# EDGAR Filing Document

**Accession Number:** 0000912900
**File Stem:** 0001398344-26-004903
**Filing Date:** 2026-3
**Character Count:** 501962
**Document Hash:** f227cf5b2b4111b91db9d33b7d154003
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004903.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001398344-26-004903

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08056
- **FILM NUMBER:** 26735301

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRAXIS MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20110510

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

Investment Company Act file number <u>811-8056</u>

<u>Praxis Funds</u>

(Exact name of registrant as specified in charter)

1110 N. Main Street

<u>Goshen, IN 46528</u>

(Address of principal executive offices) (Zip code)

Anthony Zacharski

Morgan, Lewis & Bockius LLP

101 Park Avenue

New York, NY 10178-0060

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>800-977-2947</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

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

**# Praxis Impact Bond Fund

## Class A (MIIAX)
Annual Shareholder Report - December 31, 2025

![Image](i5faca845778b847f6ffc90c2.jpg)

## Fund Overview
This annual shareholder report contains important information about Praxis Impact Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $82 | 0.79% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp;For the year ended – Dec. 31, 2025, the Praxis Impact Bond Fund Class A Shares returned 6.82%, underperforming by 0.48% the Bloomberg U.S. Aggregate Bond Index return of 7.30%.

<u>Top Performance Contributors</u>

Treasuries l Treasuries are on the restricted list and the absence of any Treasuries in the Fund was a large performance contributor, as all spread sectors had positive excess returns in 2025.

Duration l The decision to have more duration than the index was a contributor to the performance of the Fund. The large decrease in interest rates increased the return.

Securitized Products l Overweight was a positive. The overweight to Mortgage-Backed Securities (MBS) sector was the largest positive contributor.

<u>Top Performance Detractors</u>

Corporates l Individual security selection was a slight negative in the Corporate sector while overall allocation was a slight positive. The biggest negatives were within the Institutional Financial Services and Industrials sectors. The managers generally chose less risky bonds in 2025, and those bonds had lower total returns than the riskier bonds of the index.

Government-Related l Overweight was a negative. The managers use this sector instead of U.S. Treasuries, so the balance of those was still a strong positive for the Fund overall.

## How has the Fund performed over the last ten years?

## Total Return Based on $10,000 Investment\*
![Growth of 10K Chart](i9bbe91ba4cfb5b8a46a46408.jpg)

---

| | | |
|:---|:---|:---|
| | Praxis Impact Bond Fund - Class A | Bloomberg U.S. Aggregate Bond Index |
| Dec-2015 | $9627 | $10000 |
| Dec-2016 | $9831 | $10265 |
| Dec-2017 | $10137 | $10628 |
| Dec-2018 | $10101 | $10629 |
| Dec-2019 | $10884 | $11556 |
| Dec-2020 | $11694 | $12423 |
| Dec-2021 | $11434 | $12232 |
| Dec-2022 | $9934 | $10641 |
| Dec-2023 | $10487 | $11229 |
| Dec-2024 | $10609 | $11369 |
| Dec-2025 | $11333 | $12199 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Praxis Impact Bond Fund - Class A |  |  |  |
| Without Load | 6.82% | -0.63% | 1.64% |
| With Load | 2.83% | -1.39% | 1.26% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

#### \* Reflects the maximum sales charge applicable to Class A.

## Fund Statistics
* Net Assets$1,144,143,886

* Number of Portfolio Holdings529

* Advisory Fee $3,653,362

* Portfolio Turnover8%

![Image](i5faca845778b847f6ffc90c2.jpg)

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i55bcab3bf1da3c22713889fe.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 6.1% |
| Commercial Mortgage-Backed Securities | 0.0% |
| Corporate Bonds | 25.7% |
| Corporate Notes | 0.8% |
| Foreign Governments | 5.6% |
| Investment Companies | 0.3% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 0.6% |
| Money Market Funds | 3.1% |
| Municipal Bonds | 0.9% |
| U.S. Government Agencies | 56.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;FHLB, 5.500%, due 07/15/36 | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;FNMA, 0.875%, due 08/05/30 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;FNMA, 5.625%, due 07/15/37 | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;FNMA, 6.625%, due 11/15/30 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;FHLMC, 1.487%, due 11/25/30 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;FNMA, 1.245%, due 01/25/31 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;FHLMC, 3.000%, due 07/01/52 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;FHLB, 3.250%, due 11/16/28 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;FNMA, 3.500%, due 05/01/52 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;FHLMC, 1.297%, due 06/25/30 | &nbsp;&nbsp;1.0% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# Praxis Impact Bond Fund - Class A (MIIAX)

## Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i290ab72a3ef7ee488d15773a.jpg)

TSR-AR 123125-MIIAX

# Praxis Impact Bond Fund

## Class I (MIIIX)
Annual Shareholder Report - December 31, 2025

![Image](i5faca845778b847f6ffc90c2.jpg)

## Fund Overview
This annual shareholder report contains important information about Praxis Impact Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $48 | 0.46% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp;For the year ended – Dec. 31, 2025, the Praxis Impact Bond Fund Class I Shares returned 7.23%, underperforming by 0.07% the Bloomberg U.S. Aggregate Bond Index return of 7.30%.

<u>Top Performance Contributors</u>

Treasuries l Treasuries are on the restricted list and the absence of any Treasuries in the Fund was a large performance contributor, as all spread sectors had positive excess returns in 2025.

Duration l The decision to have more duration than the index was a contributor to the performance of the Fund. The large decrease in interest rates increased the return.

Securitized Products l Overweight was a positive. The overweight to Mortgage-Backed Securities (MBS) sector was the largest positive contributor.

<u>Top Performance Detractors</u>

Corporates l Individual security selection was a slight negative in the Corporate sector while overall allocation was a slight positive. The biggest negatives were within the Institutional Financial Services and Industrials sectors. The managers generally chose less risky bonds in 2025, and those bonds had lower total returns than the riskier bonds of the index.

Government-Related l Overweight was a negative. The managers use this sector instead of U.S. Treasuries, so the balance of those was still a strong positive for the Fund overall.

## How has the Fund performed over the last ten years?

## Total Return Based on $100,000 Investment
![Growth of 10K Chart](ia62354c224e0fd90f8cc4848.jpg)

---

| | | |
|:---|:---|:---|
| | Praxis Impact Bond Fund - Class I | Bloomberg U.S. Aggregate Bond Index |
| Dec-2015 | $100000 | $100000 |
| Dec-2016 | $102548 | $102647 |
| Dec-2017 | $106221 | $106283 |
| Dec-2018 | $106310 | $106295 |
| Dec-2019 | $114974 | $115560 |
| Dec-2020 | $124098 | $124235 |
| Dec-2021 | $121706 | $122320 |
| Dec-2022 | $106312 | $106405 |
| Dec-2023 | $112553 | $112288 |
| Dec-2024 | $114392 | $113692 |
| Dec-2025 | $122663 | $121993 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Praxis Impact Bond Fund - Class I | 7.23% | -0.23% | 2.06% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## Fund Statistics
* Net Assets$1,144,143,886

* Number of Portfolio Holdings529

* Advisory Fee $3,653,362

* Portfolio Turnover8%

![Image](i5faca845778b847f6ffc90c2.jpg)

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i55bcab3bf1da3c22713889fe.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 6.1% |
| Commercial Mortgage-Backed Securities | 0.0% |
| Corporate Bonds | 25.7% |
| Corporate Notes | 0.8% |
| Foreign Governments | 5.6% |
| Investment Companies | 0.3% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 0.6% |
| Money Market Funds | 3.1% |
| Municipal Bonds | 0.9% |
| U.S. Government Agencies | 56.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;FHLB, 5.500%, due 07/15/36 | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;FNMA, 0.875%, due 08/05/30 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;FNMA, 5.625%, due 07/15/37 | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;FNMA, 6.625%, due 11/15/30 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;FHLMC, 1.487%, due 11/25/30 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;FNMA, 1.245%, due 01/25/31 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;FHLMC, 3.000%, due 07/01/52 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;FHLB, 3.250%, due 11/16/28 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;FNMA, 3.500%, due 05/01/52 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;FHLMC, 1.297%, due 06/25/30 | &nbsp;&nbsp;1.0% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# Praxis Impact Bond Fund - Class I (MIIIX)

## Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i290ab72a3ef7ee488d15773a.jpg)

TSR-AR 123125-MIIIX

# Praxis International Index Fund

## Class A (MPLAX)
Annual Shareholder Report - December 31, 2025

![Image](ie007ca10bef8cea828738f77.jpg)

## Fund Overview
This annual shareholder report contains important information about Praxis International Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $108 | 0.94% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; For the year ended Dec. 31, 2025, the Praxis International Index Fund Class A Shares returned 28.89%, underperforming by 2.98% the Morningstar Global ex-US Target Market Exposure NR USD index return of 31.87%.

<u>Top Performance Contributors</u>

Information Technology l Overweight was a positive. Overweight in Taiwan Semiconductor Manufacturing Co. Ltd. - ADR was a large contributor.

Energy l Underweight was a positive.

Consumer Staples l Underweight was a positive.

<u>Top Performance Detractors</u>

Industrials l Underweight was a negative. Some overweights in companies were detractors, and some restricted names were also detractors.

Real Estate l Overweight was a negative.

Utilities l Underweight was a slight negative.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment\*
![Growth of 10K Chart](id26cf5c176f6bf068f276879.jpg)

---

| | | |
|:---|:---|:---|
| | Praxis International Index - Class A | Morningstar Global ex-US Target Market Exposure NR USD |
| Dec-2015 | $9472 | $10000 |
| Dec-2016 | $9943 | $10468 |
| Dec-2017 | $12426 | $13250 |
| Dec-2018 | $10546 | $11455 |
| Dec-2019 | $12608 | $13924 |
| Dec-2020 | $14167 | $15414 |
| Dec-2021 | $15191 | $16684 |
| Dec-2022 | $12651 | $14127 |
| Dec-2023 | $14487 | $16337 |
| Dec-2024 | $15418 | $17215 |
| Dec-2025 | $19873 | $22701 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Praxis International Index - Class A |  |  |  |
| Without Load | 28.89% | 7.00% | 7.69% |
| With Load | 22.12% | 5.85% | 7.11% |
| Morningstar Global ex-US Target Market Exposure NR USD | 31.87% | 8.05% | 8.54% |

---

*The Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.*

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

#### \* Reflects the maximum sales charge applicable to Class A.

## Fund Statistics
* Net Assets$548,601,432

* Number of Portfolio Holdings455

* Advisory Fee $2,004,930

* Portfolio Turnover22%

## Asset Weighting (% of total investments)
![Group By Asset Type Chart](i9f80f71a0ffbf8adc140c35e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 89.7% |
| Corporate Notes | 0.7% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 9.4% |
| Money Market Funds | 0.1% |
| Preferred Stocks | 0.1% |

---

## What did the Fund invest in?

### Country Weighting (% of net assets)
![Group By Sector Chart](ibac7634c27fbe37f3b13a41a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cayman Islands | 4.3% |
| India | 4.7% |
| Germany | 4.8% |
| South Korea | 4.8% |
| France | 5.3% |
| Switzerland | 5.4% |
| Taiwan | 7.1% |
| Canada | 7.9% |
| United Kingdom | 8.3% |
| Japan | 14.7% |
| Other Country | 32.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Tencent Holdings Ltd. - ADR | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;ICICI Bank Ltd. - ADR | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;HDFC Bank Ltd. - ADR | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Infosys Ltd. - ADR | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Chunghwa Telecom Co. Ltd. - ADR | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. - ADR | &nbsp;&nbsp;1.0% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ie007ca10bef8cea828738f77.jpg)

# Praxis International Index Fund - Class A (MPLAX)

## Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i290ab72a3ef7ee488d15773a.jpg)

TSR-AR 123125-MPLAX

# Praxis International Index Fund

## Class I (MPLIX)
Annual Shareholder Report - December 31, 2025

![Image](ie007ca10bef8cea828738f77.jpg)

## Fund Overview
This annual shareholder report contains important information about Praxis International Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $62 | 0.54% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; For the year ended Dec. 31, 2025, the Praxis International Index Fund Class I Shares returned 29.51%, underperforming by 2.36% the Morningstar Global ex-US Target Market Exposure NR USD index return of 31.87%.

<u>Top Performance Contributors</u>

Information Technology l Overweight was a positive. Overweight in Taiwan Semiconductor Manufacturing Co. Ltd. - ADR was a large contributor.

Energy l Underweight was a positive.

Consumer Staples \| Underweight was a positive.

<u>Top Performance Detractors</u>

Industrials l Underweight was a negative. Some overweights in companies were detractors, and some restricted names were also detractors.

Real Estate l Overweight was a negative.

Utilities l Underweight was a slight negative.

## How has the Fund performed over the last ten years?

### Total Return Based on $100,000 Investment
![Growth of 10K Chart](i4063de15d4872b705ade6fd6.jpg)

---

| | | |
|:---|:---|:---|
| | Praxis International Index - Class I | Morningstar Global ex-US Target Market Exposure NR USD |
| Dec-2015 | $100000 | $100000 |
| Dec-2016 | $105481 | $104684 |
| Dec-2017 | $132560 | $132497 |
| Dec-2018 | $113316 | $114548 |
| Dec-2019 | $136487 | $139242 |
| Dec-2020 | $154478 | $154135 |
| Dec-2021 | $166578 | $166839 |
| Dec-2022 | $139620 | $141274 |
| Dec-2023 | $160662 | $163372 |
| Dec-2024 | $171718 | $172151 |
| Dec-2025 | $222399 | $227014 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Praxis International Index - Class I | 29.51% | 7.56% | 8.32% |
| Morningstar Global ex-US Target Market Exposure NR USD | 31.87% | 8.05% | 8.54% |

---

The Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## Fund Statistics
* Net Assets$548,601,432

* Number of Portfolio Holdings455

* Advisory Fee $2,004,930

* Portfolio Turnover22%

## Asset Weighting (% of total investments)
![Group By Asset Type Chart](i9f80f71a0ffbf8adc140c35e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 89.7% |
| Corporate Notes | 0.7% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 9.4% |
| Money Market Funds | 0.1% |
| Preferred Stocks | 0.1% |

---

## What did the Fund invest in?

### Country Weighting (% of net assets)
![Group By Sector Chart](ibac7634c27fbe37f3b13a41a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cayman Islands | 4.3% |
| India | 4.7% |
| Germany | 4.8% |
| South Korea | 4.8% |
| France | 5.3% |
| Switzerland | 5.4% |
| Taiwan | 7.1% |
| Canada | 7.9% |
| United Kingdom | 8.3% |
| Japan | 14.7% |
| Other Country | 32.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Tencent Holdings Ltd. - ADR | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;ICICI Bank Ltd. - ADR | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;HDFC Bank Ltd. - ADR | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Infosys Ltd. - ADR | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Chunghwa Telecom Co. Ltd. - ADR | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. - ADR | &nbsp;&nbsp;1.0% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ie007ca10bef8cea828738f77.jpg)

# Praxis International Index Fund - Class I (MPLIX)

## Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i290ab72a3ef7ee488d15773a.jpg)

TSR-AR 123125-MPLIX

# Praxis Value Index Fund

## Class A (MVIAX)
Annual Shareholder Report - December 31, 2025

![Image](i5faca845778b847f6ffc90c2.jpg)

## Fund Overview
This annual shareholder report contains important information about Praxis Value Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $73 | 0.69% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; For the year ended – Dec. 31, 2025, the Praxis Value Index Fund Class A Shares (without load) returned 12.97%, underperforming the CRSP U.S. Large Cap Value Index return of 15.31%.

<u>Top Performance Contributors</u>

Health Care l Overweight was a positive. Underweight in UnitedHealth Group, Inc. (restricted name) and overweight in Cardinal Health, Inc. and AbbVie, Inc. were lead contributors.

Financials l Overweight was a positive. Overweight in JPMorgan Chase & Co., Bank of New York Mellon Corp. (The) and Goldman Sachs Group, Inc. (The) were lead contributors.

<u>Top Performance Detractors</u>

Industrials l Underweight was a negative. Restricted names Caterpillar, Inc., General Electric Co., and RTX Corp. were lead detractors.

Technology l Overweight was a negative. Underweight in IBM Corp. (restricted name), Analog Devices, Inc. (restricted name) and Oracle Corp..

Consumer Staples l Overweight was a negative. Restricted names Philip Morris International, Inc. and Altria Group, Inc. were lead detractors.

Energy l Underweight was a negative. Restricted names Exxon Mobil Corp. and Chevron Corp. were lead detractors.

## How has the Fund performed over the last ten years?

## Total Return Based on $10,000 Investment\*
![Growth of 10K Chart](i9dc3274ee1f7180e17b93d1f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Praxis Value Index Fund - Class A | CRSP U.S. Large Cap Value Index | CRSP U.S. Total Market Index |
| Dec-2015 | $9474 | $10000 | $10000 |
| Dec-2016 | $11002 | $11693 | $11268 |
| Dec-2017 | $12797 | $13699 | $13655 |
| Dec-2018 | $11713 | $12959 | $12950 |
| Dec-2019 | $15485 | $16309 | $16943 |
| Dec-2020 | $16039 | $16678 | $20500 |
| Dec-2021 | $19973 | $21101 | $25773 |
| Dec-2022 | $18404 | $20676 | $20749 |
| Dec-2023 | $22091 | $22572 | $26139 |
| Dec-2024 | $24367 | $26184 | $32352 |
| Dec-2025 | $27528 | $30193 | $37902 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Praxis Value Index Fund - Class A |  |  |  |
| Without Load | 12.97% | 11.41% | 11.26% |
| With Load\* | 7.06% | 10.21% | 10.66% |
| CRSP U.S. Large Cap Value Index | 15.31% | 12.60% | 11.68% |
| CRSP U.S. Total Market Index | 17.15% | 13.08% | 14.25% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

#### \* Reflects the maximum sales charge applicable to Class A.

## Fund Statistics
* Net Assets$531,474,090

* Number of Portfolio Holdings274

* Advisory Fee $1,206,324

* Portfolio Turnover26%

![Image](i5faca845778b847f6ffc90c2.jpg)

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i3c1f7de21a04ef23a13433a1.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 96.0% |
| Corporate Notes | 0.8% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 2.7% |
| Money Market Funds | 0.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;1.4% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# Praxis Value Index Fund - Class A (MVIAX)

## Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i290ab72a3ef7ee488d15773a.jpg)

TSR-AR 123125-MVIAX

# Praxis Value Index Fund

## Class I (MVIIX)
Annual Shareholder Report - December 31, 2025

![Image](i5faca845778b847f6ffc90c2.jpg)

## Fund Overview
This annual shareholder report contains important information about Praxis Value Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $39 | 0.37% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; For the year ended – Dec. 31, 2025, the Praxis Value Index Fund Class I Shares returned 13.34%, underperforming the CRSP U.S. Large Cap Value Index return of 15.31%.

<u>Top Performance Contributors</u>

Health Care l Overweight was a positive. Underweight in UnitedHealth Group, Inc. (restricted name) and overweight in Cardinal Health, Inc. and AbbVie, Inc. were lead contributors.

Financials l Overweight was a positive. Overweight in JPMorgan Chase & Co., Bank of New York Mellon Corp. (The) and Goldman Sachs Group, Inc. (The) were lead contributors.

<u>Top Performance Detractors</u>

Industrials l Underweight was a negative. Restricted names Caterpillar, Inc., General Electric Co., and RTX Corp. were lead detractors.

Technology l Overweight was a negative. Underweight in IBM Corp. (restricted name), Analog Devices, Inc. (restricted name) and Oracle Corp..

Consumer Staples l Overweight was a negative. Restricted names Philip Morris International, Inc. and Altria Group, Inc. were lead detractors.

Energy l Underweight was a negative. Restricted names Exxon Mobil Corp. and Chevron Corp. were lead detractors.

## How has the Fund performed over the last ten years?

## Total Return Based on $100,000 Investment
![Growth of 10K Chart](ie32832b4b71a49ed5bda191e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Praxis Value Index Fund - Class I | CRSP U.S. Large Cap Value Index | CRSP U.S. Total Market Index |
| Dec-2015 | $100000 | $100000 | $100000 |
| Dec-2016 | $116753 | $116928 | $112676 |
| Dec-2017 | $136499 | $136989 | $136552 |
| Dec-2018 | $125491 | $129592 | $129496 |
| Dec-2019 | $166576 | $163093 | $169428 |
| Dec-2020 | $173361 | $166785 | $204995 |
| Dec-2021 | $216832 | $211007 | $257729 |
| Dec-2022 | $200456 | $206758 | $207489 |
| Dec-2023 | $241387 | $225718 | $261386 |
| Dec-2024 | $267087 | $261842 | $323522 |
| Dec-2025 | $302709 | $301926 | $379018 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Praxis Value Index Fund - Class I | 13.34% | 11.79% | 11.71% |
| CRSP U.S. Large Cap Value Index | 15.31% | 12.60% | 11.68% |
| CRSP U.S. Total Market Index | 17.15% | 13.08% | 14.25% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## Fund Statistics
* Net Assets$531,474,090

* Number of Portfolio Holdings274

* Advisory Fee $1,206,324

* Portfolio Turnover26%

![Image](i5faca845778b847f6ffc90c2.jpg)

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i3c1f7de21a04ef23a13433a1.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 96.0% |
| Corporate Notes | 0.8% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 2.7% |
| Money Market Funds | 0.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;1.4% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# Praxis Value Index Fund - Class I (MVIIX)

## Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i290ab72a3ef7ee488d15773a.jpg)

TSR-AR 123125-MVIIX

# Praxis Growth Index Fund

## Class A (MGNDX)
Annual Shareholder Report - December 31, 2025

![Image](i5faca845778b847f6ffc90c2.jpg)

## Fund Overview
This annual shareholder report contains important information about Praxis Growth Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $68 | 0.62% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; For the year ended – Dec. 31, 2025, the Praxis Growth Index Fund Class A Shares (without load) returned 18.05%, underperforming the CRSP U.S. Large Cap Growth Index return of 19.48%.

<u>Top Performance Contributors</u>

Health Care l Overweight was a positive. Overweight in Eli Lilly & Co., McKesson Corp. and AbbVie, Inc. were lead contributors.

Financials l Overweight was a positive. Overweight in Robinhood Markets, Inc. - Class A, Interactive Brokers Group, Inc. - Class A and American Express Co. were lead contributors.

<u>Top Performance Detractors</u>

Industrials l Underweight was a negative. Underweight in General Electric Co. (restricted name), GE Vernova, Inc., Amphenol Corp. - Class A and Boeing Co. (restricted name) were lead detractors.

Technology l Underweight was a negative. Underweight in Palantir Technologies, Inc. (restricted name) and Microsoft Corp. (diversification rule) were lead detractors.

Real Estate l Underweight was a negative. Underweight in CoStar Group, Inc. and Welltower, Inc., and overweight in Iron Mountain, Inc. were lead detractors.

## How has the Fund performed over the last ten years?

## Total Return Based on $10,000 Investment\*
![Growth of 10K Chart](if9be67a4a87b2c8a1639fcb8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Praxis Growth Index Fund - Class A | CRSP U.S. Large Cap Growth Index | CRSP U.S. Total Market Index |
| Dec-2015 | $9475 | $10000 | $10000 |
| Dec-2016 | $10152 | $10616 | $11268 |
| Dec-2017 | $12820 | $13573 | $13655 |
| Dec-2018 | $12814 | $13120 | $12950 |
| Dec-2019 | $16844 | $18015 | $16943 |
| Dec-2020 | $22370 | $25269 | $20500 |
| Dec-2021 | $29438 | $32167 | $25773 |
| Dec-2022 | $21073 | $21511 | $20749 |
| Dec-2023 | $27286 | $31591 | $26139 |
| Dec-2024 | $36302 | $41932 | $32352 |
| Dec-2025 | $42853 | $50099 | $37902 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Praxis Growth Index Fund - Class A |  |  |  |
| Without Load | 18.05% | 13.88% | 16.29% |
| With Load\* | 11.84% | 12.66% | 15.66% |
| CRSP U.S. Large Cap Growth Index | 19.48% | 14.67% | 17.49% |
| CRSP U.S. Total Market Index | 17.15% | 13.08% | 14.25% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

#### \* Reflects the maximum sales charge applicable to Class A.

## Fund Statistics
* Net Assets$746,859,083

* Number of Portfolio Holdings158

* Advisory Fee $1,562,500

* Portfolio Turnover18%

![Image](i5faca845778b847f6ffc90c2.jpg)

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](if307a80ce030d9a3973a4bee.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 97.0% |
| Corporate Notes | 0.7% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 1.7% |
| Money Market Funds | 0.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;12.0% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;3.0% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# Praxis Growth Index Fund - Class A (MGNDX)

## Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i290ab72a3ef7ee488d15773a.jpg)

TSR-AR 123125-MGNDX

# Praxis Growth Index Fund

## Class I (MMDEX)
Annual Shareholder Report - December 31, 2025

![Image](i5faca845778b847f6ffc90c2.jpg)

## Fund Overview
This annual shareholder report contains important information about Praxis Growth Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $37 | 0.34% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; For the year ended – Dec. 31, 2025, the Praxis Growth Index Fund Class I Shares returned 18.37%, underperforming the CRSP U.S. Large Cap Growth Index return of 19.48%.

<u>Top Performance Contributors</u>

Health Care l Overweight was a positive. Overweight in Eli Lilly & Co., McKesson Corp. and AbbVie, Inc. were lead contributors.

Financials l Overweight was a positive. Overweight in Robinhood Markets, Inc. - Class A, Interactive Brokers Group, Inc. - Class A and American Express Co. were lead contributors.

<u>Top Performance Detractors</u>

Industrials l Underweight was a negative. Underweight in General Electric Co. (restricted name), GE Vernova, Inc., Amphenol Corp. - Class A and Boeing Co. (restricted name) were lead detractors.

Technology l Underweight was a negative. Underweight in Palantir Technologies, Inc. (restricted name) and Microsoft Corp. (diversification rule) were lead detractors.

Real Estate l Underweight was a negative. Underweight in CoStar Group, Inc. and Welltower, Inc., and overweight in Iron Mountain, Inc. were lead detractors.

## How has the Fund performed over the last ten years?

## Total Return Based on $100,000 Investment
![Growth of 10K Chart](i5fba5dacf4c256a4a5b5805a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Praxis Growth Index Fund - Class I | CRSP U.S. Large Cap Growth Index | CRSP U.S. Total Market Index |
| Dec-2015 | $100000 | $100000 | $100000 |
| Dec-2016 | $107618 | $106156 | $112676 |
| Dec-2017 | $136438 | $135729 | $136552 |
| Dec-2018 | $136966 | $131195 | $129496 |
| Dec-2019 | $180675 | $180147 | $169428 |
| Dec-2020 | $240646 | $252689 | $204995 |
| Dec-2021 | $317574 | $321671 | $257729 |
| Dec-2022 | $228080 | $215109 | $207489 |
| Dec-2023 | $296095 | $315910 | $261386 |
| Dec-2024 | $395096 | $419321 | $323522 |
| Dec-2025 | $467675 | $500992 | $379018 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Praxis Growth Index Fund - Class I | 18.37% | 14.21% | 16.68% |
| CRSP U.S. Large Cap Growth Index | 19.48% | 14.67% | 17.49% |
| CRSP U.S. Total Market Index | 17.15% | 13.08% | 14.25% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## Fund Statistics
* Net Assets$746,859,083

* Number of Portfolio Holdings158

* Advisory Fee $1,562,500

* Portfolio Turnover18%

![Image](i5faca845778b847f6ffc90c2.jpg)

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](if307a80ce030d9a3973a4bee.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 97.0% |
| Corporate Notes | 0.7% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 1.7% |
| Money Market Funds | 0.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;12.0% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;3.0% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# Praxis Growth Index Fund - Class I (MMDEX)

## Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i290ab72a3ef7ee488d15773a.jpg)

TSR-AR 123125-MMDEX

# Praxis Small Cap Index Fund

## Class A (MMSCX)
Annual Shareholder Report - December 31, 2025

![Image](i5faca845778b847f6ffc90c2.jpg)

## Fund Overview
This annual shareholder report contains important information about Praxis Small Cap Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $97 | 0.94% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp;For the year ended – Dec. 31, 2025, the Praxis Small Cap Index Fund Class A Shares (without load) returned 6.15%, underperforming the CRSP U.S. Small Cap Index return of 8.82%.

<u>Top Performance Contributors</u>

Technology l Overweight was a positive. Overweight in Credo Technology Group Holding Ltd., Sanmina Corp. and Sandisk Corp. were lead contributors.

Consumer Staples l Underweight was a positive. Investments in Andersons, Inc. (The) and Walgreens Boots Alliance, Inc., along with no investment in Primo Brands Corp. and e.l.f. Beauty, Inc. (restricted name) were lead contributors.

<u>Top Performance Detractors</u>

Industrials l Underweight was a negative. Restricted names Woodward, Inc., Kratos Defense & Security Solutions, Inc., and Curtiss-Wright Corp. were lead detractors.

Energy l Underweight was a negative. Underweight in Expand Energy Corp. (restricted name), TechnipFMC plc (restricted name part of year), and overweight in Flowco Holdings, Inc. were lead detractors.

Communications l Neutral weight. Underweight in EchoStar Corp. - Class A and overweight in Cogent Communications Holdings, Inc. were lead detractors.

Real Estate l Underweight was a negative. Overweight in Douglas Emmett, Inc. and SL Green Realty Corp. along with underweight in Compass Group plc and American Healthcare REIT, Inc. were lead detractors.

## How has the Fund performed over the last ten years?

## Total Return Based on $10,000 Investment\*
![Growth of 10K Chart](i7b37efc3747155d0514b9157.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Praxis Small Cap Index Fund - Class A | CRSP U.S. Small Cap Index | CRSP U.S. Total Market Index |
| Dec-2015 | $9478 | $10000 | $10000 |
| Dec-2016 | $10254 | $11826 | $11268 |
| Dec-2017 | $11351 | $13746 | $13655 |
| Dec-2018 | $10379 | $12464 | $12950 |
| Dec-2019 | $12597 | $15873 | $16943 |
| Dec-2020 | $13905 | $18901 | $20500 |
| Dec-2021 | $17595 | $22249 | $25773 |
| Dec-2022 | $14061 | $18324 | $20749 |
| Dec-2023 | $16293 | $21638 | $26139 |
| Dec-2024 | $17573 | $24715 | $32352 |
| Dec-2025 | $18653 | $26896 | $37902 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Praxis Small Cap Index Fund - Class A |  |  |  |
| Without Load | 6.15% | 6.05% | 7.00% |
| With Load\* | 0.60% | 4.91% | 6.43% |
| CRSP U.S. Small Cap Index | 8.82% | 7.31% | 10.40% |
| CRSP U.S. Total Market Index | 17.15% | 13.08% | 14.25% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

#### \* Reflects the maximum sales charge applicable to Class A.

## Fund Statistics
* Net Assets$197,926,222

* Number of Portfolio Holdings665

* Advisory Fee $563,921

* Portfolio Turnover35%

![Image](i5faca845778b847f6ffc90c2.jpg)

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i48c304d041a6bc988681d288.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 86.5% |
| Corporate Notes | 0.7% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 12.3% |
| Money Market Funds | 0.5% |
| Rights | 0.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Sandisk Corp. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Liberty Media Corp. - Liberty Formula One - Series C | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Rocket Lab Corp. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;ATI, Inc. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Franklin Resources, Inc. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;SoFi Technologies, Inc. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;0.4% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

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

## Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i290ab72a3ef7ee488d15773a.jpg)

TSR-AR 123125-MMSCX

# Praxis Small Cap Index Fund

## Class I (MMSIX)
Annual Shareholder Report - December 31, 2025

![Image](i5faca845778b847f6ffc90c2.jpg)

## Fund Overview
This annual shareholder report contains important information about Praxis Small Cap Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $43 | 0.42% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; For the year ended – Dec. 31, 2025, the Praxis Small Cap Index Fund Class I Shares returned 6.71%, underperforming the CRSP U.S. Small Cap Index return of 8.82%.

<u>Top Performance Contributors</u>

Technology l Overweight was a positive. Overweight in Credo Technology Group Holding Ltd., Sanmina Corp. and Sandisk Corp. were lead contributors.

Consumer Staples l Underweight was a positive. Investments in Andersons, Inc. (The) and Walgreens Boots Alliance, Inc., along with no investment in Primo Brands Corp. and e.l.f. Beauty, Inc. (restricted name) were lead contributors.

<u>Top Performance Detractors</u>

Industrials l Underweight was a negative. Restricted names Woodward, Inc., Kratos Defense & Security Solutions, Inc., and Curtiss-Wright Corp. were lead detractors.

Energy l Underweight was a negative. Underweight in Expand Energy Corp. (restricted name), TechnipFMC plc (restricted name part of year), and overweight in Flowco Holdings, Inc. were lead detractors.

Communications l Neutral weight. Underweight in EchoStar Corp. - Class A and overweight in Cogent Communications Holdings, Inc. were lead detractors.

Real Estate l Underweight was a negative. Overweight in Douglas Emmett, Inc. and SL Green Realty Corp. along with underweight in Compass Group plc and American Healthcare REIT, Inc. were lead detractors.

## How has the Fund performed over the last ten years?

## Total Return Based on $100,000 Investment
![Growth of 10K Chart](ifbfda9454fc57cae04f27d3c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Praxis Small Cap Index Fund - Class I | CRSP U.S. Small Cap Index | CRSP U.S. Total Market Index |
| Dec-2015 | $100000 | $100000 | $100000 |
| Dec-2016 | $108931 | $118262 | $112676 |
| Dec-2017 | $121156 | $137464 | $136552 |
| Dec-2018 | $111673 | $124643 | $129496 |
| Dec-2019 | $136376 | $158732 | $169428 |
| Dec-2020 | $151438 | $189007 | $204995 |
| Dec-2021 | $192874 | $222487 | $257729 |
| Dec-2022 | $155061 | $183242 | $207489 |
| Dec-2023 | $180906 | $216384 | $261386 |
| Dec-2024 | $196268 | $247148 | $323522 |
| Dec-2025 | $209435 | $268956 | $379018 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Praxis Small Cap Index Fund - Class I | 6.71% | 6.70% | 7.67% |
| CRSP U.S. Small Cap Index | 8.82% | 7.31% | 10.40% |
| CRSP U.S. Total Market Index | 17.15% | 13.08% | 14.25% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## Fund Statistics
* Net Assets$197,926,222

* Number of Portfolio Holdings665

* Advisory Fee $563,921

* Portfolio Turnover35%

![Image](i5faca845778b847f6ffc90c2.jpg)

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i48c304d041a6bc988681d288.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 86.5% |
| Corporate Notes | 0.7% |
| Investment Purchased With The Cash Proceeds From Securities Lending | 12.3% |
| Money Market Funds | 0.5% |
| Rights | 0.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Sandisk Corp. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Liberty Media Corp. - Liberty Formula One - Series C | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Rocket Lab Corp. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;ATI, Inc. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Franklin Resources, Inc. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;SoFi Technologies, Inc. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;0.4% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

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

## Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i290ab72a3ef7ee488d15773a.jpg)

TSR-AR 123125-MMSIX

# Praxis Genesis Conservative Portfolio

## Class A (MCONX)
Annual Shareholder Report - December 31, 2025

![Image](i5faca845778b847f6ffc90c2.jpg)

## Fund Overview
This annual shareholder report contains important information about Praxis Genesis Conservative Portfolio (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $64 | 0.61% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; For the year ended – Dec. 31, 2025, the Genesis Conservative Portfolio's Class A Shares (without load) returned 10.14%, which underperformed the S&P Target Risk Conservative Index return of 11.74%.

&nbsp;&nbsp;&nbsp;&nbsp;The underlying investments in the Genesis Portfolios are the Praxis Impact Bond Fund, the Praxis Growth Index Fund, the Praxis Value Index Fund, the Praxis Small Cap Index Fund, and the Praxis International Index Fund. These Funds are held in proportions matching the risk profile of each of the Genesis Portfolios. We take a long-term approach in assigning weights to the various underlying Funds, relying on the premise that the higher risk equity Funds are expected to generate higher long-term returns than the lower risk fixed income investments. 2025 was a year when the higher risk of stocks helped the performance for portfolios that had a higher stock allocation.

<u>Top Performance Detractors</u>

Praxis International Index Fund \| The Fund underperformed its benchmark for the year and that underperformance hurt each of the Genesis Funds at their respective allocation.

Praxis Small Cap Index Fund \| The Fund underperformed its benchmark for the year and that underperformance hurt each of the Genesis Funds at their respective allocation.

Praxis Value Index Fund \| The Fund underperformed its benchmark for the year with most of the difference caused by restricted name stocks and that underperformance hurt each of the Genesis Funds at their respective allocation.

Praxis Growth Index Fund \| The Fund underperformed its benchmark for the year with some of the difference caused by restricted name stocks and that underperformance hurt each of the Genesis Funds at their respective allocation.

Praxis Impact Bond Fund \| The Fund slightly underperformed its benchmark for the year and that underperformance hurt each of the Genesis Funds at their respective allocation.

## How has the Fund performed over the last ten years?

## Total Return Based on $10,000 Investment\*
![Growth of 10K Chart](i639d4cf79cf0cd077cc2f170.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Praxis Genesis Conservative Portfolio | S&P Target Risk Conservative Index | Bloomberg U.S. Aggregate Bond Index | CRSP U.S. Total Market Index |
| Dec-2015 | $9473 | $10000 | $10000 | $10000 |
| Dec-2016 | $9873 | $10509 | $10265 | $11268 |
| Dec-2017 | $10699 | $11546 | $10628 | $13655 |
| Dec-2018 | $10416 | $11231 | $10629 | $12950 |
| Dec-2019 | $11786 | $12802 | $11556 | $16943 |
| Dec-2020 | $12997 | $14039 | $12423 | $20500 |
| Dec-2021 | $13571 | $14740 | $12232 | $25773 |
| Dec-2022 | $11592 | $12678 | $10641 | $20749 |
| Dec-2023 | $12725 | $14065 | $11229 | $26139 |
| Dec-2024 | $13381 | $14992 | $11369 | $32352 |
| Dec-2025 | $14738 | $16752 | $12199 | $37902 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Praxis Genesis Conservative Portfolio |  |  |  |
| Without Load | 10.14% | 2.55% | 4.52% |
| With Load\* | 4.34% | 1.45% | 3.95% |
| S&P Target Risk Conservative Index | 11.74% | 3.60% | 5.29% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| CRSP U.S. Total Market Index | 17.15% | 13.08% | 14.25% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

#### \* Reflects the maximum sales charge applicable to Class A.

## Fund Statistics
* Net Assets$24,644,948

* Number of Portfolio Holdings6

* Advisory Fee $12,163

* Portfolio Turnover12%

![Image](i5faca845778b847f6ffc90c2.jpg)

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i1707800557bb968365511307.jpg)

---

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

---

## Top Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Praxis Impact Bond Fund - Class I | &nbsp;&nbsp;70.2% |
| &nbsp;&nbsp;Praxis Value Index Fund - Class I | &nbsp;&nbsp;9.2% |
| &nbsp;&nbsp;Praxis Growth Index Fund - Class I | &nbsp;&nbsp;9.2% |
| &nbsp;&nbsp;Praxis International Index Fund - Class I | &nbsp;&nbsp;9.0% |
| &nbsp;&nbsp;Praxis Small Cap Index Fund - Class I | &nbsp;&nbsp;2.4% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# Praxis Genesis Conservative Portfolio - Class A (MCONX)

## Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i290ab72a3ef7ee488d15773a.jpg)

TSR-AR 123125-MCONX

# Praxis Genesis Balanced Portfolio

## Class A (MBAPX)
Annual Shareholder Report - December 31, 2025

![Image](i5faca845778b847f6ffc90c2.jpg)

## Fund Overview
This annual shareholder report contains important information about Praxis Genesis Balanced Portfolio (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $49 | 0.46% |

---

## How did the Fund perform during the reporting period?
For the year ended – Dec. 31, 2025, the Genesis Balanced Portfolio's Class A Shares (without load) return was 13.46%, which underperformed the S&P Target Risk Growth Index's return of 16.59%.

&nbsp;&nbsp;&nbsp;&nbsp; The underlying investments in the Genesis Portfolios are the Praxis Impact Bond Fund, the Praxis Growth Index Fund, the Praxis Value Index Fund, the Praxis Small Cap Index Fund, and the Praxis International Index Fund. These Funds are held in proportions matching the risk profile of each of the Genesis Portfolios. We take a long-term approach in assigning weights to the various underlying Funds, relying on the premise that the higher risk equity Funds are expected to generate higher long-term returns than the lower risk fixed income investments. 2025 was a year when the higher risk of stocks helped the performance for portfolios that had a higher stock allocation.

Top Performance Detractors

Praxis International Index Fund \| The Fund underperformed its benchmark for the year and that underperformance hurt each of the Genesis Funds at their respective allocation.

Praxis Small Cap Index Fund \| The Fund underperformed its benchmark for the year and that underperformance hurt each of the Genesis Funds at their respective allocation.

Praxis Value Index Fund \| The Fund underperformed its benchmark for the year with most of the difference caused by restricted name stocks and that underperformance hurt each of the Genesis Funds at their respective allocation.

Praxis Growth Index Fund \| The Fund underperformed its benchmark for the year with some of the difference caused by restricted name stocks and that underperformance hurt each of the Genesis Funds at their respective allocation.

Praxis Impact Bond Fund \| The Fund slightly underperformed its benchmark for the year and that underperformance hurt each of the Genesis Funds at their respective allocation.

