SEC Info - Praxis Mutual Funds - ‘N-Q’ for 9/30/18

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Praxis Mutual Funds – ‘N-Q’ for 9/30/18

On: Tuesday, 11/27/18, at 2:56pm ET · Effective: 11/27/18 · For: 9/30/18 · Accession #: 1398344-18-17019 · File #: 811-08056

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

11/27/18  Praxis Mutual Funds               N-Q         9/30/18    2:2.1M                                   FilePoint/FA
          → Praxis Genesis Balanced Portfolio ⇒ Praxis Genesis Balanced Portfolio Class A (MBAPX)
          → Praxis Genesis Conservative Portfolio ⇒ Praxis Genesis Conservative Portfolio Class A (MCONX)
          → Praxis Genesis Growth Portfolio ⇒ Praxis Genesis Growth Portfolio Class A (MGAFX)
          → Praxis Growth Index Fund ⇒ Praxis Growth Index Fund Class A (MGNDX) — Praxis Growth Index Fund Class I (MMDEX)
          → Praxis Impact Bond Fund ⇒ Praxis Impact Bond Fund Class A (MIIAX) — Praxis Impact Bond Fund Class I (MIIIX)
          → Praxis International Index Fund ⇒ Praxis International Index Fund Class A (MPLAX) — Praxis International Index Fund Class I (MPLIX)
          → Praxis Small Cap Index Fund ⇒ Praxis Small Cap Index Fund Class A (MMSCX) — Praxis Small Cap Index Fund Class I (MMSIX)
          → Praxis Value Index Fund ⇒ Praxis Value Index Fund Class A (MVIAX) — Praxis Value Index Fund Class I (MVIIX)

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

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Quarterly Schedule of Portfolio Holdings of a       HTML    883K 
                          Management Investment Company                          
 2: EX-99.CERT  Miscellaneous Exhibit                               HTML     12K

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, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-8056

Praxis Mutual Funds

(Exact name of registrant as specified in charter)

P.O. Box 483

Goshen, IN 46527

(Address of principal executive offices) (Zip code)

Anthony Zacharski

Dechert LLP

200 Clarendon Street, 27^th Floor

Boston, MA 02116

(Name and Address of Agent for Service)

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

Date of fiscal year end: December 31

Date of reporting period: September 30, 2018

Item 1. Schedule of Investments.

Schedule of Portfolio Investments

Praxis Impact Bond Fund

September 30, 2018 (Unaudited)

ASSET BACKED SECURITIES - 2.0%	Coupon			Maturity		Principal Amount		Fair Value
Cal Funding II Ltd. ^(a)		3.620	%		06/25/42	$	656,250	$	640,508
CLI Funding LLC		2.830	%		03/18/28		410,667		399,960
Cronos Containers Program I Ltd.		3.270	%		11/18/29		574,074		564,224
Fairway Outdoor Funding LLC ^(b)		4.212	%		10/15/19		415,663		416,332
Global SC Finance II SRL ^(b)		2.980	%		04/17/28		527,083		517,446
Goldman Credit Card Trust		1.600	%		09/15/21		2,000,000		1,975,090
Master Credit Card Trust		2.260	%		01/21/20		2,000,000		1,979,115
SBA Tower Trust		2.898	%		10/15/19		525,000		523,946
SBA Tower Trust		3.448	%		03/15/23		1,250,000		1,231,852
SolarCity LMC Series I LLC ^(b)		4.800	%		12/21/26		596,820		599,979
SolarCity LMC Series IV LLC ^(b)		4.180	%		08/21/45		227,154		223,941
Spruce ABS Trust		4.320	%		06/15/28		333,660		333,442
Textainer Marine Containers Ltd.		3.720	%		05/20/42		654,423		645,182
Toyota Motor Credit Corp.		1.300	%		04/15/20		406,903		405,126
Verizon Owner Trust ^(b)		1.420	%		01/20/21		157,096		156,357
TOTAL ASSET BACKED SECURITIES (COST $10,691,860)								$	10,612,500

COMMERCIAL MORTGAGE BACKED SECURITIES - 0.6%	Coupon		Maturity		Principal Amount		Fair Value
Commercial Mortgage Pass Through Certificates	3.391	%	05/15/45	$	937,425	$	933,926
Commercial Mortgage Pass Through Certificates	2.853	%	10/15/45		1,000,000		972,065
OBP Depositor LLC Trust ^(b)	4.646	%	07/15/45		1,040,000		1,060,187
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (COST $3,106,836)						$	2,966,178

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	$	1,226,670
Bridgeport Connecticut Housing Authority		1.850	%		12/15/18		40,000		39,888
Cincinnati, Ohio Water System Rev.		6.458	%		12/01/34		600,000		624,354
Columbus Multi-High School Building Corp.		6.446	%		01/15/30		1,000,000		1,044,130
Findlay City School District		6.250	%		12/01/37		270,000		279,110
Houston Independent School District		6.168	%		02/15/34		1,000,000		1,012,680

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

MUNICIPAL BONDS - 2.1% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
Indianapolis Public School Multi-School Building		5.731	%		07/15/29	$	1,500,000	$	1,527,525
Massachusetts St.		3.277	%		06/01/46		1,500,000		1,340,310
New Jersey St. Housing and Mortgage Finance		2.600	%		07/01/23		270,000		262,948
Osceola County Housing Finance Authority Rev.		3.350	%		07/01/23		195,000		199,391
St. of Hawaii, Department of Business Economic Development & Tourism		1.467	%		07/01/22		339,336		333,462
St. Paul Housing & Redevelopment Authority Rev.		2.993	%		07/01/21		1,250,000		1,231,313
Warm Springs Reservation Confederated Tribe		8.250	%		11/01/19		795,000		814,263
Wisconsin Department of Transportation		5.837	%		07/01/30		800,000		817,664
TOTAL MUNICIPAL BONDS (COST $10,820,311)								$	10,753,708

CORPORATE BONDS - 37.8%	Coupon			Maturity		Principal Amount		Fair Value
AIRLINES - 0.4%
British Airways, Series 2013-1 ^(b)		4.625	%		06/20/24	$	628,298	$	642,434
Delta Air Lines, Inc.		4.950	%		05/23/19		574,757		578,350
Delta Air Lines, Inc.		2.875	%		03/13/20		435,000		431,481
Southwest Airlines Co.		2.650	%		11/05/20		680,000		670,318
									2,322,583
AUTO PARTS - 0.3%
Borgwarner, Inc.		4.625	%		09/15/20		1,500,000		1,530,268

BANKS - 4.0%
Axis Bank/Dubai ^(b)		2.875	%		06/01/21		500,000		479,605
Bank of America Corp.		2.151	%		11/09/20		1,000,000		978,579
Bank of America Corp.		3.499	%		05/17/22		1,000,000		999,451
Bank of America Corp.		3.300	%		01/11/23		500,000		493,058
Bank of America Corp.		4.100	%		07/24/23		1,000,000		1,019,922
Capital One Financial Corp.		2.500	%		05/12/20		1,000,000		987,987
Citigroup, Inc.		2.400	%		02/18/20		1,250,000		1,238,147
Citigroup, Inc.		3.875	%		10/25/23		1,000,000		1,007,367
Citigroup, Inc.		3.700	%		01/12/26		1,750,000		1,697,961
Commonwealth Bank of Australia ^(b)		2.250	%		03/10/20		1,500,000		1,480,805
Discover Bank/Greenwood DE		3.100	%		06/04/20		1,750,000		1,738,979

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 37.9% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
BANKS - 4.0% (Continued)
JPMorgan Chase & Co.		2.250	%		01/23/20	$	1,500,000	$	1,484,650
JPMorgan Chase & Co.		4.625	%		05/10/21		500,000		515,751
JPMorgan Chase & Co.		3.250	%		09/23/22		1,500,000		1,486,738
Mitsubishi UFJ Financial Group		2.527	%		09/13/23		1,250,000		1,175,041
National Australia Bank, New York Branch		3.625	%		06/20/23		1,500,000		1,491,719
Sumitomo Mitsui Banking Corp.		2.450	%		10/20/20		1,250,000		1,227,247
Toronto-Dominion Bank		1.850	%		09/11/20		1,575,000		1,539,253
									21,042,260
BIOTECHNOLOGY - 0.5%
Biogen, Inc.		2.900	%		09/15/20		1,000,000		994,820
Celgene Corp.		2.875	%		08/15/20		1,250,000		1,241,793
Gilead Sciences, Inc.		3.650	%		03/01/26		500,000		491,000
									2,727,613
BUILDING MATERIALS - 0.2%
Carlisle Cos., Inc.		3.500	%		12/01/24		1,250,000		1,197,325

BUILDING PRODUCTS - 0.3%
Masco Corp.		3.500	%		04/01/21		482,000		481,744
Owens Corning		4.200	%		12/01/24		1,000,000		990,417
									1,472,161
CAPITAL MARKETS - 1.6%
Bank of New York Mellon Corp. (The), Perpetual Bond		4.950	%		12/29/49		1,000,000		1,020,000
Goldman Sachs Group, Inc.		2.600	%		04/23/20		1,000,000		989,905
Goldman Sachs Group, Inc.		6.000	%		06/15/20		1,200,000		1,254,348
Goldman Sachs Group, Inc.		3.272	%		09/29/25		1,500,000		1,433,252
ING Bank N.V. ^(b)		2.000	%		11/26/18		1,515,000		1,513,746
Jefferies Group LLC		8.500	%		07/15/19		900,000		937,645
State Street Corp.		7.350	%		06/15/26		1,000,000		1,200,276
									8,349,172
CHEMICALS - 1.0%
Avery Dennison Corp.		5.375	%		04/15/20		1,250,000		1,280,778
Ecolab, Inc.		5.500	%		12/08/41		150,000		174,763
Ecolab, Inc.		3.950	%		12/01/47		1,220,000		1,159,107
NOVA Chemicals Corp. ^(b)		5.250	%		08/01/23		500,000		497,188
Nutrien Ltd.		5.875	%		12/01/36		840,000		908,495
Solvay Finance America LLC		3.400	%		12/03/20		1,250,000		1,248,715
									5,269,046

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 37.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Steelcase, Inc.		6.375	%		02/15/21	$	1,000,000	$	1,053,642

COMMUNICATIONS EQUIPMENT - 0.1%
Juniper Networks, Inc.		3.300	%		06/15/20		500,000		499,533

CONSUMER FINANCE - 0.8%
American Express Credit Corp.		2.600	%		09/14/20		1,000,000		990,935
Ford Motor Credit Co. LLC		3.157	%		08/04/20		1,000,000		990,207
GE Capital International Funding Co.		4.418	%		11/15/35		1,250,000		1,176,443
Hyundai Capital Services, Inc. ^(b)		2.875	%		03/16/21		1,250,000		1,220,440
									4,378,025
CONSUMER SERVICES - 0.7%
Ford Foundation (The), Series 2017		3.859	%		06/01/47		2,145,000		2,077,258
Local Initiatives Support Corp.		4.649	%		03/01/37		1,500,000		1,460,589
									3,537,847
CONTAINERS & PACKAGING - 0.3%
Newell Rubbermaid, Inc.		3.850	%		04/01/23		185,000		181,068
Sonoco Products Co.		5.750	%		11/01/40		1,000,000		1,105,206
									1,286,274
DIVERSIFIED FINANCIAL SERVICES - 1.4%
AerCap Ireland Capital Ltd.		5.000	%		10/01/21		1,000,000		1,028,586
Brookfield Finance, Inc.		4.250	%		06/02/26		1,000,000		987,285
GATX Corp.		2.600	%		03/30/20		897,000		885,651
Genpact Luxembourg S.A.R.L. ^(b)		3.700	%		04/01/22		1,100,000		1,074,097
Moody's Corp.		5.500	%		09/01/20		1,000,000		1,039,691
MSCI, Inc. ^(b)		5.750	%		08/15/25		500,000		522,500
National Rural Utilities Cooperative Finance Corp.		10.375	%		11/01/18		546,000		549,385
S&P Global, Inc.		3.300	%		08/14/20		750,000		750,156
S&P Global, Inc.		4.000	%		06/15/25		500,000		501,394
									7,338,745
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.8%
AT&T, Inc. ^(b)		4.100	%		02/15/28		507,000		492,209
AT&T, Inc.		5.250	%		03/01/37		500,000		498,325
AT&T, Inc.		4.750	%		05/15/46		1,000,000		913,636
Frontier Communications Corp.		7.125	%		03/15/19		750,000		754,725

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 37.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.8% (Continued)
Verizon Communications, Inc.		5.500	%		03/16/47	$	1,250,000	$	1,368,715
									4,027,610
EDUCATION - 1.1%
Massachusetts Institute of Technology		3.959	%		07/01/38		1,500,000		1,507,219
President & Fellows of Harvard College		3.150	%		07/15/46		2,500,000		2,214,476
University of Notre Dame, Series 2017		3.394	%		02/15/48		2,000,000		1,841,655
									5,563,350
ELECTRIC UTILITIES - 3.9%
Caledonia Generating LLC ^(b)		1.950	%		02/28/22		383,753		375,813
DTE Electric Co.		4.050	%		05/15/48		1,750,000		1,722,104
Electricite de France S.A. ^(b)		3.625	%		10/13/25		1,250,000		1,209,237
Florida Power & Light Co.		4.050	%		10/01/44		1,300,000		1,292,769
Georgia Power Co.		3.250	%		04/01/26		1,000,000		944,458
ITC Holdings Corp. ^(b)		5.500	%		01/15/20		1,250,000		1,278,110
MidAmerican Energy Co.		3.950	%		08/01/47		1,750,000		1,678,628
NextEra Energy Capital Holdings, Inc.		2.700	%		09/15/19		1,250,000		1,246,558
Niagara Mohawk Power Corp. ^(b)		4.881	%		08/15/19		840,000		853,028
NSTAR Electric Co.		5.500	%		03/15/40		1,250,000		1,439,852
Pacificorp		8.080	%		10/14/22		500,000		573,765
Pennsylvania Electric Co.		5.200	%		04/01/20		500,000		511,455
Portland General Electric Co.		6.100	%		04/15/19		1,100,000		1,119,478
Potomac Electric Power Co.		6.500	%		11/15/37		1,000,000		1,284,630
Public Service Colorado		3.700	%		06/15/28		1,750,000		1,750,189
San Diego Gas and Electric Co.		4.500	%		08/15/40		841,000		857,351
Southern California Edison		4.050	%		03/15/42		1,165,000		1,099,526
Southern Power Co.		4.150	%		12/01/25		1,000,000		986,458
									20,223,409
ELECTRICAL EQUIPMENT - 0.5%
Johnson Controls, Inc.		3.750	%		12/01/21		550,000		553,287
Legrand S.A.		8.500	%		02/15/25		1,000,000		1,231,791
Thomas & Betts Corp.		5.625	%		11/15/21		720,000		763,495
									2,548,573
FOOD & STAPLES RETAILING - 0.4%
Ahold Finance U.S.A., LLC, Series 2000-1, CV ^(a)		7.820	%		01/02/20		114,705		115,330
Ahold Finance U.S.A., LLC, CV		8.620	%		01/02/25		940,987		1,078,687

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 37.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
FOOD & STAPLES RETAILING - 0.4% (Continued)
Kroger Co. (The)		5.000	%		04/15/42	$	1,000,000	$	990,056
									2,184,073
FOOD PRODUCTS - 2.0%
Bunge Ltd. Finance Corp.		3.500	%		11/24/20		1,250,000		1,246,097
Campbell Soup Co.		3.950	%		03/15/25		1,500,000		1,450,194
Cargill, Inc. ^(b)		4.760	%		11/23/45		1,250,000		1,369,574
General Mills, Inc.		4.000	%		04/17/25		1,500,000		1,484,677
J.M. Smucker Co. (The)		3.500	%		03/15/25		1,250,000		1,202,911
Kraft Foods Group, Inc.		5.375	%		02/10/20		1,000,000		1,028,426
Mead Johnson Nutrition Co.		3.000	%		11/15/20		1,000,000		996,499
Wm. Wrigley Jr. Co. ^(b)		3.375	%		10/21/20		1,430,000		1,431,599
									10,209,977
GAS UTILITIES - 0.5%
Brooklyn Union Gas Co. ^(b)		4.504	%		03/10/46		1,250,000		1,288,183
Indiana Gas Co., Inc.		6.550	%		06/30/28		250,000		275,483
Laclede Group, Inc. (The)		2.550	%		08/15/19		1,250,000		1,240,219
									2,803,885
HEALTH CARE PROVIDERS & SERVICES - 1.2%
CVS Health Corp.		4.300	%		03/25/28		1,250,000		1,240,199
Express Scripts Holding Co.		3.300	%		02/25/21		1,000,000		994,881
Howard Hughes Medical Institute		3.500	%		09/01/23		1,500,000		1,510,084
Kaiser Foundation Hospital		3.150	%		05/01/27		1,500,000		1,438,514
Laboratory Corp. of America Holdings		2.625	%		02/01/20		1,000,000		993,712
									6,177,390
HOTELS, RESTAURANTS & LEISURE - 0.4%
Hyatt Hotels Corp.		3.375	%		07/15/23		1,000,000		976,207
Starbucks Corp.		2.450	%		06/15/26		1,000,000		900,522
									1,876,729
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.7%
Harper Lake Solar Funding Corp. ^(b)		7.645	%		12/31/18		264,206		266,245
Midland Cogeneration Venture, L.P., CV ^(b)		5.250	%		03/15/25		165,344		159,500
Midland Cogeneration Venture, L.P., CV ^(b)		6.000	%		03/15/25		428,736		424,414
Solar Star Funding LLC ^(b)		3.950	%		06/30/35		312,580		286,991
Solar Star Funding LLC ^(b)		5.375	%		06/30/35		474,555		484,298
Tenaska Virginia Partners, L.P. ^(b)		6.119	%		03/30/24		764,238		800,806
Topaz Solar Farms LLC ^(b)		4.875	%		09/30/39		300,711		293,311

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 37.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.7% (Continued)
Topaz Solar Farms LLC ^(b)		5.750	%		09/30/39	$	699,642	$	728,717
									3,444,282
INDUSTRIAL CONGLOMERATES - 0.2%
Ingersoll-Rand Global Holding Co. Ltd.		2.900	%		02/21/21		500,000		494,131
Ingersoll-Rand Global Holding Co. Ltd.		6.391	%		11/15/27		655,000		733,880
									1,228,011
INSURANCE - 3.9%
Aflac, Inc.		4.000	%		10/15/46		1,058,000		976,554
AIG Global Funding ^(b)		2.150	%		07/02/20		750,000		735,493
American International Group, Inc.		3.750	%		07/10/25		1,250,000		1,215,578
Anthem, Inc., CV		2.500	%		11/21/20		1,500,000		1,476,264
Athene Global Funding ^(b)		2.750	%		04/20/20		1,550,000		1,530,617
Fidelity National Financial, Inc.		5.500	%		09/01/22		725,000		770,028
Horace Mann Educators Corp.		4.500	%		12/01/25		1,235,000		1,238,800
Jackson National Life Global Funding ^(b)		3.300	%		06/11/21		1,250,000		1,244,515
Kemper Corp.		4.350	%		02/15/25		1,250,000		1,228,029
Liberty Mutual Group, Inc. ^(b)		4.950	%		05/01/22		1,050,000		1,087,472
Marsh & McLennan Cos., Inc.		3.750	%		03/14/26		1,000,000		982,055
OneBeacon US Holdings, Inc.		4.600	%		11/09/22		1,000,000		1,000,516
Prudential Financial, Inc. ^(a)		5.875	%		09/15/42		500,000		528,750
RLI Corp.		4.875	%		09/15/23		1,000,000		1,003,906
Sammons Financial Group		4.450	%		05/12/27		800,000		767,264
StanCorp Financial Group, Inc.		5.000	%		08/15/22		1,250,000		1,295,325
TIAA Asset Management Finance Co. LLC ^(b)		2.950	%		11/01/19		1,750,000		1,747,599
Unum Group		3.000	%		05/15/21		700,000		688,689
W.R. Berkley Corp.		6.150	%		08/15/19		710,000		728,148
W.R. Berkley Corp.		4.625	%		03/15/22		250,000		256,628
									20,502,230
IT SERVICES - 0.5%
Broadridge Financial Solutions, Inc.		3.950	%		09/01/20		1,000,000		1,008,712
Fiserv, Inc.		2.700	%		06/01/20		1,000,000		991,164
Xerox Corp.		4.070	%		03/17/22		750,000		738,914
									2,738,790
LIFE SCIENCES TOOLS & SERVICES - 0.2%
Agilent Technologies, Inc.		3.875	%		07/15/23		1,250,000		1,246,757

