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, 2021

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	15
Performance Review	16
Schedule of Investments	17
Praxis Growth and Value Index Fund
Portfolio Manager’s Commentary	24
Praxis Value Fund Performance Review	26
Praxis Value Index Fund Schedule of Investments	27
Praxis Growth Fund Performance Review	31
Praxis Growth Index Fund Schedule of Investments	32
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:

The year 2021 opened with the optimism that vaccines would be the way forward after a year of dealing with COVID-19. But variants of the original strain had other ideas, as the U.S. economy faltered during summer under the weight of delta and its worldwide impact on supply chains. Still, U.S. equity markets remained the place to be for global investors. Seemingly oblivious to the challenges, the S&P 500 Index rose 28.71% for the year on the strength of corporate earnings.

As the summer unfolded, inflation became the central concern of policy makers and investors. Readings during the fourth quarter put to rest the debate over whether inflation would be transitory or sustained for a longer time, creating the potential for lasting damage to the economy.

At 7% year over year in December, headline inflation notched its highest reading since the early 1980s. Rising prices and the prospects for higher interest rates caused investors to sell bonds, driving the Bloomberg U.S. Aggregate Bond Index into negative territory for the year -1.54%. This reminded investors that bonds, while potentially safer than stocks, can deliver negative returns during periods of rising interest rates.

A change in presidential administration led to a more supportive environment for financial advisors and their clients wanting to integrate environmental, social, and governance (ESG) factors into investment decisions, both in individual accounts and employer-sponsored retirement accounts.

While the posture of the Department of Labor and the Securities and Exchange Commission (“SEC”) turned more positive for the ESG industry, regulators also highlighted the growing problem of “greenwashing.” The SEC put the industry on notice that firms offering these strategies had to demonstrate that they were incorporating these factors into their process, not just labeling products for marketing purposes.

We at Praxis welcome this additional scrutiny on our industry. Our comprehensive program of screening, shareholder advocacy, active proxy voting, positive investing and community development investing set us apart from the latecomers. We do this not just because integrating ESG factors into our strategies may have material impacts on returns, but because it is the right thing to do to help investors integrate their values into their financial lives.

To help investors understand the positive impact their investment dollars are having on the world, we issued our second annual Real Impact Report in November. If you haven’t seen it yet, please visit praxismutualfunds.com/real-impact-2021 to read more. This year, we introduced ImpactX, a framework to describe the types and depth of impact Praxis is making through its investments. Through these seven ImpactX strategies, we hope investors see the ways that their values are being extended to make a lasting, positive impact on the world.

It is this integration of values – driven by faith and with an eye to real-world impact – and investment expertise that we believe makes Praxis just right for our times. Thank you for joining Praxis in this endeavor. We are grateful you have chosen to use your investment dollars to make the world a better place, along with us.

Sincerely,

Chad M. Horning, CFA^®
President
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, 2021, are subject to change, and may differ from the views of portfolio managers or Everence Capital Management, Inc. 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 Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of the Bloomberg U.S. Government/Credit Index and the Bloomberg 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.

Message from the Vice President of Stewardship Investing

Annual report to shareholders

Investing in the footsteps of Moses

Looking back on 2021, we see a year unlike any other that, yet, seems oddly – even disturbingly – familiar. The year was (again) filled with highs and lows, chaos and cooperation, optimism and uncertainty in ways few could have expected.

In his opening letter, Praxis President Chad Horning reviewed a range of forces that had profound impact on the physical, psychological and financial health of our country. Stock markets rose, but so did inflation. COVID-19 variants came and went, devasting families, weakening health systems, and deepening economic divides within communities. And partisan tribalism – around vaccines, masking policies, racial inequality, education and more – seemed as entrenched as ever. It leaves many responsible investors wondering how they should respond to such powerful and chaotic forces swirling around them.

Perhaps we can follow the model of Moses. While we may be short our own burning bush or tablets with clear instructions, we can listen earnestly, focus on a long-term vision, then put our shoulders down and – faithfully – take step after step in pursuit of those ends. Like Moses, we can take comfort and counsel from the Miriams and Aarons around us, challenging and supporting the stewardship investing journey we are on together, regardless of the tumult around us.

So as principled – and privileged – asset owners, we can respond by investing our time, energy and creativity into investment and impact strategies that benefit the planet and its people. Here are just a few ways Praxis sought to faithfully put its shoulder into furthering the values and vision we share.

●

In 2021, well over $1 trillion in green, social, sustainability and sustainability-linked bonds were issued across the world, for the first time. Praxis contributed to this growth through the purchase of 38 impact bonds valued at $81 million, bringing Praxis’ total impact bond investment to $274 million, or 34% of the Praxis Impact Bond Fund. Included in these purchases were a social bond from the Central American Bank for Economic Integration, a green bond from Sumitomo Mitsui Financial Group, and a social bond from the California Endowment in support of health, wellness, and racial justice.

●

During the 2021 shareholder season, engagements with leading utilities led to significant net-zero carbon emission commitments by American Electric Power (AEP) and AES Corp. They focus on efforts to limit global temperature rise to 2*C by setting specific targets for transitioning to renewable energy generation.

●

“Employee-First” shareholder engagements, begun as a response to the early days of the COVID-19 pandemic, continued to gain momentum in 2021. Resolutions at Kroger, Walmart and Home Depot and engagements with dozens of other service-industry companies pressed the importance of companies offering paid sick leave to all employees. Conversations, in the face of the ongoing pandemic, around workplace health and safety practices and elevating subminimum wages (often barely $2 an hour) for tipped workers also continued.

●

Both racial and income inequality continued 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. These were enacted in the 2021 proxy season and are detailed in our recently released 2021 proxy voting report.

●

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 2021 allowed us to invest an additional $4 million in community development financial institutions. But beyond that, Stella Tai, Praxis Impact and Analysis Manager, got a first-hand look at the life- and planet-changing impact these investments can have when she visited four CDI sites in eastern Africa. You can find Stella’s Kenyan Travelogue on the Praxis website to read and see more about her exciting journey.

Message from the Vice President of Stewardship Investing

Annual report to shareholders

Our commitment to the pursuit of new, more effective and ever-evolving approaches to leveraging the impact of our investments reached a new level of expression with the release of the Praxis 2021 Real Impact Report. In it, we introduce the ImpactX framework – our vision for seven impact strategies that investors can use to understand and deepen the transformative power of the investments they hold.

So as we move into another uncertain and tumultuous year, let us follow in the footsteps of Moses, Miriam and Aaron. Holding fast in our faith in the vision before us, putting our shoulder into the unknown challenges that lie before us and taking step after step, moving us in the direction of a better, brighter future for all.

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

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

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, 2021, are subject to change, and may differ from the views of portfolio managers or Everence Capital Management as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

Praxis Impact Bond Fund

Annual Report to Shareholders

Portfolio Managers’ Commentary (unaudited)

For the year ended December 31, 2021, the Praxis Impact Bond Fund’s Class I Shares had a return of -1.93%, and the Class A Shares (without load) returned -2.23%. The Bloomberg U.S. Aggregate Bond Index, the Fund’s benchmark, returned -1.54%. Over the last five years, the Class I Shares returned 3.48% (average annual return) versus 3.57% for the Fund’s benchmark and over the last 10 years, the Class I Shares returned 2.98% (average annual return) versus 2.90% for the Fund’s benchmark. As of December 31, 2021, within the Morningstar Intermediate Core Bond category, the Class I Shares’ total return ranked in the 72nd percentile for the one-year time period (out of 423 funds), 54th percentile for the five-year period (out of 348 funds) and 45th percentile for the last 10 years (out of 253 funds).

The COVID-19 pandemic again impacted people’s lives and the economy in 2021. The delta and omicron variants slowed economic growth when those variants spread around the country. This impact was most apparent on the leisure and hospitality sectors. The rapid rise of inflation during 2021 also impacted financial markets. 2021 started with relatively low interest rates on a historical basis. Longer maturity interest rates experienced their peak 2021 yields in March, while short to intermediate term bond yields increased throughout 2021, especially after the Federal Reserve’s (Fed’s) hawkish turn in the later part of the year.

At the beginning of 2021, the market expected that vaccine rollout and additional stimulus from Congress would enable the economy to continue to recover. By March 2021, the market was confronting ultra-easy monetary policy, massive fiscal stimulus, pent-up demand (from 2020), business re-openings and the potential for inventory rebuilding. This is when median forecasts for 2021 GDP growth moved to 6% and above. This is also when the longer maturity Treasury rates saw their yield peaks, as the market priced in expectations for better growth, but the Fed was still firmly anchoring short-term rates with its 0% to 0.25% Fed Funds rate. The 10-year U.S. Treasury yield started 2021 at a yield of 0.92% and hit its high yield level for the year on March 31 at 1.74%.

Second-quarter GDP of 6.7% was the peak for the year as the delta variant slowed down the economy. The labor market continued to improve during the first half of the year as the economic reopening persisted, and there were more job openings than available candidates. By late summer, markets expected people to enter the labor market more quickly because of schools reopening, removal of enhanced unemployment benefits and increased vaccination rates, but overall, this didn’t occur.

The current labor force participation rate of 61.9% remains well below its pre-pandemic level of 63.4%. The economy’s active workforce remains depressed relative to pre-pandemic levels despite the large number of unfilled job openings. The third quarter saw the widespread and rapid emergence of the delta variant of COVID-19 limit economic growth while the fourth quarter will be stronger than the third. The latest COVID variant, omicron, will likely suppress early 2022 growth as its onset was late in 2021.

Increased inflation is one of the main stories during 2021. The firmer inflation prints in the second quarter led the bond market to question whether the uptick in inflation was transitory or a longer-term problem. The Federal Open Market Committee initially signaled that it believed the rise in inflation was largely due to temporary dynamics such as a reopening economy, supply chain issues, and thus was transitory. The Fed stuck with that message through much of 2021, only to move away from it by late in the year. They gradually turned more hawkish at their September FOMC meeting, by signaling a willingness to taper asset purchases during their next meeting. Since then, higher inflation data, including December CPI which reached 7% year-over-year, has the Fed discussing faster asset tapering and a Fed Funds increase in March 2022.

Many market participants believe the Fed misunderstood inflation data by calling it transitory and this might force the Fed to act more aggressively in 2022. The Fed policy path is highly uncertain, but current expectations are for four hikes in 2022. The Fed is also expected to eventually reduce its roughly $9 trillion balance sheet as part of an effort to remove some of the massive monetary accommodation that occurred over the past two years.

The Praxis Impact Bond Fund is underweight long-duration bonds and the U.S. Treasury yield curve flattened dramatically in the second half of 2021, as the shorter maturities priced in a more aggressive Fed and longer-term maturities priced in weaker longer-term growth. The Fund’s short duration position versus the index should have helped performance in 2021, but our underweight to longer duration securities outweighed all the benefit and it became a slight negative.

Our corporate selection and weighting were the biggest contributors to performance in 2021, with financial institutions and utilities the best performers. Our overweight to U.S. agency bonds versus U.S. Treasuries was another solid positive. Our underweight to mortgage-backed securities was a slight benefit for the year, as this sector was the only major sector to post negative excess returns for 2021.

According to Bloomberg New Energy Finance, the global sustainable debt market reached another record year in 2021. BNEF defines sustainable finance to include green, social, sustainability and sustainability-linked bonds and loans. Issuance reached $1.64 trillion, after $763 billion in 2020 and $577 billion in 2019. The entire market had $29 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. Sustainability bonds fund projects that have a mix of a green and social impact, and sustainability linked bonds don’t necessarily fund sustainability projects, but they will pay an increased coupon if they don’t meet the issuer’s green or social pledges.

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 33% of the portfolio by December 31, 2021. We purchased 37 different impact bonds in 2021. Many new and exciting issues came to the market with impact bonds in green, sustainability and social bonds.

We purchased U.S. International Development Finance Corp. sustainability bonds that were issued in April and October 2021. Both bonds were for the WaterEquity’s Global Access Fund, which targets inclusive financial institutions in emerging markets to scale water and sanitation microloan portfolios. This will lead to improved household water and sanitation access in Asia, Latin America, and Africa. We purchased a sustainability bond from Bank of America in December 2021. Bank of America has issued multiple green, social and sustainability bonds including the first corporate green bond back in 2013. They have been a leader in this space for years.

Of the 162 bonds in the Fund that we define as positive impact holdings, 98 provide clear benefits to the climate. The remaining positive impact bonds produce benefits to communities by funding affordable housing, community development, education, sustainability and social bonds, and more.

Praxis Impact Bond Fund

Annual Report to Shareholders

Portfolio Managers’ Commentary (unaudited), continued

Over the last number of years, we as fund managers have utilized 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.

In 2021, Morningstar adjusted their Fund Sustainability calculations for fixed income funds to include sovereign issuer ratings. This allowed many additional fixed income funds to receive a Sustainability Rating. Our Morningstar Historical Corporate Sustainability Percent Rank (as of November 30, 2021) is the 8th percentile and is a 5 out of 5 Globes Sustainability Rating.

As we start 2022, we are positioned for the expectation that interest rates and 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, 2021, 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 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 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 Impact Bond Fund

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/11 to 12/31/21

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 12/31/11 to 12/31/21 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	(5.93%)	2.91%	2.28%	2.19%	0.90%	0.90%
Class A (Without Load)	5/12/99	(2.23%)	4.22%	3.07%	2.58%
Class I	5/1/06	(1.93%)	4.61%	3.48%	2.98%	0.50%	0.50%
Bloomberg U.S. Aggregate Bond Index ¹		(1.54%)	4.79%	3.57%	2.90%

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 April 30, 2021.

¹ Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of the Bloomberg U.S. Government/Credit Index and the Bloomberg 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, 2021

	Coupon			Maturity		Principal Amount		Fair Value
MUNICIPAL BONDS — 1.1%
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A		7.334	%		02/15/28	$	1,000,000	$	1,239,868
City of San Francisco, California, Public Utilities Comm. Water Rev., Series 2019-A		3.303	%		11/01/39		2,500,000		2,584,739
Findlay City School District, Series 2010-B		6.250	%		12/01/37		270,000		271,023
Houston, Texas, Independent School District, Series 2009A-2		6.168	%		02/15/34		1,000,000		1,052,990
Massachusetts St., Series 2016-F		3.277	%		06/01/46		3,100,000		3,371,095
New Jersey St. Housing & Mortgage Finance, Series 2013-C		2.600	%		07/01/23		115,000		116,277
Osceola County Housing Finance Authority Rev., Series 2013-B		3.350	%		07/01/23		85,000		88,142
TOTAL MUNICIPAL BONDS (COST $8,441,415)									8,724,134

CORPORATE BONDS — 36.2%
APPAREL & TEXTILE PRODUCTS — 0.1%
Hanesbrands, Inc. ^(a)(b)		4.625	%		05/15/24		500,000		523,570
VF Corp.		2.400	%		04/23/25		536,000		551,381
									1,074,951
ASSET MANAGEMENT — 0.1%
Ameriprise Financial, Inc.		3.000	%		04/02/25		730,000		762,047

AUTOMOTIVE — 0.6%
BMW US Capital, LLC ^(b)		3.800	%		04/06/23		1,000,000		1,036,890
BorgWarner, Inc. ^(a)		2.650	%		07/01/27		601,000		620,906
Hyundai Capital Services, Inc. ^(b)		1.250	%		02/08/26		200,000		195,097
Magna International, Inc. ^(a)		2.450	%		06/15/30		1,250,000		1,268,300
Toyota Motor Credit Corp., Series B		2.900	%		03/30/23		1,735,000		1,783,047
									4,904,240
BANKING — 4.5%
Bank of America Corp. ^(a)		3.300	%		01/11/23		500,000		513,685
Bank of America Corp.		3.335	%		01/25/23		1,000,000		1,001,465
Bank of America Corp.		4.100	%		07/24/23		1,000,000		1,051,170
Bank of America Corp. ^(a)		0.981	%		09/25/25		1,500,000		1,481,786
Bank of America Corp. ^(a)		2.456	%		10/22/25		1,000,000		1,027,063
Bank of America Corp. ^(a)		1.530	%		12/06/25		2,000,000		2,003,260
Bank of America Corp.		4.271	%		07/23/29		1,000,000		1,114,942
Bank of Montreal		3.300	%		02/05/24		1,000,000		1,046,303
Citigroup, Inc. ^(a)		3.875	%		10/25/23		1,000,000		1,053,928
Citigroup, Inc. ^(a)		1.678	%		05/15/24		1,250,000		1,263,861
Citigroup, Inc.		3.700	%		01/12/26		1,750,000		1,892,231
Citigroup, Inc. ^(a)		2.572	%		06/03/30		1,000,000		1,008,649
ING Groep N.V. ^(b)		4.625	%		01/06/26		1,250,000		1,388,962
JPMorgan Chase & Co. ^(a)		0.653	%		09/16/24		1,000,000		995,303
JPMorgan Chase & Co.		0.563	%		02/16/25		500,000		492,759
JPMorgan Chase & Co. ^(a)		3.200	%		06/15/26		2,557,000		2,711,495
JPMorgan Chase & Co.		2.739	%		10/15/30		2,000,000		2,054,967

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 36.2%, continued
BANKING — 4.5%, continued
Key Bank, N.A. ^(a)		1.250	%		03/10/23	$	1,750,000	$	1,760,431
Mitsubishi UFJ Financial Group ^(a)		2.527	%		09/13/23		1,250,000		1,282,381
National Australia Bank, New York Branch ^(a)		3.625	%		06/20/23		1,750,000		1,820,766
National Bank of Canada ^(b)		2.150	%		10/07/22		1,250,000		1,265,075
PNC Bank N.A.		3.500	%		06/08/23		1,285,000		1,333,216
Regions Financial Corp.		2.250	%		05/18/25		1,000,000		1,019,570
Sumitomo Mitsui Financial Group, Inc. ^(a)		0.508	%		01/12/24		2,000,000		1,976,644
Toronto-Dominion Bank (SOFR + 45) ^(c)		0.500	%		09/28/23		2,000,000		2,005,933
Truist Financial Corp.		1.250	%		03/09/23		1,750,000		1,760,553
									36,326,398
BEVERAGES — 0.4%
Coca-Cola Co. (The)		3.450	%		03/25/30		500,000		553,543
Coca-Cola Femsa S.A.B. de C.V.		1.850	%		09/01/32		1,000,000		942,400
PepsiCo, Inc. ^(a)		2.250	%		03/19/25		2,000,000		2,066,600
									3,562,543
BIOTECH & PHARMA — 0.5%
AbbVie, Inc. ^(a)		2.950	%		11/21/26		500,000		526,934
Gilead Sciences, Inc.		3.650	%		03/01/26		750,000		808,016
Zeneca Wilmington, Inc.		7.000	%		11/15/23		1,100,000		1,224,131
Zoetis, Inc. ^(a)		3.250	%		02/01/23		1,200,000		1,222,816
									3,781,897
CABLE & SATELLITE — 0.2%
Comcast Corp.		3.300	%		04/01/27		500,000		537,412
Comcast Corp. ^(b)		2.937	%		11/01/56		672,000		640,102
Time Warner Cable, Inc.		4.500	%		09/15/42		500,000		545,106
									1,722,620
CHEMICALS — 1.0%
Avery Dennison Corp.		2.650	%		04/30/30		1,250,000		1,266,850
DowDuPont, Inc.		4.493	%		11/15/25		1,500,000		1,657,429
Ecolab, Inc.		4.800	%		03/24/30		140,000		168,148
Ecolab, Inc.		2.750	%		08/18/55		1,470,000		1,442,645
LG Chemical Ltd. ^(b)		3.250	%		10/15/24		290,000		305,126
Nutrien Ltd.		1.900	%		05/13/23		800,000		810,219
Nutrien Ltd.		5.875	%		12/01/36		840,000		1,129,267
Solvay Finance S.A. ^(b)		4.450	%		12/03/25		1,250,000		1,362,081
									8,141,765
CONSTRUCTION MATERIALS — 0.3%
Carlisle Cos., Inc. ^(a)		3.500	%		12/01/24		1,250,000		1,318,306
Owens Corning		4.200	%		12/01/24		1,000,000		1,069,403
Owens Corning		3.950	%		08/15/29		300,000		328,670
									2,716,379
CONSUMER SERVICES — 3.0%
Andrew W. Mellon Funding		0.947	%		08/01/27		1,050,000		1,018,562
California Endowment		2.498	%		04/01/51		4,500,000		4,415,030
Conservation Fund, Series 2019		3.474	%		12/15/29		535,000		562,601
Ford Foundation (The), Series 2017		3.859	%		06/01/47		2,485,000		2,993,688
John D. & Catherine T. MacArthur Foundation, Series 2020		1.299	%		12/01/30		1,500,000		1,406,341

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2021

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 36.2%, continued
CONSUMER SERVICES — 3.0%, continued
Leland Stanford Jr University, Series 2015		3.460	%		05/01/47	$	750,000	$	864,988
Local Initiatives Support Corp.		4.649	%		03/01/37		1,500,000		1,707,870
Massachusetts Institute of Technology		3.959	%		07/01/38		1,500,000		1,820,719
President & Fellows of Harvard College		3.150	%		07/15/46		3,961,000		4,469,988
University of Notre Dame, Series 2017		3.394	%		02/15/48		2,424,000		2,805,325
Yale University		2.402	%		04/15/50		2,415,000		2,375,079
									24,440,191
CONTAINERS & PACKAGING — 0.4%
CCL Industries, Inc. ^(b)		3.050	%		06/01/30		1,750,000		1,809,949
Sonoco Products Co.		5.750	%		11/01/40		1,000,000		1,343,933
									3,153,882
DIVERSIFIED INDUSTRIALS — 0.1%
Illinois Tool Works, Inc.		3.900	%		09/01/42		1,000,000		1,161,582

ELECTRIC UTILITIES — 5.5%
Avangrid, Inc.		3.150	%		12/01/24		1,800,000		1,884,446
Caledonia Generating, LLC ^(b)		1.950	%		02/28/34		1,930,181		1,887,640
Consolidated Edison Co.		3.350	%		04/01/30		1,000,000		1,075,409
DTE Electric Co.		4.050	%		05/15/48		1,750,000		2,081,502
Duke Energy Progress, Inc.		3.450	%		03/15/29		1,750,000		1,888,446
Duke Energy Progress, Inc.		2.799	%		07/01/41		2,000,000		2,024,853
Electricite de France S.A. ^(a)(b)		3.625	%		10/13/25		1,250,000		1,333,622
Enel Finance International N.V. ^(b)		2.650	%		09/10/24		1,250,000		1,287,224
Florida Power & Light Co.		3.700	%		12/01/47		1,300,000		1,488,284
Florida Power & Light Co.		2.875	%		12/04/51		2,000,000		2,028,300
Georgia Power Co.		3.250	%		04/01/26		1,000,000		1,055,682
Interstate Power & Light Co.		3.600	%		04/01/29		1,250,000		1,357,179
Liberty Utilities Financial Services ^(b)		2.050	%		09/15/30		355,000		338,436
MidAmerican Energy Co.		3.950	%		08/01/47		1,750,000		2,055,117
Midland Cogeneration Venture, L.P. ^(b)		6.000	%		03/15/25		264,477		272,405
Narragansett Electric Co. ^(b)		3.395	%		04/09/30		1,500,000		1,597,752
National Rural Utilities		1.350	%		03/15/31		1,000,000		918,913
NextEra Energy Capital Holdings, Inc.		0.650	%		03/01/23		400,000		399,191
Niagara Mohawk Power Corp. ^(a)(b)		1.960	%		06/27/30		1,500,000		1,433,215
Northern States Power Co. ^(a)		2.900	%		03/01/50		1,250,000		1,261,965
NSTAR Electric Co.		3.950	%		04/01/30		600,000		673,966
NSTAR Electric Co.		5.500	%		03/15/40		1,250,000		1,693,873
Pacificorp		8.080	%		10/14/22		500,000		525,799
PG&E Recovery Funding, LLC		2.822	%		07/15/46		1,000,000		994,564
Potomac Electric Power Co.		6.500	%		11/15/37		1,000,000		1,440,532

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 36.2%, continued
ELECTRIC UTILITIES — 5.5%, continued
Public Service Co.		3.700	%		06/15/28	$	1,750,000	$	1,919,696
Puget Energy, Inc.		5.625	%		07/15/22		750,000		760,210
Puget Energy, Inc.		4.223	%		06/15/48		1,000,000		1,182,231
Rochester Gas & Electric Corp. ^(b)		1.850	%		12/01/30		500,000		474,537
San Diego Gas and Electric Co.		4.500	%		08/15/40		841,000		1,020,296
Solar Star Funding, LLC ^(b)		3.950	%		06/30/35		266,024		280,985
Solar Star Funding, LLC ^(b)		5.375	%		06/30/35		412,744		475,827
Southern California Edison		4.050	%		03/15/42		1,165,000		1,259,589
Tenaska Virginia Partners, L.P. ^(b)		6.119	%		03/30/24		338,734		353,943
Topaz Solar Farms, LLC ^(b)		4.875	%		09/30/39		240,617		271,318
Topaz Solar Farms, LLC ^(b)		5.750	%		09/30/39		577,569		686,392
Union Electric Co. ^(a)		2.625	%		03/15/51		2,000,000		1,917,333
Westar Energy, Inc.		2.550	%		07/01/26		1,292,000		1,339,230
									44,939,902
ELECTRICAL EQUIPMENT — 0.3%
Johnson Controls International plc ^(a)		1.750	%		09/15/30		1,000,000		957,041
Legrand S.A.		8.500	%		02/15/25		1,000,000		1,208,918
Roper Technologies, Inc.		2.000	%		06/30/30		440,000		423,006
									2,588,965
FOOD — 1.4%
Campbell Soup Co.		3.950	%		03/15/25		1,500,000		1,603,786
Cargill, Inc. ^(b)		4.760	%		11/23/45		1,500,000		1,972,692
General Mills, Inc.		4.000	%		04/17/25		1,500,000		1,610,625
Hormel Foods Corp.		1.800	%		06/11/30		2,250,000		2,206,150
Ingredion, Inc. ^(a)		2.900	%		06/01/30		1,000,000		1,029,069
Kellogg Co.		2.650	%		12/01/23		1,250,000		1,288,156
Mars, Inc. ^(b)		3.600	%		04/01/34		1,500,000		1,673,642
									11,384,120
FORESTRY, PAPER & WOOD PRODUCTS — 0.2%
Fibria Overseas Finance Ltd.		5.500	%		01/17/27		800,000		897,008
Klabin Finance S.A. ^(b)		4.875	%		09/19/27		750,000		796,875
									1,693,883
GAS & WATER UTILITIES — 0.4%
American Water Capital Corp.		2.800	%		05/01/30		1,500,000		1,554,528
Brooklyn Union Gas Co. ^(b)		4.504	%		03/10/46		1,250,000		1,457,098
Indiana Gas Co., Inc.		6.550	%		06/30/28		250,000		304,883
									3,316,509
HEALTH CARE FACILITIES & SERVICES — 0.2%
Kaiser Foundation Hospital		3.150	%		05/01/27		1,500,000		1,596,598

HOME & OFFICE PRODUCTS — 0.1%
Steelcase, Inc.		5.125	%		01/18/29		1,000,000		1,130,065

HOME CONSTRUCTION — 0.2%
NVR, Inc.		3.950	%		09/15/22		500,000		507,849
NVR, Inc.		3.000	%		05/15/30		1,000,000		1,039,083
									1,546,932

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2021

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 36.2%, continued
INSTITUTIONAL FINANCIAL SERVICES — 1.5%
Bank of New York Mellon Corp. (The)		3.400	%		05/15/24	$	650,000	$	683,808
Brookfield Finance, Inc. ^(a)		4.250	%		06/02/26		1,570,000		1,727,321
Goldman Sachs Group, Inc. ^(a)		3.272	%		09/29/25		1,500,000		1,573,865
Goldman Sachs Group, Inc.		4.223	%		05/01/29		1,000,000		1,110,827
Goldman Sachs Group, Inc. ^(a)		3.800	%		03/15/30		1,500,000		1,651,224
Morgan Stanley ^(a)		3.125	%		07/27/26		2,000,000		2,118,645
Morgan Stanley, Series GMTN		2.699	%		01/22/31		1,250,000		1,278,856
National Securities Clearing Corp. ^(b)		1.500	%		04/23/25		1,000,000		1,006,000
State Street Corp.		7.350	%		06/15/26		1,000,000		1,242,224
									12,392,770
INSURANCE — 3.9%
Aflac, Inc.		4.000	%		10/15/46		1,058,000		1,232,664
Athene Global Funding ^(b)		2.800	%		05/26/23		1,500,000		1,538,042
First American Financial Corp.		2.400	%		08/15/31		1,500,000		1,467,522
Five Corners Funding Trust ^(b)		4.419	%		11/15/23		1,000,000		1,059,910
Horace Mann Educators Corp. ^(a)		4.500	%		12/01/25		1,235,000		1,333,369
Kemper Corp.		4.350	%		02/15/25		1,250,000		1,333,964
Marsh & McLennan Cos., Inc. ^(a)		3.750	%		03/14/26		1,000,000		1,085,007
Massachusetts Mutual Life Insurance Co. ^(b)		3.375	%		04/15/50		1,500,000		1,581,817
Met Life Global Funding I ^(b)		1.950	%		01/13/23		500,000		506,412
Met Life Global Funding I ^(b)		3.600	%		01/11/24		1,750,000		1,839,873
New York Life Global Funding ^(b)		2.900	%		01/17/24		3,000,000		3,109,034
OneBeacon US Holdings, Inc.		4.600	%		11/09/22		1,000,000		1,027,988
Pacific Life Global Funding II ^(b)		1.200	%		06/24/25		415,000		409,831
Primerica, Inc. ^(a)		2.800	%		11/19/31		1,000,000		1,010,774
Principal Financial Group, Inc.		3.700	%		05/15/29		1,250,000		1,379,546
Prudential Financial, Inc.		1.500	%		03/10/26		644,000		644,304
Prudential Financial, Inc.		5.875	%		09/15/42		750,000		766,524
Prudential plc		3.125	%		04/14/30		750,000		800,521
Reliance STD Life Insurance Co. ^(b)		2.750	%		05/07/25		1,280,000		1,326,298
RLI Corp.		4.875	%		09/15/23		1,000,000		1,052,902
Sammons Financial Group, Inc. ^(b)		4.450	%		05/12/27		1,200,000		1,316,647
Security Benefit Global, Series MTN ^(b)		1.250	%		05/17/24		1,500,000		1,492,602
StanCorp Financial Group, Inc.		5.000	%		08/15/22		1,250,000		1,281,630
Teachers Insurance & Annuity Association ^(b)		4.375	%		09/15/54		2,678,000		2,783,025
									31,380,206

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 36.2%, continued
INTERNET MEDIA & SERVICES — 0.1%
Alphabet, Inc. ^(a)		0.450	%		08/15/25	$	890,000	$	869,544

