# EDGAR Filing Document

**Accession Number:** 0000912900
**File Stem:** 0001398344-25-017878
**Filing Date:** 2025-9
**Character Count:** 386481
**Document Hash:** ab5add851b760dae7378af16bfa94af7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017878.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001398344-25-017878

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRAXIS FUNDS
- **CENTRAL INDEX KEY:** 0000912900

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08056
- **FILM NUMBER:** 251301049

**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:** PRAXIS MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20110510

**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           |

### Praxis Impact Large Cap Growth ETF (Series ID: S000089723)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000256361 | Praxis Impact Large Cap Growth ETF |  |

### Praxis Impact Large Cap Value ETF (Series ID: S000089724)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000256362 | Praxis Impact Large Cap Value ETF |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**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 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**

**Morgan, Lewis & Bockius LLP**

**101 Park Avenue**

**New York, NY 10178-0060**

**(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: June 30, 2025**

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

**# Praxis Impact Bond Fund

## Class A (MIIAX)
Semi-Annual Shareholder Report - June 30, 2025

![Image](i84eaf4eec039044eae2571f7.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Praxis Impact Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $46 | 0.91% |

---

## Fund Statistics
* Net Assets$1,056,117,947

* Number of Portfolio Holdings527

* Advisory Fee $1,745,804

* Portfolio Turnover4%

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i0afdf10a6555c0e04f6f5abd.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 5.5% |
| Commercial Mortgage-Backed Securities | 0.0% |
| Corporate Bonds | 27.7% |
| Corporate Notes | 0.9% |
| Foreign Governments | 4.7% |
| Investment Companies | 0.3% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 1.0% |
| Money Market Funds | 2.7% |
| Municipal Bonds | 1.0% |
| U.S. Government Agencies | 56.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| FNMA, 0.875%, due 08/5/30 | 2.0% |
| FHLB, 5.500%, due 07/15/36 | 1.9% |
| FNMA, 5.625%, due 07/15/37 | 1.5% |
| FNMA, 6.625%, due 11/15/30 | 1.4% |
| FHLMC, 1.487%, due 11/25/30 | 1.3% |
| FNMA, 1.286%, due 01/25/31 | 1.3% |
| FHLMC, 3.000%, due 07/1/52 | 1.3% |
| FNMA, 3.500%, due 05/1/52 | 1.2% |
| FHLB, 3.250%, due 11/16/28 | 1.2% |
| FNMA, 4.000%, due 09/1/52 | 1.1% |

---

![Image](i84eaf4eec039044eae2571f7.jpg)

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Praxis Impact Bond Fund - Class A (MIIAX)

## Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.praxisinvests.com/resources/prospectuses-and-reports), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i26792c88a012a8e21479861b.jpg)

TSR-SAR 063025-MIIAX

# Praxis Impact Bond Fund

## Class I (MIIIX)
Semi-Annual Shareholder Report - June 30, 2025

![Image](ie4237a048ac227271f37ad3c.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Praxis Impact Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $23 | 0.46% |

---

## Fund Statistics
* Net Assets$1,056,117,947

* Number of Portfolio Holdings527

* Advisory Fee $1,745,804

* Portfolio Turnover4%

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i28aa1e8978bfdfc1947299e4.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 5.5% |
| Commercial Mortgage-Backed Securities | 0.0% |
| Corporate Bonds | 27.7% |
| Corporate Notes | 0.9% |
| Foreign Governments | 4.7% |
| Investment Companies | 0.3% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 1.0% |
| Money Market Funds | 2.7% |
| Municipal Bonds | 1.0% |
| U.S. Government Agencies | 56.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| FNMA, 0.875%, due 08/5/30 | 2.0% |
| FHLB, 5.500%, due 07/15/36 | 1.9% |
| FNMA, 5.625%, due 07/15/37 | 1.5% |
| FNMA, 6.625%, due 11/15/30 | 1.4% |
| FHLMC, 1.487%, due 11/25/30 | 1.3% |
| FNMA, 1.286%, due 01/25/31 | 1.3% |
| FHLMC, 3.000%, due 07/1/52 | 1.3% |
| FNMA, 3.500%, due 05/1/52 | 1.2% |
| FHLB, 3.250%, due 11/16/28 | 1.2% |
| FNMA, 4.000%, due 09/1/52 | 1.1% |

---

![Image](ie4237a048ac227271f37ad3c.jpg)

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Praxis Impact Bond Fund - Class I (MIIIX)

## Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.praxisinvests.com/resources/prospectuses-and-reports), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i26792c88a012a8e21479861b.jpg)

TSR-SAR 063025-MIIIX

# Praxis International Index Fund

## Class A (MPLAX)
Semi-Annual Shareholder Report - June 30, 2025

![Image](i88db74fed0fb199c2bb63d8e.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Praxis International Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $61 | 1.14% |

---

## Fund Statistics
* Net Assets$497,484,735

* Number of Portfolio Holdings454

* Advisory Fee $942,176

* Portfolio Turnover9%

## Asset Weighting (% of total investments)
![Group By Asset Type Chart](ie8060ead168784f9139ee68c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 87.8% |
| Corporate Notes | 0.8% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 11.3% |
| Money Market Funds | 0.1% |

---

## What did the Fund invest in?

### Common Stocks Country Weighting (% of net assets)
![Group By Sector Chart](i79945c910baaf0936782ea09.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| South Korea | 4.0% |
| Australia | 4.4% |
| Germany | 5.0% |
| India | 5.1% |
| Switzerland | 5.2% |
| France | 6.3% |
| Taiwan | 7.0% |
| Canada | 7.3% |
| United Kingdom | 7.9% |
| Japan | 15.1% |
| Other Country | 31.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 5.0% |
| ICICI Bank Ltd. - ADR | 1.7% |
| Samsung Electronics Co. Ltd. | 1.5% |
| Tencent Holdings Ltd. - ADR | 1.5% |
| HDFC Bank Ltd. - ADR | 1.4% |
| Chunghwa Telecom Co. Ltd. - ADR | 1.3% |
| Infosys Ltd. - ADR | 1.1% |
| ASML Holding N.V. | 1.1% |
| Schneider Electric SE | 1.0% |
| Wipro Ltd. - ADR | 0.9% |

---

![Image](i88db74fed0fb199c2bb63d8e.jpg)

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Praxis International Index Fund - Class A (MPLAX)

## Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.praxisinvests.com/resources/prospectuses-and-reports), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i26792c88a012a8e21479861b.jpg)

TSR-SAR 063025-MPLAX

# Praxis International Index Fund

## Class I (MPLIX)
Semi-Annual Shareholder Report - June 30, 2025

![Image](icf62fa1aab3f8883f0009350.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Praxis International Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $30 | 0.55% |

---

## Fund Statistics
* Net Assets$497,484,735

* Number of Portfolio Holdings454

* Advisory Fee $942,176

* Portfolio Turnover9%

## Asset Weighting (% of total investments)
![Group By Asset Type Chart](ide7c6c3664061ea6f6f6b930.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 87.8% |
| Corporate Notes | 0.8% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 11.3% |
| Money Market Funds | 0.1% |

---

## What did the Fund invest in?

### Common Stocks Country Weighting (% of net assets)
![Group By Sector Chart](i40d1b30c5ee20bd3f7c96ee7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| South Korea | 4.0% |
| Australia | 4.4% |
| Germany | 5.0% |
| India | 5.1% |
| Switzerland | 5.2% |
| France | 6.3% |
| Taiwan | 7.0% |
| Canada | 7.3% |
| United Kingdom | 7.9% |
| Japan | 15.1% |
| Other Country | 31.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 5.0% |
| ICICI Bank Ltd. - ADR | 1.7% |
| Samsung Electronics Co. Ltd. | 1.5% |
| Tencent Holdings Ltd. - ADR | 1.5% |
| HDFC Bank Ltd. - ADR | 1.4% |
| Chunghwa Telecom Co. Ltd. - ADR | 1.3% |
| Infosys Ltd. - ADR | 1.1% |
| ASML Holding N.V. | 1.1% |
| Schneider Electric SE | 1.0% |
| Wipro Ltd. - ADR | 0.9% |

---

![Image](icf62fa1aab3f8883f0009350.jpg)

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Praxis International Index Fund - Class I (MPLIX)

## Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.praxisinvests.com/resources/prospectuses-and-reports), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i26792c88a012a8e21479861b.jpg)

TSR-SAR 063025-MPLIX

# Praxis Value Index Fund

## Class A (MVIAX)
Semi-Annual Shareholder Report - June 30, 2025

![Image](i3a8b5d8e467197fcd6bf527a.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Praxis Value Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $39 | 0.76% |

---

## Fund Statistics
* Net Assets$493,491,907

* Number of Portfolio Holdings287

* Advisory Fee $583,506

* Portfolio Turnover13%

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i5503850b675911b6fd12744b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 96.5% |
| Corporate Notes | 0.9% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 2.4% |
| Money Market Funds | 0.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| JPMorgan Chase & Co. | 4.2% |
| Walmart, Inc. | 2.3% |
| Procter & Gamble Co. (The) | 2.0% |
| AbbVie, Inc. | 1.7% |
| Bank of America Corp. | 1.7% |
| Oracle Corp. | 1.7% |
| Home Depot, Inc. (The) | 1.6% |
| Johnson & Johnson | 1.5% |
| Coca-Cola Co. (The) | 1.4% |
| Cisco Systems, Inc. | 1.4% |

---

![Image](i3a8b5d8e467197fcd6bf527a.jpg)

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Praxis Value Index Fund - Class A (MVIAX)

## Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.praxisinvests.com/resources/prospectuses-and-reports), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i26792c88a012a8e21479861b.jpg)

TSR-SAR 063025-MVIAX

# Praxis Value Index Fund

## Class I (MVIIX)
Semi-Annual Shareholder Report - June 30, 2025

![Image](i70a14c248411ad79c8705a7d.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Praxis Value Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $18 | 0.36% |

---

## Fund Statistics
* Net Assets$493,491,907

* Number of Portfolio Holdings287

* Advisory Fee $583,506

* Portfolio Turnover13%

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](ifa616adcdd21156e88e8d7e1.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 96.5% |
| Corporate Notes | 0.9% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 2.4% |
| Money Market Funds | 0.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| JPMorgan Chase & Co. | 4.2% |
| Walmart, Inc. | 2.3% |
| Procter & Gamble Co. (The) | 2.0% |
| AbbVie, Inc. | 1.7% |
| Bank of America Corp. | 1.7% |
| Oracle Corp. | 1.7% |
| Home Depot, Inc. (The) | 1.6% |
| Johnson & Johnson | 1.5% |
| Coca-Cola Co. (The) | 1.4% |
| Cisco Systems, Inc. | 1.4% |

---

![Image](i70a14c248411ad79c8705a7d.jpg)

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Praxis Value Index Fund - Class I (MVIIX)

## Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.praxisinvests.com/resources/prospectuses-and-reports), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i26792c88a012a8e21479861b.jpg)

TSR-SAR 063025-MVIIX

# Praxis Growth Index Fund

## Class A (MGNDX)
Semi-Annual Shareholder Report - June 30, 2025

![Image](i26939f9242282b10dfb1f210.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Praxis Growth Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.65% |

---

## Fund Statistics
* Net Assets$672,189,137

* Number of Portfolio Holdings168

* Advisory Fee $733,054

* Portfolio Turnover10%

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i44afc627b58c4e1222bfb94f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.3% |
| Corporate Notes | 0.9% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 0.7% |
| Money Market Funds | 0.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corp. | 12.1% |
| Apple, Inc. | 10.6% |
| Microsoft Corp. | 9.5% |
| Amazon.com, Inc. | 5.7% |
| Meta Platforms, Inc. - Class A | 5.0% |
| Broadcom, Inc. | 4.4% |
| Alphabet, Inc. - Class A | 3.3% |
| Tesla, Inc. | 2.8% |
| Alphabet, Inc. - Class C | 2.6% |
| Eli Lilly & Co. | 2.4% |

---

![Image](i26939f9242282b10dfb1f210.jpg)

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Praxis Growth Index Fund - Class A (MGNDX)

## Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.praxisinvests.com/resources/prospectuses-and-reports), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i26792c88a012a8e21479861b.jpg)

TSR-SAR 063025-MGNDX

# Praxis Growth Index Fund

## Class I (MMDEX)
Semi-Annual Shareholder Report - June 30, 2025

![Image](i5d22ecf683e282e95c3c44b7.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Praxis Growth Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $17 | 0.34% |

---

## Fund Statistics
* Net Assets$672,189,137

* Number of Portfolio Holdings168

* Advisory Fee $733,054

* Portfolio Turnover10%

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i78c6bd13de080416522658d4.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.3% |
| Corporate Notes | 0.9% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 0.7% |
| Money Market Funds | 0.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corp. | 12.1% |
| Apple, Inc. | 10.6% |
| Microsoft Corp. | 9.5% |
| Amazon.com, Inc. | 5.7% |
| Meta Platforms, Inc. - Class A | 5.0% |
| Broadcom, Inc. | 4.4% |
| Alphabet, Inc. - Class A | 3.3% |
| Tesla, Inc. | 2.8% |
| Alphabet, Inc. - Class C | 2.6% |
| Eli Lilly & Co. | 2.4% |

---

![Image](i5d22ecf683e282e95c3c44b7.jpg)

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Praxis Growth Index Fund - Class I (MMDEX)

## Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.praxisinvests.com/resources/prospectuses-and-reports), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i26792c88a012a8e21479861b.jpg)

TSR-SAR 063025-MMDEX

# Praxis Small Cap Index Fund

## Class A (MMSCX)
Semi-Annual Shareholder Report - June 30, 2025

![Image](i76f753d2916ace700d687808.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Praxis Small Cap Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $52 | 1.06% |

---

## Fund Statistics
* Net Assets$186,674,704

* Number of Portfolio Holdings661

* Advisory Fee $266,120

* Portfolio Turnover21%

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i59a76207509f168059e4b94a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 83.4% |
| Corporate Notes | 0.7% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 15.2% |
| Money Market Funds | 0.7% |
| Rights | 0.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Liberty Media Corp. - Liberty Formula One - Series C | 0.7% |
| Expand Energy Corp. | 0.6% |
| SPX Technologies, Inc. | 0.6% |
| Franklin Resources, Inc. | 0.5% |
| NRG Energy, Inc. | 0.5% |
| Sanmina Corp. | 0.4% |
| Balchem Corp. | 0.4% |
| Smurfit WestRock plc | 0.4% |
| UGI Corp. | 0.4% |
| Rexford Industrial Realty, Inc. | 0.4% |

---

![Image](i76f753d2916ace700d687808.jpg)

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Praxis Small Cap Index Fund - Class A (MMSCX)

## Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.praxisinvests.com/resources/prospectuses-and-reports), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i26792c88a012a8e21479861b.jpg)

TSR-SAR 063025-MMSCX

# Praxis Small Cap Index Fund

## Class I (MMSIX)
Semi-Annual Shareholder Report - June 30, 2025

![Image](icf8a187c6f9f061fa0b3e426.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Praxis Small Cap Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $21 | 0.42% |

---

## Fund Statistics
* Net Assets$186,674,704

* Number of Portfolio Holdings661

* Advisory Fee $266,120

* Portfolio Turnover21%

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](if8043c2868209195ba1a1123.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 83.4% |
| Corporate Notes | 0.7% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 15.2% |
| Money Market Funds | 0.7% |
| Rights | 0.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Liberty Media Corp. - Liberty Formula One - Series C | 0.7% |
| Expand Energy Corp. | 0.6% |
| SPX Technologies, Inc. | 0.6% |
| Franklin Resources, Inc. | 0.5% |
| NRG Energy, Inc. | 0.5% |
| Sanmina Corp. | 0.4% |
| Balchem Corp. | 0.4% |
| Smurfit WestRock plc | 0.4% |
| UGI Corp. | 0.4% |
| Rexford Industrial Realty, Inc. | 0.4% |

---

![Image](icf8a187c6f9f061fa0b3e426.jpg)

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Praxis Small Cap Index Fund - Class I (MMSIX)

## Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.praxisinvests.com/resources/prospectuses-and-reports), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i26792c88a012a8e21479861b.jpg)

TSR-SAR 063025-MMSIX

# Praxis Genesis Conservative Portfolio

## Class A (MCONX)
Semi-Annual Shareholder Report - June 30, 2025

![Image](i96fd47ae8f1ce18cad4dad0e.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Praxis Genesis Conservative Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $31 | 0.61% |

---

## Fund Statistics
* Net Assets$24,393,370

* Number of Portfolio Holdings6

* Advisory Fee $5,962

* Portfolio Turnover5%

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](ib232c885715aa8596a911639.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Mutual Funds | 100.0% |
| Money Market Funds | 0.0% |

---

## Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Praxis Impact Bond Fund - Class I | 69.5% |
| Praxis Growth Index Fund - Class I | 9.4% |
| Praxis Value Index Fund - Class I | 9.3% |
| Praxis International Index Fund - Class I | 9.1% |
| Praxis Small Cap Index Fund - Class I | 2.5% |

---

![Image](i96fd47ae8f1ce18cad4dad0e.jpg)

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Praxis Genesis Conservative Portfolio - Class A (MCONX)

## Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.praxisinvests.com/resources/prospectuses-and-reports), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i26792c88a012a8e21479861b.jpg)

TSR-SAR 063025-MCONX

# Praxis Genesis Balanced Portfolio

## Class A (MBAPX)
Semi-Annual Shareholder Report - June 30, 2025

![Image](i1f76620b9957c84395c79440.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Praxis Genesis Balanced Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $24 | 0.47% |

---

## Fund Statistics
* Net Assets$99,299,435

* Number of Portfolio Holdings6

* Advisory Fee $23,517

* Portfolio Turnover7%

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i99a2bac7c866fea9c2548d15.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Mutual Funds | 100.0% |
| Money Market Funds | 0.0% |

---

## Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Praxis Impact Bond Fund - Class I | 39.6% |
| Praxis International Index Fund - Class I | 18.1% |
| Praxis Growth Index Fund - Class I | 16.2% |
| Praxis Value Index Fund - Class I | 16.0% |
| Praxis Small Cap Index Fund - Class I | 10.0% |

---

![Image](i1f76620b9957c84395c79440.jpg)

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Praxis Genesis Balanced Portfolio - Class A (MBAPX)

## Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.praxisinvests.com/resources/prospectuses-and-reports), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i26792c88a012a8e21479861b.jpg)

TSR-SAR 063025-MBAPX

# Praxis Genesis Growth Portfolio

## Class A (MGAFX)
Semi-Annual Shareholder Report - June 30, 2025

![Image](i63b14baf060ef3964b03efd6.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Praxis Genesis Growth Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $25 | 0.49% |

---

## Fund Statistics
* Net Assets$118,072,462

* Number of Portfolio Holdings6

* Advisory Fee $27,929

* Portfolio Turnover6%

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i11c2eaf286d1d092bde8a354.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Mutual Funds | 100.0% |
| Money Market Funds | 0.0% |

---

## Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Praxis International Index Fund - Class I | 24.0% |
| Praxis Growth Index Fund - Class I | 20.7% |
| Praxis Value Index Fund - Class I | 20.5% |
| Praxis Impact Bond Fund - Class I | 19.7% |
| Praxis Small Cap Index Fund - Class I | 15.0% |

---

![Image](i63b14baf060ef3964b03efd6.jpg)

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Praxis Genesis Growth Portfolio - Class A (MGAFX)

## Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.praxisinvests.com/resources/prospectuses-and-reports), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i26792c88a012a8e21479861b.jpg)

TSR-SAR 063025-MGAFX**

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

**Item 2. Code of Ethics.**

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included
 as part of the Financial Statements filed under Item 7 of this form.

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

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual
 or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

![](fp0094654-2_i.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Praxis Impact Bond Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments | 1 |
| Praxis International Index Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments | 9 |
| Praxis Value Index Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments | 15 |
| Praxis Growth Index Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments | 20 |
| Praxis Small Cap Index Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments | 23 |
| Praxis Genesis Conservative Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments | 31 |
| Praxis Genesis Balanced Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments | 32 |
| Praxis Genesis Growth Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments | 33 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets & Liabilities | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Operations | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights | 41 |
| Notes to Financial Statements | 49 |
| Additional Information | 61 |

---

*This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.*

THIS PAGE INTENTIONALLY LEFT BLANK

Schedule of Investments

*Praxis Impact Bond Fund* 

*June 30, 2025 (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
|  **MUNICIPAL BONDS — 0.9%** | **MUNICIPAL BONDS — 0.9%** | **MUNICIPAL BONDS — 0.9%** | **MUNICIPAL BONDS — 0.9%** | **MUNICIPAL BONDS — 0.9%** |
| &nbsp;&nbsp;&nbsp; American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A | 7.334% | 02/15/28 | $770000 | $804315 |
| &nbsp;&nbsp;&nbsp; Findlay City School District, Series 2010-B | 6.250% | 12/01/37 | 270000 | 273896 |
| &nbsp;&nbsp;&nbsp; Houston, Texas, Independent School District, Series 2009A-2 | 6.168% | 02/15/34 | 1000000 | 1004610 |
| &nbsp;&nbsp;&nbsp; Massachusetts St., Series 2016-F | 3.277% | 06/01/46 | 3100000 | 2413939 |
| &nbsp;&nbsp;&nbsp; University of Texas, Permanent University Fund, Series 2017-A | 3.376% | 07/01/47 | 3000000 | 2265238 |
| &nbsp;&nbsp;&nbsp; University of Texas, Rev., Series 2020 B | 2.439% | 08/15/49 | 1875000 | 1121141 |
| &nbsp;&nbsp;&nbsp; University of Virginia, Rev., Series 2009 | 6.200% | 09/01/39 | 2000000 | 2179746 |
| TOTAL MUNICIPAL BONDS (COST $10,997,492) | TOTAL MUNICIPAL BONDS (COST $10,997,492) | TOTAL MUNICIPAL BONDS (COST $10,997,492) | TOTAL MUNICIPAL BONDS (COST $10,997,492) | $10062885 |
|  **CORPORATE BONDS — 27.9%** | **CORPORATE BONDS — 27.9%** | **CORPORATE BONDS — 27.9%** | **CORPORATE BONDS — 27.9%** | **CORPORATE BONDS — 27.9%** |
|  AUTOMOTIVE — 0.5% | AUTOMOTIVE — 0.5% | AUTOMOTIVE — 0.5% | AUTOMOTIVE — 0.5% | AUTOMOTIVE — 0.5% |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 2.650% | 07/01/27 | 601000 | 581465 |
| &nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. <sup>(a)</sup> | 2.967% | 03/10/32 | 760000 | 682058 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital Services, Inc. <sup>(b)</sup> | 1.250% | 02/08/26 | 200000 | 196036 |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. | 2.450% | 06/15/30 | 1250000 | 1130858 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 4.450% | 06/30/30 | 2500000 | 2509472 |
|  |  |  |  | 5099889 |
|  BANKING — 3.1% | BANKING — 3.1% | BANKING — 3.1% | BANKING — 3.1% | BANKING — 3.1% |
| &nbsp;&nbsp;&nbsp; American Express Co. | 5.016% | 04/25/31 | 500000 | 510557 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Series N (TSFR3M + 157.16) <sup>(c)</sup> | 4.271% | 07/23/29 | 1000000 | 996706 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Series N <sup>(c)</sup> | 2.572% | 10/20/32 | 1500000 | 1322042 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Series N <sup>(c)</sup> | 2.972% | 02/04/33 | 1000000 | 895487 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Series N | 5.464% | 05/09/36 | 500000 | 512706 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal | 5.203% | 02/01/28 | 1750000 | 1789709 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The), Series J | 4.967% | 04/26/34 | 2000000 | 2006245 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. (SOFR + 210.70) <sup>(c)</sup> | 2.572% | 06/03/31 | 2000000 | 1813823 |
| &nbsp;&nbsp;&nbsp; ING Groep N.V. <sup>(b)</sup> | 4.625% | 01/06/26 | 1250000 | 1250330 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 3.200% | 06/15/26 | 2557000 | 2532490 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. (SOFR + 151.00) <sup>(c)</sup> | 2.739% | 10/15/30 | 2000000 | 1864882 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. <sup>(c)</sup> | 2.963% | 01/25/33 | 1000000 | 898831 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. <sup>(c)</sup> | 5.572% | 04/22/36 | 500000 | 518172 |
| &nbsp;&nbsp;&nbsp; KeyBank N.A. | 4.150% | 08/08/25 | 1000000 | 999261 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 4.553% | 08/16/28 | 1500000 | 1503678 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 5.159% | 04/24/31 | 2500000 | 2559361 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 4.758% | 01/26/27 | 1500000 | 1502194 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) <sup>(c)</sup> | 5.582% | 06/12/29 | 1000000 | 1035621 |
| &nbsp;&nbsp;&nbsp; State Street Corp. <sup>(a)</sup> | 7.350% | 06/15/26 | 1000000 | 1024619 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 4.164% | 08/04/33 | 1000000 | 961309 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
|  **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** |
|  BANKING — 3.1%, continued | BANKING — 3.1%, continued | BANKING — 3.1%, continued | BANKING — 3.1%, continued | BANKING — 3.1%, continued |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Series C | 5.264% | 12/11/26 | $2000000 | $2027061 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. (SOFR + 60.90) <sup>(c)</sup> | 1.267% | 03/02/27 | 1000000 | 977628 |
| &nbsp;&nbsp;&nbsp; UBS AG London | 5.650% | 09/11/28 | 550000 | 572679 |
| &nbsp;&nbsp;&nbsp; US Bancorp, Series CC | 5.083% | 05/15/31 | 3000000 | 3060125 |
|  |  |  |  | 33135516 |
|  BEVERAGES — 0.1% | BEVERAGES — 0.1% | BEVERAGES — 0.1% | BEVERAGES — 0.1% | BEVERAGES — 0.1% |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 3.450% | 03/25/30 | 500000 | 485578 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Femsa S.A.B. de C.V. | 1.850% | 09/01/32 | 1000000 | 818470 |
|  |  |  |  | 1304048 |
|  BIOTECH & PHARMA — 0.3% | BIOTECH & PHARMA — 0.3% | BIOTECH & PHARMA — 0.3% | BIOTECH & PHARMA — 0.3% | BIOTECH & PHARMA — 0.3% |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 2.950% | 11/21/26 | 500000 | 491714 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 3.000% | 02/22/29 | 2500000 | 2388624 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 3.650% | 03/01/26 | 750000 | 746252 |
|  |  |  |  | 3626590 |
|  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 | 492449 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. <sup>(a)</sup> | 4.650% | 02/15/33 | 1000000 | 993784 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. | 2.937% | 11/01/56 | 672000 | 394566 |
| &nbsp;&nbsp;&nbsp; Time Warner Cable, Inc. | 4.500% | 09/15/42 | 500000 | 398241 |
|  |  |  |  | 2279040 |
|  CHEMICALS — 0.5% | CHEMICALS — 0.5% | CHEMICALS — 0.5% | CHEMICALS — 0.5% | CHEMICALS — 0.5% |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. <sup>(a)</sup> | 4.850% | 02/08/34 | 1000000 | 1002480 |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. <sup>(a)</sup> | 2.650% | 04/30/30 | 1250000 | 1148023 |
| &nbsp;&nbsp;&nbsp; DowDuPont, Inc. | 4.493% | 11/15/25 | 1500000 | 1497741 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | 4.800% | 03/24/30 | 140000 | 143432 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | 2.750% | 08/18/55 | 1470000 | 876082 |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. | 5.875% | 12/01/36 | 840000 | 871383 |
|  |  |  |  | 5539141 |
|  CONSTRUCTION MATERIALS — 0.0% <sup>(d)</sup> | CONSTRUCTION MATERIALS — 0.0% <sup>(d)</sup> | CONSTRUCTION MATERIALS — 0.0% <sup>(d)</sup> | CONSTRUCTION MATERIALS — 0.0% <sup>(d)</sup> | CONSTRUCTION MATERIALS — 0.0% <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp; Owens Corning | 3.950% | 08/15/29 | 300000 | 294117 |
|  CONSUMER SERVICES — 4.0% | CONSUMER SERVICES — 4.0% | CONSUMER SERVICES — 4.0% | CONSUMER SERVICES — 4.0% | CONSUMER SERVICES — 4.0% |
| &nbsp;&nbsp;&nbsp; Andrew W. Mellon Funding | 0.947% | 08/01/27 | 1050000 | 986151 |
| &nbsp;&nbsp;&nbsp; California Endowment (The) | 2.498% | 04/01/51 | 4500000 | 2601789 |
| &nbsp;&nbsp;&nbsp; Conservation Fund, Series 2019 | 3.474% | 12/15/29 | 535000 | 504308 |
| &nbsp;&nbsp;&nbsp; Ford Foundation (The), Series 2017 | 3.859% | 06/01/47 | 4620000 | 3592762 |
| &nbsp;&nbsp;&nbsp; Ford Foundation (The), Series 2020 | 2.415% | 06/01/50 | 235000 | 137209 |
| &nbsp;&nbsp;&nbsp; John D. & Catherine T. MacArthur Foundation, Series 2020 | 1.299% | 12/01/30 | 1500000 | 1267916 |
| &nbsp;&nbsp;&nbsp; Leland Stanford Junior University (The) | 3.460% | 05/01/47 | 2415000 | 1815010 |
| &nbsp;&nbsp;&nbsp; Local Initiatives Support Corp. | 4.649% | 03/01/37 | 1500000 | 1397370 |
| &nbsp;&nbsp;&nbsp; Massachusetts Institute of Technology, Series D-2 | 3.959% | 07/01/38 | 1700000 | 1546469 |
| &nbsp;&nbsp;&nbsp; President & Fellows of Harvard College, Series 2024-A <sup>(a)</sup> | 4.609% | 02/15/35 | 2000000 | 1977027 |

---

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

Schedule of Investments, continued

*Praxis Impact Bond Fund June 30, 2025 (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
|  **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** |
|  CONSUMER SERVICES — 4.0%, continued | CONSUMER SERVICES — 4.0%, continued | CONSUMER SERVICES — 4.0%, continued | CONSUMER SERVICES — 4.0%, continued | CONSUMER SERVICES — 4.0%, continued |
| &nbsp;&nbsp;&nbsp; President & Fellows of Harvard College, Series 2016-B | 3.150% | 07/15/46 | $3961000 | $2798807 |
| &nbsp;&nbsp;&nbsp; President & Fellows of Harvard College, Series 2020-B | 2.517% | 10/15/50 | 1600000 | 970602 |
| &nbsp;&nbsp;&nbsp; President & Fellows of Harvard College, Series 2022-A | 3.745% | 11/15/52 | 700000 | 536272 |
| &nbsp;&nbsp;&nbsp; Rockefeller Foundation (The) | 2.492% | 10/01/50 | 4290000 | 2527755 |
| &nbsp;&nbsp;&nbsp; Stanford University California, Series 2017 | 3.647% | 05/01/48 | 750000 | 571943 |
| &nbsp;&nbsp;&nbsp; Stanford University California, Series 2020-A | 2.413% | 06/01/50 | 4400000 | 2600005 |
| &nbsp;&nbsp;&nbsp; Trustees of Princeton University (The) | 2.516% | 07/01/50 | 6650000 | 4064006 |
| &nbsp;&nbsp;&nbsp; University of Notre Dame, Series 2017 | 3.394% | 02/15/48 | 3749000 | 2757800 |
| &nbsp;&nbsp;&nbsp; W.K. Kellogg Foundation Trust, Series 2020 <sup>(b)</sup> | 2.443% | 10/01/50 | 7223000 | 4252944 |
| &nbsp;&nbsp;&nbsp; Yale University <sup>(a)</sup> | 2.402% | 04/15/50 | 8765000 | 5179554 |
|  |  |  |  | 42085699 |
|  CONTAINERS & PACKAGING — 0.2% | CONTAINERS & PACKAGING — 0.2% | CONTAINERS & PACKAGING — 0.2% | CONTAINERS & PACKAGING — 0.2% | CONTAINERS & PACKAGING — 0.2% |
| &nbsp;&nbsp;&nbsp; CCL Industries, Inc. <sup>(b)</sup> | 3.050% | 06/01/30 | 1750000 | 1623243 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. | 5.750% | 11/01/40 | 1000000 | 989786 |
|  |  |  |  | 2613029 |
|  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 | 828305 |
|  ELECTRIC UTILITIES — 4.2% | ELECTRIC UTILITIES — 4.2% | ELECTRIC UTILITIES — 4.2% | ELECTRIC UTILITIES — 4.2% | ELECTRIC UTILITIES — 4.2% |
| &nbsp;&nbsp;&nbsp; Ameren Illinois Co. | 5.900% | 12/01/52 | 2250000 | 2315065 |
| &nbsp;&nbsp;&nbsp; Avista Corp. | 4.000% | 04/01/52 | 1000000 | 736435 |
| &nbsp;&nbsp;&nbsp; Caledonia Generating, LLC <sup>(b)</sup> | 1.950% | 02/28/34 | 1418387 | 1242118 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., Series AL | 5.300% | 04/01/53 | 1000000 | 949840 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. | 3.350% | 04/01/30 | 1000000 | 961063 |
| &nbsp;&nbsp;&nbsp; DTE Electric Co. | 4.050% | 05/15/48 | 1750000 | 1409364 |
| &nbsp;&nbsp;&nbsp; DTE Electric Co. | 3.650% | 03/01/52 | 750000 | 551234 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co., Series C | 4.875% | 06/01/28 | 1500000 | 1522045 |
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas, LLC | 3.550% | 03/15/52 | 2200000 | 1584133 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress, LLC | 3.450% | 03/15/29 | 1750000 | 1702472 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress, LLC | 4.000% | 04/01/52 | 1500000 | 1150916 |
| &nbsp;&nbsp;&nbsp; Electricite de France S.A. <sup>(b)</sup> | 3.625% | 10/13/25 | 1250000 | 1244958 |
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co. | 3.700% | 12/01/47 | 1550000 | 1177703 |
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co. | 2.875% | 12/04/51 | 2000000 | 1259695 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Series 2016-A | 3.250% | 04/01/26 | 1000000 | 991463 |
| &nbsp;&nbsp;&nbsp; Interstate Power & Light Co. | 3.600% | 04/01/29 | 1250000 | 1213503 |
| &nbsp;&nbsp;&nbsp; Liberty Utilities Financial Services <sup>(b)</sup> | 2.050% | 09/15/30 | 1355000 | 1189712 |
| &nbsp;&nbsp;&nbsp; MidAmerican Energy Co. | 3.950% | 08/01/47 | 1750000 | 1381153 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
|  **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** |
|  ELECTRIC UTILITIES — 4.2%, continued | ELECTRIC UTILITIES — 4.2%, continued | ELECTRIC UTILITIES — 4.2%, continued | ELECTRIC UTILITIES — 4.2%, continued | ELECTRIC UTILITIES — 4.2%, continued |
| &nbsp;&nbsp;&nbsp; Narragansett Electric Co. <sup>(b)</sup> | 3.395% | 04/09/30 | $1500000 | $1431410 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities | 1.350% | 03/15/31 | 2000000 | 1683155 |
| &nbsp;&nbsp;&nbsp; Niagara Mohawk Power Corp. <sup>(b)</sup> | 1.960% | 06/27/30 | 1500000 | 1324227 |
| &nbsp;&nbsp;&nbsp; Northern States Power Co. | 2.900% | 03/01/50 | 1500000 | 976350 |
| &nbsp;&nbsp;&nbsp; NSTAR Electric Co. | 3.950% | 04/01/30 | 600000 | 588497 |
| &nbsp;&nbsp;&nbsp; NSTAR Electric Co. | 5.500% | 03/15/40 | 1250000 | 1265815 |
| &nbsp;&nbsp;&nbsp; NY State Electric & Gas <sup>(b)</sup> | 5.650% | 08/15/28 | 1650000 | 1710196 |
| &nbsp;&nbsp;&nbsp; Potomac Electric Power Co. | 6.500% | 11/15/37 | 1000000 | 1116497 |
| &nbsp;&nbsp;&nbsp; Public Service Co. | 3.700% | 06/15/28 | 2250000 | 2225293 |
| &nbsp;&nbsp;&nbsp; Public Service Electric and Gas Co. | 4.650% | 03/15/33 | 2500000 | 2484624 |
| &nbsp;&nbsp;&nbsp; Puget Energy, Inc. | 4.223% | 06/15/48 | 1000000 | 798806 |
| &nbsp;&nbsp;&nbsp; Rochester Gas & Electric Corp. <sup>(b)</sup> | 1.850% | 12/01/30 | 500000 | 428126 |
| &nbsp;&nbsp;&nbsp; San Diego Gas and Electric Co. | 4.500% | 08/15/40 | 841000 | 750767 |
| &nbsp;&nbsp;&nbsp; Solar Star Funding, LLC <sup>(b)</sup> | 3.950% | 06/30/35 | 220350 | 209428 |
| &nbsp;&nbsp;&nbsp; Solar Star Funding, LLC <sup>(b)</sup> | 5.375% | 06/30/35 | 349052 | 366402 |
| &nbsp;&nbsp;&nbsp; Southern California Edison | 4.050% | 03/15/42 | 1165000 | 873967 |
| &nbsp;&nbsp;&nbsp; Topaz Solar Farms, LLC <sup>(b)</sup> | 4.875% | 09/30/39 | 196903 | 173831 |
| &nbsp;&nbsp;&nbsp; Topaz Solar Farms, LLC <sup>(b)</sup> | 5.750% | 09/30/39 | 474202 | 465576 |
| &nbsp;&nbsp;&nbsp; Union Electric Co. | 2.625% | 03/15/51 | 2000000 | 1189861 |
| &nbsp;&nbsp;&nbsp; Westar Energy, Inc. | 2.550% | 07/01/26 | 1292000 | 1269134 |
|  |  |  |  | 43914834 |
|  ELECTRICAL EQUIPMENT — 0.2% | ELECTRICAL EQUIPMENT — 0.2% | ELECTRICAL EQUIPMENT — 0.2% | ELECTRICAL EQUIPMENT — 0.2% | ELECTRICAL EQUIPMENT — 0.2% |
| &nbsp;&nbsp;&nbsp; Johnson Controls International plc | 1.750% | 09/15/30 | 1800000 | 1579931 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 2.000% | 06/30/30 | 440000 | 390995 |
|  |  |  |  | 1970926 |
|  FOOD — 0.6% | FOOD — 0.6% | FOOD — 0.6% | FOOD — 0.6% | FOOD — 0.6% |
| &nbsp;&nbsp;&nbsp; Cargill, Inc. <sup>(b)</sup> | 4.760% | 11/23/45 | 1500000 | 1338874 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 1.800% | 06/11/30 | 2250000 | 2000376 |
| &nbsp;&nbsp;&nbsp; Ingredion, Inc. | 2.900% | 06/01/30 | 1000000 | 924350 |
| &nbsp;&nbsp;&nbsp; Mars, Inc. <sup>(b)</sup> | 4.650% | 04/20/31 | 1000000 | 1012328 |
| &nbsp;&nbsp;&nbsp; Mars, Inc. <sup>(b)</sup> | 3.600% | 04/01/34 | 1500000 | 1358688 |
|  |  |  |  | 6634616 |
|  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; Suzano S.A. | 5.500% | 01/17/27 | 800000 | 808946 |
|  GAS & WATER UTILITIES — 0.6% | GAS & WATER UTILITIES — 0.6% | GAS & WATER UTILITIES — 0.6% | GAS & WATER UTILITIES — 0.6% | GAS & WATER UTILITIES — 0.6% |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp. | 2.800% | 05/01/30 | 1500000 | 1393619 |
| &nbsp;&nbsp;&nbsp; Brooklyn Union Gas Co. <sup>(b)</sup> | 4.504% | 03/10/46 | 1250000 | 1012873 |
| &nbsp;&nbsp;&nbsp; Indiana Gas Co., Inc. | 6.550% | 06/30/28 | 250000 | 264309 |
| &nbsp;&nbsp;&nbsp; Southern California Gas Co., Series DDD | 5.450% | 06/15/35 | 2500000 | 2552562 |
| &nbsp;&nbsp;&nbsp; Spire Missouri, Inc. | 5.150% | 08/15/34 | 1000000 | 1013477 |
|  |  |  |  | 6236840 |
|  HEALTH CARE FACILITIES & SERVICES — 0.1% | HEALTH CARE FACILITIES & SERVICES — 0.1% | HEALTH CARE FACILITIES & SERVICES — 0.1% | HEALTH CARE FACILITIES & SERVICES — 0.1% | HEALTH CARE FACILITIES & SERVICES — 0.1% |
| &nbsp;&nbsp;&nbsp; Kaiser Foundation Hospital | 3.150% | 05/01/27 | 1500000 | 1471973 |

