Praxis Growth Index Fund Class I NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-8056

Praxis Mutual Funds

(Exact name of registrant as specified in charter)

1110 N. Main Street

Goshen, IN 46527

(Address of principal executive offices) (Zip code)

Anthony Zacharski

Dechert LLP

200 Clarendon Street, 27^th Floor

Boston, MA 02116

(Name and Address of Agent for Service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2020

Item 1.

Reports to Stockholders.

(a)

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

Table of Contents


Message from the President	1
Stewardship Investing Report	2
Praxis Impact Bond Fund
Portfolio Managers’ Commentary	4
Performance Review	6
Schedule of Investments	7
Praxis International Index Fund
Portfolio Managers’ Commentary	14
Performance Review	15
Schedule of Investments	16
Praxis Value Index Fund
Portfolio Manager’s Commentary	23
Performance Review	25
Schedule of Investments	26
Praxis Growth Index Fund
Portfolio Manager’s Commentary	30
Performance Review	32
Schedule of Investments	33
Praxis Small Cap Index Fund
Portfolio Manager’s Commentary	36
Performance Review	38
Schedule of Investments	39
Praxis Genesis Portfolios
Portfolio Managers’ Commentary	45
Praxis Genesis Conservative Portfolio
Performance Review	47
Schedule of Investments	48
Praxis Genesis Balanced Portfolio
Performance Review	49
Schedule of Investments	50
Praxis Genesis Growth Portfolio
Performance Review	51
Schedule of Investments	52
Financial Statements
Statements of Assets & Liabilities	53
Statements of Operations	55
Statements of Changes in Net Assets	57
Financial Highlights	60
Notes to Financial Statements	68
Report of Independent Registered Public Accounting Firm	80
Additional Fund Information	81
Management of the Trust	87

Message from the President

Annual report to shareholders

Dear Praxis shareholders:

We won’t know how the year 2020 will be remembered decades from now, but with a front row seat as the year draws to a close, it seems destined to be remembered for a confluence of three future-altering trends. Of course, the COVID-19 pandemic shaped nearly every aspect of life for nearly everyone on the planet. The pandemic shaped the contours of the global economy where some prospered and many suffered. And a racial justice re-awakening sparked by the death of George Floyd at the hands of the Minneapolis police in May launched a global movement for justice. All of this was bookended by an impeachment trial and a fraught presidential election season that fanned disunion in our country.

A consequence, among others, of the global focus on the pandemic and its effects has been distraction from the all-encompassing impacts of climate change. But the experience of the coronavirus – that the global community didn’t pay enough attention to the risks of a pandemic before it arrived – may have primed world leaders and individuals alike to act now to bend the future for the better.

Amid the challenges, goodness sprouted all over. Creativity birthed by constraint led to music ringing from apartment windows in northern Italy early in the pandemic as a response to lockdowns. Businesses and other organizations scrambled to serve customers in creative ways. New York City residents banged pots and pans and rang bells to salute health care workers each evening during the height of the city’s spring virus surge. Churches shifted to online services to “be the church” in new ways that may last long after the pandemic wanes.

The financial markets will be remembered for their deep selloffs and quick recoveries. The U.S. equity markets experienced a 35% free fall in February and March, only to reverse course and deliver positive annual returns even as the economy struggled to fully recover by year end. It was a year of haves and have nots, with some sectors languishing as their in-person business models were disrupted by stay-at-home orders. Others that thrived on the need for technology borne of working remotely and consuming entertainment at home gained market share and delivered spectacular returns for investors.

Our industry saw yet more dollars flow to strategies that integrate factors such as a company’s values and those that have an impact on the environment, social, and governance than ever before. Investors demonstrated a desire to invest in this manner despite federal regulations issued late in the year that sought to curtail their use in retirement plans. The US SIF Trends Report estimated that nearly one in three investment dollars in the U.S. is invested in a strategy that considers the impacts of ESG in the investment process.

Faith-oriented investors and advisors continued to integrate their values into investment portfolios while new organizations grew to support them like Faith Driven Investor, a network of investment professionals devoted to integrating faith into their investment strategies.

At Praxis, we too sought to be part of the solution to the many problems facing us. We increased our community investments during the year by adding to Calvert Community Investment notes to channel capital to underserved communities. We integrated ESG factors into the optimization strategies of our index funds in new ways. We continued to invest for positive impact on climate and community in the Impact Bond fund. And at the start of 2021, we issued our first Impact Report, which we’ll describe more as the year progresses.

Beyond screening and impact investing, we believe we have the most impact through the shareholder dialogues we pursue with company management teams. Our team pursued conversations in 2020 geared toward encouraging environmental sustainability, particularly with utility and industrial companies, and encouraging companies to work to bend the curve on inequality in their corporate systems. To that end, we advocated for fair treatment of employees impacted by COVID-19 shutdowns and for more women and people of color on corporate boards, among many other activities described on the pages that follow.

And you, our shareholders, sent us more of your hard-earned funds to steward, for which we are grateful. 2020 was the best year ever for net sales for the fund family – nearly half of which came from new investors. Thank you for the confidence you’ve placed in our team to make a positive impact on the world while delivering investment returns to fund the life events that matter most to you.

Sincerely,

Chad M. Horning, CFA^®
President
Praxis Mutual Funds^®

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

The views expressed are those of the Praxis Mutual Funds’ President as of Dec. 31, 2020, are subject to change, and may differ from the views of portfolio managers or Everence Capital Management as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

Message from the Vice President of Stewardship Investing

Annual report to shareholders

When “good enough” is not enough

In his opening letter, Praxis President Chad Horning identified three profound trends that shaped our experience of 2020: the COVID-19 pandemic, a painful racial justice re-awakening, and growing political division and disunity in our country. He also named a fourth trend – the ever-increasing impact of climate change – which continues to grow in relevance despite a lack of collective global attention.

Each of these trends has created winners and losers – swelling the opportunities and profits of some while ravaging the assets and hopes of others. It leaves many responsible investors wondering how they should respond to such powerful and seemingly debilitating challenges.

What do we do when we’re forced to realize that what has long been considered “good enough” is simply not enough? What do we do as values-driven investors when a viral outbreak disrupts not just a few weeks of our lives but a year or more, and brings our in-person economy to a near standstill? What do we do when our understanding of justice is forced to see itself in the harsh light of the lived reality of communities of color? And how do we respond when the very concept of the common good seems to dissolve before our eyes?

Praxis Mutual Funds^®, along with others in the SRI/ESG field, chose to respond to these challenges with the creativity, determination and mission focus that our field is known for.

●

In support of our financial advisor-partners, who were themselves addressing the fear and anxiety of their clients in the early days of the pandemic, Praxis developed an 8-week email series, Invested in Faith, which addressed the emotional and spiritual health of these important professionals. Similarly, as we faced the resurgence of COVID-19 this fall heading into the cold, dark days of winter, we created a Seeds of Hope initiative designed to remind us all of the little things we can do to help see us through to the other side of this crisis.

●

To respond to issues of economic disparity exacerbated by the COVID-19 pandemic, we helped launch the Employees First campaign. This series of shareholder engagements with small cap companies focuses on how they can place their largely low-wage, essential workforce in the center of their plans to emerge from the pandemic healthy and successful. We had additional discussions with firms to address the equitable distribution of vaccines, access to paid sick leave, and essential worker protections in response to the pandemic.

●

Racial justice concerns were the focus of broad-based shareholder advocacy efforts with FedEx, Nike, and Pepsi, which led to the long-awaited decision by the Washington NFL team to change its offensive name.

●

Both racial and income inequality emerged as important themes in a ground-up review of Praxis’ proxy voting policy, leading to recommendations for ways to strengthen our voice on executive Say on Pay and board diversity-related resolutions.

●

To address the ongoing threat of climate change, Praxis adopted a new standard for its environment screen based on a newly developed Low Carbon Transition Score (LCTS) from MSCI ESG Research. This score assesses the ability of a company to adapt to the risks and opportunities of the coming transition to a low carbon economy. This change augments our decision in 2020 to integrate Sustainalytics’ ESG company sustainability scores into the index optimization process, essentially bending all our equity indexes toward stronger ESG companies.

●

Positive Impact Investments continue to play a central role in our actively managed, fixed income strategy with an emphasis this year on innovative bond issues that responded to the COVID-19 crisis and address race and gender equity and inclusion. The Praxis Impact Bond Fund now holds over 32% of its holdings in investments that support climate and communities.

Message from the Vice President of Stewardship Investing

Annual report to shareholders

●

Praxis remains a leader in the industry in committing approximately 1% of all Fund assets to community development investments. The strong growth of the funds in 2020 allowed us to invest an additional $3 million in community development financial institutions addressing racial equity and the COVID-19 response through sustainable solutions in underserved communities.

So what do we do when the past’s “good enough” is not enough? We dig deeper. We work harder. We reach farther. And we partner more creatively. We recognize, once again, we are all in this together and we all carry a piece of the problem AND the solution with us.

May we all find the strength and the wisdom to do our part.

Mark A. Regier
Vice President of Stewardship Investing

To learn more about any of the above areas, please visit praxismutualfunds.com/stories.

The views expressed are those of the Vice President of Stewardship Investing as of Dec. 31, 2020, are subject to change, and may differ from the views of portfolio managers or Everence Capital Management as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

Praxis Impact Bond Fund

Annual Report to Shareholders

Portfolio Managers’ Commentary (unaudited)

For the year ended Dec. 31, 2020, the Praxis Impact Bond Fund’s Class I Shares had a return of 7.94%, and the Class A Shares (without load) returned 7.45%. The Bloomberg Barclays U.S. Aggregate Bond Index, the Fund’s benchmark, returned 7.51%. Over the last five years, the Class I Shares returned 5.32% (average annual return) versus 5.34% for the Fund’s benchmark and over the last 10 years, the Class I Shares returned 3.88% (average annual return) versus 3.84% for the Fund’s benchmark. As of December 31, 2020, within the Morningstar Intermediate Core Bond category, the Class I Shares’ total return ranked in the 37th percentile for the one-year time period (out of 415 funds), 43rd percentile for the five-year period (out of 330 funds) and 39th percentile for the last 10 years (out of 252 funds).

The global pandemic and efforts to combat the spread of the coronavirus played major roles in restricting economic growth in 2020. The financial markets also were quite impacted by events associated with the coronavirus and efforts to restart economic growth. 2020 started with relatively low interest rates when viewed through a historic lens, but the 10-year and 30-year Treasury bonds fell to levels that had never been experienced as the 10-year reached 0.50% and the 30-year went through 1.0%.

In March, the Federal Reserve (the “Fed”) started announcing extraordinary measures to support the economy and the flow of credit within the markets. These measures included reducing the Federal Funds target rate to 0.00-0.25% on March 15. On March 23, the Fed made it perfectly clear they were committed to using their full range of tools to support the U.S. economy and the functioning of markets by announcing a barrage of new programs. These programs aimed to help the markets function more efficiently amid the coronavirus pandemic and included, for the first time ever, the purchase of investment-grade corporate securities by the Fed. The support programs worked, as the stock market and the corporate bond market responded by improving in price. The spread over Treasuries on the Bloomberg Barclays Corporate Index started the year at 0.93% and ended the year at 0.96% but on March 23, it ended the day at 3.73%, which was the widest for the year. During the height of the market’s disfunction, which was March, the excess return of the corporate index was -10.40%, the worst monthly excess return in its history. The second-worst month was September 2008, during the midst of the Great Recession when the excess return was -8.38%.

2020 was also a year of twists and turns from an economic perspective. First-quarter GDP was very weak, down 5% (quarter-over-quarter seasonally adjusted annual rate), but the second quarter was down an astounding -31.4%. The U.S. economy essentially experienced a self-imposed stop as measures to restrict the spread of the coronavirus included locking down the economy during the bulk of Q2. The second quarter was by far the worst GDP growth since official data began in the late 1940s. The worst GDP quarter during the Great Recession was -8.4%. Then third quarter saw a reopening of the economy and GDP was up 33.4%, the best quarterly growth in history. Certainly, 2020 was difficult from an unemployment perspective, as many people were laid off. The unemployment rate reached 14.8% in April, but thankfully dropped back relatively quickly, and ended the year at 6.7%. This is much higher than the 3.6% rate at the start of 2020. Inflation was very low during the middle of the year, as demand diminished during the depths of the economic slowdown. The Consumer Price Index ended the year at 1.4%, quite a bit lower than the 2.3% rate at the start of 2020.

The Fed felt it may not have moved fast enough to lower rates during the Great Recession of 2008-09 and that it may have tried to fight off hints of inflation much too early back then. As mentioned earlier, the Fed Funds rate dropped to the 0-0.25% range in March, but it happened in two moves. The first occurred on March 3, with a drop of 0.50%, and then another 1.0% drop on March 15. The Fed increased its balance sheet holdings of Treasuries, Agencies, Agency Mortgaged Backed Securities (MBS) from about $4 trillion at the beginning of 2020 to nearly $7.5 trillion. The fight against the impact of the pandemic took interest rates lower, and it may be difficult for them to move a lot higher anytime soon. The Fed moves led to a large drop in short-term interest rates, with the 6-month Treasury bill falling to 0.09% from 1.59% at the start of the year. The Fund started the year with a lower duration than the index. At the beginning of March, we moved it a little lower, but by the middle of March we decided that this wasn’t a normal market move and we stopped moving the duration lower. In fact, we increased the duration a bit later as we felt interest rates would stay relatively low for a period.

The Praxis Impact Bond Fund started the year with a higher than index weight to corporate bonds, but the bonds generally had a shorter maturity and were less risky than bonds in the index. This conservative stance helped us a lot versus peers and even helped us versus the index. Until March 23, our biggest performance detriments were the shorter duration and our position in U.S. agency bonds, which we hold instead of U.S. Treasuries. Agency bond spreads widened as market participants desired the safety of Treasuries. In March and the following months, we increased our Corporate weight by over 10% and moved to a large overweight in market value and risk, as valuations were appealing. These purchases helped us to outperform the Bloomberg Aggregate for the remainder of the year. For all of 2020, we outperformed the index because of our adept timing and magnitude of our corporate purchases. These easily outweighed our duration call, which did detract from the performance. Our underweight to mortgage-backed securities was a modest positive for the year, while our overweight to agencies turned out to be a slight negative contributor.

The additional stimulus expected in early 2021 – combined with the unleashing of pent-up demand as the economy reopens – is expected to benefit GDP growth, and we hope the economy can grow on its own by the second half of the year. The longest economic expansion cycle since the inception of the data in 1854 ended in 2020, and hopefully we can start another expansion cycle. As always, we will stay diligent in our assessment of the most likely outcome for economic growth and adjust our positioning to take advantage of either an abundance of exuberance or pessimism if those conditions present themselves.

According to Bloomberg New Energy Finance (BNEF), the global sustainable debt market reached another record year. BNEF defines sustainable finance to include green, social and sustainability bonds and loans. Issuance in 2020 reached $732 billion, after $566 billion in 2019 and $309 billion in 2018. The entire market had $27 billion of issuance in 2013, so the growth has been tremendous. The Europe, Middle East and Africa market is still the largest geographic issuance area, but the Americas are in second place. Green bonds fund projects that have positive environmental benefits. Social bonds fund projects that have positive social outcomes, and sustainability bonds fund projects that have a mix of a green and social impact.

We were able to grow the Fund’s holdings of positive impact bonds – fixed-income investments that have a positive impact on the climate and/or community – to over 32% of the portfolio by Dec. 31, 2020. We purchased 47 different impact bonds in 2020. Many new and exciting issues came to the market with impact bonds in green bonds, sustainability bonds and social bonds, including some that benefited COVID-19 relief efforts and philanthropic firms. We purchased the African Development Bank “Fight COVID-19” social bond in March. This was a $3 billion issue that was the largest social bond at

Praxis Impact Bond Fund

Annual Report to Shareholders

Portfolio Managers’ Commentary (unaudited), continued

that point. We purchased a sustainability bond from the Community Preservation Corp., the largest CDFI (Community Development Financial Institution) committed solely to multifamily housing. They have made a major impact in affordable housing and community revitalization in the New York area since their inception in 1974.

Of the 154 bonds in the Fund that we define as positive impact holdings, 100 provide clear benefits to the climate. The remaining positive impact bonds produce benefits to communities by funding affordable housing, community development, COVID-19 relief, education, sustainability and social bonds, and more.

Over the last number of years, we as fund managers have been utilizing ESG data to enhance our investment research process. This additional data has further aided our ability to determine which companies have a better understanding of both the long-term risks and opportunities inherent in the marketplace. We are comfortable in the belief that over the long term, companies that take ESG issues into consideration – or at least have an awareness of the issues and how they might play out in the economy – will ultimately turn out to be stronger long-term investments.

As we start 2021, we are positioned for the expectation that corporate bond performance may be volatile and we will need to stay nimble. We continue to look for more opportunities to enhance the financial return of the Praxis Impact Bond Fund and to make a positive impact on the world we share.

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

Chris Woods, CFA^®
Praxis Impact Bond Fund Co-Manager
Praxis Mutual Funds^®

The views expressed are those of the portfolio managers as of Dec. 31, 2020, are subject to change, and may differ from the views of other portfolio managers or Everence Capital Management as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

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

The Morningstar percentile ranking is based on the fund’s total-return percentile rank relative to all managed products that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is the highest number in the category. Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges. © 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Bloomberg Barclays Corporate Index measures the investment grade, fixed rate, taxable corporate bond market.

The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Praxis Impact Bond Fund

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/10 to 12/31/20

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 3.75%) of the Fund and Index from 12/31/10 to 12/31/20 and includes the reinvestment of dividends and capital gains.

			Average Annual
	Inception Date	One Year Ended	Three Year Ended	Five Year Ended	Ten Year Ended	Expense Ratio** Gross/Net
Praxis Impact Bond Fund
Class A *	5/12/99	3.38%	3.57%	3.18%	3.06%	0.92%	0.92%
Class A (Without Load)	5/12/99	7.45%	4.88%	3.97%	3.45%
Class I	5/1/06	7.94%	5.32%	4.41%	3.88%	0.50%	0.50%
Bloomberg Barclays U.S. Aggregate Bond Index ¹		7.51%	5.34%	4.44%	3.84%

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

** Reflects the expense ratios as reported in the Prospectus dated January 1, 2021.

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.

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

Schedule of Investments

Praxis Impact Bond Fund

December 31, 2020

	Coupon			Maturity		Principal Amount		Fair Value
MUNICIPAL BONDS — 1.2%
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A		7.334	%		02/15/28	$	1,000,000	$	1,268,800
City of San Francisco, California, Public Utilities Comm. Water Rev., Series 2019-A		3.303	%		11/01/39		2,500,000		2,668,650
Findlay City School District, Series 2010-B		6.250	%		12/01/37		270,000		271,039
Houston, Texas, Independent School District, Series 2009A-2		6.168	%		02/15/34		1,000,000		1,003,890
Massachusetts St., Series 2016-F		3.277	%		06/01/46		1,500,000		1,710,855
New Jersey St. Housing & Mortgage Finance, Series 2013-C		2.600	%		07/01/23		165,000		167,988
Osceola County Housing Finance Authority Rev., Series 2013-B		3.350	%		07/01/23		125,000		132,804
St. Paul, Minnesota, Housing & Redevelopment Authority Rev., Series 2015-B		2.993	%		07/01/21		1,250,000		1,260,350
TOTAL MUNICIPAL BONDS (COST $8,092,925)									8,484,376

CORPORATE BONDS — 39.2%
APPAREL & TEXTILE PRODUCTS — 0.1%
Hanesbrands, Inc. ^(a)		4.625	%		05/15/24		500,000		523,750
VF Corp.		2.400	%		04/23/25		536,000		571,752
									1,095,502
ASSET MANAGEMENT — 0.1%
Ameriprise Financial, Inc.		3.000	%		04/02/25		730,000		794,727

AUTOMOTIVE — 0.8%
BMW US Capital, LLC ^(a)		3.800	%		04/06/23		1,000,000		1,073,997
BorgWarner, Inc.		2.650	%		07/01/27		601,000		646,247
Hyundai Capital Services, Inc. ^(a)		2.875	%		03/16/21		1,250,000		1,255,236
Magna International, Inc.		2.450	%		06/15/30		1,250,000		1,344,608
Toyota Motor Credit Corp., Series B		2.900	%		03/30/23		1,735,000		1,835,450
									6,155,538
BANKING — 4.7%
Axis Bank/Dubai Ltd. ^(a)		2.875	%		06/01/21		500,000		502,325
Bank of America Corp.		3.499	%		05/17/22		1,000,000		1,011,849
Bank of America Corp.		3.300	%		01/11/23		500,000		530,105
Bank of America Corp.		3.335	%		01/25/23		1,000,000		1,032,483
Bank of America Corp.		4.100	%		07/24/23		1,000,000		1,094,421
Bank of America Corp.		0.981	%		09/25/25		1,500,000		1,516,318
Bank of America Corp.		2.456	%		10/22/25		1,000,000		1,066,029
Bank of America Corp. ^(b)		4.271	%		07/23/29		1,000,000		1,190,746
Bank of Montreal		3.300	%		02/05/24		1,000,000		1,084,607
Citigroup, Inc.		3.875	%		10/25/23		1,000,000		1,099,680
Citigroup, Inc. ^(b)		1.678	%		05/15/24		1,250,000		1,287,639
Citigroup, Inc.		3.700	%		01/12/26		1,750,000		1,988,627
Citigroup, Inc. ^(b)		2.572	%		06/03/30		1,000,000		1,065,860
ING Groep N.V. ^(a)		4.625	%		01/06/26		1,250,000		1,470,169

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 39.2%, continued
BANKING — 4.7%, continued
JPMorgan Chase & Co.		0.653	%		09/16/24	$	1,000,000	$	1,005,296
JPMorgan Chase & Co.		3.200	%		06/15/26		2,557,000		2,859,656
JPMorgan Chase & Co.		2.739	%		10/15/30		2,000,000		2,174,666
Key Bank, N.A.		1.250	%		03/10/23		1,750,000		1,784,279
Mitsubishi UFJ Financial Group		2.527	%		09/13/23		1,250,000		1,318,997
National Australia Bank, New York Branch		3.625	%		06/20/23		1,750,000		1,888,088
National Bank of Canada ^(a)		2.150	%		10/07/22		1,250,000		1,288,253
PNC Bank N.A.		3.500	%		06/08/23		1,285,000		1,379,467
Regions Financial Corp.		2.250	%		05/18/25		1,000,000		1,060,477
Toronto-Dominion Bank ^(b)		0.510	%		09/28/23		2,000,000		2,005,500
Truist Financial Corp.		1.250	%		03/09/23		1,750,000		1,784,731
									34,490,268
BEVERAGES — 0.5%
Coca-Cola Co. (The)		3.450	%		03/25/30		500,000		589,360
Coca-Cola Femsa S.A.B. de C.V.		1.850	%		09/01/32		1,000,000		1,001,250
PepsiCo, Inc.		2.250	%		03/19/25		2,000,000		2,136,374
									3,726,984
BIOTECH & PHARMA — 0.5%
AbbVie, Inc.		2.950	%		11/21/26		500,000		552,925
Gilead Sciences, Inc.		3.650	%		03/01/26		750,000		850,862
Zeneca Wilmington, Inc.		7.000	%		11/15/23		1,100,000		1,295,874
Zoetis, Inc.		3.250	%		02/01/23		1,200,000		1,262,265
									3,961,926
CABLE & SATELLITE — 0.3%
Comcast Corp.		3.300	%		04/01/27		500,000		568,547
Comcast Corp.		4.750	%		03/01/44		500,000		685,228
Time Warner Cable, Inc.		4.500	%		09/15/42		500,000		585,898
									1,839,673
CHEMICALS — 1.3%
Avery Dennison Corp.		2.650	%		04/30/30		1,250,000		1,340,725
DowDuPont, Inc.		4.493	%		11/15/25		1,500,000		1,751,025
Ecolab, Inc.		4.800	%		03/24/30		140,000		178,639
Ecolab, Inc.		5.500	%		12/08/41		250,000		360,004
Ecolab, Inc.		3.950	%		12/01/47		1,220,000		1,561,366
LG Chemical Ltd. ^(a)		3.250	%		10/15/24		290,000		313,758
NOVA Chemicals Corp. ^(a)		5.250	%		08/01/23		500,000		502,500
Nutrien Ltd.		1.900	%		05/13/23		800,000		826,357
Nutrien Ltd.		5.875	%		12/01/36		840,000		1,131,366
Solvay Finance S.A. ^(a)		4.450	%		12/03/25		1,250,000		1,429,172
									9,394,912
CONSTRUCTION MATERIALS — 0.4%
Carlisle Cos., Inc.		3.500	%		12/01/24		1,250,000		1,370,192
Owens Corning		4.200	%		12/01/24		1,000,000		1,111,691
Owens Corning		3.950	%		08/15/29		300,000		345,985
									2,827,868
CONSUMER SERVICES — 2.2%
Andrew W. Mellon Funding		0.947	%		08/01/27		1,050,000		1,049,287
Conservation Fund, Series 2019		3.474	%		12/15/29		535,000		579,223
Ford Foundation (The), Series 2017		3.859	%		06/01/47		2,485,000		3,260,999

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2020

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 39.2%, continued
CONSUMER SERVICES — 2.2%, continued
John D. & Catherine T. MacArthur Foundation, Series 2020		1.299	%		12/01/30	$	1,500,000	$	1,479,415
Local Initiatives Support Corp.		4.649	%		03/01/37		1,500,000		1,789,050
Massachusetts Institute of Technology		3.959	%		07/01/38		1,500,000		1,870,979
President & Fellows of Harvard College		3.150	%		07/15/46		2,961,000		3,492,499
University of Notre Dame, Series 2017		3.394	%		02/15/48		2,000,000		2,476,379
									15,997,831
CONTAINERS & PACKAGING — 0.4%
CCL Industries, Inc. ^(a)		3.050	%		06/01/30		1,750,000		1,908,449
Sonoco Products Co.		5.750	%		11/01/40		1,000,000		1,358,475
									3,266,924
DIVERSIFIED INDUSTRIALS — 0.2%
Illinois Tool Works, Inc.		3.900	%		09/01/42		1,000,000		1,259,778

ELECTRIC UTILITIES — 5.6%
Avangrid, Inc.		3.150	%		12/01/24		1,800,000		1,962,047
Caledonia Generating, LLC ^(a)		1.950	%		02/28/22		130,835		132,108
Consolidated Edison Co.		3.350	%		04/01/30		1,000,000		1,145,925
DTE Electric Co.		4.050	%		05/15/48		1,750,000		2,300,082
Duke Energy, LLC		3.450	%		03/15/29		1,750,000		2,032,767
Electricite de France S.A. ^(a)		3.625	%		10/13/25		1,250,000		1,401,264
Enel Finance International N.V. ^(a)		2.650	%		09/10/24		1,250,000		1,333,016
Florida Power & Light Co.		3.700	%		12/01/47		1,300,000		1,611,535
Georgia Power Co.		3.250	%		04/01/26		1,000,000		1,118,608
Interstate Power & Light Co.		3.600	%		04/01/29		1,250,000		1,443,896
Liberty Utilities Financial Services ^(a)		2.050	%		09/15/30		355,000		356,835
MidAmerican Energy Co.		3.950	%		08/01/47		1,750,000		2,199,400
Midland Cogeneration Venture, L.P. ^(a)		5.250	%		03/15/25		122,176		122,088
Midland Cogeneration Venture, L.P. ^(a)		6.000	%		03/15/25		325,591		334,353
Narragansett Electric Co. ^(a)		3.395	%		04/09/30		1,500,000		1,701,192
National Rural Utilities		1.350	%		03/15/31		1,000,000		986,816
Niagara Mohawk Power Corp. ^(a)		1.960	%		06/27/30		1,500,000		1,545,981
Northern States Power Co.		2.900	%		03/01/50		1,250,000		1,409,479
NSTAR Electric Co.		3.950	%		04/01/30		600,000		727,685
NSTAR Electric Co.		5.500	%		03/15/40		1,250,000		1,795,835
Pacificorp		8.080	%		10/14/22		500,000		559,535
Potomac Electric Power Co.		6.500	%		11/15/37		1,000,000		1,519,464
Public Service Colorado		3.700	%		06/15/28		1,750,000		2,040,671
Puget Energy, Inc.		5.625	%		07/15/22		750,000		793,946
Puget Sound Energy, Inc.		4.223	%		06/15/48		1,000,000		1,278,456
Rochester Gas & Electric Corp. ^(a)		1.850	%		12/01/30		500,000		499,571
San Diego Gas and Electric Co.		4.500	%		08/15/40		841,000		1,070,337

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 39.2%, continued
ELECTRIC UTILITIES — 5.6%, continued
Solar Star Funding, LLC ^(a)		3.950	%		06/30/35	$	279,346	$	286,257
Solar Star Funding, LLC ^(a)		5.375	%		06/30/35		430,467		474,680
Southern California Edison		4.050	%		03/15/42		1,165,000		1,335,685
Tenaska Virginia Partners, L.P. ^(a)		6.119	%		03/30/24		472,288		501,787
Topaz Solar Farms, LLC ^(a)		4.875	%		09/30/39		254,941		277,419
Topaz Solar Farms, LLC ^(a)		5.750	%		09/30/39		600,622		687,787
Union Electric Co.		2.625	%		03/15/51		2,000,000		2,089,080
Westar Energy, Inc.		2.550	%		07/01/26		1,292,000		1,401,132
									40,476,719
ELECTRICAL EQUIPMENT — 0.4%
Johnson Controls International plc		3.750	%		12/01/21		14,000		14,256
Johnson Controls International plc		1.750	%		09/15/30		1,000,000		1,020,731
Legrand S.A.		8.500	%		02/15/25		1,000,000		1,303,008
Roper Technologies, Inc.		2.000	%		06/30/30		440,000		449,731
									2,787,726
FOOD — 1.6%
Campbell Soup Co.		3.950	%		03/15/25		1,500,000		1,690,574
Cargill, Inc. ^(a)		4.760	%		11/23/45		1,500,000		2,031,974
General Mills, Inc.		4.000	%		04/17/25		1,500,000		1,695,740
Hormel Foods Corp.		1.800	%		06/11/30		2,250,000		2,327,042
Ingredion, Inc.		2.900	%		06/01/30		1,000,000		1,101,364
Kellogg Co.		2.650	%		12/01/23		1,250,000		1,333,844
Mars, Inc. ^(a)		3.600	%		04/01/34		1,500,000		1,807,960
									11,988,498
FORESTRY, PAPER & WOOD PRODUCTS — 0.2%
Fibria Overseas Finance Ltd.		5.500	%		01/17/27		800,000		911,008
Klabin Finance S.A. ^(a)		4.875	%		09/19/27		750,000		836,257
									1,747,265
GAS & WATER UTILITIES — 0.5%
American Water Capital Corp.		2.800	%		05/01/30		1,500,000		1,655,822
Brooklyn Union Gas Co. ^(a)		4.504	%		03/10/46		1,250,000		1,620,722
Indiana Gas Co., Inc.		6.550	%		06/30/28		250,000		316,749
									3,593,293
HEALTH CARE FACILITIES & SERVICES — 0.2%
Kaiser Foundation Hospital		3.150	%		05/01/27		1,500,000		1,694,021

HOME & OFFICE PRODUCTS — 0.2%
Steelcase, Inc.		5.125	%		01/18/29		1,000,000		1,161,036

HOME CONSTRUCTION — 0.2%
NVR, Inc.		3.950	%		09/15/22		500,000		525,931
NVR, Inc.		3.000	%		05/15/30		1,000,000		1,094,443
									1,620,374

