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N-CSRS 1 fp0084151-3_ncsrs.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-8056

Praxis Mutual Funds

(Exact name of registrant as specified in charter)

1110 N. Main Street

Goshen, IN 46527

(Address of principal executive offices) (Zip code)

Anthony Zacharski

Dechert LLP

200 Clarendon Street, 27^th Floor

Boston, MA 02116

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (800) 977-2947

Date of fiscal year end: December 31

Date of reporting period: June 30, 2023

Item 1.

Reports to Stockholders.

(a)

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

Table of Contents


Message from the President	1
Performance	2
Praxis Impact Bond Fund
Schedule of Investments	4
Praxis International Index Fund
Schedule of Investments	12
Praxis Value Index Fund
Schedule of Investments	19
Praxis Growth Index Fund
Schedule of Investments	24
Praxis Small Cap Index Fund
Schedule of Investments	28
Praxis Genesis Conservative Portfolio
Schedule of Investments	34
Praxis Genesis Balanced Portfolio
Schedule of Investments	35
Praxis Genesis Growth Portfolio
Schedule of Investments	36
Financial Statements
Statements of Assets & Liabilities	37
Statements of Operations	39
Statements of Changes in Net Assets	41
Financial Highlights	44
Notes to Financial Statements	52
Additional Fund Information	64
Notice of Privacy Policy and Practices	67

Message from the President

Stock markets climbed during the first half of the year and bond markets calmed as interest rates settled at a new, higher level. By the middle of the year, the turmoil of the banking crisis that unfolded in March faded from memory as investors focused on a brighter future.

Despite the renewed optimism, the market’s focus remains on the Federal Reserve’s campaign to bring down inflation by raising short term interest rates, a strategy it has pursued aggressively since March of last year. Despite the Fed’s efforts, the underlying economy remains resilient, giving hope to investors that a recession may be avoided. Whether the Fed is able to steer inflation lower and avert a recession is likely to be a focus for investors during the second half of the year.

The positive backdrop encouraged investors to purchase Praxis funds during the first half of the year. Four of the five Praxis funds experienced net inflows through June 30, with the Impact Bond fund leading by a large margin. While we are not able to assess the intentions of shareholders, we assume that improving prospects for bonds may be encouraging investors to return to the asset class after a very difficult period last year.

Our goal has always been to create practical solutions to accomplish our shareholders’ financial goals while allowing them to integrate their values. By partnering with you, our shareholders, we continue to make a positive impact on the world through impact investments in the Impact Bond Fund and shareholder advocacy and proxy voting in the equity index funds.

For more on the impacts your investments are making, I invite you to visit www.praxismutualfunds.com for stories and analysis.

Thank you for the confidence you’ve place in our team. We are grateful for the partnership.

Sincerely,

Chad M. Horning, CFA^®

President

The views expressed are those of the president of Praxis Mutual Funds as of June 30, 2023, are subject to change, and may differ from the views of portfolio managers or the firm as a whole. These views are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decisions.

Praxis Mutual Funds are advised by Everence Capital Management and distributed through FINRA member Foreside Financial Services, LLC.

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

Performance

We are pleased to provide this 2023 mid-year update for the Praxis Mutual Funds. The following tables summarize the performance of the Praxis Mutual Funds as of June 30, 2023.

	NAV 06/30/23	One Year Ended 06/30/23	Three Years Ended 06/30/23	Five Years Ended 06/30/23	Ten Years Ended 06/30/23	Since Inception 06/30/23	Inception Date	Expense Ratio ** Gross/Net
Praxis Impact Bond Fund
Class A *	$ 9.28	-4.80%	-5.40%	-0.40%	0.74%	3.23%	5/12/1999	0.94%	0.94%
Class A (Without Load)	$ 9.28	-1.14%	-4.17%	0.36%	1.12%	3.40%	5/12/1999
Class I	$ 9.24	-0.64%	-3.77%	0.80%	1.54%	3.30%	5/1/2006	0.49%	0.49%
Bloomberg U.S. Aggregate Bond Index ¹		-0.94%	-3.96%	0.77%	1.52%	3.94%
Praxis International Index Fund
Class A *	$ 12.03	4.43%	4.82%	1.78%	3.42%	2.43%	12/31/2010	1.24%	1.24%
Class A (Without Load)	$ 12.03	10.17%	6.71%	2.88%	3.97%	2.87%	12/31/2010
Class I	$ 12.10	10.77%	7.33%	3.55%	4.60%	3.52%	12/31/2010	0.62%	0.62%
Morningstar Global ex-U.S. Target Market Exposure
GR USD Index ^{2 ^}		13.65%	8.17%	4.40%	5.43%	4.52%
MSCI All Country World Index ex-U.S. ³		12.72%	7.22%	3.52%	4.75%	3.85%
Praxis Value Index Fund
Class A *	$ 16.91	11.88%	13.17%	9.03%	9.36%	5.34%	5/1/2001	0.75%	0.75%
Class A (Without Load)	$ 16.91	18.05%	15.24%	10.21%	9.95%	5.60%	5/1/2001
Class I	$ 16.79	18.44%	15.67%	10.65%	10.44%	6.92%	5/1/2006	0.38%	0.38%
S&P 500 Value Index ⁴		19.99%	16.79%	10.58%	10.51%	7.40%
Praxis Growth Index Fund
Class A *	$ 35.24	13.46%	9.88%	12.07%	13.61%	10.03%	5/1/2007	0.67%	0.67%
Class A (Without Load)	$ 35.24	19.73%	11.88%	13.29%	14.23%	10.40%	5/1/2007
Class I	$ 35.72	20.05%	12.21%	13.64%	14.66%	10.82%	5/1/2007	0.36%	0.36%
S&P 500 Growth Index ⁵		18.26%	11.80%	13.01%	14.49%	10.91%
Praxis Small Cap Index Fund
Class A *	$ 9.22	3.17%	10.98%	2.63%	5.12%	4.73%	5/1/2007	1.11%	1.11%
Class A (Without Load)	$ 9.22	8.84%	12.98%	3.74%	5.69%	5.07%	5/1/2007
Class I	$ 10.30	9.47%	13.70%	4.40%	6.37%	5.66%	5/1/2007	0.43%	0.43%
S&P SmallCap 600 Index ⁶		9.75%	15.16%	5.22%	9.81%	8.21%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit www.praxismutualfunds.com. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.

The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any party during the periods presented. In such instances, and without activity, the total returns would have been lower.

* The total return figures shown reflect the maximum sales charge applicable to Class A Shares for each Fund. Class A Shares have a maximum sales charge on purchases of of 3.75% for the Praxis Impact Bond Fund and 5.25% for all other Praxis Mutual Funds.

** Reflects the expense ratios as reported in the Prospectus dated April 30, 2023. For Praxis Small Cap Index Fund, contractual fee reductions are in effect through April 30, 2024 for Class A Shares.

^ Effective May 25, 2023, the Praxis International Index Fund changed its primary benchmark. The Fund believes the new index provides a comparable representation of the foreign developed and emerging markets in which the Fund invests to that of the prior benchmark index.

¹ Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of the Bloomberg U.S. Government/Credit Index and the Bloomberg U.S. Mortgage-Backed Securities Index and includes Treasury issues, agency issues, corporate bond issues and mortgage-backed securities, and is intended to be generally representative of the bond market as a whole.

² The Morningstar Global ex-U.S. Target Market Exposure GR USD Index targets large- and mid-cap stocks listed in developed and emerging markets outside the U.S. representing the largest 85% of the market capitalization.

³ The MSCI All Country World Index ex-U.S. is a market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S. based companies. The index includes both developed and emerging markets.

⁴ The S&P 500 Value Index represents the value companies (defined by book value to price ratio, earnings to price ratio and sales to price ratio) of the S&P 500 Index, a universe of large capitalization companies in the U.S. equity market.

⁵ The S&P 500 Growth Index represents the growth companies (defined by sales growth, earnings change to price, and momentum) of the S&P 500 Index, a universe of large capitalization companies in the U.S. equity market.

⁶ S&P SmallCap 600 Index measures the small-cap segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to ensure they are liquid and financially viable.

The above indexes are for illustrative purposes only and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Funds’ performance reflects the deduction of these expenses. An investor cannot invest directly in an index, although an investor can invest in its underlying securities.

Performance, continued

	NAV 06/30/23	One Year Ended 06/30/23	Three Years Ended 06/30/23	Five Years Ended 06/30/23	Ten Years Ended 06/30/23	Since Inception 06/30/23	Inception Date	Expense Ratio ** Gross/Net
Praxis Genesis Conservative Portfolio
Class A *	$ 11.36	-1.75%	-1.43%	1.78%	3.00%	3.67%	12/31/2009	1.06%	1.06%
Class A (Without Load)	$ 11.36	3.67%	0.36%	2.88%	3.56%	4.09%	12/31/2009
S&P Target Risk Conservative Index ⁷		4.93%	1.18%	3.28%	3.85%	4.28%
Praxis Genesis Balanced Portfolio
Class A *	$ 14.36	2.57%	3.40%	4.08%	5.34%	5.84%	12/31/2009	0.94%	0.94%
Class A (Without Load)	$ 14.36	8.29%	5.29%	5.20%	5.92%	6.26%	12/31/2009
S&P Target Risk Growth Index ⁸		9.85%	5.72%	5.45%	6.44%	6.89%
Praxis Genesis Growth Portfolio
Class A *	$ 16.97	5.56%	6.59%	5.38%	6.73%	7.13%	12/31/2009	0.94%	0.94%
Class A (Without Load)	$ 16.97	11.42%	8.52%	6.53%	7.31%	7.55%	12/31/2009
S&P Target Risk Aggressive Index ⁹		13.26%	8.74%	6.83%	7.95%	8.65%

⁷ S&P Target Risk Conservative Index seeks to emphasize exposure to fixed income, in order to produce a current income stream and avoid excessive volatility of returns. Equities are included to protect long-term purchasing power. The series is comprised of four multi-asset class indices. The index is comprised exclusively of exchange-traded funds.

⁸ S&P Target Risk Growth Index seeks to provide increased exposure to equities, while using fixed income to dampen risk. The series is comprised of four multi-asset class indices.The index is comprised exclusively of exchange-trade funds.

⁹ S&P Target Risk Aggressive Index seeks to emphasize exposure to equities, maximizing opportunities for long-term capital accumulation. It may include small allocations in fixed income to enhance portfolio efficiency. The series is comprised of four multi-asset class indices. The index is comprised exclusively of exchange-traded funds.

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

Schedule of Investments

Praxis Impact Bond Fund

June 30, 2023 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
MUNICIPAL BONDS — 0.9%
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A		7.334	%		02/15/28	$	1,000,000	$	1,057,999
City of San Francisco, California, Public Utilities Comm. Water Rev., Series 2019-A		3.303	%		11/01/39		2,500,000		2,137,525
Findlay City School District, Series 2010-B		6.250	%		12/01/37		270,000		270,418
Houston, Texas, Independent School District, Series 2009A-2		6.168	%		02/15/34		1,000,000		1,012,000
Massachusetts St., Series 2016-F		3.277	%		06/01/46		3,100,000		2,391,898
New Jersey St. Housing & Mortgage Finance, Series 2013-C		2.600	%		07/01/23		30,000		30,000
Osceola County Housing Finance Authority Rev., Series 2013-B		3.350	%		07/01/23		25,000		25,000
TOTAL MUNICIPAL BONDS (COST $8,239,957)								$	6,924,840

CORPORATE BONDS — 37.7%
APPAREL & TEXTILE PRODUCTS — 0.1%
VF Corp.		2.400	%		04/23/25		536,000		502,359

ASSET MANAGEMENT — 0.1%
Ameriprise Financial, Inc.		3.000	%		04/02/25		730,000		694,999

AUTOMOTIVE — 0.3%
BorgWarner, Inc. ^(a)		2.650	%		07/01/27		601,000		546,399
Honda Motor Co. Ltd. ^(a)		2.967	%		03/10/32		760,000		673,161
Hyundai Capital Services, Inc. ^(b)		1.250	%		02/08/26		200,000		178,294
Magna International, Inc.		2.450	%		06/15/30		1,250,000		1,058,345
									2,456,199
BANKING — 4.7%
Bank of America Corp., Series N		0.981	%		09/25/25		1,500,000		1,409,280
Bank of America Corp., Series N		2.456	%		10/22/25		1,000,000		954,802
Bank of America Corp., Series N		1.530	%		12/06/25		2,000,000		1,869,618
Bank of America Corp., Series N		4.271	%		07/23/29		1,000,000		948,793
Bank of America Corp., Series N		2.572	%		10/20/32		1,500,000		1,221,751
Bank of Montreal		3.300	%		02/05/24		1,000,000		984,761
Bank of Montreal ^(a)		5.203	%		02/01/28		1,750,000		1,749,680
Bank of New York Mellon Corp. (The), Series J		4.967	%		04/26/34		2,000,000		1,953,157
Citigroup, Inc.		3.700	%		01/12/26		1,750,000		1,678,773
Citigroup, Inc.		2.014	%		01/25/26		1,000,000		939,394
Citigroup, Inc.		2.572	%		06/03/30		2,000,000		1,668,633
ING Groep N.V. ^(b)		4.625	%		01/06/26		1,250,000		1,218,898
JPMorgan Chase & Co.		0.653	%		09/16/24		1,000,000		988,328
JPMorgan Chase & Co.		0.563	%		02/16/25		500,000		482,601
JPMorgan Chase & Co.		3.200	%		06/15/26		2,557,000		2,436,460
JPMorgan Chase & Co.		2.739	%		10/15/30		2,000,000		1,722,846

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 37.7%, continued
BANKING — 4.7%, continued
KeyBank National Association		4.150	%		08/08/25	$	1,000,000	$	924,097
M&T Bank Corp.		4.553	%		08/16/28		1,500,000		1,401,183
Mitsubishi UFJ Financial Group		2.527	%		09/13/23		1,250,000		1,241,439
PNC Financial Services Group, Inc. (The)		4.758	%		01/26/27		1,500,000		1,465,985
PNC Financial Services Group, Inc. (The)		5.582	%		06/12/29		1,000,000		995,294
Regions Financial Corp.		2.250	%		05/18/25		1,000,000		924,878
State Street Corp.		7.350	%		06/15/26		1,000,000		1,040,101
State Street Corp.		4.164	%		08/04/33		1,000,000		925,813
Sumitomo Mitsui Financial Group, Inc.		0.508	%		01/12/24		2,000,000		1,944,420
Toronto-Dominion Bank (SOFR + 45) ^(c)		5.431	%		09/28/23		2,000,000		2,000,368
Truist Financial Corp. (SOFR + 60.90) ^(c)		1.267	%		03/02/27		1,000,000		881,851
									35,973,204
BEVERAGES — 0.2%
Coca-Cola Co. (The)		3.450	%		03/25/30		500,000		471,752
Coca-Cola Femsa S.A.B. de C.V.		1.850	%		09/01/32		1,000,000		782,650
									1,254,402
BIOTECH & PHARMA — 0.6%
AbbVie, Inc.		2.950	%		11/21/26		500,000		467,122
Amgen, Inc.		3.000	%		02/22/29		2,500,000		2,257,714
Gilead Sciences, Inc.		3.650	%		03/01/26		750,000		721,509
Zeneca Wilmington, Inc.		7.000	%		11/15/23		825,000		825,672
									4,272,017
CABLE & SATELLITE — 0.5%
Comcast Corp.		3.300	%		04/01/27		500,000		472,848
Comcast Corp. ^(a)		4.650	%		02/15/33		1,000,000		992,715
Comcast Corp.		2.937	%		11/01/56		672,000		437,622
Time Warner Cable, Inc.		4.500	%		09/15/42		500,000		373,996
WarnerMedia Holdings, Inc.		4.054	%		03/15/29		1,500,000		1,371,180
									3,648,361
CHEMICALS — 0.8%
Avery Dennison Corp.		2.650	%		04/30/30		1,250,000		1,051,352
DowDuPont, Inc.		4.493	%		11/15/25		1,500,000		1,469,022
Ecolab, Inc. ^(a)		4.800	%		03/24/30		140,000		140,123
Ecolab, Inc.		2.750	%		08/18/55		1,470,000		941,705
LG Chemical Ltd. ^(b)		3.250	%		10/15/24		290,000		280,478
Nutrien Ltd.		5.875	%		12/01/36		840,000		843,429
Solvay Finance S.A. ^(b)		4.450	%		12/03/25		1,250,000		1,199,139
									5,925,248
CONSTRUCTION MATERIALS — 0.3%
Carlisle Cos., Inc.		3.500	%		12/01/24		1,250,000		1,206,164
Owens Corning		4.200	%		12/01/24		1,000,000		978,518
Owens Corning		3.950	%		08/15/29		300,000		278,825
									2,463,507
CONSUMER SERVICES — 4.8%
Andrew W. Mellon Funding		0.947	%		08/01/27		1,050,000		908,747
California Endowment (The)		2.498	%		04/01/51		4,500,000		2,886,477

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2023 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 37.7%, continued
CONSUMER SERVICES — 4.8%, continued
Conservation Fund, Series 2019		3.474	%		12/15/29	$	535,000	$	458,491
Ford Foundation (The), Series 2017		3.859	%		06/01/47		2,685,000		2,238,957
Ford Foundation (The), Series 2020		2.415	%		06/01/50		235,000		155,850
John D. & Catherine T. MacArthur Foundation, Series 2020		1.299	%		12/01/30		1,500,000		1,152,410
Leland Stanford Junior University (The)		3.460	%		05/01/47		2,415,000		1,981,407
Local Initiatives Support Corp.		4.649	%		03/01/37		1,500,000		1,333,667
Massachusetts Institute of Technology		3.959	%		07/01/38		1,500,000		1,376,358
Massachusetts Institute of Technology, Series H		3.067	%		04/01/52		4,200,000		3,178,368
President & Fellows of Harvard College, Series 2016-B		3.150	%		07/15/46		3,961,000		3,016,757
President & Fellows of Harvard College, Series 2020-B		2.517	%		10/15/50		1,300,000		869,213
President & Fellows of Harvard College, Series 2022-A		3.745	%		11/15/52		500,000		425,763
Rockefeller Foundation (The)		2.492	%		10/01/50		4,190,000		2,722,138
Stanford University California, Series 2020-A		2.413	%		06/01/50		4,200,000		2,783,236
Trustees of Princeton University (The)		2.516	%		07/01/50		6,650,000		4,564,925
University of Notre Dame, Series 2017		3.394	%		02/15/48		3,424,000		2,800,620
Yale University		2.402	%		04/15/50		6,765,000		4,469,079
									37,322,463
CONTAINERS & PACKAGING — 0.3%
CCL Industries, Inc. ^(b)		3.050	%		06/01/30		1,750,000		1,478,161
Sonoco Products Co.		5.750	%		11/01/40		1,000,000		989,211
									2,467,372
DIVERSIFIED INDUSTRIALS — 0.1%
Illinois Tool Works, Inc.		3.900	%		09/01/42		1,000,000		875,787

ELECTRIC UTILITIES — 5.9%
Ameren Illinois Co.		5.900	%		12/01/52		2,250,000		2,450,165
Avangrid, Inc.		3.150	%		12/01/24		1,800,000		1,726,428
Avista Corp.		4.000	%		04/01/52		1,000,000		795,829
Caledonia Generating, LLC ^(b)		1.950	%		02/28/34		1,710,235		1,427,959
CenterPoint Energy, Inc., Series AL		5.300	%		04/01/53		1,000,000		1,021,673
Consolidated Edison Co.		3.350	%		04/01/30		1,000,000		908,451
DTE Electric Co.		4.050	%		05/15/48		1,750,000		1,453,527
DTE Electric Co.		3.650	%		03/01/52		500,000		393,215
DTE Energy Co., Series C		4.875	%		06/01/28		1,500,000		1,467,198
Duke Energy Carolinas, LLC		3.550	%		03/15/52		2,200,000		1,676,892

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 37.7%, continued
ELECTRIC UTILITIES — 5.9%, continued
Duke Energy Progress, LLC		3.450	%		03/15/29	$	1,750,000	$	1,604,478
Duke Energy Progress, LLC		4.000	%		04/01/52		1,500,000		1,214,387
Electricite de France S.A. ^(b)		3.625	%		10/13/25		1,250,000		1,200,653
Enel Finance International N.V. ^(b)		2.650	%		09/10/24		1,250,000		1,202,706
Florida Power & Light Co.		3.700	%		12/01/47		1,300,000		1,054,258
Florida Power & Light Co.		2.875	%		12/04/51		2,000,000		1,382,448
Georgia Power Co.		3.250	%		04/01/26		1,000,000		948,089
Interstate Power & Light Co.		3.600	%		04/01/29		1,250,000		1,140,040
Liberty Utilities Financial Services ^(b)		2.050	%		09/15/30		1,355,000		1,052,716
MidAmerican Energy Co.		3.950	%		08/01/47		1,750,000		1,422,683
Midland Cogeneration Venture, L.P. ^(b)		6.000	%		03/15/25		156,731		157,888
Narragansett Electric Co. ^(b)		3.395	%		04/09/30		1,500,000		1,338,279
National Rural Utilities		1.350	%		03/15/31		2,000,000		1,526,244
NextEra Energy Capital Holdings, Inc.		6.051	%		03/01/25		500,000		501,880
Niagara Mohawk Power Corp. ^(b)		1.960	%		06/27/30		1,500,000		1,198,552
Northern States Power Co.		2.900	%		03/01/50		1,250,000		861,025
NSTAR Electric Co.		3.950	%		04/01/30		600,000		566,255
NSTAR Electric Co.		5.500	%		03/15/40		1,250,000		1,256,032
Potomac Electric Power Co.		6.500	%		11/15/37		1,000,000		1,116,646
Public Service Co.		3.700	%		06/15/28		1,750,000		1,660,577
Public Service Electric and Gas Co.		4.650	%		03/15/33		2,500,000		2,452,689
Puget Energy, Inc.		4.223	%		06/15/48		1,000,000		844,895
Rochester Gas & Electric Corp. ^(b)		1.850	%		12/01/30		500,000		385,703
San Diego Gas and Electric Co.		4.500	%		08/15/40		841,000		771,446
Solar Star Funding, LLC ^(b)		3.950	%		06/30/35		247,645		219,021
Solar Star Funding, LLC ^(b)		5.375	%		06/30/35		388,786		382,613
Southern California Edison		4.050	%		03/15/42		1,165,000		942,563
Tenaska Virginia Partners, L.P. ^(b)		6.119	%		03/30/24		125,997		124,452
Topaz Solar Farms, LLC ^(b)		4.875	%		09/30/39		225,923		206,720
Topaz Solar Farms, LLC ^(b)		5.750	%		09/30/39		537,504		527,052
Union Electric Co.		2.625	%		03/15/51		2,000,000		1,280,139
Westar Energy, Inc.		2.550	%		07/01/26		1,292,000		1,196,433
									45,060,899
ELECTRICAL EQUIPMENT — 0.3%
Johnson Controls International plc		1.750	%		09/15/30		1,000,000		806,765
Legrand S.A.		8.500	%		02/15/25		1,000,000		1,046,797
Roper Technologies, Inc.		2.000	%		06/30/30		440,000		359,610
									2,213,172
FOOD — 1.3%
Campbell Soup Co.		3.950	%		03/15/25		1,500,000		1,457,662
Cargill, Inc. ^(b)		4.760	%		11/23/45		1,500,000		1,412,463

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2023 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 37.7%, continued
FOOD — 1.3%, continued
General Mills, Inc.		4.000	%		04/17/25	$	1,500,000	$	1,461,795
Hormel Foods Corp.		1.800	%		06/11/30		2,250,000		1,877,902
Ingredion, Inc.		2.900	%		06/01/30		1,000,000		863,973
Kellogg Co.		2.650	%		12/01/23		1,000,000		990,199
Mars, Inc.		4.650	%		04/20/31		1,000,000		992,977
Mars, Inc. ^(b)		3.600	%		04/01/34		1,500,000		1,335,943
									10,392,914
FORESTRY, PAPER & WOOD PRODUCTS — 0.1%
Fibria Overseas Finance Ltd.		5.500	%		01/17/27		800,000		801,000

GAS & WATER UTILITIES — 0.3%
American Water Capital Corp.		2.800	%		05/01/30		1,500,000		1,311,134
Brooklyn Union Gas Co. ^(b)		4.504	%		03/10/46		1,250,000		977,860
Indiana Gas Co., Inc.		6.550	%		06/30/28		250,000		255,490
									2,544,484
HEALTH CARE FACILITIES & SERVICES — 0.2%
Kaiser Foundation Hospital		3.150	%		05/01/27		1,500,000		1,410,504

HOME & OFFICE PRODUCTS — 0.1%
Steelcase, Inc.		5.125	%		01/18/29		1,000,000		886,170

HOME CONSTRUCTION — 0.1%
NVR, Inc.		3.000	%		05/15/30		1,000,000		866,139

INSTITUTIONAL FINANCIAL SERVICES — 1.2%
Brookfield Finance, Inc.		4.250	%		06/02/26		1,570,000		1,507,930
Goldman Sachs Group, Inc. ^(a)		3.272	%		09/29/25		1,500,000		1,449,260
Goldman Sachs Group, Inc.		4.223	%		05/01/29		1,000,000		944,491
Goldman Sachs Group, Inc.		3.800	%		03/15/30		1,500,000		1,387,137
Morgan Stanley		3.125	%		07/27/26		2,000,000		1,872,888
Morgan Stanley, Series GMTN		2.699	%		01/22/31		1,250,000		1,063,117
National Securities Clearing Corp. ^(b)		1.500	%		04/23/25		1,000,000		929,833
									9,154,656
INSURANCE — 4.8%
Aflac, Inc.		4.000	%		10/15/46		1,408,000		1,121,206
Allstate Corp. (The)		5.250	%		03/30/33		1,000,000		997,047
F&G Global Funding		2.300	%		04/11/27		535,000		472,647
Fidelity National Financial, Inc.		3.400	%		06/15/30		1,000,000	$	873,181
First American Financial Corp.		2.400	%		08/15/31		1,500,000		1,140,626
Five Corners Funding Trust ^(b)		4.419	%		11/15/23		1,000,000		989,013
GA Global Funding Trust		2.250	%		01/06/27		2,000,000		1,770,905
Horace Mann Educators Corp.		4.500	%		12/01/25		1,235,000		1,178,074
Jackson National Life Global Funding		1.750	%		01/12/25		385,000		357,292
Jackson National Life Global Funding ^(b)		5.500	%		01/09/26		1,250,000		1,220,943

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 37.7%, continued
INSURANCE — 4.8%, continued
Kemper Corp.		4.350	%		02/15/25	$	1,250,000	$	1,202,923
Marsh & McLennan Cos., Inc.		3.750	%		03/14/26		1,000,000		968,010
Massachusetts Mutual Life Insurance Co. ^(b)		3.375	%		04/15/50		2,500,000		1,791,428
Met Life Global Funding I ^(b)		3.600	%		01/11/24		1,750,000		1,730,344
Met Life Global Funding I ^(b)		5.150	%		03/28/33		1,000,000		988,999
New York Life Global Funding ^(b)		4.900	%		06/13/28		3,000,000		2,970,632
Northwestern Mutual, Series 2023-3 ^(b)		4.900	%		06/12/28		1,740,000		1,725,884
Pacific Life Global Funding II, Series 2020-1 ^(b)		1.200	%		06/24/25		415,000		378,425
Pacific Life Global Funding II, Series 2021-1 ^(a)(b)		1.450	%		01/20/28		1,000,000		836,035
Pricoa Global Funding I ^(b)		5.100	%		05/30/28		2,000,000		1,980,904
Primerica, Inc.		2.800	%		11/19/31		1,000,000		826,916
Principal Financial Group, Inc.		3.700	%		05/15/29		1,250,000		1,146,958
Protective Life Global Funding ^(b)		5.366	%		01/06/26		500,000		498,291
Protective Life Global Funding ^(b)		5.209	%		04/14/26		1,000,000		984,164
Prudential Financial, Inc.		1.500	%		03/10/26		644,000		588,169
Prudential Funding Asia plc		3.125	%		04/14/30		750,000		658,276
Reliance STD Life Insurance Co. ^(b)		2.750	%		05/07/25		1,280,000		1,193,966
RLI Corp.		4.875	%		09/15/23		1,000,000		997,346
Sammons Financial Group, Inc. ^(b)		4.450	%		05/12/27		1,200,000		1,106,255
Security Benefit Global, Series MTN ^(b)		1.250	%		05/17/24		1,500,000		1,421,968
Teachers Insurance & Annuity Association ^(b)(c)		4.375	%		09/15/54		2,678,000		2,584,926
Trustage Financial Group, Inc.		4.625	%		04/15/32		400,000		346,670
									37,048,423
LEISURE FACILITIES & SERVICES — 0.3%
Marriott International, Inc.		3.600	%		04/15/24		727,000		714,777
McDonald’s Corp., Series MTN		3.500	%		07/01/27		1,000,000		951,984
Starbucks Corp.		2.450	%		06/15/26		1,000,000		931,734
									2,598,495
MACHINERY — 0.5%
Ingersoll-Rand Global Holding Co. Ltd.		6.391	%		11/15/27		655,000		674,211
John Deere Capital Corp.		1.750	%		03/09/27		250,000		224,225
John Deere Capital Corp.		3.050	%		01/06/28		1,250,000		1,172,082
Xylem, Inc.		1.950	%		01/30/28		1,775,000		1,556,991
									3,627,509
MEDICAL EQUIPMENT & DEVICES — 0.1%
Alcon Finance Corp. ^(b)		2.600	%		05/27/30		1,250,000		1,065,422

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2023 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 37.7%, continued
PERSONAL PRODUCTS — 0.1%
Estée Lauder Cos., Inc. (The)		2.600	%		04/15/30	$	1,000,000	$	874,825

PIPELINES — 0.1%
Northern Natural Gas Co. ^(b)		4.100	%		09/15/42		1,200,000		920,788

