# EDGAR Filing Document

**Accession Number:** 0000912900
**File Stem:** 0001398344-23-005759
**Filing Date:** 2023-3
**Character Count:** 473933
**Document Hash:** e9366fab1e809a2c20eab832e1ae6168
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-005759.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001398344-23-005759

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRAXIS MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0000912900
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08056
- **FILM NUMBER:** 23714982

**BUSINESS ADDRESS:**
- **STREET 1:** 1110 N. MAIN ST.
- **CITY:** GOSHEN
- **STATE:** IN
- **ZIP:** 46527
- **BUSINESS PHONE:** 8009772947

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 483
- **CITY:** GOSHEN
- **STATE:** IN
- **ZIP:** 46527

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MMA PRAXIS MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19931229

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRAXIS MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19931001

## Series and Classes Contracts Data

### Praxis Impact Bond Fund (Series ID: S000003160)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000008547 | Praxis Impact Bond Fund Class A | MIIAX           |
| C000035282 | Praxis Impact Bond Fund Class I | MIIIX           |

### Praxis Value Index Fund (Series ID: S000003162)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000008551 | Praxis Value Index Fund Class A | MVIAX           |
| C000035284 | Praxis Value Index Fund Class I | MVIIX           |

### Praxis Growth Index Fund (Series ID: S000017266)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000047793 | Praxis Growth Index Fund Class A | MGNDX           |
| C000047795 | Praxis Growth Index Fund Class I | MMDEX           |

### Praxis Small Cap Index Fund (Series ID: S000017267)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000047796 | Praxis Small Cap Index Fund Class A | MMSCX           |
| C000047798 | Praxis Small Cap Index Fund Class I | MMSIX           |

### Praxis Genesis Conservative Portfolio (Series ID: S000026797)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000080567 | Praxis Genesis Conservative Portfolio Class A | MCONX           |

### Praxis Genesis Balanced Portfolio (Series ID: S000026798)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000080568 | Praxis Genesis Balanced Portfolio Class A | MBAPX           |

### Praxis Genesis Growth Portfolio (Series ID: S000026799)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000080569 | Praxis Genesis Growth Portfolio Class A | MGAFX           |

### Praxis International Index Fund (Series ID: S000030941)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000095945 | Praxis International Index Fund Class A | MPLAX           |
| C000095946 | Praxis International Index Fund Class I | MPLIX           |

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

**Investment Company Act file number: 811-8056**

**Praxis Mutual Funds**

**(Exact name of registrant as specified in charter)**

**1110 N. Main Street**

**Goshen, IN 46527**

**(Address of principal executive offices) (Zip code)**

**Anthony Zacharski**

**Dechert LLP**

**200 Clarendon Street, 27<sup>th</sup> Floor**

**Boston, MA 02116**

**(Name and Address of Agent for Service)**

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

**Date of fiscal year end: December 31**

**Date of reporting period: December 31, 2022**

**Item 1.** **Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940
(17 CFR 270.30e-1).

![](fp0081640-1_i.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Message from the President | 1 |
| Stewardship Investing Report | 2 |
| Praxis Impact Bond Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Managers' Commentary | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Review | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 7 |
| Praxis International Index Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Managers' Commentary | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Review | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 18 |
| Praxis Growth and Value Index Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Manager's Commentary | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Praxis Value Fund Performance Review | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Praxis Value Index Fund Schedule of Investments | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Praxis Growth Fund Performance Review | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Praxis Growth Index Fund Schedule of Investments | 34 |
| Praxis Small Cap Index Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Manager's Commentary | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Review | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 41 |
| Praxis Genesis Portfolios |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Managers' Commentary | 47 |
| Praxis Genesis Conservative Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Review | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 50 |
| Praxis Genesis Balanced Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Review | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 52 |
| Praxis Genesis Growth Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Review | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 54 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets & Liabilities | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 62 |
| Notes to Financial Statements | 70 |
| Report of Independent Registered Public Accounting Firm | 82 |
| Additional Fund Information | 83 |
| Management of the Trust | 89 |

---

Message from the President *Annual report to shareholders*

Dear Praxis shareholders:

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

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

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

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

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

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

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

Sincerely,

![](fp0081640-1_1.jpg)<br>

Chad M. Horning, CFA<sup>®</sup><br> President <br> Praxis Mutual Funds 

*Praxis Mutual Funds are advised by Everence Capital Management and distributed through FINRA member Foreside Financial Services, LLC.* 

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

Message from the Vice President of Stewardship Investing *Annual report to shareholders*

 ***Being "salt and light" in the world of investing***

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

![](fp0081640-1_2.jpg)

Message from the Vice President of Stewardship Investing *Annual report to shareholders*

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

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

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

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

 

*Praxis Impact Bond Fund* 

Annual Report to Shareholders

Portfolio Managers' Commentary (unaudited)

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

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

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

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

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

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

We were able to grow the Fund's holdings of positive impact bonds – fixed-income investments that have a positive impact on the climate and/or community – to over 37% of the portfolio by Dec. 31, 2022. We purchased 27 different impact bonds in 2022. Many new and exciting issues came to the market with impact bonds in green, sustainability and social bonds.

Of the 168 bonds in the Fund that we define as positive impact holdings, 101 provide clear benefits to the climate. The remaining positive impact bonds produce benefits to communities by funding affordable housing, community development, education, sustainability and social bonds, and more.

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

As we start 2023, we are positioned for the expectation that interest rates and corporate bond performance may be volatile, and we will stay nimble just as we did in 2022. We continue to look for more opportunities to enhance the financial return of the Praxis Impact Bond Fund and to make a positive impact on the world we share.

Benjamin J. Bailey, CFA<sup>®</sup><br> Praxis Impact Bond Fund Co-Manager<br> Praxis Mutual Funds<sup>®</sup>

Chris Woods, CFA<sup>®</sup><br> Praxis Impact Bond Fund Co-Manager<br> Praxis Mutual Funds<sup>®</sup>

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

*The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of the Bloomberg U.S. Government/Credit Index and the Bloomberg U.S. Mortgage-Backed Securities Index and includes Treasury issues, agency issues, corporate bond issues and mortgage-backed securities, and is intended to be generally representative of the bond market as a whole.* 

*The Morningstar percentile ranking is based on the Fund's total-return percentile rank relative to all managed products that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is the highest number in the category. Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges.* <sup>*©*</sup> *2022 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. **Past performance is no guarantee of future results.*** 

*Praxis Impact Bond Fund* 

Annual Report to Shareholders

Portfolio Managers' Commentary (unaudited), continued

*The Morningstar Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund's portfolio holdings are managing their financially material environmental, social and governance, or ESG, risks relative to the fund's Morningstar Global Category peers. The Morningstar Sustainability Rating calculation is a five -step process. First, each fund with at least 67% of assets covered by a company-level ESG Risk Score from Sustainalytics receives a Morningstar Portfolio Sustainability Score. The Morningstar Portfolio Sustainability Score is an asset-weighted average of company level ESG Risk Scores. The Portfolio Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk. Second, the Historical Sustainability Score is an exponential weighted moving average of the Portfolio Sustainability Scores over the past 12 months. The process rescales the current Portfolio Sustainability Score to reflect the consistency of the scores. The Historical Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk, on a consistent historical basis. Third, the Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Global Categories in which at least thirty (30) funds receive a Historical Sustainability Score and is determined by each fund's Morningstar Sustainability Rating Score rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). Fourth, then Morningstar applies a 1% rating buffer from the previous month to increase rating stability. This means a fund must move 1% beyond the rating breakpoint to change ratings. Fifth, they adjust downward positive Sustainability Ratings to funds with high ESG Risk scores. The logic is as follows: If Portfolio Sustainability score is above 40, then the fund receives a Low Sustainability Rating. If Portfolio Sustainability score is above 35 and preliminary rating is Average or better, then the fund is downgraded to Below Average. If the Portfolio Sustainability score is above 30 and preliminary rating is Above Average, then the fund is downgraded to Average. If the Portfolio Sustainability score is below 30, then no adjustment is made. The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. Since a Sustainability Rating is assigned to all funds that meet the above criteria, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. The Portfolio Sustainability Score is calculated when Morningstar receives a new portfolio. Then, the Historical Sustainability Score and the Sustainability Rating is calculated one month and six business days after the reported as-of date of the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics' ESG scores from the same month as the portfolio as-of date. Please click on http://corporate1.morningstar.com/SustainableInvesting/ for more detailed information about the Morningstar Sustainability Rating methodology and calculation frequency. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm. Morningstar, Inc. holds a non-controlling ownership interest in Sustainalytics.* <sup>*©*</sup> *2022 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. **Past performance is no guarantee of future results.*** 

*Praxis Impact Bond Fund* 

Performance Review (unaudited)

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

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 3.75%) of the Fund and Index from 12/31/12 to 12/31/22 and includes the reinvestment of dividends and capital gains.

![](fp0081640-1_6.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Average Annual** | **Average Annual** | **Average Annual** | |
|  | <br>**Inception <br> Date** | <br>**One <br> Year <br> Ended** | **Three<br> Year <br> Ended** | **Five <br> Year <br> Ended** | **Ten <br> Year <br> Ended**  | <br>**Expense <br> Ratio\*\* <br> Gross/Net** |
| Praxis Impact Bond Fund |  |  |  |  |  |  |
| Class A \* | 5/12/99 | -16.37% | -4.24% | -1.15% | 0.30% | 0.88% |
| Class A (Without Load) | 5/12/99 | -13.12% | -3.00% | -0.40% | 0.69% |  |
| Class I | 5/1/06 | -12.65% | -2.58% | 0.02% | 1.10% | 0.48% |
| Bloomberg U.S. Aggregate Bond Index <sup>1</sup> |  | -13.01% | -2.71% | 0.02% | 1.06% |  |

---

**Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit www.praxismutualfunds.com. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.** 

The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any party during the periods presented. In such instances, and without activity, the total returns would have been lower.

***\*** **The total return figures shown reflect the maximum sales charge applicable to Class A Shares for the Fund. Class A Shares have a maximum sales charge on purchases of 3.75%.***

*\*\* Reflects the expense ratios as reported in the Prospectus dated April 30, 2022.* 

<sup>*1*</sup> *Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of the Bloomberg U.S. Government/Credit Index and the Bloomberg U.S. Mortgage-Backed Securities Index and includes Treasury issues, agency issues, corporate bond issues and mortgage-backed securities, and is intended to be generally representative of the bond market as a whole.* 

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of these expenses. An investor cannot invest directly in an index, although an investor can invest in its underlying securities.

