Schedule of Portfolio Investments

Praxis Impact Bond Fund

March 31, 2025 (Unaudited)

MUNICIPAL BONDS - 1.0%	Coupon			Maturity	Principal Amount		Fair Value
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A		7.334	%	02/15/28	$	770,000	$	806,428
Findlay City School District, Series 2010-B		6.250	%	12/01/37		270,000		270,467
Houston, Texas, Independent School District, Series 2009A-2		6.168	%	02/15/34		1,000,000		1,002,130
Massachusetts St., Series 2016-F		3.277	%	06/01/46		3,100,000		2,472,064
University of Texas, Permanent University Fund, Series 2017-A		3.376	%	07/01/47		3,000,000		2,323,069
University of Texas, Rev., Series 2020 B		2.439	%	08/15/49		1,875,000		1,156,849
University of Virginia, Rev., Series 2009		6.200	%	09/01/39		2,000,000		2,170,431
TOTAL MUNICIPAL BONDS (COST $10,997,496)							$	10,201,438

CORPORATE BONDS - 27.4%	Coupon			Maturity	Principal Amount		Fair Value
ASSET MANAGEMENT - 0.1%
Ameriprise Financial, Inc.		3.000	%	04/02/25	$	730,000	$	729,947
AUTOMOTIVE - 0.2%
BorgWarner, Inc.		2.650	%	07/01/27		601,000		575,936
Honda Motor Co. Ltd.		2.967	%	03/10/32		760,000		670,190
Hyundai Capital Services, Inc. (a)		1.250	%	02/08/26		200,000		194,106
Magna International, Inc.		2.450	%	06/15/30		1,250,000		1,109,257
								2,549,489
BANKING - 2.6%
Bank of America Corp., Series N (b)		4.271	%	07/23/29		1,000,000		987,864
Bank of America Corp., Series N (b)		2.572	%	10/20/32		1,500,000		1,294,125
Bank of Montreal (c)		5.203	%	02/01/28		1,750,000		1,782,027
Bank of New York Mellon Corp. (The), Series J		4.967	%	04/26/34		2,000,000		1,982,185
Citigroup, Inc.		3.700	%	01/12/26		1,750,000		1,739,437
Citigroup, Inc. (b)		2.572	%	06/03/31		2,000,000		1,781,049
ING Groep N.V. (a)		4.625	%	01/06/26		1,250,000		1,251,611
JPMorgan Chase & Co.		3.200	%	06/15/26		2,557,000		2,526,272
JPMorgan Chase & Co. (b)		2.739	%	10/15/30		2,000,000		1,835,200
KeyBank N.A.		4.150	%	08/08/25		1,000,000		997,278

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 27.4% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
BANKING - 2.6% (Continued)
M&T Bank Corp.		4.553	%	08/16/28	$	1,500,000	$	1,489,248
PNC Financial Services Group, Inc. (The)		4.758	%	01/26/27		1,500,000		1,500,537
PNC Financial Services Group, Inc. (The) (b)		5.820	%	06/12/29		1,000,000		1,028,266
Regions Financial Corp.		2.250	%	05/18/25		1,000,000		996,327
State Street Corp. (c)		7.350	%	06/15/26		1,000,000		1,032,711
State Street Corp.		4.164	%	08/04/33		1,000,000		950,469
Toronto-Dominion Bank, Series C		5.264	%	12/11/26		2,000,000		2,027,006
Truist Financial Corp. (SOFR + 60.90) (b)		1.267	%	03/02/27		1,000,000		969,435
UBS AG London		5.650	%	09/11/28		550,000		568,329
								26,739,376
BEVERAGES - 0.1%
Coca-Cola Co. (The)		3.450	%	03/25/30		500,000		480,244
Coca-Cola Femsa S.A.B. de C.V. (c)		1.850	%	09/01/32		1,000,000		815,147
								1,295,391
BIOTECH & PHARMA - 0.4%
AbbVie, Inc.		2.950	%	11/21/26		500,000		489,436
Amgen, Inc.		3.000	%	02/22/29		2,500,000		2,368,841
Gilead Sciences, Inc.		3.650	%	03/01/26		750,000		744,375
								3,602,652
CABLE & SATELLITE - 0.4%
Comcast Corp.		3.300	%	04/01/27		500,000		490,508
Comcast Corp.		4.650	%	02/15/33		1,000,000		980,225
Comcast Corp. (c)		2.937	%	11/01/56		672,000		394,834
Time Warner Cable, Inc.		4.500	%	09/15/42		500,000		380,877
WarnerMedia Holdings, Inc.		4.054	%	03/15/29		1,500,000		1,412,630
								3,659,074
CHEMICALS - 0.5%
Air Products and Chemicals, Inc. (c)		4.850	%	02/08/34		1,000,000		994,168
Avery Dennison Corp.		2.650	%	04/30/30		1,250,000		1,132,733
DowDuPont, Inc.		4.493	%	11/15/25		1,500,000		1,497,636
Ecolab, Inc.		4.800	%	03/24/30		140,000		141,600
Ecolab, Inc.		2.750	%	08/18/55		1,470,000		882,893
Nutrien Ltd.		5.875	%	12/01/36		840,000		865,747
								5,514,777

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 27.4% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
CONSTRUCTION MATERIALS - 0.0% (d)
Owens Corning		3.950	%	08/15/29	$	300,000	$	290,341
CONSUMER SERVICES - 4.1%
Andrew W. Mellon Funding		0.947	%	08/01/27		1,050,000		973,170
California Endowment (The)		2.498	%	04/01/51		4,500,000		2,725,988
Conservation Fund, Series 2019		3.474	%	12/15/29		535,000		503,873
Ford Foundation (The), Series 2017		3.859	%	06/01/47		4,620,000		3,801,413
Ford Foundation (The), Series 2020		2.415	%	06/01/50		235,000		140,705
John D. & Catherine T. MacArthur Foundation, Series 2020		1.299	%	12/01/30		1,500,000		1,241,111
Leland Stanford Junior University (The)		3.460	%	05/01/47		2,415,000		1,852,646
Local Initiatives Support Corp.		4.649	%	03/01/37		1,500,000		1,387,794
Massachusetts Institute of Technology, Series D-2		3.959	%	07/01/38		1,700,000		1,558,554
President & Fellows of Harvard College, Series 2024-A (c)		4.609	%	02/15/35		2,000,000		1,971,301
President & Fellows of Harvard College, Series 2016-B		3.150	%	07/15/46		3,961,000		2,855,873
President & Fellows of Harvard College, Series 2020-B		2.517	%	10/15/50		1,600,000		982,737
President & Fellows of Harvard College, Series 2022-A		3.745	%	11/15/52		700,000		544,834
Rockefeller Foundation (The)		2.492	%	10/01/50		4,290,000		2,596,015
Stanford University California, Series 2017		3.647	%	05/01/48		750,000		585,891
Stanford University California, Series 2020-A		2.413	%	06/01/50		4,400,000		2,617,592
Trustees of Princeton University (The)		2.516	%	07/01/50		6,650,000		4,195,502
University of Notre Dame, Series 2017		3.394	%	02/15/48		3,749,000		2,814,216
W.K. Kellogg Foundation Trust, Series 2020 (a)		2.443	%	10/01/50		3,950,000		2,352,533
Yale University (c)		2.402	%	04/15/50		8,765,000		5,267,194
								40,968,942
CONTAINERS & PACKAGING - 0.3%
CCL Industries, Inc. (a)		3.050	%	06/01/30		1,750,000		1,592,638
Sonoco Products Co.		5.750	%	11/01/40		1,000,000		992,711
								2,585,349

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 27.4% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
DIVERSIFIED INDUSTRIALS - 0.1%
Illinois Tool Works, Inc.		3.900	%	09/01/42	$	1,000,000	$	830,733
ELECTRIC UTILITIES - 4.3%
Ameren Illinois Co.		5.900	%	12/01/52		2,250,000		2,323,388
Avista Corp.		4.000	%	04/01/52		1,000,000		745,372
Caledonia Generating, LLC (a)		1.950	%	02/28/34		1,455,385		1,266,704
CenterPoint Energy, Inc., Series AL		5.300	%	04/01/53		1,000,000		953,787
Consolidated Edison Co.		3.350	%	04/01/30		1,000,000		945,821
DTE Electric Co.		4.050	%	05/15/48		1,750,000		1,411,432
DTE Electric Co.		3.650	%	03/01/52		750,000		553,429
DTE Energy Co., Series C		4.875	%	06/01/28		1,500,000		1,509,158
Duke Energy Carolinas, LLC		3.550	%	03/15/52		2,200,000		1,554,098
Duke Energy Progress, LLC		3.450	%	03/15/29		1,750,000		1,685,810
Duke Energy Progress, LLC		4.000	%	04/01/52		1,500,000		1,150,598
Electricite de France S.A. (a)		3.625	%	10/13/25		1,250,000		1,241,482
Florida Power & Light Co.		3.700	%	12/01/47		1,550,000		1,179,344
Florida Power & Light Co.		2.875	%	12/04/51		2,000,000		1,268,033
Georgia Power Co., Series 2016-A		3.250	%	04/01/26		1,000,000		988,888
Interstate Power & Light Co.		3.600	%	04/01/29		1,250,000		1,201,398
Liberty Utilities Financial Services (a)		2.050	%	09/15/30		1,355,000		1,165,614
MidAmerican Energy Co.		3.950	%	08/01/47		1,750,000		1,372,472
Narragansett Electric Co. (a)		3.395	%	04/09/30		1,500,000		1,411,174
National Rural Utilities		1.350	%	03/15/31		2,000,000		1,643,775
Niagara Mohawk Power Corp. (a)		1.960	%	06/27/30		1,500,000		1,296,831
Northern States Power Co.		2.900	%	03/01/50		1,500,000		967,450
NSTAR Electric Co.		3.950	%	04/01/30		600,000		582,630
NSTAR Electric Co.		5.500	%	03/15/40		1,250,000		1,257,778
NY State Electric & Gas (a)		5.650	%	08/15/28		1,650,000		1,700,854
Potomac Electric Power Co.		6.500	%	11/15/37		1,000,000		1,119,659
Public Service Co.		3.700	%	06/15/28		2,250,000		2,202,566
Public Service Electric and Gas Co.		4.650	%	03/15/33		2,500,000		2,464,480
Puget Energy, Inc.		4.223	%	06/15/48		1,000,000		807,654
Rochester Gas & Electric Corp. (a)		1.850	%	12/01/30		500,000		422,000
San Diego Gas and Electric Co.		4.500	%	08/15/40		841,000		748,555
Solar Star Funding, LLC (a)		3.950	%	06/30/35		220,350		201,724

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 27.4% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
ELECTRIC UTILITIES - 4.3% (Continued)
Solar Star Funding, LLC (a)		5.375	%	06/30/35	$	349,052	$	350,579
Southern California Edison		4.050	%	03/15/42		1,165,000		916,406
Topaz Solar Farms, LLC (a)		4.875	%	09/30/39		201,569		180,645
Topaz Solar Farms, LLC (a)		5.750	%	09/30/39		484,072		466,103
Union Electric Co.		2.625	%	03/15/51		2,000,000		1,194,025
Westar Energy, Inc.		2.550	%	07/01/26		1,292,000		1,263,487
								43,715,203
ELECTRICAL EQUIPMENT - 0.2%
Johnson Controls International plc		1.750	%	09/15/30		1,800,000		1,551,058
Roper Technologies, Inc.		2.000	%	06/30/30		440,000		384,317
								1,935,375
FOOD - 0.8%
Cargill, Inc. (a)		4.760	%	11/23/45		1,500,000		1,345,962
General Mills, Inc.		4.000	%	04/17/25		1,500,000		1,499,395
Hormel Foods Corp.		1.800	%	06/11/30		2,250,000		1,963,219
Ingredion, Inc.		2.900	%	06/01/30		1,000,000		917,766
Mars, Inc. (a)		4.650	%	04/20/31		1,000,000		995,396
Mars, Inc. (a)		3.600	%	04/01/34		1,500,000		1,343,513
								8,065,251
FORESTRY, PAPER & WOOD PRODUCTS - 0.1%
Suzano S.A.		5.500	%	01/17/27		800,000		808,133
GAS & WATER UTILITIES - 0.4%
American Water Capital Corp.		2.800	%	05/01/30		1,500,000		1,372,215
Brooklyn Union Gas Co. (a)		4.504	%	03/10/46		1,250,000		1,035,740
Indiana Gas Co., Inc.		6.550	%	06/30/28		250,000		262,620
Spire Missouri, Inc.		5.150	%	08/15/34		1,000,000		1,002,395
								3,672,970
HEALTH CARE FACILITIES & SERVICES - 0.1%
Kaiser Foundation Hospital		3.150	%	05/01/27		1,500,000		1,465,684
HOME & OFFICE PRODUCTS - 0.1%
Steelcase, Inc.		5.125	%	01/18/29		1,000,000		961,229

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 27.4% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
HOME CONSTRUCTION - 0.1%
NVR, Inc.		3.000	%	05/15/30	$	1,000,000	$	916,461
INSTITUTIONAL FINANCIAL SERVICES - 0.8%
Brookfield Finance, Inc.		4.250	%	06/02/26		1,570,000		1,564,063
Goldman Sachs Group, Inc. (b)		4.223	%	05/01/29		1,000,000		986,205
Goldman Sachs Group, Inc.		3.800	%	03/15/30		1,500,000		1,434,462
Morgan Stanley, Series F		3.125	%	07/27/26		2,000,000		1,965,427
Morgan Stanley, Series I (b)		5.449	%	07/20/29		1,000,000		1,022,782
Morgan Stanley, Series I (b)		2.699	%	01/22/31		1,250,000		1,132,428
								8,105,367
INSURANCE - 3.6%
Aflac, Inc.		4.000	%	10/15/46		1,408,000		1,126,141
AIG Global Funding, Series 2024-1 (a)		5.200	%	01/12/29		500,000		508,014
Allstate Corp. (The)		5.250	%	03/30/33		1,000,000		1,013,015
American National Group, Inc.		5.750	%	10/01/29		1,850,000		1,865,101
Athene Global Funding (a)		5.583	%	01/09/29		785,000		801,630
F&G Global Funding (a)		2.300	%	04/11/27		535,000		509,332
Fidelity National Financial, Inc.		3.400	%	06/15/30		1,000,000		921,570
First American Financial Corp.		2.400	%	08/15/31		1,500,000		1,265,501
GA Global Funding Trust (a)		2.250	%	01/06/27		2,000,000		1,917,496
Horace Mann Educators Corp. (c)		4.500	%	12/01/25		1,235,000		1,232,426
Horace Mann Educators Corp.		7.250	%	09/15/28		965,000		1,041,472
Jackson National Life Global Funding (a)		5.500	%	01/09/26		1,250,000		1,256,800
Marsh & McLennan Cos., Inc.		3.750	%	03/14/26		1,000,000		993,871
Massachusetts Mutual Life Insurance Co. (a)		3.375	%	04/15/50		2,500,000		1,711,805
Met Life Global Funding I (a)		5.150	%	03/28/33		1,250,000		1,253,510
Mutual of Omaha Global, Series 2023-1 (a)		5.800	%	07/27/26		385,000		390,199
Mutual of Omaha Global (a)		5.450	%	12/12/28		365,000		374,779
New York Life Global Funding (a)		4.900	%	06/13/28		3,000,000		3,042,537
Northwestern Mutual, Series 2023-3 (a)		4.900	%	06/12/28		1,740,000		1,764,066
Pacific Life Global Funding II, Series 2020-1 (a)		1.200	%	06/24/25		415,000		411,870
Pacific Life Global Funding II, Series 2021-1 (a)		1.450	%	01/20/28		1,000,000		923,698
Pricoa Global Funding I (a)(c)		5.100	%	05/30/28		2,000,000		2,041,243
Primerica, Inc.		2.800	%	11/19/31		1,000,000		868,464
Principal Financial Group, Inc.		3.700	%	05/15/29		1,250,000		1,209,207

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 27.4% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
INSURANCE - 3.6% (Continued)
Protective Life Global Funding (a)(c)		5.366	%	01/06/26	$	500,000	$	503,205
Protective Life Global Funding (a)		5.209	%	04/14/26		1,000,000		1,007,893
Prudential Financial, Inc.		1.500	%	03/10/26		644,000		627,060
Prudential Funding Asia plc (c)		3.125	%	04/14/30		750,000		698,266
Reliance STD Life Insurance Co. (a)		2.750	%	05/07/25		1,280,000		1,277,251
RGA Global Funding (a)		5.500	%	01/11/31		1,000,000		1,027,794
Sammons Financial Group, Inc. (a)		4.450	%	05/12/27		1,200,000		1,190,791
Sammons Financial Group, Inc. (a)		6.875	%	04/15/34		1,000,000		1,065,989
Trustage Financial Group, Inc. (a)		4.625	%	04/15/32		400,000		374,664
								36,216,660
LEISURE FACILITIES & SERVICES - 0.2%
McDonald's Corp., Series MTN		3.500	%	07/01/27		1,000,000		981,655
Starbucks Corp.		2.450	%	06/15/26		1,000,000		977,138
								1,958,793
MACHINERY - 0.4%
Ingersoll-Rand Global Holding Co. Ltd.		6.391	%	11/15/27		655,000		673,981
John Deere Capital Corp.		1.750	%	03/09/27		250,000		238,745
John Deere Capital Corp.		3.050	%	01/06/28		1,250,000		1,215,326
Xylem, Inc.		1.950	%	01/30/28		1,775,000		1,657,340
								3,785,392
MEDICAL EQUIPMENT & DEVICES - 0.1%
Alcon Finance Corp. (a)		2.600	%	05/27/30		1,250,000		1,124,331
PERSONAL PRODUCTS - 0.1%
Estée Lauder Cos., Inc. (The)		2.600	%	04/15/30		1,000,000		903,902
PIPELINES - 0.1%
Northern Natural Gas Co. (a)		4.100	%	09/15/42		1,200,000		969,017
REITS - 3.1%
Agree Ltd. Partnership		2.900	%	10/01/30		650,000		586,805
Agree Ltd. Partnership		4.800	%	10/01/32		715,000		695,484
Alexandria Real Estate Equities, Inc.		2.950	%	03/15/34		1,000,000		835,560
Alexandria Real Estate Equities, Inc.		4.750	%	04/15/35		1,250,000		1,190,426
American Homes 4 Rent, L.P.		5.500	%	02/01/34		2,000,000		2,002,114
Boston Properties, L.P.		4.500	%	12/01/28		1,250,000		1,227,532

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 27.4% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
REITS - 3.1% (Continued)
Camden Property Trust		2.800	%	05/15/30	$	1,500,000	$	1,369,457
Digital Realty Trust, L.P.		5.550	%	01/15/28		2,250,000		2,303,140
ERP Operating, L.P.		4.150	%	12/01/28		1,250,000		1,233,810
ESSEX Portfolio, L.P.		2.650	%	03/15/32		1,500,000		1,283,233
ESSEX Portfolio, L.P.		5.500	%	04/01/34		250,000		252,364
Federal Realty Investment Trust		1.250	%	02/15/26		515,000		499,425
Federal Realty Investment Trust		5.375	%	05/01/28		1,500,000		1,525,392
Kilroy Realty Corp.		2.500	%	11/15/32		1,750,000		1,387,572
Kimco Realty Corp.		2.700	%	10/01/30		1,750,000		1,577,243
Lexington Realty Trust		2.700	%	09/15/30		1,500,000		1,319,775
Mid-America Apartment Communities, Inc.		3.950	%	03/15/29		1,750,000		1,705,713
Ontario Teachers Cadillac Fairview Properties Trust (a)		2.500	%	10/15/31		1,255,000		1,080,942
Prologis, L.P.		2.875	%	10/06/29		1,500,000		1,394,286
Prologis, L.P.		4.625	%	01/15/33		1,500,000		1,468,237
Realty Income Corp.		4.700	%	12/15/28		1,000,000		1,003,313
Rexford Industrial Realty, L.P.		5.000	%	06/15/28		500,000		501,762
Rexford Industrial Realty, L.P.		2.150	%	09/01/31		1,750,000		1,461,878
Sun Communities Operating, L.P.		2.700	%	07/15/31		500,000		435,120
Sun Communities Operating, L.P.		5.700	%	01/15/33		750,000		764,939
UDR, Inc.		1.900	%	03/15/33		1,500,000		1,176,280
WP Carey, Inc.		2.450	%	02/01/32		1,500,000		1,257,976
								31,539,778
RETAIL - CONSUMER STAPLES - 0.1%
Kroger Co. (The)		5.000	%	04/15/42		1,000,000		930,052
Walmart, Inc.		1.800	%	09/22/31		500,000		428,705
								1,358,757
RETAIL - DISCRETIONARY - 0.3%
Home Depot, Inc. (The)		3.625	%	04/15/52		1,000,000		733,987
Lowe's Cos., Inc.		4.650	%	04/15/42		1,000,000		878,980
Lowe's Cos., Inc.		3.000	%	10/15/50		500,000		312,634
Lowe's Cos., Inc.		5.625	%	04/15/53		1,000,000		965,311
								2,890,912
SEMICONDUCTORS - 0.2%
Intel Corp.		4.150	%	08/05/32		1,000,000		927,063

