Praxis Impact Bond Fund

Class A (MIIAX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about Praxis Impact Bond Fund (the "Fund") for the period of January 1, 2024 to August 31, 2024. You can find additional information about the Fund at https://www.praxismutualfunds.com/resources/prospectuses-and-reports . You can also request this information by contacting us at (800) 977-2947. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$46	0.92%

Fund Statistics

Net Assets$934,742,900
Number of Portfolio Holdings534
Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history))$1,583,085
Portfolio Turnover4%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	5.6%
Commercial Mortgage-Backed Securities	0.0%
Corporate Bonds	30.4%
Corporate Notes	1.0%
Foreign Governments	5.1%
Investment Companies	0.3%
Investment Purchased With The Cash Proceeds From Securities Lending	1.5%
Money Market Funds	1.1%
Municipal Bonds	1.1%
U.S. Government Agencies	53.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
FNMA, 0.875%, due 08/5/30	2.2%
FHLB, 5.500%, due 07/15/36	2.2%
FNMA, 5.625%, due 07/15/37	1.7%
FNMA, 6.625%, due 11/15/30	1.5%
FHLB, 3.250%, due 11/16/28	1.3%
FNMA, 2.500%, due 04/1/51	1.3%
FHLB, 4.250%, due 12/10/27	1.2%
FHLMC, 1.297%, due 06/25/30	1.1%
FHLMC, 3.500%, due 09/1/52	1.1%
FHLMC, 4.000%, due 10/1/52	1.1%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Praxis Impact Bond Fund - Class A (MIIAX)

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.praxismutualfunds.com/resources/prospectuses-and-reports ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.praxismutualfunds.com/

TSR-SAR 063024-MIIAX

Praxis Impact Bond Fund

Class I (MIIIX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$24	0.48%

Fund Statistics

Net Assets$934,742,900
Number of Portfolio Holdings534
Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history))$1,583,085
Portfolio Turnover4%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	5.6%
Commercial Mortgage-Backed Securities	0.0%
Corporate Bonds	30.4%
Corporate Notes	1.0%
Foreign Governments	5.1%
Investment Companies	0.3%
Investment Purchased With The Cash Proceeds From Securities Lending	1.5%
Money Market Funds	1.1%
Municipal Bonds	1.1%
U.S. Government Agencies	53.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
FNMA, 0.875%, due 08/5/30	2.2%
FHLB, 5.500%, due 07/15/36	2.2%
FNMA, 5.625%, due 07/15/37	1.7%
FNMA, 6.625%, due 11/15/30	1.5%
FHLB, 3.250%, due 11/16/28	1.3%
FNMA, 2.500%, due 04/1/51	1.3%
FHLB, 4.250%, due 12/10/27	1.2%
FHLMC, 1.297%, due 06/25/30	1.1%
FHLMC, 3.500%, due 09/1/52	1.1%
FHLMC, 4.000%, due 10/1/52	1.1%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Praxis Impact Bond Fund - Class I (MIIIX)

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.praxismutualfunds.com/resources/prospectuses-and-reports ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063024-MIIIX

Praxis International Index Fund

Class A (MPLAX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about Praxis International Index Fund (the "Fund") for the period of January 1, 2024 to August 31, 2024. You can find additional information about the Fund at https://www.praxismutualfunds.com/resources/prospectuses-and-reports . You can also request this information by contacting us at (800) 977-2947. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$54	1.09%

Fund Statistics

Net Assets$430,418,983
Number of Portfolio Holdings467
Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history))$842,837
Portfolio Turnover16%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	87.6%
Corporate Notes	0.8%
Investment Purchased With The Cash Proceeds From Securities Lending	11.6%

What did the Fund invest in?

Common Stocks Country Weighting (% of net assets)

Value	Value
Germany	3.9%
Australia	4.2%
South Korea	4.3%
Switzerland	5.5%
India	6.0%
France	6.1%
Taiwan	6.7%
Canada	7.7%
United Kingdom	8.5%
Japan	16.2%
Other Country	29.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	4.4%
Novo Nordisk A/S - ADR	2.0%
ICICI Bank Ltd. - ADR	1.6%
Samsung Electronics Co. Ltd.	1.6%
ASML Holding N.V.	1.6%
HDFC Bank Ltd. - ADR	1.6%
Wipro Ltd. - ADR	1.5%
Chunghwa Telecom Co. Ltd. - ADR	1.4%
Infosys Ltd. - ADR	1.4%
Tencent Holdings Ltd. - ADR	1.3%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Praxis International Index Fund - Class A (MPLAX)

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.praxismutualfunds.com/resources/prospectuses-and-reports ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063024-MPLAX

Praxis International Index Fund

Class I (MPLIX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$27	0.55%

Fund Statistics

Net Assets$430,418,983
Number of Portfolio Holdings467
Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history))$842,837
Portfolio Turnover16%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	87.6%
Corporate Notes	0.8%
Investment Purchased With The Cash Proceeds From Securities Lending	11.6%

What did the Fund invest in?

Common Stocks Country Weighting (% of net assets)

Value	Value
Germany	3.9%
Australia	4.2%
South Korea	4.3%
Switzerland	5.5%
India	6.0%
France	6.1%
Taiwan	6.7%
Canada	7.7%
United Kingdom	8.5%
Japan	16.2%
Other Country	29.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	4.4%
Novo Nordisk A/S - ADR	2.0%
ICICI Bank Ltd. - ADR	1.6%
Samsung Electronics Co. Ltd.	1.6%
ASML Holding N.V.	1.6%
HDFC Bank Ltd. - ADR	1.6%
Wipro Ltd. - ADR	1.5%
Chunghwa Telecom Co. Ltd. - ADR	1.4%
Infosys Ltd. - ADR	1.4%
Tencent Holdings Ltd. - ADR	1.3%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Praxis International Index Fund - Class I (MPLIX)

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.praxismutualfunds.com/resources/prospectuses-and-reports ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063024-MPLIX

Praxis Value Index Fund

Class A (MVIAX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about Praxis Value Index Fund (the "Fund") for the period of January 1, 2024 to August 31, 2024. You can find additional information about the Fund at https://www.praxismutualfunds.com/resources/prospectuses-and-reports . You can also request this information by contacting us at (800) 977-2947. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$33	0.67%

Fund Statistics

Net Assets$534,807,194
Number of Portfolio Holdings298
Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history))$616,191
Portfolio Turnover5%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Common Stocks	96.2%
Corporate Notes	0.9%
Investment Purchased With The Cash Proceeds From Securities Lending	2.4%
Money Market Funds	0.5%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
JPMorgan Chase & Co.	3.2%
Johnson & Johnson	2.0%
Procter & Gamble Co. (The)	1.9%
Walmart, Inc.	1.6%
Bank of America Corp.	1.5%
Merck & Co., Inc.	1.5%
ConocoPhillips	1.3%
Linde plc	1.3%
LyondellBasell Industries N.V. - Class A	1.1%
Danaher Corp.	1.1%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Praxis Value Index Fund - Class A (MVIAX)

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.praxismutualfunds.com/resources/prospectuses-and-reports ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063024-MVIAX

Praxis Value Index Fund

Class I (MVIIX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$19	0.38%

Fund Statistics

Net Assets$534,807,194
Number of Portfolio Holdings298
Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history))$616,191
Portfolio Turnover5%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Common Stocks	96.2%
Corporate Notes	0.9%
Investment Purchased With The Cash Proceeds From Securities Lending	2.4%
Money Market Funds	0.5%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
JPMorgan Chase & Co.	3.2%
Johnson & Johnson	2.0%
Procter & Gamble Co. (The)	1.9%
Walmart, Inc.	1.6%
Bank of America Corp.	1.5%
Merck & Co., Inc.	1.5%
ConocoPhillips	1.3%
Linde plc	1.3%
LyondellBasell Industries N.V. - Class A	1.1%
Danaher Corp.	1.1%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Praxis Value Index Fund - Class I (MVIIX)

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.praxismutualfunds.com/resources/prospectuses-and-reports ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063024-MVIIX

Praxis Growth Index Fund

Class A (MGNDX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about Praxis Growth Index Fund (the "Fund") for the period of January 1, 2024 to August 31, 2024. You can find additional information about the Fund at https://www.praxismutualfunds.com/resources/prospectuses-and-reports . You can also request this information by contacting us at (800) 977-2947. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$32	0.64%

Fund Statistics

Net Assets$635,913,468
Number of Portfolio Holdings163
Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history))$683,173
Portfolio Turnover3%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.0%
Corporate Notes	0.8%
Investment Purchased With The Cash Proceeds From Securities Lending	0.9%
Money Market Funds	0.3%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Apple, Inc.	13.2%
NVIDIA Corp.	12.1%
Microsoft Corp.	9.0%
Amazon.com, Inc.	5.3%
Meta Platforms, Inc. - Class A	4.6%
Alphabet, Inc. - Class A	4.5%
Alphabet, Inc. - Class C	3.6%
Eli Lilly & Co.	3.1%
Broadcom, Inc.	2.9%
Tesla, Inc.	2.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Praxis Growth Index Fund - Class A (MGNDX)

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.praxismutualfunds.com/resources/prospectuses-and-reports ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063024-MGNDX

Praxis Growth Index Fund

Class I (MMDEX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$18	0.36%

Fund Statistics

Net Assets$635,913,468
Number of Portfolio Holdings163
Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history))$683,173
Portfolio Turnover3%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.0%
Corporate Notes	0.8%
Investment Purchased With The Cash Proceeds From Securities Lending	0.9%
Money Market Funds	0.3%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Apple, Inc.	13.2%
NVIDIA Corp.	12.1%
Microsoft Corp.	9.0%
Amazon.com, Inc.	5.3%
Meta Platforms, Inc. - Class A	4.6%
Alphabet, Inc. - Class A	4.5%
Alphabet, Inc. - Class C	3.6%
Eli Lilly & Co.	3.1%
Broadcom, Inc.	2.9%
Tesla, Inc.	2.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Praxis Growth Index Fund - Class I (MMDEX)