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 37.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
MACHINERY - 0.4%
Illinois Tool Works, Inc.		3.900	%		09/01/42	$	1,000,000	$	979,509
Pall Corp.		5.000	%		06/15/20		1,000,000		1,029,649
									2,009,158
MEDIA - 0.4%
Comcast Corp.		4.750	%		03/01/44		500,000		498,698
Discovery Communications ^(b)		2.800	%		06/15/20		1,000,000		989,841
Time Warner Cable, Inc.		4.500	%		09/15/42		500,000		426,696
									1,915,235
METALS & MINING - 0.5%
Newcrest Finance Property Ltd. ^(b)		4.450	%		11/15/21		1,000,000		1,013,615
Nucor Corp.		4.125	%		09/15/22		665,000		679,096
Reliance Steel & Aluminum Co.		4.500	%		04/15/23		1,105,000		1,121,736
									2,814,447
MULTI-LINE RETAIL - 0.1%
Macy's Retail Holdings, Inc.		9.500	%		04/15/21		270,000		284,455

MULTI-UTILITIES - 0.9%
Avangrid, Inc.		3.150	%		12/01/24		1,800,000		1,715,809
Puget Energy, Inc.		5.625	%		07/15/22		750,000		793,547
Puget Sound Energy, Inc.		4.223	%		06/15/48		1,000,000		1,004,035
Westar Energy, Inc.		2.550	%		07/01/26		1,260,000		1,154,318
									4,667,709
OIL, GAS & CONSUMABLE FUELS - 0.2%
ConocoPhillips Holdings Co.		6.950	%		04/15/29		1,000,000		1,248,658

PAPER & FOREST PRODUCTS - 0.4%
Fibria Overseas Finance Ltd.		5.500	%		01/17/27		800,000		792,960
Klabin Finance S.A. ^(b)		4.875	%		09/19/27		750,000		667,500
PH Glatfelter Co.		5.375	%		10/15/20		750,000		750,938
									2,211,398
PHARMACEUTICALS - 0.4%
AbbVie, Inc.		2.500	%		05/14/20		1,000,000		988,793
Zoetis, Inc.		3.250	%		02/01/23		1,200,000		1,179,283
									2,168,076
PIPELINES - 0.5%
Columbia Pipeline Group, Inc.		3.300	%		06/01/20		850,000		848,589
Florida Gas Transmission Co. LLC ^(b)		4.350	%		07/15/25		1,000,000		1,015,422

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 37.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
PIPELINES - 0.5% (Continued)
Northern Natural Gas Co. ^(b)		4.100	%		09/15/42	$	1,000,000	$	922,932
									2,786,943
PROFESSIONAL SERVICES - 0.4%
Dun & Bradstreet Corp.		4.625	%		12/01/22		1,000,000		1,008,827
Verisk Analytics, Inc.		5.800	%		05/01/21		960,000		1,010,173
									2,019,000
PUBLISHING - 0.2%
RELX Capital, Inc.		3.500	%		03/16/23		1,200,000		1,184,661

REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.0%
Alexandria Real Estate Equities, Inc.		4.000	%		01/15/24		1,500,000		1,503,568
Digital Realty Trust, L.P.		3.950	%		07/01/22		1,250,000		1,257,807
Regency Centers, L.P.		3.750	%		06/15/24		1,000,000		976,907
Vornado Realty, L.P.		3.500	%		01/15/25		567,000		542,773
Welltower, Inc.		5.250	%		01/15/22		1,000,000		1,042,811
									5,323,866
ROAD & RAIL - 1.1%
Burlington Northern Santa Fe LLC		7.160	%		01/02/20		215,397		219,639
Burlington Northern Santa Fe LLC		5.750	%		05/01/40		1,000,000		1,196,858
Kansas City Southern		2.350	%		05/15/20		500,000		490,365
Norfolk Southern Corp.		4.837	%		10/01/41		1,000,000		1,052,364
Norfolk Southern Corp.		4.150	%		02/28/48		500,000		483,118
Ryder System, Inc.		2.650	%		03/02/20		455,000		451,084
Ryder System, Inc.		2.500	%		05/11/20		795,000		785,346
TTX Co. ^(b)		2.600	%		06/15/20		1,000,000		985,263
									5,664,037
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.9%
Intel Corp.		3.734	%		12/08/47		1,361,000		1,268,295
KLA-Tencor Corp.		3.375	%		11/01/19		600,000		601,092
KLA-Tencor Corp.		4.125	%		11/01/21		500,000		507,815
Lam Research Corp.		2.750	%		03/15/20		1,000,000		994,154
Maxim Integrated Products, Inc.		3.375	%		03/15/23		500,000		490,640
NXP BV/NXP Funding LLC ^(b)		3.875	%		09/01/22		200,000		198,000
Xilinx, Inc.		2.125	%		03/15/19		600,000		598,947
									4,658,943

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 37.8% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
SOFTWARE - 0.4%
Microsoft Corp.		4.450	%		11/03/45	$	2,000,000	$	2,141,734

SPECIALTY RETAIL - 0.7%
Advanced Auto Parts, Inc.		4.500	%		01/15/22		402,000		408,981
Gap, Inc. (The)		5.950	%		04/12/21		1,000,000		1,043,682
Lowe's Cos., Inc.		4.650	%		04/15/42		1,000,000		1,040,293
O'Reilly Automotive, Inc.		3.800	%		09/01/22		1,000,000		1,004,298
									3,497,254
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.6%
Apple, Inc.		2.850	%		02/23/23		1,250,000		1,230,527
Apple, Inc.		3.000	%		06/20/27		1,000,000		951,614
Seagate HDD Cayman		3.750	%		11/15/18		635,000		634,813
Seagate HDD Cayman		4.250	%		03/01/22		305,000		303,094
									3,120,048
TEXTILES, APPAREL & LUXURY GOODS - 0.1%
Hanesbrands, Inc. ^(b)		4.625	%		05/15/24		500,000		485,938

TRANSPORTATION SERVICES - 0.4%
ERAC USA Finance LLC		2.700	%		11/01/23		1,250,000		1,179,514
Mexico City Airport Trust ^(b)		4.250	%		10/31/26		1,000,000		940,000
									2,119,514
WATER UTILITIES - 0.1%
California Water Service, CV		5.875	%		05/01/19		700,000		710,312

TOTAL CORPORATE BONDS (COST $199,581,965)								$	197,810,946

CORPORATE NOTES - 1.0%	Coupon			Maturity		Principal Amount		Fair Value
COMMUNITY DEVELOPMENT - 1.0%
Calvert Social Investment Foundation, Inc. ^(c)		1.000	%		12/17/18	$	1,200,000	$	1,196,756
Calvert Social Investment Foundation, Inc. ^(c)		1.500	%		06/17/19		1,700,000		1,687,146
Calvert Social Investment Foundation, Inc. ^(c)		1.500	%		06/15/20		850,000		830,842

Schedule of Portfolio Investments (Continued)
*Praxis Impact Bond Fund*

CORPORATE NOTES - 1.0% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		06/15/23	$	1,650,000	$	1,640,326
TOTAL CORPORATE NOTES (COST $5,400,000)								$	5,355,070

FOREIGN GOVERNMENTS - 9.9%	Coupon			Maturity		Principal Amount		Fair Value
FOREIGN AGENCY - 3.7%
Banco Nacional de Costa Rica ^(b)		5.875	%		04/25/21	$	750,000	$	745,320
Bank Nederlandse Gemeenten ^(b)		1.625	%		11/25/19		1,500,000		1,479,114
Bank Nederlandse Gemeenten ^(b)		2.125	%		12/14/20		1,500,000		1,472,085
Export Development Canada		1.250	%		12/10/18		1,000,000		997,363
Export Development Canada		1.625	%		06/01/20		1,000,000		978,710
Export-Import Bank of Korea		2.125	%		02/11/21		1,250,000		1,210,128
KFW		1.875	%		11/30/20		1,000,000		977,727
KFW		2.000	%		11/30/21		1,000,000		968,857
KFW		2.000	%		09/29/22		1,500,000		1,440,514
Kommunalbanken A.S. ^(b)		1.375	%		10/26/20		1,000,000		967,630
Kommunalbanken A.S. ^(b)		2.125	%		02/11/25		1,000,000		936,100
Kommunivest I Sverige AB ^(b)		1.500	%		04/23/19		1,000,000		993,789
Kommunivest I Sverige AB		1.875	%		06/01/21		1,500,000		1,454,640
Korea East-West Power Co		3.875	%		07/19/23		147,000		146,692
Municipality Finance plc ^(b)		1.375	%		09/21/21		1,000,000		951,344
Nacional Financiera SNC ^(b)		3.375	%		11/05/20		1,000,000		991,260
Neder Waterschapsbank		2.125	%		11/15/21		1,500,000		1,456,125
Ras Laffan Liquefied Natural Gas Co. Ltd. II ^(b)		5.298	%		09/30/20		273,600		279,482
Svensk Exportkredit AB		1.875	%		06/23/20		1,000,000		981,570
									19,428,450
SUPRANATIONAL - 6.2%
African Development Bank		1.375	%		12/17/18		1,000,000		997,994
Asian Development Bank		3.125	%		09/26/28		1,000,000		992,298
Asian Development Bank		1.000	%		08/16/19		1,500,000		1,477,598
Asian Development Bank		2.125	%		03/19/25		1,000,000		939,399
European Bank for Reconstruction & Development		0.875	%		07/22/19		2,000,000		1,971,622
European Bank for Reconstruction & Development		1.875	%		07/15/21		1,500,000		1,453,839
European Investment Bank		2.500	%		10/15/24		1,000,000		964,259
European Investment Bank		2.875	%		06/13/25		1,000,000		982,229

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

FOREIGN GOVERNMENTS - 9.9% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
SUPRANATIONAL - 6.2% (Continued)
European Investment Bank		2.125	%		04/13/26	$	1,000,000	$	928,915
European Investment Bank		2.375	%		05/24/27		1,000,000		937,986
Inter-American Development Bank		2.125	%		11/09/20		3,000,000		2,950,875
Inter-American Development Bank		3.000	%		09/26/22		2,000,000		1,994,008
Inter-American Development Bank		4.375	%		01/24/44		3,000,000		3,485,865
International Bank for Reconstruction & Development		2.125	%		03/03/25		500,000		471,373
International Development Association ^(b)		2.750	%		04/24/23		5,000,000		4,927,440
International Finance Corp.		1.250	%		11/27/18		1,000,000		998,260
International Finance Corp., Series GMTN		1.750	%		03/30/20		3,000,000		2,950,469
International Finance Corp., Series GMTN		2.000	%		10/24/22		2,000,000		1,919,916
Nordic Investment Bank		2.250	%		09/30/21		1,000,000		977,013
									32,321,358
TOTAL FOREIGN GOVERNMENTS (COST $52,451,709)								$	51,749,808

U.S. GOVERNMENT AGENCIES - 44.7%	Coupon			Maturity		Principal Amount		Fair Value
FEDERAL HOME LOAN BANK - 3.6%
FHLB		3.375	%		06/12/20	$	1,000,000	$	1,009,044
FHLB		5.500	%		07/15/36		14,120,000		17,963,591
									18,972,635
FEDERAL HOME LOAN MORTGAGE CORPORATION - 12.1%
FHLMC		5.085	%		03/25/19		1,140,000		1,145,570
FHLMC		5.000	%		04/01/19		5,096		5,124
FHLMC		5.000	%		12/01/21		48,630		50,299
FHLMC		2.375	%		01/13/22		8,460,000		8,313,854
FHLMC		5.500	%		04/01/22		28,534		29,125
FHLMC		4.000	%		11/01/24		317,187		324,574
FHLMC		4.000	%		10/01/25		143,598		146,942
FHLMC		6.000	%		04/01/27		120,439		130,847
FHLMC		2.500	%		10/01/27		783,836		761,475
FHLMC		7.000	%		02/01/30		71,501		73,166
FHLMC		7.500	%		07/01/30		160,315		179,429
FHLMC		7.000	%		03/01/31		53,441		59,719
FHLMC		6.250	%		07/15/32		16,000,000		21,094,640
FHLMC		3.000	%		11/01/32		954,357		940,375
FHLMC		3.000	%		11/01/32		1,406,252		1,385,650

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

U.S. GOVERNMENT AGENCIES - 44.7% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
FEDERAL HOME LOAN MORTGAGE CORPORATION – 12.1% (Continued)
FHLMC		5.500	%		11/01/33	$	50,588	$	54,758
FHLMC (H15T1Y + 2.231) ^(a)		4.231	%		05/01/34		39,314		41,220
FHLMC (H15T1Y + 2.231) ^(a)		4.231	%		05/01/34		72,881		76,193
FHLMC		5.000	%		07/01/35		99,636		105,455
FHLMC		4.500	%		10/01/35		187,468		194,376
FHLMC		5.500	%		03/01/36		53,117		57,512
FHLMC		5.500	%		06/01/36		74,363		80,556
FHLMC		6.000	%		06/01/36		78,329		86,691
FHLMC		5.500	%		12/01/36		61,158		66,131
FHLMC		6.000	%		08/01/37		37,490		41,459
FHLMC		5.000	%		03/01/38		309,895		328,895
FHLMC		4.500	%		06/01/39		362,487		378,128
FHLMC		5.000	%		06/01/39		507,997		539,373
FHLMC		4.500	%		07/01/39		374,068		389,732
FHLMC		4.500	%		11/01/39		345,959		360,671
FHLMC		4.500	%		09/01/40		548,655		572,437
FHLMC		4.500	%		05/01/41		1,087,973		1,135,134
FHLMC		4.500	%		07/01/41		1,073,779		1,120,325
FHLMC		5.000	%		09/01/41		473,489		502,891
FHLMC		3.500	%		10/01/41		714,816		709,061
FHLMC		4.000	%		10/01/41		542,976		553,128
FHLMC		3.500	%		02/01/42		1,055,424		1,046,921
FHLMC		4.000	%		02/01/42		309,287		315,068
FHLMC		3.500	%		06/01/42		1,245,631		1,235,595
FHLMC		3.500	%		06/01/42		1,188,376		1,178,820
FHLMC		3.500	%		08/01/42		1,286,059		1,275,696
FHLMC		3.000	%		11/01/42		2,052,098		1,982,579
FHLMC		3.000	%		01/01/43		1,236,237		1,193,708
FHLMC		3.000	%		05/01/43		1,773,633		1,711,813
FHLMC		3.500	%		10/01/44		1,578,158		1,561,537
FHLMC		3.500	%		11/01/44		1,442,371		1,425,989
FHLMC		3.500	%		04/01/45		1,750,788		1,728,004
FHLMC		3.000	%		05/01/46		2,459,088		2,357,029
FHLMC		3.000	%		12/01/46		4,423,358		4,239,686
									63,287,360

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

U.S. GOVERNMENT AGENCIES - 44.7% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
Federal National Mortgage Association - 26.0%
FNMA		7.000	%		11/01/19	$	426	$	427
FNMA		7.000	%		11/01/19		1,435		1,448
FNMA		3.500	%		07/01/20		71,220		71,621
FNMA		1.250	%		05/06/21		1,500,000		1,439,049
FNMA		1.875	%		04/05/22		13,000,000		12,540,684
FNMA		5.500	%		06/01/22		51,770		52,976
FNMA		2.890	%		07/01/22		2,368,148		2,329,913
FNMA		2.000	%		10/05/22		3,500,000		3,366,804
FNMA		2.190	%		01/01/23		1,974,175		1,895,762
FNMA		2.375	%		01/19/23		4,500,000		4,386,902
FNMA		2.670	%		12/01/23		2,426,392		2,362,807
FNMA		2.646	%		07/25/24		3,000,000		2,899,001
FNMA		2.625	%		09/06/24		14,250,000		13,906,418
FNMA		2.890	%		12/01/24		4,000,000		3,885,185
FNMA		3.080	%		12/01/24		2,337,902		2,299,910
FNMA		2.710	%		01/01/25		4,500,000		4,323,220
FNMA		5.000	%		04/01/25		92,807		97,427
FNMA		5.000	%		07/01/25		71,694		75,262
FNMA		3.500	%		10/01/25		156,920		157,804
FNMA		5.000	%		10/01/25		90,628		95,139
FNMA		5.500	%		11/01/25		27		29
FNMA		4.000	%		03/01/26		562,751		574,851
FNMA		2.125	%		04/24/26		2,000,000		1,863,424
FNMA		8.500	%		09/01/26		15,314		15,500
FNMA		1.875	%		09/24/26		15,000,000		13,602,075
FNMA		2.878	%		09/25/26		1,897,836		1,856,015
FNMA		2.746	%		04/25/27		979,197		944,579
FNMA		2.500	%		09/01/27		953,485		927,608
FNMA		2.500	%		11/01/27		1,390,915		1,353,119
FNMA		3.044	%		11/25/27		1,325,259		1,287,826
FNMA		2.500	%		01/01/28		929,809		904,547
FNMA		3.325	%		06/25/28		2,000,000		1,951,478
FNMA		6.625	%		11/15/30		16,800,000		22,136,738
FNMA		3.000	%		12/01/32		1,417,351		1,393,063
FNMA		6.000	%		10/01/33		47,771		52,571
FNMA		5.500	%		02/01/34		53,703		57,961

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

U.S. GOVERNMENT AGENCIES - 44.7% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
Federal National Mortgage Association - 26.0% (Continued)
FNMA (12MO LIBOR + 1.645) ^(a)		3.044	%		05/01/34	$	14,128	$	14,565
FNMA (H15T1Y + 2.205) ^(a)		4.077	%		05/01/34		59,613		62,505
FNMA		6.000	%		11/01/34		127,607		140,477
FNMA		5.500	%		01/01/35		82,942		88,902
FNMA		5.000	%		10/01/35		111,892		118,734
FNMA		5.500	%		10/01/35		144,988		156,515
FNMA		6.000	%		10/01/35		74,712		82,244
FNMA		5.500	%		06/01/36		39,085		42,115
FNMA		6.000	%		06/01/36		41,069		45,188
FNMA		5.500	%		11/01/36		45,104		48,581
FNMA (12MO LIBOR + 1.631) ^(a)		3.750	%		05/01/37		29,020		30,286
FNMA		5.625	%		07/15/37		2,750,000		3,565,485
FNMA		4.500	%		09/01/40		335,163		348,784
FNMA		4.500	%		10/01/40		335,910		349,505
FNMA		4.000	%		12/01/40		881,628		896,966
FNMA		4.000	%		01/01/41		573,104		583,082
FNMA		3.500	%		02/01/41		866,716		859,699
FNMA		4.000	%		10/01/41		514,593		523,555
FNMA		4.000	%		11/01/41		495,084		503,706
FNMA		4.000	%		12/01/41		652,744		664,112
FNMA		4.000	%		12/01/41		1,233,680		1,255,166
FNMA		4.000	%		01/01/42		1,506,226		1,533,238
FNMA		3.500	%		05/01/42		1,048,484		1,040,003
FNMA		3.000	%		06/01/42		1,690,344		1,633,422
FNMA		3.000	%		08/01/42		1,495,708		1,445,350
FNMA		3.000	%		08/01/42		1,455,459		1,406,214
FNMA		3.500	%		12/01/42		1,651,328		1,637,999
FNMA		3.000	%		06/01/43		1,489,349		1,437,261
FNMA		4.000	%		12/01/44		2,070,842		2,110,482
FNMA		3.500	%		05/01/45		2,065,971		2,042,363
FNMA		3.000	%		04/01/46		2,432,657		2,330,910
FNMA		3.500	%		11/01/46		3,796,485		3,752,222
									135,858,779
Government National Mortgage Association - 0.1%
GNMA		7.000	%		12/20/30		20,165		22,676

