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, 2022

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	17
Schedule of Investments	18
Praxis Growth and Value Index Fund
Portfolio Manager’s Commentary	25
Praxis Value Fund Performance Review	27
Praxis Value Index Fund Schedule of Investments	28
Praxis Growth Fund Performance Review	33
Praxis Growth Index Fund Schedule of Investments	34
Praxis Small Cap Index Fund
Portfolio Manager’s Commentary	38
Performance Review	40
Schedule of Investments	41
Praxis Genesis Portfolios
Portfolio Managers’ Commentary	47
Praxis Genesis Conservative Portfolio
Performance Review	49
Schedule of Investments	50
Praxis Genesis Balanced Portfolio
Performance Review	51
Schedule of Investments	52
Praxis Genesis Growth Portfolio
Performance Review	53
Schedule of Investments	54
Financial Statements
Statements of Assets & Liabilities	55
Statements of Operations	57
Statements of Changes in Net Assets	59
Financial Highlights	62
Notes to Financial Statements	70
Report of Independent Registered Public Accounting Firm	82
Additional Fund Information	83
Management of the Trust	89

Message from the President

Annual report to shareholders

Dear Praxis shareholders:

Investing is an inherently risky enterprise, but sometimes it can seem easy when optimism is in the air. Not so in 2022 as both stock and bond markets declined in tandem, shaking long held expectations that diversified portfolios would protect investors from frightening losses.

We know that stocks can and often do follow a jagged path through history. We’re less accustomed to high quality bond investments delivering double digit losses as they did during the year. It wasn’t credit risk that failed investors - there was very little deterioration in financial quality among the companies borrowing in public markets - but rather interest rate risk that caused bond values to fall, a relationship that worked to bond investors’ disadvantage when they could least afford it.

These broad trends were reflected in the performance of the Praxis Mutual Funds^® as our team describes in the following pages. The index funds tracked corresponding equity markets lower and the Impact Bond Fund declined in step with the intermediate term investment grade bond market, outperforming its benchmark marginally. Our investment managers did a great job delivering on their objectives in a difficult environment.

On the positive side, interest rates resetting at higher levels allow bonds to potentially play the stabilizing role investors have come to expect. Higher starting yields provide a cushion to bond values should interest rates move higher. Time will tell whether markets return to more typical patterns in the coming year.

Of course, we know you invest in Praxis Mutual Funds not just for investment returns, but also for the positive impacts your investments make on the world. Despite the turmoil in markets, the Praxis team continued to extend your values into the world through a range of impact strategies including advocacy, impact bonds, and active proxy voting with the companies we invest in.

In each of these activities, we invite companies to internalize the costs and impacts of their activities. Not to shame them into better behavior, but to position them for success. We believe that companies that fail to plan for climate change, ignore the corrosive effects of inequality and practice poor governance risk their future and the returns they generate for investors.

Christians are encouraged to be “salt and light” to the world, to bind up wounds and side with the poor. It may seem like a stretch to some that these eternal lessons can be applied in the marketplace, but we believe they can and should. Thank you for joining Praxis on this important journey.

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, 2022, are subject to change, and may differ from the views of portfolio managers or Everence Capital Management as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

Message from the Vice President of Stewardship Investing

Annual report to shareholders

Being “salt and light” in the world of investing

In Chad Horning’s letter to shareholders, he ends by reminding us of the Christian call to be “salt and light” in this world. This reference to a passage in the book of Matthew (vs. 13-16) speaks to the dual role we all can have in impacting our world for the better.

To be salt is to be “in the world but not of it,” to participate while also influencing and affecting. We’re also challenged to care for and preserve the uniqueness of this influence, so our efforts won’t be diluted by the forces around us. To be light is to illuminate a path forward. It pushes back the darkness and distractions and calls us toward a brighter, more positive future.

What then does “salt and light” have to do with the world of investing? The Bible contains more than 2,700 references to money, economics, and the use of resources – more than almost any other topic. So clearly this stuff is important.

First, we recognize that economics and investing play an incredibly important role in our lives and significantly shape the world we live in. And while some faith-based investment managers focus primarily on avoiding the negative, Praxis Mutual Funds^® believes there is so much more we can do – as a witness to the faith and values we hold – to impact individuals, communities and the world for the better. This is the “light” we can offer.

The emergence of environmental, social and governance risk data has helped us manage both the financial and global/community impact of our investments in new ways. The integration of ESG data has rapidly become part of the mainstream investment management processes. But exactly how this data is used and the values that are supported depend on the manager. We take this responsibility seriously and believe this information not only supports our prudent investment processes, but informs our desire to productively manage the impact our funds have on Creation and communities.

In late 2021, we launched our ImpactX framework – a set of seven impact strategies designed to help communicate and deepen the positive, transformative influence our investments have on the world around us. Each strategy is paired with a gauge indicating its potential for contributing to real-world change.

While all ImpactX strategies are important, each has a unique profile in the impact it carries:

●

Values + ESG Screening communicates the foundational values we hold but has limited potential to promote real-world change.

●

Values-based Proxy Voting provides consistent communication and support for important values and ESG resolutions on hundreds of corporate ballots annually.

●

ESG Integration ensures the intentional inclusion of material environmental, social, and governance risk data in the investment process.

●

Positive Impact Bonds deliver targeted, real-world benefit to the climate and/or communities
through market-rate investments.

●

Company Engagement provides intentional dialogue with senior company leaders, through both shareholder and bondholder relationships, to promote positive change in corporate policy and practice.

●

Advocacy and Education encourages our active involvement with industry and regulatory bodies to promote a transparent business and reporting environment that benefits all stakeholders.

●

Community Investing creates a special, limited allocation of investments promoting the inclusion and development of underserved communities through potentially concessionary investments providing deep, real-world change where it is needed most.

In 2022, we launched Praxis Real Impact Quarterly – a quarterly newsletter designed to communicate the power of investing for real-world change to our advisors and investors through both data and stories. Similarly, our 2022 Praxis Real Impact Annual Report has been completely redesigned around ImpactX and is available on the Praxis Mutual Funds website. We’ve also partnered with YourStake (yourstake.org), an innovative provider of real-world impact data, to help us better understand and communicate the effectiveness of our funds in living out our change-oriented values. And our website is now filled with stories of influence and change from across all seven ImpactX strategies.

Message from the Vice President of Stewardship Investing

Annual report to shareholders

As we look toward the 30^th anniversary of Praxis in 2024, we recognize that there is more to be done and we’re committed to continuing to explore how we can more fully reflect the positive, shared values of the Praxis growing family of advisors and investors. Thanks for trusting us to be your “salt and light” in the investing world!

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

To learn more about ImpactX, view editions of our Real Impact Quarterly, and explore our latest Real Impact Annual Report, along with details of the difference Praxis is making in the world, please visit praxismutualfunds.com/real-impact.

The views expressed are those of the Vice President of Stewardship Investing as of Dec. 31, 2022, are subject to change, and may differ from the views of portfolio managers or Everence Capital Management as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

Praxis Impact Bond Fund

Annual Report to Shareholders

Portfolio Managers’ Commentary (unaudited)

For the year ended Dec. 31, 2022, the Praxis Impact Bond Fund’s Class I Shares had a return of -12.65%, and the Class A Shares (without load) returned -13.12%. The Bloomberg U.S. Aggregate Bond Index, the Fund’s benchmark, returned -13.01%.

Over the last five years, the Class I Shares returned 0.02% (average annual return) versus 0.02% for the Fund’s benchmark. And over the last 10 years, the Class I Shares returned 1.10% (average annual return) versus 1.06% for the Fund’s benchmark. As of Dec. 31, 2022, within the Morningstar Intermediate Core Bond category, the Class I Shares’ total return ranked in the 22nd percentile for the one-year period (out of 453 funds), 31st percentile for the five-year period (out of 372 funds) and 28^th percentile for the last 10 years (out of 275 funds).

At the beginning of 2022, the market was expecting Federal Reserve (the Fed) Fed Funds rate increases of 0.75% or less and that the CPI rate of 7.0% year-over-year was already the peak for the year. That was wrong. CPI increased until it reached 9.1% in June and then it finally started to moderate. That pushed the Fed to be much more aggressive. They raised the Fed Funds rate by 4.25% in 2022. Higher interest rates across the yield curve caused intermediate bond total returns to have historically poor results for the calendar year.

The 2-year U.S. Treasury yield started 2022 at 0.73% and finished the year at 4.43%. The 10-year U.S. Treasury yield started 2022 at a yield of 1.51% and finished the year at 3.88%. Higher rates in short maturities versus long maturities is a yield curve inversion. These inversions have preceded every recession since the 1970s, but recessions don’t always follow a yield curve inversion. Most economists are expecting at least a shallow recession in 2023.

The Praxis Impact Bond Fund had a duration of 90% versus the index to start the year. As interest rates increased, we raised the duration to about 99% of the index by June. That short duration position in the first half of the year – along with a major increase in interest rates – was the major reason for our outperformance in 2022.

Our overweight to corporate bonds was the second biggest contributors to performance in 2022, with financial institutions and utilities the best performers. We started the year underweight corporates on a DTS (duration times spread) basis, but the managers bought a lot of corporates as spreads increased. Spreads moved lower after reaching their wide levels in October. The Fund benefited from its underweight to corporates to start the year and its overweight later in the year. Our overweight to U.S. agency bonds versus U.S. Treasuries was a negative for the year. Our underweight to mortgage-backed securities was a slight negative for the year, but we have a large overweight to Agency Commercial mortgage-backed securities (CMBS) and that had a positive effect.

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 37% of the portfolio by Dec. 31, 2022. We purchased 27 different impact bonds in 2022. Many new and exciting issues came to the market with impact bonds in green, sustainability and social bonds.

Of the 168 bonds in the Fund that we define as positive impact holdings, 101 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.

Our Morningstar Historical Corporate Sustainability Percent Rank (as of Nov. 30, 2022) is in the 9th percentile and is a 5 out of 5 Globes Sustainability Rating.

As we start 2023, we are positioned for the expectation that interest rates and corporate bond performance may be volatile, and we will stay nimble just as we did in 2022. 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, 2022, are subject to change, and may differ from the views of other portfolio managers or Everence Capital Management as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

The Bloomberg 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 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. ^© 2022 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

Annual Report to Shareholders

Portfolio Managers’ Commentary (unaudited), continued

The Morningstar Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund’s portfolio holdings are managing their financially material environmental, social and governance, or ESG, risks relative to the fund’s Morningstar Global Category peers. The Morningstar Sustainability Rating calculation is a five -step process. First, each fund with at least 67% of assets covered by a company-level ESG Risk Score from Sustainalytics receives a Morningstar Portfolio Sustainability Score. The Morningstar Portfolio Sustainability Score is an asset-weighted average of company level ESG Risk Scores. The Portfolio Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk. Second, the Historical Sustainability Score is an exponential weighted moving average of the Portfolio Sustainability Scores over the past 12 months. The process rescales the current Portfolio Sustainability Score to reflect the consistency of the scores. The Historical Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk, on a consistent historical basis. Third, the Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Global Categories in which at least thirty (30) funds receive a Historical Sustainability Score and is determined by each fund’s Morningstar Sustainability Rating Score rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). Fourth, then Morningstar applies a 1% rating buffer from the previous month to increase rating stability. This means a fund must move 1% beyond the rating breakpoint to change ratings. Fifth, they adjust downward positive Sustainability Ratings to funds with high ESG Risk scores. The logic is as follows: If Portfolio Sustainability score is above 40, then the fund receives a Low Sustainability Rating. If Portfolio Sustainability score is above 35 and preliminary rating is Average or better, then the fund is downgraded to Below Average. If the Portfolio Sustainability score is above 30 and preliminary rating is Above Average, then the fund is downgraded to Average. If the Portfolio Sustainability score is below 30, then no adjustment is made. The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. Since a Sustainability Rating is assigned to all funds that meet the above criteria, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. The Portfolio Sustainability Score is calculated when Morningstar receives a new portfolio. Then, the Historical Sustainability Score and the Sustainability Rating is calculated one month and six business days after the reported as-of date of the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics’ ESG scores from the same month as the portfolio as-of date. Please click on http://corporate1.morningstar.com/SustainableInvesting/ for more detailed information about the Morningstar Sustainability Rating methodology and calculation frequency. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm. Morningstar, Inc. holds a non-controlling ownership interest in Sustainalytics. ^© 2022 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 12/31/12 to 12/31/22

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 12/31/12 to 12/31/22 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	-16.37%	-4.24%	-1.15%	0.30%	0.88%	0.88%
Class A (Without Load)	5/12/99	-13.12%	-3.00%	-0.40%	0.69%
Class I	5/1/06	-12.65%	-2.58%	0.02%	1.10%	0.48%	0.48%
Bloomberg U.S. Aggregate Bond Index ¹		-13.01%	-2.71%	0.02%	1.06%

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, 2022.

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, 2022

	Coupon			Maturity		Principal Amount		Fair Value
MUNICIPAL BONDS — 1.0%
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A		7.334	%		02/15/28	$	1,000,000	$	1,066,071
City of San Francisco, California, Public Utilities Comm. Water Rev., Series 2019-A		3.303	%		11/01/39		2,500,000		2,015,600
Findlay City School District, Series 2010-B		6.250	%		12/01/37		270,000		270,319
Houston, Texas, Independent School District, Series 2009A-2		6.168	%		02/15/34		1,000,000		1,001,480
Massachusetts St., Series 2016-F		3.277	%		06/01/46		3,100,000		2,357,581
New Jersey St. Housing & Mortgage Finance, Series 2013-C		2.600	%		07/01/23		55,000		54,834
Osceola County Housing Finance Authority Rev., Series 2013-B		3.350	%		07/01/23		45,000		45,000
TOTAL MUNICIPAL BONDS (COST $8,304,108)								$	6,810,885

CORPORATE BONDS — 38.0%
APPAREL & TEXTILE PRODUCTS — 0.2%
Hanesbrands, Inc. ^(a)		4.625	%		05/15/24		500,000		484,264
VF Corp.		2.400	%		04/23/25		536,000		503,141
									987,405
ASSET MANAGEMENT — 0.1%
Ameriprise Financial, Inc.		3.000	%		04/02/25		730,000		699,236

AUTOMOTIVE — 0.5%
BMW US Capital, LLC ^(a)		3.800	%		04/06/23		1,000,000		997,644
BorgWarner, Inc.		2.650	%		07/01/27		601,000		534,633
Honda Motor Co. Ltd.		2.967	%		03/10/32		760,000		651,071
Hyundai Capital Services, Inc. ^(a)		1.250	%		02/08/26		200,000		173,696
Magna International, Inc.		2.450	%		06/15/30		1,250,000		1,032,909
									3,389,953
BANKING — 4.2%
Bank of America Corp.		0.981	%		09/25/25		1,500,000		1,380,564
Bank of America Corp.		2.456	%		10/22/25		1,000,000		944,857
Bank of America Corp.		1.530	%		12/06/25		2,000,000		1,844,601
Bank of America Corp.		4.271	%		07/23/29		1,000,000		932,500
Bank of America Corp.		2.572	%		10/20/32		1,500,000		1,174,804
Bank of Montreal		3.300	%		02/05/24		1,000,000		981,256
Citigroup, Inc.		1.678	%		05/15/24		1,250,000		1,232,290
Citigroup, Inc.		3.700	%		01/12/26		1,750,000		1,683,362
Citigroup, Inc.		2.014	%		01/25/26		1,000,000		926,767
Citigroup, Inc.		2.572	%		06/03/30		1,000,000		808,790
ING Groep N.V. ^(a)		4.625	%		01/06/26		1,250,000		1,220,687
JPMorgan Chase & Co.		0.653	%		09/16/24		1,000,000		964,348
JPMorgan Chase & Co.		0.563	%		02/16/25		500,000		471,540
JPMorgan Chase & Co.		3.200	%		06/15/26		2,557,000		2,414,100
JPMorgan Chase & Co.		2.739	%		10/15/30		2,000,000		1,677,232
Key Bank, N.A.		1.250	%		03/10/23		1,750,000		1,739,169
Mitsubishi UFJ Financial Group ^(b)		2.527	%		09/13/23		1,250,000		1,226,252

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 38.0%, continued
BANKING — 4.2%, continued
National Australia Bank, New York Branch		3.625	%		06/20/23	$	1,750,000	$	1,740,708
Regions Financial Corp.		2.250	%		05/18/25		1,000,000		934,511
State Street Corp.		4.164	%		08/04/33		195,000		180,128
Sumitomo Mitsui Financial Group, Inc.		0.508	%		01/12/24		2,000,000		1,903,961
Toronto-Dominion Bank (SOFR + 45) ^(c)		3.977	%		09/28/23		2,000,000		1,996,497
									28,378,924
BEVERAGES — 0.2%
Coca-Cola Co. (The)		3.450	%		03/25/30		500,000		464,972
Coca-Cola Femsa S.A.B. de C.V.		1.850	%		09/01/32		1,000,000		752,811
									1,217,783
BIOTECH & PHARMA — 0.9%
AbbVie, Inc.		2.950	%		11/21/26		500,000		464,992
Amgen, Inc.		3.000	%		02/22/29		2,500,000		2,213,753
Gilead Sciences, Inc.		3.650	%		03/01/26		750,000		723,050
Zeneca Wilmington, Inc.		7.000	%		11/15/23		1,100,000		1,114,519
Zoetis, Inc.		3.250	%		02/01/23		1,200,000		1,198,250
									5,714,564
CABLE & SATELLITE — 0.2%
Comcast Corp.		3.300	%		04/01/27		500,000		471,188
Comcast Corp.		2.937	%		11/01/56		672,000		415,582
Time Warner Cable, Inc.		4.500	%		09/15/42		500,000		366,052
									1,252,822
CHEMICALS — 1.0%
Avery Dennison Corp.		2.650	%		04/30/30		1,250,000		1,029,234
DowDuPont, Inc.		4.493	%		11/15/25		1,500,000		1,475,028
Ecolab, Inc.		4.800	%		03/24/30		140,000		138,586
Ecolab, Inc.		2.750	%		08/18/55		1,470,000		877,207
LG Chemical Ltd. ^(a)		3.250	%		10/15/24		290,000		278,145
Nutrien Ltd.		1.900	%		05/13/23		800,000		790,858
Nutrien Ltd.		5.875	%		12/01/36		840,000		854,706
Solvay Finance S.A. ^(a)		4.450	%		12/03/25		1,250,000		1,209,471
									6,653,235
CONSTRUCTION MATERIALS — 0.4%
Carlisle Cos., Inc.		3.500	%		12/01/24		1,250,000		1,207,902
Owens Corning		4.200	%		12/01/24		1,000,000		984,386
Owens Corning		3.950	%		08/15/29		300,000		272,657
									2,464,945
CONSUMER SERVICES — 4.5%
Andrew W. Mellon Funding		0.947	%		08/01/27		1,050,000		894,745
California Endowment (The)		2.498	%		04/01/51		4,500,000		2,767,557
Conservation Fund, Series 2019		3.474	%		12/15/29		535,000		455,883
Ford Foundation (The), Series 2017		3.859	%		06/01/47		2,485,000		2,069,176
Ford Foundation (The)		2.415	%		06/01/50		235,000		147,835
John D. & Catherine T. MacArthur Foundation, Series 2020		1.299	%		12/01/30		1,500,000		1,132,367
Leland Stanford Junior University (The)		3.460	%		05/01/47		1,415,000		1,129,863
Local Initiatives Support Corp.		4.649	%		03/01/37		1,500,000		1,392,386

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2022

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 38.0%, continued
CONSUMER SERVICES — 4.5%, continued
Massachusetts Institute of Technology		3.959	%		07/01/38	$	1,500,000	$	1,371,276
Massachusetts Institute of Technology, Series H		3.067	%		04/01/52		4,000,000		2,928,738
President & Fellows of Harvard College, Series 2016-B		3.150	%		07/15/46		3,961,000		3,057,155
President & Fellows of Harvard College, Series 2020-B		2.517	%		10/15/50		1,300,000		843,932
President & Fellows of Harvard College, Series 2022-A		3.745	%		11/15/52		500,000		416,039
Rockefeller Foundation (The)		2.492	%		10/01/50		1,800,000		1,140,429
Stanford University California, Series 2020-A		2.413	%		06/01/50		3,450,000		2,173,354
Trustees of Princeton University (The) ^(b)		2.516	%		07/01/50		5,150,000		3,426,697
University of Notre Dame, Series 2017		3.394	%		02/15/48		2,424,000		1,895,313
Yale University		2.402	%		04/15/50		4,165,000		2,643,913
									29,886,658
CONTAINERS & PACKAGING — 0.4%
CCL Industries, Inc. ^(a)		3.050	%		06/01/30		1,750,000		1,439,621
Sonoco Products Co.		5.750	%		11/01/40		1,000,000		958,238
									2,397,859
DIVERSIFIED INDUSTRIALS — 0.1%
Illinois Tool Works, Inc.		3.900	%		09/01/42		1,000,000		849,398

ELECTRIC UTILITIES — 5.4%
Ameren Illinois Co.		5.900	%		12/01/52		1,000,000		1,085,860
Avangrid, Inc.		3.150	%		12/01/24		1,800,000		1,720,387
Avista Corp. ^(b)		4.000	%		04/01/52		1,000,000		787,977
Caledonia Generating, LLC ^(a)		1.950	%		02/28/34		1,769,708		1,502,810
Consolidated Edison Co.		3.350	%		04/01/30		1,000,000		899,363
DTE Electric Co.		4.050	%		05/15/48		1,750,000		1,454,316
DTE Electric Co.		3.650	%		03/01/52		500,000		387,973
Duke Energy Carolinas, LLC		3.550	%		03/15/52		1,000,000		757,305
Duke Energy Progress, LLC		3.450	%		03/15/29		1,750,000		1,610,902
Duke Energy Progress, LLC		4.000	%		04/01/52		1,500,000		1,199,856
Electricite de France S.A. ^(a)		3.625	%		10/13/25		1,250,000		1,204,833
Enel Finance International N.V. ^(a)		2.650	%		09/10/24		1,250,000		1,195,995
Florida Power & Light Co.		3.700	%		12/01/47		1,300,000		1,042,215
Florida Power & Light Co.		2.875	%		12/04/51		2,000,000		1,341,288
Georgia Power Co.		3.250	%		04/01/26		1,000,000		945,430
Interstate Power & Light Co.		3.600	%		04/01/29		1,250,000		1,142,887
Liberty Utilities Financial Services ^(a)		2.050	%		09/15/30		355,000		266,687
MidAmerican Energy Co. ^(b)		3.950	%		08/01/47		1,750,000		1,424,619

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 38.0%, continued
ELECTRIC UTILITIES — 5.4%, continued
Midland Cogeneration Venture, L.P. ^(a)		6.000	%		03/15/25	$	194,797	$	196,794
Narragansett Electric Co. ^(a)		3.395	%		04/09/30		1,500,000		1,340,204
National Rural Utilities		1.350	%		03/15/31		1,000,000		738,938
NextEra Energy Capital Holdings, Inc.		0.650	%		03/01/23		400,000		397,261
Niagara Mohawk Power Corp. ^(a)		1.960	%		06/27/30		1,500,000		1,185,729
Northern States Power Co.		2.900	%		03/01/50		1,250,000		854,956
NSTAR Electric Co.		3.950	%		04/01/30		600,000		564,026
NSTAR Electric Co.		5.500	%		03/15/40		1,250,000		1,271,749
Potomac Electric Power Co.		6.500	%		11/15/37		1,000,000		1,095,004
Public Service Co.		3.700	%		06/15/28		1,750,000		1,665,239
Puget Energy, Inc.		4.223	%		06/15/48		1,000,000		810,099
Rochester Gas & Electric Corp. ^(a)		1.850	%		12/01/30		500,000		381,153
San Diego Gas and Electric Co.		4.500	%		08/15/40		841,000		756,400
Solar Star Funding, LLC ^(a)		3.950	%		06/30/35		251,772		216,177
Solar Star Funding, LLC ^(a)		5.375	%		06/30/35		393,332		383,931
Southern California Edison		4.050	%		03/15/42		1,165,000		926,738
Tenaska Virginia Partners, L.P. ^(a)		6.119	%		03/30/24		197,345		194,840
Topaz Solar Farms, LLC ^(a)(b)		4.875	%		09/30/39		226,455		199,847
Topaz Solar Farms, LLC ^(a)		5.750	%		09/30/39		546,943		518,228
Union Electric Co.		2.625	%		03/15/51		2,000,000		1,260,194
Westar Energy, Inc.		2.550	%		07/01/26		1,292,000		1,190,032
									36,118,242
ELECTRICAL EQUIPMENT — 0.3%
Johnson Controls International plc		1.750	%		09/15/30		1,000,000		798,776
Legrand S.A.		8.500	%		02/15/25		1,000,000		1,081,276
Roper Technologies, Inc.		2.000	%		06/30/30		440,000		352,614
									2,232,666
ENTERTAINMENT CONTENT — 0.2%
Magallanes, Inc. ^(a)		4.054	%		03/15/29		1,500,000		1,297,683

FOOD — 1.4%
Campbell Soup Co.		3.950	%		03/15/25		1,500,000		1,464,838
Cargill, Inc. ^(a)		4.760	%		11/23/45		1,500,000		1,363,722
General Mills, Inc.		4.000	%		04/17/25		1,500,000		1,464,919
Hormel Foods Corp.		1.800	%		06/11/30		2,250,000		1,830,708
Ingredion, Inc.		2.900	%		06/01/30		1,000,000		847,148
Kellogg Co.		2.650	%		12/01/23		1,250,000		1,223,250
Mars, Inc. ^(a)		3.600	%		04/01/34		1,500,000		1,299,013
									9,493,598
FORESTRY, PAPER & WOOD PRODUCTS — 0.1%
Fibria Overseas Finance Ltd.		5.500	%		01/17/27		800,000		802,696

GAS & WATER UTILITIES — 0.4%
American Water Capital Corp.		2.800	%		05/01/30		1,500,000		1,296,952

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2022

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 38.0%, continued
GAS & WATER UTILITIES — 0.4%, continued
Brooklyn Union Gas Co. ^(a)		4.504	%		03/10/46	$	1,250,000	$	996,257
Indiana Gas Co., Inc.		6.550	%		06/30/28		250,000		259,347
									2,552,556
HEALTH CARE FACILITIES & SERVICES — 0.2%
Kaiser Foundation Hospital		3.150	%		05/01/27		1,500,000		1,403,778

HOME & OFFICE PRODUCTS — 0.1%
Steelcase, Inc. ^(b)		5.125	%		01/18/29		1,000,000		871,210

HOME CONSTRUCTION — 0.1%
NVR, Inc.		3.000	%		05/15/30		1,000,000		839,493

INSTITUTIONAL FINANCIAL SERVICES — 1.5%
Brookfield Finance, Inc.		4.250	%		06/02/26		1,570,000		1,511,676
Goldman Sachs Group, Inc.		3.272	%		09/29/25		1,500,000		1,445,442
Goldman Sachs Group, Inc.		4.223	%		05/01/29		1,000,000		931,618
Goldman Sachs Group, Inc.		3.800	%		03/15/30		1,500,000		1,348,462
Morgan Stanley		3.125	%		07/27/26		2,000,000		1,865,544
Morgan Stanley, Series GMTN		2.699	%		01/22/31		1,250,000		1,032,933
National Securities Clearing Corp. ^(a)		1.500	%		04/23/25		1,000,000		926,955
State Street Corp.		7.350	%		06/15/26		1,000,000		1,078,436
									10,141,066
INSURANCE — 4.2%
Aflac, Inc.		4.000	%		10/15/46		1,058,000		818,292
Athene Global Funding ^(a)		2.800	%		05/26/23		1,500,000		1,485,999
First American Financial Corp.		2.400	%		08/15/31		1,500,000		1,096,101
Five Corners Funding Trust ^(a)		4.419	%		11/15/23		1,000,000		991,386
GA Global Funding Trust		2.250	%		01/06/27		2,000,000		1,760,454
Horace Mann Educators Corp. ^(b)		4.500	%		12/01/25		1,235,000		1,183,512
Jackson National Life Global Funding		1.750	%		01/12/25		385,000		357,313
Kemper Corp.		4.350	%		02/15/25		1,250,000		1,212,508
Marsh & McLennan Cos., Inc.		3.750	%		03/14/26		1,000,000		969,821
Massachusetts Mutual Life Insurance Co. ^(a)		3.375	%		04/15/50		1,500,000		1,036,813
Met Life Global Funding I ^(a)		1.950	%		01/13/23		500,000		499,623
Met Life Global Funding I ^(a)		3.600	%		01/11/24		1,750,000		1,723,374
New York Life Global Funding ^(a)		2.900	%		01/17/24		3,000,000		2,933,745
Pacific Life Global Funding II, Series 2020-1 ^(a)		1.200	%		06/24/25		415,000		376,213
Pacific Life Global Funding II, Series 2021-1 ^(a)		1.450	%		01/20/28		1,000,000		819,639
Primerica, Inc.		2.800	%		11/19/31		1,000,000		813,953
Principal Financial Group, Inc.		3.700	%		05/15/29		1,250,000		1,158,202
Prudential Financial, Inc.		1.500	%		03/10/26		644,000		579,844

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 38.0%, continued
INSURANCE — 4.2%, continued
Prudential plc		3.125	%		04/14/30	$	750,000	$	653,187
Reliance STD Life Insurance Co. ^(a)		2.750	%		05/07/25		1,280,000		1,201,458
RLI Corp.		4.875	%		09/15/23		1,000,000		995,912
Sammons Financial Group, Inc. ^(a)		4.450	%		05/12/27		1,200,000		1,119,088
Security Benefit Global, Series MTN ^(a)		1.250	%		05/17/24		1,500,000		1,407,260
Teachers Insurance & Annuity Association ^(a)		4.375	%		09/15/54		2,678,000		2,561,422
Trustage Financial Group, Inc.		4.625	%		04/15/32		400,000		344,839
									28,099,958
LEISURE FACILITIES & SERVICES — 0.4%
Marriott International, Inc.		3.600	%		04/15/24		727,000		712,440
McDonald’s Corp., Series MTN		3.500	%		07/01/27		1,000,000		948,569
Starbucks Corp.		2.450	%		06/15/26		1,000,000		926,136
									2,587,145
MACHINERY — 0.5%
Ingersoll-Rand Global Holding Co. Ltd.		6.391	%		11/15/27		655,000		678,341
John Deere Capital Corp.		1.750	%		03/09/27		250,000		222,606
John Deere Capital Corp.		3.050	%		01/06/28		1,250,000		1,167,137
Xylem, Inc.		1.950	%		01/30/28		1,775,000		1,526,441
									3,594,525
MEDICAL EQUIPMENT & DEVICES — 0.2%
Alcon Finance Corp. ^(a)		2.600	%		05/27/30		1,250,000		1,061,643

PERSONAL PRODUCTS — 0.1%
Estée Lauder Cos., Inc. (The)		2.600	%		04/15/30		1,000,000		859,393