REITS — 3.8%
Agree Ltd. Partnership		2.900	%		10/01/30		650,000		541,536
Agree Ltd. Partnership		4.800	%		10/01/32		715,000		664,411
Alexandria Real Estate Equities, Inc.		2.950	%		03/15/34		1,000,000		788,724
Alexandria Real Estate Equities, Inc. ^(a)		4.750	%		04/15/35		1,250,000		1,159,792
Boston Properties, L.P.		4.500	%		12/01/28		1,250,000		1,147,539
Camden Property Trust		2.800	%		05/15/30		1,500,000		1,301,773
Digital Realty Trust, L.P.		5.550	%		01/15/28		2,250,000		2,216,762
ERP Operating, L.P.		4.150	%		12/01/28		1,250,000		1,187,660
ESSEX Portfolio, L.P. ^(a)		2.650	%		03/15/32		1,500,000		1,206,335
Federal Realty Investment Trust ^(a)		1.250	%		02/15/26		515,000		459,796
Federal Realty Investment Trust		5.375	%		05/01/28		1,500,000		1,468,759
Kilroy Realty Corp.		2.500	%		11/15/32		1,750,000		1,215,530
Kimco Realty Corp.		2.700	%		10/01/30		1,750,000		1,441,732
Lexington Realty Trust		2.700	%		09/15/30		1,500,000		1,197,910
Mid-America Apartment Communities, Inc.		3.950	%		03/15/29		1,750,000		1,647,321
Ontario Teachers Cadillac Fairview Properties Trust ^(b)		2.500	%		10/15/31		1,255,000		987,556
Prologis, L.P.		2.875	%		10/06/29		1,500,000		1,312,876
Prologis, L.P.		4.625	%		01/15/33		1,500,000		1,463,839
Realty Income Corp.		4.700	%		12/15/28		1,000,000		968,690
Regency Centers, L.P.		3.750	%		06/15/24		1,000,000		970,910
Rexford Industrial Realty, L.P.		5.000	%		06/15/28		500,000		485,502
Rexford Industrial Realty, L.P.		2.150	%		09/01/31		1,750,000		1,364,229
Sun Communities Operating, L.P.		2.700	%		07/15/31		500,000		395,081
Sun Communities Operating, L.P.		5.700	%		01/15/33		750,000		730,501
UDR, Inc.		1.900	%		03/15/33		1,500,000		1,097,233
Vornado Realty, L.P. ^(a)		3.500	%		01/15/25		567,000		533,755
WP Carey, Inc.		2.450	%		02/01/32		1,500,000		1,174,032
									29,129,784
RETAIL - CONSUMER STAPLES — 0.2%
Kroger Co. (The)		5.000	%		04/15/42		1,000,000		912,826
Walmart, Inc.		1.800	%		09/22/31		500,000		415,144
									1,327,970
RETAIL - DISCRETIONARY — 0.5%
ERAC USA Finance, LLC ^(b)		2.700	%		11/01/23		1,250,000		1,237,099
Home Depot, Inc.		3.625	%		04/15/52		1,000,000		797,333
Lowe’s Cos., Inc.		4.650	%		04/15/42		1,000,000		886,616
Lowe’s Cos., Inc.		3.000	%		10/15/50		500,000		327,715

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 37.7%, continued
RETAIL - DISCRETIONARY — 0.5%, continued
Lowe’s Cos., Inc.		5.625	%		04/15/53	$	1,000,000	$	999,401
									4,248,164
SEMICONDUCTORS — 0.3%
Intel Corp. ^(a)		4.150	%		08/05/32		1,000,000		950,213
Intel Corp.		3.734	%		12/08/47		1,361,000		1,058,009
NVIDIA Corp. ^(a)		2.850	%		04/01/30		500,000		453,413
									2,461,635
SOFTWARE — 0.5%
Microsoft Corp.		2.525	%		06/01/50		4,500,000		3,112,855
Microsoft Corp.		2.921	%		03/17/52		1,000,000		743,967
									3,856,822
SPECIALTY FINANCE — 0.8%
American Express Credit Corp.		3.000	%		10/30/24		1,000,000		964,035
BlueHub Loan Fund, Inc.		3.099	%		01/01/30		1,030,000		872,513
Community Preservation Corp. (The) ^(a)		2.867	%		02/01/30		1,750,000		1,460,872
GATX Corp.		4.350	%		02/15/24		300,000		296,289
Low Income Investment Fund		3.386	%		07/01/26		115,000		108,047
USAA Capital Corp. ^(b)		2.125	%		05/01/30		3,000,000		2,495,262
									6,197,018
STEEL — 0.1%
Nucor Corp.		2.000	%		06/01/25		460,000		430,146

TECHNOLOGY HARDWARE — 0.6%
Apple, Inc. ^(a)		3.000	%		06/20/27		1,000,000		946,920
Apple, Inc.		2.650	%		05/11/50		1,000,000		696,115
Apple, Inc.		2.650	%		02/08/51		2,000,000		1,381,491
HP, Inc.		4.750	%		01/15/28		1,100,000		1,071,526
HP, Inc.		4.000	%		04/15/29		915,000		852,394
									4,948,446
TECHNOLOGY SERVICES — 0.2%
Experian Finance plc ^(b)		2.750	%		03/08/30		635,000		541,626
Moody’s Corp.		3.250	%		05/20/50		500,000		357,991
Moody’s Corp.		3.750	%		02/25/52		1,000,000		793,054
									1,692,671
TELECOMMUNICATIONS — 0.7%
AT&T, Inc.		5.250	%		03/01/37		500,000		488,230
AT&T, Inc.		4.750	%		05/15/46		2,000,000		1,765,373
Verizon Communications, Inc. ^(a)		3.875	%		02/08/29		1,000,000		937,885
Verizon Communications, Inc.		1.500	%		09/18/30		1,000,000		790,301
Verizon Communications, Inc.		2.987	%		10/30/56		1,799,000		1,142,655
									5,124,444
TRANSPORTATION & LOGISTICS — 1.4%
British Airways, Series 2013-1 ^(b)		4.625	%		12/20/25		238,780		235,764
Burlington Northern Santa Fe, LLC		5.750	%		05/01/40		1,828,000		1,933,365
Canadian Pacific Railway Co. ^(a)		2.050	%		03/05/30		1,750,000		1,467,973

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2023 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 37.7%, continued
TRANSPORTATION & LOGISTICS — 1.4%, continued
Mexico City Airport Trust ^(b)		4.250	%		10/31/26	$	497,000	$	478,818
Norfolk Southern Corp.		4.837	%		10/01/41		1,000,000		924,959
Norfolk Southern Corp.		3.050	%		05/15/50		1,500,000		1,037,064
Penske Truck Leasing Co. ^(a)(b)		3.450	%		07/01/24		1,250,000		1,217,627
Penske Truck Leasing Co. ^(b)		5.750	%		05/24/26		500,000		495,216
TTX Co. ^(b)		4.600	%		02/01/49		280,000		251,975
TTX Co.		5.650	%		12/01/52		500,000		524,985
Union Pacific Corp.		4.950	%		09/09/52		2,000,000		1,984,583
									10,552,329
TRANSPORTATION EQUIPMENT — 0.2%
Ryder System, Inc. ^(a)		5.650	%		03/01/28		1,250,000		1,250,522

WHOLESALE - CONSUMER STAPLES — 0.2%
Bunge Ltd. Finance Corp.		1.630	%		08/17/25		395,000		363,422
Sysco Corp.		2.400	%		02/15/30		1,750,000		1,490,510
									1,853,932

TOTAL CORPORATE BONDS (COST $326,595,913)								$	290,395,201

CORPORATE NOTES — 1.0%
COMMUNITY DEVELOPMENT — 1.0%
Calvert Impact Capital, Inc. ^(d)		4.000	%		06/15/28		1,200,000		1,200,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/23		950,000		935,064
Calvert Social Investment Foundation, Inc. ^(d)		1.000	%		06/14/24		550,000		524,755
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/17/24		980,000		952,393
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/24		400,000		383,208
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		06/13/25		1,400,000		1,309,311
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		12/15/25		650,000		599,016
Capital Impact Partners Investment ^(d)		4.800	%		12/15/23		250,000		248,697
Capital Impact Partners Investment ^(d)		5.750	%		06/15/24		1,200,000		1,198,319
TOTAL CORPORATE NOTES (COST $7,580,000)								$	7,350,763

FOREIGN GOVERNMENTS — 5.1%
FOREIGN AGENCY — 0.6%
BNG Bank N.V. ^(a)(b)		1.500	%		10/16/24		1,500,000		1,426,557
BNG Bank N.V. ^(a)(b)		0.500	%		11/24/25		2,000,000		1,804,612
Kommunalbanken A.S. ^(b)		2.125	%		02/11/25		1,000,000		951,750
Kommunivest I Sverige AB, Series MTN ^(a)(b)		0.375	%		06/19/24		500,000		476,199
									4,659,118
SUPRANATIONAL — 4.5%
Asian Development Bank		2.125	%		03/19/25		1,000,000		951,277
Asian Development Bank		3.125	%		09/26/28		1,000,000		946,740
Central American Bank for Economic Integration ^(b)		1.140	%		02/09/26		1,200,000		1,075,940

	Coupon			Maturity		Principal Amount		Fair Value
FOREIGN GOVERNMENTS — 5.1%, continued
SUPRANATIONAL — 4.5%, continued
European Bank for Reconstruction & Development		1.625	%		09/27/24	$	1,250,000	$	1,193,726
European Bank for Reconstruction & Development		1.500	%		02/13/25		200,000		188,803
European Investment Bank ^(a)		2.500	%		10/15/24		1,000,000		964,985
European Investment Bank ^(a)		2.125	%		04/13/26		1,000,000		935,291
European Investment Bank		2.375	%		05/24/27		4,000,000		3,706,955
Inter-American Development Bank		0.875	%		04/03/25		3,000,000		2,790,794
Inter-American Development Bank		4.375	%		01/24/44		3,000,000		3,000,072
International Bank for Reconstruction & Development		0.250	%		11/24/23		4,500,000		4,410,723
International Bank for Reconstruction & Development		0.625	%		04/22/25		1,000,000		924,323
International Bank for Reconstruction & Development		3.126	%		11/20/25		1,000,000		963,714
International Bank for Reconstruction & Development		0.875	%		07/15/26		3,000,000		2,686,788
International Bank for Reconstruction & Development		3.125	%		06/15/27		4,000,000		3,807,941
International Development Association ^(b)		0.375	%		09/23/25		2,000,000		1,814,783
International Development Association ^(a)(b)		0.875	%		04/28/26		2,000,000		1,795,974
International Finance Corp., Series GMTN		2.125	%		04/07/26		3,000,000		2,803,057
									34,961,886

TOTAL FOREIGN GOVERNMENTS (COST $42,454,530)								$	39,621,004

COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0% ^(e)
Commercial Mortgage Pass-Through Certificates, Class A-3 (Cost $33,598)		2.853	%		10/17/45		32,965		30,657

U.S. GOVERNMENT AGENCIES — 47.2%
DEVELOPMENT FINANCE CORPORATION — 1.0%
DFC ^(c)		5.350	%		09/15/26		541,667		541,667
DFC		1.590	%		04/15/28		2,000,000		1,756,272
DFC		1.650	%		04/15/28		3,500,000		3,111,633
DFC		3.130	%		04/15/28		1,000,000		933,608
DFC		3.540	%		06/15/30		411,778		389,076
DFC		3.520	%		09/20/32		660,714		622,015
DFC		3.820	%		06/01/33		753,329		721,090
									8,075,361
FEDERAL HOME LOAN BANK — 7.3%
FHLB		4.625	%		12/13/24		5,000,000		4,955,641
FHLB		1.250	%		12/21/26		4,000,000		3,597,837
FHLB		4.250	%		12/10/27		11,000,000		10,962,263

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2023 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 47.2%, continued
FEDERAL HOME LOAN BANK — 7.3%, continued
FHLB		4.500	%		03/10/28	$	3,000,000	$	3,028,906
FHLB		3.250	%		11/16/28		13,000,000		12,423,746
FHLB		5.500	%		07/15/36		18,620,000		21,007,854
									55,976,247
FEDERAL HOME LOAN MORTGAGE CORPORATION — 13.2%
FHLMC		4.000	%		11/01/24		19,423		19,187
FHLMC		0.375	%		09/23/25		3,500,000		3,175,783
FHLMC		4.000	%		10/01/25		15,555		15,308
FHLMC		2.875	%		04/25/26		3,000,000		2,830,258
FHLMC		6.000	%		04/01/27		31,459		31,768
FHLMC		2.500	%		10/01/27		185,668		176,705
FHLMC		2.738	%		04/25/29		2,229,054		2,086,028
FHLMC		2.412	%		08/25/29		3,670,000		3,253,326
FHLMC		7.000	%		02/01/30		12,073		11,958
FHLMC		1.297	%		06/25/30		4,200,000		3,403,298
FHLMC		7.500	%		07/01/30		46,092		47,428
FHLMC		1.406	%		08/25/30		2,000,000		1,621,012
FHLMC		1.503	%		09/25/30		4,000,000		3,271,038
FHLMC		1.487	%		11/25/30		5,500,000		4,461,569
FHLMC		1.878	%		01/25/31		1,500,000		1,242,850
FHLMC		2.000	%		01/25/31		3,000,000		2,511,276
FHLMC		7.000	%		03/01/31		20,087		20,660
FHLMC		1.777	%		10/25/31		5,000,000		4,070,602
FHLMC		2.091	%		11/25/31		2,500,000		2,078,029
FHLMC		6.250	%		07/15/32		7,050,000		8,189,646
FHLMC		3.123	%		08/25/32		2,000,000		1,796,258
FHLMC		3.000	%		11/01/32		415,542		389,073
FHLMC		3.000	%		11/01/32		315,899		295,777
FHLMC		5.500	%		11/01/33		23,861		24,443
FHLMC (H15T1Y + 223.10) ^(c)		5.356	%		05/01/34		24,215		24,399
FHLMC (H15T1Y + 223.10) ^(c)		5.356	%		05/01/34		1,971		1,945
FHLMC		1.783	%		06/25/34		2,084,061		1,636,495
FHLMC		5.000	%		07/01/35		49,094		49,233
FHLMC		4.500	%		10/01/35		64,723		63,844
FHLMC		2.438	%		02/25/36		4,000,000		3,124,729
FHLMC		5.500	%		03/01/36		18,880		19,401
FHLMC		1.500	%		04/01/36		5,310,193		4,582,994
FHLMC		5.500	%		06/01/36		26,225		26,933
FHLMC		6.000	%		06/01/36		20,855		21,114
FHLMC		5.500	%		12/01/36		21,755		22,374
FHLMC		2.000	%		02/01/37		4,319,311		3,829,091
FHLMC		6.000	%		08/01/37		10,629		11,049
FHLMC		5.000	%		03/01/38		111,024		111,946
FHLMC		4.500	%		06/01/39		121,149		119,775
FHLMC		5.000	%		06/01/39		174,922		176,380
FHLMC		4.500	%		07/01/39		112,113		110,841
FHLMC		4.500	%		11/01/39		103,545		102,370
FHLMC		4.500	%		09/01/40		152,358		150,631
FHLMC		4.500	%		05/01/41		298,009		294,629
FHLMC		4.500	%		07/01/41		347,699		343,758
FHLMC		5.000	%		09/01/41		144,722		145,930
FHLMC		3.500	%		10/01/41		167,565		157,083
FHLMC		4.000	%		10/01/41		185,254		178,319
FHLMC		3.500	%		02/01/42		299,431		280,671
FHLMC		4.000	%		02/01/42		79,288		76,320
FHLMC		3.500	%		06/01/42		341,463		320,186

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 47.2%, continued
FEDERAL HOME LOAN MORTGAGE CORPORATION — 13.2%, continued
FHLMC		3.500	%		06/01/42	$	335,252	$	314,246
FHLMC		3.500	%		08/01/42		395,228		370,462
FHLMC		3.000	%		11/01/42		745,802		674,049
FHLMC		3.000	%		01/01/43		428,696		387,450
FHLMC		3.000	%		05/01/43		584,252		528,028
FHLMC		3.500	%		10/01/44		338,044		315,171
FHLMC		3.500	%		11/01/44		303,338		282,781
FHLMC		3.500	%		04/01/45		376,661		350,148
FHLMC		3.000	%		05/01/46		652,070		584,385
FHLMC		3.000	%		12/01/46		1,615,002		1,447,456
FHLMC		3.500	%		03/01/48		1,802,431		1,669,861
FHLMC		3.500	%		03/01/49		491,193		453,815
FHLMC		3.500	%		07/01/49		804,333		741,978
FHLMC		3.000	%		09/01/49		923,374		818,955
FHLMC		3.000	%		07/01/50		2,265,099		2,010,145
FHLMC		2.000	%		08/01/50		3,179,171		2,615,002
FHLMC		2.000	%		01/01/51		7,839,361		6,447,000
FHLMC		2.500	%		04/01/51		7,649,623		6,522,086
FHLMC		2.500	%		09/01/51		3,066,703		2,607,022
FHLMC		3.000	%		04/01/52		5,601,668		4,932,825
FHLMC		4.000	%		10/01/52		6,760,491		6,345,169
									101,423,754
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.5%
FNMA		2.670	%		12/01/23		2,196,951		2,160,111
FNMA ^(c)		2.625	%		07/25/24		2,423,807		2,358,025
FNMA		2.890	%		12/01/24		4,000,000		3,841,400
FNMA		3.080	%		12/01/24		2,091,043		2,016,408
FNMA		2.710	%		01/01/25		4,500,000		4,302,315
FNMA		5.000	%		04/01/25		10,206		10,106
FNMA		5.000	%		07/01/25		10,355		10,252
FNMA		3.500	%		10/01/25		17,060		16,657
FNMA		5.000	%		10/01/25		14,680		14,534
FNMA		5.500	%		11/01/25		5		5
FNMA		0.500	%		11/07/25		13,934,000		12,628,621
FNMA		4.000	%		03/01/26		82,339		80,347
FNMA		2.910	%		04/01/26		3,000,000		2,798,960
FNMA		2.125	%		04/24/26		2,000,000		1,870,279
FNMA		8.500	%		09/01/26		1,988		1,982
FNMA		2.500	%		09/01/27		214,865		204,496
FNMA		0.750	%		10/08/27		10,000,000		8,676,378
FNMA		2.500	%		11/01/27		347,117		329,929
FNMA		2.500	%		01/01/28		223,942		212,763
FNMA ^(c)		3.412	%		06/25/28		1,814,633		1,714,648
FNMA		2.522	%		08/27/29		5,368,689		4,772,055
FNMA		0.875	%		08/05/30		25,750,000		20,698,843
FNMA		6.625	%		11/15/30		12,750,000		14,793,313
FNMA ^(c)		1.517	%		11/25/30		3,000,000		2,419,674
FNMA ^(c)		1.429	%		12/25/30		5,000,000		4,022,305
FNMA		1.287	%		01/25/31		3,000,000		2,379,144
FNMA		1.421	%		03/25/31		1,000,000		796,654
FNMA		2.000	%		01/01/32		1,079,559		978,343
FNMA		3.000	%		12/01/32		464,098		434,027
FNMA		6.000	%		10/01/33		17,608		18,261
FNMA		5.500	%		02/01/34		19,840		20,301
FNMA (H15T1Y + 211.70) ^(c)		4.829	%		05/01/34		22,702		23,390
FNMA		6.000	%		11/01/34		49,220		51,044
FNMA		5.500	%		01/01/35		27,643		28,372

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2023 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 47.2%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 25.5%, continued
FNMA		2.500	%		02/01/35	$	1,100,630	$	1,010,124
FNMA		5.000	%		10/01/35		42,752		43,057
FNMA		5.500	%		10/01/35		52,717		54,035
FNMA		6.000	%		10/01/35		26,931		27,906
FNMA		5.500	%		06/01/36		12,704		13,009
FNMA		6.000	%		06/01/36		12,601		13,084
FNMA		5.500	%		11/01/36		16,148		16,588
FNMA ^(c)		4.065	%		05/01/37		2,016		2,005
FNMA		5.625	%		07/15/37		14,250,000		16,335,478
FNMA		4.500	%		09/01/40		90,907		89,536
FNMA		4.500	%		10/01/40		91,748		90,604
FNMA		4.000	%		12/01/40		237,593		228,444
FNMA		4.000	%		01/01/41		170,916		164,334
FNMA		3.500	%		02/01/41		249,954		234,088
FNMA		4.000	%		10/01/41		131,722		126,652
FNMA		4.000	%		11/01/41		144,745		139,169
FNMA		4.000	%		12/01/41		178,056		171,198
FNMA		4.000	%		12/01/41		239,616		230,385
FNMA		4.000	%		01/01/42		562,458		543,617
FNMA		3.500	%		05/01/42		289,089		269,334
FNMA		3.000	%		06/01/42		538,450		486,078
FNMA		3.000	%		08/01/42		432,413		390,357
FNMA		3.000	%		08/01/42		400,864		361,874
FNMA		3.500	%		12/01/42		597,038		558,984
FNMA		3.000	%		06/01/43		492,429		444,524
FNMA		4.000	%		12/01/44		677,396		648,352
FNMA		3.500	%		05/01/45		796,906		741,582
FNMA		3.000	%		04/01/46		633,573		569,601
FNMA		3.500	%		11/01/46		1,077,723		1,002,533
FNMA		4.000	%		10/01/48		494,730		471,679
FNMA		4.000	%		11/01/48		1,283,846		1,231,755
FNMA		3.500	%		05/01/49		405,143		373,850
FNMA		4.000	%		06/01/49		623,588		594,273
FNMA		3.500	%		08/01/49		1,667,740		1,537,739
FNMA		3.000	%		09/01/49		883,001		784,501
FNMA		3.000	%		06/01/50		1,818,635		1,612,119
FNMA		2.500	%		07/01/50		2,952,803		2,522,280
FNMA		2.500	%		08/01/50		2,084,531		1,781,904
FNMA		3.000	%		08/01/50		3,220,780		2,854,492
FNMA		2.000	%		11/01/50		5,263,584		4,329,355
FNMA		2.000	%		01/01/51		9,410,878		7,739,053
FNMA		2.000	%		02/01/51		5,564,408		4,560,690
FNMA		2.500	%		04/01/51		15,818,262		13,482,601
FNMA		2.000	%		08/01/51		3,529,723		2,885,797
FNMA		2.000	%		11/01/51		5,454,774		4,455,632
FNMA		2.500	%		05/01/52		5,685,745		4,827,139
FNMA		3.500	%		05/01/52		5,623,286		5,125,351
FNMA		3.000	%		07/01/52		4,794,322		4,222,138
FNMA		4.500	%		07/01/52		4,697,066		4,516,742
FNMA		4.500	%		08/01/52		6,599,445		6,346,085
									195,945,649
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.0% ^(e)
GNMA		7.000	%		12/20/30		7,853		7,942
GNMA		7.000	%		10/20/31		5,388		5,586
GNMA		7.000	%		03/20/32		23,927		24,501
GNMA (H15T1Y + 150.00) ^(c)		3.625	%		01/20/34		14,478		14,263

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 47.2%, continued
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.0% ^(e), continued
GNMA		5.500	%		10/20/38	$	4,997	$	4,910
GNMA		6.500	%		11/20/38		3,174		3,214
									60,416
SMALL BUSINESS ADMINISTRATION — 0.0% ^(e)
SBA (Prime — 2.65) ^(c)		5.350	%		02/25/32		4,883		4,862

UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT — 0.2%
Hashemite Kingdom of Jordan AID Bond		3.000	%		06/30/25		1,450,000		1,379,995

TOTAL U.S. GOVERNMENT AGENCIES (COST $398,407,129)								$	362,866,284

ASSET BACKED SECURITIES — 4.4%
Ahold Finance U.S.A., LLC		8.620	%		01/02/25		64,581		65,805
Beacon Container Finance II, LLC ^(b)		2.250	%		10/22/46		866,667		747,427
Cards II Trust ^(b)		0.602	%		04/15/27		2,250,000		2,156,532
CLI Funding, LLC ^(b)		2.720	%		01/18/47		1,181,089		1,004,968
DB Master Finance, LLC ^(b)		2.493	%		11/20/51		1,994,625		1,661,794
Domino’s Pizza Master Issuer, LLC ^(b)		4.474	%		10/25/45		2,103,750		2,005,717
Duke Energy Progress NC Storm Funding, LLC		2.799	%		07/01/41		2,000,000		1,407,400
Golden Credit Card Trust ^(b)		1.140	%		08/15/28		1,000,000		882,870
Iowa Student Loan Liquidity Corp. Rev.		1.730	%		08/25/70		1,099,936		952,087
Mosaic Solar Loans, LLC ^(b)		2.100	%		04/20/46		855,704		732,684
PG&E Energy Recovery Funding, LLC		2.822	%		07/15/46		1,000,000		713,307
PG&E Energy Recovery Funding, LLC		5.536	%		07/15/47		1,500,000		1,561,594
PG&E Wildfire Recovery Funding, LLC		4.674	%		12/01/51		2,400,000		2,248,983
SBA Tower Trust ^(b)		2.836	%		01/15/50		282,000		267,739
SBA Tower Trust ^(b)		6.599	%		11/15/52		880,000		894,209
SolarCity LMC, Series I, LLC ^(b)		4.800	%		12/20/26		257,736		254,407
Tesla Auto Lease Trust		0.600	%		09/22/25		1,200,000		1,157,114
Texas Electric Market Stabilization Funding N, LLC ^(b)		4.966	%		02/01/44		630,000		613,121
Texas Electric Market Stabilization Funding N, LLC		5.057	%		08/01/46		3,000,000		2,934,124
Textainer Marine Containers VII Ltd. ^(b)		1.680	%		02/20/46		1,220,003		1,032,415
TIF Funding II, LLC ^(b)		1.650	%		02/20/46		405,312		335,036
Toyota Auto Receivables Owner Trust		0.260	%		11/17/25		2,073,310		2,013,126
Tribute Rail, LLC ^(b)		4.760	%		05/17/52		1,950,209		1,847,082
Triton Container Finance VIII, LLC ^(b)		1.860	%		03/20/46		1,415,312		1,187,217
Triumph Rail, LLC ^(b)		2.150	%		06/19/51		1,888,037		1,635,905
Vantage Data Centers Issuer, LLC ^(b)		2.165	%		10/15/46		2,000,000		1,753,902
Wendy’s Funding, LLC ^(b)		3.783	%		06/15/49		678,750		625,455

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2023 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
ASSET BACKED SECURITIES — 4.4%, continued
Wendy’s Funding, LLC		4.236	%		03/15/52	$	1,237,500	$	1,117,946
TOTAL ASSET BACKED SECURITIES (COST $36,720,927)								$	33,809,966

	Shares		Fair Value
MONEY MARKET FUNDS — 2.7%
First American Government Obligations Fund - Class X, 5.01% ^(f) (COST $20,573,467)		20,573,467	$	20,573,467

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.0%
Mount Vernon Liquid Assets Portfolio, LLC, 5.22% ^(f)(g) (COST $15,557,893)		15,557,893		15,557,893

INVESTMENT COMPANIES — 0.4%
Pax High Yield Bond Fund - Institutional Class (COST $4,199,236)		530,984		3,074,396

TOTAL INVESTMENTS - (COST $860,362,650) — 101.4%			$	780,204,471
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.4%)				(10,732,000	)
NET ASSETS — 100.0%			$	769,472,471

(a)	All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2023 was $15,278,674 (Note 8).

(b)	144a security may only be resold to qualified institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. As of June 30, 2023, these securities were valued at $79,749,008 or 10.4% of net assets.

(c)

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 2023. 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.

(d)	Illiquid securities are as follows:

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Impact Capital, Inc., 4.000% 06/15/28		06/15/23	$	1,200,000	$	1,200,000		0.2	%
Calvert Social Investment Foundation, Inc., 3.000%, 12/15/23		12/17/18		950,000		935,064		0.1	%
Calvert Social Investment Foundation, Inc., 1.000%, 06/14/24		06/15/21		550,000		524,755		0.1	%
Calvert Social Investment Foundation, Inc., 3.000%, 06/17/24		06/17/19		980,000		952,393		0.1	%
Calvert Social Investment Foundation, Inc., 3.000%, 12/15/24		12/12/19		400,000		383,208		0.0	%^(e)
Calvert Social Investment Foundation, Inc., 2.500%, 06/13/25		06/12/20		1,400,000		1,309,311		0.2	%
Calvert Social Investment Foundation, Inc., 2.500%, 12/15/25		12/15/20		650,000		599,016		0.1	%
Capital Impact Partners Investment, 4.800%, 12/15/23		12/19/22		250,000		248,697		0.0	%^(e)
Capital Impact Partners Investment, 5.750%, 06/15/24		06/20/23		1,200,000		1,198,319		0.2	%
			$	7,580,000	$	7,350,763		1.0	%

(e)	Percentage rounds to less than 0.1%.

(f)	The rate shown is the 7-day effective yield as of June 30, 2023.

(g)	The security was purchased with cash collateral received from securities on loan (Note 8).

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

PO	— Principal Only security with a redemption price above par

SOFR	— Secured Overnight Financing Rate

See accompanying notes to financial statements.