---

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

Schedule of Investments, continued

*Praxis Impact Bond Fund June 30, 2025 (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
|  **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** |
|  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. | 5.125% | 01/18/29 | $1000000 | $996280 |
|  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 | 931422 |
|  INSTITUTIONAL FINANCIAL SERVICES — 0.9% | INSTITUTIONAL FINANCIAL SERVICES — 0.9% | INSTITUTIONAL FINANCIAL SERVICES — 0.9% | INSTITUTIONAL FINANCIAL SERVICES — 0.9% | INSTITUTIONAL FINANCIAL SERVICES — 0.9% |
| &nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. | 4.250% | 06/02/26 | 1570000 | 1566166 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (TSFR3M + 156.26) <sup>(c)</sup> | 4.223% | 05/01/29 | 1000000 | 994299 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 3.800% | 03/15/30 | 1500000 | 1463798 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Series F | 3.125% | 07/27/26 | 2000000 | 1974995 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Series I <sup>(c)</sup> | 5.449% | 07/20/29 | 1000000 | 1028451 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Series I (SOFR + 114.30) <sup>(c)</sup> | 2.699% | 01/22/31 | 1250000 | 1152646 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Series I <sup>(c)</sup> | 5.192% | 04/17/31 | 1000000 | 1025130 |
|  |  |  |  | 9205485 |
|  INSURANCE — 3.8% | INSURANCE — 3.8% | INSURANCE — 3.8% | INSURANCE — 3.8% | INSURANCE — 3.8% |
| &nbsp;&nbsp;&nbsp; Aflac, Inc. | 4.000% | 10/15/46 | 1408000 | 1094944 |
| &nbsp;&nbsp;&nbsp; AIG Global Funding, Series 2024-1 <sup>(b)</sup> | 5.200% | 01/12/29 | 500000 | 512092 |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 5.250% | 03/30/33 | 1000000 | 1025229 |
| &nbsp;&nbsp;&nbsp; American National Group, Inc. | 5.750% | 10/01/29 | 1850000 | 1894250 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding <sup>(b)</sup> | 5.583% | 01/09/29 | 2000000 | 2055815 |
| &nbsp;&nbsp;&nbsp; F&G Global Funding <sup>(b)</sup> | 2.300% | 04/11/27 | 535000 | 513684 |
| &nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 3.400% | 06/15/30 | 1000000 | 933346 |
| &nbsp;&nbsp;&nbsp; First American Financial Corp. | 2.400% | 08/15/31 | 1500000 | 1279543 |
| &nbsp;&nbsp;&nbsp; GA Global Funding Trust <sup>(b)</sup> | 2.250% | 01/06/27 | 2000000 | 1930950 |
| &nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 4.500% | 12/01/25 | 1235000 | 1233033 |
| &nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 7.250% | 09/15/28 | 965000 | 1029905 |
| &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding <sup>(b)</sup> | 5.500% | 01/09/26 | 1250000 | 1255220 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 3.750% | 03/14/26 | 1000000 | 994972 |
| &nbsp;&nbsp;&nbsp; Massachusetts Mutual Life Insurance Co. <sup>(b)</sup> | 3.375% | 04/15/50 | 2500000 | 1697702 |
| &nbsp;&nbsp;&nbsp; Met Life Global Funding I <sup>(b)</sup> | 5.150% | 03/28/33 | 1250000 | 1268661 |
| &nbsp;&nbsp;&nbsp; Mutual of Omaha Global, Series 2023-1 <sup>(b)</sup> | 5.800% | 07/27/26 | 385000 | 390798 |
| &nbsp;&nbsp;&nbsp; Mutual of Omaha Global <sup>(b)</sup> | 5.450% | 12/12/28 | 365000 | 375236 |
| &nbsp;&nbsp;&nbsp; New York Life Global Funding <sup>(b)</sup> | 4.900% | 06/13/28 | 3000000 | 3061643 |
| &nbsp;&nbsp;&nbsp; Northwestern Mutual, Series 2023-3 <sup>(b)</sup> | 4.900% | 06/12/28 | 1740000 | 1774181 |
| &nbsp;&nbsp;&nbsp; Pacific Life Global Funding II, Series 2021-1 <sup>(b)</sup> | 1.450% | 01/20/28 | 1000000 | 932875 |
| &nbsp;&nbsp;&nbsp; Peachtree Corners Funding Trust II <sup>(b)</sup> | 6.012% | 05/15/35 | 400000 | 409989 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
|  **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** |
|  INSURANCE — 3.8%, continued | INSURANCE — 3.8%, continued | INSURANCE — 3.8%, continued | INSURANCE — 3.8%, continued | INSURANCE — 3.8%, continued |
| &nbsp;&nbsp;&nbsp; Pricoa Global Funding I <sup>(a)(b)</sup> | 5.100% | 05/30/28 | $2000000 | $2044630 |
| &nbsp;&nbsp;&nbsp; Primerica, Inc. | 2.800% | 11/19/31 | 1000000 | 884865 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 3.700% | 05/15/29 | 1250000 | 1219397 |
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding <sup>(b)</sup> | 5.366% | 01/06/26 | 500000 | 502199 |
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding <sup>(b)</sup> | 5.209% | 04/14/26 | 1000000 | 1005404 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 1.500% | 03/10/26 | 644000 | 631767 |
| &nbsp;&nbsp;&nbsp; Prudential Funding Asia plc | 3.125% | 04/14/30 | 750000 | 708839 |
| &nbsp;&nbsp;&nbsp; RGA Global Funding <sup>(b)</sup> | 5.500% | 01/11/31 | 2000000 | 2062799 |
| &nbsp;&nbsp;&nbsp; Sammons Financial Group, Inc. <sup>(b)</sup> | 4.450% | 05/12/27 | 1200000 | 1197131 |
| &nbsp;&nbsp;&nbsp; Sammons Financial Group, Inc. <sup>(b)</sup> | 6.875% | 04/15/34 | 1000000 | 1070682 |
| &nbsp;&nbsp;&nbsp; Trustage Financial Group, Inc. <sup>(b)</sup> | 4.625% | 04/15/32 | 400000 | 378427 |
| &nbsp;&nbsp;&nbsp; Western-Southern Global Funding <sup>(b)</sup> | 4.900% | 05/01/30 | 3000000 | 3028222 |
|  |  |  |  | 40398430 |
|  LEISURE FACILITIES & SERVICES — 0.2% | LEISURE FACILITIES & SERVICES — 0.2% | LEISURE FACILITIES & SERVICES — 0.2% | LEISURE FACILITIES & SERVICES — 0.2% | LEISURE FACILITIES & SERVICES — 0.2% |
| &nbsp;&nbsp;&nbsp; McDonald's Corp., Series MTN | 3.500% | 07/01/27 | 1000000 | 987676 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 2.450% | 06/15/26 | 1000000 | 981194 |
|  |  |  |  | 1968870 |
|  MACHINERY — 0.4% | MACHINERY — 0.4% | MACHINERY — 0.4% | MACHINERY — 0.4% | MACHINERY — 0.4% |
| &nbsp;&nbsp;&nbsp; Ingersoll-Rand Global Holding Co. Ltd. | 6.391% | 11/15/27 | 655000 | 672274 |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp. | 1.750% | 03/09/27 | 250000 | 240545 |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp. | 3.050% | 01/06/28 | 1250000 | 1220644 |
| &nbsp;&nbsp;&nbsp; Xylem, Inc. | 1.950% | 01/30/28 | 1775000 | 1678073 |
|  |  |  |  | 3811536 |
|  MEDICAL EQUIPMENT & DEVICES — 0.1% | MEDICAL EQUIPMENT & DEVICES — 0.1% | MEDICAL EQUIPMENT & DEVICES — 0.1% | MEDICAL EQUIPMENT & DEVICES — 0.1% | MEDICAL EQUIPMENT & DEVICES — 0.1% |
| &nbsp;&nbsp;&nbsp; Alcon Finance Corp. <sup>(b)</sup> | 2.600% | 05/27/30 | 1250000 | 1142745 |
|  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 | 922057 |
|  PIPELINES — 0.1% | PIPELINES — 0.1% | PIPELINES — 0.1% | PIPELINES — 0.1% | PIPELINES — 0.1% |
| &nbsp;&nbsp;&nbsp; Northern Natural Gas Co. <sup>(b)</sup> | 4.100% | 09/15/42 | 1200000 | 966259 |
|  REITS — 3.1% | REITS — 3.1% | REITS — 3.1% | REITS — 3.1% | REITS — 3.1% |
| &nbsp;&nbsp;&nbsp; Agree Ltd. Partnership | 2.900% | 10/01/30 | 650000 | 599904 |
| &nbsp;&nbsp;&nbsp; Agree Ltd. Partnership | 4.800% | 10/01/32 | 715000 | 706182 |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 2.950% | 03/15/34 | 1000000 | 843004 |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 4.750% | 04/15/35 | 1250000 | 1195829 |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, L.P. | 5.500% | 02/01/34 | 2000000 | 2033433 |
| &nbsp;&nbsp;&nbsp; Boston Properties, L.P. | 4.500% | 12/01/28 | 1250000 | 1240135 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | 2.800% | 05/15/30 | 1500000 | 1394676 |
| &nbsp;&nbsp;&nbsp; Cousins Properties, L.P. | 5.375% | 02/15/32 | 1650000 | 1667172 |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust, L.P. | 5.550% | 01/15/28 | 2250000 | 2307747 |
| &nbsp;&nbsp;&nbsp; ERP Operating, L.P. | 4.150% | 12/01/28 | 1250000 | 1249385 |

---

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

Schedule of Investments, continued

*Praxis Impact Bond Fund June 30, 2025 (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
|  **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** |
|  REITS — 3.1%, continued | REITS — 3.1%, continued | REITS — 3.1%, continued | REITS — 3.1%, continued | REITS — 3.1%, continued |
| &nbsp;&nbsp;&nbsp; ESSEX Portfolio, L.P. | 2.650% | 03/15/32 | $1500000 | $1309091 |
| &nbsp;&nbsp;&nbsp; ESSEX Portfolio, L.P. | 5.500% | 04/01/34 | 250000 | 255366 |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 1.250% | 02/15/26 | 515000 | 504164 |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 5.375% | 05/01/28 | 1500000 | 1537348 |
| &nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 2.500% | 11/15/32 | 1750000 | 1406586 |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 2.700% | 10/01/30 | 1750000 | 1605207 |
| &nbsp;&nbsp;&nbsp; Lexington Realty Trust | 2.700% | 09/15/30 | 1500000 | 1344208 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 3.950% | 03/15/29 | 1750000 | 1728097 |
| &nbsp;&nbsp;&nbsp; Ontario Teachers Cadillac Fairview Properties Trust <sup>(b)</sup> | 2.500% | 10/15/31 | 1255000 | 1100837 |
| &nbsp;&nbsp;&nbsp; Prologis, L.P. | 2.875% | 10/06/29 | 1500000 | 1413931 |
| &nbsp;&nbsp;&nbsp; Prologis, L.P. | 4.625% | 01/15/33 | 1500000 | 1492714 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. | 4.700% | 12/15/28 | 1000000 | 1014120 |
| &nbsp;&nbsp;&nbsp; Regency Centers, L.P. | 5.000% | 07/15/32 | 348000 | 351979 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, L.P. | 5.000% | 06/15/28 | 500000 | 504285 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, L.P. | 2.150% | 09/01/31 | 1750000 | 1500035 |
| &nbsp;&nbsp;&nbsp; Sun Communities Operating, L.P. | 2.700% | 07/15/31 | 500000 | 443114 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | 1.900% | 03/15/33 | 1500000 | 1197861 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc. | 2.450% | 02/01/32 | 1500000 | 1285973 |
|  |  |  |  | 33232383 |
|  RETAIL - CONSUMER STAPLES — 0.1% | RETAIL - CONSUMER STAPLES — 0.1% | RETAIL - CONSUMER STAPLES — 0.1% | RETAIL - CONSUMER STAPLES — 0.1% | RETAIL - CONSUMER STAPLES — 0.1% |
| &nbsp;&nbsp;&nbsp; Kroger Co. (The) | 5.000% | 04/15/42 | 1000000 | 908499 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 1.800% | 09/22/31 | 500000 | 435585 |
|  |  |  |  | 1344084 |
|  RETAIL - DISCRETIONARY — 0.3% | RETAIL - DISCRETIONARY — 0.3% | RETAIL - DISCRETIONARY — 0.3% | RETAIL - DISCRETIONARY — 0.3% | RETAIL - DISCRETIONARY — 0.3% |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 3.625% | 04/15/52 | 1000000 | 727877 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 4.650% | 04/15/42 | 1000000 | 878118 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 3.000% | 10/15/50 | 500000 | 312379 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 5.625% | 04/15/53 | 1000000 | 961737 |
|  |  |  |  | 2880111 |
|  SEMICONDUCTORS — 0.2% | SEMICONDUCTORS — 0.2% | SEMICONDUCTORS — 0.2% | SEMICONDUCTORS — 0.2% | SEMICONDUCTORS — 0.2% |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 4.150% | 08/05/32 | 1000000 | 948061 |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 3.734% | 12/08/47 | 1000000 | 705481 |
|  |  |  |  | 1653542 |
|  SOFTWARE — 0.3% | SOFTWARE — 0.3% | SOFTWARE — 0.3% | SOFTWARE — 0.3% | SOFTWARE — 0.3% |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 2.525% | 06/01/50 | 4500000 | 2780860 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 2.921% | 03/17/52 | 1000000 | 663144 |
|  |  |  |  | 3444004 |
|  SPECIALTY FINANCE — 0.8% | SPECIALTY FINANCE — 0.8% | SPECIALTY FINANCE — 0.8% | SPECIALTY FINANCE — 0.8% | SPECIALTY FINANCE — 0.8% |
| &nbsp;&nbsp;&nbsp; BlueHub Loan Fund, Inc. | 3.099% | 01/01/30 | 1030000 | 972568 |
| &nbsp;&nbsp;&nbsp; Community Preservation Corp. (The) | 2.867% | 02/01/30 | 2500000 | 2252467 |
| &nbsp;&nbsp;&nbsp; Low Income Investment Fund | 3.386% | 07/01/26 | 115000 | 112818 |
| &nbsp;&nbsp;&nbsp; Low Income Investment Fund, Series 2019 | 3.711% | 07/01/29 | 1985000 | 1866455 |
| &nbsp;&nbsp;&nbsp; USAA Capital Corp. <sup>(b)</sup> | 2.125% | 05/01/30 | 3000000 | 2728463 |
|  |  |  |  | 7932771 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
|  **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** | **CORPORATE BONDS — 27.9%, continued** |
|  TECHNOLOGY HARDWARE — 0.5% | TECHNOLOGY HARDWARE — 0.5% | TECHNOLOGY HARDWARE — 0.5% | TECHNOLOGY HARDWARE — 0.5% | TECHNOLOGY HARDWARE — 0.5% |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 3.000% | 06/20/27 | $1000000 | $982657 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 2.650% | 05/11/50 | 1000000 | 627277 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 2.650% | 02/08/51 | 2000000 | 1241783 |
| &nbsp;&nbsp;&nbsp; HP, Inc. | 4.750% | 01/15/28 | 1100000 | 1112657 |
| &nbsp;&nbsp;&nbsp; HP, Inc. | 4.000% | 04/15/29 | 915000 | 895682 |
|  |  |  |  | 4860056 |
|  TECHNOLOGY SERVICES — 0.2% | TECHNOLOGY SERVICES — 0.2% | TECHNOLOGY SERVICES — 0.2% | TECHNOLOGY SERVICES — 0.2% | TECHNOLOGY SERVICES — 0.2% |
| &nbsp;&nbsp;&nbsp; Experian Finance plc <sup>(b)</sup> | 2.750% | 03/08/30 | 635000 | 589529 |
| &nbsp;&nbsp;&nbsp; Moody's Corp. | 3.250% | 05/20/50 | 500000 | 335677 |
| &nbsp;&nbsp;&nbsp; Moody's Corp. | 3.750% | 02/25/52 | 1000000 | 743533 |
|  |  |  |  | 1668739 |
|  TELECOMMUNICATIONS — 0.5% | TELECOMMUNICATIONS — 0.5% | TELECOMMUNICATIONS — 0.5% | TELECOMMUNICATIONS — 0.5% | TELECOMMUNICATIONS — 0.5% |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 5.250% | 03/01/37 | 500000 | 499007 |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 4.750% | 05/15/46 | 2000000 | 1745133 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 3.875% | 02/08/29 | 1000000 | 987512 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 1.500% | 09/18/30 | 1000000 | 863724 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 2.987% | 10/30/56 | 1799000 | 1082734 |
|  |  |  |  | 5178110 |
|  TRANSPORTATION & LOGISTICS — 1.0% | TRANSPORTATION & LOGISTICS — 1.0% | TRANSPORTATION & LOGISTICS — 1.0% | TRANSPORTATION & LOGISTICS — 1.0% | TRANSPORTATION & LOGISTICS — 1.0% |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe, LLC | 5.750% | 05/01/40 | 2078000 | 2175797 |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. | 2.050% | 03/05/30 | 1750000 | 1575702 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 4.837% | 10/01/41 | 1000000 | 914957 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 3.050% | 05/15/50 | 1500000 | 983884 |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. <sup>(b)</sup> | 5.750% | 05/24/26 | 500000 | 504217 |
| &nbsp;&nbsp;&nbsp; TTX Co. <sup>(b)</sup> | 4.600% | 02/01/49 | 280000 | 239597 |
| &nbsp;&nbsp;&nbsp; TTX Co. <sup>(a)(b)</sup> | 5.650% | 12/01/52 | 500000 | 494339 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | 4.950% | 09/09/52 | 2000000 | 1835270 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. | 5.950% | 05/14/55 | 2000000 | 2052388 |
|  |  |  |  | 10776151 |
|  TRANSPORTATION EQUIPMENT — 0.1% | TRANSPORTATION EQUIPMENT — 0.1% | TRANSPORTATION EQUIPMENT — 0.1% | TRANSPORTATION EQUIPMENT — 0.1% | TRANSPORTATION EQUIPMENT — 0.1% |
| &nbsp;&nbsp;&nbsp; Ryder System, Inc. | 5.650% | 03/01/28 | 1250000 | 1290848 |
|  WHOLESALE - CONSUMER STAPLES — 0.2% | WHOLESALE - CONSUMER STAPLES — 0.2% | WHOLESALE - CONSUMER STAPLES — 0.2% | WHOLESALE - CONSUMER STAPLES — 0.2% | WHOLESALE - CONSUMER STAPLES — 0.2% |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. <sup>(a)</sup> | 1.630% | 08/17/25 | 395000 | 393370 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 2.400% | 02/15/30 | 1750000 | 1600717 |
|  |  |  |  | 1994087 |
| TOTAL CORPORATE BONDS (COST $324,351,990) | TOTAL CORPORATE BONDS (COST $324,351,990) | TOTAL CORPORATE BONDS (COST $324,351,990) | TOTAL CORPORATE BONDS (COST $324,351,990) | $294441479 |
|  **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 Impact Capital, Inc. <sup>(e)</sup> | 2.500% | 12/15/25 | 650000 | 640238 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(e)</sup> | 4.000% | 06/15/28 | 1200000 | 1152611 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(e)</sup> | 5.000% | 12/15/28 | 450000 | 442887 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(e)</sup> | 5.000% | 06/15/29 | 1800000 | 1766941 |

---

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

Schedule of Investments, continued

*Praxis Impact Bond Fund June 30, 2025 (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
|  **CORPORATE NOTES — 0.9%, continued** | **CORPORATE NOTES — 0.9%, continued** | **CORPORATE NOTES — 0.9%, continued** | **CORPORATE NOTES — 0.9%, continued** | **CORPORATE NOTES — 0.9%, continued** |
|  COMMUNITY DEVELOPMENT — 0.9%, continued | COMMUNITY DEVELOPMENT — 0.9%, continued | COMMUNITY DEVELOPMENT — 0.9%, continued | COMMUNITY DEVELOPMENT — 0.9%, continued | COMMUNITY DEVELOPMENT — 0.9%, continued |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(e)</sup> | 4.500% | 12/14/29 | $550000 | $527377 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(e)</sup> | 4.500% | 06/14/30 | 1800000 | 1786500 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Climate, Inc. <sup>(e)</sup> | 5.500% | 12/15/53 | 991134 | 888098 |
| &nbsp;&nbsp;&nbsp; Capital Impact Partners Investment <sup>(e)</sup> | 4.500% | 12/15/25 | 550000 | 550310 |
| &nbsp;&nbsp;&nbsp; Capital Impact Partners Investment <sup>(e)</sup> | 4.500% | 06/15/26 | 1800000 | 1801887 |
| &nbsp;&nbsp;&nbsp; Capital Impact Partners Investment <sup>(e)</sup> | 5.000% | 12/15/26 | 500000 | 503461 |
| TOTAL CORPORATE NOTES (COST $10,291,134) | TOTAL CORPORATE NOTES (COST $10,291,134) | TOTAL CORPORATE NOTES (COST $10,291,134) | TOTAL CORPORATE NOTES (COST $10,291,134) | $10060310 |
|  **FOREIGN GOVERNMENTS — 4.8%** | **FOREIGN GOVERNMENTS — 4.8%** | **FOREIGN GOVERNMENTS — 4.8%** | **FOREIGN GOVERNMENTS — 4.8%** | **FOREIGN GOVERNMENTS — 4.8%** |
|  FOREIGN AGENCY — 0.9% | FOREIGN AGENCY — 0.9% | FOREIGN AGENCY — 0.9% | FOREIGN AGENCY — 0.9% | FOREIGN AGENCY — 0.9% |
| &nbsp;&nbsp;&nbsp; BNG Bank N.V. <sup>(a)(b)</sup> | 0.500% | 11/24/25 | 2000000 | 1969120 |
| &nbsp;&nbsp;&nbsp; Kreditanstalt Fur Wiederafbau | 4.375% | 02/28/34 | 7500000 | 7581637 |
|  |  |  |  | 9550757 |
|  SUPRANATIONAL — 3.9% | SUPRANATIONAL — 3.9% | SUPRANATIONAL — 3.9% | SUPRANATIONAL — 3.9% | SUPRANATIONAL — 3.9% |
| &nbsp;&nbsp;&nbsp; African Development Bank | 3.500% | 09/18/29 | 2000000 | 1974766 |
| &nbsp;&nbsp;&nbsp; Asian Development Bank | 3.125% | 09/26/28 | 1000000 | 980391 |
| &nbsp;&nbsp;&nbsp; Central American Bank for Economic Integration <sup>(b)</sup> | 1.140% | 02/09/26 | 1200000 | 1176085 |
| &nbsp;&nbsp;&nbsp; European Investment Bank | 2.125% | 04/13/26 | 1000000 | 984795 |
| &nbsp;&nbsp;&nbsp; European Investment Bank | 2.375% | 05/24/27 | 4000000 | 3896284 |
| &nbsp;&nbsp;&nbsp; Inter-American Development Bank | 3.500% | 04/12/33 | 3000000 | 2871428 |
| &nbsp;&nbsp;&nbsp; Inter-American Development Bank | 4.375% | 01/24/44 | 3000000 | 2781782 |
| &nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development | 3.126% | 11/20/25 | 1000000 | 995013 |
| &nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development | 0.875% | 07/15/26 | 3000000 | 2906139 |
| &nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development | 3.125% | 06/15/27 | 4000000 | 3947995 |
| &nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development | 4.750% | 11/14/33 | 6000000 | 6237392 |
| &nbsp;&nbsp;&nbsp; International Development Association <sup>(b)</sup> | 0.375% | 09/23/25 | 2000000 | 1981510 |
| &nbsp;&nbsp;&nbsp; International Development Association <sup>(a)(b)</sup> | 0.876% | 04/28/26 | 2000000 | 1947645 |
| &nbsp;&nbsp;&nbsp; International Development Association <sup>(b)</sup> | 4.500% | 02/12/35 | 4000000 | 4051321 |
| &nbsp;&nbsp;&nbsp; International Finance Corp., Series GMTN | 2.126% | 04/07/26 | 3000000 | 2955275 |
| &nbsp;&nbsp;&nbsp; International Finance Corp., Series 2622 | 4.375% | 01/15/27 | 1000000 | 1007436 |
|  |  |  |  | 40695257 |
| TOTAL FOREIGN GOVERNMENTS (COST $50,715,235) | TOTAL FOREIGN GOVERNMENTS (COST $50,715,235) | TOTAL FOREIGN GOVERNMENTS (COST $50,715,235) | TOTAL FOREIGN GOVERNMENTS (COST $50,715,235) | $50246014 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0% <sup>(d)</sup>** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0% <sup>(d)</sup>** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0% <sup>(d)</sup>** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0% <sup>(d)</sup>** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0% <sup>(d)</sup>** |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Pass-Through Certificates, Class A-3 (COST $33,556) | 2.853% | 10/17/45 | $32965 | $31488 |
|  **U.S. GOVERNMENT AGENCIES — 56.5%** | **U.S. GOVERNMENT AGENCIES — 56.5%** | **U.S. GOVERNMENT AGENCIES — 56.5%** | **U.S. GOVERNMENT AGENCIES — 56.5%** | **U.S. GOVERNMENT AGENCIES — 56.5%** |
|  DEVELOPMENT FINANCE CORPORATION — 0.7% | DEVELOPMENT FINANCE CORPORATION — 0.7% | DEVELOPMENT FINANCE CORPORATION — 0.7% | DEVELOPMENT FINANCE CORPORATION — 0.7% | DEVELOPMENT FINANCE CORPORATION — 0.7% |
| &nbsp;&nbsp;&nbsp; DFC | 4.570% | 09/15/26 | 208333 | 208333 |
| &nbsp;&nbsp;&nbsp; DFC | 1.590% | 04/15/28 | 2000000 | 1896992 |
| &nbsp;&nbsp;&nbsp; DFC | 1.650% | 04/15/28 | 3500000 | 3343137 |
| &nbsp;&nbsp;&nbsp; DFC | 3.130% | 04/15/28 | 1000000 | 978437 |
| &nbsp;&nbsp;&nbsp; DFC | 3.540% | 06/15/30 | 294133 | 289027 |
| &nbsp;&nbsp;&nbsp; DFC | 3.520% | 09/20/32 | 517857 | 504426 |
|  |  |  |  | 7220352 |
|  FEDERAL HOME LOAN BANK — 7.1% | FEDERAL HOME LOAN BANK — 7.1% | FEDERAL HOME LOAN BANK — 7.1% | FEDERAL HOME LOAN BANK — 7.1% | FEDERAL HOME LOAN BANK — 7.1% |
| &nbsp;&nbsp;&nbsp; FHLB | 1.250% | 12/21/26 | 4000000 | 3850843 |
| &nbsp;&nbsp;&nbsp; FHLB | 4.125% | 01/15/27 | 7000000 | 7034546 |
| &nbsp;&nbsp;&nbsp; FHLB | 4.250% | 12/10/27 | 11000000 | 11121358 |
| &nbsp;&nbsp;&nbsp; FHLB | 4.500% | 03/10/28 | 3000000 | 3059079 |
| &nbsp;&nbsp;&nbsp; FHLB | 4.000% | 06/30/28 | 3200000 | 3228532 |
| &nbsp;&nbsp;&nbsp; FHLB | 3.250% | 11/16/28 | 13000000 | 12822785 |
| &nbsp;&nbsp;&nbsp; FHLB | 5.500% | 07/15/36 | 18620000 | 20294838 |
| &nbsp;&nbsp;&nbsp; FHLB | 2.590% | 03/19/40 | 4000000 | 2916672 |
| &nbsp;&nbsp;&nbsp; FHLB | 2.340% | 03/26/40 | 1000000 | 716995 |
| &nbsp;&nbsp;&nbsp; FHLB | 2.070% | 06/29/40 | 1715000 | 1167227 |
| &nbsp;&nbsp;&nbsp; FHLB | 2.010% | 07/16/40 | 2685000 | 1799693 |
| &nbsp;&nbsp;&nbsp; FHLB | 5.250% | 03/11/44 | 7200000 | 7354989 |
|  |  |  |  | 75367557 |
|  FEDERAL HOME LOAN MORTGAGE CORPORATION — 22.3% | FEDERAL HOME LOAN MORTGAGE CORPORATION — 22.3% | FEDERAL HOME LOAN MORTGAGE CORPORATION — 22.3% | FEDERAL HOME LOAN MORTGAGE CORPORATION — 22.3% | FEDERAL HOME LOAN MORTGAGE CORPORATION — 22.3% |
| &nbsp;&nbsp;&nbsp; FHLMC | 4.000% | 10/01/25 | 330 | 329 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.875% | 04/25/26 | 3000000 | 2967618 |
| &nbsp;&nbsp;&nbsp; FHLMC | 6.000% | 04/01/27 | 11133 | 11322 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.500% | 10/01/27 | 81083 | 79595 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.738% | 04/25/29 | 1573184 | 1536187 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.939% | 04/25/29 | 7000000 | 6701615 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.412% | 08/25/29 | 5780000 | 5415971 |
| &nbsp;&nbsp;&nbsp; FHLMC | 7.000% | 02/01/30 | 7287 | 7690 |
| &nbsp;&nbsp;&nbsp; FHLMC | 1.297% | 06/25/30 | 13000000 | 11350218 |
| &nbsp;&nbsp;&nbsp; FHLMC | 7.500% | 07/01/30 | 12840 | 13158 |
| &nbsp;&nbsp;&nbsp; FHLMC | 1.406% | 08/25/30 | 2000000 | 1748499 |
| &nbsp;&nbsp;&nbsp; FHLMC | 1.503% | 09/25/30 | 5324300 | 4675064 |
| &nbsp;&nbsp;&nbsp; FHLMC | 1.487% | 11/25/30 | 16167800 | 14078375 |
| &nbsp;&nbsp;&nbsp; FHLMC | 1.878% | 01/25/31 | 1500000 | 1331980 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.000% | 01/25/31 | 3328000 | 2929150 |
| &nbsp;&nbsp;&nbsp; FHLMC | 7.000% | 03/01/31 | 11850 | 12506 |
| &nbsp;&nbsp;&nbsp; FHLMC | 1.777% | 10/25/31 | 5000000 | 4325326 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.154% | 10/25/31 | 4000000 | 3532234 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.091% | 11/25/31 | 2500000 | 2189851 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.127% | 11/25/31 | 9000000 | 7918510 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.250% | 01/25/32 | 5000000 | 4412354 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.450% | 04/25/32 | 7100000 | 6312231 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.650% | 05/25/32 | 12450000 | 11164844 |
| &nbsp;&nbsp;&nbsp; FHLMC | 6.250% | 07/15/32 | 7050000 | 7993325 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.123% | 08/25/32 | 5710000 | 5277113 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.000% | 11/01/32 | 214418 | 207503 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.000% | 11/01/32 | 291401 | 281863 |
| &nbsp;&nbsp;&nbsp; FHLMC | 5.500% | 11/01/33 | 12892 | 12994 |
| &nbsp;&nbsp;&nbsp; FHLMC (H15T1Y + 223.10) <sup>(c)</sup> | 7.231% | 05/01/34 | 16642 | 17102 |

---

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

Schedule of Investments, continued

*Praxis Impact Bond Fund June 30, 2025 (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
|  **U.S. GOVERNMENT AGENCIES — 56.5%, continued** | **U.S. GOVERNMENT AGENCIES — 56.5%, continued** | **U.S. GOVERNMENT AGENCIES — 56.5%, continued** | **U.S. GOVERNMENT AGENCIES — 56.5%, continued** | **U.S. GOVERNMENT AGENCIES — 56.5%, continued** |
|  FEDERAL HOME LOAN MORTGAGE CORPORATION — 22.3%, continued | FEDERAL HOME LOAN MORTGAGE CORPORATION — 22.3%, continued | FEDERAL HOME LOAN MORTGAGE CORPORATION — 22.3%, continued | FEDERAL HOME LOAN MORTGAGE CORPORATION — 22.3%, continued | FEDERAL HOME LOAN MORTGAGE CORPORATION — 22.3%, continued |
| &nbsp;&nbsp;&nbsp; FHLMC | 1.783% | 06/25/34 | $2084061 | $1707366 |
| &nbsp;&nbsp;&nbsp; FHLMC | 5.000% | 07/01/35 | 32934 | 33243 |
| &nbsp;&nbsp;&nbsp; FHLMC | 4.500% | 10/01/35 | 48833 | 48682 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.438% | 02/25/36 | 4000000 | 3236258 |
| &nbsp;&nbsp;&nbsp; FHLMC | 5.500% | 03/01/36 | 13750 | 14207 |
| &nbsp;&nbsp;&nbsp; FHLMC | 1.500% | 04/01/36 | 4203227 | 3745699 |
| &nbsp;&nbsp;&nbsp; FHLMC | 5.500% | 06/01/36 | 19731 | 20388 |
| &nbsp;&nbsp;&nbsp; FHLMC | 6.000% | 06/01/36 | 18092 | 18767 |
| &nbsp;&nbsp;&nbsp; FHLMC | 5.500% | 12/01/36 | 16184 | 16716 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.000% | 02/01/37 | 3406841 | 3112607 |
| &nbsp;&nbsp;&nbsp; FHLMC | 6.000% | 08/01/37 | 6966 | 7288 |
| &nbsp;&nbsp;&nbsp; FHLMC | 5.000% | 03/01/38 | 84365 | 85827 |
| &nbsp;&nbsp;&nbsp; FHLMC | 0.000% | 11/15/38 | 4331000 | 2261048 |
| &nbsp;&nbsp;&nbsp; FHLMC | 4.500% | 06/01/39 | 85870 | 85780 |
| &nbsp;&nbsp;&nbsp; FHLMC | 5.000% | 06/01/39 | 133071 | 134904 |
| &nbsp;&nbsp;&nbsp; FHLMC | 4.500% | 07/01/39 | 86728 | 86638 |
| &nbsp;&nbsp;&nbsp; FHLMC | 4.500% | 11/01/39 | 79113 | 79030 |
| &nbsp;&nbsp;&nbsp; FHLMC | 4.500% | 09/01/40 | 124190 | 123684 |
| &nbsp;&nbsp;&nbsp; FHLMC | 4.500% | 05/01/41 | 243709 | 242552 |
| &nbsp;&nbsp;&nbsp; FHLMC | 4.500% | 07/01/41 | 270620 | 270003 |
| &nbsp;&nbsp;&nbsp; FHLMC | 5.000% | 09/01/41 | 111064 | 112583 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.500% | 10/01/41 | 134150 | 126339 |
| &nbsp;&nbsp;&nbsp; FHLMC | 4.000% | 10/01/41 | 150526 | 145421 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.500% | 02/01/42 | 237383 | 223138 |
| &nbsp;&nbsp;&nbsp; FHLMC | 4.000% | 02/01/42 | 62646 | 60547 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.500% | 06/01/42 | 280703 | 263859 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.500% | 06/01/42 | 274194 | 257741 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.500% | 08/01/42 | 325723 | 306041 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.000% | 11/01/42 | 629993 | 570618 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.000% | 01/01/43 | 358518 | 324505 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.000% | 05/01/43 | 470182 | 425090 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.500% | 10/01/44 | 274297 | 255730 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.500% | 11/01/44 | 248606 | 231650 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.500% | 04/01/45 | 313471 | 291134 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.000% | 05/01/46 | 539979 | 480257 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.000% | 12/01/46 | 1336608 | 1188917 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.500% | 03/01/48 | 1474271 | 1360325 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.500% | 03/01/49 | 405278 | 370079 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.500% | 07/01/49 | 657193 | 598937 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.000% | 09/01/49 | 777333 | 681225 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.000% | 07/01/50 | 1915333 | 1664609 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.000% | 08/01/50 | 2787917 | 2213246 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.050% | 08/19/50 | 2500000 | 1337991 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.000% | 01/01/51 | 6859556 | 5471138 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.500% | 04/01/51 | 6713033 | 5606971 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.000% | 08/01/51 | 2856656 | 2272017 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.500% | 09/01/51 | 2646959 | 2202744 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.000% | 01/01/52 | 5129776 | 4076106 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.500% | 02/01/52 | 5588216 | 4646477 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.000% | 04/01/52 | 4214099 | 3344194 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.000% | 04/01/52 | 4877918 | 4224814 |
| &nbsp;&nbsp;&nbsp; FHLMC | 2.500% | 05/01/52 | 5888742 | 4898823 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.000% | 05/01/52 | 8303718 | 7197652 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.000% | 07/01/52 | 15459336 | 13398566 |
| &nbsp;&nbsp;&nbsp; FHLMC | 4.000% | 07/01/52 | 4989007 | 4648853 |
| &nbsp;&nbsp;&nbsp; FHLMC | 4.000% | 08/01/52 | 5063472 | 4717974 |
| &nbsp;&nbsp;&nbsp; FHLMC | 3.500% | 09/01/52 | 11135253 | 10042789 |
| &nbsp;&nbsp;&nbsp; FHLMC | 4.500% | 09/01/52 | 8493205 | 8139382 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
|  **U.S. GOVERNMENT AGENCIES — 56.5%, continued** | **U.S. GOVERNMENT AGENCIES — 56.5%, continued** | **U.S. GOVERNMENT AGENCIES — 56.5%, continued** | **U.S. GOVERNMENT AGENCIES — 56.5%, continued** | **U.S. GOVERNMENT AGENCIES — 56.5%, continued** |
|  FEDERAL HOME LOAN MORTGAGE CORPORATION — 22.3%, continued | FEDERAL HOME LOAN MORTGAGE CORPORATION — 22.3%, continued | FEDERAL HOME LOAN MORTGAGE CORPORATION — 22.3%, continued | FEDERAL HOME LOAN MORTGAGE CORPORATION — 22.3%, continued | FEDERAL HOME LOAN MORTGAGE CORPORATION — 22.3%, continued |
| &nbsp;&nbsp;&nbsp; FHLMC | 4.000% | 10/01/52 | $10198991 | $9502010 |
| &nbsp;&nbsp;&nbsp; FHLMC | 5.500% | 05/01/53 | 5766493 | 5775744 |
|  |  |  |  | 235491450 |
|  FEDERAL NATIONAL MORTGAGE ASSOCIATION — 24.8% | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 24.8% | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 24.8% | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 24.8% | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 24.8% |
| &nbsp;&nbsp;&nbsp; FNMA | 5.000% | 07/01/25 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.500% | 10/01/25 | 1061 | 1057 |
| &nbsp;&nbsp;&nbsp; FNMA | 5.000% | 10/01/25 | 555 | 553 |
| &nbsp;&nbsp;&nbsp; FNMA | 5.500% | 11/01/25 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.000% | 03/01/26 | 12946 | 12879 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.910% | 04/01/26 | 3000000 | 2957359 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.125% | 04/24/26 | 2000000 | 1968706 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.500% | 09/01/27 | 84018 | 82479 |
| &nbsp;&nbsp;&nbsp; FNMA | 0.750% | 10/08/27 | 8000000 | 7484362 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.500% | 11/01/27 | 147286 | 144429 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.500% | 01/01/28 | 94903 | 93015 |
| &nbsp;&nbsp;&nbsp; FNMA <sup>(c)</sup> | 3.413% | 06/25/28 | 1795551 | 1759114 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.662% | 09/25/28 | 3305954 | 3254075 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.530% | 05/01/29 | 3949068 | 3718016 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.522% | 08/27/29 | 5272422 | 4956298 |
| &nbsp;&nbsp;&nbsp; FNMA | 1.470% | 11/01/29 | 2575870 | 2300545 |
| &nbsp;&nbsp;&nbsp; FNMA | 0.875% | 08/05/30 | 24000000 | 20735366 |
| &nbsp;&nbsp;&nbsp; FNMA | 6.625% | 11/15/30 | 12750000 | 14425618 |
| &nbsp;&nbsp;&nbsp; FNMA <sup>(c)</sup> | 1.517% | 11/25/30 | 3000000 | 2580458 |
| &nbsp;&nbsp;&nbsp; FNMA <sup>(c)</sup> | 1.428% | 12/25/30 | 5000000 | 4300805 |
| &nbsp;&nbsp;&nbsp; FNMA | 1.286% | 01/25/31 | 16000000 | 13711550 |
| &nbsp;&nbsp;&nbsp; FNMA | 1.410% | 02/01/31 | 3000000 | 2577496 |
| &nbsp;&nbsp;&nbsp; FNMA | 1.421% | 03/25/31 | 1000000 | 850147 |
| &nbsp;&nbsp;&nbsp; FNMA | 1.820% | 06/01/31 | 2000000 | 1731057 |
| &nbsp;&nbsp;&nbsp; FNMA | 1.583% | 09/25/31 | 1125000 | 960401 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.000% | 01/01/32 | 727800 | 690427 |
| &nbsp;&nbsp;&nbsp; FNMA | 1.684% | 11/25/32 | 5000000 | 4169886 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.000% | 12/01/32 | 319817 | 307630 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.649% | 04/25/33 | 2000000 | 2001417 |
| &nbsp;&nbsp;&nbsp; FNMA | 6.000% | 10/01/33 | 8142 | 8310 |
| &nbsp;&nbsp;&nbsp; FNMA | 5.500% | 02/01/34 | 14744 | 15144 |
| &nbsp;&nbsp;&nbsp; FNMA (H15T1Y + 211.70) <sup>(c)</sup> | 6.340% | 05/01/34 | 12396 | 12640 |
| &nbsp;&nbsp;&nbsp; FNMA | 6.000% | 11/01/34 | 34683 | 36057 |
| &nbsp;&nbsp;&nbsp; FNMA | 5.500% | 01/01/35 | 21172 | 22047 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.500% | 02/01/35 | 812964 | 767017 |
| &nbsp;&nbsp;&nbsp; FNMA | 5.000% | 10/01/35 | 32950 | 33419 |
| &nbsp;&nbsp;&nbsp; FNMA | 5.500% | 10/01/35 | 39510 | 40776 |
| &nbsp;&nbsp;&nbsp; FNMA | 6.000% | 10/01/35 | 18636 | 19201 |
| &nbsp;&nbsp;&nbsp; FNMA | 5.500% | 06/01/36 | 9306 | 9575 |
| &nbsp;&nbsp;&nbsp; FNMA | 6.000% | 06/01/36 | 10397 | 10898 |
| &nbsp;&nbsp;&nbsp; FNMA | 5.500% | 11/01/36 | 14286 | 14724 |
| &nbsp;&nbsp;&nbsp; FNMA (RFUCCT1Y + 156.50) <sup>(c)</sup> | 6.440% | 05/01/37 | 1815 | 1825 |
| &nbsp;&nbsp;&nbsp; FNMA | 5.625% | 07/15/37 | 14250000 | 15615654 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.500% | 09/01/40 | 73126 | 72892 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.500% | 10/01/40 | 72338 | 72099 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.000% | 12/01/40 | 190339 | 183915 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.000% | 01/01/41 | 133159 | 128623 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.500% | 02/01/41 | 199113 | 187307 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.000% | 10/01/41 | 102334 | 98785 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.000% | 11/01/41 | 118981 | 114854 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.000% | 12/01/41 | 199158 | 192106 |

