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 Zacharski

Dechert LLP

200 Clarendon Street, 27^th Floor

Boston, MA 02116

(Name and Address of Agent for Service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

Item 1.

Reports to Stockholders.

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

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Praxis Mutual Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on www.PraxisMutualFunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change; and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds or your financial intermediary electronically by notifying your financial intermediary directly or, if you are a direct investor, by calling 800-977-2947.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your reports. If you invest directly with the Praxis Mutual Funds, you can call 800-977-2947. Your election to receive reports in paper will apply to all funds held with the Praxis Mutual Funds or your financial intermediary.

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	12
Praxis Value Index Fund
Schedule of Investments	24
Praxis Growth Index Fund
Schedule of Investments	28
Praxis Small Cap Index Fund
Schedule of Investments	32
Praxis Genesis Conservative Portfolio
Schedule of Investments	38
Praxis Genesis Balanced Portfolio
Schedule of Investments	39
Praxis Genesis Growth Portfolio
Schedule of Investments	40
Financial Statements
Statements of Assets & Liabilities	41
Statements of Operations	43
Statements of Changes in Net Assets	45
Financial Highlights	48
Notes to Financial Statements	56
Additional Fund Information	68

Message from the President

Dear Praxis shareholder:

What started as a typical year for investors in these times – a strong stock market, persistently low interest rates, and the anticipation of a rancorous election season – quickly morphed into an all-encompassing global health and economic crisis. Early on, investors in the West discounted reports of a mysterious respiratory virus spreading through Wuhan, China, a place unknown to many Americans before January, but the inevitability of its spread around the globe eventually became clear.

Not only has COVID-19 been stealthy in its impact on a host, affecting some with little more than an ache or a sniffle while debilitating and killing others, its effects on businesses and the financial markets have been similarly capricious. The U.S. stock market, measured by the S&P 500 Index, fell precipitously beginning in late February and recovered nearly all that was lost by early June. But the true economic impact of stay-at-home orders, business closures, lost jobs and restrictions on certain activities continues to ravage the economy.

Not unrelated to the impact of the virus on all aspects of society, the death of George Floyd in late May at the hands of Minneapolis police officers spurred a re-awakening to the unfinished work of racial justice and has shaken our collective sense of who we are and what we stand for as a people. This is an important reckoning, especially for people of faith who profess the example of Jesus, who encouraged us to love our neighbors as ourselves. Whether and how this experience impacts financial markets is uncertain and maybe even irrelevant to the state of our national soul.

Our team’s work and the performance of the Funds were direct products of this tumultuous half year. Investors in the Impact Bond Fund benefited as global assets flowed to bonds in search of relative safety, driving interest rates to generational lows and bond values higher. The Praxis Growth Index Fund, with its focus on companies with consistent profit growth despite the pandemic, rose in value during the period, while the Praxis Value Index Fund reflected investors’ continued skepticism in the value style of investing. Small Cap and International stocks fell and recovered along with the broad equity market, but in both cases, generated losses for investors during the period.

Most of our investors choose to invest in the Praxis Funds because they do much more than generate investment performance. Our Stewardship Investing team was busy guiding our proxy voting program that is particularly relevant during the winter and spring when most corporate annual shareholder meetings are held. In addition to its ongoing work on climate change and modern slavery, the team pursued advocacy goals related to the pandemic and racial justice by leveraging our access to corporate power to encourage meaningful change. The results of our votes – as well as stories about our advocacy efforts – can be found at praxismutualfunds.com.

And, of course, we do all of this by incorporating the values you hold dear into our screening and portfolio management techniques. During 2020, we are incorporating new environmental data into our process to help us identify companies moving effectively into a low-carbon economy. It is this integration of values – driven by faith and with an eye to the future – and investment expertise that we believe makes Praxis just right for our times. Thank you for joining Praxis in this endeavor. We are grateful you have chosen to use your investment dollars to make the world a better place along with us.

Sincerely,

Chad M. Horning, CFA^®
President

The views expressed are those of the president of Praxis Mutual Funds as of June 30, 2020 and are subject to change. 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.

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

The S&P 500 Index is a market capitalization weighted price index composed of 500 widely held U.S. common stocks. Frequently used as a measure of U.S. stock performance.

Performance

We are pleased to provide this 2020 mid-year update for the Praxis Mutual Funds. The following tables summarize the performance of the Praxis Mutual Funds as of June 30, 2020.

	NAV 6/30/20	One Year Ended 6/30/20	Three Years Ended 6/30/20	Five Years Ended 6/30/20	Ten Years Ended 6/30/20	Since Inception 6/30/20	Inception Date	Expense Ratio ** Gross/Net
Praxis Impact Bond Fund
Class A *	$11.20	4.01%	3.35%	2.97%	3.05%	4.35%	5/12/1999	0.95%	0.95%
Class A (Without Load)	$11.20	8.04%	4.68%	3.77%	3.44%	4.55%	5/12/1999
Class I	$11.15	8.52%	5.15%	4.19%	3.86%	4.87%	5/1/2006	0.53%	0.53%
Bloomberg Barclays U.S. Aggregate Bond Index ¹		8.74%	5.32%	4.30%	3.82%	5.04%
Praxis International Index Fund
Class A *	$10.32	(9.56%)	(1.80%)	0.40%	n/a	1.12%	12/31/2010	1.37%	1.37%
Class A (Without Load)	$10.32	(4.54%)	(0.01%)	1.48%	n/a	1.69%	12/31/2010
Class I	$10.39	(3.91%)	0.70%	2.13%	n/a	2.34%	12/31/2010	0.61%	0.61%
MSCI All Country World Index ex-U.S. ²		(4.80%)	1.13%	2.26%		2.80%
Praxis Value Index Fund
Class A *	$13.09	(7.60%)	3.04%	4.80%	9.43%	3.87%	5/1/2001	0.86%	0.86%
Class A (Without Load)	$13.09	(2.47%)	4.91%	5.93%	10.03%	4.16%	5/1/2001
Class I	$13.03	(1.99%)	5.39%	6.45%	10.65%	5.15%	5/1/2006	0.44%	0.44%
S&P 500 Value Index ³		(4.50%)	3.74%	5.98%	10.88%	6.00%
Praxis Growth Index Fund
Class A *	$29.52	12.42%	14.74%	13.22%	15.37%	9.62%	5/1/2007	0.79%	0.79%
Class A (Without Load)	$29.52	18.66%	16.83%	14.45%	15.99%	10.06%	5/1/2007
Class I	$29.80	19.08%	17.26%	14.89%	16.53%	10.51%	5/1/2007	0.43%	0.43%
S&P 500 Growth Index ⁴		17.77%	16.74%	14.63%	16.62%	10.71%
Praxis Small Cap Index Fund
Class A *	$7.26	(15.92%)	(2.02%)	(1.61%)	6.99%	2.93%	5/1/2007	1.42%	1.12%
Class A (Without Load)	$7.26	(11.29%)	(0.26%)	(0.54%)	7.57%	3.35%	5/1/2007
Class I	$7.95	(10.70%)	0.39%	0.10%	8.24%	3.91%	5/1/2007	0.45%	0.45%
S&P SmallCap 600 Index ⁵		(11.29%)	0.56%	4.48%	11.24%	6.68%

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 3.75% for the Praxis Impact Bond Fund and 5.25% for all other Praxis Mutual Funds.

** Reflects the expense ratios as reported in the Prospectus dated April 30, 2020. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee reductions are in effect through April 30, 2021 for Class A Shares.

¹ Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index composed of the Bloomberg Barclays U.S. Government/Credit Index and the Bloomberg Barclays U.S. Mortgage-Backed Securities Index and includes Treasury issues, agency issues, corporate bond issues and mortgage-backed securities, and is intended to be generally representative of the bond market as a whole.

² The MSCI All Country World Index ex-U.S. is a market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S. based companies. The index includes both developed and emerging markets.

³ The S&P 500 Value Index represents the value companies (defined by book value to price ratio earnings to price ratio and sales to price ratio) of the S&P 500 Index, a universe of large capitalization companies in the U.S. equity market.

⁴ The S&P 500 Growth Index represents the growth companies (defined by sales growth, earnings change to price, and momentum) of the S&P 500 Index, a universe of large capitalization companies in the U.S. equity market.

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.

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

	NAV 6/30/20	One Year Ended 6/30/20	Three Years Ended 6/30/20	Five Years Ended 6/30/20	Ten Years Ended 6/30/20	Since Inception 6/30/20	Inception Date	Expense Ratio ** Gross/Net
Praxis Genesis Conservative Portfolio
Class A *	$12.44	1.14%	3.56%	3.60%	4.81%	4.64%	12/31/2009	1.15%	1.13%
Class A (Without Load)	$12.44	6.75%	5.42%	4.73%	5.38%	5.18%	12/31/2009
S&P Target Risk Conservative Index ⁶		5.80%	5.47%	5.06%	5.37%	5.18%
Praxis Genesis Balanced Portfolio
Class A *	$14.02	(1.08%)	3.80%	4.19%	6.67%	6.00%	12/31/2009	1.03%	1.03%
Class A (Without Load)	$14.02	4.38%	5.69%	5.32%	7.24%	6.54%	12/31/2009
S&P Target Risk Growth Index ⁷		3.76%	5.56%	5.73%	7.95%	7.23%
Praxis Genesis Growth Portfolio
Class A *	$15.02	(2.98%)	3.71%	4.34%	7.72%	6.73%	12/31/2009	1.08%	1.08%
Class A (Without Load)	$15.02	2.42%	5.58%	5.48%	8.31%	7.28%	12/31/2009
S&P Target Risk Aggressive Index ⁸		2.29%	5.53%	6.09%	9.70%	8.63%

⁶ 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.

⁷ S&P Target Risk Growth Index seeks to provide increased exposure to equities, while using fixed income to dampen risk. The series is comprised of four multi-asset class indices. The index is comprised exclusively of exchange-trade funds.

⁸ S&P Target Risk Aggressive Index seeks to emphasize exposure to equities, maximizing opportunities for long-term capital accumulation. It may include small allocations in fixed income to enhance portfolio efficiency. The series is comprised of four multi-asset class indices. The index is comprised exclusively of exchange-traded funds.

Schedule of Investments

Praxis Impact Bond Fund

June 30, 2020 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
ASSET BACKED SECURITIES — 1.6%
CAL Funding II Ltd. ^(a) ^(b)		3.620	%		06/25/42	$	525,000	$	524,987
CLI Funding, LLC ^(b)		2.830	%		03/18/28		271,867		270,747
Cronos Containers Program Ltd. ^(b)		3.270	%		11/18/29		379,630		378,008
Domino’s Pizza Master Issuer, LLC ^(b)		3.082	%		07/25/47		1,458,750		1,489,938
Global SC Finance II SRL ^(b)		2.980	%		04/17/28		325,833		324,788
InSite Issuer, LLC ^(b)		2.883	%		11/15/46		1,750,000		1,775,425
SBA Tower Trust ^(b)		3.448	%		03/15/23		1,250,000		1,300,249
SBA Tower Trust ^(b)		2.836	%		01/15/25		282,000		285,125
SolarCity LMC, Series I, LLC ^(b)		4.800	%		12/21/26		475,475		456,011
SolarCity LMC, Series IV, LLC ^(b)		4.180	%		08/21/45		214,211		215,809
Spruce ABS Trust ^(b) ^(c)		4.320	%		06/15/28		102,857		103,303
Textainer Marine Containers Ltd. ^(b)		3.720	%		05/20/42		536,745		532,894
Trillium Credit Card Trust II ^(b)		3.038	%		01/26/24		2,000,000		2,026,636
Wendy’s Funding, LLC ^(b)		3.783	%		06/15/49		735,000		778,159
TOTAL ASSET BACKED SECURITIES (COST $10,343,852)									10,462,079

MUNICIPAL BONDS — 1.2%
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A		7.334	%		02/15/28		1,000,000		1,289,990
City of San Francisco, California, Public Utilities Comm. Water Rev., Series 2019-A		3.303	%		11/01/39		2,000,000		2,130,260
Findlay City School District, Series 2010-B		6.250	%		12/01/37		270,000		271,023
Houston, Texas, Independent School District, Series 2009A-2		6.168	%		02/15/34		1,000,000		1,003,440
Massachusetts St., Series 2016-F		3.277	%		06/01/46		1,500,000		1,677,885
New Jersey St. Housing & Mortgage Finance, Series 2013-C		2.600	%		07/01/23		195,000		198,914
Osceola County Housing Finance Authority Rev., Series 2013-B		3.350	%		07/01/23		145,000		155,295
St. of Hawaii, Department of Business Economic Development & Tourism, Series A-1		1.467	%		07/01/22		48,017		48,017
St. Paul, Minnesota, Housing & Redevelopment Authority Rev., Series 2015-B		2.993	%		07/01/21		1,250,000		1,268,150
TOTAL MUNICIPAL BONDS (COST $7,673,449)									8,042,974

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 45.5%
AIR FREIGHT & LOGISTICS — 0.4%
FedEx Corp.		3.800	%		05/15/25	$	1,000,000	$	1,111,611
United Parcel Services, Inc.		3.900	%		04/01/25		1,500,000		1,702,170
									2,813,781
AIRLINES — 0.2%
British Airways, Series 2013-1 ^(b)		4.625	%		06/20/24		540,868		503,458
Southwest Airlines Co.		2.650	%		11/05/20		680,000		680,414
									1,183,872
AUTO PARTS — 0.5%
BorgWarner, Inc.		4.625	%		09/15/20		1,500,000		1,507,971
BorgWarner, Inc.		2.650	%		07/01/27		601,000		616,623
Magna International, Inc.		2.450	%		06/15/30		1,250,000		1,278,347
									3,402,941
BANKS — 5.9%
Axis Bank/Dubai ^(b)		2.875	%		06/01/21		500,000		499,848
Bank of America Corp.		3.499	%		05/17/22		1,000,000		1,024,330
Bank of America Corp.		3.300	%		01/11/23		500,000		533,638
Bank of America Corp.		3.335	%		01/25/23		1,000,000		1,043,610
Bank of America Corp.		4.100	%		07/24/23		1,000,000		1,098,122
Bank of America Corp.		2.456	%		10/22/25		1,000,000		1,050,558
Bank of America Corp. ^(a)		4.271	%		07/23/29		1,000,000		1,179,466
Bank of Montreal		3.300	%		02/05/29		1,000,000		1,086,115
Bank of New York Mellon Corp. (The)		3.400	%		05/15/24		650,000		715,220
Bank of New York Mellon Corp. (The), Perpetual Bond		4.950	%		12/29/49		1,000,000		948,700
Citigroup, Inc.		3.875	%		10/25/23		1,000,000		1,098,361
Citigroup, Inc.		1.678	%		05/15/24		1,250,000		1,274,903
Citigroup, Inc.		3.700	%		01/12/26		1,750,000		1,954,423
Citigroup, Inc. ^(a)		2.572	%		06/03/31		1,000,000		1,034,260
Discover Bank/Greenwood DE		4.200	%		08/08/23		1,255,000		1,370,413
Fifth Third Bank		3.650	%		01/25/24		1,250,000		1,364,132
ING Groep N.V. ^(b)		4.625	%		01/06/26		1,250,000		1,464,544
JPMorgan Chase & Co.		3.250	%		09/23/22		1,500,000		1,583,933
JPMorgan Chase & Co.		3.200	%		06/15/26		2,557,000		2,838,154
JPMorgan Chase & Co.		2.739	%		10/15/30		2,000,000		2,145,676
Key Bank, N.A.		1.250	%		03/10/23		1,750,000		1,776,448
Mitsubishi UFJ Financial Group		2.527	%		09/13/23		1,250,000		1,311,936
National Australia Bank, New York Branch		3.625	%		06/20/23		1,750,000		1,899,272
National Bank of Canada ^(b)		2.150	%		10/07/22		1,250,000		1,284,731
PNC Bank N.A.		3.500	%		06/08/23		1,285,000		1,388,879
Regions Financial Corp.		2.250	%		05/18/25		1,000,000		1,047,250
Sumitomo Mitsui Banking Corp.		2.450	%		10/20/20		1,250,000		1,257,676
Toronto-Dominion Bank		1.850	%		09/11/20		1,575,000		1,579,678
Truist Financial Corp.		1.250	%		03/09/23		1,750,000		1,776,761
									38,631,037
BEVERAGES — 0.4%
Coca-Cola Co. (The)		3.450	%		03/25/30		500,000		588,320
PepsiCo, Inc.		2.875	%		03/19/25		2,000,000		2,137,450
									2,725,770

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2020 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 45.5%, continued
BIOTECHNOLOGY — 0.2%
Biogen, Inc.		2.250	%		05/01/30	$	500,000	$	504,081
Gilead Sciences, Inc.		3.650	%		03/01/26		750,000		858,506
									1,362,587
BUILDING PRODUCTS — 0.5%
Carlisle Cos., Inc.		3.500	%		12/01/24		1,250,000		1,352,609
Masco Corp.		3.500	%		04/01/21		707,000		716,747
Owens Corning		4.200	%		12/01/24		1,000,000		1,100,559
Owens Corning		3.950	%		08/15/29		300,000		326,828
									3,496,743
CAPITAL MARKETS — 1.5%
Ameriprise Financial, Inc.		3.000	%		04/02/25		730,000		792,345
Goldman Sachs Group, Inc. (The)		3.272	%		09/29/25		1,500,000		1,616,519
Goldman Sachs Group, Inc. (The) ^(a)		4.223	%		05/01/29		1,000,000		1,163,487
Goldman Sachs Group, Inc. (The)		3.800	%		03/15/30		1,500,000		1,702,726
Morgan Stanley		3.125	%		07/27/26		2,000,000		2,204,601
Morgan Stanley, Series GMTN		2.699	%		01/22/31		1,250,000		1,324,107
State Street Corp.		7.350	%		06/15/26		1,000,000		1,312,744
									10,116,529
CHEMICALS — 1.3%
Air Products & Chemicals, Inc.		2.050	%		05/15/30		500,000		524,801
DowDuPont, Inc.		4.493	%		11/15/25		1,500,000		1,725,306
Ecolab, Inc.		4.800	%		03/24/30		140,000		177,405
Ecolab, Inc.		5.500	%		12/08/41		250,000		353,239
Ecolab, Inc.		3.950	%		12/01/47		1,220,000		1,526,215
LG Chemical Ltd. ^(b)		3.250	%		10/15/24		290,000		308,262
NOVA Chemicals Corp. ^(b)		5.250	%		08/01/23		500,000		483,750
Nutrien Ltd.		1.900	%		05/13/23		800,000		825,563
Nutrien Ltd.		5.875	%		12/01/36		840,000		1,031,667
Solvay Finance S.A. ^(b)		4.450	%		12/03/25		1,250,000		1,412,011
									8,368,219
COMMERCIAL SERVICES & SUPPLIES — 0.2%
Steelcase, Inc.		5.125	%		01/18/29		1,000,000		1,061,633

CONSUMER FINANCE — 2.2%
American Express Credit Corp.		2.600	%		09/14/20		1,000,000		1,002,560
American Express Credit Corp.		3.000	%		10/30/24		1,000,000		1,081,485
American Honda Finance Corp.		3.550	%		01/12/24		357,000		388,877
BMW US Capital, LLC ^(b)		3.800	%		04/06/23		1,000,000		1,074,261
Ford Motor Credit Co., LLC		3.157	%		08/04/20		1,000,000		993,950
Hyundai Capital Services, Inc. ^(b)		2.875	%		03/16/21		1,250,000		1,259,656
John Deere Capital Corp.		1.750	%		03/09/27		250,000		259,973
John Deere Capital Corp.		3.050	%		01/06/28		1,250,000		1,392,714
Mastercard, Inc.		3.300	%		03/26/27		197,000		223,121
Toyota Motor Credit Corp., Series B		2.900	%		03/30/23		1,735,000		1,836,755
USAA Capital Corp. ^(b)		1.500	%		05/01/23		1,000,000		1,025,980
USAA Capital Corp. ^(b)		2.125	%		05/01/30		3,000,000		3,089,468

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 45.5%, continued
CONSUMER FINANCE — 2.2%, continued
Visa, Inc.		2.050	%		04/15/30	$	500,000	$	523,927
									14,152,727
CONSUMER SERVICES — 1.3%
BlueHub Loan Fund, Inc.		3.099	%		01/01/30		1,030,000		1,054,542
Community Preservation Corp. (The)		2.867	%		02/01/30		1,750,000		1,673,436
Conservation Fund, Series 2019		3.474	%		12/15/29		535,000		574,193
Ford Foundation (The), Series 2017		3.859	%		06/01/47		2,485,000		3,097,760
Local Initiatives Support Corp.		4.649	%		03/01/37		1,500,000		1,785,752
Low Income Investment Fund		3.386	%		07/01/26		115,000		119,794
									8,305,477
CONTAINERS & PACKAGING — 0.6%
Avery Dennison Corp.		2.650	%		04/30/30		1,250,000		1,281,176
CCL Industries, Inc. ^(b)		3.050	%		06/01/30		1,750,000		1,786,224
Sonoco Products Co.		5.750	%		11/01/40		1,000,000		1,225,927
									4,293,327
DIVERSIFIED FINANCIAL SERVICES — 1.1%
AerCap Ireland Capital Ltd.		5.000	%		10/01/21		1,000,000		1,011,285
Brookfield Finance, Inc.		4.250	%		06/02/26		1,570,000		1,766,254
GATX Corp.		4.350	%		02/15/24		300,000		326,861
Genpact Luxembourg S.A.R.L.		3.700	%		04/01/22		1,100,000		1,129,463
Moody’s Corp.		3.250	%		05/20/50		500,000		536,234
National Securities Clearing Corp. ^(b)		1.500	%		04/23/25		1,000,000		1,022,766
Paccar Financial Corp., Series MTN		2.650	%		04/06/23		385,000		406,326
S&P Global, Inc.		4.000	%		06/15/25		1,163,000		1,333,894
									7,533,083
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.9%
AT&T, Inc.		4.100	%		02/15/28		757,000		865,974
AT&T, Inc.		5.250	%		03/01/37		500,000		618,225
AT&T, Inc.		4.750	%		05/15/46		1,000,000		1,198,840
Verizon Communications, Inc.		3.875	%		02/08/29		1,000,000		1,181,898
Verizon Communications, Inc.		5.500	%		03/16/47		1,250,000		1,851,419
									5,716,356
EDUCATION — 1.2%
Massachusetts Institute of Technology		3.959	%		07/01/38		1,500,000		1,897,316
President & Fellows of Harvard College		3.150	%		07/15/46		2,961,000		3,404,791
University of Notre Dame, Series 2017		3.394	%		02/15/48		2,000,000		2,362,172
									7,664,279
ELECTRIC UTILITIES — 3.8%
Caledonia Generating, LLC ^(b)		1.950	%		02/28/22		186,000		187,822
DTE Electric Co.		4.050	%		05/15/48		1,750,000		2,149,567
Electricite de France S.A. ^(b)		3.625	%		10/13/25		1,250,000		1,402,972

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2020 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 45.5%, continued
ELECTRIC UTILITIES — 3.8%, continued
Enel Finance International N.V. ^(b)		2.650	%		09/10/24	$	1,250,000	$	1,305,707
Florida Power & Light Co.		3.700	%		12/01/47		1,300,000		1,560,771
Georgia Power Co.		3.250	%		04/01/26		1,000,000		1,086,598
Interstate Power & Light Co.		3.600	%		04/01/29		1,250,000		1,405,565
MidAmerican Energy Co.		3.950	%		08/01/47		1,750,000		2,137,938
Narragansett Electric Co. ^(b)		3.395	%		04/09/30		1,500,000		1,675,862
Niagara Mohawk Power Corp. ^(b)		1.960	%		06/27/30		1,500,000		1,510,415
Northern States Power Co.		2.900	%		03/01/50		1,250,000		1,356,108
NSTAR Electric Co.		3.950	%		04/01/30		600,000		724,560
NSTAR Electric Co.		5.500	%		03/15/40		1,250,000		1,713,735
Pacificorp		8.080	%		10/14/22		500,000		574,140
Potomac Electric Power Co.		6.500	%		11/15/37		1,000,000		1,465,193
Public Service Colorado		3.700	%		06/15/28		1,750,000		2,032,333
San Diego Gas and Electric Co.		4.500	%		08/15/40		841,000		1,034,902
Southern California Edison		4.050	%		03/15/42		1,165,000		1,318,926
									24,643,114
ELECTRICAL EQUIPMENT — 0.3%
Johnson Controls, Inc.		3.750	%		12/01/21		14,000		14,319
Legrand S.A.		8.500	%		02/15/25		1,000,000		1,336,695
Thomas & Betts Corp.		5.625	%		11/15/21		720,000		765,115
									2,116,129
FOOD & STAPLES RETAILING — 0.7%
Ahold Finance U.S.A., LLC, CV		8.620	%		01/02/25		512,639		565,986
Costco Wholesale Corp.		2.300	%		05/18/22		1,000,000		1,030,517
Kroger Co. (The)		5.000	%		04/15/42		1,000,000		1,259,218
Sysco Corp.		2.400	%		02/15/30		1,750,000		1,729,882
									4,585,603
FOOD PRODUCTS — 2.6%
Bunge Ltd. Finance Corp.		3.500	%		11/24/20		1,250,000		1,261,814
Campbell Soup Co.		3.950	%		03/15/25		1,500,000		1,684,628
Cargill, Inc. ^(b)		4.760	%		11/23/45		1,500,000		1,912,267
General Mills, Inc.		4.000	%		04/17/25		1,500,000		1,694,233
Hormel Foods Corp.		1.800	%		06/11/30		2,250,000		2,290,537
Ingredion, Inc.		2.900	%		06/01/30		1,000,000		1,064,745
J.M. Smucker Co. (The)		3.500	%		03/15/25		1,250,000		1,385,309
Kellogg Co.		2.650	%		12/01/23		1,250,000		1,324,296
Mars, Inc. ^(b)		3.600	%		04/01/34		1,500,000		1,782,801
Mead Johnson Nutrition Co.		3.000	%		11/15/20		1,000,000		1,009,478
Wm. Wrigley Jr. Co. ^(b)		3.375	%		10/21/20		1,430,000		1,439,522
									16,849,630
GAS UTILITIES — 0.3%
Brooklyn Union Gas Co. ^(b)		4.504	%		03/10/46		1,250,000		1,537,919
Indiana Gas Co., Inc.		6.550	%		06/30/28		250,000		309,714
									1,847,633

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 45.5%, continued
HEALTH CARE EQUIPMENT & SUPPLIES — 0.4%
Alcon Finance Corp. ^(b)		2.600	%		05/27/30	$	1,250,000	$	1,281,355
DENTSPLY SIRONA, Inc.		3.250	%		06/01/30		1,000,000		1,051,317
									2,332,672
HEALTH CARE PROVIDERS & SERVICES — 0.5%
CVS Health Corp.		4.300	%		03/25/28		1,250,000		1,461,961
Kaiser Foundation Hospital		3.150	%		05/01/27		1,500,000		1,666,064
									3,128,025
HOME CONSTRUCTION — 0.2%
NVR, Inc.		3.950	%		09/15/22		500,000		532,279
NVR, Inc.		3.000	%		05/15/30		1,000,000		1,045,200
									1,577,479
HOTELS, RESTAURANTS & LEISURE — 0.6%
Hyatt Hotels Corp.		3.375	%		07/15/23		1,000,000		1,008,820
Marriott International, Inc.		3.600	%		04/15/24		727,000		730,989
McDonald’s Corp., Series MTN		3.500	%		07/01/27		1,000,000		1,135,488
Starbucks Corp.		2.450	%		06/15/26		1,000,000		1,066,256
									3,941,553
HOUSEHOLD PRODUCTS — 0.0% ^(d)
Procter & Gamble Co. (The)		3.600	%		03/25/50		250,000		314,142

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.4%
Midland Cogeneration Venture, L.P., CV ^(b)		5.250	%		03/15/25		138,246		138,427
Midland Cogeneration Venture, L.P., CV ^(b)		6.000	%		03/15/25		352,391		363,011
Solar Star Funding, LLC ^(b)		3.950	%		06/30/35		288,944		290,897
Solar Star Funding, LLC ^(b)		5.375	%		06/30/35		444,424		508,856
Tenaska Virginia Partners, L.P. ^(b)		6.119	%		03/30/24		534,795		560,112
Topaz Solar Farms, LLC ^(b)		4.875	%		09/30/39		266,579		287,905
Topaz Solar Farms, LLC ^(b)		5.750	%		09/30/39		626,161		729,478
									2,878,686
INDUSTRIAL CONGLOMERATES — 0.3%
Ingersoll-Rand Global Holding Co. Ltd.		2.900	%		02/21/21		500,000		505,536
Ingersoll-Rand Global Holding Co. Ltd.		6.391	%		11/15/27		655,000		797,133
Roper Technologies, Inc.		2.000	%		06/30/30		440,000		440,328
									1,742,997
INSURANCE — 5.2%
Aflac, Inc.		3.600	%		04/01/30		750,000		872,803
Aflac, Inc.		4.000	%		10/15/46		1,058,000		1,220,256
American International Group, Inc.		3.750	%		07/10/25		1,250,000		1,383,301
Anthem, Inc., CV		2.500	%		11/21/20		1,500,000		1,511,896
Anthene Global Funding ^(b)		2.800	%		05/26/23		1,500,000		1,530,338
Equitable Financial Life Global Funding ^(b)		1.400	%		07/07/25		500,000		500,293
Fidelity National Financial, Inc.		5.500	%		09/01/22		725,000		779,861

