# EDGAR Filing Document

**Accession Number:** 0000912900
**File Stem:** 0000910472-26-008723
**Filing Date:** 2026-6
**Character Count:** 167822
**Document Hash:** 757a9c5a4eb1fb53b8932d86015dd023
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-008723.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000910472-26-008723

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08056
- **FILM NUMBER:** 261048926

**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 Genesis Conservative Portfolio (Series ID: S000026797)

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

## Nport-Ex

**Schedule of Portfolio Investments**

***Praxis Impact Bond Fund***

***March 31, 2026 (Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSET BACKED SECURITIES - 6.6%** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| Aligned Data Centers Issuer, LLC <sup>(a)</sup> | 6.000% | 08/17/48 | $1510000 | $1517058 |
| Ameren Missouri Securitization Funding I, LLC | 4.850% | 10/01/39 | 2986811 | 2980482 |
| American Tower Trust I <sup>(a)</sup> | 3.652% | 03/23/28 | 2000000 | 1978312 |
| Bank of America Credit Card Trust | 4.980% | 11/15/28 | 4116000 | 4142194 |
| Beacon Container Finance II, LLC <sup>(a)</sup> | 2.250% | 10/22/46 | 3509125 | 3264445 |
| CLI Funding, LLC <sup>(a)</sup> | 2.720% | 01/18/47 | 885189 | 812800 |
| CyrusOne Data Centers Issuer I, LLC <sup>(a)</sup> | 4.500% | 05/20/49 | 2525000 | 2454458 |
| DB Master Finance, LLC <sup>(a)</sup> | 2.493% | 11/20/51 | 1938938 | 1824750 |
| Duke Energy Florida Project Finance, LLC | 3.112% | 09/01/36 | 1500000 | 1286095 |
| Duke Energy Progress NC Storm Funding, LLC | 2.799% | 07/01/41 | 2000000 | 1540500 |
| Duke Energy Progress NC Storm Funding, LLC <sup>(a)</sup> | 5.070% | 01/01/46 | 3000000 | 2925686 |
| Duke Energy Progress SC Storm Funding, LLC | 5.404% | 03/01/44 | 621719 | 623936 |
| Ford Credit Auto Owner Trust | 4.050% | 10/15/30 | 1000000 | 996797 |
| Golden Credit Card Trust <sup>(a)</sup> | 1.140% | 08/15/28 | 1000000 | 989054 |
| GoodLeap Sustainable Home Solutions Trust <sup>(a)</sup> | 6.250% | 06/20/57 | 1458654 | 1416134 |
| Iowa Student Loan Liquidity Corp. Rev. | 1.730% | 08/25/70 | 706050 | 626764 |
| Mosaic Solar Loans, LLC <sup>(a)</sup> | 2.100% | 04/20/46 | 549569 | 484558 |
| Mosaic Solar Loans, LLC <sup>(a)</sup> | 1.640% | 04/22/47 | 605268 | 497552 |
| PG&E Energy Recovery Funding, LLC | 5.256% | 01/15/38 | 1000000 | 1028401 |
| PG&E Energy Recovery Funding, LLC | 2.822% | 07/15/46 | 1633000 | 1203616 |
| PG&E Energy Recovery Funding, LLC | 5.536% | 07/15/47 | 1500000 | 1482876 |
| PG&E Wildfire Recovery Funding, LLC | 5.081% | 06/01/41 | 1000000 | 974589 |
| PG&E Wildfire Recovery Funding, LLC | 4.674% | 12/01/51 | 2400000 | 2116119 |
| PNM Energy Transition Bond Co. I, LLC | 6.028% | 08/15/48 | 500000 | 521429 |
| SBA Tower Trust <sup>(a)</sup> | 4.831% | 10/15/29 | 1750000 | 1755073 |
| SBA Tower Trust <sup>(a)</sup> | 6.599% | 11/15/52 | 880000 | 894879 |
| Sunrun Artemis Issuer, LLC <sup>(a)</sup> | 6.250% | 07/30/59 | 2428809 | 2412214 |
| Swepco Storm Recovery Funding, LLC, Series 2024-A | 4.880% | 09/01/39 | 3770134 | 3765111 |
| Switch ABS Issuer, LLC <sup>(a)</sup> | 6.280% | 03/25/54 | 600000 | 605634 |
| Switch ABS Issuer, LLC <sup>(a)</sup> | 5.036% | 03/25/55 | 1500000 | 1445167 |
| TAL Advantage VII, LLC <sup>(a)</sup> | 2.050% | 09/20/45 | 1499453 | 1437282 |
| Texas Electric Market Stabilization Funding N, LLC <sup>(a)</sup> | 4.966% | 02/01/44 | 4195000 | 4010172 |
| Texas Electric Market Stabilization Funding N, LLC <sup>(a)</sup> | 5.057% | 08/01/46 | 4730000 | 4456334 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSET BACKED SECURITIES - 6.6% (Continued)** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| Textainer Marine Containers VII Ltd. <sup>(a)</sup> | 1.680% | 02/20/46 | $890000 | $836075 |
| TIF Funding II, LLC <sup>(a)</sup> | 1.650% | 02/20/46 | 290417 | 264936 |
| Toyota Auto Receivables Owner Trust | 5.300% | 05/15/26 | 186131 | 186748 |
| Tribute Rail, LLC <sup>(a)</sup> | 4.760% | 05/17/52 | 1589850 | 1588921 |
| Trinity Rail Leasing, L.P., Series 2021-1 <sup>(a)</sup> | 2.260% | 07/19/51 | 1774434 | 1676920 |
| Trinity Rail Leasing, L.P. <sup>(a)</sup> | 5.780% | 05/19/54 | 2800729 | 2801309 |
| Triton Container Finance VIII, LLC <sup>(a)</sup> | 1.860% | 03/20/46 | 3570750 | 3299396 |
| Triton International Finance Funding III, LLC <sup>(a)</sup> | 5.480% | 05/22/34 | 1275000 | 1275347 |
| Triumph Rail, LLC <sup>(a)</sup> | 2.150% | 06/19/51 | 1570465 | 1520280 |
| USQ Rail III, LLC <sup>(a)</sup> | 4.990% | 09/28/54 | 702581 | 687684 |
| Vantage Data Centers Issuer, LLC <sup>(a)</sup> | 2.165% | 10/15/46 | 2300000 | 2263276 |
| Wendy's Funding, LLC <sup>(a)</sup> | 3.884% | 03/15/48 | 1284073 | 1259722 |
| Wendy's Funding, LLC <sup>(a)</sup> | 4.236% | 03/15/52 | 1203125 | 1178632 |
| **TOTAL ASSET BACKED SECURITIES** (COST $78,557,312) | **TOTAL ASSET BACKED SECURITIES** (COST $78,557,312) | **TOTAL ASSET BACKED SECURITIES** (COST $78,557,312) |  | $77309717 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS - 0.9%** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A | 7.334% | 02/15/28 | $520000 | $539534 |
| American National Global Funding <sup>(a)</sup> | 4.875% | 01/23/31 | 1000000 | 980182 |
| Findlay City School District, Series 2010-B | 6.250% | 12/01/37 | 270000 | 271595 |
| Houston, Texas, Independent School District, Series 2009A-2 | 6.168% | 02/15/34 | 1000000 | 1000907 |
| Massachusetts St., Series 2016-F | 3.277% | 06/01/46 | 3100000 | 2487863 |
| University of Texas, Permanent University Fund, Series 2017-A | 3.376% | 07/01/47 | 3000000 | 2259016 |
| University of Texas, Rev., Series 2020 B | 2.439% | 08/15/49 | 1875000 | 1138198 |
| University of Virginia, Rev., Series 2009 | 6.200% | 09/01/39 | 2000000 | 2172497 |
| **TOTAL MUNICIPAL BONDS** (COST $11,733,298) |  |  |  | $10849792 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS - 24.4%** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| AUTOMOTIVE - 0.4% |  |  |  |  |
| BorgWarner, Inc. | 2.650% | 07/01/27 | $601000 | $587322 |
| Honda Motor Co. Ltd. | 2.967% | 03/10/32 | 760000 | 678494 |
| Magna International, Inc. | 2.450% | 06/15/30 | 1250000 | 1146683 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS - 24.4% (Continued)** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| AUTOMOTIVE - 0.4% (Continued) |  |  |  |  |
| Toyota Motor Corp. | 4.450% | 06/30/30 | $2500000 | $2502086 |
|  |  |  |  | 4914585 |
| BANKING - 2.4% |  |  |  |  |
| American Express Co. | 5.016% | 04/25/31 | 500000 | 508325 |
| Bank of America Corp., Series N (TSFR3M + 157.16) <sup>(b)</sup> | 4.271% | 07/23/29 | 1000000 | 995924 |
| Bank of America Corp., Series N | 2.572% | 10/20/32 | 1500000 | 1334578 |
| Bank of America Corp., Series N | 2.972% | 02/04/33 | 1000000 | 905213 |
| Bank of America Corp., Series N | 5.464% | 05/09/36 | 500000 | 509972 |
| Bank of Montreal | 5.203% | 02/01/28 | 1750000 | 1776247 |
| Bank of New York Mellon Corp. (The), Series J | 4.967% | 04/26/34 | 2000000 | 2005114 |
| Citigroup, Inc. (SOFR + 210.70) <sup>(b)</sup> | 2.572% | 06/03/31 | 2000000 | 1833360 |
| JPMorgan Chase & Co. | 3.200% | 06/15/26 | 2557000 | 2553080 |
| JPMorgan Chase & Co. (SOFR + 151.00) <sup>(b)</sup> | 2.739% | 10/15/30 | 2000000 | 1883623 |
| JPMorgan Chase & Co. | 2.963% | 01/25/33 | 1000000 | 907223 |
| JPMorgan Chase & Co. | 5.572% | 04/22/36 | 500000 | 515242 |
| M&T Bank Corp. | 4.553% | 08/16/28 | 1500000 | 1498944 |
| Mitsubishi UFJ Financial Group, Inc. | 5.159% | 04/24/31 | 2500000 | 2535577 |
| PNC Financial Services Group, Inc. (The) | 5.582% | 06/12/29 | 1000000 | 1024726 |
| State Street Corp. | 7.350% | 06/15/26 | 1000000 | 1005045 |
| State Street Corp. | 4.164% | 08/04/33 | 1000000 | 964712 |
| Toronto-Dominion Bank, Series C | 5.264% | 12/11/26 | 2000000 | 2013448 |
| UBS AG London | 5.650% | 09/11/28 | 550000 | 567578 |
| US Bancorp, Series CC | 5.083% | 05/15/31 | 3000000 | 3043071 |
|  |  |  |  | 28381002 |
| BEVERAGES - 0.1% |  |  |  |  |
| Coca-Cola Co. (The) | 3.450% | 03/25/30 | 500000 | 486881 |
| Coca-Cola Femsa S.A.B. de C.V. | 1.850% | 09/01/32 | 1000000 | 834262 |
|  |  |  |  | 1321143 |
| BIOTECH & PHARMA - 0.3% |  |  |  |  |
| AbbVie, Inc. | 2.950% | 11/21/26 | 500000 | 496392 |
| Amgen, Inc. | 3.000% | 02/22/29 | 2500000 | 2412241 |
|  |  |  |  | 2908633 |
| CABLE & SATELLITE - 0.2% |  |  |  |  |
| Comcast Corp. | 3.300% | 04/01/27 | 500000 | 495119 |
| Comcast Corp. <sup>(c)</sup> | 4.650% | 02/15/33 | 1000000 | 990070 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS - 24.4% (Continued)** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| CABLE & SATELLITE - 0.2% (Continued) |  |  |  |  |
| Comcast Corp. | 2.937% | 11/01/56 | $672000 | $372265 |
| Time Warner Cable, Inc. | 4.500% | 09/15/42 | 500000 | 375474 |
|  |  |  |  | 2232928 |
| CHEMICALS - 0.4% |  |  |  |  |
| Air Products and Chemicals, Inc. | 4.850% | 02/08/34 | 1000000 | 1001196 |
| Avery Dennison Corp. | 2.650% | 04/30/30 | 1250000 | 1155462 |
| Ecolab, Inc. | 4.800% | 03/24/30 | 140000 | 142213 |
| Ecolab, Inc. | 2.750% | 08/18/55 | 1470000 | 863406 |
| Nutrien Ltd. | 5.875% | 12/01/36 | 840000 | 864718 |
|  |  |  |  | 4026995 |
| CONSTRUCTION MATERIALS - 0.0% <sup>(d)</sup> |  |  |  |  |
| Owens Corning | 3.950% | 08/15/29 | 300000 | 294887 |
| CONSUMER SERVICES - 3.8% |  |  |  |  |
| Andrew W. Mellon Funding | 0.947% | 08/01/27 | 1050000 | 1008921 |
| California Endowment (The) | 2.498% | 04/01/51 | 4500000 | 2646701 |
| Conservation Fund, Series 2019 | 3.474% | 12/15/29 | 535000 | 510224 |
| Ford Foundation (The), Series 2017 <sup>(c)</sup> | 3.859% | 06/01/47 | 4620000 | 3720373 |
| Ford Foundation (The), Series 2020 | 2.415% | 06/01/50 | 235000 | 139096 |
| John D. & Catherine T. MacArthur Foundation, Series 2020 | 1.299% | 12/01/30 | 1500000 | 1292776 |
| Leland Stanford Junior University (The) | 3.460% | 05/01/47 | 2415000 | 1833552 |
| Local Initiatives Support Corp. | 4.649% | 03/01/37 | 1500000 | 1392358 |
| Massachusetts Institute of Technology, Series D-2 | 3.959% | 07/01/38 | 1700000 | 1554964 |
| President & Fellows of Harvard College, Series 2024-A <sup>(c)</sup> | 4.609% | 02/15/35 | 2000000 | 1976621 |
| President & Fellows of Harvard College, Series 2016-B | 3.150% | 07/15/46 | 3961000 | 2823539 |
| President & Fellows of Harvard College, Series 2020-B | 2.517% | 10/15/50 | 1600000 | 963016 |
| President & Fellows of Harvard College, Series 2022-A | 3.745% | 11/15/52 | 3200000 | 2422893 |
| Rockefeller Foundation (The) | 2.492% | 10/01/50 | 4290000 | 2560829 |
| Stanford University California, Series 2017 | 3.647% | 05/01/48 | 750000 | 579195 |
| Stanford University California, Series 2020-A | 2.413% | 06/01/50 | 4400000 | 2613596 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS - 24.4% (Continued)** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| CONSUMER SERVICES - 3.8% (Continued) |  |  |  |  |
| Trustees of Princeton University (The) | 2.516% | 07/01/50 | $6650000 | $4091692 |
| University of Notre Dame, Series 2017 | 3.394% | 02/15/48 | 3749000 | 2750323 |
| W.K. Kellogg Foundation Trust, Series 2020 <sup>(a)(c)</sup> | 2.443% | 10/01/50 | 7223000 | 4269912 |
| Yale University | 2.402% | 04/15/50 | 8765000 | 5152052 |
|  |  |  |  | 44302633 |
| CONTAINERS & PACKAGING - 0.2% |  |  |  |  |
| CCL Industries, Inc. <sup>(a)</sup> | 3.050% | 06/01/30 | 1750000 | 1633011 |
| Sonoco Products Co. | 5.750% | 11/01/40 | 1000000 | 996369 |
|  |  |  |  | 2629380 |
| DIVERSIFIED INDUSTRIALS - 0.1% |  |  |  |  |
| Illinois Tool Works, Inc. | 3.900% | 09/01/42 | 1000000 | 834735 |
| ELECTRIC UTILITIES - 3.7% |  |  |  |  |
| Ameren Illinois Co. | 5.900% | 12/01/52 | 2250000 | 2267196 |
| Avista Corp. | 4.000% | 04/01/52 | 1000000 | 749520 |
| Caledonia Generating, LLC <sup>(a)</sup> | 1.950% | 02/28/34 | 1305851 | 1129879 |
| CenterPoint Energy, Inc., Series AL | 5.300% | 04/01/53 | 1000000 | 937472 |
| Consolidated Edison Co. | 3.350% | 04/01/30 | 1000000 | 959241 |
| DTE Electric Co. | 4.050% | 05/15/48 | 1750000 | 1374238 |
| DTE Electric Co. | 3.650% | 03/01/52 | 750000 | 543847 |
| DTE Energy Co., Series C | 4.875% | 06/01/28 | 1500000 | 1513463 |
| Duke Energy Carolinas, LLC | 3.550% | 03/15/52 | 2200000 | 1546461 |
| Duke Energy Progress, LLC | 3.450% | 03/15/29 | 1750000 | 1711839 |
| Duke Energy Progress, LLC | 4.000% | 04/01/52 | 1500000 | 1130843 |
| Florida Power & Light Co. | 3.700% | 12/01/47 | 1550000 | 1156297 |
| Florida Power & Light Co. | 2.875% | 12/04/51 | 2000000 | 1243723 |
| Georgia Power Co., Series 2016-A <sup>(c)</sup> | 3.250% | 04/01/26 | 1000000 | 1000000 |
| Interstate Power & Light Co. | 3.600% | 04/01/29 | 1250000 | 1221688 |
| Liberty Utilities Financial Services <sup>(a)</sup> | 2.050% | 09/15/30 | 1355000 | 1215923 |
| MidAmerican Energy Co. | 3.950% | 08/01/47 | 1750000 | 1349616 |
| Narragansett Electric Co. <sup>(a)</sup> | 3.395% | 04/09/30 | 1500000 | 1433908 |
| National Rural Utilities | 1.350% | 03/15/31 | 2000000 | 1710968 |
| Niagara Mohawk Power Corp. <sup>(a)</sup> | 1.960% | 06/27/30 | 1500000 | 1349190 |
| Northern States Power Co. | 2.900% | 03/01/50 | 1500000 | 970198 |
| NSTAR Electric Co. | 3.950% | 04/01/30 | 600000 | 589040 |
| NSTAR Electric Co. | 5.500% | 03/15/40 | 1250000 | 1230476 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS - 24.4% (Continued)** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| ELECTRIC UTILITIES - 3.7% (Continued) |  |  |  |  |
| NY State Electric & Gas <sup>(a)</sup> | 5.650% | 08/15/28 | $1650000 | $1693162 |
| Potomac Electric Power Co. | 6.500% | 11/15/37 | 1000000 | 1104136 |
| Public Service Co. | 3.700% | 06/15/28 | 2250000 | 2220187 |
| Public Service Electric and Gas Co. | 4.650% | 03/15/33 | 2500000 | 2470349 |
| Puget Energy, Inc. | 4.223% | 06/15/48 | 1000000 | 799497 |
| Rochester Gas & Electric Corp. <sup>(a)</sup> | 1.850% | 12/01/30 | 500000 | 439039 |
| San Diego Gas and Electric Co. | 4.500% | 08/15/40 | 841000 | 756726 |
| Solar Star Funding, LLC <sup>(a)</sup> | 3.950% | 06/30/35 | 1052556 | 999023 |
| Solar Star Funding, LLC <sup>(a)</sup> | 5.375% | 06/30/35 | 324183 | 324137 |
| Southern California Edison | 4.050% | 03/15/42 | 1165000 | 909568 |
| Topaz Solar Farms, LLC <sup>(a)</sup> | 4.875% | 09/30/39 | 183183 | 166308 |
| Topaz Solar Farms, LLC <sup>(a)</sup> | 5.750% | 09/30/39 | 443736 | 439592 |
| Union Electric Co. | 2.625% | 03/15/51 | 2000000 | 1176811 |
| Westar Energy, Inc. | 2.550% | 07/01/26 | 1292000 | 1286643 |
|  |  |  |  | 43120204 |
| ELECTRICAL EQUIPMENT - 0.2% |  |  |  |  |
| Johnson Controls International plc | 1.750% | 09/15/30 | 1800000 | 1597649 |
| Roper Technologies, Inc. | 2.000% | 06/30/30 | 440000 | 392678 |
|  |  |  |  | 1990327 |
| FOOD - 0.6% |  |  |  |  |
| Cargill, Inc. <sup>(a)</sup> | 4.760% | 11/23/45 | 1500000 | 1327623 |
| Hormel Foods Corp. | 1.800% | 06/11/30 | 2250000 | 2022047 |
| Ingredion, Inc. | 2.900% | 06/01/30 | 1000000 | 936862 |
| Mars, Inc. <sup>(a)</sup> | 4.650% | 04/20/31 | 1000000 | 1006981 |
| Mars, Inc. <sup>(a)</sup> | 3.600% | 04/01/34 | 1500000 | 1368754 |
|  |  |  |  | 6662267 |
| GAS & WATER UTILITIES - 0.5% |  |  |  |  |
| American Water Capital Corp. | 2.800% | 05/01/30 | 1500000 | 1408111 |
| Brooklyn Union Gas Co. <sup>(a)</sup> | 4.504% | 03/10/46 | 1250000 | 1017926 |
| Indiana Gas Co., Inc. | 6.550% | 06/30/28 | 250000 | 259051 |
| Southern California Gas Co., Series DDD <sup>(c)</sup> | 5.450% | 06/15/35 | 2500000 | 2558181 |
| Spire Missouri, Inc. | 5.150% | 08/15/34 | 1000000 | 1008583 |
|  |  |  |  | 6251852 |
| HEALTH CARE FACILITIES & SERVICES - 0.1% |  |  |  |  |
| Kaiser Foundation Hospital | 3.150% | 05/01/27 | 1500000 | 1484391 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS - 24.4% (Continued)** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| HOME & OFFICE PRODUCTS - 0.1% |  |  |  |  |
| HNI Corp. <sup>(a)</sup> | 5.125% | 01/18/29 | $1000000 | $956634 |
| HOME CONSTRUCTION - 0.1% |  |  |  |  |
| NVR, Inc. | 3.000% | 05/15/30 | 1000000 | 941587 |
| INSTITUTIONAL FINANCIAL SERVICES - 0.8% |  |  |  |  |
| Brookfield Finance, Inc. | 4.250% | 06/02/26 | 1570000 | 1568605 |
| Goldman Sachs Group, Inc. (TSFR3M + 156.26) <sup>(b)</sup> | 4.223% | 05/01/29 | 1000000 | 994357 |
| Goldman Sachs Group, Inc. | 3.800% | 03/15/30 | 1500000 | 1457687 |
| Morgan Stanley, Series F | 3.125% | 07/27/26 | 2000000 | 1993092 |
| Morgan Stanley, Series I | 5.449% | 07/20/29 | 1000000 | 1017829 |
| Morgan Stanley, Series I (SOFR + 114.30) <sup>(b)</sup> | 2.699% | 01/22/31 | 1250000 | 1160654 |
| Morgan Stanley, Series I | 5.192% | 04/17/31 | 1000000 | 1014893 |
|  |  |  |  | 9207117 |
| INSURANCE - 3.0% |  |  |  |  |
| Aflac, Inc. | 4.000% | 10/15/46 | 1408000 | 1103964 |
| AIG Global Funding, Series 2024-1 <sup>(a)</sup> | 5.200% | 01/12/29 | 500000 | 507643 |
| Allstate Corp. (The) | 5.250% | 03/30/33 | 1000000 | 1021492 |
| American National Group, Inc. | 5.750% | 10/01/29 | 1850000 | 1869083 |
| Athene Global Funding <sup>(a)</sup> | 5.583% | 01/09/29 | 2000000 | 2018389 |
| F&G Global Funding <sup>(a)</sup> | 2.300% | 04/11/27 | 535000 | 521651 |
| Fidelity National Financial, Inc. | 3.400% | 06/15/30 | 1000000 | 940270 |
| First American Financial Corp. | 2.400% | 08/15/31 | 1500000 | 1290747 |
| GA Global Funding Trust <sup>(a)</sup> | 2.250% | 01/06/27 | 2000000 | 1966434 |
| Horace Mann Educators Corp. | 7.250% | 09/15/28 | 965000 | 1019132 |
| Massachusetts Mutual Life Insurance Co. <sup>(a)</sup> | 3.375% | 04/15/50 | 2500000 | 1684980 |
| Met Life Global Funding I <sup>(a)</sup> | 5.150% | 03/28/33 | 1250000 | 1262360 |
| Mutual of Omaha Global, Series 2023-1 <sup>(a)</sup> | 5.800% | 07/27/26 | 385000 | 386802 |
| Mutual of Omaha Global <sup>(a)</sup> | 5.450% | 12/12/28 | 365000 | 372679 |
| New York Life Global Funding <sup>(a)</sup> | 4.900% | 06/13/28 | 3000000 | 3037155 |
| Northwestern Mutual, Series 2023-3 <sup>(a)</sup> | 4.900% | 06/12/28 | 1740000 | 1759402 |
| Pacific Life Global Funding II, Series 2021-1 <sup>(a)</sup> | 1.450% | 01/20/28 | 1000000 | 950284 |
| Peachtree Corners Funding Trust II <sup>(a)</sup> | 6.012% | 05/15/35 | 400000 | 409219 |
| Pricoa Global Funding I <sup>(a)</sup> | 5.100% | 05/30/28 | 2000000 | 2032176 |
| Primerica, Inc. | 2.800% | 11/19/31 | 1000000 | 894254 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS - 24.4% (Continued)** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| INSURANCE - 3.0% (Continued) |  |  |  |  |
| Principal Financial Group, Inc. | 3.700% | 05/15/29 | $1250000 | $1219682 |
| Protective Life Global Funding <sup>(a)</sup> | 5.209% | 04/14/26 | 1000000 | 1000388 |
| Prudential Funding Asia plc | 3.125% | 04/14/30 | 750000 | 713569 |
| RGA Global Funding <sup>(a)</sup> | 5.500% | 01/11/31 | 2000000 | 2055559 |
| Sammons Financial Group, Inc. <sup>(a)</sup> | 4.450% | 05/12/27 | 1200000 | 1193185 |
| Sammons Financial Group, Inc. <sup>(a)</sup> | 6.875% | 04/15/34 | 1000000 | 1058766 |
| Trustage Financial Group, Inc. <sup>(a)</sup> | 4.625% | 04/15/32 | 400000 | 382353 |
| Western-Southern Global Funding <sup>(a)</sup> | 4.900% | 05/01/30 | 3000000 | 3017591 |
|  |  |  |  | 35689209 |
| LEISURE FACILITIES & SERVICES - 0.2% |  |  |  |  |
| McDonald's Corp., Series MTN | 3.500% | 07/01/27 | 1000000 | 991081 |
| Starbucks Corp. | 2.450% | 06/15/26 | 1000000 | 996215 |
|  |  |  |  | 1987296 |
| MACHINERY - 0.3% |  |  |  |  |
| Ingersoll-Rand Global Holding Co. Ltd. | 6.391% | 11/15/27 | 655000 | 673579 |
| John Deere Capital Corp. | 1.750% | 03/09/27 | 250000 | 244578 |
| John Deere Capital Corp. | 3.050% | 01/06/28 | 1250000 | 1228654 |
| Xylem, Inc. | 1.950% | 01/30/28 | 1775000 | 1703825 |
|  |  |  |  | 3850636 |
| MEDICAL EQUIPMENT & DEVICES - 0.1% |  |  |  |  |
| Alcon Finance Corp. <sup>(a)</sup> | 2.600% | 05/27/30 | 1250000 | 1156158 |
| PERSONAL PRODUCTS - 0.1% |  |  |  |  |
| Estée Lauder Cos., Inc. (The) | 2.600% | 04/15/30 | 1000000 | 927664 |
| PIPELINES - 0.1% |  |  |  |  |
| Northern Natural Gas Co. <sup>(a)</sup> | 4.100% | 09/15/42 | 1200000 | 957983 |
| REITS - 2.8% |  |  |  |  |
| Agree Ltd. Partnership | 2.900% | 10/01/30 | 650000 | 600383 |
| Agree Ltd. Partnership | 4.800% | 10/01/32 | 715000 | 709869 |
| Alexandria Real Estate Equities, Inc. | 2.950% | 03/15/34 | 1000000 | 845304 |
| Alexandria Real Estate Equities, Inc. | 4.750% | 04/15/35 | 1250000 | 1182087 |
| American Homes 4 Rent, L.P. <sup>(c)</sup> | 5.500% | 02/01/34 | 2000000 | 2017500 |
| Boston Properties, L.P. | 4.500% | 12/01/28 | 1250000 | 1241737 |
| Camden Property Trust | 2.800% | 05/15/30 | 1500000 | 1400694 |