Schedule of Investments

*Praxis Impact Bond Fund* 

*December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **MUNICIPAL BONDS — 1.0%** | **MUNICIPAL BONDS — 1.0%** | **MUNICIPAL BONDS — 1.0%** | **MUNICIPAL BONDS — 1.0%** | **MUNICIPAL BONDS — 1.0%** |
| &nbsp;&nbsp;&nbsp;American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A | 7.334% | 02/15/28 | $1000000 | $1066071 |
| &nbsp;&nbsp;&nbsp;City of San Francisco, California, Public Utilities Comm. Water Rev., Series 2019-A | 3.303% | 11/01/39 | 2500000 | 2015600 |
| &nbsp;&nbsp;&nbsp;Findlay City School District, Series 2010-B | 6.250% | 12/01/37 | 270000 | 270319 |
| &nbsp;&nbsp;&nbsp;Houston, Texas, Independent School District, Series 2009A-2 | 6.168% | 02/15/34 | 1000000 | 1001480 |
| &nbsp;&nbsp;&nbsp;Massachusetts St., Series 2016-F | 3.277% | 06/01/46 | 3100000 | 2357581 |
| &nbsp;&nbsp;&nbsp;New Jersey St. Housing & Mortgage Finance, Series 2013-C | 2.600% | 07/01/23 | 55000 | 54834 |
| &nbsp;&nbsp;&nbsp;Osceola County Housing Finance Authority Rev., Series 2013-B | 3.350% | 07/01/23 | 45000 | 45000 |
| TOTAL MUNICIPAL BONDS (COST $8,304,108) | TOTAL MUNICIPAL BONDS (COST $8,304,108) | TOTAL MUNICIPAL BONDS (COST $8,304,108) | TOTAL MUNICIPAL BONDS (COST $8,304,108) | $6810885 |
| **CORPORATE BONDS — 38.0%** | **CORPORATE BONDS — 38.0%** | **CORPORATE BONDS — 38.0%** | **CORPORATE BONDS — 38.0%** | **CORPORATE BONDS — 38.0%** |
| APPAREL & TEXTILE PRODUCTS — 0.2% | APPAREL & TEXTILE PRODUCTS — 0.2% | APPAREL & TEXTILE PRODUCTS — 0.2% | APPAREL & TEXTILE PRODUCTS — 0.2% | APPAREL & TEXTILE PRODUCTS — 0.2% |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc. <sup>(a)</sup> | 4.625% | 05/15/24 | 500000 | 484264 |
| &nbsp;&nbsp;&nbsp;VF Corp. | 2.400% | 04/23/25 | 536000 | 503141 |
|  |  |  |  | 987405 |
| ASSET MANAGEMENT — 0.1% | ASSET MANAGEMENT — 0.1% | ASSET MANAGEMENT — 0.1% | ASSET MANAGEMENT — 0.1% | ASSET MANAGEMENT — 0.1% |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 3.000% | 04/02/25 | 730000 | 699236 |
| AUTOMOTIVE — 0.5% | AUTOMOTIVE — 0.5% | AUTOMOTIVE — 0.5% | AUTOMOTIVE — 0.5% | AUTOMOTIVE — 0.5% |
| &nbsp;&nbsp;&nbsp;BMW US Capital, LLC <sup>(a)</sup> | 3.800% | 04/06/23 | 1000000 | 997644 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 2.650% | 07/01/27 | 601000 | 534633 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd. | 2.967% | 03/10/32 | 760000 | 651071 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital Services, Inc. <sup>(a)</sup> | 1.250% | 02/08/26 | 200000 | 173696 |
| &nbsp;&nbsp;&nbsp;Magna International, Inc. | 2.450% | 06/15/30 | 1250000 | 1032909 |
|  |  |  |  | 3389953 |
| BANKING — 4.2% | BANKING — 4.2% | BANKING — 4.2% | BANKING — 4.2% | BANKING — 4.2% |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 0.981% | 09/25/25 | 1500000 | 1380564 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.456% | 10/22/25 | 1000000 | 944857 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 1.530% | 12/06/25 | 2000000 | 1844601 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 4.271% | 07/23/29 | 1000000 | 932500 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.572% | 10/20/32 | 1500000 | 1174804 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal | 3.300% | 02/05/24 | 1000000 | 981256 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 1.678% | 05/15/24 | 1250000 | 1232290 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 3.700% | 01/12/26 | 1750000 | 1683362 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 2.014% | 01/25/26 | 1000000 | 926767 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 2.572% | 06/03/30 | 1000000 | 808790 |
| &nbsp;&nbsp;&nbsp;ING Groep N.V. <sup>(a)</sup> | 4.625% | 01/06/26 | 1250000 | 1220687 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 0.653% | 09/16/24 | 1000000 | 964348 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 0.563% | 02/16/25 | 500000 | 471540 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.200% | 06/15/26 | 2557000 | 2414100 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.739% | 10/15/30 | 2000000 | 1677232 |
| &nbsp;&nbsp;&nbsp;Key Bank, N.A. | 1.250% | 03/10/23 | 1750000 | 1739169 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group <sup>(b)</sup> | 2.527% | 09/13/23 | 1250000 | 1226252 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** |
| BANKING — 4.2%, continued | BANKING — 4.2%, continued | BANKING — 4.2%, continued | BANKING — 4.2%, continued | BANKING — 4.2%, continued |
| &nbsp;&nbsp;&nbsp;National Australia Bank, New York Branch | 3.625% | 06/20/23 | $1750000 | $1740708 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 2.250% | 05/18/25 | 1000000 | 934511 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 4.164% | 08/04/33 | 195000 | 180128 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | 0.508% | 01/12/24 | 2000000 | 1903961 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (SOFR + 45) <sup>(c)</sup> | 3.977% | 09/28/23 | 2000000 | 1996497 |
|  |  |  |  | 28378924 |
| BEVERAGES — 0.2% | BEVERAGES — 0.2% | BEVERAGES — 0.2% | BEVERAGES — 0.2% | BEVERAGES — 0.2% |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 3.450% | 03/25/30 | 500000 | 464972 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Femsa S.A.B. de C.V. | 1.850% | 09/01/32 | 1000000 | 752811 |
|  |  |  |  | 1217783 |
| BIOTECH & PHARMA — 0.9% | BIOTECH & PHARMA — 0.9% | BIOTECH & PHARMA — 0.9% | BIOTECH & PHARMA — 0.9% | BIOTECH & PHARMA — 0.9% |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 2.950% | 11/21/26 | 500000 | 464992 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 3.000% | 02/22/29 | 2500000 | 2213753 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 3.650% | 03/01/26 | 750000 | 723050 |
| &nbsp;&nbsp;&nbsp;Zeneca Wilmington, Inc. | 7.000% | 11/15/23 | 1100000 | 1114519 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 3.250% | 02/01/23 | 1200000 | 1198250 |
|  |  |  |  | 5714564 |
| CABLE & SATELLITE — 0.2% | CABLE & SATELLITE — 0.2% | CABLE & SATELLITE — 0.2% | CABLE & SATELLITE — 0.2% | CABLE & SATELLITE — 0.2% |
| &nbsp;&nbsp;&nbsp;Comcast Corp. | 3.300% | 04/01/27 | 500000 | 471188 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. | 2.937% | 11/01/56 | 672000 | 415582 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable, Inc. | 4.500% | 09/15/42 | 500000 | 366052 |
|  |  |  |  | 1252822 |
| CHEMICALS — 1.0% | CHEMICALS — 1.0% | CHEMICALS — 1.0% | CHEMICALS — 1.0% | CHEMICALS — 1.0% |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 2.650% | 04/30/30 | 1250000 | 1029234 |
| &nbsp;&nbsp;&nbsp;DowDuPont, Inc. | 4.493% | 11/15/25 | 1500000 | 1475028 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 4.800% | 03/24/30 | 140000 | 138586 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 2.750% | 08/18/55 | 1470000 | 877207 |
| &nbsp;&nbsp;&nbsp;LG Chemical Ltd. <sup>(a)</sup> | 3.250% | 10/15/24 | 290000 | 278145 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 1.900% | 05/13/23 | 800000 | 790858 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 5.875% | 12/01/36 | 840000 | 854706 |
| &nbsp;&nbsp;&nbsp;Solvay Finance S.A. <sup>(a)</sup> | 4.450% | 12/03/25 | 1250000 | 1209471 |
|  |  |  |  | 6653235 |
| CONSTRUCTION MATERIALS — 0.4% | CONSTRUCTION MATERIALS — 0.4% | CONSTRUCTION MATERIALS — 0.4% | CONSTRUCTION MATERIALS — 0.4% | CONSTRUCTION MATERIALS — 0.4% |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 3.500% | 12/01/24 | 1250000 | 1207902 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 4.200% | 12/01/24 | 1000000 | 984386 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 3.950% | 08/15/29 | 300000 | 272657 |
|  |  |  |  | 2464945 |
| CONSUMER SERVICES — 4.5% | CONSUMER SERVICES — 4.5% | CONSUMER SERVICES — 4.5% | CONSUMER SERVICES — 4.5% | CONSUMER SERVICES — 4.5% |
| &nbsp;&nbsp;&nbsp;Andrew W. Mellon Funding | 0.947% | 08/01/27 | 1050000 | 894745 |
| &nbsp;&nbsp;&nbsp;California Endowment (The) | 2.498% | 04/01/51 | 4500000 | 2767557 |
| &nbsp;&nbsp;&nbsp;Conservation Fund, Series 2019 | 3.474% | 12/15/29 | 535000 | 455883 |
| &nbsp;&nbsp;&nbsp;Ford Foundation (The), Series 2017 | 3.859% | 06/01/47 | 2485000 | 2069176 |
| &nbsp;&nbsp;&nbsp;Ford Foundation (The) | 2.415% | 06/01/50 | 235000 | 147835 |
| &nbsp;&nbsp;&nbsp;John D. & Catherine T. MacArthur Foundation, Series 2020 | 1.299% | 12/01/30 | 1500000 | 1132367 |
| &nbsp;&nbsp;&nbsp;Leland Stanford Junior University (The) | 3.460% | 05/01/47 | 1415000 | 1129863 |
| &nbsp;&nbsp;&nbsp;Local Initiatives Support Corp. | 4.649% | 03/01/37 | 1500000 | 1392386 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Impact Bond Fund<br> December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** |
| CONSUMER SERVICES — 4.5%, continued | CONSUMER SERVICES — 4.5%, continued | CONSUMER SERVICES — 4.5%, continued | CONSUMER SERVICES — 4.5%, continued | CONSUMER SERVICES — 4.5%, continued |
| &nbsp;&nbsp;&nbsp;Massachusetts Institute of Technology | 3.959% | 07/01/38 | $1500000 | $1371276 |
| &nbsp;&nbsp;&nbsp;Massachusetts Institute of Technology, Series H | 3.067% | 04/01/52 | 4000000 | 2928738 |
| &nbsp;&nbsp;&nbsp;President & Fellows of Harvard College, Series 2016-B | 3.150% | 07/15/46 | 3961000 | 3057155 |
| &nbsp;&nbsp;&nbsp;President & Fellows of Harvard College, Series 2020-B | 2.517% | 10/15/50 | 1300000 | 843932 |
| &nbsp;&nbsp;&nbsp;President & Fellows of Harvard College, Series 2022-A | 3.745% | 11/15/52 | 500000 | 416039 |
| &nbsp;&nbsp;&nbsp;Rockefeller Foundation (The) | 2.492% | 10/01/50 | 1800000 | 1140429 |
| &nbsp;&nbsp;&nbsp;Stanford University California, Series 2020-A | 2.413% | 06/01/50 | 3450000 | 2173354 |
| &nbsp;&nbsp;&nbsp;Trustees of Princeton University (The) <sup>(b)</sup> | 2.516% | 07/01/50 | 5150000 | 3426697 |
| &nbsp;&nbsp;&nbsp;University of Notre Dame, Series 2017 | 3.394% | 02/15/48 | 2424000 | 1895313 |
| &nbsp;&nbsp;&nbsp;Yale University | 2.402% | 04/15/50 | 4165000 | 2643913 |
|  |  |  |  | 29886658 |
| CONTAINERS & PACKAGING — 0.4% | CONTAINERS & PACKAGING — 0.4% | CONTAINERS & PACKAGING — 0.4% | CONTAINERS & PACKAGING — 0.4% | CONTAINERS & PACKAGING — 0.4% |
| &nbsp;&nbsp;&nbsp;CCL Industries, Inc. <sup>(a)</sup> | 3.050% | 06/01/30 | 1750000 | 1439621 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | 5.750% | 11/01/40 | 1000000 | 958238 |
|  |  |  |  | 2397859 |
| DIVERSIFIED INDUSTRIALS — 0.1% | DIVERSIFIED INDUSTRIALS — 0.1% | DIVERSIFIED INDUSTRIALS — 0.1% | DIVERSIFIED INDUSTRIALS — 0.1% | DIVERSIFIED INDUSTRIALS — 0.1% |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 3.900% | 09/01/42 | 1000000 | 849398 |
| ELECTRIC UTILITIES — 5.4% | ELECTRIC UTILITIES — 5.4% | ELECTRIC UTILITIES — 5.4% | ELECTRIC UTILITIES — 5.4% | ELECTRIC UTILITIES — 5.4% |
| &nbsp;&nbsp;&nbsp;Ameren Illinois Co. | 5.900% | 12/01/52 | 1000000 | 1085860 |
| &nbsp;&nbsp;&nbsp;Avangrid, Inc. | 3.150% | 12/01/24 | 1800000 | 1720387 |
| &nbsp;&nbsp;&nbsp;Avista Corp. <sup>(b)</sup> | 4.000% | 04/01/52 | 1000000 | 787977 |
| &nbsp;&nbsp;&nbsp;Caledonia Generating, LLC <sup>(a)</sup> | 1.950% | 02/28/34 | 1769708 | 1502810 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison Co. | 3.350% | 04/01/30 | 1000000 | 899363 |
| &nbsp;&nbsp;&nbsp;DTE Electric Co. | 4.050% | 05/15/48 | 1750000 | 1454316 |
| &nbsp;&nbsp;&nbsp;DTE Electric Co. | 3.650% | 03/01/52 | 500000 | 387973 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas, LLC | 3.550% | 03/15/52 | 1000000 | 757305 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress, LLC | 3.450% | 03/15/29 | 1750000 | 1610902 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress, LLC | 4.000% | 04/01/52 | 1500000 | 1199856 |
| &nbsp;&nbsp;&nbsp;Electricite de France S.A. <sup>(a)</sup> | 3.625% | 10/13/25 | 1250000 | 1204833 |
| &nbsp;&nbsp;&nbsp;Enel Finance International N.V. <sup>(a)</sup> | 2.650% | 09/10/24 | 1250000 | 1195995 |
| &nbsp;&nbsp;&nbsp;Florida Power & Light Co. | 3.700% | 12/01/47 | 1300000 | 1042215 |
| &nbsp;&nbsp;&nbsp;Florida Power & Light Co. | 2.875% | 12/04/51 | 2000000 | 1341288 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co. | 3.250% | 04/01/26 | 1000000 | 945430 |
| &nbsp;&nbsp;&nbsp;Interstate Power & Light Co. | 3.600% | 04/01/29 | 1250000 | 1142887 |
| &nbsp;&nbsp;&nbsp;Liberty Utilities Financial Services <sup>(a)</sup> | 2.050% | 09/15/30 | 355000 | 266687 |
| &nbsp;&nbsp;&nbsp;MidAmerican Energy Co. <sup>(b)</sup> | 3.950% | 08/01/47 | 1750000 | 1424619 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** |
| ELECTRIC UTILITIES — 5.4%, continued | ELECTRIC UTILITIES — 5.4%, continued | ELECTRIC UTILITIES — 5.4%, continued | ELECTRIC UTILITIES — 5.4%, continued | ELECTRIC UTILITIES — 5.4%, continued |
| &nbsp;&nbsp;&nbsp;Midland Cogeneration Venture, L.P. <sup>(a)</sup> | 6.000% | 03/15/25 | $194797 | $196794 |
| &nbsp;&nbsp;&nbsp;Narragansett Electric Co. <sup>(a)</sup> | 3.395% | 04/09/30 | 1500000 | 1340204 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities | 1.350% | 03/15/31 | 1000000 | 738938 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. | 0.650% | 03/01/23 | 400000 | 397261 |
| &nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp. <sup>(a)</sup> | 1.960% | 06/27/30 | 1500000 | 1185729 |
| &nbsp;&nbsp;&nbsp;Northern States Power Co. | 2.900% | 03/01/50 | 1250000 | 854956 |
| &nbsp;&nbsp;&nbsp;NSTAR Electric Co. | 3.950% | 04/01/30 | 600000 | 564026 |
| &nbsp;&nbsp;&nbsp;NSTAR Electric Co. | 5.500% | 03/15/40 | 1250000 | 1271749 |
| &nbsp;&nbsp;&nbsp;Potomac Electric Power Co. | 6.500% | 11/15/37 | 1000000 | 1095004 |
| &nbsp;&nbsp;&nbsp;Public Service Co. | 3.700% | 06/15/28 | 1750000 | 1665239 |
| &nbsp;&nbsp;&nbsp;Puget Energy, Inc. | 4.223% | 06/15/48 | 1000000 | 810099 |
| &nbsp;&nbsp;&nbsp;Rochester Gas & Electric Corp. <sup>(a)</sup> | 1.850% | 12/01/30 | 500000 | 381153 |
| &nbsp;&nbsp;&nbsp;San Diego Gas and Electric Co. | 4.500% | 08/15/40 | 841000 | 756400 |
| &nbsp;&nbsp;&nbsp;Solar Star Funding, LLC <sup>(a)</sup> | 3.950% | 06/30/35 | 251772 | 216177 |
| &nbsp;&nbsp;&nbsp;Solar Star Funding, LLC <sup>(a)</sup> | 5.375% | 06/30/35 | 393332 | 383931 |
| &nbsp;&nbsp;&nbsp;Southern California Edison | 4.050% | 03/15/42 | 1165000 | 926738 |
| &nbsp;&nbsp;&nbsp;Tenaska Virginia Partners, L.P. <sup>(a)</sup> | 6.119% | 03/30/24 | 197345 | 194840 |
| &nbsp;&nbsp;&nbsp;Topaz Solar Farms, LLC <sup>(a)(b)</sup> | 4.875% | 09/30/39 | 226455 | 199847 |
| &nbsp;&nbsp;&nbsp;Topaz Solar Farms, LLC <sup>(a)</sup> | 5.750% | 09/30/39 | 546943 | 518228 |
| &nbsp;&nbsp;&nbsp;Union Electric Co. | 2.625% | 03/15/51 | 2000000 | 1260194 |
| &nbsp;&nbsp;&nbsp;Westar Energy, Inc. | 2.550% | 07/01/26 | 1292000 | 1190032 |
|  |  |  |  | 36118242 |
| ELECTRICAL EQUIPMENT — 0.3% | ELECTRICAL EQUIPMENT — 0.3% | ELECTRICAL EQUIPMENT — 0.3% | ELECTRICAL EQUIPMENT — 0.3% | ELECTRICAL EQUIPMENT — 0.3% |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 1.750% | 09/15/30 | 1000000 | 798776 |
| &nbsp;&nbsp;&nbsp;Legrand S.A. | 8.500% | 02/15/25 | 1000000 | 1081276 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 2.000% | 06/30/30 | 440000 | 352614 |
|  |  |  |  | 2232666 |
| ENTERTAINMENT CONTENT — 0.2% | ENTERTAINMENT CONTENT — 0.2% | ENTERTAINMENT CONTENT — 0.2% | ENTERTAINMENT CONTENT — 0.2% | ENTERTAINMENT CONTENT — 0.2% |
| &nbsp;&nbsp;&nbsp;Magallanes, Inc. <sup>(a)</sup> | 4.054% | 03/15/29 | 1500000 | 1297683 |
| FOOD — 1.4% | FOOD — 1.4% | FOOD — 1.4% | FOOD — 1.4% | FOOD — 1.4% |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co. | 3.950% | 03/15/25 | 1500000 | 1464838 |
| &nbsp;&nbsp;&nbsp;Cargill, Inc. <sup>(a)</sup> | 4.760% | 11/23/45 | 1500000 | 1363722 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 4.000% | 04/17/25 | 1500000 | 1464919 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 1.800% | 06/11/30 | 2250000 | 1830708 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | 2.900% | 06/01/30 | 1000000 | 847148 |
| &nbsp;&nbsp;&nbsp;Kellogg Co. | 2.650% | 12/01/23 | 1250000 | 1223250 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. <sup>(a)</sup> | 3.600% | 04/01/34 | 1500000 | 1299013 |
|  |  |  |  | 9493598 |
| FORESTRY, PAPER & WOOD PRODUCTS — 0.1% | FORESTRY, PAPER & WOOD PRODUCTS — 0.1% | FORESTRY, PAPER & WOOD PRODUCTS — 0.1% | FORESTRY, PAPER & WOOD PRODUCTS — 0.1% | FORESTRY, PAPER & WOOD PRODUCTS — 0.1% |
| &nbsp;&nbsp;&nbsp;Fibria Overseas Finance Ltd. | 5.500% | 01/17/27 | 800000 | 802696 |
| GAS & WATER UTILITIES — 0.4% | GAS & WATER UTILITIES — 0.4% | GAS & WATER UTILITIES — 0.4% | GAS & WATER UTILITIES — 0.4% | GAS & WATER UTILITIES — 0.4% |
| &nbsp;&nbsp;&nbsp;American Water Capital Corp. | 2.800% | 05/01/30 | 1500000 | 1296952 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Impact Bond Fund<br> December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** |
| GAS & WATER UTILITIES — 0.4%, continued | GAS & WATER UTILITIES — 0.4%, continued | GAS & WATER UTILITIES — 0.4%, continued | GAS & WATER UTILITIES — 0.4%, continued | GAS & WATER UTILITIES — 0.4%, continued |
| &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co. <sup>(a)</sup> | 4.504% | 03/10/46 | $1250000 | $996257 |
| &nbsp;&nbsp;&nbsp;Indiana Gas Co., Inc. | 6.550% | 06/30/28 | 250000 | 259347 |
|  |  |  |  | 2552556 |
| HEALTH CARE FACILITIES & SERVICES — 0.2% | HEALTH CARE FACILITIES & SERVICES — 0.2% | HEALTH CARE FACILITIES & SERVICES — 0.2% | HEALTH CARE FACILITIES & SERVICES — 0.2% | HEALTH CARE FACILITIES & SERVICES — 0.2% |
| &nbsp;&nbsp;&nbsp;Kaiser Foundation Hospital | 3.150% | 05/01/27 | 1500000 | 1403778 |
| HOME & OFFICE PRODUCTS — 0.1% | HOME & OFFICE PRODUCTS — 0.1% | HOME & OFFICE PRODUCTS — 0.1% | HOME & OFFICE PRODUCTS — 0.1% | HOME & OFFICE PRODUCTS — 0.1% |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc. <sup>(b)</sup> | 5.125% | 01/18/29 | 1000000 | 871210 |
| HOME CONSTRUCTION — 0.1% | HOME CONSTRUCTION — 0.1% | HOME CONSTRUCTION — 0.1% | HOME CONSTRUCTION — 0.1% | HOME CONSTRUCTION — 0.1% |
| &nbsp;&nbsp;&nbsp;NVR, Inc. | 3.000% | 05/15/30 | 1000000 | 839493 |
| INSTITUTIONAL FINANCIAL SERVICES — 1.5% | INSTITUTIONAL FINANCIAL SERVICES — 1.5% | INSTITUTIONAL FINANCIAL SERVICES — 1.5% | INSTITUTIONAL FINANCIAL SERVICES — 1.5% | INSTITUTIONAL FINANCIAL SERVICES — 1.5% |
| &nbsp;&nbsp;&nbsp;Brookfield Finance, Inc. | 4.250% | 06/02/26 | 1570000 | 1511676 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 3.272% | 09/29/25 | 1500000 | 1445442 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 4.223% | 05/01/29 | 1000000 | 931618 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 3.800% | 03/15/30 | 1500000 | 1348462 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 3.125% | 07/27/26 | 2000000 | 1865544 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, Series GMTN | 2.699% | 01/22/31 | 1250000 | 1032933 |
| &nbsp;&nbsp;&nbsp;National Securities Clearing Corp. <sup>(a)</sup> | 1.500% | 04/23/25 | 1000000 | 926955 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 7.350% | 06/15/26 | 1000000 | 1078436 |
|  |  |  |  | 10141066 |
| INSURANCE — 4.2% | INSURANCE — 4.2% | INSURANCE — 4.2% | INSURANCE — 4.2% | INSURANCE — 4.2% |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 4.000% | 10/15/46 | 1058000 | 818292 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding <sup>(a)</sup> | 2.800% | 05/26/23 | 1500000 | 1485999 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | 2.400% | 08/15/31 | 1500000 | 1096101 |
| &nbsp;&nbsp;&nbsp;Five Corners Funding Trust <sup>(a)</sup> | 4.419% | 11/15/23 | 1000000 | 991386 |
| &nbsp;&nbsp;&nbsp;GA Global Funding Trust | 2.250% | 01/06/27 | 2000000 | 1760454 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. <sup>(b)</sup> | 4.500% | 12/01/25 | 1235000 | 1183512 |
| &nbsp;&nbsp;&nbsp;Jackson National Life Global Funding | 1.750% | 01/12/25 | 385000 | 357313 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | 4.350% | 02/15/25 | 1250000 | 1212508 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 3.750% | 03/14/26 | 1000000 | 969821 |
| &nbsp;&nbsp;&nbsp;Massachusetts Mutual Life Insurance Co. <sup>(a)</sup> | 3.375% | 04/15/50 | 1500000 | 1036813 |
| &nbsp;&nbsp;&nbsp;Met Life Global Funding I <sup>(a)</sup> | 1.950% | 01/13/23 | 500000 | 499623 |
| &nbsp;&nbsp;&nbsp;Met Life Global Funding I <sup>(a)</sup> | 3.600% | 01/11/24 | 1750000 | 1723374 |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding <sup>(a)</sup> | 2.900% | 01/17/24 | 3000000 | 2933745 |
| &nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, Series 2020-1 <sup>(a)</sup> | 1.200% | 06/24/25 | 415000 | 376213 |
| &nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, Series 2021-1 <sup>(a)</sup> | 1.450% | 01/20/28 | 1000000 | 819639 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | 2.800% | 11/19/31 | 1000000 | 813953 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 3.700% | 05/15/29 | 1250000 | 1158202 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 1.500% | 03/10/26 | 644000 | 579844 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** |
| INSURANCE — 4.2%, continued | INSURANCE — 4.2%, continued | INSURANCE — 4.2%, continued | INSURANCE — 4.2%, continued | INSURANCE — 4.2%, continued |
| &nbsp;&nbsp;&nbsp;Prudential plc | 3.125% | 04/14/30 | $750000 | $653187 |
| &nbsp;&nbsp;&nbsp;Reliance STD Life Insurance Co. <sup>(a)</sup> | 2.750% | 05/07/25 | 1280000 | 1201458 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 4.875% | 09/15/23 | 1000000 | 995912 |
| &nbsp;&nbsp;&nbsp;Sammons Financial Group, Inc. <sup>(a)</sup> | 4.450% | 05/12/27 | 1200000 | 1119088 |
| &nbsp;&nbsp;&nbsp;Security Benefit Global, Series MTN <sup>(a)</sup> | 1.250% | 05/17/24 | 1500000 | 1407260 |
| &nbsp;&nbsp;&nbsp;Teachers Insurance & Annuity Association <sup>(a)</sup> | 4.375% | 09/15/54 | 2678000 | 2561422 |
| &nbsp;&nbsp;&nbsp;Trustage Financial Group, Inc. | 4.625% | 04/15/32 | 400000 | 344839 |
|  |  |  |  | 28099958 |
| LEISURE FACILITIES & SERVICES — 0.4% | LEISURE FACILITIES & SERVICES — 0.4% | LEISURE FACILITIES & SERVICES — 0.4% | LEISURE FACILITIES & SERVICES — 0.4% | LEISURE FACILITIES & SERVICES — 0.4% |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. | 3.600% | 04/15/24 | 727000 | 712440 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp., Series MTN | 3.500% | 07/01/27 | 1000000 | 948569 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 2.450% | 06/15/26 | 1000000 | 926136 |
|  |  |  |  | 2587145 |
| MACHINERY — 0.5% | MACHINERY — 0.5% | MACHINERY — 0.5% | MACHINERY — 0.5% | MACHINERY — 0.5% |
| &nbsp;&nbsp;&nbsp;Ingersoll-Rand Global Holding Co. Ltd. | 6.391% | 11/15/27 | 655000 | 678341 |
| &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | 1.750% | 03/09/27 | 250000 | 222606 |
| &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | 3.050% | 01/06/28 | 1250000 | 1167137 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 1.950% | 01/30/28 | 1775000 | 1526441 |
|  |  |  |  | 3594525 |
| MEDICAL EQUIPMENT & DEVICES — 0.2% | MEDICAL EQUIPMENT & DEVICES — 0.2% | MEDICAL EQUIPMENT & DEVICES — 0.2% | MEDICAL EQUIPMENT & DEVICES — 0.2% | MEDICAL EQUIPMENT & DEVICES — 0.2% |
| &nbsp;&nbsp;&nbsp;Alcon Finance Corp. <sup>(a)</sup> | 2.600% | 05/27/30 | 1250000 | 1061643 |
| PERSONAL PRODUCTS — 0.1% | PERSONAL PRODUCTS — 0.1% | PERSONAL PRODUCTS — 0.1% | PERSONAL PRODUCTS — 0.1% | PERSONAL PRODUCTS — 0.1% |
| &nbsp;&nbsp;&nbsp;Estée Lauder Cos., Inc. (The) | 2.600% | 04/15/30 | 1000000 | 859393 |
| PIPELINES — 0.1% | PIPELINES — 0.1% | PIPELINES — 0.1% | PIPELINES — 0.1% | PIPELINES — 0.1% |
| &nbsp;&nbsp;&nbsp;Northern Natural Gas Co. <sup>(a)</sup> | 4.100% | 09/15/42 | 1000000 | 756527 |
| REITS — 3.4% | REITS — 3.4% | REITS — 3.4% | REITS — 3.4% | REITS — 3.4% |
| &nbsp;&nbsp;&nbsp;Agree Ltd. Partnership | 2.900% | 10/01/30 | 650000 | 527661 |
| &nbsp;&nbsp;&nbsp;Agree Ltd. Partnership | 4.800% | 10/01/32 | 715000 | 661362 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 2.950% | 03/15/34 | 1000000 | 810507 |
| &nbsp;&nbsp;&nbsp;Boston Properties, L.P. | 4.500% | 12/01/28 | 1250000 | 1158797 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 2.800% | 05/15/30 | 500000 | 430214 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, L.P. | 5.550% | 01/15/28 | 2250000 | 2264876 |
| &nbsp;&nbsp;&nbsp;ERP Operating, L.P. | 4.150% | 12/01/28 | 1250000 | 1165618 |
| &nbsp;&nbsp;&nbsp;ESSEX Portfolio, L.P. | 2.650% | 03/15/32 | 1500000 | 1182075 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust <sup>(b)</sup> | 1.250% | 02/15/26 | 515000 | 453573 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | 2.500% | 11/15/32 | 1750000 | 1242570 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 2.700% | 10/01/30 | 1750000 | 1426360 |
| &nbsp;&nbsp;&nbsp;Lexington Realty Trust | 2.700% | 09/15/30 | 1500000 | 1194827 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 3.950% | 03/15/29 | 1750000 | 1642535 |
| &nbsp;&nbsp;&nbsp;Ontario Teachers Cadillac Fairview Properties Trust <sup>(a)</sup> | 2.500% | 10/15/31 | 1125000 | 857574 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Impact Bond Fund<br> December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** |
| REITS — 3.4%, continued | REITS — 3.4%, continued | REITS — 3.4%, continued | REITS — 3.4%, continued | REITS — 3.4%, continued |
| &nbsp;&nbsp;&nbsp;Prologis, L.P. | 2.875% | 11/15/29 | $1500000 | $1305100 |
| &nbsp;&nbsp;&nbsp;Prologis, L.P. | 4.625% | 01/15/33 | 1500000 | 1454398 |
| &nbsp;&nbsp;&nbsp;Regency Centers, L.P. | 3.750% | 06/15/24 | 1000000 | 969817 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, L.P. | 2.150% | 09/01/31 | 1750000 | 1340956 |
| &nbsp;&nbsp;&nbsp;Sun Communities Operating Ltd. | 2.700% | 07/15/31 | 500000 | 394660 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 1.900% | 03/15/33 | 1000000 | 711942 |
| &nbsp;&nbsp;&nbsp;Vornado Realty, L.P. | 3.500% | 01/15/25 | 567000 | 528959 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | 2.450% | 02/01/32 | 985000 | 769688 |
|  |  |  |  | 22494069 |
| RETAIL - CONSUMER STAPLES — 0.2% | RETAIL - CONSUMER STAPLES — 0.2% | RETAIL - CONSUMER STAPLES — 0.2% | RETAIL - CONSUMER STAPLES — 0.2% | RETAIL - CONSUMER STAPLES — 0.2% |
| &nbsp;&nbsp;&nbsp;Kroger Co. (The) | 5.000% | 04/15/42 | 1000000 | 907135 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 1.800% | 09/22/31 | 500000 | 406909 |
|  |  |  |  | 1314044 |
| RETAIL - DISCRETIONARY — 0.6% | RETAIL - DISCRETIONARY — 0.6% | RETAIL - DISCRETIONARY — 0.6% | RETAIL - DISCRETIONARY — 0.6% | RETAIL - DISCRETIONARY — 0.6% |
| &nbsp;&nbsp;&nbsp;ERAC USA Finance, LLC <sup>(a)</sup> | 2.700% | 11/01/23 | 1250000 | 1223938 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 3.625% | 04/15/52 | 1000000 | 771919 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 4.650% | 04/15/42 | 1000000 | 876848 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 3.000% | 10/15/50 | 500000 | 318070 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. <sup>(b)</sup> | 5.625% | 04/15/53 | 1000000 | 957295 |
|  |  |  |  | 4148070 |
| SEMICONDUCTORS — 0.4% | SEMICONDUCTORS — 0.4% | SEMICONDUCTORS — 0.4% | SEMICONDUCTORS — 0.4% | SEMICONDUCTORS — 0.4% |
| &nbsp;&nbsp;&nbsp;Intel Corp. <sup>(b)</sup> | 4.150% | 08/05/32 | 1000000 | 934961 |
| &nbsp;&nbsp;&nbsp;Intel Corp. <sup>(b)</sup> | 3.734% | 12/08/47 | 1361000 | 1019966 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 2.850% | 04/01/30 | 500000 | 436153 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 0.900% | 06/01/23 | 500000 | 490109 |
|  |  |  |  | 2881189 |
| SOFTWARE — 0.4% | SOFTWARE — 0.4% | SOFTWARE — 0.4% | SOFTWARE — 0.4% | SOFTWARE — 0.4% |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 2.525% | 06/01/50 | 3000000 | 1974147 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 2.921% | 03/17/52 | 1000000 | 707501 |
|  |  |  |  | 2681648 |
| SPECIALTY FINANCE — 1.2% | SPECIALTY FINANCE — 1.2% | SPECIALTY FINANCE — 1.2% | SPECIALTY FINANCE — 1.2% | SPECIALTY FINANCE — 1.2% |
| &nbsp;&nbsp;&nbsp;American Express Credit Corp. | 3.000% | 10/30/24 | 1000000 | 967024 |
| &nbsp;&nbsp;&nbsp;BlueHub Loan Fund, Inc. | 3.099% | 01/01/30 | 1030000 | 893086 |
| &nbsp;&nbsp;&nbsp;Community Preservation Corp. (The) | 2.867% | 02/01/30 | 1750000 | 1465924 |
| &nbsp;&nbsp;&nbsp;F&G Global Funding | 2.300% | 04/11/27 | 535000 | 470267 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 3.400% | 06/15/30 | 500000 | 422039 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 4.350% | 02/15/24 | 300000 | 295561 |
| &nbsp;&nbsp;&nbsp;Low Income Investment Fund | 3.386% | 07/01/26 | 115000 | 108465 |
| &nbsp;&nbsp;&nbsp;USAA Capital Corp. <sup>(a)(b)</sup> | 1.500% | 05/01/23 | 1000000 | 989769 |
| &nbsp;&nbsp;&nbsp;USAA Capital Corp. <sup>(a)</sup> | 2.125% | 05/01/30 | 3000000 | 2458182 |
|  |  |  |  | 8070317 |
| STEEL — 0.2% | STEEL — 0.2% | STEEL — 0.2% | STEEL — 0.2% | STEEL — 0.2% |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 2.000% | 06/01/25 | 460000 | 428093 |
| &nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum Co. | 4.500% | 04/15/23 | 1105000 | 1104807 |
|  |  |  |  | 1532900 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** | **CORPORATE BONDS — 38.0%, continued** |
| TECHNOLOGY HARDWARE — 0.7% | TECHNOLOGY HARDWARE — 0.7% | TECHNOLOGY HARDWARE — 0.7% | TECHNOLOGY HARDWARE — 0.7% | TECHNOLOGY HARDWARE — 0.7% |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 3.000% | 06/20/27 | $1000000 | $941718 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 2.650% | 05/11/50 | 1000000 | 661605 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 2.650% | 02/08/51 | 2000000 | 1318955 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 4.750% | 01/15/28 | 1100000 | 1067257 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 4.000% | 04/15/29 | 915000 | 835207 |
|  |  |  |  | 4824742 |
| TECHNOLOGY SERVICES — 0.6% | TECHNOLOGY SERVICES — 0.6% | TECHNOLOGY SERVICES — 0.6% | TECHNOLOGY SERVICES — 0.6% | TECHNOLOGY SERVICES — 0.6% |
| &nbsp;&nbsp;&nbsp;Experian Finance plc <sup>(a)</sup> | 2.750% | 03/08/30 | 635000 | 525165 |
| &nbsp;&nbsp;&nbsp;IBM Corp. | 3.300% | 05/15/26 | 1000000 | 951469 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 3.250% | 05/20/50 | 500000 | 345237 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 3.750% | 02/25/52 | 1000000 | 761393 |
| &nbsp;&nbsp;&nbsp;RELX Capital, Inc. | 3.500% | 03/16/23 | 1500000 | 1493936 |
|  |  |  |  | 4077200 |
| TELECOMMUNICATIONS — 0.7% | TELECOMMUNICATIONS — 0.7% | TELECOMMUNICATIONS — 0.7% | TELECOMMUNICATIONS — 0.7% | TELECOMMUNICATIONS — 0.7% |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 5.250% | 03/01/37 | 500000 | 481753 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 4.750% | 05/15/46 | 1500000 | 1268121 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 3.875% | 02/08/29 | 1000000 | 938265 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 1.500% | 09/18/30 | 1000000 | 777434 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 2.987% | 10/30/56 | 1799000 | 1097570 |
|  |  |  |  | 4563143 |
| TRANSPORTATION & LOGISTICS — 1.4% | TRANSPORTATION & LOGISTICS — 1.4% | TRANSPORTATION & LOGISTICS — 1.4% | TRANSPORTATION & LOGISTICS — 1.4% | TRANSPORTATION & LOGISTICS — 1.4% |
| &nbsp;&nbsp;&nbsp;British Airways, Series 2013-1 <sup>(a)</sup> | 4.625% | 12/20/25 | 293431 | 284876 |
| &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe, LLC | 5.750% | 05/01/40 | 1000000 | 1046201 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. | 2.050% | 03/05/30 | 1750000 | 1434122 |
| &nbsp;&nbsp;&nbsp;Mexico City Airport Trust <sup>(a)</sup> | 4.250% | 10/31/26 | 497000 | 474014 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 4.837% | 10/01/41 | 1000000 | 918433 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 3.050% | 05/15/50 | 1500000 | 1004674 |
| &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. <sup>(a)</sup> | 3.450% | 07/01/24 | 1250000 | 1207064 |
| &nbsp;&nbsp;&nbsp;TTX Co. <sup>(a)</sup> | 4.600% | 02/01/49 | 280000 | 242159 |
| &nbsp;&nbsp;&nbsp;TTX Co. | 5.650% | 12/01/52 | 500000 | 507610 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 4.950% | 09/09/52 | 2000000 | 1917184 |
|  |  |  |  | 9036337 |
| WHOLESALE - CONSUMER STAPLES — 0.3% | WHOLESALE - CONSUMER STAPLES — 0.3% | WHOLESALE - CONSUMER STAPLES — 0.3% | WHOLESALE - CONSUMER STAPLES — 0.3% | WHOLESALE - CONSUMER STAPLES — 0.3% |
| &nbsp;&nbsp;&nbsp;Bunge Ltd. Finance Corp. | 1.630% | 08/17/25 | 395000 | 359699 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 2.400% | 02/15/30 | 1750000 | 1454580 |
|  |  |  |  | 1814279 |
| TOTAL CORPORATE BONDS (COST $293,264,200) | TOTAL CORPORATE BONDS (COST $293,264,200) | TOTAL CORPORATE BONDS (COST $293,264,200) | TOTAL CORPORATE BONDS (COST $293,264,200) | $254042899 |
| **CORPORATE NOTES — 1.0%** | **CORPORATE NOTES — 1.0%** | **CORPORATE NOTES — 1.0%** | **CORPORATE NOTES — 1.0%** | **CORPORATE NOTES — 1.0%** |
| COMMUNITY DEVELOPMENT — 1.0% | COMMUNITY DEVELOPMENT — 1.0% | COMMUNITY DEVELOPMENT — 1.0% | COMMUNITY DEVELOPMENT — 1.0% | COMMUNITY DEVELOPMENT — 1.0% |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 3.000% | 06/15/23 | 1650000 | 1629046 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 3.000% | 12/15/23 | 950000 | 924031 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 1.000% | 06/14/24 | 550000 | 513780 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Impact Bond Fund<br> December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **CORPORATE NOTES — 1.0%, continued** | **CORPORATE NOTES — 1.0%, continued** | **CORPORATE NOTES — 1.0%, continued** | **CORPORATE NOTES — 1.0%, continued** | **CORPORATE NOTES — 1.0%, continued** |
| COMMUNITY DEVELOPMENT — 1.0%, continued | COMMUNITY DEVELOPMENT — 1.0%, continued | COMMUNITY DEVELOPMENT — 1.0%, continued | COMMUNITY DEVELOPMENT — 1.0%, continued | COMMUNITY DEVELOPMENT — 1.0%, continued |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 3.000% | 06/17/24 | $980000 | $941701 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 3.000% | 12/15/24 | 400000 | 380776 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 2.500% | 06/13/25 | 1400000 | 1305638 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 2.500% | 12/15/25 | 650000 | 600531 |
| &nbsp;&nbsp;&nbsp;Capital Impact Partners <sup>(d)</sup> | 4.800% | 12/15/23 | 250000 | 249897 |
| TOTAL CORPORATE NOTES (COST $6,830,000) | TOTAL CORPORATE NOTES (COST $6,830,000) | TOTAL CORPORATE NOTES (COST $6,830,000) | TOTAL CORPORATE NOTES (COST $6,830,000) | $6545400 |
| **FOREIGN GOVERNMENTS — 6.6%** | **FOREIGN GOVERNMENTS — 6.6%** | **FOREIGN GOVERNMENTS — 6.6%** | **FOREIGN GOVERNMENTS — 6.6%** | **FOREIGN GOVERNMENTS — 6.6%** |
| FOREIGN AGENCY — 0.7% | FOREIGN AGENCY — 0.7% | FOREIGN AGENCY — 0.7% | FOREIGN AGENCY — 0.7% | FOREIGN AGENCY — 0.7% |
| &nbsp;&nbsp;&nbsp;BNG Bank N.V. <sup>(a)(b)</sup> | 1.500% | 10/16/24 | 1500000 | 1418568 |
| &nbsp;&nbsp;&nbsp;BNG Bank N.V. <sup>(a)(b)</sup> | 0.500% | 11/24/25 | 2000000 | 1787480 |
| &nbsp;&nbsp;&nbsp;Kommunalbanken A.S. <sup>(a)</sup> | 2.125% | 02/11/25 | 1000000 | 951836 |
| &nbsp;&nbsp;&nbsp;Kommunivest I Sverige AB, Series MTN <sup>(a)</sup> | 0.375% | 06/19/24 | 500000 | 468763 |
|  |  |  |  | 4626647 |
| SUPRANATIONAL — 5.9% | SUPRANATIONAL — 5.9% | SUPRANATIONAL — 5.9% | SUPRANATIONAL — 5.9% | SUPRANATIONAL — 5.9% |
| &nbsp;&nbsp;&nbsp;Asian Development Bank | 2.125% | 03/19/25 | 1000000 | 950532 |
| &nbsp;&nbsp;&nbsp;Asian Development Bank | 3.125% | 09/26/28 | 1000000 | 944740 |
| &nbsp;&nbsp;&nbsp;Central American Bank for Economic Integration <sup>(a)</sup> | 1.140% | 02/09/26 | 1200000 | 1063440 |
| &nbsp;&nbsp;&nbsp;European Bank for Reconstruction & Development | 1.625% | 09/27/24 | 1250000 | 1187178 |
| &nbsp;&nbsp;&nbsp;European Bank for Reconstruction & Development | 1.500% | 02/13/25 | 200000 | 188000 |
| &nbsp;&nbsp;&nbsp;European Investment Bank <sup>(b)</sup> | 2.500% | 10/15/24 | 1000000 | 964983 |
| &nbsp;&nbsp;&nbsp;European Investment Bank <sup>(b)</sup> | 2.125% | 04/13/26 | 1000000 | 932971 |
| &nbsp;&nbsp;&nbsp;European Investment Bank | 2.375% | 05/24/27 | 4000000 | 3714162 |
| &nbsp;&nbsp;&nbsp;Inter-American Development Bank | 0.875% | 04/03/25 | 3000000 | 2773980 |
| &nbsp;&nbsp;&nbsp;Inter-American Development Bank | 4.375% | 01/24/44 | 3000000 | 2937497 |
| &nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development | 0.250% | 11/24/23 | 4500000 | 4325453 |
| &nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development | 0.625% | 04/22/25 | 1000000 | 917350 |
| &nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development | 3.125% | 11/20/25 | 1000000 | 966080 |
| &nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development | 0.875% | 07/15/26 | 3000000 | 2667740 |
| &nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development | 3.125% | 06/15/27 | 4000000 | 3821768 |
| &nbsp;&nbsp;&nbsp;International Development Association <sup>(a)</sup> | 2.750% | 04/24/23 | 5000000 | 4969996 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **FOREIGN GOVERNMENTS — 6.6%, continued** | **FOREIGN GOVERNMENTS — 6.6%, continued** | **FOREIGN GOVERNMENTS — 6.6%, continued** | **FOREIGN GOVERNMENTS — 6.6%, continued** | **FOREIGN GOVERNMENTS — 6.6%, continued** |
| SUPRANATIONAL — 5.9%, continued | SUPRANATIONAL — 5.9%, continued | SUPRANATIONAL — 5.9%, continued | SUPRANATIONAL — 5.9%, continued | SUPRANATIONAL — 5.9%, continued |
| &nbsp;&nbsp;&nbsp;International Development Association <sup>(a)</sup> | 0.375% | 09/23/25 | $2000000 | $1792610 |
| &nbsp;&nbsp;&nbsp;International Development Association <sup>(a)(b)</sup> | 0.875% | 04/28/26 | 2000000 | 1789914 |
| &nbsp;&nbsp;&nbsp;International Finance Corp., Series GMTN | 2.125% | 04/07/26 | 3000000 | 2801467 |
|  |  |  |  | 39709861 |
| TOTAL FOREIGN GOVERNMENTS (COST $47,485,068) | TOTAL FOREIGN GOVERNMENTS (COST $47,485,068) | TOTAL FOREIGN GOVERNMENTS (COST $47,485,068) | TOTAL FOREIGN GOVERNMENTS (COST $47,485,068) | $44336508 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0% <sup>(e)</sup>** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0% <sup>(e)</sup>** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0% <sup>(e)</sup>** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0% <sup>(e)</sup>** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0% <sup>(e)</sup>** |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage Pass-Through Certificates, Class A-3 (COST $92,466) | 2.853% | 10/17/45 | 90695 | 90191 |
| **U.S. GOVERNMENT AGENCIES — 45.0%** | **U.S. GOVERNMENT AGENCIES — 45.0%** | **U.S. GOVERNMENT AGENCIES — 45.0%** | **U.S. GOVERNMENT AGENCIES — 45.0%** | **U.S. GOVERNMENT AGENCIES — 45.0%** |
| DEVELOPMENT FINANCE CORPORATION — 1.5% | DEVELOPMENT FINANCE CORPORATION — 1.5% | DEVELOPMENT FINANCE CORPORATION — 1.5% | DEVELOPMENT FINANCE CORPORATION — 1.5% | DEVELOPMENT FINANCE CORPORATION — 1.5% |
| &nbsp;&nbsp;&nbsp;DFC (PO) | 0.000% | 06/21/23 | 1000000 | 1070750 |
| &nbsp;&nbsp;&nbsp;DFC <sup>(c)</sup> | 4.500% | 09/15/26 | 625000 | 625000 |
| &nbsp;&nbsp;&nbsp;DFC | 1.590% | 04/15/28 | 2000000 | 1748122 |
| &nbsp;&nbsp;&nbsp;DFC | 1.650% | 04/15/28 | 3500000 | 3092698 |
| &nbsp;&nbsp;&nbsp;DFC | 3.130% | 04/15/28 | 1000000 | 936261 |
| &nbsp;&nbsp;&nbsp;DFC | 3.280% | 09/15/29 | 785678 | 785678 |
| &nbsp;&nbsp;&nbsp;DFC | 3.540% | 06/15/30 | 441189 | 420593 |
| &nbsp;&nbsp;&nbsp;DFC | 3.520% | 09/20/32 | 696429 | 661232 |
| &nbsp;&nbsp;&nbsp;DFC | 3.820% | 06/01/33 | 780794 | 751426 |
|  |  |  |  | 10091760 |
| FEDERAL HOME LOAN BANK — 4.7% | FEDERAL HOME LOAN BANK — 4.7% | FEDERAL HOME LOAN BANK — 4.7% | FEDERAL HOME LOAN BANK — 4.7% | FEDERAL HOME LOAN BANK — 4.7% |
| &nbsp;&nbsp;&nbsp;FHLB | 1.250% | 12/21/26 | 4000000 | 3580672 |
| &nbsp;&nbsp;&nbsp;FHLB | 4.250% | 12/10/27 | 5000000 | 5029062 |
| &nbsp;&nbsp;&nbsp;FHLB | 3.250% | 11/16/28 | 2500000 | 2400654 |
| &nbsp;&nbsp;&nbsp;FHLB | 5.500% | 07/15/36 | 18620000 | 20450173 |
|  |  |  |  | 31460561 |
| FEDERAL HOME LOAN MORTGAGE CORPORATION — 12.7% | FEDERAL HOME LOAN MORTGAGE CORPORATION — 12.7% | FEDERAL HOME LOAN MORTGAGE CORPORATION — 12.7% | FEDERAL HOME LOAN MORTGAGE CORPORATION — 12.7% | FEDERAL HOME LOAN MORTGAGE CORPORATION — 12.7% |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.000% | 11/01/24 | 30078 | 29771 |
| &nbsp;&nbsp;&nbsp;FHLMC | 0.375% | 09/23/25 | 3500000 | 3149584 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.000% | 10/01/25 | 21470 | 21217 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.875% | 04/25/26 | 3000000 | 2841994 |
| &nbsp;&nbsp;&nbsp;FHLMC | 6.000% | 04/01/27 | 40122 | 40764 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.500% | 10/01/27 | 215877 | 206125 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.738% | 04/25/29 | 2276873 | 2137926 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.412% | 08/25/29 | 3670000 | 3236748 |
| &nbsp;&nbsp;&nbsp;FHLMC | 7.000% | 02/01/30 | 13155 | 13137 |
| &nbsp;&nbsp;&nbsp;FHLMC | 1.297% | 06/25/30 | 2185000 | 1746669 |
| &nbsp;&nbsp;&nbsp;FHLMC | 7.500% | 07/01/30 | 51053 | 53301 |
| &nbsp;&nbsp;&nbsp;FHLMC | 1.503% | 09/25/30 | 4000000 | 3235526 |
| &nbsp;&nbsp;&nbsp;FHLMC | 1.487% | 11/25/30 | 5500000 | 4417638 |
| &nbsp;&nbsp;&nbsp;FHLMC | 1.878% | 01/25/31 | 1500000 | 1245192 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.000% | 01/25/31 | 3000000 | 2509107 |
| &nbsp;&nbsp;&nbsp;FHLMC | 7.000% | 03/01/31 | 21467 | 22269 |
| &nbsp;&nbsp;&nbsp;FHLMC | 1.777% | 10/25/31 | 5000000 | 4047626 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.091% | 11/25/31 | 2500000 | 2062949 |
| &nbsp;&nbsp;&nbsp;FHLMC | 6.250% | 07/15/32 | 7050000 | 8222637 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.123% | 08/25/32 | 2000000 | 1783620 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 11/01/32 | 347200 | 326798 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 11/01/32 | 456144 | 429340 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Impact Bond Fund<br> December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **U.S. GOVERNMENT AGENCIES — 45.0%, continued** | **U.S. GOVERNMENT AGENCIES — 45.0%, continued** | **U.S. GOVERNMENT AGENCIES — 45.0%, continued** | **U.S. GOVERNMENT AGENCIES — 45.0%, continued** | **U.S. GOVERNMENT AGENCIES — 45.0%, continued** |
| FEDERAL HOME LOAN MORTGAGE CORPORATION — 12.7%, continued | FEDERAL HOME LOAN MORTGAGE CORPORATION — 12.7%, continued | FEDERAL HOME LOAN MORTGAGE CORPORATION — 12.7%, continued | FEDERAL HOME LOAN MORTGAGE CORPORATION — 12.7%, continued | FEDERAL HOME LOAN MORTGAGE CORPORATION — 12.7%, continued |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.500% | 11/01/33 | $27891 | $28804 |
| &nbsp;&nbsp;&nbsp;FHLMC (H15T1Y + 223.10) <sup>(c)</sup> | 3.356% | 05/01/34 | 2043 | 2012 |
| &nbsp;&nbsp;&nbsp;FHLMC (H15T1Y + 223.10) <sup>(c)</sup> | 3.356% | 05/01/34 | 25286 | 25524 |
| &nbsp;&nbsp;&nbsp;FHLMC | 1.783% | 06/25/34 | 2084061 | 1595717 |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.000% | 07/01/35 | 50670 | 51621 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.500% | 10/01/35 | 70661 | 69758 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.438% | 02/25/36 | 4000000 | 3068157 |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.500% | 03/01/36 | 19702 | 20437 |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.500% | 06/01/36 | 28697 | 29753 |
| &nbsp;&nbsp;&nbsp;FHLMC | 6.000% | 06/01/36 | 21492 | 21875 |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.500% | 12/01/36 | 23429 | 24321 |
| &nbsp;&nbsp;&nbsp;FHLMC | 6.000% | 08/01/37 | 12437 | 12998 |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.000% | 03/01/38 | 119175 | 121842 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.500% | 06/01/39 | 128324 | 127305 |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.000% | 06/01/39 | 185651 | 188402 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.500% | 07/01/39 | 119365 | 118403 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.500% | 11/01/39 | 108856 | 107992 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.500% | 09/01/40 | 161423 | 160204 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.500% | 05/01/41 | 315906 | 313519 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.500% | 07/01/41 | 369602 | 366813 |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.000% | 09/01/41 | 153781 | 155899 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 10/01/41 | 176318 | 165217 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.000% | 10/01/41 | 192686 | 185250 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 02/01/42 | 312947 | 293273 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.000% | 02/01/42 | 83568 | 80344 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 06/01/42 | 352712 | 330536 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 06/01/42 | 360147 | 337629 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 08/01/42 | 411563 | 385685 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 11/01/42 | 796108 | 725218 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 01/01/43 | 448044 | 408146 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 05/01/43 | 610780 | 556378 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 10/01/44 | 353928 | 330349 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 11/01/44 | 318227 | 296961 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 04/01/45 | 395183 | 368036 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 05/01/46 | 686610 | 615435 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 12/01/46 | 1694283 | 1519135 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 03/01/48 | 1899912 | 1775165 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 03/01/49 | 519020 | 479086 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 07/01/49 | 849723 | 781677 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 09/01/49 | 964807 | 852404 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 07/01/50 | 2371507 | 2096033 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.000% | 08/01/50 | 3277143 | 2680644 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.000% | 01/01/51 | 8087630 | 6611775 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.500% | 04/01/51 | 7900574 | 6710634 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.500% | 09/01/51 | 3166353 | 2682040 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 04/01/52 | 5747157 | 5046722 |
|  |  |  |  | 84705066 |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9% | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9% | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9% | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9% | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9% |
| &nbsp;&nbsp;&nbsp;FNMA | 2.670% | 12/01/23 | 2223448 | 2169521 |
| &nbsp;&nbsp;&nbsp;FNMA <sup>(c)</sup> | 2.540% | 07/25/24 | 2434486 | 2353676 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.890% | 12/01/24 | 4000000 | 3840000 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.080% | 12/01/24 | 2119585 | 2049760 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.710% | 01/01/25 | 4500000 | 4300200 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.000% | 04/01/25 | 15453 | 15382 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.000% | 07/01/25 | 14017 | 13953 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 10/01/25 | 24020 | 23495 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **U.S. GOVERNMENT AGENCIES — 45.0%, continued** | **U.S. GOVERNMENT AGENCIES — 45.0%, continued** | **U.S. GOVERNMENT AGENCIES — 45.0%, continued** | **U.S. GOVERNMENT AGENCIES — 45.0%, continued** | **U.S. GOVERNMENT AGENCIES — 45.0%, continued** |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9%, continued | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9%, continued | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9%, continued | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9%, continued | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9%, continued |
| &nbsp;&nbsp;&nbsp;FNMA | 5.000% | 10/01/25 | $19502 | $19413 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.500% | 11/01/25 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;FNMA | 0.500% | 11/07/25 | 13934000 | 12530201 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 03/01/26 | 108537 | 105928 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.910% | 04/01/26 | 3000000 | 2829756 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.125% | 04/24/26 | 2000000 | 1874213 |
| &nbsp;&nbsp;&nbsp;FNMA | 8.500% | 09/01/26 | 3279 | 3274 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 09/01/27 | 255303 | 243839 |
| &nbsp;&nbsp;&nbsp;FNMA | 0.750% | 10/08/27 | 10000000 | 8612357 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 11/01/27 | 403335 | 384615 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 01/01/28 | 263538 | 251075 |
| &nbsp;&nbsp;&nbsp;FNMA <sup>(c)</sup> | 3.430% | 06/25/28 | 1816946 | 1726004 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.522% | 08/27/29 | 5498601 | 4870732 |
| &nbsp;&nbsp;&nbsp;FNMA | 0.875% | 08/05/30 | 17000000 | 13494448 |
| &nbsp;&nbsp;&nbsp;FNMA | 6.625% | 11/15/30 | 12750000 | 14951478 |
| &nbsp;&nbsp;&nbsp;FNMA <sup>(c)</sup> | 1.561% | 11/25/30 | 3000000 | 2407416 |
| &nbsp;&nbsp;&nbsp;FNMA <sup>(c)</sup> | 1.383% | 12/25/30 | 5000000 | 3999085 |
| &nbsp;&nbsp;&nbsp;FNMA | 1.292% | 01/25/31 | 3000000 | 2364600 |
| &nbsp;&nbsp;&nbsp;FNMA | 1.376% | 03/25/31 | 1000000 | 792760 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.000% | 01/01/32 | 1187807 | 1080311 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 12/01/32 | 504877 | 474665 |
| &nbsp;&nbsp;&nbsp;FNMA | 6.000% | 10/01/33 | 18316 | 18942 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.500% | 02/01/34 | 20701 | 21362 |
| &nbsp;&nbsp;&nbsp;FNMA (H15T1Y + 211.70) <sup>(c)</sup> | 2.808% | 05/01/34 | 24487 | 24751 |
| &nbsp;&nbsp;&nbsp;FNMA | 6.000% | 11/01/34 | 53366 | 55190 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.500% | 01/01/35 | 28606 | 29262 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 02/01/35 | 1177339 | 1084736 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.000% | 10/01/35 | 44492 | 45437 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.500% | 10/01/35 | 58726 | 60776 |
| &nbsp;&nbsp;&nbsp;FNMA | 6.000% | 10/01/35 | 29215 | 30214 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.500% | 06/01/36 | 13076 | 13433 |
| &nbsp;&nbsp;&nbsp;FNMA | 6.000% | 06/01/36 | 13425 | 13983 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.500% | 11/01/36 | 16579 | 17191 |
| &nbsp;&nbsp;&nbsp;FNMA (12MO LIBOR + 156.50) <sup>(c)</sup> | 2.065% | 05/01/37 | 2071 | 2060 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.625% | 07/15/37 | 11750000 | 13133940 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.500% | 09/01/40 | 97965 | 96834 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.500% | 10/01/40 | 97238 | 96395 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 12/01/40 | 249772 | 239868 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 01/01/41 | 180260 | 173114 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 02/01/41 | 263418 | 246539 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 10/01/41 | 141431 | 135824 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 11/01/41 | 149270 | 143352 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 12/01/41 | 188615 | 181137 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 12/01/41 | 270138 | 259426 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 01/01/42 | 596456 | 575793 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 05/01/42 | 305108 | 285598 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 06/01/42 | 565251 | 514318 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 08/01/42 | 455912 | 414877 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 08/01/42 | 420960 | 383070 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 12/01/42 | 627654 | 587517 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 06/01/43 | 513151 | 466910 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 12/01/44 | 715592 | 689524 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 05/01/45 | 843137 | 784883 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 04/01/46 | 668273 | 599294 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 11/01/46 | 1124454 | 1046070 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 10/01/48 | 521680 | 497418 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Impact Bond Fund<br> December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **U.S. GOVERNMENT AGENCIES — 45.0%, continued** | **U.S. GOVERNMENT AGENCIES — 45.0%, continued** | **U.S. GOVERNMENT AGENCIES — 45.0%, continued** | **U.S. GOVERNMENT AGENCIES — 45.0%, continued** | **U.S. GOVERNMENT AGENCIES — 45.0%, continued** |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9%, continued | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9%, continued | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9%, continued | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9%, continued | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.9%, continued |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 11/01/48 | $1327268 | $1269206 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 05/01/49 | 429126 | 395162 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 06/01/49 | 666340 | 634222 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 08/01/49 | 1761591 | 1619322 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 09/01/49 | 919655 | 814003 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 06/01/50 | 1898499 | 1676593 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 07/01/50 | 3059552 | 2608532 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 08/01/50 | 2159004 | 1841783 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 08/01/50 | 3353197 | 2959127 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.000% | 11/01/50 | 5419909 | 4432278 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.000% | 01/01/51 | 9703107 | 7931463 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.000% | 02/01/51 | 5734629 | 4680689 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 04/01/51 | 16334736 | 13876125 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.000% | 08/01/51 | 3621391 | 2955293 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.000% | 11/01/51 | 5599460 | 4563916 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 05/01/52 | 5826690 | 4935287 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 05/01/52 | 5781905 | 5252986 |
|  |  |  |  | 173197187 |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.0% <sup>(e)</sup> | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.0% <sup>(e)</sup> | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.0% <sup>(e)</sup> | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.0% <sup>(e)</sup> | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.0% <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;GNMA | 7.000% | 12/20/30 | 8708 | 8903 |
| &nbsp;&nbsp;&nbsp;GNMA | 7.000% | 10/20/31 | 6000 | 6193 |
| &nbsp;&nbsp;&nbsp;GNMA | 7.000% | 03/20/32 | 25667 | 26581 |
| &nbsp;&nbsp;&nbsp;GNMA (H15T1Y + 150) <sup>(c)</sup> | 2.625% | 01/20/34 | 16855 | 16525 |
| &nbsp;&nbsp;&nbsp;GNMA | 5.500% | 10/20/38 | 5097 | 5052 |
| &nbsp;&nbsp;&nbsp;GNMA | 6.500% | 11/20/38 | 3252 | 3311 |
|  |  |  |  | 66565 |
| SMALL BUSINESS ADMINISTRATION — 0.0% <sup>(e)</sup> | SMALL BUSINESS ADMINISTRATION — 0.0% <sup>(e)</sup> | SMALL BUSINESS ADMINISTRATION — 0.0% <sup>(e)</sup> | SMALL BUSINESS ADMINISTRATION — 0.0% <sup>(e)</sup> | SMALL BUSINESS ADMINISTRATION — 0.0% <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;SBA (Prime — 2.65) <sup>(c)</sup> | 3.600% | 02/25/32 | 44947 | 44856 |
| UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 0.2% | UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 0.2% | UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 0.2% | UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 0.2% | UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 0.2% |
| &nbsp;&nbsp;&nbsp;Hashemite Kingdom of Jordan AID Bond | 3.000% | 06/30/25 | 1450000 | 1398211 |
| TOTAL U.S. GOVERNMENT AGENCIES (COST $338,318,295) | TOTAL U.S. GOVERNMENT AGENCIES (COST $338,318,295) | TOTAL U.S. GOVERNMENT AGENCIES (COST $338,318,295) | TOTAL U.S. GOVERNMENT AGENCIES (COST $338,318,295) | $300964206 |
| **ASSET BACKED SECURITIES — 5.5%** | **ASSET BACKED SECURITIES — 5.5%** | **ASSET BACKED SECURITIES — 5.5%** | **ASSET BACKED SECURITIES — 5.5%** | **ASSET BACKED SECURITIES — 5.5%** |
| &nbsp;&nbsp;&nbsp;Ahold Finance U.S.A., LLC | 8.620% | 01/02/25 | 154073 | 155820 |
| &nbsp;&nbsp;&nbsp;Beacon Container Finance II, LLC <sup>(a)</sup> | 2.250% | 10/22/46 | 918667 | 778797 |
| &nbsp;&nbsp;&nbsp;Cards II Trust <sup>(a)</sup> | 0.602% | 04/15/27 | 2250000 | 2121776 |
| &nbsp;&nbsp;&nbsp;CLI Funding, LLC <sup>(a)</sup> | 2.720% | 01/18/47 | 1234889 | 1049897 |
| &nbsp;&nbsp;&nbsp;DB Master Finance, LLC <sup>(a)</sup> | 2.493% | 11/20/51 | 2004750 | 1657638 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza Master Issuer, LLC <sup>(a)</sup> | 4.474% | 10/25/45 | 2115000 | 2015479 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress NC Storm Funding, LLC, | 2.799% | 07/01/41 | 2000000 | 1401613 |
| &nbsp;&nbsp;&nbsp;Iowa Student Loan Liquidity Corp. Rev. | 1.730% | 08/25/70 | 1167456 | 1005578 |
| &nbsp;&nbsp;&nbsp;Master Credit Card Trust II <sup>(a)</sup> | 1.990% | 09/21/24 | 4000000 | 3975406 |
| &nbsp;&nbsp;&nbsp;PG&E Energy Recovery Funding, LLC | 2.822% | 07/15/46 | 1000000 | 697318 |
| &nbsp;&nbsp;&nbsp;PG&E Energy Recovery Funding, LLC | 5.536% | 07/15/47 | 1500000 | 1528430 |
| &nbsp;&nbsp;&nbsp;PG&E Wildfire Recovery Funding, LLC, | 4.674% | 12/01/51 | 2400000 | 2132513 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust <sup>(a)</sup> | 2.836% | 01/15/50 | 282000 | 265940 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **ASSET BACKED SECURITIES — 5.5%, continued** | **ASSET BACKED SECURITIES — 5.5%, continued** | **ASSET BACKED SECURITIES — 5.5%, continued** | **ASSET BACKED SECURITIES — 5.5%, continued** | **ASSET BACKED SECURITIES — 5.5%, continued** |
| UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 0.2%, continued | UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 0.2%, continued | UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 0.2%, continued | UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 0.2%, continued | UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 0.2%, continued |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust | 6.599% | 11/15/52 | $880000 | $886105 |
| &nbsp;&nbsp;&nbsp;SolarCity LMC, Series I, LLC <sup>(a)</sup> | 4.800% | 12/20/26 | 291324 | 287561 |
| &nbsp;&nbsp;&nbsp;Tesla Auto Lease Trust | 0.600% | 09/22/25 | 1200000 | 1130708 |
| &nbsp;&nbsp;&nbsp;Texas Electric Market Stabilization Funding N, LLC | 4.966% | 02/01/44 | 630000 | 595773 |
| &nbsp;&nbsp;&nbsp;Texas Electric Market Stabilization Funding N, LLC | 5.057% | 08/01/46 | 3000000 | 2821913 |
| &nbsp;&nbsp;&nbsp;Textainer Marine Containers VII Ltd. <sup>(a)</sup> | 1.680% | 02/20/46 | 1280000 | 1069478 |
| &nbsp;&nbsp;&nbsp;TIF Funding II, LLC <sup>(a)</sup> | 1.650% | 02/20/46 | 425729 | 353077 |
| &nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust | 0.260% | 11/17/25 | 3000000 | 2880633 |
| &nbsp;&nbsp;&nbsp;Tribute Rail, LLC <sup>(a)</sup> | 4.760% | 05/17/52 | 1970379 | 1861127 |
| &nbsp;&nbsp;&nbsp;Triton Container Finance VIII, LLC <sup>(a)</sup> | 1.860% | 03/20/46 | 1489687 | 1242048 |
| &nbsp;&nbsp;&nbsp;Triumph Rail, LLC <sup>(a)</sup> | 2.150% | 06/19/51 | 1916561 | 1634631 |
| &nbsp;&nbsp;&nbsp;Vantage Data Centers Issuer, LLC <sup>(a)</sup> | 2.165% | 10/15/46 | 2000000 | 1723762 |
| &nbsp;&nbsp;&nbsp;Wendy's Funding, LLC <sup>(a)</sup> | 3.783% | 06/15/49 | 682500 | 623553 |
| &nbsp;&nbsp;&nbsp;Wendy's Funding, LLC | 4.236% | 03/15/52 | 1243750 | 1112365 |
| TOTAL ASSET BACKED SECURITIES (COST $40,597,509) | TOTAL ASSET BACKED SECURITIES (COST $40,597,509) | TOTAL ASSET BACKED SECURITIES (COST $40,597,509) | TOTAL ASSET BACKED SECURITIES (COST $40,597,509) | $37008939 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Impact Bond Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **MONEY MARKET FUNDS — 1.7%** | **MONEY MARKET FUNDS — 1.7%** | **MONEY MARKET FUNDS — 1.7%** |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10% <sup>(f)</sup> (COST $11,303,217) | 11303217 | $11303217 |
| **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 1.3%** | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 1.3%** | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 1.3%** |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.49% <sup>(f)(g)</sup> (COST $8,901,565) | 8901565 | 8901565 |
| **INVESTMENT COMPANIES — 0.4%** | **INVESTMENT COMPANIES — 0.4%** | **INVESTMENT COMPANIES — 0.4%** |
| &nbsp;&nbsp;&nbsp;Pax High Yield Bond Fund - Institutional Class (COST $4,199,236) | 530984 | 3031917 |
| TOTAL INVESTMENTS - (COST $759,295,664) — 100.5% | TOTAL INVESTMENTS - (COST $759,295,664) — 100.5% | $673035727 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5%) | LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5%) | (3530633) |
| NET ASSETS — 100.0% | NET ASSETS — 100.0% | $669505094 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) 144a security may only be resold to qualified institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. As of December 31, 2022, these securities were valued at $81,614,094 or 12.2% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Illiquid securities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> Date | Current <br> Cost | Fair <br> Value | % of Net <br> Assets |
| Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23 | 06/18/18 | $1650000 | $1629046 | 0.2% |
| Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23 | 12/17/18 | 950000 | 924031 | 0.1% |
| Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24 | 06/15/21 | 550000 | 513780 | 0.1% |
| Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24 | 06/17/19 | 980000 | 941701 | 0.1% |
| Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24 | 12/12/19 | 400000 | 380776 | 0.0 %<sup>(e)</sup> |
| Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25 | 06/12/20 | 1400000 | 1305638 | 0.2% |
| Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25 | 12/15/20 | 650000 | 600531 | 0.1% |
| Capital Impact Partners 4.800%, 12/15/23 | 12/19/22 | 250000 | 249897 | 0.0 %<sup>(e)</sup> |
|  |  | $6830000 | $6545400 | 1.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(e) Percentage rounds to less than 0.1%.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) The security was purchased with cash collateral received from securities on loan (Note 8).

GMTN — Global Medium-Term Note

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

LIBOR — London Interbank Offered Rate

plc — Public Liability Company

PO — Principal Only security with a redemption price above par

SOFR — Secured Overnight Financing Rate

***See accompanying notes to financial statements.***

*Praxis International Index Fund* 

Annual Report to Shareholders

Portfolio Managers' Commentary (unaudited)

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

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

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

The Praxis International Index Fund seeks to generate performance that reflects the performance of both foreign developed and emerging equity markets, as measured by the MSCI All Country World ex US Index. The portfolio is constructed using optimization techniques to have characteristics similar to the target benchmark index.

The application of ESG screens and scoring, and the lower number of holdings versus the benchmark, are expected to cause the Fund's performance to deviate from the benchmark over short periods. The objective over longer time horizons is for the Fund to perform in line with the benchmark before fees. Our Morningstar Historical Corporate Sustainability Percent Rank (as of Nov. 30, 2022) is the 12th percentile and it a 4 out of 5 Globes Sustainability Rating.

During this period, these factors had a neutral contribution to the Fund's returns relative to the benchmark. While there were no significant over/under exposures to any single factor, the Fund's underweight to Russia and Financials sector contributed positively to relative returns. These results were partly offset by the underweight to the Energy and Industrials sectors, which detracted from relative results. The largest company-specific contributors included an overweight to Equinor Asa, Mitsui & Co., and Pearson Plc. Overall, the results were consistent with our forecasted tracking error – a measure of variability of relative returns – for a portfolio subject to the constraints we discussed above.

Michael T. Branch, CFA<sup>®</sup><br> Praxis International Index Fund Portfolio Manager<br> Aperio Group LLC

Annie Tan<br> Praxis International Index Fund Portfolio Manager<br> Aperio Group LLC

Brian Ko<br> Praxis International Index Fund Portfolio Manager<br> Aperio Group LLC

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

*The MSCI All Country World Index ex-U.S. is market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S. based companies. The index includes both developed and emerging markets.* 

*The Morningstar Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund's portfolio holdings are managing their financially material environmental, social and governance, or ESG, risks relative to the Fund's Morningstar Global Category peers. The Morningstar Sustainability Rating calculation is a five -step process. First, each fund with at least 67% of assets covered by a company-level ESG Risk Score from Sustainalytics receives a Morningstar Portfolio Sustainability Score. The Morningstar Portfolio Sustainability Score is an asset-weighted average of company level ESG Risk Scores. The Portfolio Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk. Second, the Historical Sustainability Score is an exponential weighted moving average of the Portfolio Sustainability Scores over the past 12 months. The process rescales the current Portfolio Sustainability Score to reflect the consistency of the scores. The Historical Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk, on a consistent historical basis. Third, the Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Global Categories in which at least thirty (30) funds receive a Historical Sustainability Score and is determined by each fund's Morningstar Sustainability Rating Score rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). Fourth, then Morningstar applies a 1% rating buffer from the previous month to increase rating stability. This means a fund must move 1% beyond the rating breakpoint to change ratings. Fifth, they adjust downward positive Sustainability Ratings to funds with high ESG Risk scores. The logic is as follows: If Portfolio Sustainability score is above 40, then the fund receives a Low Sustainability Rating. If Portfolio Sustainability score is above 35 and preliminary rating is Average or better, then the fund is downgraded to Below Average. If the Portfolio Sustainability score is above 30 and preliminary rating is Above Average, then the fund is downgraded to Average. If the Portfolio Sustainability score is below 30, then no adjustment is made. The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. Since a Sustainability Rating is assigned to all funds that meet the above criteria, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. The* 

*Praxis International Index Fund* 

Annual Report to Shareholders

Portfolio Managers' Commentary (unaudited), continued

*Portfolio Sustainability Score is calculated when Morningstar receives a new portfolio. Then, the Historical Sustainability Score and the Sustainability Rating is calculated one month and six business days after the reported as-of date of the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics' ESG scores from the same month as the portfolio as-of date. Please click on http://corporate1.morningstar.com/SustainableInvesting/ for more detailed information about the Morningstar Sustainability Rating methodology and calculation frequency. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm. Morningstar, Inc. holds a non-controlling ownership interest in Sustainalytics.* <sup>*©*</sup> *2022 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. **Past performance is no guarantee of future results.*** 

 

*Praxis International Index Fund* 

Performance Review (unaudited)

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

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/12 to 12/31/22 and includes the reinvestment of dividends and capital gains.

![](fp0081640-1_17.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Average Annual** | **Average Annual** | **Average Annual** | |
|  | <br>**Inception <br> Date** | <br>**One <br> Year <br> Ended** | **Three<br> Year <br> Ended** | **Five <br> Year <br> Ended** | **Ten <br> Year <br> Ended** | <br>**Expense <br> Ratio\*\*<br> Gross/Net** |
| **Praxis International Index Fund** |  |  |  |  |  |  |
| Class A \* | 12/31/10 | -21.10% | -1.68% | -0.72% | 2.51% | 1.20% |
| Class A (Without Load) | 12/31/10 | -16.72% | 0.11% | 0.36% | 3.06% |  |
| Class I | 12/31/10 | -16.18% | 0.76% | 1.04% | 3.69% | 0.61% |
| MSCI All Country World Index ex-U.S. <sup>1</sup> |  | -16.00% | 0.07% | 0.88% | 3.80% |  |

---

**Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit www.praxismutualfunds.com. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.** 

The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any party during the periods presented. In such instances, and without activity, the total returns would have been lower.

***\*** **The total return figures shown reflect the maximum sales charge applicable to Class A Shares for the Fund. Class A Shares have a maximum sales charge on purchases of 5.25%.***

*\*\* Reflects the expense ratios as reported in the Prospectus dated April 30, 2022.* 

<sup>*1*</sup> *The MSCI All Country World Index ex-U.S. is a market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S. based companies. The index includes both developed and emerging markets.* 

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of these expenses. An investor cannot invest directly in an index, although an investor can invest in its underlying securities.

