SEC Info  
    Home      Search      My Interests      Help      Sign In      Please Sign In

Praxis Mutual Funds – ‘N-Q’ for 3/31/18

On:  Thursday, 5/24/18, at 11:49am ET   ·   Effective:  5/24/18   ·   For:  3/31/18   ·   Accession #:  1398344-18-7968   ·   File #:  811-08056

Previous ‘N-Q’:  ‘N-Q’ on 11/22/17 for 9/30/17   ·   Next & Latest:  ‘N-Q’ on 11/27/18 for 9/30/18

Find Words in Filings emoji
 
  in    Show  and   Hints

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

 5/24/18  Praxis Mutual Funds               N-Q         3/31/18    2:1.8M                                   FilePoint/FAPraxis 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         Quarterly Schedule of Portfolio Holdings of a       HTML    812K 
                          Management Investment Company                          
 2: EX-99.CERT  Miscellaneous Exhibit                               HTML     14K 


N-Q   —   Quarterly Schedule of Portfolio Holdings of a Management Investment Company


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



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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)

 

 

1110 N. Main Street

Goshen, IN 46527

 

(Address of principal executive offices) (Zip Code)

 

Anthony Zacharski

Dechert LLP

200 Clarendon Street, 27th 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: March 31, 2018

 

 C: 

 

 

Item 1. Schedules of Investments.

 

File the schedules as of the close of the reporting period as set forth in §§ 210.12-12 - 12-14 of Regulation S-X [17 CFR §§ 210.12-12 — 12-14]. The schedules need not be audited.

 

Schedule of Portfolio Investments

Praxis Impact Bond Fund

March 31, 2018 (Unaudited)

 

ASSET BACKED SECURITIES - 2.2%  Coupon  Maturity  Principal Amount   Fair Value 
Ally Auto Receivables Trust  1.490%  11/15/19  $488,776   $487,776 
Bank of The West Auto Trust (a)  1.650%  03/16/20   1,217,819    1,217,388 
Cal Funding II Ltd.(a)  3.620%  06/25/42   693,750    689,277 
CarMax Auto Owner Trust  1.380%  11/15/19   139,744    139,467 
CLI Funding LLC  2.830%  03/18/28   487,333    478,850 
Cronos Containers Program I Ltd.(b)  3.270%  11/18/29   629,630    624,717 
Fairway Outdoor Funding LLC (b)  4.212%  10/15/19   422,892    424,291 
Global SC Finance II SRL(b)  2.980%  04/17/28   584,583    575,888 
SBA Tower Trust  2.898%  10/15/19   525,000    522,324 
SBA Tower Trust  3.448%  03/15/23   1,250,000    1,250,975 
SolarCity LMC Series I LLC (b) (c)  4.800%  12/21/26   627,027    632,608 
SolarCity LMC Series IV LLC (b) (c)  4.180%  08/21/45   228,632    227,825 
Spruce ABS Trust  4.320%  06/15/28   407,062    406,133 
TCF Auto Receivables Owner Trust  2.330%  05/15/20   2,000,000    1,999,120 
Textainer Marine Containers Ltd.  3.720%  05/20/42   687,975    687,429 
Toyota Auto Receivables Owner Trust  1.270%  05/15/19   183,808    183,511 
Toyota Motor Credit Corp.  1.300%  04/15/20   771,793    766,964 
Verizon Owner Trust (b)  1.420%  01/20/21   200,000    198,204 
TOTAL ASSET BACKED SECURITIES (COST $11,553,692)          $11,512,747 

 

COMMERCIAL MORTGAGE BACKED SECURITIES - 0.6%  Coupon  Maturity  Principal Amount   Fair Value 
Commercial Mortgage Pass Through Certificates  3.391%  05/15/45  $946,721   $953,392 
Commercial Mortgage Pass Through Certificates  2.853%  10/15/45   1,000,000    983,756 
OBP Depositor LLC Trust (b)  4.646%  07/15/45   1,040,000    1,073,049 
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (COST $3,117,685)         $3,010,197 

 

MUNICIPAL BONDS - 2.1%  Coupon  Maturity  Principal Amount   Fair Value 
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects   7.334%  02/15/28  $1,000,000   $1,262,960 
Bridgeport Connecticut Housing Authority   1.850%  12/15/18   75,000    74,508 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

MUNICIPAL BONDS - 2.1%  (Continued)  Coupon  Maturity  Principal Amount   Fair Value 
Cincinnati, Ohio Water System Rev.   6.458%  12/01/34  $600,000   $634,944 
Columbus Multi-High School Building Corp.   6.446%  01/15/30   1,000,000    1,062,150 
Findlay City School District   6.250%  12/01/37   270,000    285,655 
Houston Independent School District   6.168%  02/15/34   1,000,000    1,030,820 
Indianapolis Public School Multi-School Building   5.731%  07/15/29   1,500,000    1,560,240 
Massachusetts St.   3.277%  06/01/46   1,500,000    1,428,960 
New Jersey St. Housing and Mortgage Finance   2.600%  07/01/23   295,000    288,796 
Osceola County Housing Finance Authority Rev.   3.350%  07/01/23   210,000    216,367 
St. of Hawaii, Department of Business Economic Development & Tourism   1.467%  07/01/22   435,032    429,720 
St. Paul Housing & Redevelopment Authority Rev.   2.993%  07/01/21   1,250,000    1,235,375 
Warm Springs Reservation Confederated Tribe   8.250%  11/01/19   795,000    827,985 
Wisconsin Department of Transportation   5.837%  07/01/30   800,000    830,824 
TOTAL MUNICIPAL BONDS (COST $11,013,579)             $11,169,304 

 

CORPORATE BONDS - 36.9%  Coupon  Maturity  Principal Amount   Fair Value 
AIRLINES - 0.5%              
British Airways, Series 2013-1 (b)  4.625%  06/20/24  $650,799   $675,529 
Delta Air Lines, Inc.  4.950%  05/23/19   676,088    684,674 
Delta Air Lines, Inc.  2.875%  03/13/20   435,000    432,166 
Southwest Airlines Co.  2.650%  11/05/20   680,000    672,856 
               2,465,225 
AUTO PARTS - 0.3%                
Borgwarner, Inc.  4.625%  09/15/20   1,500,000    1,552,329 
                 
BANKS - 3.6%                
Axis Bank/Dubai (b)  2.875%  06/01/21   500,000    487,837 
Bank of America Corp.  1.950%  05/12/18   1,000,000    999,531 
Bank of America Corp.  2.151%  11/09/20   1,000,000    980,280 
Bank of America Corp.  3.300%  01/11/23   500,000    498,539 
Bank of America Corp.  4.100%  07/24/23   1,000,000    1,032,306 
Bank of Montreal  2.375%  01/25/19   1,180,000    1,178,372 
Citigroup, Inc.  2.400%  02/18/20   1,250,000    1,236,392 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 36.9%  (Continued)  Coupon  Maturity  Principal Amount   Fair Value 
BANKS - 3.6% (Continued)              
Citigroup, Inc.  3.700%  01/12/26  $1,750,000   $1,728,143 
Commonwealth Bank of Australia (b)  2.250%  03/10/20   1,500,000    1,478,820 
Discover Bank/Greenwood DE  3.100%  06/04/20   1,750,000    1,743,577 
JPMorgan Chase & Co.  2.250%  01/23/20   1,500,000    1,481,774 
JPMorgan Chase & Co.  4.625%  05/10/21   500,000    521,186 
JPMorgan Chase & Co.  3.250%  09/23/22   1,500,000    1,495,560 
Mitsubishi UFJ Financial Group  2.527%  09/13/23   1,250,000    1,192,664 
Sumitomo Mitsui Banking Corp.  2.450%  10/20/20   1,250,000    1,230,348 
Toronto-Dominion Bank  1.850%  09/11/20   1,575,000    1,532,802 
               18,818,131 
BIOTECHNOLOGY - 0.7%                
Amgen, Inc.  5.700%  02/01/19   1,000,000    1,024,235 
Biogen, Inc.  2.900%  09/15/20   1,000,000    993,899 
Celgene Corp.  2.875%  08/15/20   1,250,000    1,245,050 
Gilead Sciences, Inc.  3.650%  03/01/26   500,000    501,784 
               3,764,968 
BUILDING MATERIALS - 0.2%                
Carlisle Cos., Inc.  3.500%  12/01/24   1,250,000    1,225,242 
                 
BUILDING PRODUCTS - 0.2%                
Masco Corp.  3.500%  04/01/21   250,000    251,055 
Owens Corning  4.200%  12/01/24   750,000    765,358 
               1,016,413 
CAPITAL MARKETS - 2.1%                
Bank of New York Mellon Corp. (The), Perpetual Bond  4.950%  12/29/49   1,000,000    1,023,880 
Goldman Sachs Group, Inc.  2.600%  04/23/20   1,000,000    990,703 
Goldman Sachs Group, Inc.  6.000%  06/15/20   1,200,000    1,269,822 
Goldman Sachs Group, Inc.  3.272%  09/29/25   1,500,000    1,443,977 
ING Bank N.V. (b)  2.000%  11/26/18   1,515,000    1,508,887 
Jefferies Group LLC  8.500%  07/15/19   900,000    958,109 
Morgan Stanley  2.200%  12/07/18   910,000    907,979 
Morgan Stanley  5.625%  09/23/19   1,500,000    1,557,079 
State Street Corp.  7.350%  06/15/26   1,000,000    1,228,868 
               10,889,304 
CHEMICALS - 1.0%                
Avery Dennison Corp.  5.375%  04/15/20   1,250,000    1,300,472 
Ecolab, Inc.  5.500%  12/08/41   150,000    178,449 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 36.9%  (Continued)  Coupon  Maturity  Principal Amount   Fair Value 
CHEMICALS - 1.0% (Continued)              
Ecolab, Inc. (b)  3.950%  12/01/47  $1,220,000   $1,186,153 
NOVA Chemicals Corp. (b)  5.250%  08/01/23   500,000    503,125 
Potash Corp. of Saskatchewan, Inc.  5.875%  12/01/36   840,000    970,503 
Solvay Finance America LLC (b)  3.400%  12/03/20   1,250,000    1,256,427 
               5,395,129 
COMMERCIAL SERVICES & SUPPLIES - 0.2%                
Steelcase, Inc.  6.375%  02/15/21   1,000,000    1,076,253 
                 
COMMUNICATIONS EQUIPMENT - 0.1%                
Juniper Networks, Inc.  3.300%  06/15/20   500,000    500,222 
                 
CONSTRUCTION MATERIALS - 0.2%                
Martin Marietta Materials, Inc.  6.600%  04/15/18   1,000,000    1,001,488 
                 
CONSUMER FINANCE - 0.9%                
American Express Credit Corp.  2.600%  09/14/20   1,000,000    988,704 
Ford Motor Credit Co. LLC  3.157%  08/04/20   1,000,000    995,426 
GE Capital International Funding Co.  4.418%  11/15/35   1,250,000    1,221,938 
Hyundai Capital Services, Inc. (b)  2.875%  03/16/21   1,250,000    1,227,330 
               4,433,398 
CONSUMER SERVICES - 0.7%                
Ford Foundation (The), Series 2017, Series 2017  3.859%  06/01/47   2,000,000    2,055,875 
Local Initiatives Support Corp.  4.649%  03/01/37   1,500,000    1,500,966 
               3,556,841 
CONTAINERS & PACKAGING - 0.3%                
Newell Rubbermaid, Inc.  3.850%  04/01/23   185,000    184,640 
Sonoco Products Co.  5.750%  11/01/40   1,000,000    1,133,853 
               1,318,493 
DIVERSIFIED FINANCIAL SERVICES - 1.5%                
AerCap Ireland Capital Ltd.  5.000%  10/01/21   1,000,000    1,040,931 
Brookfield Finance, Inc.  4.250%  06/02/26   1,000,000    1,003,811 
GATX Corp.  2.600%  03/30/20   897,000    888,833 
Genpact Luxembourg S. a. r.l. (b)  3.700%  04/01/22   1,100,000    1,079,479 
Moody's Corp.  5.500%  09/01/20   1,000,000    1,057,011 
MSCI, Inc. (b)  5.750%  08/15/25   500,000    522,350 
National Rural Utilities Cooperative Finance Corp.  10.375%  11/01/18   780,000    814,796 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 36.9%  (Continued)  Coupon  Maturity  Principal Amount   Fair Value 
DIVERSIFIED FINANCIAL SERVICES - 1.5% (Continued)              
S&P Global, Inc.  3.300%  08/14/20  $750,000   $754,204 
S&P Global, Inc.  4.000%  06/15/25   500,000    510,842 
               7,672,257 
DIVERSIFIED TELECOMMUNICATION   SERVICES - 0.8%                
AT&T, Inc. (b)  4.100%  02/15/28   507,000    503,414 
AT&T, Inc.  5.250%  03/01/37   500,000    528,937 
AT&T, Inc.  4.750%  05/15/46   1,000,000    971,244 
Frontier Communications Corp.  7.125%  03/15/19   750,000    749,062 
Verizon Communications, Inc.  5.500%  03/16/47   1,250,000    1,385,161 
               4,137,818 
EDUCATION - 1.1%                
Graham Holdings Co.  7.250%  02/01/19   575,000    591,962 
Massachusetts Institute of Technology  3.959%  07/01/38   1,500,000    1,595,236 
President & Fellows of Harvard College  3.150%  07/15/46   1,500,000    1,386,995 
University of Notre Dame, Series 2017  3.394%  02/15/48   2,000,000    1,918,882 
               5,493,075 
ELECTRIC UTILITIES - 3.5%                
Caledonia Generating LLC (b)  1.950%  02/28/22   427,716    418,225 
Electricite de France S.A. (b)  3.625%  10/13/25   1,250,000    1,250,594 
Florida Power & Light Co.  4.050%  10/01/44   1,300,000    1,345,095 
Georgia Power Co.  3.250%  04/01/26   1,000,000    974,515 
ITC Holdings Corp. (b)  5.500%  01/15/20   1,250,000    1,297,375 
MidAmerican Energy Co.  3.950%  08/01/47   1,750,000    1,774,203 
NextEra Energy Capital Holdings, Inc.  2.700%  09/15/19   1,250,000    1,246,168 
Niagara Mohawk Power Corp. (b)  4.881%  08/15/19   840,000    861,912 
NSTAR Electric Co.  5.500%  03/15/40   1,250,000    1,533,081 
Oncor Electric Delivery Co.  6.800%  09/01/18   811,000    823,854 
Pacificorp  8.080%  10/14/22   500,000    590,840 
Pennsylvania Electric Co.  5.200%  04/01/20   500,000    517,013 
Portland General Electric Co.  6.100%  04/15/19   1,100,000    1,139,269 
Potomac Electric Power Co.  6.500%  11/15/37   1,000,000    1,338,558 
San Diego Gas and Electric Co.  4.500%  08/15/40   841,000    922,590 
Southern California Edison  4.050%  03/15/42   1,165,000    1,172,789 
Southern Power Co.  4.150%  12/01/25   1,000,000    1,027,371 
               18,233,452 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 36.9%  (Continued)  Coupon  Maturity  Principal Amount   Fair Value 
ELECTRICAL EQUIPMENT - 0.5%              
Johnson Controls, Inc.  3.750%  12/01/21  $550,000   $558,991 
Legrand  8.500%  02/15/25   1,000,000    1,269,787 
Thomas & Betts Corp.  5.625%  11/15/21   500,000    544,295 
               2,373,073 
FOOD & STAPLES RETAILING - 0.2%                
Ahold Finance U.S.A., LLC, Series 2000-1, CV (a)  7.820%  01/02/20   114,705    116,612 
Kroger Co. (The)  5.000%  04/15/42   1,000,000    1,010,427 
Smith's Food & Drug Centers, Inc. Pass Through Trust, Series 1994-A3  9.200%  07/02/18   129,258    130,977 
               1,258,016 
FOOD PRODUCTS - 1.7%                
Bunge Ltd. Finance Corp.  3.500%  11/24/20   1,250,000    1,254,285 
Campbell Soup Co.  3.950%  03/15/25   1,500,000    1,492,932 
Cargill, Inc. (b)  4.760%  11/23/45   1,250,000    1,413,727 
J.M. Smucker Co. (The)  3.500%  03/15/25   1,250,000    1,231,199 
Kraft Foods Group, Inc.  5.375%  02/10/20   1,000,000    1,040,924 
Mead Johnson Nutrition Co.  3.000%  11/15/20   1,000,000    996,122 
Wm. Wrigley Jr. Co. (b)  3.375%  10/21/20   1,430,000    1,442,112 
               8,871,301 
GAS UTILITIES - 0.5%                
Brooklyn Union Gas Co. (b)  4.504%  03/10/46   1,250,000    1,327,450 
Indiana Gas Co., Inc.  6.550%  06/30/28   250,000    282,622 
Laclede Group, Inc.  2.550%  08/15/19   1,250,000    1,240,768 
               2,850,840 
HEALTH CARE PROVIDERS & SERVICES - 1.1%                
CVS Health Corp.  4.300%  03/25/28   1,250,000    1,255,326 
Express Scripts Holding Co.  3.300%  02/25/21   1,000,000    998,181 
Howard Hughes Medical Institute  3.500%  09/01/23   1,500,000    1,532,153 
Kaiser Foundation Hospital  3.150%  05/01/27   820,000    793,676 
Laboratory Corp. of America Holdings  2.625%  02/01/20   1,000,000    992,112 
               5,571,448 
HOTELS, RESTAURANTS & LEISURE - 0.5%                
Brinker International, Inc.  2.600%  05/15/18   500,000    499,000 
Hyatt Hotels Corp.  3.375%  07/15/23   1,000,000    990,730 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 36.9%  (Continued)  Coupon  Maturity  Principal Amount   Fair Value 
HOTELS, RESTAURANTS & LEISURE - 0.5% (Continued)              
Starbucks Corp.  2.450%  06/15/26  $1,000,000   $932,813 
               2,422,543 
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.7%                
Harper Lake Solar Funding Corp. (b)  7.645%  12/31/18   264,206    272,115 
Midland Cogeneration Venture, L.P., CV (b)  5.250%  03/15/25   178,285    178,761 
Midland Cogeneration Venture, L.P., CV (b)  6.000%  03/15/25   452,852    466,363 
Solar Star Funding LLC (b)  3.950%  06/30/35   314,931    302,593 
Solar Star Funding LLC (b)  5.375%  06/30/35   475,898    510,613 
Tenaska Virginia Partners, L.P. (b)  6.119%  03/30/24   789,885    840,298 
Topaz Solar Farms LLC (b)  4.875%  09/30/39   300,711    311,093 
Topaz Solar Farms LLC (b)  5.750%  09/30/39   699,642    765,245 
               3,647,081 
INDUSTRIAL CONGLOMERATES - 0.1%                
Ingersoll-Rand Global Holding Company Ltd.  2.900%  02/21/21   500,000    498,738 
                 
INSURANCE - 3.6%                
AIG Global Funding (b)  2.150%  07/02/20   750,000    735,688 
American International Group, Inc.  3.750%  07/10/25   1,250,000    1,230,855 
Anthem, Inc.  2.500%  11/21/20   1,500,000    1,474,584 
Athene Global Funding (b)  2.750%  04/20/20   1,550,000    1,537,037 
Fidelity National Financial, Inc.  5.500%  09/01/22   725,000    782,818 
Horace Mann Educators Corp.  4.500%  12/01/25   1,235,000    1,251,002 
Kemper Corp.  4.350%  02/15/25   1,250,000    1,250,954 
Liberty Mutual Group, Inc. (b)  4.950%  05/01/22   1,050,000    1,108,704 
Marsh & McLennan Cos., Inc.  3.750%  03/14/26   1,000,000    999,655 
OneBeacon US Holdings, Inc.  4.600%  11/09/22   1,000,000    1,014,100 
Provident Cos., Inc.  7.000%  07/15/18   340,000    344,452 
Prudential Financial, Inc. (a)  5.875%  09/15/42   500,000    526,250 
RLI Corp.  4.875%  09/15/23   1,000,000    1,025,778 
Sammons Financial Group (b)  4.450%  05/12/27   800,000    794,415 
StanCorp Financial Group Inc.  5.000%  08/15/22   1,250,000    1,306,790 
TIAA Asset Management Finance Co. LLC (b)  2.950%  11/01/19   1,750,000    1,746,256 
Unum Group  3.000%  05/15/21   700,000    694,050 
W.R. Berkley Corp.  6.150%  08/15/19   710,000    739,652 
W.R. Berkley Corp.  4.625%  03/15/22   250,000    260,210 
               18,823,250 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 36.9%  (Continued)  Coupon  Maturity  Principal Amount   Fair Value 
IT SERVICES - 0.4%              
Broadridge Financial Solutions, Inc.  3.950%  09/01/20  $1,000,000   $1,018,536 
Fiserv, Inc.  2.700%  06/01/20   1,000,000    993,648 
Xerox Corp., Series WI  4.070%  03/17/22   250,000    250,209 
               2,262,393 
LIFE SCIENCES TOOLS & SERVICES - 0.2%                
Agilent Technologies, Inc.  3.875%  07/15/23   1,250,000    1,268,089 
                 