PIPELINES — 0.1%
Northern Natural Gas Co. ^(a)		4.100	%		09/15/42		1,000,000		756,527

REITS — 3.4%
Agree Ltd. Partnership		2.900	%		10/01/30		650,000		527,661
Agree Ltd. Partnership		4.800	%		10/01/32		715,000		661,362
Alexandria Real Estate Equities, Inc.		2.950	%		03/15/34		1,000,000		810,507
Boston Properties, L.P.		4.500	%		12/01/28		1,250,000		1,158,797
Camden Property Trust		2.800	%		05/15/30		500,000		430,214
Digital Realty Trust, L.P.		5.550	%		01/15/28		2,250,000		2,264,876
ERP Operating, L.P.		4.150	%		12/01/28		1,250,000		1,165,618
ESSEX Portfolio, L.P.		2.650	%		03/15/32		1,500,000		1,182,075
Federal Realty Investment Trust ^(b)		1.250	%		02/15/26		515,000		453,573
Kilroy Realty Corp.		2.500	%		11/15/32		1,750,000		1,242,570
Kimco Realty Corp.		2.700	%		10/01/30		1,750,000		1,426,360
Lexington Realty Trust		2.700	%		09/15/30		1,500,000		1,194,827
Mid-America Apartment Communities, Inc.		3.950	%		03/15/29		1,750,000		1,642,535
Ontario Teachers Cadillac Fairview Properties Trust ^(a)		2.500	%		10/15/31		1,125,000		857,574

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2022

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 38.0%, continued
REITS — 3.4%, continued
Prologis, L.P.		2.875	%		11/15/29	$	1,500,000	$	1,305,100
Prologis, L.P.		4.625	%		01/15/33		1,500,000		1,454,398
Regency Centers, L.P.		3.750	%		06/15/24		1,000,000		969,817
Rexford Industrial Realty, L.P.		2.150	%		09/01/31		1,750,000		1,340,956
Sun Communities Operating Ltd.		2.700	%		07/15/31		500,000		394,660
UDR, Inc.		1.900	%		03/15/33		1,000,000		711,942
Vornado Realty, L.P.		3.500	%		01/15/25		567,000		528,959
WP Carey, Inc.		2.450	%		02/01/32		985,000		769,688
									22,494,069
RETAIL - CONSUMER STAPLES — 0.2%
Kroger Co. (The)		5.000	%		04/15/42		1,000,000		907,135
Walmart, Inc.		1.800	%		09/22/31		500,000		406,909
									1,314,044
RETAIL - DISCRETIONARY — 0.6%
ERAC USA Finance, LLC ^(a)		2.700	%		11/01/23		1,250,000		1,223,938
Home Depot, Inc.		3.625	%		04/15/52		1,000,000		771,919
Lowe’s Cos., Inc.		4.650	%		04/15/42		1,000,000		876,848
Lowe’s Cos., Inc.		3.000	%		10/15/50		500,000		318,070
Lowe’s Cos., Inc. ^(b)		5.625	%		04/15/53		1,000,000		957,295
									4,148,070
SEMICONDUCTORS — 0.4%
Intel Corp. ^(b)		4.150	%		08/05/32		1,000,000		934,961
Intel Corp. ^(b)		3.734	%		12/08/47		1,361,000		1,019,966
NVIDIA Corp.		2.850	%		04/01/30		500,000		436,153
Skyworks Solutions, Inc.		0.900	%		06/01/23		500,000		490,109
									2,881,189
SOFTWARE — 0.4%
Microsoft Corp.		2.525	%		06/01/50		3,000,000		1,974,147
Microsoft Corp.		2.921	%		03/17/52		1,000,000		707,501
									2,681,648
SPECIALTY FINANCE — 1.2%
American Express Credit Corp.		3.000	%		10/30/24		1,000,000		967,024
BlueHub Loan Fund, Inc.		3.099	%		01/01/30		1,030,000		893,086
Community Preservation Corp. (The)		2.867	%		02/01/30		1,750,000		1,465,924
F&G Global Funding		2.300	%		04/11/27		535,000		470,267
Fidelity National Financial, Inc.		3.400	%		06/15/30		500,000		422,039
GATX Corp.		4.350	%		02/15/24		300,000		295,561
Low Income Investment Fund		3.386	%		07/01/26		115,000		108,465
USAA Capital Corp. ^(a)(b)		1.500	%		05/01/23		1,000,000		989,769
USAA Capital Corp. ^(a)		2.125	%		05/01/30		3,000,000		2,458,182
									8,070,317
STEEL — 0.2%
Nucor Corp.		2.000	%		06/01/25		460,000		428,093
Reliance Steel & Aluminum Co.		4.500	%		04/15/23		1,105,000		1,104,807
									1,532,900

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 38.0%, continued
TECHNOLOGY HARDWARE — 0.7%
Apple, Inc.		3.000	%		06/20/27	$	1,000,000	$	941,718
Apple, Inc.		2.650	%		05/11/50		1,000,000		661,605
Apple, Inc.		2.650	%		02/08/51		2,000,000		1,318,955
HP, Inc.		4.750	%		01/15/28		1,100,000		1,067,257
HP, Inc.		4.000	%		04/15/29		915,000		835,207
									4,824,742
TECHNOLOGY SERVICES — 0.6%
Experian Finance plc ^(a)		2.750	%		03/08/30		635,000		525,165
IBM Corp.		3.300	%		05/15/26		1,000,000		951,469
Moody’s Corp.		3.250	%		05/20/50		500,000		345,237
Moody’s Corp.		3.750	%		02/25/52		1,000,000		761,393
RELX Capital, Inc.		3.500	%		03/16/23		1,500,000		1,493,936
									4,077,200
TELECOMMUNICATIONS — 0.7%
AT&T, Inc.		5.250	%		03/01/37		500,000		481,753
AT&T, Inc.		4.750	%		05/15/46		1,500,000		1,268,121
Verizon Communications, Inc.		3.875	%		02/08/29		1,000,000		938,265
Verizon Communications, Inc.		1.500	%		09/18/30		1,000,000		777,434
Verizon Communications, Inc.		2.987	%		10/30/56		1,799,000		1,097,570
									4,563,143
TRANSPORTATION & LOGISTICS — 1.4%
British Airways, Series 2013-1 ^(a)		4.625	%		12/20/25		293,431		284,876
Burlington Northern Santa Fe, LLC		5.750	%		05/01/40		1,000,000		1,046,201
Canadian Pacific Railway Co.		2.050	%		03/05/30		1,750,000		1,434,122
Mexico City Airport Trust ^(a)		4.250	%		10/31/26		497,000		474,014
Norfolk Southern Corp.		4.837	%		10/01/41		1,000,000		918,433
Norfolk Southern Corp.		3.050	%		05/15/50		1,500,000		1,004,674
Penske Truck Leasing Co. ^(a)		3.450	%		07/01/24		1,250,000		1,207,064
TTX Co. ^(a)		4.600	%		02/01/49		280,000		242,159
TTX Co.		5.650	%		12/01/52		500,000		507,610
Union Pacific Corp.		4.950	%		09/09/52		2,000,000		1,917,184
									9,036,337
WHOLESALE - CONSUMER STAPLES — 0.3%
Bunge Ltd. Finance Corp.		1.630	%		08/17/25		395,000		359,699
Sysco Corp.		2.400	%		02/15/30		1,750,000		1,454,580
									1,814,279

TOTAL CORPORATE BONDS (COST $293,264,200)								$	254,042,899

CORPORATE NOTES — 1.0%
COMMUNITY DEVELOPMENT — 1.0%
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/15/23		1,650,000		1,629,046
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/23		950,000		924,031
Calvert Social Investment Foundation, Inc. ^(d)		1.000	%		06/14/24		550,000		513,780

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2022

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE NOTES — 1.0%, continued
COMMUNITY DEVELOPMENT — 1.0%, continued
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/17/24	$	980,000	$	941,701
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/24		400,000		380,776
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		06/13/25		1,400,000		1,305,638
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		12/15/25		650,000		600,531
Capital Impact Partners ^(d)		4.800	%		12/15/23		250,000		249,897
TOTAL CORPORATE NOTES (COST $6,830,000)								$	6,545,400

FOREIGN GOVERNMENTS — 6.6%
FOREIGN AGENCY — 0.7%
BNG Bank N.V. ^(a)(b)		1.500	%		10/16/24		1,500,000		1,418,568
BNG Bank N.V. ^(a)(b)		0.500	%		11/24/25		2,000,000		1,787,480
Kommunalbanken A.S. ^(a)		2.125	%		02/11/25		1,000,000		951,836
Kommunivest I Sverige AB, Series MTN ^(a)		0.375	%		06/19/24		500,000		468,763
									4,626,647
SUPRANATIONAL — 5.9%
Asian Development Bank		2.125	%		03/19/25		1,000,000		950,532
Asian Development Bank		3.125	%		09/26/28		1,000,000		944,740
Central American Bank for Economic Integration ^(a)		1.140	%		02/09/26		1,200,000		1,063,440
European Bank for Reconstruction & Development		1.625	%		09/27/24		1,250,000		1,187,178
European Bank for Reconstruction & Development		1.500	%		02/13/25		200,000		188,000
European Investment Bank ^(b)		2.500	%		10/15/24		1,000,000		964,983
European Investment Bank ^(b)		2.125	%		04/13/26		1,000,000		932,971
European Investment Bank		2.375	%		05/24/27		4,000,000		3,714,162
Inter-American Development Bank		0.875	%		04/03/25		3,000,000		2,773,980
Inter-American Development Bank		4.375	%		01/24/44		3,000,000		2,937,497
International Bank for Reconstruction & Development		0.250	%		11/24/23		4,500,000		4,325,453
International Bank for Reconstruction & Development		0.625	%		04/22/25		1,000,000		917,350
International Bank for Reconstruction & Development		3.125	%		11/20/25		1,000,000		966,080
International Bank for Reconstruction & Development		0.875	%		07/15/26		3,000,000		2,667,740
International Bank for Reconstruction & Development		3.125	%		06/15/27		4,000,000		3,821,768
International Development Association ^(a)		2.750	%		04/24/23		5,000,000		4,969,996

	Coupon			Maturity			Principal Amount		Fair Value
FOREIGN GOVERNMENTS — 6.6%, continued
SUPRANATIONAL — 5.9%, continued
International Development Association ^(a)		0.375	%		09/23/25		$	2,000,000	$	1,792,610
International Development Association ^(a)(b)		0.875	%		04/28/26			2,000,000		1,789,914
International Finance Corp., Series GMTN		2.125	%		04/07/26			3,000,000		2,801,467
										39,709,861

TOTAL FOREIGN GOVERNMENTS (COST $47,485,068)									$	44,336,508

COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0% ^(e)
Commercial Mortgage Pass-Through Certificates, Class A-3 (COST $92,466)		2.853	%		10/17/45			90,695		90,191

U.S. GOVERNMENT AGENCIES — 45.0%
DEVELOPMENT FINANCE CORPORATION — 1.5%
DFC (PO)		0.000	%		06/21/23			1,000,000		1,070,750
DFC ^(c)		4.500	%		09/15/26			625,000		625,000
DFC		1.590	%		04/15/28			2,000,000		1,748,122
DFC		1.650	%		04/15/28			3,500,000		3,092,698
DFC		3.130	%		04/15/28			1,000,000		936,261
DFC		3.280	%		09/15/29			785,678		785,678
DFC		3.540	%		06/15/30			441,189		420,593
DFC		3.520	%		09/20/32			696,429		661,232
DFC		3.820	%		06/01/33			780,794		751,426
										10,091,760
FEDERAL HOME LOAN BANK — 4.7%
FHLB		1.250	%		12/21/26			4,000,000		3,580,672
FHLB		4.250	%		12/10/27			5,000,000		5,029,062
FHLB		3.250	%		11/16/28			2,500,000		2,400,654
FHLB		5.500	%		07/15/36			18,620,000		20,450,173
										31,460,561
FEDERAL HOME LOAN MORTGAGE CORPORATION — 12.7%
FHLMC		4.000	%		11/01/24			30,078		29,771
FHLMC		0.375	%		09/23/25			3,500,000		3,149,584
FHLMC		4.000	%		10/01/25	��		21,470		21,217
FHLMC		2.875	%		04/25/26			3,000,000		2,841,994
FHLMC		6.000	%		04/01/27			40,122		40,764
FHLMC		2.500	%		10/01/27			215,877		206,125
FHLMC		2.738	%		04/25/29			2,276,873		2,137,926
FHLMC		2.412	%		08/25/29			3,670,000		3,236,748
FHLMC		7.000	%		02/01/30			13,155		13,137
FHLMC		1.297	%		06/25/30			2,185,000		1,746,669
FHLMC		7.500	%		07/01/30			51,053		53,301
FHLMC		1.503	%		09/25/30			4,000,000		3,235,526
FHLMC		1.487	%		11/25/30			5,500,000		4,417,638
FHLMC		1.878	%		01/25/31			1,500,000		1,245,192
FHLMC		2.000	%		01/25/31			3,000,000		2,509,107
FHLMC		7.000	%		03/01/31			21,467		22,269
FHLMC		1.777	%		10/25/31			5,000,000		4,047,626
FHLMC		2.091	%		11/25/31			2,500,000		2,062,949
FHLMC		6.250	%		07/15/32			7,050,000		8,222,637
FHLMC		3.123	%		08/25/32			2,000,000		1,783,620
FHLMC		3.000	%		11/01/32			347,200		326,798
FHLMC		3.000	%		11/01/32			456,144		429,340

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2022

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 45.0%, continued
FEDERAL HOME LOAN MORTGAGE CORPORATION — 12.7%, continued
FHLMC		5.500	%		11/01/33	$	27,891	$	28,804
FHLMC (H15T1Y + 223.10) ^(c)		3.356	%		05/01/34		2,043		2,012
FHLMC (H15T1Y + 223.10) ^(c)		3.356	%		05/01/34		25,286		25,524
FHLMC		1.783	%		06/25/34		2,084,061		1,595,717
FHLMC		5.000	%		07/01/35		50,670		51,621
FHLMC		4.500	%		10/01/35		70,661		69,758
FHLMC		2.438	%		02/25/36		4,000,000		3,068,157
FHLMC		5.500	%		03/01/36		19,702		20,437
FHLMC		5.500	%		06/01/36		28,697		29,753
FHLMC		6.000	%		06/01/36		21,492		21,875
FHLMC		5.500	%		12/01/36		23,429		24,321
FHLMC		6.000	%		08/01/37		12,437		12,998
FHLMC		5.000	%		03/01/38		119,175		121,842
FHLMC		4.500	%		06/01/39		128,324		127,305
FHLMC		5.000	%		06/01/39		185,651		188,402
FHLMC		4.500	%		07/01/39		119,365		118,403
FHLMC		4.500	%		11/01/39		108,856		107,992
FHLMC		4.500	%		09/01/40		161,423		160,204
FHLMC		4.500	%		05/01/41		315,906		313,519
FHLMC		4.500	%		07/01/41		369,602		366,813
FHLMC		5.000	%		09/01/41		153,781		155,899
FHLMC		3.500	%		10/01/41		176,318		165,217
FHLMC		4.000	%		10/01/41		192,686		185,250
FHLMC		3.500	%		02/01/42		312,947		293,273
FHLMC		4.000	%		02/01/42		83,568		80,344
FHLMC		3.500	%		06/01/42		352,712		330,536
FHLMC		3.500	%		06/01/42		360,147		337,629
FHLMC		3.500	%		08/01/42		411,563		385,685
FHLMC		3.000	%		11/01/42		796,108		725,218
FHLMC		3.000	%		01/01/43		448,044		408,146
FHLMC		3.000	%		05/01/43		610,780		556,378
FHLMC		3.500	%		10/01/44		353,928		330,349
FHLMC		3.500	%		11/01/44		318,227		296,961
FHLMC		3.500	%		04/01/45		395,183		368,036
FHLMC		3.000	%		05/01/46		686,610		615,435
FHLMC		3.000	%		12/01/46		1,694,283		1,519,135
FHLMC		3.500	%		03/01/48		1,899,912		1,775,165
FHLMC		3.500	%		03/01/49		519,020		479,086
FHLMC		3.500	%		07/01/49		849,723		781,677
FHLMC		3.000	%		09/01/49		964,807		852,404
FHLMC		3.000	%		07/01/50		2,371,507		2,096,033
FHLMC		2.000	%		08/01/50		3,277,143		2,680,644
FHLMC		2.000	%		01/01/51		8,087,630		6,611,775
FHLMC		2.500	%		04/01/51		7,900,574		6,710,634
FHLMC		2.500	%		09/01/51		3,166,353		2,682,040
FHLMC		3.000	%		04/01/52		5,747,157		5,046,722
									84,705,066
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9%
FNMA		2.670	%		12/01/23		2,223,448		2,169,521
FNMA ^(c)		2.540	%		07/25/24		2,434,486		2,353,676
FNMA		2.890	%		12/01/24		4,000,000		3,840,000
FNMA		3.080	%		12/01/24		2,119,585		2,049,760
FNMA		2.710	%		01/01/25		4,500,000		4,300,200
FNMA		5.000	%		04/01/25		15,453		15,382
FNMA		5.000	%		07/01/25		14,017		13,953
FNMA		3.500	%		10/01/25		24,020		23,495

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 45.0%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9%, continued
FNMA		5.000	%		10/01/25	$	19,502	$	19,413
FNMA		5.500	%		11/01/25		5		5
FNMA		0.500	%		11/07/25		13,934,000		12,530,201
FNMA		4.000	%		03/01/26		108,537		105,928
FNMA		2.910	%		04/01/26		3,000,000		2,829,756
FNMA		2.125	%		04/24/26		2,000,000		1,874,213
FNMA		8.500	%		09/01/26		3,279		3,274
FNMA		2.500	%		09/01/27		255,303		243,839
FNMA		0.750	%		10/08/27		10,000,000		8,612,357
FNMA		2.500	%		11/01/27		403,335		384,615
FNMA		2.500	%		01/01/28		263,538		251,075
FNMA ^(c)		3.430	%		06/25/28		1,816,946		1,726,004
FNMA		2.522	%		08/27/29		5,498,601		4,870,732
FNMA		0.875	%		08/05/30		17,000,000		13,494,448
FNMA		6.625	%		11/15/30		12,750,000		14,951,478
FNMA ^(c)		1.561	%		11/25/30		3,000,000		2,407,416
FNMA ^(c)		1.383	%		12/25/30		5,000,000		3,999,085
FNMA		1.292	%		01/25/31		3,000,000		2,364,600
FNMA		1.376	%		03/25/31		1,000,000		792,760
FNMA		2.000	%		01/01/32		1,187,807		1,080,311
FNMA		3.000	%		12/01/32		504,877		474,665
FNMA		6.000	%		10/01/33		18,316		18,942
FNMA		5.500	%		02/01/34		20,701		21,362
FNMA (H15T1Y + 211.70) ^(c)		2.808	%		05/01/34		24,487		24,751
FNMA		6.000	%		11/01/34		53,366		55,190
FNMA		5.500	%		01/01/35		28,606		29,262
FNMA		2.500	%		02/01/35		1,177,339		1,084,736
FNMA		5.000	%		10/01/35		44,492		45,437
FNMA		5.500	%		10/01/35		58,726		60,776
FNMA		6.000	%		10/01/35		29,215		30,214
FNMA		5.500	%		06/01/36		13,076		13,433
FNMA		6.000	%		06/01/36		13,425		13,983
FNMA		5.500	%		11/01/36		16,579		17,191
FNMA (12MO LIBOR + 156.50) ^(c)		2.065	%		05/01/37		2,071		2,060
FNMA		5.625	%		07/15/37		11,750,000		13,133,940
FNMA		4.500	%		09/01/40		97,965		96,834
FNMA		4.500	%		10/01/40		97,238		96,395
FNMA		4.000	%		12/01/40		249,772		239,868
FNMA		4.000	%		01/01/41		180,260		173,114
FNMA		3.500	%		02/01/41		263,418		246,539
FNMA		4.000	%		10/01/41		141,431		135,824
FNMA		4.000	%		11/01/41		149,270		143,352
FNMA		4.000	%		12/01/41		188,615		181,137
FNMA		4.000	%		12/01/41		270,138		259,426
FNMA		4.000	%		01/01/42		596,456		575,793
FNMA		3.500	%		05/01/42		305,108		285,598
FNMA		3.000	%		06/01/42		565,251		514,318
FNMA		3.000	%		08/01/42		455,912		414,877
FNMA		3.000	%		08/01/42		420,960		383,070
FNMA		3.500	%		12/01/42		627,654		587,517
FNMA		3.000	%		06/01/43		513,151		466,910
FNMA		4.000	%		12/01/44		715,592		689,524
FNMA		3.500	%		05/01/45		843,137		784,883
FNMA		3.000	%		04/01/46		668,273		599,294
FNMA		3.500	%		11/01/46		1,124,454		1,046,070
FNMA		4.000	%		10/01/48		521,680		497,418

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2022

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 45.0%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9%, continued
FNMA		4.000	%		11/01/48	$	1,327,268	$	1,269,206
FNMA		3.500	%		05/01/49		429,126		395,162
FNMA		4.000	%		06/01/49		666,340		634,222
FNMA		3.500	%		08/01/49		1,761,591		1,619,322
FNMA		3.000	%		09/01/49		919,655		814,003
FNMA		3.000	%		06/01/50		1,898,499		1,676,593
FNMA		2.500	%		07/01/50		3,059,552		2,608,532
FNMA		2.500	%		08/01/50		2,159,004		1,841,783
FNMA		3.000	%		08/01/50		3,353,197		2,959,127
FNMA		2.000	%		11/01/50		5,419,909		4,432,278
FNMA		2.000	%		01/01/51		9,703,107		7,931,463
FNMA		2.000	%		02/01/51		5,734,629		4,680,689
FNMA		2.500	%		04/01/51		16,334,736		13,876,125
FNMA		2.000	%		08/01/51		3,621,391		2,955,293
FNMA		2.000	%		11/01/51		5,599,460		4,563,916
FNMA		2.500	%		05/01/52		5,826,690		4,935,287
FNMA		3.500	%		05/01/52		5,781,905		5,252,986
									173,197,187
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.0% ^(e)
GNMA		7.000	%		12/20/30		8,708		8,903
GNMA		7.000	%		10/20/31		6,000		6,193
GNMA		7.000	%		03/20/32		25,667		26,581
GNMA (H15T1Y + 150) ^(c)		2.625	%		01/20/34		16,855		16,525
GNMA		5.500	%		10/20/38		5,097		5,052
GNMA		6.500	%		11/20/38		3,252		3,311
									66,565
SMALL BUSINESS ADMINISTRATION — 0.0% ^(e)
SBA (Prime — 2.65) ^(c)		3.600	%		02/25/32		44,947		44,856

UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 0.2%
Hashemite Kingdom of Jordan AID Bond		3.000	%		06/30/25		1,450,000		1,398,211

TOTAL U.S. GOVERNMENT AGENCIES (COST $338,318,295)								$	300,964,206

ASSET BACKED SECURITIES — 5.5%
Ahold Finance U.S.A., LLC		8.620	%		01/02/25		154,073		155,820
Beacon Container Finance II, LLC ^(a)		2.250	%		10/22/46		918,667		778,797
Cards II Trust ^(a)		0.602	%		04/15/27		2,250,000		2,121,776
CLI Funding, LLC ^(a)		2.720	%		01/18/47		1,234,889		1,049,897
DB Master Finance, LLC ^(a)		2.493	%		11/20/51		2,004,750		1,657,638
Domino’s Pizza Master Issuer, LLC ^(a)		4.474	%		10/25/45		2,115,000		2,015,479
Duke Energy Progress NC Storm Funding, LLC,		2.799	%		07/01/41		2,000,000		1,401,613
Iowa Student Loan Liquidity Corp. Rev.		1.730	%		08/25/70		1,167,456		1,005,578
Master Credit Card Trust II ^(a)		1.990	%		09/21/24		4,000,000		3,975,406
PG&E Energy Recovery Funding, LLC		2.822	%		07/15/46		1,000,000		697,318
PG&E Energy Recovery Funding, LLC		5.536	%		07/15/47		1,500,000		1,528,430
PG&E Wildfire Recovery Funding, LLC,		4.674	%		12/01/51		2,400,000		2,132,513
SBA Tower Trust ^(a)		2.836	%		01/15/50		282,000		265,940

	Coupon			Maturity		Principal Amount		Fair Value
ASSET BACKED SECURITIES — 5.5%, continued
UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 0.2%, continued
SBA Tower Trust		6.599	%		11/15/52	$	880,000	$	886,105
SolarCity LMC, Series I, LLC ^(a)		4.800	%		12/20/26		291,324		287,561
Tesla Auto Lease Trust		0.600	%		09/22/25		1,200,000		1,130,708
Texas Electric Market Stabilization Funding N, LLC		4.966	%		02/01/44		630,000		595,773
Texas Electric Market Stabilization Funding N, LLC		5.057	%		08/01/46		3,000,000		2,821,913
Textainer Marine Containers VII Ltd. ^(a)		1.680	%		02/20/46		1,280,000		1,069,478
TIF Funding II, LLC ^(a)		1.650	%		02/20/46		425,729		353,077
Toyota Auto Receivables Owner Trust		0.260	%		11/17/25		3,000,000		2,880,633
Tribute Rail, LLC ^(a)		4.760	%		05/17/52		1,970,379		1,861,127
Triton Container Finance VIII, LLC ^(a)		1.860	%		03/20/46		1,489,687		1,242,048
Triumph Rail, LLC ^(a)		2.150	%		06/19/51		1,916,561		1,634,631
Vantage Data Centers Issuer, LLC ^(a)		2.165	%		10/15/46		2,000,000		1,723,762
Wendy’s Funding, LLC ^(a)		3.783	%		06/15/49		682,500		623,553
Wendy’s Funding, LLC		4.236	%		03/15/52		1,243,750		1,112,365
TOTAL ASSET BACKED SECURITIES (COST $40,597,509)								$	37,008,939

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
December 31, 2022

	Shares		Fair Value
MONEY MARKET FUNDS — 1.7%
First American Government Obligations Fund - Class X, 4.10% ^(f) (COST $11,303,217)		11,303,217	$	11,303,217

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 1.3%
Mount Vernon Liquid Assets Portfolio, LLC, 4.49% ^(f)(g) (COST $8,901,565)		8,901,565		8,901,565

INVESTMENT COMPANIES — 0.4%
Pax High Yield Bond Fund - Institutional Class (COST $4,199,236)		530,984		3,031,917

TOTAL INVESTMENTS - (COST $759,295,664) — 100.5%			$	673,035,727
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5%)				(3,530,633	)
NET ASSETS — 100.0%			$	669,505,094

(a)	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, 2022, these securities were valued at $81,614,094 or 12.2% of net assets.

(b)	All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2022 was $8,677,612 (Note 8).

(c)

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of December 31, 2022. 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)	Illiquid securities are as follows:

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23		06/18/18	$	1,650,000	$	1,629,046		0.2	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23		12/17/18		950,000		924,031		0.1	%
Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24		06/15/21		550,000		513,780		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24		06/17/19		980,000		941,701		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24		12/12/19		400,000		380,776		0.0	%^(e)
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		1,400,000		1,305,638		0.2	%
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25		12/15/20		650,000		600,531		0.1	%
Capital Impact Partners 4.800%, 12/15/23		12/19/22		250,000		249,897		0.0	%^(e)
			$	6,830,000	$	6,545,400		1.0	%

(e)	Percentage rounds to less than 0.1%.

(f)	The rate shown is the 7-day effective yield as of December 31, 2022.

(g)	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 declined in 2022 in the worst year for global stocks since the financial crisis. Losses were broad based across countries and sectors.

One of the major drivers for market returns was inflation. Central banks across the world, including the Federal Reserve, largely underestimated the rise in inflation following the pandemic, and responded by raising interest rates dramatically throughout the year.

The ensuing strength of the U.S. dollar weighed further on U.S. dollar-based investors exposed to international equities. For the full year, the MSCI All Country World ex US Index returned -16.00%. The Praxis International Index Fund’s Class I Shares returned -16.18%, and the Class A Shares (without load) returned -16.72%.

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. 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 Nov. 30, 2022) is the 12th percentile and it 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 underweight to Russia and Financials sector contributed positively to relative returns. These results were partly offset by the underweight to the Energy and Industrials sectors, which detracted from relative results. The largest company-specific contributors included an overweight to Equinor Asa, Mitsui & Co., and Pearson Plc. 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 managers as of Dec. 31, 2022, 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.

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

Praxis International Index Fund

Annual Report to Shareholders

Portfolio Managers’ 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. ^© 2022 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 International Index Fund

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/12 to 12/31/22

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 12/31/12 to 12/31/22 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	-21.10%	-1.68%	-0.72%	2.51%	1.20%	1.20%
Class A (Without Load)	12/31/10	-16.72%	0.11%	0.36%	3.06%
Class I	12/31/10	-16.18%	0.76%	1.04%	3.69%	0.61%	0.61%
MSCI All Country World Index ex-U.S. ¹		-16.00%	0.07%	0.88%	3.80%

* 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, 2022.

