty Trust, Inc.		16,080		162,247
Kite Realty Group Trust		5,340		104,664
Lexington Realty Trust		19,510		188,272
LTC Properties, Inc.		2,270		98,859
National Storage Affiliates Trust		4,190		114,219
Pennsylvania Real Estate Investment Trust		8,260		98,211
PS Business Parks, Inc.		1,590		198,893
Retail Opportunity Investments Corp.		7,190		143,440
Saul Centers, Inc.		1,440		88,920
Summit Hotel Properties, Inc.		9,270		141,182
Universal Health Realty Income Trust		1,650		123,932
				2,700,107
FOOD & STAPLES RETAILING—0.4%
Andersons, Inc. (The)		1,860		57,939
SpartanNash Co.		2,920		77,906
Supervalu, Inc. (a)		2,687		58,039
				193,884
FOOD PRODUCTS—1.6%
B&G Foods, Inc.		4,680		164,502
Calavo Growers, Inc.		1,050		88,620
Cal-Maine Foods, Inc. (a)		3,150		140,017
Darling Ingredients, Inc. (a)		11,730		212,665
J & J Snack Foods Corp.		1,600		242,928
				848,732
GAS UTILITIES—1.1%
Northwest Natural Gas Co.		2,480		147,932
South Jersey Industries, Inc.		6,330		197,686
Spire, Inc.		3,590		269,788
				615,406
HEALTH CARE EQUIPMENT & SUPPLIES—4.2%
Abaxis, Inc.		1,520		75,270
Analogic Corp.		950		79,563
AngioDynamics, Inc. (a)		3,020		50,223
Anika Therapeutics, Inc. (a)		950		51,214
Haemonetics Corp. (a)		3,650		211,992
Heska Corp. (a)		480		38,501
ICU Medical, Inc. (a)		1,950		421,200
Inogen, Inc. (a)		1,750		208,390
Integer Holdings Corp. (a)		2,180		98,754
Integra LifeSciences Holdings Corp. (a)		5,310		254,137
Invacare Corp.		3,570		60,154
LeMaitre Vascular, Inc.		1,550		49,352
Meridian Bioscience, Inc.		3,290		46,060
Merit Medical Systems, Inc. (a)		3,140		135,648
Natus Medical, Inc. (a)		1,410		53,862
Neogen Corp. (a)		2,365		194,427
OraSure Technologies, Inc. (a)		3,190		60,163
Varex Imaging Corp. (a)		4,550		182,773
				2,271,683
HEALTH CARE PROVIDERS & SERVICES—3.0%
Aceto Corp.		6,755		69,779
Amedisys, Inc. (a)		2,810		148,115
AMN Healthcare Services, Inc. (a)		3,380		166,465
Community Health Systems, Inc. (a)		10,040		42,770
CorVel Corp. (a)		1,030		54,487

HEALTH CARE PROVIDERS & SERVICES—3.0%, continued
Cross Country Healthcare, Inc. (a)		3,090		39,428
Ensign Group, Inc. (The)		3,400		75,480
HealthEquity, Inc. (a)		4,070		189,906
HMS Holdings Corp. (a)		5,890		99,836
Kindred Healthcare, Inc.		7,520		72,944
LHC Group, Inc. (a)		1,070		65,538
Magellan Health, Inc. (a)		1,600		154,480
Providence Service Corp. (The)(a)		1,220		72,395
Select Medical Holdings Corp. (a)		11,670		205,976
Tivity Health, Inc. (a)		2,400		87,720
U.S. Physical Therapy, Inc.		850		61,370
				1,606,689
HEALTH CARE SERVICES—0.3%
Diplomat Pharmacy, Inc. (a)		7,240		145,307

HEALTH CARE TECHNOLOGY—0.5%
HealthStream, Inc. (a)		2,180		50,489
Omnicell, Inc. (a)		2,840		137,740
Quality Systems, Inc. (a)		4,120		55,949
				244,178
HOTELS, RESTAURANTS & LEISURE—2.7%
Belmond Ltd. - Class A (a)		6,450		79,012
Biglari Holdings, Inc. (a)		220		91,168
Bob Evans Farms, Inc.		1,500		118,230
Chuy's Holdings, Inc. (a)		2,270		63,674
Dave & Buster's Entertainment, Inc. (a)		3,440		189,785
DineEquity, Inc.		2,520		127,840
Fiesta Restaurant Group, Inc. (a)		3,740		71,060
Marcus Corp. (The)		1,880		51,418
Marriott Vacations Worldwide Corp.		1,800		243,378
Red Robin Gourmet Burgers, Inc. (a)		1,120		63,168
Shake Shack, Inc. - Class A (a)		1,400		60,480
Sonic Corp.		5,480		150,590
Wingstop, Inc.		4,060		158,259
				1,468,062
HOUSEHOLD DURABLES—2.2%
Cavco Industries, Inc. (a)		790		120,554
Ethan Allen Interiors, Inc.		2,030		58,058
Installed Building Products, Inc. (a)		2,400		182,280
iRobot Corp. (a)		1,930		148,031
La-Z-Boy, Inc.		3,670		114,504
LGI Homes, Inc. (a)		1,640		123,049
M/I Homes, Inc. (a)		1,900		65,360
MDC Holdings, Inc.		3,402		108,456
Meritage Homes Corp. (a)		2,680		137,216
Universal Electronics, Inc. (a)		1,130		53,392
William Lyon Homes - Class A (a)		2,360		68,629
				1,179,529
HOUSEHOLD PRODUCTS—0.8%
Central Garden & Pet Co. - Class A (a)		3,330		125,574
WD-40 Co.		2,440		287,920
				413,494
INDUSTRIAL CONGLOMERATES—0.3%
Raven Industries, Inc.		4,490		154,231

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.4%, continued
INSURANCE—2.9%
American Equity Investment Life Holding Co.		6,800	$	208,964
AMERISAFE, Inc.		1,540		94,864
Employers Holdings, Inc.		2,590		114,996
HCI Group, Inc.		980		29,302
Horace Mann Educators Corp.		3,080		135,828
Maiden Holdings Ltd.		5,990		39,534
Navigators Group, Inc. (The)		2,540		123,698
ProAssurance Corp.		3,540		202,311
RLI Corp.		2,580		156,503
Selective Insurance Group, Inc.		3,910		229,517
Stewart Information Services Corp.		1,710		72,333
United Fire Group, Inc.		1,370		62,444
Universal Insurance Holdings, Inc.		2,220		60,717
				1,531,011
INTERNET & DIRECT MARKETING RETAIL—0.6%
Nutrisystem, Inc.		2,150		113,090
PetMed Express, Inc.		1,670		75,985
Shutterfly, Inc. (a)		2,500		124,375
				313,450
INTERNET SOFTWARE & SERVICES—1.1%
Blucora, Inc. (a)		3,190		70,499
LivePerson, Inc. (a)		4,880		56,120
NIC, Inc.		4,840		80,344
Shutterstock, Inc. (a)		2,450		105,424
SPS Commerce, Inc. (a)		1,280		62,195
Stamps.com, Inc. (a)		1,120		210,560
				585,142
IT SERVICES—1.3%
Cardtronics plc - Class A (a)		3,300		61,116
CSG Systems International, Inc.		2,660		116,561
ExlService Holdings, Inc. (a)		2,360		142,426
Perficient, Inc. (a)		3,200		61,024
Sykes Enterprises, Inc. (a)		3,400		106,930
TeleTech Holdings, Inc.		1,960		78,890
Virtusa Corp. (a)		2,370		104,470
				671,417
LEISURE PRODUCTS—0.3%
Callaway Golf Co.		8,680		120,912
Nautilus, Inc. (a)		2,630		35,111
				156,023
LIFE SCIENCES TOOLS & SERVICES—0.4%
Cambrex Corp. (a)		2,535		121,680
Luminex Corp.		4,580		90,226
				211,906
MACHINERY—5.9%
Actuant Corp. - Class A		4,520		114,356
Alamo Group, Inc.		690		77,880
Albany International Corp. - Class A		2,090		128,431
Astec Industries, Inc.		1,530		89,505
Barnes Group, Inc.		3,690		233,466
Briggs & Stratton Corp.		3,210		81,438
Chart Industries, Inc. (a)		2,270		106,372
CIRCOR International, Inc.		1,270		61,824
EnPro Industries, Inc.		1,980		185,150
ESCO Technologies, Inc.		1,900		114,475
Federal Signal Corp.		4,870		97,838
Greenbrier Cos., Inc. (The)		2,030		108,199
Harsco Corp. (a)		6,320		117,868
Hillenbrand, Inc.		5,160		230,652
John Bean Technologies Corp.		2,085		231,018
Lindsay Corp.		840		74,088
Lydall, Inc. (a)		1,350		68,513
Mueller Industries, Inc.		4,570		161,915
Proto Labs, Inc. (a)		1,720		177,160
SPX Corp. (a)		3,480		109,237
SPX FLOW, Inc. (a)		2,860		135,993
Standex International Corp.		980		99,813
Tennant Co.		1,310		95,171
Wabash National Corp.		4,440		96,348
Watts Water Technologies, Inc. - Class A		2,220		168,609
				3,165,319
MARINE—0.2%
Matson, Inc.		3,030		90,415

MEDIA—0.8%
Gannett Co., Inc.		8,110		93,995
New Media Investment Group, Inc.		4,350		72,993
Scholastic Corp.		2,210		88,643
Time, Inc.		4,370		80,627
World Wrestling Entertainment, Inc. - Class A		2,990		91,434
				427,692
METALS & MINING—0.4%
Materion Corp.		2,680		130,248
Olympic Steel, Inc.		4,480		96,275
				226,523
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.4%
Capstead Mortgage Corp.		12,570		108,731
Four Corners Property Trust, Inc.		4,110		105,627
				214,358
MULTI-LINE RETAIL—0.5%
Ollie's Bargain Outlet Holdings, Inc. (a)		4,875		259,594

MULTI-UTILITIES—0.5%
Avista Corp.		5,040		259,510

OIL, GAS & CONSUMABLE FUELS—0.3%
Cloud Peak Energy, Inc. (a)		22,230		98,924
Green Plains, Inc.		3,100		52,235
				151,159
PAPER & FOREST PRODUCTS—1.4%
Boise Cascade Co.		3,890		155,211
Clearwater Paper Corp. (a)		1,730		78,542
Deltic Timber Corp.		1,350		123,593
KapStone Paper and Packaging Corp.		7,190		163,141
Neenah Paper, Inc.		2,500		226,625
				747,112
PERSONAL PRODUCTS—0.3%
Medifast, Inc.		2,310		161,261

PHARMACEUTICALS—2.6%
Amphastar Pharmaceuticals, Inc. (a)		3,400		65,416

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.4%, continued
PHARMACEUTICALS—2.6%, continued
Depomed, Inc. (a)		4,530	$	36,467
Impax Laboratories, Inc. (a)		5,670		94,406
Innoviva, Inc. (a)		9,270		131,541
Lannett Co., Inc. (a)		2,180		50,576
Medicines Co. (The)(a)		4,760		130,138
Nektar Therapeutics (a)		10,150		606,158
Phibro Animal Health Corp. - Class A		1,640		54,940
Sucampo Pharmaceuticals, Inc. - Class A (a)		4,560		81,852
Supernus Pharmaceuticals, Inc. (a)		3,420		136,287
				1,387,781
PROFESSIONAL SERVICES—2.1%
Exponent, Inc.		2,020		143,622
Insperity, Inc.		2,780		159,433
Kelly Services, Inc. - Class A		2,590		70,629
Korn/Ferry International		4,520		187,038
Navigant Consulting, Inc. (a)		4,350		84,433
On Assignment, Inc. (a)		3,380		217,233
TrueBlue, Inc. (a)		3,620		99,550
WageWorks, Inc. (a)		2,490		154,380
				1,116,318
REAL ESTATE INVESTMENT TRUSTS (REIT)—0.1%
Armada Hoffler Properties, Inc.		3,020		46,901

REAL ESTATE MANAGEMENT & DEVELOPMENT—0.1%
RE/MAX Holdings, Inc. - Class A		1,260		61,110

ROAD & RAIL—0.8%
ArcBest Corp.		1,760		62,920
Heartland Express, Inc.		5,750		134,205
Marten Transport Ltd.		3,300		66,990
Roadrunner Transportation Systems, Inc. (a)		6,890		53,122
Saia, Inc. (a)		1,850		130,887
				448,124
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.2%
Advanced Energy Industries, Inc. (a)		2,880		194,342
Axcelis Technologies, Inc. (a)		3,000		86,100
Brooks Automation, Inc.		5,540		132,129
Cabot Microelectronics Corp.		1,630		153,350
CEVA, Inc. (a)		1,740		80,301
Diodes, Inc. (a)		2,910		83,430
Kulicke & Soffa Industries, Inc. (a)		5,390		131,166
MaxLinear, Inc. - Class A (a)		3,800		100,396
Nanometrics, Inc. (a)		2,070		51,584
Power Integrations, Inc.		1,970		144,893
Rambus, Inc. (a)		7,285		103,593
Rudolph Technologies, Inc. (a)		2,700		64,530
Semtech Corp. (a)		4,710		161,082
SolarEdge Technologies, Inc. (a)		3,170		119,034
Veeco Instruments, Inc. (a)		3,481		51,693
Xperi Corp.		3,380		82,472
				1,740,095
SOFTWARE—2.0%
Agilysys, Inc. (a)		6,190		76,013
Barracuda Networks, Inc. (a)		3,940		108,350
Bottomline Technologies (de), Inc. (a)		3,210		111,323
Ebix, Inc.		1,900		150,575
MicroStrategy, Inc. - Class A (a)		680		89,284

