NPORT-EX 2 223.htm 223

Schedule of Portfolio Investments

Praxis Impact Bond Fund

March 31, 2026 (Unaudited)

 

ASSET BACKED SECURITIES - 6.6%  Coupon   Maturity  Principal Amount   Fair Value 
Aligned Data Centers Issuer, LLC (a)   6.000%  08/17/48  $1,510,000   $1,517,058 
Ameren Missouri Securitization Funding I, LLC   4.850%  10/01/39   2,986,811    2,980,482 
American Tower Trust I (a)   3.652%  03/23/28   2,000,000    1,978,312 
Bank of America Credit Card Trust   4.980%  11/15/28   4,116,000    4,142,194 
Beacon Container Finance II, LLC (a)   2.250%  10/22/46   3,509,125    3,264,445 
CLI Funding, LLC (a)   2.720%  01/18/47   885,189    812,800 
CyrusOne Data Centers Issuer I, LLC (a)   4.500%  05/20/49   2,525,000    2,454,458 
DB Master Finance, LLC (a)   2.493%  11/20/51   1,938,938    1,824,750 
Duke Energy Florida Project Finance, LLC   3.112%  09/01/36   1,500,000    1,286,095 
Duke Energy Progress NC Storm Funding, LLC   2.799%  07/01/41   2,000,000    1,540,500 
Duke Energy Progress NC Storm Funding, LLC (a)   5.070%  01/01/46   3,000,000    2,925,686 
Duke Energy Progress SC Storm Funding, LLC   5.404%  03/01/44   621,719    623,936 
Ford Credit Auto Owner Trust   4.050%  10/15/30   1,000,000    996,797 
Golden Credit Card Trust (a)   1.140%  08/15/28   1,000,000    989,054 
GoodLeap Sustainable Home Solutions Trust (a)   6.250%  06/20/57   1,458,654    1,416,134 
Iowa Student Loan Liquidity Corp. Rev.   1.730%  08/25/70   706,050    626,764 
Mosaic Solar Loans, LLC (a)   2.100%  04/20/46   549,569    484,558 
Mosaic Solar Loans, LLC (a)   1.640%  04/22/47   605,268    497,552 
PG&E Energy Recovery Funding, LLC   5.256%  01/15/38   1,000,000    1,028,401 
PG&E Energy Recovery Funding, LLC   2.822%  07/15/46   1,633,000    1,203,616 
PG&E Energy Recovery Funding, LLC   5.536%  07/15/47   1,500,000    1,482,876 
PG&E Wildfire Recovery Funding, LLC   5.081%  06/01/41   1,000,000    974,589 
PG&E Wildfire Recovery Funding, LLC   4.674%  12/01/51   2,400,000    2,116,119 
PNM Energy Transition Bond Co. I, LLC   6.028%  08/15/48   500,000    521,429 
SBA Tower Trust (a)   4.831%  10/15/29   1,750,000    1,755,073 
SBA Tower Trust (a)   6.599%  11/15/52   880,000    894,879 
Sunrun Artemis Issuer, LLC (a)   6.250%  07/30/59   2,428,809    2,412,214 
Swepco Storm Recovery Funding, LLC, Series 2024-A   4.880%  09/01/39   3,770,134    3,765,111 
Switch ABS Issuer, LLC (a)   6.280%  03/25/54   600,000    605,634 
Switch ABS Issuer, LLC (a)   5.036%  03/25/55   1,500,000    1,445,167 
TAL Advantage VII, LLC (a)   2.050%  09/20/45   1,499,453    1,437,282 
Texas Electric Market Stabilization Funding N, LLC (a)   4.966%  02/01/44   4,195,000    4,010,172 
Texas Electric Market Stabilization Funding N, LLC (a)   5.057%  08/01/46   4,730,000    4,456,334 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

ASSET BACKED SECURITIES - 6.6% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
Textainer Marine Containers VII Ltd. (a)   1.680%  02/20/46  $890,000   $836,075 
TIF Funding II, LLC (a)   1.650%  02/20/46   290,417    264,936 
Toyota Auto Receivables Owner Trust   5.300%  05/15/26   186,131    186,748 
Tribute Rail, LLC (a)   4.760%  05/17/52   1,589,850    1,588,921 
Trinity Rail Leasing, L.P., Series 2021-1 (a)   2.260%  07/19/51   1,774,434    1,676,920 
Trinity Rail Leasing, L.P. (a)   5.780%  05/19/54   2,800,729    2,801,309 
Triton Container Finance VIII, LLC (a)   1.860%  03/20/46   3,570,750    3,299,396 
Triton International Finance Funding III, LLC (a)   5.480%  05/22/34   1,275,000    1,275,347 
Triumph Rail, LLC (a)   2.150%  06/19/51   1,570,465    1,520,280 
USQ Rail III, LLC (a)   4.990%  09/28/54   702,581    687,684 
Vantage Data Centers Issuer, LLC (a)   2.165%  10/15/46   2,300,000    2,263,276 
Wendy's Funding, LLC (a)   3.884%  03/15/48   1,284,073    1,259,722 
Wendy's Funding, LLC (a)   4.236%  03/15/52   1,203,125    1,178,632 
TOTAL ASSET BACKED SECURITIES (COST $78,557,312)       $77,309,717 

 

MUNICIPAL BONDS - 0.9%  Coupon   Maturity  Principal Amount   Fair Value 
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A   7.334%  02/15/28  $520,000   $539,534 
American National Global Funding (a)   4.875%  01/23/31   1,000,000    980,182 
Findlay City School District, Series 2010-B   6.250%  12/01/37   270,000    271,595 
Houston, Texas, Independent School District, Series 2009A-2   6.168%  02/15/34   1,000,000    1,000,907 
Massachusetts St., Series 2016-F   3.277%  06/01/46   3,100,000    2,487,863 
University of Texas, Permanent University Fund, Series 2017-A   3.376%  07/01/47   3,000,000    2,259,016 
University of Texas, Rev., Series 2020 B   2.439%  08/15/49   1,875,000    1,138,198 
University of Virginia, Rev., Series 2009   6.200%  09/01/39   2,000,000    2,172,497 
TOTAL MUNICIPAL BONDS (COST $11,733,298)               $10,849,792 

 

CORPORATE BONDS - 24.4%  Coupon   Maturity  Principal Amount   Fair Value 
AUTOMOTIVE - 0.4%                  
BorgWarner, Inc.   2.650%  07/01/27  $601,000   $587,322 
Honda Motor Co. Ltd.   2.967%  03/10/32   760,000    678,494 
Magna International, Inc.   2.450%  06/15/30   1,250,000    1,146,683 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 24.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
AUTOMOTIVE - 0.4% (Continued)                  
Toyota Motor Corp.   4.450%  06/30/30  $2,500,000   $2,502,086 
                 4,914,585 
BANKING - 2.4%                  
American Express Co.   5.016%  04/25/31   500,000    508,325 
Bank of America Corp., Series N (TSFR3M + 157.16) (b)   4.271%  07/23/29   1,000,000    995,924 
Bank of America Corp., Series N   2.572%  10/20/32   1,500,000    1,334,578 
Bank of America Corp., Series N   2.972%  02/04/33   1,000,000    905,213 
Bank of America Corp., Series N   5.464%  05/09/36   500,000    509,972 
Bank of Montreal   5.203%  02/01/28   1,750,000    1,776,247 
Bank of New York Mellon Corp. (The), Series J   4.967%  04/26/34   2,000,000    2,005,114 
Citigroup, Inc. (SOFR + 210.70) (b)   2.572%  06/03/31   2,000,000    1,833,360 
JPMorgan Chase & Co.   3.200%  06/15/26   2,557,000    2,553,080 
JPMorgan Chase & Co. (SOFR + 151.00) (b)   2.739%  10/15/30   2,000,000    1,883,623 
JPMorgan Chase & Co.   2.963%  01/25/33   1,000,000    907,223 
JPMorgan Chase & Co.   5.572%  04/22/36   500,000    515,242 
M&T Bank Corp.   4.553%  08/16/28   1,500,000    1,498,944 
Mitsubishi UFJ Financial Group, Inc.   5.159%  04/24/31   2,500,000    2,535,577 
PNC Financial Services Group, Inc. (The)   5.582%  06/12/29   1,000,000    1,024,726 
State Street Corp.   7.350%  06/15/26   1,000,000    1,005,045 
State Street Corp.   4.164%  08/04/33   1,000,000    964,712 
Toronto-Dominion Bank, Series C   5.264%  12/11/26   2,000,000    2,013,448 
UBS AG London   5.650%  09/11/28   550,000    567,578 
US Bancorp, Series CC   5.083%  05/15/31   3,000,000    3,043,071 
                 28,381,002 
BEVERAGES - 0.1%                  
Coca-Cola Co. (The)   3.450%  03/25/30   500,000    486,881 
Coca-Cola Femsa S.A.B. de C.V.   1.850%  09/01/32   1,000,000    834,262 
                 1,321,143 
BIOTECH & PHARMA - 0.3%                  
AbbVie, Inc.   2.950%  11/21/26   500,000    496,392 
Amgen, Inc.   3.000%  02/22/29   2,500,000    2,412,241 
                 2,908,633 
CABLE & SATELLITE - 0.2%                  
Comcast Corp.   3.300%  04/01/27   500,000    495,119 
Comcast Corp. (c)   4.650%  02/15/33   1,000,000    990,070 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 24.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
CABLE & SATELLITE - 0.2% (Continued)                  
Comcast Corp.   2.937%  11/01/56  $672,000   $372,265 
Time Warner Cable, Inc.   4.500%  09/15/42   500,000    375,474 
                 2,232,928 
CHEMICALS - 0.4%                  
Air Products and Chemicals, Inc.   4.850%  02/08/34   1,000,000    1,001,196 
Avery Dennison Corp.   2.650%  04/30/30   1,250,000    1,155,462 
Ecolab, Inc.   4.800%  03/24/30   140,000    142,213 
Ecolab, Inc.   2.750%  08/18/55   1,470,000    863,406 
Nutrien Ltd.   5.875%  12/01/36   840,000    864,718 
                 4,026,995 
CONSTRUCTION MATERIALS - 0.0% (d)                  
Owens Corning   3.950%  08/15/29   300,000    294,887 
                   
CONSUMER SERVICES - 3.8%                  
Andrew W. Mellon Funding   0.947%  08/01/27   1,050,000    1,008,921 
California Endowment (The)   2.498%  04/01/51   4,500,000    2,646,701 
Conservation Fund, Series 2019   3.474%  12/15/29   535,000    510,224 
Ford Foundation (The), Series 2017 (c)   3.859%  06/01/47   4,620,000    3,720,373 
Ford Foundation (The), Series 2020   2.415%  06/01/50   235,000    139,096 
John D. & Catherine T. MacArthur Foundation, Series 2020   1.299%  12/01/30   1,500,000    1,292,776 
Leland Stanford Junior University (The)   3.460%  05/01/47   2,415,000    1,833,552 
Local Initiatives Support Corp.   4.649%  03/01/37   1,500,000    1,392,358 
Massachusetts Institute of Technology, Series D-2   3.959%  07/01/38   1,700,000    1,554,964 
President & Fellows of Harvard College, Series 2024-A (c)   4.609%  02/15/35   2,000,000    1,976,621 
President & Fellows of Harvard College, Series 2016-B   3.150%  07/15/46   3,961,000    2,823,539 
President & Fellows of Harvard College, Series 2020-B   2.517%  10/15/50   1,600,000    963,016 
President & Fellows of Harvard College, Series 2022-A   3.745%  11/15/52   3,200,000    2,422,893 
Rockefeller Foundation (The)   2.492%  10/01/50   4,290,000    2,560,829 
Stanford University California, Series 2017   3.647%  05/01/48   750,000    579,195 
Stanford University California, Series 2020-A   2.413%  06/01/50   4,400,000    2,613,596 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 24.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
CONSUMER SERVICES - 3.8% (Continued)                  
Trustees of Princeton University (The)   2.516%  07/01/50  $6,650,000   $4,091,692 
University of Notre Dame, Series 2017   3.394%  02/15/48   3,749,000    2,750,323 
W.K. Kellogg Foundation Trust, Series 2020 (a)(c)   2.443%  10/01/50   7,223,000    4,269,912 
Yale University   2.402%  04/15/50   8,765,000    5,152,052 
                 44,302,633 
CONTAINERS & PACKAGING - 0.2%                  
CCL Industries, Inc. (a)   3.050%  06/01/30   1,750,000    1,633,011 
Sonoco Products Co.   5.750%  11/01/40   1,000,000    996,369 
                 2,629,380 
DIVERSIFIED INDUSTRIALS - 0.1%                  
Illinois Tool Works, Inc.   3.900%  09/01/42   1,000,000    834,735 
                   
ELECTRIC UTILITIES - 3.7%                  
Ameren Illinois Co.   5.900%  12/01/52   2,250,000    2,267,196 
Avista Corp.   4.000%  04/01/52   1,000,000    749,520 
Caledonia Generating, LLC (a)   1.950%  02/28/34   1,305,851    1,129,879 
CenterPoint Energy, Inc., Series AL   5.300%  04/01/53   1,000,000    937,472 
Consolidated Edison Co.   3.350%  04/01/30   1,000,000    959,241 
DTE Electric Co.   4.050%  05/15/48   1,750,000    1,374,238 
DTE Electric Co.   3.650%  03/01/52   750,000    543,847 
DTE Energy Co., Series C   4.875%  06/01/28   1,500,000    1,513,463 
Duke Energy Carolinas, LLC   3.550%  03/15/52   2,200,000    1,546,461 
Duke Energy Progress, LLC   3.450%  03/15/29   1,750,000    1,711,839 
Duke Energy Progress, LLC   4.000%  04/01/52   1,500,000    1,130,843 
Florida Power & Light Co.   3.700%  12/01/47   1,550,000    1,156,297 
Florida Power & Light Co.   2.875%  12/04/51   2,000,000    1,243,723 
Georgia Power Co., Series 2016-A (c)   3.250%  04/01/26   1,000,000    1,000,000 
Interstate Power & Light Co.   3.600%  04/01/29   1,250,000    1,221,688 
Liberty Utilities Financial Services (a)   2.050%  09/15/30   1,355,000    1,215,923 
MidAmerican Energy Co.   3.950%  08/01/47   1,750,000    1,349,616 
Narragansett Electric Co. (a)   3.395%  04/09/30   1,500,000    1,433,908 
National Rural Utilities   1.350%  03/15/31   2,000,000    1,710,968 
Niagara Mohawk Power Corp. (a)   1.960%  06/27/30   1,500,000    1,349,190 
Northern States Power Co.   2.900%  03/01/50   1,500,000    970,198 
NSTAR Electric Co.   3.950%  04/01/30   600,000    589,040 
NSTAR Electric Co.   5.500%  03/15/40   1,250,000    1,230,476 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 24.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
ELECTRIC UTILITIES - 3.7% (Continued)                  
NY State Electric & Gas (a)   5.650%  08/15/28  $1,650,000   $1,693,162 
Potomac Electric Power Co.   6.500%  11/15/37   1,000,000    1,104,136 
Public Service Co.   3.700%  06/15/28   2,250,000    2,220,187 
Public Service Electric and Gas Co.   4.650%  03/15/33   2,500,000    2,470,349 
Puget Energy, Inc.   4.223%  06/15/48   1,000,000    799,497 
Rochester Gas & Electric Corp. (a)   1.850%  12/01/30   500,000    439,039 
San Diego Gas and Electric Co.   4.500%  08/15/40   841,000    756,726 
Solar Star Funding, LLC (a)   3.950%  06/30/35   1,052,556    999,023 
Solar Star Funding, LLC (a)   5.375%  06/30/35   324,183    324,137 
Southern California Edison   4.050%  03/15/42   1,165,000    909,568 
Topaz Solar Farms, LLC (a)   4.875%  09/30/39   183,183    166,308 
Topaz Solar Farms, LLC (a)   5.750%  09/30/39   443,736    439,592 
Union Electric Co.   2.625%  03/15/51   2,000,000    1,176,811 
Westar Energy, Inc.   2.550%  07/01/26   1,292,000    1,286,643 
                 43,120,204 
ELECTRICAL EQUIPMENT - 0.2%                  
Johnson Controls International plc   1.750%  09/15/30   1,800,000    1,597,649 
Roper Technologies, Inc.   2.000%  06/30/30   440,000    392,678 
                 1,990,327 
FOOD - 0.6%                  
Cargill, Inc. (a)   4.760%  11/23/45   1,500,000    1,327,623 
Hormel Foods Corp.   1.800%  06/11/30   2,250,000    2,022,047 
Ingredion, Inc.   2.900%  06/01/30   1,000,000    936,862 
Mars, Inc. (a)   4.650%  04/20/31   1,000,000    1,006,981 
Mars, Inc. (a)   3.600%  04/01/34   1,500,000    1,368,754 
                 6,662,267 
GAS & WATER UTILITIES - 0.5%                  
American Water Capital Corp.   2.800%  05/01/30   1,500,000    1,408,111 
Brooklyn Union Gas Co. (a)   4.504%  03/10/46   1,250,000    1,017,926 
Indiana Gas Co., Inc.   6.550%  06/30/28   250,000    259,051 
Southern California Gas Co., Series DDD (c)   5.450%  06/15/35   2,500,000    2,558,181 
Spire Missouri, Inc.   5.150%  08/15/34   1,000,000    1,008,583 
                 6,251,852 
HEALTH CARE FACILITIES & SERVICES - 0.1%                  
Kaiser Foundation Hospital   3.150%  05/01/27   1,500,000    1,484,391 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 24.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
HOME & OFFICE PRODUCTS - 0.1%                  
HNI Corp. (a)   5.125%  01/18/29  $1,000,000   $956,634 
                   
HOME CONSTRUCTION - 0.1%                  
NVR, Inc.   3.000%  05/15/30   1,000,000    941,587 
                   
INSTITUTIONAL FINANCIAL SERVICES - 0.8%                  
Brookfield Finance, Inc.   4.250%  06/02/26   1,570,000    1,568,605 
Goldman Sachs Group, Inc. (TSFR3M + 156.26) (b)   4.223%  05/01/29   1,000,000    994,357 
Goldman Sachs Group, Inc.   3.800%  03/15/30   1,500,000    1,457,687 
Morgan Stanley, Series F   3.125%  07/27/26   2,000,000    1,993,092 
Morgan Stanley, Series I   5.449%  07/20/29   1,000,000    1,017,829 
Morgan Stanley, Series I (SOFR + 114.30) (b)   2.699%  01/22/31   1,250,000    1,160,654 
Morgan Stanley, Series I   5.192%  04/17/31   1,000,000    1,014,893 
                 9,207,117 
INSURANCE - 3.0%                  
Aflac, Inc.   4.000%  10/15/46   1,408,000    1,103,964 
AIG Global Funding, Series 2024-1 (a)   5.200%  01/12/29   500,000    507,643 
Allstate Corp. (The)   5.250%  03/30/33   1,000,000    1,021,492 
American National Group, Inc.   5.750%  10/01/29   1,850,000    1,869,083 
Athene Global Funding (a)   5.583%  01/09/29   2,000,000    2,018,389 
F&G Global Funding (a)   2.300%  04/11/27   535,000    521,651 
Fidelity National Financial, Inc.   3.400%  06/15/30   1,000,000    940,270 
First American Financial Corp.   2.400%  08/15/31   1,500,000    1,290,747 
GA Global Funding Trust (a)   2.250%  01/06/27   2,000,000    1,966,434 
Horace Mann Educators Corp.   7.250%  09/15/28   965,000    1,019,132 
Massachusetts Mutual Life Insurance Co. (a)   3.375%  04/15/50   2,500,000    1,684,980 
Met Life Global Funding I (a)   5.150%  03/28/33   1,250,000    1,262,360 
Mutual of Omaha Global, Series 2023-1 (a)   5.800%  07/27/26   385,000    386,802 
Mutual of Omaha Global (a)   5.450%  12/12/28   365,000    372,679 
New York Life Global Funding (a)   4.900%  06/13/28   3,000,000    3,037,155 
Northwestern Mutual, Series 2023-3 (a)   4.900%  06/12/28   1,740,000    1,759,402 
Pacific Life Global Funding II, Series 2021-1 (a)   1.450%  01/20/28   1,000,000    950,284 
Peachtree Corners Funding Trust II (a)   6.012%  05/15/35   400,000    409,219 
Pricoa Global Funding I (a)   5.100%  05/30/28   2,000,000    2,032,176 
Primerica, Inc.   2.800%  11/19/31   1,000,000    894,254 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 24.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
INSURANCE - 3.0% (Continued)                  
Principal Financial Group, Inc.   3.700%  05/15/29  $1,250,000   $1,219,682 
Protective Life Global Funding (a)   5.209%  04/14/26   1,000,000    1,000,388 
Prudential Funding Asia plc   3.125%  04/14/30   750,000    713,569 
RGA Global Funding (a)   5.500%  01/11/31   2,000,000    2,055,559 
Sammons Financial Group, Inc. (a)   4.450%  05/12/27   1,200,000    1,193,185 
Sammons Financial Group, Inc. (a)   6.875%  04/15/34   1,000,000    1,058,766 
Trustage Financial Group, Inc. (a)   4.625%  04/15/32   400,000    382,353 
Western-Southern Global Funding (a)   4.900%  05/01/30   3,000,000    3,017,591 
                 35,689,209 
LEISURE FACILITIES & SERVICES - 0.2%                  
McDonald's Corp., Series MTN   3.500%  07/01/27   1,000,000    991,081 
Starbucks Corp.   2.450%  06/15/26   1,000,000    996,215 
                 1,987,296 
MACHINERY - 0.3%                  
Ingersoll-Rand Global Holding Co. Ltd.   6.391%  11/15/27   655,000    673,579 
John Deere Capital Corp.   1.750%  03/09/27   250,000    244,578 
John Deere Capital Corp.   3.050%  01/06/28   1,250,000    1,228,654 
Xylem, Inc.   1.950%  01/30/28   1,775,000    1,703,825 
                 3,850,636 
MEDICAL EQUIPMENT & DEVICES - 0.1%                  
Alcon Finance Corp. (a)   2.600%  05/27/30   1,250,000    1,156,158 
                   
