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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-8056

Praxis Mutual Funds

(Exact name of registrant as specified in charter)

1110 N. Main Street, Goshen, IN 46527

(Address of principal executive offices) (Zip code)

Anthony H. Zacharski, Esq.

Dechert LLP

90 State House Square

Harford, Connecticut 06103

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2018

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

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

Item 1. Reports to Stockholders.

Table of Contents

Message from the President	1

Performance	2

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

Additional Fund Information	64

Message from the President

Dear Praxis shareholder:

U.S. stock markets continued their march higher during the first half of the year while non-U.S. markets retraced their gains from recent years. Investors sorted through a mix of policy announcements including tax reform aimed at boosting economic growth and trade policies meant to level the playing field. Interest rates generally moved higher, and the Federal Reserve continued its plan to raise the target for the Federal Funds Rate as the economy continues to grow.

During the period, in general, smaller U.S. companies performed better than large companies, the growth style of investing outperformed the value style, and U.S. equities outpaced fixed income, which delivered a negative return as interest rates rose.

With all this as backdrop, we continued to make impactful investments that support the climate and communities and to engage the companies we own, encouraging company management teams to consider the impacts of their decisions on a range of stakeholders. We persisted in our work with companies to eliminate harmful chemicals from consumer products and we pursued our long-term strategies to reverse the scourge of modern slavery that persists across the global economy. The Parkland school shooting in February prompted another round of soul-searching on gun violence in America. Praxis Mutual Funds^® joined other like-minded investors in encouraging banks and credit card companies to consider their role in the growing culture of gun violence.

These impactful changes would not happen if not for the persistent work of investors like Praxis and the support of our shareholders. We aim to make a difference in the world through careful screening, committed advocacy, and thoughtful investments that benefit the environment and communities around the world.

Thank you for entrusting your investments with Praxis Mutual Funds.

Sincerely,

Chad M. Horning, CFA
President

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

The views expressed are those of the president of Praxis Mutual Funds as of June 30, 2018, are subject to change, and may differ from the views of portfolio managers or the firm as a whole. These views are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decisions.

Performance

We are pleased to provide this 2018 mid-year update for the Praxis Mutual Funds. The following tables summarize the performance of the Praxis Mutual Funds as of June 30, 2018.

			Annualized
	NAV 6/30/18	Six Months Ended 6/30/18	One Year Ended 6/30/18	Three Years Ended 6/30/18	Five Years Ended 6/30/18	Ten Years Ended 6/30/18	Since Inception 6/30/18	Inception Date	Expense Ratio ** Gross/Net
Praxis Impact Bond Fund
Class A *	$ 10.11	-5.26%	-4.58%	0.03%	1.12%	3.29%		1/4/1994
Class A (Without Load)	$ 10.11	-1.62%	-0.83%	1.32%	1.89%	3.69%		1/4/1994	0.98%	0.98%
Class I **	$ 10.06	-1.50%	-0.44%	1.69%	2.28%	4.07%		5/1/2006	0.54%	0.54%
Bloomberg Barclays U.S. Aggregate Bond Index ¹		-1.62%	-0.40%	1.72%	2.27%	3.72%
Praxis International Index Fund
Class A *	$ 11.22	-9.08%	-0.18%	2.45%	3.95%	n/a	2.13%	12/31/2010
Class A (Without Load)	$ 11.22	-4.02%	5.37%	4.30%	5.07%	n/a	2.87%	12/31/2010	1.19%	1.19%
Class I **	$ 11.32	-3.66%	6.02%	4.88%	5.66%	n/a	3.49%	12/31/2010	0.65%	0.65%
MSCI All Country World Index ex-U.S. ²		-3.77%	7.28%	5.07%	5.99%		4.07%
Praxis Value Index Fund
Class A *	$ 13.62	-6.65%	2.98%	5.96%	8.52%	7.03%		5/1/2001
Class A (Without Load)	$ 13.62	-1.45%	8.69%	7.89%	9.70%	7.62%		5/1/2001	0.94%	0.94%
Class I **	$ 13.57	-1.24%	9.21%	8.45%	10.23%	8.22%		5/1/2006	0.45%	0.45%
S&P 500 Value Index ³		-2.22%	7.58%	8.82%	10.45%	8.44%
Praxis Growth Index Fund
Class A *	$ 24.64	1.27%	13.37%	11.77%	13.94%	10.26%		5/1/2007
Class A (Without Load)	$ 24.64	6.90%	19.67%	13.79%	15.18%	10.85%		5/1/2007	0.85%	0.85%
Class I **	$ 24.87	7.15%	20.17%	14.26%	15.69%	11.35%		5/1/2007	0.44%	0.44%
S&P 500 Growth Index ⁴		7.28%	20.62%	14.48%	15.99%	11.70%

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

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

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

Reflects the expense ratios as reported in the Prospectus dated April 30, 2018. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee reductions are in effect through April 30, 2019 for Class A Shares.

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

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.

The S&P 500 Value Index represents the value companies (defined by book value to price ratio, earnings to price ratio, and sales to price ratio) of the S&P 500 Index, a universe of large capitalization companies in the U.S. equity market.

⁴

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

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

Performance, continued

			Annualized
	NAV 6/30/18	Six Months Ended 6/30/18	One Year Ended 6/30/18	Three Years Ended 6/30/18	Five Years Ended 6/30/18	Ten Years Ended 6/30/18	Since Inception 6/30/18	Inception Date	Expense Ratio ** Gross/Net
Praxis Small Cap Index Fund
Class A *	$ 9.43	3.51%	12.90%	3.44%	6.53%	7.38%		5/1/2007
Class A (Without Load)	$ 9.43	9.27%	19.11%	5.31%	7.69%	7.96%		5/1/2007	1.66%	1.13%
Class I	$ 10.28	9.83%	19.95%	6.01%	8.38%	8.56%		5/1/2007	0.50%	0.50%
S&P SmallCap 600 Index ⁵		9.39%	20.50%	13.84%	14.60%	12.25%
Russell 2000 Index ⁶		7.66%	17.57%	10.96%	12.46%	10.60%
Praxis Genesis Conservative Portfolio
Class A *	$ 11.57	-6.11%	-2.59%	1.53%	3.13%	n/a	4.14%	12/31/2009
Class A (Without Load)	$ 11.57	-0.91%	2.78%	3.38%	4.24%	n/a	4.80%	12/31/2009	1.17%	1.14%
S&P Target Risk Conservative Index ⁷		-0.96%	3.45%	4.12%	4.43%	n/a	4.87%
Conservative Composite Benchmark ⁸		-0.64%	3.51%	4.32%	5.09%	n/a	5.82%
Praxis Genesis Balanced Portfolio
Class A *	$ 13.72	-4.98%	1.24%	3.58%	5.47%	n/a	6.21%	12/31/2009
Class A (Without Load)	$ 13.72	0.29%	6.86%	5.47%	6.62%	n/a	6.88%	12/31/2009	1.05%	1.05%
S&P Target Risk Growth Index ⁹		-0.67%	6.59%	6.18%	7.43%	n/a	7.75%
Balanced Composite Benchmark ¹⁰		0.53%	7.64%	6.84%	7.85%	n/a	8.35%
Praxis Genesis Growth Portfolio
Class A *	$ 15.27	-4.14%	3.91%	4.84%	6.94%	n/a	7.48%	12/31/2009
Class A (Without Load)	$ 15.27	1.19%	9.64%	6.74%	8.10%	n/a	8.16%	12/31/2009	1.12%	1.12%
S&P Target Risk Aggressive Index ¹¹		-0.49%	8.62%	7.49%	9.08%	n/a	9.74%
Growth Composite Benchmark ¹²		1.29%	10.45%	8.49%	9.66%	n/a	9.97%

The total return figures shown reflect the maximum sales charge applicable to Class A Shares for each Fund. Class A Shares have a maximum sales charge on purchases of 5.25%.

⁵

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

⁶

The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

⁷

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.

⁸

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).

⁹

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

¹⁰

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).

¹¹

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

¹²

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 Impact Bond Fund
June 30, 2018 (unaudited)

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
ASSET BACKED SECURITIES—2.1%
Ally Auto Receivables Trust		1.490	%		11/15/19	$	216,394	$	216,159
Cal Funding II Ltd. (a)		3.620	%		06/25/42		675,000		663,784
CarMax Auto Owner Trust		1.380	%		11/15/19		49,507		49,466
CLI Funding LLC		2.830	%		03/18/28		466,025		457,055
Cronos Containers Program I Ltd.		3.270	%		11/18/29		601,852		592,897
Fairway Outdoor Funding LLC (b)		4.212	%		10/15/19		419,277		420,786
Global SC Finance II SRL (b)		2.980	%		04/17/28		555,833		545,585
Goldman Credit Trust		1.600	%		09/15/21		2,000,000		1,968,893
Master Credit Card Trust		2.260	%		01/21/20		2,000,000		1,977,522
SBA Tower Trust		2.898	%		10/15/19		525,000		521,673
SBA Tower Trust		3.448	%		03/15/23		1,250,000		1,241,712
SolarCity LMC Series I LLC (b)		4.800	%		12/21/26		612,848		613,829
SolarCity LMC Series IV LLC (b)		4.180	%		08/21/45		228,632		226,506
Spruce ABS Trust		4.320	%		06/15/28		368,000		366,151
Textainer Marine Containers Ltd.		3.720	%		05/20/42		671,245		667,022
Toyota Auto Receivables Owner Trust		1.270	%		05/15/19		26,596		26,581
Toyota Motor Credit Corp.		1.300	%		04/15/20		579,473		576,428
Verizon Owner Trust (b)		1.420	%		01/20/21		200,000		198,754
TOTAL ASSET BACKED SECURITIES (COST $11,397,564)									11,330,803

COMMERCIAL MORTGAGE BACKED SECURITIES—0.5%
Commercial Mortgage Pass Through Certificates		3.391	%		05/15/45		937,425		938,636
Commercial Mortgage Pass Through Certificates		2.853	%		10/15/45		1,000,000		973,777
OBP Depositor LLC Trust (b)		4.646	%		07/15/45		1,040,000		1,065,739
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (COST $3,107,533)									2,978,152

MUNICIPAL BONDS—2.0%
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects		7.334	%		02/15/28		1,000,000		1,235,410
Bridgeport Connecticut Housing Authority		1.850	%		12/15/18		40,000		39,862
Cincinnati, Ohio Water System Rev.		6.458	%		12/01/34		600,000		631,206
Columbus Multi-High School Building Corp.		6.446	%		01/15/30		1,000,000		1,054,770
Findlay City School District		6.250	%		12/01/37		270,000		283,211
Houston Independent School District		6.168	%		02/15/34		1,000,000		1,021,910
Indianapolis Public School Multi-School Building		5.731	%		07/15/29		1,500,000		1,539,150
Massachusetts St.		3.277	%		06/01/46		1,500,000		1,395,315
New Jersey St. Housing and Mortgage Finance		2.600	%		07/01/23		295,000		290,410
Osceola County Housing Finance Authority Rev.		3.350	%		07/01/23		210,000		216,825

St. of Hawaii, Department of Business Economic Development & Tourism		1.467	%		07/01/22		435,032		428,367
St. Paul Housing & Redevelopment Authority Rev.		2.993	%		07/01/21		1,250,000		1,238,575
Warm Springs Reservation Confederated Tribe		8.250	%		11/01/19		795,000		820,631
Wisconsin Department of Transportation		5.837	%		07/01/30		800,000		824,792
TOTAL MUNICIPAL BONDS (COST $10,967,377)									11,020,434

CORPORATE BONDS—37.8%
AIRLINES—0.4%
British Airways, Series 2013-1 (b)		4.625	%		06/20/24		639,682		655,546
Delta Air Lines, Inc.		4.950	%		05/23/19		574,757		580,103
Delta Air Lines, Inc.		2.875	%		03/13/20		435,000		432,135
Southwest Airlines Co.		2.650	%		11/05/20		680,000		670,796
									2,338,580
AUTO PARTS—0.3%
BorgWarner, Inc.		4.625	%		09/15/20		1,500,000		1,537,695

BANKS—4.1%
Axis Bank/Dubai (b)		2.875	%		06/01/21		500,000		482,809
Bank of America Corp.		2.151	%		11/09/20		1,000,000		976,965
Bank of America Corp.		3.499	%		05/17/22		1,000,000		999,657
Bank of America Corp.		3.300	%		01/11/23		500,000		492,665
Bank of America Corp.		4.100	%		07/24/23		1,000,000		1,016,479
Bank of Montreal		2.375	%		01/25/19		1,180,000		1,178,508
Capital One Financial Corp.		2.500	%		05/12/20		1,000,000		985,819
Citigroup, Inc.		2.400	%		02/18/20		1,250,000		1,234,064
Citigroup, Inc.		3.875	%		10/25/23		1,000,000		1,000,082
Citigroup, Inc.		3.700	%		01/12/26		1,750,000		1,696,188
Commonwealth Bank of Australia (b)		2.250	%		03/10/20		1,500,000		1,478,550
Discover Bank/Greenwood DE		3.100	%		06/04/20		1,750,000		1,741,005
JPMorgan Chase & Co.		2.250	%		01/23/20		1,500,000		1,480,706
JPMorgan Chase & Co.		4.625	%		05/10/21		500,000		517,197
JPMorgan Chase & Co.		3.250	%		09/23/22		1,500,000		1,486,095
Mitsubishi UFJ Financial Group		2.527	%		09/13/23		1,250,000		1,183,626
National Australia Bank, New York Branch		3.625	%		06/20/23		1,500,000		1,496,020
Sumitomo Mitsui Banking Corp.		2.450	%		10/20/20		1,250,000		1,226,840
Toronto-Dominion Bank		1.850	%		09/11/20		1,575,000		1,534,487
									22,207,762
BIOTECHNOLOGY—0.7%
Amgen, Inc.		5.700	%		02/01/19		1,000,000		1,016,413
Biogen, Inc.		2.900	%		09/15/20		1,000,000		995,649
Celgene Corp.		2.875	%		08/15/20		1,250,000		1,240,429
Gilead Sciences, Inc.		3.650	%		03/01/26		500,000		493,643
									3,746,134
BUILDING MATERIALS—0.2%
Carlisle Cos., Inc.		3.500	%		12/01/24		1,250,000		1,206,519

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2018 (unaudited)

	COUPON			MATURITY			PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—37.8%, continued
BUILDING PRODUCTS—0.3%
Masco Corp.		3.500	%		04/01/21		$	482,000	$	481,368
Owens Corning		4.200	%		12/01/24			1,000,000		986,574
						��				1,467,942
CAPITAL MARKETS—2.0%
Bank of New York Mellon Corp. (The), Perpetual Bond		4.950	%		12/29/49			1,000,000		1,021,250
Goldman Sachs Group, Inc.		2.600	%		04/23/20			1,000,000		990,564
Goldman Sachs Group, Inc.		6.000	%		06/15/20			1,200,000		1,262,028
Goldman Sachs Group, Inc.		3.272	%		09/29/25			1,500,000		1,424,284
ING Bank N.V. (b)		2.000	%		11/26/18			1,515,000		1,511,011
Jefferies Group LLC		8.500	%		07/15/19			900,000		949,628
Morgan Stanley		2.200	%		12/07/18			910,000		908,719
Morgan Stanley		5.625	%		09/23/19			1,500,000		1,545,682
State Street Corp.		7.350	%		06/15/26			1,000,000		1,218,905
										10,832,071
CHEMICALS—1.0%
Avery Dennison Corp.		5.375	%		04/15/20			1,250,000		1,289,787
Ecolab, Inc.		5.500	%		12/08/41			150,000		176,402
Ecolab, Inc.		3.950	%		12/01/47			1,220,000		1,166,425
NOVA Chemicals Corp. (b)		5.250	%		08/01/23			500,000		498,750
Nutrien Ltd.		5.875	%		12/01/36			840,000		957,007
Solvay Finance America LLC		3.400	%		12/03/20			1,250,000		1,254,085
										5,342,456
COMMERCIAL SERVICES & SUPPLIES—0.2%
Steelcase, Inc.		6.375	%		02/15/21			1,000,000		1,063,558

COMMUNICATIONS EQUIPMENT—0.1%
Juniper Networks, Inc.		3.300	%		06/15/20			500,000		499,409

CONSUMER FINANCE—0.8%
American Express Credit Corp.		2.600	%		09/14/20			1,000,000		987,506
Ford Motor Credit Co. LLC		3.157	%		08/04/20			1,000,000		993,101
GE Capital International Funding Co.		4.418	%		11/15/35			1,250,000		1,210,975
Hyundai Capital Services, Inc. (b)		2.875	%		03/16/21			1,250,000		1,222,475
										4,414,057
CONSUMER SERVICES—0.7%
Ford Foundation (The), Series 2017		3.859	%		06/01/47			2,145,000		2,154,178
Local Initiatives Support Corp.		4.649	%		03/01/37			1,500,000		1,498,984
										3,653,162
CONTAINERS & PACKAGING—0.2%
Newell Rubbermaid, Inc.		3.850	%		04/01/23			185,000		182,228
Sonoco Products Co.		5.750	%		11/01/40			1,000,000		1,126,133
										1,308,361
DIVERSIFIED FINANCIAL SERVICES—1.4%
AerCap Ireland Capital Ltd.		5.000	%		10/01/21			1,000,000		1,030,410
Brookfield Finance, Inc.		4.250	%		06/02/26			1,000,000		984,260
GATX Corp.		2.600	%		03/30/20			897,000		886,093
Genpact Luxembourg S. a. r.l. (b)		3.700	%		04/01/22			1,100,000		1,074,596
Moody's Corp.		5.500	%		09/01/20			1,000,000		1,047,257
MSCI, Inc. (b)		5.750	%		08/15/25			500,000		515,000
National Rural Utilities Cooperative Finance Corp.		10.375	%		11/01/18			780,000		799,970
S&P Global, Inc.		3.300	%		08/14/20			750,000		750,805
S&P Global, Inc.		4.000	%		06/15/25			500,000		502,001
										7,590,392
DIVERSIFIED TELECOMMUNICATION SERVICES—0.7%
AT&T, Inc. (b)		4.100	%		02/15/28			507,000		484,475
AT&T, Inc.		5.250	%		03/01/37			500,000		491,777
AT&T, Inc.		4.750	%		05/15/46			1,000,000		893,277
Frontier Communications Corp.		7.125	%		03/15/19			750,000		755,625
Verizon Communications, Inc.		5.500	%		03/16/47			1,250,000		1,309,826
										3,934,980
EDUCATION—1.0%
Massachusetts Institute of Technology		3.959	%		07/01/38			1,500,000		1,555,267
President & Fellows of Harvard College		3.150	%		07/15/46			2,500,000		2,257,599
University of Notre Dame, Series 2017		3.394	%		02/15/48			2,000,000		1,883,179
										5,696,045
ELECTRIC UTILITIES—3.9%
Caledonia Generating LLC (b)		1.950	%		02/28/22			410,174		403,281
DTE Electric Co.		4.050	%		05/15/48			1,750,000		1,737,859
Electricite de France S.A. (b)		3.625	%		10/13/25			1,250,000		1,223,772
Florida Power & Light Co.		4.050	%		10/01/44			1,300,000		1,315,650
Georgia Power Co.		3.250	%		04/01/26			1,000,000		954,871
ITC Holdings Corp. (b)		5.500	%		01/15/20			1,250,000		1,287,010
MidAmerican Energy Co.		3.950	%		08/01/47			1,750,000		1,706,705
NextEra Energy Capital Holdings, Inc.		2.700	%		09/15/19			1,250,000		1,243,744
Niagara Mohawk Power Corp. (b)		4.881	%		08/15/19			840,000		855,760
NSTAR Electric Co.		5.500	%		03/15/40			1,250,000		1,456,788
Oncor Electric Delivery Co.		6.800	%		09/01/18			811,000		816,096
Pacificorp		8.080	%		10/14/22			500,000		582,100
Pennsylvania Electric Co.		5.200	%		04/01/20			500,000		513,611
Portland General Electric Co.		6.100	%		04/15/19			1,100,000		1,126,899
Potomac Electric Power Co.		6.500	%		11/15/37			1,000,000		1,297,322
Public Service Colorado		3.700	%		06/15/28			1,750,000		1,758,250
San Diego Gas and Electric Co.		4.500	%		08/15/40			841,000		872,617
Southern California Edison		4.050	%		03/15/42			1,165,000		1,093,423
Southern Power Co.		4.150	%		12/01/25			1,000,000		1,001,554
										21,247,312

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2018 (unaudited)

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—37.8%, continued
ELECTRICAL EQUIPMENT—0.5%
Johnson Controls, Inc.		3.750	%		12/01/21	$	550,000	$	554,624
Legrand		8.500	%		02/15/25		1,000,000		1,254,050
Thomas & Betts Corp.		5.625	%		11/15/21		720,000		777,136
									2,585,810
FOOD & STAPLES RETAILING—0.4%
Ahold Finance U.S.A., LLC, Series 2000-1, CV (a)		7.820	%		01/02/20		114,705		115,992
Ahold Finance U.S.A., LLC, CV		8.620	%		01/02/25		940,987		1,094,367
Kroger Co. (The)		5.000	%		04/15/42		1,000,000		985,863
Smith's Food & Drug Centers, Inc. Pass Through Trust, Series 1994-A3		9.200	%		07/02/18		129,258		129,258
									2,325,480
FOOD PRODUCTS—1.9%
Bunge Ltd. Finance Corp.		3.500	%		11/24/20		1,250,000		1,249,267
Campbell Soup Co.		3.950	%		03/15/25		1,500,000		1,446,291
Cargill, Inc. (b)		4.760	%		11/23/45		1,250,000		1,388,886
General Mills, Inc.		4.000	%		04/17/25		1,500,000		1,477,248
J.M. Smucker Co. (The)		3.500	%		03/15/25		1,250,000		1,195,516
Kraft Foods Group, Inc.		5.375	%		02/10/20		1,000,000		1,034,176
Mead Johnson Nutrition Co.		3.000	%		11/15/20		1,000,000		995,067
Wm. Wrigley Jr. Co. (b)		3.375	%		10/21/20		1,430,000		1,433,932
									10,220,383
GAS UTILITIES—0.5%
Brooklyn Union Gas Co. (b)		4.504	%		03/10/46		1,250,000		1,290,021
Indiana Gas Co., Inc.		6.550	%		06/30/28		250,000		280,079
Laclede Group, Inc.		2.550	%		08/15/19		1,250,000		1,237,247
									2,807,347
HEALTH CARE PROVIDERS & SERVICES—1.1%
CVS Health Corp.		4.300	%		03/25/28		1,250,000		1,233,011
Express Scripts Holding Co.		3.300	%		02/25/21		1,000,000		996,333
Howard Hughes Medical Institute		3.500	%		09/01/23		1,500,000		1,519,254
Kaiser Foundation Hospital		3.150	%		05/01/27		1,500,000		1,436,527
Laboratory Corp. of America Holdings		2.625	%		02/01/20		1,000,000		992,027
									6,177,152
HOTELS, RESTAURANTS & LEISURE—0.3%
Hyatt Hotels Corp.		3.375	%		07/15/23		1,000,000		984,234
Starbucks Corp.		2.450	%		06/15/26		1,000,000		895,922
									1,880,156
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.7%
Harper Lake Solar Funding Corp. (b)		7.645	%		12/31/18		264,206		268,829
Midland Cogeneration Venture, L.P., CV (b)		5.250	%		03/15/25		178,285		174,224
Midland Cogeneration Venture, L.P., CV (b)		6.000	%		03/15/25		452,852		453,907
Solar Star Funding LLC (b)		3.950	%		06/30/35		314,931		296,853
Solar Star Funding LLC (b)		5.375	%		06/30/35		475,898		498,040
Tenaska Virginia Partners, L.P. (b)		6.119	%		03/30/24		789,885		829,056
Topaz Solar Farms LLC (b)		4.875	%		09/30/39		300,711		301,228
Topaz Solar Farms LLC (b)		5.750	%		09/30/39		699,642		745,095
									3,567,232
INDUSTRIAL CONGLOMERATES—0.1%
Ingersoll-Rand Global Holding Co. Ltd.		2.900	%		02/21/21		500,000		495,108

INSURANCE—3.8%
Aflac, Inc.		4.000	%		10/15/46		1,058,000		994,491
AIG Global Funding (b)		2.150	%		07/02/20		750,000		735,009
American International Group, Inc.		3.750	%		07/10/25		1,250,000		1,207,412
Anthem, Inc., CV		2.500	%		11/21/20		1,500,000		1,474,541
Athene Global Funding (b)		2.750	%		04/20/20		1,550,000		1,531,192
Fidelity National Financial, Inc.		5.500	%		09/01/22		725,000		771,474
Horace Mann Educators Corp.		4.500	%		12/01/25		1,235,000		1,241,663
Jackson National Life Global Funding (b)		3.300	%		06/11/21		1,250,000		1,248,536
Kemper Corp.		4.350	%		02/15/25		1,250,000		1,243,193
Liberty Mutual Group, Inc. (b)		4.950	%		05/01/22		1,050,000		1,090,278
Marsh & McLennan Cos., Inc.		3.750	%		03/14/26		1,000,000		990,216
OneBeacon US Holdings, Inc.		4.600	%		11/09/22		1,000,000		1,008,839
Provident Cos., Inc.		7.000	%		07/15/18		340,000		339,873
Prudential Financial, Inc. (a)		5.875	%		09/15/42		500,000		528,125
RLI Corp.		4.875	%		09/15/23		1,000,000		1,011,494
Sammons Financial Group		4.450	%		05/12/27		800,000		782,684
StanCorp Financial Group Inc.		5.000	%		08/15/22		1,250,000		1,283,945
TIAA Asset Management Finance Co. LLC (b)		2.950	%		11/01/19		1,750,000		1,743,173
Unum Group		3.000	%		05/15/21		700,000		689,263
W.R. Berkley Corp.		6.150	%		08/15/19		710,000		731,780
W.R. Berkley Corp.		4.625	%		03/15/22		250,000		258,243
									20,905,424
IT SERVICES—0.5%
Broadridge Financial Solutions, Inc.		3.950	%		09/01/20		1,000,000		1,014,370
Fiserv, Inc.		2.700	%		06/01/20		1,000,000		990,463
Xerox Corp.		4.070	%		03/17/22		750,000		736,708
									2,741,541
LIFE SCIENCES TOOLS & SERVICES—0.2%
Agilent Technologies, Inc.		3.875	%		07/15/23		1,250,000		1,245,866

