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Praxis Mutual Funds – ‘N-Q’ for 9/30/17

On:  Wednesday, 11/22/17, at 9:40am ET   ·   Effective:  11/22/17   ·   For:  9/30/17   ·   Accession #:  1398344-17-15016   ·   File #:  811-08056

Previous ‘N-Q’:  ‘N-Q’ on 5/26/17 for 3/31/17   ·   Next:  ‘N-Q’ on 5/24/18 for 3/31/18   ·   Latest:  ‘N-Q’ on 11/27/18 for 9/30/18

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

11/22/17  Praxis Mutual Funds               N-Q         9/30/17    2:4.9M                                   FilePoint/FAPraxis Genesis Balanced Portfolio Praxis Genesis Balanced Portfolio Class A (MBAPX)Praxis Genesis Conservative Portfolio Praxis Genesis Conservative Portfolio Class A (MCONX)Praxis Genesis Growth Portfolio Praxis Genesis Growth Portfolio Class A (MGAFX)Praxis Growth Index Fund Praxis Growth Index Fund Class A (MGNDX) — Praxis Growth Index Fund Class I (MMDEX)Praxis Impact Bond Fund Praxis Impact Bond Fund Class A (MIIAX) — Praxis Impact Bond Fund Class I (MIIIX)Praxis International Index Fund Praxis International Index Fund Class A (MPLAX) — Praxis International Index Fund Class I (MPLIX)Praxis Small Cap Index Fund Praxis Small Cap Index Fund Class A (MMSCX) — Praxis Small Cap Index Fund Class I (MMSIX)Praxis Value Index Fund Praxis Value Index Fund Class A (MVIAX) — Praxis Value Index Fund Class I (MVIIX)

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

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Quarterly Schedule of Portfolio Holdings of a       HTML   1.57M 
                          Management Investment Company                          
 2: EX-99.CERT  Miscellaneous Exhibit                               HTML     21K 


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


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



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, DC 20549
 
FORM N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-8056
 
Praxis Mutual Funds
 
(Exact name of registrant as specified in charter)
1110 N. Main Street
Goshen, IN 46527

(Address of principal executive offices) (Zip Code)

Anthony Zacharski
Dechert LLP
200 Clarendon Street, 27th Floor
Boston, MA 02116

 (Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: September 30, 2017

Item 1. Schedules of Investments.
 
File the schedules as of the close of the reporting period as set forth in §§ 210.12-12 - 12-14 of Regulation S-X [17 CFR §§ 210.12-12 — 12-14]. The schedules need not be audited.
 
Schedule of Portfolio Investments
Praxis Impact Bond Fund
September 30, 2017 (Unaudited)
 
ASSET BACKED SECURITIES - 3.1%
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
Ally Auto Receivables Trust
   
1.490%
 
11/15/19
 
$
1,108,512
   
$
1,108,552
 
Bank of the West Auto Trust (a)
   
1.650%
 
03/16/20
   
2,500,000
     
2,500,818
 
Cal Funding II Ltd. (a)
   
3.620%
 
06/25/42
   
731,250
     
734,429
 
CarMax Auto Owner Trust
   
1.320%
 
07/15/19
   
1,033,780
     
1,033,425
 
CarMax Auto Owner Trust
   
1.380%
 
11/15/19
   
337,624
     
337,520
 
CLI Funding LLC
   
2.830%
 
03/18/28
   
534,000
     
528,841
 
Cronos Containers Program I Ltd.
   
3.270%
 
11/18/29
   
685,185
     
684,138
 
Fairway Outdoor Funding LLC
   
4.212%
 
10/15/19
   
430,120
     
436,727
 
Global SC Finance II SRL (b)
   
2.980%
 
04/17/28
   
642,083
     
636,627
 
Hyundai Auto Receivables Trust
   
1.320%
 
08/15/19
   
1,196,981
     
1,196,845
 
SBA Tower Trust
   
2.898%
 
10/15/19
   
525,000
     
528,250
 
SolarCity LMC Series I LLC (b) (c)
   
4.800%
 
12/21/26
   
659,699
     
654,191
 
SolarCity LMC Series IV LLC (b) (c)
   
4.180%
 
08/21/45
   
233,699
     
218,649
 
Spruce ABS Trust
   
4.320%
 
06/15/28
   
481,843
     
475,019
 
TCF Auto Receivables Owner Trust
   
2.330%
 
05/15/20
   
2,000,000
     
2,005,701
 
Textainer Marine Containers Ltd.
   
3.720%
 
05/20/42
   
720,825
     
729,598
 
Toyota Auto Receivables Owner Trust
   
1.270%
 
05/15/19
   
556,062
     
555,756
 
Toyota Motor Credit Corp.
   
1.300%
 
04/15/20
   
1,000,000
     
997,769
 
Verizon Owner Trust (b)
   
1.420%
 
01/20/21
   
200,000
     
199,066
 
TOTAL ASSET BACKED SECURITIES (COST $15,588,045)
   
$
15,561,921
 
 
COMMERCIAL MORTGAGE BACKED SECURITIES - 0.6%
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
Commercial Mortgage Pass Through Certificates
   
3.391%
 
05/15/45
 
$
946,721
   
$
981,088
 
Commercial Mortgage Pass Through Certificates
   
2.853%
 
10/15/45
   
1,000,000
     
1,009,838
 
OBP Depositor LLC Trust (b)
   
4.646%
 
07/15/45
   
1,040,000
     
1,098,348
 
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (COST $3,119,049)
   
$
3,089,274
 


Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
MUNICIPAL BONDS - 2.3%
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects
   
7.334%
 
02/15/28
 
$
1,000,000
   
$
1,281,330
 
Bridgeport Connecticut Housing Authority
   
1.850%
 
12/15/18
   
110,000
     
110,521
 
Cincinnati, Ohio Water System Rev.
   
6.458%
 
12/01/34
   
600,000
     
658,116
 
Columbus Multi-High School Building Corp.
   
6.446%
 
01/15/30
   
1,000,000
     
1,042,380
 
Findlay City School District
   
6.250%
 
12/01/37
   
270,000
     
274,790
 
Houston Independent School District
   
6.168%
 
02/15/34
   
1,000,000
     
1,056,530
 
Indianapolis Public School Multi-School Building
   
5.731%
 
07/15/29
   
1,500,000
     
1,587,195
 
LL&P Wind Energy, Inc., Washington
   
5.733%
 
12/01/17
   
230,000
     
230,099
 
Massachusetts St.
   
3.277%
 
06/01/46
   
1,500,000
     
1,436,445
 
New Jersey St. Housing and Mortgage Finance
   
2.600%
 
07/01/23
   
320,000
     
324,461
 
Osceola County Housing Finance Authority Rev.
   
3.350%
 
07/01/23
   
230,000
     
236,233
 
St. of Hawaii, Department of Business Economic Development & Tourism
   
1.467%
 
07/01/22
   
530,031
     
526,098
 
St. Paul Housing & Redevelopment Authority Rev.
   
2.993%
 
07/01/21
   
1,250,000
     
1,262,988
 
Warm Springs Reservation Confederated Tribe
   
8.250%
 
11/01/19
   
895,000
     
952,361
 
Wisconsin Department of Transportation
   
5.837%
 
07/01/30
   
800,000
     
844,616
 
TOTAL MUNICIPAL BONDS (COST $11,547,709)
   
$
11,824,163
 

CORPORATE BONDS - 35.5%
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
AIRLINES - 0.5%
               
British Airways, Series 2013-1
   
4.625%
 
06/20/24
 
$
672,244
   
$
720,915
 
Delta Air Lines, Inc.
   
4.950%
 
05/23/19
   
747,535
     
771,756
 
Delta Air Lines, Inc.
   
2.875%
 
03/13/20
   
435,000
     
439,892
 
Southwest Airlines Co.
   
2.650%
 
11/05/20
   
680,000
     
689,088
 
                       
2,621,651
 


Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
CORPORATE BONDS - 35.5% (Continued)
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
BANKS - 2.9%
               
Axis Bank/Dubai (b)
   
2.875%
 
06/01/21
 
$
500,000
   
$
499,051
 
Bank of America Corp.
   
5.650%
 
05/01/18
   
1,250,000
     
1,278,541
 
Bank of America Corp.
   
1.950%
 
05/12/18
   
1,000,000
     
1,001,427
 
Bank of America Corp.
   
2.151%
 
11/09/20
   
1,000,000
     
997,128
 
Bank of America Corp.
   
3.300%
 
01/11/23
   
500,000
     
512,226
 
Citigroup, Inc.
   
2.400%
 
02/18/20
   
1,250,000
     
1,259,313
 
Commonwealth Bank of Australia
   
2.250%
 
03/10/20
   
1,500,000
     
1,507,489
 
Discover Bank/Greenwood DE
   
3.100%
 
06/04/20
   
1,000,000
     
1,023,360
 
JPMorgan Chase & Co.
   
2.250%
 
01/23/20
   
1,500,000
     
1,508,075
 
JPMorgan Chase & Co.
   
4.625%
 
05/10/21
   
500,000
     
539,911
 
Manufacturers & Traders Trust Co.
   
2.100%
 
02/06/20
   
500,000
     
500,492
 
Mitsubishi UFJ Financial Group
   
2.527%
 
09/13/23
   
1,250,000
     
1,230,217
 
Sumitomo Mitsui Banking Corp.
   
2.450%
 
10/20/20
   
1,250,000
     
1,253,075
 
Toronto-Dominion Bank
   
1.850%
 
09/11/20
   
1,575,000
     
1,568,803
 
                       
14,679,108
 
BIOTECHNOLOGY - 0.8%
                   
Amgen, Inc.
   
5.700%
 
02/01/19
   
1,000,000
     
1,050,407
 
Biogen, Inc.
   
2.900%
 
09/15/20
   
1,000,000
     
1,024,526
 
Celgene Corp.
   
2.875%
 
08/15/20
   
1,250,000
     
1,275,941
 
Gilead Sciences, Inc.
   
3.650%
 
03/01/26
   
500,000
     
521,679
 
                       
3,872,553
 
BUILDING PRODUCTS - 0.2%
                   
Masco Corp.
   
3.500%
 
04/01/21
   
250,000
     
256,718
 
Owens Corning
   
4.200%
 
12/01/24
   
750,000
     
789,942
 
                       
1,046,660
 
CAPITAL MARKETS - 1.9%
                   
Bank of New York Mellon Corp. (The), Perpetual Bond (a)
   
4.950%
 
12/29/49
   
1,000,000
     
1,038,125
 
Goldman Sachs Group, Inc.
   
6.000%
 
06/15/20
   
1,200,000
     
1,317,099
 
Goldman Sachs Group, Inc.
   
3.500%
 
01/23/25
   
1,000,000
     
1,014,550
 
ING Bank N.V.
   
2.000%
 
11/26/18
   
1,515,000
     
1,515,828
 
Jefferies Group LLC
   
8.500%
 
07/15/19
   
900,000
     
995,397
 
Morgan Stanley
   
2.200%
 
12/07/18
   
910,000
     
913,701
 
Morgan Stanley
   
5.625%
 
09/23/19
   
1,500,000
     
1,602,157
 
State Street Corp.
   
7.350%
 
06/15/26
   
1,000,000
     
1,293,903
 
                       
9,690,760
 


Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
CORPORATE BONDS - 35.5% (Continued)
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
CHEMICALS - 1.1%
               
Avery Dennison Corp.
   
5.375%
 
04/15/20
 
$
1,250,000
   
$
1,331,200
 
Ecolab, Inc.
   
5.500%
 
12/08/41
   
1,100,000
     
1,353,358
 
NOVA Chemicals Corp. (b)
   
5.250%
 
08/01/23
   
500,000
     
515,000
 
Potash Corp. of Saskatchewan, Inc.
   
5.875%
 
12/01/36
   
840,000
     
993,184
 
Solvay Finance America LLC
   
3.400%
 
12/03/20
   
1,250,000
     
1,289,994
 
                       
5,482,736
 
COMMERCIAL SERVICES & SUPPLIES - 0.2%
                   
Steelcase, Inc.
   
6.375%
 
02/15/21
   
750,000
     
828,267
 
                           
COMMUNICATIONS EQUIPMENT - 0.1%
                   
Juniper Networks, Inc.
   
3.300%
 
06/15/20
   
500,000
     
512,589
 
                           
CONSTRUCTION MATERIALS - 0.2%
                   
Martin Marietta Materials, Inc.
   
6.600%
 
04/15/18
   
1,000,000
     
1,025,586
 
                           
CONSUMER FINANCE - 0.9%
                   
American Express Credit Corp.
   
2.600%
 
09/14/20
   
1,000,000
     
1,015,221
 
Ford Motor Credit Co. LLC
   
3.157%
 
08/04/20
   
1,000,000
     
1,020,391
 
GE Capital International Funding Co. (b)
   
4.418%
 
11/15/35
   
1,250,000
     
1,359,247
 
Hyundai Capital Services, Inc. (b)
   
2.875%
 
03/16/21
   
1,250,000
     
1,246,447
 
                       
4,641,306
 
CONSUMER SERVICES - 0.3%
                   
Local Initiatives Support Corp.
   
4.649%
 
03/01/37
   
1,500,000
     
 1,526,103
 
                           
CONTAINERS & PACKAGING - 0.3%
                   
Newell Rubbermaid, Inc.
   
3.850%
 
04/01/23
   
185,000
     
194,361
 
Sonoco Products Co.
   
5.750%
 
11/01/40
   
1,000,000
     
1,188,839
 
                       
1,383,200
 

Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
CORPORATE BONDS - 35.5% (Continued)
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
DIVERSIFIED FINANCIAL SERVICES - 1.6%
               
AerCap Ireland Capital Ltd.
   
5.000%
 
10/01/21
 
$
1,000,000
   
$
1,079,041
 
Brookfield Finance, Inc.
   
4.250%
 
06/02/26
   
1,000,000
     
1,031,765
 
GATX Corp.
   
2.600%
 
03/30/20
   
897,000
     
905,191
 
Genpact Luxembourg S. a. r.l. (b)
   
3.700%
 
04/01/22
   
1,100,000
     
1,112,714
 
Moody's Corp.
   
5.500%
 
09/01/20
   
1,000,000
     
1,092,078
 
MSCI, Inc. (b)
   
5.750%
 
08/15/25
   
500,000
     
545,625
 
National Rural Utilities Cooperative Finance Corp.
   
10.375%
 
11/01/18
   
780,000
     
851,876
 
S&P Global, Inc.
   
3.300%
 
08/14/20
   
750,000
     
769,364
 
S&P Global, Inc.
   
4.000%
 
06/15/25
   
500,000
     
525,383
 
                       
7,913,037
 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.8%
                   
AT&T, Inc.
   
2.450%
 
06/30/20
   
500,000
     
503,564
 
AT&T, Inc.
   
5.250%
 
03/01/37
   
500,000
     
526,189
 
AT&T, Inc.
   
4.750%
 
05/15/46
   
1,000,000
     
961,691
 
Frontier Communications Corp.
   
7.125%
 
03/15/19
   
750,000
     
742,500
 
Verizon Communications, Inc.
   
5.500%
 
03/16/47
   
1,250,000
     
1,387,701
 
                       
4,121,645
 
EDUCATION - 0.7%
                   
Graham Holdings Co.
   
7.250%
 
02/01/19
   
575,000
     
610,219
 
Massachusetts Institute of Technology
   
3.959%
 
07/01/38
   
1,500,000
     
1,622,303
 
President & Fellows of Harvard College
   
3.150%
 
07/15/46
   
1,500,000
     
1,446,886
 
                       
3,679,408
 

Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
CORPORATE BONDS - 35.5% (Continued)
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
ELECTRIC UTILITIES - 3.5%
               
Caledonia Generating LLC
   
1.950%
 
02/28/22
 
$
488,692
   
$
484,847
 
Electricite de France S.A. (b)
   
3.625%
 
10/13/25
   
1,250,000
     
1,284,823
 
Florida Power & Light Co.
   
4.050%
 
10/01/44
   
1,300,000
     
1,389,139
 
Georgia Power Co.
   
3.250%
 
04/01/26
   
1,000,000
     
1,004,355
 
ITC Holdings Corp. (b)
   
5.500%
 
01/15/20
   
1,250,000
     
1,337,242
 
MidAmerican Energy Co.
   