---

**Schedule of Portfolio Investments**

**(Continued) *Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS - 24.4% (Continued)** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| REITS - 2.8% (Continued) |  |  |  |  |
| Cousins Properties, L.P. | 5.375% | 02/15/32 | $1650000 | $1660265 |
| Digital Realty Trust, L.P. | 5.550% | 01/15/28 | 2250000 | 2289873 |
| ERP Operating, L.P. | 4.150% | 12/01/28 | 1250000 | 1243775 |
| ESSEX Portfolio, L.P. | 2.650% | 03/15/32 | 1500000 | 1318725 |
| ESSEX Portfolio, L.P. | 5.500% | 04/01/34 | 250000 | 253137 |
| Federal Realty Investment Trust | 5.375% | 05/01/28 | 1500000 | 1522847 |
| Kilroy Realty Corp. | 2.500% | 11/15/32 | 1750000 | 1424821 |
| Kimco Realty Corp. | 2.700% | 10/01/30 | 1750000 | 1626880 |
| Lexington Realty Trust | 2.700% | 09/15/30 | 1500000 | 1367626 |
| Mid-America Apartment Communities, Inc. | 3.950% | 03/15/29 | 1750000 | 1731120 |
| Ontario Teachers Cadillac Fairview Properties Trust <sup>(a)</sup> | 2.500% | 10/15/31 | 1255000 | 1109765 |
| Prologis, L.P. | 2.875% | 10/06/29 | 1500000 | 1422328 |
| Prologis, L.P. | 4.625% | 01/15/33 | 1500000 | 1484071 |
| Realty Income Corp. | 4.700% | 12/15/28 | 1000000 | 1005621 |
| Regency Centers, L.P. | 5.000% | 07/15/32 | 348000 | 350589 |
| Rexford Industrial Realty, L.P. | 5.000% | 06/15/28 | 500000 | 504678 |
| Rexford Industrial Realty, L.P. | 2.150% | 09/01/31 | 1750000 | 1517617 |
| Sun Communities Operating, L.P. | 2.700% | 07/15/31 | 500000 | 447242 |
| UDR, Inc. | 1.900% | 03/15/33 | 1500000 | 1227384 |
| WP Carey, Inc. | 2.450% | 02/01/32 | 1500000 | 1306171 |
|  |  |  |  | 32812109 |
| RETAIL - CONSUMER STAPLES - 0.1% |  |  |  |  |
| Kroger Co. (The) | 5.000% | 04/15/42 | 1000000 | 928494 |
| Walmart, Inc. | 1.800% | 09/22/31 | 500000 | 442948 |
|  |  |  |  | 1371442 |
| RETAIL - DISCRETIONARY - 0.2% |  |  |  |  |
| Home Depot, Inc. (The) | 3.625% | 04/15/52 | 1000000 | 713775 |
| Lowe's Cos., Inc. | 4.650% | 04/15/42 | 1000000 | 885797 |
| Lowe's Cos., Inc. | 3.000% | 10/15/50 | 500000 | 308931 |
| Lowe's Cos., Inc. | 5.625% | 04/15/53 | 1000000 | 945373 |
|  |  |  |  | 2853876 |
| SEMICONDUCTORS - 0.1% |  |  |  |  |
| Intel Corp. | 4.150% | 08/05/32 | 1000000 | 953372 |
| Intel Corp. | 3.734% | 12/08/47 | 1000000 | 698772 |
|  |  |  |  | 1652144 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS - 24.4% (Continued)** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| SOFTWARE - 0.3% |  |  |  |  |
| Microsoft Corp. | 2.525% | 06/01/50 | $4500000 | $2698222 |
| Microsoft Corp. | 2.921% | 03/17/52 | 1000000 | 643128 |
|  |  |  |  | 3341350 |
| SPECIALTY FINANCE - 0.9% |  |  |  |  |
| BlueHub Loan Fund, Inc. | 3.099% | 01/01/30 | 1030000 | 953285 |
| Community Preservation Corp. (The) | 2.867% | 02/01/30 | 2500000 | 2314232 |
| GABX Leasing, LLC <sup>(a)</sup> | 4.625% | 04/15/31 | 2000000 | 1971628 |
| Low Income Investment Fund | 3.386% | 07/01/26 | 115000 | 114666 |
| Low Income Investment Fund, Series 2019 | 3.711% | 07/01/29 | 1985000 | 1919244 |
| USAA Capital Corp. <sup>(a)</sup> | 2.125% | 05/01/30 | 3000000 | 2737019 |
|  |  |  |  | 10010074 |
| TECHNOLOGY HARDWARE - 0.4% |  |  |  |  |
| Apple, Inc. | 3.000% | 06/20/27 | 1000000 | 989210 |
| Apple, Inc. | 2.650% | 05/11/50 | 1000000 | 611873 |
| Apple, Inc. | 2.650% | 02/08/51 | 2000000 | 1210398 |
| HP, Inc. | 4.750% | 01/15/28 | 1100000 | 1104807 |
| HP, Inc. | 4.000% | 04/15/29 | 915000 | 899037 |
|  |  |  |  | 4815325 |
| TECHNOLOGY SERVICES - 0.1% |  |  |  |  |
| Experian Finance plc <sup>(a)</sup> | 2.750% | 03/08/30 | 635000 | 593541 |
| Moody's Corp. | 3.250% | 05/20/50 | 500000 | 329524 |
| Moody's Corp. | 3.750% | 02/25/52 | 1000000 | 721552 |
|  |  |  |  | 1644617 |
| TELECOMMUNICATIONS - 0.6% |  |  |  |  |
| AT&T, Inc. | 5.250% | 03/01/37 | 500000 | 496918 |
| AT&T, Inc. | 4.750% | 05/15/46 | 2000000 | 1680463 |
| Verizon Communications, Inc. | 3.875% | 02/08/29 | 1000000 | 990436 |
| Verizon Communications, Inc. | 1.500% | 09/18/30 | 1000000 | 877355 |
| Verizon Communications, Inc. | 5.875% | 11/30/55 | 2000000 | 1945346 |
| Verizon Communications, Inc. | 2.987% | 10/30/56 | 1799000 | 1055700 |
|  |  |  |  | 7046218 |
| TRANSPORTATION & LOGISTICS - 0.9% |  |  |  |  |
| Burlington Northern Santa Fe, LLC | 5.750% | 05/01/40 | 2078000 | 2157749 |
| Canadian Pacific Railway Co. | 2.050% | 03/05/30 | 1750000 | 1600597 |
| Norfolk Southern Corp. | 4.837% | 10/01/41 | 1000000 | 920058 |
| Norfolk Southern Corp. | 3.050% | 05/15/50 | 1500000 | 962466 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS - 24.4% (Continued)** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| TRANSPORTATION & LOGISTICS - 0.9% (Continued) |  |  |  |  |
| Penske Truck Leasing Co. <sup>(a)</sup> | 5.750% | 05/24/26 | $500000 | $500369 |
| TTX Co. <sup>(a)</sup> | 4.600% | 02/01/49 | 280000 | 241256 |
| TTX Co. <sup>(a)</sup> | 5.650% | 12/01/52 | 500000 | 499362 |
| Union Pacific Corp. | 4.950% | 09/09/52 | 2000000 | 1794018 |
| United Parcel Service, Inc. | 5.950% | 05/14/55 | 2000000 | 2019983 |
|  |  |  |  | 10695858 |
| TRANSPORTATION EQUIPMENT - 0.1% |  |  |  |  |
| Ryder System, Inc. | 5.650% | 03/01/28 | 1250000 | 1276611 |
| WHOLESALE - CONSUMER STAPLES - 0.1% |  |  |  |  |
| Sysco Corp. | 2.400% | 02/15/30 | 1750000 | 1603108 |
| **TOTAL CORPORATE BONDS** (COST $316,496,767) |  |  |  | $286152978 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE NOTES - 0.8%** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| COMMUNITY DEVELOPMENT - 0.8% |  |  |  |  |
| Calvert Impact Capital, Inc. <sup>(e)</sup> | 4.000% | 06/15/28 | $1200000 | $1160710 |
| Calvert Impact Capital, Inc. <sup>(e)</sup> | 5.000% | 12/15/28 | 450000 | 442866 |
| Calvert Impact Capital, Inc. <sup>(e)</sup> | 5.000% | 06/15/29 | 1800000 | 1756214 |
| Calvert Impact Capital, Inc. <sup>(e)</sup> | 4.500% | 12/14/29 | 550000 | 528364 |
| Calvert Impact Capital, Inc. <sup>(e)</sup> | 4.500% | 06/14/30 | 1800000 | 1707385 |
| Calvert Impact Capital, Inc. <sup>(e)</sup> | 4.500% | 12/13/30 | 1000000 | 949115 |
| Calvert Impact Climate, Inc. <sup>(e)</sup> | 5.500% | 12/15/53 | 985802 | 871483 |
| Capital Impact Partners Investment <sup>(e)</sup> | 4.500% | 06/15/26 | 1800000 | 1801509 |
| Capital Impact Partners Investment <sup>(e)</sup> | 5.000% | 12/15/26 | 500000 | 501227 |
| **TOTAL CORPORATE NOTES** (COST $10,085,802) |  |  |  | $9718873 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FOREIGN GOVERNMENTS - 6.2%** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| SUPRANATIONAL - 6.2% |  |  |  |  |
| African Development Bank | 3.500% | 09/18/29 | $2000000 | $1974651 |
| Asian Development Bank | 3.125% | 09/26/28 | 1000000 | 983359 |
| Central American Bank <sup>(a)</sup> | 3.750% | 01/22/29 | 200000 | 198408 |
| European Investment Bank | 2.125% | 04/13/26 | 1000000 | 999345 |
| European Investment Bank | 2.375% | 05/24/27 | 4000000 | 3935538 |
| European Investment Bank | 4.375% | 10/10/31 | 5000000 | 5085416 |
| Inter-American Development Bank | 0.625% | 09/16/27 | 7000000 | 6684902 |
| Inter-American Development Bank | 3.500% | 04/12/33 | 3000000 | 2867728 |
| Inter-American Development Bank | 4.375% | 01/24/44 | 3000000 | 2771076 |
| International Bank for Reconstruction & Development | 0.875% | 07/15/26 | 3000000 | 2975153 |
| International Bank for Reconstruction & Development | 3.125% | 06/15/27 | 4000000 | 3966851 |
| International Bank for Reconstruction & Development | 4.625% | 08/01/28 | 6000000 | 6106647 |
| International Bank for Reconstruction & Development | 4.750% | 11/14/33 | 6000000 | 6206551 |
| International Development Association <sup>(a)</sup> | 0.876% | 04/28/26 | 2000000 | 1995505 |
| International Development Association <sup>(a)</sup> | 4.500% | 02/12/35 | 4000000 | 4044733 |
| International Finance Corp., Series GMTN | 2.126% | 04/07/26 | 3000000 | 2998888 |
| International Finance Corp., Series 2622 | 4.375% | 01/15/27 | 1000000 | 1003961 |
| International Finance Corp., Series 2853 | 3.500% | 01/22/29 | 4000000 | 3964776 |
| Kreditanstalt Fur Wiederafbau | 3.500% | 08/09/28 | 6000000 | 5959201 |
| Kreditanstalt Fur Wiederafbau | 4.375% | 02/28/34 | 7500000 | 7574564 |
| **TOTAL FOREIGN GOVERNMENTS** (COST $72,581,587) |  |  |  | $72297253 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0% <sup>(d)</sup>** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| Commercial Mortgage Pass-Through Certificates, Class A-3 (COST $33,471) | 0.000% | 10/17/45 | $32965 | $32760 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GOVERNMENT AGENCIES - 59.3%** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| **DEVELOPMENT FINANCE CORPORATION - 0.6%** | **DEVELOPMENT FINANCE CORPORATION - 0.6%** | **DEVELOPMENT FINANCE CORPORATION - 0.6%** |  |  |
| DFC | 4.283% | 09/15/26 | $83333 | $83333 |
| DFC | 1.590% | 04/15/28 | 2000000 | 1927016 |
| DFC | 1.650% | 04/15/28 | 3500000 | 3401013 |
| DFC | 3.130% | 04/15/28 | 1000000 | 982951 |
| DFC | 3.540% | 06/15/30 | 250017 | 245222 |
| DFC | 3.520% | 09/20/32 | 464286 | 450929 |
|  |  |  |  | 7090464 |
| **FEDERAL FARM CREDIT BANK - 0.3%** |  |  |  |  |
| FFCB | 1.950% | 08/13/40 | 4937000 | 3343486 |
| **FEDERAL HOME LOAN BANK - 6.6%** |  |  |  |  |
| FHLB | 4.125% | 01/15/27 | 7000000 | 7019962 |
| FHLB | 4.250% | 12/10/27 | 11000000 | 11078221 |
| FHLB | 4.500% | 03/10/28 | 3000000 | 3036392 |
| FHLB | 4.000% | 06/30/28 | 3200000 | 3217652 |
| FHLB | 3.250% | 11/16/28 | 13000000 | 12816565 |
| FHLB | 5.500% | 07/15/36 | 23620000 | 25716947 |
| FHLB | 2.590% | 03/19/40 | 4000000 | 3032234 |
| FHLB | 2.340% | 03/26/40 | 1000000 | 738233 |
| FHLB | 2.070% | 06/29/40 | 1715000 | 1209981 |
| FHLB | 2.010% | 07/16/40 | 2685000 | 1873246 |
| FHLB | 5.250% | 03/11/44 | 7200000 | 7340856 |
|  |  |  |  | 77080289 |
| **FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.8%** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.8%** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.8%** |  |  |
| FHLMC | 2.875% | 04/25/26 | 279547 | 278768 |
| FHLMC | 6.000% | 04/01/27 | 5730 | 5847 |
| FHLMC | 2.500% | 10/01/27 | 48822 | 48267 |
| FHLMC | 2.738% | 04/25/29 | 1221214 | 1196725 |
| FHLMC | 2.939% | 04/25/29 | 7000000 | 6732079 |
| FHLMC | 2.412% | 08/25/29 | 5780000 | 5475021 |
| FHLMC | 7.000% | 02/01/30 | 5282 | 5552 |
| FHLMC | 1.234% | 02/25/30 | 931590 | 874798 |
| FHLMC | 1.297% | 06/25/30 | 13000000 | 11565811 |
| FHLMC | 7.500% | 07/01/30 | 6672 | 6800 |
| FHLMC | 1.406% | 08/25/30 | 2000000 | 1780194 |
| FHLMC | 1.503% | 09/25/30 | 5324300 | 4751815 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GOVERNMENT AGENCIES - 59.3% (Continued)** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| **FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.8% (Continued)** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.8% (Continued)** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.8% (Continued)** |  |  |
| FHLMC | 1.487% | 11/25/30 | $16167800 | $14328834 |
| FHLMC | 1.878% | 01/25/31 | 2720745 | 2453485 |
| FHLMC | 2.000% | 01/25/31 | 3328000 | 3047015 |
| FHLMC | 7.000% | 03/01/31 | 10202 | 10724 |
| FHLMC | 1.777% | 10/25/31 | 5000000 | 4397235 |
| FHLMC | 2.154% | 10/25/31 | 4000000 | 3581418 |
| FHLMC | 2.091% | 11/25/31 | 11700000 | 10383556 |
| FHLMC | 2.127% | 11/25/31 | 9000000 | 8030093 |
| FHLMC | 2.347% | 11/25/31 | 17900000 | 16142915 |
| FHLMC | 2.250% | 01/25/32 | 9000000 | 8043396 |
| FHLMC | 2.350% | 03/25/32 | 14930000 | 13378203 |
| FHLMC | 2.450% | 04/25/32 | 7100000 | 6387866 |
| FHLMC | 2.580% | 05/25/32 | 5013000 | 4533611 |
| FHLMC | 2.650% | 05/25/32 | 12450000 | 11280915 |
| FHLMC | 6.250% | 07/15/32 | 7050000 | 7867139 |
| FHLMC | 3.123% | 08/25/32 | 5710000 | 5297230 |
| FHLMC | 3.000% | 11/01/32 | 239112 | 231543 |
| FHLMC | 3.000% | 11/01/32 | 180889 | 175235 |
| FHLMC | 2.459% | 07/25/33 | 3000000 | 2553467 |
| FHLMC | 5.500% | 11/01/33 | 10842 | 10920 |
| FHLMC (H15T1Y + 223.10) <sup>(b)</sup> | 6.231% | 05/01/34 | 13443 | 13792 |
| FHLMC | 1.783% | 06/25/34 | 2084061 | 1735284 |
| FHLMC | 2.797% | 08/25/34 | 5000000 | 4391955 |
| FHLMC | 5.000% | 07/01/35 | 29223 | 29406 |
| FHLMC | 4.500% | 10/01/35 | 42879 | 42490 |
| FHLMC | 2.438% | 02/25/36 | 4000000 | 3302181 |
| FHLMC | 5.500% | 03/01/36 | 12565 | 12982 |
| FHLMC | 1.500% | 04/01/36 | 3797893 | 3426978 |
| FHLMC | 5.500% | 06/01/36 | 17107 | 17675 |
| FHLMC | 6.000% | 06/01/36 | 16961 | 17606 |
| FHLMC | 2.361% | 10/25/36 | 18750000 | 15143419 |
| FHLMC | 5.500% | 12/01/36 | 14249 | 14722 |
| FHLMC | 2.000% | 02/01/37 | 3079501 | 2834973 |
| FHLMC | 6.000% | 08/01/37 | 6402 | 6705 |
| FHLMC | 5.000% | 03/01/38 | 75920 | 76821 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GOVERNMENT AGENCIES - 59.3% (Continued)** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| **FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.8% (Continued)** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.8% (Continued)** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.8% (Continued)** |  |  |
| FHLMC | 0.000% | 11/15/38 | $4331000 | $2384105 |
| FHLMC | 4.500% | 06/01/39 | 80044 | 79316 |
| FHLMC | 5.000% | 06/01/39 | 120882 | 122321 |
| FHLMC | 4.500% | 07/01/39 | 78776 | 78059 |
| FHLMC | 4.500% | 11/01/39 | 71981 | 71326 |
| FHLMC | 4.500% | 09/01/40 | 114271 | 113230 |
| FHLMC | 4.500% | 05/01/41 | 229828 | 227735 |
| FHLMC | 4.500% | 07/01/41 | 244245 | 242021 |
| FHLMC | 5.000% | 09/01/41 | 99496 | 100681 |
| FHLMC | 3.500% | 10/01/41 | 121799 | 115701 |
| FHLMC | 4.000% | 10/01/41 | 133800 | 129379 |
| FHLMC | 3.500% | 02/01/42 | 215801 | 204171 |
| FHLMC | 4.000% | 02/01/42 | 56636 | 54768 |
| FHLMC | 3.500% | 06/01/42 | 256699 | 242944 |
| FHLMC | 3.500% | 06/01/42 | 254773 | 240884 |
| FHLMC | 3.500% | 08/01/42 | 301059 | 284460 |
| FHLMC | 3.000% | 11/01/42 | 580390 | 532445 |
| FHLMC | 3.000% | 01/01/43 | 332933 | 305325 |
| FHLMC | 3.000% | 05/01/43 | 433130 | 396872 |
| FHLMC | 3.500% | 10/01/44 | 253176 | 238056 |
| FHLMC | 3.500% | 11/01/44 | 231147 | 217319 |
| FHLMC | 3.500% | 04/01/45 | 291242 | 273469 |
| FHLMC | 3.000% | 05/01/46 | 502564 | 453729 |
| FHLMC | 3.000% | 12/01/46 | 1237909 | 1118837 |
| FHLMC | 3.500% | 03/01/48 | 1358031 | 1272386 |
| FHLMC | 3.500% | 03/01/49 | 380244 | 353224 |
| FHLMC | 3.500% | 07/01/49 | 608085 | 563851 |
| FHLMC | 3.000% | 09/01/49 | 723487 | 644728 |
| FHLMC | 3.000% | 07/01/50 | 1787054 | 1575848 |
| FHLMC | 2.000% | 08/01/50 | 2641618 | 2152525 |
| FHLMC | 2.050% | 08/19/50 | 2500000 | 1341360 |
| FHLMC | 1.500% | 11/01/50 | 6912478 | 5360383 |
| FHLMC | 2.000% | 01/01/51 | 6502344 | 5293045 |
| FHLMC | 2.500% | 04/01/51 | 6365479 | 5396809 |
| FHLMC | 2.000% | 08/01/51 | 2709108 | 2197634 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GOVERNMENT AGENCIES - 59.3% (Continued)** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| **FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.8% (Continued)** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.8% (Continued)** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.8% (Continued)** |  |  |
| FHLMC | 2.500% | 09/01/51 | $2492276 | $2103454 |
| FHLMC | 2.000% | 01/01/52 | 4806791 | 3889229 |
| FHLMC | 2.500% | 02/01/52 | 5275047 | 4465642 |
| FHLMC | 2.000% | 04/01/52 | 4017310 | 3249422 |
| FHLMC | 3.000% | 04/01/52 | 4602811 | 4052015 |
| FHLMC | 2.500% | 05/01/52 | 5591483 | 4730014 |
| FHLMC | 3.000% | 05/01/52 | 7857377 | 6917121 |
| FHLMC | 3.000% | 07/01/52 | 14613909 | 12863269 |
| FHLMC | 4.000% | 07/01/52 | 4707640 | 4462648 |
| FHLMC | 4.000% | 08/01/52 | 4766403 | 4507018 |
| FHLMC | 3.500% | 09/01/52 | 10510713 | 9647316 |
| FHLMC | 4.500% | 09/01/52 | 7911266 | 7672931 |
| FHLMC | 4.000% | 10/01/52 | 9619022 | 9090333 |
| FHLMC | 5.500% | 05/01/53 | 5074786 | 5116925 |
|  |  |  |  | 303069749 |
| **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.5%** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.5%** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.5%** |  |  |
| FNMA | 2.910% | 04/01/26 | 3000000 | 2992062 |
| FNMA | 2.500% | 09/01/27 | 46991 | 46463 |
| FNMA | 0.750% | 10/08/27 | 8000000 | 7639801 |
| FNMA | 2.500% | 11/01/27 | 83095 | 82074 |
| FNMA | 2.500% | 01/01/28 | 56735 | 55979 |
| FNMA <sup>(b)</sup> | 3.312% | 06/25/28 | 1573117 | 1549344 |
| FNMA | 3.560% | 09/25/28 | 2816961 | 2781780 |
| FNMA | 2.530% | 05/01/29 | 3949068 | 3768766 |
| FNMA | 2.522% | 08/27/29 | 4768698 | 4533201 |
| FNMA | 0.875% | 08/05/30 | 24000000 | 21093288 |
| FNMA | 6.625% | 11/15/30 | 12750000 | 14171859 |
| FNMA <sup>(b)</sup> | 1.468% | 11/25/30 | 3000000 | 2657374 |
| FNMA | 1.208% | 12/25/30 | 4000000 | 3481046 |
| FNMA <sup>(b)</sup> | 1.391% | 12/25/30 | 4367316 | 3886124 |
| FNMA | 1.245% | 01/25/31 | 16000000 | 14023325 |
| FNMA | 1.410% | 02/01/31 | 3000000 | 2637905 |
| FNMA | 1.375% | 03/25/31 | 1000000 | 877764 |
| FNMA | 1.820% | 06/01/31 | 2000000 | 1769548 |
| FNMA | 1.531% | 09/25/31 | 1125000 | 989661 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GOVERNMENT AGENCIES - 59.3% (Continued)** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.5% (Continued)** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.5% (Continued)** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.5% (Continued)** |  |  |
| FNMA | 2.000% | 01/01/32 | $616758 | $586530 |
| FNMA | 3.759% | 08/25/32 | 9947159 | 9619912 |
| FNMA | 1.684% | 11/25/32 | 5000000 | 4272653 |
| FNMA | 3.000% | 12/01/32 | 271842 | 262000 |
| FNMA | 4.500% | 04/25/33 | 2000000 | 2004325 |
| FNMA | 6.000% | 10/01/33 | 7308 | 7450 |
| FNMA | 5.500% | 02/01/34 | 13233 | 13529 |
| FNMA (H15T1Y + 211.70) <sup>(b)</sup> | 5.842% | 05/01/34 | 11587 | 11738 |
| FNMA | 6.000% | 11/01/34 | 30088 | 31133 |
| FNMA | 5.500% | 01/01/35 | 19588 | 20079 |
| FNMA | 2.500% | 02/01/35 | 712699 | 673782 |
| FNMA | 5.000% | 10/01/35 | 24889 | 25118 |
| FNMA | 5.500% | 10/01/35 | 34645 | 35751 |
| FNMA | 6.000% | 10/01/35 | 16189 | 16601 |
| FNMA | 5.500% | 06/01/36 | 8766 | 9023 |
| FNMA | 6.000% | 06/01/36 | 9412 | 9873 |
| FNMA | 5.500% | 11/01/36 | 13531 | 13963 |
| FNMA (RFUCCT1Y + 156.50) <sup>(b)</sup> | 5.690% | 05/01/37 | 1738 | 1753 |
| FNMA | 5.625% | 07/15/37 | 14250000 | 15509946 |
| FNMA | 2.500% | 10/25/37 | 1261009 | 1119795 |
| FNMA | 4.500% | 09/01/40 | 66037 | 65354 |
| FNMA | 4.500% | 10/01/40 | 65314 | 64639 |
| FNMA | 4.000% | 12/01/40 | 179566 | 172581 |
| FNMA | 4.000% | 01/01/41 | 120265 | 116155 |
| FNMA | 3.500% | 02/01/41 | 181482 | 172223 |
| FNMA | 4.000% | 10/01/41 | 92157 | 89007 |
| FNMA | 4.000% | 11/01/41 | 108652 | 104937 |
| FNMA | 4.000% | 12/01/41 | 129842 | 125403 |
| FNMA | 4.000% | 12/01/41 | 180600 | 174368 |
| FNMA | 4.000% | 01/01/42 | 412515 | 400480 |
| FNMA | 3.500% | 05/01/42 | 217023 | 205007 |
| FNMA | 3.000% | 06/01/42 | 409219 | 374956 |
| FNMA | 3.000% | 08/01/42 | 286312 | 262340 |
| FNMA | 3.000% | 08/01/42 | 330765 | 303071 |
| FNMA | 3.500% | 12/01/42 | 436910 | 412583 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GOVERNMENT AGENCIES - 59.3% (Continued)** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.5% (Continued)** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.5% (Continued)** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.5% (Continued)** |  |  |
| FNMA | 3.000% | 06/01/43 | $375520 | $343842 |
| FNMA | 4.000% | 12/01/44 | 489445 | 471790 |
| FNMA | 3.500% | 05/01/45 | 572423 | 538976 |
| FNMA | 3.000% | 04/01/46 | 488637 | 441976 |
| FNMA | 3.500% | 11/01/46 | 819325 | 769357 |
| FNMA | 4.000% | 10/01/48 | 373315 | 357474 |
| FNMA | 4.000% | 11/01/48 | 1069025 | 1017508 |
| FNMA | 3.500% | 05/01/49 | 306614 | 284373 |
| FNMA | 4.000% | 06/01/49 | 472841 | 447864 |
| FNMA | 3.500% | 08/01/49 | 1245962 | 1154727 |
| FNMA | 3.000% | 09/01/49 | 696229 | 620437 |
| FNMA | 3.000% | 06/01/50 | 1441521 | 1280998 |
| FNMA | 2.500% | 07/01/50 | 2403490 | 2045203 |
| FNMA | 2.500% | 08/01/50 | 1701305 | 1446298 |
| FNMA | 3.000% | 08/01/50 | 2547183 | 2261163 |
| FNMA | 2.000% | 11/01/50 | 4383997 | 3570498 |
| FNMA | 2.000% | 01/01/51 | 7841049 | 6382783 |
| FNMA | 2.000% | 02/01/51 | 4655824 | 3787029 |
| FNMA | 2.500% | 04/01/51 | 12906534 | 10942413 |
| FNMA | 2.000% | 08/01/51 | 11055421 | 8968186 |
| FNMA | 2.000% | 11/01/51 | 4600428 | 3727105 |
| FNMA | 2.500% | 12/01/51 | 7405044 | 6260164 |
| FNMA | 2.500% | 05/01/52 | 4786325 | 4050405 |
| FNMA | 3.500% | 05/01/52 | 6541850 | 6004197 |
| FNMA | 3.500% | 05/01/52 | 13558469 | 12444759 |
| FNMA | 3.000% | 07/01/52 | 4064223 | 3577374 |
| FNMA | 4.500% | 07/01/52 | 11273833 | 10914473 |
| FNMA | 4.500% | 08/01/52 | 5289667 | 5125424 |
| FNMA | 3.500% | 09/01/52 | 4050119 | 3717004 |
| FNMA | 4.000% | 09/01/52 | 11795886 | 11179864 |
| FNMA | 4.500% | 10/01/52 | 6045252 | 5863758 |
| FNMA | 5.000% | 04/01/53 | 8544591 | 8467610 |
| FNMA | 5.000% | 06/01/53 | 3444293 | 3412024 |
| FNMA | 5.000% | 10/01/53 | 5844883 | 5784727 |
|  |  |  |  | 263987205 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Impact Bond Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GOVERNMENT AGENCIES - 59.3% (Continued)** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 1.5%** | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 1.5%** | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 1.5%** |  |  |
| GNMA | 7.000% | 12/20/30 | $3560 | $3665 |
| GNMA | 7.000% | 10/20/31 | 3085 | 3239 |
| GNMA | 7.000% | 03/20/32 | 13899 | 14309 |
| GNMA (H15T1Y + 150.00) <sup>(b)</sup> | 5.625% | 01/20/34 | 9258 | 9367 |
| GNMA | 5.500% | 10/20/38 | 4388 | 4388 |
| GNMA | 6.500% | 11/20/38 | 2686 | 2763 |
| GNMA | 2.500% | 12/20/50 | 12811756 | 11029622 |
| GNMA | 3.500% | 08/20/52 | 3387391 | 3129905 |
| GNMA | 3.500% | 11/20/52 | 4014874 | 3712021 |
|  |  |  |  | 17909279 |
| **SMALL BUSINESS ADMINISTRATION - 0.0% <sup>(d)</sup>** |  |  |  |  |
| SBA (Prime - 2.65) <sup>(b)</sup> | 4.850% | 02/25/32 | 3551 | 3532 |
| **TENNESSEE VALLEY AUTHORITY - 2.0%** |  |  |  |  |
| TVA | 4.250% | 09/15/52 | 5000000 | 4220280 |
| TVA | 5.250% | 02/01/55 | 5500000 | 5416816 |
| TVA | 4.625% | 09/15/60 | 4000000 | 3522665 |
| TVA | 4.250% | 09/15/65 | 13000000 | 10629930 |
|  |  |  |  | 23789691 |
| **TOTAL U.S. GOVERNMENT AGENCIES** (COST $715,260,746) | **TOTAL U.S. GOVERNMENT AGENCIES** (COST $715,260,746) | **TOTAL U.S. GOVERNMENT AGENCIES** (COST $715,260,746) |  | $696273695 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 1.4%** | **Shares** | **Fair Value** |
| First American Government Obligations Fund - Class X, 3.58% <sup>(f)</sup> (COST $16,905,119) | 16905119 | $16905119 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 1.0%** | **Shares** | **Fair Value** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.74% <sup>(f)(g)</sup> (COST $11,391,093) | 11391093 | $11391093 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Impact Bond Fund***