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 27.4% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
SEMICONDUCTORS - 0.2% (Continued)
Intel Corp.		3.734	%	12/08/47	$	1,000,000	$	697,063
								1,624,126
SOFTWARE - 0.3%
Microsoft Corp.		2.525	%	06/01/50		4,500,000		2,818,928
Microsoft Corp.		2.921	%	03/17/52		1,000,000		670,588
								3,489,516
SPECIALTY FINANCE - 0.8%
BlueHub Loan Fund, Inc.		3.099	%	01/01/30		1,030,000		981,328
Community Preservation Corp. (The)		2.867	%	02/01/30		2,500,000		2,235,065
Low Income Investment Fund		3.386	%	07/01/26		115,000		112,252
Low Income Investment Fund, Series 2019		3.711	%	07/01/29		1,985,000		1,871,587
USAA Capital Corp. (a)		2.125	%	05/01/30		3,000,000		2,678,994
								7,879,226
STEEL - 0.0% (d)
Nucor Corp.		2.000	%	06/01/25		460,000		457,813
TECHNOLOGY HARDWARE - 0.5%
Apple, Inc.		3.000	%	06/20/27		1,000,000		977,084
Apple, Inc.		2.650	%	05/11/50		1,000,000		629,816
Apple, Inc.		2.650	%	02/08/51		2,000,000		1,251,826
HP, Inc.		4.750	%	01/15/28		1,100,000		1,107,342
HP, Inc.		4.000	%	04/15/29		915,000		887,537
								4,853,605
TECHNOLOGY SERVICES - 0.2%
Experian Finance plc (a)		2.750	%	03/08/30		635,000		580,869
Moody's Corp.		3.250	%	05/20/50		500,000		340,178
Moody's Corp.		3.750	%	02/25/52		1,000,000		748,043
								1,669,090
TELECOMMUNICATIONS - 0.5%
AT&T, Inc.		5.250	%	03/01/37		500,000		494,020
AT&T, Inc.		4.750	%	05/15/46		2,000,000		1,739,762
Verizon Communications, Inc.		3.875	%	02/08/29		1,000,000		976,135
Verizon Communications, Inc.		1.500	%	09/18/30		1,000,000		848,255
Verizon Communications, Inc.		2.987	%	10/30/56		1,799,000		1,080,593
								5,138,765

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE BONDS - 27.4% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
TRANSPORTATION & LOGISTICS - 0.9%
Burlington Northern Santa Fe, LLC		5.750	%	05/01/40	$	2,078,000	$	2,161,403
Canadian Pacific Railway Co.		2.050	%	03/05/30		1,750,000		1,548,274
Norfolk Southern Corp.		4.837	%	10/01/41		1,000,000		920,073
Norfolk Southern Corp.		3.050	%	05/15/50		1,500,000		980,734
Penske Truck Leasing Co. (a)		5.750	%	05/24/26		500,000		505,599
TTX Co. (a)		4.600	%	02/01/49		280,000		244,011
TTX Co. (a)		5.650	%	12/01/52		500,000		505,873
Union Pacific Corp.		4.950	%	09/09/52		2,000,000		1,845,534
								8,711,501
TRANSPORTATION EQUIPMENT - 0.1%
Ryder System, Inc.		5.650	%	03/01/28		1,250,000		1,284,343
WHOLESALE - CONSUMER STAPLES - 0.2%
Bunge Ltd. Finance Corp. (c)		1.630	%	08/17/25		395,000		390,383
Sysco Corp.		2.400	%	02/15/30		1,750,000		1,573,515
								1,963,898
TOTAL CORPORATE BONDS (COST $307,519,532)							$	276,231,169

CORPORATE NOTES - 1.0%	Coupon			Maturity	Principal Amount		Fair Value
COMMUNITY DEVELOPMENT - 1.0%
Calvert Impact Capital, Inc. (e)		2.500	%	06/13/25	$	1,400,000	$	1,390,588
Calvert Impact Capital, Inc. (e)		2.500	%	12/15/25		650,000		635,878
Calvert Impact Capital, Inc. (e)		4.000	%	06/15/28		1,200,000		1,151,767
Calvert Impact Capital, Inc. (e)		5.000	%	12/15/28		450,000		443,651
Calvert Impact Capital, Inc. (e)		5.000	%	06/15/29		1,800,000		1,770,310
Calvert Impact Capital, Inc. (e)		4.500	%	12/14/29		550,000		528,616
Calvert Impact Climate, Inc. (e)		5.500	%	12/15/53		993,295		887,172
Capital Impact Partners Investment (e)		5.750	%	06/15/25		1,800,000		1,804,523
Capital Impact Partners Investment (e)		4.500	%	12/15/25		550,000		550,362

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

CORPORATE NOTES - 1.0% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
COMMUNITY DEVELOPMENT - 1.0% (Continued)
Capital Impact Partners Investment (e)		5.000	%	12/15/26	$	500,000	$	503,907
TOTAL CORPORATE NOTES (COST $9,893,295)							$	9,666,774

FOREIGN GOVERNMENTS - 5.2%	Coupon			Maturity	Principal Amount		Fair Value
FOREIGN AGENCY - 0.9%
BNG Bank N.V. (a)(c)		0.500	%	11/24/25	$	2,000,000	$	1,950,430
Kreditanstalt Fur Wiederafbau		4.375	%	02/28/34		7,500,000		7,525,299
								9,475,729
SUPRANATIONAL - 4.3%
African Development Bank		3.500	%	09/18/29		2,000,000		1,955,622
Asian Development Bank		3.125	%	09/26/28		1,000,000		972,100
Central American Bank for Economic Integration (a)		1.140	%	02/09/26		1,200,000		1,165,831
European Investment Bank		2.125	%	04/13/26		1,000,000		980,127
European Investment Bank		2.375	%	05/24/27		4,000,000		3,867,673
Inter-American Development Bank		0.875	%	04/03/25		3,000,000		2,999,059
Inter-American Development Bank		3.500	%	04/12/33		3,000,000		2,849,432
Inter-American Development Bank		4.375	%	01/24/44		3,000,000		2,837,707
International Bank for Reconstruction & Development		3.126	%	11/20/25		1,000,000		992,725
International Bank for Reconstruction & Development		0.875	%	07/15/26		3,000,000		2,882,207
International Bank for Reconstruction & Development		3.125	%	06/15/27		4,000,000		3,927,063
International Bank for Reconstruction & Development		4.750	%	11/14/33		6,000,000		6,190,722
International Development Association (a)		0.375	%	09/23/25		2,000,000		1,961,945
International Development Association (a)(c)		0.876	%	04/28/26		2,000,000		1,932,215
International Development Association (a)		4.500	%	02/12/35		4,000,000		4,037,913
International Finance Corp., Series GMTN		2.126	%	04/07/26		3,000,000		2,940,903

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

FOREIGN GOVERNMENTS - 5.2% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
SUPRANATIONAL - 4.3% (Continued)
International Finance Corp., Series 2622		4.375	%	01/15/27	$	1,000,000	$	1,006,172
								43,499,416
TOTAL FOREIGN GOVERNMENTS (COST $53,726,359)							$	52,975,145

COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0% (d)	Coupon			Maturity	Principal Amount		Fair Value
Commercial Mortgage Pass-Through Certificates, Class A-3 (Cost $33,561)		2.853	%	10/17/45	$	32,965	$	31,317

U.S. GOVERNMENT AGENCIES - 57.2%	Coupon			Maturity	Principal Amount		Fair Value
DEVELOPMENT FINANCE CORPORATION - 0.7%
DFC (b)		4.550	%	09/15/26	$	250,000	$	250,000
DFC		1.590	%	04/15/28		2,000,000		1,877,409
DFC		1.650	%	04/15/28		3,500,000		3,319,467
DFC		3.130	%	04/15/28		1,000,000		972,014
DFC		3.540	%	06/15/30		308,839		301,803
DFC		3.520	%	09/20/32		535,714		518,215
								7,238,908
FEDERAL HOME LOAN BANK - 7.5%
FHLB		1.250	%	12/21/26		4,000,000		3,817,184
FHLB		4.125	%	01/15/27		7,000,000		7,031,587
FHLB		4.250	%	12/10/27		11,000,000		11,094,526
FHLB		4.500	%	03/10/28		3,000,000		3,048,589
FHLB		4.000	%	06/30/28		3,200,000		3,205,969
FHLB		3.250	%	11/16/28		13,000,000		12,712,351
FHLB		5.500	%	07/15/36		18,620,000		20,244,429
FHLB		2.590	%	03/19/40		4,000,000		2,957,180
FHLB		2.340	%	03/26/40		1,000,000		726,091
FHLB		2.070	%	06/29/40		1,715,000		1,199,370
FHLB		2.010	%	07/16/40		2,685,000		1,844,247

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

U.S. GOVERNMENT AGENCIES - 57.2% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
FEDERAL HOME LOAN BANK - 7.5% (Continued)
FHLB		5.250	%	03/11/44	$	7,200,000	$	7,484,813
								75,366,336
FEDERAL HOME LOAN MORTGAGE CORPORATION - 23.3%
FHLMC		4.000	%	10/01/25		854		852
FHLMC		2.875	%	04/25/26		3,000,000		2,958,846
FHLMC		6.000	%	04/01/27		13,868		14,102
FHLMC		2.500	%	10/01/27		93,391		91,450
FHLMC		2.738	%	04/25/29		1,685,788		1,640,024
FHLMC		2.939	%	04/25/29		7,000,000		6,640,799
FHLMC		2.412	%	08/25/29		5,780,000		5,352,803
FHLMC		7.000	%	02/01/30		7,928		8,286
FHLMC		1.297	%	06/25/30		13,000,000		11,171,788
FHLMC		7.500	%	07/01/30		14,503		14,902
FHLMC		1.406	%	08/25/30		2,000,000		1,719,480
FHLMC		1.503	%	09/25/30		5,324,300		4,602,745
FHLMC		1.487	%	11/25/30		16,167,800		13,867,067
FHLMC		1.878	%	01/25/31		1,500,000		1,309,301
FHLMC		2.000	%	01/25/31		3,328,000		2,903,931
FHLMC		7.000	%	03/01/31		12,477		13,040
FHLMC		1.777	%	10/25/31		5,000,000		4,258,595
FHLMC		2.154	%	10/25/31		4,000,000		3,478,038
FHLMC		2.091	%	11/25/31		2,500,000		2,160,645
FHLMC		2.127	%	11/25/31		9,000,000		7,810,302
FHLMC		2.250	%	01/25/32		5,000,000		4,351,617
FHLMC		2.450	%	04/25/32		7,100,000		6,233,696
FHLMC		2.650	%	05/25/32		12,450,000		11,037,835
FHLMC		6.250	%	07/15/32		7,050,000		7,959,170
FHLMC		3.123	%	08/25/32		5,710,000		5,209,753
FHLMC		3.000	%	11/01/32		303,078		290,282
FHLMC		3.000	%	11/01/32		226,954		217,477
FHLMC		5.500	%	11/01/33		17,237		17,418
FHLMC (H15T1Y + 223.10) (b)		7.231	%	05/01/34		17,251		17,787
FHLMC		1.783	%	06/25/34		2,084,061		1,683,285
FHLMC		5.000	%	07/01/35		35,694		35,820
FHLMC		4.500	%	10/01/35		50,775		49,917

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

U.S. GOVERNMENT AGENCIES - 57.2% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
FEDERAL HOME LOAN MORTGAGE CORPORATION - 23.3% (Continued)
FHLMC		2.438	%	02/25/36	$	4,000,000	$	3,249,410
FHLMC		5.500	%	03/01/36		14,138		14,488
FHLMC		1.500	%	04/01/36		4,342,670		3,822,244
FHLMC		5.500	%	06/01/36		20,444		20,950
FHLMC		6.000	%	06/01/36		18,457		19,014
FHLMC		5.500	%	12/01/36		16,721		17,121
FHLMC		2.000	%	02/01/37		3,517,287		3,181,022
FHLMC		6.000	%	08/01/37		8,001		8,352
FHLMC		5.000	%	03/01/38		87,485		88,362
FHLMC		0.000	%	11/15/38		4,331,000		2,253,904
FHLMC		4.500	%	06/01/39		90,028		89,041
FHLMC		5.000	%	06/01/39		139,354		140,753
FHLMC		4.500	%	07/01/39		90,238		89,248
FHLMC		4.500	%	11/01/39		81,665		80,769
FHLMC		4.500	%	09/01/40		127,175		125,445
FHLMC		4.500	%	05/01/41		248,595		245,380
FHLMC		4.500	%	07/01/41		278,267		274,840
FHLMC		5.000	%	09/01/41		114,591		115,742
FHLMC		3.500	%	10/01/41		137,217		128,072
FHLMC		4.000	%	10/01/41		154,951		149,213
FHLMC		3.500	%	02/01/42		241,410		225,312
FHLMC		4.000	%	02/01/42		64,296		61,922
FHLMC		3.500	%	06/01/42		282,472		263,637
FHLMC		3.500	%	06/01/42		289,487		270,184
FHLMC		3.500	%	08/01/42		335,516		313,141
FHLMC		3.000	%	11/01/42		646,350		582,076
FHLMC		3.000	%	01/01/43		367,822		331,244
FHLMC		3.000	%	05/01/43		485,480		437,194
FHLMC		3.500	%	10/01/44		281,383		261,330
FHLMC		3.500	%	11/01/44		254,939		236,665
FHLMC		3.500	%	04/01/45		320,852		296,862
FHLMC		3.000	%	05/01/46		545,453		484,227
FHLMC		3.000	%	12/01/46		1,371,643		1,217,864
FHLMC		3.500	%	03/01/48		1,513,731		1,394,604
FHLMC		3.500	%	03/01/49		416,080		379,974

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

U.S. GOVERNMENT AGENCIES - 57.2% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
FEDERAL HOME LOAN MORTGAGE CORPORATION - 23.3% (Continued)
FHLMC		3.500	%	07/01/49	$	676,445	$	615,434
FHLMC		3.000	%	09/01/49		795,714		699,516
FHLMC		3.000	%	07/01/50		1,955,189		1,704,026
FHLMC		2.000	%	08/01/50		2,836,547		2,276,476
FHLMC		2.050	%	08/19/50		2,500,000		1,412,008
FHLMC		2.000	%	01/01/51		6,988,448		5,603,272
FHLMC		2.500	%	04/01/51		6,838,620		5,733,550
FHLMC		2.500	%	09/01/51		2,701,726		2,260,802
FHLMC		2.000	%	01/01/52		5,204,106		4,152,544
FHLMC		2.500	%	02/01/52		5,697,504		4,753,631
FHLMC		2.000	%	04/01/52		4,289,285		3,414,503
FHLMC		3.000	%	04/01/52		4,981,291		4,321,168
FHLMC		2.500	%	05/01/52		5,998,559		4,997,156
FHLMC		3.000	%	05/01/52		8,472,058		7,349,764
FHLMC		3.000	%	07/01/52		15,757,774		13,674,933
FHLMC		4.000	%	07/01/52		5,093,342		4,754,445
FHLMC		4.000	%	08/01/52		5,177,562		4,831,515
FHLMC		3.500	%	09/01/52		11,348,339		10,247,817
FHLMC		4.500	%	09/01/52		8,691,637		8,328,351
FHLMC		4.000	%	10/01/52		10,402,109		9,706,700
FHLMC		5.500	%	05/01/53		5,961,797		5,963,199
								234,791,469
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 23.9%
FNMA		5.000	%	04/01/25		19		19
FNMA		5.000	%	07/01/25		390		388
FNMA		3.500	%	10/01/25		2,506		2,491
FNMA		5.000	%	10/01/25		1,606		1,601
FNMA		5.500	%	11/01/25		5		5
FNMA		0.500	%	11/07/25		6,934,000		6,776,635
FNMA		4.000	%	03/01/26		19,281		19,164
FNMA		2.910	%	04/01/26		3,000,000		2,947,967
FNMA		2.125	%	04/24/26		2,000,000		1,959,763
FNMA		2.500	%	09/01/27		97,532		95,508
FNMA		0.750	%	10/08/27		8,000,000		7,399,569
FNMA		2.500	%	11/01/27		168,514		164,918

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

U.S. GOVERNMENT AGENCIES - 57.2% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 23.9% (Continued)
FNMA		2.500	%	01/01/28	$	109,036	$	106,587
FNMA (b)		3.303	%	06/25/28		1,798,136		1,751,705
FNMA		3.544	%	09/25/28		3,328,658		3,253,861
FNMA		2.530	%	05/01/29		3,949,068		3,673,207
FNMA		2.522	%	08/27/29		5,289,686		4,930,136
FNMA		1.470	%	11/01/29		2,585,484		2,278,578
FNMA		0.875	%	08/05/30		24,000,000		20,362,381
FNMA		6.625	%	11/15/30		12,750,000		14,371,891
FNMA (b)		1.469	%	11/25/30		3,000,000		2,542,545
FNMA (b)		1.382	%	12/25/30		5,000,000		4,237,790
FNMA		1.245	%	01/25/31		3,000,000		2,512,620
FNMA		1.410	%	02/01/31		3,000,000		2,539,106
FNMA		1.375	%	03/25/31		1,000,000		837,485
FNMA		2.000	%	01/01/32		770,772		726,136
FNMA		3.000	%	12/01/32		336,286		320,204
FNMA		4.499	%	04/25/33		2,000,000		1,987,955
FNMA		6.000	%	10/01/33		8,345		8,493
FNMA		5.500	%	02/01/34		15,132		15,413
FNMA (H15T1Y + 211.70) (b)		6.847	%	05/01/34		16,115		16,353
FNMA		6.000	%	11/01/34		36,633		37,986
FNMA		5.500	%	01/01/35		22,721		23,635
FNMA		2.500	%	02/01/35		849,427		794,446
FNMA		5.000	%	10/01/35		34,009		34,243
FNMA		5.500	%	10/01/35		41,136		42,102
FNMA		6.000	%	10/01/35		19,505		20,023
FNMA		5.500	%	06/01/36		9,480		9,703
FNMA		6.000	%	06/01/36		11,074		11,547
FNMA		5.500	%	11/01/36		14,530		14,830
FNMA (RFUCCT1Y + 156.50) (b)		6.440	%	05/01/37		1,840		1,848
FNMA		5.625	%	07/15/37		14,250,000		15,706,949
FNMA		4.500	%	09/01/40		74,902		73,917
FNMA		4.500	%	10/01/40		74,856		73,863
FNMA		4.000	%	12/01/40		196,749		189,288
FNMA		4.000	%	01/01/41		139,040		133,738
FNMA		3.500	%	02/01/41		204,684		190,798

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

U.S. GOVERNMENT AGENCIES - 57.2% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 23.9% (Continued)
FNMA		4.000	%	10/01/41	$	104,879	$	100,879
FNMA		4.000	%	11/01/41		122,195		117,534
FNMA		4.000	%	12/01/41		145,799		140,238
FNMA		4.000	%	12/01/41		214,164		205,884
FNMA		4.000	%	01/01/42		462,695		447,371
FNMA		3.500	%	05/01/42		241,569		225,173
FNMA		3.000	%	06/01/42		452,310		407,932
FNMA		3.000	%	08/01/42		343,399		309,493
FNMA		3.000	%	08/01/42		367,582		331,747
FNMA		3.500	%	12/01/42		484,860		451,949
FNMA		3.000	%	06/01/43		414,778		373,050
FNMA		4.000	%	12/01/44		560,338		534,205
FNMA		3.500	%	05/01/45		644,039		596,108
FNMA		3.000	%	04/01/46		544,875		483,587
FNMA		3.500	%	11/01/46		909,540		840,725
FNMA		4.000	%	10/01/48		411,231		387,389
FNMA		4.000	%	11/01/48		1,138,014		1,075,268
FNMA		3.500	%	05/01/49		340,600		309,550
FNMA		4.000	%	06/01/49		518,210		483,566
FNMA		3.500	%	08/01/49		1,394,634		1,271,127
FNMA		3.000	%	09/01/49		760,413		668,483
FNMA		3.000	%	06/01/50		1,569,339		1,375,513
FNMA		2.500	%	07/01/50		2,598,423		2,180,641
FNMA		2.500	%	08/01/50		1,837,608		1,543,493
FNMA		3.000	%	08/01/50		2,775,453		2,430,537
FNMA		2.000	%	11/01/50		4,700,444		3,765,785
FNMA		2.000	%	01/01/51		8,409,534		6,743,870
FNMA		2.000	%	02/01/51		4,989,042		3,996,244
FNMA		2.500	%	04/01/51		13,967,447		11,701,967
FNMA		2.000	%	08/01/51		11,854,305		9,462,073
FNMA		2.000	%	11/01/51		4,914,187		3,922,354
FNMA		2.500	%	12/01/51		7,806,848		6,531,329
FNMA		2.500	%	05/01/52		5,149,446		4,285,021
FNMA		3.500	%	05/01/52		7,048,541		6,366,480
FNMA		3.500	%	05/01/52		14,824,760		13,391,664