SOFTWARE—2.0%, continued
Monotype Imaging Holdings, Inc.		3,610		87,001
Progress Software Corp.		3,880		165,171
Qualys, Inc. (a)		2,220		131,757
Synchronoss Technologies, Inc. (a)		3,140		28,072
TiVo Corp.		8,170		127,452
				1,074,998
SPECIALTY RETAIL—4.7%
Abercrombie & Fitch Co. - Class A		5,900		102,837
Asbury Automotive Group, Inc. (a)		1,760		112,640
Ascena Retail Group, Inc. (a)		23,190		54,497
Barnes & Noble Education, Inc. (a)		3,000		24,720
Barnes & Noble, Inc.		6,220		41,674
Caleres, Inc.		3,100		103,788
Children's Place, Inc. (The)		1,390		202,036
DSW, Inc. - Class A		2,890		61,875
Express, Inc. (a)		6,430		65,264
Finish Line, Inc. (The) - Class A		8,500		123,505
Five Below, Inc. (a)		3,920		259,974
Francesca's Holdings Corp. (a)		5,970		43,641
Genesco, Inc. (a)		1,570		51,025
Group 1 Automotive, Inc.		1,380		97,939
Guess?, Inc.		9,260		156,309
Hibbett Sports, Inc. (a)		3,770		76,908
Lithia Motors, Inc. - Class A		1,650		187,423
Lumber Liquidators Holdings, Inc. (a)		2,930		91,973
MarineMax, Inc. (a)		2,510		47,439
Monro Muffler Brake, Inc.		2,320		132,124
RH (a)		2,000		172,420
Sleep Number Corp. (a)		3,400		127,806
Tailored Brands, Inc.		5,280		115,262
Tile Shop Holdings, Inc.		4,970		47,712
Vitamin Shoppe, Inc. (a)		8,290		36,476
				2,537,267
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.5%
Cray, Inc. (a)		3,130		75,746
Electronics For Imaging, Inc. (a)		3,390		100,107
Super Micro Computer, Inc. (a)		4,440		92,907
				268,760
TEXTILES, APPAREL & LUXURY GOODS—1.8%
Crocs, Inc. (a)		6,870		86,837
G-III Apparel Group Ltd. (a)		5,110		188,508
Movado Group, Inc.		1,630		52,486
Oxford Industries, Inc.		1,855		139,477
Steven Madden Ltd. (a)		5,170		241,439
Wolverine World Wide, Inc.		7,210		229,855
				938,602
THRIFTS & MORTGAGE FINANCE—1.9%
BofI Holding, Inc. (a)		3,910		116,909
Dime Community Bancshares, Inc.		2,440		51,118
HomeStreet, Inc. (a)		2,050		59,348
LendingTree, Inc. (a)		950		323,427
Northwest Bancshares, Inc.		7,750		129,657
Provident Financial Services, Inc.		4,170		112,465
TrustCo Bank Corp.		11,340		104,328
Walker & Dunlop, Inc. (a)		2,200		104,500
				1,001,752

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2017

	SHARES		FAIR VALUE
COMMON STOCKS—98.4%, continued
TRADING COMPANIES & DISTRIBUTORS—0.5%
Applied Industrial Technologies, Inc.		2,920	$	198,852
DXP Enterprises, Inc. (a)		1,340		39,624
Veritiv Corp. (a)		1,190		34,391
				272,867
WATER UTILITIES—0.6%
American States Water Co.		2,420		140,142
California Water Service Group		4,300		195,005
				335,147
TOTAL COMMON STOCKS (COST $47,730,838)				52,601,631

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.8%
COMMUNITY DEVELOPMENT—0.8%
Calvert Social Investment Foundation, Inc. (b)		1.000	%		06/15/18	$	270,000	$	270,000
Calvert Social Investment Foundation, Inc. (b)		1.500	%		06/15/20		175,000		175,000
TOTAL CORPORATE NOTES (COST $445,000)									445,000

TOTAL INVESTMENTS (COST $48,175,838—Unrealized gain/loss $4,870,793)—99.2%								$	53,046,631
Other Assets in Excess of Liabilities—0.8%									417,804
NET ASSETS—100.0%								$	53,464,435

(a)

Non-income producing security.

(b)

Restricted and illiquid securities not registered under the Securities Act of 1933 are as follows:

	Acquisition Date	Current Cost		Fair Value		% of Net Assets
Calvert Social Investment Foundation, Inc. 1.00%, 06/15/18	06/15/17	$	270,000	$	270,000		0.5	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/15/20	06/15/17		175,000		175,000		0.3	%
		$	445,000	$	445,000		0.8	%

plc —Public Liability Company

REIT —Real Estate Investment Trust

See accompanying notes to financial statements.

Praxis Genesis Portfolios

Annual Report to Shareholders

Portfolio Managers’ Commentary (unaudited)

In 2017, all asset classes did very well. The U.S. economy started slowly in 2017, just as it did in 2016, but economic growth was much stronger after that initial weakness. After a poor three-year period between 2013 and 2015, emerging market stocks bounced back with the MSCI Emerging Market Index up a solid 11.2 percent in 2016 and up 37.2 percent in 2017. Large growth stocks also notched a strong year with the S&P 500 Growth Index up 27.4 percent. The Standard and Poor’s (S&P) 500 Index was up 21.8 percent.

As is normally the case, in the U.S. equity market cap, size and style mattered. The S&P SmallCap 600 Index returned 13.2 percent, which was quite a bit lower than the S&P 500 Index. Style also mattered a great deal as the S&P 500 Value Index rose 15.4 percent versus 27.4 percent for the S&P Growth Index.

The developed markets internationally didn’t do as well as emerging markets in 2017. The MSCI Emerging Markets Index was up 37.2 percent while the MSCI EAFE Index was up 25.3 percent. Over the last five years, developed markets have significantly outpaced emerging markets, with an 8.4 percent annualized return versus a 4.7 percent annualized return.

The Bloomberg Barclays Aggregate Bond Index (the broad U.S. fixed income benchmark) returned 3.5 percent for 2017. The interest rate curve flattened with the 6-month U.S. Treasury bill yield increasing 0.90 percent and the yield on the 30-year U.S. Treasury note decreasing by 0.33 percent. The 10-year U.S. Treasury yield started 2017 at 2.45 percent and it ended at 2.41 percent. Around the middle of 2016 there was about $12 trillion of negative yielding debt across the world, but 2017 ended with just $8 trillion. Most European 10-year debt now has a positive yield, while the Swiss 10-year government bond was still slightly negative as of the end of the year.

The asset allocation strategies pursued by the Genesis Portfolios (the “Portfolios”) do not lend themselves to easy benchmarking with a public multi-asset class index; but we have found that the S&P Target Risk indices are the best available option.

The Genesis Conservative Portfolio’s Class A Shares (Without Load) returned 8.36 percent which underperformed both the S&P Target Risk Conservative Index return of 9.87 percent and the Conservative Composite Benchmark’s return of 8.96 percent.

The Genesis Balanced Portfolio’s Class A Shares (Without Load) return was 13.38 percent which underperformed both the S&P Target Risk Growth Index’s return of 16.04 percent and the Balanced Composite Benchmark return of 14.25 percent.

The Genesis Growth Portfolio’s Class A Shares (Without Load) return was 16.71 percent which underperformed the S&P Target Risk Aggressive Index’s return of 20.12 percent and the Growth Composite Benchmark return of 17.91 percent.

The allocation to fixed income was the largest detractor to relative performance on an absolute basis for each Portfolio because fixed income’s lower performance. The biggest positive contributor to relative performance was U.S. growth stocks which performed extremely well in 2017.

The underlying investments in the Genesis Portfolios are the Praxis Impact Bond Fund, the Praxis Growth Index Fund, the Praxis Value Index Fund, Praxis Small Cap Index Fund, and the Praxis International Index Fund (the “Funds”). These Funds are held in proportions matching the risk profile of each of the Genesis Portfolios. We take a long-term approach in assigning weights to the various underlying Funds, relying on the premise that the higher risk equity funds are expected to generate higher long-term returns than the lower risk fixed income investments. This worked again in 2017 as riskier assets were better performers than fixed income.

Each of the Portfolios benefited from the relative outperformance of the Praxis Value Index Fund and the Praxis Impact Bond Fund versus their indices. The Praxis Growth Index Fund underperformed its benchmark, and the Praxis International Index Fund and the Praxis Small Cap Index Fund underperformed their benchmarks by a wider margin.

Benjamin Bailey, CFA^®
Praxis Genesis Portfolios Co-Manager
Praxis Mutual Funds

Delmar King
Praxis Genesis Portfolios Co-Manager
Praxis Mutual Funds

Praxis Genesis Conservative Portfolio

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/09 to 12/31/17

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/09 to 12/31/17, and includes the reinvestment of dividends and capital gains.

			Average Annual Returns
	Inception Date	One Year Ended	Three Years Ended	Five Years Ended	Since Inception	Expense Ratio Gross / Net**
Praxis Genesis Conservative Portfolio
Class A *	12/31/09	2.67%	2.00%	3.57%	4.53%	1.12%	1.12%
Class A (Without Load)	12/31/09	8.36%	3.86%	4.70%	5.23%
S&P Target Risk Conservative Index ¹		9.87%	4.53%	4.85%	5.31%
Conservative Composite Benchmark ²		8.96%	4.78%	5.56%	6.28%

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 return figures shown reflect the maximum sales charge applicable to Class A Shares. 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. Contractual fee waivers are in effect from May 1, 2017 through April 30, 2018 for Class A.

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.

The Conservative Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and effective January 1, 2017, consists of the Bloomberg Barclays U.S. Aggregate Bond Index (the “Barclays Aggregate Bond Index”) (70 percent), the MSCI ACWI ex USA Index (Net) (7.5 percent), the S&P 500 Index (20 percent) and the S&P Small Cap 600 Index (2.5 percent). The composite benchmark from April 30, 2013 to December 31, 2016 consisted of the Barclays Aggregate Bond Index (70 percent), the MSCI ACWI ex USA Index (Net) (7.5 percent), the S&P 500 Index (20 percent) and the Russell 2000 Index (2.5 percent). The composite benchmark prior to April 30, 2013 consisted of the Barclays Aggregate Bond Index (70 percent), the MSCI EAFE Index (7.5 percent), the Russell 1000 Index (20 percent) and the Russell 2000 Index (2.5 percent).

Schedule of Investments

Praxis Genesis Conservative Portfolio
December 31, 2017

	SHARES		FAIR VALUE
MUTUAL FUNDS—100.0%
DEBT FUND—69.9%
Praxis Impact Bond Fund - Class I		1,544,425	$	15,984,801

EQUITY FUND—30.1%
Praxis Growth Index Fund - Class I		90,641		2,103,774
Praxis International Index Fund - Class I		178,603		2,098,591
Praxis Small Cap Index Fund - Class I		61,270		573,486
Praxis Value Index Fund - Class I		154,651		2,124,902
				6,900,753
TOTAL MUTUAL FUNDS (COST $20,474,199)				22,885,554

TOTAL INVESTMENTS (COST $20,474,199—Unrealized gain/loss $2,411,355)—100.0%			$	22,885,554
Liabilities in Excess of Other Assets—(0.0%) (a)				(4,841	)
NET ASSETS—100.0%			$	22,880,713

(a)	Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

Praxis Genesis Balanced Portfolio

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/09 to 12/31/17

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/09 to 12/31/17, and includes the reinvestment of dividends and capital gains.

			Average Annual Returns
	Inception Date	One Year Ended	Three Years Ended	Five Years Ended	Since Inception	Expense Ratio Gross / Net**
Praxis Genesis Balanced Portfolio
Class A *	12/31/09	7.39%	4.00%	6.43%	6.57%	1.08%	1.08%
Class A (Without Load)	12/31/09	13.38%	5.89%	7.59%	7.28%
S&P Target Risk Growth Index ¹		16.04%	7.03%	8.62%	8.34%
Balanced Composite Benchmark ²		14.25%	7.21%	8.97%	8.82%

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 return figures shown reflect the maximum sales charge applicable to Class A Shares. 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. Contractual fee waivers are in effect from May 1, 2017 through April 30, 2018 for Class A.

S&P Target Risk Growth Index seeks to provide increased exposure to equities, while using fixed income to dampen risk. The series is comprised of four multi-asset class indices. The index is comprised exclusively of exchange trade funds.

The Balanced Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and effective January 1, 2017, consists of the Bloomberg Barclays U.S. Aggregate Bond Index (the “Barclays Aggregate Bond Index”) (40 percent), the MSCI ACWI ex USA Index (Net) (15 percent), the S&P 500 Index (35 percent) and the S&P Small Cap 600 Index (10 percent). The composite benchmark from April 30, 2013 to December 31, 2016 consisted of the Barclays Aggregate Bond Index (40 percent), the MSCI ACWI ex USA Index (Net) (15 percent), the S&P 500 Index (35 percent) and the Russell 2000 Index (10 percent). The composite benchmark prior to April 30, 2013 consisted of the Barclays Aggregate Bond Index (40 percent), the MSCI EAFE Index (15 percent), the Russell 1000 Index (35 percent) and the Russell 2000 Index (10 percent).

Schedule of Investments

Praxis Genesis Balanced Portfolio
December 31, 2017

	SHARES		FAIR VALUE
MUTUAL FUNDS—100.0%
DEBT FUND—39.8%
Praxis Impact Bond Fund - Class I		2,817,526	$	29,161,390

EQUITY FUND—60.2%
Praxis Growth Index Fund - Class I		500,450		11,615,446
Praxis International Index Fund - Class I		1,139,501		13,389,138
Praxis Small Index Cap Fund - Class I		781,854		7,318,149
Praxis Value Index Fund - Class I		854,194		11,736,630
				44,059,363
TOTAL MUTUAL FUNDS (COST $59,544,125)			$	73,220,753

TOTAL INVESTMENTS (COST $59,544,125—Unrealized gain/loss $13,676,628)—100.0%			$	73,220,753
Liabilities in Excess of Other Assets—(0.0%) (a)				(27,597	)
NET ASSETS—100.0%			$	73,193,156

(a)	Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

Praxis Genesis Growth Portfolio

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/09 to 12/31/17

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/09 to 12/31/17, and includes the reinvestment of dividends and capital gains.