## How has the Fund performed over the last ten years?

## Total Return Based on $10,000 Investment\*
![Growth of 10K Chart](i738c3b4d189da220ce1953f0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Praxis Genesis Balanced Portfolio | S&P Target Risk Balanced Index | Bloomberg U.S. Aggregate Bond Index | CRSP U.S. Total Market Index |
| Dec-2015 | $9477 | $10000 | $10000 | $10000 |
| Dec-2016 | $10100 | $10667 | $10265 | $11268 |
| Dec-2017 | $11451 | $12377 | $10628 | $13655 |
| Dec-2018 | $10891 | $11673 | $10629 | $12950 |
| Dec-2019 | $12910 | $13915 | $11556 | $16943 |
| Dec-2020 | $14585 | $15561 | $12423 | $20500 |
| Dec-2021 | $16301 | $17330 | $12232 | $25773 |
| Dec-2022 | $13683 | $14683 | $10641 | $20749 |
| Dec-2023 | $15620 | $16941 | $11229 | $26139 |
| Dec-2024 | $17030 | $18759 | $11369 | $32352 |
| Dec-2025 | $19322 | $21872 | $12199 | $37902 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Praxis Genesis Balanced Portfolio |  |  |  |
| Without Load | 13.46% | 5.79% | 7.38% |
| With Load\* | 7.50% | 4.66% | 6.81% |
| S&P Target Risk Balanced Index | 16.59% | 7.05% | 8.14% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| CRSP U.S. Total Market Index | 17.15% | 13.08% | 14.25% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

#### \* Reflects the maximum sales charge applicable to Class A.

## Fund Statistics
* Net Assets$104,780,452

* Number of Portfolio Holdings6

* Advisory Fee $49,390

* Portfolio Turnover13%

![Image](i5faca845778b847f6ffc90c2.jpg)

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i1707800557bb968365511307.jpg)

---

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

---

## Top Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Praxis Impact Bond Fund - Class I | &nbsp;&nbsp;40.2% |
| &nbsp;&nbsp;Praxis International Index Fund - Class I | &nbsp;&nbsp;18.0% |
| &nbsp;&nbsp;Praxis Value Index Fund - Class I | &nbsp;&nbsp;16.0% |
| &nbsp;&nbsp;Praxis Growth Index Fund - Class I | &nbsp;&nbsp;15.9% |
| &nbsp;&nbsp;Praxis Small Cap Index Fund - Class I | &nbsp;&nbsp;9.9% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# Praxis Genesis Balanced Portfolio - Class A (MBAPX)

## Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i290ab72a3ef7ee488d15773a.jpg)

TSR-AR 123125-MBAPX

# Praxis Genesis Growth Portfolio

## Class A (MGAFX)
Annual Shareholder Report - December 31, 2025

![Image](i5faca845778b847f6ffc90c2.jpg)

## Fund Overview
This annual shareholder report contains important information about Praxis Genesis Growth Portfolio (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $50 | 0.46% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; For the year ended – Dec. 31, 2025, the Genesis Growth Portfolio's Class A Shares (without load) return was 15.50%, which underperformed the S&P Target Risk Aggressive Index's return of 19.75%

&nbsp;&nbsp;&nbsp;&nbsp; The underlying investments in the Genesis Portfolios are the Praxis Impact Bond Fund, the Praxis Growth Index Fund, the Praxis Value Index Fund, the Praxis Small Cap Index Fund, and the Praxis International Index Fund. These Funds are held in proportions matching the risk profile of each of the Genesis Portfolios. We take a long-term approach in assigning weights to the various underlying Funds, relying on the premise that the higher risk equity Funds are expected to generate higher long-term returns than the lower risk fixed income investments. 2025 was a year when the higher risk of stocks helped the performance for portfolios that had a higher stock allocation.

<u>Top Performance Detractors</u>

Praxis International Index Fund \| The Fund underperformed its benchmark for the year and that underperformance hurt each of the Genesis Funds at their respective allocation.

Praxis Small Cap Index Fund \| The Fund underperformed its benchmark for the year and that underperformance hurt each of the Genesis Funds at their respective allocation.

Praxis Value Index Fund \| The Fund underperformed its benchmark for the year with most of the difference caused by restricted name stocks and that underperformance hurt each of the Genesis Funds at their respective allocation.

Praxis Growth Index Fund \| The Fund underperformed its benchmark for the year with some of the difference caused by restricted name stocks and that underperformance hurt each of the Genesis Funds at their respective allocation.

Praxis Impact Bond Fund \| The Fund slightly underperformed its benchmark for the year and that underperformance hurt each of the Genesis Funds at their respective allocation.

## How has the Fund performed over the last ten years?

## Total Return Based on $10,000 Investment\*
![Growth of 10K Chart](if02a1154b004e8c657add8db.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Praxis Genesis Growth Portfolio | S&P Target Risk Aggressive Index | Bloomberg U.S. Aggregate Bond Index | CRSP U.S. Total Market Index |
| Dec-2015 | $9473 | $10000 | $10000 | $10000 |
| Dec-2016 | $10214 | $10766 | $10265 | $11268 |
| Dec-2017 | $11920 | $12932 | $10628 | $13655 |
| Dec-2018 | $11143 | $11943 | $10629 | $12950 |
| Dec-2019 | $13612 | $14664 | $11556 | $16943 |
| Dec-2020 | $15529 | $16583 | $12423 | $20500 |
| Dec-2021 | $18125 | $19174 | $12232 | $25773 |
| Dec-2022 | $15035 | $16080 | $10641 | $20749 |
| Dec-2023 | $17588 | $19039 | $11229 | $26139 |
| Dec-2024 | $19613 | $21608 | $11369 | $32352 |
| Dec-2025 | $22653 | $25876 | $12199 | $37902 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Praxis Genesis Growth Portfolio |  |  |  |
| Without Load | 15.50% | 7.84% | 9.11% |
| With Load\* | 9.46% | 6.69% | 8.52% |
| S&P Target Risk Aggressive Index | 19.75% | 9.31% | 9.97% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| CRSP U.S. Total Market Index | 17.15% | 13.08% | 14.25% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

#### \* Reflects the maximum sales charge applicable to Class A.

## Fund Statistics
* Net Assets$124,842,488

* Number of Portfolio Holdings6

* Advisory Fee $58,645

* Portfolio Turnover14%

![Image](i5faca845778b847f6ffc90c2.jpg)

## What did the Fund invest in?

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i1707800557bb968365511307.jpg)

---

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

---

## Top Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Praxis International Index Fund - Class I | &nbsp;&nbsp;24.1% |
| &nbsp;&nbsp;Praxis Value Index Fund - Class I | &nbsp;&nbsp;20.5% |
| &nbsp;&nbsp;Praxis Growth Index Fund - Class I | &nbsp;&nbsp;20.4% |
| &nbsp;&nbsp;Praxis Impact Bond Fund - Class I | &nbsp;&nbsp;20.1% |
| &nbsp;&nbsp;Praxis Small Cap Index Fund - Class I | &nbsp;&nbsp;14.9% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# Praxis Genesis Growth Portfolio - Class A (MGAFX)

## Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/](i290ab72a3ef7ee488d15773a.jpg)

TSR-AR 123125-MGAFX**

---

| | | |
|:---|:---|:---|
| ![](fp0096946-2_01.jpg) | **Praxis Impact Large Cap Growth ETF**<br> PRXG (Principal U.S. Listing Exchange: NYSE Arca, Inc.)<br> Annual Shareholder Report \| December 31, 2025 | ![](fp0096946-2_02.jpg) |

---

This annual shareholder report contains important information about the Praxis Impact Large Cap Growth ETF for the period of April 7, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/products/etfs/prxg-impact-large-cap-growth-etf/. You can also request this information by contacting us at (800)-977-2947.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment\*\*** | **Costs paid as a percentage of a $10,000 investment\*** |
| Praxis Impact Large Cap Growth ETF | $32 | 0.36% |

---

\* Annualized

\*\* Amount shown reflects the expenses of the Fund from April 7, 2025 through December 31, 2025. Expenses would be higher if the Fund had been in operations for the full reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

From April 7, 2025 to December 31, 2025, the Praxis Impact Large Cap Growth ETF returned 45.28%, underperforming the CRSP US Large Cap Growth Index return of 46.36%.

**PERFORMANCE**

**Top Contributors**

&nbsp;&nbsp;&nbsp;&nbsp;↑ **Consumer Discretionary** \| Overweight was a positive. Overweight in Tesla, Ulta Beauty, Carvana and eBay, and underweight in
Flutter Entertainment (restricted name) were lead contributors.

&nbsp;&nbsp;&nbsp;&nbsp;↑ **Energy** \| Overweight was a positive. Overweight in Venture Global and First Solar were lead contributors.

&nbsp;&nbsp;&nbsp;&nbsp;↑ **Health Care** \| Overweight was a positive. Overweight in Cardinal Health and Danaher Corporation were lead contributors.

**Top Detractors**

&nbsp;&nbsp;&nbsp;&nbsp;↓ **Technology** \| Underweight was a negative. Specifically, underweights in Palantir Technologies (restricted name) was the lead
detractor.

&nbsp;&nbsp;&nbsp;&nbsp;↓ **Industrials** \| Neutral weight. General Electric (restricted name), underweight in GE Vernova and Boeing (restricted name) were
lead detractors.

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![](fp0096946-2_03.jpg)

Praxis Impact Large Cap Growth ETF PAGE 1 TSR-AR-74006E736

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
| | **Since Inception (04/07/2025)** |
| **Praxis Impact Large Cap Growth ETF NAV** | 45.28 |
| **CRSP US Total Market Total Return Index** | 36.53 |
| **CRSP US Large Cap Growth TR Index** | 46.36 |

---

Visit https://www.praxisinvests.com/products/etfs/prxg-impact-large-cap-growth-etf/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of December 31, 2025) | |
| **Net Assets** | $71154572 |
| **Number of Portfolio Holdings** | 176 |
| **Advisory Fee** | $119567 |
| **Portfolio Turnover** | 13% |

---

Visit https://www.praxisinvests.com/products/etfs/prxg-impact-large-cap-growth-etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Asset Weighting (% of total investments)\***

![](fp0096946-2_04.jpg)

\* Represents less than 0.05%

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| NVIDIA Corp. | 12.8% |
| Apple, Inc. | 11.9% |
| Microsoft Corp. | 10.6% |
| Alphabet, Inc. - Class C | 6.0% |
| Amazon.com, Inc. | 4.6% |
| Broadcom, Inc. | 4.5% |
| Meta Platforms, Inc. - Class A | 4.1% |
| Alphabet, Inc. - Class A | 3.9% |
| Tesla, Inc. | 3.6% |
| Eli Lilly & Co. | 2.6% |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Praxis Investment Management, Inc. documents not be householded, please contact Praxis Investment Management, Inc. at (800)-977-2947, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Praxis Investment Management, Inc. or your financial intermediary.

**WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

Additional information is available on the Fund's website (https://www.praxisinvests.com/products/etfs/prxg-impact-large-cap-growth-etf/), including its:

&nbsp;&nbsp;&nbsp;&nbsp;**·** **Prospectus** 

&nbsp;&nbsp;&nbsp;&nbsp;**·** **Financial information** 

&nbsp;&nbsp;&nbsp;&nbsp;**·** **Holdings** 

&nbsp;&nbsp;&nbsp;&nbsp;**·** **Proxy voting information** 

Praxis Impact Large Cap Growth ETF PAGE 2 TSR-AR-74006E736

---

| | | |
|:---|:---|:---|
| ![](fp0096946-2_05.jpg) | **Praxis Impact Large Cap Value ETF**<br> PRXV (Principal U.S. Listing Exchange: NYSE Arca, Inc.)<br> Annual Shareholder Report \| December 31, 2025 | ![](fp0096946-2_02.jpg) |

---

This annual shareholder report contains important information about the Praxis Impact Large Cap Value ETF for the period of April 7, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/ products/etfs/prxv-impact-large-cap-value-etf/. You can also request this information by contacting us at (800)-977-2947.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment\*\*** | **Costs paid as a percentage of a $10,000 investment\*** |
| Praxis Impact Large Cap Value ETF | $30 | 0.36% |

---

\* Annualized

\*\* Amount shown reflects the expenses of the Fund from April 7, 2025 through December 31, 2025. Expenses would be higher if the Fund had been in operations for the full reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

From April 7, 2025 to December 31, 2025, the Praxis Impact Large Cap Value ETF returned 24.14%, underperforming the CRSP US Large Cap Value Index return of 24.57%.

**PERFORMANCE**

**Top Contributors**

&nbsp;&nbsp;&nbsp;&nbsp;**↑** **Health Care** \| Overweight was a positive. Underweight in UnitedHealth Group (restricted name) and overweight in Johnson &
Johnson, Cardinal Health, Merck and Danaher were lead contributors.

&nbsp;&nbsp;&nbsp;&nbsp;**↑** **Financials** \| Neutral weight. Overweight in JPMorgan Chase, Citigroup and Northern Trust were lead contributors.

**Top Detractors**

&nbsp;&nbsp;&nbsp;&nbsp;**↓** **Industrials** \| Underweight was a negative. Restricted names Caterpillar, General Electric, RTX, Parker Hannifin, Cummins and
Eaton were lead detractors.

&nbsp;&nbsp;&nbsp;&nbsp;**↓** **Utilities** \| Underweight was a negative. Underweight in Constellation Energy (restricted name) and Vistra Corp. were large detractors.

&nbsp;&nbsp;&nbsp;&nbsp;**↓** **Consumer Discretionary** \| Overweight was a negative. Underweight General Motors (restricted name), Ross Stores and Ulta Beauty
were lead detractors.

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![](fp0096946-2_06.jpg)

Praxis Impact Large Cap Value ETF PAGE 1 TSR-AR-74006E744

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
| | **Since Inception (04/07/2025)** |
| **Praxis Impact Large Cap Value ETF NAV** | 24.14 |
| **CRSP US Total Market Total Return Index** | 36.53 |
| **CRSP US Large Cap Value TR Index** | 24.57 |

---

Visit https://www.praxisinvests.com/products/etfs/prxv-impact-large-cap-value-etf/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of December 31, 2025) | |
| **Net Assets** | $61344910 |
| **Number of Portfolio Holdings** | 274 |
| **Advisory Fee** | $115952 |
| **Portfolio Turnover** | 14% |

---

Visit https://www.praxisinvests.com/products/etfs/prxv-impact-large-cap-value-etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Asset Weighting (% of total investments)**

![](fp0096946-2_07.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| JPMorgan Chase & Co. | 4.1% |
| Johnson & Johnson | 2.4% |
| Walmart, Inc. | 2.2% |
| Procter & Gamble Co. | 2.0% |
| AbbVie, Inc. | 1.9% |
| Bank of America Corp. | 1.7% |
| Home Depot, Inc. | 1.6% |
| Micron Technology, Inc. | 1.5% |
| Cisco Systems, Inc. | 1.4% |
| Coca-Cola Co. | 1.4% |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Praxis Investment Management, Inc. documents not be householded, please contact Praxis Investment Management, Inc. at (800)-977-2947, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Praxis Investment Management, Inc. or your financial intermediary.

**WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

Additional information is available on the Fund's website (https://www.praxisinvests.com/products/etfs/prxv-impact-large-cap-value-etf/), including its:

&nbsp;&nbsp;&nbsp;&nbsp;**·** **Prospectus** 

&nbsp;&nbsp;&nbsp;&nbsp;**·** **Financial information** 

&nbsp;&nbsp;&nbsp;&nbsp;**·** **Holdings** 

&nbsp;&nbsp;&nbsp;&nbsp;**·** **Proxy voting information** 

Praxis Impact Large Cap Value ETF PAGE 2 TSR-AR-74006E744

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

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
 performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions
 of the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers
 from the provisions of the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Code of Ethics is not posted on the registrant's website.

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Code of Ethics is filed herewith.

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

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

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

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the
 principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are:

---

| | |
|:---|:---|
| 2024 | 2025 |
| $137750 | $171750 |

---

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal
 accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under
 paragraph (a) of this Item are:

---

| | |
|:---|:---|
| 2024 | 2025 |
| $38300 | $41500 |

---

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
 accountant for tax compliance, tax advice, and tax planning are:

---

| | |
|:---|:---|
| 2024 | 2025 |
| $38300 | $41500 |

---

Tax fees consisted of fees for tax compliance services during both years.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal
 accountant, other than the services reported in paragraphs (a) through (c) of this Item are:

---

| | |
|:---|:---|
| 2024 | 2025 |
| $0 | $0 |

---

<u>Audit Committee's Pre-Approval Policies</u>

(e)(1) Audit Committee Pre-Approval Policies.

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees for services to the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $38,300 for the December 31, 2024 fiscal year and $41,500 for December 31, 2025 fiscal year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The registrant is not a foreign issuer.

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

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments in securities of unaffiliated issuers is included
 in the Financial Statements filed under Item 7 of this Form.

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

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

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

![](fp0096946-2_10a.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Praxis Impact Bond Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 1 |
| Praxis International Index Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 9 |
| Praxis Value Index Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 15 |
| Praxis Growth Index Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 19 |
| Praxis Small Cap Index Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 22 |
| Praxis Genesis Conservative Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 30 |
| Praxis Genesis Balanced Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 31 |
| Praxis Genesis Growth Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 32 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets & Liabilities | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 40 |
| Notes to Financial Statements | 48 |
| Report of Independent Registered Public Accounting Firm | 60 |
| Additional Information | 61 |

---

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

THIS PAGE INTENTIONALLY LEFT BLANK

Schedule of Investments

*Praxis Impact Bond Fund*

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **ASSET BACKED SECURITIES — 6.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aligned Data Centers Issuer, LLC (a) | 6.000% | 08/17/48 | $1510000 | $1521446 |
| &nbsp;&nbsp;&nbsp;Ameren Missouri Securitization Funding I, LLC | 4.850% | 10/01/39 | 2986811 | 3005971 |
| &nbsp;&nbsp;&nbsp;American Tower Trust I (a) | 3.652% | 03/23/28 | 2000000 | 1980130 |
| &nbsp;&nbsp;&nbsp;Bank of America Credit Card Trust | 4.980% | 11/15/28 | 4116000 | 4158723 |
| &nbsp;&nbsp;&nbsp;Beacon Container Finance II, LLC (a) | 2.250% | 10/22/46 | 1449584 | 1355543 |
| &nbsp;&nbsp;&nbsp;CLI Funding, LLC (a) | 2.720% | 01/18/47 | 912089 | 846951 |
| &nbsp;&nbsp;&nbsp;CyrusOne Data Centers Issuer I, LLC (a) | 4.500% | 05/20/49 | 2525000 | 2464224 |
| &nbsp;&nbsp;&nbsp;DB Master Finance, LLC (a) | 2.493% | 11/20/51 | 1944000 | 1840925 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida Project Finance, LLC | 3.112% | 09/01/36 | 1500000 | 1290980 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress NC Storm Funding, LLC | 2.799% | 07/01/41 | 2000000 | 1529091 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress NC Storm Funding, LLC (a) | 5.070% | 01/01/46 | 3000000 | 2988408 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress SC Storm Funding, LLC | 5.404% | 03/01/44 | 631870 | 642912 |
| &nbsp;&nbsp;&nbsp;Golden Credit Card Trust (a) | 1.140% | 08/15/28 | 1000000 | 982955 |
| &nbsp;&nbsp;&nbsp;GoodLeap Sustainable Home Solutions Trust (a) | 6.250% | 06/20/57 | 1493341 | 1454010 |
| &nbsp;&nbsp;&nbsp;Iowa Student Loan Liquidity Corp. Rev. | 1.730% | 08/25/70 | 731286 | 648685 |
| &nbsp;&nbsp;&nbsp;Mosaic Solar Loans, LLC (a) | 2.100% | 04/20/46 | 575297 | 509467 |
| &nbsp;&nbsp;&nbsp;Mosaic Solar Loans, LLC (a) | 1.640% | 04/22/47 | 623632 | 520552 |
| &nbsp;&nbsp;&nbsp;PG&E Energy Recovery Funding, LLC | 5.256% | 01/15/38 | 1000000 | 1024694 |
| &nbsp;&nbsp;&nbsp;PG&E Energy Recovery Funding, LLC | 2.822% | 07/15/46 | 1633000 | 1190717 |
| &nbsp;&nbsp;&nbsp;PG&E Energy Recovery Funding, LLC | 5.536% | 07/15/47 | 1500000 | 1504149 |
| &nbsp;&nbsp;&nbsp;PG&E Wildfire Recovery Funding, LLC | 5.081% | 06/01/41 | 1000000 | 992845 |
| &nbsp;&nbsp;&nbsp;PG&E Wildfire Recovery Funding, LLC | 4.674% | 12/01/51 | 2400000 | 2095364 |
| &nbsp;&nbsp;&nbsp;PNM Energy Transition Bond Co. I, LLC | 6.028% | 08/15/48 | 500000 | 524151 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust (a) | 4.831% | 10/15/29 | 1750000 | 1757049 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust (a) | 6.599% | 11/15/52 | 880000 | 901094 |
| &nbsp;&nbsp;&nbsp;Sunrun Artemis Issuer, LLC (a) | 6.250% | 07/30/59 | 2439571 | 2439500 |
| &nbsp;&nbsp;&nbsp;Swepco Storm Recovery Funding, LLC, Series 2024-A | 4.880% | 09/01/39 | 3867601 | 3903807 |
| &nbsp;&nbsp;&nbsp;Switch ABS Issuer, LLC (a) | 6.280% | 03/25/54 | 600000 | 605952 |
| &nbsp;&nbsp;&nbsp;Switch ABS Issuer, LLC (a) | 5.036% | 03/25/55 | 1500000 | 1474503 |
| &nbsp;&nbsp;&nbsp;Texas Electric Market Stabilization Funding N, LLC (a) | 4.966% | 02/01/44 | 4195000 | 4124616 |
| &nbsp;&nbsp;&nbsp;Texas Electric Market Stabilization Funding N, LLC (a) | 5.057% | 08/01/46 | 4730000 | 4459275 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **ASSET BACKED SECURITIES — 6.1%, continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Textainer Marine Containers VII Ltd. (a) | 1.680% | 02/20/46 | $920000 | $866393 |
| &nbsp;&nbsp;&nbsp;TIF Funding II, LLC (a) | 1.650% | 02/20/46 | 301042 | 275905 |
| &nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust | 5.300% | 05/15/26 | 286467 | 287631 |
| &nbsp;&nbsp;&nbsp;Tribute Rail, LLC (a) | 4.760% | 05/17/52 | 1615834 | 1615817 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, L.P., Series 2021-1 (a) | 2.260% | 07/19/51 | 163610 | 154498 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, L.P. (a) | 5.780% | 05/19/54 | 2830016 | 2854716 |
| &nbsp;&nbsp;&nbsp;Triton Container Finance VIII, LLC (a) | 1.860% | 03/20/46 | 2235937 | 2078547 |
| &nbsp;&nbsp;&nbsp;Triton International Finance Funding III, LLC (a) | 5.480% | 05/22/34 | 1303125 | 1305731 |
| &nbsp;&nbsp;&nbsp;Triumph Rail, LLC (a) | 2.150% | 06/19/51 | 1597982 | 1543700 |
| &nbsp;&nbsp;&nbsp;USQ Rail III, LLC (a) | 4.990% | 09/28/54 | 714878 | 714831 |
| &nbsp;&nbsp;&nbsp;Vantage Data Centers Issuer, LLC (a) | 2.165% | 10/15/46 | 2300000 | 2253009 |
| &nbsp;&nbsp;&nbsp;Wendy's Funding, LLC (a) | 4.236% | 03/15/52 | 1206250 | 1192148 |
| TOTAL ASSET BACKED SECURITIES (COST $70,660,721) |  |  |  | $69881615 |
| **MUNICIPAL BONDS — 0.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A | 7.334% | 02/15/28 | 770000 | 796297 |
| &nbsp;&nbsp;&nbsp;Findlay City School District, Series 2010-B | 6.250% | 12/01/37 | 270000 | 271510 |
| &nbsp;&nbsp;&nbsp;Houston, Texas, Independent School District, Series 2009A-2 | 6.168% | 02/15/34 | 1000000 | 1000955 |
| &nbsp;&nbsp;&nbsp;Massachusetts St., Series 2016-F | 3.277% | 06/01/46 | 3100000 | 2460576 |
| &nbsp;&nbsp;&nbsp;University of Texas, Permanent University Fund, Series 2017-A | 3.376% | 07/01/47 | 3000000 | 2259957 |
| &nbsp;&nbsp;&nbsp;University of Texas, Rev., Series 2020 B | 2.439% | 08/15/49 | 1875000 | 1167058 |
| &nbsp;&nbsp;&nbsp;University of Virginia, Rev., Series 2009 | 6.200% | 09/01/39 | 2000000 | 2194550 |
| TOTAL MUNICIPAL BONDS (COST $10,997,303) |  |  |  | $10150903 |
| **CORPORATE BONDS — 25.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AUTOMOTIVE — 0.5% BorgWarner, Inc. | 2.650% | 07/01/27 | 601000 | 588870 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd. | 2.967% | 03/10/32 | 760000 | 694564 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital Services, Inc. (a) | 1.250% | 02/08/26 | 200000 | 199403 |
| &nbsp;&nbsp;&nbsp;Magna International, Inc. | 2.450% | 06/15/30 | 1250000 | 1161045 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | 4.450% | 06/30/30 | 2500000 | 2530557 |
|  |  |  |  | 5174439 |
| BANKING — 2.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Express Co. | 5.016% | 04/25/31 | 500000 | 515273 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., Series N (TSFR3M + 157.16) (b) | 4.271% | 07/23/29 | 1000000 | 1004583 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., Series N | 2.572% | 10/20/32 | 1500000 | 1352855 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., Series N | 2.972% | 02/04/33 | 1000000 | 914504 |

---

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

Schedule of Investments, continued

*Praxis Impact Bond Fund*

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **CORPORATE BONDS — 25.7%, continued** |  |  |  |  |
| BANKING — 2.8%, continued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., Series N | 5.464% | 05/09/36 | $500000 | $520511 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal | 5.203% | 02/01/28 | 1750000 | 1794320 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The), Series J | 4.967% | 04/26/34 | 2000000 | 2039017 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. (SOFR + 210.70) (b) | 2.572% | 06/03/31 | 2000000 | 1853064 |
| &nbsp;&nbsp;&nbsp;ING Groep N.V. (a) | 4.625% | 01/06/26 | 1250000 | 1250073 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.200% | 06/15/26 | 2557000 | 2549346 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. (SOFR + 151.00) (b) | 2.739% | 10/15/30 | 2000000 | 1897292 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.963% | 01/25/33 | 1000000 | 917680 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 5.572% | 04/22/36 | 500000 | 524579 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 4.553% | 08/16/28 | 1500000 | 1507967 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 5.159% | 04/24/31 | 2500000 | 2576518 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | 4.758% | 01/26/27 | 1500000 | 1500595 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | 5.582% | 06/12/29 | 1000000 | 1037120 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 7.350% | 06/15/26 | 1000000 | 1013513 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 4.164% | 08/04/33 | 1000000 | 980747 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, Series C | 5.264% | 12/11/26 | 2000000 | 2024517 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. (SOFR + 60.90) (b) | 1.267% | 03/02/27 | 1000000 | 994965 |
| &nbsp;&nbsp;&nbsp;UBS AG London | 5.650% | 09/11/28 | 550000 | 574097 |
| &nbsp;&nbsp;&nbsp;US Bancorp, Series CC | 5.083% | 05/15/31 | 3000000 | 3092378 |
|  |  |  |  | 32435514 |
| BEVERAGES — 0.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 3.450% | 03/25/30 | 500000 | 490396 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Femsa S.A.B. de C.V. | 1.850% | 09/01/32 | 1000000 | 844600 |
|  |  |  |  | 1334996 |
| BIOTECH & PHARMA — 0.3% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 2.950% | 11/21/26 | 500000 | 496105 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 3.000% | 02/22/29 | 2500000 | 2422481 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 3.650% | 03/01/26 | 750000 | 749669 |
|  |  |  |  | 3668255 |
| CABLE & SATELLITE — 0.2% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corp. | 3.300% | 04/01/27 | 500000 | 496630 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. | 4.650% | 02/15/33 | 1000000 | 1003688 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. | 2.937% | 11/01/56 | 672000 | 377580 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable, Inc. | 4.500% | 09/15/42 | 500000 | 384511 |
|  |  |  |  | 2262409 |
| CHEMICALS — 0.4% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 4.850% | 02/08/34 | 1000000 | 1016673 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 2.650% | 04/30/30 | 1250000 | 1166305 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 4.800% | 03/24/30 | 140000 | 143547 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 2.750% | 08/18/55 | 1470000 | 884461 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 5.875% | 12/01/36 | 840000 | 879831 |
|  |  |  |  | 4090817 |
| CONSTRUCTION MATERIALS — 0.0% (c) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owens Corning | 3.950% | 08/15/29 | 300000 | 297450 |

---

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **CORPORATE BONDS — 25.7%, continued** | **CORPORATE BONDS — 25.7%, continued** | **CORPORATE BONDS — 25.7%, continued** |  |  |
| CONSUMER SERVICES — 3.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Andrew W. Mellon Funding | 0.947% | 08/01/27 | $1050000 | $1003095 |
| &nbsp;&nbsp;&nbsp;California Endowment (The) | 2.498% | 04/01/51 | 4500000 | 2655958 |
| &nbsp;&nbsp;&nbsp;Conservation Fund, Series 2019 | 3.474% | 12/15/29 | 535000 | 504415 |
| &nbsp;&nbsp;&nbsp;Ford Foundation (The), Series 2017 (d) | 3.859% | 06/01/47 | 4620000 | 3792664 |
| &nbsp;&nbsp;&nbsp;Ford Foundation (The), Series 2020 | 2.415% | 06/01/50 | 235000 | 141801 |
| &nbsp;&nbsp;&nbsp;John D. & Catherine T. MacArthur Foundation, Series 2020 | 1.299% | 12/01/30 | 1500000 | 1313214 |
| &nbsp;&nbsp;&nbsp;Leland Stanford Junior University (The) | 3.460% | 05/01/47 | 2415000 | 1844663 |
| &nbsp;&nbsp;&nbsp;Local Initiatives Support Corp. | 4.649% | 03/01/37 | 1500000 | 1409859 |
| &nbsp;&nbsp;&nbsp;Massachusetts Institute of Technology, Series D-2 | 3.959% | 07/01/38 | 1700000 | 1577948 |
| &nbsp;&nbsp;&nbsp;President & Fellows of Harvard College, Series 2024-A (d) | 4.609% | 02/15/35 | 2000000 | 2011609 |
| &nbsp;&nbsp;&nbsp;President & Fellows of Harvard College, Series 2016-B | 3.150% | 07/15/46 | 3961000 | 2881774 |
| &nbsp;&nbsp;&nbsp;President & Fellows of Harvard College, Series 2020-B | 2.517% | 10/15/50 | 1600000 | 974374 |
| &nbsp;&nbsp;&nbsp;President & Fellows of Harvard College, Series 2022-A | 3.745% | 11/15/52 | 700000 | 532476 |
| &nbsp;&nbsp;&nbsp;Rockefeller Foundation (The) | 2.492% | 10/01/50 | 4290000 | 2593254 |
| &nbsp;&nbsp;&nbsp;Stanford University California, Series 2017 | 3.647% | 05/01/48 | 750000 | 590012 |
| &nbsp;&nbsp;&nbsp;Stanford University California, Series 2020-A | 2.413% | 06/01/50 | 4400000 | 2636737 |
| &nbsp;&nbsp;&nbsp;Trustees of Princeton University (The) | 2.516% | 07/01/50 | 6650000 | 4162684 |
| &nbsp;&nbsp;&nbsp;University of Notre Dame, Series 2017 | 3.394% | 02/15/48 | 3749000 | 2814159 |
| &nbsp;&nbsp;&nbsp;W.K. Kellogg Foundation Trust, Series 2020 (a)(d) | 2.443% | 10/01/50 | 7223000 | 4319017 |
| &nbsp;&nbsp;&nbsp;Yale University | 2.402% | 04/15/50 | 8765000 | 5256370 |
|  |  |  |  | 43016083 |
| CONTAINERS & PACKAGING — 0.2% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CCL Industries, Inc. (a) | 3.050% | 06/01/30 | 1750000 | 1649617 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | 5.750% | 11/01/40 | 1000000 | 1006890 |
|  |  |  |  | 2656507 |
| DIVERSIFIED INDUSTRIALS — 0.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 3.900% | 09/01/42 | 1000000 | 844862 |
| ELECTRIC UTILITIES — 3.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ameren Illinois Co. | 5.900% | 12/01/52 | 2250000 | 2329709 |
| &nbsp;&nbsp;&nbsp;Avista Corp. | 4.000% | 04/01/52 | 1000000 | 748301 |
| &nbsp;&nbsp;&nbsp;Caledonia Generating, LLC (a) | 1.950% | 02/28/34 | 1331108 | 1179110 |

---

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

Schedule of Investments, continued

*Praxis Impact Bond Fund*

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **CORPORATE BONDS — 25.7%, continued** | **CORPORATE BONDS — 25.7%, continued** | **CORPORATE BONDS — 25.7%, continued** |  |  |
| ELECTRIC UTILITIES — 3.8%, continued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc., Series AL | 5.300% | 04/01/53 | $1000000 | $953897 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison Co. | 3.350% | 04/01/30 | 1000000 | 968398 |
| &nbsp;&nbsp;&nbsp;DTE Electric Co. | 4.050% | 05/15/48 | 1750000 | 1420313 |
| &nbsp;&nbsp;&nbsp;DTE Electric Co. | 3.650% | 03/01/52 | 750000 | 553803 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co., Series C | 4.875% | 06/01/28 | 1500000 | 1525980 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas, LLC | 3.550% | 03/15/52 | 2200000 | 1580726 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress, LLC | 3.450% | 03/15/29 | 1750000 | 1722559 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress, LLC | 4.000% | 04/01/52 | 1500000 | 1162777 |
| &nbsp;&nbsp;&nbsp;Florida Power & Light Co. | 3.700% | 12/01/47 | 1550000 | 1191946 |
| &nbsp;&nbsp;&nbsp;Florida Power & Light Co. | 2.875% | 12/04/51 | 2000000 | 1274751 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co., Series 2016-A | 3.250% | 04/01/26 | 1000000 | 998085 |
| &nbsp;&nbsp;&nbsp;Interstate Power & Light Co. | 3.600% | 04/01/29 | 1250000 | 1224558 |
| &nbsp;&nbsp;&nbsp;Liberty Utilities Financial Services (a) | 2.050% | 09/15/30 | 1355000 | 1228652 |
| &nbsp;&nbsp;&nbsp;MidAmerican Energy Co. | 3.950% | 08/01/47 | 1750000 | 1385277 |
| &nbsp;&nbsp;&nbsp;Narragansett Electric Co. (a) | 3.395% | 04/09/30 | 1500000 | 1446364 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities | 1.350% | 03/15/31 | 2000000 | 1726919 |
| &nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp. (a) | 1.960% | 06/27/30 | 1500000 | 1356193 |
| &nbsp;&nbsp;&nbsp;Northern States Power Co. | 2.900% | 03/01/50 | 1500000 | 983279 |
| &nbsp;&nbsp;&nbsp;NSTAR Electric Co. | 3.950% | 04/01/30 | 600000 | 591981 |
| &nbsp;&nbsp;&nbsp;NSTAR Electric Co. | 5.500% | 03/15/40 | 1250000 | 1261625 |
| &nbsp;&nbsp;&nbsp;NY State Electric & Gas (a) | 5.650% | 08/15/28 | 1650000 | 1716320 |
| &nbsp;&nbsp;&nbsp;Potomac Electric Power Co. | 6.500% | 11/15/37 | 1000000 | 1121602 |
| &nbsp;&nbsp;&nbsp;Public Service Co. | 3.700% | 06/15/28 | 2250000 | 2239022 |
| &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co. | 4.650% | 03/15/33 | 2500000 | 2514228 |
| &nbsp;&nbsp;&nbsp;Puget Energy, Inc. | 4.223% | 06/15/48 | 1000000 | 813789 |
| &nbsp;&nbsp;&nbsp;Rochester Gas & Electric Corp. (a) | 1.850% | 12/01/30 | 500000 | 441523 |
| &nbsp;&nbsp;&nbsp;San Diego Gas and Electric Co. | 4.500% | 08/15/40 | 841000 | 765207 |
| &nbsp;&nbsp;&nbsp;Solar Star Funding, LLC (a) | 3.950% | 06/30/35 | 1052556 | 1005392 |
| &nbsp;&nbsp;&nbsp;Solar Star Funding, LLC (a) | 5.375% | 06/30/35 | 324183 | 330159 |
| &nbsp;&nbsp;&nbsp;Southern California Edison | 4.050% | 03/15/42 | 1165000 | 926510 |
| &nbsp;&nbsp;&nbsp;Topaz Solar Farms, LLC (a) | 4.875% | 09/30/39 | 187650 | 170393 |
| &nbsp;&nbsp;&nbsp;Topaz Solar Farms, LLC (a) | 5.750% | 09/30/39 | 453403 | 456101 |
| &nbsp;&nbsp;&nbsp;Union Electric Co. | 2.625% | 03/15/51 | 2000000 | 1205551 |
| &nbsp;&nbsp;&nbsp;Westar Energy, Inc. (d) | 2.550% | 07/01/26 | 1292000 | 1282739 |
|  |  |  |  | 43803739 |
| ELECTRICAL EQUIPMENT — 0.2% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 1.750% | 09/15/30 | 1800000 | 1604781 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 2.000% | 06/30/30 | 440000 | 398048 |
|  |  |  |  | 2002829 |
| FOOD — 0.6% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cargill, Inc. (a) | 4.760% | 11/23/45 | 1500000 | 1355007 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 1.800% | 06/11/30 | 2250000 | 2030831 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | 2.900% | 06/01/30 | 1000000 | 941143 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **CORPORATE BONDS — 25.7%, continued** |  |  |  |  |
| FOOD — 0.6%, continued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mars, Inc. (a) | 4.650% | 04/20/31 | $1000000 | $1020868 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. (a) | 3.600% | 04/01/34 | 1500000 | 1384169 |
|  |  |  |  | 6732018 |
| GAS & WATER UTILITIES — 0.6% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Water Capital Corp. | 2.800% | 05/01/30 | 1500000 | 1421893 |
| &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co. (a) | 4.504% | 03/10/46 | 1250000 | 1028618 |
| &nbsp;&nbsp;&nbsp;Indiana Gas Co., Inc. | 6.550% | 06/30/28 | 250000 | 262943 |
| &nbsp;&nbsp;&nbsp;Southern California Gas Co., Series DDD | 5.450% | 06/15/35 | 2500000 | 2604058 |
| &nbsp;&nbsp;&nbsp;Spire Missouri, Inc. | 5.150% | 08/15/34 | 1000000 | 1027036 |
|  |  |  |  | 6344548 |
| HEALTH CARE FACILITIES & SERVICES — 0.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kaiser Foundation Hospital | 3.150% | 05/01/27 | 1500000 | 1487721 |
| HOME & OFFICE PRODUCTS — 0.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;HNI Corp. (a) | 5.125% | 01/18/29 | 1000000 | 980000 |
| HOME CONSTRUCTION — 0.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NVR, Inc. | 3.000% | 05/15/30 | 1000000 | 946490 |
| INSTITUTIONAL FINANCIAL SERVICES — 0.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brookfield Finance, Inc. | 4.250% | 06/02/26 | 1570000 | 1570445 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (TSFR3M + 156.26) (b) | 4.223% | 05/01/29 | 1000000 | 1002081 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 3.800% | 03/15/30 | 1500000 | 1476309 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, Series F | 3.125% | 07/27/26 | 2000000 | 1991029 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, Series I | 5.449% | 07/20/29 | 1000000 | 1031949 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, Series I (SOFR + 114.30) (b) | 2.699% | 01/22/31 | 1250000 | 1172496 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, Series I | 5.192% | 04/17/31 | 1000000 | 1031072 |
|  |  |  |  | 9275381 |
| INSURANCE — 3.5% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 4.000% | 10/15/46 | 1408000 | 1128516 |
| &nbsp;&nbsp;&nbsp;AIG Global Funding, Series 2024-1 (a) | 5.200% | 01/12/29 | 500000 | 512852 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. (The) | 5.250% | 03/30/33 | 1000000 | 1040895 |
| &nbsp;&nbsp;&nbsp;American National Group, Inc. | 5.750% | 10/01/29 | 1850000 | 1914396 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding (a) | 5.583% | 01/09/29 | 2000000 | 2054448 |
| &nbsp;&nbsp;&nbsp;F&G Global Funding (a) | 2.300% | 04/11/27 | 535000 | 522364 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 3.400% | 06/15/30 | 1000000 | 954233 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | 2.400% | 08/15/31 | 1500000 | 1308511 |
| &nbsp;&nbsp;&nbsp;GA Global Funding Trust (a) | 2.250% | 01/06/27 | 2000000 | 1963298 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 7.250% | 09/15/28 | 965000 | 1033727 |
| &nbsp;&nbsp;&nbsp;Jackson National Life Global Funding (a) | 5.500% | 01/09/26 | 1250000 | 1250337 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 3.750% | 03/14/26 | 1000000 | 999125 |
| &nbsp;&nbsp;&nbsp;Massachusetts Mutual Life Insurance Co. (a) | 3.375% | 04/15/50 | 2500000 | 1689957 |