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

U.S. GOVERNMENT AGENCIES - 57.2% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 23.9% (Continued)
FNMA		3.000	%	07/01/52	$	4,359,644	$	3,780,434
FNMA		4.500	%	07/01/52		12,390,216		11,871,908
FNMA		4.500	%	08/01/52		5,805,044		5,562,206
FNMA		3.500	%	09/01/52		4,360,158		3,935,262
FNMA		4.500	%	10/01/52		6,685,842		6,406,632
FNMA		5.000	%	04/01/53		9,547,821		9,379,712
FNMA		5.000	%	06/01/53		3,758,519		3,691,566
FNMA		5.000	%	10/01/53		6,427,392		6,312,895
								241,598,234
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.8%
GNMA		7.000	%	12/20/30		5,107		5,273
GNMA		7.000	%	10/20/31		3,800		4,012
GNMA		7.000	%	03/20/32		17,730		18,307
GNMA (H15T1Y + 150.00) (b)		4.625	%	01/20/34		10,991		11,125
GNMA		5.500	%	10/20/38		4,621		4,572
GNMA		6.500	%	11/20/38		2,879		2,965
GNMA		3.500	%	08/20/52		3,750,769		3,439,132
GNMA		3.500	%	11/20/52		4,378,994		4,015,160
								7,500,546
SMALL BUSINESS ADMINISTRATION - 0.0% (d)
SBA (Prime - 2.65) (b)		4.850	%	02/25/32		4,111		4,081
TENNESSEE VALLEY AUTHORITY - 0.9%
TVA		5.250	%	02/01/55		3,500,000		3,453,733
TVA		4.250	%	09/15/65		7,000,000		5,685,450
								9,139,183
UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT - 0.1%
Hashemite Kingdom of Jordan AID Bond		3.000	%	06/30/25		1,450,000		1,443,141
TOTAL U.S. GOVERNMENT AGENCIES (COST $602,991,048)							$	577,081,898

ASSET BACKED SECURITIES - 5.8%	Coupon			Maturity	Principal Amount		Fair Value
Aligned Data Centers Issuer, LLC (a)		6.000	%	08/17/48	$	1,510,000	$	1,523,003

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

ASSET BACKED SECURITIES - 5.8% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
American Tower Trust I (a)		3.652	%	03/23/28	$	2,000,000	$	1,934,873
Ameren Missouri Securitization Funding I, LLC		4.850	%	10/01/41		2,500,000		2,486,608
Beacon Container Finance II, LLC (a)		2.250	%	10/22/46		1,636,580		1,502,538
CLI Funding, LLC (a)		2.720	%	01/18/47		992,789		901,627
CyrusOne Data Centers Issuer I, LLC (a)		4.500	%	05/20/49		2,525,000		2,428,262
DB Master Finance, LLC (a)		2.493	%	11/20/51		1,959,188		1,797,408
Domino's Pizza Master Issuer, LLC (a)		4.474	%	10/25/45		2,086,875		2,080,188
Duke Energy Florida Project Finance, LLC		3.112	%	09/01/36		1,500,000		1,273,423
Duke Energy Progress NC Storm Funding, LLC		2.799	%	07/01/41		2,000,000		1,539,769
Duke Energy Progress SC Storm Funding, LLC		5.404	%	03/01/44		641,754		645,574
Golden Credit Card Trust (a)		1.140	%	08/15/28		1,000,000		956,408
GoodLeap Sustainable Home Solutions Trust (a)		6.250	%	06/20/57		1,616,968		1,639,815
Iowa Student Loan Liquidity Corp. Rev.		1.730	%	08/25/70		811,108		708,363
Mosaic Solar Loans, LLC (a)		2.100	%	04/20/46		650,827		574,702
Mosaic Solar Loans, LLC (a)		1.640	%	04/22/47		681,160		557,987
PG&E Energy Recovery Funding, LLC		2.822	%	07/15/46		1,633,000		1,159,798
PG&E Energy Recovery Funding, LLC		5.536	%	07/15/47		1,500,000		1,496,116
PG&E Wildfire Recovery Funding, LLC		4.674	%	12/01/51		2,400,000		2,102,644
PNM Energy Transition Bond Co. I, LLC		6.028	%	08/15/48		500,000		531,626
SBA Tower Trust (a)		4.831	%	10/15/29		1,750,000		1,715,208
SBA Tower Trust (a)		6.599	%	11/15/52		880,000		902,081
Sunrun Artemis Issuer, LLC (a)		6.250	%	07/30/59		2,469,192		2,474,517
Switch ABS Issuer, LLC (a)		6.280	%	03/25/54		600,000		604,639
Switch ABS Issuer, LLC (a)		5.036	%	03/25/55		1,500,000		1,447,083
Texas Electric Market Stabilization Funding N, LLC (a)		4.966	%	02/01/44		4,195,000		4,123,221
Texas Electric Market Stabilization Funding N, LLC (a)		5.057	%	08/01/46		4,730,000		4,503,405
Textainer Marine Containers VII Ltd. (a)		1.680	%	02/20/46		1,010,000		928,611
TIF Funding II, LLC (a)		1.650	%	02/20/46		332,917		297,609
Toyota Auto Receivables Owner Trust		5.300	%	05/15/26		650,278		653,155
Tribute Rail, LLC (a)		4.760	%	05/17/52		1,700,956		1,693,370
Trinity Rail Leasing, L.P. (a)		5.780	%	05/19/54		2,918,770		3,000,596
Triton Container Finance VIII, LLC (a)		1.860	%	03/20/46		1,155,000		1,045,401
Triton International Finance Funding III, LLC (a)		5.480	%	05/22/34		1,387,500		1,389,398
Triumph Rail, LLC (a)		2.150	%	06/19/51		1,680,356		1,574,893
USQ Rail III, LLC (a)		4.990	%	09/28/54		735,029		720,700

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

ASSET BACKED SECURITIES - 5.8% (Continued)	Coupon			Maturity	Principal Amount		Fair Value
Vantage Data Centers Issuer, LLC (a)		2.165	%	10/15/46	$	2,300,000	$	2,200,849
Wendy's Funding, LLC (a)		3.783	%	06/15/49		665,552		656,023
Wendy's Funding, LLC (a)		4.236	%	03/15/52		1,215,625		1,178,189
TOTAL ASSET BACKED SECURITIES (COST $60,007,217)							$	58,949,680

MONEY MARKET FUNDS - 1.8%	Shares		Fair Value
First American Government Obligations Fund - Class X, 4.27% (f) (COST $17,885,656)		17,885,656	$	17,885,656

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 1.3%	Shares		Fair Value
Mount Vernon Liquid Assets Portfolio, LLC, 4.42% (f)(g) (COST $13,397,236)		13,397,236	$	13,397,236

INVESTMENT COMPANIES - 0.3%	Shares		Fair Value
Impax High Yield Bond Fund - Institutional Class (COST $4,199,236)		530,984	$	3,175,283
TOTAL INVESTMENTS - (COST $1,080,650,636) - 101.0%			$	1,019,595,596
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0%)				(10,059,980	)
NET ASSETS - 100.0%			$	1,009,535,616

(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, 2025, these securities have a fair value of $108,260,349 or 10.7% of net assets.
(b)	Variable rate security. Interest rate resets periodically.  The rate shown is the effective interest rate as of March 31, 2025.  For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.  Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.  These securities, therefore, do not indicate a reference rate and spread.
(c)	All or a portion of the security is on loan.  The total fair value of the securities on loan as of March 31, 2025 was $13,117,844.
(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., 2.500%, 06/13/25	06/12/20		1,400,000		1,390,588		0.1	%
Calvert Impact Capital, Inc., 2.500%, 12/15/25	12/15/20		650,000		635,878		0.1	%
Calvert Impact Capital, Inc., 4.000%, 06/15/28	06/15/23		1,200,000		1,151,767		0.1	%
Calvert Impact Capital, Inc., 5.000%, 12/15/28	12/15/23		450,000		443,651		0.0	%(d)
Calvert Impact Capital, Inc., 5.000%, 06/15/29	06/14/24		1,800,000		1,770,310		0.2	%
Calvert Impact Capital, Inc., 4.500%, 12/14/29	12/13/24		550,000		528,616		0.1	%
Calvert Impact Climate, Inc., 5.500%, 12/15/53	10/13/23		993,295		887,172		0.1	%
Capital Impact Partners Investment, 5.750%, 06/15/25	06/20/23		1,800,000		1,804,523		0.2	%
Capital Impact Partners Investment, 4.500%, 12/15/25	12/16/24		550,000		550,362		0.1	%
Capital Impact Partners Investment, 5.000%, 12/15/26	12/15/23		500,000		503,907		0.0	%(d)
		$	9,893,295	$	9,666,774		1.0	%

(f)	The rate shown is the 7-day effective yield as of March 31, 2025.
(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

RFUCCT - Refinitiv USD IBOR Consumer Cash Fallbacks

SOFR - Secured Overnight Financing Rate

Schedule of Portfolio Investments

Praxis International Index Fund

March 31, 2025 (Unaudited)

COMMON STOCKS - 98.4%	Shares		Fair Value
AUSTRALIA - 4.2%
ANZ Group Holdings Ltd.		40,646	$	738,903
BlueScope Steel Ltd.		21,201		281,938
Brambles Ltd.		133,068		1,665,637
Coles Group Ltd.		19,663		239,982
Commonwealth Bank of Australia		29,614		2,793,177
Computershare Ltd.		20,272		495,715
CSL Ltd. - ADR		7,282		575,788
CSL Ltd.		3,640		567,041
Dexus		232,164		1,027,197
Goodman Group		44,189		785,085
GPT Group (The)		90,335		246,132
Mirvac Group		249,710		326,143
National Australia Bank Ltd.		36,653		779,237
Scentre Group		526,498		1,105,508
SEEK Ltd.		39,173		523,873
Sonic Healthcare Ltd.		28,099		452,337
Stockland		177,423		543,290
Transurban Group		349,776		2,926,822
Vicinity Centres		397,679		546,740
Wesfarmers Ltd.		32,429		1,459,325
Woodside Energy Group Ltd. - ADR		31,855		461,579
Woodside Energy Group Ltd.		57,213		826,625
				19,368,074
AUSTRIA - 0.2%
Erste Group Bank AG		3,804		262,243
Verbund AG		6,899		488,520
voestalpine AG		12,072		293,866
				1,044,629
BELGIUM - 0.6%
KBC Group N.V.		12,677		1,152,080
UCB S.A.		9,252		1,629,085
				2,781,165
BERMUDA - 0.5%
Credicorp Ltd.		9,750		1,815,060
Guangdong Land Holdings Ltd. (a)		67,550		2,257

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 98.4% (Continued)	Shares		Fair Value
BERMUDA - 0.5% (Continued)
Orient Overseas International Ltd.		34,000	$	503,811
				2,321,128
BRAZIL - 1.3%
Banco do Brasil S.A. - ADR		196,076		1,003,909
Banco Santander Brasil S.A. - ADR		65,143		306,824
BRF S.A. - ADR		225,029		774,100
Cia Energética de Minas Gerais - ADR		104,899		184,622
Suzano S.A. - ADR (b)		78,845		732,470
Telefónica Brasil S.A. - ADR (b)		259,146		2,259,753
TIM S.A. - ADR (b)		58,805		920,298
				6,181,976
CANADA - 7.4%
Bank of Montreal		17,350		1,657,098
Bank of Nova Scotia (The)		10,199		483,739
Canadian Imperial Bank of Commerce		25,453		1,433,004
Canadian National Railway Co.		15,841		1,543,864
Canadian Pacific Kansas City Ltd.		16,665		1,170,050
CGI, Inc.		8,100		808,623
Dollarama, Inc.		3,089		330,355
Franco-Nevada Corp.		12,999		2,048,122
GFL Environmental, Inc.		423		20,435
Gildan Activewear, Inc.		18,362		811,968
Manulife Financial Corp.		75,463		2,350,672
Methanex Corp.		5,667		198,855
National Bank of Canada		3,759		310,285
Nutrien Ltd.		9,260		459,944
Pembina Pipeline Corp.		71,992		2,881,840
RB Global, Inc.		6,407		642,622
Restaurant Brands International, Inc.		11,589		772,291
Royal Bank of Canada		26,330		2,967,918
Shopify, Inc. - Class A (a)		16,669		1,591,556
Sun Life Financial, Inc.		28,402		1,626,298
Teck Resources Ltd. - Class B		34,502		1,256,908
Thomson Reuters Corp.		19,692		3,402,384
Toronto-Dominion Bank (The)		23,372		1,400,918
Wheaton Precious Metals Corp.		35,850		2,783,035

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 98.4% (Continued)	Shares		Fair Value
CANADA - 7.4% (Continued)
WSP Global, Inc.		5,329	$	904,463
				33,857,247
CAYMAN ISLANDS - 4.5%
Alibaba Group Holding Ltd. - ADR		34,073		4,505,473
Autohome, Inc. - ADR		14,381		398,641
China Literature Ltd. (a)		77,200		255,478
China Mengniu Dairy Co. Ltd.		113,000		278,830
CK Asset Holdings Ltd.		151,000		610,320
ENN Energy Holdings Ltd.		60,300		497,522
Li Auto, Inc. - ADR (a)(b)		13,041		328,633
Meituan - ADR (a)		41,086		1,657,409
NetEase, Inc. - ADR (b)		7,947		817,905
Shenzhou International Group Holdings Ltd.		61,800		463,832
Tencent Holdings Ltd. - ADR (b)		114,280		7,295,635
Trip.com Group Ltd. - ADR (b)		19,946		1,268,167
Vipshop Holdings Ltd. - ADR		26,401		413,968
WuXi Biologics Cayman, Inc. (a)		330,000		1,147,204
XPeng, Inc. - ADR (a)(b)		27,625		572,390
Yadea Group Holdings Ltd.		136,000		263,922
				20,775,329
CHILE - 0.3%
Banco de Chile - ADR		18,637		493,694
Enel Chile S.A. - ADR		52,052		170,210
Sociedad Quimica y Minera de Chile S.A. - ADR (b)		14,060		558,604
				1,222,508
CHINA - 3.7%
Agricultural Bank of China Ltd. - H Shares		2,786,000		1,675,662
ANTA Sports Products Ltd.		54,600		599,253
Bank of China Ltd. - H Shares		3,583,000		2,159,629
BYD Co. Ltd. - ADR (b)		6,004		608,385
BYD Co. Ltd. - H Shares		16,500		832,942
China CITIC Bank Corp. Ltd. - H Shares		1,185,000		927,460
China Merchants Bank Co. Ltd. - H Shares		83,000		489,610
China Minsheng Banking Corp. Ltd. - H Shares		1,287,000		578,903
COSCO SHIPPING Holdings Co. Ltd. - H Shares		186,000		292,586
Guotai Junan Securities Co. Ltd. - H Shares (a)		539,200		781,661

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 98.4% (Continued)	Shares		Fair Value
CHINA - 3.7% (Continued)
Haitian International Holdings Ltd.		62,000	$	163,743
Industrial & Commercial Bank of China Ltd. - H Shares		1,755,000		1,249,529
Jiangsu Expressway Co. Ltd. - H Shares		1,248,000		1,481,993
PICC Property & Casualty Co. Ltd. - H Shares		294,000		543,333
Ping An Insurance Group Co. of China Ltd. - H Shares		397,818		2,367,146
Postal Savings Bank of China Co. Ltd. - H Shares		615,000		380,172
Sinopharm Group Co. Ltd. - H Shares		382,000		885,645
Weichai Power Co. Ltd. - H Shares		171,000		359,973
Yum China Holdings, Inc.		13,178		686,047
				17,063,672
COLOMBIA - 0.5%
Bancolombia S.A. - ADR		55,765		2,241,753
DENMARK - 1.6%
A.P. Moller-Maersk A/S - Series B		317		550,706
Coloplast A/S - Series B		5,411		567,229
DSV A/S		4,551		879,016
Genmab A/S (a)		932		181,027
Novo Nordisk A/S - ADR		59,796		4,152,234
Novonesis (Novozymes) - B Shares		2,889		167,925
Orsted A/S - ADR (a)		6,855		100,083
Orsted A/S		6,282		274,451
Vestas Wind Systems A/S		34,560		475,504
				7,348,175
FINLAND - 0.6%
Neste OYJ		55,582		513,185
Nokia Corp. - ADR		203,176		1,070,737
Nordea Bank Abp		38,441		488,441
UPM-Kymmene OYJ		20,395		545,014
				2,617,377
FRANCE - 6.2%
Acciona SA		2,979		389,336
Accor S.A.		4,739		214,775
Air Liquide S.A. - ADR		4		152
Air Liquide S.A.		15,036		2,849,081
Arkema S.A.		1,887		143,725

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 98.4% (Continued)	Shares		Fair Value
FRANCE - 6.2% (Continued)
AXA S.A.		33,469	$	1,426,678
Bureau Veritas S.A.		24,613		744,009
Canal+ S.A. (a)		46,775		111,186
Capgemini SE		7,368		1,100,457
Carrefour S.A.		40,913		585,167
Cie Generale des Etablissements Michelin SCA		32,714		1,147,096
Danone S.A.		20,742		1,589,704
Dassault Systemes SE		8,424		318,441
EssilorLuxottica S.A.		6,450		1,852,029
Eurofins Scientific SE		6,072		323,341
Getlink SE		46,322		799,346
Henkel AG & Co. KGaA		2,028		146,017
Hermes International SCA		830		2,165,022
Kering S.A.		3,200		660,980
Klepierre S.A.		20,396		682,294
Legrand S.A.		15,771		1,659,171
L'Oreal S.A. - ADR (b)		21,745		1,616,958
L'Oreal S.A.		1,380		511,883
Louis Hachette Group (a)		46,775		69,912
Publicis Groupe S.A.		12,555		1,178,211
Sartorius Sedim Biotech		1,868		368,527
Schneider Electric SE - ADR		4,885		224,319
Schneider Electric SE		17,677		4,030,540
Societe Generale S.A.		12,929		578,959
Unibail-Rodamco-Westfield - CDI		45,646		189,407
Veolia Environnement S.A.		6,731		231,212
Vivendi SE		46,775		139,520
Wendel SE		2,561		246,596
				28,294,051
GERMANY - 5.1%
adidas AG - ADR		5,158		608,489
adidas AG		1,323		310,174
Allianz SE - ADR (b)		76,050		2,908,152
Allianz SE		5,268		2,006,776
Bayerische Moteren Werke AG - ADR (a)		2		53
Bayerische Motoren Werke AG		4,180		333,206

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 98.4% (Continued)	Shares		Fair Value
GERMANY - 5.1% (Continued)
Brenntag SE		17,802	$	1,147,895
Commerzbank AG		24,099		546,745
Continental AG		4,331		302,509
Covestro AG (a)		3,936		250,391
Deutsche Bank AG		7,201		169,994
Deutsche Boerse AG		8,303		2,444,278
Deutsche Post AG - ADR		9,971		428,155
Deutsche Post AG		14,726		628,998
Deutsche Telekom AG - ADR		30,009		1,112,434
Deutsche Telekom AG		25,629		948,852
Evonik Industries AG		18,750		404,394
Hannover Rueck SE		1,159		344,452
Infineon Technologies AG		13,057		429,371
Mercedes-Benz Group AG		25,057		1,469,046
Merck KGaA		4,693		642,793
Muenchener Rueckversicherungs-Gesellschaft AG - ADR (b)		94,450		1,194,792
Muenchener Rueckversicherungs-Gesellschaft AG		1,968		1,240,034
Sartorius AG		1,055		243,804
Siemens AG		5,931		1,359,709
Siemens Healthineers AG		4,023		215,927
Symrise AG		1,879		194,548
Telefonica Deutschland Holding AG		124,863		294,765
Vonovia SE		42,825		1,156,456
				23,337,192
HONG KONG - 2.4%
AAC Technologies Holdings, Inc.		92,000		556,889
AIA Group Ltd. - ADR (b)		37,299		1,128,295
AIA Group Ltd.		57,569		433,557
BYD Electronic International Co. Ltd.		86,500		448,003
China Merchants Port Holdings Co. Ltd.		892,000		1,536,134
CLP Holdings Ltd.		49,000		399,250
Fuyao Glass Industry Group Co. Ltd. (a)		50,400		359,487
Geely Automobile Holdings Ltd.		541,000		1,156,938
Guangdong Investment Ltd.		350,000		257,290
Hong Kong Exchanges & Clearing Ltd.		14,978		663,713
Kingsoft Corp. Ltd.		61,000		295,158

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 98.4% (Continued)	Shares		Fair Value
HONG KONG - 2.4% (Continued)
Lenovo Group Ltd.		754,000	$	1,015,529
Link REIT		23,900		111,804
Nongfu Spring Co. Ltd. - H Shares (a)		63,000		273,259
Sino Land Co. Ltd.		482,000		482,552
Sun Hung Kai Properties Ltd.		120,500		1,144,435
Swire Properties Ltd.		87,800		192,501
Techtronic Industries Co. Ltd.		24,500		293,612
Want Want China Holdings Ltd.		174,000		109,573
Wharf Holdings Ltd. (The)		33,000		78,375
				10,936,354
INDIA - 5.2%
HDFC Bank Ltd. - ADR		91,777		6,097,664
ICICI Bank Ltd. - ADR		245,727		7,745,315
Infosys Ltd. - ADR (b)		292,190		5,332,467
Wipro Ltd. - ADR (b)		1,510,909		4,623,382
				23,798,828
INDONESIA - 0.4%
Bank Mandiri Persero Tbk PT - ADR (a)		87,101		1,066,987
BDO Unibank, Inc. - ADR		720		19,332
Telkom Indonesia Persero Tbk PT - ADR (b)		50,040		739,091
				1,825,410
IRELAND - 0.5%
AIB Group plc		100,681		648,114
CRH plc		11,121		978,315
Smurfit WestRock plc		17,885		805,898
				2,432,327
ISRAEL - 0.6%
Check Point Software Technologies Ltd. (a)		2,999		683,532
CyberArk Software Ltd. (a)		2,342		791,596
ICL Group Ltd. (b)		148,461		844,743
Nice Ltd. - ADR (a)(b)		3,287		506,757
				2,826,628
ITALY - 2.8%
Enel S.p.A.		63,194		512,567
Generali		24,438		856,110
Intesa Sanpaolo S.p.A. - ADR		4,393		135,744