---

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

Schedule of Investments, continued

*Praxis Impact Bond Fund June 30, 2025 (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
|  **U.S. GOVERNMENT AGENCIES — 56.5%, continued** | **U.S. GOVERNMENT AGENCIES — 56.5%, continued** | **U.S. GOVERNMENT AGENCIES — 56.5%, continued** | **U.S. GOVERNMENT AGENCIES — 56.5%, continued** | **U.S. GOVERNMENT AGENCIES — 56.5%, continued** |
|  FEDERAL NATIONAL MORTGAGE ASSOCIATION — 24.8%, continued | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 24.8%, continued | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 24.8%, continued | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 24.8%, continued | FEDERAL NATIONAL MORTGAGE ASSOCIATION — 24.8%, continued |
| &nbsp;&nbsp;&nbsp; FNMA | 4.000% | 12/01/41 | $141634 | $136678 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.000% | 01/01/42 | 450628 | 437209 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.500% | 05/01/42 | 234388 | 220024 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.000% | 06/01/42 | 442190 | 400289 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.000% | 08/01/42 | 352202 | 318829 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.000% | 08/01/42 | 326700 | 295743 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.500% | 12/01/42 | 471604 | 442604 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.000% | 06/01/43 | 402722 | 363897 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.000% | 12/01/44 | 549379 | 522677 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.500% | 05/01/45 | 628012 | 583794 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.000% | 04/01/46 | 531280 | 472311 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.500% | 11/01/46 | 893147 | 829536 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.000% | 10/01/48 | 400090 | 378404 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.000% | 11/01/48 | 1117886 | 1055183 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.500% | 05/01/49 | 331287 | 301988 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.000% | 06/01/49 | 502589 | 469304 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.500% | 08/01/49 | 1346806 | 1226912 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.000% | 09/01/49 | 744333 | 652265 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.000% | 06/01/50 | 1536313 | 1345614 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.500% | 07/01/50 | 2547928 | 2136544 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.500% | 08/01/50 | 1801769 | 1512346 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.000% | 08/01/50 | 2721386 | 2381892 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.000% | 11/01/50 | 4618019 | 3686187 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.000% | 01/01/51 | 8260014 | 6585560 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.000% | 02/01/51 | 4904350 | 3905562 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.500% | 04/01/51 | 13686334 | 11427425 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.000% | 08/01/51 | 11640796 | 9258415 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.000% | 11/01/51 | 4832842 | 3837470 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.500% | 12/01/51 | 7665994 | 6377477 |
| &nbsp;&nbsp;&nbsp; FNMA | 2.500% | 05/01/52 | 5055672 | 4202799 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.500% | 05/01/52 | 14490608 | 13070530 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.500% | 05/01/52 | 6932689 | 6252979 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.000% | 07/01/52 | 4274912 | 3702529 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.500% | 07/01/52 | 12079102 | 11575047 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.500% | 08/01/52 | 5665816 | 5429582 |
| &nbsp;&nbsp;&nbsp; FNMA | 3.500% | 09/01/52 | 4293853 | 3872368 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.000% | 09/01/52 | 12544997 | 11688999 |
| &nbsp;&nbsp;&nbsp; FNMA | 4.500% | 10/01/52 | 6523910 | 6252360 |
| &nbsp;&nbsp;&nbsp; FNMA | 5.000% | 04/01/53 | 9305535 | 9149765 |
| &nbsp;&nbsp;&nbsp; FNMA | 5.000% | 06/01/53 | 3693569 | 3635367 |
| &nbsp;&nbsp;&nbsp; FNMA | 5.000% | 10/01/53 | 6304516 | 6199967 |
|  |  |  |  | 262027454 |
|  GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.7% | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.7% | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.7% | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.7% | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.7% |
| &nbsp;&nbsp;&nbsp; GNMA | 7.000% | 12/20/30 | 4731 | 4887 |
| &nbsp;&nbsp;&nbsp; GNMA | 7.000% | 10/20/31 | 3635 | 3845 |
| &nbsp;&nbsp;&nbsp; GNMA | 7.000% | 03/20/32 | 16227 | 16814 |
| &nbsp;&nbsp;&nbsp; GNMA (H15T1Y + 150.00) <sup>(c)</sup> | 5.625% | 01/20/34 | 10244 | 10391 |
| &nbsp;&nbsp;&nbsp; GNMA | 5.500% | 10/20/38 | 4564 | 4514 |
| &nbsp;&nbsp;&nbsp; GNMA | 6.500% | 11/20/38 | 2831 | 2924 |
| &nbsp;&nbsp;&nbsp; GNMA | 3.500% | 08/20/52 | 3651432 | 3334735 |
| &nbsp;&nbsp;&nbsp; GNMA | 3.500% | 11/20/52 | 4270079 | 3899709 |
|  |  |  |  | 7277819 |
|  SMALL BUSINESS ADMINISTRATION — 0.0% <sup>(d)</sup> | SMALL BUSINESS ADMINISTRATION — 0.0% <sup>(d)</sup> | SMALL BUSINESS ADMINISTRATION — 0.0% <sup>(d)</sup> | SMALL BUSINESS ADMINISTRATION — 0.0% <sup>(d)</sup> | SMALL BUSINESS ADMINISTRATION — 0.0% <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp; SBA (Prime — 2.65) <sup>(c)</sup> | 4.850% | 02/25/32 | 3985 | 3963 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
|  **U.S. GOVERNMENT AGENCIES — 56.5%, continued** | **U.S. GOVERNMENT AGENCIES — 56.5%, continued** | **U.S. GOVERNMENT AGENCIES — 56.5%, continued** | **U.S. GOVERNMENT AGENCIES — 56.5%, continued** | **U.S. GOVERNMENT AGENCIES — 56.5%, continued** |
|  TENNESSEE VALLEY AUTHORITY — 0.9% | TENNESSEE VALLEY AUTHORITY — 0.9% | TENNESSEE VALLEY AUTHORITY — 0.9% | TENNESSEE VALLEY AUTHORITY — 0.9% | TENNESSEE VALLEY AUTHORITY — 0.9% |
| &nbsp;&nbsp;&nbsp; TVA | 5.250% | 02/01/55 | $3500000 | $3407470 |
| &nbsp;&nbsp;&nbsp; TVA | 4.250% | 09/15/65 | 7000000 | 5641259 |
|  |  |  |  | 9048729 |
| TOTAL U.S. GOVERNMENT AGENCIES (COST $620,248,593) | TOTAL U.S. GOVERNMENT AGENCIES (COST $620,248,593) | TOTAL U.S. GOVERNMENT AGENCIES (COST $620,248,593) | TOTAL U.S. GOVERNMENT AGENCIES (COST $620,248,593) | $596437324 |
|  **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; Aligned Data Centers Issuer, LLC <sup>(b)</sup> | 6.000% | 08/17/48 | 1510000 | 1524584 |
| &nbsp;&nbsp;&nbsp; Ameren Missouri Securitization Funding I, LLC | 4.850% | 10/01/41 | 2500000 | 2477532 |
| &nbsp;&nbsp;&nbsp; American Tower Trust I <sup>(b)</sup> | 3.652% | 03/23/28 | 2000000 | 1953834 |
| &nbsp;&nbsp;&nbsp; Beacon Container Finance II, LLC <sup>(b)</sup> | 2.250% | 10/22/46 | 1573834 | 1446044 |
| &nbsp;&nbsp;&nbsp; CLI Funding, LLC <sup>(b)</sup> | 2.720% | 01/18/47 | 965889 | 883362 |
| &nbsp;&nbsp;&nbsp; CyrusOne Data Centers Issuer I, LLC <sup>(b)</sup> | 4.500% | 05/20/49 | 2525000 | 2458797 |
| &nbsp;&nbsp;&nbsp; DB Master Finance, LLC <sup>(b)</sup> | 2.493% | 11/20/51 | 1954125 | 1824688 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza Master Issuer, LLC <sup>(b)</sup> | 4.474% | 10/25/45 | 2086875 | 2082431 |
| &nbsp;&nbsp;&nbsp; Duke Energy Florida Project Finance, LLC | 3.112% | 09/01/36 | 1500000 | 1272823 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress NC Storm Funding, LLC | 2.799% | 07/01/41 | 2000000 | 1510057 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress SC Storm Funding, LLC | 5.404% | 03/01/44 | 641754 | 653818 |
| &nbsp;&nbsp;&nbsp; Golden Credit Card Trust <sup>(b)</sup> | 1.140% | 08/15/28 | 1000000 | 965085 |
| &nbsp;&nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust <sup>(b)</sup> | 6.250% | 06/20/57 | 1563828 | 1525211 |
| &nbsp;&nbsp;&nbsp; Iowa Student Loan Liquidity Corp. Rev. | 1.730% | 08/25/70 | 780374 | 683226 |
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loans, LLC <sup>(b)</sup> | 2.100% | 04/20/46 | 624791 | 554784 |
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loans, LLC <sup>(b)</sup> | 1.640% | 04/22/47 | 662979 | 545971 |
| &nbsp;&nbsp;&nbsp; PG&E Energy Recovery Funding, LLC | 2.822% | 07/15/46 | 1633000 | 1142522 |
| &nbsp;&nbsp;&nbsp; PG&E Energy Recovery Funding, LLC | 5.536% | 07/15/47 | 1500000 | 1456659 |
| &nbsp;&nbsp;&nbsp; PG&E Wildfire Recovery Funding, LLC | 4.674% | 12/01/51 | 2400000 | 2075729 |
| &nbsp;&nbsp;&nbsp; PNM Energy Transition Bond Co. I, LLC | 6.028% | 08/15/48 | 500000 | 515440 |
| &nbsp;&nbsp;&nbsp; SBA Tower Trust <sup>(b)</sup> | 4.831% | 10/15/29 | 1750000 | 1748171 |
| &nbsp;&nbsp;&nbsp; SBA Tower Trust <sup>(b)</sup> | 6.599% | 11/15/52 | 880000 | 904348 |
| &nbsp;&nbsp;&nbsp; Sunrun Artemis Issuer, LLC <sup>(b)</sup> | 6.250% | 07/30/59 | 2459270 | 2432117 |
| &nbsp;&nbsp;&nbsp; Switch ABS Issuer, LLC <sup>(b)</sup> | 6.280% | 03/25/54 | 600000 | 611952 |
| &nbsp;&nbsp;&nbsp; Switch ABS Issuer, LLC <sup>(b)</sup> | 5.036% | 03/25/55 | 1500000 | 1479634 |
| &nbsp;&nbsp;&nbsp; Texas Electric Market Stabilization Funding N, LLC <sup>(b)</sup> | 4.966% | 02/01/44 | 4195000 | 4115673 |
| &nbsp;&nbsp;&nbsp; Texas Electric Market Stabilization Funding N, LLC <sup>(b)</sup> | 5.057% | 08/01/46 | 4730000 | 4388396 |
| &nbsp;&nbsp;&nbsp; Textainer Marine Containers VII Ltd. <sup>(b)</sup> | 1.680% | 02/20/46 | 980000 | 899263 |

---

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

Schedule of Investments, continued

*Praxis Impact Bond Fund June 30, 2025 (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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** |
| &nbsp;&nbsp;&nbsp; TIF Funding II, LLC <sup>(b)</sup> | 1.650% | 02/20/46 | $322292 | $289543 |
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust | 5.300% | 05/15/26 | 516989 | 519507 |
| &nbsp;&nbsp;&nbsp; Tribute Rail, LLC <sup>(b)</sup> | 4.760% | 05/17/52 | 1669539 | 1660806 |
| &nbsp;&nbsp;&nbsp; Trinity Rail Leasing, L.P. <sup>(b)</sup> | 5.780% | 05/19/54 | 2890549 | 2935709 |
| &nbsp;&nbsp;&nbsp; Triton Container Finance VIII, LLC <sup>(b)</sup> | 1.860% | 03/20/46 | 1117812 | 1020428 |
| &nbsp;&nbsp;&nbsp; Triton International Finance Funding III, LLC <sup>(b)</sup> | 5.480% | 05/22/34 | 1359375 | 1363406 |
| &nbsp;&nbsp;&nbsp; Triumph Rail, LLC <sup>(b)</sup> | 2.150% | 06/19/51 | 1652191 | 1568960 |
| &nbsp;&nbsp;&nbsp; USQ Rail III, LLC <sup>(b)</sup> | 4.990% | 09/28/54 | 730729 | 734666 |
| &nbsp;&nbsp;&nbsp; Vantage Data Centers Issuer, LLC <sup>(b)</sup> | 2.165% | 10/15/46 | 2300000 | 2216729 |
| &nbsp;&nbsp;&nbsp; Wendy's Funding, LLC <sup>(b)</sup> | 3.783% | 06/15/49 | 663665 | 654851 |
| &nbsp;&nbsp;&nbsp; Wendy's Funding, LLC <sup>(b)</sup> | 4.236% | 03/15/52 | 1212500 | 1189005 |
| TOTAL ASSET BACKED SECURITIES (COST $59,474,962) | TOTAL ASSET BACKED SECURITIES (COST $59,474,962) | TOTAL ASSET BACKED SECURITIES (COST $59,474,962) | TOTAL ASSET BACKED SECURITIES (COST $59,474,962) | $58285761 |

---

---

| | | |
|:---|:---|:---|
| | Shares | Fair <br> Value |
|  **MONEY MARKET FUNDS — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> (COST $28,525,285) | 28525285 | $28525285 |
|  **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 1.0%** | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 1.0%** | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 1.0%** |
| &nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets Portfolio, LLC, 4.46% <sup>(f)(g)</sup> (COST $10,444,778) | 10444778 | $10444778 |
|  **INVESTMENT COMPANIES — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Impax High Yield Bond Fund - Institutional Class (COST $4,199,235) | 530984 | $3254931 |
|  TOTAL INVESTMENTS - (COST $1,119,282,260) — 100.5% | TOTAL INVESTMENTS - (COST $1,119,282,260) — 100.5% | $1061790255 |
|  LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5%) | LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5%) | (5672308) |
|  NET ASSETS — 100.0% | NET ASSETS — 100.0% | $1056117947 |

---

&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 June 30, 2025 was $10,293,818 (Note 8).

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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
 June 30, 2025, these securities have a value of $114,169,755 or 10.8% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of June 30, 2025. 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) Percentage rounds to less than
 0.1%.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> Date | Current <br> Cost | Fair <br> Value | % of Net <br> Assets |
|  Calvert Impact Capital, Inc., 2.500%, 12/15/25 | 12/15/20 | $650000 | $640238 | 0.1% |
|  Calvert Impact Capital, Inc., 4.000%, 06/15/28 | 06/15/23 | 1200000 | 1152611 | 0.1% |
|  Calvert Impact Capital, Inc., 5.000%, 12/15/28 | 12/15/23 | 450000 | 442887 | 0.0 %<sup>(d)</sup> |
|  Calvert Impact Capital, Inc., 5.000%, 06/15/29 | 06/14/24 | 1800000 | 1766941 | 0.2% |
|  Calvert Impact Capital, Inc., 4.500%, 12/14/29 | 12/13/24 | 550000 | 527377 | 0.0 %<sup>(d)</sup> |
|  Calvert Impact Capital, Inc., 4.500%, 06/14/30 | 06/13/25 | 1800000 | 1786500 | 0.2% |
|  Calvert Impact Climate, Inc., 5.500%, 12/15/53 | 10/13/23 | 991134 | 888098 | 0.1% |
|  Capital Impact Partners Investment, 4.500%, 12/15/25 | 12/16/24 | 550000 | 550310 | 0.0 %<sup>(d)</sup> |
|  Capital Impact Partners Investment, 4.500%, 06/15/26 | 06/17/25 | 1800000 | 1801887 | 0.2% |
|  Capital Impact Partners Investment, 5.000%, 12/15/26 | 12/15/23 | 500000 | 503461 | 0.0 %<sup>(d)</sup> |
|  |  | $10291134 | $10060310 | 0.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the 7-day
 effective yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The security was purchased
 with cash collateral received from securities on loan. <sup></sup>

GMTN — Global Medium-Term Note

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

plc — Public Liability Company

RFUCCT — Refinitiv USD IBOR Consumer Cash Fallbacks

SOFR — Secured Overnight Financing Rate

TSFR — CME Term SOFR

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

Schedule of Investments

*Praxis International Index Fund* 

*June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%** | **COMMON STOCKS — 98.3%** | **COMMON STOCKS — 98.3%** |
|  AUSTRALIA — 4.4% | AUSTRALIA — 4.4% | AUSTRALIA — 4.4% |
| &nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | 40646 | $779465 |
| &nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. | 21201 | 323075 |
| &nbsp;&nbsp;&nbsp; Brambles Ltd. | 133068 | 2055089 |
| &nbsp;&nbsp;&nbsp; Coles Group Ltd. | 19663 | 269623 |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia | 29614 | 3604294 |
| &nbsp;&nbsp;&nbsp; Computershare Ltd. | 20272 | 531821 |
| &nbsp;&nbsp;&nbsp; CSL Ltd. - ADR | 7282 | 576734 |
| &nbsp;&nbsp;&nbsp; CSL Ltd. | 3640 | 574981 |
| &nbsp;&nbsp;&nbsp; Dexus | 232164 | 1018964 |
| &nbsp;&nbsp;&nbsp; Goodman Group | 44189 | 996231 |
| &nbsp;&nbsp;&nbsp; GPT Group (The) | 90335 | 288403 |
| &nbsp;&nbsp;&nbsp; Mirvac Group | 249710 | 362321 |
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. | 36653 | 949971 |
| &nbsp;&nbsp;&nbsp; Scentre Group | 526498 | 1236603 |
| &nbsp;&nbsp;&nbsp; SEEK Ltd. | 39173 | 619947 |
| &nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. | 28099 | 495984 |
| &nbsp;&nbsp;&nbsp; Stockland | 177423 | 627039 |
| &nbsp;&nbsp;&nbsp; Transurban Group | 349776 | 3218298 |
| &nbsp;&nbsp;&nbsp; Vicinity Centres | 397679 | 649202 |
| &nbsp;&nbsp;&nbsp; Wesfarmers Ltd. | 32429 | 1809789 |
| &nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | 57213 | 883770 |
|  |  | 21871604 |
|  AUSTRIA — 0.2% | AUSTRIA — 0.2% | AUSTRIA — 0.2% |
| &nbsp;&nbsp;&nbsp; Erste Group Bank AG | 3804 | 323791 |
| &nbsp;&nbsp;&nbsp; Verbund AG | 6899 | 529984 |
| &nbsp;&nbsp;&nbsp; voestalpine AG | 12072 | 340390 |
|  |  | 1194165 |
|  BELGIUM — 0.6% | BELGIUM — 0.6% | BELGIUM — 0.6% |
| &nbsp;&nbsp;&nbsp; KBC Group N.V. | 12677 | 1308284 |
| &nbsp;&nbsp;&nbsp; UCB S.A. | 9252 | 1820259 |
|  |  | 3128543 |
|  BERMUDA — 0.5% | BERMUDA — 0.5% | BERMUDA — 0.5% |
| &nbsp;&nbsp;&nbsp; Credicorp Ltd. | 9750 | 2179320 |
| &nbsp;&nbsp;&nbsp; Orient Overseas International Ltd. | 34000 | 578643 |
|  |  | 2757963 |
|  BRAZIL — 1.4% | BRAZIL — 1.4% | BRAZIL — 1.4% |
| &nbsp;&nbsp;&nbsp; Banco do Brasil S.A. - ADR | 196076 | 809794 |
| &nbsp;&nbsp;&nbsp; Banco Santander Brasil S.A. - ADR <sup>(a)</sup> | 65143 | 355029 |
| &nbsp;&nbsp;&nbsp; BRF S.A. - ADR <sup>(a)</sup> | 213663 | 779870 |
| &nbsp;&nbsp;&nbsp; Suzano S.A. - ADR <sup>(a)</sup> | 64023 | 602457 |
| &nbsp;&nbsp;&nbsp; Telefónica Brasil S.A. - ADR | 259146 | 2954264 |
| &nbsp;&nbsp;&nbsp; TIM S.A. - ADR <sup>(a)</sup> | 72269 | 1453330 |
|  |  | 6954744 |
|  CANADA — 7.3% | CANADA — 7.3% | CANADA — 7.3% |
| &nbsp;&nbsp;&nbsp; Bank of Montreal | 17350 | 1919430 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) | 10199 | 563699 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 25453 | 1802836 |
| &nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 15841 | 1648098 |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 16665 | 1321035 |
| &nbsp;&nbsp;&nbsp; CGI, Inc. | 8100 | 849123 |
| &nbsp;&nbsp;&nbsp; Dollarama, Inc. | 3089 | 435124 |
| &nbsp;&nbsp;&nbsp; Franco-Nevada Corp. | 12999 | 2130796 |
| &nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. | 18362 | 904145 |
| &nbsp;&nbsp;&nbsp; Manulife Financial Corp. | 75463 | 2411797 |
| &nbsp;&nbsp;&nbsp; National Bank of Canada | 3759 | 387791 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
|  CANADA — 7.3%, continued | CANADA — 7.3%, continued | CANADA — 7.3%, continued |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. | 9260 | $539302 |
| &nbsp;&nbsp;&nbsp; Pembina Pipeline Corp. <sup>(a)</sup> | 47722 | 1790052 |
| &nbsp;&nbsp;&nbsp; RB Global, Inc. <sup>(a)</sup> | 6407 | 680359 |
| &nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. <sup>(a)</sup> | 11589 | 768235 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada | 26330 | 3463712 |
| &nbsp;&nbsp;&nbsp; Shopify, Inc. - Class A <sup>(a)(b)</sup> | 16669 | 1922769 |
| &nbsp;&nbsp;&nbsp; Sun Life Financial, Inc. | 28402 | 1887313 |
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd. - Class B <sup>(a)</sup> | 34502 | 1393191 |
| &nbsp;&nbsp;&nbsp; Thomson Reuters Corp. | 17868 | 3593791 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 23372 | 1716673 |
| &nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 35850 | 3219330 |
| &nbsp;&nbsp;&nbsp; WSP Global, Inc. | 5329 | 1086723 |
|  |  | 36435324 |
|  CAYMAN ISLANDS — 3.9% | CAYMAN ISLANDS — 3.9% | CAYMAN ISLANDS — 3.9% |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. - ADR <sup>(a)</sup> | 34073 | 3864219 |
| &nbsp;&nbsp;&nbsp; China Literature Ltd. <sup>(b)</sup> | 77200 | 294769 |
| &nbsp;&nbsp;&nbsp; China Mengniu Dairy Co. Ltd. | 113000 | 232918 |
| &nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 151000 | 667242 |
| &nbsp;&nbsp;&nbsp; ENN Energy Holdings Ltd. | 60300 | 484089 |
| &nbsp;&nbsp;&nbsp; Li Auto, Inc. - ADR <sup>(a)(b)</sup> | 13041 | 353541 |
| &nbsp;&nbsp;&nbsp; Meituan - ADR <sup>(b)</sup> | 37651 | 1211609 |
| &nbsp;&nbsp;&nbsp; NetEase, Inc. - ADR | 7947 | 1069507 |
| &nbsp;&nbsp;&nbsp; Shenzhou International Group Holdings Ltd. | 61800 | 441754 |
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. - ADR | 114280 | 7371060 |
| &nbsp;&nbsp;&nbsp; Trip.com Group Ltd. - ADR | 19946 | 1169633 |
| &nbsp;&nbsp;&nbsp; Vipshop Holdings Ltd. - ADR | 21137 | 318112 |
| &nbsp;&nbsp;&nbsp; WuXi Biologics Cayman, Inc. <sup>(b)</sup> | 330000 | 1084347 |
| &nbsp;&nbsp;&nbsp; XPeng, Inc. - ADR <sup>(a)(b)</sup> | 27625 | 493935 |
| &nbsp;&nbsp;&nbsp; Yadea Group Holdings Ltd. | 136000 | 217601 |
|  |  | 19274336 |
|  CHILE — 0.2% | CHILE — 0.2% | CHILE — 0.2% |
| &nbsp;&nbsp;&nbsp; Banco de Chile - ADR | 18637 | 566937 |
| &nbsp;&nbsp;&nbsp; Enel Chile S.A. - ADR | 52052 | 188949 |
| &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile S.A. - ADR <sup>(a)(b)</sup> | 10226 | 360671 |
|  |  | 1116557 |
|  CHINA — 3.5% | CHINA — 3.5% | CHINA — 3.5% |
| &nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd. - H Shares | 2216000 | 1583591 |
| &nbsp;&nbsp;&nbsp; ANTA Sports Products Ltd. | 54600 | 660647 |
| &nbsp;&nbsp;&nbsp; Bank of China Ltd. - H Shares | 3583000 | 2085884 |
| &nbsp;&nbsp;&nbsp; BYD Co. Ltd. - ADR <sup>(a)</sup> | 6004 | 563175 |
| &nbsp;&nbsp;&nbsp; BYD Co. Ltd. - H Shares | 49500 | 770716 |
| &nbsp;&nbsp;&nbsp; China CITIC Bank Corp. Ltd. - H Shares | 1185000 | 1129755 |
| &nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd. - H Shares | 83000 | 582241 |
| &nbsp;&nbsp;&nbsp; China Minsheng Banking Corp. Ltd. - H Shares | 1287000 | 730066 |
| &nbsp;&nbsp;&nbsp; COSCO SHIPPING Holdings Co. Ltd. - H Shares | 186000 | 323810 |
| &nbsp;&nbsp;&nbsp; Guotai Junan Securities Co. Ltd. - H Shares | 539200 | 867248 |
| &nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China Ltd. - H Shares | 1755000 | 1393566 |
| &nbsp;&nbsp;&nbsp; Jiangsu Expressway Co. Ltd. - H Shares | 1248000 | 1763125 |
| &nbsp;&nbsp;&nbsp; PICC Property & Casualty Co. Ltd. - H Shares | 294000 | 571293 |
| &nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China Ltd. - H Shares | 394318 | 2517054 |
| &nbsp;&nbsp;&nbsp; Postal Savings Bank of China Co. Ltd. - H Shares | 615000 | 430021 |
| &nbsp;&nbsp;&nbsp; Sinopharm Group Co. Ltd. - H Shares | 382000 | 896728 |

---

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

Schedule of Investments, continued

*Praxis International Index Fund June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
|  CHINA — 3.5%, continued | CHINA — 3.5%, continued | CHINA — 3.5%, continued |
| &nbsp;&nbsp;&nbsp; Weichai Power Co. Ltd. - H Shares | 171000 | $348159 |
|  |  | 17217079 |
|  COLOMBIA — 0.5% | COLOMBIA — 0.5% | COLOMBIA — 0.5% |
| &nbsp;&nbsp;&nbsp; Grupo Cibest S.A. - ADR | 50160 | 2316890 |
|  DENMARK — 1.4% | DENMARK — 1.4% | DENMARK — 1.4% |
| &nbsp;&nbsp;&nbsp; A.P. Moller-Maersk A/S - Series B | 317 | 589540 |
| &nbsp;&nbsp;&nbsp; Coloplast A/S - Series B | 5411 | 515157 |
| &nbsp;&nbsp;&nbsp; DSV A/S | 4551 | 1091606 |
| &nbsp;&nbsp;&nbsp; Novo Nordisk A/S - ADR <sup>(a)</sup> | 59796 | 4127120 |
| &nbsp;&nbsp;&nbsp; Orsted A/S <sup>(b)</sup> | 6282 | 270627 |
| &nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 28304 | 425165 |
|  |  | 7019215 |
|  FINLAND — 0.6% | FINLAND — 0.6% | FINLAND — 0.6% |
| &nbsp;&nbsp;&nbsp; Neste OYJ | 73873 | 1001058 |
| &nbsp;&nbsp;&nbsp; Nokia Corp. - ADR <sup>(a)</sup> | 203176 | 1052452 |
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp | 38441 | 571123 |
| &nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ | 20395 | 556903 |
|  |  | 3181536 |
|  FRANCE — 6.3% | FRANCE — 6.3% | FRANCE — 6.3% |
| &nbsp;&nbsp;&nbsp; Acciona S.A. | 2979 | 537263 |
| &nbsp;&nbsp;&nbsp; Accor S.A. | 4739 | 248344 |
| &nbsp;&nbsp;&nbsp; Air Liquide S.A. - ADR | 4 | 165 |
| &nbsp;&nbsp;&nbsp; Air Liquide S.A. | 15036 | 3100194 |
| &nbsp;&nbsp;&nbsp; AXA S.A. | 33469 | 1643366 |
| &nbsp;&nbsp;&nbsp; Bureau Veritas S.A. | 24613 | 840031 |
| &nbsp;&nbsp;&nbsp; Canal+ S.A. | 46775 | 146429 |
| &nbsp;&nbsp;&nbsp; Capgemini SE | 7368 | 1261569 |
| &nbsp;&nbsp;&nbsp; Carrefour S.A. | 20143 | 284119 |
| &nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | 32714 | 1216675 |
| &nbsp;&nbsp;&nbsp; Danone S.A. | 20742 | 1697045 |
| &nbsp;&nbsp;&nbsp; Dassault Systemes SE | 8424 | 305275 |
| &nbsp;&nbsp;&nbsp; EssilorLuxottica S.A. | 6450 | 1770981 |
| &nbsp;&nbsp;&nbsp; Eurofins Scientific SE | 6072 | 432688 |
| &nbsp;&nbsp;&nbsp; Getlink SE | 46322 | 894130 |
| &nbsp;&nbsp;&nbsp; Hermes International SCA | 830 | 2249840 |
| &nbsp;&nbsp;&nbsp; Kering S.A. | 3200 | 697083 |
| &nbsp;&nbsp;&nbsp; Klepierre S.A. | 20396 | 806379 |
| &nbsp;&nbsp;&nbsp; Legrand S.A. | 15771 | 2113596 |
| &nbsp;&nbsp;&nbsp; L'Oreal S.A. - ADR <sup>(a)</sup> | 21745 | 1859415 |
| &nbsp;&nbsp;&nbsp; L'Oreal S.A. | 1380 | 591081 |
| &nbsp;&nbsp;&nbsp; Louis Hachette Group | 46775 | 96025 |
| &nbsp;&nbsp;&nbsp; Publicis Groupe S.A. | 12555 | 1417909 |
| &nbsp;&nbsp;&nbsp; Sartorius Sedim Biotech | 1868 | 446907 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE - ADR | 4885 | 260761 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE | 17677 | 4745630 |
| &nbsp;&nbsp;&nbsp; Societe Generale S.A. | 12929 | 739534 |
| &nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield - CDI <sup>(b)</sup> | 45646 | 215110 |
| &nbsp;&nbsp;&nbsp; Veolia Environnement S.A. | 6731 | 240290 |
| &nbsp;&nbsp;&nbsp; Vivendi SE | 26653 | 91934 |
| &nbsp;&nbsp;&nbsp; Wendel SE | 2561 | 270838 |
|  |  | 31220606 |
|  GERMANY — 5.0% | GERMANY — 5.0% | GERMANY — 5.0% |
| &nbsp;&nbsp;&nbsp; adidas AG - ADR | 5158 | 603589 |
| &nbsp;&nbsp;&nbsp; adidas AG | 1323 | 308803 |
| &nbsp;&nbsp;&nbsp; Allianz SE - ADR | 76050 | 3082109 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
|  GERMANY — 5.0%, continued | GERMANY — 5.0%, continued | GERMANY — 5.0%, continued |
| &nbsp;&nbsp;&nbsp; Allianz SE | 5268 | $2137761 |
| &nbsp;&nbsp;&nbsp; Bayerische Moteren Werke AG - ADR | 2 | 59 |
| &nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 4180 | 372238 |
| &nbsp;&nbsp;&nbsp; Brenntag SE | 17802 | 1179288 |
| &nbsp;&nbsp;&nbsp; Commerzbank AG | 24099 | 759372 |
| &nbsp;&nbsp;&nbsp; Continental AG | 4331 | 377970 |
| &nbsp;&nbsp;&nbsp; Covestro AG <sup>(b)</sup> | 3936 | 280697 |
| &nbsp;&nbsp;&nbsp; Deutsche Boerse AG | 8303 | 2712288 |
| &nbsp;&nbsp;&nbsp; Deutsche Post AG - ADR | 9971 | 463153 |
| &nbsp;&nbsp;&nbsp; Deutsche Post AG | 14726 | 682052 |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG - ADR <sup>(a)</sup> | 30009 | 1098029 |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 25629 | 938039 |
| &nbsp;&nbsp;&nbsp; Evonik Industries AG | 18750 | 387318 |
| &nbsp;&nbsp;&nbsp; Hannover Rueck SE | 1159 | 365187 |
| &nbsp;&nbsp;&nbsp; Infineon Technologies AG | 13057 | 557125 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | 25057 | 1459709 |
| &nbsp;&nbsp;&nbsp; Merck KGaA | 4693 | 608438 |
| &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG - ADR | 94450 | 1229739 |
| &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG | 1968 | 1277789 |
| &nbsp;&nbsp;&nbsp; Sartorius AG | 1055 | 268685 |
| &nbsp;&nbsp;&nbsp; Siemens AG | 5931 | 1523305 |
| &nbsp;&nbsp;&nbsp; Siemens Healthineers AG | 4023 | 223316 |
| &nbsp;&nbsp;&nbsp; Symrise AG | 1879 | 197025 |
| &nbsp;&nbsp;&nbsp; Telefonica Deutschland Holding AG <sup>(b)</sup> | 124863 | 336939 |
| &nbsp;&nbsp;&nbsp; Vonovia SE | 42825 | 1518170 |
|  |  | 24948192 |
|  HONG KONG — 2.1% | HONG KONG — 2.1% | HONG KONG — 2.1% |
| &nbsp;&nbsp;&nbsp; AAC Technologies Holdings, Inc. | 92000 | 478661 |
| &nbsp;&nbsp;&nbsp; AIA Group Ltd. - ADR | 17677 | 639554 |
| &nbsp;&nbsp;&nbsp; AIA Group Ltd. | 57569 | 521485 |
| &nbsp;&nbsp;&nbsp; BYD Electronic International Co. Ltd. | 86500 | 352075 |
| &nbsp;&nbsp;&nbsp; China Merchants Port Holdings Co. Ltd. | 892000 | 1624926 |
| &nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | 49000 | 412601 |
| &nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd. | 50400 | 360127 |
| &nbsp;&nbsp;&nbsp; Geely Automobile Holdings Ltd. | 541000 | 1104290 |
| &nbsp;&nbsp;&nbsp; Guangdong Investment Ltd. | 350000 | 293276 |
| &nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 14978 | 805614 |
| &nbsp;&nbsp;&nbsp; Kingsoft Corp. Ltd. | 61000 | 318819 |
| &nbsp;&nbsp;&nbsp; Lenovo Group Ltd. | 754000 | 910977 |
| &nbsp;&nbsp;&nbsp; Nongfu Spring Co. Ltd. - H Shares | 63000 | 323177 |
| &nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | 482000 | 513394 |
| &nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 120500 | 1388525 |
| &nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | 24500 | 270332 |
|  |  | 10317833 |
|  INDIA — 5.1% | INDIA — 5.1% | INDIA — 5.1% |
| &nbsp;&nbsp;&nbsp; HDFC Bank Ltd. - ADR <sup>(a)</sup> | 91777 | 7036543 |
| &nbsp;&nbsp;&nbsp; ICICI Bank Ltd. - ADR | 245727 | 8266256 |
| &nbsp;&nbsp;&nbsp; Infosys Ltd. - ADR <sup>(a)</sup> | 305124 | 5653948 |
| &nbsp;&nbsp;&nbsp; Wipro Ltd. - ADR <sup>(a)</sup> | 1510909 | 4562945 |
|  |  | 25519692 |
|  INDONESIA — 0.4% | INDONESIA — 0.4% | INDONESIA — 0.4% |
| &nbsp;&nbsp;&nbsp; Bank Mandiri Persero Tbk PT - ADR | 87101 | 1037373 |
| &nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk PT - ADR | 50040 | 847677 |
|  |  | 1885050 |

---

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

Schedule of Investments, continued

*Praxis International Index Fund June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
|  IRELAND — 0.5% | IRELAND — 0.5% | IRELAND — 0.5% |
| &nbsp;&nbsp;&nbsp; AIB Group plc | 100681 | $830839 |
| &nbsp;&nbsp;&nbsp; CRH plc | 11121 | 1020908 |
| &nbsp;&nbsp;&nbsp; Smurfit WestRock plc | 17885 | 771738 |
|  |  | 2623485 |
|  ISRAEL — 0.6% | ISRAEL — 0.6% | ISRAEL — 0.6% |
| &nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. <sup>(b)</sup> | 2999 | 663529 |
| &nbsp;&nbsp;&nbsp; CyberArk Software Ltd. <sup>(b)</sup> | 2342 | 952913 |
| &nbsp;&nbsp;&nbsp; ICL Group Ltd. | 148461 | 1021411 |
| &nbsp;&nbsp;&nbsp; Nice Ltd. - ADR <sup>(a)(b)</sup> | 1568 | 264851 |
|  |  | 2902704 |
|  ITALY — 2.9% | ITALY — 2.9% | ITALY — 2.9% |
| &nbsp;&nbsp;&nbsp; Enel S.p.A. | 63194 | 599708 |
| &nbsp;&nbsp;&nbsp; Generali | 24438 | 869228 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo S.p.A. - ADR | 2566 | 88912 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo S.p.A. | 463209 | 2668061 |
| &nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario S.p.A. | 49451 | 1150680 |
| &nbsp;&nbsp;&nbsp; Moncler S.p.A. | 10592 | 604136 |
| &nbsp;&nbsp;&nbsp; Poste Italiane S.p.A. | 51414 | 1104586 |
| &nbsp;&nbsp;&nbsp; Snam S.p.A. | 250989 | 1519289 |
| &nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale S.p.A. | 263787 | 2711770 |
| &nbsp;&nbsp;&nbsp; UniCredit S.p.A. | 49517 | 3321504 |
|  |  | 14637874 |
|  JAPAN — 15.1% | JAPAN — 15.1% | JAPAN — 15.1% |
| &nbsp;&nbsp;&nbsp; Advantest Corp. | 19200 | 1423069 |
| &nbsp;&nbsp;&nbsp; Aeon Co. Ltd. | 19800 | 606820 |
| &nbsp;&nbsp;&nbsp; AGC, Inc. | 7700 | 225846 |
| &nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 42400 | 301783 |
| &nbsp;&nbsp;&nbsp; Asics Corp. | 16200 | 413914 |
| &nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 67400 | 659796 |
| &nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. | 22000 | 788326 |
| &nbsp;&nbsp;&nbsp; Bridgestone Corp. <sup>(b)</sup> | 61556 | 2516723 |
| &nbsp;&nbsp;&nbsp; Brothers Industries Ltd. | 29100 | 501899 |
| &nbsp;&nbsp;&nbsp; Canon, Inc. | 22800 | 661170 |
| &nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 13500 | 704818 |
| &nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. | 122636 | 1861272 |
| &nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | 17400 | 449648 |
| &nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 65384 | 497003 |
| &nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 40030 | 927258 |
| &nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 58000 | 1992697 |
| &nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. | 81800 | 580845 |
| &nbsp;&nbsp;&nbsp; Denso Corp. | 101400 | 1368185 |
| &nbsp;&nbsp;&nbsp; Disco Corp. | 2500 | 740480 |
| &nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 163300 | 809310 |
| &nbsp;&nbsp;&nbsp; FANUC Corp. | 11000 | 298568 |
| &nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 4200 | 1439779 |
| &nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. - ADR <sup>(a)</sup> | 26304 | 283820 |
| &nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 5600 | 121250 |
| &nbsp;&nbsp;&nbsp; Fujitsu Ltd. | 48680 | 1180742 |
| &nbsp;&nbsp;&nbsp; Hitachi Construction Machinery Co. Ltd. | 7800 | 232394 |
| &nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 51700 | 498449 |
| &nbsp;&nbsp;&nbsp; Hoya Corp. - ADR | 1273 | 151563 |
| &nbsp;&nbsp;&nbsp; Hoya Corp. | 6861 | 814685 |
| &nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | 33900 | 341883 |
| &nbsp;&nbsp;&nbsp; Ibiden Co. Ltd. | 11500 | 504757 |
| &nbsp;&nbsp;&nbsp; Inpex Corp. | 41000 | 575424 |
| &nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. | 26000 | 263335 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
|  JAPAN — 15.1%, continued | JAPAN — 15.1%, continued | JAPAN — 15.1%, continued |
| &nbsp;&nbsp;&nbsp; Japan Real Estate Investment Corp. | 255 | $208723 |
| &nbsp;&nbsp;&nbsp; Kao Corp. | 19300 | 864598 |
| &nbsp;&nbsp;&nbsp; KDDI Corp. - ADR | 43814 | 749877 |
| &nbsp;&nbsp;&nbsp; Keyence Corp. | 3200 | 1279229 |
| &nbsp;&nbsp;&nbsp; Kubota Corp. | 65600 | 739636 |
| &nbsp;&nbsp;&nbsp; Kyocera Corp. | 28900 | 347039 |
| &nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 86700 | 1732129 |
| &nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 36400 | 682277 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. - ADR <sup>(a)</sup> | 5599 | 76818 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 275109 | 3750073 |
| &nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. | 6700 | 223739 |
| &nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. | 31500 | 704079 |
| &nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 60000 | 886687 |
| &nbsp;&nbsp;&nbsp; NEC Corp. | 42500 | 1244932 |
| &nbsp;&nbsp;&nbsp; Nidec Corp. | 18200 | 353621 |
| &nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. - ADR | 96172 | 2310051 |
| &nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 3000 | 288040 |
| &nbsp;&nbsp;&nbsp; Nippon Prologis REIT, Inc. | 1050 | 580334 |
| &nbsp;&nbsp;&nbsp; Nippon Yusen KK | 14300 | 514353 |
| &nbsp;&nbsp;&nbsp; Nitori Holdings Co. Ltd. | 1800 | 173221 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. | 51900 | 341946 |
| &nbsp;&nbsp;&nbsp; Nomura Real Estate Holdings, Inc. | 56000 | 327947 |
| &nbsp;&nbsp;&nbsp; Nomura Real Estate Master Fund, Inc. | 271 | 276850 |
| &nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | 10900 | 435896 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. Japan | 3200 | 381344 |
| &nbsp;&nbsp;&nbsp; ORIX Corp. | 16800 | 379054 |
| &nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 7700 | 381694 |
| &nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | 21300 | 732488 |
| &nbsp;&nbsp;&nbsp; PDD Holdings, Inc. - ADR <sup>(b)</sup> | 8211 | 859363 |
| &nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 33150 | 1949102 |
| &nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 85600 | 790449 |
| &nbsp;&nbsp;&nbsp; Ricoh Co. Ltd. | 47600 | 449143 |
| &nbsp;&nbsp;&nbsp; Seiko Epson Corp. | 82800 | 1088022 |
| &nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 17600 | 387297 |
| &nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. | 62400 | 1004174 |
| &nbsp;&nbsp;&nbsp; Shimadzu Corp. | 28000 | 692124 |
| &nbsp;&nbsp;&nbsp; Shimano, Inc. | 2884 | 418051 |
| &nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 17000 | 561276 |
| &nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 13200 | 237589 |
| &nbsp;&nbsp;&nbsp; SoftBank Group Corp. - ADR <sup>(a)</sup> | 4622 | 168380 |
| &nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 12400 | 901398 |
| &nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 12900 | 388672 |
| &nbsp;&nbsp;&nbsp; Sony Group Corp. - ADR <sup>(a)</sup> | 101690 | 2646991 |
| &nbsp;&nbsp;&nbsp; Sony Group Corp. | 10000 | 259958 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. - ADR <sup>(a)</sup> | 88295 | 1334137 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 39600 | 996993 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Holdings, Inc. | 39200 | 1042438 |
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 40500 | 1250140 |
| &nbsp;&nbsp;&nbsp; TDK Corp. | 79900 | 932475 |
| &nbsp;&nbsp;&nbsp; Terumo Corp. | 21944 | 402644 |
| &nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 53500 | 2266993 |
| &nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. - ADR | 3728 | 358373 |
| &nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 7300 | 1397776 |
| &nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. | 37700 | 1024019 |
| &nbsp;&nbsp;&nbsp; Toray Industries, Inc. | 104200 | 713151 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp. - ADR <sup>(a)</sup> | 8479 | 1460593 |
| &nbsp;&nbsp;&nbsp; USS Co. Ltd. | 90440 | 996560 |
| &nbsp;&nbsp;&nbsp; Yamaha Corp. | 35700 | 257957 |