---

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

Schedule of Investments, continued

*Praxis Impact Bond Fund*

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **CORPORATE BONDS — 25.7%, continued** |  |  |  |  |
| INSURANCE — 3.5%, continued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Met Life Global Funding I (a) | 5.150% | 03/28/33 | $1250000 | $1286183 |
| &nbsp;&nbsp;&nbsp;Mutual of Omaha Global, Series 2023-1 (a) | 5.800% | 07/27/26 | 385000 | 388846 |
| &nbsp;&nbsp;&nbsp;Mutual of Omaha Global (a) | 5.450% | 12/12/28 | 365000 | 377538 |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding (a) | 4.900% | 06/13/28 | 3000000 | 3067108 |
| &nbsp;&nbsp;&nbsp;Northwestern Mutual, Series 2023-3 (a) | 4.900% | 06/12/28 | 1740000 | 1778573 |
| &nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, Series 2021-1 (a) | 1.450% | 01/20/28 | 1000000 | 950872 |
| &nbsp;&nbsp;&nbsp;Peachtree Corners Funding Trust II (a) | 6.012% | 05/15/35 | 400000 | 421599 |
| &nbsp;&nbsp;&nbsp;Pricoa Global Funding I (a)(d) | 5.100% | 05/30/28 | 2000000 | 2049692 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | 2.800% | 11/19/31 | 1000000 | 907619 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 3.700% | 05/15/29 | 1250000 | 1229095 |
| &nbsp;&nbsp;&nbsp;Protective Life Global Funding (a) | 5.366% | 01/06/26 | 500000 | 500056 |
| &nbsp;&nbsp;&nbsp;Protective Life Global Funding (a) | 5.209% | 04/14/26 | 1000000 | 1003109 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 1.500% | 03/10/26 | 644000 | 640986 |
| &nbsp;&nbsp;&nbsp;Prudential Funding Asia plc | 3.125% | 04/14/30 | 750000 | 718939 |
| &nbsp;&nbsp;&nbsp;RGA Global Funding (a) | 5.500% | 01/11/31 | 2000000 | 2080183 |
| &nbsp;&nbsp;&nbsp;Sammons Financial Group, Inc. (a) | 4.450% | 05/12/27 | 1200000 | 1199823 |
| &nbsp;&nbsp;&nbsp;Sammons Financial Group, Inc. (a) | 6.875% | 04/15/34 | 1000000 | 1094966 |
| &nbsp;&nbsp;&nbsp;Trustage Financial Group, Inc. (a) | 4.625% | 04/15/32 | 400000 | 385600 |
| &nbsp;&nbsp;&nbsp;Western-Southern Global Funding (a) | 4.900% | 05/01/30 | 3000000 | 3070189 |
|  |  |  |  | 39523635 |
| LEISURE FACILITIES & SERVICES — 0.2% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;McDonald's Corp., Series MTN | 3.500% | 07/01/27 | 1000000 | 994580 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 2.450% | 06/15/26 | 1000000 | 993063 |
|  |  |  |  | 1987643 |
| MACHINERY — 0.3% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ingersoll-Rand Global Holding Co. Ltd. | 6.391% | 11/15/27 | 655000 | 672642 |
| &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | 1.750% | 03/09/27 | 250000 | 244165 |
| &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | 3.050% | 01/06/28 | 1250000 | 1233462 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 1.950% | 01/30/28 | 1775000 | 1703433 |
|  |  |  |  | 3853702 |
| MEDICAL EQUIPMENT & DEVICES — 0.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alcon Finance Corp. (a) | 2.600% | 05/27/30 | 1250000 | 1162172 |
| PERSONAL PRODUCTS — 0.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Estée Lauder Cos., Inc. (The) | 2.600% | 04/15/30 | 1000000 | 938895 |
| PIPELINES — 0.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Northern Natural Gas Co. (a) | 4.100% | 09/15/42 | 1200000 | 972938 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **CORPORATE BONDS — 25.7%, continued** |  |  |  |  |
| REITS — 3.0% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agree Ltd. Partnership | 2.900% | 10/01/30 | $650000 | $608242 |
| &nbsp;&nbsp;&nbsp;Agree Ltd. Partnership | 4.800% | 10/01/32 | 715000 | 720204 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 2.950% | 03/15/34 | 1000000 | 856280 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 4.750% | 04/15/35 | 1250000 | 1203072 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, L.P. | 5.500% | 02/01/34 | 2000000 | 2065187 |
| &nbsp;&nbsp;&nbsp;Boston Properties, L.P. | 4.500% | 12/01/28 | 1250000 | 1258079 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 2.800% | 05/15/30 | 1500000 | 1415539 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, L.P. | 5.375% | 02/15/32 | 1650000 | 1699034 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, L.P. | 5.550% | 01/15/28 | 2250000 | 2310910 |
| &nbsp;&nbsp;&nbsp;ERP Operating, L.P. | 4.150% | 12/01/28 | 1250000 | 1256118 |
| &nbsp;&nbsp;&nbsp;ESSEX Portfolio, L.P. | 2.650% | 03/15/32 | 1500000 | 1337284 |
| &nbsp;&nbsp;&nbsp;ESSEX Portfolio, L.P. | 5.500% | 04/01/34 | 250000 | 258941 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 1.250% | 02/15/26 | 515000 | 512874 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 5.375% | 05/01/28 | 1500000 | 1537442 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | 2.500% | 11/15/32 | 1750000 | 1458843 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 2.700% | 10/01/30 | 1750000 | 1640062 |
| &nbsp;&nbsp;&nbsp;Lexington Realty Trust | 2.700% | 09/15/30 | 1500000 | 1375508 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 3.950% | 03/15/29 | 1750000 | 1739570 |
| &nbsp;&nbsp;&nbsp;Ontario Teachers Cadillac Fairview Properties Trust (a) | 2.500% | 10/15/31 | 1255000 | 1125457 |
| &nbsp;&nbsp;&nbsp;Prologis, L.P. | 2.875% | 10/06/29 | 1500000 | 1434085 |
| &nbsp;&nbsp;&nbsp;Prologis, L.P. | 4.625% | 01/15/33 | 1500000 | 1513711 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 4.700% | 12/15/28 | 1000000 | 1019267 |
| &nbsp;&nbsp;&nbsp;Regency Centers, L.P. | 5.000% | 07/15/32 | 348000 | 356297 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, L.P. | 5.000% | 06/15/28 | 500000 | 508617 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, L.P. | 2.150% | 09/01/31 | 1750000 | 1532815 |
| &nbsp;&nbsp;&nbsp;Sun Communities Operating, L.P. | 2.700% | 07/15/31 | 500000 | 454364 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 1.900% | 03/15/33 | 1500000 | 1237974 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | 2.450% | 02/01/32 | 1500000 | 1322647 |
|  |  |  |  | 33758423 |
| RETAIL - CONSUMER STAPLES — 0.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kroger Co. (The) | 5.000% | 04/15/42 | 1000000 | 932420 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 1.800% | 09/22/31 | 500000 | 445551 |
|  |  |  |  | 1377971 |
| RETAIL - DISCRETIONARY — 0.3% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 3.625% | 04/15/52 | 1000000 | 729858 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 4.650% | 04/15/42 | 1000000 | 904513 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 3.000% | 10/15/50 | 500000 | 316926 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 5.625% | 04/15/53 | 1000000 | 969510 |
|  |  |  |  | 2920807 |
| SEMICONDUCTORS — 0.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 4.150% | 08/05/32 | 1000000 | 964247 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 3.734% | 12/08/47 | 1000000 | 711593 |
|  |  |  |  | 1675840 |
| SOFTWARE — 0.3% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 2.525% | 06/01/50 | 4500000 | 2747471 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 2.921% | 03/17/52 | 1000000 | 655037 |
|  |  |  |  | 3402508 |

---

 

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

Schedule of Investments, continued

*Praxis Impact Bond Fund*

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **CORPORATE BONDS — 25.7%, continued** |  |  |  |  |
| SPECIALTY FINANCE — 0.7% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BlueHub Loan Fund, Inc. | 3.099% | 01/01/30 | $1030000 | $952879 |
| &nbsp;&nbsp;&nbsp;Community Preservation Corp. (The) | 2.867% | 02/01/30 | 2500000 | 2320200 |
| &nbsp;&nbsp;&nbsp;Low Income Investment Fund | 3.386% | 07/01/26 | 115000 | 114329 |
| &nbsp;&nbsp;&nbsp;Low Income Investment Fund, Series 2019 | 3.711% | 07/01/29 | 1985000 | 1913326 |
| &nbsp;&nbsp;&nbsp;USAA Capital Corp. (a) | 2.125% | 05/01/30 | 3000000 | 2767139 |
|  |  |  |  | 8067873 |
| TECHNOLOGY HARDWARE — 0.4% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 3.000% | 06/20/27 | 1000000 | 991447 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 2.650% | 05/11/50 | 1000000 | 625138 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 2.650% | 02/08/51 | 2000000 | 1236344 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 4.750% | 01/15/28 | 1100000 | 1112010 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 4.000% | 04/15/29 | 915000 | 905311 |
|  |  |  |  | 4870250 |
| TECHNOLOGY SERVICES — 0.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Experian Finance plc (a) | 2.750% | 03/08/30 | 635000 | 596360 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 3.250% | 05/20/50 | 500000 | 339968 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 3.750% | 02/25/52 | 1000000 | 745767 |
|  |  |  |  | 1682095 |
| TELECOMMUNICATIONS — 0.6% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 5.250% | 03/01/37 | 500000 | 505908 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 4.750% | 05/15/46 | 2000000 | 1732868 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 3.875% | 02/08/29 | 1000000 | 996425 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 1.500% | 09/18/30 | 1000000 | 881678 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 5.875% | 11/30/55 | 2000000 | 1976003 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 2.987% | 10/30/56 | 1799000 | 1070290 |
|  |  |  |  | 7163172 |
| TRANSPORTATION & LOGISTICS — 0.9% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Burlington Northern |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Santa Fe, LLC | 5.750% | 05/01/40 | 2078000 | 2195871 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. | 2.050% | 03/05/30 | 1750000 | 1608305 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 4.837% | 10/01/41 | 1000000 | 942623 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 3.050% | 05/15/50 | 1500000 | 985289 |
| &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. (a) | 5.750% | 05/24/26 | 500000 | 502413 |
| &nbsp;&nbsp;&nbsp;TTX Co. (a) | 4.600% | 02/01/49 | 280000 | 244094 |
| &nbsp;&nbsp;&nbsp;TTX Co. (a)(d) | 5.650% | 12/01/52 | 500000 | 500261 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 4.950% | 09/09/52 | 2000000 | 1821358 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. | 5.950% | 05/14/55 | 2000000 | 2064441 |
|  |  |  |  | 10864655 |
| TRANSPORTATION EQUIPMENT — 0.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | 5.650% | 03/01/28 | 1250000 | 1289579 |
| WHOLESALE - CONSUMER STAPLES — 0.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 2.400% | 02/15/30 | 1750000 | 1628681 |
| TOTAL CORPORATE BONDS (COST $321,079,271) |  |  |  | $294494897 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **CORPORATE NOTES — 0.8%** |  |  |  |  |
| COMMUNITY DEVELOPMENT — 0.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (e) | 4.000% | 06/15/28 | $1200000 | $1163672 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (e) | 5.000% | 12/15/28 | 450000 | 445295 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (e) | 5.000% | 06/15/29 | 1800000 | 1765472 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (e) | 4.500% | 12/14/29 | 550000 | 531292 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (e) | 4.500% | 06/14/30 | 1800000 | 1715883 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (e) | 4.500% | 12/13/30 | 1000000 | 954237 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Climate, Inc. (e) | 5.500% | 12/15/53 | 985802 | 846880 |
| &nbsp;&nbsp;&nbsp;Capital Impact Partners Investment (e) | 4.500% | 06/15/26 | 1800000 | 1805421 |
| &nbsp;&nbsp;&nbsp;Capital Impact Partners Investment (e) | 5.000% | 12/15/26 | 500000 | 502983 |
| TOTAL CORPORATE NOTES (COST $10,085,802) |  |  |  | $9731135 |
| **FOREIGN GOVERNMENTS — 5.6%** |  |  |  |  |
| SUPRANATIONAL — 5.6% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;African Development Bank | 3.500% | 09/18/29 | 2000000 | 1987343 |
| &nbsp;&nbsp;&nbsp;Asian Development Bank | 3.125% | 09/26/28 | 1000000 | 987001 |
| &nbsp;&nbsp;&nbsp;Central American Bank for Economic Integration (a) | 1.140% | 02/09/26 | 1200000 | 1195458 |
| &nbsp;&nbsp;&nbsp;European Investment Bank | 2.125% | 04/13/26 | 1000000 | 995440 |
| &nbsp;&nbsp;&nbsp;European Investment Bank | 2.375% | 05/24/27 | 4000000 | 3935298 |
| &nbsp;&nbsp;&nbsp;Inter-American Development Bank | 0.625% | 09/16/27 | 7000000 | 6662400 |
| &nbsp;&nbsp;&nbsp;Inter-American Development Bank | 3.500% | 04/12/33 | 3000000 | 2892580 |
| &nbsp;&nbsp;&nbsp;Inter-American Development Bank | 4.375% | 01/24/44 | 3000000 | 2806784 |
| &nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development | 0.875% | 07/15/26 | 3000000 | 2955107 |
| &nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development | 3.125% | 06/15/27 | 4000000 | 3974920 |
| &nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development | 4.625% | 08/01/28 | 6000000 | 6152044 |
| &nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development | 4.750% | 11/14/33 | 6000000 | 6262743 |
| &nbsp;&nbsp;&nbsp;International Development Association (a)(d) | 0.876% | 04/28/26 | 2000000 | 1980937 |
| &nbsp;&nbsp;&nbsp;International Development Association (a) | 4.500% | 02/12/35 | 4000000 | 4074069 |
| &nbsp;&nbsp;&nbsp;International Finance Corp., Series GMTN | 2.126% | 04/07/26 | 3000000 | 2986693 |
| &nbsp;&nbsp;&nbsp;International Finance Corp., Series 2622 | 4.375% | 01/15/27 | 1000000 | 1007089 |
| &nbsp;&nbsp;&nbsp;Kreditanstalt Fur Wiederafbau | 3.500% | 08/09/28 | 6000000 | 5993167 |
| &nbsp;&nbsp;&nbsp;Kreditanstalt Fur Wiederafbau | 4.375% | 02/28/34 | 7500000 | 7637726 |
| TOTAL FOREIGN GOVERNMENTS (COST $64,445,470) |  |  |  | $64486799 |

---

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

Schedule of Investments, continued

*Praxis Impact Bond Fund*

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0% (c)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage Pass-Through Certificates, Class A-3 (COST $33,477) | 2.853% | 10/17/45 | $32965 | $32282 |
| **U.S. GOVERNMENT AGENCIES — 57.0%** |  |  |  |  |
| DEVELOPMENT FINANCE CORPORATION — 0.6% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DFC | 4.469% | 09/15/26 | 125000 | 125000 |
| &nbsp;&nbsp;&nbsp;DFC | 1.590% | 04/15/28 | 2000000 | 1922535 |
| &nbsp;&nbsp;&nbsp;DFC | 1.650% | 04/15/28 | 3500000 | 3392676 |
| &nbsp;&nbsp;&nbsp;DFC | 3.130% | 04/15/28 | 1000000 | 984220 |
| &nbsp;&nbsp;&nbsp;DFC | 3.540% | 06/15/30 | 264722 | 261260 |
| &nbsp;&nbsp;&nbsp;DFC | 3.520% | 09/20/32 | 482143 | 471435 |
|  |  |  |  | 7157126 |
| FEDERAL FARM CREDIT BANK — 0.3% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FFCB | 1.950% | 08/13/40 | 4937000 | 3367484 |
| FEDERAL HOME LOAN BANK — 7.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FHLB | 1.250% | 12/21/26 | 4000000 | 3913646 |
| &nbsp;&nbsp;&nbsp;FHLB | 4.125% | 01/15/27 | 7000000 | 7044815 |
| &nbsp;&nbsp;&nbsp;FHLB | 4.250% | 12/10/27 | 11000000 | 11158603 |
| &nbsp;&nbsp;&nbsp;FHLB | 4.500% | 03/10/28 | 3000000 | 3062718 |
| &nbsp;&nbsp;&nbsp;FHLB | 4.000% | 06/30/28 | 3200000 | 3241074 |
| &nbsp;&nbsp;&nbsp;FHLB | 3.250% | 11/16/28 | 13000000 | 12925296 |
| &nbsp;&nbsp;&nbsp;FHLB | 5.500% | 07/15/36 | 23620000 | 25846702 |
| &nbsp;&nbsp;&nbsp;FHLB | 2.590% | 03/19/40 | 4000000 | 3052196 |
| &nbsp;&nbsp;&nbsp;FHLB | 2.340% | 03/26/40 | 1000000 | 738715 |
| &nbsp;&nbsp;&nbsp;FHLB | 2.070% | 06/29/40 | 1715000 | 1211861 |
| &nbsp;&nbsp;&nbsp;FHLB | 2.010% | 07/16/40 | 2685000 | 1842140 |
| &nbsp;&nbsp;&nbsp;FHLB | 5.250% | 03/11/44 | 7200000 | 7413940 |
|  |  |  |  | 81451706 |
| FEDERAL HOME LOAN MORTGAGE CORPORATION — 23.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.875% | 04/25/26 | 1193461 | 1187654 |
| &nbsp;&nbsp;&nbsp;FHLMC | 6.000% | 04/01/27 | 7326 | 7523 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.500% | 10/01/27 | 58928 | 58256 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.738% | 04/25/29 | 1340422 | 1317830 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.939% | 04/25/29 | 7000000 | 6770156 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.412% | 08/25/29 | 5780000 | 5488022 |
| &nbsp;&nbsp;&nbsp;FHLMC | 7.000% | 02/01/30 | 5968 | 6273 |
| &nbsp;&nbsp;&nbsp;FHLMC | 1.234% | 02/25/30 | 975586 | 918027 |
| &nbsp;&nbsp;&nbsp;FHLMC | 1.297% | 06/25/30 | 13000000 | 11567533 |
| &nbsp;&nbsp;&nbsp;FHLMC | 7.500% | 07/01/30 | 8394 | 8583 |
| &nbsp;&nbsp;&nbsp;FHLMC | 1.406% | 08/25/30 | 2000000 | 1782864 |
| &nbsp;&nbsp;&nbsp;FHLMC | 1.503% | 09/25/30 | 5324300 | 4758960 |
| &nbsp;&nbsp;&nbsp;FHLMC | 1.487% | 11/25/30 | 16167800 | 14338213 |
| &nbsp;&nbsp;&nbsp;FHLMC | 1.878% | 01/25/31 | 2720745 | 2463576 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.000% | 01/25/31 | 3328000 | 2987265 |
| &nbsp;&nbsp;&nbsp;FHLMC | 7.000% | 03/01/31 | 10736 | 11285 |
| &nbsp;&nbsp;&nbsp;FHLMC | 1.777% | 10/25/31 | 5000000 | 4402574 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.154% | 10/25/31 | 4000000 | 3589752 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.091% | 11/25/31 | 11700000 | 10415365 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.127% | 11/25/31 | 9000000 | 8048512 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.347% | 11/25/31 | 11900000 | 10761983 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.250% | 01/25/32 | 5000000 | 4482653 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.350% | 03/25/32 | 10000000 | 8986203 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.450% | 04/25/32 | 7100000 | 6407599 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.580% | 05/25/32 | 1875000 | 1704986 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.650% | 05/25/32 | 12450000 | 11319007 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **U.S. GOVERNMENT AGENCIES — 57.0%, continued** | **U.S. GOVERNMENT AGENCIES — 57.0%, continued** | **U.S. GOVERNMENT AGENCIES — 57.0%, continued** |  |  |
| FEDERAL HOME LOAN MORTGAGE CORPORATION — 23.8% continued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FHLMC | 6.250% | 07/15/32 | $7050000 | $7985012 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.123% | 08/25/32 | 5710000 | 5339295 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 11/01/32 | 251439 | 244651 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 11/01/32 | 191432 | 186270 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.459% | 07/25/33 | 3000000 | 2575136 |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.500% | 11/01/33 | 11225 | 11393 |
| &nbsp;&nbsp;&nbsp;FHLMC (H15T1Y + 223.10) (b) | 6.231% | 05/01/34 | 14364 | 14775 |
| &nbsp;&nbsp;&nbsp;FHLMC | 1.783% | 06/25/34 | 2084061 | 1741155 |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.000% | 07/01/35 | 29857 | 30529 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.500% | 10/01/35 | 45231 | 45674 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.438% | 02/25/36 | 4000000 | 3309988 |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.500% | 03/01/36 | 12918 | 13522 |
| &nbsp;&nbsp;&nbsp;FHLMC | 1.500% | 04/01/36 | 3925628 | 3563586 |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.500% | 06/01/36 | 17766 | 18596 |
| &nbsp;&nbsp;&nbsp;FHLMC | 6.000% | 06/01/36 | 17344 | 18142 |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.500% | 12/01/36 | 14826 | 15519 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.000% | 02/01/37 | 3185470 | 2950518 |
| &nbsp;&nbsp;&nbsp;FHLMC | 6.000% | 08/01/37 | 6587 | 6953 |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.000% | 03/01/38 | 78428 | 80739 |
| &nbsp;&nbsp;&nbsp;FHLMC | 0.000% | 11/15/38 | 4331000 | 2379824 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.500% | 06/01/39 | 82345 | 83153 |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.000% | 06/01/39 | 125355 | 129056 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.500% | 07/01/39 | 81557 | 82358 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.500% | 11/01/39 | 74681 | 75415 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.500% | 09/01/40 | 117766 | 118681 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.500% | 05/01/41 | 233283 | 234977 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.500% | 07/01/41 | 253416 | 255437 |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.000% | 09/01/41 | 103982 | 107054 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 10/01/41 | 125874 | 121455 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.000% | 10/01/41 | 139865 | 136949 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 02/01/42 | 218951 | 210088 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.000% | 02/01/42 | 58675 | 57470 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 06/01/42 | 265157 | 254588 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 06/01/42 | 260580 | 249870 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 08/01/42 | 309284 | 295998 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 11/01/42 | 591759 | 547897 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 01/01/43 | 339794 | 314519 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 05/01/43 | 444760 | 411446 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 10/01/44 | 260057 | 247481 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 11/01/44 | 236148 | 224679 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 04/01/45 | 298097 | 283018 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 05/01/46 | 521006 | 473490 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 12/01/46 | 1270145 | 1155554 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 03/01/48 | 1388341 | 1312779 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 03/01/49 | 387463 | 362849 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 07/01/49 | 621642 | 581078 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 09/01/49 | 740147 | 664011 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 07/01/50 | 1823242 | 1618690 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.000% | 08/01/50 | 2682958 | 2184821 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.050% | 08/19/50 | 2500000 | 1352562 |
| &nbsp;&nbsp;&nbsp;FHLMC | 1.500% | 11/01/50 | 7011293 | 5409776 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.000% | 01/01/51 | 6607547 | 5393061 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.500% | 04/01/51 | 6466785 | 5514432 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.000% | 08/01/51 | 2753018 | 2238394 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.500% | 09/01/51 | 2537390 | 2152319 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.000% | 01/01/52 | 4917813 | 3987735 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.500% | 02/01/52 | 5365247 | 4563190 |

---

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

Schedule of Investments, continued

*Praxis Impact Bond Fund*

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **U.S. GOVERNMENT AGENCIES — 57.0%, continued** |  |  |  |  |
| FEDERAL HOME LOAN MORTGAGE CORPORATION — 23.8% continued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.000% | 04/01/52 | $4073859 | $3302771 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 04/01/52 | 4691073 | 4157480 |
| &nbsp;&nbsp;&nbsp;FHLMC | 2.500% | 05/01/52 | 5689749 | 4835663 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 05/01/52 | 7987675 | 7089790 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.000% | 07/01/52 | 14882032 | 13187355 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.000% | 07/01/52 | 4792574 | 4573814 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.000% | 08/01/52 | 4851888 | 4630419 |
| &nbsp;&nbsp;&nbsp;FHLMC | 3.500% | 09/01/52 | 10719661 | 9934629 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.500% | 09/01/52 | 8074781 | 7920004 |
| &nbsp;&nbsp;&nbsp;FHLMC | 4.000% | 10/01/52 | 9796414 | 9344808 |
| &nbsp;&nbsp;&nbsp;FHLMC | 5.500% | 05/01/53 | 5347919 | 5440918 |
|  |  |  |  | 272145912 |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION — 23.2% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 03/01/26 | 2354 | 2347 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.910% | 04/01/26 | 3000000 | 2983845 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 09/01/27 | 58868 | 58164 |
| &nbsp;&nbsp;&nbsp;FNMA | 0.750% | 10/08/27 | 8000000 | 7626710 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 11/01/27 | 102448 | 101181 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 01/01/28 | 68757 | 67854 |
| &nbsp;&nbsp;&nbsp;FNMA (b) | 3.311% | 06/25/28 | 1575891 | 1558348 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.560% | 09/25/28 | 2826817 | 2804111 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.530% | 05/01/29 | 3949068 | 3775869 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.522% | 08/27/29 | 5228627 | 4998271 |
| &nbsp;&nbsp;&nbsp;FNMA | 0.875% | 08/05/30 | 24000000 | 21174871 |
| &nbsp;&nbsp;&nbsp;FNMA | 6.625% | 11/15/30 | 12750000 | 14376178 |
| &nbsp;&nbsp;&nbsp;FNMA (b) | 1.468% | 11/25/30 | 3000000 | 2633195 |
| &nbsp;&nbsp;&nbsp;FNMA | 1.208% | 12/25/30 | 4000000 | 3488818 |
| &nbsp;&nbsp;&nbsp;FNMA (b) | 1.382% | 12/25/30 | 5000000 | 4389153 |
| &nbsp;&nbsp;&nbsp;FNMA | 1.245% | 01/25/31 | 16000000 | 13991451 |
| &nbsp;&nbsp;&nbsp;FNMA | 1.410% | 02/01/31 | 3000000 | 2629342 |
| &nbsp;&nbsp;&nbsp;FNMA | 1.375% | 03/25/31 | 1000000 | 867629 |
| &nbsp;&nbsp;&nbsp;FNMA | 1.820% | 06/01/31 | 2000000 | 1761049 |
| &nbsp;&nbsp;&nbsp;FNMA | 1.531% | 09/25/31 | 1125000 | 975949 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.000% | 01/01/32 | 653770 | 624699 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.759% | 08/25/32 | 6000000 | 5829326 |
| &nbsp;&nbsp;&nbsp;FNMA | 1.684% | 11/25/32 | 5000000 | 4209128 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 12/01/32 | 287617 | 278410 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.498% | 04/25/33 | 2000000 | 2012632 |
| &nbsp;&nbsp;&nbsp;FNMA | 6.000% | 10/01/33 | 7526 | 7726 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.500% | 02/01/34 | 13625 | 13995 |
| &nbsp;&nbsp;&nbsp;FNMA (H15T1Y + 211.70) (b) | 6.340% | 05/01/34 | 11856 | 12064 |
| &nbsp;&nbsp;&nbsp;FNMA | 6.000% | 11/01/34 | 31782 | 33144 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.500% | 01/01/35 | 20115 | 20832 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 02/01/35 | 745756 | 712755 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.000% | 10/01/35 | 27276 | 28008 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.500% | 10/01/35 | 36171 | 37817 |
| &nbsp;&nbsp;&nbsp;FNMA | 6.000% | 10/01/35 | 17088 | 17653 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.500% | 06/01/36 | 8949 | 9328 |
| &nbsp;&nbsp;&nbsp;FNMA | 6.000% | 06/01/36 | 9638 | 10193 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.500% | 11/01/36 | 13787 | 14415 |
| &nbsp;&nbsp;&nbsp;FNMA (RFUCCT1Y + 156.50) (b) | 6.440% | 05/01/37 | 1764 | 1774 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.625% | 07/15/37 | 14250000 | 15701156 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 10/25/37 | 1282778 | 1150064 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.500% | 09/01/40 | 68320 | 68816 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.500% | 10/01/40 | 67195 | 67673 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 12/01/40 | 182845 | 179050 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **U.S. GOVERNMENT AGENCIES — 57.0%, continued** | **U.S. GOVERNMENT AGENCIES — 57.0%, continued** | **U.S. GOVERNMENT AGENCIES — 57.0%, continued** |  |  |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION — 23.2% continued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 01/01/41 | $123685 | $121080 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 02/01/41 | 187052 | 180317 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 10/01/41 | 94464 | 92425 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 11/01/41 | 111327 | 108913 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 12/01/41 | 193963 | 189697 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 12/01/41 | 133429 | 130494 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 01/01/42 | 425088 | 417957 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 05/01/42 | 221568 | 212217 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 06/01/42 | 420902 | 389316 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 08/01/42 | 306347 | 283341 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 08/01/42 | 337376 | 312040 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 12/01/42 | 446349 | 427234 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 06/01/43 | 383556 | 354494 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 12/01/44 | 498177 | 484449 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 05/01/45 | 588355 | 558985 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 04/01/46 | 502466 | 457505 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 11/01/46 | 837309 | 794948 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 10/01/48 | 382589 | 369486 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 11/01/48 | 1087220 | 1043084 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 05/01/49 | 314944 | 294457 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 06/01/49 | 482322 | 460363 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 08/01/49 | 1272892 | 1189217 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 09/01/49 | 709562 | 636572 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 06/01/50 | 1466465 | 1311505 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 07/01/50 | 2444971 | 2091438 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 08/01/50 | 1730908 | 1479024 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 08/01/50 | 2602362 | 2324946 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.000% | 11/01/50 | 4454560 | 3634424 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.000% | 01/01/51 | 7965462 | 6499726 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.000% | 02/01/51 | 4731758 | 3858103 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 04/01/51 | 13144447 | 11214412 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.000% | 08/01/51 | 11225730 | 9127298 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.000% | 11/01/51 | 4671477 | 3792422 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 12/01/51 | 7468775 | 6345820 |
| &nbsp;&nbsp;&nbsp;FNMA | 2.500% | 05/01/52 | 4864873 | 4136068 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 05/01/52 | 13840848 | 12827243 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 05/01/52 | 6646817 | 6160051 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.000% | 07/01/52 | 4123196 | 3658156 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.500% | 07/01/52 | 11529448 | 11302508 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.500% | 08/01/52 | 5399780 | 5293493 |
| &nbsp;&nbsp;&nbsp;FNMA | 3.500% | 09/01/52 | 4139154 | 3836032 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.000% | 09/01/52 | 12015669 | 11447663 |
| &nbsp;&nbsp;&nbsp;FNMA | 4.500% | 10/01/52 | 6175733 | 6057357 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.000% | 04/01/53 | 8807247 | 8818080 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.000% | 06/01/53 | 3526825 | 3530435 |
| &nbsp;&nbsp;&nbsp;FNMA | 5.000% | 10/01/53 | 6008199 | 6007844 |
|  |  |  |  | 265567632 |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.6% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GNMA | 7.000% | 12/20/30 | 4010 | 4123 |
| &nbsp;&nbsp;&nbsp;GNMA | 7.000% | 10/20/31 | 3253 | 3443 |
| &nbsp;&nbsp;&nbsp;GNMA | 7.000% | 03/20/32 | 14851 | 15414 |
| &nbsp;&nbsp;&nbsp;GNMA (H15T1Y + 150.00) (b) | 5.625% | 01/20/34 | 9677 | 9826 |
| &nbsp;&nbsp;&nbsp;GNMA | 5.500% | 10/20/38 | 4448 | 4462 |
| &nbsp;&nbsp;&nbsp;GNMA | 6.500% | 11/20/38 | 2738 | 2801 |
| &nbsp;&nbsp;&nbsp;GNMA | 3.500% | 08/20/52 | 3456473 | 3167722 |
| &nbsp;&nbsp;&nbsp;GNMA | 3.500% | 11/20/52 | 4086330 | 3746750 |
|  |  |  |  | 6954541 |

---

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

Schedule of Investments, continued

*Praxis Impact Bond Fund*

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **U.S. GOVERNMENT AGENCIES — 57.0%, continued** | **U.S. GOVERNMENT AGENCIES — 57.0%, continued** | **U.S. GOVERNMENT AGENCIES — 57.0%, continued** |  |  |
| SMALL BUSINESS ADMINISTRATION — 0.0% (c) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SBA (Prime — 2.65) (b) | 4.100% | 02/25/32 | $3729 | $3705 |
| TENNESSEE VALLEY AUTHORITY — 1.4% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;TVA | 4.250% | 09/15/52 | 5000000 | 4250158 |
| &nbsp;&nbsp;&nbsp;TVA | 5.250% | 02/01/55 | 5500000 | 5452858 |
| &nbsp;&nbsp;&nbsp;TVA | 4.250% | 09/15/65 | 7000000 | 5787022 |
|  |  |  |  | 15490038 |
| TOTAL U.S. GOVERNMENT AGENCIES (COST $666,892,625) | TOTAL U.S. GOVERNMENT AGENCIES (COST $666,892,625) |  |  | $652138144 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **MONEY MARKET FUNDS — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.67% (f) (COST $35,080,107) | 35080107 | $35080107 |
| **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 3.84% (f)(g) (COST $7,512,158) | 7512158 | $7512158 |
| **INVESTMENT COMPANIES — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Impax High Yield Bond Fund - Institutional Class (COST $4,199,236) | 530984 | $3276170 |
| TOTAL INVESTMENTS - (COST $1,190,986,170) — 100.2% |  | $1146784210 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2%) |  | (2640324) |
| NET ASSETS — 100.0% |  | $1144143886 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) 144a security may only be resold to qualified institutional investors. These securities were deemed liquid
 under guidelines established by the Board of Trustees. As of December 31, 2025, these securities have a value of $112,367,765 or 9.8%
 of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as
 of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are
 indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined
 by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of the security is on loan. The total fair value of the securities on loan as of December
 31, 2025 was $7,316,861 (Note 8).

(e) 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 | $1163672 | 0.1% |
| Calvert Impact Capital, Inc., 5.000%, 12/15/28 | 12/15/23 | 450000 | 445295 | 0.0 %<sup>(c)</sup> |
| Calvert Impact Capital, Inc., 5.000%, 06/15/29 | 06/14/24 | 1800000 | 1765472 | 0.2% |
| Calvert Impact Capital, Inc., 4.500%, 12/14/29 | 12/13/24 | 550000 | 531292 | 0.0 %<sup>(c)</sup> |
| Calvert Impact Capital, Inc., 4.500%, 06/14/30 | 06/13/25 | 1800000 | 1715883 | 0.1% |
| Calvert Impact Capital, Inc., 4.500%, 12/13/30 | 12/15/25 | 1000000 | 954237 | 0.1% |
| Calvert Impact Climate, Inc., 5.500%, 12/15/53 | 10/13/23 | 985802 | 846880 | 0.1% |
| Capital Impact Partners Investment, 4.500%, 06/15/26 | 06/17/25 | 1800000 | 1805421 | 0.2% |
| Capital Impact Partners Investment, 5.000%, 12/15/26 | 12/15/23 | 500000 | 502983 | 0.0 %<sup>(c)</sup> |
|  |  | $10085802 | $9731135 | 0.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the 7-day effective yield as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 |

---

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

Schedule of Investments

*Praxis International Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.7%** |  |  |
| AUSTRALIA — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;ANZ Group Holdings Ltd. | 40646 | $982568 |
| &nbsp;&nbsp;&nbsp;BlueScope Steel Ltd. | 21201 | 338475 |
| &nbsp;&nbsp;&nbsp;Brambles Ltd. | 133068 | 2031671 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | 30237 | 3226961 |
| &nbsp;&nbsp;&nbsp;Computershare Ltd. | 20272 | 459364 |
| &nbsp;&nbsp;&nbsp;CSL Ltd. - ADR | 7282 | 419443 |
| &nbsp;&nbsp;&nbsp;CSL Ltd. | 3640 | 418831 |
| &nbsp;&nbsp;&nbsp;Dexus | 232164 | 1070630 |
| &nbsp;&nbsp;&nbsp;Goodman Group | 44189 | 909185 |
| &nbsp;&nbsp;&nbsp;GPT Group (The) | 90335 | 325930 |
| &nbsp;&nbsp;&nbsp;Mirvac Group | 249710 | 340322 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd. | 36653 | 1030401 |
| &nbsp;&nbsp;&nbsp;Scentre Group | 626316 | 1750521 |
| &nbsp;&nbsp;&nbsp;SEEK Ltd. | 39173 | 601453 |
| &nbsp;&nbsp;&nbsp;Stockland | 177423 | 676356 |
| &nbsp;&nbsp;&nbsp;Transurban Group | 260568 | 2465523 |
| &nbsp;&nbsp;&nbsp;Vicinity Centres | 397679 | 676943 |
| &nbsp;&nbsp;&nbsp;Wesfarmers Ltd. | 32429 | 1746775 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 33131 | 850058 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group Ltd. | 57213 | 891960 |
|  |  | 21213370 |
| AUSTRIA — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | 5331 | 639026 |
| &nbsp;&nbsp;&nbsp;Verbund AG | 6899 | 500780 |
| &nbsp;&nbsp;&nbsp;voestalpine AG | 12072 | 531482 |
|  |  | 1671288 |
| BELGIUM — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Elia Group S.A. / N.V. | 4796 | 616959 |
| &nbsp;&nbsp;&nbsp;KBC Group N.V. | 12677 | 1650457 |
| &nbsp;&nbsp;&nbsp;Sofina S.A. | 1200 | 346900 |
| &nbsp;&nbsp;&nbsp;UCB S.A. | 9252 | 2577002 |
|  |  | 5191318 |
| BERMUDA — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp Ltd. | 9750 | 2798250 |
| &nbsp;&nbsp;&nbsp;Orient Overseas International Ltd. | 34000 | 548218 |
|  |  | 3346468 |
| BRAZIL — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Banco do Brasil S.A. - ADR | 196076 | 777441 |
| &nbsp;&nbsp;&nbsp;Banco Santander Brasil S.A. (a) | 65143 | 398024 |
| &nbsp;&nbsp;&nbsp;MBRF Global Foods Co. S.A. - ADR | 1 | 4 |
| &nbsp;&nbsp;&nbsp;Suzano S.A. - ADR | 54643 | 510366 |
| &nbsp;&nbsp;&nbsp;Telefónica Brasil S.A. - ADR | 259146 | 3073471 |
| &nbsp;&nbsp;&nbsp;TIM S.A. - ADR | 72269 | 1405632 |
|  |  | 6164938 |
| CANADA — 7.9% |  |  |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 2236 | 379069 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal (a) | 17350 | 2251856 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia (The) (a) | 10199 | 751564 |
| &nbsp;&nbsp;&nbsp;Brookfield Corp. | 16500 | 757185 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | 25453 | 2306296 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 15841 | 1565883 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 16665 | 1227044 |
| &nbsp;&nbsp;&nbsp;CGI, Inc. | 8100 | 747630 |
| &nbsp;&nbsp;&nbsp;Dollarama, Inc. | 5705 | 852651 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 12999 | 2694433 |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. | 18362 | 1146891 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.7%, continued** |  |  |
| CANADA — 7.9%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Manulife Financial Corp. | 75463 | $2737798 |
| &nbsp;&nbsp;&nbsp;National Bank of Canada | 8716 | 1096096 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd. (a) | 13918 | 859019 |
| &nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | 39276 | 1494845 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. (a) | 6407 | 659088 |
| &nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc. | 11589 | 790717 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 26330 | 4489002 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc. - Class A (b) | 18309 | 2947200 |
| &nbsp;&nbsp;&nbsp;Sun Life Financial, Inc. | 28402 | 1772285 |
| &nbsp;&nbsp;&nbsp;Teck Resources Ltd. - Class B | 42461 | 2033457 |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | 17868 | 2356611 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The) (a) | 23372 | 2201642 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 35850 | 4213092 |
| &nbsp;&nbsp;&nbsp;WSP Global, Inc. | 5799 | 1049977 |
|  |  | 43381331 |
| CAYMAN ISLANDS — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - ADR (a) | 36423 | 5338883 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc. - ADR (a)(b) | 2906 | 379698 |
| &nbsp;&nbsp;&nbsp;BeOne Medicines Ltd. - ADR (a)(b) | 2287 | 694814 |
| &nbsp;&nbsp;&nbsp;China Literature Ltd. (b) | 97400 | 413823 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings Ltd. | 133000 | 672564 |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings Ltd. | 60300 | 536360 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group Co. Ltd. | 102000 | 472599 |
| &nbsp;&nbsp;&nbsp;JD Health International, Inc. (b) | 26850 | 192293 |
| &nbsp;&nbsp;&nbsp;Meituan - ADR (a)(b) | 13854 | 365607 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. - ADR | 7281 | 1002011 |
| &nbsp;&nbsp;&nbsp;Shenzhou International Group Holdings Ltd. | 61800 | 486974 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. - ADR | 114280 | 8748134 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. - ADR (a) | 19946 | 1434317 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings Ltd. - ADR | 21137 | 373914 |
| &nbsp;&nbsp;&nbsp;WuXi Biologics Cayman, Inc. (b) | 288500 | 1166637 |
| &nbsp;&nbsp;&nbsp;Xiaomi Corp. - ADR (b) | 20725 | 522063 |
| &nbsp;&nbsp;&nbsp;XPeng, Inc. - ADR (a)(b) | 27625 | 560235 |
|  |  | 23360926 |
| CHILE — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Banco de Chile - ADR | 18637 | 708206 |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile S.A. - ADR (b) | 12932 | 889722 |
|  |  | 1597928 |
| CHINA — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China Ltd. - H Shares | 2216000 | 1648532 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products Ltd. | 61600 | 639688 |
| &nbsp;&nbsp;&nbsp;Bank of China Ltd. - H Shares | 3583000 | 2054227 |
| &nbsp;&nbsp;&nbsp;BYD Co. Ltd. - ADR (a) | 35840 | 434023 |
| &nbsp;&nbsp;&nbsp;BYD Co. Ltd. - H Shares | 49500 | 604926 |
| &nbsp;&nbsp;&nbsp;China CITIC Bank Corp. Ltd. - H Shares | 1185000 | 1057444 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. - H Shares | 83000 | 564639 |
| &nbsp;&nbsp;&nbsp;China Minsheng Banking Corp. Ltd. - H Shares | 1287000 | 650668 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings Co. Ltd. - H Shares | 186000 | 328388 |
| &nbsp;&nbsp;&nbsp;Guotai Haitong Securities Co. Ltd. - H Shares | 539200 | 1154612 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. - H Shares | 1755000 | 1420153 |
| &nbsp;&nbsp;&nbsp;Jiangsu Expressway Co. Ltd. - H Shares | 1248000 | 1601949 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co. Ltd. - H Shares | 294000 | 618106 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. - H Shares | 334818 | 2812365 |
| &nbsp;&nbsp;&nbsp;Postal Savings Bank of China Co. Ltd. - H Shares | 615000 | 420765 |