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, 2022

	Shares		Fair Value
COMMON STOCKS — 97.9%
AUSTRALIA — 4.6%
ANZ Group Holdings Ltd.		40,646	$	654,697
ASX Ltd.		3,087		142,949
Brambles Ltd.		84,413		693,624
Coles Group Ltd.		20,682		235,416
Commonwealth Bank of Australia		19,560		1,366,231
Computershare Ltd.		20,272		361,581
CSL Ltd. - ADR		7,282		710,286
CSL Ltd.		3,640		713,082
Dexus		158,141		834,361
Fortescue Metals Group Ltd.		63,440		885,802
Goodman Group		44,189		522,242
GPT Group (The)		86,547		247,462
Lendlease Group		22,661		120,949
Macquarie Group Ltd. - ADR		1,184		134,076
Macquarie Group Ltd.		2,144		243,694
Mirvac Group		157,601		228,532
National Australia Bank Ltd.		36,653		750,078
Origin Energy Ltd.		41,376		217,457
REA Group Ltd.		6,602		497,993
Scentre Group		175,279		343,661
SEEK Ltd.		49,532		706,444
Sonic Healthcare Ltd.		7,195		146,800
South32 Ltd.		255,820		696,630
Stockland		68,242		168,642
Transurban Group		200,755		1,773,981
Vicinity Centres		397,679		541,465
Wesfarmers Ltd.		32,429		1,013,558
Woolworths Group Ltd.		28,598		653,379
				15,605,072
AUSTRIA — 0.2%
Verbund AG		6,899		581,011

BELGIUM — 0.9%
Elia System Operator S.A./N.V.		4,015		570,931
Groupe Bruxelles Lambert S.A.		6,989		558,132
Groupe Bruxelles Lambert S.A.		2,460		197,132
KBC Group N.V.		15,375		989,110
UCB S.A.		7,663		603,587
Umicore S.A.		3,663		134,612
				3,053,504
BERMUDA — 0.6%
China Gas Holdings Ltd.		115,000		167,368
Credicorp Ltd.		7,803		1,058,555
Hongkong Land Holdings Ltd.		35,400		162,840
Shenzhen International Holdings Ltd.		799,000		784,099
				2,172,862
BRAZIL — 1.5%
Banco Bradesco S.A. - ADR		300,506		865,457
Banco do Brasil S.A. - ADR		98,038		645,090
Banco Santander Brasil S.A. - ADR ^(a)		90,700		488,873
Cia Energética de Minas Gerais - ADR ^(a)		281,777		572,007
Gerdau S.A. - ADR		79,331		439,494
Getnet Adquirencia e Servicos para Meios de Pagamento S.A. - ADR		7,516		12,777
Sendas Distribuidora S.A. - ADR		17,197		314,877
Suzano S.A. - ADR		78,845		728,528
Telefónica Brasil S.A. - ADR		91,332		653,024

	Shares		Fair Value
COMMON STOCKS — 97.9%, continued
BRAZIL — 1.5%, continued
TIM S.A. - ADR ^(a)		39,899	$	464,824
				5,184,951
CANADA — 7.1%
Bank of Montreal ^(a)		17,353		1,572,182
Bank of Nova Scotia (The) ^(a)		14,715		720,741
BCE, Inc. ^(a)		11,273		495,448
Canadian Imperial Bank of Commerce		7,538		304,912
Canadian National Railway Co.		15,841		1,883,178
Canadian Pacific Railway Ltd.		19,191		1,431,457
CGI, Inc. ^(a)(b)		8,100		697,653
Franco-Nevada Corp.		14,305		1,952,346
Gildan Activewear, Inc.		18,362		503,119
Manulife Financial Corp.		76,580		1,366,187
Methanex Corp.		11,194		423,805
Nutrien Ltd.		9,589		700,285
Restaurant Brands International, Inc. ^(a)		11,589		749,461
Royal Bank of Canada ^(a)		32,068		3,015,033
Sun Life Financial, Inc. ^(a)		27,123		1,259,050
Teck Resources Ltd. - Class B ^(a)		43,317		1,638,249
Thomson Reuters Corp. ^(a)		20,428		2,330,222
Toronto-Dominion Bank (The) ^(a)		26,902		1,742,173
Wheaton Precious Metals Corp.		35,026		1,368,816
				24,154,317
CAYMAN ISLANDS — 4.9%
Alibaba Group Holding Ltd. - ADR ^(b)		26,924		2,371,735
Autohome, Inc. - ADR		2,537		77,632
Baidu, Inc. - ADR ^(b)		4,105		469,530
China Literature Ltd. ^(b)		83,000		322,193
China Mengniu Dairy Co. Ltd.		98,000		444,452
ENN Energy Holdings Ltd.		31,800		446,512
Genscript Biotech Corp. ^(b)		112,000		356,566
Hengan International Group Co. Ltd.		99,000		525,721
JD.com, Inc. - ADR		11,792		661,885
Kingdee International Software Group Co. Ltd. ^(b)		100,000		214,462
Meituan - ADR ^(b)		27,017		1,195,232
Minth Group Ltd.		64,000		173,415
NetEase, Inc. - ADR		8,957		650,547
Shenzhou International Group Holdings Ltd.		48,000		539,922
Sunny Optical Technology Group Co. Ltd.		19,200		228,391
Tencent Holdings Ltd. - ADR ^(a)		101,450		4,297,422
Tingyi Cayman Islands Holding Corp.		276,000		487,252
Trip.com Group Ltd. - ADR ^(b)		22,788		783,907
Vipshop Holdings Ltd. - ADR ^(b)		21,137		288,309
VNET Group, Inc. - ADR ^(a)(b)		23,314		132,190
WuXi Biologics Cayman, Inc. ^(b)		122,072		935,999
Xinyi Solar Holdings Ltd.		100,000		110,690
ZTO Express Cayman, Inc. - ADR ^(a)		26,341		707,783
				16,421,747
CHILE — 0.2%
Sociedad Quimica y Minera de Chile S.A. - ADR		10,226		816,444

CHINA — 3.2%
Agricultural Bank of China Ltd. - H Shares		1,583,000		543,514
ANTA Sports Products Ltd.		50,400		660,544
Bank of China Ltd. - H Shares		1,903,000		692,393
BYD Co. Ltd. - H Shares		23,000		567,518
China Life Insurance Co. Ltd. - H Shares		376,000		645,488

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2022

	Shares		Fair Value
COMMON STOCKS — 97.9%, continued
CHINA — 3.2%, continued
China Merchants Bank Co. Ltd. - H Shares		66,820	$	373,668
China Minsheng Banking Corp. Ltd. - H Shares		456,500		157,906
China Pacific Insurance Group Co. Ltd. - H Shares		100,200		223,107
China Resources Land Ltd.		134,000		613,728
China Vanke Co. Ltd. - H Shares		168,574		341,227
COSCO SHIPPING Holdings Co. Ltd. - H Shares		87,500		89,231
Haier Smart Home Co. Ltd. - H Shares		241,230		822,069
Huatai Securities Co. Ltd. - H Shares		117,400		134,312
Industrial & Commercial Bank of China Ltd. - H Shares		1,118,000		575,789
Jiangsu Expressway Co. Ltd. - H Shares		720,000		657,684
New World Development Co. Ltd.		72,768		205,097
PICC Property & Casualty Co. Ltd. - H Shares		146,000		138,601
Ping An Insurance Group Co. of China Ltd. - H Shares		256,818		1,699,383
Sinopharm Group Co. Ltd. - H Shares		427,200		1,085,846
TravelSky Technology Ltd. - H Shares		217,000		458,711
				10,685,816
COLOMBIA — 0.3%
Bancolombia S.A. - ADR		32,931		939,851

DENMARK — 2.1%
A.P. Moller-Maersk A/S - Series B		67		150,672
Chr. Hansen Holding A/S		1,812		130,360
Coloplast A/S - Series B		2,036		238,019
DSV A/S		4,551		718,445
Genmab A/S ^(b)		932		394,629
Novo Nordisk A/S - ADR		29,898		4,046,395
Novozymes A/S - Class B		3,368		170,635
Orsted A/S		4,694		426,635
Pandora A/S		1,085	$	76,246
Vestas Wind Systems A/S		21,015		611,468
				6,963,504
FINLAND — 0.8%
Neste OYJ		20,268		933,643
Nokia Corp. - ADR		122,369		567,792
Sampo plc - A Shares		3,751		196,085
Stora Enso OYJ - R Shares		11,015		155,099
UPM-Kymmene OYJ		20,395		762,820
				2,615,439
FRANCE — 6.5%
Accor S.A. ^(b)		11,801		295,057
Aeroports de Paris ^(b)		1,860		249,354
Air Liquide S.A. - ADR		1,327		37,531
Air Liquide S.A.		9,728		1,379,149
Alstom S.A. - ADR		8,390		19,968
Alstom S.A.		10,037		245,256
Arkema S.A.		1,887		169,485
AXA S.A.		33,469		933,756
BNP Paribas S.A.		3,140		179,040
Bollore SE		82,440		460,795
Bureau Veritas S.A.		16,518		435,280
Capgemini SE		5,024		838,947
Carrefour S.A.		14,741		246,867
Cie Generale des Etablissements Michelin SCA - ADR		28,976		402,477
Cie Generale des Etablissements Michelin SCA		18,076		502,950

	Shares		Fair Value
COMMON STOCKS — 97.9%, continued
FRANCE — 6.5%, continued
Covivio		5,514	$	327,392
Danone S.A. - ADR		12,960		136,274
Danone S.A.		6,488		342,011
Dassault Systemes SE - ADR		901		32,211
Dassault Systemes SE		9,814		351,986
EssilorLuxottica S.A.		4,430		802,608
Eurofins Scientific SE		2,307		165,657
Getlink SE		77,043		1,235,377
Henkel AG & Co. KGaA		4,390		283,218
Hermes International		830		1,284,238
Kering S.A.		1,685		857,927
Klepierre S.A. ^(b)		22,849		526,758
Legrand S.A.		10,029		803,480
L’Oreal S.A. - ADR		21,745		1,549,223
L’Oreal S.A.		1,380		492,952
Publicis Groupe S.A. ^(b)		12,555		798,820
Sartorius Sedim Biotech		1,319		427,238
Schneider Electric SE		10,419		1,458,370
Societe Generale S.A.		23,503		590,910
Solvay S.A.		809		81,827
Teleperformance		1,454		346,724
Unibail-Rodamco-Westfield ^(b)		6,388		332,636
Unibail-Rodamco-Westfield - CDI ^(b)		45,646		119,949
Valeo		28,541		510,370
Veolia Environnement S.A.		6,731		172,978
Vivendi SE - ADR		13,553		128,618
Vivendi SE		21,180		202,161
Wendel SE		8,457		789,646
Worldline S.A. ^(b)		11,073		433,126
				21,980,597
GERMANY — 3.9%
adidas AG - ADR		2,402		162,712
adidas AG		1,323		180,565
Allianz SE - ADR		76,050		1,631,273
Allianz SE		239		51,414
BASF SE		3,729		185,232
Bayerische Motoren Werke AG - ADR		2		59
Bayerische Motoren Werke AG		2,092		186,777
Brenntag AG		6,380		407,981
Commerzbank AG ^(b)		24,099		228,010
Continental AG		6,571		393,880
Daimler Truck Holding AG ^(b)		9,334		289,295
Deutsche Boerse AG		5,965		1,030,893
Deutsche Post AG - ADR		9,971		373,913
Deutsche Post AG		10,161		382,765
Deutsche Telekom AG - ADR		30,009		599,580
Deutsche Telekom AG		25,629		511,482
Fraport AG Frankfurt Airport Services Worldwide ^(b)		1,961		79,897
Fresenius Medical Care AG & Co.		4,696		153,717
Hannover Rueck SE		1,159		230,211
Mercedes-Benz Group AG		18,669		1,227,408
Merck KGaA		2,309		447,262
Muenchener Rueckversicherungs-Gesellschaft AG - ADR		18,890		611,942
Muenchener Rueckversicherungs-Gesellschaft AG		1,787		581,698
RWE AG		13,344		594,257
Sartorius AG		918		363,111

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2022

	Shares		Fair Value
COMMON STOCKS — 97.9%, continued
GERMANY — 3.9%, continued
Siemens AG		5,494	$	762,654
Telefonica Deutschland Holding AG		166,204		409,860
Vitesco Technologies Group AG ^(b)		1		58
Vonovia SE		32,704		771,113
Zalando SE ^(b)		6,837		242,395
				13,091,414
HONG KONG — 2.3%
AAC Technologies Holdings, Inc. ^(b)		92,000		210,270
AIA Group Ltd. - ADR		34,946		1,552,651
AIA Group Ltd.		57,569		640,183
BYD Electronic International Co. Ltd.		86,500		278,154
Geely Automobile Holdings Ltd.		93,000		135,826
Hang Seng Bank Ltd.		16,100		267,729
Hong Kong Exchanges & Clearing Ltd.		26,978		1,165,447
Lenovo Group Ltd.		562,000		461,519
Link REIT		95,500		701,057
New China Life Insurance Co. Ltd. - H Shares		87,400		213,865
Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares		132,000		216,799
Sino Land Co. Ltd.		144,000		180,056
Swire Properties Ltd.		206,350		524,495
Techtronic Industries Co. Ltd.		24,500		273,388
Wharf Holdings Ltd. (The)		166,000		488,075
Zhongsheng Group Holdings Ltd.		86,000		442,364
				7,751,878
INDIA — 3.7%
HDFC Bank Ltd. - ADR		30,589		2,092,594
ICICI Bank Ltd. - ADR		226,296		4,953,619
Infosys Ltd. - ADR		196,394		3,537,056
Wipro Ltd. - ADR ^(a)		411,428		1,917,254
				12,500,523
INDONESIA — 0.7%
Bank Mandiri Persero Tbk PT - ADR		87,101		1,107,925
Telkom Indonesia Persero Tbk PT - ADR		50,040		1,193,454
				2,301,379
IRELAND — 0.4%
CRH plc - ADR ^(a)		14,500		576,955
Kingspan Group plc		2,206		119,477
Smurfit Kappa Group plc		20,818		770,393
				1,466,825
ISRAEL — 0.4%
Check Point Software Technologies Ltd. ^(b)		4,473		564,313
ICL Group Ltd.		54,570		398,907
Nice Ltd. - ADR ^(a)(b)		2,630		505,749
				1,468,969
ITALY — 1.7%
Assicurazioni Generali S.p.A.		24,438		434,776
Enel S.p.A.		63,194		340,364
Intesa Sanpaolo S.p.A. - ADR		1		13
Intesa Sanpaolo S.p.A.		276,901		616,126
Mediobanca Banca di Credito Finanziario S.p.A.		49,451		475,712
Moncler S.p.A.		10,592		561,414
Poste Italiane S.p.A.		93,753		916,147
Telecom Italia S.p.A. ^(b)		591,414		136,977
Terna - Rete Elettrica Nazionale S.p.A.		227,512		1,680,943

	Shares		Fair Value
COMMON STOCKS — 97.9%, continued
ITALY — 1.7%, continued
UniCredit S.p.A.		52,597	$	747,476
				5,909,948
JAPAN — 14.7%
Advantest Corp.		4,800		310,100
Aeon Co. Ltd.		7,900		167,496
AGC, Inc.		10,000		334,829
Asahi Intecc Co. Ltd.		11,100		182,997
Asahi Kasei Corp.		50,000		358,599
Astellas Pharma, Inc.		34,300		524,321
Azbil Corp.		10,400		263,445
Bandai Namco Holdings, Inc.		6,200		392,705
Bridgestone Corp.		33,456		1,195,649
Brothers Industries Ltd.		13,900		212,533
Canon, Inc.		22,800		496,000
Chiba Bank Ltd. (The)		28,700		210,340
CyberAgent, Inc.		13,700		121,907
Dai Nippon Printing Co. Ltd.		61,318		1,237,936
Dai-ichi Life Holdings, Inc.		16,346		372,844
Daiichi Sankyo Co. Ltd. - ADR		5,703		183,580
Daiichi Sankyo Co. Ltd.		23,430		758,622
Daiwa House Industry Co. Ltd.		30,000		694,570
Denso Corp.		10,000		497,939
Dentsu Group, Inc.		4,300		135,787
ENEOS Holdings, Inc.		167,700		572,368
FANUC Corp. - ADR		8,460		125,800
FANUC Corp.		800		120,889
Fast Retailing Co. Ltd. - ADR		1,220		73,895
Fast Retailing Co. Ltd.		1,400		858,915
FUJIFILM Holdings Corp. - ADR		8,120		406,568
FUJIFILM Holdings Corp.		1,500		75,708
Fujitsu Ltd.		4,868		653,277
Hitachi Construction Machinery Co. Ltd.		7,800		175,834
Honda Motor Co. Ltd.		7,800		180,172
Hoya Corp. - ADR		1,273		121,444
Hoya Corp.		6,861		664,089
Ibiden Co. Ltd.		4,600		167,689
Idemitsu Kosan Co. Ltd.		13,300		311,067
Japan Exchange Group, Inc.		20,800		300,683
Kao Corp.		29,400		1,177,021
KDDI Corp. - ADR		43,814		662,030
Keyence Corp.		3,600		1,410,259
Kintetsu Group Holdings Co. Ltd.		18,128		601,454
Kubota Corp. - ADR		788		53,718
Kubota Corp.		24,000		332,224
Lixil Corp.		15,100		230,191
Mitsubishi Corp.		44,800		1,461,808
Mitsubishi Estate Co. Ltd.		14,300		186,402
Mitsubishi UFJ Financial Group, Inc. - ADR		25,008		166,803
Mitsubishi UFJ Financial Group, Inc.		317,209		2,148,382
Mitsui & Co. Ltd. - ADR		730		426,557
Mitsui & Co. Ltd.		62,990		1,848,992
Mitsui Chemicals, Inc.		7,100		160,920
Mitsui OSK Lines Ltd.		21,700		543,901
Mizuho Financial Group, Inc.		65,200		921,913
Murata Manufacturing Co. Ltd.		12,900		647,452
Nexon Co. Ltd.		13,700		309,151
Nidec Corp. - ADR		23,780		303,671
Nintendo Co. Ltd. - ADR		74,200		773,164

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2022

	Shares		Fair Value
COMMON STOCKS — 97.9%, continued
JAPAN — 14.7%, continued
Nintendo Co. Ltd.		3,000	$	126,435
Nippon Building Fund, Inc.		33		147,828
Nippon Prologis REIT, Inc.		175		411,299
Nippon Sanso Holdings Corp.		9,300		135,751
Nippon Telegraph & Telephone Corp.		5,200		149,034
Nippon Yusen KK		13,800		326,967
Nitori Holdings Co. Ltd.		1,100		142,883
Nomura Real Estate Holdings, Inc.		6,900		148,765
Nomura Research Institute Ltd.		16,000		379,702
Odakyu Electric Railway Co. Ltd.		10,400		135,565
Olympus Corp.		16,400		293,863
Omron Corp.		2,900		141,508
Ono Pharmaceutical Co. Ltd.		6,900		162,064
Oriental Land Co. Ltd.		4,160		607,230
ORIX Corp.		16,800		271,145
Pan Pacific International Holdings Corp.		10,900		203,699
Persol Holdings Co. Ltd.		8,000		172,359
Pinduoduo, Inc. - ADR ^(b)		8,211		669,607
Recruit Holdings Co. Ltd.		28,250		898,974
Resona Holdings, Inc.		45,300		249,586
Ricoh Co. Ltd.		25,500		195,629
Secom Co. Ltd.		2,700		155,157
Seiko Epson Corp.		30,300		444,594
Sekisui House Ltd. - ADR		21,690		378,057
Sekisui House Ltd.		8,000		142,220
Seven & i Holdings Co. Ltd.		18,900		814,972
Sharp Corp.		20,600		148,308
Shimadzu Corp.		17,000		485,026
Shimano, Inc.		2,084		332,142
Shin-Etsu Chemical Co. Ltd.		3,400		420,270
Shionogi & Co. Ltd.		3,400		170,594
Shiseido Co. Ltd. - ADR		2,703		131,906
Shiseido Co. Ltd.		2,100		103,527
SoftBank Corp.		33,205		376,418
SoftBank Group Corp. - ADR		12,130		256,610
SoftBank Group Corp.		13,000		558,978
Sony Group Corp. - ADR ^(a)		17,616		1,343,749
Sony Group Corp.		2,000		152,902
Sumitomo Corp.		23,254		389,040
Sumitomo Metal Mining Co. Ltd.		8,000		284,685
Sumitomo Mitsui Trust Holdings, Inc.		19,600		685,084
Suntory Beverage & Food Ltd.		7,600		260,550
Takeda Pharmaceutical Co. Ltd. - ADR		17,704		276,182
Takeda Pharmaceutical Co. Ltd.		26,800		839,357
TDK Corp.		11,700		386,402
Terumo Corp.		10,972		313,125
Toho Co. Ltd.		4,100		158,676
Tokyo Electron Ltd.		1,900		562,787
Toppan, Inc.		55,900		832,148
Toray Industries, Inc.		50,000		280,586
Toto Ltd.		5,000		171,414
Toyota Motor Corp. - ADR ^(a)		10,972		1,498,556
USS Co. Ltd.		31,120		496,693
Yamaha Corp.		18,800		704,672
Yamaha Motor Co. Ltd.		31,100		713,167
Yokogawa Electric Corp.		36,800		590,152
Z Holdings Corp.		54,000		136,583
				49,791,792

	Shares		Fair Value
COMMON STOCKS — 97.9%, continued
JERSEY — 0.7%
Experian plc - ADR		11,145	$	375,698
Glencore plc		248,450		1,659,096
WPP plc - ADR		1,188		58,402
WPP plc		34,966		346,693
				2,439,889
LUXEMBOURG — 0.0% ^(c)
Aroundtown S.A.		34,293		80,160

MEXICO — 1.0%
Fomento Economico Mexicano S.A.B. de C.V. - ADR		12,776		998,061
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR		2,661		382,678
Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR		3,153		734,618
Wal-Mart de Mexico S.A.B. de C.V. - ADR		32,608		1,146,497
				3,261,854
NETHERLANDS — 2.9%
Adyen N.V. ^(b)		349		481,477
Aegon N.V.		13,988		70,499
Akzo Nobel N.V. - ADR		1,673		37,325
Argenx SE - ADR ^(b)		1,002		379,588
ASML Holding N.V. - ADR		6,611		3,612,250
Exor N.V. ^(b)		3,298		241,196
ING Groep N.V. - ADR ^(a)		40,673		494,990
ING Groep N.V.		12,870		156,937
Koninklijke Ahold Delhaize N.V. - ADR		24,466		702,174
Koninklijke Ahold Delhaize N.V.		5,491		157,810
Koninklijke DSM N.V.		2,622		320,907
NN Group N.V.		10,306		421,112
OCI N.V.		9,087		325,182
Prosus N.V. ^(b)		13,725		947,185
QIAGEN N.V. ^(b)		7,847		391,330
Randstad Holding N.V.		3,477		212,068
Stellantis N.V.		42,053		597,541
STMicroelectronics N.V. - ADR ^(a)		2,836		100,877
Wolters Kluwer N.V.		1,707		178,688
				9,829,136
NORWAY — 2.4%
Aker BP ASA		56,057		1,740,135
Equinor ASA - ADR		158,981		5,693,109
Norsk Hydro ASA		79,990		598,680
				8,031,924
PORTUGAL — 0.7%
Galp Energia SGPS S.A.		171,903		2,321,123
Jeronimo Martins SGPS S.A.		8,104		175,114
				2,496,237
RUSSIA — 0.0% ^(c)
Mobile TeleSystems PJSC - ADR ^(b)(d)(e)		86,910		869

SINGAPORE — 1.9%
BOC Aviation Ltd.		87,700		731,997
CapitaLand Ascendas REIT		167,800		343,267
CapitaLand Integrated Commercial Trust		522,925		796,452
CapitaLand Investment Ltd.		183,000		505,525

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2022

	Shares			Fair Value
COMMON STOCKS — 97.9%, continued
SINGAPORE — 1.9%, continued
CDL Hospitality Trusts		28,826		$	26,902
City Developments Ltd.		203,900			1,252,872
DBS Group Holdings Ltd. - ADR		11,392			1,154,807
Singapore Telecommunications Ltd.		216,000			414,454
Venture Corp. Ltd.		84,300			1,073,733
					6,300,009
SOUTH AFRICA — 1.1%
FirstRand Ltd.		201,574			736,874
Gold Fields Ltd. - ADR ^(a)		14,088			145,811
Impala Platinum Holdings Ltd. - ADR		29,987			372,439
Mr Price Group Ltd.		56,059			524,331
MTN Group Ltd.		18,970			142,109
MultiChoice Group Ltd.		72,496			500,170
Naspers Ltd. - Class N - ADR ^(a)		26,085			860,805
Standard Bank Group Ltd.		44,968			444,014
					3,726,553
SOUTH KOREA — 4.1%
Celltrion, Inc.		4,265			543,621
Hyundai Mobis Co. Ltd.		8,222			1,309,153
KB Financial Group, Inc. - ADR		15,444			597,065
Korea Electric Power Corp. - ADR		13,750			118,800
KT Corp. - ADR		39,515			533,453
LG Display Co. Ltd. - ADR		3			15
NAVER Corp.		8,715			1,228,469
POSCO Holdings, Inc. - ADR		9,906			539,580
Samsung Electronics Co. Ltd.		122,339			5,372,649
Shinhan Financial Group Co. Ltd. - ADR		23,067			644,261
Shinhan Financial Group Co. Ltd.		29,265			818,068
SK Hynix, Inc.		15,952			950,112
SK Telecom Co. Ltd. - ADR		19,765			406,961
Woori Financial Group, Inc. - ADR		34,279			943,701
					14,005,908
SPAIN — 1.9%
Aena SME S.A. ^(b)		5,525			693,953
Amadeus IT Group S.A. ^(b)		7,348			381,995
Cellnex Telecom S.A.		4,067			134,652
Iberdrola S.A. - ADR		1,595			74,582
Iberdrola S.A.		29,928			350,266
Industria de Diseno Textil S.A.		34,462			916,994
Naturgy Energy Group S.A.		12,657			329,470
Repsol S.A.		178,289			2,834,984
Siemens Gamesa Renewable Energy S.A. ^(b)		11,865			229,321
Telefónica S.A.		92,766			336,238
					6,282,455
SWEDEN — 1.7%
Atlas Copco AB		35,688			421,064
Atlas Copco AB - Class A - ADR		40,296			475,493
Boliden AB		20,477			767,872
Essity AB - Series B		7,919			207,433
H & M Hennes & Mauritz AB - B Shares		19,185			206,385
Hexagon AB - B Shares		53,748			561,510
Industrivarden AB		11,816	��		287,089
Investor AB - B Shares		119,025			2,151,078
Svenska Cellulosa AB S.C.A. - Series B		16,418			207,634
Svenska Handelsbanken AB - A Shares		31,343			315,727

	Shares		Fair Value
COMMON STOCKS — 97.9%, continued
SWEDEN — 1.7%, continued
Telefonaktiebolaget LM Ericsson - B Shares		42,832	$	250,008
				5,851,293
SWITZERLAND — 6.2%
ABB Ltd. - ADR ^(a)		33,452		1,018,948
ABB Ltd.		5,783		175,506
Accelleron Industries A.G. - ADR ^(b)		1,953		39,841
Accelleron Industries A.G. ^(b)		289		5,984
Adecco Group AG		14,312		471,499
Barry Callebaut AG		553		1,093,930
Clariant AG ^(b)		10,218		161,903
Coca-Cola HBC AG		26,042		621,127
Geberit AG		1,928		908,126
Givaudan S.A.		223		683,286
Holcim Ltd. ^(b)		8,532		441,831
Julius Baer Group Ltd. ^(b)		3,557		207,205
Keuhne + Nagel International AG		643		149,659
Lonza Group AG - ADR		1,070		52,162
Lonza Group AG		2,080		1,019,315
Nestlé S.A. - ADR		31,994		3,690,188
Nestlé S.A.		4,022		466,063
Partners Group Holding AG		570		503,549
Roche Holding AG - ADR ^(a)		78,528		3,074,371
Roche Holding AG		2,204		692,482
Sika AG		852		204,294
Sonova Holding AG		1,992		472,475
Swatch Group AG (The)		707		201,106
Swiss Life Holding AG		1,691		872,028
Swiss Re AG		9,611		898,949
Swisscom AG		981		537,508
Temenos AG		3,323		182,361
UBS Group AG ^(a)		39,428		733,686
UBS Group AG		6,374		119,003
Zurich Insurance Group AG - ADR		24,700		1,181,772
Zurich Insurance Group AG		492		235,360
				21,115,517
TAIWAN — 4.5%
ASE Technology Holding Co. Ltd. - ADR		126,937		795,895
AUO Corp. - ADR		115,722		560,095
Chunghwa Telecom Co. Ltd. - ADR		134,305		4,914,220
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		105,463		7,855,939
United Microelectronics Corp. - ADR ^(a)(b)		154,753		1,010,537
				15,136,686
TURKEY — 0.1%
Turkcell Iletisim Hizmetleri A.S. - ADR		58,775		281,532

UNITED KINGDOM — 8.0%
3i Group plc		68,813		1,115,938
Antofagasta plc		47,452		886,549
Ashtead Group plc		11,037		629,756
AstraZeneca plc - ADR		51,316		3,479,225
Aviva plc		147,903		791,705
Barratt Developments plc		56,585		271,426
British Land Co. plc (The)		62,287		297,422
BT Group plc		130,919		177,335
Bunzl plc		5,822		194,179

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2022

	Shares		Fair Value
COMMON STOCKS — 97.9%, continued
UNITED KINGDOM — 8.0%, continued
Burberry Group plc		13,434	$	329,671
Coca-Cola Europacific Partners plc ^(a)		18,549		1,026,131
Compass Group plc		35,682		827,110
GSK plc - ADR		2,550		89,607
GSK plc		27,901		484,883
Haleon plc - ADR ^(b)		17,287		138,296
Halma plc		6,736		160,742
HSBC Holdings plc - ADR ^(a)		58,458		1,821,551
HSBC Holdings plc		27,340		170,408
Informa plc		99,047		741,877
InterContinental Hotels Group plc - ADR ^(a)		2,515		146,725
J Sainsbury plc		86,209		226,877
Kingfisher plc		161,921		462,145
Land Securities Group plc		37,958		285,045
Legal & General Group plc		210,040		633,507
Lloyds Banking Group plc		437,921		240,369
London Stock Exchange Group plc		7,929		683,994
Mondi plc		24,044		409,686
National Grid plc		49,369		595,254
NatWest Group plc		160,250		513,748
PEARSON plc - ADR		42,312		476,856
PEARSON plc		24,794		281,503
Prudential plc - ADR ^(a)		10,228		281,065
Reckitt Benckiser Group plc - ADR		34,350		483,992
Reckitt Benckiser Group plc		3,212		223,421
RELX plc - ADR		4,303		119,279
RELX plc		61,542		1,702,184
Rentokil Initial plc		28,495		174,989
Rio Tinto plc - ADR ^(a)		9,034		643,221
Sage Group plc (The) - ADR		2,320		83,450
Sage Group plc (The)		14,027		126,430
Segro plc		49,056		452,713
Severn Trent plc		16,234		520,253
Taylor Wimpey plc		108,822		133,722
Tesco plc - ADR		5,503		44,492
Tesco plc		144,166		390,731
Unilever plc - ADR		44,516		2,241,381
United Utilities Group plc		59,321		710,946
Whitbread plc		5,438		168,947
				27,090,736
TOTAL COMMON STOCKS (Cost $260,217,085)			$	331,388,601

	Coupon			Maturity		Par Value		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/15/23	$	870,000	$	858,952
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/23		480,000		466,879
Calvert Social Investment Foundation, Inc. ^(d)		1.000	%		06/14/24		450,000		420,366
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/17/24		290,000		278,666
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/24		120,000		114,233
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		06/13/25		500,000		466,299
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		12/15/25		400,000		369,557
TOTAL CORPORATE NOTES (Cost $3,110,000)								$	2,974,952

	Shares		Fair Value
MONEY MARKET FUNDS — 0.5%
First American Government Obligations Fund - Class X, 4.10% ^(f) (Cost $1,575,412)		1,575,412	$	1,575,412

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING— 7.4%
Mount Vernon Liquid Assets Portfolio, LLC, 4.49% ^(f)(g) (Cost $24,979,212)		24,979,212		24,979,212

TOTAL INVESTMENTS - (Cost $289,881,709) — 106.7%			$	360,918,177
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.7%)				(22,486,728	)
NET ASSETS — 100.0%			$	338,431,449

(a)	All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2022 was $24,128,899 (Note 8).

(b)	Non-income producing security.