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2020

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 39.2%, continued
INSTITUTIONAL FINANCIAL SERVICES — 1.9%
Bank of New York Mellon Corp. (The)		3.400	%		05/15/24	$	650,000	$	710,967
Bank of New York Mellon Corp. (The), Perpetual Bond ^(b)		3.647	%		12/29/49		1,000,000		1,001,030
Brookfield Finance, Inc.		4.250	%		06/02/26		1,570,000		1,826,254
Goldman Sachs Group, Inc.		3.272	%		09/29/25		1,500,000		1,643,138
Goldman Sachs Group, Inc. ^(b)		4.223	%		05/01/29		1,000,000		1,186,363
Goldman Sachs Group, Inc.		3.800	%		03/15/30		1,500,000		1,764,987
Morgan Stanley		3.125	%		07/27/26		2,000,000		2,235,533
Morgan Stanley, Series GMTN		2.699	%		01/22/31		1,250,000		1,360,941
National Securities Clearing Corp. ^(a)		1.500	%		04/23/25		1,000,000		1,035,157
State Street Corp.		7.350	%		06/15/26		1,000,000		1,309,203
									14,073,573
INSURANCE — 4.0%
Aflac, Inc.		4.000	%		10/15/46		1,058,000		1,273,363
Athene Global Funding ^(a)		2.800	%		05/26/23		1,500,000		1,566,019
Five Corners Funding Trust ^(a)		4.419	%		11/15/23		1,000,000		1,109,224
Horace Mann Educators Corp.		4.500	%		12/01/25		1,235,000		1,347,443
Jackson National Life Global Funding ^(a)		3.300	%		06/11/21		1,250,000		1,266,313
Kemper Corp.		4.350	%		02/15/25		1,250,000		1,388,332
Marsh & McLennan Cos., Inc.		3.750	%		03/14/26		1,000,000		1,134,624
Massachusetts Mutual Life Insurance Co. ^(a)		3.375	%		04/15/50		1,500,000		1,638,618
Met Life Global Funding I ^(a)		1.950	%		01/13/23		500,000		515,869
Met Life Global Funding I ^(a)		3.600	%		01/11/24		1,750,000		1,905,517
New York Life Global Funding ^(a)		2.900	%		01/17/24		3,000,000		3,218,379
OneBeacon US Holdings, Inc.		4.600	%		11/09/22		1,000,000		1,064,184
Pacific Life Global Funding II ^(a)		1.200	%		06/24/25		415,000		420,675
Principal Financial Group, Inc.		3.700	%		05/15/29		1,250,000		1,462,406
Prudential Financial, Inc.		1.500	%		03/10/26		644,000		668,199
Prudential Financial, Inc. ^(b)		5.875	%		09/15/42		750,000		804,857
Prudential plc		3.125	%		04/14/30		750,000		850,301
Reliance STD Life Insurance Co. ^(a)		2.750	%		05/07/25		1,280,000		1,357,685
RLI Corp.		4.875	%		09/15/23		1,000,000		1,090,043
Sammons Financial Group, Inc. ^(a)		4.450	%		05/12/27		1,200,000		1,261,550
StanCorp Financial Group, Inc.		5.000	%		08/15/22		1,250,000		1,329,901
Teachers Insurance & Annuity Association ^(a) ^(b)		4.375	%		09/15/54		2,678,000		2,852,285
									29,525,787

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 39.2%, continued
INTERNET MEDIA & SERVICES — 0.1%
Alphabet, Inc.		0.450	%		08/15/25	$	890,000	$	892,002

LEISURE FACILITIES & SERVICES — 0.6%
Hyatt Hotels Corp.		3.375	%		07/15/23		1,000,000		1,051,975
Marriott International, Inc.		3.600	%		04/15/24		727,000		775,039
McDonald’s Corp., Series MTN		3.500	%		07/01/27		1,000,000		1,147,134
Starbucks Corp.		2.450	%		06/15/26		1,000,000		1,079,739
									4,053,887
MACHINERY — 0.7%
Ingersoll-Rand Global Holding Co. Ltd.		2.900	%		02/21/21		500,000		501,582
Ingersoll-Rand Global Holding Co. Ltd.		6.391	%		11/15/27		655,000		829,902
John Deere Capital Corp.		1.750	%		03/09/27		250,000		262,526
John Deere Capital Corp.		3.050	%		01/06/28		1,250,000		1,413,247
Xylem, Inc.		1.950	%		01/30/28		1,775,000		1,871,605
									4,878,862
MEDICAL EQUIPMENT & DEVICES — 0.4%
Agilent Technologies, Inc.		3.875	%		07/15/23		1,250,000		1,345,080
Alcon Finance Corp. ^(a)		2.600	%		05/27/30		1,250,000		1,331,754
									2,676,834
PERSONAL PRODUCTS — 0.2%
Estée Lauder Cos., Inc. (The)		2.600	%		04/15/30		1,000,000		1,098,332

PIPELINES — 0.3%
Northern Natural Gas Co. ^(a)		4.100	%		09/15/42		1,000,000		1,121,910
ONEOK Partners, L.P.		4.900	%		03/15/25		1,042,000		1,185,147
									2,307,057
REITS — 2.3%
Agree Ltd. Partnership		2.900	%		10/01/30		650,000		690,489
Alexandria Real Estate Equities, Inc.		4.000	%		01/15/24		1,500,000		1,650,825
Boston Properties, L.P.		4.500	%		12/01/28		1,250,000		1,495,054
Camden Property Trust		2.800	%		05/15/30		500,000		555,279
Duke Realty Trust, L.P.		2.875	%		11/15/29		1,500,000		1,658,385
ERP Operating, L.P.		4.150	%		12/01/28		1,250,000		1,490,717
ESSEX Portfolio, L.P.		2.650	%		03/15/32		1,500,000		1,609,486
Federal Realty Investment Trust		1.250	%		02/15/26		515,000		524,453
Kilroy Realty Corp.		2.500	%		11/15/32		1,750,000		1,774,233
Lexington Realty Trust		2.700	%		09/15/30		500,000		520,490
Mid-America Apartment Communities, Inc.		3.950	%		03/15/29		1,750,000		2,051,405
Regency Centers, L.P.		3.750	%		06/15/24		1,000,000		1,067,800
UDR, Inc.		1.900	%		03/15/33		1,000,000		1,000,222
Vornado Realty, L.P.		3.500	%		01/15/25		567,000		599,642
									16,688,480
RETAIL - CONSUMER STAPLES — 0.3%
Kroger Co. (The)		5.000	%		04/15/42		1,000,000		1,324,493
Target Corp.		2.250	%		04/15/25		1,000,000		1,070,458
									2,394,951

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2020

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 39.2%, continued
RETAIL - DISCRETIONARY — 0.6%
ERAC USA Finance, LLC ^(a)		2.700	%		11/01/23	$	1,250,000	$	1,318,547
Lowe’s Cos., Inc.		4.650	%		04/15/42		1,000,000		1,317,513
Lowe’s Cos., Inc.		3.000	%		10/15/50		500,000		534,808
Macy’s Retail Holdings, Inc.		9.500	%		04/15/21		45,000		45,529
TJX Cos., Inc. (The)		3.500	%		04/15/25		1,250,000		1,395,615
									4,612,012
SEMICONDUCTORS — 0.6%
Intel Corp.		3.400	%		03/25/25		300,000		333,620
Intel Corp.		3.734	%		12/08/47		1,361,000		1,626,479
Maxim Integrated Products, Inc.		3.375	%		03/15/23		500,000		526,373
NVIDIA Corp.		2.850	%		04/01/30		500,000		562,468
Texas Instruments, Inc.		1.375	%		03/12/25		1,000,000		1,037,070
									4,086,010
SOFTWARE — 0.3%
Microsoft Corp.		2.525	%		06/01/50		2,000,000		2,109,089

SPECIALTY FINANCE — 1.5%
AerCap Ireland Capital Ltd.		5.000	%		10/01/21		1,000,000		1,029,368
American Express Credit Corp.		3.000	%		10/30/24		1,000,000		1,092,185
BlueHub Loan Fund, Inc.		3.099	%		01/01/30		1,030,000		1,033,750
Community Preservation Corp. (The)		2.867	%		02/01/30		1,750,000		1,829,835
Fidelity National Financial, Inc.		5.500	%		09/01/22		725,000		781,062
Fidelity National Financial, Inc.		3.400	%		06/15/30		500,000		549,086
GATX Corp.		4.350	%		02/15/24		300,000		331,167
Low Income Investment Fund		3.386	%		07/01/26		115,000		122,554
USAA Capital Corp. ^(a)		1.500	%		05/01/23		1,000,000		1,025,753
USAA Capital Corp. ^(a)		2.125	%		05/01/30		3,000,000		3,154,472
									10,949,232
STEEL — 0.4%
Nucor Corp.		4.125	%		09/15/22		1,025,000		1,080,016
Nucor Corp.		2.000	%		06/01/25		460,000		487,149
Reliance Steel & Aluminum Co.		4.500	%		04/15/23		1,105,000		1,192,203
									2,759,368
TECHNOLOGY HARDWARE — 0.6%
Apple, Inc.		2.850	%		02/23/23		1,250,000		1,312,666
Apple, Inc.		3.000	%		06/20/27		1,000,000		1,120,194
Apple, Inc.		2.650	%		05/11/50		1,000,000		1,061,346
Xerox Corp.		4.070	%		03/17/22		750,000		772,500
									4,266,706
TECHNOLOGY SERVICES — 1.3%
Experian Financial plc ^(a)		2.750	%		03/08/30		635,000		689,456
Genpact Luxembourg S.A.R.L.		3.700	%		04/01/22		1,100,000		1,121,564
IBM Corp.		3.300	%		05/15/26		1,000,000		1,129,958
Mastercard, Inc.		3.300	%		03/26/27		197,000		224,754
Moody’s Corp.		3.250	%		05/20/50		500,000		554,963
RELX Capital, Inc.		3.500	%		03/16/23		1,500,000		1,595,358
S&P Global, Inc.		4.000	%		06/15/25		1,163,000		1,324,162

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 39.2%, continued
TECHNOLOGY SERVICES — 1.3%, continued
Verisk Analytics, Inc.		5.800	%		05/01/21	$	960,000	$	976,412
Visa, Inc.		0.750	%		08/15/27		1,770,000		1,764,928
									9,381,555
TELECOMMUNICATIONS — 0.9%
AT&T, Inc.		5.250	%		03/01/37		500,000		650,729
AT&T, Inc.		4.750	%		05/15/46		1,500,000		1,850,265
Verizon Communications, Inc.		3.875	%		02/08/29		1,000,000		1,177,098
Verizon Communications, Inc.		1.500	%		09/18/30		1,000,000		985,115
Verizon Communications, Inc. ^(a)		2.987	%		10/30/56		1,799,000		1,810,897
									6,474,104
TRANSPORTATION & LOGISTICS — 1.5%
British Airways, Series 2013-1 ^(a)		4.625	%		12/20/25		493,630		490,873
Burlington Northern Santa Fe, LLC		5.750	%		05/01/40		1,000,000		1,482,728
Canadian Pacific Railway		2.050	%		03/05/30		1,750,000		1,836,573
Mexico City Airport Trust ^(a)		4.250	%		10/31/26		497,000		525,577
Norfolk Southern Corp.		4.837	%		10/01/41		1,000,000		1,364,889
Norfolk Southern Corp.		3.050	%		05/15/50		1,500,000		1,634,233
Penske Truck Leasing ^(a)		3.450	%		07/01/24		1,250,000		1,362,126
TTX Co. ^(a)		4.600	%		02/01/49		280,000		372,069
United Parcel Services, Inc.		3.900	%		04/01/25		1,500,000		1,694,683
									10,763,751
WHOLESALE - CONSUMER STAPLES — 0.3%
Bunge Ltd. Finance Corp.		1.630	%		08/17/25		395,000		408,238
Sysco Corp.		2.400	%		02/15/30		1,750,000		1,820,992
									2,229,230
TOTAL CORPORATE BONDS (COST $258,327,640)									286,101,685

CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Social Investment Foundation, Inc. ^(c)		2.000	%		06/15/22		980,000		980,000
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		06/15/23		1,650,000		1,650,000
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		12/15/23		950,000		950,000
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		06/17/24		980,000		980,000
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		12/13/24		400,000		400,000
Calvert Social Investment Foundation, Inc. ^(c)		2.500	%		06/13/25		1,400,000		1,400,000
Calvert Social Investment Foundation, Inc. ^(c)		2.500	%		12/15/25		650,000		650,000
TOTAL CORPORATE NOTES (COST $7,010,000)									7,010,000

FOREIGN GOVERNMENTS — 9.0%
FOREIGN AGENCY — 2.2%
Banco Nacional de Costa Rica ^(a)		5.875	%		04/25/21		325,000		326,222
BNG Bank N.V. ^(a)		3.125	%		11/08/21		1,500,000		1,538,094

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2020

	Coupon			Maturity		Principal Amount		Fair Value
FOREIGN GOVERNMENTS — 9.0%, continued
FOREIGN AGENCY — 2.2%, continued
BNG Bank N.V. ^(a)		1.500	%		10/16/24	$	1,500,000	$	1,562,616
BNG Bank N.V. ^(a)		0.500	%		11/24/25		2,000,000		2,000,697
Export-Import Bank of Korea		2.125	%		02/11/21		1,250,000		1,252,372
KFW		2.000	%		11/30/21		1,000,000		1,016,311
KFW		2.000	%		09/29/22		1,500,000		1,547,428
Kommunalbanken A.S. ^(a)		2.125	%		02/11/25		1,000,000		1,067,570
Kommunivest I Sverige AB ^(a)		1.875	%		06/01/21		2,000,000		2,013,477
Municipality Finance plc ^(a)		1.375	%		09/21/21		1,000,000		1,007,894
Nederlandse Waterschapsbank N.V. ^(a)		2.125	%		11/15/21		1,500,000		1,524,465
Nederlandse Waterschapsbank N.V. ^(a)		3.125	%		12/05/22		1,500,000		1,582,599
									16,439,745
SUPRANATIONAL — 6.8%
African Development Bank		3.000	%		12/06/21		1,463,000		1,500,856
African Development Bank		0.750	%		04/03/23		3,000,000		3,035,645
Asian Development Bank		1.875	%		08/10/22		3,036,000		3,116,489
Asian Development Bank		2.125	%		03/19/25		1,000,000		1,072,371
Asian Development Bank		3.125	%		09/26/28		1,000,000		1,170,902
European Bank for Reconstruction & Development		1.875	%		07/15/21		1,500,000		1,513,016
European Bank for Reconstruction & Development		1.625	%		09/27/24		1,250,000		1,310,532
European Bank for Reconstruction & Development		1.500	%		02/13/25		200,000		207,274
European Investment Bank		2.500	%		10/15/24		1,000,000		1,082,800
European Investment Bank ^(a)		2.875	%		06/13/25		1,000,000		1,108,890
European Investment Bank		2.125	%		04/13/26		1,000,000		1,085,145
European Investment Bank		2.375	%		05/24/27		1,000,000		1,104,239
Inter-American Development Bank		3.000	%		09/26/22		2,000,000		2,095,540
Inter-American Development Bank		0.875	%		04/03/25		3,000,000		3,058,097
Inter-American Development Bank		4.375	%		01/24/44		3,000,000		4,448,821
International Bank for Reconstruction & Development		0.250	%		11/24/23		7,000,000		7,002,474
International Bank for Reconstruction & Development		2.125	%		03/03/25		500,000		535,559
International Bank for Reconstruction & Development		0.625	%		04/22/25		1,000,000		1,009,660
International Bank for Reconstruction & Development		3.125	%		11/20/25		1,000,000		1,129,060
International Development Association ^(a)		2.750	%		04/24/23		5,000,000		5,286,850

	Coupon			Maturity		Principal Amount		Fair Value
FOREIGN GOVERNMENTS — 9.0%, continued
SUPRANATIONAL — 6.8%, continued
International Development Association ^(a)		0.375	%		09/23/25	$	2,000,000	$	1,990,148
International Finance Corp., Series GMTN		2.000	%		10/24/22		2,000,000		2,064,087
International Finance Corp., Series GMTN		0.500	%		03/20/23		2,500,000		2,517,164
Nordic Investment Bank		2.250	%		09/30/21		1,000,000		1,015,333
									49,460,952
TOTAL FOREIGN GOVERNMENTS (COST $62,806,469)									65,900,697

COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%
Commercial Mortgage Pass-Through Certificates, Class A-3		3.391	%		05/17/45		937,425		956,231
Commercial Mortgage Pass-Through Certificates, Class A-3		2.853	%		10/15/45		993,930		1,023,024
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (COST $1,967,561)									1,979,255

U.S. GOVERNMENT AGENCIES — 42.9%
DEVELOPMENT FINANCE CORPORATION — 0.8%
DFC		0.000	%		06/21/23		1,000,000		1,078,310
DFC ^(b)		0.130	%		09/15/26		958,333		958,333
DFC		3.280	%		09/15/29		948,518		1,064,295
DFC		3.540	%		06/15/30		558,833		632,568
DFC		3.520	%		09/20/32		839,286		965,869
DFC		3.820	%		06/01/33		854,795		1,026,733
									5,726,108
FEDERAL HOME LOAN BANK — 5.7%
FHLB		3.250	%		11/16/28		12,500,000		14,948,433
FHLB		5.500	%		07/15/36		17,120,000		26,449,862
									41,398,295
FEDERAL HOME LOAN MORTGAGE CORPORATION — 7.7%
FHLMC		5.000	%		12/01/21		8,238		8,639
FHLMC		5.500	%		04/01/22		2,374		2,392
FHLMC		4.000	%		11/01/24		128,778		136,619
FHLMC		4.000	%		10/01/25		65,106		69,095
FHLMC		2.875	%		04/25/26		3,000,000		3,287,779
FHLMC		6.000	%		04/01/27		75,657		84,967
FHLMC		2.500	%		10/01/27		438,222		458,189
FHLMC		2.738	%		04/25/29		2,387,106		2,616,056
FHLMC ^(b)		2.412	%		08/25/29		3,000,000		3,236,962
FHLMC		7.000	%		02/01/30		17,215		17,276
FHLMC		7.500	%		07/01/30		94,204		107,627
FHLMC		1.487	%		11/25/30		2,500,000		2,563,991
FHLMC		7.000	%		03/01/31		35,589		41,395
FHLMC		6.250	%		07/15/32		1,550,000		2,394,781
FHLMC		3.000	%		11/01/32		613,847		650,994
FHLMC		3.000	%		11/01/32		855,023		906,406
FHLMC		5.500	%		11/01/33		34,876		40,791
FHLMC (H15T1Y + 2.231) ^(b)		2.731	%		05/01/34		46,466		48,824
FHLMC (H15T1Y + 2.231) ^(b)		2.731	%		05/01/34		14,516		14,568
FHLMC		1.783	%		06/25/34		2,084,061		2,094,686
FHLMC		5.000	%		07/01/35		69,626		81,004

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2020

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 42.9%, continued
FEDERAL HOME LOAN MORTGAGE CORPORATION — 7.7%, continued
FHLMC		4.500	%		10/01/35	$	119,647	$	132,559
FHLMC		5.500	%		03/01/36		36,569		43,001
FHLMC		5.500	%		06/01/36		46,418		54,576
FHLMC		6.000	%		06/01/36		40,200		46,896
FHLMC		5.500	%		12/01/36		39,302		46,196
FHLMC		6.000	%		08/01/37		22,993		27,273
FHLMC		5.000	%		03/01/38		198,859		231,203
FHLMC		4.500	%		06/01/39		217,703		244,514
FHLMC		5.000	%		06/01/39		309,947		360,125
FHLMC		4.500	%		07/01/39		212,130		237,270
FHLMC		4.500	%		11/01/39		195,374		218,503
FHLMC		4.500	%		09/01/40		311,709		348,876
FHLMC		4.500	%		05/01/41		614,497		686,735
FHLMC		4.500	%		07/01/41		637,239		713,212
FHLMC		5.000	%		09/01/41		277,161		320,794
FHLMC		3.500	%		10/01/41		380,853		410,191
FHLMC		4.000	%		10/01/41		352,375		386,672
FHLMC		3.500	%		02/01/42		615,976		667,934
FHLMC		4.000	%		02/01/42		167,937		183,146
FHLMC		3.500	%		06/01/42		691,933		744,577
FHLMC		3.500	%		06/01/42		712,820		767,024
FHLMC		3.500	%		08/01/42		778,335		843,860
FHLMC		3.000	%		11/01/42		1,408,296		1,503,023
FHLMC		3.000	%		01/01/43		787,648		837,955
FHLMC		3.000	%		05/01/43		1,115,950		1,187,362
FHLMC		3.500	%		10/01/44		789,077		845,976
FHLMC		3.500	%		11/01/44		701,567		752,034
FHLMC		3.500	%		04/01/45		885,168		947,865
FHLMC		3.000	%		05/01/46		1,519,056		1,600,183
FHLMC		3.000	%		12/01/46		2,928,593		3,134,666
FHLMC		3.500	%		03/01/48		3,328,878		3,637,588
FHLMC		3.500	%		03/01/49		1,525,021		1,610,148
FHLMC		3.500	%		07/01/49		2,549,099		2,688,994
FHLMC		3.000	%		07/01/50		5,545,984		5,823,026
FHLMC		2.000	%		08/01/50		4,803,606		4,990,390
									56,137,388
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 27.8%
FNMA		5.500	%		06/01/22		7,433		7,542
FNMA		2.890	%		07/01/22		2,262,350		2,312,624
FNMA		2.000	%		10/05/22		3,500,000		3,614,205
FNMA		2.190	%		01/01/23		1,883,016		1,929,659
FNMA		2.670	%		12/01/23		2,323,561		2,446,789
FNMA ^(b)		2.555	%		07/25/24		3,000,000		3,191,768
FNMA		2.625	%		09/06/24		5,750,000		6,253,827
FNMA		2.890	%		12/01/24		4,000,000		4,183,977
FNMA		3.080	%		12/01/24		2,227,366		2,415,219
FNMA		2.710	%		01/01/25		4,500,000		4,754,323
FNMA		5.000	%		04/01/25		45,747		50,544
FNMA		0.500	%		06/17/25		10,000,000		10,053,047
FNMA		5.000	%		07/01/25		35,033		38,713
FNMA		3.500	%		10/01/25		67,257		71,351
FNMA		5.000	%		10/01/25		50,047		55,308
FNMA		5.500	%		11/01/25		14		16
FNMA		0.500	%		11/07/25		4,500,000		4,518,823
FNMA		4.000	%		03/01/26		283,719		301,827
FNMA		2.910	%		04/01/26		3,000,000		3,262,665
FNMA		2.125	%		04/24/26		2,000,000		2,178,997
FNMA ^(b)		2.254	%		07/25/26		1,325,410		1,402,423

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 42.9%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 27.8%, continued
FNMA		8.500	%		09/01/26	$	7,516	$	7,586
FNMA ^(b)		2.895	%		02/25/27		596,914		616,685
FNMA		2.500	%		09/01/27		529,722		553,658
FNMA		2.746	%		09/25/27		250,270		257,607
FNMA		0.750	%		10/08/27		10,000,000		10,038,889
FNMA		2.500	%		11/01/27		782,142		817,501
FNMA		2.500	%		01/01/28		527,997		551,877
FNMA ^(b)		2.899	%		01/25/28		4,559,814		4,939,252
FNMA ^(b)		3.047	%		03/25/28		828,988		896,421
FNMA		3.436	%		06/25/28		2,000,000		2,303,493
FNMA		0.875	%		08/05/30		29,500,000		28,950,946
FNMA		6.625	%		11/15/30		6,750,000		10,220,326
FNMA		2.000	%		01/01/32		2,019,354		2,120,792
FNMA		3.000	%		12/01/32		903,081		954,870
FNMA		6.000	%		10/01/33		28,441		34,183
FNMA		5.500	%		02/01/34		36,835		43,100
FNMA (H15T1Y + 2.205) ^(b)		3.316	%		05/01/34		29,373		29,618
FNMA		6.000	%		11/01/34		84,014		100,893
FNMA		5.500	%		01/01/35		49,070		57,558
FNMA		2.500	%		02/01/35		2,754,350		2,871,290
FNMA		5.000	%		10/01/35		65,224		75,832
FNMA		5.500	%		10/01/35		93,108		109,426
FNMA		6.000	%		10/01/35		48,733		58,524
FNMA		5.500	%		06/01/36		30,514		35,871
FNMA		6.000	%		06/01/36		23,569		28,279
FNMA		5.500	%		11/01/36		33,869		39,816
FNMA (12MO LIBOR + 1.631) ^(b)		3.565	%		05/01/37		26,682		26,677
FNMA		5.625	%		07/15/37		2,750,000		4,362,774
FNMA		4.500	%		09/01/40		196,318		219,624
FNMA		4.500	%		10/01/40		197,716		220,834
FNMA		4.000	%		12/01/40		502,178		548,664
FNMA		4.000	%		01/01/41		360,361		396,990
FNMA		3.500	%		02/01/41		504,311		544,555
FNMA		4.000	%		10/01/41		288,125		315,028
FNMA		4.000	%		11/01/41		292,960		321,284
FNMA		4.000	%		12/01/41		379,393		416,040
FNMA		4.000	%		12/01/41		708,507		771,682
FNMA		4.000	%		01/01/42		998,754		1,103,880
FNMA		3.500	%		05/01/42		622,063		671,130
FNMA		3.000	%		06/01/42		1,058,644		1,126,219
FNMA		3.000	%		08/01/42		916,485		974,367
FNMA		3.000	%		08/01/42		852,416		904,372
FNMA		3.500	%		12/01/42		1,050,247		1,148,296
FNMA		3.000	%		06/01/43		946,498		1,007,014
FNMA		4.000	%		12/01/44		1,288,654		1,431,908
FNMA		3.500	%		05/01/45		1,344,292		1,468,875
FNMA		3.000	%		04/01/46		1,351,764		1,420,434
FNMA		3.500	%		11/01/46		2,217,060		2,374,342
FNMA		4.000	%		10/01/48		1,591,763		1,699,376
FNMA		4.000	%		11/01/48		2,731,220		3,031,655
FNMA		3.500	%		05/01/49		1,386,283		1,464,526
FNMA		4.000	%		06/01/49		2,063,242		2,202,036
FNMA		3.500	%		08/01/49		4,903,048		5,179,508
FNMA		3.000	%		09/01/49		2,570,069		2,695,091
FNMA		3.000	%		09/01/49		2,584,617		2,709,671
FNMA		3.000	%		06/01/50		4,434,339		4,644,943

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2020

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 42.9%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 27.8%, continued
FNMA		2.500	%		07/01/50	$	5,630,164	$	5,940,196
FNMA		2.500	%		08/01/50		3,837,758		4,049,088
FNMA		3.000	%		08/01/50		7,603,306		7,972,478
FNMA		2.000	%		11/01/50		6,953,407		7,223,784
FNMA		2.000	%		01/01/51		12,000,000		12,466,611
									202,811,892
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.0% ^(d)
GNMA		7.000	%		12/20/30		12,802		14,974
GNMA		7.000	%		10/20/31		9,426		11,135
GNMA		7.000	%		03/20/32		38,839		46,726
GNMA ^(b)		3.000	%		01/20/34		30,588		31,909
GNMA		5.500	%		10/20/38		5,472		5,977
GNMA		6.500	%		11/20/38		5,245		5,878
GNMA		2.250	%		04/16/42		48,373		48,433
									165,032
SMALL BUSINESS ADMINISTRATION — 0.0% ^(d)
SBA (Prime - 2.65) ^(b)		0.600	%		02/25/32		147,033		145,856

UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 0.7%
Hashemite Kingdom of Jordan AID Bond		3.000	%		06/30/25		1,450,000		1,601,364
Iraq AID Bond		2.149	%		01/18/22		1,500,000		1,530,857
Ukraine Government AID Bond		1.471	%		09/29/21		2,000,000		2,017,987
									5,150,208
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		1,012,085

TOTAL U.S. GOVERNMENT AGENCIES (COST $295,009,193)									312,546,864

ASSET BACKED SECURITIES — 1.8%
Ahold Finance U.S.A., LLC		8.620	%		01/02/25		512,639		581,845
Domino’s Pizza Master Issuer, LLC ^(a)		3.082	%		07/25/47		1,451,250		1,459,000
InSite Issuer, LLC ^(a)		2.883	%		11/15/46		1,750,000		1,806,472
Mastercard Credit Trust ^(a) ^(b)		1.990	%		09/21/24		4,000,000		4,148,252
SBA Tower Trust ^(a)		3.448	%		03/15/48		1,250,000		1,325,579
SBA Tower Trust ^(a)		2.836	%		01/15/50		282,000		294,887
SolarCity LMC, Series I, LLC ^(a)		4.800	%		12/20/26		425,981		418,919
SolarCity LMC, Series IV, LLC ^(a)		4.180	%		08/21/45		209,015		222,421
Spruce ABS Trust ^(a) ^(c)		4.320	%		06/15/28		47,586		48,342
Trillium Credit Card Trust II ^(a)		3.038	%		01/26/24		2,000,000		2,003,566
Wendy’s Funding, LLC ^(a)		3.783	%		06/15/49		723,750		773,835
TOTAL ASSET BACKED SECURITIES (COST $12,887,303)									13,083,118

	Shares		Fair Value
MONEY MARKET FUNDS — 4.9%
First American Government Obligations Fund - Class X, 0.04% ^(e) (COST $35,536,622)		35,536,622	$	35,536,622

INVESTMENT COMPANIES — 0.5%
Pax High Yield Bond Fund - Institutional Class (COST $4,199,236)		530,984		3,685,027

TOTAL INVESTMENTS - (COST $685,836,949) — 100.7%			$	734,327,644
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7%)				(5,241,896	)
NET ASSETS — 100.0%			$	729,085,748

(a)	144a security may only be resold to qualified institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. At December 31, 2020, these securities were valued at $91,080,380 or 12.5% of net assets.

(b)

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of December 31, 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.

(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	$	980,000		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23		06/18/18		1,650,000		1,650,000		0.2	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23		12/17/18		950,000		950,000		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24		06/17/19		980,000		980,000		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/13/24		12/12/19		400,000		400,000		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		1,400,000		1,400,000		0.2	%
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25		12/15/20		650,000		650,000		0.1	%
Spruce ABS Trust, 4.320%, 06/15/28		06/17/16		47,582		48,342		0.0	%^(d)
			$	7,057,582	$	7,058,342		0.9	%

(d)	Percentage rounds to less than 0.1%.

(e)	The rate shown is the 7-day effective yield as of December 31, 2020.

GTMN	— 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.

Praxis International Index Fund

Annual Report to Shareholders

Portfolio Managers’ Commentary (unaudited)

International equities posted gains in 2020, despite a global pandemic and the ensuing social and economic impacts. Markets fell at a breakneck pace in the first quarter, but managed to recover quickly from the low point in mid-March. Investors seem to be anticipating that the rollout of a vaccine, combined with accommodative monetary and fiscal policy, will eventually lead to economic stabilization. Both developed and emerging market countries participated in the rally, as reflected in the MSCI All Country World ex-U.S. Index return of 10.65% for the year. The Praxis International Index Fund’s Class I Shares returned 13.18%, and the Class A shares (without load) returned 12.37%.

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

During this period, these factors had a positive contribution to the Fund’s returns relative to the benchmark. While there were no significant over/under exposures to any single factor, the Fund’s underweight to the energy sector contributed positively to relative returns. An underweight to aerospace and defense companies added to relative results as well. The largest company-specific contributors included an overweight to United Microelectronics, Taiwan Semiconductor, and Equinor. The results, however, were consistent with our forecasted tracking error – a measure of variability of relative returns – for a portfolio subject to the constraints we discussed above.

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

Annie Tan
Praxis International Index Fund Portfolio Manager
Aperio Group LLC

Brian Ko
Praxis International Index Fund Portfolio Manager
Aperio Group LLC

The views expressed are those of the portfolio managers as of Dec. 31, 2020, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

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

Praxis International Index Fund

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/10 to 12/31/20

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/10 to 12/31/20 and includes the reinvestment of dividends and capital gains.

			Average Annual
	Inception Date	One Year Ended	Three Year Ended	Five Year Ended	Ten Year Ended	Expense Ratio** Gross/Net
Praxis International Index Fund
Class A *	12/31/10	6.44%	2.60%	7.22%	3.36%	1.37%	1.37%
Class A (Without Load)	12/31/10	12.37%	4.47%	8.38%	3.91%
Class I	12/31/10	13.18%	5.23%	9.09%	4.58%	0.61%	0.61%
MSCI All Country World Index ex-U.S. ¹		10.65%	4.88%	8.93%	4.92%

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

** Reflects the expense ratios as reported in the Prospectus dated January 1, 2021.

¹ The MSCI All Country World Index ex-U.S. is market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S. based companies. The index includes both developed and emerging markets.