			Average Annual Returns
	Inception Date	One Year Ended	Three Years Ended	Five Years Ended	Since Inception	Expense Ratio Gross / Net**
Praxis Genesis Growth Portfolio
Class A *	12/31/09	10.55%	5.16%	8.19%	7.80%	1.13%	1.13%
Class A (Without Load)	12/31/09	16.71%	7.06%	9.36%	8.53%
S&P Target Risk Aggressive Index ¹		20.12%	8.66%	10.78%	10.45%
Growth Composite Benchmark ²		17.91%	8.79%	11.24%	10.44%

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 return figures shown reflect the maximum sales charge applicable to Class A Shares. 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. Contractual fee waivers are in effect from May 1, 2017 through April 30, 2018 for Class A.

S&P Target Risk Aggressive Index seeks to emphasize exposure to equities, maximizing opportunities for long-term capital accumulation. It may include small allocations in fixed income to enhance portfolio efficiency. The series is comprised of four multi-asset class indices. The index is comprised exclusively of exchange traded funds.

The Growth Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and effective January 1, 2017, consists of the Bloomberg Barclays U.S. Aggregate Bond Index (the “Barclays Aggregate Bond Index”) (20 percent), the MSCI ACWI ex USA Index (Net) (20 percent), the S&P 500 Index (45 percent) and the S&P Small Cap 600 Index (15 percent). The composite benchmark from April 30, 2013 to December 31, 2016 consisted of the Barclays Aggregate Bond Index (20 percent), the MSCI ACWI ex USA Index (Net) (20 percent), the S&P 500 Index (45 percent) and the Russell 2000 Index (15 percent). The composite benchmark prior to April 30, 2013 consisted of the Barclays Aggregate Bond Index (20 percent), the MSCI EAFE Index (20 percent), the Russell 1000 Index (45 percent) and the Russell 2000 Index (15 percent).

Schedule of Investments

Praxis Genesis Growth Portfolio
December 31, 2017

	SHARES		FAIR VALUE
MUTUAL FUNDS—100.1%
DEBT FUND—19.9%
Praxis Impact Bond Fund - Class I		1,248,307	$	12,919,979

EQUITY FUND—80.2%
Praxis Growth Index Fund - Class I		567,954		13,182,219
Praxis International Index Fund - Class I		1,346,415		15,820,372
Praxis Small Index Cap Fund - Class I		1,038,878		9,723,894
Praxis Value Index Fund - Class I		969,482		13,320,676
				52,047,161
TOTAL MUTUAL FUNDS (COST $49,823,304)				64,967,140

TOTAL INVESTMENTS (COST $49,823,304—Unrealized gain/loss $15,143,836)—100.1%			$	64,967,140
Liabilities in Excess of Other Assets—(0.1%)				(32,599	)
NET ASSETS—100.0%			$	64,934,541

See accompanying notes to financial statements.

Statements of Assets & Liabilities

December 31, 2017

	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	$	500,719,266		$	210,629,431		$	145,688,353		$	152,492,119		$	48,175,838
Investments in unaffiliated securities, at fair value	$	508,206,374		$	282,271,205		$	188,421,200		$	257,545,133		$	53,046,631
Cash		11,291,376			3,459,220			2,037,109			1,439,247			174,098
Receivable for investments sold		674			—			—			313,217			—
Receivable for capital shares sold		1,228,951			701,669			1,388,973			702,050			237,961
Receivable for dividends and interest		4,068,230			259,223			306,461			216,646			67,239
Receivable for tax reclaims		—			213,554			—			14,418			—
Prepaid expenses		47,921			37,702			25,240			30,753			19,490
Total Assets		524,843,526			286,942,573			192,178,983			260,261,464			53,545,419

Liabilities
Distributions payable		461,295			2,162,102			1,193,284			407,350			21,631
Payable for capital shares redeemed		360,275			692,508			236,191			206,938			24,978
Accrued expenses and other payables:
Investment advisory fees		176,299			130,186			48,991			66,863			13,617
Administration fees		23,304			12,695			8,642			11,805			2,401
Distribution fees		19,431			5,580			5,302			18,535			1,158
Other		100,338			57,669			38,399			53,026			17,199
Total Liabilities		1,140,942			3,060,740			1,530,809			764,517			80,984

Net Assets	$	523,702,584		$	283,881,833		$	190,648,174		$	259,496,947		$	53,464,435

Components of Net Assets
Paid-in capital	$	516,501,082		$	229,895,662		$	139,921,753		$	145,506,332		$	48,564,979
Accumulated undistributed (distributions in excess of) net investment income		31,414			(703,670	)		946,904			1,294,334			—
Accumulated undistributed net realized gains (losses) on investments and foreign currency transactions		(317,020	)		(16,956,729	)		7,046,670			7,641,622			28,663
Net unrealized appreciation:
investments		7,487,108			71,641,774			42,732,847			105,053,014			4,870,793
foreign currency translations		—			4,796			—			1,645			—
Net Assets	$	523,702,584		$	283,881,833		$	190,648,174		$	259,496,947		$	53,464,435

Pricing of Class A Shares
Net assets attributable to Class A shares	$	91,048,495		$	26,343,819		$	25,057,491		$	87,613,375		$	5,449,131
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		8,761,276			2,253,616			1,812,663			3,801,231			631,777
Net asset value, offering price and redemption price per share	$	10.39		$	11.69		$	13.82		$	23.05		$	8.63
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]	$	10.79		$	12.34		$	14.59		$	24.33		$	9.11

Pricing of Class I Shares
Net assets attributable to Class I shares	$	432,654,089		$	257,538,014		$	165,590,683		$	171,883,572		$	48,015,304
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		41,814,283			21,913,719			12,052,966			7,404,735			5,128,142
Net asset value and redemption price per share	$	10.35		$	11.75		$	13.74		$	23.21		$	9.36

See accompanying notes to financial statements.

Statements of Assets & Liabilities, continued

December 31, 2017

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Assets
Total investments in affiliated securities, at cost	$	20,474,199		$	59,544,125		$	49,823,304
Investments in affiliated securities, at fair value	$	22,885,554		$	73,220,753		$	64,967,140
Cash		2,793			708			646
Receivable for investments sold		9,009			—			—
Receivable for capital shares sold		476			19,788			42,013
Receivable from Adviser		2,307			—			—
Receivable for dividends and interest		1			—			—
Prepaid expenses		6,445			8,394			7,019
Total Assets		22,906,585			72,249,643			65,016,818

Liabilities
Distributions payable		2,404			7,964			3,474
Payable for capital shares redeemed		6,728			4,794			12,860
Payable for investments purchased		—			2,580			24,338
Accrued expenses and other payables:
Investment advisory fees		—			3,091			2,744
Administration fees		584			1,854			1,645
Distribution fees		4,865			15,457			13,718
Other		11,291			20,747			23,498
Total Liabilities		25,872			56,487			82,277

Net Assets	$	22,880,713		$	73,193,156		$	64,934,541

Components of Net Assets
Paid-in capital	$	20,361,251		$	58,131,634		$	48,179,150
Accumulated undistributed net realized gains on investments		108,107			1,384,894			1,611,555
Net unrealized appreciation on investments		2,411,355			13,676,628			15,143,836
Net Assets	$	22,880,713		$	73,193,156		$	64,934,541

Pricing of Class A Shares
Net assets attributable to Class A shares	$	22,880,713		$	73,193,156		$	64,934,541
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		1,947,594			5,340,464			4,302,427
Net asset value, offering price and redemption price per share	$	11.75		$	13.71		$	15.09
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]	$	12.40		$	14.47		$	15.93

See accompanying notes to financial statements.

Statements of Operations

For the year ended December 31, 2017

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund		Praxis Growth Index Fund		Praxis Small Cap Index Fund
Investment income
Dividends	$	194,489		$	6,880,049		$	4,398,042	$	3,805,283	$	663,798
Foreign tax withholding		—			(695,037	)		—		—		(49	)
Interest		14,261,175			23,653			16,062		24,599		4,877
Total Investment Income		14,455,664			6,208,665			4,414,104		3,829,882		668,626

Expenses
Investment advisory fees		1,960,555			1,372,658			526,830		707,063		148,016
Administration fees		269,559			138,081			96,538		129,558		27,136
Distribution fees - Class A		218,386			59,732			57,914		192,870		13,078
Professional fees		141,801			108,698			58,345		75,262		22,968
Transfer agent fees - Class A		118,322			38,821			27,660		87,736		14,636
Transfer agent fees - Class I		18,631			7,742			14,994		18,930		4,197
Registration fees - Class A		33,529			25,865			21,510		30,178		29,033
Registration fees - Class I		7,388			7,421			9,090		5,308		2,981
Pricing fees		83,396			62,705			6,802		6,382		10,650
Insurance expense		64,767			25,913			20,920		26,237		6,304
Trustee fees and expenses		56,552			28,431			20,298		25,197		6,076
Custodian fees		38,027			36,544			13,589		17,393		9,298
Shareholder report printing fees - Class A		16,181			6,160			5,379		16,251		4,900
Shareholder report printing fees - Class I		4,207			1,361			2,756		4,003		464
Postage & Supplies		1,040			3,361			3,239		3,345		2,948
Other expenses		10,864			10,264			11,549		6,652		5,492
Total Expenses		3,043,205			1,933,757			897,413		1,352,365		308,177
Expenses reduced by Investment Adviser		(43,249	)		—			—		—		(27,926	)
Net Expenses		2,999,956			1,933,757			897,413		1,352,365		280,251

Net Investment Income		11,455,708			4,274,908			3,516,691		2,477,517		388,375

Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		993,641			(2,970,815	)		11,892,826		8,967,490		10,859,903
Net realized losses on foreign currency transactions		—			(38,260	)		—		—		—
Change in unrealized appreciation (depreciation) of investments		3,888,120			54,222,976			12,534,209		43,684,397		(5,834,932	)
Change in unrealized appreciation (depreciation) of foreign currency translations		—			10,636			—		623		—
Net Realized and Unrealized Gains on Investments and Foreign Currency Transactions		4,881,761			51,224,537			24,281,377		52,451,746		4,991,526
Net Change in Net Assets from Operations	$	16,337,469		$	55,499,445		$	27,943,726	$	55,130,027	$	5,413,346

See accompanying notes to financial statements.

Statements of Operations, continued

For the year ended December 31, 2017

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio		Praxis Genesis Growth Portfolio
Investment income
Dividends from affiliates	$	538,926		$	1,835,351	$	1,714,661

Expenses
Distribution fees - Class A		55,298			170,870		148,752
Transfer agent fees		28,664			85,404		103,167
Investment advisory fees		11,060			34,175		29,751
Registration fees and filing fees		17,804			18,656		17,523
Administration fees		6,636			20,512		17,857
Shareholder report printing fees		4,603			15,154		18,529
Professional fees		9,668			11,521		11,184
Postage & Supplies		2,810			2,819		2,818
Custodian fees		756			764		774
Insurance expense		296			867		721
Trustee fees and expenses		275			834		723
Pricing fees		11			32		26
Other expenses		2,706			2,413		2,519
Total Expenses		140,587			364,021		354,344
Expenses reduced by Investment Adviser		(6,410	)		—		—
Net Expenses		134,177			364,021		354,344

Net Investment Income		404,749			1,471,330		1,360,317

Realized and Unrealized Gains on Investments in Affiliates
Net realized gains on investments in affiliates		294,727			1,079,228		911,216
Capital gain distributions from investments in affiliates		206,053			1,620,349		2,003,882
Change in unrealized appreciation (depreciation) of investments in affiliates		856,356			4,395,247		4,904,348
Net Realized and Unrealized Gains on Investments in Affiliates		1,357,136			7,094,824		7,819,446
Net Change in Net Assets from Operations	$	1,761,885		$	8,566,154	$	9,179,763

See accompanying notes to financial statements.

Statements of Changes in Net Assets

		Praxis Impact Bond Fund						Praxis International Index Fund
		For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
From Operations
Net investment income	$	11,455,708		$	10,617,263		$	4,274,908		$	3,516,419
Net realized gains (losses) from investments and foreign currency transactions		993,641			627,949			(3,009,075	)		(5,736,541	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		3,888,120			(584,097	)		54,233,612			12,431,310
Net Change in Net Assets from Operations		16,337,469			10,661,115			55,499,445			10,211,188

Distributions to Shareholders
From net investment income
Class A		(1,915,858	)		(1,936,638	)		(324,288	)		(267,004	)
Class I		(10,306,248	)		(9,821,417	)		(4,377,761	)		(3,317,908	)
From net realized gains
Class A		—			(66,864	)		—			—
Class I		—			(309,759	)		—			—
Change in Net Assets from Distributions to Shareholders		(12,222,106	)		(12,134,678	)		(4,702,049	)		(3,584,912	)

Change in Net Assets from Capital Transactions (Note 6)		54,678,411			32,429,421			40,609,352			15,118,614
Change in Net Assets		58,793,774			30,955,858			91,406,748			21,744,890

Net Assets
Beginning of year		464,908,810			433,952,952			192,475,085			170,730,195
End of year	$	523,702,584		$	464,908,810		$	283,881,833		$	192,475,085

Accumulated Undistributed (Distributions in Excess of) Net Investment Income	$	31,414		$	8,856		$	(703,670	)	$	(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 Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
From Operations
Net investment income (loss)	$	3,516,691		$	3,145,127		$	2,477,517		$	2,160,777		$	388,375		$	(153,202	)
Net realized gains from investments		11,892,826			7,556,162			8,967,490			10,288,360			10,859,903			2,619,380
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		12,534,209			12,834,166			43,685,020			1,551,046			(5,834,932	)		1,724,520
Net Change in Net Assets from Operations		27,943,726			23,535,455			55,130,027			14,000,183			5,413,346			4,190,698

Distributions to Shareholders
From net investment income
Class A		(239,329	)		(394,778	)		(310,125	)		(439,271	)		—			—
Class I		(2,330,458	)		(3,136,628	)		(1,141,411	)		(1,466,838	)		(397,085	)		—
From net realized gains
Class A		(1,280,289	)		(163,656	)		(2,353,847	)		—			(1,076,448	)		(313,627	)
Class I		(8,517,658	)		(1,048,199	)		(4,575,291	)		—			(8,695,178	)		(2,140,464	)
Change in Net Assets from Distributions to Shareholders		(12,367,734	)		(4,743,261	)		(8,380,674	)		(1,906,109	)		(10,168,711	)		(2,454,091	)