(c)	Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
December 31, 2022

(d)	Illiquid securities are as follows:

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23		06/18/18	$	870,000	$	858,952		0.3	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23		12/17/18		480,000		466,879		0.1	%
Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24		06/15/21		450,000		420,366		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24		06/17/19		290,000		278,666		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24		12/12/19		120,000		114,233		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		500,000		466,299		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25		12/15/20		400,000		369,557		0.1	%
Mobile TeleSystems PJSC - ADR		07/19/11		752,376		869		0.0	%^(c)
			$	3,862,376	$	2,975,821		0.9	%

(e)	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 $869 as of December 31, 2022, representing 0.0% (c) of net assets.

(f)	The rate shown is the 7-day effective yield as of December 31, 2022.

(g)	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

See accompanying notes to financial statements.

Praxis Growth and Value Index Funds

Annual Report to Shareholders

Portfolio Manager’s Commentary (unaudited)

Unlike last year when various year-end stock market commentaries referenced “all-time highs”, this year we see a lot of “worst year since …” references. The tides can turn quickly and the uncertainties that drive the stock markets continue their march forward.

Growth stocks as measured by the S&P 500 Growth Index had a rough year, ending 2022 with a return of -29.40%, a sharp reversal of the 31.99% return achieved in 2021. Value stocks as measured by the S&P 500 Value Index fared a little better, ending 2022 with a return of -5.22% versus the 24.90% return achieved in 2021. 2022 was the first year since 2016 that the Value style outperformed the Growth style to any meaningful degree.

For U.S. Large Cap Stock returns during 2022, a graph of the S&P 500 shows a rocky ride down from the top, with many recoveries followed by deeper losses, ending with an annual return of -18.11%.

In a review of sector breakouts for large cap stocks, Energy managed a large 65% return and Utilities were also positive at 2%. All other sectors showed negative returns, the largest being Communication Services (-40%), Consumer Discretionary (-37%), Information Technology (-28%) and Real Estate (-26%).

The Praxis Growth Index Fund Class I Shares returned -28.18%, outperforming the -29.40% return of its benchmark, the S&P 500 Growth Index. The Praxis Growth Index Fund Class A Shares (without load) returned a -28.42%.

The Stock Specific factor was the leading contributor to positive relative performance. Industries and Beta from Fundamentals were the leading contributors to negative relative performance. Following current SEC diversification rules limited our exposure to the highest-weighted names in our benchmark index (Apple, Microsoft, Alphabet and Amazon) and helped relative performance as these stocks struggled in 2022.

The Praxis Value Index Fund Class I Shares returned -7.55%, underperforming the -5.22% return of the S&P 500 Value Index, the Fund’s benchmark. The Praxis Value Index Fund Class A Shares (without load) returned -7.86%.

Stock-specific and Industry factors were the leading contributors to negative relative performance. As examples, not owning Exxon Mobil (social screen) was a negative contributor, as Exxon Mobil was up 87.4% for the year and not owning Lockheed Martin (weapons screen) was a negative contributor, as Lockheed Martin was up 40.4% for the year. Other and Fundamental factors were the leading contributors to positive relative performance.

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 Nov. 30, 2022, is the 10th percentile for the Praxis Growth Index Fund and the 9th percentile for the Praxis Value Index Fund. Both Funds scored 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 necessitated some significant realignment of portfolio holdings near year end.

We continue to be pleased with the performance of the Funds which over time have delivered returns close to their benchmarks. We look forward to continuing to incorporate our Values + ESG screens, and Sustainalytics ESG scores, while using tax optimization tools to deliver returns that track benchmark returns in the large-cap space, whether it is on the Growth or Value side of the equation.

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

The views expressed are those of the portfolio manager as of Dec. 31, 2022, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

The S&P 500 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

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. ^© 2022 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 Fund Performance Review

Praxis Value Index Fund

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/12 to 12/31/22

			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	-12.69%	4.03%	6.38%	9.80%	0.78%	0.78%
Class A (Without Load)	5/1/01	-7.86%	5.92%	7.54%	10.39%
Class I	5/1/06	-7.55%	6.37%	7.99%	10.91%	0.38%	0.38%
S&P 500 Value Index ¹		-5.22%	6.26%	7.58%	10.86%

* 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, 2022.

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

Schedule of Investments

Praxis Value Index Fund
December 31, 2022

	Shares		Fair Value
COMMON STOCKS — 98.4%
ADVERTISING & MARKETING — 0.2%
Omnicom Group, Inc. ^(a)		10,229	$	834,380

AEROSPACE & DEFENSE — 0.2%
TransDigm Group, Inc.		1,510		950,772

APPAREL & TEXTILE PRODUCTS — 1.0%
NIKE, Inc. - Class B ^(a)		29,440		3,444,774
VF Corp. ^(a)		18,360		506,920
				3,951,694
ASSET MANAGEMENT — 1.4%
Ameriprise Financial, Inc.		1,540		479,510
BlackRock, Inc.		4,022		2,850,110
Charles Schwab Corp. (The)		17,660		1,470,372
Invesco Ltd.		15,670		281,903
T. Rowe Price Group, Inc.		2,870		313,002
				5,394,897
AUTOMOTIVE — 0.9%
Aptiv plc ^(b)		7,050		656,566
BorgWarner, Inc.		14,870		598,518
Ford Motor Co.		104,753		1,218,277
General Motors Co.		37,320		1,255,445
				3,728,806
BANKING — 7.1%
Bank of America Corp.		192,070		6,361,358
Citigroup, Inc.		56,686		2,563,908
Citizens Financial Group, Inc.		10,900		429,133
Fifth Third Bancorp		19,490		639,467
First Republic Bank		4,180		509,500
Huntington Bancshares, Inc.		43,970		619,977
JPMorgan Chase & Co.		75,425		10,114,492
KeyCorp		21,488		374,321
M&T Bank Corp.		5,634		817,268
PNC Financial Services Group, Inc. (The)		11,131		1,758,030
Regions Financial Corp. ^(a)		24,860		535,982
Signature Bank		2,580		297,268
SVB Financial Group ^(b)		710		163,399
Truist Financial Corp.		40,660		1,749,600
U.S. Bancorp		34,867		1,520,550
				28,454,253
BEVERAGES — 0.9%
Coca-Cola Co. (The)		40,420		2,571,116
Keurig Dr Pepper, Inc.		12,430		443,254
PepsiCo, Inc.		4,139		747,752
				3,762,122
BIOTECH & PHARMA — 2.0%
Biogen, Inc. ^(b)		1,930		534,456
Gilead Sciences, Inc.		3,450		296,182
Johnson & Johnson		28,441		5,024,103
Viatris, Inc.		40,540		451,210
Zoetis, Inc.		10,000		1,465,500
				7,771,451
CABLE & SATELLITE — 1.3%
Charter Communications, Inc. - Class A ^(b)		2,520		854,532
Comcast Corp. - Class A		119,140		4,166,326

	Shares		Fair Value
COMMON STOCKS — 98.4%, continued
CABLE & SATELLITE — 1.3%, continued
DISH Network Corp. - Class A ^(a)(b)		19,840	$	278,553
				5,299,411
CHEMICALS — 2.7%
Air Products & Chemicals, Inc.		2,397		738,899
Dow, Inc.		7,400		372,886
DuPont de Nemours, Inc. ^(a)		8,148		559,197
Ecolab, Inc.		2,960		430,858
FMC Corp.		2,410		300,768
International Flavors & Fragrances, Inc. ^(a)		9,942		1,042,319
Linde plc		10,956		3,573,628
LyondellBasell Industries N.V. - Class A		12,360		1,026,251
PPG Industries, Inc.		10,210		1,283,806
Sherwin-Williams Co. (The)		6,010		1,426,353
				10,754,965
COMMERCIAL SUPPORT SERVICES — 1.0%
Republic Services, Inc.		11,450		1,476,936
Robert Half International, Inc.		5,180		382,439
Rollins, Inc.		8,020		293,051
Waste Management, Inc.		10,650		1,670,772
				3,823,198
CONSTRUCTION MATERIALS — 0.1%
Martin Marietta Materials, Inc.		1,320		446,120

CONTAINERS & PACKAGING — 0.2%
Amcor plc		24,340		289,889
WestRock Co.		10,430		366,719
				656,608
DIVERSIFIED INDUSTRIALS — 1.3%
Dover Corp.		5,253		711,309
Emerson Electric Co.		9,554		917,757
Illinois Tool Works, Inc.		14,045		3,094,113
Pentair plc		12,120		545,158
				5,268,337
E-COMMERCE DISCRETIONARY — 2.8%
Amazon.com, Inc. ^(b)		122,600		10,298,400
eBay, Inc.		12,910		535,378
Etsy, Inc. ^(b)		3,930		470,735
				11,304,513
ELECTRIC UTILITIES — 5.7%
AES Corp. (The)		10,414		299,507
Alliant Energy Corp.		5,400		298,134
Ameren Corp.		3,400		302,328
American Electric Power Co., Inc.		16,270		1,544,836
CenterPoint Energy, Inc.		19,510		585,105
CMS Energy Corp.		12,530		793,525
Consolidated Edison, Inc.		29,931		2,852,724
DTE Energy Co.		4,170		490,100
Duke Energy Corp.		25,514		2,627,687
Edison International		16,627		1,057,810
Eversource Energy		7,770		651,437
Exelon Corp.		34,410		1,487,544
NextEra Energy, Inc.		52,960		4,427,456
PPL Corp.		26,930		786,895
Sempra Energy		6,023		930,794
Southern Co. (The)		36,061		2,575,116

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
December 31, 2022

	Shares		Fair Value
COMMON STOCKS — 98.4%, continued
ELECTRIC UTILITIES — 5.7%, continued
Xcel Energy, Inc.		14,114	$	989,532
				22,700,530
ELECTRICAL EQUIPMENT — 3.2%
AMETEK, Inc.		4,630		646,904
Carrier Global Corp.		22,720		937,200
Generac Holdings, Inc. ^(b)		3,210		323,119
Johnson Controls International plc		38,687		2,475,968
Keysight Technologies, Inc. ^(b)		3,690		631,248
Otis Worldwide Corp.		20,480		1,603,789
Rockwell Automation, Inc. ^(a)		8,530		2,197,072
TE Connectivity Ltd.		14,490		1,663,452
Trane Technologies plc		10,390		1,746,455
Trimble, Inc. ^(b)		8,990		454,534
				12,679,741
ENGINEERING & CONSTRUCTION — 0.1%
Quanta Services, Inc.		2,060		293,550

ENTERTAINMENT CONTENT — 1.8%
Activision Blizzard, Inc.		7,690		588,669
Electronic Arts, Inc.		5,610		685,430
Fox Corp. - Class B		13,000		369,850
Paramount Global - Class B ^(a)		33,366		563,218
Walt Disney Co. (The) ^(b)		47,699		4,144,089
Warner Bros. Discovery, Inc. ^(b)		67,787		642,621
				6,993,877
FOOD — 1.4%
Conagra Brands, Inc.		16,070		621,909
Hormel Foods Corp.		6,540		297,897
J.M. Smucker Co. (The) ^(a)		5,630		892,130
Kellogg Co. ^(a)		5,960		424,590
Kraft Heinz Co. (The)		26,030		1,059,681
McCormick & Co., Inc.		6,090		504,800
Mondelez International, Inc. - Class A		15,422		1,027,876
Tyson Foods, Inc. - Class A		9,110		567,098
				5,395,981
GAS & WATER UTILITIES — 0.2%
American Water Works Co., Inc.		2,100		320,082
NiSource, Inc.		19,060		522,625
				842,707
HEALTH CARE FACILITIES & SERVICES — 2.5%
AmerisourceBergen Corp.		4,700		778,837
Cardinal Health, Inc.		7,850		603,429
Catalent, Inc. ^(b)		1,430		64,364
Cigna Corp.		4,062		1,345,903
CVS Health Corp.		32,034		2,985,248
Elevance Health, Inc.		1,150		589,915
HCA Healthcare, Inc.		1,660		398,334
Humana, Inc.		1,410		722,188
IQVIA Holdings, Inc. ^(b)		2,920		598,279
Laboratory Corp. of America Holdings		2,120		499,218
McKesson Corp.		3,384		1,269,406
UnitedHealth Group, Inc.		570		302,203
				10,157,324
HOME & OFFICE PRODUCTS — 0.1%
Whirlpool Corp.		3,150		445,599

	Shares		Fair Value
COMMON STOCKS — 98.4%, continued
HOME CONSTRUCTION — 0.4%
D.R. Horton, Inc.		3,300	$	294,162
Lennar Corp. - Class A		6,340		573,770
NVR, Inc. ^(b)		130		599,635
				1,467,567
HOUSEHOLD PRODUCTS — 2.3%
Clorox Co. (The) ^(a)		2,030		284,870
Estée Lauder Cos., Inc. (The) - Class A		4,940		1,225,664
Kimberly-Clark Corp.		14,960		2,030,820
Procter & Gamble Co. (The)		38,156		5,782,923
				9,324,277
INDUSTRIAL SUPPORT SERVICES — 0.4%
Fastenal Co.		9,800		463,736
United Rentals, Inc. ^(b)		1,620		575,780
W.W. Grainger, Inc.		870		483,938
				1,523,454
INSTITUTIONAL FINANCIAL SERVICES — 3.2%
Bank of New York Mellon Corp. (The)		38,024		1,730,852
CME Group, Inc.		11,190		1,881,710
Goldman Sachs Group, Inc. (The)		9,160		3,145,361
Intercontinental Exchange, Inc.		16,430		1,685,554
Morgan Stanley		35,391		3,008,943
Nasdaq, Inc.		70		4,295
Northern Trust Corp.		6,297		557,222
State Street Corp.		10,420		808,279
				12,822,216
INSURANCE — 5.7%
Aflac, Inc.		20,790		1,495,633
Allstate Corp. (The)		10,919		1,480,616
American International Group, Inc.		22,987		1,453,698
Aon plc - Class A		4,280		1,284,599
Arch Capital Group Ltd. ^(b)		4,610		289,416
Arthur J. Gallagher & Co.		2,930		552,422
Assurant, Inc. ^(a)		4,170		521,500
Berkley (W.R.) Corp.		9,825		713,000
Brown & Brown, Inc.		15,040		856,829
Chubb Ltd.		8,860		1,954,516
Cincinnati Financial Corp.		9,332		955,504
Everest Re Group Ltd.		2,840		940,807
Globe Life, Inc.		4,450		536,448
Hartford Financial Services Group, Inc. (The)		10,830		821,239
Lincoln National Corp.		16,990		521,933
Loews Corp.		25,180		1,468,749
Marsh & McLennan Cos., Inc.		7,150		1,183,182
MetLife, Inc.		23,733		1,717,557
Principal Financial Group, Inc.		4,530		380,158
Progressive Corp. (The)		8,230		1,067,513
Prudential Financial, Inc.		13,980		1,390,451
Travelers Cos., Inc. (The)		5,403		1,013,008
				22,598,778
INTERNET MEDIA & SERVICES — 3.2%
Alphabet, Inc. - Class A ^(b)		1,350		119,110
Booking Holdings, Inc. ^(b)		1,010		2,035,433
Match Group, Inc. ^(b)		13,760		570,902
Meta Platforms, Inc. - Class A ^(b)		56,990		6,858,177
Netflix, Inc. ^(b)		11,010		3,246,629
				12,830,251

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
December 31, 2022

	Shares		Fair Value
COMMON STOCKS — 98.4%, continued
LEISURE FACILITIES & SERVICES — 1.8%
Carnival Corp. ^(a)(b)		63,243	$	509,739
Darden Restaurants, Inc.		2,130		294,643
Hilton Worldwide Holdings, Inc.		6,420		811,231
Live Nation Entertainment, Inc. ^(a)(b)		6,980		486,785
Marriott International, Inc. - Class A		2,910		433,270
McDonald’s Corp.		8,340		2,197,840
Royal Caribbean Cruises Ltd. ^(a)(b)		2,120		104,792
Starbucks Corp.		16,870		1,673,504
Yum! Brands, Inc.		5,400		691,632
				7,203,436
LEISURE PRODUCTS — 0.4%
Hasbro, Inc.		26,100		1,592,361

MACHINERY — 0.9%
Deere & Co.		907		388,885
IDEX Corp.		2,840		648,457
Ingersoll-Rand, Inc.		13,050		681,863
Nordson Corp.		2,610		620,449
Stanley Black & Decker, Inc.		8,890		667,817
Xylem, Inc.		7,010		775,096
				3,782,567
MEDICAL EQUIPMENT & DEVICES — 5.5%
Abbott Laboratories		23,170		2,543,834
Agilent Technologies, Inc.		1,990		297,803
Align Technology, Inc. ^(b)		1,490		314,241
Baxter International, Inc.		17,182		875,767
Becton, Dickinson and Co.		8,310		2,113,233
Bio-Rad Laboratories, Inc. - Class A ^(b)		720		302,753
Boston Scientific Corp. ^(b)		29,180		1,350,159
Cooper Cos., Inc. (The)		1,170		386,884
Danaher Corp.		4,670		1,239,511
DENTSPLY SIRONA, Inc.		18,350		584,264
Edwards Lifesciences Corp. ^(b)		11,480		856,523
Illumina, Inc. ^(b)		5,030		1,017,066
Intuitive Surgical, Inc. ^(b)		4,520		1,199,382
Medtronic plc		33,680		2,617,610
ResMed, Inc.		2,370		493,268
Stryker Corp. ^(a)		8,800		2,151,512
Teleflex, Inc. ^(a)		2,740		683,986
Thermo Fisher Scientific, Inc.		3,154		1,736,876
West Pharmaceutical Services, Inc.		1,260		296,541
Zimmer Biomet Holdings, Inc.		5,900		752,250
				21,813,463
METALS & MINING — 0.3%
Newmont Corp.		22,640		1,068,608

OIL & GAS PRODUCERS — 0.9%
ConocoPhillips		5,377		634,486
Pioneer Natural Resources Co.		4,630		1,057,446
Valero Energy Corp.		14,590		1,850,887
				3,542,819
OIL & GAS SERVICES & EQUIPMENT — 0.7%
Baker Hughes Co.		44,790		1,322,649
Schlumberger Ltd.		26,396		1,411,130
				2,733,779

	Shares		Fair Value
COMMON STOCKS — 98.4%, continued
REAL ESTATE SERVICES — 0.2%
CBRE Group, Inc. - Class A ^(a)(b)		10,290	$	791,918

REITS — 4.8%
Alexandria Real Estate Equities, Inc.		5,380		783,705
American Tower Corp.		4,760		1,008,454
AvalonBay Communities, Inc.		5,900		952,968
Boston Properties, Inc.		7,500		506,850
Crown Castle, Inc.		6,910		937,272
Digital Realty Trust, Inc.		8,840		886,387
Equinix, Inc.		2,350		1,539,320
Equity Residential		17,370		1,024,830
Essex Property Trust, Inc.		1,340		283,973
Federal Realty Investment Trust		4,450		449,628
Healthpeak Properties, Inc.		20,530		514,687
Host Hotels & Resorts, Inc. ^(a)		20,470		328,543
Kimco Realty Corp.		22,420		474,856
Mid-America Apartment Communities, Inc.		2,890		453,701
Prologis, Inc.		26,080		2,939,998
Public Storage ^(a)		1,920		537,965
Realty Income Corp. ^(a)		20,130		1,276,846
Regency Centers Corp.		9,230		576,875
SBA Communications Corp.		1,660		465,315
Simon Property Group, Inc.		8,469		994,938
UDR, Inc.		8,600		333,078
Ventas, Inc.		11,270		507,713
VICI Properties, Inc.		9,190		297,756
Vornado Realty Trust		12,650		263,247
Welltower, Inc.		13,540		887,547
				19,226,452
RETAIL - CONSUMER STAPLES — 2.6%
Costco Wholesale Corp.		3,700		1,689,050
Dollar General Corp.		1,200		295,500
Kroger Co. (The)		20,514		914,514
Target Corp.		9,860		1,469,535
Walgreen Boots Alliance, Inc.		22,490		840,226
Walmart, Inc.		37,380		5,300,110
				10,508,935
RETAIL - DISCRETIONARY — 2.0%
AutoZone, Inc. ^(b)		240		591,883
Bath & Body Works, Inc.		7,140		300,880
CarMax, Inc. ^(a)(b)		3,650		222,248
Genuine Parts Co.		4,570		792,941
Home Depot, Inc. (The)		10,732		3,389,809
Lowe’s Cos., Inc. - Class B		4,570		910,527
Ross Stores, Inc.		8,070		936,685
TJX Cos., Inc. (The)		12,030		957,588
				8,102,561
SEMICONDUCTORS — 2.7%
Advanced Micro Devices, Inc. ^(b)		16,990		1,100,442
Analog Devices, Inc.		6,980		1,144,929
Broadcom, Inc.		3,640		2,035,233
Intel Corp.		102,078		2,697,922
Microchip Technology, Inc.		4,630		325,258
Micron Technology, Inc.		29,590		1,478,908
NVIDIA Corp.		1,270		185,598
NXP Semiconductors N.V.		2,190		346,086
Qorvo, Inc. ^(b)		4,610		417,850

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
December 31, 2022

	Shares		Fair Value
COMMON STOCKS — 98.4%, continued
SEMICONDUCTORS — 2.7%, continued
Texas Instruments, Inc.		6,950	$	1,148,279
				10,880,505
SOFTWARE — 8.1%
Adobe, Inc. ^(b)		6,460		2,173,984
ANSYS, Inc. ^(b)		1,760		425,198
Autodesk, Inc. ^(b)		2,650		495,205
Ceridian HCM Holding, Inc. ^(b)		4,490		288,033
Gen Digital, Inc.		15,800		338,594
Intuit, Inc.		3,330		1,296,103
Microsoft Corp.		84,440		20,250,401
Oracle Corp.		23,412		1,913,697
Roper Technologies, Inc.		3,030		1,309,233
salesforce.com, Inc. ^(b)		26,700		3,540,153
Synopsys, Inc. ^(b)		920		293,747
				32,324,348
SPECIALTY FINANCE — 0.7%
American Express Co.		9,754		1,441,154
Capital One Financial Corp.		9,590		891,486
Discover Financial Services		360		35,219
Synchrony Financial		10,350		340,101
				2,707,960
STEEL — 0.1%
Nucor Corp.		2,220		292,618

TECHNOLOGY HARDWARE — 2.0%
Cisco Systems, Inc.		110,020		5,241,353
Corning, Inc.		14,610		466,644
Hewlett Packard Enterprise Co.		27,900		445,284
HP, Inc.		26,820		720,653
Seagate Technology Holdings plc		5,690		299,351
Western Digital Corp. ^(b)		11,965		377,496
Zebra Technologies Corp. - Class A ^(b)		1,540		394,871
				7,945,652
TECHNOLOGY SERVICES — 4.9%
Accenture plc - Class A		16,780		4,477,575
Automatic Data Processing, Inc.		1,190		284,243
Cognizant Technology Solutions Corp. - Class A		10,200		583,338
DXC Technology Co. ^(b)		15,380		407,570
EPAM Systems, Inc. ^(b)		1,050		344,127
Equifax, Inc.		750		145,770
Fidelity National Information Services, Inc.		21,130		1,433,671
Fiserv, Inc. ^(b)		8,480		857,074
Global Payments, Inc.		8,590		853,159
International Business Machines Corp.		21,442		3,020,963
Mastercard, Inc. - Class A		860		299,048
Moody’s Corp.		80		22,290
MSCI, Inc.		1,140		530,294
Paychex, Inc.		3,334		385,277
PayPal Holdings, Inc. ^(b)		28,270		2,013,389
S&P Global, Inc.		8,310		2,783,351
Verisk Analytics, Inc.		5,050		890,921
Visa, Inc. - Class A ^(a)		1,450		301,252
				19,633,312
TELECOMMUNICATIONS — 2.3%
AT&T, Inc.		204,646		3,767,533
Lumen Technologies, Inc.		54,970		286,943

	Shares		Fair Value
COMMON STOCKS — 98.4%, continued
TELECOMMUNICATIONS — 2.3%, continued
T-Mobile US, Inc. ^(b)		6,580	$	921,200
Verizon Communications, Inc.		104,080		4,100,752
				9,076,428
TRANSPORTATION & LOGISTICS — 3.5%
Alaska Air Group, Inc. ^(b)		9,130		392,042
American Airlines Group, Inc. ^(b)		43,070		547,850
C.H. Robinson Worldwide, Inc. ^(a)		6,070		555,769
CSX Corp.		31,150		965,027
Delta Air Lines, Inc. ^(b)		29,020		953,597
FedEx Corp.		5,380		931,816
J.B. Hunt Transport Services, Inc.		4,690		817,748
Norfolk Southern Corp.		7,190		1,771,760
Southwest Airlines Co. ^(b)		24,810		835,353
Union Pacific Corp.		10,450		2,163,882
United Airlines Holdings, Inc. ^(b)		13,060		492,362
United Parcel Service, Inc. - Class B		20,090		3,492,446
				13,919,652
TRANSPORTATION EQUIPMENT — 0.3%
PACCAR, Inc.		5,090		503,757
Westinghouse Air Brake Technologies Corp.		6,250		623,813
				1,127,570
WHOLESALE - CONSUMER STAPLES — 0.4%
Archer-Daniels-Midland Co.		5,880		545,958
Sysco Corp.		11,430		873,823
				1,419,781
WHOLESALE - DISCRETIONARY — 0.1%
LKQ Corp.		5,180		276,664

TOTAL COMMON STOCKS (COST $345,991,337)			$	392,448,768

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		06/15/23	$	450,000	$	444,285
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		12/15/23		720,000		700,318
Calvert Social Investment Foundation, Inc. ^(c)		1.000	%		06/14/24		750,000		700,610
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		06/17/24		280,000		269,057
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		12/15/24		250,000		237,985
Calvert Social Investment Foundation, Inc. ^(c)		2.500	%		06/13/25		280,000		261,128
Calvert Social Investment Foundation, Inc. ^(c)		2.500	%		12/15/25		450,000		415,752
Capital Impact Partners ^(c)		4.800	%		12/15/23		450,000		449,789
TOTAL CORPORATE NOTES (COST $3,630,000)								$	3,478,924

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
December 31, 2022

	Shares		Fair Value
MONEY MARKET FUNDS — 0.4%
First American Government Obligations Fund - Class X, 4.10% ^(d) (COST $1,557,920)		1,557,920	$	1,557,920

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.9%
Mount Vernon Liquid Assets Portfolio, LLC, 4.49% ^(d)(e) (COST $11,512,461)		11,512,461		11,512,461

TOTAL INVESTMENTS - (COST $362,691,718) — 102.6%			$	408,998,073
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.6%)				(10,417,205	)
NET ASSETS — 100.0%			$	398,580,868

(a)	All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2022 was $11,214,623 (Note 8).

(b)	Non-income producing security.

(c)	Illiquid securities are as follows:

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23		06/18/18	$	450,000	$	444,285		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23		12/17/18		720,000		700,318		0.2	%
Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24		06/15/21		750,000		700,610		0.2	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24		06/17/19		280,000		269,057		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24		12/12/19		250,000		237,985		0.0	%^(f)
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		280,000		261,128		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25		12/15/20		450,000		415,752		0.1	%
Capital Impact Partners 4.800%, 12/15/23		12/19/22		450,000		449,789		0.1	%
			$	3,630,000	$	3,478,924		0.9	%

(d)	The rate shown is the 7-day effective yield as of December 31, 2022.

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

(f)	Percentage rounds to less than 0.1%.

plc	— Public Liability Company

See accompanying notes to financial statements.

Praxis Growth Fund Performance Review

Praxis Growth Index Fund

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/12 to 12/31/22

			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	-32.18%	5.83%	9.26%	12.65%	0.66%	0.66%
Class A (Without Load)	5/1/07	-28.42%	7.75%	10.45%	13.25%
Class I	5/1/07	-28.18%	8.08%	10.82%	13.68%	0.36%	0.36%
S&P 500 Growth Index ¹		-29.40%	7.55%	10.28%	13.59%

* 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, 2022.

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.