LEISURE FACILITIES & SERVICES — 0.5%
Hyatt Hotels Corp.		3.375	%		07/15/23		1,000,000		1,022,914
Marriott International, Inc. ^(a)		3.600	%		04/15/24		727,000		760,227
McDonald’s Corp., Series MTN		3.500	%		07/01/27		1,000,000		1,084,453
Starbucks Corp. ^(a)		2.450	%		06/15/26		1,000,000		1,034,522
									3,902,116
MACHINERY — 0.5%
Ingersoll-Rand Global Holding Co. Ltd.		6.391	%		11/15/27		655,000		785,184
John Deere Capital Corp.		1.750	%		03/09/27		250,000		251,701
John Deere Capital Corp.		3.050	%		01/06/28		1,250,000		1,336,317
Xylem, Inc.		1.950	%		01/30/28		1,775,000		1,754,836
									4,128,038
MEDICAL EQUIPMENT & DEVICES — 0.3%
Agilent Technologies, Inc.		3.875	%		07/15/23		1,250,000		1,295,600
Alcon Finance Corp. ^(b)		2.600	%		05/27/30		1,250,000		1,261,444
									2,557,044
PERSONAL PRODUCTS — 0.1%
Estée Lauder Cos., Inc. (The) ^(a)		2.600	%		04/15/30		1,000,000		1,036,441

PIPELINES — 0.1%
Northern Natural Gas Co. ^(b)		4.100	%		09/15/42		1,000,000		1,151,663

REITS — 2.5%
Agree Ltd. Partnership		2.900	%		10/01/30		650,000		660,346
Boston Properties, L.P. ^(a)		4.500	%		12/01/28		1,250,000		1,408,725
Camden Property Trust ^(a)		2.800	%		05/15/30		500,000		519,975
Duke Realty Trust, L.P.		2.875	%		11/15/29		1,500,000		1,558,486
ERP Operating, L.P.		4.150	%		12/01/28		1,250,000		1,409,998
ESSEX Portfolio, L.P.		2.650	%		03/15/32		1,500,000		1,504,757
Federal Realty Investment Trust		1.250	%		02/15/26		515,000		504,413
Kilroy Realty Corp.		2.500	%		11/15/32		1,750,000		1,692,524
Kimco Realty Corp.		2.700	%		10/01/30		1,750,000		1,776,045
Lexington Realty Trust		2.700	%		09/15/30		1,500,000		1,485,764
Mid-America Apartment Communities, Inc.		3.950	%		03/15/29		1,750,000		1,953,644
Ontario Teachers Cadillac Fairview Properties Trust ^(b)		2.500	%		10/15/31		1,125,000		1,119,794
Regency Centers, L.P.		3.750	%		06/15/24		1,000,000		1,053,054
Rexford Industrial Realty, L.P.		2.150	%		09/01/31		1,750,000		1,652,352
Sun Communities Operating Ltd.		2.700	%		07/15/31		500,000		495,931
UDR, Inc.		1.900	%		03/15/33		1,000,000		921,881
Vornado Realty, L.P.		3.500	%		01/15/25		567,000		594,105
WP Carey, Inc.		2.450	%		02/01/32		360,000		351,063
									20,662,857
RETAIL - CONSUMER STAPLES — 0.3%
Kroger Co. (The)		5.000	%		04/15/42		1,000,000		1,268,960

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2021

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 36.2%, continued
RETAIL - CONSUMER STAPLES — 0.3%, continued
Target Corp.		2.250	%		04/15/25	$	1,000,000	$	1,030,543
Walmart, Inc. ^(a)		1.800	%		09/22/31		500,000		494,986
									2,794,489
RETAIL - DISCRETIONARY — 0.4%
ERAC USA Finance, LLC ^(b)		2.700	%		11/01/23		1,250,000		1,281,643
Lowe’s Cos., Inc.		4.650	%		04/15/42		1,000,000		1,218,821
Lowe’s Cos., Inc. ^(a)		3.000	%		10/15/50		500,000		493,099
									2,993,563
SEMICONDUCTORS — 0.5%
Intel Corp. ^(a)		3.400	%		03/25/25		300,000		318,885
Intel Corp. ^(a)		3.734	%		12/08/47		1,361,000		1,550,180
NVIDIA Corp. ^(a)		2.850	%		04/01/30		500,000		531,071
Skyworks Solutions, Inc.		0.900	%		06/01/23		500,000		497,425
Texas Instruments, Inc.		1.375	%		03/12/25		1,000,000		1,004,149
									3,901,710
SOFTWARE — 0.5%
Microsoft Corp.		2.525	%		06/01/50		4,000,000		3,900,751

SPECIALTY FINANCE — 1.2%
American Express Credit Corp.		3.000	%		10/30/24		1,000,000		1,048,007
BlueHub Loan Fund, Inc.		3.099	%		01/01/30		1,030,000		1,065,852
Community Preservation Corp. (The)		2.867	%		02/01/30		1,750,000		1,815,765
Fidelity National Financial, Inc.		5.500	%		09/01/22		725,000		747,982
Fidelity National Financial, Inc.		3.400	%		06/15/30		500,000		527,847
GATX Corp.		4.350	%		02/15/24		300,000		318,388
Low Income Investment Fund		3.386	%		07/01/26		115,000		119,487
USAA Capital Corp. ^(b)		1.500	%		05/01/23		1,000,000		1,009,862
USAA Capital Corp. ^(b)		2.125	%		05/01/30		3,000,000		2,999,415
									9,652,605
STEEL — 0.3%
Nucor Corp.		4.125	%		09/15/22		1,025,000		1,041,736
Nucor Corp.		2.000	%		06/01/25		460,000		469,028
Reliance Steel & Aluminum Co. ^(a)		4.500	%		04/15/23		1,105,000		1,143,791
									2,654,555
TECHNOLOGY HARDWARE — 0.6%
Apple, Inc. ^(a)		2.850	%		02/23/23		1,250,000		1,276,079
Apple, Inc.		3.000	%		06/20/27		1,000,000		1,071,367
Apple, Inc.		2.650	%		05/11/50		1,000,000		983,132
Apple, Inc.		2.650	%		02/08/51		1,000,000		983,207
Xerox Corp.		4.070	%		03/17/22		750,000		752,876
									5,066,661
TECHNOLOGY SERVICES — 1.0%
Experian Finance plc ^(a)(b)		2.750	%		03/08/30		635,000		648,943
Genpact Luxembourg S.A.R.L.		3.700	%		04/01/22		1,100,000		1,105,344
IBM Corp.		3.300	%		05/15/26		1,000,000		1,069,065
Mastercard, Inc.		3.300	%		03/26/27		197,000		212,884
Moody’s Corp.		3.250	%		05/20/50		500,000		522,140
RELX Capital, Inc.		3.500	%		03/16/23		1,500,000		1,544,037

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 36.2%, continued
TECHNOLOGY SERVICES — 1.0%, continued
S&P Global, Inc. ^(a)		4.000	%		06/15/25	$	1,163,000	$	1,258,277
Visa, Inc. ^(a)		0.750	%		08/15/27		1,770,000		1,696,744
									8,057,434
TELECOMMUNICATIONS — 0.8%
AT&T, Inc.		5.250	%		03/01/37		500,000		618,457
AT&T, Inc.		4.750	%		05/15/46		1,500,000		1,811,453
Verizon Communications, Inc. ^(a)		3.875	%		02/08/29		1,000,000		1,108,174
Verizon Communications, Inc.		1.500	%		09/18/30		1,000,000		938,119
Verizon Communications, Inc. ^(a)		2.987	%		10/30/56		1,799,000		1,702,920
									6,179,123
TRANSPORTATION & LOGISTICS — 1.3%
British Airways, Series 2013-1 ^(b)		4.625	%		12/20/25		395,831		412,749
Burlington Northern Santa Fe, LLC ^(a)		5.750	%		05/01/40		1,000,000		1,388,064
Canadian Pacific Railway Co.		2.050	%		03/05/30		1,750,000		1,724,807
Mexico City Airport Trust ^(b)		4.250	%		10/31/26		497,000		526,199
Norfolk Southern Corp.		4.837	%		10/01/41		1,000,000		1,260,015
Norfolk Southern Corp. ^(a)		3.050	%		05/15/50		1,500,000		1,527,889
Penske Truck Leasing Co. ^(b)		3.450	%		07/01/24		1,250,000		1,309,752
TTX Co. ^(b)		4.600	%		02/01/49		280,000		364,804
United Parcel Services, Inc. ^(a)		3.900	%		04/01/25		1,500,000		1,618,695
									10,132,974
WHOLESALE - CONSUMER STAPLES — 0.3%
Bunge Ltd. Finance Corp.		1.630	%		08/17/25		395,000		393,575
Sysco Corp. ^(a)		2.400	%		02/15/30		1,750,000		1,755,133
									2,148,708
TOTAL CORPORATE BONDS (COST $281,038,424)									295,508,721

CORPORATE NOTES — 1.0%
COMMUNITY DEVELOPMENT — 1.0%
Calvert Social Investment Foundation, Inc. ^(d)		2.000	%		06/15/22		980,000		980,000
Calvert Social Investment Foundation, Inc. ^(d)		0.400	%		12/15/22		500,000		500,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/15/23		1,650,000		1,650,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/23		950,000		950,000
Calvert Social Investment Foundation, Inc. ^(d)		1.000	%		06/14/24		550,000		540,710
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/17/24		980,000		980,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/24		400,000		400,000
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		06/13/25		1,400,000		1,397,200
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		12/15/25		650,000		650,000
TOTAL CORPORATE NOTES (COST $8,060,000)									8,047,910

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2021

	Coupon			Maturity		Principal Amount		Fair Value
FOREIGN GOVERNMENTS — 8.2%
FOREIGN AGENCY — 1.0%
BNG Bank N.V. ^(a)(b)		1.500	%		10/16/24	$	1,500,000	$	1,519,934
BNG Bank N.V. ^(a)(b)		0.500	%		11/24/25		2,000,000		1,943,000
KFW		2.000	%		09/29/22		1,500,000		1,517,372
Kommunalbanken A.S. ^(b)		2.125	%		02/11/25		1,000,000		1,031,658
Kommunivest I Sverige AB, Series MTN ^(b)		0.375	%		06/19/24		500,000		492,768
Nederlandse Waterschapsbank N.V. ^(b)		3.125	%		12/05/22		1,500,000		1,536,168
									8,040,900
SUPRANATIONAL — 7.2%
African Development Bank		0.750	%		04/03/23		5,000,000		5,009,185
Asian Development Bank		1.875	%		08/10/22		3,036,000		3,062,457
Asian Development Bank		2.125	%		03/19/25		1,000,000		1,032,294
Asian Development Bank		3.125	%		09/26/28		1,000,000		1,104,890
Central American Bank for Economic Development ^(b)		1.140	%		02/09/26		1,200,000		1,177,752
European Bank for Reconstruction & Development		1.625	%		09/27/24		1,250,000		1,271,275
European Bank for Reconstruction & Development		1.500	%		02/13/25		200,000		202,501
European Investment Bank		2.500	%		10/15/24		1,000,000		1,041,147
European Investment Bank ^(b)		2.875	%		06/13/25		1,000,000		1,058,260
European Investment Bank		2.125	%		04/13/26		1,000,000		1,035,956
European Investment Bank		2.375	%		05/24/27		4,000,000		4,196,691
Inter-American Development Bank		3.000	%		09/26/22		2,000,000		2,038,430
Inter-American Development Bank		0.875	%		04/03/25		3,000,000		2,977,532
Inter-American Development Bank		4.375	%		01/24/44		3,000,000		4,144,220
International Bank for Reconstruction & Development		0.250	%		11/24/23		7,000,000		6,935,661
International Bank for Reconstruction & Development		2.125	%		03/03/25		500,000		516,776
International Bank for Reconstruction & Development		0.625	%		04/22/25		1,000,000		983,244
International Bank for Reconstruction & Development		3.125	%		11/20/25		1,000,000		1,070,390
International Bank for Reconstruction & Development		0.875	%		07/15/26		3,000,000		2,946,080
International Development Association ^(b)		2.750	%		04/24/23		5,000,000		5,136,294
International Development Association ^(b)		0.375	%		09/23/25		2,000,000		1,936,983
International Development Association ^(a)(b)		0.875	%		04/28/26		2,000,000		1,964,263
International Finance Corp., Series GMTN		2.000	%		10/24/22		2,000,000		2,025,494
International Finance Corp., Series GMTN		0.500	%		03/20/23		2,500,000		2,497,562

	Coupon			Maturity		Principal Amount		Fair Value
FOREIGN GOVERNMENTS — 8.2%, continued
SUPRANATIONAL — 7.2%, continued
International Finance Corp., Series GMTN		2.125	%		04/07/26	$	3,000,000	$	3,109,831
									58,475,168
TOTAL FOREIGN GOVERNMENTS (COST $65,305,997)									66,516,068

COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.2%
Commercial Mortgage Pass-Through Certificates, Class A-3		3.391	%		05/17/45		463,244		464,168
Commercial Mortgage Pass-Through Certificates, Class A-3		2.853	%		10/17/45		993,930		1,004,609
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (COST $1,484,689)									1,468,777

ASSET BACKED SECURITIES — 3.1%
Ahold Finance U.S.A., LLC		8.620	%		01/02/25		298,749		329,481
Beacon Container II, LLC ^(b)		2.250	%		10/22/46		1,022,667		1,014,572
Cards II Trust ^(b)		0.602	%		04/15/27		2,250,000		2,223,941
DB Master Finance, LLC ^(b)		2.493	%		11/20/51		2,025,000		2,021,207
Iowa Student Loan Liquidity Corp. Rev.		1.730	%		08/25/70		1,403,985		1,384,803
Mastercard Credit Card Trust ^(b)		1.990	%		09/21/24		4,000,000		4,062,771
SBA Tower Trust ^(b)		3.448	%		03/15/48		1,250,000		1,256,025
SBA Tower Trust ^(b)		2.836	%		01/15/50		282,000		289,375
SolarCity LMC, Series I, LLC ^(b)(e)		4.800	%		12/20/26		360,770		368,390
Tesla Auto Lease		0.600	%		09/22/25		1,200,000		1,185,463
Textainer Marine Containers VII ^(b)		1.680	%		02/20/46		1,400,000		1,363,281
TIF Funding II, LLC ^(b)		1.650	%		02/20/46		464,479		449,870
Toyota Auto Receivables Owner Trust		0.260	%		11/17/25		3,000,000		2,969,133
Triton Container Finance, LLC ^(b)		1.860	%		03/20/46		1,638,438		1,604,087
Triumph Rail, LLC ^(b)		2.150	%		06/19/51		2,025,635		2,020,391
Vantage Data Centers, LLC ^(b)		2.165	%		10/15/46		2,000,000		1,991,842
Wendy’s Funding, LLC ^(b)		3.783	%		06/15/49		690,000		720,733
TOTAL ASSET BACKED SECURITIES (COST $25,448,264)									25,255,365

U.S. GOVERNMENT AGENCIES — 45.7%
DEVELOPMENT FINANCE CORPORATION — 1.3%
DFC (PO)		0.000	%		06/21/23		1,000,000		1,084,030
DFC ^(c)		0.130	%		09/15/26		791,667		791,667
DFC		1.590	%		04/15/28		2,000,000		1,991,275
DFC		1.650	%		04/15/28		3,500,000		3,495,716
DFC		3.280	%		09/15/29		876,939		946,234
DFC		3.540	%		06/15/30		500,011		542,579
DFC		3.520	%		09/20/32		767,857		841,117
DFC		3.820	%		06/01/33		819,944		923,394
									10,616,012
FEDERAL HOME LOAN BANK — 4.8%
FHLB		3.250	%		11/16/28		12,500,000		13,964,392
FHLB		5.500	%		07/15/36		17,120,000		24,825,832
									38,790,224

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2021

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 45.7%, continued
FEDERAL HOME LOAN MORTGAGE CORPORATION — 12.1%
FHLMC		4.000	%		11/01/24	$	66,722	$	70,041
FHLMC		0.375	%		09/23/25		14,000,000		13,620,848
FHLMC		4.000	%		10/01/25		40,863		42,936
FHLMC		2.875	%		04/25/26		3,000,000		3,165,276
FHLMC		6.000	%		04/01/27		55,331		60,853
FHLMC		2.500	%		10/01/27		297,359		308,912
FHLMC		2.738	%		04/25/29		2,348,733		2,467,205
FHLMC		2.412	%		08/25/29		3,670,000		3,827,069
FHLMC		7.000	%		02/01/30		15,295		15,348
FHLMC		7.500	%		07/01/30		70,858		79,740
FHLMC		1.487	%		11/25/30		2,500,000		2,440,029
FHLMC		1.878	%		01/25/31		1,500,000		1,523,692
FHLMC		2.000	%		01/25/31		3,000,000		3,051,600
FHLMC		7.000	%		03/01/31		30,069		34,102
FHLMC		1.777	%		10/25/31		2,000,000		1,996,135
FHLMC		2.091	%		11/25/31		2,500,000		2,554,149
FHLMC		6.250	%		07/15/32		1,550,000		2,226,698
FHLMC		3.000	%		11/01/32		428,530		453,197
FHLMC		3.000	%		11/01/32		556,729		588,776
FHLMC		5.500	%		11/01/33		32,750		37,154
FHLMC (H15T1Y + 223.10) ^(c)		2.356	%		05/01/34		31,548		33,021
FHLMC (H15T1Y + 223.10) ^(c)		2.356	%		05/01/34		4,945		4,956
FHLMC		1.783	%		06/25/34		2,084,061		2,081,129
FHLMC		5.000	%		07/01/35		59,069		66,861
FHLMC		4.500	%		10/01/35		86,350		95,216
FHLMC		2.438	%		02/25/36		4,000,000		4,105,132
FHLMC		5.500	%		03/01/36		25,218		28,779
FHLMC		5.500	%		06/01/36		36,248		41,330
FHLMC		6.000	%		06/01/36		30,602		34,347
FHLMC		5.500	%		12/01/36		28,948		33,063
FHLMC		6.000	%		08/01/37		17,614		20,437
FHLMC		5.000	%		03/01/38		148,218		167,833
FHLMC		4.500	%		06/01/39		154,379		170,767
FHLMC		5.000	%		06/01/39		223,632		253,751
FHLMC		4.500	%		07/01/39		145,884		161,383
FHLMC		4.500	%		11/01/39		130,197		144,051
FHLMC		4.500	%		09/01/40		202,817		224,348
FHLMC		4.500	%		05/01/41		388,163		428,137
FHLMC		4.500	%		07/01/41		446,080		491,473
FHLMC		5.000	%		09/01/41		196,299		222,491
FHLMC		3.500	%		10/01/41		224,769		241,766
FHLMC		4.000	%		10/01/41		232,281		254,336
FHLMC		3.500	%		02/01/42		354,313		381,220
FHLMC		4.000	%		02/01/42		107,311		117,870
FHLMC		3.500	%		06/01/42		441,084		474,928
FHLMC		3.500	%		06/01/42		419,036		451,043
FHLMC		3.500	%		08/01/42		500,355		538,577
FHLMC		3.000	%		11/01/42		934,716		987,423
FHLMC		3.000	%		01/01/43		521,396		550,744
FHLMC		3.000	%		05/01/43		756,566		798,773
FHLMC		3.500	%		10/01/44		435,670		466,157
FHLMC		3.500	%		11/01/44		392,269		419,602
FHLMC		3.500	%		04/01/45		494,964		528,821
FHLMC		3.000	%		05/01/46		842,101		883,509
FHLMC		3.000	%		12/01/46		2,004,336		2,108,267
FHLMC		3.500	%		03/01/48		2,301,666		2,477,044

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 45.7%, continued
FEDERAL HOME LOAN MORTGAGE CORPORATION — 12.1%, continued
FHLMC		3.500	%		03/01/49	$	684,025	$	721,306
FHLMC		3.500	%		07/01/49		1,126,887		1,188,053
FHLMC		3.000	%		09/01/49		1,191,941		1,235,198
FHLMC		3.000	%		07/01/50		2,957,420		3,064,747
FHLMC		2.000	%		08/01/50		3,657,536		3,649,514
FHLMC		2.000	%		01/01/51		8,933,380		8,913,788
FHLMC		2.500	%		04/01/51		8,980,383		9,176,101
FHLMC		2.000	%		05/01/51		7,093,352		7,077,795
FHLMC		2.000	%		08/01/51		4,655,806		4,645,595
									98,724,442
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 27.1%
FNMA		5.500	%		06/01/22		397		398
FNMA		2.890	%		07/01/22		2,211,768		2,234,081
FNMA		2.000	%		10/05/22		3,500,000		3,544,382
FNMA		2.190	%		01/01/23		1,840,197		1,856,485
FNMA		2.670	%		12/01/23		2,274,556		2,328,912
FNMA ^(c)		2.639	%		07/25/24		2,813,987		2,890,858
FNMA		2.625	%		09/06/24		5,750,000		6,015,036
FNMA		2.890	%		12/01/24		4,000,000		4,082,714
FNMA		3.080	%		12/01/24		2,174,629		2,276,389
FNMA		2.710	%		01/01/25		4,500,000		4,594,770
FNMA		5.000	%		04/01/25		28,795		31,434
FNMA		0.500	%		06/17/25		10,000,000		9,800,508
FNMA		5.000	%		07/01/25		23,592		25,662
FNMA		3.500	%		10/01/25		39,483		41,552
FNMA		5.000	%		10/01/25		33,265		36,186
FNMA		5.500	%		11/01/25		9		10
FNMA		0.500	%		11/07/25		12,000,000		11,708,118
FNMA		4.000	%		03/01/26		177,070		186,342
FNMA		2.910	%		04/01/26		3,000,000		3,127,120
FNMA		2.125	%		04/24/26		2,000,000		2,073,975
FNMA		2.254	%		07/25/26		447,977		454,155
FNMA		8.500	%		09/01/26		5,497		5,539
FNMA		2.500	%		09/01/27		356,830		370,585
FNMA		0.750	%		10/08/27		10,000,000		9,647,318
FNMA		2.500	%		11/01/27		545,264		566,294
FNMA		2.500	%		01/01/28		365,044		379,120
FNMA ^(c)		2.896	%		01/25/28		1,176,175		1,198,434
FNMA ^(c)		3.430	%		06/25/28		2,000,000		2,188,659
FNMA		2.522	%		08/27/29		6,000,000		6,317,123
FNMA		0.875	%		08/05/30		40,000,000		37,693,572
FNMA		6.625	%		11/15/30		12,750,000		18,005,722
FNMA ^(c)		1.561	%		11/25/30		3,000,000		2,926,479
FNMA ^(c)		1.429	%		12/25/30		5,000,000		4,830,100
FNMA		1.250	%		01/25/31		3,000,000		2,861,097
FNMA		1.376	%		03/25/31		1,000,000		963,659
FNMA		2.000	%		01/01/32		1,444,399		1,484,756
FNMA		3.000	%		12/01/32		621,145		651,539
FNMA		6.000	%		10/01/33		21,356		24,444
FNMA		5.500	%		02/01/34		25,209		28,577
FNMA (H15T1Y + 211.70) ^(c)		2.242	%		05/01/34		27,392		28,576
FNMA		6.000	%		11/01/34		66,192		76,196
FNMA		5.500	%		01/01/35		33,053		37,422
FNMA		2.500	%		02/01/35		1,469,872		1,522,250
FNMA		5.000	%		10/01/35		54,416		61,488
FNMA		5.500	%		10/01/35		69,604		79,395
FNMA		6.000	%		10/01/35		38,002		43,685

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2021

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 45.7%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 27.1%, continued
FNMA		5.500	%		06/01/36	$	20,988	$	23,905
FNMA		6.000	%		06/01/36		17,268		19,991
FNMA		5.500	%		11/01/36		24,709		28,192
FNMA (12MO LIBOR + 156.50) ^(c)		1.940	%		05/01/37		25,388		26,269
FNMA		5.625	%		07/15/37		2,750,000		4,135,965
FNMA		4.500	%		09/01/40		122,073		134,512
FNMA		4.500	%		10/01/40		117,813		129,117
FNMA		4.000	%		12/01/40		312,511		342,050
FNMA		4.000	%		01/01/41		215,317		235,290
FNMA		3.500	%		02/01/41		320,424		345,756
FNMA		4.000	%		10/01/41		178,537		195,371
FNMA		4.000	%		11/01/41		193,099		211,965
FNMA		4.000	%		12/01/41		233,192		255,194
FNMA		4.000	%		12/01/41		404,186		442,263
FNMA		4.000	%		01/01/42		707,181		783,391
FNMA		3.500	%		05/01/42		360,527		387,930
FNMA		3.000	%		06/01/42		681,592		719,697
FNMA		3.000	%		08/01/42		509,786		538,151
FNMA		3.000	%		08/01/42		540,667		570,740
FNMA		3.500	%		12/01/42		763,739		824,898
FNMA		3.000	%		06/01/43		608,743		642,260
FNMA		4.000	%		12/01/44		888,734		975,723
FNMA		3.500	%		05/01/45		976,654		1,050,651
FNMA		3.000	%		04/01/46		790,760		829,120
FNMA		3.500	%		11/01/46		1,338,691		1,432,838
FNMA		4.000	%		10/01/48		721,722		767,835
FNMA		4.000	%		11/01/48		1,610,157		1,781,488
FNMA		3.500	%		05/01/49		586,048		617,849
FNMA		4.000	%		06/01/49		944,640		1,003,677

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 45.7%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 27.1%, continued
FNMA		3.500	%		08/01/49	$	2,311,969	$	2,438,472
FNMA		3.000	%		09/01/49		1,155,686		1,197,627
FNMA		3.000	%		06/01/50		2,381,573		2,469,517
FNMA		2.500	%		07/01/50		3,557,648		3,633,107
FNMA		2.500	%		08/01/50		2,500,678		2,553,719
FNMA		3.000	%		08/01/50		4,186,516		4,339,539
FNMA		2.000	%		11/01/50		6,000,885		5,987,724
FNMA		2.000	%		01/01/51		10,724,351		10,700,831
FNMA		2.000	%		02/01/51		6,333,673		6,319,782
FNMA		2.500	%		04/01/51		12,144,266		12,403,592
									220,797,114
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.0% ^(f)
GNMA		7.000	%		12/20/30		10,097		11,419
GNMA		7.000	%		10/20/31		7,738		8,924
GNMA		7.000	%		03/20/32		31,830		36,948
GNMA (H15T1Y + 150) ^(c)		2.000	%		01/20/34		24,325		25,349
GNMA		5.500	%		10/20/38		5,290		5,688
GNMA		6.500	%		11/20/38		5,056		5,623
									93,951
SMALL BUSINESS ADMINISTRATION — 0.0% ^(f)
SBA (Prime — 2.65) ^(c)		0.600	%		02/25/32		110,115		111,179

UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 0.4%
Hashemite Kingdom of Jordan AID Bond		3.000	%		06/30/25		1,450,000		1,533,225
Iraq AID Bond		2.149	%		01/18/22		1,500,000		1,501,087
									3,034,312
TOTAL U.S. GOVERNMENT AGENCIES (COST $366,145,884)									372,167,234

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2021

	Shares		Fair Value
MONEY MARKET FUNDS — 3.6%
First American Government Obligations Fund - Class X, 0.03% ^(g) (COST $29,325,530)		29,325,530	$	29,325,530

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 5.4%
Mount Vernon Liquid Assets Portfolio, LLC, 0.12% ^(g)(h) (COST $44,027,878)		44,027,878		44,027,878

INVESTMENT COMPANIES — 0.4%
Pax High Yield Bond Fund - Institutional Class (COST $4,199,236)		530,984		3,653,168

TOTAL INVESTMENTS - (COST $833,477,317) — 104.9%			$	854,694,785
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.9%)				(40,011,629	)
NET ASSETS — 100.0%			$	814,683,156

(a)	All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2021 was $43,142,581 (Note 8).

(b)	144a security may only be resold to qualified institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. As of December 31, 2021, these securities were valued at $92,359,779 or 11.3% of net assets.

(c)

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of December 31, 2021. 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.

(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	$	980,000	$	980,000		0.1	%
Calvert Social Investment Foundation, Inc. 0.400%, 12/15/22		12/15/21		500,000		500,000		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. 1.000%, 06/14/24		06/15/21		550,000		540,710		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%, 12/15/24		12/12/19		400,000		400,000		0.0	%^(f)
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		1,400,000		1,397,200		0.2	%
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25		12/15/20		650,000		650,000		0.1	%
			$	8,060,000	$	8,047,910		1.0	%

(e)	Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total fair vale of such securities was $368,390 as of December 31, 2021, representing 0.0% (f) of net assets.

(f)	Percentage rounds to less than 0.1%.

(g)	The rate shown is the 7-day effective yield as of December 31, 2021.

(h)	The security was purchased with cash collateral received from securities on loan (Note 8).

GMTN	— Global Medium-Term Note

H15T1Y

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

LIBOR

— London Interbank Offered Rate

plc	— Public Liability Company

PO	— Principal Only security with a redemption price above par

SOFR	— Secured Overnight Financing Rate

See accompanying notes to financial statements.

Praxis International Index Fund

Annual Report to Shareholders

Portfolio Managers’ Commentary (unaudited)

International equities posted modest gains in 2021, supported by improving global economic activity and investor sentiment. Despite the toll of the ongoing pandemic, businesses broadly benefited from increasing vaccination rates and the easing of restrictions – both seen as major market catalysts, particularly in the first half of the year.

Returns in the second half of the year were dampened by labor shortages, supply chain disruptions, and ongoing uncertainty over the impact of new virus variants. For the full year, the MSCI All Country World ex-U.S. Index returned 7.82%. The Praxis International Index Fund’s Class I Shares returned 7.83%, and the Class A Shares (without Load) returned 7.22%.

The Praxis International Index Fund seeks to generate performance that reflects the performance of both foreign-developed and emerging equity markets, as measured by the MSCI All Country World ex US Index. The portfolio is constructed using optimization techniques to have characteristics similar to the target benchmark index.

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 of time. The objective over longer time horizons is for the Fund to perform in line with the benchmark before fees. Our Morningstar Historical Corporate Sustainability Percent Rank (as of November 30, 2021) is the 15th percentile and is a 4 out of 5 Globes Sustainability Rating.

During this period, these factors had a neutral contribution to the Fund’s returns relative to the benchmark. While there were no significant over/under exposures to any single factor, the Fund’s overweight to Industrials and Information Technology sectors contributed positively to relative returns. These results were partly offset by the underweight to the Energy and Materials sectors, which detracted from relative results. The largest company-specific contributors included an overweight to Genscript Biotech and Mitsui Osk Lines and an underweight to Novartis. Overall, the results were consistent with our forecasted tracking error – a measure of variability of relative returns – for a portfolio subject to the constraints we discussed above.