Schedule of Investments

Praxis International Index Fund

June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.7%
AUSTRALIA — 4.3%
ANZ Group Holdings Ltd.		40,646	$	643,316
ASX Ltd.		3,087		129,890
Brambles Ltd.		84,413		811,552
Coles Group Ltd.		20,682		253,912
Commonwealth Bank of Australia		19,560		1,309,273
Computershare Ltd.		20,272		316,315
CSL Ltd. - ADR		7,282		671,837
CSL Ltd.		3,640		673,945
Dexus		158,141		823,440
Fortescue Metals Group Ltd.		63,440		941,220
Goodman Group		44,189		593,932
GPT Group (The)		86,547		239,445
Lendlease Corp. Ltd.		22,661		117,557
Macquarie Group Ltd. - ADR		1,184		141,038
Macquarie Group Ltd.		2,144		255,070
Mirvac Group		157,601		237,956
National Australia Bank Ltd.		36,653		644,546
Origin Energy Ltd.		41,376		232,519
QBE Insurance Group Ltd.		18,867		196,956
REA Group Ltd.		6,602		634,110
Scentre Group		280,885		496,671
SEEK Ltd.		49,532		723,478
Sonic Healthcare Ltd.		7,195		171,082
South32 Ltd.		255,820		643,950
Stockland		131,558		353,610
Transurban Group		200,755		1,911,161
Vicinity Centres		397,679		489,672
Wesfarmers Ltd.		32,429		1,068,993
Woolworths Group Ltd.		28,598		757,620
				16,484,066
AUSTRIA — 0.1%
Verbund AG		6,899		553,491

BELGIUM — 0.7%
Elia Group S.A./N.V.		2,549		323,868
Groupe Bruxelles Lambert N.V.		6,989		550,982
Groupe Bruxelles Lambert N.V.		2,460		193,917
KBC Group N.V.		15,375		1,073,214
UCB S.A.		7,663		679,407
				2,821,388
BERMUDA — 0.5%
Credicorp Ltd.		9,187		1,356,368
Shenzhen International Holdings Ltd.		799,000		704,876
				2,061,244
BRAZIL — 1.8%
Banco Bradesco S.A. - ADR		315,777		1,092,589
Banco do Brasil S.A. - ADR		98,038		1,008,811
Banco Santander Brasil S.A. - ADR		127,977		813,934
Cia Energética de Minas Gerais - ADR ^(a)		13,046		34,311
Cia Siderurgica Nacional S.A. - ADR ^(a)		61,558		159,435
Gerdau S.A. - ADR		83,297		434,810
Sendas Distribuidora S.A. - ADR ^(a)		16,442		236,929
Suzano S.A. - ADR ^(a)		78,845		726,951
Telefónica Brasil S.A. - ADR ^(a)		151,274		1,381,132
TIM S.A. - ADR ^(a)		67,746		1,035,836
				6,924,738

	Shares		Fair Value
COMMON STOCKS — 97.7%, continued
CANADA — 7.7%
Bank of Montreal ^(a)		17,353	$	1,567,149
Bank of Nova Scotia (The)		24,639		1,232,936
BCE, Inc. ^(a)		10,817		493,147
Brookfield Asset Management Ltd. - Class A ^(a)		9,245		301,664
Cameco Corp.		20,145		631,143
Canadian Imperial Bank of Commerce ^(a)		18,545		791,501
Canadian National Railway Co.		15,841		1,917,870
Canadian Pacific Kansas City Ltd.		19,191		1,550,057
CGI, Inc. ^(b)		8,100		853,983
Franco-Nevada Corp.		14,305		2,039,893
Gildan Activewear, Inc.		18,362		591,991
Magna International, Inc.		1,678		94,706
Manulife Financial Corp.		76,580		1,448,128
Methanex Corp.		5,667		234,444
Nutrien Ltd.		11,961		706,297
RB Global Inc.		3,297		197,820
Restaurant Brands International, Inc. ^(a)		11,589		898,379
Royal Bank of Canada ^(a)		32,068		3,062,815
Shopify, Inc. - Class A ^(a)(b)		16,669		1,076,817
Sun Life Financial, Inc.		27,123		1,413,651
Teck Resources Ltd. - Class B		38,609		1,625,439
Thomson Reuters Corp. ^(a)(b)		22,509		3,037,413
Toronto-Dominion Bank (The) ^(a)		26,902		1,668,193
West Fraser Timber Co. Ltd.		2,404		206,696
Wheaton Precious Metals Corp. ^(a)		42,243		1,825,742
				29,467,874
CAYMAN ISLANDS — 3.9%
Alibaba Group Holding Ltd. - ADR ^(b)		26,924		2,244,115
Baidu, Inc. - ADR ^(a)(b)		4,105		562,016
China Literature Ltd. ^(b)		34,400		145,085
China Mengniu Dairy Co. Ltd. ^(b)		98,000		370,369
ENN Energy Holdings Ltd.		31,800		397,756
Genscript Biotech Corp. ^(b)		112,000		253,356
Hengan International Group Co. Ltd.		99,000		417,428
JD.com, Inc. - ADR		3,417		116,622
Li Auto, Inc. ^(a)(b)		10,834		380,273
Meituan - ADR ^(b)		33,181		1,042,547
Minth Group Ltd.		64,000		175,970
NetEase, Inc. - ADR ^(a)		11,682		1,129,533
Shenzhou International Group Holdings Ltd.		48,000		461,014
Tencent Holdings Ltd. - ADR ^(a)		94,461		4,013,648
Tingyi Cayman Islands Holding Corp.		392,000		610,386
Trip.com Group Ltd. - ADR ^(b)		22,788		797,580
Vipshop Holdings Ltd. - ADR ^(b)		21,137		348,761
WuXi Biologics Cayman, Inc. ^(b)		113,072		543,429
Xinyi Solar Holdings Ltd.		100,000		116,099
ZTO Express Cayman, Inc. - ADR ^(a)		26,341		660,632
				14,786,619
CHILE — 0.2%
Sociedad Quimica y Minera de Chile S.A. - ADR		10,226		742,612

CHINA — 2.9%
Agricultural Bank of China Ltd. - H Shares		2,786,000		1,097,205
ANTA Sports Products Ltd.		50,400		517,905
Bank of China Ltd. - H Shares		2,358,000		946,717
BYD Co. Ltd. - H Shares		23,000		737,485
China Life Insurance Co. Ltd. - H Shares		376,000		629,416

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.7%, continued
CHINA — 2.9%, continued
China Minsheng Banking Corp. Ltd. - H Shares		906,000	$	335,423
China Pacific Insurance Group Co. Ltd. - H Shares		100,200		260,135
China Resources Land Ltd.		134,000		570,257
COSCO SHIPPING Holdings Co. Ltd. - H Shares		87,500		79,097
Haier Smart Home Co. Ltd. - H Shares		241,230		760,730
Huatai Securities Co. Ltd. - H Shares		117,400		145,433
Industrial & Commercial Bank of China Ltd. - H Shares		1,755,000		937,890
Jiangsu Expressway Co. Ltd. - H Shares		720,000		663,984
PICC Property & Casualty Co. Ltd. - H Shares		294,000		327,356
Ping An Insurance Group Co. of China Ltd. - H Shares		244,818		1,563,628
Sinopharm Group Co. Ltd. - H Shares		427,200		1,337,344
TravelSky Technology Ltd. - H Shares		217,000		369,669
				11,279,674
COLOMBIA — 0.3%
Bancolombia S.A. - ADR		39,868		1,063,678

DENMARK — 2.1%
A.P. Moller-Maersk A/S - Series B		67		117,812
Chr. Hansen Holding A/S		1,812		125,978
Coloplast A/S - Series B		2,036		254,798
DSV A/S		4,551		955,976
Genmab A/S ^(b)		932		353,217
Novo Nordisk A/S - ADR		29,898		4,838,393
Novozymes A/S - B Shares		3,368		157,161
Orsted A/S		4,694		445,038
Pandora A/S		1,085		96,987
Vestas Wind Systems A/S ^(b)		21,015		558,778
				7,904,138
FINLAND — 0.7%
Kone OYJ - Class B		3,529		184,376
Neste OYJ		20,268		780,403
Nokia Corp. - ADR ^(a)		180,069		749,087
Sampo OYJ - A Shares		10,139		455,378
UPM-Kymmene OYJ		20,395		607,721
				2,776,965
FRANCE — 6.9%
Accor S.A.		11,801		439,143
Aeroports de Paris		1,860		267,274
Air Liquide S.A. - ADR		1,327		47,666
Air Liquide S.A.		9,728		1,744,614
Alstom S.A.		10,037		299,619
Arkema S.A.		1,887		177,942
AXA S.A.		33,469		989,077
BNP Paribas S.A. - ADR		6,162		194,966
BNP Paribas S.A.		3,140		198,158
Bollore SE		121,566		758,137
Bureau Veritas S.A.		16,518		453,183
Capgemini SE		3,941		746,217
Carrefour S.A.		14,741		279,359
Cie Generale des Etablissements Michelin SCA - ADR		28,976		427,106
Cie Generale des Etablissements Michelin SCA		18,076		534,725
Covivio		5,514		260,487
Danone S.A. - ADR		12,960		159,278
Danone S.A.		6,488		397,617

	Shares		Fair Value
COMMON STOCKS — 97.7%, continued
FRANCE — 6.9%, continued
Dassault Systemes SE - ADR		901	$	40,040
Dassault Systemes SE		9,814		434,878
EssilorLuxottica S.A.		6,450		1,216,308
Eurofins Scientific SE		2,307		146,608
Getlink SE		64,345		1,095,041
Henkel AG & Co. KGaA		4,390		309,038
Hermes International - ADR		2,790		607,104
Hermes International		830		1,804,231
Kering S.A.		1,685		930,478
Klepierre S.A. ^(b)		22,849		567,678
Legrand S.A.		10,029		994,940
L’Oreal S.A. - ADR		21,745		2,029,243
L’Oreal S.A.		1,380		643,753
Orange S.A. - ADR		17,034		198,276
Publicis Groupe S.A.		12,555		1,007,642
Sartorius Sedim Biotech		1,319		329,433
Schneider Electric SE - ADR		5,840		212,342
Schneider Electric SE		10,419		1,892,936
Societe Generale S.A.		23,503		611,240
Solvay S.A.		809		90,465
Teleperformance		1,454		243,921
Unibail-Rodamco-Westfield ^(b)		6,388		336,939
Unibail-Rodamco-Westfield - CDI ^(b)		45,646		117,665
Valeo		22,970		493,621
Veolia Environnement S.A.		6,731		213,078
Vivendi SE - ADR		13,553		124,145
Vivendi SE		21,180		194,447
Wendel SE		8,457		868,606
Worldline S.A. ^(b)		11,073		405,504
				26,534,168
GERMANY — 4.0%
adidas AG - ADR		5,158		502,080
adidas AG		1,323		256,838
Allianz SE - ADR		76,050		1,765,881
Allianz SE		239		55,670
BASF SE		10,650		517,424
Bayerische Motoren Werke AG - ADR		2		82
Bayerische Motoren Werke AG		2,092		257,337
Brenntag SE		6,380		497,768
Commerzbank AG		24,099		267,164
Continental AG		4,852		366,579
Deutsche Boerse AG		5,965		1,101,252
Deutsche Post AG - ADR		9,971		488,679
Deutsche Post AG		10,161		496,501
Deutsche Telekom AG - ADR		46,342		1,012,573
Deutsche Telekom AG		25,629		559,200
Fraport AG Frankfurt Airport Services Worldwide ^(b)		1,961		104,678
Fresenius Medical Care AG & Co. KGaA - ADR ^(a)		8,998		215,322
Fresenius Medical Care AG & Co. KGaA		4,696		224,433
Hannover Rueck SE		1,159		246,060
Mercedes-Benz Group AG		18,669		1,502,728
Merck KGaA		2,309		382,218
Muenchener Rueckversicherungs-Gesellschaft AG - ADR ^(a)		18,890		711,209
Muenchener Rueckversicherungs-Gesellschaft AG		1,787		670,879
RWE AG		13,344		581,496
Sartorius AG		918		318,057

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.7%, continued
GERMANY — 4.0%, continued
Siemens AG		8,289	$	1,381,817
Telefonica Deutschland Holding AG		166,204		467,794
Vonovia SE		11,584		226,237
Zalando SE ^(b)		3,395		97,911
				15,275,867
HONG KONG — 2.0%
AAC Technologies Holdings, Inc.		92,000		217,445
AIA Group Ltd. - ADR		41,503		1,690,417
AIA Group Ltd.		57,569		584,698
BYD Electronic International Co. Ltd.		86,500		263,131
China Merchants Port Holdings Co. Ltd.		134,000		189,566
Hang Seng Bank Ltd.		16,100		229,515
Hong Kong Exchanges & Clearing Ltd.		22,078		836,511
Lenovo Group Ltd.		754,000		790,097
Link REIT		95,500		531,659
New China Life Insurance Co. Ltd. - H Shares		87,400		230,959
Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares		256,000		335,910
Sino Land Co. Ltd.		144,000		177,279
Sun Hung Kai Properties Ltd.		24,000		303,230
Swire Properties Ltd.		206,350		508,417
Techtronic Industries Co. Ltd.		24,500		267,922
Zhongsheng Group Holdings Ltd.		86,000		330,144
				7,486,900
INDIA — 4.0%
HDFC Bank Ltd. - ADR		30,589		2,132,053
ICICI Bank Ltd. - ADR		245,727		5,671,379
Infosys Ltd. - ADR ^(a)		234,185		3,763,353
Wipro Ltd. - ADR		839,222		3,961,128
				15,527,913
INDONESIA — 0.7%
Bank Mandiri Persero Tbk PT - ADR ^(a)		87,101		1,210,269
Telkom Indonesia Persero Tbk PT - ADR		57,608		1,536,405
				2,746,674
IRELAND — 0.5%
AIB Group plc		100,681		423,737
CRH plc - ADR ^(a)		14,500		808,085
Kingspan Group plc		2,206		146,843
Smurfit Kappa Group plc		20,818		694,819
				2,073,484
ISRAEL — 0.5%
Check Point Software Technologies Ltd. ^(b)		2,999		376,734
CyberArk Software Ltd. ^(a)(b)		2,342		366,125
ICL Group Ltd. ^(a)		93,258		511,054
Nice Ltd. - ADR ^(a)(b)		3,821		789,036
				2,042,949
ITALY — 1.8%
Assicurazioni Generali S.p.A.		24,438		496,983
Enel S.p.A.		63,194		426,091
Intesa Sanpaolo S.p.A. - ADR		1		16
Intesa Sanpaolo S.p.A.		276,901		725,983
Mediobanca Banca di Credito Finanziario S.p.A.		49,451		592,066
Moncler S.p.A.		10,592		732,854
Poste Italiane S.p.A.		80,416		871,162
Telecom Italia S.p.A. ^(b)		591,414		166,742

	Shares		Fair Value
COMMON STOCKS — 97.7%, continued
ITALY — 1.8%, continued
Terna - Rete Elettrica Nazionale S.p.A.		199,413	$	1,700,868
UniCredit S.p.A.		49,517		1,151,475
				6,864,240
JAPAN — 15.9%
Advantest Corp.		4,800		646,564
Aeon Co. Ltd.		19,800		405,485
AGC, Inc.		10,000		359,804
Ajinomoto Co., Inc.		6,600		262,956
Asahi Intecc Co. Ltd.		11,100		218,564
Asahi Kasei Corp.		50,000		338,596
Astellas Pharma, Inc.		34,300		510,876
Azbil Corp.		10,400		329,201
Bandai Namco Holdings, Inc.		18,600		430,780
Bridgestone Corp.		37,856		1,555,382
Brothers Industries Ltd.		13,900		203,474
Canon, Inc.		22,800		599,410
Chiba Bank Ltd. (The)		28,700		174,063
Dai Nippon Printing Co. Ltd.		61,318		1,741,994
Dai-ichi Life Holdings, Inc.		16,346		310,938
Daiichi Sankyo Co. Ltd. - ADR		5,703		181,641
Daiichi Sankyo Co. Ltd.		23,430		744,564
Daiwa House Industry Co. Ltd.		54,700		1,445,463
Daiwa Securities Group, Inc.		42,900		221,092
Denso Corp.		10,000		674,605
Dentsu Group, Inc.		4,300		141,432
Eisai Co. Ltd.		4,600		311,800
ENEOS Holdings, Inc.		167,700		576,494
FANUC Corp. - ADR		8,460		148,304
FANUC Corp.		4,000		140,440
Fast Retailing Co. Ltd.		4,200		1,077,329
FUJIFILM Holdings Corp. - ADR		6,620		394,386
FUJIFILM Holdings Corp.		1,500		89,386
Fujitsu Ltd.		4,868		630,401
Hikari Tsushin, Inc.		1,200		172,260
Hitachi Construction Machinery Co. Ltd.		15,000		421,815
Honda Motor Co. Ltd.		7,800		236,322
Hoya Corp. - ADR		1,273		151,945
Hoya Corp.		6,861		821,133
Ibiden Co. Ltd.		4,600		261,761
Japan Exchange Group, Inc.		13,000		227,509
Kao Corp.		29,400		1,067,057
KDDI Corp. - ADR		43,814		677,803
Keyence Corp.		3,600		1,710,778
Kintetsu Group Holdings Co. Ltd.		18,128		627,892
Kubota Corp. - ADR		788		57,548
Kubota Corp.		36,800		538,778
Lixil Corp.		15,100		192,218
Mitsubishi Corp.		44,800		2,166,212
Mitsubishi Estate Co. Ltd.		14,300		169,910
Mitsubishi UFJ Financial Group, Inc. - ADR ^(a)		5,599		41,265
Mitsubishi UFJ Financial Group, Inc.		275,109		2,028,102
Mitsui & Co. Ltd. - ADR		730		551,741
Mitsui & Co. Ltd.		62,990		2,384,332
Mitsui Chemicals, Inc.		7,100		209,304
Mitsui OSK Lines Ltd.		13,800		332,057
Mizuho Financial Group, Inc.		65,200		996,737
Murata Manufacturing Co. Ltd.		12,900		741,080
Nexon Co. Ltd.		13,700		262,753

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.7%, continued
JAPAN — 15.9%, continued
Nidec Corp. - ADR		23,780	$	327,926
Nintendo Co. Ltd. - ADR		91,288		1,038,857
Nintendo Co. Ltd.		3,000		136,782
Nippon Building Fund, Inc.		33		129,778
Nippon Prologis REIT, Inc.		175		351,759
Nippon Sanso Holdings Corp.		9,300		202,076
Nippon Telegraph & Telephone Corp.		130,000		153,849
Nippon Yusen KK		9,300		206,566
Nitori Holdings Co. Ltd.		1,100		123,539
Nomura Real Estate Holdings, Inc.		6,900		164,065
Nomura Real Estate Master Fund, Inc.		155		178,797
Nomura Research Institute Ltd.		10,900		301,177
Odakyu Electric Railway Co. Ltd.		12,400		166,177
Olympus Corp.		16,400		259,568
Omron Corp.		2,900		178,087
Oriental Land Co. Ltd.		20,800		811,010
ORIX Corp.		16,800		306,406
Pan Pacific International Holdings Corp.		21,300		381,524
PDD Holdings, Inc. - ADR ^(b)		8,211		567,709
Persol Holdings Co. Ltd.		8,000		144,801
Recruit Holdings Co. Ltd.		25,750		821,923
Resona Holdings, Inc.		85,600		409,902
Ricoh Co. Ltd.		25,500		217,335
Secom Co. Ltd.		2,700		182,755
Seiko Epson Corp.		30,300		473,108
Sekisui House Ltd. - ADR ^(b)		21,690		438,507
Sekisui House Ltd.		17,600		355,557
Seven & i Holdings Co. Ltd.		18,900		816,623
Sharp Corp.		20,600		115,529
Shimadzu Corp.		17,000		525,512
Shimano, Inc.		2,084		348,920
Shin-Etsu Chemical Co. Ltd.		17,000		568,176
Shionogi & Co. Ltd.		3,400		143,428
Shiseido Co. Ltd. - ADR		2,703		122,986
Shiseido Co. Ltd.		2,100		95,204
SoftBank Corp.		33,205		354,850
SoftBank Group Corp. - ADR		12,130		285,904
SoftBank Group Corp.		13,000		613,151
Sompo Holdings, Inc.		4,300		192,962
Sony Group Corp. - ADR		24,655		2,219,936
Sony Group Corp.		2,000		180,563
Sumitomo Corp.		32,454		688,597
Sumitomo Metal Mining Co. Ltd.		8,000		258,290
Sumitomo Mitsui Financial Group, Inc. - ADR		66,990		576,114
Sumitomo Mitsui Financial Group, Inc.		13,200		565,815
Sumitomo Mitsui Trust Holdings, Inc.		19,600		695,408
Suntory Beverage & Food Ltd.		7,600		275,547
Takeda Pharmaceutical Co. Ltd. - ADR ^(a)		61,236		962,018
Takeda Pharmaceutical Co. Ltd.		35,100		1,103,069
TDK Corp.		11,700		456,414
Terumo Corp.		10,972		349,498
Toho Co. Ltd.		4,100		156,186
Tokio Marine Holdings, Inc.		15,000		345,847
Tokyo Electron Ltd.		5,700		821,065
Toppan, Inc.		55,900		1,208,243
Toray Industries, Inc.		50,000		278,805
TOTO Ltd.		5,000		151,201
Toyota Motor Corp. - ADR ^(a)		10,972		1,763,749

	Shares		Fair Value
COMMON STOCKS — 97.7%, continued
JAPAN — 15.9%, continued
USS Co. Ltd.		31,120	$	515,277
Yamaha Corp.		17,000		654,936
Yamaha Motor Co. Ltd.		31,100		894,181
Yokogawa Electric Corp.		36,800		681,295
				60,928,575
JERSEY — 0.3%
Experian plc - ADR		11,145		426,185
Experian plc		2,439		93,608
WPP plc - ADR ^(a)		1,188		62,109
WPP plc		34,966		366,493
				948,395
LUXEMBOURG — 0.2%
Aroundtown S.A. ^(b)		34,293		39,547
Tenaris S.A. - ADR		23,844		714,128
				753,675
MEXICO — 1.2%
America Movil SAB de C.V. - ADR ^(a)(b)		23,038		498,542
Fomento Economico Mexicano S.A.B. de C.V. - ADR		12,776		1,416,092
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR ^(a)		2,661		475,574
Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR		3,153		875,557
Wal-Mart de Mexico S.A.B. de C.V. - ADR		32,608		1,285,081
				4,550,846
NETHERLANDS — 2.9%
Adyen N.V. ^(b)		349		604,367
Akzo Nobel N.V. - ADR		1,673		45,673
Argenx SE - ADR ^(a)(b)		732		285,282
ASML Holding N.V.		6,542		4,741,315
CNH Industrial N.V.		17,084		246,010
Exor N.V.		3,298		294,435
ING Groep N.V. - ADR		40,673		547,865
ING Groep N.V.		12,870		173,512
Koninklijke Ahold Delhaize N.V. - ADR		24,466		832,823
Koninklijke Ahold Delhaize N.V.		5,491		187,209
Koninklijke DSM N.V.		2,622		326,319
NN Group N.V.		8,950		331,316
Prosus N.V. ^(b)		16,415		1,202,168
QIAGEN N.V. ^(a)(b)		11,697		526,716
Randstad N.V.		3,477		183,380
Stellantis N.V.		21,320		374,788
Wolters Kluwer N.V.		1,707		216,749
				11,119,927
NORWAY — 1.7%
Aker BP ASA		63,262		1,484,239
Equinor ASA - ADR ^(a)		158,981		4,643,835
Norsk Hydro ASA		79,990		476,849
				6,604,923
PHILIPPINES — 0.0% ^(c)
PLDT, Inc. - ADR ^(a)		3,953		92,382

PORTUGAL — 0.5%
Galp Energia SGPS S.A.		155,230		1,814,045

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.7%, continued
PORTUGAL — 0.5%, continued
Jeronimo Martins SGPS S.A.		8,104	$	223,259
				2,037,304
RUSSIA — 0.0% ^(c)
Mobile TeleSystems PJSC - ADR ^(b)(d)(e)		86,910		869

SINGAPORE — 1.5%
BOC Aviation Ltd.		87,700		710,821
CapitaLand Ascendas REIT		167,800		338,693
CapitaLand Ascott Trust		10,433		8,362
CapitaLand Integrated Commercial Trust		522,925		741,079
CapitaLand Investment Ltd.		183,000		449,634
CDL Hospitality Trusts		28,826		26,130
City Developments Ltd.		203,900		1,017,080
DBS Group Holdings Ltd. - ADR		11,392		1,064,582
Singapore Telecommunications Ltd.		216,000		400,081
Venture Corp. Ltd.		84,300		920,397
				5,676,859
SOUTH AFRICA — 1.1%
FirstRand Ltd.		261,138		951,517
Gold Fields Ltd. - ADR ^(a)		14,088		194,837
Impala Platinum Holdings Ltd. - ADR ^(a)		29,987		205,411
Mr Price Group Ltd.		83,655		638,112
MultiChoice Group Ltd.		108,920		552,600
Naspers Ltd. - Class N - ADR ^(a)		31,870		1,148,595
Standard Bank Group Ltd.		68,618		647,850
				4,338,922
SOUTH KOREA — 4.2%
Celltrion, Inc.		4,265		497,995
Hyundai Mobis Co. Ltd.		12,397		2,195,652
KB Financial Group, Inc. - ADR		15,444		562,162
KT Corp. - ADR ^(a)		39,515		446,519
LG Display Co. Ltd. - ADR ^(b)		3		18
NAVER Corp.		7,018		982,772
POSCO Holdings, Inc. - ADR		12,686		938,130
Samsung Electronics Co. Ltd.		116,609		6,423,214
Shinhan Financial Group Co. Ltd. - ADR		23,067		601,126
Shinhan Financial Group Co. Ltd.		29,265		756,841
SK Hynix, Inc.		15,952		1,402,124
SK Telecom Co. Ltd. - ADR		19,765		385,615
Woori Financial Group, Inc. - ADR ^(a)		34,279		923,819
				16,115,987
SPAIN — 1.9%
Aena SME S.A.		5,525		894,225
Amadeus IT Group S.A. ^(b)		7,348		559,567
Banco Bilbao Vizcaya Argentaria S.A. ^(a)		24,792		190,402
Banco Santander S.A. - ADR		53,453		198,311
CaixaBank S.A.		18,268		75,674
Cellnex Telecom S.A.		4,067		164,326
Grifols S.A. ^(a)(b)		20,633		188,998
Iberdrola S.A. - ADR		1,595		83,371
Iberdrola S.A.		29,928		390,833
Industria de Diseno Textil S.A.		34,462		1,336,738
Naturgy Energy Group S.A.		12,657		377,320
Repsol S.A.		178,289		2,593,098
Telefónica S.A.		92,766		376,635
				7,429,498

	Shares		Fair Value
COMMON STOCKS — 97.7%, continued
SWEDEN — 1.3%
Atlas Copco AB - A Shares		71,088	$	1,026,257
Atlas Copco AB - Class A - ADR		26,193	$	377,441
Boliden AB ^(b)		20,477		593,367
Epiroc AB - Class A		14,553		275,652
Essity AB - Series B		7,919		210,890
H & M Hennes & Mauritz AB - B Shares		19,185		329,920
Hexagon AB - B Shares		62,284		766,089
Industrivarden AB - A Shares		23,389		648,656
Svenska Cellulosa AB S.C.A. - Series B		16,418		209,569
Svenska Handelsbanken AB - A Shares		31,343		262,403
Telefonaktiebolaget LM Ericsson - B Shares		42,832		232,712
				4,932,956
SWITZERLAND — 6.3%
ABB Ltd. - ADR ^(a)		65,675		2,577,744
ABB Ltd.		5,783		227,518
Accelleron Industries AG		289		6,944
Accelleron Industries AG		1,953		46,677
Adecco Group AG ^(b)		8,723		285,703
Alcon, Inc. ^(a)		5,312		436,168
Barry Callebaut AG		553		1,068,488
Clariant AG ^(b)		10,218		147,826
Coca-Cola HBC AG ^(b)		26,042		776,801
Geberit AG		1,928		1,010,479
Givaudan S.A.		223		739,711
Holcim Ltd. ^(b)		8,532		575,144
Julius Baer Group Ltd.		3,557		224,484
Keuhne + Nagel International AG		643		190,482
Logitech International S.A.		4,776		283,694
Lonza Group AG - ADR		1,070		63,858
Lonza Group AG		2,080		1,243,298
Nestlé S.A. - ADR		31,994		3,850,478
Nestlé S.A.		4,022		483,834
Partners Group Holding AG		161		151,804
Roche Holding AG - ADR		73,736		2,816,715
Roche Holding AG		2,204		673,286
Sika AG		852		244,024
Sonova Holding AG		1,560		416,285
Swatch Group AG (The)		707		206,731
Swiss Life Holding AG		1,691		990,441
Swiss Re AG		9,611		968,475
Swisscom AG		981		612,310
Temenos AG		3,323		264,608
UBS Group AG ^(a)		39,428		799,189
UBS Group AG		26,246		532,006
Zurich Insurance Group AG - ADR		24,700		1,172,509
Zurich Insurance Group AG		492		234,049
				24,321,763
TAIWAN — 4.5%
ASE Technology Holding Co. Ltd. - ADR ^(a)		126,937		988,839
AUO Corp. - ADR		115,722		690,861
Chunghwa Telecom Co. Ltd. - ADR		122,331		4,561,723
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		95,822		9,670,356
United Microelectronics Corp. - ADR ^(a)		183,092		1,444,596
				17,356,375

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.7%, continued
UNITED KINGDOM — 8.6%
3i Group plc		68,813	$	1,705,603
Anglo American plc		23,816		677,949
Antofagasta plc		47,452		882,105
Ashtead Group plc		11,037		765,178
AstraZeneca plc - ADR		51,316		3,672,686
Aviva plc		147,903		744,111
Barratt Developments plc		27,950		146,892
British Land Co. plc (The)		62,287		240,113
BT Group plc		130,919		203,720
Bunzl plc		5,822		221,857
Burberry Group plc		13,434		362,483
Coca-Cola Europacific Partners plc ^(a)		21,706		1,398,518
Compass Group plc		35,682		999,172
GSK plc - ADR		27,099		965,808
GSK plc		17,282		306,270
Haleon plc - ADR ^(a)		17,287		144,865
Halma plc		6,736		194,969
HSBC Holdings plc - ADR ^(a)		58,458		2,316,106
HSBC Holdings plc		27,340		216,466
Informa plc		99,047		914,485
InterContinental Hotels Group plc - ADR ^(a)		2,515		177,182
J Sainsbury plc		86,209		294,693
Kingfisher plc		161,921		477,203
Land Securities Group plc		31,696		231,668
Legal & General Group plc		210,040		608,108
Lloyds Banking Group plc		437,921		242,724
London Stock Exchange Group plc		7,929		843,880
Mondi plc		24,044		366,812
National Grid plc - ADR		2,860		192,564
National Grid plc		77,306		1,024,915
NatWest Group plc		160,250		489,785
PEARSON plc - ADR		61,021		639,500
PEARSON plc		24,794		259,927
Prudential plc - ADR ^(a)		10,228		289,657
Reckitt Benckiser Group plc - ADR ^(a)		34,350		521,777
Reckitt Benckiser Group plc		3,212		241,376
RELX plc - ADR		28,876		965,325
RELX plc		74,635		2,489,788
Rentokil Initial plc		52,853		413,227
Sage Group plc (The) - ADR		2,320		108,808
Sage Group plc (The)		14,027		164,768
Segro plc		49,056		447,241
Severn Trent plc		16,234		529,214
Taylor Wimpey plc		108,822		142,159
Tesco plc - ADR		293		2,763
Tesco plc		144,166		454,762
Unilever plc - ADR ^(a)		44,516		2,320,619
United Utilities Group plc		59,321		725,321
Vodafone Group plc - ADR		18,241		172,378
Whitbread plc		5,438		234,010
				33,151,510

TOTAL COMMON STOCKS (Cost $278,492,037)			$	375,779,448

	Coupon			Maturity		Par Value		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Impact Capital, Inc. ^(d)		4.000	%		06/15/28	$	620,000	$	620,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/23		480,000		472,453
Calvert Social Investment Foundation, Inc. ^(d)		1.000	%		06/14/24		450,000		429,345
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/17/24		290,000		281,831
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/24		120,000		114,963
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		06/13/25		500,000		467,611
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		12/15/25		400,000		368,625
Capital Impact Partners Investment ^(d)		5.750	%		06/15/24		620,000		619,132
TOTAL CORPORATE NOTES (Cost $3,480,000)								$	3,373,960

	Shares		Fair Value
MONEY MARKET FUNDS — 0.7%
First American Government Obligations Fund - Class X, 5.01% ^(f) (Cost $2,680,448)		2,680,448	$	2,680,448

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 11.5%
Mount Vernon Liquid Assets Portfolio, LLC, 5.22% ^(f)(g) (Cost $44,237,025)		44,237,025		44,237,025

TOTAL INVESTMENTS - (Cost $328,889,510) — 110.8%			$	426,070,881
LIABILITES IN EXESS OF OTHER ASSETS — (10.8%)				(41,524,544	)
NET ASSETS — 100.0%			$	384,546,337

(a)	All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2023 was $43,396,595 (Note 8).

(b)	Non-income producing security.