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.praxismutualfunds.com/resources/prospectuses-and-reports ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063024-MMDEX

Praxis Small Cap Index Fund

Class A (MMSCX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about Praxis Small Cap Index Fund (the "Fund") for the period of January 1, 2024 to August 31, 2024. You can find additional information about the Fund at https://www.praxismutualfunds.com/resources/prospectuses-and-reports . You can also request this information by contacting us at (800) 977-2947. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$53	1.07%

Fund Statistics

Net Assets$171,382,665
Number of Portfolio Holdings491
Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history))$248,817
Portfolio Turnover8%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Common Stocks	77.9%
Corporate Notes	0.7%
Investment Purchased With The Cash Proceeds From Securities Lending	21.2%
Money Market Funds	0.2%
Rights	0.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fabrinet	0.8%
SPX Technologies, Inc.	0.8%
Abercrombie & Fitch Co. - Class A	0.8%
Bristow Group, Inc.	0.8%
ATI, Inc.	0.7%
Insight Enterprises, Inc.	0.7%
Badger Meter, Inc.	0.7%
CVR Energy, Inc.	0.7%
SPS Commerce, Inc.	0.6%
ScanSource, Inc.	0.6%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Praxis Small Cap Index Fund - Class A (MMSCX)

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.praxismutualfunds.com/resources/prospectuses-and-reports ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063024-MMSCX

Praxis Small Cap Index Fund

Class I (MMSIX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$21	0.43%

Fund Statistics

Net Assets$171,382,665
Number of Portfolio Holdings491
Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history))$248,817
Portfolio Turnover8%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Common Stocks	77.9%
Corporate Notes	0.7%
Investment Purchased With The Cash Proceeds From Securities Lending	21.2%
Money Market Funds	0.2%
Rights	0.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fabrinet	0.8%
SPX Technologies, Inc.	0.8%
Abercrombie & Fitch Co. - Class A	0.8%
Bristow Group, Inc.	0.8%
ATI, Inc.	0.7%
Insight Enterprises, Inc.	0.7%
Badger Meter, Inc.	0.7%
CVR Energy, Inc.	0.7%
SPS Commerce, Inc.	0.6%
ScanSource, Inc.	0.6%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Praxis Small Cap Index Fund - Class I (MMSIX)

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.praxismutualfunds.com/resources/prospectuses-and-reports ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063024-MMSIX

Praxis Genesis Conservative Portfolio

Class A (MCONX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about Praxis Genesis Conservative Portfolio (the "Fund") for the period of January 1, 2024 to August 31, 2024. You can find additional information about the Fund at https://www.praxismutualfunds.com/resources/prospectuses-and-reports . You can also request this information by contacting us at (800) 977-2947. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$31	0.62%

Fund Statistics

Net Assets$23,740,953
Number of Portfolio Holdings6
Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history))$5,976
Portfolio Turnover6%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Affiliated Mutual Funds	100.0%
Money Market Funds	0.0%

Top Holdings (% of net assets)

Holding Name	% of Net Assets
Praxis Impact Bond Fund - Class I	69.9%
Praxis Growth Index Fund - Class I	9.3%
Praxis Value Index Fund - Class I	9.2%
Praxis International Index Fund - Class I	9.1%
Praxis Small Cap Index Fund - Class I	2.5%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Praxis Genesis Conservative Portfolio - Class A (MCONX)

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.praxismutualfunds.com/resources/prospectuses-and-reports ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063024-MCONX

Praxis Genesis Balanced Portfolio

Class A (MBAPX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about Praxis Genesis Balanced Portfolio (the "Fund") for the period of January 1, 2024 to August 31, 2024. You can find additional information about the Fund at https://www.praxismutualfunds.com/resources/prospectuses-and-reports . You can also request this information by contacting us at (800) 977-2947. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$23	0.47%

Fund Statistics

Net Assets$93,080,996
Number of Portfolio Holdings6
Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history))$22,760
Portfolio Turnover6%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Affiliated Mutual Funds	100.0%
Money Market Funds	0.0%

Top Holdings (% of net assets)

Holding Name	% of Net Assets
Praxis Impact Bond Fund - Class I	39.9%
Praxis International Index Fund - Class I	18.1%
Praxis Growth Index Fund - Class I	16.0%
Praxis Value Index Fund - Class I	16.0%
Praxis Small Cap Index Fund - Class I	10.1%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Praxis Genesis Balanced Portfolio - Class A (MBAPX)

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.praxismutualfunds.com/resources/prospectuses-and-reports ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063024-MBAPX

Praxis Genesis Growth Portfolio

Class A (MGAFX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about Praxis Genesis Growth Portfolio (the "Fund") for the period of January 1, 2024 to August 31, 2024. You can find additional information about the Fund at https://www.praxismutualfunds.com/resources/prospectuses-and-reports . You can also request this information by contacting us at (800) 977-2947. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$24	0.48%

Fund Statistics

Net Assets$108,247,243
Number of Portfolio Holdings6
Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history))$26,411
Portfolio Turnover6%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Affiliated Mutual Funds	100.0%
Money Market Funds	0.0%

Top Holdings (% of net assets)

Holding Name	% of Net Assets
Praxis International Index Fund - Class I	24.1%
Praxis Growth Index Fund - Class I	20.5%
Praxis Value Index Fund - Class I	20.4%
Praxis Impact Bond Fund - Class I	19.9%
Praxis Small Cap Index Fund - Class I	15.1%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Praxis Genesis Growth Portfolio - Class A (MGAFX)

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.praxismutualfunds.com/resources/prospectuses-and-reports ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063024-MGAFX

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

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

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, 2024 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.

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.

Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds (“ETFs”) – Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. The Funds have implemented the rule and form requirements, as applicable, and are currently adhering to the requirements.

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 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:

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, 2024, for the investments are as follows:

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, 2024:

The total change in unrealized appreciation (depreciation) included on the Statements of Operations attributable to Level 3 investments still held as of June 30, 2024 for the International Index Fund and Small Cap Index Fund was $0 and ($679), 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:

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.

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.

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.

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.

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 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.

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.

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, 2024, the Funds and Portfolios did not incur any interest or penalties.

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, 2024 were as follows:

During the six months ended June 30, 2024, cost of purchases and proceeds from sales and maturities of long-term U.S. government securities for Praxis Impact Bond Fund were $68,224,924 and $16,145,692, respectively.

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:

The Adviser provides investment advisory services to the Funds and Portfolios. During the six months ended June 30, 2024, 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:

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, 2025. 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.

As of June 30, 2024, the Small Cap Index Fund had the following amounts (and year of expiration) subject to repayment to the Adviser:

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, 2024 as follows:

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.

The character of dividends paid to shareholders of the Funds and Portfolios for federal income tax purposes during the periods ended June 30, 2024 and December 31, 2023 was as follows:

The following information was computed on a tax basis for each item as of December 31, 2023:

For the latest tax year ended December 31, 2023, the following Funds have capital loss carry forwards (“CLCFs”) as summarized below.

The federal tax cost, unrealized appreciation (depreciation) as of June 30, 2024 was as follows:

The difference between book basis and tax basis net unrealized appreciation (depreciation) was attributable primarily to the tax deferral on wash sales and nontaxable distributions, as well as investments in 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.

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

As of June 30, 2024, the fair value of securities on loan and the collateral held were as follows:

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.

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 $128,000 in retainers and meeting fees during the six months ended June 30, 2024.

The Funds and Portfolios evaluated subsequent events June 30, 2024 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.

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

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.

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.

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.

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:

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

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.

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.

	Coupon			Maturity		Principal Amount		Fair Value
MUNICIPAL BONDS — 1.1%
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A		7.334	%		02/15/28	$	1,000,000	$	1,042,305
Findlay City School District, Series 2010-B		6.250	%		12/01/37		270,000		270,421
Houston, Texas, Independent School District, Series 2009A-2		6.168	%		02/15/34		1,000,000		1,000,910
Massachusetts St., Series 2016-F		3.277	%		06/01/46		3,100,000		2,387,000
University of Texas, Permanent University Fund, Series 2017-A		3.376	%		07/01/47		3,000,000		2,321,260
University of Texas, Rev., Series 2020 B		2.439	%		08/15/49		1,875,000		1,154,350
University of Virginia, Rev., Series 2009		6.200	%		09/01/39		2,000,000		2,193,647
TOTAL MUNICIPAL BONDS (COST $11,250,839)								$	10,369,893

CORPORATE BONDS — 30.7%
APPAREL & TEXTILE PRODUCTS — 0.1%
VF Corp.		2.400	%		04/23/25		536,000		521,073

ASSET MANAGEMENT — 0.1%
Ameriprise Financial, Inc.		3.000	%		04/02/25		730,000		715,770

AUTOMOTIVE — 0.3%
BorgWarner, Inc. ^(a)		2.650	%		07/01/27		601,000		557,567
Honda Motor Co. Ltd.		2.967	%		03/10/32		760,000		666,802
Hyundai Capital Services, Inc. ^(b)		1.250	%		02/08/26		200,000		186,714
Magna International, Inc. ^(a)		2.450	%		06/15/30		1,250,000		1,078,966
									2,490,049
BANKING — 3.4%
Bank of America Corp., Series N		0.981	%		09/25/25		1,500,000		1,483,192
Bank of America Corp., Series N		2.456	%		10/22/25		1,000,000		989,592
Bank of America Corp., Series N		1.530	%		12/06/25		2,000,000		1,962,676
Bank of America Corp., Series N		4.271	%		07/23/29		1,000,000		963,513
Bank of America Corp., Series N		2.572	%		10/20/32		1,500,000		1,243,280
Bank of Montreal ^(a)		5.203	%		02/01/28		1,750,000		1,752,556
Bank of New York Mellon Corp. (The), Series J		4.967	%		04/26/34		2,000,000		1,951,123
Citigroup, Inc.		3.700	%		01/12/26		1,750,000		1,704,318
Citigroup, Inc.		2.014	%		01/25/26		1,000,000		978,538
Citigroup, Inc.		2.572	%		06/03/31		2,000,000		1,716,647
ING Groep N.V. ^(b)		4.625	%		01/06/26		1,250,000		1,235,473
JPMorgan Chase & Co.		3.200	%		06/15/26		2,557,000		2,461,581
JPMorgan Chase & Co.		2.739	%		10/15/30		2,000,000		1,769,579
KeyBank National Association ^(a)		4.150	%		08/08/25		1,000,000		980,649
M&T Bank Corp.		4.553	%		08/16/28		1,500,000		1,437,503