Schedule of Investments

*Praxis International Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.9%** | **COMMON STOCKS — 97.9%** | **COMMON STOCKS — 97.9%** |
| AUSTRALIA — 4.6% | AUSTRALIA — 4.6% | AUSTRALIA — 4.6% |
| &nbsp;&nbsp;&nbsp;ANZ Group Holdings Ltd. | 40646 | $654697 |
| &nbsp;&nbsp;&nbsp;ASX Ltd. | 3087 | 142949 |
| &nbsp;&nbsp;&nbsp;Brambles Ltd. | 84413 | 693624 |
| &nbsp;&nbsp;&nbsp;Coles Group Ltd. | 20682 | 235416 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | 19560 | 1366231 |
| &nbsp;&nbsp;&nbsp;Computershare Ltd. | 20272 | 361581 |
| &nbsp;&nbsp;&nbsp;CSL Ltd. - ADR | 7282 | 710286 |
| &nbsp;&nbsp;&nbsp;CSL Ltd. | 3640 | 713082 |
| &nbsp;&nbsp;&nbsp;Dexus | 158141 | 834361 |
| &nbsp;&nbsp;&nbsp;Fortescue Metals Group Ltd. | 63440 | 885802 |
| &nbsp;&nbsp;&nbsp;Goodman Group | 44189 | 522242 |
| &nbsp;&nbsp;&nbsp;GPT Group (The) | 86547 | 247462 |
| &nbsp;&nbsp;&nbsp;Lendlease Group | 22661 | 120949 |
| &nbsp;&nbsp;&nbsp;Macquarie Group Ltd. - ADR | 1184 | 134076 |
| &nbsp;&nbsp;&nbsp;Macquarie Group Ltd. | 2144 | 243694 |
| &nbsp;&nbsp;&nbsp;Mirvac Group | 157601 | 228532 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd. | 36653 | 750078 |
| &nbsp;&nbsp;&nbsp;Origin Energy Ltd. | 41376 | 217457 |
| &nbsp;&nbsp;&nbsp;REA Group Ltd. | 6602 | 497993 |
| &nbsp;&nbsp;&nbsp;Scentre Group | 175279 | 343661 |
| &nbsp;&nbsp;&nbsp;SEEK Ltd. | 49532 | 706444 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare Ltd. | 7195 | 146800 |
| &nbsp;&nbsp;&nbsp;South32 Ltd. | 255820 | 696630 |
| &nbsp;&nbsp;&nbsp;Stockland | 68242 | 168642 |
| &nbsp;&nbsp;&nbsp;Transurban Group | 200755 | 1773981 |
| &nbsp;&nbsp;&nbsp;Vicinity Centres | 397679 | 541465 |
| &nbsp;&nbsp;&nbsp;Wesfarmers Ltd. | 32429 | 1013558 |
| &nbsp;&nbsp;&nbsp;Woolworths Group Ltd. | 28598 | 653379 |
|  |  | 15605072 |
| AUSTRIA — 0.2% | AUSTRIA — 0.2% | AUSTRIA — 0.2% |
| &nbsp;&nbsp;&nbsp;Verbund AG | 6899 | 581011 |
| BELGIUM — 0.9% | BELGIUM — 0.9% | BELGIUM — 0.9% |
| &nbsp;&nbsp;&nbsp;Elia System Operator S.A./N.V. | 4015 | 570931 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert S.A. | 6989 | 558132 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert S.A. | 2460 | 197132 |
| &nbsp;&nbsp;&nbsp;KBC Group N.V. | 15375 | 989110 |
| &nbsp;&nbsp;&nbsp;UCB S.A. | 7663 | 603587 |
| &nbsp;&nbsp;&nbsp;Umicore S.A. | 3663 | 134612 |
|  |  | 3053504 |
| BERMUDA — 0.6% | BERMUDA — 0.6% | BERMUDA — 0.6% |
| &nbsp;&nbsp;&nbsp;China Gas Holdings Ltd. | 115000 | 167368 |
| &nbsp;&nbsp;&nbsp;Credicorp Ltd. | 7803 | 1058555 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings Ltd. | 35400 | 162840 |
| &nbsp;&nbsp;&nbsp;Shenzhen International Holdings Ltd. | 799000 | 784099 |
|  |  | 2172862 |
| BRAZIL — 1.5% | BRAZIL — 1.5% | BRAZIL — 1.5% |
| &nbsp;&nbsp;&nbsp;Banco Bradesco S.A. - ADR | 300506 | 865457 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil S.A. - ADR | 98038 | 645090 |
| &nbsp;&nbsp;&nbsp;Banco Santander Brasil S.A. - ADR <sup>(a)</sup> | 90700 | 488873 |
| &nbsp;&nbsp;&nbsp;Cia Energética de Minas Gerais - ADR <sup>(a)</sup> | 281777 | 572007 |
| &nbsp;&nbsp;&nbsp;Gerdau S.A. - ADR | 79331 | 439494 |
| &nbsp;&nbsp;&nbsp;Getnet Adquirencia e Servicos para Meios de Pagamento S.A. - ADR | 7516 | 12777 |
| &nbsp;&nbsp;&nbsp;Sendas Distribuidora S.A. - ADR | 17197 | 314877 |
| &nbsp;&nbsp;&nbsp;Suzano S.A. - ADR | 78845 | 728528 |
| &nbsp;&nbsp;&nbsp;Telefónica Brasil S.A. - ADR | 91332 | 653024 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** |
| BRAZIL — 1.5%, continued | BRAZIL — 1.5%, continued | BRAZIL — 1.5%, continued |
| &nbsp;&nbsp;&nbsp;TIM S.A. - ADR <sup>(a)</sup> | 39899 | $464824 |
|  |  | 5184951 |
| CANADA — 7.1% | CANADA — 7.1% | CANADA — 7.1% |
| &nbsp;&nbsp;&nbsp;Bank of Montreal <sup>(a)</sup> | 17353 | 1572182 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia (The) <sup>(a)</sup> | 14715 | 720741 |
| &nbsp;&nbsp;&nbsp;BCE, Inc. <sup>(a)</sup> | 11273 | 495448 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | 7538 | 304912 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 15841 | 1883178 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Ltd. | 19191 | 1431457 |
| &nbsp;&nbsp;&nbsp;CGI, Inc. <sup>(a)(b)</sup> | 8100 | 697653 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 14305 | 1952346 |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. | 18362 | 503119 |
| &nbsp;&nbsp;&nbsp;Manulife Financial Corp. | 76580 | 1366187 |
| &nbsp;&nbsp;&nbsp;Methanex Corp. | 11194 | 423805 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 9589 | 700285 |
| &nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc. <sup>(a)</sup> | 11589 | 749461 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada <sup>(a)</sup> | 32068 | 3015033 |
| &nbsp;&nbsp;&nbsp;Sun Life Financial, Inc. <sup>(a)</sup> | 27123 | 1259050 |
| &nbsp;&nbsp;&nbsp;Teck Resources Ltd. - Class B <sup>(a)</sup> | 43317 | 1638249 |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp. <sup>(a)</sup> | 20428 | 2330222 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The) <sup>(a)</sup> | 26902 | 1742173 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 35026 | 1368816 |
|  |  | 24154317 |
| CAYMAN ISLANDS — 4.9% | CAYMAN ISLANDS — 4.9% | CAYMAN ISLANDS — 4.9% |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - ADR <sup>(b)</sup> | 26924 | 2371735 |
| &nbsp;&nbsp;&nbsp;Autohome, Inc. - ADR | 2537 | 77632 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc. - ADR <sup>(b)</sup> | 4105 | 469530 |
| &nbsp;&nbsp;&nbsp;China Literature Ltd. <sup>(b)</sup> | 83000 | 322193 |
| &nbsp;&nbsp;&nbsp;China Mengniu Dairy Co. Ltd. | 98000 | 444452 |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings Ltd. | 31800 | 446512 |
| &nbsp;&nbsp;&nbsp;Genscript Biotech Corp. <sup>(b)</sup> | 112000 | 356566 |
| &nbsp;&nbsp;&nbsp;Hengan International Group Co. Ltd. | 99000 | 525721 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc. - ADR | 11792 | 661885 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group Co. Ltd. <sup>(b)</sup> | 100000 | 214462 |
| &nbsp;&nbsp;&nbsp;Meituan - ADR <sup>(b)</sup> | 27017 | 1195232 |
| &nbsp;&nbsp;&nbsp;Minth Group Ltd. | 64000 | 173415 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. - ADR | 8957 | 650547 |
| &nbsp;&nbsp;&nbsp;Shenzhou International Group Holdings Ltd. | 48000 | 539922 |
| &nbsp;&nbsp;&nbsp;Sunny Optical Technology Group Co. Ltd. | 19200 | 228391 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. - ADR <sup>(a)</sup> | 101450 | 4297422 |
| &nbsp;&nbsp;&nbsp;Tingyi Cayman Islands Holding Corp. | 276000 | 487252 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. - ADR <sup>(b)</sup> | 22788 | 783907 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings Ltd. - ADR <sup>(b)</sup> | 21137 | 288309 |
| &nbsp;&nbsp;&nbsp;VNET Group, Inc. - ADR <sup>(a)(b)</sup> | 23314 | 132190 |
| &nbsp;&nbsp;&nbsp;WuXi Biologics Cayman, Inc. <sup>(b)</sup> | 122072 | 935999 |
| &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings Ltd. | 100000 | 110690 |
| &nbsp;&nbsp;&nbsp;ZTO Express Cayman, Inc. - ADR <sup>(a)</sup> | 26341 | 707783 |
|  |  | 16421747 |
| CHILE — 0.2% | CHILE — 0.2% | CHILE — 0.2% |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile S.A. - ADR | 10226 | 816444 |
| CHINA — 3.2% | CHINA — 3.2% | CHINA — 3.2% |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China Ltd. - H Shares | 1583000 | 543514 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products Ltd. | 50400 | 660544 |
| &nbsp;&nbsp;&nbsp;Bank of China Ltd. - H Shares | 1903000 | 692393 |
| &nbsp;&nbsp;&nbsp;BYD Co. Ltd. - H Shares | 23000 | 567518 |
| &nbsp;&nbsp;&nbsp;China Life Insurance Co. Ltd. - H Shares | 376000 | 645488 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis International Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** |
| CHINA — 3.2%, continued | CHINA — 3.2%, continued | CHINA — 3.2%, continued |
| &nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. - H Shares | 66820 | $373668 |
| &nbsp;&nbsp;&nbsp;China Minsheng Banking Corp. Ltd. - H Shares | 456500 | 157906 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group Co. Ltd. - H Shares | 100200 | 223107 |
| &nbsp;&nbsp;&nbsp;China Resources Land Ltd. | 134000 | 613728 |
| &nbsp;&nbsp;&nbsp;China Vanke Co. Ltd. - H Shares | 168574 | 341227 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings Co. Ltd. - H Shares | 87500 | 89231 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home Co. Ltd. - H Shares | 241230 | 822069 |
| &nbsp;&nbsp;&nbsp;Huatai Securities Co. Ltd. - H Shares | 117400 | 134312 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. - H Shares | 1118000 | 575789 |
| &nbsp;&nbsp;&nbsp;Jiangsu Expressway Co. Ltd. - H Shares | 720000 | 657684 |
| &nbsp;&nbsp;&nbsp;New World Development Co. Ltd. | 72768 | 205097 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co. Ltd. - H Shares | 146000 | 138601 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. - H Shares | 256818 | 1699383 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group Co. Ltd. - H Shares | 427200 | 1085846 |
| &nbsp;&nbsp;&nbsp;TravelSky Technology Ltd. - H Shares | 217000 | 458711 |
|  |  | 10685816 |
| COLOMBIA — 0.3% | COLOMBIA — 0.3% | COLOMBIA — 0.3% |
| &nbsp;&nbsp;&nbsp;Bancolombia S.A. - ADR | 32931 | 939851 |
| DENMARK — 2.1% | DENMARK — 2.1% | DENMARK — 2.1% |
| &nbsp;&nbsp;&nbsp;A.P. Moller-Maersk A/S - Series B | 67 | 150672 |
| &nbsp;&nbsp;&nbsp;Chr. Hansen Holding A/S | 1812 | 130360 |
| &nbsp;&nbsp;&nbsp;Coloplast A/S - Series B | 2036 | 238019 |
| &nbsp;&nbsp;&nbsp;DSV A/S | 4551 | 718445 |
| &nbsp;&nbsp;&nbsp;Genmab A/S <sup>(b)</sup> | 932 | 394629 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR | 29898 | 4046395 |
| &nbsp;&nbsp;&nbsp;Novozymes A/S - Class B | 3368 | 170635 |
| &nbsp;&nbsp;&nbsp;Orsted A/S | 4694 | 426635 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | 1085 | $76246 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | 21015 | 611468 |
|  |  | 6963504 |
| FINLAND — 0.8% | FINLAND — 0.8% | FINLAND — 0.8% |
| &nbsp;&nbsp;&nbsp;Neste OYJ | 20268 | 933643 |
| &nbsp;&nbsp;&nbsp;Nokia Corp. - ADR | 122369 | 567792 |
| &nbsp;&nbsp;&nbsp;Sampo plc - A Shares | 3751 | 196085 |
| &nbsp;&nbsp;&nbsp;Stora Enso OYJ - R Shares | 11015 | 155099 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene OYJ | 20395 | 762820 |
|  |  | 2615439 |
| FRANCE — 6.5% | FRANCE — 6.5% | FRANCE — 6.5% |
| &nbsp;&nbsp;&nbsp;Accor S.A. <sup>(b)</sup> | 11801 | 295057 |
| &nbsp;&nbsp;&nbsp;Aeroports de Paris <sup>(b)</sup> | 1860 | 249354 |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. - ADR | 1327 | 37531 |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. | 9728 | 1379149 |
| &nbsp;&nbsp;&nbsp;Alstom S.A. - ADR | 8390 | 19968 |
| &nbsp;&nbsp;&nbsp;Alstom S.A. | 10037 | 245256 |
| &nbsp;&nbsp;&nbsp;Arkema S.A. | 1887 | 169485 |
| &nbsp;&nbsp;&nbsp;AXA S.A. | 33469 | 933756 |
| &nbsp;&nbsp;&nbsp;BNP Paribas S.A. | 3140 | 179040 |
| &nbsp;&nbsp;&nbsp;Bollore SE | 82440 | 460795 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas S.A. | 16518 | 435280 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | 5024 | 838947 |
| &nbsp;&nbsp;&nbsp;Carrefour S.A. | 14741 | 246867 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA - ADR | 28976 | 402477 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | 18076 | 502950 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** |
| FRANCE — 6.5%, continued | FRANCE — 6.5%, continued | FRANCE — 6.5%, continued |
| &nbsp;&nbsp;&nbsp;Covivio | 5514 | $327392 |
| &nbsp;&nbsp;&nbsp;Danone S.A. - ADR | 12960 | 136274 |
| &nbsp;&nbsp;&nbsp;Danone S.A. | 6488 | 342011 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE - ADR | 901 | 32211 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | 9814 | 351986 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica S.A. | 4430 | 802608 |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific SE | 2307 | 165657 |
| &nbsp;&nbsp;&nbsp;Getlink SE | 77043 | 1235377 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | 4390 | 283218 |
| &nbsp;&nbsp;&nbsp;Hermes International | 830 | 1284238 |
| &nbsp;&nbsp;&nbsp;Kering S.A. | 1685 | 857927 |
| &nbsp;&nbsp;&nbsp;Klepierre S.A. <sup>(b)</sup> | 22849 | 526758 |
| &nbsp;&nbsp;&nbsp;Legrand S.A. | 10029 | 803480 |
| &nbsp;&nbsp;&nbsp;L'Oreal S.A. - ADR | 21745 | 1549223 |
| &nbsp;&nbsp;&nbsp;L'Oreal S.A. | 1380 | 492952 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe S.A. <sup>(b)</sup> | 12555 | 798820 |
| &nbsp;&nbsp;&nbsp;Sartorius Sedim Biotech | 1319 | 427238 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | 10419 | 1458370 |
| &nbsp;&nbsp;&nbsp;Societe Generale S.A. | 23503 | 590910 |
| &nbsp;&nbsp;&nbsp;Solvay S.A. | 809 | 81827 |
| &nbsp;&nbsp;&nbsp;Teleperformance | 1454 | 346724 |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield <sup>(b)</sup> | 6388 | 332636 |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield - CDI <sup>(b)</sup> | 45646 | 119949 |
| &nbsp;&nbsp;&nbsp;Valeo | 28541 | 510370 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement S.A. | 6731 | 172978 |
| &nbsp;&nbsp;&nbsp;Vivendi SE - ADR | 13553 | 128618 |
| &nbsp;&nbsp;&nbsp;Vivendi SE | 21180 | 202161 |
| &nbsp;&nbsp;&nbsp;Wendel SE | 8457 | 789646 |
| &nbsp;&nbsp;&nbsp;Worldline S.A. <sup>(b)</sup> | 11073 | 433126 |
|  |  | 21980597 |
| GERMANY — 3.9% | GERMANY — 3.9% | GERMANY — 3.9% |
| &nbsp;&nbsp;&nbsp;adidas AG - ADR | 2402 | 162712 |
| &nbsp;&nbsp;&nbsp;adidas AG | 1323 | 180565 |
| &nbsp;&nbsp;&nbsp;Allianz SE - ADR | 76050 | 1631273 |
| &nbsp;&nbsp;&nbsp;Allianz SE | 239 | 51414 |
| &nbsp;&nbsp;&nbsp;BASF SE | 3729 | 185232 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG - ADR | 2 | 59 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | 2092 | 186777 |
| &nbsp;&nbsp;&nbsp;Brenntag AG | 6380 | 407981 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG <sup>(b)</sup> | 24099 | 228010 |
| &nbsp;&nbsp;&nbsp;Continental AG | 6571 | 393880 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG <sup>(b)</sup> | 9334 | 289295 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | 5965 | 1030893 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG - ADR | 9971 | 373913 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | 10161 | 382765 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG - ADR | 30009 | 599580 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 25629 | 511482 |
| &nbsp;&nbsp;&nbsp;Fraport AG Frankfurt Airport Services Worldwide <sup>(b)</sup> | 1961 | 79897 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG & Co. | 4696 | 153717 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | 1159 | 230211 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | 18669 | 1227408 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 2309 | 447262 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG - ADR | 18890 | 611942 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | 1787 | 581698 |
| &nbsp;&nbsp;&nbsp;RWE AG | 13344 | 594257 |
| &nbsp;&nbsp;&nbsp;Sartorius AG | 918 | 363111 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis International Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** |
| GERMANY — 3.9%, continued | GERMANY — 3.9%, continued | GERMANY — 3.9%, continued |
| &nbsp;&nbsp;&nbsp;Siemens AG | 5494 | $762654 |
| &nbsp;&nbsp;&nbsp;Telefonica Deutschland Holding AG | 166204 | 409860 |
| &nbsp;&nbsp;&nbsp;Vitesco Technologies Group AG <sup>(b)</sup> | 1 | 58 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | 32704 | 771113 |
| &nbsp;&nbsp;&nbsp;Zalando SE <sup>(b)</sup> | 6837 | 242395 |
|  |  | 13091414 |
| HONG KONG — 2.3% | HONG KONG — 2.3% | HONG KONG — 2.3% |
| &nbsp;&nbsp;&nbsp;AAC Technologies Holdings, Inc. <sup>(b)</sup> | 92000 | 210270 |
| &nbsp;&nbsp;&nbsp;AIA Group Ltd. - ADR | 34946 | 1552651 |
| &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 57569 | 640183 |
| &nbsp;&nbsp;&nbsp;BYD Electronic International Co. Ltd. | 86500 | 278154 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings Ltd. | 93000 | 135826 |
| &nbsp;&nbsp;&nbsp;Hang Seng Bank Ltd. | 16100 | 267729 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 26978 | 1165447 |
| &nbsp;&nbsp;&nbsp;Lenovo Group Ltd. | 562000 | 461519 |
| &nbsp;&nbsp;&nbsp;Link REIT | 95500 | 701057 |
| &nbsp;&nbsp;&nbsp;New China Life Insurance Co. Ltd. - H Shares | 87400 | 213865 |
| &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares | 132000 | 216799 |
| &nbsp;&nbsp;&nbsp;Sino Land Co. Ltd. | 144000 | 180056 |
| &nbsp;&nbsp;&nbsp;Swire Properties Ltd. | 206350 | 524495 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co. Ltd. | 24500 | 273388 |
| &nbsp;&nbsp;&nbsp;Wharf Holdings Ltd. (The) | 166000 | 488075 |
| &nbsp;&nbsp;&nbsp;Zhongsheng Group Holdings Ltd. | 86000 | 442364 |
|  |  | 7751878 |
| INDIA — 3.7% | INDIA — 3.7% | INDIA — 3.7% |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR | 30589 | 2092594 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - ADR | 226296 | 4953619 |
| &nbsp;&nbsp;&nbsp;Infosys Ltd. - ADR | 196394 | 3537056 |
| &nbsp;&nbsp;&nbsp;Wipro Ltd. - ADR <sup>(a)</sup> | 411428 | 1917254 |
|  |  | 12500523 |
| INDONESIA — 0.7% | INDONESIA — 0.7% | INDONESIA — 0.7% |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT - ADR | 87101 | 1107925 |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT - ADR | 50040 | 1193454 |
|  |  | 2301379 |
| IRELAND — 0.4% | IRELAND — 0.4% | IRELAND — 0.4% |
| &nbsp;&nbsp;&nbsp;CRH plc - ADR <sup>(a)</sup> | 14500 | 576955 |
| &nbsp;&nbsp;&nbsp;Kingspan Group plc | 2206 | 119477 |
| &nbsp;&nbsp;&nbsp;Smurfit Kappa Group plc | 20818 | 770393 |
|  |  | 1466825 |
| ISRAEL — 0.4% | ISRAEL — 0.4% | ISRAEL — 0.4% |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd. <sup>(b)</sup> | 4473 | 564313 |
| &nbsp;&nbsp;&nbsp;ICL Group Ltd. | 54570 | 398907 |
| &nbsp;&nbsp;&nbsp;Nice Ltd. - ADR <sup>(a)(b)</sup> | 2630 | 505749 |
|  |  | 1468969 |
| ITALY — 1.7% | ITALY — 1.7% | ITALY — 1.7% |
| &nbsp;&nbsp;&nbsp;Assicurazioni Generali S.p.A. | 24438 | 434776 |
| &nbsp;&nbsp;&nbsp;Enel S.p.A. | 63194 | 340364 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A. - ADR | 1 | 13 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A. | 276901 | 616126 |
| &nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario S.p.A. | 49451 | 475712 |
| &nbsp;&nbsp;&nbsp;Moncler S.p.A. | 10592 | 561414 |
| &nbsp;&nbsp;&nbsp;Poste Italiane S.p.A. | 93753 | 916147 |
| &nbsp;&nbsp;&nbsp;Telecom Italia S.p.A. <sup>(b)</sup> | 591414 | 136977 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale S.p.A. | 227512 | 1680943 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** |
| ITALY — 1.7%, continued | ITALY — 1.7%, continued | ITALY — 1.7%, continued |
| &nbsp;&nbsp;&nbsp;UniCredit S.p.A. | 52597 | $747476 |
|  |  | 5909948 |
| JAPAN — 14.7% | JAPAN — 14.7% | JAPAN — 14.7% |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | 4800 | 310100 |
| &nbsp;&nbsp;&nbsp;Aeon Co. Ltd. | 7900 | 167496 |
| &nbsp;&nbsp;&nbsp;AGC, Inc. | 10000 | 334829 |
| &nbsp;&nbsp;&nbsp;Asahi Intecc Co. Ltd. | 11100 | 182997 |
| &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | 50000 | 358599 |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. | 34300 | 524321 |
| &nbsp;&nbsp;&nbsp;Azbil Corp. | 10400 | 263445 |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | 6200 | 392705 |
| &nbsp;&nbsp;&nbsp;Bridgestone Corp. | 33456 | 1195649 |
| &nbsp;&nbsp;&nbsp;Brothers Industries Ltd. | 13900 | 212533 |
| &nbsp;&nbsp;&nbsp;Canon, Inc. | 22800 | 496000 |
| &nbsp;&nbsp;&nbsp;Chiba Bank Ltd. (The) | 28700 | 210340 |
| &nbsp;&nbsp;&nbsp;CyberAgent, Inc. | 13700 | 121907 |
| &nbsp;&nbsp;&nbsp;Dai Nippon Printing Co. Ltd. | 61318 | 1237936 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | 16346 | 372844 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co. Ltd. - ADR | 5703 | 183580 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co. Ltd. | 23430 | 758622 |
| &nbsp;&nbsp;&nbsp;Daiwa House Industry Co. Ltd. | 30000 | 694570 |
| &nbsp;&nbsp;&nbsp;Denso Corp. | 10000 | 497939 |
| &nbsp;&nbsp;&nbsp;Dentsu Group, Inc. | 4300 | 135787 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | 167700 | 572368 |
| &nbsp;&nbsp;&nbsp;FANUC Corp. - ADR | 8460 | 125800 |
| &nbsp;&nbsp;&nbsp;FANUC Corp. | 800 | 120889 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co. Ltd. - ADR | 1220 | 73895 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co. Ltd. | 1400 | 858915 |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. - ADR | 8120 | 406568 |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | 1500 | 75708 |
| &nbsp;&nbsp;&nbsp;Fujitsu Ltd. | 4868 | 653277 |
| &nbsp;&nbsp;&nbsp;Hitachi Construction Machinery Co. Ltd. | 7800 | 175834 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd. | 7800 | 180172 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. - ADR | 1273 | 121444 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | 6861 | 664089 |
| &nbsp;&nbsp;&nbsp;Ibiden Co. Ltd. | 4600 | 167689 |
| &nbsp;&nbsp;&nbsp;Idemitsu Kosan Co. Ltd. | 13300 | 311067 |
| &nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | 20800 | 300683 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | 29400 | 1177021 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. - ADR | 43814 | 662030 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | 3600 | 1410259 |
| &nbsp;&nbsp;&nbsp;Kintetsu Group Holdings Co. Ltd. | 18128 | 601454 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. - ADR | 788 | 53718 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. | 24000 | 332224 |
| &nbsp;&nbsp;&nbsp;Lixil Corp. | 15100 | 230191 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | 44800 | 1461808 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co. Ltd. | 14300 | 186402 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. - ADR | 25008 | 166803 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 317209 | 2148382 |
| &nbsp;&nbsp;&nbsp;Mitsui & Co. Ltd. - ADR | 730 | 426557 |
| &nbsp;&nbsp;&nbsp;Mitsui & Co. Ltd. | 62990 | 1848992 |
| &nbsp;&nbsp;&nbsp;Mitsui Chemicals, Inc. | 7100 | 160920 |
| &nbsp;&nbsp;&nbsp;Mitsui OSK Lines Ltd. | 21700 | 543901 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. | 65200 | 921913 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing Co. Ltd. | 12900 | 647452 |
| &nbsp;&nbsp;&nbsp;Nexon Co. Ltd. | 13700 | 309151 |
| &nbsp;&nbsp;&nbsp;Nidec Corp. - ADR | 23780 | 303671 |
| &nbsp;&nbsp;&nbsp;Nintendo Co. Ltd. - ADR | 74200 | 773164 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis International Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** |
| JAPAN — 14.7%, continued | JAPAN — 14.7%, continued | JAPAN — 14.7%, continued |
| &nbsp;&nbsp;&nbsp;Nintendo Co. Ltd. | 3000 | $126435 |
| &nbsp;&nbsp;&nbsp;Nippon Building Fund, Inc. | 33 | 147828 |
| &nbsp;&nbsp;&nbsp;Nippon Prologis REIT, Inc. | 175 | 411299 |
| &nbsp;&nbsp;&nbsp;Nippon Sanso Holdings Corp. | 9300 | 135751 |
| &nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone Corp. | 5200 | 149034 |
| &nbsp;&nbsp;&nbsp;Nippon Yusen KK | 13800 | 326967 |
| &nbsp;&nbsp;&nbsp;Nitori Holdings Co. Ltd. | 1100 | 142883 |
| &nbsp;&nbsp;&nbsp;Nomura Real Estate Holdings, Inc. | 6900 | 148765 |
| &nbsp;&nbsp;&nbsp;Nomura Research Institute Ltd. | 16000 | 379702 |
| &nbsp;&nbsp;&nbsp;Odakyu Electric Railway Co. Ltd. | 10400 | 135565 |
| &nbsp;&nbsp;&nbsp;Olympus Corp. | 16400 | 293863 |
| &nbsp;&nbsp;&nbsp;Omron Corp. | 2900 | 141508 |
| &nbsp;&nbsp;&nbsp;Ono Pharmaceutical Co. Ltd. | 6900 | 162064 |
| &nbsp;&nbsp;&nbsp;Oriental Land Co. Ltd. | 4160 | 607230 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | 16800 | 271145 |
| &nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | 10900 | 203699 |
| &nbsp;&nbsp;&nbsp;Persol Holdings Co. Ltd. | 8000 | 172359 |
| &nbsp;&nbsp;&nbsp;Pinduoduo, Inc. - ADR <sup>(b)</sup> | 8211 | 669607 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co. Ltd. | 28250 | 898974 |
| &nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | 45300 | 249586 |
| &nbsp;&nbsp;&nbsp;Ricoh Co. Ltd. | 25500 | 195629 |
| &nbsp;&nbsp;&nbsp;Secom Co. Ltd. | 2700 | 155157 |
| &nbsp;&nbsp;&nbsp;Seiko Epson Corp. | 30300 | 444594 |
| &nbsp;&nbsp;&nbsp;Sekisui House Ltd. - ADR | 21690 | 378057 |
| &nbsp;&nbsp;&nbsp;Sekisui House Ltd. | 8000 | 142220 |
| &nbsp;&nbsp;&nbsp;Seven & i Holdings Co. Ltd. | 18900 | 814972 |
| &nbsp;&nbsp;&nbsp;Sharp Corp. | 20600 | 148308 |
| &nbsp;&nbsp;&nbsp;Shimadzu Corp. | 17000 | 485026 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc. | 2084 | 332142 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co. Ltd. | 3400 | 420270 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co. Ltd. | 3400 | 170594 |
| &nbsp;&nbsp;&nbsp;Shiseido Co. Ltd. - ADR | 2703 | 131906 |
| &nbsp;&nbsp;&nbsp;Shiseido Co. Ltd. | 2100 | 103527 |
| &nbsp;&nbsp;&nbsp;SoftBank Corp. | 33205 | 376418 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. - ADR | 12130 | 256610 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | 13000 | 558978 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. - ADR <sup>(a)</sup> | 17616 | 1343749 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | 2000 | 152902 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | 23254 | 389040 |
| &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co. Ltd. | 8000 | 284685 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Holdings, Inc. | 19600 | 685084 |
| &nbsp;&nbsp;&nbsp;Suntory Beverage & Food Ltd. | 7600 | 260550 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd. - ADR | 17704 | 276182 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd. | 26800 | 839357 |
| &nbsp;&nbsp;&nbsp;TDK Corp. | 11700 | 386402 |
| &nbsp;&nbsp;&nbsp;Terumo Corp. | 10972 | 313125 |
| &nbsp;&nbsp;&nbsp;Toho Co. Ltd. | 4100 | 158676 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron Ltd. | 1900 | 562787 |
| &nbsp;&nbsp;&nbsp;Toppan, Inc. | 55900 | 832148 |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | 50000 | 280586 |
| &nbsp;&nbsp;&nbsp;Toto Ltd. | 5000 | 171414 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. - ADR <sup>(a)</sup> | 10972 | 1498556 |
| &nbsp;&nbsp;&nbsp;USS Co. Ltd. | 31120 | 496693 |
| &nbsp;&nbsp;&nbsp;Yamaha Corp. | 18800 | 704672 |
| &nbsp;&nbsp;&nbsp;Yamaha Motor Co. Ltd. | 31100 | 713167 |
| &nbsp;&nbsp;&nbsp;Yokogawa Electric Corp. | 36800 | 590152 |
| &nbsp;&nbsp;&nbsp;Z Holdings Corp. | 54000 | 136583 |
|  |  | 49791792 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** |
| JERSEY — 0.7% | JERSEY — 0.7% | JERSEY — 0.7% |
| &nbsp;&nbsp;&nbsp;Experian plc - ADR | 11145 | $375698 |
| &nbsp;&nbsp;&nbsp;Glencore plc | 248450 | 1659096 |
| &nbsp;&nbsp;&nbsp;WPP plc - ADR | 1188 | 58402 |
| &nbsp;&nbsp;&nbsp;WPP plc | 34966 | 346693 |
|  |  | 2439889 |
| LUXEMBOURG — 0.0% <sup>(c)</sup> | LUXEMBOURG — 0.0% <sup>(c)</sup> | LUXEMBOURG — 0.0% <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Aroundtown S.A. | 34293 | 80160 |
| MEXICO — 1.0% | MEXICO — 1.0% | MEXICO — 1.0% |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano S.A.B. de C.V. - ADR | 12776 | 998061 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR | 2661 | 382678 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR | 3153 | 734618 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico S.A.B. de C.V. - ADR | 32608 | 1146497 |
|  |  | 3261854 |
| NETHERLANDS — 2.9% | NETHERLANDS — 2.9% | NETHERLANDS — 2.9% |
| &nbsp;&nbsp;&nbsp;Adyen N.V. <sup>(b)</sup> | 349 | 481477 |
| &nbsp;&nbsp;&nbsp;Aegon N.V. | 13988 | 70499 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel N.V. - ADR | 1673 | 37325 |
| &nbsp;&nbsp;&nbsp;Argenx SE - ADR <sup>(b)</sup> | 1002 | 379588 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. - ADR | 6611 | 3612250 |
| &nbsp;&nbsp;&nbsp;Exor N.V. <sup>(b)</sup> | 3298 | 241196 |
| &nbsp;&nbsp;&nbsp;ING Groep N.V. - ADR <sup>(a)</sup> | 40673 | 494990 |
| &nbsp;&nbsp;&nbsp;ING Groep N.V. | 12870 | 156937 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize N.V. - ADR | 24466 | 702174 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize N.V. | 5491 | 157810 |
| &nbsp;&nbsp;&nbsp;Koninklijke DSM N.V. | 2622 | 320907 |
| &nbsp;&nbsp;&nbsp;NN Group N.V. | 10306 | 421112 |
| &nbsp;&nbsp;&nbsp;OCI N.V. | 9087 | 325182 |
| &nbsp;&nbsp;&nbsp;Prosus N.V. <sup>(b)</sup> | 13725 | 947185 |
| &nbsp;&nbsp;&nbsp;QIAGEN N.V. <sup>(b)</sup> | 7847 | 391330 |
| &nbsp;&nbsp;&nbsp;Randstad Holding N.V. | 3477 | 212068 |
| &nbsp;&nbsp;&nbsp;Stellantis N.V. | 42053 | 597541 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics N.V. - ADR <sup>(a)</sup> | 2836 | 100877 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer N.V. | 1707 | 178688 |
|  |  | 9829136 |
| NORWAY — 2.4% | NORWAY — 2.4% | NORWAY — 2.4% |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | 56057 | 1740135 |
| &nbsp;&nbsp;&nbsp;Equinor ASA - ADR | 158981 | 5693109 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | 79990 | 598680 |
|  |  | 8031924 |
| PORTUGAL — 0.7% | PORTUGAL — 0.7% | PORTUGAL — 0.7% |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS S.A. | 171903 | 2321123 |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS S.A. | 8104 | 175114 |
|  |  | 2496237 |
| RUSSIA — 0.0% <sup>(c)</sup> | RUSSIA — 0.0% <sup>(c)</sup> | RUSSIA — 0.0% <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Mobile TeleSystems PJSC - ADR <sup>(b)(d)(e)</sup> | 86910 | 869 |
| SINGAPORE — 1.9% | SINGAPORE — 1.9% | SINGAPORE — 1.9% |
| &nbsp;&nbsp;&nbsp;BOC Aviation Ltd. | 87700 | 731997 |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | 167800 | 343267 |
| &nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust | 522925 | 796452 |
| &nbsp;&nbsp;&nbsp;CapitaLand Investment Ltd. | 183000 | 505525 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis International Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** |
| SINGAPORE — 1.9%, continued | SINGAPORE — 1.9%, continued | SINGAPORE — 1.9%, continued |
| &nbsp;&nbsp;&nbsp;CDL Hospitality Trusts | 28826 | $26902 |
| &nbsp;&nbsp;&nbsp;City Developments Ltd. | 203900 | 1252872 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. - ADR | 11392 | 1154807 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications Ltd. | 216000 | 414454 |
| &nbsp;&nbsp;&nbsp;Venture Corp. Ltd. | 84300 | 1073733 |
|  |  | 6300009 |
| SOUTH AFRICA — 1.1% | SOUTH AFRICA — 1.1% | SOUTH AFRICA — 1.1% |
| &nbsp;&nbsp;&nbsp;FirstRand Ltd. | 201574 | 736874 |
| &nbsp;&nbsp;&nbsp;Gold Fields Ltd. - ADR <sup>(a)</sup> | 14088 | 145811 |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings Ltd. - ADR | 29987 | 372439 |
| &nbsp;&nbsp;&nbsp;Mr Price Group Ltd. | 56059 | 524331 |
| &nbsp;&nbsp;&nbsp;MTN Group Ltd. | 18970 | 142109 |
| &nbsp;&nbsp;&nbsp;MultiChoice Group Ltd. | 72496 | 500170 |
| &nbsp;&nbsp;&nbsp;Naspers Ltd. - Class N - ADR <sup>(a)</sup> | 26085 | 860805 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group Ltd. | 44968 | 444014 |
|  |  | 3726553 |
| SOUTH KOREA — 4.1% | SOUTH KOREA — 4.1% | SOUTH KOREA — 4.1% |
| &nbsp;&nbsp;&nbsp;Celltrion, Inc. | 4265 | 543621 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis Co. Ltd. | 8222 | 1309153 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. - ADR | 15444 | 597065 |
| &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. - ADR | 13750 | 118800 |
| &nbsp;&nbsp;&nbsp;KT Corp. - ADR | 39515 | 533453 |
| &nbsp;&nbsp;&nbsp;LG Display Co. Ltd. - ADR | 3 | 15 |
| &nbsp;&nbsp;&nbsp;NAVER Corp. | 8715 | 1228469 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings, Inc. - ADR | 9906 | 539580 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 122339 | 5372649 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. - ADR | 23067 | 644261 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. | 29265 | 818068 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 15952 | 950112 |
| &nbsp;&nbsp;&nbsp;SK Telecom Co. Ltd. - ADR | 19765 | 406961 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group, Inc. - ADR | 34279 | 943701 |
|  |  | 14005908 |
| SPAIN — 1.9% | SPAIN — 1.9% | SPAIN — 1.9% |
| &nbsp;&nbsp;&nbsp;Aena SME S.A. <sup>(b)</sup> | 5525 | 693953 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group S.A. <sup>(b)</sup> | 7348 | 381995 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom S.A. | 4067 | 134652 |
| &nbsp;&nbsp;&nbsp;Iberdrola S.A. - ADR | 1595 | 74582 |
| &nbsp;&nbsp;&nbsp;Iberdrola S.A. | 29928 | 350266 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil S.A. | 34462 | 916994 |
| &nbsp;&nbsp;&nbsp;Naturgy Energy Group S.A. | 12657 | 329470 |
| &nbsp;&nbsp;&nbsp;Repsol S.A. | 178289 | 2834984 |
| &nbsp;&nbsp;&nbsp;Siemens Gamesa Renewable Energy S.A. <sup>(b)</sup> | 11865 | 229321 |
| &nbsp;&nbsp;&nbsp;Telefónica S.A. | 92766 | 336238 |
|  |  | 6282455 |
| SWEDEN — 1.7% | SWEDEN — 1.7% | SWEDEN — 1.7% |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB | 35688 | 421064 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB - Class A - ADR | 40296 | 475493 |
| &nbsp;&nbsp;&nbsp;Boliden AB | 20477 | 767872 |
| &nbsp;&nbsp;&nbsp;Essity AB - Series B | 7919 | 207433 |
| &nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz AB - B Shares | 19185 | 206385 |
| &nbsp;&nbsp;&nbsp;Hexagon AB - B Shares | 53748 | 561510 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB | 11816 | 287089 |
| &nbsp;&nbsp;&nbsp;Investor AB - B Shares | 119025 | 2151078 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB S.C.A. - Series B | 16418 | 207634 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB - A Shares | 31343 | 315727 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** |
| SWEDEN — 1.7%, continued | SWEDEN — 1.7%, continued | SWEDEN — 1.7%, continued |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson - B Shares | 42832 | $250008 |
|  |  | 5851293 |
| SWITZERLAND — 6.2% | SWITZERLAND — 6.2% | SWITZERLAND — 6.2% |
| &nbsp;&nbsp;&nbsp;ABB Ltd. - ADR <sup>(a)</sup> | 33452 | 1018948 |
| &nbsp;&nbsp;&nbsp;ABB Ltd. | 5783 | 175506 |
| &nbsp;&nbsp;&nbsp;Accelleron Industries A.G. - ADR <sup>(b)</sup> | 1953 | 39841 |
| &nbsp;&nbsp;&nbsp;Accelleron Industries A.G. <sup>(b)</sup> | 289 | 5984 |
| &nbsp;&nbsp;&nbsp;Adecco Group AG | 14312 | 471499 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG | 553 | 1093930 |
| &nbsp;&nbsp;&nbsp;Clariant AG <sup>(b)</sup> | 10218 | 161903 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | 26042 | 621127 |
| &nbsp;&nbsp;&nbsp;Geberit AG | 1928 | 908126 |
| &nbsp;&nbsp;&nbsp;Givaudan S.A. | 223 | 683286 |
| &nbsp;&nbsp;&nbsp;Holcim Ltd. <sup>(b)</sup> | 8532 | 441831 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group Ltd. <sup>(b)</sup> | 3557 | 207205 |
| &nbsp;&nbsp;&nbsp;Keuhne + Nagel International AG | 643 | 149659 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG - ADR | 1070 | 52162 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG | 2080 | 1019315 |
| &nbsp;&nbsp;&nbsp;Nestlé S.A. - ADR | 31994 | 3690188 |
| &nbsp;&nbsp;&nbsp;Nestlé S.A. | 4022 | 466063 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | 570 | 503549 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG - ADR <sup>(a)</sup> | 78528 | 3074371 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 2204 | 692482 |
| &nbsp;&nbsp;&nbsp;Sika AG | 852 | 204294 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG | 1992 | 472475 |
| &nbsp;&nbsp;&nbsp;Swatch Group AG (The) | 707 | 201106 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG | 1691 | 872028 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | 9611 | 898949 |
| &nbsp;&nbsp;&nbsp;Swisscom AG | 981 | 537508 |
| &nbsp;&nbsp;&nbsp;Temenos AG | 3323 | 182361 |
| &nbsp;&nbsp;&nbsp;UBS Group AG <sup>(a)</sup> | 39428 | 733686 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | 6374 | 119003 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG - ADR | 24700 | 1181772 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | 492 | 235360 |
|  |  | 21115517 |
| TAIWAN — 4.5% | TAIWAN — 4.5% | TAIWAN — 4.5% |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. - ADR | 126937 | 795895 |
| &nbsp;&nbsp;&nbsp;AUO Corp. - ADR | 115722 | 560095 |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom Co. Ltd. - ADR | 134305 | 4914220 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 105463 | 7855939 |
| &nbsp;&nbsp;&nbsp;United Microelectronics Corp. - ADR <sup>(a)(b)</sup> | 154753 | 1010537 |
|  |  | 15136686 |
| TURKEY — 0.1% | TURKEY — 0.1% | TURKEY — 0.1% |
| &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri A.S. - ADR | 58775 | 281532 |
| UNITED KINGDOM — 8.0% | UNITED KINGDOM — 8.0% | UNITED KINGDOM — 8.0% |
| &nbsp;&nbsp;&nbsp;3i Group plc | 68813 | 1115938 |
| &nbsp;&nbsp;&nbsp;Antofagasta plc | 47452 | 886549 |
| &nbsp;&nbsp;&nbsp;Ashtead Group plc | 11037 | 629756 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR | 51316 | 3479225 |
| &nbsp;&nbsp;&nbsp;Aviva plc | 147903 | 791705 |
| &nbsp;&nbsp;&nbsp;Barratt Developments plc | 56585 | 271426 |
| &nbsp;&nbsp;&nbsp;British Land Co. plc (The) | 62287 | 297422 |
| &nbsp;&nbsp;&nbsp;BT Group plc | 130919 | 177335 |
| &nbsp;&nbsp;&nbsp;Bunzl plc | 5822 | 194179 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis International Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** | **COMMON STOCKS — 97.9%, continued** |
| UNITED KINGDOM — 8.0%, continued | UNITED KINGDOM — 8.0%, continued | UNITED KINGDOM — 8.0%, continued |
| &nbsp;&nbsp;&nbsp;Burberry Group plc | 13434 | $329671 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc <sup>(a)</sup> | 18549 | 1026131 |
| &nbsp;&nbsp;&nbsp;Compass Group plc | 35682 | 827110 |
| &nbsp;&nbsp;&nbsp;GSK plc - ADR | 2550 | 89607 |
| &nbsp;&nbsp;&nbsp;GSK plc | 27901 | 484883 |
| &nbsp;&nbsp;&nbsp;Haleon plc - ADR <sup>(b)</sup> | 17287 | 138296 |
| &nbsp;&nbsp;&nbsp;Halma plc | 6736 | 160742 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings plc - ADR <sup>(a)</sup> | 58458 | 1821551 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 27340 | 170408 |
| &nbsp;&nbsp;&nbsp;Informa plc | 99047 | 741877 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group plc - ADR <sup>(a)</sup> | 2515 | 146725 |
| &nbsp;&nbsp;&nbsp;J Sainsbury plc | 86209 | 226877 |
| &nbsp;&nbsp;&nbsp;Kingfisher plc | 161921 | 462145 |
| &nbsp;&nbsp;&nbsp;Land Securities Group plc | 37958 | 285045 |
| &nbsp;&nbsp;&nbsp;Legal & General Group plc | 210040 | 633507 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 437921 | 240369 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group plc | 7929 | 683994 |
| &nbsp;&nbsp;&nbsp;Mondi plc | 24044 | 409686 |
| &nbsp;&nbsp;&nbsp;National Grid plc | 49369 | 595254 |
| &nbsp;&nbsp;&nbsp;NatWest Group plc | 160250 | 513748 |
| &nbsp;&nbsp;&nbsp;PEARSON plc - ADR | 42312 | 476856 |
| &nbsp;&nbsp;&nbsp;PEARSON plc | 24794 | 281503 |
| &nbsp;&nbsp;&nbsp;Prudential plc - ADR <sup>(a)</sup> | 10228 | 281065 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc - ADR | 34350 | 483992 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc | 3212 | 223421 |
| &nbsp;&nbsp;&nbsp;RELX plc - ADR | 4303 | 119279 |
| &nbsp;&nbsp;&nbsp;RELX plc | 61542 | 1702184 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial plc | 28495 | 174989 |
| &nbsp;&nbsp;&nbsp;Rio Tinto plc - ADR <sup>(a)</sup> | 9034 | 643221 |
| &nbsp;&nbsp;&nbsp;Sage Group plc (The) - ADR | 2320 | 83450 |
| &nbsp;&nbsp;&nbsp;Sage Group plc (The) | 14027 | 126430 |
| &nbsp;&nbsp;&nbsp;Segro plc | 49056 | 452713 |
| &nbsp;&nbsp;&nbsp;Severn Trent plc | 16234 | 520253 |
| &nbsp;&nbsp;&nbsp;Taylor Wimpey plc | 108822 | 133722 |
| &nbsp;&nbsp;&nbsp;Tesco plc - ADR | 5503 | 44492 |
| &nbsp;&nbsp;&nbsp;Tesco plc | 144166 | 390731 |
| &nbsp;&nbsp;&nbsp;Unilever plc - ADR | 44516 | 2241381 |
| &nbsp;&nbsp;&nbsp;United Utilities Group plc | 59321 | 710946 |
| &nbsp;&nbsp;&nbsp;Whitbread plc | 5438 | 168947 |
|  |  | 27090736 |
| TOTAL COMMON STOCKS (Cost $260,217,085) | TOTAL COMMON STOCKS (Cost $260,217,085) | $331388601 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Fair<br> Value |
| **CORPORATE NOTES — 0.9%** | **CORPORATE NOTES — 0.9%** | **CORPORATE NOTES — 0.9%** | **CORPORATE NOTES — 0.9%** | **CORPORATE NOTES — 0.9%** |
| COMMUNITY DEVELOPMENT — 0.9% | COMMUNITY DEVELOPMENT — 0.9% | COMMUNITY DEVELOPMENT — 0.9% | COMMUNITY DEVELOPMENT — 0.9% | COMMUNITY DEVELOPMENT — 0.9% |
| Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 3.000% | 06/15/23 | $870000 | $858952 |
| Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 3.000% | 12/15/23 | 480000 | 466879 |
| Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 1.000% | 06/14/24 | 450000 | 420366 |
| Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 3.000% | 06/17/24 | 290000 | 278666 |
| Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 3.000% | 12/15/24 | 120000 | 114233 |
| Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 2.500% | 06/13/25 | 500000 | 466299 |
| Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 2.500% | 12/15/25 | 400000 | 369557 |
| TOTAL CORPORATE NOTES (Cost $3,110,000) | TOTAL CORPORATE NOTES (Cost $3,110,000) | TOTAL CORPORATE NOTES (Cost $3,110,000) | TOTAL CORPORATE NOTES (Cost $3,110,000) | $2974952 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **MONEY MARKET FUNDS — 0.5%** | **MONEY MARKET FUNDS — 0.5%** | **MONEY MARKET FUNDS — 0.5%** |
| First American Government Obligations Fund - Class X, 4.10% <sup>(f)</sup> (Cost $1,575,412) | 1575412 | $1575412 |
| **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING— 7.4%** | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING— 7.4%** | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING— 7.4%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.49% <sup>(f)(g)</sup> (Cost $24,979,212) | 24979212 | 24979212 |
| TOTAL INVESTMENTS - (Cost $289,881,709) — 106.7% | TOTAL INVESTMENTS - (Cost $289,881,709) — 106.7% | $360918177 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (6.7%) | LIABILITIES IN EXCESS OF OTHER ASSETS — (6.7%) | (22486728) |
| NET ASSETS — 100.0% | NET ASSETS — 100.0% | $338431449 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Percentage rounds to less than 0.1%.