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

U.S. GOVERNMENT AGENCIES - 44.7% (Continued)	Coupon			Maturity		Principal Amount		Fair Value
Government National Mortgage Association - 0.1% (Continued)
GNMA		7.000	%		10/20/31	$	14,972	$	17,176
GNMA		7.000	%		03/20/32		54,605		63,180
GNMA		3.375	%		01/20/34		47,534		49,230
GNMA		5.500	%		10/20/38		25,718		26,654
GNMA		6.500	%		11/20/38		10,835		12,142
GNMA		2.250	%		04/16/42		354,007		350,797
									541,855
OVERSEAS PRIVATE INVESTMENT CORPORATION - 0.5%
OPIC		3.280	%		09/15/29		1,064,874		1,060,822
OPIC		3.540	%		06/15/30		691,183		699,581
OPIC		3.820	%		06/01/33		904,260		921,153
									2,681,556
SMALL BUSINESS ADMINISTRATION - 0.1%
SBA (Prime - 265) ^(a)		2.350	%		02/25/32		297,723		295,349

UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT – 2.1%
Hashemite Kingdom of Jordan AID Bond		2.503	%		10/30/20		5,000,000		4,953,512
Hashemite Kingdom of Jordan AID Bond		3.000	%		06/30/25		1,450,000		1,424,662
Iraq Aid		2.149	%		01/18/22		1,500,000		1,454,568
Ukraine Government AID Bond		1.847	%		05/29/20		1,000,000		983,476
Ukraine Government AID Bond		1.471	%		09/29/21		2,000,000		1,913,992
									10,730,210
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		981,450

TOTAL U.S. GOVERNMENT AGENCIES (COST $238,964,920)								$	233,349,194

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

INVESTMENT COMPANIES - 0.7%	Shares		Fair Value
Pax High Yield Bond Fund - Institutional Shares (Cost $4,199,236)		530,984	$	3,504,493

TOTAL INVESTMENTS - (COST $525,216,837) - 98.8%			$	516,101,897

OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%				6,422,835

NET ASSETS - 100.0%			$	522,524,732

^(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of September 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.
^(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 September 30, 2018, these securities were valued at $51,380,766 or 9.8% of net assets.
^(c)	Restricted and illiquid securities not registered under the Securities Act of 1933 are as follows:

	Acquisition	Current		Fair		% of Net
	Date	Cost		Value		Assets

Calvert Social Investment Foundation, Inc. 1.00%, 12/17/18	12/15/17	$	1,200,000	$	1,196,756		0.2	%

Calvert Social Investment Foundation, Inc. 1.50%, 06/17/19	06/10/16		1,700,000		1,687,146		0.3	%

Calvert Social Investment Foundation, Inc. 1.50%, 06/15/20	06/15/17		850,000		830,842		0.2	%

Calvert Social Investment Foundation, Inc. 3.00%, 06/15/23	06/18/18		1,650,000		1,640,326		0.3	%

		$	5,400,000	$	5,355,070		1.0	%

plc - Public Liability Company

CV - Convertible Security

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

LIBOR- London Interbank Offered Rate

PRIME - U.S. Prime Rate

See accompanying notes to Schedules of Investments.

Schedule of Portfolio Investments

Praxis International Index Fund

September 30, 2018 (Unaudited)

COMMON STOCKS - 97.7%	Shares		Fair Value
AUSTRALIA - 4.0%
BANKS - 1.5%
Australia & New Zealand Banking Group Ltd.		6,107	$	124,382
Australia & New Zealand Banking Group Ltd. - ADR		36,061		728,252
Commonwealth Bank of Australia		21,512		1,110,272
Commonwealth Bank of Australia - ADR		1,887		97,058
National Australia Bank Ltd.		12,131		243,830
National Australia Bank Ltd. - ADR		63,688		641,975
Westpac Banking Corp.		4,794		96,774
Westpac Banking Corp. - ADR		68,899		1,378,669
				4,421,212
BIOTECHNOLOGY - 0.5%
CSL Ltd.		3,640		529,084
CSL Ltd. - ADR		10,704		775,665
				1,304,749
CAPITAL MARKETS - 0.3%
Macquarie Group Ltd.		7,209		656,709
Macquarie Group Ltd. - ADR		2,747		248,507
				905,216
CONTAINERS & PACKAGING - 0.1%
Amcor Ltd.		24,949		246,677
Amcor Ltd. - ADR		3,500		138,058
				384,735
FOOD & STAPLES RETAILING - 0.5%
Wesfarmers Ltd.		22,877		824,240
Woolworths Group Ltd.		27,413		556,344
				1,380,584
INSURANCE - 0.2%
Suncorp Group Ltd.		46,152		482,334

METALS & MINING - 0.3%
Alumina Ltd.		40,277		80,636
Alumina Ltd. - ADR		41,858		335,910
Newcrest Mining Ltd.		7,969		111,794
Newcrest Mining Ltd. - ADR		9,928		139,935
Sims Metal Management Ltd. - ADR		18,712		170,092
				838,367

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
AUSTRALIA - 4.1% (Continued)
OIL, GAS & CONSUMABLE FUELS - 0.5%
Caltex Australia Ltd.		17,687	$	382,221
Origin Energy Ltd. ^(a)		85,076		507,898
Woodside Petroleum Ltd.		18,241		508,628
Woodside Petroleum Ltd. - ADR		5,235		145,899
				1,544,646
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.0% ^(b)
OneMarket Ltd. ^(a)		6,188		4,830
Shopping Centres Australasia Property Group REIT		1		2
				4,832
TRANSPORTATION INFRASTRUCTURE - 0.1%
Sydney Airport		49,337		245,687
TOTAL AUSTRALIA				11,512,362

AUSTRIA - 0.3%
BANKS - 0.2%
Erste Group Bank AG		5,112		212,337
Erste Group Bank AG - ADR		12,078		251,102
				463,439
OIL, GAS & CONSUMABLE FUELS - 0.1%
OMV AG		7,717		433,510
TOTAL AUSTRIA				896,949

BELGIUM - 0.3%
CHEMICALS - 0.1%
Umicore S.A.		6,580		367,957

FOOD & STAPLES RETAILING - 0.2%
Colruyt S.A.		8,334		471,654
TOTAL BELGIUM				839,611

BERMUDA - 0.8%
BANKS - 0.3%
Credicorp Ltd.		3,419		762,711

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
BERMUDA - 0.8% (Continued)
ELECTRIC UTILITIES - 0.1%
CK Infrastructure Holdings Ltd.		41,518	$	328,816

HOUSEHOLD DURABLES - 0.2%
Haier Electronics Group Co.		243,000		659,615

INDUSTRIAL CONGLOMERATES - 0.2%
Jardine Matheson Holdings Ltd.		4,751		298,125
Jardine Matheson Holdings Ltd. - ADR		3,618		227,246
				525,371
TOTAL BERMUDA				2,276,513

BRAZIL - 1.3%
BANKS - 0.3%
Banco Bradesco S.A. - ADR		99,436		704,007
Banco Santander Brasil S.A. - ADR		29,881		263,252
				967,259
CHEMICALS - 0.2%
Braskem S.A. - ADR		20,692		597,378

OIL, GAS & CONSUMABLE FUELS - 0.5%
Petroleo Brasileiro S.A. - ADR		87,103		1,051,333
Ultrapar Participacoes S.A. - ADR		39,484		365,622
				1,416,955
PAPER & FOREST PRODUCTS - 0.2%
Fibria Celulose S.A. - ADR		27,437		508,408

WATER UTILITIES - 0.1%
Cia de Saneamento Basico do Estado de Sao Paulo - ADR		36,049		212,689
TOTAL BRAZIL				3,702,689

CANADA - 6.6%
AUTO COMPONENTS - 0.2%
Magna International, Inc. - Class A		13,069		686,514

BANKS - 1.8%
Bank of Montreal		7,625		629,291

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
CANADA - 6.6% (Continued)
BANKS - 1.8% (Continued)
Bank of Nova Scotia		12,180	$	726,293
Canadian Imperial Bank of Commerce		6,759		633,791
Royal Bank of Canada		17,137		1,374,216
Toronto-Dominion Bank		27,280		1,658,624
				5,022,215
CHEMICALS - 0.5%
Methanex Corp.		7,519		594,753
Nutrien Ltd.		13,301		767,468
				1,362,221
INSURANCE - 0.4%
Manulife Financial Corp.		30,520		545,698
Sun Life Financial, Inc.		11,714		465,749
				1,011,447
IT SERVICES - 0.2%
CGI Group, Inc. - Class A ^(a)		9,434		608,304

MEDIA - 0.3%
Shaw Communications, Inc. - Class B		21,893		426,695
Thomson Reuters Corp.		7,011		320,262
				746,957
METALS & MINING - 0.4%
Agnico Eagle Mines Ltd.		13,077		447,233
Teck Resources Ltd. - Class B		24,575		592,258
				1,039,491
OIL, GAS & CONSUMABLE FUELS - 1.3%
Cenovus Energy, Inc.		40,025		401,451
Enbridge, Inc.		25,988		839,153
Encana Corp.		36,072		472,904
Suncor Energy, Inc.		49,731		1,924,092
				3,637,600
ROAD & RAIL - 0.9%
Canadian National Railway Co.		16,941		1,521,302
Canadian Pacific Railway Ltd.		4,907		1,039,989
				2,561,291
SOFTWARE - 0.2%
Open Text Corp.		14,935		568,128

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
CANADA - 6.6% (Continued)
TEXTILES, APPAREL & LUXURY GOODS - 0.3%
Gildan Activewear, Inc.		25,642	$	780,286

WIRELESS TELECOMMUNICATION SERVICES - 0.2%
Rogers Communications, Inc. - Class B		12,894		662,881
TOTAL CANADA				18,687,335

CAYMAN ISLANDS - 5.0%
DIVERSIFIED CONSUMER SERVICES - 0.3%
New Oriental Education & Technology Group, Inc. - ADR ^(a)		7,334		542,789
TAL Education Group - ADR ^(a)		17,340		445,812
				988,601
GAS UTILITIES - 0.2%
ENN Energy Holdings Ltd.		50,000		434,314

INDUSTRIAL CONGLOMERATES - 0.3%
CK Hutchison Holdings Ltd.		53,500		616,433
CK Hutchison Holdings Ltd. - ADR		28,954		331,089
				947,522
INTERNET & DIRECT MARKETING RETAIL - 0.5%
Ctrip.com International Ltd. - ADR ^(a)		17,212		639,770
JD.com, Inc. - ADR ^(a)		25,659		669,443
Vipshop Holdings Ltd. - ADR ^(a)		23,262		145,155
				1,454,368
INTERNET SOFTWARE & SERVICES - 3.4%
Alibaba Group Holdings Ltd. - ADR ^(a)		18,621		3,067,996
Baidu, Inc. - ADR ^(a)		5,149		1,177,473
NetEase, Inc. - ADR		2,394		546,430
SINA Corp. ^(a)		4,823		335,102
Tencent Holdings Ltd. - ADR		103,302		4,218,854
Weibo Corp. - ADR ^(a)		5,767		421,741
				9,767,596
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%
Wharf Real Estate Investment Co. Ltd.		111,565		719,689
TOTAL CAYMAN ISLANDS				14,312,090

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
CHILE - 0.6%
AIRLINES - 0.1%
Latam Airlines Group S.A. - ADR		30,040	$	282,376

BANKS - 0.3%
Banco Santander Chile - ADR		24,592		786,452

BEVERAGES - 0.1%
Embotelladora Andina S.A. - Class B - ADR		6,720		153,955

CHEMICALS - 0.1%
Sociedad Quimica y Minera de Chile S.A. - ADR		7,828		357,896
TOTAL CHILE				1,580,679

CHINA - 2.9%
AIRLINES - 0.1%
China Southern Airlines Co. Ltd. - ADR		7,572		242,607

BANKS - 1.2%
China Construction Bank Corp. - ADR		69,587		1,213,597
China Construction Bank Corp. - H Shares		464,000		405,415
China Merchants Bank Co. Ltd. - H Shares		221,500		899,759
Industrial & Commercial Bank of China Ltd. - H Shares		1,364,000		996,634
				3,515,405
CHEMICALS - 0.2%
Sinopec Shanghai Petrochemical Co. Ltd. - ADR		9,873		595,835

DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1%
China Telecom Corp. Ltd. - ADR		6,115		302,203

INSURANCE - 1.0%
China Life Insurance Co. Ltd. - ADR		82,593		940,734
Ping An Insurance Group Co. of China Ltd. - ADR		37,164		752,385
Ping An Insurance Group Co. of China Ltd. - Class H		109,993		1,117,011
				2,810,130
INTERNET SOFTWARE & SERVICES - 0.2%
58.com, Inc. - ADR ^(a)		7,281		535,882

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
CHINA - 2.9% (Continued)
ROAD & RAIL - 0.1%
Guangshen Railway Co. - ADR		8,797	$	203,211
TOTAL CHINA				8,205,273

COLOMBIA - 0.6%
BANKS - 0.2%
BanColombia S.A. - ADR		12,168		507,649

OIL, GAS & CONSUMABLE FUELS - 0.4%
Ecopetrol S.A. - ADR		44,798		1,206,410
TOTAL COLOMBIA				1,714,059

DENMARK - 0.9%
BANKS - 0.1%
Danske Bank A/S		11,624		305,282
Danske Bank A/S - ADR		6,614		86,643
				391,925
ELECTRICAL EQUIPMENT - 0.1%
Vestas Wind Systems A/S		5,374		363,427

PHARMACEUTICALS - 0.6%
Novo Nordisk A/S - ADR		36,060		1,699,869

TEXTILES, APPAREL & LUXURY GOODS - 0.1%
Pandora A/S		3,102		193,698
TOTAL DENMARK				2,648,919

FINLAND - 0.6%
COMMUNICATIONS EQUIPMENT - 0.2%
Nokia OYJ - ADR		86,149		480,711

MACHINERY - 0.2%
Kone OYJ - Class B		11,250		601,027

PAPER & FOREST PRODUCTS - 0.2%
Stora Enso OYJ - ADR		32,308		615,952
TOTAL FINLAND				1,697,690

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
FRANCE - 6.7%
AUTO COMPONENTS - 0.4%
Cie Generale des Etablissements Michelin		1,074	$	128,359
Cie Generale des Etablissements Michelin - ADR		25,215		599,865
Valeo S.A.		2,793		121,266
Valeo S.A. - ADR		13,056		282,336
				1,131,826
AUTOMOBILES - 0.2%
Renault S.A.		5,892		509,582

BANKS - 0.6%
BNP Paribas S.A. - ADR		29,644		902,363
Credit Agricole S.A.		11,014		158,369
Credit Agricole S.A. - ADR		14,211		101,040
Societe Generale S.A.		4,111		176,438
Societe Generale S.A. - ADR		36,300		311,999
				1,650,209
BUILDING PRODUCTS - 0.2%
Cie de Saint-Gobain		13,938		601,029

CHEMICALS - 0.4%
Air Liquide S.A.		8,057		1,059,738
Air Liquide S.A. - ADR		3,275		85,789
				1,145,527
CONSTRUCTION & ENGINEERING - 0.5%
Bouygues S.A.		8,092		349,739
Vinci S.A.		1,494		142,254
Vinci S.A. - ADR		34,082		808,255
				1,300,248
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.4%
Orange S.A. - ADR		35,228		559,773
Vivendi S.A.		12,138		312,398
Vivendi S.A. - ADR		11,623		298,014
				1,170,185

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
FRANCE - 6.7% (Continued)
ELECTRICAL EQUIPMENT - 0.4%
Legrand S.A.		17,254	$	1,257,495

FOOD PRODUCTS - 0.8%
Danone S.A. - ADR		149,555		2,312,868

HEALTH CARE EQUIPMENT & SUPPLIES - 0.3%
Essilor International S.A.		4,503		666,249
Essilor International S.A. - ADR		2,486		184,039
				850,288
INSURANCE - 0.4%
AXA S.A.		4,355		117,040
AXA S.A. - ADR		34,977		935,565
				1,052,605
MEDIA - 0.2%
Publicis Groupe S.A. - ADR		26,260		390,617

MORTGAGE REAL ESTATE INVESTMENT TRUSTS - 0.2%
Unibail-Rodamco-Westfield SE ^(a)		45,646		465,829

MULTI-LINE RETAIL - 0.3%
PPR S.A.		1,757		941,731

MULTI-UTILITIES - 0.4%
Engie S.A. ^(a)		21,648		318,286
Engie S.A. - ADR		24,647		359,723
Veolia Environnement S.A.		14,792		295,188
Veolia Environnement S.A. - ADR		11,774		234,185
				1,207,382
PERSONAL PRODUCTS - 0.7%
L'Oreal S.A.		1,380		332,744
L'Oreal S.A. - ADR		35,075		1,688,335
				2,021,079
SOFTWARE - 0.3%
Dassault Systemes - ADR		6,224		928,310
TOTAL FRANCE				18,936,810

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
GERMANY - 5.7%
AIR FREIGHT & LOGISTICS - 0.3%
Deutsche Post AG		10,161	$	362,253
Deutsche Post AG - ADR		14,832		527,129
				889,382
AIRLINES - 0.1%
Deutsche Lufthansa AG - ADR		10,201		250,128

AUTOMOBILES - 0.7%
Bayerische Moteren Werke AG - ADR		27,692		831,868
Daimler AG		15,015		947,371
Daimler AG - ADR		2,549		160,664
				1,939,903
BANKS - 0.1%
Deutsche Bank AG		32,333		367,303

CHEMICALS - 0.7%
BASF SE		4,371		388,437
BASF SE - ADR		72,776		1,616,355
				2,004,792
DIVERSIFIED FINANCIAL SERVICES - 0.3%
Deutsche Boerse AG		3,878		519,528
Deutsche Boerse AG - ADR		15,060		200,825
				720,353
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%
Deutsche Telekom AG - ADR		38,043		609,639

HEALTH CARE PROVIDERS & SERVICES - 0.5%
Fresenius Medical Care AG & Co. KGaA - ADR		19,354		995,183
Fresenius SE & Co. KGaA		5,130		376,621
				1,371,804
INSURANCE - 0.9%
Allianze SE - ADR		76,050		1,685,648
Muenchener Rueckversicherungs-Gesellschaft AG		1,682		372,465
Muenchener Rueckversicherungs-Gesellschaft AG - ADR		18,890		416,052
				2,474,165

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
GERMANY - 5.8% (Continued)
MULTI-UTILITIES - 0.1%
RWE AG		16,534	$	407,880

PHARMACEUTICALS - 0.4%
Bayer AG - ADR		51,088		1,131,088

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
Infineon Technologies AG		1,583		35,964
Infineon Technologies AG - ADR		12,109		275,117
				311,081
SOFTWARE - 0.7%
SAP SE - ADR		16,215		1,994,445

TEXTILES, APPAREL & LUXURY GOODS - 0.4%
adidas AG		1,323		323,915
adidas AG - ADR		7,842		957,940
				1,281,855
TRADING COMPANIES & DISTRIBUTORS - 0.2%
Brenntag AG		9,594		592,079
TOTAL GERMANY				16,345,897

HONG KONG - 2.1%
BANKS - 0.2%
BOC Hong Kong Holdings Ltd.		44,159		209,840
BOC Hong Kong Holdings Ltd. - ADR		1,754		166,358
				376,198
DIVERSIFIED FINANCIAL SERVICES - 0.2%
Hong Kong Exchanges & Clearing Ltd.		20,978		600,257

INSURANCE - 0.7%
AIA Group Ltd.		98,280		877,542
AIA Group Ltd. - ADR		31,802		1,132,151
				2,009,693
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.9%
Henderson Land Development Co. Ltd.		98,423		494,728
Sun Hung Kai Properties Ltd.		41,037		597,593
Sun Hung Kai Properties Ltd. - ADR		11,174		162,135