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 30.7%, continued
BANKING — 3.4%, continued
PNC Financial Services Group, Inc. (The)		4.758	%		01/26/27	$	1,500,000	$	1,481,648
PNC Financial Services Group, Inc. (The)		5.582	%		06/12/29		1,000,000		1,010,939
Regions Financial Corp.		2.250	%		05/18/25		1,000,000		969,797
State Street Corp. ^(a)		7.350	%		06/15/26		1,000,000		1,035,912
State Street Corp. ^(c)		4.164	%		08/04/33		1,000,000		926,936
Toronto-Dominion Bank, Series C		5.264	%		12/11/26		2,000,000		1,999,310
Truist Financial Corp. (SOFR + 60.90) ^(c)		1.267	%		03/02/27		1,000,000		929,940
UBS AG London		5.650	%		09/11/28		550,000		560,498
									31,545,200
BEVERAGES — 0.1%
Coca-Cola Co. (The)		3.450	%		03/25/30		500,000		467,594
Coca-Cola Femsa S.A.B. de C.V.		1.850	%		09/01/32		1,000,000		775,977
									1,243,571
BIOTECH & PHARMA — 0.4%
AbbVie, Inc.		2.950	%		11/21/26		500,000		476,623
Amgen, Inc.		3.000	%		02/22/29		2,500,000		2,298,926
Gilead Sciences, Inc.		3.650	%		03/01/26		750,000		728,977
									3,504,526
CABLE & SATELLITE — 0.4%
Comcast Corp.		3.300	%		04/01/27		500,000		478,103
Comcast Corp. ^(a)		4.650	%		02/15/33		1,000,000		965,433
Comcast Corp.		2.937	%		11/01/56		672,000		405,360
Time Warner Cable, Inc.		4.500	%		09/15/42		500,000		365,950
WarnerMedia Holdings, Inc.		4.054	%		03/15/29		1,500,000		1,385,239
									3,600,085
CHEMICALS — 0.6%
Air Products and Chemicals, Inc.		4.850	%		02/08/34		1,000,000		981,578
Avery Dennison Corp.		2.650	%		04/30/30		1,250,000		1,087,304
DowDuPont, Inc.		4.493	%		11/15/25		1,500,000		1,478,770
Ecolab, Inc.		4.800	%		03/24/30		140,000		139,440
Ecolab, Inc.		2.750	%		08/18/55		1,470,000		881,788
LG Chemical Ltd. ^(b)		3.250	%		10/15/24		290,000		287,916
Nutrien Ltd.		5.875	%		12/01/36		840,000		860,876
									5,717,672
CONSTRUCTION MATERIALS — 0.3%
Carlisle Cos., Inc.		3.500	%		12/01/24		1,250,000		1,237,715
Owens Corning		4.200	%		12/01/24		1,000,000		993,201
Owens Corning		3.950	%		08/15/29		300,000		283,649
									2,514,565
CONSUMER SERVICES — 4.3%
Andrew W. Mellon Funding		0.947	%		08/01/27		1,050,000		936,008
California Endowment (The)		2.498	%		04/01/51		4,500,000		2,741,206
Conservation Fund, Series 2019		3.474	%		12/15/29		535,000		480,471
Ford Foundation (The), Series 2017		3.859	%		06/01/47		4,620,000		3,721,931
Ford Foundation (The), Series 2020 ^(a)		2.415	%		06/01/50		235,000		140,560

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 30.7%, continued
CONSUMER SERVICES — 4.3%, continued
John D. & Catherine T. MacArthur Foundation, Series 2020		1.299	%		12/01/30	$	1,500,000	$	1,191,618
Leland Stanford Junior University (The)		3.460	%		05/01/47		2,415,000		1,853,547
Local Initiatives Support Corp.		4.649	%		03/01/37		1,500,000		1,318,050
Massachusetts Institute of Technology, Series D-2		3.959	%		07/01/38		1,700,000		1,545,249
Massachusetts Institute of Technology, Series F		2.989	%		07/01/50		1,000,000		702,793
President & Fellows of Harvard College, Series 2024-A ^(a)		4.609	%		02/15/35		2,000,000		1,956,915
President & Fellows of Harvard College, Series 2016-B		3.150	%		07/15/46		3,961,000		2,946,691
President & Fellows of Harvard College, Series 2020-B		2.517	%		10/15/50		1,600,000		1,011,141
President & Fellows of Harvard College, Series 2022-A		3.745	%		11/15/52		700,000		561,660
Rockefeller Foundation (The)		2.492	%		10/01/50		4,290,000		2,654,184
Stanford University California, Series 2020-A		2.413	%		06/01/50		4,400,000		2,727,133
Trustees of Princeton University (The) ^(a)		2.516	%		07/01/50		6,650,000		4,280,321
University of Notre Dame, Series 2017		3.394	%		02/15/48		3,424,000		2,642,498
W.K. Kellogg Foundation Trust, Series 2020 ^(b)		2.443	%		10/01/50		3,950,000		2,428,567
Yale University ^(a)		2.402	%		04/15/50		6,765,000		4,187,158
									40,027,701
CONTAINERS & PACKAGING — 0.3%
CCL Industries, Inc. ^(b)		3.050	%		06/01/30		1,750,000		1,549,028
Sonoco Products Co.		5.750	%		11/01/40		1,000,000		980,680
									2,529,708
DIVERSIFIED INDUSTRIALS — 0.1%
Illinois Tool Works, Inc.		3.900	%		09/01/42		1,000,000		832,458

ELECTRIC UTILITIES — 4.9%
Ameren Illinois Co.		5.900	%		12/01/52		2,250,000		2,320,665
Avangrid, Inc.		3.150	%		12/01/24		1,800,000		1,780,164
Avista Corp.		4.000	%		04/01/52		1,000,000		748,819
Caledonia Generating, LLC ^(b)		1.950	%		02/28/34		1,553,589		1,277,772
CenterPoint Energy, Inc., Series AL		5.300	%		04/01/53		1,000,000		958,383
Consolidated Edison Co.		3.350	%		04/01/30		1,000,000		918,087
DTE Electric Co.		4.050	%		05/15/48		1,750,000		1,397,182
DTE Electric Co.		3.650	%		03/01/52		750,000		549,153
DTE Energy Co., Series C		4.875	%		06/01/28		1,500,000		1,476,439
Duke Energy Carolinas, LLC		3.550	%		03/15/52		2,200,000		1,546,268
Duke Energy Progress, LLC		3.450	%		03/15/29		1,750,000		1,632,159

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 30.7%, continued
ELECTRIC UTILITIES — 4.9%, continued
Duke Energy Progress, LLC		4.000	%		04/01/52	$	1,500,000	$	1,139,096
Electricite de France S.A. ^(b)		3.625	%		10/13/25		1,250,000		1,218,490
Enel Finance International N.V. ^(b)		2.650	%		09/10/24		250,000		248,325
Florida Power & Light Co.		3.700	%		12/01/47		1,550,000		1,176,504
Florida Power & Light Co.		2.875	%		12/04/51		2,000,000		1,270,209
Georgia Power Co., Series 2016-A		3.250	%		04/01/26		1,000,000		966,508
Interstate Power & Light Co.		3.600	%		04/01/29		1,250,000		1,170,532
Liberty Utilities Financial Services ^(b)		2.050	%		09/15/30		1,355,000		1,108,299
MidAmerican Energy Co.		3.950	%		08/01/47		1,750,000		1,363,344
Midland Cogeneration Venture, L.P. ^(b)		6.000	%		03/15/25		78,810		77,542
Narragansett Electric Co. ^(b)		3.395	%		04/09/30		1,500,000		1,372,953
National Rural Utilities		1.350	%		03/15/31		2,000,000		1,564,509
NextEra Energy Capital Holdings, Inc. ^(a)		6.051	%		03/01/25		500,000		500,957
Niagara Mohawk Power Corp. ^(b)		1.960	%		06/27/30		1,500,000		1,247,263
Northern States Power Co.		2.900	%		03/01/50		1,500,000		955,538
NSTAR Electric Co.		3.950	%		04/01/30		600,000		566,394
NSTAR Electric Co.		5.500	%		03/15/40		1,250,000		1,227,748
NY State Electric & Gas ^(b)		5.650	%		08/15/28		1,650,000		1,675,967
Potomac Electric Power Co.		6.500	%		11/15/37		1,000,000		1,099,460
Public Service Co.		3.700	%		06/15/28		2,250,000		2,136,801
Public Service Electric and Gas Co.		4.650	%		03/15/33		2,500,000		2,409,608
Puget Energy, Inc.		4.223	%		06/15/48		1,000,000		792,961
Rochester Gas & Electric Corp. ^(b)		1.850	%		12/01/30		500,000		400,613
San Diego Gas and Electric Co.		4.500	%		08/15/40		841,000		749,053
Solar Star Funding, LLC ^(b)		3.950	%		06/30/35		236,563		211,439
Solar Star Funding, LLC ^(b)		5.375	%		06/30/35		372,128		357,222
Southern California Edison		4.050	%		03/15/42		1,165,000		933,982
Topaz Solar Farms, LLC ^(b)		4.875	%		09/30/39		211,373		187,850
Topaz Solar Farms, LLC ^(b)		5.750	%		09/30/39		505,957		489,427
Union Electric Co.		2.625	%		03/15/51		2,000,000		1,192,333
Westar Energy, Inc.		2.550	%		07/01/26		1,292,000		1,228,261
									45,644,279
ELECTRICAL EQUIPMENT — 0.2%
Johnson Controls International plc		1.750	%		09/15/30		1,800,000		1,486,935
Roper Technologies, Inc.		2.000	%		06/30/30		440,000		367,583
									1,854,518
FOOD — 1.0%
Campbell Soup Co.		3.950	%		03/15/25		1,500,000		1,481,667
Cargill, Inc. ^(b)		4.760	%		11/23/45		1,500,000		1,346,233
General Mills, Inc.		4.000	%		04/17/25		1,500,000		1,480,553
Hormel Foods Corp.		1.800	%		06/11/30		2,250,000		1,889,135