Schedule of Investments

Praxis International Index Fund

December 31, 2020

	Shares		Value
COMMON STOCKS — 98.2%
AUSTRALIA — 4.2%
Australia & New Zealand Banking Group Ltd. ^(a)		40,646	$	713,317
Brambles Ltd. ^(a)		40,548		332,612
Commonwealth Bank of Australia ^(a)		11,506		731,402
CSL Ltd. ^(a)		3,640		795,375
CSL Ltd. - ADR		7,282		802,112
Dexus ^(a)		76,065		551,737
Fortescue Metals Group Ltd. ^(a)		43,722		789,786
Goodman Group ^(a)		44,189		645,982
Macquarie Group Ltd. - ADR		2,747		294,492
Macquarie Group Ltd. ^(a)		2,144		228,867
National Australia Bank Ltd. ^(a)		36,653		639,052
Origin Energy Ltd. ^(a)		117,789		432,481
REA Group Ltd. ^(a)		2,913		333,703
Scentre Group ^(a)		175,279		376,527
SEEK Ltd. ^(a)		32,750		718,095
Sydney Airport ^(a) ^(b)		57,629		285,275
Transurban Group ^(a)		68,739		724,415
Vicinity Centres ^(a)		245,277		303,302
Wesfarmers Ltd. ^(a)		24,534		953,640
Woodside Petroleum Ltd. ^(a)		88,567		1,554,087
Woolworths Group Ltd. ^(a)		28,598		866,886
Worley Ltd. ^(a)		26,610		235,054
				13,308,199
AUSTRIA — 0.2%
Verbund AG ^(a)		8,891		755,322

BELGIUM — 0.3%
KBC Group N.V. ^(a)		5,709		399,505
UCB S.A. ^(a)		2,286		236,128
Umicore S.A. ^(a)		6,207		298,327
				933,960
BERMUDA — 0.4%
China Gas Holdings Ltd. ^(a)		64,200		254,404
Credicorp Ltd.		6,296		1,032,670
				1,287,074
BRAZIL — 1.6%
Banco Bradesco S.A. - ADR		202,193		1,063,535
Banco do Brasil S.A. - ADR		56,189		417,484
Banco Santander Brasil S.A. - ADR		119,591		1,033,266
Gerdau S.A. - ADR		79,331		370,476
Natura & Co. Holding S.A. - ADR ^(b)		11,333		226,660
Suzano S.A. - ADR ^(b)		45,940		513,609
Telefónica Brasil S.A. - ADR		93,711		829,343
TIM S.A. - ADR		28,301		393,950
Ultrapar Participacoes S.A. - ADR		72,410		328,017
				5,176,340
CANADA — 6.3%
Agnico Eagle Mines Ltd.		4,292		302,629
Bank of Montreal		12,001		912,436
Bank of Nova Scotia (The)		14,814		800,548
Cameco Corp.		16,029		214,789
Canadian Imperial Bank of Commerce		2,674		228,547
Canadian National Railway Co.		15,841		1,740,134
Canadian Pacific Railway Ltd.		3,750		1,300,087
CGI, Inc. ^(b)		8,100		642,411
Franco-Nevada Corp.		7,257		909,520

	Shares		Value
COMMON STOCKS — 98.2%, continued
CANADA — 6.3%, continued
Gildan Activewear, Inc.		18,362	$	514,320
Kinross Gold Corp.		46,915		344,356
Manulife Financial Corp.		75,463		1,344,751
Methanex Corp.		15,712		724,009
Open Text Corp.		11,725		533,018
Restaurant Brands International, Inc.		11,589		708,204
Ritchie Bros. Auctioneers, Inc.		9,384		652,657
Royal Bank of Canada		32,068		2,631,500
Shaw Communications, Inc. - Class B		20,205		354,800
Sun Life Financial, Inc.		11,714		520,804
Teck Resources Ltd. - Class B		44,613		809,726
Thomson Reuters Corp.		20,428		1,672,849
Toronto-Dominion Bank (The)		24,696		1,393,348
Wheaton Precious Metals Corp.		22,228		927,797
				20,183,240
CAYMAN ISLANDS — 8.5%
Alibaba Group Holdings Ltd. - ADR ^(b)		25,047		5,829,188
Autohome, Inc. - ADR		3,132		312,010
Baidu, Inc. - ADR ^(b)		5,628		1,216,999
BeiGene Ltd. - ADR ^(b)		1,977		510,837
China Literature Ltd. ^(a) ^(b)		47,000		369,490
GDS Holdings Ltd. - ADR ^(b)		4,644		434,864
Genscript Biotech Corp. ^(a) ^(b)		190,000		276,444
JD.com, Inc. - ADR ^(b)		15,448		1,357,879
JOYY, Inc. - ADR		4,578		366,148
Kingdee International Software Group Co. Ltd. ^(a) ^(b)		100,000		408,254
Lee & Man Paper Manufacturing Ltd. ^(a)		287,000		235,500
NetEase, Inc. - ADR		10,792		1,033,550
New Oriental Education & Technology Group, Inc. - ADR ^(b)		5,293		983,492
NIO, Inc. - ADR ^(b)		15,070		734,512
Noah Holdings Ltd. - ADR ^(b)		6,771		323,722
Shenzhou International Group Holdings Ltd. ^(a)		48,000		940,712
Sunny Optical Technology Group Co. Ltd. ^(a)		25,000		546,210
TAL Education Group - ADR ^(b)		10,265		734,050
Tencent Holdings Ltd. - ADR		87,007		6,254,933
Tingyi Cayman Islands Holding Corp. ^(a)		140,000		239,471
Trip.com Group Ltd. - ADR ^(b)		14,521		489,793
Vipshop Holdings Ltd. - ADR ^(b)		15,804		444,250
Weibo Corp. - ADR ^(b)		6,782		277,994
WuXi Biologics Cayman, Inc. ^(a) ^(b)		108,000		1,432,220
Xinyi Solar Holdings Ltd. ^(a)		92,000		241,242
Xpeng, Inc. - ADR ^(b)		7,719		330,605
Zai Lab Ltd. ^(b)		2,031		274,876
ZTO Express Cayman, Inc. - ADR		19,738		575,560
				27,174,805
CHILE — 0.3%
Embotelladora Andina S.A. - Class B - ADR		5,911		88,332
Enel Americas S.A. - ADR		53,811		442,326
Sociedad Quimica y Minera de Chile S.A. - ADR		11,292		554,324
				1,084,982
CHINA — 3.4%
Agricultural Bank of China Ltd. - H Shares		1,300,000		476,235
Aluminum Corp. of China Ltd. - H Shares ^(b)		722,000		255,180
ANTA Sports Products Ltd. ^(a)		56,000		888,555
Bank of China Ltd. - H Shares ^(a)		897,000		303,592

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2020

	Shares		Value
COMMON STOCKS — 98.2%, continued
CHINA — 3.4%, continued
BYD Co. Ltd. - H Shares ^(a)		10,500	$	276,446
China Construction Bank Corp. - ADR		55,807		838,221
China Construction Bank Corp. - H Shares ^(a)		267,000		201,392
China Merchants Bank Co. Ltd. - H Shares ^(a)		82,820		523,921
China Minsheng Banking Corp Ltd. - H Shares ^(a)		1,402,000		799,204
China Pacific Insurance Group Co. Ltd. - H Shares ^(a)		84,600		330,783
China Vanke Co. Ltd. - H Shares ^(a)		108,074		373,093
Guangshen Railway Co. Ltd. - ADR		8,797		78,293
Haier Smart Home Co. Ltd. - H Shares ^(b)		241,230		874,373
Huatai Securities Co. Ltd. - H Shares		177,800		279,802
Industrial & Commercial Bank of China Ltd. - H Shares ^(a)		720,000		462,591
Ping An Insurance Group Co. of China Ltd. - ADR		42,425		1,039,412
Ping An Insurance Group Co. of China Ltd. - H Shares ^(a)		75,318		916,588
Sinopharm Group Co. Ltd. - H Shares ^(a)		259,600		629,742
TravelSky Technology Ltd. - H Shares ^(a)		120,000		289,908
Weichai Power Co. Ltd. - H Shares ^(a)		126,000		253,349
Yum China Holdings, Inc.		12,656		722,531
				10,813,211
COLOMBIA — 0.3%
Bancolombia S.A. - ADR		27,423		1,101,856

DENMARK — 1.9%
Coloplast A/S - Series B ^(a)		3,561		544,579
DSV Panalpina A/S ^(a)		4,551		764,848
Genmab A/S ^(a) ^(b)		992		402,249
Novo Nordisk A/S - ADR		30,237		2,112,054
Orsted A/S ^(a)		4,053		829,264
Pandora A/S ^(a)		2,532		283,376
Vestas Wind Systems A/S ^(a)		4,203		992,871
				5,929,241
FINLAND — 0.5%
Neste OYJ ^(a)		9,891		718,093
Nokia Corp. - ADR ^(b)		76,592		299,475
UPM-Kymmene OYJ ^(a)		14,351		535,149
				1,552,717
FRANCE — 6.2%
Accor S.A. ^(a) ^(b)		7,593		275,468
Air Liquide S.A. - ADR		2		66
Air Liquide S.A. ^(a)		8,862		1,452,835
AXA S.A. - ADR		16,705		400,085
AXA S.A. ^(a)		16,501		395,716
Capgemini SE - ADR		6,425		198,083
Capgemini SE ^(a)		2,481		385,909
Cie Generale des Etablissements Michelin SCA ^(a)		1,074		138,279
Cie Generale des Etablissements Michelin SCA - ADR		18,110		465,789
CNP Assurances ^(a) ^(b)		24,456		397,321
Covivio ^(a)		5,514		505,954
Danone S.A. - ADR		29,620		388,022
Danone S.A. ^(a)		5,973		393,043
Dassault Systemes SE ^(a)		3,059		620,399
Dassault Systemes SE - ADR		745		151,734
EssilorLuxottica S.A. ^(a)		4,430		690,317
Gecina S.A. ^(a)		2,427		377,383

	Shares		Value
COMMON STOCKS — 98.2%, continued
FRANCE — 6.2%, continued
Groupe Bruxelles Lambert S.A. ^(a)		6,989	$	704,420
Henkel AG & Co. KGaA ^(a)		2,376		228,943
Hermes International ^(a)		830		892,443
Kering S.A. ^(a)		1,378		1,000,019
Klepierre S.A. ^(a)		14,671		330,875
Legrand S.A. ^(a)		10,029		897,122
L’Oreal S.A. - ADR		21,745		1,655,882
L’Oreal S.A. ^(a)		1,380		526,519
Peugeot S.A. ^(a) ^(b)		24,141		661,089
Publicis Groupe S.A. ^(a)		8,339		414,442
Renault S.A. ^(a) ^(b)		6,593		288,576
Sartorius Sedim Biotech ^(a)		1,319		470,169
Schneider Electric SE ^(a)		9,145		1,321,647
Solvay S.A. ^(a)		2,892		341,052
Teleperformance ^(a)		1,454		482,680
TUI AG ^(a) ^(b)		48,894		308,001
Unibail-Rodamco-Westfield ^(a)		3,368		262,305
Unibail-Rodamco-Westfield - CDI ^(a)		45,646		178,282
Valeo S.A. ^(a)		9,422		371,628
Vinci S.A. ^(a)		3,031		301,903
Vivendi S.A. ^(a)		16,650		537,014
Vivendi S.A. - ADR		5,023		161,238
Wendel SE ^(a)		2,330		278,050
				19,850,702
GERMANY — 5.0%
adidas AG ^(a) ^(b)		1,323		481,293
adidas AG - ADR ^(b)		2,402		439,542
Allianz SE - ADR		76,050		1,874,632
Allianz SE ^(a)		880		216,183
BASF SE - ADR		4,760		93,677
BASF SE ^(a)		4,722		373,224
Bayerische Moteren Werke AG - ADR		2		59
Continental AG ^(a)		4,866		724,202
Covestro AG ^(a)		7,156		440,887
Daimler AG ^(a)		18,669		1,323,189
Deutsche Boerse AG ^(a)		3,878		660,288
Deutsche Post AG ^(a)		10,161		503,311
Deutsche Post AG - ADR		14,832		739,227
Deutsche Telekom AG ^(a)		25,629		467,776
Deutsche Telekom AG - ADR		30,009		548,264
Deutsche Wohnen SE ^(a)		9,595		511,917
Fraport AG Frankfurt Airport Services Worldwide ^(a) ^(b)		10,208		615,854
Infineon Technologies AG ^(a)		8,718		332,914
Infineon Technologies AG - ADR		12,109		466,802
Merck KGaA ^(a)		2,316		397,211
Muenchener Rueckversicherungs-Gesellschaft AG ^(a)		1,787		530,942
Muenchener Rueckversicherungs-Gesellschaft AG - ADR		18,890		561,222
Siemens AG ^(a)		14,082		2,028,376
Siemens Energy AG ^(b)		7,041		258,038
Symrise AG ^(a)		4,617		613,774
Vonovia SE ^(a)		11,640		850,080
				16,052,884
HONG KONG — 2.9%
AAC Technologies Holdings, Inc. ^(a)		44,923		249,002

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2020

	Shares		Value
COMMON STOCKS — 98.2%, continued
HONG KONG — 2.9%, continued
AIA Group Ltd. - ADR		36,278	$	1,782,338
AIA Group Ltd. ^(a)		57,569		701,540
BYD Electronic International Co. Ltd. ^(a)		27,500		144,273
China Conch Venture Holdings Ltd. ^(a)		94,091		457,851
Geely Automobile Holdings Ltd. ^(a)		101,000		345,833
Hong Kong Exchanges & Clearing Ltd. ^(a)		26,978		1,479,784
Lenovo Group Ltd. ^(a)		770,000		727,948
Link REIT ^(a)		95,500		867,306
Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares ^(a)		116,000		262,439
Sino Land Co. Ltd. ^(a)		168,000		218,620
Sun Art Retail Group Ltd. ^(a)		276,500		281,304
Swire Properties Ltd. ^(a)		206,350		599,946
Techtronic Industries Co. Ltd. ^(a)		24,500		350,188
Wharf Holdings Ltd. (The) ^(a)		166,000		445,887
Zhongsheng Group Holdings Ltd. ^(a)		68,000		485,745
				9,400,004
HUNGARY — 0.0% ^(c)
MOL Hungarian Oil & Gas plc - ADR ^(b)		6,368		23,524

INDIA — 2.8%
Dr. Reddy’s Laboratories Ltd. - ADR		7,744		552,070
HDFC Bank Ltd. - ADR ^(b)		30,589		2,210,361
ICICI Bank Ltd. - ADR ^(b)		144,722		2,150,569
Infosys Ltd. - ADR		131,713		2,232,535
Vedanta Ltd. - ADR		72,118		633,196
Wipro Ltd. - ADR		206,072		1,164,307
				8,943,038
INDONESIA — 0.6%
Bank Mandiri Persero Tbk PT - ADR		87,101		775,199
Telekomunikasi Indonesia Persero Tbk PT - ADR		50,040		1,176,941
				1,952,140
IRELAND — 0.3%
CRH plc - ADR		14,500		617,410
Smurfit Kappa Group plc ^(a)		10,442		488,072
				1,105,482
ISRAEL — 0.6%
Check Point Software Technologies Ltd. ^(b)		4,857		645,544
CyberArk Software Ltd. ^(b)		2,299		371,496
ICL Group Ltd.		39,641		200,187
Nice Ltd. - ADR ^(b)		2,630		745,710
				1,962,937
ITALY — 1.4%
Assicurazioni Generali S.p.A. ^(a)		41,464		725,937
Enel S.p.A. ^(a)		148,245		1,508,290
Intesa Sanpaolo S.p.A. ^(a)		199,542		471,641
Mediobanca Banca di Credito Finanziario S.p.A. ^(a) ^(b)		29,677		274,703
Moncler S.p.A. ^(a) ^(b)		7,061		434,096
Poste Italiane S.p.A. ^(a)		36,562		373,968
Terna Rete Elettrica Nazionale S.p.A. ^(a)		30,583		234,995
UniCredit S.p.A. ^(a) ^(b)		37,450		350,869
				4,374,499
JAPAN — 16.0%
Advantest Corp. ^(a)		4,800		359,518

	Shares		Value
COMMON STOCKS — 98.2%, continued
JAPAN — 16.0%, continued
Aeon Co. Ltd. ^(a)		14,100	$	462,556
AGC, Inc. ^(a)		10,000		349,680
Asahi Kasei Corp. ^(a)		50,000		512,492
Astellas Pharma, Inc. ^(a)		24,700		382,438
Bridgestone Corp. ^(a)		23,856		782,355
Brothers Industries Ltd. ^(a)		13,702		282,849
Canon, Inc. ^(a)		34,400		666,396
Chugai Pharmaceutical Co. Ltd. ^(a)		14,700		784,298
Coca-Cola Bottlers Japan Holdings, Inc. ^(a)		13,100		204,620
Dai Nippon Printing Co. Ltd. - ADR		37		332
Dai Nippon Printing Co. Ltd. ^(a)		37,618		676,639
Dai-ichi Life Holdings, Inc. ^(a)		16,346		246,252
Daiichi Sankyo Co. Ltd. ^(a)		23,430		802,927
Daiichi Sankyo Co. Ltd. - ADR		5,703		197,552
Daiwa House Industry Co. Ltd. ^(a)		17,000		505,441
Denso Corp. ^(a)		10,000		595,191
East Japan Railway Co. - ADR		5,418		60,248
East Japan Railway Co. ^(a)		8,529		568,999
Eisai Co. Ltd. ^(a)		3,100		221,684
FANUC Corp. ^(a)		1,200		296,210
FANUC Corp. - ADR		14,250		351,832
Fast Retailing Co. Ltd. ^(a)		1,000		896,654
FUJIFILM Holdings Corp. - ADR		8,601		455,423
FUJIFILM Holdings Corp. ^(a)		1,500		79,126
Fujitsu Ltd. ^(a)		2,267		327,652
Honda Motor Co. Ltd ^(a)		17,400		490,949
Honda Motor Co. Ltd. - ADR		1,011		28,561
Hoya Corp. - ADR		1,273		176,680
Hoya Corp. ^(a)		6,861		950,185
Hulic Co., Ltd. ^(a)		29,200		321,196
Japan Exchange Group, Inc. ^(a)		8,500		217,184
Kao Corp. ^(a)		8,000		618,032
KDDI Corp. - ADR		43,814		650,200
Keyence Corp. ^(a)		3,600		2,025,002
Kubota Corp. - ADR		5,277		582,264
Kubota Corp. ^(a)		24,000		524,328
Kyocera Corp. ^(a)		4,300		263,919
Lixil Corp. ^(a)		15,100		327,459
M3, Inc. ^(a)		11,200		1,058,003
Marubeni Corp. ^(a)		91,000		606,262
Mitsubishi Corp. ^(a)		30,400		749,394
Mitsubishi UFJ Financial Group, Inc. - ADR		10,860		48,110
Mitsubishi UFJ Financial Group, Inc. ^(a)		60,143		266,283
Mitsui & Co. Ltd. - ADR		1,204		443,999
Mitsui & Co. Ltd. ^(a)		27,090		496,662
Mitsui OSK Lines Ltd. ^(a)		16,000		489,642
Mizuho Financial Group, Inc. ^(a)		42,220		535,848
Murata Manufacturing Co. Ltd. ^(a)		12,900		1,167,797
Murata Manufacturing Co. Ltd. - ADR		916		20,752
Nexon Co. Ltd. ^(a)		10,300		317,796
Nidec Corp. - ADR		34,780		1,102,526
Nikon Corp. ^(a)		67,000		423,286
Nintendo Co. Ltd. - ADR		14,840		1,194,917
Nintendo Co. Ltd. ^(a)		300		192,577
Nippon Telegraph & Telephone Corp. ^(a)		22,600		579,877
Nitori Holdings Co. Ltd. ^(a)		1,050		219,550
Nomura Holdings, Inc. ^(a)		65,900		348,408
Nomura Real Estate Master Fund, Inc. ^(a)		222		317,682

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2020

	Shares		Value
COMMON STOCKS — 98.2%, continued
JAPAN — 16.0%, continued
Nomura Research Institute Ltd. ^(a)		10,200	$	364,879
Omron Corp. ^(a)		7,900		705,223
Ono Pharmaceutical Co. Ltd. ^(a)		7,141		215,186
Oriental Land Co. Ltd. ^(a)		2,960		489,071
Pan Pacific International Holdings Corp. ^(a)		9,295		214,743
Recruit Holdings Co. Ltd. ^(a)		17,550		737,130
Ricoh Co. Ltd. ^(a)		36,000		236,725
Secom Co. Ltd. ^(a)		4,680		431,726
Sekisui House Ltd. - ADR		21,690		444,211
Sekisui House Ltd. ^(a)		8,000		162,970
Seven & i Holdings Co. Ltd. ^(a)		17,400		616,126
Shimadzu Corp. ^(a)		17,000		660,770
Shimano, Inc. ^(a)		2,084		487,806
Shin-Etsu Chemical Co. Ltd. ^(a)		6,100		1,070,616
Shiseido Co. Ltd. ^(a)		2,100		145,367
Shiseido Co. Ltd. - ADR		7,565		524,254
SMC Corp. ^(a)		678		414,068
SoftBank Corp.		18,522		231,933
SoftBank Group Corp. ^(a)		14,400		1,117,913
SoftBank Group Corp. - ADR		12,750		492,915
Sony Corp. - ADR		23,139		2,339,353
Sumitomo Corp. ^(a)		23,254		308,175
Sumitomo Metal Mining Co. Ltd. ^(a)		8,000		355,838
Sumitomo Mitsui Trust Holdings, Inc. ^(a)		11,000		339,392
Suzuken Co. Ltd. ^(a)		7,100		256,828
Sysmex Corp. ^(a)		2,300		276,743
Takeda Pharmaceutical Co. Ltd. - ADR		22,093		402,093
Takeda Pharmaceutical Co. Ltd. ^(a)		15,900		575,394
TDK Corp. ^(a)		3,800		573,341
Terumo Corp. ^(a)		10,972		459,124
Tokyo Electron Ltd. ^(a)		1,900		709,749
Tokyo Electron Ltd. - ADR		1,464		137,013
Tokyo Gas Co. Ltd. ^(a)		13,000		300,879
Toppan Printing Co. Ltd. ^(a) ^(b)		34,000		480,120
Toray Industries, Inc.		50,000		295,812
TOTO Ltd. ^(a)		4,000		240,747
Toyota Motor Corp. - ADR		11,838		1,829,800
Unicharm Corp. ^(a)		11,200		531,156
USS Co. Ltd. ^(a)		15,320		309,776
Wacoal Holdings Corp. - ADR		1,316		131,600
Welcia Holdings Co. Ltd. ^(a)		6,525		246,132
Yamada Holdings Co. Ltd. ^(a)		40,800		216,765
Yamaha Corp. ^(a)		3,877		228,443
Yaskawa Electric Corp. ^(a) ^(b)		6,600		329,036
Yokogawa Electric Corp. ^(a)		19,600		390,914
Z Holdings Corp. ^(a)		40,036		242,260
				51,094,809
JERSEY — 0.7%
Experian plc - ADR		11,145		423,064
Ferguson plc - ADR		56,809		687,951
Ferguson plc ^(a)		508		61,723
Glencore plc ^(a) ^(b)		248,450		789,039
WPP plc ^(a)		34,966		378,897
				2,340,674
LUXEMBOURG — 0.6%
ArcelorMittal S.A. ^(b)		21,319		488,205
Aroundtown S.A. ^(a)		56,076		418,081

	Shares		Value
COMMON STOCKS — 98.2%, continued
LUXEMBOURG — 0.6%, continued
Globant S.A. ^(b)		1,493	$	324,892
Tenaris S.A. - ADR		26,739		426,487
Tenaris S.A. ^(a)		35,185		285,118
				1,942,783
MEXICO — 0.9%
Coca-Cola Femsa S.A.B. de C.V. - ADR		4,916		226,628
Fomento Economico Mexicano S.A.B. de C.V. - ADR		12,658		959,097
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR ^(b)		2,661		296,143
Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR ^(b)		2,464		406,387
Grupo Televisa S.A.B. - ADR ^(b)		39,194		322,958
Wal-Mart de Mexico S.A.B. de C.V. - ADR		26,577		747,877
				2,959,090
NETHERLANDS — 3.0%
Adyen N.V. ^(a) ^(b)		349		810,882
Akzo Nobel N.V. - ADR		9,200		331,752
Argenx SE - ADR ^(b)		715		210,274
ASML Holding N.V. - ADR		6,611		3,224,317
ING Groep N.V. - ADR ^(b)		40,673		383,953
ING Groep N.V. ^(a)		12,870		119,658
Koninklijke Ahold Delhaize N.V. - ADR		24,466		690,553
Koninklijke Ahold Delhaize N.V. ^(a)		5,491		154,902
Koninklijke DSM N.V. ^(a)		4,332		744,947
Koninklijke Philips N.V. ^(b)		16,004		866,937
Prosus N.V. ^(a) ^(b)		5,540		598,176
Prosus N.V. - ADR		4,090		88,712
QIAGEN N.V. ^(b)		7,847		414,714
STMicroelectronics N.V.		14,434		535,790
Wolters Kluwer N.V. ^(a)		5,142		433,326
				9,608,893
NORWAY — 1.1%
Equinor ASA - ADR		158,981		2,610,468
Mowi ASA ^(a)		10,838		241,948
Norsk Hydro ASA ^(a)		112,833		525,059
				3,377,475
PAPUA NEW GUINEA — 0.2%
Oil Search Ltd. ^(a)		189,182		542,226

PHILIPPINES — 0.2%
PLDT, Inc. - ADR		20,806		580,695

PORTUGAL — 0.2%
EDP - Energias de Portugal S.A. ^(a)		50,604		317,603
Galp Energia SGPS S.A. ^(a)		39,468		418,201
				735,804
RUSSIA — 0.2%
Mobile TeleSystems PJSC - ADR		86,910		777,845

SINGAPORE — 1.1%
BOC Aviation Ltd. ^(a)		45,200		391,227
CapitaLand Integrated Commercial Trust ^(a)		359,120		587,684
CapitaLand Ltd. ^(a)		183,000		454,358
City Developments Ltd. ^(a)		103,000		621,290
DBS Group Holdings Ltd. - ADR		11,392		866,361

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2020

	Shares		Value
COMMON STOCKS — 98.2%, continued
SINGAPORE — 1.1%, continued
Keppel REIT ^(a)		737	$	625
Venture Corp. Ltd. ^(a)		30,000		441,392
				3,362,937
SOUTH AFRICA — 1.2%
FirstRand Ltd. ^(a)		201,574		702,429
Gold Fields Ltd. - ADR		28,744		266,457
Impala Platinum Holdings Ltd. - ADR		34,408		477,927
Mr Price Group Ltd. ^(a)		43,236		501,802
MultiChoice Group Ltd. ^(a)		36,500		333,214
Naspers Ltd. - Class N - ADR		29,815		1,211,682
Standard Bank Group Ltd. ^(a)		37,092		321,280
				3,814,791
SOUTH KOREA — 3.1%
KB Financial Group, Inc. - ADR		43,520		1,723,392
Korea Electric Power Corp. - ADR		70,644		866,802
KT Corp. - ADR		90,367		994,940
LG Display Co. Ltd. - ADR		32,327		272,840
POSCO - ADR		30,542		1,903,072
Shinhan Financial Group Co. Ltd. - ADR		47,079		1,401,071
SK Telecom Co. Ltd. - ADR		61,666		1,509,584
Woori Financial Group, Inc. - ADR		39,921		1,093,037
				9,764,738
SPAIN — 1.9%
Aena SME S.A. ^(a) ^(b)		1,464		254,504
Amadeus IT Group S.A. ^(a)		9,206		679,533
Cellnex Telecom S.A. ^(a)		4,610		276,832
Iberdrola S.A. - ADR		16,749		963,068
Iberdrola S.A. ^(a)		45,814		658,333
Industria de Diseno Textil S.A. ^(a)		28,211		895,374
Naturgy Energy Group S.A. ^(a)		12,657		294,315
Repsol S.A. ^(a)		140,542		1,415,776
Repsol S.A. - ADR		6,104		61,101
Telefónica S.A. ^(a)		133,521		531,075
Telefónica S.A. - ADR		34,242		138,338
				6,168,249
SWEDEN — 2.0%
Assa Abloy AB - Class B ^(a)		14,650		362,065
Atlas Copco AB - A Shares ^(a)		8,922		458,602
Atlas Copco AB - Class A - ADR		10,074		514,580
Boliden AB ^(a)		25,785		914,871
Essity AB - Series B ^(a)		12,219		393,723
Hennes & Mauritz AB - B Shares ^(a) ^(b)		19,185		402,771
Hexagon AB - B Shares ^(a)		8,347		765,343
Kinnevik AB - Class B ^(a) ^(b)		17,337		871,035
Sandvik AB - ADR ^(b)		13,048		320,850
Sandvik AB ^(a) ^(b)		17,709		436,809
Svenska Cellulosa AB S.C.A. - Class B ^(a) ^(b)		16,418		287,082
Telefonaktiebolaget LM Ericsson - B Shares ^(a)		60,032		714,176
				6,441,907
SWITZERLAND — 5.9%
ABB Ltd. - ADR		33,452		935,318
Adecco Group AG ^(a)		3,938		262,281
Adecco Group AG - ADR		4,982		165,751
Barry Callebaut AG ^(a)		265		631,522
Credit Suisse Group AG ^(a)		51,770		668,389
Credit Suisse Group AG - ADR		11,870		151,936

	Shares		Value
COMMON STOCKS — 98.2%, continued
SWITZERLAND — 5.9%, continued
Geberit AG ^(a)		1,023	$	640,361
Givaudan S.A. ^(a)		272		1,150,771
Groupe Bruxelles Lambert S.A.		2,460		250,852
LafargeHolcim Ltd. ^(a) ^(b)		8,532		468,297
Logitech International S.A.		5,434		528,130
Lonza Group AG ^(a)		2,555		1,645,828
Lonza Group AG - ADR		1,070		68,566
Nestlé S.A. - ADR		36,016		4,242,685
Partners Group Holding AG ^(a)		644		756,718
Roche Holding AG - ADR		82,968		3,637,317
Sika AG ^(a)		852		232,247
Swatch Group AG (The) ^(a)		828		225,084
Swiss Re AG ^(a)		6,096		574,317
UBS Group AG ^(a) ^(b)		22,324		314,315
UBS Group AG ^(b)		2		28
Zurich Insurance Group AG ^(a)		492		207,337
Zurich Insurance Group AG - ADR		24,700		1,042,834
				18,800,884
TAIWAN — 4.7%
ASE Industrial Holding Co. Ltd. - ADR		126,937		741,312
AU Optronics Corp. - ADR ^(b)		157,981		782,006
Chunghwa Telecom Co. Ltd. - ADR		76,727		2,963,197
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		89,014		9,706,086
United Microelectronics Corp. - ADR		114,499		965,227
				15,157,828
TURKEY — 0.2%
Turkcell Iletisim Hizmetleri A.S. - ADR		127,033		684,708

UNITED KINGDOM — 7.3%
3i Group plc ^(a)		68,813		1,088,427
Antofagasta plc ^(a)		47,452		930,660
Ashtead Group plc ^(a)		11,037		519,862
AstraZeneca plc - ADR		42,278		2,113,477
Aviva plc ^(a)		62,051		276,009
Berkeley Group Holdings plc (The) ^(a)		7,006		453,113
British Land Co. plc (The) ^(a)		62,287		417,089
BT Group plc ^(a) ^(b)		141,966		255,892
Burberry Group plc ^(a) ^(b)		13,434		328,065
Coca-Cola European Partners plc		9,316		464,216
Compass Group plc ^(a)		35,682		665,528
GlaxoSmithKline plc - ADR		33,710		1,240,528
Halma plc ^(a)		17,839		597,442
HSBC Holdings plc - ADR		18,673		483,817
Informa plc ^(a) ^(b)		99,047		740,622
InterContinental Hotels Group plc - ADR ^(b)		4,765		310,297
InterContinental Hotels Group plc ^(a) ^(b)		732		47,445
ITV plc ^(a)		307,997		448,816
Kingfisher plc ^(a) ^(b)		106,863		394,880
Legal & General Group plc ^(a)		210,040		765,485
Lloyds Banking Group plc ^(a)		437,921		218,302
Lloyds Banking Group plc - ADR ^(b)		2,891		5,666
London Stock Exchange Group plc ^(a)		7,929		978,744
Mondi plc ^(a)		17,385		407,369
National Grid plc - ADR		5,304		313,095
Ocado Group plc ^(a) ^(b)		12,670		396,198
PEARSON plc - ADR		11,827		108,572

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2020

	Shares		Value
COMMON STOCKS — 98.2%, continued
UNITED KINGDOM — 7.3%, continued
PEARSON plc ^(a)		24,794	$	227,502
Prudential plc - ADR		17,512		646,718
Reckitt Benckiser Group plc ^(a)		3,212		286,689
Reckitt Benckiser Group plc - ADR		47,555		861,697
RELX plc ^(a)		37,769		924,124
RELX plc - ADR		12,882		317,670
Rentokil Initial plc ^(a) ^(b)		66,541		463,943
Sage Group plc (The) ^(a)		33,781		268,233
Sage Group plc (The) - ADR		2,320		75,154
Segro plc ^(a)		65,385		848,254
Tesco plc - ADR		29,931		289,430
Tesco plc ^(a)		139,399		439,918
Unilever plc - ADR		32,932		1,987,776
Vodafone Group plc - ADR		39,744		654,981
				23,261,705
TOTAL COMMON STOCKS (Cost $196,100,055)				314,384,198

	Coupon			Maturity		Par Value		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Social Investment Foundation, Inc. ^(d)		2.000	%		6/15/2022	$	290,000	$	290,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		6/15/2023		870,000		870,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/2023		480,000		480,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		6/17/2024		290,000		290,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/13/2024		120,000		120,000
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		6/13/2025		500,000		500,000
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		12/15/2025		400,000		400,000
TOTAL CORPORATE NOTES (Cost $2,950,000)									2,950,000

	Shares		Fair Value
MONEY MARKET FUNDS — 0.5%
First American Government Obligations Fund - Class X, 0.04% ^(e) (Cost $1,446,661)		1,446,661	$	1,446,661

TOTAL INVESTMENTS - (Cost $200,496,716) — 99.6%			$	318,780,859
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				1,234,637
NET ASSETS — 100.0%			$	320,015,496

(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	$	290,000		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23		06/18/18		870,000		870,000		0.3	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23		12/17/18		480,000		480,000		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24		06/17/19		290,000		290,000		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/13/24		12/12/19		120,000		120,000		0.0	%^(c)
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/20		06/12/20		500,000		500,000		0.2	%
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25		12/15/20		400,000		400,000		0.1	%
			$	2,950,000	$	2,950,000		0.9	%

(e)	The rate shown is the 7-day effective yield as of December 31, 2020.