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
HONG KONG - 2.1% (Continued)
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.9% (Continued)
Swire Pacific Ltd. - Class A		23,879	$	261,563
Swire Pacific Ltd. - Class A - ADR		18,937		208,023
Swire Properties Ltd.		121,150		458,853
Wharf Holdings Ltd.		150,000		408,128
				2,591,023
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.1%
Lenovo Group Ltd. - ADR		18,577		270,295
TOTAL HONG KONG				5,847,466

HUNGARY - 0.0% ^(b)
OIL, GAS & CONSUMABLE FUELS - 0.0% ^(b)
MOL Hungarian Oil & Gas plc - ADR		6,368		32,158

INDIA - 2.2%
BANKS - 0.8%
HDFC Bank Ltd. - ADR		16,597		1,561,778
ICICI Bank Ltd. - ADR		102,004		866,014
				2,427,792
IT SERVICES - 1.0%
Infosys Ltd. - ADR		187,822		1,910,150
Wipro Ltd. - ADR		176,556		919,857
				2,830,007
PHARMACEUTICALS - 0.4%
Dr. Reddy's Laboratories Ltd. - ADR		31,659		1,095,401
TOTAL INDIA				6,353,200

INDONESIA - 0.5%
BANKS - 0.2%
PT Bank Mandiri - ADR		49,403		440,971

DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%
Telekomunikasi Indonesia Persero Tbk PT - ADR		36,434		891,904
TOTAL INDONESIA				1,332,875

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
IRELAND - 0.4%
CONSTRUCTION MATERIALS - 0.4%
CRH plc - ADR		33,381	$	1,092,227

ISRAEL - 0.3%
PHARMACEUTICALS - 0.1%
Teva Pharmaceutical Industries Ltd. - ADR		16,738		360,537

SOFTWARE - 0.2%
Check Point Software Technologies Ltd. ^(a)		4,973		585,173
TOTAL ISRAEL				945,710

ITALY - 0.9%
BANKS - 0.3%
Intesa Sanpaolo SpA		128,010		327,084
Intesa Sanpaolo SpA - ADR		12,596		193,097
Unicredit SpA		20,086		302,293
				822,474
ELECTRIC UTILITIES - 0.2%
Enel SpA		86,564		443,372

INSURANCE - 0.1%
Assicurazioni Generali SpA		16,056		277,355

TEXTILES, APPAREL & LUXURY GOODS - 0.2%
Luxottica Group SpA - ADR		9,316		634,327

TRANSPORTATION INFRASTRUCTURE - 0.1%
Atlantia SpA		13,863		287,592
TOTAL ITALY				2,465,120

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
JAPAN - 16.8%
AUTO COMPONENTS - 0.4%
Bridgestone Corp.		4,656	$	175,921
Bridgestone Corp. - ADR		20,546		387,395
Denso Corp.		7,000		369,592
Denso Corp. - ADR		6,048		159,667
				1,092,575
AUTOMOBILES - 1.8%
Honda Motor Co. Ltd. - ADR		43,492		1,308,239
Nissan Motor Co. Ltd. - ADR		36,396		680,787
Toyota Motor Corp. - ADR		24,700		3,071,445
				5,060,471
BANKS - 1.2%
Mitsubishi UFJ Financial Group, Inc. - ADR		232,770		1,440,846
Mizuho Financial Group, Inc. - ADR		132,028		462,098
Sumitomo Mitsui Financial Group, Inc. - ADR		173,615		1,394,128
Sumitomo Mitsui Trust Holdings, Inc.		298		12,264
				3,309,336
BUILDING PRODUCTS - 0.1%
AGC, Inc.		21,219		175,269
Asahi Glass Co. Ltd.		600		24,899
				200,168
CAPITAL MARKETS - 0.3%
Daiwa Securities Group, Inc.		16,000		97,335
Daiwa Securities Group, Inc. - ADR		49,678		302,539
Nomura Holdings, Inc. - ADR		94,167		450,118
				849,992
CHEMICALS - 0.7%
JSR Corp.		16,000		298,680
Kansai Paint Co.		16,000		294,878
Nitto Denko Corp.		500		37,476
Nitto Denko Corp. - ADR		11,626		434,580
Shin-Etsu Chemical Co. Ltd.		7,400		655,527
Sumitomo Chemical Co. Ltd.		38,000		222,408
				1,943,549
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Dai Nippon Printing Co. Ltd.		25,000		581,323
Dai Nippon Printing Co. Ltd. - ADR		37		428
				581,751

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
JAPAN - 16.8% (Continued)
CONSTRUCTION & ENGINEERING - 0.2%
Obayashi Corp.		55,000	$	520,859

DIVERSIFIED FINANCIAL SERVICES - 0.4%
ORIX Corp.		20,100		325,860
ORIX Corp. - ADR		9,867		799,523
				1,125,383
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%
Nippon Telegraph & Telephone Corp. - ADR		19,016		856,576

ELECTRICAL EQUIPMENT - 0.4%
Nidec Corp. - ADR		30,872		1,107,842

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.2%
Hamamatsu Photonics K.K.		9,100		362,414
Hirose Electric Co. Ltd.		3,400		371,660
Hitachi Ltd.		5,200		176,659
Hitachi Ltd. - ADR		5,344		362,270
Keyence Corp.		1,600		929,132
Kyocera Corp.		2,800		168,069
Kyocera Corp. - ADR		4,458		267,435
Murata Manufacturing Co. Ltd.		3,500		538,000
Murata Manufacturing Co. Ltd. - ADR		1,592		61,141
Tokyo Electron Ltd.		400		54,955
				3,291,735
FOOD PRODUCTS - 0.1%
Meiji Holdings Co. Ltd.		5,300		355,914

HEALTH CARE EQUIPMENT & SUPPLIES - 0.5%
Hoya Corp.		9,500		564,381
Hoya Corp. - ADR		1,734		103,294
Terumo Corp.		11,800		698,944
				1,366,619
HOUSEHOLD DURABLES - 0.9%
Sekisui House Ltd.		8,000		121,986
Sekisui House Ltd. - ADR		30,149		461,280
Sony Corp. - ADR		32,810		1,989,926
				2,573,192

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
JAPAN - 16.8% (Continued)
INSURANCE - 0.4%
MS&AD Insurance Group Holdings, Inc. - ADR		34,266	$	569,158
Tokio Marine Holdings, Inc.		4,600		228,219
Tokio Marine Holdings, Inc. - ADR		7,354		362,515
				1,159,892
LEISURE PRODUCTS - 0.1%
Shimano, Inc.		2,100		338,418

MACHINERY - 0.8%
FANUC Corp.		1,100		207,376
FANUC Corp. - ADR		43,920		826,135
Kubota Corp. - ADR		7,847		665,661
Makita Corp.		1,200		60,095
Makita Corp. - ADR		9,872		493,896
				2,253,163
MARINE - 0.0% ^(b)
Nippon Yusen KK		600		11,285

METALS & MINING - 0.1%
Sumitomo Metal Mining Co. Ltd.		11,500		403,441

OIL, GAS & CONSUMABLE FUELS - 0.7%
Idemitsu Kosan Co. Ltd.		10,100		534,246
Inpex Corp.		26,239		327,237
JX Holdings, Inc.		94,300		712,354
Showa Shell Sekiyu KK		17,800		377,087
				1,950,924
PERSONAL PRODUCTS - 0.7%
Kao Corp.		1,000		80,743
Kao Corp. - ADR		58,255		939,362
Shiseido Co. Ltd.		2,100		162,629
Shiseido Co. Ltd. - ADR		9,833		762,008
				1,944,742
PHARMACEUTICALS - 0.7%
Astellas Pharma, Inc.		17,800		310,505
Astellas Pharma, Inc. - ADR		24,473		426,197
Daiichi Sankyo Co. Ltd.		11,400		494,147
Daiichi Sankyo Co. Ltd. - ADR		1,901		81,924

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
JAPAN - 16.8% (Continued)
PHARMACEUTICALS - 0.7% (Continued)
Otsuka Holdings Co. Ltd.		6,200	$	312,510
Takeda Pharmaceutical Co. Ltd.		2,700		115,514
Takeda Pharmaceutical Co. Ltd. - ADR		18,144		387,737
				2,128,534
PROFESSIONAL SERVICES - 0.2%
Recruit Holdings Co. Ltd.		17,500		584,052

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.7%
Daiwa House Industry Co. Ltd.		1,000		29,643
Daiwa House Industry Co. Ltd. - ADR		15,470		456,829
Mitsubishi Estate Co. Ltd.		11,000		187,044
Mitsubishi Estate Co. Ltd. - ADR		16,350		277,296
Mitsui Fudosan Co. Ltd.		21,000		496,999
Sumitomo Realty & Development Co. Ltd.		13,000		466,819
				1,914,630
RETAIL - 0.3%
Japan Retail Fund Investment Corp.		462		838,041

ROAD & RAIL - 0.5%
Central Japan Railway Co.		1,592		331,515
East Japan Railway Co.		3,590		333,502
East Japan Railway Co. - ADR		29,226		449,934
Keikyu Corp.		18,500		337,207
				1,452,158
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
Tokyo Electron Ltd.		7,964		273,563

SOFTWARE - 0.3%
Nintendo Co. Ltd.		300		109,470
Nintendo Co. Ltd. - ADR		13,760		625,598
				735,068
SPECIALTY RETAIL - 0.1%
Fast Retailing Co. Ltd.		700		356,839

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.8%
Canon, Inc. - ADR		55,621		1,760,405

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
JAPAN - 16.8% (Continued)
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.8% (Continued)
FUJIFILM Holdings Corp. - ADR		11,626	$	525,728
				2,286,133
TEXTILES, APPAREL & LUXURY GOODS - 0.1%
Wacoal Holdings Corp. - ADR		2,621		376,126

TRADING COMPANIES & DISTRIBUTORS - 0.6%
Itochu Corp.		25,000		457,666
Mitsubishi Corp.		24,100		742,599
Mitsui & Co. Ltd. - ADR		1,637		582,322
				1,782,587
WIRELESS TELECOMMUNICATION SERVICES - 0.9%
KDDI Corp. - ADR		51,612		708,375
NTT DoCoMo, Inc. - ADR		25,031		673,459
Softbank Group Corp.		7,200		726,844
Softbank Group Corp. - ADR		10,546		524,663
				2,633,341
TOTAL JAPAN				47,658,899

JERSEY - 1.2%
BIOTECHNOLOGY - 0.3%
Shire plc - ADR		5,336		967,257

MEDIA - 0.2%
WPP plc - ADR		7,743		567,330

METALS & MINING - 0.1%
Randgold Resources Ltd. - ADR		4,722		333,137

PROFESSIONAL SERVICES - 0.4%
Experian plc		3,191		81,948
Experian plc - ADR		37,268		956,856
				1,038,804
TRADING COMPANIES & DISTRIBUTORS - 0.2%
Ferguson plc		508		43,133

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
JERSEY - 1.2% (Continued)
TRADING COMPANIES & DISTRIBUTORS - 0.2% (Continued)
Ferguson plc - ADR		68,689	$	583,170
				626,303
TOTAL JERSEY				3,532,831

LUXEMBOURG - 0.5%
ENERGY EQUIPMENT & SERVICES - 0.2%
Tenaris S.A. - ADR		19,646		658,534

MEDIA - 0.3%
RTL Group S.A.		11,328		808,110
TOTAL LUXEMBOURG				1,466,644

MEXICO - 1.1%
BEVERAGES - 0.3%
Coca-Cola Femsa S.A.B. de C.V. - ADR		12,392		758,886

CONSTRUCTION MATERIALS - 0.2%
Cemex S.A.B. de C.V. - ADR ^(a)		83,354		586,812

FOOD & STAPLES RETAILING - 0.3%
Wal-Mart de Mexico S.A.B. de C.V. - ADR		29,614		899,969

TRANSPORTATION INFRASTRUCTURE - 0.3%
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR		7,483		816,994
TOTAL MEXICO				3,062,661

NETHERLANDS - 3.9%
AUTOMOBILES - 0.4%
Ferrari N.V.		5,031		688,794
Fiat Chrysler Automobiles N.V. ^(a)		26,965		472,157
				1,160,951
BANKS - 0.3%
ING Groep N.V. - ADR		71,517		927,575

CHEMICALS - 0.2%
Akzo Nobel N.V. - ADR		19,227		599,017

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
NETHERLANDS - 3.9% (Continued)
FOOD & STAPLES RETAILING - 0.4%
Koninklijke Ahold Delhaize N.V.		5,491	$	125,897
Koninklijke Ahold Delhaize N.V. - ADR		39,149		894,555
				1,020,452
HEALTH CARE EQUIPMENT & SUPPLIES - 0.4%
Koninklijke Philips N.V. - NY Registry Shares		24,173		1,100,113

LIFE SCIENCES TOOLS & SERVICES - 0.2%
QIAGEN N.V. ^(a)		16,162		612,217

MEDIA - 0.2%
Wolters Kluwer N.V.		954		59,451
Wolters Kluwer N.V. - ADR		7,337		457,535
				516,986
PERSONAL PRODUCTS - 0.7%
Unilever N.V. - ADR		36,596		2,032,908

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.8%
ASML Holding N.V. - ADR		6,611		1,243,000
NXP Semiconductors N.V.		5,879		502,655
STMicroelectronics N.V.		34,797		638,177
				2,383,832
TRADING COMPANIES & DISTRIBUTORS - 0.3%
AerCap Holdings N.V. ^(a)		14,741		847,902
TOTAL NETHERLANDS				11,201,953

NORWAY - 1.4%
METALS & MINING - 0.1%
Norsk Hydro ASA		48,015		288,234

OIL, GAS & CONSUMABLE FUELS - 1.3%
Equinor ASA		133,829		3,773,978
TOTAL NORWAY				4,062,212

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
PAPUA NEW GUINEA - 0.2%
OIL, GAS & CONSUMABLE FUELS - 0.2%
Oil Search Ltd.		92,754	$	605,355

PERU - 0.2%
METALS & MINING - 0.2%
Compania de Minas Buenaventura SA - ADR		38,567		517,184

PORTUGAL - 0.1%
ELECTRIC UTILITIES - 0.1%
EDP - Energias de Portugal S.A.		82,980		306,141
EDP - Energias de Portugal S.A. - ADR		1,231		45,658
				351,799
RUSSIA - 0.3%
WIRELESS TELECOMMUNICATION SERVICES - 0.3%
Mobile TeleSystems PJSC - ADR		86,910		741,342

SINGAPORE - 1.3%
BANKS - 0.9%
DBS Group Holdings Ltd.		656		12,520
DBS Group Holdings Ltd. - ADR		16,080		1,225,376
United Overseas Bank Ltd.		19,475		385,782
United Overseas Bank Ltd. - ADR		22,014		868,562
				2,492,240
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1%
Singapore Telecommunications Ltd.		74,732		177,120
Singapore Telecommunications Ltd. - ADR		6,886		162,269
				339,389
INDUSTRIAL CONGLOMERATES - 0.2%
Keppel Corp. Ltd.		11,721		59,675
Keppel Corp. Ltd. - ADR		40,769		411,359
				471,034

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
SINGAPORE - 1.3% (Continued)
MACHINERY - 0.1%
Sembcorp Marine Ltd.		204,000	$	304,422

REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.0% ^(b)
Keppel REIT		737		641
TOTAL SINGAPORE				3,607,726

SOUTH AFRICA - 2.1%
BANKS - 0.3%
Standard Bank Group Ltd.		52,192		645,794
Standard Bank Group Ltd. - ADR		19,275		237,179
				882,973
INDUSTRIAL CONGLOMERATES - 0.2%
Bidvest Group Ltd.		40,265		526,686

MEDIA - 0.7%
Naspers Ltd. - Class N - ADR		43,870		1,877,197

METALS & MINING - 0.6%
Glencore plc		220,536		953,366
Glencore plc - ADR		43,429		372,404
Gold Fields Ltd. - ADR		157,752		381,760
				1,707,530
SPECIALTY RETAIL - 0.1%
Mr. Price Group Ltd.		18,810		303,578

TRADING COMPANIES & DISTRIBUTORS - 0.1%
Barloworld Ltd.		45,286		394,386

WIRELESS TELECOMMUNICATION SERVICES - 0.1%
MTN Group Ltd. - ADR		50,154		307,444
TOTAL SOUTH AFRICA				5,999,794

SOUTH KOREA - 3.2%
BANKS - 1.3%
KB Financial Group, Inc. - ADR		35,152		1,697,139

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
SOUTH KOREA - 3.2% (Continued)
BANKS - 1.3% (Continued)
Shinhan Financial Group Co. Ltd. - ADR		37,454	$	1,503,029
Woori Bank - ADR		9,632		436,619
				3,636,787
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.6%
KT Corp. - ADR		128,707		1,911,299

ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS - 0.3%
LG Display Co. Ltd. - ADR		88,222		764,885

METALS & MINING - 0.5%
POSCO - ADR		20,394		1,346,004

WIRELESS TELECOMMUNICATION SERVICES - 0.5%
SK Telecom Co. Ltd. - ADR		51,901		1,447,000
TOTAL SOUTH KOREA				9,105,975

SPAIN - 1.8%
BANKS - 0.7%
Banco Bilbao Vizcaya Argentaria S.A. - ADR		123,093		775,486
Banco Santander S.A. - ADR		230,491		1,152,455
				1,927,941
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%
Telefónica S.A. - ADR		71,253		560,048

ELECTRIC UTILITIES - 0.2%
Iberdrola S.A.		9,259		68,126
Iberdrola S.A. - ADR		16,749		491,918
				560,044
METALS & MINING - 0.1%
Acerinox S.A.		16,589		237,261

OIL, GAS & CONSUMABLE FUELS - 0.4%
Repsol S.A.		36,854		734,385
Repsol S.A. - ADR		27,585		548,666
				1,283,051

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
SPAIN - 1.8% (Continued)
SPECIALTY RETAIL - 0.2%
Industria de Diseno Textil S.A.		17,640	$	534,688
Industria de Diseno Textil, S.A. - ADR		3,926		59,342
				594,030
TOTAL SPAIN				5,162,375

SWEDEN - 1.9%
COMMUNICATIONS EQUIPMENT - 0.2%
Telefonaktiebolaget LM Ericsson - ADR		52,416		461,261

CONSTRUCTION & ENGINEERING - 0.3%
Skanska AB - Class B		37,142		729,423

HOUSEHOLD PRODUCTS - 0.1%
Essity Aktiebolag AB - Class B		12,219		307,124

MACHINERY - 0.8%
Alfa Laval AB		23,419		635,009
Atlas Copco AB – Class A		8,922		257,179
Atlas Copco AB - Class A - ADR		18,292		525,529
Epiroc AB ^(a)		8,922		99,680
Sandvik AB		19,176		340,347
Sandvik AB - ADR		20,116		356,958
				2,214,702
METALS & MINING - 0.2%
Boliden AB ^(a)		22,985		641,085

OIL, GAS & CONSUMABLE FUELS - 0.3%
Lundin Petroleum AB		24,270		928,963
TOTAL SWEDEN				5,282,558

SWITZERLAND - 5.7%
CAPITAL MARKETS - 0.5%
Credit Suisse Group AG - ADR		18,311		273,566
Julius Baer Group Ltd. ^(a)		9,537		477,215
UBS Group AG		46,462		730,847
				1,481,628

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
SWITZERLAND - 5.7% (Continued)
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1%
Swisscom AG - ADR		7,140	$	323,585

ELECTRICAL EQUIPMENT - 0.5%
ABB Ltd. - ADR		57,192		1,351,447

FOOD PRODUCTS - 2.0%
Barry Callebaut AG		397		752,377
Nestlé S.A. - ADR		57,524		4,785,997
				5,538,374
INSURANCE - 0.5%
Swiss Re AG		3,563		328,909
Zurich Insurance Group AG - ADR		38,250		1,204,301
				1,533,210
MACHINERY - 0.2%
Schindler Holding AG		2,309		557,106

PHARMACEUTICALS - 1.8%
Novartis AG - ADR		31,455		2,710,163
Roche Holding AG - ADR		79,648		2,402,184
				5,112,347
PROFESSIONAL SERVICES - 0.1%
Adecco S.A.		4,136		217,199
Adecco S.A. - ADR		4,982		130,254
				347,453
TOTAL SWITZERLAND				16,245,150