MACHINERY - 0.7%                
Illinois Tool Works, Inc.  3.900%  09/01/42   1,000,000    1,021,569 
Kennametal, Inc.  2.650%  11/01/19   1,000,000    992,007 
Pall Corp.  5.000%  06/15/20   1,000,000    1,045,858 
Valmont Industries, Inc.  6.625%  04/20/20   562,000    600,725 
               3,660,159 
MEDIA - 0.4%                
Comcast Corp.  4.750%  03/01/44   500,000    527,131 
Scripps Networks Interactive, Inc.  2.800%  06/15/20   1,000,000    987,123 
Time Warner Cable, Inc.  4.500%  09/15/42   500,000    433,050 
               1,947,304 
METALS & MINING - 0.5%                
Newcrest Finance Property Ltd. (b)  4.450%  11/15/21   1,000,000    1,027,183 
Nucor Corp.  4.125%  09/15/22   665,000    692,417 
Reliance Steel & Aluminum Co.  4.500%  04/15/23   1,105,000    1,138,924 
               2,858,524 
MULTI-LINE RETAIL - 0.1%                
Macy's Retail Holdings, Inc.  9.500%  04/15/21   315,000    337,199 
                 
MULTI-UTILITIES - 1.1%                
Avangrid, Inc.  3.150%  12/01/24   1,800,000    1,747,457 
Consumers Energy Co.  6.700%  09/15/19   750,000    792,583 
Puget Energy, Inc.  5.625%  07/15/22   750,000    806,156 
Puget Sound Energy, Inc.  6.740%  06/15/18   1,000,000    1,007,814 
Westar Energy, Inc.  2.550%  07/01/26   1,260,000    1,182,844 
               5,536,854 
OIL, GAS & CONSUMABLE FUELS - 0.2%                
ConocoPhillips Holdings Co.  6.950%  04/15/29   1,000,000    1,271,972 
                 
PAPER & FOREST PRODUCTS - 0.4%                
Fibria Overseas Finance Ltd.  5.500%  01/17/27   800,000    826,800 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 36.9%  (Continued)  Coupon  Maturity  Principal Amount   Fair Value 
PAPER & FOREST PRODUCTS - 0.4% (Continued)              
Klabin Finance S.A. (b)  4.875%  09/19/27  $750,000   $720,937 
PH Glatfelter Co.  5.375%  10/15/20   750,000    761,625 
               2,309,362 
PHARMACEUTICALS - 0.4%                
AbbVie, Inc.  2.500%  05/14/20   1,000,000    987,061 
Zoetis, Inc.  3.250%  02/01/23   1,200,000    1,188,415 
               2,175,476 
PIPELINES - 0.5%                
Columbia Pipeline Group, Inc.  3.300%  06/01/20   850,000    848,229 
Florida Gas Transmission Co. LLC (b)  4.350%  07/15/25   1,000,000    1,037,168 
Northern Natural Gas Co. (b)  4.100%  09/15/42   1,000,000    977,305 
               2,862,702 
PROFESSIONAL SERVICES - 0.4%                
Dun & Bradstreet Corp.  4.625%  12/01/22   1,000,000    1,006,259 
Verisk Analytics, Inc.  5.800%  05/01/21   960,000    1,028,516 
               2,034,775 
PUBLISHING - 0.1%                
Relx Capital Inc.  3.500%  03/16/23   368,000    368,477 
                 
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.9%                
Digital Realty Trust, L.P.  3.950%  07/01/22   1,250,000    1,273,178 
National Retail Properties, Inc.  3.800%  10/15/22   750,000    753,583 
Regency Centers, L.P.  3.750%  06/15/24   1,000,000    991,314 
Vornado Realty, L.P.  3.500%  01/15/25   567,000    545,916 
Welltower, Inc.  5.250%  01/15/22   1,000,000    1,062,407 
               4,626,398 
ROAD & RAIL - 1.1%                
Burlington Northern Santa Fe LLC  7.160%  01/02/20   222,793    232,048 
Burlington Northern Santa Fe LLC  5.750%  05/01/40   1,000,000    1,229,732 
Kansas City Southern  2.350%  05/15/20   500,000    493,344 
Norfolk Southern Corp.  4.837%  10/01/41   1,000,000    1,088,501 
Norfolk Southern Corp.  4.150%  02/28/48   500,000    495,444 
Ryder System, Inc.  2.650%  03/02/20   455,000    451,525 
Ryder System, Inc.  2.500%  05/11/20   795,000    784,942 
TTX Co. (b)  2.600%  06/15/20   1,000,000    988,892 
               5,764,428 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 36.9%  (Continued)  Coupon  Maturity  Principal Amount   Fair Value 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.8%             
Intel Corp. (b)  3.734%  12/08/47  $1,361,000   $1,326,171 
KLA-Tencor Corp.  3.375%  11/01/19   600,000    604,501 
Lam Research Corp.  2.750%  03/15/20   1,000,000    995,771 
Maxim Integrated Products, Inc.  3.375%  03/15/23   500,000    495,643 
NXP BV/NXP Funding LLC (b)  3.875%  09/01/22   200,000    198,500 
Xilinx, Inc.  2.125%  03/15/19   600,000    595,850 
               4,216,436 
SOFTWARE - 0.3%                
Microsoft Corp.  4.450%  11/03/45   1,500,000    1,660,595 
                 
SPECIALTY RETAIL - 0.7%                
Advanced Auto Parts, Inc.  4.500%  01/15/22   402,000    413,216 
Gap, Inc.  5.950%  04/12/21   1,000,000    1,050,442 
Lowe's Cos., Inc.  4.650%  04/15/42   1,000,000    1,075,497 
O'Reilly Automotive, Inc.  3.800%  09/01/22   1,000,000    1,022,916 
               3,562,071 
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.6%             
Apple, Inc.  2.850%  02/23/23   1,250,000    1,239,729 
Apple, Inc.  3.000%  06/20/27   1,000,000    964,005 
Seagate HDD Cayman  3.750%  11/15/18   635,000    638,746 
Seagate HDD Cayman (b)  4.250%  03/01/22   305,000    301,623 
               3,144,103 
TEXTILES, APPAREL & LUXURY GOODS - 0.1%                
Hanesbrands, Inc. (b)  4.625%  05/15/24   500,000    489,375 
                 
TRANSPORTATION SERVICES - 0.2%                
Mexico City Airport Trust (b)  4.250%  10/31/26   1,000,000    962,500 
                 
WATER UTILITIES - 0.1%                
California Water Service  5.875%  05/01/19   700,000    722,976 
                 
TOTAL CORPORATE BONDS (COST $191,758,667)             $192,908,496 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE NOTES - 0.9%  Coupon  Maturity  Principal Amount   Fair Value 
COMMUNITY DEVELOPMENT - 0.9%           
Calvert Social Investment Foundation, Inc. (c)  1.000%  06/15/18  $1,100,000   $1,098,140 
Calvert Social Investment Foundation, Inc. (c)  1.500%  06/15/18   850,000    832,832 
Calvert Social Investment Foundation, Inc. (c)  1.000%  12/17/18   1,200,000    1,190,444 
Calvert Social Investment Foundation, Inc. (c)  1.500%  06/17/19   1,700,000    1,684,300 
TOTAL CORPORATE NOTES (COST $4,850,000)             $4,805,716 

 

FOREIGN GOVERNMENTS - 9.5%  Coupon  Maturity  Principal Amount   Fair Value 
FOREIGN AGENCY - 4.2%              
Banco Nacional de Costa Rica (b)  5.875%  04/25/21  $750,000   $775,312 
Bank Nederlandse Gemeenten (b)  1.625%  11/25/19   1,500,000    1,479,027 
Bank Nederlandse Gemeenten (b)  2.125%  12/14/20   1,500,000    1,479,234 
Export Development Canada  1.250%  12/10/18   1,000,000    994,230 
Export Development Canada  1.625%  06/01/20   1,000,000    981,117 
Export-Import Bank of Korea  2.125%  02/11/21   1,250,000    1,209,866 
KFW  1.750%  10/15/19   2,500,000    2,476,531 
KFW  1.875%  11/30/20   1,000,000    982,849 
KFW  2.000%  11/30/21   1,000,000    975,682 
KFW  2.000%  09/29/22   1,500,000    1,453,332 
Kommunalbanken A.S. (b)  1.375%  10/26/20   1,000,000    970,183 
Kommunalbanken A.S. (b)  2.125%  02/11/25   1,000,000    947,680 
Kommunivest I Sverige AB (b)  1.500%  04/23/19   1,000,000    992,073 
Kommunivest I Sverige AB  1.875%  06/01/21   1,500,000    1,463,501 
Municipality Finance plc (b)  1.375%  09/21/21   1,000,000    954,590 
Nacional Financiera SNC (b)  3.375%  11/05/20   1,000,000    1,002,500 
Neder Waterschapsbank (b)  2.125%  11/15/21   1,500,000    1,467,075 
Ras Laffan Liquefied Natural Gas Co. Ltd. II (b)  5.298%  09/30/20   325,700    333,842 
Svensk Exportkredit AB  1.875%  06/23/20   1,000,000    984,599 
               21,923,223 
SUPRANATIONAL - 5.3%                
African Development Bank  1.375%  12/17/18   1,000,000    993,960 
Asian Development Bank  1.000%  08/16/19   1,500,000    1,473,374 
Asian Development Bank  2.125%  03/19/25   1,000,000    954,590 
European Bank for Reconstruction & Development  1.625%  04/10/18   500,000    499,993 
European Bank for Reconstruction & Development  0.875%  07/22/19   2,000,000    1,962,760 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

FOREIGN GOVERNMENTS - 9.5%  (Continued)  Coupon  Maturity  Principal Amount   Fair Value 
SUPRANATIONAL - 5.3% (Continued)              
European Bank for Reconstruction & Development  1.875%  07/15/21  $1,500,000   $1,463,592 
European Investment Bank  2.500%  10/15/24   1,000,000    979,617 
European Investment Bank  2.125%  04/13/26   1,000,000    944,925 
European Investment Bank  2.375%  05/24/27   1,000,000    954,942 
Inter-American Development Bank  1.500%  09/25/18   2,500,000    2,491,765 
Inter-American Development Bank  2.125%  11/09/20   3,000,000    2,974,830 
Inter-American Development Bank  4.375%  01/24/44   3,000,000    3,536,541 
International Bank for Reconstruction & Development  2.125%  03/03/25   500,000    477,694 
International Finance Corp.  1.250%  11/27/18   1,000,000    993,960 
International Finance Corp., Series GMTN  1.750%  03/30/20   3,000,000    2,959,714 
International Finance Corp., Series GMTN  2.000%  10/24/22   2,000,000    1,937,891 
Nordic Investment Bank  2.250%  09/30/21   1,000,000    986,340 
North American Development Bank  2.300%  10/10/18   1,000,000    1,000,437 
               27,586,925 
                 
TOTAL FOREIGN GOVERNMENTS (COST $49,566,085)             $49,510,148 

 

U.S. GOVERNMENT AGENCIES - 46.4%  Coupon  Maturity  Principal Amount   Fair Value 
FEDERAL HOME LOAN BANK - 3.8%        
FHLB  3.375%  06/12/20  $1,000,000   $1,021,181 
FHLB  5.500%  07/15/36   14,120,000    18,816,679 
               19,837,860 
FEDERAL HOME LOAN MORTGAGE CORPORATION - 14.4%             
FHLMC  4.500%  06/01/18   3,766    3,788 
FHLMC  5.085%  03/25/19   1,140,000    1,158,073 
FHLMC  5.000%  04/01/19   9,975    10,029 
FHLMC  1.375%  05/01/20   1,250,000    1,225,639 
FHLMC  5.000%  12/01/21   60,196    63,022 
FHLMC  2.375%  01/13/22   13,460,000    13,364,299 
FHLMC  5.500%  04/01/22   32,595    33,467 
FHLMC  4.000%  11/01/24   372,806    384,337 
FHLMC  4.000%  10/01/25   168,045    173,272 
FHLMC  6.000%  04/01/27   130,283    144,705 
FHLMC  2.500%  10/01/27   864,637    853,050 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 46.4%  (Continued)  Coupon  Maturity  Principal Amount   Fair Value 
FEDERAL HOME LOAN MORTGAGE CORPORATION - 14.4% (Continued)              
FHLMC  7.000%  02/01/30  $76,187   $82,023 
FHLMC  7.500%  07/01/30   174,790    199,479 
FHLMC  7.000%  03/01/31   60,104    67,409 
FHLMC  6.250%  07/15/32   17,500,000    23,843,873 
FHLMC  3.000%  11/01/32   1,021,426    1,024,962 
FHLMC  3.000%  11/01/32   1,535,913    1,541,192 
FHLMC  5.500%  11/01/33   52,092    57,299 
FHLMC (H15T1Y + 2.231)  3.231%  05/01/34   40,311    42,372 
FHLMC (H15T1Y + 2.231)  3.231%  05/01/34   106,864    113,030 
FHLMC  5.000%  07/01/35   105,551    113,514 
FHLMC  4.500%  10/01/35   209,361    220,116 
FHLMC  5.500%  03/01/36   58,285    64,157 
FHLMC  5.500%  06/01/36   84,389    92,993 
FHLMC  6.000%  06/01/36   89,010    100,765 
FHLMC  5.500%  12/01/36   67,945    74,657 
FHLMC  6.000%  08/01/37   42,911    47,683 
FHLMC  5.000%  03/01/38   344,387    371,402 
FHLMC  4.500%  06/01/39   400,939    424,204 
FHLMC  5.000%  06/01/39   563,559    607,695 
FHLMC  4.500%  07/01/39   412,204    435,561 
FHLMC  4.500%  11/01/39   381,548    403,689 
FHLMC  4.500%  09/01/40   593,391    627,881 
FHLMC  4.500%  05/01/41   1,185,644    1,254,608 
FHLMC  4.500%  07/01/41   1,184,865    1,253,583 
FHLMC  5.000%  09/01/41   521,407    562,201 
FHLMC  3.500%  10/01/41   769,375    775,204 
FHLMC  4.000%  10/01/41   588,452    609,250 
FHLMC  3.500%  02/01/42   1,136,069    1,144,685 
FHLMC  4.000%  02/01/42   333,484    345,266 
FHLMC  3.500%  06/01/42   1,284,181    1,293,900 
FHLMC  3.500%  06/01/42   1,317,482    1,327,474 
FHLMC  3.500%  08/01/42   1,375,994    1,386,417 
FHLMC  3.000%  11/01/42   2,163,431    2,126,692 
FHLMC  3.000%  01/01/43   1,306,736    1,284,544 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 46.4%  (Continued)  Coupon  Maturity  Principal Amount   Fair Value 
FEDERAL HOME LOAN MORTGAGE CORPORATION - 14.4% (Continued)              
FHLMC  3.000%  05/01/43  $1,895,774   $1,863,577 
FHLMC  3.500%  10/01/44   1,699,386    1,708,820 
FHLMC  3.500%  11/01/44   1,550,225    1,557,931 
FHLMC  3.500%  04/01/45   1,896,120    1,903,889 
FHLMC  3.000%  05/01/46   2,613,128    2,552,135 
FHLMC  3.000%  12/01/46   4,670,044    4,562,241 
               75,482,054 
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 25.2%               
FNMA  5.000%  07/01/18   4,016    4,079 
FNMA  5.000%  09/01/18   9,848    10,002 
FNMA  7.000%  11/01/19   2,212    2,250 
FNMA  7.000%  11/01/19   837    840 
FNMA  3.500%  07/01/20   106,981    109,165 
FNMA  1.250%  05/06/21   1,500,000    1,445,855 
FNMA  1.875%  04/05/22   13,000,000    12,659,179 
FNMA  5.500%  06/01/22   67,009    69,346 
FNMA  2.890%  07/01/22   2,389,887    2,380,838 
FNMA  2.000%  10/05/22   3,500,000    3,402,627 
FNMA  2.190%  01/01/23   1,993,280    1,930,759 
FNMA  2.375%  01/19/23   9,500,000    9,380,595 
FNMA  2.670%  12/01/23   2,447,579    2,405,115 
FNMA  2.561%  07/25/24   3,000,000    2,921,107 
FNMA  2.625%  09/06/24   16,750,000    16,603,655 
FNMA  3.080%  12/01/24   2,360,685    2,374,871 
FNMA  2.710%  01/01/25   4,500,000    4,403,623 
FNMA  5.000%  04/01/25   105,557    112,845 
FNMA  5.000%  07/01/25   83,487    89,252 
FNMA  3.500%  10/01/25   179,992    183,667 
FNMA  5.000%  10/01/25   102,436    109,509 
FNMA  5.500%  11/01/25   31    34 
FNMA  4.000%  03/01/26   640,370    658,973 
FNMA  2.125%  04/24/26   2,000,000    1,889,912 
FNMA  8.500%  09/01/26   18,140    18,395 
FNMA  1.875%  09/24/26   15,250,000    14,055,102 
FNMA  2.784%  09/25/26   1,939,585    1,902,369 
FNMA  2.746%  04/25/27   991,514    973,034 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 46.4%  (Continued)  Coupon  Maturity  Principal Amount   Fair Value 
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 25.2% (Continued)              
FNMA  2.500%  09/01/27  $1,062,820   $1,049,836 
FNMA  2.500%  11/01/27   1,531,997    1,513,277 
FNMA  2.500%  01/01/28   1,036,003    1,023,353 
FNMA  6.625%  11/15/30   9,550,000    13,075,755 
FNMA  3.000%  12/01/32   1,531,126    1,526,477 
FNMA  6.000%  10/01/33   48,799    54,803 
FNMA (6MO LIBOR + 145)  3.075%  02/01/34   133,349    135,896 
FNMA  5.500%  02/01/34   59,384    65,206 
FNMA (H15T1Y + 2.205)  3.117%  05/01/34   76,324    80,404 
FNMA (12MO LIBOR + 1.645)  3.520%  05/01/34   14,465    15,007 
FNMA  6.000%  11/01/34   142,474    160,245 
FNMA  5.500%  01/01/35   103,464    113,509 
FNMA  5.000%  10/01/35   124,906    134,788 
FNMA  5.500%  10/01/35   161,130    177,073 
FNMA  6.000%  10/01/35   82,928    93,319 
FNMA  5.500%  06/01/36   41,392    45,363 
FNMA  6.000%  06/01/36   44,199    49,651 
FNMA  5.500%  11/01/36   51,767    56,754 
FNMA (12MO LIBOR + 1.631)  3.331%  05/01/37   40,623    42,385 
FNMA  5.625%  07/15/37   2,750,000    3,724,743 
FNMA  4.500%  09/01/40   362,898    383,853 
FNMA  4.500%  10/01/40   373,745    395,324 
FNMA  4.000%  12/01/40   933,655    965,145 
FNMA  4.000%  01/01/41   616,238    637,004 
FNMA  3.500%  02/01/41   928,491    937,217 
FNMA  4.000%  10/01/41   552,335    570,972 
FNMA  4.000%  11/01/41   527,918    545,727 
FNMA  4.000%  12/01/41   700,054    723,662 
FNMA  4.000%  12/01/41   1,365,908    1,412,037 
FNMA  4.000%  01/01/42   1,633,665    1,690,025 
FNMA  3.500%  05/01/42   1,125,769    1,136,381 
FNMA  3.000%  06/01/42   1,795,948    1,768,222 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 46.4%  (Continued)  Coupon  Maturity  Principal Amount   Fair Value 
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 25.2% (Continued)              
FNMA  3.000%  08/01/42  $1,615,370   $1,590,456 
FNMA  3.000%  08/01/42   1,560,396    1,536,306 
FNMA  3.500%  12/01/42   1,790,611    1,807,444 
FNMA  3.000%  06/01/43   1,591,829    1,567,269 
FNMA  4.000%  12/01/44   2,214,315    2,290,103 
FNMA  3.500%  05/01/45   2,229,031    2,241,957 
FNMA  3.000%  04/01/46   2,576,918    2,515,630 
FNMA  3.500%  11/01/46   3,983,896    4,000,482 
               131,950,058 
GOVERNMENT NATIONAL MORTGAGE ASSOCIATOIN - 0.1%             
GNMA  7.000%  12/20/30   21,987    25,064 
GNMA  7.000%  10/20/31   15,946    18,514 
GNMA  7.000%  03/20/32   61,349    71,411 
GNMA  2.375%  01/20/34   54,247    56,370 
GNMA  5.500%  10/20/38   26,056    27,319 
GNMA  6.500%  11/20/38   14,667    16,678 
GNMA  2.250%  04/16/42   380,451    378,247 
               593,603 
OVERSEAS PRIVATE INVESTMENT CORPORATION - 0.5%               
OPIC  3.280%  09/15/29   1,078,996    1,074,214 
OPIC  3.540%  06/15/30   720,594    735,409 
OPIC  3.820%  06/01/33   923,884    960,405 
               2,770,028 
SMALL BUSINESS ADMINISTRATION - 0.1%                
SBA (Prime - 265) (a)  1.850%  02/25/32   323,524    321,404 
                 
UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT - 2.1%             
Hashemite Kingdom of Jordan AID Bond  2.503%  10/30/20   5,000,000    4,996,379 
Hashemite Kingdom of Jordan AID Bond  3.000%  06/30/25   1,450,000    1,459,371 
Iraq Aid  2.149%  01/18/22   1,500,000    1,471,816 
Ukraine Government AID Bond  1.847%  05/29/20   1,000,000    989,151 
Ukraine Government AID Bond  1.471%  09/29/21   2,000,000    1,928,050 
               10,844,767 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 46.4%  (Continued)  Coupon  Maturity  Principal Amount   Fair Value 
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   $992,188 
                 
TOTAL U.S. GOVERNMENT AGENCIES (COST $245,056,656)          $242,791,962 

 

INVESTMENT COMPANIES - 0.7%  Shares   Fair Value 
Pax World High Yield Bond Fund - Institutional Class      (COST $4,199,236) (a)   530,984   $3,509,803 
           
TOTAL INVESTMENTS - (COST $521,115,600 - Unrealized gain/loss $(1,897,227)) - 99.3%       $519,218,373 
           
OTHER ASSETS IN EXCESS OF LIABILITIES -  0.7%        3,732,984 
           
NET ASSETS - 100.0%       $522,951,357 

 

(a)Variable rate security. Interest rate resets periodically.  The rate shown is the effective interest rate as of March 31, 2018.  For securities based on a published reference rate and spread, the reference rate and spread are indicated parenthetically.  Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.  These securities, therefore, do not indicate a reference rate and spread.
(b)144a security is restricted as to resale to institutional investors.  These securities were deemed liquid under guidelines established by the Board of Trustees.  At March 31, 2018, these securities were valued at $50,197,679 or 9.6% of net assets.
(c)Illiquid security.

