NPORT-EX 2 214.htm SOI

 

Schedule of Portfolio Investments

Praxis Impact Bond Fund

September 30, 2023 (Unaudited)  

 

MUNICIPAL BONDS - 1.0%  Coupon   Maturity  Principal Amount   Fair Value 
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A   7.334%  02/15/28  $1,000,000   $1,042,424 
Findlay City School District, Series 2010-B   6.250%  12/01/37   270,000    270,286 
Houston, Texas, Independent School District, Series 2009A-2   6.168%  02/15/34   1,000,000    1,004,880 
Massachusetts St., Series 2016-F   3.277%  06/01/46   3,100,000    2,239,285 
University of Texas, Rev., Series 2020 B   2.439%  08/15/49   1,875,000    1,119,276 
University of Virginia, Rev., Series 2009   6.200%  09/01/39   2,000,000    2,115,453 
TOTAL MUNICIPAL BONDS (COST $8,906,217)       $7,791,604 

 

CORPORATE BONDS - 34.4%  Coupon   Maturity  Principal Amount   Fair Value 
APPAREL & TEXTILE PRODUCTS - 0.1%               
VF Corp.   2.400%  04/23/25  $536,000   $505,105 
                   
ASSET MANAGEMENT - 0.1%                  
Ameriprise Financial, Inc.   3.000%  04/02/25   730,000    700,193 
                   
AUTOMOTIVE - 0.3%                  
BorgWarner, Inc. (a)   2.650%  07/01/27   601,000    536,584 
Honda Motor Co. Ltd. (a)   2.967%  03/10/32   760,000    639,752 
Hyundai Capital Services, Inc. (b)   1.250%  02/08/26   200,000    179,411 
Magna International, Inc.   2.450%  06/15/30   1,250,000    1,024,736 
                 2,380,483 
BANKING - 3.9%                  
Bank of America Corp., Series N   0.981%  09/25/25   1,500,000    1,420,710 
Bank of America Corp., Series N   2.456%  10/22/25   1,000,000    960,343 
Bank of America Corp., Series N   1.530%  12/06/25   2,000,000    1,888,473 
Bank of America Corp., Series N   4.271%  07/23/29   1,000,000    921,644 
Bank of America Corp., Series N   2.572%  10/20/32   1,500,000    1,152,589 
Bank of Montreal   3.300%  02/05/24   1,000,000    990,546 
Bank of Montreal (a)   5.203%  02/01/28   1,750,000    1,708,146 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 34.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
BANKING - 3.9% (Continued)               
Bank of New York Mellon Corp. (The), Series J   4.967%  04/26/34  $2,000,000   $1,844,178 
Citigroup, Inc.   3.700%  01/12/26   1,750,000    1,664,968 
Citigroup, Inc.   2.014%  01/25/26   1,000,000    944,302 
Citigroup, Inc.   2.572%  06/03/30   2,000,000    1,594,815 
ING Groep N.V. (b)   4.625%  01/06/26   1,250,000    1,210,965 
JPMorgan Chase & Co.   0.563%  02/16/25   500,000    488,820 
JPMorgan Chase & Co. (a)   3.200%  06/15/26   2,557,000    2,404,046 
JPMorgan Chase & Co.   2.739%  10/15/30   2,000,000    1,672,534 
KeyBank National Association   4.150%  08/08/25   1,000,000    941,710 
M&T Bank Corp.   4.553%  08/16/28   1,500,000    1,381,608 
PNC Financial Services Group, Inc. (The) (a)   4.758%  01/26/27   1,500,000    1,458,131 
PNC Financial Services Group, Inc. (The) (a)   5.582%  06/12/29   1,000,000    970,114 
Regions Financial Corp.   2.250%  05/18/25   1,000,000    932,849 
State Street Corp.   7.350%  06/15/26   1,000,000    1,042,859 
State Street Corp.   4.164%  08/04/33   1,000,000    873,017 
Sumitomo Mitsui Financial Group, Inc.   0.508%  01/12/24   2,000,000    1,970,299 
Truist Financial Corp. (SOFR + 60.90) (c)   1.267%  03/02/27   1,000,000    886,041 
UBS AG London   5.650%  09/11/28   550,000    541,982 
                 31,865,689 
BEVERAGES - 0.1%                  
Coca-Cola Co. (The)   3.450%  03/25/30   500,000    452,571 
Coca-Cola Femsa S.A.B. de C.V. (a)   1.850%  09/01/32   1,000,000    743,970 
                 1,196,541 
 BIOTECH & PHARMA - 0.5%                  
AbbVie, Inc.   2.950%  11/21/26   500,000    464,006 
Amgen, Inc. (a)   3.000%  02/22/29   2,500,000    2,221,555 
Gilead Sciences, Inc.   3.650%  03/01/26   750,000    717,967 
Zeneca Wilmington, Inc.   7.000%  11/15/23   375,000    375,258 
                 3,778,786 
CABLE & SATELLITE - 0.4%                  
Comcast Corp.   3.300%  04/01/27   500,000    465,493 
Comcast Corp. (a)   4.650%  02/15/33   1,000,000    936,216 
Comcast Corp.   2.937%  11/01/56   672,000    381,915 
Time Warner Cable, Inc. (a)   4.500%  09/15/42   500,000    346,409 
WarnerMedia Holdings, Inc.   4.054%  03/15/29   1,500,000    1,336,442 
                 3,466,475 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 34.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
CHEMICALS - 0.7%               
Avery Dennison Corp.   2.650%  04/30/30  $1,250,000   $1,019,442 
DowDuPont, Inc.   4.493%  11/15/25   1,500,000    1,464,334 
Ecolab, Inc.   4.800%  03/24/30   140,000    136,147 
Ecolab, Inc.   2.750%  08/18/55   1,470,000    829,703 
LG Chemical Ltd. (b)   3.250%  10/15/24   290,000    281,950 
Nutrien Ltd.   5.875%  12/01/36   840,000    796,778 
Solvay Finance S.A. (b)   4.450%  12/03/25   1,250,000    1,204,036 
                 5,732,390 
CONSTRUCTION MATERIALS - 0.3%                  
Carlisle Cos., Inc.   3.500%  12/01/24   1,250,000    1,213,274 
Owens Corning   4.200%  12/01/24   1,000,000    978,442 
Owens Corning   3.950%  08/15/29   300,000    272,542 
                 2,464,258 
CONSUMER SERVICES - 4.5%                  
Andrew W. Mellon Funding   0.947%  08/01/27   1,050,000    898,772 
California Endowment (The)   2.498%  04/01/51   4,500,000    2,609,348 
Conservation Fund, Series 2019   3.474%  12/15/29   535,000    453,278 
Ford Foundation (The), Series 2017   3.859%  06/01/47   4,620,000    3,509,293 
Ford Foundation (The), Series 2020 (a)   2.415%  06/01/50   235,000    136,663 
John D. & Catherine T. MacArthur Foundation, Series 2020   1.299%  12/01/30   1,500,000    1,105,268 
Leland Stanford Junior University (The)   3.460%  05/01/47   2,415,000    1,747,097 
Local Initiatives Support Corp.   4.649%  03/01/37   1,500,000    1,255,117 
Massachusetts Institute of Technology   3.959%  07/01/38   1,700,000    1,467,793 
Massachusetts Institute of Technology   2.989%  07/01/50   1,000,000    664,870 
Massachusetts Institute of Technology, Series H   3.067%  04/01/52   4,200,000    2,808,289 
President & Fellows of Harvard College, Series 2016-B   3.150%  07/15/46   3,961,000    2,766,703 
President & Fellows of Harvard College, Series 2020-B   2.517%  10/15/50   1,600,000    954,941 
President & Fellows of Harvard College, Series 2022-A   3.745%  11/15/52   700,000    536,023 
Rockefeller Foundation (The)   2.492%  10/01/50   4,190,000    2,417,239 
Stanford University California, Series 2020-A   2.413%  06/01/50   4,400,000    2,571,002 
Trustees of Princeton University (The) (a)   2.516%  07/01/50   6,650,000    4,046,869 

 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 34.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
CONSUMER SERVICES - 4.5% (Continued)               
University of Notre Dame, Series 2017   3.394%  02/15/48  $3,424,000   $2,523,590 
Yale University (a)   2.402%  04/15/50   6,765,000    3,940,275 
                 36,412,430 
CONTAINERS & PACKAGING - 0.3%                  
CCL Industries, Inc. (b)   3.050%  06/01/30   1,750,000    1,446,828 
Sonoco Products Co.   5.750%  11/01/40   1,000,000    920,092 
                 2,366,920 
DIVERSIFIED INDUSTRIALS - 0.1%                  
Illinois Tool Works, Inc.   3.900%  09/01/42   1,000,000    810,476 
                   
ELECTRIC UTILITIES - 5.6%                  
Ameren Illinois Co.   5.900%  12/01/52   2,250,000    2,246,708 
Avangrid, Inc.   3.150%  12/01/24   1,800,000    1,735,290 
Avista Corp.   4.000%  04/01/52   1,000,000    710,778 
Caledonia Generating, LLC (b)   1.950%  02/28/34   1,674,378    1,371,103 
CenterPoint Energy, Inc., Series AL   5.300%  04/01/53   1,000,000    934,816 
Consolidated Edison Co.   3.350%  04/01/30   1,000,000    877,892 
DTE Electric Co.   4.050%  05/15/48   1,750,000    1,327,029 
DTE Electric Co.   3.650%  03/01/52   750,000    524,474 
DTE Energy Co., Series C (a)   4.875%  06/01/28   1,500,000    1,449,659 
Duke Energy Carolinas, LLC   3.550%  03/15/52   2,200,000    1,499,340 
Duke Energy Progress, LLC   3.450%  03/15/29   1,750,000    1,586,777 
Duke Energy Progress, LLC   4.000%  04/01/52   1,500,000    1,091,205 
Electricite de France S.A. (b)   3.625%  10/13/25   1,250,000    1,200,996 
Enel Finance International N.V. (b)   2.650%  09/10/24   1,250,000    1,209,299 
Florida Power & Light Co.   3.700%  12/01/47   1,550,000    1,129,096 
Florida Power & Light Co.   2.875%  12/04/51   2,000,000    1,210,812 
Georgia Power Co.   3.250%  04/01/26   1,000,000    942,593 
Interstate Power & Light Co.   3.600%  04/01/29   1,250,000    1,128,003 
Liberty Utilities Financial Services (b)   2.050%  09/15/30   1,355,000    1,044,665 
MidAmerican Energy Co.   3.950%  08/01/47   1,750,000    1,322,985 
Midland Cogeneration Venture, L.P. (b)   6.000%  03/15/25   118,675    119,381 
Narragansett Electric Co. (b)   3.395%  04/09/30   1,500,000    1,300,127 
National Rural Utilities   1.350%  03/15/31   2,000,000    1,464,733 
NextEra Energy Capital Holdings, Inc.   6.051%  03/01/25   500,000    500,757 
Niagara Mohawk Power Corp. (b)   1.960%  06/27/30   1,500,000    1,168,062 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 34.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
ELECTRIC UTILITIES - 5.6% (Continued)               
Northern States Power Co.   2.900%  03/01/50  $1,500,000   $918,098 
NSTAR Electric Co.   3.950%  04/01/30   600,000    547,822 
NSTAR Electric Co.   5.500%  03/15/40   1,250,000    1,168,520 
NY State Electric & Gas (b)   5.650%  08/15/28   1,650,000    1,635,795 
Potomac Electric Power Co.   6.500%  11/15/37   1,000,000    1,045,004 
Public Service Co.   3.700%  06/15/28   2,250,000    2,072,987 
Public Service Electric and Gas Co. (a)   4.650%  03/15/33   2,500,000    2,349,930 
Puget Energy, Inc.   4.223%  06/15/48   1,000,000    757,840 
Rochester Gas & Electric Corp. (b)   1.850%  12/01/30   500,000    372,963 
San Diego Gas and Electric Co.   4.500%  08/15/40   841,000    704,974 
Solar Star Funding, LLC (b)   3.950%  06/30/35   247,645    211,228 
Solar Star Funding, LLC (b)   5.375%  06/30/35   388,786    367,876 
Southern California Edison   4.050%  03/15/42   1,165,000    871,888 
Tenaska Virginia Partners, L.P. (b)   6.119%  03/30/24   125,997    124,436 
Topaz Solar Farms, LLC (b)   4.875%  09/30/39   225,923    203,078 
Topaz Solar Farms, LLC (b)   5.750%  09/30/39   537,504    496,740 
Union Electric Co.   2.625%  03/15/51   2,000,000    1,134,990 
Westar Energy, Inc.   2.550%  07/01/26   1,292,000    1,196,760 
                 45,277,509 
ELECTRICAL EQUIPMENT - 0.3%                  
Johnson Controls International plc   1.750%  09/15/30   1,800,000    1,400,470 
Legrand S.A.   8.500%  02/15/25   1,000,000    1,037,775 
Roper Technologies, Inc.   2.000%  06/30/30   440,000    347,936 
                 2,786,181 
FOOD - 1.2%                  
Campbell Soup Co.   3.950%  03/15/25   1,500,000    1,457,334 
Cargill, Inc. (b)   4.760%  11/23/45   1,500,000    1,272,349 
General Mills, Inc. (a)   4.000%  04/17/25   1,500,000    1,458,815 
Hormel Foods Corp.   1.800%  06/11/30   2,250,000    1,810,584 
Ingredion, Inc.   2.900%  06/01/30   1,000,000    841,324 
Kellanova   2.650%  12/01/23   1,000,000    994,811 
Mars, Inc. (b)   4.650%  04/20/31   1,000,000    951,329 
Mars, Inc. (b)   3.600%  04/01/34   1,500,000    1,265,623 
                 10,052,169 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 34.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
FORESTRY, PAPER & WOOD PRODUCTS - 0.1%               
Suzano S.A.   5.500%  01/17/27  $800,000   $783,760 
                   
GAS & WATER UTILITIES - 0.3%                  
American Water Capital Corp.   2.800%  05/01/30   1,500,000    1,268,685 
Brooklyn Union Gas Co. (b)   4.504%  03/10/46   1,250,000    889,690 
Indiana Gas Co., Inc.   6.550%  06/30/28   250,000    248,473 
                 2,406,848 
HEALTH CARE FACILITIES & SERVICES - 0.2%                  
Kaiser Foundation Hospital   3.150%  05/01/27   1,500,000    1,403,506 
                   
