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Praxis Mutual Funds – ‘N-Q’ for 9/30/16

On: Wednesday, 11/23/16, at 2:07pm ET · Effective: 11/23/16 · For: 9/30/16 · Accession #: 1193125-16-776266 · File #: 811-08056

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

11/23/16  Praxis Mutual Funds               N-Q         9/30/16    2:2.0M                                   Donnelley … Solutions/FA
          → Praxis Genesis Balanced Portfolio ⇒ Praxis Genesis Balanced Portfolio Class A (MBAPX)
          → Praxis Genesis Conservative Portfolio ⇒ Praxis Genesis Conservative Portfolio Class A (MCONX)
          → Praxis Genesis Growth Portfolio ⇒ Praxis Genesis Growth Portfolio Class A (MGAFX)
          → Praxis Growth Index Fund ⇒ Praxis Growth Index Fund Class A (MGNDX) — Praxis Growth Index Fund Class I (MMDEX)
          → Praxis Impact Bond Fund ⇒ Praxis Impact Bond Fund Class A (MIIAX) — Praxis Impact Bond Fund Class I (MIIIX)
          → Praxis International Index Fund ⇒ Praxis International Index Fund Class A (MPLAX) — Praxis International Index Fund Class I (MPLIX)
          → Praxis Small Cap Index Fund ⇒ Praxis Small Cap Index Fund Class A (MMSCX) — Praxis Small Cap Index Fund Class I (MMSIX)
          → Praxis Value Index Fund ⇒ Praxis Value Index Fund Class A (MVIAX) — Praxis Value Index Fund Class I (MVIIX)

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         9-30-16 N-Q                                         HTML   1.24M 
 2: EX-99.CERT  Miscellaneous Exhibit                               HTML     16K

N-Q — 9-30-16 N-Q

This is an HTML Document rendered as filed. [ Alternative Formats ]

9-30-16 N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-8056

Praxis Mutual Funds

(Exact name of registrant as specified in charter)

P.O. Box 483

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: September 30, 2016

Item 1. Schedule of Investments.

Schedule of Portfolio Investments

Praxis Impact Bond Fund

September 30, 2016 (Unaudited)


ASSET BACKED SECURITIES—3.2%	Coupon			Maturity		Principal Amount		Fair Value
Beacon Container Finance LLC ^(a)		3.720	%		09/20/22	$	301,507	$	298,089
CarMax Auto Owner Trust		1.320	%		07/15/19		1,500,000		1,502,925
CarMax Auto Owner Trust		1.380	%		11/15/19		750,000		752,112
CLI Funding LLC		2.830	%		03/18/28		650,000		630,870
Cronos Containers Program I Ltd.		3.270	%		11/18/29		796,296		774,307
Domino’s Pizza Master Issuer LLC ^(a)		5.216	%		01/25/42		586,063		602,694
Fairway Outdoor Funding LLC		4.212	%		10/15/19		444,578		449,020
Ford Credit Auto Owner Trust		0.900	%		10/15/18		1,608,294		1,608,121
Global SC Finance II SRL ^(a)		2.980	%		04/17/28		757,083		732,597
Honda Auto Receivables Owners Trust		1.040	%		02/18/20		1,800,000		1,800,089
SBA Tower Trust		2.898	%		10/15/19		525,000		532,378
SolarCity LMC Series I LLC ^(a)		4.800	%		12/21/26		731,547		711,435
SolarCity LMC Series IV LLC ^(a)		4.180	%		08/21/45		239,612		224,871
Spruce ABS Trust		4.320	%		06/15/28		680,177		678,286
Textainer Marine Containers III Ltd. ^(a)		3.270	%		10/20/24		404,167		393,318
Toyota Auto Receivables Owner Trust		0.670	%		01/17/17		510,526		510,249
Toyota Auto Receivables Owner Trust		1.270	%		05/15/19		1,200,000		1,202,802
Toyota Motor Credit Corp.		1.300	%		04/15/20		1,000,000		1,001,530
Trip Rail Master Funding LLC ^(a) (b)		2.685	%		07/15/41		413,534		416,150
Verizon Owner Trust		1.420	%		01/20/21		200,000		200,460

TOTAL ASSET BACKED SECURITIES (COST $14,574,019)								$	15,022,303


COMMERCIAL MORTGAGE BACKED SECURITIES—1.5%	Coupon			Maturity		Principal Amount		Fair Value
Bear Stearns Commercial Mortgage Securities		5.742	%		09/01/42	$	658,654	$	677,516
Commercial Mortgage Pass Through Certificates		3.391	%		05/15/45		1,000,000		1,069,274
Commercial Mortgage Pass Through Certificates		2.853	%		10/15/45		1,000,000		1,043,700
CSMC		5.383	%		02/15/40		232,158		232,225
DBUBS Mortgage Trust ^(a)		3.742	%		11/10/46		11,316		11,360
FHLMC Multifamily Structured Pass Through Certificates		5.085	%		03/25/19		1,140,000		1,233,874
ML-CFC Commercial Mortgage Trust		5.419	%		08/12/48		250,000		252,098
OBP Depositor LLC Trust ^(a)		4.646	%		07/15/45		1,040,000		1,133,544
RBSCF Trust ^(a) (b)		6.013	%		12/16/49		537,518		546,083

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund


COMMERCIAL MORTGAGE BACKED SECURITIES—1.5% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
RBSCF Trust ^(a) (b)		6.140	%		02/16/51	$	833,806	$	832,752

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (COST $7,064,795)								$	7,032,426


FOREIGN BONDS—2.1%	Coupon			Maturity		Principal Amount		Fair Value
Hashemite Kingdom of Jordan		2.503	%		10/30/20	$	5,000,000	$	5,263,270
Hashemite Kingdom of Jordan		3.000	%		06/30/25		1,450,000		1,568,461
Ukraine Government AID Bonds		1.847	%		05/29/20		1,000,000		1,018,699
Ukraine Government AID Bonds		1.471	%		09/29/21		2,000,000		2,012,098

TOTAL FOREIGN BONDS (COST $9,479,931)								$	9,862,528


MUNICIPAL BONDS—3.1%	Coupon			Maturity		Principal Amount		Fair Value
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects		7.334	%		02/15/28	$	1,000,000	$	1,362,160
Bridgeport Connecticut Housing Authority		1.850	%		12/15/18		180,000		180,504
Cincinnati, Ohio Water System Rev.		6.458	%		12/01/34		600,000		688,608
City of Lancaster, PA		5.590	%		11/15/34		1,000,000		1,004,830
Columbus Multi-High School Building Corp.		6.446	%		01/15/30		1,000,000		1,077,130
Findlay City School District		6.250	%		12/01/37		270,000		278,246
Houston Independent School District		6.168	%		02/15/34		1,000,000		1,087,470
Indianapolis Public School Multi-School Building		5.731	%		07/15/29		1,500,000		1,657,995
LL&P Wind Energy, Inc., WA		5.733	%		12/01/17		460,000		463,970
Massachusetts State		3.277	%		06/01/46		1,500,000		1,568,985
Municipality Finance plc		1.375	%		09/21/21		1,000,000		994,951
New Jersey St. Housing and Mortgage Finance		2.600	%		07/01/23		370,000		376,360
Osceola County Housing Finance Authority Rev.		3.350	%		07/01/23		260,000		269,477
St. Paul Housing & Redevelopment Authority Rev.		2.993	%		07/01/21		1,250,000		1,287,812
State of Hawaii, Department of Business Economic Development & Tourism		1.467	%		07/01/22		717,958		711,647
Warm Springs Reservation Confederated Tribe		8.250	%		11/01/19		895,000		988,501

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund


MUNICIPAL BONDS—3.1% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
Wisconsin Department of Transportation	$	5.837	%		07/01/30	$	800,000	$	866,440

TOTAL MUNICIPAL BONDS (COST $14,158,069)								$	14,865,086


CORPORATE BONDS—44.8%	Coupon			Maturity		Principal Amount		Fair Value
AIRLINES—0.1%
Southwest Airlines Co.		2.650	%		11/05/20	$	680,000	$	697,854

AUTO COMPONENTS—0.3%
BorgWarner, Inc.		5.750	%		11/01/16		1,000,000		1,002,504
Johnson Controls, Inc.		3.750	%		12/01/21		550,000		593,525

									1,596,029

BANKS—3.2%
Axis Bank/Dubai		2.875	%		06/01/21		500,000		505,980
Banco Nal Costa Rica		5.875	%		04/25/21		750,000		781,875
Bank of America Corp.		1.350	%		11/21/16		1,000,000		1,000,606
Bank of America Corp.		5.650	%		05/01/18		1,250,000		1,325,959
Bank of America Corp.		1.950	%		05/12/18		1,000,000		1,005,540
Bank of America Corp.		3.300	%		01/11/23		500,000		517,584
Citigroup, Inc.		2.400	%		02/18/20		1,250,000		1,265,629
Discover Bank/Greenwood DE		3.100	%		06/04/20		1,000,000		1,028,741
JPMorgan Chase & Co.		2.250	%		01/23/20		500,000		506,569
JPMorgan Chase & Co.		4.625	%		05/10/21		500,000		553,716
Manufacturers & Traders Trust Co.		6.625	%		12/04/17		600,000		633,595
Manufacturers & Traders Trust Co.		2.100	%		02/06/20		500,000		504,617
Mitsubishi UFJ Financial Group		2.527	%		09/13/23		1,250,000		1,254,961
Sumitomo Mitsui Banking Corp.		2.450	%		10/20/20		1,250,000		1,274,685
US Bank, N.A.		2.800	%		01/27/25		1,250,000		1,291,620
Wells Fargo & Co.		2.600	%		07/22/20		500,000		510,145
Wells Fargo & Co.		3.500	%		03/08/22		1,250,000		1,326,252

									15,288,074

BIOTECHNOLOGY—0.7%
Amgen, Inc.		5.700	%		02/01/19		1,000,000		1,095,149
Biogen, Inc.		2.900	%		09/15/20		1,000,000		1,038,553
Celgene Corp.		2.875	%		08/15/20		835,000		863,793
Gilead Sciences, Inc.		3.650	%		03/01/26		500,000		538,161

									3,535,656

BUILDING PRODUCTS—0.2%
Masco Corp.		3.500	%		04/01/21		250,000		258,750
Owens Corning		4.200	%		12/01/24		750,000		795,677

									1,054,427

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund


CORPORATE BONDS—44.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
CAPITAL MARKETS—2.2%
Bank of New York Mellon Corp. (The), Perpetual Bond ^(b)		4.950	%		12/29/49	$	1,000,000	$	1,020,092
Goldman Sachs Group, Inc.		6.000	%		06/15/20		1,200,000		1,364,838
Goldman Sachs Group, Inc.		3.500	%		01/23/25		1,000,000		1,034,184
ING Bank NV		2.000	%		11/26/18		1,000,000		1,006,673
Jefferies Group LLC		8.500	%		07/15/19		900,000		1,036,074
Morgan Stanley		2.200	%		12/07/18		910,000		919,522
Morgan Stanley		5.625	%		09/23/19		1,500,000		1,661,188
Raymond James Financial, Inc.		8.600	%		08/15/19		1,000,000		1,168,284
State Street Corp.		7.350	%		06/15/26		1,000,000		1,377,151

									10,588,006

CHEMICALS—0.7%
Ecolab, Inc.		4.350	%		12/08/21		500,000		561,353
NOVA Chemicals Corp.		5.250	%		08/01/23		500,000		511,250
Potash Corp. of Saskatchewan, Inc.		5.875	%		12/01/36		840,000		1,010,023
Solvay Finance America LLC		3.400	%		12/03/20		1,250,000		1,308,225

									3,390,851

COMMERCIAL SERVICES & SUPPLIES—0.2%
Steelcase, Inc.		6.375	%		02/15/21		750,000		855,124

COMMUNICATIONS EQUIPMENT—0.1%
Juniper Networks, Inc.		3.300	%		06/15/20		500,000		518,454

CONSTRUCTION MATERIALS—0.2%
Martin Marietta Materials, Inc.		6.600	%		04/15/18		1,000,000		1,064,801

CONSUMER FINANCE—1.3%
Ally Financial, Inc.		3.250	%		09/29/17		500,000		503,750
American Express Credit Corp.		2.600	%		09/14/20		1,000,000		1,029,088
Ford Motor Credit Co. LLC		4.250	%		02/03/17		500,000		504,796
Ford Motor Credit Co. LLC		3.157	%		08/04/20		1,000,000		1,030,647
GE Capital International Funding Co. ^(a)		4.418	%		11/15/35		1,250,000		1,402,956
Harley-Davidson Financial Services, Inc.		2.700	%		03/15/17		500,000		503,137
Hyundai Capital Services, Inc. ^(a)		2.875	%		03/16/21		1,250,000		1,291,119

									6,265,493

CONTAINERS & PACKAGING—0.3%
Newell Rubbermaid, Inc.		3.850	%		04/01/23		185,000		196,926

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund


CORPORATE BONDS—44.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
CONTAINERS & PACKAGING—0.3% (Continued)
Sonoco Products Co.		5.750	%		11/01/40	$	1,000,000	$	1,171,009

									1,367,935

DIVERSIFIED FINANCIAL SERVICES—1.3%
Brookfield Finance, Inc.		4.250	%		06/02/26		1,000,000		1,032,808
GATX Corp.		2.600	%		03/30/20		897,000		908,891
Moody’s Corp.		5.500	%		09/01/20		1,000,000		1,125,777
MSCI, Inc. ^(a)		5.750	%		08/15/25		500,000		533,750
National Rural Utilities Cooperative Finance Corp.		10.375	%		11/01/18		780,000		922,319
S&P Global, Inc.		3.300	%		08/14/20		750,000		787,298
S&P Global, Inc.		4.000	%		06/15/25		500,000		541,668

									5,852,511

DIVERSIFIED TELECOMMUNICATION SERVICES—0.7%
AT&T, Inc.		2.450	%		06/30/20		500,000		509,237
AT&T, Inc.		4.750	%		05/15/46		500,000		523,227
Frontier Communications Corp.		7.125	%		03/15/19		750,000		804,375
Verizon Communications, Inc.		6.000	%		04/01/41		500,000		629,863
Verizon Communications, Inc.		6.550	%		09/15/43		500,000		676,043

									3,142,745

EDUCATION—0.4%
Graham Holdings Co.		7.250	%		02/01/19		575,000		622,438
Massachusetts Institute of Technology		3.959	%		07/01/38		1,000,000		1,143,504

									1,765,942

ELECTRIC UTILITIES—3.1%
Electricite de France SA ^(a)		3.625	%		10/13/25		1,250,000		1,314,367
Florida Power & Light Co.		4.050	%		10/01/44		1,000,000		1,119,207
Georgia Power Co.		3.250	%		04/01/26		1,000,000		1,062,742
ITC Holdings Corp. ^(a)		5.500	%		01/15/20		1,000,000		1,093,342
MidAmerican Energy Co.		6.750	%		12/30/31		1,500,000		2,105,277
NextEra Energy Capital Holdings, Inc.		2.700	%		09/15/19		500,000		512,119
NSTAR Electric Co.		5.500	%		03/15/40		1,000,000		1,283,165
Oncor Electric Delivery Co.		6.800	%		09/01/18		750,000		824,678
Pacificorp		8.080	%		10/14/22		500,000		627,180
Pennsylvania Electric Co.		5.200	%		04/01/20		500,000		540,551
Portland General Electric Co.		6.100	%		04/15/19		1,100,000		1,229,521
Potomac Electric Power Co.		6.500	%		11/15/37		1,000,000		1,418,701
Southern Power Co.		2.375	%		06/01/20		240,000		244,599
Southern Power Co.		4.150	%		12/01/25		1,000,000		1,076,862

									14,452,311

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund


CORPORATE BONDS—44.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
ELECTRICAL EQUIPMENT—0.1%
Thomas & Betts Corp.		5.625	%		11/15/21	$	500,000	$	579,828

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.0% ^(c)
Arrow Electronics, Inc.		3.000	%		03/01/18		165,000		167,757

FOOD & STAPLES RETAILING—0.6%
Ahold Finance U.S.A., LLC ^(b)		7.820	%		01/02/20		348,049		368,633
Smith’s Food & Drug Centers, Inc. Pass Through Trust		9.200	%		07/02/18		539,986		571,920
Sysco Corp.		2.600	%		10/01/20		500,000		514,741
Wal-Mart Stores, Inc.		7.550	%		02/15/30		1,000,000		1,532,522

									2,987,816

FOOD PRODUCTS—1.5%
Bunge Ltd. Finance Corp.		3.200	%		06/15/17		1,000,000		1,012,918
Bunge Ltd. Finance Corp.		3.500	%		11/24/20		250,000		261,477
Cargill, Inc.		4.760	%		11/23/45		1,250,000		1,471,397
ConAgra Foods, Inc.		4.950	%		08/15/20		217,000		235,643
J.M. Smucker Co. (The)		3.500	%		03/15/25		1,250,000		1,338,709
Kraft Foods Group, Inc.		5.375	%		02/10/20		1,000,000		1,116,437
Mead Johnson Nutrition Co.		3.000	%		11/15/20		1,000,000		1,041,513
Wm. Wrigley Jr. Co. ^(a)		3.375	%		10/21/20		680,000		719,783

									7,197,877

FOREIGN AGENCY—2.4%
Export Development Canada		0.875	%		01/30/17		1,500,000		1,499,252
Export Development Canada		1.250	%		12/10/18		1,000,000		1,004,992
Export-Import Bank of Korea		2.125	%		02/11/21		1,250,000		1,268,546
KFW		1.750	%		10/15/19		2,500,000		2,543,395
KFW		1.875	%		11/30/20		1,000,000		1,022,504
Kommunalbanken AS ^(a)		2.125	%		02/11/25		1,000,000		1,018,812
Kommunivest I Sverige AB ^(a)		1.500	%		04/23/19		1,000,000		1,008,780
Nacional Financiera SNC ^(a)		3.375	%		11/05/20		1,000,000		1,037,700
Svensk Exportkredit AB		1.875	%		06/23/20		1,000,000		1,017,050