 

CV - Convertible Security

H15T1Y of 1 year - U.S. Treasury yield curve rate for U.S. Treasury Note with a constant maturity

LIBOR - London Interbank Offered Rate

plc - Public Liability Company

T - U.S. Treasury Note

 

See accompanying notes to Schedules of Investments.

 

 C: 

 

 

Schedule of Portfolio Investments

Praxis International Index Fund

March 31, 2018 (Unaudited)

 

COMMON STOCKS - 96.6%  Shares   Fair Value 
AUSTRALIA - 4.3%
BANKS - 1.6%        
Australia & New Zealand Banking Group Ltd. (a)   6,107   $127,087 
Australia & New Zealand Banking Group Ltd. - ADR   36,061    752,773 
Commonwealth Bank of Australia (a)   21,512    1,202,804 
Commonwealth Bank of Australia - ADR   613    34,248 
National Australia Bank Ltd. (a)   4,644    102,508 
National Australia Bank Ltd. - ADR   63,688    709,803 
Westpac Banking Corp. (a)   4,794    106,168 
Westpac Banking Corp. - ADR   68,899    1,528,180 
         4,563,571 
BIOTECHNOLOGY - 0.3%          
CSL Ltd. (a)   3,640    438,474 
CSL Ltd. - ADR   8,710    525,561 
         964,035 
CAPITAL MARKETS - 0.3%          
Macquarie Group Ltd. (a)   7,209    574,736 
Macquarie Group Ltd. - ADR   2,747    220,474 
         795,210 
CHEMICALS - 0.1%          
Orica Ltd. (a)   27,987    385,172 
           
CONTAINERS & PACKAGING - 0.2%          
Amcor Ltd. (a)   24,949    273,158 
Amcor Ltd. - ADR   3,500    153,562 
         426,720 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1%          
Telstra Corp. Ltd. (a)   17,682    42,796 
Telstra Corp. Ltd. - ADR   10,910    131,575 
         174,371 
FOOD & STAPLES RETAILING - 0.4%          
Wesfarmers Ltd. (a)   19,358    620,228 
Woolworths Group Ltd. (a)   27,413    556,317 
         1,176,545 
INSURANCE - 0.2%          
Suncorp Group Ltd. (a)   46,152    475,913 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
AUSTRALIA - 4.3% (Continued)
METALS & MINING - 0.2%        
Alumina Ltd. - ADR   41,858   $307,656 
Newcrest Mining Ltd. - ADR   9,928    149,218 
Sims Metal Management Ltd. - ADR   21,356    236,838 
         693,712 
OIL, GAS & CONSUMABLE FUELS - 0.5%          
Caltex Australia Ltd. (a)   12,181    295,844 
Origin Energy Ltd. (a) (b)   85,076    574,054 
Woodside Petroleum Ltd. (a)   18,241    413,593 
Woodside Petroleum Ltd. - ADR   5,235    118,520 
         1,402,011 
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.3%          
Shopping Centres Australasia Property Group REIT (a)   1    2 
Westfield Corp. REIT (a)   123,771    811,705 
         811,707 
TRANSPORTATION INFRASTRUCTURE - 0.1%          
Sydney Airport (a)   49,337    255,762 
TOTAL AUSTRALIA        12,124,729 
           
AUSTRIA - 0.2%          
BANKS - 0.2%          
Erste Group Bank AG (a)   5,112    257,001 
Erste Group Bank AG - ADR   12,078    305,211 
TOTAL AUSTRIA        562,212 
           
BELGIUM - 0.2%          
FOOD & STAPLES RETAILING - 0.2%          
Colruyt S.A. (a)   8,334    461,290 
           
BERMUDA - 0.7%          
AUTOMOBILES - 0.0% (c)          
Brilliance China Automotive (a)   64,000    135,122 
           
COMMERCIAL BANKS - 0.3%          
Credicorp Ltd. (b)   3,419    776,250 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
BERMUDA - 0.7% (Continued)
ELECTRIC UTILITIES - 0.1%        
CK Infrastructure Holdings Ltd. (a)   41,518   $340,293 
           
HOUSEHOLD DURABLES - 0.1%          
Haier Electronics Group Co. (a)   85,000    304,738 
           
INDUSTRIAL CONGLOMERATES - 0.2%          
Jardine Matheson Holdings Ltd. (a)   4,751    292,786 
Jardine Matheson Holdings Ltd. - ADR   3,618    224,678 
         517,464 
TOTAL BERMUDA        2,073,867 
           
BRAZIL - 1.6%          
BANKS - 0.4%          
Banco Bradesco S.A. - ADR   77,242    917,635 
Banco Santander Brasil S.A. - ADR   25,530    306,871 
         1,224,506 
CHEMICALS - 0.2%          
Braskem S.A. - ADR   13,824    400,758 
           
OIL, GAS & CONSUMABLE FUELS - 0.7%          
Petroleo Brasileiro S.A. - ADR (b)   94,021    1,329,457 
Ultrapar Participacoes S.A. - ADR   31,036    670,998 
         2,000,455 
PAPER & FOREST PRODUCTS - 0.2%          
Fibria Celulose S.A. - ADR   21,501    419,269 
           
WATER UTILITIES - 0.1%          
Cia de Saneamento Basico do Estado de Sao Paulo - ADR   36,049    381,759 
TOTAL BRAZIL        4,426,747 
           
CANADA - 5.8%          
AUTO COMPONENTS - 0.3%          
Magna International, Inc. - Class A   14,024    790,252 
           
BANKS - 1.5%          
Bank of Montreal   7,625    576,221 
Bank of Nova Scotia   12,180    751,506 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
CANADA - 5.8% (Continued)
BANKS - 1.5% (Continued)        
Canadian Imperial Bank of Commerce   6,759   $596,685 
Royal Bank of Canada   17,137    1,324,519 
Toronto-Dominion Bank   18,236    1,036,717 
         4,285,648 
CHEMICALS - 0.4%          
Methanex Corp.   8,331    505,275 
Nutrien Ltd.   13,301    628,605 
         1,133,880 
INSURANCE - 0.4%          
Manulife Financial Corp.   30,520    567,062 
Sun Life Financial, Inc.   11,714    481,680 
         1,048,742 
IT SERVICES - 0.2%          
CGI Group, Inc. - Class A (b)   9,434    543,776 
           
MEDIA - 0.3%          
Shaw Communications, Inc. - Class B   21,893    421,659 
Thomson Reuters Corp.   13,659    527,920 
         949,579 
METALS & MINING - 0.3%          
Agnico Eagle Mines Ltd.   8,215    345,605 
Teck Resources Ltd. - Class B   24,575    633,052 
         978,657 
OIL, GAS & CONSUMABLE FUELS - 1.0%          
Enbridge, Inc.   19,974    628,582 
Encana Corp.   36,072    396,792 
Suncor Energy, Inc.   49,731    1,717,709 
         2,743,083 
ROAD & RAIL - 0.7%          
Canadian National Railway Co.   16,941    1,238,895 
Canadian Pacific Railway Ltd.   4,907    866,086 
         2,104,981 
SOFTWARE - 0.2%          
Open Text Corp.   14,935    519,738 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
CANADA - 5.8% (Continued)
TEXTILES, APPAREL & LUXURY GOODS - 0.3%        
Gildan Activewear, Inc.   25,642   $740,798 
           
WIRELESS TELECOMMUNICATION SERVICES - 0.2%          
Rogers Communications, Inc. - Class B   12,894    576,104 
TOTAL CANADA        16,415,238 
           
CAYMAN ISLANDS - 6.3%          
DIVERSIFIED CONSUMER SERVICES - 0.5%          
New Oriental Education & Technology Group, Inc. - ADR   7,334    642,825 
TAL Education Group - ADR   20,571    762,978 
         1,405,803 
GAS UTILITIES - 0.2%          
ENN Energy Holdings Ltd (a) (b)   50,000    449,444 
           
INDUSTRIAL CONGLOMERATES - 0.4%          
CK Hutchison Holdings Ltd. (a)   54,033    649,219 
CK Hutchison Holdings Ltd. - ADR   36,503    437,671 
         1,086,890 
INTERNET & DIRECT MARKETING RETAIL - 0.7%          
Ctrip.com International Ltd. - ADR (b)   13,813    643,962 
JD.com, Inc. - ADR (b)   25,659    1,038,933 
Vipshop Holdings Ltd. - ADR (b)   19,542    324,788 
         2,007,683 
INTERNET SOFTWARE & SERVICES - 4.2%          
Alibaba Group Holdings Ltd. - ADR (b)   17,583    3,227,184 
Baidu, Inc. - ADR (b)   5,149    1,149,205 
NetEase, Inc. - ADR   2,394    671,254 
SINA Corp. (b)   4,823    502,894 
Tencent Holdings Ltd. - ADR   109,039    5,810,688 
Weibo Corp. - ADR (b)   5,767    689,387 
         12,050,612 
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%          
Wharf Real Estate Investment Company Limited (a) (b)   111,565    729,229 
TOTAL CAYMAN ISLANDS        17,729,661 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
CHILE - 0.6%
AIRLINES - 0.2%        
Latam Airlines Group S.A. - ADR (b)   30,040   $462,316 
           
BANKS - 0.1%          
Banco Santander Chile - ADR   10,706    358,758 
           
BEVERAGES - 0.1%          
Embotelladora Andina S.A. - Class B - ADR   6,720    196,694 
           
CHEMICALS - 0.1%          
Sociedad Quimica y Minera de Chile S.A. - ADR   7,828    384,746 
           
ELECTRIC UTILITIES - 0.1%          
Enel Americas S.A. - ADR   28,491    331,065 
TOTAL CHILE        1,733,579 
           
CHINA - 2.4%          
AIRLINES - 0.1%          
China Southern Airlines Co. Ltd. - ADR   5,546    291,886 
           
BANKS - 0.7%          
China Construction Bank Corp. - ADR   69,587    1,454,020 
China Merchants Bank Co. Ltd. - H Shares (a) (b)   71,500    296,786 
Industrial & Commercial Bank of China Ltd. - H Shares (a) (b)   437,000    380,838 
         2,131,644 
CHEMICALS - 0.2%          
Sinopec Shanghai Petrochemical Co. Ltd. - ADR   7,041    431,754 
           
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1%          
China Telecom Corp. Ltd. - ADR   6,115    271,995 
           
INSURANCE - 1.2%          
China Life Insurance Co. Ltd. - ADR   82,593    1,155,476 
PICC Property & Casualty Co. Ltd. - H Shares (a)   112,000    197,906 
Ping an Insurance Group Co. of China Ltd. - ADR   33,826    701,720 
Ping an Insurance Group Co. of China Ltd. - Class H (a)   131,769    1,358,623 
         3,413,725 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
CHINA – 2.4% (Continued)
ROAD & RAIL - 0.1%        
Guangshen Railway Co. - ADR   8,797   $259,511 
TOTAL CHINA        6,800,515 
           
COLOMBIA - 0.5%          
BANKS - 0.2%          
BanColombia S.A. - ADR   12,503    525,376 
           
OIL, GAS & CONSUMABLE FUELS - 0.3%          
Ecopetrol S.A. - ADR   46,971    907,949 
TOTAL COLOMBIA        1,433,325 
           
DENMARK - 1.0%          
BANKS - 0.2%          
Danske Bank A/S (a)   11,624    435,533 
Danske Bank A/S - ADR   6,614    124,839 
         560,372 
PHARMACEUTICALS - 0.7%          
Novo Nordisk A/S - ADR   39,423    1,941,583 
           
TEXTILES, APPAREL & LUXURY GOODS - 0.1%          
Pandora A/S (a)   2,460    266,163 
TOTAL DENMARK        2,768,118 
           
FINLAND - 0.6%          
COMMUNICATIONS EQUIPMENT - 0.2%          
Nokia OYJ - ADR   86,149    471,235 
           
MACHINERY - 0.2%          
Kone OYJ - Class B (a)   11,250    561,471 
           
PAPER & FOREST PRODUCTS - 0.2%          
Stora Enso OYJ - ADR   32,308    608,683 
TOTAL FINLAND        1,641,389 
           
FRANCE - 6.3%          
AUTO COMPONENTS - 0.5%          
Cie Generale des Etablissements Michelin (a)   1,074    159,000 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
FRANCE - 6.3% (Continued)
AUTO COMPONENTS - 0.5% (Continued)        
Cie Generale des Etablissements Michelin - ADR   25,215   $747,121 
Valeo S.A. (a)   2,793    184,760 
Valeo S.A. - ADR   13,056    432,937 
         1,523,818 
AUTOMOBILES - 0.2%          
Renault S.A. (a)   5,892    714,991 
           
BANKS - 0.7%          
BNP Paribas S.A. - ADR   29,644    1,104,091 
Credit Agricole S.A. (a)   11,014    179,586 
Credit Agricole S.A. - ADR   14,211    115,678 
Societe Generale S.A. (a)   4,111    223,273 
Societe Generale S.A. - ADR   36,300    394,944 
         2,017,572 
BUILDING PRODUCTS - 0.3%          
Cie de Saint-Gobain (a)   13,938    736,006 
           
CONSTRUCTION & ENGINEERING - 0.5%          
Bouygues S.A. (a)   8,092    405,724 
Vinci S.A. (a)   1,494    147,154 
Vinci S.A. - ADR   30,694    755,993 
         1,308,871 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%          
Orange S.A. - ADR   40,170    686,104 
Vivendi S.A. (a)   12,138    314,801 
Vivendi S.A. - ADR   11,623    301,384 
         1,302,289 
ELECTRICAL EQUIPMENT - 0.5%          
Legrand S.A. (a)   17,254    1,353,779 
           
FOOD & STAPLES RETAILING - 0.1%          
Carrefour S.A. (a)   1,523    31,587 
Carrefour S.A. - ADR   58,790    243,391 
         274,978 
FOOD PRODUCTS - 0.8%          
Danone S.A. - ADR   149,555    2,431,764 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
FRANCE - 6.3% (Continued)
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%        
Essilor International S.A. (a) (c)   4,503   $607,466 
Essilor International S.A. - ADR   952    64,355 
         671,821 
INSURANCE - 0.4%          
AXA S.A. (a)   4,355    115,771 
AXA SA - ADR   34,977    929,689 
         1,045,460 
MEDIA - 0.2%          
Publicis Groupe S.A. - ADR   26,260    456,136 
           
MULTI-UTILITIES - 0.5%          
Engie S.A. (b)   21,648    361,494 
Engie S.A. - ADR   26,565    446,823 
Veolia Environnement S.A. (a)   14,792    351,424 
Veolia Environnement S.A. - ADR   11,774    279,515 
         1,439,256 
PERSONAL PRODUCTS - 0.6%          
L'Oreal S.A. (a)   1,380    311,689 
L'Oreal S.A. - ADR   32,890    1,484,819 
         1,796,508 
SOFTWARE - 0.3%          
Dassault Systemes - ADR   6,224    849,607 
TOTAL FRANCE        17,922,856 
           
GERMANY - 6.2%          
AIR FREIGHT & LOGISTICS - 0.4%          
Deutsche Post AG (a)   10,161    445,051 
Deutsche Post AG - ADR   14,832    652,163 
         1,097,214 
AIRLINES - 0.1%          
Deutsche Lufthansa AG - ADR   10,201    326,636 
           
AUTOMOBILES - 0.9%          
Bayerische Moteren Werke AG - ADR   27,692    1,004,666 
Daimler AG (a)   15,015    1,279,295 
Daimler AG - ADR   2,549    216,232 
         2,500,193 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
GERMANY - 6.2% (Continued)
BANKS - 0.2%        
Deutsche Bank AG   32,333   $452,015 
           
CHEMICALS - 0.8%          
BASF SE (a)   4,371    443,301 
BASF SE - ADR   72,776    1,847,783 
         2,291,084 
DIVERSIFIED FINANCIAL SERVICES - 0.3%          
Deutsche Boerse AG (a)   3,878    530,143 
Deutsche Boerse AG - ADR   15,060    205,268 
         735,411 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%          
Deutsche Telekom AG - ADR   38,043    623,525 
           
HEALTH CARE PROVIDERS & SERVICES - 0.5%          
Fresenius Medical Care AG & Co. KGaA - ADR   19,354    988,602 
Fresenius SE & Co. KGaA (a)   5,130    392,270 
         1,380,872 
INSURANCE - 0.9%          
Allianze SE - ADR   76,050    1,725,575 
Muenchener Rueckversicherungs-Gesellschaft AG (a)   1,682    391,140 
Muenchener Rueckversicherungs-Gesellschaft AG - ADR   18,890    439,891 
         2,556,606 
MULTI-UTILITIES - 0.1%          
RWE AG (a) (b)   16,534    408,697 
RWE AG - ADR (b)   1,023    25,370 
         434,067 
PHARMACEUTICALS - 0.5%          
Bayer AG - ADR   51,088    1,443,491 
           
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%          
Infineon Technologies AG - ADR   12,109    326,761 
           
SOFTWARE - 0.6%          
SAP SE - ADR   16,215    1,705,169 
           
TEXTILES, APPAREL & LUXURY GOODS - 0.5%          
adidas AG (a)   1,323    321,887 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
GERMANY - 6.2% (Continued)
TEXTILES, APPAREL & LUXURY GOODS - 0.5% (Continued)        
adidas AG - ADR   9,804   $1,193,833 
         1,515,720 
TRADING COMPANIES & DISTRIBUTORS - 0.1%          
Brenntag AG (a)   5,521    328,681 
TOTAL GERMANY        17,717,445 
           
HONG KONG - 1.8%          
BANKS - 0.1%          
BOC Hong Kong Holdings Ltd. (a)   44,159    216,633 
BOC Hong Kong Holdings Ltd. - ADR   1,754    169,261 
         385,894 
DIVERSIFIED FINANCIAL SERVICES - 0.2%          
Hong Kong Exchanges & Clearing Ltd. (a)   14,978    493,329 
           
INSURANCE - 0.5%          
AIA Group Ltd. (a)   98,280    840,161 
AIA Group Ltd. - ADR   20,771    714,211 
         1,554,372 
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.9%          
Henderson Land Development Co. Ltd. (a)   89,476    586,699 
Sun Hung Kai Properties Ltd. (a)   22,037    349,791 
Sun Hung Kai Properties Ltd. - ADR   11,174    179,008 
Swire Pacific Ltd. - Class A (a)   23,879    241,812 
Swire Pacific Ltd. - Class A - ADR   18,937    195,051 
Swire Properties Ltd. (a)   121,150    426,105 
Wharf Holdings Ltd. (a)   150,000    519,342 
         2,497,808 
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.1%          
Lenovo Group Ltd. - ADR   18,577    190,414 
TOTAL HONG KONG        5,121,817 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
HUNGARY - 0.0% (c)
OIL, GAS & CONSUMABLE FUELS - 0.0% (c)        
MOL Hungarian Oil & Gas plc - ADR   6,368   $34,770 
           
INDIA - 2.0%          
BANKS - 1.0%          
HDFC Bank Ltd. - ADR   16,597    1,639,286 
ICICI Bank Ltd. - ADR   121,194    1,072,567 
         2,711,853 
IT SERVICES - 0.8%          
Infosys Ltd. - ADR   93,911    1,676,311 
Wipro Ltd. - ADR   127,058    655,619 
         2,331,930 
PHARMACEUTICALS - 0.2%          
Dr. Reddy's Laboratories Ltd. - ADR   19,237    628,858 
TOTAL INDIA        5,672,641 
           