(c)	Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2023 (unaudited)

(d)	Illiquid securities are as follows:

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Impact Capital, Inc., 4.000% 06/15/28		06/15/23	$	620,000	$	620,000		0.2	%
Calvert Social Investment Foundation, Inc., 3.000%, 12/15/23		12/17/18		480,000		472,453		0.1	%
Calvert Social Investment Foundation, Inc., 1.000%, 06/14/24		06/15/21		450,000		429,345		0.1	%
Calvert Social Investment Foundation, Inc., 3.000%, 06/17/24		06/17/19		290,000		281,831		0.1	%
Calvert Social Investment Foundation, Inc., 3.000%, 12/15/24		12/12/19		120,000		114,963		0.0	%^(c)
Calvert Social Investment Foundation, Inc., 2.500%, 06/13/25		06/12/20		500,000		467,611		0.1	%
Calvert Social Investment Foundation, Inc., 2.500%, 12/15/25		12/15/20		400,000		368,625		0.1	%
Capital Impact Partners Investment, 5.750%, 06/15/24		06/20/23		620,000		619,132		0.2	%
Mobile TeleSystems PJSC - ADR		07/19/11		752,376		869		0.0	%^(c)
			$	4,232,376	$	3,374,829		0.9	%

(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 $869 as of June 30, 2023, representing 0.0% (c) of net assets.

(f)	The rate shown is the 7-day effective yield as of June 30, 2023.

(g)	The security was purchased with cash collateral received from securities on loan (Note 8).

ADR	— American Depositary Receipt

CDI	— CHESS Depositary Interest

plc	— Public Liability Company

REIT	— Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Investments

Praxis Value Index Fund

June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.7%
ADVERTISING & MARKETING — 0.2%
Omnicom Group, Inc. ^(a)		10,229	$	973,289

APPAREL & TEXTILE PRODUCTS — 0.8%
NIKE, Inc. - Class B ^(a)		29,440		3,249,293
VF Corp.		18,360		350,492
				3,599,785
ASSET MANAGEMENT — 1.2%
Ameriprise Financial, Inc.		1,540		511,527
BlackRock, Inc.		4,022		2,779,765
Charles Schwab Corp. (The)		11,830		670,524
Invesco Ltd.		34,830		585,492
T. Rowe Price Group, Inc.		5,830		653,077
				5,200,385
AUTOMOTIVE — 1.0%
Aptiv plc ^(b)		7,050		719,734
BorgWarner, Inc.		14,870		727,292
Ford Motor Co.		104,753		1,584,913
General Motors Co.		37,320		1,439,059
				4,470,998
BANKING — 5.9%
Bank of America Corp.		192,070		5,510,488
Citigroup, Inc.		63,306		2,914,608
Citizens Financial Group, Inc. ^(a)		10,900		284,272
Fifth Third Bancorp ^(a)		19,490		510,833
Huntington Bancshares, Inc.		43,970		473,997
JPMorgan Chase & Co.		75,425		10,969,812
KeyCorp ^(a)		9,398		86,838
M&T Bank Corp.		5,634		697,264
PNC Financial Services Group, Inc. (The)		11,131		1,401,949
Regions Financial Corp.		24,860		443,005
Truist Financial Corp.		40,660		1,234,031
U.S. Bancorp ^(a)		34,867		1,152,006
				25,679,103
BEVERAGES — 0.8%
Coca-Cola Co. (The)		40,420		2,434,092
Keurig Dr Pepper, Inc.		12,430		388,686
PepsiCo, Inc.		4,139		766,626
				3,589,404
BIOTECH & PHARMA — 1.6%
Biogen, Inc. ^(b)		1,930		549,761
Johnson & Johnson		28,441		4,707,554
Zoetis, Inc.		10,000		1,722,100
				6,979,415
CABLE & SATELLITE — 1.4%
Charter Communications, Inc. - Class A ^(a)(b)		2,520		925,772
Comcast Corp. - Class A		119,140		4,950,267
				5,876,039
CHEMICALS — 3.0%
Air Products & Chemicals, Inc.		2,397		717,974
Dow, Inc. ^(a)		7,400		394,124
DuPont de Nemours, Inc.		8,148		582,093
Ecolab, Inc.		2,960		552,602
International Flavors & Fragrances, Inc.		6,622		527,045
Linde plc		15,566		5,931,891
LyondellBasell Industries N.V. - Class A		12,360		1,135,019

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
CHEMICALS — 3.0%, continued
PPG Industries, Inc.		10,210	$	1,514,143
Sherwin-Williams Co. (The)		6,010		1,595,775
				12,950,666
COMMERCIAL SUPPORT SERVICES — 1.0%
Republic Services, Inc.		11,450		1,753,796
Robert Half International, Inc.		5,180		389,640
Rollins, Inc.		6,760		289,531
Waste Management, Inc.		10,650		1,846,923
				4,279,890
CONSTRUCTION MATERIALS — 0.3%
Martin Marietta Materials, Inc.		1,320		609,431
Vulcan Materials Co.		2,600		586,144
				1,195,575
CONTAINERS & PACKAGING — 0.0% ^(c)
Amcor plc		9,950		99,301
WestRock Co.		330		9,593
				108,894
DIVERSIFIED INDUSTRIALS — 1.4%
Dover Corp.		5,253		775,606
Emerson Electric Co.		16,654		1,505,355
Illinois Tool Works, Inc.		12,695		3,175,781
Pentair plc		12,120		782,952
				6,239,694
E-COMMERCE DISCRETIONARY — 3.8%
Amazon.com, Inc. ^(b)		122,600		15,982,136
eBay, Inc. ^(a)		12,910		576,948
				16,559,084
ELECTRIC UTILITIES — 4.7%
AES Corp. (The)		3,204		66,419
Ameren Corp.		3,400		277,678
American Electric Power Co., Inc.		16,270		1,369,934
CenterPoint Energy, Inc. ^(a)		19,510		568,717
CMS Energy Corp.		12,530		736,138
Consolidated Edison, Inc.		29,931		2,705,762
DTE Energy Co.		4,170		458,783
Duke Energy Corp.		25,514		2,289,626
Edison International ^(a)		16,627		1,154,745
Eversource Energy		7,770		551,048
Exelon Corp.		34,410		1,401,863
NextEra Energy, Inc.		56,650		4,203,430
PPL Corp.		26,930		712,568
Sempra Energy		6,023		876,889
Southern Co. (The)		36,061		2,533,285
Xcel Energy, Inc.		9,744		605,785
				20,512,670
ELECTRICAL EQUIPMENT — 3.3%
AMETEK, Inc.		4,630		749,505
Carrier Global Corp. ^(a)		22,720		1,129,411
Generac Holdings, Inc. ^(b)		3,210		478,707
Johnson Controls International plc		38,687		2,636,132
Keysight Technologies, Inc. ^(b)		3,690		617,891
Otis Worldwide Corp.		20,480		1,822,925
Rockwell Automation, Inc.		7,420		2,444,519
TE Connectivity Ltd. ^(a)		14,490		2,030,918

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
ELECTRICAL EQUIPMENT — 3.3%, continued
Trane Technologies plc		10,390	$	1,987,191
Trimble, Inc. ^(b)		8,990		475,931
				14,373,130
ENTERTAINMENT CONTENT — 1.6%
Activision Blizzard, Inc. ^(b)		7,690		648,267
Electronic Arts, Inc.		3,150		408,555
Fox Corp. - Class B		13,000		414,570
Paramount Global - Class B ^(a)		18,226		289,976
Walt Disney Co. (The) ^(b)		47,699		4,258,567
Warner Bros. Discovery, Inc. ^(a)(b)		88,447		1,109,125
				7,129,060
FOOD — 1.1%
Conagra Brands, Inc.		16,070		541,880
J.M. Smucker Co. (The)		5,630		831,382
Kellogg Co. ^(a)		5,960		401,704
Kraft Heinz Co. (The) ^(a)		26,030		924,065
McCormick & Co., Inc. ^(a)		6,090		531,231
Mondelez International, Inc. - Class A		15,422		1,124,881
Tyson Foods, Inc. - Class A		8,430		430,267
				4,785,410
GAS & WATER UTILITIES — 0.3%
American Water Works Co., Inc.		4,090		583,847
NiSource, Inc.		19,060		521,291
				1,105,138
HEALTH CARE FACILITIES & SERVICES — 2.1%
AmerisourceBergen Corp.		4,700		904,421
Cardinal Health, Inc.		7,850		742,375
Catalent, Inc. ^(a)(b)		4,770		206,827
Cigna Group (The)		4,062		1,139,797
CVS Health Corp.		32,034		2,214,510
Elevance Health, Inc.		1,150		510,934
Humana, Inc.		1,410		630,453
IQVIA Holdings, Inc. ^(b)		2,920		656,328
Laboratory Corp. of America Holdings		2,120		511,620
McKesson Corp.		3,384		1,446,017
				8,963,282
HOME & OFFICE PRODUCTS — 0.1%
Whirlpool Corp. ^(a)		3,150		468,689

HOME CONSTRUCTION — 0.5%
D.R. Horton, Inc.		3,300		401,577
Lennar Corp. - Class A ^(a)		6,340		794,465
NVR, Inc. ^(b)		130		825,581
				2,021,623
HOUSEHOLD PRODUCTS — 2.1%
Church & Dwight Co., Inc.		1,850		185,426
Clorox Co. (The) ^(a)		2,020		321,261
Estée Lauder Cos., Inc. (The) - Class A		4,940		970,117
Kimberly-Clark Corp.		12,700		1,753,362
Procter & Gamble Co. (The)		38,156		5,789,791
				9,019,957
INDUSTRIAL SUPPORT SERVICES — 0.5%
Fastenal Co.		9,800		578,102
United Rentals, Inc. ^(a)		1,620		721,500

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
INDUSTRIAL SUPPORT SERVICES — 0.5%, continued
W.W. Grainger, Inc.		870	$	686,073
				1,985,675
INSTITUTIONAL FINANCIAL SERVICES — 2.8%
Bank of New York Mellon Corp. (The)		38,024		1,692,829
CME Group, Inc.		11,190		2,073,395
Goldman Sachs Group, Inc. (The)		9,160		2,954,467
Intercontinental Exchange, Inc.		16,430		1,857,904
Morgan Stanley		31,741		2,710,681
Northern Trust Corp.		6,297		466,860
State Street Corp.		6,090		445,666
				12,201,802
INSURANCE — 5.2%
Aflac, Inc. ^(a)		20,790		1,451,142
Allstate Corp. (The)		13,549		1,477,383
American International Group, Inc.		22,987		1,322,672
Aon plc - Class A		4,280		1,477,456
Arthur J. Gallagher & Co.		4,520		992,456
Assurant, Inc.		4,170		524,252
Berkley (W.R.) Corp.		9,825		585,177
Brown & Brown, Inc.		15,040		1,035,354
Chubb Ltd.		8,860		1,706,082
Cincinnati Financial Corp.		9,332		908,190
Everest Re Group Ltd.		2,840		970,882
Globe Life, Inc.		4,450		487,809
Hartford Financial Services Group, Inc. (The)		10,830		779,977
Lincoln National Corp.		16,990		437,662
Loews Corp.		25,180		1,495,188
Marsh & McLennan Cos., Inc.		9,860		1,854,469
MetLife, Inc.		23,733		1,341,627
Principal Financial Group, Inc. ^(a)		4,530		343,555
Progressive Corp. (The)		8,230		1,089,405
Prudential Financial, Inc.		13,980		1,233,316
Travelers Cos., Inc. (The)		5,403		938,285
Willis Towers Watson plc		1,250		294,375
				22,746,714
INTERNET MEDIA & SERVICES — 5.7%
Booking Holdings, Inc. ^(b)		1,010		2,727,333
Match Group, Inc. ^(b)		14,910		623,984
Meta Platforms, Inc. - Class A ^(b)		56,990		16,354,990
Netflix, Inc. ^(b)		11,010		4,849,795
				24,556,102
LEISURE FACILITIES & SERVICES — 2.0%
Carnival Corp. ^(a)(b)		34,193		643,854
Darden Restaurants, Inc.		2,130		355,880
Hilton Worldwide Holdings, Inc.		6,420		934,431
Live Nation Entertainment, Inc. ^(a)(b)		6,980		635,948
Marriott International, Inc. - Class A		2,910		534,538
McDonald’s Corp.		8,340		2,488,739
Royal Caribbean Cruises Ltd. ^(b)		4,840		502,102
Starbucks Corp. ^(a)		16,870		1,671,142
Yum! Brands, Inc.		5,400		748,170
				8,514,804
LEISURE PRODUCTS — 0.3%
Hasbro, Inc.		20,810		1,347,864

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
MACHINERY — 1.0%
Deere & Co.		907	$	367,507
IDEX Corp.		2,840		611,339
Ingersoll-Rand, Inc.		13,050		852,948
Nordson Corp. ^(a)		2,610		647,750
Stanley Black & Decker, Inc. ^(a)		8,890		833,082
Xylem, Inc.		9,970		1,122,821
				4,435,447
MEDICAL EQUIPMENT & DEVICES — 5.7%
Abbott Laboratories		23,170		2,525,993
Agilent Technologies, Inc.		1,750		210,438
Align Technology, Inc. ^(b)		2,500		884,100
Baxter International, Inc.		17,182		782,812
Becton, Dickinson and Co.		8,310		2,193,923
Bio-Rad Laboratories, Inc. - Class A ^(b)		720		272,966
Boston Scientific Corp. ^(b)		29,180		1,578,346
Cooper Cos., Inc. (The)		1,170		448,613
Danaher Corp.		4,670		1,120,800
DENTSPLY SIRONA, Inc.		10,150		406,203
Edwards Lifesciences Corp. ^(b)		11,480		1,082,908
GE HealthCare Technologies, Inc.		4,240		344,458
IDEXX Laboratories, Inc. ^(a)(b)		660		331,472
Illumina, Inc. ^(b)		5,030		943,075
Intuitive Surgical, Inc. ^(b)		4,520		1,545,569
Medtronic plc		33,680		2,967,208
ResMed, Inc.		2,370		517,845
Revvity, Inc.		2,360		280,344
Stryker Corp.		8,800		2,684,792
Teleflex, Inc.		2,740		663,162
Thermo Fisher Scientific, Inc.		3,154		1,645,600
West Pharmaceutical Services, Inc.		1,260		481,912
Zimmer Biomet Holdings, Inc.		5,900		859,040
				24,771,579
METALS & MINING — 0.2%
Newmont Corp. ^(a)		15,380		656,111

OIL & GAS PRODUCERS — 0.7%
ConocoPhillips		5,377		557,111
Pioneer Natural Resources Co.		3,330		689,909
Valero Energy Corp.		14,590		1,711,407
				2,958,427
OIL & GAS SERVICES & EQUIPMENT — 0.6%
Baker Hughes Co.		44,790		1,415,812
Schlumberger Ltd.		26,396		1,296,571
				2,712,383
REAL ESTATE SERVICES — 0.1%
CBRE Group, Inc. - Class A ^(a)(b)		6,180		498,788

REITS — 4.3%
Alexandria Real Estate Equities, Inc. ^(a)		5,380		610,576
American Tower Corp.		4,760		923,154
AvalonBay Communities, Inc.		5,900		1,116,693
Boston Properties, Inc. ^(a)		7,640		439,988
Crown Castle, Inc.		6,910		787,325
Digital Realty Trust, Inc.		8,840		1,006,611
Equinix, Inc.		2,350		1,842,259
Equity Residential		7,500		494,775

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
REITS — 4.3%, continued
Essex Property Trust, Inc.		1,340	$	313,962
Federal Realty Investment Trust		4,450		430,627
Healthpeak Properties, Inc.		20,530		412,653
Host Hotels & Resorts, Inc. ^(a)		20,470		344,510
Kimco Realty Corp.		22,420		442,122
Mid-America Apartment Communities, Inc.		2,890		438,875
Prologis, Inc.		26,080		3,198,190
Public Storage ^(a)		1,920		560,410
Realty Income Corp. ^(a)		20,130		1,203,573
Regency Centers Corp.		9,230		570,137
SBA Communications Corp. - Class A		1,660		384,722
Simon Property Group, Inc.		8,469		978,000
UDR, Inc. ^(a)		8,600		369,456
Ventas, Inc.		11,270		532,733
VICI Properties, Inc.		9,190		288,842
Welltower, Inc. ^(a)		13,540		1,095,251
				18,785,444
RETAIL - CONSUMER STAPLES — 2.5%
Costco Wholesale Corp.		3,700		1,992,006
Dollar General Corp.		170		28,863
Kroger Co. (The)		20,514		964,158
Target Corp.		9,860		1,300,534
Walgreen Boots Alliance, Inc. ^(a)		22,490		640,740
Walmart, Inc.		37,380		5,875,388
				10,801,689
RETAIL - DISCRETIONARY — 1.9%
AutoZone, Inc. ^(b)		240		598,406
Bath & Body Works, Inc. ^(a)		7,140		267,750
CarMax, Inc. ^(a)(b)		3,530		295,461
Genuine Parts Co.		4,570		773,381
Home Depot, Inc. (The)		10,732		3,333,789
Lowe’s Cos., Inc.		4,570		1,031,449
Ross Stores, Inc. ^(a)		8,070		904,889
TJX Cos., Inc. (The)		12,030		1,020,024
				8,225,149
SEMICONDUCTORS — 3.6%
Advanced Micro Devices, Inc. ^(b)		16,990		1,935,331
Analog Devices, Inc.		6,980		1,359,774
Broadcom, Inc.		4,180		3,625,857
Intel Corp.		112,288		3,754,911
Microchip Technology, Inc.		4,630		414,802
Micron Technology, Inc.		29,590		1,867,425
NVIDIA Corp.		130		54,993
NXP Semiconductors N.V.		2,190		448,249
Qorvo, Inc. ^(b)		4,610		470,358
Skyworks Solutions, Inc.		2,870		317,680
Texas Instruments, Inc.		6,950		1,251,139
				15,500,519
SOFTWARE — 10.4%
Adobe, Inc. ^(b)		6,460		3,158,876
ANSYS, Inc. ^(b)		1,760		581,275
Autodesk, Inc. ^(b)		2,650		542,217
Ceridian HCM Holding, Inc. ^(a)(b)		4,490		300,695
Gen Digital, Inc.		15,800		293,090
Intuit, Inc.		3,330		1,525,773
Microsoft Corp.		81,860		27,876,604
Oracle Corp.		23,412		2,788,135

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
SOFTWARE — 10.4%, continued
Roper Technologies, Inc.		3,740	$	1,798,192
Salesforce, Inc. ^(b)		26,700		5,640,642
Synopsys, Inc. ^(b)		920		400,577
				44,906,076
SPECIALTY FINANCE — 0.8%
American Express Co.		9,754		1,699,147
Capital One Financial Corp.		12,880		1,408,685
Synchrony Financial		10,350	$	351,072
				3,458,904
TECHNOLOGY HARDWARE — 2.1%
Cisco Systems, Inc.		110,020		5,692,435
Corning, Inc. ^(a)		14,610		511,934
F5, Inc. ^(b)		2,100		307,146
Hewlett Packard Enterprise Co.		27,900		468,720
HP, Inc.		26,820		823,642
Seagate Technology Holdings plc		5,690		352,040
Western Digital Corp. ^(b)		11,965		453,833
Zebra Technologies Corp. - Class A ^(a)(b)		1,540		455,578
				9,065,328
TECHNOLOGY SERVICES — 4.1%
Accenture plc - Class A		16,780		5,177,972
Automatic Data Processing, Inc.		30		6,594
Cognizant Technology Solutions Corp. - Class A		10,200		665,856
DXC Technology Co. ^(a)(b)		15,380		410,954
Fidelity National Information Services, Inc.		21,130		1,155,811
Fiserv, Inc. ^(a)(b)		8,480		1,069,752
Global Payments, Inc.		8,590		846,287
Mastercard, Inc. - Class A		860		338,238
Moody’s Corp.		1,080		375,538
MSCI, Inc.		1,140		534,991
Paychex, Inc. ^(a)		3,334		372,974
PayPal Holdings, Inc. ^(b)		28,270		1,886,457
S&P Global, Inc.		8,310		3,331,396
Verisk Analytics, Inc.		5,050		1,141,451
Visa, Inc. - Class A ^(a)		1,450		344,346
				17,658,617
TELECOMMUNICATIONS — 1.9%
AT&T, Inc.		204,646		3,264,104
T-Mobile US, Inc. ^(b)		6,580		913,962
Verizon Communications, Inc.		104,080		3,870,735
				8,048,801
TRANSPORTATION & LOGISTICS — 3.3%
Alaska Air Group, Inc. ^(b)		9,130		485,533
American Airlines Group, Inc. ^(b)		24,860		445,988
C.H. Robinson Worldwide, Inc. ^(a)		6,070		572,705
CSX Corp.		41,490		1,414,809
Delta Air Lines, Inc. ^(b)		12,450		591,873
FedEx Corp.		6,880		1,705,552
J.B. Hunt Transport Services, Inc.		4,690		849,031
Norfolk Southern Corp.		7,190		1,630,404
Southwest Airlines Co.		14,310		518,165
Union Pacific Corp.		10,560		2,160,787
United Airlines Holdings, Inc. ^(b)		13,060		716,602
United Parcel Service, Inc. - Class B		18,730		3,357,353
				14,448,802

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
TRANSPORTATION EQUIPMENT — 0.4%
PACCAR, Inc.		12,210	$	1,021,366
Westinghouse Air Brake Technologies Corp. ^(a)		6,250		685,438
				1,706,804
WHOLESALE - CONSUMER STAPLES — 0.3%
Archer-Daniels-Midland Co.		5,880		444,293
Sysco Corp.		11,430		848,106
				1,292,399
WHOLESALE - DISCRETIONARY — 0.1%
LKQ Corp.		5,170		301,256

TOTAL COMMON STOCKS (COST $335,282,357)			$	427,666,664

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Impact Capital, Inc. ^(d)		4.000	%		06/15/28	$	350,000	$	350,000
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/23		720,000		708,680
Calvert Social Investment Foundation, Inc. ^(d)		1.000	%		06/14/24		750,000		715,575
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		06/17/24		280,000		272,112
Calvert Social Investment Foundation, Inc. ^(d)		3.000	%		12/15/24		250,000		239,505
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		06/13/25		280,000		261,862
Calvert Social Investment Foundation, Inc. ^(d)		2.500	%		12/15/25		450,000		414,703
Capital Impact Partners Investment ^(d)		4.800	%		12/15/23		450,000		447,655
Capital Impact Partners Investment ^(d)		5.750	%		06/15/24		350,000		349,510
TOTAL CORPORATE NOTES (COST $3,880,000)								$	3,759,602

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
MONEY MARKET FUNDS — 0.3%
First American Government Obligations Fund - Class X, 5.01% ^(e) (COST $1,343,773)		1,343,773	$	1,343,773

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 6.5%
Mount Vernon Liquid Assets Portfolio, LLC, 5.22% ^(e)(f) (COST $28,334,574)		28,334,574		28,334,574

TOTAL INVESTMENTS - (COST $368,840,704) — 106.4%			$	461,104,613
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.4%)				(27,602,975	)
NET ASSETS — 100.0%			$	433,501,638

(a)	All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2023 was $27,950,019 (Note 8).

(b)	Non-income producing security.

(c)	Percentage rounds to less than 0.1%.

(d)	Illiquid securities are as follows:

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Impact Capital, Inc., 4.000% 06/15/28		06/15/23	$	350,000	$	350,000		0.1	%
Calvert Social Investment Foundation, Inc., 3.000%, 12/15/23		12/17/18		720,000		708,680		0.2	%
Calvert Social Investment Foundation, Inc., 1.000%, 06/14/24		06/15/21		750,000		715,575		0.2	%
Calvert Social Investment Foundation, Inc., 3.000%, 06/17/24		06/17/19		280,000		272,112		0.1	%
Calvert Social Investment Foundation, Inc., 3.000%, 12/15/24		12/12/19		250,000		239,505		0.0	%^(c)
Calvert Social Investment Foundation, Inc., 2.500%, 06/13/25		06/12/20		280,000		261,862		0.0	%^(c)
Calvert Social Investment Foundation, Inc., 2.500%, 12/15/25		12/15/20		450,000		414,703		0.1	%
Capital Impact Partners Investment, 4.800%, 12/15/23		12/19/22		450,000		447,655		0.1	%
Capital Impact Partners Investment, 5.750%, 06/15/24		06/20/23		350,000		349,510		0.1	%
			$	3,880,000	$	3,759,602		0.9	%

(e)	The rate shown is the 7-day effective yield as of June 30, 2023.

(f)	The security was purchased with cash collateral received from securities on loan (Note 8).

plc	— Public Liability Company

See accompanying notes to financial statements.

Schedule of Investments

Praxis Growth Index Fund

June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.1%
ADVERTISING & MARKETING — 0.1%
Interpublic Group of Cos., Inc. (The)		11,200	$	432,096

AEROSPACE & DEFENSE — 0.2%
Howmet Aerospace, Inc.		17,210		852,928

ASSET MANAGEMENT — 0.4%
Ameriprise Financial, Inc.		2,880		956,621
BlackRock, Inc.		923		637,922
Charles Schwab Corp. (The)		9,520		539,594
				2,134,137
AUTOMOTIVE — 3.3%
Tesla, Inc. ^(a)		66,920		17,517,648

BANKING — 0.3%
M&T Bank Corp.		1,940		240,094
Regions Financial Corp.		35,280		628,690
Truist Financial Corp.		21,720		659,202
				1,527,986
BEVERAGES — 2.8%
Coca-Cola Co. (The)		55,720		3,355,458
Monster Beverage Corp. ^(a)		6,720		385,997
PepsiCo, Inc.		59,540		11,027,999
				14,769,454
BIOTECH & PHARMA — 9.8%
AbbVie, Inc.		47,001		6,332,445
Amgen, Inc.		15,744		3,495,483
Biogen, Inc. ^(a)		2,020		575,397
Bristol-Myers Squibb Co. ^(b)		63,056		4,032,431
Eli Lilly & Co.		21,650		10,153,417
Gilead Sciences, Inc.		36,000		2,774,520
Incyte Corp. ^(a)		8,270		514,807
Johnson & Johnson		45,938		7,603,658
Merck & Co., Inc.		77,971		8,997,074
Moderna, Inc. ^(a)		8,160		991,440
Regeneron Pharmaceuticals, Inc. ^(a)		3,671		2,637,760
Vertex Pharmaceuticals, Inc. ^(a)		8,324		2,929,299
Zoetis, Inc.		3,590		618,234
				51,655,965
CHEMICALS — 2.3%
Air Products & Chemicals, Inc.		8,000		2,396,240
Albemarle Corp. ^(b)		2,690		600,112
CF Industries Holdings, Inc.		6,230		432,487
Linde plc		13,918		5,303,872
LyondellBasell Industries N.V. - Class A		34,580		3,175,481
Mosaic Co. (The)		1,210		42,350
				11,950,542
COMMERCIAL SUPPORT SERVICES — 0.4%
Cintas Corp.		900		447,372
Rollins, Inc.		14,180		607,329
Waste Management, Inc.		6,464		1,120,987
				2,175,688
CONTAINERS & PACKAGING — 0.1%
Amcor plc		55,690		555,786

	Shares		Fair Value
COMMON STOCKS — 99.1%, continued
DIVERSIFIED INDUSTRIALS — 0.2%
Illinois Tool Works, Inc.		5,274	$	1,319,344

E-COMMERCE DISCRETIONARY — 2.3%
Amazon.com, Inc. ^(a)		92,330		12,036,139

ELECTRIC UTILITIES — 0.6%
Consolidated Edison, Inc.		8,140		735,856
Eversource Energy		10,190		722,675
NextEra Energy, Inc.		5,814		431,399
Sempra Energy		8,900		1,295,751
				3,185,681
ELECTRICAL EQUIPMENT — 1.0%
Amphenol Corp. - Class A		10,642		904,038
Johnson Controls International plc		7,170		488,564
Keysight Technologies, Inc. ^(a)		3,981		666,618
Otis Worldwide Corp.		4,950		440,599
Rockwell Automation, Inc.		5,278		1,738,837
Trane Technologies plc		5,710		1,092,095
				5,330,751
ENTERTAINMENT CONTENT — 0.3%
Activision Blizzard, Inc. ^(a)		6,180		520,974
Electronic Arts, Inc.		3,415		442,925
Walt Disney Co. (The) ^(a)		5,103		455,596
				1,419,495
FOOD — 1.3%
Campbell Soup Co.		21,660		990,079
General Mills, Inc. ^(b)		32,720		2,509,624
Hershey Co. (The)		5,470		1,365,859
Lamb Weston Holdings, Inc.		3,900		448,305
Mondelez International, Inc. - Class A		18,960		1,382,942
				6,696,809
GAS & WATER UTILITIES — 0.3%
American Water Works Co., Inc.		10,730		1,531,707

HEALTH CARE FACILITIES & SERVICES — 2.0%
AmerisourceBergen Corp.		4,700		904,421
Cardinal Health, Inc.		6,390		604,302
Cigna Group (The)		4,710		1,321,626
Elevance Health, Inc.		4,760		2,114,821
Henry Schein, Inc. ^(a)		13,020		1,055,922
Humana, Inc.		1,910		854,018
IQVIA Holdings, Inc. ^(a)		2,778		624,411
Laboratory Corp. of America Holdings		1,600		386,128
McKesson Corp.		5,580		2,384,390
Quest Diagnostics, Inc.		2,680		376,701
				10,626,740
HOUSEHOLD PRODUCTS — 1.1%
Church & Dwight Co., Inc.		9,850		987,266
Colgate-Palmolive Co.		15,207		1,171,547
Kimberly-Clark Corp.		4,670		644,740
Procter & Gamble Co. (The)		20,980		3,183,505
				5,987,058
INDUSTRIAL SUPPORT SERVICES — 0.4%
W.W. Grainger, Inc.		2,530		1,995,133

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.1%, continued
INSTITUTIONAL FINANCIAL SERVICES — 0.4%
Intercontinental Exchange, Inc.		12,941	$	1,463,368
Nasdaq, Inc.		8,490	$	423,227
				1,886,595
INSURANCE — 0.7%
Aon plc - Class A		1,260		434,952
Arch Capital Group Ltd. ^(a)		5,760		431,136
Marsh & McLennan Cos., Inc.		4,260		801,221
Progressive Corp. (The)		14,480		1,916,717
Travelers Cos., Inc. (The)		1,830		317,798
				3,901,824
INTERNET MEDIA & SERVICES — 6.4%
Alphabet, Inc. - Class A ^(a)		156,720		18,759,384
Alphabet, Inc. - Class C ^(a)		124,120		15,014,796
				33,774,180
LEISURE FACILITIES & SERVICES — 1.4%
Chipotle Mexican Grill, Inc. ^(a)		617		1,319,763
Hilton Worldwide Holdings, Inc.		5,110		743,761
Marriott International, Inc. - Class A		1,980		363,706
McDonald’s Corp.		11,447		3,415,899
Starbucks Corp. ^(b)		9,152		906,597
Yum! Brands, Inc.		4,940		684,437
				7,434,163
LEISURE PRODUCTS — 0.1%
Axon Enterprise, Inc. ^(a)		1,790		349,265