HOME & OFFICE PRODUCTS - 0.1%                  
Steelcase, Inc.   5.125%  01/18/29   1,000,000    887,455 
                   
HOME CONSTRUCTION - 0.1%                  
NVR, Inc.   3.000%  05/15/30   1,000,000    833,133 
                   
INSTITUTIONAL FINANCIAL SERVICES - 1.2%                  
Brookfield Finance, Inc.   4.250%  06/02/26   1,570,000    1,505,513 
Goldman Sachs Group, Inc.   3.272%  09/29/25   1,500,000    1,453,491 
Goldman Sachs Group, Inc.   4.223%  05/01/29   1,000,000    925,029 
Goldman Sachs Group, Inc.   3.800%  03/15/30   1,500,000    1,323,612 
Morgan Stanley   3.125%  07/27/26   2,000,000    1,857,590 
Morgan Stanley (a)   5.449%  07/20/29   1,000,000    974,469 
Morgan Stanley, Series GMTN   2.699%  01/22/31   1,250,000    1,022,014 
National Securities Clearing Corp. (b)   1.500%  04/23/25   1,000,000    938,394 
                 10,000,112 
INSURANCE - 4.3%                  
Aflac, Inc.   4.000%  10/15/46   1,408,000    1,014,301 
Allstate Corp. (The) (a)   5.250%  03/30/33   1,000,000    942,713 
F&G Global Funding (b)   2.300%  04/11/27   535,000    466,438 
Fidelity National Financial, Inc.   3.400%  06/15/30   1,000,000    849,771 
First American Financial Corp.   2.400%  08/15/31   1,500,000    1,112,655 
Five Corners Funding Trust (b)   4.419%  11/15/23   1,000,000    997,381 
GA Global Funding Trust (b)   2.250%  01/06/27   2,000,000    1,752,535 
Horace Mann Educators Corp. (a)   4.500%  12/01/25   1,235,000    1,174,002 
Horace Mann Educators Corp.   7.250%  09/15/28   965,000    964,186 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 34.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
INSURANCE - 4.3% (Continued)               
Jackson National Life Global Funding (b)   1.750%  01/12/25  $385,000   $361,487 
Jackson National Life Global Funding (b)   5.500%  01/09/26   1,250,000    1,221,489 
Kemper Corp. (a)   4.350%  02/15/25   1,250,000    1,209,595 
Marsh & McLennan Cos., Inc.   3.750%  03/14/26   1,000,000    958,404 
Massachusetts Mutual Life Insurance Co. (b)   3.375%  04/15/50   2,500,000    1,609,681 
Met Life Global Funding I (b)   5.150%  03/28/33   1,250,000    1,183,688 
Mutual of Omaha Global (b)   5.800%  07/27/26   385,000    381,216 
New York Life Global Funding (b)   4.900%  06/13/28   3,000,000    2,916,708 
Northwestern Mutual, Series 2023-3 (b)   4.900%  06/12/28   1,740,000    1,694,465 
Pacific Life Global Funding II, Series 2020-1 (b)   1.200%  06/24/25   415,000    384,266 
Pacific Life Global Funding II, Series 2021-1 (a)(b)   1.450%  01/20/28   1,000,000    828,795 
Pricoa Global Funding I (b)   5.100%  05/30/28   2,000,000    1,964,721 
Primerica, Inc.   2.800%  11/19/31   1,000,000    791,804 
Principal Financial Group, Inc.   3.700%  05/15/29   1,250,000    1,125,260 
Protective Life Global Funding (b)   5.366%  01/06/26   500,000    495,425 
Protective Life Global Funding (b)   5.209%  04/14/26   1,000,000    979,627 
Prudential Financial, Inc.   1.500%  03/10/26   644,000    584,010 
Prudential Funding Asia plc   3.125%  04/14/30   750,000    641,076 
Reliance STD Life Insurance Co. (b)   2.750%  05/07/25   1,280,000    1,203,470 
Sammons Financial Group, Inc. (b)   4.450%  05/12/27   1,200,000    1,099,274 
Security Benefit Global, Series MTN (b)   1.250%  05/17/24   1,500,000    1,447,630 

Teachers Insurance &

Annuity Association (b)(c)

   4.375%  09/15/54   2,678,000    2,609,046 
Trustage Financial Group, Inc. (b)   4.625%  04/15/32   400,000    330,089 
                 35,295,208 
LEISURE FACILITIES & SERVICES - 0.3%                  
Marriott International, Inc.   3.600%  04/15/24   727,000    718,027 
McDonald's Corp., Series MTN   3.500%  07/01/27   1,000,000    936,559 
Starbucks Corp.   2.450%  06/15/26   1,000,000    925,726 
                 2,580,312 
MACHINERY - 0.4%                  
Ingersoll-Rand Global Holding Co. Ltd.   6.391%  11/15/27   655,000    659,903 
John Deere Capital Corp.   1.750%  03/09/27   250,000    222,394 
John Deere Capital Corp.   3.050%  01/06/28   1,250,000    1,156,851 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 34.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
MACHINERY - 0.4% (Continued)               
Xylem, Inc.   1.950%  01/30/28  $1,775,000   $1,528,965 
                 3,568,113 
MEDICAL EQUIPMENT & DEVICES - 0.1%                  
Alcon Finance Corp. (b)   2.600%  05/27/30   1,250,000    1,030,105 
                   
PERSONAL PRODUCTS - 0.1%                  
Estée Lauder Cos., Inc. (The)   2.600%  04/15/30   1,000,000    839,020 
                   
PIPELINES - 0.1%                  
Northern Natural Gas Co. (b)   4.100%  09/15/42   1,200,000    876,462 
                   
REITS - 3.5%                  
Agree Ltd. Partnership   2.900%  10/01/30   650,000    523,169 
Agree Ltd. Partnership   4.800%  10/01/32   715,000    634,728 
Alexandria Real Estate Equities, Inc.   2.950%  03/15/34   1,000,000    759,353 
Alexandria Real Estate Equities, Inc.   4.750%  04/15/35   1,250,000    1,099,008 
Boston Properties, L.P.   4.500%  12/01/28   1,250,000    1,131,824 
Camden Property Trust   2.800%  05/15/30   1,500,000    1,270,502 
Digital Realty Trust, L.P.   5.550%  01/15/28   2,250,000    2,200,409 
ERP Operating, L.P. (a)   4.150%  12/01/28   1,250,000    1,172,545 
ESSEX Portfolio, L.P.   2.650%  03/15/32   1,500,000    1,154,436 
Federal Realty Investment Trust (a)   1.250%  02/15/26   515,000    462,635 
Federal Realty Investment Trust   5.375%  05/01/28   1,500,000    1,457,402 
Kilroy Realty Corp.   2.500%  11/15/32   1,750,000    1,195,104 
Kimco Realty Corp.   2.700%  10/01/30   1,750,000    1,406,311 
Lexington Realty Trust   2.700%  09/15/30   1,500,000    1,161,547 
Mid-America Apartment Communities, Inc.   3.950%  03/15/29   1,750,000    1,615,128 
Ontario Teachers Cadillac Fairview Properties Trust (b)   2.500%  10/15/31   1,255,000    947,310 
Prologis, L.P. (a)   2.875%  10/06/29   1,500,000    1,286,524 
Prologis, L.P.   4.625%  01/15/33   1,500,000    1,388,381 
Realty Income Corp.   4.700%  12/15/28   1,000,000    953,534 
Regency Centers, L.P.   3.750%  06/15/24   1,000,000    976,117 
Rexford Industrial Realty, L.P. (a)   5.000%  06/15/28   500,000    477,963 
Rexford Industrial Realty, L.P.   2.150%  09/01/31   1,750,000    1,304,895 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 34.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
REITS - 3.5% (Continued)               
Sun Communities Operating, L.P.   2.700%  07/15/31  $500,000   $384,813 
Sun Communities Operating, L.P.   5.700%  01/15/33   750,000    708,686 
UDR, Inc.   1.900%  03/15/33   1,500,000    1,052,797 
Vornado Realty, L.P. (a)   3.500%  01/15/25   567,000    538,180 
WP Carey, Inc.   2.450%  02/01/32   1,500,000    1,130,623 
                 28,393,924 
RETAIL - CONSUMER STAPLES - 0.2%                  
Kroger Co. (The)   5.000%  04/15/42   1,000,000    844,121 
Walmart, Inc.   1.800%  09/22/31   500,000    393,509 
                 1,237,630 
RETAIL - DISCRETIONARY - 0.5%                  
ERAC USA Finance, LLC (b)   2.700%  11/01/23   1,250,000    1,246,632 
Home Depot, Inc.   3.625%  04/15/52   1,000,000    715,725 
Lowe's Cos., Inc.   4.650%  04/15/42   1,000,000    828,642 
Lowe's Cos., Inc.   3.000%  10/15/50   500,000    295,278 
Lowe's Cos., Inc. (a)   5.625%  04/15/53   1,000,000    908,916 
                 3,995,193 
SEMICONDUCTORS - 0.3%                  
Intel Corp. (a)   4.150%  08/05/32   1,000,000    909,986 
Intel Corp.   3.734%  12/08/47   1,361,000    969,354 
NVIDIA Corp. (a)   2.850%  04/01/30   500,000    436,220 
                 2,315,560 
SOFTWARE - 0.4%                  
Microsoft Corp.   2.525%  06/01/50   4,500,000    2,740,024 
Microsoft Corp. (a)   2.921%  03/17/52   1,000,000    655,909 
                 3,395,933 
SPECIALTY FINANCE - 0.7%                  
American Express Credit Corp.   3.000%  10/30/24   1,000,000    969,507 
BlueHub Loan Fund, Inc.   3.099%  01/01/30   1,030,000    837,268 
Community Preservation Corp. (The)   2.867%  02/01/30   1,750,000    1,455,076 
GATX Corp.   4.350%  02/15/24   300,000    297,779 
Low Income Investment Fund   3.386%  07/01/26   115,000    105,967 
USAA Capital Corp. (b)   2.125%  05/01/30   3,000,000    2,410,400 
                 6,075,997 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 34.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
STEEL - 0.1%               
Nucor Corp.   2.000%  06/01/25  $460,000   $431,902 
                   
TECHNOLOGY HARDWARE - 0.6%                  
Apple, Inc.   3.000%  06/20/27   1,000,000    931,546 
Apple, Inc.   2.650%  05/11/50   1,000,000    612,437 
Apple, Inc.   2.650%  02/08/51   2,000,000    1,213,075 
HP, Inc.   4.750%  01/15/28   1,100,000    1,055,100 
HP, Inc. (a)   4.000%  04/15/29   915,000    836,095 
                 4,648,253 
TECHNOLOGY SERVICES - 0.2%                  
Experian Finance plc (b)   2.750%  03/08/30   635,000    524,740 
Moody's Corp.   3.250%  05/20/50   500,000    320,451 
Moody's Corp.   3.750%  02/25/52   1,000,000    707,544 
                 1,552,735 
TELECOMMUNICATIONS - 0.6%                  
AT&T, Inc.   5.250%  03/01/37   500,000    454,053 
AT&T, Inc.   4.750%  05/15/46   2,000,000    1,579,888 
Verizon Communications, Inc. (a)   3.875%  02/08/29   1,000,000    915,747 
Verizon Communications, Inc.   1.500%  09/18/30   1,000,000    758,595 
Verizon Communications, Inc.   2.987%  10/30/56   1,799,000    998,614 
                 4,706,897 
TRANSPORTATION & LOGISTICS - 1.2%                  
British Airways, Series 2013-1 (b)   4.625%  12/20/25   191,450    189,095 
Burlington Northern Santa Fe, LLC   5.750%  05/01/40   2,078,000    2,062,882 
Canadian Pacific Railway Co. (a)   2.050%  03/05/30   1,750,000    1,413,443 
Mexico City Airport Trust (b)   4.250%  10/31/26   497,000    467,141 
Norfolk Southern Corp.   4.837%  10/01/41   1,000,000    866,312 
Norfolk Southern Corp.   3.050%  05/15/50   1,500,000    930,491 
Penske Truck Leasing Co. (b)   3.450%  07/01/24   1,250,000    1,226,041 
Penske Truck Leasing Co. (b)   5.750%  05/24/26   500,000    492,642 
TTX Co. (b)   4.600%  02/01/49   280,000    231,009 
TTX Co. (a)(b)   5.650%  12/01/52   500,000    475,757 
Union Pacific Corp.   4.950%  09/09/52   2,000,000    1,791,244 
                 10,146,057 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

CORPORATE BONDS - 34.4% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
TRANSPORTATION EQUIPMENT - 0.2%               
Ryder System, Inc. (a)   5.650%  03/01/28  $1,250,000   $1,237,237 
                   
WHOLESALE - CONSUMER STAPLES - 0.2%                  
Bunge Ltd. Finance Corp.   1.630%  08/17/25   395,000    365,143 
Sysco Corp.   2.400%  02/15/30   1,750,000    1,441,257 
                 1,806,400 
                   
TOTAL CORPORATE BONDS (COST $328,820,705)       $280,243,357 

 

CORPORATE NOTES - 0.9%  Coupon   Maturity  Principal Amount   Fair Value 
COMMUNITY DEVELOPMENT - 0.9%           
Calvert Impact Capital, Inc. (d)   3.000%  12/15/23  $950,000   $941,731 
Calvert Impact Capital, Inc. (d)   1.000%  06/14/24   550,000    529,192 
Calvert Impact Capital, Inc. (d)   3.000%  06/17/24   980,000    955,671 
Calvert Impact Capital, Inc. (d)   3.000%  12/15/24   400,000    384,449 
Calvert Impact Capital, Inc. (d)   2.500%  06/13/25   1,400,000    1,312,467 
Calvert Impact Capital, Inc. (d)   2.500%  12/15/25   650,000    598,081 
Calvert Impact Capital, Inc. (d)   4.000%  06/15/28   1,200,000    1,085,904 
Capital Impact Partners Investment (d)   4.800%  12/15/23   250,000    249,440 
Capital Impact Partners Investment (d)   5.750%  06/15/24   1,200,000    1,199,039 

TOTAL CORPORATE NOTES (COST $7,580,000)

       $7,255,974 

 