INDONESIA - 0.5%          
BANKS - 0.2%          
PT Bank Mandiri - ADR   49,403    559,242 
           
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%          
Telekomunikasi Indonesia Persero Tbk PT - ADR   33,724    890,988 
TOTAL INDONESIA        1,450,230 
           
IRELAND - 0.3%          
CONSTRUCTION MATERIALS - 0.3%          
CRH plc - ADR   23,753    808,077 
           
ISRAEL - 0.2%          
PHARMACEUTICALS - 0.0% (c)          
Teva Pharmaceutical Industries Ltd. - ADR   9,513    162,577 
           
SOFTWARE - 0.2%          
Check Point Software Technologies Ltd. (b)   4,973    494,018 
TOTAL ISRAEL        656,595 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
ITALY - 0.9%
BANKS - 0.3%        
Intesa Sanpaolo SpA (a)   128,010   $466,091 
Intesa Sanpaolo SpA - ADR   12,596    277,364 
         743,455 
ELECTRIC UTILITIES - 0.2%          
Enel SpA (a)   86,564    529,711 
           
INSURANCE - 0.1%          
Assicurazioni Generali SpA (a)   16,056    308,636 
           
TEXTILES, APPAREL & LUXURY GOODS - 0.2%          
Luxottica Group SpA - ADR   9,316    579,455 
           
TRANSPORTATION INFRASTRUCTURE - 0.1%          
Atlantia SpA (a)   13,863    429,570 
TOTAL ITALY        2,590,827 
           
JAPAN - 16.0%          
AUTO COMPONENTS - 0.4%          
Bridgestone Corp. (a)   4,656    204,835 
Bridgestone Corp. - ADR   20,546    452,423 
Denso Corp. (a)   7,000    385,031 
Denso Corp. - ADR   6,048    167,590 
         1,209,879 
AUTOMOBILES - 2.1%          
Honda Motor Co. Ltd. - ADR   49,827    1,730,492 
Nissan Motor Co. Ltd. - ADR   36,396    752,487 
Toyota Motor Corp. - ADR   27,232    3,550,236 
         6,033,215 
BANKS - 1.5%          
Mitsubishi UFJ Financial Group, Inc. - ADR   260,591    1,730,324 
Mizuho Financial Group, Inc. - ADR   132,028    488,504 
Sumitomo Mitsui Financial Group, Inc. - ADR   213,385    1,813,772 
Sumitomo Mitsui Trust Holdings, Inc. (a)   298    12,182 
Sumitomo Mitsui Trust Holdings, Inc. - ADR   39,737    164,114 
         4,208,896 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
JAPAN - 16.0% (Continued)
BUILDING PRODUCTS - 0.1%        
Asahi Glass Co. Ltd. (a)   600   $25,144 
Asahi Glass Co. Ltd. - ADR   21,219    176,967 
         202,111 
CAPITAL MARKETS - 0.3%          
Daiwa Securities Group, Inc. (a)   16,000    102,974 
Daiwa Securities Group, Inc. - ADR   49,678    322,410 
Nomura Holdings, Inc. - ADR   94,167    550,877 
         976,261 
CHEMICALS - 0.5%          
Nitto Denko Corp. (a)   500    37,790 
Nitto Denko Corp. - ADR   11,626    439,114 
Shin-Etsu Chemical Co. Ltd. (a)   5,600    584,131 
Sumitomo Chemical Co. Ltd. (a)   38,000    220,465 
         1,281,500 
COMMERCIAL SERVICES & SUPPLIES - 0.2%          
Dai Nippon Printing Co. Ltd. (a)   25,000    519,523 
Dai Nippon Printing Co. Ltd. - ADR   37    387 
         519,910 
CONSTRUCTION & ENGINEERING - 0.2%          
Obayashi Corp. (a)   55,000    605,872 
           
DIVERSIFIED FINANCIAL SERVICES - 0.4%          
ORIX Corp. (a)   20,100    360,211 
ORIX Corp. - ADR   9,867    886,649 
         1,246,860 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.4%          
Nippon Telegraph & Telephone Corp. - ADR   22,192    1,033,038 
           
ELECTRICAL EQUIPMENT - 0.4%          
Nidec Corp.   30,872    1,189,807 
           
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.6%          
Hitachi Ltd. (a)   26,000    189,374 
Hitachi Ltd. - ADR   5,344    390,593 
Keyence Corp. (a)   800    499,726 
Kyocera Corp. (a)   2,800    158,755 
Kyocera Corp. - ADR   3,162    179,412 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
JAPAN - 16.0% (Continued)
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.6% (Continued)        
Murata Manufacturing Co. Ltd. (a)   2,300   $317,474 
Murata Manufacturing Co. Ltd. - ADR   1,592    55,083 
         1,790,417 
FOOD PRODUCTS - 0.2%          
Meiji Holdings Co. Ltd. (a)   2,000    153,634 
Yakult Honsha Co. Ltd. (a)   5,100    382,292 
         535,926 
HEALTH CARE EQUIPMENT & SUPPLIES - 0.4%          
Hoya Corp. (a)   9,500    479,870 
Hoya Corp. - ADR   1,734    88,659 
Terumo Corp. (a)   11,800    613,740 
         1,182,269 
HOUSEHOLD DURABLES - 0.8%          
Sekisui House Ltd. (a)   8,000    146,382 
Sekisui House Ltd. - ADR   30,149    557,154 
Sony Corp. - ADR   32,810    1,586,035 
         2,289,571 
INSURANCE - 0.4%          
MS&AD Insurance Group Holdings, Inc. - ADR   34,266    534,892 
Tokio Marine Holdings, Inc. (a)   4,600    208,577 
Tokio Marine Holdings, Inc. - ADR   7,354    335,931 
         1,079,400 
IT SERVICES - 0.1%          
Fujitsu Ltd. (a)   20,000    121,539 
Fujitsu Ltd. - ADR   1,240    37,659 
         159,198 
LEISURE PRODUCTS - 0.1%          
Shimano, Inc. (a)   1,600    230,890 
           
MACHINERY - 0.9%          
FANUC Corp. (a)   1,100    283,088 
FANUC Corp. - ADR   43,920    1,116,886 
Kubota Corp. - ADR   7,847    697,677 
Makita Corp. (a)   1,200    59,441 
Makita Corp. - ADR   9,872    489,296 
         2,646,388 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
JAPAN - 16.0% (Continued)
MARINE - 0.1%        
Nippon Yusen KK (a)   5,600   $109,950 
Nippon Yusen KK - ADR   7,243    27,741 
         137,691 
METALS & MINING - 0.2%          
Sumitomo Metal Mining Co. Ltd. (a)   11,500    475,659 
           
OIL, GAS & CONSUMABLE FUELS - 0.1%          
Inpex Corp. (a)   26,239    325,608 
           
PERSONAL PRODUCTS - 0.7%          
Kao Corp. (a)   1,000    75,073 
Kao Corp. - ADR   11,651    878,660 
Shiseido Co. Ltd. (a)   2,100    134,856 
Shiseido Co. Ltd. - ADR   15,035    966,901 
         2,055,490 
PHARMACEUTICALS - 0.5%          
Astellas Pharma, Inc. (a)   17,800    272,269 
Astellas Pharma, Inc. - ADR   24,473    373,947 
Daiichi Sankyo Co. Ltd. (a)   7,700    258,303 
Daiichi Sankyo Co. Ltd. - ADR   1,901    63,969 
Takeda Pharmaceutical Co. Ltd. (a)   2,700    131,655 
Takeda Pharmaceutical Co. Ltd. - ADR   18,144    442,895 
         1,543,038 
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.7%          
Daiwa House Industry Co. Ltd. - ADR   15,470    596,910 
Mitsubishi Estate Co. Ltd. (a)   11,000    184,266 
Mitsubishi Estate Co. Ltd. - ADR   11,717    198,310 
Mitsui Fudosan Co. Ltd. (a)   21,000    506,966 
Sumitomo Realty & Development Co. Ltd. (a)   13,000    485,766 
         1,972,218 
RETAIL - 0.4%          
Japan Retail Fund Investment Corp. (a)   515    998,656 
           
ROAD & RAIL - 0.5%          
Central Japan Railway Co. (a)   1,348    257,256 
East Japan Railway Co. (a)   3,590    335,643 
East Japan Railway Co. - ADR   29,226    456,949 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
JAPAN - 16.0% (Continued)
ROAD & RAIL - 0.5% (Continued)        
Keikyu Corp. (a)   18,500   $325,171 
         1,375,019 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%          
Rohm Co. Ltd. (a)   700    66,445 
Rohm Co. Ltd. - ADR   2,660    125,259 
         191,704 
SOFTWARE - 0.4%          
Nintendo Co. Ltd. (a)   300    133,282 
Nintendo Co. Ltd. - ADR   19,800    1,099,098 
         1,232,380 
SPECIALTY RETAIL - 0.1%          
Fast Retailing Co. Ltd. (a)   700    281,213 
           
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.9%          
Canon, Inc. - ADR   57,457    2,094,308 
FUJIFILM Holdings Corp. - ADR   11,626    466,319 
         2,560,627 
TEXTILES, APPAREL & LUXURY GOODS - 0.1%          
Wacoal Holdings Corporation - ADR   2,621    376,453 
           
TRADING COMPANIES & DISTRIBUTORS - 0.4%          
Mitsubishi Corp. (a)   16,300    438,781 
Mitsui & Co. Ltd. - ADR   1,637    567,262 
         1,006,043 
WIRELESS TELECOMMUNICATION SERVICES - 0.8%          
KDDI Corp. - ADR   51,612    660,892 
NTT DoCoMo, Inc. - ADR   25,031    640,043 
Softbank Group Corp. (a) (c)   7,200    537,057 
Softbank Group Corp. - ADR   12,952    484,340 
         2,322,332 
TOTAL JAPAN        45,275,539 
           
JERSEY - 1.4%          
BIOTECHNOLOGY - 0.2%          
Shire plc - ADR   3,955    590,838 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
JERSEY - 1.4% (Continued)
MEDIA - 0.2%        
WPP plc - ADR   6,767   $538,315 
           
METALS & MINING - 0.5%          
Glencore plc (a)   220,536    1,095,984 
Randgold Resources Ltd. - ADR   4,722    393,059 
         1,489,043 
PROFESSIONAL SERVICES - 0.3%          
Experian plc (a)   3,191    69,016 
Experian plc - ADR   37,268    808,716 
         877,732 
TRADING COMPANIES & DISTRIBUTORS - 0.2%          
Ferguson plc (a)   537    40,391 
Ferguson plc - ADR   63,056    477,649 
         518,040 
TOTAL JERSEY        4,013,968 
           
LUXEMBOURG - 0.7%          
ENERGY EQUIPMENT & SERVICES - 0.3%          
Subsea 7 S.A. (a)   14,251    183,431 
Tenaris S.A. - ADR   20,102    696,936 
         880,367 
MEDIA - 0.4%          
RTL Group S.A. (a)   12,091    1,003,856 
TOTAL LUXEMBOURG        1,884,223 
           
MEXICO - 1.1%          
BEVERAGES - 0.4%          
Coca-Cola Femsa S.A.B. de C.V. - ADR   7,597    504,669 
Fomento Economico Mexicano, S.A.B. de C.V. - ADR   6,474    591,918 
         1,096,587 
CONSTRUCTION MATERIALS - 0.2%          
Cemex S.A.B. de C.V. - ADR (b)   83,354    551,804 
           
FOOD & STAPLES RETAILING - 0.3%          
Wal-Mart de Mexico S.A.B. de C.V. - ADR   29,614    758,711 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
MEXICO – 1.1% (Continued)
TRANSPORTATION INFRASTRUCTURE - 0.3%        
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR   4,513   $449,675 
Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR   1,943    331,417 
         781,092 
TOTAL MEXICO        3,188,194 
           
NETHERLANDS - 4.5%          
AUTOMOBILES - 0.6%          
Ferrari N.V.   8,603    1,036,833 
Fiat Chrysler Automobiles N.V.   26,965    553,322 
         1,590,155 
BANKS - 0.4%          
ING Groep N.V. - ADR   71,517    1,210,783 
           
CHEMICALS - 0.2%          
Akzo Nobel N.V. - ADR   19,227    608,727 
           
FOOD & STAPLES RETAILING - 0.4%          
Koninklijke Ahold Delhaize N.V. (a)   5,491    130,116 
Koninklijke Ahold Delhaize N.V. - ADR   40,864    969,294 
         1,099,410 
HEALTH CARE EQUIPMENT & SUPPLIES - 0.4%          
Koninklijke Philips N.V. - NY Registry Shares   30,708    1,176,423 
           
LIFE SCIENCES TOOLS & SERVICES - 0.2%          
QIAGEN N.V. (b)   16,162    522,194 
           
MEDIA - 0.2%          
Wolters Kluwer N.V. (a)   954    50,739 
Wolters Kluwer N.V. - ADR   7,337    391,356 
         442,095 
PERSONAL PRODUCTS - 0.8%          
Unilever N.V. - NY Registry Shares - ADR   42,041    2,370,692 
           
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.0%          
ASML Holding N.V. - NY Registry Shares - ADR   6,611    1,312,680 
NXP Semiconductors N.V. (b)   5,879    687,843 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
NETHERLANDS - 4.5% (Continued)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.0% (Continued)        
Stmicroelectronics NV - NY Registry Shares   37,925   $845,348 
         2,845,871 
TRADING COMPANIES & DISTRIBUTORS - 0.3%          
AerCap Holdings N.V. (b)   18,140    920,061 
TOTAL NETHERLANDS        12,786,411 
           
NORWAY - 1.2%          
METALS & MINING - 0.1%          
Norsk Hydro ASA (a)   57,807    342,887 
Norsk Hydro ASA - ADR   384    2,285 
         345,172 
OIL, GAS & CONSUMABLE FUELS - 1.1%          
Statoil ASA - ADR   133,829    3,165,056 
TOTAL NORWAY        3,510,228 
           
PAPUA NEW GUINEA - 0.1%          
OIL, GAS & CONSUMABLE FUELS - 0.1%          
Oil Search Ltd. (a)   60,661    336,903 
           
PORTUGAL - 0.1%          
ELECTRIC UTILITIES - 0.1%          
EDP - Energias de Portugal S.A. (a)   82,980    315,296 
EDP - Energias de Portugal S.A. - ADR   1,231    46,667 
TOTAL PORTUGAL        361,963 
           
RUSSIA - 0.5%          
WIRELESS TELECOMMUNICATION SERVICES - 0.5%          
Mobile TeleSystems PJSC - ADR   131,165    1,493,969 
           
SINGAPORE - 1.4%          
BANKS - 1.0%          
DBS Group Holdings Ltd. (a)   656    13,857 
DBS Group Holdings Ltd. - ADR   16,080    1,367,041 
United Overseas Bank Ltd. (a)   19,475    409,825 
United Overseas Bank Ltd. - ADR   22,014    924,368 
         2,715,091 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
SINGAPORE - 1.4% (Continued)
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1%        
Singapore Telecommunications Ltd. (a)   74,732   $193,023 
Singapore Telecommunications Ltd. - ADR   6,886    178,657 
         371,680 
INDUSTRIAL CONGLOMERATES - 0.2%          
Keppel Corp. Ltd. (a)   11,721    70,087 
Keppel Corp. Ltd. - ADR   40,769    485,049 
         555,136 
MACHINERY - 0.1%          
Sembcorp Marine Ltd. (a)   204,000    354,208 
           
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.0% (c)          
Keppel REIT (a)   737    682 
TOTAL SINGAPORE        3,996,797 
           
SOUTH AFRICA - 2.0%          
BANKS - 0.1%          
Standard Bank Group Ltd. - ADR   19,275    357,744 
           
INDUSTRIAL CONGLOMERATES - 0.2%          
Bidvest Group Ltd. (a)   31,583    599,501 
           
MEDIA - 0.8%          
Naspers Ltd. - Class N - ADR   43,870    2,201,397 
           
METALS & MINING - 0.3%          
Gold Fields Ltd. - ADR   204,179    820,799 
           
SPECIALTY RETAIL - 0.2%          
Mr. Price Group Ltd. (a)   18,810    452,453 
           
TRADING COMPANIES & DISTRIBUTORS - 0.2%          
Barloworld Ltd. (a)   45,286    637,863 
           
WIRELESS TELECOMMUNICATION SERVICES - 0.2%          
MTN Group Ltd. - ADR   50,154    506,054 
TOTAL SOUTH AFRICA        5,575,811 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
SOUTH KOREA - 2.6%
BANKS - 1.3%        
KB Financial Group, Inc. - ADR   35,152   $2,036,707 
Shinhan Financial Group Co. Ltd. - ADR   30,017    1,272,721 
Woori Bank - ADR   9,632    398,476 
         3,707,904 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%          
KT Corp. - ADR (b)   97,378    1,334,079 
           
ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS - 0.3%          
LG Display Co. Ltd. - ADR   81,392    984,843 
           
METALS & MINING - 0.2%          
POSCO - ADR   6,108    481,616 
           
WIRELESS TELECOMMUNICATION SERVICES - 0.3%          
SK Telecom Co. Ltd. - ADR   32,754    791,664 
TOTAL SOUTH KOREA        7,300,106 
           
SPAIN - 1.9%          
BANKS - 0.8%          
Banco Bilbao Vizcaya Argentaria SA - ADR   102,689    811,243 
Banco Santander SA - ADR   230,491    1,509,716 
         2,320,959 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%          
Telefónica SA - ADR   88,258    871,106 
           
ELECTRIC UTILITIES - 0.2%          
Iberdrola SA - ADR   16,749    493,928 
           
METALS & MINING - 0.1%          
Acerinox SA (a) (b)   16,589    232,041 
           
OIL, GAS & CONSUMABLE FUELS - 0.3%          
Repsol SA (a)   24,639    437,980 
Repsol SA - ADR   27,585    491,565 
         929,545 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
SPAIN - 1.9% (Continued)
SPECIALTY RETAIL - 0.2%        
Industria de Diseno Textil SA (a)   17,640   $554,585 
TOTAL SPAIN        5,402,164 
           
SWEDEN - 2.0%          
COMMUNICATIONS EQUIPMENT - 0.1%          
Telefonaktiebolaget LM Ericsson - ADR   54,723    350,227 
           
CONSTRUCTION & ENGINEERING - 0.3%          
Skanska AB - Class B (a)   37,142    761,682 
           
HOUSEHOLD PRODUCTS - 0.1%          
Essity Aktiebolag AB - Class B (a) (b)   12,219    338,701 
           
MACHINERY - 0.9%          
Alfa Laval AB (a)   23,419    555,105 
Atlas Copco AB - Class A (a)   8,922    387,583 
Atlas Copco AB - Class A - ADR   18,292    799,909 
Sandvik AB (a)   19,176    351,404 
Sandvik AB - ADR   20,116    370,939 
         2,464,940 
METALS & MINING - 0.3%          
Boliden AB (a)   22,985    808,981 
           
OIL, GAS & CONSUMABLE FUELS - 0.2%          
Lundin Petroleum AB (a) (b)   24,270    613,263 
           
SPECIALTY RETAIL - 0.1%          
Hennes & Mauritz AB - ADR   65,360    193,793 
Hennes & Mauritz AB - Class B (a)   3,195    47,741 
         241,534 
TOTAL SWEDEN        5,579,328 
           
SWITZERLAND - 5.7%          
CAPITAL MARKETS - 0.6%          
Credit Suisse Group AG - ADR   18,311    307,442 
Julius Baer Group Ltd. (a) (c)   9,537    586,940 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
SWITZERLAND - 5.7% (Continued)
CAPITAL MARKETS - 0.6% (Continued)        
UBS Group AG   46,462   $820,519 
         1,714,901 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1%          
Swisscom AG - ADR   7,140    353,680 
           
ELECTRICAL EQUIPMENT - 0.5%          
ABB Ltd. - ADR   61,282    1,454,834 
           
FOOD PRODUCTS - 1.9%          
Barry Callebaut AG (a)   397    776,461 
Nestlé S.A. - ADR   57,524    4,547,272 
         5,323,733 
INSURANCE - 0.6%          
Swiss Re AG (a)   3,563    363,675 
Zurich Insurance Group AG - ADR (b)   38,250    1,254,026 
         1,617,701 
MACHINERY - 0.1%          
Schindler Holding AG (a)   1,587    332,492 
           
PHARMACEUTICALS - 1.7%          
Novartis AG - ADR   31,455    2,543,137 
Roche Holding AG - ADR   80,784    2,312,442 
         4,855,579 
PROFESSIONAL SERVICES - 0.2%          
Adecco SA (a)   4,136    294,617 
Adecco SA - ADR   4,982    177,035 
         471,652 
TOTAL SWITZERLAND        16,124,572 
           
TAIWAN - 3.1%          
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.6%          
Chunghwa Telecom Co. Ltd. - ADR   45,213    1,756,977 
           
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%          
Advanced Semiconductor Engineering, Inc. - ADR   129,452    939,822 
Siliconware Precision Industries Co. Ltd. - ADR   70,913    613,398 
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR   109,728    4,801,697 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
TAIWAN - 3.1% (Continued)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5% (Continued)        
United Microelectronics Corp. - ADR   244,487   $633,221 
         6,988,138 
TOTAL TAIWAN        8,745,115 
           