MACHINERY — 0.9%
Deere & Co.		8,086		3,276,366
IDEX Corp.		2,890		622,102
Xylem, Inc.		7,650		861,543
				4,760,011
MEDICAL EQUIPMENT & DEVICES — 4.4%
Abbott Laboratories		24,186		2,636,758
Agilent Technologies, Inc.		8,185		984,246
Becton, Dickinson and Co.		1,490		393,375
Bio-Techne Corp.		4,950		404,068
Boston Scientific Corp. ^(a)		12,030		650,703
Cooper Cos., Inc. (The)		1,311		502,677
Danaher Corp.		17,684		4,244,160
DexCom, Inc. ^(a)		9,570		1,229,841
Edwards Lifesciences Corp. ^(a)		4,250		400,902
IDEXX Laboratories, Inc. ^(a)		1,700		853,791
Illumina, Inc. ^(a)		2,758		517,097
Intuitive Surgical, Inc. ^(a)		4,170		1,425,890
Medtronic plc		8,900		784,090
Mettler-Toledo International, Inc. ^(a)		960		1,259,174
ResMed, Inc.		1,770		386,745
Revvity, Inc.		4,400		522,676
Thermo Fisher Scientific, Inc.		10,265		5,355,764
Waters Corp. ^(a)		1,646		438,725
				22,990,682
OIL & GAS PRODUCERS — 4.3%
ConocoPhillips		117,220		12,145,164
Pioneer Natural Resources Co.		37,050		7,676,019
Valero Energy Corp.		25,340		2,972,382
				22,793,565

	Shares		Fair Value
COMMON STOCKS — 99.1%, continued
OIL & GAS SERVICES & EQUIPMENT — 1.0%
Baker Hughes Co.		76,150	$	2,407,101
Schlumberger Ltd.		64,140		3,150,557
				5,557,658
REAL ESTATE SERVICES — 0.7%
CBRE Group, Inc. - Class A ^(a)(b)		45,503		3,672,547

REITS — 1.4%
American Tower Corp.		8,562		1,660,514
Crown Castle, Inc.		5,259		599,211
Equinix, Inc.		2,277		1,785,031
Host Hotels & Resorts, Inc. ^(b)		22,400		376,992
Iron Mountain, Inc.		8,670		492,629
Prologis, Inc.		6,088		746,572
Public Storage ^(b)		1,350		394,038
SBA Communications Corp. - Class A		3,358		778,250
VICI Properties, Inc.		14,310		449,763
				7,283,000
RENEWABLE ENERGY — 0.3%
Enphase Energy, Inc. ^(a)		2,690		450,521
First Solar, Inc. ^(a)		4,200		798,378
SolarEdge Technologies, Inc. ^(a)		1,750		470,838
				1,719,737
RETAIL - CONSUMER STAPLES — 0.7%
Costco Wholesale Corp.		3,333		1,794,421
Dollar General Corp.		4,053		688,118
Dollar Tree, Inc. ^(a)		3,470		497,945
Walgreen Boots Alliance, Inc. ^(b)		17,030		485,185
				3,465,669
RETAIL - DISCRETIONARY — 2.9%
AutoZone, Inc. ^(a)(b)		659		1,643,124
Genuine Parts Co.		6,140		1,039,072
Home Depot, Inc. (The)		16,306		5,065,296
Lowe’s Cos., Inc.		13,349		3,012,869
O’Reilly Automotive, Inc. ^(a)		1,810		1,729,093
TJX Cos., Inc. (The)		18,753		1,590,067
Tractor Supply Co. ^(b)		2,060		455,466
Ulta Beauty, Inc. ^(a)		1,070		503,537
				15,038,524
SEMICONDUCTORS — 8.8%
Advanced Micro Devices, Inc. ^(a)		16,796		1,913,232
Analog Devices, Inc.		4,584		893,009
Applied Materials, Inc. ^(b)		22,816		3,297,825
Broadcom, Inc.		5,539		4,804,695
Lam Research Corp.		2,633		1,692,650
NVIDIA Corp.		62,256		26,335,533
NXP Semiconductors N.V.		2,220		454,390
ON Semiconductor Corp. ^(a)		10,610		1,003,494
QUALCOMM, Inc.		27,400		3,261,696
Texas Instruments, Inc.		13,417		2,415,328
				46,071,852
SOFTWARE — 11.5%
Adobe, Inc. ^(a)		2,177		1,064,531
ANSYS, Inc. ^(a)		1,328		438,599
Autodesk, Inc. ^(a)		1,346		275,405
Cadence Design Systems, Inc. ^(a)		10,624		2,491,540

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.1%, continued
SOFTWARE — 11.5%, continued
Fortinet, Inc. ^(a)		5,610	$	424,060
Gen Digital, Inc.		1,910		35,431
Intuit, Inc.		2,800		1,282,932
Microsoft Corp.		128,238		43,670,169
Oracle Corp.		37,870		4,509,938
Paycom Software, Inc.		1,910		613,568
PTC, Inc. ^(a)		6,510		926,373
ServiceNow, Inc. ^(a)		4,033		2,266,425
Synopsys, Inc. ^(a)		6,460		2,812,749
				60,811,720
SPECIALTY FINANCE — 0.2%
American Express Co.		7,720		1,344,824

STEEL — 0.1%
Nucor Corp. ^(b)		3,250		532,935

TECHNOLOGY HARDWARE — 15.4%
Apple, Inc.		399,198		77,432,436
Arista Networks, Inc. ^(a)		7,440		1,205,726
Cisco Systems, Inc.		14,590		754,887
HP, Inc.		12,500		383,875
Juniper Networks, Inc.		16,400		513,812
NetApp, Inc.		10,730		819,772
				81,110,508
TECHNOLOGY SERVICES — 6.4%
Accenture plc - Class A		17,989		5,551,046
Automatic Data Processing, Inc.		13,460		2,958,373
Broadridge Financial Solutions, Inc.		2,596		429,975
Fiserv, Inc. ^(a)(b)		11,266		1,421,206
MarketAxess Holdings, Inc.		1,390		363,374
Mastercard, Inc. - Class A		22,916		9,012,863
Moody’s Corp.		3,375		1,173,555
MSCI, Inc.		1,797		843,314
S&P Global, Inc.		2,494		999,820
Visa, Inc. - Class A ^(b)		46,423		11,024,534
				33,778,060
TELECOMMUNICATIONS — 0.1%
T-Mobile US, Inc. ^(a)		3,790		526,431

TRANSPORTATION & LOGISTICS — 1.5%
Alaska Air Group, Inc. ^(a)		7,690		408,954
American Airlines Group, Inc. ^(a)		43,510		780,570
CSX Corp.		22,471		766,261
Delta Air Lines, Inc. ^(a)		11,420		542,907
Expeditors International of Washington, Inc.		4,770		577,790
J.B. Hunt Transport Services, Inc.		2,270		410,938
Old Dominion Freight Line, Inc. ^(b)		2,950		1,090,763
Southwest Airlines Co.		17,240		624,260
Union Pacific Corp.		3,921		802,315
United Airlines Holdings, Inc. ^(a)		8,760		480,661
United Parcel Service, Inc. - Class B		7,445		1,334,516
				7,819,935
WHOLESALE - CONSUMER STAPLES — 0.1%
Sysco Corp.		5,970		442,974

	Shares		Fair Value
COMMON STOCKS — 99.1%, continued
WHOLESALE - DISCRETIONARY — 0.2%
Copart, Inc. ^(a)		10,326	$	941,834

TOTAL COMMON STOCKS (COST $293,196,066)			$	521,709,580

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Impact Capital, Inc. ^(c)		4.000	%		06/15/28	$	750,000	$	750,000
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		12/15/23		200,000		196,855
Calvert Social Investment Foundation, Inc. ^(c)		1.000	%		06/14/24		520,000		496,132
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		06/17/24		550,000		534,507
Calvert Social Investment Foundation, Inc. ^(c)		3.000	%		12/15/24		150,000		143,703
Calvert Social Investment Foundation, Inc. ^(c)		2.500	%		06/13/25		670,000		626,599
Calvert Social Investment Foundation, Inc. ^(c)		2.500	%		12/15/25		500,000		460,781
Capital Impact Partners Investment ^(c)		4.800	%		12/15/23		600,000		596,873
Capital Impact Partners Investment ^(c)		5.750	%		06/15/24		750,000		748,949
TOTAL CORPORATE NOTES (COST $4,690,000)								$	4,554,399

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
MONEY MARKET FUNDS — 0.2%
First American Government Obligations Fund - Class X, 5.01% ^(d) (COST $1,319,753)		1,319,753	$	1,319,753

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 4.6%
Mount Vernon Liquid Assets Portfolio, LLC, 5.22% ^(d)(e) (COST $24,173,316)		24,173,316		24,173,316

TOTAL INVESTMENTS - (COST $323,379,135) — 104.8%			$	551,757,048
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.8%)				(25,444,928	)
NET ASSETS — 100.0%			$	526,312,120

(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 June 30, 2023 was $23,878,219 (Note 8).

(c)	Illiquid securities are as follows:

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Impact Capital, Inc., 4.000% 06/15/28		06/15/23	$	750,000	$	750,000		0.2	%
Calvert Social Investment Foundation, Inc., 3.000%, 12/15/23		12/17/18		200,000		196,855		0.0	%
Calvert Social Investment Foundation, Inc., 1.000%, 06/14/24		06/15/21		520,000		496,132		0.1	%
Calvert Social Investment Foundation, Inc., 3.000%, 06/17/24		06/17/19		550,000		534,507		0.1	%
Calvert Social Investment Foundation, Inc., 3.000%, 12/15/24		12/12/19		150,000		143,703		0.0	%^(f)
Calvert Social Investment Foundation, Inc., 2.500%, 06/13/25		06/12/20		670,000		626,599		0.1	%
Calvert Social Investment Foundation, Inc., 2.500%, 12/15/25		12/15/20		500,000		460,781		0.1	%
Capital Impact Partners Investment, 4.800%, 12/15/23		12/19/22		600,000		596,873		0.1	%
Capital Impact Partners Investment, 5.750%, 06/15/24		06/20/23		750,000		748,949		0.2	%
			$	4,690,000	$	4,554,399		0.9	%

(d)	The rate shown is the 7-day effective yield as of June 30, 2023.

(e)	The security was purchased with cash collateral received from securities on loan (Note 8).

(f)	Percentage rounds to less than 0.01%.

plc	— Public Liability Company

See accompanying notes to financial statements.

Schedule of Investments

Praxis Small Cap Index Fund

June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.5%
ADVERTISING & MARKETING — 0.1%
QuinStreet, Inc. ^(a)		15,700	$	138,631

AEROSPACE & DEFENSE — 0.2%
Barnes Group, Inc.		6,060		255,671

APPAREL & TEXTILE PRODUCTS — 1.0%
Hanesbrands, Inc. ^(b)		51,000		231,540
Kontoor Brands, Inc. ^(b)		7,330		308,593
Movado Group, Inc.		6,810		182,713
Oxford Industries, Inc. ^(b)		3,465		341,025
Steven Madden Ltd. ^(b)		11,935		390,155
Wolverine World Wide, Inc.		8,110		119,136
				1,573,162
ASSET MANAGEMENT — 1.1%
Artisan Partners Asset Management, Inc. - Class A ^(b)		9,120		358,507
Avantax, Inc. ^(a)(b)		15,340		343,309
B. Riley Financial, Inc. ^(b)		3,850		177,023
BrightSphere Investment Group, Inc.		7,030		147,279
Kennedy-Wilson Holdings, Inc.		21,830		356,484
Virtus Investment Partners, Inc.		920		181,672
WisdomTree Investments, Inc.		21,350		146,461
				1,710,735
AUTOMOTIVE — 1.0%
American Axle & Manufacturing Holdings, Inc. ^(a)		25,710		212,622
Dana, Inc.		14,900		253,300
Dorman Products, Inc. ^(a)		4,400		346,852
Gentherm, Inc. ^(a)		4,670		263,902
Methode Electronics, Inc.		5,180		173,633
XPEL, Inc. ^(a)(b)		3,920		330,142
				1,580,451
BANKING — 8.1%
Ameris Bancorp		10,274		351,474
Atlantic Union Bankshares Corp. ^(b)		11,450		297,127
Axos Financial, Inc. ^(a)(b)		8,590		338,790
Banc of California, Inc.		9,670		111,979
BancFirst Corp. ^(b)		3,710		341,320
Bancorp, Inc. (The) ^(a)		10,190		332,703
Bank of Hawaii Corp. ^(b)		5,430		223,879
BankUnited, Inc. ^(b)		12,200		262,910
Banner Corp.		2,830		123,586
Berkshire Hills Bancorp, Inc.		7,000		145,110
Brookline Bancorp, Inc.		15,670		136,956
Capitol Federal Financial, Inc. ^(b)		21,140		130,434
Central Pacific Financial Corp.		12,720		199,831
City Holding Co.		2,750		247,472
Community Bank System, Inc. ^(b)		9,620		450,986
Customers Bancorp, Inc. ^(a)(b)		10,660		322,572
CVB Financial Corp. ^(b)		24,460		324,829
Dime Community Bancshares, Inc.		11,239		198,144
Eagle Bancorp, Inc.		4,960		104,954
FB Financial Corp.		7,386		207,177
First BanCorp.		38,970		476,213
First Bancorp/NC		5,760		171,360
First Commonwealth Financial Corp.		16,040		202,906
First Financial Bancorp		9,300		190,092
First Hawaiian, Inc.		13,580		244,576
Hanmi Financial Corp.		9,870		147,359

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
BANKING — 8.1%, continued
Heritage Financial Corp.		8,470	$	136,960
Hilltop Holdings, Inc.		6,940		218,332
Hope Bancorp, Inc.		13,410		112,912
Independent Bank Corp.		9,050		402,816
Independent Bank Group, Inc.		4,740		163,672
Lakeland Financial Corp.		3,090		149,927
National Bank Holdings Corp. - Class A		6,570		190,793
NBT Bancorp, Inc. ^(b)		4,520		143,962
OFG Bancorp		7,230		188,558
Pacific Premier Bancorp, Inc. ^(b)		15,096		312,185
PacWest Bancorp ^(b)		24,420		199,023
Park National Corp. ^(b)		2,050		209,756
Pathward Financial, Inc.		6,750		312,930
Preferred Bank		2,910		160,021
Renasant Corp.		5,600		146,328
S&T Bancorp, Inc. ^(b)		7,140		194,137
Seacoast Banking Corp. of Florida ^(b)		11,950		264,095
ServisFirst Bancshares, Inc. ^(b)		10,670		436,616
Simmons First National Corp. - Class A ^(b)		20,420		352,245
Southside Bancshares, Inc.		4,987		130,460
Tompkins Financial Corp.		3,510		195,507
Triumph Financial, Inc. ^(a)		5,040		306,029
Trustmark Corp.		12,050		254,496
United Community Banks, Inc. ^(b)		18,510		462,565
Veritex Holdings, Inc.		5,640		101,125
Washington Federal, Inc. ^(b)		3,920		103,958
Westamerica BanCorp.		4,380		167,754
WSFS Financial Corp.		7,320		276,110
				12,578,011
BEVERAGES — 0.1%
National Beverage Corp. ^(a)		4,440		214,674

BIOTECH & PHARMA — 3.4%
Amphastar Pharmaceuticals, Inc. ^(a)(b)		6,470		371,831
Anika Therapeutics, Inc. ^(a)		4,520		117,430
Arcus Biosciences, Inc. ^(a)		10,060		204,319
Avid Bioservices, Inc. ^(a)		12,650		176,720
Catalyst Pharmaceutical, Inc. ^(a)		15,260		205,094
Certara, Inc. ^(a)		12,320		224,347
Coherus Biosciences, Inc. ^(a)		28,080		119,902
Collegium Pharmaceutical, Inc. ^(a)(b)		9,800		210,602
Cytokinetics, Inc. ^(a)(b)		10,200		332,724
Dynavax Technologies Corp. ^(a)(b)		20,100		259,692
Emergent BioSolutions, Inc. ^(a)		22,240		163,464
Enanta Pharmaceuticals, Inc. ^(a)		8,970		191,958
Harmony Biosciences Holdings, Inc. ^(a)(b)		4,600		161,874
Innoviva, Inc. ^(a)(b)		11,970		152,378
Ironwood Pharmaceuticals, Inc. ^(a)(b)		20,430		217,375
Ligand Pharmaceuticals, Inc. ^(a)		2,760		198,996
Pacira BioSciences, Inc. ^(a)		8,940		358,226
Prestige Consumer Healthcare, Inc. ^(a)		6,630		394,021
REGENXBIO, Inc. ^(a)(b)		11,450		228,885
Supernus Pharmaceuticals, Inc. ^(a)(b)		7,570		227,554
uniQure N.V. ^(a)		10,260		117,580
Vanda Pharmaceuticals, Inc. ^(a)		25,990		171,274
Vir Biotechnology, Inc. ^(a)		10,170		249,470
Xencor, Inc. ^(a)		8,400		209,748
				5,265,464

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
CABLE & SATELLITE — 0.1%
DISH Network Corp. - Class A ^(a)(b)		18,280	$	120,465

CHEMICALS — 2.9%
AdvanSix, Inc.		10,540		368,689
Balchem Corp.		5,560		749,544
H.B. Fuller Co.		10,240		732,262
Innospec, Inc.		4,330		434,905
Materion Corp.		5,040		575,568
Minerals Technologies, Inc.		2,050		118,264
Quaker Chemical Corp.		1,500		292,350
Rogers Corp. ^(a)(b)		3,610		584,567
Stepan Co. ^(b)		3,960		378,418
WD-40 Co. ^(b)		1,810		341,457
				4,576,024
COMMERCIAL SUPPORT SERVICES — 3.0%
ABM Industries, Inc.		13,350		569,377
AMN Healthcare Services, Inc. ^(a)(b)		9,180		1,001,722
Brady Corp. - Class A ^(b)		16,250		773,012
CorVel Corp. ^(a)		2,390		462,465
Cross Country Healthcare, Inc. ^(a)(b)		5,410		151,913
Enviri Corp. ^(a)		14,710		145,188
Healthcare Services Group, Inc.		12,090		180,504
Heidrick & Struggles International, Inc.		6,300		166,761
Kelly Services, Inc. - Class A		11,930		210,087
Korn Ferry		8,880		439,915
TrueBlue, Inc. ^(a)		10,250		181,528
UniFirst Corp.		1,790		277,468
Viad Corp. ^(a)		5,500		147,840
				4,707,780
CONSUMER SERVICES — 0.8%
Adtalem Global Education, Inc. ^(a)(b)		12,630		433,714
Medifast, Inc. ^(b)		1,780		164,045
Perdoceo Education Corp. ^(a)		16,740		205,400
Strategic Education, Inc.		2,550		172,992
Stride, Inc. ^(a)(b)		5,850		217,795
				1,193,946
CONTAINERS & PACKAGING — 0.4%
Myers Industries, Inc.		10,120		196,632
O-I Glass, Inc. ^(a)		22,780		485,897
UFP Technologies, Inc. ^(a)		20		3,877
				686,406
ELECTRIC UTILITIES — 1.0%
Avista Corp.		12,770		501,478
Otter Tail Corp. ^(b)		2,930		231,353
Unitil Corp.		15,560		789,047
				1,521,878
ELECTRICAL EQUIPMENT — 3.1%
AAON, Inc. ^(b)		11,030		1,045,754
Advanced Energy Industries, Inc. ^(b)		6,290		701,021
Alarm.com Holdings, Inc. ^(a)		7,330		378,814
Badger Meter, Inc.		6,300		929,628
Itron, Inc. ^(a)		6,810		491,001
Mesa Laboratories, Inc.		1,460		187,610
OSI Systems, Inc. ^(a)		2,550		300,467

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
ELECTRICAL EQUIPMENT — 3.1%, continued
SPX Technologies, Inc. ^(a)		9,870	$	838,654
				4,872,949
ENGINEERING & CONSTRUCTION — 2.5%
Arcosa, Inc.		7,940		601,614
Comfort Systems USA, Inc.		5,920		972,064
Dycom Industries, Inc. ^(a)(b)		4,400		500,060
Frontdoor, Inc. ^(a)		14,390		459,041
Granite Construction, Inc. ^(b)		7,530		299,543
Installed Building Products, Inc.		3,410		477,945
MYR Group, Inc. ^(a)		2,470		341,700
NV5 Global, Inc. ^(a)		2,110		233,725
				3,885,692
ENTERTAINMENT CONTENT — 0.1%
AMC Networks, Inc. - Class A ^(a)		13,090		156,426

FOOD — 1.8%
B&G Foods, Inc. ^(b)		15,050		209,496
Cal-Maine Foods, Inc. ^(b)		6,880		309,600
Hain Celestial Group, Inc. (The) ^(a)(b)		20,110		251,576
Hostess Brands, Inc. ^(a)		28,140		712,505
J & J Snack Foods Corp.		1,740		275,546
Simply Good Foods Co. (The) ^(a)(b)		13,440		491,770
TreeHouse Foods, Inc. ^(a)		9,670		487,175
				2,737,668
FORESTRY, PAPER & WOOD PRODUCTS — 0.5%
Boise Cascade Co.		7,010		633,353
Sylvamo Corp.		3,510		141,980
				775,333
GAS & WATER UTILITIES — 1.7%
American States Water Co.		7,190		625,530
California Water Service Group		16,470		850,346
Middlesex Water Co.		6,040		487,187
SJW Group ^(b)		9,530		668,148
				2,631,211
HEALTH CARE FACILITIES & SERVICES — 2.5%
AdaptHealth Corp. ^(a)		22,490		273,703
Addus HomeCare Corp. ^(a)		2,750		254,925
Agiliti, Inc. ^(a)		14,000		231,000
Enhabit, Inc. ^(a)		17,950		206,425
Ensign Group, Inc. (The) ^(b)		8,010		764,635
Fulgent Genetics, Inc. ^(a)		2,990		110,720
ModivCare, Inc. ^(a)		4,460		201,637
NeoGenomics, Inc. ^(a)		17,840		286,689
Owens & Minor, Inc. ^(a)		12,410		236,287
Pediatrix Medical Group, Inc. ^(a)		14,540		206,613
RadNet, Inc. ^(a)		11,320		369,258
Select Medical Holdings Corp. ^(b)		16,840		536,522
U.S. Physical Therapy, Inc. ^(b)		2,080		252,491
				3,930,905
HOME & OFFICE PRODUCTS — 0.3%
HNI Corp.		7,870		221,777
iRobot Corp. ^(a)		3,560		161,090
MillerKnoll, Inc.		10,390		153,564
				536,431

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
HOME CONSTRUCTION — 3.1%
Cavco Industries, Inc. ^(a)(b)		1,950	$	575,250
Century Communities, Inc.		2,300		176,226
Green Brick Partners, Inc. ^(a)(b)		5,000		284,000
Griffon Corp.		3,880		156,364
Interface, Inc.		24,150		212,278
LGI Homes, Inc. ^(a)		3,980		536,862
M/I Homes, Inc. ^(a)		3,510		306,037
Masterbrand Inc. ^(a)		15,020		174,683
MDC Holdings, Inc.		10,555		493,657
Meritage Homes Corp. ^(b)		6,110		869,270
Patrick Industries, Inc.		2,420		193,600
PGT Innovations, Inc. ^(a)		9,950		290,043
TRI Pointe Homes, Inc. ^(a)		14,490		476,141
				4,744,411
HOUSEHOLD PRODUCTS — 0.5%
Central Garden & Pet Co. ^(a)		3,630		140,735
Edgewell Personal Care Co.		3,180		131,366
Nu Skin Enterprises, Inc. - Class A		7,900		262,280
Quanex Building Products Corp.		11,930		320,320
				854,701
INDUSTRIAL INTERMEDIATE PRODUCTS — 1.4%
EnPro Industries, Inc.		3,620		483,379
Gibraltar Industries, Inc. ^(a)		5,860		368,711
Insteel Industries, Inc.		3,950		122,924
Mueller Industries, Inc. ^(b)		8,500		741,880
Proto Labs, Inc. ^(a)		4,540		158,718
Standex International Corp.		2,030		287,184
				2,162,796
INDUSTRIAL SUPPORT SERVICES — 1.0%
Applied Industrial Technologies, Inc.		7,530		1,090,570
DXP Enterprises, Inc. ^(a)		5,460		198,798
Resideo Technologies, Inc. ^(a)		18,410		325,121
				1,614,489
INSTITUTIONAL FINANCIAL SERVICES — 0.7%
Moelis & Co. - Class A ^(b)		7,690		348,664
Piper Sandler Cos.		3,730		482,140
StoneX Group, Inc. ^(a)		2,410		200,223
				1,031,027
INSURANCE — 2.7%
Ambac Financial Group, Inc. ^(a)		10,910		155,358
American Equity Investment Life Holding Co.		12,720		662,839
AMERISAFE, Inc.		3,560		189,819
Assured Guaranty Ltd.		7,980		445,284
Employers Holdings, Inc.		3,240		121,208
Genworth Financial, Inc. - Class A ^(a)		116,460		582,300
Horace Mann Educators Corp.		5,960		176,774
James River Group Holdings Ltd.		11,360		207,434
Mercury General Corp.		4,640		140,453
NMI Holdings, Inc. - Class A ^(a)		14,340		370,259
Palomar Holdings, Inc. ^(a)		3,850		223,454
ProAssurance Corp.		14,110		212,920
Radian Group, Inc.		20,170		509,898
Trupanion, Inc. ^(a)(b)		6,280		123,590
				4,121,590

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
INTERNET MEDIA & SERVICES — 0.7%
Cars.com, Inc. ^(a)		16,270	$	322,471
Shutterstock, Inc. ^(b)		3,610		175,699
TechTarget, Inc. ^(a)		4,120		128,255
Yelp, Inc. ^(a)		11,460		417,259
				1,043,684
LEISURE FACILITIES & SERVICES — 2.4%
Bloomin’ Brands, Inc. ^(b)		18,470		496,658
Brinker International, Inc. ^(a)		7,800		285,480
Cheesecake Factory, Inc. (The) ^(b)		7,530		260,388
Chuy’s Holdings, Inc. ^(a)		6,950		283,699
Cinemark Holdings, Inc. ^(a)		16,910		279,015
Cracker Barrel Old Country Store, Inc. ^(b)		3,070		286,063
Dave & Buster’s Entertainment, Inc. ^(a)		9,190		409,506
Dine Brands Global, Inc.		3,280		190,338
El Pollo Loco Holdings, Inc.		21,940		192,414
Jack in the Box, Inc.		2,970		289,664
Shake Shack, Inc. - Class A ^(a)		5,180		402,590
Six Flags Entertainment Corp. ^(a)(b)		15,340		398,533
				3,774,348
LEISURE PRODUCTS — 0.5%
LCI Industries ^(b)		4,750		600,210
Winnebago Industries, Inc. ^(b)		3,720		248,087
				848,297
MACHINERY — 3.6%
Alamo Group, Inc.		1,800		331,038
Astec Industries, Inc.		4,830		219,475
CIRCOR International, Inc. ^(a)		9,130		515,388
Enerpac Tool Group Corp.		19,940		538,380
ESCO Technologies, Inc.		2,890		299,491
Federal Signal Corp. ^(b)		4,750		304,143
Franklin Electric Co., Inc.		6,300		648,270
Hillenbrand, Inc.		7,280		373,318
Ichor Holdings Ltd. ^(a)		8,140		305,250
John Bean Technologies Corp.		5,325		645,923
Kennametal, Inc.		11,550		327,905
Lindsay Corp.		3,140		374,728
Stellar Bancorp, Inc. ^(b)		8,879		203,240
Tennant Co.		2,040		165,464
Titan International, Inc. ^(a)(b)		33,750		387,450
				5,639,463
MEDICAL EQUIPMENT & DEVICES — 2.6%
AngioDynamics, Inc. ^(a)		20,980		218,821
Avanos Medical, Inc. ^(a)		8,170		208,825
BioLife Solutions, Inc. ^(a)		7,490		165,529
CONMED Corp.		3,920		532,689
Glaukos Corp. ^(a)		7,100		505,591
Integer Holdings Corp. ^(a)		4,160		368,618
LeMaitre Vascular, Inc.		5,530		372,058
Merit Medical Systems, Inc. ^(a)		10,140		848,110
Myriad Genetics, Inc. ^(a)		13,280		307,830
NuVasive, Inc. ^(a)		5,380		223,754
OraSure Technologies, Inc. ^(a)		28,300		141,783
Varex Imaging Corp. ^(a)		8,210		193,510
				4,087,118
METALS & MINING — 1.7%
Arconic Corp. ^(a)(b)		13,470		398,442

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
METALS & MINING — 1.7%, continued
Century Aluminum Co. ^(a)		22,810	$	198,903
Encore Wire Corp. ^(b)		3,620		673,067
Haynes International, Inc.		4,750		241,395
Kaiser Aluminum Corp.		2,420		173,369
Livent Corp. ^(a)		25,290		693,705
SunCoke Energy, Inc.		30,440		239,563
				2,618,444
OIL & GAS PRODUCERS — 1.8%
Civitas Resources, Inc. ^(b)		7,600		527,212
Core Laboratories, Inc. ^(b)		46,770		1,087,402
CVR Energy, Inc. ^(b)		9,600		287,616
SM Energy Co.		20,170		637,977
Talos Energy, Inc. ^(a)(b)		20,310		281,700
				2,821,907
OIL & GAS SERVICES & EQUIPMENT — 1.3%
Bristow Group, Inc. ^(a)		34,382		987,795
Helmerich & Payne, Inc.		24,700		875,615
U.S. Silica Holdings, Inc. ^(a)		17,890		217,006
				2,080,416
PUBLISHING & BROADCASTING — 0.3%
John Wiley & Sons, Inc. - Class A		7,180		244,335
Scholastic Corp.		4,200		163,338
				407,673
REAL ESTATE OWNERS & DEVELOPERS — 0.1%
St. Joe Co. (The) ^(b)		2,610		126,167

REAL ESTATE SERVICES — 0.6%
Anywhere Real Estate, Inc. ^(a)		32,310		215,831
Cushman & Wakefield plc ^(a)(b)		17,860		146,095
eXp World Holdings, Inc. ^(b)		9,950		201,786
Marcus & Millichap, Inc. ^(b)		6,930		218,364
RE/MAX Holdings, Inc. - Class A		8,460		162,940
				945,016
REITS — 6.9%
Acadia Realty Trust		17,540		252,401
Alexander & Baldwin, Inc.		7,320		136,006
American Assets Trust, Inc.		11,980		230,016
Armada Hoffler Properties, Inc.		12,440		145,299
Brandywine Realty Trust ^(b)		27,600		128,340
CareTrust REIT, Inc. ^(b)		12,440		247,058
Centerspace		3,050		187,148
Chatham Lodging Trust		14,320		134,035
Community Healthcare Trust, Inc.		4,290		141,656
DiamondRock Hospitality Co. ^(b)		28,340		227,003
Douglas Emmett, Inc. ^(b)		25,910		325,689
Easterly Government Properties, Inc. ^(b)		9,670		140,215
Elme Communities		21,380		351,487
Essential Properties Realty Trust, Inc. ^(b)		18,920		445,377
Four Corners Property Trust, Inc.		12,950		328,930
Franklin BSP Realty Trust, Inc. ^(b)		21,422		303,336
Getty Realty Corp. ^(b)		8,140		275,295
Global Net Lease, Inc. ^(b)		16,580		170,442
Hudson Pacific Properties, Inc. ^(b)		23,360		98,579
Innovative Industrial Properties, Inc. ^(b)		4,430		323,434
JBG SMITH Properties ^(b)		11,590		174,314
LTC Properties, Inc.		3,650		120,523