MACHINERY—0.7%
Illinois Tool Works, Inc.		3.900	%		09/01/42		1,000,000		980,925
Kennametal, Inc.		2.650	%		11/01/19		1,000,000		999,697
Pall Corp.		5.000	%		06/15/20		1,000,000		1,037,027
Valmont Industries, Inc.		6.625	%		04/20/20		562,000		597,611
									3,615,260

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2018 (unaudited)

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—37.8%, continued
MEDIA—0.4%
Comcast Corp.		4.750	%		03/01/44	$	500,000	$	492,272
Discovery Communications (b)		2.800	%		06/15/20		200,000		987,927
Time Warner Cable, Inc.		4.500	%		09/15/42		500,000		410,825
									1,891,024
METALS & MINING—0.5%
Newcrest Finance Property Ltd. (b)		4.450	%		11/15/21		1,000,000		1,012,875
Nucor Corp.		4.125	%		09/15/22		665,000		682,900
Reliance Steel & Aluminum Co.		4.500	%		04/15/23		1,105,000		1,129,913
									2,825,688
MULTI-LINE RETAIL—0.1%
Macy's Retail Holdings, Inc.		9.500	%		04/15/21		270,000		288,227

MULTI-UTILITIES—1.0%
Avangrid, Inc.		3.150	%		12/01/24		1,800,000		1,730,709
Consumers Energy Co.		6.700	%		09/15/19		750,000		782,928
Puget Energy, Inc.		5.625	%		07/15/22		750,000		795,455
Puget Sound Energy, Inc.		4.223	%		06/15/48		1,000,000		1,015,938
Westar Energy, Inc.		2.550	%		07/01/26		1,260,000		1,163,695
									5,488,725
OIL, GAS & CONSUMABLE FUELS—0.2%
ConocoPhillips Holdings Co.		6.950	%		04/15/29		1,000,000		1,232,355

PAPER & FOREST PRODUCTS—0.4%
Fibria Overseas Finance Ltd.		5.500	%		01/17/27		800,000		796,000
Klabin Finance S.A. (b)		4.875	%		09/19/27		750,000		675,375
PH Glatfelter Co.		5.375	%		10/15/20		750,000		751,875
									2,223,250
PHARMACEUTICALS—0.4%
AbbVie, Inc.		2.500	%		05/14/20		1,000,000		987,950
Zoetis, Inc.		3.250	%		02/01/23		1,200,000		1,181,491
									2,169,441
PIPELINES—0.5%
Columbia Pipeline Group, Inc.		3.300	%		06/01/20		850,000		846,483
Florida Gas Transmission Co. LLC (b)		4.350	%		07/15/25		1,000,000		1,020,973
Northern Natural Gas Co. (b)		4.100	%		09/15/42		1,000,000		960,406
									2,827,862
PROFESSIONAL SERVICES—0.4%
Dun & Bradstreet Corp.		4.625	%		12/01/22		1,000,000		992,199
Verisk Analytics, Inc.		5.800	%		05/01/21		960,000		1,016,341
									2,008,540
PUBLISHING—0.2%
RELX Capital Inc.		3.500	%		03/16/23		1,200,000		1,187,305

REAL ESTATE INVESTMENT TRUSTS (REITS)—1.0%
Alexandria Real Estate Equities, Inc.		4.000	%		01/15/24		1,500,000		1,508,260
Digital Realty Trust, L.P.		3.950	%		07/01/22		1,250,000		1,262,775
Regency Centers, L.P.		3.750	%		06/15/24		1,000,000		978,963
Vornado Realty, L.P.		3.500	%		01/15/25		567,000		542,755
Welltower, Inc.		5.250	%		01/15/22		1,000,000		1,048,528
									5,341,281
ROAD & RAIL—1.0%
Burlington Northern Santa Fe LLC		7.160	%		01/02/20		222,793		229,638
Burlington Northern Santa Fe LLC		5.750	%		05/01/40		1,000,000		1,184,892
Kansas City Southern		2.350	%		05/15/20		500,000		491,097
Norfolk Southern Corp.		4.837	%		10/01/41		1,000,000		1,044,667
Norfolk Southern Corp.		4.150	%		02/28/48		500,000		480,970
Ryder System, Inc.		2.650	%		03/02/20		455,000		451,204
Ryder System, Inc.		2.500	%		05/11/20		795,000		785,611
TTX Co. (b)		2.600	%		06/15/20		1,000,000		986,231
									5,654,310
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.8%
Intel Corp. (b)		3.734	%		12/08/47		1,361,000		1,282,255
KLA-Tencor Corp.		3.375	%		11/01/19		600,000		602,243
KLA-Tencor Corp.		4.125	%		11/01/21		500,000		508,711
Lam Research Corp.		2.750	%		03/15/20		1,000,000		994,152
Maxim Integrated Products, Inc.		3.375	%		03/15/23		500,000		493,989
NXP BV/NXP Funding LLC (b)		3.875	%		09/01/22		200,000		196,500
Xilinx, Inc.		2.125	%		03/15/19		600,000		597,364
									4,675,214
SOFTWARE—0.4%
Microsoft Corp.		4.450	%		11/03/45		2,000,000		2,149,780

SPECIALTY RETAIL—0.6%
Advanced Auto Parts, Inc.		4.500	%		01/15/22		402,000		411,862
Gap, Inc. (The)		5.950	%		04/12/21		1,000,000		1,047,279
Lowe's Cos., Inc.		4.650	%		04/15/42		1,000,000		1,043,191
O'Reilly Automotive, Inc.		3.800	%		09/01/22		1,000,000		1,011,160
									3,513,492
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.6%
Apple, Inc.		2.850	%		02/23/23		1,250,000		1,230,495
Apple, Inc.		3.000	%		06/20/27		1,000,000		950,496
Seagate HDD Cayman		3.750	%		11/15/18		635,000		636,613
Seagate HDD Cayman		4.250	%		03/01/22		305,000		300,870
									3,118,474
TEXTILES, APPAREL & LUXURY GOODS—0.1%
Hanesbrands, Inc. (b)		4.625	%		05/15/24		500,000		487,500

TRANSPORTATION SERVICES—0.4%
ERAC USA Finance LLC		2.700	%		11/01/23		1,250,000		1,180,023
Mexico City Airport Trust (b)		4.250	%		10/31/26		1,000,000		942,500
									2,122,523
WATER UTILITIES—0.1%
California Water Service, CV		5.875	%		05/01/19		700,000		716,377
TOTAL CORPORATE BONDS (COST $207,539,014)									206,574,562

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2018 (unaudited)

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—1.0%
COMMUNITY DEVELOPMENT—1.0%
Calvert Social Investment Foundation, Inc. (c)		1.000	%		12/17/18	$	1,200,000	$	1,193,141
Calvert Social Investment Foundation, Inc. (c)		1.500	%		06/17/19		1,700,000		1,684,125
Calvert Social Investment Foundation, Inc. (c)		1.500	%		06/15/20		850,000		830,814
Calvert Social Investment Foundation, Inc. (c)		3.000	%		06/15/23		1,650,000		1,643,976
TOTAL CORPORATE NOTES (COST $5,400,000)									5,352,056

FOREIGN GOVERNMENTS—9.6%
FOREIGN AGENCY—3.5%
Banco Nacional de Costa Rica (b)		5.875	%		04/25/21		750,000		760,631
Bank Nederlandse Gemeenten (b)		1.625	%		11/25/19		1,500,000		1,478,323
Bank Nederlandse Gemeenten (b)		2.125	%		12/14/20		1,500,000		1,474,792
Export Development Canada		1.250	%		12/10/18		1,000,000		994,769
Export Development Canada		1.625	%		06/01/20		1,000,000		979,671
Export-Import Bank of Korea		2.125	%		02/11/21		1,250,000		1,206,489
KFW		1.875	%		11/30/20		1,000,000		979,753
KFW		2.000	%		11/30/21		1,000,000		972,447
KFW		2.000	%		09/29/22		1,500,000		1,446,999
Kommunalbanken A.S. (b)		1.375	%		10/26/20		1,000,000		969,166
Kommunalbanken A.S. (b)		2.125	%		02/11/25		1,000,000		942,760
Kommunivest I Sverige AB (b)		1.500	%		04/23/19		1,000,000		991,907
Kommunivest I Sverige AB		1.875	%		06/01/21		1,500,000		1,459,585
Municipality Finance plc (b)		1.375	%		09/21/21		1,000,000		952,674
Nacional Financiera SNC (b)		3.375	%		11/05/20		1,000,000		995,000
Neder Waterschapsbank		2.125	%		11/15/21		1,500,000		1,460,700
Ras Laffan Liquefied Natural Gas Co. Ltd. II (b)		5.298	%		09/30/20		273,600		279,414
Svensk Exportkredit AB		1.875	%		06/23/20		1,000,000		982,369
									19,327,449
SUPRANATIONAL—6.1%
African Development Bank		1.375	%		12/17/18		1,000,000		995,791
Asian Development Bank		1.000	%		08/16/19		1,500,000		1,474,568
Asian Development Bank		2.125	%		03/19/25		1,000,000		947,373
European Bank for Reconstruction & Development		0.875	%		07/22/19		2,000,000		1,965,586
European Bank for Reconstruction & Development		1.875	%		07/15/21		1,500,000		1,458,073
European Investment Bank		2.500	%		10/15/24		1,000,000		970,343
European Investment Bank		2.875	%		06/13/25		1,000,000		990,868
European Investment Bank		2.125	%		04/13/26		1,000,000		937,581
European Investment Bank		2.375	%		05/24/27		1,000,000		948,469
Inter-American Development Bank		1.500	%		09/25/18		2,500,000		2,494,732
Inter-American Development Bank		2.125	%		11/09/20		3,000,000		2,959,650
Inter-American Development Bank		4.375	%		01/24/44		3,000,000		3,586,434
International Bank for Reconstruction & Development		2.125	%		03/03/25		500,000		475,000
International Development Association (b)		2.750	%		04/24/23		5,000,000		4,971,885
International Finance Corp.		1.250	%		11/27/18		1,000,000		996,104
International Finance Corp., Series GMTN		1.750	%		03/30/20		3,000,000		2,954,615
International Finance Corp., Series GMTN		2.000	%		10/24/22		2,000,000		1,930,196
Nordic Investment Bank		2.250	%		09/30/21		1,000,000		982,100
North American Development Bank		2.300	%		10/10/18		1,000,000		999,360
									33,038,728
TOTAL FOREIGN GOVERNMENTS (COST $52,814,515)									52,366,177

U.S. GOVERNMENT AGENCIES—44.7%
FEDERAL HOME LOAN BANK—3.5%
FHLB		3.375	%		06/12/20		1,000,000		1,013,881
FHLB		5.500	%		07/15/36		14,120,000		18,425,244
									19,439,125
FEDERAL HOME LOAN MORTGAGE CORPORATION—13.4%
FHLMC		5.085	%		03/25/19		1,140,000		1,151,291
FHLMC		5.000	%		04/01/19		7,517		7,555
FHLMC		1.375	%		05/01/20		1,250,000		1,224,274
FHLMC		5.000	%		12/01/21		52,705		54,447
FHLMC		2.375	%		01/13/22		13,460,000		13,283,324
FHLMC		5.500	%		04/01/22		30,625		31,354
FHLMC		4.000	%		11/01/24		347,033		356,781
FHLMC		4.000	%		10/01/25		157,268		161,721
FHLMC		6.000	%		04/01/27		124,715		136,333
FHLMC		2.500	%		10/01/27		821,669		803,659
FHLMC		7.000	%		02/01/30		73,556		78,661
FHLMC		7.500	%		07/01/30		165,124		186,543
FHLMC		7.000	%		03/01/31		55,641		62,193
FHLMC		6.250	%		07/15/32		17,500,000		23,421,405
FHLMC		3.000	%		11/01/32		1,474,931		1,469,536
FHLMC		3.000	%		11/01/32		990,772		987,148
FHLMC		5.500	%		11/01/33		51,431		55,756
FHLMC (H15T1Y + 2.231) (a)		3.231	%		05/01/34		86,430		90,825
FHLMC (H15T1Y + 2.231) (a)		3.231	%		05/01/34		39,808		41,807
FHLMC		5.000	%		07/01/35		102,789		109,358
FHLMC		4.500	%		10/01/35		198,604		207,516
FHLMC		5.500	%		03/01/36		56,331		61,099
FHLMC		5.500	%		06/01/36		78,510		85,140
FHLMC		6.000	%		06/01/36		87,994		97,817
FHLMC		5.500	%		12/01/36		64,311		69,691
FHLMC		6.000	%		08/01/37		38,186		41,847
FHLMC		5.000	%		03/01/38		327,258		349,160
FHLMC		4.500	%		06/01/39		377,727		397,087
FHLMC		5.000	%		06/01/39		535,053		571,068
FHLMC		4.500	%		07/01/39		392,011		411,643
FHLMC		4.500	%		11/01/39		362,179		380,798
FHLMC		4.500	%		09/01/40		570,337		599,843

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2018 (unaudited)

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
U.S. GOVERNMENT AGENCIES—44.7%, continued
FEDERAL HOME LOAN MORTGAGE CORPORATION—13.4%, continued
FHLMC		4.500	%		05/01/41	$	1,132,521	$	1,191,035
FHLMC		4.500	%		07/01/41		1,130,483		1,188,949
FHLMC		5.000	%		09/01/41		490,454		523,659
FHLMC		3.500	%		10/01/41		737,662		739,889
FHLMC		4.000	%		10/01/41		562,666		578,479
FHLMC		3.500	%		02/01/42		1,071,555		1,074,751
FHLMC		4.000	%		02/01/42		321,873		330,915
FHLMC		3.500	%		06/01/42		1,233,739		1,237,454
FHLMC		3.500	%		06/01/42		1,273,742		1,277,590
FHLMC		3.500	%		08/01/42		1,325,860		1,329,864
FHLMC		3.000	%		11/01/42		2,118,091		2,069,301
FHLMC		3.000	%		01/01/43		1,273,542		1,243,782
FHLMC		3.000	%		05/01/43		1,844,985		1,800,775
FHLMC		3.500	%		10/01/44		1,642,376		1,643,482
FHLMC		3.500	%		11/01/44		1,497,960		1,498,466
FHLMC		3.500	%		04/01/45		1,823,462		1,821,631
FHLMC		3.000	%		05/01/46		2,529,889		2,452,771
FHLMC		3.000	%		12/01/46		4,552,448		4,415,714
									73,405,187
FEDERAL NATIONAL MORTGAGE ASSOCIATION—24.9%
FNMA		5.000	%		07/01/18		609		619
FNMA		5.000	%		09/01/18		3,782		3,846
FNMA		7.000	%		11/01/19		597		599
FNMA		7.000	%		11/01/19		1,820		1,844
FNMA		3.500	%		07/01/20		88,946		90,067
FNMA		1.250	%		05/06/21		1,500,000		1,443,138
FNMA		1.875	%		04/05/22		13,000,000		12,603,253
FNMA		5.500	%		06/01/22		59,246		60,943
FNMA		2.890	%		07/01/22		2,379,079		2,354,464
FNMA		2.000	%		10/05/22		3,500,000		3,387,083
FNMA		2.190	%		01/01/23		1,983,768		1,915,701
FNMA		2.375	%		01/19/23		4,500,000		4,418,653
FNMA		2.670	%		12/01/23		2,437,042		2,391,663
FNMA		2.561	%		07/25/24		3,000,000		2,904,825
FNMA		2.625	%		09/06/24		16,750,000		16,471,029
FNMA		2.890	%		12/01/24		4,000,000		3,923,427
FNMA		3.080	%		12/01/24		2,349,355		2,330,830
FNMA		2.710	%		01/01/25		4,500,000		4,364,827
FNMA		5.000	%		04/01/25		98,926		104,884
FNMA		5.000	%		07/01/25		77,480		82,146
FNMA		3.500	%		10/01/25		168,171		170,291
FNMA		5.000	%		10/01/25		96,495		102,306
FNMA		5.500	%		11/01/25		29		31
FNMA		4.000	%		03/01/26		606,572		623,232
FNMA		2.125	%		04/24/26		2,000,000		1,872,518
FNMA		8.500	%		09/01/26		16,746		16,968
FNMA		1.875	%		09/24/26		14,500,000		13,240,153
FNMA		2.785	%		09/25/26		1,918,817		1,868,805
FNMA		2.746	%		04/25/27		985,387		958,433
FNMA		2.500	%		09/01/27		1,008,689		988,354
FNMA		2.500	%		11/01/27		1,464,681		1,435,133
FNMA		2.942	%		11/25/27		1,331,092		1,306,483
FNMA		2.500	%		01/01/28		983,764		963,943
FNMA		3.325	%		06/25/28		2,000,000		1,984,035
FNMA		6.625	%		11/15/30		13,050,000		17,504,239
FNMA		3.000	%		12/01/32		1,472,216		1,464,402
FNMA		6.000	%		10/01/33		48,291		53,214
FNMA (6MO LIBOR + 145) (a)		3.075	%		02/01/34		131,010		133,688
FNMA		5.500	%		02/01/34		54,424		59,017
FNMA (H15T1Y + 2.205) (a)		4.086	%		05/01/34		71,461		75,376
FNMA (12MO LIBOR + 1.645) (a)		4.270	%		05/01/34		14,292		14,750
FNMA		6.000	%		11/01/34		134,164		147,863
FNMA		5.500	%		01/01/35		86,596		93,084
FNMA		5.000	%		10/01/35		117,814		126,070
FNMA		5.500	%		10/01/35		154,860		168,000
FNMA		6.000	%		10/01/35		78,973		87,055
FNMA		5.500	%		06/01/36		41,054		44,433
FNMA		6.000	%		06/01/36		43,238		47,610
FNMA		5.500	%		11/01/36		48,215		52,117
FNMA (12MO LIBOR + 1.631) (a)		3.750	%		05/01/37		40,278		42,089
FNMA		5.625	%		07/15/37		2,750,000		3,666,248
FNMA		4.500	%		09/01/40		347,149		365,190
FNMA		4.500	%		10/01/40		354,641		373,100
FNMA		4.000	%		12/01/40		906,534		931,058
FNMA		4.000	%		01/01/41		594,771		610,852
FNMA		3.500	%		02/01/41		896,163		899,348
FNMA		4.000	%		10/01/41		532,411		546,784
FNMA		4.000	%		11/01/41		510,803		524,638
FNMA		4.000	%		12/01/41		677,208		695,551
FNMA		4.000	%		12/01/41		1,285,486		1,320,248
FNMA		4.000	%		01/01/42		1,569,938		1,614,531
FNMA		3.500	%		05/01/42		1,089,108		1,092,980
FNMA		3.000	%		06/01/42		1,749,387		1,711,245
FNMA		3.000	%		08/01/42		1,572,647		1,538,470
FNMA		3.000	%		08/01/42		1,522,113		1,488,846
FNMA		3.500	%		12/01/42		1,723,341		1,729,462
FNMA		3.000	%		06/01/43		1,535,609		1,500,171
FNMA		4.000	%		12/01/44		2,133,765		2,196,093
FNMA		3.500	%		05/01/45		2,181,462		2,183,477
FNMA		3.000	%		04/01/46		2,503,774		2,429,127
FNMA		3.500	%		11/01/46		3,908,893		3,902,211
									135,817,163
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION—0.1%
GNMA		7.000	%		12/20/30		21,365		24,285
GNMA		7.000	%		10/20/31		15,429		17,849
GNMA		7.000	%		03/20/32		57,340		67,075
GNMA		3.375	%		01/20/34		51,005		52,885
GNMA		5.500	%		10/20/38		25,888		26,870
GNMA		6.500	%		11/20/38		12,440		14,009
GNMA		2.250	%		04/16/42		370,637		367,837
									570,810
OVERSEAS PRIVATE INVESTMENT CORPORATION—0.5%
OPIC		3.280	%		09/15/29		1,070,178		1,057,916
OPIC		3.540	%		06/15/30		705,889		719,238
OPIC		3.820	%		06/01/33		904,260		930,921
									2,708,075

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2018 (unaudited)

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
U.S. GOVERNMENT AGENCIES—44.7%, continued
SMALL BUSINESS ADMINISTRATION—0.1%
SBA (Prime - 265) (a)		2.100	%		02/25/32	$	302,486	$	300,031

UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT—2.0%
Ukraine Government AID Bond		1.847	%		05/29/20		1,000,000		985,514
Hashemite Kingdom of Jordan AID Bond		2.503	%		10/30/20		5,000,000		4,978,168
Ukraine Government AID Bond		1.471	%		09/29/21		2,000,000		1,919,966
Iraq AID Bond		2.149	%		01/18/22		1,500,000		1,469,982
Hashemite Kingdom of Jordan AID Bond		3.000	%		06/30/25		1,450,000		1,436,890
									10,790,520
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		986,823
TOTAL U.S. GOVERNMENT AGENCIES (COST $248,092,954)									244,017,734

	SHARES		FAIR VALUE
INVESTMENT COMPANIES—0.6%
Pax High Yield Bond Fund - Institutional Class (Cost $4,199,236)		530,984	$	3,472,634

TOTAL INVESTMENTS (COST $543,518,193)—98.3%			$	537,112,552
Other Assets in Excess of Liabilities—1.7%				9,014,903
NET ASSETS—100.0%			$	546,127,455

(a)

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 2018. For securities based on a published rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

(b)

144a security is restricted as to resale to institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. At June 30, 2018, these securities were valued at $51,430,416 or 9.4% 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%, 12/17/18		12/15/17	$	1,200,000	$	1,193,141		0.2	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/17/19		06/10/16		1,700,000		1,684,125		0.3	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/15/20		06/15/17		850,000		830,814		0.2	%
Calvert Social Investment Foundation, Inc. 3.00%, 06/15/23		06/18/18		1,650,000		1,643,976		0.3	%
			$	5,400,000	$	5,352,056		1.0	%

plc —

Public Liability Company

CV —	Convertible Security

H15T1Y —

U.S. Treasury yield curve rate for U.S. Treasury note with a constant maturity

LIBOR —

London Interbank Offered Rate

Prime —

U.S. Prime Rate

See accompanying notes to financial statements.

Schedule of Investments

Praxis International Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.2%
AUSTRALIA—4.3%
BANKS—1.7%
Australia & New Zealand Banking Group Ltd.		6,107	$	127,645
Australia & New Zealand Banking Group Ltd. - ADR		36,061		757,101
Commonwealth Bank of Australia		21,512		1,160,225
Commonwealth Bank of Australia - ADR		1,887		102,143
National Australia Bank Ltd.		12,131		246,104
National Australia Bank Ltd. - ADR		63,688		644,841
Westpac Banking Corp.		4,794		103,963
Westpac Banking Corp. - ADR		68,899		1,493,730
				4,635,752
BIOTECHNOLOGY—0.5%
CSL Ltd.		3,640		518,938
CSL Ltd. - ADR		10,704		765,978
				1,284,916
CAPITAL MARKETS—0.3%
Macquarie Group Ltd.		7,209		659,753
Macquarie Group Ltd. - ADR		2,747		252,944
				912,697
CONTAINERS & PACKAGING—0.1%
Amcor Ltd.		24,949		266,091
Amcor Ltd. - ADR		3,500		149,030
				415,121
FOOD & STAPLES RETAILING—0.5%
Wesfarmers Ltd.		22,877		835,770
Woolworths Group Ltd.		27,413		619,232
				1,455,002
INSURANCE—0.2%
Suncorp Group Ltd.		46,152		498,377

METALS & MINING—0.3%
Alumina Ltd. - ADR		41,858		351,398
Newcrest Mining Ltd.		7,969		128,580
Newcrest Mining Ltd. - ADR		9,928		160,883
Sims Metal Management Ltd. - ADR		18,712		225,105
				865,966
OIL, GAS & CONSUMABLE FUELS—0.6%
Caltex Australia Ltd.		17,687		425,975
Origin Energy Ltd. (a)		85,076		631,569
Woodside Petroleum Ltd.		18,241		478,740
Woodside Petroleum Ltd. - ADR		5,235		138,256
				1,674,540
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.0% (b)
OneMarket Ltd (a)		6,189		5,863
Shopping Centres Australasia Property Group REIT		1		2
				5,865
TRANSPORTATION INFRASTRUCTURE—0.1%
Sydney Airport		49,337		261,456
TOTAL AUSTRALIA				12,009,692

AUSTRIA—0.3%
BANKS—0.2%
Erste Group Bank AG		5,112		213,398
Erste Group Bank AG - ADR		12,078		251,464
				464,862
OIL, GAS & CONSUMABLE FUELS—0.1%
OMV AG		7,717		437,663
TOTAL AUSTRIA				902,525

BELGIUM—0.3%
CHEMICALS—0.1%
Umicore S.A.		6,580		377,636

FOOD & STAPLES RETAILING—0.2%
Colruyt S.A.		8,334		475,575
TOTAL BELGIUM				853,211

BERMUDA—0.7%
BANKS—0.3%
Credicorp Ltd.		3,419		769,685

ELECTRIC UTILITIES—0.1%
CK Infrastructure Holdings Ltd.		41,518		307,721

HOUSEHOLD DURABLES—0.1%
Haier Electronics Group Co.		115,000		393,562

INDUSTRIAL CONGLOMERATES—0.2%
Jardine Matheson Holdings Ltd.		4,751		299,788
Jardine Matheson Holdings Ltd. - ADR		3,618		228,766
				528,554
TOTAL BERMUDA				1,999,522

BRAZIL—1.2%
BANKS—0.3%
Banco Bradesco S.A. - ADR		84,966		582,867
Banco Santander Brasil S.A. - ADR		29,881		224,107
				806,974
CHEMICALS—0.2%
Braskem S.A. - ADR		20,692		537,992

OIL, GAS & CONSUMABLE FUELS—0.4%
Petroleo Brasileiro S.A. - ADR		87,103		873,643
Ultrapar Participacoes S.A. - ADR		39,484		467,490
				1,341,133
PAPER & FOREST PRODUCTS—0.2%
Fibria Celulose S.A. - ADR		27,437		510,054

WATER UTILITIES—0.1%
Cia de Saneamento Basico do Estado de Sao Paulo - ADR		36,049		216,655
TOTAL BRAZIL				3,412,808

CANADA—6.6%
AUTO COMPONENTS—0.3%
Magna International, Inc. - Class A		13,069		759,701