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 98.4% (Continued)	Shares		Fair Value
ITALY - 2.8% (Continued)
Intesa Sanpaolo S.p.A.		463,209	$	2,372,424
Mediobanca Banca di Credito Finanziario S.p.A.		49,451		923,695
Moncler S.p.A.		10,592		648,607
Poste Italiane S.p.A.		51,414		913,915
Prysmian S.p.A.		3,192		173,914
Snam S.p.A.		250,989		1,302,058
Terna - Rete Elettrica Nazionale S.p.A.		263,787		2,387,011
UniCredit S.p.A.		49,517		2,760,588
				12,986,633
JAPAN - 15.1%
Advantest Corp.		19,200		828,659
Aeon Co. Ltd.		19,800		495,145
AGC, Inc.		7,700		233,378
Asahi Kasei Corp.		42,400		296,039
Astellas Pharma, Inc.		67,400		650,151
Bandai Namco Holdings, Inc.		22,000		734,135
Bridgestone Corp.		61,556		2,460,910
Brothers Industries Ltd.		29,100		522,789
Canon, Inc.		22,800		706,247
Chiba Bank Ltd. (The)		20,600		192,186
Chugai Pharmaceutical Co. Ltd.		13,500		612,090
Dai Nippon Printing Co. Ltd.		122,636		1,733,355
Daifuku Co. Ltd.		17,400		422,596
Dai-ichi Life Holdings, Inc.		65,384		494,012
Daiichi Sankyo Co. Ltd. - ADR		1,922		45,897
Daiichi Sankyo Co. Ltd.		40,030		937,244
Daiwa House Industry Co. Ltd.		58,000		1,909,920
Daiwa Securities Group, Inc.		81,800		542,111
Denso Corp.		101,400		1,246,910
Dentsu Group, Inc.		3,400		74,595
Disco Corp.		1,200		239,230
ENEOS Holdings, Inc.		163,300		851,914
FANUC Corp.		11,000		297,821
Fast Retailing Co. Ltd.		4,200		1,234,042
FUJIFILM Holdings Corp. - ADR		26,304		251,992
FUJIFILM Holdings Corp.		5,600		106,226

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 98.4% (Continued)	Shares		Fair Value
JAPAN - 15.1% (Continued)
Fujitsu Ltd.		48,680	$	957,979
Hitachi Construction Machinery Co. Ltd.		7,800		205,304
Honda Motor Co. Ltd.		51,700		462,851
Hoya Corp. - ADR		1,273		144,142
Hoya Corp.		6,861		767,742
Hulic Co. Ltd.		33,900		324,857
Ibiden Co. Ltd.		11,500		305,913
Inpex Corp. - ADR		6,583		91,701
Inpex Corp.		41,000		562,548
Japan Exchange Group, Inc.		26,000		264,844
Japan Post Bank Co. Ltd.		26,000		261,117
Japan Real Estate Investment Corp.		255		182,464
Kao Corp.		19,300		833,104
KDDI Corp. - ADR (b)		43,814		690,070
Keyence Corp.		3,200		1,247,939
Kubota Corp.		65,600		800,992
Kyocera Corp.		28,900		322,908
Mitsubishi Corp.		86,700		1,518,562
Mitsubishi Estate Co. Ltd.		36,400		590,339
Mitsubishi UFJ Financial Group, Inc. - ADR		5,599		76,314
Mitsubishi UFJ Financial Group, Inc.		275,109		3,689,377
Mitsui Fudosan Co. Ltd.		7,900		70,094
Mitsui OSK Lines Ltd.		6,700		231,799
MS&AD Insurance Group Holdings, Inc.		31,500		677,449
Murata Manufacturing Co. Ltd.		50,000		768,725
NEC Corp.		42,500		891,345
Nidec Corp.		10,300		171,168
Nintendo Co. Ltd. - ADR		96,172		1,651,273
Nintendo Co. Ltd.		3,000		202,259
Nippon Prologis REIT, Inc.		350		540,559
Nippon Yusen KK		14,300		469,273
Nitori Holdings Co. Ltd.		1,800		178,012
Nomura Holdings, Inc.		51,900		314,329
Nomura Real Estate Holdings, Inc.		56,000		325,269
Nomura Real Estate Master Fund, Inc.		271		257,526
Nomura Research Institute Ltd.		10,900		351,519

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 98.4% (Continued)	Shares		Fair Value
JAPAN - 15.1% (Continued)
Oracle Corp. Japan		3,200	$	334,071
Oriental Land Co. Ltd.		5,200		102,123
ORIX Corp.		16,800		345,509
Otsuka Holdings Co. Ltd.		7,700		398,104
Pan Pacific International Holdings Corp.		21,300		580,808
PDD Holdings, Inc. - ADR (a)		8,429		997,572
Recruit Holdings Co. Ltd.		33,150		1,692,694
Resona Holdings, Inc.		85,600		734,664
Ricoh Co. Ltd.		47,600		500,582
Seiko Epson Corp.		82,800		1,317,735
Sekisui House Ltd.		17,600		392,008
Seven & i Holdings Co. Ltd.		62,400		900,072
Shimadzu Corp.		28,000		696,471
Shimano, Inc.		2,884		403,590
Shin-Etsu Chemical Co. Ltd.		17,000		480,221
Shionogi & Co. Ltd.		13,200		197,706
SoftBank Corp.		332,050		461,464
SoftBank Group Corp. - ADR		4,622		116,567
SoftBank Group Corp.		12,400		618,445
Sompo Holdings, Inc.		12,900		388,920
Sony Group Corp. - ADR		101,690		2,581,909
Sony Group Corp.		10,000		251,074
Sumitomo Mitsui Financial Group, Inc. - ADR		88,295		1,365,041
Sumitomo Mitsui Financial Group, Inc.		39,600		1,002,174
Sumitomo Mitsui Trust Holdings, Inc.		39,200		972,445
Takeda Pharmaceutical Co. Ltd.		40,500		1,191,860
TDK Corp.		58,500		603,117
Terumo Corp.		21,944		409,303
Tokio Marine Holdings, Inc.		53,500		2,046,440
Tokyo Electron Ltd.		6,600		885,100
TOPPAN Holdings, Inc.		37,700		1,019,204
Toray Industries, Inc.		104,200		705,988
TOTO Ltd.		7,500		194,707
Toyota Motor Corp. - ADR (b)		10,579		1,867,511
USS Co. Ltd.		90,440		839,228
Yamaha Corp.		35,700		275,328

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 98.4% (Continued)	Shares		Fair Value
JAPAN - 15.1% (Continued)
Yamaha Motor Co. Ltd.		146,800	$	1,166,913
Yokogawa Electric Corp.		36,800		709,958
				69,267,886
JERSEY - 0.2%
Experian plc - ADR		8,706		403,958
Experian plc		2,439		112,423
WPP plc		61,040		458,311
				974,692
MEXICO - 0.8%
Fomento Economico Mexicano S.A.B. de C.V. - ADR		13,580		1,325,136
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR (b)		2,661		493,642
Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR		3,153		863,355
Grupo Financiero Banorte S.A.B. de C.V. - ADR		14,433		500,392
Wal-Mart de Mexico S.A.B. de C.V. - ADR		23,232		640,042
				3,822,567
NETHERLANDS - 2.0%
Adyen N.V. (a)		421		640,405
Akzo Nobel N.V. - ADR		2		41
Argenx SE - ADR (a)		1,526		903,186
ASML Holding N.V. (b)		6,542		4,334,925
Havas N.V. (a)		46,775		66,547
NN Group N.V.		712		39,502
Prosus N.V.		23,786		1,095,628
Randstad N.V.		21,638		894,268
Stellantis N.V.		21,320		236,935
Wolters Kluwer N.V.		5,065		786,628
				8,998,065
NEW ZEALAND - 0.3%
Auckland International Airport Ltd.		68,174		316,323
Mercury NZ Ltd.		27,761		88,291
Meridian Energy Ltd.		203,696		647,829
Spark New Zealand Ltd.		131,014		152,532
				1,204,975
NORWAY - 1.1%
Aker BP ASA		80,076		1,899,298
DNB Bank ASA (a)		30,272		792,835

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 98.4% (Continued)	Shares		Fair Value
NORWAY - 1.1% (Continued)
Equinor ASA - ADR		16,673	$	441,001
Norsk Hydro ASA		285,243		1,635,673
Yara International ASA		16,632		499,476
				5,268,283
PORTUGAL - 0.5%
Galp Energia SGPS S.A.		118,111		2,073,939
Jeronimo Martins SGPS S.A.		12,929		274,162
				2,348,101
RUSSIA - 0.0% (c)
Mobile TeleSystems PJSC - ADR (a)(d)(e)		86,910		869
SINGAPORE - 1.0%
BOC Aviation Ltd.		135,400		1,056,251
CapitaLand Ascott Trust		10,433		6,756
CapitaLand Integrated Commercial Trust		522,925		817,375
CapitaLand Investment Ltd.		183,000		373,219
City Developments Ltd.		152,800		569,801
DBS Group Holdings Ltd. - ADR		12,531		1,722,323
				4,545,725
SOUTH AFRICA - 1.4%
Bid Corp. Ltd.		24,548		588,529
FirstRand Ltd.		265,164		1,039,257
Mr Price Group Ltd.		70,832		856,292
MTN Group Ltd.		49,082		329,975
Naspers Ltd. - Class N - ADR		30,055		1,497,641
Reinet Investments SCA		16,974		412,279
Standard Bank Group Ltd.		126,812		1,656,323
				6,380,296
SOUTH KOREA - 3.3%
Celltrion, Inc.		3,457		396,499
KB Financial Group, Inc. - ADR		9,076		491,102
KB Financial Group, Inc.		3,184		170,728
KT Corp. - ADR		39,515		699,811
LG Chem Ltd.		686		114,076
LG Display Co. Ltd. - ADR (a)		1		3
NAVER Corp.		12,872		1,668,727

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 98.4% (Continued)	Shares		Fair Value
SOUTH KOREA - 3.3% (Continued)
POSCO Holdings, Inc. - ADR		7,190	$	341,741
POSCO Holdings, Inc.		3,560		672,947
Samsung Electronics Co. Ltd.		174,895		6,861,374
Shinhan Financial Group Co. Ltd. - ADR		10,792		346,207
Shinhan Financial Group Co. Ltd.		15,559		496,875
SK Hynix, Inc.		13,300		1,721,505
SK Telecom Co. Ltd. - ADR		2		43
Woori Financial Group, Inc. - ADR		34,279		1,144,233
				15,125,871
SPAIN - 2.6%
Aena SME S.A.		5,525		1,294,726
Amadeus IT Group S.A.		10,027		764,799
Banco Bilbao Vizcaya Argentaria S.A. - ADR		24,792		337,667
Banco Bilbao Vizcaya Argentaria S.A.		17,790		241,453
Banco Santander S.A.		51,429		344,752
CaixaBank S.A.		173,802		1,348,973
Cellnex Telecom S.A.		17,677		627,865
Iberdrola S.A.		119,123		1,925,454
Industria de Diseno Textil S.A.		39,262		1,947,596
Naturgy Energy Group S.A.		12,657		352,199
Repsol S.A.		170,518		2,269,146
Telefónica S.A.		92,766		436,983
				11,891,613
SWEDEN - 1.5%
Atlas Copco AB - A Shares		46,116		731,420
Atlas Copco AB - Class A - ADR		5,893		93,640
Boliden AB		39,793		1,295,923
Epiroc AB - Class A		21,893		438,071
Industrivarden AB - A Shares		23,389		855,953
Investor AB - B Shares		74,604		2,214,699
L E Lundbergforetagen AB - B Shares		4,058		202,695
Securitas AB - B Shares		19,191		271,056
SKF AB - B Shares		15,859		319,068
Telefonaktiebolaget LM Ericsson - B Shares		76,365		590,242
				7,012,767

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 98.4% (Continued)	Shares		Fair Value
SWITZERLAND - 5.7%
ABB Ltd. - ADR		58,667	$	3,058,897
ABB Ltd.		5,783		295,652
Accelleron Industries AG		1,953		89,643
Alcon, Inc. (b)		5,312		504,268
Barry Callebaut AG		142		188,154
Geberit AG		1,300		808,357
Givaudan S.A.		208		893,132
Holcim Ltd.		8,532		911,549
Julius Baer Group Ltd.		9,346		641,374
Kuehne + Nagel International AG		2,530		582,079
Logitech International S.A. (b)		4,776		403,142
Lonza Group AG		1,793		1,099,100
Nestlé S.A. - ADR		38,805		3,925,902
Partners Group Holding AG		161		226,799
Roche Holding AG - ADR		79,008		3,251,179
Roche Holding AG		1,214		398,714
Schindler Holding AG		829		250,244
Sika AG		3,364		810,850
Sonova Holding AG		1,807		524,014
Swatch Group AG (The)		1,454		249,372
Swiss Life Holding AG		1,691		1,535,170
Swiss Re AG		9,611		1,629,885
Swisscom AG		981		565,081
UBS Group AG		39,428		1,197,760
UBS Group AG		6,351		194,531
Zurich Insurance Group AG - ADR (b)		53,580		1,868,334
Zurich Insurance Group AG		492		342,088
				26,445,270
TAIWAN - 5.9%
ASE Technology Holding Co. Ltd. - ADR (b)		143,909		1,260,643
AUO Corp. - ADR		115,722		542,736
Chunghwa Telecom Co. Ltd. - ADR		150,399		5,897,145
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		108,740		18,050,840
United Microelectronics Corp. - ADR (b)		199,431		1,425,931
				27,177,295

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 98.4% (Continued)	Shares		Fair Value
TURKEY - 0.1%
Turkcell Iletisim Hizmetleri A.S. - ADR		65,183	$	405,438
UNITED KINGDOM - 8.3%
3i Group plc		68,813		3,214,539
Anglo American plc		40,329		1,117,544
Antofagasta plc		39,339		847,948
Ashtead Group plc		11,861		635,288
AstraZeneca plc - ADR		51,264		3,767,904
Aviva plc		75,450		541,163
Barratt Redrow plc		50,809		277,586
British Land Co. plc (The)		17,579		83,890
Bunzl plc		5,822		223,081
Burberry Group plc - ADR		29,771		298,305
Burberry Group plc		26,668		265,898
Coca-Cola Europacific Partners plc (b)		21,706		1,889,073
Compass Group plc		35,682		1,176,846
Croda International plc		4,033		152,292
GSK plc - ADR (b)		13,331		516,443
GSK plc		17,282		326,408
Haleon plc - ADR (b)		63,759		656,080
Halma plc		11,061		368,809
HSBC Holdings plc - ADR (b)		52,192		2,997,387
HSBC Holdings plc		27,340		308,660
Informa plc		116,498		1,157,952
InterContinental Hotels Group plc		1,592		169,716
J Sainsbury plc		86,209		261,945
Kingfisher plc		83,206		272,276
Legal & General Group plc		110,502		346,608
Lloyds Banking Group plc		437,921		407,784
London Stock Exchange Group plc		7,929		1,173,878
Mondi plc		17,227		255,377
NatWest Group plc		148,065		864,208
PEARSON plc - ADR		121,055		1,938,091
PEARSON plc		24,794		390,134
Reckitt Benckiser Group plc - ADR		36,270		492,547
Reckitt Benckiser Group plc		3,212		217,019

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

COMMON STOCKS - 98.4% (Continued)	Shares		Fair Value
UNITED KINGDOM - 8.3% (Continued)
RELX plc - ADR		23,687	$	1,194,062
RELX plc		71,603		3,582,601
Rentokil Initial plc		71,438		320,796
Sage Group plc (The) - ADR		2,320		145,093
Sage Group plc (The)		14,027		218,722
Segro plc		49,056		437,788
Spirax Group plc		3,439		274,562
Taylor Wimpey plc		108,822		151,971
Tesco plc - ADR		293		3,780
Tesco plc		117,123		502,797
Unilever plc - ADR (b)		30,579		1,820,979
United Utilities Group plc		92,455		1,204,553
Vodafone Group plc		399,124		375,885
Whitbread plc		5,438		172,047
				38,018,315
TOTAL COMMON STOCKS (COST $298,744,179)			$	452,148,484

CORPORATE NOTES - 0.9%	Coupon			Maturity	Par Value		Fair Value
COMMUNITY DEVELOPMENT - 0.9%
Calvert Impact Capital, Inc. (e)		2.500	%	06/13/25	$	500,000	$	496,638
Calvert Impact Capital, Inc. (e)		2.500	%	12/15/25		400,000		391,310
Calvert Impact Capital, Inc. (e)		4.000	%	06/15/28		620,000		595,079
Calvert Impact Capital, Inc. (e)		5.000	%	12/15/28		200,000		197,178
Calvert Impact Capital, Inc. (e)		5.000	%	06/15/29		880,000		865,485
Calvert Impact Capital, Inc. (e)		4.500	%	12/14/29		180,000		173,002
Capital Impact Partners Investment (e)		5.750	%	06/15/25		880,000		882,211
Capital Impact Partners Investment (e)		4.500	%	12/15/25		170,000		170,112
Capital Impact Partners Investment (e)		5.000	%	12/15/26		300,000		302,344
TOTAL CORPORATE NOTES (COST $4,130,000)							$	4,073,359

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

MONEY MARKET FUNDS - 0.2%	Shares		Fair Value
First American Government Obligations Fund - Class X, 4.27% (f) (COST $870,697)		870,697	$	870,697

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 10.3%	Shares		Fair Value
Mount Vernon Liquid Assets Portfolio, LLC, 4.42% (f)(g) (COST $47,477,309)		47,477,309	$	47,477,309
TOTAL INVESTMENTS - (COST $351,222,185) - 109.8%			$	504,569,849
LIABILITES IN EXCESS OF OTHER ASSETS - (9.8%)				(45,059,692	)
NET ASSETS - 100.0%			$	459,510,157

(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, 2025 was $46,082,095.
(c)	Percentage rounds to less than 0.1%.
(d)	Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total fair value of such securities was $869 as of March 31, 2025, representing 0.0% (c) of net assets.
(e)	Illiquid securities are as follows:

	Acquisition Date	Current Cost		Fair Value		% of Net Assets
Calvert Impact Capital, Inc., 2.500%, 06/13/25	06/12/20		500,000		496,638		0.1	%
Calvert Impact Capital, Inc., 2.500%, 12/15/25	12/15/20		400,000		391,310		0.1	%
Calvert Impact Capital, Inc., 4.000%, 06/15/28	06/15/23		620,000		595,079		0.1	%
Calvert Impact Capital, Inc., 5.000%, 12/15/28	12/15/23		200,000		197,178		0.1	%
Calvert Impact Capital, Inc., 5.000%, 06/15/29	06/14/24		880,000		865,485		0.2	%
Calvert Impact Capital, Inc., 4.500%, 12/14/29	12/13/24		180,000		173,002		0.0	%(c)
Capital Impact Partners Investment, 5.750%, 06/15/25	06/20/23		880,000		882,211		0.2	%
Capital Impact Partners Investment, 4.500%, 12/15/25	12/16/24		170,000		170,112		0.0	%(c)
Capital Impact Partners Investment, 5.000%, 12/15/26	12/15/23		300,000		302,344		0.1	%
Mobile TeleSystems PJSC - ADR	08/02/17		752,376		869		0.0	%(c)
		$	4,882,376	$	4,074,228		0.9	%

(f)	The rate shown is the 7-day effective yield as of March 31, 2025.
(g)	The security was purchased with cash collateral received from securities on loan.