									11,421,031

GAS UTILITIES—0.7% Brooklyn Union Gas Co. ^(a)		4.504	%		03/10/46		1,250,000		1,411,514
Indiana Gas Co., Inc.		6.550	%		06/30/28		250,000		304,503
Laclede Group, Inc.		2.550	%		08/15/19		1,250,000		1,273,630
National Fuel Gas Co.		6.500	%		04/15/18		500,000		525,678

									3,515,325

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund


CORPORATE BONDS—44.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
HEALTH CARE PROVIDERS & SERVICES—0.9%
Express Scripts Holding Co.		3.300	%		02/25/21	$	1,000,000	$	1,050,956
Howard Hughes Medical Institute		3.500	%		09/01/23		1,500,000		1,642,109
Laboratory Corp. of America Holdings		2.625	%		02/01/20		1,000,000		1,018,895
McKesson Corp.		6.000	%		03/01/41		474,000		610,121

									4,322,081

HOME BUILDERS—0.2%
DR Horton, Inc.		3.625	%		02/15/18		750,000		766,875

HOTELS, RESTAURANTS & LEISURE—0.5%
Brinker International, Inc.		2.600	%		05/15/18		500,000		500,000
Hyatt Hotels Corp.		3.375	%		07/15/23		1,000,000		1,028,368
Starbucks Corp.		2.450	%		06/15/26		1,000,000		1,015,629

									2,543,997

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.7%
FPL Energy American Wind LLC ^(a)		6.639	%		06/20/23		559,221		567,609
FPL Energy National Wind LLC ^(a)		5.608	%		03/10/24		303,768		296,174
Harper Lake Solar Funding Corp. ^(a)		7.645	%		12/31/18		735,091		764,495
LS Power Funding Corp.		8.080	%		12/30/16		299,465		304,468
Midland Cogeneration Venture LP ^(a)		5.250	%		03/15/25		205,121		208,100
Midland Cogeneration Venture LP ^(a)		6.000	%		03/15/25		525,879		566,558
NRG Yield Operating LLC		5.375	%		08/15/24		500,000		513,750
Salton Sea Funding Corp.		7.475	%		11/30/18		322,955		319,702
Solar Star Funding LLC ^(a)		3.950	%		06/30/35		333,290		325,126
Solar Star Funding LLC ^(a)		5.375	%		06/30/35		499,665		547,280
SteelRiver Transmission Co. LLC ^(a)		4.710	%		06/30/17		859,019		868,862
Tenaska Virginia Partners LP ^(a)		6.119	%		03/30/24		957,124		1,055,692
Topaz Solar Farms LLC ^(a)		4.875	%		09/30/39		333,716		352,881
Topaz Solar Farms LLC ^(a)		5.750	%		09/30/39		767,617		865,370
TransAlta Corp.		6.900	%		05/15/18		500,000		522,734

									8,078,801

INDUSTRIAL CONGLOMERATES—0.1%
Ingersoll-Rand Global Holding Co. Ltd.		2.875	%		01/15/19		500,000		513,899

									513,899

INSURANCE—3.1%
American International Group		3.750	%		07/10/25		1,250,000		1,311,058
CNA Financial Corp.		4.500	%		03/01/26		1,250,000		1,353,631

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund


CORPORATE BONDS—44.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
INSURANCE—3.1% (Continued)
Fidelity National Financial, Inc.		5.500	%		09/01/22	$	725,000	$	798,182
Horace Mann Educators Corp.		4.500	%		12/01/25		335,000		348,285
Kemper Corp.		4.350	%		02/15/25		1,250,000		1,284,072
Liberty Mutual Group, Inc. ^(a)		4.950	%		05/01/22		1,050,000		1,171,653
Markel Corp.		3.625	%		03/30/23		400,000		413,725
Marsh & McLennan Cos., Inc.		3.500	%		06/03/24		473,000		500,412
Marsh & McLennan Cos., Inc.		3.750	%		03/14/26		1,000,000		1,080,892
OneBeacon US Holdings, Inc.		4.600	%		11/09/22		1,000,000		1,010,216
Progressive Corp. ^(b)		6.700	%		06/15/37		500,000		481,250
Provident Cos., Inc.		7.000	%		07/15/18		340,000		370,104
Prudential Financial, Inc. ^(b)		5.875	%		09/15/42		500,000		551,625
RLI Corp.		4.875	%		09/15/23		1,000,000		1,073,090
TIAA Asset Management Finance Co. LLC ^(a)		2.950	%		11/01/19		1,000,000		1,030,390
Unum Group		3.000	%		05/15/21		700,000		715,713
W.R. Berkley Corp.		6.150	%		08/15/19		710,000		781,591
W.R. Berkley Corp.		4.625	%		03/15/22		250,000		274,246

									14,550,135

IT SERVICES—0.5%
Broadridge Financial Solutions, Inc.		3.950	%		09/01/20		1,000,000		1,062,538
Fiserv, Inc.		2.700	%		06/01/20		1,000,000		1,031,112
Xerox Corp.		2.750	%		03/15/19		500,000		501,906

									2,595,556

LIFE SCIENCES TOOLS & SERVICES—0.3%
Agilent Technologies, Inc.		3.875	%		07/15/23		1,250,000		1,333,974

MACHINERY—1.0%
Harsco Corp.		5.750	%		05/15/18		550,000		557,700
Illinois Tool Works, Inc.		3.900	%		09/01/42		1,000,000		1,104,189
Kennametal, Inc.		2.650	%		11/01/19		1,000,000		1,006,453
Pall Corp.		5.000	%		06/15/20		1,000,000		1,121,618
Snap-on, Inc.		4.250	%		01/15/18		500,000		518,852
Valmont Industries, Inc.		6.625	%		04/20/20		334,000		380,434

									4,689,246

MEDIA—0.7%
Comcast Corp.		4.750	%		03/01/44		500,000		588,290
Omnicom Group, Inc.		6.250	%		07/15/19		1,000,000		1,122,988
Scripps Networks Interactive, Inc.		2.800	%		06/15/20		1,000,000		1,024,379

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund


CORPORATE BONDS—44.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
MEDIA—0.7% (Continued)
Time Warner Cable, Inc.		4.500	%		09/15/42	$	500,000	$	477,130

									3,212,787

METALS & MINING—0.5% Newcrest Finance Pty. Ltd. ^(a)		4.450	%		11/15/21		1,000,000		1,057,567
Nucor Corp.		4.125	%		09/15/22		665,000		725,359
Reliance Steel & Aluminum Co.		4.500	%		04/15/23		705,000		736,852

									2,519,778

MULTILINE RETAIL—0.3%
Dollar General Corp.		4.125	%		07/15/17		700,000		715,803
Macy’s Retail Holdings, Inc.		9.500	%		04/15/21		450,000		493,168

									1,208,971

MULTI-UTILITIES—0.9%
Consumers Energy Co.		6.700	%		09/15/19		750,000		863,640
Puget Energy, Inc.		5.625	%		07/15/22		750,000		863,105
Puget Sound Energy, Inc.		6.740	%		06/15/18		1,000,000		1,082,446
Westar Energy, Inc.		2.550	%		07/01/26		1,260,000		1,260,301

									4,069,492

OIL, GAS & CONSUMABLE FUELS—0.5%
ConocoPhillips Holdings Co.		6.950	%		04/15/29		1,000,000		1,271,649
Denbury Resources, Inc.		4.625	%		07/15/23		400,000		266,000
Merey Sweeny LP ^(a)		8.850	%		12/18/19		381,040		422,879
Ras Laffan Liquefied Natural Gas Co. Ltd. II ^(a)		5.298	%		09/30/20		476,600		508,804

									2,469,332

PAPER & FOREST PRODUCTS—0.4%
PH Glatfelter Co.		5.375	%		10/15/20		750,000		757,500
Suzano Austria GMBH		5.750	%		07/14/26		750,000		755,700

									1,513,200

PHARMACEUTICALS—0.5%
AbbVie, Inc.		2.000	%		11/06/18		500,000		505,121
AbbVie, Inc.		2.500	%		05/14/20		500,000		509,737
Zoetis, Inc.		3.250	%		02/01/23		1,200,000		1,236,622

									2,251,480

PIPELINES—1.1%
Columbia Pipeline Group, Inc. ^(a)		3.300	%		06/01/20		850,000		880,977
Enbridge Energy Partners LP		5.200	%		03/15/20		500,000		535,837
Florida Gas Transmission Co. LLC ^(a)		4.350	%		07/15/25		1,000,000		1,041,969
Kern River Funding Corp. ^(a)		4.893	%		04/30/18		500,333		523,856
Northern Natural Gas Co. ^(a)		4.100	%		09/15/42		1,000,000		1,059,833
Spectra Energy Capital LLC		6.750	%		07/15/18		800,000		849,868

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund


CORPORATE BONDS—44.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
PIPELINES—1.1% (Continued)
Williams Partners LP		4.875	%		05/15/23	$	500,000	$	505,873

									5,398,213

PROFESSIONAL SERVICES—0.5%
Dun & Bradstreet Corp.		4.375	%		12/01/22		1,000,000		1,042,428
Verisk Analytics, Inc.		5.800	%		05/01/21		960,000		1,095,622

									2,138,050

REAL ESTATE INVESTMENT TRUSTS (REITS)—1.1%
Digital Realty Trust LP		3.950	%		07/01/22		1,250,000		1,324,875
Health Care REIT, Inc.		4.700	%		09/15/17		1,018,000		1,048,367
National Retail Properties, Inc.		3.800	%		10/15/22		750,000		797,335
Regency Centers LP		3.750	%		06/15/24		1,000,000		1,054,695
Vornado Realty LP		2.500	%		06/30/19		1,000,000		1,014,084

									5,239,356

ROAD & RAIL—1.4%
Burlington Northern Santa Fe LLC		7.160	%		01/02/20		518,651		562,161
Burlington Northern Santa Fe LLC		5.750	%		05/01/40		1,000,000		1,299,104
Kansas City Southern ^(a)		2.350	%		05/15/20		500,000		503,949
Norfolk Southern Corp.		4.837	%		10/01/41		1,000,000		1,161,817
Penske Truck Leasing Co. LP/PTL Finance Corp.		3.750	%		05/11/17		1,000,000		1,013,644
Ryder System, Inc.		2.650	%		03/02/20		455,000		464,216
Ryder System, Inc.		2.500	%		05/11/20		795,000		805,284
TTX Co. ^(a)		2.600	%		06/15/20		1,000,000		1,019,549

									6,829,724

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.0%
Applied Materials, Inc.		7.125	%		10/15/17		500,000		527,943
Intel Corp.		4.900	%		07/29/45		1,000,000		1,192,810
KLA-Tencor Corp.		3.375	%		11/01/19		600,000		621,586
Lam Research Corp.		2.750	%		03/15/20		1,000,000		1,023,386
Maxim Integrated Products, Inc.		3.375	%		03/15/23		500,000		512,671
NXP BV/NXP Funding LLC		3.875	%		09/01/22		200,000		209,500
Xilinx, Inc.		2.125	%		03/15/19		500,000		506,343

									4,594,239

SOFTWARE—0.5%
Microsoft Corp.		4.450	%		11/03/45		1,500,000		1,705,358
Symantec Corp.		2.750	%		06/15/17		500,000		503,154

									2,208,512

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund


CORPORATE BONDS—44.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
SPECIALTY RETAIL—0.9%
Advanced Auto Parts, Inc.		4.500	%		01/15/22	$	402,000	$	432,377
Gap, Inc.		5.950	%		04/12/21		1,000,000		1,066,584
Lowe’s Cos., Inc.		4.650	%		04/15/42		1,000,000		1,165,576
O’Reilly Automotive, Inc.		3.800	%		09/01/22		1,000,000		1,062,944
Staples, Inc.		2.750	%		01/12/18		580,000		584,583

									4,312,064

SUPRANATIONAL—5.1%
African Development Bank		0.750	%		10/18/16		1,000,000		1,000,130
African Development Bank		1.375	%		12/17/18		1,000,000		1,007,336
Asian Development Bank		1.000	%		08/16/19		1,500,000		1,496,440
Asian Development Bank		2.125	%		03/19/25		1,000,000		1,027,592
European Bank for Reconstruction & Development		0.875	%		07/22/19		2,000,000		1,991,354
European Bank For Reconstruction & Development		1.625	%		04/10/18		500,000		504,208
European Investment Bank		2.500	%		10/15/24		1,000,000		1,055,994
European Investment Bank		2.125	%		04/13/26		1,000,000		1,021,733
Inter-American Development Bank		1.500	%		09/25/18		2,500,000		2,525,980
Inter-American Development Bank		2.125	%		11/09/20		3,000,000		3,102,282
Inter-American Development Bank		4.375	%		01/24/44		3,000,000		3,961,770
International Bank for Reconstruction & Development		2.125	%		03/03/25		500,000		514,220
International Finance Corp.		0.625	%		11/15/16		2,000,000		1,999,960
International Finance Corp.		1.250	%		11/27/18		1,000,000		1,004,783
Nordic Investment Bank		2.250	%		09/30/21		1,000,000		1,039,167
North American Development Bank		2.300	%		10/10/18		1,000,000		1,021,683

									24,274,632

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4%
Apple, Inc.		2.850	%		02/23/23		1,250,000		1,315,889

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund


CORPORATE BONDS—44.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4% (Continued)
Seagate HDD Cayman		3.750	%		11/15/18	$	635,000	$	652,446

									1,968,335

TEXTILES, APPAREL & LUXURY GOODS—0.3%
Hanesbrands, Inc.		4.625	%		05/15/24		500,000		513,125
Levi Strauss & Co.		6.875	%		05/01/22		750,000		795,000

									1,308,125

TOTAL CORPORATE BONDS (COST $201,438,135)								$	212,216,701


CORPORATE NOTES—1.0%	Coupon			Maturity		Principal Amount		Fair Value
COMMUNITY DEVELOPMENT—1.0%
Calvert Social Investment Foundation, Inc. ^(d)		1.000	%		06/15/17	$	1,700,000	$	1,700,000
Calvert Social Investment Foundation, Inc. ^(d)		1.000	%		12/15/17		1,200,000		1,200,000
Calvert Social Investment Foundation, Inc. ^(d)		1.500	%		06/17/19		1,700,000		1,700,000

TOTAL CORPORATE NOTES (COST $4,600,000)								$	4,600,000


U.S. GOVERNMENT AGENCIES—40.2%	Coupon			Maturity		Principal Amount		Fair Value
FEDERAL HOME LOAN BANK—2.9%
Federal Home Loan Bank		0.625	%		11/23/16	$	4,000,000	$	4,001,840
Federal Home Loan Bank		5.000	%		11/17/17		2,500,000		2,619,463
Federal Home Loan Bank		3.375	%		06/12/20		1,000,000		1,081,944
Federal Home Loan Bank		5.500	%		07/15/36		4,320,000		6,261,762

									13,965,009

FEDERAL HOME LOAN MORTGAGE CORPORATION—16.7%
Federal Home Loan Mortgage Corp.		6.000	%		09/01/17		14,603		14,756
Federal Home Loan Mortgage Corp.		4.500	%		06/01/18		48,523		49,716
Federal Home Loan Mortgage Corp.		4.875	%		06/13/18		6,200,000		6,622,456
Federal Home Loan Mortgage Corp.		3.750	%		03/27/19		3,020,000		3,228,015
Federal Home Loan Mortgage Corp.		5.000	%		04/01/19		35,472		36,439
Federal Home Loan Mortgage Corp.		1.250	%		10/02/19		2,710,000		2,729,133
Federal Home Loan Mortgage Corp.		1.375	%		05/01/20		4,000,000		4,043,412
Federal Home Loan Mortgage Corp.		5.000	%		12/01/21		109,083		116,296