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.2%, continued
CANADA—6.6%, continued
BANKS—1.7%
Bank of Montreal		7,625	$	589,107
Bank of Nova Scotia		12,180		696,940
Canadian Imperial Bank of Commerce		6,759		587,492
Royal Bank of Canada		17,137		1,290,416
Toronto-Dominion Bank		27,280		1,578,421
				4,742,376
CHEMICALS—0.4%
Methanex Corp.		7,519		531,593
Nutrien Ltd.		13,301		723,308
				1,254,901
INSURANCE—0.4%
Manulife Financial Corp.		30,520		548,444
Sun Life Financial, Inc.		11,714		470,200
				1,018,644
IT SERVICES—0.2%
CGI Group, Inc. - Class A (a)		9,434		597,361

MEDIA—0.3%
Shaw Communications, Inc. - Class B		21,893		445,523
Thomson Reuters Corp.		7,011		282,683
				728,206
METALS & MINING—0.4%
Agnico Eagle Mines Ltd.		13,077		599,319
Teck Resources Ltd. - Class B		24,575		625,434
				1,224,753
OIL, GAS & CONSUMABLE FUELS—1.4%
Cenovus Energy, Inc.		40,025		415,459
Enbridge, Inc.		25,988		927,512
Encana Corp.		36,072		470,740
Suncor Energy, Inc.		49,731		2,023,057
				3,836,768
ROAD & RAIL—0.8%
Canadian National Railway Co.		16,941		1,384,927
Canadian Pacific Railway Ltd.		4,907		898,079
				2,283,006
SOFTWARE—0.2%
Open Text Corp.		14,935		525,563

TEXTILES, APPAREL & LUXURY GOODS—0.3%
Gildan Activewear, Inc.		25,642		722,079

WIRELESS TELECOMMUNICATION SERVICES—0.2%
Rogers Communications, Inc. - Class B		12,894		611,949
TOTAL CANADA				18,305,307

CAYMAN ISLANDS—6.1%
DIVERSIFIED CONSUMER SERVICES—0.5%
New Oriental Education & Technology Group, Inc. - ADR		7,334		694,236
TAL Education Group - ADR (a)		17,340		638,112
				1,332,348
GAS UTILITIES—0.2%
ENN Energy Holdings Ltd.		50,000		491,674
INDUSTRIAL CONGLOMERATES—0.3%
CK Hutchison Holdings Ltd.		53,500		567,347
CK Hutchison Holdings Ltd. - ADR		28,954		305,754
				873,101
INTERNET & DIRECT MARKETING RETAIL—0.7%
Ctrip.com International Ltd. - ADR (a)		17,212		819,807
JD.com, Inc. - ADR (a)		25,659		999,418
Vipshop Holdings Ltd. - ADR (a)		23,262		252,393
				2,071,618
INTERNET SOFTWARE & SERVICES—4.1%
Alibaba Group Holdings Ltd. - ADR (a)		18,621		3,454,754
Baidu, Inc. - ADR (a)		5,149		1,251,207
NetEase, Inc. - ADR		2,394		604,892
SINA Corp. (a)		4,823		408,460
Tencent Holdings Ltd. - ADR		103,302		5,190,925
Weibo Corp. - ADR (a)		5,767		511,879
				11,422,117
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3%
Wharf Real Estate Investment Co. Ltd.		111,565		794,187
TOTAL CAYMAN ISLANDS				16,985,045

CHILE—0.6%
AIRLINES—0.1%
Latam Airlines Group S.A. - ADR		30,040		297,096

BANKS—0.3%
Banco Santander Chile - ADR		24,592		772,927

BEVERAGES—0.1%
Embotelladora Andina S.A. - Class B - ADR		6,720		154,694

CHEMICALS—0.1%
Sociedad Quimica y Minera de Chile S.A. - ADR		7,828		376,136
TOTAL CHILE				1,600,853

CHINA—2.3%
AIRLINES—0.1%
China Southern Airlines Co. Ltd. - ADR		5,546		219,233

BANKS—0.8%
China Construction Bank Corp. - ADR (a)		69,587		1,274,486
China Merchants Bank Co. Ltd. - H Shares (a)		131,000		483,383
Industrial & Commercial Bank of China Ltd. - H Shares (a)		710,000		531,212
				2,289,081
CHEMICALS—0.2%
Sinopec Shanghai Petrochemical Co. Ltd. - ADR		9,873		592,183

DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
China Telecom Corp. Ltd. - ADR		6,115		283,919

INSURANCE—1.0%
China Life Insurance Co. Ltd. - ADR		82,593		1,055,539
Ping An Insurance Group Co. of China Ltd. - ADR		37,164		682,703

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.2%, continued
CHINA—2.3%, continued
INSURANCE—1.0%, continued
Ping An Insurance Group Co. of China Ltd. - Class H		109,993	$	1,012,218
				2,750,460
ROAD & RAIL—0.1%
Guangshen Railway Co. - ADR		8,797		247,372
TOTAL CHINA				6,382,248

COLOMBIA—0.5%
BANKS—0.2%
BanColombia S.A. - ADR		12,168		581,387

OIL, GAS & CONSUMABLE FUELS—0.3%
Ecopetrol S.A. - ADR		44,798		920,599
TOTAL COLOMBIA				1,501,986

DENMARK—1.0%
BANKS—0.2%
Danske Bank A/S		11,624		363,901
Danske Bank A/S - ADR		6,614		103,311
				467,212
ELECTRICAL EQUIPMENT—0.1%
Vestas Wind Systems A/S		5,374		332,687

PHARMACEUTICALS—0.6%
Novo Nordisk A/S - ADR		36,060		1,663,087

TEXTILES, APPAREL & LUXURY GOODS—0.1%
Pandora A/S		3,102		216,732
TOTAL DENMARK				2,679,718

FINLAND—0.6%
COMMUNICATIONS EQUIPMENT—0.2%
Nokia OYJ - ADR		86,149		495,357

MACHINERY—0.2%
Kone OYJ - Class B		11,250		573,534

PAPER & FOREST PRODUCTS—0.2%
Stora Enso OYJ - ADR		32,308		629,360
TOTAL FINLAND				1,698,251

FRANCE—6.5%
AUTO COMPONENTS—0.4%
Cie Generale des Etablissements Michelin		1,074		130,801
Cie Generale des Etablissements Michelin - ADR		25,215		610,581
Valeo S.A.		2,793		152,695
Valeo S.A. - ADR		13,056		355,972
				1,250,049
AUTOMOBILES—0.2%
Renault S.A.		5,892		501,068

BANKS—0.6%
BNP Paribas S.A. - ADR		29,644		911,849
Credit Agricole S.A.		11,014		147,063
Credit Agricole S.A. - ADR		14,211		93,224
Societe Generale S.A.		4,111		173,364

BANKS—0.6%, continued
Societe Generale S.A. - ADR		36,300		303,286
				1,628,786
BUILDING PRODUCTS—0.2%
Cie de Saint-Gobain		13,938		622,848

CHEMICALS—0.4%
Air Liquide S.A.		8,057		1,013,240
Air Liquide S.A. - ADR		3,275		81,957
				1,095,197
CONSTRUCTION & ENGINEERING—0.5%
Bouygues S.A.		8,092		348,757
Vinci S.A.		1,494		143,678
Vinci S.A. - ADR		34,082		815,923
				1,308,358
DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
Orange S.A. - ADR		35,228		587,251
Vivendi S.A.		12,138		297,639
Vivendi S.A. - ADR		11,623		283,717
				1,168,607
ELECTRICAL EQUIPMENT—0.5%
Legrand S.A.		17,254		1,267,254

FOOD PRODUCTS—0.8%
Danone S.A. - ADR		149,555		2,180,512

HEALTH CARE EQUIPMENT & SUPPLIES—0.3%
Essilor International S.A.		4,503		635,699
Essilor International S.A. - ADR		2,486		175,387
				811,086
INSURANCE—0.3%
AXA S.A.		4,355		106,866
AXA S.A. - ADR		34,977		851,865
				958,731
MEDIA—0.2%
Publicis Groupe S.A. - ADR		26,260		450,622

MORTGAGE REAL ESTATE INVESTMENT TRUSTS—0.2%
Unibail-Rodamco SE and WFD Unibail-Rodamco N.V.		2,282		502,493

MULTI-UTILITIES—0.5%
Engie S.A. (a)		21,648		331,899
Engie S.A. - ADR		24,647		377,469
Veolia Environnement S.A.		14,792		316,601
Veolia Environnement S.A. - ADR		11,774		250,315
				1,276,284
PERSONAL PRODUCTS—0.7%
L'Oreal S.A.		1,380		340,810
L'Oreal S.A. - ADR		35,075		1,725,339
				2,066,149
SOFTWARE—0.3%
Dassault Systemes - ADR		6,224		873,569
TOTAL FRANCE				17,961,613

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.2%, continued
GERMANY—5.8%
AIR FREIGHT & LOGISTICS—0.3%
Deutsche Post AG		10,161	$	331,858
Deutsche Post AG - ADR		14,832		481,818
				813,676
AIRLINES—0.1%
Deutsche Lufthansa AG - ADR		10,201		244,620

AUTOMOBILES—0.7%
Bayerische Moteren Werke AG - ADR		27,692		835,606
Daimler AG		15,015		966,577
Daimler AG - ADR		2,549		163,646
				1,965,829
BANKS—0.1%
Deutsche Bank AG		32,333		343,376

CHEMICALS—0.8%
BASF SE		4,371		418,062
BASF SE - ADR		72,776		1,739,347
				2,157,409
DIVERSIFIED FINANCIAL SERVICES—0.3%
Deutsche Boerse AG		3,878		516,901
Deutsche Boerse AG - ADR		15,060		199,695
				716,596
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Deutsche Telekom AG - ADR		38,043		587,194

HEALTH CARE PROVIDERS & SERVICES—0.5%
Fresenius Medical Care AG & Co. KGaA - ADR		19,354		974,474
Fresenius SE & Co. KGaA		5,130		412,125
				1,386,599
INSURANCE—0.9%
Allianze SE - ADR		76,050		1,557,504
Muenchener Rueckversicherungs-Gesellschaft AG		1,682		355,589
Muenchener Rueckversicherungs-Gesellschaft AG - ADR		18,890		395,179
				2,308,272
MULTI-UTILITIES—0.1%
RWE AG		16,534		376,957

PHARMACEUTICALS—0.5%
Bayer AG - ADR		51,088		1,409,007

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Infineon Technologies AG		1,583		40,351
Infineon Technologies AG - ADR		12,109		309,627
				349,978
SOFTWARE—0.7%
SAP SE - ADR		16,215		1,875,427

TEXTILES, APPAREL & LUXURY GOODS—0.4%
adidas AG		1,323		288,807
adidas AG - ADR		7,842		854,778
				1,143,585
TRADING COMPANIES & DISTRIBUTORS—0.1%
Brenntag AG		5,521		307,639
TOTAL GERMANY				15,986,164

HONG KONG—1.9%
BANKS—0.1%
BOC Hong Kong Holdings Ltd.		44,159		207,972
BOC Hong Kong Holdings Ltd. - ADR		1,754		166,218
				374,190
DIVERSIFIED FINANCIAL SERVICES—0.1%
Hong Kong Exchanges & Clearing Ltd.		14,978		450,544

INSURANCE—0.7%
AIA Group Ltd.		98,280		859,332
AIA Group Ltd. - ADR		31,802		1,113,865
				1,973,197
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%
Henderson Land Development Co. Ltd.		98,424		520,618
Sun Hung Kai Properties Ltd.		22,037		332,565
Sun Hung Kai Properties Ltd. - ADR		11,174		170,124
Swire Pacific Ltd. - Class A		23,879		252,923
Swire Pacific Ltd. - Class A - ADR		18,937		201,774
Swire Properties Ltd.		121,150		447,809
Wharf Holdings Ltd.		150,000		481,796
				2,407,609
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%
Lenovo Group Ltd. - ADR		18,577		200,910
TOTAL HONG KONG				5,406,450

HUNGARY—0.0% (b)
OIL, GAS & CONSUMABLE FUELS—0.0%(b)
MOL Hungarian Oil & Gas plc - ADR		6,368		29,293

INDIA—2.2%
BANKS—0.9%
HDFC Bank Ltd. - ADR		16,597		1,743,017
ICICI Bank Ltd. - ADR (a)		102,004		819,092
				2,562,109
IT SERVICES—1.0%
Infosys Ltd. - ADR		93,911		1,824,691
Wipro Ltd. - ADR		176,556		845,703
				2,670,394
PHARMACEUTICALS—0.3%
Dr. Reddy's Laboratories Ltd. - ADR		31,659		1,019,420
TOTAL INDIA				6,251,923

INDONESIA—0.5%
BANKS—0.2%
PT Bank Mandiri - ADR		49,403		470,070

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Telekomunikasi Indonesia Persero Tbk PT - ADR		36,434		947,648
TOTAL INDONESIA				1,417,718

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.2%, continued
IRELAND—0.4%
CONSTRUCTION MATERIALS—0.4%
CRH plc - ADR		33,381	$	1,180,019

ISRAEL—0.3%
PHARMACEUTICALS—0.1%
Teva Pharmaceutical Industries Ltd. - ADR		16,738		407,068

SOFTWARE—0.2%
Check Point Software Technologies Ltd. (a)		4,973		485,763
TOTAL ISRAEL				892,831

ITALY—1.0%
BANKS—0.3%
Intesa Sanpaolo SpA		128,010		371,668
Intesa Sanpaolo SpA - ADR		12,596		218,667
Unicredit SpA		20,086		335,298
				925,633
ELECTRIC UTILITIES—0.2%
Enel SpA		86,564		480,832

INSURANCE—0.1%
Assicurazioni Generali SpA		16,056		269,412

TEXTILES, APPAREL & LUXURY GOODS—0.2%
Luxottica Group SpA - ADR		9,316		598,367

TRANSPORTATION INFRASTRUCTURE—0.2%
Atlantia SpA		13,863		409,868
TOTAL ITALY				2,684,112

JAPAN—16.6%
AUTO COMPONENTS—0.4%
Bridgestone Corp.		4,656		182,228
Bridgestone Corp. - ADR		20,546		400,955
Denso Corp.		7,000		342,191
Denso Corp. - ADR		6,048		146,725
				1,072,099
AUTOMOBILES—1.9%
Honda Motor Co. Ltd. - ADR		43,492		1,273,011
Nissan Motor Co. Ltd. - ADR		36,396		707,174
Toyota Motor Corp. - ADR		24,700		3,181,607
				5,161,792
BANKS—1.1%
Mitsubishi UFJ Financial Group, Inc. - ADR		232,770		1,315,151
Mizuho Financial Group, Inc. - ADR		132,028		447,575
Sumitomo Mitsui Financial Group, Inc. - ADR		173,615		1,348,989
Sumitomo Mitsui Trust Holdings, Inc.		298		11,825
				3,123,540
BUILDING PRODUCTS—0.1%
Asahi Glass Co. Ltd.		600		23,386
Asahi Glass Co. Ltd. - ADR		21,219		164,580
				187,966
CAPITAL MARKETS—0.3%
Daiwa Securities Group, Inc.		16,000		92,971
Daiwa Securities Group, Inc. - ADR		49,678		290,865

CAPITAL MARKETS—0.3%, continued
Nomura Holdings, Inc. - ADR		94,167		451,060
				834,896
CHEMICALS—0.7%
JSR Corporation		16,000		272,568
Kansai Paint Co. (a)		16,000		332,689
Nitto Denko Corp.		500		37,860
Nitto Denko Corp. - ADR		11,626		438,242
Shin-Etsu Chemical Co. Ltd.		7,400		659,924
Sumitomo Chemical Co. Ltd.		38,000		215,554
				1,956,837
COMMERCIAL SERVICES & SUPPLIES—0.2%
Dai Nippon Printing Co. Ltd.		25,000		559,796
Dai Nippon Printing Co. Ltd. - ADR		37		416
				560,212
CONSTRUCTION & ENGINEERING—0.2%
Obayashi Corp.		55,000		572,803

DIVERSIFIED FINANCIAL SERVICES—0.4%
ORIX Corp.		20,100		318,085
ORIX Corp. - ADR		9,867		779,592
				1,097,677
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Nippon Telegraph & Telephone Corp. - ADR		19,016		862,185

ELECTRICAL EQUIPMENT—0.4%
Nidec Corp. - ADR		30,872		1,158,780

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.2%
Hamamatsu Photonics K.K. (a)		9,100		391,257
Hirose Electric Co. Ltd. (a)		3,400		421,660
Hitachi Ltd.		26,000		183,557
Hitachi Ltd. - ADR		5,344		376,806
Keyence Corp.		1,600		904,128
Kyocera Corp.		2,800		157,995
Kyocera Corp. - ADR		4,458		249,648
Murata Manufacturing Co. Ltd.		3,500		588,655
Murata Manufacturing Co. Ltd. - ADR		1,592		66,784
Tokyo Electron Ltd.		400		68,720
				3,409,210
FOOD PRODUCTS—0.2%
Meiji Holdings Co. Ltd.		5,300		447,132

HEALTH CARE EQUIPMENT & SUPPLIES—0.5%
Hoya Corp.		9,500		540,516
Hoya Corp. - ADR		1,734		98,335
Terumo Corp.		11,800		676,813
				1,315,664
HOUSEHOLD DURABLES—0.8%
Sekisui House Ltd.		8,000		141,631
Sekisui House Ltd. - ADR		30,149		531,376
Sony Corp. - ADR		32,810		1,681,841
				2,354,848

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.2%, continued
JAPAN—16.6%, continued
INSURANCE—0.4%
MS&AD Insurance Group Holdings, Inc. - ADR		34,266	$	525,126
Tokio Marine Holdings, Inc.		4,600		215,769
Tokio Marine Holdings, Inc. - ADR		7,354		346,962
				1,087,857
LEISURE PRODUCTS—0.1%
Shimano, Inc.		2,100		308,427

MACHINERY—0.8%
FANUC Corp.		1,100		218,639
FANUC Corp. - ADR		43,920		870,934
Kubota Corp. - ADR		7,847		615,989
Makita Corp.		1,200		53,816
Makita Corp. - ADR		9,872		441,772
				2,201,150
MARINE—0.0% (b)
Nippon Yusen KK		600		11,918

METALS & MINING—0.2%
Sumitomo Metal Mining Co. Ltd.		11,500		440,222

OIL, GAS & CONSUMABLE FUELS—0.6%
Idemitsu Kosan Co. Ltd.		10,100		360,356
Inpex Corp.		26,239		272,439
JX Holdings, Inc.		94,300		656,037
Showa Shell Sekiyu KK		17,800		265,770
				1,554,602
PERSONAL PRODUCTS—0.7%
Kao Corp.		1,000		76,326
Kao Corp. - ADR		58,255		890,777
Shiseido Co. Ltd.		2,100		166,885
Shiseido Co. Ltd. - ADR		9,833		782,019
				1,916,007
PHARMACEUTICALS—0.7%
Astellas Pharma, Inc.		17,800		271,558
Astellas Pharma, Inc. - ADR		24,473		371,011
Daiichi Sankyo Co. Ltd.		7,700		294,688
Daiichi Sankyo Co. Ltd. - ADR		1,901		72,399
Otsuka Holdings Company Ltd.		6,200		300,396
Takeda Pharmaceutical Co. Ltd.		2,700		114,087
Takeda Pharmaceutical Co. Ltd. - ADR		18,144		379,210
				1,803,349
PROFESSIONAL SERVICES—0.2%
Recruit Holdings Co. Ltd.		17,500		484,645

REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%
Daiwa House Industry Co. Ltd. (a)		1,000		34,107
Daiwa House Industry Co. Ltd. - ADR		15,470		527,527
Mitsubishi Estate Co. Ltd.		11,000		192,458
Mitsubishi Estate Co. Ltd. - ADR		16,350		283,918
Mitsui Fudosan Co. Ltd.		21,000		507,217
Sumitomo Realty & Development Co. Ltd.		13,000		480,146
				2,025,373
RETAIL—0.3%
Japan Retail Fund Investment Corp.		462		832,944

ROAD & RAIL—0.5%
Central Japan Railway Co.		1,592		330,163
East Japan Railway Co.		3,590		344,213
East Japan Railway Co. - ADR		29,226		464,109
Keikyu Corp.		18,500		303,459
				1,441,944
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Tokyo Electron Ltd.		7,964		342,133

SOFTWARE—0.2%
Nintendo Co. Ltd.		300		98,094
Nintendo Co. Ltd. - ADR		13,760		561,270
				659,364
SPECIALTY RETAIL—0.1%
Fast Retailing Co. Ltd.		700		321,895

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.8%
Canon, Inc. - ADR		55,621		1,818,251
FUJIFILM Holdings Corp. - ADR		11,626		452,949
				2,271,200
TEXTILES, APPAREL & LUXURY GOODS—0.1%
Wacoal Holdings Corp. - ADR		2,621		382,153

TRADING COMPANIES & DISTRIBUTORS—0.6%
Itochu Corp. (a)		25,000		453,324
Mitsubishi Corp.		24,100		670,037
Mitsui & Co. Ltd. - ADR		1,637		544,990
				1,668,351
WIRELESS TELECOMMUNICATION SERVICES—0.8%
KDDI Corp. - ADR		51,612		702,956
NTT DoCoMo, Inc. - ADR		25,031		635,788
Softbank Group Corp.		7,200		518,522
Softbank Group Corp. - ADR		10,546		375,965
				2,233,231
TOTAL JAPAN				46,102,406

JERSEY—1.3%
BIOTECHNOLOGY—0.3%
Shire plc - ADR		5,336		900,717

MEDIA—0.2%
WPP plc - ADR		7,743		608,445

METALS & MINING—0.2%
Randgold Resources Ltd. - ADR		4,722		364,019

PROFESSIONAL SERVICES—0.4%
Experian plc		3,191		78,946
Experian plc - ADR		37,268		918,843
				997,789
TRADING COMPANIES & DISTRIBUTORS—0.2%
Ferguson plc		508		41,234
Ferguson plc - ADR		68,689		559,816
				601,050
TOTAL JERSEY				3,472,020

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.2%, continued
LUXEMBOURG—0.5%
ENERGY EQUIPMENT & SERVICES—0.2%
Tenaris S.A. - ADR		19,646	$	714,918

MEDIA—0.3%
RTL Group S.A.		11,328		768,516
TOTAL LUXEMBOURG				1,483,434

MEXICO—1.0%
BEVERAGES—0.3%
Coca-Cola Femsa S.A.B. de C.V. - ADR		12,392		699,281

CONSTRUCTION MATERIALS—0.2%
Cemex S.A.B. de C.V. - ADR (a)		83,354		546,802

FOOD & STAPLES RETAILING—0.3%
Wal-Mart de Mexico S.A.B. de C.V. - ADR		29,614		781,810

TRANSPORTATION INFRASTRUCTURE—0.2%
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR		7,483		695,246
TOTAL MEXICO				2,723,139

NETHERLANDS—4.1%
AUTOMOBILES—0.4%
Ferrari N.V.		5,031		679,235
Fiat Chrysler Automobiles N.V.		26,965		509,369
				1,188,604
BANKS—0.4%
ING Groep N.V. - ADR		71,517		1,024,123

CHEMICALS—0.2%
Akzo Nobel N.V. - ADR		19,227		545,662

FOOD & STAPLES RETAILING—0.4%
Koninklijke Ahold Delhaize N.V.		5,491		131,472
Koninklijke Ahold Delhaize N.V. - ADR		39,149		934,487
				1,065,959
HEALTH CARE EQUIPMENT & SUPPLIES—0.3%
Koninklijke Philips N.V.		24,173		1,021,793

LIFE SCIENCES TOOLS & SERVICES—0.2%
QIAGEN N.V. (a)		16,162		584,418

MEDIA—0.2%
Wolters Kluwer N.V.		954		53,760
Wolters Kluwer N.V. - ADR		7,337		412,046
				465,806
PERSONAL PRODUCTS—0.7%
Unilever N.V. - ADR		36,596		2,039,129

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.0%
ASML Holding N.V. - ADR		6,611		1,308,780
NXP Semiconductors N.V. (a)		5,879		642,398
STMicroelectronics N.V.		34,797		769,710
				2,720,888
TRADING COMPANIES & DISTRIBUTORS—0.3%
AerCap Holdings N.V. (a)		14,741		798,225
TOTAL NETHERLANDS				11,454,607

NORWAY—1.4%
METALS & MINING—0.1%
Norsk Hydro ASA		48,015		287,625

OIL, GAS & CONSUMABLE FUELS—1.3%
Equinor ASA		133,829		3,534,424
TOTAL NORWAY				3,822,049

PAPUA NEW GUINEA—0.1%
OIL, GAS & CONSUMABLE FUELS—0.1%
Oil Search Ltd.		60,661		399,588

PORTUGAL—0.1%
ELECTRIC UTILITIES—0.1%
EDP - Energias de Portugal S.A.		82,980		329,440
EDP - Energias de Portugal S.A. - ADR		1,231		49,080
TOTAL PORTUGAL				378,520

RUSSIA—0.3%
WIRELESS TELECOMMUNICATION SERVICES—0.3%
Mobile TeleSystems PJSC - ADR		86,910		767,415

SINGAPORE—1.3%
BANKS—0.9%
DBS Group Holdings Ltd.		656		12,812
DBS Group Holdings Ltd. - ADR		16,080		1,263,486
United Overseas Bank Ltd.		19,475		382,493
United Overseas Bank Ltd. - ADR		22,014		868,012
				2,526,803
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Singapore Telecommunications Ltd.		74,732		168,934
Singapore Telecommunications Ltd. - ADR		6,886		154,901
				323,835
INDUSTRIAL CONGLOMERATES—0.2%
Keppel Corp. Ltd.		11,721		61,508
Keppel Corp. Ltd. - ADR		40,769		426,444
				487,952
MACHINERY—0.1%
Sembcorp Marine Ltd.		204,000		305,436

REAL ESTATE INVESTMENT TRUSTS (REITS)—0.0% (b)
Keppel REIT		737		595
TOTAL SINGAPORE				3,644,621

SOUTH AFRICA—2.2%
BANKS—0.2%
Standard Bank Group Ltd.		23,660		330,950
Standard Bank Group Ltd. - ADR		19,275		275,440
				606,390

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.2%, continued
SOUTH AFRICA—2.2%, continued
INDUSTRIAL CONGLOMERATES—0.2%
Bidvest Group Ltd.		31,583	$	453,610