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2020 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 45.5%, continued
INSURANCE — 5.2%, continued
Five Corners Funding Trust ^(b)		4.419	%		11/15/23	$	1,000,000	$	1,113,969
Horace Mann Educators Corp.		4.500	%		12/01/25		1,235,000		1,328,793
Jackson National Life Global Funding ^(b)	��	3.300	%		06/11/21		1,250,000		1,283,618
Kemper Corp.		4.350	%		02/15/25		1,250,000		1,348,124
Liberty Mutual Group, Inc. ^(b)		4.950	%		05/01/22		1,050,000		1,115,315
Marsh & McLennan Cos., Inc.		3.750	%		03/14/26		1,000,000		1,133,232
Massachusetts Mutual Life Insurance Co. ^(b)		3.375	%		04/15/50		1,500,000		1,542,101
Met Life Global Funding ^(b)		1.950	%		01/13/23		500,000		517,495
Met Life Global Funding ^(b)		3.600	%		01/11/24		1,750,000		1,914,104
New York Life Global Funding ^(b)		2.900	%		01/17/24		3,000,000		3,217,651
OneBeacon US Holdings, Inc.		4.600	%		11/09/22		1,000,000		1,039,278
Pacific Life Global Funding II ^(b)		1.200	%		06/24/25		415,000		417,168
Principal Financial Group, Inc., CV		3.700	%		05/15/29		1,250,000		1,422,172
Progressive Corp. (The)		3.200	%		03/26/30		500,000		568,778
Protective Life Global Funding ^(b)		1.082	%		06/09/23		385,000		388,092
Prudential Financial, Inc.		1.500	%		03/10/26		644,000		656,706
Prudential Financial, Inc. ^(a)		5.875	%		09/15/42		750,000		798,300
Prudential plc		3.125	%		04/14/30		750,000		806,476
Reinsurance Group of America, Inc., CV		3.900	%		05/15/29		1,000,000		1,089,672
Reliance STD Life Insurance Co. ^(b)		2.750	%		05/07/25		1,280,000		1,307,054
RLI Corp.		4.875	%		09/15/23		1,000,000		1,065,697
Sammons Financial Group, Inc. ^(b)		4.450	%		05/12/27		1,050,000		1,155,657
StanCorp Financial Group, Inc.		5.000	%		08/15/22		1,250,000		1,321,666
									34,349,866
IT SERVICES — 0.5%
Broadridge Financial Solutions, Inc.		3.950	%		09/01/20		1,000,000		1,005,558
Fidelity National Information Services, Inc.		3.400	%		06/15/30		500,000		520,522
IBM Corp.		3.300	%		05/15/26		1,000,000		1,123,672
Xerox Corp.		4.070	%		03/17/22		750,000		744,375
									3,394,127
LIFE SCIENCES TOOLS & SERVICES — 0.2%
Agilent Technologies, Inc.		3.875	%		07/15/23		1,250,000		1,350,522

MACHINERY — 0.5%
Illinois Tool Works, Inc.		3.900	%		09/01/42		1,000,000		1,236,977
Xylem, Inc.		1.950	%		01/30/28		1,775,000		1,790,223
									3,027,200

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 45.5%, continued
MEDIA — 0.3%
Comcast Corp.		3.300	%		04/01/27	$	500,000	$	560,735
Comcast Corp.		4.750	%		03/01/44		500,000		658,281
Time Warner Cable, Inc.		4.500	%		09/15/42		500,000		532,351
									1,751,367
METALS & MINING — 0.4%
Nucor Corp.		4.125	%		09/15/22		1,025,000		1,091,020
Nucor Corp., CV		2.000	%		06/01/25		460,000		476,358
Reliance Steel & Aluminum Co.		4.500	%		04/15/23		1,105,000		1,185,117
									2,752,495
MULTI-LINE RETAIL — 0.2%
Macy’s Retail Holdings, Inc.		9.500	%		04/15/21		90,000		88,830
Target Corp.		2.250	%		04/15/25		1,000,000		1,069,510
									1,158,340
MULTI-UTILITIES — 1.3%
Avangrid, Inc.		3.150	%		12/01/24		1,800,000		1,943,269
Consolidated Edison Co.		3.350	%		04/01/30		1,000,000		1,135,653
Duke Energy, LLC		3.450	%		03/15/29		1,750,000		2,008,866
Puget Energy, Inc.		5.625	%		07/15/22		750,000		799,363
Puget Sound Energy, Inc.		4.223	%		06/15/48		1,000,000		1,258,821
Westar Energy, Inc.		2.550	%		07/01/26		1,292,000		1,378,453
									8,524,425
PAPER & FOREST PRODUCTS — 0.2%
Fibria Overseas Finance Ltd.		5.500	%		01/17/27		800,000		862,008
Klabin Finance S.A. ^(b)		4.875	%		09/19/27		750,000		768,757
									1,630,765
PERSONAL PRODUCTS — 0.2%
Estée Lauder Cos., Inc. (The), CV		2.600	%		04/15/30		1,000,000		1,087,966

PHARMACEUTICALS — 0.7%
AbbVie, Inc. ^(b)		2.950	%		11/21/26		500,000		543,824
AstraZeneca Wilmington		7.000	%		11/15/23		1,100,000		1,278,361
Bristol-Myers Squibb Co. ^(b)		2.875	%		08/15/20		1,250,000		1,253,623
Zoetis, Inc.		3.250	%		02/01/23		1,200,000		1,266,508
									4,342,316
PIPELINES — 0.5%
Florida Gas Transmission Co., LLC ^(b)		4.350	%		07/15/25		1,000,000		1,122,339
Northern Natural Gas Co. ^(b)		4.100	%		09/15/42		1,000,000		1,203,600
ONEOK Partners, L.P.		4.900	%		03/15/25		1,042,000		1,131,214
									3,457,153
PROFESSIONAL SERVICES — 0.3%
Experian Financial plc ^(b)		2.750	%		03/08/30		635,000		676,766
Verisk Analytics, Inc.		5.800	%		05/01/21		960,000		1,000,466
									1,677,232
PUBLISHING — 0.2%
RELX Capital, Inc.		3.500	%		03/16/23		1,500,000		1,599,571

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2020 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 45.5%, continued
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.4%
Alexandria Real Estate Equities, Inc.		4.000	%		01/15/24	$	1,500,000	$	1,657,812
Boston Properties, L.P.		4.500	%		12/01/28		1,250,000		1,495,005
Camden Property Trust		2.800	%		05/15/30		500,000		540,909
Digital Realty Trust, L.P.		3.950	%		07/01/22		1,250,000		1,324,333
Duke Realty Trust, L.P.		2.875	%		11/15/29		1,500,000		1,634,268
ERP Operating, L.P.		4.150	%		12/01/28		1,250,000		1,480,666
ESSEX Portfolio, L.P.		2.650	%		03/15/32		1,500,000		1,582,107
Mid-America Apartment Communities, Inc.		3.950	%		03/15/29		1,750,000		2,018,207
Prologis, L.P.		2.250	%		04/15/30		2,500,000		2,632,490
Regency Centers, L.P.		3.750	%		06/15/24		1,000,000		1,051,279
Vornado Realty, L.P.		3.500	%		01/15/25		567,000		566,772
									15,983,848
ROAD & RAIL — 1.0%
Burlington Northern Santa Fe, LLC		5.750	%		05/01/40		1,000,000		1,410,710
Canadian Pacific Railway Ltd.		2.050	%		03/05/30		1,750,000		1,791,076
Norfolk Southern Corp.		4.837	%		10/01/41		1,000,000		1,297,665
Norfolk Southern Corp.		3.050	%		05/15/50		1,500,000		1,544,423
TTX Co. ^(b)		4.600	%		02/01/49		280,000		362,759
									6,406,633
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6%
Analog Devices, Inc., CV		2.950	%		04/01/25		175,000		189,582
Intel Corp.		3.400	%		03/25/25		300,000		336,569
Intel Corp.		3.734	%		12/08/47		1,361,000		1,614,833
Maxim Integrated Products, Inc.		3.375	%		03/15/23		500,000		519,319
NVIDIA Corp.		2.850	%		04/01/30		500,000		556,244
Texas Instruments, Inc.		1.375	%		03/12/25		1,000,000		1,026,572
									4,243,119
SOFTWARE — 0.3%
Microsoft Corp.		2.525	%		06/01/50		2,000,000		2,086,015

SPECIALTY RETAIL — 0.6%
Advanced Auto Parts, Inc.		4.500	%		01/15/22		402,000		421,576
Lowe’s Cos., Inc.		4.650	%		04/15/42		1,000,000		1,253,893
O’Reilly Automotive, Inc.		3.800	%		09/01/22		1,000,000		1,050,271
TJX Cos., Inc. (The)		3.500	%		04/15/25		1,250,000		1,391,439
									4,117,179
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.5%
Apple, Inc.		2.850	%		02/23/23		1,250,000		1,327,418
Apple, Inc.		3.000	%		06/20/27		1,000,000		1,119,812
Apple, Inc.		2.650	%		05/11/50		500,000		523,736
									2,970,966
TEXTILES, APPAREL & LUXURY GOODS — 0.2%
Hanesbrands, Inc. ^(b)		4.625	%		05/15/24		500,000		497,500
VF Corp.		2.400	%		04/23/25		536,000		564,494
									1,061,994
TRANSPORTATION SERVICES — 0.5%
ERAC USA Finance, LLC ^(b)		2.700	%		11/01/23		1,250,000		1,263,750
Mexico City Airport Trust ^(b)		4.250	%		10/31/26		497,000		468,422

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 45.5%, continued
TRANSPORTATION SERVICES — 0.5%, continued
Penske Truck Leasing ^(b)		3.450	%		07/01/24	$	1,250,000	$	1,322,390
									3,054,562
WATER UTILITIES — 0.2%
American Water Capital Corp.		2.800	%		05/01/30		1,500,000		1,634,057

TOTAL CORPORATE BONDS (COST $273,846,331)									298,447,742

CORPORATE NOTES — 1.0%
COMMUNITY DEVELOPMENT — 1.0%
Calvert Social Investment Foundation, Inc. ^(c)		2.000	%		06/15/22		980,000		992,740
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		06/15/23		1,650,000		1,704,301
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		12/15/23		950,000		985,454
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		06/17/24		980,000		1,002,501
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		12/15/24		400,000		409,772
Calvert Social Investment Foundation, Inc. ^(c)		2.500	%		06/13/25		1,400,000		1,400,000
TOTAL CORPORATE NOTES (COST $6,360,000)									6,494,768

FOREIGN GOVERNMENTS — 8.1%
FOREIGN AGENCY — 2.7%
Banco Nacional de Costa Rica ^(b)		5.875	%		04/25/21		325,000		323,378
Bank Nederlandse Gemeenten ^(b)		2.125	%		12/14/20		1,500,000		1,512,315
BNG Bank N.V. ^(b)		3.125	%		11/08/21		1,500,000		1,555,669
BNG Bank N.V. ^(b)		1.500	%		10/16/24		1,500,000		1,564,356
Export-Import Bank of Korea		2.125	%		02/11/21		1,250,000		1,260,425
KFW		1.875	%		11/30/20		1,450,000		1,459,864
KFW		2.000	%		11/30/21		1,000,000		1,024,582
KFW		2.000	%		09/29/22		1,500,000		1,558,630
Kommunalbanken A.S. ^(b)		1.375	%		10/26/20		1,000,000		1,002,939
Kommunalbanken A.S. ^(b)		2.125	%		02/11/25		1,000,000		1,072,028
Kommunivest I Sverige AB ^(b)		1.875	%		06/01/21		2,000,000		2,028,523
Korea East-West Power Co. ^(b)		3.875	%		07/19/23		147,000		159,957
Municipality Finance plc ^(b)		1.375	%		09/21/21		1,000,000		1,012,446
Nacional Financiera SNC ^(b)		3.375	%		11/05/20		1,000,000		1,000,050
Nederlandse Waterschapsbank N.V. ^(b)		2.125	%		11/15/21		1,500,000		1,536,006
									18,071,168
SUPRANATIONAL — 5.4%
African Development Bank		3.000	%		12/06/21		1,000,000		1,038,589
African Development Bank		0.750	%		04/03/23		1,000,000		1,011,924
Asian Development Bank		2.125	%		03/19/25		1,000,000		1,077,173
Asian Development Bank		3.125	%		09/26/28		1,000,000		1,179,817

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2020 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
FOREIGN GOVERNMENTS — 8.1%, continued
SUPRANATIONAL — 5.4%, continued
European Bank for Reconstruction & Development		1.875	%		07/15/21	$	1,500,000	$	1,524,240
European Bank for Reconstruction & Development		1.625	%		09/27/24		1,250,000		1,312,272
European Bank for Reconstruction & Development		1.500	%		02/13/25		200,000		208,398
European Investment Bank		2.500	%		10/15/24		1,000,000		1,089,246
European Investment Bank ^(b)		2.875	%		06/13/25		1,000,000		1,117,295
European Investment Bank		2.125	%		04/13/26		1,000,000		1,090,872
European Investment Bank		2.375	%		05/24/27		1,000,000		1,115,730
Inter-American Development Bank		3.000	%		09/26/22		2,000,000		2,118,524
Inter-American Development Bank		0.875	%		04/01/25		3,000,000		3,058,402
Inter-American Development Bank		4.375	%		01/24/44		3,000,000		4,618,792
International Bank for Reconstruction & Development		2.125	%		03/03/25		500,000		538,624
International Bank for Reconstruction & Development		3.125	%		11/20/25		1,000,000		1,137,478
International Bank for Reconstruction & Global Construction		0.625	%		04/22/25		1,000,000		1,008,088
International Development Association ^(b)		2.750	%		04/24/23		5,000,000		5,339,108
International Finance Corp., Series GMTN		2.000	%		10/24/22		2,000,000		2,079,428
International Finance Corp., Series GMTN		0.500	%		03/20/23		2,500,000		2,515,092
Nordic Investment Bank		2.250	%		09/30/21		1,000,000		1,023,591
									35,202,683
TOTAL FOREIGN GOVERNMENTS (COST $49,698,572)									53,273,851

U.S. GOVERNMENT AGENCIES — 36.2%
DEVELOPMENT FINANCE CORPORATION — 0.9%
DFC		0.000	%		06/21/23		1,000,000		1,063,270
DFC ^(a)		0.223	%		09/15/26		1,000,000		1,000,000
DFC		3.280	%		09/15/29		977,345		1,086,882
DFC		3.540	%		06/15/30		588,244		659,180
DFC		3.520	%		09/20/32		875,000		995,630
DFC		3.820	%		06/01/33		864,626		1,019,685
									5,824,647
FEDERAL HOME LOAN BANK — 6.3%
FHLB		3.250	%		11/16/28		12,500,000		14,896,571
FHLB		5.500	%		07/15/36		17,120,000		26,762,053
									41,658,624
FEDERAL HOME LOAN MORTGAGE CORPORATION — 8.5%
FHLMC		5.000	%		12/01/21		15,084		15,853
FHLMC		5.500	%		04/01/22		8,708		8,908
FHLMC		4.000	%		11/01/24		173,029		182,966
FHLMC		4.000	%		10/01/25		80,854		85,464
FHLMC		2.875	%		04/25/26		3,000,000		3,308,241

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 36.2%, continued
FEDERAL HOME LOAN MORTGAGE CORPORATION — 8.5%, continued
FHLMC		6.000	%		04/01/27	$	84,711	$	94,267
FHLMC		2.500	%		10/01/27		532,005		558,467
FHLMC		2.738	%		04/25/29		2,393,634		2,613,758
FHLMC		2.412	%		08/25/29		3,000,000		3,287,745
FHLMC		7.000	%		02/01/30		18,115		18,182
FHLMC		7.500	%		07/01/30		113,849		130,738
FHLMC		7.000	%		03/01/31		39,911		46,515
FHLMC		6.250	%		07/15/32		1,550,000		2,436,660
FHLMC		3.000	%		11/01/32		723,734		771,625
FHLMC		3.000	%		11/01/32		1,038,960		1,107,639
FHLMC		5.500	%		11/01/33		37,857		43,308
FHLMC (H15T1Y + 2.231) ^(a)		4.731	%		05/01/34		48,470		50,483
FHLMC (H15T1Y + 2.231) ^(a)		4.731	%		05/01/34		14,984		15,053
FHLMC		5.000	%		07/01/35		74,231		85,134
FHLMC		4.500	%		10/01/35		136,633		150,119
FHLMC		5.500	%		03/01/36		39,925		45,866
FHLMC		5.500	%		06/01/36		50,828		58,374
FHLMC		6.000	%		06/01/36		45,526		51,676
FHLMC		5.500	%		12/01/36		44,960		51,672
FHLMC		6.000	%		08/01/37		24,986		29,180
FHLMC		5.000	%		03/01/38		227,874		261,756
FHLMC		4.500	%		06/01/39		247,199		272,951
FHLMC		5.000	%		06/01/39		363,726		418,077
FHLMC		4.500	%		07/01/39		264,266		293,847
FHLMC		4.500	%		11/01/39		245,561		273,037
FHLMC		4.500	%		09/01/40		395,464		439,702
FHLMC		4.500	%		05/01/41		769,518		856,395
FHLMC		4.500	%		07/01/41		795,240		883,846
FHLMC		5.000	%		09/01/41		339,887		390,507
FHLMC		3.500	%		10/01/41		513,922		555,709
FHLMC		4.000	%		10/01/41		439,370		482,103
FHLMC		3.500	%		02/01/42		757,458		819,283
FHLMC		4.000	%		02/01/42		221,087		242,495
FHLMC		3.500	%		06/01/42		912,616		987,881
FHLMC		3.500	%		06/01/42		936,808		1,013,755
FHLMC		3.500	%		08/01/42		976,781		1,057,463
FHLMC		3.000	%		11/01/42		1,673,557		1,793,871
FHLMC		3.000	%		01/01/43		980,785		1,050,968
FHLMC		3.000	%		05/01/43		1,415,630		1,517,486
FHLMC		3.500	%		10/01/44		1,100,674		1,179,425
FHLMC		3.500	%		11/01/44		980,498		1,048,857
FHLMC		3.500	%		04/01/45		1,207,658		1,291,281
FHLMC		3.000	%		05/01/46		1,936,201		2,051,496
FHLMC		3.000	%		12/01/46		3,486,940		3,704,664
FHLMC		3.500	%		03/01/48		3,913,636		4,276,373
FHLMC		3.500	%		03/01/49		2,532,564		2,661,229
FHLMC		3.500	%		07/01/49		4,142,450		4,353,315
FHLMC		3.000	%		07/01/50		6,000,000		6,325,603
									55,751,268
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 18.7%
FNMA		3.500	%		07/01/20		217		217
FNMA		5.500	%		06/01/22		14,848		15,188
FNMA		2.890	%		07/01/22		2,286,680		2,347,762
FNMA		2.000	%		10/05/22		3,500,000		3,634,068
FNMA		2.190	%		01/01/23		1,903,809		1,967,052
FNMA		2.670	%		12/01/23		2,347,167		2,489,246

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2020 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 36.2%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 18.7%, continued
FNMA ^(a)		2.646	%		07/25/24	$	3,000,000	$	3,157,901
FNMA		2.625	%		09/06/24		5,750,000		6,295,438
FNMA		2.890	%		12/01/24		4,000,000		4,230,103
FNMA		3.080	%		12/01/24		2,252,767		2,443,869
FNMA		2.710	%		01/01/25		4,500,000		4,776,055
FNMA		5.000	%		04/01/25		54,776		59,752
FNMA		5.000	%		07/01/25		41,620		45,393
FNMA		3.500	%		10/01/25		86,617		91,061
FNMA		5.000	%		10/01/25		59,514		64,952
FNMA		5.500	%		11/01/25		17		18
FNMA		4.000	%		03/01/26		350,114		371,267
FNMA		2.910	%		04/01/26		3,000,000		3,302,233
FNMA		2.125	%		04/24/26		2,000,000		2,179,558
FNMA ^(a)		2.254	%		07/25/26		1,675,247		1,748,479
FNMA		8.500	%		09/01/26		8,460		8,540
FNMA ^(a)		2.895	%		09/25/26		673,342		693,656
FNMA		2.746	%		04/25/27		280,341		288,670
FNMA		2.500	%		09/01/27		629,264		660,308
FNMA		2.500	%		11/01/27		930,053		976,092
FNMA ^(a)		3.047	%		11/25/27		851,051		918,456
FNMA		2.500	%		01/01/28		631,727		662,913
FNMA ^(a)		2.899	%		01/25/28		4,677,701		5,026,044
FNMA		3.325	%		06/25/28		2,000,000		2,281,678
FNMA		6.625	%		11/15/30		6,750,000		10,461,293
FNMA		2.000	%		01/01/32		2,312,753		2,404,667
FNMA		3.000	%		12/01/32		1,066,736		1,133,900
FNMA		6.000	%		10/01/33		31,479		36,712
FNMA		5.500	%		02/01/34		41,920		47,994
FNMA (H15T1Y + 2.205) ^(a)		3.359	%		05/01/34		33,743		34,264
FNMA		6.000	%		11/01/34		94,278		109,970
FNMA		5.500	%		01/01/35		56,735		64,901
FNMA		2.500	%		02/01/35		3,766,436		3,946,034
FNMA		5.000	%		10/01/35		77,451		88,765
FNMA		5.500	%		10/01/35		102,559		117,746
FNMA		6.000	%		10/01/35		54,792		63,901
FNMA		5.500	%		06/01/36		34,485		39,494
FNMA		6.000	%		06/01/36		28,243		32,727
FNMA		5.500	%		11/01/36		36,203		41,450
FNMA (12MO LIBOR + 1.631) ^(a)		3.565	%		05/01/37		27,246		27,410
FNMA		5.625	%		07/15/37		2,750,000		4,434,246
FNMA		4.500	%		09/01/40		242,737		270,085
FNMA		4.500	%		10/01/40		250,837		279,157
FNMA		4.000	%		12/01/40		648,713		711,915
FNMA		4.000	%		01/01/41		424,800		466,407
FNMA		3.500	%		02/01/41		646,730		699,736
FNMA		4.000	%		10/01/41		372,326		408,703
FNMA		4.000	%		11/01/41		370,019		406,086
FNMA		4.000	%		12/01/41		950,927		1,043,566
FNMA		4.000	%		12/01/41		477,552		524,124
FNMA		4.000	%		01/01/42		1,165,402		1,287,194
FNMA		3.500	%		05/01/42		796,734		862,147
FNMA		3.000	%		06/01/42		1,343,713		1,439,292
FNMA		3.000	%		08/01/42		1,148,827		1,230,814
FNMA		3.000	%		08/01/42		1,106,089		1,184,767
FNMA		3.500	%		12/01/42		1,224,441		1,338,954
FNMA		3.000	%		06/01/43		1,174,464		1,258,613

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 36.2%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 18.7%, continued
FNMA		4.000	%		12/01/44	$	1,535,890	$	1,710,778
FNMA		3.500	%		05/01/45		1,559,689		1,704,867
FNMA		3.000	%		04/01/46		1,828,245		1,932,846
FNMA		3.500	%		11/01/46		2,902,338		3,107,607
FNMA		4.000	%		10/01/48		2,527,553		2,675,888
FNMA		4.000	%		11/01/48		3,537,261		3,823,961
FNMA		3.500	%		05/01/49		2,256,623		2,371,257
FNMA		4.000	%		06/01/49		3,104,255		3,288,445
FNMA		3.000	%		09/01/49		4,060,368		4,279,316
FNMA		3.000	%		09/01/49		4,032,402		4,249,842
FNMA		2.500	%		07/01/50		6,000,000		6,256,202
									122,634,012
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.0% ^(d)
GNMA		7.000	%		12/20/30		15,639		18,421
GNMA		7.000	%		10/20/31		10,819		12,842
GNMA		7.000	%		03/20/32		42,705		51,614
GNMA ^(a)		3.375	%		01/20/34		35,049		36,729
GNMA		5.500	%		10/20/38		9,623		10,361
GNMA		6.500	%		11/20/38		6,901		7,795
GNMA		2.250	%		04/16/42		100,368		100,669
									238,431
SMALL BUSINESS ADMINISTRATION — 0.0% ^(d)
SBA (Prime - 265) ^(a)		0.600	%		02/25/32		161,199		159,971

UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 1.6%
Hashemite Kingdom of Jordan AID Bond		2.503	%		10/30/20		5,000,000		5,037,323
Ukraine Government AID Bond		1.471	%		09/29/21		2,000,000		2,029,552
Iraq AID Bond		2.149	%		01/18/22		1,500,000		1,545,864
Hashemite Kingdom of Jordan AID Bond		3.000	%		06/30/25		1,450,000		1,608,046
									10,220,785
UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT — 0.2%
United States Department of Housing and Urban Development		2.350	%		08/01/21		1,000,000		1,021,752
TOTAL U.S. GOVERNMENT AGENCIES (COST $218,737,485)									237,509,490

COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%
Commercial Mortgage Pass-Through Certificates, Class A-3		3.391	%		05/15/45		937,425		957,381
Commercial Mortgage Pass-Through Certificates, Class A-3		2.853	%		10/15/45		993,930		1,013,417
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (COST $1,968,057)									1,970,798

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
MONEY MARKET FUNDS — 5.6%
First American Government Obligations Fund - Class X, 0.09% ^(e) (COST $36,417,396)		36,417,396	$	36,417,396

INVESTMENT COMPANIES — 0.5%
Pax High Yield Bond Fund - Institutional Shares (COST $4,199,236)		530,984		3,446,085

TOTAL INVESTMENTS - (COST $609,244,378) — 100.0%			$	656,065,183
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) ^(d)				(228,172	)
NET ASSETS — 100.0%			$	655,837,011

(a)

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 2020. For securities based on a published reference 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 may only be resold to qualified institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. At June 30, 2020, these securities were valued at $87,303,021 or 13.3% of net assets.

(c)	Restricted and/or 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. 2.000%, 06/15/22		06/17/19	$	980,000	$	992,740		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23		06/18/18		1,650,000		1,704,301		0.3	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23		12/17/18		950,000		985,454		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24		06/17/19		980,000		1,002,501		0.2	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24		12/12/19		400,000		409,772		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		1,400,000		1,400,000		0.2	%
Spruce ABS Trust, 4.320%, 06/15/28		06/17/16		102,846		103,303		0.0	%^(d)
			$	6,462,846	$	6,598,071		1.0	%

(d)	Percentage rounds to less than 0.1%.

(e)	The rate shown is the 7-day effective yield as of June 30, 2020.

CV	— Convertible Security

GMTN	— Global Medium-Term Note

H15T1Y

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

LIBOR

— London Interbank Offered Rate

plc	— Public Liability Company

See accompanying notes to financial statements.