ADR - American Depositary Receipt

CDI - CHESS Depositary Interest

plc - Public Liability Company

REIT - Real Estate Investment Trust

Schedule of Portfolio Investments

Praxis Value Index Fund

March 31, 2025 (Unaudited)

COMMON STOCKS - 98.5%	Shares		Fair Value
ADVERTISING & MARKETING - 0.1%
Omnicom Group, Inc. (a)		6,559	$	543,807
AEROSPACE & DEFENSE - 0.3%
HEICO Corp. (a)		4,380		1,170,292
Howmet Aerospace, Inc.		1,690		219,244
				1,389,536
APPAREL & TEXTILE PRODUCTS - 0.3%
NIKE, Inc. - Class B		23,050		1,463,214
ASSET MANAGEMENT - 1.9%
Ameriprise Financial, Inc.		1,540		745,529
BlackRock, Inc.		3,382		3,200,995
Charles Schwab Corp. (The)		36,360		2,846,261
KKR & Co., Inc.		14,670		1,695,999
Raymond James Financial, Inc. (a)		3,370		468,127
T. Rowe Price Group, Inc.		4,330		397,797
				9,354,708
AUTOMOTIVE - 0.3%
Aptiv plc (b)		4,460		265,370
Ford Motor Co. (a)		126,563		1,269,427
Tesla, Inc. (b)		370		95,889
				1,630,686
BANKING - 7.9%
Bank of America Corp.		177,970		7,426,688
Citigroup, Inc.		50,406		3,578,322
Citizens Financial Group, Inc.		12,820		525,235
Fifth Third Bancorp		18,470		724,024
Huntington Bancshares, Inc.		69,550		1,043,945
JPMorgan Chase & Co.		71,665		17,579,425
KeyCorp		41,320		660,707
M&T Bank Corp.		8,184		1,462,890
PNC Financial Services Group, Inc. (The)		11,691		2,054,927
Regions Financial Corp.		40,460		879,196
Truist Financial Corp.		47,920		1,971,908
U.S. Bancorp		43,127		1,820,822
				39,728,089

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
BEVERAGES - 2.8%
Coca-Cola Co. (The)		105,530	$	7,558,058
Keurig Dr Pepper, Inc.		19,630		671,739
PepsiCo, Inc.		39,799		5,967,462
				14,197,259
BIOTECH & PHARMA - 8.3%
AbbVie, Inc.		45,710		9,577,159
Amgen, Inc.		13,270		4,134,268
Biogen, Inc. (b)		4,360		596,622
Bristol-Myers Squibb Co.		58,360		3,559,376
Eli Lilly & Co.		870		718,542
Gilead Sciences, Inc.		34,790		3,898,220
Johnson & Johnson		65,331		10,834,493
Merck & Co., Inc.		70,210		6,302,050
Moderna, Inc. (b)		2,680		75,978
Regeneron Pharmaceuticals, Inc.		2,770		1,756,817
Vertex Pharmaceuticals, Inc. (b)		790		383,008
				41,836,533
CABLE & SATELLITE - 1.0%
Charter Communications, Inc. - Class A (a)(b)		1,160		427,495
Comcast Corp. - Class A		121,110		4,468,959
				4,896,454
CHEMICALS - 2.4%
Air Products & Chemicals, Inc.		5,877		1,733,245
CF Industries Holdings, Inc.		640		50,016
Dow, Inc.		22,600		789,192
DuPont de Nemours, Inc.		6,098		455,398
Ecolab, Inc.		2,840		719,997
International Flavors & Fragrances, Inc.		5,152		399,847
Linde plc		12,296		5,725,509
LyondellBasell Industries N.V. - Class A		32,010		2,253,504
				12,126,708
COMMERCIAL SUPPORT SERVICES - 1.4%
Republic Services, Inc.		11,450		2,772,732
Rollins, Inc. (a)		4,330		233,950
Waste Connections, Inc.		4,350		849,076
Waste Management, Inc.		14,680		3,398,567
				7,254,325

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
CONSTRUCTION MATERIALS - 0.4%
CRH plc		18,200	$	1,601,054
Martin Marietta Materials, Inc.		930		444,661
				2,045,715
CONTAINERS & PACKAGING - 0.4%
Ball Corp.		15,160		789,381
International Paper Co. (a)		13,860		739,431
Packaging Corp. of America		3,590		710,892
				2,239,704
DIVERSIFIED INDUSTRIALS - 1.5%
Dover Corp.		5,243		921,090
Emerson Electric Co.		19,394		2,126,358
Illinois Tool Works, Inc.		18,985		4,708,470
				7,755,918
E-COMMERCE DISCRETIONARY - 0.3%
Amazon.com, Inc. (b)		2,190		416,670
eBay, Inc. (a)		12,910		874,394
				1,291,064
ELECTRIC UTILITIES - 4.5%
American Electric Power Co., Inc.		14,300		1,562,561
CenterPoint Energy, Inc.		10,020		363,025
Consolidated Edison, Inc.		10,621		1,174,576
Dominion Energy, Inc. (a)		29,700		1,665,279
DTE Energy Co.		4,300		594,561
Duke Energy Corp.		24,994		3,048,518
Edison International		11,217		660,906
Entergy Corp.		8,040		687,340
Eversource Energy		6,530		405,578
Exelon Corp.		35,630		1,641,830
FirstEnergy Corp.		14,360		580,431
NextEra Energy, Inc.		52,440		3,717,472
PPL Corp.		22,540		813,919
Sempra		21,696		1,548,227
Southern Co. (The)		34,801		3,199,952
WEC Energy Group, Inc.		4,050		441,369
Xcel Energy, Inc.		9,014		638,101
				22,743,645
ELECTRICAL EQUIPMENT - 2.9%
AMETEK, Inc.		5,540		953,656

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
ELECTRICAL EQUIPMENT - 2.9% (Continued)
Carrier Global Corp.		24,850	$	1,575,490
Johnson Controls International plc		31,287		2,506,402
Keysight Technologies, Inc. (b)		2,390		357,950
Otis Worldwide Corp.		16,780		1,731,696
Rockwell Automation, Inc.		8,630		2,229,819
TE Connectivity plc		10,800		1,526,256
Trane Technologies plc		10,350		3,487,122
				14,368,391
ENTERTAINMENT CONTENT - 1.2%
Electronic Arts, Inc.		4,000		578,080
Fox Corp. - Class B		8,540		450,144
Walt Disney Co. (The)		46,299		4,569,711
Warner Bros. Discovery, Inc. (b)		47,047		504,814
				6,102,749
FOOD - 1.9%
General Mills, Inc. (a)		17,050		1,019,419
Hormel Foods Corp.		35,120		1,086,613
Kellanova		12,810		1,056,697
Kraft Heinz Co. (The)		22,250		677,067
McCormick & Co., Inc.		9,300		765,483
Mondelez International, Inc. - Class A		56,962		3,864,872
Tyson Foods, Inc. - Class A		16,170		1,031,808
				9,501,959
GAS & WATER UTILITIES - 0.4%
American Water Works Co., Inc.		11,680		1,723,033
NiSource, Inc.		1,320		52,919
				1,775,952
HEALTH CARE FACILITIES & SERVICES - 3.2%
Cardinal Health, Inc.		12,030		1,657,373
Cencora, Inc.		5,450		1,515,590
CVS Health Corp.		34,194		2,316,643
Elevance Health, Inc.		6,910		3,005,574
Humana, Inc.		4,270		1,129,842
IQVIA Holdings, Inc. (b)		2,920		514,796
Labcorp Holdings, Inc.		4,820		1,121,807
McKesson Corp.		3,834		2,580,244
Molina Healthcare, Inc. (b)		1,870		615,959

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
HEALTH CARE FACILITIES & SERVICES - 3.2% (Continued)
Quest Diagnostics, Inc.		8,530	$	1,443,276
				15,901,104
HOME CONSTRUCTION - 0.4%
D.R. Horton, Inc.		4,960		630,565
Lennar Corp. - Class B (a)		7,680		837,657
Masco Corp.		7,050		490,257
NVR, Inc. (b)		20		144,888
PulteGroup, Inc.		1,070		109,996
				2,213,363
HOUSEHOLD PRODUCTS - 2.9%
Clorox Co. (The)		560		82,460
Colgate-Palmolive Co.		19,290		1,807,473
Estée Lauder Cos., Inc. (The) - Class A		5,780		381,480
Kenvue, Inc. (a)		45,380		1,088,212
Kimberly-Clark Corp.		3,430		487,815
Procter & Gamble Co. (The)		63,436		10,810,763
				14,658,203
INDUSTRIAL SUPPORT SERVICES - 0.6%
Fastenal Co.		6,680		518,034
Ferguson Enterprises, Inc.		5,920		948,562
United Rentals, Inc.		1,270		795,909
W.W. Grainger, Inc.		870		859,412
				3,121,917
INSTITUTIONAL FINANCIAL SERVICES - 3.8%
Bank of New York Mellon Corp. (The)		32,984		2,766,368
CME Group, Inc.		8,040		2,132,931
Goldman Sachs Group, Inc. (The)		8,730		4,769,112
Intercontinental Exchange, Inc.		17,620		3,039,450
Morgan Stanley		32,291		3,767,391
Nasdaq, Inc.		7,520		570,467
Northern Trust Corp.		12,757		1,258,478
State Street Corp.		9,590		858,593
				19,162,790
INSURANCE - 8.5%
Aflac, Inc.		21,650		2,407,263
Allstate Corp. (The)		12,509		2,590,239
American International Group, Inc.		19,777		1,719,412
Aon plc - Class A		2,960		1,181,306

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
INSURANCE - 8.5% (Continued)
Arch Capital Group Ltd.		15,320	$	1,473,478
Arthur J. Gallagher & Co.		7,650		2,641,086
Berkley (W.R.) Corp. (a)		14,737		1,048,685
Brown & Brown, Inc. (a)		9,530		1,185,532
Chubb Ltd.		14,240		4,300,338
Cincinnati Financial Corp.		10,832		1,600,103
Corebridge Financial, Inc.		14,610		461,238
Everest Group Ltd.		4,490		1,631,352
Hartford Insurance Group, Inc. (The)		10,830		1,339,996
Loews Corp.		5,440		499,990
Markel Group, Inc. (b)		980		1,832,218
Marsh & McLennan Cos., Inc.		15,850		3,867,875
MetLife, Inc.		23,723		1,904,720
Principal Financial Group, Inc.		7,110		599,871
Progressive Corp. (The)		19,850		5,617,748
Prudential Financial, Inc.		16,520		1,844,954
Travelers Cos., Inc. (The)		9,403		2,486,717
Willis Towers Watson plc		2,380		804,321
				43,038,442
INTERNET MEDIA & SERVICES - 0.2%
Alphabet, Inc. - Class A		560		86,598
Alphabet, Inc. - Class C		3,320		518,683
Booking Holdings, Inc.		60		276,415
Meta Platforms, Inc. - Class A		430		247,835
				1,129,531
LEISURE FACILITIES & SERVICES - 0.5%
Carnival Corp. (b)		18,750		366,187
Darden Restaurants, Inc.		1,730		359,425
Hilton Worldwide Holdings, Inc.		330		75,092
McDonald's Corp.		3,870		1,208,872
Royal Caribbean Cruises Ltd.		2,620		538,253
				2,547,829
MACHINERY - 1.5%
Deere & Co.		8,287		3,889,503
Ingersoll-Rand, Inc.		15,350		1,228,461
Veralto Corp.		3,180		309,891
Xylem, Inc.		16,730		1,998,566
				7,426,421

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
MEDICAL EQUIPMENT & DEVICES - 5.9%
Abbott Laboratories		45,450	$	6,028,942
Agilent Technologies, Inc.		4,400		514,712
Baxter International, Inc.		8,082		276,647
Becton, Dickinson and Co.		8,250		1,889,745
Boston Scientific Corp. (b)		21,060		2,124,533
Cooper Cos., Inc. (The) (b)		3,780		318,843
Danaher Corp.		18,690		3,831,450
DexCom, Inc. (b)		1,250		85,362
Edwards Lifesciences Corp. (b)		18,920		1,371,322
GE HealthCare Technologies, Inc.		12,890		1,040,352
Intuitive Surgical, Inc. (b)		1,510		747,858
Medtronic plc		42,950		3,859,487
STERIS plc		2,670		605,155
Stryker Corp.		3,450		1,284,263
Thermo Fisher Scientific, Inc.		10,374		5,162,102
Zimmer Biomet Holdings, Inc.		4,340		491,201
				29,631,974
METALS & MINING - 0.3%
Newmont Corp.		30,530		1,473,988
OIL & GAS PRODUCERS - 6.0%
ConocoPhillips		72,154		7,577,613
Devon Energy Corp.		47,000		1,757,800
Diamondback Energy, Inc.		5,050		807,394
EOG Resources, Inc.		27,700		3,552,248
EQT Corp.		1,070		57,170
Kinder Morgan, Inc.		181,570		5,180,192
ONEOK, Inc.		15,950		1,582,559
Phillips 66		30,050		3,710,574
Valero Energy Corp.		21,890		2,891,012
Williams Cos., Inc. (The)		50,810		3,036,406
				30,152,968
OIL & GAS SERVICES & EQUIPMENT - 1.0%
Baker Hughes Co.		54,300		2,386,485
Schlumberger Ltd.		61,726		2,580,147
				4,966,632

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
REAL ESTATE SERVICES - 0.2%
CBRE Group, Inc. - Class A (b)		7,370	$	963,849
REITS - 1.9%
AvalonBay Communities, Inc. (a)		2,720		583,767
Digital Realty Trust, Inc.		6,060		868,337
Equity Residential		6,790		486,028
Essex Property Trust, Inc.		170		52,117
Extra Space Storage, Inc.		2,810		417,257
Healthpeak Properties, Inc.		3,990		80,678
Iron Mountain, Inc.		8,610		740,804
Prologis, Inc.		22,390		2,502,978
Public Storage		2,660		796,111
Realty Income Corp. (a)		9,710		563,277
Simon Property Group, Inc.		7,319		1,215,540
Ventas, Inc.		9,610		660,784
Welltower, Inc.		1,460		223,687
Weyerhaeuser Co.		20,490		599,947
				9,791,312
RETAIL - CONSUMER STAPLES - 2.8%
Costco Wholesale Corp.		1,230		1,163,310
Dollar General Corp.		3,010		264,669
Dollar Tree, Inc. (b)		1,000		75,070
Kroger Co. (The)		20,514		1,388,593
Target Corp.		8,950		934,022
Walmart, Inc.		114,080		10,015,083
				13,840,747
RETAIL - DISCRETIONARY - 2.4%
AutoZone, Inc. (b)		80		305,023
Best Buy Co., Inc.		5,310		390,869
Home Depot, Inc. (The)		22,992		8,426,338
Lowe's Cos., Inc.		13,480		3,143,940
				12,266,170
SEMICONDUCTORS - 2.2%
Applied Materials, Inc.		320		46,438
Broadcom, Inc.		4,990		835,476
Intel Corp.		85,368		1,938,707
Microchip Technology, Inc.		5,150		249,312
Micron Technology, Inc.		27,900		2,424,231

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
SEMICONDUCTORS - 2.2% (Continued)
NVIDIA Corp.		3,280	$	355,486
ON Semiconductor Corp. (b)		1,150		46,794
QUALCOMM, Inc.		26,380		4,052,232
Texas Instruments, Inc.		6,280		1,128,516
				11,077,192
SOFTWARE - 2.5%
Gen Digital, Inc.		18,410		488,601
Microsoft Corp.		7,740		2,905,519
Oracle Corp.		39,072		5,462,656
Roper Technologies, Inc.		4,670		2,753,339
Salesforce, Inc.		1,970		528,669
Synopsys, Inc. (b)		190		81,481
Veeva Systems, Inc. - Class A (b)		600		138,978
Zoom Communications, Inc. (b)		4,240		312,785
				12,672,028
SPECIALTY FINANCE - 1.4%
American Express Co.		10,444		2,809,958
Capital One Financial Corp.		9,850		1,766,105
Discover Financial Services		5,770		984,939
Fidelity National Financial, Inc.		14,170		922,184
Synchrony Financial		9,950		526,753
				7,009,939
STEEL - 0.2%
Nucor Corp.		5,920		712,413
Steel Dynamics, Inc.		1,200		150,096
				862,509
TECHNOLOGY HARDWARE - 2.3%
Apple, Inc.		6,500		1,443,845
Cisco Systems, Inc.		99,100		6,115,461
Corning, Inc.		32,890		1,505,704
Dell Technologies, Inc. - Class C		7,410		675,421
Hewlett Packard Enterprise Co.		40,630		626,921
HP, Inc.		33,060		915,431
NetApp, Inc.		790		69,394
Seagate Technology Holdings plc		1,310		111,285
Western Digital Corp. (b)		2,440		98,649
Zebra Technologies Corp. - Class A (b)		560		158,234
				11,720,345

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
TECHNOLOGY SERVICES - 2.3%
Accenture plc - Class A		11,760	$	3,669,590
Cognizant Technology Solutions Corp. - Class A		9,430		721,395
Corpay, Inc. (b)		1,010		352,207
Fidelity National Information Services, Inc.		12,380		924,538
Fiserv, Inc. (b)		8,480		1,872,638
Global Payments, Inc.		5,130		502,330
Paychex, Inc.		3,334		514,370
PayPal Holdings, Inc. (b)		19,930		1,300,433
S&P Global, Inc.		1,790		909,499
Verisk Analytics, Inc.		180		53,572
Visa, Inc. - Class A		1,440		504,662
				11,325,234
TELECOMMUNICATIONS - 2.1%
AT&T, Inc.		174,986		4,948,604
T-Mobile US, Inc.		5,950		1,586,925
Verizon Communications, Inc.		90,840		4,120,502
				10,656,031
TRANSPORTATION & LOGISTICS - 2.4%
CSX Corp.		34,280		1,008,860
Delta Air Lines, Inc.		25,420		1,108,312
FedEx Corp.		5,370		1,309,099
Norfolk Southern Corp.		5,540		1,312,149
Southwest Airlines Co. (a)		32,690		1,097,730
Union Pacific Corp.		13,840		3,269,562
United Airlines Holdings, Inc. (b)		11,600		800,980
United Parcel Service, Inc. - Class B		21,350		2,348,286
				12,254,978
TRANSPORTATION EQUIPMENT - 0.5%
PACCAR, Inc.		19,070		1,856,846
Westinghouse Air Brake Technologies Corp.		3,020		547,677
				2,404,523
WHOLESALE - CONSUMER STAPLES - 0.3%
Archer-Daniels-Midland Co.		21,820		1,047,578
Sysco Corp. (a)		8,990		674,610
				1,722,188
TOTAL COMMON STOCKS (COST $370,844,759)			$	496,238,623

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

CORPORATE NOTES - 0.9%	Coupon			Maturity	Principal Amount		Fair Value
COMMUNITY DEVELOPMENT - 0.9%
Calvert Impact Capital, Inc. (c)		2.500	%	06/13/25	$	280,000	$	278,117
Calvert Impact Capital, Inc. (c)		2.500	%	12/15/25		450,000		440,223
Calvert Impact Capital, Inc. (c)		4.000	%	06/15/28		350,000		335,932
Calvert Impact Capital, Inc. (c)		5.000	%	12/15/28		800,000		788,712
Calvert Impact Capital, Inc. (c)		5.000	%	06/15/29		830,000		816,310
Calvert Impact Capital, Inc. (c)		4.500	%	12/14/29		150,000		144,168
Capital Impact Partners Investment (c)		5.750	%	06/15/25		820,000		822,061
Capital Impact Partners Investment (c)		4.500	%	12/15/25		150,000		150,099
Capital Impact Partners Investment (c)		5.000	%	12/15/26		1,000,000		1,007,813
TOTAL CORPORATE NOTES (COST $4,830,000)							$	4,783,435

MONEY MARKET FUNDS - 0.4%	Shares		Fair Value
First American Government Obligations Fund - Class X, 4.27% (d) (COST $1,966,955)		1,966,955	$	1,966,955

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 2.8%	Shares		Fair Value
Mount Vernon Liquid Assets Portfolio, LLC, 4.42% (d)(e) (COST $13,871,820)		13,871,820	$	13,871,820
TOTAL INVESTMENTS - (COST $391,513,534) - 102.6%			$	516,860,833
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.6%)				(13,227,553	)
NET ASSETS - 100.0%			$	503,633,280

(a)	All or a portion of the security is on loan.  The total fair value of the securities on loan as of March 31, 2025 was $13,675,916.
(b)	Non-income producing security.