PERSONAL PRODUCTS - 0.1%                  
Estée Lauder Cos., Inc. (The)   2.600%  04/15/30   1,000,000    927,664 
                   
PIPELINES - 0.1%                  
Northern Natural Gas Co. (a)   4.100%  09/15/42   1,200,000    957,983 
                   
REITS - 2.8%                  
Agree Ltd. Partnership   2.900%  10/01/30   650,000    600,383 
Agree Ltd. Partnership   4.800%  10/01/32   715,000    709,869 
Alexandria Real Estate Equities, Inc.   2.950%  03/15/34   1,000,000    845,304 
Alexandria Real Estate Equities, Inc.   4.750%  04/15/35   1,250,000    1,182,087 
American Homes 4 Rent, L.P. (c)   5.500%  02/01/34   2,000,000    2,017,500 
Boston Properties, L.P.   4.500%  12/01/28   1,250,000    1,241,737 
Camden Property Trust   2.800%  05/15/30   1,500,000    1,400,694 

 

 

Schedule of Portfolio Investments

(Continued) Praxis Impact Bond Fund

 

CORPORATE BONDS - 24.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
REITS - 2.8% (Continued)                  
Cousins Properties, L.P.   5.375%  02/15/32  $1,650,000   $1,660,265 
Digital Realty Trust, L.P.   5.550%  01/15/28   2,250,000    2,289,873 
ERP Operating, L.P.   4.150%  12/01/28   1,250,000    1,243,775 
ESSEX Portfolio, L.P.   2.650%  03/15/32   1,500,000    1,318,725 
ESSEX Portfolio, L.P.   5.500%  04/01/34   250,000    253,137 
Federal Realty Investment Trust   5.375%  05/01/28   1,500,000    1,522,847 
Kilroy Realty Corp.   2.500%  11/15/32   1,750,000    1,424,821 
Kimco Realty Corp.   2.700%  10/01/30   1,750,000    1,626,880 
Lexington Realty Trust   2.700%  09/15/30   1,500,000    1,367,626 
Mid-America Apartment Communities, Inc.   3.950%  03/15/29   1,750,000    1,731,120 
Ontario Teachers Cadillac Fairview Properties Trust (a)   2.500%  10/15/31   1,255,000    1,109,765 
Prologis, L.P.   2.875%  10/06/29   1,500,000    1,422,328 
Prologis, L.P.   4.625%  01/15/33   1,500,000    1,484,071 
Realty Income Corp.   4.700%  12/15/28   1,000,000    1,005,621 
Regency Centers, L.P.   5.000%  07/15/32   348,000    350,589 
Rexford Industrial Realty, L.P.   5.000%  06/15/28   500,000    504,678 
Rexford Industrial Realty, L.P.   2.150%  09/01/31   1,750,000    1,517,617 
Sun Communities Operating, L.P.   2.700%  07/15/31   500,000    447,242 
UDR, Inc.   1.900%  03/15/33   1,500,000    1,227,384 
WP Carey, Inc.   2.450%  02/01/32   1,500,000    1,306,171 
                 32,812,109 
RETAIL - CONSUMER STAPLES - 0.1%                  
Kroger Co. (The)   5.000%  04/15/42   1,000,000    928,494 
Walmart, Inc.   1.800%  09/22/31   500,000    442,948 
                 1,371,442 
RETAIL - DISCRETIONARY - 0.2%                  
Home Depot, Inc. (The)   3.625%  04/15/52   1,000,000    713,775 
Lowe's Cos., Inc.   4.650%  04/15/42   1,000,000    885,797 
Lowe's Cos., Inc.   3.000%  10/15/50   500,000    308,931 
Lowe's Cos., Inc.   5.625%  04/15/53   1,000,000    945,373 
                 2,853,876 
SEMICONDUCTORS - 0.1%                  
Intel Corp.   4.150%  08/05/32   1,000,000    953,372 
Intel Corp.   3.734%  12/08/47   1,000,000    698,772 
                 1,652,144 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 24.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
SOFTWARE - 0.3%                  
Microsoft Corp.   2.525%  06/01/50  $4,500,000   $2,698,222 
Microsoft Corp.   2.921%  03/17/52   1,000,000    643,128 
                 3,341,350 
SPECIALTY FINANCE - 0.9%                  
BlueHub Loan Fund, Inc.   3.099%  01/01/30   1,030,000    953,285 
Community Preservation Corp. (The)   2.867%  02/01/30   2,500,000    2,314,232 
GABX Leasing, LLC (a)   4.625%  04/15/31   2,000,000    1,971,628 
Low Income Investment Fund   3.386%  07/01/26   115,000    114,666 
Low Income Investment Fund, Series 2019   3.711%  07/01/29   1,985,000    1,919,244 
USAA Capital Corp. (a)   2.125%  05/01/30   3,000,000    2,737,019 
                 10,010,074 
TECHNOLOGY HARDWARE - 0.4%                  
Apple, Inc.   3.000%  06/20/27   1,000,000    989,210 
Apple, Inc.   2.650%  05/11/50   1,000,000    611,873 
Apple, Inc.   2.650%  02/08/51   2,000,000    1,210,398 
HP, Inc.   4.750%  01/15/28   1,100,000    1,104,807 
HP, Inc.   4.000%  04/15/29   915,000    899,037 
                 4,815,325 
TECHNOLOGY SERVICES - 0.1%                  
Experian Finance plc (a)   2.750%  03/08/30   635,000    593,541 
Moody's Corp.   3.250%  05/20/50   500,000    329,524 
Moody's Corp.   3.750%  02/25/52   1,000,000    721,552 
                 1,644,617 
TELECOMMUNICATIONS - 0.6%                  
AT&T, Inc.   5.250%  03/01/37   500,000    496,918 
AT&T, Inc.   4.750%  05/15/46   2,000,000    1,680,463 
Verizon Communications, Inc.   3.875%  02/08/29   1,000,000    990,436 
Verizon Communications, Inc.   1.500%  09/18/30   1,000,000    877,355 
Verizon Communications, Inc.   5.875%  11/30/55   2,000,000    1,945,346 
Verizon Communications, Inc.   2.987%  10/30/56   1,799,000    1,055,700 
                 7,046,218 
TRANSPORTATION & LOGISTICS - 0.9%                  
Burlington Northern Santa Fe, LLC   5.750%  05/01/40   2,078,000    2,157,749 
Canadian Pacific Railway Co.   2.050%  03/05/30   1,750,000    1,600,597 
Norfolk Southern Corp.   4.837%  10/01/41   1,000,000    920,058 
Norfolk Southern Corp.   3.050%  05/15/50   1,500,000    962,466 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 24.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
TRANSPORTATION & LOGISTICS - 0.9% (Continued)                  
Penske Truck Leasing Co. (a)   5.750%  05/24/26  $500,000   $500,369 
TTX Co. (a)   4.600%  02/01/49   280,000    241,256 
TTX Co. (a)   5.650%  12/01/52   500,000    499,362 
Union Pacific Corp.   4.950%  09/09/52   2,000,000    1,794,018 
United Parcel Service, Inc.   5.950%  05/14/55   2,000,000    2,019,983 
                 10,695,858 
TRANSPORTATION EQUIPMENT - 0.1%                  
Ryder System, Inc.   5.650%  03/01/28   1,250,000    1,276,611 
                   
WHOLESALE - CONSUMER STAPLES - 0.1%                  
Sysco Corp.   2.400%  02/15/30   1,750,000    1,603,108 
                   
TOTAL CORPORATE BONDS (COST $316,496,767)               $286,152,978 

 

CORPORATE NOTES - 0.8%  Coupon   Maturity  Principal Amount   Fair Value 
COMMUNITY DEVELOPMENT - 0.8%                  
Calvert Impact Capital, Inc. (e)   4.000%  06/15/28  $1,200,000   $1,160,710 
Calvert Impact Capital, Inc. (e)   5.000%  12/15/28   450,000    442,866 
Calvert Impact Capital, Inc. (e)   5.000%  06/15/29   1,800,000    1,756,214 
Calvert Impact Capital, Inc. (e)   4.500%  12/14/29   550,000    528,364 
Calvert Impact Capital, Inc. (e)   4.500%  06/14/30   1,800,000    1,707,385 
Calvert Impact Capital, Inc. (e)   4.500%  12/13/30   1,000,000    949,115 
Calvert Impact Climate, Inc. (e)   5.500%  12/15/53   985,802    871,483 
Capital Impact Partners Investment (e)   4.500%  06/15/26   1,800,000    1,801,509 
Capital Impact Partners Investment (e)   5.000%  12/15/26   500,000    501,227 
TOTAL CORPORATE NOTES (COST $10,085,802)               $9,718,873 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

FOREIGN GOVERNMENTS - 6.2%  Coupon   Maturity  Principal Amount   Fair Value 
SUPRANATIONAL - 6.2%                  
African Development Bank   3.500%  09/18/29  $2,000,000   $1,974,651 
Asian Development Bank   3.125%  09/26/28   1,000,000    983,359 
Central American Bank (a)   3.750%  01/22/29   200,000    198,408 
European Investment Bank   2.125%  04/13/26   1,000,000    999,345 
European Investment Bank   2.375%  05/24/27   4,000,000    3,935,538 
European Investment Bank   4.375%  10/10/31   5,000,000    5,085,416 
Inter-American Development Bank   0.625%  09/16/27   7,000,000    6,684,902 
Inter-American Development Bank   3.500%  04/12/33   3,000,000    2,867,728 
Inter-American Development Bank   4.375%  01/24/44   3,000,000    2,771,076 
International Bank for Reconstruction & Development   0.875%  07/15/26   3,000,000    2,975,153 
International Bank for Reconstruction & Development   3.125%  06/15/27   4,000,000    3,966,851 
International Bank for Reconstruction & Development   4.625%  08/01/28   6,000,000    6,106,647 
International Bank for Reconstruction & Development   4.750%  11/14/33   6,000,000    6,206,551 
International Development Association (a)   0.876%  04/28/26   2,000,000    1,995,505 
International Development Association (a)   4.500%  02/12/35   4,000,000    4,044,733 
International Finance Corp., Series GMTN   2.126%  04/07/26   3,000,000    2,998,888 
International Finance Corp., Series 2622   4.375%  01/15/27   1,000,000    1,003,961 
International Finance Corp., Series 2853   3.500%  01/22/29   4,000,000    3,964,776 
Kreditanstalt Fur Wiederafbau   3.500%  08/09/28   6,000,000    5,959,201 
Kreditanstalt Fur Wiederafbau   4.375%  02/28/34   7,500,000    7,574,564 
TOTAL FOREIGN GOVERNMENTS (COST $72,581,587)               $72,297,253 

 

COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0% (d)  Coupon   Maturity  Principal Amount   Fair Value 
Commercial Mortgage Pass-Through Certificates, Class A-3 (COST $33,471)   0.000%  10/17/45  $32,965   $32,760 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 59.3%  Coupon   Maturity  Principal Amount   Fair Value 
DEVELOPMENT FINANCE CORPORATION - 0.6%          
DFC   4.283%  09/15/26  $83,333   $83,333 
DFC   1.590%  04/15/28   2,000,000    1,927,016 
DFC   1.650%  04/15/28   3,500,000    3,401,013 
DFC   3.130%  04/15/28   1,000,000    982,951 
DFC   3.540%  06/15/30   250,017    245,222 
DFC   3.520%  09/20/32   464,286    450,929 
                 7,090,464 
FEDERAL FARM CREDIT BANK - 0.3%                  
FFCB   1.950%  08/13/40   4,937,000    3,343,486 
                   
FEDERAL HOME LOAN BANK - 6.6%                  
FHLB   4.125%  01/15/27   7,000,000    7,019,962 
FHLB   4.250%  12/10/27   11,000,000    11,078,221 
FHLB   4.500%  03/10/28   3,000,000    3,036,392 
FHLB   4.000%  06/30/28   3,200,000    3,217,652 
FHLB   3.250%  11/16/28   13,000,000    12,816,565 
FHLB   5.500%  07/15/36   23,620,000    25,716,947 
FHLB   2.590%  03/19/40   4,000,000    3,032,234 
FHLB   2.340%  03/26/40   1,000,000    738,233 
FHLB   2.070%  06/29/40   1,715,000    1,209,981 
FHLB   2.010%  07/16/40   2,685,000    1,873,246 
FHLB   5.250%  03/11/44   7,200,000    7,340,856 
                 77,080,289 
FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.8%          
FHLMC   2.875%  04/25/26   279,547    278,768 
FHLMC   6.000%  04/01/27   5,730    5,847 
FHLMC   2.500%  10/01/27   48,822    48,267 
FHLMC   2.738%  04/25/29   1,221,214    1,196,725 
FHLMC   2.939%  04/25/29   7,000,000    6,732,079 
FHLMC   2.412%  08/25/29   5,780,000    5,475,021 
FHLMC   7.000%  02/01/30   5,282    5,552 
FHLMC   1.234%  02/25/30   931,590    874,798 
FHLMC   1.297%  06/25/30   13,000,000    11,565,811 
FHLMC   7.500%  07/01/30   6,672    6,800 
FHLMC   1.406%  08/25/30   2,000,000    1,780,194 
FHLMC   1.503%  09/25/30   5,324,300    4,751,815 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 59.3% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.8% (Continued)          
FHLMC   1.487%  11/25/30  $16,167,800   $14,328,834 
FHLMC   1.878%  01/25/31   2,720,745    2,453,485 
FHLMC   2.000%  01/25/31   3,328,000    3,047,015 
FHLMC   7.000%  03/01/31   10,202    10,724 
FHLMC   1.777%  10/25/31   5,000,000    4,397,235 
FHLMC   2.154%  10/25/31   4,000,000    3,581,418 
FHLMC   2.091%  11/25/31   11,700,000    10,383,556 
FHLMC   2.127%  11/25/31   9,000,000    8,030,093 
FHLMC   2.347%  11/25/31   17,900,000    16,142,915 
FHLMC   2.250%  01/25/32   9,000,000    8,043,396 
FHLMC   2.350%  03/25/32   14,930,000    13,378,203 
FHLMC   2.450%  04/25/32   7,100,000    6,387,866 
FHLMC   2.580%  05/25/32   5,013,000    4,533,611 
FHLMC   2.650%  05/25/32   12,450,000    11,280,915 
FHLMC   6.250%  07/15/32   7,050,000    7,867,139 
FHLMC   3.123%  08/25/32   5,710,000    5,297,230 
FHLMC   3.000%  11/01/32   239,112    231,543 
FHLMC   3.000%  11/01/32   180,889    175,235 
FHLMC   2.459%  07/25/33   3,000,000    2,553,467 
FHLMC   5.500%  11/01/33   10,842    10,920 
FHLMC (H15T1Y + 223.10) (b)   6.231%  05/01/34   13,443    13,792 
FHLMC   1.783%  06/25/34   2,084,061    1,735,284 
FHLMC   2.797%  08/25/34   5,000,000    4,391,955 
FHLMC   5.000%  07/01/35   29,223    29,406 
FHLMC   4.500%  10/01/35   42,879    42,490 
FHLMC   2.438%  02/25/36   4,000,000    3,302,181 
FHLMC   5.500%  03/01/36   12,565    12,982 
FHLMC   1.500%  04/01/36   3,797,893    3,426,978 
FHLMC   5.500%  06/01/36   17,107    17,675 
FHLMC   6.000%  06/01/36   16,961    17,606 
FHLMC   2.361%  10/25/36   18,750,000    15,143,419 
FHLMC   5.500%  12/01/36   14,249    14,722 
FHLMC   2.000%  02/01/37   3,079,501    2,834,973 
FHLMC   6.000%  08/01/37   6,402    6,705 
FHLMC   5.000%  03/01/38   75,920    76,821 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 59.3% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.8% (Continued)          
FHLMC   0.000%  11/15/38  $4,331,000   $2,384,105 
FHLMC   4.500%  06/01/39   80,044    79,316 
FHLMC   5.000%  06/01/39   120,882    122,321 
FHLMC   4.500%  07/01/39   78,776    78,059 
FHLMC   4.500%  11/01/39   71,981    71,326 
FHLMC   4.500%  09/01/40   114,271    113,230 
FHLMC   4.500%  05/01/41   229,828    227,735 
FHLMC   4.500%  07/01/41   244,245    242,021 
FHLMC   5.000%  09/01/41   99,496    100,681 
FHLMC   3.500%  10/01/41   121,799    115,701 
FHLMC   4.000%  10/01/41   133,800    129,379 
FHLMC   3.500%  02/01/42   215,801    204,171 
FHLMC   4.000%  02/01/42   56,636    54,768 
FHLMC   3.500%  06/01/42   256,699    242,944 
FHLMC   3.500%  06/01/42   254,773    240,884 
FHLMC   3.500%  08/01/42   301,059    284,460 
FHLMC   3.000%  11/01/42   580,390    532,445 
FHLMC   3.000%  01/01/43   332,933    305,325 
FHLMC   3.000%  05/01/43   433,130    396,872 
FHLMC   3.500%  10/01/44   253,176    238,056 
FHLMC   3.500%  11/01/44   231,147    217,319 
FHLMC   3.500%  04/01/45   291,242    273,469 
FHLMC   3.000%  05/01/46   502,564    453,729 
FHLMC   3.000%  12/01/46   1,237,909    1,118,837 
FHLMC   3.500%  03/01/48   1,358,031    1,272,386 
FHLMC   3.500%  03/01/49   380,244    353,224 
FHLMC   3.500%  07/01/49   608,085    563,851 
FHLMC   3.000%  09/01/49   723,487    644,728 
FHLMC   3.000%  07/01/50   1,787,054    1,575,848 
FHLMC   2.000%  08/01/50   2,641,618    2,152,525 
FHLMC   2.050%  08/19/50   2,500,000    1,341,360 
FHLMC   1.500%  11/01/50   6,912,478    5,360,383 
FHLMC   2.000%  01/01/51   6,502,344    5,293,045 
FHLMC   2.500%  04/01/51   6,365,479    5,396,809 
FHLMC   2.000%  08/01/51   2,709,108    2,197,634 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 59.3% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.8% (Continued)          
FHLMC   2.500%  09/01/51  $2,492,276   $2,103,454 
FHLMC   2.000%  01/01/52   4,806,791    3,889,229 
FHLMC   2.500%  02/01/52   5,275,047    4,465,642 
FHLMC   2.000%  04/01/52   4,017,310    3,249,422 
FHLMC   3.000%  04/01/52   4,602,811    4,052,015 
FHLMC   2.500%  05/01/52   5,591,483    4,730,014 
FHLMC   3.000%  05/01/52   7,857,377    6,917,121 
FHLMC   3.000%  07/01/52   14,613,909    12,863,269 
FHLMC   4.000%  07/01/52   4,707,640    4,462,648 
FHLMC   4.000%  08/01/52   4,766,403    4,507,018 
FHLMC   3.500%  09/01/52   10,510,713    9,647,316 
FHLMC   4.500%  09/01/52   7,911,266    7,672,931 
FHLMC   4.000%  10/01/52   9,619,022    9,090,333 
FHLMC   5.500%  05/01/53   5,074,786    5,116,925 
                 303,069,749 
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.5%          
FNMA   2.910%  04/01/26   3,000,000    2,992,062 
FNMA   2.500%  09/01/27   46,991    46,463 
FNMA   0.750%  10/08/27   8,000,000    7,639,801 
FNMA   2.500%  11/01/27   83,095    82,074 
FNMA   2.500%  01/01/28   56,735    55,979 
FNMA (b)   3.312%  06/25/28   1,573,117    1,549,344 
FNMA   3.560%  09/25/28   2,816,961    2,781,780 
FNMA   2.530%  05/01/29   3,949,068    3,768,766 
FNMA   2.522%  08/27/29   4,768,698    4,533,201 
FNMA   0.875%  08/05/30   24,000,000    21,093,288 
FNMA   6.625%  11/15/30   12,750,000    14,171,859 
FNMA (b)   1.468%  11/25/30   3,000,000    2,657,374 
FNMA   1.208%  12/25/30   4,000,000    3,481,046 
FNMA (b)   1.391%  12/25/30   4,367,316    3,886,124 
FNMA   1.245%  01/25/31   16,000,000    14,023,325 
FNMA   1.410%  02/01/31   3,000,000    2,637,905 
FNMA   1.375%  03/25/31   1,000,000    877,764 
FNMA   1.820%  06/01/31   2,000,000    1,769,548 
FNMA   1.531%  09/25/31   1,125,000    989,661 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 59.3% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.5% (Continued)          
FNMA   2.000%  01/01/32  $616,758   $586,530 
FNMA   3.759%  08/25/32   9,947,159    9,619,912 
FNMA   1.684%  11/25/32   5,000,000    4,272,653 
FNMA   3.000%  12/01/32   271,842    262,000 
FNMA   4.500%  04/25/33   2,000,000    2,004,325 
FNMA   6.000%  10/01/33   7,308    7,450 
FNMA   5.500%  02/01/34   13,233    13,529 
FNMA (H15T1Y + 211.70) (b)   5.842%  05/01/34   11,587    11,738 
FNMA   6.000%  11/01/34   30,088    31,133 
FNMA   5.500%  01/01/35   19,588    20,079 
FNMA   2.500%  02/01/35   712,699    673,782 
FNMA   5.000%  10/01/35   24,889    25,118 
FNMA   5.500%  10/01/35   34,645    35,751 
FNMA   6.000%  10/01/35   16,189    16,601 
FNMA   5.500%  06/01/36   8,766    9,023 
FNMA   6.000%  06/01/36   9,412    9,873 
FNMA   5.500%  11/01/36   13,531    13,963 
FNMA (RFUCCT1Y + 156.50) (b)   5.690%  05/01/37   1,738    1,753 
FNMA   5.625%  07/15/37   14,250,000    15,509,946 
FNMA   2.500%  10/25/37   1,261,009    1,119,795 
FNMA   4.500%  09/01/40   66,037    65,354 
FNMA   4.500%  10/01/40   65,314    64,639 
FNMA   4.000%  12/01/40   179,566    172,581 
FNMA   4.000%  01/01/41   120,265    116,155 
FNMA   3.500%  02/01/41   181,482    172,223 
FNMA   4.000%  10/01/41   92,157    89,007 
FNMA   4.000%  11/01/41   108,652    104,937 
FNMA   4.000%  12/01/41   129,842    125,403 
FNMA   4.000%  12/01/41   180,600    174,368 
FNMA   4.000%  01/01/42   412,515    400,480 
FNMA   3.500%  05/01/42   217,023    205,007 
FNMA   3.000%  06/01/42   409,219    374,956 
FNMA   3.000%  08/01/42   286,312    262,340 
FNMA   3.000%  08/01/42   330,765    303,071 
FNMA   3.500%  12/01/42   436,910    412,583 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 59.3% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.5% (Continued)          
FNMA   3.000%  06/01/43  $375,520   $343,842 
FNMA   4.000%  12/01/44   489,445    471,790 
FNMA   3.500%  05/01/45   572,423    538,976 
FNMA   3.000%  04/01/46   488,637    441,976 
FNMA   3.500%  11/01/46   819,325    769,357 
FNMA   4.000%  10/01/48   373,315    357,474 
FNMA   4.000%  11/01/48   1,069,025    1,017,508 
FNMA   3.500%  05/01/49   306,614    284,373 
FNMA   4.000%  06/01/49   472,841    447,864 
FNMA   3.500%  08/01/49   1,245,962    1,154,727 
FNMA   3.000%  09/01/49   696,229    620,437 
FNMA   3.000%  06/01/50   1,441,521    1,280,998 
FNMA   2.500%  07/01/50   2,403,490    2,045,203 
FNMA   2.500%  08/01/50   1,701,305    1,446,298 
FNMA   3.000%  08/01/50   2,547,183    2,261,163 
FNMA   2.000%  11/01/50   4,383,997    3,570,498 
FNMA   2.000%  01/01/51   7,841,049    6,382,783 
FNMA   2.000%  02/01/51   4,655,824    3,787,029 
FNMA   2.500%  04/01/51   12,906,534    10,942,413 
FNMA   2.000%  08/01/51   11,055,421    8,968,186 
FNMA   2.000%  11/01/51   4,600,428    3,727,105 
FNMA   2.500%  12/01/51   7,405,044    6,260,164 
FNMA   2.500%  05/01/52   4,786,325    4,050,405 
FNMA   3.500%  05/01/52   6,541,850    6,004,197 
FNMA   3.500%  05/01/52   13,558,469    12,444,759 
FNMA   3.000%  07/01/52   4,064,223    3,577,374 
FNMA   4.500%  07/01/52   11,273,833    10,914,473 
FNMA   4.500%  08/01/52   5,289,667    5,125,424 
FNMA   3.500%  09/01/52   4,050,119    3,717,004 
FNMA   4.000%  09/01/52   11,795,886    11,179,864 
FNMA   4.500%  10/01/52   6,045,252    5,863,758 
FNMA   5.000%  04/01/53   8,544,591    8,467,610 
FNMA   5.000%  06/01/53   3,444,293    3,412,024 
FNMA   5.000%  10/01/53   5,844,883    5,784,727 
                 263,987,205 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 59.3% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 1.5%          
GNMA   7.000%  12/20/30  $3,560   $3,665 
GNMA   7.000%  10/20/31   3,085    3,239 
GNMA   7.000%  03/20/32   13,899    14,309 
GNMA (H15T1Y + 150.00) (b)   5.625%  01/20/34   9,258    9,367 
GNMA   5.500%  10/20/38   4,388    4,388 
GNMA   6.500%  11/20/38   2,686    2,763 
GNMA   2.500%  12/20/50   12,811,756    11,029,622 
GNMA   3.500%  08/20/52   3,387,391    3,129,905 
GNMA   3.500%  11/20/52   4,014,874    3,712,021 
                 17,909,279 
SMALL BUSINESS ADMINISTRATION - 0.0% (d)                  
SBA (Prime - 2.65) (b)   4.850%  02/25/32   3,551    3,532 
                   