3.950%
 
08/01/47
   
1,750,000
     
1,819,559
 
NextEra Energy Capital Holdings, Inc.
   
2.700%
 
09/15/19
   
1,250,000
     
1,264,934
 
NSTAR Electric Co.
   
5.500%
 
03/15/40
   
1,250,000
     
1,561,007
 
Oncor Electric Delivery Co.
   
6.800%
 
09/01/18
   
811,000
     
847,938
 
Pacificorp
   
8.080%
 
10/14/22
   
500,000
     
599,480
 
Pennsylvania Electric Co.
   
5.200%
 
04/01/20
   
500,000
     
530,733
 
Portland General Electric Co.
   
6.100%
 
04/15/19
   
1,100,000
     
1,168,631
 
Potomac Electric Power Co.
   
6.500%
 
11/15/37
   
1,000,000
     
1,353,070
 
San Diego Gas and Electric Co.
   
4.500%
 
08/15/40
   
841,000
     
947,349
 
Southern California Edison
   
4.050%
 
03/15/42
   
1,165,000
     
1,221,518
 
Southern Power Co.
   
4.150%
 
12/01/25
   
1,000,000
   
1,052,058
 
                       
17,866,683
 
ELECTRICAL EQUIPMENT - 0.4%
                   
Legrand
   
8.500%
 
02/15/25
   
1,000,000
     
1,283,323
 
Johnson Controls, Inc.
   
3.750%
 
12/01/21
   
550,000
     
573,387
 
Thomas & Betts Corp.
   
5.625%
 
11/15/21
   
500,000
     
562,245
 
                       
2,418,955
 
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.0% (d)
                   
Arrow Electronics, Inc.
   
3.000%
 
03/01/18
   
165,000
     
165,749
 
                           
FOOD & STAPLES RETAILING - 0.3%
                   
Ahold Finance U.S.A., LLC, Series 2000-1, CV (a)
   
7.820%
 
01/02/20
   
195,889
     
202,299
 
Kroger Co.
   
5.000%
 
04/15/42
   
1,000,000
     
1,003,900
 
Smith's Food & Drug Centers, Inc. Pass Through Trust, Series 1994-A3
   
9.200%
 
07/02/18
   
313,566
     
321,806
 
                       
1,528,005
 


Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
CORPORATE BONDS - 35.5% (Continued)
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
FOOD PRODUCTS - 1.2%
               
Bunge Ltd. Finance Corp.
   
3.500%
 
11/24/20
 
$
250,000
   
$
257,322
 
Cargill, Inc.
   
4.760%
 
11/23/45
   
1,250,000
     
1,452,101
 
ConAgra Foods, Inc.
   
4.950%
 
08/15/20
   
94,000
     
99,352
 
J.M. Smucker Co. (The)
   
3.500%
 
03/15/25
   
1,250,000
     
1,279,173
 
Kraft Foods Group, Inc.
   
5.375%
 
02/10/20
   
1,000,000
     
1,072,642
 
Mead Johnson Nutrition Co.
   
3.000%
 
11/15/20
   
1,000,000
     
1,027,360
 
Wm. Wrigley Jr. Co. (b)
   
3.375%
 
10/21/20
   
680,000
     
701,198
 
                       
5,889,148
 
GAS UTILITIES - 0.7%
                   
Brooklyn Union Gas Co. (b)
   
4.504%
 
03/10/46
   
1,250,000
     
1,365,548
 
Indiana Gas Co., Inc.
   
6.550%
 
06/30/28
   
250,000
     
283,828
 
Laclede Group, Inc.
   
2.550%
 
08/15/19
   
1,250,000
     
1,252,377
 
National Fuel Gas Co.
   
6.500%
 
04/15/18
   
500,000
     
512,322
 
                       
3,414,075
 
HEALTH CARE PROVIDERS & SERVICES - 1.0%
                   
Express Scripts Holding Co.
   
3.300%
 
02/25/21
   
1,000,000
     
1,028,523
 
Howard Hughes Medical Institute
   
3.500%
 
09/01/23
   
1,500,000
     
1,579,245
 
Kaiser Foundation Hospital
   
3.150%
 
05/01/27
   
820,000
     
825,371
 
Laboratory Corp. of America Holdings
   
2.625%
 
02/01/20
   
1,000,000
     
1,010,660
 
McKesson Corp.
   
6.000%
 
03/01/41
   
474,000
     
592,581
 
                       
5,036,380
 
HOME BUILDERS - 0.2%
                   
DR Horton, Inc.
   
3.625%
 
02/15/18
   
750,000
     
751,394
 
                           
HOTELS, RESTAURANTS & LEISURE - 0.5%
                   
Brinker International, Inc.
   
2.600%
 
05/15/18
   
500,000
     
499,375
 
Hyatt Hotels Corp.
   
3.375%
 
07/15/23
   
1,000,000
     
1,027,582
 
Starbucks Corp.
   
2.450%
 
06/15/26
   
1,000,000
     
961,382
 
                       
2,488,339
 


Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
CORPORATE BONDS - 35.5% (Continued)
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.2%
               
FPL Energy American Wind LLC (b)
   
6.639%
 
06/20/23
 
$
475,830
   
$
491,294
 
FPL Energy National Wind LLC (b)
   
5.608%
 
03/10/24
   
258,175
     
258,821
 
Harper Lake Solar Funding Corp. (b)
   
7.645%
 
12/31/18
   
508,794
     
526,602
 
Midland Cogeneration Venture, L.P., CV (b)
   
5.250%
 
03/15/25
   
187,212
     
188,882
 
Midland Cogeneration Venture, L.P., CV (b)
   
6.000%
 
03/15/25
   
476,969
     
495,041
 
NRG Yield Operating LLC
   
5.375%
 
08/15/24
   
500,000
     
525,000
 
Solar Star Funding LLC (b)
   
3.950%
 
06/30/35
   
323,238
     
311,020
 
Solar Star Funding LLC (b)
   
5.375%
 
06/30/35
   
487,619
     
525,272
 
Tenaska Virginia Partners, L.P. (b)
   
6.119%
 
03/30/24
   
863,878
     
943,510
 
Topaz Solar Farms LLC (b)
   
4.875%
 
09/30/39
   
317,110
     
327,886
 
Topaz Solar Farms LLC (b)
   
5.750%
 
09/30/39
   
734,159
     
811,423
 
TransAlta Corp.
   
6.900%
 
05/15/18
   
500,000
     
512,984
 
                       
5,917,735
 
INDUSTRIAL CONGLOMERATES - 0.1%
                   
Ingersoll-Rand Global Holding Co. Ltd.
   
2.875%
 
01/15/19
   
600,000
     
606,838
 
                           
INSURANCE - 3.3%
                   
American International Group, Inc.
   
3.750%
 
07/10/25
   
1,250,000
     
1,290,883
 
Athene Global Funding
   
2.750%
 
04/20/20
   
1,250,000
     
1,259,920
 
Fidelity National Financial, Inc.
   
5.500%
 
09/01/22
   
725,000
     
794,845
 
Horace Mann Educators Corp.
   
4.500%
 
12/01/25
   
1,235,000
     
1,281,495
 
Kemper Corp.
   
4.350%
 
02/15/25
   
1,250,000
     
1,267,159
 
Liberty Mutual Group, Inc. (b)
   
4.950%
 
05/01/22
   
1,050,000
     
1,146,583
 
Markel Corp.
   
3.625%
 
03/30/23
   
400,000
     
411,557
 
Marsh & McLennan Cos., Inc.
   
3.750%
 
03/14/26
   
1,000,000
     
1,043,996
 
OneBeacon US Holdings, Inc.
   
4.600%
 
11/09/22
   
1,000,000
     
1,031,142
 
Provident Cos., Inc.
   
7.000%
 
07/15/18
   
340,000
     
353,104
 
Prudential Financial, Inc. (a)
   
5.875%
 
09/15/42
   
500,000
     
553,750
 
RLI Corp.
   
4.875%
 
09/15/23
   
1,000,000
     
1,061,693
 
Sammons Financial Group (b)
   
4.450%
 
05/12/27
   
800,000
     
822,566
 
StanCorp Financial Group Inc.
   
5.000%
 
08/15/22
   
1,250,000
     
1,348,370
 
TIAA Asset Management Finance Co. LLC (b)
   
2.950%
 
11/01/19
   
1,250,000
     
1,270,796
 
Unum Group
   
3.000%
 
05/15/21
   
700,000
     
709,363
 
W.R. Berkley Corp.
   
6.150%
 
08/15/19
   
710,000
     
760,413
 
W.R. Berkley Corp.
   
4.625%
 
03/15/22
   
250,000
     
269,822
 
                       
16,677,457
 

Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
CORPORATE BONDS - 35.5% (Continued)
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
IT SERVICES - 0.4%
               
Broadridge Financial Solutions, Inc.
   
3.950%
 
09/01/20
 
$
1,000,000
   
$
1,046,897
 
Fiserv, Inc.
   
2.700%
 
06/01/20
   
1,000,000
     
1,011,563
 
                       
2,058,460
 
LIFE SCIENCES TOOLS & SERVICES - 0.3%
                   
Agilent Technologies, Inc.
   
3.875%
 
07/15/23
   
1,250,000
     
1,294,425
 
                           
MACHINERY - 0.8%
                   
Illinois Tool Works, Inc.
   
3.900%
 
09/01/42
   
1,000,000
     
1,024,227
 
Kennametal, Inc.
   
2.650%
 
11/01/19
   
1,000,000
     
1,004,372
 
Pall Corp.
   
5.000%
 
06/15/20
   
1,000,000
     
1,079,313
 
Snap-on, Inc.
   
4.250%
 
01/15/18
   
500,000
     
503,675
 
Valmont Industries, Inc.
   
6.625%
 
04/20/20
   
562,000
     
616,039
 
                       
4,227,626
 
MEDIA - 0.4%
                   
Comcast Corp.
   
4.750%
 
03/01/44
   
500,000
     
558,939
 
Scripps Networks Interactive, Inc.
   
2.800%
 
06/15/20
   
1,000,000
     
1,006,896
 
Time Warner Cable, Inc.
   
4.500%
 
09/15/42
   
500,000
     
473,873
 
                       
2,039,708
 
METALS & MINING - 0.5%
                   
Newcrest Finance Property Ltd. (b)
   
4.450%
 
11/15/21
   
1,000,000
     
1,056,766
 
Nucor Corp.
   
4.125%
 
09/15/22
   
665,000
     
709,871
 
Reliance Steel & Aluminum Co.
   
4.500%
 
04/15/23
   
705,000
     
748,053
 
                       
2,514,690
 
MULTI-LINE RETAIL - 0.1%
                   
Macy's Retail Holdings, Inc.
   
9.500%
 
04/15/21
   
360,000
     
378,404
 
                           
MULTI-UTILITIES - 0.9%
                   
Consumers Energy Co.
   
6.700%
 
09/15/19
   
750,000
     
817,823
 
Niagara Mohawk Power Corp.
   
4.881%
 
08/15/19
   
490,000
     
514,376
 
Puget Energy, Inc.
   
5.625%
 
07/15/22
   
750,000
     
836,875
 
Puget Sound Energy, Inc.
   
6.740%
 
06/15/18
   
1,000,000
     
1,033,216
 
Westar Energy, Inc.
   
2.550%
 
07/01/26
   
1,260,000
     
1,216,660
 
                       
4,418,950
 
OIL, GAS & CONSUMABLE FUELS - 0.4%
                   
ConocoPhillips Holdings Co.
   
6.950%
 
04/15/29
   
1,000,000
     
1,295,799
 
Denbury Resources, Inc.
   
4.625%
 
07/15/23
   
200,000
     
106,000
 
Ras Laffan Liquefied Natural Gas Co. Ltd. II (b)
   
5.298%
 
09/30/20
   
376,900
     
390,220
 
                       
1,792,019
 

Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
CORPORATE BONDS - 35.5% (Continued)
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
PAPER & FOREST PRODUCTS - 0.5%
               
Fibria Overseas Finance Ltd.
   
5.500%
 
01/17/27
 
$
800,000
   
$
847,680
 
Klabin Finance S.A.
   
4.875%
 
09/19/27
   
750,000
     
744,300
 
PH Glatfelter Co.
   
5.375%
 
10/15/20
   
750,000
     
761,625
 
                       
2,353,605
 
PHARMACEUTICALS - 0.3%
                   
AbbVie, Inc.
   
2.500%
 
05/14/20
   
500,000
     
505,991
 
Zoetis, Inc.
   
3.250%
 
02/01/23
   
1,200,000
     
1,240,874
 
                       
1,746,865
 
PIPELINES - 0.6%
                   
Columbia Pipeline Group, Inc. (b)
   
3.300%
 
06/01/20
   
850,000
     
870,019
 
Florida Gas Transmission Co. LLC (b)
   
4.350%
 
07/15/25
   
1,000,000
     
1,062,843
 
Northern Natural Gas Co. (b)
   
4.100%
 
09/15/42
   
1,000,000
     
1,008,005
 
                       
2,940,867
 
PROFESSIONAL SERVICES - 0.4%
                   
Dun & Bradstreet Corp.
   
4.625%
 
12/01/22
   
1,000,000
     
1,033,434
 
Verisk Analytics, Inc.
   
5.800%
 
05/01/21
   
960,000
     
1,060,053
 
                       
2,093,487
 
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.9%
                   
Digital Realty Trust, L.P.
   
3.950%
 
07/01/22
   
1,250,000
     
1,317,979
 
National Retail Properties, Inc.
   
3.800%
 
10/15/22
   
750,000
     
779,301
 
Regency Centers, L.P.
   
3.750%
 
06/15/24
   
1,000,000
     
1,021,431
 
Vornado Realty, L.P.
   
2.500%
 
06/30/19
   
1,415,000
     
1,423,443
 
                       
4,542,154
 
ROAD & RAIL - 1.1%
                   
Burlington Northern Santa Fe LLC
   
7.160%
 
01/02/20
   
372,138
     
390,412
 
Burlington Northern Santa Fe LLC
   
5.750%
 
05/01/40
   
1,000,000
     
1,273,776
 
Kansas City Southern (b)
   
2.350%
 
05/15/20
   
500,000
     
498,646
 
Norfolk Southern Corp.
   
4.837%
 
10/01/41
   
1,000,000
     
1,123,853
 
Ryder System, Inc.
   
2.650%
 
03/02/20
   
455,000
     
459,998
 
Ryder System, Inc.
   
2.500%
 
05/11/20
   
795,000
     
802,875
 
TTX Co. (b)
   
2.600%
 
06/15/20
   
1,000,000
     
1,004,418
 
                       
5,553,978
 

Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
CORPORATE BONDS - 35.5% (Continued)
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.9%
               
Intel Corp.
   
4.900%
 
07/29/45
 
$
1,250,000
   
$
1,493,676
 
KLA-Tencor Corp.
   
3.375%
 
11/01/19
   
600,000
     
615,089
 
Lam Research Corp.
   
2.750%
 
03/15/20
   
1,000,000
     
1,016,084
 
Maxim Integrated Products, Inc.
   
3.375%
 
03/15/23
   
500,000
     
509,444
 
NXP BV/NXP Funding LLC
   
3.875%
 
09/01/22
   
200,000
     
208,500
 
Xilinx, Inc.
   
2.125%
 
03/15/19
   
600,000
     
601,589
 
                       
4,444,382
 
SOFTWARE - 0.3%
                   
Microsoft Corp.
   
4.450%
 
11/03/45
   
1,500,000
     
1,689,319
 
                           
SPECIALTY RETAIL - 0.8%
                   
Advanced Auto Parts, Inc.
   
4.500%
 
01/15/22
   
402,000
     
425,745
 
Gap, Inc.
   
5.950%
 
04/12/21
   
1,000,000
     
1,084,836
 
Lowe's Cos., Inc.
   
4.650%
 
04/15/42
   
1,000,000
     
1,107,434
 
O'Reilly Automotive, Inc.
   
3.800%
 
09/01/22
   
1,000,000
     
1,044,167
 
Staples, Inc.
   
2.750%
 
01/12/18
   
580,000
     
580,920
 
                       
4,243,102
 
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.7%
                   
Apple, Inc.
   
2.850%
 
02/23/23
   
1,250,000
     
1,279,956
 
Apple, Inc.
   