TURKEY - 0.1%          
BANKS - 0.1%          
Turkiye Garanti Bankasi A.S. - ADR   59,610    169,292 
           
UNITED KINGDOM - 9.0%          
BANKS - 1.5%          
HSBC Holdings plc - ADR   60,926    2,904,342 
Lloyds Banking Group plc - ADR   269,987    1,004,352 
Standard Chartered plc (a)   45,039    451,434 
         4,360,128 
COMMERCIAL BANKS - 0.3%          
Barclays plc - ADR   64,161    758,383 
           
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%          
BT Group plc - ADR   38,538    622,774 
           
ELECTRIC UTILITIES - 0.3%          
SSE plc (a)   8,585    154,022 
SSE plc - ADR   39,878    720,396 
         874,418 
ENERGY EQUIPMENT & SERVICES - 0.1%          
John Wood Group Plc (a)   24,307    184,715 
           
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.1%          
Land Securities Group plc (a)   28,712    377,753 
           
FOOD & STAPLES RETAILING - 0.3%          
J Sainsbury plc (a)   4,806    16,123 
J Sainsbury plc - ADR   18,741    251,879 
Tesco plc (a) (b)   46,000    133,144 
Tesco plc - ADR   29,931    259,202 
WM Morrison Supermarkets plc (a)   29,374    88,140 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
UNITED KINGDOM - 9.0% (Continued)
FOOD & STAPLES RETAILING - 0.3% (Continued)        
WM Morrison Supermarkets plc - ADR   8,054   $120,770 
         869,258 
FOOD PRODUCTS - 0.1%          
Associated British Foods plc (a)   11,454    400,322 
           
HEALTH CARE EQUIPMENT & SUPPLIES - 0.4%          
Smith & Nephew plc (a)   4,232    79,175 
Smith & Nephew plc - ADR   24,332    928,266 
         1,007,441 
HOTELS, RESTAURANTS & LEISURE - 0.7%          
Carnival plc - ADR   7,671    502,450 
Compass Group plc (a)   2,160    44,109 
Compass Group plc - ADR   45,261    943,013 
Intercontinental Hotels Group plc - ADR   9,114    557,868 
         2,047,440 
HOUSEHOLD DURABLES - 0.1%          
Persimmon plc (a)   8,644    306,820 
           
HOUSEHOLD PRODUCTS - 0.6%          
Reckitt Benckiser Group plc (a)   5,677    479,222 
Reckitt Benckiser Group plc - ADR   70,985    1,194,678 
         1,673,900 
INSURANCE - 0.7%          
Aviva plc (a)   41,971    292,943 
Aviva plc - ADR   22,486    319,976 
Prudential plc - ADR   26,183    1,338,737 
         1,951,656 
MEDIA - 0.6%          
Pearson plc - ADR   46,323    487,781 
RELX plc (a)   4,710    96,760 
RELX plc - ADR   48,463    1,012,392 
         1,596,933 
METALS & MINING - 0.2%          
Antofagasta plc (a)   31,044    401,309 
Fresnillo plc (a)   14,613    260,949 
         662,258 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
UNITED KINGDOM - 9.0% (Continued)
MULTI-LINE RETAIL - 0.2%        
Marks & Spencer Group plc (a)   10,719   $40,719 
Marks & Spencer Group plc - ADR   25,759    195,382 
Next plc (a) (c)   3,908    261,267 
         497,368 
MULTI-UTILITIES - 0.3%          
National Grid plc - ADR   15,498    874,552 
           
OIL, GAS & CONSUMABLE FUELS - 0.1%          
Tullow Oil plc (a) (b)   96,519    266,097 
           
PHARMACEUTICALS - 1.2%          
AstraZeneca plc - ADR   48,500    1,696,045 
GlaxoSmithKline plc - ADR   42,881    1,675,361 
         3,371,406 
SOFTWARE - 0.1%          
Sage Group plc (a)   33,781    303,562 
Sage Group plc - ADR   2,320    84,390 
         387,952 
SPECIALTY RETAIL - 0.1%          
Kingfisher plc - ADR   29,151    242,828 
           
TRADING COMPANIES & DISTRIBUTORS - 0.1%          
Ashtead Group PLC (a)   7,574    206,535 
           
WATER UTILITIES - 0.2%          
Severn Trent plc (a)   10,914    282,571 
United Utilities Group plc (a)   2,386    23,964 
United Utilities Group plc - ADR   12,883    261,589 
         568,124 
WIRELESS TELECOMMUNICATION SERVICES - 0.5%          
Vodafone Group plc - ADR   53,908    1,499,720 
TOTAL UNITED KINGDOM        25,608,781 
           
UNITED STATES - 0.8%          
HOTELS, RESTAURANTS & LEISURE - 0.3%          
Yum China Holdings, Inc.   21,920    909,680 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 96.6% (Continued)  Shares   Fair Value 
UNITED STATES - 0.8% (Continued)
METALS & MINING - 0.5%        
Southern Copper Corp.   24,026   $1,301,729 
TOTAL UNITED STATES        2,211,409 
           
TOTAL COMMON STOCKS (COST $203,960,026)       $273,710,701 

 

PREFERRED STOCKS - 0.3%  Shares   Fair Value 
BRAZIL- 0.3%
BANKS - 0.3%        
Itau Unibanco Holding S.A. - ADR (COST $594,227)   61,571   $960,508 

 

CORPORATE NOTES - 0.8%  Coupon  Maturity  Par Value   Value 
COMMUNITY DEVELOPMENT - 0.8%        
Calvert Social Investment Foundation, Inc. (d)  1.000%  06/15/18  $750,000   $748,732 
Calvert Social Investment Foundation, Inc. (d)  1.000%  12/17/18   600,000    595,222 
Calvert Social Investment Foundation, Inc. (d)  1.500%  06/17/19   500,000    495,382 
Calvert Social Investment Foundation, Inc. (d)  1.500%  06/15/20   500,000    489,901 
TOTAL CORPORATE NOTES (COST $2,350,000)             $2,329,237 
                 
TOTAL INVESTMENTS - (COST $206,904,253 - Unrealized gain/loss $70,096,193) - 97.7%       $277,000,446 
                 
OTHER ASSETS IN EXCESS OF LIABILITIES- 2.3%              6,357,018 
                 
NET ASSET - 100.0%             $283,357,464 

 

(a)This security has been fair valued by the Pricing Committee under the guidelines established by the Board of Trustees (Note 2).
(b)Non-income producing security.
(c)Percentage rounds to less than 0.1%.
(d)Restricted and illiquid securities not registered under the Securities Act of 1933 are as follows:

 

   Acquisition
Date
  Current
Cost
   Fair
Value
   % of Net
Assets
Calvert Social Investment Foundation, Inc. 1.00%, 06/15/18  06/15/17  $750,000   $748,732   0.2%
Calvert Social Investment Foundation, Inc. 1.00%, 12/17/18  12/15/17   600,000    595,222   0.2%
Calvert Social Investment Foundation, Inc. 1.50%, 06/17/19  06/10/16   500,000    495,383   0.2%
Calvert Social Investment Foundation, Inc. 1.50%, 06/15/20  06/15/17   500,000    489,901   0.2%
      $2,350,000   $2,329,238   0.8%

 

ADR - American Depositary Receipt

plc - Public Liability Company

REIT – Real Estate Investment Trust

 

See accompanying notes to Schedules of Investments.

 

 C: 

 

 

Schedule of Portfolio Investments

Praxis Value Index Fund

March 31, 2018 (Unaudited)

 

COMMON STOCKS - 98.8%  Shares   Value 
AEROSPACE & DEFENSE - 0.2%        
TransDigm Group, Inc.   1,320   $405,161 
           
AIR FREIGHT & LOGISTICS - 0.7%          
FedEx Corp.   2,330    559,456 
United Parcel Service, Inc. - Class B   7,830    819,488 
         1,378,944 
AIRLINES - 0.8%          
American Airlines Group, Inc.   8,120    421,915 
Delta Air Lines, Inc.   11,300    619,353 
United Continental Holdings, Inc. (a)   6,770    470,312 
         1,511,580 
AUTO COMPONENTS - 0.4%          
Aptiv plc   4,830    410,405 
Goodyear Tire & Rubber Co. (The)   9,590    254,902 
         665,307 
AUTOMOBILES - 0.5%          
Ford Motor Co.   89,723    994,131 
           
BANKS - 12.8%          
Bank of America Corp.   97,050    2,910,529 
BB&T Corp.   25,054    1,303,810 
Citigroup, Inc.   47,696    3,219,480 
Citizens Financial Group, Inc.   11,030    463,039 
Fifth Third Bancorp   19,490    618,807 
Huntington Bancshares, Inc.   31,664    478,126 
JPMorgan Chase & Co.   66,715    7,336,649 
KeyCorp   30,658    599,364 
M&T Bank Corp.   4,596    847,319 
People's United Financial, Inc.   31,070    579,766 
PNC Financial Services Group, Inc. (The)   12,861    1,945,098 
Regions Financial Corp.   24,860    461,899 
SunTrust Banks, Inc.   9,866    671,283 
U.S. Bancorp   45,657    2,305,678 
Zions Bancorp.   5,120    269,978 
         24,010,825 
BEVERAGES - 1.8%          
Coca-Cola Co. (The)   43,200    1,876,176 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.8%  (Continued)  Shares   Value 
BEVERAGES - 1.8%  (Continued)        
PepsiCo, Inc.   14,219   $1,552,004 
         3,428,180 
BIOTECHNOLOGY - 1.5%          
AbbVie, Inc.   3,278    310,263 
Alexion Pharmaceuticals, Inc. (a)   2,410    268,618 
Amgen, Inc.   6,444    1,098,573 
Biogen, Inc. (a)   1,360    372,395 
Gilead Sciences, Inc.   10,230    771,240 
         2,821,089 
BUILDING PRODUCTS - 0.5%          
Johnson Controls International plc   27,497    968,994 
           
CAPITAL MARKETS - 3.6%          
Bank of New York Mellon Corp. (The)   24,944    1,285,364 
BlackRock, Inc.   992    537,386 
CME Group, Inc.   1,860    300,837 
Franklin Resources, Inc.   7,540    261,487 
Goldman Sachs Group, Inc. (The)   6,567    1,653,965 
Invesco Ltd.   9,712    310,881 
Morgan Stanley   24,871    1,342,039 
Northern Trust Corp.   3,977    410,148 
State Street Corp.   6,240    622,315 
         6,724,422 
CHEMICALS - 4.5%          
Air Products & Chemicals, Inc.   4,847    770,818 
DowDuPont, Inc.   68,153    4,342,028 
Eastman Chemical Co.   3,520    371,642 
Ecolab, Inc.   4,576    627,232 
International Flavors & Fragrances, Inc.   1,480    202,627 
LyondellBasell Industries N.V. - Class A   6,550    692,204 
Mosaic Co. (The)   10,240    248,627 
Praxair, Inc.   7,896    1,139,393 
         8,394,571 
COMMERCIAL SERVICES & SUPPLIES - 0.8%          
Republic Services, Inc.   9,250    612,627 
Stericycle, Inc. (a)   3,920    229,438 
Waste Management, Inc.   7,680    646,042 
         1,488,107 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.8%  (Continued)  Shares   Value 
COMMUNICATIONS EQUIPMENT - 1.1%        
Cisco Systems, Inc.   49,115   $2,106,542 
           
CONSUMER FINANCE - 1.3%          
American Express Co.   4,674    435,991 
Capital One Financial Corp.   10,660    1,021,441 
Discover Financial Services   6,670    479,773 
Synchrony Financial   13,930    467,073 
         2,404,278 
CONTAINERS & PACKAGING - 0.6%          
Ball Corp.   12,508    496,693 
International Paper Co.   5,781    308,879 
WestRock Co.   4,550    291,973 
         1,097,545 
DISTRIBUTORS - 0.3%          
Genuine Parts Co.   5,340    479,746 
           
DIVERSIFIED FINANCIAL SERVICES - 0.1%          
Leucadia National Corp.   8,360    190,023 
           
DIVERSIFIED TELECOMMUNICATION SERVICES - 4.4%          
AT&T, Inc.   115,851    4,130,088 
CenturyLink, Inc.   23,288    382,622 
Verizon Communications, Inc.   76,140    3,641,015 
         8,153,725 
ELECTRIC UTILITIES - 4.1%          
American Electric Power Co., Inc.   15,270    1,047,369 
Duke Energy Corp.   23,444    1,816,207 
Edison International   8,487    540,283 
Eversource Energy   7,950    468,414 
NextEra Energy, Inc.   6,925    1,131,060 
PPL Corp.   28,101    794,977 
Southern Co. (The)   30,761    1,373,786 
Xcel Energy, Inc.   11,424    519,564 
         7,691,660 
ELECTRICAL EQUIPMENT - 0.9%          
Eaton Corp. plc   9,150    731,177 
Emerson Electric Co.   8,424    575,359 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.8%  (Continued)  Shares   Value 
ELECTRICAL EQUIPMENT - 0.9%  (Continued)        
Rockwell Automation, Inc.   2,280   $397,176 
         1,703,712 
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.2%          
TE Connectivity Ltd.   3,066    306,293 
           
ENERGY EQUIPMENT & SERVICES - 2.2%          
Baker Hughes, a GE Co.   32,000    888,640 
National Oilwell Varco, Inc.   9,526    350,652 
Schlumberger Ltd.   38,646    2,503,488 
TechnipFMC plc   13,090    385,500 
         4,128,280 
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.3%          
Boston Properties, Inc.   2,920    359,802 
Crown Castle International Corp.   3,840    420,902 
Equity Residential   5,230    322,273 
HCP, Inc.   8,647    200,870 
Host Hotels & Resorts, Inc.   15,800    294,512 
Iron Mountain, Inc.   16,520    542,847 
Public Storage   1,620    324,632 
Simon Property Group, Inc.   3,089    476,787 
SL Green Realty Corp.   2,780    269,187 
Ventas, Inc.   6,840    338,785 
Welltower, Inc.   7,480    407,137 
Weyerhaeuser Co.   11,149    390,215 
         4,347,949 
FOOD & STAPLES RETAILING - 4.1%          
Costco Wholesale Corp.   7,430    1,400,035 
CVS Health Corp.   20,473    1,273,625 
Kroger Co. (The)   28,144    673,767 
Sysco Corp.   7,993    479,260 
Walgreen Boots Alliance, Inc.   18,410    1,205,303 
Walmart Store, Inc.   28,850    2,566,785 
         7,598,775 
FOOD PRODUCTS - 2.7%          
Conagra Brands, Inc.   6,540    241,195 
General Mills, Inc.   15,974    719,788 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.8%  (Continued)  Shares   Value 
FOOD PRODUCTS - 2.7%  (Continued)        
Hormel Foods Corp.   10,080   $345,946 
J.M. Smucker Co. (The)   2,030    251,740 
Kellogg Co.   10,489    681,890 
Kraft Heinz Co. (The)   16,630    1,035,883 
Mondelēz International, Inc. - Class A   30,982    1,292,879 
Tyson Foods, Inc. - Class A   5,830    426,698 
         4,996,019 
GAS UTILITIES - 0.3%          
Sempra Energy   5,733    637,624 
           
HEALTH CARE EQUIPMENT & SUPPLIES - 2.3%          
Abbott Laboratories   4,340    260,053 
Baxter International, Inc.   6,002    390,370 
Danaher Corp.   20,910    2,047,298 
Dentsply Sirona, Inc.   4,770    239,979 
Medtronic plc   17,180    1,378,179 
         4,315,879 
HEALTH CARE PROVIDERS & SERVICES - 2.4%          
Aetna, Inc.   3,750    633,750 
AmerisourceBergen Corp.   2,260    194,835 
Anthem, Inc.   2,850    626,145 
Cardinal Health, Inc.   8,170    512,096 
Express Scripts Holding Co. (a)   9,787    676,086 
HCA Healthcare, Inc.   2,520    244,440 
Humana, Inc.   2,550    685,516 
McKesson Corp.   3,974    559,817 
UnitedHealth Group, Inc.   1,390    297,460 
         4,430,145 
HOTELS, RESTAURANTS & LEISURE - 1.1%          
Carnival Corp.   5,563    364,822 
McDonald's Corp.   3,440    537,947 
Starbucks Corp.   12,890    746,202 
Yum! Brands, Inc.   4,510    383,936 
         2,032,907 
HOUSEHOLD DURABLES - 0.5%          
Leggett & Platt, Inc.   7,280    322,941 
Newell Brands, Inc.   14,660    373,537 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.8%  (Continued)  Shares   Value 
HOUSEHOLD DURABLES - 0.5%  (Continued)        
Whirlpool Corp.   1,752   $268,248 
         964,726 
HOUSEHOLD PRODUCTS - 1.6%          
Colgate-Palmolive Co.   6,578    471,511 
Kimberly-Clark Corp.   2,070    227,969 
Procter & Gamble Co. (The)   28,046    2,223,487 
         2,922,967 
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.2%          
AES Corp.   29,344    333,641 
           
INDUSTRIAL CONGLOMERATES - 0.2%          
Roper Technologies, Inc.   1,100    308,759 
           
INSURANCE - 6.9%          
Aflac, Inc.   21,980    961,845 
Allstate Corp. (The)   8,399    796,225 
American International Group, Inc.   24,607    1,339,113 
Aon plc   2,137    299,885 
Brighthouse Financial, Inc. (a)   5,673    291,592 
Chubb Corp.   16,097    2,201,588 
Cincinnati Financial Corp.   3,262    242,236 
Everest Re Group Ltd.   2,020    518,776 
Hartford Financial Services Group, Inc. (The)   9,080    467,802 
Lincoln National Corp.   4,220    308,313 
Loews Corp.   6,010    298,877 
Marsh & McLennan Cos., Inc.   6,280    518,665 
MetLife, Inc.   24,023    1,102,415 
Principal Financial Group, Inc.   3,860    235,113 
Prudential Financial, Inc.   10,620    1,099,701 
Travelers Cos., Inc. (The)   8,053    1,118,240 
Unum Group   5,160    245,668 
Willis Towers Watson plc   2,350    357,647 
XL Group Ltd.   8,980    496,235 
         12,899,936 
INTERNET SOFTWARE & SERVICES - 0.2%          
Alphabet, Inc. - Class C (a)   300    309,537 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.8%  (Continued)  Shares   Value 
IT SERVICES - 2.6%        
Accenture plc - Class A   7,630   $1,171,205 
DXC Technology Co.   2,460    247,304 
International Business Machines Corp.   16,252    2,493,544 
MasterCard, Inc. - Class A   1,890    331,052 
Paychex, Inc.   3,684    226,898 
Visa, Inc. - Class A   3,120    373,215 
         4,843,218 
LIFE SCIENCES TOOLS & SERVICES - 0.6%          
IQVIA Holdings, Inc. (a)   2,740    268,821 
Thermo Fisher Scientific, Inc.   3,914    808,085 
         1,076,906 
MACHINERY - 2.5%          
Deere & Co.   4,267    662,751 
Dover Corp.   3,223    316,563 
Flowserve Corp.   24,000    1,039,920 
Illinois Tool Works, Inc.   5,855    917,244 
Ingersoll-Rand plc   5,415    463,037 
PACCAR, Inc.   6,906    456,970 
Parker-Hannifin Corp.   1,567    268,004 
Pentair plc   4,480    305,222 
Stanley Black & Decker, Inc.   1,530    234,396 
         4,664,107 
MEDIA - 3.3%          
Comcast Corp. - Class A   42,100    1,438,557 
Omnicom Group, Inc.   6,179    449,028 
Time Warner, Inc.   13,400    1,267,372 
Twenty-First Century Fox, Inc. - Class B   28,250    1,027,452 
Viacom, Inc. - Class B   11,130    345,698 
Walt Disney Co. (The)   16,247    1,631,849 
         6,159,956 
METALS & MINING - 0.6%          
Newmont Mining Corp.   13,830    540,338 
Nucor Corp.   8,860    541,257 
         1,081,595 
MULTI-LINE RETAIL - 0.5%          
Macy's, Inc.   8,583    255,259 
Target Corp.   11,126    772,478 
         1,027,737 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.8%  (Continued)  Shares   Value 
MULTI-UTILITIES - 1.0%        
Ameren Corp.   5,570   $315,429 
Consolidated Edison, Inc.   7,361    573,716 
DTE Energy Co.   3,580    373,752 
NiSource, Inc.   13,870    331,632 
WEC Energy Group, Inc.   2,940    184,338 
         1,778,867 
OIL, GAS & CONSUMABLE FUELS - 8.3%          
Anadarko Petroleum Corp.   10,690    645,783 
Andeavor   2,800    281,568 
Apache Corp.   12,418    477,845 
ConocoPhillips   36,827    2,183,473 
Devon Energy Corp.   12,570    399,600 
EOG Resources, Inc.   10,870    1,144,285 
EQT Corp.   5,638    267,861 
Hess Corp.   16,750    847,885 
Kinder Morgan, Inc.   53,251    801,960 
Marathon Oil Corp.   25,286    407,863 
Marathon Petroleum Corp.   11,826    864,599 
Noble Energy, Inc.   17,398    527,160 
Occidental Petroleum Corp.   41,350    2,686,096 
ONEOK, Inc.   9,005    512,565 
Phillips 66   14,200    1,362,064 
Pioneer Natural Resources Co.   4,290    736,936 
Valero Energy Corp.   10,030    930,483 
Williams Cos., Inc. (The)   16,591    412,452 
         15,490,478 
PHARMACEUTICALS - 4.2%          
Bristol-Myers Squibb Co.   12,669    801,314 
Eli Lilly & Co.   10,287    795,905 
Johnson & Johnson   26,631    3,412,763 
Merck & Co., Inc.   37,641    2,050,305 
Mylan N.V. (a)   10,220    420,757 
Perrigo Co. plc   3,340    278,356 
         7,759,400 
PROFESSIONAL SERVICES - 0.4%          
IHS Markit Ltd. (a)   6,530    315,007 
Nielsen Holdings plc   11,010    350,008 
         665,015 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.8%  (Continued)  Shares   Value 
ROAD & RAIL - 0.8%        
Norfolk Southern Corp.   3,145   $427,028 
Union Pacific Corp.   7,360    989,405 
         1,416,433 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.8%          
Intel Corp.   41,038    2,137,259 
QUALCOMM, Inc.   17,900    991,839 
Texas Instruments, Inc.   3,000    311,670 
         3,440,768 
SOFTWARE - 1.1%          
CA, Inc.   7,512    254,657 
Microsoft Corp.   3,090    282,024 
Oracle Corp.   31,632    1,447,164 
         1,983,845 
SPECIALTY RETAIL - 1.3%          
AutoZone, Inc. (a)   420    272,450 
Best Buy Co., Inc.   4,590    321,254 
Home Depot, Inc. (The)   1,142    203,550 
L Brands, Inc.   6,060    231,553 
Lowe's Cos., Inc.   6,060    531,765 
O'Reilly Automotive, Inc. (a)   1,080    267,170 
TJX Cos., Inc. (The)   6,860    559,502 
         2,387,244 
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.8%          
Apple, Inc.   1,610    270,126 
HP, Inc.   23,630    517,970 
Seagate Technology plc   4,910    287,333 
Western Digital Corp.   4,475    412,908 
         1,488,337 
TEXTILES, APPAREL & LUXURY GOODS - 0.7%          
NIKE, Inc. - Class B   8,580    570,055 
PVH Corp.   1,810    274,089 
VF Corp.   5,110    378,753 
         1,222,897 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.8%  (Continued)  Shares   Value 
TRADING COMPANIES & DISTRIBUTORS - 0.4%        
W.W. Grainger, Inc.   2,540   $716,966 
           