TENNESSEE VALLEY AUTHORITY - 2.0%                  
TVA   4.250%  09/15/52   5,000,000    4,220,280 
TVA   5.250%  02/01/55   5,500,000    5,416,816 
TVA   4.625%  09/15/60   4,000,000    3,522,665 
TVA   4.250%  09/15/65   13,000,000    10,629,930 
                 23,789,691 
TOTAL U.S. GOVERNMENT AGENCIES (COST $715,260,746)       $696,273,695 

 

MONEY MARKET FUNDS - 1.4%  Shares   Fair Value 
First American Government Obligations Fund - Class X, 3.58% (f)  (COST $16,905,119)   16,905,119   $16,905,119 

 

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

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

INVESTMENT COMPANIES - 0.3%  Shares   Fair Value 
Impax High Yield Bond Fund - Institutional Class (COST $4,199,236)   530,984   $3,201,832 
           
TOTAL INVESTMENTS - (COST $1,237,244,431) - 100.9%       $1,184,133,112 
           
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.9%)        (10,867,162)
           
NET ASSETS - 100.0%       $1,173,265,950 

 

(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 March 31, 2026, these securities have a value of $117,207,987 or 10.0% of net assets.
(b)Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.
(c)All or a portion of the security is on loan. The total fair value of the securities on loan as of March 31, 2026 was $11,180,254.
(d)Percentage rounds to less than 0.1%.
(e)Illiquid securities are as follows:

 

   Acquisition
Date		  Current
Cost		   Fair
Value		   % of Net
Assets		 
Calvert Impact Capital, Inc., 4.000%, 06/15/28  06/15/23  $1,200,000   $1,160,710    0.1%
Calvert Impact Capital, Inc., 5.000%, 12/15/28  12/15/23   450,000    442,866    0.0%(d)
Calvert Impact Capital, Inc., 5.000%, 06/15/29  06/14/24   1,800,000    1,756,214    0.1%
Calvert Impact Capital, Inc., 4.500%, 12/14/29  12/13/24   550,000    528,364    0.1%
Calvert Impact Capital, Inc., 4.500%, 06/14/30  06/13/25   1,800,000    1,707,385    0.1%
Calvert Impact Capital, Inc., 4.500%, 12/13/30  12/15/25   1,000,000    949,115    0.1%
Calvert Impact Climate, Inc., 5.500%, 12/15/53  10/13/23   985,802    871,483    0.1%
Capital Impact Partners Investment, 4.500%, 06/15/26  06/17/25   1,800,000    1,801,509    0.2%
Capital Impact Partners Investment, 5.000%, 12/15/26  12/15/23   500,000    501,227    0.0%(d)
      $10,085,802   $9,718,873    0.8%

 

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

 

 

Schedule of Portfolio Investments

Praxis International Index Fund

March 31, 2026 (Unaudited)

 

COMMON STOCKS - 97.8%  Shares   Fair Value 
AUSTRALIA - 3.8%          
ANZ Group Holdings Ltd.   40,646   $1,022,054 
BlueScope Steel Ltd.   21,201    383,751 
Brambles Ltd.   133,068    2,088,407 
Commonwealth Bank of Australia - ADR (a)   2,357    278,173 
Commonwealth Bank of Australia   30,237    3,540,960 
Computershare Ltd.   20,272    399,814 
CSL Ltd. - ADR   10,020    245,991 
CSL Ltd.   3,640    357,517 
Dexus   232,164    957,146 
Goodman Group   44,189    793,347 
GPT Group (The)   90,335    285,732 
Mirvac Group   249,710    308,532 
National Australia Bank Ltd.   36,653    1,060,213 
Scentre Group   626,316    1,445,117 
SEEK Ltd.   39,173    384,939 
Stockland   177,423    532,594 
Transurban Group   324,582    3,166,247 
Vicinity Centres   397,679    648,770 
Wesfarmers Ltd.   32,429    1,655,695 
Westpac Banking Corp.   37,991    1,049,892 
Woodside Energy Group Ltd.   57,213    1,358,096 
         21,962,987 
AUSTRIA - 0.3%          
Erste Group Bank AG   5,331    575,859 
Verbund AG   6,899    527,195 
voestalpine AG   12,072    535,636 
         1,638,690 
BELGIUM - 0.9%          
Elia Group S.A. / N.V.   4,796    736,631 
KBC Group N.V.   12,677    1,551,499 
Sofina S.A. (b)   1,200    291,379 
UCB S.A.   9,252    2,787,482 
         5,366,991 
BERMUDA - 0.7%          
Credicorp Ltd.   9,750    3,307,005 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 97.8% (Continued)  Shares   Fair Value 
BERMUDA - 0.7% (Continued)          
Orient Overseas International Ltd.   34,000   $606,387 
         3,913,392 
BRAZIL - 1.4%          
Banco do Brasil S.A. - ADR (a)   196,076    882,342 
Banco Santander Brasil S.A. - ADR (a)   65,143    386,298 
MBRF Global Foods Co. S.A. - ADR   1    4 
Suzano S.A. - ADR   82,037    821,190 
Telefónica Brasil S.A. - ADR (a)   259,146    4,123,013 
TIM S.A. - ADR (a)   72,269    1,914,406 
         8,127,253 
CANADA - 7.7%          
Agnico Eagle Mines Ltd.   2,236    453,863 
Bank of Montreal   17,350    2,348,149 
Bank of Nova Scotia (The)   10,199    706,893 
Brookfield Corp.   8,766    354,760 
Cameco Corp.   10,507    1,141,165 
Canadian Imperial Bank of Commerce (a)   25,453    2,411,672 
Canadian National Railway Co.   15,841    1,627,979 
Canadian Pacific Kansas City Ltd.   16,665    1,310,869 
CGI, Inc.   8,100    592,110 
Dollarama, Inc.   5,705    700,035 
Franco-Nevada Corp.   12,999    3,211,403 
Gildan Activewear, Inc.   18,362    1,021,845 
Manulife Financial Corp.   75,463    2,598,946 
National Bank of Canada   10,002    1,294,010 
Nutrien Ltd.   7,659    577,948 
Pembina Pipeline Corp. (a)   39,276    1,757,994 
RB Global, Inc.   6,407    614,111 
Restaurant Brands International, Inc.   11,589    856,427 
Royal Bank of Canada   26,330    4,259,667 
Shopify, Inc. - Class A (b)   16,669    1,977,277 
Stantec, Inc.   7,587    655,517 
Sun Life Financial, Inc.   28,402    1,776,829 
Teck Resources Ltd. - Class B   42,461    2,197,357 
Thomson Reuters Corp.   17,868    1,607,763 
Toronto-Dominion Bank (The)   23,372    2,180,841 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 97.8% (Continued)  Shares   Fair Value 
CANADA - 7.7% (Continued)          
Wheaton Precious Metals Corp.   37,004   $4,847,894 
WSP Global, Inc.   5,799    902,330 
         43,985,654 
CAYMAN ISLANDS - 3.9%          
Alibaba Group Holding Ltd. - ADR (a)   41,484    5,204,583 
Baidu, Inc. - ADR (a)(b)   2,906    323,786 
BeOne Medicines Ltd. - ADR (b)   2,287    679,170 
China Literature Ltd. (b)   97,400    319,297 
CK Asset Holdings Ltd.   133,000    761,020 
ENN Energy Holdings Ltd.   60,300    491,001 
Hansoh Pharmaceutical Group Co. Ltd.   102,000    466,913 
JD Health International, Inc. (b)   50,500    308,255 
Meituan - ADR (a)(b)   7,662    167,644 
NetEase, Inc. - ADR   13,899    1,555,854 
Shenzhou International Group Holdings Ltd.   61,800    377,620 
Tencent Holdings Ltd. - ADR   114,280    7,224,782 
Trip.com Group Ltd. - ADR (a)(b)   19,946    993,111 
Vipshop Holdings Ltd. - ADR   21,137    332,274 
WuXi Biologics Cayman, Inc. (b)   288,500    1,240,727 
Xiaomi Corp. - ADR (a)(b)   56,711    1,173,918 
XPeng, Inc. - ADR (a)(b)   27,625    472,664 
         22,092,619 
CHILE - 0.3%          
Banco de Chile - ADR   18,637    690,315 
Sociedad Quimica y Minera de Chile S.A. - ADR (b)   12,932    1,046,716 
         1,737,031 
CHINA - 3.2%          
Agricultural Bank of China Ltd. - H Shares   2,216,000    1,585,160 
ANTA Sports Products Ltd.   61,600    602,198 
Bank of China Ltd. - H Shares   3,583,000    2,287,938 
BYD Co. Ltd. - ADR (a)   35,840    488,499 
BYD Co. Ltd. - H Shares   49,500    676,750 
China CITIC Bank Corp. Ltd. - H Shares   1,185,000    1,200,339 
China Merchants Bank Co. Ltd. - H Shares   83,000    527,416 
China Minsheng Banking Corp. Ltd. - H Shares   1,287,000    605,287 
COSCO SHIPPING Holdings Co. Ltd. - H Shares   186,000    354,204 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 97.8% (Continued)  Shares   Fair Value 
CHINA - 3.2% (Continued)          
Guotai Haitong Securities Co. Ltd. - H Shares   539,200   $924,716 
Industrial & Commercial Bank of China Ltd. - H Shares   1,755,000    1,546,985 
Jiangsu Expressway Co. Ltd. - H Shares   1,248,000    1,609,448 
PICC Property & Casualty Co. Ltd. - H Shares   294,000    541,204 
Ping An Insurance Group Co. of China Ltd. - H Shares   334,818    2,574,560 
Postal Savings Bank of China Co. Ltd. - H Shares   615,000    386,360 
Sinopharm Group Co. Ltd. - H Shares   382,000    991,075 
Weichai Power Co. Ltd. - H Shares   171,000    606,421 
Yum China Holdings, Inc.   18,390    897,064 
         18,405,624 
COLOMBIA - 0.6%          
Grupo Cibest S.A. - ADR   50,160    3,652,150 
           
DENMARK - 1.0%          
A.P. Moller-Maersk A/S - Series B   317    792,059 
DSV A/S   4,551    1,099,424 
Genmab A/S - ADR (b)   6,790    182,175 
Novo Nordisk A/S - ADR   59,796    2,197,503 
Novonesis Novozymes - B Shares   4,305    255,839 
Orsted A/S - ADR (a)   4,207    34,119 
Vestas Wind Systems A/S   28,304    854,207 
         5,415,326 
FINLAND - 0.5%          
Neste OYJ   55,141    1,791,873 
Nordea Bank Abp   38,441    659,267 
UPM-Kymmene OYJ   17,277    540,744 
         2,991,884 
FRANCE - 4.9%          
Acciona S.A.   2,979    783,333 
Accor S.A.   4,739    227,288 
Air Liquide S.A. - ADR   4    166 
Air Liquide S.A.   15,036    3,107,790 
AXA S.A.   33,469    1,537,889 
BNP Paribas S.A.   5,706    543,552 
Bureau Veritas S.A.   24,613    736,671 
Canal+ S.A.   46,775    124,451 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 97.8% (Continued)  Shares   Fair Value 
FRANCE - 4.9% (Continued)          
Capgemini SE   5,588   $659,348 
Cie Generale des Etablissements Michelin SCA   32,714    1,120,699 
Danone S.A.   25,456    2,034,032 
Dassault Systemes SE   8,424    170,530 
EssilorLuxottica S.A.   6,450    1,502,950 
Eurofins Scientific SE   6,072    443,050 
Getlink SE   46,322    999,534 
Hermes International SCA   830    1,572,247 
Kering S.A.   2,777    843,239 
Klepierre S.A.   20,396    765,679 
Legrand S.A.   15,771    2,449,996 
Louis Hachette Group   46,775    84,925 
Publicis Groupe S.A.   12,555    1,039,128 
Sartorius Stedim Biotech   1,868    363,801 
Schneider Electric SE - ADR   9,820    534,503 
Schneider Electric SE   17,677    4,814,690 
Societe Generale S.A. - ADR   8,915    130,783 
Societe Generale S.A.   12,929    943,996 
Vivendi SE   1    2 
Wendel SE   2,561    230,714 
         27,764,986 
GERMANY - 4.3%           
adidas AG - ADR   5,158    413,620 
adidas AG   1,323    214,128 
Allianz SE - ADR   76,050    3,197,142 
Allianz SE   5,268    2,224,682 
Aumovio SE (b)   2,165    84,780 
Bayerische Motoren Werke AG - ADR   2    61 
Bayerische Motoren Werke AG   4,180    386,662 
Commerzbank AG   24,099    879,079 
Continental AG   4,331    302,322 
Covestro AG (b)   2,464    169,450 
Deutsche Bank AG   41,119    1,224,524 
Deutsche Boerse AG   8,303    2,432,225 
Deutsche Post AG - ADR   19,942    522,680 
Deutsche Post AG   14,726    776,130 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 97.8% (Continued)  Shares   Fair Value 
GERMANY - 4.3% (Continued)          
Deutsche Telekom AG - ADR   30,009   $1,112,734 
Deutsche Telekom AG   25,629    956,518 
E.ON SE - ADR (b)   9,923    219,695 
E.ON SE   24,138    528,636 
Evonik Industries AG   18,750    367,910 
Hannover Rueck SE   1,159    364,376 
Infineon Technologies AG   10,636    482,494 
Mercedes-Benz Group AG   10,751    660,760 
Merck KGaA   4,394    558,251 
Muenchener Rueckversicherungs-Gesellschaft AG - ADR   94,450    1,187,236 
Muenchener Rueckversicherungs-Gesellschaft AG   1,968    1,242,822 
SAP SE - ADR (a)   2,631    450,454 
Siemens AG   8,885    2,164,599 
Telefonica Deutschland Holding AG (b)   124,863    305,952 
Vonovia SE   42,825    1,071,113 
         24,501,035 
HONG KONG - 2.3%          
AAC Technologies Holdings, Inc.   92,000    394,625 
AIA Group Ltd. - ADR   38,218    1,701,848 
AIA Group Ltd.   57,569    639,686 
BYD Electronic International Co. Ltd.   86,500    311,157 
China Merchants Port Holdings Co. Ltd.   892,000    1,673,819 
Fuyao Glass Industry Group Co. Ltd.   50,400    379,143 
Geely Automobile Holdings Ltd.   541,000    1,465,177 
Guangdong Investment Ltd.   350,000    350,568 
Hong Kong Exchanges & Clearing Ltd.   14,978    755,631 
Kingsoft Corp. Ltd.   61,000    177,736 
Lenovo Group Ltd.   754,000    906,870 
Link REIT   167,800    777,744 
Nongfu Spring Co. Ltd. - H Shares   63,000    380,974 
Pop Mart International Group Ltd. (b)   14,800    275,337 
Sino Land Co. Ltd.   482,000    707,425 
Sun Hung Kai Properties Ltd.   120,500    2,006,482 
         12,904,222 
INDIA - 3.5%          
HDFC Bank Ltd. - ADR   183,554    4,566,824 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 97.8% (Continued)  Shares   Fair Value 
INDIA - 3.5% (Continued)          
ICICI Bank Ltd. - ADR   245,727   $6,364,329 
Infosys Ltd. - ADR (a)   333,246    4,502,153 
Wipro Ltd. - ADR (a)   2,224,704    4,716,373 
         20,149,679 
INDONESIA - 0.3%          
Bank Mandiri Persero Tbk PT - ADR   87,101    980,757 
Telkom Indonesia Persero Tbk PT - ADR   50,040    934,747 
         1,915,504 
IRELAND - 0.5%          
AIB Group plc   100,681    1,074,737 
CRH plc   11,121    1,169,039 
Smurfit WestRock plc   10,065    401,090 
         2,644,866 
ISRAEL - 0.2%          
Check Point Software Technologies Ltd. (b)   2,999    428,407 
ICL Group Ltd. (a)   148,461    769,028 
         1,197,435 
ITALY - 2.9%          
Enel S.p.A.   63,194    690,861 
Generali   24,438    983,137 
Intesa Sanpaolo S.p.A. - ADR   2,566    93,890 
Intesa Sanpaolo S.p.A.   455,983    2,757,618 
Mediobanca Banca di Credito Finanziario S.p.A.   49,451    962,205 
Moncler S.p.A.   10,592    637,702 
Poste Italiane S.p.A.   51,414    1,210,171 
Prysmian S.p.A. - ADR   2,358    137,118 
Prysmian S.p.A.   7,509    886,709 
Snam S.p.A.   250,989    1,901,272 
Terna - Rete Elettrica Nazionale S.p.A.   263,787    3,016,916 
UniCredit S.p.A.   49,517    3,552,391 
         16,829,990 
JAPAN - 14.9%          
Advantest Corp.   19,200    2,649,595 
Aeon Co. Ltd.   76,000    908,606 
Asics Corp.   16,200    435,517 
Astellas Pharma, Inc.   48,100    784,078 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 97.8% (Continued)  Shares   Fair Value 
JAPAN - 14.9% (Continued)          
Bandai Namco Holdings, Inc.   22,000   $542,722 
Bridgestone Corp.   114,112    2,377,777 
Brother Industries Ltd.   29,100    538,702 
Canon, Inc.   21,200    588,214 
Chugai Pharmaceutical Co. Ltd.   15,700    865,788 
Dai Nippon Printing Co. Ltd.   158,036    2,879,270 
Daifuku Co. Ltd.   17,400    614,347 
Dai-ichi Life Holdings, Inc.   65,384    602,941 
Daiichi Sankyo Co. Ltd.   28,630    512,184 
Daiwa House Industry Co. Ltd.   58,000    1,819,540 
Daiwa Securities Group, Inc.   81,800    775,048 
Denso Corp.   73,600    922,756 
Disco Corp.   2,500    1,018,907 
ENEOS Holdings, Inc.   137,900    1,242,435 
FANUC Corp.   19,900    693,618 
Fast Retailing Co. Ltd.   4,900    1,935,924 
FUJIFILM Holdings Corp. - ADR   15,104    143,941 
FUJIFILM Holdings Corp.   5,600    106,706 
Fujikura Ltd.   44,400    1,221,029 
Fujitsu Ltd.   48,680    995,488 
Honda Motor Co. Ltd.   51,700    418,417 
Hoya Corp. - ADR   1,273    219,758 
Hoya Corp.   8,261    1,432,058 
Hulic Co. Ltd.   5,000    58,280 
Ibiden Co. Ltd.   23,000    1,150,874 
Inpex Corp.   41,000    1,212,698 
Kao Corp.   18,400    719,018 
KDDI Corp. - ADR   43,814    734,761 
Keyence Corp.   4,500    1,601,502 
Kubota Corp.   88,400    1,416,555 
Kyocera Corp.   28,900    443,117 
Lasertec Corp.   400    89,025 
M3, Inc.   17,400    178,591 
Mitsubishi Corp.   66,600    2,284,662 
Mitsubishi Estate Co. Ltd.   36,400    1,010,284 
Mitsubishi UFJ Financial Group, Inc. - ADR (a)   5,599    95,015 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 97.8% (Continued)  Shares   Fair Value 
JAPAN - 14.9% (Continued)          
Mitsubishi UFJ Financial Group, Inc.   275,109   $4,658,443 
MS&AD Insurance Group Holdings, Inc.   31,500    821,969 
Murata Manufacturing Co. Ltd.   80,100    1,797,131 
NEC Corp.   51,500    1,281,415 
Nexon Co. Ltd.   11,600    218,495 
Nintendo Co. Ltd. - ADR (a)   96,172    1,374,298 
Nintendo Co. Ltd.   3,000    171,248 
Nippon Prologis REIT, Inc.   1,003    541,060 
Nippon Yusen KK   12,200    448,142 
Nitori Holdings Co. Ltd.   5,200    82,611 
Nomura Holdings, Inc.   51,900    408,642 
Nomura Real Estate Holdings, Inc.   56,000    363,074 
Nomura Real Estate Master Fund, Inc.   271    267,593 
Nomura Research Institute Ltd.   10,900    298,292 
Oracle Corp. Japan   3,200    174,210 
ORIX Corp.   16,800    498,454 
Otsuka Holdings Co. Ltd.   4,100    290,966 
Pan Pacific International Holdings Corp.   106,500    649,644 
PDD Holdings, Inc. - ADR (b)   8,644    883,244 
Recruit Holdings Co. Ltd - ADR   4    36 
Recruit Holdings Co. Ltd.   39,450    1,718,749 
Resona Holdings, Inc.   85,600    976,454 
Ricoh Co. Ltd.   40,800    344,885 
Sekisui House Ltd.   39,500    885,035 
Seven & i Holdings Co. Ltd.   52,200    702,036 
Shimadzu Corp.   47,900    1,138,184 
Shimano, Inc.   3,000    313,193 
Shin-Etsu Chemical Co. Ltd.   17,000    692,185 
SoftBank Group Corp. - ADR (a)   1,688    20,408 
SoftBank Group Corp.   49,600    1,207,687 
Sompo Holdings, Inc.   12,900    502,149 
Sony Financial Group, Inc. - ADR (a)   20,338    91,724 
Sony Financial Group, Inc.   10,000    9,160 
Sony Group Corp. - ADR (a)   101,690    2,104,983 
Sony Group Corp.   10,000    208,417 
Sumitomo Electric Industries Ltd.   17,200    977,256 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 97.8% (Continued)  Shares   Fair Value 
JAPAN - 14.9% (Continued)          
Sumitomo Mitsui Financial Group, Inc. - ADR (a)   88,295   $1,743,826 
Sumitomo Mitsui Financial Group, Inc.   39,600    1,301,995 
Sumitomo Mitsui Trust Group, Inc.   39,200    1,248,717 
Takeda Pharmaceutical Co. Ltd.   32,800    1,207,894 
TDK Corp.   79,900    1,037,871 
Terumo Corp.   21,944    294,798 
Toho Co. Ltd.   15,500    162,800 
Tokio Marine Holdings, Inc.   53,500    2,511,216 
Tokyo Electron Ltd. - ADR   3,728    455,636 
Tokyo Electron Ltd.   7,300    1,813,601 
TOPPAN Holdings, Inc.   34,400    907,243 
Toray Industries, Inc.   104,200    742,140 
Toyota Motor Corp. - ADR (a)   15,291    3,151,322 
USS Co. Ltd.   90,440    951,273 
Yamaha Motor Co. Ltd.   154,500    1,116,113 
Yokogawa Electric Corp.   43,700    1,350,426 
         85,358,091 
JERSEY - 0.2%          
Experian plc   28,283    978,404 
           