^(c) Illiquid securities are as follows:

	Acquisition Date	Current Cost		Fair Value		% of Net Assets
Calvert Impact Capital, Inc., 2.500%, 06/13/25	06/12/20		280,000		278,117		0.0	%(f)
Calvert Impact Capital, Inc., 2.500%, 12/15/25	12/15/20		450,000		440,223		0.1	%
Calvert Impact Capital, Inc., 4.000%, 06/15/28	06/15/23		350,000		335,932		0.1	%
Calvert Impact Capital, Inc., 5.000%, 12/15/28	12/15/23		800,000		788,712		0.1	%
Calvert Impact Capital, Inc., 5.000%, 06/15/29	06/14/24		830,000		816,310		0.2	%
Calvert Impact Capital, Inc., 4.500%, 12/14/29	12/13/24		150,000		144,168		0.0	%(f)
Capital Impact Partners Investment, 5.750%, 06/15/25	06/20/23		820,000		822,061		0.2	%
Capital Impact Partners Investment, 4.500%, 12/15/25	12/16/24		150,000		150,099		0.0	%(f)
Capital Impact Partners Investment, 5.000%, 12/15/26	12/15/23		1,000,000		1,007,813		0.2	%
		$	4,830,000	$	4,783,435		0.9	%

(d)	The rate shown is the 7-day effective yield as of March 31, 2025.
(e)	The security was purchased with cash collateral received from securities on loan.
(f)	Percentage rounds to less than 0.1%.

plc - Public Liability Company

Schedule of Portfolio Investments

Praxis Growth Index Fund

March 31, 2025 (Unaudited)

COMMON STOCKS - 98.7%	Shares		Fair Value
AEROSPACE & DEFENSE - 0.4%
HEICO Corp.		4,450	$	1,188,995
Howmet Aerospace, Inc.		8,650		1,122,165
				2,311,160
ASSET MANAGEMENT - 0.4%
KKR & Co., Inc.		550		63,585
LPL Financial Holdings, Inc.		2,640		863,650
Robinhood Markets, Inc. - Class A (a)		34,060		1,417,577
				2,344,812
AUTOMOTIVE - 2.5%
Tesla, Inc. (a)		59,360		15,383,738
BEVERAGES - 0.3%
PepsiCo, Inc.		11,040		1,655,338
BIOTECH & PHARMA - 3.9%
AbbVie, Inc.		7,461		1,563,229
Alnylam Pharmaceuticals, Inc. (a)		2,970		801,959
Eli Lilly & Co.		21,410		17,682,733
Merck & Co., Inc.		5,561		499,155
Moderna, Inc. (a)		3,780		107,163
Regeneron Pharmaceuticals, Inc.		731		463,622
Vertex Pharmaceuticals, Inc. (a)		4,274		2,072,121
Zoetis, Inc.		3,580		589,447
				23,779,429
CHEMICALS - 0.6%
Linde plc		7,048		3,281,831
Sherwin-Williams Co. (The)		1,490		520,293
				3,802,124
COMMERCIAL SUPPORT SERVICES - 0.5%
Cintas Corp.		9,350		1,921,706
Republic Services, Inc.		3,500		847,560
Rollins, Inc.		1,170		63,215
				2,832,481
DIVERSIFIED INDUSTRIALS - 0.1%
Illinois Tool Works, Inc.		3,444		854,146

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

COMMON STOCKS - 98.7% (Continued)	Shares		Fair Value
E-COMMERCE DISCRETIONARY - 5.6%
Amazon.com, Inc. (a)		175,000	$	33,295,500
eBay, Inc. (b)		8,540		578,414
				33,873,914
ELECTRIC UTILITIES - 0.2%
Entergy Corp.		7,610		650,579
NextEra Energy, Inc.		8,560		606,818
				1,257,397
ELECTRICAL EQUIPMENT - 0.9%
Amphenol Corp. - Class A		14,484		950,006
Keysight Technologies, Inc. (a)		3,981		596,234
Rockwell Automation, Inc.		2,288		591,174
Trane Technologies plc		7,160		2,412,347
Veritiv Holdings Co.		12,130		875,786
				5,425,547
ENTERTAINMENT CONTENT - 0.4%
AppLovin Corp. - Class A (a)		7,140		1,891,886
Electronic Arts, Inc.		3,445		497,871
Fox Corp. - Class A		4,150		234,890
				2,624,647
GAS & WATER UTILITIES - 0.1%
American Water Works Co., Inc.		650		95,888
NiSource, Inc.		11,610		465,445
				561,333
HEALTH CARE FACILITIES & SERVICES - 0.4%
Cencora, Inc.		2,140		595,112
Elevance Health, Inc.		1,130		491,505
McKesson Corp.		1,910		1,285,411
				2,372,028
HOUSEHOLD PRODUCTS - 0.2%
Church & Dwight Co., Inc.		4,800		528,432
Colgate-Palmolive Co.		4,647		435,424
				963,856
INDUSTRIAL SUPPORT SERVICES - 0.4%
Fastenal Co.		1,010		78,325
United Rentals, Inc.		230		144,141
W.W. Grainger, Inc.		2,530		2,499,210
				2,721,676

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

COMMON STOCKS - 98.7% (Continued)	Shares		Fair Value
INSTITUTIONAL FINANCIAL SERVICES - 0.5%
Coinbase Global Inc. - Class A (a)		3,260	$	561,470
Interactive Brokers Group, Inc. - Class A		6,380		1,056,464
Nasdaq, Inc.		8,490		644,052
Tradeweb Markets, Inc. - Class A		3,740		555,240
				2,817,226
INSURANCE - 0.6%
Aon plc - Class A		2,560		1,021,670
Arch Capital Group Ltd.		5,760		553,997
Brown & Brown, Inc.		4,740		589,656
Progressive Corp. (The)		5,690		1,610,327
				3,775,650
INTERNET MEDIA & SERVICES - 14.4%
Airbnb, Inc. - Class A (a)		10,550		1,260,303
Alphabet, Inc. - Class A		124,440		19,243,402
Alphabet, Inc. - Class C		97,310		15,202,741
Booking Holdings, Inc.		830		3,823,735
DoorDash, Inc. - Class A (a)		10,120		1,849,632
Expedia Group, Inc.		4,610		774,941
GoDaddy, Inc. - Class A (a)		3,500		630,490
Meta Platforms, Inc. - Class A		47,390		27,313,700
Netflix, Inc. (a)		11,520		10,742,746
Pinterest, Inc. - Class A (a)		22,240		689,440
ROBLOX Corp. - Class A (a)		19,330		1,126,746
Snap, Inc. - Class A (a)		66,690		580,870
Uber Technologies, Inc. (a)		50,480		3,677,973
VeriSign, Inc. (a)		3,210		814,923
				87,731,642
LEISURE FACILITIES & SERVICES - 2.3%
Chipotle Mexican Grill, Inc. (a)		43,900		2,204,219
Domino's Pizza, Inc.		900		413,505
Hilton Worldwide Holdings, Inc.		7,350		1,672,493
Live Nation Entertainment, Inc. (a)		5,560		726,025
Marriott International, Inc. - Class A		6,510		1,550,682
McDonald's Corp.		12,477		3,897,440
Royal Caribbean Cruises Ltd.		4,160		854,630
Starbucks Corp.		26,202		2,570,154
Yum! Brands, Inc.		580		91,269
				13,980,417

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

COMMON STOCKS - 98.7% (Continued)	Shares		Fair Value
LEISURE PRODUCTS - 0.2%
Axon Enterprise, Inc. (a)		2,700	$	1,420,065
MACHINERY - 0.4%
Deere & Co.		3,936		1,847,361
Veralto Corp.		5,884		573,396
				2,420,757
MEDICAL EQUIPMENT & DEVICES - 3.0%
Agilent Technologies, Inc.		4,905		573,787
Boston Scientific Corp. (a)		29,440		2,969,907
Danaher Corp.		9,764		2,001,620
DexCom, Inc. (a)		10,660		727,971
IDEXX Laboratories, Inc. (a)		1,700		713,915
Insulet Corp. (a)		1,230		323,010
Intuitive Surgical, Inc. (a)		7,660		3,793,768
Mettler-Toledo International, Inc. (a)		550		649,501
ResMed, Inc.		2,090		467,847
Stryker Corp.		4,760		1,771,910
Thermo Fisher Scientific, Inc.		6,355		3,162,248
Waters Corp. (a)		1,646		606,666
West Pharmaceutical Services, Inc.		3,040		680,595
				18,442,745
OIL & GAS PRODUCERS - 0.5%
EQT Corp.		14,680		784,352
Kinder Morgan, Inc.		25,910		739,212
ONEOK, Inc.		5,190		514,952
Williams Cos., Inc. (The)		12,130		724,889
				2,763,405
OIL & GAS SERVICES & EQUIPMENT - 0.3%
Baker Hughes Co.		30,530		1,341,794
Schlumberger Ltd.		17,760		742,368
				2,084,162
REITS - 1.3%
American Tower Corp.		5,412		1,177,651
Digital Realty Trust, Inc.		1,810		259,355
Equinix, Inc.		1,777		1,448,877
Iron Mountain, Inc.		8,670		745,967
Public Storage		1,340		401,049
SBA Communications Corp. - Class A		1,320		290,413

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

COMMON STOCKS - 98.7% (Continued)	Shares		Fair Value
REITS - 1.3% (Continued)
Simon Property Group, Inc.		2,960	$	491,597
Texas Pacific Land Corp. (b)		500		662,495
Welltower, Inc.		15,440		2,365,562
				7,842,966
RENEWABLE ENERGY - 0.1%
First Solar, Inc. (a)(b)		2,330		294,582
RETAIL - CONSUMER STAPLES - 1.7%
Costco Wholesale Corp.		10,433		9,867,323
Walmart, Inc.		7,770		682,128
				10,549,451
RETAIL - DISCRETIONARY - 3.1%
AutoZone, Inc. (a)		659		2,512,622
Carvana Co. (a)		4,400		919,952
Cloudflare, Inc. - Class A (a)		9,380		1,057,032
Home Depot, Inc. (The)		13,406		4,913,165
Lowe's Cos., Inc.		6,789		1,583,398
Lululemon Athletica, Inc. (a)		3,060		866,164
O'Reilly Automotive, Inc. (a)		1,810		2,592,970
Ross Stores, Inc.		6,310		806,355
TJX Cos., Inc. (The)		25,503		3,106,265
Tractor Supply Co. (b)		10,300		567,530
				18,925,453
SEMICONDUCTORS - 15.3%
Advanced Micro Devices, Inc. (a)		41,086		4,221,176
Applied Materials, Inc.		22,816		3,311,058
Broadcom, Inc.		112,230		18,790,669
Intel Corp.		9,670		219,606
KLA Corp.		3,030		2,059,794
Lam Research Corp.		28,890		2,100,303
Marvell Technology, Inc.		7,480		460,543
Microchip Technology, Inc.		2,070		100,209
Micron Technology, Inc.		580		50,396
Monolithic Power Systems, Inc. (b)		1,690		980,166
NVIDIA Corp.		524,020		56,793,287
QUALCOMM, Inc.		9,790		1,503,842
Teradyne, Inc.		4,670		385,742

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

COMMON STOCKS - 98.7% (Continued)	Shares		Fair Value
SEMICONDUCTORS - 15.3% (Continued)
Texas Instruments, Inc.		13,650	$	2,452,905
				93,429,696
SOFTWARE - 15.8%
Adobe, Inc. (a)		11,687		4,482,315
Akamai Technologies, Inc. (a)		4,720		379,960
ANSYS, Inc. (a)		2,190		693,266
Atlassian Corp. - Class A (a)		5,740		1,218,085
Autodesk, Inc. (a)		6,090		1,594,362
Bentley Systems, Inc. - Class B		1,630		64,124
Cadence Design Systems, Inc. (a)		10,624		2,702,002
Crowdstrike Holdings, Inc. - Class A (a)		6,320		2,228,306
Fortinet, Inc. (a)		19,070		1,835,678
HubSpot, Inc. (a)		1,770		1,011,183
Intuit, Inc.		6,540		4,015,495
Microsoft Corp.		128,238		48,139,263
MicroStrategy, Inc. - Class A (a)(b)		6,760		1,948,705
OKTA, Inc. (a)		5,300		557,666
Oracle Corp.		24,170		3,379,208
Palo Alto Networks, Inc. (a)		16,650		2,841,156
Salesforce, Inc.		24,270		6,513,097
ServiceNow, Inc. (a)		6,293		5,010,109
Snowflake, Inc. - Class A (a)		8,540		1,248,206
Synopsys, Inc. (a)		6,460		2,770,371
Tyler Technologies, Inc. (a)		1,820		1,058,130
Veeva Systems, Inc. - Class A (a)		2,490		576,759
Workday, Inc. - Class A (a)		5,500		1,284,415
Zoom Communications, Inc. (a)		900		66,393
Zscaler, Inc. (a)		3,130		621,055
				96,239,309
SPECIALTY FINANCE - 0.3%
American Express Co.		6,050		1,627,753
Rocket Cos., Inc. (b)		4,490		54,194
				1,681,947
TECHNOLOGY HARDWARE - 13.5%
Apple, Inc.		350,278		77,807,252
Arista Networks, Inc. (a)		29,760		2,305,805
Datadog, Inc. - Class A (a)		10,050		997,060
NetApp, Inc.		5,800		509,472

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

COMMON STOCKS - 98.7% (Continued)	Shares		Fair Value
TECHNOLOGY HARDWARE - 13.5% (Continued)
Super Micro Computer, Inc. (a)		19,170	$	656,381
Western Digital Corp. (a)		2,120		85,712
				82,361,682
TECHNOLOGY SERVICES - 7.4%
Accenture plc - Class A		10,869		3,391,563
Automatic Data Processing, Inc.		9,950		3,040,023
Block, Inc. (a)		7,860		427,034
Broadridge Financial Solutions, Inc.		2,596		629,426
CoStar Group, Inc. (a)		12,390		981,660
Equifax, Inc. (b)		3,080		750,165
FactSet Research Systems, Inc.		270		122,753
Fair Isaac Corp. (a)		920		1,696,627
Fiserv, Inc. (a)		11,266		2,487,871
Gartner, Inc. (a)		2,230		936,020
Mastercard, Inc. - Class A		19,006		10,417,569
Moody's Corp.		3,375		1,571,704
MSCI, Inc.		1,797		1,016,203
Paychex, Inc.		460		70,969
S&P Global, Inc.		5,704		2,898,202
Verisk Analytics, Inc.		1,700		505,954
Visa, Inc. - Class A		40,713		14,268,278
				45,212,021
TELECOMMUNICATIONS - 0.4%
T-Mobile US, Inc.		9,050		2,413,726
TRANSPORTATION & LOGISTICS - 0.4%
CSX Corp.		3,221		94,794
Old Dominion Freight Line, Inc.		5,900		976,155
Union Pacific Corp.		3,911		923,935
United Airlines Holdings, Inc. (a)		1,870		129,123
				2,124,007
WHOLESALE - DISCRETIONARY - 0.3%
Copart, Inc. (a)		31,232		1,767,419
TOTAL COMMON STOCKS (COST $273,980,678)			$	601,041,954

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

CORPORATE NOTES - 1.0%	Coupon			Maturity	Principal Amount		Fair Value
COMMUNITY DEVELOPMENT - 1.0%
Calvert Impact Capital, Inc. (c)		2.500	%	06/13/25	$	670,000	$	665,495
Calvert Impact Capital, Inc. (c)		2.500	%	12/15/25		500,000		489,137
Calvert Impact Capital, Inc. (c)		4.000	%	06/15/28		750,000		719,854
Calvert Impact Capital, Inc. (c)		5.000	%	12/15/28		450,000		443,651
Calvert Impact Capital, Inc. (c)		5.000	%	06/15/29		1,270,000		1,249,052
Calvert Impact Capital, Inc. (c)		4.500	%	12/14/29		450,000		432,504
Capital Impact Partners Investment (c)		5.750	%	06/15/25		1,280,000		1,283,217
Capital Impact Partners Investment (c)		4.500	%	12/15/25		450,000		450,296
Capital Impact Partners Investment (c)		5.000	%	12/15/26		500,000		503,907
TOTAL CORPORATE NOTES (COST $6,320,000)							$	6,237,113

MONEY MARKET FUNDS - 0.3%	Shares		Fair Value
First American Government Obligations Fund - Class X, 4.27% (d) (COST $1,921,298)		1,921,298	$	1,921,298

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 0.6%	Shares		Fair Value
Mount Vernon Liquid Assets Portfolio, LLC, 4.42% (d)(e) (COST $3,685,594)		3,685,594	$	3,685,594
TOTAL INVESTMENTS - (COST $285,907,570) - 100.6%			$	612,885,959
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6%)				(3,564,854	)
NET ASSETS - 100.0%			$	609,321,105

(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, 2025 was $3,628,786.

^(c) Illiquid securities are as follows:

	Acquisition Date	Current Cost		Fair Value		% of Net Assets
Calvert Impact Capital, Inc., 2.500%, 06/13/25	06/12/20		670,000		665,495		0.1	%
Calvert Impact Capital, Inc., 2.500%, 12/15/25	12/15/20		500,000		489,137		0.1	%
Calvert Impact Capital, Inc., 4.000%, 06/15/28	06/15/23		750,000		719,854		0.1	%
Calvert Impact Capital, Inc., 5.000%, 12/15/28	12/15/23		450,000		443,651		0.1	%
Calvert Impact Capital, Inc., 5.000%, 06/15/29	06/14/24		1,270,000		1,249,052		0.2	%
Calvert Impact Capital, Inc., 4.500%, 12/14/29	12/13/24		450,000		432,504		0.0	%(f)
Capital Impact Partners Investment, 5.750%, 06/15/25	06/20/23		1,280,000		1,283,217		0.2	%
Capital Impact Partners Investment, 4.500%, 12/15/25	12/16/24		450,000		450,296		0.1	%
Capital Impact Partners Investment, 5.000%, 12/15/26	12/15/23		500,000		503,907		0.1	%
		$	6,320,000	$	6,237,113		1.0	%

(d)	The rate shown is the 7-day effective yield as of March 31, 2025.
(e)	The security was purchased with cash collateral received from securities on loan.
(f)	Percentage rounds to less than 0.1%.

plc - Public Liability Company

Schedule of Portfolio Investments

Praxis Small Cap Index Fund

March 31, 2025 (Unaudited)

COMMON STOCKS - 98.5%	Shares		Fair Value
ADVERTISING & MARKETING - 0.4%
Compass, Inc. - Class A (a)		12,240	$	106,855
Interpublic Group of Cos., Inc. (The)		20,630		560,311
				667,166
AEROSPACE & DEFENSE - 0.1%
Loar Holdings, Inc. (a)		1,460		103,149
APPAREL & TEXTILE PRODUCTS - 1.9%
Crocs, Inc. (a)		1,490		158,238
Deckers Outdoor Corp. (a)		7,790		871,000
Hanesbrands, Inc. (a)		23,390		134,960
Kontoor Brands, Inc.		4,770		305,900
Oxford Industries, Inc.		2,295		134,648
Ralph Lauren Corp.		1,040		229,570
Skechers U.S.A., Inc. - Class A (a)		4,080		231,662
Steven Madden Ltd.		7,745		206,327
Tapestry, Inc.		5,540		390,071
Under Armour, Inc. - Class A (a)(b)		14,150		88,438
VF Corp. (b)		27,700		429,904
Wolverine World Wide, Inc. (b)		9,880		137,431
				3,318,149
ASSET MANAGEMENT - 1.5%
Artisan Partners Asset Management, Inc. - Class A		3,310		129,421
Carlyle Group, Inc. (The)		7,720		336,515
Franklin Resources, Inc. (b)		15,260		293,755
GitLab, Inc. - Class A (a)		3,930		184,710
Hamilton Lane, Inc. - Class A (b)		1,500		223,005
Invesco Ltd.		13,310		201,912
Jefferies Financial Group, Inc.		3,340		178,924
StepStone Group, Inc. - Class A		5,670		296,144
Stifel Financial Corp.		2,230		210,200
TPG, Inc.		3,900		184,977
Virtus Investment Partners, Inc.		920		158,571
WisdomTree, Inc. (b)		21,350		190,442
				2,588,576
AUTOMOTIVE - 1.6%
Aptiv plc (a)		5,200		309,400
BorgWarner, Inc.		5,940		170,181

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
AUTOMOTIVE - 1.6% (Continued)
Dana, Inc.		17,040	$	227,143
Dorman Products, Inc. (a)		2,970		358,004
Gentex Corp.		15,410		359,053
Harley-Davidson, Inc. (b)		11,510		290,628
Lear Corp.		2,920		257,602
Lucid Group, Inc. (a)		42,510		102,874
Modine Manufacturing Co. (a)(b)		2,230		171,153
Phinia, Inc.		3,280		139,170
Rivian Automotive, Inc. - Class A (a)(b)		25,410		316,355
				2,701,563
BANKING - 5.7%
Ameris Bancorp		6,014		346,226
Atlantic Union Bankshares Corp. (b)		7,200		224,208
Axos Financial, Inc. (a)		5,330		343,892
BancFirst Corp.		2,790		306,537
Bank of Hawaii Corp.		3,580		246,913
Banner Corp.		1,910		121,801
Berkshire Hills Bancorp, Inc.		7,000		182,630
Cathay General Bancorp		3,980		171,259
City Holding Co.		2,750		323,042
Columbia Banking System, Inc.		4,960		123,702
Comerica, Inc. (b)		6,780		400,427
Community Financial System, Inc.		2,520		143,287
Cullen/Frost Bankers, Inc.		1,230		153,996
CVB Financial Corp.		14,930		275,608
East West Bancorp, Inc.		3,480		312,365
First BanCorp		18,880		361,930
First Citizens BancShares, Inc. - Class A (b)		300		556,236
First Financial Bancorp		6,900		172,362
First Hawaiian, Inc.		9,470		231,447
First Horizon Corp.		14,190		275,570
Flagstar Financial, Inc.		21,850		253,897
Fulton Financial Corp.		7,890		142,730
Independent Bank Corp.		2,280		142,842
National Bank Holdings Corp. - Class A		6,140		234,978
NBT Bancorp, Inc.		3,250		139,425
Northwest Bancshares, Inc. (b)		19,820		238,236
OFG Bancorp		7,230		289,345

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
BANKING - 5.7% (Continued)
Park National Corp.		2,050	$	310,370
Pinnacle Financial Partners, Inc.		1,450		153,758
Popular, Inc.		1,090		100,683
Provident Financial Services, Inc.		7,040		120,877
ServisFirst Bancshares, Inc. (b)		5,330		440,258
Simmons First National Corp. - Class A		7,580		155,617
SouthState Corp.		2,960		274,747
Synovus Financial Corp.		3,170		148,166
Triumph Financial, Inc. (a)		2,960		171,088
Trustmark Corp.		4,750		163,827
United Community Banks, Inc.		7,250		203,942
WaFd, Inc.		4,200		120,036
Webster Financial Corp.		4,570		235,584
Western Alliance Bancorp		2,920		224,344
Wintrust Financial Corp.		1,400		157,444
Zions Bancorp N.A.		3,400		169,524
				9,865,156
BEVERAGES - 0.3%
Celsius Holdings, Inc. (a)		6,800		242,216
Coca-Cola Consolidated, Inc.		80		108,000
National Beverage Corp.		4,440		184,438
				534,654
BIOTECH & PHARMA - 4.4%
Alkermes plc (a)		9,540		315,011
Apellis Pharmaceuticals, Inc. (a)		3,780		82,669
Axsome Therapeutics, Inc. (a)		1,150		134,124
BioMarin Pharmaceutical, Inc. (a)		5,070		358,398
Blueprint Medicines Corp. (a)		2,090		184,986
Braze, Inc. - Class A (a)		3,000		108,240
BridgeBio Pharma, Inc. (a)		5,170		178,727
Cytokinetics, Inc. (a)		4,080		163,975
Elanco Animal Health, Inc. (a)(b)		17,250		181,125
Exelixis, Inc. (a)		8,150		300,898
Guardant Health, Inc. (a)		4,080		173,808
Halozyme Therapeutics, Inc. (a)		5,110		326,069
Harmony Biosciences Holdings, Inc. (a)		4,890		162,299
Incyte Corp. (a)		3,830		231,906
Innoviva, Inc. (a)		10,960		198,705