TAIWAN - 3.1%
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.7%
Chunghwa Telecom Co. Ltd. - ADR		55,092		1,978,354

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.3%
AU Optronics Corp. - ADR		165,806		698,043

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
ASE Industrial Holding Co. Ltd. - ADR ^(a)		161,815		781,566
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		103,680		4,578,509

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
TAIWAN - 3.1% (Continued)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1% (Continued)
United Microelectronics Corp. - ADR		265,616	$	685,289
				6,045,364
TOTAL TAIWAN				8,721,761

TURKEY - 0.2%
BANKS - 0.0%^(b)
Turkiye Garanti Bankasi A.S. - ADR		59,610		77,493

WIRELESS TELECOMMUNICATIONS SERVICES - 0.2%
Turkcell Iletisim Hizmetleri A.S. - ADR		84,195		405,820
TOTAL TURKEY				483,313

UNITED KINGDOM - 9.7%
BANKS - 1.3%
HSBC Holdings plc - ADR		60,926		2,680,135
Lloyds Banking Group plc - ADR		269,987		820,760
Standard Chartered plc		37,675		312,477
				3,813,372
CHEMICALS - 0.2%
Croda International plc		8,634		585,352

COMMERCIAL BANKS - 0.2%
Barclays plc - ADR		64,161		574,241

DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%
BT Group plc - ADR		37,202		549,473

ELECTRIC UTILITIES - 0.3%
SSE plc		8,585		128,221
SSE plc - ADR		43,256		645,596
				773,817
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.1%
Land Securities Group plc		32,724		376,669

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
UNITED KINGDOM - 9.7% (Continued)
FOOD & STAPLES RETAILING - 0.4%
J Sainsbury plc		4,806	$	20,156
J Sainsbury plc - ADR		18,741		314,005
Tesco plc		53,137		166,066
Tesco plc - ADR		29,931		279,256
WM Morrison Supermarkets plc		29,374		99,304
WM Morrison Supermarkets plc - ADR		8,054		135,468
				1,014,255
FOOD PRODUCTS - 0.1%
Associated British Foods plc		11,454		341,694

HEALTH CARE EQUIPMENT & SUPPLIES - 0.3%
Smith & Nephew plc		4,232		77,189
Smith & Nephew plc - ADR		24,332		902,474
				979,663
HOTELS, RESTAURANTS & LEISURE - 0.9%
Carnival plc - ADR		10,603		668,837
Compass Group plc		2,160		48,025
Compass Group plc - ADR		45,261		1,023,578
Intercontinental Hotels Group plc - ADR		14,026		880,693
				2,621,133
HOUSEHOLD DURABLES - 0.2%
Persimmon plc		15,464		476,637

HOUSEHOLD PRODUCTS - 0.6%
Reckitt Benckiser Group plc		3,329		304,395
Reckitt Benckiser Group plc - ADR		70,985		1,301,865
				1,606,260
INSURANCE - 0.6%
Aviva plc		41,971		267,755
Aviva plc - ADR		22,486		285,235
Prudential plc - ADR		26,183		1,201,538
				1,754,528
MEDIA - 0.7%
Pearson plc - ADR		31,116		358,456
RELX plc		4,710		99,197
RELX plc - ADR		58,124		1,216,535

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
UNITED KINGDOM - 9.7% (Continued)
MEDIA - 0.7% (Continued)
Sky plc		19,984	$	450,311
				2,124,499
METALS & MINING - 0.2%
Antofagasta plc		31,044		345,841
Fresnillo plc		14,613		156,433
				502,274
MULTI-LINE RETAIL - 0.2%
Marks & Spencer Group plc		10,719		40,345
Marks & Spencer Group plc - ADR		25,759		192,677
Next plc		3,908		279,819
				512,841
MULTI-UTILITIES - 0.6%
National Grid plc - ADR		30,355		1,574,210

PHARMACEUTICALS - 1.5%
AstraZeneca plc - ADR		55,856		2,210,222
GlaxoSmithKline plc - ADR		52,955		2,127,202
				4,337,424
SOFTWARE - 0.1%
Sage Group plc		33,781		258,167
Sage Group plc - ADR		2,320		72,036
				330,203
SPECIALTY RETAIL - 0.1%
Kingfisher plc - ADR		29,151		197,935

TRADING COMPANIES & DISTRIBUTORS - 0.3%
Ashtead Group plc		12,900		409,713
Bunzl plc		12,648		397,754
				807,467
WATER UTILITIES - 0.3%
Severn Trent plc		14,819		357,101
United Utilities Group plc		14,801		135,799
United Utilities Group plc - ADR		12,883		237,305
				730,205

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 97.7% (Continued)	Shares		Fair Value
UNITED KINGDOM - 9.7% (Continued)
WIRELESS TELECOMMUNICATION SERVICES - 0.3%
Vodafone Group plc - ADR		44,333	$	962,026
TOTAL UNITED KINGDOM				27,546,178

UNITED STATES - 0.3%
HOTELS, RESTAURANTS & LEISURE - 0.3%
Yum China Holdings, Inc.		21,920		769,611

TOTAL COMMON STOCKS (COST $221,103,841)			$	277,550,953

PREFERRED STOCKS - 0.2%	Shares		Fair Value
BRAZIL- 0.2%
BANKS - 0.2%
Itau Unibanco Holding S.A. - ADR (COST $594,227)		61,571	$	676,050

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

CORPORATE NOTES - 0.9%	Coupon			Maturity		Par Value		Value
COMMUNITY DEVELOPMENT - 0.9%
Calvert Social Investment Foundation, Inc. ^(c)		1.000	%		12/17/18	$	600,000	$	598,378
Calvert Social Investment Foundation, Inc. ^(c)		1.500	%		06/17/19		500,000		496,220
Calvert Social Investment Foundation, Inc. ^(c)		1.500	%		06/15/20		500,000		488,730
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		06/15/23		870,000		864,899
TOTAL CORPORATE NOTES (COST $2,470,000)								$	2,448,227

TOTAL INVESTMENTS - (COST $224,168,068) - 98.8%								$	280,675,230

OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%									3,279,663

NET ASSET - 100.0%								$	283,954,893

^(a)	Non-income producing security.
^(b)	Percentage rounds to less than 0.1%.
^(c)	Restricted and illiquid securities not registered under the Securities Act of 1933 are as follows:

	Acquisition		Current		Fair		% of Net
	Date		Cost		Value		Assets

Calvert Social Investment Foundation, Inc. 1.00%, 12/17/18		12/15/17	$	600,000	$	598,378		0.2	%

Calvert Social Investment Foundation, Inc. 1.50%, 06/17/19		06/10/16		500,000		496,220		0.2	%

Calvert Social Investment Foundation, Inc. 1.50%, 06/15/20		06/15/17		500,000		488,730		0.2	%

Calvert Social Investment Foundation, Inc. 3.00%, 06/15/23		06/15/18		870,000		864,899		0.3	%
			$	2,470,000	$	2,448,227		0.9	%

ADR - American Depositary Receipt

plc - Public Liability Company

REIT - Real Estate Investment Trust

See accompanying notes to Schedules of Investments.

Schedule of Portfolio Investments

Praxis Value Index Fund

September 30, 2018 (Unaudited)

COMMON STOCKS - 98.7%	Shares		Value
AEROSPACE & DEFENSE - 0.2%
TransDigm Group, Inc. ^(a)		1,320	$	491,436

AIR FREIGHT & LOGISTICS - 0.8%
FedEx Corp.		2,330		561,041
United Parcel Service, Inc. - Class B		9,500		1,109,125
				1,670,166
AIRLINES - 0.7%
American Airlines Group, Inc.		8,120		335,600
Delta Air Lines, Inc.		11,300		653,479
United Continental Holdings, Inc. ^(a)		5,100		454,206
				1,443,285
AUTO COMPONENTS - 0.3%
Aptiv plc		4,830		405,237
Goodyear Tire & Rubber Co. (The)		9,590		224,310
				629,547
AUTOMOBILES - 0.4%
Ford Motor Co.		89,723		829,938

BANKS - 12.1%
Bank of America Corp.		97,050		2,859,093
BB&T Corp.		25,054		1,216,121
Citigroup, Inc.		47,696		3,421,711
Citizens Financial Group, Inc.		11,030		425,427
Fifth Third Bancorp		19,490		544,161
Huntington Bancshares, Inc.		31,664		472,427
JPMorgan Chase & Co.		66,715		7,528,121
KeyCorp		30,658		609,788
M&T Bank Corp.		4,596		756,226
People's United Financial, Inc.		31,070		531,918
PNC Financial Services Group, Inc. (The)		12,861		1,751,539
Regions Financial Corp.		24,860		456,181
SunTrust Banks, Inc.		9,866		658,950
U.S. Bancorp		45,657		2,411,146
Zions Bancorp.		5,120		256,768
				23,899,577
BEVERAGES - 1.8%
Coca-Cola Co. (The)		43,200		1,995,408

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.7% (Continued)	Shares		Value
BEVERAGES - 1.8% (Continued)
PepsiCo, Inc.		14,219	$	1,589,684
				3,585,092
BIOTECHNOLOGY - 1.6%
AbbVie, Inc.		3,278		310,033
Alexion Pharmaceuticals, Inc. ^(a)		2,410		335,014
Amgen, Inc.		6,444		1,335,777
Biogen, Inc. ^(a)		1,360		480,502
Gilead Sciences, Inc.		10,230		789,858
				3,251,184
BUILDING PRODUCTS - 0.6%
Johnson Controls International plc		33,017		1,155,595

CAPITAL MARKETS - 3.1%
Bank of New York Mellon Corp. (The)		24,944		1,271,895
BlackRock, Inc.		992		467,559
CME Group, Inc.		1,860		316,591
Franklin Resources, Inc.		7,540		229,291
Goldman Sachs Group, Inc. (The)		6,567		1,472,584
Invesco Ltd.		9,712		222,211
Morgan Stanley		24,871		1,158,242
Northern Trust Corp.		3,977		406,171
State Street Corp.		6,240		522,787
				6,067,331
CHEMICALS - 4.7%
Air Products & Chemicals, Inc.		4,847		809,691
DowDuPont, Inc.		68,153		4,382,920
Eastman Chemical Co.		3,520		336,935
Ecolab, Inc.		4,576		717,425
International Flavors & Fragrances, Inc.		4,490		624,649
LyondellBasell Industries N.V. - Class A		8,330		853,908
Mosaic Co. (The)		10,240		332,595
Praxair, Inc.		7,896		1,269,124
				9,327,247
COMMERCIAL SERVICES & SUPPLIES - 0.8%
Republic Services, Inc.		9,250		672,105
Stericycle, Inc. ^(a)		3,920		230,025
Waste Management, Inc.		7,680		693,965
				1,596,095

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.7% (Continued)	Shares		Value
COMMUNICATIONS EQUIPMENT - 1.2%
Cisco Systems, Inc.		49,115	$	2,389,445

CONSUMER FINANCE - 1.2%
American Express Co.		4,674		497,734
Capital One Financial Corp.		10,660		1,011,954
Discover Financial Services		6,670		509,922
Synchrony Financial		13,930		432,944
				2,452,554
CONTAINERS & PACKAGING - 0.5%
Ball Corp.		12,508		550,227
International Paper Co.		5,781		284,136
WestRock Co.		4,550		243,152
				1,077,515
DISTRIBUTORS - 0.3%
Genuine Parts Co.		5,340		530,796

DIVERSIFIED FINANCIAL SERVICES - 0.2%
Jefferies Financial Group, Inc.		16,790		368,708

DIVERSIFIED TELECOMMUNICATION SERVICES - 4.6%
AT&T, Inc.		135,106		4,536,859
CenturyLink, Inc.		23,288		493,706
Verizon Communications, Inc.		76,140		4,065,115
				9,095,680
ELECTRIC UTILITIES - 4.0%
American Electric Power Co., Inc.		15,270		1,082,338
Duke Energy Corp.		23,444		1,875,989
Edison International		8,487		574,400
Eversource Energy		7,950		488,448
NextEra Energy, Inc.		6,925		1,160,630
PPL Corp.		28,101		822,235
Southern Co. (The)		30,761		1,341,180
Xcel Energy, Inc.		11,424		539,327
				7,884,547
ELECTRICAL EQUIPMENT - 0.9%
Eaton Corp. plc		9,150		793,579
Emerson Electric Co.		8,424		645,110

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.7% (Continued)	Shares		Value
ELECTRICAL EQUIPMENT - 0.9% (Continued)
Rockwell Automation, Inc.		2,280	$	427,546
				1,866,235
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.1%
TE Connectivity Ltd.		3,066		269,593

ENERGY EQUIPMENT & SERVICES - 2.4%
Baker Hughes, a GE Co.		32,000		1,082,560
Helmerich & Payne, Inc.		7,130		490,330
National Oilwell Varco, Inc.		9,526		410,380
Schlumberger Ltd.		38,646		2,354,314
TechnipFMC plc		13,090		409,063
				4,746,647
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.4%
Boston Properties, Inc.		2,920		359,423
Crown Castle International Corp.		3,840		427,507
Equity Residential		5,230		346,540
HCP, Inc.		8,647		227,589
Host Hotels & Resorts, Inc.		15,800		333,380
Iron Mountain, Inc.		11,310		390,421
Public Storage		1,620		326,641
Simon Property Group, Inc.		3,089		545,981
SL Green Realty Corp.		2,780		271,133
Ventas, Inc.		6,840		371,959
Welltower, Inc.		12,200		784,704
Weyerhaeuser Co.		11,149		359,778
				4,745,056
FOOD & STAPLES RETAILING - 3.6%
Costco Wholesale Corp.		7,430		1,745,158
Kroger Co. (The)		28,144		819,272
Sysco Corp.		7,993		585,487
Walgreen Boots Alliance, Inc.		18,410		1,342,089
Walmart, Inc.		28,850		2,709,304
				7,201,310
FOOD PRODUCTS - 2.4%
Conagra Brands, Inc.		6,540		222,164
General Mills, Inc.		15,974		685,604

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.7% (Continued)	Shares		Value
FOOD PRODUCTS - 2.4% (Continued)
Hormel Foods Corp.		10,080	$	397,152
J.M. Smucker Co. (The)		2,030		208,298
Kellogg Co.		10,489		734,440
Kraft Heinz Co. (The)		16,630		916,479
Mondelez International, Inc. - Class A		30,982		1,330,987
Tyson Foods, Inc. - Class A		5,830		347,060
				4,842,184
GAS UTILITIES - 0.3%
Sempra Energy		5,733		652,129

HEALTH CARE EQUIPMENT & SUPPLIES - 2.5%
Abbott Laboratories		4,340		318,382
Baxter International, Inc.		6,002		462,694
Danaher Corp.		20,910		2,272,081
Dentsply Sirona, Inc.		4,770		180,020
Medtronic plc		17,180		1,689,997
				4,923,174
HEALTH CARE PROVIDERS & SERVICES - 3.5%
Aetna, Inc.		3,750		760,687
AmerisourceBergen Corp.		2,260		208,417
Anthem, Inc.		2,850		781,043
Cardinal Health, Inc.		8,170		441,180
CVS Health Corp.		20,473		1,611,635
Express Scripts Holding Co. ^(a)		9,787		929,863
HCA Healthcare, Inc.		2,520		350,582
Humana, Inc.		2,550		863,226
McKesson Corp.		3,974		527,151
UnitedHealth Group, Inc.		1,390		369,796
				6,843,580
HOTELS, RESTAURANTS & LEISURE - 1.0%
Carnival Corp.		5,563		354,752
McDonald's Corp.		3,440		575,478
Starbucks Corp.		12,890		732,668
Yum! Brands, Inc.		4,510		410,004
				2,072,902
HOUSEHOLD DURABLES - 0.4%
Leggett & Platt, Inc.		7,280		318,791
Newell Brands, Inc.		14,660		297,598

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.7% (Continued)	Shares		Value
HOUSEHOLD DURABLES - 0.4% (Continued)
Whirlpool Corp.		1,752	$	208,050
				824,439
HOUSEHOLD PRODUCTS - 1.5%
Colgate-Palmolive Co.		6,578		440,397
Kimberly-Clark Corp.		2,070		235,235
Procter & Gamble Co. (The)		28,046		2,334,268
				3,009,900
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.2%
AES Corp.		29,344		410,816

INDUSTRIAL CONGLOMERATES - 0.2%
Roper Technologies, Inc.		1,100		325,831

INSURANCE - 6.4%
Aflac, Inc.		21,980		1,034,599
Allstate Corp. (The)		8,399		828,981
American International Group, Inc.		34,717		1,848,333
Aon plc		2,137		328,628
Brighthouse Financial, Inc. ^(a)		5,673		250,974
Chubb Corp.		16,097		2,151,204
Cincinnati Financial Corp.		3,262		250,554
Everest Re Group Ltd.		2,020		461,509
Hartford Financial Services Group, Inc. (The)		9,080		453,637
Lincoln National Corp.		4,220		285,525
Loews Corp.		6,010		301,882
Marsh & McLennan Cos., Inc.		6,280		519,482
MetLife, Inc.		24,023		1,122,355
Principal Financial Group, Inc.		3,860		226,157
Prudential Financial, Inc.		10,620		1,076,018
Travelers Cos., Inc. (The)		8,053		1,044,555
Unum Group		5,160		201,601
Willis Towers Watson plc		2,350		331,209
				12,717,203
INTERNET SOFTWARE & SERVICES - 0.2%
Alphabet, Inc. - Class C ^(a)		300		358,041

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.7% (Continued)	Shares		Value
IT SERVICES - 2.6%
Accenture plc - Class A		7,630	$	1,298,626
DXC Technology Co.		2,460		230,059
International Business Machines Corp.		16,252		2,457,465
Mastercard, Inc. - Class A		1,890		420,733
Paychex, Inc.		3,684		271,326
Visa, Inc. - Class A		3,120		468,281
				5,146,490
LIFE SCIENCES TOOLS & SERVICES - 0.7%
IQVIA Holdings, Inc. ^(a)		2,740		355,488
Thermo Fisher Scientific, Inc.		3,914		955,329
				1,310,817
MACHINERY – 2.0%
Deere & Co.		4,267		641,458
Dover Corp.		3,223		285,332
Flowserve Corp.		6,920		378,455
Illinois Tool Works, Inc.		5,855		826,258
Ingersoll-Rand plc		5,415		553,955
PACCAR, Inc.		6,906		470,920
Parker-Hannifin Corp.		1,567		288,218
Pentair plc		4,480		194,208
Stanley Black & Decker, Inc.		1,530		224,053
				3,862,857
MEDIA - 2.8%
Comcast Corp. - Class A		42,100		1,490,761
Omnicom Group, Inc.		6,179		420,296
Twenty-First Century Fox, Inc. - Class B		28,250		1,294,415
Viacom, Inc. - Class B		11,130		375,749
Walt Disney Co. (The)		16,247		1,899,924
				5,481,145
METALS & MINING - 0.5%
Newmont Mining Corp.		13,830		417,666
Nucor Corp.		8,860		562,167
				979,833
MULTI-LINE RETAIL - 0.6%
Macy's, Inc.		3,253		112,977
Target Corp.		11,126		981,424
				1,094,401