ADR	— American Depositary Receipt

CDI	— CHESS Depositary Interest

plc	— Public Liability Company

REIT	— Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2020 (unaudited)

Common Stocks by Sector/Industry	% of Net Assets
Communications — 10.8%
Advertising & Marketing	0.3%
Cable & Satellite	0.3%
Entertainment Content	0.6%
Internet Media & Services	4.1%
Publishing & Broadcasting	0.5%
Telecommunications	5.0%
Consumer Discretionary — 12.0%
Apparel & Textile Products	1.7%
Automotive	2.9%
Consumer Services	0.5%
E-Commerce Discretionary	2.5%
Home Construction	0.8%
Leisure Facilities & Services	0.9%
Leisure Products	0.2%
Retail - Discretionary	2.2%
Wholesale - Discretionary	0.3%
Consumer Staples — 7.1%
Beverages	0.7%
Food	1.8%
Household Products	2.5%
Retail - Consumer Staples	1.7%
Wholesale - Consumer Staples	0.4%
Energy — 2.7%
Oil & Gas Producers	2.2%
Oil & Gas Services & Equipment	0.2%
Renewable Energy	0.3%
Financials — 17.9%
Asset Management	1.5%
Banking	10.0%
Institutional Financial Services	1.4%
Insurance	4.9%
Specialty Finance	0.1%

Common Stocks by Sector/Industry	% of Net Assets
Health Care — 8.6%
Biotech & Pharma	5.3%
Health Care Facilities & Services	1.3%
Medical Equipment & Devices	2.0%
Industrials — 9.9%
Commercial Support Services	1.4%
Diversified Industrials	0.7%
Electrical Equipment	1.7%
Engineering & Construction	0.3%
Industrial Support Services	0.7%
Machinery	2.1%
Transportation & Logistics	3.0%
Materials — 8.5%
Chemicals	2.8%
Construction Materials	0.5%
Containers & Packaging	0.3%
Forestry, Paper & Wood Products	0.6%
Metals & Mining	2.9%
Steel	1.4%
Real Estate — 3.6%
Real Estate Owners & Developers	1.4%
Real Estate Services	0.1%
REITs	2.1%
Technology — 14.6%
Semiconductors	5.4%
Software	1.2%
Technology Hardware	4.2%
Technology Services	3.8%
Utilities — 2.5%
Electric & Gas Marketing & Trading	0.4%
Electric Utilities	2.0%
Gas & Water Utilities	0.1%
	98.2%

See accompanying notes to financial statements.

Praxis Value Index Fund

Annual Report to Shareholders

Portfolio Manager’s Commentary (unaudited)

A year ago, (for 2019) I started my commentary with the phrase, “What a difference a year makes!” This certainly continued to ring true for 2020! The year was overwhelmingly dominated by the COVID-19 pandemic situation, the fall elections, and stark contrasts. Value stocks as measured by the S&P 500 Value Index had a muted year, ending 2020 with a small positive return of +1.36%, a huge drop from the +31.92% return in 2019. For U.S. large cap stock returns, 2020 looked like a large checkmark, dipping low from mid-February through March before climbing steadily out of the valley, leading to an S&P 500 annual return of positive 18.39%. In terms of major asset classes, most asset classes showed positive returns by the end of the year, led by gold, followed by small cap stocks, emerging market stocks, U.S. large cap stocks, and mid cap stocks. Though further down the list, with continuing falling interest rates and a round trip on bond spreads, bond returns were once again stellar with the Bloomberg Barclays U.S. Aggregate Index up positive 7.51%, coming close to the positive 8.72% achieved in 2019. The last time we saw back-to-back years with returns over 5% was 2010-2011. REITs and commodities were the asset classes with negative returns over 2020, hit hard by the pandemic-induced changes in the economy. Crude oil started the year at $60.99 per barrel and drifted down before falling off a cliff in April dipping to $5.39 before recovering to $18.99 by month end. Crude oil ended the year at $48.60, averaging $39.44 over the year.

In a review of sector breakouts for large cap stocks, the uneven disparity of winners and losers is stark. Information technology was a clear winner rising over 43%, with consumer discretionary up over 33% and another five sectors (communication services, materials, health care, industrials, and consumer staples) with positive double-digit returns. The consumer discretionary result may seem odd, as travel and leisure would reside here, but so does Amazon and others with e-retail operations. Utilities, financials, and real estate hovered around flat returns for the year. Energy was the clear loser, with a negative 33% return.

2020 also saw a stark contrast between the value style and growth style, with the S&P 500 Value Index returning a measly positive 1.36% and the S&P 500 Growth Index returning a grand positive 33.49%. This pattern did not exist for the whole year, as the recent fourth quarter saw value (up 14.49%) outpace growth (up 10.66%).

In this environment, the Praxis Value Index Fund Class I Shares returned positive 4.07%, outperforming by 271 basis points the positive 1.36% return of the benchmark (S&P 500 Value Index). The Praxis Value Index Fund Class A Shares (without load) returned a positive 3.58%. Our Values + ESG screening framework plus ESG data integration causes differences in returns from our index. Stock-specific factors (versus industry and fundamental factors) were the leading contributors to positive relative performance. As an example, not owning Exxon Mobil (social screen) was a positive contributor, as Exxon Mobil was down 36.2% for the year.

Around mid-year, we started to utilize Sustainalytics ESG scores to enhance our optimization process. Our Morningstar Sustainability ESG Percent Rank-current (as of Dec. 31, 2020) is the 8th percentile (out of 1,455 funds) within the Morningstar US Equity Large Cap Value category. The Morningstar Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund’s portfolio holdings are managing their financially material environmental, social and governance, or ESG, risks relative to the Fund’s Morningstar Global Category peers. We continue to be pleased with the performance of the fund, being able to incorporate our Values + ESG screens, and now Sustainalytics ESG scores, to deliver returns that closely track benchmark returns, whether it is a year of small or large returns.

The annual mid-December reconstitution of the benchmark index and our routine updating of our Values + ESG screening list again caused some realignment of portfolio holdings near year end. There were no large crossovers on the scale of Apple’s moves over the last two years, but Tesla caused a stir with its addition to the S&P 500, though it is not part of the S&P 500 Value Index. This reconstitution process is always a good opportunity for us to fine-tune our efforts to track benchmark returns and to optimize our ESG score.

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

The views expressed are those of the portfolio manager as of Dec. 31, 2020, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

The S&P 500 Index is a market capitalization weighted index of 500 large companies that is widely used as a barometer of U.S. stock market performance.

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.

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

Praxis Value Index Fund

Annual Report to Shareholders

Portfolio Manager’s Commentary (unaudited), continued

The Morningstar Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund’s portfolio holdings are managing their financially material environmental, social and governance, or ESG, risks relative to the fund’s Morningstar Global Category peers. The Morningstar Sustainability Rating calculation is a five -step process. First, each fund with at least 67% of assets covered by a company-level ESG Risk Score from Sustainalytics receives a Morningstar Portfolio Sustainability Score. The Morningstar Portfolio Sustainability Score is an asset-weighted average of company level ESG Risk Scores. The Portfolio Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk. Second, the Historical Sustainability Score is an exponential weighted moving average of the Portfolio Sustainability Scores over the past 12 months. The process rescales the current Portfolio Sustainability Score to reflect the consistency of the scores. The Historical Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk, on a consistent historical basis. Third, the Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Global Categories in which at least thirty (30) funds receive a Historical Sustainability Score and is determined by each fund’s Morningstar Sustainability Rating Score rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). Fourth, then Morningstar applies a 1% rating buffer from the previous month to increase rating stability. This means a fund must move 1% beyond the rating breakpoint to change ratings. Fifth, they adjust downward positive Sustainability Ratings to funds with high ESG Risk scores. The logic is as follows: If Portfolio Sustainability score is above 40, then the fund receives a Low Sustainability Rating. If Portfolio Sustainability score is above 35 and preliminary rating is Average or better, then the fund is downgraded to Below Average. If the Portfolio Sustainability score is above 30 and preliminary rating is Above Average, then the fund is downgraded to Average. If the Portfolio Sustainability score is below 30, then no adjustment is made. The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. Since a Sustainability Rating is assigned to all funds that meet the above criteria, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. The Portfolio Sustainability Score is calculated when Morningstar receives a new portfolio. Then, the Historical Sustainability Score and the Sustainability Rating is calculated one month and six business days after the reported as-of date of the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics’ ESG scores from the same month as the portfolio as-of date. Please click on http://corporate1.morningstar.com/SustainableInvesting/ for more detailed information about the Morningstar Sustainability Rating methodology and calculation frequency. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm. Morningstar, Inc. holds a non-controlling ownership interest in Sustainalytics. © 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Basis point refers to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001, and is used to denote the percentage change in a financial instrument.

Praxis Value Index Fund

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/10 to 12/31/20

			Average Annual
	Inception Date	One Year Ended	Three Year Ended	Five Year Ended	Ten Year Ended	Expense Ratio** Gross/Net
Praxis Value Index Fund
Class A *	5/1/01	(1.87%)	5.89%	9.91%	9.53%	0.83%	0.83%
Class A (Without Load)	5/1/01	3.58%	7.82%	11.10%	10.12%
Class I	5/1/06	4.07%	8.29%	11.63%	10.72%	0.41%	0.41%
S&P 500 Value Index ¹		1.36%	6.78%	10.52%	10.74%

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

** Reflects the expense ratios as reported in the Prospectus dated January 1, 2021.

¹ The S&P 500 Value Index represents the value companies (defined by book value to price ratio earnings to price ratio and sales to price ratio) of the S&P 500 Index, a universe of large capitalization companies in the U.S. equity market.

Schedule of Investments

Praxis Value Index Fund

December 31, 2020

	Shares		Fair Value
COMMON STOCKS — 97.6%
ADVERTISING & MARKETING — 0.2%
Omnicom Group, Inc.		10,229	$	637,983

APPAREL & TEXTILE PRODUCTS — 0.8%
NIKE, Inc. - Class B		9,970		1,410,456
PVH Corp.		3,270		307,020
VF Corp.		7,520		642,283
				2,359,759
ASSET MANAGEMENT — 0.7%
BlackRock, Inc.		762		549,813
Charles Schwab Corp. (The)		30,770		1,632,041
				2,181,854
AUTOMOTIVE — 0.4%
BorgWarner, Inc.		14,870		574,577
Ford Motor Co.		65,763		578,057
				1,152,634
BANKING — 8.5%
Bank of America Corp.		169,070		5,124,512
Citigroup, Inc.		47,726		2,942,785
Citizens Financial Group, Inc.		10,900		389,784
Comerica, Inc.		9,200		513,912
Fifth Third Bancorp		19,490		537,339
Huntington Bancshares, Inc.		33,170		418,937
JPMorgan Chase & Co.		69,925		8,885,370
KeyCorp		21,488		352,618
M&T Bank Corp.		4,696		597,801
People’s United Financial, Inc.		32,700		422,811
PNC Financial Services Group, Inc. (The)		11,631		1,733,019
Regions Financial Corp.		24,860		400,743
Truist Financial Corp.		32,700		1,567,311
U.S. Bancorp		44,707		2,082,899
Zions Bancorp., N.A.		9,670		420,065
				26,389,906
BEVERAGES — 2.5%
Coca-Cola Co. (The)		73,340		4,021,965
PepsiCo, Inc.		25,859		3,834,890
				7,856,855
BIOTECH & PHARMA — 6.2%
AbbVie, Inc.		11,026		1,181,436
Alexion Pharmaceuticals, Inc. ^(a)		2,380		371,851
Amgen, Inc.		7,744		1,780,501
Biogen, Inc. ^(a)		2,300		563,178
Bristol-Myers Squibb Co.		28,879		1,791,364
Eli Lilly & Co.		5,310		896,540
Gilead Sciences, Inc.		32,650		1,902,189
Johnson & Johnson		40,071		6,306,374
Merck & Co., Inc.		34,740		2,841,732
Viatris, Inc. ^(a)		39,840		746,602
Zoetis, Inc.		3,990		660,345
				19,042,112
CABLE & SATELLITE — 1.0%
Comcast Corp. - Class A		60,520		3,171,248

CHEMICALS — 4.2%
Air Products & Chemicals, Inc.		6,347		1,734,127
Celanese Corp.		4,040		524,958

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
CHEMICALS — 4.2%, continued
Dow, Inc.		8,860	$	491,730
DuPont de Nemours, Inc.		14,721		1,046,810
Eastman Chemical Co.		8,360		838,341
Ecolab, Inc.		5,080		1,099,109
International Flavors & Fragrances, Inc.		2,880		313,459
Linde plc		11,936		3,145,255
LyondellBasell Industries N.V. - Class A		20,130		1,845,116
PPG Industries, Inc.		8,830		1,273,462
Sherwin-Williams Co. (The)		960		705,514
				13,017,881
COMMERCIAL SUPPORT SERVICES — 1.7%
Republic Services, Inc.		22,390		2,156,157
Robert Half International, Inc.		8,160		509,837
Waste Management, Inc.		20,790		2,451,764
				5,117,758
CONTAINERS & PACKAGING — 0.5%
Ball Corp.		5,768		537,462
International Paper Co.		12,160		604,595
WestRock Co.		10,430		454,018
				1,596,075
DIVERSIFIED INDUSTRIALS — 1.1%
Dover Corp.		5,253		663,191
Emerson Electric Co.		5,624		452,001
Illinois Tool Works, Inc.		11,135		2,270,204
				3,385,396
ELECTRIC UTILITIES — 4.1%
AES Corp. (The)		27,234		639,999
American Electric Power Co., Inc.		11,030		918,468
CMS Energy Corp.		6,220		379,482
Consolidated Edison, Inc.		16,641		1,202,645
DTE Energy Co.		4,170		506,280
Duke Energy Corp.		18,704		1,712,538
Edison International		11,827		742,972
Eversource Energy		10,350		895,379
NextEra Energy, Inc.		32,340		2,495,031
Sempra Energy		8,983		1,144,524
Southern Co. (The)		25,121		1,543,183
Xcel Energy, Inc.		9,094		606,297
				12,786,798
ELECTRICAL EQUIPMENT — 2.7%
Carrier Global Corp.		9,550		360,226
Johnson Controls International plc		119,847		5,583,672
Otis Worldwide Corp.		5,570		376,254
Rockwell Automation, Inc.		3,650		915,456
Roper Technologies, Inc.		2,520		1,086,347
				8,321,955
ENTERTAINMENT CONTENT — 3.2%
Activision Blizzard, Inc.		6,620		614,667
Discovery, Inc. ^(a)		19,010		572,011
Electronic Arts, Inc.		2,910		417,876
Fox Corp. - Class A		15,020		437,382
ViacomCBS, Inc. - Class B		14,746		549,436
Walt Disney Co. (The) ^(a)		40,279		7,297,749
				9,889,121

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
December 31, 2020

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
FOOD — 2.2%
Campbell Soup Co.		7,050	$	340,868
Conagra Brands, Inc.		16,070		582,698
General Mills, Inc.		16,104		946,915
Hershey Co. (The)		2,830		431,094
Hormel Foods Corp.		8,250		384,532
Kellogg Co.		6,820		424,409
Kraft Heinz Co. (The)		15,130		524,406
McCormick & Co., Inc.		4,900		468,440
Mondelez International, Inc. - Class A		34,022		1,989,266
Tyson Foods, Inc. - Class A		9,110		587,048
				6,679,676
GAS & WATER UTILITIES — 0.5%
American Water Works Co., Inc.		4,630		710,566
NiSource, Inc.		29,770		682,924
				1,393,490
HEALTH CARE FACILITIES & SERVICES — 4.6%
AmerisourceBergen Corp.		8,740		854,422
Anthem, Inc.		6,020		1,932,962
Cardinal Health, Inc.		12,620		675,927
Centene Corp. ^(a)		10,170		610,505
Cigna Corp.		6,662		1,386,895
CVS Health Corp.		29,554		2,018,538
HCA Healthcare, Inc.		4,100		674,286
Humana, Inc.		1,420		582,584
IQVIA Holdings, Inc. ^(a)		2,920		523,177
Laboratory Corp. of America Holdings ^(a)		2,120		431,526
McKesson Corp.		5,714		993,779
UnitedHealth Group, Inc.		9,750		3,419,130
				14,103,731
HOUSEHOLD PRODUCTS — 1.9%
Church & Dwight Co., Inc.		6,650		580,080
Estee Lauder Cos., Inc. (The) - Class A		2,230		593,604
Kimberly-Clark Corp.		3,750		505,612
Procter & Gamble Co. (The)		30,256		4,209,820
				5,889,116
INDUSTRIAL SUPPORT SERVICES — 0.1%
W.W. Grainger, Inc.		1,090		445,091

INSTITUTIONAL FINANCIAL SERVICES — 2.6%
Bank of New York Mellon Corp. (The)		25,784		1,094,273
CME Group, Inc.		9,190		1,673,039
Goldman Sachs Group, Inc. (The)		6,197		1,634,211
Intercontinental Exchange, Inc.		5,470		630,636
Morgan Stanley		29,931		2,051,171
Northern Trust Corp.		6,297		586,503
State Street Corp.		6,610		481,076
				8,150,909
INSURANCE — 5.1%
Aflac, Inc.		20,270		901,407
Allstate Corp. (The)		10,919		1,200,326
American International Group, Inc.		29,507		1,117,135
Arthur J. Gallagher & Co.		2,930		362,470
Assurant, Inc.		4,170		568,037
Berkley (W.R.) Corp.		11,170		741,911
Cincinnati Financial Corp.		7,712		673,797
Globe Life, Inc.		6,860		651,426

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
INSURANCE — 5.1%, continued
Hartford Financial Services Group, Inc. (The)		23,910	$	1,171,112
Lincoln National Corp.		15,840		796,910
Loews Corp.		16,890		760,388
Marsh & McLennan Cos., Inc.		7,150		836,550
MetLife, Inc.		35,413		1,662,640
Principal Financial Group, Inc.		11,170		554,144
Progressive Corp. (The)		4,060		401,453
Prudential Financial, Inc.		23,410		1,827,619
Travelers Cos., Inc. (The)		11,383		1,597,832
				15,825,157
INTERNET MEDIA & SERVICES — 0.6%
Booking Holdings, Inc. ^(a)		660		1,469,998
Expedia Group, Inc.		3,040		402,496
				1,872,494
LEISURE FACILITIES & SERVICES — 2.5%
Carnival Corp.		28,663		620,841
Darden Restaurants, Inc.		4,210		501,495
Hilton Worldwide Holdings, Inc.		6,420		714,289
Live Nation Entertainment, Inc. ^(a)		6,190		454,841
Marriott International, Inc. - Class A		8,550		1,127,916
McDonald’s Corp.		9,980		2,141,509
Starbucks Corp.		13,490		1,443,160
Yum! Brands, Inc.		5,400		586,224
				7,590,275
LEISURE PRODUCTS — 0.1%
Hasbro, Inc.		3,230		302,134

MACHINERY — 1.0%
Deere & Co.		2,897		779,438
Ingersoll-Rand, Inc. ^(a)		10,810		492,504
Stanley Black & Decker, Inc.		5,070		905,299
Xylem, Inc.		10,290		1,047,419
				3,224,660
MEDICAL EQUIPMENT & DEVICES — 4.6%
Abbott Laboratories		20,890		2,287,246
Baxter International, Inc.		17,182		1,378,684
Becton, Dickinson and Co.		7,110		1,779,064
Boston Scientific Corp. ^(a)		38,100		1,369,695
Cooper Cos., Inc. (The)		1,170		425,084
Danaher Corp.		6,410		1,423,917
DENTSPLY SIRONA, Inc.		8,810		461,292
Edwards Lifesciences Corp. ^(a)		5,460		498,116
Illumina, Inc. ^(a)		2,520		932,400
Medtronic plc		11,300		1,323,682
Stryker Corp.		2,240		548,890
Teleflex, Inc.		1,370		563,851
Thermo Fisher Scientific, Inc.		1,954		910,134
Varian Medical Systems, Inc. ^(a)		1,980		346,520
				14,248,575
METALS & MINING — 0.3%
Newmont Corp.		15,870		950,454

OIL & GAS PRODUCERS — 2.0%
ConocoPhillips		58,797		2,351,292
Hess Corp.		13,460		710,553
Marathon Oil Corp.		122,660		818,142

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
December 31, 2020

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
OIL & GAS PRODUCERS — 2.0%, continued
ONEOK, Inc.		17,125	$	657,258
Valero Energy Corp.		27,850		1,575,475
				6,112,720
OIL & GAS SERVICES & EQUIPMENT — 0.8%
Baker Hughes Co.		35,970		749,974
Schlumberger Ltd.		78,036		1,703,526
				2,453,500
REAL ESTATE SERVICES — 0.6%
CBRE Group, Inc. - Class A ^(a)		29,380		1,842,714

REITS — 4.8%
American Tower Corp.		4,760		1,068,430
AvalonBay Communities, Inc.		5,900		946,537
Boston Properties, Inc.		2,990		282,645
Crown Castle International Corp.		4,160		662,230
Digital Realty Trust, Inc.		5,980		834,270
Equinix, Inc.		910		649,904
Equity Residential		17,370		1,029,693
Federal Realty Investment Trust		5,670		482,630
Healthpeak Properties, Inc.		20,530		620,622
Host Hotels & Resorts, Inc.		23,100		337,953
Iron Mountain, Inc.		22,570		665,364
Kimco Realty Corp.		22,420		336,524
Prologis, Inc.		22,180		2,210,459
Public Storage		1,920		443,386
Realty Income Corp.		9,490		589,993
Regency Centers Corp.		14,960		682,026
Simon Property Group, Inc.		9,489		809,222
SL Green Realty Corp.		8,860		527,879
Ventas, Inc.		10,570		518,353
Vornado Realty Trust		15,980		596,693
Welltower, Inc.		9,100		588,042
				14,882,855
RETAIL - CONSUMER STAPLES — 2.5%
Costco Wholesale Corp.		3,160		1,190,625
Dollar Tree, Inc. ^(a)		4,230		457,009
Kroger Co. (The)		11,374		361,238
Target Corp.		3,350		591,376
Walgreen Boots Alliance, Inc.		23,650		943,162
Walmart, Inc.		27,890		4,020,343
				7,563,753
RETAIL - DISCRETIONARY — 1.9%
Genuine Parts Co.		4,570		458,965
Home Depot, Inc. (The)		6,312		1,676,593
Lowe’s Cos., Inc.		3,930		630,804
Ross Stores, Inc.		9,950		1,221,960
TJX Cos., Inc. (The)		29,130		1,989,288
				5,977,610
SEMICONDUCTORS — 3.2%
Analog Devices, Inc.		4,430		654,444
Broadcom, Inc.		3,100		1,357,335
Intel Corp.		90,228		4,495,159
Micron Technology, Inc. ^(a)		22,810		1,714,856
Texas Instruments, Inc.		10,140		1,664,278
				9,886,072

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
SOFTWARE — 1.0%
Microsoft Corp.		4,950	$	1,100,979
Oracle Corp.		20,392		1,319,159
salesforce.com, inc. ^(a)		1,770		393,878
Synopsys, Inc. ^(a)		860		222,946
				3,036,962
SPECIALTY FINANCE — 1.5%
American Express Co.		17,094		2,066,835
Capital One Financial Corp.		12,040		1,190,154
Discover Financial Services		7,820		707,945
Synchrony Financial		15,070		523,080
				4,488,014
STEEL — 0.1%
Nucor Corp.		6,590		350,522

TECHNOLOGY HARDWARE — 2.1%
Cisco Systems, Inc.		98,170		4,393,108
Corning, Inc.		14,610		525,960
HP, Inc.		36,560		899,010
Juniper Networks, Inc.		21,720		488,917
Western Digital Corp.		5,865		324,862
				6,631,857
TECHNOLOGY SERVICES — 7.2%
Accenture plc - Class A		17,800		4,649,538
Automatic Data Processing, Inc.		5,210		918,002
Cognizant Technology Solutions Corp. - Class A		6,500		532,675
DXC Technology Co.		15,380		396,035
Fidelity National Information Services, Inc.		16,860		2,385,015
Fiserv, Inc. ^(a)		8,970		1,021,324
FleetCor Technologies, Inc. ^(a)		2,190		597,498
Global Payments, Inc.		7,040		1,516,557
International Business Machines Corp.		21,862		2,751,988
Mastercard, Inc. - Class A		6,940		2,477,164
Paychex, Inc.		10,194		949,877
S&P Global, Inc.		1,620		532,543
Visa, Inc. - Class A		15,730		3,440,623
				22,168,839
TELECOMMUNICATIONS — 3.7%
AT&T, Inc.		172,856		4,971,339
CenturyLink, Inc.		30,728		299,598
T-Mobile US, Inc. ^(a)		3,980		536,703
Verizon Communications, Inc.		96,820		5,688,175
				11,495,815
TRANSPORTATION & LOGISTICS — 2.0%
American Airlines Group, Inc.		23,560		371,541
CSX Corp.		6,000		544,500
Delta Air Lines, Inc.		15,560		625,668
FedEx Corp.		1,790		464,720
J.B. Hunt Transport Services, Inc.		4,690		640,888
Norfolk Southern Corp.		2,680		636,795
Southwest Airlines Co.		8,960		417,626
Union Pacific Corp.		6,650		1,384,663
United Airlines Holdings, Inc. ^(a)		12,530		541,922
United Parcel Service, Inc. - Class B		4,000		673,600
				6,301,923

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
December 31, 2020

	Shares		Fair Value
COMMON STOCKS — 97.6%, continued
WHOLESALE - CONSUMER STAPLES — 0.3%
Sysco Corp.		13,680	$	1,015,877

TOTAL COMMON STOCKS (COST $244,840,719)				301,792,130

	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	$	280,000	$	280,000
Calvert Social Investment Foundation, Inc. ^(b)		3.000	%		06/15/23		450,000		450,000
Calvert Social Investment Foundation, Inc. ^(b)		3.000	%		12/15/23		720,000		720,000
Calvert Social Investment Foundation, Inc. ^(b)		3.000	%		06/17/24		280,000		280,000
Calvert Social Investment Foundation, Inc. ^(b)		3.000	%		12/13/24		250,000		250,000
Calvert Social Investment Foundation, Inc. ^(b)		2.500	%		06/13/25		280,000		280,000
Calvert Social Investment Foundation, Inc. ^(b)		2.500	%		12/15/25		450,000		450,000
TOTAL CORPORATE NOTES (COST $2,710,000)									2,710,000

	Shares		Fair Value
MONEY MARKET FUNDS — 0.6%
First American Government Obligations Fund - Class X, 0.04% ^(c) (COST $1,781,848)		1,781,848	$	1,781,848

TOTAL INVESTMENTS - (COST $249,332,567) — 99.1%			$	306,283,978
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%				2,712,266
NET ASSETS — 100.0%			$	308,996,244

(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	$	280,000	$	280,000		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23		06/18/18		450,000		450,000		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23		12/17/18		720,000		720,000		0.3	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24		06/17/19		280,000		280,000		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/13/24		12/12/19		250,000		250,000		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		280,000		280,000		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25		12/15/20		450,000		450,000		0.1	%
			$	2,710,000	$	2,710,000		0.9	%

(c)	The rate shown is the 7-day effective yield as of December 31, 2020.

plc	— Public Liability Company

See accompanying notes to financial statements.

Praxis Growth Index Fund

Annual Report to Shareholders

Portfolio Manager’s Commentary (unaudited)

A year ago, (for 2019) I started my commentary with the phrase, “What a difference a year makes!” This certainly continued to ring true for 2020! The year was overwhelmingly dominated by the COVID-19 pandemic, the fall elections, and stark contrasts. Growth stocks as measured by the S&P 500 Growth Index had another banner year, ending 2020 with a large positive return of +33.49%, even besting the +31.13% return in 2019. For U.S. large cap stock returns, 2020 looked like a large checkmark, dipping low from mid-February through March before climbing steadily out of the valley – leading to an S&P 500 annual return of positive 18.39%. In terms of major asset classes, most asset classes showed positive returns by the end of the year, led by gold, followed by small cap stocks, emerging market stocks, U.S. large cap stocks, and mid cap stocks. Though further down the list, with continuing falling interest rates and a round trip on bond spreads, bond returns were once again stellar, with the Bloomberg Barclays U.S. Aggregate Index up 7.51%, coming close to the positive 8.72% achieved in 2019. The last time we saw back-to-back years with returns over 5% was 2010-2011. REITs and commodities were the asset classes with negative returns over 2020, hit hard by the pandemic-induced changes in the economy. Crude oil started the year at $60.99 per barrel and drifted down before falling off a cliff in April, dipping to $5.39 before recovering to $18.99 by month end. Crude oil ended the year at $48.60, averaging $39.44 over the year.

In a review of sector breakouts for large cap stocks, the uneven disparity of winners and losers is stark. Information technology was a clear winner, rising over 43% with consumer discretionary up over 33% and another five sectors (communication services, materials, health care, industrials, and consumer staples) with positive double-digit returns. The consumer discretionary result may seem odd as travel and leisure would reside here, but so does Amazon and others with e-retail operations. Utilities, financials, and real estate hovered around flat returns for the year. Energy was the clear loser, with a negative 33% return.

2020 also saw a stark contrast between the growth style and value style, with the S&P 500 Growth Index returning a grand positive 33.49% and the S&P 500 Value Index returning a measly positive 1.36%. This pattern did not exist for the whole year, as the recent fourth quarter saw growth (up 10.66%) bested by value (up 14.49%).

In this environment, the Praxis Growth Index Fund Class I Shares returned a positive 33.19%, underperforming by 30 basis points the positive 33.49% return of the benchmark (S&P 500 Growth Index). The Praxis Growth Index Fund Class A Shares (without load) returned a positive 32.81%. Our Values + ESG screening framework plus ESG data integration causes differences in returns from our index. Fundamental and other factors (versus industry and stock specific factors) were the leading contributors to negative relative performance. One stock example – being underweight, Amazon was a negative contributor as its stock was up 76.3% during the year. Current SEC diversification rules limit our ability to increase holdings in the highest weighted names in our benchmark index.

Around mid-year, we started to utilize Sustainalytics ESG scores to enhance our optimization process. Our Morningstar Sustainability ESG Percent Rank-current (as of Dec. 31, 2020) is the 9th percentile (out of 1,451 funds) within the Morningstar US Equity Large Cap Growth category. The Morningstar Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund’s portfolio holdings are managing their financially material environmental, social and governance, or ESG, risks relative to the Fund’s Morningstar Global Category peers. We continue to be pleased with the performance of the Fund, being able to incorporate our Values + ESG screens, and now Sustainalytics ESG scores to deliver returns that closely track benchmark returns, especially in years of large positive returns.

The annual mid-December reconstitution of the benchmark index and our routine updating of our Values + ESG screening list again caused some realignment of portfolio holdings near year end. There were no large crossovers on the scale of Apple’s moves over the last two years, but Tesla caused a stir with its addition to the S&P 500 and is now a member of the S&P 500 Growth Index and our Fund. This reconstitution process is always a good opportunity for us to fine-tune our efforts to track benchmark returns and to optimize our ESG score.