---

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

Schedule of Investments, continued

*Praxis International Index Fund June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
|  JAPAN — 15.1%, continued | JAPAN — 15.1%, continued | JAPAN — 15.1%, continued |
| &nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | 146800 | $1098325 |
| &nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | 36800 | 982899 |
|  |  | 75021648 |
|  JERSEY — 0.2% | JERSEY — 0.2% | JERSEY — 0.2% |
| &nbsp;&nbsp;&nbsp; Experian plc - ADR | 8706 | 447140 |
| &nbsp;&nbsp;&nbsp; Experian plc | 2439 | 125763 |
| &nbsp;&nbsp;&nbsp; WPP plc | 34966 | 246181 |
|  |  | 819084 |
|  MEXICO — 0.9% | MEXICO — 0.9% | MEXICO — 0.9% |
| &nbsp;&nbsp;&nbsp; Fomento Economico Mexicano S.A.B. de C.V. - ADR | 13580 | 1398469 |
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR | 2661 | 611019 |
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR | 3153 | 1005397 |
| &nbsp;&nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de C.V. - ADR | 14433 | 661031 |
| &nbsp;&nbsp;&nbsp; Wal-Mart de Mexico S.A.B. de C.V. - ADR <sup>(a)</sup> | 23232 | 773858 |
|  |  | 4449774 |
|  NETHERLANDS — 2.0% | NETHERLANDS — 2.0% | NETHERLANDS — 2.0% |
| &nbsp;&nbsp;&nbsp; Adyen N.V. <sup>(b)</sup> | 421 | 773121 |
| &nbsp;&nbsp;&nbsp; Akzo Nobel N.V. - ADR | 2 | 47 |
| &nbsp;&nbsp;&nbsp; Argenx SE - ADR <sup>(b)</sup> | 1526 | 841162 |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V. <sup>(a)</sup> | 6542 | 5242693 |
| &nbsp;&nbsp;&nbsp; Havas N.V. | 46775 | 80412 |
| &nbsp;&nbsp;&nbsp; Prosus N.V. | 23786 | 1334443 |
| &nbsp;&nbsp;&nbsp; Randstad N.V. | 15950 | 737165 |
| &nbsp;&nbsp;&nbsp; Stellantis N.V. | 21320 | 214053 |
| &nbsp;&nbsp;&nbsp; Wolters Kluwer N.V. | 5065 | 846993 |
|  |  | 10070089 |
|  NEW ZEALAND — 0.2% | NEW ZEALAND — 0.2% | NEW ZEALAND — 0.2% |
| &nbsp;&nbsp;&nbsp; Auckland International Airport Ltd. | 68174 | 321877 |
| &nbsp;&nbsp;&nbsp; Meridian Energy Ltd. | 203696 | 733199 |
|  |  | 1055076 |
|  NORWAY — 1.1% | NORWAY — 1.1% | NORWAY — 1.1% |
| &nbsp;&nbsp;&nbsp; Aker BP ASA | 80076 | 2046504 |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA | 30272 | 837245 |
| &nbsp;&nbsp;&nbsp; Equinor ASA - ADR <sup>(a)</sup> | 10747 | 270180 |
| &nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 285243 | 1633582 |
| &nbsp;&nbsp;&nbsp; Yara International ASA | 16632 | 613828 |
|  |  | 5401339 |
|  PORTUGAL — 0.5% | PORTUGAL — 0.5% | PORTUGAL — 0.5% |
| &nbsp;&nbsp;&nbsp; Galp Energia SGPS S.A. | 118111 | 2161950 |
| &nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS S.A. | 12929 | 327309 |
|  |  | 2489259 |
|  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 — 1.0% | SINGAPORE — 1.0% | SINGAPORE — 1.0% |
| &nbsp;&nbsp;&nbsp; BOC Aviation Ltd. | 135400 | 1122663 |
| &nbsp;&nbsp;&nbsp; CapitaLand Ascott Trust | 24 | 17 |
| &nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust | 528612 | 902616 |
| &nbsp;&nbsp;&nbsp; CapitaLand Investment Ltd. | 183000 | 381481 |
| &nbsp;&nbsp;&nbsp; City Developments Ltd. | 152800 | 623771 |
| &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. - ADR | 12531 | 1773513 |
|  |  | 4804061 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
|  SOUTH AFRICA — 1.5% | SOUTH AFRICA — 1.5% | SOUTH AFRICA — 1.5% |
| &nbsp;&nbsp;&nbsp; Bid Corp. Ltd. | 24548 | $648147 |
| &nbsp;&nbsp;&nbsp; FirstRand Ltd. | 265164 | 1133549 |
| &nbsp;&nbsp;&nbsp; Mr Price Group Ltd. | 70832 | 888024 |
| &nbsp;&nbsp;&nbsp; MTN Group Ltd. | 49082 | 390710 |
| &nbsp;&nbsp;&nbsp; Naspers Ltd. - Class N - ADR | 30055 | 1878437 |
| &nbsp;&nbsp;&nbsp; Reinet Investments SCA | 16974 | 552409 |
| &nbsp;&nbsp;&nbsp; Standard Bank Group Ltd. | 126812 | 1628242 |
| &nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. <sup>(b)</sup> | 4127 | 181267 |
|  |  | 7300785 |
|  SOUTH KOREA — 4.0% | SOUTH KOREA — 4.0% | SOUTH KOREA — 4.0% |
| &nbsp;&nbsp;&nbsp; Celltrion, Inc. | 3594 | 423286 |
| &nbsp;&nbsp;&nbsp; KB Financial Group, Inc. - ADR <sup>(a)</sup> | 19354 | 1598447 |
| &nbsp;&nbsp;&nbsp; KB Financial Group, Inc. | 3184 | 261135 |
| &nbsp;&nbsp;&nbsp; KT Corp. - ADR | 39515 | 821122 |
| &nbsp;&nbsp;&nbsp; LG Chem Ltd. | 1639 | 255476 |
| &nbsp;&nbsp;&nbsp; LG Display Co. Ltd. - ADR <sup>(b)</sup> | 1 | 3 |
| &nbsp;&nbsp;&nbsp; NAVER Corp. | 12872 | 2494632 |
| &nbsp;&nbsp;&nbsp; POSCO Holdings, Inc. - ADR <sup>(a)</sup> | 1694 | 82142 |
| &nbsp;&nbsp;&nbsp; POSCO Holdings, Inc. | 3560 | 684470 |
| &nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 170344 | 7518070 |
| &nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd. - ADR | 10792 | 487582 |
| &nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd. | 15559 | 704009 |
| &nbsp;&nbsp;&nbsp; SK Hynix, Inc. | 13300 | 2860268 |
| &nbsp;&nbsp;&nbsp; SK Telecom Co. Ltd. - ADR | 2 | 47 |
| &nbsp;&nbsp;&nbsp; Woori Financial Group, Inc. - ADR | 34279 | 1704695 |
|  |  | 19895384 |
|  SPAIN — 2.7% | SPAIN — 2.7% | SPAIN — 2.7% |
| &nbsp;&nbsp;&nbsp; Aena S.M.E. S.A. | 55250 | 1474714 |
| &nbsp;&nbsp;&nbsp; Amadeus IT Group S.A. | 10027 | 847044 |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A. - ADR <sup>(a)</sup> | 24792 | 381053 |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A. | 17790 | 273913 |
| &nbsp;&nbsp;&nbsp; Banco Santander S.A. | 51429 | 425843 |
| &nbsp;&nbsp;&nbsp; CaixaBank S.A. | 173802 | 1505842 |
| &nbsp;&nbsp;&nbsp; Cellnex Telecom S.A. | 17677 | 688257 |
| &nbsp;&nbsp;&nbsp; Iberdrola S.A. | 119123 | 2291510 |
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil S.A. | 39262 | 2048008 |
| &nbsp;&nbsp;&nbsp; Naturgy Energy Group S.A. | 12657 | 402834 |
| &nbsp;&nbsp;&nbsp; Repsol S.A. | 170518 | 2493866 |
| &nbsp;&nbsp;&nbsp; Telefónica S.A. | 92766 | 488196 |
|  |  | 13321080 |
|  SWEDEN — 1.4% | SWEDEN — 1.4% | SWEDEN — 1.4% |
| &nbsp;&nbsp;&nbsp; Atlas Copco AB - A Shares | 46116 | 745568 |
| &nbsp;&nbsp;&nbsp; Atlas Copco AB - Class A - ADR | 5893 | 95054 |
| &nbsp;&nbsp;&nbsp; Boliden AB <sup>(b)</sup> | 39793 | 1243603 |
| &nbsp;&nbsp;&nbsp; Epiroc AB - Class A | 21893 | 476424 |
| &nbsp;&nbsp;&nbsp; Industrivarden AB - A Shares | 23389 | 850334 |
| &nbsp;&nbsp;&nbsp; Investor AB - B Shares | 74604 | 2210935 |
| &nbsp;&nbsp;&nbsp; Securitas AB - B Shares | 19191 | 287356 |
| &nbsp;&nbsp;&nbsp; SKF AB - B Shares | 15859 | 364313 |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson - B Shares | 76365 | 652613 |
|  |  | 6926200 |
|  SWITZERLAND — 5.2% | SWITZERLAND — 5.2% | SWITZERLAND — 5.2% |
| &nbsp;&nbsp;&nbsp; ABB Ltd. - ADR | 58667 | 3500660 |
| &nbsp;&nbsp;&nbsp; ABB Ltd. | 5783 | 346590 |
| &nbsp;&nbsp;&nbsp; Accelleron Industries AG | 1953 | 137062 |
| &nbsp;&nbsp;&nbsp; Alcon, Inc. <sup>(a)</sup> | 5312 | 468943 |

---

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

Schedule of Investments, continued

*Praxis International Index Fund June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
|  SWITZERLAND — 5.2%, continued | SWITZERLAND — 5.2%, continued | SWITZERLAND — 5.2%, continued |
| &nbsp;&nbsp;&nbsp; Amrize Ltd. <sup>(b)</sup> | 8532 | $425632 |
| &nbsp;&nbsp;&nbsp; Geberit AG | 1300 | 1023873 |
| &nbsp;&nbsp;&nbsp; Givaudan S.A. | 208 | 1008765 |
| &nbsp;&nbsp;&nbsp; Holcim Ltd. | 8532 | 633619 |
| &nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. | 9346 | 634024 |
| &nbsp;&nbsp;&nbsp; Kuehne + Nagel International AG | 2093 | 453253 |
| &nbsp;&nbsp;&nbsp; Logitech International S.A. | 4776 | 430461 |
| &nbsp;&nbsp;&nbsp; Lonza Group AG | 1793 | 1282369 |
| &nbsp;&nbsp;&nbsp; Nestlé S.A. - ADR | 34476 | 3424156 |
| &nbsp;&nbsp;&nbsp; Partners Group Holding AG | 161 | 210654 |
| &nbsp;&nbsp;&nbsp; Roche Holding AG - ADR | 64072 | 2611575 |
| &nbsp;&nbsp;&nbsp; Roche Holding AG | 1214 | 396299 |
| &nbsp;&nbsp;&nbsp; Schindler Holding AG | 829 | 301184 |
| &nbsp;&nbsp;&nbsp; Sika AG | 3364 | 915348 |
| &nbsp;&nbsp;&nbsp; Sonova Holding AG | 1807 | 538927 |
| &nbsp;&nbsp;&nbsp; Swiss Life Holding AG | 1691 | 1712016 |
| &nbsp;&nbsp;&nbsp; Swiss Re AG | 9611 | 1662684 |
| &nbsp;&nbsp;&nbsp; Swisscom AG | 305 | 216591 |
| &nbsp;&nbsp;&nbsp; UBS Group AG | 39428 | 1338735 |
| &nbsp;&nbsp;&nbsp; UBS Group AG | 6351 | 214791 |
| &nbsp;&nbsp;&nbsp; Zurich Insurance Group AG - ADR | 53580 | 1876907 |
| &nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | 492 | 344285 |
|  |  | 26109403 |
|  TAIWAN — 7.0% | TAIWAN — 7.0% | TAIWAN — 7.0% |
| &nbsp;&nbsp;&nbsp; ASE Technology Holding Co. Ltd. - ADR <sup>(a)</sup> | 153655 | 1587256 |
| &nbsp;&nbsp;&nbsp; AUO Corp. - ADR | 115722 | 570510 |
| &nbsp;&nbsp;&nbsp; Chunghwa Telecom Co. Ltd. - ADR | 139043 | 6480794 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 108740 | 24628523 |
| &nbsp;&nbsp;&nbsp; United Microelectronics Corp. - ADR <sup>(a)</sup> | 177976 | 1361516 |
|  |  | 34628599 |
|  TURKEY — 0.2% | TURKEY — 0.2% | TURKEY — 0.2% |
| &nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri A.S. - ADR | 161575 | 977529 |
|  UNITED KINGDOM — 7.9% | UNITED KINGDOM — 7.9% | UNITED KINGDOM — 7.9% |
| &nbsp;&nbsp;&nbsp; 3i Group plc | 68813 | 3894055 |
| &nbsp;&nbsp;&nbsp; Anglo American plc | 35518 | 1046935 |
| &nbsp;&nbsp;&nbsp; Antofagasta plc | 39339 | 977754 |
| &nbsp;&nbsp;&nbsp; Ashtead Group plc | 11861 | 760555 |
| &nbsp;&nbsp;&nbsp; AstraZeneca plc - ADR | 46514 | 3250398 |
| &nbsp;&nbsp;&nbsp; Aviva plc | 75450 | 641419 |
| &nbsp;&nbsp;&nbsp; Barratt Redrow plc | 50809 | 318147 |
| &nbsp;&nbsp;&nbsp; Burberry Group plc <sup>(b)</sup> | 26668 | 433149 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc | 21706 | 2012580 |
| &nbsp;&nbsp;&nbsp; Compass Group plc | 35682 | 1208551 |
| &nbsp;&nbsp;&nbsp; GSK plc - ADR <sup>(a)</sup> | 28614 | 1098778 |
| &nbsp;&nbsp;&nbsp; GSK plc | 17282 | 329488 |
| &nbsp;&nbsp;&nbsp; Haleon plc - ADR <sup>(a)</sup> | 29591 | 306859 |
| &nbsp;&nbsp;&nbsp; Halma plc | 11061 | 486148 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc - ADR <sup>(a)</sup> | 52192 | 3172752 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc | 27340 | 330691 |
| &nbsp;&nbsp;&nbsp; Informa plc | 116498 | 1289698 |
| &nbsp;&nbsp;&nbsp; J Sainsbury plc | 86209 | 343080 |
| &nbsp;&nbsp;&nbsp; Kingfisher plc | 83206 | 332272 |
| &nbsp;&nbsp;&nbsp; Legal & General Group plc | 110502 | 386617 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc | 437921 | 460455 |
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group plc | 7929 | 1159527 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
|  UNITED KINGDOM — 7.9%, continued | UNITED KINGDOM — 7.9%, continued | UNITED KINGDOM — 7.9%, continued |
| &nbsp;&nbsp;&nbsp; Mondi plc | 17227 | $281482 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc | 148065 | 1039794 |
| &nbsp;&nbsp;&nbsp; PEARSON plc - ADR <sup>(a)</sup> | 121055 | 1807351 |
| &nbsp;&nbsp;&nbsp; PEARSON plc | 24794 | 365219 |
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Group plc - ADR | 20450 | 280779 |
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Group plc | 3212 | 218811 |
| &nbsp;&nbsp;&nbsp; RELX plc - ADR | 23055 | 1252809 |
| &nbsp;&nbsp;&nbsp; RELX plc | 71603 | 3880492 |
| &nbsp;&nbsp;&nbsp; Rentokil Initial plc | 71438 | 344652 |
| &nbsp;&nbsp;&nbsp; Sage Group plc (The) - ADR | 2320 | 159778 |
| &nbsp;&nbsp;&nbsp; Sage Group plc (The) | 14027 | 240869 |
| &nbsp;&nbsp;&nbsp; Segro plc | 49056 | 459194 |
| &nbsp;&nbsp;&nbsp; Spirax Group plc | 3439 | 281199 |
| &nbsp;&nbsp;&nbsp; Tesco plc - ADR | 293 | 4905 |
| &nbsp;&nbsp;&nbsp; Tesco plc | 117123 | 645723 |
| &nbsp;&nbsp;&nbsp; Unilever plc - ADR <sup>(a)</sup> | 30579 | 1870517 |
| &nbsp;&nbsp;&nbsp; United Utilities Group plc | 92455 | 1451715 |
| &nbsp;&nbsp;&nbsp; Vodafone Group plc | 399124 | 427218 |
|  |  | 39252415 |
|  TOTAL COMMON STOCKS (COST $287,816,016) | TOTAL COMMON STOCKS (COST $287,816,016) | $489045986 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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% |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(e)</sup> | 2.500% | 12/15/25 | $400000 | $393992 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(e)</sup> | 4.000% | 06/15/28 | 620000 | 595516 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(e)</sup> | 5.000% | 12/15/28 | 200000 | 196839 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(e)</sup> | 5.000% | 06/15/29 | 880000 | 863838 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(e)</sup> | 4.500% | 12/14/29 | 180000 | 172596 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(e)</sup> | 4.500% | 06/14/30 | 830000 | 823775 |
| &nbsp;&nbsp;&nbsp; Capital Impact Partners Investment <sup>(e)</sup> | 4.500% | 12/15/25 | 170000 | 170096 |
| &nbsp;&nbsp;&nbsp; Capital Impact Partners Investment <sup>(e)</sup> | 4.500% | 06/15/26 | 830000 | 830870 |
| &nbsp;&nbsp;&nbsp; Capital Impact Partners Investment <sup>(e)</sup> | 5.000% | 12/15/26 | 300000 | 302076 |
| TOTAL CORPORATE NOTES (COST $4,410,000) | TOTAL CORPORATE NOTES (COST $4,410,000) | TOTAL CORPORATE NOTES (COST $4,410,000) | TOTAL CORPORATE NOTES (COST $4,410,000) | $4349598 |

---

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

Schedule of Investments, continued

*Praxis International Index Fund June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> (COST $761,118) | 761118 | $761118 |
|  **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 12.7%** | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 12.7%** | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 12.7%** |
| &nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets Portfolio, LLC, 4.46% <sup>(f)(g)</sup> (COST $62,970,844) | 62970844 | $62970844 |
|  TOTAL INVESTMENTS - (COST $355,957,978) — 112.0% | TOTAL INVESTMENTS - (COST $355,957,978) — 112.0% | $557127546 |
|  LIABILITES IN EXCESS OF OTHER ASSETS — (12.0%) | LIABILITES IN EXCESS OF OTHER ASSETS — (12.0%) | (59642811) |
|  NET ASSETS — 100.0% | NET ASSETS — 100.0% | $497484735 |

---

&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 June 30, 2025 was $61,293,378 (Note 8).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 June 30,
 2025, representing 0.0% (c) of net assets.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> Date | Current <br> Cost | Fair <br> Value | % of Net <br> Assets |
|  Calvert Impact Capital, Inc., 2.500%, 12/15/25 | 12/15/20 | $400000 | $393992 | 0.1% |
|  Calvert Impact Capital, Inc., 4.000%, 06/15/28 | 06/15/23 | 620000 | 595516 | 0.1% |
|  Calvert Impact Capital, Inc., 5.000%, 12/15/28 | 12/15/23 | 200000 | 196839 | 0.0 %<sup>(c)</sup> |
|  Calvert Impact Capital, Inc., 5.000%, 06/15/29 | 06/14/24 | 880000 | 863838 | 0.2% |
|  Calvert Impact Capital, Inc., 4.500%, 12/14/29 | 12/13/24 | 180000 | 172596 | 0.0 %<sup>(c)</sup> |
|  Calvert Impact Capital, Inc., 4.500%, 06/14/30 | 06/13/25 | 830000 | 823775 | 0.2% |
|  Capital Impact Partners Investment, 4.500%, 12/15/25 | 12/16/24 | 170000 | 170096 | 0.0 %<sup>(c)</sup> |
|  Capital Impact Partners Investment, 4.500%, 06/15/26 | 06/17/25 | 830000 | 830870 | 0.2% |
|  Capital Impact Partners Investment, 5.000%, 12/15/26 | 12/15/23 | 300000 | 302076 | 0.1% |
|  Mobile TeleSystems PJSC - ADR | 08/02/17 | 752376 | 869 | 0.0 %<sup>(c)</sup> |
|  |  | $5162376 | $4350467 | 0.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the 7-day
 effective yield as of June 30, 2025.

&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.***

Schedule of Investments

*Praxis Value Index Fund* 

*June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** |
| ADVERTISING & MARKETING — 0.1% | ADVERTISING & MARKETING — 0.1% | ADVERTISING & MARKETING — 0.1% |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 6559 | $471854 |
| AEROSPACE & DEFENSE — 0.4% | AEROSPACE & DEFENSE — 0.4% | AEROSPACE & DEFENSE — 0.4% |
| &nbsp;&nbsp;&nbsp; HEICO Corp. | 4380 | 1436640 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 1690 | 314560 |
|  |  | 1751200 |
| APPAREL & TEXTILE PRODUCTS — 0.3% | APPAREL & TEXTILE PRODUCTS — 0.3% | APPAREL & TEXTILE PRODUCTS — 0.3% |
| &nbsp;&nbsp;&nbsp; NIKE, Inc. - Class B | 23990 | 1704250 |
| ASSET MANAGEMENT — 2.0% | ASSET MANAGEMENT — 2.0% | ASSET MANAGEMENT — 2.0% |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 1540 | 821944 |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | 3332 | 3496101 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 35800 | 3266392 |
| &nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 12660 | 1684160 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 2080 | 319010 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 4850 | 468025 |
|  |  | 10055632 |
| AUTOMOTIVE — 0.4% | AUTOMOTIVE — 0.4% | AUTOMOTIVE — 0.4% |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | 146843 | 1593246 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. <sup>(a)</sup> | 730 | 231892 |
|  |  | 1825138 |
| BANKING — 8.9% | BANKING — 8.9% | BANKING — 8.9% |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 173310 | 8201029 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 50406 | 4290559 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 12820 | 573695 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp <sup>(b)</sup> | 18470 | 759671 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 48680 | 815877 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 71665 | 20776400 |
| &nbsp;&nbsp;&nbsp; KeyCorp | 36140 | 629559 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 8184 | 1587614 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 11121 | 2073177 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 36930 | 868593 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 47920 | 2060081 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp | 28587 | 1293562 |
|  |  | 43929817 |
| BEVERAGES — 2.8% | BEVERAGES — 2.8% | BEVERAGES — 2.8% |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 99190 | 7017692 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 43770 | 1447036 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. <sup>(a)</sup> | 3740 | 234274 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 39349 | 5195642 |
|  |  | 13894644 |
| BIOTECH & PHARMA — 6.8% | BIOTECH & PHARMA — 6.8% | BIOTECH & PHARMA — 6.8% |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 45710 | 8484690 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 12830 | 3582265 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. <sup>(a)</sup> | 5690 | 714607 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 41770 | 1933533 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 440 | 342993 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 34790 | 3857167 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 49661 | 7585718 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 65240 | 5164399 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 3030 | 1590750 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 790 | 351708 |
|  |  | 33607830 |
| CABLE & SATELLITE — 0.9% | CABLE & SATELLITE — 0.9% | CABLE & SATELLITE — 0.9% |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. - Class A <sup>(a)(b)</sup> | 1410 | 576422 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.9%, continued** | **COMMON STOCKS — 98.9%, continued** | **COMMON STOCKS — 98.9%, continued** |
| CABLE & SATELLITE — 0.9%, continued | CABLE & SATELLITE — 0.9%, continued | CABLE & SATELLITE — 0.9%, continued |
| &nbsp;&nbsp;&nbsp; Comcast Corp. - Class A | 114240 | $4077226 |
|  |  | 4653648 |
| CHEMICALS — 2.3% | CHEMICALS — 2.3% | CHEMICALS — 2.3% |
| &nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 2357 | 664815 |
| &nbsp;&nbsp;&nbsp; Dow, Inc. <sup>(b)</sup> | 38700 | 1024776 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 7128 | 488909 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | 2840 | 765210 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 6912 | 508378 |
| &nbsp;&nbsp;&nbsp; Linde plc | 9776 | 4586704 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V. - Class A <sup>(b)</sup> | 59390 | 3436305 |
|  |  | 11475097 |
| COMMERCIAL SUPPORT SERVICES — 1.3% | COMMERCIAL SUPPORT SERVICES — 1.3% | COMMERCIAL SUPPORT SERVICES — 1.3% |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | 11450 | 2823684 |
| &nbsp;&nbsp;&nbsp; Rollins, Inc. | 4330 | 244299 |
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 2270 | 423854 |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc. | 13900 | 3180598 |
|  |  | 6672435 |
| CONSTRUCTION MATERIALS — 0.4% | CONSTRUCTION MATERIALS — 0.4% | CONSTRUCTION MATERIALS — 0.4% |
| &nbsp;&nbsp;&nbsp; CRH plc | 15980 | 1466964 |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 760 | 417210 |
|  |  | 1884174 |
| CONTAINERS & PACKAGING — 0.4% | CONTAINERS & PACKAGING — 0.4% | CONTAINERS & PACKAGING — 0.4% |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 9860 | 553047 |
| &nbsp;&nbsp;&nbsp; International Paper Co. | 20160 | 944093 |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America | 2430 | 457934 |
|  |  | 1955074 |
| DIVERSIFIED INDUSTRIALS — 1.5% | DIVERSIFIED INDUSTRIALS — 1.5% | DIVERSIFIED INDUSTRIALS — 1.5% |
| &nbsp;&nbsp;&nbsp; Dover Corp. | 5243 | 960675 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. <sup>(b)</sup> | 19394 | 2585802 |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 14815 | 3663009 |
|  |  | 7209486 |
| E-COMMERCE DISCRETIONARY — 0.2% | E-COMMERCE DISCRETIONARY — 0.2% | E-COMMERCE DISCRETIONARY — 0.2% |
| &nbsp;&nbsp;&nbsp; eBay, Inc. | 12910 | 961279 |
| ELECTRIC UTILITIES — 4.4% | ELECTRIC UTILITIES — 4.4% | ELECTRIC UTILITIES — 4.4% |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 11980 | 1243045 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. <sup>(b)</sup> | 10020 | 368135 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 10621 | 1065817 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 17170 | 970449 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | 4300 | 569578 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 24994 | 2949292 |
| &nbsp;&nbsp;&nbsp; Edison International | 14617 | 754237 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | 8670 | 720650 |
| &nbsp;&nbsp;&nbsp; Eversource Energy | 4560 | 290107 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 27760 | 1205339 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 8440 | 339794 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 45560 | 3162775 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | 22540 | 763881 |
| &nbsp;&nbsp;&nbsp; Sempra | 22746 | 1723465 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) | 34801 | 3195776 |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | 7060 | 1368299 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 4050 | 422010 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 9014 | 613853 |
|  |  | 21726502 |

---

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

Schedule of Investments, continued

*Praxis Value Index Fund June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.9%, continued** | **COMMON STOCKS — 98.9%, continued** | **COMMON STOCKS — 98.9%, continued** |
| ELECTRICAL EQUIPMENT — 3.5% | ELECTRICAL EQUIPMENT — 3.5% | ELECTRICAL EQUIPMENT — 3.5% |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | 4000 | $723840 |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | 22180 | 1623354 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International plc | 31287 | 3304533 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. <sup>(a)</sup> | 2750 | 450615 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 16780 | 1661556 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 9390 | 3119076 |
| &nbsp;&nbsp;&nbsp; TE Connectivity plc | 10800 | 1821636 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 10350 | 4527193 |
|  |  | 17231803 |
| ENTERTAINMENT CONTENT — 1.5% | ENTERTAINMENT CONTENT — 1.5% | ENTERTAINMENT CONTENT — 1.5% |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 4550 | 726635 |
| &nbsp;&nbsp;&nbsp; Fox Corp. - Class B | 8540 | 440920 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 43289 | 5368269 |
| &nbsp;&nbsp;&nbsp; Warner Bros. Discovery, Inc. <sup>(a)</sup> | 69357 | 794831 |
|  |  | 7330655 |
| FOOD — 1.4% | FOOD — 1.4% | FOOD — 1.4% |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. | 4620 | 239362 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 7840 | 237160 |
| &nbsp;&nbsp;&nbsp; Kellanova | 12810 | 1018780 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 38330 | 989681 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. - Class A | 56962 | 3841517 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc. - Class A | 6380 | 356897 |
|  |  | 6683397 |
| GAS & WATER UTILITIES — 0.4% | GAS & WATER UTILITIES — 0.4% | GAS & WATER UTILITIES — 0.4% |
| &nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 10540 | 1466220 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. | 6930 | 279556 |
|  |  | 1745776 |
| HEALTH CARE FACILITIES & SERVICES — 3.3% | HEALTH CARE FACILITIES & SERVICES — 3.3% | HEALTH CARE FACILITIES & SERVICES — 3.3% |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 12030 | 2021040 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. | 5450 | 1634182 |
| &nbsp;&nbsp;&nbsp; Centene Corp. <sup>(a)</sup> | 17990 | 976497 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 36604 | 2524944 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 6300 | 2450448 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 3700 | 904576 |
| &nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. <sup>(a)</sup> | 340 | 53581 |
| &nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 4820 | 1265298 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 3834 | 2809479 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. <sup>(a)</sup> | 800 | 238320 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. <sup>(b)</sup> | 8530 | 1532244 |
|  |  | 16410609 |
| HOME CONSTRUCTION — 0.5% | HOME CONSTRUCTION — 0.5% | HOME CONSTRUCTION — 0.5% |
| &nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 6900 | 889548 |
| &nbsp;&nbsp;&nbsp; Lennar Corp. - Class A | 2480 | 274313 |
| &nbsp;&nbsp;&nbsp; Masco Corp. | 3870 | 249073 |
| &nbsp;&nbsp;&nbsp; NVR, Inc. <sup>(a)</sup> | 50 | 369283 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 4530 | 477734 |
|  |  | 2259951 |
| HOUSEHOLD PRODUCTS — 3.1% | HOUSEHOLD PRODUCTS — 3.1% | HOUSEHOLD PRODUCTS — 3.1% |
| &nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 4090 | 393090 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 25760 | 2341584 |
| &nbsp;&nbsp;&nbsp; Estée Lauder Cos., Inc. (The) - Class A <sup>(b)</sup> | 10860 | 877488 |
| &nbsp;&nbsp;&nbsp; Kenvue, Inc. | 45380 | 949803 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 6250 | 805750 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.9%, continued** | **COMMON STOCKS — 98.9%, continued** | **COMMON STOCKS — 98.9%, continued** |
| HOUSEHOLD PRODUCTS — 3.1%, continued | HOUSEHOLD PRODUCTS — 3.1%, continued | HOUSEHOLD PRODUCTS — 3.1%, continued |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 62706 | $9990320 |
|  |  | 15358035 |
| INDUSTRIAL SUPPORT SERVICES — 0.6% | INDUSTRIAL SUPPORT SERVICES — 0.6% | INDUSTRIAL SUPPORT SERVICES — 0.6% |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | 13360 | 561120 |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 3720 | 810030 |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc. | 1120 | 843808 |
| &nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 870 | 905009 |
|  |  | 3119967 |
| INSTITUTIONAL FINANCIAL SERVICES — 4.5% | INSTITUTIONAL FINANCIAL SERVICES — 4.5% | INSTITUTIONAL FINANCIAL SERVICES — 4.5% |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 32984 | 3005172 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | 8040 | 2215985 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 8730 | 6178658 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 17620 | 3232741 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 32291 | 4548510 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 7520 | 672438 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | 10217 | 1295414 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 8990 | 955997 |
|  |  | 22104915 |
| INSURANCE — 7.4% | INSURANCE — 7.4% | INSURANCE — 7.4% |
| &nbsp;&nbsp;&nbsp; Aflac, Inc. | 21650 | 2283209 |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 12509 | 2518187 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 19777 | 1692714 |
| &nbsp;&nbsp;&nbsp; Aon plc - Class A | 1220 | 435247 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 12560 | 1143588 |
| &nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 7260 | 2324071 |
| &nbsp;&nbsp;&nbsp; Berkley (W.R.) Corp. | 14737 | 1082727 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 9530 | 1056591 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 12990 | 3763463 |
| &nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 7072 | 1053162 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 16250 | 576875 |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | 1820 | 618527 |
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 10830 | 1374002 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | 5440 | 498630 |
| &nbsp;&nbsp;&nbsp; Markel Group, Inc. <sup>(a)</sup> | 710 | 1418126 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 12630 | 2761423 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 23723 | 1907804 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 4630 | 367761 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 18340 | 4894212 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 13740 | 1476226 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 9403 | 2515679 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson plc | 1780 | 545570 |
|  |  | 36307794 |
| INTERNET MEDIA & SERVICES — 0.3% | INTERNET MEDIA & SERVICES — 0.3% | INTERNET MEDIA & SERVICES — 0.3% |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. - Class C | 3320 | 588935 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 60 | 347355 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. - Class A | 660 | 487139 |
|  |  | 1423429 |
| LEISURE FACILITIES & SERVICES — 0.6% | LEISURE FACILITIES & SERVICES — 0.6% | LEISURE FACILITIES & SERVICES — 0.6% |
| &nbsp;&nbsp;&nbsp; Carnival Corp. <sup>(a)(b)</sup> | 18750 | 527250 |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 1730 | 377088 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 3870 | 1130698 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. <sup>(b)</sup> | 2400 | 751536 |
|  |  | 2786572 |
| LEISURE PRODUCTS — 0.1% | LEISURE PRODUCTS — 0.1% | LEISURE PRODUCTS — 0.1% |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. <sup>(a)</sup> | 480 | 397411 |

---

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

Schedule of Investments, continued

*Praxis Value Index Fund June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.9%, continued** | **COMMON STOCKS — 98.9%, continued** | **COMMON STOCKS — 98.9%, continued** |
| MACHINERY — 1.7% | MACHINERY — 1.7% | MACHINERY — 1.7% |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 8287 | $4213856 |
| &nbsp;&nbsp;&nbsp; Ingersoll-Rand, Inc. <sup>(b)</sup> | 21610 | 1797520 |
| &nbsp;&nbsp;&nbsp; Veralto Corp. | 3180 | 321021 |
| &nbsp;&nbsp;&nbsp; Xylem, Inc. | 14930 | 1931345 |
|  |  | 8263742 |
| MEDICAL EQUIPMENT & DEVICES — 5.0% | MEDICAL EQUIPMENT & DEVICES — 5.0% | MEDICAL EQUIPMENT & DEVICES — 5.0% |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 45450 | 6181654 |
| &nbsp;&nbsp;&nbsp; Becton, Dickinson and Co. | 4430 | 763067 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. <sup>(a)</sup> | 21060 | 2262055 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 19610 | 3873759 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. <sup>(a)</sup> | 16960 | 1326442 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 9910 | 734034 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. <sup>(a)</sup> | 1510 | 820549 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | 33790 | 2945474 |
| &nbsp;&nbsp;&nbsp; STERIS plc | 1360 | 326699 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | 3450 | 1364924 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 10104 | 4096768 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 20 | 1824 |
|  |  | 24697249 |
| METALS & MINING — 0.4% | METALS & MINING — 0.4% | METALS & MINING — 0.4% |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 34260 | 1995988 |
| OIL & GAS PRODUCERS — 5.5% | OIL & GAS PRODUCERS — 5.5% | OIL & GAS PRODUCERS — 5.5% |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 75664 | 6790087 |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | 50390 | 1602906 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 7020 | 964548 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 33170 | 3967464 |
| &nbsp;&nbsp;&nbsp; EQT Corp. | 5980 | 348754 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 134170 | 3944598 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. | 17380 | 1418729 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 25460 | 3037378 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 18770 | 2523063 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 43780 | 2749822 |
|  |  | 27347349 |
| OIL & GAS SERVICES & EQUIPMENT — 0.8% | OIL & GAS SERVICES & EQUIPMENT — 0.8% | OIL & GAS SERVICES & EQUIPMENT — 0.8% |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 45750 | 1754055 |
| &nbsp;&nbsp;&nbsp; Schlumberger Ltd. | 65696 | 2220525 |
|  |  | 3974580 |
| 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)</sup> | 7370 | 1032684 |
| REITS — 2.0% | REITS — 2.0% | REITS — 2.0% |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 6290 | 456843 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 2190 | 445665 |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 6060 | 1056440 |
| &nbsp;&nbsp;&nbsp; Equity Residential | 6790 | 458257 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 2380 | 350907 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 9120 | 935438 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 17620 | 1852214 |
| &nbsp;&nbsp;&nbsp; Public Storage | 1300 | 381446 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. | 10720 | 617579 |
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 7319 | 1176603 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. <sup>(b)</sup> | 9610 | 606872 |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 2990 | 459653 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 41160 | 1057400 |
|  |  | 9855317 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.9%, continued** | **COMMON STOCKS — 98.9%, continued** | **COMMON STOCKS — 98.9%, continued** |
| RENEWABLE ENERGY — 0.1% | RENEWABLE ENERGY — 0.1% | RENEWABLE ENERGY — 0.1% |
| &nbsp;&nbsp;&nbsp; First Solar, Inc. <sup>(a)</sup> | 1640 | $271486 |
| RETAIL - CONSUMER STAPLES — 3.1% | RETAIL - CONSUMER STAPLES — 3.1% | RETAIL - CONSUMER STAPLES — 3.1% |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 1230 | 1217626 |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | 3010 | 344284 |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc. <sup>(a)</sup> | 4360 | 431814 |
| &nbsp;&nbsp;&nbsp; Kroger Co. (The) | 20514 | 1471469 |
| &nbsp;&nbsp;&nbsp; Target Corp. <sup>(b)</sup> | 8470 | 835566 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 114080 | 11154742 |
|  |  | 15455501 |
| RETAIL - DISCRETIONARY — 2.4% | RETAIL - DISCRETIONARY — 2.4% | RETAIL - DISCRETIONARY — 2.4% |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. <sup>(a)</sup> | 80 | 296978 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 7730 | 518915 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 21972 | 8055814 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 12570 | 2788906 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc. <sup>(a)</sup> | 500 | 233910 |
|  |  | 11894523 |
| SEMICONDUCTORS — 2.8% | SEMICONDUCTORS — 2.8% | SEMICONDUCTORS — 2.8% |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. <sup>(a)</sup> | 2120 | 300828 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 4990 | 1375493 |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 98808 | 2213299 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 9960 | 700885 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 27480 | 3386910 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 1750 | 276483 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. <sup>(a)</sup> | 4530 | 237417 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 24460 | 3895500 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 6810 | 1413892 |
|  |  | 13800707 |
| SOFTWARE — 3.3% | SOFTWARE — 3.3% | SOFTWARE — 3.3% |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 18410 | 541254 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 7740 | 3849954 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 37372 | 8170640 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 4390 | 2488428 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 1060 | 289051 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. <sup>(a)</sup> | 520 | 266594 |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Inc. - Class A <sup>(a)</sup> | 1430 | 411811 |
| &nbsp;&nbsp;&nbsp; Zoom Communications, Inc. <sup>(a)</sup> | 4240 | 330635 |
|  |  | 16348367 |
| SPECIALTY FINANCE — 1.5% | SPECIALTY FINANCE — 1.5% | SPECIALTY FINANCE — 1.5% |
| &nbsp;&nbsp;&nbsp; American Express Co. | 9744 | 3108141 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 15730 | 3346715 |
| &nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 7700 | 431662 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | 9950 | 664063 |
|  |  | 7550581 |
| STEEL — 0.2% | STEEL — 0.2% | STEEL — 0.2% |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 6410 | 830351 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. <sup>(b)</sup> | 3010 | 385310 |
|  |  | 1215661 |
| TECHNOLOGY HARDWARE — 2.6% | TECHNOLOGY HARDWARE — 2.6% | TECHNOLOGY HARDWARE — 2.6% |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 1580 | 324168 |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc. <sup>(a)</sup> | 2770 | 283399 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 98040 | 6802015 |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 32890 | 1729685 |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc. - Class C | 8240 | 1010224 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 30160 | 616772 |

---

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

Schedule of Investments, continued

*Praxis Value Index Fund June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.9%, continued** | **COMMON STOCKS — 98.9%, continued** | **COMMON STOCKS — 98.9%, continued** |
| TECHNOLOGY HARDWARE — 2.6%, continued | TECHNOLOGY HARDWARE — 2.6%, continued | TECHNOLOGY HARDWARE — 2.6%, continued |
| &nbsp;&nbsp;&nbsp; HP, Inc. | 31280 | $765109 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 2560 | 369485 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | 5230 | 334668 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. - Class A <sup>(a)</sup> | 1360 | 419369 |
|  |  | 12654894 |
| TECHNOLOGY SERVICES — 2.1% | TECHNOLOGY SERVICES — 2.1% | TECHNOLOGY SERVICES — 2.1% |
| &nbsp;&nbsp;&nbsp; Accenture plc - Class A | 10390 | 3105467 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. - Class A | 9430 | 735823 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 4290 | 349249 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc. <sup>(a)</sup> | 8480 | 1462037 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 4430 | 354577 |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. | 3334 | 484963 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. <sup>(a)</sup> | 21540 | 1600853 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 1790 | 943849 |
| &nbsp;&nbsp;&nbsp; TransUnion | 4310 | 379280 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 1070 | 333305 |
| &nbsp;&nbsp;&nbsp; Visa, Inc. - Class A | 1440 | 511272 |
|  |  | 10260675 |
| TELECOMMUNICATIONS — 2.0% | TELECOMMUNICATIONS — 2.0% | TELECOMMUNICATIONS — 2.0% |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 174986 | 5064095 |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 5950 | 1417647 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 81980 | 3547274 |
|  |  | 10029016 |
| TRANSPORTATION & LOGISTICS — 2.2% | TRANSPORTATION & LOGISTICS — 2.2% | TRANSPORTATION & LOGISTICS — 2.2% |
| &nbsp;&nbsp;&nbsp; CSX Corp. <sup>(b)</sup> | 21990 | 717534 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 26930 | 1324417 |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 4520 | 1027441 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 5330 | 1364320 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. <sup>(b)</sup> | 28470 | 923567 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | 10750 | 2473360 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. <sup>(a)</sup> | 11600 | 923708 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. - Class B | 20800 | 2099552 |
|  |  | 10853899 |
| TRANSPORTATION EQUIPMENT — 0.4% | TRANSPORTATION EQUIPMENT — 0.4% | TRANSPORTATION EQUIPMENT — 0.4% |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 14850 | 1411641 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 3020 | 632237 |
|  |  | 2043878 |
| WHOLESALE - CONSUMER STAPLES — 0.3% | WHOLESALE - CONSUMER STAPLES — 0.3% | WHOLESALE - CONSUMER STAPLES — 0.3% |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 16230 | 856619 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 7490 | 567293 |
|  |  | 1423912 |
|  TOTAL COMMON STOCKS (COST $344,728,775) | TOTAL COMMON STOCKS (COST $344,728,775) | $487908383 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 Impact Capital, Inc. <sup>(c)</sup> | 2.500% | 12/15/25 | $450000 | $443242 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(c)</sup> | 4.000% | 06/15/28 | 350000 | 336178 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
|  **CORPORATE NOTES — 0.9%, continued** | **CORPORATE NOTES — 0.9%, continued** | **CORPORATE NOTES — 0.9%, continued** | **CORPORATE NOTES — 0.9%, continued** | **CORPORATE NOTES — 0.9%, continued** |
|  COMMUNITY DEVELOPMENT — 0.9%, continued | COMMUNITY DEVELOPMENT — 0.9%, continued | COMMUNITY DEVELOPMENT — 0.9%, continued | COMMUNITY DEVELOPMENT — 0.9%, continued | COMMUNITY DEVELOPMENT — 0.9%, continued |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(c)</sup> | 5.000% | 06/15/29 | $830000 | $814756 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(c)</sup> | 4.500% | 12/14/29 | 150000 | 143830 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(c)</sup> | 4.500% | 06/14/30 | 290000 | 287825 |
| &nbsp;&nbsp;&nbsp; Capital Impact Partners Investment <sup>(c)</sup> | 4.500% | 12/15/25 | 150000 | 150085 |
| &nbsp;&nbsp;&nbsp; Capital Impact Partners Investment <sup>(c)</sup> | 4.500% | 06/15/26 | 290000 | 290304 |
| &nbsp;&nbsp;&nbsp; Capital Impact Partners Investment <sup>(c)</sup> | 5.000% | 12/15/26 | 1000000 | 1006922 |
| TOTAL CORPORATE NOTES (COST $4,310,000) | TOTAL CORPORATE NOTES (COST $4,310,000) | TOTAL CORPORATE NOTES (COST $4,310,000) | TOTAL CORPORATE NOTES (COST $4,310,000) | $4260497 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25% <sup>(d)</sup> (COST $1,228,724) | 1228724 | $1228724 |
|  **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.5%** | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.5%** | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.5%** |
| &nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets Portfolio, LLC, 4.46% <sup>(d)(e)</sup> (COST $12,273,381) | 12273381 | $12273381 |
|  TOTAL INVESTMENTS - (COST $362,540,880) — 102.5% | TOTAL INVESTMENTS - (COST $362,540,880) — 102.5% | $505670985 |
|  LIABILITIES IN EXCESS OF OTHER ASSETS - (2.5%) | LIABILITIES IN EXCESS OF OTHER ASSETS - (2.5%) | (12179078) |
|  NET ASSETS — 100.0% | NET ASSETS — 100.0% | $493491907 |

---

&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 June 30, 2025 was $12,010,302 (Note 8).