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund


U.S. GOVERNMENT AGENCIES—40.2% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
FEDERAL HOME LOAN MORTGAGE CORPORATION—16.7% (Continued)
Federal Home Loan Mortgage Corp.		2.375	%		01/13/22	$	9,460,000	$	9,961,739
Federal Home Loan Mortgage Corp.		5.500	%		04/01/22		74,057		79,621
Federal Home Loan Mortgage Corp.		4.000	%		11/01/24		615,780		651,734
Federal Home Loan Mortgage Corp.		4.000	%		10/01/25		276,000		293,214
Federal Home Loan Mortgage Corp.		6.000	%		04/01/27		213,655		243,718
Federal Home Loan Mortgage Corp.		2.500	%		10/01/27		1,154,407		1,197,362
Federal Home Loan Mortgage Corp.		7.000	%		02/01/30		129,088		144,014
Federal Home Loan Mortgage Corp.		7.500	%		07/01/30		214,937		251,544
Federal Home Loan Mortgage Corp.		7.000	%		03/01/31		76,139		92,467
Federal Home Loan Mortgage Corp.		6.250	%		07/15/32		6,000,000		9,061,962
Federal Home Loan Mortgage Corp.		3.000	%		11/01/32		2,007,658		2,112,545
Federal Home Loan Mortgage Corp.		3.000	%		11/01/32		1,311,747		1,380,300
Federal Home Loan Mortgage Corp.		5.500	%		11/01/33		79,335		90,215
Federal Home Loan Mortgage Corp.		2.855	%		05/01/34		73,466		76,954
Federal Home Loan Mortgage Corp.		2.855	%		05/01/34		131,169		138,617
Federal Home Loan Mortgage Corp.		5.000	%		07/01/35		167,204		186,275
Federal Home Loan Mortgage Corp.		4.500	%		10/01/35		317,863		348,288
Federal Home Loan Mortgage Corp.		5.500	%		03/01/36		81,762		92,849
Federal Home Loan Mortgage Corp.		5.500	%		06/01/36		126,480		143,560
Federal Home Loan Mortgage Corp.		6.000	%		06/01/36		123,764		144,212
Federal Home Loan Mortgage Corp.		5.500	%		12/01/36		103,742		117,391
Federal Home Loan Mortgage Corp.		6.000	%		08/01/37		63,163		72,538
Federal Home Loan Mortgage Corp.		5.000	%		03/01/38		506,118		563,084
Federal Home Loan Mortgage Corp.		4.500	%		06/01/39		551,288		606,170
Federal Home Loan Mortgage Corp.		5.000	%		06/01/39		818,652		906,775
Federal Home Loan Mortgage Corp.		4.500	%		07/01/39		587,340		644,091
Federal Home Loan Mortgage Corp.		4.500	%		11/01/39		556,666		610,656
Federal Home Loan Mortgage Corp.		4.500	%		09/01/40		842,278		925,881
Federal Home Loan Mortgage Corp.		4.500	%		05/01/41		1,644,865		1,808,536
Federal Home Loan Mortgage Corp.		4.500	%		07/01/41		1,634,157		1,791,862
Federal Home Loan Mortgage Corp.		5.000	%		09/01/41		799,321		888,101
Federal Home Loan Mortgage Corp.		3.500	%		10/01/41		987,495		1,044,985
Federal Home Loan Mortgage Corp.		4.000	%		10/01/41		825,365		887,121
Federal Home Loan Mortgage Corp.		3.500	%		02/01/42		1,524,874		1,613,365
Federal Home Loan Mortgage Corp.		4.000	%		02/01/42		468,491		502,487
Federal Home Loan Mortgage Corp.		3.500	%		06/01/42		1,681,878		1,780,281
Federal Home Loan Mortgage Corp.		3.500	%		06/01/42		1,637,437		1,732,857

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund


U.S. GOVERNMENT AGENCIES—40.2% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
FEDERAL HOME LOAN MORTGAGE CORPORATION—16.7% (Continued)
Federal Home Loan Mortgage Corp.		3.500	%		08/01/42	$	1,804,361	$	1,909,411
Federal Home Loan Mortgage Corp.		3.000	%		11/01/42		2,560,963		2,667,558
Federal Home Loan Mortgage Corp.		3.000	%		01/01/43		1,552,876		1,617,252
Federal Home Loan Mortgage Corp.		3.000	%		05/01/43		2,300,677		2,395,360
Federal Home Loan Mortgage Corp.		3.500	%		10/01/44		2,295,635		2,421,567
Federal Home Loan Mortgage Corp.		3.500	%		11/01/44		2,129,554		2,246,375
Federal Home Loan Mortgage Corp.		3.500	%		04/01/45		2,507,686		2,645,250
Federal Home Loan Mortgage Corp.		3.000	%		05/01/46		2,928,559		3,045,987

									78,976,354

FEDERAL NATIONAL MORTGAGE ASSOCIATION—19.3%
Federal National Mortgage Association		5.000	%		02/13/17		1,800,000		1,829,524
Federal National Mortgage Association		1.125	%		04/27/17		2,000,000		2,006,230
Federal National Mortgage Association		5.000	%		07/01/18		39,983		41,094
Federal National Mortgage Association		5.000	%		09/01/18		64,466		66,244
Federal National Mortgage Association		1.875	%		02/19/19		3,000,000		3,067,026
Federal National Mortgage Association		7.000	%		11/01/19		7,000		7,332
Federal National Mortgage Association		7.000	%		11/01/19		7,689		8,050
Federal National Mortgage Association		3.500	%		07/01/20		265,066		279,379
Federal National Mortgage Association		1.250	%		05/06/21		7,000,000		6,994,330
Federal National Mortgage Association		5.500	%		06/01/22		114,915		123,739
Federal National Mortgage Association		2.590	%		07/01/22		2,464,810		2,579,308
Federal National Mortgage Association		2.890	%		07/01/22		2,453,964		2,600,945
Federal National Mortgage Association		2.190	%		01/01/23		2,000,000		2,054,182
Federal National Mortgage Association		2.770	%		07/01/23		2,409,641		2,541,186
Federal National Mortgage Association		2.625	%		09/06/24		10,750,000		11,508,154
Federal National Mortgage Association		3.080	%		12/01/24		2,427,776		2,611,116
Federal National Mortgage Association		5.000	%		04/01/25		154,359		171,298
Federal National Mortgage Association		5.000	%		07/01/25		121,752		135,113
Federal National Mortgage Association		3.500	%		10/01/25		273,305		288,349
Federal National Mortgage Association		5.000	%		10/01/25		148,860		165,196
Federal National Mortgage Association		5.500	%		11/01/25		47		52
Federal National Mortgage Association		4.000	%		03/01/26		941,355		999,140
Federal National Mortgage Association		2.125	%		04/24/26		2,000,000		2,035,298
Federal National Mortgage Association		8.500	%		09/01/26		51,711		57,304
Federal National Mortgage Association		2.500	%		09/01/27		1,413,855		1,465,793
Federal National Mortgage Association		2.500	%		11/01/27		1,999,415		2,072,863
Federal National Mortgage Association		2.500	%		01/01/28		1,370,071		1,420,400

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund


U.S. GOVERNMENT AGENCIES—40.2% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION—19.3% (Continued)
Federal National Mortgage Association		6.625	%		11/15/30	$	2,250,000	$	3,421,390
Federal National Mortgage Association		3.000	%		12/01/32		1,946,586		2,047,301
Federal National Mortgage Association		6.000	%		10/01/33		74,595		86,254
Federal National Mortgage Association		2.075	%		02/01/34		149,437		153,241
Federal National Mortgage Association		5.500	%		02/01/34		88,078		100,190
Federal National Mortgage Association		2.786	%		05/01/34		97,088		102,534
Federal National Mortgage Association		2.895	%		05/01/34		59,187		61,501
Federal National Mortgage Association		6.000	%		11/01/34		196,806		227,579
Federal National Mortgage Association		5.500	%		01/01/35		147,452		166,548
Federal National Mortgage Association		5.000	%		10/01/35		208,720		232,039
Federal National Mortgage Association		5.500	%		10/01/35		223,660		253,634
Federal National Mortgage Association		6.000	%		10/01/35		114,369		132,399
Federal National Mortgage Association		5.500	%		06/01/36		57,309		64,781
Federal National Mortgage Association		6.000	%		06/01/36		63,082		72,247
Federal National Mortgage Association		5.500	%		11/01/36		79,035		89,414
Federal National Mortgage Association		2.845	%		05/01/37		93,205		96,901
Federal National Mortgage Association		5.625	%		07/15/37		2,750,000		4,065,683
Federal National Mortgage Association		4.500	%		09/01/40		526,592		578,063
Federal National Mortgage Association		4.500	%		10/01/40		523,299		575,217
Federal National Mortgage Association		4.000	%		12/01/40		1,193,672		1,285,888
Federal National Mortgage Association		4.000	%		01/01/41		850,034		915,481
Federal National Mortgage Association		3.500	%		02/01/41		1,194,605		1,265,576
Federal National Mortgage Association		4.000	%		10/01/41		777,756		837,939
Federal National Mortgage Association		4.000	%		11/01/41		719,178		774,886
Federal National Mortgage Association		4.000	%		12/01/41		1,908,624		2,057,398
Federal National Mortgage Association		4.000	%		12/01/41		958,397		1,032,622
Federal National Mortgage Association		4.000	%		01/01/42		2,099,351		2,286,776
Federal National Mortgage Association		3.500	%		05/01/42		1,442,943		1,527,389
Federal National Mortgage Association		3.000	%		06/01/42		2,156,214		2,246,515
Federal National Mortgage Association		3.000	%		08/01/42		1,948,784		2,030,165
Federal National Mortgage Association		3.000	%		08/01/42		2,011,697		2,096,171
Federal National Mortgage Association		3.500	%		12/01/42		2,243,663		2,393,870
Federal National Mortgage Association		3.000	%		06/01/43		1,915,975		1,995,725
Federal National Mortgage Association		4.000	%		12/01/44		2,738,418		2,988,237
Federal National Mortgage Association		3.500	%		05/01/45		2,909,735		3,103,127
Federal National Mortgage Association		3.000	%		04/01/46		2,934,639		3,052,823

									91,546,149

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund


U.S. GOVERNMENT AGENCIES—40.2% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION—0.3%
Government National Mortgage Association		7.000	%		12/20/30	$	28,436	$	35,201
Government National Mortgage Association		7.000	%		10/20/31		20,722		24,694
Government National Mortgage Association		7.000	%		03/20/32		73,659		91,705
Government National Mortgage Association		1.750	%		01/20/34		68,248		70,886
Government National Mortgage Association		5.500	%		10/20/38		43,362		46,216
Government National Mortgage Association		6.500	%		11/20/38		15,388		17,904
Government National Mortgage Association		2.250	%		04/16/42		1,001,291		1,011,377

									1,297,983

OVERSEAS PRIVATE INVESTMENT CORPORATION—0.7%
Overseas Private Investment Corp.		3.280	%		09/15/29		1,100,000		1,165,211
Overseas Private Investment Corp.		3.540	%		06/15/30		808,829		880,435
Overseas Private Investment Corp.		3.820	%		06/01/33		986,172		1,091,699

									3,137,345

SMALL BUSINESS ADMINISTRATION—0.1%
Small Business Administration		0.849	%		02/25/32		370,620		368,408

UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT—0.2%
United States Department of Housing and Urban Development		2.350	%		08/01/21		1,000,000		1,049,385

TOTAL U.S. GOVERNMENT AGENCIES (COST $182,921,187)								$	190,340,633

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund


INVESTMENT COMPANIES—0.7%	Shares		Fair Value
Pax World High Yield Bond Fund—Individual Investor Class (COST $4,199,236)		530,984	$	3,504,493

TOTAL INVESTMENTS—(COST ^(e) $438,435,372—Unrealized gain/loss $19,008,798)—96.6%			$	457,444,170
OTHER ASSETS IN EXCESS OF LIABILITIES—3.4%				16,039,536

NET ASSETS—100.0%			$	473,483,706

^(a)	144a security is restricted as to resale to institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. At September 30, 2016, these securities were valued at $32,374,589 or 6.8% of net assets.

^(b)	Variable rate security. Rates presented are the rates in effect at September 30, 2016.

^(c)	Percentage rounds to less than 0.1%.

^(d)	Illiquid security.

^(e)	Represents cost for financial reporting purposes.

plc—Public Liability Company

REIT—Real Estate Investment Trust

See accompanying notes to Schedules of Investments.

Schedule of Portfolio Investments

Praxis International Index Fund

September 30, 2016 (Unaudited)


COMMON STOCKS—98.4%	Shares		Fair Value
AUSTRALIA—5.7%
BANKS—2.2%
Australia & New Zealand Banking Group Ltd. ^(a)		6,107	$	130,103
Australia & New Zealand Banking Group Ltd.—ADR		36,061		766,296
Commonwealth Bank of Australia ^(a)		21,512		1,199,709
Commonwealth Bank of Australia—ADR		613		34,304
National Australia Bank Ltd. ^(a)		4,644		99,838
National Australia Bank Ltd.—ADR		63,688		680,188
Westpac Banking Corp. ^(a)		4,051		92,179
Westpac Banking Corp.—ADR		48,506		1,103,026

				4,105,643

BIOTECHNOLOGY—0.3%
CSL Ltd. ^(a)		2,979		244,991
CSL Ltd.—ADR		6,332		261,860

				506,851

CAPITAL MARKETS—0.3%
Macquarie Group Ltd. ^(a)		7,209		455,979
Macquarie Group Ltd.—ADR		2,747		173,418

				629,397

CHEMICALS—0.2%
Orica Ltd. ^(a)		27,987		327,895

CONTAINERS & PACKAGING—0.2%
Amcor Ltd. ^(a)		24,949		290,620
Amcor Ltd.—ADR		3,500		163,503

				454,123

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Telstra Corp. Ltd. ^(a)		17,682		70,508
Telstra Corp. Ltd.—ADR		13,179		263,843

				334,351

FOOD & STAPLES RETAILING—0.6%
Wesfarmers Ltd. ^(a)		19,358		656,329
Woolworths Ltd.		27,413		488,270

				1,144,599

INSURANCE—0.2%
Suncorp Group Ltd. ^(a)		46,152		430,616

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
AUSTRALIA—5.7% (Continued)
METALS & MINING—0.2%
Alumina Ltd.—ADR		41,858	$	186,268
Newcrest Mining Ltd.—ADR		9,928		167,485
South32 Ltd. ^(a)		30,582		57,990

				411,743

OIL, GAS & CONSUMABLE FUELS—0.9%
Caltex Australia Ltd. ^(a)		12,181		322,086
Oil Search Ltd. ^(a)		60,661		334,128
Origin Energy Ltd. ^(a)		100,656		424,544
Woodside Petroleum Ltd. ^(a)		18,241		404,497
Woodside Petroleum Ltd.—ADR		5,235		115,851

				1,601,106

REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%
Scentre Group REIT ^(a)		25,459		91,921
Shopping Centres Australasia Property Group REIT ^(a)		1		2
Westfield Corp. REIT ^(a)		72,500		542,547

				634,470

TRANSPORTATION INFRASTRUCTURE—0.1%
Sydney Airport ^(a)		49,337		264,479

TOTAL AUSTRALIA				10,845,273

AUSTRIA—0.2%
BANKS—0.2%
Erste Group Bank AG ^(a)		5,112		151,366
Erste Group Bank AG—ADR		12,078		179,841

TOTAL AUSTRIA				331,207

BELGIUM—0.2%
FOOD & STAPLES RETAILING—0.2%
Colruyt SA ^(a)		8,334		462,805

BRAZIL—1.3%
BANKS—0.3%
Banco Bradesco SA—ADR		70,220		636,895

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
BRAZIL—1.3% (Continued)
CHEMICALS—0.1%
Braskem SA—Class A—ADR		13,824	$	212,613

FOOD PRODUCTS—0.2%
BRF SA—ADR		21,929		374,109

OIL GAS & CONSUMABLE FUELS—0.3%
Petroleo Brasileiro SA—ADR ^(b)		63,920		596,374

OIL, GAS & CONSUMABLE FUELS—0.2%
Ultrapar Participacoes SA—ADR		14,545		318,390

WATER UTILITIES—0.2%
Cia de Saneamento Basico do Estado de Sao Paulo—ADR		36,049		333,814

TOTAL BRAZIL				2,472,195

CANADA—6.3%
AUTO COMPONENTS—0.3%
Magna International, Inc.—Class A		11,430		490,918

BANKS—1.6%
Bank of Montreal		7,625		499,971
Bank of Nova Scotia		12,180		645,418
Royal Bank of Canada		17,137		1,061,809
Toronto-Dominion Bank		18,236		809,678

				3,016,876

CHEMICALS—0.6%
Agrium, Inc.		3,521		319,319
Methanex Corp.		9,429		336,427
Potash Corp. of Saskatchewan, Inc.		27,225		444,312

				1,100,058

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.1%
TransAlta Corp.		20,678		92,017

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
CANADA—6.3% (Continued)
INSURANCE—0.5%
Manulife Financial Corp.		41,223	$	581,657
Sun Life Financial, Inc.		11,714		381,174

				962,831

MEDIA—0.1%
Shaw Communications, Inc.—Class B		11,055		226,185

METALS & MINING—0.5%
Agnico Eagle Mines Ltd.		781		42,315
Teck Resources Ltd.—Class B		53,438		963,487

				1,005,802

OIL, GAS & CONSUMABLE FUELS—1.4%
Cenovus Energy, Inc.		28,229		405,651
Enbridge, Inc.		18,096		800,386
Encana Corp.		66,587		697,166
Suncor Energy, Inc.		30,429		845,318

				2,748,521

REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%
Brookfield Asset Management, Inc.—Class A		20,511		721,577

ROAD & RAIL—0.8%
Canadian National Railway Co.		12,210		798,534
Canadian Pacific Railway Ltd.		5,165		788,695

				1,587,229

TOTAL CANADA				11,952,014

CAYMAN ISLANDS—0.1%
INTERNET & CATALOG RETAIL—0.1%
Ctrip.com International, Ltd.—ADR ^(b)		2,801		130,442
Qunar Cayman Islands Ltd. ^(b)		5,690		165,010

TOTAL CAYMAN ISLANDS				295,452

CHILE—0.6%
AIRLINES—0.2%
Latam Airlines Group SA—ADR ^(b)		37,423		303,875

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
CHILE—0.6% (Continued)
BEVERAGES—0.1%
Embotelladora Andina SA—Class B—ADR		6,720	$	151,872

CHEMICALS—0.2%
Sociedad Quimica y Minera de Chile SA—ADR		15,440		415,336

METALS & MINING—0.1%
Antofagasta plc ^(a)		31,044		210,122
Antofagasta plc—ADR ^(b)		3,393		45,931

				256,053

TOTAL CHILE				1,127,136

CHINA—5.4%
AIRLINES—0.1%
China Southern Airlines Co. Ltd.—ADR		5,546		156,120

BANKS—0.5%
China Construction Bank Corp.—ADR		69,587		1,043,457

CHEMICALS—0.2%
Sinopec Shanghai Petrochemical Co. Ltd.—ADR		7,041		360,288

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
China Telecom Corp. Ltd.—ADR		6,115		312,109

INSURANCE—1.2%
Aia Group Ltd.—ADR		3,830		103,219
China Life Insurance Company Ltd.—ADR		84,980		1,111,538
Ping An Insurance Group Co. of China Ltd.—ADR		33,826		357,879
Ping An Insurance Group Co. of China Ltd.—Class H ^(a)		131,769		690,777