Change in Net Assets from Capital Transactions (Note 6)		16,205,942			8,693,909			8,878,930			4,774,596			10,309,935			(989,791	)
Change in Net Assets		31,781,934			27,486,103			55,628,283			16,868,670			5,554,570			746,816

Net Assets
Beginning of year		158,866,240			131,380,137			203,868,664			186,999,994			47,909,865			47,163,049
End of year	$	190,648,174		$	158,866,240		$	259,496,947		$	203,868,664		$	53,464,435		$	47,909,865

Accumulated Undistributed Net Investment Income	$	946,904		$	—		$	1,294,334		$	268,352		$	—		$	—

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 Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
From Operations
Net investment income	$	404,749		$	358,872		$	1,471,330		$	858,152		$	1,360,317		$	560,493
Net realized gains (losses) on investments in affiliates		294,727			(10,150	)		1,079,228			(164,281	)		911,216			(223,922	)
Distribution of realized gains received from affiliates		206,053			56,044			1,620,349			429,255			2,003,882			513,581
Net change in unrealized appreciation (depreciation) on investments in affiliates		856,356			466,687			4,395,247			2,832,421			4,904,348			3,141,548
Net Change in Net Assets from Operations		1,761,885			871,453			8,566,154			3,955,547			9,179,763			3,991,700

Distributions to Shareholders
From net investment income
Class A		(410,499	)		(359,249	)		(1,505,328	)		(858,833	)		(1,405,774	)		(561,401	)
From net realized gains
Class A		(278,026	)		(116,382	)		(1,175,997	)		(1,007,884	)		(1,228,806	)		(1,276,437	)
Change in Net Assets from Distributions to Shareholders		(688,525	)		(475,631	)		(2,681,325	)		(1,866,717	)		(2,634,580	)		(1,837,838	)

Change in Net Assets from Capital Transactions (Note 6)		211,459			1,481,723			3,743,197			1,734,670			4,463,446			1,890,668
Change in Net Assets		1,284,819			1,877,545			9,628,026			3,823,500			11,008,629			4,044,530

Net Assets
Beginning of year		21,595,894			19,718,349			63,565,130			59,741,630			53,925,912			49,881,382
End of year	$	22,880,713		$	21,595,894		$	73,193,156		$	63,565,130		$	64,934,541		$	53,925,912

Accumulated Undistributed Investment Income (Loss)	$	—		$	—		$	—		$	—		$	—		$	—

See accompanying notes to financial statements.

Financial Highlights

For a share outstanding throughout the year indicated

Praxis Impact Bond Fund - Class A

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Net asset value at beginning of year	$	10.30		$	10.32		$	10.54		$	10.27		$	10.73
Net investment income^(a)		0.21			0.20			0.23			0.24			0.25
Net realized and unrealized gains (losses) on investments		0.11			0.02			(0.19	)		0.29			(0.42	)
Total from investment operations		0.32			0.22			0.04			0.53			(0.17	)
Less distributions:
Dividends from investment income		(0.23	)		(0.23	)		(0.25	)		(0.26	)		(0.28	)
Distributions from net realized gains		—			(0.01	)		(0.01	)		—			(0.01	)
Total distributions		(0.23	)		(0.24	)		(0.26	)		(0.26	)		(0.29	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	10.39		$	10.30		$	10.32		$	10.54		$	10.27
Total return (excludes sales charge)		3.11	%		2.13	%		0.33	%		5.21	%		(1.65	%)
Net assets at end of year (in 000s)	$	91,048		$	83,211		$	79,999		$	74,950		$	69,784
Ratio of net expenses to average net assets		0.93	%		0.94	%		0.93	%		0.93	%		0.94	%
Ratio of net investment income to average net assets		2.02	%		1.87	%		2.16	%		2.32	%		2.34	%
Ratio of gross expenses to average net assets*		0.98	%		0.99	%		0.98	%		0.94	%		0.99	%
Portfolio turnover rate		17.36	%		16.05	%		22.67	%		16.48	%		23.68	%

Praxis Impact Bond Fund - Class I

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Net asset value at beginning of year	$	10.25		$	10.27		$	10.50		$	10.22		$	10.69
Net investment income^(a)		0.25			0.26			0.27			0.28			0.29
Net realized and unrealized gains (losses) on investments		0.11			0.00	^(b)		(0.20	)		0.30			(0.43	)
Total from investment operations		0.36			0.26			0.07			0.58			(0.14	)
Less distributions:
Dividends from investment income		(0.26	)		(0.27	)		(0.29	)		(0.30	)		(0.32	)
Distributions from net realized gains		—			(0.01	)		(0.01	)		—			(0.01	)
Total distributions		(0.26	)		(0.28	)		(0.30	)		(0.30	)		(0.33	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	10.35		$	10.25		$	10.27		$	10.50		$	10.22
Total return (excludes sales charge)		3.58	%		2.55	%		0.72	%		5.66	%		(1.26	%)
Net assets at end of year (in 000s)	$	432,654		$	381,697		$	353,954		$	330,742		$	292,594
Ratio of expenses to average net assets		0.54	%		0.54	%		0.54	%		0.53	%		0.54	%
Ratio of net investment income to average net assets		2.41	%		2.41	%		2.55	%		2.73	%		2.73	%
Portfolio turnover rate		17.36	%		16.05	%		22.67	%		16.48	%		23.68	%

*	During the year, 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 year.

^(b)

Amount is less than $0.005 per share.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis International Index Fund - Class A

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Net asset value at beginning of year	$	9.47		$	9.15		$	9.85		$	10.64		$	9.47
Net investment income^(a)		0.13			0.13			0.14			0.20			0.14
Net realized and unrealized gains (losses) on investments		2.23			0.32			(0.71	)		(0.81	)		1.17
Total from investment operations		2.36			0.45			(0.57	)		(0.61	)		1.31
Less distributions:
Dividends from investment income		(0.14	)		(0.13	)		(0.13	)		(0.18	)		(0.14	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	11.69		$	9.47		$	9.15		$	9.85		$	10.64
Total return (excludes sales charge)		24.97	%		4.97	%		(5.76	%)		(5.70	%)		13.86	%
Net assets at end of year (in 000s)	$	26,344		$	18,877		$	17,631		$	18,370		$	19,892
Ratio of expenses to average net assets		1.26	%		1.32	%		1.33	%		1.28	%		1.43	%
Ratio of net investment income to average net assets		1.22	%		1.45	%		1.45	%		1.88	%		1.36	%
Portfolio turnover rate		5.22	%		10.26	%		4.48	%		5.73	%		11.36	%

Praxis International Index Fund - Class I

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Net asset value at beginning of year	$	9.51		$	9.19		$	9.89		$	10.70		$	9.51
Net investment income^(a)		0.19			0.19			0.20			0.25			0.20
Net realized and unrealized gains (losses) on investments		2.25			0.31			(0.71	)		(0.82	)		1.20
Total from investment operations		2.44			0.50			(0.51	)		(0.57	)		1.40
Less distributions:
Dividends from investment income		(0.20	)		(0.18	)		(0.19	)		(0.24	)		(0.21	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	11.75		$	9.51		$	9.19		$	9.89		$	10.70
Total return (excludes sales charge)		25.67	%		5.48	%		(5.19	%)		(5.36	%)		14.68	%
Net assets at end of year (in 000s)	$	257,538		$	173,598		$	153,099		$	154,074		$	150,369
Ratio of expenses to average net assets		0.72	%		0.77	%		0.78	%		0.78	%		0.80	%
Ratio of net investment income to average net assets		1.75	%		2.01	%		1.97	%		2.35	%		1.96	%
Portfolio turnover rate		5.22	%		10.26	%		4.48	%		5.73	%		11.36	%

^(a)

Net investment income per share has been calculated using the average daily shares outstanding during the year.

^(b)

Amount is less than $0.005 per share.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Value Index Fund - Class A

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Net asset value at beginning of year	$	12.64		$	11.17		$	12.54		$	11.21		$	8.71
Net investment income^(a)		0.21			0.19			0.20			0.18			0.14
Net realized and unrealized gains (losses) on investments		1.85			1.61			(1.00	)		1.23			2.60
Total from investment operations		2.06			1.80			(0.80	)		1.41			2.74
Less distributions:
Dividends from investment income		(0.13	)		(0.23	)		(0.28	)		(0.08	)		(0.24	)
Distributions from net realized gains		(0.75	)		(0.10	)		(0.29	)		—			—
Total distributions		(0.88	)		(0.33	)		(0.57	)		(0.08	)		(0.24	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	13.82		$	12.64		$	11.17		$	12.54		$	11.21
Total return (excludes sales charge)		16.31	%		16.13	%		(6.41	%)		12.57	%		31.33	%
Net assets at end of year (in 000s)	$	25,057		$	21,676		$	17,453		$	17,356		$	16,275
Ratio of expenses to average net assets		0.94	%		0.94	%		0.94	%		0.87	%		1.03	%
Ratio of net investment income to average net assets		1.58	%		1.68	%		1.62	%		1.53	%		1.40	%
Portfolio turnover rate		31.87	%		48.26	%		21.38	%		20.53	%		30.38	%

Praxis Value Index Fund - Class I

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Net asset value at beginning of year	$	12.56		$	11.09		$	12.46		$	11.14		$	8.65
Net investment income^(a)		0.28			0.26			0.26			0.23			0.20
Net realized and unrealized gains (losses) on investments		1.85			1.60			(1.00	)		1.22			2.59
Total from investment operations		2.13			1.86			(0.74	)		1.45			2.79
Less distributions:
Dividends from investment income		(0.20	)		(0.29	)		(0.34	)		(0.13	)		(0.30	)
Distributions from net realized gains		(0.75	)		(0.10	)		(0.29	)		—			—
Total distributions		(0.95	)		(0.39	)		(0.63	)		(0.13	)		(0.30	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		—
Net asset value at end of year	$	13.74		$	12.56		$	11.09		$	12.46		$	11.14
Total return (excludes sales charge)		16.91	%		16.75	%		(6.00	%)		13.03	%		32.26	%
Net assets at end of year (in 000s)	$	165,591		$	137,191		$	113,927		$	108,845		$	93,118
Ratio of expenses to average net assets		0.45	%		0.44	%		0.45	%		0.45	%		0.48	%
Ratio of net investment income to average net assets		2.07	%		2.25	%		2.11	%		1.94	%		1.95	%
Portfolio turnover rate		31.87	%		48.26	%		21.68	%		20.53	%		30.38	%

^(a)

Net investment income per share has been calculated using the average daily shares outstanding during the year.

^(b)

Amount is less than $0.005 per share.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Growth Index Fund - Class A

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Net asset value at beginning of year	$	18.82		$	17.68		$	17.25		$	15.19		$	11.63
Net investment income^(a)		0.17			0.15			0.18			0.12			0.10
Net realized and unrealized gains on investments		4.78			1.11			0.46			2.05			3.58
Total from investment operations		4.95			1.26			0.64			2.17			3.68
Less distributions:
Dividends from investment income		(0.08	)		(0.12	)		(0.21	)		(0.11	)		(0.12	)
Distributions from net realized gains		(0.64	)		—			—			—			—
Total distributions		(0.72	)		(0.12	)		(0.21	)		(0.11	)		(0.12	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	23.05		$	18.82		$	17.68		$	17.25		$	15.19
Total return (excludes sales charge)		26.28	%		7.15	%		3.70	%		14.26	%		31.72	%
Net assets at end of year (in 000s)	$	87,613		$	67,007		$	64,689		$	55,833		$	51,724
Ratio of expenses to average net assets		0.85	%		0.86	%		0.84	%		0.91	%		1.01	%
Ratio of net investment income to average net assets		0.78	%		0.86	%		1.00	%		0.73	%		0.76	%
Portfolio turnover rate		27.49	%		43.09	%		18.68	%		19.09	%		14.82	%

Praxis Growth Index Fund - Class I

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Net asset value at beginning of year	$	18.93		$	17.79		$	17.34		$	15.27		$	11.68
Net investment income^(a)		0.26			0.23			0.25			0.20			0.18
Net realized and unrealized gains on investments		4.82			1.11			0.47			2.06			3.60
Total from investment operations		5.08			1.34			0.72			2.26			3.78
Less distributions:
Dividends from investment income		(0.16	)		(0.20	)		(0.27	)		(0.19	)		(0.19	)
Distributions from net realized gains		(0.64	)		—			—			—			—
Total distributions		(0.80	)		(0.20	)		(0.27	)		(0.19	)		(0.19	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	23.21		$	18.93		$	17.79		$	17.34		$	15.27
Total return (excludes sales charge)		26.78	%		7.62	%		4.10	%		14.77	%		32.26	%
Net assets at end of year (in 000s)	$	171,884		$	136,862		$	122,311		$	118,619		$	100,561
Ratio of expenses to average net assets		0.44	%		0.44	%		0.44	%		0.42	%		0.47	%
Ratio of net investment income to average net assets		1.18	%		1.26	%		1.38	%		1.22	%		1.31	%
Portfolio turnover rate		27.49	%		43.09	%		18.68	%		19.09	%		14.82	%

^(a)

Net investment income per share has been calculated using the average daily shares outstanding during the year.