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 manager as of Dec. 31, 2021, 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 12/31/11 to 12/31/21

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 12/31/11 to 12/31/21 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	1.60%	10.93%	7.69%	5.97%	1.30%	1.30%
Class A (Without Load)	12/31/10	7.22%	12.94%	8.85%	6.55%
Class I	12/31/10	7.83%	13.70%	9.57%	7.23%	0.61%	0.61%
MSCI All Country World Index ex-U.S. ¹		7.82%	13.18%	9.61%	7.28%

* 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, 2021.

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

Schedule of Investments

Praxis International Index Fund

December 31, 2021

	Shares		Fair Value
COMMON STOCKS — 98.5%
AUSTRALIA — 4.1%
ASX Ltd.		2,936	$	198,179
Australia & New Zealand Banking Group Ltd. - ADR		3,292		66,186
Australia & New Zealand Banking Group Ltd.		40,646		812,447
Brambles Ltd.		31,975		246,962
Coles Group Ltd.		16,018		208,794
Commonwealth Bank of Australia - ADR		1,498		110,867
Commonwealth Bank of Australia		16,680		1,224,065
CSL Ltd. - ADR		7,282		770,436
CSL Ltd.		3,640		768,888
Dexus		119,299		963,892
Endeavour Group Ltd.		28,598		140,050
Fortescue Metals Group Ltd.		43,722		610,259
Goodman Group		44,189		850,838
GPT Group (The)		86,547		340,830
Julius Baer Group Ltd. - ADR		4,890		65,110
Macquarie Group Ltd. - ADR		2,747		412,352
Macquarie Group Ltd.		2,144		319,972
Mirvac Group		95,002		200,869
National Australia Bank Ltd.		36,653		768,054
Origin Energy Ltd.		86,549		329,519
REA Group Ltd.		2,913		354,817
Santos Ltd.		199,559		914,929
Scentre Group		175,279		402,443
SEEK Ltd.		32,750		780,023
Sonic Healthcare Ltd.		5,772		195,559
Stockland		77,989		240,263
Sydney Airport ^(a)		67,719		427,088
Transurban Group		97,178		975,805
Vicinity Centres		245,277		301,183
Wesfarmers Ltd.		24,534		1,057,085
Woolworths Group Ltd.		28,598		789,806
				15,847,570
AUSTRIA — 0.5%
Raiffeisen Bank International AG		31,491		927,598
Verbund AG		8,891		1,000,819
				1,928,417
BELGIUM — 0.4%
KBC Group N.V. - ADR		1,592		68,615
KBC Group N.V.		7,492		643,463
UCB S.A.		3,989		455,607
Umicore S.A.		6,207		252,561
				1,420,246
BERMUDA — 0.1%
Credicorp Ltd.		4,836		590,330

BRAZIL — 1.3%
Banco Bradesco S.A. - ADR		223,701		765,057
Banco do Brasil S.A. - ADR		95,339		490,996
Banco Santander Brasil S.A. - ADR		143,531		770,762
Cia Energética de Minas Gerais - ADR		165,084		401,154
Cia Siderurgica Nacional S.A. - ADR		61,221		271,821
Gerdau S.A. - ADR		79,331		390,309
Getnet Adquirencia e Servicos para Meios de Pagamento S.A. - ADR ^(a)		14,948		20,927
Natura & Co. Holding S.A. - ADR ^(a)		30,875		286,211
Sendas Distribuidora S.A. - ADR		17,197		203,784

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
BRAZIL — 1.3%, continued
Suzano S.A. - ADR ^(a)		45,067	$	486,724
Telefónica Brasil S.A. - ADR ^(b)		94,189		814,735
				4,902,480
CANADA — 7.9%
Bank of Montreal		12,376		1,333,143
Bank of Nova Scotia (The) ^(b)		24,281		1,740,705
BlackBerry Ltd. ^(a)(b)		14,808		138,455
Cameco Corp.		19,979		435,742
Canadian Imperial Bank of Commerce		12,264		1,429,492
Canadian National Railway Co.		15,841		1,946,225
Canadian Pacific Railway Ltd.		16,665		1,198,880
CGI, Inc. ^(a)		8,100		716,850
Franco-Nevada Corp.		10,461		1,446,652
Gildan Activewear, Inc.		18,362		778,365
Manulife Financial Corp. ^(b)		76,580		1,460,381
Methanex Corp.		15,712		621,410
Nutrien Ltd.		11,843		890,594
Open Text Corp.		11,725		556,703
Restaurant Brands International, Inc.		11,589		703,220
Ritchie Bros. Auctioneers, Inc.		8,310		508,655
Royal Bank of Canada		32,068		3,403,697
Shaw Communications, Inc. - Class B		15,369		466,295
Shopify, Inc. - Class A ^(a)		1,405		1,935,233
Sun Life Financial, Inc.		20,815		1,159,187
Teck Resources Ltd. - Class B		44,613		1,285,747
Thomson Reuters Corp.		20,428		2,443,597
Toronto-Dominion Bank (The)		26,902		2,062,845
Wheaton Precious Metals Corp.		31,931		1,370,798
				30,032,871
CAYMAN ISLANDS — 6.1%
51job, Inc. - ADR ^(a)		7,902		386,645
Alibaba Group Holding Ltd. - ADR ^(a)		26,973		3,204,123
Autohome, Inc. - ADR		5,460		160,961
Baidu, Inc. - ADR ^(a)		5,628		837,390
Baozun, Inc. - ADR ^(a)		7,153		99,427
BeiGene Ltd. - ADR ^(a)		1,789		484,694
China Literature Ltd. ^(a)		42,400		266,477
China Mengniu Dairy Co. Ltd. ^(a)		36,000		204,090
ENN Energy Holdings Ltd.		21,000		395,405
GDS Holdings Ltd. - ADR ^(a)		3,256		153,553
Genscript Biotech Corp. ^(a)		112,000		495,603
Hengan International Group Co. Ltd.		132,500		682,336
HUYA, Inc. - ADR ^(a)		17,677		122,678
JD.com, Inc. - ADR ^(a)		11,792		826,266
Kingboard Holdings Ltd.		33,500		163,062
Kingdee International Software Group Co. Ltd. ^(a)		100,000		307,828
Logan Group Co. Ltd.		292,000		223,216
Meituan - ADR ^(a)		27,883		1,611,916
NetEase, Inc. - ADR		8,953		911,236
New Oriental Education & Technology Group, Inc. - ADR ^(a)		211,011		443,123
NIO, Inc. - ADR ^(a)		20,975		664,488
Noah Holdings Ltd. - ADR ^(a)		6,771		207,802
Shenzhou International Group Holdings Ltd.		48,000		922,869
Sunny Optical Technology Group Co. Ltd.		21,900		692,683
TAL Education Group - ADR ^(a)(b)		76,382		300,181
Tencent Holdings Ltd. - ADR ^(b)		87,007		5,072,508

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2021

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
CAYMAN ISLANDS — 6.1%, continued
Tencent Music Entertainment Group - ADR ^(a)		18,461	$	126,458
Tingyi Cayman Islands Holding Corp.		172,000		353,417
Trip.com Group Ltd. - ADR ^(a)		17,114		421,347
Weibo Corp. - ADR ^(a)(b)		4,796		148,580
WuXi Biologics Cayman, Inc. ^(a)		108,000		1,282,027
XPeng, Inc. - ADR ^(a)(b)		9,118		458,909
Zai Lab Ltd. ^(a)		3,411		214,381
ZTO Express Cayman, Inc. - ADR		22,651		639,211
				23,484,890
CHILE — 0.2%
Enel Americas S.A. - ADR		53,811		292,732
Sociedad Quimica y Minera de Chile S.A. - ADR		10,597		534,407
				827,139
CHINA — 2.8%
Agricultural Bank of China Ltd. - H Shares		1,583,000		544,142
ANTA Sports Products Ltd.		50,400		755,687
Bank of China Ltd. - H Shares		1,903,000		685,870
BYD Co. Ltd. - H Shares		12,500		427,432
China Life Insurance Co. Ltd. - H Shares		188,000		311,542
China Longyuan Power Group Corp. Ltd. - H Shares		88,000		205,424
China Merchants Bank Co. Ltd. - H Shares		82,820		643,200
China Minsheng Banking Corp. Ltd. - H Shares		522,500		199,710
China Pacific Insurance Group Co. Ltd. - H Shares		100,200		271,816
China Resources Land Ltd.		134,000		563,736
China Vanke Co. Ltd. - H Shares		135,274		314,738
Haier Smart Home Co. Ltd. - H Shares		241,230		1,019,492
Industrial & Commercial Bank of China Ltd. - H Shares		1,118,000		630,945
iQIYI, Inc. - ADR ^(a)		20,060		91,474
Jiangsu Expressway Co. Ltd. - H Shares		510,000		522,654
New World Development Co. Ltd.		72,768		287,934
Ping An Insurance Group Co. of China Ltd. - H Shares		232,318		1,673,130
Sinopharm Group Co. Ltd. - H Shares		264,400		575,154
TravelSky Technology Ltd. - H Shares		113,000		190,156
Yum China Holdings, Inc.		14,762		735,738
				10,649,974
COLOMBIA — 0.3%
Bancolombia S.A. - ADR		34,647		1,094,499

DENMARK — 1.8%
A.P. Moller-Maersk A/S - Series B		74		265,448
Coloplast A/S - Series B		3,561		626,978
DSV A/S		4,551		1,063,391
Genmab A/S ^(a)		932		374,953
Novo Nordisk A/S - ADR		30,237		3,386,544
Orsted A/S		3,183		406,660
Pandora A/S		2,532		315,820
Vestas Wind Systems A/S		21,015		642,931
				7,082,725
FINLAND — 0.6%
Neste OYJ		11,871		585,848
Nokia Corp. - ADR ^(a)		119,187		741,343
Nordea Bank Abp		22,302		272,431
UPM-Kymmene OYJ		14,351		546,534
				2,146,156

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
FRANCE — 6.5%
Accor S.A. ^(a)		5,112	$	165,532
Aeroports de Paris ^(a)		1,727		222,706
Air Liquide S.A. - ADR		2		70
Air Liquide S.A.		8,844		1,543,321
Alstom S.A. - ADR		41,500		144,835
Alstom S.A.		3,311		117,652
AXA S.A. - ADR		7,561		225,091
AXA S.A.		49,594		1,478,055
Bollore S.A.		32,780		183,562
Capgemini SE - ADR		6,425		314,439
Capgemini SE		2,481		608,531
Cie Generale des Etablissements Michelin SCA - ADR		18,110		593,827
Cie Generale des Etablissements Michelin SCA		1,074		176,209
CNP Assurances		24,456		605,415
Covivio		5,514		453,119
Danone S.A. - ADR		11,880		147,193
Danone S.A.		12,477		775,233
Dassault Systemes SE - ADR		3,725		222,308
Dassault Systemes SE		15,295		910,632
EssilorLuxottica S.A.		4,430		944,085
Eurofins Scientific SE		2,234		276,644
Faurecia SE		3,770		179,489
Gecina S.A.		1,220		170,656
Getlink SE		27,276		452,013
Groupe Bruxelles Lambert S.A.		6,989		780,833
Hermes International		830		1,451,036
Kering S.A.		1,378		1,108,705
Klepierre S.A.		15,984		379,315
Legrand S.A.		10,029		1,174,578
L’Oreal S.A. - ADR		21,745		2,074,908
L’Oreal S.A.		1,380		654,895
Orange S.A.		12,979		139,052
Publicis Groupe S.A.		8,339		561,881
Renault S.A. ^(a)		6,593		229,209
Sartorius Sedim Biotech		1,319		724,204
Schneider Electric SE		9,145		1,795,068
Solvay S.A.		2,892		336,402
Teleperformance		1,454		648,723
Unibail-Rodamco-Westfield ^(a)		2,894		202,969
Unibail-Rodamco-Westfield - CDI		45,646		158,201
Valeo		13,209		399,608
Vivendi SE - ADR		5,023		67,710
Vivendi SE		17,630		238,585
Wendel SE		2,330		279,515
Worldline S.A. ^(a)		6,160		343,617
				24,659,631
GERMANY — 4.5%
adidas AG - ADR		2,402		345,888
adidas AG		1,323		381,270
Allianz SE - ADR		82,320		1,943,575
Allianz SE		880		207,981
BASF SE		4,010		281,969
Bayerische Moteren Werke AG - ADR		2		67
Continental AG - ADR ^(a)		7,120		75,045
Continental AG ^(a)		2,550		270,237
Covestro AG		7,156		441,447
Daimler AG		18,669		1,436,191

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2021

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
GERMANY — 4.5%, continued
Daimler Truck Holding AG ^(a)		9,334	$	343,040
Delivery Hero SE ^(a)		1,484		165,527
Deutsche Boerse AG		3,878		649,276
Deutsche Post AG - ADR		14,832		950,435
Deutsche Post AG		10,161		653,884
Deutsche Telekom AG - ADR		30,009		555,467
Deutsche Telekom AG		25,629		475,475
Fast Retailing Co. Ltd. - ADR		1,220		69,125
Fraport AG Frankfurt Airport Services Worldwide ^(a)		7,950		535,489
Henkel AG & Co. KGaA - ADR		11,920		235,062
Infineon Technologies AG - ADR		12,109		557,014
Infineon Technologies AG		8,718		404,445
Merck KGaA		2,316		598,375
Muenchener Rueckversicherungs-Gesellschaft AG - ADR		18,890		561,033
Muenchener Rueckversicherungs-Gesellschaft AG		1,787		529,836
Sartorius AG		432		292,655
Siemens AG		10,943		1,901,636
Symrise AG		4,190		621,394
Telefonica Deutschland Holding AG		52,480		145,804
Vitesco Technologies Group AG ^(a)		973		47,842
Vonovia SE		18,005		993,902
Zalando SE ^(a)		6,837		553,590
				17,223,976
HONG KONG — 2.4%
AAC Technologies Holdings, Inc.		38,500		152,093
AIA Group Ltd. - ADR		35,494		1,431,278
AIA Group Ltd.		57,569		580,374
China Conch Venture Holdings Ltd.		155,091		757,894
Geely Automobile Holdings Ltd.		90,000		245,878
Guangdong Investment Ltd.		286,000		363,527
Hong Kong Exchanges & Clearing Ltd.		26,978		1,575,795
Lenovo Group Ltd.		562,000		645,864
Link REIT		95,500		840,893
Sino Land Co. Ltd.		168,000		209,231
Sun Art Retail Group Ltd.		477,000		191,496
Swire Properties Ltd.		206,350		517,161
Techtronic Industries Co. Ltd.		24,500		487,702
Wharf Holdings Ltd. (The)		166,000		509,930
Yuexiu Property Co. Ltd.		142,000		125,125
Zhongsheng Group Holdings Ltd.		62,500		487,395
				9,121,636
HUNGARY — 0.0% ^(c)
MOL Hungarian Oil & Gas plc - ADR		6,368		24,757

INDIA — 3.2%
Dr. Reddy’s Laboratories Ltd. - ADR		19,205		1,256,199
HDFC Bank Ltd. - ADR		30,589		1,990,426
ICICI Bank Ltd. - ADR		144,722		2,864,048
Infosys Ltd. - ADR		150,825		3,817,381
Wipro Ltd. - ADR		236,631		2,309,519
				12,237,573
INDONESIA — 0.6%
Bank Mandiri Persero Tbk PT - ADR		87,101		860,122
Telkom Indonesia Persero Tbk PT - ADR		50,040		1,450,660
				2,310,782

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
IRELAND — 0.4%
CRH plc - ADR		14,500	$	765,600
Kingspan Group plc		1,339		160,022
Smurfit Kappa Group plc		10,442		575,700
				1,501,322
ISRAEL — 0.5%
Check Point Software Technologies Ltd. ^(a)		4,473		521,373
CyberArk Software Ltd. ^(a)		2,299		398,371
ICL Group Ltd.		39,641		383,328
Nice Ltd. - ADR ^(a)		2,630		798,468
				2,101,540
ITALY — 1.5%
Assicurazioni Generali S.p.A.		41,464		879,210
Enel S.p.A.		97,377		780,922
Intesa Sanpaolo S.p.A.		276,901		716,678
Mediobanca Banca di Credito Finanziario S.p.A.		29,677		341,492
Moncler S.p.A.		7,061		514,506
Poste Italiane S.p.A.		46,720		613,645
Telecom Italia S.p.A.		475,595		235,037
Terna - Rete Elettrica Nazionale		112,250		908,885
UniCredit S.p.A.		37,450		577,308
				5,567,683
JAPAN — 14.4%
Advantest Corp.		4,800		454,573
Aeon Co. Ltd.		14,100		331,867
AGC, Inc.		10,000		476,989
Ajinomoto Co., Inc.		17,000		516,512
Asahi Kasei Corp.		50,000		469,604
Astellas Pharma, Inc.		30,500		495,671
Bridgestone Corp.		28,756		1,236,465
Brothers Industries Ltd.		9,109		174,983
Canon, Inc.		27,100		659,505
Chiba Bank Ltd. (The) ^(a)		25,100		143,713
Chugai Pharmaceutical Co. Ltd.		14,700		477,028
Dai Nippon Printing Co. Ltd.		48,118		1,209,461
Dai-ichi Life Holdings, Inc.		16,346		330,266
Daiichi Sankyo Co. Ltd. - ADR ^(b)		5,703		145,484
Daiichi Sankyo Co. Ltd.		23,430		595,435
Daiwa House Industry Co. Ltd.		21,000		603,561
Daiwa Securities Group, Inc.		75,600		426,090
Denso Corp.		10,000		827,910
East Japan Railway Co.		7,329		450,385
ENEOS Holdings, Inc.		118,500		443,022
FANUC Corp. - ADR		10,090		214,816
FANUC Corp.		800		169,457
Fast Retailing Co. Ltd.		1,000		567,434
FUJIFILM Holdings Corp. - ADR		8,601		638,538
FUJIFILM Holdings Corp.		1,500		111,115
Fujitsu Ltd.		3,390		581,116
Honda Motor Co. Ltd.		17,400		488,301
Hoya Corp. - ADR		1,273		190,403
Hoya Corp.		6,861		1,019,937
Hulic Co. Ltd.		17,500		166,034
Japan Post Holdings Co. Ltd.		28,451		221,681
Kao Corp. - ADR ^(b)		6,745		70,485
Kao Corp.		17,800		930,851
KDDI Corp. - ADR		43,814		641,875
Keyence Corp.		3,600		2,260,771

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2021

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
JAPAN — 14.4%, continued
Kubota Corp. - ADR ^(b)		5,277	$	589,546
Kubota Corp.		24,000		532,455
Lixil Corp.		15,100		402,109
M3, Inc.		8,400		422,784
Mitsubishi Corp.		30,400		964,585
Mitsubishi UFJ Financial Group, Inc. - ADR ^(b)		25,008		136,544
Mitsubishi UFJ Financial Group, Inc.		251,004		1,362,784
Mitsui & Co. Ltd. - ADR		1,204		571,418
Mitsui & Co. Ltd.		27,090		641,021
Mitsui OSK Lines Ltd.		9,900		734,563
Mizuho Financial Group, Inc.		84,800		1,077,894
Murata Manufacturing Co. Ltd. - ADR		916		18,274
Murata Manufacturing Co. Ltd.		12,900		1,026,311
Nexon Co. Ltd.		13,700		264,723
Nidec Corp. - ADR		34,780		1,026,358
Nintendo Co. Ltd. - ADR		14,840		866,211
Nintendo Co. Ltd.		300		139,839
Nippon Prologis REIT, Inc.		101		357,151
Nippon Telegraph & Telephone Corp.		12,900		353,050
Nippon Yusen KK		4,600		350,105
Nomura Holdings, Inc. - ADR ^(b)		87,051		376,931
Nomura Holdings, Inc.		37,100		161,716
Nomura Real Estate Master Fund, Inc.		164		230,546
Nomura Research Institute Ltd.		10,200		437,344
NSK Ltd.		30,400		194,924
Odakyu Electric Railway Co. Ltd. ^(a)		11,700		217,132
Omron Corp.		7,900		786,589
Oriental Land Co. Ltd.		2,960		498,790
PeptiDream, Inc. ^(a)		9,870		218,243
Pinduoduo, Inc. - ADR ^(a)		995		58,009
Rakuten Group, Inc.		12,276		123,083
Recruit Holdings Co. Ltd.		20,650		1,250,874
Seibu Holdings, Inc. ^(a)		40,300		376,750
Seiko Epson Corp.		19,500		350,874
Sekisui House Ltd. - ADR		21,690		471,324
Sekisui House Ltd.		8,000		171,612
Seven & i Holdings Co. Ltd.		17,400		764,350
Shimadzu Corp.		17,000		717,091
Shimano, Inc.		2,084		555,144
Shin-Etsu Chemical Co. Ltd.		6,100		1,055,736
Shiseido Co. Ltd. - ADR		7,565		422,634
Shiseido Co. Ltd.		2,100		117,027
SMC Corp.		678		457,058
SoftBank Group Corp. - ADR		12,750		306,638
SoftBank Group Corp.		13,000		613,761
Sony Group Corp. - ADR		23,139		2,924,770
Sumitomo Corp.		23,254		343,566
Sumitomo Metal Mining Co. Ltd.		8,000		302,354
Sumitomo Mitsui Trust Holdings, Inc.		19,600		654,429
Suntory Beverage & Food Ltd.		9,500		343,363
Sysmex Corp.		1,200		162,124
Takeda Pharmaceutical Co. Ltd. - ADR		17,704		241,306
Takeda Pharmaceutical Co. Ltd.		34,000		926,679
TDK Corp.		5,900		230,162
Terumo Corp.		10,972		463,295
Toho Co. Ltd.		4,000		171,160
Tokyo Electron Ltd. - ADR		1,464		210,670
Tokyo Electron Ltd.		1,900		1,094,138

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
JAPAN — 14.4%, continued
Toppan, Inc.		55,900	$	1,047,120
Toray Industries, Inc.		50,000		296,185
Toyota Motor Corp. - ADR ^(b)		11,838		2,193,581
USS Co. Ltd.		21,120		329,561
Yamaha Corp.		6,577		324,001
Yamaha Motor Co. Ltd.		17,300		414,700
Yaskawa Electric Corp.		4,700		230,310
Yokogawa Electric Corp.		15,500		279,304
Z Holdings Corp.		24,033		139,357
				54,835,378
JERSEY — 0.9%
Experian plc - ADR		11,145		549,560
Ferguson plc		508		90,029
Ferguson plc		5,680		1,018,935
Glencore plc ^(a)		248,450		1,259,772
WPP plc - ADR		1,188		89,753
WPP plc		34,966		529,358
				3,537,407
LUXEMBOURG — 0.6%
ArcelorMittal S.A.		21,319		678,584
Aroundtown S.A.		40,112		242,882
Tenaris S.A. - ADR		42,297		882,315
Tenaris S.A.		35,185		368,830
				2,172,611
MEXICO — 1.2%
América Móvil S.A.B. de C.V. - Class L - ADR		16,903		356,822
Coca-Cola Femsa S.A.B. de C.V. - ADR		12,760		699,121
Fomento Economico Mexicano S.A.B. de C.V. - ADR		12,658		983,653
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR ^(a)		2,661		365,808
Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR		2,464		507,978
Grupo Televisa S.A.B. - ADR		39,194		367,248
Wal-Mart de Mexico S.A.B. de C.V. - ADR		32,608		1,214,648
				4,495,278
NETHERLANDS — 3.9%
ABN AMRO Bank N.V.		13,321		195,827
Adyen N.V. ^(a)		349		918,181
AEGON N.V.		48,989		242,006
Akzo Nobel N.V. - ADR		9,200		338,008
ASML Holding N.V.		6,611		5,263,282
ING Groep N.V. - ADR		40,673		566,168
ING Groep N.V.		16,762		233,554
Koninklijke Ahold Delhaize N.V. - ADR		24,466		841,630
Koninklijke Ahold Delhaize N.V.		5,491		188,335
Koninklijke DSM N.V.		4,332		976,253
Koninklijke Philips N.V.		16,004		589,747
Koninklijke Vopak N.V.		9,397		329,419
NN Group N.V.		5,475		296,682
Prosus N.V. - ADR		16,755		278,301
Prosus N.V. ^(a)		7,393		618,720
QIAGEN N.V. ^(a)		7,847		436,136
Stellantis N.V.		42,053		798,270
STMicroelectronics N.V. ^(b)		14,434		705,534
Universal Music Group N.V.		17,630		497,236
Wolters Kluwer N.V.		5,108		602,309
				14,915,598

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2021

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
NORWAY — 1.3%
Equinor ASA - ADR		158,981	$	4,185,970
Norsk Hydro ASA		112,833		890,121
				5,076,091
PHILIPPINES — 0.2%
PLDT, Inc. - ADR ^(b)		26,933		962,047

PORTUGAL — 0.4%
EDP - Energias de Portugal S.A.		50,604		278,305
Galp Energia SGPS S.A.		115,368		1,118,752
Jeronimo Martins SGPS S.A.		6,756		154,559
				1,551,616
RUSSIA — 0.2%
Mobile TeleSystems PJSC - ADR		86,910		690,934

SINGAPORE — 1.1%
Ascendas Real Estate Investment Trust		167,800		367,036
BOC Aviation Ltd.		60,500		443,086
CapitaLand Integrated Commercial Trust		387,425		586,020
CapitaLand Investment Ltd. ^(a)		183,000		462,700
City Developments Ltd.		151,500		764,987
DBS Group Holdings Ltd. - ADR		11,392		1,109,125
Venture Corp. Ltd.		30,000		407,290
				4,140,244
SOUTH AFRICA — 1.0%
FirstRand Ltd.		201,574		768,277
Gold Fields Ltd. - ADR ^(b)		27,396		301,082
Impala Platinum Holdings Ltd. - ADR		34,408		482,228
Mr Price Group Ltd.		43,236		540,714
MTN Group Ltd. ^(a)		16,283		174,250
MultiChoice Group Ltd.		42,475		324,922
Naspers Ltd. - Class N - ADR		23,935		741,985
Standard Bank Group Ltd.		45,767		401,690
				3,735,148
SOUTH KOREA — 4.3%
Hyundai Mobis Co. Ltd.		5,180		1,107,274
KB Financial Group, Inc. - ADR		27,719		1,279,509
KT Corp. - ADR		39,515		496,704
LG Chem Ltd. ^(a)		949		490,206
LG Display Co. Ltd. - ADR ^(a)		3		30
NAVER Corp. ^(a)		4,103		1,304,383
POSCO - ADR		19,790		1,153,559
Samsung Electronics Co. Ltd.		85,303		5,610,013
Shinhan Financial Group Co. Ltd. - ADR		35,724		1,104,229
Shinhan Financial Group Co. Ltd.		11,989		370,569
SK Hynix, Inc.		11,452		1,260,058
SK Telecom Co. Ltd. - ADR		34,054		908,209
Woori Financial Group, Inc. - ADR		38,936		1,251,014
				16,335,757
SPAIN — 1.8%
Aena SME S.A. ^(a)		3,249		513,273
Amadeus IT Group S.A. ^(a)		8,543		579,905
Banco Bilbao Vizcaya Argentaria S.A.		63,151		377,353
Cellnex Telecom S.A.		5,004		291,492
Iberdrola S.A. - ADR ^(b)		12,778		603,249
Iberdrola S.A.		29,928		354,599
Industria de Diseno Textil S.A. - ADR		15,434		249,861

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
SPAIN — 1.8%, continued
Industria de Diseno Textil S.A.		28,657	$	930,553
Naturgy Energy Group S.A.		12,657		412,440
Repsol S.A.		140,542		1,669,356
Siemens Gamesa Renewable Energy S.A. ^(a)		9,443		226,456
Telefónica S.A. - ADR ^(b)		34,242		145,186
Telefónica S.A.		98,803		433,177
				6,786,900
SWEDEN — 2.1%
Assa Abloy AB - Class B		14,650		447,313
Atlas Copco AB - A Shares		8,922		617,231
Atlas Copco AB - Class A - ADR		10,074		698,229
Boliden AB		25,785		997,666
Essity AB - Series B		12,219		399,021
H & M Hennes & Mauritz AB - B Shares		19,185		377,683
Hexagon AB - B Shares		58,429		927,864
ICA Gruppen AB		2,274		134,340
Industrivarden AB		4,336		138,240
Kinnevik AB - Series B ^(a)		5,221		186,282
L E Lundbergforetagen AB - B Shares		3,130		175,775
Lundin Energy AB		30,924		1,109,329
Sandvik AB - ADR		13,048		364,692
Sandvik AB		17,709		494,513
Svenska Cellulosa AB S.C.A. - Series B		16,418		291,757
Svenska Handelsbanken AB - A Shares		28,263		305,755
Telefonaktiebolaget LM Ericsson - B Shares		26,375		290,958
Telia Co. AB		45,208		176,942
				8,133,590
SWITZERLAND — 6.8%
ABB Ltd. - ADR		33,452		1,276,863
Adecco Group AG		12,791		653,360
Barry Callebaut AG		553		1,343,251
Chocoladefabiken Lindt & Spruengli AG		12		166,130
Coca-Cola HBC AG ^(a)		9,890		341,717
Credit Suisse Group AG - ADR		11,870		114,427
Credit Suisse Group AG		32,523		316,282
Geberit AG		1,978		1,615,703
Givaudan S.A.		272		1,428,723
Groupe Bruxelles Lambert S.A.		2,460		274,774
Holcim Ltd. ^(a)		8,532		434,970
Julius Baer Group Ltd.		2,643		177,243
Keuhne + Nagel International AG		806		260,097
Logitech International S.A. ^(b)		4,649		383,450
Lonza Group AG - ADR		1,070		89,345
Lonza Group AG		1,788		1,492,646
Nestlé S.A. - ADR		36,016		5,055,566
Partners Group Holding AG		644		1,067,686
Roche Holding AG - ADR		81,648		4,220,385
Roche Holding AG		1,109		460,837
Sika AG		852		355,070
Sonova Holding AG		891		349,446
Swatch Group AG (The)		828		253,219
Swiss Re AG		6,096		603,118
Swisscom AG		1,612		909,279
Temenos AG		2,679		370,150
UBS Group AG		26,130		470,300
UBS Group AG		2		36
Zurich Insurance Group AG - ADR		24,700		1,086,800

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2021

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
SWITZERLAND — 6.8%, continued
Zurich Insurance Group AG		492	$	215,934
				25,786,807
TAIWAN — 4.9%
ASE Technology Holding Co. Ltd. - ADR		126,937		991,378
AU Optronics Corp. - ADR		144,653		1,187,601
Chunghwa Telecom Co. Ltd. - ADR		106,743		4,505,622
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		89,014		10,709,275
United Microelectronics Corp. - ADR ^(b)		114,499		1,339,638
				18,733,514
TURKEY — 0.1%
Turkcell Iletisim Hizmetleri A.S. - ADR ^(b)		153,220		550,060

UNITED KINGDOM — 7.6%
3i Group plc		68,813		1,348,399
Antofagasta plc		47,452		858,598
Ashtead Group plc		11,037		886,877
AstraZeneca plc - ADR		43,204		2,516,633
Aviva plc		71,300		395,709
Barratt Developments plc		30,225		305,737
Berkeley Group Holdings plc (The)		4,126		266,374
British Land Co. plc (The)		62,287		447,103
BT Group plc		130,919		300,179
Burberry Group plc		13,434		330,186
Coca-Cola Europacific Partners plc		9,316		521,044
Compass Group plc ^(a)		35,682		796,665
GlaxoSmithKline plc - ADR		42,461		1,872,530
Halma plc		17,839		771,969
HSBC Holdings plc - ADR		47,848		1,442,617
HSBC Holdings plc		27,340		165,858
Informa plc ^(a)		99,047		691,951
InterContinental Hotels Group plc - ADR ^(a)		4,765		310,726
InterContinental Hotels Group plc ^(a)		732		47,327
ITV plc ^(a)		307,997		460,452
J Sainsbury plc		72,533		270,526
Kingfisher plc		106,863		488,887
Land Securities Group plc		37,958		398,434
Legal & General Group plc		210,040		845,023
Lloyds Banking Group plc		437,921		283,046
London Stock Exchange Group plc		7,929		743,072
Mondi plc		22,757		561,947
National Grid plc - ADR		2,629		190,129

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
UNITED KINGDOM — 7.6%, continued
NatWest Group plc		172,577	$	526,737
PEARSON plc - ADR ^(b)		18,612		156,341
PEARSON plc		29,189		241,969
Prudential plc - ADR		16,409		564,962
Reckitt Benckiser Group plc - ADR ^(b)		34,350		601,125
Reckitt Benckiser Group plc		3,212		275,474
RELX plc - ADR		13,076		426,408
RELX plc		51,880		1,685,204
Rentokil Initial plc		56,496		446,180
Sage Group plc (The) - ADR		2,320		110,641
Sage Group plc (The)		33,781		389,491
Segro plc		65,385		1,269,732
Severn Trent plc		7,033		280,285
Taylor Wimpey plc		86,126		204,405
Tesco plc - ADR		5,503		65,871
Tesco plc		91,147		357,331
Unilever plc - ADR		34,660		1,864,361
United Utilities Group plc		26,646		392,409
Vodafone Group plc - ADR		41,227		615,519
				28,992,443
TOTAL COMMON STOCKS (Cost $238,002,817)			$	376,187,620

	Coupon			Maturity		Par Value		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Social Investment Foundation, Inc. ^(d)		2.000	%		06/15/22	$	290,000	$	290,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/15/23		870,000		870,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/23		480,000		480,000
Calvert Social Investment Foundation, Inc. ^(d)		1.000	%		06/14/24		450,000		442,399
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/17/24		290,000		290,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/24		120,000		120,000
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		06/13/25		500,000		499,000
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		12/15/25		400,000		400,000
TOTAL CORPORATE NOTES (Cost $3,400,000)									3,391,399

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2021

	Shares		Fair Value
MONEY MARKET FUNDS — 0.3%
First American Government Obligations Fund - Class X, 0.03% ^(e) (Cost $1,115,658)		1,115,658	$	1,115,658

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING— 3.7%
Mount Vernon Liquid Assets Portfolio, LLC, 0.12% ^(e)(f) (Cost $14,049,265)		14,049,265		14,049,265

TOTAL INVESTMENTS - (Cost $256,567,740) — 103.4%			$	394,743,942
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.4%)				(13,089,616	)
NET ASSETS — 100.0%			$	381,654,326

(a)	Non-income producing security.