3.000%
 
06/20/27
   
1,000,000
     
999,400
 
Seagate HDD Cayman
   
3.750%
 
11/15/18
   
635,000
     
646,106
 
Seagate HDD Cayman (b)
   
4.250%
 
03/01/22
   
305,000
     
303,293
 
Xerox Corporation, Series WI
   
4.070%
 
03/17/22
   
250,000
     
255,691
 
                       
3,484,446
 
TEXTILES, APPAREL & LUXURY GOODS - 0.1%
                   
Hanesbrands, Inc.
   
4.625%
 
05/15/24
   
500,000
     
520,625
 
                           
TRANSPORTATION SERVICES - 0.2%
                   
Mexico City Airport Trust
   
4.250%
 
10/31/26
   
1,000,000
     
1,027,500
 
                           
TOTAL CORPORATE BONDS (COST $173,216,773)
   
$
179,149,979
 


Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
CORPORATE NOTES - 1.0%
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
COMMUNITY DEVELOPMENT - 1.0%
           
Calvert Social Investment Foundation, Inc. (c)
   
1.000%
 
12/15/17
 
$
1,200,000
   
$
1,200,000
 
Calvert Social Investment Foundation, Inc. (c)
   
1.000%
 
06/15/18
   
1,100,000
     
1,100,000
 
Calvert Social Investment Foundation, Inc. (c)
   
1.500%
 
06/15/18
   
850,000
     
850,000
 
Calvert Social Investment Foundation, Inc. (c)
   
1.500%
 
06/17/19
   
1,700,000
     
1,700,000
 
TOTAL CORPORATE NOTES (COST $4,850,000)
   
$
4,850,000
 

FOREIGN GOVERNMENTS - 9.0%
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
FOREIGN AGENCY - 3.8%
               
Banco Nacional de Costa Rica (b)
   
5.875%
 
04/25/21
 
$
750,000
   
$
778,860
 
Bank Nederlandse Gemeenten
   
1.625%
 
11/25/19
   
1,500,000
     
1,495,032
 
Export Development Canada
   
1.250%
 
12/10/18
   
1,000,000
     
994,650
 
Export Development Canada
   
1.625%
 
06/01/20
   
1,000,000
     
996,907
 
Export-Import Bank of Korea
   
2.125%
 
02/11/21
   
1,250,000
     
1,226,906
 
KFW
   
1.750%
 
10/15/19
   
2,500,000
     
2,504,501
 
KFW
   
1.875%
 
11/30/20
   
1,000,000
     
1,001,063
 
KFW
   
2.000%
 
11/30/21
   
1,000,000
     
1,001,058
 
KFW
   
2.000%
 
09/29/22
   
1,500,000
     
1,494,570
 
Kommunalbanken A.S.
   
1.375%
 
10/26/20
   
1,000,000
     
986,039
 
Kommunalbanken A.S. (b)
   
2.125%
 
02/11/25
   
1,000,000
     
978,500
 
Kommunivest I Sverige AB (b)
   
1.500%
 
04/23/19
   
1,000,000
     
997,618
 
Kommunivest I Sverige AB (b)
   
1.875%
 
06/01/21
   
1,500,000
     
1,496,438
 
Municipality Finance plc
   
1.375%
 
09/21/21
   
1,000,000
     
974,217
 
Nacional Financiera SNC (b)
   
3.375%
 
11/05/20
   
1,000,000
     
1,036,250
 
Svensk Exportkredit AB
   
1.875%
 
06/23/20
   
1,000,000
     
1,000,402
 
                       
18,963,011
 


Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
FOREIGN GOVERNMENTS - 9.0% (Continued)
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
SUPRANATIONAL - 5.2%
               
African Development Bank
   
1.375%
 
12/17/18
 
$
1,000,000
   
$
997,629
 
Asian Development Bank
   
1.000%
 
08/16/19
   
1,500,000
     
1,482,798
 
Asian Development Bank
   
2.125%
 
03/19/25
   
1,000,000
     
983,900
 
European Bank for Reconstruction & Development
   
1.625%
 
04/10/18
   
500,000
     
500,267
 
European Bank for Reconstruction & Development
   
0.875%
 
07/22/19
   
2,000,000
     
1,966,590
 
European Bank for Reconstruction & Development
   
1.875%
 
07/15/21
   
1,500,000
     
1,499,104
 
European Investment Bank
   
2.500%
 
10/15/24
   
1,000,000
     
1,014,137
 
European Investment Bank
   
2.125%
 
04/13/26
   
1,000,000
     
976,680
 
European Investment Bank
   
2.375%
 
05/24/27
   
1,000,000
     
991,148
 
Inter-American Development Bank
   
1.500%
 
09/25/18
   
2,500,000
     
2,500,797
 
Inter-American Development Bank
   
2.125%
 
11/09/20
   
3,000,000
     
3,025,215
 
Inter-American Development Bank
   
4.375%
 
01/24/44
   
3,000,000
     
3,595,503
 
International Bank for Reconstruction & Development
   
2.125%
 
03/03/25
   
500,000
     
492,023
 
International Finance Corp.
   
1.250%
 
11/27/18
   
1,000,000
     
996,705
 
International Finance Corp., Series GMTN
   
1.750%
 
03/30/20
   
3,000,000
     
3,005,375
 
Nordic Investment Bank
   
2.250%
 
09/30/21
   
1,000,000
     
1,010,611
 
North American Development Bank
   
2.300%
 
10/10/18
   
1,000,000
     
1,005,954
 
                       
26,044,436
 
                         
TOTAL FOREIGN GOVERNMENTS (COST $44,571,133)
   
$
45,007,447
 

U.S. GOVERNMENT AGENCIES - 45.9%
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
FEDERAL HOME LOAN BANK - 3.6%
       
Federal Home Loan Bank
   
5.000%
 
11/17/17
 
$
2,500,000
   
$
2,512,035
 
Federal Home Loan Bank
   
3.375%
 
06/12/20
   
1,000,000
     
1,044,345
 
Federal Home Loan Bank
   
5.500%
 
07/15/36
   
10,820,000
     
14,642,522
 
                       
18,198,902
 

Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
U.S. GOVERNMENT AGENCIES - 45.9% (Continued)
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
FEDERAL HOME LOAN MORTGAGE CORPORATION - 16.8%
       
Federal Home Loan Mortgage Corp.
   
4.500%
 
06/01/18
 
$
15,945
   
$
16,302
 
Federal Home Loan Mortgage Corp.
   
4.875%
 
06/13/18
   
6,200,000
     
6,352,012
 
Federal Home Loan Mortgage Corp.
   
5.085%
 
03/25/19
   
1,140,000
     
1,182,703
 
Federal Home Loan Mortgage Corp.
   
3.750%
 
03/27/19
   
3,020,000
     
3,119,911
 
Federal Home Loan Mortgage Corp.
   
5.000%
 
04/01/19
   
17,121
     
17,599
 
Federal Home Loan Mortgage Corp.
   
1.250%
 
10/02/19
   
2,710,000
     
2,694,477
 
Federal Home Loan Mortgage Corp.
   
1.375%
 
05/01/20
   
4,000,000
     
3,978,160
 
Federal Home Loan Mortgage Corp.
   
5.000%
 
12/01/21
   
72,647
     
76,891
 
Federal Home Loan Mortgage Corp.
   
2.375%
 
01/13/22
   
13,460,000
     
13,698,821
 
Federal Home Loan Mortgage Corp.
   
5.500%
 
04/01/22
   
46,057
     
48,002
 
Federal Home Loan Mortgage Corp.
   
4.000%
 
11/01/24
   
439,134
     
459,539
 
Federal Home Loan Mortgage Corp.
   
4.000%
 
10/01/25
   
197,977
     
207,435
 
Federal Home Loan Mortgage Corp.
   
6.000%
 
04/01/27
   
150,310
     
169,091
 
Federal Home Loan Mortgage Corp.
   
2.500%
 
10/01/27
   
959,851
     
973,382
 
Federal Home Loan Mortgage Corp.
   
7.000%
 
02/01/30
   
81,284
     
87,834
 
Federal Home Loan Mortgage Corp.
   
7.500%
 
07/01/30
   
186,068
     
210,399
 
Federal Home Loan Mortgage Corp.
   
7.000%
 
03/01/31
   
63,034
     
72,033
 
Federal Home Loan Mortgage Corp.
   
6.250%
 
07/15/32
   
10,000,000
     
14,060,180
 
Federal Home Loan Mortgage Corp.
   
3.000%
 
11/01/32
   
1,098,247
     
1,125,900
 
Federal Home Loan Mortgage Corp.
   
3.000%
 
11/01/32
   
1,688,772
     
1,731,246
 
Federal Home Loan Mortgage Corp.
   
5.500%
 
11/01/33
   
59,106
     
66,005
 
Federal Home Loan Mortgage Corp. (H15T1Y + 2.231) (a)
   
3.231%
 
05/01/34
   
41,651
     
43,898
 
Federal Home Loan Mortgage Corp. (H15T1Y + 2.231) (a)
   
3.231%
 
05/01/34
   
119,364
     
125,994
 
Federal Home Loan Mortgage Corp.
   
5.000%
 
07/01/35
   
121,223
     
131,955
 
Federal Home Loan Mortgage Corp.
   
4.500%
 
10/01/35
   
237,723
     
255,636
 
Federal Home Loan Mortgage Corp.
   
5.500%
 
03/01/36
   
64,125
     
71,693
 
Federal Home Loan Mortgage Corp.
   
5.500%
 
06/01/36
   
92,132
     
103,117
 
Federal Home Loan Mortgage Corp.
   
6.000%
 
06/01/36
   
100,562
     
115,296
 
Federal Home Loan Mortgage Corp.
   
5.500%
 
12/01/36
   
77,317
     
86,306
 
Federal Home Loan Mortgage Corp.
   
6.000%
 
08/01/37
   
50,287
     
57,091
 
Federal Home Loan Mortgage Corp.
   
5.000%
 
03/01/38
   
385,134
     
422,403
 
Federal Home Loan Mortgage Corp.
   
4.500%
 
06/01/39
   
424,636
     
456,909
 
Federal Home Loan Mortgage Corp.
   
5.000%
 
06/01/39
   
629,608
     
691,095
 
Federal Home Loan Mortgage Corp.
   
4.500%
 
07/01/39
   
452,486
     
486,830
 
Federal Home Loan Mortgage Corp.
   
4.500%
 
11/01/39
   
427,391
     
459,947
 


Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
U.S. GOVERNMENT AGENCIES - 45.9% (Continued)
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
FEDERAL HOME LOAN MORTGAGE CORPORATION - 16.8% (Continued)
       
Federal Home Loan Mortgage Corp.
   
4.500%
 
09/01/40
 
$
651,680
   
$
701,317
 
Federal Home Loan Mortgage Corp.
   
4.500%
 
05/01/41
   
1,305,342
     
1,404,835
 
Federal Home Loan Mortgage Corp.
   
4.500%
 
07/01/41
   
1,311,413
     
1,410,968
 
Federal Home Loan Mortgage Corp.
   
5.000%
 
09/01/41
   
594,113
     
648,811
 
Federal Home Loan Mortgage Corp.
   
3.500%
 
10/01/41
   
822,180
     
852,159
 
Federal Home Loan Mortgage Corp.
   
4.000%
 
10/01/41
   
639,819
     
676,388
 
Federal Home Loan Mortgage Corp.
   
3.500%
 
02/01/42
   
1,192,838
     
1,236,109
 
Federal Home Loan Mortgage Corp.
   
4.000%
 
02/01/42
   
373,778
     
395,148
 
Federal Home Loan Mortgage Corp.
   
3.500%
 
06/01/42
   
1,400,802
     
1,451,899
 
Federal Home Loan Mortgage Corp.
   
3.500%
 
06/01/42
   
1,369,122
     
1,419,056
 
Federal Home Loan Mortgage Corp.
   
3.500%
 
08/01/42
   
1,484,105
     
1,538,323
 
Federal Home Loan Mortgage Corp.
   
3.000%
 
11/01/42
   
2,273,683
     
2,295,093
 
Federal Home Loan Mortgage Corp.
   
3.000%
 
01/01/43
   
1,376,951
     
1,390,130
 
Federal Home Loan Mortgage Corp.
   
3.000%
 
05/01/43
   
1,998,457
     
2,017,138
 
Federal Home Loan Mortgage Corp.
   
3.500%
 
10/01/44
   
1,829,274
     
1,890,170
 
Federal Home Loan Mortgage Corp.
   
3.500%
 
11/01/44
   
1,677,245
     
1,732,407
 
Federal Home Loan Mortgage Corp.
   
3.500%
 
04/01/45
   
2,059,345
     
2,125,635
 
Federal Home Loan Mortgage Corp.
   
3.000%
 
05/01/46
   
2,736,614
     
2,749,395
 
Federal Home Loan Mortgage Corp.
   
3.000%
 
12/01/46
   
4,863,879
     
4,886,618
 
                       
84,677,691
 

Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
U.S. GOVERNMENT AGENCIES - 45.9% (Continued)
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.3%
       
Federal National Mortgage Association
   
5.000%
 
07/01/18
 
$
12,149
   
$
12,430
 
Federal National Mortgage Association
   
5.000%
 
09/01/18
   
21,843
     
22,348
 
Federal National Mortgage Association
   
1.875%
 
02/19/19
   
3,000,000
     
3,016,689
 
Federal National Mortgage Association
   
7.000%
 
11/01/19
   
3,417
     
3,512
 
Federal National Mortgage Association
   
7.000%
 
11/01/19
   
1,325
     
1,332
 
Federal National Mortgage Association
   
3.500%
 
07/01/20
   
147,854
     
154,002
 
Federal National Mortgage Association
   
1.250%
 
05/06/21
   
7,000,000
     
6,875,638
 
Federal National Mortgage Association
   
1.875%
 
04/05/22
   
13,000,000
     
12,970,425
 
Federal National Mortgage Association
   
5.500%
 
06/01/22
   
81,639
     
85,941
 
Federal National Mortgage Association
   
2.890%
 
07/01/22
   
2,412,000
     
2,462,603
 
Federal National Mortgage Association
   
2.190%
 
01/01/23
   
2,000,000
     
1,995,547
 
Federal National Mortgage Association
   
2.770%
 
07/01/23
   
2,364,191
     
2,421,893
 
Federal National Mortgage Association
   
2.670%
 
12/01/23
   
2,469,156
     
2,493,839
 
Federal National Mortgage Association
   
2.646%
 
07/25/24
   
3,000,000
     
3,013,226
 
Federal National Mortgage Association
   
2.625%
 
09/06/24
   
16,750,000
     
17,135,049
 
Federal National Mortgage Association
   
3.080%
 
12/01/24
   
2,383,801
     
2,467,863
 
Federal National Mortgage Association
   
5.000%
 
04/01/25
   
120,298
     
131,163
 
Federal National Mortgage Association
   
5.000%
 
07/01/25
   
93,792
     
102,263
 
Federal National Mortgage Association
   
3.500%
 
10/01/25
   
205,673
     
214,225
 
Federal National Mortgage Association
   
5.000%
 
10/01/25
   
112,788
     
122,975
 
Federal National Mortgage Association
   
5.500%
 
11/01/25
   
35
     
39
 
Federal National Mortgage Association
   
4.000%
 
03/01/26
   
725,804
     
763,084
 
Federal National Mortgage Association
   
2.125%
 
04/24/26
   
2,000,000
     
1,952,590
 
Federal National Mortgage Association
   
8.500%
 
09/01/26
   
20,830
     
21,190
 
Federal National Mortgage Association
   
1.875%
 
09/24/26
   
2,500,000
     
2,373,155
 
Federal National Mortgage Association
   
2.877%
 
09/25/26
   
1,974,151
     
1,999,408
 
Federal National Mortgage Association
   
2.500%
 
09/01/27
   
1,162,955
     
1,178,622
 
Federal National Mortgage Association
   
2.500%
 
11/01/27
   
1,673,355
     
1,695,888
 
Federal National Mortgage Association
   
2.500%
 
01/01/28
   
1,134,276
     
1,149,509
 
Federal National Mortgage Association
   
6.625%
 
11/15/30
   
5,050,000
     
7,147,714
 
Federal National Mortgage Association
   
3.000%
 
12/01/32
   
1,645,570
     
1,688,445
 
Federal National Mortgage Association
   
6.000%
 
10/01/33
   
55,067
     
62,441
 
Federal National Mortgage Association (6MO LIBOR + 145) (a)
   