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

Schedule of Investments, continued

*Praxis Value Index Fund June 30, 2025 (unaudited)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> Date | Current <br> Cost | Fair <br> Value | % of Net <br> Assets |
|  Calvert Impact Capital, Inc., 2.500%, 12/15/25 | 12/15/20 | $450000 | $443242 | 0.1% |
|  Calvert Impact Capital, Inc., 4.000%, 06/15/28 | 06/15/23 | 350000 | 336178 | 0.1% |
|  Calvert Impact Capital, Inc., 5.000%, 12/15/28 | 12/15/23 | 800000 | 787355 | 0.2% |
|  Calvert Impact Capital, Inc., 5.000%, 06/15/29 | 06/14/24 | 830000 | 814756 | 0.2% |
|  Calvert Impact Capital, Inc., 4.500%, 12/14/29 | 12/13/24 | 150000 | 143830 | 0.0 %<sup>(f)</sup> |
|  Calvert Impact Capital, Inc., 4.500%, 06/14/30 | 06/13/25 | 290000 | 287825 | 0.0 %<sup>(f)</sup> |
|  Capital Impact Partners Investment, 4.500%, 12/15/25 | 12/16/24 | 150000 | 150085 | 0.0 %<sup>(f)</sup> |
|  Capital Impact Partners Investment, 4.500%, 06/15/26 | 06/17/25 | 290000 | 290304 | 0.1% |
|  Capital Impact Partners Investment, 5.000%, 12/15/26 | 12/15/23 | 1000000 | 1006922 | 0.2% |
|  |  | $4310000 | $4260497 | 0.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the 7-day
 effective yield as of June 30, 2025.

&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

REIT — Real Estate Investment Trust

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

Schedule of Investments

*Praxis Growth Index Fund* 

*June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 99.1%** | **COMMON STOCKS — 99.1%** | **COMMON STOCKS — 99.1%** |
| ADVERTISING & MARKETING — 0.2% | ADVERTISING & MARKETING — 0.2% | ADVERTISING & MARKETING — 0.2% |
| &nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The) - Class A <sup>(a)</sup> | 16710 | $1202953 |
| AEROSPACE & DEFENSE — 0.5% | AEROSPACE & DEFENSE — 0.5% | AEROSPACE & DEFENSE — 0.5% |
| &nbsp;&nbsp;&nbsp; HEICO Corp. | 4450 | 1459600 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 8650 | 1610025 |
|  |  | 3069625 |
| ASSET MANAGEMENT — 0.6% | ASSET MANAGEMENT — 0.6% | ASSET MANAGEMENT — 0.6% |
| &nbsp;&nbsp;&nbsp; Ares Management Corp. - Class A | 290 | 50228 |
| &nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 2640 | 989921 |
| &nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. - Class A <sup>(a)</sup> | 34060 | 3189038 |
|  |  | 4229187 |
| AUTOMOTIVE — 2.8% | AUTOMOTIVE — 2.8% | AUTOMOTIVE — 2.8% |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. <sup>(a)</sup> | 60340 | 19167604 |
| BEVERAGES — 0.1% | BEVERAGES — 0.1% | BEVERAGES — 0.1% |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 7760 | 1024630 |
| BIOTECH & PHARMA — 3.2% | BIOTECH & PHARMA — 3.2% | BIOTECH & PHARMA — 3.2% |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 7461 | 1384911 |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 2970 | 968487 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 20910 | 16299972 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 7191 | 569240 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 4274 | 1902785 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | 3580 | 558301 |
|  |  | 21683696 |
| CHEMICALS — 0.5% | CHEMICALS — 0.5% | CHEMICALS — 0.5% |
| &nbsp;&nbsp;&nbsp; Linde plc | 7048 | 3306781 |
| COMMERCIAL SUPPORT SERVICES — 0.4% | COMMERCIAL SUPPORT SERVICES — 0.4% | COMMERCIAL SUPPORT SERVICES — 0.4% |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | 9350 | 2083835 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | 3500 | 863135 |
|  |  | 2946970 |
| DIVERSIFIED INDUSTRIALS — 0.1% | DIVERSIFIED INDUSTRIALS — 0.1% | DIVERSIFIED INDUSTRIALS — 0.1% |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 3444 | 851529 |
| E-COMMERCE DISCRETIONARY — 5.8% | E-COMMERCE DISCRETIONARY — 5.8% | E-COMMERCE DISCRETIONARY — 5.8% |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. <sup>(a)</sup> | 175000 | 38393250 |
| &nbsp;&nbsp;&nbsp; eBay, Inc. | 8540 | 635888 |
|  |  | 39029138 |
| ELECTRICAL EQUIPMENT — 1.5% | ELECTRICAL EQUIPMENT — 1.5% | ELECTRICAL EQUIPMENT — 1.5% |
| &nbsp;&nbsp;&nbsp; Amphenol Corp. - Class A | 14484 | 1430295 |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 5900 | 3121985 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. <sup>(a)</sup> | 3981 | 652327 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 2288 | 760005 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 7160 | 3131855 |
| &nbsp;&nbsp;&nbsp; Veritiv Holdings Co. | 5200 | 667732 |
|  |  | 9764199 |
| ENGINEERING & CONSTRUCTION — 0.1% | ENGINEERING & CONSTRUCTION — 0.1% | ENGINEERING & CONSTRUCTION — 0.1% |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 1600 | 604928 |
| ENTERTAINMENT CONTENT — 0.4% | ENTERTAINMENT CONTENT — 0.4% | ENTERTAINMENT CONTENT — 0.4% |
| &nbsp;&nbsp;&nbsp; AppLovin Corp. - Class A <sup>(a)</sup> | 6660 | 2331533 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 3445 | 550166 |
|  |  | 2881699 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 99.1%, continued** | **COMMON STOCKS — 99.1%, continued** | **COMMON STOCKS — 99.1%, continued** |
| GAS & WATER UTILITIES — 0.0% <sup>(b)</sup> | GAS & WATER UTILITIES — 0.0% <sup>(b)</sup> | GAS & WATER UTILITIES — 0.0% <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. | 6850 | $276329 |
| HEALTH CARE FACILITIES & SERVICES — 0.4% | HEALTH CARE FACILITIES & SERVICES — 0.4% | HEALTH CARE FACILITIES & SERVICES — 0.4% |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. | 2140 | 641679 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 1080 | 420077 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 1910 | 1399610 |
|  |  | 2461366 |
| HOUSEHOLD PRODUCTS — 0.1% | HOUSEHOLD PRODUCTS — 0.1% | HOUSEHOLD PRODUCTS — 0.1% |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 4057 | 368781 |
| INDUSTRIAL SUPPORT SERVICES — 0.4% | INDUSTRIAL SUPPORT SERVICES — 0.4% | INDUSTRIAL SUPPORT SERVICES — 0.4% |
| &nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 2530 | 2631807 |
| INSTITUTIONAL FINANCIAL SERVICES — 0.6% | INSTITUTIONAL FINANCIAL SERVICES — 0.6% | INSTITUTIONAL FINANCIAL SERVICES — 0.6% |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. - Class A <sup>(a)</sup> | 4480 | 1570195 |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. - Class A | 25520 | 1414063 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 8490 | 759176 |
| &nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc. - Class A <sup>(c)</sup> | 3740 | 547536 |
|  |  | 4290970 |
| INSURANCE — 0.5% | INSURANCE — 0.5% | INSURANCE — 0.5% |
| &nbsp;&nbsp;&nbsp; Aon plc - Class A | 2560 | 913306 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 5760 | 524448 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 4740 | 525524 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 5690 | 1518433 |
|  |  | 3481711 |
| INTERNET MEDIA & SERVICES — 15.6% | INTERNET MEDIA & SERVICES — 15.6% | INTERNET MEDIA & SERVICES — 15.6% |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc. - Class A <sup>(a)</sup> | 5790 | 766249 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. - Class A | 124440 | 21930061 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. - Class C | 97310 | 17261821 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 830 | 4805069 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. - Class A <sup>(a)</sup> | 10120 | 2494681 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 1970 | 332300 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. - Class A | 45180 | 33346906 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. <sup>(a)</sup> | 11520 | 15426778 |
| &nbsp;&nbsp;&nbsp; Pinterest, Inc. - Class A <sup>(a)</sup> | 22240 | 797526 |
| &nbsp;&nbsp;&nbsp; ROBLOX Corp. - Class A <sup>(a)</sup> | 19330 | 2033516 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. <sup>(a)</sup> | 50480 | 4709784 |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc. | 3210 | 927048 |
|  |  | 104831739 |
| LEISURE FACILITIES & SERVICES — 1.6% | LEISURE FACILITIES & SERVICES — 1.6% | LEISURE FACILITIES & SERVICES — 1.6% |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 35120 | 1971988 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 7350 | 1957599 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. <sup>(a)(c)</sup> | 5560 | 841117 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. - Class A | 4660 | 1273159 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 7547 | 2205007 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. <sup>(c)</sup> | 4160 | 1302662 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 12372 | 1133646 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 140 | 20745 |
|  |  | 10705923 |
| LEISURE PRODUCTS — 0.3% | LEISURE PRODUCTS — 0.3% | LEISURE PRODUCTS — 0.3% |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. <sup>(a)</sup> | 2700 | 2235438 |
| MACHINERY — 0.4% | MACHINERY — 0.4% | MACHINERY — 0.4% |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 3936 | 2001417 |

---

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

Schedule of Investments, continued

*Praxis Growth Index Fund June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 99.1%, continued** | **COMMON STOCKS — 99.1%, continued** | **COMMON STOCKS — 99.1%, continued** |
| MACHINERY — 0.4%, continued | MACHINERY — 0.4%, continued | MACHINERY — 0.4%, continued |
| &nbsp;&nbsp;&nbsp; Veralto Corp. | 5884 | $593990 |
|  |  | 2595407 |
| MEDICAL EQUIPMENT & DEVICES — 2.6% | MEDICAL EQUIPMENT & DEVICES — 2.6% | MEDICAL EQUIPMENT & DEVICES — 2.6% |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 4905 | 578839 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. <sup>(a)</sup> | 29440 | 3162150 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 9764 | 1928781 |
| &nbsp;&nbsp;&nbsp; DexCom, Inc. <sup>(a)</sup> | 6210 | 542071 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc. <sup>(a)</sup> | 1700 | 911778 |
| &nbsp;&nbsp;&nbsp; Insulet Corp. <sup>(a)</sup> | 770 | 241919 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. <sup>(a)</sup> | 6730 | 3657149 |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. <sup>(a)</sup> | 550 | 646096 |
| &nbsp;&nbsp;&nbsp; ResMed, Inc. <sup>(c)</sup> | 2090 | 539220 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | 4760 | 1883199 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 6355 | 2576698 |
| &nbsp;&nbsp;&nbsp; Waters Corp. <sup>(a)</sup> | 1646 | 574520 |
|  |  | 17242420 |
| OIL & GAS PRODUCERS — 0.2% | OIL & GAS PRODUCERS — 0.2% | OIL & GAS PRODUCERS — 0.2% |
| &nbsp;&nbsp;&nbsp; EQT Corp. | 14680 | 856138 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 11560 | 339864 |
|  |  | 1196002 |
| OIL & GAS SERVICES & EQUIPMENT — 0.3% | OIL & GAS SERVICES & EQUIPMENT — 0.3% | OIL & GAS SERVICES & EQUIPMENT — 0.3% |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 30530 | 1170520 |
| &nbsp;&nbsp;&nbsp; Schlumberger Ltd. | 17760 | 600288 |
|  |  | 1770808 |
| REITS — 0.9% | REITS — 0.9% | REITS — 0.9% |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | 5412 | 1196160 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | 1777 | 1413550 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 8670 | 889282 |
| &nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 500 | 528195 |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 11430 | 1757134 |
|  |  | 5784321 |
| RENEWABLE ENERGY — 0.1% | RENEWABLE ENERGY — 0.1% | RENEWABLE ENERGY — 0.1% |
| &nbsp;&nbsp;&nbsp; First Solar, Inc. <sup>(a)(c)</sup> | 3450 | 571113 |
| RETAIL - CONSUMER STAPLES — 1.5% | RETAIL - CONSUMER STAPLES — 1.5% | RETAIL - CONSUMER STAPLES — 1.5% |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 9353 | 9258909 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 7770 | 759750 |
|  |  | 10018659 |
| RETAIL - DISCRETIONARY — 2.7% | RETAIL - DISCRETIONARY — 2.7% | RETAIL - DISCRETIONARY — 2.7% |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. <sup>(a)</sup> | 659 | 2446360 |
| &nbsp;&nbsp;&nbsp; Carvana Co. <sup>(a)</sup> | 4400 | 1482624 |
| &nbsp;&nbsp;&nbsp; Cloudflare, Inc. - Class A <sup>(a)</sup> | 9380 | 1836885 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 13406 | 4915176 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 6789 | 1506275 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. <sup>(a)</sup> | 27150 | 2447030 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 25503 | 3149365 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 10300 | 543531 |
|  |  | 18327246 |
| SEMICONDUCTORS — 19.4% | SEMICONDUCTORS — 19.4% | SEMICONDUCTORS — 19.4% |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. <sup>(a)</sup> | 32806 | 4655172 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 22816 | 4176925 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 107960 | 29759174 |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 15480 | 346752 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 3030 | 2714092 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 99.1%, continued** | **COMMON STOCKS — 99.1%, continued** | **COMMON STOCKS — 99.1%, continued** |
| SEMICONDUCTORS — 19.4%, continued | SEMICONDUCTORS — 19.4%, continued | SEMICONDUCTORS — 19.4%, continued |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 28890 | $2812153 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 22460 | 1738404 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 1690 | 1236032 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 512910 | 81034651 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 9790 | 1559155 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. <sup>(c)</sup> | 1600 | 332192 |
|  |  | 130364702 |
| SOFTWARE — 17.0% | SOFTWARE — 17.0% | SOFTWARE — 17.0% |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. <sup>(a)</sup> | 7597 | 2939127 |
| &nbsp;&nbsp;&nbsp; ANSYS, Inc. <sup>(a)</sup> | 2190 | 769172 |
| &nbsp;&nbsp;&nbsp; Atlassian Corp. - Class A <sup>(a)</sup> | 1630 | 331037 |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc. <sup>(a)</sup> | 1580 | 489121 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. <sup>(a)</sup> | 10624 | 3273786 |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc. - Class A <sup>(a)</sup> | 1360 | 221762 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup> | 6320 | 3218839 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc. <sup>(a)</sup> | 19070 | 2016080 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc. <sup>(a)</sup> | 970 | 539931 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 6540 | 5151100 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 128238 | 63786863 |
| &nbsp;&nbsp;&nbsp; MicroStrategy, Inc. - Class A <sup>(a)</sup> | 5890 | 2380915 |
| &nbsp;&nbsp;&nbsp; MongoDB, Inc. <sup>(a)</sup> | 2700 | 566973 |
| &nbsp;&nbsp;&nbsp; OKTA, Inc. <sup>(a)</sup> | 5300 | 529841 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 24170 | 5284287 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. <sup>(a)</sup> | 14120 | 2889517 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 18010 | 4911147 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc. <sup>(a)</sup> | 6293 | 6469707 |
| &nbsp;&nbsp;&nbsp; Snowflake, Inc. - Class A <sup>(a)</sup> | 8540 | 1910996 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. <sup>(a)</sup> | 6460 | 3311913 |
| &nbsp;&nbsp;&nbsp; Tyler Technologies, Inc. <sup>(a)</sup> | 1770 | 1049327 |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Inc. - Class A <sup>(a)</sup> | 2490 | 717070 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. - Class A <sup>(a)</sup> | 1160 | 278400 |
| &nbsp;&nbsp;&nbsp; Zscaler, Inc. <sup>(a)</sup> | 3130 | 982632 |
|  |  | 114019543 |
| SPECIALTY FINANCE — 0.3% | SPECIALTY FINANCE — 0.3% | SPECIALTY FINANCE — 0.3% |
| &nbsp;&nbsp;&nbsp; American Express Co. | 6050 | 1929829 |
| TECHNOLOGY HARDWARE — 11.4% | TECHNOLOGY HARDWARE — 11.4% | TECHNOLOGY HARDWARE — 11.4% |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 346548 | 71101253 |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc. <sup>(a)</sup> | 29760 | 3044746 |
| &nbsp;&nbsp;&nbsp; Datadog, Inc. - Class A <sup>(a)</sup> | 7580 | 1018221 |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | 5800 | 617990 |
| &nbsp;&nbsp;&nbsp; Super Micro Computer, Inc. <sup>(a)(c)</sup> | 12010 | 588610 |
|  |  | 76370820 |
| TECHNOLOGY SERVICES — 6.1% | TECHNOLOGY SERVICES — 6.1% | TECHNOLOGY SERVICES — 6.1% |
| &nbsp;&nbsp;&nbsp; Accenture plc - Class A | 9379 | 2803289 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 8450 | 2605980 |
| &nbsp;&nbsp;&nbsp; Block, Inc. <sup>(a)</sup> | 7480 | 508116 |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 2596 | 630906 |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc. <sup>(a)</sup> | 6590 | 529836 |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | 1260 | 326806 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp. <sup>(a)</sup> | 920 | 1681723 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc. <sup>(a)</sup> | 11266 | 1942371 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc. - Class A | 17176 | 9651882 |
| &nbsp;&nbsp;&nbsp; Moody's Corp. | 3375 | 1692866 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. | 1797 | 1036402 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 4794 | 2527828 |

---

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

Schedule of Investments, continued

*Praxis Growth Index Fund June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 99.1%, continued** | **COMMON STOCKS — 99.1%, continued** | **COMMON STOCKS — 99.1%, continued** |
| TECHNOLOGY SERVICES — 6.1%, continued | TECHNOLOGY SERVICES — 6.1%, continued | TECHNOLOGY SERVICES — 6.1%, continued |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 1700 | $529550 |
| &nbsp;&nbsp;&nbsp; Visa, Inc. - Class A | 40713 | 14455151 |
|  |  | 40922706 |
| TELECOMMUNICATIONS — 0.1% | TELECOMMUNICATIONS — 0.1% | TELECOMMUNICATIONS — 0.1% |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 4420 | 1053109 |
| TRANSPORTATION & LOGISTICS — 0.3% | TRANSPORTATION & LOGISTICS — 0.3% | TRANSPORTATION & LOGISTICS — 0.3% |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 5900 | 957570 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | 3911 | 899843 |
|  |  | 1857413 |
| WHOLESALE - DISCRETIONARY — 0.1% | WHOLESALE - DISCRETIONARY — 0.1% | WHOLESALE - DISCRETIONARY — 0.1% |
| &nbsp;&nbsp;&nbsp; Copart, Inc. <sup>(a)</sup> | 20652 | 1013394 |
|  TOTAL COMMON STOCKS (COST $240,049,950) | TOTAL COMMON STOCKS (COST $240,049,950) | $666084495 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 Impact Capital, Inc. <sup>(d)</sup> | 2.500% | 12/15/25 | $500000 | $492491 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(d)</sup> | 4.000% | 06/15/28 | 750000 | 720382 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(d)</sup> | 5.000% | 12/15/28 | 450000 | 442887 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(d)</sup> | 5.000% | 06/15/29 | 1270000 | 1246675 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(d)</sup> | 4.500% | 12/14/29 | 450000 | 431490 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(d)</sup> | 4.500% | 06/14/30 | 760000 | 754300 |
| &nbsp;&nbsp;&nbsp; Capital Impact Partners Investment <sup>(d)</sup> | 4.500% | 12/15/25 | 450000 | 450254 |
| &nbsp;&nbsp;&nbsp; Capital Impact Partners Investment <sup>(d)</sup> | 4.500% | 06/15/26 | 760000 | 760797 |
| &nbsp;&nbsp;&nbsp; Capital Impact Partners Investment <sup>(d)</sup> | 5.000% | 12/15/26 | 500000 | 503461 |
| TOTAL CORPORATE NOTES (COST $5,890,000) | TOTAL CORPORATE NOTES (COST $5,890,000) | TOTAL CORPORATE NOTES (COST $5,890,000) | TOTAL CORPORATE NOTES (COST $5,890,000) | $5802737 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **MONEY MARKET FUNDS — 0.1%**  | **MONEY MARKET FUNDS — 0.1%**  | **MONEY MARKET FUNDS — 0.1%**  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25% <sup>(e)</sup> (COST $828,471) | 828471 | $828471 |
|  **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 0.7%**  | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 0.7%**  | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 0.7%**  |
| &nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets Portfolio, LLC, 4.46% <sup>(e)(f)</sup> (COST $4,872,000) | 4872000 | $4872000 |
|  TOTAL INVESTMENTS - (COST $251,640,421) — 100.8%  | TOTAL INVESTMENTS - (COST $251,640,421) — 100.8%  | $677587703 |
|  LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8%) | LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8%) | (5398566) |
|  NET ASSETS — 100.0% | NET ASSETS — 100.0% | $672189137 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of the security
 is on loan. The total fair value of the securities on loan as of June 30, 2025 was $4,868,842 (Note 8).

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> Date | Current <br> Cost | Fair <br> Value | % of Net <br> Assets |
|  Calvert Impact Capital, Inc., 2.500%, 12/15/25 | 12/15/20 | $500000 | $492491 | 0.1% |
|  Calvert Impact Capital, Inc., 4.000%, 06/15/28 | 06/15/23 | 750000 | 720382 | 0.1% |
|  Calvert Impact Capital, Inc., 5.000%, 12/15/28 | 12/15/23 | 450000 | 442887 | 0.1% |
|  Calvert Impact Capital, Inc., 5.000%, 06/15/29 | 06/14/24 | 1270000 | 1246675 | 0.2% |
|  Calvert Impact Capital, Inc., 4.500%, 12/14/29 | 12/13/24 | 450000 | 431490 | 0.0 %<sup>(b)</sup> |
|  Calvert Impact Capital, Inc., 4.500%, 06/14/30 | 12/13/24 | 760000 | 754300 | 0.1% |
|  Capital Impact Partners Investment, 4.500%, 12/15/25 | 06/20/23 | 450000 | 450254 | 0.1% |
|  Capital Impact Partners Investment, 4.500%, 06/15/26 | 12/16/24 | 760000 | 760797 | 0.1% |
|  Capital Impact Partners Investment, 5.000%, 12/15/26 | 12/15/23 | 500000 | 503461 | 0.1% |
|  |  | $5890000 | $5802737 | 0.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the 7-day
 effective yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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.***

Schedule of Investments

*Praxis Small Cap Index Fund* 

*June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%** | **COMMON STOCKS — 98.3%** | **COMMON STOCKS — 98.3%** |
| ADVERTISING & MARKETING — 0.4% | ADVERTISING & MARKETING — 0.4% | ADVERTISING & MARKETING — 0.4% |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | 11340 | $277603 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 7420 | 533795 |
|  |  | 811398 |
| AEROSPACE & DEFENSE — 0.1% | AEROSPACE & DEFENSE — 0.1% | AEROSPACE & DEFENSE — 0.1% |
| &nbsp;&nbsp;&nbsp; Loar Holdings, Inc. <sup>(a)</sup> | 1460 | 125808 |
| APPAREL & TEXTILE PRODUCTS — 1.3% | APPAREL & TEXTILE PRODUCTS — 1.3% | APPAREL & TEXTILE PRODUCTS — 1.3% |
| &nbsp;&nbsp;&nbsp; Crocs, Inc. <sup>(a)</sup> | 1490 | 150907 |
| &nbsp;&nbsp;&nbsp; Deckers Outdoor Corp. <sup>(a)</sup> | 5650 | 582346 |
| &nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | 4770 | 314677 |
| &nbsp;&nbsp;&nbsp; Oxford Industries, Inc. | 2295 | 92374 |
| &nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 1040 | 285251 |
| &nbsp;&nbsp;&nbsp; Skechers U.S.A., Inc. - Class A <sup>(a)</sup> | 2650 | 167215 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | 5540 | 486467 |
| &nbsp;&nbsp;&nbsp; Under Armour, Inc. - Class A <sup>(a)(b)</sup> | 21000 | 143430 |
| &nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. <sup>(b)</sup> | 9880 | 178630 |
|  |  | 2401297 |
| ASSET MANAGEMENT — 1.9% | ASSET MANAGEMENT — 1.9% | ASSET MANAGEMENT — 1.9% |
| &nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, Inc. - Class A <sup>(b)</sup> | 3310 | 146732 |
| &nbsp;&nbsp;&nbsp; Carlyle Group, Inc. (The) <sup>(b)</sup> | 7720 | 396808 |
| &nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 42270 | 1008140 |
| &nbsp;&nbsp;&nbsp; GitLab, Inc. - Class A <sup>(a)(b)</sup> | 3930 | 177282 |
| &nbsp;&nbsp;&nbsp; Invesco Ltd. | 13310 | 209899 |
| &nbsp;&nbsp;&nbsp; Janus Henderson Group plc | 4360 | 169343 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 6260 | 342359 |
| &nbsp;&nbsp;&nbsp; StepStone Group, Inc. - Class A | 5670 | 314685 |
| &nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 2230 | 231429 |
| &nbsp;&nbsp;&nbsp; TPG, Inc. <sup>(b)</sup> | 3900 | 204555 |
| &nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | 920 | 166888 |
| &nbsp;&nbsp;&nbsp; WisdomTree, Inc. <sup>(b)</sup> | 21350 | 245739 |
|  |  | 3613859 |
| AUTOMOTIVE — 1.3% | AUTOMOTIVE — 1.3% | AUTOMOTIVE — 1.3% |
| &nbsp;&nbsp;&nbsp; Aptiv plc <sup>(a)</sup> | 8810 | 601018 |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 5940 | 198871 |
| &nbsp;&nbsp;&nbsp; Dana, Inc. | 17040 | 292236 |
| &nbsp;&nbsp;&nbsp; Dorman Products, Inc. <sup>(a)(b)</sup> | 2970 | 364330 |
| &nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 6260 | 147736 |
| &nbsp;&nbsp;&nbsp; Lear Corp. | 1460 | 138671 |
| &nbsp;&nbsp;&nbsp; Lucid Group, Inc. <sup>(a)(b)</sup> | 42510 | 89696 |
| &nbsp;&nbsp;&nbsp; Modine Manufacturing Co. <sup>(a)</sup> | 1320 | 130020 |
| &nbsp;&nbsp;&nbsp; Phinia, Inc. | 3280 | 145927 |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc. - Class A <sup>(a)(b)</sup> | 25410 | 349134 |
|  |  | 2457639 |
| BANKING — 5.5% | BANKING — 5.5% | BANKING — 5.5% |
| &nbsp;&nbsp;&nbsp; Ameris Bancorp | 6014 | 389106 |
| &nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 4240 | 132627 |
| &nbsp;&nbsp;&nbsp; Axos Financial, Inc. <sup>(a)</sup> | 5330 | 405293 |
| &nbsp;&nbsp;&nbsp; BancFirst Corp. | 2790 | 344900 |
| &nbsp;&nbsp;&nbsp; Bank of Hawaii Corp. | 3580 | 241757 |
| &nbsp;&nbsp;&nbsp; Bank OZK | 3190 | 150121 |
| &nbsp;&nbsp;&nbsp; Banner Corp. <sup>(b)</sup> | 1910 | 122526 |
| &nbsp;&nbsp;&nbsp; Berkshire Hills Bancorp, Inc. | 7000 | 175280 |
| &nbsp;&nbsp;&nbsp; Cathay General Bancorp | 3980 | 181209 |
| &nbsp;&nbsp;&nbsp; City Holding Co. | 2750 | 336655 |
| &nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. <sup>(b)</sup> | 4960 | 115965 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
| BANKING — 5.5%, continued | BANKING — 5.5%, continued | BANKING — 5.5%, continued |
| &nbsp;&nbsp;&nbsp; Comerica, Inc. | 6780 | $404427 |
| &nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 1230 | 158104 |
| &nbsp;&nbsp;&nbsp; CVB Financial Corp. | 10060 | 199087 |
| &nbsp;&nbsp;&nbsp; East West Bancorp, Inc. <sup>(b)</sup> | 3480 | 351410 |
| &nbsp;&nbsp;&nbsp; First BanCorp | 18880 | 393270 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. - Class A | 260 | 508682 |
| &nbsp;&nbsp;&nbsp; First Financial Bancorp | 6900 | 167394 |
| &nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 9470 | 236371 |
| &nbsp;&nbsp;&nbsp; First Horizon Corp. | 14190 | 300828 |
| &nbsp;&nbsp;&nbsp; Flagstar Financial, Inc. | 21850 | 231610 |
| &nbsp;&nbsp;&nbsp; Fulton Financial Corp. | 7890 | 142336 |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 2130 | 122262 |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | 2280 | 143378 |
| &nbsp;&nbsp;&nbsp; National Bank Holdings Corp. - Class A | 3640 | 136900 |
| &nbsp;&nbsp;&nbsp; NBT Bancorp, Inc. | 3250 | 135038 |
| &nbsp;&nbsp;&nbsp; Northwest Bancshares, Inc. | 12440 | 158983 |
| &nbsp;&nbsp;&nbsp; OFG Bancorp | 7230 | 309444 |
| &nbsp;&nbsp;&nbsp; Park National Corp. | 2050 | 342883 |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 1450 | 160095 |
| &nbsp;&nbsp;&nbsp; Popular, Inc. | 1090 | 120129 |
| &nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 4240 | 297818 |
| &nbsp;&nbsp;&nbsp; Provident Financial Services, Inc. | 7040 | 123411 |
| &nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. <sup>(b)</sup> | 5330 | 413128 |
| &nbsp;&nbsp;&nbsp; SouthState Corp. | 1930 | 177618 |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 3170 | 164048 |
| &nbsp;&nbsp;&nbsp; Triumph Financial, Inc. <sup>(a)(b)</sup> | 2960 | 163126 |
| &nbsp;&nbsp;&nbsp; Trustmark Corp. | 4750 | 173185 |
| &nbsp;&nbsp;&nbsp; UMB Financial Corp. | 2320 | 243971 |
| &nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 3920 | 142806 |
| &nbsp;&nbsp;&nbsp; United Community Banks, Inc. | 7250 | 215978 |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp. | 4570 | 249522 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorp <sup>(b)</sup> | 2920 | 227702 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 1400 | 173572 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp N.A. | 3400 | 176596 |
|  |  | 10260551 |
| BEVERAGES — 0.3% | BEVERAGES — 0.3% | BEVERAGES — 0.3% |
| &nbsp;&nbsp;&nbsp; Celsius Holdings, Inc. <sup>(a)(b)</sup> | 6800 | 315452 |
| &nbsp;&nbsp;&nbsp; National Beverage Corp. <sup>(a)</sup> | 4440 | 191986 |
|  |  | 507438 |
| BIOTECH & PHARMA — 4.1% | BIOTECH & PHARMA — 4.1% | BIOTECH & PHARMA — 4.1% |
| &nbsp;&nbsp;&nbsp; Alkermes plc <sup>(a)</sup> | 6490 | 185679 |
| &nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc. <sup>(a)(b)</sup> | 1150 | 120048 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | 9440 | 518917 |
| &nbsp;&nbsp;&nbsp; Blueprint Medicines Corp. <sup>(a)</sup> | 2090 | 267896 |
| &nbsp;&nbsp;&nbsp; Braze, Inc. - Class A <sup>(a)(b)</sup> | 6330 | 177873 |
| &nbsp;&nbsp;&nbsp; BridgeBio Pharma, Inc. <sup>(a)</sup> | 5170 | 223241 |
| &nbsp;&nbsp;&nbsp; Cytokinetics, Inc. <sup>(a)</sup> | 4080 | 134803 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. <sup>(a)</sup> | 17250 | 246330 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc. <sup>(a)</sup> | 8150 | 359211 |
| &nbsp;&nbsp;&nbsp; Guardant Health, Inc. <sup>(a)</sup> | 4080 | 212323 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. <sup>(a)</sup> | 5110 | 265822 |
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc. <sup>(a)</sup> | 4890 | 154524 |
| &nbsp;&nbsp;&nbsp; Incyte Corp. <sup>(a)</sup> | 6980 | 475338 |
| &nbsp;&nbsp;&nbsp; Innoviva, Inc. <sup>(a)</sup> | 10960 | 220186 |
| &nbsp;&nbsp;&nbsp; Insmed, Inc. <sup>(a)</sup> | 5100 | 513264 |
| &nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc. <sup>(a)</sup> | 6770 | 267483 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc <sup>(a)</sup> | 1430 | 151752 |
| &nbsp;&nbsp;&nbsp; Krystal Biotech, Inc. <sup>(a)</sup> | 800 | 109968 |

---

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

Schedule of Investments, continued

*Praxis Small Cap Index Fund June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
| BIOTECH & PHARMA — 4.1%, continued | BIOTECH & PHARMA — 4.1%, continued | BIOTECH & PHARMA — 4.1%, continued |
| &nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 540 | $163426 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc. <sup>(a)</sup> | 10250 | 282797 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. <sup>(a)</sup> | 2800 | 351932 |
| &nbsp;&nbsp;&nbsp; Organon & Co. <sup>(b)</sup> | 12050 | 116644 |
| &nbsp;&nbsp;&nbsp; Perrigo Co. plc | 6260 | 167267 |
| &nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 4850 | 387272 |
| &nbsp;&nbsp;&nbsp; Revolution Medicines, Inc. <sup>(a)(b)</sup> | 4630 | 170338 |
| &nbsp;&nbsp;&nbsp; Roivant Sciences Ltd. <sup>(a)</sup> | 13680 | 154174 |
| &nbsp;&nbsp;&nbsp; SpringWorks Therapeutic, Inc. <sup>(a)(b)</sup> | 3180 | 149428 |
| &nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | 5090 | 160437 |
| &nbsp;&nbsp;&nbsp; TG Therapeutics, Inc. <sup>(a)</sup> | 5850 | 210542 |
| &nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc. <sup>(a)</sup> | 2830 | 102899 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp. <sup>(a)</sup> | 1380 | 396543 |
| &nbsp;&nbsp;&nbsp; Viking Therapeutics, Inc. <sup>(a)(b)</sup> | 5730 | 151845 |
|  |  | 7570202 |
| CABLE & SATELLITE — 0.2% | CABLE & SATELLITE — 0.2% | CABLE & SATELLITE — 0.2% |
| &nbsp;&nbsp;&nbsp; Liberty Broadband Corp. - Series C <sup>(a)</sup> | 3060 | 301043 |
| &nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc. | 6410 | 147238 |
|  |  | 448281 |
| CHEMICALS — 1.9% | CHEMICALS — 1.9% | CHEMICALS — 1.9% |
| &nbsp;&nbsp;&nbsp; Albemarle Corp. <sup>(b)</sup> | 4300 | 269481 |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 3770 | 661522 |
| &nbsp;&nbsp;&nbsp; Balchem Corp. | 4840 | 770528 |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | 5310 | 293802 |
| &nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 2600 | 239200 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 2490 | 185903 |
| &nbsp;&nbsp;&nbsp; H.B. Fuller Co. | 2550 | 153383 |
| &nbsp;&nbsp;&nbsp; Materion Corp. | 2050 | 162709 |
| &nbsp;&nbsp;&nbsp; Mosaic Co. (The) | 10480 | 382310 |
| &nbsp;&nbsp;&nbsp; WD-40 Co. | 1700 | 387753 |
|  |  | 3506591 |
| COMMERCIAL SUPPORT SERVICES — 2.1% | COMMERCIAL SUPPORT SERVICES — 2.1% | COMMERCIAL SUPPORT SERVICES — 2.1% |
| &nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 7160 | 338023 |
| &nbsp;&nbsp;&nbsp; ADT, Inc. | 12680 | 107399 |
| &nbsp;&nbsp;&nbsp; Brady Corp. - Class A | 8080 | 549198 |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. - Class A <sup>(a)(b)</sup> | 1710 | 197300 |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc. <sup>(a)</sup> | 1410 | 325964 |
| &nbsp;&nbsp;&nbsp; CorVel Corp. <sup>(a)(b)</sup> | 6990 | 718432 |
| &nbsp;&nbsp;&nbsp; FTI Consulting, Inc. <sup>(a)</sup> | 780 | 125970 |
| &nbsp;&nbsp;&nbsp; H&R Block, Inc. | 3430 | 188273 |
| &nbsp;&nbsp;&nbsp; Insperity, Inc. | 1650 | 99198 |
| &nbsp;&nbsp;&nbsp; Korn Ferry | 7970 | 584440 |
| &nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 3480 | 140592 |
| &nbsp;&nbsp;&nbsp; Robert Half, Inc. | 3690 | 151474 |
| &nbsp;&nbsp;&nbsp; TriNet Group, Inc. | 1720 | 125801 |
| &nbsp;&nbsp;&nbsp; UniFirst Corp. | 1280 | 240922 |
|  |  | 3892986 |
| CONSTRUCTION & ENGINEERING — 0.1% | CONSTRUCTION & ENGINEERING — 0.1% | CONSTRUCTION & ENGINEERING — 0.1% |
| &nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc. <sup>(a)(b)</sup> | 1160 | 267647 |
| CONSTRUCTION MATERIALS — 0.7% | CONSTRUCTION MATERIALS — 0.7% | CONSTRUCTION MATERIALS — 0.7% |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 1990 | 228571 |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 1310 | 489154 |
| &nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. <sup>(b)</sup> | 11610 | 193539 |
| &nbsp;&nbsp;&nbsp; Owens Corning | 2000 | 275040 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
| CONSTRUCTION MATERIALS — 0.7%, continued | CONSTRUCTION MATERIALS — 0.7%, continued | CONSTRUCTION MATERIALS — 0.7%, continued |
| &nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. <sup>(b)</sup> | 900 | $139779 |
|  |  | 1326083 |
| CONSUMER SERVICES — 0.8% | CONSUMER SERVICES — 0.8% | CONSUMER SERVICES — 0.8% |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc. <sup>(a)</sup> | 3660 | 465662 |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc. <sup>(a)(b)</sup> | 1610 | 198980 |
| &nbsp;&nbsp;&nbsp; Service Corp. International <sup>(b)</sup> | 2420 | 196988 |
| &nbsp;&nbsp;&nbsp; Strategic Education, Inc. | 1700 | 144721 |
| &nbsp;&nbsp;&nbsp; Stride, Inc. <sup>(a)</sup> | 2890 | 419599 |
|  |  | 1425950 |
| CONTAINERS & PACKAGING — 0.9% | CONTAINERS & PACKAGING — 0.9% | CONTAINERS & PACKAGING — 0.9% |
| &nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 950 | 148608 |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 5480 | 307373 |
| &nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 4210 | 433546 |
| &nbsp;&nbsp;&nbsp; Smurfit WestRock plc | 17810 | 768502 |
|  |  | 1658029 |
| DIVERSIFIED INDUSTRIALS — 0.4% | DIVERSIFIED INDUSTRIALS — 0.4% | DIVERSIFIED INDUSTRIALS — 0.4% |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | 1970 | 308955 |
| &nbsp;&nbsp;&nbsp; Pentair plc | 4250 | 436305 |
|  |  | 745260 |
| E-COMMERCE DISCRETIONARY — 0.4% | E-COMMERCE DISCRETIONARY — 0.4% | E-COMMERCE DISCRETIONARY — 0.4% |
| &nbsp;&nbsp;&nbsp; Chewy, Inc. - Class A <sup>(a)</sup> | 3170 | 135105 |
| &nbsp;&nbsp;&nbsp; Etsy, Inc. <sup>(a)(b)</sup> | 4920 | 246787 |
| &nbsp;&nbsp;&nbsp; Wayfair, Inc. - Class A <sup>(a)</sup> | 5090 | 260303 |
| &nbsp;&nbsp;&nbsp; Waystar Holding Corp. <sup>(a)</sup> | 3880 | 158576 |
|  |  | 800771 |
| ELECTRIC UTILITIES — 1.8% | ELECTRIC UTILITIES — 1.8% | ELECTRIC UTILITIES — 1.8% |
| &nbsp;&nbsp;&nbsp; AES Corp. (The) | 36490 | 383875 |
| &nbsp;&nbsp;&nbsp; Avista Corp. | 4680 | 177606 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 3720 | 256420 |
| &nbsp;&nbsp;&nbsp; MGE Energy, Inc. <sup>(b)</sup> | 2550 | 225522 |
| &nbsp;&nbsp;&nbsp; NorthWestern Energy Group, Inc. | 2250 | 115425 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 6090 | 977932 |
| &nbsp;&nbsp;&nbsp; Nuvalent, Inc. - Class A <sup>(a)(b)</sup> | 1380 | 105294 |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. <sup>(b)</sup> | 5730 | 254297 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 2760 | 246937 |
| &nbsp;&nbsp;&nbsp; Talen Energy Corp. <sup>(a)(b)</sup> | 1370 | 398355 |
| &nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 4340 | 244429 |
|  |  | 3386092 |
| ELECTRICAL EQUIPMENT — 3.8% | ELECTRICAL EQUIPMENT — 3.8% | ELECTRICAL EQUIPMENT — 3.8% |
| &nbsp;&nbsp;&nbsp; AAON, Inc. | 3590 | 264762 |
| &nbsp;&nbsp;&nbsp; Acuity, Inc. | 1210 | 360991 |
| &nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 2780 | 368350 |
| &nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc. <sup>(a)</sup> | 4510 | 255131 |
| &nbsp;&nbsp;&nbsp; Allegion plc | 1350 | 194562 |
| &nbsp;&nbsp;&nbsp; API Group Corp. <sup>(a)</sup> | 8020 | 409421 |
| &nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 2250 | 551137 |
| &nbsp;&nbsp;&nbsp; Bloom Energy Corp. - Class A <sup>(a)(b)</sup> | 5500 | 131560 |
| &nbsp;&nbsp;&nbsp; Cognex Corp. | 4800 | 152256 |
| &nbsp;&nbsp;&nbsp; Generac Holdings, Inc. <sup>(a)</sup> | 1590 | 227704 |
| &nbsp;&nbsp;&nbsp; Hayward Holdings, Inc. <sup>(a)</sup> | 6850 | 94530 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | 550 | 224625 |
| &nbsp;&nbsp;&nbsp; Itron, Inc. <sup>(a)</sup> | 2350 | 309331 |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc. <sup>(b)</sup> | 930 | 533113 |
| &nbsp;&nbsp;&nbsp; Littelfuse, Inc. | 2290 | 519212 |
| &nbsp;&nbsp;&nbsp; NEXTracker, Inc. - Class A <sup>(a)</sup> | 9050 | 492049 |
| &nbsp;&nbsp;&nbsp; nVent Electric plc | 5350 | 391888 |