FOREIGN GOVERNMENTS - 4.3%  Coupon   Maturity  Principal Amount   Fair Value 
FOREIGN AGENCY - 0.6%               
BNG Bank N.V. (b)   1.500%  10/16/24  $1,500,000   $1,436,595 
BNG Bank N.V. (b)   0.500%  11/24/25   2,000,000    1,811,780 
Kommunalbanken A.S. (b)   2.125%  02/11/25   1,000,000    955,294 
Kommunivest I Sverige AB, Series MTN (b)   0.375%  06/19/24   500,000    481,292 
                 4,684,961 
SUPRANATIONAL - 3.7%                  
Asian Development Bank   2.125%  03/19/25   1,000,000    954,108 
Asian Development Bank   3.125%  09/26/28   1,000,000    927,226 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

FOREIGN GOVERNMENTS - 4.3% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
SUPRANATIONAL - 3.7% (Continued)               
Central American Bank for Economic  Integration (b)   1.140%  02/09/26  $1,200,000   $1,076,335 
European Bank for Reconstruction & Development   1.626%  09/27/24   1,250,000    1,201,656 
European Bank for Reconstruction & Development   1.500%  02/13/25   200,000    189,678 
European Investment Bank   2.500%  10/15/24   1,000,000    969,443 
European Investment Bank (a)   2.125%  04/13/26   1,000,000    932,769 
European Investment Bank   2.375%  05/24/27   4,000,000    3,681,312 
Inter-American Development Bank   0.875%  04/03/25   3,000,000    2,806,737 
Inter-American Development Bank   4.375%  01/24/44   3,000,000    2,676,514 
International Bank for Reconstruction & Development   0.250%  11/24/23   500,000    496,091 
International Bank for Reconstruction & Development   0.625%  04/22/25   1,000,000    929,335 
International Bank for Reconstruction & Development   3.126%  11/20/25   1,000,000    959,511 
International Bank for Reconstruction & Development   0.875%  07/15/26   3,000,000    2,685,028 
International Bank for Reconstruction & Development   3.125%  06/15/27   4,000,000    3,772,863 
International Development Association (b)   0.375%  09/23/25   2,000,000    1,821,164 
International Development Association (a)(b)   0.875%  04/28/26   2,000,000    1,796,580 
International Finance Corp., Series GMTN   2.125%  04/07/26   3,000,000    2,797,146 
                 30,673,496 

TOTAL FOREIGN GOVERNMENTS (COST $38,437,815)

       $35,358,457 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0% (e)  Coupon   Maturity  Principal Amount   Fair Value 
Commercial Mortgage Pass-Through Certificates, Class A-3 (Cost $33,593)   2.853%  10/17/45  $32,965   $29,998 

 

U.S. GOVERNMENT AGENCIES - 53.6%  Coupon   Maturity  Principal Amount   Fair Value 
DEVELOPMENT FINANCE CORPORATION - 1.0%        
DFC (c)   5.540%  09/15/26  $500,000   $500,000 
DFC   1.590%  04/15/28   2,000,000    1,736,088 
DFC   1.650%  04/15/28   3,500,000    3,105,361 
DFC   3.130%  04/15/28   1,000,000    919,990 
DFC   3.540%  06/15/30   397,072    371,518 
DFC   3.520%  09/20/32   642,857    593,952 
DFC   3.820%  06/01/33   753,329    709,656 
                 7,936,565 
FEDERAL HOME LOAN BANK - 6.4%                  
FHLB   1.250%  12/21/26   4,000,000    3,571,827 
FHLB   4.250%  12/10/27   11,000,000    10,807,873 
FHLB   4.500%  03/10/28   3,000,000    2,983,854 
FHLB   4.000%  06/30/28   3,200,000    3,106,569 
FHLB   3.250%  11/16/28   13,000,000    12,157,049 
FHLB   5.500%  07/15/36   18,620,000    19,880,484 
                 52,507,656 
FEDERAL HOME LOAN MORTGAGE CORPORATION - 18.2%  
FHLMC   4.000%  11/01/24   14,880    14,714 
FHLMC   0.375%  09/23/25   3,500,000    3,191,162 
FHLMC   4.000%  10/01/25   12,708    12,525 
FHLMC   2.875%  04/25/26   3,000,000    2,834,404 
FHLMC   6.000%  04/01/27   28,385    28,066 
FHLMC   2.500%  10/01/27   171,249    163,052 
FHLMC   2.738%  04/25/29   2,205,474    2,057,831 
FHLMC   2.939%  04/25/29   4,000,000    3,578,286 
FHLMC   2.412%  08/25/29   5,780,000    4,983,187 
FHLMC   7.000%  02/01/30   11,516    11,419 
FHLMC   1.297%  06/25/30   4,200,000    3,280,360 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 53.6% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
FEDERAL HOME LOAN MORTGAGE CORPORATION - 18.2% (Continued)        
FHLMC   7.500%  07/01/30  $43,738   $44,752 
FHLMC   1.406%  08/25/30   2,000,000    1,563,147 
FHLMC   1.503%  09/25/30   4,000,000    3,150,340 
FHLMC   1.487%  11/25/30   11,900,000    9,281,534 
FHLMC   1.878%  01/25/31   1,500,000    1,203,144 
FHLMC   2.000%  01/25/31   3,000,000    2,407,028 
FHLMC   7.000%  03/01/31   19,302    19,742 
FHLMC   1.777%  10/25/31   5,000,000    3,886,472 
FHLMC   2.154%  10/25/31   4,000,000    3,195,822 
FHLMC   2.091%  11/25/31   2,500,000    1,977,715 
FHLMC   2.450%  04/25/32   7,100,000    5,737,077 
FHLMC   2.650%  05/25/32   9,000,000    7,373,731 
FHLMC   6.250%  07/15/32   7,050,000    7,800,125 
FHLMC   3.123%  08/25/32   5,710,000    4,849,840 
FHLMC   3.000%  11/01/32   301,884    271,682 
FHLMC   3.000%  11/01/32   397,025    357,304 
FHLMC   5.500%  11/01/33   21,703    21,621 
FHLMC (H15T1Y + 223.10) (c)   5.356%  05/01/34   1,939    1,919 
FHLMC (H15T1Y + 223.10) (c)   5.356%  05/01/34   23,249    23,484 
FHLMC   1.783%  06/25/34   2,084,061    1,531,341 
FHLMC   5.000%  07/01/35   48,239    46,956 
FHLMC   4.500%  10/01/35   62,502    58,989 
FHLMC   2.438%  02/25/36   4,000,000    2,900,449 
FHLMC   5.500%  03/01/36   17,987    17,977 
FHLMC   1.500%  04/01/36   5,161,550    4,327,944 
FHLMC   5.500%  06/01/36   25,522    25,498 
FHLMC   6.000%  06/01/36   20,528    20,350 
FHLMC   5.500%  12/01/36   21,021    21,027 
FHLMC   2.000%  02/01/37   4,192,895    3,597,072 
FHLMC   6.000%  08/01/37   10,457    10,647 
FHLMC   5.000%  03/01/38   107,279    105,128 
FHLMC   4.500%  06/01/39   116,218    109,939 
FHLMC   5.000%  06/01/39   168,769    165,377 
FHLMC   4.500%  07/01/39   108,556    102,691 
FHLMC   4.500%  11/01/39   100,015    94,612 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 53.6% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
FEDERAL HOME LOAN MORTGAGE CORPORATION - 18.2% (Continued)        
FHLMC   4.500%  09/01/40  $149,256   $141,015 
FHLMC   4.500%  05/01/41   287,004    271,495 
FHLMC   4.500%  07/01/41   340,318    321,934 
FHLMC   5.000%  09/01/41   140,473    136,823 
FHLMC   3.500%  10/01/41   164,139    145,895 
FHLMC   4.000%  10/01/41   175,048    160,495 
FHLMC   3.500%  02/01/42   292,343    259,853 
FHLMC   4.000%  02/01/42   77,871    71,398 
FHLMC   3.500%  06/01/42   329,431    292,802 
FHLMC   3.500%  06/01/42   329,242    292,520 
FHLMC   3.500%  08/01/42   388,605    345,137 
FHLMC   3.000%  11/01/42   736,094    630,150 
FHLMC   3.000%  01/01/43   417,849    357,707 
FHLMC   3.000%  05/01/43   570,738    488,573 
FHLMC   3.500%  10/01/44   327,644    288,853 
FHLMC   3.500%  11/01/44   295,096    260,097 
FHLMC   3.500%  04/01/45   367,099    322,511 
FHLMC   3.000%  05/01/46   632,097    535,047 
FHLMC   3.000%  12/01/46   1,570,988    1,329,989 
FHLMC   3.500%  03/01/48   1,746,614    1,537,510 
FHLMC   3.500%  03/01/49   479,938    420,692 
FHLMC   3.500%  07/01/49   782,750    682,773 
FHLMC   3.000%  09/01/49   899,507    751,567 
FHLMC   3.000%  07/01/50   2,211,082    1,845,043 
FHLMC   2.000%  08/01/50   3,120,979    2,390,495 
FHLMC   2.050%  08/19/50   2,500,000    1,256,880 
FHLMC   2.000%  01/01/51   7,697,346    5,888,571 
FHLMC   2.500%  04/01/51   7,510,722    6,002,151 
FHLMC   2.500%  09/01/51   3,005,387    2,391,773 
FHLMC   2.500%  02/01/52   6,317,072    5,022,574 
FHLMC   2.000%  04/01/52   4,661,399    3,548,484 
FHLMC   3.000%  04/01/52   5,505,999    4,557,923 
FHLMC   2.500%  05/01/52   6,543,100    5,196,807 
FHLMC   3.500%  09/01/52   4,767,896    4,102,004 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 53.6% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
FEDERAL HOME LOAN MORTGAGE CORPORATION - 18.2% (Continued)        
FHLMC   4.000%  10/01/52  $11,429,385   $10,180,799 
                 148,885,822 
  
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 27.8% 
FNMA   2.670%  12/01/23   2,183,745    2,163,219 
FNMA (c)   2.625%  07/25/24   2,418,497    2,367,318 
FNMA   2.890%  12/01/24   4,000,000    3,855,000 
FNMA   3.080%  12/01/24   2,076,787    2,009,817 
FNMA   2.710%  01/01/25   4,500,000    4,318,380 
FNMA   5.000%  04/01/25   8,249    7,927 
FNMA   5.000%  07/01/25   8,412    8,080 
FNMA   3.500%  10/01/25   14,472    14,168 
FNMA   5.000%  10/01/25   12,470    11,975 
FNMA   5.500%  11/01/25   5    5 
FNMA   0.500%  11/07/25   13,934,000    12,671,287 
FNMA   4.000%  03/01/26   71,676    69,156 
FNMA   2.910%  04/01/26   3,000,000    2,800,572 
FNMA   2.125%  04/24/26   2,000,000    1,865,436 
FNMA   8.500%  09/01/26   1,375    1,370 
FNMA   2.500%  09/01/27   194,476    185,271 
FNMA   0.750%  10/08/27   10,000,000    8,551,264 
FNMA   2.500%  11/01/27   317,346    301,889 
FNMA   2.500%  01/01/28   206,650    196,369 
FNMA (c)   3.412%  06/25/28   1,813,352    1,683,938 
FNMA   3.665%  09/25/28   3,492,090    3,264,722 
FNMA   2.530%  05/01/29   3,949,068    3,430,728 
FNMA   2.522%  08/27/29   5,362,084    4,667,830 
FNMA   1.470%  11/01/29   2,599,000    2,086,000 
FNMA   0.875%  08/05/30   25,750,000    19,882,029 
FNMA   6.625%  11/15/30   12,750,000    14,113,540 
FNMA (c)   1.517%  11/25/30   3,000,000    2,325,573 
FNMA (c)   1.429%  12/25/30   5,000,000    3,871,683 
FNMA   1.287%  01/25/31   3,000,000    2,286,852 
FNMA   1.410%  02/01/31   3,000,000    2,302,359 
FNMA   1.421%  03/25/31   1,000,000    764,398 
FNMA   2.000%  01/01/32   1,032,189    916,254 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 53.6% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 27.8% (Continued)        
FNMA   3.000%  12/01/32  $445,283   $400,162 
FNMA   4.656%  04/25/33   2,000,000    1,888,651 
FNMA   6.000%  10/01/33   17,245    17,513 
FNMA   5.500%  02/01/34   18,979    18,882 
FNMA (H15T1Y + 211.70) (c)   4.824%  05/01/34   21,079    21,079 
FNMA   6.000%  11/01/34   47,181    47,912 
FNMA   5.500%  01/01/35   27,149    27,099 
FNMA   2.500%  02/01/35   1,062,581    947,056 
FNMA   5.000%  10/01/35   41,879    41,021 
FNMA   5.500%  10/01/35   50,725    50,554 
FNMA   6.000%  10/01/35   25,714    26,091 
FNMA   5.500%  06/01/36   10,462    10,387 
FNMA   6.000%  06/01/36   12,396    12,603 
FNMA   5.500%  11/01/36   15,925    15,907 
FNMA (RFUCCT1Y) + 156.50)   4.065%  05/01/37   1,990    1,971 
FNMA   5.625%  07/15/37   14,250,000    15,201,393 
FNMA   4.500%  09/01/40   88,280    83,280 
FNMA   4.500%  10/01/40   89,084    84,159 
FNMA   4.000%  12/01/40   229,538    210,172 
FNMA   4.000%  01/01/41   164,770    150,868 
FNMA   3.500%  02/01/41   242,897    211,595 
FNMA   4.000%  10/01/41   125,999    115,374 
FNMA   4.000%  11/01/41   142,141    130,146 
FNMA   4.000%  12/01/41   237,028    217,020 
FNMA   4.000%  12/01/41   171,345    156,883 
FNMA   4.000%  01/01/42   546,447    503,073 
FNMA   3.500%  05/01/42   279,833    246,987 
FNMA   3.000%  06/01/42   526,279    449,890 
FNMA   3.000%  08/01/42   419,934    359,040 
FNMA   3.000%  08/01/42   395,232    337,865 
FNMA   3.500%  12/01/42   580,925    515,361 
FNMA   3.000%  06/01/43   480,026    410,338 
FNMA   4.000%  12/01/44   664,811    607,016 
FNMA   3.500%  05/01/45   759,982    668,208 
FNMA   3.000%  04/01/46   617,394    522,080 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 53.6% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 27.8% (Continued)        
FNMA   3.500%  11/01/46  $1,039,950   $913,442 
FNMA   4.000%  10/01/48   478,088    432,836 
FNMA   4.000%  11/01/48   1,260,494    1,154,797 
FNMA   3.500%  05/01/49   392,342    342,283 
FNMA   4.000%  06/01/49   602,331    543,883 
FNMA   3.500%  08/01/49   1,605,463    1,403,313 
FNMA   3.000%  09/01/49   859,947    718,690 
FNMA   3.000%  06/01/50   1,771,527    1,477,342 
FNMA   2.500%  07/01/50   2,888,551    2,313,769 
FNMA   2.500%  08/01/50   2,042,291    1,633,412 
FNMA   3.000%  08/01/50   3,133,530    2,612,624 
FNMA   2.000%  11/01/50   5,169,849    3,958,950 
FNMA   2.000%  01/01/51   9,246,707    7,074,419 
FNMA   2.000%  02/01/51   5,467,996    4,179,590 
FNMA   2.500%  04/01/51   15,495,213    12,337,518 
FNMA   2.000%  08/01/51   12,993,035    9,925,905 
FNMA   2.000%  11/01/51   5,371,539    4,094,432 
FNMA   2.500%  05/01/52   5,610,314    4,457,252 
FNMA   3.500%  05/01/52   7,662,136    6,596,122 
FNMA   3.500%  05/01/52   5,524,990    4,757,774 
FNMA   3.000%  07/01/52   4,729,089    3,914,815 
FNMA   4.500%  07/01/52   4,618,961    4,243,357 
FNMA   4.500%  08/01/52   6,481,799    5,953,877 
FNMA   5.000%  04/01/53   10,626,512    10,031,409 
FNMA   5.000%  06/01/53   3,955,291    3,733,476 
                 226,507,332 
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.0% (e)       
GNMA   7.000%  12/20/30   7,241    7,289 
GNMA   7.000%  10/20/31   5,068    5,213 
GNMA   7.000%  03/20/32   22,767    23,154 
GNMA (H15T1Y + 150.00) (c)   3.625%  01/20/34   14,155    13,988 
GNMA   5.500%  10/20/38   4,945    4,737 
GNMA   6.500%  11/20/38   3,134    3,138 
                 57,519 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