MEXICO - 1.0%          
Fomento Economico Mexicano S.A.B. de C.V. - ADR   13,198    1,465,770 
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR   5,142    1,269,405 
Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR   3,153    1,059,818 
Grupo Financiero Banorte S.A.B. de C.V. - ADR   14,433    800,454 
Wal-Mart de Mexico S.A.B. de C.V. - ADR   27,641    899,162 
         5,494,609 
NETHERLANDS - 2.2%          
Adyen N.V. (b)   421    421,341 
Akzo Nobel N.V. - ADR   2    38 
Argenx SE - ADR (b)   1,526    1,114,361 
ASM International N.V. - ADR   216    162,838 
ASM International N.V.   639    484,312 
ASML Holding N.V.   6,705    8,856,165 
Havas N.V. (b)   4,677    81,908 
Magnum Ice Cream Co. N.V. (The) (b)   5,885    87,981 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 97.8% (Continued)  Shares   Fair Value 
NETHERLANDS - 2.2% (Continued)          
Prosus N.V.   23,786   $1,101,141 
Stellantis N.V.   21,320    153,797 
Wolters Kluwer N.V.   1,707    127,488 
         12,591,370 
NEW ZEALAND - 0.1%          
Auckland International Airport Ltd.   57,418    262,971 
           
NORWAY - 1.5%          
Aker BP ASA   66,958    2,476,011 
DNB Bank ASA   30,272    947,417 
Equinor ASA - ADR   40,962    1,728,596 
Norsk Hydro ASA   254,823    2,716,712 
Yara International ASA   14,637    855,820 
         8,724,556 
PORTUGAL - 0.3%          
Galp Energia SGPS S.A.   67,137    1,609,717 
Jeronimo Martins SGPS S.A.   12,929    309,137 
         1,918,854 
SINGAPORE - 1.5%          
BOC Aviation Ltd.   208,100    2,076,835 
CapitaLand Integrated Commercial Trust   1,373,112    2,462,267 
CapitaLand Investment Ltd.   281,500    599,182 
City Developments Ltd.   152,800    981,475 
DBS Group Holdings Ltd. - ADR   12,531    2,246,432 
         8,366,191 
SOUTH AFRICA - 1.5%          
Bid Corp. Ltd.   24,548    591,402 
FirstRand Ltd.   265,164    1,357,726 
Gold Fields Ltd. - ADR   16,571    752,324 
Mr Price Group Ltd.   70,832    647,153 
MTN Group Ltd.   49,082    573,227 
Naspers Ltd. - Class N - ADR (a)   150,275    1,568,871 
Reinet Investments SCA   16,974    551,624 
Standard Bank Group Ltd.   126,812    2,296,986 
Valterra Platinum Ltd.   4,127    339,082 
         8,678,395 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 97.8% (Continued)  Shares   Fair Value 
SOUTH KOREA - 5.7%          
Celltrion, Inc.   6,631   $902,933 
KB Financial Group, Inc. - ADR (a)   23,099    2,303,663 
KB Financial Group, Inc.   3,184    318,292 
KT Corp. - ADR   39,515    847,597 
LG Chem Ltd.   4,745    987,615 
LG Display Co. Ltd. - ADR (b)   1    4 
NAVER Corp.   10,156    1,408,016 
POSCO Holdings, Inc. - ADR   2    117 
POSCO Holdings, Inc.   4,656    1,067,534 
Samsung Electronics Co. Ltd.   112,556    13,405,504 
Shinhan Financial Group Co. Ltd. - ADR   10,792    661,765 
Shinhan Financial Group Co. Ltd.   15,559    944,300 
SK Hynix, Inc.   13,300    7,683,980 
SK Telecom Co. Ltd. - ADR   2    59 
Woori Financial Group, Inc. - ADR   34,279    2,282,981 
         32,814,360 
SPAIN - 3.1%          
Aena S.M.E. S.A. (b)   55,250    1,634,526 
Amadeus IT Group S.A.   10,027    573,328 
Banco Bilbao Vizcaya Argentaria S.A. - ADR   24,792    536,995 
Banco Bilbao Vizcaya Argentaria S.A.   30,123    650,617 
Banco Santander S.A.   51,429    576,532 
CaixaBank S.A.   173,802    2,083,393 
Cellnex Telecom S.A.   4,435    142,600 
EDP Renovaveis S.A.   45,981    736,947 
Iberdrola S.A.   112,778    2,581,852 
Industria de Diseno Textil S.A.   39,262    2,285,299 
International Consolidated Airlines Group S.A.   68,747    323,515 
Naturgy Energy Group S.A.   12,657    379,952 
Repsol S.A.   170,518    4,799,622 
Telefónica S.A.   92,766    405,884 
         17,711,062 
SWEDEN - 1.6%          
Atlas Copco AB - A Shares   46,116    813,666 
Atlas Copco AB - Class A - ADR (a)   5,893    103,776 
Boliden AB (b)   39,793    2,085,677 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 97.8% (Continued)  Shares   Fair Value 
SWEDEN - 1.6% (Continued)          
Epiroc AB - Class A   21,893   $538,847 
Industrivarden AB - A Shares   23,389    1,164,723 
Investor AB - B Shares   74,604    2,825,138 
Securitas AB - B Shares   19,191    321,356 
SKF AB - B Shares   23,849    574,808 
Telefonaktiebolaget LM Ericsson - B Shares   76,365    870,435 
         9,298,426 
SWITZERLAND - 5.0%          
ABB Ltd. - ADR   58,667    4,721,520 
ABB Ltd.   5,783    470,222 
Accelleron Industries AG   1,953    174,637 
Amrize Ltd. (b)   8,532    472,920 
Chocoladefabriken Lindt & Spruengli AG   34    477,445 
Galderma Group AG (b)   1,318    259,041 
Geberit AG   1,300    877,573 
Givaudan S.A.   208    703,379 
Holcim Ltd.   8,532    705,298 
Julius Baer Group Ltd.   9,346    687,462 
Logitech International S.A. (a)   4,776    435,189 
Lonza Group AG   2,065    1,324,786 
Nestlé S.A. - ADR (a)   33,581    3,327,877 
Nestlé S.A.   17,327    1,699,687 
Roche Holding AG - ADR   72,096    3,583,892 
Roche Holding AG   1,846    736,749 
Schindler Holding AG   1,446    455,438 
Sika AG   852    141,027 
Sonova Holding AG   457    104,206 
Swiss Life Holding AG   1,691    1,841,929 
Swiss Re AG   9,611    1,614,490 
UBS Group AG   39,428    1,537,489 
UBS Group AG   6,351    248,134 
Zurich Insurance Group AG - ADR   53,580    1,902,626 
Zurich Insurance Group AG   492    347,768 
         28,850,784 
TAIWAN - 7.5%          
ASE Technology Holding Co. Ltd. - ADR   223,340    4,842,011 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 97.8% (Continued)  Shares   Fair Value 
TAIWAN - 7.5% (Continued)          
AUO Corp. - ADR   66,947   $284,525 
Chunghwa Telecom Co. Ltd. - ADR (a)   139,591    5,896,324 
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR   85,174    28,784,553 
United Microelectronics Corp. - ADR (a)   375,334    3,370,499 
         43,177,912 
TURKEY - 0.2%          
Turkcell Iletisim Hizmetleri A.S. - ADR (a)   155,365    936,851 
           
UNITED KINGDOM - 8.2%          
3i Group plc   68,813    2,242,612 
Anglo American plc   16,527    709,573 
Antofagasta plc   39,339    1,764,079 
AstraZeneca plc - ADR   23,257    4,586,746 
Aviva plc   75,450    605,496 
Barratt Redrow plc   53,275    185,289 
Burberry Group plc (b)   26,668    390,196 
Coca-Cola Europacific Partners plc   21,706    1,968,083 
Compass Group plc   35,682    995,528 
GSK plc - ADR (a)   48,475    2,675,335 
GSK plc   17,282    476,025 
Haleon plc - ADR (a)   176,269    1,764,453 
Halma plc - ADR   618    64,216 
Halma plc   22,626    1,154,584 
HSBC Holdings plc - ADR (a)   52,192    4,305,318 
HSBC Holdings plc   27,340    448,979 
Informa plc   116,498    1,170,035 
J Sainsbury plc   86,209    388,114 
Kingfisher plc   105,733    402,019 
Legal & General Group plc   110,502    363,135 
Lloyds Banking Group plc   437,921    542,757 
London Stock Exchange Group plc   7,929    936,287 
Mondi plc   1    11 
National Grid plc - ADR   31,874    2,696,541 
NatWest Group plc   148,065    1,096,822 
PEARSON plc - ADR   114,298    1,500,733 
PEARSON plc   24,794    326,870 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 97.8% (Continued)  Shares   Fair Value 
UNITED KINGDOM - 8.2% (Continued)          
Reckitt Benckiser Group plc - ADR (b)   19,632   $266,995 
Reckitt Benckiser Group plc (b)   3,083    207,295 
RELX plc - ADR (a)   23,055    764,273 
RELX plc   71,603    2,345,807 
Rentokil Initial plc   26,851    166,630 
Sage Group plc (The) - ADR   2,320    104,145 
Sage Group plc (The)   14,027    157,173 
Segro plc   83,211    713,308 
Spirax Group plc   3,439    308,516 
Sunbelt Rentals Holdings, Inc.   15,878    1,012,846 
Tesco plc - ADR   293    5,576 
Tesco plc   162,457    1,021,014 
Unilever plc - ADR (a)   40,800    2,324,376 
United Utilities Group plc   168,722    2,941,768 
Vodafone Group plc - ADR   30,290    454,956 
Vodafone Group plc   399,124    602,000 
         47,156,514 
UNITED STATES - 0.1%          
Palo Alto Networks, Inc. (b)   5,153    826,129 
           
TOTAL COMMON STOCKS (COST $310,302,597)       $560,342,797 

 

PREFERRED STOCKS - 0.2%  Shares   Fair Value 
BRAZIL - 0.2%        
Itau Unibanco Holding S.A. – ADR (COST $937,757)   127,255   $1,066,397 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

CORPORATE NOTES - 0.7%  Coupon   Maturity  Par Value   Fair Value 
COMMUNITY DEVELOPMENT - 0.7%                  
Calvert Impact Capital, Inc. (c)   4.000%  06/15/28  $620,000   $599,701 
Calvert Impact Capital, Inc. (c)   5.000%  12/15/28   200,000    196,829 
Calvert Impact Capital, Inc. (c)   5.000%  06/15/29   880,000    858,594 
Calvert Impact Capital, Inc. (c)   4.500%  12/14/29   180,000    172,919 
Calvert Impact Capital, Inc. (c)   4.500%  06/14/30   830,000    787,294 
Calvert Impact Capital, Inc. (c)   4.500%  12/13/30   530,000    503,031 
Capital Impact Partners Investment (c)   4.500%  06/15/26   830,000    830,696 
Capital Impact Partners Investment (c)   5.000%  12/15/26   300,000    300,736 
TOTAL CORPORATE NOTES (COST $4,370,000)               $4,249,800 

 

MONEY MARKET FUNDS - 0.8%  Shares   Fair Value 
First American Government Obligations Fund - Class X, 3.58% (d) (COST $4,635,198)   4,635,198   $4,635,198 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 9.2%  Shares   Fair Value 
Mount Vernon Liquid Assets Portfolio, LLC, 3.74% (d)(e) (COST $52,860,301)   52,860,301   $52,860,301 
           
TOTAL INVESTMENTS - (COST $373,105,853) - 108.7%       $623,154,493 
           
LIABILITES IN EXCESS OF OTHER ASSETS - (8.7%)        (50,028,845)
           
NET ASSETS - 100.0%       $573,125,648 

 

(a)All or a portion of the security is on loan. The total fair value of the securities on loan as of March 31, 2026 was $52,209,718.
(b)Non-income producing security.
(c)Illiquid securities are as follows:

 

   Acquisition
Date		  Current
Cost		   Fair
Value		   % of Net
Assets		 
Calvert Impact Capital, Inc., 4.000%, 06/15/28  06/15/23  $620,000   $599,701    0.1%
Calvert Impact Capital, Inc., 5.000%, 12/15/28  12/15/23   200,000    196,829    0.0%(f)
Calvert Impact Capital, Inc., 5.000%, 06/15/29  06/14/24   880,000    858,594    0.1%
Calvert Impact Capital, Inc., 4.500%, 12/14/29  12/13/24   180,000    172,919    0.0%(f)
Calvert Impact Capital, Inc., 4.500%, 06/14/30  06/13/25   830,000    787,294    0.1%
Calvert Impact Capital, Inc., 4.500%, 12/13/30  12/15/25   530,000    503,031    0.1%
Capital Impact Partners Investment, 4.500%, 06/15/26  06/17/25   830,000    830,696    0.2%
Capital Impact Partners Investment, 5.000%, 12/15/26  12/15/23   300,000    300,736    0.1%
      $4,370,000   $4,249,800    0.7%

 

(d)The rate shown is the 7-day effective yield as of March 31, 2026.
(e)The security was purchased with cash collateral received from securities on loan.
(f)Percentage rounds to less than 0.1%.