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

The S&P 500 Index is a market capitalization weighted index of 500 large companies that is widely used as a barometer of U.S. stock market performance.

Praxis Growth Index Fund

Annual Report to Shareholders

Portfolio Manager’s Commentary (unaudited), continued

Praxis Growth Index Fund

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/10 to 12/31/20

			Average Annual
	Inception Date	One Year Ended	Three Year Ended	Five Year Ended	Ten Year Ended	Expense Ratio** Gross/Net
Praxis Growth Index Fund
Class A *	5/1/07	25.83%	18.24%	17.47%	15.25%	0.74%	0.74%
Class A (Without Load)	5/1/07	32.81%	20.39%	18.75%	15.88%
Class I	5/1/07	33.19%	20.82%	19.20%	16.39%	0.38%	0.38%
S&P 500 Growth Index ¹		33.49%	20.51%	18.98%	16.49%

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

** Reflects the expense ratios as reported in the Prospectus dated January 1, 2021.

¹ 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.

Schedule of Investments

Praxis Growth Index Fund

December 31, 2020

	Shares		Fair Value
COMMON STOCKS — 98.1%
APPAREL & TEXTILE PRODUCTS — 0.8%
NIKE, Inc. - Class B		21,587	$	3,053,913
VF Corp.		1,470		125,553
				3,179,466
ASSET MANAGEMENT — 0.5%
BlackRock, Inc.		2,233		1,611,199
T. Rowe Price Group, Inc.		1,940		293,697
				1,904,896
AUTOMOTIVE — 3.2%
Tesla, Inc. ^(a)		17,970		12,680,890

BANKING — 0.1%
SVB Financial Group ^(a)		800		310,264

BEVERAGES — 1.1%
Coca-Cola Co. (The)		24,140		1,323,838
PepsiCo, Inc.		19,670		2,917,061
				4,240,899
BIOTECH & PHARMA — 4.6%
AbbVie, Inc.		28,751		3,080,670
Alexion Pharmaceuticals, Inc. ^(a)		4,711		736,046
Amgen, Inc.		6,134		1,410,329
Biogen, Inc. ^(a)		1,280		313,421
Bristol-Myers Squibb Co.		28,376		1,760,163
Eli Lilly & Co.		8,820		1,489,169
Incyte Corp. ^(a)		4,067		353,748
Johnson & Johnson		20,108		3,164,597
Merck & Co., Inc.		24,871		2,034,448
Regeneron Pharmaceuticals, Inc. ^(a)		2,501		1,208,258
Vertex Pharmaceuticals, Inc. ^(a)		5,704		1,348,083
Zoetis, Inc.		8,600		1,423,300
				18,322,232
CABLE & SATELLITE — 1.3%
Charter Communications, Inc. - Class A ^(a)		3,722		2,462,289
Comcast Corp. - Class A		53,294		2,792,606
				5,254,895
CHEMICALS — 1.4%
Air Products & Chemicals, Inc.		4,148		1,133,316
Dow, Inc.		8,087		448,828
Ecolab, Inc.		2,074		448,731
Linde plc		11,878		3,129,972
Sherwin-Williams Co. (The)		737		541,629
				5,702,476
COMMERCIAL SUPPORT SERVICES — 0.2%
Cintas Corp.		840		296,906
Rollins, Inc.		7,280		284,430
Waste Management, Inc.		3,384		399,075
				980,411
CONTAINERS & PACKAGING — 0.2%
Ball Corp.		8,283		771,810

DIVERSIFIED INDUSTRIALS — 0.3%
Illinois Tool Works, Inc.		5,784		1,179,242

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
E-COMMERCE DISCRETIONARY — 7.4%
Amazon.com, Inc. ^(a)		8,700	$	28,335,291
eBay, Inc.		10,335		519,334
Etsy, Inc. ^(a)		3,530		628,022
				29,482,647
ELECTRIC UTILITIES — 0.4%
Eversource Energy		6,420		555,394
NextEra Energy, Inc.		11,334		874,418
				1,429,812
ELECTRICAL EQUIPMENT — 0.9%
AMETEK, Inc.		2,489		301,019
Amphenol Corp. - Class A		3,936		514,711
Carrier Global Corp.		9,910		373,805
Keysight Technologies, Inc. ^(a)		4,941		652,657
Otis Worldwide Corp.		5,220		352,611
Rockwell Automation, Inc.		2,298		576,361
Roper Technologies, Inc.		1,699		732,422
TE Connectivity Ltd.		2,510		303,886
				3,807,472
ENTERTAINMENT CONTENT — 0.6%
Activision Blizzard, Inc.		11,130		1,033,420
Electronic Arts, Inc.		5,055		725,898
Walt Disney Co. (The) ^(a)		2,553		462,553
				2,221,871
FOOD — 0.1%
General Mills, Inc.		8,970		527,436

GAS & WATER UTILITIES — 0.1%
American Water Works Co., Inc.		3,780		580,117

HEALTH CARE FACILITIES & SERVICES — 2.1%
AmerisourceBergen Corp.		2,960		289,370
Anthem, Inc.		930		298,614
Catalent, Inc. ^(a)		2,980		310,129
Cigna Corp.		1,440		299,779
DaVita, Inc. ^(a)		2,520		295,848
HCA Healthcare, Inc.		2,590		425,951
Henry Schein, Inc. ^(a)		8,130		543,572
Humana, Inc.		1,060		434,886
IQVIA Holdings, Inc. ^(a)		2,768		495,943
Laboratory Corp. of America Holdings ^(a)		1,440		293,112
McKesson Corp.		3,370		586,110
UnitedHealth Group, Inc.		11,450		4,015,286
				8,288,600
HOME CONSTRUCTION — 0.2%
D.R. Horton, Inc.		6,078		418,896
Masco Corp.		8,006		439,769
				858,665
HOUSEHOLD PRODUCTS — 1.6%
Church & Dwight Co., Inc.		6,461		563,593
Clorox Co. (The)		1,450		292,784
Colgate-Palmolive Co.		9,857		842,872
Estée Lauder Cos., Inc. (The) - Class A		2,359		627,942
Kimberly-Clark Corp.		2,331		314,289
Procter & Gamble Co. (The)		26,417		3,675,661
				6,317,141

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
December 31, 2020

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
INDUSTRIAL SUPPORT SERVICES — 0.3%
Fastenal Co.		8,024	$	391,812
United Rentals, Inc. ^(a)		1,490		345,546
W.W. Grainger, Inc.		1,230		502,258
				1,239,616
INSTITUTIONAL FINANCIAL SERVICES — 0.3%
Intercontinental Exchange, Inc.		8,731		1,006,597
Nasdaq, Inc.		2,270		301,320
				1,307,917
INSURANCE — 0.4%
Marsh & McLennan Cos., Inc.		8,240		964,080
Progressive Corp. (The)		7,258		717,671
				1,681,751
INTERNET MEDIA & SERVICES — 11.3%
Alphabet, Inc. - Class A ^(a)		5,155		9,034,859
Alphabet, Inc. - Class C ^(a)		7,156		12,536,453
Booking Holdings, Inc. ^(a)		445		991,135
Expedia Group, Inc.		2,340		309,816
Facebook, Inc. - Class A ^(a)		56,555		15,448,564
Netflix, Inc. ^(a)		10,752		5,813,929
Twitter, Inc. ^(a)		19,770		1,070,546
				45,205,302
LEISURE FACILITIES & SERVICES — 1.1%
Chipotle Mexican Grill, Inc. ^(a)		617		855,600
Domino’s Pizza, Inc.		1,410		540,679
Hilton Worldwide Holdings, Inc.		2,799		311,417
McDonald’s Corp.		4,737		1,016,465
Starbucks Corp.		14,692		1,571,750
Yum! Brands, Inc.		2,684		291,375
				4,587,286
MACHINERY — 0.5%
Deere & Co.		6,786		1,825,773
Xylem, Inc.		3,320		337,943
				2,163,716
MEDICAL EQUIPMENT & DEVICES — 5.2%
Abbott Laboratories		23,826		2,608,709
ABIOMED, Inc. ^(a)		1,040		337,168
Agilent Technologies, Inc.		8,185		969,841
Align Technology, Inc. ^(a)		1,711		914,324
Bio-Rad Laboratories, Inc. - Class A ^(a)		1,000		582,940
Cooper Cos., Inc. (The)		1,161		421,815
Danaher Corp.		9,774		2,171,196
DexCom, Inc. ^(a)		2,750		1,016,730
Edwards Lifesciences Corp. ^(a)		7,610		694,260
Hologic, Inc. ^(a)		6,559		477,692
IDEXX Laboratories, Inc. ^(a)		2,060		1,029,732
Illumina, Inc. ^(a)		2,758		1,020,460
Mettler-Toledo International, Inc. ^(a)		960		1,094,093
PerkinElmer, Inc.		4,400		631,400
ResMed, Inc.		3,458		735,033
Stryker Corp.		200		49,008
Thermo Fisher Scientific, Inc.		10,795		5,028,095
Waters Corp. ^(a)		1,646		407,253
West Pharmaceutical Services, Inc.		2,490		705,442
				20,895,191

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
METALS & MINING — 0.1%
Newmont Corp.		6,860	$	410,845

REAL ESTATE SERVICES — 0.1%
CBRE Group, Inc. - Class A ^(a)		4,533		284,310

REITS — 1.3%
American Tower Corp.		5,412		1,214,778
Crown Castle International Corp.		6,699		1,066,414
Equinix, Inc.		1,687		1,204,822
Extra Space Storage, Inc.		2,720		315,139
Prologis, Inc.		2,897		288,715
Public Storage		1,250		288,662
SBA Communications Corp.		1,668		470,593
Welltower, Inc.		4,110		265,588
				5,114,711
RETAIL - CONSUMER STAPLES — 1.3%
Costco Wholesale Corp.		5,743		2,163,847
Dollar General Corp.		7,323		1,540,027
Target Corp.		8,164		1,441,191
				5,145,065
RETAIL - DISCRETIONARY — 2.7%
AutoZone, Inc. ^(a)		469		555,971
Best Buy Co., Inc.		2,850		284,402
Home Depot, Inc. (The)		20,526		5,452,116
L Brands, Inc.		2,720		101,157
Lowe’s Cos., Inc.		14,179		2,275,871
O’Reilly Automotive, Inc. ^(a)		1,750		791,997
Ross Stores, Inc.		2,765		339,570
TJX Cos., Inc. (The)		6,093		416,091
Tractor Supply Co.		2,070		291,001
Ulta Beauty, Inc. ^(a)		1,070		307,261
				10,815,437
SEMICONDUCTORS — 6.9%
Advanced Micro Devices, Inc. ^(a)		29,581		2,712,873
Analog Devices, Inc.		2,034		300,483
Applied Materials, Inc.		22,796		1,967,295
Broadcom, Inc.		6,519		2,854,344
IPG Photonics Corp. ^(a)		1,340		299,879
KLA Corp.		4,142		1,072,405
Lam Research Corp.		3,673		1,734,648
Microchip Technology, Inc.		2,040		281,744
NVIDIA Corp.		15,209		7,942,140
Qorvo, Inc. ^(a)		1,840		305,937
QUALCOMM, Inc.		28,060		4,274,660
Teradyne, Inc.		4,540		544,301
Texas Instruments, Inc.		15,207		2,495,925
Xilinx, Inc.		6,539		927,034
				27,713,668
SOFTWARE — 16.4%
Adobe, Inc. ^(a)		14,127		7,065,195
Akamai Technologies, Inc. ^(a)		4,310		452,507
ANSYS, Inc. ^(a)		2,628		956,066
Autodesk, Inc. ^(a)		5,946		1,815,552
Cadence Design Systems, Inc. ^(a)		9,394		1,281,623
Citrix Systems, Inc.		2,932		381,453
Fortinet, Inc. ^(a)		4,150		616,400

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
December 31, 2020

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
SOFTWARE — 16.4%, continued
Intuit, Inc.		7,190	$	2,731,122
Microsoft Corp.		168,288		37,430,617
Oracle Corp.		28,780		1,861,778
Paycom Software, Inc. ^(a)		1,270		574,357
salesforce.com, inc. ^(a)		24,017		5,344,503
ServiceNow, Inc. ^(a)		5,223		2,874,896
Synopsys, Inc. ^(a)		6,470		1,677,283
Tyler Technologies, Inc. ^(a)		1,360		593,667
				65,657,019
TECHNOLOGY HARDWARE — 12.1%
Apple, Inc.		351,448		46,633,635
Arista Networks, Inc. ^(a)		1,860		540,460
Cisco Systems, Inc.		6,520		291,770
Corning, Inc.		8,980		323,280
F5 Networks, Inc. ^(a)		1,670		293,820
Zebra Technologies Corp. - Class A ^(a)		1,267		486,946
				48,569,911
TECHNOLOGY SERVICES — 8.6%
Accenture plc - Class A		18,389		4,803,391
Automatic Data Processing, Inc.		5,950		1,048,390
Broadridge Financial Solutions, Inc.		2,596		397,707
Cognizant Technology Solutions Corp. - Class A		4,970		407,292
Fidelity National Information Services, Inc.		1,920		271,603
Fiserv, Inc. ^(a)		9,656		1,099,432
FleetCor Technologies, Inc. ^(a)		1,044		284,835
Global Payments, Inc.		1,700		366,214
IHS Markit Ltd.		6,627		595,303
Jack Henry & Associates, Inc.		1,790		289,962
MarketAxess Holdings, Inc.		960		547,738
Mastercard, Inc. - Class A		16,976		6,059,413
Moody’s Corp.		3,375		979,560
MSCI, Inc.		1,797		802,414
Paychex, Inc.		3,065		285,597
PayPal Holdings, Inc. ^(a)		31,727		7,430,463
S&P Global, Inc.		6,654		2,187,369
Verisk Analytics, Inc.		3,035		630,036
Visa, Inc. - Class A		27,913		6,105,411
				34,592,130
TELECOMMUNICATIONS — 0.3%
T-Mobile US, Inc. ^(a)		8,780		1,183,983

TRANSPORTATION & LOGISTICS — 1.8%
CSX Corp.		9,637		874,558
Expeditors International of Washington, Inc.		3,100		294,841
FedEx Corp.		4,000		1,038,480
J.B. Hunt Transport Services, Inc.		2,270		310,195
Norfolk Southern Corp.		2,169		515,376
Old Dominion Freight Line, Inc.		3,310		646,046
Union Pacific Corp.		7,201		1,499,392
United Parcel Service, Inc. - Class B		11,875		1,999,750
				7,178,638
WHOLESALE - DISCRETIONARY — 0.3%
Copart, Inc. ^(a)		5,108		649,993
Pool Corp.		1,190		443,275
				1,093,268
TOTAL COMMON STOCKS (COST $182,899,314)				392,881,006

	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	$	550,000
Calvert Social Investment Foundation, Inc. ^(b)		3.000	%		06/15/23		900,000		900,000
Calvert Social Investment Foundation, Inc. ^(b)		3.000	%		12/15/23		200,000		200,000
Calvert Social Investment Foundation, Inc. ^(b)		3.000	%		06/17/24		550,000		550,000
Calvert Social Investment Foundation, Inc. ^(b)		3.000	%		12/13/24		150,000		150,000
Calvert Social Investment Foundation, Inc. ^(b)		2.500	%		06/13/25		670,000		670,000
Calvert Social Investment Foundation, Inc. ^(b)		2.500	%		12/15/25		500,000		500,000
TOTAL CORPORATE NOTES (COST $3,520,000)									3,520,000

	Shares		Fair Value
MONEY MARKET FUNDS — 0.4%
First American Government Obligations Fund - Class X, 0.04% ^(c) (COST $1,450,873)		1,450,873		1,450,873

TOTAL INVESTMENTS - (COST $187,870,187) — 99.4%			$	397,851,879
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%				2,435,591
NET ASSETS — 100.0%			$	400,287,470

(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	$	550,000		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23		06/18/18		900,000		900,000		0.2	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23		12/17/18		200,000		200,000		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24		06/17/19		550,000		550,000		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/13/24		12/12/19		150,000		150,000		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		670,000		670,000		0.2	%
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25		12/15/20		500,000		500,000		0.1	%
			$	3,520,000	$	3,520,000		0.9	%

(c)	The rate shown is the 7-day effective yield as of December 31, 2020.

plc	— Public Liability Company

See accompanying notes to financial statements.

Praxis Small Cap Index Fund

Annual Report to Shareholders

Portfolio Manager’s Commentary (unaudited)

A year ago, (for 2019) I started my commentary with the phrase, “What a difference a year makes!” This certainly continued to ring true for 2020! The year was overwhelmingly dominated by the COVID-19 pandemic situation, the fall elections, and stark contrasts. For U.S. small cap stock returns, 2020 looked like a large checkmark, dipping low from mid-February through March before climbing steadily out of the valley leading to an S&P Small Cap 600 annual return of positive 11.29%. The fourth quarter was especially strong, showing a positive 33.31% return. In terms of major asset classes, most asset classes showed positive returns by the end of the year, led by gold, followed by small cap stocks, emerging market stocks, U.S. large cap stocks, and mid cap stocks. Though further down the list, with continuing falling interest rates and a round trip on bond spreads, bond returns were once again stellar with the Bloomberg Barclays U.S. Aggregate Index up positive 7.51%, coming close to the positive 8.72% achieved in 2019. The last time we saw back-to-back years with returns over 5% was 2010-2011. REITs and commodities were the asset classes with negative returns over 2020, hit hard by the pandemic induced changes in the economy. Crude oil started the year at $60.99 per barrel and drifted down before falling off a cliff in April, dipping to $5.39 before recovering to $18.99 by month end. Crude oil ended the year at $48.60, averaging $39.44 over the year.

In a review of sector breakouts for U.S. small cap stocks, the uneven disparity of winners and losers is stark. Health care was a clear winner, rising over 31%, with information technology up over 27% and another five sectors (materials, communication services, consumer discretionary, industrials, and consumer staples) with positive double-digit returns. On the other hand, financials, real estate, utilities, and energy showed large negative returns for the year. Energy was the clear loser, with a negative 40%% return.

In this environment, the Praxis Small Cap Index Fund Class I Shares returned positive 11.04%, underperforming by 24 basis points the positive 11.29% return of the benchmark (S&P SmallCap 600 Index). The Praxis Small Cap Index Fund Class A Shares (without load) returned positive 10.39%. Our Values + ESG screening framework plus ESG data integration causes differences in returns from our index. Industries and fundamental factors were the leading positive contributors to relative performance, while other factors were the main negative contributors to relative performance. The nature of the small cap benchmark sees successful companies being acquired or “graduating” up and out of the small cap universe, leading to some natural churn in our portfolio. In terms of industries, a positive contributor was our exposure to information technology, while a negative contributor was our exposure to consumer discretionary.

Around mid-year, we started to utilize Sustainalytics ESG scores to enhance our optimization process. Our Morningstar Sustainability ESG Percent Rank-current (as of December 31, 2020) is the 13th percentile (out of 1,590 funds) within the Morningstar US Equity Small Cap category. The Morningstar Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund’s portfolio holdings are managing their financially material environmental, social and governance, or ESG, risks relative to the Fund’s Morningstar Global Category peers.

2020 was our third full calendar year of running the small cap fund as an optimized index fund, utilizing the same methodology and processes we use to manage our Growth Index and Value Index funds. As a reminder, the transition took place at the beginning of 2017, but the first few days of 2017 were used to adjust the portfolio. This involved moving to a fund with about 450 holdings from one with about 70 holdings, and a change of benchmarks to the S&P SmallCap 600 from the Russell 2000. We are pleased with the performance in 2020 and since making the transition. We look forward to continuing to be able to incorporate our Values + ESG screens, and now Sustainalytics ESG scores, to deliver returns that closely track benchmark returns in the small cap space, whether it is a year of small or large returns.

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

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

Praxis Small Cap Index Fund

Annual Report to Shareholders

Portfolio Manager’s Commentary (unaudited), continued

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities in the Russell 3000 Index based on a combination of their market capitalization and current index membership.

Morningstar Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund’s portfolio holdings are managing their financially material environmental, social and governance, or ESG, risks relative to the fund’s Morningstar Global Category peers. The Morningstar Sustainability Rating calculation is a five -step process. First, each fund with at least 67% of assets covered by a company-level ESG Risk Score from Sustainalytics receives a Morningstar Portfolio Sustainability Score. The Morningstar Portfolio Sustainability Score is an asset-weighted average of company level ESG Risk Scores. The Portfolio Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk. Second, the Historical Sustainability Score is an exponential weighted moving average of the Portfolio Sustainability Scores over the past 12 months. The process rescales the current Portfolio Sustainability Score to reflect the consistency of the scores. The Historical Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk, on a consistent historical basis. Third, the Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Global Categories in which at least thirty (30) funds receive a Historical Sustainability Score and is determined by each fund’s Morningstar Sustainability Rating Score rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). Fourth, then Morningstar applies a 1% rating buffer from the previous month to increase rating stability. This means a fund must move 1% beyond the rating breakpoint to change ratings. Fifth, they adjust downward positive Sustainability Ratings to funds with high ESG Risk scores. The logic is as follows: If Portfolio Sustainability score is above 40, then the fund receives a Low Sustainability Rating. If Portfolio Sustainability score is above 35 and preliminary rating is Average or better, then the fund is downgraded to Below Average. If the Portfolio Sustainability score is above 30 and preliminary rating is Above Average, then the fund is downgraded to Average. If the Portfolio Sustainability score is below 30, then no adjustment is made. The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. Since a Sustainability Rating is assigned to all funds that meet the above criteria, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. The Portfolio Sustainability Score is calculated when Morningstar receives a new portfolio. Then, the Historical Sustainability Score and the Sustainability Rating is calculated one month and six business days after the reported as-of date of the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics’ ESG scores from the same month as the portfolio as-of date. Please click on http://corporate1.morningstar.com/SustainableInvesting/ for more detailed information about the Morningstar Sustainability Rating methodology and calculation frequency. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm. Morningstar, Inc. holds a non-controlling ownership interest in Sustainalytics. © 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Praxis Small Cap Index Fund

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/10 to 12/31/20

			Average Annual
	Inception Date	One Year Ended	Three Year Ended	Five Year Ended	Ten Year Ended	Expense Ratio** Gross/Net
Praxis Small Cap Index Fund
Class A *	5/1/07	4.60%	5.09%	6.82%	7.06%	1.42%	1.12%
Class A (Without Load)	5/1/07	10.39%	7.00%	7.97%	7.63%
Class I	5/1/07	11.04%	7.72%	8.65%	8.30%	0.45%	0.45%
S&P SmallCap 600 Index ¹		11.29%	7.74%	12.37%	11.92%

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

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

** Reflects the expense ratios as reported in the Prospectus dated January 1, 2021. Contractual fee waivers are in effect from May 1, 2020 through April 30, 2021 for Class A.

¹ 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.

Schedule of Investments

Praxis Small Cap Index Fund

December 31, 2020

	Shares		Fair Value
COMMON STOCKS — 98.7%
ADVERTISING & MARKETING — 0.1%
QuinStreet, Inc. ^(a)		7,790	$	167,018

AEROSPACE & DEFENSE — 0.3%
Barnes Group, Inc.		5,820		295,016
Park Aerospace Corp.		10,790		144,694
				439,710
APPAREL & TEXTILE PRODUCTS — 2.3%
Capri Holdings Ltd. ^(a)		22,770		956,340
Crocs, Inc. ^(a)		11,550		723,723
Fossil Group, Inc. ^(a)		3,800		32,946
Kontoor Brands, Inc.		5,060		205,233
Movado Group, Inc. ^(a)		11,930		198,277
Oxford Industries, Inc.		3,465		226,992
Steven Madden Ltd.		11,935		421,544
Wolverine World Wide, Inc.		13,500		421,875
				3,186,930
ASSET MANAGEMENT — 0.7%
Blucora, Inc. ^(a)		13,850		220,353
Boston Private Financial Holdings, Inc.		25,630		216,574
Brightsphere Investment Group, Inc.		7,030		135,538
Virtus Investment Partners, Inc.		920		199,640
Waddell & Reed Financial, Inc. - Class A		10,140		258,266
				1,030,371
AUTOMOTIVE — 1.2%
American Axle & Manufacturing Holdings, Inc. ^(a)		24,060		200,660
Cooper Tire & Rubber Co.		6,440		260,820
Dorman Products, Inc. ^(a)		4,390		381,140
Gentherm, Inc. ^(a)		4,820		314,360
Methode Electronics, Inc.		8,170		312,748
Standard Motor Products, Inc.		3,290		133,114
				1,602,842
BANKING — 9.5%
Allegiance Bancshares, Inc.		6,260		213,654
Ameris Bancorp		10,274		391,131
Axos Financial, Inc. ^(a)		8,590		322,383
Banc of California, Inc.		10,340		152,101
Banner Corp.		6,070		282,801
Berkshire Hills Bancorp, Inc.		14,650		250,808
Brookline Bancorp, Inc.		12,520		150,741
Cadence BanCorp.		22,220		364,852
Central Pacific Financial Corp.		11,560		219,756
City Holding Co.		2,910		202,391
Columbia Banking System, Inc.		10,590		380,181
Community Bank System, Inc.		10,650		663,602
Customers Bancorp, Inc. ^(a)		6,950		126,351
CVB Financial Corp.		17,620		343,590
Dime Community Bancshares, Inc.		7,730		121,902
Eagle Bancorp, Inc.		5,790		239,127
FB Financial Corp.		3,776		131,140
First BanCorp.		38,970		359,303
First Commonwealth Financial Corp.		17,510		191,559
First Financial Bancorp		15,720		275,572
First Hawaiian, Inc.		10,410		245,468
First Midwest Bancorp, Inc.		18,900		300,888
Flagstar Bancorp, Inc.		6,160		251,082
Great Western Bancorp, Inc.		11,480		239,932

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
BANKING — 9.5%, continued
Hanmi Financial Corp.		16,730	$	189,718
Heritage Financial Corp.		6,310		147,591
HomeStreet, Inc.		5,810		196,087
Hope Bancorp, Inc.		22,210		242,311
Independent Bank Corp.		5,580		407,563
Independent Bank Group, Inc.		4,980		311,350
Meta Financial Group, Inc.		6,750		246,780
National Bank Holdings Corp. - Class A		6,570		215,233
NBT Bancorp, Inc.		7,000		224,700
Northwest Bancshares, Inc.		23,090		294,167
OFG Bancorp		7,240		134,230
Old National Bancorp		37,700		624,312
Pacific Premier Bancorp, Inc.		15,026		470,765
Park National Corp.		2,050		215,270
Preferred Bank		2,910		146,868
Provident Financial Services, Inc.		9,430		169,363
S&T Bancorp, Inc.		5,970		148,295
Seacoast Banking Corp. of Florida ^(a)		8,510		250,619
ServisFirst Bancshares, Inc.		10,670		429,894
Simmons First National Corp. - Class A		19,010		410,426
Southside Bancshares, Inc.		4,987		154,747
Tompkins Financial Corp.		2,100		148,260
Triumph Bancorp, Inc. ^(a)		5,040		244,692
TrustCo Bank Corp.		23,830		158,946
United Community Banks, Inc.		12,060		342,986
Veritex Holdings, Inc.		13,050		334,863
				13,280,351
BEVERAGES — 0.5%
Coca-Cola Bottling Co. Consolidated, Inc.		830		221,004
National Beverage Corp.		5,760		489,024
				710,028
BIOTECH & PHARMA — 1.6%
Coherus Biosciences, Inc. ^(a)		11,690		203,172
Cytokinetics, Inc. ^(a)		14,910		309,830
Eagle Pharmaceuticals, Inc. ^(a)		3,150		146,695
Enanta Pharmaceuticals, Inc. ^(a)		4,780		201,238
Heska Corp. ^(a)		2,880		419,472
Innoviva, Inc. ^(a)		11,970		148,308
Pacira BioSciences, Inc. ^(a)		3,120		186,701
REGENXBIO, Inc. ^(a)		5,140		233,150
Supernus Pharmaceuticals, Inc. ^(a)		10,380		261,161
Vanda Pharmaceuticals, Inc. ^(a)		10,890		143,095
				2,252,822
CHEMICALS — 3.7%
Balchem Corp.		6,510		750,082
FutureFuel Corp.		11,220		142,494
GCP Applied Technologies, Inc. ^(a)		6,470		153,016
H.B. Fuller Co.		10,240		531,251
Innospec, Inc.		5,910		536,214
Quaker Chemical Corp.		2,730		691,755
Rogers Corp. ^(a)		3,610		560,597
Stepan Co.		3,960		472,507
Trinseo S.A.		7,990		409,168
WD-40 Co.		3,260		866,117
				5,113,201

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2020

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
COMMERCIAL SUPPORT SERVICES — 3.9%
ABM Industries, Inc.		13,350	$	505,164
AMN Healthcare Services, Inc. ^(a)		10,790		736,417
Brady Corp. - Class A		17,110		903,750
CorVel Corp. ^(a)		3,800		402,800
Harsco Corp. ^(a)		14,500		260,710
Heidrick & Struggles International, Inc.		6,300		185,094
HMS Holdings Corp. ^(a)		17,620		647,535
Kelly Services, Inc. - Class A		6,880		141,522
Korn Ferry		12,990		565,065
TrueBlue, Inc. ^(a)		7,400		138,306
UniFirst Corp.		3,470		734,564
US Ecology, Inc.		5,630		204,538
				5,425,465
CONSTRUCTION MATERIALS — 0.1%
Apogee Enterprises, Inc.		4,720		149,530

CONSUMER SERVICES — 0.7%
American Public Education, Inc. ^(a)		5,580		170,078
Medifast, Inc.		2,310		453,546
Perdoceo Education Corp. ^(a)		16,740		211,426
Regis Corp. ^(a)		18,070		166,063
				1,001,113
CONTAINERS & PACKAGING — 0.2%
Myers Industries, Inc.		10,200		211,956

E-COMMERCE DISCRETIONARY — 0.2%
PetMed Express, Inc.		8,210		263,213

ELECTRIC UTILITIES — 0.3%
Avista Corp.		10,420		418,259

ELECTRICAL EQUIPMENT — 4.6%
AAON, Inc.		9,750		649,642
Advanced Energy Industries, Inc. ^(a)		6,290		609,941
Alarm.com Holdings, Inc. ^(a)		7,330		758,289
Badger Meter, Inc.		9,160		861,590
FARO Technologies, Inc. ^(a)		7,110		502,179
Itron, Inc. ^(a)		9,440		905,296
Mesa Laboratories, Inc.		1,900		544,616
OSI Systems, Inc. ^(a)		2,550		237,711
SPX Corp. ^(a)		7,870		429,230
Watts Water Technologies, Inc. - Class A		7,090		862,853
				6,361,347
ENGINEERING & CONSTRUCTION — 1.6%
Aegion Corp. ^(a)		7,920		150,401
Arcosa, Inc.		5,970		327,932
Comfort Systems USA, Inc.		7,610		400,743
Exponent, Inc.		8,210		739,146
Granite Construction, Inc.		7,530		201,126
Installed Building Products, Inc. ^(a)		3,410		347,581
				2,166,929
FOOD — 0.4%
B&G Foods, Inc.		13,360		370,473
USANA Health Sciences, Inc. ^(a)		2,410		185,811
				556,284