Praxis Growth Index Fund Schedule of Investments

December 31, 2021

Schedule of Investments

Praxis Growth Index Fund

December 31, 2022

	Shares		Fair Value
COMMON STOCKS — 98.0%
ADVERTISING & MARKETING — 0.1%
Interpublic Group of Cos., Inc. (The)		11,200	$	373,072

AEROSPACE & DEFENSE — 0.2%
Howmet Aerospace, Inc. ^(a)		8,860		349,173
TransDigm Group, Inc.		870		547,795
				896,968
ASSET MANAGEMENT — 0.8%
Ameriprise Financial, Inc.		2,880		896,746
BlackRock, Inc.		923		654,065
Charles Schwab Corp. (The)		18,930		1,576,112
Raymond James Financial, Inc.		3,120		333,372
				3,460,295
AUTOMOTIVE — 1.8%
Tesla, Inc. ^(b)		66,890		8,239,510

BANKING — 0.2%
Regions Financial Corp. ^(a)		35,280		760,637
Truist Financial Corp.		9,100		391,573
				1,152,210
BEVERAGES — 3.4%
Coca-Cola Co. (The)		55,720		3,544,349
PepsiCo, Inc.		65,850		11,896,461
				15,440,810
BIOTECH & PHARMA — 11.6%
AbbVie, Inc.		44,181		7,140,091
Amgen, Inc.		17,414		4,573,613
Biogen, Inc. ^(b)		2,020		559,378
Bristol-Myers Squibb Co.		68,516		4,929,726
Eli Lilly & Co.		21,800		7,975,312
Gilead Sciences, Inc.		36,000		3,090,600
Incyte Corp. ^(b)		4,360		350,195
Johnson & Johnson		41,738		7,373,018
Merck & Co., Inc.		77,971		8,650,883
Moderna, Inc. ^(b)		8,160		1,465,699
Regeneron Pharmaceuticals, Inc. ^(b)		3,671		2,648,590
Vertex Pharmaceuticals, Inc. ^(b)		10,814		3,122,867
Zoetis, Inc.		3,590		526,115
				52,406,087
CHEMICALS — 2.2%
Air Products & Chemicals, Inc.		8,000		2,466,080
Albemarle Corp.		1,350		292,761
CF Industries Holdings, Inc.		3,580		305,016
Linde plc		13,918		4,539,773
LyondellBasell Industries N.V. - Class A		30,530		2,534,906
				10,138,536
COMMERCIAL SUPPORT SERVICES — 0.4%
Cintas Corp.		900		406,458
Rollins, Inc.		14,180		518,137
Waste Management, Inc.		6,464		1,014,073
				1,938,668
CONTAINERS & PACKAGING — 0.1%
Amcor plc		27,710		330,026

DIVERSIFIED INDUSTRIALS — 0.2%
Illinois Tool Works, Inc.		3,694		813,788

	Shares		Fair Value
COMMON STOCKS — 98.0%, continued
E-COMMERCE DISCRETIONARY — 1.6%
Amazon.com, Inc. ^(b)		84,340	$	7,084,560

ELECTRIC UTILITIES — 0.8%
Consolidated Edison, Inc.		8,140		775,824
Eversource Energy		10,190		854,330
NextEra Energy, Inc.		5,814		486,050
Sempra Energy		11,230		1,735,484
				3,851,688
ELECTRICAL EQUIPMENT — 1.1%
Amphenol Corp. - Class A		10,642		810,282
Johnson Controls International plc		7,170		458,880
Keysight Technologies, Inc. ^(b)		6,221		1,064,226
Otis Worldwide Corp.		4,950		387,635
Rockwell Automation, Inc.		5,278		1,359,454
Trane Technologies plc		5,710		959,794
				5,040,271
ENTERTAINMENT CONTENT — 0.6%
Activision Blizzard, Inc.		14,680		1,123,754
Electronic Arts, Inc.		7,895		964,611
Walt Disney Co. (The) ^(b)		5,103		443,349
				2,531,714
FOOD — 1.4%
Campbell Soup Co.		21,660		1,229,205
General Mills, Inc.		32,720		2,743,572
Hershey Co. (The)		3,960		917,017
Lamb Weston Holdings, Inc.		3,900		348,504
Mondelez International, Inc. - Class A		18,960		1,263,684
				6,501,982
GAS & WATER UTILITIES — 0.3%
American Water Works Co., Inc.		8,270		1,260,513

HEALTH CARE FACILITIES & SERVICES — 5.0%
AmerisourceBergen Corp.		4,700		778,837
Cardinal Health, Inc.		13,200		1,014,684
Cigna Corp.		4,480		1,484,403
Elevance Health, Inc.		6,360		3,262,489
Henry Schein, Inc. ^(b)		4,090		326,668
Humana, Inc.		1,060		542,922
IQVIA Holdings, Inc. ^(b)		2,778		569,185
McKesson Corp.		5,580		2,093,170
UnitedHealth Group, Inc.		23,530		12,475,135
				22,547,493
HOUSEHOLD PRODUCTS — 1.3%
Church & Dwight Co., Inc.		9,850		794,008
Colgate-Palmolive Co.		15,207		1,198,160
Kimberly-Clark Corp.		4,670		633,952
Procter & Gamble Co. (The)		20,980		3,179,729
				5,805,849
INDUSTRIAL SUPPORT SERVICES — 0.3%
W.W. Grainger, Inc.		2,530		1,407,313

INSTITUTIONAL FINANCIAL SERVICES — 0.4%
Intercontinental Exchange, Inc.		12,941		1,327,617
Nasdaq, Inc.		8,490		520,862
				1,848,479

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
December 31, 2022

	Shares		Fair Value
COMMON STOCKS — 98.0%, continued
INSURANCE — 0.8%
Aon plc - Class A		1,260	$	378,176
Arch Capital Group Ltd. ^(b)		5,760		361,613
Marsh & McLennan Cos., Inc.		4,260		704,945
Progressive Corp. (The)		14,480		1,878,201
Travelers Cos., Inc. (The)		1,830		343,106
				3,666,041
INTERNET MEDIA & SERVICES — 5.3%
Alphabet, Inc. - Class A ^(b)		156,720		13,827,405
Alphabet, Inc. - Class C ^(b)		112,760		10,005,195
				23,832,600
LEISURE FACILITIES & SERVICES — 1.2%
Chipotle Mexican Grill, Inc. ^(b)		617		856,081
Hilton Worldwide Holdings, Inc.		5,110		645,700
McDonald’s Corp.		8,917		2,349,897
Starbucks Corp.		9,152		907,879
Yum! Brands, Inc.		4,940		632,715
				5,392,272
MACHINERY — 1.4%
Deere & Co.		11,526		4,941,888
IDEX Corp.		1,430		326,512
Xylem, Inc.		7,650		845,860
				6,114,260
MEDICAL EQUIPMENT & DEVICES — 4.6%
Abbott Laboratories		16,626		1,825,368
Agilent Technologies, Inc.		8,185		1,224,885
Bio-Techne Corp.		5,360		444,237
Boston Scientific Corp. ^(b)		12,030		556,628
Cooper Cos., Inc. (The)		1,311		433,508
Danaher Corp.		17,684		4,693,687
DexCom, Inc. ^(b)		9,570		1,083,707
IDEXX Laboratories, Inc. ^(b)		1,700		693,532
Illumina, Inc. ^(b)		2,758		557,668
Intuitive Surgical, Inc. ^(b)		1,780		472,323
Mettler-Toledo International, Inc. ^(b)		960		1,387,632
PerkinElmer, Inc.		4,400		616,968
Thermo Fisher Scientific, Inc.		10,895		5,999,768
Waters Corp. ^(a)(b)		1,646		563,887
				20,553,798
OIL & GAS PRODUCERS — 5.8%
ConocoPhillips		111,050		13,103,900
Pioneer Natural Resources Co.		42,290		9,658,613
Valero Energy Corp.		25,340		3,214,633
				25,977,146
OIL & GAS SERVICES & EQUIPMENT — 1.3%
Baker Hughes Co.		76,150		2,248,710
Schlumberger Ltd.		64,140		3,428,924
				5,677,634
REAL ESTATE SERVICES — 0.7%
CBRE Group, Inc. - Class A ^(b)		41,183		3,169,444

REITS — 1.8%
American Tower Corp.		8,562		1,813,945
AvalonBay Communities, Inc.		3,650		589,548
Crown Castle, Inc.		5,259		713,331

	Shares		Fair Value
COMMON STOCKS — 98.0%, continued
REITS — 1.8%, continued
Equinix, Inc.		2,277	$	1,491,503
Host Hotels & Resorts, Inc.		22,400		359,520
Iron Mountain, Inc.		8,670		432,199
Prologis, Inc.		12,408		1,398,754
Public Storage ^(a)		1,350		378,257
SBA Communications Corp.		1,668		467,557
VICI Properties, Inc		14,310		463,644
				8,108,258
RENEWABLE ENERGY — 0.4%
Enphase Energy, Inc. ^(b)		3,020		800,179
First Solar, Inc. ^(b)		4,200		629,118
SolarEdge Technologies, Inc. ^(b)		1,750		495,723
				1,925,020
RETAIL - CONSUMER STAPLES — 0.9%
Costco Wholesale Corp.		3,333		1,521,514
Dollar General Corp.		5,623		1,384,664
Dollar Tree, Inc. ^(a)(b)		2,240		316,826
Walgreen Boots Alliance, Inc.		17,030		636,241
				3,859,245
RETAIL - DISCRETIONARY — 3.2%
AutoZone, Inc. ^(b)		659		1,625,213
Genuine Parts Co.		6,140		1,065,351
Home Depot, Inc. (The)		16,306		5,150,413
Lowe’s Cos., Inc.		13,349		2,659,655
O’Reilly Automotive, Inc. ^(b)		1,810		1,527,694
TJX Cos., Inc. (The)		18,753		1,492,739
Tractor Supply Co. ^(a)		2,060		463,438
Ulta Beauty, Inc. ^(b)		1,070		501,905
				14,486,408
SEMICONDUCTORS — 5.3%
Advanced Micro Devices, Inc. ^(b)		16,556		1,072,332
Analog Devices, Inc.		4,584		751,913
Applied Materials, Inc.		22,816		2,221,822
Broadcom, Inc.		5,539		3,097,021
KLA Corp.		882		332,540
Lam Research Corp.		2,633		1,106,650
NVIDIA Corp.		62,016		9,063,018
NXP Semiconductors N.V.		2,220		350,827
ON Semiconductor Corp. ^(a)(b)		10,610		661,746
QUALCOMM, Inc.		27,400		3,012,356
Texas Instruments, Inc.		13,417		2,216,757
				23,886,982
SOFTWARE — 9.7%
Adobe, Inc. ^(b)		1,047		352,347
ANSYS, Inc. ^(b)		1,328		320,832
Autodesk, Inc. ^(b)		1,696		316,932
Cadence Design Systems, Inc. ^(b)		10,624		1,706,639
Fortinet, Inc. ^(b)		4,070		198,982
Gen Digital, Inc.		15,490		331,951
Intuit, Inc.		2,800		1,089,816
Microsoft Corp.		128,238		30,754,037
Oracle Corp.		37,870		3,095,494
Paycom Software, Inc. ^(b)		1,910		592,692
PTC, Inc. ^(b)		6,510		781,460
ServiceNow, Inc. ^(b)		5,223		2,027,934

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
December 31, 2022

	Shares		Fair Value
COMMON STOCKS — 98.0%, continued
SOFTWARE — 9.7%, continued
Synopsys, Inc. ^(b)		6,460	$	2,062,613
				43,631,729
SPECIALTY FINANCE — 0.4%
American Express Co.		7,720		1,140,630
Discover Financial Services		5,040		493,063
				1,633,693
STEEL — 0.1%
Nucor Corp.		3,250		428,383

TECHNOLOGY HARDWARE — 12.1%
Apple, Inc.		391,398		50,854,342
Arista Networks, Inc. ^(b)		7,440		902,844
Cisco Systems, Inc.		17,900		852,756
HP, Inc.		24,530		659,121
Juniper Networks, Inc.		16,400		524,144
NetApp, Inc.		10,730		644,444
				54,437,651
TECHNOLOGY SERVICES — 7.3%
Accenture plc - Class A		19,649		5,243,139
Automatic Data Processing, Inc.		13,460		3,215,056
Broadridge Financial Solutions, Inc.		2,596		348,201
CoStar Group, Inc. ^(b)		8,550		660,744
Fiserv, Inc. ^(b)		11,266		1,138,655
Gartner, Inc. ^(b)		990		332,779
International Business Machines Corp.		2,900		408,581
Jack Henry & Associates, Inc.		3,810		668,884
MarketAxess Holdings, Inc.		1,390		387,657
Mastercard, Inc. - Class A		22,916		7,968,581
Moody’s Corp.		3,375		940,343
MSCI, Inc.		1,797		835,910
Paychex, Inc.		2,990		345,524
S&P Global, Inc.		2,494		835,340
Visa, Inc. - Class A ^(a)		46,423		9,644,842
				32,974,236
TELECOMMUNICATIONS — 0.1%
T-Mobile US, Inc. ^(b)		3,790		530,600

TRANSPORTATION & LOGISTICS — 1.4%
Alaska Air Group, Inc. ^(b)		7,690		330,209
American Airlines Group, Inc. ^(b)		43,510		553,447
CSX Corp.		22,471		696,152
Delta Air Lines, Inc. ^(b)		11,420		375,261
Expeditors International of Washington, Inc.		4,770		495,698
J.B. Hunt Transport Services, Inc.		2,270		395,797
Old Dominion Freight Line, Inc. ^(a)		2,950		837,151
Union Pacific Corp.		3,921		811,921
United Airlines Holdings, Inc. ^(b)		8,760		330,252
United Parcel Service, Inc. - Class B		7,445		1,294,239
				6,120,127
WHOLESALE - CONSUMER STAPLES — 0.2%
Archer-Daniels-Midland Co.		3,640		337,974
Sysco Corp.		5,970		456,406
				794,380
WHOLESALE - DISCRETIONARY — 0.2%
Copart, Inc. ^(b)		10,326		628,750

	Shares		Fair Value
COMMON STOCKS — 98.0%, continued
WHOLESALE - DISCRETIONARY — 0.2%, continued
Pool Corp.		1,190	$	359,773
				988,523
TOTAL COMMON STOCKS (COST $304,510,685)			$	441,258,262

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		06/15/23	$	900,000	$	888,571
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		12/15/23		200,000		194,533
Calvert Social Investment Foundation, Inc. ^(c)		1.000	%		06/14/24		520,000		485,756
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		06/17/24		550,000		528,505
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		12/15/24		150,000		142,791
Calvert Social Investment Foundation, Inc. ^(c)		2.500	%		06/13/25		670,000		624,841
Calvert Social Investment Foundation, Inc. ^(c)		2.500	%		12/15/25		500,000		461,947
Capital Impact Partners ^(c)		4.800	%		12/15/23		600,000		599,719
TOTAL CORPORATE NOTES (COST $4,090,000)								$	3,926,663

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
December 31, 2022

	Shares		Fair Value
MONEY MARKET FUNDS — 0.6%
First American Government Obligations Fund - Class X, 4.10% ^(d) (COST $2,808,197)		2,808,197	$	2,808,197

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.8%
Mount Vernon Liquid Assets Portfolio, LLC, 4.49% ^(d)(e) (COST $12,571,571)		12,571,571		12,571,571

TOTAL INVESTMENTS - (COST $323,980,453) — 102.3%			$	460,564,693
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.3%)				(10,209,882	)
NET ASSETS — 100.0%			$	450,354,811

(a)	All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2022 was $12,282,648 (Note 8).

(b)	Non-income producing security.

(c)	Illiquid securities are as follows:

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23		06/18/18	$	900,000	$	888,571		0.2	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23		12/17/18		200,000		194,533		0.1	%
Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24		06/15/21		520,000		485,756		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24		06/17/19		550,000		528,505		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24		12/12/19		150,000		142,791		0.0	%^(f)
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		670,000		624,841		0.2	%
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25		12/15/20		500,000		461,947		0.1	%
Capital Impact Partners 4.800%, 12/15/23		12/19/22		600,000		599,719		0.1	%
			$	4,090,000	$	3,926,663		0.9	%

(d)	The rate shown is the 7-day effective yield as of December 31, 2022.

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

(f)	Percentage rounds to less than 0.1%.

plc	— Public Liability Company

See accompanying notes to financial statements.

Praxis Small Cap Index Fund

Annual Report to Shareholders

Portfolio Manager’s Commentary (unaudited)

In 2022 U.S. small-cap stock returns experienced large losses in the first half of the year followed by partial recovery in the last half of the year. The S&P SmallCap 600 full year return was -16.10%.

A review of the sector breakout for U.S. small-cap stocks tells a divergent story. Energy stands out with a near 50% positive return while all other sectors came in with negative returns. Utilities, Materials, Consumer Staples, Industrials, and Financials had single-digit or low double-digit negative returns, while Information Technology, Health Care, Consumer Discretionary, Real Estate, and Communication Services all had large double-digit negative returns.

In this environment, the Praxis Small Cap Index Fund Class I Shares returned -19.60%, underperforming by 3.50% the S&P SmallCap 600 Index return of -16.10%. The Praxis Small Cap Index Fund Class A Shares (without load) returned -20.08%. The Ukraine-Russia war riled the markets starting in the first quarter and impacted our relative returns for the year, given our weapons production screen and our environmental screen that removes many energy companies.

Stock specific and Industries were the leading negative contributing factors to relative performance, while other factors (corporate actions, intra-month transactions, community development notes, cash levels) and Beta from Fundamentals were the main positive contributors. In terms of Industries, the largest negative contributors were our underweight exposures in Energy and Materials, which accounted for about 75% of our underperformance, while our largest positive contributor was our overweight exposure to Technology. The nature of the small-cap benchmark sees successful companies being acquired or “graduating” up and out of the small-cap universe while less successful companies drop off the bottom – leading to inevitable turnover in our portfolio.

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 Nov. 30, 2022) is in the 17th percentile and is a 4 out of 5 Globes Sustainability Rating.

2022 was our fifth 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 about 70 holdings to an index fund with about 450 holdings. At that time we also changed benchmarks from the Russell 2000 to the S&P SmallCap 600.

We look forward to continuing to incorporate our Values + ESG screens, and Sustainalytics ESG scores, while using tax optimization tools to deliver returns that 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

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. ^© 2022 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 12/31/12 to 12/31/22

			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	-24.28%	1.89%	3.25%	5.65%	1.12%	1.12%
Class A (Without Load)	5/1/07	-20.08%	3.73%	4.38%	6.22%
Class I	5/1/07	-19.60%	4.37%	5.06%	6.89%	0.43%	0.43%
S&P SmallCap 600 Index ¹		-16.10%	5.80%	5.88%	10.82%

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, 2022. Contractual fee waivers are in effect through April 30, 2023 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, 2022

	Shares		Fair Value
COMMON STOCKS — 97.5%
ADVERTISING & MARKETING — 0.1%
QuinStreet, Inc. ^(a)		15,700	$	225,295

AEROSPACE & DEFENSE — 0.2%
Barnes Group, Inc.		6,060		247,551

APPAREL & TEXTILE PRODUCTS — 0.8%
Kontoor Brands, Inc.		7,330		293,127
Movado Group, Inc.		6,810		219,622
Oxford Industries, Inc.		3,465		322,869
Steven Madden Ltd.		11,935		381,443
				1,217,061
ASSET MANAGEMENT — 0.6%
B. Riley Financial, Inc.		6,740		230,508
Blucora, Inc. ^(a)		15,340		391,630
BrightSphere Investment Group, Inc.		7,030		144,677
Virtus Investment Partners, Inc.		920		176,125
				942,940
AUTOMOTIVE — 0.9%
American Axle & Manufacturing Holdings, Inc. ^(a)		25,710		201,052
Dorman Products, Inc. ^(a)		3,060		247,462
Gentherm, Inc. ^(a)		6,580		429,608
Methode Electronics, Inc.		8,170		362,503
XPEL, Inc. ^(a)		2,280		136,937
				1,377,562
BANKING — 11.4%
Ameris Bancorp		10,274		484,316
Axos Financial, Inc. ^(a)		8,590		328,310
Banc of California, Inc.		9,670		154,043
BancFirst Corp.		5,080		447,954
Bancorp, Inc. (The) ^(a)		10,190		289,192
BankUnited, Inc.		12,200		414,434
Banner Corp.		6,070		383,624
Berkshire Hills Bancorp, Inc.		10,970		328,003
Brookline Bancorp, Inc. ^(b)		15,670		221,730
Capitol Federal Financial, Inc.		21,140		182,861
Central Pacific Financial Corp.		5,870		119,044
City Holding Co. ^(b)		2,750		255,997
Columbia Banking System, Inc.		10,630		320,282
Community Bank System, Inc. ^(b)		6,810		428,689
Customers Bancorp, Inc. ^(a)		4,860		137,732
CVB Financial Corp.		26,090		671,817
Dime Community Bancshares, Inc.		11,429		363,785
Eagle Bancorp, Inc.		4,960		218,587
FB Financial Corp.		3,496		126,345
First BanCorp.		38,970		495,698
First Bancorp/NC		5,760		246,758
First Commonwealth Financial Corp.		8,740		122,098
First Financial Bancorp		14,510		351,577
First Hawaiian, Inc.		15,090		392,944
Hanmi Financial Corp.		9,870		244,283
Heritage Financial Corp.		12,680		388,515
Hilltop Holdings, Inc.		3,670		110,137
HomeStreet, Inc.		5,810		160,240
Hope Bancorp, Inc.		13,790		176,650
Independent Bank Corp.		6,900		582,567
Independent Bank Group, Inc.		4,740		284,779
Lakeland Financial Corp.		5,160		376,525

	Shares		Fair Value
COMMON STOCKS — 97.5%, continued
BANKING — 11.4%, continued
National Bank Holdings Corp. - Class A		6,570	$	276,400
NBT Bancorp, Inc.		10,730		465,897
Northwest Bancshares, Inc.		16,270		227,455
OFG Bancorp		7,230		199,259
Pacific Premier Bancorp, Inc.		15,096		476,430
Park National Corp.		2,050		288,538
Pathward Financial, Inc.		6,750		290,588
Preferred Bank		2,910		217,144
Provident Financial Services, Inc.		14,360		306,730
Renasant Corp.		9,410		353,722
S&T Bancorp, Inc.		3,140		107,325
Seacoast Banking Corp. of Florida ^(b)		11,950		372,721
ServisFirst Bancshares, Inc.		10,670		735,270
Simmons First National Corp. - Class A		20,420		440,664
Southside Bancshares, Inc.		4,987		179,482
Triumph Financial, Inc. ^(a)		5,040		246,305
Trustmark Corp.		12,050		420,666
United Community Banks, Inc.		18,510		625,638
Veritex Holdings, Inc.		13,050		366,444
Westamerica BanCorp.		2,130		125,691
WSFS Financial Corp.		10,230		463,828
				16,995,713
BEVERAGES — 0.1%
National Beverage Corp. ^(a)		4,440		206,593

BIOTECH & PHARMA — 4.0%
Amphastar Pharmaceuticals, Inc. ^(a)		6,470		181,289
Anika Therapeutics, Inc. ^(a)		4,520		133,792
Arcus Biosciences, Inc. ^(a)		10,060		208,041
Avid Bioservices, Inc. ^(a)		12,650		174,190
Cara Therapeutics, Inc. ^(a)		11,140		119,644
Catalyst Pharmaceutical Partners, Inc. ^(a)		17,120		318,432
Coherus Biosciences, Inc. ^(a)		28,080		222,394
Collegium Pharmaceutical, Inc. ^(a)		4,650		107,880
Cytokinetics, Inc. ^(a)(b)		16,450		753,739
Dynavax Technologies Corp. ^(a)(b)		20,100		213,864
Emergent BioSolutions, Inc. ^(a)		18,580		219,430
Enanta Pharmaceuticals, Inc. ^(a)		4,260		198,175
Harmony Biosciences Holdings, Inc. ^(a)		4,600		253,460
Heska Corp. ^(a)		1,950		121,212
Innoviva, Inc. ^(a)		11,970		158,602
Ironwood Pharmaceuticals, Inc. ^(a)(b)		45,050		558,170
Ligand Pharmaceuticals, Inc. ^(a)		2,760		184,368
Nektar Therapeutics ^(a)		29,760		67,258
Pacira BioSciences, Inc. ^(a)		6,110		235,907
Prestige Consumer Healthcare, Inc. ^(a)		6,630		415,038
REGENXBIO, Inc. ^(a)		5,140		116,575
Supernus Pharmaceuticals, Inc. ^(a)		7,570		270,022
uniQure N.V. ^(a)		4,830		109,496
Vanda Pharmaceuticals, Inc. ^(a)		25,990		192,066
Vir Biotechnology, Inc. ^(a)		10,170		257,403
Xencor, Inc. ^(a)		8,400		218,736
				6,009,183
CHEMICALS — 3.0%
AdvanSix, Inc.		10,540		400,731
Balchem Corp.		5,560		678,932
H.B. Fuller Co. ^(b)		10,240		733,389
Innospec, Inc.		4,330		445,384

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2022

	Shares		Fair Value
COMMON STOCKS — 97.5%, continued
CHEMICALS — 3.0%, continued
Materion Corp.		5,040	$	441,050
Minerals Technologies, Inc.		4,550		276,276
Quaker Chemical Corp.		1,420		236,998
Rayonier Advanced Materials, Inc. ^(a)		12,510		120,096
Rogers Corp. ^(a)		3,610		430,817
Stepan Co.		3,960		421,582
WD-40 Co.		1,820		293,402
				4,478,657
COMMERCIAL SUPPORT SERVICES — 2.9%
ABM Industries, Inc.		13,350		593,007
AMN Healthcare Services, Inc. ^(a)		9,180		943,887
Brady Corp. - Class A		13,700		645,270
CorVel Corp. ^(a)		2,390		347,339
Cross Country Healthcare, Inc. ^(a)		5,410		143,744
Harsco Corp. ^(a)		29,190		183,605
Healthcare Services Group, Inc.		12,090		145,080
Heidrick & Struggles International, Inc.		6,300		176,211
Kelly Services, Inc. - Class A		11,930		201,617
Korn Ferry		8,880		449,506
UniFirst Corp.		1,790		345,452
Viad Corp. ^(a)		5,500		134,145
				4,308,863
CONSTRUCTION MATERIALS — 0.1%
Apogee Enterprises, Inc.		4,720		209,851

CONSUMER SERVICES — 1.2%
Adtalem Global Education, Inc. ^(a)		12,630		448,365
Medifast, Inc.		1,780		205,323
Perdoceo Education Corp. ^(a)		16,740		232,686
Strategic Education, Inc.		5,770		451,906
Stride, Inc. ^(a)		8,120		253,994
WW International, Inc. ^(a)		59,100		228,126
				1,820,400
CONTAINERS & PACKAGING — 0.4%
Myers Industries, Inc.		10,120		224,968
O-I Glass, Inc. ^(a)		22,780		377,464
				602,432
ELECTRIC UTILITIES — 1.1%
Avista Corp.		18,490		819,846
Unitil Corp.		15,560		799,162
				1,619,008
ELECTRICAL EQUIPMENT — 2.7%
AAON, Inc.		11,030		830,780
Advanced Energy Industries, Inc. ^(b)		6,290		539,556
Alarm.com Holdings, Inc. ^(a)		7,330		362,688
Badger Meter, Inc.		6,300		686,889
FARO Technologies, Inc. ^(a)(b)		5,290		155,579
Itron, Inc. ^(a)		8,200		415,330
Mesa Laboratories, Inc.		1,460		242,667
OSI Systems, Inc. ^(a)		2,550		202,776
SPX Technologies, Inc. ^(a)(b)		9,870		647,965
				4,084,230
ENGINEERING & CONSTRUCTION — 2.2%
Arcosa, Inc.		7,940		431,460
Comfort Systems USA, Inc.		5,920		681,274

	Shares		Fair Value
COMMON STOCKS — 97.5%, continued
ENGINEERING & CONSTRUCTION — 2.2%, continued
Exponent, Inc.		8,470	$	839,292
Frontdoor, Inc. ^(a)		14,390		299,312
Granite Construction, Inc. ^(b)		7,530		264,077
Installed Building Products, Inc.		3,410		291,896
MYR Group, Inc. ^(a)		2,470		227,413
NV5 Global, Inc. ^(a)		2,110		279,195
				3,313,919
FOOD — 1.5%
B&G Foods, Inc. ^(b)		10,010		111,611
Cal-Maine Foods, Inc.		6,880		374,616
Hostess Brands, Inc. ^(a)		28,140		631,462
J & J Snack Foods Corp.		10		1,497
Simply Good Foods Co. (The) ^(a)		13,440		511,123
Tootsie Roll Industries, Inc.		2,730		116,216
TreeHouse Foods, Inc. ^(a)		9,670		477,505
				2,224,030
FORESTRY, PAPER & WOOD PRODUCTS — 1.0%
Boise Cascade Co. ^(b)		7,010		481,377
Sylvamo Corp.		7,200		349,848
UFP Industries, Inc.		9,070		718,797
				1,550,022
GAS & WATER UTILITIES — 2.2%
American States Water Co. ^(b)		8,490		785,749
California Water Service Group ^(b)		16,470		998,741
Middlesex Water Co.		1,810		142,393
SJW Group		6,830		554,528
South Jersey Industries, Inc.		20,880		741,866
				3,223,277
HEALTH CARE FACILITIES & SERVICES — 2.3%
AdaptHealth Corp. ^(a)(b)		11,070		212,766
Addus HomeCare Corp. ^(a)		2,750		273,598
Agiliti, Inc. ^(a)		6,820		111,234
Enhabit, Inc. ^(a)		8,590		113,044
Ensign Group, Inc. (The)		8,010		757,826
Fulgent Genetics, Inc. ^(a)		5,970		177,787
Joint Corp. (The) ^(a)		12,140		169,717
ModivCare, Inc. ^(a)		2,130		191,125
NeoGenomics, Inc. ^(a)		17,840		164,842
Owens & Minor, Inc. ^(a)(b)		12,410		242,367
Pediatrix Medical Group, Inc. ^(a)		14,540		216,064
RadNet, Inc. ^(a)		11,320		213,156
Select Medical Holdings Corp. ^(b)		16,840		418,137
U.S. Physical Therapy, Inc.		2,080		168,542
				3,430,205
HOME & OFFICE PRODUCTS — 0.3%
HERMAN MILLER, INC		5,150		108,202
HNI Corp.		4,010		114,004
iRobot Corp. ^(a)		3,560		171,343
				393,549
HOME CONSTRUCTION — 1.9%
Cavco Industries, Inc. ^(a)(b)		1,500		339,375
Century Communities, Inc.		2,300		115,023
Green Brick Partners, Inc. ^(a)		5,000		121,150
Interface, Inc.		24,150		238,360
LGI Homes, Inc. ^(a)		3,980		368,548
M/I Homes, Inc. ^(a)		3,510		162,092

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2022

	Shares		Fair Value
COMMON STOCKS — 97.5%, continued
HOME CONSTRUCTION — 1.9%, continued
MDC Holdings, Inc.		10,555	$	333,538
Meritage Homes Corp. ^(a)		6,110		563,342
Patrick Industries, Inc.		2,420		146,652
PGT Innovations, Inc. ^(a)		9,950		178,702
TRI Pointe Homes, Inc. ^(a)		14,490		269,369
				2,836,151
HOUSEHOLD PRODUCTS — 1.2%
Clearwater Paper Corp. ^(a)		2,880		108,893
e.l.f. Beauty, Inc. ^(a)		10,960		606,088
Edgewell Personal Care Co.		5,910		227,771
Inter Parfums, Inc.		2,400		231,648
Nu Skin Enterprises, Inc. - Class A		8,480		357,517
Quanex Building Products Corp.		11,930		282,502
				1,814,419
INDUSTRIAL INTERMEDIATE PRODUCTS — 1.4%
AZZ, Inc.		4,910		197,382
EnPro Industries, Inc.		6,060		658,662
Gibraltar Industries, Inc. ^(a)(b)		5,860		268,857
Insteel Industries, Inc.		3,970		109,254
Mueller Industries, Inc. ^(b)		8,500		501,500
Proto Labs, Inc. ^(a)		4,540		115,906
Standex International Corp.		2,030		207,892
				2,059,453
INDUSTRIAL SUPPORT SERVICES — 1.0%
Applied Industrial Technologies, Inc.		7,530		949,006
DXP Enterprises, Inc. ^(a)		5,460		150,423
Resideo Technologies, Inc. ^(a)		24,870		409,111
				1,508,540
INSTITUTIONAL FINANCIAL SERVICES — 0.5%
Piper Sandler Cos.		3,730		485,609
StoneX Group, Inc. ^(a)		2,410		229,673
				715,282
INSURANCE — 2.4%
Ambac Financial Group, Inc. ^(a)		10,910		190,271
American Equity Investment Life Holding Co.		15,500		707,110
AMERISAFE, Inc.		3,560		185,013
Assured Guaranty Ltd. ^(b)		10,110		629,449
Employers Holdings, Inc.		3,240		139,741
Genworth Financial, Inc. - Class A ^(a)		116,460		616,073
Horace Mann Educators Corp.		5,960		222,725
NMI Holdings, Inc. - Class A ^(a)		14,340		299,706
Palomar Holdings, Inc. ^(a)		3,850		173,866
ProAssurance Corp.		6,230		108,838
Trupanion, Inc. ^(a)(b)		6,280		298,488
				3,571,280
INTERNET MEDIA & SERVICES — 0.6%
Cars.com, Inc. ^(a)		16,270		224,038
Shutterstock, Inc.		3,610		190,319
TechTarget, Inc. ^(a)		4,120		181,527
Yelp, Inc. ^(a)		11,460		313,317
				909,201
LEISURE FACILITIES & SERVICES — 1.9%
Bloomin’ Brands, Inc. ^(b)		18,470		371,617
Brinker International, Inc. ^(a)		7,800		248,898
Cheesecake Factory, Inc. (The)		7,530		238,776