U.S. GOVERNMENT AGENCIES - 53.6% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
SMALL BUSINESS ADMINISTRATION - 0.0% (e)        
SBA (Prime - 2.65) (c)   5.850%  02/25/32  $4,772   $4,750 
                   
UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT - 0.2%          
Hashemite Kingdom of Jordan AID Bond   3.000%  06/30/25   1,450,000    1,379,170 
                   
TOTAL U.S. GOVERNMENT AGENCIES (COST $490,675,658)          $437,278,814 

 

ASSET BACKED SECURITIES - 4.1%  Coupon   Maturity  Principal Amount   Fair Value 
Ahold Finance U.S.A., LLC   8.620%  01/02/25  $60,083   $60,991 
Aligned Data Centers Issuer, LLC (b)   6.000%  08/17/48   1,510,000    1,450,624 
Beacon Container Finance II, LLC (b)   2.250%  10/22/46   840,667    716,817 
Cards II Trust (b)   0.602%  04/15/27   2,250,000    2,186,000 
CLI Funding, LLC (b)   2.720%  01/18/47   1,154,189    974,557 
DB Master Finance, LLC (b)   2.493%  11/20/51   1,989,563    1,655,885 
Domino's Pizza Master Issuer, LLC (b)   4.474%  10/25/45   2,098,125    2,012,838 
Duke Energy Progress NC Storm Funding, LLC   2.799%  07/01/41   2,000,000    1,297,739 
Golden Credit Card Trust (b)   1.140%  08/15/28   1,000,000    885,174 
Iowa Student Loan Liquidity Corp. Rev.   1.730%  08/25/70   1,069,541    907,460 
Mosaic Solar Loans, LLC (b)   2.100%  04/20/46   822,371    693,176 
PG&E Energy Recovery Funding, LLC   2.822%  07/15/46   1,000,000    654,920 
PG&E Energy Recovery Funding, LLC   5.536%  07/15/47   1,500,000    1,411,626 
PG&E Wildfire Recovery Funding, LLC   4.674%  12/01/51   2,400,000    2,036,432 
SBA Tower Trust (b)   2.836%  01/15/50   282,000    269,931 
SBA Tower Trust (b)   6.599%  11/15/52   880,000    882,300 
SolarCity LMC, Series I, LLC (b)(d)   4.800%  12/20/26   233,883    226,378 
Tesla Auto Lease Trust (b)   0.600%  09/22/25   1,200,000    1,170,041 
Texas Electric Market Stabilization Funding N, LLC (b)   4.966%  02/01/44   630,000    574,404 
Texas Electric Market Stabilization Funding N, LLC   5.057%  08/01/46   3,000,000    2,654,101 
Textainer Marine Containers VII Ltd. (b)   1.680%  02/20/46   1,190,000    999,900 
TIF Funding II, LLC (b)   1.650%  02/20/46   395,000    326,953 
Toyota Auto Receivables Owner Trust   0.260%  11/17/25   1,625,179    1,581,966 
Tribute Rail, LLC (b)   4.760%  05/17/52   1,904,861    1,810,467 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Impact Bond Fund

 

ASSET BACKED SECURITIES - 4.1% (Continued)  Coupon   Maturity  Principal Amount   Fair Value 
Triton Container Finance VIII, LLC (b)   1.860%  03/20/46  $1,378,125   $1,150,684 
Triumph Rail, LLC (b)   2.150%  06/19/51   1,852,715    1,608,066 
Vantage Data Centers Issuer, LLC (b)   2.165%  10/15/46   2,000,000    1,755,964 
Wendy's Funding, LLC (b)   3.783%  06/15/49   676,875    622,452 
Wendy's Funding, LLC (b)   4.236%  03/15/52   1,234,375    1,114,481 
TOTAL ASSET BACKED SECURITIES (COST $37,440,970)       $33,692,327 

 

MONEY MARKET FUNDS - 0.6%  Shares   Fair Value 
First American Government Obligations Fund - Class X, 5.26% (f) (COST $4,728,294)   4,728,294   $4,728,294 
           
INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 2.9%   Shares    Fair Value 
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (f)(g)  (COST $23,755,948)   23,755,948   $23,755,948 
           
INVESTMENT COMPANIES - 0.4%   Shares    Fair Value 
Pax High Yield Bond Fund - Institutional Class (COST $4,199,236)   530,984   $3,026,608 
           
TOTAL INVESTMENTS - (COST $944,578,436) - 102.2%       $833,161,381 
           
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.2%)        (18,210,925)
           
NET ASSETS - 100.0%       $814,950,456 

 

(a) All or a portion of the security is on loan.  The total fair value of the securities on loan as of September 30, 2023 was $23,276,608.  
(b) 144a security may only be resold to qualified institutional investors.  These securities were deemed liquid under guidelines established by the Board of Trustees.  As of September 30, 2023, these securities were valued at $86,977,221 or 10.7% of net assets.
(c) Variable rate security. Interest rate resets periodically.  The rate shown is the effective interest rate as of September 30, 2023.  For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.  Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.  These securities, therefore, do not indicate a reference rate and spread.

 

 

(d)

Illiquid securities are as follows:

 

 

   Acquisition
Date		  Current
Cost		   Fair
Value		   % of Net
Assets		 
Calvert Impact Capital, Inc., 3.000%, 12/15/23  12/17/18  $950,000   $941,731    0.1%
Calvert Impact Capital, Inc., 1.000%, 06/14/24  06/15/21   550,000    529,192    0.1%
Calvert Impact Capital, Inc., 3.000%, 06/17/24  06/17/19   980,000    955,671    0.1%
Calvert Impact Capital, Inc., 3.000%, 12/15/24  12/12/19   400,000    384,449    0.1%
Calvert Impact Capital, Inc., 2.500%, 06/13/25  06/12/20   1,400,000    1,312,467    0.2%
Calvert Impact Capital, Inc., 2.500%, 12/15/25  12/15/20   650,000    598,081    0.1%
Calvert Impact Capital, Inc., 4.000% 06/15/28  06/15/23   1,200,000    1,085,904    0.1%
Capital Impact Partners Investment, 4.800%, 12/15/23  12/19/22   250,000    249,440    0.0%(e)
Capital Impact Partners Investment, 5.750%, 06/15/24  06/20/23   1,200,000    1,199,039    0.1%
SolarCity LMC, Series I, LLC  11/13/13   233,840    226,378    0.0%(e)
      $7,813,840   $7,482,352    0.9%

 

(e) Percentage rounds to less than 0.1%.
(f) The rate shown is the 7-day effective yield as of September 30, 2023.
(g) The security was purchased with cash collateral received from securities on loan.  

 

GMTN - Global Medium-Term Note
H15T1Y - U.S. Treasury yield curve rate for U.S. Treasury note with a constant maturity of 1 year
plc - Public Liability Company
RFUCCT - Refinitiv USD IBOR Consumer Cash Fallbacks

 

 

Schedule of Portfolio Investments

Praxis International Index Fund

September 30, 2023 (Unaudited)

 

COMMON STOCKS - 98.1%  Shares   Fair Value 
AUSTRALIA - 4.3%        
ANZ Group Holdings Ltd.   40,646   $670,466 
Brambles Ltd.   96,931    892,294 
Coles Group Ltd.   20,682    206,873 
Commonwealth Bank of Australia   19,560    1,257,015 
Computershare Ltd.   20,272    338,301 
CSL Ltd. - ADR (a)   7,282    588,022 
CSL Ltd.   3,640    586,855 
Dexus   119,299    559,837 
Fortescue Metals Group Ltd.   63,440    853,153 
Goodman Group   44,189    609,317 
GPT Group (The)   86,547    216,979 
Macquarie Group Ltd. - ADR   1,184    127,114 
Macquarie Group Ltd.   2,144    231,173 
Mirvac Group   294,152    402,767 
National Australia Bank Ltd.   36,653    684,946 
QBE Insurance Group Ltd.   18,867    190,538 
REA Group Ltd.   1,599    158,625 
Scentre Group   280,885    444,187 
SEEK Ltd.   49,532    702,733 
Sonic Healthcare Ltd.   3,612    69,194 
South32 Ltd.   255,820    557,489 
Stockland   131,558    331,517 
Transurban Group   253,924    2,071,417 
Vicinity Centres   397,679    433,316 
Wesfarmers Ltd.   32,429    1,101,952 
Woodside Energy Group Ltd.   46,978    1,101,972 
Woolworths Group Ltd.   28,598    686,087 
         16,074,139 
AUSTRIA - 0.3%          
OMV AG   11,205    536,854 
Verbund AG   6,899    561,971 
         1,098,825 
BELGIUM - 0.7%          
Elia Group S.A./N.V.   2,549    249,672 
Groupe Bruxelles Lambert N.V.   6,989    521,349 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund                

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
BELGIUM - 0.7% (Continued)        
Groupe Bruxelles Lambert N.V.   2,460   $183,634 
KBC Group N.V.   14,580    911,578 
UCB S.A.   9,252    758,431 
         2,624,664 
BERMUDA - 0.5%          
Credicorp Ltd.   9,187    1,175,660 
Orient Overseas International Ltd.   22,500    300,259 
Shenzhen International Holdings Ltd.   799,000    492,823 
         1,968,742 
BRAZIL - 1.9%          
Banco Bradesco S.A. - ADR   315,777    899,965 
Banco do Brasil S.A. - ADR   104,259    971,694 
Banco Santander Brasil S.A. - ADR   119,088    610,921 
Cia Siderurgica Nacional S.A. - ADR (a)   126,765    302,968 
Gerdau S.A. - ADR   57,663    275,053 
Sendas Distribuidora S.A. - ADR (a)   16,442    200,264 
Suzano S.A. - ADR   104,139    1,119,494 
Telefónica Brasil S.A. - ADR (a)   205,749    1,759,154 
TIM S.A. - ADR (a)   67,746    1,009,415 
         7,148,928 
CANADA - 7.6%          
Bank of Montreal (a)   17,353    1,464,073 
Bank of Nova Scotia (The) (a)   14,715    670,857 
BCE, Inc.   2,230    85,119 
Cameco Corp.   20,145    798,548 
Canadian Imperial Bank of Commerce   7,538    291,042 
Canadian National Railway Co.   17,522    1,898,158 
Canadian Pacific Kansas City Ltd.   19,191    1,428,002 
CGI, Inc. (b)   8,100    797,769 
FirstService Corp.   2,323    338,089 
Franco-Nevada Corp.   15,642    2,088,051 
Gildan Activewear, Inc.   18,362    514,320 
Magna International, Inc. (a)   1,678    89,958 
Manulife Financial Corp.   76,580    1,399,882 
Methanex Corp.   5,667    255,298 
Nutrien Ltd.   9,307    574,800 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund  