 

ADR - American Depositary Receipt

plc - Public Liability Company

REIT - Real Estate Investment Trust

 

 

Schedule of Portfolio Investments

Praxis Value Index Fund

March 31, 2026 (Unaudited)

 

COMMON STOCKS - 99.1%  Shares   Fair Value 
AEROSPACE & DEFENSE - 0.7%          
HEICO Corp.   4,380   $1,200,996 
HEICO Corp. - Class A   11,050    2,332,545 
Howmet Aerospace, Inc.   1,620    373,345 
         3,906,886 
APPAREL & TEXTILE PRODUCTS - 0.1%          
NIKE, Inc. - Class B   11,783    622,378 
           
ASSET MANAGEMENT - 1.6%          
Ameriprise Financial, Inc.   1,540    684,376 
BlackRock, Inc.   3,332    3,204,418 
Charles Schwab Corp. (The)   35,800    3,364,484 
KKR & Co., Inc.   10,006    925,555 
Raymond James Financial, Inc.   2,080    301,163 
         8,479,996 
AUTOMOTIVE - 0.3%          
Ford Motor Co.   123,775    1,428,364 
Tesla, Inc. (a)   767    285,132 
         1,713,496 
BANKING - 8.7%          
Bank of America Corp.   173,310    8,448,863 
Citigroup, Inc.   50,406    5,716,544 
Citizens Financial Group, Inc.   12,820    768,815 
Fifth Third Bancorp   18,470    858,116 
Huntington Bancshares, Inc.   48,680    761,842 
JPMorgan Chase & Co.   71,665    21,080,976 
KeyCorp   36,140    724,607 
M&T Bank Corp.   8,184    1,691,797 
PNC Financial Services Group, Inc. (The)   11,121    2,314,169 
Regions Financial Corp.   36,930    964,612 
Truist Financial Corp.   47,920    2,202,882 
U.S. Bancorp   34,100    1,773,541 
         47,306,764 
BEVERAGES - 2.7%          
Coca-Cola Co. (The)   105,220    8,001,981 
Keurig Dr Pepper, Inc.   35,307    929,634 
PepsiCo, Inc.   36,418    5,655,351 
         14,586,966 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 99.1% (Continued)  Shares   Fair Value 
BIOTECH & PHARMA - 8.5%          
AbbVie, Inc.   45,710   $9,941,468 
Amgen, Inc.   12,830    4,514,235 
Biogen, Inc. (a)   3,450    632,489 
Bristol-Myers Squibb Co.   41,770    2,533,351 
Eli Lilly & Co.   500    459,885 
Gilead Sciences, Inc.   34,790    4,848,682 
Johnson & Johnson   55,943    13,674,707 
Merck & Co., Inc.   63,063    7,585,848 
Regeneron Pharmaceuticals, Inc.   2,252    1,739,985 
         45,930,650 
CABLE & SATELLITE - 0.7%          
Charter Communications, Inc. - Class A (a)(b)   1,440    310,867 
Comcast Corp. - Class A   127,800    3,669,138 
         3,980,005 
CHEMICALS - 2.3%          
Air Products & Chemicals, Inc.   3,870    1,124,196 
Dow, Inc. (b)   21,902    912,218 
Ecolab, Inc.   2,840    755,497 
International Flavors & Fragrances, Inc.   4,128    299,487 
Linde plc   9,600    4,759,296 
LyondellBasell Industries N.V. - Class A   50,642    4,079,720 
Qnity Electronics, Inc.   3,564    411,214 
         12,341,628 
COMMERCIAL SUPPORT SERVICES - 1.5%          
Republic Services, Inc.   13,053    2,858,868 
Waste Connections, Inc.   10,535    1,711,305 
Waste Management, Inc.   15,231    3,499,932 
         8,070,105 
CONSTRUCTION MATERIALS - 0.4%          
CRH plc   15,980    1,679,817 
Martin Marietta Materials, Inc. (b)   760    447,397 
         2,127,214 
CONTAINERS & PACKAGING - 0.2%          
International Paper Co. (b)   13,162    469,883 
Packaging Corp. of America   2,530    536,917 
         1,006,800 
DIVERSIFIED INDUSTRIALS - 1.6%          
Dover Corp.   6,723    1,401,409 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 99.1% (Continued)  Shares   Fair Value 
DIVERSIFIED INDUSTRIALS - 1.6% (Continued)          
Emerson Electric Co.   19,394   $2,541,002 
Illinois Tool Works, Inc. (b)   19,211    5,000,431 
         8,942,842 
E-COMMERCE DISCRETIONARY - 0.3%          
Amazon.com, Inc. (a)   2,544    529,839 
eBay, Inc.   12,910    1,175,068 
         1,704,907 
ELECTRIC UTILITIES - 4.7%          
American Electric Power Co., Inc.   11,980    1,570,338 
CenterPoint Energy, Inc.   10,020    432,463 
Consolidated Edison, Inc.   10,621    1,202,085 
Dominion Energy, Inc.   17,170    1,061,449 
DTE Energy Co.   4,300    628,746 
Duke Energy Corp.   30,409    3,981,755 
Edison International   14,514    1,062,135 
Entergy Corp.   8,670    974,161 
Eversource Energy   6,247    432,792 
Exelon Corp.   19,100    936,282 
FirstEnergy Corp.   8,440    427,570 
NextEra Energy, Inc.   48,316    4,487,590 
PPL Corp.   22,540    861,028 
Sempra   22,746    2,210,229 
Southern Co. (The)   34,801    3,358,993 
Vistra Corp.   2,903    436,408 
WEC Energy Group, Inc.   4,050    468,869 
Xcel Energy, Inc.   9,014    716,072 
         25,248,965 
ELECTRICAL EQUIPMENT - 3.9%          
AMETEK, Inc.   7,484    1,604,270 
Carrier Global Corp.   21,394    1,204,696 
Fortive Corp.   20,275    1,120,802 
Hubbell, Inc.   1,176    577,110 
Johnson Controls International plc   31,287    4,097,033 
Keysight Technologies, Inc. (a)   4,027    1,137,104 
Otis Worldwide Corp.   13,433    1,035,416 
Rockwell Automation, Inc.   9,390    3,369,883 
TE Connectivity plc   12,870    2,690,088 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 99.1% (Continued)  Shares   Fair Value 
ELECTRICAL EQUIPMENT - 3.9% (Continued)          
Trane Technologies plc   10,350   $4,313,259 
         21,149,661 
ENTERTAINMENT CONTENT - 1.3%          
Electronic Arts, Inc.   4,550    927,609 
Fox Corp. - Class B   8,540    453,474 
Walt Disney Co. (The)   44,280    4,267,706 
Warner Bros. Discovery, Inc. (a)   54,292    1,490,858 
         7,139,647 
FOOD - 0.9%          
Kraft Heinz Co. (The)   62,325    1,401,689 
McCormick & Co., Inc.   5,902    297,697 
Mondelez International, Inc. - Class A (b)   52,080    3,001,891 
Tyson Foods, Inc. - Class A   4,735    303,372 
         5,004,649 
GAS & WATER UTILITIES - 0.3%          
American Water Works Co., Inc.   12,748    1,734,875 
           
HEALTH CARE FACILITIES & SERVICES - 3.2%          
Cardinal Health, Inc.   12,030    2,542,059 
Cencora, Inc.   5,450    1,712,063 
Centene Corp. (a)   19,423    635,909 
Cigna Group (The)   7,053    1,881,388 
CVS Health Corp.   31,342    2,250,983 
Elevance Health, Inc.   4,820    1,411,055 
Humana, Inc.   1,613    279,678 
IQVIA Holdings, Inc. (a)   2,589    441,528 
Labcorp Holdings, Inc.   4,820    1,286,024 
McKesson Corp.   3,834    3,317,790 
Quest Diagnostics, Inc.   8,530    1,671,710 
         17,430,187 
HOME CONSTRUCTION - 0.1%          
D.R. Horton, Inc.   1,940    266,207 
PulteGroup, Inc.   4,530    532,773 
         798,980 
HOUSEHOLD PRODUCTS - 2.7%          
Church & Dwight Co., Inc.   10,045    937,399 
Colgate-Palmolive Co.   21,467    1,829,633 
Estée Lauder Cos., Inc. (The) - Class A   10,860    779,422 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 99.1% (Continued)  Shares   Fair Value 
HOUSEHOLD PRODUCTS - 2.7% (Continued)          
Kenvue, Inc.   15,405   $265,582 
Procter & Gamble Co. (The)   76,006    10,978,307 
         14,790,343 
INDUSTRIAL SUPPORT SERVICES - 0.6%          
Fastenal Co.   13,360    619,904 
Ferguson Enterprises, Inc.   3,720    867,727 
United Rentals, Inc. (b)   1,120    815,987 
W.W. Grainger, Inc.   870    949,005 
         3,252,623 
INSTITUTIONAL FINANCIAL SERVICES - 4.6%          
Bank of New York Mellon Corp. (The)   32,984    3,912,892 
CME Group, Inc.   8,040    2,374,614 
Goldman Sachs Group, Inc. (The)   8,730    7,385,493 
Intercontinental Exchange, Inc.   16,126    2,536,297 
Morgan Stanley   32,291    5,314,130 
Nasdaq, Inc.   7,520    638,373 
Northern Trust Corp.   10,217    1,425,987 
State Street Corp.   8,990    1,137,774 
         24,725,560 
INSURANCE - 6.4%          
Aflac, Inc.   21,650    2,375,221 
Allstate Corp. (The)   12,509    2,593,616 
American International Group, Inc.   19,777    1,488,219 
Aon plc - Class A   4,406    1,422,169 
Arch Capital Group Ltd. (a)   11,250    1,079,887 
Arthur J. Gallagher & Co.   5,628    1,218,912 
Berkley (W.R.) Corp.   14,737    976,768 
Brown & Brown, Inc.   9,530    621,451 
Chubb Ltd.   12,990    4,233,831 
Cincinnati Financial Corp.   8,657    1,362,179 
Hartford Insurance Group, Inc. (The)   10,830    1,464,541 
Loews Corp.   5,440    580,666 
Markel Group, Inc. (a)   853    1,632,702 
Marsh & McLennan Cos., Inc.   13,432    2,329,780 
MetLife, Inc.   23,723    1,677,691 
Principal Financial Group, Inc.   9,570    862,353 
Progressive Corp. (The)   17,931    3,554,641 
Prudential Financial, Inc.   13,740    1,342,261 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 99.1% (Continued)  Shares   Fair Value 
INSURANCE - 6.4% (Continued)          
Travelers Cos., Inc. (The)   9,403   $2,742,667 
Willis Towers Watson plc   3,661    1,064,253 
         34,623,808 
INTERNET MEDIA & SERVICES - 0.3%          
Alphabet, Inc. - Class C   3,320    952,375 
Booking Holdings, Inc.   123    517,869 
Meta Platforms, Inc. - Class A   660    377,606 
         1,847,850 
LEISURE FACILITIES & SERVICES - 0.6%          
Carnival Corp.   18,750    485,250 
McDonald's Corp.   5,076    1,577,570 
Royal Caribbean Cruises Ltd.   2,400    660,432 
Starbucks Corp.   7,156    641,106 
         3,364,358 
MACHINERY - 1.6%          
Deere & Co. (b)   8,287    4,668,067 
Ingersoll-Rand, Inc.   20,600    1,650,472 
Veralto Corp.   5,569    492,411 
Xylem, Inc.   14,930    1,784,135 
         8,595,085 
MEDICAL EQUIPMENT & DEVICES - 4.0%          
Abbott Laboratories   38,698    3,973,124 
Becton, Dickinson and Co. (b)   3,317    521,532 
Boston Scientific Corp. (a)   21,060    1,321,515 
Danaher Corp.   21,642    4,103,323 
Edwards Lifesciences Corp. (a)   13,783    1,103,743 
GE HealthCare Technologies, Inc.   1,910    135,954 
Intuitive Surgical, Inc. (a)   1,510    696,095 
Medline, Inc. - Class A (a)(b)   8,113    361,028 
Medtronic plc   33,790    2,927,903 
Stryker Corp. (b)   3,450    1,133,636 
Thermo Fisher Scientific, Inc.   10,955    5,384,711 
Waters Corp. (a)   448    133,414 
         21,795,978 
METALS & MINING - 0.8%          
Newmont Corp.   38,112    4,125,624 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 99.1% (Continued)  Shares   Fair Value 
OIL & GAS PRODUCERS - 6.8%          
ConocoPhillips   72,175   $9,527,100 
Devon Energy Corp.   44,403    2,234,359 
Diamondback Energy, Inc. (b)   6,599    1,305,216 
EOG Resources, Inc.   38,146    5,514,767 
EQT Corp.   4,151    264,170 
Kinder Morgan, Inc.   124,014    4,158,189 
ONEOK, Inc.   19,710    1,781,587 
Phillips 66   25,043    4,562,334 
Valero Energy Corp.   17,209    4,252,000 
Williams Cos., Inc. (The)   43,780    3,186,308 
         36,786,030 
OIL & GAS SERVICES & EQUIPMENT - 1.2%          
Baker Hughes Co.   54,184    3,307,933 
SLB Ltd.   64,581    3,318,818 
         6,626,751 
PUBLISHING & BROADCASTING - 0.0% (c)           
TKO Group Holdings, Inc.   689    138,937 
           
REAL ESTATE SERVICES - 0.2%          
CBRE Group, Inc. - Class A (a)   7,370    998,340 
           
REITS - 2.0%          
American Tower Corp.   6,751    1,165,087 
Crown Castle, Inc.   2,442    198,559 
Digital Realty Trust, Inc.   6,060    1,092,073 
Iron Mountain, Inc.   12,047    1,230,481 
Prologis, Inc.   19,841    2,622,583 
Public Storage   1,300    352,144 
Realty Income Corp.   10,720    655,850 
Simon Property Group, Inc.   7,319    1,365,213 
Ventas, Inc.   9,610    785,906 
Welltower, Inc.   2,990    591,153 
Weyerhaeuser Co.   21,764    531,694 
         10,590,743 
RENEWABLE ENERGY - 0.1%          
First Solar, Inc. (a)   2,655    523,725 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 99.1% (Continued)  Shares   Fair Value 
RETAIL - CONSUMER STAPLES - 3.4%          
Costco Wholesale Corp.   1,230   $1,225,609 
Dollar General Corp.   3,010    357,377 
Dollar Tree, Inc. (a)   4,360    477,464 
Kroger Co. (The) (b)   20,514    1,484,393 
Target Corp. (b)   4,974    602,849 
Walmart, Inc.   114,080    14,177,862 
         18,325,554 
RETAIL - DISCRETIONARY - 2.4%          
AutoZone, Inc. (a)   156    526,934 
Home Depot, Inc. (The)   23,763    7,815,413 
Lowe's Cos., Inc.   15,205    3,592,637 
Ross Stores, Inc.   1,881    407,481 
Ulta Beauty, Inc. (a)   981    512,779 
         12,855,244 
SEMICONDUCTORS - 4.4%          
Advanced Micro Devices, Inc. (a)   1,679    341,559 
Applied Materials, Inc.   9,057    3,095,592 
Broadcom, Inc.   3,344    1,035,001 
Intel Corp. (a)   92,636    4,088,027 
Microchip Technology, Inc.   4,170    269,424 
Micron Technology, Inc.   25,754    8,700,731 
NVIDIA Corp.   1,643    286,539 
ON Semiconductor Corp. (a)   6,327    391,768 
QUALCOMM, Inc.   24,460    3,149,959 
Texas Instruments, Inc.   12,214    2,371,226 
         23,729,826 
SOFTWARE - 1.4%          
Microsoft Corp.   7,740    2,865,116 
Oracle Corp.   8,432    1,240,432 
Roper Technologies, Inc.   3,740    1,323,436 
Salesforce, Inc.   8,042    1,501,200 
Strategy, Inc. - Class A (a)(b)   3,884    484,723 
Zoom Communications, Inc. (a)   3,680    295,835 
         7,710,742 
SPECIALTY FINANCE - 1.2%          
American Express Co.   9,744    2,947,365 
Capital One Financial Corp.   15,730    2,869,624 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 99.1% (Continued)  Shares   Fair Value 
SPECIALTY FINANCE - 1.2% (Continued)          
Synchrony Financial   9,950   $676,799 
         6,493,788 
STEEL - 0.3%          
Nucor Corp.   6,410    1,083,931 
Steel Dynamics, Inc.   3,010    541,800 
         1,625,731 
TECHNOLOGY HARDWARE - 3.4%          
Apple, Inc.   4,323    1,097,134 
Arista Networks, Inc. (a)   2,770    340,101 
Cisco Systems, Inc.   98,040    7,606,924 
Corning, Inc.   30,320    4,122,610 
Dell Technologies, Inc. - Class C   8,240    1,352,431 
Hewlett Packard Enterprise Co.   30,160    718,110 
HP, Inc.   16,750    321,767 
Seagate Technology Holdings plc   2,560    1,002,906 
Western Digital Corp.   5,923    1,602,112 
         18,164,095 
TECHNOLOGY SERVICES - 1.5%          
Accenture plc - Class A   17,477    3,465,514 
Automatic Data Processing, Inc.   6,227    1,265,202 
Cognizant Technology Solutions Corp. - Class A   4,450    273,007 
Fiserv, Inc. (a)   8,480    473,184 
Global Payments, Inc.   1,646    110,776 
Paychex, Inc.   3,334    307,128 
PayPal Holdings, Inc.   6,076    274,817 
S&P Global, Inc.   2,994    1,273,468 
Verisk Analytics, Inc.   2,597    492,781 
Visa, Inc. - Class A   1,440    435,226 
         8,371,103 
TELECOMMUNICATIONS - 2.1%          
AT&T, Inc.   174,986    5,072,844 
T-Mobile US, Inc.   4,527    950,806 
Verizon Communications, Inc.   108,835    5,463,517 
         11,487,167 
TRANSPORTATION & LOGISTICS - 2.3%          
CSX Corp.   29,639    1,216,681 
Delta Air Lines, Inc.   22,800    1,515,744 
FedEx Corp.   6,170    2,197,630 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 99.1% (Continued)  Shares   Fair Value 
TRANSPORTATION & LOGISTICS - 2.3% (Continued)          
Norfolk Southern Corp.   5,330   $1,529,710 
Southwest Airlines Co. (b)   24,245    910,885 
Union Pacific Corp.   11,880    2,882,326 
United Airlines Holdings, Inc. (a)   11,600    1,068,012 
United Parcel Service, Inc. - Class B   12,242    1,204,368 
         12,525,356 
TRANSPORTATION EQUIPMENT - 0.5%          
PACCAR, Inc.   14,850    1,715,175 
Westinghouse Air Brake Technologies Corp.   3,020    754,728 
         2,469,903 
WHOLESALE - CONSUMER STAPLES - 0.3%          
Archer-Daniels-Midland Co.   14,071    1,022,821 
Sysco Corp.   7,490    534,262 
         1,557,083 
           
TOTAL COMMON STOCKS (COST $343,201,988)       $537,328,948 

 

CORPORATE NOTES - 0.8%  Coupon   Maturity  Principal Amount   Fair Value 
COMMUNITY DEVELOPMENT - 0.8%                  
Calvert Impact Capital, Inc. (d)   4.000%  06/15/28  $350,000   $338,541 
Calvert Impact Capital, Inc. (d)   5.000%  12/15/28   800,000    787,317 
Calvert Impact Capital, Inc. (d)   5.000%  06/15/29   830,000    809,810 
Calvert Impact Capital, Inc. (d)   4.500%  12/14/29   150,000    144,099 
Calvert Impact Capital, Inc. (d)   4.500%  06/14/30   290,000    275,079 
Calvert Impact Capital, Inc. (d)   4.500%  12/13/30   600,000    569,469 
Capital Impact Partners Investment (d)   4.500%  06/15/26   290,000    290,243 
Capital Impact Partners Investment (d)   5.000%  12/15/26   1,000,000    1,002,454 
TOTAL CORPORATE NOTES (COST $4,310,000)               $4,217,012 

 

MONEY MARKET FUNDS - 0.0% (c)  Shares   Fair Value 
First American Government Obligations Fund - Class X, 3.58% (e)  (COST $242,992)   242,992   $242,992 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 2.6%  Shares   Fair Value 
Mount Vernon Liquid Assets Portfolio, LLC, 3.74% (e)(f) (COST $13,801,368)   13,801,368   $13,801,368 
           
TOTAL INVESTMENTS - (COST $361,556,348) - 102.5%       $555,590,320 
           
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.5%)        (13,443,008)
           
NET ASSETS - 100.0%       $542,147,312 

 

(a)Non-income producing security.
(b)All or a portion of the security is on loan. The total fair value of the securities on loan as of March 31, 2026 was $13,602,278.
(c)Percentage rounds to less than 0.1%.
(d)Illiquid securities are as follows:

 

   Acquisition
Date		  Current
Cost		   Fair
Value		   % of Net
Assets		 
Calvert Impact Capital, Inc., 4.000%, 06/15/28  06/15/23  $350,000   $338,541    0.1%
Calvert Impact Capital, Inc., 5.000%, 12/15/28  12/15/23   800,000    787,317    0.1%
Calvert Impact Capital, Inc., 5.000%, 06/15/29  06/14/24   830,000    809,810    0.1%
Calvert Impact Capital, Inc., 4.500%, 12/14/29  12/13/24   150,000    144,099    0.0%(c)
Calvert Impact Capital, Inc., 4.500%, 06/14/30  06/13/25   290,000    275,079    0.1%
Calvert Impact Capital, Inc., 4.500%, 12/13/30  12/15/25   600,000    569,469    0.1%
Capital Impact Partners Investment, 4.500%, 06/15/26  06/17/25   290,000    290,243    0.1%
Capital Impact Partners Investment, 5.000%, 12/15/26  12/15/23   1,000,000    1,002,454    0.2%
      $4,310,000   $4,217,012    0.8%

 

(e)The rate shown is the 7-day effective yield as of March 31, 2026.
(f)The security was purchased with cash collateral received from securities on loan.