---

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

Schedule of Investments, continued

*Praxis International Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.7%, continued** |  |  |
| CHINA — 3.3%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Sinopharm Group Co. Ltd. - H Shares | 382000 | $955206 |
| &nbsp;&nbsp;&nbsp;Weichai Power Co. Ltd. - H Shares | 171000 | 414984 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | 12895 | 615607 |
|  |  | 17996282 |
| COLOMBIA — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Cibest S.A. - ADR | 50160 | 3190678 |
| DENMARK — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;A.P. Moller-Maersk A/S - Series B | 317 | 727408 |
| &nbsp;&nbsp;&nbsp;DSV A/S | 4551 | 1146255 |
| &nbsp;&nbsp;&nbsp;Genmab A/S - ADR (a)(b) | 6790 | 209132 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR | 59796 | 3042421 |
| &nbsp;&nbsp;&nbsp;Novonesis Novozymes - ADR (a) | 960 | 61075 |
| &nbsp;&nbsp;&nbsp;Novonesis Novozymes - B Shares | 4305 | 275450 |
| &nbsp;&nbsp;&nbsp;Orsted A/S - ADR (a) | 4207 | 26504 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | 28304 | 765582 |
|  |  | 6253827 |
| FINLAND — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Neste OYJ | 55141 | 1247050 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | 38441 | 723157 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene OYJ | 17277 | 499303 |
|  |  | 2469510 |
| FRANCE — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;Acciona SA | 2979 | 648133 |
| &nbsp;&nbsp;&nbsp;Accor S.A. | 4739 | 267080 |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. - ADR | 4 | 150 |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. | 15036 | 2825143 |
| &nbsp;&nbsp;&nbsp;AXA S.A. | 33469 | 1605347 |
| &nbsp;&nbsp;&nbsp;BNP Paribas S.A. | 5706 | 539650 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas S.A. | 24613 | 782751 |
| &nbsp;&nbsp;&nbsp;Canal+ S.A. | 46775 | 167874 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | 5588 | 927571 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | 32714 | 1083987 |
| &nbsp;&nbsp;&nbsp;Danone S.A. | 25456 | 2295350 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | 8424 | 235274 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica S.A. | 6450 | 2038803 |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific SE | 6072 | 443889 |
| &nbsp;&nbsp;&nbsp;Getlink SE | 46322 | 854777 |
| &nbsp;&nbsp;&nbsp;Hermes International SCA | 830 | 2060086 |
| &nbsp;&nbsp;&nbsp;Kering S.A. | 2777 | 970068 |
| &nbsp;&nbsp;&nbsp;Klepierre S.A. | 20396 | 806708 |
| &nbsp;&nbsp;&nbsp;Legrand S.A. | 15771 | 2343786 |
| &nbsp;&nbsp;&nbsp;Louis Hachette Group | 46775 | 85737 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe S.A. | 12555 | 1303378 |
| &nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | 1868 | 458670 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE - ADR | 4885 | 268355 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | 17677 | 4834393 |
| &nbsp;&nbsp;&nbsp;Societe Generale S.A. - ADR | 8915 | 143977 |
| &nbsp;&nbsp;&nbsp;Societe Generale S.A. | 12929 | 1040493 |
| &nbsp;&nbsp;&nbsp;Vivendi SE | 1 | 3 |
| &nbsp;&nbsp;&nbsp;Wendel SE | 2561 | 246565 |
|  |  | 29277998 |
| GERMANY — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;adidas AG - ADR (a) | 5158 | 509868 |
| &nbsp;&nbsp;&nbsp;adidas AG | 1323 | 261717 |
| &nbsp;&nbsp;&nbsp;Allianz SE - ADR | 76050 | 3498300 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.7%, continued** |  |  |
| GERMANY — 4.8%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Allianz SE | 5268 | $2434999 |
| &nbsp;&nbsp;&nbsp;Aumovio SE (b) | 2165 | 108673 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG - ADR (a) | 2 | 73 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | 4180 | 453110 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG | 24099 | 1016753 |
| &nbsp;&nbsp;&nbsp;Continental AG | 4331 | 343607 |
| &nbsp;&nbsp;&nbsp;Covestro AG (b) | 2464 | 174611 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG | 31493 | 1214370 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | 8303 | 2181486 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG - ADR (a) | 9971 | 545314 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | 14726 | 802680 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG - ADR | 30009 | 981294 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 25629 | 833976 |
| &nbsp;&nbsp;&nbsp;E.ON SE - ADR | 9923 | 187942 |
| &nbsp;&nbsp;&nbsp;E.ON SE | 24138 | 456900 |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | 18750 | 292518 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | 1159 | 360540 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | 10636 | 463906 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | 10751 | 745036 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 4394 | 626919 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG - ADR | 94450 | 1245795 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | 1968 | 1294687 |
| &nbsp;&nbsp;&nbsp;SAP SE - ADR | 4217 | 1024351 |
| &nbsp;&nbsp;&nbsp;Siemens AG | 8885 | 2487659 |
| &nbsp;&nbsp;&nbsp;Telefonica Deutschland Holding AG (b) | 124863 | 299492 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | 42825 | 1232070 |
|  |  | 26078646 |
| HONG KONG — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;AAC Technologies Holdings, Inc. | 92000 | 461214 |
| &nbsp;&nbsp;&nbsp;AIA Group Ltd. - ADR (a) | 38218 | 1568085 |
| &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 57569 | 592562 |
| &nbsp;&nbsp;&nbsp;BYD Electronic International Co. Ltd. | 86500 | 374595 |
| &nbsp;&nbsp;&nbsp;China Merchants Port Holdings Co. Ltd. | 892000 | 1737094 |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group Co. Ltd. | 50400 | 435641 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings Ltd. | 541000 | 1251263 |
| &nbsp;&nbsp;&nbsp;Guangdong Investment Ltd. | 350000 | 305339 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 14978 | 783667 |
| &nbsp;&nbsp;&nbsp;Kingsoft Corp. Ltd. | 61000 | 223784 |
| &nbsp;&nbsp;&nbsp;Lenovo Group Ltd. | 754000 | 896651 |
| &nbsp;&nbsp;&nbsp;Nongfu Spring Co. Ltd. - H Shares | 63000 | 380325 |
| &nbsp;&nbsp;&nbsp;Sino Land Co. Ltd. | 482000 | 634237 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties Ltd. | 120500 | 1467239 |
|  |  | 11111696 |
| INDIA — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR | 183554 | 6707063 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - ADR | 245727 | 7322665 |
| &nbsp;&nbsp;&nbsp;Infosys Ltd. - ADR (a) | 375269 | 6687293 |
| &nbsp;&nbsp;&nbsp;Wipro Ltd. - ADR (a) | 1809158 | 5138009 |
|  |  | 25855030 |
| INDONESIA — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT - ADR (a) | 87101 | 1069949 |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT - ADR (a) | 50040 | 1053342 |
|  |  | 2123291 |

---

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

Schedule of Investments, continued

*Praxis International Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.7%, continued** |  |  |
| IRELAND — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;AIB Group plc | 100681 | $1075960 |
| &nbsp;&nbsp;&nbsp;CRH plc | 11121 | 1387901 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 10065 | 389213 |
|  |  | 2853074 |
| ISRAEL — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd. (b) | 2999 | 556494 |
| &nbsp;&nbsp;&nbsp;CyberArk Software Ltd. (b) | 2342 | 1044673 |
| &nbsp;&nbsp;&nbsp;ICL Group Ltd. (a) | 148461 | 847712 |
|  |  | 2448879 |
| ITALY — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Enel S.p.A. | 63194 | 656832 |
| &nbsp;&nbsp;&nbsp;Generali | 24438 | 1020888 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A. - ADR | 2566 | 106771 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A. | 455983 | 3149850 |
| &nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario S.p.A. | 49451 | 1026308 |
| &nbsp;&nbsp;&nbsp;Moncler S.p.A. | 10592 | 676819 |
| &nbsp;&nbsp;&nbsp;Poste Italiane S.p.A. | 51414 | 1290266 |
| &nbsp;&nbsp;&nbsp;Prysmian S.p.A. - ADR | 2358 | 118489 |
| &nbsp;&nbsp;&nbsp;Prysmian S.p.A. | 7509 | 748831 |
| &nbsp;&nbsp;&nbsp;Snam S.p.A. | 250989 | 1667240 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale S.p.A. | 263787 | 2805425 |
| &nbsp;&nbsp;&nbsp;UniCredit S.p.A. | 49517 | 4099976 |
|  |  | 17367695 |
| JAPAN — 14.7% |  |  |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | 19200 | 2427971 |
| &nbsp;&nbsp;&nbsp;Aeon Co. Ltd. | 76000 | 1200665 |
| &nbsp;&nbsp;&nbsp;Asics Corp. | 16200 | 388932 |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. | 28600 | 380679 |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | 22000 | 585595 |
| &nbsp;&nbsp;&nbsp;Bridgestone Corp. | 114112 | 2567618 |
| &nbsp;&nbsp;&nbsp;Brother Industries Ltd. | 29100 | 581393 |
| &nbsp;&nbsp;&nbsp;Canon, Inc. | 21200 | 627323 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co. Ltd. | 15700 | 823705 |
| &nbsp;&nbsp;&nbsp;Dai Nippon Printing Co. Ltd. | 122636 | 2111204 |
| &nbsp;&nbsp;&nbsp;Daifuku Co. Ltd. | 17400 | 547715 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | 65384 | 543416 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co. Ltd. | 23430 | 497561 |
| &nbsp;&nbsp;&nbsp;Daiwa House Industry Co. Ltd. | 58000 | 1926827 |
| &nbsp;&nbsp;&nbsp;Daiwa Securities Group, Inc. | 81800 | 716929 |
| &nbsp;&nbsp;&nbsp;Denso Corp. | 73600 | 1016643 |
| &nbsp;&nbsp;&nbsp;Disco Corp. | 2500 | 761709 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | 137900 | 975726 |
| &nbsp;&nbsp;&nbsp;FANUC Corp. | 19900 | 774478 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co. Ltd. | 4200 | 1522978 |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. - ADR | 26304 | 278033 |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | 5600 | 118831 |
| &nbsp;&nbsp;&nbsp;Fujikura Ltd. | 7400 | 820684 |
| &nbsp;&nbsp;&nbsp;Fujitsu Ltd. | 48680 | 1337962 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd. | 51700 | 507454 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. - ADR | 1273 | 193050 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | 6861 | 1040678 |
| &nbsp;&nbsp;&nbsp;Ibiden Co. Ltd. | 23000 | 993484 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | 41000 | 820080 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | 18400 | 734424 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. - ADR | 43814 | 757544 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | 4500 | 1627877 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. | 28800 | 408144 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.7%, continued** |  |  |
| JAPAN — 14.7%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Kyocera Corp. | 28900 | $405169 |
| &nbsp;&nbsp;&nbsp;Lasertec Corp. | 400 | 76222 |
| &nbsp;&nbsp;&nbsp;M3, Inc. | 17400 | 234096 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | 66600 | 1523428 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co. Ltd. | 36400 | 884405 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. - ADR (a) | 5599 | 88800 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 275109 | 4366582 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | 31500 | 739578 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing Co. Ltd. | 61100 | 1262901 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | 51500 | 1742651 |
| &nbsp;&nbsp;&nbsp;Nexon Co. Ltd. | 11600 | 283367 |
| &nbsp;&nbsp;&nbsp;Nintendo Co. Ltd. - ADR (a) | 96172 | 1621460 |
| &nbsp;&nbsp;&nbsp;Nintendo Co. Ltd. | 3000 | 202558 |
| &nbsp;&nbsp;&nbsp;Nippon Prologis REIT, Inc. | 1003 | 594117 |
| &nbsp;&nbsp;&nbsp;Nippon Yusen KK | 12200 | 395205 |
| &nbsp;&nbsp;&nbsp;Nitori Holdings Co. Ltd. | 5200 | 90768 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings, Inc. | 51900 | 432382 |
| &nbsp;&nbsp;&nbsp;Nomura Real Estate Holdings, Inc. | 56000 | 345732 |
| &nbsp;&nbsp;&nbsp;Nomura Real Estate Master Fund, Inc. | 271 | 299350 |
| &nbsp;&nbsp;&nbsp;Nomura Research Institute Ltd. | 10900 | 414825 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. Japan | 3200 | 268976 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | 16800 | 491389 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co. Ltd. | 4100 | 231909 |
| &nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | 106500 | 634455 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. (b) | 9339 | 1058949 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co. Ltd - ADR (a) | 4 | 45 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co. Ltd. | 35750 | 2008990 |
| &nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | 85600 | 814774 |
| &nbsp;&nbsp;&nbsp;Ricoh Co. Ltd. | 40800 | 359026 |
| &nbsp;&nbsp;&nbsp;Sekisui House Ltd. | 34000 | 758704 |
| &nbsp;&nbsp;&nbsp;Seven & i Holdings Co. Ltd. | 52200 | 750011 |
| &nbsp;&nbsp;&nbsp;Shimadzu Corp. | 47900 | 1275265 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co. Ltd. | 17000 | 528077 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. - ADR (a) | 4622 | 262067 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | 49600 | 1391543 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | 12900 | 437885 |
| &nbsp;&nbsp;&nbsp;Sony Financial Group, Inc. - ADR (b) | 20338 | 106368 |
| &nbsp;&nbsp;&nbsp;Sony Financial Group, Inc. (b) | 10000 | 10598 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. - ADR | 104877 | 2684851 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | 10000 | 256528 |
| &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries Ltd. | 17200 | 692818 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. - ADR | 88295 | 1706742 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | 39600 | 1273682 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Group, Inc. | 39200 | 1194699 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd. | 32800 | 1019012 |
| &nbsp;&nbsp;&nbsp;TDK Corp. | 79900 | 1130485 |
| &nbsp;&nbsp;&nbsp;Terumo Corp. | 21944 | 318982 |
| &nbsp;&nbsp;&nbsp;Toho Co. Ltd. | 3100 | 157940 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. | 53500 | 1977826 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron Ltd. - ADR | 3728 | 414181 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron Ltd. | 7300 | 1626024 |
| &nbsp;&nbsp;&nbsp;TOPPAN Holdings, Inc. | 34400 | 1022670 |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | 104200 | 679409 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. - ADR (a) | 15291 | 3273191 |
| &nbsp;&nbsp;&nbsp;USS Co. Ltd. | 90440 | 989719 |
| &nbsp;&nbsp;&nbsp;Yamaha Motor Co. Ltd. | 112000 | 830683 |
| &nbsp;&nbsp;&nbsp;Yokogawa Electric Corp. | 36800 | 1180280 |
|  |  | 80439661 |

---

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

Schedule of Investments, continued

*Praxis International Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.7%, continued** |  |  |
| JERSEY — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Experian plc | 28283 | $1275248 |
| MEXICO — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano S.A.B. de C.V. - ADR | 13198 | 1333922 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR | 3877 | 1022093 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR (a) | 3153 | 1019680 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte S.A.B. de C.V. | 14433 | 669999 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico S.A.B. de C.V. - ADR (a) | 27641 | 861570 |
|  |  | 4907264 |
| NETHERLANDS — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Adyen N.V. (b) | 421 | 678670 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel N.V. - ADR | 2 | 46 |
| &nbsp;&nbsp;&nbsp;Argenx SE - ADR (b) | 1526 | 1283290 |
| &nbsp;&nbsp;&nbsp;ASM International N.V. | 216 | 130341 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. | 6542 | 6999024 |
| &nbsp;&nbsp;&nbsp;Havas N.V. (b) | 4677 | 93451 |
| &nbsp;&nbsp;&nbsp;Magnum Ice Cream Co. N.V. (The) (b) | 5885 | 93277 |
| &nbsp;&nbsp;&nbsp;Prosus N.V. | 23786 | 1472318 |
| &nbsp;&nbsp;&nbsp;Stellantis N.V. | 21320 | 233792 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer N.V. | 1707 | 176747 |
|  |  | 11160956 |
| NEW ZEALAND — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Auckland International Airport Ltd. | 57418 | 275004 |
| NORWAY — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | 66958 | 1703887 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | 30272 | 843432 |
| &nbsp;&nbsp;&nbsp;Equinor ASA - ADR | 30879 | 729671 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | 254823 | 1967095 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | 14637 | 598998 |
|  |  | 5843083 |
| PORTUGAL — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS S.A. | 67137 | 1155740 |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS S.A. | 12929 | 307561 |
|  |  | 1463301 |
| RUSSIA — 0.0% (c) |  |  |
| &nbsp;&nbsp;&nbsp;Mobile TeleSystems PJSC (b)(d)(e) | 86910 | 869 |
| SINGAPORE — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;BOC Aviation Ltd. | 164400 | 1539380 |
| &nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust | 1074212 | 1993755 |
| &nbsp;&nbsp;&nbsp;CapitaLand Investment Ltd. | 281500 | 592416 |
| &nbsp;&nbsp;&nbsp;City Developments Ltd. | 152800 | 950404 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. - ADR | 12531 | 2200569 |
|  |  | 7276524 |
| SOUTH AFRICA — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Bid Corp. Ltd. | 24548 | 625351 |
| &nbsp;&nbsp;&nbsp;FirstRand Ltd. | 265164 | 1453062 |
| &nbsp;&nbsp;&nbsp;Gold Fields Ltd. - ADR | 16571 | 723490 |
| &nbsp;&nbsp;&nbsp;Mr Price Group Ltd. | 70832 | 749358 |
| &nbsp;&nbsp;&nbsp;MTN Group Ltd. | 49082 | 502474 |
| &nbsp;&nbsp;&nbsp;Naspers Ltd. - Class N - ADR | 150275 | 1998657 |
| &nbsp;&nbsp;&nbsp;Reinet Investments SCA | 16974 | 594486 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.7%, continued** |  |  |
| SOUTH AFRICA — 1.7%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Standard Bank Group Ltd. | 126812 | $2224291 |
| &nbsp;&nbsp;&nbsp;Valterra Platinum Ltd. | 4127 | 344446 |
|  |  | 9215615 |
| SOUTH KOREA — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;Celltrion, Inc. | 6631 | 830489 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. - ADR (a) | 19354 | 1665218 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | 3184 | 273570 |
| &nbsp;&nbsp;&nbsp;KT Corp. - ADR | 39515 | 749600 |
| &nbsp;&nbsp;&nbsp;LG Chem Ltd. | 4745 | 1095482 |
| &nbsp;&nbsp;&nbsp;LG Display Co. Ltd. - ADR (b) | 1 | 4 |
| &nbsp;&nbsp;&nbsp;NAVER Corp. | 10156 | 1703975 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings, Inc. - ADR | 2 | 106 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings, Inc. | 4656 | 985175 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 112104 | 9378018 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. - ADR | 10792 | 578775 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. | 15559 | 826929 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 13300 | 6011762 |
| &nbsp;&nbsp;&nbsp;SK Telecom Co. Ltd. - ADR | 2 | 41 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group, Inc. - ADR (a) | 34279 | 2015262 |
|  |  | 26114406 |
| SPAIN — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Aena S.M.E. S.A. | 55250 | 1543223 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group S.A. | 10027 | 741864 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria S.A. - ADR | 24792 | 577902 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria S.A. | 30123 | 706369 |
| &nbsp;&nbsp;&nbsp;Banco Santander S.A. | 51429 | 605145 |
| &nbsp;&nbsp;&nbsp;CaixaBank S.A. | 173802 | 2124223 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom S.A. | 4435 | 142767 |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis S.A. | 45981 | 649143 |
| &nbsp;&nbsp;&nbsp;Iberdrola S.A. | 112778 | 2441220 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil S.A. | 39262 | 2589050 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group S.A. | 68747 | 381249 |
| &nbsp;&nbsp;&nbsp;Naturgy Energy Group S.A. | 12657 | 385258 |
| &nbsp;&nbsp;&nbsp;Repsol S.A. | 170518 | 3180546 |
| &nbsp;&nbsp;&nbsp;Telefónica S.A. | 92766 | 380674 |
|  |  | 16448633 |
| SWEDEN — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB - A Shares | 46116 | 820969 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB - Class A - ADR (a) | 5893 | 105544 |
| &nbsp;&nbsp;&nbsp;Boliden AB (b) | 39793 | 2204346 |
| &nbsp;&nbsp;&nbsp;Epiroc AB - Class A | 21893 | 493501 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB - A Shares | 23389 | 1047770 |
| &nbsp;&nbsp;&nbsp;Investor AB - B Shares | 74604 | 2658512 |
| &nbsp;&nbsp;&nbsp;Securitas AB - B Shares | 19191 | 305192 |
| &nbsp;&nbsp;&nbsp;SKF AB - B Shares | 23849 | 631244 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson - B Shares | 76365 | 743174 |
|  |  | 9010252 |
| SWITZERLAND — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;ABB Ltd. - ADR | 58667 | 4339598 |
| &nbsp;&nbsp;&nbsp;ABB Ltd. | 5783 | 426266 |
| &nbsp;&nbsp;&nbsp;Accelleron Industries AG | 1953 | 151260 |
| &nbsp;&nbsp;&nbsp;Amrize Ltd. (b) | 8532 | 463080 |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | 34 | 496754 |
| &nbsp;&nbsp;&nbsp;Galderma Group AG (b) | 1318 | 268361 |
| &nbsp;&nbsp;&nbsp;Geberit AG | 1300 | 1009508 |
| &nbsp;&nbsp;&nbsp;Givaudan S.A. | 208 | 822817 |

---

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

Schedule of Investments, continued

*Praxis International Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.7%, continued** |  |  |
| SWITZERLAND — 5.4%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Holcim Ltd. | 8532 | $830509 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group Ltd. | 9346 | 730137 |
| &nbsp;&nbsp;&nbsp;Logitech International S.A. (a) | 4776 | 478651 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG | 2065 | 1392123 |
| &nbsp;&nbsp;&nbsp;Nestlé S.A. - ADR | 33581 | 3317131 |
| &nbsp;&nbsp;&nbsp;Nestlé S.A. | 17327 | 1719689 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG - ADR (a) | 72096 | 3717991 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 1846 | 762266 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG | 1446 | 511604 |
| &nbsp;&nbsp;&nbsp;Sika AG | 852 | 172960 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG | 457 | 118199 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG | 1691 | 1947573 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | 9611 | 1600931 |
| &nbsp;&nbsp;&nbsp;UBS Group AG (a) | 39428 | 1820388 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | 6351 | 294115 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG - ADR (a) | 53580 | 2037647 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | 492 | 372260 |
|  |  | 29801818 |
| TAIWAN — 7.1% |  |  |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. - ADR (a) | 254527 | 4097885 |
| &nbsp;&nbsp;&nbsp;AUO Corp. - ADR | 66947 | 257746 |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom Co. Ltd. - ADR (a) | 133353 | 5562153 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 85174 | 25883527 |
| &nbsp;&nbsp;&nbsp;United Microelectronics Corp. - ADR (a) | 375334 | 2950125 |
|  |  | 38751436 |
| TURKEY — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri A.S. - ADR | 155365 | 849847 |
| UNITED KINGDOM — 8.3% |  |  |
| &nbsp;&nbsp;&nbsp;3i Group plc | 68813 | 3017522 |
| &nbsp;&nbsp;&nbsp;Anglo American plc | 16527 | 683633 |
| &nbsp;&nbsp;&nbsp;Antofagasta plc | 39339 | 1728073 |
| &nbsp;&nbsp;&nbsp;Ashtead Group plc | 15878 | 1082604 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR | 46514 | 4276032 |
| &nbsp;&nbsp;&nbsp;Aviva plc | 75450 | 693792 |
| &nbsp;&nbsp;&nbsp;Barratt Redrow plc | 53275 | 273697 |
| &nbsp;&nbsp;&nbsp;Burberry Group plc (b) | 26668 | 453487 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 21706 | 1968734 |
| &nbsp;&nbsp;&nbsp;Compass Group plc | 35682 | 1130643 |
| &nbsp;&nbsp;&nbsp;GSK plc - ADR (a) | 48475 | 2377214 |
| &nbsp;&nbsp;&nbsp;GSK plc | 17282 | 423728 |
| &nbsp;&nbsp;&nbsp;Haleon plc - ADR (a) | 176269 | 1782080 |
| &nbsp;&nbsp;&nbsp;Halma plc - ADR | 618 | 58741 |
| &nbsp;&nbsp;&nbsp;Halma plc | 22626 | 1073994 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings plc - ADR (a) | 52192 | 4105945 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 27340 | 430242 |
| &nbsp;&nbsp;&nbsp;Informa plc | 116498 | 1382344 |
| &nbsp;&nbsp;&nbsp;J Sainsbury plc | 86209 | 377719 |
| &nbsp;&nbsp;&nbsp;Kingfisher plc | 105733 | 445111 |
| &nbsp;&nbsp;&nbsp;Legal & General Group plc | 110502 | 388942 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 437921 | 579273 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group plc | 7929 | 953815 |
| &nbsp;&nbsp;&nbsp;Mondi plc | 1 | 12 |
| &nbsp;&nbsp;&nbsp;National Grid plc - ADR | 19343 | 1496181 |
| &nbsp;&nbsp;&nbsp;NatWest Group plc | 148065 | 1298933 |
| &nbsp;&nbsp;&nbsp;PEARSON plc - ADR (a) | 114298 | 1604744 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.7%, continued** |  |  |
| UNITED KINGDOM — 8.3%, continued |  |  |
| &nbsp;&nbsp;&nbsp;PEARSON plc | 24794 | $350581 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc - ADR | 20450 | 331699 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc | 3212 | 259926 |
| &nbsp;&nbsp;&nbsp;RELX plc - ADR | 23055 | 931883 |
| &nbsp;&nbsp;&nbsp;RELX plc | 71603 | 2884802 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial plc | 26851 | 160214 |
| &nbsp;&nbsp;&nbsp;Sage Group plc (The) - ADR | 2320 | 134746 |
| &nbsp;&nbsp;&nbsp;Sage Group plc (The) | 14027 | 204026 |
| &nbsp;&nbsp;&nbsp;Segro plc | 83211 | 806200 |
| &nbsp;&nbsp;&nbsp;Spirax Group plc | 3439 | 314330 |
| &nbsp;&nbsp;&nbsp;Tesco plc - ADR | 293 | 5271 |
| &nbsp;&nbsp;&nbsp;Tesco plc | 162457 | 966152 |
| &nbsp;&nbsp;&nbsp;Unilever plc - ADR (a) | 26158 | 1710748 |
| &nbsp;&nbsp;&nbsp;United Utilities Group plc | 129013 | 2072883 |
| &nbsp;&nbsp;&nbsp;Vodafone Group plc | 399124 | 532063 |
|  |  | 45752759 |
| TOTAL COMMON STOCKS (COST $293,588,342) |  | $541540849 |
| **PREFERRED STOCKS — 0.1%** |  |  |
| BRAZIL — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding S.A. - ADR (COST $565,768) | 81877 | $586238 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>COUPON | <br>MATURITY | <br>PAR VALUE | FAIR<br>VALUE |
| **CORPORATE NOTES — 0.8%** |  |  |  |  |
| COMMUNITY DEVELOPMENT — 0.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (e) | 4.000% | 06/15/28 | $620000 | $601231 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (e) | 5.000% | 12/15/28 | 200000 | 197909 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (e) | 5.000% | 06/15/29 | 880000 | 863120 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (e) | 4.500% | 12/14/29 | 180000 | 173877 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (e) | 4.500% | 06/14/30 | 830000 | 791213 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (e) | 4.500% | 12/13/30 | 530000 | 505745 |
| &nbsp;&nbsp;&nbsp;Capital Impact Partners Investment (e) | 4.500% | 06/15/26 | 830000 | 832500 |
| &nbsp;&nbsp;&nbsp;Capital Impact Partners Investment (e) | 5.000% | 12/15/26 | 300000 | 301789 |
| TOTAL CORPORATE NOTES (COST $4,370,000) |  |  |  | $4267384 |

---

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

Schedule of Investments, continued

*Praxis International Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **MONEY MARKET FUNDS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.67% (f) (COST $323,515) | 323515 | $323515 |
| **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 3.84% (f)(g) (COST $56,871,661) | 56871661 | $56871661 |
| TOTAL INVESTMENTS - (COST $355,719,286) — 110.0% |  | $603589647 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (10.0%) |  | (54988215) |
| NET ASSETS — 100.0% |  | $548601432 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $55,058,971 (Note
 8).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total fair value of such
 securities was $869 as of December 31, 2025, representing 0.0% (c) of net assets.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br>Date | Current<br>Cost | Fair<br>Value | % of Net<br>Assets |
| Calvert Impact Capital, Inc., 4.000%, 06/15/28 | 06/15/23 | $620000 | $601231 | 0.1% |
| Calvert Impact Capital, Inc., 5.000%, 12/15/28 | 12/15/23 | 200000 | 197909 | 0.0 %<sup>(c)</sup> |
| Calvert Impact Capital, Inc., 5.000%, 06/15/29 | 06/14/24 | 880000 | 863120 | 0.2% |
| Calvert Impact Capital, Inc., 4.500%, 12/14/29 | 12/13/24 | 180000 | 173877 | 0.0 %<sup>(c)</sup> |
| Calvert Impact Capital, Inc., 4.500%, 06/14/30 | 06/13/25 | 830000 | 791213 | 0.1% |
| Calvert Impact Capital, Inc., 4.500%, 12/13/30 | 12/15/25 | 530000 | 505745 | 0.1% |
| Capital Impact Partners Investment, 4.500%, 06/15/26 | 06/17/25 | 830000 | 832500 | 0.2% |
| Capital Impact Partners Investment, 5.000%, 12/15/26 | 12/15/23 | 300000 | 301789 | 0.1% |
| Mobile TeleSystems PJSC - ADR | 08/02/17 | 752376 | 869 | 0.0 %<sup>(c)</sup> |
|  |  | $5122376 | $4268253 | 0.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the 7-day effective yield as of December 31, 2025.

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

ADR — American Depositary Receipt <br> plc — Public Liability Company <br> REIT — Real Estate Investment Trust

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

Schedule of Investments

*Praxis Value Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%** |  |  |
| AEROSPACE & DEFENSE — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | 4380 | $1417324 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. - Class A | 2720 | 686610 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 1620 | 332132 |
|  |  | 2436066 |
| APPAREL & TEXTILE PRODUCTS — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;NIKE, Inc. - Class B | 19273 | 1227883 |
| ASSET MANAGEMENT — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 1540 | 755124 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 3332 | 3566373 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 35800 | 3576778 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 10006 | 1275565 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. (a) | 2080 | 334027 |
|  |  | 9507867 |
| AUTOMOTIVE — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 146843 | 1926580 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc. (b) | 767 | 344935 |
|  |  | 2271515 |
| BANKING — 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 173310 | 9532050 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 50406 | 5881876 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 12820 | 748816 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp (a) | 18470 | 864581 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 48680 | 844598 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 71665 | 23091896 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 36140 | 745930 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 8184 | 1648912 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | 11121 | 2321287 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 36930 | 1000803 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 47920 | 2358143 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 34100 | 1819576 |
|  |  | 50858468 |
| BEVERAGES — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 105220 | 7355930 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. (a) | 24618 | 689550 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 39870 | 5722143 |
|  |  | 13767623 |
| BIOTECH & PHARMA — 7.8% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 45710 | 10444278 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 12830 | 4199387 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. (b) | 3450 | 607166 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 41770 | 2253074 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 500 | 537340 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 34790 | 4270125 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 54813 | 11343550 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 63063 | 6638011 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 1762 | 1360035 |
|  |  | 41652966 |
| CABLE & SATELLITE — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. - Class A (b) | 1440 | 300600 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. - Class A | 127800 | 3819942 |
|  |  | 4120542 |
| CHEMICALS — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 2925 | 722533 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| CHEMICALS — 1.7%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 21902 | $512069 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 2840 | 745557 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 4128 | 278186 |
| &nbsp;&nbsp;&nbsp;Linde plc | 9600 | 4093344 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. - Class A | 54045 | 2340148 |
| &nbsp;&nbsp;&nbsp;Qnity Electonics, Inc. | 3564 | 291001 |
|  |  | 8982838 |
| COMMERCIAL SUPPORT SERVICES — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. (a) | 11450 | 2426598 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | 8099 | 1420241 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 13391 | 2942137 |
|  |  | 6788976 |
| CONSTRUCTION MATERIALS — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;CRH plc | 15980 | 1994304 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 760 | 473222 |
|  |  | 2467526 |
| CONTAINERS & PACKAGING — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;International Paper Co. (a) | 13162 | 518451 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 2530 | 521762 |
|  |  | 1040213 |
| DIVERSIFIED INDUSTRIALS — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 6723 | 1312599 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 19394 | 2573972 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 17715 | 4363204 |
|  |  | 8249775 |
| E-COMMERCE DISCRETIONARY — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. (b) | 1258 | 290372 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 12910 | 1124461 |
|  |  | 1414833 |
| ELECTRIC UTILITIES — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 11980 | 1381414 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 10020 | 384167 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 10621 | 1054878 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 17170 | 1005990 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 4300 | 554614 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 30450 | 3569045 |
| &nbsp;&nbsp;&nbsp;Edison International | 14514 | 871130 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 8670 | 801368 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 6247 | 420611 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 27760 | 1210058 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. (a) | 8440 | 377859 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 48316 | 3878808 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 22540 | 789351 |
| &nbsp;&nbsp;&nbsp;Sempra | 22746 | 2008244 |
| &nbsp;&nbsp;&nbsp;Southern Co. (The) | 34801 | 3034647 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 5486 | 885056 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 4050 | 427113 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 9014 | 665774 |
|  |  | 23320127 |
| ELECTRICAL EQUIPMENT — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 7484 | 1536540 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 16841 | 889879 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 12961 | 715577 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 1176 | 522273 |

---

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

Schedule of Investments, continued

*Praxis Value Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| ELECTRICAL EQUIPMENT — 3.8%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 31287 | $3746618 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. (b) | 4027 | 818246 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 16780 | 1465733 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 9390 | 3653367 |
| &nbsp;&nbsp;&nbsp;TE Connectivity plc | 12870 | 2928054 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 10350 | 4028220 |
|  |  | 20304507 |
| ENTERTAINMENT CONTENT — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 4550 | 929702 |
| &nbsp;&nbsp;&nbsp;Fox Corp. - Class B | 8540 | 554502 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | 43142 | 4908265 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc. (b) | 54292 | 1564695 |
|  |  | 7957164 |
| FOOD — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 12805 | 595432 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. (The) (a) | 41467 | 1005575 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 2500 | 170275 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 52080 | 2803466 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | 4735 | 277566 |
|  |  | 4852314 |
| GAS & WATER UTILITIES — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 12095 | 1578397 |
| HEALTH CARE FACILITIES & SERVICES — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 12030 | 2472165 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 5450 | 1840738 |
| &nbsp;&nbsp;&nbsp;Centene Corp. (b) | 19423 | 799256 |
| &nbsp;&nbsp;&nbsp;Cigna Group (The) | 5034 | 1385508 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 31342 | 2487301 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 5284 | 1852306 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 3375 | 864439 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. (b) | 2245 | 506045 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 4820 | 1209242 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 3834 | 3144992 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 8530 | 1480211 |
|  |  | 18042203 |
| HOME CONSTRUCTION — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | 6900 | 993807 |
| &nbsp;&nbsp;&nbsp;NVR, Inc. (b) | 50 | 364638 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 4530 | 531188 |
|  |  | 1889633 |
| HOUSEHOLD PRODUCTS — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 7206 | 604223 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 21467 | 1696323 |
| &nbsp;&nbsp;&nbsp;Estée Lauder Cos., Inc. (The) - Class A | 10860 | 1137259 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 35821 | 617912 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 74152 | 10626723 |
|  |  | 14682440 |
| INDUSTRIAL SUPPORT SERVICES — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 13360 | 536137 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | 3720 | 828184 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 1120 | 906438 |
| &nbsp;&nbsp;&nbsp;W.W. Grainger, Inc. | 870 | 877873 |
|  |  | 3148632 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| INSTITUTIONAL FINANCIAL SERVICES — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 32984 | $3829112 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 8040 | 2195563 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 8730 | 7673670 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 16126 | 2611767 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 32291 | 5732621 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 7520 | 730418 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 10217 | 1395540 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 8990 | 1159800 |
|  |  | 25328491 |
| INSURANCE — 6.8% |  |  |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 21650 | 2387346 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. (The) | 12509 | 2603748 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 19777 | 1691922 |
| &nbsp;&nbsp;&nbsp;Aon plc - Class A | 4406 | 1554789 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. (b) | 8337 | 799685 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | 5628 | 1456470 |
| &nbsp;&nbsp;&nbsp;Berkley (W.R.) Corp. (a) | 14737 | 1033358 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 9530 | 759541 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 12990 | 4054439 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 8657 | 1413861 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc. | 16250 | 490263 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | 10830 | 1492374 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 5440 | 572886 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc. (b) | 710 | 1526252 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 14208 | 2635868 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 23723 | 1872694 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 9570 | 844170 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 16606 | 3781518 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 13740 | 1550971 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. (The) | 9403 | 2727434 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson plc (a) | 2726 | 895764 |
|  |  | 36145353 |
| INTERNET MEDIA & SERVICES — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 3320 | 1041816 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 60 | 321320 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 660 | 435659 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. (b) | 5045 | 473019 |
|  |  | 2271814 |
| LEISURE FACILITIES & SERVICES — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Carnival Corp. (b) | 18750 | 572625 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 3870 | 1182788 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. (a) | 2400 | 669408 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 4354 | 366650 |
|  |  | 2791471 |
| MACHINERY — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Deere & Co. (a) | 8287 | 3858179 |
| &nbsp;&nbsp;&nbsp;Ingersoll-Rand, Inc. | 20600 | 1631932 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 5569 | 555675 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 14930 | 2033167 |
|  |  | 8078953 |
| MEDICAL EQUIPMENT & DEVICES — 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 42510 | 5326078 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 3888 | 529040 |
| &nbsp;&nbsp;&nbsp;Becton, Dickinson and Co. | 3317 | 643730 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. (b) | 21060 | 2008071 |

---

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

Schedule of Investments, continued

*Praxis Value Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| MEDICAL EQUIPMENT & DEVICES — 5.1%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 18101 | $4143681 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. (b) | 13783 | 1175001 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 18516 | 1518682 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. (b) | 1510 | 855204 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 33790 | 3245867 |
| &nbsp;&nbsp;&nbsp;STERIS plc | 1734 | 439604 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 3450 | 1212572 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 10134 | 5872146 |
|  |  | 26969676 |
| METALS & MINING — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 38112 | 3805483 |
| OIL & GAS PRODUCERS — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 70044 | 6556819 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 42713 | 1564577 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 6599 | 992028 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 38146 | 4005711 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 4107 | 220135 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 124014 | 3409145 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 22320 | 1640520 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 28580 | 3687963 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 17209 | 2801453 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | 43780 | 2631616 |
|  |  | 27509967 |
| OIL & GAS SERVICES & EQUIPMENT — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 45750 | 2083455 |
| &nbsp;&nbsp;&nbsp;SLB Ltd. | 54691 | 2099041 |
|  |  | 4182496 |
| REAL ESTATE SERVICES — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A (b) | 7370 | 1185022 |
| REITS — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 2901 | 509329 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 8721 | 775035 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 6060 | 937543 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 3779 | 492101 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 12047 | 999299 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 19841 | 2532902 |
| &nbsp;&nbsp;&nbsp;Public Storage | 1300 | 337350 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. (a) | 10720 | 604286 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 7319 | 1354820 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. (a) | 9610 | 743622 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 2990 | 554974 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 21764 | 515589 |
|  |  | 10356850 |
| RENEWABLE ENERGY — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. (b) | 1310 | 342211 |
| RETAIL - CONSUMER STAPLES — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1230 | 1060678 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 3010 | 399638 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc. (b) | 4360 | 536324 |
| &nbsp;&nbsp;&nbsp;Kroger Co. (The) | 20514 | 1281715 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 4974 | 486208 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 114080 | 12709653 |
|  |  | 16474216 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| RETAIL - DISCRETIONARY — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. (b) | 156 | $529074 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 22714 | 7815887 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 15205 | 3666838 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 1881 | 338843 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. (b) | 478 | 289195 |
|  |  | 12639837 |
| SEMICONDUCTORS — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. (b) | 1679 | 359575 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 9057 | 2327558 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3344 | 1157358 |
| &nbsp;&nbsp;&nbsp;Intel Corp. (b) | 92636 | 3418268 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 8616 | 549012 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 25754 | 7350449 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 1643 | 306420 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. (b) | 6327 | 342607 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 24460 | 4183883 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 12214 | 2119007 |
|  |  | 22114137 |
| SOFTWARE — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 18545 | 504239 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 7740 | 3743219 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 15764 | 3072561 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 6340 | 2822124 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc. - Class A (b) | 926 | 140706 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc. (b) | 3680 | 317547 |
|  |  | 10600396 |
| SPECIALTY FINANCE — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;American Express Co. | 9744 | 3604793 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 15730 | 3812323 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 9950 | 830128 |
|  |  | 8247244 |
| STEEL — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 6410 | 1045535 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 3010 | 510045 |
|  |  | 1555580 |
| TECHNOLOGY HARDWARE — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 4323 | 1175251 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. (b) | 2770 | 362953 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 98040 | 7552021 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 32890 | 2879849 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc. - Class C (a) | 8240 | 1037251 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 30160 | 724443 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 31280 | 696919 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 2560 | 704998 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | 6770 | 1166268 |
|  |  | 16299953 |
| TECHNOLOGY SERVICES — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Accenture plc - Class A | 17477 | 4689079 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 2165 | 556903 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. - Class A | 4450 | 369350 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. (b) | 8480 | 569602 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 4430 | 342882 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 3334 | 374008 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | 17240 | 1006471 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 1790 | 935436 |

---

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

Schedule of Investments, continued

*Praxis Value Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| |<br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| TECHNOLOGY SERVICES — 1.9%, continued |  |  |
| &nbsp;&nbsp;&nbsp;TransUnion | 4310 | $369583 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 1266 | 283192 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 1440 | 505022 |
|  |  | 10001528 |
| TELECOMMUNICATIONS — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 174986 | 4346652 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 4527 | 919162 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 108835 | 4432850 |
|  |  | 9698664 |
| TRANSPORTATION & LOGISTICS — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 29639 | 1074414 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 26930 | 1868942 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 6170 | 1782266 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 5330 | 1538878 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 36394 | 1504164 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 11880 | 2748082 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. (b) | 11600 | 1297112 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 15023 | 1490131 |
|  |  | 13303989 |
| TRANSPORTATION EQUIPMENT — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 14850 | 1626223 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 3020 | 644619 |
|  |  | 2270842 |
| WHOLESALE - CONSUMER STAPLES — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 10159 | 584041 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 7490 | 551938 |
|  |  | 1135979 |
| TOTAL COMMON STOCKS (COST $342,808,500) |  | $523872660 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **CORPORATE NOTES — 0.8%** |  |  |  |  |
| COMMUNITY DEVELOPMENT — 0.8% |  |  |  |  |
| Calvert Impact Capital, Inc. (c) | 4.000% | 06/15/28 | $350000 | $339404 |
| Calvert Impact Capital, Inc. (c) | 5.000% | 12/15/28 | 800000 | 791636 |
| Calvert Impact Capital, Inc. (c) | 5.000% | 06/15/29 | 830000 | 814079 |
| Calvert Impact Capital, Inc. (c) | 4.500% | 12/14/29 | 150000 | 144898 |
| Calvert Impact Capital, Inc. (c) | 4.500% | 06/14/30 | 290000 | 276448 |
| Calvert Impact Capital, Inc. (c) | 4.500% | 12/13/30 | 600000 | 572542 |
| Capital Impact Partners Investment (c) | 4.500% | 06/15/26 | 290000 | 290873 |
| Capital Impact Partners Investment (c) | 5.000% | 12/15/26 | 1000000 | 1005966 |
| TOTAL CORPORATE NOTES (COST $4,310,000) |  |  |  | $4235846 |

---

---

| | | |
|:---|:---|:---|
| |<br>SHARES | FAIR<br>VALUE |
| **MONEY MARKET FUNDS — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.67% (d) (COST $2,643,436) | 2643436 | $2643436 |
| **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 3.84% (d)(e) (COST $14,563,231) | 14563231 | $14563231 |
| TOTAL INVESTMENTS - (COST $364,325,167) — 102.6% |  | $545315173 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (2.6%) |  | (13841083) |
| NET ASSETS — 100.0% |  | $531474090 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the security is on loan. The total fair value of the securities on loan as of December
 31, 2025 was $14,108,006 (Note 8).

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br>Date | Current<br>Cost | Fair<br>Value | % of Net<br>Assets |
| Calvert Impact Capital, Inc., 4.000%, 06/15/28 | 06/15/23 | $350000 | $339404 | 0.1% |
| Calvert Impact Capital, Inc., 5.000%, 12/15/28 | 12/15/23 | 800000 | 791636 | 0.1% |
| Calvert Impact Capital, Inc., 5.000%, 06/15/29 | 06/14/24 | 830000 | 814079 | 0.2% |
| Calvert Impact Capital, Inc., 4.500%, 12/14/29 | 12/13/24 | 150000 | 144898 | 0.0 %<sup>(f)</sup> |
| Calvert Impact Capital, Inc., 4.500%, 06/14/30 | 06/13/25 | 290000 | 276448 | 0.0 %<sup>(f)</sup> |
| Calvert Impact Capital, Inc., 4.500%, 12/13/30 | 12/15/25 | 600000 | 572542 | 0.1% |
| Capital Impact Partners Investment, 4.500%, 06/15/26 | 06/17/25 | 290000 | 290873 | 0.1% |
| Capital Impact Partners Investment, 5.000%, 12/15/26 | 12/15/23 | 1000000 | 1005966 | 0.2% |
|  |  | $4310000 | $4235846 | 0.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the 7-day effective yield as of December 31, 2025.