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
CANADA - 7.6% (Continued)        
Pembina Pipeline Corp.   36,741   $1,104,435 
RB Global, Inc. (a)   4,626    289,125 
Restaurant Brands International, Inc. (a)   11,589    772,059 
Royal Bank of Canada (a)   32,068    2,804,026 
Shopify, Inc. - Class A (b)   16,669    909,627 
Sun Life Financial, Inc. (a)   44,780    2,185,264 
Teck Resources Ltd. - Class B (a)   38,609    1,663,662 
Thomson Reuters Corp.   19,692    2,408,725 
Toronto-Dominion Bank (The)   24,696    1,488,181 
West Fraser Timber Co. Ltd.   2,404    174,386 
Wheaton Precious Metals Corp. (a)   42,407    1,719,604 
         28,213,060 
CAYMAN ISLANDS - 4.0%          
3SBio, Inc. (b)   223,500    186,946 
Alibaba Group Holding Ltd. - ADR (b)   26,924    2,335,388 
Baidu, Inc. - ADR (a)(b)   4,105    551,507 
China Literature Ltd. (b)   34,400    125,858 
China Mengniu Dairy Co. Ltd.   40,000    134,087 
ENN Energy Holdings Ltd.   10,800    89,647 
Genscript Biotech Corp. (b)   112,000    295,349 
Hengan International Group Co. Ltd.   144,500    460,400 
JD.com, Inc. - ADR   3,417    99,537 
Li Auto, Inc. (a)(b)   16,094    573,751 
Meituan - ADR (a)(b)   33,181    958,931 
Minth Group Ltd.   64,000    164,684 
NetEase, Inc. - ADR (a)   16,355    1,638,117 
NIO, Inc. - ADR (a)(b)   16,554    149,648 
Shenzhou International Group Holdings Ltd.   48,000    459,727 
Tencent Holdings Ltd. - ADR (a)   98,814    3,821,137 
Tingyi Cayman Islands Holding Corp.   378,000    528,088 
Trip.com Group Ltd. - ADR (b)   19,946    697,512 
Vipshop Holdings Ltd. - ADR (b)   21,137    338,403 
WuXi Biologics Cayman, Inc. (b)   113,072    659,163 
Xinyi Solar Holdings Ltd.   18,000    13,470 
XPeng, Inc. - ADR (a)(b)   6,832    125,436 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
CAYMAN ISLANDS - 4.0% (Continued)        
ZTO Express Cayman, Inc. - ADR (a)   21,267   $514,023 
         14,920,809 
CHILE - 0.2%          
ENERSIS CHILE S.A. - ADR   52,052    154,074 
Sociedad Quimica y Minera de Chile S.A. - ADR (a)   10,226    610,185 
         764,259 
CHINA - 2.9%          
Agricultural Bank of China Ltd. - H Shares   2,786,000    1,038,870 
ANTA Sports Products Ltd.   50,400    567,349 
Bank of China Ltd. - H Shares   3,583,000    1,253,703 
BYD Co. Ltd. - ADR   3,895    239,932 
BYD Co. Ltd. - H Shares   18,500    571,721 
China Life Insurance Co. Ltd. - H Shares   376,000    585,794 
China Minsheng Banking Corp. Ltd. - H Shares   906,000    310,070 
China Pacific Insurance Group Co. Ltd. - H Shares   100,200    250,796 
China Resources Land Ltd.   134,000    533,896 
Haier Smart Home Co. Ltd. - H Shares   225,630    710,250 
Huatai Securities Co. Ltd. - H Shares   117,400    149,922 
Industrial & Commercial Bank of China Ltd. - H Shares   1,755,000    844,920 
Jiangsu Expressway Co. Ltd. - H Shares   720,000    650,054 
PICC Property & Casualty Co. Ltd. - H Shares   294,000    377,696 
Ping An Insurance Group Co. of China Ltd. - H Shares   208,818    1,195,990 
Sinopharm Group Co. Ltd. - H Shares   427,200    1,238,381 
TravelSky Technology Ltd. - H Shares   217,000    376,319 
         10,895,663 
COLOMBIA - 0.3%          
Bancolombia S.A. - ADR   36,584    976,061 
           
DENMARK - 2.2%          
A.P. Moller-Maersk A/S - Series B   55    99,285 
Chr. Hansen Holding A/S   4,354    266,868 
Coloplast A/S - Series B   3,358    355,854 
DSV A/S   4,551    850,891 
Genmab A/S (b)   932    331,334 
Novo Nordisk A/S - ADR   59,796    5,437,848 
Novozymes A/S - B Shares   3,368    135,919 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund    

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
DENMARK - 2.2% (Continued)        
Orsted A/S   2,157   $117,746 
Pandora A/S   1,085    112,519 
Vestas Wind Systems A/S   21,015    451,477 
         8,159,741 
FINLAND - 0.8%          
Kone OYJ - Class B   3,529    148,935 
Neste OYJ   15,889    539,712 
Nokia Corp. - ADR (a)   180,069    673,458 
Sampo OYJ - A Shares (b)   13,008    563,556 
Stora Enso OYJ - R Shares   14,211    178,633 
UPM-Kymmene OYJ   20,395    700,101 
         2,804,395 
FRANCE - 6.6%          
Accor S.A.   4,739    160,021 
Aeroports de Paris S.A.   1,860    220,038 
Air Liquide S.A. - ADR   1,327    44,680 
Air Liquide S.A.   9,728    1,643,856 
Alstom S.A.   6,726    160,702 
Arkema S.A.   1,887    186,645 
AXA S.A.   33,469    997,099 
BNP Paribas S.A. - ADR   6,162    195,643 
BNP Paribas S.A.   3,140    200,603 
Bollore SE   121,566    654,161 
Bureau Veritas S.A.   16,518    410,549 
Capgemini SE   3,941    690,790 
Carrefour S.A.   14,741    253,787 
Cie Generale des Etablissements Michelin SCA - ADR   18,748    285,720 
Cie Generale des Etablissements Michelin SCA   18,076    555,523 
Covivio S.A.   4,642    206,606 
Danone S.A. - ADR   12,960    143,402 
Danone S.A.   9,568    528,622 
Dassault Systemes SE   8,424    314,330 
EssilorLuxottica S.A.   6,450    1,126,210 
Getlink SE   64,345    1,027,860 
Henkel AG & Co. KGaA   4,390    277,165 
Hermes International SCA - ADR (a)   2,070    377,672 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund  

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
FRANCE - 6.6% (Continued)        
Hermes International SCA   830   $1,517,850 
Kering S.A.   1,685    769,375 
Klepierre S.A.   20,396    500,898 
Legrand S.A.   13,146    1,213,284 
L'Oreal S.A. - ADR   21,745    1,801,791 
L'Oreal S.A.   1,380    573,650 
Orange S.A. - ADR   15,765    181,140 
Publicis Groupe S.A.   12,555    952,476 
Sartorius Sedim Biotech   1,319    315,143 
Schneider Electric SE - ADR (a)   5,840    192,662 
Schneider Electric SE   17,677    2,933,646 
Societe Generale S.A.   23,503    572,605 
Solvay S.A.   809    89,675 
Teleperformance   1,198    151,222 
Unibail-Rodamco-Westfield (b)   3,343    165,224 
Unibail-Rodamco-Westfield - CDI (b)   45,646    107,395 
Valeo SE   19,119    330,070 
Veolia Environnement S.A.   6,731    195,191 
Vivendi SE - ADR   13,553    118,318 
Vivendi SE   46,775    410,239 
Wendel SE   8,457    670,999 
Worldline S.A. (b)   4,311    121,459 
         24,545,996 
GERMANY - 3.7%          
adidas AG - ADR   5,158    452,666 
adidas AG   1,323    233,046 
Allianz SE - ADR   76,050    1,808,469 
Allianz SE   5,268    1,256,991 
BASF SE   10,211    463,646 
Bayerische Motoren Werke AG - ADR   2    68 
Bayerische Motoren Werke AG   2,092    213,159 
Brenntag SE   6,380    495,615 
Commerzbank AG   24,099    274,900 
Continental AG   4,852    342,446 
Covestro AG (b)   5,621    303,423 
Deutsche Boerse AG   7,444    1,288,279 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
GERMANY - 3.7% (Continued)        
Deutsche Post AG - ADR   9,971   $404,623 
Deutsche Post AG   10,161    413,949 
Deutsche Telekom AG - ADR   38,185    800,358 
Deutsche Telekom AG   25,629    538,320 
Fraport AG Frankfurt Airport Services Worldwide (b)   1,961    104,155 
Fresenius Medical Care AG & Co. KGaA - ADR (a)   8,998    193,817 
Fresenius Medical Care AG & Co. KGaA   4,696    202,754 
Hannover Rueck SE   1,159    254,737 
Merck KGaA   2,309    386,054 
Muenchener Rueckversicherungs-Gesellschaft AG - ADR   18,890    735,010 
Muenchener Rueckversicherungs-Gesellschaft AG   2,246    876,413 
RWE AG   9,296    345,443 
Sartorius AG   918    312,308 
Siemens Healthineers AG   3,235    164,161 
Telefonica Deutschland Holding AG   129,616    232,265 
Vonovia SE   22,603    545,062 
Zalando SE (b)   3,395    75,839 
         13,717,976 
HONG KONG - 1.9%          
AAC Technologies Holdings, Inc.   92,000    157,431 
AIA Group Ltd. - ADR   36,481    1,178,336 
AIA Group Ltd.   57,569    469,404 
BYD Electronic International Co. Ltd.   86,500    394,350 
China Merchants Port Holdings Co. Ltd.   540,000    672,350 
Geely Automobile Holdings Ltd.   121,000    142,776 
Hang Seng Bank Ltd.   2,100    26,133 
Hong Kong Exchanges & Clearing Ltd.   22,078    824,957 
Kingsoft Corp. Ltd.   45,600    165,379 
Lenovo Group Ltd.   754,000    777,038 
Link REIT   95,500    468,308 
New China Life Insurance Co. Ltd. - H Shares   87,400    210,722 
Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares   256,000    224,919 
Sino Land Co. Ltd.   270,000    304,454 
Sun Hung Kai Properties Ltd.   21,000    224,730 
Swire Properties Ltd.   206,350    430,580 
Techtronic Industries Co. Ltd.   24,500    237,781 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
HONG KONG - 1.9% (Continued)        
Zhongsheng Group Holdings Ltd.   62,500   $175,989 
         7,085,637 
INDIA - 4.3%          
HDFC Bank Ltd. - ADR   30,589    1,805,057 
ICICI Bank Ltd. - ADR   245,727    5,681,208 
Infosys Ltd. - ADR   218,549    3,739,373 
Wipro Ltd. - ADR (a)   973,270    4,710,627 
         15,936,265 
INDONESIA - 0.7%          
Bank Mandiri Persero Tbk PT - ADR   87,101    1,348,323 
Telkom Indonesia Persero Tbk PT - ADR (a)   57,608    1,388,353 
         2,736,676 
IRELAND - 0.5%          
AIB Group plc   100,681    453,432 
CRH plc (a)   14,500    793,585 
Kingspan Group plc   1,736    130,232 
Smurfit Kappa Group plc   17,885    596,734 
         1,973,983 
ISRAEL - 0.5%          
Check Point Software Technologies Ltd. (b)   2,999    399,707 
CyberArk Software Ltd. (b)   2,342    383,549 
ICL Group Ltd. (a)   99,415    551,753 
Nice Ltd. - ADR (a)(b)   3,542    602,140 
         1,937,149 
ITALY - 1.8%          
Assicurazioni Generali S.p.A.   24,438    500,309 
Enel S.p.A.   63,194    388,825 
Intesa Sanpaolo S.p.A. - ADR   1    15 
Intesa Sanpaolo S.p.A.   276,901    714,281 
Mediobanca Banca di Credito Finanziario S.p.A.   49,451    655,060 
Moncler S.p.A.   10,592    616,775 
Poste Italiane S.p.A.   66,474    700,510 
Prysmian S.p.A.   3,437    138,621 
Snam S.p.A.   47,186    221,937 
Telecom Italia S.p.A. (b)   591,414    185,133 
Terna - Rete Elettrica Nazionale S.p.A.   199,413    1,502,713 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
ITALY - 1.8% (Continued)        
UniCredit S.p.A.   49,517   $1,189,895 
         6,814,074 
JAPAN - 16.4%          
Advantest Corp.   19,200    537,170 
Aeon Co. Ltd.   19,800    392,513 
AGC, Inc.   10,000    350,908 
Ajinomoto Co., Inc.   6,600    254,565 
Asahi Intecc Co. Ltd.   11,100    199,656 
Asahi Kasei Corp.   21,400    134,594 
Astellas Pharma, Inc.   54,600    757,760 
Azbil Corp.   10,400    318,595 
Bandai Namco Holdings, Inc.   18,600    378,619 
Bridgestone Corp.   48,156    1,878,342 
Brothers Industries Ltd.   29,100    468,997 
Canon, Inc.   22,800    550,010 
Chiba Bank Ltd. (The)   28,700    208,853 
Chugai Pharmaceutical Co. Ltd.   13,500    417,717 
Dai Nippon Printing Co. Ltd.   61,318    1,596,128 
Dai-ichi Life Holdings, Inc.   16,346    338,753 
Daiichi Sankyo Co. Ltd. - ADR (a)   5,703    155,863 
Daiichi Sankyo Co. Ltd.   28,630    786,630 
Daiwa House Industry Co. Ltd.   66,000    1,773,208 
Daiwa Securities Group, Inc.   81,800    472,438 
Denso Corp.   73,600    1,182,497 
Disco Corp.   1,200    221,465 
Eisai Co. Ltd.   4,600    255,609 
ENEOS Holdings, Inc.   137,900    544,343 
FANUC Corp.   4,000    104,202 
Fast Retailing Co. Ltd.   4,200    915,933 
FUJIFILM Holdings Corp. - ADR   6,620    383,695 
FUJIFILM Holdings Corp.   3,800    220,156 
Fujitsu Ltd.   4,868    573,315 
Hikari Tsushin, Inc.   1,200    182,882 
Hitachi Construction Machinery Co. Ltd.   15,000    456,301 
Honda Motor Co. Ltd.   23,400    263,374 
Hoya Corp. - ADR   1,273    130,801 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
JAPAN - 16.4% (Continued)        
Hoya Corp.   6,861   $703,588 
Ibiden Co. Ltd.   6,700    357,056 
Inpex Corp.   35,600    537,427 
Itochu Techno-Solutions Corp.   6,400    184,710 
Japan Exchange Group, Inc.   13,000    241,313 
Japan Post Bank Co. Ltd.   26,000    226,350 
Kao Corp.   23,800    884,053 
KDDI Corp. - ADR (a)   43,814    671,231 
Keyence Corp.   4,100    1,522,675 
Kubota Corp. - ADR   788    58,028 
Kubota Corp.   36,800    542,737 
Lixil Corp.   11,600    135,180 
Mitsubishi Corp.   44,800    2,136,859 
Mitsubishi Estate Co. Ltd.   14,300    187,074 
Mitsubishi UFJ Financial Group, Inc. - ADR   29,257    248,392 
Mitsubishi UFJ Financial Group, Inc.   275,109    2,335,208 
Mitsui Chemicals, Inc.   7,100    184,198 
Mitsui OSK Lines Ltd.   13,800    379,534 
Mizuho Financial Group, Inc.   65,200    1,108,619 
Murata Manufacturing Co. Ltd.   38,700    708,011 
Nexon Co. Ltd.   11,900    212,891 
Nidec Corp. - ADR   23,780    274,421 
Nintendo Co. Ltd. - ADR   113,260    1,172,241 
Nintendo Co. Ltd.   3,000    125,066 
Nippon Prologis REIT, Inc.   164    306,401 
Nippon Telegraph & Telephone Corp.   130,000    153,626 
Nippon Yusen KK   9,300    241,833 
Nitori Holdings Co. Ltd.   1,100    122,998 
Nomura Real Estate Holdings, Inc.   12,900    323,965 
Nomura Real Estate Master Fund, Inc.   155    173,627 
Nomura Research Institute Ltd.   10,900    283,950 
Odakyu Electric Railway Co. Ltd.   20,800    311,010 
Olympus Corp.   16,400    213,065 
Omron Corp.   2,900    129,377 
Oracle Corp. Japan   3,200    237,686 
Oriental Land Co. Ltd.   20,800    683,261 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
JAPAN - 16.4% (Continued)        
ORIX Corp.   16,800   $313,986 
Pan Pacific International Holdings Corp.   21,300    447,263 
PDD Holdings, Inc. - ADR (b)   8,211    805,253 
Persol Holdings Co. Ltd.   41,000    66,778 
Recruit Holdings Co. Ltd.   33,150    1,022,399 
Resona Holdings, Inc.   85,600    474,451 
Ricoh Co. Ltd.   40,800    352,329 
Seiko Epson Corp.   68,100    1,070,663 
Sekisui House Ltd. - ADR   21,690    433,800 
Sekisui House Ltd.   17,600    350,608 
Seven & i Holdings Co. Ltd.   23,800    932,468 
Shimadzu Corp.   24,100    640,555 
Shimano, Inc.   2,084    281,207 
Shin-Etsu Chemical Co. Ltd.   17,000    494,048 
Shiseido Co. Ltd. - ADR   2,703    95,119 
Shiseido Co. Ltd.   2,100    73,775 
SoftBank Corp.   33,205    375,620 
SoftBank Group Corp. - ADR   7,422    156,233 
SoftBank Group Corp.   12,400    525,652 
Sompo Holdings, Inc.   4,300    185,102 
Sony Group Corp. - ADR   24,268    1,999,926 
Sony Group Corp.   2,000    163,810 
Sumitomo Corp.   32,454    648,033 
Sumitomo Metal Mining Co. Ltd.   2,500    73,591 
Sumitomo Mitsui Financial Group, Inc. - ADR (a)   102,110    1,005,784 
Sumitomo Mitsui Financial Group, Inc.   13,200    648,954 
Sumitomo Mitsui Trust Holdings, Inc.   19,600    738,536 
Takeda Pharmaceutical Co. Ltd. - ADR (a)   41,354    639,746 
Takeda Pharmaceutical Co. Ltd.   35,100    1,090,056 
TDK Corp.   11,700    433,893 
Terumo Corp.   10,972    290,965 
Toho Co. Ltd.   4,100    139,976 
Tokio Marine Holdings, Inc.   15,000    347,796 
Tokyo Electron Ltd. - ADR   2,552    174,429 
Tokyo Electron Ltd.   5,700    779,625 
TOPPAN Holdings, Inc.   63,200    1,511,901 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
JAPAN - 16.4% (Continued)        
Toray Industries, Inc.   50,000   $260,303 
Toyota Motor Corp. - ADR (a)   14,091    2,532,857 
USS Co. Ltd.   45,220    748,165 
Yamaha Corp.   17,000    464,812 
Yamaha Motor Co. Ltd.   37,400    983,796 
Yokogawa Electric Corp.   36,800    711,296 
         61,209,112 
JERSEY - 0.2%          
Experian plc - ADR   11,145    363,773 
Experian plc   2,439    80,074 
WPP plc   34,966    312,691 
         756,538 
LUXEMBOURG - 0.2%          
Tenaris S.A. - ADR   21,178    669,225 
           