(b)	All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2021 was $13,585,166 (Note 8).

(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		0.2	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23		12/17/18		480,000		480,000		0.1	%
Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24		06/15/21		450,000		442,399		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%, 12/15/24		12/12/19		120,000		120,000		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		500,000		499,000		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25		12/15/20		400,000		400,000		0.1	%
			$	3,400,000	$	3,391,399		0.9	%

(e)	The rate shown is the 7-day effective yield as of December 31, 2021.

(f)	The security was purchased with cash collateral received from securities on loan (Note 8).

ADR	— American Depositary Receipt

CDI	— CHESS Depositary Interest

plc	— Public Liability Company

REIT	— Real Estate Investment Trust

Common Stocks by Sector/Industry (Unaudited)	% of Net Assets
Communications — 10.3%
Advertising & Marketing		0.3	%
Cable & Satellite		0.3	%
Entertainment Content		0.6	%
Internet Media & Services		4.2	%
Publishing & Broadcasting		0.4	%
Telecommunications		4.5	%

Common Stocks by Sector/Industry (Unaudited)	% of Net Assets
Consumer Discretionary — 10.3%
Apparel & Textile Products		1.5	%
Automotive		3.2	%
Consumer Services		0.2	%
E-Commerce Discretionary		1.3	%
Home Construction		1.1	%
Leisure Facilities & Services		0.7	%
Leisure Products		0.2	%
Retail - Discretionary		1.8	%
Wholesale - Discretionary		0.3	%
Consumer Staples — 7.0%
Beverages		0.8	%
Food		2.1	%
Household Products		2.3	%
Retail - Consumer Staples		1.5	%
Wholesale - Consumer Staples		0.3	%
Energy — 2.9%
Oil & Gas Producers		2.7	%
Renewable Energy		0.2	%
Financials — 18.4%
Asset Management		1.2	%
Banking		11.3	%
Institutional Financial Services		1.1	%
Insurance		4.7	%
Specialty Finance		0.1	%
Health Care — 8.3%
Biotech & Pharma		5.4	%
Health Care Facilities & Services		1.0	%
Medical Equipment & Devices		1.9	%
Industrials — 10.4%
Commercial Support Services		1.7	%
Diversified Industrials		0.5	%
Electrical Equipment		1.8	%
Engineering & Construction		0.1	%
Industrial Intermediate Products		0.1	%
Industrial Support Services		0.7	%
Machinery		1.9	%
Transportation & Logistics		3.5	%
Transportation Equipment		0.1	%
Materials — 8.4%
Chemicals		2.9	%
Construction Materials		0.6	%
Containers & Packaging		0.4	%
Forestry, Paper & Wood Products		0.3	%
Metals & Mining		2.9	%
Steel		1.3	%
Real Estate — 3.9%
Real Estate Owners & Developers		1.5	%
REITs		2.4	%
Technology — 16.6%
Semiconductors		6.0	%
Software		1.2	%
Technology Hardware		4.8	%
Technology Services		4.6	%
Utilities — 2.0%
Electric & Gas Marketing & Trading		0.2	%
Electric Utilities		1.4	%
Gas & Water Utilities		0.4	%
		98.5	%

See accompanying notes to financial statements.

Praxis Growth and Value Index Funds

Annual Report to Shareholders

Portfolio Manager’s Commentary (unaudited)

In perusing various year end commentaries, I am noting many references to “all-time highs.” This can be exhilarating when referencing stock market levels and returns and sobering when used in the context of the continuing COVID-19 pandemic.

Growth stocks as measured by the S&P 500 Growth Index had another banner year, ending 2021 with a positive return of 31.99%, only slightly lower than the 33.49% return achieved in 2020. Value stocks as measured by the S&P 500 Value Index rebounded, ending 2021 with a 24.90% return, much higher than the 1.36% return achieved in 2020. For U.S. Large Cap Stock returns during 2021, a graph of the S&P 500 looks like a steady, though undulating climb up a hillside – reaching an all-time high in late December before a small retreat, providing an annual return of 28.71%. In fact, the S&P 500 had 70 record highs on the close throughout 2021.

In a review of sector breakouts for large cap stocks, all returns were in the double-digits with the energy sector leading the way with a 54% return. Real Estate was up over 46%, with utilities returning 18% and Consumer Staples up 19%.

While the value style of investing outperformed the growth style early in 2021, growth continued its dominance for the year. The S&P 500 Growth Index returned 31.99% while the S&P 500 Value Index returned 24.90%.

The Praxis Growth Index Fund Class I Shares returned a positive 31.97%, slightly underperforming the 31.99% return of its benchmark, the S&P Growth Index. The Praxis Growth Index Fund Class A Shares (Without Load) returned a positive 31.60%.

Stock specific and industry factors were the leading contributors to positive relative performance. Fundamental and other factors were the leading contributors to negative relative performance. One stock example – being overweight Accenture was a positive contributor, as Accenture was up 60.1% during the year. Current SEC diversification rules continue to limit our ability to increase holdings in the highest-weighted names in our benchmark index, making it more difficult to mirror benchmark performance.

The Praxis Value Index Fund Class I Shares returned 25.08%, outperforming by 0.18% the 24.90% return of the S&P 500 Value Index, the Fund’s benchmark. The Praxis Value Index Fund Class A Shares (without load) returned 24.52%.

Stock-specific factors (versus industry and fundamental factors) were the leading contributors to positive relative performance. As an example, not owning Boeing (weapons screen) was a positive contributor, as Boeing was down 5.95% for the year.

This past year, we started to integrate tax optimization tools into management of the Fund by tracking holdings at the tax lot level as a primary input. Over time, this will help us manage net capital gains during our routine trading.

Our Values + ESG screening framework plus ESG data integration causes differences in returns from our indexes. We use optimization tools to offset those impacts. We continue to utilize Sustainalytics ESG scores to enhance our optimization process. Our Morningstar Historical Corporate Sustainability Percent Rank (as of November 30, 2021) for both funds is the 10th percentile and is a 5 out of 5 Globes Sustainability Rating. The annual mid-December reconstitution of the benchmark index and our routine updating of our Values + ESG screening list once again caused some realignment of portfolio holdings near year end.

We continue to be pleased with the performance of the Funds which have delivered returns close to their benchmarks while also incorporating our Values + ESG screens, and good Sustainalytics ESG scores.

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

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.

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.

Praxis Growth and Value Index Funds

Annual Report to Shareholders

Portfolio Manager’s Commentary (unaudited), continued

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 Value Index Fund

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/11 to 12/31/21

			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	17.98%	17.36%	11.46%	12.37%	0.87%	0.87%
Class A (Without Load)	5/1/01	24.52%	19.47%	12.67%	12.97%
Class I	5/1/06	25.08%	20.00%	13.18%	13.55%	0.40%	0.40%
S&P 500 Value Index ¹		24.90%	18.65%	11.90%	13.29%

* 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, 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.

Praxis Value Index Fund Schedule of Investments

Praxis Value Index Fund

December 31, 2021

Schedule of Investments

Praxis Value Index Fund

December 31, 2021

	Shares		Fair Value
COMMON STOCKS — 98.3%
ADVERTISING & MARKETING — 0.2%
Omnicom Group, Inc. ^(a)		10,229	$	749,479

AEROSPACE & DEFENSE — 0.1%
Howmet Aerospace, Inc.		14,090		448,485

APPAREL & TEXTILE PRODUCTS — 0.6%
NIKE, Inc. - Class B		13,090		2,181,710
VF Corp.		7,520		550,615
				2,732,325
ASSET MANAGEMENT — 0.7%
Ameriprise Financial, Inc.		1,540		464,557
BlackRock, Inc.		1,872		1,713,928
Charles Schwab Corp. (The)		11,220		943,602
				3,122,087
AUTOMOTIVE — 0.5%
BorgWarner, Inc.		14,870		670,191
Ford Motor Co.		81,853		1,700,087
				2,370,278
BANKING — 5.5%
Bank of America Corp.		101,100		4,497,939
Citigroup, Inc.		46,336		2,798,231
Citizens Financial Group, Inc.		10,900		515,025
Fifth Third Bancorp		19,490		848,789
Huntington Bancshares, Inc.		33,170		511,481
JPMorgan Chase & Co.		40,025		6,337,959
KeyCorp		21,488		497,017
M&T Bank Corp.		3,136		481,627
People’s United Financial, Inc.		32,700		582,714
PNC Financial Services Group, Inc. (The)		11,651		2,336,259
Regions Financial Corp.		24,860		541,948
Truist Financial Corp.		40,200		2,353,710
U.S. Bancorp		34,817		1,955,671
				24,258,370
BEVERAGES — 2.5%
Coca-Cola Co. (The)		106,520		6,307,049
PepsiCo, Inc.		25,859		4,491,967
				10,799,016
BIOTECH & PHARMA — 6.9%
AbbVie, Inc.		17,386		2,354,064
Amgen, Inc.		9,544		2,147,114
Biogen, Inc. ^(b)		4,260		1,022,059
Bristol-Myers Squibb Co.		58,209		3,629,331
Gilead Sciences, Inc.		32,650		2,370,716
Johnson & Johnson		67,211		11,497,786
Merck & Co., Inc.		63,440		4,862,042
Organon & Co.		8,704		265,037
Vertex Pharmaceuticals, Inc. ^(b)		1,570		344,772
Viatris, Inc.		69,350		938,305
Zoetis, Inc.		3,990		973,680
				30,404,906
CABLE & SATELLITE — 1.6%
Charter Communications, Inc. - Class A ^(a)(b)		2,500		1,629,925
Comcast Corp. - Class A		106,700		5,370,211
				7,000,136

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
CHEMICALS — 4.9%
Air Products & Chemicals, Inc.		7,687	$	2,338,847
Dow, Inc.		19,230		1,090,725
DuPont de Nemours, Inc.		12,548		1,013,627
Eastman Chemical Co.		3,900		471,549
Ecolab, Inc.		7,050		1,653,859
International Flavors & Fragrances, Inc.		8,452		1,273,294
Linde plc		10,886		3,771,237
LyondellBasell Industries N.V. - Class A		79,120		7,297,238
PPG Industries, Inc.		8,450		1,457,118
Sherwin-Williams Co. (The)		2,880		1,014,221
				21,381,715
COMMERCIAL SUPPORT SERVICES — 1.6%
Republic Services, Inc.		11,450		1,596,703
Robert Half International, Inc.		5,180		577,674
Rollins, Inc.		15,340		524,781
Waste Management, Inc.		25,070		4,184,183
				6,883,341
CONSTRUCTION MATERIALS — 0.1%
Martin Marietta Materials, Inc.		730		321,580

CONTAINERS & PACKAGING — 0.6%
Ball Corp.		18,428		1,774,063
International Paper Co.		12,160		571,277
WestRock Co.		10,430		462,675
				2,808,015
DIVERSIFIED INDUSTRIALS — 1.2%
Dover Corp.		5,253		953,945
Emerson Electric Co.		15,354		1,427,461
Illinois Tool Works, Inc. ^(a)		11,135		2,748,118
				5,129,524
ELECTRIC UTILITIES — 4.9%
AES Corp. (The)		27,234		661,786
Ameren Corp. ^(a)		7,200		640,872
American Electric Power Co., Inc.		16,270		1,447,542
CMS Energy Corp.		12,530		815,076
Consolidated Edison, Inc. ^(a)		26,561		2,266,184
DTE Energy Co.		4,170		498,482
Duke Energy Corp.		29,724		3,118,048
Edison International		11,827		807,193
Eversource Energy		13,860		1,260,983
NextEra Energy, Inc.		49,300		4,602,648
PPL Corp.		16,050		482,463
Sempra Energy		15,043		1,989,888
Southern Co. (The)		31,681		2,172,683
Xcel Energy, Inc.		14,114		955,518
				21,719,366
ELECTRICAL EQUIPMENT — 3.6%
AMETEK, Inc.		8,550		1,257,192
Carrier Global Corp.		22,720		1,232,333
Fortive Corp.		12,900		984,141
Johnson Controls International plc		75,907		6,171,998
Keysight Technologies, Inc. ^(b)		4,270		881,798
Otis Worldwide Corp.		9,260		806,268
Rockwell Automation, Inc.		6,600		2,302,410
Roper Technologies, Inc.		4,510		2,218,288
				15,854,428

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
December 31, 2021

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
ENTERTAINMENT CONTENT — 2.4%
Activision Blizzard, Inc.		18,000	$	1,197,540
Discovery, Inc. ^(a)(b)		19,010		447,495
Electronic Arts, Inc.		5,570	$	734,683
Fox Corp. - Class A ^(a)		15,020		554,238
ViacomCBS, Inc. - Class B ^(a)		14,766		445,638
Walt Disney Co. (The) ^(b)		46,899		7,264,186
				10,643,780
FOOD — 2.4%
Campbell Soup Co. ^(a)		24,510		1,065,205
Conagra Brands, Inc. ^(a)		16,070		548,791
General Mills, Inc. ^(a)		33,564		2,261,542
Hershey Co. (The)		2,830		547,520
Hormel Foods Corp.		15,960		779,008
J.M. Smucker Co. (The) ^(a)		3,710		503,892
Kellogg Co. ^(a)		6,820		439,344
Kraft Heinz Co. (The)		15,150		543,885
McCormick & Co., Inc. ^(a)		6,090		588,355
Mondelez International, Inc. - Class A		40,482		2,684,361
Tyson Foods, Inc. - Class A		9,110		794,028
				10,755,931
GAS & WATER UTILITIES — 0.4%
American Water Works Co., Inc.		4,630		874,422
NiSource, Inc.		29,770		821,949
				1,696,371
HEALTH CARE FACILITIES & SERVICES — 4.9%
AmerisourceBergen Corp.		8,740		1,161,458
Anthem, Inc.		6,020		2,790,511
Cardinal Health, Inc.		11,920		613,761
Catalent, Inc. ^(b)		1,690		216,371
Cigna Corp.		10,122		2,324,315
CVS Health Corp.		26,514		2,735,184
HCA Healthcare, Inc.		1,420		364,826
Henry Schein, Inc. ^(b)		5,390		417,887
Humana, Inc.		2,510		1,164,289
IQVIA Holdings, Inc. ^(b)		2,920		823,849
Laboratory Corp. of America Holdings ^(b)		2,120		666,125
McKesson Corp.		5,714		1,420,329
Quest Diagnostics, Inc.		2,720		470,587
UnitedHealth Group, Inc.		12,450		6,251,643
				21,421,135
HOME & OFFICE PRODUCTS — 0.2%
Newell Brands, Inc.		23,240		507,562
Whirlpool Corp. ^(a)		1,570		368,416
				875,978
HOME CONSTRUCTION — 0.2%
Mohawk Industries, Inc. ^(b)		4,070		741,473

HOUSEHOLD PRODUCTS — 3.5%
Church & Dwight Co., Inc.		6,650		681,625
Clorox Co. (The) ^(a)		2,790		486,465
Colgate-Palmolive Co.		26,230		2,238,468
Kimberly-Clark Corp.		9,910		1,416,337
Procter & Gamble Co. (The)		64,036		10,475,009
				15,297,904

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
INDUSTRIAL SUPPORT SERVICES — 0.4%
Fastenal Co.		9,800	$	627,788
W.W. Grainger, Inc.		2,100		1,088,304
				1,716,092
INSTITUTIONAL FINANCIAL SERVICES — 1.9%
Bank of New York Mellon Corp. (The)		38,024		2,208,434
CME Group, Inc.		9,190		2,099,547
Intercontinental Exchange, Inc.		5,470		748,132
Morgan Stanley		17,641		1,731,641
Northern Trust Corp.		6,297		753,184
State Street Corp.		11,280		1,049,040
				8,589,978
INSURANCE — 4.7%
Aflac, Inc.		38,140		2,226,995
Allstate Corp. (The)		10,919		1,284,620
American International Group, Inc.		22,987		1,307,041
Arthur J. Gallagher & Co.		2,930		497,133
Assurant, Inc.		4,170		649,936
Berkley (W.R.) Corp.		3,380		278,478
Cincinnati Financial Corp.		1,082		123,272
Globe Life, Inc.		13,580		1,272,718
Hartford Financial Services Group, Inc. (The)		10,830		747,703
Lincoln National Corp.		7,310		498,981
Loews Corp.		25,180		1,454,397
Marsh & McLennan Cos., Inc.		7,150		1,242,813
MetLife, Inc.		35,413		2,212,958
Principal Financial Group, Inc.		11,170		807,926
Progressive Corp. (The)		16,630		1,707,070
Prudential Financial, Inc.		23,410		2,533,898
Travelers Cos., Inc. (The) ^(a)		11,393		1,782,207
				20,628,146
INTERNET MEDIA & SERVICES — 0.9%
Booking Holdings, Inc. ^(b)		880		2,111,322
Expedia Group, Inc. ^(b)		3,040		549,389
Match Group, Inc. ^(b)		6,650		879,462
Twitter, Inc. ^(a)(b)		9,580		414,048
				3,954,221
LEISURE FACILITIES & SERVICES — 1.9%
Carnival Corp. ^(a)(b)		28,663		576,700
Darden Restaurants, Inc.		4,210		634,194
Hilton Worldwide Holdings, Inc. ^(b)		6,420		1,001,456
Marriott International, Inc. - Class A ^(b)		6,210		1,026,140
McDonald’s Corp.		9,980		2,675,339
Starbucks Corp.		13,490		1,577,925
Yum! Brands, Inc.		5,400		749,844
				8,241,598
LEISURE PRODUCTS — 0.1%
Hasbro, Inc.		6,490		660,552

MACHINERY — 1.2%
Deere & Co.		5,057		1,733,995
IDEX Corp.		2,840		671,149
Ingersoll-Rand, Inc.		13,050		807,403
Stanley Black & Decker, Inc.		5,070		956,303
Xylem, Inc.		10,290		1,233,977
				5,402,827

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
December 31, 2021

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
MEDICAL EQUIPMENT & DEVICES — 4.0%
Abbott Laboratories		23,170	$	3,260,946
Baxter International, Inc.		17,182		1,474,903
Becton, Dickinson and Co.		7,110		1,788,023
Bio-Rad Laboratories, Inc. - Class A ^(b)		580		438,230
Boston Scientific Corp. ^(b)		38,100		1,618,488
Cooper Cos., Inc. (The)		1,170		490,160
Danaher Corp.		6,410		2,108,954
DENTSPLY SIRONA, Inc. ^(a)		8,810		491,510
Edwards Lifesciences Corp. ^(b)		5,460		707,343
Illumina, Inc. ^(b)		2,520		958,709
Intuitive Surgical, Inc. ^(b)		2,580		926,994
Mettler-Toledo International, Inc. ^(b)		220		373,386
Stryker Corp.		3,720		994,802
Teleflex, Inc.		1,370		450,018
Thermo Fisher Scientific, Inc.		1,954		1,303,787
Waters Corp. ^(b)		910		339,066
				17,725,319
METALS & MINING — 0.1%
Newmont Corp.		6,780		420,496

OIL & GAS PRODUCERS — 2.0%
ConocoPhillips		86,277		6,227,474
Valero Energy Corp.		34,360		2,580,779
				8,808,253
OIL & GAS SERVICES & EQUIPMENT — 1.1%
Baker Hughes Co.		65,320		1,571,599
Schlumberger Ltd.		105,016		3,145,229
				4,716,828
REITS — 4.2%
Alexandria Real Estate Equities, Inc.		1,660		370,114
American Tower Corp.		4,760		1,392,300
AvalonBay Communities, Inc.		5,900		1,490,281
Boston Properties, Inc. ^(a)		6,280		723,331
Crown Castle International Corp.		4,160		868,358
Digital Realty Trust, Inc.		5,980		1,057,683
Equinix, Inc.		910		769,714
Equity Residential		17,370		1,571,985
Federal Realty Investment Trust ^(a)		3,170		432,134
Healthpeak Properties, Inc.		20,530		740,928
Host Hotels & Resorts, Inc. ^(b)		49,590		862,370
Iron Mountain, Inc.		6,300		329,679
Kimco Realty Corp.		22,420		552,653
Prologis, Inc.		15,540		2,616,314
Public Storage		1,920		719,155
Realty Income Corp.		9,490		679,389
Regency Centers Corp.		9,230		695,481
SBA Communications Corp.		1,090		424,032
Simon Property Group, Inc.		2,099		335,357
Ventas, Inc.		10,570		540,338
Vornado Realty Trust ^(a)		9,950		416,507
Welltower, Inc. ^(a)		9,100		780,507
				18,368,610
RENEWABLE ENERGY — 0.0% ^(c)
SolarEdge Technologies, Inc. ^(b)		520		145,896

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
RETAIL - CONSUMER STAPLES — 2.8%
Costco Wholesale Corp.		4,270	$	2,424,079
Dollar General Corp.		4,600		1,084,818
Dollar Tree, Inc. ^(b)		4,010		563,485
Kroger Co. (The) ^(a)		20,514		928,464
Target Corp.		3,350		775,324
Walgreen Boots Alliance, Inc.		23,650		1,233,584
Walmart, Inc.		35,430		5,126,367
				12,136,121
RETAIL - DISCRETIONARY — 1.8%
Best Buy Co., Inc.		3,580		363,728
Gap, Inc. (The) ^(a)		19,410		342,586
Genuine Parts Co.		4,570		640,714
Home Depot, Inc. (The)		6,312		2,619,543
Lowe’s Cos., Inc.		1,910		493,697
Ross Stores, Inc.		9,950		1,137,086
TJX Cos., Inc. (The)		29,130		2,211,550
				7,808,904
SEMICONDUCTORS — 3.6%
Analog Devices, Inc.		10,570		1,857,889
Broadcom, Inc.		3,700		2,462,017
Intel Corp.		101,848		5,245,172
IPG Photonics Corp. ^(a)(b)		4,430		762,580
Microchip Technology, Inc.		3,790		329,957
Micron Technology, Inc.		29,590		2,756,309
Qorvo, Inc. ^(b)		2,170		339,366
Texas Instruments, Inc.		10,140		1,911,086
				15,664,376
SOFTWARE — 1.7%
Autodesk, Inc. ^(b)		1,320		371,171
Cerner Corp.		4,020		373,337
Citrix Systems, Inc.		3,770		356,604
Microsoft Corp.		4,950		1,664,784
NortonLifeLock, Inc. ^(a)		15,800		410,484
Oracle Corp.		8,432		735,355
salesforce.com, inc. ^(b)		11,990		3,047,019
Synopsys, Inc. ^(b)		2,040		751,740
				7,710,494
SPECIALTY FINANCE — 0.6%
American Express Co.		9,754		1,595,754
Capital One Financial Corp.		6,200		899,558
Synchrony Financial		2,800		129,892
				2,625,204
TECHNOLOGY HARDWARE — 1.7%
Cisco Systems, Inc.		73,730		4,672,270
Corning, Inc.		14,610		543,930
HP, Inc.		26,820		1,010,309
Juniper Networks, Inc.		9,560		341,388
Western Digital Corp. ^(b)		11,965		780,238
				7,348,135
TECHNOLOGY SERVICES — 7.4%
Accenture plc - Class A		16,780		6,956,149
Automatic Data Processing, Inc.		5,210		1,284,682
Cognizant Technology Solutions Corp. - Class A		6,500		576,680
DXC Technology Co. ^(b)		15,380		495,082
Fidelity National Information Services, Inc.		16,860		1,840,269
Fiserv, Inc. ^(a)(b)		15,490		1,607,707

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
December 31, 2021

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
TECHNOLOGY SERVICES — 7.4%, continued
FleetCor Technologies, Inc. ^(b)		2,190	$	490,209
Global Payments, Inc.		7,040		951,667
International Business Machines Corp.		24,782		3,312,362
MarketAxess Holdings, Inc.		470		193,297
Mastercard, Inc. - Class A		11,440		4,110,621
MSCI, Inc.		530		324,726
Paychex, Inc.		3,424		467,376
PayPal Holdings, Inc. ^(b)		14,720		2,775,898
S&P Global, Inc. ^(a)		1,620		764,527
Verisk Analytics, Inc.		3,370		770,820
Visa, Inc. - Class A ^(a)		25,420		5,508,768
				32,430,840
TELECOMMUNICATIONS — 2.6%
AT&T, Inc.		172,926		4,253,980
T-Mobile US, Inc. ^(b)		13,480		1,563,410
Verizon Communications, Inc.		104,250		5,416,830
				11,234,220
TRANSPORTATION & LOGISTICS — 3.5%
Alaska Air Group, Inc. ^(b)		9,130		475,673
American Airlines Group, Inc. ^(b)		23,560		423,138
C.H. Robinson Worldwide, Inc. ^(a)		6,070		653,314
CSX Corp.		57,110		2,147,336
Delta Air Lines, Inc. ^(b)		20,960		819,117
FedEx Corp.		7,910		2,045,842
J.B. Hunt Transport Services, Inc.		4,690		958,636
Norfolk Southern Corp.		6,010		1,789,237
Southwest Airlines Co. ^(b)		28,050		1,201,662
Union Pacific Corp.		9,130		2,300,121
United Airlines Holdings, Inc. ^(b)		12,530		548,563
United Parcel Service, Inc. - Class B		10,370		2,222,706
				15,585,345
TRANSPORTATION EQUIPMENT — 0.2%
PACCAR, Inc.		5,090		449,244
Westinghouse Air Brake Technologies Corp.		4,610		424,627
				873,871
WHOLESALE - CONSUMER STAPLES — 0.2%
Sysco Corp.		13,680		1,074,564

WHOLESALE - DISCRETIONARY — 0.2%
LKQ Corp.		15,760		946,073

TOTAL COMMON STOCKS (COST $322,199,955)				432,232,586

	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	$	280,000	$	280,000
Calvert Social Investment Foundation, Inc. ^(d)		0.400	%		12/15/22		400,000		400,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/15/23		450,000		450,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/23		720,000		720,000
Calvert Social Investment Foundation, Inc. ^(d)		1.000	%		06/14/24		750,000		737,333

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE NOTES — 0.9%, continued
COMMUNITY DEVELOPMENT — 0.9%, continued
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/17/24	$	280,000	$	280,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/24		250,000		250,000
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		06/13/25		280,000		279,440
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		12/15/25		450,000		450,000
TOTAL CORPORATE NOTES (COST $3,860,000)									3,846,773

	Shares		Fair Value
MONEY MARKET FUNDS — 0.7%
First American Government Obligations Fund - Class X, 0.03% ^(e) (COST $3,032,710)		3,032,710		3,032,710

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 6.0%
Mount Vernon Liquid Assets Portfolio, LLC, 0.12% ^(e)(f) (COST $26,556,397)		26,556,397		26,556,397

TOTAL INVESTMENTS - (COST $355,649,062) — 105.9%			$	465,668,466
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.9%)				(26,062,568	)
NET ASSETS — 100.0%			$	439,605,898

(a)	All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2021 was $25,921,292 (Note 8).

(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	$	280,000	$	280,000		0.1	%
Calvert Social Investment Foundation, Inc. 0.400%, 12/15/22		12/15/21		400,000		400,000		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		0.1	%
Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24		06/15/21		750,000		737,333		0.2	%
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%, 12/15/24		12/12/19		250,000		250,000		0.0	%^(c)
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		280,000		279,440		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25		12/15/20		450,000		450,000		0.1	%
			$	3,860,000	$	3,846,773		0.9	%

(e)	The rate shown is the 7-day effective yield as of December 31, 2021.