				2,263,413

INTERNET SOFTWARE & SERVICES—3.0%
Alibaba Group Holdings Ltd.—ADR ^(b)		15,369		1,625,887
Baidu, Inc.—ADR ^(b)		5,149		937,478
Tencent Holdings Ltd.—ADR		112,731		3,142,377

				5,705,742

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
CHINA—5.4% (Continued)
ROAD & RAIL—0.1%
Guangshen Railway Co.—ADR		8,797	$	229,866

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%
Lenovo Group Ltd.—ADR		18,577		246,981

TOTAL CHINA				10,317,976

COLOMBIA—0.4%
BANKS—0.2%
BanColombia SA—ADR		10,431		407,226

OIL, GAS & CONSUMABLE FUELS—0.2%
Ecopetrol SA—ADR ^(b)		42,848		375,348

TOTAL COLOMBIA				782,574

DENMARK—1.0%
BANKS—0.2%
Danske Bank A/S ^(a)		11,624		340,062
Danske Bank A/S—ADR		6,614		97,490

				437,552

PHARMACEUTICALS—0.6%
Novo Nordisk A/S—ADR		28,510		1,185,731

TEXTILES, APPAREL & LUXURY GOODS—0.2%
Pandora A/S ^(a)		2,460		297,946

TOTAL DENMARK				1,921,229

FINLAND—0.5%
COMMUNICATIONS EQUIPMENT—0.1%
Nokia Oyj—ADR		31,105		180,098

MACHINERY—0.3%
Kone Oyj—Class B ^(a)		11,250		571,093

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
FINLAND—0.5% (Continued)
PAPER & FOREST PRODUCTS—0.1%
Stora Enso Oyj—ADR		32,308	$	285,280

TOTAL FINLAND				1,036,471

FRANCE—6.6%
AUTO COMPONENTS—0.6%
Cie Generale des Etablissements Michelin ^(a)		1,074		118,922
Cie Generale des Etablissements Michelin—ADR		25,215		556,243
Valeo SA ^(a)		2,793		163,014
Valeo SA—ADR		13,056		379,016

				1,217,195

AUTOMOBILES—0.3%
Renault SA ^(a)		5,892		484,700

BANKS—0.7%
BNP Paribas SA—ADR		28,958		749,723
Credit Agricole SA ^(a)		11,014		108,634
Credit Agricole SA—ADR		14,211		69,065
Societe Generale SA ^(a)		4,111		142,208
Societe Generale SA—ADR		36,300		252,285

				1,321,915

BUILDING PRODUCTS—0.3%
Cie de Saint-Gobain ^(a)		13,938		603,060

CONSTRUCTION & ENGINEERING—0.5%
Bouygues SA ^(a)		8,092		268,340
Vinci SA ^(a) (b)		1,494		114,318
Vinci SA—ADR		30,694		586,409

				969,067

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Orange SA—ADR		24,634		383,798
Vivendi SA ^(a)		9,270		187,080
Vivendi SA—ADR		1,680		33,852

				604,730

ELECTRICAL EQUIPMENT—0.5%
Legrand SA ^(a)		17,254		1,017,044

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
FRANCE—6.6% (Continued)
ENERGY EQUIPMENT & SERVICES—0.2%
Engie SA ^(a)(b)		2,524	$	39,132
Technip SA—ADR		26,180		401,601

				440,733

FOOD & STAPLES RETAILING—0.2%
Carrefour SA ^(a)		1,523		39,486
Carrefour SA—ADR		49,035		254,001

				293,487

FOOD PRODUCTS—0.7%
Danone SA—ADR		85,545		1,270,344

HEALTH CARE EQUIPMENT & SUPPLIES—0.3%
Essilor International SA ^(a)		4,503		580,831
Essilor International SA—ADR		952		61,366

				642,197

INSURANCE—0.4%
AXA SA—ADR		34,977		740,113

MEDIA—0.3%
Publicis Groupe SA—ADR		26,260		495,526

MULTI-UTILITIES—0.4%
Engie SA—ADR		20,385		318,821
Veolia Environnement SA ^(a)		11,656		268,556
Veolia Environnement SA—ADR		8,771		201,821

				789,198

PERSONAL PRODUCTS—0.6%
L’Oreal SA ^(a)		382		72,197
L’Oreal SA—ADR		26,720		1,009,749

				1,081,946

SOFTWARE—0.3%
Dassault Systemes—ADR		6,224		538,189

TOTAL FRANCE				12,509,444

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
GERMANY—6.6%
AIR FREIGHT & LOGISTICS—0.4%
Deutsche Post AG ^(a)		10,161	$	318,106
Deutsche Post AG—ADR		14,832		462,313

				780,419

AIRLINES—0.1%
Deutsche Lufthansa AG—ADR		10,201		113,129

AUTOMOBILES—1.0%
Bayerische Moteren Werke Aktiengesellschaft—ADR		27,692		776,761
Daimler AG^(a)		15,015		1,058,907

				1,835,668

BANKS—0.2%
Deutsche Bank AG		26,653		348,888
Deutsche Bank AG—ADR		2,903		38,000

				386,888

CHEMICALS—0.7%
BASF SE—ADR		14,711		1,258,526

DIVERSIFIED FINANCIAL SERVICES—0.2%
Deutsche Boerse AG ^(a)		3,878		302,830
Deutsche Boerse AG—ADR		15,060		116,715

				419,545

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Deutsche Telekom AG—ADR		30,797		517,082

HEALTH CARE PROVIDERS & SERVICES—0.7%
Fresenius Medical Care AG & Co. KGaA—ADR		19,354		847,124
Fresenius SE & Co. KGaA ^(a)		5,130		409,767

				1,256,891

INSURANCE—0.9%
Allianze SE—ADR		76,050		1,127,822
Muenchener Rueckversicherungs-Gesellschaft AG ^(a)		1,682		314,121
Muenchener Rueckversicherungs-Gesellschaft AG—ADR		18,890		351,543

				1,793,486

MULTI-UTILITIES—0.2%
RWE AG ^(a)		17,185		296,758
RWE AG—ADR		5,585		96,230

				392,988

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
GERMANY—6.6% (Continued)
PHARMACEUTICALS—0.5%
Bayer AG—ADR		9,846	$	989,523

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Infineon Technologies AG—ADR		12,109		215,298

SOFTWARE—0.6%
SAP SE—ADR		13,243		1,210,543

TEXTILES, APPAREL & LUXURY GOODS—0.6%
adidas AG ^(a)		1,323		230,088
adidas AG—ADR		9,964		865,872
Puma SE ^(a)		285		76,338

				1,172,298

TRADING COMPANIES & DISTRIBUTORS—0.1%
Brenntag AG ^(a)		5,521		301,698

TOTAL GERMANY				12,643,982

HONG KONG—4.4%
BANKS—0.3%
BOC Hong Kong Holdings Ltd. ^(a)		158,000		537,594
BOC Hong Kong Holdings Ltd.—ADR		1,754		119,711

				657,305

DIVERSIFIED FINANCIAL SERVICES—0.3%
Hong Kong Exchanges & Clearing Ltd. ^(a)		24,500		648,419

ELECTRIC UTILITIES—0.6%
Cheung Kong Infrastructure Holdings Ltd. ^(a)		130,000		1,121,271

INDUSTRIAL CONGLOMERATES—0.7%
CK Hutchison Holdings Ltd. ^(a)		53,500		683,869
CK Hutchison Holdings Ltd.—ADR		12,111		154,173
Jardine Matheson Holdings Ltd. ^(a)		4,751		288,370
Jardine Matheson Holdings Ltd.—ADR		3,618		219,775

				1,346,187

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
HONG KONG—4.4% (Continued)
INSURANCE—0.6%
AIA Group Ltd. ^(a)		171,200	$	1,151,307

REAL ESTATE MANAGEMENT & DEVELOPMENT—1.8%
Henderson Land Development Co. Ltd. ^(a)		81,343		485,367
Sun Hung Kai Properties Ltd. ^(a)		28,000		425,689
Sun Hung Kai Properties Ltd.—ADR		22,014		337,915
Swire Pacific Ltd.—Class A ^(a)		28,000		303,255
Swire Pacific Ltd.—Class A—ADR		32,051		352,240
Swire Properties Ltd. ^(a)		121,150		356,332
Wharf Holdings Ltd. ^(a)		150,000		1,100,516

				3,361,314

TEXTILES, APPAREL & LUXURY GOODS—0.1%
Li & Fung Ltd. ^(a)		122,000		62,864
Li & Fung Ltd.—ADR		12,287		12,164

				75,028

TOTAL HONG KONG				8,360,831

HUNGARY—0.1%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Magyar Telekom Telecommunications plc—ADR		11,582		94,741

OIL, GAS & CONSUMABLE FUELS—0.0% ^(c)
MOL Hungarian Oil & Gas plc—ADR		796		26,069

TOTAL HUNGARY				120,810

INDIA—1.7%
BANKS—0.9%
HDFC Bank Ltd.—ADR		16,597		1,193,158
ICICI Bank Ltd.—ADR		65,986		492,915

				1,686,073

IT SERVICES—0.5%
Infosys Ltd.—ADR		37,297		588,547
Wipro Ltd.—ADR		39,159		380,234

				968,781

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
INDIA—1.7% (Continued)
PHARMACEUTICALS—0.3%
Dr. Reddy’s Laboratories Ltd.—ADR		10,846	$	503,471

TOTAL INDIA				3,158,325

INDONESIA—0.8%
BANKS—0.2%
PT Bank Mandiri—ADR		49,403		423,384

DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%
Telekomunikasi Indonesia Persero Tbk PT—ADR		16,603		1,097,126

MACHINERY—0.0% ^(c)
United Tractors Tbk PT—ADR		3,369		91,637

TOTAL INDONESIA				1,612,147

IRELAND—1.3%
CONSTRUCTION MATERIALS—0.5%
CRH plc—ADR		27,925		929,065

PHARMACEUTICALS—0.4%
Shire plc—ADR		3,634		704,487

PROFESSIONAL SERVICES—0.4%
Experian plc ^(a)		3,191		63,760
Experian plc—ADR		37,268		744,614

				808,374

TOTAL IRELAND				2,441,926

ISRAEL—0.4%
PHARMACEUTICALS—0.3%
Teva Pharmaceutical Industries Ltd.—ADR		13,991		643,726

SOFTWARE—0.1%
Check Point Software Technologies Ltd. ^(b)		2,576		199,923

TOTAL ISRAEL				843,649

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
ITALY—1.0%
BANKS—0.3%
Intesa Sanpaolo SpA ^(a)		128,010	$	284,178
Intesa Sanpaolo SpA—ADR		4,450		59,586
UniCredit SpA ^(a)		62,353		145,330

				489,094

ELECTRIC UTILITIES—0.2%
Enel SpA ^(a)		86,564		385,768

INSURANCE—0.1%
Assicurazioni Generali SpA ^(a)		16,056		195,934

TEXTILES, APPAREL & LUXURY GOODS—0.2%
Luxottica Group SpA—ADR		9,316		445,491

TRANSPORTATION INFRASTRUCTURE—0.2%
Atlantia SpA ^(a)		13,863		352,065

TOTAL ITALY				1,868,352

JAPAN—16.0%
AUTO COMPONENTS—0.5%
Bridgestone Corp. ^(a)		4,656		171,545
Bridgestone Corp.—ADR		20,546		377,224
Denso Corp. ^(a)		5,900		235,437
Denso Corp.—ADR		6,048		120,416

				904,622

AUTOMOBILES—2.1%
Honda Motor Co. Ltd.—ADR		32,346		935,446
Nissan Motor Co. Ltd.—ADR		36,396		714,818
Toyota Motor Corp.—ADR		19,586		2,273,151

				3,923,415

BANKS—1.3%
Mitsubishi UFJ Financial Group, Inc.—ADR		188,606		952,460
Mizuho Financial Group, Inc.—ADR		132,028		443,614
Sumitomo Mitsui Financial Group, Inc.—ADR		135,650		915,638
Sumitomo Mitsui Trust Holdings, Inc. ^(a)		298		9,736
Sumitomo Mitsui Trust Holdings, Inc.—ADR		39,737		128,748

				2,450,196

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
JAPAN—16.0% (Continued)
BUILDING PRODUCTS—0.1%
Asahi Glass Co. Ltd. ^(a)		3,000	$	19,398
Asahi Glass Co. Ltd.—ADR		21,219		136,014

				155,412

CAPITAL MARKETS—0.4%
Daiwa Securities Group, Inc. ^(a)		16,000		90,085
Daiwa Securities Group, Inc.—ADR		49,678		278,694
Nomura Holdings, Inc.—ADR		94,167		419,043

				787,822

CHEMICALS—0.5%
Nitto Denko Corp. ^(a)		500		32,473
Nitto Denko Corp.—ADR		11,626		376,217
Shin-Etsu Chemical Co. Ltd. ^(a)		5,600		390,728
Sumitomo Chemical Co. Ltd. ^(a)		38,000		168,850

				968,268

COMMERCIAL SERVICES & SUPPLIES—0.3%
Dai Nippon Printing Co. Ltd. ^(a)		50,000		490,482
Dai Nippon Printing Co. Ltd.—ADR		37		363

				490,845

CONSTRUCTION & ENGINEERING—0.3%
Obayashi Corp. ^(a)		55,000		545,533

DIVERSIFIED FINANCIAL SERVICES—0.2%
ORIX Corp. ^(a)		2,300		33,931
ORIX Corp.—ADR		5,614		416,334

				450,265

DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%
Nippon Telegraph & Telephone Corp.—ADR		19,016		871,123

ELECTRIC UTILITIES—0.2%
Chubu Electric Power Co., Inc. ^(a)		12,600		183,336
Tohoku Electric Power Co., Inc. ^(a)		12,700		165,620

				348,956

ELECTRICAL EQUIPMENT—0.4%
Nidec Corp.—ADR		30,872		706,969

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
JAPAN—16.0% (Continued)
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6%
Hitachi Ltd. ^(a)		11,000	$	51,553
Hitachi Ltd.—ADR		5,344		249,698
Kyocera Corp. ^(a)		2,800		134,549
Kyocera Corp.—ADR		3,162		152,187
Murata Manufacturing Co. Ltd. ^(a)		2,300		300,226
Murata Manufacturing Co. Ltd.—ADR ^(b)		1,592		51,680
TDK Corp. ^(a)		800		53,599
TDK Corp.—ADR		826		55,127

				1,048,619

FOOD PRODUCTS—0.3%
Ajinomoto Co., Inc. ^(a)		7,000		156,075
Calbee, Inc. ^(a)		2,700		102,298
Meiji Holdings Co. Ltd. ^(a)		2,000		198,581
Yakult Honsha Co. Ltd. ^(a)		2,800		126,551

				583,505

HEALTH CARE EQUIPMENT & SUPPLIES—0.5%
Hoya Corp. ^(a)		9,500		382,164
Hoya Corp.—ADR		1,734		69,759
Terumo Corp. ^(a)		11,800		453,894

				905,817

HOUSEHOLD DURABLES—0.9%
Sekisui House Ltd. ^(a)		8,000		136,293
Sekisui House Ltd.—ADR		30,149		512,277
Sharp Corp. ^(a)		10,000		13,263
Sharp Corp.—ADR		17,095		22,052
Sony Corp.—ADR		32,917		1,093,174

				1,777,059

INSURANCE—0.5%
MS&AD Insurance Group Holdings, Inc.—ADR		34,266		477,325
Tokio Marine Holdings, Inc. ^(a)		4,600		176,410
Tokio Marine Holdings, Inc.—ADR		7,354		280,555

				934,290

INTERNET & CATALOG RETAIL—0.1%
Rakuten, Inc. ^(a)		18,400		240,181

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
JAPAN – 16.0% (Continued)
IT SERVICES—0.1%
Fujitsu Ltd. ^(a)		20,000	$	107,632
Fujitsu Ltd.—ADR		1,240		33,176

				140,808

LEISURE PRODUCTS—0.1%
Shimano, Inc. ^(a)		1,600		237,638

MACHINERY—0.9%
FANUC Corp. ^(a)		400		67,566
FANUC Corp.—ADR		22,452		630,901
Kubota Corp.—ADR		7,847		594,018
Makita Corp. ^(a)		600		42,750
Makita Corp.—ADR		4,936		354,602

				1,689,837

MARINE—0.0% ^(c)
Nippon Yusen KK—ADR		7,243		27,306

METALS & MINING—0.4%
Nippon Steel Corp. ^(a)		21,700		445,293
Sumitomo Metal Mining Co. Ltd. ^(a)		23,000		317,670

				762,963

OIL, GAS & CONSUMABLE FUELS—0.1%
Inpex Corp. ^(a)		26,239		238,577

PERSONAL PRODUCTS—0.6%
Kao Corp. ^(a)		1,000		56,538
Kao Corp.—ADR		10,830		613,195
Shiseido Co. Ltd. ^(a)		2,100		55,620
Shiseido Co. Ltd.—ADR		15,035		398,878

				1,124,231

PHARMACEUTICALS—0.7%
Astellas Pharma, Inc. ^(a)		13,000		203,048
Astellas Pharma, Inc.—ADR		24,473		382,268
Daiichi Sankyo Co. Ltd. ^(a)		7,700		185,019
Daiichi Sankyo Co. Ltd.—ADR		1,901		45,396
Takeda Pharmaceutical Co. Ltd. ^(a)		2,700		129,410
Takeda Pharmaceutical Co. Ltd.—ADR		18,144		434,640