Schedule of Investments

Praxis International Index Fund

June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.6%
AUSTRALIA — 4.3%
BANKS — 1.2%
Australia & New Zealand Banking Group Ltd. ^(a)		44,351	$	575,487
Commonwealth Bank of Australia ^(a)		26,230		1,266,818
Commonwealth Bank of Australia - ADR		1,887		90,821
National Australia Bank Ltd. ^(a)		27,229		345,072
National Australia Bank Ltd. - ADR		63,688		401,234
Westpac Banking Corp. - ADR		41,418		518,139
				3,197,571
BIOTECHNOLOGY — 0.6%
CSL Ltd. ^(a)		3,640		723,988
CSL Ltd. - ADR		8,146		813,256
				1,537,244
CAPITAL MARKETS — 0.2%
Macquarie Group Ltd. ^(a)		5,166		428,757
Macquarie Group Ltd. - ADR		2,747		226,655
				655,412
COMMERCIAL SERVICES & SUPPLIES — 0.1%
Brambles Ltd. ^(a)		49,341		374,140

ENERGY EQUIPMENT & SERVICES — 0.1%
Worley Ltd. ^(a)		26,610		162,829

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.1%
Scentre Group ^(a)		175,279		266,111

FOOD & STAPLES RETAILING — 0.6%
Wesfarmers Ltd. ^(a)		30,770		956,750
Woolworths Group Ltd. ^(a)		28,598		737,198
				1,693,948
GAS UTILITIES — 0.1%
APA Group ^(a)		42,912		331,824

INSURANCE — 0.1%
Suncorp Group Ltd. ^(a)		61,916		397,884

METALS & MINING — 0.3%
Fortescue Metals Group Ltd. ^(a)		43,722		425,070
Newcrest Mining Ltd. ^(a)		10,264		227,605
Newcrest Mining Ltd. - ADR		4,267		94,585
				747,260
OIL, GAS & CONSUMABLE FUELS — 0.7%
Ampol Ltd. ^(a)		12,813		261,094
Origin Energy Ltd. ^(a)		142,804		581,131
Woodside Petroleum Ltd. ^(a)		72,489		1,095,551
Woodside Petroleum Ltd. - ADR		5,235		77,635
				2,015,411
TRANSPORTATION INFRASTRUCTURE — 0.2%
Transurban Group ^(a)		62,866		616,537
TOTAL AUSTRALIA				11,996,171

AUSTRIA — 0.2%
BANKS — 0.1%
Erste Group Bank AG ^(a) ^(b)		4,355		102,876
Erste Group Bank AG - ADR ^(b)		7,750		91,217
				194,093

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
AUSTRIA — 0.2%, continued
ELECTRIC UTILITIES — 0.1%
Verbund AG ^(a)		8,891	$	399,394
TOTAL AUSTRIA				593,487

BELGIUM — 0.7%
BANKS — 0.1%
KBC Group N.V. ^(a)		4,242		243,756
KBC Group N.V. - ADR		6,112		176,515
				420,271
BIOTECHNOLOGY — 0.1%
Galapagos N.V. ^(b)		1,280		252,531

CHEMICALS — 0.2%
Umicore S.A. ^(a)		9,249		436,677

ELECTRIC UTILITIES — 0.1%
Elia Group S.A./N.V. ^(a)		1,785		194,230

PHARMACEUTICALS — 0.2%
UCB S.A. ^(a)		4,432		514,420
TOTAL BELGIUM				1,818,129

BERMUDA — 0.5%
HEALTH CARE TECHNOLOGY — 0.2%
Alibaba Health Information Technology Ltd. ^(a) ^(b)		128,000		376,407

HOUSEHOLD DURABLES — 0.1%
Haier Electronics Group Co. Ltd. ^(a)		102,769		312,879

INDUSTRIAL CONGLOMERATES — 0.1%
Jardine Matheson Holdings Ltd. ^(a)		4,751		198,643
Jardine Matheson Holdings Ltd. - ADR		3,618		150,726
				349,369
TRANSPORTATION INFRASTRUCTURE — 0.1%
Shenzhen International Holdings Ltd. ^(a)		178,500		285,733
TOTAL BERMUDA				1,324,388

BRAZIL — 1.2%
BANKS — 0.5%
Banco Bradesco S.A. - ADR		106,915		407,346
Banco do Brasil S.A. - ADR		79,300		474,214
Banco Santander Brasil S.A. - ADR		95,024		496,025
				1,377,585
FOOD PRODUCTS — 0.1%
BRF S.A. - ADR ^(b)		63,860		253,524

METALS & MINING — 0.2%
Gerdau S.A. - ADR		138,263		409,259

OIL, GAS & CONSUMABLE FUELS — 0.1%
Ultrapar Participacoes S.A. - ADR		72,410		245,470

PAPER & FOREST PRODUCTS — 0.1%
Suzano S.A. ^(b)		29,612		200,177

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
BRAZIL — 1.2%, continued
WATER UTILITIES — 0.1%
Cia de Saneamento Basico do Estado de Sao Paulo - ADR		33,717	$	354,366

WIRELESS TELECOMMUNICATION SERVICES — 0.1%
TIM Participacoes S.A. - ADR		28,301		366,215
TOTAL BRAZIL				3,206,596

CANADA — 5.9%
AUTO COMPONENTS — 0.2%
Magna International, Inc.		11,409		508,043

BANKS — 1.8%
Bank of Montreal		13,689		726,201
Bank of Nova Scotia (The)		22,642		933,756
Canadian Imperial Bank of Commerce		11,258		753,948
Royal Bank of Canada		17,137		1,161,889
Toronto-Dominion Bank (The)		28,305		1,262,686
				4,838,480
CHEMICALS — 0.3%
Methanex Corp.		21,506		388,828
Nutrien Ltd.		13,857		444,810
				833,638
HOTELS, RESTAURANTS & LEISURE — 0.2%
Restaurant Brands International, Inc.		11,589		633,107

INSURANCE — 0.3%
Manulife Financial Corp.		30,520		415,682
Sun Life Financial, Inc.		11,714		430,490
				846,172
IT SERVICES — 0.2%
CGI, Inc. ^(b)		8,383		528,129

MEDIA — 0.2%
Shaw Communications, Inc. - Class B		28,156		460,632

METALS & MINING — 0.9%
Franco-Nevada Corp.		7,311		1,020,908
Kinross Gold Corp. ^(b)		46,915		338,726
Teck Resources Ltd. - Class B		54,800		571,016
Wheaton Precious Metals Corp.		14,533		640,179
				2,570,829
OIL, GAS & CONSUMABLE FUELS — 0.2%
Cameco Corp.		56,898		583,205

PHARMACEUTICALS — 0.1%
Bausch Health Cos., Inc. ^(b)		21,559		394,314

PROFESSIONAL SERVICES — 0.2%
Thomson Reuters Corp.		9,613		653,396

ROAD & RAIL — 0.8%
Canadian National Railway Co.		15,841		1,403,037
Canadian Pacific Railway Ltd.		3,515		897,520
				2,300,557

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
CANADA — 5.9%, continued
SOFTWARE — 0.3%
Open Text Corp.		17,392	$	738,812

WIRELESS TELECOMMUNICATION SERVICES — 0.2%
Rogers Communications, Inc. - Class B		12,894		518,210
TOTAL CANADA				16,407,524

CAYMAN ISLANDS — 8.5%
AIR FREIGHT & LOGISTICS — 0.3%
ZTO Express Cayman, Inc. - ADR		19,738		724,582

BIOTECHNOLOGY — 0.3%
WuXi Biologics (Cayman), Inc. ^(a) ^(b)		25,000		458,889
Zai Lab Ltd. - ADR ^(b)		4,329		355,541
				814,430
DIVERSIFIED CONSUMER SERVICES — 0.5%
New Oriental Education & Technology Group, Inc. - ADR ^(b)		4,899		637,997
TAL Education Group - ADR ^(b)		10,265		701,920
				1,339,917
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.2%
Kingboard Holdings Ltd. ^(a)		49,500		129,205
Sunny Optical Technology Group Co. Ltd. ^(a)		29,300		471,567
				600,772
ENTERTAINMENT — 0.3%
HUYA, Inc. - ADR ^(b)		7,637		142,583
NetEase, Inc. - ADR		1,850		794,353
				936,936
FOOD PRODUCTS — 0.5%
China Mengniu Dairy Co. Ltd. ^(a) ^(b)		363,000		1,391,949

GAS UTILITIES — 0.2%
ENN Energy Holdings Ltd. ^(a)		37,786		426,999

INTERACTIVE MEDIA & SERVICES — 2.7%
Autohome, Inc. - ADR		4,051		305,851
Baidu, Inc. - ADR ^(b)		7,560		906,368
JOYY, Inc. - ADR ^(b)		4,578		405,382
Tencent Holdings Ltd. - ADR		89,186		5,707,904
Weibo Corp. - ADR ^(b)		5,600		188,160
				7,513,665
INTERNET & DIRECT MARKETING RETAIL — 2.8%
Alibaba Group Holdings Ltd. - ADR ^(b)		27,766		5,989,126
JD.com, Inc. - ADR ^(b)		15,448		929,661
Trip.com Group Ltd. ^(b)		15,283		396,135
Vipshop Holdings Ltd. - ADR ^(b)		15,804		314,658
				7,629,580
IT SERVICES — 0.1%
GDS Holdings Ltd. - ADR ^(b)		4,644		369,941

LIFE SCIENCES TOOLS & SERVICES — 0.1%
Genscript Biotech Corp. ^(b)		78,000		160,417

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
CAYMAN ISLANDS — 8.5%, continued
MEDIA — 0.1%
China Literature Ltd. ^(a) ^(b)		25,800	$	174,945

PERSONAL PRODUCTS — 0.1%
Hengan International Group Co. Ltd. ^(a)		51,000		401,431

PHARMACEUTICALS — 0.0% ^(c)
China Medical System Holdings Ltd. ^(a)		46,000		54,400

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Wharf Real Estate Investment Co. Ltd. ^(a)		76,932		369,319

SOFTWARE — 0.0% ^(c)
Kingdee International Software Group Co. Ltd. ^(a) ^(b)		34,000		79,556

TEXTILES, APPAREL & LUXURY GOODS — 0.2%
Shenzhou International Group Holdings Ltd. ^(a)		48,000		583,545
TOTAL CAYMAN ISLANDS				23,572,384

CHILE — 0.3%
BEVERAGES — 0.0% ^(c)
Embotelladora Andina S.A. - Class B - ADR		6,720		102,278

CHEMICALS — 0.1%
Sociedad Quimica y Minera de Chile S.A. - ADR		11,198		291,932

ELECTRIC UTILITIES — 0.2%
Enel Americas S.A. - ADR		53,811		404,121
TOTAL CHILE				798,331

CHINA — 3.0%
BANKS — 1.5%
Bank of China Ltd. - H Shares ^(a)		2,743,000		1,016,095
China Construction Bank Corp. - ADR		65,455		1,040,735
China Construction Bank Corp. - H Shares ^(a)		731,000		594,582
China Merchants Bank Co. Ltd. - H Shares ^(a)		143,570		665,322
Industrial & Commercial Bank of China Ltd. - H Shares ^(a)		1,364,000		824,629
				4,141,363
CAPITAL MARKETS — 0.1%
Noah Holdings Ltd. - ADR ^(b)		6,771		172,457

ELECTRICAL EQUIPMENT — 0.0% ^(c)
Zhuzhou CRRC Times Electric Co. Ltd. - H Shares ^(a)		10		25

ENTERTAINMENT — 0.2%
Bilibili, Inc. - ADR ^(b)		7,332		339,618
iQIYI, Inc. - ADR ^(b)		5,002		115,996
				455,614
INSURANCE — 0.7%
China Life Insurance Co. Ltd. - ADR		42,077		424,557
Ping An Insurance Group Co. of China Ltd. - ADR		33,826		671,784
Ping An Insurance Group Co. of China Ltd. - H Shares ^(a)		75,318		750,843
				1,847,184

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
CHINA — 3.0%, continued
INTERACTIVE MEDIA & SERVICES — 0.1%
58.com, Inc. - ADR ^(b)		6,488	$	349,963

IT SERVICES — 0.0% ^(c)
TravelSky Technology Ltd. - H Shares ^(a)		62,000		109,773

MACHINERY — 0.0% ^(c)
Haitian International Holdings Ltd.		42,000		85,295

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
China Vanke Co. Ltd. - H Shares ^(a)		112,674		359,616

ROAD & RAIL — 0.0% ^(c)
Guangshen Railway Co. Ltd. - ADR		8,797		80,141

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1%
Legend Holdings Corp. - H Shares ^(a)		184,400		216,245

TEXTILES, APPAREL & LUXURY GOODS — 0.2%
ANTA Sports Products Ltd.		56,000		494,212
TOTAL CHINA				8,311,888

COLOMBIA — 0.3%
BANKS — 0.3%
BanColombia S.A. - ADR		33,026		868,914

DENMARK — 1.8%
BIOTECHNOLOGY — 0.2%
Genmab A/S ^(a) ^(b)		1,392		469,323

ELECTRIC UTILITIES — 0.2%
Orsted A/S		4,053		467,672

ELECTRICAL EQUIPMENT — 0.2%
Vestas Wind Systems A/S ^(a)		4,203		430,353

HEALTH CARE EQUIPMENT & SUPPLIES — 0.2%
Coloplast A/S - Series B ^(a)		3,561		554,986

MARINE — 0.1%
A.P. Moller-Maerska A/S - Series B ^(a)		274		321,096

PHARMACEUTICALS — 0.7%
Novo Nordisk A/S - ADR		30,237		1,979,919

ROAD & RAIL — 0.2%
DSV Panalpina A/S ^(a)		4,551		558,962

TEXTILES, APPAREL & LUXURY GOODS — 0.0% ^(c)
Pandora A/S ^(a)		2,532		138,269
TOTAL DENMARK				4,920,580

FINLAND — 0.7%
COMMUNICATIONS EQUIPMENT — 0.2%
Nokia OYJ - ADR		129,575		570,130

MACHINERY — 0.2%
Kone OYJ - Class B ^(a)		6,339		437,284

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
FINLAND — 0.7%, continued
OIL, GAS & CONSUMABLE FUELS — 0.1%
Neste OYJ ^(a)		9,891	$	388,556

PAPER & FOREST PRODUCTS — 0.1%
Stora Enso OYJ - ADR		21,409		256,908

PHARMACEUTICALS — 0.1%
Orion OYJ - Class B ^(a)		5,155		250,038
TOTAL FINLAND				1,902,916

FRANCE — 6.1%
AUTO COMPONENTS — 0.2%
Cie Generale des Etablissements Michelin ^(a)		1,074		111,968
Cie Generale des Etablissements Michelin - ADR		18,110		367,597
				479,565
BANKS — 0.1%
Natixis S.A. ^(b)		59,980		156,707

BUILDING PRODUCTS — 0.1%
Cie de Saint-Gobain ^(a) ^(b)		11,510		415,374

CHEMICALS — 0.5%
Air Liquide S.A. ^(a)		8,862		1,281,581
Air Liquide S.A. - ADR		3,602		103,918
				1,385,499
CONSTRUCTION & ENGINEERING — 0.5%
Bouygues S.A. ^(a) ^(b)		10,396		356,180
Vinci S.A. ^(a)		3,196		296,402
Vinci S.A. - ADR		34,082		797,519
				1,450,101
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1%
Orange S.A. ^(a)		9,324		111,518
Orange S.A. - ADR		14,524		172,836
				284,354
ELECTRICAL EQUIPMENT — 0.6%
Legrand S.A. ^(a)		10,029		762,179
Schneider Electric SE ^(a)		9,145		1,017,461
				1,779,640
ENTERTAINMENT — 0.2%
Vivendi S.A. ^(a)		12,138		313,704
Vivendi S.A. - ADR		11,623		299,002
				612,706
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.3%
Covivo ^(a)		5,514		400,029
Unibail-Rodamco-Westfield SE ^(a)		6,667		375,872
Unibail-Rodamco-Westfield SE/CDI ^(a)		45,646		130,096
				905,997
FOOD PRODUCTS — 0.3%
Danone S.A. - ADR		58,940		813,460

HOTELS, RESTAURANTS & LEISURE — 0.2%
Sodexo S.A. ^(a)		5,531		375,120
TUI AG ^(a) ^(b)		48,894		231,117
				606,237

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
FRANCE — 6.1%, continued
INSURANCE — 0.5%
AXA S.A. ^(a)		7,908	$	166,440
AXA S.A. - ADR		34,977		730,670
CNP Assurances ^(a) ^(b)		38,350		444,888
				1,341,998
IT SERVICES — 0.2%
Capgemini SE ^(a)		2,481		286,367
Capgemini SE - ADR		6,425		146,940
				433,307
MEDIA — 0.1%
Publicis Groupe S.A. ^(a) ^(b)		8,339		270,946

MULTI-LINE RETAIL — 0.3%
Kering S.A. ^(a)		1,378		753,528

MULTI-UTILITIES — 0.1%
Veolia Environnement S.A. ^(a)		8,182		184,795
Veolia Environnement S.A. - ADR		8,162		184,135
				368,930
PERSONAL PRODUCTS — 0.7%
L’Oreal S.A. ^(a) ^(b)		1,380		445,479
L’Oreal S.A. - ADR ^(b)		22,540		1,458,563
				1,904,042
PHARMACEUTICALS — 0.1%
Ipsen S.A. ^(a)		3,171		269,054

PROFESSIONAL SERVICES — 0.2%
Teleperformance ^(a)		1,758		447,819

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Klepierre S.A. ^(a)		12,195		243,812

SOFTWARE — 0.2%
Dassault Systemes S.A. ^(a)		3,059		531,126
Dassault Systemes S.A. - ADR		745		128,900
				660,026
TEXTILES, APPAREL & LUXURY GOODS — 0.5%
EssilorLuxottica S.A. ^(a) ^(b)		4,503		579,238
EssilorLuxottica S.A. - ADR ^(b)		2,486		160,335
Hermes International S.C.A. ^(a)		830		697,012
				1,436,585
TOTAL FRANCE				17,019,687

GERMANY — 5.4%
AIR FREIGHT & LOGISTICS — 0.3%
Deutsche Post AG ^(a) ^(b)		10,161		373,184
Deutsche Post AG - ADR ^(b)		14,832		543,445
				916,629
AUTOMOBILES — 0.5%
Bayerische Motoren Werke AG ^(a)		3,733		238,365
Bayerische Motoren Werke AG - ADR		21,392		456,505
Daimler AG ^(a)		18,669		759,677
				1,454,547

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
GERMANY — 5.4%, continued
CAPITAL MARKETS — 0.4%
Deutsche Bank AG ^(b)		40,186	$	382,571
Deutsche Boerse AG ^(a)		3,878		701,966
Deutsche Boerse AG - ADR		980		17,758
				1,102,295
CHEMICALS — 0.8%
BASF SE ^(a)		2,739		153,878
BASF SE - ADR		71,684		1,003,576
Covestro AG ^(a) ^(b)		10,684		407,016
Symrise AG ^(a)		5,474		639,745
				2,204,215
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%
Deutsche Telekom AG ^(a)		16,807		282,064
Deutsche Telekom AG - ADR		30,009		503,251
				785,315
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.2%
Deutsche Wohnen SE ^(a)		9,595		431,242

HEALTH CARE PROVIDERS & SERVICES — 0.2%
Fresenius Medical Care AG & Co. KGaA - ADR ^(b)		10,136		438,686

INDUSTRIAL CONGLOMERATES — 0.6%
Siemens AG ^(a)		14,082		1,661,120

INSURANCE — 0.9%
Allianz SE		76,050		1,560,546
Muenchener Rueckversicherungs-Gesellschaft AG ^(a)		1,787		465,418
Muenchener Rueckversicherungs-Gesellschaft AG - ADR		18,890		493,690
				2,519,654
LIFE SCIENCES TOOLS & SERVICES — 0.1%
Sartorius AG ^(a)		1,178		388,873

MACHINERY — 0.1%
GEA Group AG		8,109		256,510

PHARMACEUTICALS — 0.2%
Merck KGaA ^(a)		5,004		582,820

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3%
Vonovia SE ^(a)		11,640		711,613

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.2%
Infineon Technologies AG ^(a)		10,301		241,423
Infineon Technologies AG - ADR		12,109		284,682
				526,105
TEXTILES, APPAREL & LUXURY GOODS — 0.2%
adidas AG ^(a) ^(b)		1,323		348,880
adidas AG - ADR ^(b)		2,402		316,296
				665,176
TRADING COMPANIES & DISTRIBUTORS — 0.1%
Brenntag AG ^(a)		6,787		359,919
TOTAL GERMANY				15,004,719

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
HONG KONG — 2.4%
AUTOMOBILES — 0.1%
Zhongshegn Group Holdings Ltd.		48,000	$	265,685

BANKS — 0.2%
BOC Hong Kong Holdings Ltd. ^(a)		134,659		431,163
BOC Hong Kong Holdings Ltd. - ADR		1,754		111,256
				542,419
CAPITAL MARKETS — 0.4%
Hong Kong Exchanges & Clearing Ltd. ^(a)		26,978		1,149,037

COMMUNICATIONS EQUIPMENT — 0.0% ^(c)
BYD Electronic International Co. Ltd. ^(a)		24,000		55,445
ZTE Corp. - H Shares		17,000		51,983
				107,428
CONSTRUCTION MATERIALS — 0.1%
China National Building Material Co. Ltd. - H Shares ^(a)		154,000		165,181

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.1%
AAC Technologies Holdings, Inc. ^(a)		46,878		289,508

HOUSEHOLD DURABLES — 0.1%
Techtronic Industries Co. Ltd.		24,500		239,610

INSURANCE — 0.7%
AIA Group Ltd. ^(a)		57,569		538,706
AIA Group Ltd. - ADR		36,902		1,380,135
				1,918,841
MACHINERY — 0.1%
China Conch Venture Holdings Ltd.		84,000		354,402

METALS & MINING — 0.0% ^(c)
Zhaojin Mining Industry Co. Ltd. - H Shares ^(a)		378		449

PAPER & FOREST PRODUCTS — 0.0% ^(c)
Nine Dragons Paper Holdings Ltd. ^(a)		302		276

PHARMACEUTICALS — 0.2%
CSPC Pharmaceutical Group Ltd. ^(a)		177,600		336,354
Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares ^(a) ^(b)		29,000		97,224
				433,578
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3%
Henderson Land Development Co. Ltd. ^(a)		133,265		508,233
Sun Hung Kai Properties Ltd. ^(a)		37		473
Swire Pacific Ltd. - Class A ^(a)		379		2,014
Swire Properties Ltd. ^(a)		150		383
Wharf Holdings Ltd. (The) ^(a)		189,000		386,725
				897,828
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1%
Lenovo Group Ltd. ^(a)		562,000		313,563
TOTAL HONG KONG				6,677,805

HUNGARY — 0.0% ^(c)
OIL, GAS & CONSUMABLE FUELS — 0.0% ^(c)
MOL Hungarian Oil & Gas plc - ADR ^(b)		6,368		18,746

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
INDIA — 2.3%
BANKS — 1.1%
HDFC Bank Ltd. - ADR		33,194	$	1,508,999
ICICI Bank Ltd. - ADR		164,555		1,528,716
				3,037,715
IT SERVICES — 0.9%
Infosys Ltd. - ADR		131,713		1,272,348
Wipro Ltd. - ADR		361,463		1,196,442
				2,468,790
PHARMACEUTICALS — 0.3%
Dr. Reddy’s Laboratories Ltd. - ADR		15,089		799,868
TOTAL INDIA				6,306,373

INDONESIA — 0.6%
BANKS — 0.3%
Bank Mandiri Persero Tbk PT - ADR		94,466		637,646

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%
Telekomunikasi Indonesia Persero Tbk PT - ADR ^(b)		42,006		919,091
TOTAL INDONESIA				1,556,737

IRELAND — 0.4%
CONSTRUCTION MATERIALS — 0.4%
CRH plc - ADR		22,204		761,819
James Hardie Industries plc ^(a)		14,268		274,937
TOTAL IRELAND				1,036,756

ISRAEL — 0.6%
CHEMICALS — 0.1%
ICL Group Ltd.		39,641		120,905

SOFTWARE — 0.5%
Check Point Software Technologies Ltd. ^(b)		5,242		563,148
CyberArk Software Ltd. ^(b)		2,671		265,150
Nice Ltd. ^(b)		3,402		643,795
				1,472,093
TOTAL ISRAEL				1,592,998

ITALY — 1.0%
AUTOMOBILES — 0.0% ^(c)
Fiat Chrysler Automobiles N.V. ^(a) ^(b)		3,969		40,167

CONSUMER FINANCE — 0.0% ^(c)
FinecoBank Banca Fineco SpA ^(a) ^(b)		5,769		78,094

ELECTRIC UTILITIES — 0.5%
Enel SpA ^(a)		163,414		1,413,556

ELECTRICAL EQUIPMENT — 0.1%
Prysmian SpA		6,056		140,324

INSURANCE — 0.2%
Assicurazioni Generali SpA ^(a)		42,529		646,155

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
ITALY — 1.0%, continued
OIL, GAS & CONSUMABLE FUELS — 0.2%
Snam SpA ^(a)		106,398	$	518,809
TOTAL ITALY				2,837,105

JAPAN — 16.6%
AUTO COMPONENTS — 0.2%
Bridgestone Corp. ^(a)		16,156		521,433

AUTOMOBILES — 1.2%
Honda Motor Co. Ltd ^(a)		17,400		445,322
Honda Motor Co. Ltd. - ADR		17,451		446,047
Nissan Motor Co. Ltd. ^(a)		21,000		77,876
Nissan Motor Co. Ltd. - ADR		32,460		239,798
Toyota Motor Corp. - ADR		17,032		2,139,730
				3,348,773
BANKS — 0.5%
Mitsubishi UFJ Financial Group, Inc. - ADR		172,039		676,113
Sumitomo Mitsui Financial Group, Inc. - ADR		128,515		722,255
				1,398,368
CAPITAL MARKETS — 0.2%
Nomura Holdings, Inc. - ADR		94,167		418,102
SBI Holdings, Inc. ^(a)		10,400		225,681
				643,783
CHEMICALS — 0.6%
Asahi Kasei Corp. ^(a)		50,000		409,282
Asahi Kasei Corp. - ADR		2,152		35,155
Kansai Paint Co. Ltd. ^(a)		13,930		294,360
Nissan Chemical Corp. ^(a)		2,200		113,185
Shin-Etsu Chemical Co. Ltd. ^(a)		6,100		715,892
Shin-Etsu Chemical Co. Ltd. - ADR		1,880		54,783
Taiyo Nippon Sanso Corp.		6,000		100,077
				1,722,734
COMMERCIAL SERVICES & SUPPLIES — 0.1%
Dai Nippon Printing Co. Ltd. ^(a)		17,618		405,037
Dai Nippon Printing Co. Ltd. - ADR		37		423
				405,460
CONSTRUCTION & ENGINEERING — 0.2%
Obayashi Corp. ^(a)		43,860		412,341
Taisei Corp. ^(a)		3,541		129,053
				541,394
CONSUMER FINANCE — 0.1%
GMO Payment Gateway, Inc. ^(b)		1,425		148,337

DIVERSIFIED FINANCIAL SERVICES — 0.1%
ORIX Corp. - ADR		5,325		328,020

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2%
Nippon Telegraph & Telephone Corp. ^(a)		19,000		442,681
Nippon Telegraph & Telephone Corp. - ADR		6,754		156,963
				599,644
ELECTRIC UTILITIES — 0.0% ^(c)
Chubu Electric Power Co., Inc. ^(a)		79		991
Kansai Electric Power Co., Inc. (The) ^(a)		81		785
				1,776

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
JAPAN — 16.6%, continued
ELECTRICAL EQUIPMENT — 0.2%
Nidec Corp. - ADR		34,780	$	583,435

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.4%
Hitachi Ltd. ^(a)		8,200		260,631
Hitachi Ltd. - ADR		5,344		337,420
Keyence Corp. ^(a)		3,600		1,508,593
Kyocera Corp. ^(a)		4,400		240,168
Kyocera Corp. - ADR		4,458		242,716
Murata Manufacturing Co. Ltd. ^(a)		12,900		760,422
Murata Manufacturing Co. Ltd. - ADR		4,776		69,968
TDK Corp. ^(a)		3,800		378,288
				3,798,206
ENTERTAINMENT — 0.4%
Nexon Co. Ltd. ^(a)		6,600		148,870
Nintendo Co. Ltd. ^(a)		300		134,118
Nintendo Co. Ltd. - ADR		14,840		829,556
				1,112,544
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.1%
Japan Retail Fund Investment Corp. ^(a)		182		227,638

FOOD & STAPLES RETAILING — 0.2%
FamilyMart Co. Ltd. ^(a)		6,500		111,589
Seven & i Holdings Co. Ltd. ^(a)		12,700		415,454
Seven & i Holdings Co. Ltd. - ADR		4,536		73,710
				600,753
FOOD PRODUCTS — 0.2%
Yakult Honsha Co. Ltd. ^(a)		8,000		470,663

HEALTH CARE EQUIPMENT & SUPPLIES — 0.5%
Hoya Corp. ^(a)		6,861		656,990
Hoya Corp. - ADR		1,273		121,661
Terumo Corp. ^(a)		18,334		697,830
				1,476,481
HEALTH CARE TECHNOLOGY — 0.2%
M3, Inc. ^(a)		11,200		475,780

HOTELS, RESTAURANTS & LEISURE — 0.2%
Oriental Land Co. Ltd. ^(a)		4,200		555,003

HOUSEHOLD DURABLES — 0.8%
Sekisui House Ltd. ^(a)		8,000		152,735
Sekisui House Ltd. - ADR		30,149		574,519
Sony Corp. - ADR		21,356		1,476,340
				2,203,594
HOUSEHOLD PRODUCTS — 0.2%
Unicharm Corp. ^(a)		11,200		459,332

INDUSTRIAL CONGLOMERATES — 0.1%
Toshiba Corp. ^(a)		6,229		199,821

INSURANCE — 0.4%
MS&AD Insurance Group Holdings, Inc. - ADR		34,266		470,472
Tokio Marine Holdings, Inc. ^(a)		6,200		271,388
Tokio Marine Holdings, Inc. - ADR		7,803		341,693
				1,083,553

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
JAPAN — 16.6%, continued
INTERNET & DIRECT MARKETING RETAIL — 0.1%
Rakuten, Inc. ^(a)		17,154	$	151,519

IT SERVICES — 0.1%
Obic Co. Ltd.		900		157,283

LEISURE PRODUCTS — 0.2%
Shimano, Inc. ^(a)		2,100		403,799
Shimano, Inc. - ADR		1,930		37,075
				440,874
MACHINERY — 0.8%
FANUC Corp. ^(a)		1,200		215,120
FANUC Corp. - ADR		20,120		358,538
Kubota Corp. - ADR		5,277		395,055
Makita Corp. ^(a)		679		24,691
Makita Corp. - ADR		8,616		311,899
SMC Corp. ^(a)		1,000		513,912
SMC Corp. - ADR		3,560		91,177
THK Co. Ltd. ^(a)		10,600		263,910
				2,174,302
MARINE — 0.1%
Mitsui OSK Lines Ltd. ^(a)		16,000		284,687

METALS & MINING — 0.1%
Sumitomo Metal Mining Co. Ltd. ^(a)		13,412		377,806

MULTI-LINE RETAIL — 0.1%
Pan Pacific International Holdings Corp. ^(a)		13,200		290,615

OIL, GAS & CONSUMABLE FUELS — 0.4%
ENEOS Holdings, Inc. ^(a)		156,754		558,750
Idemitsu Kosan Co. Ltd. ^(a)		48		1,024
Inpex Corp. ^(a)		75,692		472,632
				1,032,406
PERSONAL PRODUCTS — 0.6%
Kao Corp. ^(a)		12,845		1,019,332
Shiseido Co. Ltd. ^(a)		2,100		133,811
Shiseido Co. Ltd. - ADR		7,565		480,756
				1,633,899
PHARMACEUTICALS — 2.3%
Astellas Pharma, Inc. ^(a)		20,900		349,014
Astellas Pharma, Inc. - ADR		24,473		407,720
Chugai Pharmaceutical Co. Ltd. ^(a)		19,800		1,060,072
Daiichi Sankyo Co. Ltd. ^(a)		9,621		786,903
Daiichi Sankyo Co. Ltd. - ADR		2,425		198,409
Eisai Co. Ltd. ^(a)		5,100		405,182
Kyowa Kirin Co. Ltd. ^(a)		14,000		368,539
Ono Pharmaceutical Co. Ltd. ^(a)		21,300		621,662
Otsuka Holdings Co. Ltd. ^(a)		12,100		527,332
Santen Pharmaceutical Co. Ltd. ^(a)		28,200		519,137
Takeda Pharmaceutical Co. Ltd. ^(a)		5,800		208,378
Takeda Pharmaceutical Co. Ltd. - ADR		45,005		806,940
				6,259,288
PROFESSIONAL SERVICES — 0.2%
Recruit Holdings Co. Ltd. ^(a)		17,850		613,854

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
JAPAN — 16.6%, continued
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.7%
Daito Trust Construction Co. Ltd. ^(a)		2,200	$	202,751
Daito Trust Construction Co. Ltd. - ADR		1,948		44,535
Daiwa House Industry Co. Ltd. ^(a)		1,000		23,615
Daiwa House Industry Co. Ltd. - ADR		15,470		361,998
Mitsubishi Estate Co. Ltd. ^(a)		30,000		447,046
Mitsubishi Estate Co. Ltd. - ADR		16,350		242,242
Mitsui Fudosan Co. Ltd. ^(a)		18,879		335,374
Nomura Real Estate Master Fund, Inc. ^(a) ^(b)		329		394,035
				2,051,596
ROAD & RAIL — 0.5%
Central Japan Railway Co. ^(a)		4,230		654,192
East Japan Railway Co. ^(a)		3,590		248,765
East Japan Railway Co. - ADR		20,226		232,397
Keikyu Corp. ^(a)		11,285		172,681
Keio Corp. ^(a)		2,981		170,600
				1,478,635
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.3%
Advantest Corp. ^(a)		4,800		273,933
Tokyo Electron Ltd. ^(a)		1,900		468,805
Tokyo Electron Ltd. - ADR		1,464		90,475
				833,213
SPECIALTY RETAIL — 0.2%
Fast Retailing Co. Ltd. ^(a)		1,000		574,761

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.3%
Canon, Inc. - ADR		22,401		447,348
FUJIFILM Holdings Corp. - ADR		8,601		368,467
				815,815
TEXTILES, APPAREL & LUXURY GOODS — 0.0% ^(c)
Wacoal Holdings Corp. - ADR		1,316		121,555