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
BIOTECH & PHARMA - 4.4% (Continued)
Insmed, Inc. (a)		5,100	$	389,079
Intra-Cellular Therapies, Inc. (a)		2,990		394,441
Ionis Pharmaceuticals, Inc. (a)		6,770		204,251
Jazz Pharmaceuticals plc (a)		2,250		279,337
Krystal Biotech, Inc. (a)		800		144,240
Madrigal Pharmaceuticals, Inc. (a)		540		178,864
Moderna, Inc. (a)		10,250		290,587
Neurocrine Biosciences, Inc. (a)		3,490		385,994
Organon & Co.		12,050		179,425
Perrigo Co. plc		6,260		175,530
Prestige Consumer Healthcare, Inc. (a)		4,850		416,955
Revolution Medicines, Inc. (a)		4,630		163,717
Roivant Sciences Ltd. (a)		13,680		138,031
SpringWorks Therapeutic, Inc. (a)		3,180		140,333
Supernus Pharmaceuticals, Inc. (a)(b)		5,090		166,698
TG Therapeutics, Inc. (a)		5,850		230,666
Ultragenyx Pharmaceutical, Inc. (a)		2,830		102,474
United Therapeutics Corp. (a)		1,380		425,413
Viking Therapeutics, Inc. (a)(b)		5,730		138,380
				7,645,355
CABLE & SATELLITE - 0.3%
Liberty Broadband Corp. - Series C (a)		3,060		260,253
Sirius XM Holdings, Inc.		10,550		237,850
				498,103
CHEMICALS - 2.2%
Albemarle Corp. (b)		4,300		309,686
Axalta Coating Systems Ltd. (a)		2,910		96,525
Balchem Corp.		4,840		803,440
Celanese Corp. (b)		6,940		393,984
CF Industries Holdings, Inc.		2,600		203,190
Eastman Chemical Co.		2,490		219,394
H.B. Fuller Co.		4,210		236,265
Innospec, Inc.		1,890		179,077
Materion Corp.		2,050		167,280
Minerals Technologies, Inc.		2,470		157,018
Mosaic Co. (The)		10,480		283,065
RPM International, Inc.		2,920		337,785

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
CHEMICALS - 2.2% (Continued)
WD-40 Co.		1,700	$	414,800
				3,801,509
COMMERCIAL SUPPORT SERVICES - 2.4%
ABM Industries, Inc.		7,160		339,098
ADT, Inc.		12,680		103,215
Brady Corp. - Class A		8,080		570,771
Casella Waste Systems, Inc. - Class A (a)		1,710		190,682
Clean Harbors, Inc. (a)		1,410		277,911
CorVel Corp. (a)		6,990		782,670
FTI Consulting, Inc. (a)		1,320		216,586
H&R Block, Inc.		3,430		188,341
Insperity, Inc.		1,650		147,230
Korn Ferry		7,970		540,605
ManpowerGroup, Inc.		3,480		201,422
Robert Half, Inc. (b)		3,690		201,290
TriNet Group, Inc.		1,720		136,293
UniFirst Corp.		1,280		222,720
				4,118,834
CONSTRUCTION MATERIALS - 0.7%
Advanced Drainage Systems, Inc.		1,990		216,214
Carlisle Cos., Inc.		1,550		527,775
Owens Corning		2,000		285,640
Simpson Manufacturing Co., Inc.		900		141,372
				1,171,001
CONSUMER SERVICES - 0.7%
Adtalem Global Education, Inc. (a)		3,660		368,343
Bright Horizons Family Solutions, Inc. (a)		1,610		204,534
Service Corp. International (b)		2,420		194,084
Strategic Education, Inc.		1,700		142,732
Stride, Inc. (a)(b)		2,890		365,585
				1,275,278
CONTAINERS & PACKAGING - 0.8%
AptarGroup, Inc.		950		140,961
Berry Global Group, Inc. (b)		3,330		232,467
Crown Holdings, Inc.		4,210		375,785
Smurfit WestRock plc		15,180		684,011
				1,433,224

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
DIVERSIFIED INDUSTRIALS - 0.4%
ITT, Inc.		1,970	$	254,445
Pentair plc		4,250		371,790
				626,235
E-COMMERCE DISCRETIONARY - 0.3%
Chewy, Inc. (a)		3,170		103,057
Etsy, Inc. (a)		4,920		232,125
Waystar Holding Corp. (a)		3,880		144,957
				480,139
ELECTRIC UTILITIES - 2.1%
AES Corp. (The)		23,370		290,256
Avista Corp.		7,070		296,021
Evergy, Inc.		3,720		256,494
MGE Energy, Inc.		4,820		448,067
NorthWestern Energy Group, Inc.		9,320		539,348
NRG Energy, Inc.		6,090		581,351
Nuvalent, Inc. - Class A (a)		1,380		97,870
OGE Energy Corp.		5,730		263,351
Pinnacle West Capital Corp.		2,760		262,890
Talen Energy Corp. (a)		1,370		273,548
TXNM Energy, Inc.		4,340		232,103
				3,541,299
ELECTRICAL EQUIPMENT - 3.1%
A.O. Smith Corp.		3,450		225,492
Acuity, Inc.		610		160,643
Advanced Energy Industries, Inc.		2,780		264,962
Alarm.com Holdings, Inc. (a)		4,510		250,981
Allegion plc		1,350		176,121
API Group Corp. (a)		8,020		286,795
Badger Meter, Inc.		2,250		428,062
Bloom Energy Corp. - Class A (a)(b)		5,500		108,130
Cognex Corp.		4,800		143,184
Generac Holdings, Inc. (a)		1,590		201,374
Hayward Holdings, Inc. (a)		6,790		94,517
Hubbell, Inc.		760		251,492
Itron, Inc. (a)		2,350		246,186
Lennox International, Inc.		930		521,572
NEXTracker, Inc. - Class A (a)		9,050		381,367
nVent Electric plc		5,350		280,447

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
ELECTRICAL EQUIPMENT - 3.1% (Continued)
OSI Systems, Inc. (a)(b)		2,550	$	495,567
SPX Technologies, Inc. (a)		6,450		830,631
				5,347,523
ENGINEERING & CONSTRUCTION - 2.2%
AECOM		4,290		397,812
Arcosa, Inc.		6,060		467,347
Comfort Systems USA, Inc.		1,080		348,116
Dycom Industries, Inc. (a)		1,780		271,165
EMCOR Group, Inc.		1,240		458,341
Frontdoor, Inc. (a)		6,020		231,288
Granite Construction, Inc. (b)		5,010		377,754
Installed Building Products, Inc. (b)		1,770		303,484
MasTec, Inc. (a)		1,260		147,055
Tetra Tech, Inc.		11,900		348,075
TopBuild Corp. (a)		930		283,604
WillScott Holdings Corp.		8,330		231,574
				3,865,615
ENTERTAINMENT CONTENT - 0.2%
Paramount Global - Class B		24,370		291,465
FOOD - 1.6%
BellRing Brands, Inc. (a)		3,120		232,315
Cal-Maine Foods, Inc. (b)		5,690		517,221
Campbell's Co. (The) (b)		6,720		268,262
Conagra Brands, Inc.		18,440		491,795
Darling Ingredients, Inc. (a)(b)		4,770		149,015
Ingredion, Inc.		1,050		141,971
J.M. Smucker Co. (The)		3,390		401,410
Lamb Weston Holdings, Inc.		8,110		432,263
Simply Good Foods Co. (The) (a)(b)		3,290		113,472
				2,747,724
FORESTRY, PAPER & WOOD PRODUCTS - 0.4%
Boise Cascade Co.		5,270		516,934
Trex Co., Inc. (a)(b)		2,950		171,395
				688,329
GAS & WATER UTILITIES - 1.8%
American States Water Co.		4,280		336,750
California Water Service Group		7,680		372,173

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
GAS & WATER UTILITIES - 1.8% (Continued)
Essential Utilities, Inc.		23,640	$	934,489
NiSource, Inc.		7,030		281,833
Southwest Gas Holdings, Inc.		6,850		491,830
UGI Corp.		21,010		694,801
				3,111,876
HEALTH CARE FACILITIES & SERVICES - 1.7%
Acadia Healthcare Co., Inc. (a)		3,930		119,158
AdaptHealth Corp. (a)		14,120		153,061
Charles River Laboratories International, Inc. (a)		1,920		288,998
Concentra Group Holdings Parent, Inc.		13,589		294,881
DaVita, Inc. (a)		1,170		178,975
Encompass Health Corp.		2,740		277,507
Ensign Group, Inc. (The) (b)		1,550		200,570
Henry Schein, Inc. (a)		3,830		262,317
Medpace Holdings, Inc. (a)		820		249,846
Option Care Health, Inc. (a)		5,870		205,156
Owens & Minor, Inc. (a)		8,320		75,130
Pediatrix Medical Group, Inc. (a)		13,840		200,542
RadNet, Inc. (a)		3,960		196,891
Select Medical Holdings Corp.		15,210		254,007
				2,957,039
HOME & OFFICE PRODUCTS - 0.6%
HNI Corp.		7,870		349,034
Newell Brands, Inc.		18,920		117,304
Somnigroup International, Inc. (b)		5,890		352,693
Whirlpool Corp. (b)		2,090		188,372
				1,007,403
HOME CONSTRUCTION - 2.0%
Armstrong World Industries, Inc.		2,600		366,288
Cavco Industries, Inc. (a)		1,330		691,108
Fortune Brands Innovations, Inc.		4,100		249,608
Griffon Corp.		3,610		258,115
Interface, Inc.		10,230		202,963
LGI Homes, Inc. (a)(b)		3,120		207,386
M/I Homes, Inc. (a)		2,350		268,323
Meritage Homes Corp.		4,450		315,416
Mohawk Industries, Inc. (a)		1,560		178,121
Toll Brothers, Inc.		2,290		241,801

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
HOME CONSTRUCTION - 2.0% (Continued)
TRI Pointe Homes, Inc. (a)		12,650	$	403,788
				3,382,917
HOUSEHOLD PRODUCTS - 0.2%
Quanex Building Products Corp.		6,260		116,373
Spectrum Brands Holdings, Inc.		3,660		261,873
				378,246
INDUSTRIAL INTERMEDIATE PRODUCTS - 1.2%
AZZ, Inc. (b)		1,430		119,562
Chart Industries, Inc. (a)(b)		1,180		170,345
Enpro, Inc.		2,520		407,711
Gibraltar Industries, Inc. (a)		3,300		193,578
Mueller Industries, Inc.		2,870		218,522
Proto Labs, Inc. (a)		4,100		143,664
RBC Bearings, Inc. (a)		990		318,552
Standardaero, Inc. (a)(b)		9,790		260,805
Standex International Corp.		2,030		327,622
				2,160,361
INDUSTRIAL SUPPORT SERVICES - 1.3%
Applied Industrial Technologies, Inc.		740		166,751
Core & Main, Inc. - Class A (a)		5,630		271,985
RB Global, Inc.		4,950		496,485
Resideo Technologies, Inc. (a)		8,730		154,521
SiteOne Landscape Supply, Inc. (a)(b)		1,490		180,946
U-Haul Holding Co.		2,500		147,950
Vaxcyte, Inc. (a)		3,680		138,957
Watsco, Inc.		940		477,802
WESCO International, Inc.		1,450		225,185
				2,260,582
INSTITUTIONAL FINANCIAL SERVICES - 1.0%
Evercore, Inc. - Class A		880		175,754
Houlihan Lokey, Inc.		1,000		161,500
Moelis & Co. - Class A		6,780		395,681
Piper Sandler Cos.		1,920		475,507
PJT Partners, Inc. - Class A (b)		2,170		299,200
Virtu Financial, Inc. - Class A		6,270		239,012
				1,746,654
INSURANCE - 3.8%
American Financial Group, Inc.		2,080		273,187

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
INSURANCE - 3.8% (Continued)
Assurant, Inc.		1,030	$	216,042
Assured Guaranty Ltd.		3,960		348,876
Employers Holdings, Inc.		2,300		116,472
Equitable Holdings, Inc.		9,710		505,794
Erie Indemnity Co. - Class A (b)		930		389,717
Genworth Financial, Inc. - Class A (a)		40,170		284,805
Globe Life, Inc.		3,370		443,896
Goosehead Insurance, Inc. - Class A (a)(b)		1,250		147,575
Jackson Financial, Inc. - Class A		5,270		441,521
Kinsale Capital Group, Inc. (b)		770		374,767
Lincoln National Corp.		6,410		230,183
Mercury General Corp.		4,640		259,376
Old Republic International Corp.		4,070		159,625
Primerica, Inc.		840		239,005
Radian Group, Inc. (b)		9,290		307,220
Reinsurance Group of America, Inc.		1,830		360,327
Remitly Global, Inc. (a)		5,540		115,232
RenaissanceRe Holdings Ltd.		1,220		292,800
Safety Insurance Group, Inc.		1,620		127,786
Selective Insurance Group, Inc.		1,340		122,664
SiriusPoint Ltd. (a)		10,490		181,372
Unum Group		4,670		380,418
Voya Financial, Inc.		2,380		161,269
				6,479,929
INTERNET MEDIA & SERVICES - 1.2%
CarGurus, Inc. (a)		6,170		179,732
Lyft, Inc. - Class A (a)		13,280		157,634
Maplebear, Inc. (a)		4,500		179,505
Match Group, Inc.		7,640		238,368
Reddit, Inc. - Class A (a)		3,790		397,571
Roku Inc. (a)		4,390		309,232
Yelp, Inc. (a)		4,050		149,971
Zillow Group, Inc. - Class C (a)		6,990		479,234
				2,091,247
LEISURE FACILITIES & SERVICES - 2.2%
Brinker International, Inc. (a)		2,500		372,625
Cheesecake Factory, Inc. (The) (b)		5,550		270,063
Cinemark Holdings, Inc.		6,630		165,021

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
LEISURE FACILITIES & SERVICES - 2.2% (Continued)
Cracker Barrel Old Country Store, Inc. (b)		3,630	$	140,916
Dave & Buster's Entertainment, Inc. (a)(b)		5,280		92,770
Dutch Bros, Inc. - Class A (a)		3,370		208,064
Hyatt Hotels Corp. - Class A		1,030		126,175
Joby Aviation, Inc. (a)		17,450		105,049
Norwegian Cruise Line Holdings Ltd. (a)		10,190		193,202
Planet Fitness, Inc. - Class A (a)		2,430		234,762
Rocket Lab USA, Inc. (a)(b)		11,230		200,792
Shake Shack, Inc. - Class A (a)		3,960		349,153
Six Flags Entertainment Corp.		4,234		151,027
Texas Roadhouse, Inc.		1,710		284,937
Vail Resorts, Inc. (b)		1,850		296,037
Wingstop, Inc.		1,570		354,161
Wyndham Hotels & Resorts, Inc. (b)		2,270		205,458
				3,750,212
LEISURE PRODUCTS - 0.8%
Acushnet Holdings Corp. (b)		4,230		290,432
Brunswick Corp. (b)		2,580		138,933
Hasbro, Inc.		5,420		333,276
LCI Industries (b)		2,340		204,586
Mattel, Inc. (a)		12,800		248,704
Thor Industries, Inc. (b)		1,390		105,376
YETI Holdings, Inc. (a)(b)		3,930		130,083
				1,451,390
MACHINERY - 4.6%
AGCO Corp.		2,520		233,276
CNH Industrial N.V.		29,370		360,664
Crane Co.		1,040		159,307
Donaldson Co., Inc.		2,480		166,309
Enerpac Tool Group Corp.		11,030		494,806
ESCO Technologies, Inc.		2,330		370,750
Federal Signal Corp. (b)		4,740		348,627
Flowco Holdings, Inc. - Class A (a)		47,180		1,210,167
Flowserve Corp.		3,160		154,334
Franklin Electric Co., Inc.		6,300		591,444
Gates Industrial Corp. plc (a)		13,160		242,276
Graco, Inc.		3,590		299,801
Hillenbrand, Inc.		4,920		118,769

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
MACHINERY - 4.6% (Continued)
IDEX Corp.		2,700	$	488,619
JBT Marel Corp.		3,075		375,765
Kadant, Inc. (b)		390		131,395
Kennametal, Inc.		5,330		113,529
Lincoln Electric Holdings, Inc. (b)		1,740		329,138
Lindsay Corp.		970		122,724
Middleby Corp. (The) (a)		1,480		224,930
MSA Safety, Inc.		600		88,014
Nordson Corp.		2,090		421,595
Stanley Black & Decker, Inc. (b)		4,540		349,035
Tennant Co.		2,040		162,690
Toro Co. (The) (b)		2,600		189,150
Zurn Elkay Water Solutions Corp.		3,490		115,100
				7,862,214
MEDICAL EQUIPMENT & DEVICES - 4.1%
Align Technology, Inc. (a)		1,570		249,410
Avantor, Inc. (a)		25,120		407,195
Bio-Rad Laboratories, Inc. - Class A (a)		540		131,523
Bio-Techne Corp.		4,350		255,041
Bruker Corp.		4,280		178,647
DENTSPLY SIRONA, Inc.		18,010		269,069
Exact Sciences Corp. (a)(b)		5,540		239,827
Glaukos Corp. (a)		3,820		375,964
Globus Medical, Inc. - Class A (a)		2,470		180,804
Hologic, Inc. (a)		3,890		240,285
Illumina, Inc. (a)		4,150		329,261
Inspire Medical Systems, Inc. (a)		1,140		181,579
Insulet Corp. (a)		890		233,723
Integer Holdings Corp. (a)(b)		3,090		364,651
Integra LifeSciences Holdings Corp. (a)		8,290		182,297
Lantheus Holdings, Inc. (a)(b)		2,350		229,360
Masimo Corp. (a)		1,170		194,922
Merit Medical Systems, Inc. (a)		5,690		601,490
Natera, Inc. (a)		3,620		511,904
Penumbra, Inc. (a)		1,280		342,285
Repligen Corp. (a)		2,040		259,570
Revvity, Inc. (b)		3,050		322,690
Solventum Corp. (a)		4,610		350,544

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
MEDICAL EQUIPMENT & DEVICES - 4.1% (Continued)
Tandem Diabetes Care, Inc. (a)		3,180	$	60,929
Teleflex, Inc.		2,500		345,475
				7,038,445
METALS & MINING - 0.7%
Alcoa Corp.		8,020		244,610
Century Aluminum Co. (a)		5,320		98,739
MP Materials Corp. (a)(b)		7,590		185,272
Royal Gold, Inc.		1,920		313,939
Rubrik Inc. - Class A (a)		2,110		128,668
United States Steel Corp. (b)		6,520		275,535
				1,246,763
OIL & GAS PRODUCERS - 1.8%
Antero Midstream Corp.		15,610		280,980
Antero Resources Corp. (a)		10,410		420,980
California Resources Corp.		3,720		163,568
CNX Resources Corp. (a)		4,050		127,494
Core Laboratories, Inc.		3,080		46,169
Crescent Energy Co. - Class A		19,900		223,676
EQT Corp.		11,550		617,117
Kinetik Holdings, Inc.		1,570		81,546
Murphy Oil Corp. (b)		8,090		229,756
Ovintiv, Inc.		10,680		457,104
Sitio Royalties Corp. - Class A		8,390		166,709
SM Energy Co.		5,050		151,248
Viper Energy, Inc.		4,930		222,590
				3,188,937
OIL & GAS SERVICES & EQUIPMENT - 0.1%
Weatherford International plc		3,100		166,005
PUBLISHING & BROADCASTING - 0.9%
Liberty Media Corp. - Liberty Formula One - Series C (a)(b)		9,870		888,398
New York Times Co. (The) - Class A		3,410		169,136
Nexstar Media Group, Inc. (b)		740		132,623
TKO Group Holdings, Inc.		2,490		380,497
				1,570,654
REAL ESTATE SERVICES - 0.4%
AGNC Investment Corp. (b)		33,700		322,846
Jones Lang LaSalle, Inc. (a)		1,210		299,971