2.824%
 
02/01/34
   
138,764
     
141,957
 
Federal National Mortgage Association
   
5.500%
 
02/01/34
   
64,496
     
72,246
 
Federal National Mortgage Association (H15T1Y + 2.205) (a)
   
3.062%
 
05/01/34
   
92,487
     
97,622
 


Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
U.S. GOVERNMENT AGENCIES - 45.9% (Continued)
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.3% (Continued)
       
Federal National Mortgage Association (12MO LIBOR + 1.645) (a)
   
3.520%
 
05/01/34
 
$
28,418
   
$
29,537
 
Federal National Mortgage Association
   
6.000%
 
11/01/34
   
157,748
     
180,361
 
Federal National Mortgage Association
   
5.500%
 
01/01/35
   
115,660
     
129,437
 
Federal National Mortgage Association
   
5.000%
 
10/01/35
   
141,942
     
155,467
 
Federal National Mortgage Association
   
5.500%
 
10/01/35
   
173,550
     
194,530
 
Federal National Mortgage Association
   
6.000%
 
10/01/35
   
91,604
     
104,790
 
Federal National Mortgage Association
   
5.500%
 
06/01/36
   
43,907
     
48,963
 
Federal National Mortgage Association
   
6.000%
 
06/01/36
   
47,587
     
54,188
 
Federal National Mortgage Association
   
5.500%
 
11/01/36
   
58,340
     
65,036
 
Federal National Mortgage Association (12MO LIBOR + 1.631) (a)
   
3.381%
 
05/01/37
   
69,943
     
73,424
 
Federal National Mortgage Association
   
5.625%
 
07/15/37
   
2,750,000
     
3,802,186
 
Federal National Mortgage Association
   
4.500%
 
09/01/40
   
402,846
     
435,992
 
Federal National Mortgage Association
   
4.500%
 
10/01/40
   
411,776
     
445,742
 
Federal National Mortgage Association
   
4.000%
 
12/01/40
   
978,685
     
1,035,005
 
Federal National Mortgage Association
   
4.000%
 
01/01/41
   
678,305
     
717,338
 
Federal National Mortgage Association
   
3.500%
 
02/01/41
   
993,819
     
1,030,072
 
Federal National Mortgage Association
   
4.000%
 
10/01/41
   
592,272
     
626,178
 
Federal National Mortgage Association
   
4.000%
 
11/01/41
   
580,232
     
613,538
 
Federal National Mortgage Association
   
4.000%
 
12/01/41
   
1,487,711
     
1,572,615
 
Federal National Mortgage Association
   
4.000%
 
12/01/41
   
757,032
     
800,520
 
Federal National Mortgage Association
   
4.000%
 
01/01/42
   
1,762,810
     
1,878,368
 
Federal National Mortgage Association
   
3.500%
 
05/01/42
   
1,198,786
     
1,241,513
 
Federal National Mortgage Association
   
3.000%
 
06/01/42
   
1,907,261
     
1,924,009
 
Federal National Mortgage Association
   
3.000%
 
08/01/42
   
1,682,011
     
1,696,823
 
Federal National Mortgage Association
   
3.000%
 
08/01/42
   
1,666,807
     
1,681,484
 
Federal National Mortgage Association
   
3.500%
 
12/01/42
   
1,936,200
     
2,008,056
 
Federal National Mortgage Association
   
3.000%
 
06/01/43
   
1,668,916
     
1,683,336
 
Federal National Mortgage Association
   
4.000%
 
12/01/44
   
2,371,510
     
2,528,951
 
Federal National Mortgage Association
   
3.500%
 
05/01/45
   
2,436,863
     
2,527,085
 
Federal National Mortgage Association
   
3.000%
 
04/01/46
   
2,711,444
     
2,722,267
 
Federal National Mortgage Association
   
3.500%
 
11/01/46
   
4,196,347
     
4,329,163
 
                       
112,382,847
 


Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
U.S. GOVERNMENT AGENCIES - 45.9% (Continued)
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.1%
       
Government National Mortgage Association
   
7.000%
 
12/20/30
 
$
23,390
   
$
27,416
 
Government National Mortgage Association
   
7.000%
 
10/20/31
   
17,304
     
20,542
 
Government National Mortgage Association
   
7.000%
 
03/20/32
   
65,391
     
78,028
 
Government National Mortgage Association
   
2.375%
 
01/20/34
   
56,412
     
58,709
 
Government National Mortgage Association
   
5.500%
 
10/20/38
   
26,383
     
27,657
 
Government National Mortgage Association
   
6.500%
 
11/20/38
   
14,842
     
17,204
 
Government National Mortgage Association
   
2.250%
 
04/16/42
   
411,678
     
411,298
 
                       
640,854
 
OVERSEAS PRIVATE INVESTMENT CORPORATION - 0.6%
         
Overseas Private Investment Corp.
   
3.280%
 
09/15/29
   
1,091,876
     
1,116,533
 
Overseas Private Investment Corp.
   
3.540%
 
06/15/30
   
750,006
     
787,043
 
Overseas Private Investment Corp.
   
3.820%
 
06/01/33
   
945,649
     
998,175
 
                       
2,901,751
 
SMALL BUSINESS ADMINISTRATION - 0.1%
         
Small Business Administration (Prime - 265) (a)
   
1.599%
 
02/25/32
   
348,435
     
345,714
 
                           
UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT - 2.2%
         
Ukraine Government AID Bond
   
1.847%
 
05/29/20
   
1,000,000
     
1,001,176
 
Hashemite Kingdom of Jordan AID Bond
   
2.503%
 
10/30/20
   
5,000,000
     
5,113,906
 
Ukraine Government AID Bond
   
1.471%
 
09/29/21
   
2,000,000
     
1,960,360
 
Iraq Aid
   
2.149%
 
01/18/22
   
1,500,000
     
1,504,408
 
Hashemite Kingdom of Jordan AID Bond
   
3.000%
 
06/30/25
   
1,450,000
     
1,521,573
 
                       
11,101,423
 
UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT - 0.2%
         
United States Department of Housing and Urban Development
   
2.350%
 
08/01/21
   
1,000,000
     
1,015,451
 
                           
TOTAL U.S. GOVERNMENT AGENCIES (COST $228,652,848)
   
$
231,264,633
 


Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
 
INVESTMENT COMPANIES - 0.7%
 
Shares
   
Fair Value
 
Pax World High Yield Bond Fund - Individual Investor Class (Cost $4,199,236)
   
530,984
   
$
3,621,309
 
                 
TOTAL INVESTMENTS - (COST(e) $485,744,793 - Unrealized gain/loss $8,623,933) - 98.1%
         
$
494,368,726
 
                 
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.9%
           
9,462,404
 
                 
NET ASSETS - 100.0%
   
$
503,831,130
 
 
(a)
Variable rate security. Rates presented are the rates in effect at September 30, 2017. The benchmark on which the rate is calculated is shown parenthetically; otherwise, the rate fluctuations may be based on index changes, prepayment of underlying positions and/or other variables.
(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, 2017, these securities were valued at $31,370,930 or 6.2% of net assets.
(c)
Illiquid security.
(d)
Percentage rounds to less than 0.1%.
(e)
Represents cost for financial reporting purposes.
 
plc - Public Liability Company
CV - Convertible Security
 
See accompanying notes to Schedules of Investments.

Schedule of Portfolio Investments
Praxis International Index Fund
September 30, 2017 (Unaudited)
 
COMMON STOCKS - 98.1%
 
Shares
   
Fair Value
 
AUSTRALIA - 4.8%
 
BANKS - 2.0%
           
Australia & New Zealand Banking Group Ltd.
   
6,107
   
$
141,767
 
Australia & New Zealand Banking Group Ltd. - ADR
   
36,061
     
842,385
 
Commonwealth Bank of Australia
   
21,512
     
1,269,530
 
Commonwealth Bank of Australia - ADR
   
613
     
36,277
 
National Australia Bank Ltd.
   
4,644
     
114,725
 
National Australia Bank Ltd. - ADR
   
63,688
     
789,731
 
Westpac Banking Corp.
   
17,091
     
427,845
 
Westpac Banking Corp. - ADR
   
78,609
     
1,982,519
 
             
5,604,779
 
BIOTECHNOLOGY - 0.3%
               
CSL Ltd.
   
3,640
     
382,413
 
CSL Ltd. - ADR
   
8,710
     
459,975
 
             
842,388
 
CAPITAL MARKETS - 0.3%
               
Macquarie Group Ltd.
   
7,209
     
514,032
 
Macquarie Group Ltd. - ADR
   
2,747
     
197,399
 
             
711,431
 
CHEMICALS - 0.2%
               
Orica Ltd.
   
27,987
     
433,929
 
                 
CONTAINERS & PACKAGING - 0.2%
               
Amcor Ltd.
   
24,949
     
297,604
 
Amcor Ltd. - ADR
   
3,500
     
167,965
 
             
465,569
 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1%
               
Telstra Corp. Ltd.
   
17,682
     
48,396
 
Telstra Corp. Ltd. - ADR
   
10,910
     
149,031
 
             
197,427
 
FOOD & STAPLES RETAILING - 0.4%
               
Wesfarmers Ltd.
   
19,358
     
627,454
 
Woolworths Ltd.
   
27,413
     
541,982
 
             
1,169,436
 
INSURANCE - 0.2%
               
Suncorp Group Ltd.
   
46,152
     
472,342
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
AUSTRALIA - 4.8% (Continued)
 
METALS & MINING - 0.2%
           
Alumina Ltd - ADR
   
41,858
   
$
287,983
 
Newcrest Mining Ltd. - ADR
   
9,928
     
163,911
 
Sims Metal Management Ltd. - ADR
   
21,356
     
227,441
 
             
679,335
 
OIL, GAS & CONSUMABLE FUELS - 0.6%
               
Caltex Australia Ltd.
   
12,181
     
306,651
 
Oil Search Ltd.
   
60,661
     
333,015
 
Origin Energy Ltd. (a)
   
100,656
     
590,469
 
Woodside Petroleum Ltd.
   
18,241
     
416,291
 
Woodside Petroleum Ltd. - ADR
   
5,235
     
120,353
 
             
1,766,779
 
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.2%
               
Scentre Group REIT
   
25,459
     
78,467
 
Shopping Centres Australasia Property Group REIT
   
1
     
2
 
Westfield Corp. REIT
   
72,500
     
445,769
 
             
524,238
 
TRANSPORTATION INFRASTRUCTURE - 0.1%
               
Sydney Airport
   
49,337
     
275,105
 
TOTAL AUSTRALIA
           
13,142,758
 
   
AUSTRIA - 0.2%
 
BANKS - 0.2%
               
Erste Group Bank AG
   
5,112
     
220,799
 
Erste Group Bank AG - ADR
   
12,078
     
262,213
 
TOTAL AUSTRIA
           
483,012
 
   
BELGIUM - 0.2%
 
FOOD & STAPLES RETAILING - 0.2%
               
Colruyt S.A.
   
8,334
     
426,845
 
                 
BRAZIL - 1.4%
 
BANKS - 0.6%
               
Banco Bradesco S.A. - ADR
   
77,242
     
855,069
 
Itau Unibanco Holding S.A. - ADR
   
61,571
     
843,523
 
             
1,698,592
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
BRAZIL - 1.4% (Continued)
 
CHEMICALS - 0.1%
           
Braskem S.A.
   
13,824
   
$
369,654
 
                 
FOOD PRODUCTS - 0.1%
               
BRF S.A. - ADR (a)
   
21,929
     
315,997
 
                 
OIL, GAS & CONSUMABLE FUELS - 0.4%
               
Petroleo Brasileiro S.A. - ADR (a)
   
63,920
     
641,757
 
Ultrapar Participacoes S.A. - ADR
   
14,545
     
346,462
 
             
988,219
 
WATER UTILITIES - 0.2%
               
Cia de Saneamento Basico do Estado de Sao Paulo - ADR
   
36,049
     
377,072
 
TOTAL BRAZIL
           
3,749,534
 
   
CANADA - 6.4%
 
AUTO COMPONENTS - 0.3%
               
Magna International, Inc. - Class A
   
15,982
     
853,119
 
                 
BANKS - 1.6%
               
Bank of Montreal
   
7,625
     
577,289
 
Bank of Nova Scotia
   
12,180
     
782,565
 
Canadian Imperial Bank of Commerce
   
6,759
     
591,548
 
Royal Bank of Canada
   
17,137
     
1,325,547
 
Toronto-Dominion Bank
   
18,236
     
1,026,140
 
             
4,303,089
 
CHEMICALS - 0.2%
               
Methanex Corp.
   
9,429
     
474,279
 
                 
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.0% (b)
               
TransAlta Corp.
   
20,678
     
120,966
 
                 
INSURANCE - 0.5%
               
Manulife Financial Corp.
   
41,223
     
836,415
 
Sun Life Financial, Inc.
   
11,714
     
466,451
 
             
1,302,866
 
MEDIA - 0.3%
               
Shaw Communications, Inc. - Class B
   
30,240
     
695,822
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
CANADA - 6.4% (Continued)
 
METALS & MINING - 0.3%
           
Agnico Eagle Mines Ltd.
   
9,204
   
$
416,113
 
Teck Resources Ltd. - Class B
   
24,575
     
518,287
 
             
934,400
 
OIL, GAS & CONSUMABLE FUELS - 1.8%
               
Cameco Corp.
   
33,167
     
320,725
 
Enbridge, Inc.
   
51,813
     
2,167,856
 
Encana Corp.
   
36,072
     
424,928
 
Suncor Energy, Inc.
   
60,339
     
2,113,675
 
             
5,027,184
 
ROAD & RAIL - 0.9%
               
Canadian National Railway Co.
   
18,951
     
1,570,090
 
Canadian Pacific Railway Ltd.
   
5,165
     
867,875
 
             
2,437,965
 
SOFTWARE - 0.2%
               
Open Text Corp.
   
21,239
     
685,807
 
                 
WIRELESS TELECOMMUNICATION SERVICES - 0.3%
               
Rogers Communications, Inc. - Class B
   
12,894
     
664,557
 
TOTAL CANADA
           
17,500,054
 
   
CAYMAN ISLANDS - 1.5%
 
DIVERSIFIED CONSUMER SERVICES - 0.3%
               
TAL Education Group - ADR (a)
   
27,222
     
917,653
 
                 
INTERNET & DIRECT MARKETING RETAIL - 0.3%
               
Ctrip.com International Ltd. - ADR (a)
   
13,813
     
728,498
 
                 
INTERNET SOFTWARE & SERVICES - 0.9%
               
Baidu, Inc. - ADR (a)
   
5,149
     
1,275,356
 
SINA Corp. (a)
   
4,823
     
552,957
 
Weibo Corp. - ADR (a)
   
6,202
     
613,626
 
             
2,441,939
 
TOTAL CAYMAN ISLANDS
           
4,088,090
 
CHILE - 0.5%
 
AIRLINES - 0.1%
               
Latam Airlines Group S.A. - ADR
   
30,040
     
398,030
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
CHILE - 0.5% (Continued)
 
BEVERAGES - 0.1%
           
Embotelladora Andina S.A. - Class B - ADR
   
6,720
   
$
185,069
 
                 
CHEMICALS - 0.3%
               
Sociedad Quimica y Minera de Chile S.A. - ADR
   
15,440
     
859,390
 
TOTAL CHILE
           
1,442,489
 
   
CHINA - 5.3%
 
AIRLINES - 0.1%
               
China Southern Airlines Co. Ltd. - ADR
   
5,546
     
190,616
 
                 
BANKS - 0.4%
               
China Construction Bank Corp. - ADR
   
69,587
     
1,161,407
 
                 
CHEMICALS - 0.1%
               
Sinopec Shanghai Petrochemical Co. Ltd.
   
7,041
     
421,193
 
                 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1%
               
China Telecom Corp. Ltd. - ADR
   
6,115
     
312,599
 
                 
INSURANCE - 1.3%
               
AIA Group Ltd - ADR
   
20,771
     
617,730
 
China Life Insurance Co. Ltd. - ADR
   
90,790
     
1,366,390
 
Ping an Insurance Group Co. of China Ltd. - ADR
   
33,826
     
524,303
 
Ping an Insurance Group Co. of China Ltd. - Class H
   
131,769
     
1,011,268
 
             
3,519,691
 
INTERNET SOFTWARE & SERVICES - 3.1%
               
Alibaba Group Holdings Ltd. - ADR (a)
   
17,583
     
3,036,760
 
NetEase, Inc. - ADR
   
2,394
     
631,561
 
Tencent Holdings Ltd.
   