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis International Index Fund<br> December 31, 2022*

&nbsp;&nbsp;&nbsp;&nbsp;(d) Illiquid securities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> Date | Current <br> Cost | Fair <br> Value | % of Net <br> Assets |
| Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23 | 06/18/18 | $870000 | $858952 | 0.3% |
| Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23 | 12/17/18 | 480000 | 466879 | 0.1% |
| Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24 | 06/15/21 | 450000 | 420366 | 0.1% |
| Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24 | 06/17/19 | 290000 | 278666 | 0.1% |
| Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24 | 12/12/19 | 120000 | 114233 | 0.1% |
| Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25 | 06/12/20 | 500000 | 466299 | 0.1% |
| Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25 | 12/15/20 | 400000 | 369557 | 0.1% |
| Mobile TeleSystems PJSC - ADR | 07/19/11 | 752376 | 869 | 0.0 %<sup>(c)</sup> |
|  |  | $3862376 | $2975821 | 0.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(e) Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total fair value of such securities was $869 as of December 31, 2022, representing 0.0% (c) of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) The security was purchased with cash collateral received from securities on loan. (Note 8).

ADR — American Depositary Receipt

CDI — CHESS Depositary Interest

plc — Public Liability Company

REIT — Real Estate Investment Trust

***See accompanying notes to financial statements.***

*Praxis Growth and Value Index Funds* 

Annual Report to Shareholders

Portfolio Manager's Commentary (unaudited)

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

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

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

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

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

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

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

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

Our Values + ESG screening framework plus ESG data integration causes differences in returns from our indexes. We use optimization tools to offset those impacts. We continue to utilize Sustainalytics ESG scores to enhance our optimization process. Our Morningstar Historical Corporate Sustainability Percent Rank as of Nov. 30, 2022, is the 10th percentile for the Praxis Growth Index Fund and the 9th percentile for the Praxis Value Index Fund. Both Funds scored a 5 out of 5 Globes Sustainability Rating.

The annual mid-December reconstitution of the benchmark index and our routine updating of our Values + ESG screening list necessitated some significant realignment of portfolio holdings near year end.

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

Dale Snyder, CFA<sup>®</sup><br> Praxis Growth and Value Index Fund Manager<br> Praxis Mutual Funds<sup>®</sup>

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

*The S&P 500 Growth Index represents the growth companies (defined by sales growth, earnings to price, and momentum) of the S&P 500 Index, a universe of large capitalization companies in the U.S. equity market.* 

*The S&P 500 Index is a market capitalization weighted index of 500 large companies that is widely used as a barometer of U.S. stock market performance.* 

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

*The Morningstar Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund's portfolio holdings are managing their financially material environmental, social and governance, or ESG, risks relative to the Fund's Morningstar Global Category peers. The Morningstar Sustainability Rating calculation is a five -step process. First, each fund with at least 67% of assets covered by a company-level ESG Risk Score from Sustainalytics receives a Morningstar Portfolio Sustainability Score. The Morningstar Portfolio Sustainability Score is an asset-weighted average of company level ESG Risk Scores. The Portfolio Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk. Second, the Historical Sustainability Score is an exponential weighted moving average of the Portfolio Sustainability Scores over the past 12 months. The process rescales the current Portfolio Sustainability Score to reflect the consistency of the scores. The Historical Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk, on a consistent historical basis. Third, the Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Global* 

*Praxis Growth and Value Index Funds* 

Annual Report to Shareholders

Portfolio Manager's Commentary (unaudited), continued

*Categories in which at least thirty (30) funds receive a Historical Sustainability Score and is determined by each Fund's Morningstar Sustainability Rating Score rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). Fourth, then Morningstar applies a 1% rating buffer from the previous month to increase rating stability. This means a fund must move 1% beyond the rating breakpoint to change ratings. Fifth, they adjust downward positive Sustainability Ratings to funds with high ESG Risk scores. The logic is as follows: If Portfolio Sustainability score is above 40, then the fund receives a Low Sustainability Rating. If Portfolio Sustainability score is above 35 and preliminary rating is Average or better, then the fund is downgraded to Below Average. If the Portfolio Sustainability score is above 30 and preliminary rating is Above Average, then the fund is downgraded to Average. If the Portfolio Sustainability score is below 30, then no adjustment is made. The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. Since a Sustainability Rating is assigned to all funds that meet the above criteria, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. The Portfolio Sustainability Score is calculated when Morningstar receives a new portfolio. Then, the Historical Sustainability Score and the Sustainability Rating is calculated one month and six business days after the reported as-of date of the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics' ESG scores from the same month as the portfolio as-of date. Please click on http://corporate1.morningstar.com/SustainableInvesting/ for more detailed information about the Morningstar Sustainability Rating methodology and calculation frequency. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm. Morningstar, Inc. holds a non-controlling ownership interest in Sustainalytics.* <sup>*©*</sup> *2022 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. **Past performance is no guarantee of future results.***

 

Praxis Value Fund Performance Review

*Praxis Value Index Fund* 

Performance Review (unaudited)

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

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/12 to 12/31/22 and includes the reinvestment of dividends and capital gains.

![](fp0081640-1_27.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Average Annual** | **Average Annual** | **Average Annual** | |
|  | <br>**Inception <br> Date** | <br>**One <br> Year <br> Ended**  | **Three<br> Year <br> Ended**  | **Five <br> Year <br> Ended**  | **Ten<br> Year <br> Ended** | <br>**Expense <br> Ratio\*\*<br> Gross/Net** |
| Praxis Value Index Fund |  |  |  |  |  |  |
| Class A \* | 5/1/01 | -12.69% | 4.03% | 6.38% | 9.80% | 0.78% |
| Class A (Without Load) | 5/1/01 | -7.86% | 5.92% | 7.54% | 10.39% |  |
| Class I | 5/1/06 | -7.55% | 6.37% | 7.99% | 10.91% | 0.38% |
| S&P 500 Value Index <sup>1</sup>  |  | -5.22% | 6.26% | 7.58% | 10.86% |  |

---

**Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit www.praxismutualfunds.com. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.** 

The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any party during the periods presented. In such instances, and without activity, the total returns would have been lower.

***\*** **The total return figures shown reflect the maximum sales charge applicable to Class A Shares for the Fund. Class A Shares have a maximum sales charge on purchases of 5.25%.***

*\*\* Reflects the expense ratios as reported in the Prospectus dated April 30, 2022.* 

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

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of these expenses. An investor cannot invest directly in an index, although an investor can invest in its underlying securities.

Schedule of Investments

*Praxis Value Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 98.4%** | **COMMON STOCKS — 98.4%** | **COMMON STOCKS — 98.4%** |
| ADVERTISING & MARKETING — 0.2% | ADVERTISING & MARKETING — 0.2% | ADVERTISING & MARKETING — 0.2% |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. <sup>(a)</sup> | 10229 | $834380 |
| AEROSPACE & DEFENSE — 0.2% | AEROSPACE & DEFENSE — 0.2% | AEROSPACE & DEFENSE — 0.2% |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 1510 | 950772 |
| APPAREL & TEXTILE PRODUCTS — 1.0% | APPAREL & TEXTILE PRODUCTS — 1.0% | APPAREL & TEXTILE PRODUCTS — 1.0% |
| &nbsp;&nbsp;&nbsp;NIKE, Inc. - Class B <sup>(a)</sup> | 29440 | 3444774 |
| &nbsp;&nbsp;&nbsp;VF Corp. <sup>(a)</sup> | 18360 | 506920 |
|  |  | 3951694 |
| ASSET MANAGEMENT — 1.4% | ASSET MANAGEMENT — 1.4% | ASSET MANAGEMENT — 1.4% |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 1540 | 479510 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 4022 | 2850110 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 17660 | 1470372 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 15670 | 281903 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 2870 | 313002 |
|  |  | 5394897 |
| AUTOMOTIVE — 0.9% | AUTOMOTIVE — 0.9% | AUTOMOTIVE — 0.9% |
| &nbsp;&nbsp;&nbsp;Aptiv plc <sup>(b)</sup> | 7050 | 656566 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 14870 | 598518 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 104753 | 1218277 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 37320 | 1255445 |
|  |  | 3728806 |
| BANKING — 7.1% | BANKING — 7.1% | BANKING — 7.1% |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 192070 | 6361358 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 56686 | 2563908 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 10900 | 429133 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 19490 | 639467 |
| &nbsp;&nbsp;&nbsp;First Republic Bank | 4180 | 509500 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 43970 | 619977 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 75425 | 10114492 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 21488 | 374321 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 5634 | 817268 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | 11131 | 1758030 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. <sup>(a)</sup> | 24860 | 535982 |
| &nbsp;&nbsp;&nbsp;Signature Bank | 2580 | 297268 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group <sup>(b)</sup> | 710 | 163399 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 40660 | 1749600 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 34867 | 1520550 |
|  |  | 28454253 |
| BEVERAGES — 0.9% | BEVERAGES — 0.9% | BEVERAGES — 0.9% |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 40420 | 2571116 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 12430 | 443254 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 4139 | 747752 |
|  |  | 3762122 |
| BIOTECH & PHARMA — 2.0% | BIOTECH & PHARMA — 2.0% | BIOTECH & PHARMA — 2.0% |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. <sup>(b)</sup> | 1930 | 534456 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 3450 | 296182 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 28441 | 5024103 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 40540 | 451210 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 10000 | 1465500 |
|  |  | 7771451 |
| CABLE & SATELLITE — 1.3% | CABLE & SATELLITE — 1.3% | CABLE & SATELLITE — 1.3% |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. - Class A <sup>(b)</sup> | 2520 | 854532 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. - Class A | 119140 | 4166326 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 98.4%, continued** | **COMMON STOCKS — 98.4%, continued** | **COMMON STOCKS — 98.4%, continued** |
| CABLE & SATELLITE — 1.3%, continued | CABLE & SATELLITE — 1.3%, continued | CABLE & SATELLITE — 1.3%, continued |
| &nbsp;&nbsp;&nbsp;DISH Network Corp. - Class A <sup>(a)(b)</sup> | 19840 | $278553 |
|  |  | 5299411 |
| CHEMICALS — 2.7% | CHEMICALS — 2.7% | CHEMICALS — 2.7% |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 2397 | 738899 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 7400 | 372886 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. <sup>(a)</sup> | 8148 | 559197 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 2960 | 430858 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 2410 | 300768 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. <sup>(a)</sup> | 9942 | 1042319 |
| &nbsp;&nbsp;&nbsp;Linde plc | 10956 | 3573628 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. - Class A | 12360 | 1026251 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 10210 | 1283806 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. (The) | 6010 | 1426353 |
|  |  | 10754965 |
| COMMERCIAL SUPPORT SERVICES — 1.0% | COMMERCIAL SUPPORT SERVICES — 1.0% | COMMERCIAL SUPPORT SERVICES — 1.0% |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 11450 | 1476936 |
| &nbsp;&nbsp;&nbsp;Robert Half International, Inc. | 5180 | 382439 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 8020 | 293051 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 10650 | 1670772 |
|  |  | 3823198 |
| CONSTRUCTION MATERIALS — 0.1% | CONSTRUCTION MATERIALS — 0.1% | CONSTRUCTION MATERIALS — 0.1% |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 1320 | 446120 |
| CONTAINERS & PACKAGING — 0.2% | CONTAINERS & PACKAGING — 0.2% | CONTAINERS & PACKAGING — 0.2% |
| &nbsp;&nbsp;&nbsp;Amcor plc | 24340 | 289889 |
| &nbsp;&nbsp;&nbsp;WestRock Co. | 10430 | 366719 |
|  |  | 656608 |
| DIVERSIFIED INDUSTRIALS — 1.3% | DIVERSIFIED INDUSTRIALS — 1.3% | DIVERSIFIED INDUSTRIALS — 1.3% |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 5253 | 711309 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 9554 | 917757 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 14045 | 3094113 |
| &nbsp;&nbsp;&nbsp;Pentair plc | 12120 | 545158 |
|  |  | 5268337 |
| E-COMMERCE DISCRETIONARY — 2.8% | E-COMMERCE DISCRETIONARY — 2.8% | E-COMMERCE DISCRETIONARY — 2.8% |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(b)</sup> | 122600 | 10298400 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 12910 | 535378 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc. <sup>(b)</sup> | 3930 | 470735 |
|  |  | 11304513 |
| ELECTRIC UTILITIES — 5.7% | ELECTRIC UTILITIES — 5.7% | ELECTRIC UTILITIES — 5.7% |
| &nbsp;&nbsp;&nbsp;AES Corp. (The) | 10414 | 299507 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 5400 | 298134 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 3400 | 302328 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 16270 | 1544836 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 19510 | 585105 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 12530 | 793525 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 29931 | 2852724 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 4170 | 490100 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 25514 | 2627687 |
| &nbsp;&nbsp;&nbsp;Edison International | 16627 | 1057810 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 7770 | 651437 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 34410 | 1487544 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 52960 | 4427456 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 26930 | 786895 |
| &nbsp;&nbsp;&nbsp;Sempra Energy | 6023 | 930794 |
| &nbsp;&nbsp;&nbsp;Southern Co. (The) | 36061 | 2575116 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Value Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 98.4%, continued** | **COMMON STOCKS — 98.4%, continued** | **COMMON STOCKS — 98.4%, continued** |
| ELECTRIC UTILITIES — 5.7%, continued | ELECTRIC UTILITIES — 5.7%, continued | ELECTRIC UTILITIES — 5.7%, continued |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 14114 | $989532 |
|  |  | 22700530 |
| ELECTRICAL EQUIPMENT — 3.2% | ELECTRICAL EQUIPMENT — 3.2% | ELECTRICAL EQUIPMENT — 3.2% |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 4630 | 646904 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 22720 | 937200 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(b)</sup> | 3210 | 323119 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 38687 | 2475968 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. <sup>(b)</sup> | 3690 | 631248 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 20480 | 1603789 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. <sup>(a)</sup> | 8530 | 2197072 |
| &nbsp;&nbsp;&nbsp;TE Connectivity Ltd. | 14490 | 1663452 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 10390 | 1746455 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc. <sup>(b)</sup> | 8990 | 454534 |
|  |  | 12679741 |
| ENGINEERING & CONSTRUCTION — 0.1% | ENGINEERING & CONSTRUCTION — 0.1% | ENGINEERING & CONSTRUCTION — 0.1% |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 2060 | 293550 |
| ENTERTAINMENT CONTENT — 1.8% | ENTERTAINMENT CONTENT — 1.8% | ENTERTAINMENT CONTENT — 1.8% |
| &nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | 7690 | 588669 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 5610 | 685430 |
| &nbsp;&nbsp;&nbsp;Fox Corp. - Class B | 13000 | 369850 |
| &nbsp;&nbsp;&nbsp;Paramount Global - Class B <sup>(a)</sup> | 33366 | 563218 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. (The) <sup>(b)</sup> | 47699 | 4144089 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc. <sup>(b)</sup> | 67787 | 642621 |
|  |  | 6993877 |
| FOOD — 1.4% | FOOD — 1.4% | FOOD — 1.4% |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 16070 | 621909 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 6540 | 297897 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. (The) <sup>(a)</sup> | 5630 | 892130 |
| &nbsp;&nbsp;&nbsp;Kellogg Co. <sup>(a)</sup> | 5960 | 424590 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. (The) | 26030 | 1059681 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 6090 | 504800 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 15422 | 1027876 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | 9110 | 567098 |
|  |  | 5395981 |
| GAS & WATER UTILITIES — 0.2% | GAS & WATER UTILITIES — 0.2% | GAS & WATER UTILITIES — 0.2% |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 2100 | 320082 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 19060 | 522625 |
|  |  | 842707 |
| HEALTH CARE FACILITIES & SERVICES — 2.5% | HEALTH CARE FACILITIES & SERVICES — 2.5% | HEALTH CARE FACILITIES & SERVICES — 2.5% |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | 4700 | 778837 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 7850 | 603429 |
| &nbsp;&nbsp;&nbsp;Catalent, Inc. <sup>(b)</sup> | 1430 | 64364 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | 4062 | 1345903 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 32034 | 2985248 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 1150 | 589915 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 1660 | 398334 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 1410 | 722188 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. <sup>(b)</sup> | 2920 | 598279 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings | 2120 | 499218 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 3384 | 1269406 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 570 | 302203 |
|  |  | 10157324 |
| HOME & OFFICE PRODUCTS — 0.1% | HOME & OFFICE PRODUCTS — 0.1% | HOME & OFFICE PRODUCTS — 0.1% |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | 3150 | 445599 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 98.4%, continued** | **COMMON STOCKS — 98.4%, continued** | **COMMON STOCKS — 98.4%, continued** |
| HOME CONSTRUCTION — 0.4% | HOME CONSTRUCTION — 0.4% | HOME CONSTRUCTION — 0.4% |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | 3300 | $294162 |
| &nbsp;&nbsp;&nbsp;Lennar Corp. - Class A | 6340 | 573770 |
| &nbsp;&nbsp;&nbsp;NVR, Inc. <sup>(b)</sup> | 130 | 599635 |
|  |  | 1467567 |
| HOUSEHOLD PRODUCTS — 2.3% | HOUSEHOLD PRODUCTS — 2.3% | HOUSEHOLD PRODUCTS — 2.3% |
| &nbsp;&nbsp;&nbsp;Clorox Co. (The) <sup>(a)</sup> | 2030 | 284870 |
| &nbsp;&nbsp;&nbsp;Estée Lauder Cos., Inc. (The) - Class A | 4940 | 1225664 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 14960 | 2030820 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 38156 | 5782923 |
|  |  | 9324277 |
| INDUSTRIAL SUPPORT SERVICES — 0.4% | INDUSTRIAL SUPPORT SERVICES — 0.4% | INDUSTRIAL SUPPORT SERVICES — 0.4% |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 9800 | 463736 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. <sup>(b)</sup> | 1620 | 575780 |
| &nbsp;&nbsp;&nbsp;W.W. Grainger, Inc. | 870 | 483938 |
|  |  | 1523454 |
| INSTITUTIONAL FINANCIAL SERVICES — 3.2% | INSTITUTIONAL FINANCIAL SERVICES — 3.2% | INSTITUTIONAL FINANCIAL SERVICES — 3.2% |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 38024 | 1730852 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 11190 | 1881710 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 9160 | 3145361 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 16430 | 1685554 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 35391 | 3008943 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 70 | 4295 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 6297 | 557222 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 10420 | 808279 |
|  |  | 12822216 |
| INSURANCE — 5.7% | INSURANCE — 5.7% | INSURANCE — 5.7% |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 20790 | 1495633 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. (The) | 10919 | 1480616 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 22987 | 1453698 |
| &nbsp;&nbsp;&nbsp;Aon plc - Class A | 4280 | 1284599 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. <sup>(b)</sup> | 4610 | 289416 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | 2930 | 552422 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. <sup>(a)</sup> | 4170 | 521500 |
| &nbsp;&nbsp;&nbsp;Berkley (W.R.) Corp. | 9825 | 713000 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 15040 | 856829 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 8860 | 1954516 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 9332 | 955504 |
| &nbsp;&nbsp;&nbsp;Everest Re Group Ltd. | 2840 | 940807 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 4450 | 536448 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | 10830 | 821239 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 16990 | 521933 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 25180 | 1468749 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 7150 | 1183182 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 23733 | 1717557 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 4530 | 380158 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 8230 | 1067513 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 13980 | 1390451 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. (The) | 5403 | 1013008 |
|  |  | 22598778 |
| INTERNET MEDIA & SERVICES — 3.2% | INTERNET MEDIA & SERVICES — 3.2% | INTERNET MEDIA & SERVICES — 3.2% |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A <sup>(b)</sup> | 1350 | 119110 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. <sup>(b)</sup> | 1010 | 2035433 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. <sup>(b)</sup> | 13760 | 570902 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A <sup>(b)</sup> | 56990 | 6858177 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(b)</sup> | 11010 | 3246629 |
|  |  | 12830251 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Value Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 98.4%, continued** | **COMMON STOCKS — 98.4%, continued** | **COMMON STOCKS — 98.4%, continued** |
| LEISURE FACILITIES & SERVICES — 1.8% | LEISURE FACILITIES & SERVICES — 1.8% | LEISURE FACILITIES & SERVICES — 1.8% |
| &nbsp;&nbsp;&nbsp;Carnival Corp. <sup>(a)(b)</sup> | 63243 | $509739 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 2130 | 294643 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 6420 | 811231 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. <sup>(a)(b)</sup> | 6980 | 486785 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. - Class A | 2910 | 433270 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 8340 | 2197840 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. <sup>(a)(b)</sup> | 2120 | 104792 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 16870 | 1673504 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 5400 | 691632 |
|  |  | 7203436 |
| LEISURE PRODUCTS — 0.4% | LEISURE PRODUCTS — 0.4% | LEISURE PRODUCTS — 0.4% |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 26100 | 1592361 |
| MACHINERY — 0.9% | MACHINERY — 0.9% | MACHINERY — 0.9% |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 907 | 388885 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 2840 | 648457 |
| &nbsp;&nbsp;&nbsp;Ingersoll-Rand, Inc. | 13050 | 681863 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 2610 | 620449 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 8890 | 667817 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 7010 | 775096 |
|  |  | 3782567 |
| MEDICAL EQUIPMENT & DEVICES — 5.5% | MEDICAL EQUIPMENT & DEVICES — 5.5% | MEDICAL EQUIPMENT & DEVICES — 5.5% |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 23170 | 2543834 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 1990 | 297803 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc. <sup>(b)</sup> | 1490 | 314241 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 17182 | 875767 |
| &nbsp;&nbsp;&nbsp;Becton, Dickinson and Co. | 8310 | 2113233 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. - Class A <sup>(b)</sup> | 720 | 302753 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. <sup>(b)</sup> | 29180 | 1350159 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (The) | 1170 | 386884 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 4670 | 1239511 |
| &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA, Inc. | 18350 | 584264 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. <sup>(b)</sup> | 11480 | 856523 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc. <sup>(b)</sup> | 5030 | 1017066 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(b)</sup> | 4520 | 1199382 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 33680 | 2617610 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 2370 | 493268 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. <sup>(a)</sup> | 8800 | 2151512 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. <sup>(a)</sup> | 2740 | 683986 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 3154 | 1736876 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 1260 | 296541 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 5900 | 752250 |
|  |  | 21813463 |
| METALS & MINING — 0.3% | METALS & MINING — 0.3% | METALS & MINING — 0.3% |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 22640 | 1068608 |
| OIL & GAS PRODUCERS — 0.9% | OIL & GAS PRODUCERS — 0.9% | OIL & GAS PRODUCERS — 0.9% |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 5377 | 634486 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | 4630 | 1057446 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 14590 | 1850887 |
|  |  | 3542819 |
| OIL & GAS SERVICES & EQUIPMENT — 0.7% | OIL & GAS SERVICES & EQUIPMENT — 0.7% | OIL & GAS SERVICES & EQUIPMENT — 0.7% |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 44790 | 1322649 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 26396 | 1411130 |
|  |  | 2733779 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 98.4%, continued** | **COMMON STOCKS — 98.4%, continued** | **COMMON STOCKS — 98.4%, continued** |
| REAL ESTATE SERVICES — 0.2% | REAL ESTATE SERVICES — 0.2% | REAL ESTATE SERVICES — 0.2% |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A <sup>(a)(b)</sup> | 10290 | $791918 |
| REITS — 4.8% | REITS — 4.8% | REITS — 4.8% |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 5380 | 783705 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 4760 | 1008454 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 5900 | 952968 |
| &nbsp;&nbsp;&nbsp;Boston Properties, Inc. | 7500 | 506850 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 6910 | 937272 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 8840 | 886387 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 2350 | 1539320 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 17370 | 1024830 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 1340 | 283973 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 4450 | 449628 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 20530 | 514687 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. <sup>(a)</sup> | 20470 | 328543 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 22420 | 474856 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 2890 | 453701 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 26080 | 2939998 |
| &nbsp;&nbsp;&nbsp;Public Storage <sup>(a)</sup> | 1920 | 537965 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. <sup>(a)</sup> | 20130 | 1276846 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 9230 | 576875 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 1660 | 465315 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 8469 | 994938 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 8600 | 333078 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 11270 | 507713 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 9190 | 297756 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | 12650 | 263247 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 13540 | 887547 |
|  |  | 19226452 |
| RETAIL - CONSUMER STAPLES — 2.6% | RETAIL - CONSUMER STAPLES — 2.6% | RETAIL - CONSUMER STAPLES — 2.6% |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 3700 | 1689050 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 1200 | 295500 |
| &nbsp;&nbsp;&nbsp;Kroger Co. (The) | 20514 | 914514 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 9860 | 1469535 |
| &nbsp;&nbsp;&nbsp;Walgreen Boots Alliance, Inc. | 22490 | 840226 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 37380 | 5300110 |
|  |  | 10508935 |
| RETAIL - DISCRETIONARY — 2.0% | RETAIL - DISCRETIONARY — 2.0% | RETAIL - DISCRETIONARY — 2.0% |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. <sup>(b)</sup> | 240 | 591883 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 7140 | 300880 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc. <sup>(a)(b)</sup> | 3650 | 222248 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 4570 | 792941 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 10732 | 3389809 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. - Class B | 4570 | 910527 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 8070 | 936685 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 12030 | 957588 |
|  |  | 8102561 |
| SEMICONDUCTORS — 2.7% | SEMICONDUCTORS — 2.7% | SEMICONDUCTORS — 2.7% |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(b)</sup> | 16990 | 1100442 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 6980 | 1144929 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3640 | 2035233 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 102078 | 2697922 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 4630 | 325258 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 29590 | 1478908 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 1270 | 185598 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | 2190 | 346086 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc. <sup>(b)</sup> | 4610 | 417850 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Value Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 98.4%, continued** | **COMMON STOCKS — 98.4%, continued** | **COMMON STOCKS — 98.4%, continued** |
| SEMICONDUCTORS — 2.7%, continued | SEMICONDUCTORS — 2.7%, continued | SEMICONDUCTORS — 2.7%, continued |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 6950 | $1148279 |
|  |  | 10880505 |
| SOFTWARE — 8.1% | SOFTWARE — 8.1% | SOFTWARE — 8.1% |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(b)</sup> | 6460 | 2173984 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc. <sup>(b)</sup> | 1760 | 425198 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc. <sup>(b)</sup> | 2650 | 495205 |
| &nbsp;&nbsp;&nbsp;Ceridian HCM Holding, Inc. <sup>(b)</sup> | 4490 | 288033 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 15800 | 338594 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 3330 | 1296103 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 84440 | 20250401 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 23412 | 1913697 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 3030 | 1309233 |
| &nbsp;&nbsp;&nbsp;salesforce.com, Inc. <sup>(b)</sup> | 26700 | 3540153 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. <sup>(b)</sup> | 920 | 293747 |
|  |  | 32324348 |
| SPECIALTY FINANCE — 0.7% | SPECIALTY FINANCE — 0.7% | SPECIALTY FINANCE — 0.7% |
| &nbsp;&nbsp;&nbsp;American Express Co. | 9754 | 1441154 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 9590 | 891486 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | 360 | 35219 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 10350 | 340101 |
|  |  | 2707960 |
| STEEL — 0.1% | STEEL — 0.1% | STEEL — 0.1% |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 2220 | 292618 |
| TECHNOLOGY HARDWARE — 2.0% | TECHNOLOGY HARDWARE — 2.0% | TECHNOLOGY HARDWARE — 2.0% |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 110020 | 5241353 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 14610 | 466644 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 27900 | 445284 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 26820 | 720653 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 5690 | 299351 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. <sup>(b)</sup> | 11965 | 377496 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. - Class A <sup>(b)</sup> | 1540 | 394871 |
|  |  | 7945652 |
| TECHNOLOGY SERVICES — 4.9% | TECHNOLOGY SERVICES — 4.9% | TECHNOLOGY SERVICES — 4.9% |
| &nbsp;&nbsp;&nbsp;Accenture plc - Class A | 16780 | 4477575 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 1190 | 284243 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. - Class A | 10200 | 583338 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co. <sup>(b)</sup> | 15380 | 407570 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc. <sup>(b)</sup> | 1050 | 344127 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 750 | 145770 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 21130 | 1433671 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. <sup>(b)</sup> | 8480 | 857074 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 8590 | 853159 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 21442 | 3020963 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 860 | 299048 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 80 | 22290 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 1140 | 530294 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 3334 | 385277 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. <sup>(b)</sup> | 28270 | 2013389 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 8310 | 2783351 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 5050 | 890921 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A <sup>(a)</sup> | 1450 | 301252 |
|  |  | 19633312 |
| TELECOMMUNICATIONS — 2.3% | TELECOMMUNICATIONS — 2.3% | TELECOMMUNICATIONS — 2.3% |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 204646 | 3767533 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | 54970 | 286943 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 98.4%, continued** | **COMMON STOCKS — 98.4%, continued** | **COMMON STOCKS — 98.4%, continued** |
| TELECOMMUNICATIONS — 2.3%, continued | TELECOMMUNICATIONS — 2.3%, continued | TELECOMMUNICATIONS — 2.3%, continued |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. <sup>(b)</sup> | 6580 | $921200 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 104080 | 4100752 |
|  |  | 9076428 |
| TRANSPORTATION & LOGISTICS — 3.5% | TRANSPORTATION & LOGISTICS — 3.5% | TRANSPORTATION & LOGISTICS — 3.5% |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc. <sup>(b)</sup> | 9130 | 392042 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc. <sup>(b)</sup> | 43070 | 547850 |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. <sup>(a)</sup> | 6070 | 555769 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 31150 | 965027 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. <sup>(b)</sup> | 29020 | 953597 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 5380 | 931816 |
| &nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | 4690 | 817748 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 7190 | 1771760 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. <sup>(b)</sup> | 24810 | 835353 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 10450 | 2163882 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. <sup>(b)</sup> | 13060 | 492362 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 20090 | 3492446 |
|  |  | 13919652 |
| TRANSPORTATION EQUIPMENT — 0.3% | TRANSPORTATION EQUIPMENT — 0.3% | TRANSPORTATION EQUIPMENT — 0.3% |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 5090 | 503757 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 6250 | 623813 |
|  |  | 1127570 |
| WHOLESALE - CONSUMER STAPLES — 0.4% | WHOLESALE - CONSUMER STAPLES — 0.4% | WHOLESALE - CONSUMER STAPLES — 0.4% |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 5880 | 545958 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 11430 | 873823 |
|  |  | 1419781 |
| WHOLESALE - DISCRETIONARY — 0.1% | WHOLESALE - DISCRETIONARY — 0.1% | WHOLESALE - DISCRETIONARY — 0.1% |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 5180 | 276664 |
| TOTAL COMMON STOCKS (COST $345,991,337) | TOTAL COMMON STOCKS (COST $345,991,337) | $392448768 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **CORPORATE NOTES — 0.9%** | **CORPORATE NOTES — 0.9%** | **CORPORATE NOTES — 0.9%** | **CORPORATE NOTES — 0.9%** | **CORPORATE NOTES — 0.9%** |
| COMMUNITY DEVELOPMENT — 0.9% | COMMUNITY DEVELOPMENT — 0.9% | COMMUNITY DEVELOPMENT — 0.9% | COMMUNITY DEVELOPMENT — 0.9% | COMMUNITY DEVELOPMENT — 0.9% |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(c)</sup> | 3.000% | 06/15/23 | $450000 | $444285 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(c)</sup> | 3.000% | 12/15/23 | 720000 | 700318 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(c)</sup> | 1.000% | 06/14/24 | 750000 | 700610 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(c)</sup> | 3.000% | 06/17/24 | 280000 | 269057 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(c)</sup> | 3.000% | 12/15/24 | 250000 | 237985 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(c)</sup> | 2.500% | 06/13/25 | 280000 | 261128 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(c)</sup> | 2.500% | 12/15/25 | 450000 | 415752 |
| &nbsp;&nbsp;&nbsp;Capital Impact Partners <sup>(c)</sup> | 4.800% | 12/15/23 | 450000 | 449789 |
| TOTAL CORPORATE NOTES (COST $3,630,000) | TOTAL CORPORATE NOTES (COST $3,630,000) | TOTAL CORPORATE NOTES (COST $3,630,000) | TOTAL CORPORATE NOTES (COST $3,630,000) | $3478924 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Value Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **MONEY MARKET FUNDS — 0.4%** | **MONEY MARKET FUNDS — 0.4%** | **MONEY MARKET FUNDS — 0.4%** |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10% <sup>(d)</sup> (COST $1,557,920) | 1557920 | $1557920 |
| **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.9%** | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.9%** | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.9%** |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.49% <sup>(d)(e)</sup> (COST $11,512,461) | 11512461 | 11512461 |
| TOTAL INVESTMENTS - (COST $362,691,718) — 102.6% | TOTAL INVESTMENTS - (COST $362,691,718) — 102.6% | $408998073 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (2.6%) | LIABILITIES IN EXCESS OF OTHER ASSETS — (2.6%) | (10417205) |
| NET ASSETS — 100.0% | NET ASSETS — 100.0% | $398580868 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Illiquid securities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> Date | Current <br> Cost | Fair <br> Value | % of Net <br> Assets |
| Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23 | 06/18/18 | $450000 | $444285 | 0.1% |
| Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23 | 12/17/18 | 720000 | 700318 | 0.2% |
| Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24 | 06/15/21 | 750000 | 700610 | 0.2% |
| Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24 | 06/17/19 | 280000 | 269057 | 0.1% |
| Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24 | 12/12/19 | 250000 | 237985 | 0.0 %<sup>(f)</sup> |
| Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25 | 06/12/20 | 280000 | 261128 | 0.1% |
| Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25 | 12/15/20 | 450000 | 415752 | 0.1% |
| Capital Impact Partners 4.800%, 12/15/23 | 12/19/22 | 450000 | 449789 | 0.1% |
|  |  | $3630000 | $3478924 | 0.9% |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Percentage rounds to less than 0.1%.

plc — Public Liability Company

***See accompanying notes to financial statements.***

Praxis Growth Fund Performance Review

*Praxis Growth Index Fund* 

Performance Review (unaudited)

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

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/12 to 12/31/22 and includes the reinvestment of dividends and capital gains.

![](fp0081640-1_33.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Average Annual** | **Average Annual** | **Average Annual** | |
|  | <br>**Inception <br> Date** | <br>**One <br> Year <br> Ended**  | **Three<br> Year <br> Ended**  | **Five <br> Year <br> Ended**  | **Ten<br> Year <br> Ended** | <br>**Expense <br> Ratio\*\*<br> Gross/Net** |
| Praxis Growth Index Fund |  |  |  |  |  |  |
| Class A \* | 5/1/07 | -32.18% | 5.83% | 9.26% | 12.65% | 0.66% |
| Class A (Without Load) | 5/1/07 | -28.42% | 7.75% | 10.45% | 13.25% |  |
| Class I | 5/1/07 | -28.18% | 8.08% | 10.82% | 13.68% | 0.36% |
| S&P 500 Growth Index <sup>1</sup>  |  | -29.40% | 7.55% | 10.28% | 13.59% |  |

---

**Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit www.praxismutualfunds.com. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.** 

The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any party during the periods presented. In such instances, and without activity, the total returns would have been lower.

***\*** **The total return figures shown reflect the maximum sales charge applicable to Class A Shares for the Fund. Class A Shares have a maximum sales charge on purchases of 5.25%.***

*\*\* Reflects the expense ratios as reported in the Prospectus dated April 30, 2022.* 

<sup>*1*</sup> *The S&P 500 Growth Index represents the growth companies (defined by sales growth, earnings change to price, and momentum) of the S&P 500 Index, a universe of large capitalization companies in the U.S. equity market.* 

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of these expenses. An investor cannot invest directly in an index, although an investor can invest in its underlying securities.