---

| | | |
|:---|:---|:---|
| **INVESTMENT COMPANIES - 0.3%** | **Shares** | **Fair Value** |
| Impax High Yield Bond Fund - Institutional Class (COST $4,199,236) | 530984 | $3201832 |
| **TOTAL INVESTMENTS -** (COST $1,237,244,431) **- 100.9%** |  | $1184133112 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.9%)** |  | (10867162) |
| **NET ASSETS - 100.0%** |  | $1173265950 |

---

<sup>(a)</sup> 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 March 31, 2026, these securities have a value of $117,207,987 or 10.0% of net assets.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of March 31, 2026. 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.

<sup>(c)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of March 31, 2026 was $11,180,254.

<sup>(d)</sup> Percentage rounds to less than 0.1%.

<sup>(e)</sup> Illiquid securities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>Date | Current <br>Cost | Fair <br>Value | % of Net <br>Assets |
| Calvert Impact Capital, Inc., 4.000%, 06/15/28 | 06/15/23 | $1200000 | $1160710 | 0.1% |
| Calvert Impact Capital, Inc., 5.000%, 12/15/28 | 12/15/23 | 450000 | 442866 | 0.0 %<sup>(d)</sup> |
| Calvert Impact Capital, Inc., 5.000%, 06/15/29 | 06/14/24 | 1800000 | 1756214 | 0.1% |
| Calvert Impact Capital, Inc., 4.500%, 12/14/29 | 12/13/24 | 550000 | 528364 | 0.1% |
| Calvert Impact Capital, Inc., 4.500%, 06/14/30 | 06/13/25 | 1800000 | 1707385 | 0.1% |
| Calvert Impact Capital, Inc., 4.500%, 12/13/30 | 12/15/25 | 1000000 | 949115 | 0.1% |
| Calvert Impact Climate, Inc., 5.500%, 12/15/53 | 10/13/23 | 985802 | 871483 | 0.1% |
| Capital Impact Partners Investment, 4.500%, 06/15/26 | 06/17/25 | 1800000 | 1801509 | 0.2% |
| Capital Impact Partners Investment, 5.000%, 12/15/26 | 12/15/23 | 500000 | 501227 | 0.0 %<sup>(d)</sup> |
|  |  | $10085802 | $9718873 | 0.8% |