(f)	The security was purchased with cash collateral received from securities on loan (Note 8).

plc	— Public Liability Company

See accompanying notes to financial statements.

Praxis Growth Index Fund

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/11 to 12/31/21

			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	24.69%	29.60%	22.40%	18.33%	0.69%	0.69%
Class A (Without Load)	5/1/07	31.60%	31.95%	23.73%	18.97%
Class I	5/1/07	31.97%	32.36%	24.16%	19.46%	0.37%	0.37%
S&P 500 Growth Index ¹		31.99%	32.20%	24.10%	19.23%

* 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, 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, 2021

	Shares		Fair Value
COMMON STOCKS — 98.7%
APPAREL & TEXTILE PRODUCTS — 0.5%
NIKE, Inc. - Class B		14,957	$	2,492,883

ASSET MANAGEMENT — 1.1%
Ameriprise Financial, Inc.		1,380		416,291
BlackRock, Inc.		2,233		2,044,445
Charles Schwab Corp. (The)		27,490		2,311,909
T. Rowe Price Group, Inc.		4,390		863,250
				5,635,895
AUTOMOTIVE — 3.9%
Tesla, Inc. ^(a)		19,760		20,881,973

BANKING — 1.7%
Bank of America Corp.		88,350		3,930,691
Fifth Third Bancorp		8,730		380,191
First Republic Bank		6,350		1,311,339
JPMorgan Chase & Co.		9,990		1,581,917
PNC Financial Services Group, Inc. (The)		1,890		378,983
Signature Bank ^(b)		2,090		676,052
SVB Financial Group ^(a)		800		542,592
				8,801,765
BEVERAGES — 0.6%
PepsiCo, Inc.		19,670		3,416,876

BIOTECH & PHARMA — 3.3%
AbbVie, Inc.		7,651		1,035,945
Amgen, Inc.		6,134		1,379,966
Biogen, Inc. ^(a)		2,890		693,369
Bristol-Myers Squibb Co.		6,116		381,333
Eli Lilly & Co.		15,140		4,181,971
Incyte Corp. ^(a)		8,757		642,764
Johnson & Johnson		2,198		376,012
Merck & Co., Inc.		5,571		426,961
Moderna, Inc. ^(a)		8,100		2,057,238
Regeneron Pharmaceuticals, Inc. ^(a)		3,101		1,958,343
Vertex Pharmaceuticals, Inc. ^(a)		5,704		1,252,598
Zoetis, Inc.		12,930		3,155,308
				17,541,808
CHEMICALS — 1.1%
Air Products & Chemicals, Inc.		1,248		379,716
Linde plc		11,878		4,114,896
Sherwin-Williams Co. (The)		3,471		1,222,347
				5,716,959
COMMERCIAL SUPPORT SERVICES — 0.3%
Cintas Corp.		420		186,131
Waste Management, Inc.		8,704		1,452,698
				1,638,829
CONSTRUCTION MATERIALS — 0.0% ^(c)
Vulcan Materials Co.		110		22,834

DIVERSIFIED INDUSTRIALS — 0.1%
Illinois Tool Works, Inc. ^(b)		1,774		437,823

E-COMMERCE DISCRETIONARY — 5.8%
Amazon.com, Inc. ^(a)		8,700		29,008,758
eBay, Inc.		10,955		728,508

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
E-COMMERCE DISCRETIONARY — 5.8%, continued
Etsy, Inc. ^(a)		3,530	$	772,858
				30,510,124
ELECTRIC UTILITIES — 0.2%
Eversource Energy		6,420		584,092
NextEra Energy, Inc.		4,114		384,083
				968,175
ELECTRICAL EQUIPMENT — 0.8%
Amphenol Corp. - Class A		7,872		688,485
Generac Holdings, Inc. ^(a)		1,590		559,553
Keysight Technologies, Inc. ^(a)		4,941		1,020,366
Rockwell Automation, Inc.		2,298		801,657
TE Connectivity Ltd.		2,370		382,376
Trane Technologies plc		2,180		440,425
Trimble, Inc. ^(a)		5,200		453,388
				4,346,250
ENTERTAINMENT CONTENT — 0.4%
Activision Blizzard, Inc.		10,970		729,834
Electronic Arts, Inc.		5,055		666,754
Walt Disney Co. (The) ^(a)		5,103		790,404
				2,186,992
GAS & WATER UTILITIES — 0.1%
American Water Works Co., Inc.		3,780		713,891

HEALTH CARE FACILITIES & SERVICES — 2.1%
Anthem, Inc.		1,300		602,602
Catalent, Inc. ^(a)		5,970		764,339
Charles River Laboratories International, Inc. ^(a)		2,140		806,309
HCA Healthcare, Inc.		2,590		665,423
Humana, Inc.		1,060		491,692
IQVIA Holdings, Inc. ^(a)		4,968		1,401,672
Laboratory Corp. of America Holdings ^(a)		1,440		452,462
McKesson Corp.		1,730		430,026
UnitedHealth Group, Inc.		11,450		5,749,503
				11,364,028
HOME CONSTRUCTION — 0.2%
D.R. Horton, Inc.		6,078		659,159
Masco Corp. ^(b)		8,006		562,181
				1,221,340
HOUSEHOLD PRODUCTS — 0.1%
Colgate-Palmolive Co.		5,297		452,046

INDUSTRIAL SUPPORT SERVICES — 0.2%
Fastenal Co.		11,534		738,868
United Rentals, Inc. ^(a)		1,490		495,112
				1,233,980
INSTITUTIONAL FINANCIAL SERVICES — 1.7%
CME Group, Inc.		1,660		379,243
Goldman Sachs Group, Inc. (The)		8,620		3,297,581
Intercontinental Exchange, Inc.		12,871		1,760,367
Morgan Stanley		19,100		1,874,856
Nasdaq, Inc.		7,010		1,472,170
				8,784,217
INSURANCE — 0.3%
Marsh & McLennan Cos., Inc.		8,240		1,432,277

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
December 31, 2021

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
INTERNET MEDIA & SERVICES — 12.3%
Alphabet, Inc. - Class A ^(a)		5,155	$	14,934,241
Alphabet, Inc. - Class C ^(a)		7,156		20,706,530
Booking Holdings, Inc. ^(a)		175		419,865
Expedia Group, Inc. ^(a)		4,730		854,806
Match Group, Inc. ^(a)		5,890		778,952
Meta Platforms, Inc. - Class A ^(a)		59,345		19,960,691
Netflix, Inc. ^(a)		11,402		6,869,021
Twitter, Inc. ^(a)(b)		8,810		380,768
VeriSign, Inc. ^(a)		1,580		401,036
				65,305,910
LEISURE FACILITIES & SERVICES — 1.1%
Chipotle Mexican Grill, Inc. ^(a)		617		1,078,670
Hilton Worldwide Holdings, Inc. ^(a)		2,740		427,413
McDonald’s Corp.		6,177		1,655,869
Starbucks Corp.		14,692		1,718,523
Yum! Brands, Inc.		5,234		726,793
				5,607,268
MACHINERY — 0.3%
Deere & Co.		4,096		1,404,478
Xylem, Inc.		3,320		398,134
				1,802,612
MEDICAL EQUIPMENT & DEVICES — 5.5%
Abbott Laboratories		27,226		3,831,787
Agilent Technologies, Inc.		8,185		1,306,735
Align Technology, Inc. ^(a)		1,711		1,124,435
Bio-Techne Corp.		1,340		693,236
Cooper Cos., Inc. (The)		1,161		486,389
Danaher Corp.		11,304		3,719,129
DexCom, Inc. ^(a)(b)		2,750		1,476,612
Edwards Lifesciences Corp. ^(a)		12,250		1,586,987
IDEXX Laboratories, Inc. ^(a)		2,060		1,356,428
Illumina, Inc. ^(a)		2,758		1,049,253
Intuitive Surgical, Inc. ^(a)		2,140		768,902
Mettler-Toledo International, Inc. ^(a)		960		1,629,322
PerkinElmer, Inc. ^(b)		4,400		884,664
ResMed, Inc.		1,498		390,199
Thermo Fisher Scientific, Inc.		10,795		7,202,856
Waters Corp. ^(a)		1,646		613,300
West Pharmaceutical Services, Inc.		2,490		1,167,835
				29,288,069
OIL & GAS PRODUCERS — 0.2%
ConocoPhillips		5,310		383,276
Valero Energy Corp.		5,530		415,358
				798,634
OIL & GAS SERVICES & EQUIPMENT — 0.3%
Baker Hughes Co.		23,030		554,102
Schlumberger Ltd.		35,490		1,062,925
				1,617,027
REAL ESTATE SERVICES — 0.3%
CBRE Group, Inc. - Class A ^(a)		13,593		1,474,976

REITS — 1.8%
American Tower Corp.		5,412		1,583,010
Crown Castle International Corp.		3,279		684,459
Equinix, Inc.		1,687		1,426,932

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
REITS — 1.8%, continued
Extra Space Storage, Inc.		4,500	$	1,020,285
Prologis, Inc.		13,287		2,236,999
Public Storage		2,570		962,619
SBA Communications Corp.		1,668		648,886
Simon Property Group, Inc.		6,060		968,206
				9,531,396
RENEWABLE ENERGY — 0.2%
Enphase Energy, Inc. ^(a)		4,120		753,713
SolarEdge Technologies, Inc. ^(a)		1,320		370,352
				1,124,065
RETAIL - CONSUMER STAPLES — 1.2%
Costco Wholesale Corp.		6,433		3,652,014
Dollar General Corp. ^(b)		1,693		399,260
Target Corp.		8,164		1,889,476
Walgreen Boots Alliance, Inc.		7,720		402,676
				6,343,426
RETAIL - DISCRETIONARY — 3.7%
AutoZone, Inc. ^(a)		659		1,381,521
Bath & Body Works, Inc.		10,790		753,034
CarMax, Inc. ^(a)		2,770		360,737
Home Depot, Inc. (The)		21,556		8,945,955
Lowe’s Cos., Inc.		16,859		4,357,714
O’Reilly Automotive, Inc. ^(a)		1,750		1,235,902
Ross Stores, Inc.		6,195		707,965
TJX Cos., Inc. (The)		6,093		462,581
Tractor Supply Co.		3,700		882,820
Ulta Beauty, Inc. ^(a)		1,070		441,204
				19,529,433
SEMICONDUCTORS — 9.0%
Advanced Micro Devices, Inc. ^(a)		29,581		4,256,706
Analog Devices, Inc.		2,204		387,397
Applied Materials, Inc.		25,356		3,990,020
Broadcom, Inc.		6,519		4,337,808
KLA Corp.		5,062		2,177,217
Lam Research Corp.		4,223		3,036,971
Microchip Technology, Inc.		5,140		447,488
Monolithic Power Systems, Inc.		1,810		892,927
NVIDIA Corp.		63,106		18,560,106
QUALCOMM, Inc.		28,060		5,131,332
Teradyne, Inc.		4,990		816,015
Texas Instruments, Inc.		15,207		2,866,063
Xilinx, Inc.		4,239		898,795
				47,798,845
SOFTWARE — 17.3%
Adobe, Inc. ^(a)		14,127		8,010,857
ANSYS, Inc. ^(a)		1,628		653,023
Autodesk, Inc. ^(a)		4,686		1,317,656
Cadence Design Systems, Inc. ^(a)		11,834		2,205,266
Citrix Systems, Inc.		5,442		514,759
Fortinet, Inc. ^(a)		5,320		1,912,008
Intuit, Inc.		8,780		5,647,472
Microsoft Corp.		168,288		56,598,620
Oracle Corp.		44,610		3,890,438
Paycom Software, Inc. ^(a)		1,270		527,291
salesforce.com, inc. ^(a)		16,047		4,078,024
ServiceNow, Inc. ^(a)		5,223		3,390,302

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
December 31, 2021

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
SOFTWARE — 17.3%, continued
Synopsys, Inc. ^(a)		6,470	$	2,384,195
Tyler Technologies, Inc. ^(a)		1,360		731,612
				91,861,523
SPECIALTY FINANCE — 0.5%
American Express Co.		6,930		1,133,748
Capital One Financial Corp.		3,740		542,637
Discover Financial Services		6,300		728,028
Synchrony Financial		7,980		370,192
				2,774,605
TECHNOLOGY HARDWARE — 13.1%
Apple, Inc.		351,448		62,406,621
Arista Networks, Inc. ^(a)		7,440		1,069,500
Cisco Systems, Inc.		55,550		3,520,204
HP, Inc.		19,530		735,695
NetApp, Inc.		4,320		397,397
Seagate Technology plc		3,480		393,171
Zebra Technologies Corp. - Class A ^(a)		1,267		754,118
				69,276,706
TECHNOLOGY SERVICES — 6.1%
Accenture plc - Class A		20,069		8,319,604
Automatic Data Processing, Inc.		7,780		1,918,392
Broadridge Financial Solutions, Inc.		2,596		474,601
EPAM Systems, Inc. ^(a)		1,660		1,109,627
Equifax, Inc.		2,580		755,398
FactSet Research Systems, Inc.		800		388,808
Fiserv, Inc. ^(a)		3,626		376,343
Gartner, Inc. ^(a)		2,600		869,232
IHS Markit Ltd.		6,627		880,861
Jack Henry & Associates, Inc. ^(b)		3,810		636,232
Mastercard, Inc. - Class A		11,736		4,216,979
Moody’s Corp.		3,375		1,318,207
MSCI, Inc.		1,797		1,101,004
PayPal Holdings, Inc. ^(a)		15,887		2,995,970
S&P Global, Inc. ^(b)		3,464		1,634,766
Verisk Analytics, Inc.		3,035		694,196
Visa, Inc. - Class A ^(b)		21,653		4,692,422
				32,382,642
TRANSPORTATION & LOGISTICS — 1.0%
CSX Corp.		10,401		391,078
J.B. Hunt Transport Services, Inc.		2,270		463,988
Old Dominion Freight Line, Inc.		4,700		1,684,386
Union Pacific Corp.		3,921		987,817
United Parcel Service, Inc. - Class B		7,355		1,576,471
				5,103,740
WHOLESALE - DISCRETIONARY — 0.3%
Copart, Inc. ^(a)		5,108		774,475
Pool Corp.		1,190		673,540
				1,448,015
TOTAL COMMON STOCKS (COST $210,400,855)				522,869,857

	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	$	550,000	$	550,000
Calvert Social Investment Foundation, Inc. ^(d)		0.400	%		12/15/22		750,000		750,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/15/23		900,000		900,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/23		200,000		200,000
Calvert Social Investment Foundation, Inc. ^(d)		1.000	%		06/14/24		520,000		511,217
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/17/24		550,000		550,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/24		150,000		150,000
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		06/13/25		670,000		668,660
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		12/15/25		500,000		500,000
TOTAL CORPORATE NOTES (COST $4,790,000)									4,779,877

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
December 31, 2021

	Shares		Fair Value
MONEY MARKET FUNDS — 0.3%
First American Government Obligations Fund - Class X, 0.03% ^(e) (COST $1,719,774)		1,719,774	$	1,719,774

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.2%
Mount Vernon Liquid Assets Portfolio, LLC, 0.12% ^(e)(f) (COST $11,281,605)		11,281,605		11,281,605

TOTAL INVESTMENTS - (COST $228,192,234) — 102.1%			$	540,651,113
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.1%)				(11,045,138	)
NET ASSETS — 100.0%			$	529,605,975

(a)	Non-income producing security.

(b)	All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2021 was $11,028,364 (Note 8).

(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	$	550,000	$	550,000		0.1	%
Calvert Social Investment Foundation, Inc. 0.400%, 12/15/22		12/15/21		750,000		750,000		0.2	%
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		0.0	%^(c)
Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24	��	06/15/21		520,000		511,217		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%, 12/15/24		12/12/19		150,000		150,000		0.0	%^(c)
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		670,000		668,660		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25		12/15/20		500,000		500,000		0.1	%
			$	4,790,000	$	4,779,877		0.9	%

(e)	The rate shown is the 7-day effective yield as of December 31, 2021.

(f)	The security was purchased with cash collateral received from securities on loan (Note 8).

plc	— Public Liability Company

See accompanying notes to financial statements.

Praxis Small Cap Index Fund

Annual Report to Shareholders

Portfolio Manager’s Commentary (unaudited)

For U.S. small-cap stock returns, 2021 saw dramatic gains in the first quarter with returns bouncing around for the balance of the year – ending with an S&P Small Cap 600 Index annual return of 26.82%.

In a review of sector breakouts for U.S. small-cap stocks, all sectors provided positive returns, though Energy was a clear winner, up over 60%, reversing a 40% loss in 2020. Consumer Discretionary and Real Estate returns were in the 30% range, Consumer Staples, Financials, Communications, Technology, Utilities, and Industrials were in the 20% range, Materials in the teens, with Health Care the only sector in single digits.

In this environment, the Praxis Small Cap Index Fund Class I Shares returned 27.36%, outperforming by 0.54% the S&P Small Cap 600 Index return of 26.82%. The Praxis Small Cap Index Fund Class A Shares (Without Load) gained 26.53%.

Stock specific and Industries were the leading positive contributing factors to relative performance, while Fundamental and Other factors were the main negative contributors. 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, the largest positive contributor was our overweight exposure to Consumer Discretionary, while our largest negative contributor was our underweight exposure to Energy.

This past year, we started to integrate tax optimization tools into management of the Fund by tracking our holdings at the tax lot level as a primary input. Over time, this will help us manage net capital gains during routine trading.

Our Values + ESG screening framework plus ESG data integration causes differences in returns from our index. We use optimization tools to offset those impacts. We continue to utilize Sustainalytics ESG scores to enhance our optimization process. Our Morningstar Historical Corporate Sustainability Percent Rank (as of November 30, 2021) is the 15th percentile and is a 4 out of 5 Globes Sustainability Rating.

2021 was our fourth 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, we transitioned this fund at the beginning of 2017 from an actively managed fund with 70 holdings to an index fund with about 450 holdings. We also changed benchmarks from the Russell 2000 to the S&P SmallCap 600. We are pleased with the performance we have been able to deliver to our shareholders.

We look forward to continuing 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.

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.

Praxis Small Cap Index Fund

Annual Report to Shareholders

Portfolio Manager’s Commentary (unaudited), continued

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 12/31/11 to 12/31/21

			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	19.85%	17.12%	10.20%	9.01%	1.37%	1.12%
Class A (Without Load)	5/1/07	26.53%	19.24%	11.40%	9.59%
Class I	5/1/07	27.36%	19.98%	12.10%	10.30%	0.45%	0.45%
S&P SmallCap 600 Index ¹		26.82%	20.11%	12.42%	14.50%

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 April 30, 2021. Contractual fee waivers are in effect through April 30, 2022 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, 2021

	Shares		Fair Value
COMMON STOCKS — 98.1%
ADVERTISING & MARKETING — 0.2%
QuinStreet, Inc. ^(a)		15,700	$	285,583

AEROSPACE & DEFENSE — 0.2%
Barnes Group, Inc.		2,800		130,452
Park Aerospace Corp.		12,250		161,700
				292,152
APPAREL & TEXTILE PRODUCTS — 1.2%
Fossil Group, Inc. ^(a)(b)		15,270		157,128
Kontoor Brands, Inc.		7,330		375,663
Movado Group, Inc.		6,810		284,862
Oxford Industries, Inc.		3,465		351,767
Steven Madden Ltd.		11,935		554,619
Wolverine World Wide, Inc. ^(b)		13,500		388,935
				2,112,974
ASSET MANAGEMENT — 0.4%
Blucora, Inc. ^(a)		15,340		265,689
BrightSphere Investment Group, Inc.		7,030		179,968
Virtus Investment Partners, Inc. ^(b)		920		273,332
				718,989
AUTOMOTIVE — 1.0%
American Axle & Manufacturing Holdings, Inc. ^(a)		25,710		239,874
Dorman Products, Inc. ^(a)		4,390		496,114
Gentherm, Inc. ^(a)		4,820		418,858
Methode Electronics, Inc. ^(b)		8,170		401,719
Standard Motor Products, Inc.		3,290		172,363
				1,728,928
BANKING — 11.5%
Allegiance Bancshares, Inc.		6,260		264,235
Ameris Bancorp ^(b)		10,274		510,412
Axos Financial, Inc. ^(a)(b)		8,590		480,267
Banc of California, Inc. ^(b)		10,340		202,871
BancFirst Corp. ^(b)		4,170		294,235
Bancorp, Inc. (The) ^(a)(b)		9,800		248,038
BankUnited, Inc. ^(b)		14,690		621,534
Banner Corp.		6,070		368,267
Berkshire Hills Bancorp, Inc. ^(b)		14,650		416,499
Brookline Bancorp, Inc.		7,810		126,444
Capitol Federal Financial, Inc.		21,140		239,516
Central Pacific Financial Corp.		11,430		321,983
City Holding Co.		2,750		224,922
Columbia Banking System, Inc.		7,680		251,290
Community Bank System, Inc.		4,310		321,009
Customers Bancorp, Inc. ^(a)		9,930		649,124
CVB Financial Corp. ^(b)		7,960		170,424
Dime Community Bancshares, Inc.		12,479		438,762
Eagle Bancorp, Inc.		5,790		337,789
FB Financial Corp.		3,776		165,464
First BanCorp.		38,970		537,007
First Bancorp/NC ^(b)		5,760		263,347
First Financial Bancorp ^(b)		15,720		383,254
First Hawaiian, Inc.		23,640		646,081
First Midwest Bancorp, Inc.		13,640		279,347
Flagstar Bancorp, Inc.		8,830		423,310
Great Western Bancorp, Inc.		3,790		128,708
Hanmi Financial Corp.		9,870		233,722
Heritage Financial Corp.		6,310		154,216

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
BANKING — 11.5%, continued
Hilltop Holdings, Inc.		6,640	$	233,330
HomeStreet, Inc. ^(b)		5,810		302,120
Hope Bancorp, Inc.		22,210		326,709
Independent Bank Corp. ^(b)		7,090		578,048
Independent Bank Group, Inc.		4,980		359,307
Investors Bancorp, Inc.		33,070		501,010
Lakeland Financial Corp. ^(b)		3,600		288,504
Meta Financial Group, Inc.		6,750		402,705
National Bank Holdings Corp. - Class A		6,570		288,686
NBT Bancorp, Inc.		3,260		125,575
Northfield Bancorp, Inc.		14,500		234,320
Northwest Bancshares, Inc.		15,930		225,569
OFG Bancorp		7,240		192,294
Old National Bancorp ^(b)		29,470		533,996
Pacific Premier Bancorp, Inc.		15,026		601,491
Park National Corp. ^(b)		2,050		281,485
Preferred Bank		2,910		208,909
Provident Financial Services, Inc.		9,430		228,395
Renasant Corp.		9,410		357,110
Seacoast Banking Corp. of Florida		8,510		301,169
ServisFirst Bancshares, Inc. ^(b)		10,670		906,310
Simmons First National Corp. - Class A ^(b)		15,560		460,265
Southside Bancshares, Inc.		4,987		208,556
Triumph Bancorp, Inc. ^(a)		5,040		600,163
Trustmark Corp.		3,750		121,725
United Community Banks, Inc. ^(b)		12,060		433,436
Veritex Holdings, Inc.		13,050		519,129
Westamerica Bancorp.		2,130		122,965
WSFS Financial Corp.		5,460		273,655
				19,919,013
BEVERAGES — 0.7%
Celsius Holdings, Inc. ^(a)(b)		7,620		568,223
Coca-Cola Consolidated, Inc.		830		513,928
National Beverage Corp.		4,440		201,265
				1,283,416
BIOTECH & PHARMA — 3.0%
Anika Therapeutics, Inc. ^(a)		9,560		342,535
Avid Bioservices, Inc. ^(a)(b)		13,350		389,553
Cara Therapeutics, Inc. ^(a)		17,330		211,079
Coherus Biosciences, Inc. ^(a)(b)		11,690		186,572
Cytokinetics, Inc. ^(a)(b)		13,900		633,562
Emergent BioSolutions, Inc. ^(a)(b)		8,680		377,320
Enanta Pharmaceuticals, Inc. ^(a)		4,260		318,563
Heska Corp. ^(a)(b)		1,950		355,855
Innoviva, Inc. ^(a)(b)		11,970		206,483
Ligand Pharmaceuticals, Inc. ^(a)(b)		2,760		426,310
Nektar Therapeutics ^(a)		9,220		124,562
Organogenesis Holdings, Inc. ^(a)(b)		14,360		132,686
Pacira BioSciences, Inc. ^(a)		2,170		130,569
Prestige Consumer Healthcare, Inc. ^(a)		6,630		402,110
REGENXBIO, Inc. ^(a)(b)		5,140		168,078
Supernus Pharmaceuticals, Inc. ^(a)		4,660		135,886
uniQure N.V. ^(a)		6,020		124,855
Vanda Pharmaceuticals, Inc. ^(a)		10,890		170,864
Xencor, Inc. ^(a)		7,020		281,642
				5,119,084

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2021

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
CHEMICALS — 3.5%
AdvanSix, Inc.		7,480	$	353,430
Balchem Corp.		5,600		944,160
GCP Applied Technologies, Inc. ^(a)		6,470		204,840
H.B. Fuller Co.		10,240		829,440
Innospec, Inc.		1,970		177,970
Materion Corp.		2,060		189,397
Quaker Chemical Corp. ^(b)		2,730		630,029
Rogers Corp. ^(a)		3,610		985,530
Stepan Co.		3,960		492,188
Trinseo plc		11,030		578,634
WD-40 Co. ^(b)		2,500		611,600
				5,997,218
COMMERCIAL SUPPORT SERVICES — 3.6%
ABM Industries, Inc.		13,350		545,348
AMN Healthcare Services, Inc. ^(a)(b)		9,180		1,122,990
Brady Corp. - Class A		19,510		1,051,589
CorVel Corp. ^(a)(b)		2,390		497,120
Harsco Corp. ^(a)		14,500		242,295
Healthcare Services Group, Inc.		7,100		126,309
Heidrick & Struggles International, Inc.		6,300		275,499
Kelly Services, Inc. - Class A		11,930		200,066
Korn Ferry		8,880		672,482
TrueBlue, Inc. ^(a)		27,600		763,692
UniFirst Corp.		1,790		376,616
US Ecology, Inc. ^(a)		5,630		179,822
Viad Corp. ^(a)		5,500		235,345
				6,289,173
CONSTRUCTION MATERIALS — 0.1%
Apogee Enterprises, Inc.		4,720		227,268

CONSUMER SERVICES — 1.2%
Adtalem Global Education, Inc. ^(a)(b)		27,490		812,605
American Public Education, Inc. ^(a)		7,960		177,110
Medifast, Inc.		2,410		504,726
Perdoceo Education Corp. ^(a)(b)		16,740		196,862
Strategic Education, Inc. ^(b)		4,060		234,830
WW International, Inc. ^(a)		13,630		219,852
				2,145,985
CONTAINERS & PACKAGING — 0.3%
Myers Industries, Inc.		10,120		202,501
O-I Glass, Inc. ^(a)		22,780		274,044
				476,545
E-COMMERCE DISCRETIONARY — 0.3%
Liquidity Services, Inc. ^(a)		12,680		279,974
PetMed Express, Inc.		8,210		207,385
				487,359
ELECTRIC UTILITIES — 0.7%
Avista Corp. ^(b)		16,640		707,033
Unitil Corp.		11,830		544,062
				1,251,095
ELECTRICAL EQUIPMENT — 3.2%
AAON, Inc. ^(b)		8,190		650,532
Advanced Energy Industries, Inc. ^(b)		6,290		572,767
Alarm.com Holdings, Inc. ^(a)(b)		7,330		621,657
Badger Meter, Inc.		6,300		671,328

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
ELECTRICAL EQUIPMENT — 3.2%, continued
FARO Technologies, Inc. ^(a)(b)		5,290	$	370,406
Itron, Inc. ^(a)		8,320		570,086
Mesa Laboratories, Inc. ^(b)		1,460		479,011
OSI Systems, Inc. ^(a)		2,550		237,660
SPX Corp. ^(a)		7,870		469,682
Watts Water Technologies, Inc. - Class A		4,940		959,200
				5,602,329
ENGINEERING & CONSTRUCTION — 1.5%
Arcosa, Inc.		5,970		314,619
Comfort Systems USA, Inc.		5,920		585,725
Exponent, Inc.		5,980		698,045
Granite Construction, Inc. ^(b)		7,530		291,411
Installed Building Products, Inc.		3,410		476,445
NV5 Holdings, Inc. ^(a)		950		131,214
				2,497,459
ENTERTAINMENT CONTENT — 0.2%
AMC Networks, Inc. - Class A ^(a)(b)		7,960		274,142

FOOD — 0.8%
B&G Foods, Inc. ^(b)		10,010		307,607
J & J Snack Foods Corp.		1,360		214,826
Simply Good Foods Co. (The) ^(a)(b)		10,360		430,665
TreeHouse Foods, Inc. ^(a)		6,440		261,013
USANA Health Sciences, Inc. ^(a)(b)		2,410		243,892
				1,458,003
FORESTRY, PAPER & WOOD PRODUCTS — 1.0%
Boise Cascade Co. ^(b)		7,010		499,112
Glatfelter Corp.		11,660		200,552
Neenah, Inc.		4,380		202,706
UFP Industries, Inc.		9,070		834,531
				1,736,901
GAS & WATER UTILITIES — 2.1%
American States Water Co.		11,210		1,159,563
California Water Service Group		16,120		1,158,383
Middlesex Water Co. ^(b)		10,930		1,314,879
				3,632,825
HEALTH CARE FACILITIES & SERVICES — 3.5%
Addus HomeCare Corp. ^(a)		2,750		257,152
Apollo Medical Holdings, Inc. ^(a)		6,870		504,807
Community Health Systems, Inc. ^(a)(b)		11,490		152,932
Covetrus, Inc. ^(a)		21,810		435,546
Cross Country Healthcare, Inc. ^(a)(b)		7,760		215,417
Ensign Group, Inc. (The) ^(b)		8,010		672,520
Fulgent Genetics, Inc. ^(a)		2,920		293,723
Joint Corp. (The) ^(a)		2,010		132,037
Magellan Health, Inc. ^(a)		4,370		415,106
MEDNAX, Inc. ^(a)		4,770		129,792
ModivCare, Inc. ^(a)(b)		1,030		152,739
NeoGenomics, Inc. ^(a)(b)		17,840		608,701
Owens & Minor, Inc. ^(b)		12,410		539,835
Pennant Group, Inc. (The) ^(a)		10,440		240,955
RadNet, Inc. ^(a)(b)		11,320		340,845
Select Medical Holdings Corp. ^(b)		16,840		495,096
Tivity Health, Inc. ^(a)		9,700		256,468
U.S. Physical Therapy, Inc. ^(b)	��	2,080		198,744
				6,042,415