109,906
     
4,826,522
 
             
8,494,843
 
ROAD & RAIL - 0.1%
               
Guangshen Railway Co. - ADR
   
8,797
     
256,521
 
                 
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.1%
               
Lenovo Group Ltd. - ADR
   
18,577
     
204,161
 
TOTAL CHINA
           
14,561,031
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
COLOMBIA - 0.3%
 
BANKS - 0.2%
           
BanColombia S.A. - ADR
   
10,431
   
$
477,636
 
                 
OIL, GAS & CONSUMABLE FUELS - 0.1%
               
Ecopetrol S.A. - ADR
   
42,848
     
406,627
 
TOTAL COLOMBIA
           
884,263
 
   
DENMARK - 1.0%
 
BANKS - 0.2%
               
Danske Bank A/S
   
11,624
     
464,882
 
Danske Bank A/S - ADR
   
6,614
     
132,677
 
             
597,559
 
PHARMACEUTICALS - 0.7%
               
Novo Nordisk A/S - ADR
   
39,423
     
1,898,217
 
                 
TEXTILES, APPAREL & LUXURY GOODS - 0.1%
               
Pandora A/S
   
2,460
     
242,833
 
TOTAL DENMARK
           
2,738,609
 
   
FINLAND - 0.6%
 
COMMUNICATIONS EQUIPMENT - 0.3%
               
Nokia OYJ - ADR
   
122,822
     
734,475
 
                 
MACHINERY - 0.2%
               
Kone OYJ - Class B
   
11,250
     
595,674
 
                 
PAPER & FOREST PRODUCTS - 0.1%
               
Stora Enso OYJ
   
32,308
     
458,127
 
TOTAL FINLAND
           
1,788,276
 
   
FRANCE - 6.4%
 
AUTO COMPONENTS - 0.6%
               
Cie Generale des Etablissements Michelin
   
1,074
   
156,765
 
Cie Generale des Etablissements Michelin - ADR
   
25,215
     
736,328
 
Valeo S.A.
   
2,793
     
207,239
 
Valeo S.A. - ADR
   
13,056
     
485,944
 
             
1,586,276
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
FRANCE - 6.4% (Continued)
 
AUTOMOBILES - 0.2%
           
Renault S.A.
   
5,892
   
$
578,754
 
                 
BANKS - 0.8%
               
BNP Paribas S.A. - ADR
   
29,644
     
1,198,507
 
Credit Agricole S.A.
   
11,014
     
200,207
 
Credit Agricole S.A. - ADR
   
14,211
     
128,894
 
Societe Generale S.A.
   
4,111
     
240,679
 
Societe Generale S.A. - ADR
   
36,300
     
427,251
 
             
2,195,538
 
BUILDING PRODUCTS - 0.3%
               
Cie de Saint-Gobain
   
13,938
     
830,580
 
                 
CONSTRUCTION & ENGINEERING - 0.5%
               
Bouygues S.A.
   
8,092
     
383,990
 
Vinci S.A.
   
1,494
     
141,966
 
Vinci S.A. - ADR
   
30,694
     
728,369
 
             
1,254,325
 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%
               
Orange S.A.
   
40,170
     
659,591
 
Vivendi S.A.
   
12,138
     
307,288
 
Vivendi S.A. - ADR
   
11,623
     
293,132
 
             
1,260,011
 
ELECTRICAL EQUIPMENT - 0.4%
               
Legrand S.A.
   
17,254
     
1,245,567
 
                 
FOOD & STAPLES RETAILING - 0.1%
               
Carrefour S.A. (a)
   
1,523
     
30,771
 
Carrefour S.A. - ADR
   
58,790
     
235,160
 
             
265,931
 
FOOD PRODUCTS - 0.9%
               
Danone S.A. - ADR
   
153,190
     
2,412,742
 
                 
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%
               
Essilor International S.A.
   
4,503
     
557,486
 
Essilor International S.A. - ADR
   
952
     
59,081
 
             
616,567
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
FRANCE - 6.4% (Continued)
 
INSURANCE - 0.4%
           
AXA S.A. - ADR
   
34,977
   
$
1,053,507
 
AXA S.A.
   
4,355
     
131,715
 
             
1,185,222
 
MEDIA - 0.2%
               
Publicis Groupe S.A. - ADR
   
26,260
     
459,288
 
                 
MULTI-UTILITIES - 0.5%
               
Engie S.A.
   
21,648
     
367,665
 
Engie S.A. - ADR
   
26,565
     
451,074
 
Veolia Environnement S.A.
   
14,792
     
341,784
 
Veolia Environnement S.A. - ADR (a)
   
11,774
     
271,038
 
             
1,431,561
 
PERSONAL PRODUCTS - 0.6%
               
L'Oreal S.A. - ADR
   
32,890
     
1,398,483
 
L'Oreal S.A.
   
1,380
     
293,419
 
             
1,691,902
 
SOFTWARE - 0.2%
               
Dassault Systemes - ADR
   
6,224
     
627,628
 
TOTAL FRANCE
           
17,641,892
 
   
GERMANY - 6.8%
 
AIR FREIGHT & LOGISTICS - 0.4%
               
Deutsche Post AG
   
10,161
     
452,327
 
Deutsche Post AG - ADR
   
14,832
     
662,694
 
             
1,115,021
 
AIRLINES - 0.1%
               
Deutsche Lufthansa AG - ADR
   
10,201
     
283,282
 
                 
AUTOMOBILES - 0.9%
               
Bayerische Moteren Werke Aktiengesellschaft - ADR
   
27,692
     
937,153
 
Daimler AG
   
2,549
     
203,104
 
Daimler AG
   
15,015
     
1,197,331
 
             
2,337,588
 
BANKS - 0.2%
               
Deutsche Bank AG
   
32,333
     
558,714
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
GERMANY - 6.8% (Continued)
 
CHEMICALS - 0.9%
           
BASF SE
   
4,371
   
$
465,152
 
BASF SE - ADR
   
18,194
     
1,937,661
 
             
2,402,813
 
DIVERSIFIED FINANCIAL SERVICES - 0.2%
               
Deutsche Boerse AG
   
3,878
     
420,342
 
Deutsche Boerse AG - ADR
   
15,060
     
163,551
 
             
583,893
 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%
               
Deutsche Telekom AG - ADR
   
38,043
     
709,882
 
                 
HEALTH CARE PROVIDERS & SERVICES - 0.5%
               
Fresenius Medical Care AG & Co. KGaA
   
19,354
     
946,217
 
Fresenius SE & Co. KGaA
   
5,130
     
413,808
 
             
1,360,025
 
INSURANCE - 0.9%
               
Allianze SE - ADR
   
76,050
     
1,702,759
 
Muenchener Rueckversicherungs-Gesellschaft AG - ADR
   
18,890
     
403,868
 
Muenchener Rueckversicherungs-Gesellschaft AG (a)
   
1,682
     
359,619
 
             
2,466,246
 
MULTI-UTILITIES - 0.4%
               
E.ON SE (a)
   
53,575
     
606,352
 
RWE AG
   
17,185
     
390,374
 
RWE AG - ADR (a)
   
5,585
     
127,115
 
             
1,123,841
 
PHARMACEUTICALS - 0.6%
               
Bayer AG - ADR
   
51,088
     
1,748,231
 
                 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
               
Infineon Technologies AG - ADR
   
12,109
     
305,389
 
                 
SOFTWARE - 0.6%
               
SAP SE
   
16,215
     
1,777,975
 
                 
TEXTILES, APPAREL & LUXURY GOODS - 0.6%
               
adidas AG
   
1,323
     
299,281
 
adidas AG - ADR
   
9,804
     
1,109,813
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
GERMANY - 6.8% (Continued)
 
TEXTILES, APPAREL & LUXURY GOODS - 0.6% (Continued)
           
Puma SE
   
285
   
$
110,921
 
             
1,520,015
 
TRADING COMPANIES & DISTRIBUTORS - 0.1%
               
Brenntag AG
   
5,521
     
307,436
 
TOTAL GERMANY
           
18,600,351
 
   
HONG KONG - 3.2%
 
BANKS - 0.3%
               
BOC Hong Kong Holdings Ltd.
   
158,000
     
767,596
 
BOC Hong Kong Holdings Ltd. - ADR
   
1,754
     
169,366
 
             
936,962
 
DIVERSIFIED FINANCIAL SERVICES - 0.2%
               
Hong Kong Exchanges & Clearing Ltd.
   
24,500
     
658,642
 
                 
ELECTRIC UTILITIES - 0.1%
               
CK Infrastructure Holdings Ltd.
   
41,518
     
357,166
 
                 
INDUSTRIAL CONGLOMERATES - 0.7%
               
CK Hutchison Holdings Ltd.
   
60,500
     
773,335
 
CK Hutchison Holdings Ltd. - ADR
   
36,503
     
466,143
 
Jardine Matheson Holdings Ltd. - ADR
   
3,618
     
230,286
 
Jardine Matheson Holdings Ltd.
   
4,751
     
301,023
 
             
1,770,787
 
INSURANCE - 0.5%
               
AIA Group Ltd. (a)
   
193,200
     
1,424,602
 
                 
MEDIA - 0.0% (b)
               
I-CABLE Communications Ltd. (a)
   
115,000
     
3,754
 
                 
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%
               
Henderson Land Development Co. Ltd.
   
89,476
     
592,763
 
Sun Hung Kai Properties Ltd.
   
28,000
     
454,866
 
Sun Hung Kai Properties Ltd. - ADR
   
22,014
     
360,809
 
Swire Pacific Ltd. - Class A
   
28,000
     
271,701
 
Swire Pacific Ltd. - Class A - ADR
   
32,051
     
314,741
 
Swire Properties Ltd.
   
121,150
     
410,992
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
HONG KONG - 3.2% (Continued)
 
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4% (Continued)
           
Wharf Holdings Ltd.
   
150,000
   
$
1,336,486
 
             
3,742,358
 
TOTAL HONG KONG
           
8,894,271
 
   
HUNGARY - 0.0% (b)
 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.0% (b)
               
Magyar Telekom Telecommunications plc - ADR
   
11,582
     
105,744
 
                 
OIL, GAS & CONSUMABLE FUELS - 0.0% (b)
               
MOL Hungarian Oil & Gas plc - ADR
   
796
     
38,208
 
TOTAL HUNGARY
           
143,952
 
   
INDIA - 1.3%
 
BANKS - 0.8%
               
HDFC Bank Ltd. - ADR
   
16,597
     
1,599,453
 
ICICI Bank Ltd. - ADR
   
72,584
     
621,319
 
             
2,220,772
 
IT SERVICES - 0.4%
               
Infosys Ltd.
   
37,297
     
544,163
 
Wipro Ltd. - ADR
   
78,318
     
444,846
 
             
989,009
 
PHARMACEUTICALS - 0.1%
               
Dr. Reddy's Laboratories Ltd. - ADR
   
10,846
     
386,985
 
TOTAL INDIA
           
3,596,766
 
   
INDONESIA - 0.7%
 
BANKS - 0.2%
               
PT Bank Mandiri - ADR
   
49,403
     
496,006
 
                 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.4%
               
Telekomunikasi Indonesia Persero Tbk PT - ADR
   
33,206
     
1,138,966
 
                 
MACHINERY - 0.1%
               
United Tractors Tbk PT - ADR
   
3,369
     
160,083
 
TOTAL INDONESIA
           
1,795,055
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
IRELAND - 0.9%
 
BIOTECHNOLOGY - 0.3%
           
Shire plc - ADR
   
4,692
   
$
718,533
 
                 
CONSTRUCTION MATERIALS - 0.3%
               
CRH plc - ADR
   
23,753
     
899,289
 
                 
PROFESSIONAL SERVICES - 0.3%
               
Experian plc (a)
   
3,191
     
64,087
 
Experian plc - ADR
   
37,268
     
752,068
 
             
816,155
 
TOTAL IRELAND
           
2,433,977
 
ISRAEL - 0.7%
 
PHARMACEUTICALS - 0.3%
               
Taro Pharmaceutical Industries Ltd. (a)
   
3,950
     
445,126
 
Teva Pharmaceutical Industries Ltd. - ADR
   
26,006
     
457,706
 
             
902,832
 
SOFTWARE - 0.4%
               
Check Point Software Technologies Ltd. (a)
   
8,509
     
970,196
 
TOTAL ISRAEL
           
1,873,028
 
ITALY - 1.0%
 
BANKS - 0.3%
               
Intesa Sanpaolo SpA
   
128,010
     
452,672
 
Intesa Sanpaolo SpA - ADR
   
12,596
     
267,993
 
Unicredit SpA
   
5,798
     
123,484
 
             
844,149
 
ELECTRIC UTILITIES - 0.2%
               
Enel SpA
   
86,564
     
521,266
 
                 
INSURANCE - 0.1%
               
Assicurazioni Generali SpA
   
16,056
     
299,069
 
                 
TEXTILES, APPAREL & LUXURY GOODS - 0.2%
               
Luxottica Group SpA - ADR
   
9,316
     
519,181
 
                 
TRANSPORTATION INFRASTRUCTURE - 0.2%
               
Atlantia SpA
   
13,863
     
437,632
 
TOTAL ITALY
           
2,621,297
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
JAPAN - 15.6%
 
AUTO COMPONENTS - 0.4%
           
Bridgestone Corp.
   
4,656
   
$
211,283
 
Bridgestone Corp. - ADR
   
20,546
     
466,805
 
Denso Corp.
   
7,000
     
354,168
 
Denso Corp. - ADR
   
6,048
     
153,196
 
             
1,185,452
 
AUTOMOBILES - 2.0%
               
Honda Motor Co. Ltd. - ADR
   
49,827
     
1,472,886
 
Nissan Motor Co. Ltd.
   
36,396
     
709,358
 
Toyota Motor Corp. - ADR
   
27,232
     
3,245,238
 
             
5,427,482
 
BANKS - 1.5%
               
Mitsubishi UFJ Financial Group, Inc. - ADR
   
269,546
     
1,735,876
 
Mizuho Financial Group, Inc. - ADR
   
132,028
     
468,699
 
Sumitomo Mitsui Financial Group, Inc.
   
213,385
     
1,645,198
 
Sumitomo Mitsui Trust Holdings, Inc.
   
298
     
10,755
 
Sumitomo Mitsui Trust Holdings, Inc. - ADR
   
39,737
     
144,245
 
             
4,004,773
 
BUILDING PRODUCTS - 0.1%
               
Asahi Glass Co. Ltd.
   
600
     
22,263
 
Asahi Glass Co. Ltd. - ADR
   
21,219
     
156,596
 
             
178,859
 
CAPITAL MARKETS - 0.3%
               
Daiwa Securities Group, Inc.
   
16,000
     
90,622
 
Daiwa Securities Group, Inc. - ADR
   
49,678
     
283,165
 
Nomura Holdings, Inc. - ADR
   
94,167
     
524,510
 
             
898,297
 
CHEMICALS - 0.5%
               
Nitto Denko Corp.
   
500
     
41,690
 
Nitto Denko Corp. - ADR
   
11,626
     
485,269
 
Shin-Etsu Chemical Co. Ltd.
   
5,600
     
500,675
 
Sumitomo Chemical Co. Ltd.
   
38,000
     
237,416
 
             
1,265,050
 
COMMERCIAL SERVICES & SUPPLIES - 0.2%
               
Dai Nippon Printing Co. Ltd.
   
25,000
     
598,338
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
JAPAN - 15.6% (Continued)
 
COMMERCIAL SERVICES & SUPPLIES - 0.2% (Continued)
           
Dai Nippon Printing Co. Ltd. - ADR
   
37
   
$
445
 
             
598,783
 
CONSTRUCTION & ENGINEERING - 0.2%
               
Obayashi Corp.
   
55,000
     
659,394
 
                 
DIVERSIFIED FINANCIAL SERVICES - 0.4%
               
ORIX Corp.
   