				1,379,781

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
JAPAN – 16.0% (Continued)
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.8%
Daiwa House Industry Co. Ltd.—ADR		15,470	$	423,878
Mitsubishi Estate Co. Ltd. ^(a)		11,000		206,432
Mitsubishi Estate Co. Ltd.—ADR		11,717		219,342
Mitsui Fudosan Co. Ltd. ^(a)		19,000		404,214
Sumitomo Realty & Development Co. Ltd. ^(a)		9,000		233,287

				1,487,153

ROAD & RAIL—0.7%
Central Japan Railway Co. ^(a)		1,348		230,784
East Japan Railway Co. ^(a)		3,590		324,048
East Japan Railway Co.—ADR		29,226		438,390
Keikyu Corp. ^(a)		37,000		386,076

				1,379,298

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Rohm Co. Ltd. ^(a)		700		36,897
Rohm Co. Ltd.—ADR		2,660		70,091

				106,988

SOFTWARE—0.2%
Nintendo Co. Ltd. ^(a)		300		80,326
Nintendo Co. Ltd.—ADR		11,880		391,803

				472,129

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%
FUJIFILM Holdings Corp.—ADR		11,626		429,581
Seiko Epson Corp. ^(a)		1,200		23,106
Seiko Epson Corp.—ADR		10,312		98,686

				551,373

TEXTILES, APPAREL & LUXURY GOODS—0.1%
Wacoal Holdings Corp.—ADR		5,242		293,604

TRADING COMPANIES & DISTRIBUTORS—0.2%
Mitsui & Co. Ltd.—ADR		1,637		452,704

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
JAPAN – 16.0% (Continued)
WIRELESS TELECOMMUNICATION SERVICES—1.0%
KDDI Corp.—ADR		43,480	$	671,766
NTT DoCoMo, Inc.—ADR		22,672		576,095
Softbank Group Corp. ^(a)		6,500		421,256
Softbank Group Corp.—ADR		9,864		318,755

				1,987,872

TOTAL JAPAN				30,425,159

JERSEY—0.3%
METALS & MINING—0.3%
Randgold Resources Ltd.—ADR		6,079		608,326

LUXEMBOURG—0.2%
ENERGY EQUIPMENT & SERVICES—0.2%
Tenaris SA—ADR		16,654		472,974

MEXICO—1.5%
BEVERAGES—0.3%
Coca-Cola Femsa SAB de CV—ADR		7,597		569,775

CONSTRUCTION MATERIALS—0.3%
Cemex SAB de CV—ADR ^(b)		80,149		636,383

FOOD & STAPLES RETAILING—0.2%
Wal-Mart de Mexico SAB de CV—ADR		14,734		322,085

MEDIA—0.2%
Grupo Televisa SAB—ADR		11,081		284,671

METALS & MINING—0.2%
Fresnillo plc ^(a)		14,613		342,935

TRANSPORTATION INFRASTRUCTURE—0.2%
Grupo Aeroportuario del Pacifico SAB de CV—ADR		4,513		428,599

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
MEXICO—1.5% (Continued)
WIRELESS TELECOMMUNICATION SERVICES—0.1%
America Movil SAB de CV—Series L—ADR		17,340	$	198,370

TOTAL MEXICO				2,782,818

NETHERLANDS—2.4%
BANKS—0.2%
ING Groep NV—ADR		33,964		419,116

CHEMICALS—0.2%
Akzo Nobel NV—ADR		14,850		335,462

FOOD & STAPLES RETAILING—0.6%
Koninklijke Ahold Delhaize NV—ADR		49,012		1,110,122

INDUSTRIAL CONGLOMERATES—0.5%
Koninklijke Philips NV		30,708		908,650

LIFE SCIENCES TOOLS & SERVICES—0.2%
QIAGEN NV (b)		16,784		460,553

MEDIA—0.2%
Wolters Kluwer NV ^(a)		954		40,782
Wolters Kluwer NV—ADR		7,337		314,427

				355,209

OIL, GAS & CONSUMABLE FUELS—0.2%
Koninklijke Ahold Delhaize NV ^(a)		5,491		125,055
Koninklijke Vopak NV ^(a)		3,557		186,542

				311,597

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.2%
ASML Holding NV		4,549		498,480

SOFTWARE—0.1%
Gemalto NV ^(a)		2,161		138,445

TOTAL NETHERLANDS				4,537,634

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
NORWAY—0.7%
CHEMICALS—0.1%
Yara International ASA—ADR		7,283	$	243,762

METALS & MINING—0.2%
Norsk Hydro ASA ^(a)		61,990		267,994
Norsk Hydro ASA—ADR		13,201		57,292

				325,286

OIL, GAS & CONSUMABLE FUELS—0.4%
Statoil ASA—ADR		41,206		692,261

TOTAL NORWAY				1,261,309

PERU—0.4%
METALS & MINING—0.3%
Compania de Minas Buenaventura SA—ADR ^(b)		7,619		105,447
Southern Copper Corp.		24,026		631,884

TOTAL PERU				737,331

PORTUGAL—0.2%
ELECTRIC UTILITIES—0.2%
EDP—Energias de Portugal SA ^(a)		82,980		278,464
EDP—Energias de Portugal SA—ADR		1,231		41,380

TOTAL PORTUGAL				319,844

RUSSIA—0.2%
WIRELESS TELECOMMUNICATION SERVICES—0.2%
Mobile TeleSystems PJSC—ADR		37,298		284,584

SINGAPORE—1.5%
BANKS—1.0%
DBS Group Holdings Ltd. ^(a)		10,656		120,909
DBS Group Holdings Ltd.—ADR		18,371		837,350
United Overseas Bank Ltd. ^(a)		24,187		335,556
United Overseas Bank Ltd.—ADR		22,014		608,027

				1,901,842

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Singapore Telecommunications Ltd. ^(a)		86,000		251,533
Singapore Telecommunications Ltd.—ADR		6,886		202,655

				454,188

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
SINGAPORE—1.5% (Continued)
INDUSTRIAL CONGLOMERATES—0.2%
Keppel Corporation Ltd. ^(a)		11,721	$	46,648
Keppel Corporation Ltd.—ADR		49,775		398,200

				444,848

MACHINERY—0.1%
Sembcorp Marine Ltd.		152,000		145,453

REAL ESTATE INVESTMENT TRUSTS (REITS)—0.0% ^(c)
Keppel REIT ^(a)		737		603

TOTAL SINGAPORE				2,946,934

SOUTH AFRICA—0.6%
BANKS—0.1%
Standard Bank Group Ltd.—ADR		19,275		197,954

METALS & MINING—0.1%
Gold Fields Ltd.—ADR		45,416		220,268

TRADING COMPANIES & DISTRIBUTORS—0.2%
Barloworld Ltd. ^(a)		45,286		274,250

WIRELESS TELECOMMUNICATION SERVICES—0.2%
MTN Group Ltd.—ADR		50,154		429,820

TOTAL SOUTH AFRICA				1,122,292

SOUTH KOREA—2.8%
BANKS—1.4%
KB Financial Group, Inc.—ADR		35,152		1,202,550
Shinhan Financial Group Co. Ltd.—ADR		30,017		1,093,820
Woori Bank—ADR		9,632		302,926

				2,599,296

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
SOUTH KOREA—2.8% (Continued)
DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%
KT Corp.—ADR		71,631	$	1,149,677

ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS—0.4%
LG Display Co. Ltd.—ADR		61,056		776,632

WIRELESS TELECOMMUNICATION SERVICES—0.4%
SK Telecom Co. Ltd.—ADR		32,754		740,240

TOTAL SOUTH KOREA				5,265,845

SPAIN—1.9%
BANKS—0.6%
Banco Bilbao Vizcaya Argentaria SA—ADR		68,498		408,248
Banco Santander SA—ADR		182,745		805,905

				1,214,153

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Telefonica SA—ADR		41,773		421,072

ELECTRIC UTILITIES—0.2%
Iberdrola SA—ADR		16,749		454,735

METALS & MINING—0.1%
Acerinox SA ^(a)		16,589		219,422

OIL, GAS & CONSUMABLE FUELS—0.4%
Repsol SA ^(a)		24,639		334,681
Repsol SA—ADR		27,585		376,535

				711,216

SPECIALTY RETAIL—0.4%
Industria de Diseno Textil SA ^(a)		17,640		654,013

TOTAL SPAIN				3,674,611

SWEDEN—2.4%
COMMUNICATIONS EQUIPMENT—0.2%
Telefonaktiebolaget LM Ericsson—ADR		48,767		351,610

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
SWEDEN—2.4% (Continued)
CONSTRUCTION & ENGINEERING—0.5%
Skanska AB—Class B ^(a)		37,142	$	867,693

HOUSEHOLD PRODUCTS—0.2%
Svenska Cellulosa AB SCA—Class B ^(a)		12,219		362,651

MACHINERY—0.8%
Alfa Laval AB ^(a)		23,419		367,141
Atlas Copco AB—Class A ^(a)		8,922		268,579
Atlas Copco AB—Class A—ADR		18,292		551,138
Sandvik AB ^(a)		19,176		210,996
Sandvik AB—ADR		20,116		220,874

				1,618,728

METALS & MINING—0.3%
Boliden AB ^(a)		22,985		540,226

OIL, GAS & CONSUMABLE FUELS—0.2%
Lundin Petroleum AB ^(a) (b)		24,270		444,214

SPECIALTY RETAIL—0.2%
Hennes & Mauritz AB—ADR		65,360		365,689
Hennes & Mauritz AB (H&M)—Class B ^(a)		3,195		90,176

				455,865

TOTAL SWEDEN				4,640,987

SWITZERLAND—7.5%
CAPITAL MARKETS—0.8%
Credit Suisse Group AG—ADR		33,584		441,294
Julius Baer Group Ltd. ^(a)		9,537		388,779
UBS Group AG		46,462		632,812

				1,462,885

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Swisscom AG—ADR		7,140		340,864

ELECTRICAL EQUIPMENT—0.7%
ABB Ltd.—ADR		61,282		1,379,458

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
SWITZERLAND—7.5% (Continued)
FOOD PRODUCTS—1.9%
Barry Callebaut AG ^(a)		397	$	528,396
Nestle SA—ADR		39,102		3,089,840

				3,618,236

INSURANCE—0.7%
Swiss Re AG ^(a)		3,563		321,831
Zurich Insurance Group AG—ADR		39,970		1,026,829

				1,348,660

MACHINERY—0.1%
Schindler Holding AG ^(a)		1,587		300,615

METALS & MINING—0.3%
Glencore plc ^(a)		220,536		603,961

PHARMACEUTICALS—2.3%
Novartis AG—ADR		28,388		2,241,517
Roche Holding AG—ADR		67,656		2,095,306

				4,336,823

PROFESSIONAL SERVICES—0.2%
Adecco SA ^(a)		4,136		233,148
Adecco SA—ADR		4,982		140,393

				373,541

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%
Logitech International SA		10,434		234,348

TRADING COMPANIES & DISTRIBUTORS—0.2%
Wolseley plc ^(a)		537		30,207
Wolseley plc—ADR		63,056		351,222

				381,429

TOTAL SWITZERLAND				14,380,820

TAIWAN—2.9%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%
Chunghwa Telecom Co. Ltd.—ADR		42,055		1,473,187

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%
AU Optronics Corp.—ADR		56,975		207,959

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
TAIWAN—2.9% (Continued)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.0%
Advanced Semiconductor Engineering, Inc.—ADR		101,549	$	600,155
Siliconware Precision Industries Co. Ltd.—ADR		70,913		524,756
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR		77,900		2,382,961
United Microelectronics Corp.—ADR		191,039		353,422

				3,861,294

TOTAL TAIWAN				5,542,440

TURKEY—0.2%
BANKS—0.1%
Turkiye Garanti Bankasi AS—ADR		59,610		162,139

WIRELESS TELECOMMUNICATIONS SERVICES—0.1%
Turkcell Iletisim Hizmetleri AS—ADR ^(b)		24,908		200,758

TOTAL TURKEY				362,897

UNITED KINGDOM—11.3%
BANKS—1.5%
Barclays plc—ADR		50,461		438,506
HSBC Holdings plc—ADR		46,539		1,750,332
Lloyds Banking Group plc—ADR		102,926		295,398
Standard Chartered plc ^(a) (b)		45,039		366,574

				2,850,810

CAPITAL MARKETS—0.0% ^(c)
Man Group plc ^(a)		3,940		5,735
Man Group plc—ADR		7,608		11,488

				17,223

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
BT Group plc—ADR		18,204		462,928

ELECTRIC UTILITIES—0.4%
SSE plc ^(a)		2,983		60,581
SSE plc—ADR		31,357		639,056

				699,637

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
UNITED KINGDOM—11.3% (Continued)
ENERGY EQUIPMENT & SERVICES—0.4%
AMEC Foster Wheeler plc ^(a)		32,410	$	240,454
Subsea 7 SA ^(a)		43,347		467,689
Subsea 7 SA—ADR ^(b)		3,305		35,694

				743,837

FOOD & STAPLES RETAILING—0.4%
J Sainsbury plc ^(a)		4,806		15,310
J Sainsbury plc—ADR		18,741		241,572
Tesco plc ^(a) (b)		46,000		108,966
Tesco plc—ADR ^(b)		29,931		211,912
WM Morrison Supermarkets plc ^(a)		29,374		82,955
WM Morrison Supermarkets plc—ADR		8,054		113,642

				774,357

FOOD PRODUCTS—0.2%
Associated British Foods plc ^(a)		9,712		327,169

HEALTH CARE EQUIPMENT & SUPPLIES—0.3%
Smith & Nephew plc ^(a)		4,232		68,266
Smith & Nephew plc—ADR		17,185		563,324

				631,590

HOTELS, RESTAURANTS & LEISURE—0.7%
Compass Group plc ^(a)		2,247		43,524
Compass Group plc—ADR		47,072		913,667
Intercontinental Hotels Group plc—ADR		9,520		396,317

				1,353,508

HOUSEHOLD PRODUCTS—0.7%
Reckitt Benckiser Group plc ^(a)		3,212		302,441
Reckitt Benckiser Group plc—ADR		58,040		1,112,627

				1,415,068

INSURANCE—0.8%
Aviva plc ^(a)		41,971		239,527
Aviva plc—ADR		22,486		258,814
Prudential plc—ADR		26,183		934,995

				1,433,336

MEDIA—1.1%
Pearson plc—ADR		23,760		232,611
RELX plc—ADR		36,928		707,541
Sky plc ^(a)		3,176		36,816

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
UNITED KINGDOM—11.3% (Continued)
MEDIA—1.1% (Continued)
Sky plc—ADR		6,005	$	278,902
WPP plc—ADR		6,767		796,611

				2,052,481

MULTILINE RETAIL—0.2%
Marks & Spencer Group plc ^(a)		10,719		45,993
Marks & Spencer Group plc—ADR		25,759		221,012
Next plc ^(a)		3,156		195,384

				462,389

MULTI-UTILITIES—0.7%
National Grid plc—ADR		18,688		1,328,904

OIL, GAS & CONSUMABLE FUELS—0.3%
Royal Dutch Shell plc—B Shares ^(a)		2,765		71,678
Tullow Oil plc ^(a) (b)		112,077		368,196
Tullow Oil plc—ADR ^(b)		15,976		25,721

				465,595

PERSONAL PRODUCTS—0.7%
Unilever NV—ADR		28,732		1,324,545

PHARMACEUTICALS—1.2%
AstraZeneca plc—ADR		31,680		1,041,005
GlaxoSmithKline plc—ADR		28,888		1,245,939
Indivior plc—ADR		1,963		38,651

				2,325,595

PROFESSIONAL SERVICES—0.1%
Capita plc ^(a)		21,533		186,563

REAL ESTATE INVESTMENT TRUSTS (REIT)—0.2%
Land Securities Group plc REIT ^(a)		30,627		419,374

SOFTWARE—0.2%
Sage Group plc ^(a)		33,781		322,816
Sage Group plc—ADR		2,320		88,276

				411,092

SPECIALTY RETAIL—0.2%
Kingfisher plc—ADR		29,151		286,263

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


COMMON STOCKS—98.4% (Continued)	Shares		Fair Value
UNITED KINGDOM—11.3% (Continued)
WATER UTILITIES—0.4%
Severn Trent plc ^(a)		10,914	$	354,192
United Utilities Group plc ^(a)		2,386		30,996
United Utilities Group plc—ADR		12,883		335,988

				721,176

WIRELESS TELECOMMUNICATION SERVICES—0.4%
Vodafone Group plc—ADR		26,458		771,251

TOTAL UNITED KINGDOM				21,464,691

UNITED STATES—0.8%
BANKS—0.1%
Canadian Imperial Bank of Commerce		3,074		238,327

HOTELS, RESTAURANTS & LEISURE—0.2%
Carnival plc—ADR		7,671		376,493

IT SERVICES—0.1%
CGI Group, Inc.—Class A ^(b)		2,630		125,267

MEDIA—0.2%
Thomson Reuters Corp.		7,011		290,115

METALS & MINING—0.1%
Goldcorp, Inc.		10,767		177,871
Sims Metal Management Ltd.—ADR		21,356		152,268

				330,139

MULTILINE RETAIL—0.1%
JD.com, Inc.—ADR ^(b)		10,637		277,520

TOTAL UNITED STATES				1,637,861

TOTAL COMMON STOCKS (COST $167,541,914)			$	187,573,155

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund


PREFERRED STOCKS—0.3%						Shares		Fair Value
BRAZIL—0.3%
BANKS—0.3%
Itau Unibanco Holding SA—ADR (COST $594,233)							55,974	$	612,356


CORPORATE NOTES—0.9%	Coupon			Maturity		Par Value		Value
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc. ^(d)		1.000	%		06/15/17	$	500,000	$	500,000
Calvert Social Investment Foundation, Inc. ^(d)		1.000	%		12/15/17		600,000		600,000
Calvert Social Investment Foundation, Inc. ^(d)		1.500	%		06/17/19		500,000		500,000

TOTAL CORPORATE NOTES (COST $1,600,000)								$	1,600,000

TOTAL INVESTMENTS—(COST ^(e) $169,736,147—Unrealized gain/loss $20,049,364)—99.6%								$	189,785,511
OTHER ASSETS IN EXCESS OF LIABILITIES—0.4%									844,748

NET ASSET—100.0%								$	190,630,259

^(a)	Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total value of such securities is $48,306,777 at September 30, 2016, representing 25.3% of net assets (Note 2).