 

plc - Public Liability Company

 

 

Schedule of Portfolio Investments

Praxis Growth Index Fund

March 31, 2026 (Unaudited)

 

COMMON STOCKS - 98.6%  Shares   Fair Value 
ADVERTISING & MARKETING - 0.1%          
Trade Desk, Inc. (The) - Class A (a)   22,683   $514,677 
AEROSPACE & DEFENSE - 0.4%          
HEICO Corp.   3,838    1,052,380 
Howmet Aerospace, Inc.   8,650    1,993,479 
         3,045,859 
ASSET MANAGEMENT - 0.3%          
Robinhood Markets, Inc. - Class A (a)   34,060    2,360,358 
           
AUTOMOTIVE - 3.4%          
Tesla, Inc. (a)   63,006    23,422,481 
           
BEVERAGES - 0.2%          
PepsiCo, Inc.   7,760    1,205,050 
           
BIOTECH & PHARMA - 3.6%          
AbbVie, Inc.   7,461    1,622,693 
Alnylam Pharmaceuticals, Inc. (a)   2,970    982,684 
Eli Lilly & Co.   20,910    19,232,391 
Insmed, Inc. (a)   2,913    476,334 
Merck & Co., Inc. (b)   7,191    865,005 
Vertex Pharmaceuticals, Inc. (a)   4,274    1,908,512 
         25,087,619 
CHEMICALS - 0.5%          
Linde plc   7,048    3,494,116 
           
COMMERCIAL SUPPORT SERVICES - 0.1%          
Cintas Corp.   3,600    608,904 
           
DIVERSIFIED INDUSTRIALS - 0.1%          
Illinois Tool Works, Inc. (b)   1,554    404,491 
           
E-COMMERCE DISCRETIONARY - 4.6%          
Amazon.com, Inc. (a)   148,466    30,921,014 
eBay, Inc.   8,540    777,311 
         31,698,325 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
ELECTRICAL EQUIPMENT - 2.4%          
Amphenol Corp. - Class A   26,986   $3,409,681 
Bloom Energy Corp. - Class A (a)   5,776    782,590 
GE Vernova, Inc.   5,900    5,150,110 
Keysight Technologies, Inc. (a)   3,981    1,124,115 
Rockwell Automation, Inc.   2,288    821,118 
Trane Technologies plc   5,710    2,379,585 
Veritiv Holdings Co. - Class A   10,544    2,642,116 
         16,309,315 
ENGINEERING & CONSTRUCTION - 0.3%          
Comfort Systems USA, Inc.   238    328,200 
Quanta Services, Inc.   3,128    1,717,334 
         2,045,534 
ENTERTAINMENT CONTENT - 0.5%          
AppLovin Corp. - Class A (a)   6,660    2,650,680 
Electronic Arts, Inc.   3,445    702,332 
         3,353,012 
HEALTH CARE FACILITIES & SERVICES - 0.3%          
Cencora, Inc.   2,140    672,259 
McKesson Corp.   1,910    1,652,838 
         2,325,097 
HOUSEHOLD PRODUCTS - 0.0% (c)          
Colgate-Palmolive Co.   4,057    345,778 
           
INDUSTRIAL SUPPORT SERVICES - 0.5%          
Fastenal Co.   12,106    561,719 
W.W. Grainger, Inc.   2,530    2,759,749 
         3,321,468 
INSTITUTIONAL FINANCIAL SERVICES - 0.4%          
Coinbase Global, Inc. - Class A (a)   2,937    512,830 
Interactive Brokers Group, Inc. - Class A   25,416    1,704,651 
Nasdaq, Inc.   8,490    720,716 
         2,938,197 
INSURANCE - 0.3%          
Brown & Brown, Inc.   10,274    669,967 
Progressive Corp. (The)   5,690    1,127,986 
         1,797,953 
INTERNET MEDIA & SERVICES - 17.1%          
Airbnb, Inc. - Class A (a)   10,831    1,367,739 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
INTERNET MEDIA & SERVICES - 17.1% (Continued)          
Alphabet, Inc. - Class A   124,440   $35,783,966 
Alphabet, Inc. - Class C   97,310    27,914,347 
Booking Holdings, Inc.   1,136    4,782,923 
DoorDash, Inc. - Class A (a)(b)   10,120    1,519,518 
Expedia Group, Inc.   3,256    751,778 
GoDaddy, Inc. - Class A (a)   4,345    359,201 
Meta Platforms, Inc. - Class A   50,610    28,955,499 
Netflix, Inc. (a)   108,094    10,393,238 
Reddit, Inc. - Class A (a)   4,904    660,324 
ROBLOX Corp. - Class A (a)   19,330    1,093,305 
Uber Technologies, Inc. (a)   50,480    3,631,026 
VeriSign, Inc.   4,711    1,170,024 
         118,382,888 
LEISURE FACILITIES & SERVICES - 1.5%          
Chipotle Mexican Grill, Inc. (a)   25,068    802,427 
Hilton Worldwide Holdings, Inc.   7,350    2,234,988 
Live Nation Entertainment, Inc. (a)(b)   3,326    507,248 
Marriott International, Inc. - Class A   4,660    1,524,146 
McDonald's Corp.   5,969    1,855,105 
Rocket Lab Corp. (a)   13,648    876,475 
Royal Caribbean Cruises Ltd.   4,160    1,144,749 
Starbucks Corp.   13,753    1,232,131 
         10,177,269 
LEISURE PRODUCTS - 0.1%          
Axon Enterprise, Inc. (a)   1,360    577,578 
           
MACHINERY - 0.4%          
Deere & Co. (b)   3,936    2,217,149 
Veralto Corp.   8,624    762,534 
         2,979,683 
MEDICAL EQUIPMENT & DEVICES - 2.2%          
Agilent Technologies, Inc.   4,905    559,072 
Boston Scientific Corp. (a)   29,440    1,847,360 
Danaher Corp.   9,764    1,851,254 
DexCom, Inc. (a)   5,122    321,662 
IDEXX Laboratories, Inc. (a)   1,700    955,213 
Intuitive Surgical, Inc. (a)   7,448    3,433,454 
Mettler-Toledo International, Inc. (a)   550    693,660 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
MEDICAL EQUIPMENT & DEVICES - 2.2% (Continued)          
ResMed, Inc. (b)   2,090   $469,163 
Stryker Corp. (b)   3,549    1,166,166 
Thermo Fisher Scientific, Inc.   6,355    3,123,673 
Waters Corp. (a)   1,646    490,179 
         14,910,856 
OIL & GAS PRODUCERS - 0.1%          
EQT Corp.   5,685    361,793 
           
OIL & GAS SERVICES & EQUIPMENT - 0.1%          
Baker Hughes Co.   15,026    917,337 
           
OIL, GAS & CONSUMABLE FUELS - 0.2%          
Venture Global, Inc. - Class A (b)   66,623    1,049,978 
           
REITS - 1.3%          
American Tower Corp.   3,920    676,514 
Equinix, Inc.   3,842    3,766,082 
Iron Mountain, Inc.   8,670    885,554 
Texas Pacific Land Corp. (b)   1,992    945,323 
Welltower, Inc.   14,163    2,800,167 
         9,073,640 
RENEWABLE ENERGY - 0.1%          
First Solar, Inc. (a)   3,450    680,547 
           
RETAIL - CONSUMER STAPLES - 1.0%          
Costco Wholesale Corp.   6,069    6,047,334 
Walmart, Inc.   7,770    965,655 
         7,012,989 
RETAIL - DISCRETIONARY - 2.7%          
AutoZone, Inc. (a)   659    2,225,957 
Carvana Co. (a)   3,229    1,015,133 
Cloudflare, Inc. - Class A (a)   9,380    1,935,469 
Home Depot, Inc. (The)   13,406    4,409,099 
Lowe's Cos., Inc. (b)   6,789    1,604,105 
Lululemon Athletica, Inc. (a)   3,985    610,104 
O'Reilly Automotive, Inc. (a)   27,150    2,506,217 
TJX Cos., Inc. (The)   25,503    4,072,829 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
RETAIL - DISCRETIONARY - 2.7% (Continued)          
Tractor Supply Co.   10,300   $466,590 
         18,845,503 
SEMICONDUCTORS - 21.9%          
Advanced Micro Devices, Inc. (a)   36,851    7,496,599 
Applied Materials, Inc.   22,816    7,798,281 
Broadcom, Inc.   99,575    30,819,458 
Intel Corp. (a)   14,810    653,565 
KLA Corp.   3,030    4,461,402 
Lam Research Corp.   31,227    6,671,961 
Marvell Technology, Inc.   22,460    2,224,663 
Monolithic Power Systems, Inc.   1,690    1,847,762 
NVIDIA Corp.   495,402    86,398,109 
QUALCOMM, Inc.   9,790    1,260,756 
Teradyne, Inc.   3,018    894,716 
Texas Instruments, Inc.   5,022    974,971 
         151,502,243 
SOFTWARE - 13.0%          
Adobe, Inc. (a)   11,702    2,844,522 
Atlassian Corp. - Class A (a)   7,896    538,902 
Autodesk, Inc. (a)   9,191    2,200,325 
Cadence Design Systems, Inc. (a)   12,442    3,457,259 
CoreWeave, Inc. - Class A (a)(b)   9,775    757,269 
Crowdstrike Holdings, Inc. - Class A (a)   6,320    2,467,391 
Fortinet, Inc. (a)   23,153    1,892,063 
HubSpot, Inc. (a)   2,898    707,402 
Intuit, Inc.   7,895    3,413,640 
Microsoft Corp.   128,238    47,469,861 
MongoDB, Inc. (a)   2,987    731,128 
Oracle Corp.   43,252    6,362,802 
Palo Alto Networks, Inc. (a)   21,776    3,491,128 
Salesforce, Inc.   14,156    2,642,501 
ServiceNow, Inc. (a)   35,157    3,675,664 
Snowflake, Inc. (a)   8,540    1,288,003 
Synopsys, Inc. (a)   6,452    2,558,089 
Tyler Technologies, Inc. (a)   3,752    1,284,610 
Workday, Inc. - Class A (a)   4,256    552,940 
Zoom Communications, Inc. (a)   8,262    664,182 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
SOFTWARE - 13.0% (Continued)          
Zscaler, Inc. (a)   4,667   $654,733 
         89,654,414 
SPECIALTY FINANCE - 0.3%          
American Express Co.   6,050    1,830,004 
           
TECHNOLOGY HARDWARE - 14.0%          
Apple, Inc.   328,685    83,416,966 
Arista Networks, Inc. (a)   29,760    3,653,933 
Ciena Corp. (a)   1,398    542,745 
Cisco Systems, Inc.   6,183    479,739 
Datadog, Inc. - Class A (a)   10,068    1,188,527 
Lumentum Holdings, Inc. (a)(b)   779    547,450 
NetApp, Inc.   5,800    593,862 
Sandisk Corp. (a)   3,493    2,219,243 
Seagate Technology Holdings plc   6,383    2,500,604 
Western Digital Corp.   5,793    1,566,949 
         96,710,018 
TECHNOLOGY SERVICES - 4.2%          
Accenture plc - Class A   9,379    1,859,762 
Automatic Data Processing, Inc.   6,970    1,416,165 
Broadridge Financial Solutions, Inc.   2,596    421,798 
CoStar Group, Inc. (a)(b)   18,734    755,729 
Fair Isaac Corp. (a)   920    982,137 
Fiserv, Inc. (a)   8,462    472,180 
Mastercard, Inc. - Class A   17,176    8,582,160 
Moody's Corp.   3,375    1,472,344 
MSCI, Inc.   1,797    968,601 
S&P Global, Inc.   1,944    826,861 
Visa, Inc. - Class A   37,988    11,481,493 
         29,239,230 
TRANSPORTATION & LOGISTICS - 0.3%          
Old Dominion Freight Line, Inc.   5,900    1,152,860 
Union Pacific Corp.   3,911    948,887 
         2,101,747 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
WHOLESALE - DISCRETIONARY - 0.1% Copart, Inc. (a)   20,652   $685,646 
           
TOTAL COMMON STOCKS (COST $252,154,096)       $680,971,597 

 

CORPORATE NOTES - 0.8%  Coupon   Maturity  Principal Amount   Fair Value 
COMMUNITY DEVELOPMENT - 0.8%                  
Calvert Impact Capital, Inc. (d)   4.000%  06/15/28  $750,000   $725,444 
Calvert Impact Capital, Inc. (d)   5.000%  12/15/28   450,000    442,866 
Calvert Impact Capital, Inc. (d)   5.000%  06/15/29   1,270,000    1,239,107 
Calvert Impact Capital, Inc. (d)   4.500%  12/14/29   450,000    432,298 
Calvert Impact Capital, Inc. (d)   4.500%  06/14/30   760,000    720,896 
Calvert Impact Capital, Inc. (d)   4.500%  12/13/30   950,000    901,660 
Capital Impact Partners Investment (d)   4.500%  06/15/26   760,000    760,637 
Capital Impact Partners Investment (d)   5.000%  12/15/26   500,000    501,227 
TOTAL CORPORATE NOTES (COST $5,890,000)               $5,724,135 

 

MONEY MARKET FUNDS - 0.6%  Shares   Fair Value 
First American Government Obligations Fund - Class X, 3.58% (e)  (COST $3,854,943)   3,854,943   $3,854,943 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 1.6%  Shares   Fair Value 
Mount Vernon Liquid Assets Portfolio, LLC, 3.74% (e)(f) (COST $11,059,339)   11,059,339   $11,059,339 
           
TOTAL INVESTMENTS - (COST $272,958,378) - 101.6%       $701,610,014 
           
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6%)        (11,130,607)
           
NET ASSETS - 100.0%       $690,479,407 

 

(a)Non-income producing security.
(b)All or a portion of the security is on loan. The total fair value of the securities on loan as of March 31, 2026 was $10,948,358.
(c)Percentage rounds to less than 0.1%.
(d)Illiquid securities are as follows:

 

   Acquisition
Date		  Current
Cost		   Fair
Value		   % of Net
Assets		 
Calvert Impact Capital, Inc., 4.000%, 06/15/28  06/15/23  $750,000   $725,444    0.1%
Calvert Impact Capital, Inc., 5.000%, 12/15/28  12/15/23   450,000    442,866    0.1%
Calvert Impact Capital, Inc., 5.000%, 06/15/29  06/14/24   1,270,000    1,239,107    0.2%
Calvert Impact Capital, Inc., 4.500%, 12/14/29  12/13/24   450,000    432,298    0.0%(c)
Calvert Impact Capital, Inc., 4.500%, 06/14/30  06/13/25   760,000    720,896    0.1%
Capital Impact Capital, Inc., 4.500%, 12/13/30  12/15/25   950,000    901,660    0.1%
Capital Impact Partners Investment, 4.500%, 06/15/26  06/17/25   760,000    760,637    0.1%
Capital Impact Partners Investment, 5.000%, 12/15/26  12/15/23   500,000    501,227    0.1%
      $5,890,000   $5,724,135    0.8%

 

(e)The rate shown is the 7-day effective yield as of March 31, 2026.
(f)The security was purchased with cash collateral received from securities on loan.

 

plc - Public Liability Company

 

 

Schedule of Portfolio Investments

Praxis Small Cap Index Fund

March 31, 2026 (Unaudited)

 