*Praxis Growth Index Fund* Schedule of Investments

*December 31, 2021*

Schedule of Investments

*Praxis Growth Index Fund* 

*December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 98.0%** | **COMMON STOCKS — 98.0%** | **COMMON STOCKS — 98.0%** |
| ADVERTISING & MARKETING — 0.1% | ADVERTISING & MARKETING — 0.1% | ADVERTISING & MARKETING — 0.1% |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. (The) | 11200 | $373072 |
| AEROSPACE & DEFENSE — 0.2% | AEROSPACE & DEFENSE — 0.2% | AEROSPACE & DEFENSE — 0.2% |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. <sup>(a)</sup> | 8860 | 349173 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 870 | 547795 |
|  |  | 896968 |
| ASSET MANAGEMENT — 0.8% | ASSET MANAGEMENT — 0.8% | ASSET MANAGEMENT — 0.8% |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 2880 | 896746 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 923 | 654065 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 18930 | 1576112 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 3120 | 333372 |
|  |  | 3460295 |
| AUTOMOTIVE — 1.8% | AUTOMOTIVE — 1.8% | AUTOMOTIVE — 1.8% |
| &nbsp;&nbsp;&nbsp;Tesla, Inc. <sup>(b)</sup> | 66890 | 8239510 |
| BANKING — 0.2% | BANKING — 0.2% | BANKING — 0.2% |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. <sup>(a)</sup> | 35280 | 760637 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 9100 | 391573 |
|  |  | 1152210 |
| BEVERAGES — 3.4% | BEVERAGES — 3.4% | BEVERAGES — 3.4% |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 55720 | 3544349 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 65850 | 11896461 |
|  |  | 15440810 |
| BIOTECH & PHARMA — 11.6% | BIOTECH & PHARMA — 11.6% | BIOTECH & PHARMA — 11.6% |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 44181 | 7140091 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 17414 | 4573613 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. <sup>(b)</sup> | 2020 | 559378 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 68516 | 4929726 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 21800 | 7975312 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 36000 | 3090600 |
| &nbsp;&nbsp;&nbsp;Incyte Corp. <sup>(b)</sup> | 4360 | 350195 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 41738 | 7373018 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 77971 | 8650883 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc. <sup>(b)</sup> | 8160 | 1465699 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. <sup>(b)</sup> | 3671 | 2648590 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(b)</sup> | 10814 | 3122867 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 3590 | 526115 |
|  |  | 52406087 |
| CHEMICALS — 2.2% | CHEMICALS — 2.2% | CHEMICALS — 2.2% |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 8000 | 2466080 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 1350 | 292761 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 3580 | 305016 |
| &nbsp;&nbsp;&nbsp;Linde plc | 13918 | 4539773 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. - Class A | 30530 | 2534906 |
|  |  | 10138536 |
| COMMERCIAL SUPPORT SERVICES — 0.4% | COMMERCIAL SUPPORT SERVICES — 0.4% | COMMERCIAL SUPPORT SERVICES — 0.4% |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 900 | 406458 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 14180 | 518137 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 6464 | 1014073 |
|  |  | 1938668 |
| CONTAINERS & PACKAGING — 0.1% | CONTAINERS & PACKAGING — 0.1% | CONTAINERS & PACKAGING — 0.1% |
| &nbsp;&nbsp;&nbsp;Amcor plc | 27710 | 330026 |
| DIVERSIFIED INDUSTRIALS — 0.2% | DIVERSIFIED INDUSTRIALS — 0.2% | DIVERSIFIED INDUSTRIALS — 0.2% |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 3694 | 813788 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 98.0%, continued** | **COMMON STOCKS — 98.0%, continued** | **COMMON STOCKS — 98.0%, continued** |
| E-COMMERCE DISCRETIONARY — 1.6% | E-COMMERCE DISCRETIONARY — 1.6% | E-COMMERCE DISCRETIONARY — 1.6% |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(b)</sup> | 84340 | $7084560 |
| ELECTRIC UTILITIES — 0.8% | ELECTRIC UTILITIES — 0.8% | ELECTRIC UTILITIES — 0.8% |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 8140 | 775824 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 10190 | 854330 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 5814 | 486050 |
| &nbsp;&nbsp;&nbsp;Sempra Energy | 11230 | 1735484 |
|  |  | 3851688 |
| ELECTRICAL EQUIPMENT — 1.1% | ELECTRICAL EQUIPMENT — 1.1% | ELECTRICAL EQUIPMENT — 1.1% |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 10642 | 810282 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 7170 | 458880 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. <sup>(b)</sup> | 6221 | 1064226 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 4950 | 387635 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 5278 | 1359454 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 5710 | 959794 |
|  |  | 5040271 |
| ENTERTAINMENT CONTENT — 0.6% | ENTERTAINMENT CONTENT — 0.6% | ENTERTAINMENT CONTENT — 0.6% |
| &nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | 14680 | 1123754 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 7895 | 964611 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. (The) <sup>(b)</sup> | 5103 | 443349 |
|  |  | 2531714 |
| FOOD — 1.4% | FOOD — 1.4% | FOOD — 1.4% |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co. | 21660 | 1229205 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 32720 | 2743572 |
| &nbsp;&nbsp;&nbsp;Hershey Co. (The) | 3960 | 917017 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 3900 | 348504 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 18960 | 1263684 |
|  |  | 6501982 |
| GAS & WATER UTILITIES — 0.3% | GAS & WATER UTILITIES — 0.3% | GAS & WATER UTILITIES — 0.3% |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 8270 | 1260513 |
| HEALTH CARE FACILITIES & SERVICES — 5.0% | HEALTH CARE FACILITIES & SERVICES — 5.0% | HEALTH CARE FACILITIES & SERVICES — 5.0% |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | 4700 | 778837 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 13200 | 1014684 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | 4480 | 1484403 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 6360 | 3262489 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc. <sup>(b)</sup> | 4090 | 326668 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 1060 | 542922 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. <sup>(b)</sup> | 2778 | 569185 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 5580 | 2093170 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 23530 | 12475135 |
|  |  | 22547493 |
| HOUSEHOLD PRODUCTS — 1.3% | HOUSEHOLD PRODUCTS — 1.3% | HOUSEHOLD PRODUCTS — 1.3% |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 9850 | 794008 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 15207 | 1198160 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 4670 | 633952 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 20980 | 3179729 |
|  |  | 5805849 |
| INDUSTRIAL SUPPORT SERVICES — 0.3% | INDUSTRIAL SUPPORT SERVICES — 0.3% | INDUSTRIAL SUPPORT SERVICES — 0.3% |
| &nbsp;&nbsp;&nbsp;W.W. Grainger, Inc. | 2530 | 1407313 |
| INSTITUTIONAL FINANCIAL SERVICES — 0.4% | INSTITUTIONAL FINANCIAL SERVICES — 0.4% | INSTITUTIONAL FINANCIAL SERVICES — 0.4% |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 12941 | 1327617 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 8490 | 520862 |
|  |  | 1848479 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Growth Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 98.0%, continued** | **COMMON STOCKS — 98.0%, continued** | **COMMON STOCKS — 98.0%, continued** |
| INSURANCE — 0.8% | INSURANCE — 0.8% | INSURANCE — 0.8% |
| &nbsp;&nbsp;&nbsp;Aon plc - Class A | 1260 | $378176 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. <sup>(b)</sup> | 5760 | 361613 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 4260 | 704945 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 14480 | 1878201 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. (The) | 1830 | 343106 |
|  |  | 3666041 |
| INTERNET MEDIA & SERVICES — 5.3% | INTERNET MEDIA & SERVICES — 5.3% | INTERNET MEDIA & SERVICES — 5.3% |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A <sup>(b)</sup> | 156720 | 13827405 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C <sup>(b)</sup> | 112760 | 10005195 |
|  |  | 23832600 |
| LEISURE FACILITIES & SERVICES — 1.2% | LEISURE FACILITIES & SERVICES — 1.2% | LEISURE FACILITIES & SERVICES — 1.2% |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. <sup>(b)</sup> | 617 | 856081 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 5110 | 645700 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 8917 | 2349897 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 9152 | 907879 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 4940 | 632715 |
|  |  | 5392272 |
| MACHINERY — 1.4% | MACHINERY — 1.4% | MACHINERY — 1.4% |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 11526 | 4941888 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 1430 | 326512 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 7650 | 845860 |
|  |  | 6114260 |
| MEDICAL EQUIPMENT & DEVICES — 4.6% | MEDICAL EQUIPMENT & DEVICES — 4.6% | MEDICAL EQUIPMENT & DEVICES — 4.6% |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 16626 | 1825368 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 8185 | 1224885 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 5360 | 444237 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. <sup>(b)</sup> | 12030 | 556628 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (The) | 1311 | 433508 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 17684 | 4693687 |
| &nbsp;&nbsp;&nbsp;DexCom, Inc. <sup>(b)</sup> | 9570 | 1083707 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. <sup>(b)</sup> | 1700 | 693532 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc. <sup>(b)</sup> | 2758 | 557668 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(b)</sup> | 1780 | 472323 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. <sup>(b)</sup> | 960 | 1387632 |
| &nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | 4400 | 616968 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 10895 | 5999768 |
| &nbsp;&nbsp;&nbsp;Waters Corp. <sup>(a)(b)</sup> | 1646 | 563887 |
|  |  | 20553798 |
| OIL & GAS PRODUCERS — 5.8% | OIL & GAS PRODUCERS — 5.8% | OIL & GAS PRODUCERS — 5.8% |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 111050 | 13103900 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | 42290 | 9658613 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 25340 | 3214633 |
|  |  | 25977146 |
| OIL & GAS SERVICES & EQUIPMENT — 1.3% | OIL & GAS SERVICES & EQUIPMENT — 1.3% | OIL & GAS SERVICES & EQUIPMENT — 1.3% |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 76150 | 2248710 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 64140 | 3428924 |
|  |  | 5677634 |
| REAL ESTATE SERVICES — 0.7% | REAL ESTATE SERVICES — 0.7% | REAL ESTATE SERVICES — 0.7% |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A <sup>(b)</sup> | 41183 | 3169444 |
| REITS — 1.8% | REITS — 1.8% | REITS — 1.8% |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 8562 | 1813945 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 3650 | 589548 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 5259 | 713331 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 98.0%, continued** | **COMMON STOCKS — 98.0%, continued** | **COMMON STOCKS — 98.0%, continued** |
| REITS — 1.8%, continued | REITS — 1.8%, continued | REITS — 1.8%, continued |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 2277 | $1491503 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 22400 | 359520 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 8670 | 432199 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 12408 | 1398754 |
| &nbsp;&nbsp;&nbsp;Public Storage <sup>(a)</sup> | 1350 | 378257 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 1668 | 467557 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc | 14310 | 463644 |
|  |  | 8108258 |
| RENEWABLE ENERGY — 0.4% | RENEWABLE ENERGY — 0.4% | RENEWABLE ENERGY — 0.4% |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc. <sup>(b)</sup> | 3020 | 800179 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. <sup>(b)</sup> | 4200 | 629118 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc. <sup>(b)</sup> | 1750 | 495723 |
|  |  | 1925020 |
| RETAIL - CONSUMER STAPLES — 0.9% | RETAIL - CONSUMER STAPLES — 0.9% | RETAIL - CONSUMER STAPLES — 0.9% |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 3333 | 1521514 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 5623 | 1384664 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc. <sup>(a)(b)</sup> | 2240 | 316826 |
| &nbsp;&nbsp;&nbsp;Walgreen Boots Alliance, Inc. | 17030 | 636241 |
|  |  | 3859245 |
| RETAIL - DISCRETIONARY — 3.2% | RETAIL - DISCRETIONARY — 3.2% | RETAIL - DISCRETIONARY — 3.2% |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. <sup>(b)</sup> | 659 | 1625213 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 6140 | 1065351 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 16306 | 5150413 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 13349 | 2659655 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(b)</sup> | 1810 | 1527694 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 18753 | 1492739 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. <sup>(a)</sup> | 2060 | 463438 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. <sup>(b)</sup> | 1070 | 501905 |
|  |  | 14486408 |
| SEMICONDUCTORS — 5.3% | SEMICONDUCTORS — 5.3% | SEMICONDUCTORS — 5.3% |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(b)</sup> | 16556 | 1072332 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 4584 | 751913 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 22816 | 2221822 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 5539 | 3097021 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 882 | 332540 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 2633 | 1106650 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 62016 | 9063018 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | 2220 | 350827 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. <sup>(a)(b)</sup> | 10610 | 661746 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 27400 | 3012356 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 13417 | 2216757 |
|  |  | 23886982 |
| SOFTWARE — 9.7% | SOFTWARE — 9.7% | SOFTWARE — 9.7% |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(b)</sup> | 1047 | 352347 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc. <sup>(b)</sup> | 1328 | 320832 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc. <sup>(b)</sup> | 1696 | 316932 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(b)</sup> | 10624 | 1706639 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc. <sup>(b)</sup> | 4070 | 198982 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 15490 | 331951 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 2800 | 1089816 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 128238 | 30754037 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 37870 | 3095494 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. <sup>(b)</sup> | 1910 | 592692 |
| &nbsp;&nbsp;&nbsp;PTC, Inc. <sup>(b)</sup> | 6510 | 781460 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(b)</sup> | 5223 | 2027934 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Growth Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 98.0%, continued** | **COMMON STOCKS — 98.0%, continued** | **COMMON STOCKS — 98.0%, continued** |
| SOFTWARE — 9.7%, continued | SOFTWARE — 9.7%, continued | SOFTWARE — 9.7%, continued |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. <sup>(b)</sup> | 6460 | $2062613 |
|  |  | 43631729 |
| SPECIALTY FINANCE — 0.4% | SPECIALTY FINANCE — 0.4% | SPECIALTY FINANCE — 0.4% |
| &nbsp;&nbsp;&nbsp;American Express Co. | 7720 | 1140630 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | 5040 | 493063 |
|  |  | 1633693 |
| STEEL — 0.1% | STEEL — 0.1% | STEEL — 0.1% |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 3250 | 428383 |
| TECHNOLOGY HARDWARE — 12.1% | TECHNOLOGY HARDWARE — 12.1% | TECHNOLOGY HARDWARE — 12.1% |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 391398 | 50854342 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>(b)</sup> | 7440 | 902844 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 17900 | 852756 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 24530 | 659121 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | 16400 | 524144 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 10730 | 644444 |
|  |  | 54437651 |
| TECHNOLOGY SERVICES — 7.3% | TECHNOLOGY SERVICES — 7.3% | TECHNOLOGY SERVICES — 7.3% |
| &nbsp;&nbsp;&nbsp;Accenture plc - Class A | 19649 | 5243139 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 13460 | 3215056 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 2596 | 348201 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc. <sup>(b)</sup> | 8550 | 660744 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. <sup>(b)</sup> | 11266 | 1138655 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc. <sup>(b)</sup> | 990 | 332779 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2900 | 408581 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 3810 | 668884 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 1390 | 387657 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 22916 | 7968581 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 3375 | 940343 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 1797 | 835910 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 2990 | 345524 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 2494 | 835340 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A <sup>(a)</sup> | 46423 | 9644842 |
|  |  | 32974236 |
| TELECOMMUNICATIONS — 0.1% | TELECOMMUNICATIONS — 0.1% | TELECOMMUNICATIONS — 0.1% |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. <sup>(b)</sup> | 3790 | 530600 |
| TRANSPORTATION & LOGISTICS — 1.4% | TRANSPORTATION & LOGISTICS — 1.4% | TRANSPORTATION & LOGISTICS — 1.4% |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc. <sup>(b)</sup> | 7690 | 330209 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc. <sup>(b)</sup> | 43510 | 553447 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 22471 | 696152 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. <sup>(b)</sup> | 11420 | 375261 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 4770 | 495698 |
| &nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | 2270 | 395797 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. <sup>(a)</sup> | 2950 | 837151 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3921 | 811921 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. <sup>(b)</sup> | 8760 | 330252 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 7445 | 1294239 |
|  |  | 6120127 |
| WHOLESALE - CONSUMER STAPLES — 0.2% | WHOLESALE - CONSUMER STAPLES — 0.2% | WHOLESALE - CONSUMER STAPLES — 0.2% |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 3640 | 337974 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 5970 | 456406 |
|  |  | 794380 |
| WHOLESALE - DISCRETIONARY — 0.2% | WHOLESALE - DISCRETIONARY — 0.2% | WHOLESALE - DISCRETIONARY — 0.2% |
| &nbsp;&nbsp;&nbsp;Copart, Inc. <sup>(b)</sup> | 10326 | 628750 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 98.0%, continued** | **COMMON STOCKS — 98.0%, continued** | **COMMON STOCKS — 98.0%, continued** |
| WHOLESALE - DISCRETIONARY — 0.2%, continued | WHOLESALE - DISCRETIONARY — 0.2%, continued | WHOLESALE - DISCRETIONARY — 0.2%, continued |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 1190 | $359773 |
|  |  | 988523 |
| TOTAL COMMON STOCKS (COST $304,510,685) | TOTAL COMMON STOCKS (COST $304,510,685) | $441258262 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **CORPORATE NOTES — 0.9%** | **CORPORATE NOTES — 0.9%** | **CORPORATE NOTES — 0.9%** | **CORPORATE NOTES — 0.9%** | **CORPORATE NOTES — 0.9%** |
| COMMUNITY DEVELOPMENT — 0.9% | COMMUNITY DEVELOPMENT — 0.9% | COMMUNITY DEVELOPMENT — 0.9% | COMMUNITY DEVELOPMENT — 0.9% | COMMUNITY DEVELOPMENT — 0.9% |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(c)</sup> | 3.000% | 06/15/23 | $900000 | $888571 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(c)</sup> | 3.000% | 12/15/23 | 200000 | 194533 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(c)</sup> | 1.000% | 06/14/24 | 520000 | 485756 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(c)</sup> | 3.000% | 06/17/24 | 550000 | 528505 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(c)</sup> | 3.000% | 12/15/24 | 150000 | 142791 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(c)</sup> | 2.500% | 06/13/25 | 670000 | 624841 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(c)</sup> | 2.500% | 12/15/25 | 500000 | 461947 |
| &nbsp;&nbsp;&nbsp;Capital Impact Partners <sup>(c)</sup> | 4.800% | 12/15/23 | 600000 | 599719 |
| TOTAL CORPORATE NOTES (COST $4,090,000) | TOTAL CORPORATE NOTES (COST $4,090,000) | TOTAL CORPORATE NOTES (COST $4,090,000) | TOTAL CORPORATE NOTES (COST $4,090,000) | $3926663 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Growth Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **MONEY MARKET FUNDS — 0.6%** | **MONEY MARKET FUNDS — 0.6%** | **MONEY MARKET FUNDS — 0.6%** |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10% <sup>(d)</sup> (COST $2,808,197) | 2808197 | $2808197 |
| **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.8%** | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.8%** | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.8%** |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.49% <sup>(d)(e)</sup> (COST $12,571,571) | 12571571 | 12571571 |
| TOTAL INVESTMENTS - (COST $323,980,453) — 102.3% | TOTAL INVESTMENTS - (COST $323,980,453) — 102.3% | $460564693 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (2.3%) | LIABILITIES IN EXCESS OF OTHER ASSETS — (2.3%) | (10209882) |
| NET ASSETS — 100.0% | NET ASSETS — 100.0% | $450354811 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Illiquid securities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> Date | Current <br> Cost | Fair <br> Value | % of Net <br> Assets |
| Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23 | 06/18/18 | $900000 | $888571 | 0.2% |
| Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23 | 12/17/18 | 200000 | 194533 | 0.1% |
| Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24 | 06/15/21 | 520000 | 485756 | 0.1% |
| Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24 | 06/17/19 | 550000 | 528505 | 0.1% |
| Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24 | 12/12/19 | 150000 | 142791 | 0.0 %<sup>(f)</sup> |
| Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25 | 06/12/20 | 670000 | 624841 | 0.2% |
| Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25 | 12/15/20 | 500000 | 461947 | 0.1% |
| Capital Impact Partners 4.800%, 12/15/23 | 12/19/22 | 600000 | 599719 | 0.1% |
|  |  | $4090000 | $3926663 | 0.9% |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Percentage rounds to less than 0.1%.

plc — Public Liability Company

***See accompanying notes to financial statements.***

*Praxis Small Cap Index Fund* 

Annual Report to Shareholders

Portfolio Manager's Commentary (unaudited)

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

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

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

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

Our Values + ESG screening framework plus ESG data integration causes differences in returns from our index. We use optimization tools to offset those impacts. We continue to utilize Sustainalytics ESG scores to enhance our optimization process. Our Morningstar Historical Corporate Sustainability Percent Rank (as of Nov. 30, 2022) is in the 17th percentile and is a 4 out of 5 Globes Sustainability Rating.

2022 was our fifth full calendar year of running the small-cap fund as an optimized index fund, utilizing the same methodology and processes we use to manage our Growth Index and Value Index Funds. As a reminder, we transitioned this Fund at the beginning of 2017 from an actively managed fund with about 70 holdings to an index fund with about 450 holdings. At that time we also changed benchmarks from the Russell 2000 to the S&P SmallCap 600.

We look forward to continuing to incorporate our Values + ESG screens, and Sustainalytics ESG scores, while using tax optimization tools to deliver returns that track benchmark returns in the small-cap space, whether it is a year of small or large returns.

Dale Snyder, CFA<sup>®</sup><br> Praxis Small Cap Index Fund Manager <br> Praxis Mutual Funds<sup>®</sup>

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

*The S&P SmallCap 600 Index measures the small-cap segment of the U.S. equity market. The Index is designed to track companies that meet specific inclusion criteria to ensure they are liquid and financially viable.* 

*The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities in the Russell 3000 Index based on a combination of their market capitalization and current index membership.* 

*The Morningstar Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund's portfolio holdings are managing their financially material environmental, social and governance, or ESG, risks relative to the Fund's Morningstar Global Category peers. The Morningstar Sustainability Rating calculation is a five -step process. First, each fund with at least 67% of assets covered by a company-level ESG Risk Score from Sustainalytics receives a Morningstar Portfolio Sustainability Score. The Morningstar Portfolio Sustainability Score is an asset-weighted average of company level ESG Risk Scores. The Portfolio Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk. Second, the Historical Sustainability Score is an exponential weighted moving average of the Portfolio Sustainability Scores over the past 12 months. The process rescales the current Portfolio Sustainability Score to reflect the consistency of the scores. The Historical Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk, on a consistent historical basis. Third, the Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Global Categories in which at least thirty (30) funds receive a Historical Sustainability Score and is determined by each fund's Morningstar Sustainability Rating Score* 

*Praxis Small Cap Index Fund* 

Annual Report to Shareholders

Portfolio Manager's Commentary (unaudited), continued

*rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). Fourth, then Morningstar applies a 1% rating buffer from the previous month to increase rating stability. This means a fund must move 1% beyond the rating breakpoint to change ratings. Fifth, they adjust downward positive Sustainability Ratings to funds with high ESG Risk scores. The logic is as follows: If Portfolio Sustainability score is above 40, then the fund receives a Low Sustainability Rating. If Portfolio Sustainability score is above 35 and preliminary rating is Average or better, then the fund is downgraded to Below Average. If the Portfolio Sustainability score is above 30 and preliminary rating is Above Average, then the fund is downgraded to Average. If the Portfolio Sustainability score is below 30, then no adjustment is made. The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. Since a Sustainability Rating is assigned to all funds that meet the above criteria, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. The Portfolio Sustainability Score is calculated when Morningstar receives a new portfolio. Then, the Historical Sustainability Score and the Sustainability Rating is calculated one month and six business days after the reported as-of date of the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics' ESG scores from the same month as the portfolio as-of date. Please click on http://corporate1.morningstar.com/SustainableInvesting/ for more detailed information about the Morningstar Sustainability Rating methodology and calculation frequency. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm. Morningstar, Inc. holds a non-controlling ownership interest in Sustainalytics.* <sup>*©*</sup> *2022 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. **Past performance is no guarantee of future results.*** 

*Praxis Small Cap Index Fund* 

Performance Review (unaudited)

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

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/12 to 12/31/22 and includes the reinvestment of dividends and capital gains.

![](fp0081640-1_40.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Average Annual** | **Average Annual** | **Average Annual** | |
|  | <br>**Inception <br> Date** | <br>**One <br> Year <br> Ended**  | **Three<br> Year <br> Ended**  | **Five <br> Year <br> Ended**  | **Ten <br> Year <br> Ended**  | <br>**Expense <br> Ratio\*\*<br> Gross/Net** |
| Praxis Small Cap Index Fund |  |  |  |  |  |  |
| Class A \* | 5/1/07 | -24.28% | 1.89% | 3.25% | 5.65% | 1.12% |
| Class A (Without Load) | 5/1/07 | -20.08% | 3.73% | 4.38% | 6.22% |  |
| Class I  | 5/1/07 | -19.60% | 4.37% | 5.06% | 6.89% | 0.43% |
| S&P SmallCap 600 Index <sup>1</sup> |  | -16.10% | 5.80% | 5.88% | 10.82% |  |

---

**Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit www.praxismutualfunds.com. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.** 

The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any party during the periods presented. In such instances, and without activity, the total returns would have been lower.

The returns include the Fund's performance when the Fund's portfolio was managed by a sub-adviser and pursued a different investment strategy prior to January 1, 2017.

***\*** **The total return figures shown reflect the maximum sales charge applicable to Class A Shares for the Fund. Class A Shares have a maximum sales charge on purchases of 5.25%.***

*\*\* Reflects the expense ratios as reported in the Prospectus dated April 30, 2022. Contractual fee waivers are in effect through April 30, 2023 for Class A.* 

<sup>*1*</sup> *S&P SmallCap 600 Index measures the small-cap segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to ensure they are liquid and financially viable.* 

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of these expenses. An investor cannot invest directly in an index, although an investor can invest in its underlying securities.

Schedule of Investments

*Praxis Small Cap Index Fund* 

*December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.5%** | **COMMON STOCKS — 97.5%** | **COMMON STOCKS — 97.5%** |
| ADVERTISING & MARKETING — 0.1% | ADVERTISING & MARKETING — 0.1% | ADVERTISING & MARKETING — 0.1% |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc. <sup>(a)</sup> | 15700 | $225295 |
| AEROSPACE & DEFENSE — 0.2% | AEROSPACE & DEFENSE — 0.2% | AEROSPACE & DEFENSE — 0.2% |
| &nbsp;&nbsp;&nbsp;Barnes Group, Inc. | 6060 | 247551 |
| APPAREL & TEXTILE PRODUCTS — 0.8% | APPAREL & TEXTILE PRODUCTS — 0.8% | APPAREL & TEXTILE PRODUCTS — 0.8% |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 7330 | 293127 |
| &nbsp;&nbsp;&nbsp;Movado Group, Inc. | 6810 | 219622 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 3465 | 322869 |
| &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | 11935 | 381443 |
|  |  | 1217061 |
| ASSET MANAGEMENT — 0.6% | ASSET MANAGEMENT — 0.6% | ASSET MANAGEMENT — 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Riley Financial, Inc. | 6740 | 230508 |
| &nbsp;&nbsp;&nbsp;Blucora, Inc. <sup>(a)</sup> | 15340 | 391630 |
| &nbsp;&nbsp;&nbsp;BrightSphere Investment Group, Inc. | 7030 | 144677 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 920 | 176125 |
|  |  | 942940 |
| AUTOMOTIVE — 0.9% | AUTOMOTIVE — 0.9% | AUTOMOTIVE — 0.9% |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc. <sup>(a)</sup> | 25710 | 201052 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc. <sup>(a)</sup> | 3060 | 247462 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc. <sup>(a)</sup> | 6580 | 429608 |
| &nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | 8170 | 362503 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc. <sup>(a)</sup> | 2280 | 136937 |
|  |  | 1377562 |
| BANKING — 11.4% | BANKING — 11.4% | BANKING — 11.4% |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 10274 | 484316 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc. <sup>(a)</sup> | 8590 | 328310 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | 9670 | 154043 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | 5080 | 447954 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 10190 | 289192 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 12200 | 414434 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | 6070 | 383624 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | 10970 | 328003 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. <sup>(b)</sup> | 15670 | 221730 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | 21140 | 182861 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 5870 | 119044 |
| &nbsp;&nbsp;&nbsp;City Holding Co. <sup>(b)</sup> | 2750 | 255997 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 10630 | 320282 |
| &nbsp;&nbsp;&nbsp;Community Bank System, Inc. <sup>(b)</sup> | 6810 | 428689 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc. <sup>(a)</sup> | 4860 | 137732 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | 26090 | 671817 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | 11429 | 363785 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | 4960 | 218587 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | 3496 | 126345 |
| &nbsp;&nbsp;&nbsp;First BanCorp. | 38970 | 495698 |
| &nbsp;&nbsp;&nbsp;First Bancorp/NC | 5760 | 246758 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 8740 | 122098 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 14510 | 351577 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | 15090 | 392944 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 9870 | 244283 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 12680 | 388515 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | 3670 | 110137 |
| &nbsp;&nbsp;&nbsp;HomeStreet, Inc. | 5810 | 160240 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | 13790 | 176650 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 6900 | 582567 |
| &nbsp;&nbsp;&nbsp;Independent Bank Group, Inc. | 4740 | 284779 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | 5160 | 376525 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** |
| BANKING — 11.4%, continued | BANKING — 11.4%, continued | BANKING — 11.4%, continued |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp. - Class A | 6570 | $276400 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | 10730 | 465897 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | 16270 | 227455 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 7230 | 199259 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 15096 | 476430 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | 2050 | 288538 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 6750 | 290588 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | 2910 | 217144 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 14360 | 306730 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | 9410 | 353722 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | 3140 | 107325 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida <sup>(b)</sup> | 11950 | 372721 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 10670 | 735270 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp. - Class A | 20420 | 440664 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | 4987 | 179482 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc. <sup>(a)</sup> | 5040 | 246305 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | 12050 | 420666 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 18510 | 625638 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | 13050 | 366444 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp. | 2130 | 125691 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 10230 | 463828 |
|  |  | 16995713 |
| BEVERAGES — 0.1% | BEVERAGES — 0.1% | BEVERAGES — 0.1% |
| &nbsp;&nbsp;&nbsp;National Beverage Corp. <sup>(a)</sup> | 4440 | 206593 |
| BIOTECH & PHARMA — 4.0% | BIOTECH & PHARMA — 4.0% | BIOTECH & PHARMA — 4.0% |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc. <sup>(a)</sup> | 6470 | 181289 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics, Inc. <sup>(a)</sup> | 4520 | 133792 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc. <sup>(a)</sup> | 10060 | 208041 |
| &nbsp;&nbsp;&nbsp;Avid Bioservices, Inc. <sup>(a)</sup> | 12650 | 174190 |
| &nbsp;&nbsp;&nbsp;Cara Therapeutics, Inc. <sup>(a)</sup> | 11140 | 119644 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceutical Partners, Inc. <sup>(a)</sup> | 17120 | 318432 |
| &nbsp;&nbsp;&nbsp;Coherus Biosciences, Inc. <sup>(a)</sup> | 28080 | 222394 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc. <sup>(a)</sup> | 4650 | 107880 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc. <sup>(a)(b)</sup> | 16450 | 753739 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp. <sup>(a)(b)</sup> | 20100 | 213864 |
| &nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc. <sup>(a)</sup> | 18580 | 219430 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc. <sup>(a)</sup> | 4260 | 198175 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc. <sup>(a)</sup> | 4600 | 253460 |
| &nbsp;&nbsp;&nbsp;Heska Corp. <sup>(a)</sup> | 1950 | 121212 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc. <sup>(a)</sup> | 11970 | 158602 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 45050 | 558170 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. <sup>(a)</sup> | 2760 | 184368 |
| &nbsp;&nbsp;&nbsp;Nektar Therapeutics <sup>(a)</sup> | 29760 | 67258 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc. <sup>(a)</sup> | 6110 | 235907 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 6630 | 415038 |
| &nbsp;&nbsp;&nbsp;REGENXBIO, Inc. <sup>(a)</sup> | 5140 | 116575 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | 7570 | 270022 |
| &nbsp;&nbsp;&nbsp;uniQure N.V. <sup>(a)</sup> | 4830 | 109496 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc. <sup>(a)</sup> | 25990 | 192066 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc. <sup>(a)</sup> | 10170 | 257403 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc. <sup>(a)</sup> | 8400 | 218736 |
|  |  | 6009183 |
| CHEMICALS — 3.0% | CHEMICALS — 3.0% | CHEMICALS — 3.0% |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | 10540 | 400731 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 5560 | 678932 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. <sup>(b)</sup> | 10240 | 733389 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 4330 | 445384 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Small Cap Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** |
| CHEMICALS — 3.0%, continued | CHEMICALS — 3.0%, continued | CHEMICALS — 3.0%, continued |
| &nbsp;&nbsp;&nbsp;Materion Corp. | 5040 | $441050 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | 4550 | 276276 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | 1420 | 236998 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc. <sup>(a)</sup> | 12510 | 120096 |
| &nbsp;&nbsp;&nbsp;Rogers Corp. <sup>(a)</sup> | 3610 | 430817 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | 3960 | 421582 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 1820 | 293402 |
|  |  | 4478657 |
| COMMERCIAL SUPPORT SERVICES — 2.9% | COMMERCIAL SUPPORT SERVICES — 2.9% | COMMERCIAL SUPPORT SERVICES — 2.9% |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 13350 | 593007 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc. <sup>(a)</sup> | 9180 | 943887 |
| &nbsp;&nbsp;&nbsp;Brady Corp. - Class A | 13700 | 645270 |
| &nbsp;&nbsp;&nbsp;CorVel Corp. <sup>(a)</sup> | 2390 | 347339 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc. <sup>(a)</sup> | 5410 | 143744 |
| &nbsp;&nbsp;&nbsp;Harsco Corp. <sup>(a)</sup> | 29190 | 183605 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc. | 12090 | 145080 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | 6300 | 176211 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc. - Class A | 11930 | 201617 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 8880 | 449506 |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | 1790 | 345452 |
| &nbsp;&nbsp;&nbsp;Viad Corp. <sup>(a)</sup> | 5500 | 134145 |
|  |  | 4308863 |
| CONSTRUCTION MATERIALS — 0.1% | CONSTRUCTION MATERIALS — 0.1% | CONSTRUCTION MATERIALS — 0.1% |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 4720 | 209851 |
| CONSUMER SERVICES — 1.2% | CONSUMER SERVICES — 1.2% | CONSUMER SERVICES — 1.2% |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. <sup>(a)</sup> | 12630 | 448365 |
| &nbsp;&nbsp;&nbsp;Medifast, Inc. | 1780 | 205323 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. <sup>(a)</sup> | 16740 | 232686 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | 5770 | 451906 |
| &nbsp;&nbsp;&nbsp;Stride, Inc. <sup>(a)</sup> | 8120 | 253994 |
| &nbsp;&nbsp;&nbsp;WW International, Inc. <sup>(a)</sup> | 59100 | 228126 |
|  |  | 1820400 |
| CONTAINERS & PACKAGING — 0.4% | CONTAINERS & PACKAGING — 0.4% | CONTAINERS & PACKAGING — 0.4% |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | 10120 | 224968 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc. <sup>(a)</sup> | 22780 | 377464 |
|  |  | 602432 |
| ELECTRIC UTILITIES — 1.1% | ELECTRIC UTILITIES — 1.1% | ELECTRIC UTILITIES — 1.1% |
| &nbsp;&nbsp;&nbsp;Avista Corp. | 18490 | 819846 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | 15560 | 799162 |
|  |  | 1619008 |
| ELECTRICAL EQUIPMENT — 2.7% | ELECTRICAL EQUIPMENT — 2.7% | ELECTRICAL EQUIPMENT — 2.7% |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | 11030 | 830780 |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. <sup>(b)</sup> | 6290 | 539556 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc. <sup>(a)</sup> | 7330 | 362688 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 6300 | 686889 |
| &nbsp;&nbsp;&nbsp;FARO Technologies, Inc. <sup>(a)(b)</sup> | 5290 | 155579 |
| &nbsp;&nbsp;&nbsp;Itron, Inc. <sup>(a)</sup> | 8200 | 415330 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | 1460 | 242667 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc. <sup>(a)</sup> | 2550 | 202776 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc. <sup>(a)(b)</sup> | 9870 | 647965 |
|  |  | 4084230 |
| ENGINEERING & CONSTRUCTION — 2.2% | ENGINEERING & CONSTRUCTION — 2.2% | ENGINEERING & CONSTRUCTION — 2.2% |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | 7940 | 431460 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 5920 | 681274 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** |
| ENGINEERING & CONSTRUCTION — 2.2%, continued | ENGINEERING & CONSTRUCTION — 2.2%, continued | ENGINEERING & CONSTRUCTION — 2.2%, continued |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 8470 | $839292 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc. <sup>(a)</sup> | 14390 | 299312 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. <sup>(b)</sup> | 7530 | 264077 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 3410 | 291896 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc. <sup>(a)</sup> | 2470 | 227413 |
| &nbsp;&nbsp;&nbsp;NV5 Global, Inc. <sup>(a)</sup> | 2110 | 279195 |
|  |  | 3313919 |
| FOOD — 1.5% | FOOD — 1.5% | FOOD — 1.5% |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc. <sup>(b)</sup> | 10010 | 111611 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 6880 | 374616 |
| &nbsp;&nbsp;&nbsp;Hostess Brands, Inc. <sup>(a)</sup> | 28140 | 631462 |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | 10 | 1497 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co. (The) <sup>(a)</sup> | 13440 | 511123 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc. | 2730 | 116216 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc. <sup>(a)</sup> | 9670 | 477505 |
|  |  | 2224030 |
| FORESTRY, PAPER & WOOD PRODUCTS — 1.0% | FORESTRY, PAPER & WOOD PRODUCTS — 1.0% | FORESTRY, PAPER & WOOD PRODUCTS — 1.0% |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. <sup>(b)</sup> | 7010 | 481377 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 7200 | 349848 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 9070 | 718797 |
|  |  | 1550022 |
| GAS & WATER UTILITIES — 2.2% | GAS & WATER UTILITIES — 2.2% | GAS & WATER UTILITIES — 2.2% |
| &nbsp;&nbsp;&nbsp;American States Water Co. <sup>(b)</sup> | 8490 | 785749 |
| &nbsp;&nbsp;&nbsp;California Water Service Group <sup>(b)</sup> | 16470 | 998741 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | 1810 | 142393 |
| &nbsp;&nbsp;&nbsp;SJW Group | 6830 | 554528 |
| &nbsp;&nbsp;&nbsp;South Jersey Industries, Inc. | 20880 | 741866 |
|  |  | 3223277 |
| HEALTH CARE FACILITIES & SERVICES — 2.3% | HEALTH CARE FACILITIES & SERVICES — 2.3% | HEALTH CARE FACILITIES & SERVICES — 2.3% |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp. <sup>(a)(b)</sup> | 11070 | 212766 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp. <sup>(a)</sup> | 2750 | 273598 |
| &nbsp;&nbsp;&nbsp;Agiliti, Inc. <sup>(a)</sup> | 6820 | 111234 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc. <sup>(a)</sup> | 8590 | 113044 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 8010 | 757826 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc. <sup>(a)</sup> | 5970 | 177787 |
| &nbsp;&nbsp;&nbsp;Joint Corp. (The) <sup>(a)</sup> | 12140 | 169717 |
| &nbsp;&nbsp;&nbsp;ModivCare, Inc. <sup>(a)</sup> | 2130 | 191125 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc. <sup>(a)</sup> | 17840 | 164842 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc. <sup>(a)(b)</sup> | 12410 | 242367 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. <sup>(a)</sup> | 14540 | 216064 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc. <sup>(a)</sup> | 11320 | 213156 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. <sup>(b)</sup> | 16840 | 418137 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | 2080 | 168542 |
|  |  | 3430205 |
| HOME & OFFICE PRODUCTS — 0.3% | HOME & OFFICE PRODUCTS — 0.3% | HOME & OFFICE PRODUCTS — 0.3% |
| &nbsp;&nbsp;&nbsp;HERMAN MILLER, INC | 5150 | 108202 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | 4010 | 114004 |
| &nbsp;&nbsp;&nbsp;iRobot Corp. <sup>(a)</sup> | 3560 | 171343 |
|  |  | 393549 |
| HOME CONSTRUCTION — 1.9% | HOME CONSTRUCTION — 1.9% | HOME CONSTRUCTION — 1.9% |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc. <sup>(a)(b)</sup> | 1500 | 339375 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 2300 | 115023 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc. <sup>(a)</sup> | 5000 | 121150 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | 24150 | 238360 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc. <sup>(a)</sup> | 3980 | 368548 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 3510 | 162092 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Small Cap Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** |
| HOME CONSTRUCTION — 1.9%, continued | HOME CONSTRUCTION — 1.9%, continued | HOME CONSTRUCTION — 1.9%, continued |
| &nbsp;&nbsp;&nbsp;MDC Holdings, Inc. | 10555 | $333538 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. <sup>(a)</sup> | 6110 | 563342 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 2420 | 146652 |
| &nbsp;&nbsp;&nbsp;PGT Innovations, Inc. <sup>(a)</sup> | 9950 | 178702 |
| &nbsp;&nbsp;&nbsp;TRI Pointe Homes, Inc. <sup>(a)</sup> | 14490 | 269369 |
|  |  | 2836151 |
| HOUSEHOLD PRODUCTS — 1.2% | HOUSEHOLD PRODUCTS — 1.2% | HOUSEHOLD PRODUCTS — 1.2% |
| &nbsp;&nbsp;&nbsp;Clearwater Paper Corp. <sup>(a)</sup> | 2880 | 108893 |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc. <sup>(a)</sup> | 10960 | 606088 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | 5910 | 227771 |
| &nbsp;&nbsp;&nbsp;Inter Parfums, Inc. | 2400 | 231648 |
| &nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Inc. - Class A | 8480 | 357517 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 11930 | 282502 |
|  |  | 1814419 |
| INDUSTRIAL INTERMEDIATE PRODUCTS — 1.4% | INDUSTRIAL INTERMEDIATE PRODUCTS — 1.4% | INDUSTRIAL INTERMEDIATE PRODUCTS — 1.4% |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 4910 | 197382 |
| &nbsp;&nbsp;&nbsp;EnPro Industries, Inc. | 6060 | 658662 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc. <sup>(a)(b)</sup> | 5860 | 268857 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 3970 | 109254 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. <sup>(b)</sup> | 8500 | 501500 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc. <sup>(a)</sup> | 4540 | 115906 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | 2030 | 207892 |
|  |  | 2059453 |
| INDUSTRIAL SUPPORT SERVICES — 1.0% | INDUSTRIAL SUPPORT SERVICES — 1.0% | INDUSTRIAL SUPPORT SERVICES — 1.0% |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 7530 | 949006 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc. <sup>(a)</sup> | 5460 | 150423 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc. <sup>(a)</sup> | 24870 | 409111 |
|  |  | 1508540 |
| INSTITUTIONAL FINANCIAL SERVICES — 0.5% | INSTITUTIONAL FINANCIAL SERVICES — 0.5% | INSTITUTIONAL FINANCIAL SERVICES — 0.5% |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 3730 | 485609 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc. <sup>(a)</sup> | 2410 | 229673 |
|  |  | 715282 |
| INSURANCE — 2.4% | INSURANCE — 2.4% | INSURANCE — 2.4% |
| &nbsp;&nbsp;&nbsp;Ambac Financial Group, Inc. <sup>(a)</sup> | 10910 | 190271 |
| &nbsp;&nbsp;&nbsp;American Equity Investment Life Holding Co. | 15500 | 707110 |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 3560 | 185013 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. <sup>(b)</sup> | 10110 | 629449 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | 3240 | 139741 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc. - Class A <sup>(a)</sup> | 116460 | 616073 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 5960 | 222725 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc. - Class A <sup>(a)</sup> | 14340 | 299706 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc. <sup>(a)</sup> | 3850 | 173866 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp. | 6230 | 108838 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc. <sup>(a)(b)</sup> | 6280 | 298488 |
|  |  | 3571280 |
| INTERNET MEDIA & SERVICES — 0.6% | INTERNET MEDIA & SERVICES — 0.6% | INTERNET MEDIA & SERVICES — 0.6% |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc. <sup>(a)</sup> | 16270 | 224038 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | 3610 | 190319 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc. <sup>(a)</sup> | 4120 | 181527 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc. <sup>(a)</sup> | 11460 | 313317 |
|  |  | 909201 |
| LEISURE FACILITIES & SERVICES — 1.9% | LEISURE FACILITIES & SERVICES — 1.9% | LEISURE FACILITIES & SERVICES — 1.9% |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. <sup>(b)</sup> | 18470 | 371617 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc. <sup>(a)</sup> | 7800 | 248898 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. (The) | 7530 | 238776 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** |
| LEISURE FACILITIES & SERVICES — 1.9%, continued | LEISURE FACILITIES & SERVICES — 1.9%, continued | LEISURE FACILITIES & SERVICES — 1.9%, continued |
| &nbsp;&nbsp;&nbsp;Chuy's Holdings, Inc. <sup>(a)</sup> | 6950 | $196685 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. <sup>(a)(b)</sup> | 24860 | 215288 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc. <sup>(a)</sup> | 9190 | 325694 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global, Inc. | 3280 | 211888 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc. | 21940 | 218522 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc. | 4400 | 300212 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc. - Class A <sup>(a)</sup> | 5180 | 215125 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. <sup>(a)</sup> | 15340 | 356655 |
|  |  | 2899360 |
| LEISURE PRODUCTS — 0.4% | LEISURE PRODUCTS — 0.4% | LEISURE PRODUCTS — 0.4% |
| &nbsp;&nbsp;&nbsp;LCI Industries <sup>(b)</sup> | 4750 | 439138 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. <sup>(b)</sup> | 3720 | 196044 |
|  |  | 635182 |
| MACHINERY — 2.9% | MACHINERY — 2.9% | MACHINERY — 2.9% |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 1800 | 254880 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 4830 | 196388 |
| &nbsp;&nbsp;&nbsp;CIRCOR International, Inc. <sup>(a)</sup> | 4440 | 106382 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 19940 | 507473 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 2890 | 252991 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 2370 | 110134 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | 6300 | 502425 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 7160 | 305517 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd. <sup>(a)</sup> | 8140 | 218315 |
| &nbsp;&nbsp;&nbsp;John Bean Technologies Corp. | 5325 | 486332 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | 3140 | 511349 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | 8879 | 261575 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | 2040 | 125603 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc. <sup>(a)</sup> | 33750 | 517050 |
|  |  | 4356414 |
| MEDICAL EQUIPMENT & DEVICES — 2.6% | MEDICAL EQUIPMENT & DEVICES — 2.6% | MEDICAL EQUIPMENT & DEVICES — 2.6% |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc. <sup>(a)</sup> | 10480 | 144309 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc. <sup>(a)</sup> | 4080 | 110405 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc. <sup>(a)</sup> | 7490 | 136318 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. <sup>(b)</sup> | 3920 | 347469 |
| &nbsp;&nbsp;&nbsp;Cutera, Inc. <sup>(a)</sup> | 4980 | 220215 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | 9350 | 236461 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp. <sup>(a)</sup> | 7100 | 310128 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp. <sup>(a)</sup> | 4160 | 284794 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 5530 | 254491 |
| &nbsp;&nbsp;&nbsp;Meridian Bioscience, Inc. <sup>(a)</sup> | 8520 | 282949 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. <sup>(a)</sup> | 10140 | 716087 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc. <sup>(a)</sup> | 13280 | 192693 |
| &nbsp;&nbsp;&nbsp;NuVasive, Inc. <sup>(a)</sup> | 2750 | 113410 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc. <sup>(a)</sup> | 28300 | 136406 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp. <sup>(a)</sup> | 8210 | 166663 |
| &nbsp;&nbsp;&nbsp;Vericel Corp. <sup>(a)</sup> | 8820 | 232319 |
|  |  | 3885117 |
| METALS & MINING — 1.6% | METALS & MINING — 1.6% | METALS & MINING — 1.6% |
| &nbsp;&nbsp;&nbsp;Arconic Corp. <sup>(a)</sup> | 18740 | 396539 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co. <sup>(a)</sup> | 22250 | 182005 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc. | 3060 | 125460 |
| &nbsp;&nbsp;&nbsp;Encore Wire Corp. <sup>(b)</sup> | 3620 | 497967 |
| &nbsp;&nbsp;&nbsp;Haynes International, Inc. | 2340 | 106915 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 4330 | 328907 |
| &nbsp;&nbsp;&nbsp;Livent Corp. <sup>(a)</sup> | 30200 | 600074 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 30440 | 262697 |
|  |  | 2500564 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Small Cap Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** |
| OIL & GAS SERVICES & EQUIPMENT — 1.7% | OIL & GAS SERVICES & EQUIPMENT — 1.7% | OIL & GAS SERVICES & EQUIPMENT — 1.7% |
| &nbsp;&nbsp;&nbsp;Core Laboratories N.V. <sup>(b)</sup> | 51860 | $1051202 |
| &nbsp;&nbsp;&nbsp;DMC Global, Inc. <sup>(a)</sup> | 9380 | 182347 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 20770 | 1029569 |
| &nbsp;&nbsp;&nbsp;U.S. Silica Holdings, Inc. <sup>(a)</sup> | 17890 | 223625 |
|  |  | 2486743 |
| PUBLISHING & BROADCASTING — 0.2% | PUBLISHING & BROADCASTING — 0.2% | PUBLISHING & BROADCASTING — 0.2% |
| &nbsp;&nbsp;&nbsp;E.W. Scripps Co. (The) - Class A <sup>(a)</sup> | 9180 | 121084 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | 4200 | 165732 |
|  |  | 286816 |
| REAL ESTATE OWNERS & DEVELOPERS — 0.1% | REAL ESTATE OWNERS & DEVELOPERS — 0.1% | REAL ESTATE OWNERS & DEVELOPERS — 0.1% |
| &nbsp;&nbsp;&nbsp;St. Joe Co. (The) | 5140 | 198661 |
| REAL ESTATE SERVICES — 0.4% | REAL ESTATE SERVICES — 0.4% | REAL ESTATE SERVICES — 0.4% |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc. <sup>(a)</sup> | 32310 | 206461 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield plc <sup>(a)</sup> | 9020 | 112389 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | 3450 | 118853 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Inc. - Class A | 8460 | 157694 |
|  |  | 595397 |
| REITS — 7.2% | REITS — 7.2% | REITS — 7.2% |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust | 17540 | 251699 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | 14010 | 993729 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | 7290 | 136542 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | 6220 | 164830 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | 12440 | 143060 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust | 55840 | 343416 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 12440 | 231135 |
| &nbsp;&nbsp;&nbsp;Centerspace | 3050 | 178944 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | 14320 | 175707 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | 3050 | 109190 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | 28470 | 233169 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. <sup>(b)</sup> | 9670 | 137991 |
| &nbsp;&nbsp;&nbsp;Elme Communities | 8830 | 157174 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 18920 | 444053 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | 8630 | 223776 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. | 21422 | 276344 |
| &nbsp;&nbsp;&nbsp;Franklin Street Properties Corp. | 52770 | 144062 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. <sup>(b)</sup> | 8140 | 275539 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. | 16580 | 208411 |
| &nbsp;&nbsp;&nbsp;Hersha Hospitality Trust - Class A | 18960 | 161539 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc. | 31070 | 302311 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. <sup>(b)</sup> | 4430 | 448981 |
| &nbsp;&nbsp;&nbsp;iStar, Inc. | 28930 | 220736 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. | 7200 | 255816 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | 32120 | 321842 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | 3250 | 141440 |
| &nbsp;&nbsp;&nbsp;Office Properties Income Trust | 8060 | 107601 |
| &nbsp;&nbsp;&nbsp;Orion Office REIT, Inc. | 12700 | 108458 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | 18660 | 309383 |
| &nbsp;&nbsp;&nbsp;Retail Opportunity Investments Corp. | 15690 | 235821 |
| &nbsp;&nbsp;&nbsp;RPT Realty | 19470 | 195479 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. <sup>(b)</sup> | 4187 | 119832 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. | 3420 | 139126 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust | 28860 | 210389 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. <sup>(b)</sup> | 33690 | 460205 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. | 23710 | 171186 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | 32670 | 315592 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** |
| REITS — 7.2%, continued | REITS — 7.2%, continued | REITS — 7.2%, continued |
| &nbsp;&nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. <sup>(b)</sup> | 16950 | $304083 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc. | 35680 | 197310 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | 2270 | 108347 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | 13970 | 196837 |
| &nbsp;&nbsp;&nbsp;Urstadt Biddle Properties, Inc. - Class A | 6520 | 123554 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. <sup>(a)</sup> | 20870 | 332459 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT | 22660 | 218442 |
| &nbsp;&nbsp;&nbsp;Xenia Hotel & Resorts, Inc. | 18240 | 240403 |
|  |  | 10775943 |
| RENEWABLE ENERGY — 0.3% | RENEWABLE ENERGY — 0.3% | RENEWABLE ENERGY — 0.3% |
| &nbsp;&nbsp;&nbsp;FutureFuel Corp. | 18910 | 153738 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc. <sup>(a)(b)</sup> | 10370 | 316285 |
|  |  | 470023 |
| RETAIL - CONSUMER STAPLES — 0.6% | RETAIL - CONSUMER STAPLES — 0.6% | RETAIL - CONSUMER STAPLES — 0.6% |
| &nbsp;&nbsp;&nbsp;SpartanNash Co. | 29040 | 878170 |
| RETAIL - DISCRETIONARY — 5.9% | RETAIL - DISCRETIONARY — 5.9% | RETAIL - DISCRETIONARY — 5.9% |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. - Class A <sup>(a)(b)</sup> | 13550 | 310430 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. <sup>(b)</sup> | 16030 | 842216 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 22590 | 315356 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart, Inc. <sup>(a)</sup> | 2990 | 216057 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. <sup>(a)</sup> | 3100 | 555675 |
| &nbsp;&nbsp;&nbsp;Bed Bath & Beyond, Inc. <sup>(a)(b)</sup> | 86710 | 217642 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | 4560 | 285091 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. (The) <sup>(b)</sup> | 5380 | 243983 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | 10210 | 227479 |
| &nbsp;&nbsp;&nbsp;Chico's FAS, Inc. <sup>(a)(b)</sup> | 40780 | 200638 |
| &nbsp;&nbsp;&nbsp;Children's Place, Inc. (The) <sup>(a)(b)</sup> | 4250 | 154785 |
| &nbsp;&nbsp;&nbsp;Designer Brands, Inc. - Class A | 22390 | 218974 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. <sup>(b)</sup> | 12700 | 335534 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc. <sup>(a)</sup> | 3300 | 151866 |
| &nbsp;&nbsp;&nbsp;GMS, Inc. <sup>(a)(b)</sup> | 7050 | 351090 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. <sup>(b)</sup> | 3050 | 550129 |
| &nbsp;&nbsp;&nbsp;Guess?, Inc. <sup>(b)</sup> | 9260 | 191589 |
| &nbsp;&nbsp;&nbsp;Hibbett, Inc. | 5140 | 350651 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | 6970 | 159055 |
| &nbsp;&nbsp;&nbsp;Leslie's, Inc. <sup>(a)</sup> | 23260 | 284005 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc. <sup>(a)</sup> | 3770 | 117699 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc. <sup>(a)</sup> | 23690 | 218659 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | 2660 | 120232 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc. <sup>(a)(b)</sup> | 13660 | 529462 |
| &nbsp;&nbsp;&nbsp;ODP Corp. (The) <sup>(a)</sup> | 7677 | 349611 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc. <sup>(a)</sup> | 15060 | 188551 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. <sup>(b)</sup> | 4710 | 112616 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. <sup>(b)</sup> | 7200 | 489600 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp. <sup>(a)</sup> | 8360 | 217193 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc. <sup>(a)</sup> | 10750 | 256388 |
|  |  | 8762256 |
| SEMICONDUCTORS — 3.6% | SEMICONDUCTORS — 3.6% | SEMICONDUCTORS — 3.6% |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. <sup>(a)</sup> | 12690 | 1007078 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc. <sup>(a)</sup> | 8580 | 219476 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc. <sup>(a)(b)</sup> | 7270 | 233003 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | 6010 | 236914 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc. <sup>(a)</sup> | 6230 | 474352 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc. <sup>(a)</sup> | 11450 | 254534 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. <sup>(b)</sup> | 9850 | 435961 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc. <sup>(a)(b)</sup> | 8610 | 292310 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Small Cap Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** |
| SEMICONDUCTORS — 3.6%, continued | SEMICONDUCTORS — 3.6%, continued | SEMICONDUCTORS — 3.6%, continued |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc. <sup>(a)</sup> | 12047 | $820280 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc. <sup>(a)</sup> | 16690 | 280893 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>(a)</sup> | 18385 | 658551 |
| &nbsp;&nbsp;&nbsp;Semtech Corp. <sup>(a)</sup> | 3970 | 113899 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc. <sup>(a)</sup> | 3800 | 125970 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc. <sup>(a)(b)</sup> | 8620 | 160160 |
|  |  | 5313381 |
| SOFTWARE — 3.1% | SOFTWARE — 3.1% | SOFTWARE — 3.1% |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | 14711 | 139460 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc. <sup>(a)</sup> | 6190 | 489877 |
| &nbsp;&nbsp;&nbsp;Apollo Medical Holdings, Inc. <sup>(a)</sup> | 6870 | 203283 |
| &nbsp;&nbsp;&nbsp;Avid Technology, Inc. <sup>(a)</sup> | 4340 | 115401 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc. <sup>(a)</sup> | 6920 | 128228 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc. <sup>(a)</sup> | 2360 | 126874 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc. <sup>(a)</sup> | 11930 | 436041 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc. <sup>(a)</sup> | 16200 | 246888 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc. <sup>(a)</sup> | 6550 | 253157 |
| &nbsp;&nbsp;&nbsp;Ebix, Inc. | 7800 | 155688 |
| &nbsp;&nbsp;&nbsp;NextGen Healthcare, Inc. <sup>(a)</sup> | 7250 | 136155 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc. <sup>(a)</sup> | 9190 | 262099 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. <sup>(b)</sup> | 6410 | 323384 |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc. <sup>(b)</sup> | 4350 | 159080 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc. <sup>(a)</sup> | 5620 | 721777 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc. <sup>(a)</sup> | 9180 | 174420 |
| &nbsp;&nbsp;&nbsp;Veradigm, Inc. <sup>(a)</sup> | 23320 | 411365 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc. <sup>(a)</sup> | 14004 | 120574 |
|  |  | 4603751 |
| SPECIALTY FINANCE — 2.4% | SPECIALTY FINANCE — 2.4% | SPECIALTY FINANCE — 2.4% |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. <sup>(b)</sup> | 20490 | 220472 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. <sup>(b)</sup> | 33710 | 189787 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 8810 | 331785 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | 6360 | 107993 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. <sup>(b)</sup> | 15050 | 186168 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc. <sup>(a)(b)</sup> | 3150 | 151011 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 7260 | 278566 |
| &nbsp;&nbsp;&nbsp;Granite Point Mortgage Trust, Inc. | 33840 | 181382 |
| &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital, Inc. | 8286 | 105481 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | 13750 | 191950 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc. <sup>(a)</sup> | 9970 | 400096 |
| &nbsp;&nbsp;&nbsp;New York Mortgage Trust, Inc. | 44650 | 114304 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust | 14450 | 179036 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc. <sup>(a)(b)</sup> | 6530 | 220583 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. <sup>(b)</sup> | 9970 | 111066 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | 19810 | 133916 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. <sup>(a)</sup> | 10280 | 162116 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | 4340 | 340603 |
|  |  | 3606315 |
| STEEL — 0.8% | STEEL — 0.8% | STEEL — 0.8% |
| &nbsp;&nbsp;&nbsp;ATI, Inc. <sup>(a)(b)</sup> | 21650 | 646469 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 6590 | 243434 |
| &nbsp;&nbsp;&nbsp;TimkenSteel Corp. <sup>(a)(b)</sup> | 17280 | 313978 |
|  |  | 1203881 |
| TECHNOLOGY HARDWARE — 4.7% | TECHNOLOGY HARDWARE — 4.7% | TECHNOLOGY HARDWARE — 4.7% |
| &nbsp;&nbsp;&nbsp;3D Systems Corp. <sup>(a)(b)</sup> | 16470 | 121878 |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | 15080 | 250780 |
| &nbsp;&nbsp;&nbsp;ADTRAN, Inc. | 14390 | 270388 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** |
| TECHNOLOGY HARDWARE — 4.7%, continued | TECHNOLOGY HARDWARE — 4.7%, continued | TECHNOLOGY HARDWARE — 4.7%, continued |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc. <sup>(a)</sup> | 65600 | $230256 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | 8080 | 215655 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc. <sup>(a)</sup> | 3590 | 337962 |
| &nbsp;&nbsp;&nbsp;Comtech Telecommunications Corp. | 9290 | 112781 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc. <sup>(a)</sup> | 10890 | 147777 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc. <sup>(a)</sup> | 29990 | 549117 |
| &nbsp;&nbsp;&nbsp;Fabrinet <sup>(a)</sup> | 7180 | 920620 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc. <sup>(a)</sup> | 29630 | 388153 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 6470 | 320136 |
| &nbsp;&nbsp;&nbsp;Knowles Corp. <sup>(a)(b)</sup> | 18120 | 297530 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc. <sup>(a)</sup> | 11560 | 375816 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 38260 | 145388 |
| &nbsp;&nbsp;&nbsp;Plexus Corp. <sup>(a)</sup> | 4900 | 504357 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp. <sup>(a)</sup> | 13090 | 749926 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc. <sup>(a)(b)</sup> | 18690 | 315861 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc. <sup>(a)</sup> | 28760 | 433701 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc. <sup>(a)</sup> | 24360 | 256024 |
|  |  | 6944106 |
| TECHNOLOGY SERVICES — 2.0% | TECHNOLOGY SERVICES — 2.0% | TECHNOLOGY SERVICES — 2.0% |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 5650 | 323180 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | 10810 | 350028 |
| &nbsp;&nbsp;&nbsp;Green Dot Corp. - Class A <sup>(a)</sup> | 12060 | 190789 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. <sup>(a)</sup> | 8860 | 888392 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc. <sup>(a)</sup> | 6030 | 141343 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc. <sup>(a)</sup> | 34870 | 190390 |
| &nbsp;&nbsp;&nbsp;Perficient, Inc. <sup>(a)</sup> | 4700 | 328201 |
| &nbsp;&nbsp;&nbsp;Sabre Corp. <sup>(a)</sup> | 37160 | 229649 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings, Inc. | 3630 | 160192 |
| &nbsp;&nbsp;&nbsp;Unisys Corp. <sup>(a)</sup> | 31950 | 163265 |
|  |  | 2965429 |
| TELECOMMUNICATIONS — 0.6% | TELECOMMUNICATIONS — 0.6% | TELECOMMUNICATIONS — 0.6% |
| &nbsp;&nbsp;&nbsp;ATN International, Inc. | 2340 | 106025 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 5100 | 291108 |
| &nbsp;&nbsp;&nbsp;Consolidated Communications Holdings, Inc. <sup>(a)</sup> | 29970 | 107293 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc. <sup>(a)(b)</sup> | 13810 | 203836 |
| &nbsp;&nbsp;&nbsp;Telephone and Data Systems, Inc. | 17960 | 188400 |
|  |  | 896662 |
| TRANSPORTATION & LOGISTICS — 3.4% | TRANSPORTATION & LOGISTICS — 3.4% | TRANSPORTATION & LOGISTICS — 3.4% |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. <sup>(a)(b)</sup> | 3490 | 237285 |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. <sup>(b)</sup> | 6890 | 482576 |
| &nbsp;&nbsp;&nbsp;Atlas Air Worldwide Holdings, Inc. <sup>(a)(b)</sup> | 7090 | 714672 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc. <sup>(a)</sup> | 35042 | 950689 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp. | 5730 | 601020 |
| &nbsp;&nbsp;&nbsp;Hawaiian Holdings, Inc. <sup>(a)</sup> | 17650 | 181089 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc. - Class A <sup>(a)</sup> | 9370 | 744821 |
| &nbsp;&nbsp;&nbsp;Marten Transport Ltd. | 18180 | 359600 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | 6440 | 402564 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc. <sup>(a)</sup> | 13750 | 227013 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc. <sup>(a)</sup> | 7000 | 110880 |
|  |  | 5012209 |
| TRANSPORTATION EQUIPMENT — 0.6% | TRANSPORTATION EQUIPMENT — 0.6% | TRANSPORTATION EQUIPMENT — 0.6% |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. (The) | 6020 | 201851 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | 13770 | 407179 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp. <sup>(b)</sup> | 15190 | 343294 |
|  |  | 952324 |