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
REITS — 6.9%, continued
LXP Industrial Trust ^(b)		32,120	$	313,170
Macerich Co. (The) ^(b)		33,280		375,066
NexPoint Residential Trust, Inc.		3,250		147,810
Office Properties Income Trust		16,590		127,743
Orion Office REIT, Inc. ^(b)		26,100		172,521
Outfront Media, Inc. ^(b)		24,990		392,843
Pebblebrook Hotel Trust ^(b)		16,060		223,876
Phillips Edison & Co., Inc. ^(b)		10,470		356,818
Retail Opportunity Investments Corp.		14,970		202,245
RPT Realty		19,470		203,461
Safehold, Inc. ^(b)		9,118		216,370
Saul Centers, Inc.		3,420		125,959
Service Properties Trust ^(b)		28,860		250,793
SITE Centers Corp. ^(b)		25,140		332,351
SL Green Realty Corp. ^(b)		17,480		525,274
Summit Hotel Properties, Inc. ^(b)		23,710		154,352
Sunstone Hotel Investors, Inc. ^(b)		32,670		330,620
Tanger Factory Outlet Centers, Inc. ^(b)		16,810		370,997
Uniti Group, Inc.		35,680		164,842
Universal Health Realty Income Trust		4,580		217,916
Urban Edge Properties ^(b)		13,970		215,557
Veris Residential, Inc. ^(a)		13,500		216,675
Xenia Hotel & Resorts, Inc. ^(b)		18,240		224,534
				10,748,376
RENEWABLE ENERGY — 0.2%
Green Plains, Inc. ^(a)(b)		7,060		227,614
SunPower Corp. ^(a)(b)		13,040		127,792
				355,406
RETAIL - CONSUMER STAPLES — 0.3%
PriceSmart, Inc.		1,510		111,831
SpartanNash Co.		18,290		411,708
				523,539
RETAIL - DISCRETIONARY — 5.6%
Abercrombie & Fitch Co. - Class A ^(a)(b)		13,550		510,564
Academy Sports & Outdoors, Inc. ^(b)		16,030		866,421
American Eagle Outfitters, Inc.		32,150		379,370
America’s Car-Mart, Inc. ^(a)		1,540		153,661
Asbury Automotive Group, Inc. ^(a)		3,100		745,302
Boot Barn Holdings, Inc. ^(a)		4,560		386,186
Buckle, Inc. (The) ^(b)		5,380		186,148
Caleres, Inc. ^(b)		10,210		244,325
Chico’s FAS, Inc. ^(a)(b)		40,780		218,173
Ethan Allen Interiors, Inc. ^(b)		12,700		359,156
GMS, Inc. ^(a)		7,050		487,860
Group 1 Automotive, Inc. ^(b)		3,050		787,205
Guess?, Inc. ^(b)		9,260		180,107
Hibbett, Inc.		5,140		186,531
La-Z-Boy, Inc.		6,970		199,621
MarineMax, Inc. ^(a)		4,440		151,670
Mister Car Wash, Inc. ^(a)(b)		23,690		228,608
Monro, Inc.		5,420		220,215
National Vision Holdings, Inc. ^(a)(b)		13,350		324,272
ODP Corp. (The) ^(a)		7,677		359,437
Sally Beauty Holdings, Inc. ^(a)		15,060		185,991
Shoe Carnival, Inc.		9,820		230,574
Signet Jewelers Ltd. ^(b)		7,200		469,872
Sleep Number Corp. ^(a)		5,410		147,585

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
RETAIL - DISCRETIONARY — 5.6%, continued
Urban Outfitters, Inc. ^(a)		10,750	$	356,148
Victoria’s Secret & Co. ^(a)		8,400		146,412
				8,711,414
SEMICONDUCTORS — 4.5%
Axcelis Technologies, Inc. ^(a)(b)		6,220		1,140,313
CEVA, Inc. ^(a)		4,550		116,252
Cohu, Inc. ^(a)		7,270		302,141
CTS Corp.		6,010		256,206
Diodes, Inc. ^(a)		6,230		576,213
FormFactor, Inc. ^(a)		11,450		391,819
Kulicke & Soffa Industries, Inc. ^(b)		9,850		585,582
MaxLinear, Inc. ^(a)		8,610		271,732
Onto Innovation, Inc. ^(a)		10,047		1,170,174
Photronics, Inc. ^(a)		16,690		430,435
Rambus, Inc. ^(a)		16,495		1,058,484
Semtech Corp. ^(a)(b)		9,780		248,999
Ultra Clean Holdings, Inc. ^(a)		6,810		261,913
Veeco Instruments, Inc. ^(a)		8,620		221,362
				7,031,625
SOFTWARE — 3.9%
Adeia, Inc.		14,711		161,968
Agilysys, Inc. ^(a)		6,190		424,881
Apollo Medical Holdings, Inc. ^(a)(b)		6,870		217,092
Avid Technology, Inc. ^(a)		9,070		231,285
Cerence, Inc. ^(a)(b)		6,920		202,272
Digi International, Inc. ^(a)(b)		11,930		469,923
Digital Turbine, Inc. ^(a)		16,200		150,336
Donnelley Financial Solutions, Inc. ^(a)		6,550		298,221
DoubleVerify Holdings, Inc. ^(a)(b)		11,920		463,926
Ebix, Inc. ^(b)		7,800		196,560
NextGen Healthcare, Inc. ^(a)		13,380		217,024
PDF Solutions, Inc. ^(a)		9,190		414,469
Progress Software Corp.		6,410		372,421
Schrodinger, Inc. ^(a)		2,790		139,277
Simulations Plus, Inc.		4,350		188,485
SPS Commerce, Inc. ^(a)(b)		5,620		1,079,377
Thryv Holdings, Inc. ^(a)		4,700		115,620
Veradigm, Inc. ^(a)		13,450		169,470
Verra Mobility Corp. ^(a)(b)		18,430		363,440
Xperi, Inc. ^(a)		14,004		184,153
				6,060,200
SPECIALTY FINANCE — 2.7%
Apollo Commercial Real Estate Finance, Inc. ^(b)		20,490		231,947
ARMOUR Residential REIT, Inc. ^(b)		33,710		179,674
Bread Financial Holdings, Inc. ^(b)		8,810		276,546
Deluxe Corp. ^(b)		12,780		223,394
Ellington Financial, Inc. ^(b)		15,050		207,690
Encore Capital Group, Inc. ^(a)(b)		3,150		153,153
Enova International, Inc. ^(a)		7,260		385,651
Invesco Mortgage Capital, Inc.		11,176		128,189
KKR Real Estate Finance Trust, Inc.		13,750		167,338
Mr. Cooper Group, Inc. ^(a)(b)		12,710		643,634
New York Mortgage Trust, Inc.		22,582		224,013
PennyMac Mortgage Investment Trust ^(b)		14,450		194,786
PRA Group, Inc. ^(a)		6,530		149,211
Ready Capital Corp.		19,700		222,216
Redwood Trust, Inc.		19,810		126,190

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
SPECIALTY FINANCE — 2.7%, continued
Two Harbors Investment Corp.		10,280	$	142,686
Walker & Dunlop, Inc. ^(b)		4,340		343,251
World Acceptance Corp. ^(a)		1,310		175,553
				4,175,122
STEEL — 1.1%
ATI, Inc. ^(a)(b)		21,650		957,579
Carpenter Technology Corp.		6,590		369,897
TimkenSteel Corp. ^(a)		17,280		372,730
				1,700,206
TECHNOLOGY HARDWARE — 4.4%
3D Systems Corp. ^(a)(b)		16,470		163,547
A10 Networks, Inc.		7,730		112,781
Arlo Technologies, Inc. ^(a)		33,990		370,831
Benchmark Electronics, Inc.		8,080		208,706
Clearfield, Inc. ^(a)(b)		3,590		169,986
Extreme Networks, Inc. ^(a)		29,990		781,240
Fabrinet ^(a)		7,180		932,538
Harmonic, Inc. ^(a)		29,630		479,117
InterDigital, Inc. ^(b)		6,470		624,679
Knowles Corp. ^(a)		18,120		327,247
NetScout Systems, Inc. ^(a)		7,500		232,125
Pitney Bowes, Inc.		38,260		135,440
Plexus Corp. ^(a)		4,900		481,376
Sanmina Corp. ^(a)		13,090		788,934
Sonos, Inc. ^(a)(b)		18,690		305,208
TTM Technologies, Inc. ^(a)		28,760		399,764
Viavi Solutions, Inc. ^(a)(b)		24,360		275,999
				6,789,518
TECHNOLOGY SERVICES — 1.9%
CSG Systems International, Inc.		3,400		179,316
EVERTEC, Inc.		10,810		398,132
Green Dot Corp. - Class A ^(a)		5,800		108,692
Insight Enterprises, Inc. ^(a)(b)		7,370		1,078,526
LiveRamp Holdings, Inc. ^(a)		10,470		299,023
Payoneer Global, Inc. ^(a)		34,870		167,376
Perficient, Inc. ^(a)		4,700		391,651
Sabre Corp. ^(a)(b)		54,990		175,418
TTEC Holdings, Inc.		3,610		122,163
				2,920,297
TELECOMMUNICATIONS — 0.7%
ATN International, Inc.		5,720		209,352
Cogent Communications Holdings, Inc.		5,100		343,179
Consolidated Communications Holdings, Inc. ^(a)		45,830		175,529
Gogo, Inc. ^(a)		12,910		219,599
Lumen Technologies, Inc. ^(b)		92,910		209,977
				1,157,636
TRANSPORTATION & LOGISTICS — 2.7%
Allegiant Travel Co. ^(a)		2,520		318,226
ArcBest Corp. ^(b)		6,890		680,732
Forward Air Corp.		4,570		484,923
Hub Group, Inc. - Class A ^(a)		9,370		752,598
Marten Transport Ltd.		18,180		390,870
Matson, Inc. ^(b)		6,440		500,581
RXO, Inc. ^(a)(b)		19,300		437,531
SkyWest, Inc. ^(a)		10,660		434,075

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2023 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.5%, continued
TRANSPORTATION & LOGISTICS — 2.7%, continued
Sun Country Airlines Holdings, Inc. ^(a)		7,000	$	157,290
				4,156,826
TRANSPORTATION EQUIPMENT — 0.6%
Greenbrier Cos., Inc. (The)		6,020		259,462
Trinity Industries, Inc.		8,880		228,305
TRANSPORTATION EQUIPMENT — 0.6%
Wabash National Corp. ^(b)		15,190		389,471
				877,238
WHOLESALE - CONSUMER STAPLES — 1.0%
Andersons, Inc. (The) ^(b)		24,010		1,108,061
Chefs’ Warehouse, Inc. (The) ^(a)		5,800		207,408
United Natural Foods, Inc. ^(a)		9,370		183,184
				1,498,653
WHOLESALE - DISCRETIONARY — 1.3%
ePlus, Inc. ^(a)		4,560		256,728
G-III Apparel Group Ltd. ^(a)		9,060		174,586
Leslie’s, Inc. ^(a)(b)		23,260		218,412
OPENLANE, Inc. ^(a)		12,030		183,097
ScanSource, Inc. ^(a)		23,700		700,572
Veritiv Corp.		3,640		457,220
				1,990,615
TOTAL COMMON STOCKS (COST $117,774,480)			$	153,268,131

RIGHTS — 0.0% ^(c)
MEDICAL EQUIPMENT & DEVICES — 0.0% ^(c)
OmniAb, Inc. ^(a)(d)(e) (Cost $0)		2,092		1,410

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Impact Capital, Inc. ^(e)		4.000	%		06/15/28	$	180,000	$	180,000
Calvert Social Investment Foundation, Inc. ^(e)		3.000	%		12/15/23		330,000		324,812
Calvert Social Investment Foundation, Inc. ^(e)		1.000	%		06/14/24		100,000		95,410
Calvert Social Investment Foundation, Inc. ^(e)		3.000	%		06/17/24		60,000		58,310
Calvert Social Investment Foundation, Inc. ^(e)		3.000	%		12/15/24		90,000		86,222
Calvert Social Investment Foundation, Inc. ^(e)		2.500	%		06/13/25		150,000		140,283
Calvert Social Investment Foundation, Inc. ^(e)		2.500	%		12/15/25		280,000		258,037
Capital Impact Partners Investment ^(e)		5.750	%		06/15/24		180,000		179,748
TOTAL CORPORATE NOTES (COST $1,370,000)								$	1,322,822

	Shares		Fair Value
MONEY MARKET FUNDS — 0.4%
First American Government Obligations Fund - Class X, 5.01% ^(f) (COST $572,581)		572,581	$	572,581

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 32.3%
Mount Vernon Liquid Assets Portfolio, LLC, 5.22% ^(f)(g) (COST $50,226,570)		50,226,570		50,226,570

TOTAL INVESTMENTS - (COST $169,943,631) — 132.1%			$	205,391,514
LIABILITIES IN EXCESS OF OTHER ASSETS — (32.1%)				(49,879,643	)
NET ASSETS — 100.0%			$	155,511,871

(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 June 30, 2023 was $48,951,734 (Note 8).

(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 value of such securities was $1,410 as of June 30, 2023, 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., 4.000% 06/15/28		06/15/23		180,000		180,000		0.1	%
Calvert Social Investment Foundation, Inc., 3.000%, 12/15/23		12/17/18		330,000		324,812		0.2	%
Calvert Social Investment Foundation, Inc., 1.000%, 06/14/24		06/15/21		100,000		95,410		0.1	%
Calvert Social Investment Foundation, Inc., 3.000%, 06/17/24		06/17/19		60,000		58,310		0.0	%^(c)
Calvert Social Investment Foundation, Inc., 3.000%, 12/15/24		12/12/19		90,000		86,222		0.1	%
Calvert Social Investment Foundation, Inc., 2.500%, 06/13/25		06/12/20		150,000		140,283		0.1	%
Calvert Social Investment Foundation, Inc., 2.500%, 12/15/25		12/15/20		280,000		258,037		0.2	%
Capital Impact Partners Investment, 5.750%, 06/15/24		06/20/23		180,000		179,748		0.1	%
OmniAb, Inc.		11/02/22		—		1,410		0.0	%^(c)
			$	1,370,000	$	1,324,232		0.9	%

(f)	The rate shown is the 7-day effective yield as of June 30, 2023.

(g)	The security was purchased with cash collateral received from securities on loan (Note 8).

plc	— Public Liability Company

REIT	— Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Investments

Praxis Genesis Conservative Portfolio

June 30, 2023 (unaudited)

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 100.0%
DEBT FUND — 69.7%
Praxis Impact Bond Fund - Class I		1,892,734	$	17,488,860

EQUITY FUND — 30.3%
Praxis Growth Index Fund - Class I		65,993		2,357,287
Praxis International Index Fund - Class I		186,743		2,259,586
Praxis Small Cap Index Fund - Class I		61,836		636,913
Praxis Value Index Fund - Class I		139,749		2,346,388
				7,600,174
TOTAL AFFILIATED MUTUAL FUNDS (Cost $23,178,853)			$	25,089,034

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 5.01% ^(b) (COST $6,298)		6,298		6,298

TOTAL INVESTMENTS - (COST $23,185,151) — 100.0%			$	25,095,332
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% ^(a)				2,053
NET ASSETS — 100.0%			$	25,097,385

(a)	Percentage rounds to less than 0.1%.

(b)	The rate shown is the 7-day effective yield as of June 30, 2023.

See accompanying notes to financial statements.

Schedule of Investments

Praxis Genesis Balanced Portfolio

June 30, 2023 (unaudited)

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 100.0%
DEBT FUND — 39.7%
Praxis Impact Bond Fund - Class I		3,742,938	$	34,584,748

EQUITY FUND — 60.3%
Praxis Growth Index Fund - Class I		394,931		14,106,920
Praxis International Index Fund - Class I		1,293,804		15,655,023
Praxis Small Cap Index Fund - Class I		855,242		8,808,994
Praxis Value Index Fund - Class I		836,249		14,040,629
				52,611,566
TOTAL AFFILIATED MUTUAL FUNDS (Cost $68,550,969)			$	87,196,314

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 5.01% ^(b) (COST $1,291)		1,291	$	1,291

TOTAL INVESTMENTS - (COST $68,552,260) — 100.0%			$	87,197,605
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) ^(a)				(26,235	)
NET ASSETS — 100.0%			$	87,171,370

(a)	Percentage rounds to less than 0.1%.

(b)	The rate shown is the 7-day effective yield as of June 30, 2023.

See accompanying notes to financial statements.

Schedule of Investments

Praxis Genesis Growth Portfolio

June 30, 2023 (unaudited)

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 100.0%
DEBT FUND — 19.8%
Praxis Impact Bond Fund - Class I		2,077,689	$	19,197,847

EQUITY FUND — 80.2%
Praxis Growth Index Fund - Class I		561,634		20,061,549
Praxis International Index Fund - Class I		1,914,981		23,171,270
Praxis Small Cap Index Fund - Class I		1,424,861		14,676,066
Praxis Value Index Fund - Class I		1,189,411		19,970,203
				77,879,088
TOTAL AFFILIATED MUTUAL FUNDS (Cost $70,848,105)			$	97,076,935

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 5.01% ^(b) (COST $922)		922	$	922

TOTAL INVESTMENTS - (COST $70,849,027) — 100.0%			$	97,077,857
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) ^(a)				(27,643	)
NET ASSETS — 100.0%			$	97,050,214

(a)	Percentage rounds to less than 0.1%.

(b)	The rate shown is the 7-day effective yield as of June 30, 2023.

See accompanying notes to financial statements.

Statements of Assets & Liabilities

June 30, 2023 (unaudited)

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Index Fund
Assets
Investments in unaffiliated securities, at cost	$	860,362,650		$	328,889,510		$	368,840,704		$	323,379,135		$	169,943,631
Investments in unaffiliated securities, at fair value*	$	780,204,471		$	426,070,881		$	461,104,613		$	551,757,048		$	205,391,514
Cash		—			12,018			—			—			275
Receivable for capital shares sold		1,271,660			729,688			918,091			1,258,194			271,851
Receivable for investments sold		184			233,695			—			—			—
Receivable for dividends and interest		5,334,729			1,406,504			396,047			338,686			184,534
Receivable for tax reclaims		28,461			842,794			—			—			—
Prepaid expenses and other assets		46,785			33,223			40,577			50,686			27,073
Total Assets		786,886,290			429,328,803			462,459,328			553,404,614			205,875,247

Liabilities
Distributions payable		777,188			—			—			—			—
Payable for capital shares redeemed		715,019			287,568			461,525			2,715,322			72,888
Payable for return of collateral received for securities on loan		15,557,893			44,237,025			28,334,574			24,173,316			50,226,570
Accrued expenses and other payables:
Investment advisory fees		228,342			138,212			86,399			101,404			37,379
Administration fees		27,090			13,613			15,197			18,454			5,416
Distribution fees		6,918			2,462			5,933			17,177			1,137
Other		101,369			103,586			54,062			66,821			19,986
Total Liabilities		17,413,819			44,782,466			28,957,690			27,092,494			50,363,376

Net Assets	$	769,472,471		$	384,546,337		$	433,501,638		$	526,312,120		$	155,511,871

Components of Net Assets
Paid-in capital	$	857,221,712		$	318,706,646		$	318,667,117		$	287,047,736		$	128,632,535
Accumulated earnings (accumulated deficit)		(87,749,241	)		65,839,691			114,834,521			239,264,384			26,879,336
Net Assets	$	769,472,471		$	384,546,337		$	433,501,638		$	526,312,120		$	155,511,871

Pricing of Class A Shares
Net assets attributable to Class A shares	$	33,326,986		$	12,050,121		$	29,143,924		$	85,574,002		$	5,640,778
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)		3,590,010			1,001,996			1,723,359			2,428,507			611,561
Net asset value and redemption price per share	$	9.28		$	12.03		$	16.91		$	35.24		$	9.22
Maximum sales charge		3.75	%		5.25	%		5.25	%		5.25	%		5.25	%
Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]	$	9.64		$	12.70		$	17.85		$	37.19		$	9.73

Pricing of Class I Shares
Net assets attributable to Class I shares	$	736,145,485		$	372,496,216		$	404,357,714		$	440,738,118		$	149,871,093
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		79,697,327			30,786,005			24,081,894			12,337,310			14,549,970
Net asset value, offering price and redemption price per share	$	9.24		$	12.10		$	16.79		$	35.72		$	10.30
*Includes fair value of securities on loan	$	15,278,674		$	43,396,595		$	27,950,019		$	23,878,219		$	48,951,734

See accompanying notes to financial statements.

Statements of Assets & Liabilities, continued

June 30, 2023 (unaudited)

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Assets
Investments in affiliated securities, at cost	$	23,178,853		$	68,550,969		$	70,848,105
Investments in unaffiliated securities, at cost		6,298			1,291			922
Investments in affiliated securities, at fair value	$	25,089,034		$	87,196,314		$	97,076,935
Investments in unaffiliated securities, at fair value		6,298			1,291			922
Receivable for capital shares sold		410			90,789			7,339
Receivable for investments sold		1,794			—			—
Receivable for dividends		41,946			82,819			46,015
Prepaid expenses and other assets		13,377			14,883			17,308
Total Assets		25,152,859			87,386,096			97,148,519

Liabilities
Distributions payable		336			219			—
Payable for capital shares redeemed		1,625			6,089			1,702
Payable for investments purchased		41,921			167,163			51,288
Accrued expenses and other payables:
Investment advisory fees		1,021			3,534			3,911
Administration fees		613			2,120			2,348
Distribution fees		5,103			17,668			19,554
Other		4,855			17,933			19,502
Total Liabilities		55,474			214,726			98,305

Net Assets	$	25,097,385		$	87,171,370		$	97,050,214

Components of Net Assets
Paid-in capital	$	23,630,796		$	69,212,037		$	71,561,733
Accumulated earnings		1,466,589			17,959,333			25,488,481
Net Assets	$	25,097,385		$	87,171,370		$	97,050,214

Pricing of Class A Shares
Net assets attributable to Class A shares	$	25,097,385		$	87,171,370		$	97,050,214
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)		2,209,963			6,068,902			5,718,004
Net asset value and redemption price per share	$	11.36		$	14.36		$	16.97
Maximum sales charge		5.25	%		5.25	%		5.25	%
Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]	$	11.99		$	15.16		$	17.91

See accompanying notes to financial statements.

Statements of Operations

For the six months ended June 30, 2023 (unaudited)

	Praxis Impact Bond Fund		Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Index Fund
Investment income
Dividends	$	365,638	$	7,937,594		$	4,336,950		$	3,400,316		$	1,357,548
Foreign tax withholding		—		(1,091,278	)		(333	)		(619	)		(1,473	)
Securities lending income		43,724		164,761			19,431			14,536			24,817
Interest		11,290,374		40,221			49,951			59,937			18,015
Total Investment Income		11,699,736		7,051,298			4,405,999			3,474,170			1,398,907

Expenses
Investment advisory fees		1,326,960		809,552			512,606			577,016			224,585
Administration fees		158,286		80,480			90,930			105,108			32,940
Transfer agent fees - Class A		24,596		12,617			10,788			25,741			4,527
Transfer agent fees - Class I		72,233		26,369			71,011			66,566			11,842
Distribution fees - Class A		39,277		14,502			34,551			96,728			6,863
Trustee fees and expenses		43,766		22,644			25,844			29,229			9,662
Registration fees - Class A		4,070		3,716			2,837			6,246			5,814
Registration fees - Class I		18,315		14,778			18,888			16,768			12,178
Legal fees		32,519		16,561			18,895			21,583			6,880
Pricing fees		42,937		39,103			3,715			2,440			5,497
Custodian fees		16,774		38,407			14,177			14,333			3,643
Audit and tax services fees		20,159		11,973			12,918			14,920			7,094
Insurance fees		15,045		8,712			10,421			11,768			3,499
Other expenses		32,459		21,136			28,263			35,626			14,119
Total Expenses		1,847,396		1,120,550			855,844			1,024,072			349,143

Net Investment Income		9,852,340		5,930,748			3,550,155			2,450,098			1,049,764

Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		38,250		(1,096,445	)		(3,849,155	)		163,649			(1,932,888	)
Net realized losses on foreign currency transactions		—		(68,189	)		—			—			—
Change in unrealized appreciation/(depreciation) of investments		6,101,758		261,449,003			45,957,554			91,793,673			10,900,229
Change in unrealized appreciation/(depreciation) of foreign currency translations		—		1,199			—			—			—
Net Realized and Unrealized Gains on Investments and Foreign Currency Transactions		6,140,008		260,285,568			42,108,399			91,957,322			8,967,341
Net Change in Net Assets from Operations	$	15,992,348	$	266,216,316		$	45,658,554		$	94,407,420		$	10,017,105

See accompanying notes to financial statements.

Statements of Operations, continued

For the six months ended June 30, 2023 (unaudited)

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio		Praxis Genesis Growth Portfolio
Investment income
Dividends from affiliates	$	238,885		$	460,122	$	252,042
Dividends from non-affiliates		143			31		23
Total Investment Income		239,028			460,153		252,065

Expenses
Distribution fees - Class A		30,697			103,759		114,295
Transfer agent fees		10,465			32,229		46,323
Investment advisory fees		6,140			20,752		22,860
Registration and filing fees		14,202			13,267		14,290
Administration fees		3,682			12,449		13,715
Audit and tax services fees		4,937			7,483		7,867
Custodian fees		2,375			2,375		2,390
Shareholder reporting expenses		591			1,593		1,639
Trustee fees and expenses		277			918		1,014
Legal fees		112			377		416
Insurance expense		62			203		224
Other expenses		146			3,864		3,990
Total Expenses		73,686			199,269		229,023

Net Investment Income		165,342			260,884		23,042

Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments in affiliates		(26,722	)		54,565		(23,855	)
Change in unrealized appreciation/(depreciation) of investments in affiliates		1,151,574			6,223,092		8,819,259
Net Realized and Unrealized Gains on Investments		1,124,852			6,277,657		8,795,404
Net Change in Net Assets from Operations	$	1,290,194		$	6,538,541	$	8,818,446

See accompanying notes to financial statements.

Statements of Changes in Net Assets

	Praxis Impact Bond Fund						Praxis International Index Fund
	For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022			For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022
From Operations
Net investment income	$	9,852,340		$	14,956,757		$	5,930,748		$	8,178,224
Net realized gains (losses) from investments and foreign currency transactions		38,250			(5,036,851	)		(1,164,634	)		(4,930,924	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		6,101,758			(107,477,405	)		26,146,102			(67,150,049	)
Net Change in Net Assets from Operations		15,992,348			(97,557,499	)		30,912,216			(63,902,749	)

Distributions to Shareholders
Class A		(381,978	)		(632,050	)		—			(163,705	)
Class I		(9,763,626	)		(14,926,182	)		—			(6,759,350	)
Change in Net Assets from Distributions to Shareholders		(10,145,604	)		(15,558,232	)		—			(6,923,055	)

Change in Net Assets from Capital Transactions (Note 6)		94,120,633			(32,062,331	)		15,202,672			27,602,927
Change in Net Assets		99,967,377			(145,178,062	)		46,114,888			(43,222,877	)

Net Assets
Beginning of period		669,505,094			814,683,156			338,431,449			381,654,326
End of period	$	769,472,471		$	669,505,094		$	384,546,337		$	338,431,449

See accompanying notes to financial statements.

Statements of Changes in Net Assets, continued

	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Index Fund
	For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022			For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022			For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022
From Operations
Net investment income	$	3,550,155		$	7,730,066		$	2,450,098		$	2,634,965		$	1,049,764		$	1,534,713
Net realized gains (losses) from investments		(3,849,155	)		22,692,304			163,649			9,459,584			(1,932,888	)		(7,469,729	)
Net change in unrealized appreciation/(depreciation) on investments		45,957,554			(63,713,049	)		91,793,673			(175,874,639	)		10,900,229			(28,856,158	)
Net Change in Net Assets from Operations		45,658,554			(33,290,679	)		94,407,420			(163,780,090	)		10,017,105			(34,791,174	)

Distributions to Shareholders
Class A		—			(1,240,919	)		—			(3,970,474	)		—			(54,572	)
Class I		—			(19,809,491	)		—			(20,269,905	)		—			(1,502,716	)
Change in Net Assets from Distributions to Shareholders		—			(21,050,410	)		—			(24,240,379	)		—			(1,557,288	)

Change in Net Assets from Capital Transactions (Note 6)		(10,737,784	)		13,316,059			(18,450,111	)		108,769,305			(3,770,419	)		12,494,918
Change in Net Assets		34,920,770			(41,025,030	)		75,957,309			(79,251,164	)		6,246,686			(23,853,544	)

Net Assets
Beginning of period		398,580,868			439,605,898			450,354,811			529,605,975			149,265,185			173,118,729
End of period	$	433,501,638		$	398,580,868		$	526,312,120		$	450,354,811		$	155,511,871		$	149,265,185

See accompanying notes to financial statements.

Statements of Changes in Net Assets, continued

	Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio
	For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022			For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022			For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022
From Operations
Net investment income	$	165,342		$	366,463		$	260,884		$	1,013,134		$	23,042		$	913,688
Net realized gains (losses) on investments in affiliates		(26,722	)		(284,650	)		54,565			(979,367	)		(23,855	)		(1,339,735	)
Long-term capital gain distributions from investments in affiliates		—			183,194			—			1,054,920			—			1,497,279
Net change in unrealized appreciation/(depreciation) on investments in affiliates		1,151,574			(4,470,036	)		6,223,092			(16,449,355	)		8,819,259			(18,487,760	)
Net Change in Net Assets from Operations		1,290,194			(4,205,029	)		6,538,541			(15,360,668	)		8,818,446			(17,416,528	)

Distributions to Class A Shareholders		(165,349	)		(552,020	)		(260,951	)		(2,181,718	)		—			(2,572,697	)

Change in Net Assets from Capital Transactions (Note 6)		(212,604	)		333,369			2,065,904			435,296			1,023,672			6,343,142
Change in Net Assets		912,241			(4,423,680	)		8,343,494			(17,107,090	)		9,842,118			(13,646,083	)

Net Assets
Beginning of period		24,185,144			28,608,824			78,827,876			95,934,966			87,208,096			100,854,179
End of period	$	25,097,385		$	24,185,144		$	87,171,370		$	78,827,876		$	97,050,214		$	87,208,096

See accompanying notes to financial statements.