---

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

Schedule of Investments, continued

*Praxis Small Cap Index Fund June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
| ELECTRICAL EQUIPMENT — 3.8%, continued | ELECTRICAL EQUIPMENT — 3.8%, continued | ELECTRICAL EQUIPMENT — 3.8%, continued |
| &nbsp;&nbsp;&nbsp; OSI Systems, Inc. <sup>(a)(b)</sup> | 2550 | $573393 |
| &nbsp;&nbsp;&nbsp; SPX Technologies, Inc. <sup>(a)</sup> | 6450 | 1081536 |
|  |  | 7135551 |
| ENGINEERING & CONSTRUCTION — 2.7% | ENGINEERING & CONSTRUCTION — 2.7% | ENGINEERING & CONSTRUCTION — 2.7% |
| &nbsp;&nbsp;&nbsp; AECOM | 4290 | 484169 |
| &nbsp;&nbsp;&nbsp; Arcosa, Inc. | 6060 | 525463 |
| &nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 1080 | 579107 |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc. <sup>(a)</sup> | 1780 | 435014 |
| &nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 1240 | 663264 |
| &nbsp;&nbsp;&nbsp; Frontdoor, Inc. <sup>(a)</sup> | 6020 | 354819 |
| &nbsp;&nbsp;&nbsp; Granite Construction, Inc. <sup>(b)</sup> | 5010 | 468485 |
| &nbsp;&nbsp;&nbsp; Installed Building Products, Inc. <sup>(b)</sup> | 1770 | 319166 |
| &nbsp;&nbsp;&nbsp; MasTec, Inc. <sup>(a)</sup> | 2270 | 386876 |
| &nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 9380 | 337305 |
| &nbsp;&nbsp;&nbsp; TopBuild Corp. <sup>(a)(b)</sup> | 930 | 301078 |
| &nbsp;&nbsp;&nbsp; WillScott Holdings Corp. <sup>(b)</sup> | 4900 | 134260 |
|  |  | 4989006 |
| ENTERTAINMENT CONTENT — 0.2% | ENTERTAINMENT CONTENT — 0.2% | ENTERTAINMENT CONTENT — 0.2% |
| &nbsp;&nbsp;&nbsp; Paramount Global - Class B | 24370 | 314373 |
| FOOD — 1.4% | FOOD — 1.4% | FOOD — 1.4% |
| &nbsp;&nbsp;&nbsp; BellRing Brands, Inc. <sup>(a)</sup> | 3120 | 180742 |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 3850 | 383575 |
| &nbsp;&nbsp;&nbsp; Campbell's Co. (The) <sup>(b)</sup> | 15000 | 459750 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 18440 | 377467 |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc. <sup>(a)(b)</sup> | 4770 | 180974 |
| &nbsp;&nbsp;&nbsp; Ingredion, Inc. | 1050 | 142401 |
| &nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) <sup>(b)</sup> | 2450 | 240590 |
| &nbsp;&nbsp;&nbsp; Krispy Kreme, Inc. <sup>(b)</sup> | 65710 | 191216 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 5740 | 297619 |
| &nbsp;&nbsp;&nbsp; Simply Good Foods Co. (The) <sup>(a)(b)</sup> | 3290 | 103931 |
|  |  | 2558265 |
| FORESTRY, PAPER & WOOD PRODUCTS — 0.3% | FORESTRY, PAPER & WOOD PRODUCTS — 0.3% | FORESTRY, PAPER & WOOD PRODUCTS — 0.3% |
| &nbsp;&nbsp;&nbsp; Boise Cascade Co. | 5270 | 457541 |
| &nbsp;&nbsp;&nbsp; Trex Co., Inc. <sup>(a)</sup> | 2950 | 160421 |
|  |  | 617962 |
| GAS & WATER UTILITIES — 1.5% | GAS & WATER UTILITIES — 1.5% | GAS & WATER UTILITIES — 1.5% |
| &nbsp;&nbsp;&nbsp; American States Water Co. | 4280 | 328105 |
| &nbsp;&nbsp;&nbsp; California Water Service Group | 5680 | 258326 |
| &nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 15970 | 593126 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. | 7030 | 283590 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 6850 | 509572 |
| &nbsp;&nbsp;&nbsp; UGI Corp. <sup>(b)</sup> | 21010 | 765184 |
|  |  | 2737903 |
| HEALTH CARE FACILITIES & SERVICES — 1.6% | HEALTH CARE FACILITIES & SERVICES — 1.6% | HEALTH CARE FACILITIES & SERVICES — 1.6% |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. <sup>(a)(b)</sup> | 9710 | 220320 |
| &nbsp;&nbsp;&nbsp; AdaptHealth Corp. <sup>(a)</sup> | 14120 | 133151 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc. <sup>(a)</sup> | 1920 | 291322 |
| &nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 13589 | 279526 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc. <sup>(a)</sup> | 1170 | 166666 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp. | 2740 | 336006 |
| &nbsp;&nbsp;&nbsp; Ensign Group, Inc. (The) | 1550 | 239103 |
| &nbsp;&nbsp;&nbsp; Henry Schein, Inc. <sup>(a)</sup> | 3830 | 279781 |
| &nbsp;&nbsp;&nbsp; Medpace Holdings, Inc. <sup>(a)</sup> | 820 | 257365 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc. <sup>(a)</sup> | 5870 | 190658 |
| &nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc. <sup>(a)</sup> | 13840 | 198604 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
| HEALTH CARE FACILITIES & SERVICES — 1.6%, continued | HEALTH CARE FACILITIES & SERVICES — 1.6%, continued | HEALTH CARE FACILITIES & SERVICES — 1.6%, continued |
| &nbsp;&nbsp;&nbsp; RadNet, Inc. <sup>(a)</sup> | 3960 | $225364 |
| &nbsp;&nbsp;&nbsp; Select Medical Holdings Corp. | 15210 | 230888 |
|  |  | 3048754 |
| HOME & OFFICE PRODUCTS — 0.6% | HOME & OFFICE PRODUCTS — 0.6% | HOME & OFFICE PRODUCTS — 0.6% |
| &nbsp;&nbsp;&nbsp; HNI Corp. | 7870 | 387047 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 18920 | 102168 |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc. | 5890 | 400814 |
| &nbsp;&nbsp;&nbsp; Whirlpool Corp. <sup>(b)</sup> | 2090 | 211968 |
|  |  | 1101997 |
| HOME CONSTRUCTION — 1.6% | HOME CONSTRUCTION — 1.6% | HOME CONSTRUCTION — 1.6% |
| &nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 2600 | 422344 |
| &nbsp;&nbsp;&nbsp; Cavco Industries, Inc. <sup>(a)</sup> | 1330 | 577792 |
| &nbsp;&nbsp;&nbsp; Griffon Corp. | 3610 | 261256 |
| &nbsp;&nbsp;&nbsp; Interface, Inc. | 10230 | 214114 |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc. <sup>(a)</sup> | 3120 | 160742 |
| &nbsp;&nbsp;&nbsp; M/I Homes, Inc. <sup>(a)</sup> | 2350 | 263482 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 4450 | 298016 |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc. <sup>(a)</sup> | 1560 | 163550 |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 2290 | 261358 |
| &nbsp;&nbsp;&nbsp; TRI Pointe Homes, Inc. <sup>(a)</sup> | 12650 | 404168 |
|  |  | 3026822 |
| HOUSEHOLD PRODUCTS — 0.3% | HOUSEHOLD PRODUCTS — 0.3% | HOUSEHOLD PRODUCTS — 0.3% |
| &nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | 6260 | 118314 |
| &nbsp;&nbsp;&nbsp; Spectrum Brands Holdings, Inc. | 6680 | 354040 |
|  |  | 472354 |
| INDUSTRIAL INTERMEDIATE PRODUCTS — 1.2% | INDUSTRIAL INTERMEDIATE PRODUCTS — 1.2% | INDUSTRIAL INTERMEDIATE PRODUCTS — 1.2% |
| &nbsp;&nbsp;&nbsp; AZZ, Inc. <sup>(b)</sup> | 1430 | 135106 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc. <sup>(a)(b)</sup> | 1180 | 194287 |
| &nbsp;&nbsp;&nbsp; Enpro, Inc. | 2030 | 388847 |
| &nbsp;&nbsp;&nbsp; Gibraltar Industries, Inc. <sup>(a)</sup> | 3300 | 194700 |
| &nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 2870 | 228079 |
| &nbsp;&nbsp;&nbsp; Proto Labs, Inc. <sup>(a)</sup> | 4100 | 164164 |
| &nbsp;&nbsp;&nbsp; RBC Bearings, Inc. <sup>(a)</sup> | 990 | 380952 |
| &nbsp;&nbsp;&nbsp; Standex International Corp. | 2030 | 317654 |
| &nbsp;&nbsp;&nbsp; Timken Co. (The) | 3660 | 265533 |
|  |  | 2269322 |
| INDUSTRIAL SUPPORT SERVICES — 1.6% | INDUSTRIAL SUPPORT SERVICES — 1.6% | INDUSTRIAL SUPPORT SERVICES — 1.6% |
| &nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 740 | 172013 |
| &nbsp;&nbsp;&nbsp; Core & Main, Inc. - Class A <sup>(a)</sup> | 5630 | 339770 |
| &nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc. - Class A <sup>(b)</sup> | 5310 | 451456 |
| &nbsp;&nbsp;&nbsp; RB Global, Inc. <sup>(b)</sup> | 4950 | 525641 |
| &nbsp;&nbsp;&nbsp; Resideo Technologies, Inc. <sup>(a)</sup> | 8730 | 192584 |
| &nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 1490 | 180201 |
| &nbsp;&nbsp;&nbsp; U-Haul Holding Co. | 2500 | 135925 |
| &nbsp;&nbsp;&nbsp; Vaxcyte, Inc. <sup>(a)(b)</sup> | 3680 | 119637 |
| &nbsp;&nbsp;&nbsp; Watsco, Inc. | 1270 | 560857 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | 1450 | 268540 |
|  |  | 2946624 |
| INSTITUTIONAL FINANCIAL SERVICES — 1.1% | INSTITUTIONAL FINANCIAL SERVICES — 1.1% | INSTITUTIONAL FINANCIAL SERVICES — 1.1% |
| &nbsp;&nbsp;&nbsp; Evercore, Inc. - Class A <sup>(b)</sup> | 880 | 237617 |
| &nbsp;&nbsp;&nbsp; Moelis & Co. - Class A | 5190 | 323441 |
| &nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 1920 | 533645 |
| &nbsp;&nbsp;&nbsp; PJT Partners, Inc. - Class A | 2170 | 358072 |
| &nbsp;&nbsp;&nbsp; SEI Investments Co. | 2730 | 245318 |
| &nbsp;&nbsp;&nbsp; Virtu Financial, Inc. - Class A | 6270 | 280833 |
|  |  | 1978926 |

---

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

Schedule of Investments, continued

*Praxis Small Cap Index Fund June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
| INSURANCE — 3.5% | INSURANCE — 3.5% | INSURANCE — 3.5% |
| &nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 2080 | $262517 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. | 1030 | 203415 |
| &nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 3960 | 344916 |
| &nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 9710 | 544731 |
| &nbsp;&nbsp;&nbsp; Erie Indemnity Co. - Class A <sup>(b)</sup> | 670 | 232349 |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | 640 | 217504 |
| &nbsp;&nbsp;&nbsp; Genworth Financial, Inc. - Class A <sup>(a)</sup> | 40170 | 312523 |
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. | 3370 | 418857 |
| &nbsp;&nbsp;&nbsp; Goosehead Insurance, Inc. - Class A <sup>(b)</sup> | 1250 | 131887 |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Inc. - Class A | 5270 | 467923 |
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 570 | 275823 |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp. | 6410 | 221786 |
| &nbsp;&nbsp;&nbsp; Mercury General Corp. | 4640 | 312458 |
| &nbsp;&nbsp;&nbsp; Old Republic International Corp. | 4070 | 156451 |
| &nbsp;&nbsp;&nbsp; Primerica, Inc. | 490 | 134098 |
| &nbsp;&nbsp;&nbsp; Radian Group, Inc. | 9290 | 334626 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 1830 | 362999 |
| &nbsp;&nbsp;&nbsp; Remitly Global, Inc. <sup>(a)(b)</sup> | 5540 | 103986 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. | 1220 | 296338 |
| &nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Inc. | 3590 | 244084 |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 1340 | 116111 |
| &nbsp;&nbsp;&nbsp; SiriusPoint Ltd. <sup>(a)</sup> | 10490 | 213891 |
| &nbsp;&nbsp;&nbsp; Unum Group | 4670 | 377149 |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 2380 | 168980 |
|  |  | 6455402 |
| INTERNET MEDIA & SERVICES — 1.4% | INTERNET MEDIA & SERVICES — 1.4% | INTERNET MEDIA & SERVICES — 1.4% |
| &nbsp;&nbsp;&nbsp; CarGurus, Inc. <sup>(a)</sup> | 6170 | 206510 |
| &nbsp;&nbsp;&nbsp; Life360, Inc. <sup>(a)(b)</sup> | 1960 | 127890 |
| &nbsp;&nbsp;&nbsp; Lyft, Inc. - Class A <sup>(a)</sup> | 13280 | 209293 |
| &nbsp;&nbsp;&nbsp; Maplebear, Inc. <sup>(a)</sup> | 4500 | 203580 |
| &nbsp;&nbsp;&nbsp; Match Group, Inc. | 7640 | 236000 |
| &nbsp;&nbsp;&nbsp; Reddit, Inc. - Class A <sup>(a)</sup> | 3170 | 477307 |
| &nbsp;&nbsp;&nbsp; Roku Inc. <sup>(a)</sup> | 4390 | 385837 |
| &nbsp;&nbsp;&nbsp; Snap, Inc. - Class A <sup>(a)</sup> | 25580 | 222290 |
| &nbsp;&nbsp;&nbsp; Yelp, Inc. <sup>(a)</sup> | 4050 | 138793 |
| &nbsp;&nbsp;&nbsp; Zillow Group, Inc. - Class C <sup>(a)</sup> | 5670 | 397184 |
|  |  | 2604684 |
| LEISURE FACILITIES & SERVICES — 2.4% | LEISURE FACILITIES & SERVICES — 2.4% | LEISURE FACILITIES & SERVICES — 2.4% |
| &nbsp;&nbsp;&nbsp; Brinker International, Inc. <sup>(a)</sup> | 2500 | 450825 |
| &nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. (The) <sup>(b)</sup> | 5550 | 347763 |
| &nbsp;&nbsp;&nbsp; Cinemark Holdings, Inc. | 6630 | 200093 |
| &nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc. | 3630 | 221720 |
| &nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc. <sup>(a)(b)</sup> | 5280 | 158822 |
| &nbsp;&nbsp;&nbsp; Dutch Bros, Inc. - Class A <sup>(a)</sup> | 3370 | 230407 |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp. - Class A | 1030 | 143840 |
| &nbsp;&nbsp;&nbsp; Joby Aviation, Inc. <sup>(a)(b)</sup> | 17450 | 184098 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd. <sup>(a)</sup> | 10190 | 206653 |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Inc. - Class A <sup>(a)</sup> | 2430 | 264992 |
| &nbsp;&nbsp;&nbsp; Rocket Lab Corp. <sup>(a)(b)</sup> | 11230 | 401697 |
| &nbsp;&nbsp;&nbsp; Shake Shack, Inc. - Class A <sup>(a)</sup> | 3960 | 556776 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. <sup>(a)</sup> | 4234 | 128841 |
| &nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 1710 | 320471 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc. <sup>(b)</sup> | 1270 | 199555 |
| &nbsp;&nbsp;&nbsp; Wingstop, Inc. <sup>(b)</sup> | 1310 | 441129 |
|  |  | 4457682 |
| LEISURE PRODUCTS — 0.8% | LEISURE PRODUCTS — 0.8% | LEISURE PRODUCTS — 0.8% |
| &nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. <sup>(b)</sup> | 4230 | 308028 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
| LEISURE PRODUCTS — 0.8%, continued | LEISURE PRODUCTS — 0.8%, continued | LEISURE PRODUCTS — 0.8%, continued |
| &nbsp;&nbsp;&nbsp; Brunswick Corp. <sup>(b)</sup> | 2580 | $142519 |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | 5420 | 400104 |
| &nbsp;&nbsp;&nbsp; LCI Industries <sup>(b)</sup> | 2340 | 213385 |
| &nbsp;&nbsp;&nbsp; Mattel, Inc. <sup>(a)</sup> | 12800 | 252416 |
| &nbsp;&nbsp;&nbsp; Thor Industries, Inc. <sup>(b)</sup> | 1390 | 123446 |
| &nbsp;&nbsp;&nbsp; YETI Holdings, Inc. <sup>(a)</sup> | 3930 | 123874 |
|  |  | 1563772 |
| MACHINERY — 4.2% | MACHINERY — 4.2% | MACHINERY — 4.2% |
| &nbsp;&nbsp;&nbsp; AGCO Corp. <sup>(b)</sup> | 2520 | 259963 |
| &nbsp;&nbsp;&nbsp; CNH Industrial N.V. | 29370 | 380635 |
| &nbsp;&nbsp;&nbsp; Crane Co. | 1040 | 197486 |
| &nbsp;&nbsp;&nbsp; CSW Industrials, Inc. | 1530 | 438850 |
| &nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 2480 | 171988 |
| &nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | 11030 | 447377 |
| &nbsp;&nbsp;&nbsp; ESAB Corp. | 2190 | 264004 |
| &nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 2330 | 447057 |
| &nbsp;&nbsp;&nbsp; Federal Signal Corp. <sup>(b)</sup> | 4740 | 504431 |
| &nbsp;&nbsp;&nbsp; Flowco Holdings, Inc. - Class A | 11640 | 207308 |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. | 3160 | 165426 |
| &nbsp;&nbsp;&nbsp; Franklin Electric Co., Inc. | 6300 | 565362 |
| &nbsp;&nbsp;&nbsp; Gates Industrial Corp. plc <sup>(a)</sup> | 13160 | 303075 |
| &nbsp;&nbsp;&nbsp; Graco, Inc. | 5320 | 457360 |
| &nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 4920 | 98744 |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | 2700 | 474039 |
| &nbsp;&nbsp;&nbsp; JBT Marel Corp. <sup>(b)</sup> | 3075 | 369800 |
| &nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 1740 | 360737 |
| &nbsp;&nbsp;&nbsp; Lindsay Corp. <sup>(b)</sup> | 970 | 139923 |
| &nbsp;&nbsp;&nbsp; Middleby Corp. (The) <sup>(a)</sup> | 1480 | 213120 |
| &nbsp;&nbsp;&nbsp; MSA Safety, Inc. <sup>(b)</sup> | 660 | 110570 |
| &nbsp;&nbsp;&nbsp; Nordson Corp. | 2090 | 448033 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 4540 | 307585 |
| &nbsp;&nbsp;&nbsp; Tennant Co. | 2040 | 158059 |
| &nbsp;&nbsp;&nbsp; Toro Co. (The) | 2600 | 183768 |
| &nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions Corp. | 3490 | 127629 |
|  |  | 7802329 |
| MEDICAL EQUIPMENT & DEVICES — 4.4% | MEDICAL EQUIPMENT & DEVICES — 4.4% | MEDICAL EQUIPMENT & DEVICES — 4.4% |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc. <sup>(a)</sup> | 2220 | 420313 |
| &nbsp;&nbsp;&nbsp; Avantor, Inc. <sup>(a)</sup> | 18410 | 247799 |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. - Class A <sup>(a)</sup> | 540 | 130313 |
| &nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 4350 | 223807 |
| &nbsp;&nbsp;&nbsp; Bruker Corp. | 4280 | 176336 |
| &nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The) <sup>(a)</sup> | 7950 | 565722 |
| &nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 12220 | 194054 |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp. <sup>(a)</sup> | 5540 | 294396 |
| &nbsp;&nbsp;&nbsp; Glaukos Corp. <sup>(a)(b)</sup> | 3820 | 394568 |
| &nbsp;&nbsp;&nbsp; Globus Medical, Inc. - Class A <sup>(a)</sup> | 2470 | 145779 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc. <sup>(a)</sup> | 9530 | 620975 |
| &nbsp;&nbsp;&nbsp; Illumina, Inc. <sup>(a)</sup> | 4150 | 395952 |
| &nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc. <sup>(a)</sup> | 1140 | 147938 |
| &nbsp;&nbsp;&nbsp; Insulet Corp. <sup>(a)</sup> | 890 | 279620 |
| &nbsp;&nbsp;&nbsp; Integer Holdings Corp. <sup>(a)(b)</sup> | 3090 | 379977 |
| &nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp. <sup>(a)</sup> | 8290 | 101718 |
| &nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc. <sup>(a)</sup> | 2590 | 398756 |
| &nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc. <sup>(a)(b)</sup> | 1230 | 100688 |
| &nbsp;&nbsp;&nbsp; Masimo Corp. <sup>(a)</sup> | 1170 | 196817 |
| &nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc. <sup>(a)</sup> | 5690 | 531901 |
| &nbsp;&nbsp;&nbsp; Natera, Inc. <sup>(a)</sup> | 3620 | 611563 |

---

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

Schedule of Investments, continued

*Praxis Small Cap Index Fund June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
| MEDICAL EQUIPMENT & DEVICES — 4.4%, continued | MEDICAL EQUIPMENT & DEVICES — 4.4%, continued | MEDICAL EQUIPMENT & DEVICES — 4.4%, continued |
| &nbsp;&nbsp;&nbsp; Penumbra, Inc. <sup>(a)</sup> | 1280 | $328486 |
| &nbsp;&nbsp;&nbsp; Repligen Corp. <sup>(a)</sup> | 1290 | 160450 |
| &nbsp;&nbsp;&nbsp; Revvity, Inc. <sup>(b)</sup> | 3050 | 294996 |
| &nbsp;&nbsp;&nbsp; Solventum Corp. <sup>(a)</sup> | 4610 | 349622 |
| &nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc. <sup>(a)(b)</sup> | 4780 | 89099 |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc. | 1750 | 207130 |
| &nbsp;&nbsp;&nbsp; TransMedics Group, Inc. <sup>(a)(b)</sup> | 1350 | 180914 |
|  |  | 8169689 |
| METALS & MINING — 0.8% | METALS & MINING — 0.8% | METALS & MINING — 0.8% |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | 8020 | 236670 |
| &nbsp;&nbsp;&nbsp; Century Aluminum Co. <sup>(a)</sup> | 7750 | 139655 |
| &nbsp;&nbsp;&nbsp; Coeur Mining, Inc. <sup>(a)</sup> | 21730 | 192528 |
| &nbsp;&nbsp;&nbsp; MP Materials Corp. <sup>(a)(b)</sup> | 7590 | 252519 |
| &nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 1920 | 341453 |
| &nbsp;&nbsp;&nbsp; Rubrik Inc. - Class A <sup>(a)</sup> | 3610 | 323420 |
|  |  | 1486245 |
| OIL & GAS PRODUCERS — 2.4% | OIL & GAS PRODUCERS — 2.4% | OIL & GAS PRODUCERS — 2.4% |
| &nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 20530 | 389044 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. <sup>(a)</sup> | 10410 | 419315 |
| &nbsp;&nbsp;&nbsp; California Resources Corp. <sup>(b)</sup> | 3720 | 169892 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 10460 | 287859 |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp. <sup>(a)(b)</sup> | 4050 | 136404 |
| &nbsp;&nbsp;&nbsp; Core Laboratories, Inc. | 13420 | 154598 |
| &nbsp;&nbsp;&nbsp; EQT Corp. | 11550 | 673596 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | 9380 | 1096897 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc. | 1100 | 48455 |
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp. <sup>(b)</sup> | 12700 | 285750 |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 10680 | 406374 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. | 8290 | 204846 |
| &nbsp;&nbsp;&nbsp; Viper Energy, Inc. | 4930 | 187981 |
|  |  | 4461011 |
| OIL & GAS SERVICES & EQUIPMENT — 0.1% | OIL & GAS SERVICES & EQUIPMENT — 0.1% | OIL & GAS SERVICES & EQUIPMENT — 0.1% |
| &nbsp;&nbsp;&nbsp; Weatherford International plc | 4840 | 243500 |
| PUBLISHING & BROADCASTING — 1.1% | PUBLISHING & BROADCASTING — 1.1% | PUBLISHING & BROADCASTING — 1.1% |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One - Series C <sup>(a)</sup> | 12640 | 1320880 |
| &nbsp;&nbsp;&nbsp; New York Times Co. (The) - Class A | 3410 | 190892 |
| &nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. <sup>(b)</sup> | 740 | 127983 |
| &nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 2490 | 453055 |
|  |  | 2092810 |
| REAL ESTATE OWNERS & DEVELOPERS — 0.2% | REAL ESTATE OWNERS & DEVELOPERS — 0.2% | REAL ESTATE OWNERS & DEVELOPERS — 0.2% |
| &nbsp;&nbsp;&nbsp; McGrath RentCorp | 3400 | 394264 |
| REAL ESTATE SERVICES — 0.4% | REAL ESTATE SERVICES — 0.4% | REAL ESTATE SERVICES — 0.4% |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp. <sup>(b)</sup> | 33700 | 309703 |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc. <sup>(a)</sup> | 1210 | 309494 |
| &nbsp;&nbsp;&nbsp; Marcus & Millichap, Inc. | 3240 | 99500 |
|  |  | 718697 |
| REITS — 6.1% | REITS — 6.1% | REITS — 6.1% |
| &nbsp;&nbsp;&nbsp; Acadia Realty Trust | 8150 | 151346 |
| &nbsp;&nbsp;&nbsp; Agree Realty Corp. <sup>(b)</sup> | 2580 | 188495 |
| &nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | 7290 | 129981 |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 9540 | 692890 |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent - Class A | 8640 | 311645 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
| REITS — 6.1%, continued | REITS — 6.1%, continued | REITS — 6.1%, continued |
| &nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 11170 | $185757 |
| &nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 8430 | 219517 |
| &nbsp;&nbsp;&nbsp; BXP, Inc. <sup>(b)</sup> | 4690 | 316434 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | 2490 | 280598 |
| &nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. <sup>(b)</sup> | 12330 | 377298 |
| &nbsp;&nbsp;&nbsp; CubeSmart | 6800 | 289000 |
| &nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. <sup>(b)</sup> | 14240 | 109079 |
| &nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. <sup>(b)</sup> | 15660 | 235527 |
| &nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 1030 | 172134 |
| &nbsp;&nbsp;&nbsp; Elme Communities | 9070 | 144213 |
| &nbsp;&nbsp;&nbsp; EPR Properties <sup>(b)</sup> | 3010 | 175363 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 3630 | 223862 |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 7790 | 248579 |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 2380 | 226076 |
| &nbsp;&nbsp;&nbsp; Franklin BSP Realty Trust, Inc. <sup>(b)</sup> | 9042 | 96659 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 25800 | 451758 |
| &nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 11470 | 356602 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. <sup>(b)</sup> | 23450 | 360192 |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 19170 | 402953 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 8230 | 186410 |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co. - Class A <sup>(b)</sup> | 2770 | 336167 |
| &nbsp;&nbsp;&nbsp; Lineage, Inc. <sup>(b)</sup> | 4360 | 189747 |
| &nbsp;&nbsp;&nbsp; Macerich Co. (The) | 11680 | 188982 |
| &nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 5050 | 218059 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. <sup>(b)</sup> | 8620 | 315923 |
| &nbsp;&nbsp;&nbsp; Regency Centers Corp. | 4070 | 289906 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. <sup>(b)</sup> | 20460 | 727762 |
| &nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. <sup>(b)</sup> | 1690 | 166752 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. <sup>(b)</sup> | 6980 | 128711 |
| &nbsp;&nbsp;&nbsp; SL Green Realty Corp. <sup>(b)</sup> | 6310 | 390589 |
| &nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 12940 | 112319 |
| &nbsp;&nbsp;&nbsp; Tanger, Inc. | 10710 | 327512 |
| &nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 270 | 285225 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | 9920 | 405034 |
| &nbsp;&nbsp;&nbsp; Uniti Group, Inc. <sup>(a)</sup> | 44310 | 191419 |
| &nbsp;&nbsp;&nbsp; Urban Edge Properties | 9260 | 172792 |
| &nbsp;&nbsp;&nbsp; Vornado Realty Trust | 4650 | 177816 |
| &nbsp;&nbsp;&nbsp; W.P. Carey, Inc. | 4480 | 279462 |
|  |  | 11436545 |
| RENEWABLE ENERGY — 0.3% | RENEWABLE ENERGY — 0.3% | RENEWABLE ENERGY — 0.3% |
| &nbsp;&nbsp;&nbsp; Array Technologies, Inc. <sup>(a)(b)</sup> | 22840 | 134756 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc. <sup>(a)</sup> | 4910 | 194681 |
| &nbsp;&nbsp;&nbsp; First Solar, Inc. <sup>(a)(b)</sup> | 1970 | 326114 |
|  |  | 655551 |
| RETAIL - CONSUMER STAPLES — 1.9% | RETAIL - CONSUMER STAPLES — 1.9% | RETAIL - CONSUMER STAPLES — 1.9% |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. - Class A <sup>(b)</sup> | 12320 | 265003 |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc. <sup>(a)(b)</sup> | 3100 | 334273 |
| &nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 830 | 423524 |
| &nbsp;&nbsp;&nbsp; Five Below, Inc. <sup>(a)</sup> | 2170 | 284661 |
| &nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp. <sup>(a)</sup> | 4740 | 58871 |
| &nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc. <sup>(a)(b)</sup> | 6810 | 339479 |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 1600 | 650880 |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc. <sup>(a)(b)</sup> | 1450 | 191081 |
| &nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 1550 | 162812 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc. <sup>(a)</sup> | 2350 | 386904 |
| &nbsp;&nbsp;&nbsp; Walgreen Boots Alliance, Inc. | 44730 | 513500 |
|  |  | 3610988 |

---

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

Schedule of Investments, continued

*Praxis Small Cap Index Fund June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
| RETAIL - DISCRETIONARY — 3.5% | RETAIL - DISCRETIONARY — 3.5% | RETAIL - DISCRETIONARY — 3.5% |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. <sup>(b)</sup> | 4870 | $226406 |
| &nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. <sup>(b)</sup> | 9550 | 91871 |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc. <sup>(a)</sup> | 1750 | 417445 |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc. <sup>(a)</sup> | 710 | 141042 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 6710 | 201032 |
| &nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc. <sup>(a)</sup> | 2330 | 354160 |
| &nbsp;&nbsp;&nbsp; Buckle, Inc. (The) <sup>(b)</sup> | 5380 | 243983 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. <sup>(a)(b)</sup> | 3290 | 383910 |
| &nbsp;&nbsp;&nbsp; CarMax, Inc. <sup>(a)(b)</sup> | 4800 | 322608 |
| &nbsp;&nbsp;&nbsp; CAVA Group, Inc. <sup>(a)(b)</sup> | 3190 | 268694 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. <sup>(b)</sup> | 1530 | 302649 |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc. - Class A <sup>(a)</sup> | 3070 | 233197 |
| &nbsp;&nbsp;&nbsp; GameStop Corp. - Class A <sup>(a)</sup> | 11310 | 275851 |
| &nbsp;&nbsp;&nbsp; Gap, Inc. (The) | 7270 | 158559 |
| &nbsp;&nbsp;&nbsp; GMS, Inc. <sup>(a)</sup> | 4420 | 480675 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 1120 | 489115 |
| &nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc. <sup>(a)(b)</sup> | 27560 | 188235 |
| &nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 4470 | 166150 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 650 | 219583 |
| &nbsp;&nbsp;&nbsp; Macy's, Inc. <sup>(b)</sup> | 4270 | 49788 |
| &nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. <sup>(b)</sup> | 1700 | 135235 |
| &nbsp;&nbsp;&nbsp; Urban Outfitters, Inc. <sup>(a)</sup> | 7160 | 519386 |
| &nbsp;&nbsp;&nbsp; Victoria's Secret & Co. <sup>(a)(b)</sup> | 9390 | 173903 |
| &nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 3500 | 571795 |
|  |  | 6615272 |
| SEMICONDUCTORS — 2.4% | SEMICONDUCTORS — 2.4% | SEMICONDUCTORS — 2.4% |
| &nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc. <sup>(a)(b)</sup> | 6590 | 225312 |
| &nbsp;&nbsp;&nbsp; Astera Labs, Inc. <sup>(a)(b)</sup> | 4310 | 389710 |
| &nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc. <sup>(a)(b)</sup> | 4880 | 340087 |
| &nbsp;&nbsp;&nbsp; Diodes, Inc. <sup>(a)</sup> | 5940 | 314167 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. <sup>(b)</sup> | 3490 | 281468 |
| &nbsp;&nbsp;&nbsp; FormFactor, Inc. <sup>(a)</sup> | 10210 | 351326 |
| &nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp. <sup>(a)</sup> | 3130 | 153339 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup> | 1550 | 222099 |
| &nbsp;&nbsp;&nbsp; MKS, Inc. <sup>(a)</sup> | 2100 | 208656 |
| &nbsp;&nbsp;&nbsp; Onto Innovation, Inc. <sup>(a)</sup> | 1560 | 157451 |
| &nbsp;&nbsp;&nbsp; Qorvo, Inc. <sup>(a)</sup> | 4430 | 376151 |
| &nbsp;&nbsp;&nbsp; Rambus, Inc. <sup>(a)</sup> | 2590 | 165812 |
| &nbsp;&nbsp;&nbsp; Semtech Corp. <sup>(a)</sup> | 3970 | 179206 |
| &nbsp;&nbsp;&nbsp; SiTime Corp. <sup>(a)</sup> | 950 | 202426 |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 5780 | 430726 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 2960 | 266163 |
| &nbsp;&nbsp;&nbsp; Veeco Instruments, Inc. <sup>(a)</sup> | 7960 | 161747 |
| &nbsp;&nbsp;&nbsp; Wolfspeed, Inc. <sup>(a)(b)</sup> | 102720 | 40965 |
|  |  | 4466811 |
| SOFTWARE — 6.8% | SOFTWARE — 6.8% | SOFTWARE — 6.8% |
| &nbsp;&nbsp;&nbsp; ACI Worldwide, Inc. <sup>(a)</sup> | 4180 | 191904 |
| &nbsp;&nbsp;&nbsp; Adeia, Inc. | 13401 | 189490 |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. <sup>(a)</sup> | 7230 | 499882 |
| &nbsp;&nbsp;&nbsp; Akamai Technologies, Inc. <sup>(a)</sup> | 4260 | 339778 |
| &nbsp;&nbsp;&nbsp; Appfolio, Inc. - Class A <sup>(a)</sup> | 520 | 119746 |
| &nbsp;&nbsp;&nbsp; Bentley Systems, Inc. - Class B | 2370 | 127909 |
| &nbsp;&nbsp;&nbsp; BILL Holdings, Inc. <sup>(a)</sup> | 4270 | 197530 |
| &nbsp;&nbsp;&nbsp; BlackLine, Inc. <sup>(a)</sup> | 3290 | 186280 |
| &nbsp;&nbsp;&nbsp; Box, Inc. - Class A <sup>(a)(b)</sup> | 6690 | 228597 |
| &nbsp;&nbsp;&nbsp; C3.ai, Inc. - Class A <sup>(a)(b)</sup> | 4210 | 103440 |
| &nbsp;&nbsp;&nbsp; Calix, Inc. <sup>(a)</sup> | 4210 | 223930 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
| SOFTWARE — 6.8%, continued | SOFTWARE — 6.8%, continued | SOFTWARE — 6.8%, continued |
| &nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup> | 11410 | $107368 |
| &nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | 5880 | 128948 |
| &nbsp;&nbsp;&nbsp; Confluent, Inc. - Class A <sup>(a)</sup> | 9080 | 226364 |
| &nbsp;&nbsp;&nbsp; Dayforce, Inc. <sup>(a)(b)</sup> | 3310 | 183341 |
| &nbsp;&nbsp;&nbsp; DocuSign, Inc. <sup>(a)</sup> | 5800 | 451762 |
| &nbsp;&nbsp;&nbsp; Doximity, Inc. - Class A <sup>(a)</sup> | 2740 | 168072 |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc. - Class A <sup>(a)</sup> | 5760 | 164736 |
| &nbsp;&nbsp;&nbsp; Duolingo, Inc. <sup>(a)</sup> | 1100 | 451022 |
| &nbsp;&nbsp;&nbsp; Dynatrace, Inc. <sup>(a)</sup> | 8630 | 476462 |
| &nbsp;&nbsp;&nbsp; Elastic N.V. <sup>(a)</sup> | 2780 | 234437 |
| &nbsp;&nbsp;&nbsp; Guidewire Software, Inc. <sup>(a)</sup> | 1850 | 435582 |
| &nbsp;&nbsp;&nbsp; Informatica, Inc. - Class A <sup>(a)</sup> | 12520 | 304862 |
| &nbsp;&nbsp;&nbsp; IonQ, Inc. <sup>(a)(b)</sup> | 6980 | 299931 |
| &nbsp;&nbsp;&nbsp; Manhattan Associates, Inc. <sup>(a)</sup> | 2650 | 523295 |
| &nbsp;&nbsp;&nbsp; Nutanix, Inc. - Class A <sup>(a)</sup> | 7370 | 563363 |
| &nbsp;&nbsp;&nbsp; OneStream, Inc. <sup>(a)</sup> | 4080 | 115464 |
| &nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 1530 | 354042 |
| &nbsp;&nbsp;&nbsp; Paylocity Holding Corp. <sup>(a)</sup> | 1160 | 210180 |
| &nbsp;&nbsp;&nbsp; Privia Health Group, Inc. <sup>(a)</sup> | 7680 | 176640 |
| &nbsp;&nbsp;&nbsp; Procore Technologies, Inc. <sup>(a)(b)</sup> | 3590 | 245628 |
| &nbsp;&nbsp;&nbsp; Progress Software Corp. | 6410 | 409214 |
| &nbsp;&nbsp;&nbsp; PTC, Inc. <sup>(a)</sup> | 3560 | 613530 |
| &nbsp;&nbsp;&nbsp; Q2 Holdings, Inc. <sup>(a)</sup> | 1140 | 106693 |
| &nbsp;&nbsp;&nbsp; Qualys, Inc. <sup>(a)</sup> | 1170 | 167158 |
| &nbsp;&nbsp;&nbsp; Samsara, Inc. - Class A <sup>(a)</sup> | 6920 | 275278 |
| &nbsp;&nbsp;&nbsp; SentinelOne, Inc. - Class A <sup>(a)</sup> | 6680 | 122110 |
| &nbsp;&nbsp;&nbsp; Sprinklr, Inc. - Class A <sup>(a)(b)</sup> | 13550 | 114633 |
| &nbsp;&nbsp;&nbsp; SPS Commerce, Inc. <sup>(a)</sup> | 4400 | 598796 |
| &nbsp;&nbsp;&nbsp; Tempus AI, Inc. <sup>(a)(b)</sup> | 4000 | 254160 |
| &nbsp;&nbsp;&nbsp; Tenable Holdings, Inc. <sup>(a)</sup> | 3260 | 110123 |
| &nbsp;&nbsp;&nbsp; Twilio, Inc. - Class A <sup>(a)</sup> | 4320 | 537235 |
| &nbsp;&nbsp;&nbsp; Unity Software, Inc. <sup>(a)</sup> | 11790 | 285318 |
| &nbsp;&nbsp;&nbsp; Upstart Holdings, Inc. <sup>(a)(b)</sup> | 2770 | 179164 |
| &nbsp;&nbsp;&nbsp; Varonis Systems, Inc. <sup>(a)</sup> | 3110 | 157833 |
| &nbsp;&nbsp;&nbsp; Verra Mobility Corp. - Class A <sup>(a)</sup> | 12180 | 309250 |
| &nbsp;&nbsp;&nbsp; Workiva, Inc. <sup>(a)</sup> | 1450 | 99253 |
| &nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp. - Class A <sup>(a)</sup> | 8390 | 129961 |
|  |  | 12699694 |
| SPECIALTY FINANCE — 2.3% | SPECIALTY FINANCE — 2.3% | SPECIALTY FINANCE — 2.3% |
| &nbsp;&nbsp;&nbsp; Air Lease Corp. | 3330 | 194772 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 8260 | 321727 |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. <sup>(b)</sup> | 18290 | 344218 |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc. - Class A <sup>(b)</sup> | 4620 | 88935 |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 2910 | 166219 |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc. <sup>(a)</sup> | 3150 | 121936 |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | 2930 | 177939 |
| &nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 2920 | 163695 |
| &nbsp;&nbsp;&nbsp; First American Financial Corp. | 2340 | 143652 |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. <sup>(b)</sup> | 4090 | 470513 |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 4340 | 120826 |
| &nbsp;&nbsp;&nbsp; Mr. Cooper Group, Inc. <sup>(a)</sup> | 4110 | 613253 |
| &nbsp;&nbsp;&nbsp; OneMain Holdings, Inc. | 3410 | 194370 |
| &nbsp;&nbsp;&nbsp; QXO, Inc. <sup>(a)</sup> | 11540 | 248572 |
| &nbsp;&nbsp;&nbsp; SoFi Technologies, Inc. <sup>(a)(b)</sup> | 26560 | 483658 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. <sup>(b)</sup> | 10140 | 203510 |
| &nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 4120 | 290378 |
|  |  | 4348173 |