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

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

plc — Public Liability Company

REIT — Real Estate Investment Company

 

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

Schedule of Investments

*Praxis Growth Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| |<br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%** |  |  |
| ADVERTISING & MARKETING — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc. (The) - Class A (a) | 22683 | $861047 |
| AEROSPACE & DEFENSE — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;HEICO Corp. (b) | 3838 | 1241938 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 8650 | 1773423 |
|  |  | 3015361 |
| ASSET MANAGEMENT — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 3703 | 1322601 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Class A (a) | 34060 | 3852186 |
|  |  | 5174787 |
| AUTOMOTIVE — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Tesla, Inc. (a) | 60340 | 27136105 |
| BEVERAGES — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 7760 | 1113715 |
| BIOTECH & PHARMA — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 7461 | 1704764 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. (a) | 2970 | 1181020 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 20910 | 22471559 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc. (a) | 1844 | 320930 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 7191 | 756925 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. (a) | 4274 | 1937660 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 4707 | 592235 |
|  |  | 28965093 |
| CHEMICALS — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Linde plc | 7048 | 3005197 |
| COMMERCIAL SUPPORT SERVICES — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 3600 | 677052 |
| DIVERSIFIED INDUSTRIALS — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 1554 | 382750 |
| E-COMMERCE DISCRETIONARY — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. (a) | 148466 | 34268922 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 8540 | 743834 |
|  |  | 35012756 |
| ELECTRICAL EQUIPMENT — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 26986 | 3646888 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 5900 | 3856063 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. (a) | 3981 | 808899 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 2288 | 890192 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 5710 | 2222332 |
| &nbsp;&nbsp;&nbsp;Veritiv Holdings Co. - Class A | 10544 | 1708234 |
|  |  | 13132608 |
| ENGINEERING & CONSTRUCTION — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. (b) | 3128 | 1320204 |
| ENTERTAINMENT CONTENT — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. - Class A (a) | 6660 | 4487641 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 3445 | 703917 |
|  |  | 5191558 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| HEALTH CARE FACILITIES & SERVICES — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 2140 | $722785 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 1910 | 1566754 |
|  |  | 2289539 |
| HOUSEHOLD PRODUCTS — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 8484 | 670406 |
| INDUSTRIAL SUPPORT SERVICES — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;W.W. Grainger, Inc. | 2530 | 2552896 |
| INSTITUTIONAL FINANCIAL SERVICES — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc. - Class A (a) | 1358 | 307098 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. - Class A | 25416 | 1634503 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 8490 | 824634 |
|  |  | 2766235 |
| INSURANCE — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Aon plc - Class A | 1027 | 362408 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. (a) | 6403 | 614176 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 5098 | 406310 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 5690 | 1295727 |
|  |  | 2678621 |
| INTERNET MEDIA & SERVICES — 17.2% |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. - Class A (a) | 10831 | 1469983 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 124440 | 38949720 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 97310 | 30535878 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 830 | 4444924 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A (a) | 10120 | 2291978 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 3256 | 922457 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A (a) | 4345 | 539128 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 48251 | 31850003 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. (a) | 108094 | 10134893 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc. - Class A (a) | 1837 | 422271 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp. - Class A (a) | 19330 | 1566310 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. (a) | 50480 | 4124721 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | 4711 | 1144537 |
|  |  | 128396803 |
| LEISURE FACILITIES & SERVICES — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. (a) | 25068 | 927516 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 7350 | 2111288 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. (a)(b) | 5560 | 792300 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. - Class A (b) | 4660 | 1445718 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 6768 | 2068504 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. (b) | 4160 | 1160307 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 7162 | 603112 |
|  |  | 9108745 |
| LEISURE PRODUCTS — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. (a) | 1360 | 772385 |
| MACHINERY — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Deere & Co. (b) | 3936 | 1832484 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 3680 | 367190 |
|  |  | 2199674 |

---

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

Schedule of Investments, continued

*Praxis Growth Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| MEDICAL EQUIPMENT & DEVICES — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 4905 | $667423 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. (a) | 29440 | 2807104 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 9764 | 2235175 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. (a) | 1700 | 1150101 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. (a) | 6730 | 3811603 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. (a) | 550 | 766804 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. (b) | 2090 | 503418 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 1026 | 360608 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 6355 | 3682405 |
| &nbsp;&nbsp;&nbsp;Waters Corp. (a) | 1646 | 625200 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 2525 | 694729 |
|  |  | 17304570 |
| OIL & GAS PRODUCERS — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 10364 | 555510 |
| OIL & GAS SERVICES & EQUIPMENT — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 15026 | 684284 |
| OIL, GAS & CONSUMABLE FUELS — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Venture Global, Inc. - Class A (b) | 66623 | 454369 |
| REITS — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 3920 | 688234 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 2976 | 2280092 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 8670 | 719177 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. (b) | 1992 | 572142 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 14163 | 2628795 |
|  |  | 6888440 |
| RENEWABLE ENERGY — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. (a) | 3450 | 901243 |
| RETAIL - CONSUMER STAPLES — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 4443 | 3831376 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 7770 | 865656 |
|  |  | 4697032 |
| RETAIL - DISCRETIONARY — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. (a) | 659 | 2234998 |
| &nbsp;&nbsp;&nbsp;Carvana Co. (a) | 4400 | 1856888 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc. - Class A (a) | 9380 | 1849267 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 13406 | 4613005 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 6789 | 1637235 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. (a) | 1904 | 395670 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. (a) | 27150 | 2476352 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 25503 | 3917516 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 10300 | 515103 |
|  |  | 19496034 |
| SEMICONDUCTORS — 20.8% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. (a) | 36851 | 7892010 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 22816 | 5863484 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 99938 | 34588542 |
| &nbsp;&nbsp;&nbsp;Intel Corp. (a) | 14810 | 546489 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 3030 | 3681692 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 28890 | 4945390 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 22460 | 1908651 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 1690 | 1531748 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 495402 | 92392473 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| SEMICONDUCTORS — 20.8%, continued |  |  |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 9790 | $1674580 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 1879 | 363699 |
|  |  | 155388758 |
| SOFTWARE — 15.4% |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. (a) | 11702 | 4095583 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. - Class A (a)(b) | 7896 | 1280258 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc. (a) | 3420 | 1012354 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. (a) | 10624 | 3320850 |
| &nbsp;&nbsp;&nbsp;CoreWeave, Inc. - Class A (a)(b) | 5504 | 394142 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. - Class A (a) | 6320 | 2962563 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc. (a) | 16834 | 1336788 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc. (a) | 2898 | 1162967 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 7895 | 5229806 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 128238 | 62018462 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc. (a) | 2987 | 1253614 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 37499 | 7308930 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. (a) | 19746 | 3637213 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 25449 | 6741695 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. (a) | 31465 | 4820123 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc. (a) | 8540 | 1873334 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. (a) | 6452 | 3030633 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. (a) | 3752 | 1703220 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. - Class A (a) | 1842 | 395625 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc. (a) | 4058 | 350165 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc. (a) | 4667 | 1049702 |
|  |  | 114978027 |
| SPECIALTY FINANCE — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;American Express Co. | 6050 | 2238197 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc. - Class A (b) | 35758 | 692275 |
|  |  | 2930472 |
| TECHNOLOGY HARDWARE — 13.0% |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 328685 | 89356304 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. (a) | 29760 | 3899453 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. - Class A (a)(b) | 10068 | 1369147 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 5800 | 621122 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 4055 | 1116707 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | 3296 | 567802 |
|  |  | 96930535 |
| TECHNOLOGY SERVICES — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;Accenture plc - Class A | 9379 | 2516386 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 8494 | 2184912 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 2596 | 579349 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 2430 | 527261 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. (a) | 920 | 1555370 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. (a) | 5284 | 354926 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc. (a) | 1553 | 391791 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 17176 | 9805435 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 3375 | 1724119 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 1797 | 1030993 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 1944 | 1015915 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 40713 | 14278456 |
|  |  | 35964913 |

---

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

Schedule of Investments, continued

*Praxis Growth Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| |<br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| TRANSPORTATION & LOGISTICS — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. (b) | 5900 | $925120 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3911 | 904693 |
|  |  | 1829813 |
| WHOLESALE - DISCRETIONARY — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Copart, Inc. (a) | 20652 | 808526 |
| TOTAL COMMON STOCKS (COST $236,469,707) |  | $736236063 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **CORPORATE NOTES — 0.8%** |  |  |  |  |
| COMMUNITY DEVELOPMENT — 0.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (c) | 4.000% | 06/15/28 | $750000 | $727295 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (c) | 5.000% | 12/15/28 | 450000 | 445295 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (c) | 5.000% | 06/15/29 | 1270000 | 1245639 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (c) | 4.500% | 12/14/29 | 450000 | 434693 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (c) | 4.500% | 06/14/30 | 760000 | 724484 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (c) | 4.500% | 12/13/30 | 950000 | 906525 |
| &nbsp;&nbsp;&nbsp;Capital Impact Partners Investment (c) | 4.500% | 06/15/26 | 760000 | 762289 |
| &nbsp;&nbsp;&nbsp;Capital Impact Partners Investment (c) | 5.000% | 12/15/26 | 500000 | 502983 |
| TOTAL CORPORATE NOTES (COST $5,890,000) |  |  |  | $5749203 |

---

---

| | | |
|:---|:---|:---|
|  |<br>SHARES | FAIR<br>VALUE |
| **MONEY MARKET FUNDS — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.67% (d) (COST $4,681,543) | 4681543 | $4681543 |
| **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 3.84% (d)(e) (COST $12,605,313) | 12605313 | $12605313 |
| TOTAL INVESTMENTS - (COST $259,646,563) — 101.7% |  | $759272122 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (1.7%) |  | (12413039) |
| NET ASSETS — 100.0% |  | $746859083 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31,
 2025 was $12,151,101 (Note 8).

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br>Date | Current<br>Cost | Fair<br>Value | % of Net<br>Assets |
| Calvert Impact Capital, Inc., 4.000%, 06/15/28 | 06/15/23 | $750000 | $727295 | 0.1% |
| Calvert Impact Capital, Inc., 5.000%, 12/15/28 | 12/15/23 | 450000 | 445295 | 0.1% |
| Calvert Impact Capital, Inc., 5.000%, 06/15/29 | 06/14/24 | 1270000 | 1245639 | 0.2% |
| Calvert Impact Capital, Inc., 4.500%, 12/14/29 | 12/13/24 | 450000 | 434693 | 0.0 %<sup>(f)</sup> |
| Calvert Impact Capital, Inc., 4.500%, 06/14/30 | 06/13/25 | 760000 | 724484 | 0.1% |
| Capital Impact Capital, Inc., 4.500%, 12/13/30 | 12/15/25 | 950000 | 906525 | 0.1% |
| Capital Impact Partners Investment, 4.500%, 06/15/26 | 06/17/25 | 760000 | 762289 | 0.1% |
| Capital Impact Partners Investment, 5.000%, 12/15/26 | 12/15/23 | 500000 | 502983 | 0.1% |
|  |  | $5890000 | $5749203 | 0.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the 7-day effective yield as of December 31, 2025.

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

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

plc — Public Liability Company

REIT — Real Estate Investment Trust

 

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

Schedule of Investments

*Praxis Small Cap Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%** |  |  |
| ADVERTISING & MARKETING — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Compass, Inc. - Class A (a) | 10014 | $105848 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. (b) | 11320 | 914090 |
|  |  | 1019938 |
| AEROSPACE & DEFENSE — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Firefly Aerospace, Inc. (a)(b) | 7260 | 162406 |
| &nbsp;&nbsp;&nbsp;Loar Holdings, Inc. (a) | 1460 | 99280 |
|  |  | 261686 |
| APPAREL & TEXTILE PRODUCTS — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Crocs, Inc. (a)(b) | 1490 | 127425 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. (a) | 4779 | 495439 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. (b) | 4770 | 291399 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 1040 | 367754 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 5540 | 707846 |
| &nbsp;&nbsp;&nbsp;VF Corp. | 18085 | 326977 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | 9880 | 179322 |
|  |  | 2496162 |
| ASSET MANAGEMENT — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc. - Class A (a) | 15534 | 116816 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, |  |  |
| &nbsp;&nbsp;&nbsp;Inc. - Class A (b) | 3310 | 134849 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. (b) | 13318 | 198971 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. (b) | 38148 | 911356 |
| &nbsp;&nbsp;&nbsp;GitLab, Inc. - Class A (a) | 3930 | 147493 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 13310 | 349654 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group plc | 4360 | 207405 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 4831 | 299377 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc. (a) | 19177 | 111802 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc. - Class A | 5670 | 363844 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 2230 | 279241 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | 3900 | 248976 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 920 | 150098 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. (b) | 21350 | 260256 |
|  |  | 3780138 |
| AUTOMOTIVE — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Aptiv plc (a) | 8810 | 670353 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 5940 | 267657 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | 12769 | 303392 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc. (a) | 2970 | 365874 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 6260 | 128267 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | 1460 | 167316 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co. (a) | 1320 | 176233 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | 3280 | 205623 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc. - Class A (a)(b) | 25410 | 500831 |
|  |  | 2785546 |
| BANKING — 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 6014 | 446660 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | 4240 | 149672 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc. (a) | 5330 | 459233 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | 2790 | 295796 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | 3580 | 244765 |
| &nbsp;&nbsp;&nbsp;Bank OZK (b) | 3190 | 146804 |
| &nbsp;&nbsp;&nbsp;Banner Corp. (b) | 1910 | 119681 |
| &nbsp;&nbsp;&nbsp;Beacon Financial Corp. | 7000 | 184590 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 3980 | 192592 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | 2750 | 327800 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 4960 | 138632 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| BANKING — 5.1%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | 6780 | $589385 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | 10060 | 187116 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 3480 | 391117 |
| &nbsp;&nbsp;&nbsp;First BanCorp | 18880 | 391382 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. - Class A | 155 | 332658 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 6900 | 172638 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | 9470 | 239591 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 14190 | 339141 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | 21850 | 275091 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. (b) | 7890 | 152514 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 2130 | 135638 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 2280 | 166622 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp. - Class A | 3640 | 138356 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | 3250 | 134940 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | 12440 | 149280 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 7230 | 296285 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | 2050 | 311969 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 1450 | 138344 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | 1090 | 135727 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 7040 | 139040 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 5330 | 382641 |
| &nbsp;&nbsp;&nbsp;SouthState Bank Corp. | 1930 | 181632 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 3170 | 158659 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc. (a) | 2960 | 185385 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | 4750 | 185013 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 2320 | 266893 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 3920 | 150528 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 7250 | 226345 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 4570 | 287636 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 2920 | 245484 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 1400 | 195748 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp N.A. | 3400 | 199036 |
|  |  | 10188059 |
| BEVERAGES — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. (a) | 6800 | 311032 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp. (a) | 4440 | 141592 |
|  |  | 452624 |
| BIOTECH & PHARMA — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alkermes plc (a) | 6490 | 181590 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc. (a)(b) | 4483 | 297626 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc. (a) | 4851 | 349903 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc. (a) | 1150 | 210036 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. (a) | 1822 | 108281 |
| &nbsp;&nbsp;&nbsp;Braze, Inc. - Class A (a) | 3225 | 110585 |
| &nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. (a) | 5170 | 395453 |
| &nbsp;&nbsp;&nbsp;CG Oncology, Inc. (a) | 3744 | 155451 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. (a)(b) | 5805 | 270223 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc. (a) | 4080 | 259243 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc. (a)(b) | 17250 | 390367 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc. (a) | 8150 | 357214 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc. (a) | 4080 | 416731 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. (a) | 5110 | 343903 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc. (a) | 4890 | 182984 |
| &nbsp;&nbsp;&nbsp;Incyte Corp. (a) | 6980 | 689415 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc. (a) | 10960 | 219090 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc. (a) | 4930 | 858017 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc. (a) | 6770 | 535575 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc (a) | 1430 | 243100 |

---

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

Schedule of Investments, continued

*Praxis Small Cap Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| BIOTECH & PHARMA — 5.4%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc. (a) | 800 | $197232 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc. (a) | 2181 | 169704 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc. (a) | 540 | 314464 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc. (a) | 10250 | 302272 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. (a) | 2800 | 397124 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | 25596 | 183523 |
| &nbsp;&nbsp;&nbsp;Perrigo Co. plc (b) | 13651 | 190022 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc. (a) | 4850 | 299197 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc. (a) | 4630 | 368780 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc. (a)(b) | 871 | 93232 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. (a) | 13680 | 296856 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. (a) | 5090 | 252973 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc. (a)(b) | 5850 | 174389 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc. (a) | 4611 | 106053 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp. (a) | 1380 | 672405 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc. (a)(b) | 3111 | 109445 |
|  |  | 10702458 |
| CABLE & SATELLITE — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc. - Class C (a) | 3767 | 140170 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | 6410 | 128168 |
|  |  | 268338 |
| CHEMICALS — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. (b) | 3057 | 432382 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 3161 | 574923 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 4840 | 742262 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 20725 | 484550 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 10233 | 411367 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 2490 | 158937 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc. (a) | 12185 | 118560 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 6507 | 162610 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. | 2550 | 151623 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | 2050 | 254856 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. (The) | 10480 | 252463 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 1700 | 334730 |
|  |  | 4079263 |
| COMMERCIAL SUPPORT SERVICES — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 7160 | 302868 |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | 12680 | 102328 |
| &nbsp;&nbsp;&nbsp;Brady Corp. - Class A | 8080 | 633230 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. - Class A (a) | 1710 | 167478 |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. (a) | 1410 | 330617 |
| &nbsp;&nbsp;&nbsp;CorVel Corp. (a) | 6990 | 473013 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc. (a) | 780 | 133247 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 3430 | 149479 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 4442 | 171994 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 7970 | 526179 |
| &nbsp;&nbsp;&nbsp;Robert Half, Inc. (b) | 12125 | 329315 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. | 1720 | 101704 |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | 1280 | 246912 |
|  |  | 3668364 |
| CONSTRUCTION MATERIALS — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 1990 | 288212 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. (b) | 1007 | 322099 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 18225 | 355752 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 2000 | 223820 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| CONSTRUCTION MATERIALS — 0.7%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 900 | $145323 |
|  |  | 1335206 |
| CONSUMER SERVICES — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. (a) | 3660 | 378700 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc. (a) | 1610 | 163254 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | 6584 | 513354 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | 1700 | 136340 |
| &nbsp;&nbsp;&nbsp;Stride, Inc. (a) | 2890 | 187648 |
|  |  | 1379296 |
| CONTAINERS & PACKAGING — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 950 | 115862 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 9299 | 492568 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 4210 | 433503 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 17810 | 688713 |
|  |  | 1730646 |
| DIVERSIFIED INDUSTRIALS — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | 1970 | 341815 |
| &nbsp;&nbsp;&nbsp;Pentair plc | 4250 | 442595 |
|  |  | 784410 |
| E-COMMERCE DISCRETIONARY — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Chewy, Inc. - Class A (a) | 3170 | 104768 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc. (a)(b) | 4920 | 272765 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc. - Class A (a)(b) | 5090 | 511087 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp. (a) | 3880 | 127070 |
|  |  | 1015690 |
| ELECTRIC UTILITIES — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;AES Corp. (The) | 3000 | 43020 |
| &nbsp;&nbsp;&nbsp;Avista Corp. | 4680 | 180367 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 8550 | 619790 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | 2550 | 199971 |
| &nbsp;&nbsp;&nbsp;NorthWestern Energy Group, Inc. | 4521 | 291785 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 5488 | 873909 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc. - Class A (a) | 1380 | 138814 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 5730 | 244671 |
| &nbsp;&nbsp;&nbsp;Oklo, Inc. (a)(b) | 3140 | 225326 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 5911 | 524306 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp. (a) | 1370 | 513531 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 4340 | 255539 |
|  |  | 4111029 |
| ELECTRICAL EQUIPMENT — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. (b) | 4603 | 307849 |
| &nbsp;&nbsp;&nbsp;AAON, Inc. (b) | 3590 | 273737 |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | 1210 | 435648 |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 2780 | 582049 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc. (a) | 4510 | 230100 |
| &nbsp;&nbsp;&nbsp;Allegion plc | 1350 | 214947 |
| &nbsp;&nbsp;&nbsp;API Group Corp. (a) | 12030 | 460268 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. (b) | 2250 | 392422 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp. - Class A (a) | 6269 | 544713 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | 4800 | 172704 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc. (a) | 1590 | 216828 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc. (a) | 6850 | 105833 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 550 | 244261 |
| &nbsp;&nbsp;&nbsp;Itron, Inc. (a) | 2350 | 218221 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. (b) | 930 | 451589 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 2290 | 579187 |

---

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

Schedule of Investments, continued

*Praxis Small Cap Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| ELECTRICAL EQUIPMENT — 4.2%, continued |  |  |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc. - Class A (a) | 9050 | $788346 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp. (a) | 6772 | 95959 |
| &nbsp;&nbsp;&nbsp;nVent Electric plc | 5350 | 545540 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc. (a)(b) | 2550 | 650403 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc. (a) | 4416 | 883465 |
|  |  | 8394069 |
| ENGINEERING & CONSTRUCTION — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;AECOM | 4290 | 408966 |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | 6060 | 644299 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 980 | 914624 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc. - Class A (a) | 2580 | 280059 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc. (a) | 1780 | 601462 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 1240 | 758620 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. (a) | 2078 | 177794 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc. (a) | 6020 | 347294 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. (b) | 5010 | 577903 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. (b) | 1770 | 459120 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc. (a) | 2270 | 493430 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. (a) | 1160 | 355227 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 9380 | 314605 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp. (a) | 930 | 387987 |
| &nbsp;&nbsp;&nbsp;WillScott Holdings Corp. | 4900 | 92267 |
|  |  | 6813657 |
| ENTERTAINMENT CONTENT — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Paramount Skydance Corp. - Class B (b) | 9523 | 127608 |
| FOOD — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 3850 | 306344 |
| &nbsp;&nbsp;&nbsp;Campbell's Co. (The) (b) | 12004 | 334551 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 32764 | 567145 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc. (a) | 4770 | 171720 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | 1050 | 115773 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. (The) | 2450 | 239635 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 3959 | 165843 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co. (The) (a) | 7262 | 145821 |
|  |  | 2046832 |
| FORESTRY, PAPER & WOOD PRODUCTS — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | 5270 | 387872 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc. (a) | 2950 | 103486 |
|  |  | 491358 |
| GAS & WATER UTILITIES — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;American States Water Co. | 4280 | 310215 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 5680 | 246114 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 15970 | 612609 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 1000 | 41760 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 6850 | 548137 |
| &nbsp;&nbsp;&nbsp;UGI Corp. (b) | 21010 | 786404 |
|  |  | 2545239 |
| HEALTH CARE FACILITIES & SERVICES — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc. (a) | 11954 | 169627 |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp. (a) | 14120 | 140635 |
| &nbsp;&nbsp;&nbsp;Centene Corp. (a) | 9622 | 395945 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. (a) | 1279 | 255135 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | 15838 | 311692 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc. (a) | 1170 | 132924 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. (b) | 2740 | 290824 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| HEALTH CARE FACILITIES & SERVICES — 1.9%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) (b) | 1550 | $270010 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. (a) | 820 | 460553 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. (a) | 1155 | 200439 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc. (a) | 5870 | 187018 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc. - Class A (a) | 6555 | 94195 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. (a) | 13840 | 296038 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc. (a) | 3960 | 282546 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. (b) | 15210 | 225868 |
|  |  | 3713449 |
| HOME & OFFICE PRODUCTS — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;HNI Corp. | 7870 | 330855 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc. (b) | 5890 | 525859 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. (b) | 2090 | 150773 |
|  |  | 1007487 |
| HOME CONSTRUCTION — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 2600 | 496860 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc. (a) | 1330 | 785684 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 3610 | 265876 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | 10230 | 285622 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc. (a) | 3120 | 134035 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. (a) | 2350 | 300683 |
| &nbsp;&nbsp;&nbsp;Masco Corp. (b) | 2601 | 165059 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 4450 | 292810 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. (a) | 1560 | 170508 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 2290 | 309654 |
| &nbsp;&nbsp;&nbsp;TRI Pointe Homes, Inc. (a) | 12650 | 398096 |
|  |  | 3604887 |
| HOUSEHOLD PRODUCTS — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Clorox Co. (The) | 3341 | 336873 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 13622 | 209506 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | 3020 | 178422 |
|  |  | 724801 |
| INDUSTRIAL INTERMEDIATE PRODUCTS — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 1430 | 153267 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc. (a) | 1180 | 243351 |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. | 2030 | 434684 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc. (a) | 3300 | 163152 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 2870 | 329476 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc. (a) | 4100 | 207419 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc. (a) | 990 | 443946 |
| &nbsp;&nbsp;&nbsp;Timken Co. (The) | 3660 | 307916 |
|  |  | 2283211 |
| INDUSTRIAL SUPPORT SERVICES — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 740 | 190010 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc. - Class A (a) | 3633 | 188807 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 1837 | 272574 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc. - Class A | 5310 | 446571 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. (b) | 4950 | 509206 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc. (a) | 8730 | 306598 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. (a) | 1490 | 185594 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. | 2500 | 116850 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc. (a) | 3680 | 169795 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. (b) | 1270 | 427927 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | 1450 | 354728 |
|  |  | 3168660 |

---

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

Schedule of Investments, continued

*Praxis Small Cap Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| INSTITUTIONAL FINANCIAL SERVICES — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | 880 | $299420 |
| &nbsp;&nbsp;&nbsp;Moelis & Co. - Class A | 5190 | 356761 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 1920 | 652243 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc. - Class A | 2170 | 362824 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | 2730 | 223915 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc. - Class A | 6270 | 208916 |
|  |  | 2104079 |
| INSURANCE — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 2080 | 284294 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 549 | 132227 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 3960 | 355885 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 9710 | 462681 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co. - Class A | 670 | 192056 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 1734 | 588433 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 175 | 5405 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc. - Class A (a) | 40170 | 362735 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 3370 | 471328 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc. - Class A | 1254 | 92357 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc. - Class A | 5270 | 562046 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 570 | 222938 |
| &nbsp;&nbsp;&nbsp;Lemonade, Inc. (a) | 1248 | 88833 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 6410 | 285437 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | 4640 | 436438 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. (b) | 4070 | 185755 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | 490 | 126596 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 9290 | 334347 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. (b) | 1830 | 372332 |
| &nbsp;&nbsp;&nbsp;Remitly Global, Inc. (a) | 11350 | 156630 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 805 | 226334 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. (b) | 3590 | 185352 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 1340 | 112118 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. (a) | 10490 | 229626 |
| &nbsp;&nbsp;&nbsp;Unum Group | 4670 | 361925 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | 2380 | 177286 |
|  |  | 7011394 |
| INTERNET MEDIA & SERVICES — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;CarGurus, Inc. (a) | 6170 | 236619 |
| &nbsp;&nbsp;&nbsp;Life360, Inc. (a) | 1960 | 125714 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc. - Class A (a) | 13280 | 257234 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc. (a) | 4500 | 202410 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | 7640 | 246696 |
| &nbsp;&nbsp;&nbsp;Roku Inc. (a) | 4390 | 476271 |
| &nbsp;&nbsp;&nbsp;Snap, Inc. - Class A (a) | 25580 | 206431 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc. (a) | 4050 | 123080 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc. - Class C (a) | 5670 | 386807 |
|  |  | 2261262 |
| LEISURE FACILITIES & SERVICES — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc. (a) | 2500 | 358800 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. (The) (b) | 5550 | 280164 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | 6630 | 154081 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc. (a) | 5406 | 87631 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 914 | 380974 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Inc. - Class A (a) | 3370 | 206312 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. - Class A (b) | 1030 | 165130 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. (a) | 10190 | 227441 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc. - Class A (a) | 2430 | 263582 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| LEISURE FACILITIES & SERVICES — 2.1%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp. (a)(b) | 13608 | $949294 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc. - Class A (a) | 3960 | 321433 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. (a) | 9265 | 142125 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 1710 | 283860 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. (b) | 1270 | 168656 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 917 | 218695 |
|  |  | 4208178 |
| LEISURE PRODUCTS — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | 4230 | 337639 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | 2580 | 191539 |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 5420 | 444440 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 2340 | 283936 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. | 1390 | 142711 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc. (a)(b) | 3930 | 173588 |
|  |  | 1573853 |
| MACHINERY — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | 2520 | 262886 |
| &nbsp;&nbsp;&nbsp;CNH Industrial N.V. | 20301 | 187175 |
| &nbsp;&nbsp;&nbsp;Crane Co. | 1040 | 191807 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 2480 | 219877 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 11030 | 421787 |
| &nbsp;&nbsp;&nbsp;ESAB Corp. (b) | 1273 | 142220 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 2330 | 455259 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 4740 | 514717 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | 3160 | 219241 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | 6300 | 601839 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. plc (a) | 13160 | 282545 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | 1730 | 141808 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 4920 | 156062 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 1070 | 190396 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | 3075 | 463310 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 1740 | 416974 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | 970 | 114334 |
| &nbsp;&nbsp;&nbsp;Middleby Corp. (The) (a) | 1480 | 220032 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 660 | 105692 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 2090 | 502499 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 4540 | 337231 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | 2040 | 150348 |
| &nbsp;&nbsp;&nbsp;Toro Co. (The) | 2600 | 204672 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 3490 | 162250 |
|  |  | 6664961 |
| MEDICAL EQUIPMENT & DEVICES — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc. (a) | 2220 | 346653 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc. (a) | 8695 | 99645 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 21180 | 404750 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. - Class A (a) | 540 | 163614 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 4350 | 255823 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | 4280 | 201631 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (The) (a) | 6454 | 528970 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp. (a) | 5540 | 562642 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp. (a) | 3820 | 431316 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc. - Class A (a) | 2470 | 215656 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. (a) | 9530 | 709890 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc. (a) | 4150 | 544314 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc. (a)(b) | 1140 | 105142 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. (a) | 890 | 252974 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp. (a)(b) | 3090 | 242349 |

---

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

Schedule of Investments, continued

*Praxis Small Cap Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| MEDICAL EQUIPMENT & DEVICES — 4.6%, continued |  |  |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc. (a) | 2590 | $459570 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. (a) | 1723 | 114666 |
| &nbsp;&nbsp;&nbsp;Masimo Corp. (a) | 1170 | 152170 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. (a) | 5690 | 501517 |
| &nbsp;&nbsp;&nbsp;Natera, Inc. (a)(b) | 3620 | 829306 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc. (a) | 1280 | 397965 |
| &nbsp;&nbsp;&nbsp;QuantumScape Corp. (a) | 12619 | 131490 |
| &nbsp;&nbsp;&nbsp;Repligen Corp. (a)(b) | 1290 | 211379 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | 3050 | 295087 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. (a) | 4610 | 365296 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc. (a) | 7835 | 172213 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | 1750 | 213570 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc. (a) | 1350 | 164227 |
|  |  | 9073825 |
| METALS & MINING — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | 8020 | 426182 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co. (a)(b) | 7750 | 303645 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc. (a)(b) | 21730 | 387446 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 5163 | 99078 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp. (a)(b) | 7590 | 383447 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. (b) | 1920 | 426797 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc. - Class A (a) | 2321 | 177510 |
|  |  | 2204105 |
| OIL & GAS PRODUCERS — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 29168 | 518899 |
| &nbsp;&nbsp;&nbsp;APA Corp. | 5488 | 134236 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | 3720 | 166321 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp. (a) | 4050 | 148919 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 11550 | 619080 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. (b) | 6761 | 243734 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. (b) | 12700 | 396875 |
| &nbsp;&nbsp;&nbsp;Northern Oil and Gas, Inc. (b) | 4809 | 103249 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 12032 | 471534 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 8290 | 155023 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. - Class A | 7804 | 301469 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy, Inc. (b) | 8678 | 167138 |
|  |  | 3426477 |
| OIL & GAS SERVICES & EQUIPMENT — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;TechnipFMC plc | 11055 | 492611 |
| &nbsp;&nbsp;&nbsp;Weatherford International plc | 4373 | 342231 |
|  |  | 834842 |
| PUBLISHING & BROADCASTING — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. - Liberty Formula One (a) | 9701 | 955646 |
| &nbsp;&nbsp;&nbsp;New York Times Co. (The) - Class A | 3410 | 236722 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. (b) | 740 | 150257 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 2490 | 520410 |
|  |  | 1863035 |
| REAL ESTATE OWNERS & DEVELOPERS — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 3400 | 356762 |
| REAL ESTATE SERVICES — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp. (b) | 33700 | 361264 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. (a) | 1210 | 407129 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | 6555 | 178886 |
|  |  | 947279 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| REITS — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust | 8150 | $167401 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | 2580 | 185837 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | 7290 | 150466 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. (b) | 9540 | 466888 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | 5311 | 249936 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent - Class A | 8640 | 277344 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. (b) | 11170 | 143646 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 8430 | 221035 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. (b) | 4690 | 316481 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 1553 | 170954 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. (b) | 12330 | 445853 |
| &nbsp;&nbsp;&nbsp;CubeSmart | 4334 | 156241 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | 14240 | 127590 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | 15660 | 172103 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 1030 | 183484 |
| &nbsp;&nbsp;&nbsp;Elme Communities | 9070 | 157818 |
| &nbsp;&nbsp;&nbsp;EPR Properties | 3010 | 150199 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 7790 | 231051 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust (b) | 1376 | 138701 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. | 9869 | 98986 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 20384 | 327775 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | 11470 | 296155 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 23450 | 415768 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 19170 | 388576 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co. - Class A | 2770 | 350627 |
| &nbsp;&nbsp;&nbsp;Lineage, Inc. | 4360 | 152600 |
| &nbsp;&nbsp;&nbsp;Macerich Co. (The) (b) | 11680 | 215613 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 711 | 98765 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | 5050 | 200131 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | 8620 | 382211 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. | 6786 | 146914 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 2640 | 182239 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. (b) | 20460 | 792211 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. (b) | 1690 | 159908 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 6980 | 132201 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. | 6310 | 289440 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | 4437 | 549789 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | 12940 | 115684 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. | 10710 | 357393 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. (b) | 810 | 232648 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 7223 | 264940 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | 9260 | 177699 |
| &nbsp;&nbsp;&nbsp;W.P. Carey, Inc. | 4480 | 288333 |
|  |  | 10729634 |
| RENEWABLE ENERGY — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc. (a)(b) | 22840 | 210585 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc. (a) | 4910 | 157366 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. (a) | 1970 | 514623 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc. (a) | 8926 | 164238 |
|  |  | 1046812 |
| RETAIL - CONSUMER STAPLES — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. (a)(b) | 3100 | 279093 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 830 | 458749 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc. (a) | 2170 | 408741 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp. (a)(b) | 11027 | 111373 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc. (a)(b) | 6810 | 221121 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 1125 | 453960 |

---

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

Schedule of Investments, continued

*Praxis Small Cap Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| RETAIL - CONSUMER STAPLES — 1.2%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. (a) | 1450 | $158934 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 1550 | 190138 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. (a) | 2350 | 187225 |
|  |  | 2469334 |
| RETAIL - DISCRETIONARY — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 4870 | 191391 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 9550 | 251833 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. (a) | 1750 | 406927 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc. (a) | 710 | 146601 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 6710 | 134737 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 4893 | 327488 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. (a) | 2330 | 411175 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. (The) | 5380 | 287400 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. (a) | 2510 | 258254 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc. (a) | 2368 | 91499 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 1530 | 302894 |
| &nbsp;&nbsp;&nbsp;GameStop Corp. - Class A (a)(b) | 11310 | 227105 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. (The) | 7270 | 186112 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 1120 | 440496 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | 4470 | 166597 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 335 | 111331 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | 9981 | 220081 |
| &nbsp;&nbsp;&nbsp;RH (a) | 1164 | 208531 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 1700 | 140896 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc. (a) | 7160 | 538862 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co. (a) | 5737 | 310773 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 3500 | 625065 |
|  |  | 5986048 |
| SEMICONDUCTORS — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc. (a) | 6590 | 173844 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc. (a) | 3911 | 650634 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. (a) | 4880 | 392059 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc. (a) | 5940 | 293080 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | 3490 | 294032 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc. (a) | 10210 | 569514 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc. (a)(b) | 1170 | 203592 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. (a) | 3130 | 230305 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. (a) | 1550 | 265484 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | 2100 | 335580 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc. (a) | 1560 | 246262 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc. (a) | 4430 | 374379 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc. (a) | 2590 | 237995 |
| &nbsp;&nbsp;&nbsp;Semtech Corp. (a) | 3970 | 292549 |
| &nbsp;&nbsp;&nbsp;SiTime Corp. (a)(b) | 950 | 335530 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 5780 | 366510 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 2960 | 572938 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc. (a) | 7960 | 227497 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 7545 | 109327 |
|  |  | 6171111 |
| SOFTWARE — 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc. (a) | 4180 | 199846 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | 13401 | 231167 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. (a)(b) | 7230 | 538129 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. (a) | 4260 | 371685 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc. - Class A (a) | 520 | 120978 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc. - Class B | 4763 | 181780 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc. (a) | 4270 | 232886 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| SOFTWARE — 6.5%, continued |  |  |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc. (a) | 3290 | $181904 |
| &nbsp;&nbsp;&nbsp;Box, Inc. - Class A (a) | 6690 | 200098 |
| &nbsp;&nbsp;&nbsp;C3.ai, Inc. - Class A (a) | 9791 | 131983 |
| &nbsp;&nbsp;&nbsp;Calix, Inc. (a) | 4210 | 222835 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc. (a) | 24056 | 191245 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group, Inc. (a) | 1350 | 107055 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A (a)(b) | 5880 | 141826 |
| &nbsp;&nbsp;&nbsp;Confluent, Inc. - Class A (a) | 9080 | 274579 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc. (a) | 3310 | 228920 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc. (a) | 5800 | 396720 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc. - Class A (a) | 2740 | 121327 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc. - Class A (a) | 5760 | 160128 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc. (a) | 1312 | 230256 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc. (a)(b) | 9189 | 240292 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc. (a) | 6561 | 284354 |
| &nbsp;&nbsp;&nbsp;Elastic N.V. (a) | 2576 | 194333 |
| &nbsp;&nbsp;&nbsp;Galaxy Digital, Inc. - Class A (a) | 4790 | 107104 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc. (a) | 1850 | 371868 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc. (a) | 8909 | 399747 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc. (a) | 2650 | 459271 |
| &nbsp;&nbsp;&nbsp;Navan, Inc. - Class A (a) | 33284 | 568491 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc. - Class A (a) | 7370 | 380955 |
| &nbsp;&nbsp;&nbsp;OKTA, Inc. (a) | 3549 | 306882 |
| &nbsp;&nbsp;&nbsp;OneStream, Inc. (a) | 9596 | 176374 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. (b) | 1530 | 243821 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp. (a) | 1160 | 176900 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc. (a) | 7680 | 182093 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. (a) | 6410 | 275374 |
| &nbsp;&nbsp;&nbsp;PTC, Inc. (a) | 3560 | 620188 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. (a) | 3436 | 247942 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc. - Class A (a) | 6920 | 245314 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc. - Class A (a) | 6680 | 100200 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Inc. - Class A (a)(b) | 10680 | 106480 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc. (a)(b) | 4400 | 392172 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Inc. (a)(b) | 4000 | 236200 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc. (a) | 6559 | 154333 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc. - Class A (a) | 3392 | 482478 |
| &nbsp;&nbsp;&nbsp;UiPath, Inc. - Class A (a) | 5613 | 91997 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc. (a) | 11790 | 520764 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc. (a) | 2770 | 121132 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Inc. (a) | 3110 | 102008 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp. (a) | 12180 | 272954 |
| &nbsp;&nbsp;&nbsp;Workiva, Inc. (a) | 1450 | 125063 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp. - Class A (a) | 8390 | 170737 |
|  |  | 12823168 |
| SPECIALTY FINANCE — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | 3330 | 213886 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 8260 | 374095 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | 18290 | 408964 |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc. - Class A | 5246 | 100356 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 2910 | 215427 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc. (a) | 3150 | 171202 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 2930 | 190479 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 2920 | 159403 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | 2340 | 143770 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | 4090 | 805117 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 4340 | 126815 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | 3410 | 230346 |

---

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

Schedule of Investments, continued

*Praxis Small Cap Index Fund*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| SPECIALTY FINANCE — 2.7%, continued |  |  |
| &nbsp;&nbsp;&nbsp;QXO, Inc. (a) | 41245 | $795616 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc. (a) | 34027 | 890827 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. | 10140 | 182621 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | 4120 | 247818 |
|  |  | 5256742 |
| STEEL — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;ATI, Inc. (a) | 8120 | 931851 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 2460 | 774506 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 1560 | 450637 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 1890 | 320261 |
|  |  | 2477255 |
| TECHNOLOGY HARDWARE — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc. (a)(b) | 46140 | 177178 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | 4010 | 171468 |
| &nbsp;&nbsp;&nbsp;Ciena Corp. (a) | 3410 | 797497 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. (a) | 5837 | 839886 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc. (a) | 8710 | 145021 |
| &nbsp;&nbsp;&nbsp;F5, Inc. (a) | 1470 | 375232 |
| &nbsp;&nbsp;&nbsp;Fabrinet (a) | 920 | 418858 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 2400 | 764112 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 2560 | 583731 |
| &nbsp;&nbsp;&nbsp;JFrog Ltd. (a) | 4100 | 256086 |
| &nbsp;&nbsp;&nbsp;Knowles Corp. (a) | 9450 | 202514 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. (a)(b) | 1890 | 696635 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 13600 | 143752 |
| &nbsp;&nbsp;&nbsp;Plexus Corp. (a) | 4250 | 624750 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc. - Class A (a) | 9020 | 604430 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc. (a) | 7989 | 176956 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp. (a) | 4279 | 1015749 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp. (a)(b) | 6046 | 907323 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 1680 | 252386 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. - Class A (a) | 1183 | 287256 |
|  |  | 9440820 |
| TECHNOLOGY SERVICES — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 3400 | 260746 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co. (a) | 9528 | 139585 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc. (a) | 781 | 160011 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | 7140 | 207703 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc. (a) | 2430 | 222612 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. (a) | 2670 | 217525 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. (a) | 6150 | 163344 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc. (a) | 5760 | 169171 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. (b) | 670 | 121438 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | 1860 | 160555 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc. (a) | 20400 | 114648 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. - Class A (a)(b) | 1530 | 96344 |
| &nbsp;&nbsp;&nbsp;Toast, Inc. - Class A (a) | 13080 | 464471 |
|  |  | 2498153 |
| TELECOMMUNICATIONS — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc. (a)(b) | 6356 | 461636 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 7134 | 153809 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. - Class A (a)(b) | 3448 | 374798 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc. (a) | 7510 | 285906 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. (a) | 34620 | 268997 |
| &nbsp;&nbsp;&nbsp;Telephone and Data Systems, Inc. | 4660 | 191060 |
|  |  | 1736206 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | FAIR<br>VALUE |
| **COMMON STOCKS — 98.6%, continued** |  |  |
| TRANSPORTATION & LOGISTICS — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc. (a) | 6880 | $346064 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc. (a) | 24660 | 378038 |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. (b) | 4470 | 331629 |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | 2780 | 446913 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc. (a) | 5310 | 279518 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc. - Class A | 6960 | 296565 |
| &nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | 1082 | 210276 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | 3020 | 373121 |
| &nbsp;&nbsp;&nbsp;RXO, Inc. (a)(b) | 7819 | 98832 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | 1040 | 199046 |
| &nbsp;&nbsp;&nbsp;Saia, Inc. (a)(b) | 700 | 228564 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc. (a) | 2870 | 288177 |
| &nbsp;&nbsp;&nbsp;XPO, Inc. (a)(b) | 3010 | 409089 |
|  |  | 3885832 |
| TRANSPORTATION EQUIPMENT — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. (The) | 3650 | 170601 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | 6450 | 170538 |
|  |  | 341139 |
| WHOLESALE - CONSUMER STAPLES — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. (The) | 9150 | 486506 |
| &nbsp;&nbsp;&nbsp;Bunge Global S.A. | 6321 | 563075 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc. (a) | 5990 | 201683 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp. (a) | 6670 | 502384 |
|  |  | 1753648 |
| WHOLESALE - DISCRETIONARY — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Aramark | 7620 | 280873 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. | 4620 | 133795 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc. (a) | 8420 | 250748 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 1061 | 242704 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc. (a) | 4950 | 193347 |
|  |  | 1101467 |
| TOTAL COMMON STOCKS (COST $147,843,105) |  | $195227532 |
| **RIGHTS — 0.0% (c)** |  |  |
| ASSET MANAGEMENT — 0.0% (c) |  |  |
| &nbsp;&nbsp;&nbsp;Sycamore Partners, LLC (a)(d)(e) | 44730 | 23707 |
| BIOTECH & PHARMA — 0.0% (c) |  |  |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp. (a)(d)(e) | 2090 | 961 |
| MEDICAL EQUIPMENT & DEVICES — 0.0% (c) |  |  |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc. (a)(d)(e) | 2092 | 519 |
| TOTAL RIGHTS (COST $0) |  | $25187 |

---

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

Schedule of Investments, continued

*Praxis Small Cap Index Fund*

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>COUPON | <br>MATURITY | PRINCIPAL<br>AMOUNT | FAIR<br>VALUE |
| **CORPORATE NOTES — 0.8%** |  |  |  |  |
| COMMUNITY DEVELOPMENT — 0.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (d) | 4.000% | 06/15/28 | $180000 | $174551 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (d) | 5.000% | 12/15/28 | 220000 | 217700 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (d) | 5.000% | 06/15/29 | 200000 | 196164 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (d) | 4.500% | 12/14/29 | 170000 | 164217 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (d) | 4.500% | 06/14/30 | 110000 | 104859 |
| &nbsp;&nbsp;&nbsp;Calvert Impact Capital, Inc. (d) | 4.500% | 12/13/30 | 320000 | 305356 |
| &nbsp;&nbsp;&nbsp;Capital Impact Partners Investment (d) | 4.500% | 06/15/26 | 110000 | 110331 |
| &nbsp;&nbsp;&nbsp;Capital Impact Partners Investment (d) | 5.000% | 12/15/26 | 200000 | 201193 |
| TOTAL CORPORATE NOTES (COST $1,510,000) |  |  |  | $1474371 |

---

---

| | | |
|:---|:---|:---|
| |<br>SHARES | FAIR<br>VALUE |
| **MONEY MARKET FUNDS — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.67% (f) (COST $1,157,584) | 1157584 | $1157584 |
| **INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 14.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 3.84% (f)(g) (COST $27,711,587) | 27711587 | $27711587 |
| TOTAL INVESTMENTS - (COST $178,222,276) — 114.0% |  | $225596261 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (14.0%) |  | (27670039) |
| NET ASSETS — 100.0% |  | $197926222 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the security is on loan. The total fair value of the securities on loan as of December
 31, 2025 was $26,772,031 (Note 8).