---

***See accompanying notes to financial statements.***

Schedule of Investments, continued

*Praxis Small Cap Index Fund<br> December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** | **COMMON STOCKS — 97.5%, continued** |
| WHOLESALE - CONSUMER STAPLES — 1.2% | WHOLESALE - CONSUMER STAPLES — 1.2% | WHOLESALE - CONSUMER STAPLES — 1.2% |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. (The) | 27150 | $949978 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc. (The) <sup>(a)</sup> | 5800 | 193024 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc. <sup>(a)</sup> | 14890 | 576392 |
|  |  | 1719394 |
| WHOLESALE - DISCRETIONARY — 1.2% | WHOLESALE - DISCRETIONARY — 1.2% | WHOLESALE - DISCRETIONARY — 1.2% |
| &nbsp;&nbsp;&nbsp;ePlus, Inc. <sup>(a)</sup> | 4560 | 201917 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. <sup>(a)</sup> | 9060 | 124213 |
| &nbsp;&nbsp;&nbsp;KAR Auction Services, Inc. <sup>(a)</sup> | 12030 | 156991 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | 2970 | 139293 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc. <sup>(a)</sup> | 23700 | 692514 |
| &nbsp;&nbsp;&nbsp;Veritiv Corp. | 3640 | 443024 |
|  |  | 1757952 |
| TOTAL COMMON STOCKS (COST $120,998,794) | TOTAL COMMON STOCKS (COST $120,998,794) | $145600717 |
| **RIGHTS — 0.0% <sup>(c)</sup>** | **RIGHTS — 0.0% <sup>(c)</sup>** | **RIGHTS — 0.0% <sup>(c)</sup>** |
| MEDICAL EQUIPMENT & DEVICES — 0.0% <sup>(c)</sup> | MEDICAL EQUIPMENT & DEVICES — 0.0% <sup>(c)</sup> | MEDICAL EQUIPMENT & DEVICES — 0.0% <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc., CVR <sup>(a)(d)(e)</sup> | 28980 | 2608 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc. <sup>(a)</sup> | 2093 | 1010 |
| TOTAL RIGHTS (COST $0) | TOTAL RIGHTS (COST $0) | $3618 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
| **CORPORATE NOTES — 0.9%** | **CORPORATE NOTES — 0.9%** | **CORPORATE NOTES — 0.9%** | **CORPORATE NOTES — 0.9%** | **CORPORATE NOTES — 0.9%** |
| COMMUNITY DEVELOPMENT — 0.9% | COMMUNITY DEVELOPMENT — 0.9% | COMMUNITY DEVELOPMENT — 0.9% | COMMUNITY DEVELOPMENT — 0.9% | COMMUNITY DEVELOPMENT — 0.9% |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 3.000% | 06/15/23 | $330000 | $325809 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 3.000% | 12/15/23 | 330000 | 320979 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 1.000% | 06/14/24 | 100000 | 93415 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 3.000% | 06/17/24 | 60000 | 57655 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 3.000% | 12/15/24 | 90000 | 85675 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 2.500% | 06/13/25 | 150000 | 139890 |
| &nbsp;&nbsp;&nbsp;Calvert Social Investment Foundation, Inc. <sup>(d)</sup> | 2.500% | 12/15/25 | 280000 | 258690 |
| TOTAL CORPORATE NOTES (COST $1,340,000) | TOTAL CORPORATE NOTES (COST $1,340,000) | TOTAL CORPORATE NOTES (COST $1,340,000) | TOTAL CORPORATE NOTES (COST $1,340,000) | $1282113 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **MONEY MARKET FUNDS — 1.1%** | **MONEY MARKET FUNDS — 1.1%** | **MONEY MARKET FUNDS — 1.1%** |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10% <sup>(f)</sup> (COST $1,633,804) | 1633804 | $1633804 |
| **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 13.6%** | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 13.6%** | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 13.6%** |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.49% <sup>(f)(g)</sup> (COST $20,368,805) | 20368805 | 20368805 |
| TOTAL INVESTMENTS - (COST $144,341,403) — 113.1% | TOTAL INVESTMENTS - (COST $144,341,403) — 113.1% | $168889057 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (13.1%) | LIABILITIES IN EXCESS OF OTHER ASSETS — (13.1%) | (19623872) |
| NET ASSETS — 100.0% | NET ASSETS — 100.0% | $149265185 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2022 was $19,773,563 (Note 8).

&nbsp;&nbsp;&nbsp;&nbsp;(c) Percentage rounds to less than 0.1%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Illiquid securities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> Date | Current <br> Cost | Fair <br> Value | % of Net <br> Assets |
| Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23 | 06/18/18 | $330000 | $325809 | 0.2% |
| Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23 | 12/17/18 | 330000 | 320979 | 0.2% |
| Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24 | 06/15/21 | 100000 | 93415 | 0.1% |
| Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24 | 06/17/19 | 60000 | 57655 | 0.0 %<sup>(c)</sup> |
| Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24 | 12/12/19 | 90000 | 85675 | 0.1% |
| Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25 | 06/12/20 | 150000 | 139890 | 0.1% |
| Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25 | 12/15/20 | 280000 | 258690 | 0.2% |
| Lantheus Holdings, Inc., CVR | 06/22/20 |  | 2608 | 0.0 %<sup>(c)</sup> |
|  |  | $1340000 | $1284721 | 0.9% |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) The security was purchased with cash collateral received from securities on loan (Note 8).

plc — Public Liability Company

REIT — Real Estate Investment Trust

***See accompanying notes to financial statements.***

*Praxis Genesis Portfolios* 

Annual Report to Shareholders

Portfolio Managers' Commentary (unaudited)

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

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

International developed markets did better than emerging markets in 2022. The MSCI EAFE Index was down 14.45%, while the MSCI Emerging Markets Index was down 20.09%. The MSCI ACWI ex U.S. includes both indexes in a proportion of about 70% developed and 30% emerging – its return for the year was down 16.00%. Over the last five years, developed markets outperformed emerging markets, with a 1.67% annualized return versus a -1.10% annualized return, and this pattern holds over the last 10 years as well with developed markets showing a 3.93% annualized return versus a 1.77% annualized return.

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

The asset allocation strategies pursued by the Genesis Portfolios do not lend themselves to easy benchmarking with a public multi-asset class index, but we have found that the S&P Target Risk indexes are the best available option.

The Genesis Conservative Portfolio's Class A Shares (without load) returned -14.59%, which underperformed the S&P Target Risk Conservative Index return of -13.99%.

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

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

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

The underlying investments in the Genesis Portfolios are the Praxis Impact Bond Fund, the Praxis Growth Index Fund, the Praxis Value Index Fund, Praxis Small Cap Index Fund, and the Praxis International Index Fund. These funds are held in proportions matching the risk profile of each of the Genesis Portfolios. We take a long-term approach in assigning weights to the various underlying funds, relying on the premise that the higher risk equity funds are expected to generate higher long-term returns than the lower risk fixed income investments. 2022 was a year when the higher risk of stocks hurt the performance for portfolios that had a higher stock allocation, and fixed income investments also had negative returns.

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

Benjamin Bailey, CFA<sup>®</sup><br> Praxis Genesis Portfolios Co-Manager <br> Praxis Mutual Funds<sup>®</sup>

Dale Snyder, CFA<sup>®</sup><br> Praxis Genesis Portfolios Co-Manager<br> Praxis Mutual Funds<sup>®</sup>

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

*The S&P 500 Index is a market capitalization weighted index of 500 large companies that is widely used as a barometer of U.S. stock market performance.* 

*The S&P SmallCap 600 Index measures the small-cap segment of the U.S. equity market. The Index is designed to track companies that meet specific inclusion criteria to ensure they are liquid and financially viable.* 

*The S&P 500 Growth Index represents the growth companies (defined by sales growth, earnings to price, and momentum) of the S&P 500 Index, a universe of large capitalization companies in the U.S. equity market.* 

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

*Praxis Genesis Portfolios* 

Annual Report to Shareholders

Portfolio Managers' Commentary (unaudited) (continued)

*The MSCI EAFE (Europe, Australasia, and Far East) Index is a free float-adjusted weighted capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Index consists of 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.* 

*The MSCI Emerging Markets Index captures large and mid cap representation across 27 emerging markets: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.* 

*The MSCI All Country World Index (ACWI) ex-U.S. is a market capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S. based companies. The Index includes both developed and emerging markets.* 

*The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of the Bloomberg U.S. Government/Credit Index and the Bloomberg U.S. Mortgage-Backed Securities Index and includes Treasury issues, agency issues, corporate bond issues and mortgage-backed securities, and is intended to be generally representative of the bond market as a whole.* 

*Praxis Genesis Conservative Portfolio* 

Performance Review (unaudited)

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

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/12 to 12/31/22 and includes the reinvestment of dividends and capital gains.

![](fp0081640-1_49.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Average Annual** | **Average Annual** | **Average Annual** | |
|  | <br>**Inception <br> Date** | <br>**One <br> Year <br> Ended**  | **Three<br> Year <br> Ended**  | **Five <br> Year <br> Ended**  | **Ten <br> Year <br> Ended** | <br>**Expense <br> Ratio\*\*<br> Gross/Net** |
| Praxis Genesis Conservative Portfolio |  |  |  |  |  |  |
| Class A \* | 12/31/09 | -19.07% | -2.33% | 0.53% | 2.59% | 1.07% |
| Class A (Without Load) | 12/31/09 | -14.59% | -0.55% | 1.62% | 3.15% |  |
| S&P Target Risk Conservative Index <sup>1</sup> |  | -13.99% | -0.32% | 1.89% | 3.36% |  |

---

**Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit www.praxismutualfunds.com. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.** 

The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any party during the periods presented. In such instances, and without activity, the total returns would have been lower.

***\*** **The total return figures shown reflect the maximum sales charge applicable to Class A Shares for the Fund. Class A Shares have a maximum sales charge on purchases of 5.25%.***

*\*\* Reflects the expense ratios as reported in the Prospectus dated April 30, 2022. Includes indirect expenses of securities of other mutual funds held by the Portfolio (AAFE). AAFE are not reflected in the Financial Highlights.* 

<sup>*1*</sup> *S&P Target Risk Conservative Index seeks to emphasize exposure to fixed income, in order to produce a current income stream and avoid excessive volatility of returns. Equities are included to protect long-term purchasing power. The series is comprised of four multi-asset class indices. The index is comprised exclusively of exchange-traded funds.* 

The above indices are for illustrative purposes only and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of these expenses. An investor cannot invest directly in an index, although an investor can invest in its underlying securities.

Schedule of Investments

*Praxis Genesis Conservative Portfolio* 

*December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **AFFILIATED MUTUAL FUNDS — 100.0%** | **AFFILIATED MUTUAL FUNDS — 100.0%** | **AFFILIATED MUTUAL FUNDS — 100.0%** |
| DEBT FUND — 70.0% | DEBT FUND — 70.0% | DEBT FUND — 70.0% |
| &nbsp;&nbsp;&nbsp;Praxis Impact Bond Fund - Class I | 1848901 | $16917445 |
| EQUITY FUND — 30.0% | EQUITY FUND — 30.0% | EQUITY FUND — 30.0% |
| &nbsp;&nbsp;&nbsp;Praxis Growth Index Fund - Class I | 76373 | 2245376 |
| &nbsp;&nbsp;&nbsp;Praxis International Index Fund - Class I | 195534 | 2172387 |
| &nbsp;&nbsp;&nbsp;Praxis Small Cap Index Fund - Class I | 62370 | 603746 |
| &nbsp;&nbsp;&nbsp;Praxis Value Index Fund - Class I | 148957 | 2241807 |
|  |  | 7263316 |
| TOTAL AFFILIATED MUTUAL FUNDS (COST $23,422,154) | TOTAL AFFILIATED MUTUAL FUNDS (COST $23,422,154) | $24180761 |
| **MONEY MARKET FUNDS — 0.0% <sup>(a)</sup>** | **MONEY MARKET FUNDS — 0.0% <sup>(a)</sup>** | **MONEY MARKET FUNDS — 0.0% <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10% <sup>(b)</sup> (COST $6,161) | 6161 | 6161 |
| TOTAL INVESTMENTS - (COST $23,428,315) — 100.0% | TOTAL INVESTMENTS - (COST $23,428,315) — 100.0% | $24186922 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) <sup>(a)</sup> | LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) <sup>(a)</sup> | (1778) |
| NET ASSETS — 100.0% | NET ASSETS — 100.0% | $24185144 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Percentage rounds to less than 0.1%.

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

***See accompanying notes to financial statements.***

*Praxis Genesis Balanced Portfolio* 

Performance Review (unaudited)

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

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/12 to 12/31/22 and includes the reinvestment of dividends and capital gains.

![](fp0081640-1_51.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Average Annual** | **Average Annual** | **Average Annual** | |
|  | <br>**Inception <br> Date** | <br>**One <br> Year <br> Ended**  | **Three<br> Year <br> Ended**  | **Five <br> Year <br> Ended**  | **Ten <br> Year <br> Ended**  | <br>**Expense <br> Ratio\*\*<br> Gross/Net** |
| Praxis Genesis Balanced Portfolio |  |  |  |  |  |  |
| Class A \* | 12/31/09 | -20.45% | 0.15% | 2.51% | 5.02% | 0.92% |
| Class A (Without Load) | 12/31/09 | -16.06% | 1.96% | 3.63% | 5.59% |  |
| S&P Target Risk Growth Index <sup>1</sup> |  | -15.27% | 1.81% | 3.48% | 6.02% |  |

---

**Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit www.praxismutualfunds.com. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.** 

The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any party during the periods presented. In such instances, and without activity, the total returns would have been lower.

***\*** **The total return figures shown reflect the maximum sales charge applicable to Class A Shares for the Fund. Class A Shares have a maximum sales charge on purchases of 5.25%.***

*\*\* Reflects the expense ratios as reported in the Prospectus dated April 30, 2022. Includes indirect expenses of securities of other mutual funds held by the Portfolio (AAFE). AAFE are not reflected in the Financial Highlights.* 

<sup>*1*</sup> *S&P Target Risk Growth Index seeks to provide increased exposure to equities, while using fixed income to dampen risk. The series is comprised of four multi-asset class indices. The index is comprised exclusively of exchange-trade funds.* 

The above indices are for illustrative purposes only and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of these expenses. An investor cannot invest directly in an index, although an investor can invest in its underlying securities.

Schedule of Investments

*Praxis Genesis Balanced Portfolio* 

*December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **AFFILIATED MUTUAL FUNDS — 100.1%** | **AFFILIATED MUTUAL FUNDS — 100.1%** | **AFFILIATED MUTUAL FUNDS — 100.1%** |
| DEBT FUND — 40.0% | DEBT FUND — 40.0% | DEBT FUND — 40.0% |
| &nbsp;&nbsp;&nbsp;Praxis Impact Bond Fund - Class I | 3444273 | $31515101 |
| EQUITY FUND — 60.0% | EQUITY FUND — 60.0% | EQUITY FUND — 60.0% |
| &nbsp;&nbsp;&nbsp;Praxis Growth Index Fund - Class I | 430771 | 12664668 |
| &nbsp;&nbsp;&nbsp;Praxis International Index Fund - Class I | 1274818 | 14163227 |
| &nbsp;&nbsp;&nbsp;Praxis Small Cap Index Fund - Class I | 813652 | 7876156 |
| &nbsp;&nbsp;&nbsp;Praxis Value Index Fund - Class I | 840219 | 12645292 |
|  |  | 47349343 |
| TOTAL AFFILIATED MUTUAL FUNDS (COST $66,442,191) | TOTAL AFFILIATED MUTUAL FUNDS (COST $66,442,191) | $78864444 |
| **MONEY MARKET FUNDS — 0.0% <sup>(a)</sup>** | **MONEY MARKET FUNDS — 0.0% <sup>(a)</sup>** | **MONEY MARKET FUNDS — 0.0% <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10% <sup>(b)</sup> (COST $1,261) | 1261 | 1261 |
| TOTAL INVESTMENTS - (COST $66,443,452) — 100.1% | TOTAL INVESTMENTS - (COST $66,443,452) — 100.1% | $78865705 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1%) | LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1%) | (37829) |
| NET ASSETS — 100.0% | NET ASSETS — 100.0% | $78827876 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Percentage rounds to less than 0.1%.

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

***See accompanying notes to financial statements.***

*Praxis Genesis Growth Portfolio* 

Performance Review (unaudited)

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

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/12 to 12/31/22 and includes the reinvestment of dividends and capital gains.

![](fp0081640-1_53.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Average Annual** | **Average Annual** | **Average Annual** | |
|  | <br>**Inception <br> Date** | <br>**One <br> Year <br> Ended**  | **Three<br> Year <br> Ended**  | **Five <br> Year <br> Ended**  | **Ten <br> Year <br> Ended**  | <br>**Expense <br> Ratio\*\*<br> Gross/Net** |
| Praxis Genesis Growth Portfolio |  |  |  |  |  |  |
| Class A \* | 12/31/09 | -21.40% | 1.54% | 3.62% | 6.46% | 0.95% |
| Class A (Without Load) | 12/31/09 | -17.05% | 3.37% | 4.75% | 7.03% |  |
| S&P Target Risk Aggressive Index <sup>1</sup> |  | -16.13% | 3.12% | 4.45% | 7.57% |  |

---

**Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit www.praxismutualfunds.com. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.** 

The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any party during the periods presented. In such instances, and without activity, the total returns would have been lower.

***\*** **The total return figures shown reflect the maximum sales charge applicable to Class A Shares for the Fund. Class A Shares have a maximum sales charge on purchases of 5.25%.***

*\*\* Reflects the expense ratios as reported in the Prospectus dated April 30, 2022. Includes indirect expenses of securities of other mutual funds held by the Portfolio (AAFE). AAFE are not reflected in the Financial Highlights.* 

<sup>*1*</sup> *S&P Target Risk Aggressive Index seeks to emphasize exposure to equities, maximizing opportunities for long-term capital accumulation. It may include small allocations in fixed income to enhance portfolio efficiency. The series is comprised of four multi-asset class indices. The index is comprised exclusively of exchange-traded funds.* 

The above indices are for illustrative purposes only and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of these expenses. An investor cannot invest directly in an index, although an investor can invest in its underlying securities.

Schedule of Investments

*Praxis Genesis Growth Portfolio* 

*December 31, 2022*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
| **AFFILIATED MUTUAL FUNDS — 100.1%** | **AFFILIATED MUTUAL FUNDS — 100.1%** | **AFFILIATED MUTUAL FUNDS — 100.1%** |
| DEBT FUND — 20.0% | DEBT FUND — 20.0% | DEBT FUND — 20.0% |
| &nbsp;&nbsp;&nbsp;Praxis Impact Bond Fund - Class I | 1904515 | $17426317 |
| EQUITY FUND — 80.1% | EQUITY FUND — 80.1% | EQUITY FUND — 80.1% |
| &nbsp;&nbsp;&nbsp;Praxis Growth Index Fund - Class I | 610321 | 17943430 |
| &nbsp;&nbsp;&nbsp;Praxis International Index Fund - Class I | 1880284 | 20889952 |
| &nbsp;&nbsp;&nbsp;Praxis Small Cap Index Fund - Class I | 1350089 | 13068858 |
| &nbsp;&nbsp;&nbsp;Praxis Value Index Fund - Class I | 1190624 | 17918889 |
|  |  | 69821129 |
| TOTAL AFFILIATED MUTUAL FUNDS (COST $69,837,875) | TOTAL AFFILIATED MUTUAL FUNDS (COST $69,837,875) | $87247446 |
| **MONEY MARKET FUNDS — 0.0% <sup>(a)</sup>** | **MONEY MARKET FUNDS — 0.0% <sup>(a)</sup>** | **MONEY MARKET FUNDS — 0.0% <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10% <sup>(b)</sup> (COST $899) | 899 | 899 |
| TOTAL INVESTMENTS - (COST $69,838,774) — 100.1% | TOTAL INVESTMENTS - (COST $69,838,774) — 100.1% | $87248345 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1%) | LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1%) | (40249) |
| NET ASSETS — 100.0% | NET ASSETS — 100.0% | $87208096 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Percentage rounds to less than 0.1%.

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

***See accompanying notes to financial statements.***

Statements of Assets & Liabilities

*December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Praxis<br> Impact<br> Bond Fund** | **Praxis <br> International <br> Index Fund** | **Praxis <br> Value <br> Index Fund** | **Praxis <br> Growth Index <br> Fund** | **Praxis <br> Small Cap <br> Index Fund** |
| **Assets** |  |  |  |  |  |
| Investments in unaffiliated securities, at cost | $759295664 | $289881709 | $362691718 | $323980453 | $144341403 |
| Investments in unaffiliated securities, at fair value\* | $673035727 | $360918177 | $408998073 | $460564693 | $168889057 |
| Cash | 21750 | 17254 | 4060 |  |  |
| Receivable for capital shares sold | 1930815 | 1502017 | 1111856 | 3227106 | 700403 |
| Receivable for investments sold | 137 |  |  |  |  |
| Receivable for dividends and interest | 4656378 | 703871 | 594117 | 316448 | 198025 |
| Receivable for tax reclaims | 22137 | 589859 |  |  |  |
| Prepaid expenses and other assets | 46454 | 26425 | 37822 | 50738 | 24920 |
| **Total Assets** | 679713398 | 363757603 | 410745928 | 464158985 | 169812405 |
| **Liabilities** |  |  |  |  |  |
| Payable for capital shares redeemed | 936797 | 87301 | 468912 | 1017151 | 100595 |
| Payable for return of collateral received for securities on loan | 8901565 | 24979212 | 11512461 | 12571571 | 20368805 |
| Accrued expenses and other payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 213567 | 131117 | 85710 | 94239 | 40628 |
| &nbsp;&nbsp;&nbsp;Administration fees | 25582 | 13238 | 15403 | 17315 | 5657 |
| &nbsp;&nbsp;&nbsp;Distribution fees | 6450 | 2224 | 5397 | 15828 | 1145 |
| &nbsp;&nbsp;&nbsp;Other | 124343 | 113062 | 77177 | 88070 | 30390 |
| **Total Liabilities** | 10208304 | 25326154 | 12165060 | 13804174 | 20547220 |
| **Net Assets** | $669505094 | $338431449 | $398580868 | $450354811 | $149265185 |
| **Components of Net Assets** |  |  |  |  |  |
| Paid-in capital | $763101079 | $303503974 | $329404901 | $305497847 | $132402954 |
| Distributable earnings (accumulated deficit) | (93595985) | 34927475 | 69175967 | 144856964 | 16862231 |
| **Net Assets** | $669505094 | $338431449 | $398580868 | $450354811 | $149265185 |
| **Pricing of Class A Shares** |  |  |  |  |  |
| Net assets attributable to Class A shares | $29546039 | $10526418 | $25496967 | $72213959 | $5295765 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value) | 3213951 | 951175 | 1680027 | 2486668 | 609047 |
| Net asset value and redemption price per share | $9.19 | $11.07 | $15.18 | $29.04 | $8.70 |
| Maximum sales charge | 3.75% | 5.25% | 5.25% | 5.25% | 5.25% |
| Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent] | $9.55 | $11.68 | $16.02 | $30.65 | $9.18 |
| **Pricing of Class I Shares** |  |  |  |  |  |
| Net assets attributable to Class I shares | $639959055 | $327905031 | $373083901 | $378140852 | $143969420 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 69960226 | 29525242 | 24795372 | 12861721 | 14869047 |
| Net asset value, offering price and redemption price per share | $9.15 | $11.11 | $15.05 | $29.40 | $9.68 |
| \*Includes fair value of securities on loan | $8677612 | $24128899 | $11214623 | $12282648 | $19773563 |

---

***See accompanying notes to financial statements.***

Statements of Assets & Liabilities, continued

*December 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
|  | **Praxis Genesis <br> Conservative <br> Portfolio** | **Praxis Genesis <br> Balanced <br> Portfolio** | **Praxis Genesis <br> Growth <br> Portfolio** |
| **Assets** |  |  |  |
| Investments in affiliated securities, at cost | $23422154 | $66442191 | $69837875 |
| Investments in unaffiliated securities, at cost | 6161 | 1261 | 899 |
| Investments in affiliated securities, at fair value | $24180761 | $78864444 | $87247446 |
| Investments in unaffiliated securities, at fair value | 6161 | 1261 | 899 |
| Receivable for capital shares sold | 7696 | 4220 | 80242 |
| Receivable for dividends | 20 | 4 | 3 |
| Prepaid expenses and other assets | 11285 | 9892 | 12799 |
| **Total Assets** | 24205923 | 78879821 | 87341389 |
| **Liabilities** |  |  |  |
| Payable for capital shares redeemed | 753 | 1912 | 8872 |
| Payable for investments purchased | 478 | 2178 | 71377 |
| Accrued expenses and other payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1082 | 3392 | 3746 |
| &nbsp;&nbsp;&nbsp;Administration fees | 623 | 2039 | 2251 |
| &nbsp;&nbsp;&nbsp;Distribution fees | 5181 | 16960 | 18731 |
| &nbsp;&nbsp;&nbsp;Other | 12662 | 25464 | 28316 |
| **Total Liabilities** | 20779 | 51945 | 133293 |
| **Net Assets** | $24185144 | $78827876 | $87208096 |
| **Components of Net Assets** |  |  |  |
| Paid-in capital | $23843400 | $67146133 | $70538061 |
| Distributable earnings | 341744 | 11681743 | 16670035 |
| **Net Assets** | $24185144 | $78827876 | $87208096 |
| **Pricing of Class A Shares** |  |  |  |
| Net assets attributable to Class A shares | $24185144 | $78827876 | $87208096 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value) | 2229054 | 5920851 | 5656771 |
| Net asset value and redemption price per share | $10.85 | $13.31 | $15.42 |
| Maximum sales charge | 5.25% | 5.25% | 5.25% |
| Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent] | $11.45 | $14.05 | $16.27 |

---

***See accompanying notes to financial statements.***

Statements of Operations

*For the year ended December 31, 2022*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Praxis<br> Impact<br> Bond Fund** | **Praxis <br> International <br> Index Fund** | **Praxis <br> Value <br> Index Fund** | **Praxis <br> Growth Index <br> Fund** | **Praxis <br> Small Cap <br> Index Fund** |
| **Investment income** |  |  |  |  |  |
| Dividends | $335183 | $11726602 | $9205641 | $4498842 | $2155767 |
| Foreign tax withholding |  | (1709550) | (119) | (1047) | (3654) |
| Securities lending income | 44268 | 289564 | 30667 | 25558 | 50693 |
| Interest | 18111980 | 82482 | 80890 | 96344 | 37136 |
| **Total Investment Income** | 18491431 | 10389098 | 9317079 | 4619697 | 2239942 |
| **Expenses** |  |  |  |  |  |
| Investment advisory fees | 2561676 | 1552303 | 990473 | 1166250 | 462091 |
| Administration fees | 305605 | 155492 | 175931 | 215027 | 68540 |
| Transfer agent fees - Class A | 58774 | 24085 | 27189 | 57336 | 9449 |
| Transfer agent fees - Class I | 113008 | 36350 | 108711 | 97999 | 18350 |
| Distribution fees - Class A | 85396 | 22281 | 60999 | 210912 | 14161 |
| Custodian fees | 35989 | 132764 | 26017 | 28863 | 15653 |
| Registration fees - Class A | 9469 | 7915 | 7407 | 13776 | 13751 |
| Registration fees - Class I | 34362 | 27758 | 36746 | 26011 | 20137 |
| Legal fees | 65615 | 33112 | 37594 | 46024 | 14673 |
| Pricing fees | 82109 | 68356 | 6701 | 5303 | 11009 |
| Audit and tax services fees | 39319 | 49861 | 26878 | 29137 | 14666 |
| Trustee fees and expenses | 49659 | 24406 | 27936 | 33050 | 10736 |
| Insurance fees | 32333 | 15855 | 13905 | 18013 | 6297 |
| Other expenses | 61360 | 60336 | 40526 | 37031 | 24641 |
| **Total Expenses** | 3534674 | 2210874 | 1587013 | 1984732 | 704154 |
| Recoupment of prior Class A expenses contractually reduced by Investment Adviser |  |  |  |  | 1075 |
| **Net Expenses** | 3534674 | 2210874 | 1587013 | 1984732 | 705229 |
| **Net Investment Income** | 14956757 | 8178224 | 7730066 | 2634965 | 1534713 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |  |  |
| Net realized gains (losses) on investments | (5036851) | (4797538) | 22692304 | 9459584 | (7469729) |
| Net realized losses on foreign currency transactions |  | (133386) |  |  |  |
| Change in unrealized appreciation/(depreciation) of investments | (107477405) | (67139734) | (63713049) | (175874639) | (28856158) |
| Change in unrealized appreciation/(depreciation) of foreign currency translations |  | (10315) |  |  |  |
| **Net Realized and Unrealized Losses on Investments and Foreign Currency Transactions** | (112514256) | (72080973) | (41020745) | (166415055) | (36325887) |
| **Net Change in Net Assets from Operations** | $(97557499) | $(63902749) | $(33290679) | $(163780090) | $(34791174) |

---

***See accompanying notes to financial statements.***

Statements of Operations, continued

*For the year ended December 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
|  | **Praxis Genesis <br> Conservative <br> Portfolio** | **Praxis Genesis <br> Balanced <br> Portfolio** | **Praxis Genesis <br> Growth <br> Portfolio** |
| **Investment income** |  |  |  |
| Dividends from affiliates | $514539 | $1408583 | $1347771 |
| Dividends from non-affiliates | 92 | 25 | 14 |
| **Total Investment Income** | 514631 | 1408608 | 1347785 |
| **Expenses** |  |  |  |
| Distribution fees - Class A | 63985 | 209599 | 224050 |
| Transfer agent fees | 21989 | 65714 | 87171 |
| Investment advisory fees | 12798 | 41921 | 44811 |
| Registration and filing fees | 24225 | 27901 | 24789 |
| Administration fees | 7677 | 25146 | 26884 |
| Audit and tax services fees | 8240 | 11041 | 11241 |
| Custodian fees | 2560 | 2560 | 2560 |
| Shareholder reporting expenses | 791 | 2617 | 3371 |
| Trustee fees and expenses | 406 | 1337 | 1429 |
| Legal fees | 244 | 800 | 853 |
| Insurance expense | 125 | 394 | 385 |
| Other expenses | 5128 | 6444 | 6553 |
| **Total Expenses** | 148168 | 395474 | 434097 |
| **Net Investment Income** | 366463 | 1013134 | 913688 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |
| Net realized losses on investments in affiliates | (284650) | (979367) | (1339735) |
| Long-term capital gain distribution from investments in affiliates | 183194 | 1054920 | 1497279 |
| Change in unrealized appreciation/(depreciation) of investments in affiliates | (4470036) | (16449355) | (18487760) |
| **Net Realized and Unrealized Losses on Investments** | (4571492) | (16373802) | (18330216) |
| **Net Change in Net Assets from Operations** | $(4205029) | $(15360668) | $(17416528) |

---

***See accompanying notes to financial statements.***

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Praxis <br> Impact <br> Bond Fund** | **Praxis <br> Impact <br> Bond Fund** | **Praxis <br> International <br> Index Fund** | **Praxis <br> International <br> Index Fund** |
|  | **For the Year <br> Ended <br> December 31, <br> 2022** | **For the Year <br> Ended <br> December 31, <br> 2021** | **For the Year <br> Ended <br> December 31, <br> 2022** | **For the Year <br> Ended <br> December 31, <br> 2021** |
| **From Operations** |  |  |  |  |
| Net investment income | $14956757 | $12716498 | $8178224 | $7067970 |
| Net realized gains (losses) from investments and foreign currency transactions | (5036851) | 309296 | (4930924) | (1247871) |
| Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation | (107477405) | (27273227) | (67150049) | 19864270 |
| **Net Change in Net Assets from Operations** | (97557499) | (14247433) | (63902749) | 25684369 |
| **Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (632050) | (648495) | (163705) | (195286) |
| &nbsp;&nbsp;&nbsp;Class I | (14926182) | (13815730) | (6759350) | (9142870) |
| **Change in Net Assets from Distributions to Shareholders** | (15558232) | (14464225) | (6923055) | (9338156) |
| **Change in Net Assets from Capital Transactions (Note 6)** | (32062331) | 114309066 | 27602927 | 45292617 |
| **Change in Net Assets** | (145178062) | 85597408 | (43222877) | 61638830 |
| **Net Assets** |  |  |  |  |
| Beginning of year | 814683156 | 729085748 | 381654326 | 320015496 |
| End of year | $669505094 | $814683156 | $338431449 | $381654326 |

---

***See accompanying notes to financial statements.***

Statements of Changes in Net Assets, continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Praxis<br> Value<br> Index Fund** | **Praxis<br> Value<br> Index Fund** | **Praxis <br> Growth Index <br> Fund** | **Praxis <br> Growth Index <br> Fund** | **Praxis<br> Small Cap<br> Index Fund** | **Praxis<br> Small Cap<br> Index Fund** |
|  | **For the Year <br> Ended <br> December 31, <br> 2022** | **For the Year <br> Ended <br> December 31, <br> 2021** | **For the Year <br> Ended <br> December 31, <br> 2022** | **For the Year <br> Ended <br> December 31, <br> 2021** | **For the Year <br> Ended <br> December 31, <br> 2022** | **For the Year <br> Ended <br> December 31, <br> 2021** |
| **From Operations** |  |  |  |  |  |  |
| Net investment income | $7730066 | $6560667 | $2634965 | $1474181 | $1534713 | $1275088 |
| Net realized gains (losses) from investments | 22692304 | 21871536 | 9459584 | 25696730 | (7469729) | 16735523 |
| Net change in unrealized appreciation/(depreciation) on investments | (63713049) | 53067993 | (175874639) | 102477187 | (28856158) | 19863231 |
| **Net Change in Net Assets from Operations** | (33290679) | 81500196 | (163780090) | 129648098 | (34791174) | 37873842 |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1240919) | (783817) | (3970474) | (4460917) | (54572) | (667077) |
| &nbsp;&nbsp;&nbsp;Class I | (19809491) | (16566138) | (20269905) | (17988411) | (1502716) | (16040570) |
| **Change in Net Assets from Distributions to Shareholders** | (21050410) | (17349955) | (24240379) | (22449328) | (1557288) | (16707647) |
| **Change in Net Assets from Capital Transactions (Note 6)** | 13316059 | 66459413 | 108769305 | 22119735 | 12494918 | 12289668 |
| **Change in Net Assets** | (41025030) | 130609654 | (79251164) | 129318505 | (23853544) | 33455863 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of year | 439605898 | 308996244 | 529605975 | 400287470 | 173118729 | 139662866 |
| End of year | $398580868 | $439605898 | $450354811 | $529605975 | $149265185 | $173118729 |