^(b)	Non-income producing security.

^(c)	Amount rounds to less than 0.1%.

^(d)	Illiquid security.

^(e)	Represents cost for financial reporting purposes.

ADR—American Depositary Receipt

plc—Public Liability Company

REIT—Real Estate Investment Trust

See accompanying notes to Schedules of Investments.

Schedule of Portfolio Investments

Praxis Value Index Fund

September 30, 2016 (Unaudited)


COMMON STOCKS—99.1%	Shares		Value
AIR FREIGHT & LOGISTICS—1.1%
FedEx Corp.		5,156	$	900,650
United Parcel Service, Inc.—Class B		7,914		865,475

				1,766,125

AIRLINES—0.7%
American Airlines Group, Inc.		5,710		209,043
Delta Air Lines, Inc.		13,490		530,966
United Continental Holdings, Inc. ^(a)		7,080		371,488

				1,111,497

AUTO COMPONENTS—0.4%
BorgWarner, Inc.		8,850		311,343
Goodyear Tire & Rubber Co.		9,590		309,757

				621,100

AUTOMOBILES—0.6%
Ford Motor Co.		70,233		847,712

BANKS—10.8%
Bank of America Corp.		163,390		2,557,053
BB&T Corp.		20,994		791,894
Citigroup, Inc.		46,306		2,187,032
Comerica, Inc.		4,021		190,274
Huntington Bancshares, Inc.		18,154		178,998
JPMorgan Chase & Co.		57,942		3,858,358
KeyCorp		19,528		237,656
M&T Bank Corp.		4,486		520,825
PNC Financial Services Group, Inc. (The)		7,721		695,585
Regions Financial Corp.		24,860		245,368
SunTrust Banks, Inc.		6,766		296,351
U.S. Bancorp		26,907		1,154,041
Wells Fargo & Co.		79,859		3,536,157
Zions Bancorp		9,110		282,592

				16,732,184

BEVERAGES—1.8%
Coca-Cola Co. (The)		39,160		1,657,251
PepsiCo, Inc.		10,879		1,183,309

				2,840,560

BIOTECHNOLOGY—0.7%
Amgen, Inc.		4,664		778,002

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund


COMMON STOCKS—99.1% (Continued)	Shares		Value
BIOTECHNOLOGY—0.7% (Continued)
Vertex Pharmaceuticals, Inc. ^(a)		2,930	$	255,525

				1,033,527

CAPITAL MARKETS—2.7%
Ameriprise Financial, Inc.		1,806		180,185
Bank of New York Mellon Corp. (The)		14,064		560,872
BlackRock, Inc.		932		337,813
Charles Schwab Corp.		9,030		285,077
Franklin Resources, Inc.		7,540		268,198
Goldman Sachs Group, Inc.		6,557		1,057,447
Invesco Ltd.		9,712		303,694
Morgan Stanley		15,791		506,260
Northern Trust Corp.		3,977		270,396
State Street Corp.		6,240		434,491

				4,204,433

CHEMICALS—2.6%
Air Products & Chemicals, Inc.		3,687		554,304
Dow Chemical Co.		19,170		993,581
E.I. du Pont de Nemours & Co.		11,159		747,318
Eastman Chemical Co.		5,570		376,978
Ecolab, Inc.		1,616		196,700
Mosaic Co.		10,240		250,470
Praxair, Inc.		7,486		904,533

				4,023,884

COMMERCIAL SERVICES & SUPPLIES—2.1%
Johnson Controls International plc		27,097		1,260,824
Republic Services, Inc.		18,460		931,307
Waste Management, Inc.		15,390		981,266

				3,173,397

COMMUNICATIONS EQUIPMENT—1.0%
Cisco Systems, Inc.		46,885		1,487,192

CONSUMER FINANCE—1.2%
American Express Co.		12,254		784,746
Capital One Financial Corp.		10,900		782,947
Discover Financial Services		4,480		253,344

				1,821,037

CONTAINERS & PACKAGING—0.6%
Avery Dennison Corp.		3,086		240,060

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund


COMMON STOCKS—99.1% (Continued)	Shares		Value
CONTAINERS & PACKAGING—0.6% (Continued)
Ball Corp.		4,084	$	334,684
Owens-Illinois, Inc. ^(a)		15,775		290,102

				864,846

DISTRIBUTORS—0.4%
Genuine Parts Co.		6,180		620,781

DIVERSIFIED CONSUMER SERVICES—0.2%
H&R Block, Inc.		12,554		290,625

DIVERSIFIED FINANCIAL SERVICES—0.4%
CME Group, Inc.		5,240		547,685

DIVERSIFIED TELECOMMUNICATION SERVICES—4.8%
AT&T, Inc.		103,598		4,207,115
CenturyLink, Inc.		7,688		210,882
Frontier Communications Corp.		56,308		234,241
Level 3 Communications, Inc. ^(a)		5,190		240,712
Verizon Communications, Inc.		48,530		2,522,590

				7,415,540

ELECTRIC UTILITIES—3.7%
American Electric Power Co., Inc.		8,370		537,438
Duke Energy Corp.		15,864		1,269,754
Edison International		5,717		413,053
Eversource Energy		6,410		347,294
NextEra Energy, Inc.		8,265		1,010,975
PPL Corp.		14,801		511,671
Southern Co. (The)		24,911		1,277,934
Xcel Energy, Inc.		8,784		361,374

				5,729,493

ELECTRICAL EQUIPMENT—1.1%
Eaton Corp. plc		9,050		594,676
Emerson Electric Co.		13,334		726,836
Rockwell Automation, Inc.		3,580		437,977

				1,759,489

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%
Corning, Inc.		16,306		385,637

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund


COMMON STOCKS—99.1% (Continued)	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4% (Continued)
TE Connectivity Ltd.		3,956	$	254,687

				640,324

ENERGY EQUIPMENT & SERVICES—3.0%
Baker Hughes, Inc.		16,290		822,156
Diamond Offshore Drilling, Inc.		12,183		214,543
FMC Technologies, Inc. ^(a)		6,180		183,361
National Oilwell Varco, Inc.		9,526		349,985
Schlumberger Ltd.		38,242		3,007,351

				4,577,396

FOOD & STAPLES RETAILING—3.1%
CVS Health Corp.		11,063		984,496
Kroger Co.		15,274		453,332
Sysco Corp.		13,173		645,609
Walgreen Boots Alliance, Inc.		6,830		550,635
Wal-Mart Stores, Inc.		28,280		2,039,554
Whole Foods Market, Inc.		6,300		178,605

				4,852,231

FOOD PRODUCTS—1.9%
General Mills, Inc.		8,384		535,570
Kellogg Co. (The)		5,889		456,221
Kraft Heinz Co.		10,580		947,015
Mondelēz International, Inc.—Class A		17,582		771,850
Tyson Foods, Inc.—Class A		3,530		263,585

				2,974,241

HEALTH CARE EQUIPMENT & SUPPLIES—1.6%
Abbott Laboratories		18,830		796,321
Baxter International, Inc.		5,272		250,947
Medtronic plc		16,720		1,444,608

				2,491,876

HEALTH CARE PROVIDERS & SERVICES—2.5%
Anthem, Inc.		4,300		538,833
Cardinal Health, Inc.		8,170		634,809
Cigna Corp.		1,255		163,551
Express Scripts Holding Co. ^(a)		12,457		878,592
HCA Holdings, Inc. ^(a)		2,390		180,756
Humana, Inc.		2,730		482,910
McKesson Corp.		3,974		662,664

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund


COMMON STOCKS—99.1% (Continued)	Shares		Value
HEALTH CARE PROVIDERS & SERVICES—2.5% (Continued)
Quest Diagnostics, Inc.		3,790	$	320,748

				3,862,863

HOTELS, RESTAURANTS & LEISURE—1.1%
Carnival Corp.		8,393		409,746
McDonald’s Corp.		8,870		1,023,243
Starbucks Corp.		4,360		236,051

				1,669,040

HOUSEHOLD DURABLES—0.2%
Whirlpool Corp.		1,752		284,104

HOUSEHOLD PRODUCTS—3.3%
Colgate-Palmolive Co.		6,578		487,693
Kimberly-Clark Corp.		2,070		261,110
Procter & Gamble Co. (The)		48,518		4,354,490

				5,103,293

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.1%
AES Corp.		14,014		180,080

INDUSTRIAL CONGLOMERATES—1.8%
3M Co.		15,075		2,656,667
Roper Technologies, Inc.		1,010		184,295

				2,840,962

INSURANCE—6.8%
Aflac, Inc.		10,310		740,980
Allstate Corp.		10,959		758,144
American International Group, Inc.		21,857		1,296,994
Aon plc		2,267		255,015
Assurant, Inc.		2,924		269,739
Chubb Corp.		13,137		1,650,664
Cincinnati Financial Corp.		3,262		246,020
Hartford Financial Services Group, Inc.		4,990		213,672
Lincoln National Corp.		6,560		308,189
Loews Corp.		7,580		311,917
Marsh & McLennan Cos., Inc.		8,530		573,642
MetLife, Inc.		20,563		913,614
Principal Financial Group, Inc.		6,500		334,815
Progressive Corp.		14,513		457,159

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund


COMMON STOCKS—99.1% (Continued)	Shares		Value
INSURANCE—6.8% (Continued)
Prudential Financial, Inc.		8,520	$	695,658
Travelers Cos., Inc.		9,403		1,077,114
Unum Group		8,740		308,609

				10,411,945

INTERNET SOFTWARE & SERVICES—0.5%
eBay, Inc. ^(a)		7,498		246,684
Yahoo!, Inc. ^(a)		11,510		496,081

				742,765

IT SERVICES—2.3%
Accenture plc—Class A		2,300		280,991
Dell Technologies, Inc. ^(a)		3,292		157,358
Fidelity National Information Services, Inc.		3,862		297,490
International Business Machines Corp.		9,682		1,537,986
MasterCard, Inc.—Class A		2,880		293,097
Paychex, Inc.		3,684		213,193
PayPal Holdings, Inc. ^(a)		6,598		270,320
Western Union Co. (The)		10,989		228,791
Xerox Corp.		31,211		316,167

				3,595,393

LIFE SCIENCES TOOLS & SERVICES—0.3%
Thermo Fisher Scientific, Inc.		3,244		515,991

MACHINERY—2.8%
Deere & Co.		8,957		764,480
Dover Corp.		7,213		531,165
Flowserve Corp.		3,900		188,136
Illinois Tool Works, Inc.		7,035		843,075
Ingersoll-Rand plc		5,365		364,498
PACCAR, Inc.		6,216		365,377
Parker-Hannifin Corp.		3,757		471,616
Stanley Black & Decker, Inc.		2,630		323,437
Xylem, Inc.		7,558		396,417

				4,248,201

MEDIA—2.1%
CBS Corp.—Class B		5,940		325,156
Comcast Corp.—Class A		19,175		1,272,070
Omnicom Group, Inc.		2,019		171,615
Time Warner, Inc.		12,412		988,119

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund


COMMON STOCKS—99.1% (Continued)	Shares		Value
MEDIA—2.1% (Continued)
Walt Disney Co. (The)		4,797	$	445,449

				3,202,409

METALS & MINING—0.6%
Newmont Mining Corp.		14,490		569,312
Nucor Corp.		6,560		324,392

				893,704

MULTILINE RETAIL—0.9%
Kohl’s Corp.		6,730		294,437
Macy’s, Inc.		8,193		303,551
Target Corp.		11,166		766,881

				1,364,869

MULTI-UTILITIES—1.7%
CenterPoint Energy, Inc.		9,131		212,113
Consolidated Edison, Inc.		9,561		719,943
DTE Energy Co.		3,270		306,301
NiSource, Inc.		11,844		285,559
SCANA Corp.		4,988		360,982
Sempra Energy		4,883		523,409
WEC Energy Group, Inc.		2,940		176,047

				2,584,354

OIL, GAS & CONSUMABLE FUELS—9.9%
Apache Corp.		9,908		632,824
ConocoPhillips		54,937		2,388,111
EOG Resources, Inc.		12,570		1,215,645
EQT Corp.		2,798		203,191
Hess Corp.		18,240		978,029
Kinder Morgan, Inc.		36,451		843,112
Marathon Oil Corp.		47,566		752,018
Marathon Petroleum Corp.		14,156		574,592
Murphy Oil Corp.		14,906		453,142
Noble Energy, Inc.		14,958		534,599
Occidental Petroleum Corp.		40,330		2,940,863
ONEOK, Inc.		6,325		325,042
Phillips 66		13,564		1,092,580
Spectra Energy Corp.		27,629		1,181,140
Valero Energy Corp.		15,000		795,000
Williams Cos., Inc.		9,371		287,971

				15,197,859

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund


COMMON STOCKS—99.1% (Continued)	Shares		Value
PAPER & FOREST PRODUCTS—0.2%
International Paper Co.		5,781	$	277,372

PERSONAL PRODUCTS—0.1%
Estée Lauder Cos., Inc.—Class A		2,200		194,832

PHARMACEUTICALS—6.1%
AbbVie, Inc.		12,228		771,220
Bristol-Myers Squibb Co.		15,019		809,824
Eli Lilly & Co.		14,157		1,136,241
Johnson & Johnson		27,591		3,259,325
Mallinckrodt plc ^(a)		2,980		207,944
Merck & Co., Inc.		52,021		3,246,631

				9,431,185

REAL ESTATE INVESTMENT TRUSTS (REITS)—1.4%
HCP, Inc.		8,647		328,154
Prologis, Inc.		4,597		246,123
Simon Property Group, Inc.		5,329		1,103,156
Vornado Realty Trust		2,993		302,922
Weyerhaeuser Co.		6,909		220,673

				2,201,028

ROAD & RAIL—1.0%
CSX Corp.		10,090		307,745
Norfolk Southern Corp.		4,645		450,844
Union Pacific Corp.		8,810		859,239

				1,617,828

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.0%
Analog Devices, Inc.		4,963		319,865
Applied Materials, Inc.		11,837		356,885
Intel Corp.		45,608		1,721,702
Micron Technology, Inc. ^(a)		21,870		388,849
QUALCOMM, Inc.		23,380		1,601,530
Texas Instruments, Inc.		4,120		289,142

				4,677,973

SOFTWARE—1.5%
Adobe Systems, Inc. ^(a)		1,819		197,434
CA, Inc.		7,512		248,497
Microsoft Corp.		8,480		488,448

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund


COMMON STOCKS—99.1% (Continued)						Shares		Value
SOFTWARE—1.5% (Continued)
Oracle Corp.							30,672	$	1,204,796
salesforce.com, Inc. ^(a)							2,090		149,080

									2,288,255

SOFTWARE & SERVICES—0.2%
S&P Global, Inc.							2,198		278,179

SPECIALTY RETAIL—0.8%
Best Buy Co., Inc.							7,220		275,659
Gap, Inc.							10,170		226,181
Home Depot, Inc.							1,182		152,100
Staples, Inc.							25,360		216,828
Tiffany & Co.							3,990		289,794

									1,160,562

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.7%
Apple, Inc.							1,610		182,010
Seagate Technology plc							11,550		445,253
Western Digital Corp.							6,815		398,473

									1,025,736

TRADING COMPANIES & DISTRIBUTORS—0.1%
W.W. Grainger, Inc.							1,020		229,337

WATER UTILITIES—0.2%
American Water Works Co., Inc.							3,640		272,418

TOTAL COMMON STOCKS (COST $123,835,422)								$	152,779,712


RIGHTS—0.0% ^(b)						Shares		Value
Safeway, Inc. (Casa Ley subsidiary), expiring 1/30/18							6,607	$	322
Safeway, Inc. (PDC subsidiary), expiring 1/30/17							6,607		6,706

TOTAL RIGHTS (COST $0)								$	7,028


CORPORATE NOTES—0.8%	Coupon			Maturity		Principal Amount		Fair Value
COMMUNITY DEVELOPMENT—0.8%
Calvert Social Investment Foundation, Inc. ^(c)		1.000	%		06/15/17	$	260,000	$	260,000

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund


CORPORATE NOTES—0.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
COMMUNITY DEVELOPMENT—0.8% (Continued)
Calvert Social Investment Foundation, Inc. ^(c)		1.000	%		12/15/17	$	750,000	$	750,000
Calvert Social Investment Foundation, Inc. ^(c)		1.500	%		06/17/19		260,000		260,000

TOTAL CORPORATE NOTES (COST $1,270,000)								$	1,270,000

TOTAL INVESTMENTS—(COST ^(d)$125,105,422 – Unrealized gain/loss $28,951,318) - 99.9%								$	154,056,740
OTHER ASSETS IN EXCESS OF LIABILITIES—0.1%									206,168

NET ASSETS—100.0%								$	154,262,908

^(a)	Non-income producing security.

^(b)	Percentage rounds to less than 0.1%.

^(c)	Illiquid security.

^(d)	Represents cost for financial reporting purposes.

plc—Public Liability Company

See accompanying notes to Schedules of Investments.