MEDIA—0.8%
Naspers Ltd. - Class N - ADR		43,870		2,198,764

METALS & MINING—0.6%
Glencore plc		220,536		1,053,678
Glencore plc - ADR		9,469		89,955
Gold Fields Ltd. - ADR		157,752		563,175
				1,706,808
SPECIALTY RETAIL—0.1%
Mr. Price Group Ltd.		18,810		310,268

TRADING COMPANIES & DISTRIBUTORS—0.2%
Barloworld Ltd.		45,286		428,198

WIRELESS TELECOMMUNICATION SERVICES—0.1%
MTN Group Ltd. - ADR		50,154		394,211
TOTAL SOUTH AFRICA				6,098,249

SOUTH KOREA—3.1%
BANKS—1.3%
KB Financial Group, Inc. - ADR		35,152		1,633,865
Shinhan Financial Group Co. Ltd. - ADR		37,454		1,441,230
Woori Bank - ADR		9,632		423,519
				3,498,614
DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%
KT Corp. - ADR		128,707		1,709,229

ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS—0.3%
LG Display Co. Ltd. - ADR		88,222		726,949

METALS & MINING—0.5%
POSCO - ADR		18,294		1,355,951

WIRELESS TELECOMMUNICATION SERVICES—0.4%
SK Telecom Co. Ltd. - ADR		51,901		1,210,331
TOTAL SOUTH KOREA				8,501,074

SPAIN—2.0%
BANKS—0.8%
Banco Bilbao Vizcaya Argentaria S.A. - ADR		123,093		861,651
Banco Santander S.A. - ADR		230,491		1,230,822
				2,092,473
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Telefónica S.A. - ADR		71,253		607,788

ELECTRIC UTILITIES—0.2%
Iberdrola S.A.		9,259		71,616
Iberdrola S.A. - ADR		16,749		516,204
				587,820
METALS & MINING—0.1%
Acerinox S.A. (a)		16,589		219,663

OIL, GAS & CONSUMABLE FUELS—0.5%
Repsol S.A.		36,854		721,459
Repsol S.A. - ADR		27,585		539,011
				1,260,470
SPECIALTY RETAIL—0.2%
Industria de Diseno Textil S.A.		17,640		602,693
Industria de Diseno Textil, S.A. - ADR		3,926		66,978
				669,671
TOTAL SPAIN				5,437,885

SWEDEN—1.9%
COMMUNICATIONS EQUIPMENT—0.2%
Telefonaktiebolaget LM Ericsson - ADR		52,416		402,030

CONSTRUCTION & ENGINEERING—0.2%
Skanska AB - Class B		37,142		675,140

HOUSEHOLD PRODUCTS—0.1%
Essity Aktiebolag AB - Class B		12,219		301,783

MACHINERY—0.8%
Alfa Laval AB		23,419		555,911
Atlas Copco AB - Class A (a)		8,922		259,803
Atlas Copco AB - Class A - ADR		18,292		718,327
Epiroc AB (a)		8,922		93,631
Sandvik AB		19,176		340,431
Sandvik AB - ADR		20,116		356,355
				2,324,458
METALS & MINING—0.3%
Boliden AB (a)		22,985		745,785

OIL, GAS & CONSUMABLE FUELS—0.3%
Lundin Petroleum AB		24,270		774,201
TOTAL SWEDEN				5,223,397

SWITZERLAND—5.4%
CAPITAL MARKETS—0.6%
Credit Suisse Group AG - ADR		18,311		272,468
Julius Baer Group Ltd. (a)		9,537		561,226
UBS Group AG		46,462		712,727
				1,546,421
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Swisscom AG - ADR		7,140		318,373

ELECTRICAL EQUIPMENT—0.5%
ABB Ltd. - ADR		57,192		1,245,070

FOOD PRODUCTS—1.9%
Barry Callebaut AG		397		713,539
Nestlé S.A. - ADR		57,524		4,454,083
				5,167,622
INSURANCE—0.5%
Swiss Re AG		3,563		308,321
Zurich Insurance Group AG - ADR		38,250		1,128,949
				1,437,270

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2018 (unaudited)

��	SHARES		FAIR VALUE
COMMON STOCKS—98.2%, continued
SWITZERLAND—5.4%, continued
MACHINERY—0.1%
Schindler Holding AG		1,587	$	334,591

PHARMACEUTICALS—1.6%
Novartis AG - ADR		31,455		2,376,111
Roche Holding AG - ADR		79,648		2,200,674
				4,576,785
PROFESSIONAL SERVICES—0.1%
Adecco S.A.		4,136		245,397
Adecco S.A. - ADR		4,982		146,919
				392,316
TOTAL SWITZERLAND				15,018,448

TAIWAN—2.9%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.7%
Chunghwa Telecom Co. Ltd. - ADR		55,092		1,978,905

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%
AU Optronics Corp. - ADR		165,806		701,359

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.9%
ASE Industrial Holding Co. Ltd. - ADR		161,815		744,349
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		103,680		3,790,541
United Microelectronics Corp. - ADR		265,616		749,037
				5,283,927
TOTAL TAIWAN				7,964,191

TURKEY—0.0% (b)
BANKS—0.0% (b)
Turkiye Garanti Bankasi A.S. - ADR		59,610		109,384

UNITED KINGDOM—10.2%
BANKS—1.5%
HSBC Holdings plc - ADR		60,926		2,872,052
Lloyds Banking Group plc - ADR		269,987		899,057
Standard Chartered plc		37,675		344,394
				4,115,503
CHEMICALS—0.2%
Croda International plc		8,634		547,210

COMMERCIAL BANKS—0.2%
Barclays plc - ADR		64,161		643,535

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
BT Group plc - ADR		37,202		537,941

ELECTRIC UTILITIES—0.3%
SSE plc		8,585		153,532
SSE plc - ADR		43,256		781,420
				934,952
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—0.2%
Land Securities Group plc		32,724		413,245

FOOD & STAPLES RETAILING—0.4%
J Sainsbury plc		4,806		20,374

FOOD & STAPLES RETAILING—0.4%, continued
J Sainsbury plc - ADR		18,741		317,192
Tesco plc		53,137		180,029
Tesco plc - ADR		29,931		303,201
WM Morrison Supermarkets plc		29,374		97,698
WM Morrison Supermarkets plc - ADR		8,054		133,696
				1,052,190
FOOD PRODUCTS—0.1%	��
Associated British Foods plc		11,454		413,763

HEALTH CARE EQUIPMENT & SUPPLIES—0.4%
Smith & Nephew plc		4,232		78,086
Smith & Nephew plc - ADR		24,332		913,180
				991,266
HOTELS, RESTAURANTS & LEISURE—0.9%
Carnival plc - ADR		10,603		611,263
Compass Group plc		2,160		46,141
Compass Group plc - ADR		45,261		979,901
Intercontinental Hotels Group plc - ADR		14,026		879,009
				2,516,314
HOUSEHOLD DURABLES—0.2%
Persimmon plc		15,464		516,984

HOUSEHOLD PRODUCTS—0.5%
Reckitt Benckiser Group plc		3,329		274,125
Reckitt Benckiser Group plc - ADR		70,985		1,172,317
				1,446,442
INSURANCE—0.6%
Aviva plc		41,971		279,190
Aviva plc - ADR		22,486		297,827
Prudential plc - ADR		26,183		1,196,563
				1,773,580
MEDIA—0.8%
Pearson plc - ADR		31,116		360,946
RELX plc		4,710		100,861
RELX plc - ADR		58,124		1,263,616
Sky plc		19,984		385,479
				2,110,902
METALS & MINING—0.2%
Antofagasta plc		31,044		405,551
Fresnillo plc		14,613		220,544
				626,095
MULTI-LINE RETAIL—0.2%
Marks & Spencer Group plc		10,719		41,749
Marks & Spencer Group plc - ADR		25,759		200,147
Next plc		3,908		312,054
				553,950
MULTI-UTILITIES—0.6%
National Grid plc - ADR		30,355		1,695,327

PHARMACEUTICALS—1.5%
AstraZeneca plc - ADR		55,856		1,961,104
GlaxoSmithKline plc - ADR		52,955		2,134,616
				4,095,720

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.2%, continued
UNITED KINGDOM—10.2%, continued
SOFTWARE—0.1%
Sage Group plc		33,781	$	280,264
Sage Group plc - ADR		2,320		76,513
				356,777
SPECIALTY RETAIL—0.1%
Kingfisher plc - ADR		29,151		230,001

TRADING COMPANIES & DISTRIBUTORS—0.3%
Ashtead Group plc		12,900		386,998
Bunzl plc		12,648		383,111
				770,109
WATER UTILITIES—0.3%
Severn Trent plc		14,819		387,163
United Utilities Group plc		14,801		149,090
United Utilities Group plc - ADR		12,883		263,844
				800,097
WIRELESS TELECOMMUNICATION SERVICES—0.4%
Vodafone Group plc - ADR		44,333		1,077,735
TOTAL UNITED KINGDOM				28,219,638

UNITED STATES—0.7%
HOTELS, RESTAURANTS & LEISURE—0.3%
Yum China Holdings, Inc.		21,920		843,043

METALS & MINING—0.4%
Southern Copper Corp.		24,026		1,126,099
TOTAL UNITED STATES				1,969,142
TOTAL COMMON STOCKS (COST $215,411,263)				272,930,496

PREFERRED STOCKS—0.2%
BRAZIL—0.2%
BANKS—0.2%
Itau Unibanco Holding S.A. - ADR (COST $594,228)		61,571		639,107

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc. (c)		1.000	%		12/17/18	$	600,000	$	596,570
Calvert Social Investment Foundation, Inc. (c)		1.500	%		06/17/19		500,000		495,331
Calvert Social Investment Foundation, Inc. (c)		1.500	%		06/15/20		500,000		488,714
Calvert Social Investment Foundation, Inc. (c)		3.000	%		06/15/23		870,000		866,824
TOTAL CORPORATE NOTES (COST $2,470,000)									2,447,439

TOTAL INVESTMENTS (COST $218,475,491)—99.3%								$	276,017,042
Other Assets in Excess of Liabilities—0.7%									2,017,966
NET ASSET—100.0%								$	278,035,008

(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%, 12/17/18		12/15/17	$	600,000	$	596,570		0.2	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/17/19		06/10/16		500,000		495,331		0.2	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/15/20		06/15/17		500,000		488,714		0.2	%
Calvert Social Investment Foundation, Inc. 3.00%, 06/15/23		06/15/18		870,000		866,824		0.3	%
			$	2,470,000	$	2,447,439		0.9	%

ADR —

American Depositary Receipt

plc —

Public Liability Company

REIT —

Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Investments

Praxis Value Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%
AEROSPACE & DEFENSE—0.2%
TransDigm Group, Inc.		1,320	$	455,585

AIR FREIGHT & LOGISTICS—0.8%
FedEx Corp.		2,330		529,050
United Parcel Service, Inc. - Class B		9,500		1,009,185
				1,538,235
AIRLINES—0.8%
American Airlines Group, Inc.		8,120		308,235
Delta Air Lines, Inc.		11,300		559,802
United Continental Holdings, Inc. (a)		9,570		667,316
				1,535,353
AUTO COMPONENTS—0.3%
Aptiv plc		4,830		442,573
Goodyear Tire & Rubber Co. (The)		9,590		223,351
				665,924
AUTOMOBILES—0.5%
Ford Motor Co.		89,723		993,234

BANKS—12.0%
Bank of America Corp.		97,050		2,735,840
BB&T Corp.		25,054		1,263,724
Citigroup, Inc.		47,696		3,191,816
Citizens Financial Group, Inc.		11,030		429,067
Fifth Third Bancorp		19,490		559,363
Huntington Bancshares, Inc.		31,664		467,361
JPMorgan Chase & Co.		66,715		6,951,703
KeyCorp		30,658		599,057
M&T Bank Corp.		4,596		782,009
People's United Financial, Inc.		31,070		562,056
PNC Financial Services Group, Inc. (The)		12,861		1,737,521
Regions Financial Corp.		24,860		442,011
SunTrust Banks, Inc.		9,866		651,353
U.S. Bancorp		45,657		2,283,763
Zions Bancorp.		5,120		269,773
				22,926,417
BEVERAGES—1.8%
Coca-Cola Co. (The)		43,200		1,894,752
PepsiCo, Inc.		14,219		1,548,022
				3,442,774
BIOTECHNOLOGY—1.5%
AbbVie, Inc.		3,278		303,707
Alexion Pharmaceuticals, Inc. (a)		2,410		299,202
Amgen, Inc.		6,444		1,189,498
Biogen, Inc. (a)		1,360		394,726
Gilead Sciences, Inc.		10,230		724,693
				2,911,826
BUILDING PRODUCTS—0.6%
Johnson Controls International plc		33,017		1,104,419

CAPITAL MARKETS—3.3%
Bank of New York Mellon Corp. (The)		24,944		1,345,230
BlackRock, Inc.		992		495,048
CME Group, Inc.		1,860		304,891
Franklin Resources, Inc.		7,540		241,657
Goldman Sachs Group, Inc. (The)		6,567		1,448,483
Invesco Ltd.		9,712		257,951
Morgan Stanley		24,871		1,178,885
Northern Trust Corp.		3,977		409,193
State Street Corp.		6,240		580,882
				6,262,220
CHEMICALS—4.9%
Air Products & Chemicals, Inc.		4,847		754,823
DowDuPont, Inc.		68,153		4,492,646
Eastman Chemical Co.		3,520		351,859
Ecolab, Inc.		4,576		642,150
International Flavors & Fragrances, Inc.		4,490		556,580
LyondellBasell Industries N.V. - Class A		10,110		1,110,584
Mosaic Co. (The)		10,240		287,232
Praxair, Inc.		7,896		1,248,753
				9,444,627
COMMERCIAL SERVICES & SUPPLIES—0.8%
Republic Services, Inc.		9,250		632,330
Stericycle, Inc. (a)		3,920		255,937
Waste Management, Inc.		7,680		624,691
				1,512,958
COMMUNICATIONS EQUIPMENT—1.1%
Cisco Systems, Inc.		49,115		2,113,418

CONSUMER FINANCE—1.2%
American Express Co.		4,674		458,052
Capital One Financial Corp.		10,660		979,654
Discover Financial Services		6,670		469,635
Synchrony Financial		13,930		464,983
				2,372,324
CONTAINERS & PACKAGING—0.5%
Ball Corp.		12,508		444,659
International Paper Co.		5,781		301,075
WestRock Co.		4,550		259,441
				1,005,175
DISTRIBUTORS—0.2%
Genuine Parts Co.		5,340		490,158

DIVERSIFIED FINANCIAL SERVICES—0.2%
Jefferies Financial Group, Inc.		16,790		381,805

DIVERSIFIED TELECOMMUNICATION SERVICES—4.5%
AT&T, Inc.		135,106		4,338,254
CenturyLink, Inc.		23,288		434,088
Verizon Communications, Inc.		76,140		3,830,603
				8,602,945
ELECTRIC UTILITIES—4.1%
American Electric Power Co., Inc.		15,270		1,057,447
Duke Energy Corp.		23,444		1,853,952
Edison International		8,487		536,972
Eversource Energy		7,950		465,949
NextEra Energy, Inc.		6,925		1,156,683
PPL Corp.		28,101		802,284
Southern Co. (The)		30,761		1,424,542
Xcel Energy, Inc.		11,424		521,848
				7,819,677

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
ELECTRICAL EQUIPMENT—0.8%
Eaton Corp. plc		9,150	$	683,871
Emerson Electric Co.		8,424		582,435
Rockwell Automation, Inc.		2,280		379,005
				1,645,311
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%
TE Connectivity Ltd.		3,066		276,124

ENERGY EQUIPMENT & SERVICES—2.6%
Baker Hughes, a GE Co.		32,000		1,056,960
Helmerich & Payne, Inc.		7,130		454,609
National Oilwell Varco, Inc.		9,526		413,428
Schlumberger Ltd.		38,646		2,590,441
TechnipFMC plc		13,090		415,477
				4,930,915
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.6%
Boston Properties, Inc.		2,920		366,226
Crown Castle International Corp.		3,840		414,029
Equity Residential		5,230		333,099
HCP, Inc.		8,647		223,266
Host Hotels & Resorts, Inc.		15,800		332,906
Iron Mountain, Inc.		16,520		578,365
Public Storage		1,620		367,513
Simon Property Group, Inc.		3,089		525,717
SL Green Realty Corp.		2,780		279,473
Ventas, Inc.		6,840		389,538
Welltower, Inc.		12,200		764,818
Weyerhaeuser Co.		11,149		406,493
				4,981,443
FOOD & STAPLES RETAILING—3.4%
Costco Wholesale Corp.		7,430		1,552,721
Kroger Co. (The)		28,144		800,697
Sysco Corp.		7,993		545,842
Walgreen Boots Alliance, Inc.		18,410		1,104,876
Walmart, Inc.		28,850		2,471,003
				6,475,139
FOOD PRODUCTS—2.6%
Conagra Brands, Inc.		6,540		233,674
General Mills, Inc.		15,974		707,009
Hormel Foods Corp.		10,080		375,077
J.M. Smucker Co. (The)		2,030		218,184
Kellogg Co.		10,489		732,866
Kraft Heinz Co. (The)		16,630		1,044,697
Mondelez International, Inc. - Class A		30,982		1,270,262
Tyson Foods, Inc. - Class A		5,830		401,396
				4,983,165
GAS UTILITIES—0.3%
Sempra Energy		5,733		665,659

HEALTH CARE EQUIPMENT & SUPPLIES—2.3%
Abbott Laboratories		4,340		264,696
Baxter International, Inc.		6,002		443,188
Danaher Corp.		20,910		2,063,399
DENTSPLY SIRONA, Inc.		4,770		208,783
Medtronic plc		17,180		1,470,780
				4,450,846
HEALTH CARE PROVIDERS & SERVICES—3.1%
Aetna, Inc.		3,750		688,125
AmerisourceBergen Corp.		2,260		192,710
Anthem, Inc.		2,850		678,385
Cardinal Health, Inc.		8,170		398,941
CVS Health Corp.		20,473		1,317,438
Express Scripts Holding Co. (a)		9,787		755,654
HCA Healthcare, Inc.		2,520		258,552
Humana, Inc.		2,550		758,956
McKesson Corp.		3,974		530,132
UnitedHealth Group, Inc.		1,390		341,023
				5,919,916
HOTELS, RESTAURANTS & LEISURE—1.0%
Carnival Corp.		5,563		318,816
McDonald's Corp.		3,440		539,014
Starbucks Corp.		12,890		629,676
Yum! Brands, Inc.		4,510		352,772
				1,840,278
HOUSEHOLD DURABLES—0.5%
Leggett & Platt, Inc.		7,280		324,979
Newell Brands, Inc.		14,660		378,081
Whirlpool Corp.		1,752		256,195
				959,255
HOUSEHOLD PRODUCTS—1.5%
Colgate-Palmolive Co.		6,578		426,320
Kimberly-Clark Corp.		2,070		218,054
Procter & Gamble Co. (The)		28,046		2,189,271
				2,833,645
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.2%
AES Corp.		29,344		393,503

INDUSTRIAL CONGLOMERATES—0.2%
Roper Technologies, Inc.		1,100		303,501

INSURANCE—6.7%
Aflac, Inc.		21,980		945,580
Allstate Corp. (The)		8,399		766,577
American International Group, Inc.		40,377		2,140,789
Aon plc		2,137		293,132
Brighthouse Financial, Inc. (a)		5,673		227,317
Chubb Ltd.		16,097		2,044,642
Cincinnati Financial Corp.		3,262		218,097
Everest Re Group Ltd.		2,020		465,570
Hartford Financial Services Group, Inc. (The)		9,080		464,260
Lincoln National Corp.		4,220		262,695
Loews Corp.		6,010		290,163
Marsh & McLennan Cos., Inc.		6,280		514,772
MetLife, Inc.		24,023		1,047,403
Principal Financial Group, Inc.		3,860		204,387
Prudential Financial, Inc.		10,620		993,076
Travelers Cos., Inc. (The)		8,053		985,204
Unum Group		5,160		190,868
Willis Towers Watson plc		2,350		356,260
XL Group Ltd.		8,980		502,431
				12,913,223

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
INTERNET SOFTWARE & SERVICES—0.2%
Alphabet, Inc. - Class C (a)		300	$	334,695

IT SERVICES—2.5%
Accenture plc - Class A		7,630		1,248,192
DXC Technology Co.		2,460		198,301
International Business Machines Corp.		16,252		2,270,404
Mastercard, Inc. - Class A		1,890		371,423
Paychex, Inc.		3,684		251,801
Visa, Inc. - Class A		3,120		413,244
				4,753,365
LIFE SCIENCES TOOLS & SERVICES—0.6%
IQVIA Holdings, Inc. (a)		2,740		273,507
Thermo Fisher Scientific, Inc.		3,914		810,746
				1,084,253
MACHINERY—2.2%
Deere & Co.		4,267		596,527
Dover Corp.		3,223		235,923
Flowserve Corp.		24,000		969,600
Illinois Tool Works, Inc.		5,855		811,152
Ingersoll-Rand plc		5,415		485,888
PACCAR, Inc.		6,906		427,896
Parker-Hannifin Corp.		1,567		244,217
Pentair plc		4,480		188,518
Stanley Black & Decker, Inc.		1,530		203,199
				4,162,920
MEDIA—2.8%
Comcast Corp. - Class A		42,100		1,381,301
Omnicom Group, Inc.		6,179		471,272
Twenty-First Century Fox, Inc. - Class B		28,250		1,391,878
Viacom, Inc. - Class B		11,130		335,681
Walt Disney Co. (The)		16,247		1,702,848
				5,282,980
METALS & MINING—0.6%
Newmont Mining Corp.		13,830		521,529
Nucor Corp.		8,860		553,750
				1,075,279
MULTI-LINE RETAIL—0.6%
Macy's, Inc.		8,583		321,262
Target Corp.		11,126		846,911
				1,168,173
MULTI-UTILITIES—1.2%
Ameren Corp.		5,570		338,934
Consolidated Edison, Inc.		7,361		574,011
DTE Energy Co.		3,580		370,995
NiSource, Inc.		13,870		364,504
WEC Energy Group, Inc.		10,870		702,746
				2,351,190
OIL, GAS & CONSUMABLE FUELS—9.4%
Anadarko Petroleum Corp.		10,690		783,042
Andeavor		2,800		367,304
Apache Corp.		18,188		850,289
ConocoPhillips		36,827		2,563,896
Devon Energy Corp.		18,500		813,260
EQT Corp.		5,638		311,105
Hess Corp.		16,750		1,120,408
Kinder Morgan, Inc.		65,181		1,151,748
Marathon Oil Corp.		25,286		527,466
Marathon Petroleum Corp.		11,826		829,712
Noble Energy, Inc.		17,398		613,801
Occidental Petroleum Corp.		41,350		3,460,168
ONEOK, Inc.		9,005		628,819
Phillips 66		14,200		1,594,802
Pioneer Natural Resources Co.		4,290		811,840
Valero Energy Corp.		10,030		1,111,625
Williams Cos., Inc. (The)		16,591		449,782
				17,989,067
PHARMACEUTICALS—4.0%
Bristol-Myers Squibb Co.		12,669		701,102
Eli Lilly & Co.		10,287		877,790
Johnson & Johnson		26,631		3,231,406
Merck & Co., Inc.		37,641		2,284,809
Mylan N.V. (a)		10,220		369,351
Perrigo Co. plc		3,340		243,519
				7,707,977
PROFESSIONAL SERVICES—0.3%
IHS Markit Ltd. (a)		6,530		336,883
Nielsen Holdings plc		11,010		340,539
				677,422
ROAD & RAIL—0.8%
Norfolk Southern Corp.		3,145		474,486
Union Pacific Corp.		7,360		1,042,765
				1,517,251
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.8%
Intel Corp.		41,038		2,039,999
QUALCOMM, Inc.		17,900		1,004,548
Texas Instruments, Inc.		3,000		330,750
				3,375,297
SOFTWARE—1.0%
CA, Inc.		7,512		267,803
Microsoft Corp.		3,090		304,705
Oracle Corp.		31,632		1,393,706
				1,966,214
SPECIALTY RETAIL—1.4%
AutoZone, Inc. (a)		420		281,790
Best Buy Co., Inc.		4,590		342,322
Home Depot, Inc. (The)		1,142		222,804
L Brands, Inc.		6,060		223,493
Lowe's Cos., Inc.		6,060		579,154
O'Reilly Automotive, Inc. (a)		1,080		295,456
TJX Cos., Inc. (The)		6,860		652,935
				2,597,954
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.8%
Apple, Inc.		1,610		298,027
HP, Inc.		23,630		536,165
Seagate Technology plc		4,910		277,267
Western Digital Corp.		4,475		346,410
				1,457,869

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
TEXTILES, APPAREL & LUXURY GOODS—0.7%
NIKE, Inc. - Class B		8,580	$	683,655
PVH Corp.		1,810		270,993
VF Corp.		5,110		416,567
				1,371,215
TRADING COMPANIES & DISTRIBUTORS—0.4%
W.W. Grainger, Inc.		2,540		783,336

WATER UTILITIES—0.2%
American Water Works Co., Inc.		3,640		310,783
TOTAL COMMON STOCKS (COST $151,338,800)				189,118,237

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc. (b)		1.000	%		12/17/18	$	750,000	$	745,713
Calvert Social Investment Foundation, Inc. (b)		1.500	%		06/17/19		260,000		257,572
Calvert Social Investment Foundation, Inc. (b)		1.500	%		06/15/20		250,000		244,357
Calvert Social Investment Foundation, Inc. (b)		3.000	%		06/15/23		450,000		448,357
TOTAL CORPORATE NOTES (COST $1,710,000)									1,695,999

TOTAL INVESTMENTS (COST $153,048,800)—99.6%								$	190,814,236
Other Assets in Excess of Liabilities—0.4%									890,249
NET ASSETS—100.0%								$	191,704,485

(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%, 12/17/18		12/15/17	$	750,000	$	745,713		0.4	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/17/19		06/10/16		260,000		257,572		0.2	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/15/20		06/15/17		250,000		244,357		0.1	%
Calvert Social Investment Foundation, Inc. 3.00%, 06/15/23		06/15/18		450,000		448,357		0.2	%
			$	1,710,000	$	1,695,999		0.9	%

plc —

Public Liability Company

See accompanying notes to financial statements.