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 30.7%, continued
FOOD — 1.0%, continued
Ingredion, Inc.		2.900	%		06/01/30	$	1,000,000	$	881,528
Mars, Inc. ^(b)		4.650	%		04/20/31		1,000,000		974,464
Mars, Inc. ^(b)		3.600	%		04/01/34		1,500,000		1,328,277
									9,381,857
FORESTRY, PAPER & WOOD PRODUCTS — 0.1%
Suzano S.A.		5.500	%		01/17/27		800,000		794,790

GAS & WATER UTILITIES — 0.3%
American Water Capital Corp.		2.800	%		05/01/30		1,500,000		1,320,575
Brooklyn Union Gas Co. ^(b)		4.504	%		03/10/46		1,250,000		985,146
Indiana Gas Co., Inc.		6.550	%		06/30/28		250,000		252,604
									2,558,325
HEALTH CARE FACILITIES & SERVICES — 0.1%
Kaiser Foundation Hospital		3.150	%		05/01/27		1,500,000		1,437,032

HOME & OFFICE PRODUCTS — 0.1%
Steelcase, Inc.		5.125	%		01/18/29		1,000,000		946,740

HOME CONSTRUCTION — 0.1%
NVR, Inc.		3.000	%		05/15/30		1,000,000		886,250

INSTITUTIONAL FINANCIAL SERVICES — 0.8%
Brookfield Finance, Inc.		4.250	%		06/02/26		1,570,000		1,537,268
Goldman Sachs Group, Inc.		4.223	%		05/01/29		1,000,000		962,624
Goldman Sachs Group, Inc.		3.800	%		03/15/30		1,500,000		1,402,397
Morgan Stanley, Series F		3.125	%		07/27/26		2,000,000		1,912,078
Morgan Stanley, Series I		5.449	%		07/20/29		1,000,000		1,006,168
Morgan Stanley, Series I		2.699	%		01/22/31		1,250,000		1,095,725
									7,916,260
INSURANCE — 4.0%
Aflac, Inc.		4.000	%		10/15/46		1,408,000		1,105,623
AIG Global Funding, Series 2024-1 ^(b)		5.200	%		01/12/29		500,000		497,658
Allstate Corp. (The)		5.250	%		03/30/33		1,000,000		995,760
Athene Global Funding ^(b)		5.583	%		01/09/29		785,000		788,176
F&G Global Funding ^(b)		2.300	%		04/11/27		535,000		484,070
Fidelity National Financial, Inc.		3.400	%		06/15/30		1,000,000		886,913
First American Financial Corp.		2.400	%		08/15/31		1,500,000		1,196,234
GA Global Funding Trust ^(b)		2.250	%		01/06/27		2,000,000		1,849,174
Horace Mann Educators Corp.		4.500	%		12/01/25		1,235,000		1,209,224
Horace Mann Educators Corp.		7.250	%		09/15/28		965,000		1,023,386
Jackson National Life Global Funding ^(b)		1.750	%		01/12/25		385,000		376,436
Jackson National Life Global Funding ^(b)		5.500	%		01/09/26		1,250,000		1,244,458
Kemper Corp.		4.350	%		02/15/25		1,250,000		1,237,962
Marsh & McLennan Cos., Inc.		3.750	%		03/14/26		1,000,000		976,091


Financial Statements
Praxis Impact Bond Fund
Schedule of Investments	1
Praxis International Index Fund
Schedule of Investments	9
Praxis Value Index Fund
Schedule of Investments	15
Praxis Growth Index Fund
Schedule of Investments	19
Praxis Small Cap Index Fund
Schedule of Investments	22
Praxis Genesis Conservative Portfolio
Schedule of Investments	28
Praxis Genesis Balanced Portfolio
Schedule of Investments	29
Praxis Genesis Growth Portfolio
Schedule of Investments	30
Financial Statements
Statements of Assets & Liabilities	31
Statements of Operations	33
Statements of Changes in Net Assets	35
Financial Highlights	38
Notes to Financial Statements	46
Remuneration Paid to Directors, Officers and Others	56

	Shares		Fair Value
MONEY MARKET FUNDS — 1.1%
First American Government Obligations Fund - Class X, 5.23% ^(f) (COST $10,205,879)		10,205,879	$	10,205,879

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 1.5%
Mount Vernon Liquid Assets Portfolio, LLC, 5.46% ^(f)(g) (COST $13,975,888)		13,975,888	$	13,975,888

INVESTMENT COMPANIES — 0.3%
Impax High Yield Bond Fund - Institutional Class (COST $4,199,236)		530,984	$	3,154,044

TOTAL INVESTMENTS - (COST $1,023,565,306) — 100.9%			$	943,615,456
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.9%)				(8,872,556	)
NET ASSETS — 100.0%			$	934,742,900

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Impact Capital, Inc., 3.000%, 12/15/24		12/12/19	$	400,000	$	392,957		0.0	%^(d)
Calvert Impact Capital, Inc., 2.500%, 06/13/25		06/12/20		1,400,000		1,350,443		0.1	%
Calvert Impact Capital, Inc., 2.500%, 12/15/25		12/15/20		650,000		615,712		0.1	%
Calvert Impact Capital, Inc., 4.000%, 06/15/28		06/15/23		1,200,000		1,101,987		0.1	%
Calvert Impact Capital, Inc., 5.000%, 12/15/28		12/15/23		450,000		426,038		0.1	%
Calvert Impact Capital, Inc., 5.000%, 06/15/29		06/14/24		1,800,000		1,800,000		0.2	%
Calvert Impact Climate, Inc., 5.500%, 12/15/53		10/13/23		1,000,000		959,323		0.1	%
Capital Impact Partners Investment, 5.750%, 06/15/25		06/20/23		1,800,000		1,799,927		0.2	%
Capital Impact Partners Investment, 5.000%, 12/15/26		12/15/23		500,000		498,278		0.1	%
SolarCity LMC, Series I, LLC, 4.800%, 12/20/26		11/13/13		182,346		178,570		0.0	%^(d)
			$	9,382,346	$	9,123,235		1.0	%

	Shares		Fair Value
COMMON STOCKS — 98.3%
AUSTRALIA — 4.2%
ANZ Group Holdings Ltd.		40,646	$	765,637
BlueScope Steel Ltd.		21,201		288,912
Brambles Ltd.		133,068		1,289,673
Commonwealth Bank of Australia		23,439		1,991,502
Computershare Ltd.		20,272		356,166
CSL Ltd. - ADR		7,282		717,277
CSL Ltd.		3,640		716,759
Goodman Group		44,189		1,024,258
GPT Group (The)		129,967		346,764
Mirvac Group		136,551		170,324
National Australia Bank Ltd.		36,653		885,765
QBE Insurance Group Ltd.		18,867		218,848
Scentre Group		526,498		1,095,700
SEEK Ltd.		49,532		705,712
Sonic Healthcare Ltd.		11,426		200,443
Stockland		177,423		493,499
Transurban Group		292,166		2,416,528
Vicinity Centres		397,679		490,733
Washington H. Soul Pattinson & Co. Ltd.		16,345		357,819
Wesfarmers Ltd.		32,429		1,409,900
Woodside Energy Group Ltd.		74,729		1,406,153
Woolworths Group Ltd.		28,598		644,561
				17,992,933
AUSTRIA — 0.2%
Erste Group Bank AG		3,804		180,277
Verbund AG		6,899		544,308
				724,585
BELGIUM — 0.6%
KBC Group N.V.		17,630		1,244,581
UCB S.A.		9,252		1,374,668
				2,619,249
BERMUDA — 0.4%
Credicorp Ltd. ^(a)		9,750		1,572,967
Orient Overseas International Ltd.		22,500		365,059
				1,938,026
BRAZIL — 1.5%
Banco Bradesco S.A. - ADR		42,050		94,192
Banco do Brasil S.A. - ADR		196,076		941,165
Banco Santander Brasil S.A. - ADR		119,088		588,295
Cia Energética de Minas Gerais - ADR		87,400		153,824
Cia Siderurgica Nacional S.A. - ADR		126,765		291,560
Suzano S.A. - ADR ^(a)		124,061		1,274,106
Telefónica Brasil S.A. - ADR		232,433		1,908,275
TIM S.A. - ADR ^(a)		83,885		1,201,233
				6,452,650
CANADA — 7.7%
Bank of Montreal		17,350		1,454,797
Bank of Nova Scotia (The) ^(a)		10,199		466,298
Cameco Corp.		30,038		1,477,870
Canadian Imperial Bank of Commerce ^(a)		25,453		1,210,036
Canadian National Railway Co.		15,841		1,871,297
Canadian Natural Resources Ltd.		96,746		3,444,158
Canadian Pacific Kansas City Ltd.		19,191		1,510,907
CGI, Inc. ^(b)		8,100		808,461
FirstService Corp.		1,607		244,859
Franco-Nevada Corp.		15,848		1,878,305