---

<sup>(f)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

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

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

REIT - Real Estate Investment Trust

RFUCCT - Refinitiv USD IBOR Consumer Cash Fallbacks

SOFR - Secured Overnight Financing Rate

TSFR - CME Term SOFR

**Schedule of Portfolio Investments** 

***Praxis International Index Fund***

**March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.8%** | **Shares** | **Fair Value** |
| **AUSTRALIA - 3.8%** |  |  |
| ANZ Group Holdings Ltd. | 40646 | $1022054 |
| BlueScope Steel Ltd. | 21201 | 383751 |
| Brambles Ltd. | 133068 | 2088407 |
| Commonwealth Bank of Australia - ADR <sup>(a)</sup> | 2357 | 278173 |
| Commonwealth Bank of Australia | 30237 | 3540960 |
| Computershare Ltd. | 20272 | 399814 |
| CSL Ltd. - ADR | 10020 | 245991 |
| CSL Ltd. | 3640 | 357517 |
| Dexus | 232164 | 957146 |
| Goodman Group | 44189 | 793347 |
| GPT Group (The) | 90335 | 285732 |
| Mirvac Group | 249710 | 308532 |
| National Australia Bank Ltd. | 36653 | 1060213 |
| Scentre Group | 626316 | 1445117 |
| SEEK Ltd. | 39173 | 384939 |
| Stockland | 177423 | 532594 |
| Transurban Group | 324582 | 3166247 |
| Vicinity Centres | 397679 | 648770 |
| Wesfarmers Ltd. | 32429 | 1655695 |
| Westpac Banking Corp. | 37991 | 1049892 |
| Woodside Energy Group Ltd. | 57213 | 1358096 |
|  |  | 21962987 |
| **AUSTRIA - 0.3%** |  |  |
| Erste Group Bank AG | 5331 | 575859 |
| Verbund AG | 6899 | 527195 |
| voestalpine AG | 12072 | 535636 |
|  |  | 1638690 |
| **BELGIUM - 0.9%** |  |  |
| Elia Group S.A. / N.V. | 4796 | 736631 |
| KBC Group N.V. | 12677 | 1551499 |
| Sofina S.A. <sup>(b)</sup> | 1200 | 291379 |
| UCB S.A. | 9252 | 2787482 |
|  |  | 5366991 |
| **BERMUDA - 0.7%** |  |  |
| Credicorp Ltd. | 9750 | 3307005 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis International Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.8% (Continued)** | **Shares** | **Fair Value** |
| **BERMUDA - 0.7% (Continued)** |  |  |
| Orient Overseas International Ltd. | 34000 | $606387 |
|  |  | 3913392 |
| **BRAZIL - 1.4%** |  |  |
| Banco do Brasil S.A. - ADR <sup>(a)</sup> | 196076 | 882342 |
| Banco Santander Brasil S.A. - ADR <sup>(a)</sup> | 65143 | 386298 |
| MBRF Global Foods Co. S.A. - ADR | 1 | 4 |
| Suzano S.A. - ADR | 82037 | 821190 |
| Telefónica Brasil S.A. - ADR <sup>(a)</sup> | 259146 | 4123013 |
| TIM S.A. - ADR <sup>(a)</sup> | 72269 | 1914406 |
|  |  | 8127253 |
| **CANADA - 7.7%** |  |  |
| Agnico Eagle Mines Ltd. | 2236 | 453863 |
| Bank of Montreal | 17350 | 2348149 |
| Bank of Nova Scotia (The) | 10199 | 706893 |
| Brookfield Corp. | 8766 | 354760 |
| Cameco Corp. | 10507 | 1141165 |
| Canadian Imperial Bank of Commerce <sup>(a)</sup> | 25453 | 2411672 |
| Canadian National Railway Co. | 15841 | 1627979 |
| Canadian Pacific Kansas City Ltd. | 16665 | 1310869 |
| CGI, Inc. | 8100 | 592110 |
| Dollarama, Inc. | 5705 | 700035 |
| Franco-Nevada Corp. | 12999 | 3211403 |
| Gildan Activewear, Inc. | 18362 | 1021845 |
| Manulife Financial Corp. | 75463 | 2598946 |
| National Bank of Canada | 10002 | 1294010 |
| Nutrien Ltd. | 7659 | 577948 |
| Pembina Pipeline Corp. <sup>(a)</sup> | 39276 | 1757994 |
| RB Global, Inc. | 6407 | 614111 |
| Restaurant Brands International, Inc. | 11589 | 856427 |
| Royal Bank of Canada | 26330 | 4259667 |
| Shopify, Inc. - Class A <sup>(b)</sup> | 16669 | 1977277 |
| Stantec, Inc. | 7587 | 655517 |
| Sun Life Financial, Inc. | 28402 | 1776829 |
| Teck Resources Ltd. - Class B | 42461 | 2197357 |
| Thomson Reuters Corp. | 17868 | 1607763 |
| Toronto-Dominion Bank (The) | 23372 | 2180841 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis International Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.8% (Continued)** | **Shares** | **Fair Value** |
| **CANADA - 7.7% (Continued)** |  |  |
| Wheaton Precious Metals Corp. | 37004 | $4847894 |
| WSP Global, Inc. | 5799 | 902330 |
|  |  | 43985654 |
| **CAYMAN ISLANDS - 3.9%** |  |  |
| Alibaba Group Holding Ltd. - ADR <sup>(a)</sup> | 41484 | 5204583 |
| Baidu, Inc. - ADR <sup>(a)(b)</sup> | 2906 | 323786 |
| BeOne Medicines Ltd. - ADR <sup>(b)</sup> | 2287 | 679170 |
| China Literature Ltd. <sup>(b)</sup> | 97400 | 319297 |
| CK Asset Holdings Ltd. | 133000 | 761020 |
| ENN Energy Holdings Ltd. | 60300 | 491001 |
| Hansoh Pharmaceutical Group Co. Ltd. | 102000 | 466913 |
| JD Health International, Inc. <sup>(b)</sup> | 50500 | 308255 |
| Meituan - ADR <sup>(a)(b)</sup> | 7662 | 167644 |
| NetEase, Inc. - ADR | 13899 | 1555854 |
| Shenzhou International Group Holdings Ltd. | 61800 | 377620 |
| Tencent Holdings Ltd. - ADR | 114280 | 7224782 |
| Trip.com Group Ltd. - ADR <sup>(a)(b)</sup> | 19946 | 993111 |
| Vipshop Holdings Ltd. - ADR | 21137 | 332274 |
| WuXi Biologics Cayman, Inc. <sup>(b)</sup> | 288500 | 1240727 |
| Xiaomi Corp. - ADR <sup>(a)(b)</sup> | 56711 | 1173918 |
| XPeng, Inc. - ADR <sup>(a)(b)</sup> | 27625 | 472664 |
|  |  | 22092619 |
| **CHILE - 0.3%** |  |  |
| Banco de Chile - ADR | 18637 | 690315 |
| Sociedad Quimica y Minera de Chile S.A. - ADR <sup>(b)</sup> | 12932 | 1046716 |
|  |  | 1737031 |
| **CHINA - 3.2%** |  |  |
| Agricultural Bank of China Ltd. - H Shares | 2216000 | 1585160 |
| ANTA Sports Products Ltd. | 61600 | 602198 |
| Bank of China Ltd. - H Shares | 3583000 | 2287938 |
| BYD Co. Ltd. - ADR <sup>(a)</sup> | 35840 | 488499 |
| BYD Co. Ltd. - H Shares | 49500 | 676750 |
| China CITIC Bank Corp. Ltd. - H Shares | 1185000 | 1200339 |
| China Merchants Bank Co. Ltd. - H Shares | 83000 | 527416 |
| China Minsheng Banking Corp. Ltd. - H Shares | 1287000 | 605287 |
| COSCO SHIPPING Holdings Co. Ltd. - H Shares | 186000 | 354204 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis International Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.8% (Continued)** | **Shares** | **Fair Value** |
| **CHINA - 3.2% (Continued)** |  |  |
| Guotai Haitong Securities Co. Ltd. - H Shares | 539200 | $924716 |
| Industrial & Commercial Bank of China Ltd. - H Shares | 1755000 | 1546985 |
| Jiangsu Expressway Co. Ltd. - H Shares | 1248000 | 1609448 |
| PICC Property & Casualty Co. Ltd. - H Shares | 294000 | 541204 |
| Ping An Insurance Group Co. of China Ltd. - H Shares | 334818 | 2574560 |
| Postal Savings Bank of China Co. Ltd. - H Shares | 615000 | 386360 |
| Sinopharm Group Co. Ltd. - H Shares | 382000 | 991075 |
| Weichai Power Co. Ltd. - H Shares | 171000 | 606421 |
| Yum China Holdings, Inc. | 18390 | 897064 |
|  |  | 18405624 |
| **COLOMBIA - 0.6%** |  |  |
| Grupo Cibest S.A. - ADR | 50160 | 3652150 |
| **DENMARK - 1.0%** |  |  |
| A.P. Moller-Maersk A/S - Series B | 317 | 792059 |
| DSV A/S | 4551 | 1099424 |
| Genmab A/S - ADR <sup>(b)</sup> | 6790 | 182175 |
| Novo Nordisk A/S - ADR | 59796 | 2197503 |
| Novonesis Novozymes - B Shares | 4305 | 255839 |
| Orsted A/S - ADR <sup>(a)</sup> | 4207 | 34119 |
| Vestas Wind Systems A/S | 28304 | 854207 |
|  |  | 5415326 |
| **FINLAND - 0.5%** |  |  |
| Neste OYJ | 55141 | 1791873 |
| Nordea Bank Abp | 38441 | 659267 |
| UPM-Kymmene OYJ | 17277 | 540744 |
|  |  | 2991884 |
| **FRANCE - 4.9%** |  |  |
| Acciona S.A. | 2979 | 783333 |
| Accor S.A. | 4739 | 227288 |
| Air Liquide S.A. - ADR | 4 | 166 |
| Air Liquide S.A. | 15036 | 3107790 |
| AXA S.A. | 33469 | 1537889 |
| BNP Paribas S.A. | 5706 | 543552 |
| Bureau Veritas S.A. | 24613 | 736671 |
| Canal+ S.A. | 46775 | 124451 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis International Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.8% (Continued)** | **Shares** | **Fair Value** |
| **FRANCE - 4.9% (Continued)** |  |  |
| Capgemini SE | 5588 | $659348 |
| Cie Generale des Etablissements Michelin SCA | 32714 | 1120699 |
| Danone S.A. | 25456 | 2034032 |
| Dassault Systemes SE | 8424 | 170530 |
| EssilorLuxottica S.A. | 6450 | 1502950 |
| Eurofins Scientific SE | 6072 | 443050 |
| Getlink SE | 46322 | 999534 |
| Hermes International SCA | 830 | 1572247 |
| Kering S.A. | 2777 | 843239 |
| Klepierre S.A. | 20396 | 765679 |
| Legrand S.A. | 15771 | 2449996 |
| Louis Hachette Group | 46775 | 84925 |
| Publicis Groupe S.A. | 12555 | 1039128 |
| Sartorius Stedim Biotech | 1868 | 363801 |
| Schneider Electric SE - ADR | 9820 | 534503 |
| Schneider Electric SE | 17677 | 4814690 |
| Societe Generale S.A. - ADR | 8915 | 130783 |
| Societe Generale S.A. | 12929 | 943996 |
| Vivendi SE | 1 | 2 |
| Wendel SE | 2561 | 230714 |
|  |  | 27764986 |
| **GERMANY - 4.3%** |  |  |
| adidas AG - ADR | 5158 | 413620 |
| adidas AG | 1323 | 214128 |
| Allianz SE - ADR | 76050 | 3197142 |
| Allianz SE | 5268 | 2224682 |
| Aumovio SE <sup>(b)</sup> | 2165 | 84780 |
| Bayerische Motoren Werke AG - ADR | 2 | 61 |
| Bayerische Motoren Werke AG | 4180 | 386662 |
| Commerzbank AG | 24099 | 879079 |
| Continental AG | 4331 | 302322 |
| Covestro AG <sup>(b)</sup> | 2464 | 169450 |
| Deutsche Bank AG | 41119 | 1224524 |
| Deutsche Boerse AG | 8303 | 2432225 |
| Deutsche Post AG - ADR | 19942 | 522680 |
| Deutsche Post AG | 14726 | 776130 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis International Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.8% (Continued)** | **Shares** | **Fair Value** |
| **GERMANY - 4.3% (Continued)** |  |  |
| Deutsche Telekom AG - ADR | 30009 | $1112734 |
| Deutsche Telekom AG | 25629 | 956518 |
| E.ON SE - ADR <sup>(b)</sup> | 9923 | 219695 |
| E.ON SE | 24138 | 528636 |
| Evonik Industries AG | 18750 | 367910 |
| Hannover Rueck SE | 1159 | 364376 |
| Infineon Technologies AG | 10636 | 482494 |
| Mercedes-Benz Group AG | 10751 | 660760 |
| Merck KGaA | 4394 | 558251 |
| Muenchener Rueckversicherungs-Gesellschaft AG - ADR | 94450 | 1187236 |
| Muenchener Rueckversicherungs-Gesellschaft AG | 1968 | 1242822 |
| SAP SE - ADR <sup>(a)</sup> | 2631 | 450454 |
| Siemens AG | 8885 | 2164599 |
| Telefonica Deutschland Holding AG <sup>(b)</sup> | 124863 | 305952 |
| Vonovia SE | 42825 | 1071113 |
|  |  | 24501035 |
| **HONG KONG - 2.3%** |  |  |
| AAC Technologies Holdings, Inc. | 92000 | 394625 |
| AIA Group Ltd. - ADR | 38218 | 1701848 |
| AIA Group Ltd. | 57569 | 639686 |
| BYD Electronic International Co. Ltd. | 86500 | 311157 |
| China Merchants Port Holdings Co. Ltd. | 892000 | 1673819 |
| Fuyao Glass Industry Group Co. Ltd. | 50400 | 379143 |
| Geely Automobile Holdings Ltd. | 541000 | 1465177 |
| Guangdong Investment Ltd. | 350000 | 350568 |
| Hong Kong Exchanges & Clearing Ltd. | 14978 | 755631 |
| Kingsoft Corp. Ltd. | 61000 | 177736 |
| Lenovo Group Ltd. | 754000 | 906870 |
| Link REIT | 167800 | 777744 |
| Nongfu Spring Co. Ltd. - H Shares | 63000 | 380974 |
| Pop Mart International Group Ltd. <sup>(b)</sup> | 14800 | 275337 |
| Sino Land Co. Ltd. | 482000 | 707425 |
| Sun Hung Kai Properties Ltd. | 120500 | 2006482 |
|  |  | 12904222 |
| **INDIA - 3.5%** |  |  |
| HDFC Bank Ltd. - ADR | 183554 | 4566824 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis International Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.8% (Continued)** | **Shares** | **Fair Value** |
| **INDIA - 3.5% (Continued)** |  |  |
| ICICI Bank Ltd. - ADR | 245727 | $6364329 |
| Infosys Ltd. - ADR <sup>(a)</sup> | 333246 | 4502153 |
| Wipro Ltd. - ADR <sup>(a)</sup> | 2224704 | 4716373 |
|  |  | 20149679 |
| **INDONESIA - 0.3%** |  |  |
| Bank Mandiri Persero Tbk PT - ADR | 87101 | 980757 |
| Telkom Indonesia Persero Tbk PT - ADR | 50040 | 934747 |
|  |  | 1915504 |
| **IRELAND - 0.5%** |  |  |
| AIB Group plc | 100681 | 1074737 |
| CRH plc | 11121 | 1169039 |
| Smurfit WestRock plc | 10065 | 401090 |
|  |  | 2644866 |
| **ISRAEL - 0.2%** |  |  |
| Check Point Software Technologies Ltd. <sup>(b)</sup> | 2999 | 428407 |
| ICL Group Ltd. <sup>(a)</sup> | 148461 | 769028 |
|  |  | 1197435 |
| **ITALY - 2.9%** |  |  |
| Enel S.p.A. | 63194 | 690861 |
| Generali | 24438 | 983137 |
| Intesa Sanpaolo S.p.A. - ADR | 2566 | 93890 |
| Intesa Sanpaolo S.p.A. | 455983 | 2757618 |
| Mediobanca Banca di Credito Finanziario S.p.A. | 49451 | 962205 |
| Moncler S.p.A. | 10592 | 637702 |
| Poste Italiane S.p.A. | 51414 | 1210171 |
| Prysmian S.p.A. - ADR | 2358 | 137118 |
| Prysmian S.p.A. | 7509 | 886709 |
| Snam S.p.A. | 250989 | 1901272 |
| Terna - Rete Elettrica Nazionale S.p.A. | 263787 | 3016916 |
| UniCredit S.p.A. | 49517 | 3552391 |
|  |  | 16829990 |
| **JAPAN - 14.9%** |  |  |
| Advantest Corp. | 19200 | 2649595 |
| Aeon Co. Ltd. | 76000 | 908606 |
| Asics Corp. | 16200 | 435517 |
| Astellas Pharma, Inc. | 48100 | 784078 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis International Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.8% (Continued)** | **Shares** | **Fair Value** |
| **JAPAN - 14.9% (Continued)** |  |  |
| Bandai Namco Holdings, Inc. | 22000 | $542722 |
| Bridgestone Corp. | 114112 | 2377777 |
| Brother Industries Ltd. | 29100 | 538702 |
| Canon, Inc. | 21200 | 588214 |
| Chugai Pharmaceutical Co. Ltd. | 15700 | 865788 |
| Dai Nippon Printing Co. Ltd. | 158036 | 2879270 |
| Daifuku Co. Ltd. | 17400 | 614347 |
| Dai-ichi Life Holdings, Inc. | 65384 | 602941 |
| Daiichi Sankyo Co. Ltd. | 28630 | 512184 |
| Daiwa House Industry Co. Ltd. | 58000 | 1819540 |
| Daiwa Securities Group, Inc. | 81800 | 775048 |
| Denso Corp. | 73600 | 922756 |
| Disco Corp. | 2500 | 1018907 |
| ENEOS Holdings, Inc. | 137900 | 1242435 |
| FANUC Corp. | 19900 | 693618 |
| Fast Retailing Co. Ltd. | 4900 | 1935924 |
| FUJIFILM Holdings Corp. - ADR | 15104 | 143941 |
| FUJIFILM Holdings Corp. | 5600 | 106706 |
| Fujikura Ltd. | 44400 | 1221029 |
| Fujitsu Ltd. | 48680 | 995488 |
| Honda Motor Co. Ltd. | 51700 | 418417 |
| Hoya Corp. - ADR | 1273 | 219758 |
| Hoya Corp. | 8261 | 1432058 |
| Hulic Co. Ltd. | 5000 | 58280 |
| Ibiden Co. Ltd. | 23000 | 1150874 |
| Inpex Corp. | 41000 | 1212698 |
| Kao Corp. | 18400 | 719018 |
| KDDI Corp. - ADR | 43814 | 734761 |
| Keyence Corp. | 4500 | 1601502 |
| Kubota Corp. | 88400 | 1416555 |
| Kyocera Corp. | 28900 | 443117 |
| Lasertec Corp. | 400 | 89025 |
| M3, Inc. | 17400 | 178591 |
| Mitsubishi Corp. | 66600 | 2284662 |
| Mitsubishi Estate Co. Ltd. | 36400 | 1010284 |
| Mitsubishi UFJ Financial Group, Inc. - ADR <sup>(a)</sup> | 5599 | 95015 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis International Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.8% (Continued)** | **Shares** | **Fair Value** |
| **JAPAN - 14.9% (Continued)** |  |  |
| Mitsubishi UFJ Financial Group, Inc. | 275109 | $4658443 |
| MS&AD Insurance Group Holdings, Inc. | 31500 | 821969 |
| Murata Manufacturing Co. Ltd. | 80100 | 1797131 |
| NEC Corp. | 51500 | 1281415 |
| Nexon Co. Ltd. | 11600 | 218495 |
| Nintendo Co. Ltd. - ADR <sup>(a)</sup> | 96172 | 1374298 |
| Nintendo Co. Ltd. | 3000 | 171248 |
| Nippon Prologis REIT, Inc. | 1003 | 541060 |
| Nippon Yusen KK | 12200 | 448142 |
| Nitori Holdings Co. Ltd. | 5200 | 82611 |
| Nomura Holdings, Inc. | 51900 | 408642 |
| Nomura Real Estate Holdings, Inc. | 56000 | 363074 |
| Nomura Real Estate Master Fund, Inc. | 271 | 267593 |
| Nomura Research Institute Ltd. | 10900 | 298292 |
| Oracle Corp. Japan | 3200 | 174210 |
| ORIX Corp. | 16800 | 498454 |
| Otsuka Holdings Co. Ltd. | 4100 | 290966 |
| Pan Pacific International Holdings Corp. | 106500 | 649644 |
| PDD Holdings, Inc. - ADR <sup>(b)</sup> | 8644 | 883244 |
| Recruit Holdings Co. Ltd - ADR | 4 | 36 |
| Recruit Holdings Co. Ltd. | 39450 | 1718749 |
| Resona Holdings, Inc. | 85600 | 976454 |
| Ricoh Co. Ltd. | 40800 | 344885 |
| Sekisui House Ltd. | 39500 | 885035 |
| Seven & i Holdings Co. Ltd. | 52200 | 702036 |
| Shimadzu Corp. | 47900 | 1138184 |
| Shimano, Inc. | 3000 | 313193 |
| Shin-Etsu Chemical Co. Ltd. | 17000 | 692185 |
| SoftBank Group Corp. - ADR <sup>(a)</sup> | 1688 | 20408 |
| SoftBank Group Corp. | 49600 | 1207687 |
| Sompo Holdings, Inc. | 12900 | 502149 |
| Sony Financial Group, Inc. - ADR <sup>(a)</sup> | 20338 | 91724 |
| Sony Financial Group, Inc. | 10000 | 9160 |
| Sony Group Corp. - ADR <sup>(a)</sup> | 101690 | 2104983 |
| Sony Group Corp. | 10000 | 208417 |
| Sumitomo Electric Industries Ltd. | 17200 | 977256 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis International Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.8% (Continued)** | **Shares** | **Fair Value** |
| **JAPAN - 14.9% (Continued)** |  |  |
| Sumitomo Mitsui Financial Group, Inc. - ADR <sup>(a)</sup> | 88295 | $1743826 |
| Sumitomo Mitsui Financial Group, Inc. | 39600 | 1301995 |
| Sumitomo Mitsui Trust Group, Inc. | 39200 | 1248717 |
| Takeda Pharmaceutical Co. Ltd. | 32800 | 1207894 |
| TDK Corp. | 79900 | 1037871 |
| Terumo Corp. | 21944 | 294798 |
| Toho Co. Ltd. | 15500 | 162800 |
| Tokio Marine Holdings, Inc. | 53500 | 2511216 |
| Tokyo Electron Ltd. - ADR | 3728 | 455636 |
| Tokyo Electron Ltd. | 7300 | 1813601 |
| TOPPAN Holdings, Inc. | 34400 | 907243 |
| Toray Industries, Inc. | 104200 | 742140 |
| Toyota Motor Corp. - ADR <sup>(a)</sup> | 15291 | 3151322 |
| USS Co. Ltd. | 90440 | 951273 |
| Yamaha Motor Co. Ltd. | 154500 | 1116113 |
| Yokogawa Electric Corp. | 43700 | 1350426 |
|  |  | 85358091 |
| **JERSEY - 0.2%** |  |  |
| Experian plc | 28283 | 978404 |
| **MEXICO - 1.0%** |  |  |
| Fomento Economico Mexicano S.A.B. de C.V. - ADR | 13198 | 1465770 |
| Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR | 5142 | 1269405 |
| Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR | 3153 | 1059818 |
| Grupo Financiero Banorte S.A.B. de C.V. - ADR | 14433 | 800454 |
| Wal-Mart de Mexico S.A.B. de C.V. - ADR | 27641 | 899162 |
|  |  | 5494609 |
| **NETHERLANDS - 2.2%** |  |  |
| Adyen N.V. <sup>(b)</sup> | 421 | 421341 |
| Akzo Nobel N.V. - ADR | 2 | 38 |
| Argenx SE - ADR <sup>(b)</sup> | 1526 | 1114361 |
| ASM International N.V. - ADR | 216 | 162838 |
| ASM International N.V. | 639 | 484312 |
| ASML Holding N.V. | 6705 | 8856165 |
| Havas N.V. <sup>(b)</sup> | 4677 | 81908 |
| Magnum Ice Cream Co. N.V. (The) <sup>(b)</sup> | 5885 | 87981 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis International Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.8% (Continued)** | **Shares** | **Fair Value** |
| **NETHERLANDS - 2.2% (Continued)** |  |  |
| Prosus N.V. | 23786 | $1101141 |
| Stellantis N.V. | 21320 | 153797 |
| Wolters Kluwer N.V. | 1707 | 127488 |
|  |  | 12591370 |
| **NEW ZEALAND - 0.1%** |  |  |
| Auckland International Airport Ltd. | 57418 | 262971 |
| **NORWAY - 1.5%** |  |  |
| Aker BP ASA | 66958 | 2476011 |
| DNB Bank ASA | 30272 | 947417 |
| Equinor ASA - ADR | 40962 | 1728596 |
| Norsk Hydro ASA | 254823 | 2716712 |
| Yara International ASA | 14637 | 855820 |
|  |  | 8724556 |
| **PORTUGAL - 0.3%** |  |  |
| Galp Energia SGPS S.A. | 67137 | 1609717 |
| Jeronimo Martins SGPS S.A. | 12929 | 309137 |
|  |  | 1918854 |
| **SINGAPORE - 1.5%** |  |  |
| BOC Aviation Ltd. | 208100 | 2076835 |
| CapitaLand Integrated Commercial Trust | 1373112 | 2462267 |
| CapitaLand Investment Ltd. | 281500 | 599182 |
| City Developments Ltd. | 152800 | 981475 |
| DBS Group Holdings Ltd. - ADR | 12531 | 2246432 |
|  |  | 8366191 |
| **SOUTH AFRICA - 1.5%** |  |  |
| Bid Corp. Ltd. | 24548 | 591402 |
| FirstRand Ltd. | 265164 | 1357726 |
| Gold Fields Ltd. - ADR | 16571 | 752324 |
| Mr Price Group Ltd. | 70832 | 647153 |
| MTN Group Ltd. | 49082 | 573227 |
| Naspers Ltd. - Class N - ADR <sup>(a)</sup> | 150275 | 1568871 |
| Reinet Investments SCA | 16974 | 551624 |
| Standard Bank Group Ltd. | 126812 | 2296986 |
| Valterra Platinum Ltd. | 4127 | 339082 |
|  |  | 8678395 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis International Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.8% (Continued)** | **Shares** | **Fair Value** |
| **SOUTH KOREA - 5.7%** |  |  |
| Celltrion, Inc. | 6631 | $902933 |
| KB Financial Group, Inc. - ADR <sup>(a)</sup> | 23099 | 2303663 |
| KB Financial Group, Inc. | 3184 | 318292 |
| KT Corp. - ADR | 39515 | 847597 |
| LG Chem Ltd. | 4745 | 987615 |
| LG Display Co. Ltd. - ADR <sup>(b)</sup> | 1 | 4 |
| NAVER Corp. | 10156 | 1408016 |
| POSCO Holdings, Inc. - ADR | 2 | 117 |
| POSCO Holdings, Inc. | 4656 | 1067534 |
| Samsung Electronics Co. Ltd. | 112556 | 13405504 |
| Shinhan Financial Group Co. Ltd. - ADR | 10792 | 661765 |
| Shinhan Financial Group Co. Ltd. | 15559 | 944300 |
| SK Hynix, Inc. | 13300 | 7683980 |
| SK Telecom Co. Ltd. - ADR | 2 | 59 |
| Woori Financial Group, Inc. - ADR | 34279 | 2282981 |
|  |  | 32814360 |
| **SPAIN - 3.1%** |  |  |
| Aena S.M.E. S.A. <sup>(b)</sup> | 55250 | 1634526 |
| Amadeus IT Group S.A. | 10027 | 573328 |
| Banco Bilbao Vizcaya Argentaria S.A. - ADR | 24792 | 536995 |
| Banco Bilbao Vizcaya Argentaria S.A. | 30123 | 650617 |
| Banco Santander S.A. | 51429 | 576532 |
| CaixaBank S.A. | 173802 | 2083393 |
| Cellnex Telecom S.A. | 4435 | 142600 |
| EDP Renovaveis S.A. | 45981 | 736947 |
| Iberdrola S.A. | 112778 | 2581852 |
| Industria de Diseno Textil S.A. | 39262 | 2285299 |
| International Consolidated Airlines Group S.A. | 68747 | 323515 |
| Naturgy Energy Group S.A. | 12657 | 379952 |
| Repsol S.A. | 170518 | 4799622 |
| Telefónica S.A. | 92766 | 405884 |
|  |  | 17711062 |
| **SWEDEN - 1.6%** |  |  |
| Atlas Copco AB - A Shares | 46116 | 813666 |
| Atlas Copco AB - Class A - ADR <sup>(a)</sup> | 5893 | 103776 |
| Boliden AB <sup>(b)</sup> | 39793 | 2085677 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis International Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.8% (Continued)** | **Shares** | **Fair Value** |
| **SWEDEN - 1.6% (Continued)** |  |  |
| Epiroc AB - Class A | 21893 | $538847 |
| Industrivarden AB - A Shares | 23389 | 1164723 |
| Investor AB - B Shares | 74604 | 2825138 |
| Securitas AB - B Shares | 19191 | 321356 |
| SKF AB - B Shares | 23849 | 574808 |
| Telefonaktiebolaget LM Ericsson - B Shares | 76365 | 870435 |
|  |  | 9298426 |
| **SWITZERLAND - 5.0%** |  |  |
| ABB Ltd. - ADR | 58667 | 4721520 |
| ABB Ltd. | 5783 | 470222 |
| Accelleron Industries AG | 1953 | 174637 |
| Amrize Ltd. <sup>(b)</sup> | 8532 | 472920 |
| Chocoladefabriken Lindt & Spruengli AG | 34 | 477445 |
| Galderma Group AG <sup>(b)</sup> | 1318 | 259041 |
| Geberit AG | 1300 | 877573 |
| Givaudan S.A. | 208 | 703379 |
| Holcim Ltd. | 8532 | 705298 |
| Julius Baer Group Ltd. | 9346 | 687462 |
| Logitech International S.A. <sup>(a)</sup> | 4776 | 435189 |
| Lonza Group AG | 2065 | 1324786 |
| Nestlé S.A. - ADR <sup>(a)</sup> | 33581 | 3327877 |
| Nestlé S.A. | 17327 | 1699687 |
| Roche Holding AG - ADR | 72096 | 3583892 |
| Roche Holding AG | 1846 | 736749 |
| Schindler Holding AG | 1446 | 455438 |
| Sika AG | 852 | 141027 |
| Sonova Holding AG | 457 | 104206 |
| Swiss Life Holding AG | 1691 | 1841929 |
| Swiss Re AG | 9611 | 1614490 |
| UBS Group AG | 39428 | 1537489 |
| UBS Group AG | 6351 | 248134 |
| Zurich Insurance Group AG - ADR | 53580 | 1902626 |
| Zurich Insurance Group AG | 492 | 347768 |
|  |  | 28850784 |
| **TAIWAN - 7.5%** |  |  |
| ASE Technology Holding Co. Ltd. - ADR | 223340 | 4842011 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis International Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.8% (Continued)** | **Shares** | **Fair Value** |
| **TAIWAN - 7.5% (Continued)** |  |  |
| AUO Corp. - ADR | 66947 | $284525 |
| Chunghwa Telecom Co. Ltd. - ADR <sup>(a)</sup> | 139591 | 5896324 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 85174 | 28784553 |
| United Microelectronics Corp. - ADR <sup>(a)</sup> | 375334 | 3370499 |
|  |  | 43177912 |
| **TURKEY - 0.2%** |  |  |
| Turkcell Iletisim Hizmetleri A.S. - ADR <sup>(a)</sup> | 155365 | 936851 |
| **UNITED KINGDOM - 8.2%** |  |  |
| 3i Group plc | 68813 | 2242612 |
| Anglo American plc | 16527 | 709573 |
| Antofagasta plc | 39339 | 1764079 |
| AstraZeneca plc - ADR | 23257 | 4586746 |
| Aviva plc | 75450 | 605496 |
| Barratt Redrow plc | 53275 | 185289 |
| Burberry Group plc <sup>(b)</sup> | 26668 | 390196 |
| Coca-Cola Europacific Partners plc | 21706 | 1968083 |
| Compass Group plc | 35682 | 995528 |
| GSK plc - ADR <sup>(a)</sup> | 48475 | 2675335 |
| GSK plc | 17282 | 476025 |
| Haleon plc - ADR <sup>(a)</sup> | 176269 | 1764453 |
| Halma plc - ADR | 618 | 64216 |
| Halma plc | 22626 | 1154584 |
| HSBC Holdings plc - ADR <sup>(a)</sup> | 52192 | 4305318 |
| HSBC Holdings plc | 27340 | 448979 |
| Informa plc | 116498 | 1170035 |
| J Sainsbury plc | 86209 | 388114 |
| Kingfisher plc | 105733 | 402019 |
| Legal & General Group plc | 110502 | 363135 |
| Lloyds Banking Group plc | 437921 | 542757 |
| London Stock Exchange Group plc | 7929 | 936287 |
| Mondi plc | 1 | 11 |
| National Grid plc - ADR | 31874 | 2696541 |
| NatWest Group plc | 148065 | 1096822 |
| PEARSON plc - ADR | 114298 | 1500733 |
| PEARSON plc | 24794 | 326870 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis International Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.8% (Continued)** | **Shares** | **Fair Value** |
| **UNITED KINGDOM - 8.2% (Continued)** |  |  |
| Reckitt Benckiser Group plc - ADR <sup>(b)</sup> | 19632 | $266995 |
| Reckitt Benckiser Group plc <sup>(b)</sup> | 3083 | 207295 |
| RELX plc - ADR <sup>(a)</sup> | 23055 | 764273 |
| RELX plc | 71603 | 2345807 |
| Rentokil Initial plc | 26851 | 166630 |
| Sage Group plc (The) - ADR | 2320 | 104145 |
| Sage Group plc (The) | 14027 | 157173 |
| Segro plc | 83211 | 713308 |
| Spirax Group plc | 3439 | 308516 |
| Sunbelt Rentals Holdings, Inc. | 15878 | 1012846 |
| Tesco plc - ADR | 293 | 5576 |
| Tesco plc | 162457 | 1021014 |
| Unilever plc - ADR <sup>(a)</sup> | 40800 | 2324376 |
| United Utilities Group plc | 168722 | 2941768 |
| Vodafone Group plc - ADR | 30290 | 454956 |
| Vodafone Group plc | 399124 | 602000 |
|  |  | 47156514 |
| **UNITED STATES - 0.1%** |  |  |
| Palo Alto Networks, Inc. <sup>(b)</sup> | 5153 | 826129 |
| **TOTAL COMMON STOCKS** (COST $310,302,597) |  | $560342797 |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS - 0.2%** | **Shares** | **Fair Value** |
| **BRAZIL - 0.2%** | | |
| Itau Unibanco Holding S.A. – ADR (COST $937,757) | 127255 | $1066397 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis International Index Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE NOTES - 0.7%** | **Coupon** | **Maturity** | **Par Value** | **Fair Value** |
| **COMMUNITY DEVELOPMENT - 0.7%** |  |  |  |  |
| Calvert Impact Capital, Inc. <sup>(c)</sup> | 4.000% | 06/15/28 | $620000 | $599701 |
| Calvert Impact Capital, Inc. <sup>(c)</sup> | 5.000% | 12/15/28 | 200000 | 196829 |
| Calvert Impact Capital, Inc. <sup>(c)</sup> | 5.000% | 06/15/29 | 880000 | 858594 |
| Calvert Impact Capital, Inc. <sup>(c)</sup> | 4.500% | 12/14/29 | 180000 | 172919 |
| Calvert Impact Capital, Inc. <sup>(c)</sup> | 4.500% | 06/14/30 | 830000 | 787294 |
| Calvert Impact Capital, Inc. <sup>(c)</sup> | 4.500% | 12/13/30 | 530000 | 503031 |
| Capital Impact Partners Investment <sup>(c)</sup> | 4.500% | 06/15/26 | 830000 | 830696 |
| Capital Impact Partners Investment <sup>(c)</sup> | 5.000% | 12/15/26 | 300000 | 300736 |
| **TOTAL CORPORATE NOTES** (COST $4,370,000) |  |  |  | $4249800 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 0.8%** | **Shares** | **Fair Value** |
| First American Government Obligations Fund - Class X, 3.58% <sup>(d)</sup> (COST $4,635,198) | 4635198 | $4635198 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis International Index Fund***

---

| | | |
|:---|:---|:---|
| **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 9.2%** | **Shares** | **Fair Value** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.74% <sup>(d)(e)</sup> (COST $52,860,301) | 52860301 | $52860301 |
| **TOTAL INVESTMENTS -** (COST $373,105,853) **- 108.7%** |  | $623154493 |
| **LIABILITES IN EXCESS OF OTHER ASSETS - (8.7%)** |  | (50028845) |
| **NET ASSETS - 100.0%** |  | $573125648 |

---

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of March 31, 2026 was $52,209,718.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Illiquid securities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>Date | Current <br>Cost | Fair <br>Value | % of Net <br>Assets |
| Calvert Impact Capital, Inc., 4.000%, 06/15/28 | 06/15/23 | $620000 | $599701 | 0.1% |
| Calvert Impact Capital, Inc., 5.000%, 12/15/28 | 12/15/23 | 200000 | 196829 | 0.0 %<sup>(f)</sup> |
| Calvert Impact Capital, Inc., 5.000%, 06/15/29 | 06/14/24 | 880000 | 858594 | 0.1% |
| Calvert Impact Capital, Inc., 4.500%, 12/14/29 | 12/13/24 | 180000 | 172919 | 0.0 %<sup>(f)</sup> |
| Calvert Impact Capital, Inc., 4.500%, 06/14/30 | 06/13/25 | 830000 | 787294 | 0.1% |
| Calvert Impact Capital, Inc., 4.500%, 12/13/30 | 12/15/25 | 530000 | 503031 | 0.1% |
| Capital Impact Partners Investment, 4.500%, 06/15/26 | 06/17/25 | 830000 | 830696 | 0.2% |
| Capital Impact Partners Investment, 5.000%, 12/15/26 | 12/15/23 | 300000 | 300736 | 0.1% |
|  |  | $4370000 | $4249800 | 0.7% |

---

<sup>(d)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

<sup>(e)</sup> The security was purchased with cash collateral received from securities on loan.

<sup>(f)</sup> Percentage rounds to less than 0.1%.