---

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

Schedule of Investments, continued

*Praxis Small Cap Index Fund June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
| STEEL — 1.1% | STEEL — 1.1% | STEEL — 1.1% |
| &nbsp;&nbsp;&nbsp; ATI, Inc. <sup>(a)</sup> | 8120 | $701081 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 2460 | 679895 |
| &nbsp;&nbsp;&nbsp; Reliance, Inc. | 1560 | 489684 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. <sup>(b)</sup> | 1890 | 241939 |
|  |  | 2112599 |
| TECHNOLOGY HARDWARE — 3.5% | TECHNOLOGY HARDWARE — 3.5% | TECHNOLOGY HARDWARE — 3.5% |
| &nbsp;&nbsp;&nbsp; Aurora Innovation, Inc. <sup>(a)(b)</sup> | 46140 | 241774 |
| &nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. | 4010 | 155708 |
| &nbsp;&nbsp;&nbsp; Ciena Corp. <sup>(a)</sup> | 2540 | 206578 |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd. <sup>(a)</sup> | 7560 | 699980 |
| &nbsp;&nbsp;&nbsp; Extreme Networks, Inc. <sup>(a)</sup> | 8710 | 156344 |
| &nbsp;&nbsp;&nbsp; F5, Inc. <sup>(a)</sup> | 1470 | 432650 |
| &nbsp;&nbsp;&nbsp; Fabrinet <sup>(a)(b)</sup> | 920 | 271106 |
| &nbsp;&nbsp;&nbsp; InterDigital, Inc. <sup>(b)</sup> | 2400 | 538152 |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | 2560 | 558336 |
| &nbsp;&nbsp;&nbsp; JFrog Ltd. <sup>(a)</sup> | 4100 | 179908 |
| &nbsp;&nbsp;&nbsp; Knowles Corp. <sup>(a)</sup> | 9450 | 166509 |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc. <sup>(a)(b)</sup> | 1890 | 179663 |
| &nbsp;&nbsp;&nbsp; Pitney Bowes, Inc. | 13600 | 148376 |
| &nbsp;&nbsp;&nbsp; Plexus Corp. <sup>(a)</sup> | 4250 | 575068 |
| &nbsp;&nbsp;&nbsp; Pure Storage, Inc. - Class A <sup>(a)(b)</sup> | 9020 | 519372 |
| &nbsp;&nbsp;&nbsp; Sandisk Corp. <sup>(a)</sup> | 4750 | 215413 |
| &nbsp;&nbsp;&nbsp; Sanmina Corp. <sup>(a)</sup> | 7940 | 776770 |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp. <sup>(b)</sup> | 1680 | 227976 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. - Class A <sup>(a)</sup> | 780 | 240521 |
|  |  | 6490204 |
| TECHNOLOGY SERVICES — 2.3% | TECHNOLOGY SERVICES — 2.3% | TECHNOLOGY SERVICES — 2.3% |
| &nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 3400 | 222054 |
| &nbsp;&nbsp;&nbsp; DXC Technology Co. <sup>(a)</sup> | 7040 | 107642 |
| &nbsp;&nbsp;&nbsp; EPAM Systems, Inc. <sup>(a)</sup> | 1830 | 323581 |
| &nbsp;&nbsp;&nbsp; EVERTEC, Inc. | 7140 | 257397 |
| &nbsp;&nbsp;&nbsp; ExlService Holdings, Inc. <sup>(a)</sup> | 2820 | 123488 |
| &nbsp;&nbsp;&nbsp; Genpact Ltd. | 4890 | 215209 |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc. <sup>(a)(b)</sup> | 2430 | 254567 |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc. <sup>(a)</sup> | 2670 | 368687 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 1660 | 299082 |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc. <sup>(a)</sup> | 6150 | 258054 |
| &nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc. <sup>(a)</sup> | 5760 | 190310 |
| &nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 1230 | 274708 |
| &nbsp;&nbsp;&nbsp; Maximus, Inc. | 1860 | 130572 |
| &nbsp;&nbsp;&nbsp; Morningstar, Inc. | 700 | 219751 |
| &nbsp;&nbsp;&nbsp; Payoneer Global, Inc. <sup>(a)(b)</sup> | 20400 | 139740 |
| &nbsp;&nbsp;&nbsp; Sabre Corp. <sup>(a)</sup> | 47120 | 148899 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. - Class A <sup>(a)(b)</sup> | 1530 | 151638 |
| &nbsp;&nbsp;&nbsp; Toast, Inc. - Class A <sup>(a)</sup> | 13080 | 579313 |
|  |  | 4264692 |
| TELECOMMUNICATIONS — 0.5% | TELECOMMUNICATIONS — 0.5% | TELECOMMUNICATIONS — 0.5% |
| &nbsp;&nbsp;&nbsp; AST SpaceMobile, Inc. <sup>(a)(b)</sup> | 4430 | 207014 |
| &nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. <sup>(b)</sup> | 2960 | 142701 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc. <sup>(a)</sup> | 7510 | 273364 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. <sup>(a)</sup> | 34620 | 151636 |
| &nbsp;&nbsp;&nbsp; Telephone and Data Systems, Inc. | 4660 | 165803 |
|  |  | 940518 |
| TRANSPORTATION & LOGISTICS — 1.9% | TRANSPORTATION & LOGISTICS — 1.9% | TRANSPORTATION & LOGISTICS — 1.9% |
| &nbsp;&nbsp;&nbsp; Alaska Air Group, Inc. <sup>(a)</sup> | 6880 | 340422 |
| &nbsp;&nbsp;&nbsp; American Airlines Group, Inc. <sup>(a)</sup> | 38460 | 431521 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** | **COMMON STOCKS — 98.3%, continued** |
| TRANSPORTATION & LOGISTICS — 1.9%, continued | TRANSPORTATION & LOGISTICS — 1.9%, continued | TRANSPORTATION & LOGISTICS — 1.9%, continued |
| &nbsp;&nbsp;&nbsp; ArcBest Corp. | 4470 | $344235 |
| &nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 2780 | 266741 |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc. <sup>(a)(b)</sup> | 5310 | 258597 |
| &nbsp;&nbsp;&nbsp; Hub Group, Inc. - Class A | 6960 | 232673 |
| &nbsp;&nbsp;&nbsp; Kirby Corp. <sup>(a)</sup> | 2070 | 234759 |
| &nbsp;&nbsp;&nbsp; Matson, Inc. | 3020 | 336277 |
| &nbsp;&nbsp;&nbsp; RXO, Inc. <sup>(a)(b)</sup> | 6250 | 98250 |
| &nbsp;&nbsp;&nbsp; Ryder System, Inc. | 1040 | 165360 |
| &nbsp;&nbsp;&nbsp; Saia, Inc. <sup>(a)</sup> | 700 | 191793 |
| &nbsp;&nbsp;&nbsp; SkyWest, Inc. <sup>(a)</sup> | 2870 | 295524 |
| &nbsp;&nbsp;&nbsp; XPO, Inc. <sup>(a)(b)</sup> | 3010 | 380133 |
|  |  | 3576285 |
| TRANSPORTATION EQUIPMENT — 0.2% | TRANSPORTATION EQUIPMENT — 0.2% | TRANSPORTATION EQUIPMENT — 0.2% |
| &nbsp;&nbsp;&nbsp; Greenbrier Cos., Inc. (The) | 3650 | 168082 |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 6450 | 174215 |
|  |  | 342297 |
| WHOLESALE - CONSUMER STAPLES — 0.9% | WHOLESALE - CONSUMER STAPLES — 0.9% | WHOLESALE - CONSUMER STAPLES — 0.9% |
| &nbsp;&nbsp;&nbsp; Andersons, Inc. (The) | 9150 | 336262 |
| &nbsp;&nbsp;&nbsp; Bunge Global S.A. | 7580 | 608522 |
| &nbsp;&nbsp;&nbsp; United Natural Foods, Inc. <sup>(a)</sup> | 5990 | 139627 |
| &nbsp;&nbsp;&nbsp; US Foods Holding Corp. <sup>(a)</sup> | 6670 | 513657 |
|  |  | 1598068 |
| WHOLESALE - DISCRETIONARY — 0.8% | WHOLESALE - DISCRETIONARY — 0.8% | WHOLESALE - DISCRETIONARY — 0.8% |
| &nbsp;&nbsp;&nbsp; Aramark | 7620 | 319049 |
| &nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd. <sup>(a)</sup> | 4620 | 103488 |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | 6960 | 257590 |
| &nbsp;&nbsp;&nbsp; OPENLANE, Inc. <sup>(a)(b)</sup> | 8420 | 205869 |
| &nbsp;&nbsp;&nbsp; Pool Corp. | 1370 | 399328 |
| &nbsp;&nbsp;&nbsp; ScanSource, Inc. <sup>(a)</sup> | 4950 | 206959 |
|  |  | 1492283 |
|  TOTAL COMMON STOCKS (COST $149,454,629) | TOTAL COMMON STOCKS (COST $149,454,629) | $183503806 |
|  **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; OmniAb, Inc. <sup>(a)(d)(e)</sup> (COST $0) | 2092 | $488 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 Impact Capital, Inc. <sup>(e)</sup> | 2.500% | 12/15/25 | $280000 | $275795 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(e)</sup> | 4.000% | 06/15/28 | 180000 | 172892 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(e)</sup> | 5.000% | 12/15/28 | 220000 | 216523 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(e)</sup> | 5.000% | 06/15/29 | 200000 | 196327 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(e)</sup> | 4.500% | 12/14/29 | 170000 | 163007 |
| &nbsp;&nbsp;&nbsp; Calvert Impact Capital, Inc. <sup>(e)</sup> | 4.500% | 06/14/30 | 110000 | 109175 |
| &nbsp;&nbsp;&nbsp; Capital Impact Partners Investment <sup>(e)</sup> | 4.500% | 12/15/25 | 170000 | 170096 |

---

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

Schedule of Investments, continued

*Praxis Small Cap Index Fund June 30, 2025 (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Principal<br> Amount | Fair<br> Value |
|  **CORPORATE NOTES — 0.9%, continued** | **CORPORATE NOTES — 0.9%, continued** | **CORPORATE NOTES — 0.9%, continued** | **CORPORATE NOTES — 0.9%, continued** | **CORPORATE NOTES — 0.9%, continued** |
|  COMMUNITY DEVELOPMENT — 0.9%, continued | COMMUNITY DEVELOPMENT — 0.9%, continued | COMMUNITY DEVELOPMENT — 0.9%, continued | COMMUNITY DEVELOPMENT — 0.9%, continued | COMMUNITY DEVELOPMENT — 0.9%, continued |
| &nbsp;&nbsp;&nbsp; Capital Impact Partners Investment <sup>(e)</sup> | 5.000% | 12/15/26 | $200000 | $201384 |
| TOTAL CORPORATE NOTES (COST $1,640,000) | TOTAL CORPORATE NOTES (COST $1,640,000) | TOTAL CORPORATE NOTES (COST $1,640,000) | TOTAL CORPORATE NOTES (COST $1,640,000) | $1615314 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **MONEY MARKET FUNDS — 0.8%**  | **MONEY MARKET FUNDS — 0.8%**  | **MONEY MARKET FUNDS — 0.8%**  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> (COST $1,440,675) | 1440675 | $1440675 |
|  **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 17.9%**  | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 17.9%**  | **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 17.9%**  |
| &nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets Portfolio, LLC, 4.46% <sup>(f)(g)</sup> (COST $33,533,729) | 33533729 | $33533729 |
|  TOTAL INVESTMENTS - (COST $186,069,033) — 117.9%  | TOTAL INVESTMENTS - (COST $186,069,033) — 117.9%  | $220094012 |
|  LIABILITIES IN EXCESS OF OTHER ASSETS — (17.9%) | LIABILITIES IN EXCESS OF OTHER ASSETS — (17.9%) | (33419308) |
|  NET ASSETS — 100.0% | NET ASSETS — 100.0% | $186674704 |

---

&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 June 30, 2025 was $32,672,906 (Note 8).

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security value has been determined
 in good faith pursuant to procedures adopted by the Board of Trustees. The total value of such securities was $488 as of June 30, 2025,
 representing 0.0% (c) of net assets.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> Date | Current <br> Cost | Fair <br> Value | % of Net <br> Assets |
|  Calvert Impact Capital, Inc., 2.500%, 12/15/25 | 12/15/20 | $280000 | $275795 | 0.1% |
|  Calvert Impact Capital, Inc., 4.000%, 06/15/28 | 06/15/23 | 180000 | 172892 | 0.1% |
|  Calvert Impact Capital, Inc., 5.000%, 12/15/28 | 12/15/23 | 220000 | 216523 | 0.1% |
|  Calvert Impact Capital, Inc., 5.000%, 06/15/29 | 06/14/24 | 200000 | 196327 | 0.1% |
|  Calvert Impact Capital, Inc., 4.500%, 12/14/29 | 12/13/24 | 170000 | 163007 | 0.1% |
|  Calvert Impact Capital, Inc., 4.500%, 06/14/30 | 06/13/25 | 110000 | 109175 | 0.1% |
|  Capital Impact Partners Investment, 4.500%, 12/15/25 | 12/15/25 | 170000 | 170096 | 0.1% |
|  Capital Impact Partners Investment, 4.500%, 06/15/26 | 06/17/25 | 110000 | 110115 | 0.1% |
|  Capital Impact Partners Investment, 5.000%, 12/15/26 | 12/15/23 | 200000 | 201384 | 0.1% |
|  OmniAb, Inc. | 11/02/22 |  | 488 | 0.0 %<sup>(c)</sup> |
|  |  | $1640000 | $1615802 | 0.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the 7-day
 effective yield as of June 30, 2025.

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

plc — Public Liability Company

REIT — Real Estate Investment Trust

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

Schedule of Investments

*Praxis Genesis Conservative Portfolio* 

*June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **AFFILIATED MUTUAL FUNDS — 99.8%** | **AFFILIATED MUTUAL FUNDS — 99.8%** | **AFFILIATED MUTUAL FUNDS — 99.8%** |
| DEBT FUND — 69.5% | DEBT FUND — 69.5% | DEBT FUND — 69.5% |
| &nbsp;&nbsp;&nbsp; Praxis Impact Bond Fund - Class I | 1799603 | $16952260 |
| EQUITY FUND — 30.3% | EQUITY FUND — 30.3% | EQUITY FUND — 30.3% |
| &nbsp;&nbsp;&nbsp; Praxis Growth Index Fund - Class I | 44181 | 2288550 |
| &nbsp;&nbsp;&nbsp; Praxis International Index Fund - Class I | 147490 | 2212348 |
| &nbsp;&nbsp;&nbsp; Praxis Small Cap Index Fund - Class I | 51957 | 614127 |
| &nbsp;&nbsp;&nbsp; Praxis Value Index Fund - Class I | 124072 | 2274238 |
|  |  | 7389263 |
|  TOTAL AFFILIATED MUTUAL FUNDS (COST $20,902,459) | TOTAL AFFILIATED MUTUAL FUNDS (COST $20,902,459) | $24341523 |
|  **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, 4.25% <sup>(b)</sup> (COST $6,975) | 6975 | $6975 |
|  TOTAL INVESTMENTS - (COST $20,909,434) — 99.8% | TOTAL INVESTMENTS - (COST $20,909,434) — 99.8% | $24348498 |
|  OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2% | OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2% | 44872 |
|  NET ASSETS — 100.0% | NET ASSETS — 100.0% | $24393370 |

---

&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 June 30, 2025.

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

Schedule of Investments

*Praxis Genesis Balanced Portfolio* 

*June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **AFFILIATED MUTUAL FUNDS — 99.9%** | **AFFILIATED MUTUAL FUNDS — 99.9%** | **AFFILIATED MUTUAL FUNDS — 99.9%** |
| DEBT FUND — 39.6% | DEBT FUND — 39.6% | DEBT FUND — 39.6% |
| &nbsp;&nbsp;&nbsp; Praxis Impact Bond Fund - Class I | 4171156 | $39292291 |
| EQUITY FUND — 60.3% | EQUITY FUND — 60.3% | EQUITY FUND — 60.3% |
| &nbsp;&nbsp;&nbsp; Praxis Growth Index Fund - Class I | 310034 | 16059755 |
| &nbsp;&nbsp;&nbsp; Praxis International Index Fund - Class I | 1196237 | 17943549 |
| &nbsp;&nbsp;&nbsp; Praxis Small Cap Index Fund - Class I | 843652 | 9971966 |
| &nbsp;&nbsp;&nbsp; Praxis Value Index Fund - Class I | 870793 | 15961636 |
|  |  | 59936906 |
|  TOTAL AFFILIATED MUTUAL FUNDS (COST $70,003,404) | TOTAL AFFILIATED MUTUAL FUNDS (COST $70,003,404) | $99229197 |
|  **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, 4.25% <sup>(b)</sup> (COST $1,842) | 1842 | $1842 |
|  TOTAL INVESTMENTS - (COST $70,005,246) — 99.9% | TOTAL INVESTMENTS - (COST $70,005,246) — 99.9% | $99231039 |
|  OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 68396 |
|  NET ASSETS — 100.0% | NET ASSETS — 100.0% | $99299435 |

---

&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 June 30, 2025.

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

Schedule of Investments

*Praxis Genesis Growth Portfolio* 

*June 30, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | Shares | Fair<br> Value |
|  **AFFILIATED MUTUAL FUNDS — 99.9%** | **AFFILIATED MUTUAL FUNDS — 99.9%** | **AFFILIATED MUTUAL FUNDS — 99.9%** |
| DEBT FUND — 19.7% | DEBT FUND — 19.7% | DEBT FUND — 19.7% |
| &nbsp;&nbsp;&nbsp; Praxis Impact Bond Fund - Class I | 2472426 | $23290257 |
| EQUITY FUND — 80.2% | EQUITY FUND — 80.2% | EQUITY FUND — 80.2% |
| &nbsp;&nbsp;&nbsp; Praxis Growth Index Fund - Class I | 470878 | 24391503 |
| &nbsp;&nbsp;&nbsp; Praxis International Index Fund - Class I | 1890783 | 28361750 |
| &nbsp;&nbsp;&nbsp; Praxis Small Cap Index Fund - Class I | 1500106 | 17731249 |
| &nbsp;&nbsp;&nbsp; Praxis Value Index Fund - Class I | 1322542 | 24242195 |
|  |  | 94726697 |
|  TOTAL AFFILIATED MUTUAL FUNDS (COST $74,515,304) | TOTAL AFFILIATED MUTUAL FUNDS (COST $74,515,304) | $118016954 |
|  **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, 4.25% <sup>(b)</sup> (COST $1,153) | 1153 | $1153 |
|  TOTAL INVESTMENTS - (COST $74,516,457) — 99.9% | TOTAL INVESTMENTS - (COST $74,516,457) — 99.9% | $118018107 |
|  OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 54355 |
|  NET ASSETS — 100.0% | NET ASSETS — 100.0% | $118072462 |

---

&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 June 30, 2025.

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

Statements of Assets & Liabilities

*June 30, 2025 (unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $1119282260 | $355957978 | $362540880 | $251640421 | $186069033 |
|  Investments in unaffiliated securities, at fair value\* | $1061790255 | $557127546 | $505670985 | $677587703 | $220094012 |
|  Cash |  | 88890 |  |  | 689 |
|  Receivable for capital shares sold | 1478375 | 180508 | 236877 | 335087 | 133608 |
|  Receivable for investments sold | 381 | 1233540 |  |  |  |
|  Receivable for dividends and interest | 7333962 | 1595100 | 528651 | 135260 | 189973 |
|  Receivable for tax reclaims |  | 908225 |  |  |  |
|  Prepaid expenses and other assets | 36979 | 28334 | 26903 | 36418 | 15613 |
|  **Total Assets** | 1070639952 | 561162143 | 506463416 | 678094468 | 220433895 |
|  **Liabilities** |  |  |  |  |  |
|  Distributions payable | 1395610 |  |  |  |  |
|  Payable for capital shares redeemed | 460551 | 348160 | 499034 | 764233 | 151583 |
|  Payable for investments purchased | 1733906 |  |  |  |  |
|  Payable for return of collateral received for securities on loan | 10444778 | 62970844 | 12273381 | 4872000 | 33533729 |
|  Accrued expenses and other payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 297095 | 162694 | 95499 | 123794 | 44979 |
| &nbsp;&nbsp;&nbsp; Administration fees | 34506 | 16266 | 15974 | 21682 | 6057 |
| &nbsp;&nbsp;&nbsp; Distribution fees | 6265 | 3128 | 6795 | 22774 | 1287 |
| &nbsp;&nbsp;&nbsp; Other | 149294 | 176316 | 80826 | 100848 | 21556 |
|  **Total Liabilities** | 14522005 | 63677408 | 12971509 | 5905331 | 33759191 |
|  **Net Assets** | $1056117947 | $497484735 | $493491907 | $672189137 | $186674704 |
|  **Components of Net Assets** |  |  |  |  |  |
|  Paid-in capital | $1126152333 | $335185444 | $348050350 | $212642530 | $136201451 |
|  Accumulated earnings (deficit) | (70034386) | 162299291 | 145441557 | 459546607 | 50473253 |
|  **Net Assets** | $1056117947 | $497484735 | $493491907 | $672189137 | $186674704 |
|  **Pricing of Class A Shares** |  |  |  |  |  |
|  Net assets attributable to Class A shares | $30776617 | $15532020 | $33303398 | $115098560 | $6387779 |
|  Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value) | 3252380 | 1043094 | 1804539 | 2255294 | 606221 |
|  Net asset value, offering price and redemption price per share\* | $9.46 | $14.89 | $18.46 | $51.03 | $10.54 |
|  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] | $9.83 | $15.72 | $19.48 | $53.86 | $11.12 |
|  **Pricing of Class I Shares** |  |  |  |  |  |
|  Net assets attributable to Class I shares | $1025341330 | $481952715 | $460188509 | $557090577 | $180286925 |
|  Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 108865780 | 32131890 | 25102198 | 10755226 | 15258710 |
|  Net asset value and redemption price per share | $9.42 | $15.00 | $18.33 | $51.80 | $11.82 |
|  \*Includes fair value of securities on loan | $10293818 | $61293378 | $12010302 | $4868842 | $32672906 |

---

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

Statements of Assets & Liabilities, continued

*June 30, 2025 (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **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 | $20902459 | $70003404 | $74515304 |
|  Investments in unaffiliated securities, at cost | 6975 | 1842 | 1153 |
|  Investments in affiliated securities, at fair value | $24341523 | $99229197 | $118016954 |
|  Investments in unaffiliated securities, at fair value | 6975 | 1842 | 1153 |
|  Receivable for capital shares sold | 1827 | 29984 | 51468 |
|  Receivable for dividends | 51672 | 119718 | 70962 |
|  Prepaid expenses and other assets | 12097 | 10664 | 16216 |
|  **Total Assets** | 24414094 | 99391405 | 118156753 |
|  **Liabilities** |  |  |  |
|  Distributions payable | 439 | 568 | 168 |
|  Payable for capital shares redeemed | 2417 | 29377 | 4909 |
|  Accrued expenses and other payables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 986 | 4004 | 4744 |
| &nbsp;&nbsp;&nbsp; Administration fees | 591 | 2398 | 2840 |
| &nbsp;&nbsp;&nbsp; Distribution fees | 4931 | 20019 | 23720 |
| &nbsp;&nbsp;&nbsp; Other | 11360 | 35604 | 47910 |
|  **Total Liabilities** | 20724 | 91970 | 84291 |
|  **Net Assets** | $24393370 | $99299435 | $118072462 |
|  **Components of Net Assets** |  |  |  |
|  Paid-in capital | $21393995 | $69351481 | $73613508 |
|  Accumulated earnings | 2999375 | 29947954 | 44458954 |
|  **Net Assets** | $24393370 | $99299435 | $118072462 |
|  **Pricing of Class A Shares** |  |  |  |
|  Net assets attributable to Class A shares | $24393370 | $99299435 | $118072462 |
|  Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value) | 2006801 | 6062379 | 5824765 |
|  Net asset value and redemption price per share | $12.16 | $16.38 | $20.27 |
|  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] | $12.83 | $17.29 | $21.39 |

---

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

Statements of Operations

*For the six months ended June 30, 2025 (unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $508404 | $9750940 | $5706606 | $1772881 | $1381472 |
|  Foreign tax withholding (net of reclaims received) |  | (1161383) | (427) |  | (2324) |
|  Securities lending income | 19158 | 294307 | 5955 | 3839 | 21898 |
|  Interest | 20083938 | 91149 | 110697 | 140536 | 37534 |
|  **Total Investment Income** | 20611500 | 8975013 | 5822831 | 1917256 | 1438580 |
|  **Expenses** |  |  |  |  |  |
|  Investment advisory fees | 1745804 | 942176 | 583506 | 733054 | 266120 |
|  Administration fees | 209395 | 98689 | 102631 | 133674 | 39147 |
|  Transfer agent fees - Class A | 29976 | 14906 | 15054 | 32566 | 5215 |
|  Transfer agent fees - Class I | 71316 | 23224 | 59505 | 53437 | 8558 |
|  Distribution fees - Class A | 37745 | 17275 | 41020 | 132476 | 7717 |
|  Trustee fees and expenses | 57026 | 25993 | 30203 | 37642 | 10888 |
|  Custodian fees | 26073 | 66629 | 25985 | 28691 | 5476 |
|  Pricing fees | 53754 | 39885 | 4654 | 3531 | 7656 |
|  Registration fees - Class A | 2800 | 3039 | 1603 | 4964 | 5202 |
|  Registration fees - Class I | 24896 | 16412 | 19111 | 17788 | 11858 |
|  Legal fees | 28770 | 13385 | 14528 | 18575 | 5195 |
|  Audit and tax services fees | 24694 | 13510 | 14418 | 18435 | 8128 |
|  Insurance fees | 16835 | 8659 | 9908 | 12373 | 3179 |
|  Other expenses | 58490 | 41190 | 25850 | 26465 | 8167 |
|  **Total Expenses** | 2387574 | 1324972 | 947976 | 1253671 | 392506 |
|  **Net Investment Income** | 18223926 | 7650041 | 4874855 | 663585 | 1046074 |
|  **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |  |  |
|  Net realized gains (losses) on investments | (212052) | (367633) | (8677099) | 7900485 | (25948) |
|  Net realized gains on foreign currency transactions |  | 5947 |  |  |  |
|  Change in unrealized appreciation/(depreciation) of investments | 21057750 | 65562846 | 28038107 | 26102985 | (2484134) |
|  Change in unrealized appreciation/(depreciation) of foreign currency translations |  | 75908 |  |  |  |
|  **Net Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Transactions** | 20845698 | 65277068 | 19361008 | 34003470 | (2510082) |
|  **Net Change in Net Assets from Operations** | $39069624 | $72927109 | $24235863 | $34667055 | $(1464008) |

---

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

Statements of Operations, continued

*For the six months ended June 30, 2025 (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Praxis Genesis <br> Conservative <br> Portfolio** | **Praxis Genesis <br> Balanced <br> Portfolio** | **Praxis Genesis <br> Growth <br> Portfolio** |
|  **Investment Income** |  |  |  |
|  Dividends from affiliates | $305636 | $693986 | $412817 |
|  Dividends from non-affiliates | 144 | 32 | 21 |
|  **Total Investment Income** | 305780 | 694018 | 412838 |
|  **Expenses** |  |  |  |
|  Distribution fees - Class A | 29809 | 117579 | 139642 |
|  Transfer agent fees | 7404 | 23417 | 34597 |
|  Investment advisory fees | 5962 | 23517 | 27929 |
|  Administration fees | 5608 | 16300 | 18984 |
|  Registration and filing fees | 11498 | 12878 | 13023 |
|  Audit and tax services fees | 4984 | 7775 | 8504 |
|  Custodian fees | 1855 | 1855 | 1855 |
|  Trustee fees and expenses | 354 | 1395 | 1641 |
|  Shareholder reporting expenses | 78 | 301 | 361 |
|  Legal fees | 70 | 273 | 325 |
|  Insurance expense | 46 | 153 | 179 |
|  Other expenses | 5097 | 17385 | 26132 |
|  **Total Expenses** | 72765 | 222828 | 273172 |
|  **Net Investment Income** | 233015 | 471190 | 139666 |
|  **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |
|  Net realized gains (losses) on investments in affiliates | (35117) | 208704 | 114388 |
|  Change in unrealized appreciation/(depreciation) of investments in affiliates | 959744 | 4993577 | 7155637 |
|  **Net Realized and Unrealized Gains on Investments** | 924627 | 5202281 | 7270025 |
|  **Net Change in Net Assets from Operations** | $1157642 | $5673471 | $7409691 |

---

***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 Six <br> Months Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **For the Year <br> Ended <br> December 31, <br> 2024** | **For the Six <br> Months Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **For the Year <br> Ended <br> December 31, <br> 2024** |
|  **From Operations** |  |  |  |  |
|  Net investment income | $18223926 | $32012114 | $7650041 | $10291123 |
|  Net realized losses from investments and foreign currency transactions | (212052) | (1241823) | (361686) | (1339918) |
|  Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 21057750 | (15385997) | 65638754 | 18843623 |
|  **Net Change in Net Assets from Operations** | 39069624 | 15384294 | 72927109 | 27794828 |
|  **Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (489820) | (949240) |  | (317895) |
| &nbsp;&nbsp;&nbsp; Class I | (17824116) | (31354181) |  | (12503552) |
|  **Change in Net Assets from Distributions to Shareholders** | (18313936) | (32303421) |  | (12821447) |
|  **Change in Net Assets from Capital Transactions (Note 6)** | 50905793 | 148068293 | (15777267) | 29087197 |
|  **Change in Net Assets** | 71661481 | 131149166 | 57149842 | 44060578 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 984456466 | 853307300 | 440334893 | 396274315 |
|  End of period | $1056117947 | $984456466 | $497484735 | $440334893 |

---

***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 Six <br> Months Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **For the Year <br> Ended <br> December 31, <br> 2024** | **For the Six <br> Months Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **For the Year <br> Ended <br> December 31, <br> 2024** | **For the Six <br> Months Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **For the Year <br> Ended <br> December 31, <br> 2024** |
|  **From Operations** |  |  |  |  |  |  |
|  Net investment income | $4874855 | $9939702 | $663585 | $1901812 | $1046074 | $1927681 |
|  Net realized gains (losses) from investments | (8677099) | 5722852 | 7900485 | 25794913 | (25948) | 27252187 |
|  Net change in unrealized appreciation/(depreciation) on investments | 28038107 | 36124989 | 26102985 | 148859497 | (2484134) | (14142178) |
|  **Net Change in Net Assets from Operations** | 24235863 | 51787543 | 34667055 | 176556222 | (1464008) | 15037690 |
|  **Distributions to Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A |  | (3940286) |  | (1575485) |  | (44503) |
| &nbsp;&nbsp;&nbsp; Class I |  | (42963564) |  | (9221941) |  | (1979292) |
|  **Change in Net Assets from Distributions to Shareholders** |  | (46903850) |  | (10797426) |  | (2023795) |
|  **Change in Net Assets from Capital Transactions (Note 6)** | (25671866) | (9927646) | (36259702) | (32752551) | 7157113 | 2654846 |
|  **Change in Net Assets** | (1436003) | (5043953) | (1592647) | 133006245 | 5693105 | 15668741 |
|  **Net Assets** |  |  |  |  |  |  |
|  Beginning of period | 494927910 | 499971863 | 673781784 | 540775539 | 180981599 | 165312858 |
|  End of period | $493491907 | $494927910 | $672189137 | $673781784 | $186674704 | $180981599 |

---

***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 Six <br> Months Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **For the Year <br> Ended <br> December 31, <br> 2024** | **For the Six <br> Months Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **For the Year <br> Ended <br> December 31, <br> 2024** | **For the Six <br> Months Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **For the Year <br> Ended <br> December 31, <br> 2024** |
|  **From Operations** |  |  |  |  |  |  |
|  Net investment income | $233015 | $557388 | $471190 | $1837822 | $139666 | $1795638 |
|  Net realized gains (losses) on investments in affiliates | (35117) | 454925 | 208704 | 2207643 | 114388 | 1757367 |
|  Long-term capital gain distributions from investments in affiliates |  | 189376 |  | 1264736 |  | 1896967 |
|  Net change in unrealized appreciation/(depreciation) on investments in affiliates | 959744 | 87 | 4993577 | 2755374 | 7155637 | 6309997 |
|  **Net Change in Net Assets from Operations** | 1157642 | 1201776 | 5673471 | 8065575 | 7409691 | 11759969 |
|  **Distributions to Class A Shareholders** | (232296) | (1156894) | (469215) | (3963024) | (137232) | (3679590) |
|  **Change in Net Assets from Capital Transactions (Note 6)** | (617622) | (531796) | (85659) | (138697) | (1247030) | 318485 |
|  **Change in Net Assets** | 307724 | (486914) | 5118597 | 3963854 | 6025429 | 8398864 |
|  **Net Assets** |  |  |  |  |  |  |
|  Beginning of period | 24085646 | 24572560 | 94180838 | 90216984 | 112047033 | 103648169 |
|  End of period | $24393370 | $24085646 | $99299435 | $94180838 | $118072462 | $112047033 |

---

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

Financial Highlights

For a share outstanding throughout the period indicated

**Praxis Impact Bond Fund - Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
| &nbsp;&nbsp; Net asset value at beginning of period | $9.27 | $9.45 | $9.19 | $10.78 | $11.19 | $10.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(a)</sup> | 0.15 | 0.29 | 0.24 | 0.17 | 0.14 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | 0.19 | (0.18) | 0.26 | (1.58) | (0.39) | 0.60 |
| &nbsp;&nbsp; Total from investment operations | 0.34 | 0.11 | 0.50 | (1.41) | (0.25) | 0.79 |
| &nbsp;&nbsp; Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.15) | (0.29) | (0.24) | (0.18) | (0.16) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  |  |  | (0.07) |
| &nbsp;&nbsp; Total distributions | (0.15) | (0.29) | (0.24) | (0.18) | (0.16) | (0.27) |
| &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 period | $9.46 | $9.27 | $9.45 | $9.19 | $10.78 | $11.19 |
| &nbsp;&nbsp; Total return (excludes sales charge) | 3.70 %<sup>(c)</sup> | 1.17% | 5.56% | (13.12%) | (2.23 %) | 7.45% |
| &nbsp;&nbsp; Net assets at end of period (in 000s) | $30777 | $30603 | $33489 | $29546 | $41413 | $48146 |
| &nbsp;&nbsp; Ratio of expenses to average net assets | 0.91 %<sup>(d)</sup> | 0.85% | 0.88% | 0.94% | 0.88% | 0.92% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets | 3.22 %<sup>(d)</sup> | 3.05% | 2.60% | 1.74% | 1.28% | 1.72% |
| &nbsp;&nbsp; Portfolio turnover rate | 4.45 %<sup>(c)</sup> | 8.03% | 13.19% | 21.12% | 14.68% | 31.27% |

---

**Praxis Impact Bond Fund - Class I** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
| &nbsp;&nbsp; Net asset value at beginning of period | $9.23 | $9.40 | $9.15 | $10.72 | $11.14 | $10.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(a)</sup> | 0.17 | 0.32 | 0.28 | 0.21 | 0.18 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | 0.19 | (0.17) | 0.25 | (1.56) | (0.39) | 0.61 |
| &nbsp;&nbsp; Total from investment operations | 0.36 | 0.15 | 0.53 | (1.35) | (0.21) | 0.84 |
| &nbsp;&nbsp; Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.17) | (0.32) | (0.28) | (0.22) | (0.21) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  |  |  | (0.07) |
| &nbsp;&nbsp; Total distributions | (0.17) | (0.32) | (0.28) | (0.22) | (0.21) | (0.32) |
| &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 period | $9.42 | $9.23 | $9.40 | $9.15 | $10.72 | $11.14 |
| &nbsp;&nbsp; Total return | 3.92 %<sup>(c)</sup> | 1.63% | 5.87% | (12.65%) | (1.93 %) | 7.94% |
| &nbsp;&nbsp; Net assets at end of period (in 000s) | $1025341 | $953854 | $819818 | $639959 | $773270 | $680940 |
| &nbsp;&nbsp; Ratio of expenses to average net assets | 0.46 %<sup>(d)</sup> | 0.47% | 0.49% | 0.49% | 0.48% | 0.52% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets | 3.66 %<sup>(d)</sup> | 3.43% | 3.00% | 2.20% | 1.68% | 2.08% |
| &nbsp;&nbsp; Portfolio turnover rate | 4.45 %<sup>(c)</sup> | 8.03% | 13.19% | 21.12% | 14.68% | 31.27% |

---

<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.*  |

---

<sup>*(c)*</sup> *Not annualized.* 

<sup>*(d)*</sup> *Annualized.*

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

Financial Highlights, continued

For a share outstanding throughout the period indicated

**Praxis International Index Fund - Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
| &nbsp;&nbsp; Net asset value at beginning of period | $12.80 | $12.33 | $11.07 | $13.50 | $12.82 | $11.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(a)</sup> | 0.19 | 0.25 | 0.23 | 0.20 | 0.18 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and foreign currencies | 1.90 | 0.54 | 1.38 | (2.46) | 0.75 | 1.32 |
| &nbsp;&nbsp; Total from investment operations | 2.09 | 0.79 | 1.61 | (2.26) | 0.93 | 1.42 |
| &nbsp;&nbsp; Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.32) | (0.35) | (0.17) | (0.25) | (0.10) |
| &nbsp;&nbsp; Paid-in capital from redemption fees |  |  |  |  |  |  |
| &nbsp;&nbsp; Net asset value at end of period | $14.89 | $12.80 | $12.33 | $11.07 | $13.50 | $12.82 |
| &nbsp;&nbsp; Total return (excludes sales charge) | 16.33 %<sup>(c)</sup> | 6.42% | 14.51% | (16.72%) | 7.22% | 12.37% |
| &nbsp;&nbsp; Net assets at end of period (in 000s) | $15532 | $12842 | $12463 | $10526 | $10859 | $11251 |
| &nbsp;&nbsp; Ratio of expenses to average net assets | 1.14 %<sup>(d)</sup> | 1.02% | 1.10% | 1.24% | 1.20% | 1.30% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets | 2.79 %<sup>(d)</sup> | 1.91% | 1.98% | 1.71% | 1.32% | 0.92% |
| &nbsp;&nbsp; Portfolio turnover rate | 8.85 %<sup>(c)</sup> | 29.01% | 19.21% | 37.48% | 39.58% | 86.12% |

---

**Praxis International Index Fund - Class I** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
| &nbsp;&nbsp; Net asset value at beginning of period | $12.85 | $12.38 | $11.11 | $13.53 | $12.86 | $11.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(a)</sup> | 0.23 | 0.32 | 0.29 | 0.27 | 0.27 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and foreign currencies | 1.92 | 0.53 | 1.38 | (2.46) | 0.74 | 1.34 |
| &nbsp;&nbsp; Total from investment operations | 2.15 | 0.85 | 1.67 | (2.19) | 1.01 | 1.52 |
| &nbsp;&nbsp; Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.38) | (0.40) | (0.23) | (0.34) | (0.19) |
| &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 period | $15.00 | $12.85 | $12.38 | $11.11 | $13.53 | $12.86 |
| &nbsp;&nbsp; Total return | 16.73 %<sup>(c)</sup> | 6.88% | 15.07% | (16.18%) | 7.83% | 13.18% |
| &nbsp;&nbsp; Net assets at end of period (in 000s) | $481953 | $427493 | $383812 | $327905 | $370796 | $308764 |
| &nbsp;&nbsp; Ratio of expenses to average net assets | 0.55 %<sup>(d)</sup> | 0.56% | 0.60% | 0.62% | 0.61% | 0.61% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets | 3.31 %<sup>(d)</sup> | 2.40% | 2.46% | 2.36% | 1.94% | 1.62% |
| &nbsp;&nbsp; Portfolio turnover rate | 8.85 %<sup>(c)</sup> | 29.01% | 19.21% | 37.48% | 39.58% | 86.12% |

---

<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.*  |

---

<sup>*(c)*</sup> *Not annualized.* 

<sup>*(d)*</sup> *Annualized.*

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

Financial Highlights, continued

For a share outstanding throughout the period indicated

**Praxis Value Index Fund - Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
| &nbsp;&nbsp; Net asset value at beginning of period | $17.55 | $17.41 | $15.18 | $17.32 | $14.42 | $15.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(a)</sup> | 0.15 | 0.31 | 0.23 | 0.26 | 0.22 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | 0.76 | 1.51 | 2.80 | (1.63) | 3.30 | 0.26 <sup>(b)</sup> |
| &nbsp;&nbsp; Total from investment operations | 0.91 | 1.82 | 3.03 | (1.37) | 3.52 | 0.52 |
| &nbsp;&nbsp; Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.32) | (0.16) | (0.07) | (0.31) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  | (1.36) | (0.64) | (0.70) | (0.31) | (1.23) |
| &nbsp;&nbsp; Total distributions |  | (1.68) | (0.80) | (0.77) | (0.62) | (1.23) |
| &nbsp;&nbsp; Paid-in capital from redemption fees |  |  |  |  | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> |
| &nbsp;&nbsp; Net asset value at end of period | $18.46 | $17.55 | $17.41 | $15.18 | $17.32 | $14.42 |
| &nbsp;&nbsp; Total return (excludes sales charge) | 5.19 %<sup>(d)</sup> | 10.30% | 20.04% | (7.86%) | 24.52% | 3.58% |
| &nbsp;&nbsp; Net assets at end of period (in 000s) | $33303 | $45273 | $30598 | $25497 | $22442 | $18863 |
| &nbsp;&nbsp; Ratio of expenses to average net assets | 0.76 %<sup>(e)</sup> | 0.68% | 0.70% | 0.75% | 0.78% | 0.91% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets | 1.64 %<sup>(e)</sup> | 1.64% | 1.39% | 1.63% | 1.34% | 1.90% |
| &nbsp;&nbsp; Portfolio turnover rate | 12.79 %<sup>(d)</sup> | 32.18% | 45.27% | 53.35% | 28.06% | 44.98% |