Schedule of Portfolio Investments

Praxis Growth Index Fund

September 30, 2016 (Unaudited)


COMMON STOCKS—99.0%	Shares		Value
AIR FREIGHT & LOGISTICS—0.7%
C.H. Robinson Worldwide, Inc.		3,010	$	212,085
Expeditors International of Washington, Inc.		2,841		146,368
United Parcel Service, Inc.—Class B		9,843		1,076,430

				1,434,883

AIRLINES—0.3%
Southwest Airlines Co.		15,448		600,773

AUTO COMPONENTS—0.2%
Delphi Automotive plc		4,705		335,561

AUTOMOBILES—0.1%
Harley-Davidson, Inc.		4,305		226,400

BANKS—0.6%
Fifth Third Bancorp		17,834		364,884
U.S. Bancorp		5,626		241,299
Wells Fargo & Co.		14,058		622,488

				1,228,671

BEVERAGES—3.3%
Coca-Cola Co. (The)		62,669		2,652,152
Dr Pepper Snapple Group, Inc.		8,419		768,739
Monster Beverage Corp. ^(a)		2,850		418,408
PepsiCo, Inc.		24,432		2,657,469

				6,496,768

BIOTECHNOLOGY—4.9%
Alexion Pharmaceuticals, Inc. ^(a)		4,425		542,240
Amgen, Inc.		13,483		2,249,099
Biogen, Inc. ^(a)		4,807		1,504,735
Celgene Corp. ^(a)		16,758		1,751,714
Gilead Sciences, Inc.		29,832		2,360,308
Regeneron Pharmaceuticals, Inc. ^(a)		1,762		708,359
Vertex Pharmaceuticals, Inc. ^(a)		4,082		355,991

				9,472,446

BUILDING PRODUCTS—0.3%
Allegion plc		3,964		273,159
Masco Corp.		8,800		301,928

				575,087

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund


COMMON STOCKS—99.0% (Continued)	Shares		Value
CAPITAL MARKETS—1.7%
Ameriprise Financial, Inc.		4,361	$	435,097
BlackRock, Inc.		2,088		756,816
Charles Schwab Corp.		18,879		596,010
Morgan Stanley		11,030		353,622
Northern Trust Corp.		4,438		301,740
State Street Corp.		4,974		346,340
T. Rowe Price Group, Inc.		8,045		534,992

				3,324,617

CHEMICALS—2.6%
Air Products & Chemicals, Inc.		5,469		822,209
E.I. du Pont de Nemours & Co.		10,538		705,730
Ecolab, Inc.		7,662		932,619
International Flavors and Fragrances, Inc.		3,158		451,499
LyondellBasell Industries NV—Class A		2,820		227,461
Praxair, Inc.		8,079		976,186
Sherwin-Williams Co. (The)		3,612		999,296

				5,115,000

COMMERCIAL SERVICES & SUPPLIES—0.5%
Republic Services, Inc.		19,944		1,006,175

COMMUNICATIONS EQUIPMENT—1.1%
Cisco Systems, Inc.		51,964		1,648,298
F5 Networks, Inc. ^(a)		2,555		318,455
Juniper Networks, Inc.		8,505		204,631

				2,171,384

COMPUTERS & PERIPHERALS—0.2%
Hewlett Packard Enterprise Co.		12,680		288,470

CONSTRUCTION MATERIALS—0.3%
Vulcan Materials Co.		5,347		608,114

CONSUMER FINANCE—0.5%
American Express Co.		6,566		420,487
Discover Financial Services		5,922		334,889
Synchrony Financial		6,700		187,600

				942,976

CONTAINERS & PACKAGING—0.3%
Avery Dennison Corp.		5,212		405,442

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund


COMMON STOCKS—99.0% (Continued)	Shares		Value
CONTAINERS & PACKAGING—0.3% (Continued)
Sealed Air Corp.		5,793	$	265,435

				670,877

DIVERSIFIED FINANCIAL SERVICES—0.8%
CME Group, Inc.		3,995		417,557
Intercontinental Exchange, Inc.		2,047		551,380
S&P Global, Inc.		5,128		649,000

				1,617,937

DIVERSIFIED TELECOMMUNICATION SERVICES—1.0%
AT&T, Inc.		7,872		319,682
Level 3 Communications, Inc. ^(a)		2,674		124,020
Verizon Communications, Inc.		30,290		1,574,474

				2,018,176

ELECTRIC UTILITIES—0.5%
NextEra Energy, Inc.		7,090		867,249

ELECTRICAL EQUIPMENT—0.7%
Acuity Brands, Inc.		1,210		320,166
Emerson Electric Co.		5,667		308,908
Rockwell Automation, Inc.		5,891		720,705

				1,349,779

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%
Amphenol Corp.—Class A		10,146		658,678

ENERGY EQUIPMENT & SERVICES—0.2%
Schlumberger Ltd.		5,908		464,605

FOOD & STAPLES RETAILING—1.4%
CVS Health Corp.		16,998		1,512,652
Kroger Co. (The)		8,867		263,173
Walgreen Boots Alliance, Inc.		6,182		498,393
Wal-Mart Stores, Inc.		2,692		194,147
Whole Foods Market, Inc.		8,683		246,163

				2,714,528

FOOD PRODUCTS—1.9%
Campbell Soup Co.		15,400		842,380
Hershey Co. (The)		5,314		508,018
Kellogg Co.		11,156		864,255

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund


COMMON STOCKS—99.0% (Continued)	Shares		Value
FOOD PRODUCTS—1.9% (Continued)
Mead Johnson Nutrition Co.		5,698	$	450,199
Mondelēz International, Inc.—Class A		21,133		927,739

				3,592,591

HEALTH CARE EQUIPMENT & SUPPLIES—3.5%
Abbott Laboratories		5,070		214,410
Baxter International, Inc.		2,939		139,896
Becton, Dickinson and Co.		8,515		1,530,401
Boston Scientific Corp. ^(a)		37,718		897,688
Edwards Lifesciences Corp. ^(a)		6,308		760,493
Intuitive Surgical, Inc. ^(a)		571		413,878
Medtronic plc		9,540		824,256
St. Jude Medical, Inc.		2,530		201,793
Stryker Corp.		8,347		971,674
Zimmer Biomet Holdings, Inc.		5,940		772,319

				6,726,808

HEALTH CARE PROVIDERS & SERVICES—1.3%
AmerisourceBergen Corp.		2,580		208,412
Centene Corp. ^(a)		3,400		227,664
Cigna Corp.		7,376		961,240
DaVita HealthCare Partners, Inc. ^(a)		6,464		427,077
Express Scripts Holding Co. ^(a)		5,211		367,532
HCA Holdings, Inc. ^(a)		2,500		189,075
Humana, Inc.		1,140		201,655

				2,582,655

HEALTH CARE TECHNOLOGY—0.3%
Cerner Corp. (a)		8,234		508,449

HOTELS, RESTAURANTS & LEISURE—2.8%
Chipotle Mexican Grill, Inc.—Class A ^(a)		790		334,565
Marriott International, Inc.—Class A		8,558		576,210
McDonald’s Corp.		12,500		1,442,000
Royal Caribbean Cruises Ltd.		6,358		476,532
Starbucks Corp.		35,185		1,904,916
Yum! Brands, Inc.		6,767		614,511

				5,348,734

HOUSEHOLD DURABLES—0.5%
Mohawk Industries, Inc. ^(a)		1,000		200,340
Newell Brands, Inc.		10,165		535,289

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund


COMMON STOCKS—99.0% (Continued)	Shares		Value
HOUSEHOLD DURABLES—0.5% (Continued)
Whirlpool Corp.		1,667	$	270,321

				1,005,950

HOUSEHOLD PRODUCTS—1.6%
Colgate-Palmolive Co.		16,612		1,231,614
Kimberly-Clark Corp.		8,109		1,022,869
Procter & Gamble Co.		9,675		868,331

				3,122,814

INDUSTRIAL CONGLOMERATES—1.8%
3M Co.		16,257		2,864,971
Roper Technologies, Inc.		3,835		699,773

				3,564,744

INSURANCE—1.1%
Aflac, Inc.		4,154		298,548
Aon plc		6,821		767,294
Chubb Corp.		2,780		349,307
Prudential Financial, Inc.		4,176		340,971
Travelers Cos., Inc.		2,642		302,641

				2,058,761

INTERNET & CATALOG RETAIL—4.8%
Amazon.com, Inc. ^(a)		8,113		6,793,096
Netflix, Inc. ^(a)		10,057		991,117
Priceline Group, Inc. (The) ^(a)		1,030		1,515,635

				9,299,848

INTERNET SOFTWARE & SERVICES—9.2%
Akamai Technologies, Inc. ^(a)		5,069		268,606
Alphabet, Inc.—Class A ^(a)		9,417		7,571,833
Alphabet, Inc.—Class C ^(a)		3,610		2,806,017
eBay, Inc. ^(a)		22,795		749,956
Equinix, Inc.		1,080		389,070
Facebook, Inc.—Class A ^(a)		48,005		6,157,601

				17,943,083

IT SERVICES—5.6%
Accenture plc—Class A		7,994		976,627
Automatic Data Processing, Inc.		11,012		971,258
Cognizant Technology Solutions Corp.—Class A ^(a)		11,980		571,566
Dell Technologies, Inc. ^(a)		725		34,655
Fiserv, Inc. ^(a)		9,826		977,392
International Business Machines Corp.		4,168		662,087

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund


COMMON STOCKS—99.0% (Continued)	Shares		Value
IT SERVICES—5.6% (Continued)
MasterCard, Inc.—Class A		20,125	$	2,048,121
Paychex, Inc.		5,970		345,484
PayPal Holdings, Inc. ^(a)		16,367		670,556
Total System Services, Inc.		11,178		527,043
Visa, Inc.—Class A		38,164		3,156,163

				10,940,952

LEISURE PRODUCTS—0.1%
Hasbro, Inc.		2,270		180,079

LIFE SCIENCES TOOLS & SERVICES—1.6%
Agilent Technologies, Inc.		5,785		272,416
Illumina, Inc. ^(a)		3,317		602,566
Thermo Fisher Scientific, Inc.		10,736		1,707,668
Waters Corp. (a)		2,874		455,500

				3,038,150

MACHINERY—0.4%
Illinois Tool Works, Inc.		7,043		844,033

MEDIA—3.7%
CBS Corp.—Class B		6,525		357,178
Comcast Corp.—Class A		31,097		2,062,975
Discovery Communications, Inc.—Series A ^(a)		13,662		367,781
Discovery Communications, Inc.—Series C ^(a)		6,448		169,647
Omnicom Group, Inc.		8,416		715,360
TEGNA, Inc.		13,339		291,591
Time Warner, Inc.		5,141		409,275
Walt Disney Co. (The)		29,379		2,728,134

				7,101,941

MULTILINE RETAIL—0.3%
Dollar Tree, Inc. ^(a)		6,249		493,233
Target Corp.		2,326		159,750

				652,983

OIL, GAS & CONSUMABLE FUELS—1.2%
EOG Resources, Inc.		11,562		1,118,161
Noble Energy, Inc.		9,075		324,341
Occidental Petroleum Corp.		2,758		201,113
Spectra Energy Corp.		8,413		359,656

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund


COMMON STOCKS—99.0% (Continued)	Shares		Value
OIL, GAS & CONSUMABLE FUELS—1.2% (Continued)
Williams Cos., Inc.		13,291	$	408,432

				2,411,703

PERSONAL PRODUCTS—0.1%
Estée Lauder Cos., Inc.—Class A		2,155		190,847

PHARMACEUTICALS—5.2%
AbbVie, Inc.		31,185		1,966,838
Bristol-Myers Squibb Co.		23,108		1,245,983
Eli Lilly & Co.		17,438		1,399,574
Johnson & Johnson		33,248		3,927,586
Merck & Co., Inc.		11,122		694,124
Mylan NV ^(a)		4,790		182,595
Perrigo Co. plc		3,786		349,562
Zoetis, Inc.		8,110		421,801

				10,188,063

PROFESSIONAL SERVICES—1.0%
Equifax, Inc.		5,634		758,224
Nielsen Holdings plc		16,371		876,994
Robert Half International, Inc.		6,317		239,162

				1,874,380

REAL ESTATE INVESTMENT TRUSTS (REITS)—3.8%
American Tower Corp.		10,594		1,200,618
AvalonBay Communities, Inc.		3,510		624,218
Crown Castle International Corp.		11,808		1,112,432
Equity Residential		9,459		608,498
General Growth Properties, Inc.		12,536		345,994
Host Hotels & Resorts, Inc.		16,449		256,111
Prologis, Inc.		6,480		346,939
Public Storage		3,142		701,106
Simon Property Group, Inc.		5,204		1,077,280
Ventas, Inc.		8,540		603,180
Weyerhaeuser Co.		13,259		423,492

				7,299,868

ROAD & RAIL—0.8%
CSX Corp.		9,455		288,377
Kansas City Southern		2,586		241,326

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund


COMMON STOCKS—99.0% (Continued)	Shares		Value
ROAD & RAIL—0.8% (Continued)
Norfolk Southern Corp.		1,614	$	156,655
Union Pacific Corp.		9,514		927,900

				1,614,258

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.3%
Analog Devices, Inc.		8,337		537,320
Applied Materials, Inc.		18,241		549,966
Broadcom Corp.—Class A		6,964		1,201,429
Intel Corp.		47,177		1,780,932
NVIDIA Corp.		12,980		889,390
Skyworks Solutions, Inc.		3,110		236,795
Texas Instruments, Inc.		18,499		1,298,260

				6,494,092

SOFTWARE—8.2%
Activision Blizzard, Inc.		19,487		863,274
Adobe Systems, Inc. ^(a)		7,977		865,823
Autodesk, Inc. ^(a)		4,626		334,599
Citrix Systems, Inc. ^(a)		3,452		294,179
Electronic Arts, Inc. ^(a)		7,846		670,048
Intuit, Inc.		6,883		757,199
Microsoft Corp.		160,097		9,221,587
Oracle Corp.		35,196		1,382,499
Red Hat, Inc. ^(a)		6,307		509,795
salesforce.com, Inc. ^(a)		13,105		934,780
Symantec Corp.		4,998		125,450

				15,959,233

SPECIALTY RETAIL—4.4%
Advance Auto Parts, Inc.		1,310		195,347
AutoZone, Inc. ^(a)		659		506,336
Bed Bath & Beyond, Inc.		6,116		263,661
Home Depot, Inc. (The)		26,011		3,347,095
L Brands, Inc.		2,519		178,270
Lowe’s Cos., Inc.		17,846		1,288,660
O’Reilly Automotive, Inc. ^(a)		3,018		845,372
Ross Stores, Inc.		9,142		587,830
TJX Cos., Inc.		12,650		945,967
Ulta Salon, Cosmetics & Fragrance, Inc. ^(a)		1,400		333,172

				8,491,710

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund


COMMON STOCKS—99.0% (Continued)						Shares		Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.5%
Apple, Inc.							111,415	$	12,595,466


TEXTILES, APPAREL & LUXURY GOODS—1.1%
NIKE, Inc.—Class B							25,060		1,319,409
Under Armour, Inc.—Class A ^(a)							5,220		201,910
VF Corp.							9,543		534,885

									2,056,204

TRADING COMPANIES & DISTRIBUTORS—0.4%
Fastenal Co.							8,253		344,810
W.W. Grainger, Inc.							2,257		507,464

									852,274

TOTAL COMMON STOCKS (COST $124,436,176)								$	192,729,827


CORPORATE NOTES—0.9%	Coupon			Maturity		Principal Amount		Fair Value
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc. ^(b)		1.000	%		06/15/17	$	800,000	$	800,000
Calvert Social Investment Foundation, Inc. ^(b)		1.000	%		12/15/17		175,000		175,000
Calvert Social Investment Foundation, Inc. ^(b)		1.500	%		06/17/19		800,000		800,000

TOTAL CORPORATE NOTES (COST $1,775,000)								$	1,775,000

TOTAL INVESTMENTS—(COST ^(c) $126,211,176—Unrealized gain/loss $68,293,651)—99.9%								$	194,504,827

OTHER ASSETS IN EXCESS OF LIABILITIES—0.1%									146,894


NET ASSETS—100.0%								$	194,651,721

^(a)	Non-income producing security.

^(b)	Illiquid security.

^(c)	Represents cost for financial reporting purposes.

plc—Public Liability Company

See accompanying notes to Schedules of Investments.