ADR - American Depositary Receipt

plc - Public Liability Company

REIT - Real Estate Investment Trust

**Schedule of Portfolio Investments**

***Praxis Value Index Fund***

***March 31, 2026 (Unaudited)***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.1%** | **Shares** | **Fair Value** |
| AEROSPACE & DEFENSE - 0.7% |  |  |
| HEICO Corp. | 4380 | $1200996 |
| HEICO Corp. - Class A | 11050 | 2332545 |
| Howmet Aerospace, Inc. | 1620 | 373345 |
|  |  | 3906886 |
| APPAREL & TEXTILE PRODUCTS - 0.1% |  |  |
| NIKE, Inc. - Class B | 11783 | 622378 |
| ASSET MANAGEMENT - 1.6% |  |  |
| Ameriprise Financial, Inc. | 1540 | 684376 |
| BlackRock, Inc. | 3332 | 3204418 |
| Charles Schwab Corp. (The) | 35800 | 3364484 |
| KKR & Co., Inc. | 10006 | 925555 |
| Raymond James Financial, Inc. | 2080 | 301163 |
|  |  | 8479996 |
| AUTOMOTIVE - 0.3% |  |  |
| Ford Motor Co. | 123775 | 1428364 |
| Tesla, Inc. <sup>(a)</sup> | 767 | 285132 |
|  |  | 1713496 |
| BANKING - 8.7% |  |  |
| Bank of America Corp. | 173310 | 8448863 |
| Citigroup, Inc. | 50406 | 5716544 |
| Citizens Financial Group, Inc. | 12820 | 768815 |
| Fifth Third Bancorp | 18470 | 858116 |
| Huntington Bancshares, Inc. | 48680 | 761842 |
| JPMorgan Chase & Co. | 71665 | 21080976 |
| KeyCorp | 36140 | 724607 |
| M&T Bank Corp. | 8184 | 1691797 |
| PNC Financial Services Group, Inc. (The) | 11121 | 2314169 |
| Regions Financial Corp. | 36930 | 964612 |
| Truist Financial Corp. | 47920 | 2202882 |
| U.S. Bancorp | 34100 | 1773541 |
|  |  | 47306764 |
| BEVERAGES - 2.7% |  |  |
| Coca-Cola Co. (The) | 105220 | 8001981 |
| Keurig Dr Pepper, Inc. | 35307 | 929634 |
| PepsiCo, Inc. | 36418 | 5655351 |
|  |  | 14586966 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Value Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.1% (Continued)** | **Shares** | **Fair Value** |
| BIOTECH & PHARMA - 8.5% |  |  |
| AbbVie, Inc. | 45710 | $9941468 |
| Amgen, Inc. | 12830 | 4514235 |
| Biogen, Inc. <sup>(a)</sup> | 3450 | 632489 |
| Bristol-Myers Squibb Co. | 41770 | 2533351 |
| Eli Lilly & Co. | 500 | 459885 |
| Gilead Sciences, Inc. | 34790 | 4848682 |
| Johnson & Johnson | 55943 | 13674707 |
| Merck & Co., Inc. | 63063 | 7585848 |
| Regeneron Pharmaceuticals, Inc. | 2252 | 1739985 |
|  |  | 45930650 |
| CABLE & SATELLITE - 0.7% |  |  |
| Charter Communications, Inc. - Class A <sup>(a)(b)</sup> | 1440 | 310867 |
| Comcast Corp. - Class A | 127800 | 3669138 |
|  |  | 3980005 |
| CHEMICALS - 2.3% |  |  |
| Air Products & Chemicals, Inc. | 3870 | 1124196 |
| Dow, Inc. <sup>(b)</sup> | 21902 | 912218 |
| Ecolab, Inc. | 2840 | 755497 |
| International Flavors & Fragrances, Inc. | 4128 | 299487 |
| Linde plc | 9600 | 4759296 |
| LyondellBasell Industries N.V. - Class A | 50642 | 4079720 |
| Qnity Electronics, Inc. | 3564 | 411214 |
|  |  | 12341628 |
| COMMERCIAL SUPPORT SERVICES - 1.5% |  |  |
| Republic Services, Inc. | 13053 | 2858868 |
| Waste Connections, Inc. | 10535 | 1711305 |
| Waste Management, Inc. | 15231 | 3499932 |
|  |  | 8070105 |
| CONSTRUCTION MATERIALS - 0.4% |  |  |
| CRH plc | 15980 | 1679817 |
| Martin Marietta Materials, Inc. <sup>(b)</sup> | 760 | 447397 |
|  |  | 2127214 |
| CONTAINERS & PACKAGING - 0.2% |  |  |
| International Paper Co. <sup>(b)</sup> | 13162 | 469883 |
| Packaging Corp. of America | 2530 | 536917 |
|  |  | 1006800 |
| DIVERSIFIED INDUSTRIALS - 1.6% |  |  |
| Dover Corp. | 6723 | 1401409 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Value Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.1% (Continued)** | **Shares** | **Fair Value** |
| DIVERSIFIED INDUSTRIALS - 1.6% (Continued) |  |  |
| Emerson Electric Co. | 19394 | $2541002 |
| Illinois Tool Works, Inc. <sup>(b)</sup> | 19211 | 5000431 |
|  |  | 8942842 |
| E-COMMERCE DISCRETIONARY - 0.3% |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 2544 | 529839 |
| eBay, Inc. | 12910 | 1175068 |
|  |  | 1704907 |
| ELECTRIC UTILITIES - 4.7% |  |  |
| American Electric Power Co., Inc. | 11980 | 1570338 |
| CenterPoint Energy, Inc. | 10020 | 432463 |
| Consolidated Edison, Inc. | 10621 | 1202085 |
| Dominion Energy, Inc. | 17170 | 1061449 |
| DTE Energy Co. | 4300 | 628746 |
| Duke Energy Corp. | 30409 | 3981755 |
| Edison International | 14514 | 1062135 |
| Entergy Corp. | 8670 | 974161 |
| Eversource Energy | 6247 | 432792 |
| Exelon Corp. | 19100 | 936282 |
| FirstEnergy Corp. | 8440 | 427570 |
| NextEra Energy, Inc. | 48316 | 4487590 |
| PPL Corp. | 22540 | 861028 |
| Sempra | 22746 | 2210229 |
| Southern Co. (The) | 34801 | 3358993 |
| Vistra Corp. | 2903 | 436408 |
| WEC Energy Group, Inc. | 4050 | 468869 |
| Xcel Energy, Inc. | 9014 | 716072 |
|  |  | 25248965 |
| ELECTRICAL EQUIPMENT - 3.9% |  |  |
| AMETEK, Inc. | 7484 | 1604270 |
| Carrier Global Corp. | 21394 | 1204696 |
| Fortive Corp. | 20275 | 1120802 |
| Hubbell, Inc. | 1176 | 577110 |
| Johnson Controls International plc | 31287 | 4097033 |
| Keysight Technologies, Inc. <sup>(a)</sup> | 4027 | 1137104 |
| Otis Worldwide Corp. | 13433 | 1035416 |
| Rockwell Automation, Inc. | 9390 | 3369883 |
| TE Connectivity plc | 12870 | 2690088 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Value Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.1% (Continued)** | **Shares** | **Fair Value** |
| ELECTRICAL EQUIPMENT - 3.9% (Continued) |  |  |
| Trane Technologies plc | 10350 | $4313259 |
|  |  | 21149661 |
| ENTERTAINMENT CONTENT - 1.3% |  |  |
| Electronic Arts, Inc. | 4550 | 927609 |
| Fox Corp. - Class B | 8540 | 453474 |
| Walt Disney Co. (The) | 44280 | 4267706 |
| Warner Bros. Discovery, Inc. <sup>(a)</sup> | 54292 | 1490858 |
|  |  | 7139647 |
| FOOD - 0.9% |  |  |
| Kraft Heinz Co. (The) | 62325 | 1401689 |
| McCormick & Co., Inc. | 5902 | 297697 |
| Mondelez International, Inc. - Class A <sup>(b)</sup> | 52080 | 3001891 |
| Tyson Foods, Inc. - Class A | 4735 | 303372 |
|  |  | 5004649 |
| GAS & WATER UTILITIES - 0.3% |  |  |
| American Water Works Co., Inc. | 12748 | 1734875 |
| HEALTH CARE FACILITIES & SERVICES - 3.2% |  |  |
| Cardinal Health, Inc. | 12030 | 2542059 |
| Cencora, Inc. | 5450 | 1712063 |
| Centene Corp. <sup>(a)</sup> | 19423 | 635909 |
| Cigna Group (The) | 7053 | 1881388 |
| CVS Health Corp. | 31342 | 2250983 |
| Elevance Health, Inc. | 4820 | 1411055 |
| Humana, Inc. | 1613 | 279678 |
| IQVIA Holdings, Inc. <sup>(a)</sup> | 2589 | 441528 |
| Labcorp Holdings, Inc. | 4820 | 1286024 |
| McKesson Corp. | 3834 | 3317790 |
| Quest Diagnostics, Inc. | 8530 | 1671710 |
|  |  | 17430187 |
| HOME CONSTRUCTION - 0.1% |  |  |
| D.R. Horton, Inc. | 1940 | 266207 |
| PulteGroup, Inc. | 4530 | 532773 |
|  |  | 798980 |
| HOUSEHOLD PRODUCTS - 2.7% |  |  |
| Church & Dwight Co., Inc. | 10045 | 937399 |
| Colgate-Palmolive Co. | 21467 | 1829633 |
| Estée Lauder Cos., Inc. (The) - Class A | 10860 | 779422 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Value Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.1% (Continued)** | **Shares** | **Fair Value** |
| HOUSEHOLD PRODUCTS - 2.7% (Continued) |  |  |
| Kenvue, Inc. | 15405 | $265582 |
| Procter & Gamble Co. (The) | 76006 | 10978307 |
|  |  | 14790343 |
| INDUSTRIAL SUPPORT SERVICES - 0.6% |  |  |
| Fastenal Co. | 13360 | 619904 |
| Ferguson Enterprises, Inc. | 3720 | 867727 |
| United Rentals, Inc. <sup>(b)</sup> | 1120 | 815987 |
| W.W. Grainger, Inc. | 870 | 949005 |
|  |  | 3252623 |
| INSTITUTIONAL FINANCIAL SERVICES - 4.6% |  |  |
| Bank of New York Mellon Corp. (The) | 32984 | 3912892 |
| CME Group, Inc. | 8040 | 2374614 |
| Goldman Sachs Group, Inc. (The) | 8730 | 7385493 |
| Intercontinental Exchange, Inc. | 16126 | 2536297 |
| Morgan Stanley | 32291 | 5314130 |
| Nasdaq, Inc. | 7520 | 638373 |
| Northern Trust Corp. | 10217 | 1425987 |
| State Street Corp. | 8990 | 1137774 |
|  |  | 24725560 |
| INSURANCE - 6.4% |  |  |
| Aflac, Inc. | 21650 | 2375221 |
| Allstate Corp. (The) | 12509 | 2593616 |
| American International Group, Inc. | 19777 | 1488219 |
| Aon plc - Class A | 4406 | 1422169 |
| Arch Capital Group Ltd. <sup>(a)</sup> | 11250 | 1079887 |
| Arthur J. Gallagher & Co. | 5628 | 1218912 |
| Berkley (W.R.) Corp. | 14737 | 976768 |
| Brown & Brown, Inc. | 9530 | 621451 |
| Chubb Ltd. | 12990 | 4233831 |
| Cincinnati Financial Corp. | 8657 | 1362179 |
| Hartford Insurance Group, Inc. (The) | 10830 | 1464541 |
| Loews Corp. | 5440 | 580666 |
| Markel Group, Inc. <sup>(a)</sup> | 853 | 1632702 |
| Marsh & McLennan Cos., Inc. | 13432 | 2329780 |
| MetLife, Inc. | 23723 | 1677691 |
| Principal Financial Group, Inc. | 9570 | 862353 |
| Progressive Corp. (The) | 17931 | 3554641 |
| Prudential Financial, Inc. | 13740 | 1342261 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Value Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.1% (Continued)** | **Shares** | **Fair Value** |
| INSURANCE - 6.4% (Continued) |  |  |
| Travelers Cos., Inc. (The) | 9403 | $2742667 |
| Willis Towers Watson plc | 3661 | 1064253 |
|  |  | 34623808 |
| INTERNET MEDIA & SERVICES - 0.3% |  |  |
| Alphabet, Inc. - Class C | 3320 | 952375 |
| Booking Holdings, Inc. | 123 | 517869 |
| Meta Platforms, Inc. - Class A | 660 | 377606 |
|  |  | 1847850 |
| LEISURE FACILITIES & SERVICES - 0.6% |  |  |
| Carnival Corp. | 18750 | 485250 |
| McDonald's Corp. | 5076 | 1577570 |
| Royal Caribbean Cruises Ltd. | 2400 | 660432 |
| Starbucks Corp. | 7156 | 641106 |
|  |  | 3364358 |
| MACHINERY - 1.6% |  |  |
| Deere & Co. <sup>(b)</sup> | 8287 | 4668067 |
| Ingersoll-Rand, Inc. | 20600 | 1650472 |
| Veralto Corp. | 5569 | 492411 |
| Xylem, Inc. | 14930 | 1784135 |
|  |  | 8595085 |
| MEDICAL EQUIPMENT & DEVICES - 4.0% |  |  |
| Abbott Laboratories | 38698 | 3973124 |
| Becton, Dickinson and Co. <sup>(b)</sup> | 3317 | 521532 |
| Boston Scientific Corp. <sup>(a)</sup> | 21060 | 1321515 |
| Danaher Corp. | 21642 | 4103323 |
| Edwards Lifesciences Corp. <sup>(a)</sup> | 13783 | 1103743 |
| GE HealthCare Technologies, Inc. | 1910 | 135954 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 1510 | 696095 |
| Medline, Inc. - Class A <sup>(a)(b)</sup> | 8113 | 361028 |
| Medtronic plc | 33790 | 2927903 |
| Stryker Corp. <sup>(b)</sup> | 3450 | 1133636 |
| Thermo Fisher Scientific, Inc. | 10955 | 5384711 |
| Waters Corp. <sup>(a)</sup> | 448 | 133414 |
|  |  | 21795978 |
| METALS & MINING - 0.8% |  |  |
| Newmont Corp. | 38112 | 4125624 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Value Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.1% (Continued)** | **Shares** | **Fair Value** |
| OIL & GAS PRODUCERS - 6.8% |  |  |
| ConocoPhillips | 72175 | $9527100 |
| Devon Energy Corp. | 44403 | 2234359 |
| Diamondback Energy, Inc. <sup>(b)</sup> | 6599 | 1305216 |
| EOG Resources, Inc. | 38146 | 5514767 |
| EQT Corp. | 4151 | 264170 |
| Kinder Morgan, Inc. | 124014 | 4158189 |
| ONEOK, Inc. | 19710 | 1781587 |
| Phillips 66 | 25043 | 4562334 |
| Valero Energy Corp. | 17209 | 4252000 |
| Williams Cos., Inc. (The) | 43780 | 3186308 |
|  |  | 36786030 |
| OIL & GAS SERVICES & EQUIPMENT - 1.2% |  |  |
| Baker Hughes Co. | 54184 | 3307933 |
| SLB Ltd. | 64581 | 3318818 |
|  |  | 6626751 |
| PUBLISHING & BROADCASTING - 0.0% <sup>(c)</sup> |  |  |
| TKO Group Holdings, Inc. | 689 | 138937 |
| REAL ESTATE SERVICES - 0.2% |  |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | 7370 | 998340 |
| REITS - 2.0% |  |  |
| American Tower Corp. | 6751 | 1165087 |
| Crown Castle, Inc. | 2442 | 198559 |
| Digital Realty Trust, Inc. | 6060 | 1092073 |
| Iron Mountain, Inc. | 12047 | 1230481 |
| Prologis, Inc. | 19841 | 2622583 |
| Public Storage | 1300 | 352144 |
| Realty Income Corp. | 10720 | 655850 |
| Simon Property Group, Inc. | 7319 | 1365213 |
| Ventas, Inc. | 9610 | 785906 |
| Welltower, Inc. | 2990 | 591153 |
| Weyerhaeuser Co. | 21764 | 531694 |
|  |  | 10590743 |
| RENEWABLE ENERGY - 0.1% |  |  |
| First Solar, Inc. <sup>(a)</sup> | 2655 | 523725 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Value Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.1% (Continued)** | **Shares** | **Fair Value** |
| RETAIL - CONSUMER STAPLES - 3.4% |  |  |
| Costco Wholesale Corp. | 1230 | $1225609 |
| Dollar General Corp. | 3010 | 357377 |
| Dollar Tree, Inc. <sup>(a)</sup> | 4360 | 477464 |
| Kroger Co. (The) <sup>(b)</sup> | 20514 | 1484393 |
| Target Corp. <sup>(b)</sup> | 4974 | 602849 |
| Walmart, Inc. | 114080 | 14177862 |
|  |  | 18325554 |
| RETAIL - DISCRETIONARY - 2.4% |  |  |
| AutoZone, Inc. <sup>(a)</sup> | 156 | 526934 |
| Home Depot, Inc. (The) | 23763 | 7815413 |
| Lowe's Cos., Inc. | 15205 | 3592637 |
| Ross Stores, Inc. | 1881 | 407481 |
| Ulta Beauty, Inc. <sup>(a)</sup> | 981 | 512779 |
|  |  | 12855244 |
| SEMICONDUCTORS - 4.4% |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 1679 | 341559 |
| Applied Materials, Inc. | 9057 | 3095592 |
| Broadcom, Inc. | 3344 | 1035001 |
| Intel Corp. <sup>(a)</sup> | 92636 | 4088027 |
| Microchip Technology, Inc. | 4170 | 269424 |
| Micron Technology, Inc. | 25754 | 8700731 |
| NVIDIA Corp. | 1643 | 286539 |
| ON Semiconductor Corp. <sup>(a)</sup> | 6327 | 391768 |
| QUALCOMM, Inc. | 24460 | 3149959 |
| Texas Instruments, Inc. | 12214 | 2371226 |
|  |  | 23729826 |
| SOFTWARE - 1.4% |  |  |
| Microsoft Corp. | 7740 | 2865116 |
| Oracle Corp. | 8432 | 1240432 |
| Roper Technologies, Inc. | 3740 | 1323436 |
| Salesforce, Inc. | 8042 | 1501200 |
| Strategy, Inc. - Class A <sup>(a)(b)</sup> | 3884 | 484723 |
| Zoom Communications, Inc. <sup>(a)</sup> | 3680 | 295835 |
|  |  | 7710742 |
| SPECIALTY FINANCE - 1.2% |  |  |
| American Express Co. | 9744 | 2947365 |
| Capital One Financial Corp. | 15730 | 2869624 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Value Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.1% (Continued)** | **Shares** | **Fair Value** |
| SPECIALTY FINANCE - 1.2% (Continued) |  |  |
| Synchrony Financial | 9950 | $676799 |
|  |  | 6493788 |
| STEEL - 0.3% |  |  |
| Nucor Corp. | 6410 | 1083931 |
| Steel Dynamics, Inc. | 3010 | 541800 |
|  |  | 1625731 |
| TECHNOLOGY HARDWARE - 3.4% |  |  |
| Apple, Inc. | 4323 | 1097134 |
| Arista Networks, Inc. <sup>(a)</sup> | 2770 | 340101 |
| Cisco Systems, Inc. | 98040 | 7606924 |
| Corning, Inc. | 30320 | 4122610 |
| Dell Technologies, Inc. - Class C | 8240 | 1352431 |
| Hewlett Packard Enterprise Co. | 30160 | 718110 |
| HP, Inc. | 16750 | 321767 |
| Seagate Technology Holdings plc | 2560 | 1002906 |
| Western Digital Corp. | 5923 | 1602112 |
|  |  | 18164095 |
| TECHNOLOGY SERVICES - 1.5% |  |  |
| Accenture plc - Class A | 17477 | 3465514 |
| Automatic Data Processing, Inc. | 6227 | 1265202 |
| Cognizant Technology Solutions Corp. - Class A | 4450 | 273007 |
| Fiserv, Inc. <sup>(a)</sup> | 8480 | 473184 |
| Global Payments, Inc. | 1646 | 110776 |
| Paychex, Inc. | 3334 | 307128 |
| PayPal Holdings, Inc. | 6076 | 274817 |
| S&P Global, Inc. | 2994 | 1273468 |
| Verisk Analytics, Inc. | 2597 | 492781 |
| Visa, Inc. - Class A | 1440 | 435226 |
|  |  | 8371103 |
| TELECOMMUNICATIONS - 2.1% |  |  |
| AT&T, Inc. | 174986 | 5072844 |
| T-Mobile US, Inc. | 4527 | 950806 |
| Verizon Communications, Inc. | 108835 | 5463517 |
|  |  | 11487167 |
| TRANSPORTATION & LOGISTICS - 2.3% |  |  |
| CSX Corp. | 29639 | 1216681 |
| Delta Air Lines, Inc. | 22800 | 1515744 |
| FedEx Corp. | 6170 | 2197630 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Value Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.1% (Continued)** | **Shares** | **Fair Value** |
| TRANSPORTATION & LOGISTICS - 2.3% (Continued) |  |  |
| Norfolk Southern Corp. | 5330 | $1529710 |
| Southwest Airlines Co. <sup>(b)</sup> | 24245 | 910885 |
| Union Pacific Corp. | 11880 | 2882326 |
| United Airlines Holdings, Inc. <sup>(a)</sup> | 11600 | 1068012 |
| United Parcel Service, Inc. - Class B | 12242 | 1204368 |
|  |  | 12525356 |
| TRANSPORTATION EQUIPMENT - 0.5% |  |  |
| PACCAR, Inc. | 14850 | 1715175 |
| Westinghouse Air Brake Technologies Corp. | 3020 | 754728 |
|  |  | 2469903 |
| WHOLESALE - CONSUMER STAPLES - 0.3% |  |  |
| Archer-Daniels-Midland Co. | 14071 | 1022821 |
| Sysco Corp. | 7490 | 534262 |
|  |  | 1557083 |
| **TOTAL COMMON STOCKS** (COST $343,201,988) |  | $537328948 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE NOTES - 0.8%** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| COMMUNITY DEVELOPMENT - 0.8% |  |  |  |  |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 4.000% | 06/15/28 | $350000 | $338541 |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 5.000% | 12/15/28 | 800000 | 787317 |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 5.000% | 06/15/29 | 830000 | 809810 |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 4.500% | 12/14/29 | 150000 | 144099 |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 4.500% | 06/14/30 | 290000 | 275079 |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 4.500% | 12/13/30 | 600000 | 569469 |
| Capital Impact Partners Investment <sup>(d)</sup> | 4.500% | 06/15/26 | 290000 | 290243 |
| Capital Impact Partners Investment <sup>(d)</sup> | 5.000% | 12/15/26 | 1000000 | 1002454 |
| **TOTAL CORPORATE NOTES** (COST $4,310,000) |  |  |  | $4217012 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 0.0% <sup>(c)</sup>** | **Shares** | **Fair Value** |
| First American Government Obligations Fund - Class X, 3.58% <sup>(e)</sup> (COST $242,992) | 242992 | $242992 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Value Index Fund***

---

| | | |
|:---|:---|:---|
| **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 2.6%** | **Shares** | **Fair Value** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.74% <sup>(e)(f)</sup> (COST $13,801,368) | 13801368 | $13801368 |
| **TOTAL INVESTMENTS** - (COST $361,556,348) **- 102.5%** |  | $555590320 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.5%)** |  | (13443008) |
| **NET ASSETS - 100.0%** |  | $542147312 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of March 31, 2026 was $13,602,278.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

<sup>(d)</sup> Illiquid securities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>Date | Current <br>Cost | Fair <br>Value | % of Net <br>Assets |
| Calvert Impact Capital, Inc., 4.000%, 06/15/28 | 06/15/23 | $350000 | $338541 | 0.1% |
| Calvert Impact Capital, Inc., 5.000%, 12/15/28 | 12/15/23 | 800000 | 787317 | 0.1% |
| Calvert Impact Capital, Inc., 5.000%, 06/15/29 | 06/14/24 | 830000 | 809810 | 0.1% |
| Calvert Impact Capital, Inc., 4.500%, 12/14/29 | 12/13/24 | 150000 | 144099 | 0.0 %<sup>(c)</sup> |
| Calvert Impact Capital, Inc., 4.500%, 06/14/30 | 06/13/25 | 290000 | 275079 | 0.1% |
| Calvert Impact Capital, Inc., 4.500%, 12/13/30 | 12/15/25 | 600000 | 569469 | 0.1% |
| Capital Impact Partners Investment, 4.500%, 06/15/26 | 06/17/25 | 290000 | 290243 | 0.1% |
| Capital Impact Partners Investment, 5.000%, 12/15/26 | 12/15/23 | 1000000 | 1002454 | 0.2% |
|  |  | $4310000 | $4217012 | 0.8% |

---

<sup>(e)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

<sup>(f)</sup> The security was purchased with cash collateral received from securities on loan.