WATER UTILITIES - 0.2%          
American Water Works Co., Inc.   3,640    298,953 
           
TOTAL COMMON STOCKS (COST $148,771,422)       $184,654,701 

 

CORPORATE NOTES - 0.8%  Coupon  Maturity  Principal Amount   Fair Value 
COMMUNITY DEVELOPMENT - 0.8%           
Calvert Social Investment Foundation, Inc. (b)  1.000%  06/15/18  $300,000   $299,493 
Calvert Social Investment Foundation, Inc. (b)  1.500%  06/15/18   250,000    244,950 
Calvert Social Investment Foundation, Inc. (b)  1.000%  12/17/18   750,000    744,028 
Calvert Social Investment Foundation, Inc. (b)  1.500%  06/17/19   260,000    257,599 
TOTAL CORPORATE NOTES (COST $1,560,000)             $1,546,070 
                 
TOTAL INVESTMENTS - (COST $150,331,422 - Unrealized gain/loss $35,869,349) - 99.6%       $186,200,771 
                 
OTHER ASSETS IN EXCESS OF LIABILITIES -  0.4%              752,106 
                 
NET ASSETS - 100.0%             $186,952,877 

 

(a)Non-income producing security.
(b)Illiquid security.

 

plc - Public Liability Company

 

See accompanying notes to Schedules of Investments.

 

 C: 

 

 

Schedule of Portfolio Investments

Praxis Growth Index Fund

March 31, 2018 (Unaudited)

 

COMMON STOCKS - 98.9%  Shares   Value 
AEROSPACE & DEFENSE - 0.3%        
TransDigm Group, Inc.   2,119   $650,406 
           
AIR FREIGHT & LOGISTICS - 0.7%          
FedEx Corp.   3,068    736,658 
United Parcel Service, Inc. - Class B   9,108    953,243 
         1,689,901 
AIRLINES - 0.4%          
American Airlines Group, Inc.   9,480    492,581 
Southwest Airlines Co.   8,000    458,240 
         950,821 
BANKS - 1.9%          
Bank of America Corp.   100,541    3,015,225 
Citizens Financial Group, Inc.   6,337    266,027 
Comerica, Inc.   4,494    431,109 
JPMorgan Chase & Co.   4,809    528,846 
PNC Financial Services Group, Inc. (The)   2,433    367,967 
U.S. Bancorp   4,745    239,622 
         4,848,796 
BEVERAGES - 1.8%          
Coca-Cola Co. (The)   46,914    2,037,475 
Dr Pepper Snapple Group, Inc.   3,253    385,090 
Monster Beverage Corp. (a)   8,550    489,146 
PepsiCo, Inc.   15,693    1,712,891 
         4,624,602 
BIOTECHNOLOGY - 4.6%          
AbbVie, Inc.   39,364    3,725,803 
Alexion Pharmaceuticals, Inc. (a)   1,885    210,102 
Amgen, Inc.   10,935    1,864,199 
Biogen, Inc. (a)   3,308    905,797 
Celgene Corp. (a)   19,103    1,704,179 
Gilead Sciences, Inc.   20,291    1,529,738 
Incyte Corp. (a)   4,067    338,903 
Regeneron Pharmaceuticals, Inc. (a)   1,737    598,153 
Vertex Pharmaceuticals, Inc. (a)   5,884    958,974 
         11,835,848 
BUILDING PRODUCTS - 0.5%          
Allegion plc   6,005    512,167 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.9%  (Continued)  Shares   Value 
BUILDING PRODUCTS - 0.5%  (Continued)        
Johnson Controls International plc   12,325   $434,333 
Masco Corp.   6,250    252,750 
         1,199,250 
CAPITAL MARKETS - 2.4%          
Ameriprise Financial, Inc.   2,290    338,783 
BlackRock, Inc.   2,081    1,127,319 
Cboe Global Markets, Inc.   2,370    270,417 
Charles Schwab Corp. (The)   25,758    1,345,083 
CME Group, Inc.   5,703    922,403 
Moody's Corp.   3,611    582,454 
S&P Global, Inc.   5,128    979,756 
T. Rowe Price Group, Inc.   4,600    496,662 
         6,062,877 
CHEMICALS - 1.8%          
Air Products & Chemicals, Inc.   2,486    395,349 
Albemarle Corp.   3,093    286,845 
DowDuPont, Inc.   10,043    639,839 
Ecolab, Inc.   5,322    729,486 
International Flavors & Fragrances, Inc.   3,158    432,362 
Praxair, Inc.   8,079    1,165,800 
Sherwin-Williams Co. (The)   2,170    850,900 
         4,500,581 
COMMERCIAL SERVICES & SUPPLIES - 1.0%          
Cintas Corp.   1,634    278,728 
Republic Services, Inc.   10,213    676,407 
Waste Management, Inc.   18,252    1,535,358 
         2,490,493 
COMMUNICATIONS EQUIPMENT - 0.9%          
Cisco Systems, Inc.   50,169    2,151,748 
Juniper Networks, Inc.   8,206    199,652 
         2,351,400 
CONSTRUCTION MATERIALS - 0.1%          
Martin Marietta Materials, Inc.   1,616    334,997 
           
CONSUMER FINANCE - 0.4%          
American Express Co.   10,373    967,593 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.9%  (Continued)  Shares   Value 
CONTAINERS & PACKAGING - 0.4%        
Avery Dennison Corp.   2,529   $268,706 
Ball Corp.   7,143    283,649 
International Paper Co.   6,608    353,065 
         905,420 
DISTRIBUTORS - 0.1%          
Genuine Parts Co.   2,808    252,271 
           
DIVERSIFIED FINANCIAL SERVICES - 0.4%          
Intercontinental Exchange, Inc.   13,888    1,007,158 
           
ELECTRIC UTILITIES - 0.4%          
NextEra Energy, Inc.   5,360    875,449 
Southern Co. (The)   4,987    222,719 
         1,098,168 
ELECTRICAL EQUIPMENT - 0.7%          
AMETEK, Inc.   5,587    424,444 
Emerson Electric Co.   6,649    454,127 
Rockwell Automation, Inc.   5,260    916,292 
         1,794,863 
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.7%          
Amphenol Corp. - Class A   7,167    617,294 
Corning, Inc.   20,828    580,685 
TE Connectivity Ltd.   5,385    537,961 
         1,735,940 
ENERGY EQUIPMENT & SERVICES - 0.1%          
Baker Hughes, a GE Co.   5,892    163,621 
           
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.8%          
American Tower Corp.   12,382    1,799,600 
AvalonBay Communities, Inc.   2,316    380,889 
Boston Properties, Inc.   2,027    249,767 
Crown Castle International Corp.   7,128    781,300 
Digital Realty Trust, Inc.   4,316    454,820 
Equinix, Inc.   1,753    732,999 
Essex Property Trust, Inc.   1,991    479,194 
Extra Space Storage, Inc.   2,966    259,110 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.9%  (Continued)  Shares   Value 
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.8%  (Continued)        
GGP, Inc.   12,536   $256,487 
Iron Mountain, Inc.   8,187    269,025 
Prologis, Inc.   13,062    822,775 
Public Storage   696    139,472 
Simon Property Group, Inc.   1,004    154,967 
UDR, Inc.   10,721    381,882 
         7,162,287 
FOOD & STAPLES RETAILING - 0.2%          
Walmart Store, Inc.   5,256    467,626 
           
FOOD PRODUCTS - 0.1%          
General Mills, Inc.   5,481    246,974 
           
HEALTH CARE EQUIPMENT & SUPPLIES - 4.7%          
Abbott Laboratories   44,381    2,659,310 
Align Technology, Inc. (a)   1,431    359,367 
Baxter International, Inc.   7,430    483,247 
Becton, Dickinson and Co.   8,031    1,740,318 
Boston Scientific Corp. (a)   28,192    770,206 
Cooper Cos., Inc. (The)   1,161    265,648 
Danaher Corp.   4,771    467,129 
Edwards Lifesciences Corp. (a)   4,070    567,846 
Hologic, Inc. (a)   6,559    245,044 
IDEXX Laboratories, Inc. (a)   2,060    394,263 
Intuitive Surgical, Inc. (a)   2,661    1,098,541 
Medtronic plc   14,731    1,181,721 
ResMed, Inc.   3,458    340,509 
Stryker Corp.   8,340    1,342,073 
         11,915,222 
HEALTH CARE PROVIDERS & SERVICES - 3.1%          
Aetna, Inc.   3,898    658,762 
AmerisourceBergen Corp.   2,297    198,024 
Anthem, Inc.   3,101    681,290 
Centene Corp. (a)   4,602    491,816 
Cigna Corp.   5,474    918,209 
HCA Healthcare, Inc.   2,580    250,260 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.9%  (Continued)  Shares   Value 
HEALTH CARE PROVIDERS & SERVICES - 3.1%  (Continued)        
UnitedHealth Group, Inc.   21,794   $4,663,916 
         7,862,277 
HEALTH CARE TECHNOLOGY - 0.1%          
Cerner Corp. (a)   4,487    260,246 
           
HOTELS, RESTAURANTS & LEISURE - 2.8%          
Carnival Corp.   4,611    302,389 
Chipotle Mexican Grill, Inc. (a)   778    251,380 
Marriott International, Inc. - Class A   8,558    1,163,717 
McDonald's Corp.   19,012    2,973,097 
Royal Caribbean Cruises Ltd.   2,560    301,414 
Starbucks Corp.   22,982    1,330,428 
Wyndham Worldwide Corp.   4,075    466,302 
Yum! Brands, Inc.   3,561    303,148 
         7,091,875 
HOUSEHOLD DURABLES - 0.2%          
D.R. Horton, Inc.   5,104    223,760 
Mohawk Industries, Inc. (a)   1,064    247,082 
         470,842 
HOUSEHOLD PRODUCTS - 1.2%          
Church & Dwight Co., Inc.   4,462    224,706 
Clorox Co. (The)   2,852    379,630 
Colgate-Palmolive Co.   10,399    745,400 
Kimberly-Clark Corp.   3,801    418,604 
Procter & Gamble Co. (The)   16,130    1,278,787 
         3,047,127 
INDUSTRIAL CONGLOMERATES - 0.3%          
Roper Technologies, Inc.   2,829    794,072 
           
INSURANCE - 1.9%          
Aflac, Inc.   8,308    363,558 
Allstate Corp. (The)   6,014    570,127 
Aon plc   4,556    639,344 
Arthur J. Gallagher & Co.   4,367    300,144 
Chubb Corp.   2,780    380,221 
Marsh & McLennan Cos., Inc.   9,036    746,283 
Principal Financial Group, Inc.   3,731    227,255 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.9%  (Continued)  Shares   Value 
INSURANCE - 1.9%  (Continued)        
Progressive Corp. (The)   17,816   $1,085,529 
Torchmark Corp.   2,891    243,335 
Willis Towers Watson plc   1,674    254,766 
         4,810,562 
INTERNET & DIRECT MARKETING RETAIL -7.1%          
Amazon.com, Inc. (a)   8,814    12,756,855 
Booking Holdings, Inc. (a)   1,030    2,142,802 
Expedia Group, Inc.   2,852    314,889 
Netflix, Inc. (a)   9,792    2,892,067 
         18,106,613 
INTERNET SOFTWARE & SERVICES - 9.4%          
Akamai Technologies, Inc. (a)   2,899    205,771 
Alphabet, Inc. - Class A (a)   4,235    4,392,288 
Alphabet, Inc. - Class C (a)   9,521    9,823,673 
eBay, Inc. (a)   20,473    823,833 
Facebook, Inc. - Class A (a)   52,985    8,466,473 
VeriSign, Inc. (a)   2,251    266,879 
         23,978,917 
IT SERVICES - 6.5%          
Accenture plc - Class A   9,729    1,493,401 
Automatic Data Processing, Inc.   11,168    1,267,345 
Cognizant Technology Solutions Corp. - Class A   12,602    1,014,461 
DXC Technology Co.   2,990    300,585 
Fidelity National Information Services, Inc.   4,435    427,090 
Fiserv, Inc. (a)   8,820    628,954 
Gartner, Inc. (a)   2,140    251,707 
MasterCard, Inc. - Class A   21,816    3,821,291 
Paychex, Inc.   6,525    401,875 
PayPal Holdings, Inc. (a)   22,292    1,691,294 
Total System Services, Inc.   3,608    311,226 
Visa, Inc. - Class A   41,463    4,959,804 
         16,569,033 
LEISURE PRODUCTS - 0.2%          
Hasbro, Inc.   4,868    410,372 
           
LIFE SCIENCES TOOLS & SERVICES - 1.3%          
Agilent Technologies, Inc.   5,785    387,016 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.9%  (Continued)  Shares   Value 
LIFE SCIENCES TOOLS & SERVICES - 1.3%  (Continued)        
Illumina, Inc. (a)   3,249   $768,129 
Mettler-Toledo International, Inc. (a)   600    345,018 
Thermo Fisher Scientific, Inc.   7,715    1,592,839 
Waters Corp. (a)   1,646    326,978 
         3,419,980 
MACHINERY - 1.7%          
Deere & Co.   4,488    697,076 
Dover Corp.   5,463    536,576 
Illinois Tool Works, Inc.   9,594    1,502,996 
Ingersoll-Rand plc   2,987    255,418 
Parker-Hannifin Corp.   2,881    492,738 
Stanley Black & Decker, Inc.   2,002    306,706 
Xylem, Inc.   6,063    466,366 
         4,257,876 
MEDIA - 1.8%          
CBS Corp. - Class B   4,421    227,195 
Charter Communications, Inc. - Class A (a)   4,569    1,421,964 
Comcast Corp. - Class A   36,501    1,247,239 
Omnicom Group, Inc.   1,296    94,181 
Walt Disney Co. (The)   17,022    1,709,690 
         4,700,269 
METALS & MINING - 0.1%          
Nucor Corp.   4,570    279,181 
           
MULTI-LINE RETAIL - 0.1%          
Dollar Tree, Inc. (a)   3,886    368,781 
           
OIL, GAS & CONSUMABLE FUELS - 0.3%          
Apache Corp.   5,088    195,786 
EQT Corp.   3,387    160,917 
ONEOK, Inc.   5,111    290,918 
         647,621 
PERSONAL PRODUCTS - 0.3%          
Estee Lauder Cos., Inc. (The) - Class A   4,590    687,215 
           
PHARMACEUTICALS - 3.7%          
Bristol-Myers Squibb Co.   24,259    1,534,382 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.9%  (Continued)  Shares   Value 
PHARMACEUTICALS - 3.7%  (Continued)        
Eli Lilly & Co.   16,118   $1,247,050 
Johnson & Johnson   33,721    4,321,346 
Merck & Co., Inc.   21,065    1,147,410 
Zoetis, Inc.   14,643    1,222,837 
         9,473,025 
PROFESSIONAL SERVICES - 0.4%          
Equifax, Inc.   2,173    256,001 
Nielsen Holdings plc   10,461    332,555 
Verisk Analytics, Inc. (a)   3,035    315,640 
         904,196 
ROAD & RAIL - 1.1%          
CSX Corp.   19,508    1,086,791 
Norfolk Southern Corp.   2,628    356,830 
Union Pacific Corp.   9,348    1,256,651 
         2,700,272 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.0%          
Analog Devices, Inc.   10,101    920,504 
Applied Materials, Inc.   24,367    1,355,049 
Broadcom Ltd.   9,079    2,139,466 
Intel Corp.   61,671    3,211,826 
KLA-Tencor Corp.   4,512    491,853 
Lam Research Corp.   3,383    687,290 
Microchip Technology, Inc.   7,002    639,703 
Micron Technology, Inc. (a)   24,852    1,295,783 
NVIDIA Corp.   13,886    3,215,859 
QUALCOMM, Inc.   11,434    633,558 
Skyworks Solutions, Inc.   3,010    301,783 
Texas Instruments, Inc.   24,773    2,573,667 
Xilinx, Inc.   4,619    333,676 
         17,800,017 
SOFTWARE - 10.4%          
Activision Blizzard, Inc.   14,771    996,452 
Adobe Systems, Inc. (a)   10,776    2,328,478 
ANSYS, Inc. (a)   1,778    278,595 
Autodesk, Inc. (a)   4,626    580,933 
Citrix Systems, Inc. (a)   3,452    320,346 
Electronic Arts, Inc. (a)   7,552    915,604 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.9%  (Continued)  Shares   Value 
SOFTWARE - 10.4%  (Continued)        
Intuit, Inc.   5,164   $895,179 
Microsoft Corp.   172,600    15,753,202 
Oracle Corp.   35,196    1,610,217 
Red Hat, Inc. (a)   3,789    566,493 
salesforce.com, Inc. (a)   15,569    1,810,675 
Symantec Corp.   13,164    340,289 
Synopsys, Inc. (a)   2,920    243,061 
         26,639,524 
SPECIALTY RETAIL - 3.0%          
Home Depot, Inc. (The)   27,779    4,951,329 
Lowe's Cos., Inc.   15,097    1,324,762 
O'Reilly Automotive, Inc. (a)   1,115    275,829 
Ross Stores, Inc.   6,132    478,173 
TJX Cos., Inc. (The)   3,533    288,151 
Ulta Beauty, Inc. (a)   1,400    285,978 
         7,604,222 
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 7.4%          
Apple, Inc.   110,100    18,472,578 
NetApp, Inc.   5,407    333,558 
         18,806,136 
TEXTILES, APPAREL & LUXURY GOODS - 0.7%          
NIKE, Inc. - Class B   20,716    1,376,371 
VF Corp.   4,295    318,345 
         1,694,716 
TRADING COMPANIES & DISTRIBUTORS - 0.2%          
Fastenal Co.   8,032    438,467 
           
TOTAL COMMON STOCKS (COST $145,645,496)       $253,080,549 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

CORPORATE NOTES - 0.8%  Coupon  Maturity  Principal Amount   Fair Value 
COMMUNITY DEVELOPMENT - 0.8%           
Calvert Social Investment Foundation, Inc. (b)  1.000%  06/15/18  $650,000   $648,901 
Calvert Social Investment Foundation, Inc. (b)  1.500%  06/15/18   475,000    465,406 
Calvert Social Investment Foundation, Inc. (b)  1.000%  12/17/18   175,000    173,606 
Calvert Social Investment Foundation, Inc. (b)  1.500%  06/17/19  $800,000    792,612 
TOTAL CORPORATE NOTES (COST $2,100,000)             $2,080,525 
                 
TOTAL INVESTMENTS - (COST $147,745,496 - Unrealized gain/loss $107,415,578) - 99.7%       $255,161,074 
                 
OTHER ASSETS IN EXCESS OF LIABILITIES -  0.3%              664,247 
                 
NET ASSETS - 100.0%             $255,825,321 

 

(a)Non-income producing security.
(b)Illiquid security.