COMMON STOCKS - 99.0%  Shares   Fair Value 
ADVERTISING & MARKETING - 0.5%          
Compass, Inc. - Class A (a)   22,053   $161,207 
Omnicom Group, Inc.   8,347    628,613 
Trade Desk, Inc. (The) - Class A (a)   9,288    210,745 
         1,000,565 
AEROSPACE & DEFENSE - 0.3%          
Beta Technologies, Inc. - Class A (a)   4,358    64,063 
Hexcel Corp.   2,422    196,012 
Loar Holdings, Inc. (a)   3,324    190,432 
York Space Systems, Inc. (a)   7,461    165,410 
         615,917 
APPAREL & TEXTILE PRODUCTS - 1.1%          
Kontoor Brands, Inc. (b)   4,037    283,761 
Ralph Lauren Corp.   1,138    391,461 
Steven Madden Ltd.   3,894    132,084 
Tapestry, Inc.   5,992    845,531 
Under Armour, Inc. - Class A (a)   20,748    122,621 
VF Corp.   18,085    307,264 
Wolverine World Wide, Inc.   7,440    121,421 
         2,204,143 
ASSET MANAGEMENT - 1.6%          
Affiliated Managers Group, Inc.   879    243,219 
Blue Owl Capital, Inc. (b)   31,634    288,818 
Franklin Resources, Inc.   38,148    901,056 
Hamilton Lane, Inc. - Class A   1,565    155,561 
Invesco Ltd.   15,213    369,524 
Janus Henderson Group plc   4,360    223,973 
Opendoor Technologies, Inc. (a)   24,811    116,116 
StepStone Group, Inc. - Class A   3,193    152,370 
Stifel Financial Corp.   4,799    354,742 
Virtus Investment Partners, Inc.   920    123,602 
WisdomTree, Inc.   18,255    265,793 
         3,194,774 
AUTOMOTIVE - 1.2%          
Aptiv plc (a)   6,798    472,053 
BorgWarner, Inc.   7,141    387,471 
Dana, Inc.   7,322    246,385 
Dorman Products, Inc. (a)   2,127    221,974 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
AUTOMOTIVE - 1.2% (Continued)          
Lear Corp.   1,460   $176,777 
Modine Manufacturing Co. (a)   1,568    339,801 
Phinia, Inc. (b)   3,280    224,483 
Rivian Automotive, Inc. - Class A (a)   27,145    408,532 
         2,477,476 
BANKING - 4.9%          
Ameris Bancorp   4,705    366,943 
Associated Banc-Corp   4,207    108,793 
Atlantic Union Bankshares Corp.   4,240    151,538 
Axos Financial, Inc. (a)   3,442    292,880 
BancFirst Corp.   2,490    270,165 
Bank of Hawaii Corp.   1,872    138,996 
Banner Corp. (b)   1,910    115,899 
Beacon Financial Corp.   7,000    210,000 
Cathay General Bancorp (b)   2,773    138,262 
City Holding Co.   2,750    328,680 
Columbia Banking System, Inc.   7,638    209,510 
Cullen/Frost Bankers, Inc.   1,673    229,335 
CVB Financial Corp.   6,528    126,578 
East West Bancorp, Inc.   3,797    405,368 
First BanCorp   15,211    324,907 
First Citizens BancShares, Inc. - Class A   231    435,356 
First Financial Bancorp   6,798    189,528 
First Hawaiian, Inc.   5,621    138,501 
First Horizon Corp.   14,190    322,964 
Flagstar Bank N.A.   13,220    174,107 
FNB Corp.   11,671    195,139 
Fulton Financial Corp.   7,890    160,483 
Glacier Bancorp, Inc.   2,522    112,658 
Hancock Whitney Corp.   2,130    135,447 
Independent Bank Corp. (b)   2,280    171,479 
National Bank Holdings Corp. - Class A   3,270    128,053 
OFG Bancorp   7,230    292,526 
Old National Bancorp   8,517    188,226 
Park National Corp.   1,936    316,439 
Pinnacle Financial Partners, Inc.   4,191    361,013 
Popular, Inc.   1,598    214,404 
Prosperity Bancshares, Inc.   1,344    90,290 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
BANKING - 4.9% (Continued)          
Provident Financial Services, Inc.   7,040   $148,966 
ServisFirst Bancshares, Inc.   3,334    242,815 
SouthState Bank Corp.   1,710    158,209 
Texas Capital Bancshares, Inc. (a)   1,109    105,222 
Triumph Financial, Inc. (a)   2,565    153,028 
Trustmark Corp.   4,750    200,165 
UMB Financial Corp.   2,320    261,673 
United Bankshares, Inc.   3,920    162,366 
United Community Banks, Inc.   6,642    209,157 
Valley National Bancorp   14,113    173,308 
Webster Financial Corp.   5,418    376,117 
Western Alliance Bancorp   2,675    189,524 
Wintrust Financial Corp.   1,799    249,953 
Zions Bancorp N.A.   4,054    233,591 
         9,908,561 
BEVERAGES - 0.3%          
Celsius Holdings, Inc. (a)(b)   6,273    222,566 
Coca-Cola Consolidated, Inc.   1,513    290,103 
Primo Brands Corp.   9,763    183,837 
         696,506 
BIOTECH & PHARMA - 5.6%          
ACADIA Pharmaceuticals, Inc. (a)   3,543    78,867 
Alkermes plc (a)   5,110    180,690 
Amicus Therapeutics, Inc. (a)   10,169    147,044 
Arcellx, Inc. (a)   1,888    216,780 
Arrowhead Pharmaceuticals, Inc. (a)(b)   4,483    281,084 
Axsome Therapeutics, Inc. (a)(b)   1,265    213,810 
BioMarin Pharmaceutical, Inc. (a)   5,611    316,965 
BridgeBio Pharma, Inc. (a)(b)   5,170    383,924 
CG Oncology, Inc. (a)   3,744    253,394 
Cogent Biosciences, Inc. (a)   4,040    155,500 
Crinetics Pharmaceuticals, Inc. (a)   3,836    139,324 
Cytokinetics, Inc. (a)   3,853    253,951 
Denali Therapeutics, Inc. (a)   4,027    77,318 
Elanco Animal Health, Inc. (a)   17,250    412,793 
Exelixis, Inc. (a)   8,010    343,549 
Guardant Health, Inc. (a)   4,080    376,870 
Halozyme Therapeutics, Inc. (a)   4,391    283,790 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
BIOTECH & PHARMA - 5.6% (Continued)          
ImmunityBio, Inc. (a)(b)   11,028   $84,585 
Incyte Corp. (a)   6,840    643,781 
Innoviva, Inc. (a)   9,029    210,376 
Insmed, Inc. (a)   3,471    567,578 
Ionis Pharmaceuticals, Inc. (a)   6,232    467,961 
Jazz Pharmaceuticals plc (a)   1,966    371,672 
Krystal Biotech, Inc. (a)(b)   800    206,656 
Kymera Therapeutics, Inc. (a)   2,181    181,655 
Ligand Pharmaceuticals, Inc. (a)   509    101,622 
Madrigal Pharmaceuticals, Inc. (a)   540    282,674 
Moderna, Inc. (a)   10,380    527,304 
Neurocrine Biosciences, Inc. (a)   3,011    396,669 
Praxis Precision Medicines, Inc. (a)   366    117,922 
Prestige Consumer Healthcare, Inc. (a)   3,168    187,767 
Protagonist Therapeutics, Inc. (a)(b)   1,735    182,869 
PTC Therapeutics, Inc. (a)   2,441    166,305 
Revolution Medicines, Inc. (a)   5,402    525,345 
Rhythm Pharmaceuticals, Inc. (a)(b)   1,798    156,372 
Roivant Sciences Ltd. (a)   13,680    378,936 
Sarepta Therapeutics, Inc. (a)   5,830    126,861 
Supernus Pharmaceuticals, Inc. (a)   3,820    197,456 
TG Therapeutics, Inc. (a)   4,624    153,609 
United Therapeutics Corp. (a)   1,380    818,312 
Viking Therapeutics, Inc. (a)(b)   3,319    108,000 
         11,277,940 
CABLE & SATELLITE - 0.2%          
Liberty Broadband Corp. - Series C (a)   5,057    254,367 
Sirius XM Holdings, Inc.   5,535    127,748 
         382,115 
CHEMICALS - 3.0%          
Albemarle Corp.   3,582    643,076 
Balchem Corp.   3,617    613,009 
Celanese Corp.   4,089    268,934 
Dow, Inc.   20,725    863,196 
DuPont de Nemours, Inc.   12,489    571,996 
Ecovyst, Inc. (a)   12,185    156,699 
Element Solutions, Inc. (b)   8,154    278,378 
H.B. Fuller Co.   2,550    157,284 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
CHEMICALS - 3.0% (Continued)          
Huntsman Corp.   17,964   $239,101 
LyondellBasell Industries N.V. - Class A   6,964    561,020 
Materion Corp.   1,843    266,590 
Mosaic Co. (The)   10,011    255,281 
NewMarket Corp.   238    152,546 
Qnity Electronics, Inc.   3,213    370,716 
Solstice Advanced Materials, Inc.   4,871    370,975 
WD-40 Co.   954    194,559 
         5,963,360 
COMMERCIAL SUPPORT SERVICES - 1.8%          
ABM Industries, Inc.   3,590    138,287 
Brady Corp. - Class A   7,062    573,717 
Brink's Co. (The)   1,558    161,456 
Casella Waste Systems, Inc. - Class A (a)   2,953    234,291 
CBIZ, Inc. (a)   7,686    206,369 
Clean Harbors, Inc. (a)   1,585    454,467 
CorVel Corp. (a)   6,700    366,155 
First Advantage Corp. (a)(b)   12,591    148,070 
FTI Consulting, Inc. (a)   560    98,991 
Huron Consulting Group, Inc. (a)   980    124,940 
Korn Ferry   5,842    367,754 
ManpowerGroup, Inc.   9,068    267,143 
UL Solutions, Inc. - Class A   2,401    205,790 
UniFirst Corp.   1,280    322,035 
         3,669,465 
CONSTRUCTION MATERIALS - 0.7%          
Advanced Drainage Systems, Inc.   2,130    292,087 
Carlisle Cos., Inc.   1,161    387,333 
Knife River Corp. (a)(b)   1,579    128,925 
MDU Resources Group, Inc.   18,225    377,622 
Simpson Manufacturing Co., Inc.   1,129    193,759 
         1,379,726 
CONSUMER SERVICES - 0.4%          
Covista, Inc. (a)   2,385    274,871 
Grand Canyon Education, Inc. (a)   840    142,825 
Laureate Education, Inc. (a)   3,819    133,054 
Strategic Education, Inc.   1,698    140,866 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
CONSUMER SERVICES - 0.4% (Continued)          
Stride, Inc. (a)   2,408   $212,314 
         903,930 
CONTAINERS & PACKAGING - 1.2%          
Ball Corp.   9,299    549,664 
Crown Holdings, Inc.   4,210    422,052 
Graphic Packaging Holding Co. (b)   20,439    203,164 
Sealed Air Corp.   7,387    310,623 
Silgan Holdings, Inc. (b)   4,574    177,471 
Smurfit WestRock plc   12,168    484,895 
Sonoco Products Co.   4,831    261,309 
         2,409,178 
DIVERSIFIED INDUSTRIALS - 0.5%          
ITT, Inc.   2,730    520,147 
Pentair plc   5,469    476,404 
         996,551 
E-COMMERCE DISCRETIONARY - 0.4%          
Chewy, Inc. - Class A (a)   7,960    214,920 
Etsy, Inc. (a)   3,893    194,572 
Wayfair, Inc. - Class A (a)   5,090    382,819 
         792,311 
ELECTRIC UTILITIES - 2.6%          
AES Corp. (The)   22,796    321,196 
Avista Corp.   4,680    187,855 
Clearway Energy, Inc. - Class C   3,554    139,637 
Evergy, Inc.   8,550    700,416 
IDACORP, Inc.   876    125,242 
NorthWestern Energy Group, Inc.   7,369    485,912 
NRG Energy, Inc.   6,199    905,922 
Nuvalent, Inc. - Class A (a)(b)   1,536    157,363 
OGE Energy Corp.   5,730    274,811 
Oklo, Inc. (a)(b)   4,114    204,013 
Ormat Technologies, Inc.   2,056    230,107 
Pinnacle West Capital Corp.   5,911    595,533 
Portland General Electric Co.   3,996    210,869 
Talen Energy Corp. (a)   1,529    488,103 
TXNM Energy, Inc.   4,340    253,716 
         5,280,695 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
ELECTRICAL EQUIPMENT - 4.6%          
AAON, Inc.   3,590   $297,073 
Acuity, Inc.   790    221,374 
Advanced Energy Industries, Inc.   2,355    759,982 
Alarm.com Holdings, Inc. (a)   2,271    98,084 
Allegion plc   1,852    269,077 
APi Group Corp. (a)   12,619    511,322 
Argan, Inc.   214    116,555 
Atmus Filtration Technologies, Inc.   2,194    124,553 
Badger Meter, Inc.   2,075    316,126 
Belden, Inc.   1,091    125,280 
Bloom Energy Corp. - Class A (a)   3,943    534,237 
Cognex Corp.   5,408    264,938 
Generac Holdings, Inc. (a)   1,704    332,842 
Hayward Holdings, Inc. (a)   6,850    91,653 
Hubbell, Inc.   707    346,953 
Itron, Inc. (a)   2,170    194,497 
Lennox International, Inc.   506    234,850 
Littelfuse, Inc.   2,290    777,112 
Nextpower, Inc. - Class A (a)   5,428    654,345 
NuScale Power Corp. (a)(b)   9,974    108,118 
nVent Electric plc   5,350    632,798 
OSI Systems, Inc. (a)   1,451    385,255 
Ralliant Corp.   4,037    167,899 
Sensata Technologies Holding plc   5,211    183,531 
SPX Technologies, Inc. (a)   4,302    860,142 
Trimble, Inc. (a)   3,753    244,808 
Vontier Corp.   3,816    135,354 
Watts Water Technologies, Inc. - Class A   916    265,906 
         9,254,664 
ENGINEERING & CONSTRUCTION - 3.6%          
AECOM   3,491    296,107 
Arcosa, Inc.   5,337    566,469 
Centuri Holdings, Inc. (a)   3,402    99,372 
Comfort Systems USA, Inc.   668    921,165 
Construction Partners, Inc. - Class A (a)   1,630    181,126 
Dycom Industries, Inc. (a)   1,265    428,607 
EMCOR Group, Inc.   1,240    915,504 
Everus Construction Group, Inc. (a)   1,914    225,967 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
ENGINEERING & CONSTRUCTION - 3.6% (Continued)          
Frontdoor, Inc. (a)   5,262   $278,149 
Granite Construction, Inc. (b)   4,296    515,005 
Installed Building Products, Inc.   1,411    374,127 
Jacobs Solutions, Inc.   2,857    363,639 
MasTec, Inc. (a)   2,190    704,611 
Primoris Services Corp.   1,889    270,203 
Sterling Infrastructure, Inc. (a)   1,160    472,433 
Tetra Tech, Inc. (b)   8,060    242,767 
TopBuild Corp. (a)(b)   930    326,709 
         7,181,960 
ENTERTAINMENT CONTENT - 0.4%          
Lionsgate Studios Corp. (a)   12,193    116,931 
Paramount Skydance Corp. - Class B   13,917    125,531 
Sphere Entertainment Co. (a)   1,281    150,389 
Versant Media Group, Inc. (a)   4,714    174,512 
Warner Music Group Corp. - Class A   7,764    198,293 
         765,656 
FOOD - 1.1%          
BellRing Brands, Inc. (a)   8,386    134,931 
Cal-Maine Foods, Inc.   2,264    179,196 
Darling Ingredients, Inc. (a)   5,015    310,178 
Flowers Foods, Inc.   33,337    271,696 
Hormel Foods Corp.   12,364    280,045 
Ingredion, Inc.   1,943    218,898 
J.M. Smucker Co. (The)   4,271    411,895 
Post Holdings, Inc. (a)   2,100    207,606 
Seaboard Corp.   20    113,080 
         2,127,525 
FORESTRY, PAPER & WOOD PRODUCTS - 0.2%          
Boise Cascade Co.   4,194    318,115 
Louisiana-Pacific Corp.   2,036    148,119 
         466,234 
GAS & WATER UTILITIES - 1.4%          
American States Water Co.   3,640    275,257 
California Water Service Group   7,671    347,803 
Essential Utilities, Inc.   16,832    677,824 
NiSource, Inc.   8,098    377,853 
Southwest Gas Holdings, Inc.   6,850    595,265 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
GAS & WATER UTILITIES - 1.4% (Continued)          
UGI Corp.   13,957   $508,314 
         2,782,316 
HEALTH CARE FACILITIES & SERVICES - 2.1%          
Acadia Healthcare Co., Inc. (a)   6,801    159,075 
BrightSpring Health Services, Inc. (a)(b)   4,258    181,433 
Brookdale Senior Living, Inc. (a)   7,498    102,573 
Centene Corp. (a)   9,622    315,024 
Charles River Laboratories International, Inc. (a)   1,916    330,510 
Chemed Corp.   502    189,626 
Concentra Group Holdings Parent, Inc.   15,555    333,655 
DaVita, Inc. (a)(b)   1,258    193,342 
Encompass Health Corp.   3,302    319,402 
Ensign Group, Inc. (The) (b)   1,748    352,222 
Henry Schein, Inc. (a)   3,820    281,534 
Medpace Holdings, Inc. (a)   820    393,756 
Molina Healthcare, Inc. (a)   2,095    279,264 
Option Care Health, Inc. (a)   5,870    158,020 
Pediatrix Medical Group, Inc. (a)   7,350    157,217 
RadNet, Inc. (a)   3,960    221,324 
Select Medical Holdings Corp.   12,896    210,076 
Sotera Health Co. (a)   7,879    112,985 
         4,291,038 
HOME & OFFICE PRODUCTS - 0.4%          
HNI Corp.   5,538    184,914 
Newell Brands, Inc.   27,817    95,412 
Somnigroup International, Inc.   5,890    435,389 
         715,715 
HOME CONSTRUCTION - 1.2%          
Armstrong World Industries, Inc.   2,600    428,480 
Cavco Industries, Inc. (a)   743    359,828 
Champion Homes, Inc. (a)   1,320    98,168 
Griffon Corp.   2,560    186,061 
Interface, Inc.   6,988    174,141 
M/I Homes, Inc. (a)   1,817    222,492 
Meritage Homes Corp.   4,450    275,188 
Toll Brothers, Inc.   2,290    312,516 
TRI Pointe Homes, Inc. (a)   9,596    448,421 
         2,505,295 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
HOUSEHOLD PRODUCTS - 0.4%          
Clorox Co. (The)   4,240   $439,391 
Quanex Building Products Corp. (b)   6,912    124,209 
Spectrum Brands Holdings, Inc.   3,020    222,574 
         786,174 
INDUSTRIAL INTERMEDIATE PRODUCTS - 1.2%          
AZZ, Inc.   1,430    178,936 
Chart Industries, Inc. (a)   1,431    295,859 
Enpro, Inc.   1,560    391,014 
Mueller Industries, Inc.   3,309    366,637 
Proto Labs, Inc. (a)   2,998    170,946 
RBC Bearings, Inc. (a)   990    537,689 
Timken Co. (The)   3,660    368,086 
Valmont Industries, Inc.   473    188,997 
         2,498,164 
INDUSTRIAL SUPPORT SERVICES - 1.5%          
Applied Industrial Technologies, Inc.   1,140    302,465 
Core & Main, Inc. - Class A (a)   5,835    288,249 
MSC Industrial Direct Co., Inc. - Class A   5,310    489,954 
RB Global, Inc.   5,653    541,840 
Resideo Technologies, Inc. (a)   6,763    227,981 
SiteOne Landscape Supply, Inc. (a)   1,412    187,951 
Vaxcyte, Inc. (a)   3,120    181,303 
VSE Corp. (b)   712    131,293 
Watsco, Inc.   574    208,815 
WESCO International, Inc.   1,554    425,206 
         2,985,057 
INSTITUTIONAL FINANCIAL SERVICES - 1.0%          
Evercore, Inc. - Class A (b)   1,302    388,660 
Lazard, Inc.   3,959    168,178 
Moelis & Co. - Class A   3,694    210,558 
Piper Sandler Cos. (b)   7,436    569,226 
PJT Partners, Inc. - Class A (b)   1,721    240,458 
StoneX Group, Inc. (a)   1,787    144,081 
Virtu Financial, Inc. - Class A   6,270    275,755 
         1,996,916 
INSURANCE - 3.2%          
American Financial Group, Inc.   2,490    317,998 
Assurant, Inc.   1,350    294,044 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
INSURANCE - 3.2% (Continued)          
Assured Guaranty Ltd.   3,960   $322,661 
Axis Capital Holdings Ltd.   1,521    154,245 
Brighthouse Financial, Inc. (a)   1,761    105,449 
Corebridge Financial, Inc.   13,243    315,978 
Equitable Holdings, Inc.   5,665    210,228 
Everest Group Ltd.   679    221,931 
Genworth Financial, Inc. (a)   39,408    319,993 
Globe Life, Inc.   2,835    394,547 
Jackson Financial, Inc. - Class A   4,108    434,298 
Kemper Corp.   4,811    147,024 
Lemonade, Inc. (a)   1,874    117,462 
Lincoln National Corp.   7,044    250,062 
Mercury General Corp.   3,903    344,049 
Old Republic International Corp.   5,221    208,318 
Primerica, Inc.   950    237,956 
Radian Group, Inc.   8,239    272,546 
Reinsurance Group of America, Inc.   1,945    397,091 
RenaissanceRe Holdings Ltd. (b)   1,171    348,056 
RLI Corp.   2,527    144,140 
SiriusPoint Ltd. (a)   10,490    225,955 
Unum Group   4,937    360,549 
Voya Financial, Inc.   3,198    218,487 
White Mountains Insurance Group Ltd.   64    140,605 
         6,503,672 
INTERNET MEDIA & SERVICES - 0.9%          
CarGurus, Inc. (a)   4,745    161,567 
GoDaddy, Inc. - Class A (a)   3,140    259,584 
Lyft, Inc. - Class A (a)(b)   14,538    193,355 
Maplebear, Inc. (a)(b)   5,008    187,600 
Match Group, Inc.   6,341    194,732 
Pinterest, Inc. - Class A (a)   10,844    198,879 
Roku Inc. (a)   4,219    399,202 
Zillow Group, Inc. - Class A (a)   6,605    273,381 
         1,868,300 
LEISURE FACILITIES & SERVICES - 2.1%          
Brinker International, Inc. (a)   2,179    311,096 
CAVA Group, Inc. (a)(b)   3,117    252,165 
Cheesecake Factory, Inc. (The)   4,578    250,645 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
LEISURE FACILITIES & SERVICES - 2.1% (Continued)          
Choice Hotels International, Inc. (b)   1,237   $128,030 
Cinemark Holdings, Inc.   6,254    178,364 
Domino's Pizza, Inc.   454    162,891 
Dutch Bros, Inc. - Class A (a)(b)   4,395    222,651 
Hyatt Hotels Corp. - Class A   1,435    206,339 
Life Time Group Holdings, Inc. (a)   4,102    110,508 
Madison Square Garden Sports Corp. (a)   938    301,473 
Marriott Vacations Worldwide Corp.   1,336    87,000 
Norwegian Cruise Line Holdings Ltd. (a)   14,731    275,470 
Planet Fitness, Inc. - Class A (a)   1,618    120,347 
Rocket Lab Corp. (a)   8,987    577,145 
Shake Shack, Inc. - Class A (a)   3,069    271,514 
Texas Roadhouse, Inc.   1,850    305,509 
Travel + Leisure Co.   1,670    115,547 
Wendy's Co. (The) (b)   19,463    135,268 
Wyndham Hotels & Resorts, Inc.   3,458    280,893 
         4,292,855 
LEISURE PRODUCTS - 0.9%          
Acushnet Holdings Corp.   3,196    298,762 
Brunswick Corp.   3,232    235,160 
Callaway Golf Co. (a)   7,795    108,195 
Hasbro, Inc.   5,432    508,435 
LCI Industries   1,669    205,254 
Mattel, Inc. (a)   13,656    198,422 
Peloton Interactive, Inc. - Class A (a)   19,905    85,392 
YETI Holdings, Inc. (a)   2,850    104,281 
         1,743,901 
MACHINERY - 3.8%          
AGCO Corp.   2,433    281,912 
Crane Co.   1,594    272,574 
CSW Industrials, Inc.   626    163,123 
Donaldson Co., Inc.   4,192    355,775 
Enerpac Tool Group Corp.   8,150    297,231 
ESCO Technologies, Inc.   2,052    577,371 
Federal Signal Corp.   4,740    512,584 
Flowserve Corp.   4,587    337,190 
Franklin Electric Co., Inc.   6,300    580,671 
Gates Industrial Corp. plc (a)   11,576    261,733 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
MACHINERY - 3.8% (Continued)          
Graco, Inc.   4,275   $361,879 
IDEX Corp.   2,674    506,857 
JBT Marel Corp.   3,075    393,200 
Kadant, Inc.   471    137,697 
Kennametal, Inc.   3,943    142,461 
Lincoln Electric Holdings, Inc.   1,966    489,691 
Lindsay Corp.   840    100,019 
Middleby Corp. (The) (a)   1,490    197,544 
MSA Safety, Inc.   1,259    206,413 
Nordson Corp.   2,090    556,065 
Stanley Black & Decker, Inc.   2,640    187,598 
Tennant Co. (b)   1,705    113,212 
Terex Corp.   3,663    216,483 
Toro Co. (The)   2,924    273,219 
Zurn Elkay Water Solutions Corp.   4,762    213,528 
         7,736,030 
MEDICAL EQUIPMENT & DEVICES - 3.6%          
Align Technology, Inc. (a)   1,950    334,288 
Bio-Rad Laboratories, Inc. - Class A (a)   384    107,040 
Bio-Techne Corp.   2,219    115,965 
Cooper Cos., Inc. (The) (a)   6,454    461,461 
DENTSPLY SIRONA, Inc.   18,382    213,231 
Enovis Corp. (a)   5,767    131,199 
Envista Holdings Corp. (a)   8,663    219,780 
Glaukos Corp. (a)   3,039    327,179 
Globus Medical, Inc. - Class A (a)   3,644    313,967 
Haemonetics Corp. (a)   1,730    97,503 
Hologic, Inc. (a)   9,530    720,373 
ICU Medical, Inc. (a)   907    117,139 
Illumina, Inc. (a)   4,504    555,163 
Insulet Corp. (a)   1,278    268,176 
Integer Holdings Corp. (a)(b)   2,180    191,840 
iRhythm Technologies, Inc. (a)   2,590    305,672 
Lantheus Holdings, Inc. (a)   2,141    162,395 
Masimo Corp. (a)   1,773    315,363 
Merit Medical Systems, Inc. (a)   5,690    392,212 
Natera, Inc. (a)   3,800    759,962 
Penumbra, Inc. (a)(b)   1,280    420,314 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
MEDICAL EQUIPMENT & DEVICES - 3.6% (Continued)          
PROCEPT BioRobotics Corp. (a)   4,431   $110,819 
Repligen Corp. (a)   1,273    149,985 
Revvity, Inc.   1,720    150,689 
Solventum Corp. (a)   4,456    290,977 
Tandem Diabetes Care, Inc. (a)   7,138    136,835 
         7,369,527 
METALS & MINING - 1.3%          
Alcoa Corp.   8,090    536,610 
Century Aluminum Co. (a)   3,551    208,408 
Coeur Mining, Inc. (a)(b)   21,730    407,872 
Hecla Mining Co.   14,575    271,532 
MP Materials Corp. (a)   5,737    276,868 
Royal Gold, Inc.   2,411    613,575 
Rubrik, Inc. - Class A (a)   4,919    240,884 
         2,555,749 
OIL & GAS PRODUCERS - 2.3%          
Antero Midstream Corp.   16,376    373,373 
APA Corp.   18,269    775,336 
California Resources Corp.   4,487    310,590 
CNX Resources Corp. (a)   4,216    162,527 
EQT Corp.   11,347    722,123 
Kinetik Holdings, Inc.   6,761    327,300 
Murphy Oil Corp.   7,821    322,616 
Northern Oil and Gas, Inc. (b)   6,725    196,572 
Ovintiv, Inc.   10,792    640,613 
SM Energy Co.   9,665    301,355 
Viper Energy, Inc. - Class A   9,286    436,349 
         4,568,754 
OIL & GAS SERVICES & EQUIPMENT - 0.6%          
TechnipFMC plc   14,009    968,442 
Weatherford International plc   3,408    322,329 
         1,290,771 
PUBLISHING & BROADCASTING - 0.8%          
John Wiley & Sons, Inc. - Class A (b)   2,851    108,623 
Liberty Media Corp. - Liberty Formula One - Series C (a)   6,235    530,100 
New York Times Co. (The) - Class A   5,269    441,173 
Nexstar Media Group, Inc.   838    151,535 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
PUBLISHING & BROADCASTING - 0.8% (Continued)          
TKO Group Holdings, Inc.   1,818   $366,600 
         1,598,031 
REAL ESTATE OWNERS & DEVELOPERS - 0.1%          
McGrath RentCorp   2,414    266,216 
           