plc - Public Liability Company

**Schedule of Portfolio Investments**

***Praxis Growth Index Fund***

***March 31, 2026 (Unaudited)***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.6%** | **Shares** | **Fair Value** |
| ADVERTISING & MARKETING - 0.1% |  |  |
| Trade Desk, Inc. (The) - Class A <sup>(a)</sup> | 22683 | $514677 |
| AEROSPACE & DEFENSE - 0.4% |  |  |
| HEICO Corp. | 3838 | 1052380 |
| Howmet Aerospace, Inc. | 8650 | 1993479 |
|  |  | 3045859 |
| ASSET MANAGEMENT - 0.3% |  |  |
| Robinhood Markets, Inc. - Class A <sup>(a)</sup> | 34060 | 2360358 |
| AUTOMOTIVE - 3.4% |  |  |
| Tesla, Inc. <sup>(a)</sup> | 63006 | 23422481 |
| BEVERAGES - 0.2% |  |  |
| PepsiCo, Inc. | 7760 | 1205050 |
| BIOTECH & PHARMA - 3.6% |  |  |
| AbbVie, Inc. | 7461 | 1622693 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 2970 | 982684 |
| Eli Lilly & Co. | 20910 | 19232391 |
| Insmed, Inc. <sup>(a)</sup> | 2913 | 476334 |
| Merck & Co., Inc. <sup>(b)</sup> | 7191 | 865005 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 4274 | 1908512 |
|  |  | 25087619 |
| CHEMICALS - 0.5% |  |  |
| Linde plc | 7048 | 3494116 |
| COMMERCIAL SUPPORT SERVICES - 0.1% |  |  |
| Cintas Corp. | 3600 | 608904 |
| DIVERSIFIED INDUSTRIALS - 0.1% |  |  |
| Illinois Tool Works, Inc. <sup>(b)</sup> | 1554 | 404491 |
| E-COMMERCE DISCRETIONARY - 4.6% |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 148466 | 30921014 |
| eBay, Inc. | 8540 | 777311 |
|  |  | 31698325 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Growth Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.6% (Continued)** | **Shares** | **Fair Value** |
| ELECTRICAL EQUIPMENT - 2.4% |  |  |
| Amphenol Corp. - Class A | 26986 | $3409681 |
| Bloom Energy Corp. - Class A <sup>(a)</sup> | 5776 | 782590 |
| GE Vernova, Inc. | 5900 | 5150110 |
| Keysight Technologies, Inc. <sup>(a)</sup> | 3981 | 1124115 |
| Rockwell Automation, Inc. | 2288 | 821118 |
| Trane Technologies plc | 5710 | 2379585 |
| Veritiv Holdings Co. - Class A | 10544 | 2642116 |
|  |  | 16309315 |
| ENGINEERING & CONSTRUCTION - 0.3% |  |  |
| Comfort Systems USA, Inc. | 238 | 328200 |
| Quanta Services, Inc. | 3128 | 1717334 |
|  |  | 2045534 |
| ENTERTAINMENT CONTENT - 0.5% |  |  |
| AppLovin Corp. - Class A <sup>(a)</sup> | 6660 | 2650680 |
| Electronic Arts, Inc. | 3445 | 702332 |
|  |  | 3353012 |
| HEALTH CARE FACILITIES & SERVICES - 0.3% |  |  |
| Cencora, Inc. | 2140 | 672259 |
| McKesson Corp. | 1910 | 1652838 |
|  |  | 2325097 |
| HOUSEHOLD PRODUCTS - 0.0% <sup>(c)</sup> |  |  |
| Colgate-Palmolive Co. | 4057 | 345778 |
| INDUSTRIAL SUPPORT SERVICES - 0.5% |  |  |
| Fastenal Co. | 12106 | 561719 |
| W.W. Grainger, Inc. | 2530 | 2759749 |
|  |  | 3321468 |
| INSTITUTIONAL FINANCIAL SERVICES - 0.4% |  |  |
| Coinbase Global, Inc. - Class A <sup>(a)</sup> | 2937 | 512830 |
| Interactive Brokers Group, Inc. - Class A | 25416 | 1704651 |
| Nasdaq, Inc. | 8490 | 720716 |
|  |  | 2938197 |
| INSURANCE - 0.3% |  |  |
| Brown & Brown, Inc. | 10274 | 669967 |
| Progressive Corp. (The) | 5690 | 1127986 |
|  |  | 1797953 |
| INTERNET MEDIA & SERVICES - 17.1% |  |  |
| Airbnb, Inc. - Class A <sup>(a)</sup> | 10831 | 1367739 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Growth Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.6% (Continued)** | **Shares** | **Fair Value** |
| INTERNET MEDIA & SERVICES - 17.1% (Continued) |  |  |
| Alphabet, Inc. - Class A | 124440 | $35783966 |
| Alphabet, Inc. - Class C | 97310 | 27914347 |
| Booking Holdings, Inc. | 1136 | 4782923 |
| DoorDash, Inc. - Class A <sup>(a)(b)</sup> | 10120 | 1519518 |
| Expedia Group, Inc. | 3256 | 751778 |
| GoDaddy, Inc. - Class A <sup>(a)</sup> | 4345 | 359201 |
| Meta Platforms, Inc. - Class A | 50610 | 28955499 |
| Netflix, Inc. <sup>(a)</sup> | 108094 | 10393238 |
| Reddit, Inc. - Class A <sup>(a)</sup> | 4904 | 660324 |
| ROBLOX Corp. - Class A <sup>(a)</sup> | 19330 | 1093305 |
| Uber Technologies, Inc. <sup>(a)</sup> | 50480 | 3631026 |
| VeriSign, Inc. | 4711 | 1170024 |
|  |  | 118382888 |
| LEISURE FACILITIES & SERVICES - 1.5% |  |  |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 25068 | 802427 |
| Hilton Worldwide Holdings, Inc. | 7350 | 2234988 |
| Live Nation Entertainment, Inc. <sup>(a)(b)</sup> | 3326 | 507248 |
| Marriott International, Inc. - Class A | 4660 | 1524146 |
| McDonald's Corp. | 5969 | 1855105 |
| Rocket Lab Corp. <sup>(a)</sup> | 13648 | 876475 |
| Royal Caribbean Cruises Ltd. | 4160 | 1144749 |
| Starbucks Corp. | 13753 | 1232131 |
|  |  | 10177269 |
| LEISURE PRODUCTS - 0.1% |  |  |
| Axon Enterprise, Inc. <sup>(a)</sup> | 1360 | 577578 |
| MACHINERY - 0.4% |  |  |
| Deere & Co. <sup>(b)</sup> | 3936 | 2217149 |
| Veralto Corp. | 8624 | 762534 |
|  |  | 2979683 |
| MEDICAL EQUIPMENT & DEVICES - 2.2% |  |  |
| Agilent Technologies, Inc. | 4905 | 559072 |
| Boston Scientific Corp. <sup>(a)</sup> | 29440 | 1847360 |
| Danaher Corp. | 9764 | 1851254 |
| DexCom, Inc. <sup>(a)</sup> | 5122 | 321662 |
| IDEXX Laboratories, Inc. <sup>(a)</sup> | 1700 | 955213 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 7448 | 3433454 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> | 550 | 693660 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Growth Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.6% (Continued)** | **Shares** | **Fair Value** |
| MEDICAL EQUIPMENT & DEVICES - 2.2% (Continued) |  |  |
| ResMed, Inc. <sup>(b)</sup> | 2090 | $469163 |
| Stryker Corp. <sup>(b)</sup> | 3549 | 1166166 |
| Thermo Fisher Scientific, Inc. | 6355 | 3123673 |
| Waters Corp. <sup>(a)</sup> | 1646 | 490179 |
|  |  | 14910856 |
| OIL & GAS PRODUCERS - 0.1% |  |  |
| EQT Corp. | 5685 | 361793 |
| OIL & GAS SERVICES & EQUIPMENT - 0.1% |  |  |
| Baker Hughes Co. | 15026 | 917337 |
| OIL, GAS & CONSUMABLE FUELS - 0.2% |  |  |
| Venture Global, Inc. - Class A <sup>(b)</sup> | 66623 | 1049978 |
| REITS - 1.3% |  |  |
| American Tower Corp. | 3920 | 676514 |
| Equinix, Inc. | 3842 | 3766082 |
| Iron Mountain, Inc. | 8670 | 885554 |
| Texas Pacific Land Corp. <sup>(b)</sup> | 1992 | 945323 |
| Welltower, Inc. | 14163 | 2800167 |
|  |  | 9073640 |
| RENEWABLE ENERGY - 0.1% |  |  |
| First Solar, Inc. <sup>(a)</sup> | 3450 | 680547 |
| RETAIL - CONSUMER STAPLES - 1.0% |  |  |
| Costco Wholesale Corp. | 6069 | 6047334 |
| Walmart, Inc. | 7770 | 965655 |
|  |  | 7012989 |
| RETAIL - DISCRETIONARY - 2.7% |  |  |
| AutoZone, Inc. <sup>(a)</sup> | 659 | 2225957 |
| Carvana Co. <sup>(a)</sup> | 3229 | 1015133 |
| Cloudflare, Inc. - Class A <sup>(a)</sup> | 9380 | 1935469 |
| Home Depot, Inc. (The) | 13406 | 4409099 |
| Lowe's Cos., Inc. <sup>(b)</sup> | 6789 | 1604105 |
| Lululemon Athletica, Inc. <sup>(a)</sup> | 3985 | 610104 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 27150 | 2506217 |
| TJX Cos., Inc. (The) | 25503 | 4072829 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Growth Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.6% (Continued)** | **Shares** | **Fair Value** |
| RETAIL - DISCRETIONARY - 2.7% (Continued) |  |  |
| Tractor Supply Co. | 10300 | $466590 |
|  |  | 18845503 |
| SEMICONDUCTORS - 21.9% |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 36851 | 7496599 |
| Applied Materials, Inc. | 22816 | 7798281 |
| Broadcom, Inc. | 99575 | 30819458 |
| Intel Corp. <sup>(a)</sup> | 14810 | 653565 |
| KLA Corp. | 3030 | 4461402 |
| Lam Research Corp. | 31227 | 6671961 |
| Marvell Technology, Inc. | 22460 | 2224663 |
| Monolithic Power Systems, Inc. | 1690 | 1847762 |
| NVIDIA Corp. | 495402 | 86398109 |
| QUALCOMM, Inc. | 9790 | 1260756 |
| Teradyne, Inc. | 3018 | 894716 |
| Texas Instruments, Inc. | 5022 | 974971 |
|  |  | 151502243 |
| SOFTWARE - 13.0% |  |  |
| Adobe, Inc. <sup>(a)</sup> | 11702 | 2844522 |
| Atlassian Corp. - Class A <sup>(a)</sup> | 7896 | 538902 |
| Autodesk, Inc. <sup>(a)</sup> | 9191 | 2200325 |
| Cadence Design Systems, Inc. <sup>(a)</sup> | 12442 | 3457259 |
| CoreWeave, Inc. - Class A <sup>(a)(b)</sup> | 9775 | 757269 |
| Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup> | 6320 | 2467391 |
| Fortinet, Inc. <sup>(a)</sup> | 23153 | 1892063 |
| HubSpot, Inc. <sup>(a)</sup> | 2898 | 707402 |
| Intuit, Inc. | 7895 | 3413640 |
| Microsoft Corp. | 128238 | 47469861 |
| MongoDB, Inc. <sup>(a)</sup> | 2987 | 731128 |
| Oracle Corp. | 43252 | 6362802 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | 21776 | 3491128 |
| Salesforce, Inc. | 14156 | 2642501 |
| ServiceNow, Inc. <sup>(a)</sup> | 35157 | 3675664 |
| Snowflake, Inc. <sup>(a)</sup> | 8540 | 1288003 |
| Synopsys, Inc. <sup>(a)</sup> | 6452 | 2558089 |
| Tyler Technologies, Inc. <sup>(a)</sup> | 3752 | 1284610 |
| Workday, Inc. - Class A <sup>(a)</sup> | 4256 | 552940 |
| Zoom Communications, Inc. <sup>(a)</sup> | 8262 | 664182 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Growth Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.6% (Continued)** | **Shares** | **Fair Value** |
| SOFTWARE - 13.0% (Continued) |  |  |
| Zscaler, Inc. <sup>(a)</sup> | 4667 | $654733 |
|  |  | 89654414 |
| SPECIALTY FINANCE - 0.3% |  |  |
| American Express Co. | 6050 | 1830004 |
| TECHNOLOGY HARDWARE - 14.0% |  |  |
| Apple, Inc. | 328685 | 83416966 |
| Arista Networks, Inc. <sup>(a)</sup> | 29760 | 3653933 |
| Ciena Corp. <sup>(a)</sup> | 1398 | 542745 |
| Cisco Systems, Inc. | 6183 | 479739 |
| Datadog, Inc. - Class A <sup>(a)</sup> | 10068 | 1188527 |
| Lumentum Holdings, Inc. <sup>(a)(b)</sup> | 779 | 547450 |
| NetApp, Inc. | 5800 | 593862 |
| Sandisk Corp. <sup>(a)</sup> | 3493 | 2219243 |
| Seagate Technology Holdings plc | 6383 | 2500604 |
| Western Digital Corp. | 5793 | 1566949 |
|  |  | 96710018 |
| TECHNOLOGY SERVICES - 4.2% |  |  |
| Accenture plc - Class A | 9379 | 1859762 |
| Automatic Data Processing, Inc. | 6970 | 1416165 |
| Broadridge Financial Solutions, Inc. | 2596 | 421798 |
| CoStar Group, Inc. <sup>(a)(b)</sup> | 18734 | 755729 |
| Fair Isaac Corp. <sup>(a)</sup> | 920 | 982137 |
| Fiserv, Inc. <sup>(a)</sup> | 8462 | 472180 |
| Mastercard, Inc. - Class A | 17176 | 8582160 |
| Moody's Corp. | 3375 | 1472344 |
| MSCI, Inc. | 1797 | 968601 |
| S&P Global, Inc. | 1944 | 826861 |
| Visa, Inc. - Class A | 37988 | 11481493 |
|  |  | 29239230 |
| TRANSPORTATION & LOGISTICS - 0.3% |  |  |
| Old Dominion Freight Line, Inc. | 5900 | 1152860 |
| Union Pacific Corp. | 3911 | 948887 |
|  |  | 2101747 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Growth Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.6% (Continued)** | **Shares** | **Fair Value** |
| WHOLESALE - DISCRETIONARY - 0.1% Copart, Inc. <sup>(a)</sup> | 20652 | $685646 |
| **TOTAL COMMON STOCKS** (COST $252,154,096) |  | $680971597 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE NOTES - 0.8%** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| COMMUNITY DEVELOPMENT - 0.8% |  |  |  |  |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 4.000% | 06/15/28 | $750000 | $725444 |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 5.000% | 12/15/28 | 450000 | 442866 |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 5.000% | 06/15/29 | 1270000 | 1239107 |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 4.500% | 12/14/29 | 450000 | 432298 |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 4.500% | 06/14/30 | 760000 | 720896 |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 4.500% | 12/13/30 | 950000 | 901660 |
| Capital Impact Partners Investment <sup>(d)</sup> | 4.500% | 06/15/26 | 760000 | 760637 |
| Capital Impact Partners Investment <sup>(d)</sup> | 5.000% | 12/15/26 | 500000 | 501227 |
| **TOTAL CORPORATE NOTES** (COST $5,890,000) |  |  |  | $5724135 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 0.6%** | **Shares** | **Fair Value** |
| First American Government Obligations Fund - Class X, 3.58% <sup>(e)</sup> (COST $3,854,943) | 3854943 | $3854943 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Growth Index Fund***

---

| | | |
|:---|:---|:---|
| **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 1.6%** | **Shares** | **Fair Value** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.74% <sup>(e)(f)</sup> (COST $11,059,339) | 11059339 | $11059339 |
| **TOTAL INVESTMENTS -** (COST $272,958,378) **- 101.6%** |  | $701610014 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6%)** |  | (11130607) |
| **NET ASSETS - 100.0%** |  | $690479407 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of March 31, 2026 was $10,948,358.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

<sup>(d)</sup> Illiquid securities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>Date | Current <br>Cost | Fair <br>Value | % of Net <br>Assets |
| Calvert Impact Capital, Inc., 4.000%, 06/15/28 | 06/15/23 | $750000 | $725444 | 0.1% |
| Calvert Impact Capital, Inc., 5.000%, 12/15/28 | 12/15/23 | 450000 | 442866 | 0.1% |
| Calvert Impact Capital, Inc., 5.000%, 06/15/29 | 06/14/24 | 1270000 | 1239107 | 0.2% |
| Calvert Impact Capital, Inc., 4.500%, 12/14/29 | 12/13/24 | 450000 | 432298 | 0.0 %<sup>(c)</sup> |
| Calvert Impact Capital, Inc., 4.500%, 06/14/30 | 06/13/25 | 760000 | 720896 | 0.1% |
| Capital Impact Capital, Inc., 4.500%, 12/13/30 | 12/15/25 | 950000 | 901660 | 0.1% |
| Capital Impact Partners Investment, 4.500%, 06/15/26 | 06/17/25 | 760000 | 760637 | 0.1% |
| Capital Impact Partners Investment, 5.000%, 12/15/26 | 12/15/23 | 500000 | 501227 | 0.1% |
|  |  | $5890000 | $5724135 | 0.8% |

---

<sup>(e)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

<sup>(f)</sup> The security was purchased with cash collateral received from securities on loan.