	Shares		Fair Value
COMMON STOCKS — 97.5%, continued
LEISURE FACILITIES & SERVICES — 1.9%, continued
Chuy’s Holdings, Inc. ^(a)		6,950	$	196,685
Cinemark Holdings, Inc. ^(a)(b)		24,860		215,288
Dave & Buster’s Entertainment, Inc. ^(a)		9,190		325,694
Dine Brands Global, Inc.		3,280		211,888
El Pollo Loco Holdings, Inc.		21,940		218,522
Jack in the Box, Inc.		4,400		300,212
Shake Shack, Inc. - Class A ^(a)		5,180		215,125
Six Flags Entertainment Corp. ^(a)		15,340		356,655
				2,899,360
LEISURE PRODUCTS — 0.4%
LCI Industries ^(b)		4,750		439,138
Winnebago Industries, Inc. ^(b)		3,720		196,044
				635,182
MACHINERY — 2.9%
Alamo Group, Inc.		1,800		254,880
Astec Industries, Inc.		4,830		196,388
CIRCOR International, Inc. ^(a)		4,440		106,382
Enerpac Tool Group Corp.		19,940		507,473
ESCO Technologies, Inc.		2,890		252,991
Federal Signal Corp.		2,370		110,134
Franklin Electric Co., Inc.		6,300		502,425
Hillenbrand, Inc.		7,160		305,517
Ichor Holdings Ltd. ^(a)		8,140		218,315
John Bean Technologies Corp.		5,325		486,332
Lindsay Corp.		3,140		511,349
Stellar Bancorp, Inc.		8,879		261,575
Tennant Co.		2,040		125,603
Titan International, Inc. ^(a)		33,750		517,050
				4,356,414
MEDICAL EQUIPMENT & DEVICES — 2.6%
AngioDynamics, Inc. ^(a)		10,480		144,309
Avanos Medical, Inc. ^(a)		4,080		110,405
BioLife Solutions, Inc. ^(a)		7,490		136,318
CONMED Corp. ^(b)		3,920		347,469
Cutera, Inc. ^(a)		4,980		220,215
Embecta Corp.		9,350		236,461
Glaukos Corp. ^(a)		7,100		310,128
Integer Holdings Corp. ^(a)		4,160		284,794
LeMaitre Vascular, Inc.		5,530		254,491
Meridian Bioscience, Inc. ^(a)		8,520		282,949
Merit Medical Systems, Inc. ^(a)		10,140		716,087
Myriad Genetics, Inc. ^(a)		13,280		192,693
NuVasive, Inc. ^(a)		2,750		113,410
OraSure Technologies, Inc. ^(a)		28,300		136,406
Varex Imaging Corp. ^(a)		8,210		166,663
Vericel Corp. ^(a)		8,820		232,319
				3,885,117
METALS & MINING — 1.6%
Arconic Corp. ^(a)		18,740		396,539
Century Aluminum Co. ^(a)		22,250		182,005
Compass Minerals International, Inc.		3,060		125,460
Encore Wire Corp. ^(b)		3,620		497,967
Haynes International, Inc.		2,340		106,915
Kaiser Aluminum Corp.		4,330		328,907
Livent Corp. ^(a)		30,200		600,074
SunCoke Energy, Inc.		30,440		262,697
				2,500,564

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2022

	Shares		Fair Value
COMMON STOCKS — 97.5%, continued
OIL & GAS SERVICES & EQUIPMENT — 1.7%
Core Laboratories N.V. ^(b)		51,860	$	1,051,202
DMC Global, Inc. ^(a)		9,380		182,347
Helmerich & Payne, Inc.		20,770		1,029,569
U.S. Silica Holdings, Inc. ^(a)		17,890		223,625
				2,486,743
PUBLISHING & BROADCASTING — 0.2%
E.W. Scripps Co. (The) - Class A ^(a)		9,180		121,084
Scholastic Corp.		4,200		165,732
				286,816
REAL ESTATE OWNERS & DEVELOPERS — 0.1%
St. Joe Co. (The)		5,140		198,661

REAL ESTATE SERVICES — 0.4%
Anywhere Real Estate, Inc. ^(a)		32,310		206,461
Cushman & Wakefield plc ^(a)		9,020		112,389
Marcus & Millichap, Inc.		3,450		118,853
RE/MAX Holdings, Inc. - Class A		8,460		157,694
				595,397
REITS — 7.2%
Acadia Realty Trust		17,540		251,699
Agree Realty Corp.		14,010		993,729
Alexander & Baldwin, Inc.		7,290		136,542
American Assets Trust, Inc.		6,220		164,830
Armada Hoffler Properties, Inc.		12,440		143,060
Brandywine Realty Trust		55,840		343,416
CareTrust REIT, Inc.		12,440		231,135
Centerspace		3,050		178,944
Chatham Lodging Trust		14,320		175,707
Community Healthcare Trust, Inc.		3,050		109,190
DiamondRock Hospitality Co.		28,470		233,169
Easterly Government Properties, Inc. ^(b)		9,670		137,991
Elme Communities		8,830		157,174
Essential Properties Realty Trust, Inc.		18,920		444,053
Four Corners Property Trust, Inc.		8,630		223,776
Franklin BSP Realty Trust, Inc.		21,422		276,344
Franklin Street Properties Corp.		52,770		144,062
Getty Realty Corp. ^(b)		8,140		275,539
Global Net Lease, Inc.		16,580		208,411
Hersha Hospitality Trust - Class A		18,960		161,539
Hudson Pacific Properties, Inc.		31,070		302,311
Innovative Industrial Properties, Inc. ^(b)		4,430		448,981
iStar, Inc.		28,930		220,736
LTC Properties, Inc.		7,200		255,816
LXP Industrial Trust		32,120		321,842
NexPoint Residential Trust, Inc.		3,250		141,440
Office Properties Income Trust		8,060		107,601
Orion Office REIT, Inc.		12,700		108,458
Outfront Media, Inc.		18,660		309,383
Retail Opportunity Investments Corp.		15,690		235,821
RPT Realty		19,470		195,479
Safehold, Inc. ^(b)		4,187		119,832
Saul Centers, Inc.		3,420		139,126
Service Properties Trust		28,860		210,389
SITE Centers Corp. ^(b)		33,690		460,205
Summit Hotel Properties, Inc.		23,710		171,186
Sunstone Hotel Investors, Inc.		32,670		315,592

	Shares		Fair Value
COMMON STOCKS — 97.5%, continued
REITS — 7.2%, continued
Tanger Factory Outlet Centers, Inc. ^(b)		16,950	$	304,083
Uniti Group, Inc.		35,680		197,310
Universal Health Realty Income Trust		2,270		108,347
Urban Edge Properties		13,970		196,837
Urstadt Biddle Properties, Inc. - Class A		6,520		123,554
Veris Residential, Inc. ^(a)		20,870		332,459
Whitestone REIT		22,660		218,442
Xenia Hotel & Resorts, Inc.		18,240		240,403
				10,775,943
RENEWABLE ENERGY — 0.3%
FutureFuel Corp.		18,910		153,738
Green Plains, Inc. ^(a)(b)		10,370		316,285
				470,023
RETAIL - CONSUMER STAPLES — 0.6%
SpartanNash Co.		29,040		878,170

RETAIL - DISCRETIONARY — 5.9%
Abercrombie & Fitch Co. - Class A ^(a)(b)		13,550		310,430
Academy Sports & Outdoors, Inc. ^(b)		16,030		842,216
American Eagle Outfitters, Inc.		22,590		315,356
America’s Car-Mart, Inc. ^(a)		2,990		216,057
Asbury Automotive Group, Inc. ^(a)		3,100		555,675
Bed Bath & Beyond, Inc. ^(a)(b)		86,710		217,642
Boot Barn Holdings, Inc. ^(a)		4,560		285,091
Buckle, Inc. (The) ^(b)		5,380		243,983
Caleres, Inc.		10,210		227,479
Chico’s FAS, Inc. ^(a)(b)		40,780		200,638
Children’s Place, Inc. (The) ^(a)(b)		4,250		154,785
Designer Brands, Inc. - Class A		22,390		218,974
Ethan Allen Interiors, Inc. ^(b)		12,700		335,534
Genesco, Inc. ^(a)		3,300		151,866
GMS, Inc. ^(a)(b)		7,050		351,090
Group 1 Automotive, Inc. ^(b)		3,050		550,129
Guess?, Inc. ^(b)		9,260		191,589
Hibbett, Inc.		5,140		350,651
La-Z-Boy, Inc.		6,970		159,055
Leslie’s, Inc. ^(a)		23,260		284,005
MarineMax, Inc. ^(a)		3,770		117,699
Mister Car Wash, Inc. ^(a)		23,690		218,659
Monro, Inc.		2,660		120,232
National Vision Holdings, Inc. ^(a)(b)		13,660		529,462
ODP Corp. (The) ^(a)		7,677		349,611
Sally Beauty Holdings, Inc. ^(a)		15,060		188,551
Shoe Carnival, Inc. ^(b)		4,710		112,616
Signet Jewelers Ltd. ^(b)		7,200		489,600
Sleep Number Corp. ^(a)		8,360		217,193
Urban Outfitters, Inc. ^(a)		10,750		256,388
				8,762,256
SEMICONDUCTORS — 3.6%
Axcelis Technologies, Inc. ^(a)		12,690		1,007,078
CEVA, Inc. ^(a)		8,580		219,476
Cohu, Inc. ^(a)(b)		7,270		233,003
CTS Corp.		6,010		236,914
Diodes, Inc. ^(a)		6,230		474,352
FormFactor, Inc. ^(a)		11,450		254,534
Kulicke & Soffa Industries, Inc. ^(b)		9,850		435,961
MaxLinear, Inc. ^(a)(b)		8,610		292,310

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2022

	Shares		Fair Value
COMMON STOCKS — 97.5%, continued
SEMICONDUCTORS — 3.6%, continued
Onto Innovation, Inc. ^(a)		12,047	$	820,280
Photronics, Inc. ^(a)		16,690		280,893
Rambus, Inc. ^(a)		18,385		658,551
Semtech Corp. ^(a)		3,970		113,899
Ultra Clean Holdings, Inc. ^(a)		3,800		125,970
Veeco Instruments, Inc. ^(a)(b)		8,620		160,160
				5,313,381
SOFTWARE — 3.1%
Adeia, Inc.		14,711		139,460
Agilysys, Inc. ^(a)		6,190		489,877
Apollo Medical Holdings, Inc. ^(a)		6,870		203,283
Avid Technology, Inc. ^(a)		4,340		115,401
Cerence, Inc. ^(a)		6,920		128,228
Consensus Cloud Solutions, Inc. ^(a)		2,360		126,874
Digi International, Inc. ^(a)		11,930		436,041
Digital Turbine, Inc. ^(a)		16,200		246,888
Donnelley Financial Solutions, Inc. ^(a)		6,550		253,157
Ebix, Inc.		7,800		155,688
NextGen Healthcare, Inc. ^(a)		7,250		136,155
PDF Solutions, Inc. ^(a)		9,190		262,099
Progress Software Corp. ^(b)		6,410		323,384
Simulations Plus, Inc. ^(b)		4,350		159,080
SPS Commerce, Inc. ^(a)		5,620		721,777
Thryv Holdings, Inc. ^(a)		9,180		174,420
Veradigm, Inc. ^(a)		23,320		411,365
Xperi, Inc. ^(a)		14,004		120,574
				4,603,751
SPECIALTY FINANCE — 2.4%
Apollo Commercial Real Estate Finance, Inc. ^(b)		20,490		220,472
ARMOUR Residential REIT, Inc. ^(b)		33,710		189,787
Bread Financial Holdings, Inc.		8,810		331,785
Deluxe Corp.		6,360		107,993
Ellington Financial, Inc. ^(b)		15,050		186,168
Encore Capital Group, Inc. ^(a)(b)		3,150		151,011
Enova International, Inc. ^(a)		7,260		278,566
Granite Point Mortgage Trust, Inc.		33,840		181,382
Invesco Mortgage Capital, Inc.		8,286		105,481
KKR Real Estate Finance Trust, Inc.		13,750		191,950
Mr. Cooper Group, Inc. ^(a)		9,970		400,096
New York Mortgage Trust, Inc.		44,650		114,304
PennyMac Mortgage Investment Trust		14,450		179,036
PRA Group, Inc. ^(a)(b)		6,530		220,583
Ready Capital Corp. ^(b)		9,970		111,066
Redwood Trust, Inc.		19,810		133,916
Two Harbors Investment Corp. ^(a)		10,280		162,116
Walker & Dunlop, Inc.		4,340		340,603
				3,606,315
STEEL — 0.8%
ATI, Inc. ^(a)(b)		21,650		646,469
Carpenter Technology Corp.		6,590		243,434
TimkenSteel Corp. ^(a)(b)		17,280		313,978
				1,203,881
TECHNOLOGY HARDWARE — 4.7%
3D Systems Corp. ^(a)(b)		16,470		121,878
A10 Networks, Inc.		15,080		250,780
ADTRAN, Inc.		14,390		270,388

	Shares		Fair Value
COMMON STOCKS — 97.5%, continued
TECHNOLOGY HARDWARE — 4.7%, continued
Arlo Technologies, Inc. ^(a)		65,600	$	230,256
Benchmark Electronics, Inc.		8,080		215,655
Clearfield, Inc. ^(a)		3,590		337,962
Comtech Telecommunications Corp.		9,290		112,781
Corsair Gaming, Inc. ^(a)		10,890		147,777
Extreme Networks, Inc. ^(a)		29,990		549,117
Fabrinet ^(a)		7,180		920,620
Harmonic, Inc. ^(a)		29,630		388,153
InterDigital, Inc.		6,470		320,136
Knowles Corp. ^(a)(b)		18,120		297,530
NetScout Systems, Inc. ^(a)		11,560		375,816
Pitney Bowes, Inc.		38,260		145,388
Plexus Corp. ^(a)		4,900		504,357
Sanmina Corp. ^(a)		13,090		749,926
Sonos, Inc. ^(a)(b)		18,690		315,861
TTM Technologies, Inc. ^(a)		28,760		433,701
Viavi Solutions, Inc. ^(a)		24,360		256,024
				6,944,106
TECHNOLOGY SERVICES — 2.0%
CSG Systems International, Inc.		5,650		323,180
EVERTEC, Inc.		10,810		350,028
Green Dot Corp. - Class A ^(a)		12,060		190,789
Insight Enterprises, Inc. ^(a)		8,860		888,392
LiveRamp Holdings, Inc. ^(a)		6,030		141,343
Payoneer Global, Inc. ^(a)		34,870		190,390
Perficient, Inc. ^(a)		4,700		328,201
Sabre Corp. ^(a)		37,160		229,649
TTEC Holdings, Inc.		3,630		160,192
Unisys Corp. ^(a)		31,950		163,265
				2,965,429
TELECOMMUNICATIONS — 0.6%
ATN International, Inc.		2,340		106,025
Cogent Communications Holdings, Inc.		5,100		291,108
Consolidated Communications Holdings, Inc. ^(a)		29,970		107,293
Gogo, Inc. ^(a)(b)		13,810		203,836
Telephone and Data Systems, Inc.		17,960		188,400
				896,662
TRANSPORTATION & LOGISTICS — 3.4%
Allegiant Travel Co. ^(a)(b)		3,490		237,285
ArcBest Corp. ^(b)		6,890		482,576
Atlas Air Worldwide Holdings, Inc. ^(a)(b)		7,090		714,672
Bristow Group, Inc. ^(a)		35,042		950,689
Forward Air Corp.		5,730		601,020
Hawaiian Holdings, Inc. ^(a)		17,650		181,089
Hub Group, Inc. - Class A ^(a)		9,370		744,821
Marten Transport Ltd.		18,180		359,600
Matson, Inc.		6,440		402,564
SkyWest, Inc. ^(a)		13,750		227,013
Sun Country Airlines Holdings, Inc. ^(a)		7,000		110,880
				5,012,209
TRANSPORTATION EQUIPMENT — 0.6%
Greenbrier Cos., Inc. (The)		6,020		201,851
Trinity Industries, Inc.		13,770		407,179
Wabash National Corp. ^(b)		15,190		343,294
				952,324

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
December 31, 2022

	Shares		Fair Value
COMMON STOCKS — 97.5%, continued
WHOLESALE - CONSUMER STAPLES — 1.2%
Andersons, Inc. (The)		27,150	$	949,978
Chefs’ Warehouse, Inc. (The) ^(a)		5,800		193,024
United Natural Foods, Inc. ^(a)		14,890		576,392
				1,719,394
WHOLESALE - DISCRETIONARY — 1.2%
ePlus, Inc. ^(a)		4,560		201,917
G-III Apparel Group Ltd. ^(a)		9,060		124,213
KAR Auction Services, Inc. ^(a)		12,030		156,991
PC Connection, Inc.		2,970		139,293
ScanSource, Inc. ^(a)		23,700		692,514
Veritiv Corp.		3,640		443,024
				1,757,952
TOTAL COMMON STOCKS (COST $120,998,794)			$	145,600,717

RIGHTS — 0.0% ^(c)
MEDICAL EQUIPMENT & DEVICES — 0.0% ^(c)
Lantheus Holdings, Inc., CVR ^(a)(d)(e)		28,980		2,608
OmniAb, Inc. ^(a)		2,093		1,010
TOTAL RIGHTS (COST $0)			$	3,618

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/15/23	$	330,000	$	325,809
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/23		330,000		320,979
Calvert Social Investment Foundation, Inc. ^(d)		1.000	%		06/14/24		100,000		93,415
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/17/24		60,000		57,655
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/24		90,000		85,675
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		06/13/25		150,000		139,890
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		12/15/25		280,000		258,690
TOTAL CORPORATE NOTES (COST $1,340,000)								$	1,282,113

	Shares		Fair Value
MONEY MARKET FUNDS — 1.1%
First American Government Obligations Fund - Class X, 4.10% ^(f) (COST $1,633,804)		1,633,804	$	1,633,804

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 13.6%
Mount Vernon Liquid Assets Portfolio, LLC, 4.49% ^(f)(g) (COST $20,368,805)		20,368,805		20,368,805

TOTAL INVESTMENTS - (COST $144,341,403) — 113.1%			$	168,889,057
LIABILITIES IN EXCESS OF OTHER ASSETS — (13.1%)				(19,623,872	)
NET ASSETS — 100.0%			$	149,265,185

(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, 2022 was $19,773,563 (Note 8).

(c)	Percentage rounds to less than 0.1%.

(d)	Illiquid securities are as follows:

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23		06/18/18	$	330,000	$	325,809		0.2	%
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23		12/17/18		330,000		320,979		0.2	%
Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24		06/15/21		100,000		93,415		0.1	%
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24		06/17/19		60,000		57,655		0.0	%^(c)
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24		12/12/19		90,000		85,675		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25		06/12/20		150,000		139,890		0.1	%
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25		12/15/20		280,000		258,690		0.2	%
Lantheus Holdings, Inc., CVR		06/22/20		—		2,608		0.0	%^(c)
			$	1,340,000	$	1,284,721		0.9	%

(e)	Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total value of such securities was $2,608 as of December 31, 2022, representing 0.0% (c) of net assets.

(f)	The rate shown is the 7-day effective yield as of December 31, 2022.

(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)

Inflation stayed higher than expected in 2022 and the Federal Reserve (the Fed) moved the Fed Funds rate much higher than expected. At the beginning of 2022, the market anticipated a decrease in CPI, but instead it moved much higher. This caused interest rates to move much higher, which then caused people to start questioning stock market valuations, especially in large cap growth stocks. 2022 was a difficult year for most stocks and bonds. The S&P 500 was down 18.11% in 2022. The small cap market – as represented by the S&P SmallCap 600 – was down 16.10%.

Equity style mattered in 2022 as large cap value stocks performed better than large cap growth stocks and the same pattern (value outperforming growth) repeated with small cap stocks. The S&P 500 Growth Index was down 29.40%, while the S&P 500 Value Index was down 5.22%.

International developed markets did better than emerging markets in 2022. The MSCI EAFE Index was down 14.45%, while the MSCI Emerging Markets Index was down 20.09%. 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 down 16.00%. Over the last five years, developed markets outperformed emerging markets, with a 1.67% annualized return versus a -1.10% annualized return, and this pattern holds over the last 10 years as well with developed markets showing a 3.93% annualized return versus a 1.77% annualized return.

The Bloomberg U.S. Aggregate index returned -13.01% for 2022. The interest rate curve flattened across the yield curve. The 6-month Treasury bill yield increased 4.58%, the 5-year Treasury increased by 2.74%, and the yield on the 30-year Treasury note only increased by 2.06%.

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 -14.59%, which underperformed the S&P Target Risk Conservative Index return of -13.99%.

The Genesis Balanced Portfolio’s Class A Shares (without load) return was -16.06%, which underperformed the S&P Target Risk Growth Index’s return of -15.27%.

The Genesis Growth Portfolio’s Class A Shares (without load) return was -17.05%, which underperformed the S&P Target Risk Aggressive Index’s return of -16.13%.

The allocation to large cap value was the largest contributor on an absolute basis for each portfolio. The biggest detractor on an absolute basis was large cap growth in 2022.

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. 2022 was a year when the higher risk of stocks hurt the performance for portfolios that had a higher stock allocation, and fixed income investments also had negative returns.

Each of the portfolios benefited from the relative outperformance of the Praxis Impact Bond Fund and the Praxis Growth Index Fund versus their respective benchmarks. The Praxis Value Index Fund, Praxis Small Cap Index Fund, and the Praxis International Index Fund underperformed their respective benchmarks for 2022.

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, 2022, 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 12/31/12 to 12/31/22

			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	-19.07%	-2.33%	0.53%	2.59%	1.07%	1.07%
Class A (Without Load)	12/31/09	-14.59%	-0.55%	1.62%	3.15%
S&P Target Risk Conservative Index ¹		-13.99%	-0.32%	1.89%	3.36%

* 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, 2022. Includes indirect expenses of securities of other mutual funds held by the Portfolio (AAFE). AAFE are not reflected in the Financial Highlights.

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, 2022

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 100.0%
DEBT FUND — 70.0%
Praxis Impact Bond Fund - Class I		1,848,901	$	16,917,445

EQUITY FUND — 30.0%
Praxis Growth Index Fund - Class I		76,373		2,245,376
Praxis International Index Fund - Class I		195,534		2,172,387
Praxis Small Cap Index Fund - Class I		62,370		603,746
Praxis Value Index Fund - Class I		148,957		2,241,807
				7,263,316
TOTAL AFFILIATED MUTUAL FUNDS (COST $23,422,154)			$	24,180,761

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 4.10% ^(b) (COST $6,161)		6,161		6,161

TOTAL INVESTMENTS - (COST $23,428,315) — 100.0%			$	24,186,922
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) ^(a)				(1,778	)
NET ASSETS — 100.0%			$	24,185,144

(a)	Percentage rounds to less than 0.1%.

(b)	The rate shown is the 7-day effective yield as of December 31, 2022.

See accompanying notes to financial statements.

Praxis Genesis Balanced Portfolio

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/12 to 12/31/22

			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	-20.45%	0.15%	2.51%	5.02%	0.92%	0.92%
Class A (Without Load)	12/31/09	-16.06%	1.96%	3.63%	5.59%
S&P Target Risk Growth Index ¹		-15.27%	1.81%	3.48%	6.02%

* 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, 2022

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 100.1%
DEBT FUND — 40.0%
Praxis Impact Bond Fund - Class I		3,444,273	$	31,515,101

EQUITY FUND — 60.0%
Praxis Growth Index Fund - Class I		430,771		12,664,668
Praxis International Index Fund - Class I		1,274,818		14,163,227
Praxis Small Cap Index Fund - Class I		813,652		7,876,156
Praxis Value Index Fund - Class I		840,219		12,645,292
				47,349,343
TOTAL AFFILIATED MUTUAL FUNDS (COST $66,442,191)			$	78,864,444

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 4.10% ^(b) (COST $1,261)		1,261		1,261

TOTAL INVESTMENTS - (COST $66,443,452) — 100.1%			$	78,865,705
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1%)				(37,829	)
NET ASSETS — 100.0%			$	78,827,876

(a)	Percentage rounds to less than 0.1%.

(b)	The rate shown is the 7-day effective yield as of December 31, 2022.

See accompanying notes to financial statements.

Praxis Genesis Growth Portfolio

Performance Review (unaudited)

Growth of $10,000 investment from 12/31/12 to 12/31/22

			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	-21.40%	1.54%	3.62%	6.46%	0.95%	0.95%
Class A (Without Load)	12/31/09	-17.05%	3.37%	4.75%	7.03%
S&P Target Risk Aggressive Index ¹		-16.13%	3.12%	4.45%	7.57%

* 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, 2022

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 100.1%
DEBT FUND — 20.0%
Praxis Impact Bond Fund - Class I		1,904,515	$	17,426,317

EQUITY FUND — 80.1%
Praxis Growth Index Fund - Class I		610,321		17,943,430
Praxis International Index Fund - Class I		1,880,284		20,889,952
Praxis Small Cap Index Fund - Class I		1,350,089		13,068,858
Praxis Value Index Fund - Class I		1,190,624		17,918,889
				69,821,129
TOTAL AFFILIATED MUTUAL FUNDS (COST $69,837,875)			$	87,247,446

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 4.10% ^(b) (COST $899)		899		899

TOTAL INVESTMENTS - (COST $69,838,774) — 100.1%			$	87,248,345
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1%)				(40,249	)
NET ASSETS — 100.0%			$	87,208,096

(a)	Percentage rounds to less than 0.1%.

(b)	The rate shown is the 7-day effective yield as of December 31, 2022.

See accompanying notes to financial statements.

Statements of Assets & Liabilities

December 31, 2022

	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	$	759,295,664		$	289,881,709		$	362,691,718		$	323,980,453		$	144,341,403
Investments in unaffiliated securities, at fair value*	$	673,035,727		$	360,918,177		$	408,998,073		$	460,564,693		$	168,889,057
Cash		21,750			17,254			4,060			—			—
Receivable for capital shares sold		1,930,815			1,502,017			1,111,856			3,227,106			700,403
Receivable for investments sold		137			—			—			—			—
Receivable for dividends and interest		4,656,378			703,871			594,117			316,448			198,025
Receivable for tax reclaims		22,137			589,859			—			—			—
Prepaid expenses and other assets		46,454			26,425			37,822			50,738			24,920
Total Assets		679,713,398			363,757,603			410,745,928			464,158,985			169,812,405

Liabilities
Payable for capital shares redeemed		936,797			87,301			468,912			1,017,151			100,595
Payable for return of collateral received for securities on loan		8,901,565			24,979,212			11,512,461			12,571,571			20,368,805
Accrued expenses and other payables:
Investment advisory fees		213,567			131,117			85,710			94,239			40,628
Administration fees		25,582			13,238			15,403			17,315			5,657
Distribution fees		6,450			2,224			5,397			15,828			1,145
Other		124,343			113,062			77,177			88,070			30,390
Total Liabilities		10,208,304			25,326,154			12,165,060			13,804,174			20,547,220

Net Assets	$	669,505,094		$	338,431,449		$	398,580,868		$	450,354,811		$	149,265,185

Components of Net Assets
Paid-in capital	$	763,101,079		$	303,503,974		$	329,404,901		$	305,497,847		$	132,402,954
Distributable earnings (accumulated deficit)		(93,595,985	)		34,927,475			69,175,967			144,856,964			16,862,231
Net Assets	$	669,505,094		$	338,431,449		$	398,580,868		$	450,354,811		$	149,265,185

Pricing of Class A Shares
Net assets attributable to Class A shares	$	29,546,039		$	10,526,418		$	25,496,967		$	72,213,959		$	5,295,765
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)		3,213,951			951,175			1,680,027			2,486,668			609,047
Net asset value and redemption price per share	$	9.19		$	11.07		$	15.18		$	29.04		$	8.70
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]	$	9.55		$	11.68		$	16.02		$	30.65		$	9.18

Pricing of Class I Shares
Net assets attributable to Class I shares	$	639,959,055		$	327,905,031		$	373,083,901		$	378,140,852		$	143,969,420
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		69,960,226			29,525,242			24,795,372			12,861,721			14,869,047
Net asset value, offering price and redemption price per share	$	9.15		$	11.11		$	15.05		$	29.40		$	9.68
*Includes fair value of securities on loan	$	8,677,612		$	24,128,899		$	11,214,623		$	12,282,648		$	19,773,563

See accompanying notes to financial statements.

Statements of Assets & Liabilities, continued

December 31, 2022

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Assets
Investments in affiliated securities, at cost	$	23,422,154		$	66,442,191		$	69,837,875
Investments in unaffiliated securities, at cost		6,161			1,261			899
Investments in affiliated securities, at fair value	$	24,180,761		$	78,864,444		$	87,247,446
Investments in unaffiliated securities, at fair value		6,161			1,261			899
Receivable for capital shares sold		7,696			4,220			80,242
Receivable for dividends		20			4			3
Prepaid expenses and other assets		11,285			9,892			12,799
Total Assets		24,205,923			78,879,821			87,341,389

Liabilities
Payable for capital shares redeemed		753			1,912			8,872
Payable for investments purchased		478			2,178			71,377
Accrued expenses and other payables:
Investment advisory fees		1,082			3,392			3,746
Administration fees		623			2,039			2,251
Distribution fees		5,181			16,960			18,731
Other		12,662			25,464			28,316
Total Liabilities		20,779			51,945			133,293

Net Assets	$	24,185,144		$	78,827,876		$	87,208,096

Components of Net Assets
Paid-in capital	$	23,843,400		$	67,146,133		$	70,538,061
Distributable earnings		341,744			11,681,743			16,670,035
Net Assets	$	24,185,144		$	78,827,876		$	87,208,096

Pricing of Class A Shares
Net assets attributable to Class A shares	$	24,185,144		$	78,827,876		$	87,208,096
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)		2,229,054			5,920,851			5,656,771
Net asset value and redemption price per share	$	10.85		$	13.31		$	15.42
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]	$	11.45		$	14.05		$	16.27

See accompanying notes to financial statements.