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.7% (Continued)	Shares		Value
MULTI-UTILITIES - 1.2%
Ameren Corp.		5,570	$	352,135
Consolidated Edison, Inc.		7,361		560,835
DTE Energy Co.		3,580		390,686
NiSource, Inc.		13,870		345,640
WEC Energy Group, Inc.		10,870		725,681
				2,374,977
OIL, GAS & CONSUMABLE FUELS - 9.0%
Anadarko Petroleum Corp.		10,690		720,613
Andeavor		2,800		429,800
Apache Corp.		14,098		672,052
ConocoPhillips		36,827		2,850,410
Devon Energy Corp.		14,320		571,941
EQT Corp.		5,638		249,369
Hess Corp.		13,940		997,825
Kinder Morgan, Inc.		65,181		1,155,659
Marathon Oil Corp.		25,286		588,658
Marathon Petroleum Corp.		11,826		945,725
Newfield Exploration Co. ^(a)		13,130		378,538
Noble Energy, Inc.		17,398		542,644
Occidental Petroleum Corp.		39,840		3,273,653
ONEOK, Inc.		9,005		610,449
Phillips 66		12,810		1,443,943
Pioneer Natural Resources Co.		4,290		747,275
Valero Energy Corp.		10,030		1,140,912
Williams Cos., Inc. (The)		16,591		451,109
				17,770,575
PHARMACEUTICALS - 4.5%
Bristol-Myers Squibb Co.		12,669		786,491
Eli Lilly & Co.		10,287		1,103,898
Johnson & Johnson		26,631		3,679,605
Merck & Co., Inc.		37,641		2,670,253
Mylan N.V. ^(a)		10,220		374,052
Perrigo Co. plc		3,340		236,472
				8,850,771
PROFESSIONAL SERVICES - 0.3%
IHS Markit Ltd. ^(a)		6,530		352,359
Nielsen Holdings plc		11,010		304,536
				656,895

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.7% (Continued)	Shares		Value
ROAD & RAIL - 0.9%
Norfolk Southern Corp.		3,145	$	567,672
Union Pacific Corp.		7,360		1,198,429
				1,766,101
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.8%
Intel Corp.		41,038		1,940,687
QUALCOMM, Inc.		17,900		1,289,337
Texas Instruments, Inc.		3,000		321,870
				3,551,894
SOFTWARE - 1.2%
CA, Inc.		7,512		331,655
Microsoft Corp.		3,090		353,403
Oracle Corp.		31,632		1,630,946
				2,316,004
SPECIALTY RETAIL - 1.5%
AutoZone, Inc. ^(a)		420		325,794
Best Buy Co., Inc.		4,590		364,263
Home Depot, Inc. (The)		1,142		236,565
L Brands, Inc.		6,060		183,618
Lowe's Cos., Inc.		6,060		695,809
O'Reilly Automotive, Inc. ^(a)		1,080		375,106
TJX Cos., Inc. (The)		6,860		768,457
				2,949,612
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.7%
Apple, Inc.		1,610		363,441
HP, Inc.		23,630		608,945
Seagate Technology plc		4,910		232,489
Western Digital Corp.		4,475		261,967
				1,466,842
TEXTILES, APPAREL & LUXURY GOODS - 0.7%
NIKE, Inc. - Class B		8,580		726,898
PVH Corp.		1,810		261,364
VF Corp.		5,110		477,529
				1,465,791

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.7% (Continued)					Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 0.4%
W.W. Grainger, Inc.					1,940	$	693,375

WATER UTILITIES - 0.2%
American Water Works Co., Inc.					3,640		320,211

TOTAL COMMON STOCKS (COST $148,595,279)						$	195,613,369

CORPORATE NOTES - 0.9%	Coupon		Maturity		Principal Amount		Fair Value
COMMUNITY DEVELOPMENT - 0.9%
Calvert Social Investment Foundation, Inc. ^(b)	1.000	%	12/17/18	$	750,000	$	747,973
Calvert Social Investment Foundation, Inc. ^(b)	1.500	%	06/17/19		260,000		258,034
Calvert Social Investment Foundation, Inc. ^(b)	1.500	%	06/15/20		250,000		244,365
Calvert Social Investment Foundation, Inc. ^(b)	3.000	%	06/15/23		450,000		447,362
TOTAL CORPORATE NOTES (COST $1,710,000)						$	1,697,734

TOTAL INVESTMENTS - (COST $150,305,279) - 99.6%						$	197,311,103

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%							790,627

NET ASSETS - 100.0%						$	198,101,730

^(a)

Non-income producing security.

^(b)

Restricted and illiquid securities not registered under the Securities Act of 1933 are as follows:

	Acquisition		Current		Fair		% of Net
	Date		Cost		Value		Assets

Calvert Social Investment Foundation, Inc. 1.00%, 12/17/18		12/15/17	$	750,000	$	747,973		0.4	%

Calvert Social Investment Foundation, Inc. 1.50%, 06/17/19		06/10/16		260,000		258,034		0.2	%

Calvert Social Investment Foundation, Inc. 1.50%, 06/15/20		06/15/17		250,000		244,365		0.1	%

Calvert Social Investment Foundation, Inc. 3.00%, 06/15/23		06/15/18		450,000		447,362		0.2	%
			$	1,710,000	$	1,697,734		0.9	%

plc - Public Liability Company

See accompanying notes to Schedules of Investments.

Schedule of Portfolio Investments

Praxis Growth Index Fund

September 30, 2018 (Unaudited)

COMMON STOCKS - 98.5%	Shares		Value
AEROSPACE & DEFENSE - 0.4%
TransDigm Group, Inc. ^(a)		3,499	$	1,302,678

AIR FREIGHT & LOGISTICS - 0.6%
FedEx Corp.		3,068		738,744
United Parcel Service, Inc. - Class B		9,108		1,063,359
				1,802,103
AIRLINES - 0.3%
American Airlines Group, Inc.		9,480		391,808
Southwest Airlines Co.		8,000		499,600
				891,408
BANKS - 1.6%
Bank of America Corp.		100,541		2,961,938
Citizens Financial Group, Inc.		6,337		244,418
Comerica, Inc.		4,494		405,359
JPMorgan Chase & Co.		4,809		542,648
PNC Financial Services Group, Inc. (The)		2,433		331,350
U.S. Bancorp		4,745		250,583
				4,736,296
BEVERAGES - 1.5%
Coca-Cola Co. (The)		46,914		2,166,958
Monster Beverage Corp. ^(a)		8,550		498,294
PepsiCo, Inc.		15,693		1,754,477
				4,419,729
BIOTECHNOLOGY - 4.3%
AbbVie, Inc.		39,364		3,723,047
Alexion Pharmaceuticals, Inc. ^(a)		1,885		262,034
Amgen, Inc.		9,495		1,968,219
Biogen, Inc. ^(a)		3,308		1,168,750
Celgene Corp. ^(a)		19,103		1,709,527
Gilead Sciences, Inc.		20,291		1,566,668
Incyte Corp. ^(a)		4,067		280,948
Regeneron Pharmaceuticals, Inc. ^(a)		1,737		701,818
Vertex Pharmaceuticals, Inc. ^(a)		5,884		1,134,082
				12,515,093
BUILDING PRODUCTS - 0.6%
Allegion plc		6,005		543,873
Johnson Controls International plc		12,325		431,375

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Value
BUILDING PRODUCTS - 0.6% (Continued)
Masco Corp.		19,360	$	708,576
				1,683,824
CAPITAL MARKETS - 2.0%
Ameriprise Financial, Inc.		2,290		338,141
BlackRock, Inc.		2,081		980,838
Cboe Global Markets, Inc.		2,370		227,425
Charles Schwab Corp. (The)		25,758		1,266,006
CME Group, Inc.		5,703		970,708
Moody's Corp.		3,611		603,759
S&P Global, Inc.		5,128		1,001,960
T. Rowe Price Group, Inc.		4,600		502,228
				5,891,065
CHEMICALS - 1.6%
Air Products & Chemicals, Inc.		2,486		415,286
Albemarle Corp.		3,093		308,620
DowDuPont, Inc.		4,133		265,793
Ecolab, Inc.		5,322		834,383
International Flavors & Fragrances, Inc.		3,158		439,341
Praxair, Inc.		8,079		1,298,538
Sherwin-Williams Co. (The)		2,170		987,806
				4,549,767
COMMERCIAL SERVICES & SUPPLIES - 0.9%
Cintas Corp.		1,634		323,221
Republic Services, Inc.		10,213		742,077
Waste Management, Inc.		18,252		1,649,251
				2,714,549
COMMUNICATIONS EQUIPMENT - 0.9%
Cisco Systems, Inc.		50,169		2,440,722
Juniper Networks, Inc.		8,206		245,934
				2,686,656
CONSTRUCTION MATERIALS - 0.1%
Martin Marietta Materials, Inc.		1,616		294,031

CONSUMER FINANCE - 0.4%
American Express Co.		10,373		1,104,621

CONTAINERS & PACKAGING - 0.3%
Avery Dennison Corp.		2,529		274,017

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Value
CONTAINERS & PACKAGING - 0.3% (Continued)
Ball Corp.		7,143	$	314,221
International Paper Co.		6,608		324,783
				913,021
DISTRIBUTORS - 0.1%
Genuine Parts Co.		2,808		279,115

DIVERSIFIED FINANCIAL SERVICES - 0.4%
Intercontinental Exchange, Inc.		13,888		1,040,072

ELECTRIC UTILITIES - 0.4%
NextEra Energy, Inc.		5,360		898,336
Southern Co. (The)		4,987		217,433
				1,115,769
ELECTRICAL EQUIPMENT - 1.0%
AMETEK, Inc.		9,087		718,964
Emerson Electric Co.		6,649		509,180
Rockwell Automation, Inc.		8,300		1,556,416
				2,784,560
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.7%
Amphenol Corp. - Class A		7,167		673,841
Corning, Inc.		20,828		735,228
TE Connectivity Ltd.		8,175		718,828
				2,127,897
ENERGY EQUIPMENT & SERVICES - 0.1%
Baker Hughes, a GE Co.		5,892		199,326

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.5%
American Tower Corp. - Class A		12,382		1,799,105
AvalonBay Communities, Inc.		2,316		419,543
Boston Properties, Inc.		2,027		249,503
Crown Castle International Corp.		7,128		793,560
Digital Realty Trust, Inc.		4,316		485,464
Equinix, Inc.		1,753		758,856
Essex Property Trust, Inc.		1,991		491,200
Extra Space Storage, Inc.		2,966		256,974

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.5% (Continued)
Iron Mountain, Inc.		8,187	$	282,615
Prologis, Inc.		13,062		885,473
Public Storage		696		140,335
Simon Property Group, Inc.		1,004		177,457
UDR, Inc.		10,721		433,450
				7,173,535
FOOD & STAPLES RETAILING - 0.0% ^(b)
Walmart, Inc.		1,686		158,332

FOOD PRODUCTS - 0.1%
General Mills, Inc.		5,481		235,244

HEALTH CARE EQUIPMENT & SUPPLIES - 5.0%
Abbott Laboratories		44,381		3,255,790
Align Technology, Inc. ^(a)		1,431		559,836
Baxter International, Inc.		7,430		572,779
Becton, Dickinson and Co.		8,031		2,096,091
Boston Scientific Corp. ^(a)		28,192		1,085,392
Cooper Cos., Inc. (The)		1,161		321,771
Danaher Corp.		4,771		518,417
Edwards Lifesciences Corp. ^(a)		4,070		708,587
Hologic, Inc. ^(a)		6,559		268,788
IDEXX Laboratories, Inc. ^(a)		2,060		514,300
Intuitive Surgical, Inc. ^(a)		2,661		1,527,414
Medtronic plc		11,661		1,147,092
ResMed, Inc.		3,458		398,846
Stryker Corp.		8,340		1,481,851
				14,456,954
HEALTH CARE PROVIDERS & SERVICES - 3.4%
Aetna, Inc.		3,898		790,709
AmerisourceBergen Corp.		2,297		211,829
Anthem, Inc.		3,101		849,829
Centene Corp. ^(a)		4,602		666,278
Cigna Corp.		5,474		1,139,960
HCA Healthcare, Inc.		2,580		358,930
UnitedHealth Group, Inc.		21,794		5,798,076
				9,815,611

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Value
HEALTH CARE TECHNOLOGY - 0.1%
Cerner Corp. ^(a)		4,487	$	289,008

HOTELS, RESTAURANTS & LEISURE - 2.2%
Carnival Corp.		4,611		294,043
Chipotle Mexican Grill, Inc. ^(a)		778		353,617
Marriott International, Inc. - Class A		8,558		1,129,913
McDonald's Corp.		15,972		2,671,956
Royal Caribbean Cruises Ltd.		2,560		332,646
Starbucks Corp.		22,982		1,306,297
Yum! Brands, Inc.		3,561		323,730
				6,412,202
HOUSEHOLD DURABLES - 0.2%
D.R. Horton, Inc.		11,874		500,845
Mohawk Industries, Inc. ^(a)		1,064		186,573
				687,418
HOUSEHOLD PRODUCTS - 1.1%
Church & Dwight Co., Inc.		4,462		264,909
Clorox Co. (The)		2,852		428,969
Colgate-Palmolive Co.		10,399		696,213
Kimberly-Clark Corp.		3,801		431,946
Procter & Gamble Co. (The)		16,130		1,342,500
				3,164,537
INDUSTRIAL CONGLOMERATES - 0.3%
Roper Technologies, Inc.		2,829		837,978

INSURANCE - 1.8%
Aflac, Inc.		8,308		391,058
Allstate Corp. (The)		6,014		593,582
Aon plc		4,556		700,622
Arthur J. Gallagher & Co.		4,367		325,079
Chubb Corp.		2,780		371,519
Marsh & McLennan Cos., Inc.		9,036		747,458
Principal Financial Group, Inc.		3,731		218,599
Progressive Corp. (The)		17,816		1,265,649
Torchmark Corp.		2,891		250,621
Willis Towers Watson plc		1,674		235,933
				5,100,120

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Value
INTERNET & DIRECT MARKETING RETAIL - 8.1%
Amazon.com, Inc. ^(a)		8,654	$	17,333,962
Booking Holdings, Inc. ^(a)		1,030		2,043,520
Expedia Group, Inc.		2,852		372,129
Netflix, Inc. ^(a)		9,792		3,663,481
				23,413,092
INTERNET SOFTWARE & SERVICES - 8.8%
Akamai Technologies, Inc. ^(a)		2,899		212,062
Alphabet, Inc. - Class A ^(a)		4,235		5,111,984
Alphabet, Inc. - Class C ^(a)		8,821		10,527,599
eBay, Inc. ^(a)		20,473		676,018
Facebook, Inc. - Class A ^(a)		52,985		8,713,913
VeriSign, Inc. ^(a)		2,251		360,430
				25,602,006
IT SERVICES - 6.9%
Accenture plc - Class A		9,729		1,655,876
Automatic Data Processing, Inc.		11,168		1,682,571
Cognizant Technology Solutions Corp. - Class A		12,602		972,244
DXC Technology Co.		2,990		279,625
Fidelity National Information Services, Inc.		4,435		483,725
Fiserv, Inc. ^(a)		8,820		726,592
Gartner, Inc. ^(a)		2,140		339,190
Mastercard, Inc. - Class A		21,816		4,856,460
Paychex, Inc.		6,525		480,566
PayPal Holdings, Inc. ^(a)		22,292		1,958,129
Total System Services, Inc.		3,608		356,254
Visa, Inc. - Class A		41,463		6,223,182
				20,014,414
LEISURE PRODUCTS - 0.2%
Hasbro, Inc.		4,868		511,724

LIFE SCIENCES TOOLS & SERVICES - 1.4%
Agilent Technologies, Inc.		5,785		408,074
Illumina, Inc. ^(a)		3,249		1,192,578
Mettler-Toledo International, Inc. ^(a)		600		365,388
Thermo Fisher Scientific, Inc.		7,715		1,883,077
Waters Corp. ^(a)		1,646		320,443
				4,169,560

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Value
MACHINERY - 1.6%
Deere & Co.		4,488	$	674,681
Dover Corp.		9,103		805,889
Illinois Tool Works, Inc.		9,594		1,353,905
Ingersoll-Rand plc		2,987		305,570
Parker-Hannifin Corp.		2,881		529,902
Stanley Black & Decker, Inc.		2,002		293,173
Xylem, Inc.		9,923		792,550
				4,755,670
MEDIA - 1.6%
CBS Corp. - Class B		4,421		253,987
Charter Communications, Inc. - Class A ^(a)		4,569		1,488,946
Comcast Corp. - Class A		36,501		1,292,500
Walt Disney Co. (The)		13,182		1,541,503
				4,576,936
METALS & MINING - 0.1%
Nucor Corp.		4,570		289,966

MULTI-LINE RETAIL - 0.1%
Dollar Tree, Inc. ^(a)		3,886		316,903

OIL, GAS & CONSUMABLE FUELS - 0.2%
Apache Corp.		5,088		242,545
EQT Corp.		3,387		149,807
ONEOK, Inc.		5,111		346,475
				738,827
PERSONAL PRODUCTS - 0.2%
Estee Lauder Cos., Inc. (The) - Class A		4,590		667,019

PHARMACEUTICALS - 3.5%
Bristol-Myers Squibb Co.		24,259		1,505,999
Eli Lilly & Co.		16,118		1,729,623
Johnson & Johnson		29,871		4,127,276
Merck & Co., Inc.		21,065		1,494,351
Zoetis, Inc.		14,643		1,340,713
				10,197,962
PROFESSIONAL SERVICES - 0.3%
Equifax, Inc.		2,173		283,729
Nielsen Holdings plc		10,461		289,351

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Value
PROFESSIONAL SERVICES - 0.3% (Continued)
Verisk Analytics, Inc. ^(a)		3,035	$	365,869
				938,949
ROAD & RAIL - 1.2%
CSX Corp.		19,508		1,444,567
Norfolk Southern Corp.		2,628		474,354
Union Pacific Corp.		9,348		1,522,135
				3,441,056
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.1%
Analog Devices, Inc.		10,101		933,938
Applied Materials, Inc.		24,367		941,785
Broadcom, Inc.		9,079		2,240,062
Intel Corp.		61,671		2,916,422
KLA-Tencor Corp.		4,512		458,915
Lam Research Corp.		3,383		513,201
Microchip Technology, Inc.		7,002		552,528
Micron Technology, Inc. ^(a)		24,852		1,124,056
NVIDIA Corp.		13,886		3,902,244
QUALCOMM, Inc.		11,434		823,591
Skyworks Solutions, Inc.		3,010		273,037
Texas Instruments, Inc.		24,773		2,657,895
Xilinx, Inc.		4,619		370,305
				17,707,979
SOFTWARE - 11.0%
Activision Blizzard, Inc.		14,771		1,228,800
Adobe Systems, Inc. ^(a)		10,776		2,908,981
ANSYS, Inc. ^(a)		1,778		331,917
Autodesk, Inc. ^(a)		4,626		722,165
Citrix Systems, Inc. ^(a)		3,452		383,724
Electronic Arts, Inc. ^(a)		7,552		909,940
Intuit, Inc.		5,164		1,174,294
Microsoft Corp.		164,990		18,869,906
Oracle Corp.		35,196		1,814,706
Red Hat, Inc. ^(a)		3,789		516,365
salesforce.com, Inc. ^(a)		15,569		2,475,938
Symantec Corp.		13,164		280,130
Synopsys, Inc. ^(a)		2,920		287,941
				31,904,807

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Value
SPECIALTY RETAIL - 3.1%
Home Depot, Inc. (The)		27,779	$	5,754,420
Lowe's Cos., Inc.		12,527		1,438,350
O'Reilly Automotive, Inc. ^(a)		1,115		387,262
Ross Stores, Inc.		6,132		607,681
TJX Cos., Inc. (The)		3,533		395,767
Ulta Beauty, Inc. ^(a)		1,400		394,968
				8,978,448
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 8.3%
Apple, Inc.		104,530		23,596,602
NetApp, Inc.		5,407		464,407
				24,061,009
TEXTILES, APPAREL & LUXURY GOODS - 0.7%
NIKE, Inc. - Class B		20,716		1,755,059
VF Corp.		4,295		401,368
				2,156,427
TRADING COMPANIES & DISTRIBUTORS - 0.2%
Fastenal Co.		8,032		466,017

TOTAL COMMON STOCKS (COST $142,500,944)			$	286,291,290

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. ^(c)		1.000	%		12/17/18	$	175,000	$	174,527
Calvert Social Investment Foundation, Inc. ^(c)		1.500	%		06/17/19		800,000		793,951
Calvert Social Investment Foundation, Inc. ^(c)		1.500	%		06/15/20		475,000		464,294
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		06/15/23		900,000		894,724
TOTAL CORPORATE NOTES (COST $2,350,000)								$	2,327,496

TOTAL INVESTMENTS - (COST $144,850,944) - 99.3%								$	288,618,786

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%									1,909,917

NET ASSETS - 100.0%								$	290,528,703

^(a)	Non-income producing security.
^(b)	Amounts rounds to less than 0.1%.
^(c)	Restricted and illiquid securities not registered under the Securities Act of 1933 are as follows:

	Acquisition		Current		Fair		% of Net
	Date		Cost		Value		Assets

Calvert Social Investment Foundation, Inc. 1.00%, 12/17/18		12/15/17	$	175,000	$	174,527		0.1	%

Calvert Social Investment Foundation, Inc. 1.50%, 06/17/19		06/10/16		800,000		793,951		0.3	%

Calvert Social Investment Foundation, Inc. 1.50%, 06/15/20		06/15/17		475,000		464,294		0.1	%

Calvert Social Investment Foundation, Inc. 3.00%, 06/15/23		06/15/18		900,000		894,724		0.3	%
			$	2,350,000	$	2,327,496		0.8	%

plc - Public Liability Company

See accompanying notes to Schedules of Investments.