plc - Public Liability Company

**Schedule of Portfolio Investments**

***Praxis Small Cap Index Fund***

***March 31, 2026 (Unaudited)***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0%** | **Shares** | **Fair Value** |
| ADVERTISING & MARKETING - 0.5% |  |  |
| Compass, Inc. - Class A <sup>(a)</sup> | 22053 | $161207 |
| Omnicom Group, Inc. | 8347 | 628613 |
| Trade Desk, Inc. (The) - Class A <sup>(a)</sup> | 9288 | 210745 |
|  |  | 1000565 |
| AEROSPACE & DEFENSE - 0.3% |  |  |
| Beta Technologies, Inc. - Class A <sup>(a)</sup> | 4358 | 64063 |
| Hexcel Corp. | 2422 | 196012 |
| Loar Holdings, Inc. <sup>(a)</sup> | 3324 | 190432 |
| York Space Systems, Inc. <sup>(a)</sup> | 7461 | 165410 |
|  |  | 615917 |
| APPAREL & TEXTILE PRODUCTS - 1.1% |  |  |
| Kontoor Brands, Inc. <sup>(b)</sup> | 4037 | 283761 |
| Ralph Lauren Corp. | 1138 | 391461 |
| Steven Madden Ltd. | 3894 | 132084 |
| Tapestry, Inc. | 5992 | 845531 |
| Under Armour, Inc. - Class A <sup>(a)</sup> | 20748 | 122621 |
| VF Corp. | 18085 | 307264 |
| Wolverine World Wide, Inc. | 7440 | 121421 |
|  |  | 2204143 |
| ASSET MANAGEMENT - 1.6% |  |  |
| Affiliated Managers Group, Inc. | 879 | 243219 |
| Blue Owl Capital, Inc. <sup>(b)</sup> | 31634 | 288818 |
| Franklin Resources, Inc. | 38148 | 901056 |
| Hamilton Lane, Inc. - Class A | 1565 | 155561 |
| Invesco Ltd. | 15213 | 369524 |
| Janus Henderson Group plc | 4360 | 223973 |
| Opendoor Technologies, Inc. <sup>(a)</sup> | 24811 | 116116 |
| StepStone Group, Inc. - Class A | 3193 | 152370 |
| Stifel Financial Corp. | 4799 | 354742 |
| Virtus Investment Partners, Inc. | 920 | 123602 |
| WisdomTree, Inc. | 18255 | 265793 |
|  |  | 3194774 |
| AUTOMOTIVE - 1.2% |  |  |
| Aptiv plc <sup>(a)</sup> | 6798 | 472053 |
| BorgWarner, Inc. | 7141 | 387471 |
| Dana, Inc. | 7322 | 246385 |
| Dorman Products, Inc. <sup>(a)</sup> | 2127 | 221974 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| AUTOMOTIVE - 1.2% (Continued) |  |  |
| Lear Corp. | 1460 | $176777 |
| Modine Manufacturing Co. <sup>(a)</sup> | 1568 | 339801 |
| Phinia, Inc. <sup>(b)</sup> | 3280 | 224483 |
| Rivian Automotive, Inc. - Class A <sup>(a)</sup> | 27145 | 408532 |
|  |  | 2477476 |
| BANKING - 4.9% |  |  |
| Ameris Bancorp | 4705 | 366943 |
| Associated Banc-Corp | 4207 | 108793 |
| Atlantic Union Bankshares Corp. | 4240 | 151538 |
| Axos Financial, Inc. <sup>(a)</sup> | 3442 | 292880 |
| BancFirst Corp. | 2490 | 270165 |
| Bank of Hawaii Corp. | 1872 | 138996 |
| Banner Corp. <sup>(b)</sup> | 1910 | 115899 |
| Beacon Financial Corp. | 7000 | 210000 |
| Cathay General Bancorp <sup>(b)</sup> | 2773 | 138262 |
| City Holding Co. | 2750 | 328680 |
| Columbia Banking System, Inc. | 7638 | 209510 |
| Cullen/Frost Bankers, Inc. | 1673 | 229335 |
| CVB Financial Corp. | 6528 | 126578 |
| East West Bancorp, Inc. | 3797 | 405368 |
| First BanCorp | 15211 | 324907 |
| First Citizens BancShares, Inc. - Class A | 231 | 435356 |
| First Financial Bancorp | 6798 | 189528 |
| First Hawaiian, Inc. | 5621 | 138501 |
| First Horizon Corp. | 14190 | 322964 |
| Flagstar Bank N.A. | 13220 | 174107 |
| FNB Corp. | 11671 | 195139 |
| Fulton Financial Corp. | 7890 | 160483 |
| Glacier Bancorp, Inc. | 2522 | 112658 |
| Hancock Whitney Corp. | 2130 | 135447 |
| Independent Bank Corp. <sup>(b)</sup> | 2280 | 171479 |
| National Bank Holdings Corp. - Class A | 3270 | 128053 |
| OFG Bancorp | 7230 | 292526 |
| Old National Bancorp | 8517 | 188226 |
| Park National Corp. | 1936 | 316439 |
| Pinnacle Financial Partners, Inc. | 4191 | 361013 |
| Popular, Inc. | 1598 | 214404 |
| Prosperity Bancshares, Inc. | 1344 | 90290 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| BANKING - 4.9% (Continued) |  |  |
| Provident Financial Services, Inc. | 7040 | $148966 |
| ServisFirst Bancshares, Inc. | 3334 | 242815 |
| SouthState Bank Corp. | 1710 | 158209 |
| Texas Capital Bancshares, Inc. <sup>(a)</sup> | 1109 | 105222 |
| Triumph Financial, Inc. <sup>(a)</sup> | 2565 | 153028 |
| Trustmark Corp. | 4750 | 200165 |
| UMB Financial Corp. | 2320 | 261673 |
| United Bankshares, Inc. | 3920 | 162366 |
| United Community Banks, Inc. | 6642 | 209157 |
| Valley National Bancorp | 14113 | 173308 |
| Webster Financial Corp. | 5418 | 376117 |
| Western Alliance Bancorp | 2675 | 189524 |
| Wintrust Financial Corp. | 1799 | 249953 |
| Zions Bancorp N.A. | 4054 | 233591 |
|  |  | 9908561 |
| BEVERAGES - 0.3% |  |  |
| Celsius Holdings, Inc. <sup>(a)(b)</sup> | 6273 | 222566 |
| Coca-Cola Consolidated, Inc. | 1513 | 290103 |
| Primo Brands Corp. | 9763 | 183837 |
|  |  | 696506 |
| BIOTECH & PHARMA - 5.6% |  |  |
| ACADIA Pharmaceuticals, Inc. <sup>(a)</sup> | 3543 | 78867 |
| Alkermes plc <sup>(a)</sup> | 5110 | 180690 |
| Amicus Therapeutics, Inc. <sup>(a)</sup> | 10169 | 147044 |
| Arcellx, Inc. <sup>(a)</sup> | 1888 | 216780 |
| Arrowhead Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 4483 | 281084 |
| Axsome Therapeutics, Inc. <sup>(a)(b)</sup> | 1265 | 213810 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | 5611 | 316965 |
| BridgeBio Pharma, Inc. <sup>(a)(b)</sup> | 5170 | 383924 |
| CG Oncology, Inc. <sup>(a)</sup> | 3744 | 253394 |
| Cogent Biosciences, Inc. <sup>(a)</sup> | 4040 | 155500 |
| Crinetics Pharmaceuticals, Inc. <sup>(a)</sup> | 3836 | 139324 |
| Cytokinetics, Inc. <sup>(a)</sup> | 3853 | 253951 |
| Denali Therapeutics, Inc. <sup>(a)</sup> | 4027 | 77318 |
| Elanco Animal Health, Inc. <sup>(a)</sup> | 17250 | 412793 |
| Exelixis, Inc. <sup>(a)</sup> | 8010 | 343549 |
| Guardant Health, Inc. <sup>(a)</sup> | 4080 | 376870 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> | 4391 | 283790 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| BIOTECH & PHARMA - 5.6% (Continued) |  |  |
| ImmunityBio, Inc. <sup>(a)(b)</sup> | 11028 | $84585 |
| Incyte Corp. <sup>(a)</sup> | 6840 | 643781 |
| Innoviva, Inc. <sup>(a)</sup> | 9029 | 210376 |
| Insmed, Inc. <sup>(a)</sup> | 3471 | 567578 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup> | 6232 | 467961 |
| Jazz Pharmaceuticals plc <sup>(a)</sup> | 1966 | 371672 |
| Krystal Biotech, Inc. <sup>(a)(b)</sup> | 800 | 206656 |
| Kymera Therapeutics, Inc. <sup>(a)</sup> | 2181 | 181655 |
| Ligand Pharmaceuticals, Inc. <sup>(a)</sup> | 509 | 101622 |
| Madrigal Pharmaceuticals, Inc. <sup>(a)</sup> | 540 | 282674 |
| Moderna, Inc. <sup>(a)</sup> | 10380 | 527304 |
| Neurocrine Biosciences, Inc. <sup>(a)</sup> | 3011 | 396669 |
| Praxis Precision Medicines, Inc. <sup>(a)</sup> | 366 | 117922 |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 3168 | 187767 |
| Protagonist Therapeutics, Inc. <sup>(a)(b)</sup> | 1735 | 182869 |
| PTC Therapeutics, Inc. <sup>(a)</sup> | 2441 | 166305 |
| Revolution Medicines, Inc. <sup>(a)</sup> | 5402 | 525345 |
| Rhythm Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 1798 | 156372 |
| Roivant Sciences Ltd. <sup>(a)</sup> | 13680 | 378936 |
| Sarepta Therapeutics, Inc. <sup>(a)</sup> | 5830 | 126861 |
| Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | 3820 | 197456 |
| TG Therapeutics, Inc. <sup>(a)</sup> | 4624 | 153609 |
| United Therapeutics Corp. <sup>(a)</sup> | 1380 | 818312 |
| Viking Therapeutics, Inc. <sup>(a)(b)</sup> | 3319 | 108000 |
|  |  | 11277940 |
| CABLE & SATELLITE - 0.2% |  |  |
| Liberty Broadband Corp. - Series C <sup>(a)</sup> | 5057 | 254367 |
| Sirius XM Holdings, Inc. | 5535 | 127748 |
|  |  | 382115 |
| CHEMICALS - 3.0% |  |  |
| Albemarle Corp. | 3582 | 643076 |
| Balchem Corp. | 3617 | 613009 |
| Celanese Corp. | 4089 | 268934 |
| Dow, Inc. | 20725 | 863196 |
| DuPont de Nemours, Inc. | 12489 | 571996 |
| Ecovyst, Inc. <sup>(a)</sup> | 12185 | 156699 |
| Element Solutions, Inc. <sup>(b)</sup> | 8154 | 278378 |
| H.B. Fuller Co. | 2550 | 157284 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| CHEMICALS - 3.0% (Continued) |  |  |
| Huntsman Corp. | 17964 | $239101 |
| LyondellBasell Industries N.V. - Class A | 6964 | 561020 |
| Materion Corp. | 1843 | 266590 |
| Mosaic Co. (The) | 10011 | 255281 |
| NewMarket Corp. | 238 | 152546 |
| Qnity Electronics, Inc. | 3213 | 370716 |
| Solstice Advanced Materials, Inc. | 4871 | 370975 |
| WD-40 Co. | 954 | 194559 |
|  |  | 5963360 |
| COMMERCIAL SUPPORT SERVICES - 1.8% |  |  |
| ABM Industries, Inc. | 3590 | 138287 |
| Brady Corp. - Class A | 7062 | 573717 |
| Brink's Co. (The) | 1558 | 161456 |
| Casella Waste Systems, Inc. - Class A <sup>(a)</sup> | 2953 | 234291 |
| CBIZ, Inc. <sup>(a)</sup> | 7686 | 206369 |
| Clean Harbors, Inc. <sup>(a)</sup> | 1585 | 454467 |
| CorVel Corp. <sup>(a)</sup> | 6700 | 366155 |
| First Advantage Corp. <sup>(a)(b)</sup> | 12591 | 148070 |
| FTI Consulting, Inc. <sup>(a)</sup> | 560 | 98991 |
| Huron Consulting Group, Inc. <sup>(a)</sup> | 980 | 124940 |
| Korn Ferry | 5842 | 367754 |
| ManpowerGroup, Inc. | 9068 | 267143 |
| UL Solutions, Inc. - Class A | 2401 | 205790 |
| UniFirst Corp. | 1280 | 322035 |
|  |  | 3669465 |
| CONSTRUCTION MATERIALS - 0.7% |  |  |
| Advanced Drainage Systems, Inc. | 2130 | 292087 |
| Carlisle Cos., Inc. | 1161 | 387333 |
| Knife River Corp. <sup>(a)(b)</sup> | 1579 | 128925 |
| MDU Resources Group, Inc. | 18225 | 377622 |
| Simpson Manufacturing Co., Inc. | 1129 | 193759 |
|  |  | 1379726 |
| CONSUMER SERVICES - 0.4% |  |  |
| Covista, Inc. <sup>(a)</sup> | 2385 | 274871 |
| Grand Canyon Education, Inc. <sup>(a)</sup> | 840 | 142825 |
| Laureate Education, Inc. <sup>(a)</sup> | 3819 | 133054 |
| Strategic Education, Inc. | 1698 | 140866 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| CONSUMER SERVICES - 0.4% (Continued) |  |  |
| Stride, Inc. <sup>(a)</sup> | 2408 | $212314 |
|  |  | 903930 |
| CONTAINERS & PACKAGING - 1.2% |  |  |
| Ball Corp. | 9299 | 549664 |
| Crown Holdings, Inc. | 4210 | 422052 |
| Graphic Packaging Holding Co. <sup>(b)</sup> | 20439 | 203164 |
| Sealed Air Corp. | 7387 | 310623 |
| Silgan Holdings, Inc. <sup>(b)</sup> | 4574 | 177471 |
| Smurfit WestRock plc | 12168 | 484895 |
| Sonoco Products Co. | 4831 | 261309 |
|  |  | 2409178 |
| DIVERSIFIED INDUSTRIALS - 0.5% |  |  |
| ITT, Inc. | 2730 | 520147 |
| Pentair plc | 5469 | 476404 |
|  |  | 996551 |
| E-COMMERCE DISCRETIONARY - 0.4% |  |  |
| Chewy, Inc. - Class A <sup>(a)</sup> | 7960 | 214920 |
| Etsy, Inc. <sup>(a)</sup> | 3893 | 194572 |
| Wayfair, Inc. - Class A <sup>(a)</sup> | 5090 | 382819 |
|  |  | 792311 |
| ELECTRIC UTILITIES - 2.6% |  |  |
| AES Corp. (The) | 22796 | 321196 |
| Avista Corp. | 4680 | 187855 |
| Clearway Energy, Inc. - Class C | 3554 | 139637 |
| Evergy, Inc. | 8550 | 700416 |
| IDACORP, Inc. | 876 | 125242 |
| NorthWestern Energy Group, Inc. | 7369 | 485912 |
| NRG Energy, Inc. | 6199 | 905922 |
| Nuvalent, Inc. - Class A <sup>(a)(b)</sup> | 1536 | 157363 |
| OGE Energy Corp. | 5730 | 274811 |
| Oklo, Inc. <sup>(a)(b)</sup> | 4114 | 204013 |
| Ormat Technologies, Inc. | 2056 | 230107 |
| Pinnacle West Capital Corp. | 5911 | 595533 |
| Portland General Electric Co. | 3996 | 210869 |
| Talen Energy Corp. <sup>(a)</sup> | 1529 | 488103 |
| TXNM Energy, Inc. | 4340 | 253716 |
|  |  | 5280695 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| ELECTRICAL EQUIPMENT - 4.6% |  |  |
| AAON, Inc. | 3590 | $297073 |
| Acuity, Inc. | 790 | 221374 |
| Advanced Energy Industries, Inc. | 2355 | 759982 |
| Alarm.com Holdings, Inc. <sup>(a)</sup> | 2271 | 98084 |
| Allegion plc | 1852 | 269077 |
| APi Group Corp. <sup>(a)</sup> | 12619 | 511322 |
| Argan, Inc. | 214 | 116555 |
| Atmus Filtration Technologies, Inc. | 2194 | 124553 |
| Badger Meter, Inc. | 2075 | 316126 |
| Belden, Inc. | 1091 | 125280 |
| Bloom Energy Corp. - Class A <sup>(a)</sup> | 3943 | 534237 |
| Cognex Corp. | 5408 | 264938 |
| Generac Holdings, Inc. <sup>(a)</sup> | 1704 | 332842 |
| Hayward Holdings, Inc. <sup>(a)</sup> | 6850 | 91653 |
| Hubbell, Inc. | 707 | 346953 |
| Itron, Inc. <sup>(a)</sup> | 2170 | 194497 |
| Lennox International, Inc. | 506 | 234850 |
| Littelfuse, Inc. | 2290 | 777112 |
| Nextpower, Inc. - Class A <sup>(a)</sup> | 5428 | 654345 |
| NuScale Power Corp. <sup>(a)(b)</sup> | 9974 | 108118 |
| nVent Electric plc | 5350 | 632798 |
| OSI Systems, Inc. <sup>(a)</sup> | 1451 | 385255 |
| Ralliant Corp. | 4037 | 167899 |
| Sensata Technologies Holding plc | 5211 | 183531 |
| SPX Technologies, Inc. <sup>(a)</sup> | 4302 | 860142 |
| Trimble, Inc. <sup>(a)</sup> | 3753 | 244808 |
| Vontier Corp. | 3816 | 135354 |
| Watts Water Technologies, Inc. - Class A | 916 | 265906 |
|  |  | 9254664 |
| ENGINEERING & CONSTRUCTION - 3.6% |  |  |
| AECOM | 3491 | 296107 |
| Arcosa, Inc. | 5337 | 566469 |
| Centuri Holdings, Inc. <sup>(a)</sup> | 3402 | 99372 |
| Comfort Systems USA, Inc. | 668 | 921165 |
| Construction Partners, Inc. - Class A <sup>(a)</sup> | 1630 | 181126 |
| Dycom Industries, Inc. <sup>(a)</sup> | 1265 | 428607 |
| EMCOR Group, Inc. | 1240 | 915504 |
| Everus Construction Group, Inc. <sup>(a)</sup> | 1914 | 225967 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| ENGINEERING & CONSTRUCTION - 3.6% (Continued) |  |  |
| Frontdoor, Inc. <sup>(a)</sup> | 5262 | $278149 |
| Granite Construction, Inc. <sup>(b)</sup> | 4296 | 515005 |
| Installed Building Products, Inc. | 1411 | 374127 |
| Jacobs Solutions, Inc. | 2857 | 363639 |
| MasTec, Inc. <sup>(a)</sup> | 2190 | 704611 |
| Primoris Services Corp. | 1889 | 270203 |
| Sterling Infrastructure, Inc. <sup>(a)</sup> | 1160 | 472433 |
| Tetra Tech, Inc. <sup>(b)</sup> | 8060 | 242767 |
| TopBuild Corp. <sup>(a)(b)</sup> | 930 | 326709 |
|  |  | 7181960 |
| ENTERTAINMENT CONTENT - 0.4% |  |  |
| Lionsgate Studios Corp. <sup>(a)</sup> | 12193 | 116931 |
| Paramount Skydance Corp. - Class B | 13917 | 125531 |
| Sphere Entertainment Co. <sup>(a)</sup> | 1281 | 150389 |
| Versant Media Group, Inc. <sup>(a)</sup> | 4714 | 174512 |
| Warner Music Group Corp. - Class A | 7764 | 198293 |
|  |  | 765656 |
| FOOD - 1.1% |  |  |
| BellRing Brands, Inc. <sup>(a)</sup> | 8386 | 134931 |
| Cal-Maine Foods, Inc. | 2264 | 179196 |
| Darling Ingredients, Inc. <sup>(a)</sup> | 5015 | 310178 |
| Flowers Foods, Inc. | 33337 | 271696 |
| Hormel Foods Corp. | 12364 | 280045 |
| Ingredion, Inc. | 1943 | 218898 |
| J.M. Smucker Co. (The) | 4271 | 411895 |
| Post Holdings, Inc. <sup>(a)</sup> | 2100 | 207606 |
| Seaboard Corp. | 20 | 113080 |
|  |  | 2127525 |
| FORESTRY, PAPER & WOOD PRODUCTS - 0.2% |  |  |
| Boise Cascade Co. | 4194 | 318115 |
| Louisiana-Pacific Corp. | 2036 | 148119 |
|  |  | 466234 |
| GAS & WATER UTILITIES - 1.4% |  |  |
| American States Water Co. | 3640 | 275257 |
| California Water Service Group | 7671 | 347803 |
| Essential Utilities, Inc. | 16832 | 677824 |
| NiSource, Inc. | 8098 | 377853 |
| Southwest Gas Holdings, Inc. | 6850 | 595265 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| GAS & WATER UTILITIES - 1.4% (Continued) |  |  |
| UGI Corp. | 13957 | $508314 |
|  |  | 2782316 |
| HEALTH CARE FACILITIES & SERVICES - 2.1% |  |  |
| Acadia Healthcare Co., Inc. <sup>(a)</sup> | 6801 | 159075 |
| BrightSpring Health Services, Inc. <sup>(a)(b)</sup> | 4258 | 181433 |
| Brookdale Senior Living, Inc. <sup>(a)</sup> | 7498 | 102573 |
| Centene Corp. <sup>(a)</sup> | 9622 | 315024 |
| Charles River Laboratories International, Inc. <sup>(a)</sup> | 1916 | 330510 |
| Chemed Corp. | 502 | 189626 |
| Concentra Group Holdings Parent, Inc. | 15555 | 333655 |
| DaVita, Inc. <sup>(a)(b)</sup> | 1258 | 193342 |
| Encompass Health Corp. | 3302 | 319402 |
| Ensign Group, Inc. (The) <sup>(b)</sup> | 1748 | 352222 |
| Henry Schein, Inc. <sup>(a)</sup> | 3820 | 281534 |
| Medpace Holdings, Inc. <sup>(a)</sup> | 820 | 393756 |
| Molina Healthcare, Inc. <sup>(a)</sup> | 2095 | 279264 |
| Option Care Health, Inc. <sup>(a)</sup> | 5870 | 158020 |
| Pediatrix Medical Group, Inc. <sup>(a)</sup> | 7350 | 157217 |
| RadNet, Inc. <sup>(a)</sup> | 3960 | 221324 |
| Select Medical Holdings Corp. | 12896 | 210076 |
| Sotera Health Co. <sup>(a)</sup> | 7879 | 112985 |
|  |  | 4291038 |
| HOME & OFFICE PRODUCTS - 0.4% |  |  |
| HNI Corp. | 5538 | 184914 |
| Newell Brands, Inc. | 27817 | 95412 |
| Somnigroup International, Inc. | 5890 | 435389 |
|  |  | 715715 |
| HOME CONSTRUCTION - 1.2% |  |  |
| Armstrong World Industries, Inc. | 2600 | 428480 |
| Cavco Industries, Inc. <sup>(a)</sup> | 743 | 359828 |
| Champion Homes, Inc. <sup>(a)</sup> | 1320 | 98168 |
| Griffon Corp. | 2560 | 186061 |
| Interface, Inc. | 6988 | 174141 |
| M/I Homes, Inc. <sup>(a)</sup> | 1817 | 222492 |
| Meritage Homes Corp. | 4450 | 275188 |
| Toll Brothers, Inc. | 2290 | 312516 |
| TRI Pointe Homes, Inc. <sup>(a)</sup> | 9596 | 448421 |
|  |  | 2505295 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| HOUSEHOLD PRODUCTS - 0.4% |  |  |
| Clorox Co. (The) | 4240 | $439391 |
| Quanex Building Products Corp. <sup>(b)</sup> | 6912 | 124209 |
| Spectrum Brands Holdings, Inc. | 3020 | 222574 |
|  |  | 786174 |
| INDUSTRIAL INTERMEDIATE PRODUCTS - 1.2% |  |  |
| AZZ, Inc. | 1430 | 178936 |
| Chart Industries, Inc. <sup>(a)</sup> | 1431 | 295859 |
| Enpro, Inc. | 1560 | 391014 |
| Mueller Industries, Inc. | 3309 | 366637 |
| Proto Labs, Inc. <sup>(a)</sup> | 2998 | 170946 |
| RBC Bearings, Inc. <sup>(a)</sup> | 990 | 537689 |
| Timken Co. (The) | 3660 | 368086 |
| Valmont Industries, Inc. | 473 | 188997 |
|  |  | 2498164 |
| INDUSTRIAL SUPPORT SERVICES - 1.5% |  |  |
| Applied Industrial Technologies, Inc. | 1140 | 302465 |
| Core & Main, Inc. - Class A <sup>(a)</sup> | 5835 | 288249 |
| MSC Industrial Direct Co., Inc. - Class A | 5310 | 489954 |
| RB Global, Inc. | 5653 | 541840 |
| Resideo Technologies, Inc. <sup>(a)</sup> | 6763 | 227981 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 1412 | 187951 |
| Vaxcyte, Inc. <sup>(a)</sup> | 3120 | 181303 |
| VSE Corp. <sup>(b)</sup> | 712 | 131293 |
| Watsco, Inc. | 574 | 208815 |
| WESCO International, Inc. | 1554 | 425206 |
|  |  | 2985057 |
| INSTITUTIONAL FINANCIAL SERVICES - 1.0% |  |  |
| Evercore, Inc. - Class A <sup>(b)</sup> | 1302 | 388660 |
| Lazard, Inc. | 3959 | 168178 |
| Moelis & Co. - Class A | 3694 | 210558 |
| Piper Sandler Cos. <sup>(b)</sup> | 7436 | 569226 |
| PJT Partners, Inc. - Class A <sup>(b)</sup> | 1721 | 240458 |
| StoneX Group, Inc. <sup>(a)</sup> | 1787 | 144081 |
| Virtu Financial, Inc. - Class A | 6270 | 275755 |
|  |  | 1996916 |
| INSURANCE - 3.2% |  |  |
| American Financial Group, Inc. | 2490 | 317998 |
| Assurant, Inc. | 1350 | 294044 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| INSURANCE - 3.2% (Continued) |  |  |
| Assured Guaranty Ltd. | 3960 | $322661 |
| Axis Capital Holdings Ltd. | 1521 | 154245 |
| Brighthouse Financial, Inc. <sup>(a)</sup> | 1761 | 105449 |
| Corebridge Financial, Inc. | 13243 | 315978 |
| Equitable Holdings, Inc. | 5665 | 210228 |
| Everest Group Ltd. | 679 | 221931 |
| Genworth Financial, Inc. <sup>(a)</sup> | 39408 | 319993 |
| Globe Life, Inc. | 2835 | 394547 |
| Jackson Financial, Inc. - Class A | 4108 | 434298 |
| Kemper Corp. | 4811 | 147024 |
| Lemonade, Inc. <sup>(a)</sup> | 1874 | 117462 |
| Lincoln National Corp. | 7044 | 250062 |
| Mercury General Corp. | 3903 | 344049 |
| Old Republic International Corp. | 5221 | 208318 |
| Primerica, Inc. | 950 | 237956 |
| Radian Group, Inc. | 8239 | 272546 |
| Reinsurance Group of America, Inc. | 1945 | 397091 |
| RenaissanceRe Holdings Ltd. <sup>(b)</sup> | 1171 | 348056 |
| RLI Corp. | 2527 | 144140 |
| SiriusPoint Ltd. <sup>(a)</sup> | 10490 | 225955 |
| Unum Group | 4937 | 360549 |
| Voya Financial, Inc. | 3198 | 218487 |
| White Mountains Insurance Group Ltd. | 64 | 140605 |
|  |  | 6503672 |
| INTERNET MEDIA & SERVICES - 0.9% |  |  |
| CarGurus, Inc. <sup>(a)</sup> | 4745 | 161567 |
| GoDaddy, Inc. - Class A <sup>(a)</sup> | 3140 | 259584 |
| Lyft, Inc. - Class A <sup>(a)(b)</sup> | 14538 | 193355 |
| Maplebear, Inc. <sup>(a)(b)</sup> | 5008 | 187600 |
| Match Group, Inc. | 6341 | 194732 |
| Pinterest, Inc. - Class A <sup>(a)</sup> | 10844 | 198879 |
| Roku Inc. <sup>(a)</sup> | 4219 | 399202 |
| Zillow Group, Inc. - Class A <sup>(a)</sup> | 6605 | 273381 |
|  |  | 1868300 |
| LEISURE FACILITIES & SERVICES - 2.1% |  |  |
| Brinker International, Inc. <sup>(a)</sup> | 2179 | 311096 |
| CAVA Group, Inc. <sup>(a)(b)</sup> | 3117 | 252165 |
| Cheesecake Factory, Inc. (The) | 4578 | 250645 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| LEISURE FACILITIES & SERVICES - 2.1% (Continued) |  |  |
| Choice Hotels International, Inc. <sup>(b)</sup> | 1237 | $128030 |
| Cinemark Holdings, Inc. | 6254 | 178364 |
| Domino's Pizza, Inc. | 454 | 162891 |
| Dutch Bros, Inc. - Class A <sup>(a)(b)</sup> | 4395 | 222651 |
| Hyatt Hotels Corp. - Class A | 1435 | 206339 |
| Life Time Group Holdings, Inc. <sup>(a)</sup> | 4102 | 110508 |
| Madison Square Garden Sports Corp. <sup>(a)</sup> | 938 | 301473 |
| Marriott Vacations Worldwide Corp. | 1336 | 87000 |
| Norwegian Cruise Line Holdings Ltd. <sup>(a)</sup> | 14731 | 275470 |
| Planet Fitness, Inc. - Class A <sup>(a)</sup> | 1618 | 120347 |
| Rocket Lab Corp. <sup>(a)</sup> | 8987 | 577145 |
| Shake Shack, Inc. - Class A <sup>(a)</sup> | 3069 | 271514 |
| Texas Roadhouse, Inc. | 1850 | 305509 |
| Travel + Leisure Co. | 1670 | 115547 |
| Wendy's Co. (The) <sup>(b)</sup> | 19463 | 135268 |
| Wyndham Hotels & Resorts, Inc. | 3458 | 280893 |
|  |  | 4292855 |
| LEISURE PRODUCTS - 0.9% |  |  |
| Acushnet Holdings Corp. | 3196 | 298762 |
| Brunswick Corp. | 3232 | 235160 |
| Callaway Golf Co. <sup>(a)</sup> | 7795 | 108195 |
| Hasbro, Inc. | 5432 | 508435 |
| LCI Industries | 1669 | 205254 |
| Mattel, Inc. <sup>(a)</sup> | 13656 | 198422 |
| Peloton Interactive, Inc. - Class A <sup>(a)</sup> | 19905 | 85392 |
| YETI Holdings, Inc. <sup>(a)</sup> | 2850 | 104281 |
|  |  | 1743901 |
| MACHINERY - 3.8% |  |  |
| AGCO Corp. | 2433 | 281912 |
| Crane Co. | 1594 | 272574 |
| CSW Industrials, Inc. | 626 | 163123 |
| Donaldson Co., Inc. | 4192 | 355775 |
| Enerpac Tool Group Corp. | 8150 | 297231 |
| ESCO Technologies, Inc. | 2052 | 577371 |
| Federal Signal Corp. | 4740 | 512584 |
| Flowserve Corp. | 4587 | 337190 |
| Franklin Electric Co., Inc. | 6300 | 580671 |
| Gates Industrial Corp. plc <sup>(a)</sup> | 11576 | 261733 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| MACHINERY - 3.8% (Continued) |  |  |
| Graco, Inc. | 4275 | $361879 |
| IDEX Corp. | 2674 | 506857 |
| JBT Marel Corp. | 3075 | 393200 |
| Kadant, Inc. | 471 | 137697 |
| Kennametal, Inc. | 3943 | 142461 |
| Lincoln Electric Holdings, Inc. | 1966 | 489691 |
| Lindsay Corp. | 840 | 100019 |
| Middleby Corp. (The) <sup>(a)</sup> | 1490 | 197544 |
| MSA Safety, Inc. | 1259 | 206413 |
| Nordson Corp. | 2090 | 556065 |
| Stanley Black & Decker, Inc. | 2640 | 187598 |
| Tennant Co. <sup>(b)</sup> | 1705 | 113212 |
| Terex Corp. | 3663 | 216483 |
| Toro Co. (The) | 2924 | 273219 |
| Zurn Elkay Water Solutions Corp. | 4762 | 213528 |
|  |  | 7736030 |
| MEDICAL EQUIPMENT & DEVICES - 3.6% |  |  |
| Align Technology, Inc. <sup>(a)</sup> | 1950 | 334288 |
| Bio-Rad Laboratories, Inc. - Class A <sup>(a)</sup> | 384 | 107040 |
| Bio-Techne Corp. | 2219 | 115965 |
| Cooper Cos., Inc. (The) <sup>(a)</sup> | 6454 | 461461 |
| DENTSPLY SIRONA, Inc. | 18382 | 213231 |
| Enovis Corp. <sup>(a)</sup> | 5767 | 131199 |
| Envista Holdings Corp. <sup>(a)</sup> | 8663 | 219780 |
| Glaukos Corp. <sup>(a)</sup> | 3039 | 327179 |
| Globus Medical, Inc. - Class A <sup>(a)</sup> | 3644 | 313967 |
| Haemonetics Corp. <sup>(a)</sup> | 1730 | 97503 |
| Hologic, Inc. <sup>(a)</sup> | 9530 | 720373 |
| ICU Medical, Inc. <sup>(a)</sup> | 907 | 117139 |
| Illumina, Inc. <sup>(a)</sup> | 4504 | 555163 |
| Insulet Corp. <sup>(a)</sup> | 1278 | 268176 |
| Integer Holdings Corp. <sup>(a)(b)</sup> | 2180 | 191840 |
| iRhythm Technologies, Inc. <sup>(a)</sup> | 2590 | 305672 |
| Lantheus Holdings, Inc. <sup>(a)</sup> | 2141 | 162395 |
| Masimo Corp. <sup>(a)</sup> | 1773 | 315363 |
| Merit Medical Systems, Inc. <sup>(a)</sup> | 5690 | 392212 |
| Natera, Inc. <sup>(a)</sup> | 3800 | 759962 |
| Penumbra, Inc. <sup>(a)(b)</sup> | 1280 | 420314 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| MEDICAL EQUIPMENT & DEVICES - 3.6% (Continued) |  |  |
| PROCEPT BioRobotics Corp. <sup>(a)</sup> | 4431 | $110819 |
| Repligen Corp. <sup>(a)</sup> | 1273 | 149985 |
| Revvity, Inc. | 1720 | 150689 |
| Solventum Corp. <sup>(a)</sup> | 4456 | 290977 |
| Tandem Diabetes Care, Inc. <sup>(a)</sup> | 7138 | 136835 |
|  |  | 7369527 |
| METALS & MINING - 1.3% |  |  |
| Alcoa Corp. | 8090 | 536610 |
| Century Aluminum Co. <sup>(a)</sup> | 3551 | 208408 |
| Coeur Mining, Inc. <sup>(a)(b)</sup> | 21730 | 407872 |
| Hecla Mining Co. | 14575 | 271532 |
| MP Materials Corp. <sup>(a)</sup> | 5737 | 276868 |
| Royal Gold, Inc. | 2411 | 613575 |
| Rubrik, Inc. - Class A <sup>(a)</sup> | 4919 | 240884 |
|  |  | 2555749 |
| OIL & GAS PRODUCERS - 2.3% |  |  |
| Antero Midstream Corp. | 16376 | 373373 |
| APA Corp. | 18269 | 775336 |
| California Resources Corp. | 4487 | 310590 |
| CNX Resources Corp. <sup>(a)</sup> | 4216 | 162527 |
| EQT Corp. | 11347 | 722123 |
| Kinetik Holdings, Inc. | 6761 | 327300 |
| Murphy Oil Corp. | 7821 | 322616 |
| Northern Oil and Gas, Inc. <sup>(b)</sup> | 6725 | 196572 |
| Ovintiv, Inc. | 10792 | 640613 |
| SM Energy Co. | 9665 | 301355 |
| Viper Energy, Inc. - Class A | 9286 | 436349 |
|  |  | 4568754 |
| OIL & GAS SERVICES & EQUIPMENT - 0.6% |  |  |
| TechnipFMC plc | 14009 | 968442 |
| Weatherford International plc | 3408 | 322329 |
|  |  | 1290771 |
| PUBLISHING & BROADCASTING - 0.8% |  |  |
| John Wiley & Sons, Inc. - Class A <sup>(b)</sup> | 2851 | 108623 |
| Liberty Media Corp. - Liberty Formula One - Series C <sup>(a)</sup> | 6235 | 530100 |
| New York Times Co. (The) - Class A | 5269 | 441173 |
| Nexstar Media Group, Inc. | 838 | 151535 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| PUBLISHING & BROADCASTING - 0.8% (Continued) |  |  |
| TKO Group Holdings, Inc. | 1818 | $366600 |
|  |  | 1598031 |
| REAL ESTATE OWNERS & DEVELOPERS - 0.1% |  |  |
| McGrath RentCorp | 2414 | 266216 |
| REAL ESTATE SERVICES - 0.4% |  |  |
| AGNC Investment Corp. | 39508 | 396265 |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> | 1492 | 454046 |
|  |  | 850311 |
| REITS - 6.1% |  |  |
| Acadia Realty Trust | 8150 | 155828 |
| Agree Realty Corp. | 2799 | 210989 |
| American Healthcare REIT, Inc. | 5692 | 268435 |
| American Homes 4 Rent - Class A <sup>(b)</sup> | 16096 | 449400 |
| Brixmor Property Group, Inc. | 11669 | 336067 |
| Broadstone Net Lease, Inc. | 9933 | 181476 |
| BXP, Inc. | 6555 | 340204 |
| Camden Property Trust | 3430 | 334974 |
| CareTrust REIT, Inc. | 11472 | 420449 |
| DiamondRock Hospitality Co. | 14240 | 133429 |
| EastGroup Properties, Inc. | 1531 | 283373 |
| EPR Properties | 3010 | 150380 |
| Equity LifeStyle Properties, Inc. | 4900 | 305858 |
| Essential Properties Realty Trust, Inc. <sup>(b)</sup> | 7790 | 236504 |
| Essex Property Trust, Inc. | 1057 | 255794 |
| Federal Realty Investment Trust | 2749 | 291971 |
| First Industrial Realty Trust, Inc. | 4250 | 245862 |
| HA Sustainable Infrastructure Capital, Inc. <sup>(b)</sup> | 3918 | 143987 |
| Healthpeak Properties, Inc. | 22590 | 371154 |
| Host Hotels & Resorts, Inc. | 22009 | 421692 |
| Independence Realty Trust, Inc. | 12613 | 187808 |
| Invitation Homes, Inc. | 15518 | 385622 |
| Kilroy Realty Corp. | 6135 | 173068 |
| Kimco Realty Corp. | 19961 | 448524 |
| Kite Realty Group Trust | 5788 | 142095 |
| Lamar Advertising Co. - Class A | 2846 | 360474 |
| Macerich Co. (The) | 11680 | 220752 |
| Medical Properties Trust, Inc. | 18810 | 87090 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| REITS - 6.1% (Continued) |  |  |
| Mid-America Apartment Communities, Inc. | 2257 | $275625 |
| NNN REIT, Inc. | 5050 | 212252 |
| Omega Healthcare Investors, Inc. | 8620 | 377728 |
| OUTFRONT Media Inc. | 6378 | 169017 |
| Park Hotels & Resorts, Inc. <sup>(b)</sup> | 10556 | 111155 |
| Phillips Edison & Co., Inc. | 3643 | 136321 |
| Regency Centers Corp. | 5103 | 386093 |
| Rexford Industrial Realty, Inc. | 7530 | 246457 |
| Ryman Hospitality Properties, Inc. | 1173 | 108233 |
| Sabra Health Care REIT, Inc. | 6980 | 134225 |
| SL Green Realty Corp. | 5952 | 219867 |
| Sun Communities, Inc. | 3837 | 483309 |
| Tanger, Inc. | 10710 | 363926 |
| Terreno Realty Corp. | 2943 | 180759 |
| Texas Pacific Land Corp. | 854 | 405274 |
| Urban Edge Properties | 9260 | 185015 |
| W.P. Carey, Inc. | 6500 | 441740 |
| Weyerhaeuser Co. | 15124 | 369479 |
|  |  | 12349734 |
| RENEWABLE ENERGY - 0.6% |  |  |
| EnerSys | 1054 | 183101 |
| Enphase Energy, Inc. <sup>(a)</sup> | 2640 | 99819 |
| First Solar, Inc. <sup>(a)</sup> | 1970 | 388602 |
| Plug Power, Inc. <sup>(a)(b)</sup> | 53978 | 121990 |
| Solv Energy, Inc. - Class A <sup>(a)</sup> | 15796 | 474354 |
|  |  | 1267866 |
| RETAIL - CONSUMER STAPLES - 1.4% |  |  |
| BJ's Wholesale Club Holdings, Inc. <sup>(a)(b)</sup> | 3468 | 341320 |
| Casey's General Stores, Inc. | 998 | 726404 |
| Five Below, Inc. <sup>(a)</sup> | 2072 | 473411 |
| Hims & Hers Health, Inc. <sup>(a)(b)</sup> | 7324 | 152046 |
| Murphy USA, Inc. | 1125 | 555716 |
| Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup> | 1271 | 116983 |
| PriceSmart, Inc. <sup>(b)</sup> | 1550 | 233275 |
| Sprouts Farmers Market, Inc. <sup>(a)</sup> | 1820 | 140377 |
|  |  | 2739532 |
| RETAIL - DISCRETIONARY - 2.9% |  |  |
| Abercrombie & Fitch Co. - Class A <sup>(a)</sup> | 1384 | 126456 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| RETAIL - DISCRETIONARY - 2.9% (Continued) |  |  |
| Academy Sports & Outdoors, Inc. | 1753 | $98957 |
| Advance Auto Parts, Inc. <sup>(b)</sup> | 4870 | 256892 |
| American Eagle Outfitters, Inc. | 8722 | 145657 |
| Asbury Automotive Group, Inc. <sup>(a)</sup> | 1419 | 277287 |
| AutoNation, Inc. <sup>(a)</sup> | 935 | 182568 |
| Best Buy Co., Inc. <sup>(b)</sup> | 6190 | 397398 |
| Boot Barn Holdings, Inc. <sup>(a)</sup> | 1758 | 257301 |
| Buckle, Inc. (The) | 5380 | 270937 |
| Burlington Stores, Inc. <sup>(a)</sup> | 853 | 277549 |
| CarMax, Inc. <sup>(a)</sup> | 5685 | 236382 |
| Dick's Sporting Goods, Inc. <sup>(b)</sup> | 1719 | 340860 |
| Floor & Decor Holdings, Inc. - Class A <sup>(a)</sup> | 3581 | 181915 |
| Freshpet, Inc. <sup>(a)</sup> | 2410 | 142094 |
| GameStop Corp. - Class A <sup>(a)(b)</sup> | 10988 | 253163 |
| Gap, Inc. (The) | 6511 | 157566 |
| Genuine Parts Co. | 1995 | 210971 |
| Group 1 Automotive, Inc. | 1120 | 370306 |
| La-Z-Boy, Inc. | 3300 | 106062 |
| Macy's, Inc. | 8663 | 156714 |
| Signet Jewelers Ltd. <sup>(b)</sup> | 1576 | 133393 |
| Urban Outfitters, Inc. <sup>(a)</sup> | 5413 | 342914 |
| Valvoline, Inc. <sup>(a)</sup> | 4394 | 147990 |
| Victoria's Secret & Co. <sup>(a)</sup> | 4850 | 224846 |
| Williams-Sonoma, Inc. | 3300 | 601689 |
|  |  | 5897867 |
| SEMICONDUCTORS - 2.6% |  |  |
| Allegro MicroSystems, Inc. <sup>(a)(b)</sup> | 6590 | 207783 |
| Amkor Technology, Inc. | 3208 | 144456 |
| Astera Labs, Inc. <sup>(a)</sup> | 4183 | 458457 |
| Axcelis Technologies, Inc. <sup>(a)</sup> | 2766 | 257459 |
| Diodes, Inc. <sup>(a)</sup> | 3199 | 218364 |
| Entegris, Inc. | 4198 | 492174 |
| FormFactor, Inc. <sup>(a)</sup> | 3694 | 358281 |
| Lattice Semiconductor Corp. <sup>(a)</sup> | 3703 | 343490 |
| MACOM Technology Solutions Holdings, Inc. <sup>(a)(b)</sup> | 2006 | 445472 |
| MKS, Inc. <sup>(b)</sup> | 2100 | 482601 |
| Onto Innovation, Inc. <sup>(a)</sup> | 1667 | 341852 |
| Qorvo, Inc. <sup>(a)</sup> | 3115 | 241101 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| SEMICONDUCTORS - 2.6% (Continued) |  |  |
| Rambus, Inc. <sup>(a)(b)</sup> | 3003 | $258348 |
| Semtech Corp. <sup>(a)</sup> | 3740 | 287569 |
| Silicon Laboratories, Inc. <sup>(a)</sup> | 983 | 204611 |
| SiTime Corp. <sup>(a)</sup> | 822 | 283878 |
| Veeco Instruments, Inc. <sup>(a)(b)</sup> | 5663 | 191749 |
| Vishay Intertechnology, Inc. | 7545 | 135810 |
|  |  | 5353455 |
| SOFTWARE - 5.1% |  |  |
| ACI Worldwide, Inc. <sup>(a)</sup> | 4180 | 171422 |
| Adeia, Inc. | 6147 | 147712 |
| Affirm Holdings, Inc. <sup>(a)</sup> | 7910 | 362436 |
| Akamai Technologies, Inc. <sup>(a)</sup> | 4955 | 569082 |
| Alignment Healthcare, Inc. <sup>(a)</sup> | 6076 | 107059 |
| Box, Inc. - Class A <sup>(a)</sup> | 4810 | 113708 |
| Calix, Inc. <sup>(a)(b)</sup> | 3303 | 161814 |
| Circle Internet Group, Inc. <sup>(a)</sup> | 3563 | 339946 |
| Clear Secure, Inc. - Class A | 2690 | 130223 |
| Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | 11403 | 269681 |
| Commvault Systems, Inc. <sup>(a)</sup> | 2794 | 217625 |
| Concentrix Corp. <sup>(b)</sup> | 3310 | 90562 |
| DigitalOcean Holdings, Inc. <sup>(a)(b)</sup> | 2455 | 210590 |
| DocuSign, Inc. <sup>(a)</sup> | 3640 | 172572 |
| D-Wave Quantum, Inc. <sup>(a)(b)</sup> | 7345 | 105988 |
| Dynatrace, Inc. <sup>(a)</sup> | 9704 | 358854 |
| Fastly, Inc. - Class A <sup>(a)</sup> | 4436 | 128910 |
| Figma, Inc. - Class A <sup>(a)</sup> | 8356 | 176646 |
| Freshworks, Inc. - Class A <sup>(a)</sup> | 19676 | 157998 |
| Gen Digital, Inc. | 18820 | 354381 |
| Guidewire Software, Inc. <sup>(a)</sup> | 1180 | 176481 |
| HubSpot, Inc. <sup>(a)</sup> | 1437 | 350772 |
| Intapp, Inc. <sup>(a)</sup> | 4006 | 102914 |
| IonQ, Inc. <sup>(a)(b)</sup> | 10061 | 290059 |
| Klaviyo, Inc. - Class A <sup>(a)</sup> | 6920 | 134663 |
| nCino, Inc. <sup>(a)</sup> | 7063 | 105804 |
| Nutanix, Inc. - Class A <sup>(a)</sup> | 8685 | 330117 |
| OKTA, Inc. <sup>(a)</sup> | 5102 | 401578 |
| OneStream, Inc. <sup>(a)</sup> | 9516 | 228384 |
| Pegasystems, Inc. | 3798 | 161643 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| SOFTWARE - 5.1% (Continued) |  |  |
| Planet Labs PBC <sup>(a)</sup> | 8143 | $227597 |
| Privia Health Group, Inc. <sup>(a)</sup> | 5538 | 113917 |
| Procore Technologies, Inc. <sup>(a)</sup> | 5313 | 302841 |
| Progress Software Corp. <sup>(a)</sup> | 3880 | 99522 |
| PTC, Inc. <sup>(a)</sup> | 2824 | 402392 |
| Qualys, Inc. <sup>(a)</sup> | 1389 | 122024 |
| RingCentral, Inc. - Class A | 3751 | 139500 |
| Samsara, Inc. - Class A <sup>(a)</sup> | 5550 | 175879 |
| ServiceTitan, Inc. - Class A <sup>(a)(b)</sup> | 2308 | 146466 |
| SPS Commerce, Inc. <sup>(a)</sup> | 3377 | 187997 |
| Tempus AI, Inc. - Class A <sup>(a)(b)</sup> | 2348 | 106176 |
| Twilio, Inc. - Class A <sup>(a)</sup> | 4512 | 567700 |
| Tyler Technologies, Inc. <sup>(a)</sup> | 1333 | 456392 |
| UiPath, Inc. - Class A <sup>(a)(b)</sup> | 18555 | 205960 |
| Unity Software, Inc. <sup>(a)</sup> | 13488 | 295927 |
| Zeta Global Holdings Corp. - Class A <sup>(a)</sup> | 7637 | 121581 |
|  |  | 10301495 |
| SPECIALTY FINANCE - 2.5% |  |  |
| Air Lease Corp. | 3330 | 216250 |
| Ally Financial, Inc. | 8477 | 332553 |
| Annaly Capital Management, Inc. | 22655 | 479153 |
| ARMOUR Residential REIT, Inc. | 10482 | 174840 |
| BitMine Immersion Technologies, Inc. | 6986 | 138183 |
| Bread Financial Holdings, Inc. | 2710 | 202952 |
| Encore Capital Group, Inc. <sup>(a)</sup> | 3150 | 220878 |
| Essent Group Ltd. | 2482 | 145048 |
| Fidelity National Financial, Inc. | 7088 | 328742 |
| FTAI Aviation Ltd. | 3505 | 858725 |
| GATX Corp. | 1024 | 174838 |
| MGIC Investment Corp. | 5493 | 144191 |
| OneMain Holdings, Inc. | 3730 | 199518 |
| QXO, Inc. <sup>(a)</sup> | 18653 | 362241 |
| SLM Corp. <sup>(b)</sup> | 7698 | 164814 |
| SoFi Technologies, Inc. <sup>(a)</sup> | 38931 | 618224 |
| Starwood Property Trust, Inc. | 8554 | 147300 |
| Walker & Dunlop, Inc. | 2200 | 97636 |
|  |  | 5006086 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| STEEL - 1.2% |  |  |
| ATI, Inc. <sup>(a)</sup> | 4865 | $707663 |
| Carpenter Technology Corp. | 1855 | 731148 |
| Commercial Metals Co. | 3147 | 193320 |
| Reliance, Inc. | 1511 | 459223 |
| Steel Dynamics, Inc. | 1983 | 356940 |
|  |  | 2448294 |
| TECHNOLOGY HARDWARE - 4.2% |  |  |
| Aurora Innovation, Inc. <sup>(a)(b)</sup> | 33419 | 137686 |
| Benchmark Electronics, Inc. | 3940 | 220877 |
| Ciena Corp. <sup>(a)</sup> | 2261 | 877788 |
| Credo Technology Group Holding Ltd. <sup>(a)</sup> | 5837 | 547919 |
| Everpure, Inc. - Class A <sup>(a)</sup> | 9384 | 554032 |
| Extreme Networks, Inc. <sup>(a)</sup> | 6621 | 99845 |
| F5, Inc. <sup>(a)</sup> | 1813 | 524555 |
| Fabrinet <sup>(a)</sup> | 1033 | 538730 |
| Flex Ltd. <sup>(a)</sup> | 9522 | 623310 |
| InterDigital, Inc. <sup>(b)</sup> | 1402 | 423404 |
| Jabil, Inc. | 2627 | 697810 |
| JFrog Ltd. <sup>(a)</sup> | 4430 | 207900 |
| Knowles Corp. <sup>(a)</sup> | 9450 | 242676 |
| Lumentum Holdings, Inc. <sup>(a)(b)</sup> | 1091 | 766711 |
| Pitney Bowes, Inc. | 13600 | 150280 |
| Plexus Corp. <sup>(a)</sup> | 1982 | 401434 |
| Rigetti Computing, Inc. <sup>(a)(b)</sup> | 9684 | 135963 |
| Sanmina Corp. <sup>(a)</sup> | 3583 | 464500 |
| TD SYNNEX Corp. | 2289 | 386177 |
| ViaSat, Inc. <sup>(a)</sup> | 3182 | 145736 |
| Viavi Solutions, Inc. <sup>(a)</sup> | 7046 | 234491 |
| Vicor Corp. <sup>(a)</sup> | 569 | 91609 |
|  |  | 8473433 |
| TECHNOLOGY SERVICES - 2.3% |  |  |
| ASGN, Inc. <sup>(a)</sup> | 4016 | 155459 |
| Chime Financial, Inc. - Class A <sup>(a)</sup> | 8858 | 165910 |
| CSG Systems International, Inc. | 3400 | 271796 |
| EPAM Systems, Inc. <sup>(a)(b)</sup> | 1674 | 226660 |
| ExlService Holdings, Inc. <sup>(a)</sup> | 5772 | 175757 |
| FactSet Research Systems, Inc. | 2139 | 464142 |
| Gartner, Inc. <sup>(a)</sup> | 2862 | 453169 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| TECHNOLOGY SERVICES - 2.3% (Continued) |  |  |
| Genpact Ltd. | 6989 | $260340 |
| HealthEquity, Inc. <sup>(a)</sup> | 2811 | 234915 |
| Insight Enterprises, Inc. <sup>(a)</sup> | 2670 | 178917 |
| Jack Henry & Associates, Inc. | 2488 | 393204 |
| LiveRamp Holdings, Inc. <sup>(a)</sup> | 3836 | 101731 |
| MarketAxess Holdings, Inc. | 1067 | 176034 |
| Morningstar, Inc. | 1903 | 321702 |
| Toast, Inc. - Class A <sup>(a)</sup> | 12360 | 327664 |
| TransUnion | 5781 | 399987 |
| Western Union Co. (The) | 12550 | 109561 |
| WEX, Inc. <sup>(a)</sup> | 1097 | 167885 |
|  |  | 4584833 |
| TELECOMMUNICATIONS - 0.9% |  |  |
| Applied Digital Corp. <sup>(a)(b)</sup> | 6912 | 164091 |
| AST SpaceMobile, Inc. <sup>(a)(b)</sup> | 7417 | 614647 |
| DigitalBridge Group, Inc. | 6776 | 104486 |
| EchoStar Corp. - Class A <sup>(a)</sup> | 3775 | 441939 |
| Lumen Technologies, Inc. <sup>(a)</sup> | 33428 | 232324 |
| Telephone and Data Systems, Inc. | 4416 | 185914 |
|  |  | 1743401 |
| TRANSPORTATION & LOGISTICS - 2.2% |  |  |
| Alaska Air Group, Inc. <sup>(a)</sup> | 4379 | 161060 |
| American Airlines Group, Inc. <sup>(a)</sup> | 26466 | 284245 |
| ArcBest Corp. | 2845 | 279834 |
| C.H. Robinson Worldwide, Inc. | 3573 | 593368 |
| GXO Logistics, Inc. <sup>(a)</sup> | 4540 | 235399 |
| Hub Group, Inc. - Class A | 6960 | 250838 |
| J.B. Hunt Transport Services, Inc. | 2159 | 457492 |
| JetBlue Airways Corp. <sup>(a)</sup> | 22448 | 99220 |
| Kirby Corp. <sup>(a)</sup> | 1388 | 184438 |
| Knight-Swift Transportation Holdings, Inc. | 4899 | 282085 |
| Matson, Inc. | 2746 | 450179 |
| Ryder System, Inc. | 1323 | 270831 |
| Saia, Inc. <sup>(a)</sup> | 330 | 115922 |
| SkyWest, Inc. <sup>(a)</sup> | 2138 | 196333 |
| XPO, Inc. <sup>(a)(b)</sup> | 3265 | 635206 |
|  |  | 4496450 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| TRANSPORTATION EQUIPMENT - 0.2% |  |  |
| Greenbrier Cos., Inc. (The) | 2140 | $112671 |
| Trinity Industries, Inc. | 6334 | 203828 |
|  |  | 316499 |
| WHOLESALE - CONSUMER STAPLES - 1.0% |  |  |
| Andersons, Inc. (The) | 4953 | 355526 |
| Bunge Global S.A. | 6257 | 795890 |
| United Natural Foods, Inc. <sup>(a)</sup> | 3759 | 169381 |
| US Foods Holding Corp. <sup>(a)</sup> | 7032 | 648421 |
|  |  | 1969218 |
| WHOLESALE - DISCRETIONARY - 0.4% |  |  |
| Aramark | 7620 | 308915 |
| G-III Apparel Group Ltd. | 4123 | 114207 |
| LKQ Corp. | 7269 | 213490 |
| OPENLANE, Inc. <sup>(a)</sup> | 8420 | 245443 |
|  |  | 882055 |
| **TOTAL COMMON STOCKS** (COST $153,855,548) |  | $199984262 |