Schedule of Investments

Praxis Growth Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.8%
AEROSPACE & DEFENSE—0.5%
TransDigm Group, Inc.		3,499	$	1,207,645

AIR FREIGHT & LOGISTICS—0.6%
FedEx Corp.		3,068		696,620
United Parcel Service, Inc. - Class B		9,108		967,543
				1,664,163
AIRLINES—0.3%
American Airlines Group, Inc.		9,480		359,861
Southwest Airlines Co.		8,000		407,040
				766,901
BANKS—1.7%
Bank of America Corp.		100,541		2,834,251
Citizens Financial Group, Inc.		6,337		246,509
Comerica, Inc.		4,494		408,595
JPMorgan Chase & Co.		4,809		501,098
PNC Financial Services Group, Inc. (The)		2,433		328,698
U.S. Bancorp		4,745		237,345
				4,556,496
BEVERAGES—1.6%
Coca-Cola Co. (The)		46,914		2,057,648
Monster Beverage Corp. (a)		8,550		489,915
PepsiCo, Inc.		15,693		1,708,497
				4,256,060
BIOTECHNOLOGY—4.3%
AbbVie, Inc.		39,364		3,647,074
Alexion Pharmaceuticals, Inc. (a)		1,885		234,023
Amgen, Inc.		10,935		2,018,492
Biogen, Inc. (a)		3,308		960,114
Celgene Corp. (a)		19,103		1,517,160
Gilead Sciences, Inc.		20,291		1,437,414
Incyte Corp. (a)		4,067		272,489
Regeneron Pharmaceuticals, Inc. (a)		1,737		599,248
Vertex Pharmaceuticals, Inc. (a)		5,884		1,000,045
				11,686,059
BUILDING PRODUCTS—0.6%
Allegion plc		6,005		464,547
Johnson Controls International plc		12,325		412,271
Masco Corp.		19,360		724,451
				1,601,269
CAPITAL MARKETS—2.3%
Ameriprise Financial, Inc.		2,290		320,325
BlackRock, Inc.		2,081		1,038,502
Cboe Global Markets, Inc.		2,370		246,646
Charles Schwab Corp. (The)		25,758		1,316,234
CME Group, Inc.		5,703		934,836
Moody's Corp.		3,611		615,892
S&P Global, Inc.		5,128		1,045,548
T. Rowe Price Group, Inc.		4,600		534,014
				6,051,997
CHEMICALS—1.7%
Air Products & Chemicals, Inc.		2,486		387,145
Albemarle Corp.		3,093		291,763
DowDuPont, Inc.		10,043		662,034
Ecolab, Inc.		5,322		746,836
International Flavors & Fragrances, Inc.		3,158		391,466
Praxair, Inc.		8,079		1,277,694
Sherwin-Williams Co. (The)		2,170		884,427
				4,641,365
COMMERCIAL SERVICES & SUPPLIES—0.9%
Cintas Corp.		1,634		302,404
Republic Services, Inc.		10,213		698,161
Waste Management, Inc.		18,252		1,484,618
				2,485,183
COMMUNICATIONS EQUIPMENT—0.9%
Cisco Systems, Inc.		50,169		2,158,772
Juniper Networks, Inc.		8,206		225,009
				2,383,781
CONSTRUCTION MATERIALS—0.1%
Martin Marietta Materials, Inc.		1,616		360,901

CONSUMER FINANCE—0.4%
American Express Co.		10,373		1,016,554

CONTAINERS & PACKAGING—0.3%
Avery Dennison Corp.		2,529		258,211
Ball Corp.		7,143		253,934
International Paper Co.		6,608		344,144
				856,289
DISTRIBUTORS—0.1%
Genuine Parts Co.		2,808		257,746

DIVERSIFIED FINANCIAL SERVICES—0.4%
Intercontinental Exchange, Inc.		13,888		1,021,462

ELECTRIC UTILITIES—0.4%
NextEra Energy, Inc.		5,360		895,281
Southern Co. (The)		4,987		230,948
				1,126,229
ELECTRICAL EQUIPMENT—0.9%
AMETEK, Inc.		9,087		655,718
Emerson Electric Co.		6,649		459,712
Rockwell Automation, Inc.		8,300		1,379,709
				2,495,139
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.7%
Amphenol Corp. - Class A		7,167		624,604
Corning, Inc.		20,828		572,978
TE Connectivity Ltd.		8,175		736,241
				1,933,823
ENERGY EQUIPMENT & SERVICES—0.1%
Baker Hughes, a GE Co.		5,892		194,613

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.7%
American Tower Corp.		12,382		1,785,113
AvalonBay Communities, Inc.		2,316		398,097
Boston Properties, Inc.		2,027		254,226
Crown Castle International Corp.		7,128		768,541
Digital Realty Trust, Inc.		4,316		481,579
Equinix, Inc.		1,753		753,597
Essex Property Trust, Inc.		1,991		475,988
Extra Space Storage, Inc.		2,966		296,037

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.8%, continued
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.7%, continued
GGP, Inc.		12,536	$	256,111
Iron Mountain, Inc.		8,187		286,627
Prologis, Inc.		13,062		858,043
Public Storage		696		157,895
Simon Property Group, Inc.		1,004		170,871
UDR, Inc.		10,721		402,466
				7,345,191
FOOD & STAPLES RETAILING—0.1%
Walmart, Inc.		1,686		144,406

FOOD PRODUCTS—0.1%
General Mills, Inc.		5,481		242,589

HEALTH CARE EQUIPMENT & SUPPLIES—4.7%
Abbott Laboratories		44,381		2,706,797
Align Technology, Inc. (a)		1,431		489,602
Baxter International, Inc.		7,430		548,631
Becton, Dickinson and Co.		8,031		1,923,906
Boston Scientific Corp. (a)		28,192		921,878
Cooper Cos., Inc. (The)		1,161		273,358
Danaher Corp.		4,771		470,802
Edwards Lifesciences Corp. (a)		4,070		592,470
Hologic, Inc. (a)		6,559		260,720
IDEXX Laboratories, Inc. (a)		2,060		448,957
Intuitive Surgical, Inc. (a)		2,661		1,273,235
Medtronic plc		11,661		998,298
ResMed, Inc.		3,458		358,180
Stryker Corp.		8,340		1,408,293
				12,675,127
HEALTH CARE PROVIDERS & SERVICES—3.3%
Aetna, Inc.		3,898		715,283
AmerisourceBergen Corp.		2,297		195,865
Anthem, Inc.		3,101		738,131
Centene Corp. (a)		4,602		567,013
Cigna Corp.		5,474		930,306
HCA Healthcare, Inc.		2,580		264,708
UnitedHealth Group, Inc.		21,794		5,346,940
				8,758,246
HEALTH CARE TECHNOLOGY—0.1%
Cerner Corp. (a)		4,487		268,278

HOTELS, RESTAURANTS & LEISURE—2.4%
Carnival Corp.		4,611		264,256
Chipotle Mexican Grill, Inc. (a)		778		335,606
Marriott International, Inc. - Class A		8,558		1,083,443
McDonald's Corp.		19,012		2,978,990
Royal Caribbean Cruises Ltd.		2,560		265,216
Starbucks Corp.		22,982		1,122,671
Yum! Brands, Inc.		3,561		278,541
				6,328,723
HOUSEHOLD DURABLES—0.3%
D.R. Horton, Inc.		11,874		486,834
Mohawk Industries, Inc. (a)		1,064		227,983
				714,817
HOUSEHOLD PRODUCTS—1.1%
Church & Dwight Co., Inc.		4,462		237,200
Clorox Co. (The)		2,852		385,733
Colgate-Palmolive Co.		10,399		673,959
Kimberly-Clark Corp.		3,801		400,397
Procter & Gamble Co. (The)		16,130		1,259,108
				2,956,397
INDUSTRIAL CONGLOMERATES—0.3%
Roper Technologies, Inc.		2,829		780,549

INSURANCE—1.7%
Aflac, Inc.		8,308		357,410
Allstate Corp. (The)		6,014		548,898
Aon plc		4,556		624,947
Arthur J. Gallagher & Co.		4,367		285,078
Chubb Ltd.		2,780		353,116
Marsh & McLennan Cos., Inc.		9,036		740,681
Principal Financial Group, Inc.		3,731		197,556
Progressive Corp. (The)		17,816		1,053,816
Torchmark Corp.		2,891		235,356
Willis Towers Watson plc		1,674		253,778
				4,650,636
INTERNET & DIRECT MARKETING RETAIL—7.9%
Amazon.com, Inc. (a)		8,814		14,982,037
Booking Holdings, Inc. (a)		1,030		2,087,903
Expedia Group, Inc.		2,852		342,782
Netflix, Inc. (a)		9,792		3,832,882
				21,245,604
INTERNET SOFTWARE & SERVICES—9.9%
Akamai Technologies, Inc. (a)		2,899		212,294
Alphabet, Inc. - Class A (a)		4,235		4,782,120
Alphabet, Inc. - Class C (a)		9,171		10,231,626
eBay, Inc. (a)		20,473		742,351
Facebook, Inc. - Class A (a)		52,985		10,296,045
VeriSign, Inc. (a)		2,251		309,332
				26,573,768
IT SERVICES—6.7%
Accenture plc - Class A		9,729		1,591,567
Automatic Data Processing, Inc.		11,168		1,498,076
Cognizant Technology Solutions Corp. - Class A		12,602		995,432
DXC Technology Co.		2,990		241,024
Fidelity National Information Services, Inc.		4,435		470,243
Fiserv, Inc. (a)		8,820		653,474
Gartner, Inc. (a)		2,140		284,406
Mastercard, Inc. - Class A		21,816		4,287,280
Paychex, Inc.		6,525		445,984
PayPal Holdings, Inc. (a)		22,292		1,856,255
Total System Services, Inc.		3,608		304,948
Visa, Inc. - Class A		41,463		5,491,774
				18,120,463
LEISURE PRODUCTS—0.2%
Hasbro, Inc.		4,868		449,365

LIFE SCIENCES TOOLS & SERVICES—1.3%
Agilent Technologies, Inc.		5,785		357,745
Illumina, Inc. (a)		3,249		907,413

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.8%, continued
LIFE SCIENCES TOOLS & SERVICES—1.3%, continued
Mettler-Toledo International, Inc. (a)		600	$	347,178
Thermo Fisher Scientific, Inc.		7,715		1,598,085
Waters Corp. (a)		1,646		318,649
				3,529,070
MACHINERY—1.6%
Deere & Co.		4,488		627,422
Dover Corp.		9,103		666,339
Illinois Tool Works, Inc.		9,594		1,329,153
Ingersoll-Rand plc		2,987		268,023
Parker-Hannifin Corp.		2,881		449,004
Stanley Black & Decker, Inc.		2,002		265,886
Xylem, Inc.		9,923		668,612
				4,274,439
MEDIA—1.6%
CBS Corp. - Class B		4,421		248,549
Charter Communications, Inc. - Class A (a)		4,569		1,339,676
Comcast Corp. - Class A		36,501		1,197,598
Omnicom Group, Inc.		896		68,338
Walt Disney Co. (The)		13,182		1,381,605
				4,235,766
METALS & MINING—0.1%
Nucor Corp.		4,570		285,625

MULTI-LINE RETAIL—0.1%
Dollar Tree, Inc. (a)		3,886		330,310

OIL, GAS & CONSUMABLE FUELS—0.3%
Apache Corp.		5,088		237,864
EQT Corp.		3,387		186,895
ONEOK, Inc.		5,111		356,901
				781,660
PERSONAL PRODUCTS—0.2%
Estee Lauder Cos., Inc. (The) - Class A		4,590		654,947

PHARMACEUTICALS—3.3%
Bristol-Myers Squibb Co.		24,259		1,342,493
Eli Lilly & Co.		16,118		1,375,349
Johnson & Johnson		29,871		3,624,547
Merck & Co., Inc.		21,065		1,278,646
Zoetis, Inc.		14,643		1,247,437
				8,868,472
PROFESSIONAL SERVICES—0.3%
Equifax, Inc.		2,173		271,864
Nielsen Holdings plc		10,461		323,559
Verisk Analytics, Inc. (a)		3,035		326,687
				922,110
ROAD & RAIL—1.1%
CSX Corp.		19,508		1,244,220
Norfolk Southern Corp.		2,628		396,486
Union Pacific Corp.		9,348		1,324,425
				2,965,131
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.5%
Analog Devices, Inc.		10,101		968,888
Applied Materials, Inc.		24,367		1,125,512
Broadcom, Inc.		9,079		2,202,929
Intel Corp.		61,671		3,065,665
KLA-Tencor Corp.		4,512		462,615
Lam Research Corp.		3,383		584,752
Microchip Technology, Inc.		7,002		636,832
Micron Technology, Inc. (a)		24,852		1,303,239
NVIDIA Corp.		13,886		3,289,593
QUALCOMM, Inc.		11,434		641,676
Skyworks Solutions, Inc.		3,010		290,917
Texas Instruments, Inc.		24,773		2,731,223
Xilinx, Inc.		4,619		301,436
				17,605,277
SOFTWARE—10.6%
Activision Blizzard, Inc.		14,771		1,127,323
Adobe Systems, Inc. (a)		10,776		2,627,296
ANSYS, Inc. (a)		1,778		309,692
Autodesk, Inc. (a)		4,626		606,422
Citrix Systems, Inc. (a)		3,452		361,908
Electronic Arts, Inc. (a)		7,552		1,064,983
Intuit, Inc.		5,164		1,055,031
Microsoft Corp.		169,900		16,753,839
Oracle Corp.		35,196		1,550,736
Red Hat, Inc. (a)		3,789		509,128
salesforce.com, Inc. (a)		15,569		2,123,612
Symantec Corp.		13,164		271,837
Synopsys, Inc. (a)		2,920		249,864
				28,611,671
SPECIALTY RETAIL—3.1%
Home Depot, Inc. (The)		27,779		5,419,683
Lowe's Cos., Inc.		15,097		1,442,820
O'Reilly Automotive, Inc. (a)		1,115		305,031
Ross Stores, Inc.		6,132		519,687
TJX Cos., Inc. (The)		3,533		336,271
Ulta Beauty, Inc. (a)		1,400		326,844
				8,350,336
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.6%
Apple, Inc.		107,540		19,906,729
NetApp, Inc.		5,407		424,612
				20,331,341
TEXTILES, APPAREL & LUXURY GOODS—0.7%
NIKE, Inc. - Class B		20,716		1,650,651
VF Corp.		4,295		350,128
				2,000,779
TRADING COMPANIES & DISTRIBUTORS—0.1%
Fastenal Co.		8,032		386,580
TOTAL COMMON STOCKS (COST $145,299,335)				265,951,348

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2018 (unaudited)

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc. (b)		1.000	%		12/17/18	$	175,000	$	174,000
Calvert Social Investment Foundation, Inc. (b)		1.500	%		06/17/19		800,000		792,530
Calvert Social Investment Foundation, Inc. (b)		1.500	%		06/15/20		475,000		464,278
Calvert Social Investment Foundation, Inc. (b)		3.000	%		06/15/23		900,000		896,714
TOTAL CORPORATE NOTES (COST $2,350,000)									2,327,522

TOTAL INVESTMENTS (COST $147,649,335)—99.7%								$	268,278,870
Other Assets in Excess of Liabilities—0.3%									781,611
NET ASSETS—100.0%								$	269,060,481

(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%, 12/17/18		12/15/17	$	175,000	$	174,000		0.1	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/17/19		06/10/16		800,000		792,530		0.3	%
Calvert Social Investment Foundation, Inc. 1.50%, 06/15/20		06/15/17		475,000		464,278		0.2	%
Calvert Social Investment Foundation, Inc. 3.00%, 06/15/23		06/15/18		900,000		896,714		0.3	%
			$	2,350,000	$	2,327,522		0.9	%

plc —

Public Liability Company

See accompanying notes to financial statements.

Schedule of Investments

Praxis Small Cap Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%
AEROSPACE & DEFENSE—0.6%
Axon Enterprise, Inc. (a)		3,650	$	230,607
Engility Holdings, Inc. (a)		2,850		87,324
				317,931
AIR FREIGHT & LOGISTICS—0.6%
Echo Global Logistics, Inc. (a)		2,580		75,465
Forward Air Corp.		2,860		168,969
Hub Group, Inc. - Class A (a)		2,260		112,548
				356,982
AIRLINES—0.7%
Hawaiian Holdings, Inc.		5,920		212,824
SkyWest, Inc.		3,540		183,726
				396,550
AUTO COMPONENTS—1.3%
American Axle & Manufacturing Holdings, Inc. (a)		5,900		91,804
Cooper-Standard Holdings, Inc. (a)		1,190		155,497
Dorman Products, Inc. (a)		2,250		153,697
Fox Factory Holding Corp. (a)		3,770		175,494
Gentherm, Inc. (a)		2,520		99,036
Standard Motor Products, Inc.		1,500		72,510
				748,038
AUTOMOBILES—0.5%
LCI Industries		1,700		153,255
Winnebago Industries, Inc.		3,730		151,438
				304,693
BANKS—8.3%
Ameris Bancorp		2,470		131,774
Banc of California, Inc.		4,200		82,110
Banner Corp.		1,960		117,855
Boston Private Financial Holdings, Inc.		10,750		170,925
Brookline Bancorp, Inc.		12,520		232,872
Central Pacific Financial Corp.		2,270		65,035
City Holding Co.		1,460		109,836
Columbia Banking System, Inc.		5,790		236,811
Community Bank System, Inc.		4,080		241,006
Customers Bancorp, Inc. (a)		2,090		59,314
CVB Financial Corp.		6,370		142,815
Fidelity Southern Corp.		2,810		71,402
First BanCorp. (a)		18,890		144,508
First Commonwealth Financial Corp.		5,600		86,856
First Financial Bancorp		4,940		151,411
First Financial Bankshares, Inc.		4,410		224,469
First Midwest Bancorp, Inc.		5,580		142,123
Glacier Bancorp, Inc.		5,010		193,787
Great Western Bancorp, Inc.		3,870		162,501
Hanmi Financial Corp.		2,240		63,504
Hope Bancorp, Inc.		8,360		149,059
Independent Bank Corp.		1,730		135,632
LegacyTexas Financial Group, Inc.		3,040		118,621
NBT Bancorp, Inc.		2,980		113,687
OFG Bancorp		7,240		101,722
Old National Bancorp		9,310		173,166
Opus Bank		1,980		56,826
Pacific Premier Bancorp, Inc. (a)		3,200		122,080
S&T Bancorp, Inc.		2,180		94,263
Seacoast Banking Corp. of Florida (a)		5,240		165,479
ServisFirst Bancshares, Inc.		4,920		205,312
Simmons First National Corp. - Class A		3,940		117,806
Southside Bancshares, Inc.		2,307		77,700
Tompkins Financial Corp.		920		79,010
United Community Banks, Inc.		4,800		147,216
Westamerica Bancorp.		1,670		94,372
				4,782,865
BEVERAGES—0.2%
Coca-Cola Bottling Co. Consolidated		780		105,401

BIOTECHNOLOGY—2.4%
Acorda Therapeutics, Inc. (a)		3,480		99,876
AMAG Pharmaceuticals, Inc. (a)		2,360		46,020
Cytokinetics, Inc. (a)		170		1,411
Eagle Pharmaceuticals, Inc. (a)		1,210		91,549
Emergent BioSolutions, Inc. (a)		3,960		199,940
Enanta Pharmaceuticals, Inc. (a)		1,630		188,917
Ligand Pharmaceuticals, Inc. (a)		1,710		354,261
MiMedx Group, Inc. (a)		3,360		21,470
Momenta Pharmaceuticals, Inc. (a)		4,620		94,479
Progenics Pharmaceuticals, Inc. (a)		2,700		21,708
Repligen Corp. (a)		2,250		105,840
Spectrum Pharmaceuticals, Inc. (a)		7,480		156,781
				1,382,252
BUILDING PRODUCTS—2.5%
AAON, Inc.		4,090		135,993
American Woodmark Corp. (a)		1,025		93,839
Apogee Enterprises, Inc.		1,960		94,413
Gibraltar Industries, Inc. (a)		3,370		126,375
Insteel Industries, Inc.		2,100		70,140
Patrick Industries, Inc. (a)		1,500		85,275
PGT Innovations, Inc. (a)		4,110		85,693
Quanex Building Products Corp.		5,670		101,776
Simpson Manufacturing Co., Inc.		3,990		248,138
Trex Co., Inc. (a)		3,770		235,964
Universal Forest Products, Inc.		4,680		171,382
				1,448,988
CAPITAL MARKETS—1.5%
Donnelley Financial Solutions, Inc. (a)		4,680		81,292
Financial Engines, Inc.		4,720		211,928
Greenhill & Co., Inc.		3,210		91,164
INTL FCStone, Inc. (a)		1,800		93,078
Investment Technology Group, Inc.		2,350		49,162
Piper Jaffray Cos.		1,130		86,840
Virtus Investment Partners, Inc.		490		62,695
Waddell & Reed Financial, Inc. - Class A		5,350		96,140
WisdomTree Investments, Inc.		10,100		91,708
				864,007
CHEMICALS—1.2%
H.B. Fuller Co.		7,040		377,907
Quaker Chemical Corp.		1,460		226,111
Rayonier Advanced Materials, Inc.		3,590		61,353
				665,371
COMMERCIAL SERVICES & SUPPLIES—3.9%
ABM Industries, Inc.		4,080		119,054
Brady Corp. - Class A		6,240		240,552
Essendant, Inc.		6,360		84,079

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
COMMERCIAL SERVICES & SUPPLIES—3.9%, continued
Interface, Inc.		4,680	$	107,406
LSC Communications, Inc.		3,040		47,607
Matthews International Corp. - Class A		2,810		165,228
Mobile Mini, Inc.		3,110		145,859
Multi-Color Corp.		1,020		65,943
R.R. Donnelley & Sons Co.		2,630		15,149
Team, Inc. (a)		22,210		513,051
Tetra Tech, Inc.		4,740		277,290
UniFirst Corp.		1,550		274,195
US Ecology, Inc.		1,490		94,913
Viad Corp.		1,980		107,415
				2,257,741
COMMUNICATIONS EQUIPMENT—1.8%
ADTRAN, Inc.		6,530		96,970
Applied Optoelectronics, Inc. (a)		2,330		104,617
CalAmp Corp. (a)		3,190		74,742
Finisar Corp. (a)		15,710		282,780
Harmonic, Inc. (a)		14,710		62,517
NETGEAR, Inc. (a)		2,450		153,125
Oclaro, Inc. (a)		12,690		113,322
Viavi Solutions, Inc. (a)		15,670		160,461
				1,048,534
CONSTRUCTION & ENGINEERING—0.4%
Aegion Corp. (a)		2,880		74,160
Comfort Systems USA, Inc.		2,340		107,172
MYR Group, Inc. (a)		1,530		54,254
				235,586
CONSTRUCTION MATERIALS—0.1%
U.S. Concrete, Inc. (a)		1,100		57,750

CONSUMER FINANCE—1.1%
Encore Capital Group, Inc. (a)		2,750		100,650
Enova International, Inc. (a)		2,610		95,396
Green Dot Corp. - Class A (a)		3,100		227,509
PRA Group, Inc. (a)		3,460		133,383
World Acceptance Corp. (a)		710		78,817
				635,755
CONTAINERS & PACKAGING—0.7%
Ingevity Corp. (a)		3,870		312,928
Myers Industries, Inc.		4,580		87,936
				400,864
DIVERSIFIED CONSUMER SERVICES—0.7%
American Public Education, Inc. (a)		3,900		164,190
Capella Education Co.		880		86,856
Career Education Corp. (a)		4,710		76,161
Strayer Education, Inc.		760		85,887
				413,094
DIVERSIFIED TELECOMMUNICATION SERVICES—1.4%
8x8, Inc. (a)		6,310		126,516
ATN International, Inc.		1,320		69,656
Cincinnati Bell, Inc. (a)		3,160		49,612
Cogent Communications Holdings, Inc.		3,200		170,880
Consolidated Communications Holdings, Inc.		3,970		49,069
Iridium Communications, Inc. (a)		10,490		168,889
Vonage Holdings Corp. (a)		12,850		165,637
				800,259
ELECTRICAL EQUIPMENT—0.6%
AZZ, Inc.		1,800		78,210
Encore Wire Corp.		1,700		80,665
Franklin Electric Co., Inc.		4,130		186,263
				345,138
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.5%
Anixter International, Inc. (a)		2,180		137,994
Badger Meter, Inc.		2,110		94,317
Benchmark Electronics, Inc.		3,960		115,434
Control4 Corp. (a)		5,090		123,738
CTS Corp.		2,780		100,080
Daktronics, Inc.		9,940		84,589
Electro Scientific Industries, Inc. (a)		4,390		69,230
ePlus, Inc. (a)		1,060		99,746
Fabrinet (a)		2,610		96,283
FARO Technologies, Inc. (a)		1,290		70,111
II-VI, Inc. (a)		3,780		164,241
Insight Enterprises, Inc. (a)		2,820		137,983
Itron, Inc. (a)		3,150		189,157
KEMET Corp. (a)		5,430		131,134
Methode Electronics, Inc.		2,500		100,750
MTS Systems Corp.		1,320		69,498
OSI Systems, Inc. (a)		1,360		105,169
Plexus Corp. (a)		2,470		147,064
Rogers Corp. (a)		1,610		179,451
Sanmina Corp. (a)		5,140		150,602
ScanSource, Inc. (a)		2,400		96,720
TTM Technologies, Inc. (a)		7,390		130,286
				2,593,577
ENERGY EQUIPMENT & SERVICES—3.2%
Archrock, Inc.		10,760		129,120
C&J Energy Services, Inc. (a)		3,940		92,984
Era Group, Inc. (a)		5,770		74,721
Exterran Corp. (a)		2,910		72,866
Geospace Technologies Corp. (a)		2,460		34,588
Helix Energy Solutions Group, Inc. (a)		18,730		156,021
Newpark Resources, Inc. (a)		16,660		180,761
Noble Corp. plc (a)		28,070		177,683
Oil States International, Inc. (a)		4,250		136,425
Pioneer Energy Services Corp. (a)		36,020		210,717
ProPetro Holding Corp. (a)		10,860		170,285
SEACOR Holdings, Inc. (a)		1,250		71,587
TETRA Technologies, Inc. (a)		11,700		52,065
U.S. Silica Holdings, Inc.		6,050		155,425
Unit Corp. (a)		4,730		120,899
				1,836,147
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—5.5%
Acadia Realty Trust		5,320		145,608
Agree Realty Corp.		1,980		104,485
American Assets Trust, Inc.		3,790		145,119
Armada Hoffler Properties, Inc.		8,590		127,991
CareTrust REIT, Inc.		5,220		87,122
CBL & Associates Properties, Inc.		9,280		51,690
Chesapeake Lodging Trust		3,710		117,384