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
CANADA — 7.7%
Gildan Activewear, Inc.		18,362	$	696,287
Magna International, Inc. ^(a)		4,823		202,084
Manulife Financial Corp.		76,580		2,038,560
Methanex Corp.		5,667		273,489
Nutrien Ltd.		10,168		517,653
RB Global, Inc.		6,407		489,239
Restaurant Brands International, Inc. ^(a)		11,589		815,518
Royal Bank of Canada		26,330		2,800,985
Shopify, Inc. - Class A ^(b)		16,669		1,100,987
Sun Life Financial, Inc.		35,450		1,736,696
Teck Resources Ltd. - Class B		34,502		1,652,646
Thomson Reuters Corp.		19,692		3,319,480
Toronto-Dominion Bank (The)		23,372		1,284,525
Wheaton Precious Metals Corp. ^(a)		35,850		1,879,257
				33,174,394
CAYMAN ISLANDS — 3.6%
Alibaba Group Holding Ltd. - ADR		30,862		2,222,064
Autohome, Inc. - ADR		14,381		394,758
Baidu, Inc. - ADR ^(a)(b)		5,185		448,399
China Literature Ltd. ^(b)		55,000		177,135
CK Asset Holdings Ltd.		90,000		337,110
ENN Energy Holdings Ltd.		64,300		529,862
Hengan International Group Co. Ltd.		144,500		440,401
JD.com, Inc. - ADR ^(a)		13,569		350,623
Li Auto, Inc. - ADR ^(a)(b)		22,355		399,707
Meituan - ADR ^(b)		34,446		976,888
NetEase, Inc. - ADR ^(a)		9,324		891,188
Shenzhou International Group Holdings Ltd.		48,000		469,918
Tencent Holdings Ltd. - ADR ^(a)		114,280		5,412,301
Tencent Music Entertainment Group - ADR		17,514		246,072
Trip.com Group Ltd. - ADR ^(b)		19,946		937,462
Vipshop Holdings Ltd. - ADR		21,137		275,204
WuXi Biologics Cayman, Inc. ^(b)		253,500		374,617
XPeng, Inc. - ADR ^(a)(b)		27,625		202,491
ZTO Express Cayman, Inc. - ADR		17,989		373,272
				15,459,472
CHILE — 0.2%
Banco de Chile - ADR		11,775		266,468
Enel Chile S.A. - ADR		52,052		145,746
Sociedad Quimica y Minera de Chile S.A. - ADR ^(a)		10,226		416,709
				828,923
CHINA — 2.6%
Agricultural Bank of China Ltd. - H Shares		2,786,000		1,191,602
ANTA Sports Products Ltd.		92,000		883,594
Bank of China Ltd. - H Shares		3,583,000		1,766,489
BYD Co. Ltd. - ADR		6,004		354,716
BYD Co. Ltd. - H Shares		18,500		549,621
China CITIC Bank Corp. Ltd. - H Shares ^(b)		1,185,000		760,255
China Merchants Bank Co. Ltd. - H Shares		114,500		519,787
China Minsheng Banking Corp. Ltd. - H Shares		660,000		228,198
COSCO SHIPPING Holdings Co. Ltd. - H Shares		167,000		292,126
Haitian International Holdings Ltd.		133,000		378,101
Industrial & Commercial Bank of China Ltd. - H Shares		1,755,000		1,042,794
Jiangsu Expressway Co. Ltd. - H Shares ^(b)		1,162,000		1,239,523
PICC Property & Casualty Co. Ltd. - H Shares ^(b)		294,000		365,193
Ping An Insurance Group Co. of China Ltd. - ADR		7,088		64,288

	Coupon			Maturity		Par Value		Fair Value
COMMUNITY DEVELOPMENT — 0.9%
Calvert Impact Capital, Inc. ^(e)		3.000	%		12/15/24	$	120,000	$	117,887
Calvert Impact Capital, Inc. ^(e)		2.500	%		06/13/25		500,000		482,301
Calvert Impact Capital, Inc. ^(e)		2.500	%		12/15/25		400,000		378,900
Calvert Impact Capital, Inc. ^(e)		4.000	%		06/15/28		620,000		569,360
Calvert Impact Capital, Inc. ^(e)		5.000	%		12/15/28		200,000		189,350
Calvert Impact Capital, Inc. ^(e)		5.000	%		06/15/29		880,000		880,000
Capital Impact Partners Investment ^(e)		5.750	%		06/15/25		880,000		879,964
Capital Impact Partners Investment ^(e)		5.000	%		12/15/26		300,000		298,967
TOTAL CORPORATE NOTES (COST $3,900,000)								$	3,796,729

	Shares		Fair Value
COMMON STOCKS — 98.1%
ADVERTISING & MARKETING — 0.3%
Interpublic Group of Cos., Inc. (The) ^(a)		25,590	$	744,413
Omnicom Group, Inc. ^(a)		10,229		917,541
				1,661,954
APPAREL & TEXTILE PRODUCTS — 0.3%
NIKE, Inc. - Class B		22,680		1,709,392

ASSET MANAGEMENT — 1.6%
Ameriprise Financial, Inc.		1,540		657,873
BlackRock, Inc.		4,002		3,150,855
Charles Schwab Corp. (The)		37,470		2,761,164
Franklin Resources, Inc. ^(a)		24,430		546,010
Invesco Ltd.		34,830		521,057
Raymond James Financial, Inc.		3,370		416,566
T. Rowe Price Group, Inc.		5,830		672,257
				8,725,782
AUTOMOTIVE — 0.4%
Aptiv plc ^(b)		7,050		496,461
BorgWarner, Inc.		14,870		479,409
Ford Motor Co.		82,203		1,030,825
				2,006,695
BANKING — 7.8%
Bank of America Corp.		204,460		8,131,374
Citigroup, Inc.		63,306		4,017,399
Citizens Financial Group, Inc.		22,720		818,602
Fifth Third Bancorp		30,060		1,096,889
Huntington Bancshares, Inc.		76,040		1,002,207
JPMorgan Chase & Co.		83,705		16,930,173
KeyCorp		32,990		468,788
M&T Bank Corp.		8,184		1,238,730
PNC Financial Services Group, Inc. (The)		13,561		2,108,464
Regions Financial Corp.		43,890		879,556
Truist Financial Corp.		70,530		2,740,091
U.S. Bancorp		54,437		2,161,149
				41,593,422
BEVERAGES — 1.8%
Coca-Cola Co. (The)		64,720		4,119,428
Keurig Dr Pepper, Inc.		16,470		550,098
PepsiCo, Inc.		30,279		4,993,915
				9,663,441
BIOTECH & PHARMA — 7.7%
AbbVie, Inc.		30,160		5,173,043
Amgen, Inc.		15,040		4,699,248
Biogen, Inc. ^(b)		5,000		1,159,100
Bristol-Myers Squibb Co.		75,780		3,147,143
Gilead Sciences, Inc.		39,650		2,720,386
Johnson & Johnson		73,341		10,719,521
Merck & Co., Inc.		64,480		7,982,624
Moderna, Inc. ^(b)		9,330		1,107,938
Regeneron Pharmaceuticals, Inc. ^(b)		1,920		2,017,978
Vertex Pharmaceuticals, Inc. ^(b)		1,070		501,530
Zoetis, Inc.		10,000		1,733,600
				40,962,111
CABLE & SATELLITE — 0.8%
Comcast Corp. - Class A ^(a)		106,200		4,158,792

	Shares		Fair Value
COMMON STOCKS — 98.1%, continued
CHEMICALS — 3.8%
Air Products & Chemicals, Inc.		11,917	$	3,075,182
Dow, Inc.		14,230		754,901
DuPont de Nemours, Inc.		8,138		655,028
Ecolab, Inc.		3,050		725,900
FMC Corp. ^(a)		13,510		777,500
International Flavors & Fragrances, Inc.		6,622		630,481
Linde plc		15,566		6,830,516
LyondellBasell Industries N.V. - Class A		63,530		6,077,280
Mosaic Co. (The)		22,700		656,030
				20,182,818
COMMERCIAL SUPPORT SERVICES — 1.1%
Republic Services, Inc.		11,450		2,225,193
Rollins, Inc.		14,870		725,507
Waste Management, Inc.		12,790		2,728,619
				5,679,319
CONTAINERS & PACKAGING — 0.3%
Amcor plc		116,400		1,138,392
WestRock Co.		15,030		755,408
				1,893,800
DIVERSIFIED INDUSTRIALS — 1.5%
Dover Corp.		7,683		1,386,398
Emerson Electric Co.		31,994		3,524,459
Illinois Tool Works, Inc.		12,695		3,008,207
				7,919,064
E-COMMERCE DISCRETIONARY — 0.1%
eBay, Inc.		12,910		693,525

ELECTRIC UTILITIES — 4.8%
AES Corp. (The) ^(a)		22,334		392,408
Alliant Energy Corp.		9,970		507,473
Ameren Corp. ^(a)		7,630		542,569
American Electric Power Co., Inc.		16,270		1,427,530
CenterPoint Energy, Inc.		19,510		604,420
CMS Energy Corp.		12,530		745,911
Consolidated Edison, Inc.		29,931		2,676,430
DTE Energy Co.		7,370		818,144
Duke Energy Corp. ^(a)		29,394		2,946,160
Edison International		16,627		1,193,985
Eversource Energy		23,210		1,316,239
Exelon Corp.		36,210		1,253,228
NextEra Energy, Inc.		67,600		4,786,756
PPL Corp.		22,540		623,231
Sempra		16,966		1,290,434
Southern Co. (The)		41,691		3,233,971
WEC Energy Group, Inc.		7,950		623,757
Xcel Energy, Inc.		9,744		520,427
				25,503,073
ELECTRICAL EQUIPMENT — 3.4%
Carrier Global Corp.		15,630		985,940
Generac Holdings, Inc. ^(a)(b)		5,380		711,344
Johnson Controls International plc		45,737		3,040,138
Keysight Technologies, Inc. ^(b)		26,350		3,603,362
Otis Worldwide Corp.		20,480		1,971,405
Rockwell Automation, Inc.		7,420		2,042,578
TE Connectivity Ltd.		14,490		2,179,731

	Shares		Fair Value
COMMON STOCKS — 98.6%
ADVERTISING & MARKETING — 0.1%
Interpublic Group of Cos., Inc. (The) ^(a)		23,990	$	697,869