^(b)

Amount is less than $0.005 per share.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Small Cap Index Fund - Class A

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Net asset value at beginning of year	$	9.67		$	9.45		$	11.49		$	13.80		$	11.33
Net investment income (loss)^(a)		0.02			(0.08	)		(0.09	)		(0.12	)		(0.12	)
Net realized and unrealized gains (losses) on investments		1.03			0.85			(0.41	)		(0.43	)		4.04
Total from investment operations		1.05			0.77			(0.50	)		(0.55	)		3.92
Less distributions:
Dividends from net realized gains		(2.09	)		(0.55	)		(1.54	)		(1.76	)		(1.45	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	8.63		$	9.67		$	9.45		$	11.49		$	13.80
Total return (excludes sales charge)		10.70	%		8.18	%		(4.53	%)		(4.11	%)		34.63	%
Net assets at end of year (in 000s)	$	5,449		$	5,771		$	7,339		$	7,664		$	8,465
Ratio of net expenses to average net assets		1.13	%		1.67	%		1.68	%		1.69	%		1.69	%
Ratio of net investment income (loss) to average net assets		0.21	%		(1.45	%)		(0.75	%)		(0.95	%)		(0.95	%)
Ratio of gross expenses to average net assets*		1.66	%		1.76	%		1.81	%		1.70	%		1.90	%
Portfolio turnover rate		103.54	%		60.49	%		75.84	%		73.67	%		49.25	%

Praxis Small Cap Index Fund - Class I

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Net asset value at beginning of year	$	10.35		$	10.01		$	12.01		$	14.25		$	11.59
Net investment income (loss)^(a)		0.09			(0.02	)		(0.01	)		(0.04	)		(0.04	)
Net realized and unrealized gains (losses) on investments		1.09			0.91			(0.45	)		(0.44	)		4.15
Total from investment operations		1.18			0.89			(0.46	)		(0.48	)		4.11
Less distributions:
Dividends from investment income		(0.08	)		—			—			—			—
Dividends from net realized gains		(2.09	)		(0.55	)		(1.54	)		(1.76	)		(1.45	)
Total distributions		(2.17	)		(0.55	)		(1.54	)		(1.76	)		(1.45	)
Paid-in capital from redemption fees		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	9.36		$	10.35		$	10.01		$	12.01		$	14.25
Total return (excludes sales charge)		11.22	%		8.93	%		(3.99	%)		(3.49	%)		35.53	%
Net assets at end of year (in 000s)	$	48,015		$	42,139		$	39,824		$	53,783		$	68,762
Ratio of expenses to average net assets		0.50	%		1.00	%		1.06	%		1.02	%		1.04	%
Ratio of net investment income (loss) to average net assets		0.85	%		(0.13	%)		(0.07	%)		(0.28	%)		(0.31	%)
Portfolio turnover rate		103.54	%		60.49	%		75.84	%		73.67	%		49.25	%

*	During the year, 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 year.

^(b)

Amount is less than $0.005 per share.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Genesis Conservative Portfolio - Class A

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Net asset value at beginning of year	$	11.18		$	10.97		$	11.34		$	11.10		$	10.79
Net investment income^(a)		0.21			0.19			0.22			0.21			0.23
Net realized and unrealized gains (losses) on investments		0.72			0.29			(0.31	)		0.42			0.45
Total from investment operations		0.93			0.48			(0.09	)		0.63			0.68
Less distributions:
Dividends from investment income		(0.21	)		(0.21	)		(0.22	)		(0.21	)		(0.23	)
Distributions from net realized gains		(0.15	)		(0.06	)		(0.06	)		(0.18	)		(0.14	)
Total distributions		(0.36	)		(0.27	)		(0.28	)		(0.39	)		(0.37	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	11.75		$	11.18		$	10.97		$	11.34		$	11.10
Total return (excludes sales charge)		8.36	%		4.23	%		(0.81	%)		5.68	%		6.28	%
Net assets at end of year (in 000s)	$	22,881		$	21,596		$	19,718		$	19,128		$	18,045
Ratio of net expenses to average net assets^†		0.61	%		0.58	%		0.60	%		0.60	%		0.61	%
Ratio of net investment income to average net assets*		1.83	%		1.72	%		1.95	%		1.82	%		2.04	%
Ratio of gross expenses to average net assets^†**		0.64	%		0.58	%		0.63	%		0.62	%		0.64	%
Portfolio turnover rate		15.88	%		11.42	%		8.66	%		10.78	%		25.69	%

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

*	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying companies in which the Fund invests.

**	During the year, 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 year.

^(b)

Amount is less than $0.005 per share.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Genesis Balanced Portfolio - Class A

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Net asset value at beginning of year	$	12.55		$	12.13		$	12.76		$	12.50		$	11.14
Net investment income^(a)		0.28			0.17			0.21			0.17			0.20
Net realized and unrealized gains (losses) on investments		1.40			0.64			(0.42	)		0.49			1.50
Total from investment operations		1.68			0.81			(0.21	)		0.66			1.70
Less distributions:
Dividends from investment income		(0.29	)		(0.19	)		(0.22	)		(0.17	)		(0.19	)
Distributions from net realized gains		(0.23	)		(0.20	)		(0.20	)		(0.23	)		(0.15	)
Total distributions		(0.52	)		(0.39	)		(0.42	)		(0.40	)		(0.34	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	13.71		$	12.55		$	12.13		$	12.76		$	12.50
Total return (excludes sales charge)		13.38	%		6.58	%		(1.66	%)		5.30	%		15.30	%
Net assets at end of year (in 000s)	$	73,193		$	63,565		$	59,742		$	57,611		$	53,614
Ratio of net expenses to average net assets^†		0.53	%		0.55	%		0.54	%		0.58	%		0.60	%
Ratio of net investment income to average net assets*		2.15	%		1.39	%		1.65	%		1.33	%		1.65	%
Portfolio turnover rate		11.91	%		10.29	%		6.53	%		10.26	%		19.91	%

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

*	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying companies in which the Fund invests.

^(a)

Net investment income per share has been calculated using the average daily shares outstanding during the year.

^(b)

Amount is less than $0.005 per share.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Genesis Growth Portfolio - Class A

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Net asset value at beginning of year	$	13.47		$	12.93		$	13.79		$	13.49		$	11.40
Net investment income^(a)		0.32			0.14			0.18			0.13			0.17
Net realized and unrealized gains (losses) on investments		1.93			0.87			(0.52	)		0.56			2.26
Total from investment operations		2.25			1.01			(0.34	)		0.69			2.43
Less distributions:
Dividends from investment income		(0.33	)		(0.14	)		(0.19	)		(0.13	)		(0.17	)
Distributions from net realized gains		(0.30	)		(0.33	)		(0.33	)		(0.26	)		(0.17	)
Total distributions		(0.63	)		(0.47	)		(0.52	)		(0.39	)		(0.34	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	15.09		$	13.47		$	12.93		$	13.79		$	13.49
Total return (excludes sales charge)		16.71	%		7.82	%		(2.49	%)		5.09	%		21.28	%
Net assets at end of year (in 000s)	$	64,935		$	53,925		$	49,881		$	49,670		$	45,793
Ratio of net expenses to average net assets^†		0.60	%		0.61	%		0.62	%		0.60	%		0.60	%
Ratio of net investment income to average net assets*		2.29	%		1.09	%		1.33	%		0.95	%		1.39	%
Ratio of gross expenses to average net assets^†**		0.60	%		0.61	%		0.62	%		0.60	%		0.66	%
Portfolio turnover rate		11.05	%		9.32	%		7.39	%		8.81	%		20.87	%

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

*	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying companies in which the Fund invests.

**	During the year 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 year.

^(b)

Amount is less than $0.005 per share.

See accompanying notes to financial statements.

Notes to Financial Statements

December 31, 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 December 31, 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 an investment company, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2013-08, each Fund and Portfolio follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.”

As of December 31, 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 impact financial statement presentation, particularly the presentation of derivative investments. The Funds and Portfolios have adopted these amendments, which were effective August 1, 2017, with these financial statements.

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the reporting year. Actual results could differ from those estimates.

Securities Valuation:

The Funds and Portfolios record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.

Securities generally are valued at fair values determined on the basis of the latest available bid prices in the principal market (closing sales prices if the principal market is an exchange) in which such securities are normally traded. Investments in open-end investment companies are valued at their respective net asset values as reported by such companies. The differences between the cost and fair values of investments are reflected as either unrealized appreciation or depreciation.

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

December 31, 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 December 31, 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	$	—	$	12,967,487	$	—	$	12,967,487
Commercial Mortgage Backed Securities		—		3,060,985		—		3,060,985
Municipal Bonds		—		11,434,767		—		11,434,767
Corporate Bonds		—		184,937,246		—		184,937,246
Corporate Notes		—		4,850,000		—		4,850,000
Foreign Governments		—		50,062,516		—		50,062,516
U.S. Government Agencies		—		237,309,232		—		237,309,232
Investment Companies		3,584,141		—		—		3,584,141
Total Investments	$	3,584,141	$	504,622,233	$	—	$	508,206,374

There were no transfers in and out of Level 1, 2 or 3 during the year ended December 31, 2017.

International Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	216,869,644	$	63,040,358	$	—	$	279,910,002
Rights		11,203		—		—		11,203
Corporate Notes		—		2,350,000		—		2,350,000
Total Investments	$	216,880,847	$	65,390,358	$	—	$	282,271,205

The transfers from Level 1 to Level 2 at the end of the period were as a result of the Fund’s systematic application of the fair value trigger for international securities.

The International Index Level 2 investments in Common Stock presented above totaling $63,040,358 were considered Level 1 investments at the beginning of the reporting period.

Value Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	186,854,494	$	—	$	—	$	186,854,494
Rights		—		—		6,706		6,706
Corporate Notes		—		1,560,000		—		1,560,000
Total Investments	$	186,854,494	$	1,560,000	$	6,706	$	188,421,200

Notes to Financial Statements, continued

December 31, 2017

The following table presents the Value Index Fund’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2017.

	Rights
Value, December 31, 2016	$	6,706
Purchases		—
Unrealized gains		—
Value, December 31, 2017	$	6,706

The following table summarizes the valuation techniques used and unobservable inputs approved and monitored by the Board to determine the fair value of Value Index Fund’s Level 3 common stocks as of December 31, 2017:

Fair
Value

Valuation
Technique

Unobservable
Input

Range

Impact to
Valuation From a
Decrease in Input

Rights

6,706

Calculation of Proceeds from Sale of Business

Estimated Value of Proceeds from
Sale of Business

$1.02 per share

Decrease in Valuation

Growth Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	255,445,133	$	—	$	—	$	255,445,133
Corporate Notes		—		2,100,000		—		2,100,000
Total Investments	$	255,445,133	$	2,100,000	$	—	$	257,545,133

There were no transfers in and out of Level 1, 2 or 3 during the year ended December 31, 2017.

Small Cap Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	52,601,631	$	—	$	—	$	52,601,631
Corporate Notes		—		445,000		—		445,000
Total Investments	$	52,601,631	$	445,000	$	—	$	53,046,631

There were no transfers in and out of Level 1, 2 or 3 during the year ended December 31, 2017.

Conservative Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	22,885,554	$	—	$	—	$	22,885,554
Total Investments	$	22,885,554	$	—	$	—	$	22,885,554

There were no transfers in and out of Level 1, 2 or 3 during the year ended December 31, 2017.

Balanced Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	73,220,753	$	—	$	—	$	73,220,753
Total Investments	$	73,220,753	$	—	$	—	$	73,220,753

There were no transfers in and out of Level 1, 2 or 3 during the year ended December 31, 2017.

Growth Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	64,967,140	$	—	$	—	$	64,967,140
Total Investments	$	64,967,140	$	—	$	—	$	64,967,140

There were no transfers in and out of Level 1, 2 or 3 during the year ended December 31, 2017.

Notes to Financial Statements, continued

December 31, 2017

Investment Transactions and Related Income:

Changes in holdings of portfolio investments 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, investment transactions are accounted for on the trade date on the last business day of the reporting period. Realized gains or losses realized on sales of investments are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Interest income is recognized on the accrual basis and includes, where applicable, the pro-rata amortization of premium or accretion of discount. 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.

Certain countries may also impose substantial restrictions on investments on their capital markets by foreign entities, including restriction on investment in issuers or industries deemed sensitive to the relevant nation’s interests. These factors may limit the investment opportunities available or result in lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Foreign Currency Translation:

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

The Funds and Portfolios do not isolate that portion of the results of operations resulting from the changes in foreign exchange rates on investments from the fluctuations arising from the changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

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

Notes to Financial Statements, continued

December 31, 2017

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

Uninvested Cash:

The Funds may maintain cash at their custodian which, at times, may exceed United States federally insured limits.