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br>Date | Current<br>Cost | Fair<br>Value | % of Net<br>Assets |
| Blueprint Medicines Corp. | 07/21/25 | $— | $961 | 0.0 %<sup>(c)</sup> |
| Calvert Impact Capital, Inc., 4.000%, 06/15/28 | 06/15/23 | 180000 | 174551 | 0.1% |
| Calvert Impact Capital, Inc., 5.000%, 12/15/28 | 12/15/23 | 220000 | 217700 | 0.1% |
| Calvert Impact Capital, Inc., 5.000%, 06/15/29 | 06/14/24 | 200000 | 196164 | 0.1% |
| Calvert Impact Capital, Inc., 4.500%, 12/14/29 | 12/13/24 | 170000 | 164217 | 0.1% |
| Calvert Impact Capital, Inc., 4.500%, 06/14/30 | 06/13/25 | 110000 | 104859 | 0.0 %<sup>(c)</sup> |
| Calvert Impact Capital, Inc., 4.500%, 12/13/30 | 12/15/25 | 320000 | 305356 | 0.2% |
| Capital Impact Partners Investment, 4.500%, 06/15/26 | 06/17/25 | 110000 | 110331 | 0.1% |
| Capital Impact Partners Investment, 5.000%, 12/15/26 | 12/15/23 | 200000 | 201193 | 0.1% |
| OmniAb, Inc. | 11/02/22 |  | 519 | 0.0 %<sup>(c)</sup> |
| Sycamore Partners, LLC | 08/28/25 |  | 23707 | 0.0 %<sup>(c)</sup> |
|  |  | $1510000 | $1499558 | 0.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(e) Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees.
 The total value of such securities was $25,187 as of December 31, 2025, representing 0.0% (c) of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the 7-day effective yield as of December 31, 2025.

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

plc — Public Liability Company

REIT — Real Estate Investment Trust

 

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

Schedule of Investments

*Praxis Genesis Conservative Portfolio*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| |<br>SHARES | FAIR<br>VALUE |
| **AFFILIATED MUTUAL FUNDS — 100.0%** |  |  |
| DEBT FUND — 70.2% |  |  |
| &nbsp;&nbsp;&nbsp;Praxis Impact Bond Fund - Class I | 1813504 | $17300826 |
| EQUITY FUND — 29.8% |  |  |
| &nbsp;&nbsp;&nbsp;Praxis Growth Index Fund - Class I | 40666 | 2258199 |
| &nbsp;&nbsp;&nbsp;Praxis International Index Fund - Class I | 137369 | 2213011 |
| &nbsp;&nbsp;&nbsp;Praxis Small Cap Index Fund - Class I | 51788 | 607468 |
| &nbsp;&nbsp;&nbsp;Praxis Value Index Fund - Class I | 116558 | 2267048 |
|  |  | 7345726 |
| TOTAL AFFILIATED MUTUAL FUNDS (COST $20,773,479) |  | $24646552 |
| **MONEY MARKET FUNDS — 0.0% (a)** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.67% (b) (COST $7,120) | 7120 | 7120 |
| TOTAL INVESTMENTS - (COST $20,780,599) — 100.0% |  | $24653672 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) (a) |  | (8724) |
| NET ASSETS — 100.0% |  | $24644948 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the 7-day effective yield as of December 31, 2025.

 

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

Schedule of Investments

*Praxis Genesis Balanced Portfolio*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| |<br>SHARES | FAIR<br>VALUE |
| **AFFILIATED MUTUAL FUNDS — 100.0%** |  |  |
| DEBT FUND — 40.2% |  |  |
| &nbsp;&nbsp;&nbsp;Praxis Impact Bond Fund - Class I | 4421267 | $42178885 |
| EQUITY FUND — 59.8% |  |  |
| &nbsp;&nbsp;&nbsp;Praxis Growth Index Fund - Class I | 299966 | 16657100 |
| &nbsp;&nbsp;&nbsp;Praxis International Index Fund - Class I | 1173351 | 18902684 |
| &nbsp;&nbsp;&nbsp;Praxis Small Cap Index Fund - Class I | 883752 | 10366413 |
| &nbsp;&nbsp;&nbsp;Praxis Value Index Fund - Class I | 859667 | 16720518 |
|  |  | 62646715 |
| TOTAL AFFILIATED MUTUAL FUNDS (COST $72,343,879) |  | $104825600 |
| **MONEY MARKET FUNDS — 0.0% (a)** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.67% (b) (COST $1,880) | 1880 | 1880 |
| TOTAL INVESTMENTS - (COST $72,345,759) — 100.0% |  | $104827480 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) (a) |  | (47028) |
| NET ASSETS — 100.0% |  | $104780452 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the 7-day effective yield as of December 31, 2025.

 

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

Schedule of Investments

*Praxis Genesis Growth Portfolio*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| |<br>SHARES | FAIR<br>VALUE |
| **AFFILIATED MUTUAL FUNDS — 100.0%** |  |  |
| DEBT FUND — 20.1% |  |  |
| &nbsp;&nbsp;&nbsp;Praxis Impact Bond Fund — Class I | 2639087 | $25176888 |
| EQUITY FUND — 79.9% |  |  |
| &nbsp;&nbsp;&nbsp;Praxis Growth Index Fund - Class I | 458829 | 25478774 |
| &nbsp;&nbsp;&nbsp;Praxis International Index Fund - Class I | 1867903 | 30091911 |
| &nbsp;&nbsp;&nbsp;Praxis Small Cap Index Fund - Class I | 1582721 | 18565314 |
| &nbsp;&nbsp;&nbsp;Praxis Value Index Fund - Class I | 1314936 | 25575500 |
|  |  | 99711499 |
| TOTAL AFFILIATED MUTUAL FUNDS (COST $77,130,551) |  | $124888387 |
| **MONEY MARKET FUNDS — 0.0% (a)** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.67% (b) (COST $1,177) | 1177 | 1177 |
| TOTAL INVESTMENTS - (COST $77,131,728) — 100.0% |  | $124889564 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) (a) |  | (47076) |
| NET ASSETS — 100.0% |  | $124842488 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the 7-day effective yield as of December 31, 2025.

 

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

Statements of Assets & Liabilities

*December 31, 2025*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Praxis<br> Impact**<br> **Bond Fund** | **Praxis**<br> **International<br> Index Fund** | **Praxis <br> Value <br> Index Fund** | **Praxis**<br> **Growth Index<br> Fund** | **Praxis <br> Small Cap <br> Index Fund** |
| **Assets** |  |  |  |  |  |
| Investments in unaffiliated securities, at cost | $1190986170 | $355719286 | $364325167 | $259646563 | $178222276 |
| Investments in unaffiliated securities, at fair value\* | $1146784210 | $603589647 | $545315173 | $759272122 | $225596261 |
| Cash |  | 48348 |  |  |  |
| Receivable for capital shares sold | 1321406 | 542776 | 412959 | 617675 | 81303 |
| Receivable for investments sold | 922 |  |  |  |  |
| Receivable for dividends and interest | 7912871 | 921699 | 608219 | 191205 | 214342 |
| Receivable for tax reclaims |  | 874596 | 2520 |  |  |
| Prepaid expenses and other assets | 44513 | 21108 | 31132 | 38701 | 24511 |
| **Total Assets** | 1156063922 | 605998174 | 546370003 | 760119703 | 225916417 |
| **Liabilities** |  |  |  |  |  |
| Payable for capital shares redeemed | 465145 | 210495 | 123332 | 372641 | 190793 |
| Payable for investments purchased | 3437878 |  |  |  |  |
| Payable for return of collateral received for securities on loan | 7512158 | 56871661 | 14563231 | 12605313 | 27711587 |
| Accrued expenses and other payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 329707 | 186379 | 108019 | 144154 | 51089 |
| &nbsp;&nbsp;&nbsp;Administration fees | 37658 | 18339 | 17941 | 24999 | 6737 |
| &nbsp;&nbsp;&nbsp;Distribution fees | 7133 | 3641 | 7231 | 27344 | 1575 |
| &nbsp;&nbsp;&nbsp;Other | 130357 | 106227 | 76159 | 86169 | 28414 |
| **Total Liabilities** | 11920036 | 57396742 | 14895913 | 13260620 | 27990195 |
| **Contingencies and Commitments (Note 9)** |  |  |  |  |  |
| **Net Assets** | $1144143886 | $548601432 | $531474090 | $746859083 | $197926222 |
| **Components of Net Assets** |  |  |  |  |  |
| Paid-in capital | $1200953445 | $349404522 | $355439322 | $245288657 | $151079782 |
| Distributable earnings (accumulated deficit) | (56809559) | 199196910 | 176034768 | 501570426 | 46846440 |
| **Net Assets** | $1144143886 | $548601432 | $531474090 | $746859083 | $197926222 |
| **Pricing of Class A Shares** |  |  |  |  |  |
| Net assets attributable to Class A shares | $33789286 | $17010995 | $33748764 | $127700996 | $7306613 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value) | 3525712 | 1061311 | 1720214 | 2332869 | 704184 |
| Net asset value, offering price and redemption price per share\* | $9.58 | $16.03 | $19.62 | $54.74 | $10.38 |
| Maximum sales charge | 3.75% | 5.25% | 5.25% | 5.25% | 5.25% |
| Maximum offering price per share [(100%/ (100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent] | $9.95 | $16.92 | $20.71 | $57.77 | $10.96 |
| **Pricing of Class I Shares** |  |  |  |  |  |
| Net assets attributable to Class I shares | $1110354600 | $531590437 | $497725326 | $619158087 | $190619609 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 116449384 | 33007019 | 25592080 | 11149230 | 16256731 |
| Net asset value and redemption price per share | $9.54 | $16.11 | $19.45 | $55.53 | $11.73 |
| \*Includes fair value of securities on loan | $7316861 | $55058971 | $14108006 | $12151101 | $26772031 |

---

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

Statements of Assets & Liabilities, continued

*December 31, 2025*

 

---

| | | | |
|:---|:---|:---|:---|
| | **Praxis Genesis <br> Conservative <br> Portfolio** | **Praxis Genesis <br> Balanced <br> Portfolio** | **Praxis Genesis <br> Growth <br> Portfolio** |
| **Assets** |  |  |  |
| Investments in affiliated securities, at cost | $20773479 | $72343879 | $77130551 |
| Investments in unaffiliated securities, at cost | 7120 | 1880 | 1177 |
| Investments in affiliated securities, at fair value | $24646552 | $104825600 | $124888387 |
| Investments in unaffiliated securities, at fair value | 7120 | 1880 | 1177 |
| Receivable for capital shares sold | 941 |  | 5696 |
| Receivable for investments sold |  | 4371 | 4304 |
| Receivable for dividends | 22 | 6 | 4 |
| Prepaid expenses and other assets | 10101 | 7002 | 14709 |
| **Total Assets** | 24664736 | 104838859 | 124914277 |
| **Liabilities** |  |  |  |
| Payable for capital shares redeemed | 450 | 4371 | 10000 |
| Payable for investments purchased | 491 |  |  |
| Accrued expenses and other payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1043 | 4449 | 5288 |
| &nbsp;&nbsp;&nbsp;Administration fees | 631 | 2687 | 3189 |
| &nbsp;&nbsp;&nbsp;Distribution fees | 5218 | 22243 | 26440 |
| &nbsp;&nbsp;&nbsp;Other | 11955 | 24657 | 26872 |
| **Total Liabilities** | 19788 | 58407 | 71789 |
| **Contingencies and Commitments (Note 9)** |  |  |  |
| **Net Assets** | $24644948 | $104780452 | $124842488 |
| **Components of Net Assets** |  |  |  |
| Paid-in capital | $21416203 | $72660542 | $76185444 |
| Distributable earnings | 3228745 | 32119910 | 48657044 |
| **Net Assets** | $24644948 | $104780452 | $124842488 |
| **Pricing of Class A Shares** |  |  |  |
| Net assets attributable to Class A shares | $24644948 | $104780452 | $124842488 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value) | 2006525 | 6247493 | 5933003 |
| Net asset value and redemption price per share | $12.28 | $16.77 | $21.04 |
| Maximum sales charge | 5.25% | 5.25% | 5.25% |
| Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent] | $12.96 | $17.70 | $22.21 |

---

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

Statements of Operations

*For the year ended December 31, 2025*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Praxis <br> Impact <br> Bond Fund** | **Praxis**<br> **International<br> Index Fund** | **Praxis <br> Value <br> Index Fund** | **Praxis**<br> **Growth Index<br> Fund** | **Praxis <br> Small Cap <br> Index Fund** |
| **Investment Income** |  |  |  |  |  |
| Dividends | $1140713 | $15522574 | $11321237 | $3409918 | $2612641 |
| Foreign tax withholding (net of reclaims received) |  | (2002988) | (2971) |  | (5164) |
| Securities lending income | 39215 | 789491 | 17612 | 31546 | 74368 |
| Interest | 42388767 | 188350 | 209047 | 271825 | 72603 |
| **Total Investment Income** | 43568695 | 14497427 | 11544925 | 3713289 | 2754448 |
| **Expenses** |  |  |  |  |  |
| Investment advisory fees | 3653362 | 2004930 | 1206324 | 1562500 | 563921 |
| Administration fees | 437005 | 209147 | 211646 | 284806 | 82195 |
| Transfer agent fees - Class A | 27872 | 18759 | 33351 | 57517 | 9529 |
| Transfer agent fees - Class I | 178169 | 61980 | 149918 | 134328 | 23432 |
| Distribution fees - Class A | 78926 | 38151 | 83538 | 289983 | 16631 |
| Registration fees - Class A | 6289 | 6159 | 3838 | 10346 | 9729 |
| Registration fees - Class I | 82959 | 44307 | 49398 | 42710 | 33010 |
| Custodian fees | 56068 | 108953 | 42739 | 49304 | 10694 |
| Trustee fees and expenses | 84995 | 39449 | 43404 | 56070 | 15913 |
| Legal fees | 80279 | 37684 | 42659 | 47011 | 14380 |
| Pricing fees | 106632 | 79992 | 9095 | 6228 | 17479 |
| Audit and tax services fees | 45775 | 54773 | 27703 | 34903 | 15876 |
| Insurance fees | 28059 | 10115 | 16513 | 20622 | 5299 |
| Other expenses | 30654 | 38544 | 25018 | 31781 | 14880 |
| **Total Expenses** | 4897044 | 2752943 | 1945144 | 2628109 | 832968 |
| **Net Investment Income** | 38671651 | 11744484 | 9599781 | 1085180 | 1921480 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |  |  |
| Net realized gains (losses) on investments | (211119) | 3625700 | (13402977) | 16257250 | 650494 |
| Net realized losses on foreign currency transactions |  | (66315) |  |  |  |
| Change in unrealized appreciation/(depreciation) of investments | 34347795 | 112263639 | 65898008 | 99781262 | 10864872 |
| Change in unrealized appreciation/(depreciation) of foreign currency translations |  | 62998 |  |  |  |
| **Net Realized and Unrealized Gains on Investments and Foreign Currency Transactions** | 34136676 | 115886022 | 52495031 | 116038512 | 11515366 |
| **Net Change in Net Assets from Operations** | $72808327 | $127630506 | $62094812 | $117123692 | $13436846 |

---

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

Statements of Operations, continued

*For the year ended December 31, 2025*

 

---

| | | | |
|:---|:---|:---|:---|
| | **Praxis Genesis<br> Conservative<br> Portfolio** | **Praxis Genesis <br> Balanced <br> Portfolio** | **Praxis Genesis <br> Growth <br> Portfolio** |
| **Investment Income** |  |  |  |
| Dividends from affiliates | $741250 | $2438384 | $2424744 |
| Dividends from non-affiliates | 287 | 69 |  |
| **Total Investment Income** | 741537 | 2438453 | 2424744 |
| **Expenses** |  |  |  |
| Distribution fees - Class A | 60815 | 246943 | 293219 |
| Transfer agent fees | 17914 | 64234 | 88839 |
| Investment advisory fees | 12163 | 49390 | 58645 |
| Administration fees | 11402 | 34209 | 39872 |
| Registration and filing fees | 23357 | 23478 | 26392 |
| Audit and tax services fees | 8588 | 11504 | 12264 |
| Legal fees | 1702 | 6866 | 8126 |
| Custodian fees | 5560 | 5560 | 5560 |
| Trustee fees and expenses | 579 | 2328 | 2751 |
| Shareholder reporting expenses | 115 | 453 | 541 |
| Insurance expense | 77 | 305 | 357 |
| Other expenses | 5563 | 9257 | 6246 |
| **Total Expenses** | 147835 | 454527 | 542812 |
| **Net Investment Income** | 593702 | 1983926 | 1881932 |
| **Realized and Unrealized Gains on Investments** |  |  |  |
| Net realized gains on investments in affiliates | 215889 | 866406 | 1368418 |
| Long-term capital gain distributions from investments in affiliates | 141147 | 1472967 | 2424348 |
| Change in unrealized appreciation/(depreciation) of investments in affiliates | 1393753 | 8249505 | 11411823 |
| **Net Realized and Unrealized Gains on Investments** | 1750789 | 10588878 | 15204589 |
| **Net Change in Net Assets from Operations** | $2344491 | $12572804 | $17086521 |

---

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

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Praxis <br> Impact <br> Bond Fund** | **Praxis <br> Impact <br> Bond Fund** | **Praxis**<br> **International<br> Index Fund** | **Praxis**<br> **International<br> Index Fund** |
| | **For the Year <br> Ended <br> December 31, <br> 2025** | **For the Year<br> Ended**<br> **December 31,**<br> **2024** | **For the Year<br> Ended**<br> **December 31,**<br> **2025** | **For the Year<br> Ended**<br> **December 31,**<br> **2024** |
| **From Operations** |  |  |  |  |
| Net investment income | $38671651 | $32012114 | $11744484 | $10291123 |
| Net realized gains (losses) from investments and foreign currency transactions | (211119) | (1241823) | 3559385 | (1339918) |
| Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 34347795 | (15385997) | 112326637 | 18843623 |
| **Net Change in Net Assets from Operations** | 72808327 | 15384294 | 127630506 | 27794828 |
| **Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1053066) | (949240) | (491853) | (317895) |
| &nbsp;&nbsp;&nbsp;Class I | (37844389) | (31354181) | (17387235) | (12503552) |
| **Change in Net Assets from Distributions to Shareholders** | (38897455) | (32303421) | (17879088) | (12821447) |
| **Change in Net Assets from Capital Transactions (Note 6)** | 125776548 | 148068293 | (1484879) | 29087197 |
| **Change in Net Assets** | 159687420 | 131149166 | 108266539 | 44060578 |
| **Net Assets** |  |  |  |  |
| Beginning of year | 984456466 | 853307300 | 440334893 | 396274315 |
| End of year | $1144143886 | $984456466 | $548601432 | $440334893 |

---

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

Statements of Changes in Net Assets, continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Praxis <br> Value<br> Index Fund** | **Praxis <br> Value<br> Index Fund** | **Praxis**<br> **Growth Index<br> Fund** | **Praxis**<br> **Growth Index<br> Fund** | **Praxis <br> Small Cap <br> Index Fund** | **Praxis <br> Small Cap <br> Index Fund** |
| | **For the Year <br> Ended <br> December 31, <br> 2025** | **For the Year<br> Ended**<br> **December 31,**<br> **2024** | **For the Year <br> Ended <br> December 31, <br> 2025** | **For the Year <br> Ended <br> December 31, <br> 2024** | **For the Year <br> Ended <br> December 31, <br> 2025** | **For the Year<br> Ended**<br> **December 31,**<br> **2024** |
| **From Operations** |  |  |  |  |  |  |
| Net investment income | $9599781 | $9939702 | $1085180 | $1901812 | $1921480 | $1927681 |
| Net realized gains (losses) from investments | (13402977) | 5722852 | 16257250 | 25794913 | 650494 | 27252187 |
| Net change in unrealized appreciation/ (depreciation) on investments | 65898008 | 36124989 | 99781262 | 148859497 | 10864872 | (14142178) |
| **Net Change in Net Assets from Operations** | 62094812 | 51787543 | 117123692 | 176556222 | 13436846 | 15037690 |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (354960) | (3940286) | (5535054) | (1575485) | (646260) | (44503) |
| &nbsp;&nbsp;&nbsp;Class I | (6906951) | (42963564) | (27614841) | (9221941) | (15971092) | (1979292) |
| **Change in Net Assets from Distributions to Shareholders** | (7261911) | (46903850) | (33149895) | (10797426) | (16617352) | (2023795) |
| **Change in Net Assets from Capital Transactions (Note 6)** | (18286721) | (9927646) | (10896498) | (32752551) | 20125129 | 2654846 |
| **Change in Net Assets** | 36546180 | (5043953) | 73077299 | 133006245 | 16944623 | 15668741 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of year | 494927910 | 499971863 | 673781784 | 540775539 | 180981599 | 165312858 |
| End of year | $531474090 | $494927910 | $746859083 | $673781784 | $197926222 | $180981599 |

---

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

Statements of Changes in Net Assets, continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Praxis Genesis<br> Conservative**<br> **Portfolio** | **Praxis Genesis<br> Conservative**<br> **Portfolio** | **Praxis Genesis <br> Balanced <br> Portfolio** | **Praxis Genesis <br> Balanced <br> Portfolio** | **Praxis Genesis <br> Growth <br> Portfolio** | **Praxis Genesis <br> Growth <br> Portfolio** |
| | **For the Year <br> Ended <br> December 31, <br> 2025** | **For the Year<br> Ended**<br> **December 31,**<br> **2024** | **For the Year <br> Ended <br> December 31, <br> 2025** | **For the Year <br> Ended <br> December 31, <br> 2024** | **For the Year <br> Ended <br> December 31, <br> 2025** | **For the Year<br> Ended**<br> **December 31,**<br> **2024** |
| **From Operations** |  |  |  |  |  |  |
| Net investment income | $593702 | $557388 | $1983926 | $1837822 | $1881932 | $1795638 |
| Net realized gains on investments in affiliates | 215889 | 454925 | 866406 | 2207643 | 1368418 | 1757367 |
| Long-term capital gain distributions from investments in affiliates | 141147 | 189376 | 1472967 | 1264736 | 2424348 | 1896967 |
| Net change in unrealized appreciation/ (depreciation) on investments in affiliates | 1393753 | 87 | 8249505 | 2755374 | 11411823 | 6309997 |
| **Net Change in Net Assets from Operations** | 2344491 | 1201776 | 12572804 | 8065575 | 17086521 | 11759969 |
| **Distributions to Class A Shareholders** | (1152241) | (1156894) | (5014918) | (3963024) | (5367974) | (3679590) |
| **Change in Net Assets from Capital Transactions (Note 6)** | (632948) | (531796) | 3041728 | (138697) | 1076908 | 318485 |
| **Change in Net Assets** | 559302 | (486914) | 10599614 | 3963854 | 12795455 | 8398864 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of year | 24085646 | 24572560 | 94180838 | 90216984 | 112047033 | 103648169 |
| End of year | $24644948 | $24085646 | $104780452 | $94180838 | $124842488 | $112047033 |

---

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

Financial Highlights

For a share outstanding throughout the year indicated

**Praxis Impact Bond Fund - Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value at beginning of year | $9.27 | $9.45 | $9.19 | $10.78 | $11.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.32 | 0.29 | 0.24 | 0.17 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.30 | (0.18) | 0.26 | (1.58) | (0.39) |
| Total from investment operations | 0.62 | 0.11 | 0.50 | (1.41) | (0.25) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.31) | (0.29) | (0.24) | (0.18) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  |
| Total distributions | (0.31) | (0.29) | (0.24) | (0.18) | (0.16) |
| Paid-in capital from redemption fees |  |  |  |  | 0.00 <sup>(b)</sup> |
| Net asset value at end of year | $9.58 | $9.27 | $9.45 | $9.19 | $10.78 |
| Total return (excludes sales charge) | 6.82% | 1.17% | 5.56% | (13.12%) | (2.23 %) |
| Net assets at end of year (in 000s) | $33789 | $30603 | $33489 | $29546 | $41413 |
| Ratio of expenses to average net assets | 0.79% | 0.85% | 0.88% | 0.94% | 0.88% |
| Ratio of net investment income to average net assets | 3.35% | 3.05% | 2.60% | 1.74% | 1.28% |
| Portfolio turnover rate | 7.92% | 8.03% | 13.19% | 21.12% | 14.68% |

---

**Praxis Impact Bond Fund - Class I**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value at beginning of year | $9.23 | $9.40 | $9.15 | $10.72 | $11.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.35 | 0.32 | 0.28 | 0.21 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.31 | (0.17) | 0.25 | (1.56) | (0.39) |
| Total from investment operations | 0.66 | 0.15 | 0.53 | (1.35) | (0.21) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.35) | (0.32) | (0.28) | (0.22) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  |
| Total distributions | (0.35) | (0.32) | (0.28) | (0.22) | (0.21) |
| Paid-in capital from redemption fees |  |  |  |  | 0.00 <sup>(b)</sup> |
| Net asset value at end of year | $9.54 | $9.23 | $9.40 | $9.15 | $10.72 |
| Total return | 7.23% | 1.63% | 5.87% | (12.65%) | (1.93 %) |
| Net assets at end of year (in 000s) | $1110355 | $953854 | $819818 | $639959 | $773270 |
| Ratio of expenses to average net assets | 0.46% | 0.47% | 0.49% | 0.49% | 0.48% |
| Ratio of net investment income to average net assets | 3.69% | 3.43% | 3.00% | 2.20% | 1.68% |
| Portfolio turnover rate | 7.92% | 8.03% | 13.19% | 21.12% | 14.68% |

---

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

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

 

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

Financial Highlights, continued

For a share outstanding throughout the year indicated

**Praxis International Index Fund - Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value at beginning of year | $12.80 | $12.33 | $11.07 | $13.50 | $12.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.29 | 0.25 | 0.23 | 0.20 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 3.41 | 0.54 | 1.38 | (2.46) | 0.75 |
| Total from investment operations | 3.70 | 0.79 | 1.61 | (2.26) | 0.93 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.47) | (0.32) | (0.35) | (0.17) | (0.25) |
| Paid-in capital from redemption fees |  |  |  |  |  |
| Net asset value at end of year | $16.03 | $12.80 | $12.33 | $11.07 | $13.50 |
| Total return (excludes sales charge) | 28.89% | 6.42% | 14.51% | (16.72%) | 7.22% |
| Net assets at end of year (in 000s) | $17011 | $12842 | $12463 | $10526 | $10859 |
| Ratio of expenses to average net assets | 0.94% | 1.02% | 1.10% | 1.24% | 1.20% |
| Ratio of net investment income to average net assets | 1.99% | 1.91% | 1.98% | 1.71% | 1.32% |
| Portfolio turnover rate | 21.62% | 29.01% | 19.21% | 37.48% | 39.58% |

---

**Praxis International Index Fund - Class I**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,**<br> **2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value at beginning of year | $12.85 | $12.38 | $11.11 | $13.53 | $12.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.35 | 0.32 | 0.29 | 0.27 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 3.44 | 0.53 | 1.38 | (2.46) | 0.74 |
| Total from investment operations | 3.79 | 0.85 | 1.67 | (2.19) | 1.01 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.53) | (0.38) | (0.40) | (0.23) | (0.34) |
| Paid-in capital from redemption fees |  |  |  |  | 0.00 <sup>(b)</sup> |
| Net asset value at end of year | $16.11 | $12.85 | $12.38 | $11.11 | $13.53 |
| Total return | 29.51% | 6.88% | 15.07% | (16.18%) | 7.83% |
| Net assets at end of year (in 000s) | $531590 | $427493 | $383812 | $327905 | $370796 |
| Ratio of expenses to average net assets | 0.54% | 0.56% | 0.60% | 0.62% | 0.61% |
| Ratio of net investment income to average net assets | 2.38% | 2.40% | 2.46% | 2.36% | 1.94% |
| Portfolio turnover rate | 21.62% | 29.01% | 19.21% | 37.48% | 39.58% |

---

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

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

 

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

Financial Highlights, continued

For a share outstanding throughout the year indicated

**Praxis Value Index Fund - Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value at beginning of year | $17.55 | $17.41 | $15.18 | $17.32 | $14.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.30 | 0.31 | 0.23 | 0.26 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.98 | 1.51 | 2.80 | (1.63) | 3.30 |
| Total from investment operations | 2.28 | 1.82 | 3.03 | (1.37) | 3.52 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.32) | (0.16) | (0.07) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (1.36) | (0.64) | (0.70) | (0.31) |
| Total distributions | (0.21) | (1.68) | (0.80) | (0.77) | (0.62) |
| Paid-in capital from redemption fees |  |  |  |  | 0.00 <sup>(b)</sup> |
| Net asset value at end of year | $19.62 | $17.55 | $17.41 | $15.18 | $17.32 |
| Total return (excludes sales charge) | 12.97% | 10.30% | 20.04% | (7.86%) | 24.52% |
| Net assets at end of year (in 000s) | $33749 | $45273 | $30598 | $25497 | $22442 |
| Ratio of expenses to average net assets | 0.69% | 0.68% | 0.70% | 0.75% | 0.78% |
| Ratio of net investment income to average net assets | 1.61% | 1.64% | 1.39% | 1.63% | 1.34% |
| Portfolio turnover rate | 25.51% | 32.18% | 45.27% | 53.35% | 28.06% |

---

**Praxis Value Index Fund - Class I**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value at beginning of year | $17.40 | $17.26 | $15.05 | $17.18 | $14.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.36 | 0.36 | 0.28 | 0.31 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.96 | 1.51 | 2.78 | (1.61) | 3.29 |
| Total from investment operations | 2.32 | 1.87 | 3.06 | (1.30) | 3.57 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.37) | (0.21) | (0.13) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (1.36) | (0.64) | (0.70) | (0.31) |
| Total distributions | (0.27) | (1.73) | (0.85) | (0.83) | (0.69) |
| Paid-in capital from redemption fees |  |  |  |  | 0.00 <sup>(b)</sup> |
| Net asset value at end of year | $19.45 | $17.40 | $17.26 | $15.05 | $17.18 |
| Total return | 13.34% | 10.65% | 20.42% | (7.55%) | 25.08% |
| Net assets at end of year (in 000s) | $497725 | $449655 | $469374 | $373084 | $417164 |
| Ratio of expenses to average net assets | 0.37% | 0.38% | 0.38% | 0.38% | 0.38% |
| Ratio of net investment income to average net assets | 1.93% | 1.94% | 1.70% | 1.98% | 1.73% |
| Portfolio turnover rate | 25.51% | 32.18% | 45.27% | 53.35% | 28.06% |

---

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

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

 ****

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

Financial Highlights, continued

For a share outstanding throughout the year indicated

**Praxis Growth Index Fund - Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value at beginning of year | $48.48 | $36.94 | $29.04 | $42.88 | $33.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | (0.03) | 0.03 | 0.23 | 0.10 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 8.76 <sup>(b)</sup> | 12.20 | 8.33 | (12.27) | 10.69 |
| Total from investment operations | 8.73 | 12.23 | 8.56 | (12.17) | 10.72 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.11) | (0.23) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (2.44) | (0.58) | (0.43) | (1.67) | (1.77) |
| Total distributions | (2.47) | (0.69) | (0.66) | (1.67) | (1.80) |
| Paid-in capital from redemption fees |  |  |  |  | 0.00 <sup>(c)</sup> |
| Net asset value at end of year | $54.74 | $48.48 | $36.94 | $29.04 | $42.88 |
| Total return (excludes sales charge) | 18.05% | 33.04% | 29.48% | (28.42%) | 31.60% |
| Net assets at end of year (in 000s) | $127701 | $112124 | $88260 | $72214 | $109319 |
| Ratio of expenses to average net assets | 0.62% | 0.63% | 0.66% | 0.67% | 0.66% |
| Ratio of net investment income (loss) to average net assets | (0.07 %) | 0.07% | 0.70% | 0.28% | 0.08% |
| Portfolio turnover rate | 17.99% | 16.48% | 35.55% | 49.76% | 18.17% |

---

**Praxis Growth Index Fund - Class I**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value at beginning of year | $49.13 | $37.41 | $29.40 | $43.27 | $34.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.11 | 0.16 | 0.33 | 0.21 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 8.90 | 12.38 | 8.44 | (12.39) | 10.79 |
| Total from investment operations | 9.01 | 12.54 | 8.77 | (12.18) | 10.94 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.24) | (0.33) | (0.02) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (2.44) | (0.58) | (0.43) | (1.67) | (1.77) |
| Total distributions | (2.61) | (0.82) | (0.76) | (1.69) | (1.92) |
| Paid-in capital from redemption fees |  |  |  |  | 0.00 <sup>(c)</sup> |
| Net asset value at end of year | $55.53 | $49.13 | $37.41 | $29.40 | $43.27 |
| Total return | 18.37% | 33.44% | 29.82% | (28.18%) | 31.97% |
| Net assets at end of year (in 000s) | $619158 | $561657 | $452516 | $378141 | $420287 |
| Ratio of expenses to average net assets | 0.34% | 0.35% | 0.37% | 0.36% | 0.36% |
| Ratio of net investment income to average net assets | 0.21% | 0.35% | 0.98% | 0.60% | 0.38% |
| Portfolio turnover rate | 17.99% | 16.48% | 35.55% | 49.76% | 18.17% |

---

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

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

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

 

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

Financial Highlights, continued

For a share outstanding throughout the year indicated

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,**<br> **2025** | **Year Ended<br> December 31,**<br> **2024** | **Year Ended<br> December 31,**<br> **2023** | **Year Ended<br> December 31,**<br> **2022** | **Year Ended<br> December 31,**<br> **2021** |
| Net asset value at beginning of year | $10.70 | $9.99 | $8.70 | $11.00 | $9.69 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.06 | 0.05 | 0.06 | 0.03 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.61 | 0.73 | 1.32 | (2.24 | 2.52 |
| Total from investment operations | 0.67 | 0.78 | 1.38 | (2.21 | 2.54 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.07) | (0.09) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.94) |  |  | (0.09 | (1.20 |
| Total distributions | (0.99) | (0.07 | (0.09 | (0.09 | (1.23 |
| Paid-in capital from redemption fees |  |  |  |  | 0.00 |
| Net asset value at end of year | $10.38 | $10.70 | $9.99 | $8.70 | $11.00 |
| Total return (excludes sales charge) | 6.15% | 7.86 | 15.87 | (20.08 | 26.53 |
| Net assets at end of year (in 000s) | $7307 | $6463 | $6141 | $5296 | $6656 |
| Ratio of net expenses to average net assets | 0.94% | 1.03 | 1.12 | 1.11 | 1.12 |
| Ratio of gross expenses to average net assets | 0.94% | 1.03 | 1.04 | 1.09 | 1.12 |
| Ratio of net investment income to average net assets | 0.51% | 0.47 | 0.63 | 0.37 | 0.13 |
| Portfolio turnover rate | 34.84% | 82.31 | 38.41 | 35.74 | 40.95 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value at beginning of year | $11.96 | $11.15 | $9.68 | $12.17 | $10.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.13 | 0.13 | 0.13 | 0.11 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.68 | 0.82 | 1.49 | (2.50) | 2.76 |
| Total from investment operations | 0.81 | 0.95 | 1.62 | (2.39) | 2.87 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.14) | (0.15) | (0.01) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.94) |  |  | (0.09) | (1.20) |
| Total distributions | (1.04) | (0.14) | (0.15) | (0.10) | (1.30) |
| Paid-in capital from redemption fees |  |  |  |  | 0.00 <sup>(b)</sup> |
| Net asset value at end of year | $11.73 | $11.96 | $11.15 | $9.68 | $12.17 |
| Total return | 6.71% | 8.49% | 16.67% | (19.60%) | 27.36% |
| Net assets at end of year (in 000s) | $190620 | $174518 | $159172 | $143969 | $166462 |
| Ratio of expenses to average net assets | 0.42% | 0.44% | 0.44% | 0.43% | 0.43% |
| Ratio of net investment income to average net assets | 1.04% | 1.12% | 1.32% | 1.02% | 0.83% |
| Portfolio turnover rate | 34.84% | 82.31% | 38.41% | 35.74% | 40.95% |

---

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

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

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

 

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

Financial Highlights, continued

For a share outstanding throughout the year indicated

**Praxis Genesis Conservative Portfolio - Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,**<br> **2025** | **Year Ended<br> December 31,**<br> **2024** | **Year Ended<br> December 31,**<br> **2023** | **Year Ended<br> December 31,**<br> **2022** | **Year Ended<br> December 31,**<br> **2021** |
| Net asset value at beginning of year | $11.69 | $11.66 | $10.85 | $12.99 | $12.99 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.30 | 0.27 | 0.22 | 0.17 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.88 | 0.33 | 0.84 | (2.06) | 0.37 |
| Total from investment operations | 1.18 | 0.60 | 1.06 | (1.89) | 0.57 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.27) | (0.23) | (0.17) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.29) | (0.30) | (0.02) | (0.08) | (0.37 |
| Total distributions | (0.59) | (0.57) | (0.25) | (0.25) | (0.57 |
| Paid-in capital from redemption fees |  |  |  |  | 0.00 |
| Net asset value at end of year | $12.28 | $11.69 | $11.66 | $10.85 | $12.99 |
| Total return (excludes sales charge) | 10.14% | 5.16% | 9.77% | (14.59%) | 4.42 |
| Net assets at end of year (in 000s) | $24645 | $24086 | $24573 | $24185 | $28609 |
| Ratio of net expenses to average net assets<sup>†</sup> | 0.61% | 0.62% | 0.62% | 0.58% | 0.60 |
| Ratio of gross expenses to average net assets<sup>†</sup> | 0.61% | 0.62% | 0.62% | 0.58% | 0.58 |
| Ratio of net investment income to average net assets<sup>†\*</sup> | 2.44% | 2.30% | 1.98% | 1.43% | 1.50 |
| Portfolio turnover rate | 12.32% | 12.40% | 10.52% | 13.60% | 15.51 |

---

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

---

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

---

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

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

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

 

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

Financial Highlights, continued

For a share outstanding throughout the year indicated

**Praxis Genesis Balanced Portfolio - Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value at beginning of year | $15.52 | $14.84 | $13.31 | $16.30 | $15.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.33 | 0.31 | 0.26 | 0.17 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.74 | 1.04 | 1.62 | (2.79) | 1.47 |
| Total from investment operations | 2.07 | 1.35 | 1.88 | (2.62) | 1.80 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.31) | (0.26) | (0.17) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.50) | (0.36) | (0.09) | (0.20) | (0.58) |
| Total distributions | (0.82) | (0.67) | (0.35) | (0.37) | (0.90) |
| Paid-in capital from redemption fees |  |  |  |  | 0.00 <sup>(b)</sup> |
| Net asset value at end of year | $16.77 | $15.52 | $14.84 | $13.31 | $16.30 |
| Total return (excludes sales charge) | 13.46% | 9.03% | 14.15% | (16.06%) | 11.77% |
| Net assets at end of year (in 000s) | $104780 | $94181 | $90217 | $78828 | $95935 |
| Ratio of expenses to average net assets<sup>†</sup> | 0.46% | 0.46% | 0.47% | 0.47% | 0.46% |
| Ratio of net investment income to average net assets<sup>†</sup>\* | 2.01% | 1.96% | 1.82% | 1.21% | 2.01% |
| Portfolio turnover rate | 12.84% | 13.43% | 10.51% | 12.96% | 15.28% |

---

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

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

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

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

 

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

Financial Highlights, continued

For a share outstanding throughout the year indicated

**Praxis Genesis Growth Portfolio - Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value at beginning of year | $19.03 | $17.63 | $15.42 | $19.15 | $17.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.32 | 0.31 | 0.27 | 0.17 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 2.62 | 1.73 | 2.35 | (3.44) | 2.43 |
| Total from investment operations | 2.94 | 2.04 | 2.62 | (3.27) | 2.86 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.31) | (0.27) | (0.16) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.61) | (0.33) | (0.14) | (0.30) | (0.46) |
| Total distributions | (0.93) | (0.64) | (0.41) | (0.46) | (0.88) |
| Paid-in capital from redemption fees |  |  |  |  | 0.00 <sup>(b)</sup> |
| Net asset value at end of year | $21.04 | $19.03 | $17.63 | $15.42 | $19.15 |
| Total return (excludes sales charge) | 15.50% | 11.52% | 16.98% | (17.05%) | 16.72% |
| Net assets at end of year (in 000s) | $124842 | $112047 | $103648 | $87208 | $100854 |
| Ratio of expenses to average net assets<sup>†</sup> | 0.46% | 0.48% | 0.49% | 0.48% | 0.49% |
| Ratio of net investment income to average net assets<sup>†</sup>\* | 1.60% | 1.64% | 1.63% | 1.02% | 2.28% |
| Portfolio turnover rate | 13.56% | 12.86% | 7.57% | 10.46% | 12.90% |

---

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

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

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

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

 

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

Notes to Financial Statements *December 31, 2025*

**1. Organization:**

The Praxis Funds (formerly Praxis Mutual Funds) (the "Trust") is an open-end management investment company established as a Delaware statutory trust under a Declaration of Trust dated September 27, 1993, as amended and restated April 28, 2016, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust consists of the Praxis Impact Bond Fund, the Praxis International Index Fund, the Praxis Value Index Fund, the Praxis Growth Index Fund, and the Praxis Small Cap Index Fund, (individually a "Fund", collectively "the Funds"), the Praxis Genesis Conservative Portfolio, the Praxis Genesis Balanced Portfolio, and the Praxis Genesis Growth Portfolio, (individually a "Portfolio", collectively "the Portfolios"). The Funds and Portfolios are also referred to individually as the Impact Bond Fund, International Index Fund, Value Index Fund, Growth Index Fund, Small Cap Index Fund, Conservative Portfolio, Balanced Portfolio and Growth Portfolio in the financial statements. Each Fund and Portfolio is a diversified series of the Trust. Each Fund and Portfolio follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services – Investment Companies." Other series of the Trust are not included in this report.