Financial Highlights

For a share outstanding throughout the period indicated

Praxis Impact Bond Fund - Class A

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of period	$	9.19		$	10.78		$	11.19		$	10.67		$	10.12		$	10.39
Net investment income ^(a)		0.11			0.17			0.14			0.19			0.23			0.22
Net realized and unrealized gains (losses) on investments		0.09			(1.58	)		(0.39	)		0.60			0.55			(0.26	)
Total from investment operations		0.20			(1.41	)		(0.25	)		0.79			0.78			(0.04	)
Less distributions from:
Net investment income		(0.11	)		(0.18	)		(0.16	)		(0.20	)		(0.23	)		(0.23	)
Net realized gains		—			—			—			(0.07	)		—			—
Total distributions		(0.11	)		(0.18	)		(0.16	)		(0.27	)		(0.23	)		(0.23	)
Paid-in capital from redemption fees		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	9.28		$	9.19		$	10.78		$	11.19		$	10.67		$	10.12
Total return (excludes sales charge)		2.19	%^(c)		(13.12	%)		(2.23	%)		7.45	%		7.75	%		(0.36	%)
Net assets at end of period (in 000s)	$	33,327		$	29,546		$	41,413		$	48,146		$	58,383		$	60,692
Ratio of net expenses to average net assets		0.91	%^(d)		0.94	%		0.88	%		0.92	%		0.95	%		0.97	%
Ratio of gross expenses to average net assets		0.91	%^(d)		0.94	%		0.88	%		0.92	%		0.95	%		0.98	%*
Ratio of net investment income to average net assets		2.34	%^(d)		1.74	%		1.28	%		1.72	%		2.16	%		2.15	%
Portfolio turnover rate		5.57	%^(c)		21.12	%		14.68	%		31.27	%		17.58	%		27.27	%

Praxis Impact Bond Fund - Class I

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of period	$	9.15		$	10.72		$	11.14		$	10.62		$	10.08		$	10.35
Net investment income ^(a)		0.13			0.21			0.18			0.23			0.27			0.26
Net realized and unrealized gains (losses) on investments		0.09			(1.56	)		(0.39	)		0.61			0.54			(0.26	)
Total from investment operations		0.22			(1.35	)		(0.21	)		0.84			0.81			0.00	^(b)
Less distributions from:
Net investment income		(0.13	)		(0.22	)		(0.21	)		(0.25	)		(0.27	)		(0.27	)
Net realized gains		—			—			—			(0.07	)		—			—
Total distributions		(0.13	)		(0.22	)		(0.21	)		(0.32	)		(0.27	)		(0.27	)
Paid-in capital from redemption fees		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	9.24		$	9.15		$	10.72		$	11.14		$	10.62		$	10.08
Total return		2.40	%^(c)		(12.65	%)		(1.93	%)		7.94	%		8.15	%		0.08	%
Net assets at end of period (in 000s)	$	736,145		$	639,959		$	773,270		$	680,940		$	530,250		$	449,146
Ratio of expenses to average net assets		0.50	%^(d)		0.49	%		0.48	%		0.52	%		0.53	%		0.53	%
Ratio of net investment income to average net assets		2.76	%^(d)		2.20	%		1.68	%		2.08	%		2.58	%		2.60	%
Portfolio turnover rate		5.57	%^(c)		21.12	%		14.68	%		31.27	%		17.58	%		27.27	%

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

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

^(b)	Amount is less than $0.005 per share.

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis International Index Fund - Class A

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of period	$	11.07		$	13.50		$	12.82		$	11.50		$	9.77		$	11.69
Net investment income ^(a)		0.16			0.20			0.18			0.10			0.18			0.17
Net realized and unrealized gains (losses) on investments and foreign currencies		0.80			(2.46	)		0.75			1.32			1.73			(1.94	)
Total from investment operations		0.96			(2.26	)		0.93			1.42			1.91			(1.77	)
Less distributions from:
Net investment income		—			(0.17	)		(0.25	)		(0.10	)		(0.18	)		(0.15	)
Paid-in capital from redemption fees		—			—			—			—			0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	12.03		$	11.07		$	13.50		$	12.82		$	11.50		$	9.77
Total return (excludes sales charge)		8.67	%^(c)		(16.72	%)		7.22	%		12.37	%		19.55	%		(15.13	%)
Net assets at end of period (in 000s)	$	12,050		$	10,526		$	10,859		$	11,251		$	11,074		$	11,853
Ratio of expenses to average net assets		1.11	%^(d)		1.24	%		1.20	%		1.30	%		1.40	%		1.31	%
Ratio of net investment income to average net assets		2.72	%^(d)		1.71	%		1.32	%		0.92	%		1.70	%		1.52	%
Portfolio turnover rate		7.09	%^(c)		37.48	%		39.58	%		86.12	%		20.61	%		21.08	%

Praxis International Index Fund - Class I

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of period	$	11.11		$	13.53		$	12.86		$	11.53		$	9.80		$	11.75
Net investment income ^(a)		0.19			0.27			0.27			0.18			0.27			0.25
Net realized and unrealized gains (losses) on investments and foreign currencies		0.80			(2.46	)		0.74			1.34			1.73			(1.96	)
Total from investment operations		0.99			(2.19	)		1.01			1.52			2.00			(1.71	)
Less distributions from:
Net investment income		—			(0.23	)		(0.34	)		(0.19	)		(0.27	)		(0.24	)
Paid-in capital from redemption fees		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	12.10		$	11.11		$	13.53		$	12.86		$	11.53		$	9.80
Total return		8.91	%^(c)		(16.18	%)		7.83	%		13.18	%		20.45	%		(14.52	%)
Net assets at end of period (in 000s)	$	372,496		$	327,905		$	370,796		$	308,764		$	277,404		$	237,982
Ratio of expenses to average net assets		0.60	%^(d)		0.62	%		0.61	%		0.61	%		0.64	%		0.65	%
Ratio of net investment income to average net assets		3.22	%^(d)		2.36	%		1.94	%		1.62	%		2.48	%		2.21	%
Portfolio turnover rate		7.09	%^(c)		37.48	%		39.58	%		86.12	%		20.61	%		21.08	%

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

^(b)	Amount is less than $0.005 per share.

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Value Index Fund - Class A

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of period	$	15.18		$	17.32		$	14.42		$	15.13		$	11.81		$	13.82
Net investment income ^(a)		0.11			0.26			0.22			0.26			0.24			0.23
Net realized and unrealized gains (losses) on investments		1.62			(1.63	)		3.30			0.26	^(b)		3.56			(1.38	)
Total from investment operations		1.73			(1.37	)		3.52			0.52			3.80			(1.15	)
Less distributions from:
Net investment income		—			(0.07	)		(0.31	)		—			(0.23	)		(0.23	)
Net realized gains		—			(0.70	)		(0.31	)		(1.23	)		(0.25	)		(0.63	)
Total distributions		—			(0.77	)		(0.62	)		(1.23	)		(0.48	)		(0.86	)
Paid-in capital from redemption fees		—			—			0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)
Net asset value at end of period	$	16.91		$	15.18		$	17.32		$	14.42		$	15.13		$	11.81
Total return (excludes sales charge)		11.40	%^(d)		(7.86	%)		24.52	%		3.58	%		32.21	%		(8.47	%)
Net assets at end of period (in 000s)	$	29,144		$	25,497		$	22,442		$	18,863		$	30,603		$	18,124
Ratio of expenses to average net assets		0.69	%^(e)		0.75	%		0.78	%		0.91	%		0.86	%		0.89	%
Ratio of net investment income to average net assets		1.44	%^(e)		1.63	%		1.34	%		1.90	%		1.72	%		1.69	%
Portfolio turnover rate		3.45	%^(d)		53.35	%		28.06	%		44.98	%		39.06	%		32.38	%

Praxis Value Index Fund - Class I

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of period	$	15.05		$	17.18		$	14.30		$	15.02		$	11.72		$	13.74
Net investment income ^(a)		0.14			0.31			0.28			0.32			0.30			0.30
Net realized and unrealized gains (losses) on investments		1.60			(1.61	)		3.29			0.27	^(b)		3.53			(1.38	)
Total from investment operations		1.74			(1.30	)		3.57			0.59			3.83			(1.08	)
Less distributions from:
Net investment income		—			(0.13	)		(0.38	)		(0.08	)		(0.28	)		(0.31	)
Net realized gains		—			(0.70	)		(0.31	)		(1.23	)		(0.25	)		(0.63	)
Total distributions		—			(0.83	)		(0.69	)		(1.31	)		(0.53	)		(0.94	)
Paid-in capital from redemption fees		—			—			0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)
Net asset value at end of period	$	16.79		$	15.05		$	17.18		$	14.30		$	15.02		$	11.72
Total return		11.56	%^(d)		(7.55	%)		25.08	%		4.07	%		32.74	%		(8.06	%)
Net assets at end of period (in 000s)	$	404,358		$	373,084		$	417,164		$	290,133		$	223,097		$	162,785
Ratio of expenses to average net assets		0.39	%^(e)		0.38	%		0.38	%		0.44	%		0.44	%		0.42	%
Ratio of net investment income to average net assets		1.74	%^(e)		1.98	%		1.73	%		2.32	%		2.16	%		2.18	%
Portfolio turnover rate		3.45	%^(d)		53.35	%		28.06	%		44.98	%		39.06	%		32.38	%

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

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

^(c)	Amount is less than $0.005 per share.

^(d)	Not annualized.

^(e)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Growth Index Fund - Class A

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of period	$	29.04		$	42.88		$	33.96		$	27.23		$	22.05		$	23.05
Net investment income ^(a)		0.12			0.10			0.03			0.11			0.20			0.15
Net realized and unrealized gains (losses) on investments		6.08			(12.27	)		10.69			8.80			6.71			(0.13	)
Total from investment operations		6.20			(12.17	)		10.72			8.91			6.91			0.02
Less distributions from:
Net investment income		—			—			(0.03	)		(0.10	)		(0.20	)		(0.21	)
Net realized gains		—			(1.67	)		(1.77	)		(2.08	)		(1.53	)		(0.81	)
Total distributions		—			(1.67	)		(1.80	)		(2.18	)		(1.73	)		(1.02	)
Paid-in capital from redemption fees		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	35.24		$	29.04		$	42.88		$	33.96		$	27.23		$	22.05
Total return (excludes sales charge)		21.35	%^(c)		(28.42	%)		31.60	%		32.81	%		31.45	%		(0.05	%)
Net assets at end of period (in 000s)	$	85,574		$	72,214		$	109,319		$	90,516		$	84,526		$	72,735
Ratio of expenses to average net assets		0.67	%^(d)		0.67	%		0.66	%		0.75	%		0.79	%		0.82	%
Ratio of net investment income to average net assets		0.79	%^(d)		0.28	%		0.08	%		0.38	%		0.78	%		0.59	%
Portfolio turnover rate		5.13	%^(c)		49.76	%		18.17	%		28.05	%		32.33	%		27.24	%

Praxis Growth Index Fund - Class I

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of period	$	29.40		$	43.27		$	34.25		$	27.45		$	22.21		$	23.21
Net investment income ^(a)		0.17			0.21			0.15			0.21			0.30			0.25
Net realized and unrealized gains (losses) on investments		6.15			(12.39	)		10.79			8.87			6.76			(0.13	)
Total from investment operations		6.32			(12.18	)		10.94			9.08			7.06			0.12
Less distributions from:
Net investment income		—			(0.02	)		(0.15	)		(0.20	)		(0.29	)		(0.31	)
Net realized gains		—			(1.67	)		(1.77	)		(2.08	)		(1.53	)		(0.81	)
Total distributions		—			(1.69	)		(1.92	)		(2.28	)		(1.82	)		(1.12	)
Paid-in capital from redemption fees		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	35.72		$	29.40		$	43.27		$	34.25		$	27.45		$	22.21
Total return		21.50	%^(c)		(28.18	%)		31.97	%		33.19	%		31.91	%		0.39	%
Net assets at end of period (in 000s)	$	440,738		$	378,141		$	420,287		$	309,772		$	241,118		$	178,605
Ratio of expenses to average net assets		0.38	%^(d)		0.36	%		0.36	%		0.43	%		0.43	%		0.43	%
Ratio of net investment income to average net assets		1.07	%^(d)		0.60	%		0.38	%		0.69	%		1.13	%		0.99	%
Portfolio turnover rate		5.13	%^(c)		49.76	%		18.17	%		28.05	%		32.33	%		27.24	%

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

^(b)	Amount is less than $0.005 per share.

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Small Cap Index Fund - Class A

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of period	$	8.70		$	11.00		$	9.69		$	8.85		$	7.44		$	8.63
Net investment income ^(a)		0.04			0.03			0.02			0.02			0.03			0.01
Net realized and unrealized gains (losses) on investments		0.48			(2.24	)		2.52			0.90			1.56			(0.73	)
Total from investment operations		0.52			(2.21	)		2.54			0.92			1.59			(0.72	)
Less distributions from:
Net investment income		—			—			(0.03	)		(0.04	)		—			—
Net realized gains		—			(0.09	)		(1.20	)		(0.04	)		(0.18	)		(0.47	)
Total distributions		—			(0.09	)		(1.23	)		(0.08	)		(0.18	)		(0.47	)
Paid-in capital from redemption fees		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	9.22		$	8.70		$	11.00		$	9.69		$	8.85		$	7.44
Total return (excludes sales charge)		5.98	%^(c)		(20.08	%)		26.53	%		10.39	%		21.36	%		(8.56	%)
Net assets at end of period (in 000s)	$	5,641		$	5,296		$	6,656		$	5,173		$	4,665		$	4,284
Ratio of net expenses to average net assets		1.02	%^(d)		1.11	%		1.12	%		1.12	%		1.12	%		1.11	%
Ratio of gross expenses to average net assets*		1.02	%^(d)		1.09	%		1.12	%		1.37	%		1.42	%		1.49	%
Ratio of net investment income to average net assets		0.86	%^(d)		0.37	%		0.13	%		0.25	%		0.33	%		0.13	%
Portfolio turnover rate		18.20	%^(c)		35.74	%		40.95	%		39.21	%		21.59	%		25.17	%

Praxis Small Cap Index Fund - Class I

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of period	$	9.68		$	12.17		$	10.60		$	9.66		$	8.13		$	9.36
Net investment income ^(a)		0.07			0.11			0.11			0.08			0.09			0.08
Net realized and unrealized gains (losses) on investments		0.55			(2.50	)		2.76			0.98			1.71			(0.79	)
Total from investment operations		0.62			(2.39	)		2.87			1.06			1.80			(0.71	)
Less distributions from:
Net investment income		—			(0.01	)		(0.10	)		(0.08	)		(0.09	)		(0.05	)
Net realized gains		—			(0.09	)		(1.20	)		(0.04	)		(0.18	)		(0.47	)
Total distributions		—			(0.10	)		(1.30	)		(0.12	)		(0.27	)		(0.52	)
Paid-in capital from redemption fees		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)		—
Net asset value at end of period	$	10.30		$	9.68		$	12.17		$	10.60		$	9.66		$	8.13
Total return		6.40	%^(c)		(19.60	%)		27.36	%		11.04	%		22.12	%		(7.83	%)
Net assets at end of period (in 000s)	$	149,871		$	143,969		$	166,462		$	134,490		$	115,562		$	85,680
Ratio of expenses to average net assets		0.45	%^(d)		0.43	%		0.43	%		0.45	%		0.45	%		0.46	%
Ratio of net investment income to average net assets		1.42	%^(d)		1.02	%		0.83	%		0.94	%		1.02	%		0.83	%
Portfolio turnover rate		18.20	%^(c)		35.74	%		40.95	%		39.21	%		21.59	%		25.17	%

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

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

^(b)	Amount is less than $0.005 per share.

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Conservative Portfolio - Class A

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of period	$	10.85		$	12.99		$	12.99		$	12.20		$	11.02		$	11.75
Net investment income ^(a)		0.07			0.17			0.20			0.26			0.21			0.24
Net realized and unrealized gains (losses) on investments		0.51			(2.06	)		0.37			0.99			1.23			(0.55	)
Total from investment operations		0.58			(1.89	)		0.57			1.25			1.44			(0.31	)
Less distributions from:
Net investment income		(0.07	)		(0.17	)		(0.20	)		(0.27	)		(0.20	)		(0.24	)
Net realized gains		—			(0.08	)		(0.37	)		(0.19	)		(0.06	)		(0.18	)
Total distributions		(0.07	)		(0.25	)		(0.57	)		(0.46	)		(0.26	)		(0.42	)
Paid-in capital from redemption fees		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	11.36		$	10.85		$	12.99		$	12.99		$	12.20		$	11.02
Total return (excludes sales charge)		5.40	%^(c)		(14.59	%)		4.42	%		10.28	%		13.14	%		(2.64	%)
Net assets at end of period (in 000s)	$	25,097		$	24,185		$	28,609		$	27,763		$	26,761		$	22,148
Ratio of net expenses to average net assets^†		0.60	%^(d)		0.58	%		0.60	%		0.60	%		0.61	%		0.60	%
Ratio of gross expenses to average net assets^†		0.60	%^(d)		0.58	%		0.58	%**		0.58	%**		0.63	%**		0.63	%**
Ratio of net investment income to average net assets^†*		1.35	%^(d)		1.43	%		1.50	%		2.05	%		1.81	%		2.08	%
Portfolio turnover rate		5.44	%^(c)		13.60	%		15.51	%		28.90	%		10.10	%		15.49	%

^†	The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which it invests.

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

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

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

^(b)	Amount is less than $0.005 per share.

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Balanced Portfolio - Class A

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of period	$	13.31		$	16.30		$	15.40		$	14.30		$	12.39		$	13.71
Net investment income ^(a)		0.04			0.17			0.33			0.34			0.22			0.27
Net realized and unrealized gains (losses) on investments		1.05			(2.79	)		1.47			1.50			2.07			(0.93	)
Total from investment operations		1.09			(2.62	)		1.80			1.84			2.29			(0.66	)
Less distributions from:
Net investment income		(0.04	)		(0.17	)		(0.32	)		(0.34	)		(0.22	)		(0.27	)
Net realized gains		—			(0.20	)		(0.58	)		(0.40	)		(0.16	)		(0.39	)
Total distributions		(0.04	)		(0.37	)		(0.90	)		(0.74	)		(0.38	)		(0.66	)
Paid-in capital from redemption fees		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	14.36		$	13.31		$	16.30		$	15.40		$	14.30		$	12.39
Total return (excludes sales charge)		8.22	%^(c)		(16.06	%)		11.77	%		12.97	%		18.54	%		(4.89	%)
Net assets at end of period (in 000s)	$	87,171		$	78,828		$	95,935		$	87,527		$	83,240		$	70,368
Ratio of expenses to average net assets^†		0.48	%^(d)		0.47	%		0.46	%		0.49	%		0.52	%		0.52	%
Ratio of net investment income to average net assets^†*		0.63	%^(d)		1.21	%		2.01	%		2.38	%		1.64	%		2.04	%
Portfolio turnover rate		4.47	%^(c)		12.96	%		15.28	%		21.52	%		9.43	%		12.90	%

^†	The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which it invests.

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

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

^(b)	Amount is less than $0.005 per share.

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Growth Portfolio - Class A

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value at beginning of period	$	15.42		$	19.15		$	17.17		$	15.79		$	13.30		$	15.09
Net investment income ^(a)		0.00	^(b)		0.17			0.43			0.40			0.21			0.27
Net realized and unrealized gains (losses) on investments		1.55			(3.44	)		2.43			1.81			2.73			(1.24	)
Total from investment operations		1.55			(3.27	)		2.86			2.21			2.94			(0.97	)
Less distributions from:
Net investment income		—			(0.16	)		(0.42	)		(0.39	)		(0.21	)		(0.28	)
Net realized gains		—			(0.30	)		(0.46	)		(0.44	)		(0.24	)		(0.54	)
Total distributions		—			(0.46	)		(0.88	)		(0.83	)		(0.45	)		(0.82	)
Paid-in capital from redemption fees		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	16.97		$	15.42		$	19.15		$	17.17		$	15.79		$	13.30
Total return (excludes sales charge)		10.05	%^(c)		(17.05	%)		16.72	%		14.08	%		22.16	%		(6.52	%)
Net assets at end of period (in 000s)	$	97,050		$	87,208		$	100,854		$	85,649		$	74,220		$	60,685
Ratio of expenses to average net assets^†		0.50	%^(d)		0.48	%		0.49	%		0.54	%		0.58	%		0.58	%
Ratio of net investment income to average net assets^†*		0.05	%^(d)		1.02	%		2.28	%		2.59	%		1.42	%		1.91	%
Portfolio turnover rate		3.98	%^(c)		10.46	%		12.90	%		18.36	%		7.72	%		12.72	%

^†	The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which it invests.

*	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying companies in which the Fund invests.

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

^(b)	Amount is less than $0.005 per share.

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Notes to Financial Statements (unaudited)

June 30, 2023

1. Organization:

The Praxis Mutual Funds (the “Trust”) is an open-end management investment company established as a Delaware statutory trust under a Declaration of Trust dated September 27, 1993, as amended and restated April 28, 2016, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust consists of the Praxis Impact Bond Fund, the Praxis International Index Fund, the Praxis Value Index Fund, the Praxis Growth Index Fund, and the Praxis Small Cap Index Fund, (individually a “Fund”, collectively “the Funds”), the Praxis Genesis Conservative Portfolio, the Praxis Genesis Balanced Portfolio, and the Praxis Genesis Growth Portfolio, (individually a “Portfolio”, collectively “the Portfolios”). The Funds and Portfolios are also referred to individually as the Impact Bond Fund, International Index Fund, Value Index Fund, Growth Index Fund, Small Cap Index Fund, Conservative Portfolio, Balanced Portfolio and Growth Portfolio in the financial statements. Each Fund and Portfolio is a diversified series of the Trust. Each Fund and Portfolio follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.”

As of June 30, 2023, the Funds offer Class A and Class I Shares and the Portfolios offer Class A Shares. Each class of shares in a Fund or Portfolio has identical rights and privileges except with respect to fees paid under the distribution and shareholder servicing agreement, certain other class specific expenses, voting rights on matters affecting a single class of shares and the exchange privileges of each class of shares. Class A has a maximum sales charge on purchases of 5.25 percent as a percentage of the original purchase price, except for the Impact Bond Fund which has a maximum sales charge of 3.75 percent.

2. Significant Accounting Policies:

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

Regulatory Update:

In March 2020, FASB issued Accounting Standards Update 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), and in December 2022, the FASB issued Accounting Standards Update ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04, ASU 2021-01, and ASU 2022-06 are effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2024. Management is evaluating the impact of ASU 2020-04, ASU 2021-01, and ASU 2022-06 on the Funds’ investments, derivatives, debt, and other contracts that will undergo reference rate elated modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.

Securities Valuation:

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

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

The Funds use various independent pricing services to value most of their debt investments. A pricing service would normally consider such factors as yield, risk, quality, maturity, type of issue, trading characteristics, special circumstances and other factors it deems relevant in determining valuations of normal institutional trading units of debt securities and would not rely exclusively on quoted prices. When valuing foreign securities held by the Funds, certain pricing services might use computerized pricing models to systematically calculate adjustments to foreign security closing prices based on the latest market movements. Such pricing models utilize market data that has been obtained between the local market close and the NYSE close to compute adjustments to foreign security close prices. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Everence Capital Management, Inc. (the “Adviser”), investment adviser to the Funds and Portfolios, as the Valuation Designee (the “Designee”) with responsibility for reviewing the methods used by the pricing service and the valuations so established under general supervision of the Board. The Adviser carries out its designated

Notes to Financial Statements (unaudited), continued

June 30, 2023

activities through the Adviser’s Pricing Committee. Securities for which market quotations are not readily available (e.g. an approved pricing service does not provide a price, certain stale prices or an event occurs that materially affects the furnished price) are valued at their fair value as determined in good faith in accordance with consistently applied procedures established by the Designee and under the general supervision of the Board. Short-term debt securities of sufficient credit quality maturing in less than 61 days may be valued at amortized cost, which approximates fair value. The Portfolios’ investments in the Funds (the “Underlying Funds”) are valued at the closing NAV per share.

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

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

●

Level 1 —

quoted prices in active markets for identical securities

●

Level 2 —

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

●

Level 3 —

significant unobservable inputs (including the Funds’ and Portfolios’ own assumptions in determining the fair value of investments)

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

The aggregate value by each Fund’s and Portfolio’s investments and the input level, as of June 30, 2023, for the investments are as follows:

Impact Bond Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Municipal Bonds	$	—	$	6,924,840	$	—	$	6,924,840
Corporate Bonds		—		290,395,201		—		290,395,201
Corporate Notes		—		7,350,763		—		7,350,763
Foreign Governments		—		39,621,004		—		39,621,004
Commercial Mortgage-Backed Securities		—		30,657		—		30,657
U.S. Government Agencies		—		362,866,284		—		362,866,284
Asset Backed Securities		—		33,809,966		—		33,809,966
Money Market Funds		20,573,467		—		—		20,573,467
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		15,557,893
Investment Companies		3,074,396		—		—		3,074,396
Total Investments	$	23,647,863	$	740,998,715	$	—	$	780,204,471

International Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	168,633,859	$	207,144,720	$	869	$	375,779,448
Corporate Notes		—		3,373,960		—		3,373,960
Money Market Funds		2,680,448		—		—		2,680,448
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		44,237,025
Total Investments	$	171,314,307	$	210,518,680	$	869	$	426,070,881

Notes to Financial Statements (unaudited), continued

June 30, 2023

Value Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	427,666,664	$	—	$	—	$	427,666,664
Corporate Notes		—		3,759,602		—		3,759,602
Money Market Funds		1,343,773		—		—		1,343,773
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		28,334,574
Total Investments	$	429,010,437	$	3,759,602	$	—	$	461,104,613

Growth Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	521,709,580	$	—	$	—	$	521,709,580
Corporate Notes		—		4,554,399		—		4,554,399
Money Market Funds		1,319,753		—		—		1,319,753
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		24,173,316
Total Investments	$	523,029,333	$	4,554,399	$	—	$	551,757,048

Small Cap Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	153,268,131	$	—	$	—	$	153,268,131
Rights		—		—		1,410		1,410
Corporate Notes		—		1,322,822		—		1,322,822
Money Market Funds		572,581		—		—		572,581
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		50,226,570
Total Investments	$	153,840,712	$	1,322,822	$	1,410	$	205,391,514

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

Conservative Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	25,089,034	$	—	$	—	$	25,089,034
Money Market Funds		6,298		—		—		6,298
Total Investments	$	25,095,332	$	—	$	—	$	25,095,332

Balanced Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	87,196,314	$	—	$	—	$	87,196,314
Money Market Funds		1,291		—		—		1,291
Total Investments	$	87,197,605	$	—	$	—	$	87,197,605

Growth Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	97,076,935	$	—	$	—	$	97,076,935
Money Market Funds		922		—		—		922
Total Investments	$	97,077,857	$	—	$	—	$	97,077,857

Notes to Financial Statements (unaudited), continued

June 30, 2023

The following is a reconciliation of Level 3 instruments held in the International Index Fund and Small Cap Index Fund for which significant unobservable inputs were used to determine fair value for the six months ended June 30, 2023:

	International Index Fund		Small Cap Index Fund
Balance as of December 31, 2022	$	869	$	2,608
Rights transfer from Level 1 to Level 3		—		1,410
Sale of Rights		—		(33,327	)
Realized gains		—		30,719
Balance as of June 30, 2023	$	869	$	1,410

The total change in unrealized appreciation (depreciation) included on the Statements of Operations attributable to Level 3 investments still held as of June 30, 2023 for the International Index Fund and Small Cap Index Fund was $0 and $0, respectively.

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

International Index Fund
	6/30/2023		Valuation Technique	Unobservable Input	Range	Impact to Valuation from an Increase in Input *
Common Stocks	$	869	Discount on Future Cash Flows	Estimate of Future Cash Flows	100%	Increase

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

Small Cap Index Fund
	6/30/2023		Valuation Technique	Unobservable Input	Range	Impact to Valuation from an Increase in Input *
Rights	$	1,410	Discount on Future Cash Flows	Estimate of Future Cash Flows	100%	Increase

Investment Transactions and Related Income:

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

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

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

Allocations:

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

Notes to Financial Statements (unaudited), continued

June 30, 2023

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

Risks Associated with Foreign Securities and Currencies:

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

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

Foreign Currency Translation:

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

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

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

Dividends and Distributions:

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

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

Uninvested Cash:

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

Federal Income Taxes:

It is each Fund’s and Portfolio’s policy to continue to qualify as a regulated investment company by complying with the provisions available to investment companies, as defined in applicable sections of Subchapter M of the Internal Revenue Code, and to distribute timely all of its net investment company taxable income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax law, a withholding tax may be imposed on interest, dividends and capital gains earned on foreign investments at various rates. Where available, the Funds will file for claims on foreign taxes withheld. The Funds and Portfolios recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended June 30, 2023, the Funds and Portfolios did not incur any interest or penalties.

Notes to Financial Statements (unaudited), continued

June 30, 2023

3. Purchases and Sales of Securities:

Purchases, sales and maturities of securities (excluding short-term debt securities having maturities one year or less and U.S. Government Securities) for the six months ended June 30, 2023 were as follows:

	Purchases		Sales
Impact Bond Fund	$	69,889,847	$	33,780,601
International Index Fund		44,793,950		25,672,520
Value Index Fund		14,297,375		21,257,200
Growth Index Fund		24,581,581		36,154,286
Small Cap Index Fund		27,351,132		28,791,795
Conservative Portfolio		1,345,690		1,562,269
Balanced Portfolio		5,792,591		3,738,378
Growth Portfolio		4,703,232		3,669,147

During the six months ended June 30, 2023, cost of purchases and proceeds from sales and maturities of long-term U.S. government securities for Praxis Impact Bond Fund were $53,656,830 and $5,541,512, respectively.