 

plc - Public Liability Company

 

See accompanying notes to Schedules of Investments.

 

 C: 

 

 

Schedule of Portfolio Investments

Praxis Small Cap Index Fund

March 31, 2018 (Unaudited)

 

COMMON STOCKS - 97.2%  Shares   Value 
AEROSPACE & DEFENSE - 0.4%        
Axon Enterprise, Inc. (a)   3,650   $143,482 
Engility Holdings, Inc. (a)   2,850    69,540 
         213,022 
AIR FREIGHT & LOGISTICS - 0.8%          
Echo Global Logistics, Inc. (a)   4,470    123,372 
Forward Air Corp.   3,800    200,868 
Hub Group, Inc. - Class A (a)   2,260    94,581 
         418,821 
AIRLINES - 0.4%          
Hawaiian Holdings, Inc.   5,920    229,104 
           
AUTO COMPONENTS - 1.2%          
American Axle & Manufacturing Holdings, Inc. (a)   5,900    89,798 
Cooper-Standard Holdings, Inc. (a)   1,190    146,144 
Dorman Products, Inc. (a)   2,250    148,972 
Fox Factory Holding Corp. (a)   3,770    131,573 
Gentherm, Inc. (a)   2,520    85,554 
Standard Motor Products, Inc.   1,500    71,355 
         673,396 
AUTOMOBILES - 0.6%          
LCI Industries   1,700    177,055 
Winnebago Industries, Inc.   3,730    140,248 
         317,303 
BANKS - 8.8%          
Ameris Bancorp   2,470    130,663 
Banc of California, Inc.   4,200    81,060 
Banner Corp.   1,960    108,760 
Boston Private Financial Holdings, Inc.   14,160    213,108 
Brookline Bancorp, Inc.   12,520    202,824 
Central Pacific Financial Corp.   2,270    64,604 
City Holding Co.   1,460    100,098 
Columbia Banking System, Inc.   5,790    242,890 
Community Bank System, Inc.   4,080    218,525 
Customers Bancorp, Inc. (a)   2,090    60,924 
CVB Financial Corp.   6,370    144,217 
Fidelity Southern Corp.   4,980    114,889 
First BanCorp. (a)   18,890    113,718 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 97.2%  (Continued)  Shares   Value 
BANKS - 8.8%  (Continued)        
First Commonwealth Financial Corp.   5,600   $79,128 
First Financial Bancorp   4,940    144,989 
First Financial Bankshares, Inc.   4,410    204,183 
First Midwest Bancorp, Inc.   5,580    137,212 
Glacier Bancorp, Inc.   5,010    192,284 
Great Western Bancorp, Inc.   3,870    155,845 
Hanmi Financial Corp.   2,240    68,880 
Hope Bancorp, Inc.   8,360    152,068 
Independent Bank Corp.   1,730    123,781 
LegacyTexas Financial Group, Inc.   3,040    130,173 
NBT Bancorp, Inc.   2,980    105,730 
OFG Bancorp   11,240    117,458 
Old National Bancorp   9,310    157,339 
Opus Bank   1,980    55,440 
Pacific Premier Bancorp, Inc. (a)   3,200    128,640 
S&T Bancorp, Inc.   2,180    87,069 
Seacoast Banking Corp. of Florida (a)   5,240    138,703 
ServisFirst Bancshares, Inc.   6,230    254,309 
Simmons First National Corp. - Class A   3,940    112,093 
Southside Bancshares, Inc.   2,307    80,145 
Tompkins Financial Corp.   920    69,699 
United Community Banks, Inc.   4,800    151,920 
Westamerica Bancorp.   1,670    96,994 
         4,740,362 
BEVERAGES - 0.2%          
Coca-Cola Bottling Co. Consolidated   780    134,683 
           
BIOTECHNOLOGY - 2.1%          
Acorda Therapeutics, Inc. (a)   3,480    82,302 
AMAG Pharmaceuticals, Inc. (a)   2,360    47,554 
Cytokinetics, Inc. (a)   3,340    24,048 
Eagle Pharmaceuticals, Inc. (a)   1,210    63,755 
Emergent BioSolutions, Inc. (a)   3,960    208,494 
Enanta Pharmaceuticals, Inc. (a)   1,630    131,883 
Ligand Pharmaceuticals, Inc. (a)   1,270    209,753 
MiMedx Group, Inc. (a)   6,580    45,863 
Momenta Pharmaceuticals, Inc. (a)   4,620    83,853 
Progenics Pharmaceuticals, Inc. (a)   4,620    34,465 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 97.2%  (Continued)  Shares   Value 
BIOTECHNOLOGY - 2.1%  (Continued)        
Repligen Corp. (a)   2,250   $81,405 
Spectrum Pharmaceuticals, Inc. (a)   7,480    120,353 
         1,133,728 
BUILDING PRODUCTS - 2.6%          
AAON, Inc.   4,090    159,510 
American Woodmark Corp. (a)   1,025    100,911 
Apogee Enterprises, Inc.   1,960    84,966 
Gibraltar Industries, Inc. (a)   3,370    114,075 
Insteel Industries, Inc.   2,100    58,023 
Patrick Industries, Inc. (a)   1,500    92,625 
PGT Innovations, Inc. (a)   4,110    76,651 
Quanex Building Products Corp.   5,670    98,658 
Simpson Manufacturing Co., Inc.   3,990    229,784 
Trex Co., Inc. (a)   2,350    255,610 
Universal Forest Products, Inc.   4,680    151,866 
         1,422,679 
CAPITAL MARKETS - 1.7%          
Donnelley Financial Solutions, Inc. (a)   4,680    80,356 
Financial Engines, Inc.   4,720    165,200 
Greenhill & Co., Inc.   3,210    59,385 
HFF, Inc. - Class A   2,570    127,729 
INTL FCStone, Inc. (a)   1,800    76,824 
Investment Technology Group, Inc.   2,350    46,389 
Piper Jaffray Cos.   1,130    93,846 
Virtus Investment Partners, Inc.   490    60,662 
Waddell & Reed Financial, Inc. - Class A   5,350    108,124 
WisdomTree Investments, Inc.   10,100    92,617 
         911,132 
CHEMICALS - 1.2%          
H.B. Fuller Co.   7,040    350,099 
Quaker Chemical Corp.   1,460    216,270 
Rayonier Advanced Materials, Inc.   3,590    77,077 
         643,446 
COMMERCIAL SERVICES & SUPPLIES - 2.7%          
ABM Industries, Inc.   4,080    136,598 
Brady Corp. - Class A   6,240    231,816 
Essendant, Inc.   6,360    49,608 
Interface, Inc.   4,680    117,936 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 97.2%  (Continued)  Shares   Value 
COMMERCIAL SERVICES & SUPPLIES - 2.7%  (Continued)        
LSC Communications, Inc.   3,040   $53,048 
Mobile Mini, Inc.   3,110    135,285 
Multi-Color Corp.   1,020    67,371 
R.R. Donnelley & Sons Co.   6,330    55,261 
Team, Inc. (a)   2,640    36,300 
Tetra Tech, Inc.   4,740    232,023 
UniFirst Corp.   1,150    185,898 
US Ecology, Inc.   1,490    79,417 
Viad Corp.   1,980    103,851 
         1,484,412 
COMMUNICATIONS EQUIPMENT - 2.3%          
ADTRAN, Inc.   6,530    101,542 
Applied Optoelectronics, Inc. (a)   1,580    39,595 
CalAmp Corp. (a)   3,190    72,987 
Finisar Corp. (a)   15,710    248,375 
Harmonic, Inc. (a)   14,710    55,898 
Lumentum Holdings, Inc. (a)   4,670    297,946 
NETGEAR, Inc. (a)   2,450    140,140 
Oclaro, Inc. (a)   12,690    121,316 
Viavi Solutions, Inc. (a)   15,670    152,312 
         1,230,111 
CONSTRUCTION & ENGINEERING - 0.4%          
Aegion Corp. (a)   2,880    65,981 
Comfort Systems USA, Inc.   2,340    96,525 
MYR Group, Inc. (a)   1,530    47,154 
         209,660 
CONSTRUCTION MATERIALS - 0.1%          
U.S. Concrete, Inc. (a)   1,100    66,440 
           
CONSUMER FINANCE - 1.1%          
Encore Capital Group, Inc. (a)   2,750    124,300 
Enova International, Inc. (a)   2,610    57,551 
Green Dot Corp. - Class A (a)   3,100    198,896 
PRA Group, Inc. (a)   3,460    131,480 
World Acceptance Corp. (a)   710    74,763 
         586,990 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 97.2%  (Continued)  Shares   Value 
CONTAINERS & PACKAGING - 0.7%        
Ingevity Corp. (a)   3,870   $285,180 
Myers Industries, Inc.   4,580    96,867 
         382,047 
DIVERSIFIED CONSUMER SERVICES - 1.0%          
American Public Education, Inc. (a)   3,900    167,700 
Capella Education Co.   880    76,868 
Career Education Corp. (a)   4,710    61,889 
Matthews International Corp. - Class A   2,810    142,186 
Strayer Education, Inc.   760    76,798 
         525,441 
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.3%          
8x8, Inc. (a)   6,310    117,682 
ATN International, Inc.   1,320    78,698 
Cincinnati Bell, Inc. (a)   3,160    43,766 
Cogent Communications Holdings, Inc.   3,200    138,880 
Consolidated Communications Holdings, Inc.   3,970    43,511 
Iridium Communications, Inc. (a)   10,490    118,013 
Vonage Holdings Corp. (a)   12,850    136,852 
         677,402 
ELECTRICAL EQUIPMENT - 0.9%          
AZZ, Inc.   1,800    78,660 
Encore Wire Corp.   1,700    96,390 
Franklin Electric Co., Inc.   4,130    168,298 
General Cable Corp.   4,630    137,048 
         480,396 
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.6%          
Anixter International, Inc. (a)   2,180    165,135 
Badger Meter, Inc.   2,110    99,487 
Benchmark Electronics, Inc.   3,960    118,206 
Control4 Corp. (a)   5,090    109,333 
CTS Corp.   2,780    75,616 
Daktronics, Inc.   9,940    87,571 
Electro Scientific Industries, Inc. (a)   4,390    84,859 
ePlus, Inc. (a)   1,060    82,362 
Fabrinet (a)   2,610    81,902 
FARO Technologies, Inc. (a)   1,290    75,336 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 97.2%  (Continued)  Shares   Value 
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.6%  (Continued)        
II-VI, Inc. (a)   3,780   $154,602 
Insight Enterprises, Inc. (a)   2,820    98,503 
Itron, Inc. (a)   3,150    225,382 
KEMET Corp. (a)   5,430    98,446 
Methode Electronics, Inc.   2,500    97,750 
MTS Systems Corp.   1,320    68,178 
OSI Systems, Inc. (a)   1,360    88,767 
Plexus Corp. (a)   2,470    147,533 
Rogers Corp. (a)   1,610    192,459 
Sanmina Corp. (a)   5,140    134,411 
ScanSource, Inc. (a)   2,400    85,320 
TTM Technologies, Inc. (a)   7,390    112,993 
         2,484,151 
ENERGY EQUIPMENT & SERVICES - 2.7%          
Archrock, Inc.   10,760    94,150 
Era Group, Inc. (a)   10,000    93,500 
Exterran Corp. (a)   2,910    77,697 
Geospace Technologies Corp. (a)   2,810    27,735 
Gulf Island Fabrication, Inc.   4,240    30,104 
Helix Energy Solutions Group, Inc. (a)   18,730    108,447 
Matrix Service Co. (a)   8,110    111,107 
McDermott International, Inc. (a)   16,190    98,597 
Newpark Resources, Inc. (a)   16,660    134,946 
Noble Corp. plc (a)   28,070    104,139 
Oil States International, Inc. (a)   2,230    58,426 
Pioneer Energy Services Corp. (a)   36,020    97,254 
SEACOR Holdings, Inc. (a)   1,250    63,875 
TETRA Technologies, Inc. (a)   25,210    94,537 
U.S. Silica Holdings, Inc.   6,050    154,396 
Unit Corp. (a)   4,730    93,465 
         1,442,375 
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 4.6%          
Acadia Realty Trust   5,320    130,872 
Agree Realty Corp.   1,980    95,119 
American Assets Trust, Inc.   3,790    126,624 
Armada Hoffler Properties, Inc.   3,020    41,344 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 97.2%  (Continued)  Shares   Value 
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 4.6%  (Continued)        
CareTrust REIT, Inc.   5,220   $69,948 
CBL & Associates Properties, Inc.   9,280    38,698 
Chesapeake Lodging Trust   3,710    103,175 
DiamondRock Hospitality Co.   14,040    146,578 
EastGroup Properties, Inc.   2,290    189,291 
Four Corners Property Trust, Inc.   4,110    94,900 
Franklin Street Properties Corp.   7,520    63,243 
Government Properties Income Trust   6,310    86,195 
Hersha Hospitality Trust   2,630    47,077 
Independence Realty Trust, Inc.   16,080    147,614 
Kite Realty Group Trust   5,340    81,328 
Lexington Realty Trust   19,510    153,544 
LTC Properties, Inc.   2,270    86,260 
National Storage Affiliates Trust   4,190    105,085 
Pennsylvania Real Estate Investment Trust   8,260    79,709 
PS Business Parks, Inc.   1,590    179,733 
Retail Opportunity Investments Corp.   7,190    127,047 
Saul Centers, Inc.   1,440    73,397 
Summit Hotel Properties, Inc.   9,270    126,165 
Universal Health Realty Income Trust   1,650    99,165 
         2,492,111 
FOOD & STAPLES RETAILING - 0.3%          
Andersons, Inc. (The)   1,860    61,566 
SpartanNash Co.   2,920    50,253 
Supervalu, Inc. (a)   2,687    40,923 
         152,742 
FOOD PRODUCTS - 1.4%          
B&G Foods, Inc.   4,680    110,916 
Calavo Growers, Inc.   1,050    96,810 
Cal-Maine Foods, Inc. (a)   3,150    137,655 
Darling Ingredients, Inc. (a)   11,730    202,929 
J & J Snack Foods Corp.   1,600    218,496 
         766,806 
GAS UTILITIES - 1.3%          
Northwest Natural Gas Co.   2,480    142,972 
South Jersey Industries, Inc.   6,330    178,253 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 97.2%  (Continued)  Shares   Value 
GAS UTILITIES - 1.3%  (Continued)        
Spire, Inc.   5,560   $401,988 
         723,213 
HEALTH CARE EQUIPMENT & SUPPLIES - 4.1%          
Abaxis, Inc.   1,520    107,342 
Analogic Corp.   950    91,105 
AngioDynamics, Inc. (a)   3,020    52,095 
Anika Therapeutics, Inc. (a)   950    47,234 
CryoLife, Inc. - 391364028 (a)   3,830    76,792 
Cutera, Inc. (a)   1,180    59,295 
Haemonetics Corp. (a)   3,650    267,034 
Heska Corp. (a)   480    37,954 
Inogen, Inc. (a)   1,750    214,970 
Integer Holdings Corp. (a)   2,180    123,279 
Integra LifeSciences Holdings Corp. (a)   5,310    293,855 
Invacare Corp.   3,570    62,118 
Lantheus Holdings, Inc. (a)   2,530    40,227 
LeMaitre Vascular, Inc.   1,550    56,157 
Meridian Bioscience, Inc.   3,290    46,718 
Merit Medical Systems, Inc. (a)   3,140    142,399 
Natus Medical, Inc. (a)   1,410    47,446 
Neogen Corp. (a)   3,153    211,219 
OraSure Technologies, Inc. (a)   3,190    53,879 
Varex Imaging Corp. (a)   4,550    162,799 
         2,193,917 
HEALTH CARE PROVIDERS & SERVICES - 3.2%          
Aceto Corp.   6,755    51,338 
Amedisys, Inc. (a)   2,810    169,555 
AMN Healthcare Services, Inc. (a)   3,380    191,815 
Community Health Systems, Inc. (a)   10,040    39,758 
CorVel Corp. (a)   1,030    52,067 
Cross Country Healthcare, Inc. (a)   13,360    148,430 
Ensign Group, Inc. (The)   3,400    89,420 
HealthEquity, Inc. (a)   4,070    246,398 
Kindred Healthcare, Inc.   7,520    68,808 
LHC Group, Inc. (a)   1,070    65,869 
Magellan Health, Inc. (a)   1,600    171,360 
Providence Service Corp. (The) (a)   1,220    84,351 
Select Medical Holdings Corp. (a)   11,670    201,307 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 97.2%  (Continued)  Shares   Value 
HEALTH CARE PROVIDERS & SERVICES - 3.2%  (Continued)        
Tivity Health, Inc. (a)   2,400   $95,160 
U.S. Physical Therapy, Inc.   850    69,105 
         1,744,741 
HEALTH CARE SERVICES - 0.3%          
Diplomat Pharmacy, Inc. (a)   7,240    145,886 
           
HEALTH CARE TECHNOLOGY - 0.6%          
HealthStream, Inc.   2,180    54,129 
HMS Holdings Corp. (a)   5,890    99,188 
Omnicell, Inc. (a)   2,840    123,256 
Quality Systems, Inc. (a)   4,120    56,238 
         332,811 
HOTELS, RESTAURANTS & LEISURE - 2.5%          
Belmond Ltd. - Class A (a)   6,450    71,917 
Biglari Holdings, Inc. (a)   220    89,850 
Chuy's Holdings, Inc. (a)   2,270    59,474 
Dave & Buster's Entertainment, Inc. (a)   3,440    143,586 
DineEquity, Inc.   2,520    165,262 
Fiesta Restaurant Group, Inc. (a)   3,740    69,190 
Marcus Corp. (The)   1,880    57,058 
Marriott Vacations Worldwide Corp.   1,800    239,760 
Red Robin Gourmet Burgers, Inc. (a)   1,120    64,960 
Shake Shack, Inc. - Class A (a)   1,400    58,282 
Sonic Corp.   5,480    138,260 
Wingstop, Inc.   4,060    191,754 
         1,349,353 
HOUSEHOLD DURABLES - 2.4%          
Cavco Industries, Inc. (a)   790    137,263 
Ethan Allen Interiors, Inc.   2,030    46,589 
Installed Building Products, Inc. (a)   2,400    144,120 
iRobot Corp. (a)   1,930    123,887 
La-Z-Boy, Inc.   3,670    109,916 
LGI Homes, Inc. (a)   1,640    115,735 
M.D.C. Holdings, Inc.   3,402    94,984 
M/I Homes, Inc. (a)   1,900    60,515 
Meritage Homes Corp. (a)   2,680    121,270 
TopBuild Corp. (a)   2,710    207,369 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 97.2%  (Continued)  Shares   Value 
HOUSEHOLD DURABLES - 2.4%  (Continued)        
Universal Electronics, Inc. (a)   1,130   $58,816 
William Lyon Homes - Class A (a)   2,360    64,876 
         1,285,340 
HOUSEHOLD PRODUCTS - 0.8%          
Central Garden & Pet Co. - Class A (a)   3,330    131,901 
WD-40 Co.   2,440    321,348 
         453,249 
INDUSTRIAL CONGLOMERATES - 0.3%          
Raven Industries, Inc.   4,490    157,374 
           