Statements of Operations

For the year ended December 31, 2022

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Index Fund
Investment income
Dividends	$	335,183		$	11,726,602		$	9,205,641		$	4,498,842		$	2,155,767
Foreign tax withholding		—			(1,709,550	)		(119	)		(1,047	)		(3,654	)
Securities lending income		44,268			289,564			30,667			25,558			50,693
Interest		18,111,980			82,482			80,890			96,344			37,136
Total Investment Income		18,491,431			10,389,098			9,317,079			4,619,697			2,239,942

Expenses
Investment advisory fees		2,561,676			1,552,303			990,473			1,166,250			462,091
Administration fees		305,605			155,492			175,931			215,027			68,540
Transfer agent fees - Class A		58,774			24,085			27,189			57,336			9,449
Transfer agent fees - Class I		113,008			36,350			108,711			97,999			18,350
Distribution fees - Class A		85,396			22,281			60,999			210,912			14,161
Custodian fees		35,989			132,764			26,017			28,863			15,653
Registration fees - Class A		9,469			7,915			7,407			13,776			13,751
Registration fees - Class I		34,362			27,758			36,746			26,011			20,137
Legal fees		65,615			33,112			37,594			46,024			14,673
Pricing fees		82,109			68,356			6,701			5,303			11,009
Audit and tax services fees		39,319			49,861			26,878			29,137			14,666
Trustee fees and expenses		49,659			24,406			27,936			33,050			10,736
Insurance fees		32,333			15,855			13,905			18,013			6,297
Other expenses		61,360			60,336			40,526			37,031			24,641
Total Expenses		3,534,674			2,210,874			1,587,013			1,984,732			704,154
Recoupment of prior Class A expenses contractually reduced by Investment Adviser		—			—			—			—			1,075
Net Expenses		3,534,674			2,210,874			1,587,013			1,984,732			705,229

Net Investment Income		14,956,757			8,178,224			7,730,066			2,634,965			1,534,713

Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		(5,036,851	)		(4,797,538	)		22,692,304			9,459,584			(7,469,729	)
Net realized losses on foreign currency transactions		—			(133,386	)		—			—			—
Change in unrealized appreciation/(depreciation) of investments		(107,477,405	)		(67,139,734	)		(63,713,049	)		(175,874,639	)		(28,856,158	)
Change in unrealized appreciation/(depreciation) of foreign currency translations		—			(10,315	)		—			—			—
Net Realized and Unrealized Losses on Investments and Foreign Currency Transactions		(112,514,256	)		(72,080,973	)		(41,020,745	)		(166,415,055	)		(36,325,887	)
Net Change in Net Assets from Operations	$	(97,557,499	)	$	(63,902,749	)	$	(33,290,679	)	$	(163,780,090	)	$	(34,791,174	)

See accompanying notes to financial statements.

Statements of Operations, continued

For the year ended December 31, 2022

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Investment income
Dividends from affiliates	$	514,539		$	1,408,583		$	1,347,771
Dividends from non-affiliates		92			25			14
Total Investment Income		514,631			1,408,608			1,347,785

Expenses
Distribution fees - Class A		63,985			209,599			224,050
Transfer agent fees		21,989			65,714			87,171
Investment advisory fees		12,798			41,921			44,811
Registration and filing fees		24,225			27,901			24,789
Administration fees		7,677			25,146			26,884
Audit and tax services fees		8,240			11,041			11,241
Custodian fees		2,560			2,560			2,560
Shareholder reporting expenses		791			2,617			3,371
Trustee fees and expenses		406			1,337			1,429
Legal fees		244			800			853
Insurance expense		125			394			385
Other expenses		5,128			6,444			6,553
Total Expenses		148,168			395,474			434,097

Net Investment Income		366,463			1,013,134			913,688

Realized and Unrealized Gains (Losses) on Investments
Net realized losses on investments in affiliates		(284,650	)		(979,367	)		(1,339,735	)
Long-term capital gain distribution from investments in affiliates		183,194			1,054,920			1,497,279
Change in unrealized appreciation/(depreciation) of investments in affiliates		(4,470,036	)		(16,449,355	)		(18,487,760	)
Net Realized and Unrealized Losses on Investments		(4,571,492	)		(16,373,802	)		(18,330,216	)
Net Change in Net Assets from Operations	$	(4,205,029	)	$	(15,360,668	)	$	(17,416,528	)

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, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
From Operations
Net investment income	$	14,956,757		$	12,716,498		$	8,178,224		$	7,067,970
Net realized gains (losses) from investments and foreign currency transactions		(5,036,851	)		309,296			(4,930,924	)		(1,247,871	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		(107,477,405	)		(27,273,227	)		(67,150,049	)		19,864,270
Net Change in Net Assets from Operations		(97,557,499	)		(14,247,433	)		(63,902,749	)		25,684,369

Distributions to Shareholders
Class A		(632,050	)		(648,495	)		(163,705	)		(195,286	)
Class I		(14,926,182	)		(13,815,730	)		(6,759,350	)		(9,142,870	)
Change in Net Assets from Distributions to Shareholders		(15,558,232	)		(14,464,225	)		(6,923,055	)		(9,338,156	)

Change in Net Assets from Capital Transactions (Note 6)		(32,062,331	)		114,309,066			27,602,927			45,292,617
Change in Net Assets		(145,178,062	)		85,597,408			(43,222,877	)		61,638,830

Net Assets
Beginning of year		814,683,156			729,085,748			381,654,326			320,015,496
End of year	$	669,505,094		$	814,683,156		$	338,431,449		$	381,654,326

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, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
From Operations
Net investment income	$	7,730,066		$	6,560,667		$	2,634,965		$	1,474,181		$	1,534,713		$	1,275,088
Net realized gains (losses) from investments		22,692,304			21,871,536			9,459,584			25,696,730			(7,469,729	)		16,735,523
Net change in unrealized appreciation/(depreciation) on investments		(63,713,049	)		53,067,993			(175,874,639	)		102,477,187			(28,856,158	)		19,863,231
Net Change in Net Assets from Operations		(33,290,679	)		81,500,196			(163,780,090	)		129,648,098			(34,791,174	)		37,873,842

Distributions to Shareholders
Class A		(1,240,919	)		(783,817	)		(3,970,474	)		(4,460,917	)		(54,572	)		(667,077	)
Class I		(19,809,491	)		(16,566,138	)		(20,269,905	)		(17,988,411	)		(1,502,716	)		(16,040,570	)
Change in Net Assets from Distributions to Shareholders		(21,050,410	)		(17,349,955	)		(24,240,379	)		(22,449,328	)		(1,557,288	)		(16,707,647	)

Change in Net Assets from Capital Transactions (Note 6)		13,316,059			66,459,413			108,769,305			22,119,735			12,494,918			12,289,668
Change in Net Assets		(41,025,030	)		130,609,654			(79,251,164	)		129,318,505			(23,853,544	)		33,455,863

Net Assets
Beginning of year		439,605,898			308,996,244			529,605,975			400,287,470			173,118,729			139,662,866
End of year	$	398,580,868		$	439,605,898		$	450,354,811		$	529,605,975		$	149,265,185		$	173,118,729

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, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
From Operations
Net investment income	$	366,463		$	428,005		$	1,013,134		$	1,861,785		$	913,688		$	2,156,198
Net realized gains (losses) on investments in affiliates		(284,650	)		436,199			(979,367	)		1,861,645			(1,339,735	)		1,126,350
Long-term capital gain distributions from investments in affiliates		183,194			144,741			1,054,920			1,105,509			1,497,279			1,581,295
Net change in unrealized appreciation/(depreciation) on investments in affiliates		(4,470,036	)		216,230			(16,449,355	)		5,384,325			(18,487,760	)		9,426,914
Net Change in Net Assets from Operations		(4,205,029	)		1,225,175			(15,360,668	)		10,213,264			(17,416,528	)		14,290,757

Distributions to Class A Shareholders		(552,020	)		(1,223,307	)		(2,181,718	)		(5,111,964	)		(2,572,697	)		(4,501,599	)

Change in Net Assets from Capital Transactions (Note 6)		333,369			844,126			435,296			3,306,675			6,343,142			5,416,163
Change in Net Assets		(4,423,680	)		845,994			(17,107,090	)		8,407,975			(13,646,083	)		15,205,321

Net Assets
Beginning of year		28,608,824			27,762,830			95,934,966			87,526,991			100,854,179			85,648,858
End of year	$	24,185,144		$	28,608,824		$	78,827,876		$	95,934,966		$	87,208,096		$	100,854,179

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, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of year	$	10.78		$	11.19		$	10.67		$	10.12		$	10.39
Net investment income ^(a)		0.17			0.14			0.19			0.23			0.22
Net realized and unrealized gains (losses) on investments		(1.58	)		(0.39	)		0.60			0.55			(0.26	)
Total from investment operations		(1.41	)		(0.25	)		0.79			0.78			(0.04	)
Less distributions from:
Net investment income		(0.18	)		(0.16	)		(0.20	)		(0.23	)		(0.23	)
Net realized gains		—			—			(0.07	)		—			—
Total distributions		(0.18	)		(0.16	)		(0.27	)		(0.23	)		(0.23	)
Paid-in capital from redemption fees		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	9.19		$	10.78		$	11.19		$	10.67		$	10.12
Total return (excludes sales charge)		(13.12	%)		(2.23	%)		7.45	%		7.75	%		(0.36	%)
Net assets at end of year (in 000s)	$	29,546		$	41,413		$	48,146		$	58,383		$	60,692
Ratio of net expenses to average net assets		0.94	%		0.88	%		0.92	%		0.95	%		0.97	%
Ratio of gross expenses to average net assets		0.94	%		0.88	%		0.92	%		0.95	%		0.98	%*
Ratio of net investment income to average net assets		1.74	%		1.28	%		1.72	%		2.16	%		2.15	%
Portfolio turnover rate		21.12	%		14.68	%		31.27	%		17.58	%		27.27	%

Praxis Impact Bond Fund - Class I

	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of year	$	10.72		$	11.14		$	10.62		$	10.08		$	10.35
Net investment income ^(a)		0.21			0.18			0.23			0.27			0.26
Net realized and unrealized gains (losses) on investments		(1.56	)		(0.39	)		0.61			0.54			(0.26	)
Total from investment operations		(1.35	)		(0.21	)		0.84			0.81			0.00	^(b)
Less distributions from:
Net investment income		(0.22	)		(0.21	)		(0.25	)		(0.27	)		(0.27	)
Net realized gains		—			—			(0.07	)		—			—
Total distributions		(0.22	)		(0.21	)		(0.32	)		(0.27	)		(0.27	)
Paid-in capital from redemption fees		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	9.15		$	10.72		$	11.14		$	10.62		$	10.08
Total return		(12.65	%)		(1.93	%)		7.94	%		8.15	%		0.08	%
Net assets at end of year (in 000s)	$	639,959		$	773,270		$	680,940		$	530,250		$	449,146
Ratio of expenses to average net assets		0.49	%		0.48	%		0.52	%		0.53	%		0.53	%
Ratio of net investment income to average net assets		2.20	%		1.68	%		2.08	%		2.58	%		2.60	%
Portfolio turnover rate		21.12	%		14.68	%		31.27	%		17.58	%		27.27	%

*	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, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of year	$	13.50		$	12.82		$	11.50		$	9.77		$	11.69
Net investment income ^(a)		0.20			0.18			0.10			0.18			0.17
Net realized and unrealized gains (losses) on investments and foreign currencies		(2.46	)		0.75			1.32			1.73			(1.94	)
Total from investment operations		(2.26	)		0.93			1.42			1.91			(1.77	)
Less distributions from:
Net investment income		(0.17	)		(0.25	)		(0.10	)		(0.18	)		(0.15	)
Paid-in capital from redemption fees		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	11.07		$	13.50		$	12.82		$	11.50		$	9.77
Total return (excludes sales charge)		(16.72	%)		7.22	%		12.37	%		19.55	%		(15.13	%)
Net assets at end of year (in 000s)	$	10,526		$	10,859		$	11,251		$	11,074		$	11,853
Ratio of expenses to average net assets		1.24	%		1.20	%		1.30	%		1.40	%		1.31	%
Ratio of net investment income to average net assets		1.71	%		1.32	%		0.92	%		1.70	%		1.52	%
Portfolio turnover rate		37.48	%		39.58	%		86.12	%		20.61	%		21.08	%

Praxis International Index Fund - Class I

	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of year	$	13.53		$	12.86		$	11.53		$	9.80		$	11.75
Net investment income ^(a)		0.27			0.27			0.18			0.27			0.25
Net realized and unrealized gains (losses) on investments and foreign currencies		(2.46	)		0.74			1.34			1.73			(1.96	)
Total from investment operations		(2.19	)		1.01			1.52			2.00			(1.71	)
Less distributions from:
Net investment income		(0.23	)		(0.34	)		(0.19	)		(0.27	)		(0.24	)
Paid-in capital from redemption fees		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	11.11		$	13.53		$	12.86		$	11.53		$	9.80
Total return		(16.18	%)		7.83	%		13.18	%		20.45	%		(14.52	%)
Net assets at end of year (in 000s)	$	327,905		$	370,796		$	308,764		$	277,404		$	237,982
Ratio of expenses to average net assets		0.62	%		0.61	%		0.61	%		0.64	%		0.65	%
Ratio of net investment income to average net assets		2.36	%		1.94	%		1.62	%		2.48	%		2.21	%
Portfolio turnover rate		37.48	%		39.58	%		86.12	%		20.61	%		21.08	%

^(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, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of year	$	17.32		$	14.42		$	15.13		$	11.81		$	13.82
Net investment income ^(a)		0.26			0.22			0.26			0.24			0.23
Net realized and unrealized gains (losses) on investments		(1.63	)		3.30			0.26	^(b)		3.56			(1.38	)
Total from investment operations		(1.37	)		3.52			0.52			3.80			(1.15	)
Less distributions from:
Net investment income		(0.07	)		(0.31	)		—			(0.23	)		(0.23	)
Net realized gains		(0.70	)		(0.31	)		(1.23	)		(0.25	)		(0.63	)
Total distributions		(0.77	)		(0.62	)		(1.23	)		(0.48	)		(0.86	)
Paid-in capital from redemption fees		—			0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)
Net asset value at end of year	$	15.18		$	17.32		$	14.42		$	15.13		$	11.81
Total return (excludes sales charge)		(7.86	%)		24.52	%		3.58	%		32.21	%		(8.47	%)
Net assets at end of year (in 000s)	$	25,497		$	22,442		$	18,863		$	30,603		$	18,124
Ratio of expenses to average net assets		0.75	%		0.78	%		0.91	%		0.86	%		0.89	%
Ratio of net investment income to average net assets		1.63	%		1.34	%		1.90	%		1.72	%		1.69	%
Portfolio turnover rate		53.35	%		28.06	%		44.98	%		39.06	%		32.38	%

Praxis Value Index Fund - Class I

	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of year	$	17.18		$	14.30		$	15.02		$	11.72		$	13.74
Net investment income ^(a)		0.31			0.28			0.32			0.30			0.30
Net realized and unrealized gains (losses) on investments		(1.61	)		3.29			0.27	^(b)		3.53			(1.38	)
Total from investment operations		(1.30	)		3.57			0.59			3.83			(1.08	)
Less distributions from:
Net investment income		(0.13	)		(0.38	)		(0.08	)		(0.28	)		(0.31	)
Net realized gains		(0.70	)		(0.31	)		(1.23	)		(0.25	)		(0.63	)
Total distributions		(0.83	)		(0.69	)		(1.31	)		(0.53	)		(0.94	)
Paid-in capital from redemption fees		—			0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)
Net asset value at end of year	$	15.05		$	17.18		$	14.30		$	15.02		$	11.72
Total return		(7.55	%)		25.08	%		4.07	%		32.74	%		(8.06	%)
Net assets at end of year (in 000s)	$	373,084		$	417,164		$	290,133		$	223,097		$	162,785
Ratio of expenses to average net assets		0.38	%		0.38	%		0.44	%		0.44	%		0.42	%
Ratio of net investment income to average net assets		1.98	%		1.73	%		2.32	%		2.16	%		2.18	%
Portfolio turnover rate		53.35	%		28.06	%		44.98	%		39.06	%		32.38	%

^(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, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of year	$	42.88		$	33.96		$	27.23		$	22.05		$	23.05
Net investment income ^(a)		0.10			0.03			0.11			0.20			0.15
Net realized and unrealized gains (losses) on investments		(12.27	)		10.69			8.80			6.71			(0.13	)
Total from investment operations		(12.17	)		10.72			8.91			6.91			0.02
Less distributions from:
Net investment income		—			(0.03	)		(0.10	)		(0.20	)		(0.21	)
Net realized gains		(1.67	)		(1.77	)		(2.08	)		(1.53	)		(0.81	)
Total distributions		(1.67	)		(1.80	)		(2.18	)		(1.73	)		(1.02	)
Paid-in capital from redemption fees		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	29.04		$	42.88		$	33.96		$	27.23		$	22.05
Total return (excludes sales charge)		(28.42	%)		31.60	%		32.81	%		31.45	%		(0.05	%)
Net assets at end of year (in 000s)	$	72,214		$	109,319		$	90,516		$	84,526		$	72,735
Ratio of expenses to average net assets		0.67	%		0.66	%		0.75	%		0.79	%		0.82	%
Ratio of net investment income to average net assets		0.28	%		0.08	%		0.38	%		0.78	%		0.59	%
Portfolio turnover rate		49.76	%		18.17	%		28.05	%		32.33	%		27.24	%

Praxis Growth Index Fund - Class I

	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of year	$	43.27		$	34.25		$	27.45		$	22.21		$	23.21
Net investment income ^(a)		0.21			0.15			0.21			0.30			0.25
Net realized and unrealized gains (losses) on investments		(12.39	)		10.79			8.87			6.76			(0.13	)
Total from investment operations		(12.18	)		10.94			9.08			7.06			0.12
Less distributions from:
Net investment income		(0.02	)		(0.15	)		(0.20	)		(0.29	)		(0.31	)
Net realized gains		(1.67	)		(1.77	)		(2.08	)		(1.53	)		(0.81	)
Total distributions		(1.69	)		(1.92	)		(2.28	)		(1.82	)		(1.12	)
Paid-in capital from redemption fees		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	29.40		$	43.27		$	34.25		$	27.45		$	22.21
Total return		(28.18	%)		31.97	%		33.19	%		31.91	%		0.39	%
Net assets at end of year (in 000s)	$	378,141		$	420,287		$	309,772		$	241,118		$	178,605
Ratio of expenses to average net assets		0.36	%		0.36	%		0.43	%		0.43	%		0.43	%
Ratio of net investment income to average net assets		0.60	%		0.38	%		0.69	%		1.13	%		0.99	%
Portfolio turnover rate		49.76	%		18.17	%		28.05	%		32.33	%		27.24	%

^(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, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of year	$	11.00		$	9.69		$	8.85		$	7.44		$	8.63
Net investment income ^(a)		0.03			0.02			0.02			0.03			0.01
Net realized and unrealized gains (losses) on investments		(2.24	)		2.52			0.90			1.56			(0.73	)
Total from investment operations		(2.21	)		2.54			0.92			1.59			(0.72	)
Less distributions from:
Net investment income		—			(0.03	)		(0.04	)		—			—
Net realized gains		(0.09	)		(1.20	)		(0.04	)		(0.18	)		(0.47	)
Total distributions		(0.09	)		(1.23	)		(0.08	)		(0.18	)		(0.47	)
Paid-in capital from redemption fees		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	8.70		$	11.00		$	9.69		$	8.85		$	7.44
Total return (excludes sales charge)		(20.08	%)		26.53	%		10.39	%		21.36	%		(8.56	%)
Net assets at end of year (in 000s)	$	5,296		$	6,656		$	5,173		$	4,665		$	4,284
Ratio of net expenses to average net assets		1.11	%		1.12	%		1.12	%		1.12	%		1.11	%
Ratio of gross expenses to average net assets*		1.09	%		1.12	%		1.37	%		1.42	%		1.49	%
Ratio of net investment income to average net assets		0.37	%		0.13	%		0.25	%		0.33	%		0.13	%
Portfolio turnover rate		35.74	%		40.95	%		39.21	%		21.59	%		25.17	%

Praxis Small Cap Index Fund - Class I

	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of year	$	12.17		$	10.60		$	9.66		$	8.13		$	9.36
Net investment income ^(a)		0.11			0.11			0.08			0.09			0.08
Net realized and unrealized gains (losses) on investments		(2.50	)		2.76			0.98			1.71			(0.79	)
Total from investment operations		(2.39	)		2.87			1.06			1.80			(0.71	)
Less distributions from:
Net investment income		(0.01	)		(0.10	)		(0.08	)		(0.09	)		(0.05	)
Net realized gains		(0.09	)		(1.20	)		(0.04	)		(0.18	)		(0.47	)
Total distributions		(0.10	)		(1.30	)		(0.12	)		(0.27	)		(0.52	)
Paid-in capital from redemption fees		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		—
Net asset value at end of year	$	9.68		$	12.17		$	10.60		$	9.66		$	8.13
Total return		(19.60	%)		27.36	%		11.04	%		22.12	%		(7.83	%)
Net assets at end of year (in 000s)	$	143,969		$	166,462		$	134,490		$	115,562		$	85,680
Ratio of expenses to average net assets		0.43	%		0.43	%		0.45	%		0.45	%		0.46	%
Ratio of net investment income to average net assets		1.02	%		0.83	%		0.94	%		1.02	%		0.83	%
Portfolio turnover rate		35.74	%		40.95	%		39.21	%		21.59	%		25.17	%

*	During the period, certain expenses were reduced and/or recouped 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, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of year	$	12.99		$	12.99		$	12.20		$	11.02		$	11.75
Net investment income ^(a)		0.17			0.20			0.26			0.21			0.24
Net realized and unrealized gains (losses) on investments		(2.06	)		0.37			0.99			1.23			(0.55	)
Total from investment operations		(1.89	)		0.57			1.25			1.44			(0.31	)
Less distributions from:
Net investment income		(0.17	)		(0.20	)		(0.27	)		(0.20	)		(0.24	)
Net realized gains		(0.08	)		(0.37	)		(0.19	)		(0.06	)		(0.18	)
Total distributions		(0.25	)		(0.57	)		(0.46	)		(0.26	)		(0.42	)
Paid-in capital from redemption fees		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	10.85		$	12.99		$	12.99		$	12.20		$	11.02
Total return (excludes sales charge)		(14.59	%)		4.42	%		10.28	%		13.14	%		(2.64	%)
Net assets at end of year (in 000s)	$	24,185		$	28,609		$	27,763		$	26,761		$	22,148
Ratio of net expenses to average net assets^†		0.58	%		0.60	%		0.60	%		0.61	%		0.60	%
Ratio of gross expenses to average net assets^†		0.58	%		0.58	%**		0.58	%**		0.63	%**		0.63	%**
Ratio of net investment income to average net assets^†*		1.43	%		1.50	%		2.05	%		1.81	%		2.08	%
Portfolio turnover rate		13.60	%		15.51	%		28.90	%		10.10	%		15.49	%

^†	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, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of year	$	16.30		$	15.40		$	14.30		$	12.39		$	13.71
Net investment income ^(a)		0.17			0.33			0.34			0.22			0.27
Net realized and unrealized gains (losses) on investments		(2.79	)		1.47			1.50			2.07			(0.93	)
Total from investment operations		(2.62	)		1.80			1.84			2.29			(0.66	)
Less distributions from:
Net investment income		(0.17	)		(0.32	)		(0.34	)		(0.22	)		(0.27	)
Net realized gains		(0.20	)		(0.58	)		(0.40	)		(0.16	)		(0.39	)
Total distributions		(0.37	)		(0.90	)		(0.74	)		(0.38	)		(0.66	)
Paid-in capital from redemption fees		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	13.31		$	16.30		$	15.40		$	14.30		$	12.39
Total return (excludes sales charge)		(16.06	%)		11.77	%		12.97	%		18.54	%		(4.89	%)
Net assets at end of year (in 000s)	$	78,828		$	95,935		$	87,527		$	83,240		$	70,368
Ratio of expenses to average net assets^†		0.47	%		0.46	%		0.49	%		0.52	%		0.52	%
Ratio of net investment income to average net assets^†*		1.21	%		2.01	%		2.38	%		1.64	%		2.04	%
Portfolio turnover rate		12.96	%		15.28	%		21.52	%		9.43	%		12.90	%

^†	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, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of year	$	19.15		$	17.17		$	15.79		$	13.30		$	15.09
Net investment income ^(a)		0.17			0.43			0.40			0.21			0.27
Net realized and unrealized gains (losses) on investments		(3.44	)		2.43			1.81			2.73			(1.24	)
Total from investment operations		(3.27	)		2.86			2.21			2.94			(0.97	)
Less distributions from:
Net investment income		(0.16	)		(0.42	)		(0.39	)		(0.21	)		(0.28	)
Net realized gains		(0.30	)		(0.46	)		(0.44	)		(0.24	)		(0.54	)
Total distributions		(0.46	)		(0.88	)		(0.83	)		(0.45	)		(0.82	)
Paid-in capital from redemption fees		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of year	$	15.42		$	19.15		$	17.17		$	15.79		$	13.30
Total return (excludes sales charge)		(17.05	%)		16.72	%		14.08	%		22.16	%		(6.52	%)
Net assets at end of year (in 000s)	$	87,208		$	100,854		$	85,649		$	74,220		$	60,685
Ratio of expenses to average net assets^†		0.48	%		0.49	%		0.54	%		0.58	%		0.58	%
Ratio of net investment income to average net assets^†*		1.02	%		2.28	%		2.59	%		1.42	%		1.91	%
Portfolio turnover rate		10.46	%		12.90	%		18.36	%		7.72	%		12.72	%

^†	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, 2022

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”). 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, 2022, 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.

Regulatory Update:

In March 2020, FASB issued Accounting Standards Update 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), and in December 2022, the FASB issued Accounting Standards Update ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04, ASU 2021-01, and ASU 2022-06 are effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2024. Management is evaluating the impact of ASU 2020-04, ASU 2021-01, and ASU 2022-06 on the Funds’ investments, derivatives, debt, and other contracts that will undergo reference rater elated modifications as a result of the reference rate reform. 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. Prior to September 8, 2022, the methods used by the pricing service and the valuations so established were reviewed by the Pricing Committee of the Funds and Portfolios under general supervision of the Trust’s Board of Trustees (the “Board”). As of September 8, 2022, pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Everence Capital Management, Inc. (the “Adviser”),

Notes to Financial Statements, continued

December 31, 2022

investment adviser to the Funds and Portfolios, as the Valuation Designee (the “Designee”) with responsibility for reviewing the methods used by the pricing service and the valuations so established under general supervision of the Board. The Adviser carries out its designated activities through the Adviser’s Pricing Committee. 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 the Designee 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.

In certain circumstances, the Everence Capital Management, Inc. Valuation Procedures for the Praxis Mutual Funds (“Valuation Procedures”) contemplate the Board’s delegation of the implementation of the Valuation Procedures to the Designee. In valuing restricted securities under the Valuation Procedures, the Designee will consider (but is not limited to) certain specific and general factors enumerated in the Valuation Procedures. The Valuation Procedures require that the Designee 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, 2022, 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	$	—	$	6,810,885	$	—	$	6,810,885
Corporate Bonds		—		254,042,899		—		254,042,899
Corporate Notes		—		6,545,400		—		6,545,400
Foreign Governments		—		44,336,508		—		44,336,508
Commercial Mortgage-Backed Securities		—		90,191		—		90,191
U.S. Government Agencies		—		300,964,206		—		300,964,206
Asset Backed Securities		—		37,008,939		—		37,008,939
Money Market Funds		11,303,217		—		—		11,303,217
Investment Purchased with the Cash Proceeds from Securities Lending*		—		—		—		8,901,565
Investment Companies		3,031,917		—		—		3,031,917
Total Investments	$	14,335,134	$	649,799,028	$	—	$	673,035,727

International Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	331,387,732	$	—	$	869	$	331,388,601
Corporate Notes		—		2,974,952		—		2,974,952
Money Market Funds		1,575,412		—		—		1,575,412
Investment Purchased with the Cash Proceeds from Securities Lending*		—		—		—		24,979,212
Total Investments	$	332,963,144	$	2,974,952	$	869	$	360,918,177

Notes to Financial Statements, continued

December 31, 2022

Value Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	392,448,768	$	—	$	—	$	392,448,768
Corporate Notes		—		3,478,924		—		3,478,924
Money Market Funds		1,557,920		—		—		1,557,920
Investment Purchased with the Cash Proceeds from Securities Lending*		—		—		—		11,512,461
Total Investments	$	394,006,688	$	3,478,924	$	—	$	408,998,073

Growth Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	441,258,262	$	—	$	—	$	441,258,262
Corporate Notes		—		3,926,663		—		3,926,663
Money Market Funds		2,808,197		—		—		2,808,197
Investment Purchased with the Cash Proceeds from Securities Lending*		—		—		—		12,571,571
Total Investments	$	444,066,459	$	3,926,663	$	—	$	460,564,693

Small Cap Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	145,600,717	$	—	$	—	$	145,600,717
Rights		—		1,010		2,608		3,618
Corporate Notes		—		1,282,113		—		1,282,113
Money Market Funds		1,633,804		—		—		1,633,804
Investment Purchased with the Cash Proceeds from Securities Lending*		—		—		—		20,368,805
Total Investments	$	147,234,521	$	1,283,123	$	2,608	$	168,889,057

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	$	24,180,761	$	—	$	—	$	24,180,761
Money Market Funds		6,161		—		—		6,161
Total Investments	$	24,186,922	$	—	$	—	$	24,186,922

Balanced Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	78,864,444	$	—	$	—	$	78,864,444
Money Market Funds		1,261		—		—		1,261
Total Investments	$	78,865,705	$	—	$	—	$	78,865,705

Growth Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	87,247,446	$	—	$	—	$	87,247,446
Money Market Funds		899		—		—		899
Total Investments	$	87,248,345	$	—	$	—	$	87,248,345

Notes to Financial Statements, continued

December 31, 2022

The following is a reconciliation of Level 3 instruments held in the International Index Fund and Small Cap Index Fund for which significant unobservable inputs were used to determine fair value for the year ended December 31, 2022:

	International Index Fund		Small Cap Index Fund
Balance as of December 31, 2021	$	—	$	2,608
Security valuation unavailable		869		—
Balance as of December 31, 2022	$	869	$	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, 2022 for the International Index Fund and Small Cap Index Fund was ($690,066) and $0, respectively.

The following tables 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:

International Index Fund
	12/31/2022		Valuation Technique	Unobservable Input	Range	Impact to Valuation from an Increase in Input *
Common Stocks	$	869	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.

Small Cap Index Fund
	12/31/2022		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

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.

Notes to Financial Statements, continued

December 31, 2022

The Portfolios invest in other Praxis equity and fixed income funds (the “Underlying Funds”) and, as a result, the Portfolios indirectly pay a portion of the operating expenses, including management fees, of the Underlying Funds. These expenses are accrued by the Underlying Funds before their share prices are calculated and are reflected as Acquired Fund Fees and Expenses (“AFFE”) in the Portfolios’ prospectus fee tables. Actual indirect expenses vary depending on how a Portfolio’s assets are allocated among the Underlying Funds.

Risks Associated with Foreign Securities and Currencies:

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include adverse future political and economic developments and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those countries.

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

Foreign Currency Translation:

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

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

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, 2022, the Funds and Portfolios did not incur any interest or penalties.