---

---

| | | |
|:---|:---|:---|
| **RIGHTS - 0.0% <sup>(c)</sup>** | **Shares** | **Fair Value** |
| ASSET MANAGEMENT - 0.0% <sup>(c)</sup> |  |  |
| Sycamore Partners, LLC <sup>(a)(d)(e)</sup> | 44730 | $23707 |
| BIOTECH & PHARMA - 0.0% <sup>(c)</sup> |  |  |
| Blueprint Medicines Corp. <sup>(a)(d)(e)</sup> | 2090 | 962 |
| MEDICAL EQUIPMENT & DEVICES - 0.0% <sup>(c)</sup> |  |  |
| OmniAb, Inc. <sup>(a)(d)(e)</sup> | 2092 | 440 |
| **TOTAL RIGHTS** (COST $0) |  | $25109 |

---

**Schedule of Portfolio Investments (Continued)**

***Praxis Small Cap Index Fund***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE NOTES - 0.7%** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| COMMUNITY DEVELOPMENT - 0.7% |  |  |  |  |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 4.000% | 06/15/28 | $180000 | $174106 |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 5.000% | 12/15/28 | 220000 | 216512 |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 5.000% | 06/15/29 | 200000 | 195135 |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 4.500% | 12/14/29 | 170000 | 163313 |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 4.500% | 06/14/30 | 110000 | 104340 |
| Calvert Impact Capital, Inc. <sup>(d)</sup> | 4.500% | 12/13/30 | 320000 | 303717 |
| Capital Impact Partners Investment <sup>(d)</sup> | 4.500% | 06/15/26 | 110000 | 110092 |
| Capital Impact Partners Investment <sup>(d)</sup> | 5.000% | 12/15/26 | 200000 | 200491 |
| **TOTAL CORPORATE NOTES** (COST $1,510,000) |  |  |  | $1467706 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 0.2%** | **Shares** | **Fair Value** |
| First American Government Obligations Fund - Class X, 3.58% <sup>(f)</sup> (COST $391,485) | 391485 | $391485 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 7.2%** | **Shares** | **Fair Value** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.74% <sup>(f)(g)</sup> (COST $14,611,877) | 14611877 | $14611877 |
| **TOTAL INVESTMENTS -** (COST $170,368,910) **- 107.1%** |  | $216480439 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (7.1%)** |  | (14468984) |
| **NET ASSETS - 100.0%** |  | $202011455 |

---

**Schedule of Portfolio Investments (Continued)** 

***Praxis Small Cap Index Fund***

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of March 31, 2026 was $14,954,611.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

<sup>(d)</sup> Illiquid securities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>Date | Current <br>Cost | Fair <br>Value | % of Net <br>Assets |
| Blueprint Medicines Corp. | 07/21/25 | $– | $962 | 0.0 %<sup>(c)</sup> |
| Calvert Impact Capital, Inc., 4.000%, 06/15/28 | 06/15/23 | 180000 | 174106 | 0.1% |
| Calvert Impact Capital, Inc., 5.000%, 12/15/28 | 12/15/23 | 220000 | 216512 | 0.1% |
| Calvert Impact Capital, Inc., 5.000%, 06/15/29 | 06/14/24 | 200000 | 195135 | 0.1% |
| Calvert Impact Capital, Inc., 4.500%, 12/14/29 | 12/13/24 | 170000 | 163313 | 0.1% |
| Calvert Impact Capital, Inc., 4.500%, 06/14/30 | 06/13/25 | 110000 | 104340 | 0.0 %<sup>(c)</sup> |
| Calvert Impact Capital, Inc., 4.500%, 12/13/30 | 12/15/25 | 320000 | 303717 | 0.1% |
| Capital Impact Partners Investment, 4.500%, 06/15/26 | 06/17/25 | 110000 | 110092 | 0.1% |
| Capital Impact Partners Investment, 5.000%, 12/15/26 | 12/15/23 | 200000 | 200491 | 0.1% |
| OmniAb, Inc. | 11/02/22 |  | 440 | 0.0 %<sup>(c)</sup> |
| Sycamore Partners, LLC | 08/28/25 | – | 23707 | 0.0 %<sup>(c)</sup> |
|  |  | $1510000 | $1492815 | 0.7% |

---

<sup>(e)</sup> Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total value of such securities was $25,109 as of March 31, 2026, representing 0.0% <sup>(c)</sup> of net assets.

<sup>(f)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

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

plc - Public Liability Company

REIT - Real Estate Investment Trust

**Schedule of Portfolio Investments**

***Praxis Genesis Conservative Portfolio***

***March 31, 2026 (Unaudited)***

---

| | | |
|:---|:---|:---|
| **AFFILIATED MUTUAL FUNDS - 100.0%** | **Shares** | **Fair Value** |
| DEBT FUND - 74.6% |  |  |
| Praxis Impact Bond Fund - Class I | 1884181 | $17824353 |
| EQUITY FUND - 25.4% |  |  |
| Praxis Growth Index Fund - Class I | 37760 | 1895171 |
| Praxis International Index Fund - Class I | 112587 | 1830670 |
| Praxis Small Cap Index Fund - Class I | 40519 | 483397 |
| Praxis Value Index Fund - Class I | 93188 | 1861887 |
|  |  | 6071125 |
| **TOTAL AFFILIATED MUTUAL FUNDS** (COST $20,721,017) |  | $23895478 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 0.0% <sup>(a)</sup>** | **Shares** | **Fair Value** |
| First American Government Obligations Fund - Class X, 3.58% <sup>(b)</sup> (COST $6,088) | 6088 | $6088 |
| **TOTAL INVESTMENTS -** (COST $20,727,105) **- 100.0%** |  | $23901566 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0% <sup>(a)</sup>** |  | 1621 |
| **NET ASSETS - 100.0%** |  | $23903187 |

---

<sup>(a)</sup> Percentage rounds to less than 0.1%.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

**Schedule of Portfolio Investments**

***Praxis Genesis Balanced Portfolio***

***March 31, 2026 (Unaudited)***

---

| | | |
|:---|:---|:---|
| **AFFILIATED MUTUAL FUNDS - 100.0%** | **Shares** | **Fair Value** |
| DEBT FUND - 39.5% |  |  |
| Praxis Impact Bond Fund - Class I | 4227841 | $39995372 |
| EQUITY FUND - 60.5% |  |  |
| Praxis Growth Index Fund - Class I | 328064 | 16465524 |
| Praxis International Index Fund - Class I | 1135511 | 18463414 |
| Praxis Small Cap Index Fund - Class I | 853027 | 10176611 |
| Praxis Value Index Fund - Class I | 809374 | 16171289 |
|  |  | 61276838 |
| **TOTAL INVESTMENTS -** (COST $69,698,373) **- 100.0%** |  | $101272210 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0%) <sup>(a)</sup>** |  | (28349) |
| **NET ASSETS - 100.0%** |  | $101243861 |

---

<sup>(a)</sup> Percentage rounds to less than 0.1%.

**Schedule of Portfolio Investments**

***Praxis Genesis Growth Portfolio***

***March 31, 2026 (Unaudited)***

---

| | | |
|:---|:---|:---|
| **AFFILIATED MUTUAL FUNDS - 100.0%** | **Shares** | **Fair Value** |
| DEBT FUND - 19.7% |  |  |
| Praxis Impact Bond Fund - Class I | 2575590 | $24365079 |
| EQUITY FUND - 80.3% |  |  |
| Praxis Growth Index Fund - Class I | 512050 | 25699785 |
| Praxis International Index Fund - Class I | 1845008 | 29999835 |
| Praxis Small Cap Index Fund - Class I | 1558792 | 18596384 |
| Praxis Value Index Fund - Class I | 1263243 | 25239589 |
|  |  | 99535593 |
| **TOTAL INVESTMENTS -** (COST $77,366,202) **- 100.0%** |  | $123900672 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0%) <sup>(a)</sup>** |  | (34846) |
| **NET ASSETS - 100.0%** |  | $123865826 |

---

<sup>(a)</sup> Percentage rounds to less than 0.1%.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Praxis Mutual Funds

- **b. Investment Company Act file number:** 811-08056

- **c. CIK number of Registrant:** 0000912900

- **d. LEI of Registrant:** 5493000A2TZD2B7R2O62

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1110 N. Main Street

  - **City:** Goshen

  - **State:** IN

  - **Foreign country:** US

  - **Zip / Postal Code:** 46527

  - **Telephone number:** 800-977-2947

**Item A.2. Information about the Series.**

- **a. Name of Series:** PRAXIS GENESIS CONSERVATIVE PORTFOLIO

- **b. EDGAR series identifier (if any):** S000026797

- **c. LEI of Series:** 549300CCEHCWPTUNCU81

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $23972936.54

**Total Liabilities:** $69749.59

**Net Assets:** $23903186.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000080567 | -4.23%               | -3.69%               | -8.44%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-11064.90               | $223852.70                                 |
| Month 2  | $-6454.51                | $381177.66                                 |
| Month 3  | $431096.43               | $-1303642.58                               |

### Schedule of Portfolio Investments

| Name                      | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Funds Inc. | First American Government Obligations Fund Class X | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |      6088 | PA      | $6087.76      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Praxis Funds              | PRAXIS INTERNATIONAL INDEX FUND - CLASS I          | CUSIP: 74006E702<br>LEI: 5493000A2TZD2B7R2O62 | Long             | EC               | RF                | US        |    112587 | NS      | $1830669.89   | 7.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Praxis Funds              | PRAXIS IMPACT BOND FUND - CLASS I                  | CUSIP: 74006E769<br>LEI: 5493000A2TZD2B7R2O62 | Long             | EC               | RF                | US        |   1884181 | NS      | $17824352.70  | 74.57%            |  |  |  | No            |                  1 | On Loan: No      |
| Praxis Funds              | Praxis Value Index Fund Institutional Class        | CUSIP: 74006E785<br>LEI: 5493000A2TZD2B7R2O62 | Long             | EC               | RF                | US        |     93188 | NS      | $1861887.13   | 7.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Praxis Funds              | PRAXIS SMALL CAP INDEX FUND - CLASS I              | CUSIP: 74006E827<br>LEI: 5493000A2TZD2B7R2O62 | Long             | EC               | RF                | US        |     40519 | NS      | $483397.55    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Praxis Funds              | PRAXIS GROWTH INDEX FUND - CLASS I                 | CUSIP: 74006E868<br>LEI: 5493000A2TZD2B7R2O62 | Long             | EC               | RF                | US        |     37760 | NS      | $1895170.79   | 7.93%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-31

**Name of Applicant:** Susan McLauchlan

**Signature:** Susan McLauchlan

**Name of Signer:** Susan McLauchlan

**Title:** VP Fund Accounting