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 year ended December 31, 2017 were as follows:

	Purchases		Sales
Impact Bond Fund	$	128,580,917	$	82,188,720
International Index Fund		52,324,607		12,866,145
Value Index Fund		60,074,894		55,565,371
Growth Index Fund		65,940,371		64,105,524
Small Cap Index Fund		54,511,014		50,498,288
Conservative Portfolio		3,642,873		3,512,621
Balanced Portfolio		12,288,571		8,137,328
Growth Portfolio		11,782,675		6,579,412

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 year ended December 31, 2017
Affiliate	Fair Value at December 31, 2016		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at December 31, 2017		Dividend Income		Long-Term Capital Gain Distributions		Shares at December 31, 2017
Praxis Genesis Conservative Portfolio
Impact Bond - Class I	$	15,169,753	$	2,381,396	$	(1,713,668	)	$	(29,609	)	$	176,929		$	15,984,801	$	392,037	$	—		1,544,425
International Index - Class I		1,612,374		447,267		(373,995	)		29,985			382,960			2,098,591		35,376		—		178,603
Growth Index - Class I		2,134,626		250,835		(721,352	)		222,709			216,956			2,103,774		14,498		55,458		90,641
Value Index - Class I		2,145,972		390,718		(610,424	)		81,315			117,321			2,124,902		54,953		83,814		154,651
Small Cap Index - Class I		541,494		172,657		(93,182	)		(9,673	)		(37,810	)		573,486		42,062		66,780		61,270
Total	$	21,604,219	$	3,642,873	$	(3,512,621	)	$	294,727		$	856,356		$	22,885,554	$	538,926	$	206,052		2,029,590

Notes to Financial Statements, continued

December 31, 2017

	For the year ended December 31, 2017
Affiliate	Fair Value at December 31, 2016		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at December 31, 2017		Dividend Income		Long-Term Capital Gain Distributions		Shares at December 31, 2017
Praxis Genesis Balanced Portfolio
Impact Bond - Class I	$	25,584,075	$	4,645,743	$	(1,320,542	)	$	(26,348	)	$	278,462		$	29,161,390	$	688,985	$	—		2,817,526
International Index - Class I		9,519,836		2,583,746		(1,235,794	)		68,590			2,452,760			13,389,138		225,621		—		1,139,501
Growth Index - Class I		11,024,719		1,085,510		(2,798,775	)		892,768			1,411,224			11,615,446		80,007		306,008		500,450
Value Index - Class I		11,080,357		1,868,099		(2,236,357	)		203,875			820,656			11,736,630		303,367		462,655		854,194
Small Cap Index - Class I		6,386,048		2,105,473		(545,860	)		(59,657	)		(567,855	)		7,318,149		537,371		851,686		781,854
Total	$	63,595,035	$	12,288,571	$	(8,137,328	)	$	1,079,228		$	4,395,247		$	73,220,753	$	1,835,351	$	1,620,349		6,093,525

	For the year ended December 31, 2017
Affiliate	Fair Value at December 31, 2016		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at December 31, 2017		Dividend Income		Long-Term Capital Gain Distributions		Shares at December 31, 2017
Praxis Genesis Growth Portfolio
Impact Bond - Class I	$	10,872,897	$	2,374,318	$	(435,259	)	$	(9,388	)	$	117,411		$	12,919,979	$	299,116	$	—		1,248,307
International Index - Class I		10,789,040		3,081,585		(953,124	)		46,516			2,856,355			15,820,372		266,516		—		1,346,415
Growth Index - Class I		12,047,766		1,260,972		(2,667,891	)		731,434			1,809,938			13,182,219		90,765		347,254		567,954
Value Index - Class I		12,107,486		2,173,631		(2,078,290	)		199,307			918,542			13,320,676		344,227		525,053		969,482
Small Cap Index - Class I		8,131,124		2,892,169		(444,848	)		(56,653	)		(797,898	)		9,723,894		714,037		1,131,576		1,038,878
Total	$	53,948,313	$	11,782,675	$	(6,579,412	)	$	911,216		$	4,904,348		$	64,967,140	$	1,714,661	$	2,003,883		5,171,036

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	0.55%*
Value Index Fund	0.30%
Growth Index Fund	0.30%
Small Cap Index Fund	0.30%
Conservative Portfolio	0.05%
Balanced Portfolio	0.05%
Growth Portfolio	0.05%

*	The International Index Fund’s Investment Advisory Fee is subject to a fee breakpoint schedule as follows: 0.60% on average net assets up to and including $100 million and 0.51% over $100 million up to and including $500 million, and 0.45% over $500 million

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 different 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 (but not below zero) and/or reimburse expenses to the extent necessary in order to limit the Total Annual Fund Operating Expenses (excluding AFFE), brokerage costs, interest, taxes, dividends, 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.

Notes to Financial Statements, continued

December 31, 2017

The contractual expense limits in place as of December 31, 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 year ended December 31, 2017, the Adviser contractually reduced investment advisory fees and/or reimbursed other operating expenses of the Funds and Portfolios as follows:


Impact Bond Fund (Class A)	$	43,249
Small Cap Index Fund (Class A)		27,926
Conservative Portfolio		6,410

As of December 31, 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		2015		2018	$	35,957
		2016		2019		48,214
		2017		2020		43,249
					$	127,420
Small Cap Index Fund		2015		2018	$	9,640
		2016		2019		6,061
		2017		2020		27,926
					$	43,627
Conservative Portfolio		2015		2018	$	4,872
		2017		2020		6,410
					$	11,282

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

Foreside Financial Services, LLC (“Distributor” and “Underwriter”) serves as the Funds’ and Portfolios’ principal Distributor and Underwriter and, as such, acts as exclusive agent for distribution of the Funds’ and Portfolios’ shares. Under the terms of the Underwriting Agreements between the Trust and the Underwriter, the Underwriter earned amounts from underwriting and broker commissions on the sale of shares during the year ended December 31, 2017 as follows:


Impact Bond Fund	$	5,672
International Index Fund		716
Value Index Fund		2,737
Growth Index Fund		7,681
Small Cap Index Fund		718
Conservative Portfolio		7,657
Balanced Portfolio		19,404
Growth Portfolio		22,781

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

Notes to Financial Statements, continued

December 31, 2017

shareholders; coordinating the Board meeting preparation process; reviewing financial filings and filing with the SEC; and maintaining books and records in accordance with applicable laws and regulations. For these services, Foreside receives a monthly fee from each Fund and Portfolio. These fees are included in Administration Fees on the Statements of Operations.

For the fiscal year ended December 31, 2017, the Chair of the Board of Trustees received an annual retainer of $9,000. The Audit Committee Chair received an annual retainer of $7,000. Each additional Independent Trustee received an annual retainer of $6,000. The meeting attendance fee was $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 fiscal year ended December 31, 2017.

6. Capital Share Transactions:

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

		Praxis Impact Bond Fund						Praxis International Index Fund
		Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	35,386,654		$	29,429,619		$	8,797,660		$	3,792,535
Dividends reinvested		1,721,957			1,664,625			314,802			261,502
Cost of shares redeemed		(29,981,300	)		(27,546,172	)		(6,544,018	)		(3,539,492	)
Redemption fees		3,158			2,021			1,919			375
Class A Share Transactions	$	7,130,469		$	3,550,093		$	2,570,363		$	514,920
Class I Shares:
Proceeds from shares issued	$	98,108,203		$	86,125,619		$	67,687,576		$	35,441,754
Dividends reinvested		5,328,571			5,090,725			2,222,131			1,914,089
Cost of shares redeemed		(55,889,095	)		(62,337,747	)		(31,870,727	)		(22,752,292	)
Redemption fees		263			731			9			143
Class I Share Transactions	$	47,547,942		$	28,879,328		$	38,038,989		$	14,603,694
Net increase from capital transactions	$	54,678,411		$	32,429,421		$	40,609,352		$	15,118,614
Share Transactions:
Class A Shares:
Issued		3,401,672			2,797,252			836,694			419,684
Reinvested		165,617			158,049			26,929			27,614
Redeemed		(2,884,259	)		(2,629,475	)		(604,092	)		(380,688	)
Change in Class A Shares:		683,030			325,826			259,531			66,610
Class I Shares:
Issued		9,474,078			8,234,526			6,373,028			3,819,634
Reinvested		514,796			485,957			189,057			201,271
Redeemed		(5,399,852	)		(5,945,448	)		(2,899,001	)		(2,434,021	)
Change in Class I Shares:		4,589,022			2,775,035			3,663,084			1,586,884
Net increase from share transactions		5,272,052			3,100,861			3,922,615			1,653,494

	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Index Fund
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	3,979,597		$	4,090,425		$	14,919,975		$	11,774,936		$	1,035,911		$	1,079,098
Dividends reinvested		1,479,976			536,510			2,572,401			400,344			1,036,464			300,915
Cost of shares redeemed		(4,100,404	)		(2,778,619	)		(11,995,921	)		(14,102,860	)		(1,829,245	)		(3,092,514	)
Redemption fees		70			80			1,010			654			8			3
Class A Share Transactions	$	1,359,239		$	1,848,396		$	5,497,465		$	(1,926,926	)	$	243,138		$	(1,712,498	)
Class I Shares:
Proceeds from shares issued	$	30,679,948		$	28,468,317		$	30,181,072		$	31,920,870		$	6,039,254		$	5,305,383
Dividends reinvested		9,258,756			2,682,677			5,133,885			982,772			8,949,860			2,125,232
Cost of shares redeemed		(25,092,141	)		(24,305,718	)		(31,934,363	)		(26,202,372	)		(4,922,317	)		(6,707,908	)
Redemption fees		140			237			871			252			—			—
Class I Share Transactions	$	14,846,703		$	6,845,513		$	3,381,465		$	6,701,522		$	10,066,797		$	722,707

Notes to Financial Statements, continued

December 31, 2017

	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Index Fund
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Net increase (decrease) from capital transactions	$	16,205,942		$	8,693,909		$	8,878,930		$	4,774,596		$	10,309,935		$	(989,791	)
Share Transactions:
Class A Shares:
Issued		297,531			348,891			691,283			658,317			104,143			116,839
Reinvested		105,798			42,163			110,660			21,272			119,271			31,086
Redeemed		(305,213	)		(238,887	)		(562,010	)		(776,458	)		(188,255	)		(327,644	)
Change in Class A Shares:		98,116			152,167			239,933			(96,869	)		35,159			(179,719	)
Class I Shares:
Issued		2,307,544			2,453,620			1,408,131			1,743,165			576,218			549,814
Reinvested		662,890			211,366			218,870			51,916			941,733			205,336
Redeemed		(1,839,118	)		(2,012,029	)		(1,453,464	)		(1,439,842	)		(461,088	)		(661,323	)
Change in Class I Shares:		1,131,316			652,957			173,537			355,239			1,056,863			93,827
Net increase (decrease) from share transactions		1,229,432			805,124			413,470			258,370			1,092,022			(85,892	)

		Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio
		Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,415,331		$	3,738,104		$	6,665,048		$	5,842,699		$	6,223,388		$	4,615,324
Dividends reinvested		681,292			468,949			2,666,495			1,855,261			2,628,416			1,832,565
Cost of shares redeemed		(2,885,168	)		(2,725,336	)		(5,588,509	)		(5,963,368	)		(4,388,904	)		(4,557,323	)
Redemption fees		4			6			163			78			546			102
Class A Share Transactions	$	211,459		$	1,481,723		$	3,743,197		$	1,734,670		$	4,463,446		$	1,890,668
Net increase from capital transactions	$	211,459		$	1,481,723		$	3,743,197		$	1,734,670		$	4,463,446		$	1,890,668
Share Transactions:
Class A Shares:
Issued		207,009			334,248			498,400			473,985			427,916			351,978
Reinvested		58,042			41,789			193,610			147,428			172,136			135,015
Redeemed		(248,400	)		(243,237	)		(418,458	)		(479,444	)		(300,469	)		(342,563	)
Change in Class A Shares:		16,651			132,800			273,552			141,969			299,583			144,430
Net increase from share transactions		16,651			132,800			273,552			141,969			299,583			144,430

7. Federal Income Tax Information:

The character of dividends paid to shareholders of the Funds and Portfolios for federal income tax purposes during the years ended December 31, 2017 and 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	$	12,222,106	$	11,758,062	$	4,702,049	$	3,584,912	$	4,825,740	$	3,531,406
From long-term capital gains		—		376,616		—		—		7,541,994		1,211,855
Total distributions	$	12,222,106	$	12,134,678	$	4,702,049	$	3,584,912	$	12,367,734	$	4,743,261

		Praxis Growth Index Fund				Praxis Small Cap Index Fund
		2017		2016		2017		2016
From ordinary income	$	1,515,614	$	1,906,109	$	3,903,157	$	—
From long-term capital gains		6,865,060		—		6,265,554		2,454,091
Total distributions	$	8,380,674	$	1,906,109	$	10,168,711	$	2,454,091

Notes to Financial Statements, continued

December 31, 2017

		Praxis Genesis Conservative Portfolio				Praxis Genesis Balanced Portfolio				Praxis Genesis Growth Portfolio
		2017		2016		2017		2016		2017		2016
From ordinary income	$	428,652	$	359,249	$	1,603,026	$	858,748	$	1,451,194	$	561,393
From long-term capital gains		259,873		116,382		1,078,299		1,007,969		1,183,386		1,276,445
Total distributions	$	688,525	$	475,631	$	2,681,325	$	1,866,717	$	2,634,580	$	1,837,838

The following information is computed on a tax basis for each item as of December 31, 2017:

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund
Tax cost of portfolio investments	$	500,719,266		$	211,634,084		$	147,076,897
Gross unrealized appreciation		11,098,650			80,712,965			44,031,574
Gross unrealized depreciation		(3,611,542	)		(10,075,844	)		(2,687,271	)
Net unrealized appreciation (depreciation) on investments	$	7,487,108		$	70,637,121		$	41,344,303
Net unrealized appreciation (depreciation) on foreign currency transactions		—			4,796			—
Undistributed ordinary income		31,414			177,181			3,526,902
Undistributed long-term capital gains		—			—			5,855,216
Post-October capital losses		—			—			—
Accumulated capital and other losses		(317,020	)		(16,832,927	)		—
Accumulated earnings	$	7,201,502		$	53,986,171		$	50,726,421

	Praxis Growth Index Fund			Praxis Small Cap Index Fund
Tax cost of portfolio investments	$	152,990,367		$	48,192,219
Gross unrealized appreciation		105,859,631			8,566,324
Gross unrealized depreciation		(1,304,865	)		(3,711,912	)
Net unrealized appreciation (depreciation) on investments	$	104,554,766		$	4,854,412
Net unrealized appreciation (depreciation) on foreign currency transactions		1,645			—
Undistributed ordinary income		3,035,343			43,707
Undistributed long-term capital gains		6,398,861			1,337
Post-October capital losses		—			—
Accumulated capital and other losses		—			—
Accumulated earnings	$	113,990,615		$	4,899,456

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Tax cost of portfolio investments	$	20,683,282		$	60,104,742		$	50,392,472
Gross unrealized appreciation		2,296,637			13,587,321			15,224,125
Gross unrealized depreciation		(94,365	)		(471,310	)		(649,458	)
Net unrealized appreciation (depreciation) on investments	$	2,202,272		$	13,116,011		$	14,574,667
Undistributed ordinary income		14,323			20,325			32,460
Undistributed long-term capital gains		302,867			1,925,186			2,148,265
Post-October capital losses		—			—			—
Accumulated capital and other losses		—			—			—
Accumulated earnings	$	2,519,462		$	15,061,522		$	16,755,392

Post October capital losses listed above incurred after October 31, 2017 and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year.

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

For the latest tax year ended December 31, 2017, the following Funds have capital loss carry forwards (“CLCFs”) as summarized below.

CLCFs not subject to expiration:

	Praxis Impact Bond Fund		Praxis International Index Fund
No expiration - short-term	$	317,020	$	6,607,404
No expiration - long-term		—		10,225,523
	$	317,020	$	16,832,927

As of the latest tax year ended December 31, 2017, the Impact Bond Fund utilized $521,705 of CLCFs.