---

***See accompanying notes to financial statements.***

Statements of Changes in Net Assets, continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Praxis Genesis <br> Conservative <br> Portfolio** | **Praxis Genesis <br> Conservative <br> Portfolio** | **Praxis Genesis <br> Balanced <br> Portfolio** | **Praxis Genesis <br> Balanced <br> Portfolio** | **Praxis Genesis <br> Growth <br> Portfolio** | **Praxis Genesis <br> Growth <br> Portfolio** |
|  | **For the Year <br> Ended <br> December 31, <br> 2022** | **For the Year <br> Ended <br> December 31, <br> 2021** | **For the Year <br> Ended <br> December 31, <br> 2022** | **For the Year <br> Ended <br> December 31, <br> 2021** | **For the Year <br> Ended <br> December 31, <br> 2022** | **For the Year <br> Ended <br> December 31, <br> 2021** |
| **From Operations** |  |  |  |  |  |  |
| Net investment income | $366463 | $428005 | $1013134 | $1861785 | $913688 | $2156198 |
| Net realized gains (losses) on investments in affiliates | (284650) | 436199 | (979367) | 1861645 | (1339735) | 1126350 |
| Long-term capital gain distributions from investments in affiliates | 183194 | 144741 | 1054920 | 1105509 | 1497279 | 1581295 |
| Net change in unrealized appreciation/(depreciation) on investments in affiliates | (4470036) | 216230 | (16449355) | 5384325 | (18487760) | 9426914 |
| **Net Change in Net Assets from Operations** | (4205029) | 1225175 | (15360668) | 10213264 | (17416528) | 14290757 |
| **Distributions to Class A Shareholders** | (552020) | (1223307) | (2181718) | (5111964) | (2572697) | (4501599) |
| **Change in Net Assets from Capital Transactions (Note 6)** | 333369 | 844126 | 435296 | 3306675 | 6343142 | 5416163 |
| **Change in Net Assets** | (4423680) | 845994 | (17107090) | 8407975 | (13646083) | 15205321 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of year | 28608824 | 27762830 | 95934966 | 87526991 | 100854179 | 85648858 |
| End of year | $24185144 | $28608824 | $78827876 | $95934966 | $87208096 | $100854179 |

---

***See accompanying notes to financial statements.***

Financial Highlights

For a share outstanding throughout the year indicated

**Praxis Impact Bond Fund - Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** | **Year Ended <br> December 31, <br> 2019** | **Year Ended <br> December 31, <br> 2018** |
| &nbsp;&nbsp;Net asset value at beginning of year | $10.78 | $11.19 | $10.67 | $10.12 | $10.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.17 | 0.14 | 0.19 | 0.23 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (1.58) | (0.39) | 0.60 | 0.55 | (0.26 |
| &nbsp;&nbsp;Total from investment operations | (1.41) | (0.25) | 0.79 | 0.78 | (0.04 |
| &nbsp;&nbsp;Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.16) | (0.20) | (0.23) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.07) |  |  |
| &nbsp;&nbsp;Total distributions | (0.18) | (0.16) | (0.27) | (0.23) | (0.23 |
| &nbsp;&nbsp;Paid-in capital from redemption fees |  | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 |
| &nbsp;&nbsp;Net asset value at end of year | $9.19 | $10.78 | $11.19 | $10.67 | $10.12 |
| &nbsp;&nbsp;Total return (excludes sales charge) | (13.12%) | (2.23 %) | 7.45% | 7.75% | (0.36 |
| &nbsp;&nbsp;Net assets at end of year (in 000s) | $29546 | $41413 | $48146 | $58383 | $60692 |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | 0.94% | 0.88% | 0.92% | 0.95% | 0.97 |
| &nbsp;&nbsp;Ratio of gross expenses to average net assets | 0.94% | 0.88% | 0.92% | 0.95% | 0.98 |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | 1.74% | 1.28% | 1.72% | 2.16% | 2.15 |
| &nbsp;&nbsp;Portfolio turnover rate | 21.12% | 14.68% | 31.27% | 17.58% | 27.27 |

---

**Praxis Impact Bond Fund - Class I** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** | **Year Ended <br> December 31, <br> 2019** | **Year Ended <br> December 31, <br> 2018** |
| &nbsp;&nbsp;Net asset value at beginning of year | $10.72 | $11.14 | $10.62 | $10.08 | $10.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.21 | 0.18 | 0.23 | 0.27 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (1.56) | (0.39) | 0.61 | 0.54 | (0.26) |
| &nbsp;&nbsp;Total from investment operations | (1.35) | (0.21) | 0.84 | 0.81 | 0.00 <sup>(b)</sup> |
| &nbsp;&nbsp;Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.21) | (0.25) | (0.27) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.07) |  |  |
| &nbsp;&nbsp;Total distributions | (0.22) | (0.21) | (0.32) | (0.27) | (0.27) |
| &nbsp;&nbsp;Paid-in capital from redemption fees |  | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| &nbsp;&nbsp;Net asset value at end of year | $9.15 | $10.72 | $11.14 | $10.62 | $10.08 |
| &nbsp;&nbsp;Total return | (12.65%) | (1.93 %) | 7.94% | 8.15% | 0.08% |
| &nbsp;&nbsp;Net assets at end of year (in 000s) | $639959 | $773270 | $680940 | $530250 | $449146 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | 0.49% | 0.48% | 0.52% | 0.53% | 0.53% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | 2.20% | 1.68% | 2.08% | 2.58% | 2.60% |
| &nbsp;&nbsp;Portfolio turnover rate | 21.12% | 14.68% | 31.27% | 17.58% | 27.27% |

---

*\** *During the period, certain expenses were reduced by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.* 

<sup>*(a)*</sup> *Net investment income per share has been calculated using the average daily shares outstanding during the period.* 

---

| | |
|:---|:---|
| <sup>*(b)*</sup>  | *Amount is less than $0.005 per share.*  |

---

***See accompanying notes to financial statements.***

Financial Highlights, continued

For a share outstanding throughout the year indicated

**Praxis International Index Fund - Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** | **Year Ended <br> December 31, <br> 2019** | **Year Ended <br> December 31, <br> 2018** |
| &nbsp;&nbsp;Net asset value at beginning of year | $13.50 | $12.82 | $11.50 | $9.77 | $11.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.20 | 0.18 | 0.10 | 0.18 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | (2.46) | 0.75 | 1.32 | 1.73 | (1.94) |
| &nbsp;&nbsp;Total from investment operations | (2.26) | 0.93 | 1.42 | 1.91 | (1.77) |
| &nbsp;&nbsp;Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.25) | (0.10) | (0.18) | (0.15) |
| &nbsp;&nbsp;Paid-in capital from redemption fees |  |  |  | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| &nbsp;&nbsp;Net asset value at end of year | $11.07 | $13.50 | $12.82 | $11.50 | $9.77 |
| &nbsp;&nbsp;Total return (excludes sales charge) | (16.72%) | 7.22% | 12.37% | 19.55% | (15.13 %) |
| &nbsp;&nbsp;Net assets at end of year (in 000s) | $10526 | $10859 | $11251 | $11074 | $11853 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | 1.24% | 1.20% | 1.30% | 1.40% | 1.31% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | 1.71% | 1.32% | 0.92% | 1.70% | 1.52% |
| &nbsp;&nbsp;Portfolio turnover rate | 37.48% | 39.58% | 86.12% | 20.61% | 21.08% |

---

**Praxis International Index Fund - Class I** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** | **Year Ended <br> December 31, <br> 2019** | **Year Ended <br> December 31, <br> 2018** |
| &nbsp;&nbsp;Net asset value at beginning of year | $13.53 | $12.86 | $11.53 | $9.80 | $11.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.27 | 0.27 | 0.18 | 0.27 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | (2.46) | 0.74 | 1.34 | 1.73 | (1.96) |
| &nbsp;&nbsp;Total from investment operations | (2.19) | 1.01 | 1.52 | 2.00 | (1.71) |
| &nbsp;&nbsp;Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.34) | (0.19) | (0.27) | (0.24) |
| &nbsp;&nbsp;Paid-in capital from redemption fees |  | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| &nbsp;&nbsp;Net asset value at end of year | $11.11 | $13.53 | $12.86 | $11.53 | $9.80 |
| &nbsp;&nbsp;Total return | (16.18%) | 7.83% | 13.18% | 20.45% | (14.52 %) |
| &nbsp;&nbsp;Net assets at end of year (in 000s) | $327905 | $370796 | $308764 | $277404 | $237982 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | 0.62% | 0.61% | 0.61% | 0.64% | 0.65% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | 2.36% | 1.94% | 1.62% | 2.48% | 2.21% |
| &nbsp;&nbsp;Portfolio turnover rate | 37.48% | 39.58% | 86.12% | 20.61% | 21.08% |

---

<sup>*(a)*</sup> *Net investment income per share has been calculated using the average daily shares outstanding during the period.* 

---

| | |
|:---|:---|
| <sup>*(b)*</sup>  | *Amount is less than $0.005 per share.*  |

---

***See accompanying notes to financial statements.***

Financial Highlights, continued

For a share outstanding throughout the year indicated

**Praxis Value Index Fund - Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** | **Year Ended <br> December 31, <br> 2019** | **Year Ended <br> December 31, <br> 2018** |
| &nbsp;&nbsp;Net asset value at beginning of year | $17.32 | $14.42 | $15.13 | $11.81 | $13.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.26 | 0.22 | 0.26 | 0.24 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (1.63) | 3.30 | 0.26 <sup>(b)</sup> | 3.56 | (1.38) |
| &nbsp;&nbsp;Total from investment operations | (1.37) | 3.52 | 0.52 | 3.80 | (1.15) |
| &nbsp;&nbsp;Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.31) |  | (0.23) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.70) | (0.31) | (1.23) | (0.25) | (0.63) |
| &nbsp;&nbsp;Total distributions | (0.77) | (0.62) | (1.23) | (0.48) | (0.86) |
| &nbsp;&nbsp;Paid-in capital from redemption fees |  | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> |
| &nbsp;&nbsp;Net asset value at end of year | $15.18 | $17.32 | $14.42 | $15.13 | $11.81 |
| &nbsp;&nbsp;Total return (excludes sales charge) | (7.86%) | 24.52% | 3.58% | 32.21% | (8.47 %) |
| &nbsp;&nbsp;Net assets at end of year (in 000s) | $25497 | $22442 | $18863 | $30603 | $18124 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | 0.75% | 0.78% | 0.91% | 0.86% | 0.89% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | 1.63% | 1.34% | 1.90% | 1.72% | 1.69% |
| &nbsp;&nbsp;Portfolio turnover rate | 53.35% | 28.06% | 44.98% | 39.06% | 32.38% |

---

**Praxis Value Index Fund - Class I** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** | **Year Ended <br> December 31, <br> 2019** | **Year Ended <br> December 31, <br> 2018** |
| &nbsp;&nbsp;Net asset value at beginning of year | $17.18 | $14.30 | $15.02 | $11.72 | $13.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.31 | 0.28 | 0.32 | 0.30 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (1.61) | 3.29 | 0.27 <sup>(b)</sup> | 3.53 | (1.38) |
| &nbsp;&nbsp;Total from investment operations | (1.30) | 3.57 | 0.59 | 3.83 | (1.08) |
| &nbsp;&nbsp;Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.38) | (0.08) | (0.28) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.70) | (0.31) | (1.23) | (0.25) | (0.63) |
| &nbsp;&nbsp;Total distributions | (0.83) | (0.69) | (1.31) | (0.53) | (0.94) |
| &nbsp;&nbsp;Paid-in capital from redemption fees |  | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> |
| &nbsp;&nbsp;Net asset value at end of year | $15.05 | $17.18 | $14.30 | $15.02 | $11.72 |
| &nbsp;&nbsp;Total return | (7.55%) | 25.08% | 4.07% | 32.74% | (8.06 %) |
| &nbsp;&nbsp;Net assets at end of year (in 000s) | $373084 | $417164 | $290133 | $223097 | $162785 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | 0.38% | 0.38% | 0.44% | 0.44% | 0.42% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | 1.98% | 1.73% | 2.32% | 2.16% | 2.18% |
| &nbsp;&nbsp;Portfolio turnover rate | 53.35% | 28.06% | 44.98% | 39.06% | 32.38% |

---

<sup>*(a)*</sup> *Net investment income per share has been calculated using the average daily shares outstanding during the period.* 

---

| | |
|:---|:---|
| <sup>*(b)*</sup>  | *Represents a balancing figure derived from other amounts in the financial highlights table that captures all other changes affecting net asset value per share.*  |

---

---

| | |
|:---|:---|
| <sup>*(c)*</sup>  | *Amount is less than $0.005 per share.*  |

---

***See accompanying notes to financial statements.***

Financial Highlights, continued

For a share outstanding throughout the year indicated

**Praxis Growth Index Fund - Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** | **Year Ended <br> December 31, <br> 2019** | **Year Ended <br> December 31, <br> 2018** |
| &nbsp;&nbsp;Net asset value at beginning of year | $42.88 | $33.96 | $27.23 | $22.05 | $23.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.10 | 0.03 | 0.11 | 0.20 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (12.27) | 10.69 | 8.80 | 6.71 | (0.13) |
| &nbsp;&nbsp;Total from investment operations | (12.17) | 10.72 | 8.91 | 6.91 | 0.02 |
| &nbsp;&nbsp;Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.03) | (0.10) | (0.20) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.67) | (1.77) | (2.08) | (1.53) | (0.81) |
| &nbsp;&nbsp;Total distributions | (1.67) | (1.80) | (2.18) | (1.73) | (1.02) |
| &nbsp;&nbsp;Paid-in capital from redemption fees |  | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| &nbsp;&nbsp;Net asset value at end of year | $29.04 | $42.88 | $33.96 | $27.23 | $22.05 |
| &nbsp;&nbsp;Total return (excludes sales charge) | (28.42%) | 31.60% | 32.81% | 31.45% | (0.05 %) |
| &nbsp;&nbsp;Net assets at end of year (in 000s) | $72214 | $109319 | $90516 | $84526 | $72735 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | 0.67% | 0.66% | 0.75% | 0.79% | 0.82% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | 0.28% | 0.08% | 0.38% | 0.78% | 0.59% |
| &nbsp;&nbsp;Portfolio turnover rate | 49.76% | 18.17% | 28.05% | 32.33% | 27.24% |

---

**Praxis Growth Index Fund - Class I** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** | **Year Ended <br> December 31, <br> 2019** | **Year Ended <br> December 31, <br> 2018** |
| &nbsp;&nbsp;Net asset value at beginning of year | $43.27 | $34.25 | $27.45 | $22.21 | $23.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.21 | 0.15 | 0.21 | 0.30 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (12.39) | 10.79 | 8.87 | 6.76 | (0.13) |
| &nbsp;&nbsp;Total from investment operations | (12.18) | 10.94 | 9.08 | 7.06 | 0.12 |
| &nbsp;&nbsp;Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.15) | (0.20) | (0.29) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.67) | (1.77) | (2.08) | (1.53) | (0.81) |
| &nbsp;&nbsp;Total distributions | (1.69) | (1.92) | (2.28) | (1.82) | (1.12) |
| &nbsp;&nbsp;Paid-in capital from redemption fees |  | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| &nbsp;&nbsp;Net asset value at end of year | $29.40 | $43.27 | $34.25 | $27.45 | $22.21 |
| &nbsp;&nbsp;Total return | (28.18%) | 31.97% | 33.19% | 31.91% | 0.39% |
| &nbsp;&nbsp;Net assets at end of year (in 000s) | $378141 | $420287 | $309772 | $241118 | $178605 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | 0.36% | 0.36% | 0.43% | 0.43% | 0.43% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | 0.60% | 0.38% | 0.69% | 1.13% | 0.99% |
| &nbsp;&nbsp;Portfolio turnover rate | 49.76% | 18.17% | 28.05% | 32.33% | 27.24% |

---

<sup>*(a)*</sup> *Net investment income per share has been calculated using the average daily shares outstanding during the period.* 

---

| | |
|:---|:---|
| <sup>*(b)*</sup>  | *Amount is less than $0.005 per share.*  |

---

 

***See accompanying notes to financial statements.***

Financial Highlights, continued

For a share outstanding throughout the year indicated

**Praxis Small Cap Index Fund - Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** | **Year Ended <br> December 31, <br> 2019** | **Year Ended <br> December 31, <br> 2018** |
| &nbsp;&nbsp;Net asset value at beginning of year | $11.00 | $9.69 | $8.85 | $7.44 | $8.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.03 | 0.02 | 0.02 | 0.03 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (2.24) | 2.52 | 0.90 | 1.56 | (0.73) |
| &nbsp;&nbsp;Total from investment operations | (2.21) | 2.54 | 0.92 | 1.59 | (0.72) |
| &nbsp;&nbsp;Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.03) | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.09) | (1.20) | (0.04) | (0.18) | (0.47) |
| &nbsp;&nbsp;Total distributions | (0.09) | (1.23) | (0.08) | (0.18) | (0.47) |
| &nbsp;&nbsp;Paid-in capital from redemption fees |  | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| &nbsp;&nbsp;Net asset value at end of year | $8.70 | $11.00 | $9.69 | $8.85 | $7.44 |
| &nbsp;&nbsp;Total return (excludes sales charge) | (20.08%) | 26.53% | 10.39% | 21.36% | (8.56 %) |
| &nbsp;&nbsp;Net assets at end of year (in 000s) | $5296 | $6656 | $5173 | $4665 | $4284 |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | 1.11% | 1.12% | 1.12% | 1.12% | 1.11% |
| Ratio of gross expenses to average net assets\* | 1.09% | 1.12% | 1.37% | 1.42% | 1.49% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | 0.37% | 0.13% | 0.25% | 0.33% | 0.13% |
| &nbsp;&nbsp;Portfolio turnover rate | 35.74% | 40.95% | 39.21% | 21.59% | 25.17% |

---

**Praxis Small Cap Index Fund - Class I** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** | **Year Ended <br> December 31, <br> 2019** | **Year Ended <br> December 31, <br> 2018** |
| &nbsp;&nbsp;Net asset value at beginning of year | $12.17 | $10.60 | $9.66 | $8.13 | $9.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.11 | 0.11 | 0.08 | 0.09 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (2.50) | 2.76 | 0.98 | 1.71 | (0.79) |
| &nbsp;&nbsp;Total from investment operations | (2.39) | 2.87 | 1.06 | 1.80 | (0.71) |
| &nbsp;&nbsp;Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.01) | (0.10) | (0.08) | (0.09) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.09) | (1.20) | (0.04) | (0.18) | (0.47) |
| &nbsp;&nbsp;Total distributions | (0.10) | (1.30) | (0.12) | (0.27) | (0.52) |
| &nbsp;&nbsp;Paid-in capital from redemption fees |  | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |  |
| &nbsp;&nbsp;Net asset value at end of year | $9.68 | $12.17 | $10.60 | $9.66 | $8.13 |
| &nbsp;&nbsp;Total return | (19.60%) | 27.36% | 11.04% | 22.12% | (7.83%) |
| &nbsp;&nbsp;Net assets at end of year (in 000s) | $143969 | $166462 | $134490 | $115562 | $85680 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | 0.43% | 0.43% | 0.45% | 0.45% | 0.46% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | 1.02% | 0.83% | 0.94% | 1.02% | 0.83% |
| &nbsp;&nbsp;Portfolio turnover rate | 35.74% | 40.95% | 39.21% | 21.59% | 25.17% |

---

*\** *During the period, certain expenses were reduced and/or recouped by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.* 

<sup>*(a)*</sup> *Net investment income per share has been calculated using the average daily shares outstanding during the period.* 

---

| | |
|:---|:---|
| <sup>*(b)*</sup>  | *Amount is less than $0.005 per share.*  |

---

***See accompanying notes to financial statements.***

Financial Highlights, continued

For a share outstanding throughout the year indicated

**Praxis Genesis Conservative Portfolio - Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** | **Year Ended <br> December 31, <br> 2019** | **Year Ended <br> December 31, <br> 2018** |
| &nbsp;&nbsp;Net asset value at beginning of year | $12.99 | $12.99 | $12.20 | $11.02 | $11.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.17 | 0.20 | 0.26 | 0.21 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (2.06) | 0.37 | 0.99 | 1.23 | (0.55 |
| &nbsp;&nbsp;Total from investment operations | (1.89) | 0.57 | 1.25 | 1.44 | (0.31 |
| &nbsp;&nbsp;Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.20) | (0.27) | (0.20) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.08) | (0.37 | (0.19 | (0.06 | (0.18 |
| &nbsp;&nbsp;Total distributions | (0.25) | (0.57 | (0.46 | (0.26 | (0.42 |
| &nbsp;&nbsp;Paid-in capital from redemption fees |  | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;Net asset value at end of year | $10.85 | $12.99 | $12.99 | $12.20 | $11.02 |
| &nbsp;&nbsp;Total return (excludes sales charge) | (14.59%) | 4.42 | 10.28 | 13.14 | (2.64 |
| &nbsp;&nbsp;Net assets at end of year (in 000s) | $24185 | $28609 | $27763 | $26761 | $22148 |
| &nbsp;&nbsp;Ratio of net expenses to average net assets<sup>†</sup> | 0.58% | 0.60 | 0.60 | 0.61 | 0.60 |
| &nbsp;&nbsp;Ratio of gross expenses to average net assets<sup>†</sup> | 0.58% | 0.58 | 0.58 | 0.63 | 0.63 |
| Ratio of net investment income to average net assets<sup>†</sup>\* | 1.43% | 1.50 | 2.05 | 1.81 | 2.08 |
| &nbsp;&nbsp;Portfolio turnover rate | 13.60% | 15.51 | 28.90 | 10.10 | 15.49 |

---

<sup>*†*</sup> *The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which it invests.* 

---

| | |
|:---|:---|
| *\*\**  | *During the period, certain expenses were reduced and/or recouped by the Adviser and/or Distributor. If such expense reductions/recoupments had not occurred, the ratios would have been as indicated.*  |

---

*\** *Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying companies in which the Fund invests.* 

<sup>*(a)*</sup> *Net investment income per share has been calculated using the average daily shares outstanding during the period.* 

---

| | |
|:---|:---|
| <sup>*(b)*</sup>  | *Amount is less than $0.005 per share.*  |

---

***See accompanying notes to financial statements.***

Financial Highlights, continued

For a share outstanding throughout the year indicated

**Praxis Genesis Balanced Portfolio - Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** | **Year Ended <br> December 31, <br> 2019** | **Year Ended <br> December 31, <br> 2018** |
| &nbsp;&nbsp;Net asset value at beginning of year | $16.30 | $15.40 | $14.30 | $12.39 | $13.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.17 | 0.33 | 0.34 | 0.22 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (2.79) | 1.47 | 1.50 | 2.07 | (0.93) |
| &nbsp;&nbsp;Total from investment operations | (2.62) | 1.80 | 1.84 | 2.29 | (0.66) |
| &nbsp;&nbsp;Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.32) | (0.34) | (0.22) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.20) | (0.58) | (0.40) | (0.16) | (0.39) |
| &nbsp;&nbsp;Total distributions | (0.37) | (0.90) | (0.74) | (0.38) | (0.66) |
| &nbsp;&nbsp;Paid-in capital from redemption fees |  | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| &nbsp;&nbsp;Net asset value at end of year | $13.31 | $16.30 | $15.40 | $14.30 | $12.39 |
| &nbsp;&nbsp;Total return (excludes sales charge) | (16.06%) | 11.77% | 12.97% | 18.54% | (4.89 %) |
| &nbsp;&nbsp;Net assets at end of year (in 000s) | $78828 | $95935 | $87527 | $83240 | $70368 |
| &nbsp;&nbsp;Ratio of expenses to average net assets<sup>†</sup> | 0.47% | 0.46% | 0.49% | 0.52% | 0.52% |
| Ratio of net investment income to average net assets<sup>†</sup>\* | 1.21% | 2.01% | 2.38% | 1.64% | 2.04% |
| &nbsp;&nbsp;Portfolio turnover rate | 12.96% | 15.28% | 21.52% | 9.43% | 12.90% |

---

<sup>*†*</sup> *The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which it invests.* 

*\** *Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying companies in which the Fund invests.* 

<sup>*(a)*</sup> *Net investment income per share has been calculated using the average daily shares outstanding during the period.* 

---

| | |
|:---|:---|
| <sup>*(b)*</sup>  | *Amount is less than $0.005 per share.*  |

---

***See accompanying notes to financial statements.***

Financial Highlights, continued

For a share outstanding throughout the year indicated

**Praxis Genesis Growth Portfolio - Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** | **Year Ended <br> December 31, <br> 2019** | **Year Ended <br> December 31, <br> 2018** |
| &nbsp;&nbsp;Net asset value at beginning of year | $19.15 | $17.17 | $15.79 | $13.30 | $15.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.17 | 0.43 | 0.40 | 0.21 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (3.44) | 2.43 | 1.81 | 2.73 | (1.24) |
| &nbsp;&nbsp;Total from investment operations | (3.27) | 2.86 | 2.21 | 2.94 | (0.97) |
| &nbsp;&nbsp;Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.42) | (0.39) | (0.21) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.30) | (0.46) | (0.44) | (0.24) | (0.54) |
| &nbsp;&nbsp;Total distributions | (0.46) | (0.88) | (0.83) | (0.45) | (0.82) |
| &nbsp;&nbsp;Paid-in capital from redemption fees |  | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| &nbsp;&nbsp;Net asset value at end of year | $15.42 | $19.15 | $17.17 | $15.79 | $13.30 |
| &nbsp;&nbsp;Total return (excludes sales charge) | (17.05%) | 16.72% | 14.08% | 22.16% | (6.52 %) |
| &nbsp;&nbsp;Net assets at end of year (in 000s) | $87208 | $100854 | $85649 | $74220 | $60685 |
| &nbsp;&nbsp;Ratio of expenses to average net assets<sup>†</sup> | 0.48% | 0.49% | 0.54% | 0.58% | 0.58% |
| Ratio of net investment income to average net assets<sup>†</sup>\* | 1.02% | 2.28% | 2.59% | 1.42% | 1.91% |
| &nbsp;&nbsp;Portfolio turnover rate | 10.46% | 12.90% | 18.36% | 7.72% | 12.72% |

---

<sup>*†*</sup> *The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which it invests.* 

*\** *Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying companies in which the Fund invests.* 

<sup>*(a)*</sup> *Net investment income per share has been calculated using the average daily shares outstanding during the period.* 

---

| | |
|:---|:---|
| <sup>*(b)*</sup>  | *Amount is less than $0.005 per share.*  |

---

***See accompanying notes to financial statements.***

Notes to Financial Statements *December 31, 2022*

**1. Organization:** 

The Praxis Mutual Funds (the "Trust") is an open-end management investment company established as a Delaware statutory trust under a Declaration of Trust dated September 27, 1993, as amended and restated April 28, 2016, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust consists of the Praxis Impact Bond Fund, the Praxis International Index Fund, the Praxis Value Index Fund, the Praxis Growth Index Fund, and the Praxis Small Cap Index Fund, (individually a "Fund", collectively "the Funds"), the Praxis Genesis Conservative Portfolio, the Praxis Genesis Balanced Portfolio, and the Praxis Genesis Growth Portfolio, (individually a "Portfolio", collectively "the Portfolios"). The Funds and Portfolios are also referred to individually as the Impact Bond Fund, International Index Fund, Value Index Fund, Growth Index Fund, Small Cap Index Fund, Conservative Portfolio, Balanced Portfolio and Growth Portfolio in the financial statements. Each Fund and Portfolio is a diversified series of the Trust. Each Fund and Portfolio follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "*Financial Services – Investment Companies*."

As of December 31, 2022, the Funds offer Class A and Class I Shares and the Portfolios offer Class A Shares. Each class of shares in a Fund or Portfolio has identical rights and privileges except with respect to fees paid under the distribution and shareholder servicing agreement, certain other class specific expenses, voting rights on matters affecting a single class of shares and the exchange privileges of each class of shares. Class A has a maximum sales charge on purchases of 5.25 percent as a percentage of the original purchase price, except for the Impact Bond Fund which has a maximum sales charge of 3.75 percent.

**2. Significant Accounting Policies:** 

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net change in net assets from operations for the reporting year. Actual results could differ from those estimates.

*Regulatory Update:* 

In March 2020, FASB issued Accounting Standards Update 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"), and in December 2022, the FASB issued Accounting Standards Update ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate ("LIBOR") and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04, ASU 2021-01, and ASU 2022-06 are effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2024. Management is evaluating the impact of ASU 2020-04, ASU 2021-01, and ASU 2022-06 on the Funds' investments, derivatives, debt, and other contracts that will undergo reference rater elated modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.

*Securities Valuation:* 

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

Securities generally are valued at fair values determined on the basis of the latest available bid prices in the principal market (closing sales prices if the principal market is an exchange) in which such securities are normally traded. Investments in open-end investment companies are valued at their respective net asset values ("NAVs") as reported by such companies. The differences between the cost and fair values of investments are reflected as either unrealized appreciation or depreciation.

The Funds use various independent pricing services to value most of their debt investments. A pricing service would normally consider such factors as yield, risk, quality, maturity, type of issue, trading characteristics, special circumstances and other factors it deems relevant in determining valuations of normal institutional trading units of debt securities and would not rely exclusively on quoted prices. When valuing foreign securities held by the Funds, certain pricing services might use computerized pricing models to systematically calculate adjustments to foreign security closing prices based on the latest market movements. Such pricing models utilize market data that has been obtained between the local market close and the NYSE close to compute adjustments to foreign security close prices. Prior to September 8, 2022, the methods used by the pricing service and the valuations so established were reviewed by the Pricing Committee of the Funds and Portfolios under general supervision of the Trust's Board of Trustees (the "Board"). As of September 8, 2022, pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Everence Capital Management, Inc. (the "Adviser"),

Notes to Financial Statements, continued *December 31, 2022*

investment adviser to the Funds and Portfolios, as the Valuation Designee (the "Designee") with responsibility for reviewing the methods used by the pricing service and the valuations so established under general supervision of the Board. The Adviser carries out its designated activities through the Adviser's Pricing Committee. Securities for which market quotations are not readily available (e.g. an approved pricing service does not provide a price, certain stale prices or an event occurs that materially affects the furnished price) are valued at their fair value as determined in good faith in accordance with consistently applied procedures established by the Designee and under the general supervision of the Board. Short-term debt securities of sufficient credit quality maturing in less than 61 days may be valued at amortized cost, which approximates fair value. The Portfolios' investments in the Funds (the "Underlying Funds") are valued at the closing NAV per share.

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

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

● Level 1 — quoted prices in active markets for identical securities

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

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

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

The aggregate value by each Fund's and Portfolio's investments and the input level, as of December 31, 2022, for the investments are as follows:

**Impact Bond Fund Valuation Inputs at Reporting Date:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments at Fair Value** |  |  |  |  |
| Municipal Bonds | $— | $6810885 | $— | $6810885 |
| Corporate Bonds |  | 254042899 |  | 254042899 |
| Corporate Notes |  | 6545400 |  | 6545400 |
| Foreign Governments |  | 44336508 |  | 44336508 |
| Commercial Mortgage-Backed Securities |  | 90191 |  | 90191 |
| U.S. Government Agencies |  | 300964206 |  | 300964206 |
| Asset Backed Securities |  | 37008939 |  | 37008939 |
| Money Market Funds | 11303217 |  |  | 11303217 |
| Investment Purchased with the Cash Proceeds from Securities Lending\* |  |  |  | 8901565 |
| Investment Companies | 3031917 |  |  | 3031917 |
| **Total Investments** | $**14335134** | $**649799028** | $**—** | $**673035727** |

---

**International Index Fund Valuation Inputs at Reporting Date:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments at Fair Value** |  |  |  |  |
| Common Stocks | $331387732 | $— | $869 | $331388601 |
| Corporate Notes |  | 2974952 |  | 2974952 |
| Money Market Funds | 1575412 |  |  | 1575412 |
| Investment Purchased with the Cash Proceeds from Securities Lending\* |  |  |  | 24979212 |
| **Total Investments** | $**332963144** | $**2974952** | $**869** | $**360918177** |

---

Notes to Financial Statements, continued *December 31, 2022*

**Value Index Fund Valuation Inputs at Reporting Date:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments at Fair Value** |  |  |  |  |
| Common Stocks | $392448768 | $— | $— | $392448768 |
| Corporate Notes |  | 3478924 |  | 3478924 |
| Money Market Funds | 1557920 |  |  | 1557920 |
| Investment Purchased with the Cash Proceeds from Securities Lending\* |  |  |  | 11512461 |
| **Total Investments** | $**394006688** | $**3478924** | $**—** | $**408998073** |

---

**Growth Index Fund Valuation Inputs at Reporting Date:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments at Fair Value** |  |  |  |  |
| Common Stocks | $441258262 | $— | $— | $441258262 |
| Corporate Notes |  | 3926663 |  | 3926663 |
| Money Market Funds | 2808197 |  |  | 2808197 |
| Investment Purchased with the Cash Proceeds from Securities Lending\* |  |  |  | 12571571 |
| **Total Investments** | $**444066459** | $**3926663** | $**—** | $**460564693** |

---

**Small Cap Index Fund Valuation Inputs at Reporting Date:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments at Fair Value** |  |  |  |  |
| Common Stocks | $145600717 | $— | $— | $145600717 |
| Rights |  | 1010 | 2608 | 3618 |
| Corporate Notes |  | 1282113 |  | 1282113 |
| Money Market Funds | 1633804 |  |  | 1633804 |
| Investment Purchased with the Cash Proceeds from Securities Lending\* |  |  |  | 20368805 |
| **Total Investments** | $**147234521** | $**1283123** | $**2608** | $**168889057** |

---

\* Investments purchased with cash proceeds from securities lending are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the Statements of Assets & Liabilities. 

**Conservative Portfolio Valuation Inputs at Reporting Date:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments at Fair Value** |  |  |  |  |
| Affiliated Mutual Funds | $24180761 | $— | $— | $24180761 |
| Money Market Funds | 6161 |  |  | 6161 |
| **Total Investments** | $**24186922** | $**—** | $**—** | $**24186922** |

---

**Balanced Portfolio Valuation Inputs at Reporting Date:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments at Fair Value** |  |  |  |  |
| Affiliated Mutual Funds | $78864444 | $— | $— | $78864444 |
| Money Market Funds | 1261 |  |  | 1261 |
| **Total Investments** | $**78865705** | $**—** | $**—** | $**78865705** |

---

**Growth Portfolio Valuation Inputs at Reporting Date:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments at Fair Value** |  |  |  |  |
| Affiliated Mutual Funds | $87247446 | $— | $— | $87247446 |
| Money Market Funds | 899 |  |  | 899 |
| **Total Investments** | $**87248345** | $**—** | $**—** | $**87248345** |

---

Notes to Financial Statements, continued *December 31, 2022*

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

---

| | | |
|:---|:---|:---|
|  | **International<br> Index Fund** | **Small Cap <br> Index Fund**  |
| Balance as of December 31, 2021 | $— | $2608 |
| &nbsp;&nbsp;&nbsp;Security valuation unavailable | 869 |  |
| Balance as of December 31, 2022 | $869 | $2608 |

---

The total change in unrealized appreciation (depreciation) included on the Statements of Operations attributable to Level 3 investments still held as of December 31, 2022 for the International Index Fund and Small Cap Index Fund was ($690,066) and $0, respectively.

The following tables summarizes the valuation techniques used and unobservable inputs developed by the Trust's Pricing Committee in conformity with guidelines adopted by and subject to review by the Board to determine the fair value of the Level 3 instruments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **International Index Fund** | **International Index Fund** | **International Index Fund** | **International Index Fund** | **International Index Fund** | **International Index Fund** |
|  | **12/31/2022** | **Valuation Technique** | **Unobservable Input** | **Range** | **Impact to Valuation from an <br> Increase in Input \*** |
| Common Stocks | $869 | Discount on Future Cash Flows | Estimate of Future Cash Flows | 100% | Increase |

---

\* This column represents the directional change in fair value of the Level 3 investments that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** |
|  | **12/31/2022** | **Valuation Technique** | **Unobservable Input** | **Range** | **Impact to Valuation from an <br> Increase in Input \*** |
| Rights | $2608 | Discount on Future Cash Flows | Estimate of Future Cash Flows | 100% | Increase |

---

\* This column represents the directional change in fair value of the Level 3 investments that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. 

*Investment Transactions and Related Income:* 

Changes in holdings of portfolio investments are reflected in the calculation of each Fund's and Portfolio's NAV no later than the first business day following trade date. For financial reporting purposes, investment transactions are accounted for on the trade date on the last business day of the reporting period. Realized gains or losses realized on sales of investments are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Interest income is recognized on the accrual basis and includes, where applicable, the pro-rata amortization of premium or accretion of discount calculated using constant yield to maturity or effective yield.

Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Withholding taxes on foreign dividends have been recorded in accordance with the Funds' understanding of the applicable country's tax rules and rates.

Distributions received from the Funds' investments in REITs may be characterized as ordinary income, net capital gains or return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds may use estimates in reporting the character of their income and distributions for financial statement purposes; otherwise, these amounts are recorded once the issuers provide the information about the actual composition of the distributions. The actual character of distributions to the Funds' shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Funds' shareholders may represent a return of capital.

*Allocations:* 

Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation for the Funds are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Class specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Expenses not directly billed to a Fund or Portfolio are allocated proportionally among all Funds and Portfolios daily in relation to the net assets of each Fund or Portfolio or another reasonable measure.

Notes to Financial Statements, continued *December 31, 2022*

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

*Risks Associated with Foreign Securities and Currencies:* 

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

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

*Foreign Currency Translation:* 

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

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

Reported net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from the changes in the value of assets and liabilities other than investments in securities at the reporting period, resulting from changes in the exchange rate.

*Dividends and Distributions:* 

Dividends from net investment income, if any, are declared and paid monthly for the Impact Bond Fund and for each of the Portfolios. Dividends from net investment income, if any, are declared and paid annually for the International Index Fund, the Value Index Fund, the Growth Index Fund and the Small Cap Index Fund. To the extent the Portfolios invest in the Impact Bond Fund and receive dividends, they will be paid monthly. Distributions of net realized capital gains from the Underlying Funds are recorded on the ex-dividend date or when the Portfolios are first notified of the dividend. Distributable net realized capital gains of the Funds, if any, are declared and distributed at least annually.

The amounts of dividends from net investment income and distributions from net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

*Uninvested Cash:* 

The Funds may maintain cash at their custodian which, at times, may exceed United States federally insured limits. The Funds maintain these balances with a high-quality financial institution. The Funds may incur charges on cash overdrafts.

*Federal Income Taxes:* 

It is each Fund's and Portfolio's policy to continue to qualify as a regulated investment company by complying with the provisions available to investment companies, as defined in applicable sections of Subchapter M of the Internal Revenue Code, and to distribute timely all of its net investment company taxable income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax law, a withholding tax may be imposed on interest, dividends and capital gains earned on foreign investments at various rates. Where available, the Funds will file for claims on foreign taxes withheld. The Funds and Portfolios recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year ended December 31, 2022, the Funds and Portfolios did not incur any interest or penalties.

Notes to Financial Statements, continued *December 31, 2022*

*Redemption Fees:* 

The Funds and Portfolios previously charged a redemption fee of two percent of the total redemption amount if a shareholder sold or exchanged shares after holding them for less than 30 days subject to certain exceptions and limitations described in the Prospectus. Amounts charged are included in Paid-in Capital Share Transactions as disclosed in Note 6 to the Financial Statements. Effective April 30, 2021, redemption fees were no longer charged to shareholders.

**3. Purchases and Sales of Securities:** 

Purchases, sales and maturities of securities (excluding short-term debt securities having maturities one year or less and U.S. Government Securities) for the year ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;Impact Bond Fund | $78192214 | $62561705 |
| &nbsp;&nbsp;&nbsp;International Index Fund | 156768458 | 130040568 |
| &nbsp;&nbsp;&nbsp;Value Index Fund | 211939344 | 210958129 |
| &nbsp;&nbsp;&nbsp;Growth Index Fund | 323449643 | 239289171 |
| &nbsp;&nbsp;&nbsp;Small Cap Index Fund | 67117311 | 54993801 |
| &nbsp;&nbsp;&nbsp;Conservative Portfolio | 3813178 | 3495112 |
| &nbsp;&nbsp;&nbsp;Balanced Portfolio | 11260221 | 10934783 |
| &nbsp;&nbsp;&nbsp;Growth Portfolio | 15618628 | 9432604 |

---

During the year ended December 31, 2022, the Value Index Fund sold securities to the Growth Index Fund and the Growth Index Fund sold securities to the Value Index Fund. These transactions, which were effected at the then current market prices as provided by an independent pricing service used by the Trust, complied with Rule 17a-7 under the 1940 Act. The transactions were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Selling Fund** | **Purchasing Fund** | **Net Proceeds** | **Net Gain** |
| &nbsp;&nbsp;&nbsp;Value Index Fund | &nbsp;&nbsp;&nbsp;Growth Index Fund | $91190083 | $25722541 |
| &nbsp;&nbsp;&nbsp;Growth Index Fund | &nbsp;&nbsp;&nbsp;Value Index Fund | 82636446 | 26191212 |

---

**4. Investment Transactions with Affiliates:** 

The Portfolios invest in the Underlying Funds, which are also advised by the Adviser. The Underlying Funds are deemed affiliates of the Portfolios, and the related activities in those investments were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** |
| <br>&nbsp;&nbsp;&nbsp;**Affiliate** | **Fair Value at <br> December 31, <br> 2021** | **Purchase <br> Cost** | **Sales <br> Proceeds** | **Realized <br> Gain/(Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Fair Value at <br> December 31, <br> 2022** | **Dividend <br> Income** | **Long-Term <br> Capital Gain <br> Distributions** | **Shares at <br> December 31, <br> 2022** |
| &nbsp;&nbsp;&nbsp;**Conservative Portfolio** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Growth Index - Class I | $2739573 | $761314 | $(345629) | $(28367) | $(881515) | $2245376 | $9231 | $108422 | 76373 |
| &nbsp;&nbsp;&nbsp;Impact Bond - Class I | 19758915 | 2200623 | (2144227) | (226139) | (2671727) | 16917445 | 405171 |  | 1848901 |
| &nbsp;&nbsp;&nbsp;International Index - Class I | 2638404 | 387615 | (395838) | (32669) | (425125) | 2172387 | 44252 |  | 195534 |
| &nbsp;&nbsp;&nbsp;Small Cap Index - Class I | 749829 | 115459 | (110284) | (21111) | (130147) | 603746 | 813 | 5854 | 62370 |
| &nbsp;&nbsp;&nbsp;Value Index - Class I | 2730660 | 348167 | (499134) | 23636 | (361522) | 2241807 | 55072 | 68918 | 148957 |
| &nbsp;&nbsp;&nbsp;Total | $28617381 | $3813178 | $(3495112) | $(284650) | $(4470036) | $24180761 | $514539 | $183194 | 2332135 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** |
| <br>&nbsp;&nbsp;&nbsp;**Affiliate** | **Fair Value at <br> December 31, <br> 2021** | **Purchase <br> Cost** | **Sales <br> Proceeds** | **Realized <br> Gain/(Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Fair Value at <br> December 31, <br> 2022** | **Dividend <br> Income** | **Long-Term <br> Capital Gain <br> Distributions** | **Shares at <br> December 31, <br> 2022** |
| &nbsp;&nbsp;&nbsp;**Balanced Portfolio** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Growth Index - Class I | $15667595 | $3783369 | $(1642253) | $(117394) | $(5026649) | $12664668 | $51227 | $599051 | 430771 |
| &nbsp;&nbsp;&nbsp;Impact Bond - Class I | 37332116 | 3368387 | (3790421) | (485559) | (4909422) | 31515101 | 750192 |  | 3444273 |
| &nbsp;&nbsp;&nbsp;International Index - Class I | 17429797 | 1839820 | (2115029) | (247041) | (2744320) | 14163227 | 289501 |  | 1274818 |
| &nbsp;&nbsp;&nbsp;Small Cap Index - Class I | 9912300 | 1000991 | (1051284) | (239485) | (1746366) | 7876156 | 10645 | 74869 | 813652 |
| &nbsp;&nbsp;&nbsp;Value Index - Class I | 15625920 | 1267654 | (2335796) | 110112 | (2022598) | 12645292 | 307018 | 381000 | 840219 |
| &nbsp;&nbsp;&nbsp;Total | $95967728 | $11260221 | $(10934783) | $(979367) | $(16449355) | $78864444 | $1408583 | $1054920 | 6803733 |

---

Notes to Financial Statements, continued *December 31, 2022*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** | **For the year ended December 31, 2022** |
| <br>&nbsp;&nbsp;&nbsp;**Affiliate** | **Fair Value at <br> December 31, <br> 2021** | **Purchase <br> Cost** | **Sales <br> Proceeds** | **Realized <br> Gain/(Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Fair Value at <br> December 31, <br> 2022** | **Dividend <br> Income** | **Long-Term <br> Capital Gain <br> Distributions** | **Shares at <br> December 31, <br> 2022** |
| &nbsp;&nbsp;&nbsp;**Growth Portfolio** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Growth Index - Class I | $20910142 | $5654661 | $(1603345) | $(267454) | $(6750574) | $17943430 | $71992 | $840633 | 610321 |
| &nbsp;&nbsp;&nbsp;Impact Bond - Class I | 19441616 | 2557071 | (1724220) | (215748) | (2632402) | 17426317 | 399680 |  | 1904515 |
| &nbsp;&nbsp;&nbsp;International Index - Class I | 24193961 | 3220281 | (2342486) | (463511) | (3718293) | 20889952 | 426695 |  | 1880588 |
| &nbsp;&nbsp;&nbsp;Small Cap Index - Class I | 15485724 | 1818947 | (1083568) | (266849) | (2885396) | 13068858 | 17644 | 122608 | 1350089 |
| &nbsp;&nbsp;&nbsp;Value Index - Class I | 20857474 | 2367668 | (2678985) | (126173) | (2501095) | 17918889 | 431760 | 534038 | 1190392 |
| &nbsp;&nbsp;&nbsp;Total | $100888917 | $15618628 | $(9432604) | $(1339735) | $(18487760) | $87247446 | $1347771 | $1497279 | 6935905 |

---

**5. Related Party Transactions:** 

The Adviser provides investment advisory services to the Funds and Portfolios. During the year ended December 31, 2022, under the terms of the investment advisory agreement, the Adviser was entitled to receive fees based on a percentage of the average daily net assets of each of the Funds and Portfolios as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Impact Bond Fund\* | 0.37% |
| &nbsp;&nbsp;&nbsp;International Index Fund\*\* | 0.44% |
| &nbsp;&nbsp;&nbsp;Value Index Fund\*\*\* | 0.25% |
| &nbsp;&nbsp;&nbsp;Growth Index Fund\*\*\* | 0.24% |
| &nbsp;&nbsp;&nbsp;Small Cap Index Fund\*\*\* | 0.30% |
| &nbsp;&nbsp;&nbsp;Conservative Portfolio | 0.05% |
| &nbsp;&nbsp;&nbsp;Balanced Portfolio | 0.05% |
| &nbsp;&nbsp;&nbsp;Growth Portfolio | 0.05% |

---

\* The Impact Bond Fund's fee is subject to a tier schedule as follows: 0.40% on the average daily net assets up to $500 million and 0.30% on the average daily net assets over $500 million. Rate disclosed above represents the effective rate charged during the year. 