APPAREL & TEXTILE PRODUCTS — 0.1%
NIKE, Inc. - Class B		9,670		728,828

AUTOMOTIVE — 2.0%
Tesla, Inc. ^(b)		64,320		12,727,642

BEVERAGES — 0.6%
Coca-Cola Co. (The)		29,840		1,899,316
PepsiCo, Inc.		13,850		2,284,281
				4,183,597
BIOTECH & PHARMA — 4.5%
AbbVie, Inc.		7,461		1,279,711
Eli Lilly & Co.		21,650		19,601,477
Merck & Co., Inc.		23,611		2,923,042
Regeneron Pharmaceuticals, Inc. ^(b)		1,821		1,913,926
Vertex Pharmaceuticals, Inc. ^(b)		4,274		2,003,309
Zoetis, Inc.		5,260		911,873
				28,633,338
CHEMICALS — 1.1%
Linde plc		13,918		6,107,358
LyondellBasell Industries N.V. - Class A		10,990		1,051,303
				7,158,661
COMMERCIAL SUPPORT SERVICES — 0.4%
Cintas Corp.		1,770		1,239,460
Republic Services, Inc.		3,500		680,190
Waste Management, Inc.		2,274		485,135
				2,404,785
DIVERSIFIED INDUSTRIALS — 0.2%
Illinois Tool Works, Inc.		5,274		1,249,727

E-COMMERCE DISCRETIONARY — 5.4%
Amazon.com, Inc. ^(b)		175,000		33,818,750
eBay, Inc.		8,540		458,769
				34,277,519
ELECTRIC UTILITIES — 0.2%
AES Corp. (The) ^(a)		24,480		430,114
NextEra Energy, Inc.		6,390		452,476
Sempra		8,850		673,131
				1,555,721
ELECTRICAL EQUIPMENT — 1.1%
Amphenol Corp. - Class A		11,944		804,667
Carrier Global Corp.		10,260		647,201
Keysight Technologies, Inc. ^(b)		3,981		544,402
Otis Worldwide Corp.		4,950		476,487
Rockwell Automation, Inc.		3,288		905,120
Trane Technologies plc		10,630		3,496,526
				6,874,403
ENTERTAINMENT CONTENT — 0.2%
Electronic Arts, Inc.		4,545		633,255
Walt Disney Co. (The)		5,103		506,677
				1,139,932

	Shares		Fair Value
COMMON STOCKS — 98.6%, continued
FOOD — 0.2%
Mondelez International, Inc. - Class A		18,040	$	1,180,538

GAS & WATER UTILITIES — 0.1%
American Water Works Co., Inc.		3,310		427,520

HEALTH CARE FACILITIES & SERVICES — 0.5%
Cencora, Inc.		2,670		601,551
DaVita, Inc. ^(a)(b)		3,750		519,638
Elevance Health, Inc.		1,320		715,255
IQVIA Holdings, Inc. ^(b)		2,778		587,380
McKesson Corp.		1,910		1,115,516
				3,539,340
HOME CONSTRUCTION — 0.3%
D.R. Horton, Inc.		4,420		622,910
Lennar Corp. - Class A		480		71,938
PulteGroup, Inc.		9,050		996,405
				1,691,253
HOUSEHOLD PRODUCTS — 1.0%
Church & Dwight Co., Inc. ^(a)		4,800		497,664
Colgate-Palmolive Co.		10,057		975,932
Procter & Gamble Co. (The)		31,360		5,171,891
				6,645,487
INDUSTRIAL SUPPORT SERVICES — 0.5%
Fastenal Co.		2,060		129,451
United Rentals, Inc.		1,770		1,144,712
W.W. Grainger, Inc.		2,530		2,282,667
				3,556,830
INSTITUTIONAL FINANCIAL SERVICES — 0.1%
Nasdaq, Inc.		8,490		511,607

INSURANCE — 0.4%
Aon plc - Class A		2,560		751,565
Arch Capital Group Ltd. ^(b)		5,760		581,126
Progressive Corp. (The)		5,690		1,181,870
				2,514,561
INTERNET MEDIA & SERVICES — 14.8%
Airbnb, Inc. - Class A ^(b)		4,890		741,471
Alphabet, Inc. - Class A		156,720		28,546,548
Alphabet, Inc. - Class C		124,120		22,766,090
Booking Holdings, Inc.		140		554,610
Meta Platforms, Inc. - Class A		58,280		29,385,941
Netflix, Inc. ^(b)		11,970		8,078,314
Uber Technologies, Inc. ^(b)		57,750		4,197,270
				94,270,244
LEISURE FACILITIES & SERVICES — 1.6%
Chipotle Mexican Grill, Inc. ^(b)		45,350		2,841,177
Hilton Worldwide Holdings, Inc.		7,350		1,603,770
Marriott International, Inc. - Class A		6,510		1,573,923
McDonald’s Corp.		7,377		1,879,955
Royal Caribbean Cruises Ltd. ^(a)(b)		6,470		1,031,512
Starbucks Corp.		13,262		1,032,447
				9,962,784
LEISURE PRODUCTS — 0.2%
Axon Enterprise, Inc. ^(b)		1,360		400,166

	Shares		FaiR Value
COMMON STOCKS — 98.7%
ADVERTISING & MARKETING — 0.2%
QuinStreet, Inc. ^(a)		15,860	$	263,117

AEROSPACE & DEFENSE — 0.2%
Barnes Group, Inc. ^(b)		10,110		418,655

APPAREL & TEXTILE PRODUCTS — 1.4%
Hanesbrands, Inc. ^(a)(b)		51,000		251,430
Kontoor Brands, Inc.		6,660		440,559
Movado Group, Inc.		6,810		169,297
Oxford Industries, Inc. ^(b)		3,465		347,020
Steven Madden Ltd.		11,935		504,850
VF Corp. ^(b)		27,710		374,085
Wolverine World Wide, Inc. ^(b)		19,270		260,530
				2,347,771
ASSET MANAGEMENT — 1.0%
Artisan Partners Asset Management, Inc. - Class A ^(b)		8,840		364,827
B. Riley Financial, Inc. ^(b)		9,890		174,460
BrightSphere Investment Group, Inc.		7,030		155,855
Kennedy-Wilson Holdings, Inc. ^(b)		41,750		405,810
StepStone Group, Inc. - Class A ^(b)		2,890		132,622
Virtus Investment Partners, Inc.		920		207,782
WisdomTree, Inc.		21,350		211,578
				1,652,934
AUTOMOTIVE — 0.5%
Dana, Inc. ^(b)		14,900		180,588
Dorman Products, Inc. ^(a)		2,970		271,696
Gentherm, Inc. ^(a)		4,670		230,324
Phinia, Inc.		5,290		208,214
				890,822
BANKING — 8.5%
Ameris Bancorp ^(b)		7,424		373,798
Atlantic Union Bankshares Corp. ^(b)		7,690		252,616
Axos Financial, Inc. ^(a)		8,590		490,918
Banc of California, Inc. ^(b)		13,321		170,242
BancFirst Corp.		3,710		325,367
Bancorp, Inc. (The) ^(a)(b)		10,190		384,774
Bank of Hawaii Corp. ^(b)		5,430		310,650
BankUnited, Inc.		12,200		357,094
Banner Corp. ^(b)		2,830		140,481
Berkshire Hills Bancorp, Inc.		7,000		159,600
Brookline Bancorp, Inc.		15,670		130,845
Capitol Federal Financial, Inc.		35,510		194,950
Cathay General Bancorp		6,960		262,531
Central Pacific Financial Corp.		12,720		269,664
City Holding Co. ^(b)		2,750		292,188
Comerica, Inc. ^(b)		2,650		135,256
Community Financial System, Inc. ^(b)		2,820		133,132
Customers Bancorp, Inc. ^(a)		10,660		511,467
CVB Financial Corp.		21,560		371,694
Dime Community Bancshares, Inc.		12,609		257,224
Eagle Bancorp, Inc.		10,010		189,189
FB Financial Corp. ^(b)		7,386		288,276
First BanCorp		38,970		712,761
First Bancorp/NC ^(b)		5,760		183,859
First Financial Bancorp		9,830		218,423
First Hawaiian, Inc.		13,580		281,921

	Shares		FaiR Value
COMMON STOCKS — 98.7%, continued
BANKING — 8.5%, continued
Fulton Financial Corp. ^(b)		14,520	$	246,550
Hanmi Financial Corp. ^(b)		9,870		165,026
Heritage Financial Corp.		8,470		152,714
Hope Bancorp, Inc.		13,410		144,023
Independent Bank Corp.		4,640		235,341
Independent Bank Group, Inc.		4,740		215,765
Lakeland Financial Corp. ^(b)		3,090		190,097
National Bank Holdings Corp. - Class A		6,570		256,559
NBT Bancorp, Inc.		4,520		174,472
Northwest Bancshares, Inc.		21,190		244,745
OFG Bancorp		7,230		270,764
Pacific Premier Bancorp, Inc.		15,096		346,755
Park National Corp. ^(b)		2,050		291,797
Pathward Financial, Inc. ^(b)		6,750		381,848
Preferred Bank ^(b)		2,910		219,676
Provident Financial Services, Inc.		14,020		201,187
Renasant Corp.		5,600		171,024
Seacoast Banking Corp. of Florida		11,950		282,498
ServisFirst Bancshares, Inc.		10,670		674,237
Simmons First National Corp. - Class A ^(b)		12,940		227,485
SiriusPoint Ltd. ^(a)		21,000		256,200
Triumph Financial, Inc. ^(a)(b)		5,040		412,020
Trustmark Corp.		9,210		276,668
United Community Banks, Inc.		14,330		364,842
Veritex Holdings, Inc.		12,430		262,149
WaFd, Inc.		7,540		215,493
WSFS Financial Corp. ^(b)		7,320		344,040
				14,622,895
BEVERAGES — 0.1%
National Beverage Corp. ^(b)		4,440		227,506