Notes to Financial Statements, continued

December 31, 2017

Certain reclassifications, the result of permanent differences between fi nancial statement and income tax reporting requirements, have been made to the components of capital. Reclassifications result primarily from the difference in the tax treatment of paydown gains and losses, distribution redesignations, Passive Foreign Investment Companies, equalization and net investment losses. These reclassifications have no impact on the net assets or the net asset value per share of the Funds and Portfolios and are designed to present each Fund’s or Portfolio’s capital accounts on a tax basis. The following reclassifications have been made to the following Funds and Portfolios for the year ended December 31, 2017:

	Paid-In Capital			Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gains (Losses)
Impact Bond Fund	$	(1	)	$	788,957		$	(788,956	)
International Index Fund		—			(60,841	)		60,841
Value Index Fund		1,071,413			—			(1,071,413	)
Growth Index Fund		1,039,949			—			(1,039,949	)
Small Cap Index Fund		1,049,411			8,710			(1,058,121	)
Conservative Portfolio		20,442			5,749			(26,191	)
Balanced Portfolio		67,806			33,998			(101,804	)
Growth Portfolio		62,035			45,457			(107,492	)

The Funds and Portfolios have analyzed their tax positions taken on Federal income tax returns for the all open tax years (tax years ended December 31, 2014 through 2017) and have concluded that no provisions for income tax is required in their financial statements. The Funds and Portfolios recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities.

8. Commitments and Contingencies

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide general indemnification. Each Fund’s and Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against a Fund or Portfolio. However, based on experience, the Trust expects the risk of loss to be remote.

9. Subsequent Events

The Funds and Portfolios evaluated subsequent events from December 31, 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.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Praxis Mutual Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Praxis Impact Bond Fund, Praxis International Index Fund, Praxis Value Index Fund, Praxis Growth Index Fund, Praxis Small Cap Index Fund, Praxis Genesis Conservative Portfolio, Praxis Genesis Balanced Portfolio, and Praxis Genesis Growth Portfolio (the “Funds”), each a series of Praxis Mutual Funds, as of December 31, 2017, and the related statements of operations and changes in net assets, and the financial highlights for the year then ended, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2017, the results of their operations and changes in their net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The financial statements and financial highlights for the years ended December 31, 2016 and prior, were audited by another registered public accounting firm, whose report dated February 24, 2017, expressed an unqualified opinion on those financial statements.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit includes performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and confirmation of securities owned as of December 31, 2017, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2017.

COHEN & COMPANY, LTD.
Cleveland, Ohio
February 26, 2018

Additional Fund Information (unaudited)

December 31, 2017

Praxis Impact Bond Fund

Security Allocation	Percentage of Net Assets
Asset Backed Security	2.5%
Commercial Mortgage Backed Security	0.6%
Corporate Bond	35.4%
Corporate Notes	0.9%
Federal Home Loan Bank	3.9%
Federal Home Loan Mortgage Corporation	16.3%
Federal National Mortgage Association	22.1%
Foreign Governments	9.5%
Government National Mortgage Association	0.1%
Investment Company	0.7%
Municipal Bond	2.2%
Overseas Private Investment Corporation	0.5%
Small Business Administration	0.1%
United States Agency of International Development	2.1%
United States Department of Housing and Urban Development	0.2%
Total	97.1%

Praxis International Index Fund

Security Allocation	Percentage of Net Assets
Australia	5.0%
Austria	0.2%
Belgium	0.2%
Brazil	1.2%
Canada	6.6%
Cayman Islands	0.9%
Chile	0.7%
China	6.2%
Columbia	0.4%
Denmark	1.0%
Finland	0.5%
France	6.4%
Germany	6.6%
Hong Kong	3.3%
Hungary**	0.0%
India	1.4%
Indonesia	0.6%
Ireland	0.8%
Israel	0.6%
Italy	0.9%
Japan	16.3%
Jersey	0.3%
Luxembourg	0.6%
Mexico	1.0%
Netherlands	3.4%
Norway	1.3%
Peru	0.4%
Portugal	0.1%
Russia	0.7%
Singapore	1.5%
South Africa	2.2%
South Korea	2.4%
Spain	2.0%
Sweden	2.1%
Switzerland	6.1%
Taiwan	2.2%
Turkey	0.1%
United Kingdom	10.3%
United States	2.1%
Corporate Notes	0.8%
Total	99.4%

**	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	3.7%
Banks	15.0%
Beverages	0.4%
Biotechnology	0.5%
Building Products	0.4%
Capital Markets	1.2%
Chemicals	2.9%
Commercial Services & Supplies	0.2%
Communications Equipment	0.2%
Construction & Engineering	1.0%
Construction Materials	0.5%
Containers and Packaging	0.2%
Diversified Consumer Services	0.5%
Diversified Financial Services	0.9%
Diversified Telecommunications Services	3.5%
Electric Utilities	1.0%
Electrical Equipment	1.8%
Electronic Equipment, Instruments, & Components	0.5%
Energy Equipment & Services	0.5%
Food & Staples Retailing	1.6%
Food Products	3.4%
Health Care Equipment & Supplies	1.3%
Health Care Providers & Services	0.5%
Hotels, Restaurants and Leisure	1.1%
Household Durables	0.9%
Household Products	0.9%
Independent Power Producers & Energy Traders	0.0%
Industrial Conglomerates	0.8%
Insurance	5.7%
Internet & Direct Marketing Retail	0.7%
Internet Software & Services	4.2%
IT Services	0.7%
Leisure Products	0.1%
Life Sciences Tools & Services	0.2%
Machinery	2.3%
Marine	0.1%
Media	2.9%
Metals & Mining	3.1%
Multi-Line Retail	0.2%
Multi-Utilities	1.4%
Oil, Gas, & Consumable Fuels	4.8%
Paper & Forest Products	0.2%
Personal Products	2.0%
Pharmaceuticals	5.2%
Professional Services	0.6%
Real Estate Investment Trusts (REITs)	2.1%
Real Estate Management and Development	0.5%
Retail	0.4%
Road and Rail	1.5%
Semiconductors & Semiconductor Equipment	2.8%
Software	2.0%
Specialty Retail	0.5%
Technology Hardware, Storage, & Peripherals	1.1%
Textiles, Apparel, & Luxury Goods	1.2%
Trading Companies & Distributors	1.0%
Transportation Infrastructure	0.4%
Water Utilities	0.3%
Wireless Telecommunication Services	3.0%
Other Assets in Excess of Liabilities	1.4%
Total	100.0%

Additional Fund Information (unaudited), continued

December 31, 2017

Praxis Value Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.0%
Corporate Notes	0.8%
Rights**	0.0%
Total	98.8%

**	Amount rounds to less than 0.1%

Praxis Growth Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.4%
Corporate Notes	0.8%
Total	99.2%

Praxis Small Cap Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.4%
Corporate Notes	0.8%
Total	99.2%

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

December 31, 2017

Change in Auditor:

On August 28, 2017, based on Audit Committee recommendations and approvals, the Board voted to (i) accept the resignation of Ernst & Young LLP (“EY”) as the independent registered public accounting firm for the Fund and (ii) approve Cohen & Company, Ltd. (“Cohen”) as their new independent registered public accounting firm for their fiscal year ending December 31, 2017. With respect to the Trust, the auditor-client relationship with EY ceased upon EY’s completion of the audits of the Fund’s financial statements as of and for the year ended December 31, 2016 and the issuance of EY’s report thereon.

Proxy Voting:

The Adviser and Sub-Advisers 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-Advisers 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.

Dividends Received Deduction:

For corporate shareholder, the following ordinary dividends paid during the year ended December 31, 2017 qualify for the corporate dividends received deduction:

International Index Fund	1.1%
Value Index Fund	65.6%
Growth Index Fund	86.8%
Small Cap Index	13.1%
Conservative Portfolio	12.9%
Balanced Portfolio	26.6%
Growth Portfolio	28.3%

Qualified Dividend Income:

The Funds and Portfolios designated the maximum amount allowable of their net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount was reflected on Form 1099-DIV for the calendar year 2017.

Capital Gain Distribution:

For the year ended December 31, 2017, the following Funds designated long-term capital gain distributions:

Value Index Fund	$	8,613,407
Growth Index Fund		7,913,763
Small Cap Index Fund		7,314,965
Genesis Conservative Portfolio		280,315
Genesis Balanced Portfolio		1,146,105
Genesis Growth Portfolio		1,245,421

Foreign Tax Credit:

The Funds and Portfolios intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries, if any. As of December 31, 2017, the following Funds had foreign tax credits:

Additional Fund Information (unaudited), continued

December 31, 2017

Fund	Foreign Tax Credit		Foreign Tax Credit per Share
International Index Fund - Class A	$	116,469	$	0.013
International Index Fund - Class I		555,864		0.013
Conservative Portfolio		5,058		0.003
Balanced Portfolio		32,261		0.006
Growth Portfolio		38,108		0.009

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

At its November 10-11, 2017 in-person meeting, the Funds’ Board of Trustees, which consists of a majority of Independent Trustees, unanimously approved a one-year renewal of each Fund’s Advisory Agreement. Also at that meeting, the Board approved a one-year renewal of the Sub-Advisory Agreement for the International Index Fund. In this section, the Advisory and Sub-Advisory Agreements are referred to as the “Agreements.”

In reaching its decision to approve the renewals, the Board considered information furnished throughout the year at regular Board meetings, as well as information prepared specifically in connection with the annual contract review process, which included meetings in October and November 2017. The Trustees reviewed and evaluated all of this information and considered factors they believed, in light of legal advice furnished to them by independent legal counsel and through the exercise of their own business judgment, to be relevant and appropriate. The Board considered each Fund and each Agreement separately. The Board’s conclusions with respect to the renewals were based in part on the Board’s evaluation of the Agreements in prior years and their experience with the nature and quality of services provided under the Agreements in prior years. The Board’s determinations were not based on any single factor, and individual Trustees may have weighed certain factors differently.

INVESTMENT ADVISORY AGREEMENT WITH EVERENCE CAPITAL MANAGEMENT, INC.

In approving the continuation of the Investment Advisory Agreement between each Fund and Everence Capital Management, Inc. (the “Adviser”), the Board gave weight to the following factors, among others.

Nature, Quality and Extent of Services

The Board examined the nature, quality and extent of services the Adviser provides to the Funds. Among other things, the Board considered the Adviser’s experience in serving as investment adviser of the Funds, including the experience of senior personnel at the Adviser providing services to the Funds. The Board also considered the Adviser’s performance in fulfilling its responsibilities for overseeing the Funds’ legal and compliance environment, for overseeing the Sub-Advisers’ compliance with the Funds’ investment objectives and policies, and its responsiveness in implementing Board directives as they relate to the Funds. In addition, the Board considered the Adviser’s track record and experience providing portfolio management services to the Funds that the Adviser manages directly, the qualifications of the portfolio managers responsible for the day-to-day portfolio management of each Fund that is managed directly, and the Adviser’s infrastructure and resources available to the portfolio managers. The Board also considered that the Adviser is responsible for developing and integrating key elements of the Funds’ socially responsible investing, including the stewardship investing screening process for the Funds and shareholder advocacy on behalf of the Funds. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that it was satisfied with the nature, quality and extent of services provided to the Funds by the Adviser. The Board also observed that there is a range of investment options available to shareholders of the Funds, including other mutual funds, and that the Funds’ shareholders have demonstrated their support for the Funds by investing in the Funds.

Investment Performance of the Funds and Everence

In evaluating each Fund’s investment performance, the Board considered performance in light of the Fund’s investment objectives, strategies, and risks, as disclosed in the Fund’s prospectus. The Board reviewed historical performance information for the Funds, and considered each Fund’s historical performance relative to its benchmark and peer group. The Board evaluated Fund performance gross of fees and net of fees. The Board also considered the impact of the Funds’ social investing screens on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, among other conclusions, the Board reached the following conclusions with regard to performance, for the periods ended September 30, 2017:

Impact Bond Fund: the Fund’s performance was generally in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark for the one-, three and five-year periods, and the Funds’s net performance as measured against its peer group in Class A ranked between the 69th and 75th percentiles and Class I ranked between the 45th and 61st percentiles over those periods;

Additional Fund Information (unaudited), continued

December 31, 2017

Value Index Fund: the Fund’s performance was generally in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark for the one- and five-year periods and trailed its benchmark for the three-year period, and the Fund’s net performance as measured against its peer group in Class A ranked between the 52nd and 71st percentiles and Class I ranked between the 37th and 57th percentiles over those periods;

Growth Index Fund: the Fund’s performance was generally in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark for the 5-year period and trailed its benchmark for the one- and three-year periods, and the net performance as measured against its peer group in Class A ranked between the 40th and 63rd percentiles and Class I ranked between the 33rd and 58th percentiles over those periods;

Small Cap Index Fund: the Fund’s performance was generally in line with expectations. The Board noted that the Fund’s gross performance trailed its benchmark for the one- and three- and five-year periods, and the net performance as measured against its peer group in Class A ranked between the 92nd and 98th percentiles and Class I ranked between the 88th and 97th percentiles over those periods; and that the principal detractor from performance was a strong move higher in the stock market as the Fund transitioned to an index strategy in early 2017;

Conservative Portfolio: the Fund’s performance was generally in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark for the three- and five-year periods and trailed its benchmark for the one-year period and, the net performance as measured against its peer group ranked between 70th and 88th percentiles over those periods;

Balanced Portfolio: the Fund’s performance was generally in line with expectations. The Board noted that the Fund’s gross performance trailed its benchmark for the one-, three- and five-year periods and, the net performance as measured against its peer group ranked between the 60th and 68th percentiles over those periods; and

Growth Portfolio: the Fund’s gross performance was generally in line with expectations. The Board noted that the Fund’s gross performance trailed its benchmark for the one-, three- and five-year periods and, the net performance as measured against its peer group ranked between the 54th and 61st percentiles over those periods.