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
FORESTRY, PAPER & WOOD PRODUCTS — 1.3%
Boise Cascade Co.		8,960	$	428,288
Glatfelter Corp.		11,660		190,991
Neenah, Inc.		6,890		381,155
UFP Industries, Inc.		13,990		777,144
				1,777,578
GAS & WATER UTILITIES — 1.6%
American States Water Co.		10,540		838,036
California Water Service Group		11,940		645,118
South Jersey Industries, Inc.		31,420		677,101
				2,160,255
HEALTH CARE FACILITIES & SERVICES — 4.0%
Addus HomeCare Corp. ^(a)		2,750		321,998
Covetrus, Inc. ^(a)		18,340		527,092
Ensign Group, Inc. (The)		9,660		704,407
Fulgent Genetics, Inc. ^(a)		4,150		216,215
Magellan Health, Inc. ^(a)		5,580		462,247
NeoGenomics, Inc. ^(a)		20,270		1,091,337
Owens & Minor, Inc.		12,410		335,691
Pennant Group, Inc. (The) ^(a)		4,650		269,979
R1 RCM, Inc. ^(a)		15,400		369,908
RadNet, Inc. ^(a)		11,320		221,532
Select Medical Holdings Corp. ^(a)		24,600		680,436
U.S. Physical Therapy, Inc.		3,070		369,167
				5,570,009
HOME & OFFICE PRODUCTS — 0.6%
iRobot Corp. ^(a)		4,940		396,633
Tupperware Brands Corp. ^(a)		12,090		391,595
				788,228
HOME CONSTRUCTION — 2.5%
American Woodmark Corp. ^(a)		2,505		235,094
Cavco Industries, Inc. ^(a)		1,410		247,385
Century Communities, Inc. ^(a)		2,590		113,390
Interface, Inc.		71,690		752,745
LGI Homes, Inc. ^(a)		3,980		421,283
M/I Homes, Inc. ^(a)		3,510		155,458
MDC Holdings, Inc.		9,774		475,017
Meritage Homes Corp. ^(a)		7,470		618,665
Patrick Industries, Inc.		4,460		304,841
PGT Innovations, Inc. ^(a)		9,950		202,383
				3,526,261
HOUSEHOLD PRODUCTS — 0.4%
Inter Parfums, Inc.		5,930		358,706
Quanex Building Products Corp.		11,930		264,488
				623,194
INDUSTRIAL INTERMEDIATE PRODUCTS — 2.2%
AZZ, Inc.		7,130		338,247
Chart Industries, Inc. ^(a)		2,250		265,027
EnPro Industries, Inc.		5,550		419,136
Gibraltar Industries, Inc. ^(a)		10,440		751,054
Insteel Industries, Inc.		5,610		124,935
Proto Labs, Inc. ^(a)		4,900		751,660
Raven Industries, Inc.		9,680		320,311
Standex International Corp.		2,030		157,366
				3,127,736

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2020

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
INDUSTRIAL SUPPORT SERVICES — 0.9%
Applied Industrial Technologies, Inc.		8,380	$	653,556
DXP Enterprises, Inc. ^(a)		5,460		121,376
Resideo Technologies, Inc. ^(a)		20,870		443,696
				1,218,628
INSTITUTIONAL FINANCIAL SERVICES — 0.4%
Piper Sandler Cos.		3,730		376,357
StoneX Group, Inc. ^(a)		4,090		236,811
				613,168
INSURANCE — 2.3%
Ambac Financial Group, Inc. ^(a)		8,260		127,039
American Equity Investment Life Holding Co.		18,710		517,519
AMERISAFE, Inc.		3,030		174,013
eHealth, Inc. ^(a)		4,420		312,096
Employers Holdings, Inc.		9,010		290,032
Horace Mann Educators Corp.		5,440		228,697
NMI Holdings, Inc. - Class A ^(a)		14,580		330,237
Palomar Holdings, Inc. ^(a)		4,010		356,248
ProAssurance Corp.		9,820		174,698
Trupanion, Inc. ^(a)		4,810		575,805
Universal Insurance Holdings, Inc.		8,320		125,715
				3,212,099
INTERNET MEDIA & SERVICES — 0.8%
HealthStream, Inc. ^(a)		5,690		124,270
Shutterstock, Inc.		4,940		354,198
Stamps.com, Inc. ^(a)		2,760		541,484
TechTarget, Inc. ^(a)		2,580		152,504
				1,172,456
LEISURE FACILITIES & SERVICES — 1.3%
Bloomin’ Brands, Inc.		12,830		249,159
Brinker International, Inc.		5,280		298,690
Cheesecake Factory, Inc. (The)		3,850		142,681
Chuy’s Holdings, Inc. ^(a)		6,790		179,867
Dave & Buster’s Entertainment, Inc.		11,830		355,136
Dine Brands Global, Inc.		1,590		92,220
Shake Shack, Inc. - Class A ^(a)		5,830		494,267
				1,812,020
LEISURE PRODUCTS — 1.4%
Callaway Golf Co.		14,230		341,662
LCI Industries		4,750		615,980
Winnebago Industries, Inc.		3,720		222,977
YETI Holdings, Inc. ^(a)		12,240		838,073
				2,018,692
MACHINERY — 3.1%
Alamo Group, Inc.		1,800		248,310
Astec Industries, Inc.		4,300		248,884
Enerpac Tool Group Corp.		7,300		165,053
ESCO Technologies, Inc.		3,760		388,107
Franklin Electric Co., Inc.		6,300		436,023
Hillenbrand, Inc.		17,660		702,868
John Bean Technologies Corp.		6,135		698,592
Lindsay Corp.		3,140		403,364
MTS Systems Corp.		5,460		317,554
SPX FLOW, Inc. ^(a)		7,180		416,153
Tennant Co.		3,800		266,646
				4,291,554

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
MEDICAL EQUIPMENT & DEVICES — 2.6%
Cardiovascular Systems, Inc. ^(a)		8,070	$	353,143
Glaukos Corp. ^(a)		8,640		650,246
Integer Holdings Corp. ^(a)		4,160		337,751
Lantheus Holdings, Inc. ^(a)		10,653		143,709
LeMaitre Vascular, Inc.		5,160		208,980
Luminex Corp.		12,920		298,711
Meridian Bioscience, Inc. ^(a)		12,960		242,222
Merit Medical Systems, Inc. ^(a)		11,920		661,679
Myriad Genetics, Inc. ^(a)		13,280		262,612
OraSure Technologies, Inc. ^(a)		14,440		152,847
Tactile Systems Technology, Inc. ^(a)		3,830		172,120
Varex Imaging Corp. ^(a)		8,210		136,943
				3,620,963
METALS & MINING — 1.2%
Arconic Corp. ^(a)		19,090		568,882
Century Aluminum Co. ^(a)		10,980		121,109
Cleveland-Cliffs, Inc.		47,990		698,735
Encore Wire Corp.		3,690		223,503
				1,612,229
OIL & GAS SERVICES & EQUIPMENT — 1.7%
Core Laboratories N.V.		51,530		1,366,060
DMC Global, Inc.		3,490		150,942
Matrix Service Co. ^(a)		29,780		328,176
Nabors Industries Ltd.		5,721		333,134
NOW, Inc. ^(a)		19,710		141,518
				2,319,830
PUBLISHING & BROADCASTING — 0.4%
E.W. Scripps Co. (The) - Class A		9,180		140,362
Gannett Co., Inc. ^(a)		68,457		230,016
Scholastic Corp.		8,410		210,250
				580,628
REAL ESTATE SERVICES — 1.1%
Marcus & Millichap, Inc. ^(a)		9,260		344,750
RE/MAX Holdings, Inc. - Class A		8,960		325,517
Realogy Holdings Corp. ^(a)		32,650		428,368
Retail Properties of America, Inc. - Class A		45,460		389,137
				1,487,772
REITS — 7.9%
Acadia Realty Trust		17,540		248,893
Agree Realty Corp.		9,030		601,217
Alexander & Baldwin, Inc.		14,570		250,313
American Assets Trust, Inc.		6,220		179,634
Armada Hoffler Properties, Inc.		17,570		197,135
ARMOUR Residential REIT, Inc.		16,350		176,417
Brandywine Realty Trust		38,600		459,726
CareTrust REIT, Inc.		16,990		376,838
Chatham Lodging Trust		22,880		247,104
Community Healthcare Trust, Inc.		5,180		244,030
DiamondRock Hospitality Co. ^(a)		41,780		344,685
Diversified Healthcare Trust		40,550		167,066
Easterly Government Properties, Inc.		4,770		108,041
Essential Properties Realty Trust, Inc.		14,970		317,364
Four Corners Property Trust, Inc.		12,660		376,888
Franklin Street Properties Corp.		32,340		141,326
Getty Realty Corp.		3,980		109,609
Global Net Lease, Inc. ^(a)		16,180		277,325

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2020

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
REITS — 7.9%, continued
Hersha Hospitality Trust		40,330	$	318,204
Independence Realty Trust, Inc.		16,080		215,954
Industrial Logistics Properties Trust		5,000		116,450
Innovative Industrial Properties, Inc.		3,480		637,292
iStar, Inc.		14,210		211,018
Kite Realty Group Trust		10,900		163,064
Lexington Realty Trust		32,120		341,114
LTC Properties, Inc.		7,200		280,152
Matson, Inc.		8,190		466,584
National Storage Affiliates Trust		10,520		379,036
Office Properties Income Trust		8,140		184,941
Retail Opportunity Investments Corp.		22,870		306,229
RPT Realty		28,780		248,947
Safehold, Inc.		3,430		248,641
Saul Centers, Inc.		6,620		209,722
SITE Centers Corp.		26,930		272,532
Summit Hotel Properties, Inc.		24,240		218,402
Tanger Factory Outlet Centers, Inc.		16,520		164,539
Uniti Group, Inc.		35,680		418,526
Universal Health Realty Income Trust		1,650		106,045
Washington Real Estate Investment Trust		15,790		341,538
Xenia Hotel & Resorts, Inc.		23,860		362,672
				11,035,213
RETAIL - CONSUMER STAPLES — 0.6%
Big Lots, Inc.		7,800		334,854
PriceSmart, Inc.		2,690		245,032
SpartanNash Co.		17,520		305,023
				884,909
RETAIL - DISCRETIONARY — 5.0%
Abercrombie & Fitch Co. - Class A		13,550		275,878
Asbury Automotive Group, Inc. ^(a)		3,100		451,794
Bed Bath & Beyond, Inc.		11,190		198,734
Boot Barn Holdings, Inc. ^(a)		4,560		197,722
Buckle, Inc. (The)		5,380		157,096
Caleres, Inc.		16,560		259,164
Chico’s FAS, Inc.		82,620		131,366
Children’s Place, Inc. (The) ^(a)		6,350		318,135
Designer Brands, Inc. - Class A		22,480		171,972
Ethan Allen Interiors, Inc.		16,450		332,455
GameStop Corp. - Class A ^(a)		17,110		322,352
Genesco, Inc. ^(a)		8,480		255,163
GMS, Inc. ^(a)		7,050		214,884
Group 1 Automotive, Inc.		3,050		399,977
Guess?, Inc.		9,260		209,461
Hibbett Sports, Inc. ^(a)		5,140		237,365
La-Z-Boy, Inc.		6,970		277,685
Lumber Liquidators Holdings, Inc. ^(a)		8,400		258,216
Macy’s, Inc.		66,210		744,863
MarineMax, Inc. ^(a)		3,780		132,413
Michaels Cos., Inc. (The) ^(a)		13,040		169,650
Monro, Inc.		6,250		333,125
ODP Corp. (The)		7,677		224,936
Sleep Number Corp. ^(a)		5,300		433,858
Sonic Automotive, Inc. - Class A		4,410		170,094
Zumiez, Inc. ^(a)		4,180		153,740
				7,032,098

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
SEMICONDUCTORS — 3.7%
Axcelis Technologies, Inc. ^(a)		7,890	$	229,757
Brooks Automation, Inc.		12,780		867,123
CEVA, Inc. ^(a)		4,260		193,830
Cohu, Inc.		7,270		277,569
CTS Corp.		6,010		206,323
Diodes, Inc. ^(a)		6,230		439,215
FormFactor, Inc. ^(a)		13,950		600,129
Kulicke & Soffa Industries, Inc.		9,850		313,329
MaxLinear, Inc. ^(a)		8,600		328,434
Onto Innovation, Inc. ^(a)		10,847		515,775
Photronics, Inc. ^(a)		16,690		186,260
Power Integrations, Inc.		6,080		497,709
Rambus, Inc. ^(a)		13,445		234,750
Ultra Clean Holdings, Inc. ^(a)		5,050		157,307
Veeco Instruments, Inc. ^(a)		8,620		149,643
				5,197,153
SOFTWARE — 3.9%
Agilysys, Inc. ^(a)		6,190		237,572
Allscripts Healthcare Solutions, Inc. ^(a)		16,430		237,249
Bottomline Technologies (de), Inc. ^(a)		8,780		463,057
Donnelley Financial Solutions, Inc. ^(a)		10,660		180,900
Ebix, Inc.		7,800		296,166
Glu Mobile, Inc. ^(a)		22,080		198,941
LivePerson, Inc. ^(a)		9,500		591,185
MicroStrategy, Inc. - Class A ^(a)		1,390		540,085
NextGen Healthcare, Inc. ^(a)		9,550		174,192
Omnicell, Inc. ^(a)		7,100		852,142
PDF Solutions, Inc. ^(a)		9,190		198,504
Progress Software Corp.		6,410		289,668
Simulations Plus, Inc.		2,170		156,066
SPS Commerce, Inc. ^(a)		5,620		610,276
Tabula Rasa HealthCare, Inc. ^(a)		4,720		202,205
Xperi Holding Corp.		13,121		274,229
				5,502,437
SPECIALTY FINANCE — 2.4%
Apollo Commercial Real Estate Finance, Inc.		22,000		245,740
Capstead Mortgage Corp.		27,500		159,775
Deluxe Corp.		8,680		253,456
Encore Capital Group, Inc. ^(a)		4,100		159,695
Enova International, Inc. ^(a)		7,260		179,830
Granite Point Mortgage Trust		24,170		241,458
Invesco Mortgage Capital, Inc.		43,621		147,439
KKR Real Estate Finance Trust, Inc.		6,670		119,526
Mr. Cooper Group, Inc. ^(a)		10,090		313,093
New York Mortgage Trust, Inc.		75,880		279,997
PennyMac Mortgage Investment Trust		15,630		274,932
PRA Group, Inc. ^(a)		6,920		274,447
Redwood Trust, Inc.		19,810		173,932
Stewart Information Services Corp.		3,830		185,219
Walker & Dunlop, Inc.		4,340		399,367
				3,407,906
TECHNOLOGY HARDWARE — 3.1%
3D Systems Corp. ^(a)		23,680		248,167
ADTRAN, Inc.		14,390		212,540
Benchmark Electronics, Inc.		8,020		216,620
CalAmp Corp. ^(a)		20,810		206,435
Daktronics, Inc.		43,290		202,597

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2020

		Shares		Fair Value
COMMON STOCKS — 98.7%, continued
TECHNOLOGY HARDWARE — 3.1%, continued
Fabrinet ^(a)			4,770	$	370,104
Harmonic, Inc. ^(a)			17,410		128,660
Knowles Corp. ^(a)			18,120		333,952
NETGEAR, Inc. ^(a)			4,710		191,367
Pitney Bowes, Inc.			38,270		235,743
Plantronics, Inc.			8,330		225,160
Plexus Corp. ^(a)			4,900		383,229
Sanmina Corp. ^(a)			13,090		417,440
TTM Technologies, Inc. ^(a)			16,420		226,514
Universal Electronics, Inc. ^(a)			2,770		145,314
Viavi Solutions, Inc. ^(a)			37,780		565,756
					4,309,598
TECHNOLOGY SERVICES — 3.1%
Cardtronics plc - Class A ^(a)			6,690		236,157
CSG Systems International, Inc.			7,610		342,983
EVERTEC, Inc.			10,810		425,049
ExlService Holdings, Inc. ^(a)			5,430		462,256
Green Dot Corp. - Class A ^(a)			7,600		424,080
Insight Enterprises, Inc. ^(a)			8,860		674,157
NIC, Inc.			11,920		307,894
Perficient, Inc. ^(a)			7,030		334,979
Sykes Enterprises, Inc. ^(a)			8,000		301,360
TTEC Holdings, Inc.			5,360		390,905
Unisys Corp. ^(a)			10,560		207,821
Virtusa Corp. ^(a)			4,690		239,800
					4,347,441
TELECOMMUNICATIONS — 2.0%
8x8, Inc. ^(a)			16,250		560,137
ATN International, Inc.			3,340		139,478
Cincinnati Bell, Inc. ^(a)	��		7,720		117,962
Cogent Communications Holdings, Inc.			7,110		425,676
Consolidated Communications Holdings, Inc. ^(a)			29,970		146,553
Iridium Communications, Inc. ^(a)			16,070		631,953
Shenandoah Telecommunications Co.			3,390		146,617
Spok Holdings, Inc.			14,760		164,279
Vonage Holdings Corp. ^(a)			39,210		504,829
					2,837,484
TRANSPORTATION & LOGISTICS — 2.9%
Allegiant Travel Co.			1,900		359,556
ArcBest Corp.			4,550		194,149
Atlas Air Worldwide Holdings, Inc. ^(a)			4,200		229,068
Bristow Group, Inc. ^(a)			8,623		226,957
Echo Global Logistics, Inc. ^(a)			6,670		178,889
Forward Air Corp.			4,620		355,001
Hawaiian Holdings, Inc.			10,110		178,947
Heartland Express, Inc.			19,510		353,131
Hub Group, Inc. - Class A ^(a)			5,380		306,660
Marten Transport Ltd.			18,180		313,241
Saia, Inc. ^(a)			5,490		992,592
SEACOR Holdings, Inc. ^(a)			3,470		143,832
SkyWest, Inc.			5,770		232,589
					4,064,612
TRANSPORTATION EQUIPMENT — 0.4%
Greenbrier Cos., Inc. (The)			6,020		219,008
Meritor, Inc. ^(a)			12,840		358,364
					577,372

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
WHOLESALE - CONSUMER STAPLES — 1.1%
Andersons, Inc. (The)		29,050	$	712,016
Chefs’ Warehouse, Inc. (The) ^(a)		19,440		499,414
United Natural Foods, Inc. ^(a)		18,350		293,049
				1,504,479
WHOLESALE - DISCRETIONARY — 0.9%
ePlus, Inc. ^(a)		2,280		200,526
G-III Apparel Group Ltd. ^(a)		12,730		302,210
PC Connection, Inc. ^(a)		2,570		121,535
ScanSource, Inc. ^(a)		23,700		625,206
				1,249,477
TOTAL COMMON STOCKS (COST $104,282,875)				137,820,848

RIGHTS — 0.0% ^(b)
MEDICAL EQUIPMENT & DEVICES — 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	$	70,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/15/23		330,000		330,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/23		330,000		330,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/17/24		60,000		60,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/13/24		90,000		90,000
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		06/13/25		150,000		150,000
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		12/15/25		280,000		280,000
TOTAL CORPORATE NOTES (COST $1,310,000)									1,310,000

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2020

	Shares		Fair Value
MONEY MARKET FUNDS — 0.2%
First American Government Obligations Fund - Class X, 0.04% ^(e) (COST $256,982)		256,982	$	256,982

TOTAL INVESTMENTS - (COST $105,849,857) — 99.8%			$	139,390,438
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				272,428
NET ASSETS — 100.0%			$	139,662,866

(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 was $2,608 as of December 31, 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	$	70,000		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23		06/18/18		330,000		330,000		0.2	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23		12/17/18		330,000		330,000		0.2	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24		06/17/19		60,000		60,000		0.0	%^(b)
Calvert Social Investment Foundation, Inc. 3.000%, 12/13/24		12/12/19		90,000		90,000		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		150,000		150,000		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25		12/15/20		280,000		280,000		0.2	%
			$	1,310,000	$	1,310,000		0.9	%

(e)	The rate shown is the 7-day effective yield as of December 31, 2020.

CVR	— Contingent Value Right

plc	— Public Liability Company

REIT	— Real Estate Investment Trust

See accompanying notes to financial statements.

Praxis Genesis Portfolios

Annual Report to Shareholders

Portfolio Managers’ Commentary (unaudited)

In 2020, the global pandemic caused a dramatic economic slowdown and a market correction in March. The Federal Reserve, along with the executive and legislative branches, came to the rescue with monetary and fiscal policies that boosted the economy. These drastic measures made a dramatic effect, and all major stock and bond indices ended the year in positive territory. The S&P 500 was up 18.39% in 2020. The small cap market – as represented by the S&P SmallCap 600 – was up 11.24%.

This was a year where equity style mattered a lot. In fact, the performance difference between the large cap growth and large cap value styles was as large as it has been in at least the last two decades. The S&P 500 Growth Index was up 33.49%, while the S&P 500 Value Index was only up 1.36%.

International emerging markets did much better than developed markets in 2020. The MSCI Emerging Markets Index was up 18.31%, while the MSCI EAFE Index was up 7.82%. The MSCI ACWI ex-U.S. includes both indexes in a proportion of about 70% developed and 30% emerging – its return for the year was 10.65%. Over the last five years, emerging markets have easily outperformed developed markets, with a 12.79% annualized return versus a 7.44% annualized return, but over the last 10 years, developed markets have outperformed emerging markets.

The Bloomberg Barclays U.S. Aggregate index returned 7.51% for 2020. The interest rate curve fell dramatically and steepened, with the 6-month Treasury bill yield decreasing 1.50% and the yield on the 30-year Treasury note decreasing by 0.75%. The level of negative yielding debt across the world increased to $17.8 trillion by the end of 2020 versus $11.3 trillion to start the year.

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

The Genesis Conservative Portfolio’s Class A Shares (without load) returned 10.28%, which outperformed the S&P Target Risk Conservative Index return of 9.67%.

The Genesis Balanced Portfolio’s Class A Shares (without load) return was 12.97%, which outperformed the S&P Target Risk Growth Index’s return of 11.83%.

The Genesis Growth Portfolio’s Class A Shares (without load) return was 14.08%, which outperformed the S&P Target Risk Aggressive Index’s return of 13.08%.

The allocation to large cap growth was the largest positive contributor on an absolute basis for each portfolio. The biggest detractor on an absolute basis was large cap value with its low single-digit return in 2020.

The underlying investments in the Genesis Portfolios are the Praxis Impact Bond Fund, the Praxis Growth Index Fund, the Praxis Value Index Fund, Praxis Small Cap Index Fund, and the Praxis International Index Fund. These funds are held in proportions matching the risk profile of each of the Genesis Portfolios. We take a long-term approach in assigning weights to the various underlying funds, relying on the premise that the higher risk equity funds are expected to generate higher long-term returns than the lower risk fixed income investments. 2020 was a year when the higher risk of stocks helped the performance for portfolios that had a higher stock allocation.

Each of the portfolios benefited from the relative outperformance of the Praxis Impact Bond Fund, Praxis International Index Fund and the Praxis Value Index Fund versus their respective benchmarks. The Praxis Growth Index Fund and the Praxis Small Cap Index Fund both slightly underperformed their benchmarks for 2020.

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

Dale Snyder, CFA^®
Praxis Genesis Portfolios Co-Manager
Praxis Mutual Funds

The views expressed are those of the portfolio manager as of Dec. 31, 2020, are subject to change, and may differ from the views of other portfolio managers or Everence Capital Management as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

The S&P 500 Index is a market capitalization weighted index of 500 large companies that is widely used as a barometer of U.S. stock market performance.

Praxis Genesis Portfolios

Annual Report to Shareholders

Portfolio Managers’ Commentary (unaudited) (continued)

The MSCI Emerging Markets Index captures large and mid cap representation across 27 emerging markets: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

The MSCI EAFE (Europe, Australasia, and Far East) Index is a free float-adjusted weighted capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Index consists of 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

The MSCI All Country World Index (ACWI) 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.

Praxis Genesis Conservative Portfolio

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/10 to 12/31/20

			Average Annual
	Inception Date	One Year Ended	Three Year Ended	Five Year Ended	Ten Year Ended	Expense Ratio** Gross/Net
Praxis Genesis Conservative Portfolio
Class A *	12/31/09	4.45%	4.80%	5.38%	4.80%	1.15%	1.13%
Class A (Without Load)	12/31/09	10.28%	6.70%	6.53%	5.37%
S&P Target Risk Conservative Index ¹		9.67%	6.74%	7.02%	5.54%

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

** Reflects the expense ratios as reported in the Prospectus dated April 30, 2020. Contractual fee waivers are in effect from May 1, 2020 through April 30, 2021 for Class A.

¹ S&P Target Risk Conservative Index seeks to emphasize exposure to fixed income, in order to produce a current income stream and avoid excessive volatility of returns. Equities are included to protect long-term purchasing power. The series is comprised of four multi-asset class indices. The index is comprised exclusively of exchange-traded funds.

The above indices 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 Fund’s performance reflects the deduction of these expenses. An investor cannot invest directly in an index, although an investor can invest in its underlying securities.

Schedule of Investments

Praxis Genesis Conservative Portfolio

December 31, 2020

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 100.0%
DEBT FUND — 69.5%
Praxis Impact Bond Fund - Class I		1,732,025	$	19,294,760

EQUITY FUND — 30.5%
Praxis Growth Index Fund - Class I		76,681		2,626,337
Praxis International Index Fund - Class I		198,193		2,548,767
Praxis Small Cap Index Fund - Class I		66,769		707,753
Praxis Value Index Fund - Class I		180,882		2,586,609
				8,469,466
TOTAL AFFILIATED MUTUAL FUNDS (COST $22,751,813)				27,764,226

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 0.04% ^(b) (COST $5,470)		5,470		5,470

TOTAL INVESTMENTS - (COST $22,757,283) — 100.0%			$	27,769,696
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) ^(a)				(6,866	)
NET ASSETS — 100.0%			$	27,762,830

(a)	Percentage rounds to less than 0.1%.

(b)	The rate shown is the 7-day effective yield as of December 31, 2020.

See accompanying notes to financial statements.

Praxis Genesis Balanced Portfolio

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/10 to 12/31/20

			Average Annual
	Inception Date	One Year Ended	Three Year Ended	Five Year Ended	Ten Year Ended	Expense Ratio** Gross/Net
Praxis Genesis Balanced Portfolio
Class A *	12/31/09	7.06%	6.47%	7.84%	6.68%	1.03%	1.03%
Class A (Without Load)	12/31/09	12.97%	8.40%	9.01%	7.26%
S&P Target Risk Growth Index ¹		11.83%	7.93%	9.25%	7.94%

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

** Reflects the expense ratios as reported in the Prospectus dated April 30, 2020. Contractual fee waivers are in effect from May 1, 2020 through April 30, 2021 for Class A.

¹ 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.

Schedule of Investments

Praxis Genesis Balanced Portfolio

December 31, 2020

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 100.0%
DEBT FUND — 39.4%
Praxis Impact Bond Fund - Class I		3,098,560	$	34,517,954

EQUITY FUND — 60.6%
Praxis Growth Index Fund - Class I		415,021		14,214,473
Praxis International Index Fund - Class I		1,242,349		15,976,613
Praxis Small Cap Index Fund - Class I		835,772		8,859,181
Praxis Value Index Fund - Class I		978,991		13,999,566
				53,049,833
TOTAL AFFILIATED MUTUAL FUNDS (COST $64,080,504)				87,567,787

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 0.04% ^(b) (COST $264)		264		264

TOTAL INVESTMENTS - (COST $64,080,768) — 100.0%			$	87,568,051
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) ^(a)				(41,060	)
NET ASSETS — 100.0%			$	87,526,991

(a)	Percentage rounds to less than 0.1%.

(b)	The rate shown is the 7-day effective yield as of December 31, 2020.

See accompanying notes to financial statements.

Praxis Genesis Growth Portfolio

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/10 to 12/31/20

			Average Annual
	Inception Date	One Year Ended	Three Year Ended	Five Year Ended	Ten Year Ended	Expense Ratio** Gross/Net
Praxis Genesis Growth Portfolio
Class A *	12/31/09	8.12%	7.26%	9.20%	7.74%	1.08%	1.08%
Class A (Without Load)	12/31/09	14.08%	9.22%	10.39%	8.33%
S&P Target Risk Aggressive Index ¹		13.08%	8.64%	10.65%	9.26%

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

** Reflects the expense ratios as reported in the Prospectus dated April 30, 2020. Contractual fee waivers are in effect from May 1, 2020 through April 30, 2021 for Class A.

¹ 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 Genesis Growth Portfolio

December 31, 2020

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 100.0%
DEBT FUND — 19.6%
Praxis Impact Bond Fund - Class I		1,508,545	$	16,805,189

EQUITY FUND — 80.4%
Praxis Growth Index Fund - Class I		517,920		17,738,747
Praxis International Index Fund - Class I		1,611,635		20,725,626
Praxis Small Cap Index Fund - Class I		1,220,700		12,939,421
Praxis Value Index Fund - Class I		1,222,185		17,477,250
				68,881,044
TOTAL AFFILIATED MUTUAL FUNDS (COST $59,215,816)				85,686,233

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 0.04% ^(b) (COST $539)		539		539

TOTAL INVESTMENTS - (COST $59,216,355) — 100.0%			$	85,686,772
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) ^(a)				(37,914	)
NET ASSETS — 100.0%			$	85,648,858

(a)	Percentage rounds to less than 0.1%.

(b)	The rate shown is the 7-day effective yield as of December 31, 2020.

See accompanying notes to financial statements.

Statements of Assets & Liabilities

December 31, 2020

	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	$	685,836,949		$	200,496,716		$	249,332,567		$	187,870,187		$	105,849,857
Investments in unaffiliated securities, at fair value	$	734,327,644		$	318,780,859		$	306,283,978		$	397,851,879		$	139,390,438
Cash		—			48,600			3,368			5,274			1,848
Cash denominated in foreign currency (Cost $150)		—			150			—			—			—
Receivable for capital shares sold		1,237,642			959,019			2,457,051			2,752,981			157,208
Receivable for investments sold		602			6,217,003			—			—			10,296
Receivable for dividends and interest		3,889,405			442,198			463,234			171,948			193,177
Receivable for tax reclaims		—			281,179			—			—			—
Prepaid expenses		26,423			22,922			20,077			24,125			14,982
Total Assets		739,481,716			326,751,930			309,227,708			400,806,207			139,767,949

Liabilities
Payable for capital shares redeemed		932,879			507,085			73,527			306,822			26,903
Payable for investments purchased		9,038,626			6,014,703			—			—			—
Accrued expenses and other payables:
Investment advisory fees		240,651			123,731			76,563			99,561			41,246
Administration fees		56,834			25,900			23,535			31,181			11,160
Distribution fees		10,284			2,429			4,110			19,277			1,061
Other		116,694			62,586			53,729			61,896			24,713
Total Liabilities		10,395,968			6,736,434			231,464			518,737			105,083

Net Assets	$	729,085,748		$	320,015,496		$	308,996,244		$	400,287,470		$	139,662,866

Components of Net Assets
Paid-in capital	$	680,858,305		$	230,650,282		$	242,467,471		$	169,457,190		$	105,505,078
Distributable earnings		48,227,443			89,365,214			66,528,773			230,830,280			34,157,788
Net Assets	$	729,085,748		$	320,015,496		$	308,996,244		$	400,287,470		$	139,662,866

Pricing of Class A Shares
Net assets attributable to Class A shares	$	48,146,058		$	11,251,072		$	18,863,209		$	90,515,835		$	5,172,743
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)		4,301,113			877,277			1,307,826			2,665,101			534,069
Net asset value, offering price and redemption price per share*	$	11.19		$	12.82		$	14.42		$	33.96		$	9.69
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]	$	11.63		$	13.53		$	15.22		$	35.84		$	10.23

Pricing of Class I Shares
Net assets attributable to Class I shares	$	680,939,690		$	308,764,424		$	290,133,035		$	309,771,635		$	134,490,123
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		61,145,012			24,007,194			20,283,896			9,043,322			12,689,871
Net asset value and redemption price per share*	$	11.14		$	12.86		$	14.30		$	34.25		$	10.60

*	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

December 31, 2020

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Assets
Investments in affiliated securities, at cost	$	22,751,813		$	64,080,504		$	59,215,816
Investments in unaffiliated securities, at cost		5,470			264			539
Investments in affiliated securities, at fair value	$	27,764,226		$	87,567,787		$	85,686,233
Investments in unaffiliated securities, at fair value		5,470			264			539
Receivable for capital shares sold		15,520			10,655			33,647
Receivable for investments sold		367			—			—
Prepaid expenses		6,667			8,563			10,393
Total Assets		27,792,250			87,587,269			85,730,812

Liabilities
Payable for capital shares redeemed		452			—			37
Payable for investments purchased		—			10,655			33,586
Accrued expenses and other payables:
Investment advisory fees		10,350			3,680			3,576
Administration fees		1,447			4,498			4,314
Distribution fees		5,841			18,401			17,879
Other		11,330			23,044			22,562
Total Liabilities		29,420			60,278			81,954

Net Assets	$	27,762,830		$	87,526,991		$	85,648,858

Components of Net Assets
Paid-in capital	$	22,601,100		$	63,123,917		$	58,571,026
Distributable earnings		5,161,730			24,403,074			27,077,832
Net Assets	$	27,762,830		$	87,526,991		$	85,648,858

Pricing of Class A Shares
Net assets attributable to Class A shares	$	27,762,830		$	87,526,991		$	85,648,858
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)		2,136,432			5,684,554			4,987,944
Net asset value, offering price and redemption price per share*	$	12.99		$	15.40		$	17.17
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]	$	13.71		$	16.25		$	18.12

*	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 year ended December 31, 2020

	Praxis Impact Bond Fund		Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Index Fund
Investment income
Dividends	$	269,249	$	7,485,976		$	7,013,467		$	3,815,842		$	1,608,326
Non-cash dividend income		—		14,444			—			—			—
Foreign tax withholding		—		(1,105,092	)		(173	)		(178	)		(2,574	)
Interest		16,700,840		69,079			62,467			77,677			29,159
Total Investment Income		16,970,089		6,464,407			7,075,761			3,893,341			1,634,911

Expenses
Investment advisory fees		2,602,244		1,290,176			766,788			1,038,546			354,263
Administration fees		313,416		137,278			123,111			166,451			57,574
Distribution fees - Class A		135,072		25,956			56,064			213,688			9,699
Transfer agent fees - Class A		57,337		27,024			34,586			63,384			7,618
Transfer agent fees - Class I		84,040		15,459			53,271			62,945			6,877
Registration fees - Class A		22,844		17,056			15,835			22,960			19,879
Registration fees - Class I		32,931		19,139			26,652			23,310			16,253
Custodian fees		40,868		77,607			14,789			20,561			10,037
Legal fees		61,467		29,666			26,674			33,323	��		12,404
Trustee fees and expenses		57,048		27,356			23,788			30,778			11,191
Pricing fees		73,727		56,782			5,349			4,737			8,668
Audit and tax services fees		40,722		41,293			21,965			26,001			14,135
Shareholder report printing fees - Class A		8,676		3,341			7,006			6,206			—
Shareholder report printing fees - Class I		25,159		8,854			13,548			20,257			7,523
Other expenses		70,740		37,622			39,932			38,214			25,584
Total Expenses		3,626,291		1,814,609			1,229,358			1,771,361			561,705
Class A expenses contractually reduced by Investment Adviser		—		—			—			—			(9,564	)
Net Expenses		3,626,291		1,814,609			1,229,358			1,771,361			552,141

Net Investment Income		13,343,798		4,649,798			5,846,403			2,121,980			1,082,770

Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		7,395,437		(6,906,231	)		6,986,971			28,402,948			868,654
Net realized losses on foreign currency transactions		—		(96,900	)		—			—			—
Change in unrealized appreciation/(depreciation) of investments		25,492,894		46,743,771			5,910,699			71,609,153			19,520,809
Change in unrealized appreciation/(depreciation) of foreign currency translations		—		22,187			—			—			—
Net Realized and Unrealized Gains on Investments and Foreign Currency Transactions		32,888,331		39,762,827			12,897,670			100,012,101			20,389,463
Net Change in Net Assets from Operations	$	46,232,129	$	44,412,625		$	18,744,073		$	102,134,081		$	21,472,233

See accompanying notes to financial statements.