MEXICO - 1.1%          
America Movil S.A.B. de C.V. - ADR   20,827    360,724 
Fomento Economico Mexicano S.A.B. de C.V. - ADR   12,776    1,394,500 
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR   2,661    437,389 
Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR   3,153    774,724 
Wal-Mart de Mexico S.A.B. de C.V. - ADR   32,608    1,224,756 
         4,192,093 
NETHERLANDS - 2.5%          
Adyen N.V. (b)   223    166,372 
Aegon N.V. (b)   36,751    176,405 
Akzo Nobel N.V. - ADR   1,673    40,303 
Argenx SE - ADR (b)   1,009    496,055 
ASML Holding N.V.   6,542    3,851,014 
CNH Industrial N.V. (a)   12,123    146,688 
DSM B.V.   2,622    253,551 
ING Groep N.V. - ADR (a)   40,673    536,070 
ING Groep N.V.   12,870    170,756 
Koninklijke Ahold Delhaize N.V. - ADR   22,723    683,508 
Koninklijke Ahold Delhaize N.V.   5,491    165,560 
NN Group N.V.   8,950    288,020 
Prosus N.V. (b)   39,670    1,170,934 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
NETHERLANDS - 2.5% (Continued)        
QIAGEN N.V. (b)   11,697   $473,728 
Randstad N.V.   3,477    192,542 
Stellantis N.V.   21,320    410,262 
Wolters Kluwer N.V.   1,707    206,901 
         9,428,669 
NEW ZEALAND - 0.0% (c)          
Meridian Energy Ltd.   40,380    124,410 
           
NORWAY - 1.7%          
Aker BP ASA   25,069    693,655 
Equinor ASA - ADR (a)   158,981    5,212,987 
Norsk Hydro ASA   79,990    502,481 
         6,409,123 
PHILIPPINES - 0.0% (c)          
PLDT, Inc. - ADR   3,953    81,669 
           
PORTUGAL - 0.7%          
Galp Energia SGPS S.A.   129,349    1,919,928 
Jeronimo Martins SGPS S.A.   23,335    524,476 
         2,444,404 
RUSSIA - 0.0% (c)          
Mobile TeleSystems PJSC - ADR (b)(d)(e)   86,910    869 
           
SINGAPORE - 1.3%          
BOC Aviation Ltd.   87,700    612,050 
CapitaLand Ascendas REIT   167,800    337,544 
CapitaLand Ascott Trust   10,433    7,326 
CapitaLand Integrated Commercial Trust   522,925    707,648 
CapitaLand Investment Ltd.   183,000    414,972 
CDL Hospitality Trusts   28,826    21,929 
City Developments Ltd.   260,300    1,258,583 
DBS Group Holdings Ltd. - ADR   11,392    1,121,884 
Singapore Telecommunications Ltd.   58,000    102,671 
Venture Corp. Ltd.   33,300    301,315 
         4,885,922 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund  

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
SOUTH AFRICA - 1.0%        
FirstRand Ltd.   313,429   $1,057,124 
Gold Fields Ltd. - ADR   9,808    106,515 
Mr Price Group Ltd.   70,832    519,811 
MultiChoice Group Ltd. (b)   89,374    349,490 
Naspers Ltd. - Class N - ADR   30,725    973,061 
Standard Bank Group Ltd.   68,618    665,813 
         3,671,814 
SOUTH KOREA - 4.4%          
Celltrion, Inc.   4,265    439,187 
Hyundai Mobis Co. Ltd.   12,397    2,205,578 
KB Financial Group, Inc. - ADR   15,444    634,903 
KT Corp. - ADR (a)   39,515    506,582 
LG Display Co. Ltd. - ADR   3    15 
NAVER Corp.   7,018    1,046,114 
POSCO Holdings, Inc. - ADR (a)   12,686    1,300,315 
Samsung Electronics Co. Ltd.   120,001    6,072,000 
Shinhan Financial Group Co. Ltd. - ADR (a)   23,067    611,045 
Shinhan Financial Group Co. Ltd.   29,265    770,707 
SK Hynix, Inc.   15,952    1,353,534 
SK Telecom Co. Ltd. - ADR (a)   19,765    424,157 
Woori Financial Group, Inc. - ADR (a)   34,279    939,930 
         16,304,067 
SPAIN - 2.1%          
Aena SME S.A.   5,525    832,926 
Amadeus IT Group S.A.   7,348    444,966 
Banco Bilbao Vizcaya Argentaria S.A. - ADR   24,792    199,576 
Banco Santander S.A. - ADR (a)   53,453    200,983 
CaixaBank S.A.   69,384    277,712 
Cellnex Telecom S.A.   10,596    369,331 
Grifols S.A. (b)   20,633    188,586 
Iberdrola S.A. - ADR (a)   1,595    71,360 
Iberdrola S.A.   29,928    335,223 
Industria de Diseno Textil S.A.   39,262    1,464,802 
Naturgy Energy Group S.A.   12,657    344,692 
Repsol S.A.   157,752    2,596,679 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
SPAIN - 2.1% (Continued)        
Telefónica S.A.   92,766   $379,341 
         7,706,177 
SWEDEN - 1.3%          
Atlas Copco AB - A Shares   71,088    958,147 
Atlas Copco AB - Class A - ADR   18,379    246,279 
Boliden AB   20,477    589,384 
Epiroc AB - Class A   14,553    277,074 
Essity AB - Series B   7,919    170,993 
H & M Hennes & Mauritz AB - B Shares   27,122    385,941 
Hexagon AB - B Shares   62,284    532,367 
Industrivarden AB - A Shares   23,389    618,286 
L E Lundbergforetagen AB - B Shares   4,058    169,750 
Securitas AB - B Shares   19,191    152,229 
Svenska Cellulosa AB SCA - Series B   16,418    225,345 
Svenska Handelsbanken AB - A Shares   31,343    279,893 
         4,605,688 
SWITZERLAND - 6.1%          
ABB Ltd. - ADR   73,560    2,618,000 
ABB Ltd.   5,783    207,215 
Accelleron Industries AG   1,953    50,410 
Adecco Group AG   8,723    359,825 
Alcon, Inc.   5,312    409,343 
Barry Callebaut AG   553    880,798 
Clariant AG (b)   10,218    161,856 
Coca-Cola HBC AG   26,042    714,546 
Geberit AG   1,394    698,987 
Givaudan S.A.   208    680,313 
Holcim Ltd.   8,532    547,866 
Julius Baer Group Ltd.   5,382    346,065 
Keuhne + Nagel International AG   643    183,335 
Logitech International S.A.   4,776    329,257 
Lonza Group AG - ADR   1,070    49,413 
Lonza Group AG   2,080    967,072 
Nestlé S.A. - ADR   29,320    3,318,144 
Nestlé S.A.   4,022    455,808 
Partners Group Holding AG   161    181,949 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
SWITZERLAND - 6.1% (Continued)        
Roche Holding AG - ADR   73,736   $2,501,862 
Roche Holding AG   2,049    560,605 
Sika AG   1,660    422,712 
Sonova Holding AG   927    220,461 
Swatch Group AG (The)   707    181,811 
Swiss Life Holding AG   1,691    1,055,917 
Swiss Re AG   9,611    990,299 
Swisscom AG   981    583,205 
Temenos AG   2,479    174,458 
UBS Group AG (a)   39,428    977,312 
UBS Group AG   26,246    646,964 
Zurich Insurance Group AG - ADR   24,700    1,130,766 
Zurich Insurance Group AG   492    225,794 
         22,832,368 
TAIWAN - 4.5%          
ASE Technology Holding Co. Ltd. - ADR   126,937    954,566 
AUO Corp. - ADR   115,722    601,754 
Chunghwa Telecom Co. Ltd. - ADR   137,157    4,929,423 
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR   97,734    8,493,085 
United Microelectronics Corp. - ADR (a)   220,305    1,555,353 
         16,534,181 
UNITED KINGDOM - 8.9%          
3i Group plc   68,813    1,740,348 
Anglo American plc   24,823    685,944 
Antofagasta plc   47,452    827,281 
Ashtead Group plc   11,037    673,536 
AstraZeneca plc - ADR   56,492    3,825,638 
Aviva plc   147,903    703,372 
Barratt Developments plc   27,950    150,413 
British Land Co. plc (The)   62,287    240,740 
BT Group plc   100,315    142,825 
Bunzl plc   5,822    207,832 
Burberry Group plc   13,434    312,798 
Centrica plc   68,122    128,363 
Coca-Cola Europacific Partners plc   24,655    1,540,444 
Compass Group plc   35,682    870,654 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
UNITED KINGDOM - 8.9% (Continued)        
GSK plc - ADR   30,598   $1,109,177 
GSK plc   17,282    314,579 
Haleon plc - ADR (a)   17,287    144,001 
Halma plc   11,061    261,593 
HSBC Holdings plc - ADR (a)   58,458    2,306,753 
HSBC Holdings plc   27,340    215,075 
Informa plc   116,498    1,066,541 
InterContinental Hotels Group plc - ADR   1,068    79,833 
J Sainsbury plc   86,209    265,886 
Kingfisher plc   161,921    441,121 
Land Securities Group plc   31,696    227,997 
Legal & General Group plc   210,040    570,162 
Lloyds Banking Group plc   437,921    237,030 
London Stock Exchange Group plc   7,929    796,518 
Mondi plc   24,044    402,611 
National Grid plc - ADR (a)   5,873    356,080 
National Grid plc   77,306    924,284 
NatWest Group plc   160,250    460,812 
PEARSON plc - ADR (a)   83,385    878,878 
PEARSON plc   24,794    262,683 
Prudential plc - ADR   10,228    224,198 
Reckitt Benckiser Group plc - ADR   34,350    480,557 
Reckitt Benckiser Group plc   3,212    227,049 
RELX plc - ADR (a)   28,876    973,121 
RELX plc   74,635    2,526,805 
Rentokil Initial plc   52,853    393,467 
Sage Group plc (The) - ADR   2,320    111,952 
Sage Group plc (The)   14,027    169,249 
Segro plc   49,056    430,555 
Severn Trent plc   16,234    468,407 
Taylor Wimpey plc   108,822    155,733 
Tesco plc - ADR   293    2,816 
Tesco plc   144,166    464,688 
Unilever plc - ADR   41,275    2,038,985 
United Utilities Group plc   59,321    686,238 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

COMMON STOCKS - 98.1% (Continued)  Shares   Fair Value 
UNITED KINGDOM - 8.9% (Continued)        
Whitbread plc   5,438   $229,818 
         32,955,440 
           
TOTAL COMMON STOCKS (Cost $286,033,411)       $365,208,811 

 