TRADING COMPANIES & DISTRIBUTORS — 0.6%
Mitsubishi Corp. ^(a)		16,300		344,441
Mitsui & Co. Ltd. ^(a)		24,000		355,592
Mitsui & Co. Ltd. - ADR		1,637		483,079
Sumitomo Corp. ^(a)		43,700		502,603
Sumitomo Corp. - ADR		3,702		42,403
				1,728,118
WIRELESS TELECOMMUNICATION SERVICES — 0.7%
KDDI Corp. ^(a)		1,918		57,227
KDDI Corp. - ADR		51,612		768,503
SoftBank Group Corp. ^(a)		14,400		726,145
SoftBank Group Corp. - ADR		20,330		511,909
				2,063,784
TOTAL JAPAN				45,990,535

JERSEY — 0.8%
METALS & MINING — 0.3%
Glencore plc ^(a)		353,430		752,866

PROFESSIONAL SERVICES — 0.3%
Experian plc ^(a)		3,191		111,999
Experian plc - ADR		20,043		704,712
				816,711

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
JERSEY — 0.8%, continued
TRADING COMPANIES & DISTRIBUTORS — 0.2%
Ferguson plc ^(a)		508	$	41,537
Ferguson plc - ADR		56,809		462,999
				504,536
TOTAL JERSEY				2,074,113

LUXEMBOURG — 0.4%
ENERGY EQUIPMENT & SERVICES — 0.2%
Tenaris S.A. ^(a) ^(b)		67,607		439,439
Tenaris S.A. - ADR		18,238		235,817
				675,256
METALS & MINING — 0.1%
ArcelorMittal S.A. ^(b)		21,714		232,991

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Aroundtown S.A. ^(b)		45,410		260,142
TOTAL LUXEMBOURG				1,168,389

MEXICO — 0.8%
BANKS — 0.0% ^(c)
Grupo Financiero Banorte S.A.B. de C.V. - ADR ^(b)		2,394		41,416

BEVERAGES — 0.3%
Coca-Cola Femsa S.A.B. de C.V. - ADR		14,594		639,947

FOOD & STAPLES RETAILING — 0.2%
Wal-Mart de Mexico S.A.B. de C.V. - ADR		26,389		634,392

MEDIA — 0.1%
Grupo Televisa S.A.B. - ADR ^(b)		39,194		205,376

TRANSPORTATION INFRASTRUCTURE — 0.2%
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR		3,665		263,220
Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR ^(b)		2,822		316,883
				580,103
TOTAL MEXICO				2,101,234

NETHERLANDS — 3.8%
AUTOMOBILES — 0.3%
Ferrari N.V.		3,083		527,224
Fiat Chrysler Automobiles N.V. ^(b)		26,965		276,122
				803,346
BANKS — 0.1%
ING Groep N.V. ^(a)		12,870		89,733
ING Groep N.V. - ADR		40,673		280,644
				370,377
CHEMICALS — 0.4%
Akzo Nobel N.V. - ADR		15,200		454,024
Koninklijke DSM N.V. ^(a)		4,332		601,478
				1,055,502

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
NETHERLANDS — 3.8%, continued
FOOD & STAPLES RETAILING — 0.3%
Koninklijke Ahold Delhaize N.V. ^(a)		5,491	$	149,682
Koninklijke Ahold Delhaize N.V. - ADR		24,466		664,545
				814,227
HEALTH CARE EQUIPMENT & SUPPLIES — 0.3%
Koninklijke Philips N.V. ^(b)		15,686		734,732

INTERNET & DIRECT MARKETING RETAIL — 0.2%
Prosus N.V. ^(a) ^(b)		5,540		516,638
Prosus N.V. - ADR ^(b)		9,440		175,584
				692,222
IT SERVICES — 0.3%
Adyen N.V. ^(b)		551		802,136

LIFE SCIENCES TOOLS & SERVICES — 0.1%
QIAGEN N.V. ^(b)		7,847		335,930

PERSONAL PRODUCTS — 0.5%
Unilever N.V. - ADR		25,983		1,384,114

PROFESSIONAL SERVICES — 0.2%
Wolters Kluwer N.V.		6,189		483,492

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.1%
ASML Holding N.V. - ADR		7,052		2,595,347
STMicroelectronics N.V.		16,636		455,993
				3,051,340
TOTAL NETHERLANDS				10,527,418

NEW ZEALAND — 0.2%
HEALTH CARE EQUIPMENT & SUPPLIES — 0.2%
Fisher & Paykel Healthcare Corp. Ltd. ^(a)		22,237		512,656

NORWAY — 1.0%
FOOD PRODUCTS — 0.1%
Mowi ASA ^(a)		10,331		196,946

METALS & MINING — 0.1%
Norsk Hydro ASA ^(a) ^(b)		57,951		161,693

OIL, GAS & CONSUMABLE FUELS — 0.8%
Equinor ASA - ADR		160,228		2,320,102
TOTAL NORWAY				2,678,741

PAPUA NEW GUINEA — 0.1%
OIL, GAS & CONSUMABLE FUELS — 0.1%
Oil Search Ltd. ^(a)		192,587		426,823

PHILIPPINES — 0.2%
WIRELESS TELECOMMUNICATION SERVICES — 0.2%
PLDT, Inc. - ADR		20,806		507,874

PORTUGAL — 0.4%
ELECTRIC UTILITIES — 0.1%
EDP - Energias de Portugal S.A. ^(a)		75,470		360,309

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
PORTUGAL — 0.4%, continued
OIL, GAS & CONSUMABLE FUELS — 0.3%
Galp Energia SGPS S.A. ^(a)		74,530	$	864,718
TOTAL PORTUGAL				1,225,027

RUSSIA — 0.3%
WIRELESS TELECOMMUNICATION SERVICES — 0.3%
Mobile TeleSystems PJSC - ADR		86,910		798,703

SINGAPORE — 0.7%
BANKS — 0.4%
DBS Group Holdings Ltd. ^(a)		656		9,871
DBS Group Holdings Ltd. - ADR		16,662		1,002,220
United Overseas Bank Ltd. ^(a)		475		6,941
				1,019,032
DIVERSIFIED FINANCIAL SERVICES — 0.1%
BOC Aviation Ltd. ^(a)		45,300		291,620

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2%
Singapore Telecommunications Ltd. ^(a)		263,732		469,172
Singapore Telecommunications Ltd. - ADR		6,886		121,538
				590,710
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.0% ^(c)
Keppel REIT ^(a)		737		586

INDUSTRIAL CONGLOMERATES — 0.0% ^(c)
Keppel Corp. Ltd. ^(a)		841		3,622
TOTAL SINGAPORE				1,905,570

SOUTH AFRICA — 1.2%
BANKS — 0.2%
Standard Bank Group Ltd. ^(a)		65,251		393,720

INDUSTRIAL CONGLOMERATES — 0.1%
Bidvest Group Ltd. (The) ^(a)		39,202		321,523

MEDIA — 0.6%
MultiChoice Group Ltd. ^(a) ^(b)		23,749		145,175
Naspers Ltd. - Class N - ADR		39,085		1,432,465
				1,577,640
METALS & MINING — 0.2%
AngloGold Ashanti Ltd. - ADR		13,301		392,246
Gold Fields Ltd. - ADR		28,505		267,947
				660,193
SPECIALTY RETAIL — 0.1%
Mr. Price Group Ltd. ^(a)		32,525		268,850
TOTAL SOUTH AFRICA				3,221,926

SOUTH KOREA — 2.8%
BANKS — 1.4%
KB Financial Group, Inc. - ADR		40,635		1,130,466
Shinhan Financial Group Co. Ltd. - ADR		57,549		1,384,629
Woori Financial Group, Inc. - ADR		53,168		1,178,734
				3,693,829
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%
KT Corp. - ADR		90,367		880,174

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
SOUTH KOREA — 2.8%, continued
ELECTRIC UTILITIES — 0.2%
Korea Electric Power Corp. - ADR ^(b)		76,016	$	606,608

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.1%
LG Display Co. Ltd. - ADR ^(b)		32,327		156,139

METALS & MINING — 0.3%
POSCO - ADR		24,590		910,814

WIRELESS TELECOMMUNICATION SERVICES — 0.5%
SK Telecom Co. Ltd. - ADR		72,043		1,391,871
TOTAL SOUTH KOREA				7,639,435

SPAIN — 1.5%
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1%
Telefónica S.A. ^(a)		67,025		320,629
Telefónica S.A. - ADR		10,297		49,631
				370,260
ELECTRIC UTILITIES — 0.5%
Iberdrola S.A. ^(a)		45,814		534,970
Iberdrola S.A. - ADR		16,749		777,823
				1,312,793
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.1%
Cellnex Telecom S.A. ^(a)		6,341		387,371

OIL, GAS & CONSUMABLE FUELS — 0.6%
Enagas S.A. ^(a)		12,896		315,544
Repsol S.A. ^(a)		132,855		1,174,136
Repsol S.A. - ADR		15,283		134,643
				1,624,323
SPECIALTY RETAIL — 0.2%
Industria de Diseno Textil S.A. ^(a)		19,609		520,398
Industria de Diseno Textil S.A. - ADR		3,926		51,980
				572,378
TOTAL SPAIN				4,267,125

SWEDEN — 1.6%
COMMUNICATIONS EQUIPMENT — 0.3%
Telefonaktiebolaget LM Ericsson - ADR		52,416		487,469
Telefonaktiebolaget LM Ericsson - B Shares ^(a)		36,097		334,553
				822,022
CONSTRUCTION & ENGINEERING — 0.1%
Skanska AB - Class B ^(a) ^(b)		18,002		367,461

HOUSEHOLD PRODUCTS — 0.2%
Essity AB - Series B ^(a) ^(b)		17,606		570,725

MACHINERY — 0.7%
Alfa Laval AB ^(a) ^(b)		15,777		347,991
Atlas Copco AB - Class A ^(a)		8,922		379,890
Atlas Copco AB - Class A - ADR		11,672		497,811
Sandvik AB ^(a) ^(b)		17,709		333,335
Sandvik AB - ADR ^(b)		17,058		318,132
				1,877,159

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
SWEDEN — 1.6%, continued
METALS & MINING — 0.2%
Boliden AB ^(a)		25,785	$	591,327

SPECIALTY RETAIL — 0.1%
Hennes & Mauritz AB - Class B ^(a)		19,185		279,988
TOTAL SWEDEN				4,508,682

SWITZERLAND — 6.9%
BEVERAGES — 0.1%
Coca-Cola HBC AG ^(a)		10,085		252,455

BUILDING PRODUCTS — 0.1%
Geberit AG ^(a)		853		427,972

CAPITAL MARKETS — 0.9%
Credit Suisse Group AG ^(a)		51,770		538,649
Credit Suisse Group AG - ADR ^(b)		11,870		122,380
Julius Baer Group Ltd. ^(a)		8,240		346,053
Partners Group Holding AG ^(a)		644		586,474
UBS Group AG		2		23
UBS Group AG - Registered Shares ^(a)		68,972		796,545
				2,390,124
CHEMICALS — 0.4%
Givaudan S.A. ^(a)		272		1,016,706

CONSTRUCTION MATERIALS — 0.2%
LafargeHolcim Ltd. ^(a) ^(b)		14,563		641,575

ELECTRICAL EQUIPMENT — 0.3%
ABB Ltd. - ADR		36,454		822,402

FOOD PRODUCTS — 2.3%
Barry Callebaut AG ^(a)		265		505,831
Chocoladefabiken Lindt & Spruengli AG ^(a)		82		677,252
Nestlé S.A. - ADR		46,902		5,179,857
				6,362,940
HEALTH CARE EQUIPMENT & SUPPLIES — 0.2%
Alcon, Inc. ^(b)		9,476		543,164

INSURANCE — 0.5%
Swiss Re AG ^(a)		7,309		566,688
Zurich Insurance Group AG - ADR		24,700		870,922
				1,437,610
LIFE SCIENCES TOOLS & SERVICES — 0.4%
Lonza Group AG ^(a)		1,788		947,080
Lonza Group AG - ADR		1,070		56,699
				1,003,779
PHARMACEUTICALS — 1.4%
Roche Holding AG - ADR		86,624		3,757,749

PROFESSIONAL SERVICES — 0.1%
Adecco Group AG ^(a)		5,500		259,240
Adecco Group AG - ADR		4,982		117,077
				376,317
TOTAL SWITZERLAND				19,032,793

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
TAIWAN — 3.8%
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.9%
Chunghwa Telecom Co. Ltd. - ADR		66,939	$	2,635,389

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.2%
AU Optronics Corp. - ADR		165,806		504,050

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.7%
ASE Industrial Holding Co. Ltd. - ADR		126,937		576,294
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		105,119		5,967,606
United Microelectronics Corp. - ADR		318,743		841,481
				7,385,381
TOTAL TAIWAN				10,524,820

TURKEY — 0.2%
WIRELESS TELECOMMUNICATION SERVICES — 0.2%
Turkcell Iletisim Hizmetleri A.S. - ADR		99,393		572,504

UNITED KINGDOM — 7.5%
BANKS — 0.8%
HSBC Holdings plc - ADR		56,627		1,321,108
Lloyds Banking Group plc ^(a)		437,921		168,903
Lloyds Banking Group plc - ADR		229,832		344,748
Standard Chartered plc ^(a)		45,834		248,453
				2,083,212
BEVERAGES — 0.1%
Coca-Cola European Partners plc		8,952		338,028

DIVERSIFIED FINANCIAL SERVICES — 0.3%
London Stock Exchange Group plc ^(a)		7,929		824,565

ELECTRIC UTILITIES — 0.2%
SSE plc ^(a)		5,602		94,858
SSE plc - ADR		22,840		383,940
				478,798
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.3%
SEGRO plc ^(a)		65,385		722,984

FOOD & STAPLES RETAILING — 0.4%
Ocado Group plc ^(a) ^(b)		12,670		318,397
Tesco plc ^(a)		161,997		455,636
Tesco plc - ADR		29,931		258,307
				1,032,340
FOOD PRODUCTS — 0.2%
Associated British Foods plc ^(a)		19,313		456,514

HEALTH CARE EQUIPMENT & SUPPLIES — 0.2%
Smith & Nephew plc - ADR		12,954		493,807

HOTELS, RESTAURANTS & LEISURE — 0.3%
Compass Group plc ^(a)		1,830		25,178
Compass Group plc - ADR		38,767		531,495
InterContinental Hotels Group plc		8,658		384,069

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
UNITED KINGDOM — 7.5%, continued
HOTELS, RESTAURANTS & LEISURE — 0.3%, continued
InterContinental Hotels Group plc ^(a)		732	$	32,314
				973,056
HOUSEHOLD DURABLES — 0.4%
Berkeley Group Holdings (The) ^(a)		7,006		360,718
Persimmon plc ^(a)		15,971		451,997
Taylor Wimpey plc ^(a)		179,836		317,407
				1,130,122
HOUSEHOLD PRODUCTS — 0.5%
Reckitt Benckiser Group plc ^(a)		3,212		295,494
Reckitt Benckiser Group plc - ADR		57,335		1,060,411
				1,355,905
INDUSTRIAL CONGLOMERATES — 0.1%
Smiths Group plc ^(a)		21,685		378,955

INSURANCE — 0.5%
Legal & General Group plc ^(a)		242,904		662,205
Prudential plc - ADR		22,297		677,383
				1,339,588
MEDIA — 0.1%
PEARSON plc ^(a)		24,794		176,440
PEARSON plc - ADR		28,318		204,739
				381,179
METALS & MINING — 0.2%
Antofagasta plc ^(a)		54,457		630,161

MULTI-UTILITIES — 0.3%
National Grid plc - ADR		14,061		854,065

PHARMACEUTICALS — 1.5%
AstraZeneca plc - ADR		43,708		2,311,716
GlaxoSmithKline plc - ADR		46,926		1,914,112
				4,225,828
PROFESSIONAL SERVICES — 0.3%
RELX plc - ADR		39,538		931,515

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%
Rentokil Initial plc ^(a) ^(b)		66,541		420,743

SOFTWARE — 0.2%
Sage Group plc (The) ^(a)		44,261		367,402
Sage Group plc (The) - ADR		2,320		77,686
				445,088
TRADING COMPANIES & DISTRIBUTORS — 0.2%
Ashtead Group plc ^(a)		15,421		520,189

WIRELESS TELECOMMUNICATION SERVICES — 0.2%
Vodafone Group plc - ADR		39,080		622,935
TOTAL UNITED KINGDOM				20,639,577

UNITED STATES — 0.6%
AIR FREIGHT & LOGISTICS — 0.0%^(c)
BEST, Inc. ^(b)		25,273		108,169

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
UNITED STATES — 0.6%, continued
FOOD & STAPLES RETAILING — 0.1%
Companhia Brasileira de Distibuição - ADR		15,988	$	208,963

HOTELS, RESTAURANTS & LEISURE — 0.2%
Yum China Holdings, Inc.		11,775		566,024

METALS & MINING — 0.3%
Impala Platinum Holdings Ltd. - ADR		43,964		288,404
Pan American Silver Corp.		18,018		547,567
				835,971
TOTAL UNITED STATES				1,719,127
TOTAL COMMON STOCKS (COST $215,417,088)				269,815,306

PREFERRED STOCKS — 0.3%
BRAZIL — 0.3%
BANKS — 0.2%
Itau Unibanco Holding S.A. - ADR		92,356		433,150

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1%
Telefonica Brasil S.A. - ADR		39,419		349,252
TOTAL PREFERRED STOCKS (COST $993,987)				782,402

	Coupon			Maturity		Par Value		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Social Investment Foundation, Inc. ^(d)		2.000	%		06/15/22	$	290,000	$	293,770
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/15/23		870,000		898,632
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/23		480,000		497,913
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/17/24		290,000		296,658
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/24		120,000		122,932
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		06/13/25		500,000		500,000
TOTAL CORPORATE NOTES (COST $2,550,000)								$	2,609,905

	Shares		Fair Value
MONEY MARKET FUNDS — 0.2%
First American Government Obligations Fund - Class X, 0.09% ^(e) (COST $544,126)		544,126	$	544,126

TOTAL INVESTMENTS - (COST $219,505,201) — 99.0%			$	273,751,739
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%				2,674,395
NET ASSETS — 100.0%			$	276,426,134

(a)	This security has been fair valued by the methods established by a systematic valuation model provided by an independent third-party pricing service under the guidelines established by the Board of Trustees (Note 2).

(b)	Non-income producing security.

(c)	Percentage rounds to less than 0.1%.

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

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Social Investment Foundation, Inc. 2.000%, 06/15/22		06/17/19	$	290,000	$	293,770		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23		06/18/18		870,000		898,632		0.3	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23		12/17/18		480,000		497,913		0.2	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24		06/17/19		290,000		296,658		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24		12/12/19		120,000		122,932		0.0	%^(c)
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/20		06/12/20		500,000		500,000		0.2	%
			$	2,550,000	$	2,609,905		0.9	%

(e)	The rate shown is the 7-day effective yield as of June 30, 2020.

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, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.5%
AIR FREIGHT & LOGISTICS — 1.0%
FedEx Corp.		6,660	$	933,865
United Parcel Service, Inc. - Class B		13,500		1,500,930
				2,434,795
AIRLINES — 0.7%
American Airlines Group, Inc.		19,250		251,598
Delta Air Lines, Inc.		15,560		436,458
Southwest Airlines Co.		15,350		524,663
United Airlines Holdings, Inc. ^(a)		12,530		433,663
				1,646,382
AUTO COMPONENTS — 0.3%
Aptiv plc		4,830		376,354
BorgWarner, Inc.		7,240		255,572
				631,926
AUTOMOBILES — 0.3%
Ford Motor Co.		116,143		706,149

BANKS — 7.6%
Bank of America Corp.		185,430		4,403,963
Citigroup, Inc.		56,466		2,885,413
Citizens Financial Group, Inc.		10,900		275,116
Comerica, Inc.		9,200		350,520
Fifth Third Bancorp		19,490		375,767
First Republic Bank		2,170		229,998
Huntington Bancshares, Inc.		28,370		256,323
JPMorgan Chase & Co.		43,105		4,054,456
KeyCorp		18,558		226,036
M&T Bank Corp.		4,696		488,243
PNC Financial Services Group, Inc. (The)		14,391		1,514,077
Regions Financial Corp.		24,860		276,443
Truist Financial Corp.		29,720		1,115,986
U.S. Bancorp		51,257		1,887,283
Zions Bancorp., N.A.		12,160		413,440
				18,753,064
BEVERAGES — 2.5%
Coca-Cola Co. (The)		73,340		3,276,831
PepsiCo, Inc.		21,689		2,868,587
				6,145,418
BIOTECHNOLOGY — 3.5%
AbbVie, Inc.		22,556		2,214,548
Alexion Pharmaceuticals, Inc. ^(a)		4,360		489,366
Amgen, Inc.		6,734		1,588,281
Biogen, Inc. ^(a)		3,810		1,019,366
Gilead Sciences, Inc.		34,500		2,654,430
Regeneron Pharmaceuticals, Inc. ^(a)		1,150		717,198
				8,683,189
BUILDING PRODUCTS — 0.5%
Johnson Controls International plc		36,697		1,252,836

CAPITAL MARKETS — 3.3%
Bank of New York Mellon Corp. (The)		32,784		1,267,102
BlackRock, Inc.		1,502		817,223
Charles Schwab Corp. (The)		11,710		395,095
CME Group, Inc.		4,320		702,173
Franklin Resources, Inc.		28,500		597,645
Goldman Sachs Group, Inc. (The)		7,387		1,459,819

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
CAPITAL MARKETS — 3.3%, continued
Intercontinental Exchange, Inc.		5,470	$	501,052
Invesco Ltd.		20,392		219,418
Morgan Stanley		24,461		1,181,466
Northern Trust Corp.		6,297		499,604
State Street Corp.		6,610		420,066
				8,060,663
CHEMICALS — 2.8%
Air Products & Chemicals, Inc.		1,067		257,638
Albemarle Corp.		7,040		543,558
CF Industries Holdings, Inc.		5,360		150,830
Corteva, Inc.		14,630		391,938
DuPont de Nemours, Inc.		20,701		1,099,844
Eastman Chemical Co.		3,520		245,133
Ecolab, Inc.		3,816		759,193
International Flavors & Fragrances, Inc.		2,880		352,685
Linde plc		7,326		1,553,918
LyondellBasell Industries N.V. - Class A		23,940		1,573,337
				6,928,074
COMMERCIAL SERVICES & SUPPLIES — 1.1%
Republic Services, Inc.		14,920		1,224,186
Rollins, Inc.		7,640		323,860
Waste Management, Inc.		10,150		1,074,986
				2,623,032
COMMUNICATIONS EQUIPMENT — 2.1%
Cisco Systems, Inc.		109,350		5,100,084

CONSUMER FINANCE — 1.1%
American Express Co.		8,404		800,061
Capital One Financial Corp.		32,500		2,034,175
				2,834,236
CONTAINERS & PACKAGING — 0.5%
Amcor plc		57,960		591,772
Ball Corp.		5,768		400,818
WestRock Co.		10,430		294,752
				1,287,342
DIVERSIFIED CONSUMER SERVICES — 0.1%
H&R Block, Inc.		9,560		136,517

DIVERSIFIED TELECOMMUNICATION SERVICES — 4.2%
AT&T, Inc.		155,776		4,709,108
CenturyLink, Inc.		30,728		308,202
Verizon Communications, Inc.		97,790		5,391,163
				10,408,473
ELECTRIC UTILITIES — 4.6%
American Electric Power Co., Inc.		21,390		1,703,500
Duke Energy Corp.		27,934		2,231,647
Edison International		11,027		598,876
Eversource Energy		15,020		1,250,715
NextEra Energy, Inc.		10,545		2,532,593
PPL Corp.		22,061		570,056
Southern Co. (The)		33,141		1,718,361
Xcel Energy, Inc.		13,514		844,625
				11,450,373
ELECTRICAL EQUIPMENT — 1.2%
Eaton Corp. plc		8,250		721,710

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
ELECTRICAL EQUIPMENT — 1.2%, continued
Emerson Electric Co.		19,274	$	1,195,566
Rockwell Automation, Inc.		4,790		1,020,270
				2,937,546
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6%
Corning, Inc.		14,610		378,399
TE Connectivity Ltd.		12,396		1,010,894
				1,389,293
ENERGY EQUIPMENT & SERVICES — 2.0%
Baker Hughes Co.		85,340		1,313,383
Schlumberger Ltd.		201,336		3,702,569
				5,015,952
ENTERTAINMENT — 1.4%
Activision Blizzard, Inc.		14,220		1,079,298
Electronic Arts, Inc. ^(a)		2,910		384,266
Walt Disney Co. (The)		17,789		1,983,651
				3,447,215
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.5%
AvalonBay Communities, Inc.		3,130		484,023
Boston Properties, Inc.		2,990		270,236
Crown Castle International Corp.		5,780		967,283
Digital Realty Trust, Inc.		5,230		743,235
Equity Residential		10,400		611,728
Federal Realty Investment Trust		3,900		332,319
Host Hotels & Resorts, Inc.		20,090		216,771
Iron Mountain, Inc.		13,190		344,259
Public Storage		1,920		368,429
Simon Property Group, Inc.		9,489		648,858
Ventas, Inc.		10,570		387,073
Welltower, Inc.		9,100		470,925
Weyerhaeuser Co.		11,149		250,407
				6,095,546
FOOD & STAPLES RETAILING — 3.0%
Costco Wholesale Corp.		4,430		1,343,220
Kroger Co. (The)		18,754		634,823
Walgreens Boots Alliance, Inc.		23,650		1,002,524
Walmart, Inc.		37,350		4,473,783
				7,454,350
FOOD PRODUCTS — 2.7%
Conagra Brands, Inc.		7,850		276,085
General Mills, Inc.		16,714		1,030,418
Hormel Foods Corp.		14,460		697,984
J.M. Smucker Co. (The)		5,180		548,096
Kellogg Co.		11,990		792,059
Kraft Heinz Co. (The)		15,130		482,496
McCormick & Co., Inc.		2,450		439,554
Mondelez International, Inc. - Class A		39,932		2,041,723
Tyson Foods, Inc. - Class A		4,500		268,695
				6,577,110
HEALTH CARE EQUIPMENT & SUPPLIES — 4.9%
Abbott Laboratories		25,240		2,307,693
Baxter International, Inc.		13,012		1,120,333
Becton, Dickinson and Co.		8,300		1,985,941
Boston Scientific Corp. ^(a)		11,810		414,649
Cooper Cos., Inc. (The)		1,170		331,859
Danaher Corp.		13,400		2,369,522

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
HEALTH CARE EQUIPMENT & SUPPLIES — 4.9%, continued
Medtronic plc		30,730	$	2,817,941
Stryker Corp.		3,470		625,259
Varian Medical Systems, Inc. ^(a)		1,980		242,590
				12,215,787
HEALTH CARE PROVIDERS & SERVICES — 6.6%
AmerisourceBergen Corp.		4,630		466,565
Anthem, Inc.		6,020		1,583,140
Cardinal Health, Inc.		8,170		426,392
Centene Corp. ^(a)		14,930		948,802
Cigna Corp.		8,092		1,518,464
CVS Health Corp.		33,834		2,198,195
HCA Healthcare, Inc.		5,880		570,713
Humana, Inc.		2,650		1,027,537
McKesson Corp.		5,714		876,642
UnitedHealth Group, Inc.		22,650		6,680,617
				16,297,067
HEALTH CARE TECHNOLOGY — 0.1%
Cerner Corp.		5,350		366,742

HOTELS, RESTAURANTS & LEISURE — 1.0%
Carnival Corp.		11,853		194,626
McDonald’s Corp.		12,020		2,217,330
Royal Caribbean Cruises Ltd.		2,530		127,259
				2,539,215
HOUSEHOLD DURABLES — 0.1%
Whirlpool Corp.		1,752		226,937

HOUSEHOLD PRODUCTS — 2.4%
Church & Dwight Co., Inc.		3,240		250,452
Colgate-Palmolive Co.		17,318		1,268,717
Kimberly-Clark Corp.		3,750		530,062
Procter & Gamble Co. (The)		32,266		3,858,046
				5,907,277
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.2%
AES Corp.		27,234		394,621

INSURANCE — 7.3%
Aflac, Inc.		26,880		968,486
Allstate Corp. (The)		10,919		1,059,034
American International Group, Inc.		33,857		1,055,661
Aon plc - Class A		3,307		636,928
Arthur J. Gallagher & Co.		2,930		285,646
Chubb Ltd.		22,517		2,851,104
Cincinnati Financial Corp.		7,712		493,799
Everest Re Group Ltd.		1,880		387,656
Globe Life, Inc.		2,890		214,525
Hartford Financial Services Group, Inc. (The)		21,030		810,707
Lincoln National Corp.		17,980		661,484
Loews Corp.		7,470		256,146
Marsh & McLennan Cos., Inc.		9,630		1,033,973
MetLife, Inc.		31,133		1,136,977
Principal Financial Group, Inc.		11,170		464,002
Progressive Corp. (The)		9,990		800,299
Prudential Financial, Inc.		23,240		1,415,316
Travelers Cos., Inc. (The)		14,063		1,603,885
Unum Group		83,690		1,388,417

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
INSURANCE — 7.3%, continued
Willis Towers Watson plc		2,350	$	462,833
				17,986,878
INTERACTIVE MEDIA & SERVICES — 0.4%
Alphabet, Inc. - Class A ^(a)		160		226,888
Alphabet, Inc. - Class C ^(a)		300		424,083
Twitter, Inc. ^(a)		12,880		383,695
				1,034,666
INTERNET & DIRECT MARKETING RETAIL — 0.3%
Amazon.com, Inc. ^(a)		130		358,647
Booking Holdings, Inc. ^(a)		150		238,851
Expedia Group, Inc.		2,510		206,322
				803,820
IT SERVICES — 3.4%
Accenture plc - Class A		8,940		1,919,597
Automatic Data Processing, Inc.		5,210		775,717
Cognizant Technology Solutions Corp. - Class A		14,700		835,254
Fidelity National Information Services, Inc.		12,950		1,736,465
International Business Machines Corp.		21,862		2,640,274
Paychex, Inc.		3,684		279,063
Visa, Inc. - Class A		1,780		343,843
				8,530,213
LIFE SCIENCES TOOLS & SERVICES — 0.7%
Bio-Rad Laboratories, Inc. - Class A ^(a)		780		352,162
Illumina, Inc. ^(a)		1,180		437,013
Thermo Fisher Scientific, Inc.		2,744		994,261
				1,783,436
MACHINERY — 2.0%
Deere & Co.		4,107		645,415
Dover Corp.		3,103		299,626
Flowserve Corp.		6,920		197,358
Illinois Tool Works, Inc.		7,275		1,272,034
Parker-Hannifin Corp.		1,557		285,351
Pentair plc		16,670		633,293
Stanley Black & Decker, Inc.		5,020		699,688
Trane Technologies plc		6,355		565,468
Xylem, Inc.		5,620		365,075
				4,963,308
MEDIA — 1.5%
Comcast Corp. - Class A		71,180		2,774,596
Discovery, Inc. ^(a)		6,870		144,957
Omnicom Group, Inc.		10,229		558,503
ViacomCBS, Inc. - Class B		14,746		343,877
				3,821,933
METALS & MINING — 0.9%
Newmont Corp.		27,320		1,686,737
Nucor Corp.		13,250		548,682
				2,235,419
MULTI-LINE RETAIL — 0.2%
Dollar Tree, Inc. ^(a)		4,230		392,036