---

**Praxis Value Index Fund - Class I** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
| &nbsp;&nbsp; Net asset value at beginning of period | $17.40 | $17.26 | $15.05 | $17.18 | $14.30 | $15.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(a)</sup> | 0.18 | 0.36 | 0.28 | 0.31 | 0.28 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | 0.75 | 1.51 | 2.78 | (1.61) | 3.29 | 0.27 <sup>(b)</sup> |
| &nbsp;&nbsp; Total from investment operations | 0.93 | 1.87 | 3.06 | (1.30) | 3.57 | 0.59 |
| &nbsp;&nbsp; Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.37) | (0.21) | (0.13) | (0.38) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  | (1.36) | (0.64) | (0.70) | (0.31) | (1.23) |
| &nbsp;&nbsp; Total distributions |  | (1.73) | (0.85) | (0.83) | (0.69) | (1.31) |
| &nbsp;&nbsp; Paid-in capital from redemption fees |  |  |  |  | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> |
| &nbsp;&nbsp; Net asset value at end of period | $18.33 | $17.40 | $17.26 | $15.05 | $17.18 | $14.30 |
| &nbsp;&nbsp; Total return | 5.34 %<sup>(d)</sup> | 10.65% | 20.42% | (7.55%) | 25.08% | 4.07% |
| &nbsp;&nbsp; Net assets at end of period (in 000s) | $460189 | $449655 | $469374 | $373084 | $417164 | $290133 |
| &nbsp;&nbsp; Ratio of expenses to average net assets | 0.36 %<sup>(e)</sup> | 0.38% | 0.38% | 0.38% | 0.38% | 0.44% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets | 2.04 %<sup>(e)</sup> | 1.94% | 1.70% | 1.98% | 1.73% | 2.32% |
| &nbsp;&nbsp; Portfolio turnover rate | 12.79 %<sup>(d)</sup> | 32.18% | 45.27% | 53.35% | 28.06% | 44.98% |

---

<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.*  |

---

<sup>*(d)*</sup> *Not annualized.* 

<sup>*(e)*</sup> *Annualized.* 

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

Financial Highlights, continued

For a share outstanding throughout the period indicated

**Praxis Growth Index Fund - Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
| &nbsp;&nbsp; Net asset value at beginning of period | $48.48 | $36.94 | $29.04 | $42.88 | $33.96 | $27.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(a)</sup> | (0.01) | 0.03 | 0.23 | 0.10 | 0.03 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | 2.56 | 12.20 | 8.33 | (12.27) | 10.69 | 8.80 |
| &nbsp;&nbsp; Total from investment operations | 2.55 | 12.23 | 8.56 | (12.17) | 10.72 | 8.91 |
| &nbsp;&nbsp; Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.11) | (0.23) |  | (0.03) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  | (0.58) | (0.43) | (1.67) | (1.77) | (2.08) |
| &nbsp;&nbsp; Total distributions |  | (0.69) | (0.66) | (1.67) | (1.80) | (2.18) |
| &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 period | $51.03 | $48.48 | $36.94 | $29.04 | $42.88 | $33.96 |
| &nbsp;&nbsp; Total return (excludes sales charge) | 5.26 %<sup>(c)</sup> | 33.04% | 29.48% | (28.42%) | 31.60% | 32.81% |
| &nbsp;&nbsp; Net assets at end of period (in 000s) | $115099 | $112124 | $88260 | $72214 | $109319 | $90516 |
| &nbsp;&nbsp; Ratio of expenses to average net assets | 0.65 %<sup>(d)</sup> | 0.63% | 0.66% | 0.67% | 0.66% | 0.75% |
| &nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | (0.04 %)<sup>(d)</sup> | 0.07% | 0.70% | 0.28% | 0.08% | 0.38% |
| &nbsp;&nbsp; Portfolio turnover rate | 10.24 %<sup>(c)</sup> | 16.48% | 35.55% | 49.76% | 18.17% | 28.05% |

---

**Praxis Growth Index Fund - Class I** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
| &nbsp;&nbsp; Net asset value at beginning of period | $49.13 | $37.41 | $29.40 | $43.27 | $34.25 | $27.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(a)</sup> | 0.06 | 0.16 | 0.33 | 0.21 | 0.15 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | 2.61 | 12.38 | 8.44 | (12.39) | 10.79 | 8.87 |
| &nbsp;&nbsp; Total from investment operations | 2.67 | 12.54 | 8.77 | (12.18) | 10.94 | 9.08 |
| &nbsp;&nbsp; Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.24) | (0.33) | (0.02) | (0.15) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  | (0.58) | (0.43) | (1.67) | (1.77) | (2.08) |
| &nbsp;&nbsp; Total distributions |  | (0.82) | (0.76) | (1.69) | (1.92) | (2.28) |
| &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 period | $51.80 | $49.13 | $37.41 | $29.40 | $43.27 | $34.25 |
| &nbsp;&nbsp; Total return | 5.43 %<sup>(c)</sup> | 33.44% | 29.82% | (28.18%) | 31.97% | 33.19% |
| &nbsp;&nbsp; Net assets at end of period (in 000s) | $557091 | $561657 | $452516 | $378141 | $420287 | $309772 |
| &nbsp;&nbsp; Ratio of expenses to average net assets | 0.34 %<sup>(d)</sup> | 0.35% | 0.37% | 0.36% | 0.36% | 0.43% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets | 0.26 %<sup>(d)</sup> | 0.35% | 0.98% | 0.60% | 0.38% | 0.69% |
| &nbsp;&nbsp; Portfolio turnover rate | 10.24 %<sup>(c)</sup> | 16.48% | 35.55% | 49.76% | 18.17% | 28.05% |

---

<sup>*(a)*</sup> *Net investment income (loss) 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.*  |

---

<sup>*(c)*</sup> *Not annualized.* 

<sup>*(d)*</sup> *Annualized.*

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

Financial Highlights, continued

For a share outstanding throughout the period indicated

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
| &nbsp;&nbsp; Net asset value at beginning of period | $10.70 | $9.99 | $8.70 | $11.00 | $9.69 | $8.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(a)</sup> | 0.03 | 0.05 | 0.06 | 0.03 | 0.02 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (0.19) | 0.73 | 1.32 | (2.24) | 2.52 | 0.90 |
| &nbsp;&nbsp; Total from investment operations | (0.16) | 0.78 | 1.38 | (2.21) | 2.54 | 0.92 |
| &nbsp;&nbsp; Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.07) | (0.09) |  | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.09) | (1.20) | (0.04) |
| &nbsp;&nbsp; Total distributions |  | (0.07) | (0.09) | (0.09) | (1.23) | (0.08) |
| &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 period | $10.54 | $10.70 | $9.99 | $8.70 | $11.00 | $9.69 |
| &nbsp;&nbsp; Total return (excludes sales charge) | (1.50 %)<sup>(c)</sup> | 7.86% | 15.87% | (20.08%) | 26.53% | 10.39% |
| &nbsp;&nbsp; Net assets at end of period (in 000s) | $6388 | $6463 | $6141 | $5296 | $6656 | $5173 |
| &nbsp;&nbsp; Ratio of net expenses to average net assets | 1.06 %<sup>(d)</sup> | 1.03% | 1.12% | 1.11% | 1.12% | 1.12% |
| &nbsp;&nbsp; Ratio of gross expenses to average net assets\* | 1.06 %<sup>(d)</sup> | 1.03% | 1.04% | 1.09% | 1.12% | 1.37% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets | 0.56 %<sup>(d)</sup> | 0.47% | 0.63% | 0.37% | 0.13% | 0.25% |
| &nbsp;&nbsp; Portfolio turnover rate | 20.71 %<sup>(c)</sup> | 82.31% | 38.41% | 35.74% | 40.95% | 39.21% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
| &nbsp;&nbsp; Net asset value at beginning of period | $11.96 | $11.15 | $9.68 | $12.17 | $10.60 | $9.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(a)</sup> | 0.07 | 0.13 | 0.13 | 0.11 | 0.11 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (0.21) | 0.82 | 1.49 | (2.50) | 2.76 | 0.98 |
| &nbsp;&nbsp; Total from investment operations | (0.14) | 0.95 | 1.62 | (2.39) | 2.87 | 1.06 |
| &nbsp;&nbsp; Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.14) | (0.15) | (0.01) | (0.10) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.09) | (1.20) | (0.04) |
| &nbsp;&nbsp; Total distributions |  | (0.14) | (0.15) | (0.10) | (1.30) | (0.12) |
| &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 period | $11.82 | $11.96 | $11.15 | $9.68 | $12.17 | $10.60 |
| &nbsp;&nbsp; Total return | (1.17 %)<sup>(c)</sup> | 8.49% | 16.67% | (19.60%) | 27.36% | 11.04% |
| &nbsp;&nbsp; Net assets at end of period (in 000s) | $180287 | $174518 | $159172 | $143969 | $166462 | $134490 |
| &nbsp;&nbsp; Ratio of expenses to average net assets | 0.42 %<sup>(d)</sup> | 0.44% | 0.44% | 0.43% | 0.43% | 0.45% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets | 1.20 %<sup>(d)</sup> | 1.12% | 1.32% | 1.02% | 0.83% | 0.94% |
| &nbsp;&nbsp; Portfolio turnover rate | 20.71 %<sup>(c)</sup> | 82.31% | 38.41% | 35.74% | 40.95% | 39.21% |

---

*\** *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.* 

<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.*  |

---

<sup>*(c)*</sup> *Not annualized.* 

<sup>*(d)*</sup> *Annualized.* 

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

Financial Highlights, continued

For a share outstanding throughout the period indicated

**Praxis Genesis Conservative Portfolio - Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
| &nbsp;&nbsp; Net asset value at beginning of period | $11.69 | $11.66 | $10.85 | $12.99 | $12.99 | $12.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(a)</sup> | 0.11 | 0.27 | 0.22 | 0.17 | 0.20 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | 0.47 | 0.33 | 0.84 | (2.06) | 0.37 | 0.99 |
| &nbsp;&nbsp; Total from investment operations | 0.58 | 0.60 | 1.06 | (1.89) | 0.57 | 1.25 |
| &nbsp;&nbsp; Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.11) | (0.27) | (0.23) | (0.17) | (0.20) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  | (0.30) | (0.02) | (0.08) | (0.37 | (0.19 |
| &nbsp;&nbsp; Total distributions | (0.11) | (0.57) | (0.25) | (0.25) | (0.57 | (0.46 |
| &nbsp;&nbsp; Paid-in capital from redemption fees |  |  |  |  | 0.00 | 0.00 |
| &nbsp;&nbsp; Net asset value at end of period | $12.16 | $11.69 | $11.66 | $10.85 | $12.99 | $12.99 |
| &nbsp;&nbsp; Total return (excludes sales charge) | 5.03 %<sup>(c)</sup> | 5.16% | 9.77% | (14.59%) | 4.42 | 10.28 |
| &nbsp;&nbsp; Net assets at end of period (in 000s) | $24393 | $24086 | $24573 | $24185 | $28609 | $27763 |
| &nbsp;&nbsp; Ratio of net expenses to average net assets<sup>†</sup> | 0.61 %<sup>(d)</sup> | 0.62% | 0.62% | 0.58% | 0.60 | 0.60 |
| &nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>†</sup> | 0.61 %<sup>(d)</sup> | 0.62% | 0.62% | 0.58% | 0.58 | 0.58 |
| &nbsp;&nbsp; Ratio of net investment income to average net assets<sup>†</sup>\* | 1.95 %<sup>(d)</sup> | 2.30% | 1.98% | 1.43% | 1.50 | 2.05 |
| &nbsp;&nbsp; Portfolio turnover rate | 5.42 %<sup>(c)</sup> | 12.40% | 10.52% | 13.60% | 15.51 | 28.90 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *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.*  |

---

<sup>*(c)*</sup> *Not annualized.* 

<sup>*(d)*</sup> *Annualized.* 

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

Financial Highlights, continued

For a share outstanding throughout the period indicated

**Praxis Genesis Balanced Portfolio - Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
| &nbsp;&nbsp; Net asset value at beginning of period | $15.52 | $14.84 | $13.31 | $16.30 | $15.40 | $14.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(a)</sup> | 0.08 | 0.31 | 0.26 | 0.17 | 0.33 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | 0.86 | 1.04 | 1.62 | (2.79) | 1.47 | 1.50 |
| &nbsp;&nbsp; Total from investment operations | 0.94 | 1.35 | 1.88 | (2.62) | 1.80 | 1.84 |
| &nbsp;&nbsp; Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.08) | (0.31) | (0.26) | (0.17) | (0.32) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  | (0.36) | (0.09) | (0.20) | (0.58) | (0.40) |
| &nbsp;&nbsp; Total distributions | (0.08) | (0.67) | (0.35) | (0.37) | (0.90) | (0.74) |
| &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 period | $16.38 | $15.52 | $14.84 | $13.31 | $16.30 | $15.40 |
| &nbsp;&nbsp; Total return (excludes sales charge) | 6.06 %<sup>(c)</sup> | 9.03% | 14.15% | (16.06%) | 11.77% | 12.97% |
| &nbsp;&nbsp; Net assets at end of period (in 000s) | $99299 | $94181 | $90217 | $78828 | $95935 | $87527 |
| &nbsp;&nbsp; Ratio of expenses to average net assets<sup>†</sup> | 0.47 %<sup>(d)</sup> | 0.46% | 0.47% | 0.47% | 0.46% | 0.49% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets<sup>†</sup>\* | 1.00 %<sup>(d)</sup> | 1.96% | 1.82% | 1.21% | 2.01% | 2.38% |
| &nbsp;&nbsp; Portfolio turnover rate | 6.94 %<sup>(c)</sup> | 13.43% | 10.51% | 12.96% | 15.28% | 21.52% |

---

<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.*  |

---

<sup>*(c)*</sup> *Not annualized.* 

<sup>*(d)*</sup> *Annualized.* 

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

Financial Highlights, continued

For a share outstanding throughout the period indicated

**Praxis Genesis Growth Portfolio - Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, <br> 2025 <br> (Unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
| &nbsp;&nbsp; Net asset value at beginning of period | $19.03 | $17.63 | $15.42 | $19.15 | $17.17 | $15.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(a)</sup> | 0.02 | 0.31 | 0.27 | 0.17 | 0.43 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | 1.24 | 1.73 | 2.35 | (3.44) | 2.43 | 1.81 |
| &nbsp;&nbsp; Total from investment operations | 1.26 | 2.04 | 2.62 | (3.27) | 2.86 | 2.21 |
| &nbsp;&nbsp; Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.02) | (0.31) | (0.27) | (0.16) | (0.42) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  | (0.33) | (0.14) | (0.30) | (0.46) | (0.44) |
| &nbsp;&nbsp; Total distributions | (0.02) | (0.64) | (0.41) | (0.46) | (0.88) | (0.83) |
| &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 period | $20.27 | $19.03 | $17.63 | $15.42 | $19.15 | $17.17 |
| &nbsp;&nbsp; Total return (excludes sales charge) | 6.65 %<sup>(c)</sup> | 11.52% | 16.98% | (17.05%) | 16.72% | 14.08% |
| &nbsp;&nbsp; Net assets at end of period (in 000s) | $118072 | $112047 | $103648 | $87208 | $100854 | $85649 |
| &nbsp;&nbsp; Ratio of expenses to average net assets<sup>†</sup> | 0.49 %<sup>(d)</sup> | 0.48% | 0.49% | 0.48% | 0.49% | 0.54% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets<sup>†</sup>\* | 0.25 %<sup>(d)</sup> | 1.64% | 1.63% | 1.02% | 2.28% | 2.59% |
| &nbsp;&nbsp; Portfolio turnover rate | 6.47 %<sup>(c)</sup> | 12.86% | 7.57% | 10.46% | 12.90% | 18.36% |

---

<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.*  |

---

<sup>*(c)*</sup> *Not annualized.* 

<sup>*(d)*</sup> *Annualized.* 

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

Notes to Financial Statements (unaudited) *June 30, 2025*

**1. Organization:** 

The Praxis Funds (formerly 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 June 30, 2025 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.

The Funds and Portfolios have adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect each Fund's and Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Trust. Each Fund and Portfolio operates as a single operating segment. Each Fund's and Portfolio's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund and Portfolio, using the information presented in the financial statements and financial highlights.

**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.

*New Accounting Pronouncement:* 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

*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

Notes to Financial Statements (unaudited), continued *June 30, 2025*

that has been obtained between the local market close and the NYSE close to compute adjustments to foreign security close prices. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Praxis Investment Management, Inc. (the "Adviser"), 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 Praxis Investment 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 June 30, 2025, 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 | $— | $10062885 | $— | $10062885 |
|  Corporate Bonds |  | 294441479 |  | 294441479 |
|  Corporate Notes |  | 10060310 |  | 10060310 |
|  Foreign Governments |  | 50246014 |  | 50246014 |
|  Commercial Mortgage-Backed Securities |  | 31488 |  | 31488 |
|  U.S. Government Agencies |  | 596437324 |  | 596437324 |
|  Asset Backed Securities |  | 58285761 |  | 58285761 |
|  Money Market Funds | 28525285 |  |  | 28525285 |
|  Investment Purchased with the Cash Proceeds from Securities Lending \* |  |  |  | 10444778 |
|  Investment Companies | 3254931 |  |  | 3254931 |
|  **Total Investments** | $**31780216** | $**1019565261** | $**—** | $**1061790255** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments at Fair Value** |  |  |  |  |
|  Common Stocks | $275654469 | $213390648 | $869 | $489045986 |
|  Corporate Notes |  | 4349598 |  | 4349598 |
|  Money Market Funds | 761118 |  |  | 761118 |
|  Investment Purchased with the Cash Proceeds from Securities Lending \* |  |  |  | 62970844 |
|  **Total Investments** | $**276415587** | $**217740246** | $**869** | $**557127546** |

---

Notes to Financial Statements (unaudited), continued *June 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments at Fair Value** |  |  |  |  |
|  Common Stocks | $487908383 | $— | $— | $487908383 |
|  Corporate Notes |  | 4260497 |  | 4260497 |
|  Money Market Funds | 1228724 |  |  | 1228724 |
|  Investment Purchased with the Cash Proceeds from Securities Lending \* |  |  |  | 12273381 |
|  **Total Investments** | $**489137107** | $**4260497** | $**—** | $**505670985** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments at Fair Value** |  |  |  |  |
|  Common Stocks | $666084495 | $— | $— | $666084495 |
|  Corporate Notes |  | 5802737 |  | 5802737 |
|  Money Market Funds | 828471 |  |  | 828471 |
|  Investment Purchased with the Cash Proceeds from Securities Lending \* |  |  |  | 4872000 |
|  **Total Investments** | $**666912966** | $**5802737** | $**—** | $**677587703** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments at Fair Value** |  |  |  |  |
|  Common Stocks | $183503806 | $— | $— | $183503806 |
|  Rights |  |  | 488 | 488 |
|  Corporate Notes |  | 1615314 |  | 1615314 |
|  Money Market Funds | 1440675 |  |  | 1440675 |
|  Investment Purchased with the Cash Proceeds from Securities Lending \* |  |  |  | 33533729 |
|  **Total Investments** | $**184944481** | $**1615314** | $**488** | $**220094012** |

---

\* 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 | $24341523 | $— | $— | $24341523 |
|  Money Market Funds | 6975 |  |  | 6975 |
|  **Total Investments** | $**24348498** | $**—** | $**—** | $**24348498** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments at Fair Value** |  |  |  |  |
|  Affiliated Mutual Funds | $99229197 | $— | $— | $99229197 |
|  Money Market Funds | 1842 |  |  | 1842 |
|  **Total Investments** | $**99231039** | $**—** | $**—** | $**99231039** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments at Fair Value** |  |  |  |  |
|  Affiliated Mutual Funds | $118016954 | $— | $— | $118016954 |
|  Money Market Funds | 1153 |  |  | 1153 |
|  **Total Investments** | $**118018107** | $**—** | $**—** | $**118018107** |

---

Notes to Financial Statements (unaudited), continued *June 30, 2025*

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 six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **International<br> Index Fund** | **Small Cap <br> Index Fund**  |
|  Balance as of December 31, 2024 | $869 | $992 |
| &nbsp;&nbsp;&nbsp; Change in Unrealized appreciation (depreciation) |  | (504) |
|  Balance as of June 30, 2025 | $869 | $488 |

---

The total change in unrealized appreciation (depreciation) included on the Statements of Operations attributable to Level 3 investments still held as of June 30, 2025 for the International Index Fund and Small Cap Index Fund was $0 and $(504), respectively.

The following tables summarize the valuation techniques used and unobservable inputs developed by the Valuation Designee 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** |
|  | **6/30/2025** | **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** |
|  | **6/30/2025** | **Valuation Technique** | **Unobservable Input** | **Range** | **Impact to Valuation from an <br> Increase in Input \*** |
|  Rights | $488 | 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 (unaudited), continued *June 30, 2025*

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 six months ended June 30, 2025, the Funds and Portfolios did not incur any interest or penalties.

Notes to Financial Statements (unaudited), continued *June 30, 2025*

**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 six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp; Impact Bond Fund | $59682319 | $27689475 |
| &nbsp;&nbsp;&nbsp; International Index Fund | 41099622 | 49591228 |
| &nbsp;&nbsp;&nbsp; Value Index Fund | 62976191 | 82776574 |
| &nbsp;&nbsp;&nbsp; Growth Index Fund | 66083899 | 97617990 |
| &nbsp;&nbsp;&nbsp; Small Cap Index Fund | 45296407 | 37034680 |
| &nbsp;&nbsp;&nbsp; Conservative Portfolio | 1308030 | 1979615 |
| &nbsp;&nbsp;&nbsp; Balanced Portfolio | 6629399 | 6818468 |
| &nbsp;&nbsp;&nbsp; Growth Portfolio | 7347204 | 8687370 |

---

During the six months ended June 30, 2025, cost of purchases and proceeds from sales and maturities of long-term U.S. government securities for Praxis Impact Bond Fund were $30,736,411 and $16,193,208, respectively.

During the six months ended June 30, 2025, the Value Index Fund sold securities to the Growth Index Fund and the Small Cap Index Fund, the Growth Index Fund sold securities to the Value Index Fund and the Small Cap Index Fund, and the Small Cap Index Fund sold securities to the Value Index Fund and Growth 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 (Loss)** |
|  Value Index Fund | Growth Index Fund | $8062987 | $(1211415) |
|  Value Index Fund | Small Cap Index Fund | 1226508 | (7368) |
|  Growth Index Fund | Value Index Fund | 3686970 | 1256479 |
|  Growth Index Fund | Small Cap Index Fund | 1439541 | (182871) |
|  Small Cap Index Fund | Value Index Fund | 40498 | (1307) |
|  Small Cap Index Fund | Growth Index Fund | 584428 | 54588 |

---

**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 six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** |
| <br>&nbsp;&nbsp;&nbsp; **Affiliate** | **Fair Value at <br> December 31, <br> 2024** | **Purchase <br> Cost** | **Sales <br> Proceeds** | **Realized <br> Gain/(Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Fair Value at <br> June 30, 2025** | **Dividend <br> Income** | **Long-Term <br> Capital Gain <br> Distributions** | **Shares at <br> June 30, 2025** |
| &nbsp;&nbsp;&nbsp; **Conservative Portfolio** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Growth Index - Class I | $2153879 | $277386 | $(276943) | $31237 | $102991 | $2288550 | $— | $— | 44181 |
| &nbsp;&nbsp;&nbsp; Impact Bond - Class I | 16974598 | 831951 | (1195865) | (130392) | 471968 | 16952260 | 305636 |  | 1799603 |
| &nbsp;&nbsp;&nbsp; International Index - Class I | 2156779 | 39478 | (325896) | 69741 | 272246 | 2212348 |  |  | 147490 |
| &nbsp;&nbsp;&nbsp; Small Cap Index - Class I | 594562 | 62043 | (36182) | (409) | (5887) | 614127 |  |  | 51957 |
| &nbsp;&nbsp;&nbsp; Value Index - Class I | 2208663 | 97172 | (144729) | (5294) | 118426 | 2274238 |  |  | 124072 |
| &nbsp;&nbsp;&nbsp; Total | $24088481 | $1308030 | $(1979615) | $(35117) | $959744 | $24341523 | $305636 | $— | 2167303 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** |
| <br>&nbsp;&nbsp;&nbsp; **Affiliate** | **Fair Value at <br> December 31, <br> 2024** | **Purchase <br> Cost** | **Sales <br> Proceeds** | **Realized <br> Gain/(Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Fair Value at <br> June 30, 2025** | **Dividend <br> Income** | **Long-Term <br> Capital Gain <br> Distributions** | **Shares at <br> June 30, 2025** |
| &nbsp;&nbsp;&nbsp; **Balanced Portfolio** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Growth Index - Class I | $14662989 | $1805349 | $(1388930) | $204435 | $775912 | $16059755 | $— | $— | 310034 |
| &nbsp;&nbsp;&nbsp; Impact Bond - Class I | 38175852 | 2585236 | (2241311) | (265865) | 1038379 | 39292291 | 693986 |  | 4171156 |
| &nbsp;&nbsp;&nbsp; International Index - Class I | 16986341 | 407578 | (2172077) | 286480 | 2435227 | 17943549 |  |  | 1196237 |
| &nbsp;&nbsp;&nbsp; Small Cap Index - Class I | 9360035 | 1024119 | (337451) | 475 | (75212) | 9971966 |  |  | 843652 |
| &nbsp;&nbsp;&nbsp; Value Index - Class I | 15030768 | 807117 | (678699) | (16821) | 819271 | 15961636 |  |  | 870793 |
| &nbsp;&nbsp;&nbsp; Total | $94215985 | $6629399 | $(6818468) | $208704 | $4993577 | $99229197 | $693986 | $— | 7391872 |

---

Notes to Financial Statements (unaudited), continued *June 30, 2025*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** |
| <br>&nbsp;&nbsp;&nbsp; **Affiliate** | **Fair Value at <br> December 31, <br> 2024** | **Purchase <br> Cost** | **Sales <br> Proceeds** | **Realized <br> Gain/(Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Fair Value at <br> June 30, 2025** | **Dividend <br> Income** | **Long-Term <br> Capital Gain <br> Distributions** | **Shares at <br> June 30, 2025** |
| &nbsp;&nbsp;&nbsp; **Growth Portfolio** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Growth Index - Class I | $22454468 | $2421827 | $(1921276) | $107183 | $1329301 | $24391503 | $— | $— | 470878 |
| &nbsp;&nbsp;&nbsp; Impact Bond - Class I | 22803018 | 1526351 | (1500922) | (248830) | 710640 | 23290257 | 412817 |  | 2472426 |
| &nbsp;&nbsp;&nbsp; International Index - Class I | 27041312 | 465638 | (3464037) | 306935 | 4011902 | 28361750 |  |  | 1890783 |
| &nbsp;&nbsp;&nbsp; Small Cap Index - Class I | 16773418 | 1723549 | (604848) | (15395) | (145475) | 17731249 |  |  | 1500106 |
| &nbsp;&nbsp;&nbsp; Value Index - Class I | 23014879 | 1209839 | (1196287) | (35505) | 1249269 | 24242195 |  |  | 1322542 |
| &nbsp;&nbsp;&nbsp; Total | $112087095 | $7347204 | $(8687370) | $114388 | $7155637 | $118016954 | $412817 | $— | 7656735 |

---

**5. Related Party Transactions:** 

The Adviser provides investment advisory services to the Funds and Portfolios. During the six months ended June 30, 2025, 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\* | 0.35% |
| &nbsp;&nbsp;&nbsp; International Index Fund\*\* | 0.41% |
| &nbsp;&nbsp;&nbsp; Value Index Fund\*\*\* | 0.24% |
| &nbsp;&nbsp;&nbsp; Growth Index Fund\*\*\* | 0.23% |
| &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 asset 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: 0.50% on the average daily net assets up to $100 million and 0.38% on the average daily net asset over $100 million, and 0.35% 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 asset of each Fund over $200 million. Rates disclosed above represents the effective rate 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, 2026. 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 June 30, 2025 were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Small Cap Index Fund (Class A) | 1.10 | % |

---

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.

Notes to Financial Statements (unaudited), continued *June 30, 2025*

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 six months ended June 30, 2025 as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Impact Bond Fund | $1271 |
| &nbsp;&nbsp;&nbsp; International Index Fund | 512 |
| &nbsp;&nbsp;&nbsp; Value Index Fund | 2903 |
| &nbsp;&nbsp;&nbsp; Growth Index Fund | 8461 |
| &nbsp;&nbsp;&nbsp; Small Cap Index Fund | 375 |
| &nbsp;&nbsp;&nbsp; Conservative Portfolio | 846 |
| &nbsp;&nbsp;&nbsp; Balanced Portfolio | 10102 |
| &nbsp;&nbsp;&nbsp; Growth Portfolio | 18998 |

---

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 (unaudited), continued *June 30, 2025*

**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** |
|  | **Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** |
| &nbsp;&nbsp;&nbsp; **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Class A Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $2020394 | $7377882 | $2383595 | $3280645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 454277 | 870286 |  | 308943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (2912968) | (10527101) | (1839347) | (3660006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Share Transactions | $(438297) | $(2278933) | $544248 | $(70418) |
| &nbsp;&nbsp;&nbsp; **Class I Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $155487579 | $378231136 | $47816828 | $167166260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 9812516 | 17002384 |  | 5613483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (113956005) | (244886294) | (64138343) | (143622128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Share Transactions | $51344090 | $150347226 | $(16321515) | $29157615 |
| &nbsp;&nbsp;&nbsp; **Net change from capital transactions** | $50905793 | $148068293 | $(15777267) | $29087197 |
| &nbsp;&nbsp;&nbsp; **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Class A Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 216218 | 787025 | 175763 | 253873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 48278 | 92967 |  | 24118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (311672) | (1124050) | (136182) | (285335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Class A Shares: | (47176) | (244058) | 39581 | (7344) |
| &nbsp;&nbsp;&nbsp; **Class I Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 16698041 | 40658560 | 3572262 | 12700602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 1047702 | 1825140 |  | 436507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (12225709) | (26322506) | (4701580) | (10880616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Class I Shares: | 5520034 | 16161194 | (1129318) | 2256493 |
| &nbsp;&nbsp;&nbsp; **Net change from share transactions** | 5472858 | 15917136 | (1089737) | 2249149 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value Index Fund** | **Value Index Fund** | **Growth Index Fund** | **Growth Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** |
|  | **Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** |
| &nbsp;&nbsp;&nbsp; **Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $2545987 | $22677791 | $3107729 | $8249276 | $378863 | $1542861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested |  | 3765232 |  | 1526227 |  | 43555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (16217300) | (11688429) | (5748117) | (12873956) | (356807) | (1687209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Share Transactions | $(13671313) | $14754594 | $(2640388) | $(3098453) | $22056 | $(100793) |
| &nbsp;&nbsp;&nbsp; **Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $71010291 | $169301774 | $76553185 | $213905554 | $26178116 | $68239522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested |  | 30118609 |  | 6680462 |  | 921429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (83010844) | (224102923) | (110172499) | (250240114) | (19043059) | (66405312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Share Transactions | $(12000553) | $(24682540) | $(33619314) | $(29654098) | $7135057 | $2755639 |
| &nbsp;&nbsp;&nbsp; **Net change from capital transactions** | $(25671866) | $(9927946) | $(36259702) | $(32752551) | $7157113 | $2654846 |
| &nbsp;&nbsp;&nbsp; **Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 143893 | 1247740 | 66810 | 190072 | 36830 | 151777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 207858 |  | 30377 |  | 4070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (919205) | (633674) | (124480) | (296974) | (34430) | (166863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Class A Shares: | (775312) | 821924 | (57670) | (76525) | 2400 | (11016) |
| &nbsp;&nbsp;&nbsp; **Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 4036608 | 9348544 | 1667112 | 4611716 | 2359923 | 5749234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested |  | 1673072 |  | 131475 |  | 77043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4777776) | (12380189) | (2344254) | (5405603) | (1687958) | (5521025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Class I Shares: | (741168) | (1358573) | (677142) | (662412) | 671965 | 305252 |
| &nbsp;&nbsp;&nbsp; **Net change from share transactions** | (1516480) | (536649) | (734812) | (738937) | 674365 | 294236 |

---

Notes to Financial Statements (unaudited), continued *June 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Conservative Portfolio** | **Conservative Portfolio** | **Balanced Portfolio** | **Balanced Portfolio** | **Growth Portfolio** | **Growth Portfolio** |
|  | **Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** |
| &nbsp;&nbsp;&nbsp; **Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $880222 | $1655522 | $4753973 | $8424855 | $4499706 | $10049033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 229893 | 1150348 | 466224 | 3934846 | 136027 | 3644569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1727737) | (3337666) | (5305856) | (12498398) | (5882763) | (13375117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Share Transactions | $(617622) | $(531796) | $(85659) | $(138697) | $(1247030) | $318485 |
| &nbsp;&nbsp;&nbsp; **Net change from capital transactions** | $(617622) | $(531796) | $(85659) | $(138697) | $(1247030) | $318485 |
| &nbsp;&nbsp;&nbsp; **Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 74639 | 138354 | 305947 | 544031 | 235612 | 537798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 19316 | 96550 | 29675 | 248188 | 7036 | 187168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (146995) | (282909) | (340000) | (803444) | (306873) | (715023) |
| &nbsp;&nbsp;&nbsp; **Change in Class A Shares:** | (53040) | (48005) | (4378) | (11225) | (64225) | 9943 |
| &nbsp;&nbsp;&nbsp; **Net change from share transactions** | (53040) | (48005) | (4378) | (11225) | (64225) | 9943 |

---

**7. Federal Income Tax Information:** 

The character of dividends paid to shareholders of the Funds and Portfolios for federal income tax purposes during the periods ended June 30, 2025 and December 31, 2024 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** |
|  | **Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** |
| &nbsp;&nbsp;&nbsp; From ordinary income | $18313936 | $32303421 | $— | $12821447 | $— | $10668351 |
| &nbsp;&nbsp;&nbsp; From long-term capital gains |  |  |  |  |  | 35235499 |
| &nbsp;&nbsp;&nbsp; Total distributions | $18313936 | $32303421 | $— | $12821447 | $— | $45903850 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Index Fund** | **Growth Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** |
|  | **Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** |
| &nbsp;&nbsp;&nbsp; From ordinary income | $— | $2945684 | $— | $2023795 |
| &nbsp;&nbsp;&nbsp; From long-term capital gains |  | 7851742 |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions | $— | $10797426 | $— | $2023795 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Conservative Portfolio** | **Conservative Portfolio** | **Balanced Portfolio** | **Balanced Portfolio** | **Growth Portfolio** | **Growth Portfolio** |
|  | **Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** |
| &nbsp;&nbsp;&nbsp; From ordinary income | $232296 | $579605 | $469215 | $2059308 | $137232 | $1864186 |
| &nbsp;&nbsp;&nbsp; From long-term capital gains |  | 577289 |  | 1903716 |  | 1815404 |
| &nbsp;&nbsp;&nbsp; Total distributions | $232296 | $1156894 | $469215 | $3963024 | $137232 | $3679590 |

---

The following information was computed on a tax basis for each item as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Impact <br> Bond Fund** | **International Index <br> Fund** | **Value <br> Index Fund** |
| &nbsp;&nbsp;&nbsp; Tax cost of investments | $1070241484 | $343628389 | $393997024 |
| &nbsp;&nbsp;&nbsp; Gross unrealized appreciation | 1845102 | 143683701 | 126429874 |
| &nbsp;&nbsp;&nbsp; Gross unrealized depreciation | (80671982) | (12881059) | (12470850) |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) on investments | $(78826880) | $130802642 | $113959024 |
| &nbsp;&nbsp;&nbsp; Net unrealized depreciation on foreign currency transactions |  | (20878) |  |
| &nbsp;&nbsp;&nbsp; Undistributed ordinary income |  |  | 7246670 |
| &nbsp;&nbsp;&nbsp; Accumulated capital and other losses | (11963194) | (41409582) |  |
| &nbsp;&nbsp;&nbsp; Distributable earnings (accumulated deficit) | $(90790074) | $89372182 | $121205694 |

---

Notes to Financial Statements (unaudited), continued *June 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Growth <br> Index Fund** | **Small Cap <br> Index Fund** |
| &nbsp;&nbsp;&nbsp; Tax cost of investments | $280597145 | $157852859 |
| &nbsp;&nbsp;&nbsp; Gross unrealized appreciation | 402275583 | 37760303 |
| &nbsp;&nbsp;&nbsp; Gross unrealized depreciation | (3055541) | (1571887) |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation on investments | $399220042 | $36188416 |
| &nbsp;&nbsp;&nbsp; Undistributed ordinary income | 1892184 | 1453609 |
| &nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | 23767326 | 14295236 |
| &nbsp;&nbsp;&nbsp; Distributable earnings | $424879552 | $51937261 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Conservative Portfolio** | **Balanced Portfolio** | **Growth Portfolio** |
| &nbsp;&nbsp;&nbsp; Tax cost of investments | $22385129 | $71786413 | $77513526 |
| &nbsp;&nbsp;&nbsp; Gross unrealized appreciation | 3715177 | 26499951 | 37270857 |
| &nbsp;&nbsp;&nbsp; Gross unrealized depreciation | (2004996) | (4068575) | (2696159) |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation on investments | $1710181 | $22431376 | $34574698 |
| &nbsp;&nbsp;&nbsp; Undistributed ordinary income | 608 | 59092 | 4484 |
| &nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | 363240 | 2253230 | 2607313 |
| &nbsp;&nbsp;&nbsp; Distributable earnings | $2074029 | $24743698 | $37186495 |

---

For the latest tax year ended December 31, 2024, the following Funds have capital loss carry forwards ("CLCFs") as summarized below.

CLCFs not subject to expiration:

---

| | | |
|:---|:---|:---|
|  | **Impact Bond** | **International Index** |
| &nbsp;&nbsp;&nbsp; No expiration - short-term | $2178916 | $41409582 |
| &nbsp;&nbsp;&nbsp; No expiration - long-term | 9784278 |  |
|  | $11963194 | $41409582 |

---

The federal tax cost, unrealized appreciation (depreciation) as of June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Impact Bond Fund**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **International Index <br> Fund**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Value Index Fund**  |
| &nbsp;&nbsp;&nbsp; Tax cost of investments | $1119558721 | $356284393 | $364219671 |
| &nbsp;&nbsp;&nbsp; Gross unrealized appreciation | 7828073 | 207046731 | 156419114 |
| &nbsp;&nbsp;&nbsp; Gross unrealized depreciation | (65596539) | (6203578) | (14967800) |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) on investments | $(57768466) | $200843153 | $141451314 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Growth Index Fund**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Small Cap Index Fund**  |
| &nbsp;&nbsp;&nbsp; Tax cost of investments | $252546209 | $186648514 |
| &nbsp;&nbsp;&nbsp; Gross unrealized appreciation | 425691100 | 41361746 |
| &nbsp;&nbsp;&nbsp; Gross unrealized depreciation | (649606) | (7916248) |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation on investments | $425041494 | $33445498 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Conservative Portfolio**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Balanced Portfolio**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Growth Portfolio**  |
| &nbsp;&nbsp;&nbsp; Tax cost of investments | $21746423 | $72005909 | $76381908 |
| &nbsp;&nbsp;&nbsp; Gross unrealized appreciation | 4226969 | 30520914 | 43675403 |
| &nbsp;&nbsp;&nbsp; Gross unrealized depreciation | (1624894) | (3295784) | (2039204) |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation on investments | $2602075 | $27225130 | $41636199 |

---

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

The Funds and Portfolios have analyzed their tax positions taken on Federal income tax returns for the current and 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.

**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 Investments. Although risk is mitigated by the collateral, the

Notes to Financial Statements (unaudited), continued *June 30, 2025*

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 June 30, 2025, 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 | $10293818 | $10444778 |
| &nbsp;&nbsp;&nbsp; International Index Fund | 61293378 | 62970844 |
| &nbsp;&nbsp;&nbsp; Value Index Fund | 12010302 | 12273381 |
| &nbsp;&nbsp;&nbsp; Growth Index Fund | 4868842 | 4872000 |
| &nbsp;&nbsp;&nbsp; Small Cap Index Fund | 32672906 | 33533729 |

---

**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 $141,500 in retainers and meeting fees during the six months ended June 30, 2025.

**11. Subsequent Events** 

The Funds and Portfolios evaluated subsequent events June 30, 2025 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.

Additional Information (unaudited) *June 30, 2025*

**Changes in and/or Disagreements with Accountants** 

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures** 

Not applicable.

**Remuneration Paid to Directors, Officers and Others** 

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement** 

Not applicable.

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

*Annual/Semi-Annual Financial Statements:* 

The Praxis Funds' annual and semi-annual financial statements contain additional information on each Fund's or Portfolio's investments.

*Statement of Additional Information (SAI):* 

The SAI provides more detailed information about the Praxis 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, the prospectus and the SAI, or request other information and discuss your questions about the Funds or Portfolios, by contacting the broker that sells the Praxis Funds, or by contacting the Praxis Funds at:** 

*Praxis Funds c/o U.S. Bank Global Fund Services PO Box 219286 Kansas City, MO 64121-9286 Telephone: 1-800-977-2947 Internet: https://www.praxisinvests.com*<sup>*(1)*</sup> 

You can review and get copies of the Praxis Fund's reports, the prospectus 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*![](fp0094654-2_62.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required
 by Item 13 of Form N-1A.

Disclosed as part of the financial statements included in Item 7 (a).

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Disclosed as part of the financial statements included in Item 7 (a).

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Disclosed as part of the financial statements included in Item 7 (a).

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based on an evaluation of the registrant's disclosure controls and procedures as of a date within 90
 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the registrant have concluded
 that the disclosure controls and procedures of the registrant are reasonably designed to ensure that the information required in filings
 on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed
 is accumulated and communicated to the registrant's management, including the registrant's principal executive officer and
 principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;(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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3)](fp0094654-2_ex99cert.htm) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.](fp0094654-2_ex99cert.htm)

(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

[(b)](fp0094654-2_ex99906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](fp0094654-2_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.

---

| | |
|:---|:---|
| (Registrant) | Praxis Funds |
| By (Signature and Title)<sup>\*</sup> | /s/ Trent Statczar |
|  | Trent Statczar |
|  | Principal Financial Officer |
| Date | September 8, 2025 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)<sup>\*</sup> | /s/ Chad Horning |
|  | Chad Horning |
|  | Principal Executive Officer |
| Date | September 8, 2025 |
| By (Signature and Title)<sup>\*</sup> | /s/ Trent Statczar |
|  | Trent Statczar |
|  | Principal Financial Officer |
| Date | September 8, 2025 |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Chad Horning, certify that:

1. I have reviewed this report on Form N-CSR of the Praxis 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: | September 8, 2025 | /s/ Chad Horning |
|  |  | Chad Horning |
|  |  | Principal Executive Officer |

---

 **Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Trent Statczar, certify that:

1. I have reviewed this report on Form N-CSR of the Praxis 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: | September 8, 2025 | /s/ Trent Statczar |
|  |  | Trent Statczar |
|  |  | Principal Financial Officer |

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## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

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 June 30, 2025 of the Praxis Funds (the "Registrant").

Chad Horning, Principal Executive Officer , and Trent Statczar, Principal Financial Officer, of 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 June 30, 2025 (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.

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| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Praxis Funds | Praxis Funds | Praxis Funds | Praxis Funds |
| /s/ Chad Horning | /s/ Chad Horning | /s/ Trent Statczar | /s/ Trent Statczar |
| Chad Horning | Chad Horning | Trent Statczar | Trent Statczar |
| Date: | September 8, 2025 | Date: | September 8, 2025 |

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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.