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2021

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
HOME & OFFICE PRODUCTS — 0.5%
HNI Corp. ^(b)		11,550	$	485,678
iRobot Corp. ^(a)(b)		3,560		234,533
Tupperware Brands Corp. ^(a)		8,780		134,246
				854,457
HOME CONSTRUCTION — 2.6%
American Woodmark Corp. ^(a)		2,505		163,326
Cavco Industries, Inc. ^(a)(b)		1,500		476,475
Century Communities, Inc.		4,430		362,330
Interface, Inc.		48,540		774,213
LGI Homes, Inc. ^(a)		3,980		614,830
M/I Homes, Inc. ^(a)		3,510		218,252
MDC Holdings, Inc.		10,555		589,286
Meritage Homes Corp. ^(a)		6,110		745,787
Patrick Industries, Inc.		4,460		359,877
PGT Innovations, Inc. ^(a)		9,950		223,775
				4,528,151
HOUSEHOLD PRODUCTS — 0.8%
Central Garden & Pet Co. ^(a)		4,610		242,624
Clearwater Paper Corp. ^(a)		6,100		223,687
e.l.f. Beauty, Inc. ^(a)		8,410		279,296
Edgewell Personal Care Co.		2,740		125,246
Inter Parfums, Inc.		2,400		256,560
Quanex Building Products Corp.		11,930		295,625
				1,423,038
INDUSTRIAL INTERMEDIATE PRODUCTS — 1.6%
AZZ, Inc.		4,910		271,474
Chart Industries, Inc. ^(a)(b)		5,510		878,790
EnPro Industries, Inc.		3,640		400,654
Gibraltar Industries, Inc. ^(a)		5,860		390,745
Insteel Industries, Inc.		5,610		223,334
Mueller Industries, Inc.		2,200		130,592
Proto Labs, Inc. ^(a)		5,700		292,695
Standex International Corp.		2,030		224,640
				2,812,924
INDUSTRIAL SUPPORT SERVICES — 1.0%
Applied Industrial Technologies, Inc.		8,380		860,626
DXP Enterprises, Inc. ^(a)		5,460		140,158
Resideo Technologies, Inc. ^(a)		24,870		647,366
				1,648,150
INSTITUTIONAL FINANCIAL SERVICES — 0.5%
Piper Sandler Cos.		3,730		665,842
StoneX Group, Inc. ^(a)		2,410		147,613
				813,455
INSURANCE — 1.8%
Ambac Financial Group, Inc. ^(a)		8,260		132,573
American Equity Investment Life Holding Co.		9,790		381,027
Assured Guaranty Ltd.		6,380		320,276
eHealth, Inc. ^(a)		9,890		252,195
Employers Holdings, Inc.		3,240		134,071
Genworth Financial, Inc. - Class A ^(a)		86,690		351,095
NMI Holdings, Inc. - Class A ^(a)		9,380		204,953
Palomar Holdings, Inc. ^(a)		2,530		163,868
ProAssurance Corp.		8,450		213,785
SelectQuote, Inc. ^(a)		19,170		173,680

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
INSURANCE — 1.8%, continued
Trupanion, Inc. ^(a)(b)		5,530	$	730,126
				3,057,649
INTERNET MEDIA & SERVICES — 0.5%
Cars.com, Inc. ^(a)		7,940		127,755
HealthStream, Inc. ^(a)		5,690		149,988
Shutterstock, Inc.		3,610		400,277
TechTarget, Inc. ^(a)(b)		2,580		246,803
				924,823
LEISURE FACILITIES & SERVICES — 1.3%
Bloomin’ Brands, Inc. ^(a)		12,830		269,173
Brinker International, Inc. ^(a)(b)		6,840		250,276
Cheesecake Factory, Inc. (The) ^(a)(b)		5,670		221,980
Chuy’s Holdings, Inc. ^(a)(b)		6,950		209,334
Cinemark Holdings, Inc. ^(a)(b)		24,860		400,743
Dave & Buster’s Entertainment, Inc. ^(a)		5,980		229,632
Dine Brands Global, Inc.		3,280		248,657
Shake Shack, Inc. - Class A ^(a)(b)		5,830		420,693
				2,250,488
LEISURE PRODUCTS — 0.6%
LCI Industries		4,750		740,383
Winnebago Industries, Inc. ^(b)		3,720		278,702
				1,019,085
MACHINERY — 2.8%
Alamo Group, Inc. ^(b)		1,800		264,924
Astec Industries, Inc.		2,380		164,863
Enerpac Tool Group Corp.		5,470		110,932
ESCO Technologies, Inc.		3,760		338,362
Federal Signal Corp.		5,840		253,106
Franklin Electric Co., Inc.		6,300		595,728
Hillenbrand, Inc.		4,920		255,791
Ichor Holdings Ltd. ^(a)		5,480		252,244
John Bean Technologies Corp.		5,325		817,707
Lindsay Corp.		3,140		477,280
SPX FLOW, Inc.		7,180		620,926
Tennant Co.		3,800		307,952
Titan International, Inc. ^(a)		33,750		369,900
				4,829,715
MEDICAL EQUIPMENT & DEVICES — 3.1%
Avanos Medical, Inc. ^(a)		13,540		469,432
BioLife Solutions, Inc. ^(a)		7,260		270,580
CONMED Corp. ^(b)		3,920		555,699
Glaukos Corp. ^(a)(b)		7,100		315,524
Inogen, Inc. ^(a)		4,340		147,560
Integer Holdings Corp. ^(a)		4,160		356,054
Lantheus Holdings, Inc. ^(a)		10,663		308,054
LeMaitre Vascular, Inc.		2,750		138,132
Meridian Bioscience, Inc. ^(a)		8,520		173,808
Merit Medical Systems, Inc. ^(a)(b)		8,020		499,646
Myriad Genetics, Inc. ^(a)		13,280		366,528
Omnicell, Inc. ^(a)(b)		6,130		1,106,097
OraSure Technologies, Inc. ^(a)		14,440		125,484
Varex Imaging Corp. ^(a)(b)		8,210		259,026
Vericel Corp. ^(a)(b)		8,820		346,626
				5,438,250
METALS & MINING — 1.1%
Arconic Corp. ^(a)(b)		14,750		486,897

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2021

	Shares			Fair Value
COMMON STOCKS — 98.1%, continued
METALS & MINING — 1.1%, continued
Century Aluminum Co. ^(a)(b)		14,780	��	$	244,757
Encore Wire Corp. ^(b)		3,690			528,039
Kaiser Aluminum Corp. ^(b)		1,740			163,456
Livent Corp. ^(a)(b)		19,900			485,162
					1,908,311
OIL & GAS PRODUCERS — 0.6%
Range Resources Corp. ^(a)(b)		62,290			1,110,631

OIL & GAS SERVICES & EQUIPMENT — 1.0%
Core Laboratories N.V.		50,980			1,137,364
DMC Global, Inc. ^(a)		3,490			138,239
NOW, Inc. ^(a)(b)		35,760			305,390
U.S. Silica Holdings, Inc. ^(a)		16,680			156,792
					1,737,785
PUBLISHING & BROADCASTING — 0.4%
E.W. Scripps Co. (The) - Class A ^(a)		9,180			177,633
Gannett Co., Inc. ^(a)		44,487			237,116
Scholastic Corp.		8,410			336,063
					750,812
REAL ESTATE OWNERS & DEVELOPERS — 0.2%
St. Joe Co. (The)		5,140			267,537

REAL ESTATE SERVICES — 0.7%
Centerspace		3,050			338,245
Marcus & Millichap, Inc. ^(a)		3,450			177,537
RE/MAX Holdings, Inc. - Class A		4,650			141,779
Realogy Holdings Corp. ^(a)		32,310			543,131
					1,200,692
REITS — 8.8%
Acadia Realty Trust		17,540			382,898
Agree Realty Corp. ^(b)		9,030			644,381
Alexander & Baldwin, Inc.		14,570			365,561
American Assets Trust, Inc.		6,220			233,437
Armada Hoffler Properties, Inc.		12,440			189,337
ARMOUR Residential REIT, Inc. ^(b)		16,350			160,394
Brandywine Realty Trust		55,840			749,373
CareTrust REIT, Inc.		12,440			284,005
Chatham Lodging Trust ^(a)		14,320			196,470
Community Healthcare Trust, Inc.		5,400			255,258
DiamondRock Hospitality Co. ^(a)		41,780			401,506
Diversified Healthcare Trust		51,720			159,815
Easterly Government Properties, Inc. ^(b)		9,670			221,636
Essential Properties Realty Trust, Inc.		14,970			431,585
Four Corners Property Trust, Inc.		13,440			395,270
Franklin BSP Realty Trust, Inc.		9,042			135,087
Franklin Street Properties Corp.		32,340			192,423
Getty Realty Corp.		8,140			261,213
Global Net Lease, Inc.		15,780			241,118
Hersha Hospitality Trust ^(a)		18,960			173,863
Independence Realty Trust, Inc.		16,080			415,346
Industrial Logistics Properties Trust		9,300			232,965
Innovative Industrial Properties, Inc.		3,480			914,927
iStar, Inc. ^(b)		14,210			367,044
Lexington Realty Trust		32,120			501,714
LTC Properties, Inc.		7,200			245,808
Matson, Inc.		7,900			711,237
Office Properties Income Trust ^(b)		12,790			317,704

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
REITS — 8.8%, continued
Retail Opportunity Investments Corp.		15,690	$	307,524
RPT Realty		19,470		260,509
Safehold, Inc. ^(b)		3,430		273,886
Saul Centers, Inc.		3,420		181,328
Service Properties Trust		28,290		248,669
SITE Centers Corp.		41,680		659,794
Summit Hotel Properties, Inc. ^(a)(b)		36,060		351,946
Tanger Factory Outlet Centers, Inc. ^(b)		30,380		585,726
Two Harbors Investment Corp.		31,850		183,775
Uniti Group, Inc.		35,680		499,877
Universal Health Realty Income Trust		3,390		201,603
Urstadt Biddle Properties, Inc. - Class A		16,730		356,349
Veris Residential, Inc. ^(a)		20,870		383,591
Washington Real Estate Investment Trust		21,530		556,551
Xenia Hotel & Resorts, Inc. ^(a)(b)		18,240		330,326
				15,162,829
RENEWABLE ENERGY — 0.4%
FutureFuel Corp. ^(b)		18,910		144,472
Green Plains, Inc. ^(a)(b)		6,980		242,625
Renewable Energy Group, Inc. ^(a)		5,840		247,850
				634,947
RETAIL - CONSUMER STAPLES — 0.6%
Big Lots, Inc. ^(b)		5,740		258,587
OptimizeRx, Corp. ^(a)		2,280		141,611
PriceSmart, Inc.		2,690		196,827
SpartanNash Co.		18,160		467,802
				1,064,827
RETAIL - DISCRETIONARY — 4.8%
Abercrombie & Fitch Co. - Class A ^(a)(b)		13,550		471,946
America’s Car-Mart, Inc. ^(a)		1,440		147,456
Asbury Automotive Group, Inc. ^(a)(b)		3,100		535,463
Barnes & Noble Education, Inc. ^(a)		21,950		149,479
Bed Bath & Beyond, Inc. ^(a)(b)		19,560		285,185
Boot Barn Holdings, Inc. ^(a)(b)		4,560		561,108
Buckle, Inc. (The) ^(b)		5,380		227,628
Caleres, Inc.		10,210		231,563
Chico’s FAS, Inc. ^(a)(b)		40,780		219,396
Children’s Place, Inc. (The) ^(a)(b)		4,250		336,982
Designer Brands, Inc. - Class A ^(a)(b)		11,180		158,868
Ethan Allen Interiors, Inc. ^(b)		16,450		432,470
Genesco, Inc. ^(a)(b)		3,300		211,761
GMS, Inc. ^(a)		7,050		423,776
Group 1 Automotive, Inc.		3,050		595,421
Guess?, Inc.		9,260		219,277
Hibbett, Inc. ^(b)		5,140		369,720
La-Z-Boy, Inc.		6,970		253,081
Lumber Liquidators Holdings, Inc. ^(a)		8,400		143,388
MarineMax, Inc. ^(a)(b)		3,780		223,171
Monro, Inc. ^(b)		6,250		364,188
ODP Corp. (The) ^(a)		7,677		301,553
Sally Beauty Holdings, Inc. ^(a)		15,060		278,008
Signet Jewelers Ltd.		5,410		470,832
Sleep Number Corp. ^(a)(b)		4,070		311,762
Sonic Automotive, Inc. - Class A ^(b)		4,410		218,075
Zumiez, Inc. ^(a)		4,180		200,598
				8,342,155

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2021

	Shares			Fair Value
COMMON STOCKS — 98.1%, continued
SEMICONDUCTORS — 3.7%
Axcelis Technologies, Inc. ^(a)		7,890		$	588,279
CEVA, Inc. ^(a)		4,260	��		184,202
Cohu, Inc. ^(a)(b)		7,270			276,914
CTS Corp.		6,010			220,687
Diodes, Inc. ^(a)		6,230			684,116
FormFactor, Inc. ^(a)(b)		11,450			523,494
Kulicke & Soffa Industries, Inc.		9,850			596,319
MaxLinear, Inc. ^(a)		10,470			789,333
Onto Innovation, Inc. ^(a)(b)		12,417			1,256,973
Photronics, Inc. ^(a)		16,690			314,607
Rambus, Inc. ^(a)(b)		13,445			395,149
Ultra Clean Holdings, Inc. ^(a)		5,050			289,668
Veeco Instruments, Inc. ^(a)(b)		8,620			245,411
					6,365,152
SOFTWARE — 2.6%
Agilysys, Inc. ^(a)		6,190			275,207
Allscripts Healthcare Solutions, Inc. ^(a)(b)		16,430			303,133
Bottomline Technologies (de), Inc. ^(a)		5,810			328,091
Digi International, Inc. ^(a)		11,930			293,120
Donnelley Financial Solutions, Inc. ^(a)		6,550			308,767
Ebix, Inc. ^(b)		7,800			237,120
LivePerson, Inc. ^(a)(b)		9,500			339,340
Loyalty Ventures, Inc. ^(a)		4,370			131,406
NextGen Healthcare, Inc. ^(a)		7,250			128,978
PDF Solutions, Inc. ^(a)		9,190			292,150
Progress Software Corp.		6,410			309,411
Simulations Plus, Inc.		4,890			231,297
SPS Commerce, Inc. ^(a)		5,620			800,007
Tabula Rasa HealthCare, Inc. ^(a)		16,000			240,000
Thryv Holdings, Inc. ^(a)(b)		3,420			140,665
Xperi Holding Corp.		7,331			138,629
					4,497,321
SPECIALTY FINANCE — 3.1%
Apollo Commercial Real Estate Finance, Inc.		31,690			417,040
Deluxe Corp.		33,710			1,082,428
Ellington Financial, Inc.		7,330			125,270
Encore Capital Group, Inc. ^(a)		4,100			254,651
Enova International, Inc. ^(a)		7,260			297,370
Granite Point Mortgage Trust, Inc.		14,530			170,146
Invesco Mortgage Capital, Inc.		43,621			121,266
KKR Real Estate Finance Trust, Inc.		6,670			138,936
LendingTree, Inc. ^(a)		2,130			261,138
Mr. Cooper Group, Inc. ^(a)		10,090			419,845
New York Mortgage Trust, Inc.		44,650			166,098
PennyMac Mortgage Investment Trust ^(b)		15,630			270,868
PRA Group, Inc. ^(a)		3,460			173,727
Redwood Trust, Inc.		19,810			261,294
Stewart Information Services Corp.		3,830			305,366
Walker & Dunlop, Inc.		5,200			784,576
World Acceptance Corp. ^(a)(b)		600			147,258
					5,397,277
STEEL — 0.2%
Allegheny Technologies, Inc. ^(a)(b)		8,130			129,511
TimkenSteel Corp. ^(a)(b)		17,280			285,120
					414,631

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
TECHNOLOGY HARDWARE — 4.2%
3D Systems Corp. ^(a)(b)		22,670	$	488,312
ADTRAN, Inc.		14,390		328,524
Arlo Technologies, Inc. ^(a)		13,820		144,972
Benchmark Electronics, Inc.		7,800		211,380
CalAmp Corp. ^(a)		21,620		152,637
Comtech Telecommunications Corp.		7,460		176,727
Extreme Networks, Inc. ^(a)		29,990		470,843
Fabrinet ^(a)		9,090		1,076,892
Harmonic, Inc. ^(a)(b)		17,410		204,742
InterDigital, Inc.		4,780		342,391
Knowles Corp. ^(a)		18,120		423,102
NETGEAR, Inc. ^(a)		4,710		137,579
NetScout Systems, Inc. ^(a)		8,020		265,302
Pitney Bowes, Inc.		89,670		594,512
Plantronics, Inc. ^(a)(b)		5,500		161,370
Plexus Corp. ^(a)		4,900		469,861
Sanmina Corp. ^(a)(b)		13,090		542,711
TTM Technologies, Inc. ^(a)		16,420		244,658
Universal Electronics, Inc. ^(a)		5,820		237,165
Viavi Solutions, Inc. ^(a)		37,780		665,684
				7,339,364
TECHNOLOGY SERVICES — 2.3%
CSG Systems International, Inc. ^(b)		3,800		218,956
EVERTEC, Inc.		10,810		540,284
ExlService Holdings, Inc. ^(a)		5,430		786,101
Green Dot Corp. - Class A ^(a)		7,600		275,424
Insight Enterprises, Inc. ^(a)(b)		8,860		944,476
Perficient, Inc. ^(a)(b)		5,160		667,136
TTEC Holdings, Inc.		3,630		328,697
Unisys Corp. ^(a)		10,560		217,219
				3,978,293
TELECOMMUNICATIONS — 1.1%
8x8, Inc. ^(a)(b)		16,250		272,350
Cogent Communications Holdings, Inc.		5,100		373,218
Consolidated Communications Holdings, Inc. ^(a)		29,970		224,176
Telephone and Data Systems, Inc.		12,250		246,837
Vonage Holdings Corp. ^(a)		39,210		815,176
				1,931,757
TRANSPORTATION & LOGISTICS — 2.4%
Allegiant Travel Co. ^(a)		1,900		355,376
ArcBest Corp.		6,890		825,766
Atlas Air Worldwide Holdings, Inc. ^(a)		5,560		523,307
Bristow Group, Inc. ^(a)		8,623		273,090
Forward Air Corp.		4,620		559,436
Hawaiian Holdings, Inc. ^(a)		10,110		185,721
Heartland Express, Inc. ^(b)		22,680		381,478
Hub Group, Inc. - Class A ^(a)		5,050		425,412
Marten Transport Ltd.		18,180		311,969
SkyWest, Inc. ^(a)		8,860		348,198
				4,189,753
TRANSPORTATION EQUIPMENT — 0.2%
Greenbrier Cos., Inc. (The)		6,020		276,258

WHOLESALE - CONSUMER STAPLES — 1.3%
Andersons, Inc. (The) ^(b)		30,340		1,174,462

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2021

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
WHOLESALE - CONSUMER STAPLES — 1.3%, continued
Chefs’ Warehouse, Inc. (The) ^(a)		9,000	$	299,700
United Natural Foods, Inc. ^(a)		14,890		730,801
				2,204,963
WHOLESALE - DISCRETIONARY — 1.1%
ePlus, Inc. ^(a)		4,560		245,693
G-III Apparel Group Ltd. ^(a)		9,060		250,418
PC Connection, Inc.		2,970		128,096
ScanSource, Inc. ^(a)		23,700		831,396
Veritiv Corp. ^(a)		3,640		446,155
				1,901,758
TOTAL COMMON STOCKS (COST $116,452,901)				169,856,094

RIGHTS — 0.0% ^(c)
MEDICAL EQUIPMENT & DEVICES — 0.0% ^(c)
Lantheus Holdings, Inc., CVR ^(a)(d)(e) (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. ^(e)		2.000	%		06/15/22	$	70,000	$	70,000
Calvert Social Investment Foundation, Inc. ^(e)		0.400	%		12/15/22		110,000		110,000
Calvert Social Investment Foundation, Inc. ^(e)		3.000	%		06/15/23		330,000		330,000
Calvert Social Investment Foundation, Inc. ^(e)		3.000	%		12/15/23		330,000		330,000
Calvert Social Investment Foundation, Inc. ^(e)		1.000	%		06/14/24		100,000		98,311
Calvert Social Investment Foundation, Inc. ^(e)		3.000	%		06/17/24		60,000		60,000
Calvert Social Investment Foundation, Inc. ^(e)		3.000	%		12/15/24		90,000		90,000
Calvert Social Investment Foundation, Inc. ^(e)		2.500	%		06/13/25		150,000		149,700
Calvert Social Investment Foundation, Inc. ^(e)		2.500	%		12/15/25		280,000		280,000
TOTAL CORPORATE NOTES (COST $1,520,000)									1,518,011

	Shares		Fair Value
MONEY MARKET FUNDS — 0.9%
First American Government Obligations Fund - Class X, 0.03% ^(f) (COST $1,540,310)		1,540,310	$	1,540,310

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 25.5%
Mount Vernon Liquid Assets Portfolio, LLC, 0.12% ^(f)(g) (COST $44,107,836)		44,107,836		44,107,836

TOTAL INVESTMENTS - (COST $163,621,047) — 125.4%			$	217,024,859
LIABILITIES IN EXCESS OF OTHER ASSETS — (25.4%)				(43,906,130	)
NET ASSETS — 100.0%			$	173,118,729

(a)	Non-income producing security.

(b)	All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2021 was $42,923,873 (Note 8).

(c)	Percentage rounds to less than 0.1%.

(d)	Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total fair value of such securities was $2,608 as of December 31, 2021, representing 0.0% (c) of net assets.

(e)	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	$	70,000	$	70,000		0.0	%^(c)
Calvert Social Investment Foundation, Inc. 0.400%, 12/15/22		12/15/21		110,000		110,000		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. 1.000%, 06/14/24		06/15/21		100,000		98,311		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24		06/17/19		60,000		60,000		0.0	%^(c)
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24		12/12/19		90,000		90,000		0.0	%^(c)
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		150,000		149,700		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25		12/15/20		280,000		280,000		0.2	%
Lantheus Holdings, Inc., CVR		06/22/20		—		2,608		0.0	%^(c)
			$	1,520,000	$	1,520,619		0.9	%

(f)	The rate shown is the 7-day effective yield as of December 31, 2021.

(g)	The security was purchased with cash collateral received from securities on loan (Note 8).

plc	— Public Liability Company

REIT	— Real Estate Investment Trust

See accompanying notes to financial statements.

Praxis Genesis Portfolios

Annual Report to Shareholders

Portfolio Managers’ Commentary (unaudited)

In 2021, the COVID-19 pandemic continued to cause market disruptions, but overall, stocks had very strong returns while bonds had slightly negative returns. At the beginning of 2021, the market didn’t anticipate the increase in inflation or the dramatic drop in the unemployment rate.

The Federal Reserve was caught off guard by both, and they were especially surprised that inflation wasn’t transitory. Corporations produced very strong earnings, and this helped to propel the stock market to very strong returns. The S&P 500 Index was up 28.71% in 2021. The small-cap market – as represented by the S&P SmallCap 600 Index – was up 26.82%.

Equity style didn’t matter as much in 2021 as it did in 2020. Large-cap growth stocks performed better than large-cap value stocks, but small-cap value stocks outperformed small-cap growth stocks. The S&P 500 Growth Index was up 31.99%, while the S&P 500 Value Index was up 24.90%.

International-developed markets did much better than emerging markets in 2021. The MSCI EAFE Index was up 11.26%, while the MSCI Emerging Markets Index was down -2.54%. 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 7.82%. Over the last five years, emerging markets have slightly outperformed developed markets, with a 9.86% annualized return versus a 9.54% annualized return. But over the last 10 years, developed markets have outperformed emerging markets.

The Bloomberg U.S. Aggregate index returned -1.54% for 2021. The interest rate curve flattened from the 5-year Treasury out to the 30-year Treasury, but it stayed very steep at the shorter end. The 3-month Treasury bill yield decreased 0.03%, while the 5-year Treasury increased by 0.90%, but the yield on the 30-year Treasury note only increased by 0.26%.

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 4.42%, which underperformed the S&P Target Risk Conservative Index return of 4.99%.

The Genesis Balanced Portfolio’s Class A Shares (without load) return was 11.77%, which outperformed the S&P Target Risk Growth Index’s return of 11.37%.

The Genesis Growth Portfolio’s Class A Shares (without load) return was 16.72%, which outperformed the S&P Target Risk Aggressive Index’s return of 15.62%.

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 intermediate bonds, with its slightly negative return in 2021.

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. 2021 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 Value Index Fund, Praxis International Index Fund and the Praxis Small Cap Index Fund versus their respective benchmarks. The Praxis Growth Index Fund and the Praxis Impact Bond Fund both slightly underperformed their respective benchmarks for 2021.

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, 2021, 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 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 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 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 12/31/11 to 12/31/21

			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	(1.06%)	7.28%	5.42%	4.97%	1.09%	1.09%
Class A (Without Load)	12/31/09	4.42%	9.22%	6.57%	5.54%
S&P Target Risk Conservative Index ¹		4.99%	9.49%	7.00%	5.60%

* 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, 2021, including Acquired Fund Fees and Expenses. Contractual fee waivers are in effect through April 30, 2022 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, 2021

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 100.1%
DEBT FUND — 69.1%
Praxis Impact Bond Fund - Class I		1,843,182	$	19,758,915

EQUITY FUND — 31.0%
Praxis Growth Index Fund - Class I		63,313		2,739,573
Praxis International Index Fund - Class I		195,004		2,638,404
Praxis Small Cap Index Fund - Class I		61,613		749,829
Praxis Value Index Fund - Class I		158,944		2,730,660
				8,858,466
TOTAL AFFILIATED MUTUAL FUNDS (COST $23,388,738)				28,617,381

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 0.03% ^(b) (COST $6,089)		6,089		6,089

TOTAL INVESTMENTS - (COST $23,394,827) — 100.1%			$	28,623,470
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1%)				(14,646	)
NET ASSETS — 100.0%			$	28,608,824

(a)	Percentage rounds to less than 0.1%.

(b)	The rate shown is the 7-day effective yield as of December 31, 2021.

See accompanying notes to financial statements.

Praxis Genesis Balanced Portfolio

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/11 to 12/31/21

			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	5.92%	12.34%	8.86%	7.91%	0.97%	0.97%
Class A (Without Load)	12/31/09	11.77%	14.39%	10.05%	8.49%
S&P Target Risk Growth Index ¹		11.37%	14.08%	10.19%	8.96%

* 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%.

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, 2021

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 100.0%
DEBT FUND — 38.9%
Praxis Impact Bond Fund - Class I		3,482,474	$	37,332,116

EQUITY FUND — 61.1%
Praxis Growth Index Fund - Class I		362,089		15,667,595
Praxis International Index Fund - Class I		1,288,233		17,429,797
Praxis Small Cap Index Fund - Class I		814,486		9,912,300
Praxis Value Index Fund - Class I		909,541		15,625,920
				58,635,612
TOTAL AFFILIATED MUTUAL FUNDS (COST $67,096,120)				95,967,728

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 0.03% ^(b) (COST $446)		446		446

TOTAL INVESTMENTS - (COST $67,096,566) — 100.0%			$	95,968,174
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) ^(a)				(33,208	)
NET ASSETS — 100.0%			$	95,934,966

(a)	Percentage rounds to less than 0.1%.

(b)	The rate shown is the 7-day effective yield as of December 31, 2021.

See accompanying notes to financial statements.

Praxis Genesis Growth Portfolio

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/11 to 12/31/21

			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	10.60%	15.50%	10.95%	9.68%	1.01%	1.01%
Class A (Without Load)	12/31/09	16.72%	17.61%	12.16%	10.27%
S&P Target Risk Aggressive Index ¹		15.62%	17.09%	12.24%	11.04%

* 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%.

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, 2021

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 100.0%
DEBT FUND — 19.3%
Praxis Impact Bond Fund - Class I		1,813,584	$	19,441,616

EQUITY FUND — 80.7%
Praxis Growth Index Fund - Class I		483,248		20,910,142
Praxis International Index Fund - Class I		1,788,172		24,193,961
Praxis Small Cap Index Fund - Class I		1,272,451		15,485,724
Praxis Value Index Fund - Class I		1,214,056		20,857,474
				81,447,301
TOTAL AFFILIATED MUTUAL FUNDS (COST $64,991,586)				100,888,917

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 0.03% ^(b) (COST $888)		888		888

TOTAL INVESTMENTS - (COST $64,992,474) — 100.0%			$	100,889,805
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) ^(a)				(35,626	)
NET ASSETS — 100.0%			$	100,854,179

(a)	Percentage rounds to less than 0.1%.

(b)	The rate shown is the 7-day effective yield as of December 31, 2021.

See accompanying notes to financial statements.

Statements of Assets & Liabilities

December 31, 2021

	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	$	833,477,317		$	256,567,740		$	355,649,062		$	228,192,234		$	163,621,047
Investments in unaffiliated securities, at fair value*	$	854,694,785		$	394,743,942		$	465,668,466		$	540,651,113		$	217,024,859
Cash		—			17,632			—			—			—
Cash denominated in foreign currency (Cost $139)		—			140			—			—			—
Receivable for capital shares sold		1,060,594			117,308			284,038			539,606			71,700
Receivable for investments sold		325			—			—			—
Receivable for dividends and interest		4,053,629			640,362			521,792			136,633			189,229
Receivable for tax reclaims		9,387			410,908			—			—			—
Prepaid expenses and other assets		54,934			36,666			33,349			42,182			21,440
Total Assets		859,873,654			395,966,958			466,507,645			541,369,534			217,307,228

Liabilities
Payable for capital shares redeemed		774,913			13,918			182,251			269,002			4,652
Payable for return of collateral received for securities on loan		44,027,878			14,049,265			26,556,397			11,281,605			44,107,836
Accrued expenses and other payables:
Investment advisory fees		248,126			140,414			89,651			105,573			44,917
Administration fees		29,512			13,680			15,651			19,062			6,121
Distribution fees		8,888			2,285			4,493			22,979			1,367
Other		101,181			93,070			53,304			65,338			23,606
Total Liabilities		45,190,498			14,312,632			26,901,747			11,763,559			44,188,499

Net Assets	$	814,683,156		$	381,654,326		$	439,605,898		$	529,605,975		$	173,118,729

Components of Net Assets
Paid-in capital	$	795,163,398		$	275,901,023		$	311,476,281		$	193,096,239		$	119,908,035
Distributable earnings		19,519,758			105,753,303			128,129,617			336,509,736			53,210,694
Net Assets	$	814,683,156		$	381,654,326		$	439,605,898		$	529,605,975		$	173,118,729

Pricing of Class A Shares
Net assets attributable to Class A shares	$	41,412,745		$	10,858,631		$	22,442,047		$	109,319,175		$	6,656,386
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)		3,841,383			804,490			1,295,492			2,549,661			605,203
Net asset value, offering price and redemption price per share*	$	10.78		$	13.50		$	17.32		$	42.88		$	11.00
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]	$	11.20		$	14.25		$	18.28		$	45.26		$	11.61

Pricing of Class I Shares
Net assets attributable to Class I shares	$	773,270,411		$	370,795,695		$	417,163,851		$	420,286,800		$	166,462,343
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		72,106,748			27,412,027			24,285,310			9,712,333			13,673,063
Net asset value and redemption price per share	$	10.72		$	13.53		$	17.18		$	43.27		$	12.17
* Includes fair value of securities on loan	$	43,142,581		$	13,585,166		$	25,921,292		$	11,028,364		$	42,923,873

See accompanying notes to financial statements.