MULTI-UTILITIES — 1.7%
Ameren Corp.		7,950		559,362
CMS Energy Corp.		6,220		363,372
Consolidated Edison, Inc.		16,021		1,152,391

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
MULTI-UTILITIES — 1.7%, continued
DTE Energy Co.		6,870	$	738,525
NiSource, Inc.		29,770		676,970
Sempra Energy		6,053		709,593
				4,200,213
OIL, GAS & CONSUMABLE FUELS — 2.8%
ConocoPhillips		44,157		1,855,477
Hess Corp.		18,550		961,075
Marathon Oil Corp.		111,150		680,238
Noble Energy, Inc.		96,828		867,579
ONEOK, Inc.		9,825		326,387
Valero Energy Corp.		36,570		2,151,047
				6,841,803
PHARMACEUTICALS — 5.4%
Bristol-Myers Squibb Co.		23,479		1,380,565
Eli Lilly & Co.		10,600		1,740,308
Johnson & Johnson		46,641		6,559,124
Merck & Co., Inc.		38,440		2,972,565
Mylan N.V. ^(a)		23,050		370,644
Perrigo Co. plc		7,470		412,867
				13,436,073
PROFESSIONAL SERVICES — 0.3%
Nielsen Holdings plc		23,380		347,427
Verisk Analytics, Inc.		1,670		284,234
				631,661
ROAD & RAIL — 1.1%
CSX Corp.		9,290		647,885
J.B. Hunt Transport Services, Inc.		4,450		535,513
Norfolk Southern Corp.		2,680		470,528
Union Pacific Corp.		6,650		1,124,315
				2,778,241
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.3%
Intel Corp.		39,878		2,385,901
Texas Instruments, Inc.		6,290		798,641
				3,184,542
SOFTWARE — 1.2%
Microsoft Corp.		3,090		628,846
NortonLifeLock, Inc.		11,610		230,226
Oracle Corp.		29,722		1,642,735
Tyler Technologies, Inc. ^(a)		1,220		423,194
				2,925,001
SPECIALTY RETAIL — 1.3%
Best Buy Co., Inc.		4,590		400,569
Home Depot, Inc. (The)		7,402		1,854,275
L Brands, Inc.		12,790		191,467
Lowe’s Cos., Inc.		5,760		778,291
				3,224,602
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.6%
HP, Inc.		36,560		637,241
Western Digital Corp.		18,635		822,735
				1,459,976
TEXTILES, APPAREL & LUXURY GOODS — 0.6%
NIKE, Inc. - Class B		9,970		977,558
PVH Corp.		2,630		126,372

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
TEXTILES, APPAREL & LUXURY GOODS — 0.6%, continued
VF Corp.		7,520	$	458,269
				1,562,199
TRADING COMPANIES & DISTRIBUTORS — 0.1%
W.W. Grainger, Inc.		1,090		342,434

WATER UTILITIES — 0.2%
American Water Works Co., Inc.		3,640		468,322

WIRELESS TELECOMMUNICATION SERVICES — 0.3%
T-Mobile US, Inc. ^(a)		8,350		869,652

TOTAL COMMON STOCKS (COST $222,227,142)				243,423,639

RIGHTS — 0.0% ^(b)
WIRELESS TELECOMMUNICATION SERVICES — 0.0% ^(b)
T-Mobile US, Inc. ^(a) (Cost $924)		6,432		1,081

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Social Investment Foundation, Inc. ^(c)		2.000	%		06/15/22	$	280,000	$	283,640
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		06/15/23		450,000		464,809
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		12/15/23		720,000		746,870
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		06/17/24		280,000		286,429
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		12/15/24		250,000		256,108
Calvert Social Investment Foundation, Inc. ^(c)		2.500	%		06/13/25		280,000		280,000
TOTAL CORPORATE NOTES (COST $2,260,000)									2,317,856

TOTAL INVESTMENTS - (COST $224,488,066) — 99.4%								$	245,742,576
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%									1,374,607
NET ASSETS — 100.0%								$	247,117,183

(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. 2.000%, 06/15/22		06/17/19	$	280,000	$	283,640		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23		06/18/18		450,000		464,809		0.2	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23		12/17/18		720,000		746,870		0.3	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24		06/17/19		280,000		286,429		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24		12/12/19		250,000		256,108		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		280,000		280,000		0.1	%
			$	2,260,000	$	2,317,856		0.9	%

plc	— Public Liability Company

See accompanying notes to financial statements.

Schedule of Investments

Praxis Growth Index Fund

June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.5%
AIR FREIGHT & LOGISTICS — 0.2%
United Parcel Service, Inc. - Class B		5,945	$	660,965

AIRLINES — 0.1%
United Airlines Holdings, Inc. ^(a)		10,340		357,867

BANKS — 1.1%
JPMorgan Chase & Co.		36,275		3,412,027
PNC Financial Services Group, Inc. (The)		1,763		185,485
				3,597,512
BEVERAGES — 1.1%
Coca-Cola Co. (The)		38,120		1,703,201
PepsiCo, Inc.		15,380		2,034,159
				3,737,360
BIOTECHNOLOGY — 2.0%
AbbVie, Inc.		17,711		1,738,866
Alexion Pharmaceuticals, Inc. ^(a)		2,861		321,119
Amgen, Inc.		7,554		1,781,686
Incyte Corp. ^(a)		4,067		422,846
Regeneron Pharmaceuticals, Inc. ^(a)		1,071		667,929
Vertex Pharmaceuticals, Inc. ^(a)		5,704		1,655,928
				6,588,374
BUILDING PRODUCTS — 0.2%
Allegion plc		2,650		270,883
Masco Corp.		8,006		401,981
				672,864
CAPITAL MARKETS — 2.6%
Ameriprise Financial, Inc.		2,290		343,592
BlackRock, Inc.		1,273		692,626
Cboe Global Markets, Inc.		4,824		449,983
Charles Schwab Corp. (The)		17,708		597,468
CME Group, Inc.		3,998		649,835
Intercontinental Exchange, Inc.		5,631		515,800
MarketAxess Holdings, Inc.		960		480,883
Moody’s Corp.		4,415		1,212,933
MSCI, Inc.		1,797		599,874
Northern Trust Corp.		5,918		469,534
S&P Global, Inc.		6,654		2,192,360
T. Rowe Price Group, Inc.		4,600		568,100
				8,772,988
CHEMICALS — 2.1%
Air Products & Chemicals, Inc.		7,178		1,733,200
Celanese Corp.		5,274		455,357
Dow, Inc.		17,187		700,542
Ecolab, Inc.		4,114		818,480
Linde plc		10,958		2,324,301
Sherwin-Williams Co. (The)		2,017		1,165,524
				7,197,404
COMMERCIAL SERVICES & SUPPLIES — 0.7%
Cintas Corp.		1,634		435,233
Copart, Inc. ^(a)		5,108		425,343
Republic Services, Inc.		3,583		293,985
Waste Management, Inc.		9,954		1,054,228
				2,208,789

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
COMMUNICATIONS EQUIPMENT — 0.1%
Arista Networks, Inc. ^(a)		1,860	$	390,656

CONSTRUCTION MATERIALS — 0.2%
Martin Marietta Materials, Inc.		1,616		333,817
Vulcan Materials Co.		4,145		480,198
				814,015
CONSUMER FINANCE — 0.2%
American Express Co.		7,894		751,509

CONTAINERS & PACKAGING — 0.4%
Avery Dennison Corp.		2,718		310,097
Ball Corp.		7,143		496,367
International Paper Co.		13,529		476,356
				1,282,820
DISTRIBUTORS — 0.2%
Genuine Parts Co.		5,833		507,238

ELECTRIC UTILITIES — 0.4%
NextEra Energy, Inc.		5,626		1,351,196

ELECTRICAL EQUIPMENT — 0.8%
AMETEK, Inc.		6,609		590,646
Emerson Electric Co.		13,891		861,659
Rockwell Automation, Inc.		6,198		1,320,174
				2,772,479
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6%
Amphenol Corp. - Class A		6,146		588,848
Keysight Technologies, Inc. ^(a)		4,941		497,954
TE Connectivity Ltd.		6,810		555,355
Zebra Technologies Corp. - Class A ^(a)		1,267		324,289
				1,966,446
ENTERTAINMENT — 2.3%
Electronic Arts, Inc. ^(a)		2,965		391,528
Fox Corp. - Class B		6,351		170,461
Netflix, Inc. ^(a)		9,792		4,455,752
Walt Disney Co. (The)		25,353		2,827,113
				7,844,854
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.5%
Alexandria Real Estate Equities, Inc.		1,991		323,040
American Tower Corp.		9,532		2,464,403
Crown Castle International Corp.		3,249		543,720
Equinix, Inc.		2,077		1,458,677
Extra Space Storage, Inc.		6,030		556,991
Healthpeak Properties, Inc.		11,789		324,905
Iron Mountain, Inc.		18,158		473,924
Mid-America Apartment Communities, Inc.		2,460		282,088
Prologis, Inc.		8,827		823,824
Realty Income Corp.		4,636		275,842
SBA Communications Corp.		2,698		803,788
				8,331,202
FOOD & STAPLES RETAILING — 0.7%
Costco Wholesale Corp.		6,383		1,935,389
Sysco Corp.		9,960		544,414
				2,479,803

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
FOOD PRODUCTS — 0.1%
Lamb Weston Holdings, Inc.		5,200	$	332,436

HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%
Abbott Laboratories		24,566		2,246,069
Align Technology, Inc. ^(a)		1,431		392,724
Baxter International, Inc.		5,675		488,618
Boston Scientific Corp. ^(a)		20,247		710,872
Cooper Cos., Inc. (The)		1,161		329,306
Danaher Corp.		11,494		2,032,484
Edwards Lifesciences Corp. ^(a)		12,210		843,833
Hologic, Inc. ^(a)		6,559		373,863
IDEXX Laboratories, Inc. ^(a)		2,060		680,130
ResMed, Inc.		3,458		663,936
STERIS plc		2,144		328,975
Teleflex, Inc.		1,350		491,373
				9,582,183
HEALTH CARE PROVIDERS & SERVICES — 0.1%
UnitedHealth Group, Inc.		1,410		415,879

HOTELS, RESTAURANTS & LEISURE — 1.6%
Chipotle Mexican Grill, Inc. ^(a)		397		417,787
Hilton Worldwide Holdings, Inc.		7,789		572,102
Marriott International, Inc. - Class A		6,393		548,072
McDonald’s Corp.		7,317		1,349,767
Starbucks Corp.		27,592		2,030,495
Yum! Brands, Inc.		7,084		615,671
				5,533,894
HOUSEHOLD DURABLES — 0.3%
D.R. Horton, Inc.		6,078		337,025
Garmin Ltd.		3,784		368,940
NVR, Inc. ^(a)		75		244,406
				950,371
HOUSEHOLD PRODUCTS — 1.5%
Church & Dwight Co., Inc.		7,801		603,017
Colgate-Palmolive Co.		7,257		531,648
Kimberly-Clark Corp.		3,121		441,154
Procter & Gamble Co. (The)		28,667		3,427,713
				5,003,532
INDUSTRIAL CONGLOMERATES — 0.3%
Roper Technologies, Inc.		2,829		1,098,388

INSURANCE — 1.2%
Aflac, Inc.		8,308		299,337
Allstate Corp. (The)		3,039		294,753
Aon plc - Class A		4,556		877,485
Arthur J. Gallagher & Co.		4,367		425,739
Marsh & McLennan Cos., Inc.		8,240		884,729
Progressive Corp. (The)		7,178		575,029
Travelers Cos., Inc. (The)		4,355		496,688
Willis Towers Watson plc		1,560		307,242
				4,161,002
INTERACTIVE MEDIA & SERVICES — 9.2%
Alphabet, Inc. - Class A ^(a)		5,155		7,310,048
Alphabet, Inc. - Class C ^(a)		8,036		11,359,770
Facebook, Inc. - Class A ^(a)		54,055		12,274,269
				30,944,087

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
INTERNET & DIRECT MARKETING RETAIL — 7.8%
Amazon.com, Inc. ^(a)		8,700	$	24,001,734
Booking Holdings, Inc. ^(a)		915		1,456,991
eBay, Inc.		17,315		908,172
				26,366,897
IT SERVICES — 7.5%
Accenture plc - Class A		9,729		2,089,011
Automatic Data Processing, Inc.		5,950		885,896
Broadridge Financial Solutions, Inc.		2,596		327,589
Fiserv, Inc. ^(a)		14,476		1,413,147
FleetCor Technologies, Inc. ^(a)		2,434		612,224
Gartner, Inc. ^(a)		3,640		441,641
Mastercard, Inc. - Class A		20,726		6,128,678
Paychex, Inc.		6,525		494,269
PayPal Holdings, Inc. ^(a)		26,707		4,653,161
VeriSign, Inc. ^(a)		2,251		465,574
Visa, Inc. - Class A		39,523		7,634,658
				25,145,848
LIFE SCIENCES TOOLS & SERVICES — 1.7%
Agilent Technologies, Inc.		4,775		421,967
Illumina, Inc. ^(a)		1,958		725,145
IQVIA Holdings, Inc. ^(a)		2,768		392,724
Mettler-Toledo International, Inc. ^(a)		600		483,330
Thermo Fisher Scientific, Inc.		9,555		3,462,159
Waters Corp. ^(a)		1,646		296,938
				5,782,263
MACHINERY — 1.4%
Deere & Co.		4,186		657,830
Dover Corp.		3,517		339,602
IDEX Corp.		1,894		299,328
Illinois Tool Works, Inc.		7,564		1,322,565
PACCAR, Inc.		6,051		452,917
Parker-Hannifin Corp.		1,542		282,602
Pentair plc		13,951		529,999
Trane Technologies plc		5,595		497,843
Westinghouse Air Brake Technologies Corp.		8,331		479,616
				4,862,302
MEDIA — 1.2%
Charter Communications, Inc. - Class A ^(a)		3,842		1,959,574
Comcast Corp. - Class A		53,294		2,077,400
				4,036,974
MULTI-LINE RETAIL — 0.6%
Dollar General Corp.		5,953		1,134,106
Target Corp.		8,134		975,511
				2,109,617
MULTI-UTILITIES — 0.1%
Sempra Energy		1,673		196,126

OIL, GAS & CONSUMABLE FUELS — 0.4%
ConocoPhillips		22,543		947,257
Hess Corp.		8,179		423,754
				1,371,011
PERSONAL PRODUCTS — 0.3%
Coty, Inc. - Class A		62,200		278,034

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
PERSONAL PRODUCTS — 0.3%, continued
Estée Lauder Cos., Inc. (The) - Class A		4,119	$	777,173
				1,055,207
PHARMACEUTICALS — 3.4%
Bristol-Myers Squibb Co.		28,376		1,668,509
Eli Lilly & Co.		10,220		1,677,920
Johnson & Johnson		27,458		3,861,419
Merck & Co., Inc.		32,671		2,526,448
Zoetis, Inc.		11,310		1,549,922
				11,284,218
PROFESSIONAL SERVICES — 0.6%
Equifax, Inc.		2,310		397,043
IHS Markit Ltd.		7,747		584,898
Nielsen Holdings plc		26,299		390,803
Verisk Analytics, Inc.		3,035		516,557
				1,889,301
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
CBRE Group, Inc. - Class A ^(a)		6,483		293,161

ROAD & RAIL — 1.1%
CSX Corp.		6,407		446,824
J.B. Hunt Transport Services, Inc.		4,820		580,039
Kansas City Southern		2,079		310,374
Norfolk Southern Corp.		2,169		380,811
Old Dominion Freight Line, Inc.		3,310		561,343
Union Pacific Corp.		9,161		1,548,850
				3,828,241
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.2%
Advanced Micro Devices, Inc. ^(a)		25,831		1,358,969
Analog Devices, Inc.		8,424		1,033,119
Applied Materials, Inc.		22,796		1,378,018
Broadcom, Inc.		9,079		2,865,423
Intel Corp.		57,987		3,469,362
KLA Corp.		4,142		805,536
Lam Research Corp.		3,673		1,188,069
Microchip Technology, Inc.		6,565		691,360
Micron Technology, Inc. ^(a)		24,865		1,281,045
NVIDIA Corp.		13,949		5,299,365
QUALCOMM, Inc.		26,110		2,381,493
Skyworks Solutions, Inc.		3,648		466,433
Texas Instruments, Inc.		13,417		1,703,557
Xilinx, Inc.		4,619		454,463
				24,376,212

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
SOFTWARE — 15.5%
Adobe, Inc. ^(a)		10,207	$	4,443,209
ANSYS, Inc. ^(a)		1,778		518,696
Autodesk, Inc. ^(a)		4,626		1,106,493
Cadence Design Systems, Inc. ^(a)		7,094		680,740
Citrix Systems, Inc.		2,932		433,672
Fortinet, Inc. ^(a)		4,150		569,671
Intuit, Inc.		6,400		1,895,616
Microsoft Corp.		168,288		34,248,291
Oracle Corp.		29,220		1,614,989
Paycom Software, Inc. ^(a)		1,270		393,357
salesforce.com, inc. ^(a)		20,427		3,826,590
ServiceNow, Inc. ^(a)		4,603		1,864,491
Synopsys, Inc. ^(a)		2,920		569,400
				52,165,215
SPECIALTY RETAIL — 2.8%
AutoZone, Inc. ^(a)		469		529,088
CarMax, Inc. ^(a)		3,220		288,351
Home Depot, Inc. (The)		16,776		4,202,556
Lowe’s Cos., Inc.		9,809		1,325,392
O’Reilly Automotive, Inc. ^(a)		1,110		468,054
Ross Stores, Inc.		8,895		758,210
TJX Cos., Inc. (The)		25,363		1,282,353
Ulta Beauty, Inc. ^(a)		2,800		569,576
				9,423,580
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 10.0%
Apple, Inc.		92,142		33,613,402

TEXTILES, APPAREL & LUXURY GOODS — 0.6%
NIKE, Inc. - Class B		20,887		2,047,970

TRADING COMPANIES & DISTRIBUTORS — 0.3%
Fastenal Co.		16,064		688,182
United Rentals, Inc. ^(a)		2,770		412,841
				1,101,023
WATER UTILITIES — 0.2%
American Water Works Co., Inc.		4,180		537,799

TOTAL COMMON STOCKS (COST $170,434,440)				331,794,480

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2020 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Social Investment Foundation, Inc. ^(b)		2.000	%		06/15/22	$	550,000	$	557,150
Calvert Social Investment Foundation, Inc. ^(b)		3.000	%		06/15/23		900,000		929,619
Calvert Social Investment Foundation, Inc. ^(b)		3.000	%		12/15/23		200,000		207,464
Calvert Social Investment Foundation, Inc. ^(b)		3.000	%		06/17/24		550,000		562,628
Calvert Social Investment Foundation, Inc. ^(b)		3.000	%		12/15/24		150,000		153,665
Calvert Social Investment Foundation, Inc. ^(b)		2.500	%		06/13/25		670,000		670,000
TOTAL CORPORATE NOTES (COST $3,020,000)									3,080,526

TOTAL INVESTMENTS - (COST $173,454,440) — 99.4%								$	334,875,006
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%									2,121,038
NET ASSETS — 100.0%								$	336,996,044

(a)	Non-income producing security.

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

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Social Investment Foundation, Inc. 2.000%, 06/15/22		06/17/19	$	550,000	$	557,150		0.2	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23		06/18/18		900,000		929,619		0.3	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23		12/17/18		200,000		207,464		0.0	%^(c)
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24		06/17/19		550,000		562,628		0.2	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24		12/12/19		150,000		153,665		0.0	%^(c)
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		670,000		670,000		0.2	%
			$	3,020,000	$	3,080,526		0.9	%

(c)	Percentage rounds to less than 0.1%.

plc	— Public Liability Company

See accompanying notes to financial statements.

Schedule of Investments

Praxis Small Cap Index Fund

June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.1%
AIR FREIGHT & LOGISTICS — 0.8%
Atlas Air Worldwide Holdings, Inc. ^(a)		4,200	$	180,726
Echo Global Logistics, Inc. ^(a)		6,670		144,205
Forward Air Corp.		6,040		300,913
Hub Group, Inc. - Class A ^(a)		5,380		257,487
				883,331
AIRLINES — 0.7%
Allegiant Travel Co.		3,110		339,643
Hawaiian Holdings, Inc.		10,110		141,944
SkyWest, Inc.		10,090		329,136
				810,723
AUTO COMPONENTS — 2.0%
American Axle & Manufacturing Holdings, Inc. ^(a)		11,990		91,124
Cooper Tire & Rubber Co.		6,440		177,808
Cooper-Standard Holdings, Inc. ^(a)		7,970		105,603
Dorman Products, Inc. ^(a)		5,550		372,239
Fox Factory Holding Corp. ^(a)		7,010		579,096
Garrett Motion, Inc. ^(a)		14,830		82,158
Gentherm, Inc. ^(a)		4,820		187,498
LCI Industries		4,750		546,155
Standard Motor Products, Inc.		3,290		135,548
				2,277,229
AUTOMOBILES — 0.5%
Winnebago Industries, Inc.		7,900		526,298

BANKS — 7.0%
Ameris Bancorp		10,274		242,364
Banc of California, Inc.		10,340		111,982
Banner Corp.		6,070		230,660
Berkshire Hills Bancorp, Inc.		5,910		65,128
Boston Private Financial Holdings, Inc.		10,750		73,960
Brookline Bancorp, Inc.		12,520		126,202
Cadence BanCorp.		29,110		257,915
Central Pacific Financial Corp.		5,690		91,211
City Holding Co.		2,910		189,645
Columbia Banking System, Inc.		10,590		300,174
Community Bank System, Inc.		9,070		517,171
Customers Bancorp, Inc. ^(a)		6,950		83,539
CVB Financial Corp.		22,880		428,771
Eagle Bancorp, Inc.		5,790		189,623
First BanCorp.		38,970		217,842
First Commonwealth Financial Corp.		17,510		144,983
First Financial Bancorp		15,720		218,351
First Midwest Bancorp, Inc.		18,900		252,315
Franklin Financial Network, Inc.		2,220		57,165
Great Western Bancorp, Inc.		11,480		157,965
Hanmi Financial Corp.		6,740		65,445
Heritage Financial Corp.		6,310		126,200
Hope Bancorp, Inc.		22,210		204,776
Independent Bank Corp.		5,580		374,362
NBT Bancorp, Inc.		7,000		215,320
OFG Bancorp		7,240		96,799
Old National Bancorp		37,700		518,752
Pacific Premier Bancorp, Inc.		15,026		325,764
Preferred Bank		2,910		124,693
S&T Bancorp, Inc.		5,970		139,996
Seacoast Banking Corp. of Florida ^(a)		8,510		173,604
ServisFirst Bancshares, Inc.		10,670		381,559

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
BANKS — 7.0%, continued
Simmons First National Corp. - Class A		19,010	$	325,261
Southside Bancshares, Inc.		4,987		138,240
Tompkins Financial Corp.		2,100		136,017
Triumph Bancorp, Inc. ^(a)		1,430		34,706
United Community Banks, Inc.		12,060		242,647
Veritex Holdings, Inc.		13,050		230,985
Westamerica Bancorp.		4,410		253,222
				8,065,314
BEVERAGES — 0.4%
Coca-Cola Consolidated, Inc.		460		105,428
National Beverage Corp. ^(a)		5,760		351,475
				456,903
BIOTECHNOLOGY — 2.3%
AMAG Pharmaceuticals, Inc. ^(a)		6,120		46,818
Coherus BioSciences, Inc. ^(a)		6,990		124,841
Cytokinetics, Inc. ^(a)		11,220		264,455
Eagle Pharmaceuticals, Inc. ^(a)		3,150		151,137
Emergent BioSolutions, Inc. ^(a)		7,680		607,335
Enanta Pharmaceuticals, Inc. ^(a)		2,990		150,128
Momenta Pharmaceuticals, Inc. ^(a)		21,670		720,961
Myriad Genetics, Inc. ^(a)		13,480		152,863
REGENXBIO, Inc. ^(a)		5,140		189,306
Spectrum Pharmaceuticals, Inc. ^(a)		43,400		146,692
Vanda Pharmaceuticals, Inc. ^(a)		10,890		124,582
				2,679,118
BUILDING PRODUCTS — 3.3%
AAON, Inc.		9,750		529,328
American Woodmark Corp. ^(a)		2,505		189,503
Apogee Enterprises, Inc.		4,720		108,749
Gibraltar Industries, Inc. ^(a)		10,440		501,224
Insteel Industries, Inc.		5,610		106,983
Patrick Industries, Inc.		4,460		273,175
PGT Innovations, Inc. ^(a)		9,950		156,016
Quanex Building Products Corp.		11,930		165,588
Resideo Technologies, Inc. ^(a)		20,870		244,597
Simpson Manufacturing Co., Inc.		7,730		652,103
UFP Industries, Inc.		17,830		882,763
				3,810,029
CAPITAL MARKETS — 0.9%
Blucora, Inc. ^(a)		6,450		73,659
Donnelley Financial Solutions, Inc. ^(a)		10,660		89,544
Greenhill & Co., Inc.		6,880		68,731
INTL FCStone, Inc. ^(a)		4,090		224,950
Piper Sandler Cos.		2,460		145,534
Virtus Investment Partners, Inc.		1,600		186,064
Waddell & Reed Financial, Inc. - Class A		10,140		157,271
WisdomTree Investments, Inc.		23,400		81,198
				1,026,951
CHEMICALS — 2.5%
Balchem Corp.		6,510		617,539
GCP Applied Technologies, Inc. ^(a)		12,830		238,381
H.B. Fuller Co.		10,240		456,704
Innospec, Inc.		5,910		456,548
Quaker Chemical Corp.		2,730		506,824
Stepan Co.		3,960		384,516

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
CHEMICALS — 2.5%, continued
Trinseo S.A.		7,990	$	177,058
				2,837,570
COMMERCIAL SERVICES & SUPPLIES — 2.1%
ABM Industries, Inc.		13,350		484,605
Brady Corp. - Class A		14,170		663,439
Interface, Inc.		10,700		87,098
Matthews International Corp. - Class A		5,810		110,971
Pitney Bowes, Inc.		49,280		128,128
UniFirst Corp.		4,460		798,117
US Ecology, Inc.		5,630		190,745
				2,463,103
COMMUNICATIONS EQUIPMENT — 1.0%
ADTRAN, Inc.		14,390		157,283
CalAmp Corp. ^(a)		9,400		75,294
Harmonic, Inc. ^(a)		31,980		151,905
NETGEAR, Inc. ^(a)		4,710		121,942
Plantronics, Inc.		8,330		122,284
Viavi Solutions, Inc. ^(a)		37,780		481,317
				1,110,025
CONSTRUCTION & ENGINEERING — 1.1%
Aegion Corp. ^(a)		7,920		125,690
Arcosa, Inc.		11,690		493,318
Comfort Systems USA, Inc.		7,610		310,108
Granite Construction, Inc.		7,530		144,124
MYR Group, Inc. ^(a)		4,650		148,382
				1,221,622
CONSUMER FINANCE — 1.1%
Encore Capital Group, Inc. ^(a)		6,580		224,905
Enova International, Inc. ^(a)		7,260		107,956
Green Dot Corp. - Class A ^(a)		11,100		544,788
PRA Group, Inc. ^(a)		6,920		267,527
World Acceptance Corp. ^(a)		1,600		104,832
				1,250,008
CONTAINERS & PACKAGING — 0.1%
Myers Industries, Inc.		10,200		148,410

DIVERSIFIED CONSUMER SERVICES — 0.4%
American Public Education, Inc. ^(a)		5,580		165,168
Perdoceo Education Corp. ^(a)		16,740		266,668
Regis Corp. ^(a)		7,340		60,041
				491,877
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.6%
ATN International, Inc.		3,340		202,304
Cincinnati Bell, Inc. ^(a)		13,530		200,920
Cogent Communications Holdings, Inc.		6,040		467,254
Consolidated Communications Holdings, Inc. ^(a)		28,640		193,893
Iridium Communications, Inc. ^(a)		16,070		408,821
Vonage Holdings Corp. ^(a)		39,210		394,453
				1,867,645
ELECTRICAL EQUIPMENT — 0.8%
AZZ, Inc.		7,130		244,702
Encore Wire Corp.		5,520		269,486
Sunrun, Inc. ^(a)		18,970		374,088
				888,276