Schedule of Portfolio Investments

Praxis Small Cap Index Fund

September 30, 2018 (Unaudited)

COMMON STOCKS - 98.8%	Shares		Value
AEROSPACE & DEFENSE - 0.6%
Axon Enterprise, Inc. ^(a)		3,650	$	249,770
Engility Holdings, Inc. ^(a)		2,850		102,571
				352,341
AIR FREIGHT & LOGISTICS - 0.7%
Echo Global Logistics, Inc. ^(a)		2,580		79,851
Forward Air Corp.		2,860		205,062
Hub Group, Inc. - Class A ^(a)		2,260		103,056
				387,969
AIRLINES - 0.8%
Allegiant Travel Co.		880		111,584
Hawaiian Holdings, Inc.		4,460		178,846
SkyWest, Inc.		3,540		208,506
				498,936
AUTO COMPONENTS - 1.6%
American Axle & Manufacturing Holdings, Inc. ^(a)		5,900		102,896
Cooper Tire & Rubber Co.		2,150		60,845
Cooper-Standard Holdings, Inc. ^(a)		1,190		142,776
Dorman Products, Inc. ^(a)		2,250		173,070
Fox Factory Holding Corp. ^(a)		3,770		264,089
Gentherm, Inc. ^(a)		2,520		114,534
Standard Motor Products, Inc.		1,500		73,830
				932,040
AUTOMOBILES - 0.4%
LCI Industries		1,700		140,760
Winnebago Industries, Inc.		3,730		123,649
				264,409
BANKS - 8.5%
Ameris Bancorp		2,470		112,879
Banc of California, Inc.		4,200		79,380
Banner Corp.		1,960		121,853
Boston Private Financial Holdings, Inc.		10,750		146,738
Brookline Bancorp, Inc.		12,520		209,084
Central Pacific Financial Corp.		2,270		59,996
City Holding Co.		1,460		112,128
Columbia Banking System, Inc.		5,790		224,478
Community Bank System, Inc.		4,080		249,166
Customers Bancorp, Inc. ^(a)		2,090		49,178

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.8% (Continued)	Shares		Value
BANKS - 8.5% (Continued)
CVB Financial Corp.		6,370	$	142,178
Fidelity Southern Corp.		2,810		69,632
First BanCorp. ^(a)		18,890		171,899
First Commonwealth Financial Corp.		5,600		90,384
First Financial Bancorp		13,550		402,435
First Financial Bankshares, Inc.		4,410		260,631
First Midwest Bancorp, Inc.		5,580		148,372
Glacier Bancorp, Inc.		5,010		215,881
Great Western Bancorp, Inc.		3,870		163,275
Hanmi Financial Corp.		2,240		55,776
Hope Bancorp, Inc.		8,360		135,181
Independent Bank Corp.		1,730		142,898
LegacyTexas Financial Group, Inc.		3,040		129,504
NBT Bancorp, Inc.		2,980		114,372
OFG Bancorp		7,240		116,926
Old National Bancorp		9,310		179,683
Opus Bank		1,980		54,252
Pacific Premier Bancorp, Inc. ^(a)		3,200		119,040
Preferred Bank		860		50,310
S&T Bancorp, Inc.		2,180		94,525
Seacoast Banking Corp. of Florida ^(a)		5,240		153,008
ServisFirst Bancshares, Inc.		4,920		192,618
Simmons First National Corp. - Class A		3,940		116,033
Southside Bancshares, Inc.		2,307		80,284
Tompkins Financial Corp.		920		74,695
United Community Banks, Inc.		4,800		133,872
Westamerica Bancorp.		1,670		100,467
				5,073,011
BEVERAGES - 0.2%
Coca-Cola Bottling Co. Consolidated		780		142,178

BIOTECHNOLOGY - 2.9%
Acorda Therapeutics, Inc. ^(a)		3,480		68,382
AMAG Pharmaceuticals, Inc. ^(a)		2,360		47,200
Cytokinetics, Inc. ^(a)		4,230		41,665
Eagle Pharmaceuticals, Inc. ^(a)		1,210		83,889
Emergent BioSolutions, Inc. ^(a)		3,960		260,687
Enanta Pharmaceuticals, Inc. ^(a)		1,630		139,300

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.8% (Continued)	Shares		Value
BIOTECHNOLOGY - 2.9% (Continued)
Ligand Pharmaceuticals, Inc. ^(a)		1,710	$	469,378
MiMedx Group, Inc. ^(a)		9,370		57,907
Momenta Pharmaceuticals, Inc. ^(a)		6,990		183,837
Progenics Pharmaceuticals, Inc. ^(a)		9,440		59,189
Repligen Corp. ^(a)		3,320		184,127
Spectrum Pharmaceuticals, Inc. ^(a)		7,480		125,664
				1,721,225
BUILDING PRODUCTS - 2.6%
AAON, Inc.		4,090		154,602
American Woodmark Corp. ^(a)		1,025		80,411
Apogee Enterprises, Inc.		1,960		80,987
Gibraltar Industries, Inc. ^(a)		3,370		153,672
Insteel Industries, Inc.		2,100		75,348
Patrick Industries, Inc. ^(a)		1,500		88,800
PGT Innovations, Inc. ^(a)		4,110		88,776
Quanex Building Products Corp.		5,670		103,194
Simpson Manufacturing Co., Inc.		3,990		289,115
Trex Co., Inc. ^(a)		3,770		290,215
Universal Forest Products, Inc.		4,680		165,345
				1,570,465
CAPITAL MARKETS - 1.3%
Blucora, Inc. ^(a)		3,190		128,398
Donnelley Financial Solutions, Inc. ^(a)		4,680		83,866
Greenhill & Co., Inc.		3,210		84,584
INTL FCStone, Inc. ^(a)		1,800		86,976
Investment Technology Group, Inc.		2,350		50,901
Piper Jaffray Cos.		1,130		86,275
Virtus Investment Partners, Inc.		490		55,737
Waddell & Reed Financial, Inc. - Class A		5,350		113,313
WisdomTree Investments, Inc.		10,100		85,648
				775,698
CHEMICALS - 1.4%
H.B. Fuller Co.		7,040		363,757
Kraton Corp. ^(a)		2,560		120,704
Quaker Chemical Corp.		1,130		228,497
Rayonier Advanced Materials, Inc.		3,590		66,164
Stepan Co.		660		57,426
				836,548

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.8% (Continued)	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 3.8%
ABM Industries, Inc.		4,080	$	131,580
Brady Corp. - Class A		6,240		273,000
Essendant, Inc.		6,360		81,535
Interface, Inc.		4,680		109,278
LSC Communications, Inc.		2,510		27,761
Matthews International Corp. - Class A		2,810		140,922
Mobile Mini, Inc.		3,110		136,374
Multi-Color Corp.		1,020		63,495
R.R. Donnelley & Sons Co.		11,710		63,234
Team, Inc. ^(a)		17,140		385,650
Tetra Tech, Inc.		4,740		323,742
UniFirst Corp.		1,550		269,157
US Ecology, Inc.		1,490		109,887
Viad Corp.		1,980		117,315
				2,232,930
COMMUNICATIONS EQUIPMENT - 1.8%
ADTRAN, Inc.		6,530		115,255
Applied Optoelectronics, Inc. ^(a)		2,330		57,458
CalAmp Corp. ^(a)		3,190		76,432
Finisar Corp. ^(a)		15,710		299,275
Harmonic, Inc. ^(a)		14,710		80,905
NETGEAR, Inc. ^(a)		2,450		153,982
Oclaro, Inc. ^(a)		12,690		113,449
Viavi Solutions, Inc. ^(a)		15,670		177,698
				1,074,454
CONSTRUCTION & ENGINEERING - 0.4%
Aegion Corp. ^(a)		2,880		73,095
Comfort Systems USA, Inc.		2,340		131,976
MYR Group, Inc. ^(a)		1,530		49,939
				255,010
CONSTRUCTION MATERIALS - 0.1%
U.S. Concrete, Inc. ^(a)		1,100		50,435

CONSUMER FINANCE - 1.1%
Encore Capital Group, Inc. ^(a)		2,750		98,587
Enova International, Inc. ^(a)		2,610		75,168
Green Dot Corp. - Class A ^(a)		3,100		275,342
PRA Group, Inc. ^(a)		3,460		124,560

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.8% (Continued)	Shares		Value
CONSUMER FINANCE - 1.1% (Continued)
World Acceptance Corp. ^(a)		710	$	81,196
				654,853
CONTAINERS & PACKAGING - 0.7%
Ingevity Corp. ^(a)		3,270		333,148
Myers Industries, Inc.		4,580		106,485
				439,633
DIVERSIFIED CONSUMER SERVICES - 0.5%
American Public Education, Inc. ^(a)		2,580		85,269
Career Education Corp. ^(a)		4,710		70,320
Strategic Education, Inc.		1,080		147,993
				303,582
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.3%
ATN International, Inc.		1,320		97,522
Cincinnati Bell, Inc. ^(a)		3,160		50,402
Cogent Communications Holdings, Inc.		3,200		178,560
Consolidated Communications Holdings, Inc.		3,970		51,769
Iridium Communications, Inc. ^(a)		10,490		236,025
Vonage Holdings Corp. ^(a)		12,850		181,956
				796,234
ELECTRICAL EQUIPMENT - 0.6%
AZZ, Inc.		1,800		90,900
Encore Wire Corp.		1,700		85,170
Franklin Electric Co., Inc.		4,130		195,142
				371,212
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.5%
Anixter International, Inc. ^(a)		2,180		153,254
Badger Meter, Inc.		2,110		111,724
Benchmark Electronics, Inc.		3,960		92,664
Control4 Corp. ^(a)		5,090		174,740
CTS Corp.		2,780		95,354
Daktronics, Inc.		9,940		77,930
Electro Scientific Industries, Inc. ^(a)		4,390		76,605
ePlus, Inc. ^(a)		1,060		98,262
Fabrinet ^(a)		2,610		120,739
FARO Technologies, Inc. ^(a)		1,290		83,011

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.8% (Continued)	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.5% (Continued)
II-VI, Inc. ^(a)		3,780	$	178,794
Insight Enterprises, Inc. ^(a)		2,820		152,534
Itron, Inc. ^(a)		3,150		202,230
KEMET Corp. ^(a)		3,210		59,545
Methode Electronics, Inc.		2,500		90,500
MTS Systems Corp.		1,320		72,270
OSI Systems, Inc. ^(a)		1,360		103,782
Plexus Corp. ^(a)		2,470		144,520
Rogers Corp. ^(a)		1,610		237,185
Sanmina Corp. ^(a)		5,140		141,864
ScanSource, Inc. ^(a)		2,400		95,760
TTM Technologies, Inc. ^(a)		7,390		117,575
				2,680,842
ENERGY EQUIPMENT & SERVICES - 2.9%
Archrock, Inc.		10,760		131,272
C&J Energy Services, Inc. ^(a)		3,940		81,952
Era Group, Inc. ^(a)		5,770		71,260
Exterran Corp. ^(a)		2,910		77,202
Helix Energy Solutions Group, Inc. ^(a)		18,730		185,052
Newpark Resources, Inc. ^(a)		16,660		172,431
Noble Corp. plc ^(a)		28,070		197,332
Oil States International, Inc. ^(a)		4,250		141,100
Pioneer Energy Services Corp. ^(a)		36,020		106,259
ProPetro Holding Corp. ^(a)		10,860		179,081
SEACOR Holdings, Inc. ^(a)		1,250		61,762
TETRA Technologies, Inc. ^(a)		11,700		52,767
U.S. Silica Holdings, Inc.		6,050		113,922
Unit Corp. ^(a)		4,730		123,264
				1,694,656
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 5.2%
Acadia Realty Trust		5,320		149,120
Agree Realty Corp.		1,980		105,178
American Assets Trust, Inc.		3,790		141,329
Armada Hoffler Properties, Inc.		8,590		129,795
CareTrust REIT, Inc.		5,220		92,446
CBL & Associates Properties, Inc.		19,450		77,605

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.8% (Continued)	Shares		Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 5.2% (Continued)
Chesapeake Lodging Trust		3,710	$	118,980
DiamondRock Hospitality Co.		14,040		163,847
EastGroup Properties, Inc.		2,720		260,086
Four Corners Property Trust, Inc.		4,110		105,586
Franklin Street Properties Corp.		7,520		60,085
Government Properties Income Trust		6,310		71,240
Hersha Hospitality Trust		2,630		59,622
Independence Realty Trust, Inc.		16,080		169,322
Kite Realty Group Trust		5,340		88,911
Lexington Realty Trust		19,510		161,933
LTC Properties, Inc.		2,270		100,130
National Storage Affiliates Trust		4,190		106,594
Pennsylvania Real Estate Investment Trust		8,260		78,140
PS Business Parks, Inc.		1,590		202,073
Retail Opportunity Investments Corp.		7,190		134,237
Saul Centers, Inc.		1,440		80,640
Summit Hotel Properties, Inc.		9,270		125,423
Universal Health Realty Income Trust		1,650		122,776
Washington Prime Group, Inc.		23,940		174,762
				3,079,860
FOOD & STAPLES RETAILING - 0.4%
Andersons, Inc. (The)		1,860		70,029
SpartanNash Co.		2,920		58,575
Supervalu, Inc. ^(a)		2,687		86,575
				215,179
FOOD PRODUCTS - 1.4%
B&G Foods, Inc.		4,680		128,466
Calavo Growers, Inc.		1,050		101,430
Cal-Maine Foods, Inc.		3,150		152,145
Darling Ingredients, Inc. ^(a)		11,730		226,624
J & J Snack Foods Corp.		1,600		241,424
				850,089
GAS UTILITIES - 1.5%
Northwest Natural Gas Co.		3,330		222,777
South Jersey Industries, Inc.		8,910		314,256
Spire, Inc.		4,780		351,569
				888,602

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.8% (Continued)	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - 3.0%
AngioDynamics, Inc. ^(a)		3,020	$	65,655
Anika Therapeutics, Inc. ^(a)		1,450		61,161
CryoLife, Inc. ^(a)		3,830		134,816
Heska Corp. ^(a)		480		54,389
Integer Holdings Corp. ^(a)		2,180		180,831
Invacare Corp.		3,570		51,944
Lantheus Holdings, Inc. ^(a)		3,780		56,511
LeMaitre Vascular, Inc.		1,550		60,047
Meridian Bioscience, Inc.		4,390		65,411
Merit Medical Systems, Inc. ^(a)		4,100		251,945
Neogen Corp. ^(a)		3,973		284,189
OraSure Technologies, Inc. ^(a)		6,510		100,579
Orthofix Medical, Inc. ^(a)		2,050		118,510
Tactile Systems Technology, Inc. ^(a)		2,490		176,914
Varex Imaging Corp. ^(a)		4,550		130,403
				1,793,305
HEALTH CARE PROVIDERS & SERVICES - 3.2%
Amedisys, Inc. ^(a)		2,810		351,138
AMN Healthcare Services, Inc. ^(a)		3,380		184,886
BioTelemetry, Inc. ^(a)		2,040		131,478
CorVel Corp. ^(a)		1,030		62,057
Cross Country Healthcare, Inc. ^(a)		13,360		116,633
Ensign Group, Inc. (The)		3,400		128,928
LHC Group, Inc. ^(a)		2,820		290,432
Magellan Health, Inc. ^(a)		1,600		115,280
Owens & Minor, Inc.		3,670		60,628
Providence Service Corp. (The) ^(a)		1,220		82,082
Select Medical Holdings Corp. ^(a)		11,670		214,728
Tivity Health, Inc. ^(a)		2,400		77,160
U.S. Physical Therapy, Inc.		850		100,810
				1,916,240
HEALTH CARE SERVICES - 0.2%
Diplomat Pharmacy, Inc. ^(a)		7,240		140,528

HEALTH CARE TECHNOLOGY - 1.0%
HealthStream, Inc.		2,180		67,602
HMS Holdings Corp. ^(a)		5,890		193,251
NextGen Healthcare, Inc. ^(a)		4,120		82,730

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.8% (Continued)	Shares		Value
HEALTH CARE TECHNOLOGY - 1.0% (Continued)
Omnicell, Inc. ^(a)		2,840	$	204,196
Tabula Rasa HealthCare, Inc. ^(a)		860		69,823
				617,602
HOTELS, RESTAURANTS & LEISURE - 2.1%
Belmond Ltd. - Class A ^(a)		6,450		117,712
Chuy's Holdings, Inc. ^(a)		2,270		59,588
Dave & Buster's Entertainment, Inc.		3,440		227,797
Dine Brands Global, Inc.		1,870		152,050
Fiesta Restaurant Group, Inc. ^(a)		3,740		100,045
Marcus Corp. (The)		1,880		79,054
Red Robin Gourmet Burgers, Inc. ^(a)		1,120		44,968
Shake Shack, Inc. - Class A ^(a)		1,400		88,214
Sonic Corp.		3,820		165,559
Wingstop, Inc.		3,190		217,781
				1,252,768
HOUSEHOLD DURABLES - 2.1%
Cavco Industries, Inc. ^(a)		790		199,870
Ethan Allen Interiors, Inc.		2,030		42,123
Installed Building Products, Inc. ^(a)		2,400		93,600
iRobot Corp. ^(a)		1,930		212,146
La-Z-Boy, Inc.		3,670		115,972
LGI Homes, Inc. ^(a)		1,640		77,802
M.D.C. Holdings, Inc.		3,402		100,631
M/I Homes, Inc. ^(a)		1,900		45,467
Meritage Homes Corp. ^(a)		2,680		106,932
TopBuild Corp. ^(a)		2,710		153,982
Universal Electronics, Inc. ^(a)		1,350		53,122
William Lyon Homes - Class A ^(a)		2,360		37,500
				1,239,147
HOUSEHOLD PRODUCTS - 0.7%
Central Garden & Pet Co. - Class A ^(a)		3,330		110,356
WD-40 Co.		1,710		294,291
				404,647
INDUSTRIAL CONGLOMERATES - 0.3%
Raven Industries, Inc.		3,260		149,145

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.8% (Continued)	Shares		Value
INSURANCE - 3.5%
Ambac Financial Group, Inc. ^(a)		2,860	$	58,401
American Equity Investment Life Holding Co.		6,800		240,448
AMERISAFE, Inc.		1,540		95,403
eHealth, Inc. ^(a)		3,080		87,041
Employers Holdings, Inc.		2,590		117,327
Horace Mann Educators Corp.		3,080		138,292
Maiden Holdings Ltd.		21,500		61,275
Navigators Group, Inc. (The)		2,540		175,514
ProAssurance Corp.		5,150		241,793
RLI Corp.		2,580		202,736
Safety Insurance Group, Inc.		1,790		160,384
Selective Insurance Group, Inc.		3,910		248,285
Stewart Information Services Corp.		1,710		76,967
United Fire Group, Inc.		1,370		69,555
Universal Insurance Holdings, Inc.		2,220		107,781
				2,081,202
INTERNET & DIRECT MARKETING RETAIL - 0.5%
Nutrisystem, Inc.		2,150		79,657
PetMed Express, Inc.		1,670		55,127
Shutterfly, Inc. ^(a)		2,500		164,725
				299,509
INTERNET SOFTWARE & SERVICES - 1.3%
Alarm.com Holdings, Inc. ^(a)		2,120		121,688
LivePerson, Inc. ^(a)		4,880		126,636
Shutterstock, Inc.		2,450		133,721
SPS Commerce, Inc. ^(a)		1,280		127,027
Stamps.com, Inc. ^(a)		1,120		253,344
				762,416
IT SERVICES - 1.7%
Cardtronics plc - Class A ^(a)		3,300		104,412
CSG Systems International, Inc.		2,660		106,772
ExlService Holdings, Inc. ^(a)		2,360		156,232
Perficient, Inc. ^(a)		3,200		85,280
Sykes Enterprises, Inc. ^(a)		3,400		103,666
Travelport Worldwide Ltd.		11,850		199,910