---

| | |
|:---|:---|
| \*\*  | The International Index Fund's fee is subject to a tier schedule as follows: 0.53% on the average daily net assets up to $100 million and 0.41% on the average daily net assets over $100 million, and 0.38% on the average daily net assets over $500 million. Rate disclosed above represents the effective rate charged during the year.  |

---

---

| | |
|:---|:---|
| \*\*\*  | The Value Index Fund, Growth Index Fund and Small Cap Index Fund fees are subject to a tier schedule as follows: 0.30% on the average daily net assets of each Fund up to $200 million and 0.20% on the average daily net assets of each Fund over $200 million. Rates disclosed above represents the effective rates charged during the year.  |

---

The Adviser has retained Aperio Group LLC (the "Sub-Adviser") to perform the daily investment of the assets of the International Index Fund under the terms of a Sub-Advisory Agreement. The Adviser (not the Fund) pays the Sub-Adviser a fee for these services.

The Adviser has entered into an expense limitation agreement effective until April 30, 2023. Pursuant to this agreement, the Adviser has agreed to reduce its fees (but not below zero) and/or reimburse expenses to the extent necessary in order to limit the Total Annual Fund Operating Expenses (excluding AFFE, brokerage costs, interest, taxes, dividends, Trustees fees and expenses, legal fees and expenses, and extraordinary expenses) of certain Funds and the Portfolios. Those Funds and Portfolios have agreed to repay the Adviser for the amount of fee reduction and/or expense reimbursements by the Adviser pursuant to this expense limitation agreement provided that such repayment does not cause the Total Annual Fund Operating Expenses (excluding AFFE, brokerage costs, interest, taxes, dividends, Trustees fees and expenses, legal fees and expenses, and extraordinary expenses) to exceed the contractual expense limit in place at the time of the fee reduction and/or reimbursement and at the time of repayment, and the repayment is made within three years after the time in which the Adviser reduced and/or reimbursed the expense.

The contractual expense limits in place as of December 31, 2022 were:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Small Cap Index Fund (Class A) | 1.10% |
| &nbsp;&nbsp;&nbsp;Conservative Portfolio (Class A)\* | 0.60% |
| &nbsp;&nbsp;&nbsp;Balanced Portfolio (Class A)\* | 0.60% |
| &nbsp;&nbsp;&nbsp;Growth Portfolio (Class A)\* | 0.60% |

---

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

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

Notes to Financial Statements, continued *December 31, 2022*

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Waived** | **Year Repayment Expires** | **Balance** |
| &nbsp;&nbsp;&nbsp;Small Cap Index Fund | 2020 | 2023 | $9564 |
|  | 2021 | 2024 | 97 |
|  |  |  | $9661 |

---

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Impact Bond Fund | $3324 |
| &nbsp;&nbsp;&nbsp;International Index Fund | 967 |
| &nbsp;&nbsp;&nbsp;Value Index Fund | 2143 |
| &nbsp;&nbsp;&nbsp;Growth Index Fund | 11753 |
| &nbsp;&nbsp;&nbsp;Small Cap Index Fund | 791 |
| &nbsp;&nbsp;&nbsp;Conservative Portfolio | 7451 |
| &nbsp;&nbsp;&nbsp;Balanced Portfolio | 23148 |
| &nbsp;&nbsp;&nbsp;Growth Portfolio | 30847 |

---

The Trust has adopted a Plan of Distribution ("Rule 12b-1 Plan") under which each Fund and Portfolio may compensate or reimburse the Underwriter or certain third parties for expenses related to the distribution and promotion of shares. The Rule 12b-1 Plan permits Class A Shares of the Funds and Portfolios to pay a 12b-1 fee of up to 0.50% of the average daily net assets attributable to Class A Shares of the applicable Fund and Portfolio, although the Board has currently authorized the Funds and Portfolios to charge no more than 0.25%. The Distributor may use the 12b-1 fee for shareholder servicing or distribution. These fees are reflected as Distribution Fees on the Statements of Operations.

The Trust has entered into a Management and Administration Agreement with Foreside Management Services, LLC ("Foreside") to serve as business manager and administrator for the Trust on behalf of the Funds and Portfolios. Pursuant to the terms of the Agreement, Foreside, as business manager and administrator for the Trust, performs and coordinates all management and administration services for the Trust either directly or through working with the Trust's service providers. Services provided under the Agreement by Foreside include, but are not limited to, coordinating and monitoring activities of the third party service providers to the Funds; serving as officers of the Trust, including but not limited to Assistant Secretary, Chief Compliance Officer, Anti-Money Laundering Officer, Treasurer and others as are deemed necessary and appropriate; performing compliance services for the Trust, including maintaining the Trust compliance program as required under the 1940 Act; managing the process of filing amendments to the Trust's registration statement and other reports to shareholders; coordinating the Board meeting preparation process; reviewing financial filings and filing with the U.S Securities and Exchange Commission (the "SEC"); and maintaining books and records in accordance with applicable laws and regulations. For these services, Foreside receives a monthly fee from each Fund and Portfolio. These fees are reflected as Administration Fees on the Statements of Operations.

Notes to Financial Statements, continued *December 31, 2022*

**6. Capital Share Transactions:** 

Transactions in shares of the Funds and Portfolios are summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Impact Bond Fund**  | **Impact Bond Fund**  | **International Index Fund** | **International Index Fund** |
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| &nbsp;&nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | $3025395 | $9193729 | $3740621 | $1197168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 553807 | 571674 | 159582 | 186827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (9682227) | (14766998) | (2497434) | (2375844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees |  | 1053 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Share Transactions | $(6103025) | $(5000542) | $1402769 | $(991849) |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | $249577765 | $246846133 | $103587729 | $91737890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 8282505 | 7037381 | 3160060 | 4164184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (283819576) | (134578096) | (80547631) | (49618242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees |  | 4190 |  | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Share Transactions | $(25959306) | $119309608 | $26200158 | $46284466 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) from capital transactions** | $(32062331) | $114309066 | $27602927 | $45292617 |
| &nbsp;&nbsp;&nbsp;**Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 310124 | 840253 | 345741 | 87660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested | 57502 | 52398 | 14325 | 13849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (995058) | (1352381) | (213381) | (174296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Class A Shares: | (627432) | (459730) | 146685 | (72787) |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 26200184 | 22703408 | 8932598 | 6688812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested | 866928 | 648911 | 282653 | 307774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (29213634) | (12390583) | (7102036) | (3591753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Class I Shares: | (2146522) | 10961736 | 2113215 | 3404833 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions** | (2773954) | 10502006 | 2259900 | 3332046 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value Index Fund** | **Value Index Fund** | **Growth Index Fund** | **Growth Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** |
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| &nbsp;&nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | $9166077 | $3401447 | $4399944 | $6886005 | $774439 | $1521654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 1179063 | 747417 | 3893545 | 4352705 | 50776 | 631785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (4046777) | (4168874) | (11071053) | (15463586) | (787724) | (1382746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees |  | 36 |  | 303 |  | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Share Transactions | $6298363 | $(19974) | $(2777564) | $(4224573) | $37491 | $771205 |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | $149466936 | $137848514 | $209078039 | $92764892 | $40430827 | $36730879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 17150287 | 12468095 | 18967101 | 16833013 | 1373959 | 15163473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (159599527) | (83844068) | (116498271) | (83254304) | (29347359) | (40375889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees |  | 6846 |  | 707 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Share Transactions | $7017696 | $66479387 | $111546869 | $26344308 | $12457427 | $11518463 |
| &nbsp;&nbsp;&nbsp;**Net increase from capital transactions** | $13316059 | $66459413 | $108769305 | $22119735 | $12494918 | $12289668 |

---

Notes to Financial Statements, continued *December 31, 2022*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value Index Fund** | **Value Index Fund** | **Growth Index Fund** | **Growth Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** |
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| &nbsp;&nbsp;&nbsp;**Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 560169 | 202633 | 123792 | 180129 | 81554 | 129311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested | 77688 | 43352 | 132524 | 101843 | 5977 | 58788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (253322) | (258319) | (319309) | (397412) | (83687) | (116965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Class A Shares: | 384535 | (12334) | (62993) | (115440) | 3844 | 71134 |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 9363349 | 8379573 | 5964647 | 2392386 | 3930207 | 2861288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested | 1136369 | 727581 | 637395 | 389068 | 141755 | 1267926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (9989656) | (5105740) | (3452654) | (2112443) | (2875978) | (3146022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Class I Shares: | 510062 | 4001414 | 3149388 | 669011 | 1195984 | 983192 |
| &nbsp;&nbsp;&nbsp;**Net increase from share transactions** | 894597 | 3989080 | 3086395 | 553571 | 1199828 | 1054326 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Conservative Portfolio** | **Conservative Portfolio** | **Balanced Portfolio** | **Balanced Portfolio** | **Growth Portfolio** | **Growth Portfolio** |
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| &nbsp;&nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | $2859544 | $3414142 | $6049731 | $8966128 | $9372757 | $8898832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 544407 | 1203630 | 2175770 | 5097146 | 2559551 | 4492316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (3070582) | (3773651) | (7790205) | (10756620) | (5589166) | (7975052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees |  | 5 |  | 21 |  | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Share Transactions | $333369 | $844126 | $435296 | $3306675 | $6343142 | $5416163 |
| &nbsp;&nbsp;&nbsp;**Net increase from capital transactions** | $333369 | $844126 | $435296 | $3306675 | $6343142 | $5416163 |
| &nbsp;&nbsp;&nbsp;**Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 244586 | 258809 | 419651 | 545280 | 558855 | 470630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested | 48651 | 92168 | 160459 | 311140 | 164317 | 233459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (266133) | (285459) | (544480) | (655753) | (331972) | (426462) |
| &nbsp;&nbsp;&nbsp;**Change in Class A Shares:** | 27104 | 65518 | 35630 | 200667 | 391200 | 277627 |
| &nbsp;&nbsp;&nbsp;**Net increase from share transactions** | 27104 | 65518 | 35630 | 200667 | 391200 | 277627 |

---

**7. Federal Income Tax Information:** 

The character of dividends paid to shareholders of the Funds and Portfolios for federal income tax purposes during the years ended December 31, 2022 and 2021 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Impact <br> Bond Fund**  | **Impact <br> Bond Fund**  | **International <br> Index Fund** | **International <br> Index Fund** | **Value <br> Index Fund** | **Value <br> Index Fund** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;From ordinary income | $15558232 | $14464225 | $6923055 | $9338156 | $9403793 | $14970501 |
| &nbsp;&nbsp;&nbsp;From long-term capital gains |  |  |  |  | 11646617 | 2379454 |
| &nbsp;&nbsp;&nbsp;Total distributions | $15558232 | $14464225 | $6923055 | $9338156 | $21050410 | $17349955 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Index Fund** | **Growth Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** |
|  | **2022** | **2021** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;From ordinary income | $1846987 | $5380168 | $195424 | $8051720 |
| &nbsp;&nbsp;&nbsp;From long-term capital gains | 22393392 | 17069160 | 1361864 | 8655927 |
| &nbsp;&nbsp;&nbsp;Total distributions | $24240379 | $22449328 | $1557288 | $16707647 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Conservative Portfolio** | **Conservative Portfolio** | **Balanced Portfolio** | **Balanced Portfolio** | **Growth Portfolio** | **Growth Portfolio** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;From ordinary income | $366463 | $523092 | $1013134 | $2194137 | $1008445 | $2554162 |
| &nbsp;&nbsp;&nbsp;From long-term capital gains | 185557 | 700215 | 1168584 | 2917827 | 1564252 | 1947437 |
| &nbsp;&nbsp;&nbsp;Total distributions | $552020 | $1223307 | $2181718 | $5111964 | $2572697 | $4501599 |

---

Notes to Financial Statements, continued *December 31, 2022*

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Impact <br> Bond Fund** | **International Index <br> Fund** | **Value <br> Index Fund** |
| &nbsp;&nbsp;&nbsp;Tax cost of portfolio investments | $759536527 | $292076525 | $363941775 |
| &nbsp;&nbsp;&nbsp;Gross unrealized appreciation | 812419 | 87190931 | 69307590 |
| &nbsp;&nbsp;&nbsp;Gross unrealized depreciation | (87313219) | (18349279) | (24251292) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on investments | $(86500800) | $68841652 | $45056298 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on foreign currency transactions |  | (14745) |  |
| &nbsp;&nbsp;&nbsp;Undistributed ordinary income | 64091 | 1133041 | 6061719 |
| &nbsp;&nbsp;&nbsp;Undistributed long-term capital gains |  |  | 18057950 |
| &nbsp;&nbsp;&nbsp;Accumulated capital and other losses | (7159276) | (35032473) |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings (accumulated deficit) | $(93595985) | $34927475 | $69175967 |

---

---

| | | |
|:---|:---|:---|
|  | **Growth <br> Index Fund** | **Small Cap <br> Index Fund** |
| &nbsp;&nbsp;&nbsp;Tax cost of portfolio investments | $324473907 | $144822360 |
| &nbsp;&nbsp;&nbsp;Gross unrealized appreciation | 148540994 | 35834362 |
| &nbsp;&nbsp;&nbsp;Gross unrealized depreciation | (12450208) | (11767665) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on investments | $136090786 | $24066697 |
| &nbsp;&nbsp;&nbsp;Undistributed ordinary income | 2715105 | 1429349 |
| &nbsp;&nbsp;&nbsp;Undistributed long-term capital gains | 6051073 |  |
| &nbsp;&nbsp;&nbsp;Accumulated capital and other losses |  | (8633815) |
| &nbsp;&nbsp;&nbsp;Distributable earnings | $144856964 | $16862231 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Conservative Portfolio** | **Balanced Portfolio** | **Growth Portfolio** |
| &nbsp;&nbsp;&nbsp;Tax cost of portfolio investments | $23850966 | $67500196 | $71256613 |
| &nbsp;&nbsp;&nbsp;Gross unrealized appreciation | 2747065 | 16108068 | 19949197 |
| &nbsp;&nbsp;&nbsp;Gross unrealized depreciation | (2411109) | (4742559) | (3957465) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on investments | $335956 | $11365509 | $15991732 |
| &nbsp;&nbsp;&nbsp;Undistributed long-term capital gains | 5788 | 316234 | 678303 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | $341744 | $11681743 | $16670035 |

---

The difference between book basis and tax basis net unrealized appreciation (depreciation) was attributable primarily to the tax deferral on wash sales loss and nontaxable distributions, as well as investments in Passive Foreign Investment Companies ("PFICs").

For the latest tax year ended December 31, 2022, the following Fund have capital loss carry forwards ("CLCFs") as summarized below.

CLCFs not subject to expiration:

---

| | | | |
|:---|:---|:---|:---|
|  | **Impact Bond** | **International Index** | **Small Cap Index** |
| &nbsp;&nbsp;&nbsp;No expiration - short-term | $2123602 | $35032473 | $6922633 |
| &nbsp;&nbsp;&nbsp;No expiration - long-term | 5035674 |  | 1711182 |
|  | $7159276 | $35032473 | $8633815 |

---

Certain reclassifications, the result of permanent differences between financial statement and income tax requirements, have been made to the components of net assets. Reclassifications result primarily from the differences in distribution designations, PFICs, equalization, contributions in-kind and net investment losses. These reclassifications have no impact on the net assets or the NAV per share of the Funds and Portfolios and are designed to present each Fund's or Portfolio's capital accounts on a tax basis. The following reclassifications have been made to the following Funds and Portfolios for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Paid-in<br> Capital** | **Distributable earnings <br> (accumulated deficit)** |
| &nbsp;&nbsp;&nbsp;Impact Bond Fund | $12 | $(12) |
| &nbsp;&nbsp;&nbsp;International Index Fund | 24 | (24) |
| &nbsp;&nbsp;&nbsp;Value Index Fund | 4612561 | (4612561) |
| &nbsp;&nbsp;&nbsp;Growth Index Fund | 3632303 | (3632303) |
| &nbsp;&nbsp;&nbsp;Small Cap Index Fund | 1 | (1) |
| &nbsp;&nbsp;&nbsp;Conservative Portfolio | 6858 | (6858) |
| &nbsp;&nbsp;&nbsp;Balanced Portfolio | 56749 | (56749) |
| &nbsp;&nbsp;&nbsp;Growth Portfolio | 58293 | (58293) |

---

The Funds and Portfolios have analyzed their tax positions taken on Federal income tax returns for all open tax years (generally, three years) and have concluded that no provisions for income tax is required in their financial statements. The Funds and Portfolios recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities.

Notes to Financial Statements, continued *December 31, 2022*

**8. Securities Lending** 

Under the terms of the securities lending agreement with U.S. Bank, N.A. ("U.S. Bank"), U.S. Bank is authorized to loan securities on behalf of the Funds to approved borrowers. The contractual maturity of securities lending transactions are on an overnight and continuous basis. In exchange, the Funds receive cash collateral in the amount of at least 102% of the value of the securities loaned. Any collateral shortfalls due to changes in security market prices are adjusted the next business day. The cash collateral is invested in a short-term investment instrument as noted on the Funds' Schedules of Portfolio Investments. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them. The agreement provides that after predetermined rebates to borrowers, the Funds retain a portion of their net securities lending income and pays U.S. Bank the remaining portion. The Funds are not subject to a master netting agreement with respect to securities lending; therefore, no additional disclosures are required. The Funds' collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize current income to the extent with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit. The Funds have measures in place to recall loaned securities to vote proxies.

As of December 31, 2022, the fair value of securities on loan and the collateral held were as follows:

---

| | | |
|:---|:---|:---|
|  | **Fair Value of<br> Securities Loaned** | **Cash<br> Collateral** |
| &nbsp;&nbsp;&nbsp;Impact Bond Fund | $8677612 | $8901565 |
| &nbsp;&nbsp;&nbsp;International Index Fund | 24128899 | 24979212 |
| &nbsp;&nbsp;&nbsp;Value Index Fund | 11214623 | 11512461 |
| &nbsp;&nbsp;&nbsp;Growth Index Fund | 12282648 | 12571571 |
| &nbsp;&nbsp;&nbsp;Small Cap Index Fund | 19773563 | 20368805 |

---

**9. Commitments and Contingencies** 

Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide general indemnification. Each Fund's and Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against a Fund or Portfolio. However, based on experience, the Trust expects the risk of loss to be remote.

**10. Trustee Compensation** 

Each Trustee who is not an "interested person" of the Trust ("Independent Trustee") receives an annual retainer and meeting fees, plus reimbursement for travel and other meeting related expenses. Collectively, the Independent Trustees were paid $121,500 in retainers and meeting fees during the year ended December 31, 2022.

**11. Other Recent Developments** 

The continued spread of an infectious respiratory illness caused by COVID-19 has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Funds hold, and may adversely affect the Funds' investments and operations. The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things: quarantines and travel restrictions, including border closings, strained healthcare systems, event cancellations, disruptions to business operations and supply chains, and a reduction in consumer and business spending, as well as general concern and uncertainty that has negatively affected the economy. These disruptions have led to instability in the market place, including equity and debt market losses and overall volatility, and the jobs market. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

**12. Subsequent Events** 

The Funds and Portfolios evaluated subsequent events December 31, 2022 through the date these financial statements were issued. There were no significant events that would have a material impact on the Funds' and Portfolios' financial statements.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of<br> Praxis Mutual Funds

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Praxis Mutual Funds comprising Praxis Impact Bond Fund, Praxis International Index Fund, Praxis Value Index Fund, Praxis Growth Index Fund, Praxis Small Cap Index Fund, Praxis Genesis Conservative Portfolio, Praxis Genesis Balanced Portfolio, and Praxis Genesis Growth Portfolio (the "Funds") as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u><u>Basis for Opinion</u></u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2017.

COHEN & COMPANY, LTD.<br> Milwaukee, Wisconsin<br> February 27, 2023

Additional Fund Information (unaudited) *December 31, 2022*

**Impact Bond Fund** 

---

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

---

---

| | |
|:---|:---|
| \*\*  | Amount rounds to less than 0.1%  |

---

**International Index Fund** 

---

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

---

**International Index Fund** 

---

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

---

---

| | |
|:---|:---|
| \*\*  | Amount rounds to less than 0.1%  |

---

**International Index Fund** 

---

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

---

Additional Fund Information (unaudited), continued *December 31, 2022*

**International Index Fund** 

---

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

---

---

| | |
|:---|:---|
| \*\*  | Amount rounds to less than 0.1%  |

---

**Value Index Fund** 

---

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

---

**Growth Index Fund** 

---

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

---

**Small Cap Index Fund** 

---

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

---

---

| | |
|:---|:---|
| \*\*  | Amount rounds to less than 0.1%  |

---

**Conservative Portfolio** 

---

| | |
|:---|:---|
| Security Allocation | Percentage of <br> Net Assets |
| Affiliated Mutual Funds | 100.0% |
| Money Market Funds \*\* | 0.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| \*\*  | Amount rounds to less than 0.1%  |

---

**Balanced Portfolio** 

---

| | |
|:---|:---|
| Security Allocation | Percentage of <br> Net Assets |
| Affiliated Mutual Funds | 100.1% |
| Money Market Funds \*\* | 0.0% |
| Total | 100.1% |

---

---

| | |
|:---|:---|
| \*\*  | Amount rounds to less than 0.1%  |

---

**Growth Portfolio** 

---

| | |
|:---|:---|
| Security Allocation | Percentage of <br> Net Assets |
| Affiliated Mutual Funds | 100.1% |
| Money Market Funds \*\* | 0.0% |
| Total | 100.1% |

---

---

| | |
|:---|:---|
| \*\*  | Amount rounds to less than 0.1%  |

---

Additional Fund Information (unaudited), continued *December 31, 2022*

**Dividends Received Deduction** 

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

---

| | |
|:---|:---|
| Value Index Fund | 55.67% |
| Growth Index Fund | 92.07% |
| Small Cap Index Fund | 67.33% |
| Conservative Portfolio | 12.9% |
| Balanced Portfolio | 25.81% |
| Growth Portfolio | 37.17% |

---

**Qualified Dividend Income** 

The Funds and Portfolios have designated the maximum amount allowable of their taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount was reflected on form 1099-DIV for the calendar year 2022.

**Capital Gain Distribution** 

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

---

| | |
|:---|:---|
| Value Index Fund | $16259179 |
| Growth Index Fund | 25969205 |
| Small Cap Index Fund | 1361864 |
| Conservative Portfolio | 192415 |
| Balanced Portfolio | 1225334 |
| Growth Portfolio | 1622545 |

---

**Foreign Source Income and Expense** 

The following Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date. These shareholders will receive more detailed information with their 2022 Form 1099-DIV. The per share amounts designated were:

---

| | | |
|:---|:---|:---|
|  | Foreign Source <br> Income | Foreign Tax <br> Expense |
| International Index Fund | $0.3960 | $0.0410 |
| Conservative Portfolio | 0.0199 | 0.0036 |
| Balanced Portfolio | 0.0489 | 0.0088 |
| Growth Portfolio | 0.0754 | 0.0135 |

---

**BOARD CONSIDERATION OF ADVISORY AND SUB-ADVISORY AGREEMENTS** 

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

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

**INVESTMENT ADVISORY AGREEMENT WITH EVERENCE CAPITAL MANAGEMENT, INC.** 

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

***Nature, Quality and Extent of Services*** 

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

Additional Fund Information (unaudited), continued *December 31, 2022*

performance in fulfilling its responsibilities for overseeing the Funds' legal and compliance environment, and the Adviser's responsiveness in implementing Board directives and addressing Board requests relating to the Funds. In addition, the Board considered the Adviser's track record and experience providing portfolio management services to the Funds that the Adviser manages directly, the qualifications of the portfolio managers responsible for the day-to-day portfolio management of each Fund that is managed directly, and the Adviser's infrastructure and resources available to the portfolio managers. For the International Index Fund, the Board also considered the Adviser's effectiveness in overseeing the Sub-Adviser. The Board also considered that the Adviser is responsible for developing and integrating key elements of the Funds' socially responsible investing, including the Stewardship Investing screening process for the Funds, shareholder advocacy on behalf of the Funds, and proxy voting for the Funds. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that it was satisfied with the nature, quality and extent of services provided to the Funds by the Adviser.

***Investment Performance***

In evaluating each Fund's investment performance, the Board considered investment performance in light of the Fund's investment objectives, strategies, and risks, as disclosed in the Fund's prospectus. The Board also considered each Fund's historical investment performance relative to its benchmark and peer group. The Board evaluated Fund performance gross of fees and net of fees. The Board also considered the impact of the Funds' Stewardship Investing screens on Fund performance. The Board evaluated each class of each Fund. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board reached the following conclusions with regard to each Fund's investment performance, for the periods ended September 30, 2022:

Impact Bond Fund: performance was in line with expectations. The Board noted that the Fund's gross performance exceeded its benchmark index for the one-, three-, five- and ten-year periods, and measured against its peer group, Class I ranked between the 26th and 35th percentiles and Class A ranked between the 46th and 71st percentiles over those periods;

Value Index Fund: performance was in line with expectations. The Board noted that the Fund's gross performance exceeded its benchmark index for the three-, five- and ten-year periods and trailed the index for the one-year period, variation from the index was reasonable, and measured against its peer group, Class I ranked between the 25th and 64th percentiles and Class A ranked between the 36th and 68th percentiles over those periods;

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

Small Cap Index Fund: performance was mixed. The Board noted that the Fund's gross performance trailed its benchmark index for the one-, three-, five-, and ten-year periods, and measured against its peer group, Class I ranked in between the 48th and 96th percentiles and Class A ranked between the 64th and 98th percentiles over those periods. The Board noted that prior to January 1, 2017, the Fund's portfolio was managed by a sub-adviser, not the Adviser, and used a different small-cap investment strategy from its current strategy that seeks to track the performance of its benchmark index. The Board also noted that since implementing the index strategy, the performance variation from the index was reasonable or explainable;

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

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

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

***Costs of Services and Profitability***

The Board reviewed information regarding the costs of providing the advisory services to the Funds and the profits to be realized by the Adviser and its affiliates from their relationship with the Funds. In its review of the Funds' total and net expenses, the Board considered the Adviser's fees, as well as other Fund expenses, such as transfer agent, custody, legal, compliance and audit fees. The Board considered the components of the other expenses and the allocation methods for shared expenses. The Board also noted the effects of any current expense waivers and reimbursements on fees and expense levels, any proposed changes to the current waivers and reimbursements, and the duration of any waivers and reimbursements. As part of its review, the Board considered the expense ratios and profitability information by Fund compared with peer group fund expense ratios. In addition, the Board reviewed the fee structures

Additional Fund Information (unaudited), continued *December 31, 2022*

and other information provided by the Adviser regarding its services to other clients. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that the costs to each Fund of the services provided to the Fund by the Adviser were fair.

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

***Other Benefits***

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

**SUB-INVESTMENT ADVISORY AGREEMENT WITH APERIO GROUP, LLC** 

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

***Nature, Quality and Extent of Services***

The Board evaluated the nature, extent and quality of services Aperio provides to the Fund. Among other things, the Board considered Aperio's experience in providing the investment strategy used by the Fund and in serving as Sub-Adviser to the Fund, including the experience its investment professionals and other senior personnel at Aperio providing services to the Fund. The Board considered Aperio's compliance capabilities, its compliance record with respect to the Fund, and the quality of communication among the Adviser, Aperio and the Board. The Board considered Aperio's compliance with the Fund's investment objective and policies, as well as its implementation of the Fund's principal investment strategy. The Board considered Aperio's track record and experience providing portfolio management services to the Fund. The Board considered Aperio's responsiveness in implementing Board directives and addressing Board questions and requests relating to the Fund. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that it was satisfied with the nature, quality and extent of services provided to the International Index Fund by Aperio.

***Investment Performance***

The Board reviewed historical performance data for the International Index Fund and considered the Fund's historical performance relative to its benchmark and peer groups. The Board also considered the impact of the Fund's Stewardship Investing screens on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that, for the periods ended September 30, 2022, the Fund's performance was in line with expectations. The Board noted that the Fund's gross performance exceeded its benchmark index for the one-, three-, five- and ten-year periods, variation from the index was reasonable, and measured against its peer group, Class I ranked between the 30th and 65th percentiles and Class A ranked between the 48th and 86th percentiles over those periods.

***Costs of Services***

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

***Economies of Scale***

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

Additional Fund Information (unaudited), continued *December 31, 2022*

***Other Benefits***

The Board considered the extent to which Aperio or its affiliates would derive other benefits, including soft dollar credits or other similar benefits, from Aperio's relationship with the International Index Fund. The Board noted that Aperio does not generate soft dollar credits on Fund brokerage transactions. The Board also considered other potential benefits to Aperio and its affiliates from their relationship with the Funds. Based on these and other considerations, within the context of its overall determinations regarding the Sub-Investment Advisory Agreement, the Board concluded that Aperio and its affiliates did not derive material benefits from their relationship with the International Index Fund other than receipt of sub-advisory fees and potential benefits from their association with the Praxis Mutual Funds.

**Expense Comparison:** 

As a shareholder of the Praxis Mutual Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads); redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Praxis Mutual Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 through December 31, 2022.

The Actual Expense example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses paid during the period" to estimate the expenses you paid on your account during this period.

The Hypothetical Expense example below provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in this Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Account Value at <br> Beginning of Period ($)** | **Account Value at <br> Beginning of Period ($)** | **Account Value at <br> End of Period ($)** | **Account Value at <br> End of Period ($)** | **Expenses Paid <br> During Period ($)\*** | **Expenses Paid <br> During Period ($)\*** | **Expense Ratio <br> During <br> Period (%)\*\*** |
|  | **Actual** | **Hypothetical** | **Actual** | **Hypothetical** | **Actual** | **Hypothetical** | **Actual** |
| **Impact Bond Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 1000.00 | 1000.00 | 967.40 | 1020.67 | 4.46 | 4.58 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 1000.00 | 1000.00 | 970.30 | 1022.74 | 2.43 | 2.50 | 0.49% |
| **International Index Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 1000.00 | 1000.00 | 1013.80 | 1019.16 | 6.09 | 6.11 | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 1000.00 | 1000.00 | 1017.10 | 1022.08 | 3.15 | 3.16 | 0.62% |
| **Value Index Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 1000.00 | 1000.00 | 1059.70 | 1021.58 | 3.74 | 3.67 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 1000.00 | 1000.00 | 1061.70 | 1023.29 | 1.97 | 1.94 | 0.38% |
| **Growth Index Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 1000.00 | 1000.00 | 986.70 | 1021.88 | 3.30 | 3.36 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 1000.00 | 1000.00 | 988.10 | 1023.39 | 1.80 | 1.84 | 0.36% |
| **Small Cap Index Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 1000.00 | 1000.00 | 1027.00 | 1019.56 | 5.72 | 5.70 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 1000.00 | 1000.00 | 1028.80 | 1023.04 | 2.20 | 2.19 | 0.43% |
| **Conservative Portfolio** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 1000.00 | 1000.00 | 983.60 | 1022.23 | 2.95 | 3.01 | 0.59% |
| **Balanced Portfolio** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 1000.00 | 1000.00 | 1000.60 | 1022.84 | 2.37 | 2.40 | 0.47% |
| **Growth Portfolio** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 1000.00 | 1000.00 | 1012.40 | 1022.79 | 2.43 | 2.45 | 0.48% |

---

*\* Expenses are equal to average account value times each Fund's annualized expense ratio multiplied by 184/365 (to reflect the one-half year period).* 

*\*\* Annualized.*

Management of the Trust (unaudited)

Listed below is basic information regarding the Trustee and principal officers of the Trust. The Trust's Statement of Additional Information includes additional information about Trustees and is available, without charge, upon request by calling (800) 977-2947.

**Management of the Trust** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth <br> and Address** | **Position with the <br> Company, Term of <br> Office<sup>2</sup>** **and Length <br> of Time Served** | **Principal <br> Occupation During the <br> Past Five Years** | **Number of <br> Portfolios in <br> Fund Complex <br> Overseen by Trustee** | **Other Trusteeships <br> Held by Trustee** |
| **Interested Trustees<sup>1</sup>** | | | | |
| Kenneth D. Hochstetler 1110 North Main Street <br>Goshen, IN 46528 <br>Year of Birth: 1961 | Trustee, since 11/14/14 | President and CEO of Everence (August 2014 - Present) | 8 | N/A |

---

<sup>1</sup> Mr. Hochstetler is deemed an "interested person" of the Trust due to his senior leadership positions with the Funds' investment adviser (Everence) and its parent (Everence Financial).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Trustees** | | | | |
| Laura Berry <br>1110 North Main Street <br>Goshen, IN 46528 <br>Year of Birth: 1958 | Trustee, since 01/01/17 | Retired; Executive Director, Interfaith Center on <br>Corporate Responsibility (2007 - 2016) | 8 | N/A |
| Francis G. Coleman <br>1110 North Main Street <br>Goshen, IN 46528 <br>Year of Birth: 1954 | Trustee since 01/01/23 | Founder/CEO, BeingFrank Consulting (2020 – present); Retired, Vice Chair and Executive Vice President, CBIS, Inc. (Christian Brothers Investment Services)(1987 – 2019) | 8 | N/A |
| Andy Dula <br>1110 North Main Street Goshen, IN 46528 <br>Year of Birth: 1969 | Trustee, since 01/01/18 | President at EGStoltzfus (2012 – present) | 8 | N/A |
| Jeffrey K. Landis<br> 1110 North Main Street<br> Goshen, IN 46528<br> Year of Birth: 1969 | Trustee, since 04/28/16 | Partner, Landis, Hunsberger, Gingrich & Weik, <br>LLP (Law Firm) (1994 - present) | 8 | N/A |
| Aimee Minnich<br> 1110 North Main Street<br> Goshen, IN 46528<br> Year of Birth: 1980 | Trustee, since 01/01/20  | General Counsel & Chief Impact Officer, Impact <br>Foundation (2015 - present); President & <br>General Counsel, National Christian Foundation, <br>Heartland (2009 – 2014) | 8 | N/A |
| Lori Scott <br>1110 North Main Street <br>Goshen, IN 46528 <br>Year of Birth: 1968 | Trustee since 01/01/23 | Managing Director, Impact Credit, Lafayette Square (2021 –present); Chief Credit Officer, Impact Investments, John D. and Catherine T. MacArthur Foundation (2017 – 2021) | 8 | N/A |

---

<sup>2</sup> Each Trustee serves until retirement, resignation, removal or death. The Board has adopted a policy that fixes a mandatory retirement date for the Trustees (the end of the year upon turning 72) and limits the maximum length of service on the Board (15 years).

Management of the Trust (unaudited), continued

---

| | | |
|:---|:---|:---|
| **Name, Year of Birth and Address** | **Position with the Company, Term of <br> Office<sup>1</sup>** **and Length of Time Served** | **Principal Occupation During the Past <br> Five Years** |
| **Officers** | | |
| Chad Horning <br>1110 North Main Street <br>Goshen, IN 46528 <br>Year of Birth: 1968 | President, since 03/10/15 | Chief Investment Officer and Senior Vice President, <br>Everence (2009 - present) |
| Katherine J. Glick Miller <br>1110 North Main Street <br>Goshen, IN 46528 <br>Year of Birth: 1977  | Vice President since 07/01/22 | Vice President of Financial Services Operations, Everence (7/1/2022 - present); Retirement Administrator, Everence (October 2019 – June 2022); Designated Principal, Concourse Financial Group Securities, Inc. (October 2020 – present); Tax Associate, Tax Solutions, P.C. (2014-2019) |
| Trent M. Statczar <br>Three Canal Plaza <br>Suite 100 <br>Portland, ME 04101 <br>Year of Birth: 1971 | Treasurer, since 01/01/09 | Senior Principal Consultant, ACA Group (fromerly Foreside Financial Group) (2008 - present) |
| Rodney L. Ruehle <br>Three Canal Plaza <br>Suite 100 <br>Portland, ME 04101 <br>Year of Birth: 1968 | Chief Compliance Officer, since 05/15/15 | Senior Principal Consultant, ACA Group (fromerly Foreside Financial Group) (2008 - present) |
| Jennifer L. Gorham <br>Three Canal Plaza <br>Suite 100 <br>Portland, ME 04101 <br>Year of Birth: 1981 | Secretary since 07/01/22 | Principal Consultant, ACA Group (formerly Foreside Financial Group) (2015 – present) |

---

<sup>1</sup> Each Trust officer serves until retirement, resignation, removal or death.

*For more information about the Praxis Mutual Funds, the following documents are available free upon request:* 

*Proxy Voting:* 

The Adviser is responsible for exercising the voting rights associated with the securities purchased and held by the Funds and Portfolios. A description of the policies and procedures that the Adviser uses in fulfilling this responsibility and information regarding how those proxies were voted during the twelve month period ended June 30 are available (i) without charge, upon request, by calling (800) 977-2947; and (ii) on the Securities and Exchange Commission's ("Commission's") Web site at www.sec.gov.

*Quarterly Portfolio Disclosure:* 

The Trust files a complete listing of the Schedules of Portfolio Investments for each Fund and Portfolio as of the end of the first and third quarters of each fiscal year as an exhibit on Form N-PORT. The complete listing (i) is available on the Commission's Web site and (ii) will be made available to shareholders upon request by calling (800) 977-2947. The Statement of Additional Information contains more information about the Funds and Portfolios and can be obtained free of charge by calling (800) 977-2947.

*Annual/Semi-Annual Reports:* 

The Praxis Mutual Funds' annual and semi-annual reports to shareholders contain additional information on each Fund's or Portfolio's investments. In the annual report you find a discussion of the market conditions and investment strategies that significantly affected the Fund's or Portfolio's performance during the year.

*Statement of Additional Information (SAI):* 

The SAI provides more detailed information about the Praxis Mutual Funds, including their operations and investment policies. It is incorporated by reference and is legally considered a part of this prospectus.

**You can get free copies of reports and the SAI, or request other information and discuss your questions about the Funds or Portfolios, by contacting the broker that sells the Praxis Mutual Funds, or by contacting the Praxis Mutual Funds at:** 

*Praxis Mutual Funds<br> c/o U.S. Bank Global Fund Services<br> P.O. Box 701<br> Milwaukee, WI 53201-0701<br> Telephone: 1-800-977-2947<br> Internet: http://www.praxismutualfunds.com*<sup>*(1)*</sup>

You can review and get copies of the Praxis Mutual Fund's reports and SAI at the Public Reference Room of the Securities and Exchange Commission. You can get text only copies:

&nbsp;&nbsp;&nbsp;&nbsp;● For a duplicating fee, by writing the Public Reference Section of the Commission, Washington, DC 20549-1520 or calling (202) 551-8090, or by electronic request, by emailing the SEC at the following address: publicinfo@sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;● Free from the Commission's Web site at www.sec.gov.

<sup>*(1)*</sup> *The Funds' site is not a part of this prospectus.* 

*Investment Company Act file no. 811-08056*![](fp0081640-1_91.jpg)

THIS PAGE INTENTIONALLY LEFT BLANK

**Praxis Mutual Funds** 

c/o U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201-0701

2230057

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2.** **Code of Ethics.**

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The code of ethics is included as Exhibit 12(a)(1).

During the period covered by the report, with respect to the registrant's code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

**Item 3.** **Audit Committee Financial Expert.**

The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Ms. Laura Berry is the registrant's "audit committee financial expert" and is "independent" (as each term is defined in Item 3 of Form N-CSR).

**Item 4.** **Principal Accountant Fees and Services.**

(a) <u>Audit Fees</u>. Audit fees totaled $127,250 for the December 31, 2022 fiscal year and $123,500 for the December 31, 2021 fiscal year.

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

(c) <u>Tax Fees</u>. Tax fees totaled $37,300 for the December 31, 2022 fiscal year and $38,300 for the December 31, 2021 fiscal year and consisted of fees for tax compliance services during both years.

(d) <u>All Other Fees</u>. There were no other fees for the December 31, 2022 or December 31, 2021 fiscal years.

(e) (1) <u>Audit Committee Pre-Approval Policies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Audit Services

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Permissible Non-Audit Services

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Delegation

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

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

(f) Not applicable

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

(h) The audit committee considered the non-audit services rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser, and believes the services are compatible with the principal accountant's independence.

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

(j) The registrant is not a foreign issuer.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable.

**Item 6.** **Investments**

(a) Schedule I – Investments in Securities of Unaffiliated Issuers

The complete schedule of investments is included in the report to shareholders in Item 1 of this Form N-CSR.

(b) The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies.**

Not applicable.

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9.** **Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10.** **Submission of Matters to a Vote Of Security Holders.**

Not applicable.

**Item 11.** **Controls and Procedures.**

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

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13.** **Exhibits.**

(a)(1) [Code of Ethics for Senior Financial Officers is filed herewith.](fp0081640-3_ex99code.htm)

(a)(2) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](fp0081640-3_ex99cert.htm)

(a)(3) Not applicable.

(a)(4) Not applicable

(b) [Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is furnished herewith.](fp0081640-3_ex99906cert.htm)

SIGNATURES

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

Praxis Mutual Funds

---

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

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Chad Horning |
|  | Chad Horning |
|  | President and Chief Executive Officer |
|  | March 7, 2023 |

---

---

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

---

## Ex-99.Code

**PRAXIS MUTUAL FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**PRINCIPAL FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;I. COVERED OFFICERS/PURPOSE OF THE CODE

Praxis Mutual Funds (the "Trust" or the "Funds") code of ethics (this "Code") applies to the Trust's Principal Executive Officer ("President") and Principal Financial Officer ("Treasurer") (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and
professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits
to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.<sup>1</sup>

<sup>1</sup> Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so. The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

II. COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position in the Trust. Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. Each Covered Officer is an employee of the Trust's Administrator ("Service Provider"). The Trust's and the Service Provider's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Service Provider, or for both), be involved in establishing policies and implementing decisions which will have different effects on the Service Provider and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act, will be deemed to have been handled ethically.

In addition, it is recognized by the Board of Trustees (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other Codes. Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting
by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather
than for the benefit of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause
others to trade personally in contemplation of the market effect of such transactions;

There are some conflict of interest situations that may be discussed with a senior officer of the Administrator who, at his or her discretion may consult the Funds' Legal Counsel, if material. Examples of these include:<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless
such entertainment is business- related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise
any question of impropriety as consistent with the Funds' Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than
its investment adviser, subadviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio
transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation
or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;III. DISCLOSURE & COMPLIANCE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether
within or outside the Trust, including to the Trust's directors and auditors, and to governmental regulators and self-regulatory
organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees
of the Trust and the Trust's adviser or subadviser with the goal of promoting full, fair, accurate, timely and understandable disclosure
in the reports and documents the Trust files with, or submit to, the SEC and in other public communications made by the Trust;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable
laws, rules and regulations.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

&nbsp;&nbsp;&nbsp;&nbsp;IV. REPORTING AND ACCOUNTABILITY

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that
he has received, read, and understands the Code (Exhibit B);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board that he has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential violations that
are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Senior Officer of the Administrator (who, at his or her discretion, may consult the Funds' Legal Counsel) promptly
if he knows of any violation of this Code. Failure to do so is itself a violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually any change in his affiliations from the prior year.

The senior officer of the Administrator (who, at his or her discretion, may consult the Funds' Legal Counsel) is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Audit Committee (the "Committee").3

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the senior officer of the Administrator (who, at his or her discretion, may consult the Funds' Legal Counsel) will take all
appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the senior officer of the Administrator believes that no violation has occurred, the senior officer
of the Administrator is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the senior officer of the Administrator believes is a violation will be reported
to the Funds' Legal Counsel who, in turn will address the matter with the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider
appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification
to appropriate personnel of the Service Provider or its board; or a

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommendation to dismiss the Covered Officer;

<sup>3</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;V. OTHER POLICIES AND PROCEDURES

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's, principal underwriter's and service providers' codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;VI. AMENDMENTS

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Trust's board, including a majority of independent directors/trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel, the investment adviser and the respective Service Providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. INTERNAL USE

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

## Ex-99.Cert

Exhibit 99.CERT

CERTIFICATIONS

I, Chad Horning, certify that:

1. I have reviewed this report on Form N-CSR of the Praxis Mutual Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any changes in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 7, 2023 | /s/ Chad Horning |
|  | Chad Horning |
|  | President |

---

CERTIFICATIONS

I, Trent Statczar, certify that:

1. I have reviewed this report on Form N-CSR of the Praxis Mutual Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;e) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;f) Designed such internal control over financial reporting, or caused such internal control over financial reporting
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;g) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;h) Disclosed in this report any changes in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;c) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: March 7, 2023 | /s/ Trent Statczar |
|  | Trent Statczar |
|  | Treasurer |

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## Exhibit 99.906

EX-99.906CERT

CERTIFICATION

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2022 of the Praxis Mutual Funds (the "Registrant").

Chad Horning, President, and Trent Statczar, Treasurer, of the Praxis Mutual Funds (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the
period ended December 31, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities
Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents,
in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| President | Treasurer |
| Praxis Mutual Funds | Praxis Mutual Funds |
| /s/ Chad Horning | /s/ Trent Statczar |
| Chad Horning | Trent Statczar |
| Date: March 7, 2023 | Date: March 7, 2023 |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.