Statements of Assets & Liabilities, continued

December 31, 2021

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Assets
Investments in affiliated securities, at cost	$	23,388,738		$	67,096,120		$	64,991,586
Investments in unaffiliated securities, at cost		6,089			446			888
Investments in affiliated securities, at fair value	$	28,617,381		$	95,967,728		$	100,888,917
Investments in unaffiliated securities, at fair value		6,089			446			888
Receivable for capital shares sold		1,316			85,843			12,218
Prepaid expenses and other assets		5,198			9,028			8,946
Total Assets		28,629,984			96,063,045			100,910,969

Liabilities
Payable for capital shares redeemed		452			—			6,204
Payable for investments purchased		853			83,948			5,014
Accrued expenses and other payables:
Investment advisory fees		3,211			4,024			4,200
Administration fees		726			2,414			2,520
Distribution fees		6,053			20,121			20,999
Other		9,865			17,572			17,853
Total Liabilities		21,160			128,079			56,790

Net Assets	$	28,608,824		$	95,934,966		$	100,854,179

Components of Net Assets
Paid-in capital	$	23,503,173		$	66,654,088		$	64,136,626
Distributable earnings		5,105,651			29,280,878			36,717,553
Net Assets	$	28,608,824		$	95,934,966		$	100,854,179

Pricing of Class A Shares
Net assets attributable to Class A shares	$	28,608,824		$	95,934,966		$	100,854,179
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)		2,201,950			5,885,221			5,265,571
Net asset value, offering price and redemption price per share	$	12.99		$	16.30		$	19.15
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		$	17.20		$	20.21

See accompanying notes to financial statements.

Statements of Operations

For the year ended December 31, 2021

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Index Fund
Investment income
Dividends	$	163,571		$	9,888,755		$	7,994,843		$	3,338,971		$	1,940,946
Non-cash dividend income		—			837,500			—			—			—
Foreign tax withholding		(6,375	)		(1,636,728	)		(339	)		(482	)		(2,575	)
Securities lending income		21,967			143,503			10,126			6,208			20,501
Interest		16,422,697			83,657			78,995			97,279			37,055
Total Investment Income		16,601,860			9,316,687			8,083,625			3,441,976			1,995,927

Expenses
Investment advisory fees		2,808,025			1,594,879			964,993			1,126,587			476,212
Administration fees		339,135			158,520			168,478			204,101			69,965
Transfer agent fees - Class A		59,709			27,837			24,959			59,553			9,617
Transfer agent fees - Class I		106,253			31,707			77,942			73,519			13,008
Distribution fees - Class A		110,308			28,529			50,915			248,980			15,520
Custodian fees		46,797			158,400			22,329			27,376			14,406
Legal fees		98,839			44,757			45,526			58,568			19,452
Registration fees - Class A		14,692			11,823			10,499			18,657			19,166
Registration fees - Class I		40,609			28,697			32,442			26,100			17,757
Pricing fees		69,728			59,741			5,741			4,626			8,646
Audit and tax services fees		45,556			24,064			27,084			31,498			14,586
Trustee fees and expenses		52,293			23,960			23,245			29,352			10,079
Insurance fees		35,861			14,428			13,934			18,051			6,870
Other expenses		57,557			41,375			54,871			40,827			25,652
Total Expenses		3,885,362			2,248,717			1,522,958			1,967,795			720,936
Class A expenses contractually reduced by Investment Adviser		—			—			—			—			(97	)
Net Expenses		3,885,362			2,248,717			1,522,958			1,967,795			720,839

Net Investment Income		12,716,498			7,067,970			6,560,667			1,474,181			1,275,088

Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		309,296			(1,078,260	)		21,871,536			25,696,730			16,735,523
Net realized losses on foreign currency transactions		—			(169,611	)		—			—			—
Change in unrealized appreciation/(depreciation) of investments		(27,273,227	)		19,892,059			53,067,993			102,477,187			19,863,231
Change in unrealized appreciation/(depreciation) of foreign currency translations		—			(27,789	)		—			—			—
Net Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Transactions		(26,963,931	)		18,616,399			74,939,529			128,173,917			36,598,754
Net Change in Net Assets from Operations	$	(14,247,433	)	$	25,684,369		$	81,500,196		$	129,648,098		$	37,873,842

See accompanying notes to financial statements.

Statements of Operations, continued

For the year ended December 31, 2021

	Praxis Genesis Conservative Portfolio		Praxis Genesis Balanced Portfolio		Praxis Genesis Growth Portfolio
Investment income
Dividends from affiliates	$	599,220	$	2,292,691	$	2,614,736
Dividends from non-affiliates		1		—		—
Total Investment Income		599,221		2,292,691		2,614,736

Expenses
Distribution fees - Class A		71,416		232,011		236,188
Transfer agent fees		24,593		72,042		98,839
Investment advisory fees		14,284		46,404		47,239
Registration and filing fees		29,704		30,122		27,313
Administration fees		8,568		27,841		27,570
Audit and tax services fees		7,252		7,760		7,799
Shareholder report printing fees		1,548		5,941		4,568
Custodian fees		900		900		915
Trustee fees and expenses		281		887		876
Insurance expense		125		395		386
Other expenses		6,551		6,603		6,845
Total Expenses		165,222		430,906		458,538
Recoupment of prior expenses contractually reduced by Investment Adviser		5,994		—		—
Net Expenses		171,216		430,906		458,538

Net Investment Income		428,005		1,861,785		2,156,198

Realized and Unrealized Gains on Investments
Net realized gains on investments in affiliates		436,199		1,861,645		1,126,350
Long-term capital gain distributions from investments in affiliates		144,741		1,105,509		1,581,295
Change in unrealized appreciation/(depreciation) of investments in affiliates		216,230		5,384,325		9,426,914
Net Realized and Unrealized Gains on Investments		797,170		8,351,479		12,134,559
Net Change in Net Assets from Operations	$	1,225,175	$	10,213,264	$	14,290,757

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, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
From Operations
Net investment income	$	12,716,498		$	13,343,798		$	7,067,970		$	4,649,798
Net realized gains (losses) from investments and foreign currency transactions		309,296			7,395,437			(1,247,871	)		(7,003,131	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		(27,273,227	)		25,492,894			19,864,270			46,765,958
Net Change in Net Assets from Operations		(14,247,433	)		46,232,129			25,684,369			44,412,625

Distributions to Shareholders
Class A		(648,495	)		(1,268,035	)		(195,286	)		(89,909	)
Class I		(13,815,730	)		(17,482,526	)		(9,142,870	)		(4,530,504	)
Change in Net Assets from Distributions to Shareholders		(14,464,225	)		(18,750,561	)		(9,338,156	)		(4,620,413	)

Change in Net Assets from Capital Transactions (Note 6)		114,309,066			112,971,574			45,292,617			(8,254,781	)
Change in Net Assets		85,597,408			140,453,142			61,638,830			31,537,431

Net Assets
Beginning of year		729,085,748			588,632,606			320,015,496			288,478,065
End of year	$	814,683,156		$	729,085,748		$	381,654,326		$	320,015,496

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, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
From Operations
Net investment income	$	6,560,667		$	5,846,403		$	1,474,181		$	2,121,980		$	1,275,088		$	1,082,770
Net realized gains from investments		21,871,536			6,986,971			25,696,730			28,402,948			16,735,523			868,654
Net change in unrealized appreciation/(depreciation) on investments		53,067,993			5,910,699			102,477,187			71,609,153			19,863,231			19,520,809
Net Change in Net Assets from Operations		81,500,196			18,744,073			129,648,098			102,134,081			37,873,842			21,472,233

Distributions to Shareholders
Class A		(783,817	)		(1,487,424	)		(4,460,917	)		(5,472,414	)		(667,077	)		(42,138	)
Class I		(16,566,138	)		(24,288,798	)		(17,988,411	)		(19,356,007	)		(16,040,570	)		(1,620,501	)
Change in Net Assets from Distributions to Shareholders		(17,349,955	)		(25,776,222	)		(22,449,328	)		(24,828,421	)		(16,707,647	)		(1,662,639	)

Change in Net Assets from Capital Transactions (Note 6)		66,459,413			62,328,677			22,119,735			(2,662,269	)		12,289,668			(373,613	)
Change in Net Assets		130,609,654			55,296,528			129,318,505			74,643,391			33,455,863			19,435,981

Net Assets
Beginning of year		308,996,244			253,699,716			400,287,470			325,644,079			139,662,866			120,226,885
End of year	$	439,605,898		$	308,996,244		$	529,605,975		$	400,287,470		$	173,118,729		$	139,662,866

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, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
From Operations
Net investment income	$	428,005		$	551,802		$	1,861,785		$	1,922,100		$	2,156,198		$	1,936,090
Net realized gains on investments in affiliates		436,199			428,014			1,861,645			1,824,949			1,126,350			1,171,428
Long-term capital gain distributions from investments in affiliates		144,741			247,691			1,105,509			1,011,583			1,581,295			1,131,669
Net change in unrealized appreciation/(depreciation) on investments in affiliates		216,230			1,476,761			5,384,325			5,314,128			9,426,914			6,762,991
Net Change in Net Assets from Operations		1,225,175			2,704,268			10,213,264			10,072,760			14,290,757			11,002,178

Distributions to Class A Shareholders		(1,223,307	)		(955,627	)		(5,111,964	)		(4,096,729	)		(4,501,599	)		(4,024,475	)

Change in Net Assets from Capital Transactions (Note 6)		844,126			(747,030	)		3,306,675			(1,688,758	)		5,416,163			4,450,894
Change in Net Assets		845,994			1,001,611			8,407,975			4,287,273			15,205,321			11,428,597

Net Assets
Beginning of year		27,762,830			26,761,219			87,526,991			83,239,718			85,648,858			74,220,261
End of year	$	28,608,824		$	27,762,830		$	95,934,966		$	87,526,991		$	100,854,179		$	85,648,858

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, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value at beginning of year	$	11.19		$	10.67		$	10.12		$	10.39		$	10.30
Net investment income ^(a)		0.14			0.19			0.23			0.22			0.21
Net realized and unrealized gains (losses) on investments		(0.39	)		0.60			0.55			(0.26	)		0.11
Total from investment operations		(0.25	)		0.79			0.78			(0.04	)		0.32
Less distributions from:
Net investment income		(0.16	)		(0.20	)		(0.23	)		(0.23	)		(0.23	)
Net realized gains		—			(0.07	)		—			—			—
Total distributions		(0.16	)		(0.27	)		(0.23	)		(0.23	)		(0.23	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	10.78		$	11.19		$	10.67		$	10.12		$	10.39
Total return (excludes sales charge)		(2.23	%)		7.45	%		7.75	%		(0.36	%)		3.11	%
Net assets at end of year (in 000s)	$	41,413		$	48,146		$	58,383		$	60,692		$	91,048
Ratio of net expenses to average net assets		0.88	%		0.92	%		0.95	%		0.97	%		0.93	%
Ratio of gross expenses to average net assets		0.88	%		0.92	%		0.95	%		0.98	%*		0.98	%*
Ratio of net investment income to average net assets		1.28	%		1.72	%		2.16	%		2.15	%		2.02	%
Portfolio turnover rate		14.68	%		31.27	%		17.58	%		27.27	%		17.36	%

Praxis Impact Bond Fund - Class I

	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value at beginning of year	$	11.14		$	10.62		$	10.08		$	10.35		$	10.25
Net investment income ^(a)		0.18			0.23			0.27			0.26			0.25
Net realized and unrealized gains (losses) on investments		(0.39	)		0.61			0.54			(0.26	)		0.11
Total from investment operations		(0.21	)		0.84			0.81			0.00	^(b)		0.36
Less distributions from:
Net investment income		(0.21	)		(0.25	)		(0.27	)		(0.27	)		(0.26	)
Net realized gains		—			(0.07	)		—			—			—
Total distributions		(0.21	)		(0.32	)		(0.27	)		(0.27	)		(0.26	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	10.72		$	11.14		$	10.62		$	10.08		$	10.35
Total return		(1.93	%)		7.94	%		8.15	%		0.08	%		3.58	%
Net assets at end of year (in 000s)	$	773,270		$	680,940		$	530,250		$	449,146		$	432,654
Ratio of expenses to average net assets		0.48	%		0.52	%		0.53	%		0.53	%		0.54	%
Ratio of net investment income to average net assets		1.68	%		2.08	%		2.58	%		2.60	%		2.41	%
Portfolio turnover rate		14.68	%		31.27	%		17.58	%		27.27	%		17.36	%

*	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, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value at beginning of year	$	12.82		$	11.50		$	9.77		$	11.69		$	9.47
Net investment income ^(a)		0.18			0.10			0.18			0.17			0.13
Net realized and unrealized gains (losses) on investments and foreign currencies		0.75			1.32			1.73			(1.94	)		2.23
Total from investment operations		0.93			1.42			1.91			(1.77	)		2.36
Less distributions from:
Net investment income		(0.25	)		(0.10	)		(0.18	)		(0.15	)		(0.14	)
Paid-in capital from redemption fees		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	13.50		$	12.82		$	11.50		$	9.77		$	11.69
Total return (excludes sales charge)		7.22	%		12.37	%		19.55	%		(15.13	%)		24.97	%
Net assets at end of year (in 000s)	$	10,859		$	11,251		$	11,074		$	11,853		$	26,344
Ratio of expenses to average net assets		1.20	%		1.30	%		1.40	%		1.31	%		1.26	%
Ratio of net investment income to average net assets		1.32	%		0.92	%		1.70	%		1.52	%		1.22	%
Portfolio turnover rate		39.58	%		86.12	%		20.61	%		21.08	%		5.22	%

Praxis International Index Fund - Class I

	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value at beginning of year	$	12.86		$	11.53		$	9.80		$	11.75		$	9.51
Net investment income ^(a)		0.27			0.18			0.27			0.25			0.19
Net realized and unrealized gains (losses) on investments and foreign currencies		0.74			1.34			1.73			(1.96	)		2.25
Total from investment operations		1.01			1.52			2.00			(1.71	)		2.44
Less distributions from:
Net investment income		(0.34	)		(0.19	)		(0.27	)		(0.24	)		(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	$	13.53		$	12.86		$	11.53		$	9.80		$	11.75
Total return		7.83	%		13.18	%		20.45	%		(14.52	%)		25.67	%
Net assets at end of year (in 000s)	$	370,796		$	308,764		$	277,404		$	237,982		$	257,538
Ratio of expenses to average net assets		0.61	%		0.61	%		0.64	%		0.65	%		0.72	%
Ratio of net investment income to average net assets		1.94	%		1.62	%		2.48	%		2.21	%		1.75	%
Portfolio turnover rate		39.58	%		86.12	%		20.61	%		21.08	%		5.22	%

^(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, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value at beginning of year	$	14.42		$	15.13		$	11.81		$	13.82		$	12.64
Net investment income ^(a)		0.22			0.26			0.24			0.23			0.21
Net realized and unrealized gains (losses) on investments		3.30			0.26	^(b)		3.56			(1.38	)		1.85
Total from investment operations		3.52			0.52			3.80			(1.15	)		2.06
Less distributions from:
Net investment income		(0.31	)		—			(0.23	)		(0.23	)		(0.13	)
Net realized gains		(0.31	)		(1.23	)		(0.25	)		(0.63	)		(0.75	)
Total distributions		(0.62	)		(1.23	)		(0.48	)		(0.86	)		(0.88	)
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	$	17.32		$	14.42		$	15.13		$	11.81		$	13.82
Total return (excludes sales charge)		24.52	%		3.58	%		32.21	%		(8.47	%)		16.31	%
Net assets at end of year (in 000s)	$	22,442		$	18,863		$	30,603		$	18,124		$	25,057
Ratio of expenses to average net assets		0.78	%		0.91	%		0.86	%		0.89	%		0.94	%
Ratio of net investment income to average net assets		1.34	%		1.90	%		1.72	%		1.69	%		1.58	%
Portfolio turnover rate		28.06	%		44.98	%		39.06	%		32.38	%		31.87	%

Praxis Value Index Fund - Class I

	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value at beginning of year	$	14.30		$	15.02		$	11.72		$	13.74		$	12.56
Net investment income ^(a)		0.28			0.32			0.30			0.30			0.28
Net realized and unrealized gains (losses) on investments		3.29			0.27	^(b)		3.53			(1.38	)		1.85
Total from investment operations		3.57			0.59			3.83			(1.08	)		2.13
Less distributions from:
Net investment income		(0.38	)		(0.08	)		(0.28	)		(0.31	)		(0.20	)
Net realized gains		(0.31	)		(1.23	)		(0.25	)		(0.63	)		(0.75	)
Total distributions		(0.69	)		(1.31	)		(0.53	)		(0.94	)		(0.95	)
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	$	17.18		$	14.30		$	15.02		$	11.72		$	13.74
Total return		25.08	%		4.07	%		32.74	%		(8.06	%)		16.91	%
Net assets at end of year (in 000s)	$	417,164		$	290,133		$	223,097		$	162,785		$	165,591
Ratio of expenses to average net assets		0.38	%		0.44	%		0.44	%		0.42	%		0.45	%
Ratio of net investment income to average net assets		1.73	%		2.32	%		2.16	%		2.18	%		2.07	%
Portfolio turnover rate		28.06	%		44.98	%		39.06	%		32.38	%		31.87	%

^(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, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value at beginning of year	$	33.96		$	27.23		$	22.05		$	23.05		$	18.82
Net investment income ^(a)		0.03			0.11			0.20			0.15			0.17
Net realized and unrealized gains (losses) on investments		10.69			8.80			6.71			(0.13	)		4.78
Total from investment operations		10.72			8.91			6.91			0.02			4.95
Less distributions from:
Net investment income		(0.03	)		(0.10	)		(0.20	)		(0.21	)		(0.08	)
Net realized gains		(1.77	)		(2.08	)		(1.53	)		(0.81	)		(0.64	)
Total distributions		(1.80	)		(2.18	)		(1.73	)		(1.02	)		(0.72	)
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	$	42.88		$	33.96		$	27.23		$	22.05		$	23.05
Total return (excludes sales charge)		31.60	%		32.81	%		31.45	%		(0.05	%)		26.28	%
Net assets at end of year (in 000s)	$	109,319		$	90,516		$	84,526		$	72,735		$	87,613
Ratio of expenses to average net assets		0.66	%		0.75	%		0.79	%		0.82	%		0.85	%
Ratio of net investment income to average net assets		0.08	%		0.38	%		0.78	%		0.59	%		0.78	%
Portfolio turnover rate		18.17	%		28.05	%		32.33	%		27.24	%		27.49	%

Praxis Growth Index Fund - Class I

	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value at beginning of year	$	34.25		$	27.45		$	22.21		$	23.21		$	18.93
Net investment income ^(a)		0.15			0.21			0.30			0.25			0.26
Net realized and unrealized gains (losses) on investments		10.79			8.87			6.76			(0.13	)		4.82
Total from investment operations		10.94			9.08			7.06			0.12			5.08
Less distributions from:
Net investment income		(0.15	)		(0.20	)		(0.29	)		(0.31	)		(0.16	)
Net realized gains		(1.77	)		(2.08	)		(1.53	)		(0.81	)		(0.64	)
Total distributions		(1.92	)		(2.28	)		(1.82	)		(1.12	)		(0.80	)
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	$	43.27		$	34.25		$	27.45		$	22.21		$	23.21
Total return		31.97	%		33.19	%		31.91	%		0.39	%		26.78	%
Net assets at end of year (in 000s)	$	420,287		$	309,772		$	241,118		$	178,605		$	171,884
Ratio of expenses to average net assets		0.36	%		0.43	%		0.43	%		0.43	%		0.44	%
Ratio of net investment income to average net assets		0.38	%		0.69	%		1.13	%		0.99	%		1.18	%
Portfolio turnover rate		18.17	%		28.05	%		32.33	%		27.24	%		27.49	%

^(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, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value at beginning of year	$	9.69		$	8.85		$	7.44		$	8.63		$	9.67
Net investment income ^(a)		0.02			0.02			0.03			0.01			0.02
Net realized and unrealized gains (losses) on investments		2.52			0.90			1.56			(0.73	)		1.03
Total from investment operations		2.54			0.92			1.59			(0.72	)		1.05
Less distributions from:
Net investment income		(0.03	)		(0.04	)		—			—			—
Net realized gains		(1.20	)		(0.04	)		(0.18	)		(0.47	)		(2.09	)
Total distributions		(1.23	)		(0.08	)		(0.18	)		(0.47	)		(2.09	)
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	$	11.00		$	9.69		$	8.85		$	7.44		$	8.63
Total return (excludes sales charge)		26.53	%		10.39	%		21.36	%		(8.56	%)		10.70	%
Net assets at end of year (in 000s)	$	6,656		$	5,173		$	4,665		$	4,284		$	5,449
Ratio of net expenses to average net assets		1.12	%		1.12	%		1.12	%		1.11	%		1.13	%
Ratio of gross expenses to average net assets*		1.12	%		1.37	%		1.42	%		1.49	%		1.66	%
Ratio of net investment income to average net assets		0.13	%		0.25	%		0.33	%		0.13	%		0.21	%
Portfolio turnover rate		40.95	%		39.21	%		21.59	%		25.17	%		103.54	%

Praxis Small Cap Index Fund - Class I

	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value at beginning of year	$	10.60		$	9.66		$	8.13		$	9.36		$	10.35
Net investment income ^(a)		0.11			0.08			0.09			0.08			0.09
Net realized and unrealized gains (losses) on investments		2.76			0.98			1.71			(0.79	)		1.09
Total from investment operations		2.87			1.06			1.80			(0.71	)		1.18
Less distributions from:
Net investment income		(0.10	)		(0.08	)		(0.09	)		(0.05	)		(0.08	)
Net realized gains		(1.20	)		(0.04	)		(0.18	)		(0.47	)		(2.09	)
Total distributions		(1.30	)		(0.12	)		(0.27	)		(0.52	)		(2.17	)
Paid-in capital from redemption fees		0.00	^(b)		0.00	^(b)		0.00	^(b)		—			—
Net asset value at end of year	$	12.17		$	10.60		$	9.66		$	8.13		$	9.36
Total return		27.36	%		11.04	%		22.12	%		(7.83	%)		11.22	%
Net assets at end of year (in 000s)	$	166,462		$	134,490		$	115,562		$	85,680		$	48,015
Ratio of expenses to average net assets		0.43	%		0.45	%		0.45	%		0.46	%		0.50	%
Ratio of net investment income to average net assets		0.83	%		0.94	%		1.02	%		0.83	%		0.85	%
Portfolio turnover rate		40.95	%		39.21	%		21.59	%		25.17	%		103.54	%

*	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 Genesis Conservative Portfolio - Class A

	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value at beginning of year	$	12.99		$	12.20		$	11.02		$	11.75		$	11.18
Net investment income ^(a)		0.20			0.26			0.21			0.24			0.21
Net realized and unrealized gains (losses) on investments		0.37			0.99			1.23			(0.55	)		0.72
Total from investment operations		0.57			1.25			1.44			(0.31	)		0.93
Less distributions from:
Net investment income		(0.20	)		(0.27	)		(0.20	)		(0.24	)		(0.21	)
Net realized gains		(0.37	)		(0.19	)		(0.06	)		(0.18	)		(0.15	)
Total distributions		(0.57	)		(0.46	)		(0.26	)		(0.42	)		(0.36	)
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		$	12.99		$	12.20		$	11.02		$	11.75
Total return (excludes sales charge)		4.42	%		10.28	%		13.14	%		(2.64	%)		8.36	%
Net assets at end of year (in 000s)	$	28,609		$	27,763		$	26,761		$	22,148		$	22,881
Ratio of net expenses to average net assets^†		0.60	%		0.60	%		0.61	%		0.60	%		0.61	%
Ratio of gross expenses to average net assets^†**		0.58	%		0.58	%		0.63	%		0.63	%		0.64	%
Ratio of net investment income to average net assets^†*		1.50	%		2.05	%		1.81	%		2.08	%		1.83	%
Portfolio turnover rate		15.51	%		28.90	%		10.10	%		15.49	%		15.88	%

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

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

*	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 Balanced Portfolio - Class A

	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value at beginning of year	$	15.40		$	14.30		$	12.39		$	13.71		$	12.55
Net investment income ^(a)		0.33			0.34			0.22			0.27			0.28
Net realized and unrealized gains (losses) on investments		1.47			1.50			2.07			(0.93	)		1.40
Total from investment operations		1.80			1.84			2.29			(0.66	)		1.68
Less distributions from:
Net investment income		(0.32	)		(0.34	)		(0.22	)		(0.27	)		(0.29	)
Net realized gains		(0.58	)		(0.40	)		(0.16	)		(0.39	)		(0.23	)
Total distributions		(0.90	)		(0.74	)		(0.38	)		(0.66	)		(0.52	)
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	$	16.30		$	15.40		$	14.30		$	12.39		$	13.71
Total return (excludes sales charge)		11.77	%		12.97	%		18.54	%		(4.89	%)		13.38	%
Net assets at end of year (in 000s)	$	95,935		$	87,527		$	83,240		$	70,368		$	73,193
Ratio of expenses to average net assets^†		0.46	%		0.49	%		0.52	%		0.52	%		0.53	%
Ratio of net investment income to average net assets^†*		2.01	%		2.38	%		1.64	%		2.04	%		2.15	%
Portfolio turnover rate		15.28	%		21.52	%		9.43	%		12.90	%		11.91	%

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

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

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

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

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, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value at beginning of year	$	17.17		$	15.79		$	13.30		$	15.09		$	13.47
Net investment income ^(a)		0.43			0.40			0.21			0.27			0.32
Net realized and unrealized gains (losses) on investments		2.43			1.81			2.73			(1.24	)		1.93
Total from investment operations		2.86			2.21			2.94			(0.97	)		2.25
Less distributions from:
Net investment income		(0.42	)		(0.39	)		(0.21	)		(0.28	)		(0.33	)
Net realized gains		(0.46	)		(0.44	)		(0.24	)		(0.54	)		(0.30	)
Total distributions		(0.88	)		(0.83	)		(0.45	)		(0.82	)		(0.63	)
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	$	19.15		$	17.17		$	15.79		$	13.30		$	15.09
Total return (excludes sales charge)		16.72	%		14.08	%		22.16	%		(6.52	%)		16.71	%
Net assets at end of year (in 000s)	$	100,854		$	85,649		$	74,220		$	60,685		$	64,935
Ratio of expenses to average net assets^†		0.49	%		0.54	%		0.58	%		0.58	%		0.60	%
Ratio of net investment income to average net assets^†*		2.28	%		2.59	%		1.42	%		1.91	%		2.29	%
Portfolio turnover rate		12.90	%		18.36	%		7.72	%		12.72	%		11.05	%

^†	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 (loss) 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, 2021

1. Organization:

The Praxis Mutual Funds (the “Trust”) is an open-end management investment company established as a Delaware statutory 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, 2021, 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, 2021, 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. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.

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 Trust’s 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, 2021

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, 2021, 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	$	—	$	8,724,134	$	—	$	8,724,134
Corporate Bonds		—		295,508,721		—		295,508,721
Corporate Notes		—		8,047,910		—		8,047,910
Foreign Governments		—		66,516,068		—		66,516,068
Commercial Mortgage-Backed Securities		—		1,468,777		—		1,468,777
Asset Backed Securities		—		25,255,365		—		25,255,365
U.S. Government Agencies		—		372,167,234		—		372,167,234
Money Market Funds		29,325,530		—		—		29,325,530
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		44,027,878
Investment Companies		3,653,168		—		—		3,653,168
Total Investments	$	32,978,698	$	777,688,209	$	—	$	854,694,785

International Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	376,187,620	$	—	$	—	$	376,187,620
Corporate Notes		—		3,391,399		—		3,391,399
Money Market Funds		1,115,658		—		—		1,115,658
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		14,049,265
Total Investments	$	377,303,278	$	3,391,399	$	—	$	394,743,942

Value Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	432,232,586	$	—	$	—	$	432,232,586
Corporate Notes		—		3,846,773		—		3,846,773
Money Market Funds		3,032,710		—		—		3,032,710
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		26,556,397
Total Investments	$	435,265,296	$	3,846,773	$	—	$	465,668,466

Notes to Financial Statements, continued

December 31, 2021

Growth Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	522,869,857	$	—	$	—	$	522,869,857
Corporate Notes		—		4,779,877		—		4,779,877
Money Market Funds		1,719,774		—		—		1,719,774
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		11,281,605
Total Investments	$	524,589,631	$	4,779,877	$	—	$	540,651,113

Small Cap Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	169,856,094	$	—	$	—	$	169,856,094
Rights		—		—		2,608		2,608
Corporate Notes		—		1,518,011		—		1,518,011
Money Market Funds		1,540,310		—		—		1,540,310
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		44,107,836
Total Investments	$	171,396,404	$	1,518,011	$	2,608	$	217,024,859

Investments purchased with cash proceeds from securities lending are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the Statements of Assets & Liabilities.

Conservative Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	28,617,381	$	—	$	—	$	28,617,381
Money Market Funds		6,089		—		—		6,089
Total Investments	$	28,623,470	$	—	$	—	$	28,623,470

Balanced Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	95,967,728	$	—	$	—	$	95,967,728
Money Market Funds		446		—		—		446
Total Investments	$	95,968,174	$	—	$	—	$	95,968,174

Growth Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	100,888,917	$	—	$	—	$	100,888,917
Money Market Funds		888		—		—		888
Total Investments	$	100,889,805	$	—	$	—	$	100,889,805

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, 2021:

	Small Cap Index Fund
Balance as of December 31, 2020	$	2,608
Balance as of December 31, 2021	$	2,608

The total change in unrealized appreciation (depreciation) included on the Statements of Operations attributable to Level 3 investments still held as of December 31, 2021 is $0.

Notes to Financial Statements, continued

December 31, 2021

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
	12/31/2021		Valuation Technique	Unobservable Input	Range	Impact to Valuation from an Increase in Input *
Rights	$	2,608	Discount on Future Cash Flows	Estimate of Future Cash Flows	100%	Increase

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

Investment Transactions and Related Income:

Changes in holdings of portfolio investments are reflected in the calculation of each Fund’s and Portfolio’s NAV no later than the first business day following trade date. For financial reporting purposes, investment transactions are accounted for on the trade date on the last business day of the reporting period. Realized gains or losses realized on sales of investments are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Interest income is recognized on the accrual basis and includes, where applicable, the pro-rata amortization of premium or accretion of discount calculated using 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.