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.2%
Arlo Technologies, Inc. ^(a)		48,227	$	124,426
Badger Meter, Inc.		5,090		320,263
Benchmark Electronics, Inc.		8,020		173,232
CTS Corp.		6,010		120,440
Daktronics, Inc.		20,710		90,089
ePlus, Inc. ^(a)		2,280		161,150
Fabrinet ^(a)		7,070		441,309
FARO Technologies, Inc. ^(a)		3,950		211,720
Insight Enterprises, Inc. ^(a)		5,560		273,552
Itron, Inc. ^(a)		6,160		408,100
Knowles Corp. ^(a)		18,120		276,511
Methode Electronics, Inc.		8,170		255,394
MTS Systems Corp.		19,040		334,914
OSI Systems, Inc. ^(a)		2,550		190,332
Plexus Corp. ^(a)		4,900		345,744
Rogers Corp. ^(a)		3,610		449,806
Sanmina Corp. ^(a)		13,090		327,774
ScanSource, Inc. ^(a)		4,820		116,114
TTM Technologies, Inc. ^(a)		16,420		194,741
				4,815,611
ENERGY EQUIPMENT & SERVICES — 1.9%
Bristow Group, Inc. ^(a)		2,923		40,717
Core Laboratories N.V.		31,960		649,427
DMC Global, Inc.		3,080		85,008
Geospace Technologies Corp. ^(a)		51,310		385,851
Matrix Service Co. ^(a)		29,780		289,462
Nabors Industries Ltd.		2,861		105,914
Newpark Resources, Inc. ^(a)		188,870		421,180
SEACOR Holdings, Inc. ^(a)		3,470		98,271
Valaris plc ^(a)		216,880		141,384
				2,217,214
ENTERTAINMENT — 0.1%
Glu Mobile, Inc. ^(a)		12,550		116,338
Marcus Corp. (The)		3,770		50,028
				166,366
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 7.0%
Acadia Realty Trust		17,540		227,669
Agree Realty Corp.		7,920		520,423
Alexander & Baldwin, Inc.		14,570		177,608
American Assets Trust, Inc.		6,220		173,165
Armada Hoffler Properties, Inc.		8,590		85,471
CareTrust REIT, Inc.		16,990		291,548
Chatham Lodging Trust		7,530		46,084
Community Healthcare Trust, Inc.		16,290		666,261
DiamondRock Hospitality Co.		41,780		231,043
Diversified Healthcare Trust		40,550		179,434
Easterly Government Properties, Inc.		24,180		559,042
Essential Properties Realty Trust, Inc.		14,970		222,155
Four Corners Property Trust, Inc.		9,270		226,188
Franklin Street Properties Corp.		20,600		104,854
Getty Realty Corp.		3,980		118,126
Global Net Lease, Inc.		16,180		270,691
Hersha Hospitality Trust		22,160		127,642
Independence Realty Trust, Inc.		16,080		184,759
Innovative Industrial Properties, Inc.		4,400		387,288
iStar, Inc.		14,210		175,067
Kite Realty Group Trust		10,900		125,786

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 7.0%, continued
Lexington Realty Trust		54,310	$	572,971
LTC Properties, Inc.		7,200		271,224
National Storage Affiliates Trust		7,930		227,274
Office Properties Income Trust		8,140		211,396
Pennsylvania Real Estate Investment Trust		104,730		142,433
Retail Opportunity Investments Corp.		14,670		166,211
Saul Centers, Inc.		3,160		101,973
Summit Hotel Properties, Inc.		18,710		110,950
Tanger Factory Outlet Centers, Inc.		15,060		107,378
Uniti Group, Inc.		35,680		333,608
Universal Health Realty Income Trust		1,650		131,158
Washington Prime Group, Inc.		41,630		35,002
Washington Real Estate Investment Trust		15,790		350,538
Xenia Hotels & Resorts, Inc.		23,860		222,614
				8,085,034
FOOD & STAPLES RETAILING — 0.9%
Andersons, Inc. (The)		8,590		118,199
Chefs’ Warehouse, Inc. (The) ^(a)		19,440		263,995
SpartanNash Co.		9,300		197,625
United Natural Foods, Inc. ^(a)		25,610		466,358
				1,046,177
FOOD PRODUCTS — 1.2%
B&G Foods, Inc.		13,360		325,717
Calavo Growers, Inc.		3,610		227,105
Cal-Maine Foods, Inc. ^(a)		7,730		343,830
Fresh Del Monte Produce, Inc.		7,570		186,374
J & J Snack Foods Corp.		1,760		223,749
John B. Sanfilippo & Son, Inc.		1,410		120,315
				1,427,090
GAS UTILITIES — 0.7%
South Jersey Industries, Inc.		31,420		785,186

HEALTH CARE EQUIPMENT & SUPPLIES — 3.8%
AngioDynamics, Inc. ^(a)		24,590		250,080
Cardiovascular Systems, Inc. ^(a)		8,070		254,609
Glaukos Corp. ^(a)		8,640		331,949
Heska Corp. ^(a)		2,880		268,330
Integer Holdings Corp. ^(a)		8,180		597,549
Invacare Corp.		23,550		150,013
Lantheus Holdings, Inc. ^(a)		16,154		230,999
LeMaitre Vascular, Inc.		5,160		136,224
Meridian Bioscience, Inc. ^(a)		9,350		217,761
Merit Medical Systems, Inc. ^(a)		11,920		544,148
Mesa Laboratories, Inc.		980		212,464
Neogen Corp. ^(a)		9,033		700,961
OraSure Technologies, Inc. ^(a)		13,990		162,704
Orthofix Medical, Inc. ^(a)		3,650		116,800
Tactile Systems Technology, Inc. ^(a)		3,830		158,677
				4,333,268
HEALTH CARE PROVIDERS & SERVICES — 3.0%
Addus HomeCare Corp. ^(a)		2,750		254,540
AMN Healthcare Services, Inc. ^(a)		8,970		405,803
CorVel Corp. ^(a)		2,400		170,136
Covetrus, Inc. ^(a)		18,340		328,103
Ensign Group, Inc. (The)		9,660		404,271
Hanger, Inc. ^(a)		17,770		294,271

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
HEALTH CARE PROVIDERS & SERVICES — 3.0%, continued
Magellan Health, Inc. ^(a)		5,580	$	407,228
Owens & Minor, Inc.		22,720		173,126
Pennant Group, Inc. (The) ^(a)		4,650		105,090
Select Medical Holdings Corp. ^(a)		35,150		517,760
U.S. Physical Therapy, Inc.		4,090		331,372
				3,391,700
HEALTH CARE TECHNOLOGY — 1.5%
Allscripts Healthcare Solutions, Inc. ^(a)		16,430		111,231
HealthStream, Inc. ^(a)		5,690		125,920
HMS Holdings Corp. ^(a)		17,620		570,712
NextGen Healthcare, Inc. ^(a)		9,550		104,859
Omnicell, Inc. ^(a)		8,040		567,785
Tabula Rasa HealthCare, Inc. ^(a)		4,720		258,325
				1,738,832
HOTELS, RESTAURANTS & LEISURE — 1.9%
Bloomin’ Brands, Inc.		12,830		136,768
Brinker International, Inc.		15,210		365,040
Chuy’s Holdings, Inc. ^(a)		6,790		101,035
Dave & Buster’s Entertainment, Inc.		5,310		70,782
Dine Brands Global, Inc.		3,140		132,194
Red Robin Gourmet Burgers, Inc. ^(a)		3,900		39,780
Shake Shack, Inc. - Class A ^(a)		5,830		308,873
Wingstop, Inc.		7,250		1,007,533
				2,162,005
HOUSEHOLD DURABLES — 2.9%
Cavco Industries, Inc. ^(a)		1,410		271,919
Ethan Allen Interiors, Inc.		6,730		79,616
Installed Building Products, Inc. ^(a)		5,020		345,276
iRobot Corp. ^(a)		4,940		414,466
La-Z-Boy, Inc.		6,970		188,608
LGI Homes, Inc. ^(a)		4,760		419,023
M.D.C. Holdings, Inc.		16,114		575,270
M/I Homes, Inc. ^(a)		5,860		201,818
Meritage Homes Corp. ^(a)		6,660		506,959
Tupperware Brands Corp.		15,370		73,007
Universal Electronics, Inc. ^(a)		4,730		221,459
				3,297,421
HOUSEHOLD PRODUCTS — 0.8%
Central Garden & Pet Co. - Class A ^(a)		8,930		301,745
WD-40 Co.		3,260		646,458
				948,203
INDUSTRIAL CONGLOMERATES — 0.2%
Raven Industries, Inc.		9,680		208,217

INSURANCE — 3.2%
Ambac Financial Group, Inc. ^(a)		8,260		118,283
American Equity Investment Life Holding Co.		18,710		462,324
AMERISAFE, Inc.		3,030		185,315
eHealth, Inc. ^(a)		4,420		434,221
Employers Holdings, Inc.		9,010		271,652
Fidelity National Financial, Inc.		1		3
Horace Mann Educators Corp.		7,880		289,432
James River Group Holdings Ltd.		6,160		277,200
Kinsale Capital Group, Inc.		3,400		527,714
Palomar Holdings, Inc. ^(a)		3,150		270,144
ProAssurance Corp.		9,820		142,095

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
INSURANCE — 3.2%, continued
Safety Insurance Group, Inc.		3,290	$	250,896
Stewart Information Services Corp.		3,830		124,513
United Fire Group, Inc.		4,530		125,526
Universal Insurance Holdings, Inc.		8,320		147,680
				3,626,998
INTERACTIVE MEDIA & SERVICES — 0.2%
QuinStreet, Inc. ^(a)		20,280		212,129

INTERNET & DIRECT MARKETING RETAIL — 0.8%
PetMed Express, Inc.		5,520		196,733
Shutterstock, Inc.		4,940		172,752
Stamps.com, Inc. ^(a)		2,760		506,984
				876,469
IT SERVICES — 2.5%
Cardtronics plc - Class A ^(a)		6,690		160,426
CSG Systems International, Inc.		16,050		664,310
EVERTEC, Inc.		10,810		303,761
ExlService Holdings, Inc. ^(a)		5,430		344,262
NIC, Inc.		11,920		273,683
Perficient, Inc. ^(a)		7,030		251,533
Sykes Enterprises, Inc. ^(a)		8,000		221,280
TTEC Holdings, Inc.		5,360		249,562
Unisys Corp. ^(a)		10,560		115,210
Virtusa Corp. ^(a)		10,050		326,323
				2,910,350
LEISURE PRODUCTS — 0.6%
Callaway Golf Co.		14,230		249,167
YETI Holdings, Inc. ^(a)		10,380		443,538
				692,705
LIFE SCIENCES TOOLS & SERVICES — 1.2%
Luminex Corp.		9,510		309,360
Medpace Holdings, Inc. ^(a)		5,530		514,401
NeoGenomics, Inc. ^(a)		18,890		585,212
				1,408,973
MACHINERY — 6.3%
Alamo Group, Inc.		1,800		184,752
Astec Industries, Inc.		4,300		199,133
Barnes Group, Inc.		9,120		360,787
Chart Industries, Inc. ^(a)		6,330		306,942
Enerpac Tool Group Corp.		13,840		243,584
EnPro Industries, Inc.		5,550		273,559
ESCO Technologies, Inc.		3,760		317,833
Federal Signal Corp.		13,370		397,490
Franklin Electric Co., Inc.		7,820		410,706
Greenbrier Cos., Inc. (The)		6,020		136,955
Harsco Corp. ^(a)		14,500		195,895
Hillenbrand, Inc.		20,530		555,747
John Bean Technologies Corp.		6,135		527,733
Lindsay Corp.		2,190		201,940
Lydall, Inc. ^(a)		4,910		66,580
Meritor, Inc. ^(a)		12,840		254,232
Mueller Industries, Inc.		12,020		319,492
Proto Labs, Inc. ^(a)		4,900		551,103
SPX Corp. ^(a)		7,870		323,850
SPX FLOW, Inc. ^(a)		7,180		268,819
Standex International Corp.		4,220		242,861

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
MACHINERY — 6.3%, continued
Tennant Co.		3,800	$	247,038
Wabash National Corp.		11,190		118,838
Watts Water Technologies, Inc. - Class A		7,090		574,290
				7,280,159
MARINE — 0.2%
Matson, Inc.		8,190		238,329

MEDIA — 0.3%
E.W. Scripps Co. (The) - Class A		9,180		80,325
Gannett Co., Inc.		133,587		184,350
Scholastic Corp.		4,200		125,748
				390,423
METALS & MINING — 0.5%
Cleveland-Cliffs, Inc.		76,790		423,881
Olympic Steel, Inc.		9,490		111,507
				535,388
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.3%
Apollo Commercial Real Estate Finance, Inc.		22,000		215,820
ARMOUR Residential REIT, Inc.		16,350		153,526
Capstead Mortgage Corp.		12,570		69,009
Granite Point Mortgage Trust, Inc.		24,170		173,541
Invesco Mortgage Capital, Inc.		43,621		163,142
KKR Real Estate Finance Trust, Inc.		6,670		110,589
New York Mortgage Trust, Inc.		75,880		198,047
PennyMac Mortgage Investment Trust		15,630		273,994
Redwood Trust, Inc.		19,810		138,670
				1,496,338
MULTI-LINE RETAIL — 0.8%
Big Lots, Inc.		10,440		438,480
Macy’s, Inc.		66,210		455,525
				894,005
MULTI-UTILITIES — 0.6%
Avista Corp.		19,300		702,327

OIL, GAS & CONSUMABLE FUELS — 0.6%
Dorian LPG Ltd. ^(a)		31,870		246,674
Green Plains, Inc. ^(a)		12,000		122,580
Renewable Energy Group, Inc. ^(a)		8,270		204,930
Ring Energy, Inc. ^(a)		110,080		127,693
				701,877
PAPER & FOREST PRODUCTS — 0.7%
Boise Cascade Co.		10,910		410,325
Clearwater Paper Corp. ^(a)		5,150		186,070
Neenah, Inc.		4,690		231,967
				828,362
PERSONAL PRODUCTS — 0.5%
Inter Parfums, Inc.		3,980		191,637
Medifast, Inc.		1,770		245,623
USANA Health Sciences, Inc. ^(a)		2,410		176,966
				614,226
PHARMACEUTICALS — 0.8%
Endo International plc ^(a)		34,390		117,958
Innoviva, Inc. ^(a)		11,970		167,340
Pacira BioSciences, Inc. ^(a)		6,900		362,043

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
PHARMACEUTICALS — 0.8%, continued
Supernus Pharmaceuticals, Inc. ^(a)		10,380	$	246,525
				893,866
PROFESSIONAL SERVICES — 1.1%
Exponent, Inc.		8,210		664,435
Kelly Services, Inc. - Class A		6,880		108,807
Korn Ferry		12,990		399,183
TrueBlue, Inc. ^(a)		7,400		112,998
				1,285,423
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%
Marcus & Millichap, Inc. ^(a)		6,190		178,643
RE/MAX Holdings, Inc. - Class A		4,300		135,149
Realogy Holdings Corp.		15,280		113,225
				427,017
ROAD & RAIL — 1.0%
ArcBest Corp.		4,550		120,621
Heartland Express, Inc.		14,760		307,303
Marten Transport Ltd.		8,500		213,860
Saia, Inc. ^(a)		4,050		450,279
				1,092,063
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.2%
Advanced Energy Industries, Inc. ^(a)		6,290		426,399
Axcelis Technologies, Inc. ^(a)		7,890		219,737
Brooks Automation, Inc.		14,200		628,208
CEVA, Inc. ^(a)		4,260		159,409
Cohu, Inc.		12,450		215,883
Diodes, Inc. ^(a)		6,230		315,861
FormFactor, Inc. ^(a)		13,950		409,153
Ichor Holdings Ltd. ^(a)		7,950		211,311
Kulicke & Soffa Industries, Inc.		9,850		205,176
MaxLinear, Inc. ^(a)		8,600		184,556
Onto Innovation, Inc. ^(a)		10,847		369,232
Power Integrations, Inc.		6,180		730,043
Rambus, Inc. ^(a)		13,445		204,364
Ultra Clean Holdings, Inc. ^(a)		5,050		114,281
Veeco Instruments, Inc. ^(a)		8,620		116,284
Xperi Holding Corp.		18,531		273,518
				4,783,415
SOFTWARE — 2.5%
8x8, Inc. ^(a)		19,530		312,480
Agilysys, Inc. ^(a)		6,190		111,049
Alarm.com Holdings, Inc. ^(a)		7,330		475,057
Bottomline Technologies (de), Inc. ^(a)		8,780		445,761
Ebix, Inc.		3,880		86,757
LivePerson, Inc. ^(a)		9,500		393,585
MicroStrategy, Inc. - Class A ^(a)		1,390		164,423
OneSpan, Inc. ^(a)		4,520		126,243
Progress Software Corp.		6,410		248,387
SPS Commerce, Inc. ^(a)		7,130		535,606
				2,899,348
SPECIALTY RETAIL — 3.4%
Abercrombie & Fitch Co. - Class A		13,550		144,172
Asbury Automotive Group, Inc. ^(a)		3,100		239,723
Bed Bath & Beyond, Inc.		11,190		118,614
Boot Barn Holdings, Inc. ^(a)		4,560		98,314
Caleres, Inc.		16,560		138,110	��

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
SPECIALTY RETAIL — 3.4%, continued
Chico’s FAS, Inc.		22,890	$	31,588
Children’s Place, Inc. (The)		4,280		160,158
Designer Brands, Inc. - Class A		22,480		152,190
Express, Inc. ^(a)		64,820		99,823
GameStop Corp. - Class A ^(a)		30,410		131,979
Genesco, Inc. ^(a)		3,550		76,893
Group 1 Automotive, Inc.		3,050		201,209
Guess?, Inc.		9,260		89,544
Hibbett Sports, Inc. ^(a)		9,960		208,562
Lithia Motors, Inc. - Class A		4,540		687,038
Lumber Liquidators Holdings, Inc. ^(a)		11,530		159,806
MarineMax, Inc. ^(a)		7,260		162,551
Monro, Inc.		6,250		343,375
Office Depot, Inc.		76,770		180,409
Signet Jewelers Ltd.		33,410		343,121
Sleep Number Corp. ^(a)		3,400		141,576
				3,908,755
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.3%
3D Systems Corp. ^(a)		23,680		165,523
Diebold Nixdorf, Inc. ^(a)		24,970		151,318
				316,841
TEXTILES, APPAREL & LUXURY GOODS — 1.8%
Capri Holdings Ltd. ^(a)		22,770		355,895
Crocs, Inc. ^(a)		15,440		568,501
Fossil Group, Inc. ^(a)		7,800		36,270
G-III Apparel Group Ltd. ^(a)		5,110		67,912
Kontoor Brands, Inc.		12,890		229,571
Movado Group, Inc.		3,830		41,517
Oxford Industries, Inc.		3,465		152,495
Steven Madden Ltd.		11,935		294,675
Wolverine World Wide, Inc.		13,500		321,435
				2,068,271
THRIFTS & MORTGAGE FINANCE — 1.4%
Axos Financial, Inc. ^(a)		8,590		189,667
Dime Community Bancshares, Inc.		7,730		106,133
Flagstar Bancorp, Inc.		3,070		90,350
HomeStreet, Inc.		5,810		142,984
Meta Financial Group, Inc.		6,750		122,648
NMI Holdings, Inc. - Class A ^(a)		14,580		234,446
Northwest Bancshares, Inc.		23,090		236,095
Provident Financial Services, Inc.		9,430		136,264
TrustCo Bank Corp.		23,830		150,844
Walker & Dunlop, Inc.		4,340		220,515
				1,629,946
TRADING COMPANIES & DISTRIBUTORS — 0.8%
Applied Industrial Technologies, Inc.		8,380		522,828
DXP Enterprises, Inc. ^(a)		790		15,729
GMS, Inc. ^(a)		7,050		173,360
NOW, Inc. ^(a)		16,360		141,187
Veritiv Corp. ^(a)		4,750		80,560
WESCO International, Inc. ^(a)		1		30
				933,694

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2020 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
WATER UTILITIES — 1.1%
American States Water Co.		9,370	$	736,763
California Water Service Group		11,270		537,579
				1,274,342
WIRELESS TELECOMMUNICATION SERVICES — 0.3%
Shenandoah Telecommunications Co.		7,650		377,069

TOTAL COMMON STOCKS (COST $114,552,271)				112,735,864

PREFERRED STOCKS — 0.0% ^(b)
TRADING COMPANIES & DISTRIBUTORS — 0.0% ^(b)
WESCO International, Inc. - Series A (Cost $23)		1		24

RIGHTS — 0.0% ^(b)
HEALTH CARE EQUIPMENT & SUPPLIES — 0.0% ^(b)
Lantheus Holdings, Inc., CVR ^(a) ^(c) (Cost $0)		28,980		2,608

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Social Investment Foundation, Inc. ^(d)		2.000	%		06/15/22	$	70,000	$	70,910
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/15/23		330,000		340,860
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/23		330,000		342,316
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/17/24		60,000		61,377
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/24		90,000		92,199
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		06/13/25		150,000		150,000
TOTAL CORPORATE NOTES (COST $1,030,000)									1,057,662

	Shares		Fair Value
MONEY MARKET FUNDS — 0.4%
First American Government Obligations Fund - Class X, 0.09% ^(e) (COST $394,228)		394,228	$	394,228

TOTAL INVESTMENTS - (COST $115,976,522) — 99.4%			$	114,190,386
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%				736,370
NET ASSETS — 100.0%			$	114,926,756

(a)	Non-income producing security.

(b)	Percentage rounds to less than 0.1%.

(c)	Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total value of such securities is $2,608 as of June 30, 2020, representing 0.0% (b) of net assets.

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

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Social Investment Foundation, Inc. 2.000%, 06/15/22		06/17/19	$	70,000	$	70,910		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23		06/18/18		330,000		340,860		0.3	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23		12/17/18		330,000		342,316		0.3	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24		06/17/19		60,000		61,377		0.0	%^(b)
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24		12/12/19		90,000		92,199		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		150,000		150,000		0.1	%
			$	1,030,000	$	1,057,662		0.9	%

(e)	The rate shown is the 7-day effective yield as of June 30, 2020.

CVR	— Contingent Value Right

plc	— Public Liability Company

REIT	— Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Investments

Praxis Genesis Conservative Portfolio

June 30, 2020 (unaudited)

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 100.0%
DEBT FUND — 70.4%
Praxis Impact Bond Fund - Class I		1,664,057	$	18,554,239

EQUITY FUND — 29.6%
Praxis Growth Index Fund - Class I		82,810		2,467,732
Praxis International Index Fund - Class I		224,251		2,329,972
Praxis Small Cap Index Fund - Class I		81,015		644,067
Praxis Value Index Fund - Class I		179,881		2,343,852
				7,785,623
TOTAL AFFILIATED MUTUAL FUNDS (COST $22,328,197)				26,339,862

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 0.09% ^(b) (COST $5,965)		5,965		5,965

TOTAL INVESTMENTS - (COST $22,334,162) — 100.0%			$	26,345,827
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% ^(a)				1,254
NET ASSETS — 100.0%			$	26,347,081

(a)	Percentage rounds to less than 0.1%.

(b)	The rate shown is the 7-day effective yield as of June 30, 2020.

See accompanying notes to financial statements.

Schedule of Investments

Praxis Genesis Balanced Portfolio

June 30, 2020 (unaudited)

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 100.0%
DEBT FUND — 40.5%
Praxis Impact Bond Fund - Class I		2,884,071	$	32,157,392

EQUITY FUND — 59.5%
Praxis Growth Index Fund - Class I		434,715		12,954,497
Praxis International Index Fund - Class I		1,361,893		14,150,073
Praxis Small Cap Index Fund - Class I		982,720		7,812,624
Praxis Value Index Fund - Class I		943,249		12,290,536
				47,207,730
TOTAL AFFILIATED MUTUAL FUNDS (COST $63,171,113)				79,365,122

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 0.09% ^(b) (COST $1,821)		1,821		1,821

TOTAL INVESTMENTS - (COST $63,172,934) — 100.0%			$	79,366,943
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) ^(a)				(20,332	)
NET ASSETS — 100.0%			$	79,346,611

(a)	Percentage rounds to less than 0.1%.

(b)	The rate shown is the 7-day effective yield as of June 30, 2020.

See accompanying notes to financial statements.

Schedule of Investments

Praxis Genesis Growth Portfolio

June 30, 2020 (unaudited)

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 100.0%
DEBT FUND — 20.3%
Praxis Impact Bond Fund - Class I		1,335,873	$	14,894,983

EQUITY FUND — 79.7%
Praxis Growth Index Fund - Class I		516,209		15,383,017
Praxis International Index Fund - Class I		1,682,182		17,477,875
Praxis Small Cap Index Fund - Class I		1,365,005		10,851,793
Praxis Value Index Fund - Class I		1,119,543		14,587,645
				58,300,330
TOTAL AFFILIATED MUTUAL FUNDS (COST $56,896,498)				73,195,313

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 0.09% ^(b) (COST $2,009)		2,009		2,009

TOTAL INVESTMENTS - (COST $56,898,507) — 100.0%			$	73,197,322
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) ^(a)				(19,264	)
NET ASSETS — 100.0%			$	73,178,058

(a)	Percentage rounds to less than 0.1%.

(b)	The rate shown is the 7-day effective yield as of June 30, 2020.

See accompanying notes to financial statements.

Statements of Assets & Liabilities

June 30, 2020 (unaudited)

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Index Fund
Assets
Investments in unaffiliated securities, at cost	$	609,244,378		$	219,505,201		$	224,488,066		$	173,454,440		$	115,976,522
Investments in unaffiliated securities, at fair value	$	656,065,183		$	273,751,739		$	245,742,576		$	334,875,006		$	114,190,386
Cash		—			35,279			—			—			—
Cash denominated in foreign currency (Cost $12,884)		—			12,886			—			—			—
Receivable for capital shares sold		10,546,769			149,125			4,569,147			4,429,161			138,344
Receivable for investments sold		2,126			2,236,343			8,364,262			1,501,454			1,134,720
Receivable for dividends and interest		3,948,652			580,030			368,103			151,116			111,963
Receivable for tax reclaims		—			347,951			—			—			—
Prepaid expenses		67,960			41,497			47,066			48,622			30,132
Total Assets		670,630,690			277,154,850			259,091,154			341,005,359			115,605,545

Liabilities
Distributions payable		553,487			—			—			—			—
Due to custodian		—			—			1,304,613			2,844,130			—
Payable for capital shares redeemed		838,570			553,642			542,572			989,392			243,253
Payable for investments purchased		13,050,064			—			10,005,846			—			379,681
Accrued expenses and other payables:
Investment advisory fees		209,597			103,793			61,813			82,621			27,385
Administration fees		26,194			11,568			10,450			13,870			4,847
Distribution fees		11,822			2,058			5,142			17,734			765
Other		103,945			57,655			43,535			61,568			22,858
Total Liabilities		14,793,679			728,716			11,973,971			4,009,315			678,789

Net Assets	$	655,837,011		$	276,426,134		$	247,117,183		$	336,996,044		$	114,926,756

Components of Net Assets
Paid-in capital	$	606,160,432		$	252,261,818		$	205,311,936		$	150,936,472		$	118,711,235
Accumulated earnings (deficit)		49,676,579			24,164,316			41,805,247			186,059,572			(3,784,479	)
Net Assets	$	655,837,011		$	276,426,134		$	247,117,183		$	336,996,044		$	114,926,756

Pricing of Class A Shares
Net assets attributable to Class A shares	$	48,437,987		$	10,004,229		$	19,582,440		$	82,570,331		$	3,629,217
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)		4,323,649			968,959			1,495,781			2,797,236			499,986
Net asset value, offering price and redemption price per share*	$	11.20		$	10.32		$	13.09		$	29.52		$	7.26
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]	$	11.64		$	10.89		$	13.82		$	31.16		$	7.66

Pricing of Class I Shares
Net assets attributable to Class I shares	$	607,399,024		$	266,421,905		$	227,534,743		$	254,425,713		$	111,297,539
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		54,485,174			25,644,012			17,466,807			8,538,040			14,007,530
Net asset value and redemption price per share*	$	11.15		$	10.39		$	13.03		$	29.80		$	7.95

*	A redemption fee of 2.00% may be charged on shares redeemed within 30 days of purchase.

See accompanying notes to financial statements.

Statements of Assets & Liabilities, continued

June 30, 2020 (unaudited)

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Assets
Investments in affiliated securities, at cost	$	22,328,197		$	63,171,113		$	56,896,498
Investments in unaffiliated securities, at cost		5,965			1,821			2,009
Investments in affiliated securities, at fair value	$	26,339,862		$	79,365,122		$	73,195,313
Investments in unaffiliated securities, at fair value		5,965			1,821			2,009
Receivable for capital shares sold		15,746			72,587			9,265
Receivable for dividends		35,169			60,986			28,264
Prepaid expenses		12,151			16,203			14,649
Total Assets		26,408,893			79,516,719			73,249,500

Liabilities
Distributions payable		253			102			—
Payable for capital shares redeemed		1,802			28,369			165
Payable for investments purchased		44,460			100,775			30,641
Accrued expenses and other payables:
Investment advisory fees		634			3,245			2,993
Administration fees		667			2,024			1,870
Distribution fees		5,359			16,225			14,966
Other		8,637			19,368			20,807
Total Liabilities		61,812			170,108			71,442

Net Assets	$	26,347,081		$	79,346,611		$	73,178,058

Components of Net Assets
Paid-in capital	$	22,347,021		$	62,602,387		$	56,481,629
Accumulated earnings		4,000,060			16,744,224			16,696,429
Net Assets	$	26,347,081		$	79,346,611		$	73,178,058

Pricing of Class A Shares
Net assets attributable to Class A shares	$	26,347,081		$	79,346,611		$	73,178,058
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)		2,118,380			5,660,353			4,873,175
Net asset value, offering price and redemption price per share*	$	12.44		$	14.02		$	15.02
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]	$	13.13		$	14.80		$	15.85

*	A redemption fee of 2.00% may be charged on shares redeemed within 30 days of purchase.

See accompanying notes to financial statements.