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—5.5%, continued
DiamondRock Hospitality Co.		14,040	$	172,411
EastGroup Properties, Inc.		2,720		259,923
Four Corners Property Trust, Inc.		4,110		101,229
Franklin Street Properties Corp.		7,520		64,371
Global Net Lease, Inc. (a)		630		12,871
Government Properties Income Trust		6,310		100,014
Hersha Hospitality Trust		2,630		56,414
Independence Realty Trust, Inc.		16,080		165,785
Kite Realty Group Trust		5,340		91,207
Lexington Realty Trust		19,510		170,322
LTC Properties, Inc.		2,270		97,020
National Storage Affiliates Trust		4,190		129,136
Pennsylvania Real Estate Investment Trust		8,260		90,778
PS Business Parks, Inc.		1,590		204,315
Retail Opportunity Investments Corp.		7,190		137,760
Saul Centers, Inc.		1,440		77,155
Summit Hotel Properties, Inc.		9,270		132,654
Universal Health Realty Income Trust		1,650		105,567
Washington Prime Group, Inc.		23,940		194,153
				3,142,484
FOOD & STAPLES RETAILING—0.3%
Andersons, Inc. (The)		1,860		63,612
SpartanNash Co.		2,920		74,519
SUPERVALU, INC. (a)		2,687		55,137
				193,268
FOOD PRODUCTS—1.5%
B&G Foods, Inc.		4,680		139,932
Calavo Growers, Inc.		1,050		100,957
Cal-Maine Foods, Inc. (a)		3,150		144,428
Darling Ingredients, Inc. (a)		11,730		233,192
J & J Snack Foods Corp.		1,600		243,952
				862,461
GAS UTILITIES—1.3%
Northwest Natural Gas Co.		2,480		158,224
South Jersey Industries, Inc.		6,330		211,865
Spire, Inc.		5,560		392,814
				762,903
HEALTH CARE EQUIPMENT & SUPPLIES—3.3%
Abaxis, Inc.		1,520		126,175
AngioDynamics, Inc. (a)		3,020		67,165
CryoLife, Inc. (a)		3,830		106,665
Heska Corp. (a)		480		49,819
Inogen, Inc. (a)		1,750		326,078
Integer Holdings Corp. (a)		2,180		140,937
Invacare Corp.		3,570		66,402
LeMaitre Vascular, Inc.		1,550		51,894
Meridian Bioscience, Inc.		4,390		69,801
Merit Medical Systems, Inc. (a)		3,140		160,768
Neogen Corp. (a)		3,153		252,839
OraSure Technologies, Inc. (a)		6,510		107,220
Orthofix International N.V. (a)		1,040		59,093
Tactile Systems Technology, Inc. (a)		2,490		129,480
Varex Imaging Corp. (a)		4,550		168,759
				1,883,095
HEALTH CARE PROVIDERS & SERVICES—3.9%
Aceto Corp.		4,945		16,566
Amedisys, Inc. (a)		2,810		240,143
AMN Healthcare Services, Inc. (a)		3,380		198,068
BioTelemetry, Inc. (a)		2,040		91,800
Community Health Systems, Inc. (a)		12,210		40,537
CorVel Corp. (a)		1,030		55,620
Cross Country Healthcare, Inc. (a)		13,360		150,300
Ensign Group, Inc. (The)		3,400		121,788
HealthEquity, Inc. (a)		4,070		305,657
Kindred Healthcare, Inc. (a)		7,520		67,680
LHC Group, Inc. (a)		2,820		241,364
Magellan Health, Inc. (a)		1,600		153,520
Owens & Minor, Inc.		3,670		61,326
Providence Service Corp. (The) (a)		1,220		95,831
Select Medical Holdings Corp. (a)		11,670		211,810
Tivity Health, Inc. (a)		2,400		84,480
U.S. Physical Therapy, Inc.		850		81,600
				2,218,090
HEALTH CARE SERVICES—0.3%
Diplomat Pharmacy, Inc. (a)		7,240		185,054

HEALTH CARE TECHNOLOGY—0.7%
HealthStream, Inc.		2,180		59,536
HMS Holdings Corp. (a)		5,890		127,342
Omnicell, Inc. (a)		2,840		148,958
Quality Systems, Inc. (a)		4,120		80,340
				416,176
HOTELS, RESTAURANTS & LEISURE—2.5%
Belmond Ltd. - Class A (a)		6,450		71,917
Chuy's Holdings, Inc. (a)		2,270		69,689
Dave & Buster's Entertainment, Inc. (a)		3,440		163,744
Dine Brands Global, Inc.		2,520		188,496
Fiesta Restaurant Group, Inc. (a)		3,740		107,338
Marcus Corp. (The)		1,880		61,100
Marriott Vacations Worldwide Corp.		1,800		203,328
Red Robin Gourmet Burgers, Inc. (a)		1,120		52,192
Shake Shack, Inc. - Class A (a)		1,400		92,652
Sonic Corp.		5,480		188,622
Wingstop, Inc.		4,060		211,607
				1,410,685
HOUSEHOLD DURABLES—2.2%
Cavco Industries, Inc. (a)		790		164,044
Ethan Allen Interiors, Inc.		2,030		49,735
Installed Building Products, Inc. (a)		2,400		135,720
iRobot Corp. (a)		1,930		146,236
La-Z-Boy, Inc.		3,670		112,302
LGI Homes, Inc. (a)		1,640		94,677
M.D.C. Holdings, Inc.		3,402		104,680
M/I Homes, Inc. (a)		1,900		50,312
Meritage Homes Corp. (a)		2,680		117,786
TopBuild Corp. (a)		2,710		212,301
William Lyon Homes - Class A (a)		2,360		54,752
				1,242,545
HOUSEHOLD PRODUCTS—0.8%
Central Garden & Pet Co. - Class A (a)		3,330		134,765
WD-40 Co.		2,050		299,813
				434,578

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
INDUSTRIAL CONGLOMERATES—0.3%
Raven Industries, Inc.		4,490	$	172,641

INSURANCE—3.3%
American Equity Investment Life Holding Co.		6,800		244,800
AMERISAFE, Inc.		1,540		88,935
Employers Holdings, Inc.		2,590		104,118
HCI Group, Inc.		570		23,695
Horace Mann Educators Corp.		3,080		137,368
Infinity Property & Casualty Corp.		1,450		206,407
Maiden Holdings Ltd.		5,990		46,422
Navigators Group, Inc. (The)		2,540		144,780
ProAssurance Corp.		3,540		125,493
RLI Corp.		2,580		170,770
Safety Insurance Group, Inc.		1,790		152,866
Selective Insurance Group, Inc.		3,910		215,050
Stewart Information Services Corp.		1,710		73,650
United Fire Group, Inc.		1,370		74,679
Universal Insurance Holdings, Inc.		2,220		77,922
				1,886,955
INTERNET & DIRECT MARKETING RETAIL—0.7%
Nutrisystem, Inc.		2,150		82,775
PetMed Express, Inc.		1,670		73,564
Shutterfly, Inc. (a)		2,500		225,075
				381,414
INTERNET SOFTWARE & SERVICES—1.5%
Alarm.com Holdings, Inc. (a)		2,120		85,606
Blucora, Inc. (a)		3,190		118,030
LivePerson, Inc. (a)		4,880		102,968
NIC, Inc.		4,840		75,262
Shutterstock, Inc. (a)		2,450		116,277
SPS Commerce, Inc. (a)		1,280		94,054
Stamps.com, Inc. (a)		1,120		283,416
				875,613
IT SERVICES—1.6%
Cardtronics plc - Class A (a)		3,300		79,794
CSG Systems International, Inc.		2,660		108,714
ExlService Holdings, Inc. (a)		2,360		133,600
Perficient, Inc. (a)		3,200		84,384
Sykes Enterprises, Inc. (a)		3,400		97,852
Travelport Worldwide Ltd.		11,850		219,699
TTEC Holdings, Inc.		1,960		67,718
Virtusa Corp. (a)		2,370		115,371
				907,132
LEISURE PRODUCTS—0.3%
Callaway Golf Co.		8,680		164,660

LIFE SCIENCES TOOLS & SERVICES—0.5%
Cambrex Corp. (a)		2,535		132,581
Luminex Corp.		4,580		135,247
				267,828
MACHINERY—5.7%
Actuant Corp. - Class A		4,520		132,662
Alamo Group, Inc.		690		62,348
Albany International Corp. - Class A		2,090		125,714
Astec Industries, Inc.		1,530		91,494
Barnes Group, Inc.		3,690		217,341
Briggs & Stratton Corp.		3,210		56,528
Chart Industries, Inc. (a)		2,270		140,014
CIRCOR International, Inc.		1,270		46,939
EnPro Industries, Inc.		1,980		138,501
ESCO Technologies, Inc.		1,900		109,630
Federal Signal Corp.		4,870		113,422
Greenbrier Cos., Inc. (The)		2,030		107,083
Harsco Corp. (a)		6,320		139,672
Hillenbrand, Inc.		7,300		344,195
John Bean Technologies Corp.		2,085		185,356
Lindsay Corp.		840		81,472
Lydall, Inc. (a)		1,350		58,927
Mueller Industries, Inc.		4,570		134,861
Proto Labs, Inc. (a)		1,720		204,594
SPX Corp. (a)		3,480		121,974
SPX FLOW, Inc. (a)		2,860		125,182
Standex International Corp.		1,630		166,586
Tennant Co.		1,310		103,490
Wabash National Corp.		4,440		82,850
Watts Water Technologies, Inc. - Class A		2,220		174,048
				3,264,883
MARINE—0.2%
Matson, Inc.		3,030		116,291

MEDIA—0.8%
Gannett Co., Inc.		8,110		86,777
New Media Investment Group, Inc.		4,350		80,388
Scholastic Corp.		2,210		97,925
World Wrestling Entertainment, Inc. - Class A		2,990		217,732
				482,822
METALS & MINING—0.4%
Materion Corp.		2,680		145,122
Olympic Steel, Inc.		4,480		91,437
				236,559
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.7%
Apollo Commercial Real Estate Finance, Inc.		9,860		180,241
Capstead Mortgage Corp.		12,570		112,501
Invesco Mortgage Capital, Inc.		6,430		102,237
				394,979
MULTI-UTILITIES—0.6%
Avista Corp.		6,110		321,753

OIL, GAS & CONSUMABLE FUELS—0.6%
Cloud Peak Energy, Inc. (a)		22,230		77,583
Denbury Resources, Inc. (a)		24,230		116,546
Green Plains, Inc.		9,480		173,484
				367,613
PAPER & FOREST PRODUCTS—1.2%
Boise Cascade Co.		3,890		173,883
Clearwater Paper Corp. (a)		1,150		26,565
KapStone Paper and Packaging Corp.		7,190		248,055
Neenah, Inc.		2,500		212,125
				660,628
PERSONAL PRODUCTS—0.7%
Medifast, Inc.		2,310		369,970

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
PHARMACEUTICALS—1.0%
Amphastar Pharmaceuticals, Inc. (a)		3,400	$	51,884
Depomed, Inc. (a)		2,130		14,207
Innoviva, Inc. (a)		9,270		127,926
Medicines Co. (The) (a)		4,760		174,692
Supernus Pharmaceuticals, Inc. (a)		3,420		204,687
				573,396
PROFESSIONAL SERVICES—2.4%
ASGN, Inc. (a)		3,380		264,282
Exponent, Inc.		4,040		195,132
Insperity, Inc.		2,780		264,795
Kelly Services, Inc. - Class A		2,590		58,145
Korn/Ferry International		4,520		279,924
Navigant Consulting, Inc. (a)		4,350		96,309
TrueBlue, Inc. (a)		3,620		97,559
WageWorks, Inc. (a)		2,490		124,500
				1,380,646
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3%
HFF, Inc. - Class A		2,570		88,280
RE/MAX Holdings, Inc. - Class A		1,260		66,087
				154,367
ROAD & RAIL—0.7%
ArcBest Corp.		1,760		80,432
Heartland Express, Inc.		5,750		106,663
Marten Transport Ltd.		3,300		77,385
Saia, Inc. (a)		1,850		149,572
				414,052
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.1%
Advanced Energy Industries, Inc. (a)		2,880		167,299
Axcelis Technologies, Inc. (a)		3,000		59,400
Brooks Automation, Inc.		5,540		180,715
Cabot Microelectronics Corp.		1,630		175,323
CEVA, Inc. (a)		1,740		52,548
Diodes, Inc. (a)		2,910		100,308
Kulicke & Soffa Industries, Inc.		5,390		128,390
MaxLinear, Inc. (a)		3,800		59,242
Nanometrics, Inc. (a)		2,070		73,299
Power Integrations, Inc.		1,970		143,908
Rambus, Inc. (a)		7,285		91,354
Rudolph Technologies, Inc. (a)		2,700		79,920
Semtech Corp. (a)		4,710		221,605
SolarEdge Technologies, Inc. (a)		3,170		151,685
Veeco Instruments, Inc. (a)		3,481		49,604
Xperi Corp.		3,380		54,418
				1,789,018
SOFTWARE—1.8%
Agilysys, Inc. (a)		6,190		95,945
Bottomline Technologies (de), Inc. (a)		3,210		159,954
Ebix, Inc.		1,900		144,875
MicroStrategy, Inc. - Class A (a)		680		86,870
Monotype Imaging Holdings, Inc.		3,610		73,283
Progress Software Corp.		3,880		150,622
Qualys, Inc. (a)		2,220		187,146
TiVo Corp.		8,170		109,886
				1,008,581
SPECIALTY RETAIL—4.0%
Abercrombie & Fitch Co. - Class A		5,900		144,432
Asbury Automotive Group, Inc. (a)		1,760		120,648
ascena retail group, inc. (a)		24,820		98,908
Caleres, Inc.		3,100		106,609
Chico's FAS, Inc.		9,750		79,365
Children's Place, Inc. (The)		1,390		167,912
DSW, Inc. - Class A		2,890		74,620
Express, Inc. (a)		6,430		58,835
GameStop Corp. - Class A		4,120		60,028
Genesco, Inc. (a)		1,570		62,329
Group 1 Automotive, Inc.		1,380		86,940
Guess?, Inc.		9,260		198,164
Hibbett Sports, Inc. (a)		3,770		86,333
Lithia Motors, Inc. - Class A		1,650		156,040
Lumber Liquidators Holdings, Inc. (a)		2,930		71,346
MarineMax, Inc. (a)		2,510		47,564
Monro, Inc.		2,320		134,792
Office Depot, Inc.		22,400		57,120
RH (a)		1,400		195,580
Sleep Number Corp. (a)		3,400		98,668
Tailored Brands, Inc.		5,280		134,746
Vitamin Shoppe, Inc. (a)		8,290		57,615
				2,298,594
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.5%
Cray, Inc. (a)		3,130		76,998
Electronics For Imaging, Inc. (a)		3,390		110,378
Super Micro Computer, Inc. (a)		4,440		105,006
				292,382
TEXTILES, APPAREL & LUXURY GOODS—2.0%
Crocs, Inc. (a)		6,870		120,981
Fossil Group, Inc. (a)		2,270		60,995
G-III Apparel Group Ltd. (a)		5,110		226,884
Movado Group, Inc.		1,630		78,729
Oxford Industries, Inc.		1,855		153,928
Steven Madden Ltd.		5,170		274,527
Wolverine World Wide, Inc.		7,210		250,691
				1,166,735
THRIFTS & MORTGAGE FINANCE—1.5%
BofI Holding, Inc. (a)		3,910		159,958
Dime Community Bancshares, Inc.		2,440		47,580
HomeStreet, Inc. (a)		2,050		55,248
Meta Financial Group, Inc.		800		77,920
NMI Holdings, Inc. - Class A (a)		2,990		48,737
Northwest Bancshares, Inc.		7,750		134,772
Provident Financial Services, Inc.		4,170		114,800
TrustCo Bank Corp.		11,340		100,926
Walker & Dunlop, Inc.		2,200		122,430
				862,371
TRADING COMPANIES & DISTRIBUTORS—0.7%
Applied Industrial Technologies, Inc.		2,920		204,838
DXP Enterprises, Inc. (a)		1,540		58,828
Veritiv Corp. (a)		3,660		145,851
				409,517

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
WATER UTILITIES—0.7%
American States Water Co.		3,640	$	208,062
California Water Service Group		4,300		167,485
				375,547
TOTAL COMMON STOCKS (COST $48,438,361)				56,345,809

	COUPON			MATURITY		PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc. (b)		1.500	%		06/15/20	$	175,000	$	171,050
Calvert Social Investment Foundation, Inc. (b)		3.000	%		06/15/23		330,000		328,795
TOTAL CORPORATE NOTES (COST $505,000)									499,845

TOTAL INVESTMENTS (COST $48,943,361)—99.2%								$	56,845,654
Other Assets in Excess of Liabilities—0.8%									491,143
NET ASSETS—100.0%								$	57,336,797

(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. 1.50%, 06/15/20		06/15/17	$	175,000	$	171,050		0.3	%
Calvert Social Investment Foundation, Inc. 3.00%, 06/15/23		06/15/18		330,000		328,795		0.6	%
			$	505,000	$	499,845		0.9	%

plc —

Public Liability Company

REIT —

Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Investments

Praxis Genesis Conservative Portfolio
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
MUTUAL FUNDS—100.0%
DEBT FUND—70.1%
Praxis Impact Bond Fund - Class I		1,580,685	$	15,901,696

EQUITY FUND—29.9%
Praxis Growth Index Fund - Class I		84,078		2,091,026
Praxis International Index Fund - Class I		180,618		2,044,591
Praxis Small Cap Index Fund - Class I		54,369		558,908
Praxis Value Index Fund - Class I		154,427		2,095,573
				6,790,098
TOTAL MUTUAL FUNDS (COST $20,630,273)				22,691,794

TOTAL INVESTMENTS (COST $20,630,273)—100.0%			$	22,691,794
Other Assets in Excess of Liabilities—0.0% (a)				1,951
NET ASSETS—100.0%			$	22,693,745

(a)	Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

Schedule of Investments

Praxis Genesis Balanced Portfolio
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
MUTUAL FUNDS—100.0%
DEBT FUND—40.1%
Praxis Impact Bond Fund - Class I		2,974,847	$	29,926,958

EQUITY FUND—59.9%
Praxis Growth Index Fund - Class I		479,305		11,920,319
Praxis International Index Fund - Class I		1,189,571		13,465,949
Praxis Small Index Cap Fund - Class I		716,115		7,361,660
Praxis Value Index Fund - Class I		879,952		11,940,945
				44,688,873
TOTAL MUTUAL FUNDS (COST $60,782,310)				74,615,831

TOTAL INVESTMENTS (COST $60,782,310)—100.0%			$	74,615,831
Liabilities in Excess of Other Assets—(0.0%) (a)				(21,809	)
NET ASSETS—100.0%			$	74,594,022

(a)	Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

Schedule of Investments

Praxis Genesis Growth Portfolio
June 30, 2018 (unaudited)

	SHARES		FAIR VALUE
MUTUAL FUNDS—100.0%
DEBT FUND—20.1%
Praxis Impact Bond Fund - Class I		1,304,892	$	13,127,211

EQUITY FUND—80.0%
Praxis Growth Index Fund - Class I		538,951		13,403,706
Praxis International Index Fund - Class I		1,391,404		15,750,691
Praxis Small Index Cap Fund - Class I		942,491		9,688,810
Praxis Value Index Fund - Class I		989,312		13,424,967
				52,268,174
TOTAL MUTUAL FUNDS (COST $49,345,652)				65,395,385

TOTAL INVESTMENTS (COST $49,345,652)—100.0%			$	65,395,385
Liabilities in Excess of Other Assets—(0.0%) (a)				(20,765	)
NET ASSETS—100.0%			$	65,374,620

(a)	Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

Statements of Assets & Liabilities

June 30, 2018 (unaudited)

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Index Fund
Assets
Total investments in unaffiliated securities, at cost	$	543,518,193		$	218,475,491		$	153,048,800		$	147,649,335		$	48,943,361
Investments in unaffiliated securities, at fair value	$	537,112,552		$	276,017,042		$	190,814,236		$	268,278,870		$	56,845,654
Cash		4,895,285			6,260,601			577,813			441,223			145,315
Receivable for investments sold		9,152			—			—			—			—
Receivable for capital shares sold		798,666			187,306			147,186			438,523			319,815
Receivable for dividends and interest		4,426,281			753,573			288,369			122,880			59,850
Receivable for tax reclaims		—			343,837			—			—			—
Prepaid expenses		59,406			39,759			35,189			35,330			23,899
Total Assets		547,301,342			283,602,118			191,862,793			269,316,826			57,394,533

Liabilities
Distributions payable		508,084			—			—			—			—
Payable for capital shares redeemed		346,585			69,605			64,334			106,904			12,846
Payable for investments purchased		—			5,316,898			—			—
Accrued expenses and other payables:
Investment advisory fees		178,491			111,601			47,793			67,931			12,622
Administration fees		23,258			12,021			8,330			11,863			2,557
Distribution fees		13,416			3,133			4,428			16,674			996
Other		104,053			53,852			33,423			52,973			28,715
Total Liabilities		1,173,887			5,567,110			158,308			256,345			57,736

Net Assets	$	546,127,455		$	278,035,008		$	191,704,485		$	269,060,481		$	57,336,797

Components of Net Assets
Paid-in capital	$	553,504,604		$	234,528,426		$	143,328,448		$	136,993,891		$	47,198,100
Accumulated (distributions in excess of) net investment income		(363,388	)		3,234,474			2,922,514			2,370,814			218,669
Accumulated net realized gains (losses) on investments and foreign currency transactions		(608,120	)		(17,269,609	)		7,688,087			9,066,241			2,017,735
Net unrealized appreciation (depreciation):
investments		(6,405,641	)		57,541,551			37,765,436			120,629,535			7,902,293
foreign currency translations		—			166			—			—			—
Net Assets	$	546,127,455		$	278,035,008		$	191,704,485		$	269,060,481		$	57,336,797

Pricing of Class A Shares
Net assets attributable to Class A shares	$	63,955,842		$	14,824,196		$	21,378,857		$	79,733,051		$	4,768,244
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		6,329,025			1,321,320			1,569,227			3,235,603			505,402
Net asset value, offering price and redemption price per share	$	10.11		$	11.22		$	13.62		$	24.64		$	9.43
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]	$	10.50		$	11.84		$	14.37		$	26.01		$	9.95

Pricing of Class I Shares
Net assets attributable to Class I shares	$	482,171,613		$	263,210,812		$	170,325,628		$	189,327,430		$	52,568,553
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		47,921,845			23,257,867			12,549,563			7,613,914			5,116,061
Net asset value and redemption price per share	$	10.06		$	11.32		$	13.57		$	24.87		$	10.28

See accompanying notes to financial statements.

Statements of Assets & Liabilities, continued

June 30, 2018 (unaudited)

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Assets
Total investments in affiliated securities, at cost	$	20,630,273		$	60,782,310		$	49,345,652
Investments in affiliated securities, at fair value	$	22,691,794		$	74,615,831		$	65,395,385
Cash		2,483			682			717
Receivable for investments sold		53,206			17,845			4,698
Receivable for capital shares sold		2,775			3,449			3,132
Receivable for dividends and interest		35,254			66,208			29,037
Prepaid expenses		12,748			16,524			13,521
Total Assets		22,798,260			74,720,539			65,446,490

Liabilities
Distributions payable		356			215			—
Payable for capital shares redeemed		55,537			20,733			6,481
Payable for investments purchased		35,254			66,208			29,037
Accrued expenses and other payables:
Investment advisory fees		561			3,087			2,714
Administration fees		565			1,855			1,632
Distribution fees		4,702			15,434			13,568
Other		7,540			18,985			18,438
Total Liabilities		104,515			126,517			71,870

Net Assets	$	22,693,745		$	74,594,022		$	65,374,620

Components of Net Assets
Paid-in capital	$	20,519,233		$	59,426,645		$	47,825,806
Accumulated net investment loss/distributions in excess of net investment income		(447	)		(1,514	)		(14,541	)
Accumulated net realized gains on investments		113,438			1,335,370			1,513,622
Net unrealized appreciation on investments		2,061,521			13,833,521			16,049,733
Net Assets	$	22,693,745		$	74,594,022		$	65,374,620

Pricing of Class A Shares
Net assets attributable to Class A shares	$	22,693,745		$	74,594,022		$	65,374,620
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		1,961,338			5,435,846			4,280,403
Net asset value, offering price and redemption price per share	$	11.57		$	13.72		$	15.27
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]	$	12.21		$	14.48		$	16.12

See accompanying notes to financial statements.

Statements of Operations

For the six months ended June 30, 2018 (unaudited)

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Index Fund
Investment income
Dividends	$	90,150		$	5,560,576		$	2,420,212		$	1,799,017		$	362,425
Foreign tax withholding		(1,216	)		(700,021	)		—			(14,245	)		(135	)
Interest		7,963,144			17,923			10,335			15,036			3,104
Total Investment Income		8,052,078			4,878,478			2,430,547			1,799,808			365,394

Expenses
Investment advisory fees		1,048,051			714,989			285,827			397,044			82,549
Administration fees		137,760			74,636			50,091			69,609			14,478
Distribution fees - Class A		101,957			24,683			30,156			108,730			6,542
Transfer agent fees - Class A		62,324			20,037			17,060			52,268			6,651
Transfer agent fees - Class I		10,479			5,831			7,736			9,289			2,232
Professional fees		43,335			27,782			11,232			28,201			5,347
Registration fees - Class A		18,624			14,281			11,225			15,598			15,282
Registration fees - Class I		4,839			5,072			6,737			3,711			2,237
Trustee fees and expenses		32,163			19,779			11,748			17,528			3,259
Pricing fees		36,711			28,814			3,284			3,446			6,291
Custodian fees		20,101			19,440			4,827			1,425			3,235
Insurance expense		14,246			7,844			5,382			7,249			1,495
Shareholder report printing fees - Class A		4,831			3,340			1,452			3,830			776
Shareholder report printing fees - Class I		1,709			839			1,035			1,408			248
Postage and supplies		492			1,598			1,572			1,697			1,258
Other expenses		20,217			2,231			5,573			3,767			7,095
Total Expenses		1,557,839			971,196			454,937			724,800			158,975
Expenses reduced by Investment Adviser		(6,170	)		—			—			—			(12,250	)
Net Expenses		1,551,669			971,196			454,937			724,800			146,725

Net Investment Income		6,500,409			3,907,282			1,975,610			1,075,008			218,669

Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		(291,100	)		(312,880	)		641,417			1,424,619			1,989,072
Net realized gains on foreign currency transactions		—			30,862			—			1,472			—
Change in unrealized appreciation (depreciation) of investments		(13,892,749	)		(14,100,223	)		(4,967,411	)		15,576,521			3,031,500
Change in unrealized appreciation (depreciation) of foreign currency translations		—			(4,630	)		—			(1,645	)		—
Net Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Transactions		(14,183,849	)		(14,386,871	)		(4,325,994	)		17,000,967			5,020,572
Net Change in Net Assets from Operations	$	(7,683,440	)	$	(10,479,589	)	$	(2,350,384	)	$	18,075,975		$	5,239,241

See accompanying notes to financial statements.