Statements of Operations, continued

For the year ended December 31, 2020

	Praxis Genesis Conservative Portfolio		Praxis Genesis Balanced Portfolio		Praxis Genesis Growth Portfolio
Investment income
Dividends from affiliates	$	714,270	$	2,321,140	$	2,337,707
Dividends from non-affiliates		23		3		2
Total Investment Income		714,293		2,321,143		2,337,709

Expenses
Distribution fees - Class A		67,404		201,630		186,505
Transfer agent fees		27,534		82,408		107,480
Investment advisory fees		13,481		40,326		37,300
Registration and filing fees		23,843		26,709		24,054
Administration fees		8,123		24,229		22,365
Audit and tax services fees		8,411		11,220		11,103
Shareholder report printing fees		1,433		5,018		6,385
Trustee fees and expenses		791		2,081		2,170
Custodian fees		825		810		885
Insurance expense		134		415		371
Other expenses		5,467		4,197		3,001
Total Expenses		157,446		399,043		401,619
Recoupment of prior expenses contractually reduced by Investment Adviser		5,045		—		—
Net Expenses		162,491		399,043		401,619

Net Investment Income		551,802		1,922,100		1,936,090

Realized and Unrealized Gains on Investments
Net realized gains on investments in affiliates		428,014		1,824,949		1,171,428
Long-term capital gain distributions from investments in affiliates		247,691		1,011,583		1,131,669
Change in unrealized appreciation/(depreciation) of investments in affiliates		1,476,761		5,314,128		6,762,991
Net Realized and Unrealized Gains on Investments		2,152,466		8,150,660		9,066,088
Net Change in Net Assets from Operations	$	2,704,268	$	10,072,760	$	11,002,178

See accompanying notes to financial statements.

Statements of Changes in Net Assets

	Praxis Impact Bond Fund						Praxis International Index Fund
	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
From Operations
Net investment income	$	13,343,798		$	13,874,311		$	4,649,798		$	6,727,585
Net realized gains (losses) from investments and foreign currency transactions		7,395,437			1,111,491			(7,003,131	)		(2,821,063	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		25,492,894			27,161,042			46,765,958			46,656,384
Net Change in Net Assets from Operations		46,232,129			42,146,844			44,412,625			50,562,906

Distributions to Shareholders
Class A		(1,268,035	)		(1,296,712	)		(89,909	)		(171,182	)
Class I		(17,482,526	)		(12,834,733	)		(4,530,504	)		(6,510,309	)
Change in Net Assets from Distributions to Shareholders		(18,750,561	)		(14,131,445	)		(4,620,413	)		(6,681,491	)

Change in Net Assets from Capital Transactions (Note 6)		112,971,574			50,779,583			(8,254,781	)		(5,238,803	)
Change in Net Assets		140,453,142			78,794,982			31,537,431			38,642,612

Net Assets
Beginning of year		588,632,606			509,837,624			288,478,065			249,835,453
End of year	$	729,085,748		$	588,632,606		$	320,015,496		$	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 Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
From Operations
Net investment income	$	5,846,403		$	4,695,653		$	2,121,980		$	3,072,980		$	1,082,770		$	1,098,144
Net realized gains from investments		6,986,971			23,796,038			28,402,948			22,851,797			868,654			2,652,060
Net change in unrealized appreciation/(depreciation) on investments		5,910,699			33,521,790			71,609,153			53,775,059			19,520,809			17,890,343
Net Change in Net Assets from Operations		18,744,073			62,013,481			102,134,081			79,699,836			21,472,233			21,640,547

Distributions to Shareholders
Class A		(1,487,424	)		(957,865	)		(5,472,414	)		(5,093,963	)		(42,138	)		(91,206	)
Class I		(24,288,798	)		(7,797,986	)		(19,356,007	)		(15,196,455	)		(1,620,501	)		(3,128,818	)
Change in Net Assets from Distributions to Shareholders		(25,776,222	)		(8,755,851	)		(24,828,421	)		(20,290,418	)		(1,662,639	)		(3,220,024	)

Change in Net Assets from Capital Transactions (Note 6)		62,328,677			19,533,075			(2,662,269	)		14,894,348			(373,613	)		11,842,183
Change in Net Assets		55,296,528			72,790,705			74,643,391			74,303,766			19,435,981			30,262,706

Net Assets
Beginning of year		253,699,716			180,909,011			325,644,079			251,340,313			120,226,885			89,964,179
End of year	$	308,996,244		$	253,699,716		$	400,287,470		$	325,644,079		$	139,662,866		$	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 Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
From Operations
Net investment income	$	551,802		$	443,198		$	1,922,100		$	1,263,330		$	1,936,090		$	967,789
Net realized gains (losses) on investments in affiliates		428,014			(19,705	)		1,824,949			5,798			1,171,428			5,261
Long-term capital gain distributions from investments in affiliates		247,691			185,624			1,011,583			1,049,733			1,131,669			1,217,718
Net change in unrealized appreciation/(depreciation) on investments in affiliates		1,476,761			2,351,108			5,314,128			10,650,551			6,762,991			11,266,808
Net Change in Net Assets from Operations		2,704,268			2,960,225			10,072,760			12,969,412			11,002,178			13,457,576

Distributions to Class A Shareholders		(955,627	)		(552,811	)		(4,096,729	)		(2,168,966	)		(4,024,475	)		(2,092,107	)

Change in Net Assets from Capital Transactions (Note 6)		(747,030	)		2,205,375			(1,688,758	)		2,070,994			4,450,894			2,170,204
Change in Net Assets		1,001,611			4,612,789			4,287,273			12,871,440			11,428,597			13,535,673

Net Assets
Beginning of year		26,761,219			22,148,430			83,239,718			70,368,278			74,220,261			60,684,588
End of year	$	27,762,830		$	26,761,219		$	87,526,991		$	83,239,718		$	85,648,858		$	74,220,261

See accompanying notes to financial statements.

Financial Highlights

For a share outstanding throughout the year indicated

Praxis Impact Bond Fund - Class A

	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value at beginning of year	$	10.67		$	10.12		$	10.39		$	10.30		$	10.32
Net investment income ^(a)		0.19			0.23			0.22			0.21			0.20
Net realized and unrealized gains (losses) on investments		0.60			0.55			(0.26	)		0.11			0.02
Total from investment operations		0.79			0.78			(0.04	)		0.32			0.22
Less distributions from:
Net investment income		(0.20	)		(0.23	)		(0.23	)		(0.23	)		(0.23	)
Net realized gains		(0.07	)		—			—			—			(0.01	)
Total distributions		(0.27	)		(0.23	)		(0.23	)		(0.23	)		(0.24	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	11.19		$	10.67		$	10.12		$	10.39		$	10.30
Total return (excludes sales charge)		7.45	%		7.75	%		(0.36	%)		3.11	%		2.13	%
Net assets at end of year (in 000s)	$	48,146		$	58,383		$	60,692		$	91,048		$	83,211
Ratio of net expenses to average net assets		0.92	%		0.95	%		0.97	%		0.93	%		0.94	%
Ratio of net investment income to average net assets		1.72	%		2.16	%		2.15	%		2.02	%		1.87	%
Ratio of gross expenses to average net assets		0.92	%		0.95	%		0.98	%*		0.98	%*		0.99	%*
Portfolio turnover rate		31.27	%		17.58	%		27.27	%		17.36	%		16.05	%

Praxis Impact Bond Fund - Class I

	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value at beginning of year	$	10.62		$	10.08		$	10.35		$	10.25		$	10.27
Net investment income ^(a)		0.23			0.27			0.26			0.25			0.26
Net realized and unrealized gains (losses) on investments		0.61			0.54			(0.26	)		0.11			0.00	^(b)
Total from investment operations		0.84			0.81			0.00	^(b)		0.36			0.26
Less distributions from:
Net investment income		(0.25	)		(0.27	)		(0.27	)		(0.26	)		(0.27	)
Net realized gains		(0.07	)		—			—			—			(0.01	)
Total distributions		(0.32	)		(0.27	)		(0.27	)		(0.26	)		(0.28	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	11.14		$	10.62		$	10.08		$	10.35		$	10.25
Total return		7.94	%		8.15	%		0.08	%		3.58	%		2.55	%
Net assets at end of year (in 000s)	$	680,940		$	530,250		$	449,146		$	432,654		$	381,697
Ratio of expenses to average net assets		0.52	%		0.53	%		0.53	%		0.54	%		0.54	%
Ratio of net investment income to average net assets		2.08	%		2.58	%		2.60	%		2.41	%		2.41	%
Portfolio turnover rate		31.27	%		17.58	%		27.27	%		17.36	%		16.05	%

*	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.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis International Index Fund - Class A

	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value at beginning of year	$	11.50		$	9.77		$	11.69		$	9.47		$	9.15
Net investment income ^(a)		0.10			0.18			0.17			0.13			0.13
Net realized and unrealized gains (losses) on investments and foreign currencies		1.32			1.73			(1.94	)		2.23			0.32
Total from investment operations		1.42			1.91			(1.77	)		2.36			0.45
Less distributions from:
Net investment income		(0.10	)		(0.18	)		(0.15	)		(0.14	)		(0.13	)
Paid-in capital from redemption fees		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	12.82		$	11.50		$	9.77		$	11.69		$	9.47
Total return (excludes sales charge)		12.37	%		19.55	%		(15.13	%)		24.97	%		4.97	%
Net assets at end of year (in 000s)	$	11,251		$	11,074		$	11,853		$	26,344		$	18,877
Ratio of expenses to average net assets		1.30	%		1.40	%		1.31	%		1.26	%		1.32	%
Ratio of net investment income to average net assets		0.92	%		1.70	%		1.52	%		1.22	%		1.45	%
Portfolio turnover rate		86.12	%		20.61	%		21.08	%		5.22	%		10.26	%

Praxis International Index Fund - Class I

	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value at beginning of year	$	11.53		$	9.80		$	11.75		$	9.51		$	9.19
Net investment income ^(a)		0.18			0.27			0.25			0.19			0.19
Net realized and unrealized gains (losses) on investments and foreign currencies		1.34			1.73			(1.96	)		2.25			0.31
Total from investment operations		1.52			2.00			(1.71	)		2.44			0.50
Less distributions:
Dividends from net investment income		(0.19	)		(0.27	)		(0.24	)		(0.20	)		(0.18	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	12.86		$	11.53		$	9.80		$	11.75		$	9.51
Total return		13.18	%		20.45	%		(14.52	%)		25.67	%		5.48	%
Net assets at end of year (in 000s)	$	308,764		$	277,404		$	237,982		$	257,538		$	173,598
Ratio of expenses to average net assets		0.61	%		0.64	%		0.65	%		0.72	%		0.77	%
Ratio of net investment income to average net assets		1.62	%		2.48	%		2.21	%		1.75	%		2.01	%
Portfolio turnover rate		86.12	%		20.61	%		21.08	%		5.22	%		10.26	%

^(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.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Value Index Fund - Class A

	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value at beginning of year	$	15.13		$	11.81		$	13.82		$	12.64		$	11.17
Net investment income ^(a)		0.26			0.24			0.23			0.21			0.19
Net realized and unrealized gains (losses) on investments		0.26	^(b)		3.56			(1.38	)		1.85			1.61
Total from investment operations		0.52			3.80			(1.15	)		2.06			1.80
Less distributions from:
Net investment income		—			(0.23	)		(0.23	)		(0.13	)		(0.23	)
Net realized gains		(1.23	)		(0.25	)		(0.63	)		(0.75	)		(0.10	)
Total distributions		(1.23	)		(0.48	)		(0.86	)		(0.88	)		(0.33	)
Paid-in capital from redemption fees		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)
Net asset value at end of year	$	14.42		$	15.13		$	11.81		$	13.82		$	12.64
Total return (excludes sales charge)		3.58	%		32.21	%		(8.47	%)		16.31	%		16.13	%
Net assets at end of year (in 000s)	$	18,863		$	30,603		$	18,124		$	25,057		$	21,676
Ratio of expenses to average net assets		0.91	%		0.86	%		0.89	%		0.94	%		0.94	%
Ratio of net investment income to average net assets		1.90	%		1.72	%		1.69	%		1.58	%		1.68	%
Portfolio turnover rate		44.98	%		39.06	%		32.38	%		31.87	%		48.26	%

Praxis Value Index Fund - Class I

	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value at beginning of year	$	15.02		$	11.72		$	13.74		$	12.56		$	11.09
Net investment income ^(a)		0.32			0.30			0.30			0.28			0.26
Net realized and unrealized gains (losses) on investments		0.27	^(b)		3.53			(1.38	)		1.85			1.60
Total from investment operations		0.59			3.83			(1.08	)		2.13			1.86
Less distributions from:
Net investment income		(0.08	)		(0.28	)		(0.31	)		(0.20	)		(0.29	)
Net realized gains		(1.23	)		(0.25	)		(0.63	)		(0.75	)		(0.10	)
Total distributions		(1.31	)		(0.53	)		(0.94	)		(0.95	)		(0.39	)
Paid-in capital from redemption fees		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)
Net asset value at end of year	$	14.30		$	15.02		$	11.72		$	13.74		$	12.56
Total return		4.07	%		32.74	%		(8.06	%)		16.91	%		16.75	%
Net assets at end of year (in 000s)	$	290,133		$	223,097		$	162,785		$	165,591		$	137,191
Ratio of expenses to average net assets		0.44	%		0.44	%		0.42	%		0.45	%		0.44	%
Ratio of net investment income to average net assets		2.32	%		2.16	%		2.18	%		2.07	%		2.25	%
Portfolio turnover rate		44.98	%		39.06	%		32.38	%		31.87	%		48.26	%

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

^(b)	Represents a balancing figure derived from other amounts in the financial highlights table that captures all other changes affecting net asset value per share.

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

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Growth Index Fund - Class A

	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value at beginning of year	$	27.23		$	22.05		$	23.05		$	18.82		$	17.68
Net investment income ^(a)		0.11			0.20			0.15			0.17			0.15
Net realized and unrealized gains (losses) on investments		8.80			6.71			(0.13	)		4.78			1.11
Total from investment operations		8.91			6.91			0.02			4.95			1.26
Less distributions from:
Net investment income		(0.10	)		(0.20	)		(0.21	)		(0.08	)		(0.12	)
Net realized gains		(2.08	)		(1.53	)		(0.81	)		(0.64	)		—
Total distributions		(2.18	)		(1.73	)		(1.02	)		(0.72	)		(0.12	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	33.96		$	27.23		$	22.05		$	23.05		$	18.82
Total return (excludes sales charge)		32.81	%		31.45	%		(0.05	%)		26.28	%		7.15	%
Net assets at end of year (in 000s)	$	90,516		$	84,526		$	72,735		$	87,613		$	67,007
Ratio of expenses to average net assets		0.75	%		0.79	%		0.82	%		0.85	%		0.86	%
Ratio of net investment income to average net assets		0.38	%		0.78	%		0.59	%		0.78	%		0.86	%
Portfolio turnover rate		28.05	%		32.33	%		27.24	%		27.49	%		43.09	%

Praxis Growth Index Fund - Class I

	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value at beginning of year	$	27.45		$	22.21		$	23.21		$	18.93		$	17.79
Net investment income ^(a)		0.21			0.30			0.25			0.26			0.23
Net realized and unrealized gains (losses) on investments		8.87			6.76			(0.13	)		4.82			1.11
Total from investment operations		9.08			7.06			0.12			5.08			1.34
Less distributions from:
Net investment income		(0.20	)		(0.29	)		(0.31	)		(0.16	)		(0.20	)
Net realized gains		(2.08	)		(1.53	)		(0.81	)		(0.64	)		—
Total distributions		(2.28	)		(1.82	)		(1.12	)		(0.80	)		(0.20	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	34.25		$	27.45		$	22.21		$	23.21		$	18.93
Total return		33.19	%		31.91	%		0.39	%		26.78	%		7.62	%
Net assets at end of year (in 000s)	$	309,772		$	241,118		$	178,605		$	171,884		$	136,862
Ratio of expenses to average net assets		0.43	%		0.43	%		0.43	%		0.44	%		0.44	%
Ratio of net investment income to average net assets		0.69	%		1.13	%		0.99	%		1.18	%		1.26	%
Portfolio turnover rate		28.05	%		32.33	%		27.24	%		27.49	%		43.09	%

^(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.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Small Cap Index Fund - Class A

	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value at beginning of year	$	8.85		$	7.44		$	8.63		$	9.67		$	9.45
Net investment income (loss) ^(a)		0.02			0.03			0.01			0.02			(0.08	)
Net realized and unrealized gains (losses) on investments		0.90			1.56			(0.73	)		1.03			0.85
Total from investment operations		0.92			1.59			(0.72	)		1.05			0.77
Less distributions from:
Net investment income		(0.04	)		—			—			—			—
Net realized gains		(0.04	)		(0.18	)		(0.47	)		(2.09	)		(0.55	)
Total distributions		(0.08	)		(0.18	)		(0.47	)		(2.09	)		(0.55	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	9.69		$	8.85		$	7.44		$	8.63		$	9.67
Total return (excludes sales charge)		10.39	%		21.36	%		(8.56	%)		10.70	%		8.18	%
Net assets at end of year (in 000s)	$	5,173		$	4,665		$	4,284		$	5,449		$	5,771
Ratio of net expenses to average net assets		1.12	%		1.12	%		1.11	%		1.13	%		1.67	%
Ratio of net investment income (loss) to average net assets		0.25	%		0.33	%		0.13	%		0.21	%		(1.45	%)
Ratio of gross expenses to average net assets*		1.37	%		1.42	%		1.49	%		1.66	%		1.76	%
Portfolio turnover rate		39.21	%		21.59	%		25.17	%		103.54	%		60.49	%

Praxis Small Cap Index Fund - Class I

	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value at beginning of year	$	9.66		$	8.13		$	9.36		$	10.35		$	10.01
Net investment income (loss) ^(a)		0.08			0.09			0.08			0.09			(0.02	)
Net realized and unrealized gains (losses) on investments		0.98			1.71			(0.79	)		1.09			0.91
Total from investment operations		1.06			1.80			(0.71	)		1.18			0.89
Less distributions from:
Net investment income		(0.08	)		(0.09	)		(0.05	)		(0.08	)		—
Net realized gains		(0.04	)		(0.18	)		(0.47	)		(2.09	)		(0.55	)
Total distributions		(0.12	)		(0.27	)		(0.52	)		(2.17	)		(0.55	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		—			—			—
Net asset value at end of year	$	10.60		$	9.66		$	8.13		$	9.36		$	10.35
Total return		11.04	%		22.12	%		(7.83	%)		11.22	%		8.93	%
Net assets at end of year (in 000s)	$	134,490		$	115,562		$	85,680		$	48,015		$	42,139
Ratio of expenses to average net assets		0.45	%		0.45	%		0.46	%		0.50	%		1.00	%
Ratio of net investment income (loss) to average net assets		0.94	%		1.02	%		0.83	%		0.85	%		(0.13	%)
Portfolio turnover rate		39.21	%		21.59	%		25.17	%		103.54	%		60.49	%

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

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

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

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Genesis Conservative Portfolio - Class A

	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value at beginning of year	$	12.20		$	11.02		$	11.75		$	11.18		$	10.97
Net investment income ^(a)		0.26			0.21			0.24			0.21			0.19
Net realized and unrealized gains (losses) on investments		0.99			1.23			(0.55	)		0.72			0.29
Total from investment operations		1.25			1.44			(0.31	)		0.93			0.48
Less distributions from:
Net investment income		(0.27	)		(0.20	)		(0.24	)		(0.21	)		(0.21	)
Net realized gains		(0.19	)		(0.06	)		(0.18	)		(0.15	)		(0.06	)
Total distributions		(0.46	)		(0.26	)		(0.42	)		(0.36	)		(0.27	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	12.99		$	12.20		$	11.02		$	11.75		$	11.18
Total return (excludes sales charge)		10.28	%		13.14	%		(2.64	%)		8.36	%		4.23	%
Net assets at end of year (in 000s)	$	27,763		$	26,761		$	22,148		$	22,881		$	21,596
Ratio of net expenses to average net assets^†		0.60	%		0.61	%		0.60	%		0.61	%		0.58	%
Ratio of net investment income to average net assets^†*		2.05	%		1.81	%		2.08	%		1.83	%		1.72	%
Ratio of gross expenses to average net assets^†**		0.58	%		0.63	%		0.63	%		0.64	%		0.58	%
Portfolio turnover rate		28.90	%		10.10	%		15.49	%		15.88	%		11.42	%

^†	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 and/or recouped by the Adviser and/or Distributor. If such expense reductions/recoupments 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.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Genesis Balanced Portfolio - Class A

	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value at beginning of year	$	14.30		$	12.39		$	13.71		$	12.55		$	12.13
Net investment income ^(a)		0.34			0.22			0.27			0.28			0.17
Net realized and unrealized gains (losses) on investments		1.50			2.07			(0.93	)		1.40			0.64
Total from investment operations		1.84			2.29			(0.66	)		1.68			0.81
Less distributions from:
Net investment income		(0.34	)		(0.22	)		(0.27	)		(0.29	)		(0.19	)
Net realized gains		(0.40	)		(0.16	)		(0.39	)		(0.23	)		(0.20	)
Total distributions		(0.74	)		(0.38	)		(0.66	)		(0.52	)		(0.39	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	15.40		$	14.30		$	12.39		$	13.71		$	12.55
Total return (excludes sales charge)		12.97	%		18.54	%		(4.89	%)		13.38	%		6.58	%
Net assets at end of year (in 000s)	$	87,527		$	83,240		$	70,368		$	73,193		$	63,565
Ratio of expenses to average net assets^†		0.49	%		0.52	%		0.52	%		0.53	%		0.55	%
Ratio of net investment income to average net assets^†*		2.38	%		1.64	%		2.04	%		2.15	%		1.39	%
Portfolio turnover rate		21.52	%		9.43	%		12.90	%		11.91	%		10.29	%

^†	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.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Genesis Growth Portfolio - Class A

	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value at beginning of year	$	15.79		$	13.30		$	15.09		$	13.47		$	12.93
Net investment income ^(a)		0.40			0.21			0.27			0.32			0.14
Net realized and unrealized gains (losses) on investments		1.81			2.73			(1.24	)		1.93			0.87
Total from investment operations		2.21			2.94			(0.97	)		2.25			1.01
Less distributions from:
Net investment income		(0.39	)		(0.21	)		(0.28	)		(0.33	)		(0.14	)
Net realized gains		(0.44	)		(0.24	)		(0.54	)		(0.30	)		(0.33	)
Total distributions		(0.83	)		(0.45	)		(0.82	)		(0.63	)		(0.47	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	17.17		$	15.79		$	13.30		$	15.09		$	13.47
Total return (excludes sales charge)		14.08	%		22.16	%		(6.52	%)		16.71	%		7.82	%
Net assets at end of year (in 000s)	$	85,649		$	74,220		$	60,685		$	64,935		$	53,925
Ratio of expenses to average net assets^†		0.54	%		0.58	%		0.58	%		0.60	%		0.61	%
Ratio of net investment income to average net assets^†*		2.59	%		1.42	%		1.91	%		2.29	%		1.09	%
Portfolio turnover rate		18.36	%		7.72	%		12.72	%		11.05	%		9.32	%

^†	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.

See accompanying notes to financial statements.

Notes to Financial Statements

December 31, 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 December 31, 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 December 31, 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, 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 net change in net assets from operations 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 848): 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, continued

December 31, 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 each Fund’s and Portfolio’s investments and the input level, as of December 31, 2020, for the investments are as follows:

Impact Bond Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Municipal Bonds	$	—	$	8,484,376	$	—	$	8,484,376
Corporate Bonds		—		286,101,685		—		286,101,685
Corporate Notes		—		7,010,000		—		7,010,000
Foreign Governments		—		65,900,697		—		65,900,697
Commercial Mortgage-Backed Securities		—		1,979,255		—		1,979,255
U.S. Government Agencies		—		312,546,864		—		312,546,864
Asset Backed Securities		—		13,083,118		—		13,083,118
Money Market Funds		35,536,622		—		—		35,536,622
Investment Companies		3,685,027		—		—		3,685,027
Total Investments	$	39,221,649	$	695,105,995	$	—	$	734,327,644

International Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	162,312,507	$	152,071,691	$	—	$	314,384,198
Corporate Notes		—		2,950,000		—		2,950,000
Money Market Funds		1,446,661		—		—		1,446,661
Total Investments	$	163,759,168	$	155,021,691	$	—	$	318,780,859

Value Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	301,792,130	$	—	$	—	$	301,792,130
Corporate Notes		—		2,710,000		—		2,710,000
Money Market Funds		1,781,848		—		—		1,781,848
Total Investments	$	303,573,978	$	2,710,000	$	—	$	306,283,978

Notes to Financial Statements, continued

December 31, 2020

Growth Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	392,881,006	$	—	$	—	$	392,881,006
Corporate Notes		—		3,520,000		—		3,520,000
Money Market Funds		1,450,873		—		—		1,450,873
Total Investments	$	394,331,879	$	3,520,000	$	—	$	397,851,879

Small Cap Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	137,820,848	$	—	$	—	$	137,820,848
Rights		—		—		2,608		2,608
Corporate Notes		—		1,310,000		—		1,310,000
Money Market Funds		256,982		—		—		256,982
Total Investments	$	138,077,830	$	1,310,000	$	2,608	$	139,390,438

Conservative Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	27,764,226	$	—	$	—	$	27,764,226
Money Market Funds		5,470		—		—		5,470
Total Investments	$	27,769,696	$	—	$	—	$	27,769,696

Balanced Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	87,567,787	$	—	$	—	$	87,567,787
Money Market Funds		264		—		—		264
Total Investments	$	87,568,051	$	—	$	—	$	87,568,051

Growth Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	85,686,233	$	—	$	—	$	85,686,233
Money Market Funds		539		—		—		539
Total Investments	$	85,686,772	$	—	$	—	$	85,686,772

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 year ended December 31, 2020:

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

The total change in unrealized appreciation (depreciation) included on the Statements of Operations attributable to Level 3 investments still held at December 31, 2020, is $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
	12/31/2020		Valuation Technique	Unobservable Input	Range	Impact to Valuation from a 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.

Notes to Financial Statements, continued

December 31, 2020

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 constant yield to maturity or effective yield.

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 International Index Fund does 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.

Notes to Financial Statements, continued

December 31, 2020

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, 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 year ended December 31, 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 year ended December 31, 2020 were as follows:

	Purchases		Sales
Impact Bond Fund	$	210,452,229	$	98,644,660
International Index Fund		242,832,272		252,424,180
Value Index Fund		153,551,430		114,267,671
Growth Index Fund		96,506,805		124,501,383
Small Cap Index Fund		46,116,858		47,117,181
Conservative Portfolio		7,790,086		8,706,120
Balanced Portfolio		17,391,229		20,253,222
Growth Portfolio		17,193,354		13,719,059

During the year ended December 31, 2020, the Value Index Fund sold securities to the Growth Index Fund and the Growth Index Fund sold securities to the Value Index Fund. These transactions, which were effected at the then current market prices as provided by an independent pricing service used by the Trust, complied with Rule 17a-7 under the 1940 Act. The transactions were as follows:

Selling Fund	Purchasing Fund	Net Proceeds		Net Gain
Value Index Fund	Growth Index Fund	$	19,118,579	$	5,166,266
Growth Index Fund	Value Index Fund		38,391,688		12,228,029

Notes to Financial Statements, continued

December 31, 2020

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 year ended December 31, 2020
Affiliate	Fair Value at December 31, 2019		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at December 31, 2020		Dividend Income		Long-Term Capital Gain Distributions		Shares at December 31, 2020
Conservative Portfolio
Growth Index - Class I	$	2,585,866	$	764,558	$	(1,344,266	)	$	280,796		$	339,383		$	2,626,337	$	63,646	$	100,447		76,681
Impact Bond - Class I		18,352,757		5,039,320		(4,972,980	)		77,411			798,252			19,294,760		440,238		94,698		1,732,025
International Index - Class I		2,513,942		721,545		(1,032,198	)		46,176			299,302			2,548,767		37,197		—		198,193
Small Cap Index - Class I		694,249		271,462		(374,066	)		(27,028	)		143,136			707,753		7,446		901		66,769
Value Index - Class I		2,628,671		993,201		(982,610	)		50,659			(103,312	)		2,586,609		165,743		51,645		180,882
Total	$	26,775,485	$	7,790,086	$	(8,706,120	)	$	428,014		$	1,476,761		$	27,764,226	$	714,270	$	247,691		2,254,550

	For the year ended December 31, 2020
Affiliate	Fair Value at December 31, 2019		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at December 31, 2020		Dividend Income		Long-Term Capital Gain Distributions		Shares at December 31, 2020
Balanced Portfolio
Growth Index - Class I	$	13,627,086	$	1,814,901	$	(4,215,658	)	$	1,523,818		$	1,464,326		$	14,214,473	$	346,457	$	547,861		415,021
Impact Bond - Class I		31,965,929		8,738,962		(7,599,485	)		130,306			1,282,242			34,517,954		744,724		170,639		3,098,560
International Index - Class I		15,373,510		1,894,978		(3,217,091	)		162,292			1,762,924			15,976,613		233,096		—		1,242,349
Small Cap Index - Class I		8,464,008		1,878,047		(2,761,814	)		(109,963	)		1,388,903			8,859,181		93,352		11,353		835,772
Value Index - Class I		13,860,170		3,064,341		(2,459,174	)		118,496			(584,267	)		13,999,566		903,511		281,730		978,991
Total	$	83,290,703	$	17,391,229	$	(20,253,222	)	$	1,824,949		$	5,314,128		$	87,567,787	$	2,321,140	$	1,011,583		6,570,693

	For the year ended December 31, 2020
Affiliate	Fair Value at December 31, 2019		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at December 31, 2020		Dividend Income		Long-Term Capital Gain Distributions		Shares at December 31, 2020
Growth Portfolio
Growth Index - Class I	$	15,356,571	$	2,930,221	$	(4,055,121	)	$	1,168,534		$	2,338,542		$	17,738,747	$	431,339	$	681,654		517,920
Impact Bond - Class I		14,064,436		5,733,942		(3,624,011	)		66,976			563,846			16,805,189		343,105		82,842		1,508,545
International Index - Class I		18,064,120		2,139,531		(1,926,253	)		59,871			2,388,357			20,725,626		302,295		—		1,611,635
Small Cap Index - Class I		11,174,179		2,617,359		(2,723,869	)		(90,295	)		1,962,047			12,939,421		136,216		16,536		1,220,700
Value Index - Class I		15,618,213		3,772,301		(1,389,805	)		(33,658	)		(489,801	)		17,477,250		1,124,752		350,637		1,222,185
Total	$	74,277,519	$	17,193,354	$	(13,719,059	)	$	1,171,428		$	6,762,991		$	85,686,233	$	2,337,707	$	1,131,669		6,080,985

5. Related Party Transactions:

The Adviser provides investment advisory services to the Funds and Portfolios. In 2020, under the terms of the investment advisory agreement, the Adviser was 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 International Index Fund’s fee is subject to a tier schedule as follows: 0.53% on net assets up to $100 million, and 0.41% on net assets over $100 million, and 0.38% on net assets over $500 million.