Schedule of Portfolio Investments

Praxis Small Cap Fund

September 30, 2016 (Unaudited)


COMMON STOCKS—92.2%	Shares		Value
AEROSPACE & DEFENSE—0.8%
Hexcel Corp.		8,830	$	391,169

BANKS—9.4%
BancorpSouth, Inc.		33,458		776,226
Bank of the Ozarks, Inc.		12,695		487,488
Capital Bank Financial Corp.—Class A		16,685		535,755
Hanmi Financial Corp.		24,300		640,062
Home Bancshares, Inc.		43,830		912,102
Pinnacle Financial Partners, Inc.		13,685		740,085
SVB Financial Group ^(a)		4,040		446,582

				4,538,300

BUILDING PRODUCTS—4.3%
American Woodmark Corp. ^(a)		8,725		702,973
Apogee Enterprises, Inc.		8,380		374,502
Builders FirstSource, Inc. ^(a)		38,400		441,984
PGT, Inc. ^(a)		51,100		545,237

				2,064,696

CAPITAL MARKETS—1.8%
BGC Partners, Inc.—Class A		61,175		535,281
NorthStar Asset Management Group, Inc.		27,905		360,812

				896,093

COMMERCIAL SERVICES & SUPPLIES—3.1%
Healthcare Services Group, Inc.		24,625		974,658
Team, Inc. ^(a)		15,940		521,397

				1,496,055

COMMUNICATIONS EQUIPMENT—0.7%
Infinera Corp. ^(a)		39,205		354,021

CONSTRUCTION & ENGINEERING—2.9%
EMCOR Group, Inc.		14,630		872,241
MasTec, Inc. ^(a)		17,265		513,461

				1,385,702

CONSTRUCTION MATERIALS—2.0%
Headwaters, Inc. ^(a)		20,084		339,821

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Fund


COMMON STOCKS—92.2% (Continued)	Shares		Value
CONSTRUCTION MATERIALS—2.0% (Continued)
Summit Materials, Inc.—Class A ^(a)		34,871	$	646,857

				986,678

DISTRIBUTORS—2.1%
Pool Corp.		10,615		1,003,330

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.4%
First Industrial Realty Trust, Inc.		28,670		809,067
Outfront Media, Inc.		36,035		852,228

				1,661,295

FOOD & STAPLES RETAILING—1.5%
Sprouts Farmers Market, Inc. ^(a)		36,160		746,704

FOOD PRODUCTS—2.6%
Post Holdings, Inc. ^(a)		8,625		665,591
Snyder’s-Lance, Inc.		11,360		381,469
TreeHouse Foods, Inc. ^(a)		2,435		212,308

				1,259,368

HEALTH CARE EQUIPMENT & SUPPLIES—4.1%
Cantel Medical Corp.		11,565		901,839
Cynosure, Inc.—Class A ^(a)		9,265		471,959
Neogen Corp. ^(a)		11,020		616,459

				1,990,257

HEALTH CARE PROVIDERS & SERVICES—5.0%
Acadia Healthcare Co., Inc. ^(a)		8,260		409,283
Aceto Corp.		27,040		513,490
Brookdale Senior Living, Inc. ^(a)		40,540		707,423
HealthEquity, Inc. ^(a)		21,010		795,228

				2,425,424

HEALTH CARE TECHNOLOGY—1.9%
Omnicell, Inc. ^(a)		24,160		925,328

HOTELS, RESTAURANTS & LEISURE—0.9%
Zoe’s Kitchen, Inc. ^(a)		18,695		414,842

INTERNET & CATALOG RETAIL—1.1%
Nutrisystem, Inc.		17,850		529,966

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Fund


COMMON STOCKS—92.2% (Continued)	Shares		Value
INTERNET SOFTWARE & SERVICES—3.7%
Criteo SA—ADR ^(a)		12,020	$	422,022
Envestnet, Inc. ^(a)		19,045		694,190
SPS Commerce, Inc. ^(a)		8,880		651,881

				1,768,093

IT SERVICES—3.5%
Acxiom Corp. ^(a)		27,010		719,816
Euronet Worldwide, Inc. ^(a)		11,690		956,593

				1,676,409

LIFE SCIENCES TOOLS & SERVICES—6.6%
Cambrex Corp. ^(a)		9,165		407,476
Charles River Laboratories International, Inc. ^(a)		11,590		965,911
PRA Health Sciences, Inc. ^(a)		16,325		922,526
VWR Corp. ^(a)		31,440		891,638

				3,187,551

MACHINERY—2.3%
John Bean Technologies Corp.		10,055		709,380
Toro Co.		8,940		418,750

				1,128,130

MARINE—1.0%
Kirby Corp. ^(a)		7,785		483,916

METALS & MINING—0.6%
Ferroglobe plc		32,600		294,378

MULTILINE RETAIL—1.1%
Ollie’s Bargain Outlet Holdings, Inc. ^(a)		20,220		529,966

PHARMACEUTICALS—1.6%
Akorn, Inc. ^(a)		28,287		771,104

PROFESSIONAL SERVICES—1.8%
FTI Consulting, Inc. ^(a)		19,705		878,055

REAL ESTATE INVESTMENT TRUSTS (REITS)—2.4%
CubeSmart		9,030		246,158
Life Storage, Inc. ^(a)		4,845		430,914
STAG Industrial, Inc.		20,460		501,475

				1,178,547

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Fund


COMMON STOCKS—92.2% (Continued)	Shares		Value
ROAD & RAIL—1.6%
Genesee & Wyoming, Inc.—Class A ^(a)		11,045	$	761,553

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.9%
Lattice Semiconductor Corp. ^(a)		64,800		420,552
Rambus, Inc. ^(a)		39,335		491,687

				912,239

SOFTWARE—11.3%
ACI Worldwide, Inc. ^(a)		27,795		538,667
Callidus Software, Inc. ^(a)		28,005		513,892
Fair Isaac Corp.		4,360		543,213
FireEye, Inc. ^(a)		43,295		637,735
Guidewire Software, Inc. ^(a)		13,030		781,539
Manhattan Associates, Inc. ^(a)		12,315		709,590
Proofpoint, Inc. ^(a)		8,225		615,641
Take-Two Interactive Software, Inc. ^(a)		24,650		1,111,222

				5,451,499

TEXTILES, APPAREL & LUXURY GOODS—2.6%
Columbia Sportswear Co.		13,450		763,153
Oxford Industries, Inc.		7,030		475,931

				1,239,084

TRADING COMPANIES & DISTRIBUTORS—2.6%
MSC Industrial Direct Co., Inc.—Class A		7,500		550,575
Triton International Ltd. of Bermuda		7,995		105,454
Watsco, Inc.		4,260		600,234

				1,256,263

TOTAL COMMON STOCKS (COST $37,052,356)			$	44,586,015

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Fund


CORPORATE NOTES—0.9%	Coupon			Maturity		Principal Amount		Fair Value
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc. ^(b)(COST $440,000)		1.000	%		06/15/17	$	440,000	$	440,000


TOTAL INVESTMENTS—(COST ^(c) $37,492,356— Unrealized gain/loss $7,533,659)—93.1%								$	45,026,015

OTHER ASSETS IN EXCESS OF LIABILITIES—6.9%									3,351,670

NET ASSETS—100.0%								$	48,377,685

^(a)	Non-income producing security.

^(b)	Illiquid security.

^(c)	Represents cost for financial reporting purposes.

ADR—American Depositary Receipt

plc—Public Liability Company

See accompanying notes to Schedules of Investments.

Schedule of Portfolio Investments

Praxis Genesis Conservative Portfolio

September 30, 2016 (Unaudited)


MUTUAL FUNDS—99.9%	Shares		Value
DEBT FUNDS—69.6%
Praxis Impact Bond Fund—Class I ^(a)		1,431,801	$	15,191,405

EQUITY FUNDS—30.3%
Praxis Growth Index Fund—Class I ^(a)		114,924		2,192,744
Praxis International Index Fund—Class I ^(a)		169,405		1,665,249
Praxis Small Cap Fund—Class I ^(a) (b)		52,638		547,957
Praxis Value Index Fund—Class I ^(a)		181,534		2,203,819

				6,609,769

TOTAL MUTUAL FUNDS—(COST ^(c) $19,723,520— Unrealized gain/loss $2,077,654)—99.9%			$	21,801,174

OTHER ASSETS IN EXCESS OF LIABILITIES—0.1%				17,473

NET ASSETS—100.0%			$	21,818,647

^(a)	Affiliated fund.

^(b)	Non-income producing security.

^(c)	Represents cost for financial reporting purposes.

See accompanying notes to Schedules of Investments.

Schedule of Portfolio Investments

Praxis Genesis Balanced Portfolio

September 30, 2016 (Unaudited)


MUTUAL FUNDS—100.0%	Shares		Value
DEBT FUNDS—39.7%
Praxis Impact Bond Fund—Class I ^(a)		2,397,140	$	25,433,660

EQUITY FUNDS—60.3%
Praxis Growth Index Fund—Class I ^(a)		589,153		11,241,034
Praxis International Index Fund—Class I ^(a)		992,026		9,751,611
Praxis Small Cap Fund—Class I ^(a) (b)		616,505		6,417,820
Praxis Value Index Fund—Class I ^(a)		930,314		11,294,017

				38,704,482

TOTAL MUTUAL FUNDS—(COST ^(c) $53,941,344— Unrealized gain/loss $10,196,798)—100.0%			$	64,138,142

OTHER ASSETS IN EXCESS OF LIABILITIES—0.0% ^(d)				14,625

NET ASSETS—100.0%			$	64,152,767

^(a)	Affiliated fund.

^(b)	Non-income producing security.

^(c)	Represents cost for financial reporting purposes.

^(d)	Amount rounds to less than 0.1%.

See accompanying notes to Schedules of Investments.

Schedule of Portfolio Investments

Praxis Genesis Growth Portfolio

September 30, 2016 (Unaudited)


MUTUAL FUNDS—100.0%	Shares		Value
DEBT FUNDS—19.8%
Praxis Impact Bond Fund—Class I ^(a)		999,984	$	10,609,835

EQUITY FUNDS—80.2%
Praxis Growth Index Fund—Class I ^(a)		632,001		12,058,583
Praxis International Index Fund—Class I ^(a)		1,103,448		10,846,896
Praxis Small Cap Fund—Class I ^(a) (b)		771,539		8,031,720
Praxis Value Index Fund—Class I ^(a)		997,967		12,115,313

				43,052,512

TOTAL MUTUAL FUNDS—(COST ^(c) $43,011,719— Unrealized gain/loss $10,650,628)—100.0%			$	53,662,347

LIABILITIES IN EXCESS OF OTHER ASSETS—0.0% ^(d)				(3,709	)


NET ASSETS—100.0%			$	53,658,638

^(a)	Affiliated fund.

^(b)	Non-income producing security.

^(c)	Represents cost for financial reporting purposes.

^(d)	Percentage rounds to less than 0.1%.

See accompanying notes to Schedules of Investments.

Praxis Mutual Funds

Notes to schedule of portfolio investments

September 30, 2016 (Unaudited)

1. Organization:

The Praxis Mutual Funds (the “Trust”) is an open-end management investment company established as a Delaware business trust under a Declaration of Trust dated September 27, 1993, as amended and restated December 1, 1993, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of September 30, 2016, 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 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, the International Index Fund, the Value Index Fund, the Growth Index Fund, the Small Cap Fund, the Conservative Portfolio, the Balanced Portfolio, and the Growth Portfolio in the financial statements. Each Fund and Portfolio is a diversified series of the Trust.

As of September 30, 2016, the Funds offer Class A and Class I Shares and the Portfolios offer Class A Shares. Each class of shares in a Fund or Portfolio has identical rights and privileges except with respect to fees paid under the distribution and shareholder servicing agreements, certain other class specific expenses and income, voting rights on matters affecting a single class of shares and the exchange privileges of each class of shares. Class A Shares are subject to a maximum sales charge on purchases of 5.25 percent as a percentage of the original purchase price, except for the Intermediate Income 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 U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the reporting period. Actual results could differ from those estimates.

Securities Valuation:

The Funds and Portfolios record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.

Securities generally are valued at market 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 investment companies are valued at their respective net asset values as reported by such companies. The differences between the cost and market values of investments are reflected as either unrealized appreciation or depreciation.

The Funds use various independent pricing services to value most of their investments. A pricing service would normally consider such factors as yield, risk, quality, maturity, type of issue, trading characteristics, special circumstances and other factors it deems relevant in determining valuations of normal institutional trading units of debt securities and would not rely exclusively on quoted prices. When valuing foreign securities held by the Funds, certain pricing services might use computerized pricing models to systematically calculate adjustments to foreign security closing prices based on the latest market movements. Such pricing models utilize market data that has been obtained between the local market close and the NYSE close to compute adjustments to foreign security close prices. The methods used by

Praxis Mutual Funds

Notes to schedule of portfolio investments (continued)

the pricing service and the valuations so established will be reviewed by the Pricing Committee of the Funds and Portfolios (“Pricing Committee”) under general supervision of the Board of Trustees (the “Board”). Securities for which market quotations are not readily available (e.g. an approved pricing service does not provide a price, certain stale prices or an event occurs that materially affects the furnished price) are valued at their fair value as determined in good faith in accordance with consistently applied procedures established by and under the general supervision of the Board. Short-term debt securities of sufficient credit quality maturing in less than 61 days may be at amortized cost, which approximates fair value. The Portfolios’ investments in the underlying Funds are valued at the Funds’ closing net asset value per share.

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

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

•

Level 1 — quoted prices in active markets for identical securities

•

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

•

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

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

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

The aggregate value by input level, as of September 30, 2016, for each Fund’s and Portfolio’s investments are as follows:


Praxis Impact Bond Fund Investments at Value	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	14,489,925	$	—	$	14,489,925
Commercial Mortgage Backed Securities		—		7,032,426		—		7,032,426
Foreign Bonds		—		9,862,528		—		9,862,528
Municipal Bonds		—		14,865,086		—		14,865,086
Corporate Bonds		—		212,749,079		—		212,749,079
Corporate Notes		—		4,600,000		—		4,600,000
U.S. Government Agencies		—		190,340,633		—		190,340,633
Investment Companies		3,504,493		—		—		3,504,493

Total Investments	$	3,504,493	$	453,939,677	$	—	$	457,444,170

Praxis Mutual Funds

Notes to schedule of portfolio investments (continued)


Praxis International Index Fund

Investments at Value	Level 1		Level 2		Level 3		Total
Common Stocks	$	139,266,378	$	48,306,777	$	—	$	187,573,155
Preferred Stocks		612,356		—		—		612,356
Warrants		—		—		—		—
Corporate Notes		—		1,600,000		—		1,600,000

Total Investments	$	139,878,734	$	49,906,777	$	—	$	189,785,511


Praxis Value Index Fund

Investments at Value	Level 1		Level 2		Level 3		Total
Common Stocks	$	152,779,712	$	—	$	—	$	152,779,712
Rights		—		7,028		—		7,028
Corporate Notes		—		1,270,000		—		1,270,000

Total Investments	$	152,779,712	$	1,277,028	$	—	$	154,056,740


Praxis Growth Index Fund

Investments at Value	Level 1		Level 2		Level 3		Total
Common Stocks	$	192,729,827	$	—	$	—	$	192,729,827
Corporate Notes		—		1,775,000		—		1,775,000

Total Investments	$	192,729,827	$	1,775,000	$	—	$	194,504,827


Praxis Small Cap Fund

Investments at Value	Level 1		Level 2		Level 3		Total
Common Stocks	$	44,586,015	$	—	$	—	$	44,586,015
Corporate Notes		—		440,000		—		440,000

Total Investments	$	44,586,015	$	440,000	$	—	$	45,026,015


Praxis Genesis Conservative Portfolio

Investments at Value	Level 1		Level 2		Level 3		Total
Mutual Funds	$	21,801,174	$	—	$	—	$	21,801,174

Total Investments	$	21,801,174	$	—	$	—	$	21,801,174


Praxis Genesis Balanced Portfolio

Investments at Value	Level 1		Level 2		Level 3		Total
Mutual Funds	$	64,138,142	$	—	$	—	$	64,138,142

Total Investments	$	64,138,142	$	—	$	—	$	64,138,142


Praxis Genesis Growth Portfolio

Investments at Value	Level 1		Level 2		Level 3		Total
Mutual Funds	$	53,662,347	$	—	$	—	$	53,662,347

Total Investments	$	53,662,347	$	—	$	—	$	53,662,347

Refer to each Fund’s Schedule of Portfolio Investments for a listing of common stocks, if applicable, by industry type. As of September 30, 2016, the Funds and Portfolios did not have any transfers into and out of any Level. In addition, the Funds and Portfolios did not have any derivative instruments or assets and liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of September 30, 2016. It is the Funds’ and Portfolios’ policy to recognize transfers into and out of any Level at the end of the reporting period.

Praxis Mutual Funds

Notes to schedule of portfolio investments (continued)

Securities Transactions and Related Income:

Changes in holdings of portfolio securities are reflected in the Funds’ and Portfolios’ valuation no later than on the first business day following trade date. For financial reporting purposes, security transactions are accounted for on the trade date on the last business day of the reporting period. Realized gains or losses on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Interest income is recognized on the accrual basis and includes, where applicable, the pro-rata amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date.

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 market value of investment securities, 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.

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 Funds’ books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from the changes in the value of assets and liabilities including investments in securities during the reporting period, resulting from changes in the exchange rate.

Praxis Mutual Funds

Notes to schedule of portfolio investments (continued)

3. Federal Income Tax Information:

The following information is computed on a tax basis for each item as of September 30, 2016:


	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Fund
Cost of portfolio investments	$	438,435,372		$	169,736,209		$	126,957,281		$	126,525,217		$	37,516,585

Gross unrealized appreciation	$	20,307,318		$	38,223,410		$	32,144,442		$	70,212,352		$	8,518,035
Gross unrealized depreciation		(1,298,520	)		(18,174,108	)		(5,044,983	)		(2,232,742	)		(1,008,605	)

Net unrealized appreciation on investments	$	19,008,798		$	20,049,302		$	27,099,459		$	67,979,610		$	7,509,430


	Praxis Genesis Consevative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Cost of portfolio investments	$	19,889,947		$	54,379,774		$	43,451,454

Gross unrealized appreciation	$	2,008,658		$	10,248,594		$	10,858,823
Gross unrealized depreciation		(97,431	)		(490,226	)		(647,930	)

Net unrealized appreciation on investments	$	1,911,227		$	9,758,368		$	10,210,893

The difference between the federal income tax cost of portfolio investments and the Schedule of Portfolio Investments cost for each Fund (excluding the Impact Bond Fund) is due to certain timing differences in the recognition of capital gains and losses under income tax regulations and GAAP. These timing differences are temporary in nature and are due to the tax deferral of losses on wash sales.

4. Subsequent Events

The Funds and Portfolios evaluated subsequent events from September 30, 2016 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.

Item 2. 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 have not been any changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

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

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
		November 23, 2016

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
		November 23, 2016

By:		/s/ *Trent Statczar*
		Trent Statczar
		Treasurer and Chief Financial Officer
		November 23, 2016

Dates Referenced Herein

This ‘N-Q’ Filing	Date	Other Filings

Filed on / Effective on:	11/23/16	None on these Dates
For Period End:	9/30/16
	12/1/93
	9/27/93
		List all Filings

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Praxis Mutual Funds – ‘N-Q’ for 9/30/16

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