Statements of Operations, continued

For the six months ended June 30, 2018 (unaudited)

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Investment income
Dividends from affiliates	$	209,018		$	387,498		$	168,409

Expenses
Distribution fees - Class A		28,087			92,155			80,788
Transfer agent fees		12,401			38,891			47,710
Investment advisory fees		5,617			18,432			16,158
Registration fees and filing fees		10,221			11,229			11,175
Administration fees		3,371			11,064			9,700
Professional fees		4,299			7,584			7,039
Shareholder report printing fees		1,454			3,093			3,639
Postage and supplies		905			905			905
Custodian fees		356			516			466
Trustee fees and expenses		130			426			376
Insurance expense		64			201			179
Other expenses		2,750			7,188			4,815
Total Expenses		69,655			191,684			182,950
Expenses reduced by Investment Adviser		(2,250	)		—			—
Net Expenses		67,405			191,684			182,950

Net Investment Income (loss)		141,613			195,814			(14,541	)

Realized and Unrealized Gains (Losses) on Investments in Affiliates
Net realized gains (losses) on investments in affiliates		5,331			(49,524	)		(97,933	)
Change in unrealized appreciation (depreciation) of investments in affiliates		(349,834	)		156,893			905,897
Net Realized and Unrealized Gains (Losses) on Investments in Affiliates		(344,503	)		107,369			807,964
Net Change in Net Assets from Operations	$	(202,890	)	$	303,183		$	793,423

See accompanying notes to financial statements.

Statements of Changes in Net Assets

	Praxis Impact Bond Fund						Praxis International Index Fund
	For the Six Months Ended June 30, 2018 (Unaudited)			For the Year Ended December 31, 2017			For the Six Months Ended June 30, 2018 (Unaudited)			For the Year Ended December 31, 2017
From Operations
Net investment income	$	6,500,409		$	11,455,708		$	3,907,282		$	4,274,908
Net realized gains (losses) from investments and foreign currency transactions		(291,100	)		993,641			(282,018	)		(3,009,075	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation		(13,892,749	)		3,888,120			(14,104,853	)		54,233,612
Net Change in Net Assets from Operations		(7,683,440	)		16,337,469			(10,479,589	)		55,499,445

Distributions to Shareholders
From net investment income
Class A		(891,674	)		(1,915,858	)		—			(324,288	)
Class I		(6,003,537	)		(10,306,248	)		—			(4,377,761	)
Change in Net Assets from Distributions to Shareholders		(6,895,211	)		(12,222,106	)		—			(4,702,049	)

Change in Net Assets from Capital Transactions (Note 6)		37,003,522			54,678,411			4,632,764			40,609,352
Change in Net Assets		22,424,871			58,793,774			(5,846,825	)		91,406,748

Net Assets
Beginning of period		523,702,584			464,908,810			283,881,833			192,475,085
End of period	$	546,127,455		$	523,702,584		$	278,035,008		$	283,881,833

Accumulated (Distributions in Excess of) Net Investment Income	$	(363,388	)	$	31,414		$	3,234,474		$	(703,670	)

See accompanying notes to financial statements.

Statements of Changes in Net Assets, continued

	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Index Fund
	For the Six Months Ended June 30, 2018 (Unaudited)			For the Year Ended December 31, 2017			For the Six Months Ended June 30, 2018 (Unaudited)			For the Year Ended December 31, 2017			For the Six Months Ended June 30, 2018 (Unaudited)			For the Year Ended December 31, 2017
From Operations
Net investment income	$	1,975,610		$	3,516,691		$	1,075,008		$	2,477,517		$	218,669		$	388,375
Net realized gains from investments and foreign currency transactions		641,417			11,892,826			1,426,091			8,967,490			1,989,072			10,859,903
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation		(4,967,411	)		12,534,209			15,574,876			43,685,020			3,031,500			(5,834,932	)
Net Change in Net Assets from Operations		(2,350,384	)		27,943,726			18,075,975			55,130,027			5,239,241			5,413,346

Distributions to Shareholders
From net investment income
Class A		—			(239,329	)		—			(310,125	)		—			—
Class I		—			(2,330,458	)		—			(1,141,411	)		—			(397,085	)
From net realized gains
Class A		—			(1,280,289	)		—			(2,353,847	)		—			(1,076,448	)
Class I		—			(8,517,658	)		—			(4,575,291	)		—			(8,695,178	)
Change in Net Assets from Distributions to Shareholders		—			(12,367,734	)		—			(8,380,674	)		—			(10,168,711	)

Change in Net Assets from Capital Transactions (Note 6)		3,406,695			16,205,942			(8,512,441	)		8,878,930			(1,366,879	)		10,309,935
Change in Net Assets		1,056,311			31,781,934			9,563,534			55,628,283			3,872,362			5,554,570

Net Assets
Beginning of period		190,648,174			158,866,240			259,496,947			203,868,664			53,464,435			47,909,865
End of period	$	191,704,485		$	190,648,174		$	269,060,481		$	259,496,947		$	57,336,797		$	53,464,435

Accumulated Net Investment Income	$	2,922,514		$	946,904		$	2,370,814		$	1,294,334		$	218,669		$	—

See accompanying notes to financial statements.

Statements of Changes in Net Assets, continued

	Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio
	For the Six Months Ended June 30, 2018 (Unaudited)			For the Year Ended December 31, 2017			For the Six Months Ended June 30, 2018 (Unaudited)			For the Year Ended December 31, 2017			For the Six Months Ended June 30, 2018 (Unaudited)			For the Year Ended December 31, 2017
From Operations
Net investment income (loss)	$	141,613		$	404,749		$	195,814		$	1,471,330		$	(14,541	)	$	1,360,317
Net realized gains (losses) on investments in affiliates		5,331			294,727			(49,524	)		1,079,228			(97,933	)		911,216
Distribution of realized gains received from affiliates		—			206,053			—			1,620,349			—			2,003,882
Net change in unrealized appreciation (depreciation) on investments in affiliates		(349,834	)		856,356			156,893			4,395,247			905,897			4,904,348
Net Change in Net Assets from Operations		(202,890	)		1,761,885			303,183			8,566,154			793,423			9,179,763

Distributions to Shareholders
From net investment income
Class A		(142,060	)		(410,499	)		(197,328	)		(1,505,328	)		—			(1,405,774	)
From net realized gains
Class A		—			(278,026	)		—			(1,175,997	)		—			(1,228,806	)
Change in Net Assets from Distributions to Shareholders		(142,060	)		(688,525	)		(197,328	)		(2,681,325	)		—			(2,634,580	)

Change in Net Assets from Capital Transactions (Note 6)		157,982			211,459			1,295,011			3,743,197			(353,344	)		4,463,446
Change in Net Assets		(186,968	)		1,284,819			1,400,866			9,628,026			440,079			11,008,629

Net Assets
Beginning of period		22,880,713			21,595,894			73,193,156			63,565,130		$	64,934,541			53,925,912
End of period	$	22,693,745		$	22,880,713		$	74,594,022		$	73,193,156		$	65,374,620		$	64,934,541

Accumulated Net Investment Loss/Distributions in Excess of Net Investment Income	$	(447	)	$	—		$	(1,514	)	$	—		$	(14,541	)	$	—

See accompanying notes to financial statements.

Financial Highlights

For a share outstanding throughout the period indicated

Praxis Impact Bond Fund - Class A

	Six Months Ended June 30, 2018 (Unaudited)			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 period	$	10.39		$	10.30		$	10.32		$	10.54		$	10.27		$	10.73
Net investment income^(a)		0.11			0.21			0.20			0.23			0.24			0.25
Net realized and unrealized gains (losses) on investments		(0.28	)		0.11			0.02			(0.19	)		0.29			(0.42	)
Total from investment operations		(0.17	)		0.32			0.22			0.04			0.53			(0.17	)
Less distributions:
Dividends from investment income		(0.11	)		(0.23	)		(0.23	)		(0.25	)		(0.26	)		(0.28	)
Distributions from net realized gains		—			—			(0.01	)		(0.01	)		—			(0.01	)
Total distributions		(0.11	)		(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)		0.00	^(b)
Net asset value at end of period	$	10.11		$	10.39		$	10.30		$	10.32		$	10.54		$	10.27
Total return (excludes sales charge)		(1.62	%)^(c)		3.11	%		2.13	%		0.33	%		5.21	%		(1.65	%)
Net assets at end of period (in 000s)	$	63,956		$	91,048		$	83,211		$	79,999		$	74,950		$	69,784
Ratio of net expenses to average net assets		0.96	%^(d)		0.93	%		0.94	%		0.93	%		0.93	%		0.94	%
Ratio of net investment income to average net assets		2.10	%^(d)		2.02	%		1.87	%		2.16	%		2.32	%		2.34	%
Ratio of gross expenses to average net assets*		0.98	%^(d)		0.98	%		0.99	%		0.98	%		0.94	%		0.99	%
Portfolio turnover rate		11.07	%^(c)		17.36	%		16.05	%		22.67	%		16.48	%		23.68	%

Praxis Impact Bond Fund - Class I

	Six Months Ended June 30, 2018 (Unaudited)			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 period	$	10.35		$	10.25		$	10.27		$	10.50		$	10.22		$	10.69
Net investment income^(a)		0.13			0.25			0.26			0.27			0.28			0.29
Net realized and unrealized gains (losses) on investments		(0.29	)		0.11			0.00	^(b)		(0.20	)		0.30			(0.43	)
Total from investment operations		(0.16	)		0.36			0.26			0.07			0.58			(0.14	)
Less distributions:
Dividends from investment income		(0.13	)		(0.26	)		(0.27	)		(0.29	)		(0.30	)		(0.32	)
Distributions from net realized gains		—			—			(0.01	)		(0.01	)		—			(0.01	)
Total distributions		(0.13	)		(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)		0.00	^(b)
Net asset value at end of period	$	10.06		$	10.35		$	10.25		$	10.27		$	10.50		$	10.22
Total return (excludes sales charge)		(1.50	%)^(c)		3.58	%		2.55	%		0.72	%		5.66	%		(1.26	%)
Net assets at end of period (in 000s)	$	482,172		$	432,654		$	381,697		$	353,954		$	330,742		$	292,594
Ratio of expenses to average net assets		0.52	%^(d)		0.54	%		0.54	%		0.54	%		0.53	%		0.54	%
Ratio of net investment income to average net assets		2.55	%^(d)		2.41	%		2.41	%		2.55	%		2.73	%		2.73	%
Portfolio turnover rate		11.07	%^(c)		17.36	%		16.05	%		22.67	%		16.48	%		23.68	%

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

^(a)

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

^(b)

Amount is less than $0.005 per share.

^(c)

Not Annualized.

^(d)

Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis International Index Fund - Class A

	Six Months Ended June 30, 2018 (Unaudited)			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 period	$	11.69		$	9.47		$	9.15		$	9.85		$	10.64		$	9.47
Net investment income^(a)		0.12			0.13			0.13			0.14			0.20			0.14
Net realized and unrealized gains (losses) on investments and foreign currencies		(0.59	)		2.23			0.32			(0.71	)		(0.81	)		1.17
Total from investment operations		(0.47	)		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)		0.00	^(b)
Net asset value at end of period	$	11.22		$	11.69		$	9.47		$	9.15		$	9.85		$	10.64
Total return (excludes sales charge)		(4.02	%)^(c)		24.97	%		4.97	%		(5.76	%)		(5.70	%)		13.86	%
Net assets at end of period (in 000s)	$	14,824		$	26,344		$	18,877		$	17,631		$	18,370		$	19,892
Ratio of expenses to average net assets		1.28	%^(d)		1.26	%		1.32	%		1.33	%		1.28	%		1.43	%
Ratio of net investment income to average net assets		1.97	%^(d)		1.22	%		1.45	%		1.45	%		1.88	%		1.36	%
Portfolio turnover rate		11.83	%^(c)		5.22	%		10.26	%		4.48	%		5.73	%		11.36	%

Praxis International Index Fund - Class I

	Six Months Ended June 30, 2018 (Unaudited)			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 period	$	11.75		$	9.51		$	9.19		$	9.89		$	10.70		$	9.51
Net investment income^(a)		0.16			0.19			0.19			0.20			0.25			0.20
Net realized and unrealized gains (losses) on investments and foreign currencies		(0.59	)		2.25			0.31			(0.71	)		(0.82	)		1.20
Total from investment operations		(0.43	)		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)		0.00	^(b)
Net asset value at end of period	$	11.32		$	11.75		$	9.51		$	9.19		$	9.89		$	10.70
Total return (excludes sales charge)		(3.66	%)^(c)		25.67	%		5.48	%		(5.19	%)		(5.36	%)		14.68	%
Net assets at end of period (in 000s)	$	263,211		$	257,538		$	173,598		$	153,099		$	154,074		$	150,369
Ratio of expenses to average net assets		0.64	%^(d)		0.72	%		0.77	%		0.78	%		0.78	%		0.80	%
Ratio of net investment income to average net assets		2.84	%^(d)		1.75	%		2.01	%		1.97	%		2.35	%		1.96	%
Portfolio turnover rate		11.83	%^(c)		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 period.

^(b)

Amount is less than $0.005 per share.

^(c)

Not Annualized.

^(d)

Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Value Index Fund - Class A

	Six Months Ended June 30, 2018 (Unaudited)			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 period	$	13.82		$	12.64		$	11.17		$	12.54		$	11.21		$	8.71
Net investment income^(a)		0.11			0.21			0.19			0.20			0.18			0.14
Net realized and unrealized gains (losses) on investments		(0.31	)		1.85			1.61			(1.00	)		1.23			2.60
Total from investment operations		(0.20	)		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)		0.00	^(b)
Net asset value at end of period	$	13.62		$	13.82		$	12.64		$	11.17		$	12.54		$	11.21
Total return (excludes sales charge)		(1.45	%)^(c)		16.31	%		16.13	%		(6.41	%)		12.57	%		31.33	%
Net assets at end of period (in 000s)	$	21,379		$	25,057		$	21,676		$	17,453		$	17,356		$	16,275
Ratio of expenses to average net assets		0.90	%^(d)		0.94	%		0.94	%		0.94	%		0.87	%		1.03	%
Ratio of net investment income to average net assets		1.65	%^(d)		1.58	%		1.68	%		1.62	%		1.53	%		1.40	%
Portfolio turnover rate		1.79	%^(c)		31.87	%		48.26	%		21.38	%		20.53	%		30.38	%

Praxis Value Index Fund - Class I

	Six Months Ended June 30, 2018 (Unaudited)			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 period	$	13.74		$	12.56		$	11.09		$	12.46		$	11.14		$	8.65
Net investment income^(a)		0.14			0.28			0.26			0.26			0.23			0.20
Net realized and unrealized gains (losses) on investments		(0.31	)		1.85			1.60			(1.00	)		1.22			2.59
Total from investment operations		(0.17	)		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)		0.00	^(b)		—
Net asset value at end of period	$	13.57		$	13.74		$	12.56		$	11.09		$	12.46		$	11.14
Total return (excludes sales charge)		(1.24	%)^(c)		16.91	%		16.75	%		(6.00	%)		13.03	%		32.26	%
Net assets at end of period (in 000s)	$	170,326		$	165,591		$	137,191		$	113,927		$	108,845		$	93,118
Ratio of expenses to average net assets		0.42	%^(d)		0.45	%		0.44	%		0.45	%		0.45	%		0.48	%
Ratio of net investment income to average net assets		2.13	%^(d)		2.07	%		2.25	%		2.11	%		1.94	%		1.95	%
Portfolio turnover rate		1.79	%^(c)		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 period.

^(b)

Amount is less than $0.005 per share.

^(c)

Not Annualized.

^(d)

Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Growth Index Fund - Class A

	Six Months Ended June 30, 2018 (Unaudited)			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 period	$	23.05		$	18.82		$	17.68		$	17.25		$	15.19		$	11.63
Net investment income^(a)		0.07			0.17			0.15			0.18			0.12			0.10
Net realized and unrealized gains on investments and foreign currencies		1.52			4.78			1.11			0.46			2.05			3.58
Total from investment operations		1.59			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)		0.00	^(b)
Net asset value at end of period	$	24.64		$	23.05		$	18.82		$	17.68		$	17.25		$	15.19
Total return (excludes sales charge)		6.90	%^(c)		26.28	%		7.15	%		3.70	%		14.26	%		31.72	%
Net assets at end of period (in 000s)	$	79,733		$	87,613		$	67,007		$	64,689		$	55,833		$	51,724
Ratio of expenses to average net assets		0.81	%^(d)		0.85	%		0.86	%		0.84	%		0.91	%		1.01	%
Ratio of net investment income to average net assets		0.55	%^(d)		0.78	%		0.86	%		1.00	%		0.73	%		0.76	%
Portfolio turnover rate		1.92	%^(c)		27.49	%		43.09	%		18.68	%		19.09	%		14.82	%

Praxis Growth Index Fund - Class I

	Six Months Ended June 30, 2018 (Unaudited)			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 period	$	23.21		$	18.93		$	17.79		$	17.34		$	15.27		$	11.68
Net investment income^(a)		0.11			0.26			0.23			0.25			0.20			0.18
Net realized and unrealized gains on investments and foreign currencies		1.55			4.82			1.11			0.47			2.06			3.60
Total from investment operations		1.66			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)		0.00	^(b)
Net asset value at end of period	$	24.87		$	23.21		$	18.93		$	17.79		$	17.34		$	15.27
Total return (excludes sales charge)		7.15	%^(c)		26.78	%		7.62	%		4.10	%		14.77	%		32.26	%
Net assets at end of period (in 000s)	$	189,327		$	171,884		$	136,862		$	122,311		$	118,619		$	100,561
Ratio of expenses to average net assets		0.42	%^(d)		0.44	%		0.44	%		0.44	%		0.42	%		0.47	%
Ratio of net investment income to average net assets		0.94	%^(d)		1.18	%		1.26	%		1.38	%		1.22	%		1.31	%
Portfolio turnover rate		1.92	%^(c)		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 period.

^(b)

Amount is less than $0.005 per share.

^(c)

Not Annualized.

^(d)

Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Small Cap Index Fund - Class A

	Six Months Ended June 30, 2018 (Unaudited)			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 period	$	8.63		$	9.67		$	9.45		$	11.49		$	13.80		$	11.33
Net investment income (loss)^(a)		0.01			0.02			(0.08	)		(0.09	)		(0.12	)		(0.12	)
Net realized and unrealized gains (losses) on investments		0.79			1.03			0.85			(0.41	)		(0.43	)		4.04
Total from investment operations		0.80			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)		0.00	^(b)
Net asset value at end of period	$	9.43		$	8.63		$	9.67		$	9.45		$	11.49		$	13.80
Total return (excludes sales charge)		9.27	%^(c)		10.70	%		8.18	%		(4.53	%)		(4.11	%)		34.63	%
Net assets at end of period (in 000s)	$	4,768		$	5,449		$	5,771		$	7,339		$	7,664		$	8,465
Ratio of net expenses to average net assets		1.13	%^(d)		1.13	%		1.67	%		1.68	%		1.69	%		1.69	%
Ratio of net investment income (loss) to average net assets		0.18	%^(d)		0.21	%		(1.45	%)		(0.75	%)		(0.95	%)		(0.95	%)
Ratio of gross expenses to average net assets*		1.60	%^(d)		1.66	%		1.76	%		1.81	%		1.70	%		1.90	%
Portfolio turnover rate		12.94	%^(c)		103.54	%		60.49	%		75.84	%		73.67	%		49.25	%

Praxis Small Cap Index Fund - Class I

	Six Months Ended June 30, 2018 (Unaudited)			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 period	$	9.36		$	10.35		$	10.01		$	12.01		$	14.25		$	11.59
Net investment income (loss)^(a)		0.04			0.09			(0.02	)		(0.01	)		(0.04	)		(0.04	)
Net realized and unrealized gains (losses) on investments		0.88			1.09			0.91			(0.45	)		(0.44	)		4.15
Total from investment operations		0.92			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 period	$	10.28		$	9.36		$	10.35		$	10.01		$	12.01		$	14.25
Total return (excludes sales charge)		9.83	%^(c)		11.22	%		8.93	%		(3.99	%)		(3.49	%)		35.53	%
Net assets at end of period (in 000s)	$	52,569		$	48,015		$	42,139		$	39,824		$	53,783		$	68,762
Ratio of expenses to average net assets		0.47	%^(d)		0.50	%		1.00	%		1.06	%		1.02	%		1.04	%
Ratio of net investment income (loss) to average net assets		0.86	%^(d)		0.85	%		(0.13	%)		(0.07	%)		(0.28	%)		(0.31	%)
Portfolio turnover rate		12.94	%^(c)		103.54	%		60.49	%		75.84	%		73.67	%		49.25	%

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

^(a)

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

^(b)

Amount is less than $0.005 per share.

^(c)

Not Annualized.

^(d)

Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Conservative Portfolio - Class A

	Six Months Ended June 30, 2018 (Unaudited)			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 period	$	11.75		$	11.18		$	10.97		$	11.34		$	11.10		$	10.79
Net investment income^(a)		0.07			0.21			0.19			0.22			0.21			0.23
Net realized and unrealized gains (losses) on investments		(0.18	)		0.72			0.29			(0.31	)		0.42			0.45
Total from investment operations		(0.11	)		0.93			0.48			(0.09	)		0.63			0.68
Less distributions:
Dividends from investment income		(0.07	)		(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		(0.07	)		(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)		0.00	^(b)
Net asset value at end of period	$	11.57		$	11.75		$	11.18		$	10.97		$	11.34		$	11.10
Total return (excludes sales charge)		(0.91	%)^(c)		8.36	%		4.23	%		(0.81	%)		5.68	%		6.28	%
Net assets at end of period (in 000s)	$	22,694		$	22,881		$	21,596		$	19,718		$	19,128		$	18,045
Ratio of net expenses to average net assets^†		0.60	%^(d)		0.61	%		0.58	%		0.60	%		0.60	%		0.61	%
Ratio of net investment income to average net assets^†*		1.26	%^(d)		1.83	%		1.72	%		1.95	%		1.82	%		2.04	%
Ratio of gross expenses to average net assets^†**		0.62	%^(d)		0.64	%		0.58	%		0.63	%		0.62	%		0.64	%
Portfolio turnover rate		7.06	%^(c)		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 period, certain expenses were reduced by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.

^(a)

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

^(b)

Amount is less than $0.005 per share.

^(c)

Not Annualized.

^(d)

Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Balanced Portfolio - Class A

	Six Months Ended June 30, 2018 (Unaudited)			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 period	$	13.71		$	12.55		$	12.13		$	12.76		$	12.50		$	11.14
Net investment income^(a)		0.04			0.28			0.17			0.21			0.17			0.20
Net realized and unrealized gains (losses) on investments		0.01			1.40			0.64			(0.42	)		0.49			1.50
Total from investment operations		0.05			1.68			0.81			(0.21	)		0.66			1.70
Less distributions:
Dividends from investment income		(0.04	)		(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		(0.04	)		(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)		0.00	^(b)
Net asset value at end of period	$	13.72		$	13.71		$	12.55		$	12.13		$	12.76		$	12.50
Total return (excludes sales charge)		0.29	%^(c)		13.38	%		6.58	%		(1.66	%)		5.30	%		15.30	%
Net assets at end of period (in 000s)	$	74,594		$	73,193		$	63,565		$	59,742		$	57,611		$	53,614
Ratio of expenses to average net assets^†		0.52	%^(d)		0.53	%		0.55	%		0.54	%		0.58	%		0.60	%
Ratio of net investment income to average net assets^†*		0.53	%^(d)		2.15	%		1.39	%		1.65	%		1.33	%		1.65	%
Portfolio turnover rate		4.26	%^(c)		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 period.

^(b)

Amount is less than $0.005 per share.

^(c)

Not Annualized.

^(d)

Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Growth Portfolio - Class A

	Six Months Ended June 30, 2018 (Unaudited)			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 period	$	15.09		$	13.47		$	12.93		$	13.79		$	13.49		$	11.40
Net investment income (loss)^(a)		(0.00	)^(b)		0.32			0.14			0.18			0.13			0.17
Net realized and unrealized gains (losses) on investments		0.18			1.93			0.87			(0.52	)		0.56			2.26
Total from investment operations		0.18			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)		0.00	^(b)
Net asset value at end of period	$	15.27		$	15.09		$	13.47		$	12.93		$	13.79		$	13.49
Total return (excludes sales charge)		1.19	%^(c)		16.71	%		7.82	%		(2.49	%)		5.09	%		21.28	%
Net assets at end of period (in 000s)	$	65,375		$	64,935		$	53,925		$	49,881		$	49,670		$	45,793
Ratio of net expenses to average net assets^†		0.57	%^(d)		0.60	%		0.61	%		0.62	%		0.60	%		0.60	%**
Ratio of net investment income (loss) to average net assets^†*		(0.04	%)^(d)		2.29	%		1.09	%		1.33	%		0.95	%		0.57	%
Portfolio turnover rate		5.93	%^(c)		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 ended December 31, 2013, certain expenses were reduced by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratio would have been 0.66%.

^(a)

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

^(b)

Amount is less than $0.005 per share.

^(c)

Not Annualized.

^(d)

Annualized.

See accompanying notes to financial statements.