CORPORATE NOTES - 0.9%  Coupon   Maturity  Par Value   Fair Value 
COMMUNITY DEVELOPMENT - 0.9%               
Calvert Impact Capital, Inc. (d)   3.000%  12/15/23  $480,000   $475,822 
Calvert Impact Capital, Inc. (d)   1.000%  06/14/24   450,000    432,975 
Calvert Impact Capital, Inc. (d)   3.000%  06/17/24   290,000    282,801 
Calvert Impact Capital, Inc. (d)   3.000%  12/15/24   120,000    115,334 
Calvert Impact Capital, Inc. (d)   2.500%  06/13/25   500,000    468,738 
Calvert Impact Capital, Inc. (d)   2.500%  12/15/25   400,000    368,050 
Calvert Impact Capital, Inc. (d)   4.000%  06/15/28   620,000    561,050 
Capital Impact Partners Investment (d)   5.750%  06/15/24   620,000    619,504 
TOTAL CORPORATE NOTES (Cost $3,480,000)         $3,324,274 

 

MONEY MARKET FUNDS - 0.5%  Shares   Fair Value 
First American Government Obligations Fund - Class X, 5.26% (f) (Cost $2,007,174)   2,007,174   $2,007,174 

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 12.6%  Shares   Fair Value 
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (f)(g) (Cost $46,889,429)   46,889,429   $46,889,429 
           
TOTAL INVESTMENTS - (Cost $338,410,014) - 112.1%       $417,429,688 
           
LIABILITES IN EXESS OF OTHER ASSETS - (12.1%)        (44,984,805)
           
NET ASSETS - 100.0%       $372,444,883 

 

(a) All or a portion of the security is on loan.  The total fair value of the securities on loan as of September 30, 2023 was $45,749,863.  
(b) Non-income producing security.
(c) Percentage rounds to less than 0.1%.
(d) Illiquid securities are as follows:

 

   Acquisition
Date		  Current
Cost		   Fair
Value		   % of Net
Assets		 
Calvert Impact Capital, Inc., 3.000%, 12/15/23  12/17/18  $480,000   $475,822    0.1%
Calvert Impact Capital, Inc., 1.000%, 06/14/24  06/15/21   450,000    432,975    0.1%
Calvert Impact Capital, Inc., 3.000%, 06/17/24  06/17/19   290,000    282,801    0.1%
Calvert Impact Capital, Inc., 3.000%, 12/15/24  12/12/19   120,000    115,334    0.0%(c)
Calvert Impact Capital, Inc., 2.500%, 06/13/25  06/12/20   500,000    468,738    0.1%
Calvert Impact Capital, Inc., 2.500%, 12/15/25  12/15/20   400,000    368,050    0.1%
Calvert Impact Capital, Inc., 4.000% 06/15/28  06/15/23   620,000    561,050    0.2%
Capital Impact Partners Investment, 5.750%, 06/15/24  06/20/23   620,000    619,504    0.2%
Mobile TeleSystems PJSC – ADR  07/19/11   86,910    869    0.0%(c)
      $3,566,910   $3,325,143    0.9%

 

(e) Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total fair value of such securities was $869 as of September 30, 2023, representing 0.0% (c) of net assets.
(f) The rate shown is the 7-day effective yield as of September 30, 2023.
(g) The security was purchased with cash collateral received from securities on loan.  

 

ADR - American Depositary Receipt
CDI - CHESS Depositary Interest
plc - Public Liability Company
REIT - Real Estate Investment Trust

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

September 30, 2023 (Unaudited)

 

Common Stocks by Sector/Industry  % of Net Assets 
Communications - 9.2%    
Advertising & Marketing   0.3%
Cable & Satellite   0.1%
Entertainment Content   1.0%
Internet Media & Services   3.0%
Publishing & Broadcasting   0.6%
Telecommunications   4.2%
Consumer Discretionary - 9.7%     
Apparel & Textile Products   1.3%
Automotive   3.6%
E-Commerce Discretionary   0.8%
Home Construction   1.0%
Leisure Facilities & Services   0.5%
Leisure Products   0.2%
Retail - Discretionary   2.0%
Wholesale - Discretionary   0.3%
Consumer Staples - 6.9%     
Beverages   1.1%
Food   1.5%
Household Products   2.0%
Retail - Consumer Staples   1.7%
Wholesale - Consumer Staples   0.6%
Energy - 4.1%     
Oil & Gas Producers   4.0%
Renewable Energy   0.1%
Financials - 21.6%     
Asset Management   1.8%
Banking   13.1%
Institutional Financial Services   0.9%
Insurance   5.5%
Specialty Finance   0.3%
Health Care - 8.4%     
Biotech & Pharma   5.9%
Health Care Facilities & Services   0.9%
Medical Equipment & Devices   1.6%

 

 

Schedule of Portfolio Investments (Continued)

Praxis International Index Fund

 

Common Stocks by Sector/Industry (Continued)  % of Net Assets 
Industrials - 9.8%    
Commercial Support Services   1.8%
Electrical Equipment   2.4%
Engineering & Construction   0.1%
Industrial Support Services   0.4%
Machinery   1.3%
Transportation & Logistics   3.8%
Transportation Equipment *   0.0%
Materials - 7.5%     
Chemicals   2.1%
Construction Materials   0.6%
Containers & Packaging   0.5%
Forestry, Paper & Wood Products   0.6%
Metals & Mining   3.0%
Steel   0.7%
Real Estate - 3.5%     
Real Estate Owners & Developers   1.5%
Real Estate Services   0.1%
REITs   1.9%
Technology - 15.4%     
Semiconductors   4.8%
Software   0.6%
Technology Hardware   4.9%
Technology Services   5.1%
Utilities - 2.0%     
Electric & Gas Marketing & Trading   0.1%
Electric Utilities   1.4%
Gas & Water Utilities   0.5%
    98.1%

 

*Amount rounds to less than 0.1%.

 

 

Schedule of Portfolio Investments

Praxis Value Index Fund

September 30, 2023 (Unaudited)

 

COMMON STOCKS - 98.4%  Shares   Fair Value 
ADVERTISING & MARKETING - 0.2%        
Omnicom Group, Inc.   10,229   $761,856 
           
AEROSPACE & DEFENSE - 0.1%          
Howmet Aerospace, Inc.   7,310    338,087 
           
APPAREL & TEXTILE PRODUCTS - 0.7%          
NIKE, Inc. - Class B   29,440    2,815,053 
VF Corp. (a)   37,160    656,617 
         3,471,670 
ASSET MANAGEMENT - 1.3%          
Ameriprise Financial, Inc.   1,540    507,707 
BlackRock, Inc.   4,522    2,923,428 
Charles Schwab Corp. (The)   11,830    649,467 
Franklin Resources, Inc. (a)   24,430    600,489 
Invesco Ltd.   34,830    505,732 
T. Rowe Price Group, Inc.   5,830    611,392 
         5,798,215 
AUTOMOTIVE - 1.0%          
Aptiv plc (b)   7,050    695,059 
BorgWarner, Inc.   14,870    600,302 
Ford Motor Co.   128,833    1,600,106 
General Motors Co.   46,330    1,527,500 
         4,422,967 
BANKING - 6.1%          
Bank of America Corp.   204,460    5,598,115 
Citigroup, Inc.   63,306    2,603,776 
Citizens Financial Group, Inc.   22,720    608,896 
Fifth Third Bancorp   19,490    493,682 
Huntington Bancshares, Inc.   76,040    790,816 
JPMorgan Chase & Co.   83,705    12,138,899 
M&T Bank Corp.   8,184    1,034,867 
PNC Financial Services Group, Inc. (The)   11,131    1,366,553 
Regions Financial Corp.   43,890    754,908 
Truist Financial Corp.   39,410    1,127,520 
U.S. Bancorp   45,077    1,490,245 
         28,008,277 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.4% (Continued)  Shares   Fair Value 
BEVERAGES - 0.8%        
Coca-Cola Co. (The)   40,420   $2,262,712 
Keurig Dr Pepper, Inc. (a)   12,430    392,415 
PepsiCo, Inc.   6,059    1,026,637 
         3,681,764 
BIOTECH & PHARMA - 1.6%          
Biogen, Inc. (b)   1,930    496,029 
Bristol-Myers Squibb Co.   5,870    340,695 
Gilead Sciences, Inc.   4,680    350,719 
Johnson & Johnson   28,441    4,429,686 
Zoetis, Inc. (a)   10,000    1,739,800 
         7,356,929 
CABLE & SATELLITE - 1.5%          
Charter Communications, Inc. - Class A (a)(b)   2,520    1,108,347 
Comcast Corp. - Class A   127,730    5,663,548 
         6,771,895 
CHEMICALS - 2.9%          
Air Products & Chemicals, Inc.   2,397    679,310 
Dow, Inc.   7,400    381,544 
DuPont de Nemours, Inc. (a)   8,138    607,013 
Ecolab, Inc.   4,910    831,754 
International Flavors & Fragrances, Inc.   6,622    451,422 
Linde plc   15,566    5,796,000 
LyondellBasell Industries N.V. - Class A   19,930    1,887,371 
PPG Industries, Inc.   10,210    1,325,258 
Sherwin-Williams Co. (The)   6,010    1,532,850 
         13,492,522 
COMMERCIAL SUPPORT SERVICES - 1.0%          
Republic Services, Inc.   11,450    1,631,740 
Robert Half, Inc.   5,180    379,590 
Rollins, Inc.   14,870    555,097 
Waste Management, Inc.   12,790    1,949,708 
         4,516,135 
CONSTRUCTION MATERIALS - 0.3%          
Martin Marietta Materials, Inc.   2,100    862,008 
Vulcan Materials Co.   2,600    525,252 
         1,387,260 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.4% (Continued)  Shares   Fair Value 
CONTAINERS & PACKAGING - 0.1%          
WestRock Co.   10,970   $392,726 
           
DIVERSIFIED INDUSTRIALS - 1.5%          
Dover Corp.   7,683    1,071,855 
Emerson Electric Co.   20,564    1,985,866 
Illinois Tool Works, Inc.   12,695    2,923,785 
Pentair plc   17,330    1,122,118 
         7,103,624 
E-COMMERCE DISCRETIONARY - 3.6%          
Amazon.com, Inc. (b)   125,280    15,925,593 
eBay, Inc.   12,910    569,202 
         16,494,795 
ELECTRIC UTILITIES - 4.5%          
AES Corp. (The)   19,904    302,541 
Ameren Corp.   7,630    570,953 
American Electric Power Co., Inc.   16,270    1,223,829 
CenterPoint Energy, Inc.   19,510    523,844 
CMS Energy Corp.   12,530    665,468 
Consolidated Edison, Inc.   29,931    2,559,998 
DTE Energy Co.   7,370    731,694 
Duke Energy Corp.   29,394    2,594,314 
Edison International   16,627    1,052,323 
Eversource Energy   12,730    740,250 
Exelon Corp.   26,010    982,918 
NextEra Energy, Inc.   61,580    3,527,918 
NRG Energy, Inc.   18,460    711,079 
PPL Corp.   12,890    303,688 
Sempra   12,046    819,489 
Southern Co. (The)   36,061    2,333,868 
WEC Energy Group, Inc.   3,940    317,367 
Xcel Energy, Inc.   9,744    557,552 
         20,519,093 
ELECTRICAL EQUIPMENT - 3.0%          
AMETEK, Inc.   4,630    684,129 
Carrier Global Corp. (a)   29,420    1,623,984 
Generac Holdings, Inc. (a)(b)   3,210    349,762 
Johnson Controls International plc   38,687    2,058,535 
Keysight Technologies, Inc. (b)   3,690    488,224 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.4% (Continued)  Shares   Fair Value 
ELECTRICAL EQUIPMENT - 3.0% (Continued)        
Otis Worldwide Corp.   20,480   $1,644,749 
Rockwell Automation, Inc.   7,420    2,121,155 
TE Connectivity Ltd.   14,490    1,789,950 
Trane Technologies plc   12,220    2,479,560 
Trimble, Inc. (b)   8,990    484,201 
         13,724,249 
ENTERTAINMENT CONTENT - 1.4%          
Activision Blizzard, Inc.   7,690    720,015 
Electronic Arts, Inc.   3,150    379,260 
Fox Corp. - Class B   13,000    375,440 
Paramount Global - Class B (a)   40,826    526,655 
Walt Disney Co. (The) (b)   51,779    4,196,688 
Warner Bros. Discovery, Inc. (a)(b)   27,797    301,875 
         6,499,933 
FOOD - 0.9%          
Conagra Brands, Inc.   16,070    440,639 
J.M. Smucker Co. (The)   5,630    691,983 
Kellanova   5,960    354,680 
Kraft Heinz Co. (The)   26,030    875,649 
McCormick & Co., Inc. (a)   6,090    460,648 
Mondelez International, Inc. - Class A   15,422    1,070,287 
Tyson Foods, Inc. - Class A   8,430    425,631 
         4,319,517 
GAS & WATER UTILITIES - 0.2%          
American Water Works Co., Inc.   4,090    506,464 
NiSource, Inc.   19,060    470,401 
         976,865 
HEALTH CARE FACILITIES & SERVICES - 1.9%          
Cardinal Health, Inc.   4,520    392,427 
Cencora, Inc.   6,580    1,184,203 
Cigna Group (The)   4,062    1,162,016 
CVS Health Corp.   37,084    2,589,205 
Elevance Health, Inc.   1,150    500,733 
Humana, Inc.   1,410    685,993 
IQVIA Holdings, Inc. (b)   2,920    574,510 
Laboratory Corp. of America Holdings   2,120    426,226 
McKesson Corp.   3,384    1,471,532 
         8,986,845 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.4% (Continued)  Shares   Fair Value 
HOME & OFFICE PRODUCTS - 0.1%        
Whirlpool Corp. (a)   3,150   $421,155 
           