BIOTECH & PHARMA — 3.0%
Alkermes plc ^(a)(b)		18,380		442,958
Amphastar Pharmaceuticals, Inc. ^(a)(b)		6,470		258,800
Arcus Biosciences, Inc. ^(a)		10,060		153,214
Catalyst Pharmaceutical, Inc. ^(a)		15,260		236,377
Certara, Inc. ^(a)		12,320		170,632
Collegium Pharmaceutical, Inc. ^(a)		9,800		315,560
Cytek Biosciences, Inc. ^(a)		36,790		205,288
Dynavax Technologies Corp. ^(a)		20,100		225,723
Harmony Biosciences Holdings, Inc. ^(a)(b)		4,890		147,531
Innoviva, Inc. ^(a)(b)		11,970		196,308
Ironwood Pharmaceuticals, Inc. ^(a)		42,820		279,186
Krystal Biotech, Inc. ^(a)		730		134,057
Ligand Pharmaceuticals, Inc. ^(a)		2,760		232,558
Organon & Co.		34,670		717,669
Pacira BioSciences, Inc. ^(a)		8,940		255,773
Prestige Consumer Healthcare, Inc. ^(a)		6,630		456,476
REGENXBIO, Inc. ^(a)		11,450		133,965
Supernus Pharmaceuticals, Inc. ^(a)		7,570		202,498
Vir Biotechnology, Inc. ^(a)		21,430		190,727
Xencor, Inc. ^(a)(b)		8,400		159,012
				5,114,312
CABLE & SATELLITE — 0.1%
Cable One, Inc. ^(b)		620		219,480

CHEMICALS — 2.8%
AdvanSix, Inc.		7,800		178,776

	Shares		Fair Value
MONEY MARKET FUNDS — 0.3%
First American Government Obligations Fund - Class X, 5.23% ^(f) (COST $446,663)		446,663	$	446,663

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 26.8%
Mount Vernon Liquid Assets Portfolio, LLC, 5.46% ^(f)(g) (COST $46,021,860)		46,021,860	$	46,021,860

TOTAL INVESTMENTS - (COST $171,318,836) — 126.7%			$	217,113,684
LIABILITIES IN EXCESS OF OTHER ASSETS — (26.7%)				(45,731,019	)
NET ASSETS — 100.0%			$	171,382,665

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 100.0%
DEBT FUND — 69.9%
Praxis Impact Bond Fund - Class I		1,800,984	$	16,587,060

EQUITY FUND — 30.1%
Praxis Growth Index Fund - Class I		48,169		2,204,219
Praxis International Index Fund - Class I		163,209		2,149,467
Praxis Small Cap Index Fund - Class I		53,998		601,535
Praxis Value Index Fund - Class I		121,444		2,194,494
				7,149,715

TOTAL AFFILIATED MUTUAL FUNDS (COST $21,240,749)			$	23,736,775

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 5.23% ^(b) (COST $6,659)		6,659		6,659

TOTAL INVESTMENTS - (COST $21,247,408) — 100.0%			$	23,743,434
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0%) ^(a)				(2,481	)
NET ASSETS — 100.0%			$	23,740,953

	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	$	1,023,565,306		$	345,316,683		$	447,339,011		$	269,650,168		$	171,318,836
Investments in unaffiliated securities, at fair value*	$	943,615,456		$	482,983,166		$	545,516,915		$	639,561,167		$	217,113,684
Cash		67,919			—			—			—			—
Foreign currency, at value (Cost $1,232)		—			1,232			—			—			—
Receivable for capital shares sold		716,553			255,186			2,693,149			2,341,807			202,567
Receivable for investments sold		183			15,367,006			—			—			—
Receivable for dividends and interest		6,689,332			1,440,784			597,887			173,616			199,218
Receivable for tax reclaims		39,204			998,431			—			—			—
Prepaid expenses and other assets		53,610			31,732			51,310			43,009			26,022
Total Assets		951,182,257			501,077,537			548,859,261			642,119,599			217,541,491

Liabilities
Distributions payable		1,208,861			—			—			—			—
Due to custodian		—			730,292			—			—			—
Payable for capital shares redeemed		825,480			246,077			473,843			362,478			68,412
Payable for investments purchased		—			13,321,753			—			—			—
Payable for return of collateral received for securities on loan		13,975,888			56,083,394			13,384,083			5,600,362			46,021,860
Accrued expenses and other payables:
Investment advisory fees		270,402			144,021			103,557			119,331			41,890
Administration fees		31,468			14,528			17,925			21,190			5,736
Distribution fees		6,126			2,556			7,785			21,359			1,212
Other		121,132			115,933			64,874			81,411			19,716
Total Liabilities		16,439,357			70,658,554			14,052,067			6,206,131			46,158,826

Net Assets	$	934,742,900		$	430,418,983		$	534,807,194		$	635,913,468		$	171,382,665

Components of Net Assets
Paid-in capital	$	1,026,431,853		$	330,292,339		$	389,273,692		$	255,629,118		$	131,972,636
Accumulated earnings (deficit)		(91,688,953	)		100,126,644			145,533,502			380,284,350			39,410,029
Net Assets	$	934,742,900		$	430,418,983		$	534,807,194		$	635,913,468		$	171,382,665

Pricing of Class A Shares
Net assets attributable to Class A shares	$	30,123,048		$	12,458,860		$	40,041,780		$	106,017,393		$	5,910,284
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)		3,254,158			952,402			2,200,465			2,350,112			594,041
Net asset value, offering price and redemption price per share*	$	9.26		$	13.08		$	18.20		$	45.11		$	9.95
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]	$	9.62		$	13.80		$	19.21		$	47.61		$	10.50

Pricing of Class I Shares
Net assets attributable to Class I shares	$	904,619,852		$	417,960,123		$	494,765,414		$	529,896,075		$	165,472,381
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		98,203,837			31,735,664			27,386,600			11,580,063			14,856,058
Net asset value and redemption price per share	$	9.21		$	13.17		$	18.07		$	45.76		$	11.14
*Includes fair value of securities on loan	$	13,581,002		$	53,108,208		$	13,066,990		$	5,362,157		$	45,158,480

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Assets
Investments in affiliated securities, at cost	$	21,240,749		$	68,838,537		$	72,448,982
Investments in unaffiliated securities, at cost		6,659			1,755			1,102
Investments in affiliated securities, at fair value	$	23,736,775		$	93,116,846		$	108,282,294
Investments in unaffiliated securities, at fair value		6,659			1,755			1,102
Receivable for capital shares sold		2,116			12,214			14,102
Receivable for investments sold		6,229			26,867			58,317
Receivable for dividends		48,166			107,674			62,526
Prepaid expenses and other assets		13,031			9,587			17,995
Total Assets		23,812,976			93,274,943			108,436,336

Liabilities
Distributions payable		292			420			189
Payable for capital shares redeemed		8,053			38,661			72,230
Payable for investments purchased		48,139			107,667			62,522
Accrued expenses and other payables:
Investment advisory fees		973			3,816			4,442
Administration fees		584			2,290			2,666
Distribution fees		4,866			19,080			22,210
Other		9,116			22,013			24,834
Total Liabilities		72,023			193,947			189,093

Net Assets	$	23,740,953		$	93,080,996		$	108,247,243

Components of Net Assets
Paid-in capital	$	21,326,554		$	68,306,388		$	72,315,555
Accumulated earnings		2,414,399			24,774,608			35,931,688
Net Assets	$	23,740,953		$	93,080,996		$	108,247,243

Pricing of Class A Shares
Net assets attributable to Class A shares	$	23,740,953		$	93,080,996		$	108,247,243
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)		2,006,356			6,002,329			5,766,421
Net asset value and redemption price per share	$	11.83		$	15.51		$	18.77
Maximum sales charge		5.25	%		5.25	%		5.25	%
Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]	$	12.49		$	16.37		$	19.81

	Praxis Impact Bond Fund						Praxis International Index Fund
	For the Six Months Ended June 30, 2024 (Unaudited)			For the Year Ended December 31, 2023			For the Six Months Ended June 30, 2024 (Unaudited)			For the Year Ended December 31, 2023
From Operations
Net investment income	$	15,071,569		$	22,949,915		$	6,534,473		$	9,154,404
Net realized losses from investments and foreign currency transactions		(803,327	)		(3,056,586	)		(1,557,933	)		(2,867,450	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		(16,786,092	)		23,096,179			20,901,922			45,720,498
Net Change in Net Assets from Operations		(2,517,850	)		42,989,508			25,878,462			52,007,452

Distributions to Shareholders
Class A		(457,659	)		(845,817	)		—			(345,315	)
Class I		(14,801,430	)		(22,459,720	)		—			(12,341,428	)
Change in Net Assets from Distributions to Shareholders		(15,259,089	)		(23,305,537	)		—			(12,686,743	)

Change in Net Assets from Capital Transactions (Note 6)		99,212,539			164,118,235			8,266,206			18,522,157
Change in Net Assets		81,435,600			183,802,206			34,144,668			57,842,866

Net Assets
Beginning of period		853,307,300			669,505,094			396,274,315			338,431,449
End of period	$	934,742,900		$	853,307,300		$	430,418,983		$	396,274,315

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Net asset value at beginning of period	$	9.45		$	9.19		$	10.78		$	11.19		$	10.67		$	10.12
Net investment income ^(a)		0.14			0.24			0.17			0.14			0.19			0.23
Net realized and unrealized gains (losses) on investments		(0.19	)		0.26			(1.58	)		(0.39	)		0.60			0.55
Total from investment operations		(0.05	)		0.50			(1.41	)		(0.25	)		0.79			0.78
Less distributions from:
Net investment income		(0.14	)		(0.24	)		(0.18	)		(0.16	)		(0.20	)		(0.23	)
Net realized gains		—			—			—			—			(0.07	)		—
Total distributions		(0.14	)		(0.24	)		(0.18	)		(0.16	)		(0.27	)		(0.23	)
Paid-in capital from redemption fees		—			—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	9.26		$	9.45		$	9.19		$	10.78		$	11.19		$	10.67
Total return (excludes sales charge)		(0.53	%)^(c)		5.56	%		(13.12	%)		(2.23	%)		7.45	%		7.75	%
Net assets at end of period (in 000s)	$	30,123		$	33,489		$	29,546		$	41,413		$	48,146		$	58,383
Ratio of expenses to average net assets		0.92	%^(d)		0.88	%		0.94	%		0.88	%		0.92	%		0.95	%
Ratio of net investment income to average net assets		2.96	%^(d)		2.60	%		1.74	%		1.28	%		1.72	%		2.16	%
Portfolio turnover rate		4.22	%^(c)		13.19	%		21.12	%		14.68	%		31.27	%		17.58	%