As of December 31, 2025 the Funds offer Class A and Class I Shares and the Portfolios offer Class A Shares. Each class of shares in a Fund or Portfolio has identical rights and privileges except with respect to fees paid under the distribution and shareholder servicing agreement, certain other class specific expenses, voting rights on matters affecting a single class of shares and the exchange privileges of each class of shares. Class A has a maximum sales charge on purchases of 5.25 percent as a percentage of the original purchase price, except for the Impact Bond Fund which has a maximum sales charge of 3.75 percent.

**2. Significant Accounting Policies:**

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

*Segment Reporting*

 

The President and Chief Executive Officer of the Trust acts as each Fund and Portfolio's chief operating decision maker ("CODM"). The CODM has determined that each Fund and Portfolio has a single operating segment as the CODM monitors the operating results of each Fund and Portfolio as a whole and each Fund and Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by Praxis Investment Management, Inc. (the "Adviser"), investment adviser to the Funds and Portfolios. The CODM allocates resources and assess performance based on the operating results of each Fund and Portfolio, which is consistent with the results presented in the Funds' and Portfolios' Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

*New Accounting Pronouncement:*

 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Management has evaluated ASU 2023-09 and income taxes paid by the Funds and Portfolios for the year were determined to not be significant.

*Securities Valuation:*

 

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

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

The Funds use various independent pricing services to value most of their debt investments. A pricing service would normally consider such factors as yield, risk, quality, maturity, type of issue, trading characteristics, special circumstances and other factors it deems relevant in determining valuations of normal institutional trading units of debt securities and would not rely exclusively on quoted prices. When valuing foreign securities held by the Funds, certain pricing services might use computerized pricing models to systematically calculate adjustments to foreign security closing prices based on the latest market movements. Such pricing models utilize market data that has been obtained between the local market close and the NYSE close to compute adjustments to foreign security close prices. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser, as the Valuation Designee (the "Designee") with responsibility for reviewing the methods used by the pricing service and the valuations so established under general supervision of the Board. The Adviser carries out its designated activities through the Adviser's Pricing Committee. Securities for which market quotations are not readily available (e.g. an approved pricing service does not provide a price, certain stale prices or an event occurs that materially affects the furnished price) are valued at their fair value as determined in good faith in accordance with consistently applied procedures established by the Designee and under the general supervision of the Board. Short-term debt securities of sufficient credit quality maturing in less than 61 days may be valued at amortized cost, which approximates fair value. The Portfolios' investments in the Funds (the "Underlying Funds") are valued at the closing NAV per share.

Notes to Financial Statements, continued *December 31, 2025*

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

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

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

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

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

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

The aggregate value by each Fund's and Portfolio's investments and the input level, as of December 31, 2025, for the investments are as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments at Fair Value** |  |  |  |  |
| Asset Backed Securities | $— | $69881615 | $— | $69881615 |
| Municipal Bonds |  | 10150903 |  | 10150903 |
| Corporate Bonds |  | 294494897 |  | 294494897 |
| Corporate Notes |  | 9731135 |  | 9731135 |
| Foreign Governments |  | 64486799 |  | 64486799 |
| Commercial Mortgage-Backed Securities |  | 32282 |  | 32282 |
| U.S. Government Agencies |  | 652138144 |  | 652138144 |
| Money Market Funds | 35080107 |  |  | 35080107 |
| Investment Purchased with the Cash Proceeds from Securities Lending \* |  |  |  | 7512158 |
| Investment Companies | 3276170 |  |  | 3276170 |
| **Total Investments** | $**38356277** | $**1100915775** | $**—** | $**1146784210** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments at Fair Value** |  |  |  |  |
| Common Stocks | $240068445 | $301471535 | $869 | $541540849 |
| Preferred Stocks | 586238 |  |  | 586238 |
| Corporate Notes |  | 4267384 |  | 4267384 |
| Money Market Funds | 323515 |  |  | 323515 |
| Investment Purchased with the Cash Proceeds from Securities Lending \* |  |  |  | 56871661 |
| **Total Investments** | $**240978198** | $**305738919** | $**869** | $**603589647** |

---

Notes to Financial Statements, continued *December 31, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments at Fair Value** |  |  |  |  |
| Common Stocks | $523872660 | $— | $— | $523872660 |
| Corporate Notes |  | 4235846 |  | 4235846 |
| Money Market Funds | 2643436 |  |  | 2643436 |
| Investment Purchased with the Cash Proceeds from Securities Lending \* |  |  |  | 14563231 |
| **Total Investments** | $**526516096** | $**4235846** | $**—** | $**545315173** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments at Fair Value** |  |  |  |  |
| Common Stocks | $736236063 | $— | $— | $736236063 |
| Corporate Notes |  | 5749203 |  | 5749203 |
| Money Market Funds | 4681543 |  |  | 4681543 |
| Investment Purchased with the Cash Proceeds from Securities Lending \* |  |  |  | 12605313 |
| **Total Investments** | $**740917606** | $**5749203** | $**—** | $**759272122** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments at Fair Value** |  |  |  |  |
| Common Stocks | $195227532 | $— | $— | $195227532 |
| Rights |  |  | 25187 | 25187 |
| Corporate Notes |  | 1474371 |  | 1474371 |
| Money Market Funds | 1157584 |  |  | 1157584 |
| Investment Purchased with the Cash Proceeds from Securities Lending \* |  |  |  | 27711587 |
| **Total Investments** | $**196385116** | $**1474371** | $**25187** | $**225596261** |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments at Fair Value** |  |  |  |  |
| Affiliated Mutual Funds | $24646552 | $— | $— | $24646552 |
| Money Market Funds | 7120 |  |  | 7120 |
| **Total Investments** | $**24653672** | $**—** | $**—** | $**24653672** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments at Fair Value** |  |  |  |  |
| Affiliated Mutual Funds | $104825600 | $— | $— | $104825600 |
| Money Market Funds | 1880 |  |  | 1880 |
| **Total Investments** | $**104827480** | $**—** | $**—** | $**104827480** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments at Fair Value** |  |  |  |  |
| Affiliated Mutual Funds | $124888387 | $— | $— | $124888387 |
| Money Market Funds | 1177 |  |  | 1177 |
| **Total Investments** | $**124889564** | $**—** | $**—** | $**124889564** |

---

Notes to Financial Statements, continued *December 31, 2025*

There were no transfers into or out of Level 3 for any of the Funds and Portfolios during the year ended December 31, 2025. The following is a reconciliation of Level 3 instruments held in the International Index Fund and Small Cap Index Fund for which significant unobservable inputs were used to determine fair value for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **International<br> Index Fund** | **Small Cap<br> Index Fund** |
| Balance as of December 31, 2024 | $869 | $992 |
| &nbsp;&nbsp;&nbsp;Received via corporate action |  | 24668 |
| &nbsp;&nbsp;&nbsp;Change in Unrealized appreciation (depreciation) |  | (473) |
| Balance as of December 31, 2025 | $869 | $25187 |

---

The total change in unrealized appreciation (depreciation) included on the Statements of Operations attributable to Level 3 investments still held as of December 31, 2025 for the International Index Fund and Small Cap Index Fund was $0 and $(473), respectively.

The following tables summarize the valuation techniques used and unobservable inputs developed by the Valuation Designee in conformity with guidelines adopted by and subject to review by the Board to determine the fair value of the Level 3 instruments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **International Index Fund** | **International Index Fund** | **International Index Fund** | | | |
| | **12/31/2025** | **Valuation Technique** | **Unobservable Input** | **Range** | **Impact to Valuation from an<br> Increase in Input \*** |
| Common Stocks | $869 | Discount on Future Cash Flows | Estimate of Future Cash Flows | 100% | Increase |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | | | |
| | **12/31/2025** | **Valuation Technique** | **Unobservable Input** | **Range** | **Impact to Valuation from an<br> Increase in Input \*** |
| Rights | $25187 | Discount on Future Cash Flows | Estimate of Future Cash Flows | 100% | Increase |

---

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

*Investment Transactions and Related Income:*

 

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

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

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

*Allocations:*

 

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

Notes to Financial Statements, continued *December 31, 2025*

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

*Risks Associated with Foreign Securities and Currencies:*

 

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

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

*Foreign Currency Translation:*

 

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

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

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

*Dividends and Distributions:*

 

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

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

*Uninvested Cash:*

 

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

*Federal Income Taxes:*

 

It is each Fund's and Portfolio's policy to continue to qualify as a regulated investment company by complying with the provisions available to investment companies, as defined in applicable sections of Subchapter M of the Internal Revenue Code, and to distribute timely all of its net investment company taxable income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax law, a withholding tax may be imposed on interest, dividends and capital gains earned on foreign investments at various rates. Where available, the Funds will file for claims on foreign taxes withheld. The Funds and Portfolios recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year ended December 31, 2025, the Funds and Portfolios did not incur any interest or penalties.

Notes to Financial Statements, continued *December 31, 2025*

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

Purchases, sales and maturities of securities (excluding short-term debt securities having maturities one year or less and U.S. Government Securities) for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| Impact Bond Fund | $120770488 | $48996018 |
| International Index Fund | 106133762 | 112136111 |
| Value Index Fund | 128604704 | 145335804 |
| Growth Index Fund | 123016142 | 166008435 |
| Small Cap Index Fund | 71398977 | 65183760 |
| Conservative Portfolio | 2999065 | 4050636 |
| Balanced Portfolio | 14210706 | 12717002 |
| Growth Portfolio | 15983147 | 15962096 |

---

During the year ended December 31, 2025, cost of purchases and proceeds from sales and maturities of long-term U.S. government securities for Praxis Impact Bond Fund were $72,404,600 and $32,086,717, respectively.

During the year ended December 31, 2025, the Value Index Fund sold securities to the Growth Index Fund and the Small Cap Index Fund, the Growth Index Fund sold securities to the Value Index Fund and the Small Cap Index Fund, and the Small Cap Index Fund sold securities to the Value Index Fund and Growth Index Fund. These transactions, which were effected at the then current market prices as provided by an independent pricing service used by the Trust, complied with Rule 17a-7 under the 1940 Act. The transactions were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Selling Fund** | **Purchasing Fund** | **Net Proceeds** | **Net Gain (Loss)** |
| Value Index Fund | Growth Index Fund | $8062987 | $(1211415) |
| Value Index Fund | Small Cap Index Fund | 1226508 | (7368) |
| Growth Index Fund | Value Index Fund | 3686970 | 1256479 |
| Growth Index Fund | Small Cap Index Fund | 1439541 | (182871) |
| Small Cap Index Fund | Value Index Fund | 40498 | (1307) |
| Small Cap Index Fund | Growth Index Fund | 584428 | 54588 |

---

**4.** **Investment Transactions with Affiliates:**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
| <br>**Affiliate** | **Fair Value at<br> December 31,**<br>**2024** | **Purchase**<br>**Cost** | **Sales**<br>**Proceeds** | **Realized**<br>**Gain/(Loss)** | **Change in <br> Unrealized <br> Appreciation**<br>**(Depreciation)** | **Fair Value at<br> December 31,**<br>**2025** | **Dividend**<br>**Income** | **Long-Term<br> Capital Gain**<br>**Distributions** | **Shares at <br> December 31,**<br>**2025** |
| **Conservative Portfolio** |  |  |  |  |  |  |  |  |  |
| Growth Index - Class I | $2153879 | $430968 | $(631530) | $223417 | $81465 | $2258199 | $6792 | $96044 | 40666 |
| Impact Bond - Class I | 16974598 | 2115057 | (2345126) | (228435) | 784732 | 17300826 | 626706 |  | 1813504 |
| International Index - Class I | 2156779 | 148570 | (598586) | 170715 | 335533 | 2213011 | 71033 |  | 137369 |
| Small Cap Index - Class I | 594562 | 125214 | (104079) | 7660 | (15889) | 607468 | 5382 | 45103 | 51788 |
| Value Index - Class I | 2208663 | 179256 | (371315) | 42532 | 207912 | 2267048 | 31337 |  | 116558 |
| Total | $24088481 | $2999065 | $(4050636) | $215889 | $1393753 | $24646552 | $741250 | $141147 | 2159885 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
| <br>**Affiliate** | **Fair Value at<br> December 31,**<br>**2024** | **Purchase**<br>**Cost** | **Sales**<br>**Proceeds** | **Realized**<br>**Gain/(Loss)** | **Change in <br> Unrealized <br> Appreciation**<br>**(Depreciation)** | **Fair Value at <br> December 31,**<br>**2025** | **Dividend**<br>**Income** | **Long-Term<br> Capital Gain**<br>**Distributions** | **Shares at <br> December 31,**<br>**2025** |
| **Balanced Portfolio** |  |  |  |  |  |  |  |  |  |
| Growth Index - Class I | $14662989 | $2917206 | $(3080565) | $568033 | $1589437 | $16657100 | $49998 | $706731 | 299966 |
| Impact Bond - Class I | 38175852 | 6488351 | (3756818) | (405847) | 1677347 | 42178885 | 1457584 |  | 4421267 |
| International Index - Class I | 16986341 | 1319467 | (3459621) | 665805 | 3390692 | 18902684 | 607490 |  | 1173351 |
| Small Cap Index - Class I | 9360035 | 2085083 | (934814) | 27503 | (171394) | 10366413 | 91796 | 766236 | 883752 |
| Value Index - Class I | 15030768 | 1400599 | (1485184) | 10912 | 1763423 | 16720518 | 231516 |  | 859667 |
| Total | $94215985 | $14210706 | $(12717002) | $866406 | $8249505 | $104825600 | $2438384 | $1472967 | 7638003 |

---

Notes to Financial Statements, continued *December 31, 2025*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
| <br>**Affiliate** | **Fair Value at<br> December 31,**<br>**2024** | **Purchase**<br>**Cost** | **Sales**<br>**Proceeds** | **Realized**<br>**Gain/(Loss)** | **Change in <br> Unrealized <br> Appreciation**<br>**(Depreciation)** | **Fair Value at<br> December 31,**<br>**2025** | **Dividend**<br>**Income** | **Long-Term<br> Capital Gain**<br>**Distributions** | **Shares at<br> December 31,**<br>**2025** |
| **Growth Portfolio** |  |  |  |  |  |  |  |  |  |
| Growth Index - Class I | $22454468 | $4032334 | $(4226790) | $1027001 | $2191761 | $25478774 | $75765 | $1068088 | 458829 |
| Impact Bond - Class I | 22803018 | 4159943 | (2540841) | (395217) | 1149985 | 25176888 | 864704 |  | 2639087 |
| International Index - Class I | 27041312 | 1847201 | (5212048) | 713197 | 5702249 | 30091911 | 966756 |  | 1867903 |
| Small Cap Index - Class I | 16773418 | 3631739 | (1557128) | 42100 | (324815) | 18565314 | 163551 | 1356260 | 1582721 |
| Value Index - Class I | 23014879 | 2311930 | (2425289) | (18663) | 2692643 | 25575500 | 353968 |  | 1314936 |
| Total | $112087095 | $15983147 | $(15962096) | $1368418 | $11411823 | $124888387 | $2424744 | $2424348 | 7863476 |

---

**5. Related Party Transactions:**

The Adviser provides investment advisory services to the Funds and Portfolios. During the year ended December 31, 2025, under the terms of the investment advisory agreement, the Adviser was entitled to receive fees based on a percentage of the average daily net assets of each of the Funds and Portfolios as follows:

---

| | |
|:---|:---|
| Impact Bond Fund\* | 0.35% |
| International Index Fund\*\* | 0.40% |
| Value Index Fund\*\*\* | 0.24% |
| Growth Index Fund\*\*\* | 0.23% |
| Small Cap Index Fund\*\*\* | 0.30% |
| Conservative Portfolio | 0.05% |
| Balanced Portfolio | 0.05% |
| Growth Portfolio | 0.05% |

---

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

\*\* The International Index Fund's fee is subject to a tier schedule as follows: 0.50% on the average daily net assets up to $100 million and 0.38% on the average daily net asset over $100 million and up to $500 million, and 0.35% on the average daily net assets over $500 million. Rate disclosed above represents the effective rate charged during the year.

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

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

The Adviser has entered into an expense limitation agreement effective until April 30, 2026. Pursuant to this agreement, the Adviser has agreed to reduce its fees (but not below zero) and/or reimburse expenses to the extent necessary in order to limit the Total Annual Fund Operating Expenses (excluding AFFE, brokerage costs, interest, taxes, dividends, Trustees fees and expenses, legal fees and expenses, and extraordinary expenses) of certain Funds and the Portfolios. Those Funds and Portfolios have agreed to repay the Adviser for the amount of fee reduction and/or expense reimbursements by the Adviser pursuant to this expense limitation agreement provided that such repayment does not cause the Total Annual Fund Operating Expenses (excluding AFFE, brokerage costs, interest, taxes, dividends, Trustees fees and expenses, legal fees and expenses, and extraordinary expenses) to exceed the contractual expense limit in place at the time of the fee reduction and/or reimbursement and at the time of repayment, and the repayment is made within three years after the time in which the Adviser reduced and/or reimbursed the expense.

The contractual expense limits in place as of December 31, 2025 were:

---

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

---

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

Notes to Financial Statements, continued *December 31, 2025*

Foreside Financial Services, LLC ("Distributor" and "Underwriter") serves as the Funds' and Portfolios' principal Distributor and Underwriter and, as such, acts as exclusive agent for distribution of the Funds' and Portfolios' shares. Under the terms of the Underwriting Agreements between the Trust and the Underwriter, the Underwriter earned sales charges from underwriting and broker commissions on the sale of shares during the year ended December 31, 2025 as follows:

---

| | |
|:---|:---|
| Impact Bond Fund | $2392 |
| International Index Fund | 772 |
| Value Index Fund | 5207 |
| Growth Index Fund | 19820 |
| Small Cap Index Fund | 1029 |
| Conservative Portfolio | 846 |
| Balanced Portfolio | 11654 |
| Growth Portfolio | 27562 |

---

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

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

Notes to Financial Statements, continued *December 31, 2025*

**6. Capital Share Transactions:**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Impact Bond Fund** | **Impact Bond Fund** | **International Index Fund** | **International Index Fund** |
| | **Year Ended<br> December 31,**<br> **2025** | **Year Ended<br> December 31,**<br> **2024** | **Year Ended<br> December 31,**<br> **2025** | **Year Ended<br> December 31,**<br> **2024** |
| **Capital Transactions:** |  |  |  |  |
| **Class A Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | $7941658 | $7377882 | $4126442 | $3280645 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 980995 | 870286 | 480261 | 308943 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6744546) | (10527101) | (3796656) | (3660006) |
| &nbsp;&nbsp;&nbsp;Class A Share Transactions | $2178107 | $(2278933) | $810047 | $(70418) |
| **Class I Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | $306589406 | $378231136 | $106308398 | $167166260 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 20884418 | 17002384 | 7534575 | 5613483 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (203875383) | (244886294) | (116137899) | (143622128) |
| &nbsp;&nbsp;&nbsp;Class I Share Transactions | $123598441 | $150347226 | $(2294926) | $29157615 |
| **Net change from capital transactions** | $125776548 | $148068293 | $(1484879) | $29087197 |
| **Share Transactions:** |  |  |  |  |
| **Class A Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 834215 | 787025 | 288477 | 253873 |
| &nbsp;&nbsp;&nbsp;Reinvested | 103412 | 92967 | 29867 | 24118 |
| &nbsp;&nbsp;&nbsp;Redeemed | (711471) | (1124050) | (260546) | (285335) |
| &nbsp;&nbsp;&nbsp;Change in Class A Shares: | 226156 | (244058) | 57798 | (7344) |
| **Class I Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 32556890 | 40658560 | 7244371 | 12700602 |
| &nbsp;&nbsp;&nbsp;Reinvested | 2212320 | 1825140 | 466248 | 436507 |
| &nbsp;&nbsp;&nbsp;Redeemed | (21665572) | (26322506) | (7964808) | (10880616) |
| &nbsp;&nbsp;&nbsp;Change in Class I Shares: | 13103638 | 16161194 | (254189) | 2256493 |
| **Net change from share transactions** | 13329794 | 15917136 | (196391) | 2249149 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value Index Fund** | **Value Index Fund** | **Growth Index Fund** | **Growth Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** |
| | **Year Ended<br> December 31,**<br> **2025** | **Year Ended<br> December 31,**<br> **2024** | **Year Ended<br> December 31,**<br> **2025** | **Year Ended<br> December 31,**<br> **2024** | **Year Ended<br> December 31,**<br> **2025** | **Year Ended<br> December 31,**<br> **2024** |
| **Capital Transactions:** |  |  |  |  |  |  |
| **Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | $4158995 | $22677791 | $9239700 | $8249276 | $1232207 | $1542861 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 335425 | 3765232 | 5377167 | 1526227 | 638478 | 43555 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (19785986) | (11688429) | (13150654) | (12873956) | (784660) | (1687209) |
| &nbsp;&nbsp;&nbsp;Class A Share Transactions | $(15291566) | $14754594 | $1466213 | $(3098453) | $1086025 | $(100793) |
| **Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | $140264345 | $169301774 | $154641721 | $213905554 | $48472212 | $68239522 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 4604761 | 30118609 | 20648853 | 6680462 | 7231325 | 921429 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (147864261) | (224102923) | (187653285) | (250240114) | (36664433) | (66405312) |
| &nbsp;&nbsp;&nbsp;Class I Share Transactions | $(2995155) | $(24682540) | $(12362711) | $(29654098) | $19039104 | $2755639 |
| **Net change from capital transactions** | $(18286721) | $(9927946) | $(10896498) | $(32752551) | $20125129 | $2654846 |
| **Share Transactions:** |  |  |  |  |  |  |
| **Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 228758 | 1247740 | 179397 | 190072 | 113210 | 151777 |
| &nbsp;&nbsp;&nbsp;Reinvested | 16975 | 207858 | 99136 | 30377 | 60707 | 4070 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1105370) | (633674) | (258628) | (296974) | (73554) | (166863) |
| &nbsp;&nbsp;&nbsp;Change in Class A Shares: | (859637) | 821924 | 19905 | (76525) | 100363 | (11016) |
| **Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 7699191 | 9348544 | 3064886 | 4611716 | 4171947 | 5749234 |
| &nbsp;&nbsp;&nbsp;Reinvested | 235057 | 1673072 | 374069 | 131475 | 605724 | 77043 |
| &nbsp;&nbsp;&nbsp;Redeemed | (8185534) | (12380189) | (3722093) | (5405603) | (3107685) | (5521025) |
| &nbsp;&nbsp;&nbsp;Change in Class I Shares: | (251286) | (1358573) | (283138) | (662412) | 1669986 | 305252 |
| **Net change from share transactions** | (1110923) | (536649) | (263233) | (738937) | 1770349 | 294236 |

---

Notes to Financial Statements, continued *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Conservative Portfolio** | **Conservative Portfolio** | **Balanced Portfolio** | **Balanced Portfolio** | **Growth Portfolio** | **Growth Portfolio** |
| | **Year Ended<br> December 31,**<br> **2025** | **Year Ended<br> December 31,**<br> **2024** | **Year Ended<br> December 31,**<br> **2025** | **Year Ended<br> December 31,**<br> **2024** | **Year Ended<br> December 31,**<br> **2025** | **Year Ended<br> December 31,**<br> **2024** |
| **Capital Transactions:** |  |  |  |  |  |  |
| **Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | $1657058 | $1655522 | $7898526 | $8424855 | $8598795 | $10049033 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 1141300 | 1150348 | 4977375 | 3934846 | 5320333 | 3644569 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (3431306) | (3337666) | (9834173) | (12498398) | (12842220) | (13375117) |
| &nbsp;&nbsp;&nbsp;Class A Share Transactions | $(632948) | $(531796) | $3041728 | $(138697) | $1076908 | $318485 |
| **Net change from capital transactions** | $(632948) | $(531796) | $3041728 | $(138697) | $1076908 | $318485 |
| **Share Transactions:** |  |  |  |  |  |  |
| **Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 137076 | 138354 | 490709 | 544031 | 429269 | 537798 |
| &nbsp;&nbsp;&nbsp;Reinvested | 93169 | 96550 | 296734 | 248188 | 251241 | 187168 |
| &nbsp;&nbsp;&nbsp;Redeemed | (283561) | (282909) | (606707) | (803444) | (636497) | (715023) |
| **Change in Class A Shares:** | (53316) | (48005) | 180736 | (11225) | 44013 | 9943 |
| **Net change from share transactions** | (53316) | (48005) | 180736 | (11225) | 44013 | 9943 |

---

**7. Federal Income Tax Information:**

The character of dividends paid to shareholders of the Funds and Portfolios for federal income tax purposes during the years ended December 31, 2025 and 2024 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Impact<br> Bond Fund** | **Impact<br> Bond Fund** | **International**<br> **Index Fund** | **International**<br> **Index Fund** | **Value<br> Index Fund** | **Value<br> Index Fund** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| From ordinary income | $38897455 | $32303421 | $17879088 | $12821447 | $7261911 | $10668351 |
| From long-term capital gains |  |  |  |  |  | 36235499 |
| Total distributions | $38897455 | $32303421 | $17879088 | $12821447 | $7261911 | $46903850 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Index Fund** | **Growth Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| From ordinary income | $1913816 | $2945684 | $1725071 | $2023795 |
| From long-term capital gains | 31236079 | 7851742 | 14892281 |  |
| Total distributions | $33149895 | $10797426 | $16617352 | $2023795 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Conservative Portfolio** | **Conservative Portfolio** | **Balanced Portfolio** | **Balanced Portfolio** | **Growth Portfolio** | **Growth Portfolio** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| From ordinary income | $609276 | $579605 | $2275201 | $2059308 | $2190937 | $1864186 |
| From long-term capital gains | 542965 | 577289 | 2739717 | 1903716 | 3177037 | 1815404 |
| Total distributions | $1152241 | $1156894 | $5014918 | $3963024 | $5367974 | $3679590 |

---

The following information was computed on a tax basis for each item as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Impact<br> Bond Fund** | **International Index <br> Fund** | **Value <br> Index Fund** |
| Tax cost of investments | $1191215581 | $364974669 | $366306856 |
| Gross unrealized appreciation | 12552580 | 240746459 | 187273182 |
| Gross unrealized depreciation | (56983951) | (2131481) | (8264865) |
| Net unrealized appreciation (depreciation) on investments | $(44431371) | $238614978 | $179008317 |
| Net unrealized appreciation on foreign currency transactions |  | 42120 |  |
| Undistributed ordinary income |  |  | 9556800 |
| Accumulated capital and other losses | (12378188) | (39460188) | (12530349) |
| Distributable earnings (accumulated deficit) | $(56809559) | $199196910 | $176034768 |

---

Notes to Financial Statements, continued *December 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Growth<br> Index Fund** | **Small Cap**<br> **Index Fund** |
| Tax cost of investments | $260341867 | $178669573 |
| Gross unrealized appreciation | 500107654 | 56059061 |
| Gross unrealized depreciation | (1177399) | (9132373) |
| Net unrealized appreciation on investments | $498930255 | $46926688 |
| Undistributed ordinary income | 1000066 |  |
| Undistributed long-term capital gains | 1640105 |  |
| Post-October capital losses |  | (80248) |
| Distributable earnings | $501570426 | $46846440 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Conservative Portfolio** | **Balanced Portfolio** | **Growth Portfolio** |
| Tax cost of investments | $21693887 | $74471369 | $79023266 |
| Gross unrealized appreciation | 4380223 | 33288297 | 47731445 |
| Gross unrealized depreciation | (1420438) | (2932186) | (1865147) |
| Net unrealized appreciation on investments | $2959785 | $30356111 | $45866298 |
| Undistributed ordinary income | 16185 | 122883 | 16648 |
| Undistributed long-term capital gains | 252775 | 1640916 | 2774098 |
| Distributable earnings | $3228745 | $32119910 | $48657044 |

---

Post-October capital losses listed above incurred after October 31, 2025 and within the taxable year are deemed to arise on the first day of the Fund's next taxable year. Small Cap Index Fund deferred $80,248 of post-October capital losses for income tax purposes.

For the year ended December 31, 2025, the International Index Fund deferred $1,397,724 of qualified late year ordinary losses to January 1, 2026 for income tax purposes.

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

For the latest tax year ended December 31, 2025, the following Funds have capital loss carry forwards ("CLCFs") as summarized below. CLCFs not subject to expiration:

---

| | | | |
|:---|:---|:---|:---|
|  | **Impact Bond** | **International Index** | **Value Index** |
| No expiration - short-term | $2178971 | $38062464 | $7277417 |
| No expiration - long-term | 10199217 |  | 5252932 |
|  | $12378188 | $38062464 | $12530349 |

---

During the year ended December 31, 2025 the following Fund utilized prior year CLCFs against current year gains:

---

| | |
|:---|:---|
|  | **International Index** |
| Short-term utilized | $3346474 |
| Long-term utilized |  |
|  | $3346474 |

---

Certain reclassifications, the result of permanent differences between financial statement and income tax requirements, have been made to components of net assets. Reclassifications result primarily from the differences in distribution designations and tax equalization. These reclassifications, have no impact on the net assets or the NAV per share on the Funds and Portfolios and are designed to present each Fund's or Portfolio's capital accounts on a tax basis. The following reclassifications have been made to the following Funds and Portfolios for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Paid-in capital** | **Distributable earnings<br> (accumulated deficit)** |
| Impact Bond Fund | $(69643) | $69643 |
| International Index Fund | (73310) | 73310 |
| Value Index Fund | 3827 | (3827) |
| Growth Index Fund | 7282923 | (7282923) |
| Small Cap Index Fund | 1910315 | (1910315) |
| Conservative Portfolio | 37534 | (37534) |
| Balanced Portfolio | 181674 | (181674) |
| Growth Portfolio | 247998 | (247998) |

---

Notes to Financial Statements, continued *December 31, 2025*

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

**8. Securities Lending**

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

As of December 31, 2025, the fair value of securities on loan and the collateral held were as follows:

---

| | | |
|:---|:---|:---|
| | **Fair Value of<br> Securities Loaned** | **Cash<br> Collateral** |
| Impact Bond Fund | $7316861 | $7512158 |
| International Index Fund | 55058971 | 56871661 |
| Value Index Fund | 14108006 | 14563231 |
| Growth Index Fund | 12151101 | 12605313 |
| Small Cap Index Fund | 26772031 | 27711587 |

---

**9. Commitments and Contingencies**

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

**10. Trustee Compensation**

Each Trustee who is not an "interested person" of the Trust ("Independent Trustee") receives an annual retainer and meeting fees, plus reimbursement for travel and other meeting related expenses. Collectively, the Independent Trustees were paid $192,000 in retainers and meeting fees during the year ended December 31, 2025.

**11. Subsequent Events**

The Funds and Portfolios evaluated subsequent events December 31, 2025 through the date these financial statements were issued. There were no significant events that would have a material impact on the Funds' and Portfolios' financial statements.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

Praxis Funds

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Praxis Impact Bond Fund, Praxis International Index Fund, Praxis Value Index Fund, Praxis Growth Index Fund, Praxis Small Cap Index Fund, Praxis Genesis Conservative Portfolio, Praxis Genesis Balanced Portfolio, and Praxis Genesis Growth Portfolio (the "Funds"), each a series of Praxis Funds (formerly Praxis Mutual Funds), as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u> 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, transfer agent, and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2017.

![](fp0096946-2_11a.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

February 24, 2026

Additional Information (unaudited) *December 31, 2025*

**Dividends Received Deduction**

For corporate shareholders, the following percentages of ordinary dividends paid during the year ended December 31, 2025 qualify for the corporate dividends received deduction:

---

| | |
|:---|:---|
| International Index Fund | 0.41% |
| Value Index Fund | 86.03% |
| Growth Index Fund | 100.0% |
| Small Cap Index Fund | 57.2% |
| Conservative Portfolio | 6.94% |
| Balanced Portfolio | 17.31% |
| Growth Portfolio | 26.27% |

---

**Qualified Dividend Income**

The Funds and Portfolios have designated the maximum amount allowable of their taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount was reflected on form 1099-DIV for the calendar year 2025.

**Capital Gain Distribution**

For the year ended December 31, 2025, the following Funds designated long-term capital gain distributions:

---

| | |
|:---|:---|
| Growth Index Fund | $38518998 |
| Small Cap Index Fund | 15343093 |
| Conservative Portfolio | 580499 |
| Balanced Portfolio | 2921391 |
| Growth Portfolio | 3425036 |

---

**Foreign Source Income and Expense**

The following Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. The passthrough of the foreign tax credit will only affect those persons who are shareholders on the dividend record date. These shareholders will receive more detailed information with their 2025 Form 1099-DIV. The per share amounts designated were:

---

| | | |
|:---|:---|:---|
| | Foreign Source<br> Income | Foreign Tax<br> Expense |
| International Index Fund | $0.4800 | $0.0369 |
| Conservative Portfolio | 0.0350 | 0.0031 |
| Balanced Portfolio | 0.0962 | 0.0085 |
| Growth Portfolio | 0.1613 | 0.0142 |

---

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

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

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

At an in-person meeting on November 21, 2025, the Trust's Board of Trustees, which consists of a majority of Independent Trustees, unanimously approved one-year renewals of the Investment Advisory Agreement for each Fund and Portfolio (in this section, "Fund" refers to each Fund and Portfolio) and the Sub-Investment Advisory Agreement for the International Index Fund. The advisory contracts for the Praxis ETFs are in their initial term and were not up for renewal.

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

Additional Information, continued (unaudited) *December 31, 2025*

**INVESTMENT ADVISORY AGREEMENT**

In approving the continuation of the Investment Advisory Agreement between each Fund and Praxis Investment Management, Inc. (the "Adviser"), the Board considered the following factors, among others.

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

The Board examined the nature, quality, and extent of services the Adviser provides to the Funds. Among other things, the Board considered the Adviser's experience in serving as investment adviser to the Funds, including the experience of the investment professionals and other senior personnel at the Adviser providing services to the Funds. The Board also considered the Adviser's performance in fulfilling its responsibilities for overseeing the Funds' legal and compliance environment, and the Adviser's responsiveness in implementing Board directives and addressing Board requests relating to the Funds. For the International Index Fund, which is sub-advised, the Board considered the Adviser's effectiveness in overseeing the Sub-Adviser. For the other Funds, the Board considered the Adviser's record and experience providing portfolio management services to each Fund, the qualifications of the portfolio managers responsible for the day-to-day portfolio management of each Fund, and the Adviser's infrastructure and resources available to the portfolio managers. The Board also considered the Adviser's utilization of the Funds' Impact X strategies for the Funds, including values and risk screening, values-based proxy voting, sustainability data integration, and company engagement. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that it was satisfied with the nature, quality and extent of services provided to the Funds by the Adviser.

***Investment Performance***

In evaluating each Fund's investment performance, the Board considered the Fund's investment objectives, strategies, and risks, as disclosed in the Fund's prospectus. The Board also considered each Fund's historical investment performance relative to its benchmark and peer group. The Board evaluated Fund performance gross of fees and net of fees. The Board also considered the impact of the Funds' values and risk-based screens on Fund performance. The Board evaluated each class of each Fund. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board reached the following conclusions about each Fund's investment performance, for the periods ended September 30, 2025:

Impact Bond Fund: performance was in line with expectations. The Board noted that the Fund's gross performance exceeded its benchmark index for the one-, three-, five- and ten-year periods, and measured against its peer group, Class I ranked between the 43rd and 74th percentiles and Class A ranked between the 77th and 86th percentiles over those periods.

Value Index Fund: performance was in line with expectations. The Board noted that while the Fund's gross performance trailed its benchmark index for the one-, three-, five- and ten-year periods, variation from the index was reasonable, and measured against its peer group, Class I ranked between the 23rd and 65th percentiles and Class A ranked between the 34th and 67th percentiles over those periods.

Growth Index Fund: performance was in line with expectations. The Board noted that the Fund's gross performance trailed its benchmark index for the one- and three-year periods, was approximately the same as the index for the five-year period, and exceeded the index for the ten-year period, variation from the index was reasonable, and measured against its peer group, Class I ranked between the 25th to 62nd percentiles and Class A ranked between the 30th to 64th percentiles over those periods.

Small Cap Index Fund: performance was mixed. The Board noted that the Fund's gross performance trailed its benchmark index for the one-, three-, five- and ten-year periods, and measured against its peer group, Class I ranked between the 56th and 92nd percentiles and Class A ranked between the 72nd and 92nd percentiles over those periods. The Board noted that prior to 2017, the Fund's portfolio was managed by a sub-adviser, not the Adviser, and used a different small-cap investment strategy from its current strategy that seeks to track the performance of its benchmark index. The Board also noted that since implementing the index strategy, the performance variation from the index was reasonable.

Conservative Portfolio: performance was disappointing. The Board noted that while the Fund's gross performance trailed its benchmark index for the one-, three-, five- and ten-year periods, the relative under-performance was attributable to differences between the composition of the index and the Fund's asset allocations. The Board also noted that the Fund ranked between the 87th and 100th percentiles of its peer group over those periods.

Additional Information, continued (unaudited) *December 31, 2025*

Balanced Portfolio: performance was mixed. The Board noted that while the Fund's gross performance trailed its benchmark index for the one-, three-, five- and ten-year periods, the relative under-performance was attributable to differences between the composition of the index and the Fund's asset allocations. The Board also noted that the Fund ranked between the 37th and 78th percentiles of its peer group over those periods.

Growth Portfolio: performance was mixed. The Board noted that while the Fund's gross performance trailed its benchmark index for the one-, three-, five- and ten-year periods, the relative under-performance was attributable to differences between the composition of the index and the Fund's asset allocations. The Board also noted that the Fund ranked between the 43rd and 79th percentiles of its peer group over those periods.

***Costs of Services and Profitability***

The Board then reviewed information regarding the costs of providing the advisory services to the Funds and the profits to be realized by the Adviser and its affiliates from their relationship with the Funds. In its review of the Funds' total and net expenses, the Board considered the advisory fees, as well as other Fund expenses, such as transfer agent, custody, administration, legal, compliance and audit fees. The Board considered the components of the other expenses and the methodologies for allocating shared expenses. The Board also noted the effects of any current expense waivers and reimbursements on fees and expense levels, any proposed changes to the current waivers and reimbursements, and the duration of any waivers and reimbursements. As part of its review, the Board considered the expense ratios and profitability information by Fund and class compared with peer group fund expense ratios. In addition, the Board reviewed the fee structures and other information provided by the Adviser regarding its services to other clients. For the International Index Fund, the Board considered that the Adviser had agreed to a reduced advisory fee schedule in 2024. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that the costs to each Fund of the services provided to the Fund by the Adviser were fair and reasonable.

The Board also considered the extent to which economies of scale would be realized as the Funds grow and whether the investment advisory fee rates reflect those economies of scale for the benefit of Fund shareholders. The Board considered that the advisory fee schedules for the Impact Bond Fund, Value Index Fund, Growth Index Fund, Small Cap Index Fund and International Index Fund have breakpoints, and that the Adviser has represented that it would consider breakpoints for the Genesis Portfolios if they achieve scale but that current asset levels do not warrant breakpoints. The Board also considered the information provided regarding the expense levels of peer group funds.

***Other Benefits***

 ****

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

**INVESTMENT SUB-ADVISORY AGREEMENT**

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

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

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

Additional Information, continued (unaudited) *December 31, 2025*

***Investment Performance***

 ****

The Board reviewed historical performance data for the International Index Fund and considered the Fund's historical performance relative to its benchmark and peer groups. The Board also considered the impact of the Fund's values and risk screens on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that, for the periods ended September 30, 2025, the Fund's performance was in line with expectations. The Board noted that the Fund's gross performance exceeded its benchmark index for the one-, three-, five- and ten-year periods, variation from the index was reasonable, and measured against its peer group, Class I ranked between the 48th and 64th percentiles and Class A ranked between the 56th and 72nd percentiles over those periods.

***Costs of Services***

 

The Board considered the costs of the services provided by the Sub-Adviser to the International Index Fund and the response from the Sub-Adviser regarding profitability. The Board also considered that the Sub-Adviser had agreed to a reduced sub-advisory fee schedule in 2020. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that the costs to the International Index Fund of the services provided by the Sub-Adviser were fair and reasonable.