4. Investment Transactions with Affiliates:

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

	For the six months ended June 30, 2023
Affiliate	Fair Value at December 31, 2022		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2023		Dividend Income		Long-Term Capital Gain Distributions		Shares at June 30, 2023
Conservative Portfolio
Growth Index - Class I	$	2,245,376	$	47,387	$	(406,934	)	$	45,738		$	425,720	$	2,357,287	$	—	$	—		65,993
Impact Bond - Class I		16,917,445		1,192,600		(788,540	)		(139,835	)		307,190		17,488,860		238,885		—		1,892,734
International Index - Class I		2,172,387		35,540		(140,700	)		14,717			177,642		2,259,586		—		—		186,743
Small Cap Index - Class I		603,746		22,776		(28,162	)		263			38,290		636,913		—		—		61,836
Value Index - Class I		2,241,807		47,387		(197,933	)		52,395			202,732		2,346,388		—		—		139,749
Total	$	24,180,761	$	1,345,690	$	(1,562,269	)	$	(26,722	)	$	1,151,574	$	25,089,034	$	238,885	$	—		2,347,055

	For the six months ended June 30, 2023
Affiliate	Fair Value at December 31, 2022		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2023		Dividend Income		Long-Term Capital Gain Distributions		Shares at June 30, 2023
Balanced Portfolio
Growth Index - Class I	$	12,664,668	$	591,163	$	(1,886,197	)	$	212,582		$	2,524,704	$	14,106,920	$	—	$	—		394,931
Impact Bond - Class I		31,515,101		3,496,268		(723,510	)		(136,302	)		433,191		34,584,748		460,122		—		3,742,938
International Index - Class I		14,163,227		506,711		(279,597	)		(4,713	)		1,269,395		15,655,023		—		—		1,293,804
Small Cap Index - Class I		7,876,156		607,286		(180,877	)		(35,450	)		541,879		8,808,994		—		—		855,242
Value Index - Class I		12,645,292		591,163		(668,197	)		18,448			1,453,923		14,040,629		—		—		836,249
Total	$	78,864,444	$	5,792,591	$	(3,738,378	)	$	54,565		$	6,223,092	$	87,196,314	$	460,122	$	—		7,123,164

	For the six months ended June 30, 2023
Affiliate	Fair Value at December 31, 2022		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2023		Dividend Income		Long-Term Capital Gain Distributions		Shares at June 30, 2023
Growth Portfolio
Growth Index - Class I	$	17,943,430	$	510,609	$	(2,229,649	)	$	139,932		$	3,697,227	$	20,061,549	$	—	$	—		561,634
Impact Bond - Class I		17,426,317		1,930,875		(329,425	)		(62,757	)		232,837		19,197,847		252,042		—		2,077,689
International Index - Class I		20,889,952		744,834		(329,425	)		(34,888	)		1,900,797		23,171,270		—		—		1,914,981
Small Cap Index - Class I		13,068,858		1,005,375		(247,069	)		(71,419	)		920,321		14,676,066		—		—		1,424,861
Value Index - Class I		17,918,889		511,539		(533,579	)		5,277			2,068,077		19,970,203		—		—		1,189,411
Total	$	87,247,446	$	4,703,232	$	(3,669,147	)	$	(23,855	)	$	8,819,259	$	97,076,935	$	252,042	$	—		7,168,576

Notes to Financial Statements (unaudited), continued

June 30, 2023

5. Related Party Transactions:

The Adviser provides investment advisory services to the Funds and Portfolios. During the six months ended June 30, 2023, under the terms of the investment advisory agreement, the Adviser was entitled to receive fees based on a percentage of the average daily net assets of each of the Funds and Portfolios as follows:


Impact Bond Fund*	0.37	%
International Index Fund**	0.44	%
Value Index Fund***	0.25	%
Growth Index Fund***	0.24	%
Small Cap Index Fund***	0.30	%
Conservative Portfolio	0.05	%
Balanced Portfolio	0.05	%
Growth Portfolio	0.05	%

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

The International Index Fund’s fee is subject to a tier schedule as follows: 0.53% on the average daily net assets up to $100 million and 0.41% on the average daily net assets over $100 million, and 0.38% on the average daily net assets over $500 million. Rate disclosed above represents the effective rate charged during the year.

***

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

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

The Adviser has entered into an expense limitation agreement effective until April 30, 2024. Pursuant to this agreement, the Adviser has agreed to reduce its fees (but not below zero) and/or reimburse expenses to the extent necessary in order to limit the Total Annual Fund Operating Expenses (excluding AFFE, brokerage costs, interest, taxes, dividends, Trustees fees and expenses, legal fees and expenses, and extraordinary expenses) of certain Funds and the Portfolios. Those Funds and Portfolios have agreed to repay the Adviser for the amount of fee reduction and/or expense reimbursements by the Adviser pursuant to this expense limitation agreement provided that such repayment does not cause the Total Annual Fund Operating Expenses (excluding AFFE, brokerage costs, interest, taxes, dividends, Trustees fees and expenses, legal fees and expenses, and extraordinary expenses) to exceed the contractual expense limit in place at the time of the fee reduction and/or reimbursement and at the time of repayment, and the repayment is made within three years after the time in which the Adviser reduced and/or reimbursed the expense.

The contractual expense limits in place as of June 30, 2023 were:


Small Cap Index Fund (Class A)			1.10	%

As of June 30, 2023, the Small Cap Index Fund had the following amounts (and year of expiration) subject to repayment to the Adviser:

	Year Waived		Year Repayment Expires		Balance
Small Cap Index Fund		2020		2023	$	9,564
		2021		2024		97
					$	9,661

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

Foreside Financial Services, LLC (“Distributor” and “Underwriter”) serves as the Funds’ and Portfolios’ principal Distributor and Underwriter and, as such, acts as exclusive agent for distribution of the Funds’ and Portfolios’ shares. Under the terms of the Underwriting Agreements between the Trust and the Underwriter, the Underwriter earned sales charges from underwriting and broker commissions on the sale of shares during the six months ended June 30, 2023 as follows:


Impact Bond Fund	$	1,128
International Index Fund		171
Value Index Fund		1,362
Growth Index Fund		5,022
Small Cap Index Fund		422
Conservative Portfolio		3,244
Balanced Portfolio		17,403
Growth Portfolio		16,823

Notes to Financial Statements (unaudited), continued

June 30, 2023

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

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

6. Capital Share Transactions:

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

	Impact Bond Fund						International Index Fund
	Six Months Ended June 30, 2023			Year Ended December 31, 2022			Six Months Ended June 30, 2023			Year Ended December 31, 2022
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	6,379,238		$	3,025,395		$	2,070,174		$	3,740,621
Dividends reinvested		342,415			553,807			—			159,582
Cost of shares redeemed		(3,180,079	)		(9,682,227	)		(1,462,620	)		(2,497,434	)
Class A Share Transactions	$	3,541,574		$	(6,103,025	)	$	607,554		$	1,402,769
Class I Shares:
Proceeds from shares issued	$	155,596,448		$	249,577,765		$	43,220,266		$	103,587,729
Dividends reinvested		5,428,692			8,282,505			—			3,160,060
Cost of shares redeemed		(70,446,081	)		(283,819,576	)		(28,625,148	)		(80,547,631	)
Class I Share Transactions	$	90,579,059		$	(25,959,306	)	$	14,595,118		$	26,200,158
Net increase (decrease) from capital transactions	$	94,120,633		$	(32,062,331	)	$	15,202,672		$	27,602,927
Share Transactions:
Class A Shares:
Issued		678,890			310,124			175,615			345,741
Reinvested		36,571			57,502			—			14,325
Redeemed		(339,402	)		(995,058	)		(124,794	)		(213,381	)
Change in Class A Shares:		376,059			(627,432	)		50,821			146,685
Class I Shares:
Issued		16,714,278			26,200,184			3,679,243			8,932,598
Reinvested		582,583			866,928			—			282,653
Redeemed		(7,559,760	)		(29,213,634	)		(2,418,480	)		(7,102,036	)
Change in Class I Shares:		9,737,101			(2,146,522	)		1,260,763			2,113,215
Net increase (decrease) from share transactions		10,113,160			(2,773,954	)		1,311,584			2,259,900

Notes to Financial Statements (unaudited), continued

June 30, 2023

	Value Index Fund						Growth Index Fund						Small Cap Index Fund
	Six Months Ended June 30, 2023			Year Ended December 31, 2022			Six Months Ended June 30, 2023			Year Ended December 31, 2022			Six Months Ended June 30, 2023			Year Ended December 31, 2022
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	4,315,661		$	9,166,077		$	2,203,797		$	4,399,944		$	389,330		$	774,439
Dividends reinvested		—			1,179,063			—			3,893,545			—			50,776
Cost of shares redeemed		(3,613,581	)		(4,046,777	)		(4,099,426	)		(11,071,053	)		(369,627	)		(787,724	)
Class A Share Transactions	$	702,080		$	6,298,363		$	(1,895,629	)	$	(2,777,564	)	$	19,703		$	37,491
Class I Shares:
Proceeds from shares issued	$	52,182,279		$	149,466,936		$	60,982,021		$	209,078,039		$	18,021,964		$	40,430,827
Dividends reinvested		—			17,150,287			—			18,967,101			—			1,373,959
Cost of shares redeemed		(63,622,143	)		(159,599,527	)		(77,536,503	)		(116,498,271	)		(21,812,086	)		(29,347,359	)
Class I Share Transactions	$	(11,439,864	)	$	7,017,696		$	(16,554,482	)	$	111,546,869		$	(3,790,122	)	$	12,457,427
Net increase (decrease) from capital transactions	$	(10,737,784	)	$	13,316,059		$	(18,450,111	)	$	108,769,305		$	(3,770,419	)	$	12,494,918
Share Transactions:
Class A Shares:
Issued		270,275			560,169			70,251			123,792			43,246			81,554
Reinvested		—			77,688			—			132,524			—			5,977
Redeemed		(226,943	)		(253,322	)		(128,412	)		(319,309	)		(40,732	)		(83,687	)
Change in Class A Shares:		43,332			384,535			(58,161	)		(62,993	)		2,514			3,844
Class I Shares:
Issued		3,302,305			9,363,349			1,917,429			5,964,647			1,798,481			3,930,207
Reinvested		—			1,136,369			—			637,395			—			141,755
Redeemed		(4,015,783	)		(9,989,656	)		(2,441,840	)		(3,452,654	)		(2,117,558	)		(2,875,978	)
Change in Class I Shares:		(713,478	)		510,062			(524,411	)		3,149,388			(319,077	)		1,195,984
Net increase (decrease) from share transactions		(670,146	)		894,597			(582,572	)		3,086,395			(316,563	)		1,199,828

	Conservative Portfolio						Balanced Portfolio						Growth Portfolio
	Six Months Ended June 30, 2023			Year Ended December 31, 2022			Six Months Ended June 30, 2023			Year Ended December 31, 2022			Six Months Ended June 30, 2023			Year Ended December 31, 2022
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	846,247		$	2,859,544		$	4,733,341		$	6,049,731		$	4,082,207		$	9,372,757
Dividends reinvested		162,740			544,407			260,276			2,175,770			—			2,559,551
Cost of shares redeemed		(1,221,591	)		(3,070,582	)		(2,927,713	)		(7,790,205	)		(3,058,535	)		(5,589,166	)
Class A Share Transactions	$	(212,604	)	$	333,369		$	2,065,904		$	435,296		$	1,023,672		$	6,343,142
Net increase (decrease) from capital transactions	$	(212,604	)	$	333,369		$	2,065,904		$	435,296		$	1,023,672		$	6,343,142
Share Transactions:
Class A Shares:
Issued		75,209			244,586			339,623			419,651			250,509			558,855
Reinvested		14,471			48,651			18,802			160,459			—			164,317
Redeemed		(108,771	)		(266,133	)		(210,374	)		(544,480	)		(189,276	)		(331,972	)
Change in Class A Shares:		(19,091	)		27,104			148,051			35,630			61,233			391,200
Net increase (decrease) from share transactions		(19,091	)		27,104			148,051			35,630			61,233			391,200

Notes to Financial Statements (unaudited), continued

June 30, 2023

7. Federal Income Tax Information:

The character of dividends paid to shareholders of the Funds and Portfolios for federal income tax purposes during the periods ended June 30, 2023 and December 31, 2022 was as follows:

	Impact Bond Fund				International Index Fund				Value Index Fund
	2023		2022		2023		2022		2023		2022
From ordinary income	$	10,145,604	$	15,558,232	$	—	$	6,923,055	$	—	$	9,403,793
From long-term capital gains		—		—		—		—		—		11,646,617
Total distributions	$	10,145,604	$	15,558,232	$	—	$	6,923,055	$	—	$	21,050,410

	Growth Index Fund				Small Cap Index Fund
	2023		2022		2023		2022
From ordinary income	$	—	$	1,846,987	$	—	$	195,424
From long-term capital gains		—		22,393,392		—		1,361,864
Total distributions	$	—	$	24,240,379	$	—	$	1,557,288

	Conservative Portfolio				Balanced Portfolio				Growth Portfolio
	2023		2022		2023		2022		2023		2022
From ordinary income	$	165,349	$	366,463	$	260,951	$	1,013,134	$	—	$	1,008,445
From long-term capital gains		—		185,557		—		168,584		—		1,564,252
Total distributions	$	165,349	$	552,020	$	260,951	$	1,181,718	$	—	$	2,572,697

The following information was computed on a tax basis for each item as of December 31, 2022:

	Impact Bond Fund			International Index Fund			Value Index Fund
Tax cost of portfolio investments	$	759,536,527		$	292,076,525		$	363,941,775
Gross unrealized appreciation		812,419			87,190,931			69,307,590
Gross unrealized depreciation		(87,313,219	)		(18,349,279	)		(24,251,292	)
Net unrealized appreciation (depreciation) on investments	$	(86,500,800	)	$	68,841,652		$	45,056,298
Net unrealized appreciation on foreign currency transactions		—			(14,745	)		—
Undistributed ordinary income		64,091			1,133,041			6,061,719
Undistributed long-term capital gains		—			—			18,057,950
Accumulated capital and other losses		(7,159,276	)		(35,032,473	)		—
Distributable earnings (accumulated deficit)	$	(93,595,985	)	$	34,927,475		$	69,175,967

	Growth Index Fund			Small Cap Index Fund
Tax cost of portfolio investments	$	324,473,907		$	144,822,360
Gross unrealized appreciation		148,540,994			35,834,362
Gross unrealized depreciation		(12,450,208	)		(11,767,665	)
Net unrealized appreciation on investments	$	136,090,786		$	24,066,697
Undistributed ordinary income		2,715,105			1,429,349
Undistributed long-term capital gains		6,051,073			—
Accumulated capital and other losses		—			(8,633,815	)
Distributable earnings	$	144,856,964		$	16,862,231

	Conservative Portfolio			Balanced Portfolio			Growth Portfolio
Tax cost of portfolio investments	$	23,850,966		$	67,500,196		$	71,256,613
Gross unrealized appreciation		2,747,065			16,108,068			19,949,197
Gross unrealized depreciation		(2,411,109	)		(4,742,559	)		(3,957,465	)
Net unrealized appreciation on investments	$	335,956		$	11,365,509		$	15,991,732
Undistributed long-term capital gains		5,788			316,234			678,303
Distributable earnings	$	341,744		$	11,681,743		$	16,670,035

For the latest tax year ended December 31, 2022, the following Fund have capital loss carry forwards (“CLCFs”) as summarized below.

CLCFs not subject to expiration:

	Impact Bond		International Index		Small Cap Index
No expiration - short-term	$	2,123,602	$	35,032,473	$	6,922,633
No expiration - long-term		5,035,674		—		1,711,182
	$	7,159,276	$	35,032,473	$	8,633,815

Notes to Financial Statements (unaudited), continued

June 30, 2023

The federal tax cost, unrealized appreciation (depreciation) as of June 30, 2023 was as follows:

	Impact Bond Fund			International Index Fund			Value Index Fund
Tax cost of portfolio investments	$	860,602,762		$	331,084,326		$	370,015,541
Gross unrealized appreciation		1,403,456			109,916,570			111,184,635
Gross unrealized depreciation		(81,801,747	)		(14,930,015	)		(20,095,563	)
Net unrealized appreciation (depreciation) on investments	$	(80,398,291	)	$	94,986,555		$	91,089,072

	Growth Index Fund			Small Cap Index Fund
Tax cost of portfolio investments	$	323,997,867		$	170,545,253
Gross unrealized appreciation		236,322,707			45,981,666
Gross unrealized depreciation		(8,563,526	)		(11,135,405	)
Net unrealized appreciation on investments	$	227,759,181		$	34,846,261

	Conservative Portfolio			Balanced Portfolio			Growth Portfolio
Tax cost of portfolio investments	$	23,689,208		$	69,777,153		$	72,457,691
Gross unrealized appreciation		3,577,441			21,782,168			27,843,339
Gross unrealized depreciation		(2,171,317	)		(4,361,716	)		(3,223,173	)
Net unrealized appreciation on investments	$	1,406,124		$	17,420,452		$	24,620,166

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

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

8. Securities Lending

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

As of June 30, 2023, the fair value of securities on loan and the collateral held were as follows:

	Fair Value of Securities Loaned		Cash Collateral
Impact Bond Fund	$	15,278,674	$	15,557,893
International Index Fund		43,396,595		44,237,025
Value Index Fund		27,950,019		28,334,574
Growth Index Fund		23,878,219		24,173,316
Small Cap Index Fund		48,951,734		50,226,570

9. Commitments and Contingencies

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

Notes to Financial Statements (unaudited), continued

June 30, 2023

10. Trustee Compensation

Each Trustee who is not an “interested person” of the Trust (“Independent Trustee”) receives an annual retainer and meeting fees, plus reimbursement for travel and other meeting related expenses. Collectively, the Independent Trustees were paid $119,000 in retainers and meeting fees during the six months ended June 30, 2023.

11. Other Recent Developments

The continued spread of an infectious respiratory illness caused by COVID-19 has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Funds hold, and may adversely affect the Funds’ investments and operations. The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things: quarantines and travel restrictions, including border closings, strained healthcare systems, event cancellations, disruptions to business operations and supply chains, and a reduction in consumer and business spending, as well as general concern and uncertainty that has negatively affected the economy. These disruptions have led to instability in the market place, including equity and debt market losses and overall volatility, and the jobs market. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

12. Board Review of Liquidity Risk Management Program

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the “Commission”) adopted Rule 22e-4 under the Investment Company Act of 1940. This Rule requires every registered open-end management company to establish a liquidity risk management program (the “LRMP”) that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund’s portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, the establishment of a 15% limitation on illiquid investments, and periodic reporting to the fund’s board of trustees. Additionally, the Commission adopted Rule 30b1-10 and Form N-LIQUID, which, generally requires a fund to notify the Commission when certain liquidity-related events occur.

The Board approved the designation of a committee (the “Committee”) as the Program Administrator of the LRMP for the Trust. The Committee is comprised of the Trust’s Chief Compliance Officer and other officers of the Trust and employees of the Adviser. At the Board’s regular meeting on May 18, 2023, the Trust’s Chief Compliance Officer provided a report to the Board (the “Report”) on the operation and effectiveness of the LRMP for the period April 1, 2022 through March 31, 2023 (the “Reporting Period”). The Report included, among other things, a discussion of how the Adviser manages liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying every fund investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of fund investments, the Trust utilizes a third party provider of liquidity monitoring services.

The Report concluded that the LRMP was reasonably designed to assess and manage liquidity risk and did effectively manage the Funds’ liquidity risks for the Reporting Period. The Report stated that during the Reporting Period, each Fund held no less than 65% of its total net assets in highly liquid investments. Because each Fund’s assets consisted primarily of highly liquid investments that exceeded the 65% threshold established by the Trust for Primarily Highly Liquid Funds, no highly liquid investment minimum was required to be established for the Funds, and each Fund was well under its illiquid investment limitations. Additionally, no events that would require the filing of Form N-LIQUID occurred.

13. Subsequent Events

The Funds and Portfolios evaluated subsequent events June 30, 2023 through the date these financial statements were issued. There were no significant events that would have a material impact on the Funds’ and Portfolios’ financial statements.

Additional Fund Information (unaudited)

June 30, 2023

Impact Bond Fund

Security Allocation	Percentage of Net Assets
Asset Backed Securities	4.4%
Commercial Mortgage-Backed Securities **	0.0%
Corporate Bonds	37.7%
Corporate Notes	1.0%
Development Finance Corporation	1.0%
Federal Home Loan Bank	7.3%
Federal Home Loan Mortgage Corporation	13.2%
Federal National Mortgage Association	25.5%
Foreign Governments	5.1%
Government National Mortgage Association **	0.0%
Investment Companies	0.4%
Municipal Bonds	0.9%
Small Business Administration **	0.0%
United States Agency of International Development	0.2%
Investment Purchased with the Cash Proceeds from Securities Lending	2.0%
Money Market Funds	2.7%
Total	101.4%

**	Amount rounds to less than 0.1%

International Index Fund

Security Allocation	Percentage of Net Assets
Australia	4.3%
Austria	0.1%
Belgium	0.7%
Bermuda	0.5%
Brazil	1.8%
Canada	7.7%
Cayman Islands	3.9%
Chile	0.2%
China	2.9%
Colombia	0.3%
Denmark	2.1%
Finland	0.7%
France	6.9%
Germany	4.0%
Hong Kong	2.0%
India	4.0%
Indonesia	0.7%
Ireland	0.5%
Israel	0.5%
Italy	1.8%
Japan	15.9%
Jersey	0.3%
Luxembourg	0.2%
Mexico	1.2%
Netherlands	2.9%
Norway	1.7%
Philippines **	0.0%
Portugal	0.5%
Russia **	0.0%
Singapore	1.5%
South Africa	1.1%
South Korea	4.2%
Spain	1.9%
Sweden	1.3%
Switzerland	6.3%
Taiwan	4.5%
United Kingdom	8.6%
Corporate Notes	0.9%

International Index Fund

Security Allocation (continued)	Percentage of Net Assets
Investment Purchased with the Cash Proceeds from Securities Lending	11.5%
Money Market Funds	0.7%
Total	110.8%

**	Amount rounds to less than 0.1%

International Index Fund

Security Allocation	Percentage of Net Assets
Advertising & Marketing	0.4%
Apparel & Textile Products	1.5%
Asset Management	1.7%
Automotive	3.3%
Banking	12.8%
Beverages	1.2%
Biotech & Pharma	5.5%
Cable & Satellite	0.1%
Chemicals	2.2%
Commercial Support Services	1.7%
Community Development	0.9%
Construction Materials	0.6%
Containers & Packaging	0.5%
Diversified Industrials	0.5%
E-Commerce Discretionary	0.8%
Electric & Gas Marketing & Trading	0.2%
Electric Utilities	1.4%
Electrical Equipment	2.0%
Engineering & Construction	0.1%
Entertainment Content	0.8%
Food	1.7%
Forestry, Paper & Wood Products	0.4%
Gas & Water Utilities	0.5%
Health Care Facilities & Services	1.0%
Home Construction	1.0%
Home & Office Products **	0.0%
Household Products	2.1%
Industrial Support Services	0.4%
Institutional Financial Services	0.9%
Insurance	5.0%
Internet Media & Services	3.2%
Leisure Facilities & Services	0.7%
Leisure Products	0.3%
Machinery	1.4%
Medical Equipment & Devices	1.7%
Metals & Mining	3.0%
Oil & Gas Producers	3.1%
Publishing & Broadcasting	0.5%
Real Estate Owners & Development	1.3%
REITs	2.0%
Renewable Energy	0.2%
Retail - Consumer Staples	1.6%
Retail - Discretionary	2.0%
Semiconductors	5.1%
Software	0.7%
Specialty Finance	0.3%
Steel	1.4%
Technology Hardware	4.7%
Technology Services	5.2%
Telecommunications	4.3%
Transportation & Logistics	3.7%
Transportation Equipment	0.1%
Wholesale - Consumer Staples	0.6%

Additional Fund Information (unaudited), continued

June 30, 2023

International Index Fund

Security Allocation (continued)	Percentage of Net Assets
Wholesale - Discretionary	0.3%
Investment Purchased with the Cash Proceeds from Securities Lending	11.5%
Money Market Funds	0.7%
Total	110.8%

**	Amount rounds to less than 0.1%

Value Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.7%
Corporate Notes	0.9%
Investment Purchased with the Cash Proceeds from Securities Lending	6.5%
Money Market Funds	0.3%
Total	106.4%

Growth Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	99.1%
Corporate Notes	0.9%
Investment Purchased with the Cash Proceeds from Securities Lending	4.6%
Money Market Funds	0.2%
Total	104.8%

Small Cap Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.5%
Rights **	0.0%
Corporate Notes	0.9%
Investment Purchased with the Cash Proceeds from Securities Lending	32.3%
Money Market Funds	0.4%
Total	132.1%

**	Amount rounds to less than 0.1%

Conservative Portfolio

Security Allocation	Percentage of Net Assets
Affiliated Mutual Funds	100.0%
Money Market Funds **	0.0%
Total	100.0%

**	Amount rounds to less than 0.1%

Balanced Portfolio

Security Allocation	Percentage of Net Assets
Affiliated Mutual Funds	100.0%
Money Market Funds **	0.0%
Total	100.0%

**	Amount rounds to less than 0.1%

Growth Portfolio

Security Allocation	Percentage of Net Assets
Affiliated Mutual Funds	100.0%
Money Market Funds **	0.0%
Total	100.0%

**	Amount rounds to less than 0.1%

Additional Fund Information (unaudited), continued

June 30, 2023

Expense Comparison:

As a shareholder of the Praxis Mutual Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads); redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Praxis Mutual Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2023 through June 30, 2023.

The Actual Expense example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses paid during the period” to estimate the expenses you paid on your account during this period.

The Hypothetical Expense example below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in this Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Account Value at Beginning of Period ($)		Account Value at End of Period ($)		Expenses Paid During Period ($)*		Expense Ratio During Period (%)**
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Impact Bond Fund
Class A	1,000.00	1,000.00	1,021.90	1,020.28	4.56	4.56	0.91%
Class I	1,000.00	1,000.00	1,024.00	1,022.32	2.51	2.51	0.50%
International Index Fund
Class A	1,000.00	1,000.00	1,086.70	1,019.29	5.74	5.56	1.11%
Class I	1,000.00	1,000.00	1,089.10	1,021.82	3.11	3.01	0.60%
Value Index Fund
Class A	1,000.00	1,000.00	1,114.00	1,021.37	3.62	3.46	0.69%
Class I	1,000.00	1,000.00	1,115.60	1,022.86	2.05	1.96	0.39%
Growth Index Fund
Class A	1,000.00	1,000.00	1,213.50	1,021.47	3.68	3.36	0.67%
Class I	1,000.00	1,000.00	1,215.00	1,022.91	2.09	1.91	0.38%
Small Cap Index Fund
Class A	1,000.00	1,000.00	1,059.80	1,019.74	5.21	5.11	1.02%
Class I	1,000.00	1,000.00	1,064.00	1,022.56	2.30	2.26	0.45%
Conservative Portfolio
Class A	1,000.00	1,000.00	1,054.00	1,021.82	3.06	3.01	0.60%
Balanced Portfolio
Class A	1,000.00	1,000.00	1,082.20	1,022.41	2.48	2.41	0.48%
Growth Portfolio
Class A	1,000.00	1,000.00	1,100.50	1,022.32	2.60	2.51	0.50%

* Expenses are equal to average account value times each Fund’s annualized expense ratio multiplied by 181/365 (to reflect the one-half year period).

** Annualized.

Praxis Mutual Funds

Notice of Privacy Policy and Practices

Praxis Mutual Funds recognizes and respects the privacy concerns and expectations of our shareholders. We are committed to maintaining the privacy and confidentiality of your personal information. We provide this notice so that you will understand the nature of information we collect and the circumstances in which that information may be disclosed to third parties.

We collect nonpublic personal information about our customers from the following sources⁽¹⁾:

●	Account applications and other forms — which may include a customer’s name, address, Social Security Number and information about a customer’s investment goals and risk tolerance;

●	Account history — including information about the transactions and balances in a customer’s account(s); and

●	Correspondence — written, telephonic or electronic between a customer and Praxis Mutual Funds or service providers to Praxis Mutual Funds.

We may disclose all the information described above to certain third parties who are affiliated with Praxis Mutual Funds under one or more of these circumstances:

●	As authorized — if you request or authorize the disclosure of the information.

●	As permitted by law — for example sharing information with companies who maintain or service customer accounts for Praxis Mutual Funds is essential for us to provide shareholders with necessary or useful services with respect to their accounts.

●	Under joint agreement — we may also share information with companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements.

We require Praxis Mutual Funds service providers to maintain:

●	policies and procedures designed to assure only appropriate access to, and use of information about customers of Praxis Mutual Funds; and

●	physical, electronic and procedural safeguards that comply with federal standards to guard nonpublic personal information of customers of Praxis Mutual Funds.

We will adhere to the policies and procedures described in this notice regardless of whether you are a current or former shareholder of Praxis Mutual Funds.

(1)

For purposes of this notice, the terms “customer” or “customers” include individuals who provide nonpublic personal information to Praxis Mutual Funds, even if they do not invest in Praxis Mutual Fund shares.

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

Proxy Voting:

The Adviser is responsible for exercising the voting rights associated with the securities purchased and held by the Funds and Portfolios. A description of the policies and procedures that the Adviser uses in fulfilling this responsibility and information regarding how those proxies were voted during the twelve month period ended June 30 are available (i) without charge, upon request, by calling (800) 977-2947; and (ii) on the Securities and Exchange Commission’s (“Commission’s”) Web site at www.sec.gov.

Quarterly Portfolio Disclosure:

The Trust files a complete listing of the Schedules of Portfolio Investments for each Fund and Portfolio as of the end of the first and third quarters of each fiscal year as an exhibit on Form N-PORT. The complete listing (i) is available on the Commission’s Web site and (ii) will be made available to shareholders upon request by calling (800) 977-2947. The Statement of Additional Information contains more information about the Funds and Portfolios and can be obtained free of charge by calling (800) 977-2947.

Annual/Semi-Annual Reports:

The Praxis Mutual Funds’ annual and semi-annual reports to shareholders contain additional information on each Fund’s or Portfolio’s investments. In the annual report you find a discussion of the market conditions and investment strategies that significantly affected the Fund’s or Portfolio’s performance during the year.

Statement of Additional Information (SAI):

The SAI provides more detailed information about the Praxis Mutual Funds, including their operations and investment policies. It is incorporated by reference and is legally considered a part of this prospectus.

You can get free copies of reports, the prospectus and the SAI, or request other information and discuss your questions about the Funds or Portfolios, by contacting the broker that sells the Praxis Mutual Funds, or by contacting the Praxis Mutual Funds at:

Praxis Mutual Funds
c/o U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, WI 53201-0701
Telephone: 1-800-977-2947
Internet: http://www.praxismutualfunds.com⁽¹⁾

You can review and get copies of the Praxis Mutual Fund’s reports, the prospectus and SAI at the Public Reference Room of the Securities and Exchange Commission. You can get text only copies:

●	For a duplicating fee, by writing the Public Reference Section of the Commission, Washington, DC 20549-1520 or calling (202) 551-8090, or by electronic request, by emailing the SEC at the following address: publicinfo@sec.gov.

●	Free from the Commission’s Web site at www.sec.gov.

⁽¹⁾	The Funds’ site is not a part of this prospectus.

Investment Company Act file no. 811-08056

Praxis Mutual Funds

c/o U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201-0701

2230058

(b)

Not applicable.

Item 2.

Code of Ethics.

Not applicable for semi-annual report filing.

Item 3.

Audit Committee Financial Expert.

Not applicable for semi-annual report filing.

Item 4.

Principal Accountant Fees and Services.

Not applicable for semi-annual report filing.

Item 5.

Audit Committee of Listed Registrants.

Not applicable for semi-annual report filing.

Item 6.

Investments

(a)	Schedule I – Investments in Securities of Unaffiliated Issuers

The complete schedule of investments is included in the report to shareholders in Item 1 of this Form N-CSR.

(b)	The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Item 7.

Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote Of Security Holders.

Not applicable.

Item 11.

Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)(1)

Not applicable for semi-annual report filing.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act – Not applicable.

(b)	Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Praxis Mutual Funds

By:	/s/ Trent Statczar
	Trent Statczar
	Treasurer and Chief Financial Officer
	September 1, 2023

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

By:	/s/ Chad Horning
	Chad Horning
	President and Chief Executive Officer
	September 1, 2023

By:	/s/ Trent Statczar
	Trent Statczar
	Treasurer and Chief Financial Officer
	September 1, 2023