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Municipal Bonds	$	—	$	10,369,893	$	—	$	10,369,893
Corporate Bonds		—		286,754,130		—		286,754,130
Corporate Notes		—		8,944,665		—		8,944,665
Foreign Governments		—		48,562,821		—		48,562,821
Commercial Mortgage-Backed Securities		—		30,230		—		30,230
U.S. Government Agencies		—		508,899,364		—		508,899,364
Asset Backed Securities		—		52,718,542		—		52,718,542
Money Market Funds		10,205,879		—		—		10,205,879
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		13,975,888
Investment Companies		3,154,044		—		—		3,154,044
Total Investments	$	13,359,923	$	916,279,645	$	—	$	943,615,456

	International Index Fund		Small Cap Index Fund
Balance as of December 31, 2023	$	869	$	1,730
Change in Unrealized Appreciation (Depreciation)		—		(679	)
Balance as of June 30, 2024	$	869	$	1,051

International Index Fund
	6/30/2024		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

Small Cap Index Fund
	6/30/2024		Valuation Technique	Unobservable Input	Range	Impact to Valuation from a Decrease in Input *
Rights		$1,051	Discount on Future Cash Flows	Estimate of Future Cash Flows	100%	Decrease

	Purchases		Sales
Impact Bond Fund	$	79,694,834	$	20,559,311
International Index Fund		81,277,165		67,372,141
Value Index Fund		40,010,964		26,282,219
Growth Index Fund		16,214,223		41,735,414
Small Cap Index Fund		19,949,272		13,207,789
Conservative Portfolio		1,339,303		2,527,266
Balanced Portfolio		5,687,960		6,814,694
Growth Portfolio		6,249,148		8,323,645

	For the six months ended June 30, 2024
Affiliate	Fair Value at December 31, 2023		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at June 30, 2024		Dividend Income		Long-Term Capital Gain Distributions		Shares at June 30, 2024
Conservative Portfolio
Growth Index - Class I	$	2,264,723	$	49,051	$	(574,212	)	$	368,559		$	96,098		$	2,204,219	$	—	$	—		48,169
Impact Bond - Class I		17,204,337		1,110,468		(1,370,947	)		(182,130	)		(174,668	)		16,587,060		283,649		—		1,800,984
International Index - Class I		2,229,367		36,788		(253,158	)		39,163			97,307			2,149,467		—		—		163,209
Small Cap Index - Class I		606,337		45,172		(48,963	)		1,701			(2,712	)		601,535		—		—		53,998
Value Index - Class I		2,272,532		97,824		(279,986	)		103,356			768			2,194,494		—		—		121,444
Total	$	24,577,296	$	1,339,303	$	(2,527,266	)	$	330,649		$	16,793		$	23,736,775	$	283,649	$	—		2,187,804


Impact Bond Fund*	0.36	%
International Index Fund**	0.41	%
Value Index Fund***	0.24	%
Growth Index Fund***	0.23	%
Small Cap Index Fund***	0.30	%
Conservative Portfolio	0.05	%
Balanced Portfolio	0.05	%
Growth Portfolio	0.05	%

	Year Waived		Year Repayment Expires		Balance
Small Cap Index Fund		2021		2024	$	97
					$	97

	Impact Bond Fund						International Index Fund
	Six Months Ended June 30, 2024 (unaudited)			Year Ended December 31, 2023			Six Months Ended June 30, 2024 (unaudited)			Year Ended December 31, 2023
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	3,292,233		$	9,518,037		$	1,864,178		$	3,381,691
Dividends reinvested		416,702			761,801			—			335,467
Cost of shares redeemed		(6,398,933	)		(7,112,939	)		(2,602,908	)		(3,015,709	)
Class A Share Transactions	$	(2,689,998	)	$	3,166,899		$	(738,730	)	$	701,449
Class I Shares:
Proceeds from shares issued	$	157,020,531		$	336,674,060		$	37,643,937		$	84,152,362
Dividends reinvested		8,032,627			12,348,750			—			5,593,168
Cost of shares redeemed		(63,150,621	)		(188,071,474	)		(28,639,001	)		(71,924,822	)
Class I Share Transactions	$	101,902,537		$	160,951,336		$	9,004,936		$	17,820,708
Net change from capital transactions	$	99,212,539		$	164,118,235		$	8,266,206		$	18,522,157
Share Transactions:
Class A Shares:
Issued		355,319			1,024,482			148,189			286,749
Reinvested		45,024			82,581			—			27,229
Redeemed		(689,799	)		(777,400	)		(206,644	)		(254,296	)
Change in Class A Shares:		(289,456	)		329,663			(58,455	)		59,682
Class I Shares:
Issued		16,994,042			36,542,540			2,972,188			7,102,400
Reinvested		872,885			1,346,043			—			452,156
Redeemed		(6,847,642	)		(20,664,257	)		(2,241,239	)		(6,075,083	)
Change in Class I Shares:		11,019,285			17,224,326			730,949			1,479,473
Net change from share transactions		10,729,829			17,553,989			672,494			1,539,155

	Value Index Fund						Growth Index Fund						Small Cap Index Fund
	Six Months Ended June 30, 2024 (unaudited)			Year Ended December 31, 2023			Six Months Ended June 30, 2024 (unaudited)			Year Ended December 31, 2023			Six Months Ended June 30, 2024 (unaudited)			Year Ended December 31, 2023
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	16,387,027		$	7,481,321		$	4,243,198		$	4,964,435		$	977,663		$	771,624
Dividends reinvested		—			1,296,149			—			1,519,694			—			52,695
Cost of shares redeemed		(8,616,518	)		(7,447,543	)		(5,865,169	)		(9,714,115	)		(1,185,779	)		(750,859	)
Class A Share Transactions	$	7,770,509		$	1,329,927		$	(1,621,971	)	$	(3,229,986	)	$	(208,116	)	$	73,460
Class I Shares:
Proceeds from shares issued	$	53,990,476		$	161,683,003		$	61,407,331		$	106,967,357		$	17,553,947		$	32,989,597
Dividends reinvested		—			16,660,224			—			6,372,230			—			1,003,780
Cost of shares redeemed		(50,675,894	)		(136,299,815	)		(83,738,997	)		(138,221,932	)		(11,225,847	)		(40,617,139	)
Class I Share Transactions	$	3,314,582		$	42,043,412		$	(22,331,666	)	$	(24,882,345	)	$	6,328,100		$	(6,623,762	)
Net change from capital transactions	$	11,085,091		$	43,373,339		$	(23,953,637	)	$	(28,112,331	)	$	6,119,984		$	(6,550,302	)
Share Transactions:
Class A Shares:
Issued		915,666			456,897			105,446			148,030			99,153			83,991
Reinvested		—			74,490			—			41,197			—			5,202
Redeemed		(473,128	)		(453,487	)		(144,823	)		(286,406	)		(119,949	)		(83,403	)
Change in Class A Shares:		442,538			77,900			(39,377	)		(97,179	)		(20,796	)		5,790
Class I Shares:
Issued		3,035,248			9,782,029			1,499,093			3,195,436			1,591,369			3,272,419
Reinvested		—			963,576			—			170,199			—			88,830
Redeemed		(2,850,587	)		(8,339,038	)		(2,013,810	)		(4,132,576	)		(1,016,804	)		(3,948,803	)
Change in Class I Shares:		184,661			2,406,567			(514,717	)		(766,941	)		574,565			(587,554	)
Net change from share transactions		627,199			2,484,467			(554,094	)		(864,120	)		553,769			(581,764	)

	Conservative Portfolio						Balanced Portfolio						Growth Portfolio
	Six Months Ended June 30, 2024 (unaudited)			Year Ended December 31, 2023			Six Months Ended June 30, 2024 (unaudited)			Year Ended December 31, 2023			Six Months Ended June 30, 2024 (unaudited)			Year Ended December 31, 2023
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	696,918		$	1,612,005		$	4,603,530		$	8,505,001		$	5,840,922		$	8,361,014
Dividends reinvested		210,670			514,413			393,327			2,072,823			88,151			2,336,069
Cost of shares redeemed		(2,084,440	)		(3,466,412	)		(6,133,024	)		(8,297,651	)		(8,013,294	)		(6,866,983	)
Class A Share Transactions	$	(1,176,852	)	$	(1,339,994	)	$	(1,136,167	)	$	2,280,173		$	(2,084,221	)	$	3,830,100
Net change from capital transactions	$	(1,176,852	)	$	(1,339,994	)	$	(1,136,167	)	$	2,280,173		$	(2,084,221	)	$	3,830,100
Share Transactions:
Class A Shares:
Issued		59,772			144,009			305,298			603,723			323,106			504,106
Reinvested		18,041			45,291			25,951			141,743			4,840			132,222
Redeemed		(179,303	)		(310,508	)		(406,902	)		(588,335	)		(440,572	)		(414,052	)
Change in Class A Shares:		(101,490	)		(121,208	)		(75,653	)		157,131			(112,626	)		222,276
Net change from share transactions		(101,490	)		(121,208	)		(75,653	)		157,131			(112,626	)		222,276

	Impact Bond Fund				International Index Fund				Value Index Fund
	2024		2023		2024		2023		2024		2023
From ordinary income	$	15,259,089	$	23,305,537	$	—	$	12,686,743	$	—	$	6,081,679
From long-term capital gains		—		—		—		—		—		18,038,373
Total distributions	$	15,259,089	$	23,305,537	$	—	$	12,686,743	$	—	$	24,120,052