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.8% (Continued)	Shares		Value
IT SERVICES - 1.7% (Continued)
TTEC Holdings, Inc.		1,960	$	50,764
Unisys Corp. ^(a)		2,980		60,792
Virtusa Corp. ^(a)		2,370		127,293
				995,121
LEISURE PRODUCTS - 0.4%
Callaway Golf Co.		8,680		210,837

LIFE SCIENCES TOOLS & SERVICES - 0.5%
Cambrex Corp. ^(a)		2,535		173,394
Luminex Corp.		4,580		138,820
				312,214
MACHINERY - 6.1%
Actuant Corp. - Class A		4,520		126,108
Alamo Group, Inc.		690		63,211
Albany International Corp. - Class A		2,090		166,155
Astec Industries, Inc.		1,530		77,127
Barnes Group, Inc.		3,690		262,101
Briggs & Stratton Corp.		3,210		61,728
Chart Industries, Inc. ^(a)		2,270		177,809
CIRCOR International, Inc.		1,270		60,325
EnPro Industries, Inc.		1,980		144,401
ESCO Technologies, Inc.		1,900		129,295
Federal Signal Corp.		4,870		130,419
Greenbrier Cos., Inc. (The)		2,030		122,003
Harsco Corp. ^(a)		6,320		180,436
Hillenbrand, Inc.		6,140		321,122
John Bean Technologies Corp.		2,085		248,741
Lindsay Corp.		840		84,202
Lydall, Inc. ^(a)		1,350		58,185
Mueller Industries, Inc.		4,570		132,439
Proto Labs, Inc. ^(a)		1,720		278,210
SPX Corp. ^(a)		3,480		115,919
SPX FLOW, Inc. ^(a)		2,860		148,720
Standex International Corp.		1,630		169,927
Tennant Co.		1,310		99,494
Wabash National Corp.		4,440		80,941
Watts Water Technologies, Inc. - Class A		2,220		184,260
				3,623,278

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.8% (Continued)	Shares		Value
MARINE - 0.2%
Matson, Inc.		3,030	$	120,109

MEDIA - 0.7%
EW Scripps Co. - Class A		9,180		151,470
Gannett Co., Inc.		8,110		81,181
New Media Investment Group, Inc.		4,350		68,251
Scholastic Corp.		2,210		103,185
				404,087
METALS & MINING - 0.4%
Materion Corp.		2,680		162,140
Olympic Steel, Inc.		4,480		93,498
				255,638
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.8%
Apollo Commercial Real Estate Finance, Inc.		9,860		186,058
ARMOUR Residential REIT, Inc.		2,460		55,227
Capstead Mortgage Corp.		12,570		99,429
Invesco Mortgage Capital, Inc.		6,430		101,722
Redwood Trust, Inc.		3,620		58,789
				501,225
MULTILINE RETAIL - 0.1%
J. C. Penney Company, Inc. ^(a)		41,920		69,587

MULTI-UTILITIES - 0.5%
Avista Corp.		6,110		308,922

OIL, GAS & CONSUMABLE FUELS - 0.9%
Cloud Peak Energy, Inc. ^(a)		22,230		51,129
Denbury Resources, Inc. ^(a)		33,690		208,878
Green Plains, Inc.		5,970		102,684
HighPoint Resources Corp. ^(a)		9,320		45,481
Penn Virginia Corp. ^(a)		670		53,962
Renewable Energy Group, Inc. ^(a)		2,160		62,208
				524,342
PAPER & FOREST PRODUCTS - 1.1%
Boise Cascade Co.		3,890		143,152
Clearwater Paper Corp. ^(a)		1,870		55,539
KapStone Paper and Packaging Corp.		7,190		243,813

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.8% (Continued)	Shares		Value
PAPER & FOREST PRODUCTS - 1.1% (Continued)
Neenah, Inc.		2,500	$	215,750
				658,254
PERSONAL PRODUCTS - 0.7%
Medifast, Inc.		1,770		392,144

PHARMACEUTICALS - 1.4%
Amphastar Pharmaceuticals, Inc. ^(a)		3,400		65,416
Assertio Therapeutics, Inc. ^(a)		9,790		57,565
Endo International plc ^(a)		15,720		264,567
Innoviva, Inc. ^(a)		9,270		141,275
Medicines Co. (The) ^(a)		4,760		142,372
Supernus Pharmaceuticals, Inc. ^(a)		3,420		172,197
				843,392
PROFESSIONAL SERVICES - 2.4%
ASGN, Inc. ^(a)		3,380		266,783
Exponent, Inc.		4,040		216,544
FTI Consulting, Inc. ^(a)		810		59,284
Insperity, Inc.		2,780		327,901
Kelly Services, Inc. - Class A		2,590		62,238
Korn/Ferry International		4,520		222,565
Navigant Consulting, Inc.		4,350		100,311
TrueBlue, Inc. ^(a)		3,620		94,301
WageWorks, Inc. ^(a)		2,490		106,447
				1,456,374
REAL ESTATE INVESTMENT TRUSTS (REIT) - 0.2%
iStar Financial, Inc.		5,320		59,425
New York Mortgage Trust, Inc.		9,390		57,091
				116,516
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%
HFF, Inc. - Class A		2,570		109,174
RE/MAX Holdings, Inc. - Class A		1,260		55,881
				165,055
ROAD & RAIL - 0.7%
ArcBest Corp.		1,760		85,448
Heartland Express, Inc.		5,750		113,448

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.8% (Continued)	Shares		Value
ROAD & RAIL - 0.7% (Continued)
Marten Transport Ltd.		3,300	$	69,465
Saia, Inc. ^(a)		1,850		141,432
				409,793
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.0%
Advanced Energy Industries, Inc. ^(a)		2,880		148,752
Axcelis Technologies, Inc. ^(a)		3,000		58,950
Brooks Automation, Inc.		5,540		194,066
Cabot Microelectronics Corp.		1,630		168,167
CEVA, Inc. ^(a)		1,740		50,025
Diodes, Inc. ^(a)		2,910		96,874
Ichor Holdings Ltd. ^(a)		2,770		56,563
Kulicke & Soffa Industries, Inc.		5,390		128,498
MaxLinear, Inc. ^(a)		3,800		75,544
Nanometrics, Inc. ^(a)		2,070		77,666
Power Integrations, Inc.		1,970		124,504
Rambus, Inc. ^(a)		7,285		79,479
Rudolph Technologies, Inc. ^(a)		2,700		66,015
Semtech Corp. ^(a)		4,710		261,876
SolarEdge Technologies, Inc. ^(a)		3,170		119,351
Xperi Corp.		3,380		50,193
				1,756,523
SOFTWARE – 2.1%
8x8, Inc. ^(a)		6,310		134,087
Agilysys, Inc. ^(a)		6,190		100,897
Bottomline Technologies (de), Inc. ^(a)		3,210		233,399
Ebix, Inc.		1,900		150,385
MicroStrategy, Inc. - Class A ^(a)		680		95,622
Monotype Imaging Holdings, Inc.		3,610		72,922
Progress Software Corp.		3,880		136,925
Qualys, Inc. ^(a)		2,220		197,802
TiVo Corp.		8,170		101,716
				1,223,755
SPECIALTY RETAIL - 4.1%
Abercrombie & Fitch Co. - Class A		5,900		124,608
Asbury Automotive Group, Inc. ^(a)		1,760		121,000
Ascena Retail Group, Inc. ^(a)		24,820		113,427
Caleres, Inc.		3,100		111,166

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.8% (Continued)	Shares		Value
SPECIALTY RETAIL - 4.1% (Continued)
Chico's FAS, Inc.		9,750	$	84,533
Children's Place, Inc. (The)		1,390		177,642
DSW, Inc. - Class A		2,890		97,913
Express, Inc. ^(a)		6,430		71,116
GameStop Corp. - Class A		4,120		62,912
Genesco, Inc. ^(a)		1,570		73,947
Group 1 Automotive, Inc.		1,380		89,562
Guess?, Inc.		9,260		209,276
Hibbett Sports, Inc. ^(a)		3,770		70,876
Lithia Motors, Inc. - Class A		1,650		134,739
Lumber Liquidators Holdings, Inc. ^(a)		2,930		45,386
MarineMax, Inc. ^(a)		2,510		53,338
Monro, Inc.		2,320		161,472
Office Depot, Inc.		40,730		130,743
RH ^(a)		1,400		183,414
Sleep Number Corp. ^(a)		3,400		125,052
Tailored Brands, Inc.		5,280		133,003
Vitamin Shoppe, Inc. ^(a)		8,290		82,900
				2,458,025
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.7%
3D Systems Corp. ^(a)		8,770		165,753
Cray, Inc. ^(a)		3,130		67,295
Electronics For Imaging, Inc. ^(a)		3,390		115,531
NIC, Inc.		4,840		71,632
				420,211
TEXTILES, APPAREL & LUXURY GOODS - 2.1%
Crocs, Inc. ^(a)		6,870		146,262
Fossil Group, Inc. ^(a)		2,270		52,846
G-III Apparel Group Ltd. ^(a)		5,110		246,251
Movado Group, Inc.		1,630		68,297
Oxford Industries, Inc.		1,855		167,321
Steven Madden Ltd.		5,170		273,493
Wolverine World Wide, Inc.		7,210		281,550
				1,236,020
THRIFTS & MORTGAGE FINANCE - 1.3%
Axos Financial, Inc. ^(a)		3,910		134,465
Dime Community Bancshares, Inc.		540		9,639

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.8% (Continued)	Shares		Value
THRIFTS & MORTGAGE FINANCE - 1.3% (Continued)
HomeStreet, Inc. ^(a)		2,050	$	54,325
Meta Financial Group, Inc.		800		66,120
NMI Holdings, Inc. - Class A ^(a)		2,990		67,724
Northwest Bancshares, Inc.		7,750		134,230
Provident Financial Services, Inc.		4,170		102,373
TrustCo Bank Corp.		11,340		96,390
Walker & Dunlop, Inc.		2,200		116,336
				781,602
TRADING COMPANIES & DISTRIBUTORS - 0.6%
Applied Industrial Technologies, Inc.		2,920		228,490
DXP Enterprises, Inc. ^(a)		1,540		61,708
Veritiv Corp. ^(a)		2,140		77,896
				368,094
WATER UTILITIES - 0.7%
American States Water Co.		3,640		222,550
California Water Service Group		4,300		184,470
				407,020

TOTAL COMMON STOCKS (COST $49,235,342)			$	58,817,038

CORPORATE NOTES - 0.8%	Coupon			Maturity		Principal Amount		Fair Value
COMMUNITY DEVELOPMENT - 0.8%
Calvert Social Investment Foundation, Inc. ^(b)		1.500	%		06/15/20	$	175,000	$	171,056
Calvert Social Investment Foundation, Inc. ^(b)		3.000	%		06/15/23		330,000		328,065
TOTAL CORPORATE NOTES (COST $505,000)								$	499,121

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

TOTAL INVESTMENTS - (COST $49,740,342) - 99.6%	$	59,316,159

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%		251,873

NET ASSETS - 100.0%	$	59,568,032

^(a)	Non-income producing security.
^(b)	Restricted and illiquid securities not registered under the Securities Act of 1933 are as follows:

	Acquisition		Current		Fair		% of Net
	Date		Cost		Value		Assets

Calvert Social Investment Foundation, Inc. 1.50%, 06/15/20		06/15/17	$	175,000	$	171,056		0.3	%

Calvert Social Investment Foundation, Inc. 3.00%, 06/15/23		06/15/18		330,000		328,065		0.5	%
			$	505,000	$	499,121		0.8	%

plc - Public Liability Company

REIT - Real Estate Investment Trust

See accompanying notes to Schedules of Investments.

Schedule of Portfolio Investments

Praxis Genesis Conservative Portfolio

September 30, 2018 (Unaudited)

MUTUAL FUNDS - 100.0%	Shares		Value
DEBT FUND - 69.6%
Praxis Impact Bond Fund - Class I		1,643,797	$	16,437,972

EQUITY FUND - 30.4%
Praxis Growth Index Fund - Class I		81,929		2,224,359
Praxis International Index Fund - Class I		192,586		2,185,845
Praxis Small Cap Index Fund - Class I		53,572		576,970
Praxis Value Index Fund - Class I		152,312		2,184,150
				7,171,324

TOTAL MUTUAL FUNDS (COST $21,340,769)			$	23,609,296

TOTAL INVESTMENTS - (COST $21,340,769 ) - 100.0%			$	23,609,296

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0% ^(a)				2,251

NET ASSETS - 100.0%			$	23,611,547

^(a)

Percentage rounds to less than 0.1%.

See accompanying notes to Schedules of Investments.

Schedule of Portfolio Investments

Praxis Genesis Balanced Portfolio

September 30, 2018 (Unaudited)

MUTUAL FUNDS - 100.0%	Shares		Value
DEBT FUND - 39.6%
Praxis Impact Bond Fund - Class I		3,000,944	$	30,009,444

EQUITY FUND - 60.4%
Praxis Growth Index Fund - Class I		452,408		12,282,880
Praxis International Index Fund - Class I		1,233,379		13,998,857
Praxis Small Index Cap Fund - Class I		685,103		7,378,564
Praxis Value Index Fund - Class I		841,137		12,061,901
				45,722,202

TOTAL MUTUAL FUNDS (COST $60,298,203)			$	75,731,646

TOTAL INVESTMENTS - (COST $60,298,203) - 100.0%			$	75,731,646

LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0%) ^(a)				(24,042	)

NET ASSETS - 100.0%			$	75,707,604

^(a)	Percentage rounds to greater than (0.1%).

See accompanying notes to Schedules of Investments.

Schedule of Portfolio Investments

Praxis Genesis Growth Portfolio

September 30, 2018 (Unaudited)

MUTUAL FUNDS - 100.0%	Shares		Value
DEBT FUND - 19.8%
Praxis Impact Bond Fund - Class I		1,335,387	$	13,353,873

EQUITY FUND - 80.2%
Praxis Growth Index Fund - Class I		516,140		14,013,210
Praxis International Index Fund - Class I		1,461,549		16,588,583
Praxis Small Index Cap Fund - Class I		914,555		9,849,754
Praxis Value Index Fund - Class I		959,596		13,760,601
				54,212,148

TOTAL MUTUAL FUNDS (COST $49,454,880)			$	67,566,021

TOTAL INVESTMENTS - (COST $49,454,880) - 100.0%			$	67,566,021

LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0%) ^(a)				(15,610	)

NET ASSETS - 100.0%			$	67,550,411

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

See accompanying notes to Schedules of Investments.

Praxis Mutual Funds

Notes to schedule of portfolio investments

September 30, 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 September 30, 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 September 30, 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 Impact Bond Fund which has a maximum sales charge of 3.75 percent.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with 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.

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 aggregate value by input level, as of September 30, 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	$	-	$	10,612,500	$	-	$	10,612,500
Commercial Mortgage Backed Securities		-		2,966,178		-		2,966,178
Municipal Bonds		-		10,753,708		-		10,753,708
Corporate Bonds		-		197,810,946		-		197,810,946
Corporate Notes		-		5,355,070		-		5,355,070
Foreign Governments		-		51,749,808		-		51,749,808
U.S. Government Agencies		-		233,349,194		-		233,349,194
Investment Companies		3,504,493		-		-		3,504,493
Total Investments	$	3,504,493	$	512,597,404	$	-	$	516,101,897

Praxis International Index Fund

Investments at Value	Level 1		Level 2		Level 3		Total
Common Stocks	$	277,550,953	$	-	$	-	$	277,550,953
Preferred Stocks		676,050		-		-		676,050
Corporate Notes		-		2,448,227		-		2,448,227
Total Investments	$	278,227,003	$	2,448,227	$	-	$	280,675,230

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	$	195,613,369	$	-	$	-	$	195,613,369
Corporate Notes		-		1,697,734		-		1,697,734
Total Investments	$	195,613,369	$	1,697,734	$	-	$	197,311,103

Praxis Growth Index Fund

Investments at Value	Level 1		Level 2		Level 3		Total
Common Stocks	$	286,291,290	$	-	$	-	$	286,291,290
Corporate Notes		-		2,327,496		-		2,327,496
Total Investments	$	286,291,290	$	2,327,496	$	-	$	288,618,786

Praxis Small Cap Index Fund

Investments at Value	Level 1		Level 2		Level 3		Total
Common Stocks	$	58,817,038	$	-	$	-	$	58,817,038
Corporate Notes		-		499,121		-		499,121
Total Investments	$	58,817,038	$	499,121	$	-	$	59,316,159

Praxis Genesis Conservative Portfolio

Investments at Value	Level 1		Level 2		Level 3		Total
Mutual Funds	$	23,609,296	$	-	$	-	$	23,609,296
Total Investments	$	23,609,296	$	-	$	-	$	23,609,296

Praxis Genesis Balanced Portfolio

Investments at Value	Level 1		Level 2		Level 3		Total
Mutual Funds	$	75,731,646	$	-	$	-	$	75,731,646
Total Investments	$	75,731,646	$	-	$	-	$	75,731,646

Praxis Genesis Growth Portfolio

Investments at Value	Level 1		Level 2		Level 3		Total
Mutual Funds	$	67,566,021	$	-	$	-	$	67,566,021
Total Investments	$	67,566,021	$	-	$	-	$	67,566,021

Refer to each Fund’s Schedule of Portfolio Investments for a listing of common stocks, if applicable, by industry type. The Funds and Portfolios did not have any derivative instruments or assets and liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of September 30, 2018.

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.

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 September 30, 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	$	525,413,290		$	224,168,130		$	151,602,651		$	145,252,399		$	49,802,524

Gross unrealized appreciation	$	3,684,376		$	69,903,483		$	51,346,837		$	145,355,543		$	13,011,366
Gross unrealized depreciation		(12,995,769	)		(13,396,383	)		(5,638,385	)		(1,989,156	)		(3,497,731	)
					-
Net unrealized appreciation (depreciation)	$	(9,311,393	)	$	56,507,100		$	45,708,452		$	143,366,387		$	9,513,635

	Praxis Genesis Consevative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio

Cost of portfolio investments	$	21,583,016		$	60,810,702		$	50,078,459

Gross unrealized appreciation	$	2,743,028		$	16,199,377		$	18,255,142
Gross unrealized depreciation		(716,748	)		(1,278,433	)		(767,580	)

Net unrealized appreciation	$	2,026,280		$	14,920,944		$	17,487,562

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

Praxis Mutual Funds

Notes to schedule of portfolio investments

4. Subsequent Events

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

Item 2. Controls and Procedures.

(a)

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

(b)

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

Item 3. Exhibits.

(a)

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

SIGNATURES

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

(Registrant)	Praxis Mutual Funds

By (Signature and Title)	/s/ *Trent Statczar*
	Trent Statczar, Treasurer

Date:	November 27, 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/ *Trent Statczar*
	Trent Statczar, Treasurer

Date:	November 27, 2018

By (Signature and Title)	/s/ *Chad Horning*
	Chad Horning, President

Date:	November 27, 2018

Dates Referenced Herein

This ‘N-Q’ Filing	Date	Other Filings

Filed on / Effective on:	11/27/18	None on these Dates
For Period End:	9/30/18
	12/1/93
	9/27/93
		List all Filings

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Praxis Mutual Funds – ‘N-Q’ for 9/30/18

On: Tuesday, 11/27/18, at 2:56pm ET · Effective: 11/27/18 · For: 9/30/18 · Accession #: 1398344-18-17019 · File #: 811-08056

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