20,100
     
324,133
 
ORIX Corp. - ADR
   
9,867
     
798,635
 
             
1,122,768
 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%
               
Nippon Telegraph & Telephone Corp.
   
32,480
     
1,484,986
 
                 
ELECTRIC UTILITIES - 0.1%
               
Chubu Electric Power Co., Inc.
   
12,600
     
156,436
 
Tohoku Electric Power Co., Inc.
   
12,700
     
161,515
 
             
317,951
 
ELECTRICAL EQUIPMENT - 0.3%
               
Nidec Corp. - ADR
   
30,872
     
947,462
 
                 
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.5%
               
Hitachi Ltd.
   
26,000
     
183,215
 
Hitachi Ltd. - ADR
   
5,344
     
377,180
 
Kyocera Corp.
   
2,800
     
173,743
 
Kyocera Corp. - ADR
   
3,162
     
196,582
 
Murata Manufacturing Co. Ltd.
   
2,300
     
338,091
 
Murata Manufacturing Co. Ltd. - ADR
   
1,592
     
58,777
 
TDK Corp.
   
800
     
54,319
 
TDK Corp. - ADR
   
826
     
56,168
 
             
1,438,075
 
FOOD PRODUCTS - 0.2%
               
Ajinomoto Co., Inc.
   
7,000
     
136,616
 
Meiji Holdings Co. Ltd.
   
2,000
     
158,550
 
Yakult Honsha Co. Ltd.
   
2,800
     
201,813
 
             
496,979
 
HEALTH CARE EQUIPMENT & SUPPLIES - 0.4%
               
Hoya Corp.
   
9,500
     
512,909
 
Hoya Corp. - ADR
   
1,734
     
94,260
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
JAPAN - 15.6% (Continued)
 
HEALTH CARE EQUIPMENT & SUPPLIES - 0.4% (Continued)
           
Terumo Corp.
   
11,800
   
$
464,051
 
             
1,071,220
 
HOUSEHOLD DURABLES - 0.8%
               
Sekisui House Ltd.
   
8,000
     
134,838
 
Sekisui House Ltd. - ADR
   
30,149
     
508,312
 
Sony Corp. - ADR
   
38,785
     
1,448,232
 
             
2,091,382
 
INSURANCE - 0.4%
               
MS&AD Insurance Group Holdings, Inc. - ADR
   
34,266
     
552,025
 
Tokio Marine Holdings, Inc.
   
4,600
     
179,961
 
Tokio Marine Holdings, Inc. - ADR
   
7,354
     
287,836
 
             
1,019,822
 
INTERNET & DIRECT MARKETING RETAIL - 0.1%
               
Rakuten, Inc.
   
18,400
     
200,647
 
                 
IT SERVICES - 0.1%
               
Fujitsu Ltd.
   
20,000
     
148,578
 
Fujitsu Ltd. - ADR
   
1,240
     
45,604
 
             
194,182
 
LEISURE PRODUCTS - 0.1%
               
Shimano, Inc.
   
1,600
     
213,153
 
                 
MACHINERY - 0.8%
               
FANUC Corp.
   
1,100
     
222,796
 
FANUC Corp. - ADR
   
43,920
     
890,698
 
Kubota Corp. - ADR
   
7,847
     
714,077
 
Makita Corp.
   
1,200
     
48,365
 
Makita Corp. - ADR
   
9,872
     
399,125
 
             
2,275,061
 
MARINE - 0.1%
               
Nippon Yusen KK (a)
   
5,600
     
116,409
 
Nippon Yusen KK - ADR (a)
   
7,243
     
30,452
 
             
146,861
 
METALS & MINING - 0.1%
               
Sumitomo Metal Mining Co. Ltd.
   
11,500
     
369,366
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
JAPAN - 15.6% (Continued)
 
OIL, GAS & CONSUMABLE FUELS - 0.1%
           
Inpex Corp.
   
26,239
   
$
278,784
 
                 
PERSONAL PRODUCTS - 0.5%
               
Kao Corp.
   
1,000
     
58,834
 
Kao Corp. - ADR
   
11,651
     
686,011
 
Shiseido Co. Ltd. - ADR
   
15,035
     
603,956
 
Shiseido Co. Ltd.
   
2,100
     
84,022
 
             
1,432,823
 
PHARMACEUTICALS - 0.5%
               
Astellas Pharma, Inc.
   
17,800
     
226,455
 
Astellas Pharma, Inc. - ADR
   
24,473
     
310,318
 
Daiichi Sankyo Co. Ltd.
   
7,700
     
173,681
 
Daiichi Sankyo Co. Ltd. - ADR
   
1,901
     
43,096
 
Takeda Pharmaceutical Co. Ltd.
   
2,700
     
149,109
 
Takeda Pharmaceutical Co. Ltd. - ADR
   
18,144
     
502,407
 
             
1,405,066
 
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6%
               
Daiwa House Industry Co. Ltd. - ADR
   
15,470
     
539,593
 
Mitsubishi Estate Co. Ltd.
   
11,000
     
191,268
 
Mitsubishi Estate Co. Ltd. - ADR
   
11,717
     
203,407
 
Mitsui Fudosan Co. Ltd.
   
21,000
     
455,386
 
Sumitomo Realty & Development Co. Ltd.
   
13,000
     
393,397
 
             
1,783,051
 
RETAIL - 0.4%
               
Japan Retail Fund Investment Corp.
   
607
     
1,089,169
 
                 
ROAD & RAIL - 0.5%
               
Central Japan Railway Co.
   
1,348
     
236,367
 
East Japan Railway Co.
   
3,590
     
331,338
 
East Japan Railway Co. - ADR
   
29,226
     
448,035
 
Keikyu Corp.
   
18,500
     
375,031
 
             
1,390,771
 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
               
Rohm Co. Ltd.
   
700
     
59,972
 
Rohm Co. Ltd. - ADR
   
2,660
     
112,518
 
             
172,490
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
JAPAN - 15.6% (Continued)
 
SOFTWARE - 0.4%
           
Nintendo Co. Ltd.
   
300
   
$
110,807
 
Nintendo Co. Ltd. - ADR
   
22,464
     
1,032,221
 
             
1,143,028
 
SPECIALTY RETAIL - 0.1%
               
Fast Retailing Co. Ltd.
   
700
     
206,479
 
                 
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.9%
               
Canon, Inc. - ADR
   
57,457
     
1,971,924
 
FUJIFILM Holdings Corp. - ADR
   
11,626
     
451,089
 
Seiko Epson Corp.
   
1,200
     
29,040
 
Seiko Epson Corp. - ADR
   
10,312
     
124,260
 
             
2,576,313
 
TEXTILES, APPAREL & LUXURY GOODS - 0.1%
               
Wacoal Holdings Corp. - ADR (a)
   
5,242
     
364,791
 
                 
TRADING COMPANIES & DISTRIBUTORS - 0.3%
               
Mitsubishi Corp.
   
16,300
     
378,890
 
Mitsui & Co. Ltd. - ADR
   
1,637
     
485,174
 
             
864,064
 
WIRELESS TELECOMMUNICATION SERVICES - 1.0%
               
KDDI Corp. - ADR
   
51,612
     
678,698
 
NTT DoCoMo, Inc.
 
25,031
     
570,456
 
Softbank Group Corp.
   
7,200
     
581,273
 
Softbank Group Corp. - ADR
   
21,536
     
875,654
 
             
2,706,081
 
TOTAL JAPAN
           
43,020,915
 
JERSEY - 0.3%
 
METALS & MINING - 0.2%
               
Randgold Resources Ltd. - ADR
   
4,722
     
461,151
 
                 
TRADING COMPANIES & DISTRIBUTORS - 0.1%
               
Ferguson plc
   
63,056
     
417,431
 
TOTAL JERSEY
           
878,582
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
LUXEMBOURG - 0.5%
 
ENERGY EQUIPMENT & SERVICES - 0.2%
           
Tenaris S.A. - ADR
   
20,102
   
$
569,088
 
                 
MEDIA - 0.3%
               
RTL Group S.A.
   
12,091
     
915,149
 
TOTAL LUXEMBOURG
           
1,484,237
 
MEXICO - 1.2%
 
BANKS - 0.1%
               
Grupo Financiero Banorte S.A.B. de C.V. - ADR
   
5,851
     
201,216
 
                 
BEVERAGES - 0.2%
               
Coca-Cola Femsa S.A.B. de C.V. - ADR
   
7,597
     
585,956
 
                 
CONSTRUCTION MATERIALS - 0.3%
               
Cemex S.A.B. de C.V. - ADR (a)
   
83,354
     
756,854
 
                 
FOOD & STAPLES RETAILING - 0.2%
               
Wal-Mart de Mexico S.A.B. de C.V. - ADR
   
29,614
     
680,056
 
                 
METALS & MINING - 0.1%
               
Fresnillo plc
   
14,613
     
275,078
 
                 
TRANSPORTATION INFRASTRUCTURE - 0.2%
               
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR
   
4,513
     
462,718
 
                 
WIRELESS TELECOMMUNICATION SERVICES - 0.1%
               
America Movil S.A.B. de C.V. - Series L
   
17,340
     
307,785
 
TOTAL MEXICO
           
3,269,663
 
NETHERLANDS - 3.5%
 
AUTOMOBILES - 0.5%
               
Ferrari N.V.
   
8,603
     
950,460
 
Fiat Chrysler Automobiles N.V. (a)
   
26,965
     
482,943
 
             
1,433,403
 
BANKS - 0.6%
               
ING Groep N.V.
   
86,627
     
1,595,669
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
NETHERLANDS - 3.5% (Continued)
 
CHEMICALS - 0.2%
           
Akzo Nobel N.V. - ADR
   
19,227
   
$
590,269
 
                 
FOOD & STAPLES RETAILING - 0.4%
               
Koninklijke Ahold Delhaize N.V.
   
5,491
     
102,668
 
Koninklijke Ahold Delhaize N.V. - ADR
   
49,012
     
915,054
 
             
1,017,722
 
HEALTH CARE EQUIPMENT & SUPPLIES - 0.5%
               
Koninklijke Philips N.V. - NY Registry Shares
   
30,708
      
1,265,170
 
                 
LIFE SCIENCES TOOLS & SERVICES - 0.2%
               
QIAGEN N.V.
   
16,162
     
509,103
 
                 
MEDIA - 0.1%
               
Wolters Kluwer N.V. - ADR
   
7,337
     
340,143
 
Wolters Kluwer N.V.
   
954
     
44,081
 
             
384,224
 
OIL, GAS & CONSUMABLE FUELS - 0.1%
               
Koninklijke Vopak N.V.
   
3,557
     
155,989
 
                 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%
               
ASML Holding N.V. - NY Registry Shares
   
6,611
     
1,131,803
 
NXP Semiconductors N.V. (a)
   
5,879
     
664,856
 
             
1,796,659
 
SOFTWARE - 0.0% (b)
               
Gemalto N.V.
   
2,161
     
96,531
 
                 
TRADING COMPANIES & DISTRIBUTORS - 0.3%
               
AerCap Holdings N.V. (a)
   
18,140
     
927,135
 
TOTAL NETHERLANDS
           
9,771,874
 
NORWAY - 1.3%
 
CHEMICALS - 0.1%
               
Yara International ASA - ADR
   
7,283
     
326,351
 
                 
METALS & MINING - 0.2%
               
Norsk Hydro ASA
   
61,990
     
450,685
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
NORWAY - 1.3% (Continued)
 
METALS & MINING - 0.2% (Continued)
           
Norsk Hydro ASA - ADR
   
13,201
   
$
96,367
 
             
547,052
 
OIL, GAS & CONSUMABLE FUELS - 1.0%
               
Statoil ASA - ADR
   
133,829
     
2,688,625
 
TOTAL NORWAY
           
3,562,028
 
PERU - 0.3%
 
METALS & MINING - 0.3%
               
Southern Copper Corp.
   
24,026
     
955,274
 
                 
PORTUGAL - 0.1%
 
ELECTRIC UTILITIES - 0.1%
               
EDP - Energias de Portugal S.A.
   
82,980
     
312,364
 
EDP - Energias de Portugal S.A. - ADR
   
1,231
     
46,532
 
TOTAL PORTUGAL
           
358,896
 
   
RUSSIA - 0.5%
 
WIRELESS TELECOMMUNICATION SERVICES - 0.5%
               
Mobile TeleSystems PJSC - ADR
   
124,208
     
1,296,731
 
                 
SINGAPORE - 1.4%
 
BANKS - 0.9%
               
DBS Group Holdings Ltd.
   
10,656
     
163,555
 
DBS Group Holdings Ltd. - ADR
   
19,975
     
1,230,260
 
United Overseas Bank Ltd.
   
24,187
     
419,025
 
United Overseas Bank Ltd. - ADR
   
22,014
     
766,087
 
             
2,578,927
 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%
               
Singapore Telecommunications Ltd.
   
86,000
     
233,311
 
Singapore Telecommunications Ltd. - ADR
   
6,886
     
187,127
 
             
420,438
 
INDUSTRIAL CONGLOMERATES - 0.2%
               
Keppel Corp. Ltd.
   
11,721
     
56,079
 
Keppel Corp. Ltd. - ADR
   
49,775
     
473,360
 
             
529,439
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
SINGAPORE - 1.4% (Continued)
 
MACHINERY - 0.1%
           
Sembcorp Marine Ltd.
   
204,000
   
$
262,431
 
                 
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.0% (b)
               
Keppel REIT
   
737
     
641
 
TOTAL SINGAPORE
           
3,791,876
 
SOUTH AFRICA - 1.8%
 
BANKS - 0.1%
               
Standard Bank Group Ltd. - ADR
   
19,275
     
227,445
 
                 
MEDIA - 0.6%
               
Naspers Ltd. - Class N - ADR
   
35,990
     
1,579,961
 
                 
METALS & MINING - 0.8%
               
Glencore plc
   
220,536
     
1,010,522
 
Gold Fields Ltd. - ADR
   
273,785
     
1,180,013
 
             
2,190,535
 
TRADING COMPANIES & DISTRIBUTORS - 0.1%
               
Barloworld Ltd.
   
45,286
     
416,468
 
                 
WIRELESS TELECOMMUNICATION SERVICES - 0.2%
               
MTN Group Ltd. - ADR
   
50,154
     
456,401
 
TOTAL SOUTH AFRICA
           
4,870,810
 
SOUTH KOREA - 2.2%
 
BANKS - 1.3%
               
KB Financial Group, Inc. - ADR
   
35,152
     
1,723,503
 
Shinhan Financial Group Co. Ltd. - ADR
   
30,017
     
1,329,753
 
Woori Bank - ADR
   
9,632
     
449,044
 
             
3,502,300
 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%
               
KT Corp. - ADR
   
71,631
     
993,522
 
                 
ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS - 0.3%
               
LG Display Co. Ltd. - ADR
   
61,056
     
819,372
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
SOUTH KOREA - 2.2% (Continued)
 
WIRELESS TELECOMMUNICATION SERVICES - 0.3%
           
SK Telecom Co. Ltd. - ADR
   
32,754
   
$
805,421
 
TOTAL SOUTH KOREA
           
6,120,615
 
SPAIN - 2.2%
 
BANKS - 0.9%
               
Banco Bilbao Vizcaya Argentaria S.A. - ADR
   
102,689
     
915,986
 
Banco Santander S.A. - ADR
   
230,491
     
1,599,608
 
             
2,515,594
 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.4%
               
Telefónica S.A. - ADR
   
103,466
     
1,116,398
 
                 
ELECTRIC UTILITIES - 0.2%
               
Iberdrola S.A. - ADR
   
16,749
     
519,387
 
                 
METALS & MINING - 0.1%
               
Acerinox S.A.
   
16,589
     
239,198
 
                 
OIL, GAS & CONSUMABLE FUELS - 0.4%
               
Repsol S.A.
   
24,639
     
453,991
 
Repsol S.A. - ADR
   
27,585
     
508,392
 
             
962,383
 
SPECIALTY RETAIL - 0.2%
               
Industria de Diseno Textil S.A.
   