REAL ESTATE SERVICES - 0.4%          
AGNC Investment Corp.   39,508    396,265 
Jones Lang LaSalle, Inc. (a)   1,492    454,046 
         850,311 
REITS - 6.1%          
Acadia Realty Trust   8,150    155,828 
Agree Realty Corp.   2,799    210,989 
American Healthcare REIT, Inc.   5,692    268,435 
American Homes 4 Rent - Class A (b)   16,096    449,400 
Brixmor Property Group, Inc.   11,669    336,067 
Broadstone Net Lease, Inc.   9,933    181,476 
BXP, Inc.   6,555    340,204 
Camden Property Trust   3,430    334,974 
CareTrust REIT, Inc.   11,472    420,449 
DiamondRock Hospitality Co.   14,240    133,429 
EastGroup Properties, Inc.   1,531    283,373 
EPR Properties   3,010    150,380 
Equity LifeStyle Properties, Inc.   4,900    305,858 
Essential Properties Realty Trust, Inc. (b)   7,790    236,504 
Essex Property Trust, Inc.   1,057    255,794 
Federal Realty Investment Trust   2,749    291,971 
First Industrial Realty Trust, Inc.   4,250    245,862 
HA Sustainable Infrastructure Capital, Inc. (b)   3,918    143,987 
Healthpeak Properties, Inc.   22,590    371,154 
Host Hotels & Resorts, Inc.   22,009    421,692 
Independence Realty Trust, Inc.   12,613    187,808 
Invitation Homes, Inc.   15,518    385,622 
Kilroy Realty Corp.   6,135    173,068 
Kimco Realty Corp.   19,961    448,524 
Kite Realty Group Trust   5,788    142,095 
Lamar Advertising Co. - Class A   2,846    360,474 
Macerich Co. (The)   11,680    220,752 
Medical Properties Trust, Inc.   18,810    87,090 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
REITS - 6.1% (Continued)          
Mid-America Apartment Communities, Inc.   2,257   $275,625 
NNN REIT, Inc.   5,050    212,252 
Omega Healthcare Investors, Inc.   8,620    377,728 
OUTFRONT Media Inc.   6,378    169,017 
Park Hotels & Resorts, Inc. (b)   10,556    111,155 
Phillips Edison & Co., Inc.   3,643    136,321 
Regency Centers Corp.   5,103    386,093 
Rexford Industrial Realty, Inc.   7,530    246,457 
Ryman Hospitality Properties, Inc.   1,173    108,233 
Sabra Health Care REIT, Inc.   6,980    134,225 
SL Green Realty Corp.   5,952    219,867 
Sun Communities, Inc.   3,837    483,309 
Tanger, Inc.   10,710    363,926 
Terreno Realty Corp.   2,943    180,759 
Texas Pacific Land Corp.   854    405,274 
Urban Edge Properties   9,260    185,015 
W.P. Carey, Inc.   6,500    441,740 
Weyerhaeuser Co.   15,124    369,479 
         12,349,734 
RENEWABLE ENERGY - 0.6%          
EnerSys   1,054    183,101 
Enphase Energy, Inc. (a)   2,640    99,819 
First Solar, Inc. (a)   1,970    388,602 
Plug Power, Inc. (a)(b)   53,978    121,990 
Solv Energy, Inc. - Class A (a)   15,796    474,354 
         1,267,866 
RETAIL - CONSUMER STAPLES - 1.4%          
BJ's Wholesale Club Holdings, Inc. (a)(b)   3,468    341,320 
Casey's General Stores, Inc.   998    726,404 
Five Below, Inc. (a)   2,072    473,411 
Hims & Hers Health, Inc. (a)(b)   7,324    152,046 
Murphy USA, Inc.   1,125    555,716 
Ollie's Bargain Outlet Holdings, Inc. (a)   1,271    116,983 
PriceSmart, Inc. (b)   1,550    233,275 
Sprouts Farmers Market, Inc. (a)   1,820    140,377 
         2,739,532 
RETAIL - DISCRETIONARY - 2.9%          
Abercrombie & Fitch Co. - Class A (a)   1,384    126,456 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
RETAIL - DISCRETIONARY - 2.9% (Continued)          
Academy Sports & Outdoors, Inc.   1,753   $98,957 
Advance Auto Parts, Inc. (b)   4,870    256,892 
American Eagle Outfitters, Inc.   8,722    145,657 
Asbury Automotive Group, Inc. (a)   1,419    277,287 
AutoNation, Inc. (a)   935    182,568 
Best Buy Co., Inc. (b)   6,190    397,398 
Boot Barn Holdings, Inc. (a)   1,758    257,301 
Buckle, Inc. (The)   5,380    270,937 
Burlington Stores, Inc. (a)   853    277,549 
CarMax, Inc. (a)   5,685    236,382 
Dick's Sporting Goods, Inc. (b)   1,719    340,860 
Floor & Decor Holdings, Inc. - Class A (a)   3,581    181,915 
Freshpet, Inc. (a)   2,410    142,094 
GameStop Corp. - Class A (a)(b)   10,988    253,163 
Gap, Inc. (The)   6,511    157,566 
Genuine Parts Co.   1,995    210,971 
Group 1 Automotive, Inc.   1,120    370,306 
La-Z-Boy, Inc.   3,300    106,062 
Macy's, Inc.   8,663    156,714 
Signet Jewelers Ltd. (b)   1,576    133,393 
Urban Outfitters, Inc. (a)   5,413    342,914 
Valvoline, Inc. (a)   4,394    147,990 
Victoria's Secret & Co. (a)   4,850    224,846 
Williams-Sonoma, Inc.   3,300    601,689 
         5,897,867 
SEMICONDUCTORS - 2.6%          
Allegro MicroSystems, Inc. (a)(b)   6,590    207,783 
Amkor Technology, Inc.   3,208    144,456 
Astera Labs, Inc. (a)   4,183    458,457 
Axcelis Technologies, Inc. (a)   2,766    257,459 
Diodes, Inc. (a)   3,199    218,364 
Entegris, Inc.   4,198    492,174 
FormFactor, Inc. (a)   3,694    358,281 
Lattice Semiconductor Corp. (a)   3,703    343,490 
MACOM Technology Solutions Holdings, Inc. (a)(b)   2,006    445,472 
MKS, Inc. (b)   2,100    482,601 
Onto Innovation, Inc. (a)   1,667    341,852 
Qorvo, Inc. (a)   3,115    241,101 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
SEMICONDUCTORS - 2.6% (Continued)          
Rambus, Inc. (a)(b)   3,003   $258,348 
Semtech Corp. (a)   3,740    287,569 
Silicon Laboratories, Inc. (a)   983    204,611 
SiTime Corp. (a)   822    283,878 
Veeco Instruments, Inc. (a)(b)   5,663    191,749 
Vishay Intertechnology, Inc.   7,545    135,810 
         5,353,455 
SOFTWARE - 5.1%          
ACI Worldwide, Inc. (a)   4,180    171,422 
Adeia, Inc.   6,147    147,712 
Affirm Holdings, Inc. (a)   7,910    362,436 
Akamai Technologies, Inc. (a)   4,955    569,082 
Alignment Healthcare, Inc. (a)   6,076    107,059 
Box, Inc. - Class A (a)   4,810    113,708 
Calix, Inc. (a)(b)   3,303    161,814 
Circle Internet Group, Inc. (a)   3,563    339,946 
Clear Secure, Inc. - Class A   2,690    130,223 
Clearwater Analytics Holdings, Inc. - Class A (a)   11,403    269,681 
Commvault Systems, Inc. (a)   2,794    217,625 
Concentrix Corp. (b)   3,310    90,562 
DigitalOcean Holdings, Inc. (a)(b)   2,455    210,590 
DocuSign, Inc. (a)   3,640    172,572 
D-Wave Quantum, Inc. (a)(b)   7,345    105,988 
Dynatrace, Inc. (a)   9,704    358,854 
Fastly, Inc. - Class A (a)   4,436    128,910 
Figma, Inc. - Class A (a)   8,356    176,646 
Freshworks, Inc. - Class A (a)   19,676    157,998 
Gen Digital, Inc.   18,820    354,381 
Guidewire Software, Inc. (a)   1,180    176,481 
HubSpot, Inc. (a)   1,437    350,772 
Intapp, Inc. (a)   4,006    102,914 
IonQ, Inc. (a)(b)   10,061    290,059 
Klaviyo, Inc. - Class A (a)   6,920    134,663 
nCino, Inc. (a)   7,063    105,804 
Nutanix, Inc. - Class A (a)   8,685    330,117 
OKTA, Inc. (a)   5,102    401,578 
OneStream, Inc. (a)   9,516    228,384 
Pegasystems, Inc.   3,798    161,643 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
SOFTWARE - 5.1% (Continued)          
Planet Labs PBC (a)   8,143   $227,597 
Privia Health Group, Inc. (a)   5,538    113,917 
Procore Technologies, Inc. (a)   5,313    302,841 
Progress Software Corp. (a)   3,880    99,522 
PTC, Inc. (a)   2,824    402,392 
Qualys, Inc. (a)   1,389    122,024 
RingCentral, Inc. - Class A   3,751    139,500 
Samsara, Inc. - Class A (a)   5,550    175,879 
ServiceTitan, Inc. - Class A (a)(b)   2,308    146,466 
SPS Commerce, Inc. (a)   3,377    187,997 
Tempus AI, Inc. - Class A (a)(b)   2,348    106,176 
Twilio, Inc. - Class A (a)   4,512    567,700 
Tyler Technologies, Inc. (a)   1,333    456,392 
UiPath, Inc. - Class A (a)(b)   18,555    205,960 
Unity Software, Inc. (a)   13,488    295,927 
Zeta Global Holdings Corp. - Class A (a)   7,637    121,581 
         10,301,495 
SPECIALTY FINANCE - 2.5%          
Air Lease Corp.   3,330    216,250 
Ally Financial, Inc.   8,477    332,553 
Annaly Capital Management, Inc.   22,655    479,153 
ARMOUR Residential REIT, Inc.   10,482    174,840 
BitMine Immersion Technologies, Inc.   6,986    138,183 
Bread Financial Holdings, Inc.   2,710    202,952 
Encore Capital Group, Inc. (a)   3,150    220,878 
Essent Group Ltd.   2,482    145,048 
Fidelity National Financial, Inc.   7,088    328,742 
FTAI Aviation Ltd.   3,505    858,725 
GATX Corp.   1,024    174,838 
MGIC Investment Corp.   5,493    144,191 
OneMain Holdings, Inc.   3,730    199,518 
QXO, Inc. (a)   18,653    362,241 
SLM Corp. (b)   7,698    164,814 
SoFi Technologies, Inc. (a)   38,931    618,224 
Starwood Property Trust, Inc.   8,554    147,300 
Walker & Dunlop, Inc.   2,200    97,636 
         5,006,086 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
STEEL - 1.2%          
ATI, Inc. (a)   4,865   $707,663 
Carpenter Technology Corp.   1,855    731,148 
Commercial Metals Co.   3,147    193,320 
Reliance, Inc.   1,511    459,223 
Steel Dynamics, Inc.   1,983    356,940 
         2,448,294 
TECHNOLOGY HARDWARE - 4.2%          
Aurora Innovation, Inc. (a)(b)   33,419    137,686 
Benchmark Electronics, Inc.   3,940    220,877 
Ciena Corp. (a)   2,261    877,788 
Credo Technology Group Holding Ltd. (a)   5,837    547,919 
Everpure, Inc. - Class A (a)   9,384    554,032 
Extreme Networks, Inc. (a)   6,621    99,845 
F5, Inc. (a)   1,813    524,555 
Fabrinet (a)   1,033    538,730 
Flex Ltd. (a)   9,522    623,310 
InterDigital, Inc. (b)   1,402    423,404 
Jabil, Inc.   2,627    697,810 
JFrog Ltd. (a)   4,430    207,900 
Knowles Corp. (a)   9,450    242,676 
Lumentum Holdings, Inc. (a)(b)   1,091    766,711 
Pitney Bowes, Inc.   13,600    150,280 
Plexus Corp. (a)   1,982    401,434 
Rigetti Computing, Inc. (a)(b)   9,684    135,963 
Sanmina Corp. (a)   3,583    464,500 
TD SYNNEX Corp.   2,289    386,177 
ViaSat, Inc. (a)   3,182    145,736 
Viavi Solutions, Inc. (a)   7,046    234,491 
Vicor Corp. (a)   569    91,609 
         8,473,433 
TECHNOLOGY SERVICES - 2.3%          
ASGN, Inc. (a)   4,016    155,459 
Chime Financial, Inc. - Class A (a)   8,858    165,910 
CSG Systems International, Inc.   3,400    271,796 
EPAM Systems, Inc. (a)(b)   1,674    226,660 
ExlService Holdings, Inc. (a)   5,772    175,757 
FactSet Research Systems, Inc.   2,139    464,142 
Gartner, Inc. (a)   2,862    453,169 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
TECHNOLOGY SERVICES - 2.3% (Continued)          
Genpact Ltd.   6,989   $260,340 
HealthEquity, Inc. (a)   2,811    234,915 
Insight Enterprises, Inc. (a)   2,670    178,917 
Jack Henry & Associates, Inc.   2,488    393,204 
LiveRamp Holdings, Inc. (a)   3,836    101,731 
MarketAxess Holdings, Inc.   1,067    176,034 
Morningstar, Inc.   1,903    321,702 
Toast, Inc. - Class A (a)   12,360    327,664 
TransUnion   5,781    399,987 
Western Union Co. (The)   12,550    109,561 
WEX, Inc. (a)   1,097    167,885 
         4,584,833 
TELECOMMUNICATIONS - 0.9%          
Applied Digital Corp. (a)(b)   6,912    164,091 
AST SpaceMobile, Inc. (a)(b)   7,417    614,647 
DigitalBridge Group, Inc.   6,776    104,486 
EchoStar Corp. - Class A (a)   3,775    441,939 
Lumen Technologies, Inc. (a)   33,428    232,324 
Telephone and Data Systems, Inc.   4,416    185,914 
         1,743,401 
TRANSPORTATION & LOGISTICS - 2.2%          
Alaska Air Group, Inc. (a)   4,379    161,060 
American Airlines Group, Inc. (a)   26,466    284,245 
ArcBest Corp.   2,845    279,834 
C.H. Robinson Worldwide, Inc.   3,573    593,368 
GXO Logistics, Inc. (a)   4,540    235,399 
Hub Group, Inc. - Class A   6,960    250,838 
J.B. Hunt Transport Services, Inc.   2,159    457,492 
JetBlue Airways Corp. (a)   22,448    99,220 
Kirby Corp. (a)   1,388    184,438 
Knight-Swift Transportation Holdings, Inc.   4,899    282,085 
Matson, Inc.   2,746    450,179 
Ryder System, Inc.   1,323    270,831 
Saia, Inc. (a)   330    115,922 
SkyWest, Inc. (a)   2,138    196,333 
XPO, Inc. (a)(b)   3,265    635,206 
         4,496,450 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
TRANSPORTATION EQUIPMENT - 0.2%          
Greenbrier Cos., Inc. (The)   2,140   $112,671 
Trinity Industries, Inc.   6,334    203,828 
         316,499 
WHOLESALE - CONSUMER STAPLES - 1.0%          
Andersons, Inc. (The)   4,953    355,526 
Bunge Global S.A.   6,257    795,890 
United Natural Foods, Inc. (a)   3,759    169,381 
US Foods Holding Corp. (a)   7,032    648,421 
         1,969,218 
WHOLESALE - DISCRETIONARY - 0.4%          
Aramark   7,620    308,915 
G-III Apparel Group Ltd.   4,123    114,207 
LKQ Corp.   7,269    213,490 
OPENLANE, Inc. (a)   8,420    245,443 
         882,055 
TOTAL COMMON STOCKS (COST $153,855,548)       $199,984,262 

 

RIGHTS - 0.0% (c)  Shares   Fair Value 
ASSET MANAGEMENT - 0.0% (c)          
Sycamore Partners, LLC (a)(d)(e)   44,730   $23,707 
           
BIOTECH & PHARMA - 0.0% (c)          
Blueprint Medicines Corp. (a)(d)(e)   2,090    962 
           
MEDICAL EQUIPMENT & DEVICES - 0.0% (c)          
OmniAb, Inc. (a)(d)(e)   2,092    440 
           
TOTAL RIGHTS (COST $0)       $25,109 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

CORPORATE NOTES - 0.7%  Coupon   Maturity  Principal Amount   Fair Value 
COMMUNITY DEVELOPMENT - 0.7%                  
Calvert Impact Capital, Inc. (d)   4.000%  06/15/28  $180,000   $174,106 
Calvert Impact Capital, Inc. (d)   5.000%  12/15/28   220,000    216,512 
Calvert Impact Capital, Inc. (d)   5.000%  06/15/29   200,000    195,135 
Calvert Impact Capital, Inc. (d)   4.500%  12/14/29   170,000    163,313 
Calvert Impact Capital, Inc. (d)   4.500%  06/14/30   110,000    104,340 
Calvert Impact Capital, Inc. (d)   4.500%  12/13/30   320,000    303,717 
Capital Impact Partners Investment (d)   4.500%  06/15/26   110,000    110,092 
Capital Impact Partners Investment (d)   5.000%  12/15/26   200,000    200,491 
TOTAL CORPORATE NOTES (COST $1,510,000)               $1,467,706 

 

MONEY MARKET FUNDS - 0.2%  Shares   Fair Value 
First American Government Obligations Fund - Class X, 3.58% (f)  (COST $391,485)   391,485   $391,485 

 

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 7.2%  Shares   Fair Value 
Mount Vernon Liquid Assets Portfolio, LLC, 3.74% (f)(g) (COST $14,611,877)   14,611,877   $14,611,877 
           
TOTAL INVESTMENTS - (COST $170,368,910) - 107.1%       $216,480,439 
           
LIABILITIES IN EXCESS OF OTHER ASSETS - (7.1%)        (14,468,984)
           
NET ASSETS - 100.0%       $202,011,455 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

(a)Non-income producing security.
(b)All or a portion of the security is on loan. The total fair value of the securities on loan as of March 31, 2026 was $14,954,611.
(c)Percentage rounds to less than 0.1%.
(d)Illiquid securities are as follows:

 

   Acquisition
Date		  Current
Cost		   Fair
Value		   % of Net
Assets		 
Blueprint Medicines Corp.  07/21/25  $–   $962    0.0%(c)
Calvert Impact Capital, Inc., 4.000%, 06/15/28  06/15/23   180,000    174,106    0.1%
Calvert Impact Capital, Inc., 5.000%, 12/15/28  12/15/23   220,000    216,512    0.1%
Calvert Impact Capital, Inc., 5.000%, 06/15/29  06/14/24   200,000    195,135    0.1%
Calvert Impact Capital, Inc., 4.500%, 12/14/29  12/13/24   170,000    163,313    0.1%
Calvert Impact Capital, Inc., 4.500%, 06/14/30  06/13/25   110,000    104,340    0.0%(c)
Calvert Impact Capital, Inc., 4.500%, 12/13/30  12/15/25   320,000    303,717    0.1%
Capital Impact Partners Investment, 4.500%, 06/15/26  06/17/25   110,000    110,092    0.1%
Capital Impact Partners Investment, 5.000%, 12/15/26  12/15/23   200,000    200,491    0.1%
OmniAb, Inc.  11/02/22   –    440    0.0%(c)
Sycamore Partners, LLC  08/28/25   –    23,707    0.0%(c)
      $1,510,000   $1,492,815    0.7%

 

(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 $25,109 as of March 31, 2026, representing 0.0% (c) of net assets.
(f)The rate shown is the 7-day effective yield as of March 31, 2026.
(g)The security was purchased with cash collateral received from securities on loan.

 

plc - Public Liability Company

REIT - Real Estate Investment Trust

 

 

Schedule of Portfolio Investments

Praxis Genesis Conservative Portfolio

March 31, 2026 (Unaudited)

 

AFFILIATED MUTUAL FUNDS - 100.0%  Shares   Fair Value 
DEBT FUND - 74.6%          
Praxis Impact Bond Fund - Class I   1,884,181   $17,824,353 
           
EQUITY FUND - 25.4%          
Praxis Growth Index Fund - Class I   37,760    1,895,171 
Praxis International Index Fund - Class I   112,587    1,830,670 
Praxis Small Cap Index Fund - Class I   40,519    483,397 
Praxis Value Index Fund - Class I   93,188    1,861,887 
         6,071,125 
           
TOTAL AFFILIATED MUTUAL FUNDS (COST $20,721,017)       $23,895,478 

 

MONEY MARKET FUNDS - 0.0% (a)  Shares   Fair Value 
First American Government Obligations Fund - Class X, 3.58% (b)  (COST $6,088)   6,088   $6,088 
           
TOTAL INVESTMENTS - (COST $20,727,105) - 100.0%       $23,901,566 
           
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0% (a)        1,621 
           
NET ASSETS - 100.0%       $23,903,187 

 

(a)Percentage rounds to less than 0.1%.
(b)The rate shown is the 7-day effective yield as of March 31, 2026.

 

 

Schedule of Portfolio Investments

Praxis Genesis Balanced Portfolio

March 31, 2026 (Unaudited)

 

AFFILIATED MUTUAL FUNDS - 100.0%  Shares   Fair Value 
DEBT FUND - 39.5%          
Praxis Impact Bond Fund - Class I   4,227,841   $39,995,372 
           
EQUITY FUND - 60.5%          
Praxis Growth Index Fund - Class I   328,064    16,465,524 
Praxis International Index Fund - Class I   1,135,511    18,463,414 
Praxis Small Cap Index Fund - Class I   853,027    10,176,611 
Praxis Value Index Fund - Class I   809,374    16,171,289 
         61,276,838 
           
TOTAL INVESTMENTS - (COST $69,698,373) - 100.0%       $101,272,210 
           
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0%) (a)        (28,349)
           
NET ASSETS - 100.0%       $101,243,861 

 

(a)Percentage rounds to less than 0.1%.

 

 

Schedule of Portfolio Investments

Praxis Genesis Growth Portfolio

March 31, 2026 (Unaudited)

 

AFFILIATED MUTUAL FUNDS - 100.0%  Shares   Fair Value 
DEBT FUND - 19.7%          
Praxis Impact Bond Fund - Class I   2,575,590   $24,365,079 
           
EQUITY FUND - 80.3%          
Praxis Growth Index Fund - Class I   512,050    25,699,785 
Praxis International Index Fund - Class I   1,845,008    29,999,835 
Praxis Small Cap Index Fund - Class I   1,558,792    18,596,384 
Praxis Value Index Fund - Class I   1,263,243    25,239,589 
         99,535,593 
           
TOTAL INVESTMENTS - (COST $77,366,202) - 100.0%       $123,900,672 
           
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0%) (a)        (34,846)
           
NET ASSETS - 100.0%       $123,865,826 

 

(a)Percentage rounds to less than 0.1%.