The Board also noted that the benchmark index for each of the Genesis Portfolios does not represent the mix of asset classes in which those Funds invest.

Costs of Services and Profitability of Everence and Affiliates

The Board then reviewed information regarding the costs of providing the advisory services to the Funds and the profits to be realized by the Adviser and its affiliates from their relationship with the Funds. Representatives of the Adviser addressed the Board’s questions regarding guidelines for manager selection, fund-related expenses, expense allocations and compensation levels and expense waivers and reimbursements. In its review of the Funds’ total and net expenses, the Board considered the Adviser’s fees, as well as other Fund expenses, such as transfer agent, custodial, legal, compliance and audit fees. The Board also noted the effects of any current expense waivers and reimbursements on fees and expense levels, as well as proposed changes to the current expense limitations and the duration of those waivers and reimbursements. As part of its review, the Board considered the expense ratios and profitability information by Fund compared with peer group fund expense ratios. In addition, the Board reviewed the fee structures and other information provided by the Adviser regarding its services to other clients. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that the costs to each Fund of the services provided to the Fund by the Adviser were fair.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Funds grow and whether the investment advisory fee rates reflect those economies of scale for the benefit of Fund shareholders. The Adviser represented to the Board that it would consider breakpoints as the Funds grow in size but that current asset levels do not warrant breakpoints. The Board then considered the information provided regarding the expense levels of peer group funds. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board acknowledged the Adviser’s statement that current asset levels did not warrant breakpoints at this time.

Other Benefits

The Board discussed the extent to which the Adviser and its affiliates might derive other benefits, including soft dollar credits or other similar benefits from the Adviser’s relationship with the Funds. The Board noted that the Adviser does not generate soft dollar credits on Fund brokerage transactions. The Board also considered other potential benefits to the Adviser and its affiliates from their relationship with the Funds. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that such benefits were not material or were reasonable in relation to the services provided. In addition, the Board noted that the Funds benefit from their association with the Adviser and its affiliates, particularly in light of its commitment to socially responsible investing.

Additional Fund Information (unaudited), continued

December 31, 2017

SUB-INVESTMENT ADVISORY AGREEMENT WITH APERIO GROUP, LLC

In approving the continuation of the Sub-Investment Advisory Agreement between Everence Capital Management, Inc. and Aperio Group, LLC (“Aperio”), with respect to portfolio management of Praxis International Index Fund, the Board gave weight to the following factors, among others.

Nature, Quality and Extent of Services

The Board considered the nature, quality and extent of services Aperio provides to the International Index Fund. Among other things, the Board considered Aperio’s experience in providing the investment strategy used by the Fund and in serving as Sub-Adviser to the Fund, including the experience of senior personnel at Aperio providing portfolio management and other services to the Funds. The Board considered Aperio’s compliance capabilities, its compliance record with respect to the International Index Fund, and the quality of communication among the Adviser, Aperio and the Board. The Board also considered Aperio’s compliance with the Fund’s investment objective and policies, and its responsiveness in implementing Board directives as they relate to the Fund. In addition, the Board considered Aperio’s track record and experience providing portfolio management services to the Fund. The Board also considered Aperio’s responsiveness in addressing Board questions and requests. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that it was generally satisfied with the nature, quality and extent of services provided to the International Index Fund by Aperio.

Investment Performance of the International Index Fund and Aperio

The Board reviewed historical performance data for the International Index Fund and considered the Fund’s historical performance relative to its benchmark and peer groups. The Board also considered the impact of the Fund’s social investing screens on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that, for the periods ended September 30, 2017, the Fund’s performance was generally in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark for the one-, three- and five-year periods and the net performance as measured against its peer group in Class A ranked between the 53rd and 83rd percentiles and Class I ranked between the 42nd and 68th percentiles over those periods.

Costs of Services and Profitability of Aperio and Affiliates

The Board considered the costs of the services provided by Aperio to the International Index Fund and the profits to be realized by Aperio and its affiliates from their relationship with the International Index Fund. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that the costs to the International Index Fund of the services provided by Aperio were fair.

Economies of Scale

The Board noted that Aperio’s sub-advisory fee schedule currently incorporates breakpoints.

Other Benefits

The Board considered the extent to which Aperio or its affiliates would derive other benefits, including soft dollar credits or other similar benefits, from Aperio’s relationship with the International Index Fund. Within the context of its overall determinations regarding the Agreements, the Board concluded that Aperio did not derive material benefits from its relationship with the International Index Fund other than receipt of sub-advisory fees and potential benefits from its association with the Praxis Mutual Funds.

Additional Fund Information (unaudited), continued

December 31, 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 July 1, 2017 through December 31, 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	1,008.00	1,020.47	4.76	4.79	0.94%
Class I	1,000.00	1,000.00	1,010.70	1,022.48	2.74	2.75	0.54%
Praxis International Index Fund
Class A	1,000.00	1,000.00	1,097.90	1,018.90	6.61	6.36	1.25%
Class I	1,000.00	1,000.00	1,100.50	1,021.63	3.76	3.62	0.71%
Praxis Value Index Fund
Class A	1,000.00	1,000.00	1,102.90	1,020.47	4.98	4.79	0.94%
Class I	1,000.00	1,000.00	1,105.70	1,022.94	2.39	2.29	0.45%
Praxis Growth Index Fund
Class A	1,000.00	1,000.00	1,119.50	1,020.97	4.49	4.28	0.84%
Class I	1,000.00	1,000.00	1,121.50	1,022.99	2.35	2.24	0.44%
Praxis Small Cap Index Fund
Class A	1,000.00	1,000.00	1,090.10	1,019.41	6.06	5.85	1.15%
Class I	1,000.00	1,000.00	1,092.20	1,022.74	2.58	2.50	0.49%
Praxis Genesis Conservative Portfolio
Class A	1,000.00	1,000.00	1,037.20	1,022.13	3.13	3.11	0.61%
Praxis Genesis Balanced Portfolio
Class A	1,000.00	1,000.00	1,065.50	1,022.43	2.86	2.80	0.55%
Praxis Genesis Growth Portfolio
Class A	1,000.00	1,000.00	1,083.40	1,022.13	3.20	3.11	0.61%

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

Management of the Trust (unaudited)

Listed below is basic information regarding the Trustee and principal officers of the Trust. The Trust’s Statement of Additional Information includes additional information about Trustees and is available, without charge, upon request by calling (800) 977-2947.

Management of the Trust

Name, Age and Address

Position with the Company, Term of Office and Length of Time Served

Principal
Occupation During the
Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by Trustee

Other Trusteeships
Held by Trustee

Interested Trustees¹

Kenneth D. Hochstetler 1110 North Main Street

Goshen, IN 46528

Age: 55

Trustee, Indefinite, since 11/14/14

President and CEO of Everence Financial (August 2014 - Present); Senior Executive Vice President, Univest Corporation 1992 - July 2014

N/A

¹	These Trustees are “interested” persons under the Investment Company Act of 1940 because of their affiliation with the Adviser.

Independent Trustees
Laura Berry 1110 North Main Street Goshen, IN 46528 Age: 59	Trustee, Indefinite, since 1/1/17	Retired; Executive Director, Interfaith Center on Corporate Responsibility (2002 - 2016)	8	N/A
Andy Dula 1110 North Main Street Goshen, IN 46528 Age: 48	Trustee, Indefinite, since 1/1/18	Chief Financial Officer and Chief Operations Officer at EGStoltzfus (2012 – present)	8	N/A
Karen Harder, Ph.D. 1110 North Main Street Goshen, IN 46528 Age: 60	Trustee, Indefinite, since 11/14/14	Professor, Bluffton University (September 2001 - present)	8	N/A
Jeffrey K. Landis 1110 North Main Street Goshen, IN 46528 Age: 47	Trustee, Indefinite, since 4/28/16	Partner, Landis, Hunsberger, Gingrich & Weik, LLP (Law Firm) (1994 - present)	8	N/A
Dwight L. Short 1110 North Main Street Goshen, IN 46528 Age: 71	Trustee, Indefinite, since 1/1/14	Consultant, DLS Consulting, Consulting and Writing (2005 - present)	8	N/A
Candace L. Smith 1110 North Main Street Goshen, IN 46528 Age: 58	Trustee, Indefinite, since 11/16/07	Managing Director of Risk, MicroVest Capital Management, LLC (2015 - present); COO, MicroVest Capital Management LLC (2011 - 2014); CFO, MicroVest Capital Management LLC (2005 - 2011)	8	N/A

Management of the Trust (unaudited), continued

Name, Age and Address	Position with the Company, Term of Office and Length of Time Served	Principal Occupation During the Past Five Years
Officers
Chad Horning 1110 North Main Street Goshen, IN 46528 Age: 49	President, Indefinite, since 3/10/15	Chief Investment Officer and Senior Vice President, Everence (2009 - present)
Marlo J. Kauffman 1110 North Main Street Goshen, IN 46528 Age: 61	Vice President, Secretary, Indefinite, since 12/2/93	Vice President of Financial Services Operations, Everence Financial (1981 - present); President, Everence Securities, Inc. (2004 - present); OSJ Principal, ProEquities, Inc., a broker-dealer (1994 - Present); Assistant Secretary, Everence Financial (1990 - Present)
Trent M. Statczar 325 John H. McConnell Blvd Columbus, OH 43215 Age: 46	Treasurer, Indefinite, since 1/1/09	Director, Foreside Financial Group, LLC, 2008 to present: Senior Vice President, Citi Fund Services Ohio, Inc. from 2004 to 2007.
Rodney L. Ruehle 325 John H. McConnell Blvd Columbus, OH 43215 Age: 49	Chief Compliance Officer, Indefinite, since 5/15/15	Director, Foreside Financial Group, LLC, 2008 to present: Vice President, Citi Fund Services Ohio, Inc. from 2004 to 2007.

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:

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.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The code of ethics is included as Exhibit 12(a)(1).

During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

Item 3.

Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Ms. Candace Smith is the registrant’s “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

Item 4.

Principal Accountant Fees and Services.

(a)	Audit Fees. Audit fees totaled $119,500 for the December 31, 2017 fiscal year and $144,000 for the December 31, 2016 fiscal year, including fees associated with the annual audit and filing of the registrant’s Form N-SAR.

(b)	Audit-Related Fees. There were no audit-related fees for the December 31, 2017 fiscal year and the December 31, 2016 fiscal year.

(c)	Tax Fees. Tax fees totaled $31,500 for the December 31, 2017 fiscal year and $48,770 for the December 31, 2016 fiscal year and consisted of fees for tax compliance services during both years.

(d)	All Other Fees. There were no other fees for the December 31, 2017 or December 31, 2016 fiscal years.

(e)	(1) Audit Committee Pre-Approval Policies.

(A) Audit Services

Before an auditor is engaged by the funds to render audit services, the committee shall review and approve the engagement (see also “delegation” below).

(B) Permissible Non-Audit Services

The committee shall review and approve in advance any proposal (except as set forth in (1) through (3) below) that the funds employ their auditor to render “permissible non-audit services” to the funds. (a “permissible non-audit service” is defined as a non-audit service that is not prohibited by rule 2-01(c)(4) of regulation s-x or other applicable law or regulation.) The committee shall also review and approve in advance any proposal (except as set forth in (1) through (3) below) that the adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the funds (an “adviser-affiliated service provider”), employ the funds’ auditor to render non-audit services, if such engagement would relate directly to the operations and financial reporting of the funds. As a part of its review, the committee shall consider whether the provision of such services is consistent with the auditor’s independence (see also “delegation” below). Pre-approval by the committee of non-audit services is not required so Long as:

(1) (a) with respect to the funds, the aggregate amount of all such permissible non-audit services provided to the funds constitutes no more than 5% of the total amount of revenues paid to the auditor by the funds during the fiscal year in which the services are provided; (b) with respect to the adviser and any adviser-affiliated service provider, the aggregate amount of all such non-audit services provided constitutes no more than 5% of the total amount of revenues (of the type that would have to be pre-approved by the committee) paid to the auditor by the funds, the adviser and any adviser-affiliated service provider during the fiscal year in which the services are provided;

(2) such services were not recognized by the funds at the time of the engagement to be non-audit services; and

(3) such services are promptly brought to the attention of the committee and approved prior to the completion of the audit by the committee or its delegate(s) (as defined below).

The committee may delegate to one or more of its members (“delegates”) authority to pre-approve the auditor’s provision of audit services or permissible non-audit services to the funds, or the provision of non- audit services to the adviser or any adviser-affiliated service provider. Any pre-approval determination made by a delegate shall be presented to the full committee at its next meeting. The committee shall communicate any pre-approval made by it or a delegate to the fund administrator/fund accounting agent, who will ensure that the appropriate disclosure is made in the funds’ periodic reports and other documents as required under the federal securities laws.

(e)	(2) All of the services described in paragraphs (b) through (d) of Item 4 were approved by the Audit Committee.

(f)	Not applicable

(g)

The aggregate non-audit fees for services to the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $31,500 for the December 31, 2017 fiscal year and $72,870 for December 31, 2016 fiscal year.

(h)	The audit committee considered the non-audit services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser, and believes the services are compatible with the principal accountant’s independence.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments

(a)	Schedule I – Investments in Securities of Unaffiliated Issuers

The complete schedule of investments is included in the report to shareholders in Item 1 of this Form N-CSR.

(b)	The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Item 7.

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

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

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

Not applicable.

Item 10.

Submission of Matters to a Vote Of Security Holders.

Not applicable.

Item 11.

Controls and Procedures.

(a)

The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)

There have not been any changes in registrant’s control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)(1)

Code of Ethics for Senior Financial Officers is filed herewith.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act – Not applicable.

(b)	Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is furnished herewith.

SIGNATURES

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

Praxis Mutual Funds

By:	/s/ Trent Statczar
	Trent Statczar
	Treasurer and Chief Financial Officer
	March 5, 2018

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

By:	/s/ Chad Horning
	Chad Horning
	President and Chief Executive Officer
	March 5, 2018

By:	/s/ Trent Statczar
	Trent Statczar
	Treasurer and Chief Financial Officer
	March 5, 2018

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