Notes to Financial Statements, continued

December 31, 2021

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.

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, 2021, the Funds and Portfolios did not incur any interest or penalties.

Redemption Fees:

The Funds and Portfolios previously charged a redemption fee of two percent of the total redemption amount if a shareholder sold or exchanged 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. Effective April 30, 2021, redemption fees are no longer charged to shareholders.

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, 2021 were as follows:

	Purchases		Sales
Impact Bond Fund	$	161,070,805	$	62,058,110
International Index Fund		183,007,627		139,573,250
Value Index Fund		161,766,035		105,355,453
Growth Index Fund		85,832,566		83,481,496
Small Cap Index Fund		64,051,832		68,300,875
Conservative Portfolio		4,616,124		4,415,398
Balanced Portfolio		15,251,454		14,097,483
Growth Portfolio		16,749,974		12,100,554

Notes to Financial Statements, continued

December 31, 2021

During the year ended December 31, 2021, 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	$	25,531,161	$	8,362,664
Growth Index Fund	Value Index Fund		39,562,408		17,107,247

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, 2021
Affiliate	Fair Value at December 31, 2020		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at December 31, 2021		Dividend Income		Long-Term Capital Gain Distributions		Shares at December 31, 2021
Conservative Portfolio
Growth Index - Class I	$	2,626,337	$	364,996	$	(900,346	)	$	274,016		$	374,570		$	2,739,573	$	30,172	$	91,801		63,313
Impact Bond - Class I		19,294,760		3,261,965		(2,048,070	)		(40,148	)		(709,592	)		19,758,915		375,159		—		1,843,182
International Index - Class I		2,548,767		410,352		(456,892	)		64,701			71,476			2,638,404		64,203		—		195,004
Small Cap Index - Class I		707,753		184,949		(261,951	)		62,882			56,196			749,829		35,801		37,778		61,613
Value Index - Class I		2,586,609		393,862		(748,139	)		74,748			423,580			2,730,660		93,885		15,162		158,944
Total	$	27,764,226	$	4,616,124	$	(4,415,398	)	$	436,199		$	216,230		$	28,617,381	$	599,220	$	144,741		2,322,056

	For the year ended December 31, 2021
Affiliate	Fair Value at December 31, 2020		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at December 31, 2021		Dividend Income		Long-Term Capital Gain Distributions		Shares at December 31, 2021
Balanced Portfolio
Growth Index - Class I	$	14,214,473	$	1,934,365	$	(4,100,944	)	$	890,968		$	2,728,733		$	15,667,595	$	171,868	$	522,292		362,089
Impact Bond - Class I		34,517,954		7,014,383		(2,849,893	)		(76,723	)		(1,273,605	)		37,332,116		690,182		—		3,482,474
International Index - Class I		15,976,613		2,357,419		(1,734,353	)		194,183			635,935			17,429,797		423,700		—		1,288,233
Small Cap Index - Class I		8,859,181		2,258,888		(2,644,145	)		622,599			815,777			9,912,300		471,230		496,936		814,486
Value Index - Class I		13,999,566		1,686,399		(2,768,148	)		230,618			2,477,485			15,625,920		535,711		86,281		909,541
Total	$	87,567,787	$	15,251,454	$	(14,097,483	)	$	1,861,645		$	5,384,325		$	95,967,728	$	2,292,691	$	1,105,509		6,856,823

	For the year ended December 31, 2021
Affiliate	Fair Value at December 31, 2020		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at December 31, 2021		Dividend Income		Long-Term Capital Gain Distributions		Shares at December 31, 2021
Growth Portfolio
Growth Index - Class I	$	17,738,747	$	3,025,210	$	(4,569,171	)	$	394,372		$	4,320,984		$	20,910,142	$	228,793	$	694,234		483,248
Impact Bond - Class I		16,805,189		4,235,119		(930,456	)		(23,437	)		(644,799	)		19,441,616		349,986		—		1,813,584
International Index - Class I		20,725,626		3,604,260		(1,184,112	)		7,329			1,040,858			24,193,961		588,470		—		1,788,172
Small Cap Index - Class I		12,939,421		3,646,900		(3,127,381	)		664,910			1,361,874			15,485,724		733,144		772,366		1,272,451
Value Index - Class I		17,477,250		2,238,485		(2,289,434	)		83,176			3,347,997			20,857,474		714,343		114,695		1,214,056
Total	$	85,686,233	$	16,749,974	$	(12,100,554	)	$	1,126,350		$	9,426,914		$	100,888,917	$	2,614,736	$	1,581,295		6,571,511

Notes to Financial Statements, continued

December 31, 2021

5. Related Party Transactions:

The Adviser provides investment advisory services to the Funds and Portfolios. During the year ended December 31, 2021, 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*	0.37	%
International Index Fund**	0.45	%
Value Index Fund***	0.26	%
Growth Index Fund***	0.25	%
Small Cap Index Fund***	0.30	%
Conservative Portfolio	0.05	%
Balanced Portfolio	0.05	%
Growth Portfolio	0.05	%

*	The Impact Bond Fund’s fee is subject to a tier schedule as follows: 0.40% on the average daily net assets up to $500 million and 0.30% on the average daily net assets over $500 million. Rate disclosed above represents the effective rate charged during the year.

The International Index Fund’s fee is subject to a tier schedule as follows: 0.53% on the average daily net assets up to $100 million and 0.41% on the average daily net assets over $100 million, and 0.38% on the average daily net assets over $500 million. Rate disclosed above represents the effective rate charged during the year.

***

The Value Index Fund, Growth Index Fund and Small Cap Index Fund fees are subject to a tier schedule as follows: 0.30% on the average daily net assets of each Fund up to $200 million and 0.20% on the average daily net assets of each Fund over $200 million. Rate disclosed above represents the effective rate charged during the year.

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, 2023. 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, 2021 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, 2021, the Adviser contractually reduced investment advisory fees and/or reimbursed other operating expenses of the Funds and Portfolios as follows:


Small Cap Index Fund		$	97

As of December 31, 2021, the Funds and Portfolios had the following amounts (and year of expiration) subject to repayment to the Adviser:

	Year Waived		Year Repayment Expires		Balance
Small Cap Index Fund		2019		2022	$	13,812
		2020		2023		9,564
		2021		2024		97
					$	23,473
Conservative Portfolio		2019		2022	$	6,167
					$	6,167

During the year ended December 31, 2021, the Adviser recouped prior year fee reductions from the Conservative Portfolio in the amount of $5,994.

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.

Notes to Financial Statements, continued

December 31, 2021

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, 2021 as follows:


Impact Bond Fund	$	5,549
International Index Fund		925
Value Index Fund		2,688
Growth Index Fund		12,879
Small Cap Index Fund		727
Conservative Portfolio		7,916
Balanced Portfolio		28,222
Growth Portfolio		33,707

The Trust has adopted a Plan of Distribution (“Rule 12b-1 Plan”) under which each Fund and Portfolio may compensate or reimburse the Underwriter or certain third parties 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 Administration Fees on the Statements of Operations.

Notes to Financial Statements, continued

December 31, 2021

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, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	9,193,729		$	17,642,403		$	1,197,168		$	1,545,624
Dividends reinvested		571,674			1,070,163			186,827			83,585
Cost of shares redeemed		(14,766,998	)		(31,716,783	)		(2,375,844	)		(2,776,552	)
Redemption fees		1,053			5,867			—			—
Class A Share Transactions	$	(5,000,542	)	$	(12,998,350	)	$	(991,849	)	$	(1,147,343	)
Class I Shares:
Proceeds from shares issued	$	246,846,133		$	274,129,349		$	91,737,890		$	60,452,474
Dividends reinvested		7,037,381			10,595,572			4,164,184			2,338,383
Cost of shares redeemed		(134,578,096	)		(158,757,650	)		(49,618,242	)		(69,898,420	)
Redemption fees		4,190			2,653			634			125
Class I Share Transactions	$	119,309,608		$	125,969,924		$	46,284,466		$	(7,107,438	)
Net increase (decrease) from capital transactions	$	114,309,066		$	112,971,574		$	45,292,617		$	(8,254,781	)
Share Transactions:
Class A Shares:
Issued		840,253			1,592,344			87,660			148,816
Reinvested		52,398			96,115			13,849			6,500
Redeemed		(1,352,381	)		(2,857,889	)		(174,296	)		(241,026	)
Change in Class A Shares:		(459,730	)		(1,169,430	)		(72,787	)		(85,710	)
Class I Shares:
Issued		22,703,408			24,749,773			6,688,812			5,881,481
Reinvested		648,911			955,537			307,774			181,270
Redeemed		(12,390,583	)		(14,471,143	)		(3,591,753	)		(6,115,796	)
Change in Class I Shares:		10,961,736			11,234,167			3,404,833			(53,045	)
Net increase (decrease) from share transactions		10,502,006			10,064,737			3,332,046			(138,755	)

	Value Index Fund						Growth Index Fund						Small Cap Index Fund
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	3,401,447		$	3,766,932		$	6,886,005		$	9,098,644		$	1,521,654		$	962,933
Dividends reinvested		747,417			1,456,977			4,352,705			5,370,563			631,785			40,965
Cost of shares redeemed		(4,168,874	)		(15,029,386	)		(15,463,586	)		(27,466,369	)		(1,382,746	)		(940,667	)
Redemption fees		36			712			303			3,701			512			326
Class A Share Transactions	$	(19,974	)	$	(9,804,765	)	$	(4,224,573	)	$	(12,993,461	)	$	771,205		$	63,557
Class I Shares:
Proceeds from shares issued	$	137,848,514		$	99,096,474		$	92,764,892		$	74,380,687		$	36,730,879		$	32,332,755
Dividends reinvested		12,468,095			22,671,090			16,833,013			18,056,074			15,163,473			1,066,732
Cost of shares redeemed		(83,844,068	)		(49,639,775	)		(83,254,304	)		(82,108,546	)		(40,375,889	)		(33,836,970	)
Redemption fees		6,846			5,653			707			2,977			-			313
Class I Share Transactions	$	66,479,387		$	72,133,442		$	26,344,308		$	10,331,192		$	11,518,463		$	(437,170	)
Net increase (decrease) from capital transactions	$	66,459,413		$	62,328,677		$	22,119,735		$	(2,662,269	)	$	12,289,668		$	(373,613	)

Notes to Financial Statements, continued

December 31, 2021

	Value Index Fund						Growth Index Fund						Small Cap Index Fund
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Share Transactions:
Class A Shares:
Issued		202,633			283,657			180,129			314,035			129,311			120,126
Reinvested		43,352			102,604			101,843			159,976			58,788			4,249
Redeemed		(258,319	)		(1,101,175	)		(397,412	)		(912,615	)		(116,965	)		(117,213	)
Change in Class A Shares:		(12,334	)		(714,914	)		(115,440	)		(438,604	)		71,134			7,162
Class I Shares:
Issued		8,379,573			7,466,977			2,392,386			2,456,009			2,861,288			4,375,386
Reinvested		727,581			1,601,021			389,068			531,528			1,267,926			100,881
Redeemed		(5,105,740	)		(3,635,891	)		(2,112,443	)		(2,728,489	)		(3,146,022	)		(3,748,999	)
Change in Class I Shares:		4,001,414			5,432,107			669,011			259,048			983,192			727,268
Net increase (decrease) from share transactions		3,989,080			4,717,193			553,571			(179,556	)		1,054,326			734,430

	Conservative Portfolio						Balanced Portfolio						Growth Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	3,414,142		$	4,755,834		$	8,966,128		$	5,580,204		$	8,898,832		$	7,586,545
Dividends reinvested		1,203,630			941,783			5,097,146			4,084,344			4,492,316			4,013,698
Cost of shares redeemed		(3,773,651	)		(6,444,962	)		(10,756,620	)		(11,353,364	)		(7,975,052	)		(7,149,602	)
Redemption fees		5			315			21			58			67			253
Class A Share Transactions	$	844,126		$	(747,030	)	$	3,306,675		$	(1,688,758	)	$	5,416,163		$	4,450,894
Net increase (decrease) from capital transactions	$	844,126		$	(747,030	)	$	3,306,675		$	(1,688,758	)	$	5,416,163		$	4,450,894
Share Transactions:
Class A Shares:
Issued		258,809			390,035			545,280			395,424			470,630			501,528
Reinvested		92,168			73,304			311,140			266,145			233,459			232,824
Redeemed		(285,459	)		(520,769	)		(655,753	)		(796,878	)		(426,462	)		(447,569	)
Change in Class A Shares:		65,518			(57,430	)		200,667			(135,309	)		277,627			286,783
Net increase (decrease) from share transactions		65,518			(57,430	)		200,667			(135,309	)		277,627			286,783

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, 2021 and 2020 was as follows:

	Impact Bond Fund				International Index Fund				Value Index Fund
	2021		2020		2021		2020		2021		2020
From ordinary income	$	14,464,225	$	15,229,973	$	9,338,156	$	4,620,413	$	14,970,501	$	19,626,980
From long-term capital gains		—		3,520,588		—		—		2,379,454		6,149,242
Total distributions	$	14,464,225	$	18,750,561	$	9,338,156	$	4,620,413	$	17,349,955	$	25,776,222

	Growth Index Fund				Small Cap Index Fund
	2021		2020		2021		2020
From ordinary income	$	5,380,168	$	9,443,299	$	8,051,720	$	1,474,194
From long-term capital gains		17,069,160		15,385,122		8,655,927		188,445
Total distributions	$	22,449,328	$	24,828,421	$	16,707,647	$	1,662,639

	Conservative Portfolio				Balanced Portfolio				Growth Portfolio
	2021		2020		2021		2020		2021		2020
From ordinary income	$	523,092	$	625,594	$	2,194,137	$	1,966,662	$	2,554,162	$	1,954,533
From long-term capital gains		700,215		330,033		2,917,827		2,130,067		1,947,437		2,069,942
Total distributions	$	1,223,307	$	955,627	$	5,111,964	$	4,096,729	$	4,501,599	$	4,024,475

Notes to Financial Statements, continued

December 31, 2021

The following information is computed on a tax basis for each item as of December 31, 2021:

	Impact Bond Fund			International Index Fund			Value Index Fund
Tax cost of portfolio investments	$	833,674,903		$	259,039,632		$	356,845,199
Gross unrealized appreciation		28,434,520			140,503,852			116,868,410
Gross unrealized depreciation		(7,414,638	)		(4,799,542	)		(8,045,143	)
Net unrealized appreciation on investments	$	21,019,882		$	135,704,310		$	108,823,267
Net unrealized appreciation on foreign currency transactions		—			(4,430	)		—
Undistributed ordinary income		—			—			7,647,883
Undistributed long-term capital gains		—			—			11,658,467
Qualified late year ordinary losses		—			(52,207	)		—
Accumulated capital and other losses		(1,500,124	)		(29,894,370	)		—
Distributable earnings	$	19,519,758		$	105,753,303		$	128,129,617

	Growth Index Fund			Small Cap Index Fund
Tax cost of portfolio investments	$	228,380,786		$	164,085,604
Gross unrealized appreciation		313,583,089			59,253,025
Gross unrealized depreciation		(1,312,762	)		(6,313,770	)
Net unrealized appreciation on investments	$	312,270,327		$	52,939,255
Undistributed ordinary income		1,848,962			—
Undistributed long-term capital gains		22,390,447			1,383,252
Post-October capital losses		—			(1,111,813	)
Distributable earnings	$	336,509,736		$	53,210,694

	Conservative Portfolio			Balanced Portfolio			Growth Portfolio
Tax cost of portfolio investments	$	23,700,988		$	67,848,630		$	65,830,157
Gross unrealized appreciation		5,031,018			28,470,836			35,451,677
Gross unrealized depreciation		(108,536	)		(351,292	)		(392,029	)
Net unrealized appreciation on investments	$	4,922,482		$	28,119,544		$	35,059,648
Undistributed ordinary income		—			—			94,757
Undistributed long-term capital gains		185,211			1,168,397			1,563,148
Post-October capital losses		(2,042	)		(7,063	)		—
Distributable earnings	$	5,105,651		$	29,280,878		$	36,717,553

Post-October capital losses listed above incurred after October 31, 2021 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”).

For the latest tax year ended December 31, 2021, the following Fund have capital loss carry forwards (“CLCFs”) as summarized below.

CLCFs not subject to expiration:

	Impact Bond		International Index
No expiration - short-term	$	621,214	$	25,020,313
No expiration - long-term		878,910		4,874,057
	$	1,500,124	$	29,894,370

During the latest tax year ended December 31, 2021, the International Index Fund utilized $2,934,686 of long-term CLCFs.

Certain reclassifications, the result of permanent differences between financial statement and income ta 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, 2021:

	Paid-In Capital			Distributable Earnings
Impact Bond Fund	$	(3,973	)	$	3,973
International Index Fund		(41,876	)		41,876
Value Index Fund		2,549,397			(2,549,397	)
Growth Index Fund		1,519,314			(1,519,314	)
Small Cap Index Fund		2,113,289			(2,113,289	)
Conservative Portfolio		57,947			(57,947	)
Balanced Portfolio		223,496			(223,496	)
Growth Portfolio		149,437			(149,437	)

Notes to Financial Statements, continued

December 31, 2021

The Funds and Portfolios have analyzed their tax positions taken on Federal income tax returns for 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. Securities Lending

Under the terms of the securities lending agreement with U.S. Bank, N.A. (“U.S. Bank”), U.S. Bank is authorized to loan securities on behalf of the Funds to approved borrowers. The contractual maturity of securities lending transactions are on an overnight and continuous basis. In exchange, the Funds receive cash collateral in the amount of at least 102% of the value of the securities loaned. Any collateral shortfalls due to changes in security market prices are adjusted the next business day. The cash collateral is invested in a short-term investment instrument as noted on the Funds’ Schedules of Portfolio Investments. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them. The agreement provides that after predetermined rebates to borrowers, the Funds retain a portion of their net securities lending income and pays U.S. Bank the remaining portion. The Funds are not subject to a master netting agreement with respect to securities lending; therefore, no additional disclosures are required. The Funds’ collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize current income to the extent with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit. The Funds have measures in place to recall loaned securities to vote proxies.

As of December 31, 2021, the fair value of securities on loan and the collateral held were as follows:

	Fair Value of Securities Loaned		Cash Collateral
Impact Bond Fund	$	43,142,581	$	44,027,878
International Index Fund		13,585,166		14,049,265
Value Index Fund		25,921,292		26,556,397
Growth Index Fund		11,028,364		11,281,605
Small Cap Index Fund		42,923,873		44,107,836

9. 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.

10. 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 $129,000 in retainers and meeting fees during the year ended December 31, 2021.

11. Other Recent Developments

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

12. Subsequent Events

The Funds and Portfolios evaluated subsequent events December 31, 2021 through the date these financial statements were issued. There were no significant events that would have a material impact on the Funds’ and Portfolios’ financial statements.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Praxis Mutual Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Praxis 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, 2021, 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 five 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, 2021, 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 five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

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, 2021, by correspondence with the custodian and transfer agent. 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 28, 2022

Additional Fund Information (unaudited)

December 31, 2021

Impact Bond Fund

Security Allocation	Percentage of Net Assets
Asset Backed Securities	3.1%
Commercial Mortgage-Backed Securities	0.2%
Corporate Bonds	36.2%
Corporate Notes	1.0%
Development Finance Corporation	1.3%
Federal Home Loan Bank	4.8%
Federal Home Loan Mortgage Corporation	12.1%
Federal National Mortgage Association	27.1%
Foreign Governments	8.2%
Government National Mortgage Association **	0.0%
Investment Companies	0.4%
Municipal Bonds	1.1%
Small Business Administration **	0.0%
United States Agency of International Development	0.4%
Investment Purchased with the Cash Proceeds from Securities Lending	5.4%
Money Market Funds	3.6%
Total	104.9%

**	Amount rounds to less than 0.1%

International Index Fund

Security Allocation	Percentage of Net Assets
Australia	4.1%
Austria	0.5%
Belgium	0.4%
Bermuda	0.1%
Brazil	1.3%
Canada	7.9%
Cayman Islands	6.1%
Chile	0.2%
China	2.8%
Colombia	0.3%
Denmark	1.8%
Finland	0.6%
France	6.5%
Germany	4.5%
Hong Kong	2.4%
Hungary **	0.0%
India	3.2%
Indonesia	0.6%
Ireland	0.4%
Israel	0.5%
Italy	1.5%
Japan	14.4%
Jersey	0.9%
Luxembourg	0.6%
Mexico	1.2%
Netherlands	3.9%
Norway	1.3%
Philippines	0.2%
Portugal	0.4%
Russia	0.2%
Singapore	1.1%
South Africa	1.0%
South Korea	4.3%
Spain	1.8%
Sweden	2.1%
Switzerland	6.8%
Taiwan	4.9%
Turkey	0.1%
United Kingdom	7.6%
Corporate Notes	0.9%

International Index Fund

Security Allocation (continued)	Percentage of Net Assets
Investment Purchased with the Cash Proceeds from Securities Lending	3.7%
Money Market Funds	0.3%
Total	103.4%

**	Amount rounds to less than 0.1%

International Index Fund

Security Allocation	Percentage of Net Assets
Advertising & Marketing	0.3%
Apparel & Textile Products	1.5%
Asset Management	1.2%
Automotive	3.2%
Banking	11.3%
Beverages	0.8%
Biotech & Pharma	5.4%
Cable & Satellite	0.3%
Chemicals	2.9%
Commercial Support Services	1.7%
Community Development	0.9%
Construction Materials	0.6%
Consumer Services	0.2%
Containers & Packaging	0.4%
Diversified Industrials	0.5%
E-Commerce Discretionary	1.3%
Electric & Gas Marketing & Trading	0.2%
Electric Utilities	1.4%
Electrical Equipment	1.8%
Engineering & Construction	0.1%
Entertainment Content	0.6%
Food	2.1%
Forestry, Paper & Wood Products	0.3%
Gas & Water Utilities	0.4%
Health Care Facilities & Services	1.0%
Home Construction	1.1%
Household Products	2.3%
Industrial Intemediate Products	0.1%
Industrial Support Services	0.7%
Institutional Financial Services	1.1%
Insurance	4.7%
Internet Media & Services	4.2%
Leisure Facilities & Services	0.7%
Leisure Products	0.2%
Machinery	1.9%
Medical Equipment & Devices	1.9%
Metals & Mining	2.9%
Oil & Gas Producers	2.7%
Publishing & Broadcasting	0.4%
Real Estate Owners & Development	1.5%
REITs	2.4%
Renewable Energy	0.2%
Retail - Consumer Staples	1.5%
Retail - Discretionary	1.8%
Semiconductors	6.0%
Software	1.2%
Specialty Finance	0.1%
Steel	1.3%
Technology Hardware	4.8%
Technology Services	4.6%
Telecommunications	4.5%
Transportation & Logistics	3.5%
Transportation Equipment	0.1%
Wholesale - Consumer Staples	0.3%

Additional Fund Information (unaudited), continued

December 31, 2021

International Index Fund

Security Allocation (continued)	Percentage of Net Assets
Wholesale - Discretionary	0.3%
Investment Purchased with the Cash Proceeds from Securities Lending	3.7%
Money Market Funds	0.3%
Total	103.4%

Value Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.3%
Corporate Notes	0.9%
Investment Purchased with the Cash Proceeds from Securities Lending	6.0%
Money Market Funds	0.7%
Total	105.9%

Growth Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.7%
Corporate Notes	0.9%
Investment Purchased with the Cash Proceeds from Securities Lending	2.2%
Money Market Funds	0.3%
Total	102.1%

Small Cap Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.1%
Rights **	0.0%
Corporate Notes	0.9%
Investment Purchased with the Cash Proceeds from Securities Lending	25.5%
Money Market Funds	0.9%
Total	125.4%

**	Amount rounds to less than 0.1%

Conservative Portfolio

Security Allocation	Percentage of Net Assets
Affiliated Mutual Funds	100.1%
Money Market Funds **	0.0%
Total	100.1%

**	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, 2021

Dividends Received Deduction

For corporate shareholders, the following percentages of ordinary dividends paid during the year ended December 31, 2021 qualify for the corporate dividends received deduction:

International Index Fund	0.15%
Value Index Fund	33.94%
Growth Index Fund	69.03%
Small Cap Index Fund	22.12%
Conservative Portfolio	13.74%
Balanced Portfolio	19.48%
Growth Portfolio	21.90%

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 2021.

Capital Gain Distribution

For the year ended December 31, 2021, the following Funds designated long-term capital gain distributions:

Value Index Fund	$	4,928,852
Growth Index Fund		18,585,527
Small Cap Index Fund		10,769,216
Conservative Portfolio		758,162
Balanced Portfolio		3,141,323
Growth Portfolio		2,096,874

Foreign Source Income and Expense

The following Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. 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 2021 Form 1099-DIV. The per share amounts designated were:

	Foreign Source Income		Foreign Tax Expense
International Index Fund	$	0.3872	$	0.0400
Conservative Portfolio		0.0292		0.0035
Balanced Portfolio		0.0720		0.0087
Growth Portfolio		0.1118		0.0135

BOARD CONSIDERATION OF ADVISORY AND SUB-ADVISORY AGREEMENTS

At its November 18, 2021 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 Portfolio (as used in this section, each a “Fund” and collectively the “Funds”), and reviewed the Sub-Investment Advisory Agreement for the International Index Fund. The Sub-Advisory Agreement was not up for renewal because it was recently approved by shareholders and its current term extends through December 31, 2022.

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. (the “Adviser”), the Board gave weight to the following factors, among others.

Additional Fund Information (unaudited), continued

December 31, 2021

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, (all Funds other than the International Index Fund), the qualifications of the portfolio managers responsible for the day-to-day portfolio management of each Fund that is managed directly, and the Adviser’s infrastructure and resources available to the portfolio managers. 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, 2021:

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-, five- and ten-year periods, and measured against its peer group, Class I ranked between the 47th and 65th percentiles and Class A ranked between the 60th and 84th 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-, five- and ten-year periods, variation from the index was reasonable, and measured against its peer group, Class I ranked between the 19th and 65th percentiles and Class A ranked between the 21st and 69th 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 three-, five- and ten-year periods and trailed the index for the one-year period, variation from the index was reasonable, and measured against its peer group, Class I ranked between the 29th and 42nd percentiles and Class A ranked between the 33rd and 50th percentiles over those periods;

Small Cap Index Fund: performance was in line with expectations over more recent periods. The Board noted that Fund’s gross performance exceeded its benchmark index for the one- and three-year periods and trailed the index for the five- and ten-year periods, the variation from the index was reasonable, and measured against its peer group, Class I ranked in the 18th, 50th, 56th and 96th percentiles and Class A ranked in the 24th, 43rd, 41st and 88th 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 from its current strategy;

Conservative Portfolio: performance was in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark index for the three-, five- and ten-year periods and trailed the index for the one-year period, and measured against its peer group, ranked between the 59th and 98th 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-, three- and five-year periods and trailed the index for the ten-year period, and measured against its peer group, ranked between the 53rd and 76th percentiles over those periods; and

Growth Portfolio: performance was in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark index for the for one- three- and five-year periods and trailed the index for the ten-year period, and measured against its peer group, ranked between the 30th and 57th 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

Additional Fund Information (unaudited), continued

December 31, 2021

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 considered the information provided regarding the expense levels of peer group funds. 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.

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 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 acknowledged the Adviser’s statement that current asset levels for the non-index-based Funds did not warrant breakpoints at this time and that the Adviser has represented to the Board that it would consider breakpoints as the Fund grow in size.

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 reviewing 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 considered 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. The Board also noted that Fund shareholders had recently approved the Sub-Investment Advisory Agreement.

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, 2021, the Fund’s performance was in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark index for the three-, five- and ten-year periods and trailed the index for the one-year period, variation from the index was reasonable, and measured against its peer group, Class I ranked between the 38th and 70th percentiles and Class A ranked between the 54th and 88th 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.

Additional Fund Information (unaudited), continued

December 31, 2021

Economies of Scale

The Board considered that Aperio had agreed to a reduced sub-advisory fee schedule, effective January 1, 2020.

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.

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, 2021 through December 31, 2021.

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	993.40	1,020.72	4.47	4.53	0.89%
Class I	1,000.00	1,000.00	994.50	1,022.74	2.46	2.50	0.49%
International Index Fund
Class A	1,000.00	1,000.00	989.60	1,019.16	6.02	6.11	1.20%
Class I	1,000.00	1,000.00	992.60	1,022.18	3.01	3.06	0.60%
Value Index Fund
Class A	1,000.00	1,000.00	1,076.50	1,021.48	3.87	3.77	0.74%
Class I	1,000.00	1,000.00	1,079.40	1,023.29	1.99	1.94	0.38%
Growth Index Fund
Class A	1,000.00	1,000.00	1,153.90	1,021.88	3.58	3.36	0.66%
Class I	1,000.00	1,000.00	1,155.40	1,023.39	1.96	1.84	0.36%
Small Cap Index Fund
Class A	1,000.00	1,000.00	1,025.10	1,019.56	5.72	5.70	1.12%
Class I	1,000.00	1,000.00	1,028.20	1,022.99	2.25	2.24	0.44%
Conservative Portfolio							��
Class A	1,000.00	1,000.00	1,014.60	1,022.03	3.20	3.21	0.63%
Balanced Portfolio
Class A	1,000.00	1,000.00	1,034.10	1,022.84	2.41	2.40	0.47%
Growth Portfolio
Class A	1,000.00	1,000.00	1,047.10	1,022.79	2.48	2.45	0.48%

* Expenses are equal to average account value times each Fund’s annualized expense ratio multiplied by 184/365 (to reflect the one-half year period).

** 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, since 11/14/14

President and CEO 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 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, 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, since 12/02/93	Vice President of Financial Services Operations, Everence (1981 - present); Designated Principal, Concourse Financial Group Securities, a broker-dealer (1994 - Present); Assistant Secretary, Everence (1990 - Present)
Trent M. Statczar 690 Taylor Rd. Gahanna, OH 43230 Year of Birth: 1971	Treasurer, 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, 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 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. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201-0701

2220052

(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, 2021 fiscal year and $123,500 for the December 31, 2020 fiscal year.

(b)	Audit-Related Fees. There were no audit-related fees for the December 31, 2021 fiscal year and the December 31, 2020 fiscal year.

(c)	Tax Fees. Tax fees totaled $32,300 for the December 31, 2021 fiscal year and $32,300 for the December 31, 2020 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, 2021 or December 31, 2020 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 $32,300 for the December 31, 2021 fiscal year and $32,300 for December 31, 2020 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 8, 2022

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 8, 2022


By:	/s/ Trent Statczar
	Trent Statczar
	Treasurer and Chief Financial Officer
	March 8, 2022

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