Statements of Operations

For the six months ended June 30, 2020 (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	$	169,676	$	4,072,386		$	3,525,235		$	1,961,075	$	835,008
Foreign tax withholding		—		(554,077	)		(1	)		—		(988	)
Interest		8,338,379		33,183			30,261			36,351		14,181
Total Investment Income		8,508,055		3,551,492			3,555,495			1,997,426		848,201

Expenses
Investment advisory fees		1,218,274		601,434			354,182			478,039		161,488
Administration fees		151,485		65,695			59,001			79,345		27,692
Distribution fees - Class A		72,220		12,124			31,959			101,598		4,617
Transfer agent fees - Class A		29,842		12,861			20,728			33,157		3,873
Transfer agent fees - Class I		32,806		5,961			20,287			28,309		3,425
Registration fees - Class A		11,953		8,418			7,401			11,671		10,041
Registration fees - Class I		14,081		8,773			12,346			10,651		7,872
Trustee fees and expenses		32,516		15,444			13,412			17,374		6,309
Custodian fees		20,050		34,167			6,254			8,992		5,477
Shareholder report printing fees - Class A		6,037		2,650			4,175			4,253		236
Shareholder report printing fees - Class I		15,489		5,627			9,381			13,217		5,662
Pricing fees		34,252		21,259			3,067			2,881		4,415
Legal fees		26,533		10,516			10,259			13,394		4,432
Audit and tax services fees		21,110		11,431			10,704			12,973		7,004
Other expenses		33,365		20,996			19,940			21,310		16,039
Total Expenses		1,720,013		837,356			583,096			837,164		268,582
Class A expenses contractually reduced by Investment Adviser		—		—			—			—		(5,290	)
Net Expenses		1,720,013		837,356			583,096			837,164		263,292

Net Investment Income		6,788,042		2,714,136			2,972,399			1,160,262		584,909

Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		5,115,703		(10,784,776	)		(4,941,873	)		3,023,802		(2,911,674	)
Net realized losses on foreign currency transactions		—		(42,990	)		—			—		—
Change in unrealized appreciation/(depreciation) of investments		23,823,004		(17,293,834	)		(29,786,202	)		23,048,027		(15,805,908	)
Change in unrealized appreciation/(depreciation) of foreign currency translations		—		(1,222	)		—			—		—
Net Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Transactions		28,938,707		(28,122,822	)		(34,728,075	)		26,071,829		(18,717,582	)
Net Change in Net Assets from Operations	$	35,726,749	$	(25,408,686	)	$	(31,755,676	)	$	27,232,091	$	(18,132,673	)

See accompanying notes to financial statements.

Statements of Operations, continued

For the six months ended June 30, 2020 (unaudited)

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Investment income
Dividends from affiliates	$	219,467		$	360,846		$	161,885
Dividends from non-affiliates		20			3			2
Total Investment Income		219,487			360,849			161,887

Expenses
Distribution fees - Class A		33,023			96,409			87,094
Transfer agent fees		14,991			45,309			57,397
Investment advisory fees		6,604			19,282			17,418
Registration and filing fees		11,957			13,115			11,918
Administration fees		4,021			11,687			10,526
Audit and tax services fees		4,514			5,964			5,799
Shareholder report printing fees		915			3,320			4,123
Trustee fees and expenses		549			1,682			1,500
Legal fees		536			1,332			650
Custodian fees		390			375			450
Insurance expense		52			161			144
Other expenses		3,253			2,386			1,999
Total Expenses		80,805			201,022			199,018
Expenses contractually reduced by Investment Adviser		(1,559	)		—			—
Net Expenses		79,246			201,022			199,018

Net Investment Income (Loss)		140,241			159,827			(37,131	)

Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments in affiliates		88,227			199,656			(38,269	)
Change in unrealized appreciation/(depreciation) of investments in affiliates		476,013		��	(1,979,146	)		(3,408,611	)
Net Realized and Unrealized Gains (Losses) on Investments		564,240			(1,779,490	)		(3,446,880	)
Net Change in Net Assets from Operations	$	704,481		$	(1,619,663	)	$	(3,484,011	)

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, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019
From Operations
Net investment income	$	6,788,042		$	13,874,311		$	2,714,136		$	6,727,585
Net realized gains (losses) from investments and foreign currency transactions		5,115,703			1,111,491			(10,827,766	)		(2,821,063	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		23,823,004			27,161,042			(17,295,056	)		46,656,384
Net Change in Net Assets from Operations		35,726,749			42,146,844			(25,408,686	)		50,562,906

Distributions to Shareholders
Class A		(559,085	)		(1,296,712	)		—			(171,182	)
Class I		(6,741,091	)		(12,834,733	)		—			(6,510,309	)
Change in Net Assets from Distributions to Shareholders		(7,300,176	)		(14,131,445	)		—			(6,681,491	)

Change in Net Assets from Capital Transactions (Note 6)		38,777,832			50,779,583			13,356,755			(5,238,803	)
Change in Net Assets		67,204,405			78,794,982			(12,051,931	)		38,642,612

Net Assets
Beginning of period		588,632,606			509,837,624			288,478,065			249,835,453
End of period	$	655,837,011		$	588,632,606		$	276,426,134		$	288,478,065

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, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019
From Operations
Net investment income	$	2,972,399		$	4,695,653		$	1,160,262		$	3,072,980		$	584,909		$	1,098,144
Net realized gains (losses) from investments		(4,941,873	)		23,796,038			3,023,802			22,851,797			(2,911,674	)		2,652,060
Net change in unrealized appreciation/(depreciation) on investments		(29,786,202	)		33,521,790			23,048,027			53,775,059			(15,805,908	)		17,890,343
Net Change in Net Assets from Operations		(31,755,676	)		62,013,481			27,232,091			79,699,836			(18,132,673	)		21,640,547

Distributions to Shareholders
Class A		—			(957,865	)		—			(5,093,963	)		—			(91,206	)
Class I		—			(7,797,986	)		—			(15,196,455	)		—			(3,128,818	)
Change in Net Assets from Distributions to Shareholders		—			(8,755,851	)		—			(20,290,418	)		—			(3,220,024	)

Change in Net Assets from Capital Transactions (Note 6)		25,173,143			19,533,075			(15,880,126	)		14,894,348			12,832,544			11,842,183
Change in Net Assets		(6,582,533	)		72,790,705			11,351,965			74,303,766			(5,300,129	)		30,262,706

Net Assets
Beginning of period		253,699,716			180,909,011			325,644,079			251,340,313			120,226,885			89,964,179
End of period	$	247,117,183		$	253,699,716		$	336,996,044		$	325,644,079		$	114,926,756		$	120,226,885

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, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019
From Operations
Net investment income (loss)	$	140,241		$	443,198		$	159,827		$	1,263,330		$	(37,131	)	$	967,789
Net realized gains (losses) on investments in affiliates		88,227			(19,705	)		199,656			5,798			(38,269	)		5,261
Long-term capital gain distributions from investments in affiliates		—			185,624			—			1,049,733			—			1,217,718
Net change in unrealized appreciation/(depreciation) on investments in affiliates		476,013			2,351,108			(1,979,146	)		10,650,551			(3,408,611	)		11,266,808
Net Change in Net Assets from Operations		704,481			2,960,225			(1,619,663	)		12,969,412			(3,484,011	)		13,457,576

Distributions to Class A Shareholders		(151,607	)		(552,811	)		(183,355	)		(2,168,966	)		—			(2,092,107	)

Change in Net Assets from Capital Transactions (Note 6)		(967,012	)		2,205,375			(2,090,089	)		2,070,994			2,441,808			2,170,204
Change in Net Assets		(414,138	)		4,612,789			(3,893,107	)		12,871,440			(1,042,203	)		13,535,673

Net Assets
Beginning of period		26,761,219			22,148,430			83,239,718			70,368,278			74,220,261			60,684,588
End of period	$	26,347,081		$	26,761,219		$	79,346,611		$	83,239,718		$	73,178,058		$	74,220,261

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, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value at beginning of period	$	10.67		$	10.12		$	10.39		$	10.30		$	10.32		$	10.54
Net investment income ^(a)		0.10			0.23			0.22			0.21			0.20			0.23
Net realized and unrealized gains (losses) on investments		0.54			0.55			(0.26	)		0.11			0.02			(0.19	)
Total from investment operations		0.64			0.78			(0.04	)		0.32			0.22			0.04
Less distributions:
Dividends from net investment income		(0.11	)		(0.23	)		(0.23	)		(0.23	)		(0.23	)		(0.25	)
Distributions from net realized gains		—			—			—			—			(0.01	)		(0.01	)
Total distributions		(0.11	)		(0.23	)		(0.23	)		(0.23	)		(0.24	)		(0.26	)
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	$	11.20		$	10.67		$	10.12		$	10.39		$	10.30		$	10.32
Total return (excludes sales charge)		6.00	%^(c)		7.75	%		(0.36	%)		3.11	%		2.13	%		0.33	%
Net assets at end of period (in 000s)	$	48,438		$	58,383		$	60,692		$	91,048		$	83,211		$	79,999
Ratio of net expenses to average net assets		0.92	%^(d)		0.95	%		0.97	%		0.93	%		0.94	%		0.93	%
Ratio of net investment income to average net assets		1.88	%^(d)		2.16	%		2.15	%		2.02	%		1.87	%		2.16	%
Ratio of gross expenses to average net assets		0.92	%^(d)		0.95	%		0.98	%*		0.98	%*		0.99	%*		0.98	%*
Portfolio turnover rate		19.14	%^(c)		17.58	%		27.27	%		17.36	%		16.05	%		22.67	%

Praxis Impact Bond Fund - Class I

	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value at beginning of period	$	10.62		$	10.08		$	10.35		$	10.25		$	10.27		$	10.50
Net investment income ^(a)		0.12			0.27			0.26			0.25			0.26			0.27
Net realized and unrealized gains (losses) on investments		0.54			0.54			(0.26	)		0.11			0.00	^(b)		(0.20	)
Total from investment operations		0.66			0.81			0.00	^(b)		0.36			0.26			0.07
Less distributions:
Dividends from net investment income		(0.13	)		(0.27	)		(0.27	)		(0.26	)		(0.27	)		(0.29	)
Distributions from net realized gains		—			—			—			—			(0.01	)		(0.01	)
Total distributions		(0.13	)		(0.27	)		(0.27	)		(0.26	)		(0.28	)		(0.30	)
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	$	11.15		$	10.62		$	10.08		$	10.35		$	10.25		$	10.27
Total return		6.26	%^(c)		8.15	%		0.08	%		3.58	%		2.55	%		0.72	%
Net assets at end of period (in 000s)	$	607,399		$	530,250		$	449,146		$	432,654		$	381,697		$	353,954
Ratio of expenses to average net assets		0.53	%^(d)		0.53	%		0.53	%		0.54	%		0.54	%		0.54	%
Ratio of net investment income to average net assets		2.26	%^(d)		2.58	%		2.60	%		2.41	%		2.41	%		2.55	%
Portfolio turnover rate		19.14	%^(c)		17.58	%		27.27	%		17.36	%		16.05	%		22.67	%

*	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, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value at beginning of period	$	11.50		$	9.77		$	11.69		$	9.47		$	9.15		$	9.85
Net investment income ^(a)		0.07			0.18			0.17			0.13			0.13			0.14
Net realized and unrealized gains (losses) on investments and foreign currencies		(1.25	)		1.73			(1.94	)		2.23			0.32			(0.71	)
Total from investment operations		(1.18	)		1.91			(1.77	)		2.36			0.45			(0.57	)
Less distributions:
Dividends from net investment income		—			(0.18	)		(0.15	)		(0.14	)		(0.13	)		(0.13	)
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	$	10.32		$	11.50		$	9.77		$	11.69		$	9.47		$	9.15
Total return (excludes sales charge)		(10.26	%)^(c)		19.55	%		(15.13	%)		24.97	%		4.97	%		(5.76	%)
Net assets at end of period (in 000s)	$	10,004		$	11,074		$	11,853		$	26,344		$	18,877		$	17,631
Ratio of expenses to average net assets		1.34	%^(d)		1.40	%		1.31	%		1.26	%		1.32	%		1.33	%
Ratio of net investment income to average net assets		1.30	%^(d)		1.70	%		1.52	%		1.22	%		1.45	%		1.45	%
Portfolio turnover rate		34.64	%^(c)		20.61	%		21.08	%		5.22	%		10.26	%		4.48	%

Praxis International Index Fund - Class I

	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value at beginning of period	$	11.53		$	9.80		$	11.75		$	9.51		$	9.19		$	9.89
Net investment income ^(a)		0.10			0.27			0.25			0.19			0.19			0.20
Net realized and unrealized gains (losses) on investments and foreign currencies		(1.24	)		1.73			(1.96	)		2.25			0.31			(0.71	)
Total from investment operations		(1.14	)		2.00			(1.71	)		2.44			0.50			(0.51	)
Less distributions:
Dividends from net investment income		—			(0.27	)		(0.24	)		(0.20	)		(0.18	)		(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	$	10.39		$	11.53		$	9.80		$	11.75		$	9.51		$	9.19
Total return		(9.89	%)^(c)		20.45	%		(14.52	%)		25.67	%		5.48	%		(5.19	%)
Net assets at end of period (in 000s)	$	266,422		$	277,404		$	237,982		$	257,538		$	173,598		$	153,099
Ratio of expenses to average net assets		0.61	%^(d)		0.64	%		0.65	%		0.72	%		0.77	%		0.78	%
Ratio of net investment income to average net assets		2.05	%^(d)		2.48	%		2.21	%		1.75	%		2.01	%		1.97	%
Portfolio turnover rate		34.64	%^(c)		20.61	%		21.08	%		5.22	%		10.26	%		4.48	%

^(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, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value at beginning of period	$	15.13		$	11.81		$	13.82		$	12.64		$	11.17		$	12.54
Net investment income ^(a)		0.14			0.24			0.23			0.21			0.19			0.20
Net realized and unrealized gains (losses) on investments		(2.18	)		3.56			(1.38	)		1.85			1.61			(1.00	)
Total from investment operations		(2.04	)		3.80			(1.15	)		2.06			1.80			(0.80	)
Less distributions:
Dividends from net investment income		—			(0.23	)		(0.23	)		(0.13	)		(0.23	)		(0.28	)
Distributions from net realized gains		—			(0.25	)		(0.63	)		(0.75	)		(0.10	)		(0.29	)
Total distributions		—			(0.48	)		(0.86	)		(0.88	)		(0.33	)		(0.57	)
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	$	13.09		$	15.13		$	11.81		$	13.82		$	12.64		$	11.17
Total return (excludes sales charge)		(13.48	%)^(c)		32.21	%		(8.47	%)		16.31	%		16.13	%		(6.41	%)
Net assets at end of period (in 000s)	$	19,582		$	30,603		$	18,124		$	25,057		$	21,676		$	17,453
Ratio of expenses to average net assets		0.91	%^(d)		0.86	%		0.89	%		0.94	%		0.94	%		0.94	%
Ratio of net investment income to average net assets		2.11	%^(d)		1.72	%		1.69	%		1.58	%		1.68	%		1.62	%
Portfolio turnover rate		5.16	%^(c)		39.06	%		32.38	%		31.87	%		48.26	%		21.38	%

Praxis Value Index Fund - Class I

	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value at beginning of period	$	15.02		$	11.72		$	13.74		$	12.56		$	11.09		$	12.46
Net investment income ^(a)		0.17			0.30			0.30			0.28			0.26			0.26
Net realized and unrealized gains (losses) on investments		(2.16	)		3.53			(1.38	)		1.85			1.60			(1.00	)
Total from investment operations		(1.99	)		3.83			(1.08	)		2.13			1.86			(0.74	)
Less distributions:
Dividends from net investment income		—			(0.28	)		(0.31	)		(0.20	)		(0.29	)		(0.34	)
Distributions from net realized gains		—			(0.25	)		(0.63	)		(0.75	)		(0.10	)		(0.29	)
Total distributions		—			(0.53	)		(0.94	)		(0.95	)		(0.39	)		(0.63	)
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	$	13.03		$	15.02		$	11.72		$	13.74		$	12.56		$	11.09
Total return		(13.25	%)^(c)		32.74	%		(8.06	%)		16.91	%		16.75	%		(6.00	%)
Net assets at end of period (in 000s)	$	227,535		$	223,097		$	162,785		$	165,591		$	137,191		$	113,927
Ratio of expenses to average net assets		0.44	%^(d)		0.44	%		0.42	%		0.45	%		0.44	%		0.45	%
Ratio of net investment income to average net assets		2.57	%^(d)		2.16	%		2.18	%		2.07	%		2.25	%		2.11	%
Portfolio turnover rate		5.16	%^(c)		39.06	%		32.38	%		31.87	%		48.26	%		21.68	%

^(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, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value at beginning of period	$	27.23		$	22.05		$	23.05		$	18.82		$	17.68		$	17.25
Net investment income ^(a)		0.06			0.20			0.15			0.17			0.15			0.18
Net realized and unrealized gains (losses) on investments and foreign currencies		2.23			6.71			(0.13	)		4.78			1.11			0.46
Total from investment operations		2.29			6.91			0.02			4.95			1.26			0.64
Less distributions:
Dividends from net investment income		—			(0.20	)		(0.21	)		(0.08	)		(0.12	)		(0.21	)
Distributions from net realized gains		—			(1.53	)		(0.81	)		(0.64	)		—			—
Total distributions		—			(1.73	)		(1.02	)		(0.72	)		(0.12	)		(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	$	29.52		$	27.23		$	22.05		$	23.05		$	18.82		$	17.68
Total return (excludes sales charge)		8.41	%^(c)		31.45	%		(0.05	%)		26.28	%		7.15	%		3.70	%
Net assets at end of period (in 000s)	$	82,570		$	84,526		$	72,735		$	87,613		$	67,007		$	64,689
Ratio of expenses to average net assets		0.77	%^(d)		0.79	%		0.82	%		0.85	%		0.86	%		0.84	%
Ratio of net investment income to average net assets		0.48	%^(d)		0.78	%		0.59	%		0.78	%		0.86	%		1.00	%
Portfolio turnover rate		2.36	%^(c)		32.33	%		27.24	%		27.49	%		43.09	%		18.68	%

Praxis Growth Index Fund - Class I

	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value at beginning of period	$	27.45		$	22.21		$	23.21		$	18.93		$	17.79		$	17.34
Net investment income ^(a)		0.11			0.30			0.25			0.26			0.23			0.25
Net realized and unrealized gains (losses) on investments and foreign currencies		2.24			6.76			(0.13	)		4.82			1.11			0.47
Total from investment operations		2.35			7.06			0.12			5.08			1.34			0.72
Less distributions:
Dividends from net investment income		—			(0.29	)		(0.31	)		(0.16	)		(0.20	)		(0.27	)
Distributions from net realized gains		—			(1.53	)		(0.81	)		(0.64	)		—			—
Total distributions		—			(1.82	)		(1.12	)		(0.80	)		(0.20	)		(0.27	)
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	$	29.80		$	27.45		$	22.21		$	23.21		$	18.93		$	17.79
Total return		8.56	%^(c)		31.91	%		0.39	%		26.78	%		7.62	%		4.10	%
Net assets at end of period (in 000s)	$	254,426		$	241,118		$	178,605		$	171,884		$	136,862		$	122,311
Ratio of expenses to average net assets		0.44	%^(d)		0.43	%		0.43	%		0.44	%		0.44	%		0.44	%
Ratio of net investment income to average net assets		0.81	%^(d)		1.13	%		0.99	%		1.18	%		1.26	%		1.38	%
Portfolio turnover rate		2.36	%^(c)		32.33	%		27.24	%		27.49	%		43.09	%		18.68	%

^(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, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value at beginning of period	$	8.85		$	7.44		$	8.63		$	9.67		$	9.45		$	11.49
Net investment income (loss) ^(a)		0.02			0.03			0.01			0.02			(0.08	)		(0.09	)
Net realized and unrealized gains (losses) on investments		(1.61	)		1.56			(0.73	)		1.03			0.85			(0.41	)
Total from investment operations		(1.59	)		1.59			(0.72	)		1.05			0.77			(0.50	)
Less distributions:
Dividends from net realized gains		—			(0.18	)		(0.47	)		(2.09	)		(0.55	)		(1.54	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	7.26		$	8.85		$	7.44		$	8.63		$	9.67		$	9.45
Total return (excludes sales charge)		(17.97	%)^(c)		21.36	%		(8.56	%)		10.70	%		8.18	%		(4.53	%)
Net assets at end of period (in 000s)	$	3,629		$	4,665		$	4,284		$	5,449		$	5,771		$	7,339
Ratio of net expenses to average net assets		1.12	%^(d)		1.12	%		1.11	%		1.13	%		1.67	%		1.68	%
Ratio of net investment income (loss) to average net assets		0.44	%^(d)		0.33	%		0.13	%		0.21	%		(1.45	%)		(0.75	%)
Ratio of gross expenses to average net assets*		1.41	%^(d)		1.42	%		1.49	%		1.66	%		1.76	%		1.81	%
Portfolio turnover rate		11.70	%^(c)		21.59	%		25.17	%		103.54	%		60.49	%		75.84	%

Praxis Small Cap Index Fund - Class I

	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value at beginning of period	$	9.66		$	8.13		$	9.36		$	10.35		$	10.01		$	12.01
Net investment income (loss) ^(a)		0.04			0.09			0.08			0.09			(0.02	)		(0.01	)
Net realized and unrealized gains (losses) on investments		(1.75	)		1.71			(0.79	)		1.09			0.91			(0.45	)
Total from investment operations		(1.71	)		1.80			(0.71	)		1.18			0.89			(0.46	)
Less distributions:
Dividends from net investment income		—			(0.09	)		(0.05	)		(0.08	)		—			—
Dividends from net realized gains		—			(0.18	)		(0.47	)		(2.09	)		(0.55	)		(1.54	)
Total distributions		—			(0.27	)		(0.52	)		(2.17	)		(0.55	)		(1.54	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		—			—			—			—
Net asset value at end of period	$	7.95		$	9.66		$	8.13		$	9.36		$	10.35		$	10.01
Total return		(17.70	%)^(c)		22.12	%		(7.83	%)		11.22	%		8.93	%		(3.99	%)
Net assets at end of period (in 000s)	$	111,298		$	115,562		$	85,680		$	48,015		$	42,139		$	39,824
Ratio of expenses to average net assets		0.47	%^(d)		0.45	%		0.46	%		0.50	%		1.00	%		1.06	%
Ratio of net investment income (loss) to average net assets		1.11	%^(d)		1.02	%		0.83	%		0.85	%		(0.13	%)		(0.07	%)
Portfolio turnover rate		11.70	%^(c)		21.59	%		25.17	%		103.54	%		60.49	%		75.84	%

*	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 Conservative Portfolio - Class A

	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value at beginning of period	$	12.20		$	11.02		$	11.75		$	11.18		$	10.97		$	11.34
Net investment income ^(a)		0.06			0.21			0.24			0.21			0.19			0.22
Net realized and unrealized gains (losses) on investments		0.25			1.23			(0.55	)		0.72			0.29			(0.31	)
Total from investment operations		0.31			1.44			(0.31	)		0.93			0.48			(0.09	)
Less distributions:
Dividends from net investment income		(0.07	)		(0.20	)		(0.24	)		(0.21	)		(0.21	)		(0.22	)
Distributions from net realized gains		—			(0.06	)		(0.18	)		(0.15	)		(0.06	)		(0.06	)
Total distributions		(0.07	)		(0.26	)		(0.42	)		(0.36	)		(0.27	)		(0.28	)
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	$	12.44		$	12.20		$	11.02		$	11.75		$	11.18		$	10.97
Total return (excludes sales charge)		2.55	%^(c)		13.14	%		(2.64	%)		8.36	%		4.23	%		(0.81	%)
Net assets at end of period (in 000s)	$	26,347		$	26,761		$	22,148		$	22,881		$	21,596		$	19,718
Ratio of net expenses to average net assets^†		0.60	%^(d)		0.61	%		0.60	%		0.61	%		0.58	%		0.60	%
Ratio of net investment income to average net assets^†*		1.06	%^(d)		1.81	%		2.08	%		1.83	%		1.72	%		1.95	%
Ratio of gross expenses to average net assets^†**		0.61	%^(d)		0.63	%		0.63	%		0.64	%		0.58	%		0.63	%
Portfolio turnover rate		18.26	%^(c)		10.10	%		15.49	%		15.88	%		11.42	%		8.66	%

^†	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, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value at beginning of period	$	14.30		$	12.39		$	13.71		$	12.55		$	12.13		$	12.76
Net investment income ^(a)		0.03			0.22			0.27			0.28			0.17			0.21
Net realized and unrealized gains (losses) on investments		(0.28	)		2.07			(0.93	)		1.40			0.64			(0.42	)
Total from investment operations		(0.25	)		2.29			(0.66	)		1.68			0.81			(0.21	)
Less distributions:
Dividends from net investment income		(0.03	)		(0.22	)		(0.27	)		(0.29	)		(0.19	)		(0.22	)
Distributions from net realized gains		—			(0.16	)		(0.39	)		(0.23	)		(0.20	)		(0.20	)
Total distributions		(0.03	)		(0.38	)		(0.66	)		(0.52	)		(0.39	)		(0.42	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	14.02		$	14.30		$	12.39		$	13.71		$	12.55		$	12.13
Total return (excludes sales charge)		(1.73	%)^(c)		18.54	%		(4.89	%)		13.38	%		6.58	%		(1.66	%)
Net assets at end of period (in 000s)	$	79,347		$	83,240		$	70,368		$	73,193		$	63,565		$	59,742
Ratio of expenses to average net assets^†		0.52	%^(d)		0.52	%		0.52	%		0.53	%		0.55	%		0.54	%
Ratio of net investment income to average net assets^†*		0.41	%^(d)		1.64	%		2.04	%		2.15	%		1.39	%		1.65	%
Portfolio turnover rate		12.12	%^(c)		9.43	%		12.90	%		11.91	%		10.29	%		6.53	%

^†	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, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value at beginning of period	$	15.79		$	13.30		$	15.09		$	13.47		$	12.93		$	13.79
Net investment income (loss) ^(a)		(0.01	)		0.21			0.27			0.32			0.14			0.18
Net realized and unrealized gains (losses) on investments		(0.76	)		2.73			(1.24	)		1.93			0.87			(0.52	)
Total from investment operations		(0.77	)		2.94			(0.97	)		2.25			1.01			(0.34	)
Less distributions:
Dividends from net investment income		—			(0.21	)		(0.28	)		(0.33	)		(0.14	)		(0.19	)
Distributions from net realized gains		—			(0.24	)		(0.54	)		(0.30	)		(0.33	)		(0.33	)
Total distributions		—			(0.45	)		(0.82	)		(0.63	)		(0.47	)		(0.52	)
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	$	15.02		$	15.79		$	13.30		$	15.09		$	13.47		$	12.93
Total return (excludes sales charge)		(4.88	%)^(c)		22.16	%		(6.52	%)		16.71	%		7.82	%		(2.49	%)
Net assets at end of period (in 000s)	$	73,178		$	74,220		$	60,685		$	64,935		$	53,925		$	49,881
Ratio of expenses to average net assets^†		0.57	%^(d)		0.58	%		0.58	%		0.60	%		0.61	%		0.62	%
Ratio of net investment income (loss) to average net assets^†*		(0.11	%)^(d)		1.42	%		1.91	%		2.29	%		1.09	%		1.33	%
Portfolio turnover rate		9.17	%^(c)		7.72	%		12.72	%		11.05	%		9.32	%		7.39	%

^†	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 (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, 2020

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, 2020, 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. Each Fund and Portfolio follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.”

As of June 30, 2020, 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 agreement, 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:

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.

New Accounting Pronouncement:

In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 840): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. ASU 2020-04 provides entities with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates (e.g., LIBOR) that are expected to be discontinued. ASU 2020-04 allows, among other things, certain contract modifications to be accounted as a continuation of the existing contract. This ASU was effective upon the issuance and its optional relief can be applied through December 31, 2022. The Funds will consider this optional guidance prospectively, if applicable.

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 (“NAVs”) 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 NAV per share.

Notes to Financial Statements (unaudited), continued

June 30, 2020

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 aggregate value by input level, as of June 30, 2020, 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 Fair Value
Asset Backed Securities	$	—	$	10,462,079	$	—	$	10,462,079
Municipal Bonds		—		8,042,974		—		8,042,974
Corporate Bonds		—		298,447,742		—		298,447,742
Corporate Notes		—		6,494,768		—		6,494,768
Foreign Governments		—		53,273,851		—		53,273,851
U.S. Government Agencies		—		237,509,490		—		237,509,490
Commercial Mortgage-Backed Securities		—		1,970,798		—		1,970,798
Money Market Funds		36,417,396		—		—		36,417,396
Investment Companies		3,446,085		—		—		3,446,085
Total Investments	$	39,863,481	$	616,201,702	$	—	$	656,065,183

International Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	159,324,456	$	110,490,850	$	—	$	269,815,306
Preferred Stocks		782,402		—		—		782,402
Corporate Notes		—		2,609,905		—		2,609,905
Money Market Funds		544,126		—		—		544,126
Total Investments	$	160,650,984	$	113,100,755	$	—	$	273,751,739

Value Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	243,423,639	$	—	$	—	$	243,423,639
Rights		1,081		—		—		1,081
Corporate Notes		—		2,317,856		—		2,317,856
Total Investments	$	243,424,720	$	2,317,856	$	—	$	245,742,576

Growth Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	331,794,480	$	—	$	—	$	331,794,480
Corporate Notes		—		3,080,526		—		3,080,526
Total Investments	$	331,794,480	$	3,080,526	$	—	$	334,875,006

Notes to Financial Statements (unaudited), continued

June 30, 2020

Small Cap Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	112,735,864	$	—	$	—	$	112,735,864
Preferred Stocks		24		—		—		24
Rights		—		—		2,608		2,608
Corporate Notes		—		1,057,662		—		1,057,662
Money Market Funds		394,228		—		—		394,228
Total Investments	$	113,130,116	$	1,057,662	$	2,608	$	114,190,386

Conservative Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	26,339,862	$	—	$	—	$	26,339,862
Money Market Funds		5,965		—		—		5,965
Total Investments	$	26,345,827	$	—	$	—	$	26,345,827

Balanced Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	79,365,122	$	—	$	—	$	79,365,122
Money Market Funds		1,821		—		—		1,821
Total Investments	$	79,366,943	$	—	$	—	$	79,366,943

Growth Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	73,195,313	$	—	$	—	$	73,195,313
Money Market Funds		2,009		—		—		2,009
Total Investments	$	73,197,322	$	—	$	—	$	73,197,322

The following is a reconciliation of Level 3 instruments held in the Small Cap Index Fund for which significant unobservable inputs were used to determine fair value for the six months ended June 30, 2020:

	Small Cap Index Fund
Balance as of December 31, 2019	$	—
Receipt of Rights from corporate action		2,608
Balance as of June 30, 2020	$	2,608

The following table summarizes the valuation techniques used and unobservable inputs developed by the Trust’s Pricing Committee in conformity with guidelines adopted by and subject to review by the Board to determine the fair value of the Level 3 instruments:

Small Cap Index Fund
	6/30/2020		Valuation Technique	Unobservable Input	Range	Impact to Valuation from an Decrease in Input *
Rights	$	2,608	Discount on Future Cash Flows	Estimate of Future Cash Flows	100%	Increase

This column represents the directional change in fair value of the Level 3 investments that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Investment Transactions and Related Income:

Changes in holdings of portfolio investments are reflected in the calculation of each Fund’s and Portfolio’s NAV 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 calculated using yield to maturity or effective yield.