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
REAL ESTATE SERVICES - 0.4% (Continued)
Marcus & Millichap, Inc.		3,440	$	118,508
				741,325
REITS - 6.2%
Acadia Realty Trust		8,150		170,742
Agree Realty Corp.		2,580		199,150
Alexander & Baldwin, Inc.		7,290		125,607
American Homes 4 Rent - Class A		8,640		326,678
Americold Realty Trust, Inc.		11,170		239,708
Brixmor Property Group, Inc.		8,430		223,816
BXP, Inc. (b)		4,690		315,121
Camden Property Trust		2,490		304,527
CareTrust REIT, Inc.		12,330		352,391
CubeSmart		8,900		380,119
DiamondRock Hospitality Co.		14,240		109,933
Douglas Emmett, Inc.		21,700		347,200
EastGroup Properties, Inc. (b)		1,030		181,434
Elme Communities		9,070		157,818
EPR Properties (b)		3,010		158,356
Equity LifeStyle Properties, Inc.		5,320		354,844
Essential Properties Realty Trust, Inc. (b)		7,790		254,266
Federal Realty Investment Trust		2,380		232,812
Franklin BSP Realty Trust, Inc.		9,042		115,195
Healthpeak Properties, Inc.		13,130		265,489
Highwoods Properties, Inc.		11,470		339,971
Host Hotels & Resorts, Inc. (b)		23,450		333,224
Kimco Realty Corp.		23,430		497,653
Lamar Advertising Co. - Class A (b)		2,770		315,171
LTC Properties, Inc.		3,780		134,001
Macerich Co. (The)		11,680		200,546
NNN REIT, Inc. (b)		5,050		215,382
Omega Healthcare Investors, Inc. (b)		8,680		330,534
Phillips Edison & Co., Inc.		5,910		215,656
Regency Centers Corp.		5,340		393,878
Rexford Industrial Realty, Inc.		7,530		294,800
Ryman Hospitality Properties, Inc. (b)		1,690		154,534
Sabra Health Care REIT, Inc. (b)		6,980		121,941
SL Green Realty Corp.		6,310		364,087
Sunstone Hotel Investors, Inc.		5,860		55,143

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
REITS - 6.2% (Continued)
Tanger, Inc. (b)		10,710	$	361,891
Texas Pacific Land Corp. (b)		270		357,747
UDR, Inc.		5,510		248,887
Uniti Group, Inc.		44,310		223,322
Urban Edge Properties		9,260		175,940
Vornado Realty Trust		4,650		172,004
W.P. Carey, Inc. (b)		4,480		282,733
				10,604,251
RENEWABLE ENERGY - 0.4%
Array Technologies, Inc. (a)		22,840		111,231
Enphase Energy, Inc. (a)		4,910		304,665
First Solar, Inc. (a)(b)		1,970		249,067
				664,963
RETAIL - CONSUMER STAPLES - 2.1%
Albertsons Cos., Inc. - Class A		12,320		270,917
BJ's Wholesale Club Holdings, Inc. (a)(b)		3,100		353,710
Casey's General Stores, Inc. (b)		830		360,253
Five Below, Inc. (a)		2,170		162,587
Grocery Outlet Holding Corp. (a)		5,590		78,148
Hims & Hers Health, Inc. (a)(b)		6,810		201,236
Murphy USA, Inc.		2,100		986,601
Ollie's Bargain Outlet Holdings, Inc. (a)		1,450		168,722
PriceSmart, Inc.		1,550		136,168
Sprouts Farmers Market, Inc. (a)		2,350		358,704
Walgreen Boots Alliance, Inc.		44,730		499,634
				3,576,680
RETAIL - DISCRETIONARY - 3.8%
Academy Sports & Outdoors, Inc.		4,920		224,401
Advance Auto Parts, Inc. (b)		6,720		263,491
American Eagle Outfitters, Inc. (b)		9,550		110,971
Asbury Automotive Group, Inc. (a)		1,750		386,470
AutoNation, Inc. (a)		710		114,963
Bath & Body Works, Inc.		6,710		203,447
Beacon Roofing Supply, Inc. (a)		2,070		256,059
Boot Barn Holdings, Inc. (a)		2,330		250,312
Buckle, Inc. (The)		5,380		206,162
Builders FirstSource, Inc. (a)		3,290		411,053
CarMax, Inc. (a)		4,800		374,016

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
RETAIL - DISCRETIONARY - 3.8% (Continued)
CAVA Group, Inc. (a)(b)		3,190	$	275,648
Dick's Sporting Goods, Inc.		1,530		308,387
Floor & Decor Holdings, Inc. - Class A (a)		3,070		247,043
Foot Locker, Inc. (a)		6,690		94,329
GameStop Corp. - Class A (a)(b)		11,310		252,439
Gap, Inc. (The)		7,270		149,835
GMS, Inc. (a)		4,420		323,411
Group 1 Automotive, Inc.		1,120		427,784
Hertz Global Holdings, Inc. (a)(b)		13,140		51,772
La-Z-Boy, Inc.		4,470		174,732
Lithia Motors, Inc.		650		190,801
Macy's, Inc. (b)		8,010		100,606
Signet Jewelers Ltd.		1,700		98,702
Urban Outfitters, Inc. (a)		7,160		375,184
Victoria's Secret & Co. (a)		4,540		84,353
Williams-Sonoma, Inc.		3,500		553,350
				6,509,721
SEMICONDUCTORS - 2.1%
Allegro MicroSystems, Inc. (a)		6,590		165,607
Astera Labs, Inc. (a)		2,900		173,043
Axcelis Technologies, Inc. (a)		4,880		242,390
Diodes, Inc. (a)		5,940		256,430
Entegris, Inc.		4,650		406,782
FormFactor, Inc. (a)		10,210		288,841
Lattice Semiconductor Corp. (a)		4,870		255,431
MACOM Technology Solutions Holdings, Inc. (a)(b)		1,550		155,589
MKS Instruments, Inc. (b)		2,100		168,315
Onto Innovation, Inc. (a)		1,560		189,290
Qorvo, Inc. (a)(b)		4,430		320,776
Rambus, Inc. (a)		2,590		134,097
Semtech Corp. (a)		3,970		136,568
SiTime Corp. (a)		950		145,226
Skyworks Solutions, Inc.		7,020		453,703
Veeco Instruments, Inc. (a)		7,960		159,837
				3,651,925
SOFTWARE - 6.4%
ACI Worldwide, Inc. (a)		4,180		228,688
Adeia, Inc.		13,401		177,161

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
SOFTWARE - 6.4% (Continued)
Affirm Holdings, Inc. (a)		7,230	$	326,724
Akamai Technologies, Inc. (a)		4,260		342,930
Appfolio, Inc. - Class A (a)		520		114,348
AvePoint, Inc. (a)		220		3,177
Bentley Systems, Inc. - Class B		2,370		93,236
BlackLine, Inc. (a)(b)		3,290		159,302
Box, Inc. - Class A (a)		9,250		285,455
C3.ai, Inc. - Class A (a)		4,210		88,620
Calix, Inc. (a)		4,210		149,202
CCC Intelligent Solutions Holdings, Inc. (a)		11,410		103,032
Clearwater Analytics Holdings, Inc. - Class A (a)		5,880		157,584
Confluent, Inc. - Class A (a)		9,080		212,835
Dayforce, Inc. (a)		4,880		284,650
DocuSign, Inc. (a)		5,800		472,120
Doximity, Inc. - Class A (a)		2,740		159,002
Dropbox, Inc. - Class A (a)		5,760		153,850
Duolingo, Inc. (a)		1,100		341,594
Dynatrace, Inc. (a)		8,630		406,904
Elastic N.V. (a)		2,780		247,698
Freshworks, Inc. - Class A (a)		11,740		165,651
Guidewire Software, Inc. (a)		1,850		346,616
Informatica, Inc. - Class A (a)(b)		12,520		218,474
Nutanix, Inc. - Class A (a)		7,370		514,500
OneStream, Inc. (a)		2,210		47,161
Paycom Software, Inc.		1,530		334,274
Paylocity Holding Corp. (a)		1,160		217,314
Privia Health Group, Inc. (a)		7,680		172,416
Procore Technologies, Inc. (a)(b)		3,590		237,012
Progress Software Corp.		6,410		330,179
PTC, Inc. (a)		4,100		635,295
Q2 Holdings, Inc. (a)		960		76,810
Qualys, Inc. (a)		1,170		147,338
Samsara, Inc. - Class A (a)		6,920		265,244
SentinelOne, Inc. - Class A (a)		11,740		213,433
Sprinklr, Inc. - Class A (a)		13,550		113,142
SPS Commerce, Inc. (a)		4,400		584,012
Tempus AI, Inc. (a)(b)		4,000		192,960
Tenable Holdings, Inc. (a)		3,260		114,035

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
SOFTWARE - 6.4% (Continued)
Twilio, Inc. - Class A (a)		4,320	$	422,971
UiPath, Inc. - Class A (a)(b)		18,940		195,082
Unity Software, Inc. (a)(b)		11,790		230,966
Upstart Holdings, Inc. (a)		1,850		85,156
Varonis Systems, Inc. (a)		3,110		125,800
Verra Mobility Corp. (a)		12,180		274,172
Workiva, Inc. (a)		1,450		110,070
Zeta Global Holdings Corp. - Class A (a)		5,260		71,326
ZoomInfo Technologies, Inc. - Class A (a)		15,530		155,300
				11,104,821
SPECIALTY FINANCE - 2.2%
Air Lease Corp. (b)		3,330		160,872
Ally Financial, Inc.		8,260		301,242
Annaly Capital Management, Inc. (b)		18,290		371,470
Blackstone Mortgage Trust, Inc. - Class A (b)		10,010		200,200
Bread Financial Holdings, Inc. (b)		2,910		145,733
Encore Capital Group, Inc. (a)		3,150		107,982
Essent Group Ltd.		2,930		169,120
First American Financial Corp.		2,340		153,574
FTAI Aviation Ltd.		2,810		311,994
MGIC Investment Corp.		4,340		107,545
Mr. Cooper Group, Inc. (a)		4,730		565,708
OneMain Holdings, Inc. (b)		3,410		166,681
QXO, Inc. (a)		11,540		156,252
SoFi Technologies, Inc. (a)		32,360		376,347
Starwood Property Trust, Inc. (b)		10,140		200,468
Walker & Dunlop, Inc.		4,120		351,683
				3,846,871
STEEL - 0.9%
ATI, Inc. (a)		8,120		422,484
Carpenter Technology Corp.		2,460		445,703
Reliance, Inc.		1,560		450,450
Steel Dynamics, Inc.		1,890		236,401
				1,555,038
TECHNOLOGY HARDWARE - 3.2%
Aurora Innovation, Inc. (a)(b)		26,090		175,455
Benchmark Electronics, Inc.		4,010		152,500
Ciena Corp. (a)		3,740		226,008

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
TECHNOLOGY HARDWARE - 3.2% (Continued)
Credo Technology Group Holding Ltd. (a)		14,250	$	572,280
Extreme Networks, Inc. (a)		8,710		115,233
F5, Inc. (a)		1,470		391,417
Fabrinet (a)		920		181,709
InterDigital, Inc. (b)		2,400		496,200
Jabil, Inc.		2,560		348,339
JFrog Ltd. (a)		4,100		131,200
Juniper Networks, Inc.		6,120		221,483
Knowles Corp. (a)		9,450		143,640
Lumentum Holdings, Inc. (a)		1,890		117,823
Pitney Bowes, Inc.		13,600		123,080
Plexus Corp. (a)		4,250		544,553
Pure Storage, Inc. - Class A (a)		9,020		399,315
Sandisk Corp. (a)(b)		6,670		317,559
Sanmina Corp. (a)		7,940		604,869
TD SYNNEX Corp. (b)		1,680		174,653
				5,437,316
TECHNOLOGY SERVICES - 2.5%
CSG Systems International, Inc.		3,400		205,598
DXC Technology Co. (a)		7,040		120,032
EPAM Systems, Inc. (a)		1,150		194,166
EVERTEC, Inc.		7,140		262,538
ExlService Holdings, Inc. (a)		2,820		133,132
Genpact Ltd.		4,890		246,358
HealthEquity, Inc. (a)(b)		2,430		214,739
Insight Enterprises, Inc. (a)		2,670		400,473
Jack Henry & Associates, Inc.		1,660		303,116
Kyndryl Holdings, Inc. (a)		6,150		193,110
LiveRamp Holdings, Inc. (a)		5,760		150,567
MarketAxess Holdings, Inc.		1,740		376,449
Maximus, Inc.		1,860		126,833
Morningstar, Inc.		700		209,909
Payoneer Global, Inc. (a)		20,400		149,124
Sabre Corp. (a)		31,420		88,290
Shift4 Payments, Inc. - Class A (a)(b)		2,500		204,275
Toast, Inc. - Class A (a)		13,080		433,864
WEX, Inc. (a)		1,680		263,794
				4,276,367

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
TELECOMMUNICATIONS - 0.6%
AST SpaceMobile, Inc. (a)		4,430	$	100,738
Cogent Communications Holdings, Inc.		4,860		297,967
Frontier Communications Parent, Inc. (a)		7,510		269,309
Lumen Technologies, Inc. (a)		34,620		135,710
Telephone and Data Systems, Inc.		4,660		180,528
				984,252
TRANSPORTATION & LOGISTICS - 2.4%
Air Transport Services Group, Inc. (a)		32,980		740,071
Alaska Air Group, Inc. (a)		6,880		338,634
American Airlines Group, Inc. (a)		13,800		145,590
ArcBest Corp. (b)		4,470		315,493
C.H. Robinson Worldwide, Inc.		2,780		284,672
GXO Logistics, Inc. (a)		5,310		207,515
Hub Group, Inc. - Class A		6,960		258,703
JetBlue Airways Corp. (a)		27,380		131,972
Knight-Swift Transportation Holdings, Inc.		4,160		180,918
Matson, Inc.		3,020		387,073
RXO, Inc. (a)		6,250		119,375
Ryder System, Inc.		1,040		149,562
Saia, Inc. (a)(b)		1,030		359,913
SkyWest, Inc. (a)		2,870		250,752
XPO, Inc. (a)		3,010		323,816
				4,194,059
TRANSPORTATION EQUIPMENT - 0.3%
Greenbrier Cos., Inc. (The)		5,620		287,856
Trinity Industries, Inc.		6,450		180,987
				468,843
WHOLESALE - CONSUMER STAPLES - 0.7%
Andersons, Inc. (The)		9,150		392,809
Bunge Global S.A.		3,030		231,553
United Natural Foods, Inc. (a)		5,990		164,066
US Foods Holding Corp. (a)		6,670		436,618
				1,225,046
WHOLESALE - DISCRETIONARY - 1.0%
Aramark (b)		7,620		263,042
G-III Apparel Group Ltd. (a)		3,190		87,246
LKQ Corp.		10,330		439,438
OPENLANE, Inc. (a)		8,420		162,338

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

COMMON STOCKS - 98.5% (Continued)	Shares		Fair Value
WHOLESALE - DISCRETIONARY - 1.0% (Continued)
Pool Corp. (b)		1,690	$	538,012
ScanSource, Inc. (a)		4,950		168,350
				1,658,426
TOTAL COMMON STOCKS (COST $148,380,934)			$	169,660,824

RIGHTS - 0.0% (c)	Shares		Fair Value
MEDICAL EQUIPMENT & DEVICES - 0.0% (c)
OmniAb, Inc. (a)(d)(e) (COST $0)		2,092	$	673

CORPORATE NOTES - 1.0%	Coupon			Maturity	Principal Amount		Fair Value
COMMUNITY DEVELOPMENT - 1.0%
Calvert Impact Capital, Inc. (d)		2.500	%	06/13/25	$	150,000	$	148,991
Calvert Impact Capital, Inc. (d)		2.500	%	12/15/25		280,000		273,917
Calvert Impact Capital, Inc. (d)		4.000	%	06/15/28		180,000		172,765
Calvert Impact Capital, Inc. (d)		5.000	%	12/15/28		220,000		216,896
Calvert Impact Capital, Inc. (d)		5.000	%	06/15/29		200,000		196,701
Calvert Impact Capital, Inc. (d)		4.500	%	12/14/29		170,000		163,390
Capital Impact Partners Investment (d)		5.750	%	06/15/25		200,000		200,503
Capital Impact Partners Investment (d)		4.500	%	12/15/25		170,000		170,112
Capital Impact Partners Investment (d)		5.000	%	12/15/26		200,000		201,563
TOTAL CORPORATE NOTES (COST $1,770,000)							$	1,744,838

MONEY MARKET FUNDS - 0.3%	Shares		Fair Value
First American Government Obligations Fund - Class X, 4.27% (f) (COST $584,485)		584,485	$	584,485

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 15.8%	Shares		Fair Value
Mount Vernon Liquid Assets Portfolio, LLC, 4.42% (f)(g) (COST $27,196,082)		27,196,082	$	27,196,082
TOTAL INVESTMENTS - (COST $177,931,501) - 115.6%			$	199,186,902
LIABILITIES IN EXCESS OF OTHER ASSETS - (15.6%)				(26,920,489	)
NET ASSETS - 100.0%			$	172,266,413

(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, 2025 was $26,580,510.
(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., 2.500%, 06/13/25	06/12/20		150,000		148,991		0.1	%
Calvert Impact Capital, Inc., 2.500%, 12/15/25	12/15/20		280,000		273,917		0.2	%
Calvert Impact Capital, Inc., 4.000%, 06/15/28	06/15/23		180,000		172,765		0.1	%
Calvert Impact Capital, Inc., 5.000%, 12/15/28	12/15/23		220,000		216,896		0.1	%
Calvert Impact Capital, Inc., 5.000%, 06/15/29	06/14/24		200,000		196,701		0.1	%
Calvert Impact Capital, Inc., 4.500%, 12/14/29	12/13/24		170,000		163,390		0.1	%
Capital Impact Partners Investment, 5.750%, 06/15/25	06/20/23		200,000		200,503		0.1	%
Capital Impact Partners Investment, 4.500%, 12/15/25	12/16/24		170,000		170,112		0.1	%
Capital Impact Partners Investment, 5.000%, 12/15/26	12/15/23		200,000		201,563		0.1	%
OmniAb, Inc.	11/02/22		—		673		0.0	%(c)
		$	1,770,000	$	1,745,511		1.0	%

(e)	Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total fair value of such securities was $673 as of March 31, 2025, representing 0.0% (c) of net assets.
(f)	The rate shown is the 7-day effective yield as of March 31, 2025.
(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, 2025 (Unaudited)

AFFILIATED MUTUAL FUNDS - 100.0%	Shares		Fair Value
DEBT FUND - 70.6%
Praxis Impact Bond Fund - Class I		1,811,172	$	17,006,901
EQUITY FUND - 29.4%
Praxis Growth Index Fund - Class I		48,265		2,137,194
Praxis International Index Fund - Class I		158,620		2,127,097
Praxis Small Cap Index Fund - Class I		53,255		587,402
Praxis Value Index Fund - Class I		126,397		2,241,018
				7,092,711
TOTAL AFFILIATED MUTUAL FUNDS (COST $21,413,599)			$	24,099,612

MONEY MARKET FUNDS - 0.0% (a)	Shares		Fair Value
First American Government Obligations Fund - Class X, 4.27% (b) (COST $6,901)		6,901	$	6,901
TOTAL INVESTMENTS - (COST $21,420,500) - 100.0%			$	24,106,513
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0% (a)				1,933
NET ASSETS - 100.0%			$	24,108,446

(a)	Percentage rounds to less than 0.1%.
(b)	The rate shown is the 7-day effective yield as of March 31, 2025.

Schedule of Portfolio Investments

Praxis Genesis Balanced Portfolio

March 31, 2025 (Unaudited)

AFFILIATED MUTUAL FUNDS - 100.0%	Shares		Fair Value
DEBT FUND - 40.7%
Praxis Impact Bond Fund - Class I		4,059,590	$	38,119,546
EQUITY FUND - 59.3%
Praxis Growth Index Fund - Class I		327,660		14,508,765
Praxis International Index Fund - Class I		1,243,141		16,670,527
Praxis Small Cap Index Fund - Class I		835,480		9,215,347
Praxis Value Index Fund - Class I		858,063		15,213,457
				55,608,096
TOTAL AFFILIATED MUTUAL FUNDS (COST $69,967,949)			$	93,727,642

MONEY MARKET FUNDS - 0.0% (a)	Shares		Fair Value
First American Government Obligations Fund - Class X, 4.27% (b) (COST $1,822)		1,822	$	1,822
TOTAL INVESTMENTS - (COST $69,969,771) - 100.0%			$	93,729,464
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0%) (a)				(1,501	)
NET ASSETS - 100.0%			$	93,727,963

(a)	Percentage rounds to less than 0.1%.
(b)	The rate shown is the 7-day effective yield as of March 31, 2025.

Schedule of Portfolio Investments

Praxis Genesis Growth Portfolio

March 31, 2025 (Unaudited)

AFFILIATED MUTUAL FUNDS - 100.0%	Shares		Fair Value
DEBT FUND - 20.5%
Praxis Impact Bond Fund - Class I		2,399,156	$	22,528,071
EQUITY FUND - 79.5%
Praxis Growth Index Fund - Class I		496,070		21,965,958
Praxis International Index Fund - Class I		1,959,373		26,275,191
Praxis Small Cap Index Fund - Class I		1,481,208		16,337,726
Praxis Value Index Fund - Class I		1,299,331		23,037,141
				87,616,016
TOTAL AFFILIATED MUTUAL FUNDS (COST $75,238,052)			$	110,144,087

MONEY MARKET FUNDS - 0.0% (a)	Shares		Fair Value
First American Government Obligations Fund - Class X, 4.27% (b) (COST $1,141)		1,141	$	1,141
TOTAL INVESTMENTS - (COST $75,239,193) - 100.0%			$	110,145,228
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0% (a)				3,294
NET ASSETS - 100.0%			$	110,148,522

(a)	Percentage rounds to less than 0.1%.
(b)	The rate shown is the 7-day effective yield as of March 31, 2025.