Notes to Financial Statements, continued

December 31, 2022

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 were 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, 2022 were as follows:

	Purchases		Sales
Impact Bond Fund	$	78,192,214	$	62,561,705
International Index Fund		156,768,458		130,040,568
Value Index Fund		211,939,344		210,958,129
Growth Index Fund		323,449,643		239,289,171
Small Cap Index Fund		67,117,311		54,993,801
Conservative Portfolio		3,813,178		3,495,112
Balanced Portfolio		11,260,221		10,934,783
Growth Portfolio		15,618,628		9,432,604

During the year ended December 31, 2022, 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	$	91,190,083	$	25,722,541
Growth Index Fund	Value Index Fund		82,636,446		26,191,212

4. Investment Transactions with Affiliates:

The Portfolios invest in the Underlying Funds, which are also advised by 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, 2022
Affiliate	Fair Value at December 31, 2021		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at December 31, 2022		Dividend Income		Long-Term Capital Gain Distributions		Shares at December 31, 2022
Conservative Portfolio
Growth Index - Class I	$	2,739,573	$	761,314	$	(345,629	)	$	(28,367	)	$	(881,515	)	$	2,245,376	$	9,231	$	108,422		76,373
Impact Bond - Class I		19,758,915		2,200,623		(2,144,227	)		(226,139	)		(2,671,727	)		16,917,445		405,171		—		1,848,901
International Index - Class I		2,638,404		387,615		(395,838	)		(32,669	)		(425,125	)		2,172,387		44,252		—		195,534
Small Cap Index - Class I		749,829		115,459		(110,284	)		(21,111	)		(130,147	)		603,746		813		5,854		62,370
Value Index - Class I		2,730,660		348,167		(499,134	)		23,636			(361,522	)		2,241,807		55,072		68,918		148,957
Total	$	28,617,381	$	3,813,178	$	(3,495,112	)	$	(284,650	)	$	(4,470,036	)	$	24,180,761	$	514,539	$	183,194		2,332,135

	For the year ended December 31, 2022
Affiliate	Fair Value at December 31, 2021		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at December 31, 2022		Dividend Income		Long-Term Capital Gain Distributions		Shares at December 31, 2022
Balanced Portfolio
Growth Index - Class I	$	15,667,595	$	3,783,369	$	(1,642,253	)	$	(117,394	)	$	(5,026,649	)	$	12,664,668	$	51,227	$	599,051		430,771
Impact Bond - Class I		37,332,116		3,368,387		(3,790,421	)		(485,559	)		(4,909,422	)		31,515,101		750,192		—		3,444,273
International Index - Class I		17,429,797		1,839,820		(2,115,029	)		(247,041	)		(2,744,320	)		14,163,227		289,501		—		1,274,818
Small Cap Index - Class I		9,912,300		1,000,991		(1,051,284	)		(239,485	)		(1,746,366	)		7,876,156		10,645		74,869		813,652
Value Index - Class I		15,625,920		1,267,654		(2,335,796	)		110,112			(2,022,598	)		12,645,292		307,018		381,000		840,219
Total	$	95,967,728	$	11,260,221	$	(10,934,783	)	$	(979,367	)	$	(16,449,355	)	$	78,864,444	$	1,408,583	$	1,054,920		6,803,733

Notes to Financial Statements, continued

December 31, 2022

	For the year ended December 31, 2022
Affiliate	Fair Value at December 31, 2021		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at December 31, 2022		Dividend Income		Long-Term Capital Gain Distributions		Shares at December 31, 2022
Growth Portfolio
Growth Index - Class I	$	20,910,142	$	5,654,661	$	(1,603,345	)	$	(267,454	)	$	(6,750,574	)	$	17,943,430	$	71,992	$	840,633		610,321
Impact Bond - Class I		19,441,616		2,557,071		(1,724,220	)		(215,748	)		(2,632,402	)		17,426,317		399,680		—		1,904,515
International Index - Class I		24,193,961		3,220,281		(2,342,486	)		(463,511	)		(3,718,293	)		20,889,952		426,695		—		1,880,588
Small Cap Index - Class I		15,485,724		1,818,947		(1,083,568	)		(266,849	)		(2,885,396	)		13,068,858		17,644		122,608		1,350,089
Value Index - Class I		20,857,474		2,367,668		(2,678,985	)		(126,173	)		(2,501,095	)		17,918,889		431,760		534,038		1,190,392
Total	$	100,888,917	$	15,618,628	$	(9,432,604	)	$	(1,339,735	)	$	(18,487,760	)	$	87,247,446	$	1,347,771	$	1,497,279		6,935,905

5. Related Party Transactions:

The Adviser provides investment advisory services to the Funds and Portfolios. During the year ended December 31, 2022, 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**	0.44	%
Value Index Fund***	0.25	%
Growth Index Fund***	0.24	%
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. Rates disclosed above represents the effective rates 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, 2022 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	%

*	The expense limits for these Portfolios were terminated on April 30, 2022.

During the ended December 31, 2022, the Adviser recouped $1,075 of past investment advisory fees from the Small Cap Index Fund.

Notes to Financial Statements, continued

December 31, 2022

As of December 31, 2022, the Small Cap Index Fund had the following amounts (and year of expiration) subject to repayment to the Adviser:

	Year Waived		Year Repayment Expires		Balance
Small Cap Index Fund		2020		2023	$	9,564
		2021		2024		97
					$	9,661

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

Foreside Financial Services, LLC (“Distributor” and “Underwriter”) serves as the Funds’ and Portfolios’ principal Distributor and Underwriter and, as such, acts as exclusive agent for distribution of the Funds’ and Portfolios’ shares. Under the terms of the Underwriting Agreements between the Trust and the Underwriter, the Underwriter earned sales charges from underwriting and broker commissions on the sale of shares during the year ended December 31, 2022 as follows:


Impact Bond Fund	$	3,324
International Index Fund		967
Value Index Fund		2,143
Growth Index Fund		11,753
Small Cap Index Fund		791
Conservative Portfolio		7,451
Balanced Portfolio		23,148
Growth Portfolio		30,847

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. These fees are reflected as Distribution Fees on the Statements of Operations.

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, 2022

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, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	3,025,395		$	9,193,729		$	3,740,621		$	1,197,168
Dividends reinvested		553,807			571,674			159,582			186,827
Cost of shares redeemed		(9,682,227	)		(14,766,998	)		(2,497,434	)		(2,375,844	)
Redemption fees		—			1,053			—			—
Class A Share Transactions	$	(6,103,025	)	$	(5,000,542	)	$	1,402,769		$	(991,849	)
Class I Shares:
Proceeds from shares issued	$	249,577,765		$	246,846,133		$	103,587,729		$	91,737,890
Dividends reinvested		8,282,505			7,037,381			3,160,060			4,164,184
Cost of shares redeemed		(283,819,576	)		(134,578,096	)		(80,547,631	)		(49,618,242	)
Redemption fees		—			4,190			—			634
Class I Share Transactions	$	(25,959,306	)	$	119,309,608		$	26,200,158		$	46,284,466
Net increase (decrease) from capital transactions	$	(32,062,331	)	$	114,309,066		$	27,602,927		$	45,292,617
Share Transactions:
Class A Shares:
Issued		310,124			840,253			345,741			87,660
Reinvested		57,502			52,398			14,325			13,849
Redeemed		(995,058	)		(1,352,381	)		(213,381	)		(174,296	)
Change in Class A Shares:		(627,432	)		(459,730	)		146,685			(72,787	)
Class I Shares:
Issued		26,200,184			22,703,408			8,932,598			6,688,812
Reinvested		866,928			648,911			282,653			307,774
Redeemed		(29,213,634	)		(12,390,583	)		(7,102,036	)		(3,591,753	)
Change in Class I Shares:		(2,146,522	)		10,961,736			2,113,215			3,404,833
Net increase (decrease) from share transactions		(2,773,954	)		10,502,006			2,259,900			3,332,046

	Value Index Fund						Growth Index Fund						Small Cap Index Fund
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	9,166,077		$	3,401,447		$	4,399,944		$	6,886,005		$	774,439		$	1,521,654
Dividends reinvested		1,179,063			747,417			3,893,545			4,352,705			50,776			631,785
Cost of shares redeemed		(4,046,777	)		(4,168,874	)		(11,071,053	)		(15,463,586	)		(787,724	)		(1,382,746	)
Redemption fees		—			36			—			303			—			512
Class A Share Transactions	$	6,298,363		$	(19,974	)	$	(2,777,564	)	$	(4,224,573	)	$	37,491		$	771,205
Class I Shares:
Proceeds from shares issued	$	149,466,936		$	137,848,514		$	209,078,039		$	92,764,892		$	40,430,827		$	36,730,879
Dividends reinvested		17,150,287			12,468,095			18,967,101			16,833,013			1,373,959			15,163,473
Cost of shares redeemed		(159,599,527	)		(83,844,068	)		(116,498,271	)		(83,254,304	)		(29,347,359	)		(40,375,889	)
Redemption fees		—			6,846			—			707			—			—
Class I Share Transactions	$	7,017,696		$	66,479,387		$	111,546,869		$	26,344,308		$	12,457,427		$	11,518,463
Net increase from capital transactions	$	13,316,059		$	66,459,413		$	108,769,305		$	22,119,735		$	12,494,918		$	12,289,668

Notes to Financial Statements, continued

December 31, 2022

	Value Index Fund						Growth Index Fund						Small Cap Index Fund
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Share Transactions:
Class A Shares:
Issued		560,169			202,633			123,792			180,129			81,554			129,311
Reinvested		77,688			43,352			132,524			101,843			5,977			58,788
Redeemed		(253,322	)		(258,319	)		(319,309	)		(397,412	)		(83,687	)		(116,965	)
Change in Class A Shares:		384,535			(12,334	)		(62,993	)		(115,440	)		3,844			71,134
Class I Shares:
Issued		9,363,349			8,379,573			5,964,647			2,392,386			3,930,207			2,861,288
Reinvested		1,136,369			727,581			637,395			389,068			141,755			1,267,926
Redeemed		(9,989,656	)		(5,105,740	)		(3,452,654	)		(2,112,443	)		(2,875,978	)		(3,146,022	)
Change in Class I Shares:		510,062			4,001,414			3,149,388			669,011			1,195,984			983,192
Net increase from share transactions		894,597			3,989,080			3,086,395			553,571			1,199,828			1,054,326

	Conservative Portfolio						Balanced Portfolio						Growth Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,859,544		$	3,414,142		$	6,049,731		$	8,966,128		$	9,372,757		$	8,898,832
Dividends reinvested		544,407			1,203,630			2,175,770			5,097,146			2,559,551			4,492,316
Cost of shares redeemed		(3,070,582	)		(3,773,651	)		(7,790,205	)		(10,756,620	)		(5,589,166	)		(7,975,052	)
Redemption fees		—			5			—			21			—			67
Class A Share Transactions	$	333,369		$	844,126		$	435,296		$	3,306,675		$	6,343,142		$	5,416,163
Net increase from capital transactions	$	333,369		$	844,126		$	435,296		$	3,306,675		$	6,343,142		$	5,416,163
Share Transactions:
Class A Shares:
Issued		244,586			258,809			419,651			545,280			558,855			470,630
Reinvested		48,651			92,168			160,459			311,140			164,317			233,459
Redeemed		(266,133	)		(285,459	)		(544,480	)		(655,753	)		(331,972	)		(426,462	)
Change in Class A Shares:		27,104			65,518			35,630			200,667			391,200			277,627
Net increase from share transactions		27,104			65,518			35,630			200,667			391,200			277,627

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, 2022 and 2021 was as follows:

	Impact Bond Fund				International Index Fund				Value Index Fund
	2022		2021		2022		2021		2022		2021
From ordinary income	$	15,558,232	$	14,464,225	$	6,923,055	$	9,338,156	$	9,403,793	$	14,970,501
From long-term capital gains		—		—		—		—		11,646,617		2,379,454
Total distributions	$	15,558,232	$	14,464,225	$	6,923,055	$	9,338,156	$	21,050,410	$	17,349,955

	Growth Index Fund				Small Cap Index Fund
	2022		2021		2022		2021
From ordinary income	$	1,846,987	$	5,380,168	$	195,424	$	8,051,720
From long-term capital gains		22,393,392		17,069,160		1,361,864		8,655,927
Total distributions	$	24,240,379	$	22,449,328	$	1,557,288	$	16,707,647

	Conservative Portfolio				Balanced Portfolio				Growth Portfolio
	2022		2021		2022		2021		2022		2021
From ordinary income	$	366,463	$	523,092	$	1,013,134	$	2,194,137	$	1,008,445	$	2,554,162
From long-term capital gains		185,557		700,215		1,168,584		2,917,827		1,564,252		1,947,437
Total distributions	$	552,020	$	1,223,307	$	2,181,718	$	5,111,964	$	2,572,697	$	4,501,599

Notes to Financial Statements, continued

December 31, 2022

The following information was computed on a tax basis for each item as of December 31, 2022:

	Impact Bond Fund			International Index Fund			Value Index Fund
Tax cost of portfolio investments	$	759,536,527		$	292,076,525		$	363,941,775
Gross unrealized appreciation		812,419			87,190,931			69,307,590
Gross unrealized depreciation		(87,313,219	)		(18,349,279	)		(24,251,292	)
Net unrealized appreciation on investments	$	(86,500,800	)	$	68,841,652		$	45,056,298
Net unrealized appreciation on foreign currency transactions		—			(14,745	)		—
Undistributed ordinary income		64,091			1,133,041			6,061,719
Undistributed long-term capital gains		—			—			18,057,950
Accumulated capital and other losses		(7,159,276	)		(35,032,473	)		—
Distributable earnings (accumulated deficit)	$	(93,595,985	)	$	34,927,475		$	69,175,967

	Growth Index Fund			Small Cap Index Fund
Tax cost of portfolio investments	$	324,473,907		$	144,822,360
Gross unrealized appreciation		148,540,994			35,834,362
Gross unrealized depreciation		(12,450,208	)		(11,767,665	)
Net unrealized appreciation on investments	$	136,090,786		$	24,066,697
Undistributed ordinary income		2,715,105			1,429,349
Undistributed long-term capital gains		6,051,073			—
Accumulated capital and other losses		—			(8,633,815	)
Distributable earnings	$	144,856,964		$	16,862,231

	Conservative Portfolio			Balanced Portfolio			Growth Portfolio
Tax cost of portfolio investments	$	23,850,966		$	67,500,196		$	71,256,613
Gross unrealized appreciation		2,747,065			16,108,068			19,949,197
Gross unrealized depreciation		(2,411,109	)		(4,742,559	)		(3,957,465	)
Net unrealized appreciation on investments	$	335,956		$	11,365,509		$	15,991,732
Undistributed long-term capital gains		5,788			316,234			678,303
Distributable earnings	$	341,744		$	11,681,743		$	16,670,035

The difference between book basis and tax basis net unrealized appreciation (depreciation) was 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, 2022, the following Fund have capital loss carry forwards (“CLCFs”) as summarized below.

CLCFs not subject to expiration:

	Impact Bond		International Index		Small Cap Index
No expiration - short-term	$	2,123,602	$	35,032,473	$	6,922,633
No expiration - long-term		5,035,674		—		1,711,182
	$	7,159,276	$	35,032,473	$	8,633,815

Certain reclassifications, the result of permanent differences between financial statement and income tax requirements, have been made to the components of net assets. Reclassifications result primarily from the differences in distribution designations, PFICs, equalization, contributions in-kind 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, 2022:

	Paid-in Capital		Distributable earnings (accumulated deficit)
Impact Bond Fund	$	12	$	(12	)
International Index Fund		24		(24	)
Value Index Fund		4,612,561		(4,612,561	)
Growth Index Fund		3,632,303		(3,632,303	)
Small Cap Index Fund		1		(1	)
Conservative Portfolio		6,858		(6,858	)
Balanced Portfolio		56,749		(56,749	)
Growth Portfolio		58,293		(58,293	)

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.

Notes to Financial Statements, continued

December 31, 2022

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, 2022, the fair value of securities on loan and the collateral held were as follows:

	Fair Value of Securities Loaned		Cash Collateral
Impact Bond Fund	$	8,677,612	$	8,901,565
International Index Fund		24,128,899		24,979,212
Value Index Fund		11,214,623		11,512,461
Growth Index Fund		12,282,648		12,571,571
Small Cap Index Fund		19,773,563		20,368,805

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 $121,500 in retainers and meeting fees during the year ended December 31, 2022.

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, 2022 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, 2022, 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, 2022, 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, 2022, 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.
Milwaukee, Wisconsin
February 27, 2023

Additional Fund Information (unaudited)

December 31, 2022

Impact Bond Fund

Security Allocation	Percentage of Net Assets
Asset Backed Securities	5.5%
Commercial Mortgage-Backed Securities **	0.0%
Corporate Bonds	38.0%
Corporate Notes	1.0%
Development Finance Corporation	1.5%
Federal Home Loan Bank	4.7%
Federal Home Loan Mortgage Corporation	12.7%
Federal National Mortgage Association	25.9%
Foreign Governments	6.6%
Government National Mortgage Association **	0.0%
Investment Companies	0.4%
Municipal Bonds	1.0%
Small Business Administration **	0.0%
United States Agency of International Development	0.2%
Investment Purchased with the Cash Proceeds from Securities Lending	1.3%
Money Market Funds	1.7%
Total	100.5%

**	Amount rounds to less than 0.1%

International Index Fund

Security Allocation	Percentage of Net Assets
Australia	4.6%
Austria	0.2%
Belgium	0.9%
Bermuda	0.6%
Brazil	1.5%
Canada	7.1%
Cayman Islands	4.9%
Chile	0.2%
China	3.2%
Colombia	0.3%
Denmark	2.1%
Finland	0.8%
France	6.5%
Germany	3.9%
Hong Kong	2.3%
India	3.7%
Indonesia	0.7%
Ireland	0.4%
Israel	0.4%
Italy	1.7%
Japan	14.7%
Jersey	0.7%
Luxembourg **	0.0%
Mexico	1.0%
Netherlands	2.9%
Norway	2.4%
Portugal	0.7%
Russia **	0.0%
Singapore	1.9%
South Africa	1.1%
South Korea	4.1%
Spain	1.9%
Sweden	1.7%
Switzerland	6.2%
Taiwan	4.5%
Turkey	0.1%
United Kingdom	8.0%
Corporate Notes	0.9%

International Index Fund

Security Allocation (continued)	Percentage of Net Assets
Investment Purchased with the Cash Proceeds from Securities Lending	7.4%
Money Market Funds	0.5%
Total	106.7%

**	Amount rounds to less than 0.1%

International Index Fund

Security Allocation	Percentage of Net Assets
Advertising & Marketing	0.4%
Apparel & Textile Products	1.3%
Asset Management	1.5%
Automotive	2.9%
Banking	13.1%
Beverages	1.0%
Biotech & Pharma	5.6%
Cable & Satellite	0.2%
Chemicals	2.3%
Commercial Support Services	1.6%
Community Development	0.9%
Construction Materials	0.5%
Containers & Packaging	0.6%
Diversified Industrials	0.4%
E-Commerce Discretionary	1.2%
Electric & Gas Marketing & Trading	0.2%
Electric Utilities	1.7%
Electrical Equipment	1.4%
Engineering & Construction	0.1%
Entertainment Content	0.7%
Food	1.8%
Forestry, Paper & Wood Products	0.5%
Gas & Water Utilities	0.6%
Health Care Facilities & Services	1.0%
Home Construction	0.8%
Home & Office Products **	0.0%
Household Products	2.3%
Industrial Support Services	0.3%
Institutional Financial Services	1.1%
Insurance	5.1%
Internet Media & Services	3.3%
Leisure Facilities & Services	0.6%
Leisure Products	0.3%
Machinery	1.1%
Medical Equipment & Devices	1.5%
Metals & Mining	3.7%
Oil & Gas Producers	4.2%
Publishing & Broadcasting	0.5%
Real Estate Owners & Development	1.8%
REITs	2.3%
Renewable Energy	0.3%
Retail - Consumer Staples	1.5%
Retail - Discretionary	2.0%
Semiconductors	4.5%
Software	0.6%
Specialty Finance	0.3%
Steel	1.0%
Technology Hardware	4.5%
Technology Services	4.4%
Telecommunications	4.2%
Transportation & Logistics	4.1%
Transportation Equipment	0.2%
Wholesale - Consumer Staples	0.4%

Additional Fund Information (unaudited), continued

December 31, 2022

International Index Fund

Security Allocation (continued)	Percentage of Net Assets
Wholesale - Discretionary	0.4%
Investment Purchased with the Cash Proceeds from Securities Lending	7.4%
Money Market Funds	0.5%
Total	106.7%

**	Amount rounds to less than 0.1%

Value Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.4%
Corporate Notes	0.9%
Investment Purchased with the Cash Proceeds from Securities Lending	2.9%
Money Market Funds	0.4%
Total	102.6%

Growth Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.0%
Corporate Notes	0.9%
Investment Purchased with the Cash Proceeds from Securities Lending	2.8%
Money Market Funds	0.6%
Total	102.3%

Small Cap Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	97.5%
Rights **	0.0%
Corporate Notes	0.9%
Investment Purchased with the Cash Proceeds from Securities Lending	13.6%
Money Market Funds	1.1%
Total	113.1%

**	Amount rounds to less than 0.1%

Conservative Portfolio

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

**	Amount rounds to less than 0.1%

Balanced Portfolio

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

**	Amount rounds to less than 0.1%

Growth 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%

Additional Fund Information (unaudited), continued

December 31, 2022

Dividends Received Deduction

For corporate shareholders, the following percentages of ordinary dividends paid during the year ended December 31, 2022 qualify for the corporate dividends received deduction:

Value Index Fund	55.67	%
Growth Index Fund	92.07	%
Small Cap Index Fund	67.33	%
Conservative Portfolio	12.90	%
Balanced Portfolio	25.81	%
Growth Portfolio	37.17	%

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 2022.

Capital Gain Distribution

For the year ended December 31, 2022, the following Funds designated long-term capital gain distributions:

Value Index Fund	$	16,259,179
Growth Index Fund		25,969,205
Small Cap Index Fund		1,361,864
Conservative Portfolio		192,415
Balanced Portfolio		1,225,334
Growth Portfolio		1,622,545

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 2022 Form 1099-DIV. The per share amounts designated were:

	Foreign Source Income		Foreign Tax Expense
International Index Fund	$	0.3960	$	0.0410
Conservative Portfolio		0.0199		0.0036
Balanced Portfolio		0.0489		0.0088
Growth Portfolio		0.0754		0.0135

BOARD CONSIDERATION OF ADVISORY AND SUB-ADVISORY AGREEMENTS

At its November 18, 2022 in-person meeting, the Funds’ Board of Trustees, which consists of a majority of Independent Trustees, unanimously approved one-year renewals of the Investment Advisory Agreement for each Fund and the Sub-Investment Advisory Agreement for the International Index Fund.

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

INVESTMENT ADVISORY AGREEMENT WITH EVERENCE CAPITAL MANAGEMENT, INC.

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

Nature, Quality and Extent of Services

The Board examined the nature, quality and extent of services the Adviser provides to the Funds. Among other things, the Board considered the Adviser’s experience in serving as investment adviser to the Funds, including the experience of the investment professionals and other senior personnel at the Adviser providing services to the Funds. The Board also considered the Adviser’s

Additional Fund Information (unaudited), continued

December 31, 2022

performance in fulfilling its responsibilities for overseeing the Funds’ legal and compliance environment, and the Adviser’s responsiveness in implementing Board directives and addressing Board requests relating to the Funds. In addition, the Board considered the Adviser’s track record and experience providing portfolio management services to the Funds that the Adviser manages directly, the qualifications of the portfolio managers responsible for the day-to-day portfolio management of each Fund that is managed 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. The Board evaluated each class of each Fund. 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, 2022:

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 26th and 35th percentiles and Class A ranked between the 46th and 71st 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 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 25th and 64th percentiles and Class A ranked between the 36th and 68th percentiles over those periods;

Growth Index Fund: performance was in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark index for the one-, three-, five- and ten-year periods, variation from the index was reasonable, and measured against its peer group, Class I ranked between the 13th and 23rd percentiles and Class A ranked between the 17th and 25th percentiles over those periods;

Small Cap Index Fund: performance was mixed. The Board noted that the Fund’s gross performance trailed its benchmark index for the one-, three-, five-, and ten-year periods, and measured against its peer group, Class I ranked in between the 48th and 96th percentiles and Class A ranked between the 64th and 98th percentiles over those 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 that seeks to track the performance of its benchmark index. The Board also noted that since implementing the index strategy, the performance variation from the index was reasonable or explainable;

Conservative Portfolio: performance was in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark index for the one-, three-, five- and ten-year periods, and measured against its peer group, ranked between the 68th to 82nd 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- and ten-year periods, and measured against its peer group, ranked between the 61st and 79th 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-, five- and ten-year periods, and measured against its peer group, ranked between the 39th and 68th percentiles over those periods.

Costs of Services and Profitability

The Board 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. In its review of the Funds’ total and net expenses, the Board considered the Adviser’s fees, as well as other Fund expenses, such as transfer agent, custody, legal, compliance and audit fees. The Board considered the components of the other expenses and the allocation methods for shared expenses. The Board also noted the effects of any current expense waivers and reimbursements on fees and expense levels, any proposed changes to the current waivers and reimbursements, and the duration of any 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

Additional Fund Information (unaudited), continued

December 31, 2022

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 considered that the investment advisory fee schedules for the Impact Bond Fund, Value Index Fund, Growth Index Fund and Small Cap Index Fund had breakpoints, and that the Adviser has represented that it would consider breakpoints for the other Funds as they grow in size. The Board also considered the information provided regarding the expense levels of peer group funds. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board acknowledged the Adviser’s statement that current asset levels for the non-index-based Funds did not warrant breakpoints at this time.

Other Benefits

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

SUB-INVESTMENT ADVISORY AGREEMENT WITH APERIO GROUP, LLC

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

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, 2022, the Fund’s performance was in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark index for the one-, three-, five- and ten-year periods, variation from the index was reasonable, and measured against its peer group, Class I ranked between the 30th and 65th percentiles and Class A ranked between the 48th and 86th percentiles over those periods.

Costs of Services

The Board considered the costs of the services provided by Aperio to the International Index Fund and the response from Aperio regarding profitability. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that the costs to the International Index Fund of the services provided by Aperio were fair.

Economies of Scale

The Board considered that Aperio had agreed to a reduced sub-advisory fee schedule in 2020.

Additional Fund Information (unaudited), continued

December 31, 2022

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. The Board noted that Aperio does not generate soft dollar credits on Fund brokerage transactions. The Board also considered other potential benefits to Aperio and its affiliates from their relationship with the Funds. Based on these and other considerations, within the context of its overall determinations regarding the Sub-Investment Advisory Agreement, the Board concluded that Aperio and its affiliates did not derive material benefits from their relationship with the International Index Fund other than receipt of sub-advisory fees and potential benefits from their 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, 2022 through December 31, 2022.

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	967.40	1,020.67	4.46	4.58	0.90%
Class I	1,000.00	1,000.00	970.30	1,022.74	2.43	2.50	0.49%
International Index Fund
Class A	1,000.00	1,000.00	1,013.80	1,019.16	6.09	6.11	1.20%
Class I	1,000.00	1,000.00	1,017.10	1,022.08	3.15	3.16	0.62%
Value Index Fund
Class A	1,000.00	1,000.00	1,059.70	1,021.58	3.74	3.67	0.72%
Class I	1,000.00	1,000.00	1,061.70	1,023.29	1.97	1.94	0.38%
Growth Index Fund
Class A	1,000.00	1,000.00	986.70	1,021.88	3.30	3.36	0.66%
Class I	1,000.00	1,000.00	988.10	1,023.39	1.80	1.84	0.36%
Small Cap Index Fund
Class A	1,000.00	1,000.00	1,027.00	1,019.56	5.72	5.70	1.12%
Class I	1,000.00	1,000.00	1,028.80	1,023.04	2.20	2.19	0.43%
Conservative Portfolio
Class A	1,000.00	1,000.00	983.60	1,022.23	2.95	3.01	0.59%
Balanced Portfolio
Class A	1,000.00	1,000.00	1,000.60	1,022.84	2.37	2.40	0.47%
Growth Portfolio
Class A	1,000.00	1,000.00	1,012.40	1,022.79	2.43	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)

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
Francis G. Coleman 1110 North Main Street Goshen, IN 46528 Year of Birth: 1954	Trustee since 01/01/23	Founder/CEO, BeingFrank Consulting (2020 – present); Retired, Vice Chair and Executive Vice President, CBIS, Inc. (Christian Brothers Investment Services)(1987 – 2019)	8	N/A
Andy Dula 1110 North Main Street Goshen, IN 46528 Year of Birth: 1969	Trustee, since 01/01/18	President 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
Lori Scott 1110 North Main Street Goshen, IN 46528 Year of Birth: 1968	Trustee since 01/01/23	Managing Director, Impact Credit, Lafayette Square (2021 –present); Chief Credit Officer, Impact Investments, John D. and Catherine T. MacArthur Foundation (2017 – 2021)	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)
Katherine J. Glick Miller 1110 North Main Street Goshen, IN 46528 Year of Birth: 1977	Vice President since 07/01/22	Vice President of Financial Services Operations, Everence (7/1/2022 - present); Retirement Administrator, Everence (October 2019 – June 2022); Designated Principal, Concourse Financial Group Securities, Inc. (October 2020 – present); Tax Associate, Tax Solutions, P.C. (2014-2019)
Trent M. Statczar Three Canal Plaza Suite 100 Portland, ME 04101 Year of Birth: 1971	Treasurer, since 01/01/09	Senior Principal Consultant, ACA Group (fromerly Foreside Financial Group) (2008 - present)
Rodney L. Ruehle Three Canal Plaza Suite 100 Portland, ME 04101 Year of Birth: 1968	Chief Compliance Officer, since 05/15/15	Senior Principal Consultant, ACA Group (fromerly Foreside Financial Group) (2008 - present)
Jennifer L. Gorham Three Canal Plaza Suite 100 Portland, ME 04101 Year of Birth: 1981	Secretary since 07/01/22	Principal Consultant, ACA Group (formerly Foreside Financial Group) (2015 – present)

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

2230057

(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. Laura Berry 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 $127,250 for the December 31, 2022 fiscal year and $123,500 for the December 31, 2021 fiscal year.

(b)	Audit-Related Fees. There were no audit-related fees for the December 31, 2022 fiscal year and the December 31, 2021 fiscal year.

(c)	Tax Fees. Tax fees totaled $37,300 for the December 31, 2022 fiscal year and $38,300 for the December 31, 2021 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, 2022 or December 31, 2021 fiscal years.

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

(A) Audit Services

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

(B) Permissible Non-Audit Services

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

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

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

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

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

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

(f)	Not applicable

(g)

The aggregate non-audit fees for services to the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $37,300 for the December 31, 2022 fiscal year and $38,300 for December 31, 2021 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.

(i)

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j)	The registrant is not a foreign issuer.

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)

Not applicable.

(a)(4)

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 7, 2023

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 7, 2023

By:	/s/ Trent Statczar
	Trent Statczar
	Treasurer and Chief Financial Officer
	March 7, 2023

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