17,640
     
664,758
 
TOTAL SPAIN
           
6,017,718
 
SWEDEN - 2.1%
 
COMMUNICATIONS EQUIPMENT - 0.1%
               
Telefonaktiebolaget LM Ericsson - ADR
   
68,485
     
393,789
 
                 
CONSTRUCTION & ENGINEERING - 0.3%
               
Skanska AB - Class B
   
37,142
     
860,371
 
                 
HOUSEHOLD PRODUCTS - 0.2%
               
Essity Aktiebolag AB - Class B (a)
   
12,219
     
332,395
 
Svenska Cellulosa AB SCA - Class B
   
12,219
     
103,498
 
             
435,893
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
SWEDEN - 2.1% (Continued)
 
MACHINERY - 0.9%
           
Alfa Laval AB
   
23,419
   
$
571,810
 
Atlas Copco AB - ADR
   
18,292
     
777,227
 
Atlas Copco AB - Class A
   
8,922
     
377,750
 
Sandvik AB
   
19,176
     
330,737
 
Sandvik AB - ADR
   
20,116
     
348,811
 
             
2,406,335
 
METALS & MINING - 0.3%
               
Boliden AB
   
22,985
     
777,911
 
                 
OIL, GAS & CONSUMABLE FUELS - 0.2%
               
Lundin Petroleum AB (a)
   
24,270
     
530,916
 
                 
SPECIALTY RETAIL - 0.3%
               
Hennes & Mauritz AB - ADR
   
65,360
     
336,604
 
Hennes & Mauritz AB - Class B
   
3,195
     
82,756
 
             
419,360
 
TOTAL SWEDEN
           
5,824,575
 
SWITZERLAND - 6.2%
 
CAPITAL MARKETS - 0.7%
               
Credit Suisse Group AG
   
31,487
   
497,495
 
Julius Baer Group Ltd.
   
9,537
     
564,413
 
UBS Group AG
   
46,462
     
796,823
 
             
1,858,731
 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1%
               
Swisscom AG - ADR
   
7,140
     
366,639
 
                 
ELECTRICAL EQUIPMENT - 0.6%
               
Abb Ltd. - ADR
   
61,282
     
1,516,729
 
                 
FOOD PRODUCTS - 2.1%
               
Barry Callebaut AG
   
397
     
608,492
 
Nestlé S.A. - ADR
   
60,374
     
5,072,020
 
             
5,680,512
 
INSURANCE - 0.5%
               
Swiss Re AG
   
3,563
     
322,735
 
Zurich Insurance Group AG - ADR
   
38,250
     
1,170,546
 
             
1,493,281
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
SWITZERLAND - 6.2% (Continued)
 
MACHINERY - 0.1%
           
Schindler Holding AG
   
1,587
   
$
341,426
 
                 
PHARMACEUTICALS - 1.9%
               
Novartis AG - ADR
   
31,455
     
2,700,412
 
Roche Holding AG
   
80,784
     
2,585,088
 
             
5,285,500
 
PROFESSIONAL SERVICES - 0.2%
               
Adecco S.A.
   
4,136
     
322,094
 
Adecco S.A. - ADR
   
4,982
     
193,800
 
             
515,894
 
TRADING COMPANIES & DISTRIBUTORS - 0.0% (b)
               
Wolseley plc
   
537
     
35,225
 
TOTAL SWITZERLAND
           
17,093,937
 
TAIWAN - 2.2%
 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%
               
Chunghwa Telecom Co. Ltd.
   
40,566
     
1,383,706
 
                 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.7%
               
Advanced Semiconductor Engineering, Inc. - ADR
   
101,549
     
627,573
 
Siliconware Precision Industries Co. Ltd. - ADR
   
70,913
     
559,504
 
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
   
77,900
     
2,925,145
 
United Microelectronics Corp. - ADR
   
191,039
     
477,598
 
             
4,589,820
 
TOTAL TAIWAN
           
5,973,526
 
TURKEY - 0.1%
 
BANKS - 0.1%
               
Turkiye Garanti Bankasi A.S. - ADR
   
59,610
     
164,524
 
                 
UNITED KINGDOM - 10.0%
 
BANKS - 1.6%
               
HSBC Holdings plc - ADR
   
60,926
     
3,010,354
 
Lloyds Banking Group plc - ADR
   
269,987
     
988,152
 
Standard Chartered pcl (a)
   
45,039
     
447,506
 
             
4,446,012
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
UNITED KINGDOM - 10.0% (Continued)
 
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%
           
BT Group plc - ADR
   
38,538
   
$
741,471
 
                 
ELECTRIC UTILITIES - 0.3%
               
SSE plc
   
8,585
     
160,686
 
SSE plc - ADR
   
39,878
     
756,884
 
             
917,570
 
ENERGY EQUIPMENT & SERVICES - 0.3%
               
Subsea 7 S.A.
   
42,228
     
693,026
 
Subsea 7 S.A. - ADR
   
2,780
     
45,814
 
             
738,840
 
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.1%
               
Land Securities Group plc
   
28,713
     
373,925
 
                 
FOOD & STAPLES RETAILING - 0.3%
               
J Sainsbury plc
   
4,806
     
15,319
 
J Sainsbury plc - ADR
   
18,741
     
243,633
 
Tesco plc (a)
   
46,000
     
115,342
 
Tesco plc - ADR (a)
   
29,931
     
227,476
 
William Morrison Supermarkets plc
   
29,374
     
92,131
 
WM Morrison Supermarkets plc - ADR
   
8,054
     
126,931
 
             
820,832
 
FOOD PRODUCTS - 0.2%
               
Associated British Foods plc
   
11,454
     
489,846
 
                 
HEALTH CARE EQUIPMENT & SUPPLIES - 0.4%
               
Smith & Nephew plc
   
4,232
     
76,432
 
Smith & Nephew plc - ADR
   
24,332
     
885,685
 
             
962,117
 
HOTELS, RESTAURANTS & LEISURE - 0.5%
               
Compass Group plc
   
2,160
     
45,812
 
Compass Group plc - ADR
   
45,261
   
978,362
 
Intercontinental Hotels Group plc
   
9,114
     
482,039
 
             
1,506,213
 
HOUSEHOLD PRODUCTS - 0.7%
               
Reckitt Benckiser Group plc (a)
   
5,677
     
518,200
 
Reckitt Benckiser Group plc - ADR
   
70,985
     
1,321,031
 
             
1,839,231
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
UNITED KINGDOM - 10.0% (Continued)
 
INSURANCE - 0.7%
           
Aviva plc - ADR
   
22,486
   
$
316,378
 
Aviva plc
   
41,971
     
289,318
 
Prudential plc - ADR
   
26,183
     
1,254,428
 
             
1,860,124
 
MEDIA - 0.9%
               
Pearson plc - ADR
   
52,078
     
423,915
 
RELX plc
   
4,710
     
103,302
 
RELX plc - ADR
   
48,463
     
1,083,148
 
WPP plc - ADR
   
9,005
     
835,664
 
             
2,446,029
 
MULTI-LINE RETAIL - 0.2%
               
Marks & Spencer Group plc
   
10,719
     
50,753
 
Marks & Spencer Group plc - ADR
   
25,759
     
244,195
 
Next plc
   
3,908
     
275,410
 
             
570,358
 
MULTI-UTILITIES - 0.6%
               
National Grid plc
   
25,820
     
1,619,172
 
                 
OIL, GAS & CONSUMABLE FUELS - 0.2%
               
Amec Foster Wheeler plc
   
32,410
     
221,240
 
Tullow Oil plc (a)
   
112,077
     
279,449
 
Tullow Oil plc - ADR
   
15,976
     
19,650
 
             
520,339
 
PERSONAL PRODUCTS - 0.9%
               
Unilever N.V. - NY Registry Shares - ADR
   
42,041
     
2,482,101
 
                 
PHARMACEUTICALS - 0.7%
               
GlaxoSmithKline plc - ADR
   
50,820
     
2,063,292
 
                 
PROFESSIONAL SERVICES - 0.1%
               
Capita plc
   
32,934
     
249,306
 
                 
SOFTWARE - 0.1%
               
Sage Group plc
   
33,781
     
316,140
 
Sage Group plc - ADR
   
2,320
     
86,967
 
             
403,107
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
UNITED KINGDOM - 10.0% (Continued)
 
SPECIALTY RETAIL - 0.1%
           
Kingfisher plc - ADR
   
29,151
   
$
237,289
 
                 
WATER UTILITIES - 0.2%
               
Severn Trent plc
   
10,914
     
317,749
 
United Utilities Group plc
   
2,386
     
27,316
 
United Utilities Group plc - ADR
   
12,883
     
298,113
 
             
643,178
 
WIRELESS TELECOMMUNICATION SERVICES - 0.6%
               
Vodafone Group plc
   
58,711
     
1,670,915
 
TOTAL UNITED KINGDOM
           
27,601,267
 
UNITED STATES - 3.4%
 
CHEMICALS - 0.4%
               
Agrium, Inc.
   
9,767
     
1,047,120
 
                 
COMMERCIAL BANKS - 0.2%
               
Barclays plc - ADR
   
64,161
     
664,066
 
                 
DIVERSIFIED CONSUMER SERVICES - 0.2%
               
New Oriental Education & Technology Group, Inc. - ADR
   
7,334
     
647,299
 
                 
HOTELS, RESTAURANTS & LEISURE - 0.5%
               
Carnival plc - ADR
   
7,671
     
494,626
 
Yum China Holdings, Inc. (a)
   
21,920
     
876,142
 
             
1,370,768
 
IT SERVICES - 0.2%
               
CGI Group, Inc. - Class A (a)
   
9,434
     
489,342
 
                 
MEDIA - 0.2%
               
Thomson Reuters Corp.
   
14,688
     
673,886
 
                 
METALS & MINING - 0.1%
               
Antofagasta plc
   
31,044
     
394,507
 
                 
MULTI-LINE RETAIL - 0.4%
               
JD.com, Inc. - ADR (a)
   
25,659
     
980,174
 


Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
 
COMMON STOCKS - 98.1% (Continued)
 
Shares
   
Fair Value
 
UNITED STATES - 3.4% (Continued)
 
PHARMACEUTICALS - 0.6%
           
AstraZeneca plc - ADR
   
48,500
   
$
1,643,180
 
                 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
               
Stmicroelectronics NV - NY Registry Shares
   
37,925
     
736,503
 
                 
TEXTILES, APPAREL & LUXURY GOODS - 0.3%
               
Gildan Activewear, Inc.
   
25,642
     
802,082
 
TOTAL UNITED STATES
           
9,448,927
 
                 
TOTAL COMMON STOCKS (COST $210,008,050)
         
$
269,911,525
 
 
CORPORATE NOTES - 0.9%
 
Coupon
 
Maturity
 
Par Value
   
Value
 
COMMUNITY DEVELOPMENT - 0.9%
           
Calvert Social Investment Foundation, Inc. (c)
   
1.000%
 
12/15/17
 
$
600,000
   
$
600,000
 
Calvert Social Investment Foundation, Inc. (c)
   
1.000%
 
06/15/18
   
750,000
     
750,000
 
Calvert Social Investment Foundation, Inc. (c)
   
1.500%
 
06/15/18
   
500,000
     
500,000
 
Calvert Social Investment Foundation, Inc. (c)
   
1.500%
 
06/17/19
   
500,000
     
500,000
 
TOTAL CORPORATE NOTES (COST $2,350,000)
   
$
2,350,000
 
                           
TOTAL INVESTMENTS - (COST(d) $212,358,050 - Unrealized gain/loss $59,903,475) - 99.0%
   
$
272,261,525
 
                         
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%
     
2,877,651
 
                         
NET ASSET - 100.0%
             
$
275,139,176
 
 
(a)
Non-income producing security.
(b)
Percentage rounds to less than 0.1%.
(c)
Illiquid security.
(d)
Represents cost for financial reporting purposes.
 
ADR - American Depositary Receipt
plc - Public Liability Company
REIT - Real Estate Investment Trust
 
See accompanying notes to Schedules of Investments.

Schedule of Portfolio Investments
Praxis Value Index Fund
September 30, 2017 (Unaudited)
 
COMMON STOCKS - 98.9%
 
Shares
   
Value
 
AEROSPACE & DEFENSE - 0.2%
           
TransDigm Group, Inc.
   
1,320
   
$
337,458
 
                 
AIR FREIGHT & LOGISTICS - 0.2%
               
United Parcel Service, Inc. - Class B
   
3,150
     
378,284
 
                 
AIRLINES - 0.8%
               
American Airlines Group, Inc.
   
12,970
     
615,945
 
Delta Air Lines, Inc.
   
18,080
     
871,818
 
             
1,487,763
 
AUTO COMPONENTS - 0.4%
               
Delphi Automotive plc
   
4,830
     
475,272
 
Goodyear Tire & Rubber Co. (The)
   
9,590
     
318,868
 
             
794,140
 
AUTOMOBILES - 0.6%
               
Ford Motor Co.
   
88,423
     
1,058,423
 
                 
BANKS - 13.4%
               
Bank of America Corp. (a)
   
206,280
     
5,227,135
 
BB&T Corp. (a)
   
28,654
     
1,345,019
 
Citigroup, Inc.
   
58,336
     
4,243,361
 
Citizens Financial Group, Inc.
   
4,490
     
170,036
 
Fifth Third Bancorp
   
13,220
     
369,896
 
Huntington Bancshares, Inc.
   
18,154
     
253,430
 
JPMorgan Chase & Co.
   
78,335
     
7,481,776
 
KeyCorp
   
19,528
     
367,517
 
M&T Bank Corp.
   
3,476
     
559,775
 
PNC Financial Services Group, Inc. (The)
   
12,861
     
1,733,277
 
Regions Financial Corp.
   
24,860
     
378,618
 
SunTrust Banks, Inc.
   
12,746
     
761,828
 
U.S. Bancorp
   
35,807
     
1,918,897
 
             
24,810,565
 
BEVERAGES - 2.1%
               
Coca-Cola Co. (The)
   
47,220
     
2,125,372
 
PepsiCo, Inc.
   
15,769
     
1,757,140
 
             
3,882,512
 
BIOTECHNOLOGY - 1.1%
               
Amgen, Inc. (a)
   
7,514
     
1,400,985
 


Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
 
COMMON STOCKS - 98.9% (Continued)
 
Shares
   
Value
 
BIOTECHNOLOGY - 1.1% (Continued)
           
Gilead Sciences, Inc.
   
2,520
   
$
204,171
 
Vertex Pharmaceuticals, Inc. (a)
   
2,930
     
445,477
 
             
2,050,633
 
BUILDING PRODUCTS - 0.7%
               
Johnson Controls International plc
   
22,287
     
897,943
 
Masco Corp.
   
9,010
     
351,480
 
             
1,249,423
 
CAPITAL MARKETS - 3.8%
               
Ameriprise Financial, Inc.
   
1,806
     
268,209
 
Bank of New York Mellon Corp. (The) (a)
   
29,004
     
1,537,792
 
BlackRock, Inc.
   
992
     
443,513
 
Franklin Resources, Inc.
   
7,540
     
335,605
 
Goldman Sachs Group, Inc. (The)
   
7,297
     
1,730,775
 
Invesco Ltd.
   
9,712
     
340,309
 
Morgan Stanley
   
28,381
     
1,367,113
 
Northern Trust Corp.
   
3,977
     
365,606
 
State Street Corp.
   
6,240
     
596,170
 
             
6,985,092
 
CHEMICALS - 3.8%
               
Air Products & Chemicals, Inc. (a)
   
3,687
     
557,548
 
DowDuPont, Inc.
   
37,073
     
2,566,564
 
Eastman Chemical Co.
   
3,520
     
318,525
 
Ecolab, Inc.
   
5,966
     
767,287
 
International Flavors & Fragrances, Inc.
   
1,480
     
211,507
 
LyondellBasell Industries N.V. - Class A
   
10,220
     
1,012,291
 
Mosaic Co. (The)
   
10,240
     
221,081
 
Praxair, Inc.
   
9,146
     
1,278,062
 
             
6,932,865
 
COMMERCIAL SERVICES & SUPPLIES - 1.0%
               
Republic Services, Inc.
   
9,250
     
611,055
 
Stericycle, Inc. (a)
   
3,920
     
280,750
 
Waste Management, Inc.
   
13,210
     
1,033,947
 
             
1,925,752
 
COMMUNICATIONS EQUIPMENT - 1.8%
               
Cisco Systems, Inc.
   