Notes to Financial Statements (unaudited)

June 30, 2018

1. Organization:

The Praxis Mutual Funds (the “Trust”) is an open-end management investment company established as a Delaware statuatory trust under a Declaration of Trust dated September 27, 1993, as amended and restated April 28, 2016, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of June 30, 2018, the Trust consists of the Praxis Impact Bond Fund, the Praxis International Index Fund, the Praxis Value Index Fund, the Praxis Growth Index Fund, and the Praxis Small Cap Index Fund, (individually a “Fund”, collectively “the Funds”), the Praxis Genesis Conservative Portfolio, the Praxis Genesis Balanced Portfolio, and the Praxis Genesis Growth Portfolio, (individually a “Portfolio”, collectively “the Portfolios”). The Funds and Portfolios are also referred to individually as the Impact Bond Fund, International Index Fund, Value Index Fund, Growth Index Fund, Small Cap Index Fund, Conservative Portfolio, Balanced Portfolio and Growth Portfolio in the financial statements. Each Fund and Portfolio is a diversified series of the Trust. 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 June 30, 2018, 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:

New Accounting Pronouncement:

In March, 2017, FASB issued Accounting Standards Update No. 2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (the “ASU”). The ASU shortens the amortization period for certain callable debt securities purchased at a premium by requiring that the premium be fully amortized by the earliest call date. The ASU does not require an accounting change for securities held at a discount, which continue to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying the ASU.

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.

Notes to Financial Statements (unaudited), continued

June 30, 2018

In certain circumstances, the Praxis Mutual Funds Valuation Procedures (“Valuation Procedures”) contemplate the Board’s delegation of the implementation of the Valuation Procedures to the Pricing Committee. In valuing restricted securities under the Valuation Procedures, the Pricing Committee will consider (but is not limited to) certain specific and general factors enumerated in the Valuation Procedures. The Valuation Procedures require that the Pricing Committee report to the Board at each of its regular quarterly meetings regarding valuation of restricted securities and actions taken in connection with the Valuation Procedures.

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

●

Level 1 — quoted prices in active markets for identical securities

●

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

●

Level 3 — significant unobservable inputs (including the Funds’ and Portfolios’ own assumptions in determining the fair value of investments)

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

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

The aggregate value by input level, as of June 30, 2018, 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	$	—	$	11,330,803	$	—	$	11,330,803
Commercial Mortgage Backed Securities		—		2,978,152		—		2,978,152
Municipal Bonds		—		11,020,434		—		11,020,434
Corporate Bonds		—		206,574,562		—		206,574,562
Corporate Notes		—		5,352,056		—		5,352,056
Foreign Bonds		—		52,366,177		—		52,366,177
U.S. Government Agencies		—		244,017,734		—		244,017,734
Investment Companies		3,472,634		—		—		3,472,634
Total Investments	$	3,472,634	$	533,639,918	$	—	$	537,112,552

There were no transfers into or out of Level 1, 2 or 3 during the six months ended June 30, 2018.

International Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	272,930,496	$	—	$	—	$	272,930,496
Preferred Stocks		639,107		—		—		639,107
Corporate Notes		—		2,447,439		—		2,447,439
Total Investments	$	273,569,603	$	2,447,439	$	—	$	276,017,042

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

Of the International Index Fund Level 1 investments in Common Stocks presented above, $63,040,358 were considered Level 2 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	$	189,118,237	$	—	$	—	$	189,118,237
Corporate Notes		—		1,695,999		—		1,695,999
Total Investments	$	189,118,237	$	1,695,999	$	—	$	190,814,236

There were no transfers into or out of Level 1, 2 or 3 during the six months ended June 30, 2018.

Notes to Financial Statements (unaudited), continued

June 30, 2018

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 six months ended June 30, 2018.

	Rights
Value, December 31, 2017	$	6,706
Sales		(6,171	)
Realized gains		6,171
Change in unrealized appreciation		(6,706	)
Value, June 30, 2018	$	—

Growth Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	265,951,348	$	—	$	—	$	265,951,348
Corporate Notes		—		2,327,522		—		2,327,522
Total Investments	$	265,951,348	$	2,327,522	$	—	$	268,278,870

There were no transfers into or out of Level 1, 2 or 3 during the six months ended June 30, 2018.

Small Cap Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	56,345,809	$	—	$	—	$	56,345,809
Corporate Notes		—		499,845		—		499,845
Total Investments	$	56,345,809	$	499,845	$	—	$	56,845,654

There were no transfers into or out of Level 1, 2 or 3 during the six months ended June 30, 2018.

Conservative Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	22,691,794	$	—	$	—	$	22,691,794
Total Investments	$	22,691,794	$	—	$	—	$	22,691,794

There were no transfers into or out of Level 1, 2 or 3 during the six months ended June 30, 2018.

Balanced Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	74,615,831	$	—	$	—	$	74,615,831
Total Investments	$	74,615,831	$	—	$	—	$	74,615,831

There were no transfers into or out of Level 1, 2 or 3 during the six months ended June 30, 2018.

Growth Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	65,395,385	$	—	$	—	$	65,395,385
Total Investments	$	65,395,385	$	—	$	—	$	65,395,385

There were no transfers into or out of Level 1, 2 or 3 during the six months ended June 30, 2018.

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.

Notes to Financial Statements (unaudited), continued

June 30, 2018

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.

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.

Notes to Financial Statements (unaudited), continued

June 30, 2018

Federal Income Taxes:

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

Redemption Fees:

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

3. Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term debt securities having maturities one year or less and U.S. Government Securities) for the six months ended June 30, 2018 were as follows:

	Purchases		Sales
Impact Bond Fund	$	100,728,907	$	56,791,208
International Index Fund		42,115,370		33,206,414
Value Index Fund		10,414,869		3,382,843
Growth Index Fund		5,060,997		10,677,415
Small Cap Index Fund		7,030,580		7,982,127
Conservative Portfolio		1,751,299		1,600,556
Balanced Portfolio		4,444,327		3,156,618
Growth Portfolio		3,853,114		4,232,833

4. Investment Transactions with Affiliates:

The Portfolios invest in the underlying Praxis Mutual Funds which are also advised by the Adviser. Therefore, the Underlying Funds are deemed affiliates, and the related activities in those investments were as follows:

	For the six months ended June 30, 2018
Affiliate	Fair Value at December 31, 2017		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at June 30, 2018		Dividend Income		Long-Term Capital Gain Distributions		Shares at June 30, 2018
Praxis Genesis Conservative Portfolio
Growth Index - Class I	$	2,103,774	$	131,712	$	(293,540	)	$	49,019		$	100,061		$	2,091,026	$	—	$	—		84,078
Impact Bond - Class I		15,984,801		1,326,130		(962,905	)		(22,792	)		(423,538	)		15,901,696		209,018		—		1,580,685
International Index - Class I		2,098,591		125,798		(103,168	)		(553	)		(76,077	)		2,044,591		—		—		180,618
Small Cap Index - Class I		573,486		32,928		(103,385	)		(16,742	)		72,621			558,908		—		—		54,369
Value Index - Class I		2,124,902		134,731		(137,558	)		(3,601	)		(22,901	)		2,095,573		—		—		154,427
Total	$	22,885,554	$	1,751,299	$	(1,600,556	)	$	5,331		$	(349,834	)	$	22,691,794	$	209,018	$	—		2,054,177

	For the six months ended June 30, 2018
Affiliate	Fair Value at December 31, 2017		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at June 30, 2018		Dividend Income		Long-Term Capital Gain Distributions		Shares at June 30, 2018
Praxis Genesis Balanced Portfolio
Growth Index - Class I	$	11,615,446	$	453,676	$	(983,138	)	$	80,601		$	753,734		$	11,920,319	$	—	$	—		479,305
Impact Bond - Class I		29,161,390		2,269,241		(677,659	)		(21,193	)		(804,821	)		29,926,958		387,498		—		2,974,847
International Index - Class I		13,389,138		819,154		(254,122	)		(1,643	)		(486,578	)		13,465,949		—		—		1,189,571
Small Cap Index - Class I		7,318,149		259,243		(945,222	)		(100,473	)		829,963			7,361,660		—		—		716,115
Value Index - Class I		11,736,630		643,013		(296,477	)		(6,816	)		(135,405	)		11,940,945		—		—		879,952
Total	$	73,220,753	$	4,444,327	$	(3,156,618	)	$	(49,524	)	$	156,893		$	74,615,831	$	387,498	$	—		6,239,790

Notes to Financial Statements (unaudited), continued

June 30, 2018

	For the six months ended June 30, 2018
Affiliate	Fair Value at December 31, 2017		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at June 30, 2018		Dividend Income		Long-Term Capital Gain Distributions		Shares at June 30, 2018
Praxis Genesis Growth Portfolio
Growth Index - Class I	$	13,182,219	$	493,398	$	(1,206,727	)	$	149,110		$	785,706		$	13,403,706	$	—	$	—		538,951
Impact Bond - Class I		12,919,979		1,117,569		(548,785	)		(13,272	)		(348,280	)		13,127,211		168,409		—		1,304,892
International Index - Class I		15,820,372		1,038,160		(548,786	)		5,102			(564,157	)		15,750,691		—		—		1,391,404
Small Cap Index - Class I		9,723,894		328,932		(1,311,151	)		(229,367	)		1,176,502			9,688,810		—		—		942,491
Value Index - Class I		13,320,676		875,055		(617,384	)		(9,506	)		(143,874	)		13,424,967		—		—		989,312
Total	$	64,967,140	$	3,853,114	$	(4,232,833	)	$	(97,933	)	$	905,897		$	65,395,385	$	168,409	$	—		5,167,050

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: 0.55% on average net assets up to and including $100 million and 0.45% over $100 million up to and including $500 million, and 0.38% 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.

The Adviser has entered into an expense limitation agreement effective until April 30, 2019. 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.

The contractual expense limits in place as of June 30, 2018 were:


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

For the six months ended June 30, 2018, 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)	$	6,170
Small Cap Index Fund (Class A)		12,250
Conservative Portfolio		2,250

Notes to Financial Statements (unaudited), continued

June 30, 2018

As of June 30, 2018, 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	$	27,152
		2016		2019		48,214
		2017		2020		43,249
		2018		2021		6,170
					$	124,785
Small Cap Index Fund		2015		2018	$	6,589
		2016		2019		6,061
		2017		2020		27,926
		2018		2021		12,250
					$	52,826
Conservative Portfolio		2015		2018	$	4,872
		2017		2020		6,410
		2018		2021		2,250
					$	13,532

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 six months ended June 30, 2018 as follows:

Impact Bond Fund	$	2,414
International Index Fund		773
Value Index Fund		1,383
Growth Index Fund		3,972
Small Cap Index Fund		212
Conservative Portfolio		2,905
Balanced Portfolio		13,376
Growth Portfolio		15,237

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

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

Notes to Financial Statements (unaudited), continued

June 30, 2018

6. Capital Share Transactions:

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

	Praxis Impact Bond Fund						Praxis International Index Fund
	Six Months Ended June 30, 2018			Year Ended December 31, 2017			Six Months Ended June 30, 2018			Year Ended December 31, 2017
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	22,541,986		$	35,386,654		$	2,470,664		$	8,797,660
Dividends reinvested		737,032			1,721,957			—			314,802
Cost of shares redeemed		(47,722,285	)		(29,981,300	)		(13,584,340	)		(6,544,018	)
Redemption fees		1,448			3,158			55			1,919
Class A Share Transactions	$	(24,441,819	)	$	7,130,469		$	(11,113,621	)	$	2,570,363
Class I Shares:
Proceeds from shares issued	$	89,148,367		$	98,108,203		$	32,995,082		$	67,687,576
Dividends reinvested		3,176,965			5,328,571			—			2,222,131
Cost of shares redeemed		(30,881,105	)		(55,889,095	)		(17,250,001	)		(31,870,727	)
Redemption fees		1,114			263			1,304			9
Class I Share Transactions	$	61,445,341		$	47,547,942		$	15,746,385		$	38,038,989
Net increase from capital transactions	$	37,003,522		$	54,678,411		$	4,632,764		$	40,609,352
Share Transactions:
Class A Shares:
Issued		2,220,591			3,401,672			209,738			836,694
Reinvested		72,486			165,617			—			26,929
Redeemed		(4,725,328	)		(2,884,259	)		(1,142,034	)		(604,092	)
Change in Class A Shares:		(2,432,251	)		683,030			(932,296	)		259,531
Class I Shares:
Issued		8,841,843			9,474,078			2,799,159			6,373,028
Reinvested		314,124			514,796			—			189,057
Redeemed		(3,048,405	)		(5,399,852	)		(1,455,011	)		(2,899,001	)
Change in Class I Shares:		6,107,562			4,589,022			1,344,148			3,663,084
Net increase from share transactions		3,675,311			5,272,052			411,852			3,922,615

	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Index Fund
	Six Months Ended June 30, 2018			Year Ended December 31, 2017			Six Months Ended June 30, 2018			Year Ended December 31, 2017			Six Months Ended June 30, 2018			Year Ended December 31, 2017
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,672,107		$	3,979,597		$	5,971,516		$	14,919,975		$	284,815		$	1,035,911
Dividends reinvested		—			1,479,976			—			2,572,401			—			1,036,464
Cost of shares redeemed		(6,037,426	)		(4,100,404	)		(19,720,232	)		(11,995,921	)		(1,443,808	)		(1,829,245	)
Redemption fees		169			70			789			1,010			90			8
Class A Share Transactions	$	(3,365,150	)	$	1,359,239		$	(13,747,927	)	$	5,497,465		$	(1,158,903	)	$	243,138
Class I Shares:
Proceeds from shares issued	$	19,834,257		$	30,679,948		$	27,489,228		$	30,181,072		$	4,270,063		$	6,039,254
Dividends reinvested		—			9,258,756			—			5,133,885			—			8,949,860
Cost of shares redeemed		(13,062,456	)		(25,092,141	)		(22,253,866	)		(31,934,363	)		(4,478,039	)		(4,922,317	)
Redemption fees		44			140			124			871			—			—
Class I Share Transactions	$	6,771,845		$	14,846,703		$	5,235,486		$	3,381,465		$	(207,976	)	$	10,066,797
Net increase (decrease) from capital transactions	$	3,406,695		$	16,205,942		$	(8,512,441	)	$	8,878,930		$	(1,366,879	)	$	10,309,935

Notes to Financial Statements (unaudited), continued

June 30, 2018

	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Index Fund
	Six Months Ended June 30, 2018			Year Ended December 31, 2017			Six Months Ended June 30, 2018			Year Ended December 31, 2017			Six Months Ended June 30, 2018			Year Ended December 31, 2017
Share Transactions:
Class A Shares:
Issued		194,774			297,531			249,056			691,283			32,254			104,143
Reinvested		—			105,798			—			110,660			—			119,271
Redeemed		(438,210	)		(305,213	)		(814,684	)		(562,010	)		(158,629	)		(188,255	)
Change in Class A Shares:		(243,436	)		98,116			(565,628	)		239,933			(126,375	)		35,159
Class I Shares:
Issued		1,452,526			2,307,544			1,124,627			1,408,131			438,156			576,218
Reinvested		—			662,890			—			218,870			—			941,733
Redeemed		(955,929	)		(1,839,118	)		(915,448	)		(1,453,464	)		(450,237	)		(461,088	)
Change in Class I Shares:		496,597			1,131,316			209,179			173,537			(12,081	)		1,056,863
Net increase (decrease) from share transactions		253,161			1,229,432			(356,449	)		413,470			(138,456	)		1,092,022

	Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio
	Six Months Ended June 30, 2018			Year Ended December 31, 2017			Six Months Ended June 30, 2018			Year Ended December 31, 2017			Six Months Ended June 30, 2018			Year Ended December 31, 2017
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	1,713,690		$	2,415,331		$	4,712,560		$	6,665,048		$	3,680,371		$	6,223,388
Dividends reinvested		139,927			681,292			196,056			2,666,495			—			2,628,416
Cost of shares redeemed		(1,695,818	)		(2,885,168	)		(3,613,841	)		(5,588,509	)		(4,033,744	)		(4,388,904	)
Redemption fees		183			4			236			163			29			546
Class A Share Transactions	$	157,982		$	211,459		$	1,295,011		$	3,743,197		$	(353,344	)	$	4,463,446
Net increase (decrease) from capital transactions	$	157,982		$	211,459		$	1,295,011		$	3,743,197		$	(353,344	)	$	4,463,446
Share Transactions:
Class A Shares:
Issued		147,191			207,009			343,161			498,400			241,593			427,916
Reinvested		12,041			58,042			14,277			193,610			—			172,136
Redeemed		(145,488	)		(248,400	)		(262,056	)		(418,458	)		(263,617	)		(300,469	)
Change in Class A Shares:		13,744			16,651			95,382			273,552			(22,024	)		299,583
Net increase (decrease) from share transactions		13,744			16,651			95,382			273,552			(22,024	)		299,583

7. Federal Income Tax Information:

The character of dividends paid to shareholders of the Funds and Portfolios for federal income tax purposes during the periods ended June 30, 2018 and December 31, 2017 was as follows:

	Praxis Impact Bond Fund				Praxis International Index Fund				Praxis Value Index Fund
	2018		2017		2018		2017		2018		2017
From ordinary income	$	6,895,211	$	12,222,106	$	—	$	4,702,049	$	—	$	4,825,740
From long-term capital gains		—		—		—		—		—		7,541,994
Total distributions	$	6,895,211	$	12,222,106	$	—	$	4,702,049	$	—	$	12,367,734

	Praxis Growth Index Fund				Praxis Small Cap Index Fund
	2018		2017		2018		2017
From ordinary income	$	—	$	1,515,614	$	—	$	3,903,157
From long-term capital gains		—		6,865,060		—		6,265,554
Total distributions	$	—	$	8,380,674	$	—	$	10,168,711

	Praxis Genesis Conservative Portfolio				Praxis Genesis Balanced Portfolio				Praxis Genesis Growth Portfolio
	2018		2017		2018		2017		2018		2017
From ordinary income	$	142,060	$	428,652	$	197,328	$	1,603,026	$	—	$	1,451,194
From long-term capital gains		—		259,873		—		1,078,299		—		1,183,386
Total distributions	$	142,060	$	688,525	$	197,328	$	2,681,325	$	—	$	2,634,580

Notes to Financial Statements (unaudited), continued

June 30, 2018

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 (unaudited), continued

June 30, 2018

The federal tax cost, unrealized appreciation (depreciation) as of June 30, 2018 is as follows:

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund
Tax cost of portfolio investments and foreign currencies	$	543,585,415		$	218,599,127		$	154,417,165
Gross unrealized appreciation		4,722,894			68,105,978			42,662,286
Gross unrealized depreciation		(11,195,757	)		(10,688,063	)		(6,265,215	)
Net unrealized appreciation (depreciation)		(6,472,863	)		57,417,915			36,397,071

	Praxis Growth Index Fund			Praxis Small Cap Index Fund
Tax cost of portfolio investments	$	148,050,790		$	48,956,632
Gross unrealized appreciation		123,034,542			11,345,574
Gross unrealized depreciation		(2,806,462	)		(3,456,552	)
Net unrealized appreciation		120,228,080			7,889,022

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Tax cost of portfolio investments	$	20,871,167		$	61,316,576		$	49,989,769
Gross unrealized appreciation		2,248,372			14,177,804			15,809,191
Gross unrealized depreciation		(427,745	)		(878,549	)		(403,575	)
Net unrealized appreciation		1,820,627			13,299,255			15,405,616

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

For the six months ended June 30, 2018, the International Index Fund and the Growth Index Fund reclassified $30,862 and $1,472, respectively, of net realized gains on foreign currency transactions against accumulated net investment income on the Statements of Assets and Liabilities. These reclassifications are the result of permanent differences between the financial statement and income tax reporting requirements. They have no effect on each Fund’s total net assets or net asset value per share.

The Funds and Portfolios have analyzed their tax positions taken on Federal income tax returns for the current and all open tax years (tax years ended December 31, 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 June 30, 2018 through the date these financial statements were issued. There were no significant events that would have a material impact on the Funds’ and Portfolios’ financial statements.

Additional Fund Information (unaudited)

June 30, 2018

Praxis Impact Bond Fund

Security Allocation	Percentage of Net Assets
Asset Backed Securities	2.1%
Commercial Mortgage Backed Securities	0.5%
Corporate Bonds	37.8%
Corporate Notes	1.0%
Federal Home Loan Bank	3.5%
Federal Home Loan Mortgage Corporation	13.4%
Federal National Mortgage Association	24.9%
Foreign Governments	9.6%
Government National Mortgage Association	0.1%
Investment Companies	0.6%
Municipal Bonds	2.0%
Overseas Private Investment Corporation	0.5%
Small Business Administration	0.1%
United States Agency of International Development	2.0%
United States Deparment of Housing and Urban Development	0.2%
Total	98.3%

Praxis International Index Fund

Security Allocation	Percentage of Net Assets
Australia	4.3%
Austria	0.3%
Belgium	0.3%
Bermuda	0.7%
Brazil	1.4%
Canada	6.6%
Cayman Islands	6.1%
Chile	0.6%
China	2.3%
Columbia	0.5%
Denmark	1.0%
Finland	0.6%
France	6.5%
Germany	5.8%
Hong Kong	1.9%
Hungary**	0.0%
India	2.2%
Indonesia	0.5%
Ireland	0.4%
Israel	0.3%
Italy	1.0%
Japan	16.6%
Jersey	1.3%
Luxembourg	0.5%
Mexico	1.0%
Netherlands	4.1%
Norway	1.4%
Papua New Guinea	0.1%
Portugal	0.1%
Russia	0.3%
Singapore	1.3%
South Africa	2.2%
South Korea	3.1%
Spain	2.0%
Sweden	1.9%
Switzerland	5.4%
Taiwan	2.9%
Turkey**	0.0%
United Kingdom	10.2%
United States	0.7%
Corporate Notes	0.9%
Total	99.3%

**	Amount rounds to less than 0.1%

Praxis International Index Fund

Security Allocation	Percentage of Net Assets
Air Freight & Logistics	0.3%
Airlines	0.3%
Auto Components	1.1%
Automobiles	3.2%
Banks	14.3%
Beverages	0.4%
Biotechnology	0.8%
Building Products	0.3%
Capital Markets	1.2%
Chemicals	3.3%
Commercial Banks	0.2%
Commercial Services & Supplies	0.2%
Communications Equipment	0.3%
Community Development**	0.9%
Construction & Engineering	0.9%
Construction Materials	0.6%
Containers and Packaging	0.1%
Diversified Consumer Services	0.5%
Diversified Financial Services	0.8%
Diversified Telecommunications Services	3.2%
Electric Utilities	0.9%
Electrical Equipment	1.5%
Electronic Equipment, Instruments, & Components	1.8%
Energy Equipment & Services	0.2%
Food & Staples Retailing	1.8%
Food Products	3.1%
Gas Utilities	0.2%
Health Care Equipment & Supplies	1.5%
Health Care Providers & Services	0.5%
Hotels, Restaurants and Leisure	1.2%
Household Durables	1.1%
Household Products	0.6%
Independent Power Producers & Energy Traders**	0.0%
Industrial Conglomerates	0.9%
Insurance	5.1%
Internet & Direct Marketing Retail	0.7%
Internet Software & Services	4.1%
IT Services	1.2%
Leisure Products	0.1%
Life Sciences Tools & Services	0.2%
Machinery	2.1%
Marine**	0.0%
Media	2.8%
Metals & Mining	3.2%
Mortgage Real Estate Investment Trusts	0.2%
Multi-Line Retail	0.2%
Multi-Utilities	1.2%
Oil, Gas, & Consumable Fuels	5.6%
Paper & Forest Products	0.4%
Personal Products	2.1%
Pharmaceuticals	5.4%
Professional Services	0.7%
Real Estate Investment Trusts (REITs)	0.1%
Real Estate Management and Development	1.9%
Retail	0.3%
Road and Rail	1.4%
Semiconductors & Semiconductor Equipment	3.1%
Software	1.7%
Specialty Retail	0.5%
Technology Hardware, Storage, & Peripherals	0.9%
Textiles, Apparel, & Luxury Goods	1.1%
Trading Companies & Distributors	1.7%
Transportation Infrastructure	0.5%

Additional Fund Information (unaudited), continued

June 30, 2018

Praxis International Index Fund

Security Allocation (continued)	Percentage of Net Assets
Water Utilities	0.4%
Wireless Telecommunication Services	2.2%
Other Assets in Excess of Liabilities	0.7%
Total	100.0%

**	Amount rounds to less than 0.1%

Praxis Value Index Fund

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

Praxis Growth Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.8%
Corporate Notes	0.9%
Total	99.7%

Praxis Small Cap Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.3%
Corporate Notes	0.9%
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

June 30, 2018

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.

Additional Fund Information (unaudited), continued

June 30, 2018

Expense Comparison:

As a shareholder of the Praxis Mutual Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads); redemption fees; and exchange fees; (2) ongoing costs, including management fees; distribution and service 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Praxis Mutual Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2018 through June 30, 2018.

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	983.80	1,020.03	4.72	4.81	0.96%
Class I	1,000.00	1,000.00	985.00	1,022.22	2.56	2.60	0.52%
Praxis International Index Fund
Class A	1,000.00	1,000.00	959.80	1,018.45	6.22	6.41	1.28%
Class I	1,000.00	1,000.00	963.40	1,021.62	3.12	3.21	0.64%
Praxis Value Index Fund
Class A	1,000.00	1,000.00	985.50	1,020.33	4.43	4.51	0.90%
Class I	1,000.00	1,000.00	987.60	1,022.71	2.07	2.11	0.42%
Praxis Growth Index Fund
Class A	1,000.00	1,000.00	1,069.00	1,020.78	4.16	4.06	0.81%
Class I	1,000.00	1,000.00	1,071.50	1,022.71	2.16	2.11	0.42%
Praxis Small Cap Index Fund
Class A	1,000.00	1,000.00	1,092.70	1,019.19	5.86	5.66	1.13%
Class I	1,000.00	1,000.00	1,098.30	1,022.46	2.45	2.36	0.47%
Praxis Genesis Conservative Portfolio
Class A	1,000.00	1,000.00	990.90	1,021.82	2.96	3.01	0.60%
Praxis Genesis Balanced Portfolio
Class A	1,000.00	1,000.00	1,002.90	1,022.22	2.58	2.61	0.52%
Praxis Genesis Growth Portfolio
Class A	1,000.00	1,000.00	1,011.90	1,021.97	2.84	2.86	0.57%

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.

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

Proxy Voting:

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.

Not applicable for semi-annual reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reporting period.

Item 6. Schedule of Investments.

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

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

Not applicable for semi-annual reporting period.

(a)(2)

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

(a)(3)

Not applicable.

(b)

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

SIGNATURES

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

Registrant	Praxis Mutual Funds

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

Date:	September 5, 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 (Signature and Title)		/s/ Chad Horning
		Chad Horning, President

Date:	September 5, 2018

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

Date:	September 5, 2018

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