Notes to Financial Statements, continued

December 31, 2020

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, 2022. 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 December 31, 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	%

For the year ended December 31, 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		$	9,564

As of December 31, 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		2018		2021	$	6,169
					$	6,169
Small Cap Index Fund		2018		2021	$	19,950
		2019		2022		13,812
		2020		2023		9,564
					$	43,326
Conservative Portfolio		2018		2021	$	7,745
		2019		2022		6,167
					$	13,912

During the year ended December 31, 2020, the Adviser recouped prior year fee reductions from the Conservative Portfolio in the amount of $5,045.

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 year ended December 31, 2020 as follows:


Impact Bond Fund	$	5,960
International Index Fund		1,342
Value Index Fund		2,486
Growth Index Fund		15,015
Small Cap Index Fund		867
Conservative Portfolio		5,772
Balanced Portfolio		15,641
Growth Portfolio		26,823

Notes to Financial Statements, continued

December 31, 2020

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 and Portfolios. 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.

6. Capital Share Transactions:

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

	Impact Bond Fund						International Index Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	17,642,403		$	14,866,497		$	1,545,624		$	1,448,327
Dividends reinvested		1,070,163			955,524			83,585			164,389
Cost of shares redeemed		(31,716,783	)		(21,285,006	)		(2,776,552	)		(4,252,595	)
Redemption fees		5,867			2,805			—			201
Class A Share Transactions	$	(12,998,350	)	$	(5,460,180	)	$	(1,147,343	)	$	(2,639,678	)
Class I Shares:
Proceeds from shares issued	$	274,129,349		$	115,309,095		$	60,452,474		$	38,159,663
Dividends reinvested		10,595,572			6,588,116			2,338,383			3,122,541
Cost of shares redeemed		(158,757,650	)		(65,660,681	)		(69,898,420	)		(43,881,419	)
Redemption fees		2,653			3,233			125			90
Class I Share Transactions	$	125,969,924		$	56,239,763		$	(7,107,438	)	$	(2,599,125	)
Net increase (decrease) from capital transactions	$	112,971,574		$	50,779,583		$	(8,254,781	)	$	(5,238,803	)
Share Transactions:
Class A Shares:
Issued		1,592,344			1,418,215			148,816			134,583
Reinvested		96,115			90,887			6,500			14,332
Redeemed		(2,857,889	)		(2,036,312	)		(241,026	)		(399,289	)
Change in Class A Shares:		(1,169,430	)		(527,210	)		(85,710	)		(250,374	)
Class I Shares:
Issued		24,749,773			10,999,021			5,881,481			3,545,191
Reinvested		955,537			628,469			181,270			271,289
Redeemed		(14,471,143	)		(6,295,387	)		(6,115,796	)		(4,045,332	)
Change in Class I Shares:		11,234,167			5,332,103			(53,045	)		(228,852	)
Net increase (decrease) from share transactions		10,064,737			4,804,893			(138,755	)		(479,226	)

Notes to Financial Statements, continued

December 31, 2020

	Value Index Fund						Growth Index Fund						Small Cap Index Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	3,766,932		$	10,407,287		$	9,098,644		$	6,292,439		$	962,933		$	707,745
Dividends reinvested		1,456,977			862,839			5,370,563			4,998,534			40,965			90,460
Cost of shares redeemed		(15,029,386	)		(4,718,130	)		(27,466,369	)		(16,243,394	)		(940,667	)		(1,203,400	)
Redemption fees		712			241			3,701			914			326			1,342
Class A Share Transactions	$	(9,804,765	)	$	6,552,237		$	(12,993,461	)	$	(4,951,507	)	$	63,557		$	(403,853	)
Class I Shares:
Proceeds from shares issued	$	99,096,474		$	40,609,677		$	74,380,687		$	43,137,380		$	32,332,755		$	22,689,215
Dividends reinvested		22,671,090			5,664,326			18,056,074			13,953,964			1,066,732			2,566,521
Cost of shares redeemed		(49,639,775	)		(33,294,693	)		(82,108,546	)		(37,248,921	)		(33,836,970	)		(13,009,707	)
Redemption fees		5,653			1,528			2,977			3,432			313			7
Class I Share Transactions	$	72,133,442		$	12,980,838		$	10,331,192		$	19,845,855		$	(437,170	)	$	12,246,036
Net increase (decrease) from capital transactions	$	62,328,677		$	19,533,075		$	(2,662,269	)	$	14,894,348		$	(373,613	)	$	11,842,183
Share Transactions:
Class A Shares:
Issued		283,657			766,766			314,035			244,041			120,126			85,259
Reinvested		102,604			56,931			159,976			184,945			4,249			10,374
Redeemed		(1,101,175	)		(335,771	)		(912,615	)		(623,275	)		(117,213	)		(144,375	)
Change in Class A Shares:		(714,914	)		487,926			(438,604	)		(194,289	)		7,162			(48,742	)
Class I Shares:
Issued		7,466,977			2,991,092			2,456,009			1,645,773			4,375,386			2,568,615
Reinvested		1,601,021			375,754			531,528			510,778			100,881			267,186
Redeemed		(3,635,891	)		(2,408,096	)		(2,728,489	)		(1,414,517	)		(3,748,999	)		(1,415,431	)
Change in Class I Shares:		5,432,107			958,750			259,048			742,034			727,268			1,420,370
Net increase (decrease) from share transactions		4,717,193			1,446,676			(179,556	)		547,745			734,430			1,371,628

	Conservative Portfolio						Balanced Portfolio						Growth Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	4,755,834		$	4,624,452		$	5,580,204		$	8,312,439		$	7,586,545		$	6,417,190
Dividends reinvested		941,783			536,853			4,084,344			2,151,545			4,013,698			2,078,357
Cost of shares redeemed		(6,444,962	)		(2,956,002	)		(11,353,364	)		(8,393,037	)		(7,149,602	)		(6,325,378	)
Redemption fees		315			72			58			47			253			35
Class A Share Transactions	$	(747,030	)	$	2,205,375		$	(1,688,758	)	$	2,070,994		$	4,450,894		$	2,170,204
Net increase (decrease) from capital transactions	$	(747,030	)	$	2,205,375		$	(1,688,758	)	$	2,070,994		$	4,450,894		$	2,170,204
Share Transactions:
Class A Shares:
Issued		390,035			391,394			395,424			605,609			501,528			431,093
Reinvested		73,304			44,742			266,145			151,525			232,824			131,477
Redeemed		(520,769	)		(251,853	)		(796,878	)		(617,470	)		(447,569	)		(425,773	)
Change in Class A Shares:		(57,430	)		184,283			(135,309	)		139,664			286,783			136,797
Net increase (decrease) from share transactions		(57,430	)		184,283			(135,309	)		139,664			286,783			136,797

Notes to Financial Statements, continued

December 31, 2020

7. Federal Income Tax Information:

The character of dividends paid to shareholders of the Funds and Portfolios for federal income tax purposes during the years ended December 31, 2020 and 2019 was as follows:

	Impact Bond Fund				International Index Fund				Value Index Fund
	2020		2019		2020		2019		2020		2019
From ordinary income	$	15,229,973	$	14,131,445	$	4,620,413	$	6,681,491	$	19,626,980	$	4,670,875
From long-term capital gains		3,520,588		—		—		—		6,149,242		4,084,976
Total distributions	$	18,750,561	$	14,131,445	$	4,620,413	$	6,681,491	$	25,776,222	$	8,755,851

	Growth Index Fund				Small Cap Index Fund
	2020		2019		2020		2019
From ordinary income	$	9,443,299	$	3,131,391	$	1,474,194	$	1,436,189
From long-term capital gains		15,385,122		17,159,027		188,445		1,783,835
Total distributions	$	24,828,421	$	20,290,418	$	1,662,639	$	3,220,024

	Conservative Portfolio				Balanced Portfolio				Growth Portfolio
	2020		2019		2020		2019		2020		2019
From ordinary income	$	625,594	$	446,932	$	1,966,662	$	1,323,985	$	1,954,533	$	1,035,425
From long-term capital gains		330,033		105,879		2,130,067		844,981		2,069,942		1,056,682
Total distributions	$	955,627	$	552,811	$	4,096,729	$	2,168,966	$	4,024,475	$	2,092,107

The following information is computed on a tax basis for each item as of December 31, 2020:

	Impact Bond Fund			International Index Fund			Value Index Fund
Tax cost of portfolio investments	$	686,094,974		$	201,649,730		$	250,418,483
Gross unrealized appreciation		49,135,938			118,935,882			64,388,340
Gross unrealized depreciation		(903,268	)		(1,804,753	)		(8,522,845	)
Net unrealized appreciation on investments	$	48,232,670		$	117,131,129		$	55,865,495
Net unrealized appreciation on foreign currency transactions		—			23,359			—
Undistributed ordinary income		—			830,619			8,336,954
Undistributed long-term capital gains		—			—			2,326,324
Post-October capital losses		(5,227	)		—			—
Accumulated capital and other losses		—			(28,619,893	)		—
Distributable earnings	$	48,227,443		$	89,365,214		$	66,528,773

	Growth Index Fund			Small Cap Index Fund
Tax cost of portfolio investments	$	187,978,976		$	106,181,411
Gross unrealized appreciation		210,694,638			41,978,387
Gross unrealized depreciation		(821,735	)		(8,769,360	)
Net unrealized appreciation on investments	$	209,872,903		$	33,209,027
Undistributed ordinary income		3,900,261			380,836
Undistributed long-term capital gains		17,057,116			567,925
Distributable earnings	$	230,830,280		$	34,157,788

	Conservative Portfolio			Balanced Portfolio			Growth Portfolio
Tax cost of portfolio investments	$	23,041,740		$	64,928,969		$	60,050,624
Gross unrealized appreciation		4,739,958			22,776,373			25,869,098
Gross unrealized depreciation		(12,002	)		(137,291	)		(232,950	)
Net unrealized appreciation on investments	$	4,727,956		$	22,639,082		$	25,636,148
Undistributed ordinary income		43,865			20,096			15,108
Undistributed long-term capital gains		389,909			1,743,896			1,426,576
Distributable earnings	$	5,161,730		$	24,403,074		$	27,077,832

Post-October capital losses listed about incurred after October 31, 2020 and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year.

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

Notes to Financial Statements, continued

December 31, 2020

For the latest tax year ended December 31, 2020, the following Fund has capital loss carry forwards (“CLCFs”) as summarized below.

CLCFs not subject to expiration:

	International Index
No expiration - short-term	$	20,814,150
No expiration - long-term		7,805,743
	$	28,619,893

During the latest tax year ended December 31, 2020, the Impact Bond Fund utilized $1,510,093 of CLCFs of which $424,466 was short-term and $1,058,627 was long-term and the International Index Fund utilized $757,628 of long-term CLCFs.

Certain reclassifications, the result of permanent differences between financial statement and income tax requirements, have been made to the components of net assets. Reclassifications result primarily from the differences in distribution redesignations, PFICs, equalization and net investment losses. These reclassifications have no impact on the net assets or the NAV per share of the Funds and Portfolios and are designed to present each Fund’s or Portfolio’s capital accounts on a tax basis. The following reclassifications have been made to the following Funds and Portfolios for the year ended December 31, 2020:

	Paid-In Capital		Distributable Earnings
Impact Bond Fund	$	504,131	$	(504,131	)
International Index Fund		—		—
Value Index Fund		1		(1	)
Growth Index Fund		5,302,861		(5,302,861	)
Small Cap Index Fund		—		—
Conservative Portfolio		34,097		(34,097	)
Balanced Portfolio		120,199		(120,199	)
Growth Portfolio		80,311		(80,311	)

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 an annual retainer and meeting fees, plus reimbursement for travel and other meeting related expenses. Collectively, the Independent Trustees were paid $112,000 in retainers and meeting fees during the year ended December 31, 2020.

Notes to Financial Statements, continued

December 31, 2020

10. 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.

11. Subsequent Events

The Funds and Portfolios evaluated subsequent events December 31, 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, other than discussed below:

Effective January 1, 2021, the Impact Bond Fund changed the investment advisory fee from 0.40% of the average daily net assets of the Fund to a new tier schedule of 0.40% of the average daily net assets of the Fund up to and including $500 million, and 0.30% of the average daily net assets over $500 million.

Effective January 1, 2021, the Value Index Fund, Growth Index Fund and Small Cap Index Fund each changed the investment advisory fee from 0.30% of the average daily net assets of each Fund to a new tier schedule of 0.30% of the average daily net assets of each Fund up to and including $200 million, and 0.20% of the average daily net assets of each Fund over $200 million.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Praxis Mutual Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Praxis Mutual Funds comprising Praxis Impact Bond Fund, Praxis International Index Fund, Praxis Value Index Fund, Praxis Growth Index Fund, Praxis Small Cap Index Fund, Praxis Genesis Conservative Portfolio, Praxis Genesis Balanced Portfolio, and Praxis Genesis Growth Portfolio (the “Funds”) as of December 31, 2020, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the four years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2020, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds’ financial highlights for the year ended December 31, 2016, were audited by other auditors whose report dated February 24, 2017, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian, brokers, and transfer agents. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2017.

COHEN & COMPANY, LTD.
Cleveland, Ohio
February 25, 2021

Additional Fund Information (unaudited)

December 31, 2020

Impact Bond Fund

Security Allocation	Percentage of Net Assets
Asset Backed Securities		1.8	%
Commercial Mortgage-Backed Securities		0.3	%
Corporate Bonds		39.2	%
Corporate Notes		0.9	%
Development Finance Corporation		0.8	%
Federal Home Loan Bank		5.7	%
Federal Home Loan Mortgage Corporation		7.7	%
Federal National Mortgage Association		27.8	%
Foreign Governments		9.0	%
Government National Mortgage Association **		0.0	%
Investment Companies		0.5	%
Municipal Bonds		1.2	%
Small Business Administration **		0.0	%
United States Agency of International Development		0.7	%
United States Deparment of Housing and Urban Development		0.2	%
Money Market Funds		4.9	%
Total		100.7	%

** Amount rounds to less than 0.1%

International Index Fund

Security Allocation	Percentage of Net Assets
Australia		4.2	%
Austria		0.2	%
Belgium		0.3	%
Bermuda		0.4	%
Brazil		1.6	%
Canada		6.3	%
Cayman Islands		8.4	%
Chile		0.3	%
China		3.4	%
Colombia		0.3	%
Denmark		1.9	%
Finland		0.5	%
France		6.2	%
Germany		5.0	%
Hong Kong		2.9	%
Hungary **		0.0	%
India		2.8	%
Indonesia		0.6	%
Ireland		0.3	%
Israel		0.6	%
Italy		1.4	%
Japan		16.0	%
Jersey		0.7	%
Luxembourg		0.6	%
Mexico		0.9	%
Netherlands		2.9	%
Norway		1.1	%
Papua New Guinea		0.2	%
Philippines		0.2	%
Portugal		0.2	%
Russia		0.2	%
Singapore		1.1	%
South Africa		1.0	%
South Korea		3.1	%
Spain		1.9	%
Sweden		2.0	%
Switzerland		5.9	%
Taiwan		4.7	%
Turkey		0.2	%
United Kingdom		7.3	%
United States		0.4	%

International Index Fund

Security Allocation (continued)	Percentage of Net Assets
Corporate Notes		0.9	%
Money Market Funds		0.5	%
Total		99.6	%

**	Amount rounds to less than 0.1%

International Index Fund

Security Allocation	Percentage of Net Assets
Advertising & Marketing		0.3	%
Apparel & Textile Products		1.7	%
Asset Management		1.5	%
Automotive		2.9	%
Banking		10.0	%
Beverages		0.7	%
Biotech & Pharma		5.3	%
Cable & Satellite		0.3	%
Chemicals		2.8	%
Commercial Support Services		1.4	%
Community Development		0.9	%
Construction Materials		0.5	%
Consumer Services		0.5	%
Containers & Packaging		0.3	%
Diversified Industrials		0.7	%
E-Commerce Discretionary		2.5	%
Electric & Gas Marketing & Trading		0.4	%
Electric Utilities		2.0	%
Electrical Equipment		1.7	%
Engineering & Construction		0.3	%
Entertainment Content		0.6	%
Food		1.8	%
Forestry, Paper & Wood Products		0.6	%
Gas & Water Utilities		0.1	%
Health Care Facilities & Services		1.3	%
Home Construction		0.8	%
Household Products		2.5	%
Industrial Support Services		0.7	%
Institutional Financial Services		1.4	%
Insurance		4.9	%
Internet Media & Services		4.1	%
Leisure Facilities & Services		0.9	%
Leisure Products		0.2	%
Machinery		2.1	%
Medical Equipment & Devices		2.0	%
Metals & Mining		2.9	%
Oil & Gas Producers		2.2	%
Oil & Gas Services & Equipment		0.2	%
Publishing & Broadcasting		0.5	%
Real Estate Owners & Development		1.4	%
Real Estate Services		0.1	%
REITs		2.1	%
Renewable Energy		0.3	%
Retail - Consumer Staples		1.7	%
Retail - Discretionary		2.2	%
Semiconductors		5.4	%
Software		1.2	%
Specialty Finance		0.1	%
Steel		1.4	%
Technology Hardware		4.2	%
Technology Services		3.8	%
Telecommunications		5.0	%

Additional Fund Information (unaudited), continued

December 31, 2020

International Index Fund

Security Allocation (continued)	Percentage of Net Assets
Transportation & Logistics		3.0	%
Wholesale - Consumer Staples		0.4	%
Wholesale - Discretionary		0.3	%
Money Market Funds		0.5	%
Total		99.6	%

Value Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks		97.6	%
Corporate Notes		0.9	%
Money Market Funds		0.6	%
Total		99.1	%

Growth Index Fund

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

Small Cap Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks		98.7	%
Rights **		0.0	%
Corporate Notes		0.9	%
Money Market Funds		0.2	%
Total		99.8	%

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

December 31, 2020

Dividends Received Deduction

For corporate shareholders, the following percentages of ordinary dividends paid during the year ended December 31, 2020 qualify for the corporate dividends received deduction:

International Index Fund	1.85	%
Value Index Fund	24.57	%
Growth Index Fund	42.11	%
Small Cap Index	79.86	%
Genesis Conservative Portfolio	12.55	%
Genesis Balanced Portfolio	22.98	%
Genesis Growth Portfolio	28.49	%

Qualified Dividend Income

The Funds and Portfolios have designated the maximum amount allowable of their taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount was reflected on form 1099-DIV for the calendar year 2020.

Capital Gain Distribution

For the year ended December 31, 2020, the following Funds designated long-term capital gain distributions:

Impact Bond Fund	$	4,024,719
Value Index Fund		6,149,242
Growth Index Fund		20,632,120
Small Cap Index Fund		188,445
Genesis Conservative Portfolio		364,130
Genesis Balanced Portfolio		2,250,266
Genesis Growth Portfolio		2,150,253

International Index Fund, Genesis Conservative Portfolio, Genesis Balanced Portfolio, and Genesis Growth Portfolio intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. The Funds’ foreign source income per share was $0.304, $0.017, $0.041, and $0.061, respectively, and the foreign tax expense per share was $0.037, $0.003, $0.008, and $0.012, respectively. The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date. These shareholders will receive more detailed information with their 2020 Form 1099-DIV.

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

At its November 19-20, 2020 meeting, which was conducted virtually in light of COVID-19, the Funds’ Board of Trustees, which consists of a majority of Independent Trustees, unanimously approved a one-year renewal of the Investment Advisory Agreement for each Fund, and a one-year renewal of the Sub-Investment Advisory Agreement for the International Index Fund.

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

INVESTMENT ADVISORY AGREEMENT WITH EVERENCE CAPITAL MANAGEMENT, INC.

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

Nature, Quality and Extent of Services

The Board examined the nature, quality and extent of services the Adviser provides to the Funds. Among other things, the Board considered the Adviser’s experience in serving as investment adviser to the Funds, including the experience of the investment professionals and other senior personnel at the Adviser providing services to the Funds. The Board also considered the Adviser’s performance in fulfilling its responsibilities for overseeing the Funds’ legal and compliance environment, and the Adviser’s responsiveness in implementing Board directives and addressing Board requests relating to the Funds. In addition, the Board considered the Adviser’s track record and experience providing portfolio management services to the Funds that the Adviser manages directly, the qualifications of the portfolio managers responsible for the day-to-day portfolio management of each Fund that is managed

Additional Fund Information (unaudited), continued

December 31, 2020

directly, and the Adviser’s infrastructure and resources available to the portfolio managers. For the International Index Fund, the Board also considered the Adviser’s effectiveness in overseeing the Sub-Adviser. The Board also considered that the Adviser is responsible for developing and integrating key elements of the Funds’ socially responsible investing, including the Stewardship Investing screening process for the Funds, shareholder advocacy on behalf of the Funds, and proxy voting for the Funds. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that it was satisfied with the nature, quality and extent of services provided to the Funds by the Adviser.

Investment Performance

In evaluating each Fund’s investment performance, the Board considered investment performance in light of the Fund’s investment objectives, strategies, and risks, as disclosed in the Fund’s prospectus. The Board also considered each Fund’s historical investment performance relative to its benchmark and peer group. The Board evaluated Fund performance gross of fees and net of fees. The Board also considered the impact of the Funds’ Stewardship Investing screens on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board reached the following conclusions with regard to each Fund’s investment performance, for the periods ended September 30, 2020:

Impact Bond Fund: performance was in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark index for the one-, three- and five-year periods, and measured against its peer group, Class I ranked between the 27th and 39th percentiles and Class A ranked between the 52nd and 68th percentiles over those periods;

Value Index Fund: performance was in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark index for the one-, three- and five-year periods, variation from the index was reasonable, and measured against its peer group, Class I ranked between the 14th and 24th percentiles and Class A ranked between the 19th and 25th percentiles over those periods;

Growth Index Fund: performance was in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark index for the one-, three- and five-year periods, variation from the index was reasonable, and measured against its peer group, Class I ranked between the 35th and 50th percentiles and Class A ranked between the 39th and 52nd percentiles over those periods;

Small Cap Index Fund: performance was in line with expectations. The Board noted that Fund’s gross performance exceed its benchmark index for the one- and three-year periods and trailed its benchmark index for the five-year period, the variation from the index was reasonable, and measured against its peer group, Class I ranked in the 58th, 43rd and 89th percentiles and Class A ranked in the 65th, 54th and 93rd percentiles over those respective periods. The Board noted that prior to January 1, 2017, the Fund’s portfolio was managed by a sub-adviser, not the Adviser, and used a different small-cap investment strategy;

Conservative Portfolio: performance was in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark index for the one-, three- and five-year periods, and measured against its peer group, ranked between the 17th and 48th percentiles over those periods;

Balanced Portfolio: performance was in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark index for the one- and three-year periods and trailed its benchmark index for five-year period, and measured against its peer group, ranked between the 47th and 53rd percentiles over those periods; and

Growth Portfolio: performance was in line with expectations. The Board noted that although the Fund’s gross performance trailed its benchmark index for the for one- three- and five-year periods, measured against its peer group, the Genesis Portfolio ranked between the 37th and 44th percentiles over those periods.

Costs of Services and Profitability

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

Additional Fund Information (unaudited), continued

December 31, 2020

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Funds grow and whether the investment advisory fee rates reflect those economies of scale for the benefit of Fund shareholders. The Board considered that the Adviser has represented to the Board that it would consider breakpoints as the Funds grow in size. The Board noted that the Adviser had agreed to implement breakpoints, effective January 1, 2021, for the Impact Bond, Value Index, Growth Index and Small Cap Index Funds. The Board also considered the information provided regarding the expense levels of peer group funds. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board acknowledged the Adviser’s statement that current asset levels for the non-index-based Funds did not warrant breakpoints at this time.

Other Benefits

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

SUB-INVESTMENT ADVISORY AGREEMENT WITH APERIO GROUP, LLC

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

Nature, Quality and Extent of Services

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

Investment Performance

The Board reviewed historical performance data for the International Index Fund, and considered the Fund’s historical performance relative to its benchmark and peer groups. The Board also considered the impact of the Fund’s Stewardship Investing screens on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that, for the periods ended September 30, 2020, the Fund’s performance was in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark index for the one-, three- and five-year periods, variation from the index was reasonable, and measured against its peer group, Class I ranked between the 25th and 36th percentiles and Class A ranked between the 28th and 55th percentiles over those periods.

Costs of Services and Profitability

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

Economies of Scale

The Board considered that Aperio had agreed to a reduced sub-advisory fee schedule, effective January 1, 2020, that applied the then-lowest breakpoint rate to all asset levels.

Other Benefits

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

Additional Fund Information (unaudited), continued

December 31, 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 July 1, 2020 through December 31, 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	1,013.60	1,020.56	4.61	4.62	0.91%
Class I	1,000.00	1,000.00	1,015.80	1,022.52	2.63	2.64	0.52%
International Index Fund
Class A	1,000.00	1,000.00	1,252.20	1,018.75	7.19	6.44	1.27%
Class I	1,000.00	1,000.00	1,256.00	1,022.07	3.46	3.10	0.61%
Value Index Fund
Class A	1,000.00	1,000.00	1,197.20	1,020.56	5.03	4.62	0.91%
Class I	1,000.00	1,000.00	1,199.70	1,022.92	2.43	2.24	0.44%
Growth Index Fund
Class A	1,000.00	1,000.00	1,225.00	1,021.47	4.08	3.71	0.73%
Class I	1,000.00	1,000.00	1,226.90	1,022.97	2.41	2.19	0.43%
Small Cap Index Fund
Class A	1,000.00	1,000.00	1,345.70	1,019.51	6.60	5.69	1.12%
Class I	1,000.00	1,000.00	1,349.30	1,022.97	2.54	2.19	0.43%
Conservative Portfolio
Class A	1,000.00	1,000.00	1,075.30	1,022.07	3.18	3.10	0.61%
Balanced Portfolio
Class A	1,000.00	1,000.00	1,149.60	1,022.77	2.54	2.39	0.47%
Growth Portfolio
Class A	1,000.00	1,000.00	1,199.30	1,022.57	2.82	2.59	0.51%

* 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.

Management of the Trust (unaudited)

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

Management of the Trust

Name, Year of Birth
and Address

Position with the
Company, Term of
Office² and Length
of Time Served

Principal
Occupation During the
Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by Trustee

Other Trusteeships
Held by Trustee

Interested Trustees¹

Kenneth D. Hochstetler 1110 North Main Street

Goshen, IN 46528

Year of Birth: 1961

Trustee, Indefinite, since 11/14/14

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

N/A

¹	Mr. Hochstetler is deemed an “interested person” of the Trust due to his senior leadership positions with the Funds’ investment adviser (Everence) and its parent (Everence Financial).

Independent Trustees
Laura Berry 1110 North Main Street Goshen, IN 46528 Year of Birth: 1958	Trustee, since 01/01/17	Retired; Executive Director, Interfaith Center on Corporate Responsibility (2007 - 2016)	8	N/A
Andy Dula 1110 North Main Street Goshen, IN 46528 Year of Birth: 1969	Trustee, since 01/01/18	Chief Financial Officer and Chief Operations Officer at EGStoltzfus (2012 – present)	8	N/A
Jeffrey K. Landis 1110 North Main Street Goshen, IN 46528 Year of Birth: 1969	Trustee, since 04/28/16	Partner, Landis, Hunsberger, Gingrich & Weik, LLP (Law Firm) (1994 - present)	8	N/A
Aimee Minnich 1110 North Main Street Goshen, IN 46528 Year of Birth: 1980	Trustee, since 01/01/20	General Counsel & Chief Impact Officer, Impact Foundation (2015 - present); President & General Counsel, National Christian Foundation, Heartland (2009 – 2014)	8	N/A
Candace L. Smith 1110 North Main Street Goshen, IN 46528 Year of Birth: 1958	Trustee, since 11/16/07	Retired; Managing Director of Risk, MicroVest Capital Management, LLC (2015 - 2018); COO, MicroVest Capital Management LLC (2011 - 2014); CFO, MicroVest Capital Management LLC (2005 - 2011)	8	N/A

²	Each Trustee serves for an indefinite term until retirement, resignation, removal or death. The Board has adopted a policy that fixes a mandatory retirement date for the Trustees (the end of the year upon turning 72) and limits the maximum length of service on the Board (15 years).

Management of the Trust (unaudited), continued

Name, Year of Birth and Address	Position with the Company, Term of Office¹ and Length of Time Served	Principal Occupation During the Past Five Years
Officers
Chad Horning 1110 North Main Street Goshen, IN 46528 Year of Birth: 1968	President, Indefinite, since 03/10/15	Chief Investment Officer and Senior Vice President, Everence (2009 - present)
Marlo J. Kauffman 1110 North Main Street Goshen, IN 46528 Year of Birth: 1956	Vice President, Secretary, Indefinite, since 12/02/93	Vice President of Financial Services Operations, Everence Financial (1981 - present); OSJ Principal, ProEquities, Inc., a broker-dealer (1994 - Present); Assistant Secretary, Everence Financial (1990 - Present)
Trent M. Statczar 690 Taylor Rd. Gahanna, OH 43230 Year of Birth: 1971	Treasurer, Indefinite, since 01/01/09	Director, Foreside Financial Group, LLC, 2008 to present: Senior Vice President, Citi Fund Services Ohio, Inc. from 2004 to 2007.
Rodney L. Ruehle 690 Taylor Rd. Gahanna, OH 43230 Year of Birth: 1968	Chief Compliance Officer, Indefinite, since 05/15/15	Director, Foreside Financial Group, LLC, 2008 to present: Vice President, Citi Fund Services Ohio, Inc. from 2004 to 2007.

¹	Each Trust officer serves for an indefinite term until retirement, resignation, removal or death.

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 as an exhibit 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

2210097

(b)

Not applicable.

Item 2.

Code of Ethics.

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

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

Item 3.

Audit Committee Financial Expert.

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

Item 4.

Principal Accountant Fees and Services.

(a)	Audit Fees. Audit fees totaled $123,500 for the December 31, 2020 fiscal year and $119,500 for the December 31, 2019 fiscal year.

(b)	Audit-Related Fees. There were no audit-related fees for the December 31, 2020 fiscal year and the December 31, 2019 fiscal year.

(c)	Tax Fees. Tax fees totaled $37,300 for the December 31, 2020 fiscal year and $31,500 for the December 31, 2019 fiscal year and consisted of fees for tax compliance services during both years.

(d)	All Other Fees. There were no other fees for the December 31, 2020 or December 31, 2019 fiscal years.

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

(A) Audit Services

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

(B) Permissible Non-Audit Services

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

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

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

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

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

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

(f)	Not applicable

(g)

The aggregate non-audit fees for services to the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $37,300 for the December 31, 2020 fiscal year and $31,500 for December 31, 2019 fiscal year.

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

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments

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

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

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

Item 7.

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

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

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

Not applicable.

Item 10.

Submission of Matters to a Vote Of Security Holders.

Not applicable.

Item 11.

Controls and Procedures.

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

(b) There 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)

Code of Ethics for Senior Financial Officers is filed herewith.

(a)(2)

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

(a)(3)

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

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

SIGNATURES

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

Praxis Mutual Funds

By:	/s/ Trent Statczar
	Trent Statczar
	Treasurer and Chief Financial Officer
	March 5, 2021

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

By:	/s/ Chad Horning
	Chad Horning
	President and Chief Executive Officer
	March 5, 2021

By:	/s/ Trent Statczar
	Trent Statczar
	Treasurer and Chief Financial Officer
	March 5, 2021

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