***Other Benefits***

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

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

 

*Annual/Semi-Annual Financial Statements:* 

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

*Statement of Additional Information (SAI):*

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

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

*Praxis Funds*

*c/o U.S. Bank Global Fund Services*

*PO Box 219286*

*Kansas City, MO 64121-9286*

*Telephone: 1-800-977-2947*

*Internet: https://www.praxisinvests.com<sup>(1)</sup>*

 

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

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

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

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

 

*Investment Company Act file no. 811-08056*

---

| | |
|:---|:---|
| ![](fp0096946-2_12a.jpg) | ![](fp0096946-2_13a.jpg) |

---

**Praxis Investment Management** 

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

P.O. Box 701

Milwaukee, WI 53201-0701

2260169

![](fp0096946-2_08a.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Praxis Impact Large Cap Growth ETF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 1 |
| Praxis Impact Large Cap Value ETF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 4 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets & Liabilities | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 10 |
| Notes to the Financial Statements | 12 |
| Report of the Independent Registered Public Accounting Firm | 18 |
| Other Non-Audited Information | 19 |
| Additional Information | 19 |

---

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

THIS PAGE INTENTIONALLY LEFT BLANK

Schedule of Investments

*Praxis Impact Large Cap Growth ETF*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| | SHARES | VALUE |
| **COMMON STOCKS — 98.7%** |  |  |
| COMMUNICATIONS — 18.2% |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. - Class A (a) | 970 | $131648 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 8843 | 2767859 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 13666 | 4288391 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. - Class A (a) | 543 | 365884 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 68 | 364162 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A (a) | 912 | 206550 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 228 | 46587 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 393 | 111341 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A (a) | 377 | 46778 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 4450 | 2937400 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. (a) | 8960 | 840090 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc. - Class A (a) | 1574 | 40751 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc. - Class A (a) | 325 | 74708 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp. - Class A (a) | 1460 | 118304 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 444 | 90150 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc. - Class A (a) | 1205 | 45742 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. (a) | 4771 | 389838 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | 307 | 74586 |
|  |  | 12940769 |
| CONSUMER DISCRETIONARY — 11.5% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. (a) | 14069 | 3247407 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. (a) | 31 | 105136 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc. (a) | 240 | 69324 |
| &nbsp;&nbsp;&nbsp;Carnival Corp. (a) | 2309 | 70517 |
| &nbsp;&nbsp;&nbsp;Carvana Co. (a) | 328 | 138423 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. (a) | 3729 | 137973 |
| &nbsp;&nbsp;&nbsp;Copart, Inc. (a) | 1836 | 71879 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 636 | 55396 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 350 | 100537 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. (a) | 255 | 36337 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. (a) | 363 | 75435 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. - Class A | 459 | 142400 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 1438 | 439496 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. (a) | 1548 | 141193 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 265 | 73914 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 2365 | 199157 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc. (a) | 5682 | 2555309 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 2334 | 358526 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. (a) | 78 | 47191 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 691 | 104534 |
|  |  | 8170084 |
| CONSUMER STAPLES — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 925 | 797664 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc. (a) | 270 | 33213 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. - Class A | 388 | 40631 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp. (a) | 1374 | 105345 |
|  |  | 976853 |
| ENERGY — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 767 | 34929 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 658 | 69097 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 644 | 34519 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. (a) | 171 | 44670 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 1311 | 36039 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 265 | 34196 |

---

---

| | | |
|:---|:---|:---|
| | SHARES | VALUE |
| **COMMON STOCKS — 98.7%, continued** |  |  |
| ENERGY — 0.6%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 174 | $49976 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 214 | 34837 |
| &nbsp;&nbsp;&nbsp;Venture Global, Inc. - Class A | 8589 | 58577 |
|  |  | 396840 |
| FINANCIALS — 5.9% |  |  |
| &nbsp;&nbsp;&nbsp;Ares Management Corp. - Class A | 531 | 85826 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 55 | 58869 |
| &nbsp;&nbsp;&nbsp;Block, Inc. (a) | 1140 | 74203 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. - Class A | 2248 | 33585 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 672 | 53558 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 150 | 36354 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 138 | 34638 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 211 | 57620 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc. - Class A (a) | 589 | 133196 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc. | 1136 | 34273 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 243 | 52726 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. (a) | 72 | 121725 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. - Class A | 948 | 60966 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 252 | 40814 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 195 | 69648 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 1737 | 991619 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 184 | 93996 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 157 | 90076 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Class A (a) | 2082 | 235474 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc. - Class A | 3642 | 70509 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 555 | 290037 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc. - Class A | 488 | 52480 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 628 | 140477 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 3669 | 1286755 |
|  |  | 4199424 |
| HEALTH CARE — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. (a) | 308 | 122476 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. (a) | 3166 | 301878 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 101 | 34113 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 155 | 35483 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc. (a) | 867 | 57543 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 1751 | 1881765 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. (a) | 215 | 145454 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc. (a) | 338 | 58825 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. (a) | 130 | 36951 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. (a) | 772 | 437230 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. (a) | 57 | 79469 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 336 | 80932 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 627 | 220372 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 79 | 45776 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. (a) | 474 | 214893 |
| &nbsp;&nbsp;&nbsp;Waters Corp. (a) | 147 | 55835 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 158 | 43472 |
|  |  | 3852467 |
| INDUSTRIALS — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 3061 | 413664 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 184 | 47330 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. (a) | 198 | 112450 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 703 | 132213 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 79 | 36780 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 528 | 70076 |

---

***The accompanying notes are an integral part of these financial statements.***

Schedule of Investments, continued

*Praxis Impact Large Cap Growth ETF*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| | SHARES | VALUE |
| **COMMON STOCKS — 98.7%, continued** |  |  |
| INDUSTRIALS — 4.1%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 402 | $59902 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 1910 | 76648 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 542 | 354235 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | 343 | 110991 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. - Class A | 143 | 36098 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 810 | 166066 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 813 | 64406 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 816 | 97716 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. (a) | 211 | 42873 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 604 | 94707 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 459 | 51491 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 387 | 163337 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 243 | 94544 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 915 | 54918 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 833 | 34428 |
| &nbsp;&nbsp;&nbsp;Symbotic, Inc. (a) | 595 | 35403 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 317 | 72121 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 91 | 35417 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. - Class A | 1089 | 176429 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | 683 | 119771 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 236 | 50374 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 96 | 96869 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 253 | 34454 |
|  |  | 2935711 |
| MATERIALS — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 472 | 123909 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 107 | 66625 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 350 | 34948 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 515 | 166875 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 352 | 100397 |
|  |  | 492754 |
| REAL ESTATE — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc. (a) | 1304 | 87681 |
| TECHNOLOGY — 50.8% (b) |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. (a) | 925 | 323741 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. (a) | 3709 | 794319 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 31235 | 8491547 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 927 | 238230 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. (a) | 2341 | 306741 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. - Class A (a) | 480 | 77827 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc. (a) | 627 | 185598 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 9250 | 3201425 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. (a) | 701 | 219119 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 693 | 53382 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc. - Class A (a) | 764 | 150623 |
| &nbsp;&nbsp;&nbsp;CoreWeave, Inc. - Class A (a) | 1060 | 75907 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 453 | 39665 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. - Class A (a) | 565 | 264849 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. - Class A (a) | 1041 | 141566 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc. (a) | 1754 | 139285 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc. (a) | 144 | 36328 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc. (a) | 153 | 61399 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 632 | 418649 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 294 | 357234 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 2854 | 488548 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 2176 | 184916 |

---

---

| | | |
|:---|:---|:---|
| | SHARES | VALUE |
| **COMMON STOCKS — 98.7%, continued** |  |  |
| TECHNOLOGY — 50.8% (b), continued |  |  |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 153 | $43668 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 15568 | 7528996 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc. (a) | 171 | 71767 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 134 | 121452 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 48697 | 9081991 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 3840 | 748454 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. (a) | 1664 | 306509 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 147 | 65434 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 2100 | 556311 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 403 | 110982 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. (a) | 2465 | 377613 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc. (a) | 754 | 165397 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc. - Class A (a) | 331 | 50295 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. (a) | 407 | 191176 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 308 | 59616 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 477 | 82755 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. (a) | 102 | 46303 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc. - Class A (a) | 459 | 102463 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | 334 | 57538 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. - Class A (a) | 461 | 99014 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc. (a) | 304 | 68376 |
|  |  | 36187008 |
| TOTAL COMMON STOCKS (COST $61,057,671) |  | 70239591 |
| **REAL ESTATE INVESTMENT TRUSTS — 0.9%** |  |  |
| REAL ESTATE — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 480 | 84274 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 234 | 179281 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 230 | 44489 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 1686 | 312938 |
| TOTAL REAL ESTATE INVESTMENT TRUSTS |  |  |
| &nbsp;&nbsp;&nbsp;(COST $605,895) |  | 620982 |

---

---

| | | |
|:---|:---|:---|
|  | PAR | |
| **CORPORATE BONDS — 0.2%** |  |  |
| CONSUMER DISCRETIONARY — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Capital Impact Partners, 4.50%, 06/15/2026 (e) | $180000 | 180542 |
| &nbsp;&nbsp;&nbsp;Acquisition Date: 6/17/2025 |  |  |
| TOTAL CORPORATE BONDS (COST $180,000) |  | 180542 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | |
| **SHORT-TERM INVESTMENTS** |  |  |
| MONEY MARKET FUNDS — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.67% (c) | 127024 | 127024 |
| TOTAL MONEY MARKET FUNDS (COST $127,024) |  | 127024 |
| TOTAL INVESTMENTS - (COST $61,970,590) — 100.0% |  | $71168139 |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (d) |  | (13567) |
| TOTAL NET ASSETS — 100.0% |  | $71154572 |

---

***The accompanying notes are an integral part of these financial statements.***

Schedule of Investments, continued

*Praxis Impact Large Cap Growth ETF*

*December 31, 2025*

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that the Fund invests more heavily in a particular industries or sectors of the economy, its
 performance will be especially sensitive to developments that significantly affect those industries or sectors.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents the 7-day annualized yield as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents less than 0.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Illiquid security.

***The accompanying notes are an integral part of these financial statements.***

Schedule of Investments

*Praxis Impact Large Cap Value ETF*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| | SHARES | VALUE |
| **COMMON STOCKS — 97.2%** |  |  |
| COMMUNICATIONS — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 336 | $105168 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 19652 | 488156 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 6 | 32132 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. - Class A (a) | 167 | 34861 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. - Class A | 12747 | 381008 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A (a) | 139 | 31481 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 632 | 129137 |
| &nbsp;&nbsp;&nbsp;Fox Corp. - Class B | 1030 | 66878 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 82 | 54127 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. (a) | 528 | 49505 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 529 | 107408 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 12093 | 492548 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 5063 | 576017 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. (a) | 7048 | 203123 |
|  |  | 2751549 |
| CONSUMER DISCRETIONARY — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. (a) | 464 | 107100 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. (a) | 19 | 64439 |
| &nbsp;&nbsp;&nbsp;Carnival Corp. (a) | 2294 | 70059 |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 797 | 114792 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 973 | 84748 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | 698 | 155396 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 12088 | 158595 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 2833 | 974835 |
| &nbsp;&nbsp;&nbsp;Lennar Corp. - Class B | 289 | 27490 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 1753 | 422753 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. - Class A | 99 | 30714 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 377 | 115223 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc. - Class B | 2379 | 151566 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. (a) | 326 | 29734 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 275 | 32246 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 403 | 72596 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 315 | 87860 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 487 | 41010 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc. (a) | 96 | 43173 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 1052 | 52611 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. (a) | 75 | 45376 |
|  |  | 2882316 |
| CONSUMER STAPLES — 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 1858 | 106816 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 942 | 78987 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 12459 | 871009 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 2170 | 171473 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 399 | 52975 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc. (a) | 556 | 68393 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. - Class A | 621 | 65031 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 1200 | 55800 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 3641 | 62807 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 3426 | 95962 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 3829 | 92853 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 1868 | 116713 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 652 | 44408 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 5171 | 278355 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp. (a) | 661 | 50679 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 4230 | 607090 |

---

---

| | | |
|:---|:---|:---|
| | SHARES | VALUE |
| **COMMON STOCKS — 97.2%, continued** |  |  |
| CONSUMER STAPLES — 9.0%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 8509 | $1219425 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 466 | 34339 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 620 | 60605 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | 837 | 49065 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 12221 | 1361542 |
|  |  | 5544327 |
| ENERGY — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 6169 | 280936 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 8380 | 784452 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 5664 | 207472 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 817 | 122820 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 4628 | 485986 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 565 | 30284 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 17975 | 494133 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 2440 | 179340 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 3146 | 405960 |
| &nbsp;&nbsp;&nbsp;SLB Ltd. | 7609 | 292033 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 2121 | 345278 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 4663 | 280293 |
|  |  | 3908987 |
| FINANCIALS — 24.9% |  |  |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 2570 | 283394 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 1364 | 283917 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 1299 | 480565 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 1992 | 170416 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 63 | 30891 |
| &nbsp;&nbsp;&nbsp;Aon PLC - Class A | 719 | 253721 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. (a) | 1634 | 156733 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 1090 | 282081 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 19103 | 1050665 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 2415 | 280357 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 380 | 406729 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 879 | 70056 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 1833 | 444246 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 4447 | 444300 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 1639 | 511565 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 1026 | 167566 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 5527 | 644946 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 1176 | 68690 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 805 | 219829 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc. | 1523 | 45949 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 96 | 2951 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 1823 | 85335 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. (a) | 1392 | 93501 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 621 | 48065 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 852 | 748908 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | 1019 | 140418 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc./OH | 6623 | 114909 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 1579 | 255735 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 7728 | 2490116 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 4716 | 97338 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 1884 | 240172 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 797 | 160580 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc. (a) | 102 | 219264 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 2376 | 440796 |

---

***The accompanying notes are an integral part of these financial statements.***

Schedule of Investments, continued

*Praxis Impact Large Cap Value ETF*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| | SHARES | VALUE |
| **COMMON STOCKS — 97.2%, continued** |  |  |
| FINANCIALS — 24.9%, continued |  |  |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 2626 | $207297 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 3406 | 604667 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 821 | 79744 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 1338 | 182757 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | 2197 | 128261 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 1284 | 268009 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 1039 | 91650 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 2184 | 497341 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 1821 | 205555 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 317 | 50907 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 3066 | 83089 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 125 | 65324 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 567 | 73149 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 726 | 60570 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group, Inc. | 659 | 67468 |
| &nbsp;&nbsp;&nbsp;TransUnion | 471 | 40388 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 999 | 289770 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 5859 | 288321 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 5089 | 271549 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 168 | 58919 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 1320 | 92558 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 395 | 129797 |
|  |  | 15271794 |
| HEALTH CARE — 16.6% |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 4912 | 615424 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 5004 | 1143364 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 653 | 88854 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 1498 | 490310 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 921 | 178738 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. (a) | 412 | 72508 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. (a) | 1339 | 127674 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 5516 | 297533 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 796 | 163578 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 335 | 113146 |
| &nbsp;&nbsp;&nbsp;Centene Corp. (a) | 1643 | 67609 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 1038 | 285689 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 4415 | 350374 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 2361 | 540480 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. (a) | 1939 | 165300 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 837 | 293410 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 83 | 89198 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 1488 | 122046 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 3453 | 423821 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 350 | 89646 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. (a) | 82 | 46442 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. (a) | 244 | 55000 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 7080 | 1465206 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 693 | 173860 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 399 | 327296 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 4416 | 424201 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 7616 | 801660 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 725 | 125809 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 263 | 203002 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 217 | 55014 |

---

---

| | | |
|:---|:---|:---|
| | SHARES | VALUE |
| **COMMON STOCKS — 97.2%, continued** |  |  |
| HEALTH CARE — 16.6%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 93 | $32687 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 1245 | 721415 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 490 | 44061 |
|  |  | 10194355 |
| INDUSTRIALS — 12.2% |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 818 | 167944 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 484 | 65408 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 335 | 86172 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. (a) | 87 | 49410 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 3615 | 191017 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 4050 | 146813 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 961 | 447413 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 2290 | 158926 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 385 | 75167 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 2354 | 312423 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 563 | 162628 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 2461 | 135872 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. - Class A | 1268 | 320081 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 78 | 34641 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 2318 | 570923 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 3290 | 260634 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 2600 | 311350 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. (a) | 567 | 115209 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 640 | 184781 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 1642 | 143429 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 1780 | 194928 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 72 | 30388 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 1196 | 253468 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 841 | 327208 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 2564 | 105970 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 1624 | 369476 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 1042 | 405546 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc. (a) | 386 | 30243 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 1539 | 356001 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. (a) | 965 | 107906 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 2317 | 229823 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 174 | 140822 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 565 | 56376 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. - Class A | 247 | 40016 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | 890 | 156070 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 1552 | 340990 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 330 | 70439 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 56 | 56507 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 1980 | 269636 |
|  |  | 7482054 |
| MATERIALS — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 683 | 168715 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 2203 | 274935 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 724 | 48790 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 2101 | 82758 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 1361 | 580317 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV - Class A | 7947 | 344105 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 85 | 52926 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 4440 | 443334 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 639 | 104227 |

---

***The accompanying notes are an integral part of these financial statements.***

Schedule of Investments, continued

*Praxis Impact Large Cap Value ETF*

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| | SHARES | VALUE |
| **COMMON STOCKS — 97.2%, continued** |  |  |
| MATERIALS — 3.6%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 221 | $45577 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 178 | 57677 |
|  |  | 2203361 |
| REAL ESTATE — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A (a) | 783 | 125899 |
| TECHNOLOGY — 10.3% |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC - Class A | 1830 | 490989 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 729 | 198186 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 1100 | 282689 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. (a) | 476 | 62370 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 287 | 99331 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 11499 | 885768 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. - Class A | 419 | 34777 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 2824 | 247269 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc. - Class C | 919 | 115684 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 257 | 52132 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 3280 | 78786 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 4142 | 92284 |
| &nbsp;&nbsp;&nbsp;Intel Corp. (a) | 11568 | 426859 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 25 | 30377 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 241 | 41254 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 776 | 49447 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 3245 | 926156 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 703 | 339985 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 520 | 55687 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 408 | 76092 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. (a) | 908 | 49168 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 198 | 38592 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 2790 | 477230 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 798 | 355214 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 225 | 59605 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 452 | 124476 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. (a) | 328 | 50246 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc. - Class A (a) | 273 | 41482 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 1422 | 246703 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc. - Class A (a) | 167 | 37279 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | 1114 | 191909 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc. (a) | 576 | 49703 |
|  |  | 6307729 |
| UTILITIES — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 1449 | 167084 |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 1346 | 175653 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 1445 | 55401 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 789 | 78364 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 2420 | 141788 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 464 | 59847 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 3141 | 368157 |
| &nbsp;&nbsp;&nbsp;Edison International | 1420 | 85228 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 1463 | 135225 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 1185 | 79786 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 3970 | 173052 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 1382 | 61872 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 6160 | $494525 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 1243 | 43530 |

---

---

| | | |
|:---|:---|:---|
| | SHARES | VALUE |
| **COMMON STOCKS — 97.2%, continued** |  |  |
| UTILITIES — 4.8%, continued |  |  |
| &nbsp;&nbsp;&nbsp;Sempra | 2838 | 250567 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 4311 | 375919 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 943 | 152134 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 402 | 42395 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 433 | 31981 |
|  |  | 2972508 |
| TOTAL COMMON STOCKS (COST $54,048,434) |  | 59644879 |
| **REAL ESTATE INVESTMENT TRUSTS — 2.2%** |  |  |
| REAL ESTATE — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 272 | 47755 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 663 | 58921 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 930 | 143880 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 653 | 41165 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 509 | 66282 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 1267 | 105098 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 2915 | 372129 |
| &nbsp;&nbsp;&nbsp;Public Storage | 429 | 111325 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 1951 | 109978 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 732 | 135500 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 1228 | 95023 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 301 | 55869 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 1340 | 31745 |
| TOTAL REAL ESTATE INVESTMENT TRUSTS |  |  |
| &nbsp;&nbsp;&nbsp;(COST $1,319,718) |  | 1374670 |

---

---

| | | |
|:---|:---|:---|
|  | PAR | |
| **CORPORATE BONDS — 0.3%** |  |  |
| CONSUMER DISCRETIONARY — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Capital Impact Partners, 4.50%, 06/15/2026 (c) | $180000 | 180542 |
| &nbsp;&nbsp;&nbsp;Acquisition Date: 6/17/2025 |  |  |
| TOTAL CORPORATE BONDS (COST $180,000) |  | 180542 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | |
| **SHORT-TERM INVESTMENTS** |  |  |
| MONEY MARKET FUNDS — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.67% (b) | 98044 | 98044 |
| TOTAL MONEY MARKET FUNDS (COST $98,044) |  | 98044 |
| TOTAL INVESTMENTS - (COST $55,646,196) — 99.9% |  | 61298135 |
| OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% |  | 46775 |
| TOTAL NET ASSETS — 100.0% |  | $61344910 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown represents the 7-day annualized yield as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Illiquid security.

***The accompanying notes are an integral part of these financial statements.***

Statements of Assets & Liabilities

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Praxis Impact<br> Large Cap<br> Growth ETF** | **Praxis Impact<br> Large Cap<br> Value ETF** |
| **Assets:** |  |  |
| Investments, at value | $71168139 | $61298135 |
| Dividends receivable | 6952 | 63640 |
| Interest receivable | 360 | 360 |
| Dividend tax reclaims receivable | 102 | 1163 |
| **Total Assets** | 71175553 | 61363298 |
| **Liabilities:** |  |  |
| Payable to Adviser | 20981 | 18388 |
| **Total Liabilities** | 20981 | 18388 |
| **Net Assets** | $71154572 | $61344910 |
| **Net Assets Consists of:** |  |  |
| Paid-in capital | $62581448 | $56094932 |
| Total distributable earnings | 8573124 | 5249978 |
| **Total Net Assets** | $71154572 | $61344910 |
| Net assets | $71154572 | $61344910 |
| Shares issued and outstanding<sup>(a)</sup> | 1950000 | 2025000 |
| Net asset value per share | $36.49 | $30.29 |
| **Cost:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $61970590 | $55646196 |

---

*<sup>(a)</sup>* *Unlimited shares authorized.*

***The accompanying notes are an integral part of these financial statements.***

Statements of Operations

*For the Period Ended December 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Praxis Impact<br> Large Cap<br> Growth ETF<sup>(a)</sup>** | **Praxis Impact<br> Large Cap<br> Value ETF<sup>(a)</sup>** |
| **Investment Income:** |  |  |
| Dividend income | $161254 | $729535 |
| Less: issuance fees |  | (21) |
| Less: dividend withholding taxes | (101) | (118) |
| Interest income | 4343 | 4343 |
| **Total Investment Income** | 165496 | 733739 |
| **Expenses:** |  |  |
| Investment advisory fee | 119567 | 115952 |
| **Total Expenses** | 119567 | 115952 |
| **Net Investment Income** | 45929 | 617787 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (629002) | (419097) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | 1437228 | 995743 |
| Net realized gain (loss) | 808226 | 576646 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 9197549 | 5651939 |
| Net change in unrealized appreciation (depreciation) | 9197549 | 5651939 |
| **Net Realized and Unrealized Gain (Loss)** | 10005775 | 6228585 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $10051704 | $6846372 |

---

*<sup>(a)</sup>* *Inception date of the Fund was April 7, 2025.*

***The accompanying notes are an integral part of these financial statements.***

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **Praxis Impact<br> Large Cap<br> Growth ETF** | **Praxis Impact<br> Large Cap<br> Value ETF** |
| | **Period Ended<br> December 31,<br> 2025<sup>(a)</sup>** | **Period Ended<br> December 31,<br> 2025<sup>(a)</sup>** |
| **Operations:** |  |  |
| Net investment income (loss) | $45929 | $617787 |
| Net realized gain (loss) | 808226 | 576646 |
| Net change in unrealized appreciation (depreciation) | 9197549 | 5651939 |
| **Net increase (Decrease) in Net Assets from Operations** | 10051704 | 6846372 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (46494) | (619777) |
| **Total Distributions to Shareholders** | (46494) | (619777) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 67275520 | 60987995 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (6126158) | (5869680) |
| **Net Increase (Decrease) in Net Assets from Capital Transactions** | 61149362 | 55118315 |
| **Net Increase (Decrease) In Net Assets** | 71154572 | 61344910 |
| **Net Assets:** |  |  |
| Beginning of the period |  |  |
| End of the period | $71154572 | $61344910 |
| **Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2125000 | 2225000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (175000) | (200000) |
| **Total Increase (Decrease) in Shares Outstanding** | 1950000 | 2025000 |

---

*<sup>(a)</sup>* *Inception date of the Fund was April 7, 2025.*

***The accompanying notes are an integral part of these financial statements.***

Financial Highlights

**Praxis Impact Large Cap Growth ETF**

---

| | |
|:---|:---|
|  | **Period Ended<br> December 31,<br> 2025<sup>(a)</sup>** |
| Per Share Data: |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $25.14 |
| Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 11.34 |
| Total from investment operations | 11.38 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.03) |
| Total distributions | (0.03) |
| Net asset value, end of period | $36.49 |
| Total return<sup>(d)</sup> | 45.28% |
| Supplemental Data and Ratios: |  |
| Net assets, end of period (in thousands) | $71155 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.36% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.14% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 13% |

---

*<sup>(a)</sup>* *Inception date of the Fund was April 7, 2025.*

*<sup>(b)</sup>* *Net investment income per share has been calculated based on average shares outstanding during the period.*

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.*

*<sup>(d)</sup>* *Not annualized for periods less than one year.*

*<sup>(e)</sup>* *Annualized for periods less than one year.*

*<sup>(f)</sup>* *Portfolio turnover rate excludes in-kind transactions.*

***The accompanying notes are an integral part of these financial statements.***

Financial Highlights, continued

**Praxis Impact Large Cap Value ETF** 

---

| | |
|:---|:---|
|  | **Period Ended<br> December 31,<br> 2025<sup>(a)</sup>** |
| Per Share Data: |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $24.69 |
| Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.41 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 5.54 |
| Total from investment operations | 5.95 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.35) |
| Total distributions | (0.35) |
| Net asset value, end of period | $30.29 |
| Total return<sup>(d)</sup> | 24.14% |
| Supplemental Data and Ratios: |  |
| Net assets, end of period (in thousands) | $61345 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.36% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 1.92% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 14% |

---

*<sup>(a)</sup>* *Inception date of the Fund was April 7, 2025.*

*<sup>(b)</sup>* *Net investment income per share has been calculated based on average shares outstanding during the period.*

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.*

*<sup>(d)</sup>* *Not annualized for periods less than one year.*

*<sup>(e)</sup>* *Annualized for periods less than one year.*

*<sup>(f)</sup>* *Portfolio turnover rate excludes in-kind transactions.*

***The accompanying notes are an integral part of these financial statements.***

Notes to the Financial Statements *December 31, 2025*

**Note 1 – Organization**

The Praxis Funds (the "Trust") was organized as a Delaware statutory trust on September 27, 1993, and is authorized to issue multiple series or portfolios. The Trust is an open-end investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Included in this Report are the two operational exchange-traded funds ("ETFs"): Praxis Impact Large Cap Growth ETF ("PRXG") and Praxis Impact Large Cap Value ETF ("PRXV") (collectively, the "Funds" or individually, a "Fund"). The Funds each qualify as and will continue to qualify as non-diverisifed management investment companies under the 1940 Act. The investment objective of PRXG and PRXV is to seek capital appreciation.

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services – Investment Companies."

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

**Note 2 – Summary of Significant Accounting Policies**

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

*Securities Valuation:*

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

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

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Praxis Investment Management, Inc. (the "Adviser"), investment adviser to the Funds, as the Valuation Designee (the "Designee") with responsibility for reviewing the methods used by the pricing service and the valuations so established under general supervision of the Board. The Adviser carries out its designated activities through the Adviser's Pricing Committee. Securities for which market quotations are not readily available (e.g. an approved pricing service does not provide a price, certain stale prices or an event occurs that materially affects the furnished price) are valued at their fair value as determined in good faith in accordance with consistently applied procedures established by the Designee and under the general supervision of the Board. Short-term debt securities of sufficient credit quality maturing in less than 61 days may be valued at amortized cost, which approximates fair value.

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

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

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

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

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

Notes to the Financial Statements, continued *December 31, 2025*

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

The following is a summary of the inputs used to value each Fund's investments as of December 31, 2025:

**Praxis Impact Large Cap Growth ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $70239591 | $— | $— | $70239591 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 620982 |  |  | 620982 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 180542 |  | 180542 |
| &nbsp;&nbsp;&nbsp;Short-term Investments | 127024 |  |  | 127024 |
| **Total Investments** | $**70987597** | $**180542** | $**—** | $**71168139** |

---

**Praxis Impact Large Cap Value ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $59644879 | $— | $— | $59644879 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 1374670 |  |  | 1374670 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 180542 |  | 180542 |
| &nbsp;&nbsp;&nbsp;Short-term Investments | 98044 |  |  | 98044 |
| **Total Investments** | $**61117593** | $**180542** | $**—** | $**61298135** |

---

Refer to the Schedules of Investments for further disaggregation of investment categories.

*Investment Transactions and Related Income:*

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

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

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

*Dividends and Distributions:*

Dividends from net investment income, if any, are declared and paid quarterly for the Funds.

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

*Uninvested Cash:*

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

Notes to the Financial Statements, continued *December 31, 2025*

*Federal Income Taxes:*

It is each Fund's policy to continue to qualify as a regulated investment company by complying with the provisions available to investment companies, as defined in applicable sections of Subchapter M of the Internal Revenue Code, and to distribute timely all of its net investment company taxable income and net capital gains to shareholders. Therefore, no federal income tax provision is required.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations.

During the period ended December 31, 2025, the Funds did not incur any interest or penalties.

*Reclassification of Capital Accounts:*

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets of NAV per share and are primarily due to differing book and tax treatments for in-kind redemptions. For the period ended December 31, 2025, the following adjustments were made:

---

| | | |
|:---|:---|:---|
| | **Distributable Earnings<br> (Accumulated Loss)** | **Paid-in Capital** |
| PRXG | $(1432086) | $1432086 |
| PRXV | $(976617) | $976617 |

---

**Note 3 – Related Party Transaction**

The Adviser acts as each Fund's investment adviser pursuant to an investment advisory agreement with the Trust (the "Investment Advisory Agreement").

Vident Advisory, LLC (d/b/a Vident Asset Management) (the "Sub-Adviser") acts as the sub-adviser to each of the Funds pursuant to investment sub-advisory agreement with the Adviser (the "Sub-Advisory-Agreement").

Under an investment advisory agreement between the Trust, on behalf of each Fund, and the Adviser (the "Management Agreement"), the Adviser provides investment advisory services to the Funds, including providing oversight of the Sub-Adviser, as well as daily monitoring of the purchase and sale of securities by the Sub-Adviser for the Funds and regular review of the Sub-Adviser's performance.

The Management Agreement provides that the Adviser will furnish investment advisory services in connection with the management of the Funds. The Adviser provides portfolio management services, including developing investment recommendations, and provides certain administrative services as well as overseeing and monitoring the nature and quality of the services provided by other service providers to the Funds. The Adviser performs compliance monitoring services to help each Fund maintain compliance with applicable laws and regulations and provides services related to, among others, the valuation of Fund securities, risk management and oversight of trade execution and brokerage services carried out by the Sub-Adviser.

Pursuant to the Investment Advisory Agreement, PRXG and PRXV paid the Adviser a monthly unitary management fee at an annual rate of 0.36%, based on each Fund's average daily net assets.

Under the Investment Advisory Agreement, the Adviser has agreed to pay all operating expenses of each Fund, except for certain expenses, including but not limited to, interest expenses, taxes, brokerage expenses, future Rule 12b-1 fees (if any), and the management fee payable to the Adviser under the Investment Advisory Agreement.

Pursuant to the Sub-Advisory Agreement, the Adviser compensates the Sub-Adviser out of the management fees it receives from the Funds.

For the period ended December 31, 2025, the table below represents the amount each Fund incurred in management fees:

---

| | |
|:---|:---|
| | **Management Fees** |
| PRXG | $119567 |
| PRXV | $115952 |

---

U.S. Bancorp Fund Services, LLC dba U.S. Bank Global Fund Services ("Fund Services"), an indirect wholly- owned subsidiary of U.S. Bancorp, serves as the Funds' sub-administrator and, in that capacity performs various administrative and accounting services for the Funds. Fund Services also serves as the Funds' fund accountant, transfer agent, dividend disbursing agent and registrar. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the trustees; monitors the activities of the Funds' custodian, transfer agent and accountants; reviews the Funds' advisory fee expense accrual and coordinates the preparation and payment of the advisory fees. U.S. Bank, N.A., an affiliate of Fund Services, serves as the Funds' custodian. For the period ended December 31, 2025, there were no fees incurred by the Funds from the service providers described above as the Adviser bore all such costs.

Notes to the Financial Statements, continued *December 31, 2025*

Foreside Fund Services, LLC (the "Distributor") serves as the principal underwriter for shares of the Funds and acts as each Fund's distributor in a continuous public offering of the Funds' shares and serves as the distributor of Creation Units for the Funds. Shares are continuously offered for sale by the Trust through the Distributor only in Creation Units, as described further in Note 6. Shares in less than Creation Units are not distributed by the Distributor. The Distributor did not receive commissions from the Funds during the period ended December 31, 2025.

The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

The Trust has entered into a Management and Administration Agreement with Foreside Management Services, LLC ("Foreside") to serve as business manager and administrator for the Trust on behalf of the Funds. Pursuant to the terms of the Agreement,

Foreside, as business manager and administrator for the Trust, performs and coordinates all management and administration services for the Trust either directly or through working with the Trust's service providers. Services provided under the Agreement by Foreside include, but are not limited to, coordinating and monitoring activities of the third party service providers to the Funds; serving as officers of the Trust, including but not limited to Assistant Secretary, Chief Compliance Officer, Anti-Money Laundering Officer, Treasurer and others as are deemed necessary and appropriate; performing compliance services for the Trust, including maintaining the Trust compliance program as required under the 1940 Act; managing the process of filing amendments to the Trust's registration statement and other reports to shareholders; coordinating the Board meeting preparation process; reviewing financial filings and filing with the U.S Securities and Exchange Commission (the "SEC"); and maintaining books and records in accordance with applicable laws and regulations.

**Note 4 – Purchases and Sales of Securities**

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, during the period ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| PRXG | $6262776 | $6484710 |
| PRXV | $6326733 | $7127789 |

---

The costs of purchases and sales of in-kind transactions, during the period ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases In-Kind** | **Sales In-Kind** |
| PRXG | $67022680 | $5909924 |
| PRXV | $60658580 | $5058760 |

---

**Note 5 – Federal Income Tax Information**

The tax character of the distributions paid during the period ended December 31, 2025 is as follows:

---

| | |
|:---|:---|
| | **Ordinary Income** |
| PRXG | $46494 |
| PRXV | 619777 |

---

Net capital losses incurred after October 31 and late year losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of each Fund's next taxable year. For the period ended December 31, 2025, the Funds did not have any late year losses nor post October losses. Capital loss carry forwards will retain their character as either short-term or long-term capital losses. At December 31, 2025, the following capital loss carry forwards were available:

---

| | | | |
|:---|:---|:---|:---|
| | **Indefinite Short-Term** | **Indefinite Long-Term** | **Total** |
| PRXG | $276298 | $— | $276298 |
| PRXV | $175812 | $— | $175812 |

---

Notes to the Financial Statements, continued *December 31, 2025*

As of December 31, 2025, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **PRXG** | **PRXV** |
| Federal income tax cost of investments | $62318717 | $55871099 |
| Aggregate gross unrealized appreciation | 10800146 | 7023046 |
| Aggregate gross unrealized (depreciation) | (1950724) | (1596010) |
| Net unrealized appreciation (depreciation) | 8849422 | 5427036 |
| Undistributed Ordinary Income |  |  |
| Undistributed Long Term Capital Gains |  |  |
| Distributable Earnings |  |  |
| Accumulated capital and other gain/(loss) | (276298) | (177058) |
| Total distributable earnings (accumulated loss) | 8573124 | 5249978 |

---

Book and tax unrealized appreciation (depreciation) differ due to temporary differences related to wash sales.

**Note 6 – Share Transactions**

Each Fund currently offers one class of shares, which has no front-end sales loads, no deferred sales charges, and no redemption fees. The standard fixed transaction fees for the Praxis Impact Large Cap Growth ETF and Praxis Impact Large Cap Value ETF are $500, payable to the Custodian. Additionally, a variable transaction fee may be charged by the Funds of up to a maximum of 2% of the value of the Creation Units (inclusive of any transaction fees charged), for each creation or redemption. Variable transaction fees are imposed to compensate the Funds for the transaction costs associated with creation and redemption transactions. The Adviser, subject to the approval of the Board, may adjust or waive the transaction fees from time to time. The Funds may each issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

Shares of the Praxis Impact Large Cap Growth ETF and Praxis Impact Large Cap Value ETF are listed and traded on the NYSE Arca, Inc. (the "Exchange"). Market prices for the Shares may be different from their NAV. The Funds will issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, typically 10,000 Shares, called "Creation Units." Creation Unit transactions are conducted in exchange for the deposit or delivery of a designated basket of in-kind securities and/or cash. Once created, Shares generally will trade in the secondary market in amounts less than a Creation Unit and at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation ("NSCC") or (ii) a participant in the Depository Trust Company ("DTC") and, in each case, must have executed a Participant Agreement with the Funds' Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

For the period ended December 31, 2025, no variable rate transaction fees have been assessed for each Fund.

**Note 7 – Beneficial Ownership**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of the date of these financial statements, Praxis Investment Management, Inc., the adviser to the Praxis Impact Large Cap Growth ETF and Praxis Impact Large Cap Value ETF, has no voting power of the shares outstanding of the Funds. Additionally, as of the date of these financial statements, Vident Advisory, LLC (d/b/a Vident Asset Management), the sub-adviser to the Praxis Impact Large Cap Growth ETF and Praxis Impact Large Cap Value ETF, has no voting power of the shares outstanding of the Funds. It is not known whether there are any beneficial owners.

**Note 8 – Principal Risks**

For all ETFs, shareholders of the Funds are subject to the risk that their investment could lose money. The Funds are subject to the principal risks, any of which may adversely affect each Fund's NAV, trading price, yield, total return and ability to meet their investment objectives. A description of principal risks is included in each prospectus under the heading "Principal Investment Risks".

**Note 9 – Guarantees and Indemnification**

In the normal course of business, the Trust, on behalf of the Funds, enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Trust organizational documents, the officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. The Funds' maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. The Adviser is of the view that the risk of loss to the Funds in connection with the Funds' indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.

Notes to the Financial Statements, continued *December 31, 2025*

**Note 10 – Accounting Pronouncements and/or Regulatory Updates**

The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"). Adoption of the new standard by the Funds impacted financial statement disclosures only and did not affect the Funds' financial position or results of operations. A disaggregation of income taxes paid by jurisdiction is presented when significant income taxes are paid. Income taxes paid by the Funds for the period were determined to not be significant.

**Note 11 – Subsequent Events**

In preparing these financial statements, management of the Funds has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no transactions that occurred during the period subsequent to December 31, 2025, that materially impacted the amounts or disclosures in the Funds' financial statements.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

Praxis Funds

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Praxis Impact Large Cap Growth ETF and Praxis Impact Large Cap Value ETF (the "Funds"), each a series of Praxis Funds, as of December 31, 2025, the related statements of operations, changes in net assets, and the financial highlights for the period April 7, 2025 (commencement of operations) through December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for the period April 7, 2025 (commencement of operations) through December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Praxis Investment Management, Inc. since 2017.

![](fp0096946-2_09a.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

February 24, 2026

Other Non-Audited Information (unaudited) *December 31, 2025*

**Tax Information**

For the fiscal period ended December 31, 2025, certain dividends paid by the Funds may be subject to reduced tax rates, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| PRXG | 100.00% |
| PRXV | 100.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| PRXG | 100.00% |
| PRXV | 100.00% |

---

For the period ended December 31, 2025, the percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for the Funds were as follows:

---

| | |
|:---|:---|
| PRXG | 0.00% |
| PRXV | 0.00% |

---

**Frequency Distribution of Premiums and Discounts**

Information regarding how often shares of the Funds traded on the Exchanges at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds are available on the Funds' website at www.praxisinvests.com

**Proxy Voting Policies and Procedures**

A description of the policies and procedures the Funds uses to determine how to vote proxies relating to portfolio securities is provided in the Statements of Additional Information ("SAIs"). The SAI is available without charge upon request by calling toll-free at (833) 833-1311, by accessing the SEC's website at http://www.sec.gov, or by accessing the Funds' website at www.praxisinvests.com. Information on how the Funds' voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available without charge, upon request, by calling (833) 833-1311 or by accessing the website of the SEC.

Additional Information (unaudited)

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

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

**Praxis Investment Management**

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

P.O. Box 701

Milwaukee, WI 53201-0701

2260169

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

This information is disclosed as part of the financial statements included in Item 7 (a).

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

Not applicable.

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

Not applicable.

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

This information is disclosed as part of the financial statements included in Item 7 (a).

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

This information is disclosed as part of the financial statements included in Item 7 (a).

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

**Item 16. Controls and Procedures.**

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

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

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

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

Not Applicable.

**Item 19. Exhibits.**

[(a)(1)](fp0096946-2_ex99code.htm) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is filed herewith.](fp0096946-2_ex99code.htm)

(a)(2) Not applicable.

[(a)(3)](fp0096946-2_ex99cert.htm) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.](fp0096946-2_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](fp0096946-2_ex99906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](fp0096946-2_ex99906cert.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) | Praxis Funds |
| By (Signature and Title)<sup>\*</sup> | /s/ Trent Statczar |
|  | Trent Statczar |
|  | Principal Financial Officer |
| Date | March 6, 2026 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)<sup>\*</sup> | /s/ Chad Horning |
|  | Chad Horning |
|  | Principal Executive Officer |
| Date | March 6, 2026 |
| By (Signature and Title)<sup>\*</sup> | /s/ Trent Statczar |
|  | Trent Statczar |
|  | Principal Financial Officer |
| Date | March 6, 2026 |

---

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

## Ex-99.Code

**PRAXIS MUTUAL FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**PRINCIPAL FINANCIAL OFFICERS**

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

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

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

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

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

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

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

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

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

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

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

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

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

Each Covered Officer must:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Each Covered Officer must:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

## Ex-99.Cert

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

I, Chad Horning, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | March 6, 2026 | /s/ Chad Horning |
|  |  | Chad Horning |
|  |  | Principal Executive Officer |

---

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

I, Trent Statczar, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | March 6, 2026 | /s/ Trent Statczar |
|  |  | Trent Statczar |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

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

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2025 of the Praxis Funds (the "Registrant").

Chad Horning, Principal Executive Officer, and Trent Statczar, Principal Financial Officer, of the Registrant, each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form
N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Praxis Funds | Praxis Funds | Praxis Funds | Praxis Funds |
| /s/ Chad Horning | /s/ Chad Horning | /s/ Trent Statczar | /s/ Trent Statczar |
| Chad Horning | Chad Horning | Trent Statczar | Trent Statczar |
| Date: | March 6, 2026 | Date: | March 6, 2026 |

---

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