Notes to Financial Statements (unaudited), continued

June 30, 2020

Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Withholding taxes on foreign dividends have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

Distributions received from the Funds’ investments in REITs may be characterized as ordinary income, net capital gains or return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds may use estimates in reporting the character of their income and distributions for financial statement purposes, otherwise, these amounts are recorded once the issuers provide the information about the actual composition of the distributions. The actual character of distributions to the Funds’ shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Funds’ shareholders may represent a return of capital.

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 accrued by 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 other than 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,

Notes to Financial Statements (unaudited), continued

June 30, 2020

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. The Funds maintain these balances with a high-quality financial institution. The Funds may incur charges on cash overdrafts.

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. The Funds and Portfolios recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended June 30, 2020, the Funds and Portfolios did not incur any interest or penalties.

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, sales and maturities 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, 2020 were as follows:

	Purchases		Sales
Impact Bond Fund	$	113,602,087	$	40,934,739
International Index Fund		106,228,228		92,031,295
Value Index Fund		40,242,899		12,225,028
Growth Index Fund		7,527,217		23,084,926
Small Cap Index Fund		25,359,171		12,795,503
Conservative Portfolio		4,844,765		5,844,628
Balanced Portfolio		9,460,439		11,606,530
Growth Portfolio		8,832,011		6,467,337

4. Investment Transactions with Affiliates:

The Portfolios invest in the Underlying Funds, which are also advised by Everence Capital Management, Inc. (the “Adviser”). The Underlying Funds are deemed affiliates of the Portfolios, and the related activities in those investments were as follows:

	For the six months ended June 30, 2020
Affiliate	Fair Value at December 31, 2019		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at June 30, 2020		Dividend Income		Long-Term Capital Gain Distributions		Shares at June 30, 2020
Conservative Portfolio
Growth Index - Class I	$	2,585,866	$	459,607	$	(834,544	)	$	79,225		$	177,578		$	2,467,732	$	—	$	—		82,810
Impact Bond - Class I		18,352,757		2,943,942		(3,637,996	)		78,861			816,675			18,554,239		219,467		—		1,664,057
International Index - Class I		2,513,942		578,706		(570,158	)		(29,968	)		(162,550	)		2,329,972		—		—		224,251
Small Cap Index - Class I		694,249		227,902		(183,386	)		(40,206	)		(54,492	)		644,067		—		—		81,015
Value Index - Class I		2,628,671		634,608		(618,544	)		315			(301,198	)		2,343,852		—		—		179,881
Total	$	26,775,485	$	4,844,765	$	(5,844,628	)	$	88,227		$	476,013		$	26,339,862	$	219,467	$	—		2,232,014

Notes to Financial Statements (unaudited), continued

June 30, 2020

	For the six months ended June 30, 2020
Affiliate	Fair Value at December 31, 2019		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at June 30, 2020		Dividend Income		Long-Term Capital Gain Distributions		Shares at June 30, 2020
Balanced Portfolio
Growth Index - Class I	$	13,627,086	$	492,107	$	(2,270,823	)	$	424,736		$	681,391		$	12,954,497	$	—	$	—		434,715
Impact Bond - Class I		31,965,929		4,498,072		(5,761,994	)		132,501			1,322,884			32,157,392		360,846		—		2,884,071
International Index - Class I		15,373,510		1,493,092		(1,376,134	)		(116,087	)		(1,224,308	)		14,150,073		—		—		1,361,893
Small Cap Index - Class I		8,464,008		1,585,061		(960,756	)		(202,853	)		(1,072,836	)		7,812,624		—		—		982,720
Value Index - Class I		13,860,170		1,392,107		(1,236,823	)		(38,641	)		(1,686,277	)		12,290,536		—		—		943,249
Total	$	83,290,703	$	9,460,439	$	(11,606,530	)	$	199,656		$	(1,979,146	)	$	79,365,122	$	360,846	$	—		6,606,648

	For the six months ended June 30, 2020
Affiliate	Fair Value at December 31, 2019		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at June 30, 2020		Dividend Income		Long-Term Capital Gain Distributions		Shares at June 30, 2020
Growth Portfolio
Growth Index - Class I	$	15,356,571	$	775,581	$	(2,021,954	)	$	103,461		$	1,169,358		$	15,383,017	$	—	$	—		516,209
Impact Bond - Class I		14,064,436		3,065,510		(2,890,066	)		68,716			586,387			14,894,983		161,885		—		1,335,873
International Index - Class I		18,064,120		1,532,668		(480,111	)		(50,764	)		(1,588,038	)		17,477,875		—		—		1,682,182
Small Cap Index - Class I		11,174,179		2,009,501		(596,083	)		(105,226	)		(1,630,578	)		10,851,793		—		—		1,365,005
Value Index - Class I		15,618,213		1,448,751		(479,123	)		(54,456	)		(1,945,740	)		14,587,645		—		—		1,119,543
Total	$	74,277,519	$	8,832,011	$	(6,467,337	)	$	(38,269	)	$	(3,408,611	)	$	73,195,313	$	161,885	$	—		6,018,812

5. Related Party Transactions:

The Adviser provides investment advisory services to the Funds and Portfolios. Under the terms of the investment advisory agreement, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each of the Funds and Portfolios as follows:


Impact Bond Fund	0.40	%
International Index Fund	0.45	%
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 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 Fund) pays the Sub-Adviser a fee for these services.

The Adviser has entered into an expense limitation agreement effective until April 30, 2021. 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, 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, 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 time in which the Adviser reduced and/or reimbursed the expense.

The contractual expense limits in place as of June 30, 2020 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	%

Notes to Financial Statements (unaudited), continued

June 30, 2020

For the six months ended June 30, 2020, the Adviser contractually reduced investment advisory fees and/or reimbursed other operating expenses of the Funds and Portfolios as follows:


Small Cap Index Fund	$	5,290
Conservative Portfolio		1,559

As of June 30, 2020, 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		2017		2020	$	22,601
		2018		2021		6,169
					$	28,770
Small Cap Index Fund		2017		2020	$	15,507
		2018		2021		19,950
		2019		2022		13,812
		2020		2023		5,290
					$	54,559
Conservative Portfolio		2017		2020	$	6,410
		2018		2021		7,745
		2019		2022		6,167
		2020		2023		1,559
					$	21,881

U.S. Bank Global Fund Services provides transfer agent, shareholder servicing and dividend disbursing services on behalf of the Trust. For these services, U.S. Bank Global Fund Services 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 sales charges from underwriting and broker commissions on the sale of shares during the six months ended June 30, 2020 as follows:


Impact Bond Fund	$	2,352
International Index Fund		616
Value Index Fund		941
Growth Index Fund		8,764
Small Cap Index Fund		376
Conservative Portfolio		3,705
Balanced Portfolio		9,209
Growth Portfolio		15,916

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 U.S Securities and Exchange Commission (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 reflected as in Administration Fees on the Statements of Operations.

Notes to Financial Statements (unaudited), continued

June 30, 2020

6. Capital Share Transactions:

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

	Impact Bond Fund						International Index Fund
	Six Months Ended June 30, 2020			Year Ended December 31, 2019			Six Months Ended June 30, 2020			Year Ended December 31, 2019
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	9,552,744		$	14,866,497		$	723,536		$	1,448,327
Dividends reinvested		417,642			955,524			—			164,389
Cost of shares redeemed		(22,735,198	)		(21,285,006	)		(710,063	)		(4,252,595	)
Redemption fees		4,109			2,805			—			201
Class A Share Transactions	$	(12,760,703	)	$	(5,460,180	)	$	13,473		$	(2,639,678	)
Class I Shares:
Proceeds from shares issued	$	133,392,140		$	115,309,095		$	34,256,848		$	38,159,663
Dividends reinvested		3,547,386			6,588,116			—			3,122,541
Cost of shares redeemed		(85,403,281	)		(65,660,681	)		(20,913,573	)		(43,881,419	)
Redemption fees		2,290			3,233			7			90
Class I Share Transactions	$	51,538,535		$	56,239,763		$	13,343,282		$	(2,599,125	)
Net increase (decrease) from capital transactions	$	38,777,832		$	50,779,583		$	13,356,755		$	(5,238,803	)
Share Transactions:
Class A Shares:
Issued		874,068			1,418,215			75,333			134,583
Reinvested		37,943			90,887			—			14,332
Redeemed		(2,058,905	)		(2,036,312	)		(69,361	)		(399,289	)
Change in Class A Shares:		(1,146,894	)		(527,210	)		5,972			(250,374	)
Class I Shares:
Issued		12,176,267			10,999,021			3,644,711			3,545,191
Reinvested		323,612			628,469			—			271,289
Redeemed		(7,925,550	)		(6,295,387	)		(2,060,938	)		(4,045,332	)
Change in Class I Shares:		4,574,329			5,332,103			1,583,773			(228,852	)
Net increase (decrease) from share transactions		3,427,435			4,804,893			1,589,745			(479,226	)

	Value Index Fund						Growth Index Fund						Small Cap Index Fund
	Six Months Ended June 30, 2020			Year Ended December 31, 2019			Six Months Ended June 30, 2020			Year Ended December 31, 2019			Six Months Ended June 30, 2020			Year Ended December 31, 2019
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,297,994		$	10,407,287		$	5,230,703		$	6,292,439		$	204,104		$	707,745
Dividends reinvested		—			862,839			—			4,998,534			—			90,460
Cost of shares redeemed		(9,362,480	)		(4,718,130	)		(13,807,378	)		(16,243,394	)		(454,682	)		(1,203,400	)
Redemption fees		563			241			1,964			914			—			1,342
Class A Share Transactions	$	(7,063,923	)	$	6,552,237		$	(8,574,711	)	$	(4,951,507	)	$	(250,578	)	$	(403,853	)
Class I Shares:
Proceeds from shares issued	$	54,373,377		$	40,609,677		$	34,602,674		$	43,137,380		$	23,982,111		$	22,689,215
Dividends reinvested		—			5,664,326			—			13,953,964			—			2,566,521
Cost of shares redeemed		(22,139,194	)		(33,294,693	)		(41,910,374	)		(37,248,921	)		(10,899,171	)		(13,009,707	)
Redemption fees		2,883			1,528			2,285			3,432			182			7
Class I Share Transactions	$	32,237,066		$	12,980,838		$	(7,305,415	)	$	19,845,855		$	13,083,122		$	12,246,036
Net increase (decrease) from capital transactions	$	25,173,143		$	19,533,075		$	(15,880,126	)	$	14,894,348		$	12,832,544		$	11,842,183

Notes to Financial Statements (unaudited), continued

June 30, 2020

	Value Index Fund						Growth Index Fund						Small Cap Index Fund
	Six Months Ended June 30, 2020			Year Ended December 31, 2019			Six Months Ended June 30, 2020			Year Ended December 31, 2019			Six Months Ended June 30, 2020			Year Ended December 31, 2019
Share Transactions:
Class A Shares:
Issued		179,349			766,766			196,819			244,041			30,180			85,259
Reinvested		—			56,931			—			184,945			—			10,374
Redeemed		(706,308	)		(335,771	)		(503,288	)		(623,275	)		(57,101	)		(144,375	)
Change in Class A Shares:		(526,959	)		487,926			(306,469	)		(194,289	)		(26,921	)		(48,742	)
Class I Shares:
Issued		4,310,764			2,991,092			1,278,129			1,645,773			3,429,511			2,568,615
Reinvested		—			375,754			—			510,778			—			267,186
Redeemed		(1,695,746	)		(2,408,096	)		(1,524,363	)		(1,414,517	)		(1,384,584	)		(1,415,431	)
Change in Class I Shares:		2,615,018			958,750			(246,234	)		742,034			2,044,927			1,420,370
Net increase (decrease) from share transactions		2,088,059			1,446,676			(552,703	)		547,745			2,018,006			1,371,628

	Conservative Portfolio						Balanced Portfolio						Growth Portfolio
	Six Months Ended June 30, 2020			Year Ended December 31, 2019			Six Months Ended June 30, 2020			Year Ended December 31, 2019			Six Months Ended June 30, 2020			Year Ended December 31, 2019
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,775,557		$	4,624,452		$	3,174,537		$	8,312,439		$	4,748,087		$	6,417,190
Dividends reinvested		145,667			536,853			182,043			2,151,545			—			2,078,357
Cost of shares redeemed		(3,888,531	)		(2,956,002	)		(5,446,720	)		(8,393,037	)		(2,306,528	)		(6,325,378	)
Redemption fees		295			72			51			47			249			35
Class A Share Transactions	$	(967,012	)	$	2,205,375		$	(2,090,089	)	$	2,070,994		$	2,441,808		$	2,170,204
Net increase (decrease) from capital transactions	$	(967,012	)	$	2,205,375		$	(2,090,089	)	$	2,070,994		$	2,441,808		$	2,170,204
Share Transactions:
Class A Shares:
Issued		235,875			391,394			234,363			605,609			328,629			431,093
Reinvested		12,032			44,742			13,389			151,525			—			131,477
Redeemed		(323,389	)		(251,853	)		(407,262	)		(617,470	)		(156,615	)		(425,773	)
Change in Class A Shares:		(75,482	)		184,283			(159,510	)		139,664			172,014			136,797
Net increase (decrease) from share transactions		(75,482	)		184,283			(159,510	)		139,664			172,014			136,797

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, 2020 and December 31, 2019 was as follows:

	Impact Bond Fund				International Index Fund				Value Index Fund
	2020		2019		2020		2019		2020		2019
From ordinary income	$	7,300,176	$	14,131,445	$	—	$	6,681,491	$	—	$	4,670,875
From long-term capital gains		—		—		—		—		—		4,084,976
Total distributions	$	7,300,176	$	14,131,445	$	—	$	6,681,491	$	—	$	8,755,851

	Growth Index Fund				Small Cap Index Fund
	2020		2019		2020		2019
From ordinary income	$	—	$	3,131,391	$	—	$	1,436,189
From long-term capital gains		—		17,159,027		—		1,783,835
Total distributions	$	—	$	20,290,418	$	—	$	3,220,024

Notes to Financial Statements (unaudited), continued

June 30, 2020

	Conservative Portfolio				Balanced Portfolio				Growth Portfolio
	2020		2019		2020		2019		2020		2019
From ordinary income	$	151,607	$	446,932	$	183,355	$	1,323,985	$	—	$	1,035,425
From long-term capital gains		—		105,879		—		844,981		—		1,056,682
Total distributions	$	151,607	$	552,811	$	183,355	$	2,168,966	$	—	$	2,092,107

The following information is computed on a tax basis for each item as of December 31, 2019:

	Impact Bond Fund			International Index Fund			Value Index Fund
Tax cost of portfolio investments	$	564,659,061		$	216,962,169		$	204,528,297
Gross unrealized appreciation		23,971,621			80,354,890			56,055,095
Gross unrealized depreciation		(1,231,845	)		(9,297,984	)		(6,969,414	)
Net unrealized appreciation on investments	$	22,739,776		$	71,056,906		$	49,085,681
Net unrealized appreciation on foreign currency transactions		—			1,172			—
Undistributed ordinary income		20,323			72,884			18,310,846
Undistributed long-term capital gains		—			—			6,164,396
Accumulated capital and other losses		(1,510,093	)		(21,557,960	)		—
Distributable earnings	$	21,250,006		$	49,573,002		$	73,560,923

	Growth Index Fund			Small Cap Index Fund
Tax cost of portfolio investments	$	187,487,067		$	106,547,383
Gross unrealized appreciation		139,214,028			23,093,831
Gross unrealized depreciation		(1,195,475	)		(9,351,208	)
Net unrealized appreciation on investments	$	138,018,553		$	13,742,623
Undistributed ordinary income		7,644,112			441,156
Undistributed long-term capital gains		13,164,816			164,415
Distributable earnings	$	158,827,481		$	14,348,194

	Conservative Portfolio			Balanced Portfolio			Growth Portfolio
Tax cost of portfolio investments	$	23,531,242		$	65,821,448		$	55,347,989
Gross unrealized appreciation		3,326,645			17,700,063			19,395,390
Gross unrealized depreciation		(76,488	)		(230,270	)		(465,595	)
Net unrealized appreciation on investments	$	3,250,157		$	17,469,793		$	18,929,795
Undistributed ordinary income		12,712			52,683			33,551
Undistributed long-term capital gains		184,317			1,024,766			1,217,094
Distributable earnings	$	3,447,186		$	18,547,242		$	20,180,440

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 (“PFICs”).

For the latest tax year ended December 31, 2019, the following Funds have capital loss carry forwards (“CLCFs”) as summarized below.

CLCFs not subject to expiration:

	Impact Bond		International Index
No expiration - short-term	$	424,466	$	12,993,681
No expiration - long-term		1,085,627		8,564,279
	$	1,510,093	$	21,557,960

The federal tax cost, unrealized appreciation (depreciation) as of June 30, 2020 is as follows:

	Impact Bond Fund			International Index Fund			Value Index Fund
Tax cost of portfolio investments	$	609,244,378		$	219,988,668		$	226,454,607
Gross unrealized appreciation		47,932,289			68,434,061			43,027,409
Gross unrealized depreciation		(1,111,484	)		(14,670,990	)		(23,739,440	)
Net unrealized appreciation on investments	$	46,820,805		$	53,763,071		$	19,287,969

Notes to Financial Statements (unaudited), continued

June 30, 2020

	Growth Index Fund			Small Cap Index Fund
Tax cost of portfolio investments	$	173,828,145		$	116,577,384
Gross unrealized appreciation		167,898,459			18,567,048
Gross unrealized depreciation		(6,851,598	)		(20,954,056	)
Net unrealized appreciation (depreciation) on investments	$	161,046,861		$	(2,387,008	)

	Conservative Portfolio			Balanced Portfolio			Growth Portfolio
Tax cost of portfolio investments	$	22,639,267		$	64,083,643		$	57,791,202
Gross unrealized appreciation		3,798,032			16,203,572			17,087,912
Gross unrealized depreciation		(91,472	)		(920,272	)		(1,681,792	)
Net unrealized appreciation on investments	$	3,706,560		$	15,283,300		$	15,406,120

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

The Funds and Portfolios have analyzed their tax positions taken on Federal income tax returns for the current and all open tax years (generally, three years) 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. Trustee Compensation

Each Trustee who is not an “interested person” of the Trust (“Independent Trustee”) receives from the Trust an annual retainer of $10,000, and the Chairperson of the Board, Chairperson of the Audit Committee and the Chairperson of the Nominating and Governance Committee each receives an additional annual retainer of $4,000. Each Independent Trustee also receives from the Trust a fee of $2,500 for each regularly scheduled quarterly meeting attended, plus reimbursement for travel and other meeting-related expenses. Collectively, the Independent Trustees were paid $87,000 in retainers and meeting fees during the six months ended June 30, 2020.

10. Board Review of Liquidity Risk Management Program

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the “Commission”) adopted Rule 22e-4 under the Investment 1940 Act. This Rule requires every registered open-end management company to establish a liquidity risk management program (the “LRMP”) that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund’s portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, the establishment of a 15% limitation on illiquid investments, and period reporting to the Trust’s Board of Trustees (the “Board”). Additionally, the Commission adopted Rule 30b1-10 and Form N-LIQUID, which, generally requires a fund to notify the Commission when certain liquidity-related events occur.

The Board approved the appointment of the Praxis Mutual Funds’ Liquidity Risk Management Program Committee (the “Committee”) as the Program Administrator of the LRMP for the Trust on November 17, 2018 and the Trust’s LRMP on February 18, 2019. The Committee is comprised of the Trust’s Chief Compliance Officer and other officers of the Trust and employees of the Adviser. At the Board’s regular meeting on May 21, 2020, the Trust’s Chief Compliance Officer provided a report to the Board (the “Report”) on the operation and effectiveness of the LRMP for the period December 1, 2018 through March 31, 2020 (the “Reporting Period”). The Report included, among other things, a discussion of how the Adviser manages liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying every fund investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of fund investments, the Trust utilizes a third party provider of liquidity monitoring services.

Notes to Financial Statements (unaudited), continued

June 30, 2020

The Report concluded that the LRMP was reasonably designed to assess and manage liquidity risk and did effectively manage the Funds’ liquidity risks for the Reporting Period. The Report stated that during this period, each Fund held no less than 65% of its total net assets in highly liquid investments. Because each Fund consisted primarily of highly liquid investments that exceeded the 65% threshold established by the Trust for Primarily Highly Liquid Funds, no highly liquid investment minimum was required to be established for the Funds, and each Fund was well under its illiquid investment limitations. Additionally, no events that would require the filing of Form N-LIQUID occurred.

11. Other Recent Developments

The recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Funds hold, and may adversely affect the Funds’ investments and operations. The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things: quarantines and travel restrictions, including border closings, strained healthcare systems, event cancellations, disruptions to business operations and supply chains, and a reduction in consumer and business spending, as well as general concern and uncertainty that has negatively affected the economy. These disruptions have led to instability in the market place, including equity and debt market losses and overall volatility, and the jobs market. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

12. Subsequent Events

The Funds and Portfolios evaluated subsequent events June 30, 2020 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, 2020

Impact Bond Fund

Security Allocation	Percentage of Net Assets
Asset Backed Securities		1.6	%
Commercial Mortgage-Backed Securities		0.3	%
Corporate Bonds		45.5	%
Corporate Notes		1.0	%
Development Finance Corporation		0.9	%
Federal Home Loan Bank		6.3	%
Federal Home Loan Mortgage Corporation		8.5	%
Federal National Mortgage Association		18.7	%
Foreign Governments		8.1	%
Government National Mortgage Association **		0.0	%
Investment Company		0.5	%
Municipal Bonds		1.2	%
Small Business Administration **		0.0	%
United States Agency of International Development		1.6	%
United States Deparment of Housing and Urban Development		0.2	%
Money Market Funds		5.6	%
Total		100.0	%

** Amount rounds to less than 0.1%

International Index Fund

Security Allocation	Percentage of Net Assets
Australia		4.3	%
Austria		0.2	%
Belgium		0.7	%
Bermuda		0.5	%
Brazil		1.2	%
Canada		5.9	%
Cayman Islands		8.5	%
Chile		0.3	%
China		3.0	%
Columbia		0.3	%
Denmark		1.8	%
Finland		0.7	%
France		6.1	%
Germany		5.4	%
Hong Kong		2.4	%
Hungary **		0.0	%
India		2.3	%
Indonesia		0.6	%
Ireland		0.4	%
Israel		0.6	%
Italy		1.0	%
Japan		16.6	%
Jersey		0.8	%
Luxembourg		0.4	%
Mexico		0.8	%
Netherlands		3.8	%
New Zealand		0.2	%
Norway		1.0	%
Papua New Guinea		0.1	%
Philippines		0.2	%
Portugal		0.4	%
Russia		0.3	%
Singapore		0.7	%
South Africa		1.2	%
South Korea		2.8	%
Spain		1.5	%
Sweden		1.6	%
Switzerland		6.9	%
Taiwan		3.8	%
Turkey		0.2	%
United Kingdom		7.5	%

International Index Fund

Security Allocation (continued)	Percentage of Net Assets
United States		0.6	%
Preferred Stocks		0.3	%
Corporate Notes		0.9	%
Money Market Funds		0.2	%
Total		99.0	%

**	Amount rounds to less than 0.1%

International Index Fund

Security Allocation	Percentage of Net Assets
Air Freight & Logistics		0.6	%
Auto Components		0.5	%
Automobiles		2.1	%
Banks		10.4	%
Beverages		0.5	%
Biotechnology		1.1	%
Building Products		0.3	%
Capital Markets		2.2	%
Chemicals		3.3	%
Commercial Services & Supplies		0.3	%
Communications Equipment		0.5	%
Community Development		0.9	%
Construction & Engineering		0.9	%
Construction Materials		0.7	%
Consumer Finance		0.1	%
Diversified Consumer Services		0.5	%
Diversified Financial Services		0.5	%
Diversified Telecommunications Services		2.7	%
Electric Utilities		2.0	%
Electrical Equipment		1.4	%
Electronic Equipment, Instruments, & Components		1.9	%
Energy Equipment & Services		0.3	%
Entertainment		1.1	%
Equity Real Estate Investment Trusts (REITs)		1.1	%
Food & Staples Retailing		1.8	%
Food Products		3.6	%
Gas Utilities		0.3	%
Health Care Equipment & Supplies		1.6	%
Health Care Providers & Services		0.2	%
Health Care Technology		0.3	%
Hotels, Restaurants and Leisure		1.2	%
Household Durables		1.4	%
Household Products		0.9	%
Industrial Conglomerates		1.1	%
Insurance		4.8	%
Interactive Media & Services		2.8	%
Internet & Direct Marketing Retail		3.1	%
IT Services		1.8	%
Leisure Products		0.2	%
Life Sciences Tools & Services		0.7	%
Machinery		1.9	%
Marine		0.2	%
Media		1.1	%
Metals & Mining		3.2	%
Multi-Line Retail		0.4	%
Multi-Utilities		0.4	%
Oil, Gas, & Consumable Fuels		3.6	%
Paper & Forest Products		0.2	%
Personal Products		1.9	%
Pharmaceuticals		7.1	%
Professional Services		1.6	%
Real Estate Management and Development		1.9	%

Additional Fund Information (unaudited), continued

June 30, 2020

International Index Fund

Security Allocation (continued)	Percentage of Net Assets
Road and Rail		1.6	%
Semiconductors & Semiconductor Equipment		4.3	%
Software		1.2	%
Specialty Retail		0.6	%
Technology Hardware, Storage, & Peripherals		0.5	%
Textiles, Apparel, & Luxury Goods		1.2	%
Trading Companies & Distributors		1.1	%
Transportation Infrastructure		0.5	%
Water Utilities		0.1	%
Wireless Telecommunication Services		2.5	%
Money Market Funds		0.2	%
Total		99.0	%

Value Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks		98.5	%
Corporate Notes		0.9	%
Total		99.4	%

Growth Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks		98.5	%
Corporate Notes		0.9	%
Total		99.4	%

Small Cap Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks		98.1	%
Preferred Stocks **		0.0	%
Rights **		0.0	%
Corporate Notes		0.9	%
Money Market Funds		0.4	%
Total		99.4	%

** Amount rounds to less than 0.1%

Conservative Portfolio

Security Allocation	Percentage of Net Assets
Affiliated Mutual Funds		100.0	%
Money Market Funds **		0.0	%
Total		100.0	%

**	Amount rounds to less than 0.1%

Balanced Portfolio

Security Allocation	Percentage of Net Assets
Affiliated Mutual Funds		100.0	%
Money Market Funds **		0.0	%
Total		100.0	%

**	Amount rounds to less than 0.1%

Growth Portfolio

Security Allocation	Percentage of Net Assets
Affiliated Mutual Funds		100.0	%
Money Market Funds **		0.0	%
Total		100.0	%

**	Amount rounds to less than 0.1%

Additional Fund Information (unaudited), continued

June 30, 2020

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; and (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, 2020 through June 30, 2020.

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
Impact Bond Fund
Class A	1,000.00	1,000.00	1,060.00	1,020.29	4.71	4.62	0.92%
Class I	1,000.00	1,000.00	1,062.60	1,022.23	2.72	2.66	0.53%
International Index Fund
Class A	1,000.00	1,000.00	897.40	1,018.20	6.32	6.72	1.34%
Class I	1,000.00	1,000.00	901.10	1,021.83	2.88	3.07	0.61%
Value Index Fund
Class A	1,000.00	1,000.00	865.20	1,020.34	4.22	4.57	0.91%
Class I	1,000.00	1,000.00	867.50	1,022.68	2.04	2.21	0.44%
Growth Index Fund
Class A	1,000.00	1,000.00	1,084.10	1,021.03	3.99	3.87	0.77%
Class I	1,000.00	1,000.00	1,085.60	1,022.68	2.28	2.21	0.44%
Small Cap Index Fund
Class A	1,000.00	1,000.00	820.30	1,019.29	5.07	5.62	1.12%
Class I	1,000.00	1,000.00	823.00	1,022.53	2.13	2.36	0.47%
Conservative Portfolio
Class A	1,000.00	1,000.00	1,025.50	1,021.88	3.02	3.02	0.60%
Balanced Portfolio
Class A	1,000.00	1,000.00	982.70	1,022.28	2.56	2.61	0.52%
Growth Portfolio
Class A	1,000.00	1,000.00	951.20	1,022.03	2.77	2.87	0.57%

* Expenses are equal to average account value times each 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:

The Adviser is 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 uses 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 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-PORT. The complete listing (i) is available on the Commission’s Web site and (ii) will be made available to shareholders upon request by calling (800) 977-2947. The Statement of Additional Information contains more information about the Funds and Portfolios and can be obtained free of charge by calling (800) 977-2947.

Annual/Semi-Annual Reports:

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

Statement of Additional Information (SAI):

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

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

Praxis Mutual Funds
c/o U.S. Bank Global Fund Services
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 www.sec.gov.

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

Investment Company Act file no. 811-08056

THIS PAGE INTENTIONALLY LEFT BLANK

Praxis Mutual Funds

c/o U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201-0701

2200080

Item 2.

Code of Ethics.

Not applicable for semi-annual report filing.

Item 3.

Audit Committee Financial Expert.

Not applicable for semi-annual report filing.

Item 4.

Principal Accountant Fees and Services.

Not applicable for semi-annual report filing.

Item 5.

Audit Committee of Listed Registrants.

Not applicable for semi-annual report filing.

Item 6.

Investments

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

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

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

Item 7.

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

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

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

Not applicable.

Item 10.

Submission of Matters to a Vote Of Security Holders.

Not applicable.

Item 11.

Controls and Procedures.

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

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or are reasonably likely to materially affect, 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 report filing.

(a)(2)

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

(a)(3)

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

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

SIGNATURES

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

Praxis Mutual Funds


By:	/s/ Trent Statczar
	Trent Statczar
	Treasurer and Chief Financial Officer
	September 4, 2020

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

By:	/s/ Chad Horning
	Chad Horning
	President and Chief Executive Officer
	September 4, 2020

By:	/s/ Trent Statczar
	Trent Statczar
	Treasurer and Chief Financial Officer
	September 4, 2020

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