INSURANCE - 3.4%          
American Equity Investment Life Holding Co.   6,800    199,648 
AMERISAFE, Inc.   1,540    85,085 
Employers Holdings, Inc.   2,590    104,766 
HCI Group, Inc.   980    37,397 
Horace Mann Educators Corp.   3,080    131,670 
Infinity Property & Casualty Corp.   1,450    171,680 
Maiden Holdings Ltd.   5,990    38,935 
Navigators Group, Inc. (The)   2,540    146,431 
ProAssurance Corp.   3,540    171,867 
RLI Corp.   2,580    163,546 
Safety Insurance Group, Inc.   1,790    137,562 
Selective Insurance Group, Inc.   3,910    237,337 
Stewart Information Services Corp.   1,710    75,137 
United Fire Group, Inc.   1,370    65,568 
Universal Insurance Holdings, Inc.   2,220    70,818 
         1,837,447 
INTERNET & DIRECT MARKETING RETAIL - 0.6%          
Nutrisystem, Inc.   2,150    57,943 
PetMed Express, Inc.   1,670    69,722 
Shutterfly, Inc. (a)   2,500    203,125 
         330,790 
INTERNET SOFTWARE & SERVICES - 1.3%          
Alarm.com Holdings, Inc. (a)   2,120    80,009 
Blucora, Inc. (a)   3,190    78,474 
LivePerson, Inc. (a)   4,880    79,788 
NIC, Inc.   4,840    64,372 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 97.2%  (Continued)  Shares   Value 
INTERNET SOFTWARE & SERVICES - 1.3%  (Continued)        
Shutterstock, Inc. (a)   2,450   $117,967 
SPS Commerce, Inc. (a)   1,280    82,010 
Stamps.com, Inc. (a)   1,120    225,176 
         727,796 
IT SERVICES - 1.2%          
Cardtronics plc - Class A (a)   3,300    73,623 
CSG Systems International, Inc.   2,660    120,472 
ExlService Holdings, Inc. (a)   2,360    131,617 
Perficient, Inc. (a)   3,200    73,344 
Sykes Enterprises, Inc. (a)   3,400    98,396 
TTEC Holdings, Inc.   1,960    60,172 
Virtusa Corp. (a)   2,370    114,850 
         672,474 
LEISURE PRODUCTS - 0.3%          
Callaway Golf Co.   8,680    142,005 
Nautilus, Inc. (a)   2,630    35,373 
         177,378 
LIFE SCIENCES TOOLS & SERVICES - 0.4%          
Cambrex Corp. (a)   2,535    132,580 
Luminex Corp.   4,580    96,501 
         229,081 
MACHINERY - 5.8%          
Actuant Corp. - Class A   4,520    105,090 
Alamo Group, Inc.   690    75,831 
Albany International Corp. - Class A   2,090    131,043 
Astec Industries, Inc.   1,530    84,425 
Barnes Group, Inc.   3,690    220,994 
Briggs & Stratton Corp.   3,210    68,726 
Chart Industries, Inc. (a)   2,270    133,998 
CIRCOR International, Inc.   1,270    54,178 
EnPro Industries, Inc.   1,980    153,212 
ESCO Technologies, Inc.   1,900    111,245 
Federal Signal Corp.   4,870    107,237 
Greenbrier Cos., Inc. (The)   2,030    102,008 
Harsco Corp. (a)   6,320    130,508 
Hillenbrand, Inc.   5,160    236,844 
John Bean Technologies Corp.   2,085    236,439 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 97.2%  (Continued)  Shares   Value 
MACHINERY - 5.8%  (Continued)        
Lindsay Corp.   840   $76,810 
Lydall, Inc. (a)   1,350    65,138 
Mueller Industries, Inc.   4,570    119,551 
Proto Labs, Inc. (a)   1,720    202,186 
SPX Corp. (a)   3,480    113,031 
SPX FLOW, Inc. (a)   2,860    140,684 
Standex International Corp.   980    93,443 
Tennant Co.   1,310    88,687 
Wabash National Corp.   4,440    92,396 
Watts Water Technologies, Inc. - Class A   2,220    172,494 
         3,116,198 
MARINE - 0.2%          
Matson, Inc.   3,030    86,779 
           
MEDIA - 0.6%          
Gannett Co., Inc.   8,110    80,938 
New Media Investment Group, Inc.   4,350    74,559 
Scholastic Corp.   2,210    85,836 
World Wrestling Entertainment, Inc. - Class A   2,990    107,670 
         349,003 
METALS & MINING - 0.4%          
Materion Corp.   2,680    136,814 
Olympic Steel, Inc.   4,480    91,885 
         228,699 
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.7%          
Apollo Commercial Real Estate Finance, Inc.   9,860    177,283 
Capstead Mortgage Corp.   12,570    108,731 
Invesco Mortgage Capital, Inc.   6,430    105,323 
         391,337 
MULTI-LINE RETAIL - 0.5%          
Ollie's Bargain Outlet Holdings, Inc. (a)   4,875    293,963 
           
MULTI-UTILITIES - 0.5%          
Avista Corp.   5,040    258,300 
           
OIL, GAS & CONSUMABLE FUELS - 0.2%          
Cloud Peak Energy, Inc. (a)   22,230    64,689 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 97.2%  (Continued)  Shares   Value 
OIL, GAS & CONSUMABLE FUELS - 0.2%  (Continued)        
Green Plains, Inc.   3,100   $52,080 
         116,769 
PAPER & FOREST PRODUCTS - 1.2%          
Boise Cascade Co.   3,890    150,154 
Clearwater Paper Corp. (a)   1,730    67,643 
KapStone Paper and Packaging Corp.   7,190    246,689 
Neenah, Inc.   2,500    196,000 
         660,486 
PERSONAL PRODUCTS - 0.4%          
Medifast, Inc.   2,310    215,870 
           
PHARMACEUTICALS - 1.4%          
Amphastar Pharmaceuticals, Inc. (a)   3,400    63,750 
Depomed, Inc. (a)   4,530    29,853 
Impax Laboratories, Inc. (a)   5,670    110,282 
Innoviva, Inc. (a)   9,270    154,531 
Lannett Co., Inc. (a)   2,280    36,594 
Medicines Co. (The) (a)   4,760    156,794 
Phibro Animal Health Corp. - Class A   1,640    65,108 
Supernus Pharmaceuticals, Inc. (a)   3,420    156,636 
         773,548 
PROFESSIONAL SERVICES - 2.3%          
Exponent, Inc.   2,020    158,873 
Insperity, Inc.   2,780    193,349 
Kelly Services, Inc. - Class A   2,590    75,214 
Korn/Ferry International   4,520    233,187 
Navigant Consulting, Inc. (a)   4,350    83,694 
On Assignment, Inc. (a)   3,380    276,754 
TrueBlue, Inc. (a)   3,620    93,758 
WageWorks, Inc. (a)   2,490    112,548 
         1,227,377 
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%          
RE/MAX Holdings, Inc. - Class A   1,260    76,167 
           
ROAD & RAIL - 0.7%          
ArcBest Corp.   1,760    56,408 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 97.2%  (Continued)  Shares   Value 
ROAD & RAIL - 0.7%  (Continued)        
Heartland Express, Inc.   5,750   $103,443 
Marten Transport Ltd.   3,300    75,240 
Roadrunner Transportation Systems, Inc. (a)   10,260    26,060 
Saia, Inc. (a)   1,850    139,027 
         400,178 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3%          
Advanced Energy Industries, Inc. (a)   2,880    184,032 
Axcelis Technologies, Inc. (a)   3,000    73,800 
Brooks Automation, Inc.   5,540    150,023 
Cabot Microelectronics Corp.   1,630    174,589 
CEVA, Inc. (a)   1,740    62,988 
Diodes, Inc. (a)   2,910    88,639 
Kulicke & Soffa Industries, Inc. (a)   5,390    134,804 
MaxLinear, Inc. (a)   3,800    86,450 
Nanometrics, Inc. (a)   2,070    55,683 
Power Integrations, Inc.   1,970    134,649 
Rambus, Inc. (a)   7,285    97,838 
Rudolph Technologies, Inc. (a)   2,700    74,790 
Semtech Corp. (a)   4,710    183,926 
SolarEdge Technologies, Inc. (a)   3,170    166,742 
Veeco Instruments, Inc. (a)   3,481    59,177 
Xperi Corp.   3,380    71,487 
         1,799,617 
SOFTWARE - 1.8%          
Agilysys, Inc. (a)   6,190    73,785 
Bottomline Technologies (de), Inc. (a)   3,210    124,388 
Ebix, Inc.   1,900    141,550 
MicroStrategy, Inc. - Class A (a)   680    87,713 
Monotype Imaging Holdings, Inc.   3,610    81,044 
Progress Software Corp.   3,880    149,186 
Qualys, Inc. (a)   2,220    161,505 
Synchronoss Technologies, Inc. (a)   3,140    33,127 
TiVo Corp.   8,170    110,703 
         963,001 
SPECIALTY RETAIL - 4.6%          
Abercrombie & Fitch Co. - Class A   5,900    142,839 
Asbury Automotive Group, Inc. (a)   1,760    118,800 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 97.2%  (Continued)  Shares   Value 
SPECIALTY RETAIL - 4.6%  (Continued)        
Ascena Retail Group, Inc. (a)   24,820   $49,888 
Barnes & Noble Education, Inc. (a)   3,260    22,461 
Barnes & Noble, Inc.   6,220    30,789 
Caleres, Inc.   3,100    104,160 
Children's Place, Inc. (The)   1,390    187,998 
DSW, Inc. - Class A   2,890    64,909 
Express, Inc. (a)   6,430    46,039 
Finish Line, Inc. (The) - Class A   8,500    115,090 
Five Below, Inc. (a)   3,920    287,493 
Francesca's Holdings Corp. (a)   5,970    28,656 
Genesco, Inc. (a)   1,570    63,742 
Group 1 Automotive, Inc.   1,380    90,169 
Guess?, Inc.   9,260    192,052 
Hibbett Sports, Inc. (a)   3,770    90,292 
Lithia Motors, Inc. - Class A   1,650    165,858 
Lumber Liquidators Holdings, Inc. (a)   2,930    70,086 
MarineMax, Inc. (a)   2,510    48,820 
Monro, Inc.   2,320    124,352 
RH (a)   1,400    133,392 
Sleep Number Corp. (a)   3,400    119,510 
Tailored Brands, Inc.   5,280    132,317 
Tile Shop Holdings, Inc.   4,970    29,820 
Vitamin Shoppe, Inc. (a)   8,290    36,061 
         2,495,593 
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.4%          
Cray, Inc. (a)   3,130    64,791 
Electronics For Imaging, Inc. (a)   3,390    92,649 
Super Micro Computer, Inc. (a)   4,440    75,480 
         232,920 
TEXTILES, APPAREL & LUXURY GOODS - 1.7%          
Crocs, Inc. (a)   6,870    111,637 
G-III Apparel Group Ltd. (a)   5,110    192,545 
Movado Group, Inc.   1,630    62,592 
Oxford Industries, Inc.   1,855    138,309 
Steven Madden Ltd.   5,170    226,963 
Wolverine World Wide, Inc.   7,210    208,369 
         940,415 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 97.2%  (Continued)  Shares   Value 
THRIFTS & MORTGAGE FINANCE - 1.4%        
BofI Holding, Inc. (a)   3,910   $158,472 
Dime Community Bancshares, Inc.   2,440    44,896 
HomeStreet, Inc. (a)   2,050    58,733 
NMI Holdings, Inc. - Class A (a)   2,990    49,485 
Northwest Bancshares, Inc.   7,750    128,340 
Provident Financial Services, Inc.   4,170    106,710 
TrustCo Bank Corp.   11,340    95,823 
Walker & Dunlop, Inc.   2,200    130,724 
         773,183 
TRADING COMPANIES & DISTRIBUTORS - 1.1%          
Applied Industrial Technologies, Inc.   2,920    212,868 
DXP Enterprises, Inc. (a)   3,000    116,850 
Veritiv Corp. (a)   7,300    286,160 
         615,878 
WATER UTILITIES - 0.7%          
American States Water Co.   3,640    193,138 
California Water Service Group   4,300    160,175 
         353,313 
           
TOTAL COMMON STOCKS (COST $49,290,621)       $52,548,204 

 

 C: 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

CORPORATE NOTES - 0.8%  Coupon  Maturity  Principal Amount   Fair Value 
COMMUNITY DEVELOPMENT - 0.8%           
Calvert Social Investment Foundation, Inc. (b)  1.000%  06/15/18  $270,000   $269,544 
Calvert Social Investment Foundation, Inc. (b)  1.500%  06/15/18   175,000    171,465 
TOTAL CORPORATE NOTES (COST $445,000)             $441,009 
                 
TOTAL INVESTMENTS - (COST $49,735,621 - Unrealized gain/loss $3,253,592) - 98.0%       $52,989,213 
                 
OTHER ASSETS IN EXCESS OF LIABILITIES -  2.0%              1,090,382 
                 
NET ASSETS - 100.0%             $54,079,595 

 

(a)Non-income producing security.
(b)Illiquid security.

 

plc - Public Liability Company

REIT - Real Estate Investment Trust

 

See accompanying notes to Schedules of Investments.

 

 C: 

 

 

Schedule of Portfolio Investments

Praxis Genesis Conservative Portfolio

March 31, 2018 (Unaudited)

 

MUTUAL FUNDS - 100.0%  Shares   Value 
DEBT FUND - 69.7%        
Praxis Impact Bond Fund - Class I   1,535,369   $15,599,353 
           
EQUITY FUND - 30.3%          
Praxis Growth Index Fund - Class I   89,442    2,106,353 
Praxis International Index Fund - Class I   176,814    2,070,491 
Praxis Small Cap Index Fund - Class I   60,491    569,224 
Praxis Value Index Fund - Class I   152,561    2,033,640 
         6,779,708 
           
TOTAL INVESTMENTS - (COST $20,279,850 - Unrealized gain/loss $2,099,211) - 100.0%       $22,379,061 
           
OTHER ASSETS IN EXCESS OF LIABILITIES -  0.0% (a)        3,037 
           
NET ASSETS - 100.0%       $22,382,098 

 

(a)Percentage rounds to less than 0.1%

 

See accompanying notes to Schedules of Investments.

 

 C: 

 

 

Schedule of Portfolio Investments

Praxis Genesis Balanced Portfolio

March 31, 2018 (Unaudited)

 

MUTUAL FUNDS - 100.0%  Shares   Value 
DEBT FUND - 39.7%        
Praxis Impact Bond Fund - Class I   2,864,978   $29,108,173 
           
EQUITY FUND - 60.3%          
Praxis Growth Index Fund - Class I   505,774    11,910,983 
Praxis International Index Fund - Class I   1,148,694    13,451,212 
Praxis Small Index Cap Fund - Class I   789,663    7,430,728 
Praxis Value Index Fund - Class I   863,513    11,510,622 
         44,303,545 
           
TOTAL INVESTMENTS - (COST $60,440,109 - Unrealized gain/loss $12,971,609) - 100.0%       $73,411,718 
           
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0%) (a)        (27,798)
           
NET ASSETS - 100.0%       $73,383,920 

 

(a)Percentage rounds to less than 0.1%.

 

See accompanying notes to Schedules of Investments.

 

 C: 

 

 

Schedule of Portfolio Investments

Praxis Genesis Growth Portfolio

March 31, 2018 (Unaudited)

 

MUTUAL FUNDS - 100.0%  Shares   Value 
DEBT FUND - 19.7%        
Praxis Impact Bond Fund - Class I   1,239,013   $12,588,372 
           
EQUITY FUND - 80.3%          
Praxis Growth Index Fund - Class I   559,503    13,176,300 
Praxis International Index Fund - Class I   1,331,708    15,594,299 
Praxis Small Index Cap Fund - Class I   1,024,553    9,641,047 
Praxis Value Index Fund - Class I   955,131    12,731,895 
         51,143,541 
           
TOTAL INVESTMENTS - (COST $48,935,216 - Unrealized gain/loss $14,796,697) - 100.0%       $63,731,913 
           
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0%) (a)        (9,946)
           
NET ASSETS - 100.0%       $63,721,967 

 

(a)Percentage rounds to less than 0.1%.

 

See accompanying notes to Schedules of Investments.

 

 C: 

 

 

Praxis Mutual Funds

Notes to schedule of portfolio investments

March 31, 2018 (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 March 31, 2018, the Trust consists of the Praxis Impact Bond Fund, the Praxis International Index Fund, the Praxis Value Index Fund, the Praxis Growth Index Fund, and the Praxis Small Cap Index Fund, (individually a “Fund,” collectively the “Funds”), the Praxis Genesis Conservative Portfolio, the Praxis Genesis Balanced Portfolio, and the Praxis Genesis Growth Portfolio, (individually a “Portfolio,” collectively the “Portfolios”). The Funds and Portfolios are also referred to individually as the Impact Bond Fund, 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 March 31, 2018, 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 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.

 

 C: 

 

 

Praxis Mutual Funds

Notes to schedule of portfolio investments

 

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 March 31, 2018, 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  $-   $11,512,747   $-   $11,512,747 
Commercial Mortgage Backed Securities   -    3,010,197    -    3,010,197 
Municipal Bonds   -    11,169,304    -    11,169,304 
Corporate Bonds   -    192,908,496    -    192,908,496 
Corporate Notes   -    4,805,716    -    4,805,716 
Foreign Governments   -    49,510,148    -    49,510,148 
U.S. Government Agencies   -    242,791,962    -    242,791,962 
Investment Companies   3,509,803    -    -    3,509,803 
Total Investments  $3,509,803   $515,708,570   $-   $519,218,373 

 

Praxis International Index Fund                
Investments at Value  Level 1   Level 2   Level 3   Total 
Common Stocks  $211,059,250   $62,651,451   $-   $273,710,701 
Preferred Stocks   960,508    -    -    960,508 
Corporate Notes   -    2,329,237    -    2,329,237 
Total Investments  $212,019,758   $64,980,688   $-   $277,000,446 

 

 C: 

 

 

Praxis Mutual Funds

Notes to schedule of portfolio investments

 

Praxis Value Index Fund                
Investments at Value  Level 1   Level 2   Level 3   Total 
Common Stocks  $184,654,701   $-   $-   $184,654,701 
Corporate Notes   -    1,546,070    -    1,546,070 
Total Investments  $184,654,701   $1,546,070   $-   $186,200,771 

 

Praxis Growth Index Fund                
Investments at Value  Level 1   Level 2   Level 3   Total 
Common Stocks  $253,080,549   $-   $-   $253,080,549 
Corporate Notes   -    2,080,525    -    2,080,525 
Total Investments  $253,080,549   $2,080,525   $-   $255,161,074 

 

Praxis Small Cap Index Fund                
Investments at Value  Level 1   Level 2   Level 3   Total 
Common Stocks  $52,548,204   $-   $-   $52,548,204 
Corporate Notes   -    441,009    -    441,009 
Total Investments  $52,548,204   $441,009   $-   $52,989,213 

 

Praxis Genesis Conservative Portfolio                
Investments at Value  Level 1   Level 2   Level 3   Total 
Mutual Funds  $22,379,061   $-   $-   $22,379,061 
Total Investments  $22,379,061   $-   $-   $22,379,061 

 

Praxis Genesis Balanced Portfolio                
Investments at Value  Level 1   Level 2   Level 3   Total 
Mutual Funds  $73,411,718   $-   $-   $73,411,718 
Total Investments  $73,411,718   $-   $-   $73,411,718 

 

Praxis Genesis Growth Portfolio                
Investments at Value  Level 1   Level 2   Level 3   Total 
Mutual Funds  $63,731,913   $-   $-   $63,731,913 
Total Investments  $63,731,913   $-   $-   $63,731,913 

 

Refer to each Fund’s Schedule of Portfolio Investments for a listing of common stocks, if applicable, by industry type. As of March 31, 2018, the Funds and Portfolios did not have any transfers into or 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 March 31, 2018. It is the Funds’ and Portfolios’ policy to recognize transfers into or out of any Level at the end of the reporting period.

 

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.

 

 C: 

 

 

Praxis Mutual Funds

Notes to schedule of portfolio investments

 

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.

 

3. Federal Income Tax Information:

 

The following information is computed on a tax basis for each item as of March 31, 2018:

 

  

Praxis Impact

Bond Fund

  

Praxis International

Index Fund

  

Praxis Value

Index Fund

  

Praxis Growth

Index Fund

  

Praxis Small Cap

Index Fund

 
Cost of portfolio investments  $521,115,600   $206,904,315   $151,699,787   $148,147,523   $49,767,101 
Gross unrealized appreciation  $6,570,573   $79,078,294   $41,229,664   $109,849,565   $8,203,288 
Gross unrealized depreciation   (8,467,800)   (8,982,163)   (6,728,680)   (2,836,014)   (4,981,176)
Net unrealized appreciation (depreciation)  $(1,897,227)  $70,096,131   $34,500,984   $107,013,551   $3,222,112 

 

  

Praxis Genesis

Consevative

Portfolio

  

Praxis Genesis

Balanced

Portfolio

  

Praxis Genesis

Growth

Portfolio

 
Cost of portfolio investments  $20,505,029   $61,023,292   $49,590,997 
Gross unrealized appreciation  $2,389,060   $13,702,223   $15,347,878 
Gross unrealized depreciation   (515,028)   (1,313,797)   (1,206,962)
Net unrealized appreciation  $1,874,032   $12,388,426   $14,140,916 

 

The difference between the federal income tax cost of portfolio investments and the Schedule of Portfolio Investments cost for each Fund (excluding the Praxis 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.

 

 C: 

 

 

Praxis Mutual Funds

Notes to schedule of portfolio investments

 

4. Subsequent Events

 

The Funds and Portfolios evaluated subsequent events from March 31, 2018 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. 

 

 C: 

 

 

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.

 

 C: 

 

 

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.

 

Registrant: Praxis Mutual Funds  
     
By (Signature and Title) /s/ Trent Statczar  
  Trent Statczar, Treasurer  
     
Date: May 24, 2018  

 

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 (Signature and Title) /s/ Chad Horning  
  Chad Horning, President  
     
Date: May 24, 2018  
     
By (Signature and Title) /s/ Trent Statczar  
  Trent Statczar, Treasurer  
     
Date: May 24, 2018  

 

 


Dates Referenced Herein

This ‘N-Q’ Filing    Date    Other Filings
Filed on / Effective on:5/24/18None on these Dates
For Period End:3/31/18
12/1/93
9/27/93
 List all Filings 
Top
Filing Submission 0001398344-18-007968   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
AboutPrivacyRedactionsHelp — Thu., Mar. 28, 11:19:41.2am ET