98,575
     
3,315,077
 
                 
CONSUMER FINANCE - 1.2%
               
American Express Co. (a)
   
6,564
     
593,779
 


Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
 
COMMON STOCKS - 98.9% (Continued)
 
Shares
   
Value
 
CONSUMER FINANCE - 1.2% (Continued)
           
Capital One Financial Corp.
   
13,220
   
$
1,119,205
 
Synchrony Financial
   
13,930
     
432,527
 
             
2,145,511
 
CONTAINERS & PACKAGING - 0.6%
               
Ball Corp. (a)
   
12,508
     
516,580
 
International Paper Co.
   
5,781
     
328,476
 
WestRock Co.
   
4,550
     
258,122
 
             
1,103,178
 
DISTRIBUTORS - 0.4%
               
Genuine Parts Co.
   
7,820
     
747,983
 
                 
DIVERSIFIED FINANCIAL SERVICES - 0.3%
               
CME Group, Inc.
   
3,070
     
416,538
 
Leucadia National Corp.
   
8,360
     
211,090
 
             
627,628
 
DIVERSIFIED TELECOMMUNICATION SERVICES - 3.5%
               
AT&T, Inc.
   
115,951
     
4,541,801
 
CenturyLink, Inc.
   
7,688
     
145,303
 
Verizon Communications, Inc.
   
37,430
     
1,852,411
 
             
6,539,515
 
ELECTRIC UTILITIES - 4.5%
               
American Electric Power Co., Inc. (a)
   
15,270
     
1,072,565
 
Duke Energy Corp.
   
21,544
     
1,807,972
 
Edison International
   
5,807
     
448,126
 
Eversource Energy
   
11,270
     
681,159
 
NextEra Energy, Inc.
   
6,925
     
1,014,859
 
PPL Corp.
   
21,901
     
831,143
 
Southern Co. (The)
   
34,381
     
1,689,482
 
Xcel Energy, Inc.
   
15,124
     
715,668
 
             
8,260,974
 
ELECTRICAL EQUIPMENT - 1.0%
               
Eaton Corp. plc
   
6,720
     
516,029
 
Emerson Electric Co.
   
13,984
     
878,754
 
Rockwell Automation, Inc.
   
2,280
     
406,319
 
             
1,801,102
 


Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
 
COMMON STOCKS - 98.9% (Continued)
 
Shares
   
Value
 
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.3%
           
TE Connectivity Ltd.
   
6,156
   
$
511,317
 
                 
ENERGY EQUIPMENT & SERVICES - 2.0%
               
Baker Hughes, a GE Co.
   
11,480
     
420,398
 
National Oilwell Varco, Inc.
   
9,526
     
340,364
 
Schlumberger Ltd.
   
35,086
     
2,447,599
 
TechnipFMC plc (a)
   
20,350
     
568,172
 
             
3,776,533
 
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.8%
               
Boston Properties, Inc.
   
1,460
     
179,405
 
Crown Castle International Corp.
   
1,960
     
195,961
 
Equity Residential
   
5,230
     
344,814
 
Iron Mountain, Inc.
   
5,070
     
197,223
 
Public Storage
   
1,620
     
346,664
 
SL Green Realty Corp.
   
980
     
99,293
 
Ventas, Inc.
   
2,420
     
157,615
 
             
1,520,975
 
FOOD & STAPLES RETAILING - 4.4%
               
Costco Wholesale Corp.
   
8,400
     
1,380,036
 
CVS Health Corp.
   
26,003
     
2,114,564
 
Kroger Co. (The)
   
23,634
     
474,098
 
Sysco Corp.
   
7,993
     
431,223
 
Walgreen Boots Alliance, Inc.
   
18,410
     
1,421,620
 
Wal-Mart Stores, Inc.
   
30,100
     
2,352,014
 
             
8,173,555
 
FOOD PRODUCTS - 2.3%
               
Archer-Daniels-Midland Co. (a)
   
12,480
     
530,525
 
Conagra Brands, Inc.
   
6,540
     
220,659
 
General Mills, Inc.
   
5,864
     
303,521
 
Hormel Foods Corp.
   
5,000
     
160,700
 
J.M. Smucker Co. (The)
   
2,030
     
213,008
 
Kellogg Co.
   
2,689
     
167,713
 
Kraft Heinz Co. (The)
   
13,020
     
1,009,701
 
Mondelēz International, Inc. - Class A
   
35,312
     
1,435,786
 
Tyson Foods, Inc. - Class A
   
3,530
     
248,688
 
             
4,290,301
 


Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
 
COMMON STOCKS - 98.9% (Continued)
 
Shares
   
Value
 
HEALTH CARE EQUIPMENT & SUPPLIES - 2.6%
           
Baxter International, Inc. (a)
   
9,382
   
$
588,720
 
Becton Dickinson and Co. (a)
   
1,720
     
337,034
 
Danaher Corp.
   
15,190
     
1,302,998
 
DENTSPLY SIRONA, Inc.
   
4,770
     
285,294
 
Medtronic plc
   
28,240
     
2,196,225
 
             
4,710,271
 
HEALTH CARE PROVIDERS & SERVICES - 3.2%
               
AmerisourceBergen Corp. (a)
   
4,320
     
357,480
 
Anthem, Inc. (a)
   
5,470
     
1,038,644
 
Cardinal Health, Inc.
   
8,170
     
546,736
 
Centene Corp. (a)
   
3,730
     
360,952
 
Cigna Corp.
   
5,445
     
1,017,888
 
DaVita, Inc. (a)
   
5,270
     
312,985
 
Express Scripts Holding Co. (a)
   
12,457
     
788,777
 
HCA Healthcare, Inc. (a)
   
2,520
     
200,567
 
Laboratory Corp. of America Holdings (a)
   
2,670
     
403,090
 
McKesson Corp.
   
3,974
     
610,446
 
UnitedHealth Group, Inc.
   
1,390
     
272,232
 
             
5,909,797
 
HOTELS, RESTAURANTS & LEISURE - 0.9%
               
Carnival Corp.
   
8,393
     
541,936
 
McDonald's Corp.
   
7,590
     
1,189,201
 
             
1,731,137
 
HOUSEHOLD DURABLES - 0.7%
               
D.R. Horton, Inc.
   
12,220
     
487,945
 
Leggett & Platt, Inc.
   
3,240
     
154,645
 
Newell Brands, Inc.
   
5,730
     
244,499
 
Whirlpool Corp.
   
1,752
     
323,139
 
             
1,210,228
 
HOUSEHOLD PRODUCTS - 1.8%
               
Colgate-Palmolive Co.
   
6,578
     
479,207
 
Kimberly-Clark Corp.
   
2,070
     
243,598
 
Procter & Gamble Co. (The)
   
28,046
     
2,551,625
 
             
3,274,430
 
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.2%
               
AES Corp.
   
28,654
     
315,767
 


Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
 
COMMON STOCKS - 98.9% (Continued)
 
Shares
   
Value
 
INDUSTRIAL CONGLOMERATES - 1.1%
           
3M Co.
   
7,625
   
$
1,600,488
 
Roper Technologies, Inc.
   
1,890
     
460,026
 
             
2,060,514
 
INSURANCE - 8.5%
               
Aflac, Inc. (a)
   
13,070
     
1,063,767
 
Allstate Corp. (The) (a)
   
13,209
     
1,214,039
 
American International Group, Inc. (a)
   
24,607
     
1,510,624
 
Aon plc
   
2,137
     
312,216
 
Assurant, Inc.
   
2,924
     
279,300
 
Brighthouse Financial, Inc. (a)
   
2,503
     
152,182
 
Chubb Corp.
   
20,437
     
2,913,296
 
Cincinnati Financial Corp.
   
3,262
     
249,771
 
Hartford Financial Services Group, Inc. (The)
   
9,080
     
503,304
 
Lincoln National Corp.
   
4,220
     
310,086
 
Loews Corp.
   
10,970
     
525,024
 
Marsh & McLennan Cos., Inc.
   
3,820
     
320,154
 
MetLife, Inc.
   
27,543
     
1,430,859
 
Principal Financial Group, Inc.
   
6,500
     
418,210
 
Progressive Corp. (The)
   
19,043
     
922,062
 
Prudential Financial, Inc.
   
12,740
     
1,354,517
 
Travelers Cos., Inc. (The) (a)
   
9,463
     
1,159,407
 
Unum Group
   
5,160
     
263,831
 
Willis Towers Watson plc
   
2,350
     
362,441
 
XL Group Ltd.
   
8,980
     
354,261
 
             
15,619,351
 
INTERNET SOFTWARE & SERVICES - 0.4%
               
Alphabet, Inc. - Class C (a)
   
300
     
287,733
 
eBay, Inc. (a)
   
13,068
     
502,595
 
             
790,328
 
IT SERVICES - 1.1%
               
Accenture plc - Class A
   
3,890
     
525,422
 
International Business Machines Corp.
   
8,482
     
1,230,568
 
Paychex, Inc.
   
3,684
     
220,893
 
Visa, Inc. - Class A
   
3,120
     
328,349
 
             
2,305,232
 
LIFE SCIENCES TOOLS & SERVICES - 0.5%
               
Thermo Fisher Scientific, Inc.
   
4,884
     
924,053
 


Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
 
COMMON STOCKS - 98.9% (Continued)
 
Shares
   
Value
 
MACHINERY - 1.8%
           
Deere & Co.
   
4,267
   
$
535,892
 
Dover Corp.
   
5,143
     
470,019
 
Flowserve Corp.
   
3,900
     
166,101
 
Illinois Tool Works, Inc.
   
2,235
     
330,691
 
Ingersoll-Rand plc
   
2,625
     
234,071
 
PACCAR, Inc.
   
2,996
     
216,731
 
Parker-Hannifin Corp.
   
1,567
     
274,256
 
Pentair plc
   
4,480
     
304,461
 
Snap-on, Inc.
   
2,090
     
311,431
 
Stanley Black & Decker, Inc.
   
2,630
     
397,051
 
             
3,240,704
 
MEDIA - 1.4%
               
Charter Communications, Inc. - Class A (a)
   
820
     
298,004
 
Comcast Corp. - Class A
   
5,450
     
209,716
 
Omnicom Group, Inc.
   
2,019
     
149,547
 
Twenty-First Century Fox, Inc. - Class B
   
21,460
     
553,453
 
Viacom, Inc. - Class B
   
4,870
     
135,581
 
Walt Disney Co. (The)
   
12,757
     
1,257,458
 
             
2,603,759
 
METALS & MINING - 0.3%
               
Newmont Mining Corp.
   
8,330
     
312,458
 
Nucor Corp.
   
5,300
     
297,012
 
             
609,470
 
MULTI-LINE RETAIL - 0.4%
               
Macy's, Inc.
   
8,583
     
187,281
 
Target Corp. (a)
   
9,106
     
537,345
 
             
724,626
 
MULTI-UTILITIES - 1.5%
               
Ameren Corp. (a)
   
5,570
     
322,169
 
Consolidated Edison, Inc.
   
7,361
     
593,885
 
DTE Energy Co.
   
5,910
     
634,498
 
NiSource, Inc.
   
6,840
     
175,036
 
Sempra Energy
   
7,343
     
838,056
 
WEC Energy Group, Inc.
   
2,940
     
184,573
 
             
2,748,217
 
OIL, GAS & CONSUMABLE FUELS - 8.9%
               
Anadarko Petroleum Corp. (a)
   
10,690
     
522,207
 
Andeavor
   
4,480
     
462,112
 


Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
 
COMMON STOCKS - 98.9% (Continued)
 
Shares
   
Value
 
OIL, GAS & CONSUMABLE FUELS - 8.9% (Continued)
           
Apache Corp. (a)
   
5,378
   
$
246,312
 
ConocoPhillips
   
55,397
     
2,772,620
 
EOG Resources, Inc.
   
9,010
     
871,627
 
EQT Corp.
   
5,638
     
367,823
 
Hess Corp.
   
21,630
     
1,014,231
 
Kinder Morgan, Inc.
   
53,301
     
1,022,313
 
Marathon Oil Corp.
   
49,886
     
676,454
 
Marathon Petroleum Corp.
   
13,936
     
781,531
 
Noble Energy, Inc.
   
10,718
     
303,963
 
Occidental Petroleum Corp.
   
57,570
     
3,696,570
 
ONEOK, Inc.
   
6,125
     
339,386
 
Phillips 66
 
20,080
     
1,839,529
 
Pioneer Natural Resources Co.
   
1,110
     
163,769
 
Valero Energy Corp.
   
14,510
     
1,116,254
 
Williams Cos., Inc. (The)
   
9,371
     
281,224
 
             
16,477,925
 
PERSONAL PRODUCTS - 0.1%
               
Estee Lauder Cos., Inc. (The) - Class A
   
2,200
     
237,248
 
                 
PHARMACEUTICALS - 5.4%
               
Abbott Laboratories (a)
   
35,130
     
1,874,537
 
AbbVie, Inc.
   
3,278
     
291,283
 
Bristol-Myers Squibb Co.
   
18,189
     
1,159,367
 
Eli Lilly & Co.
   
14,157
     
1,210,990
 
Johnson & Johnson
   
23,521
     
3,057,965
 
Merck & Co., Inc.
   
26,941
     
1,725,032
 
Mylan N.V. (a)
   
10,220
     
320,601
 
Perrigo Co. plc
   
3,340
     
282,731
 
             
9,922,506
 
PROFESSIONAL SERVICES - 0.1%
               
Nielsen Holdings plc
   
5,930
     
245,799
 
                 
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.7%
               
HCP, Inc.
   
8,647
     
240,646
 
Simon Property Group, Inc.
   
3,089
     
497,360
 
Weyerhaeuser Co.
   
16,349
     
556,356
 
             
1,294,362
 


Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
COMMON STOCKS - 98.9% (Continued)
 
Shares
   
Value
 
ROAD & RAIL - 0.8%
           
CSX Corp.
   
5,740
   
$
311,452
 
Norfolk Southern Corp.
   
4,645
     
614,255
 
Union Pacific Corp.
   
5,360
     
621,599
 
             
1,547,306
 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.8%
               
Intel Corp.
   
60,278
     
2,295,386
 
Micron Technology, Inc. (a)
   
19,070
     
750,023
 
Qorvo, Inc. (a)
   
2,470
     
174,580
 
Texas Instruments, Inc.
   
1,150
     
103,086
 
             
3,323,075
 
SOFTWARE - 1.1%
               
Adobe Systems, Inc. (a)
   
1,819
     
271,358
 
CA, Inc.
   
7,512
     
250,751
 
Microsoft Corp.
   
3,090
     
230,174
 
Oracle Corp.
   
26,762
     
1,293,943
 
             
2,046,226
 
SOFTWARE & SERVICES - 0.2%
               
S&P Global, Inc.
   
2,128
     
332,628
 
                 
SPECIALTY RETAIL - 0.5%
               
Home Depot, Inc. (The)
   
1,142
     
186,786
 
Lowe's Cos., Inc.
   
8,780
     
701,873
 
             
888,659
 
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.8%
               
Apple, Inc. (a)
   
1,610
     
248,133
 
HP, Inc.
   
32,130
     
641,315
 
Seagate Technology plc
   
4,910
     
162,865
 
Western Digital Corp.
   
4,475
     
386,640
 
             
1,438,953
 
TEXTILES, APPAREL & LUXURY GOODS - 0.5%
               
NIKE, Inc. - Class B
   
11,440
     
593,164
 
VF Corp.
   
5,110
     
324,843
 
             
918,007
 


Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
 
COMMON STOCKS - 98.9% (Continued)
 
Shares
   
Value
 
WATER UTILITIES - 0.2%
           
American Water Works Co., Inc. (a)
   
3,640
   
$
294,512
 
                 
TOTAL COMMON STOCKS (COST $141,830,859)
   
$
182,451,649
 
 
RIGHTS - 0.0% (b)
 
Shares
   
Value
 
Safeway, Inc. (Casa Ley subsidiary), expiring 01/30/18 (Cost $0)
   
6,607
   
$
6,705
 
 
CORPORATE NOTES - 0.8%
 
Coupon
 
Maturity
 
Principal Amount
   
Fair Value
 
COMMUNITY DEVELOPMENT - 0.8%
           
Calvert Social Investment Foundation, Inc. (c)
   
1.000%
 
12/15/17
 
$
750,000
   
$
750,000
 
Calvert Social Investment Foundation, Inc. (c)
   
1.000%
 
06/15/18
   
300,000
     
300,000