HOME CONSTRUCTION - 0.5%          
D.R. Horton, Inc.   3,300    354,651 
Lennar Corp. - Class A   6,340    711,538 
Masco Corp.   990    52,916 
NVR, Inc. (b)   130    775,229 
PulteGroup, Inc.   8,540    632,387 
         2,526,721 
HOUSEHOLD PRODUCTS - 2.1%          
Church & Dwight Co., Inc.   8,240    755,032 
Clorox Co. (The)   4,350    570,111 
Colgate-Palmolive Co.   4,720    335,639 
Estée Lauder Cos., Inc. (The) - Class A   4,940    714,077 
Kimberly-Clark Corp.   12,700    1,534,795 
Procter & Gamble Co. (The)   38,156    5,565,434 
         9,475,088 
INDUSTRIAL SUPPORT SERVICES - 0.4%          
Fastenal Co.   9,800    535,472 
United Rentals, Inc.   1,530    680,192 
W.W. Grainger, Inc.   870    601,901 
         1,817,565 
INSTITUTIONAL FINANCIAL SERVICES - 2.8%          
Bank of New York Mellon Corp. (The)   38,024    1,621,724 
CME Group, Inc.   11,190    2,240,462 
Goldman Sachs Group, Inc. (The)   10,260    3,319,828 
Intercontinental Exchange, Inc.   19,510    2,146,490 
Morgan Stanley   31,741    2,592,287 
Northern Trust Corp.   6,297    437,516 
State Street Corp.   11,380    762,005 
         13,120,312 
INSURANCE - 5.7%          
Aflac, Inc. (a)   25,980    1,993,965 
Allstate Corp. (The)   13,549    1,509,494 
American International Group, Inc.   22,987    1,393,012 
Aon plc - Class A   4,280    1,387,661 
Arch Capital Group Ltd. (b)   4,680    373,043 
Arthur J. Gallagher & Co.   4,520    1,030,243 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.4% (Continued)  Shares   Fair Value 
INSURANCE - 5.7% (Continued)        
Assurant, Inc.   4,170   $598,728 
Berkley (W.R.) Corp.   9,825    623,789 
Brown & Brown, Inc.   15,040    1,050,394 
Chubb Ltd.   8,860    1,844,475 
Cincinnati Financial Corp.   9,332    954,570 
Everest Group Ltd.   2,840    1,055,543 
Globe Life, Inc. (a)   7,730    840,483 
Hartford Financial Services Group, Inc. (The)   10,830    767,955 
Loews Corp.   25,180    1,594,146 
Marsh & McLennan Cos., Inc.   9,860    1,876,358 
MetLife, Inc.   29,933    1,883,085 
Principal Financial Group, Inc.   9,080    654,396 
Progressive Corp. (The)   8,230    1,146,439 
Prudential Financial, Inc.   17,920    1,700,429 
Travelers Cos., Inc. (The)   7,583    1,238,380 
Willis Towers Watson plc   2,810    587,178 
         26,103,766 
INTERNET MEDIA & SERVICES - 6.0%          
Alphabet, Inc. - Class C (b)   830    109,435 
Booking Holdings, Inc. (b)   1,140    3,515,703 
Expedia Group, Inc. (b)   3,040    313,333 
Match Group, Inc. (b)   14,910    584,099 
Meta Platforms, Inc. - Class A (b)   61,580    18,486,932 
Netflix, Inc. (b)   11,830    4,467,008 
VeriSign, Inc. (b)   1,530    309,871 
         27,786,381 
LEISURE FACILITIES & SERVICES - 1.9%          
Carnival Corp. (b)   34,193    469,128 
Darden Restaurants, Inc. (a)   4,280    612,981 
Hilton Worldwide Holdings, Inc.   6,420    964,155 
Live Nation Entertainment, Inc. (a)(b)   6,980    579,619 
Marriott International, Inc. - Class A   2,910    571,990 
McDonald's Corp.   9,570    2,521,121 
Norwegian Cruise Line Holdings Ltd. (b)   14,440    237,971 
Royal Caribbean Cruises Ltd. (b)   4,840    445,958 
Starbucks Corp.   16,870    1,539,725 
Yum! Brands, Inc.   5,400    674,676 
         8,617,324 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.4% (Continued)  Shares   Fair Value 
LEISURE PRODUCTS - 0.8%        
Axon Enterprise, Inc. (b)   1,770   $352,212 
Hasbro, Inc.   50,010    3,307,662 
         3,659,874 
MACHINERY - 0.9%          
Deere & Co.   907    342,284 
IDEX Corp.   2,840    590,777 
Ingersoll-Rand, Inc.   18,500    1,178,820 
Nordson Corp.   2,610    582,474 
Stanley Black & Decker, Inc.   3,820    319,275 
Xylem, Inc.   13,260    1,207,058 
         4,220,688 
MEDICAL EQUIPMENT & DEVICES - 5.5%          
Abbott Laboratories   23,170    2,244,015 
Agilent Technologies, Inc.   300    33,546 
Align Technology, Inc. (b)   2,500    763,300 
Baxter International, Inc.   15,502    585,045 
Becton, Dickinson and Co.   8,310    2,148,384 
Bio-Rad Laboratories, Inc. - Class A (b)   1,620    580,689 
Boston Scientific Corp. (b)   29,180    1,540,704 
Cooper Cos., Inc. (The)   1,170    372,072 
Danaher Corp.   6,110    1,515,891 
DENTSPLY SIRONA, Inc.   10,150    346,724 
Edwards Lifesciences Corp. (b)   15,350    1,063,448 
GE HealthCare Technologies, Inc. (a)   8,650    588,546 
IDEXX Laboratories, Inc. (a)(b)   1,340    585,942 
Illumina, Inc. (b)   2,510    344,573 
Intuitive Surgical, Inc. (b)   5,540    1,619,287 
Medtronic plc   42,020    3,292,687 
ResMed, Inc.   2,370    350,452 
Revvity, Inc.   5,290    585,603 
STERIS plc   3,150    691,173 
Stryker Corp.   9,990    2,729,967 
Teleflex, Inc.   2,740    538,163 
Thermo Fisher Scientific, Inc.   3,154    1,596,460 
West Pharmaceutical Services, Inc.   1,260    472,765 
Zimmer Biomet Holdings, Inc.   5,900    662,098 
         25,251,534 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.4% (Continued)  Shares   Fair Value 
METALS & MINING - 0.1%        
Newmont Corp.   15,380   $568,291 
           
OIL & GAS PRODUCERS - 0.7%          
ConocoPhillips   5,377    644,165 
Pioneer Natural Resources Co.   3,330    764,401 
Valero Energy Corp.   14,590    2,067,549 
         3,476,115 
OIL & GAS SERVICES & EQUIPMENT - 0.7%          
Baker Hughes Co.   44,790    1,581,983 
Schlumberger Ltd.   26,396    1,538,887 
         3,120,870 
REAL ESTATE SERVICES - 0.2%          
CBRE Group, Inc. - Class A (b)   13,110    968,305 
           
REITS - 4.1%          
Alexandria Real Estate Equities, Inc. (a)   5,380    538,538 
American Tower Corp.   4,760    782,782 
AvalonBay Communities, Inc.   3,750    644,025 
Boston Properties, Inc. (a)   7,640    454,427 
Crown Castle, Inc.   6,910    635,927 
Digital Realty Trust, Inc.   8,840    1,069,817 
Equinix, Inc.   2,800    2,033,528 
Equity Residential   7,500    440,325 
Essex Property Trust, Inc.   2,800    593,852 
Federal Realty Investment Trust   4,450    403,304 
Healthpeak Properties, Inc.   20,530    376,931 
Host Hotels & Resorts, Inc. (a)   41,200    662,084 
Kimco Realty Corp. (a)   22,420    394,368 
Mid-America Apartment Communities, Inc.   2,890    371,799 
Prologis, Inc.   28,910    3,243,991 
Public Storage   1,920    505,958 
Realty Income Corp.   26,060    1,301,436 
Regency Centers Corp.   9,230    548,631 
SBA Communications Corp. - Class A   1,660    332,282 
Simon Property Group, Inc.   8,469    914,906 
UDR, Inc.   8,600    306,762 
Ventas, Inc.   11,270    474,805 
VICI Properties, Inc.   20,640    600,624 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.4% (Continued)  Shares   Fair Value 
REITS - 4.1% (Continued)        
Welltower, Inc. (a)   13,540   $1,109,197 
         18,740,299 
RETAIL - CONSUMER STAPLES - 2.4%          
Costco Wholesale Corp.   3,700    2,090,352 
Dollar General Corp.   2,380    251,804 
Kroger Co. (The)   20,514    918,002 
Target Corp.   9,860    1,090,220 
Walgreen Boots Alliance, Inc.   22,490    500,178 
Walmart, Inc.   39,710    6,350,820 
         11,201,376 
RETAIL - DISCRETIONARY - 1.9%          
AutoZone, Inc. (b)   240    609,598 
Bath & Body Works, Inc.   17,390    587,782 
CarMax, Inc. (a)(b)   7,850    555,230 
Genuine Parts Co.   4,570    659,817 
Home Depot, Inc. (The)   10,732    3,242,781 
Lowe's Cos., Inc.   4,570    949,829 
Ross Stores, Inc.   8,070    911,506 
TJX Cos., Inc. (The)   12,030    1,069,226 
         8,585,769 
SEMICONDUCTORS - 3.8%          
Advanced Micro Devices, Inc. (b)   16,920    1,739,714 
Analog Devices, Inc.   6,980    1,222,128 
Broadcom, Inc.   4,950    4,111,371 
Intel Corp.   123,168    4,378,622 
KLA Corp.   670    307,302 
Microchip Technology, Inc.   4,630    361,371 
Micron Technology, Inc.   29,590    2,013,008 
NVIDIA Corp.   920    400,191 
NXP Semiconductors N.V.   3,730    745,702 
Qorvo, Inc. (b)   4,610    440,117 
Skyworks Solutions, Inc.   6,090    600,413 
Texas Instruments, Inc.   6,950    1,105,120 
         17,425,059 
SOFTWARE - 10.2%          
Adobe, Inc. (b)   7,170    3,655,983 
ANSYS, Inc. (b)   1,760    523,688 
Autodesk, Inc. (b)   2,650    548,312 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.4% (Continued)  Shares   Fair Value 
SOFTWARE - 10.2% (Continued)        
Cadence Design Systems, Inc. (b)   1,120   $262,416 
Ceridian HCM Holding, Inc. (a)(b)   9,800    664,930 
Gen Digital, Inc.   34,770    614,734 
Intuit, Inc.   3,330    1,701,430 
Microsoft Corp.   87,670    27,681,803 
Oracle Corp.   23,412    2,479,799 
Roper Technologies, Inc.   4,500    2,179,260 
Salesforce, Inc. (b)   28,280    5,734,618 
Synopsys, Inc. (b)   920    422,252 
Tyler Technologies, Inc. (b)   1,650    637,131 
         47,106,356 
SPECIALTY FINANCE - 0.7%          
American Express Co.   9,754    1,455,199 
Capital One Financial Corp. (a)   12,880    1,250,004 
Discover Financial Services   5,770    499,855 
Synchrony Financial (a)   3,970    121,363 
         3,326,421 
TECHNOLOGY HARDWARE - 2.4%          
Apple, Inc.   1,900    325,299 
Cisco Systems, Inc.   117,190    6,300,134 
Corning, Inc.   14,610    445,167 
F5, Inc. (b)   4,550    733,187 
Hewlett Packard Enterprise Co.   46,690    811,005 
HP, Inc.   26,820    689,274 
Seagate Technology Holdings plc (a)   11,540    761,063 
Western Digital Corp. (b)   11,965    545,963 
Zebra Technologies Corp. - Class A (b)   1,540    364,256 
         10,975,348 
TECHNOLOGY SERVICES - 4.1%          
Accenture plc - Class A   16,780    5,153,306 
Automatic Data Processing, Inc.   1,610    387,334 
Cognizant Technology Solutions Corp. - Class A   15,450    1,046,583 
DXC Technology Co. (b)   23,490    489,297 
Equifax, Inc.   580    106,244 
Fidelity National Information Services, Inc.   21,130    1,167,855 
Fiserv, Inc. (b)   8,480    957,901 
Global Payments, Inc.   8,590    991,200 
Mastercard, Inc. - Class A   1,160    459,255 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.4% (Continued)  Shares   Fair Value 
TECHNOLOGY SERVICES - 4.1% (Continued)        
Moody's Corp.   2,110   $667,119 
MSCI, Inc.   1,140    584,911 
Paychex, Inc.   3,334    384,510 
PayPal Holdings, Inc. (b)   28,270    1,652,664 
S&P Global, Inc.   9,180    3,354,464 
Verisk Analytics, Inc.   5,050    1,193,012 
Visa, Inc. - Class A (a)   1,470    338,115 
         18,933,770 
TELECOMMUNICATIONS - 1.8%          
AT&T, Inc.   229,556    3,447,931 
T-Mobile US, Inc. (b)   6,580    921,529 
Verizon Communications, Inc.   114,690    3,717,103 
         8,086,563 
TRANSPORTATION & LOGISTICS - 3.2%          
Alaska Air Group, Inc. (b)   9,130    338,540 
American Airlines Group, Inc. (b)   24,860    318,457 
C.H. Robinson Worldwide, Inc.   6,070    522,809 
CSX Corp.   41,490    1,275,817 
Delta Air Lines, Inc.   19,150    708,550 
FedEx Corp.   8,230    2,180,292 
J.B. Hunt Transport Services, Inc.   4,690    884,159 
Norfolk Southern Corp.   8,850    1,742,830 
Southwest Airlines Co.   24,230    655,906 
Union Pacific Corp.   10,560    2,150,333 
United Airlines Holdings, Inc. (b)   13,060    552,438 
United Parcel Service, Inc. - Class B   20,670    3,221,833 
         14,551,964 
TRANSPORTATION EQUIPMENT - 0.4%          
PACCAR, Inc.   16,430    1,396,879 
Westinghouse Air Brake Technologies Corp.   6,250    664,187 
         2,061,066 
WHOLESALE - CONSUMER STAPLES - 0.3%          
Archer-Daniels-Midland Co.   5,880    443,470 
Sysco Corp.   11,430    754,951 
         1,198,421 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

COMMON STOCKS - 98.4% (Continued)  Shares   Fair Value 
WHOLESALE - DISCRETIONARY - 0.1%        
LKQ Corp.   11,370   $562,929 
           
TOTAL COMMON STOCKS (COST $382,082,830)       $452,914,554 

 

CORPORATE NOTES - 0.8%  Coupon   Maturity  Principal Amount   Fair Value 
COMMUNITY DEVELOPMENT - 0.8%       
Calvert Impact Capital, Inc. (c)   3.000%  12/15/23  $720,000   $713,733 
Calvert Impact Capital, Inc. (c)   1.000%  06/14/24   750,000    721,625 
Calvert Impact Capital, Inc. (c)   3.000%  06/17/24   280,000    273,049 
Calvert Impact Capital, Inc. (c)   3.000%  12/15/24   250,000    240,280 
Calvert Impact Capital, Inc. (c)   2.500%  06/13/25   280,000    262,493 
Calvert Impact Capital, Inc. (c)   2.500%  12/15/25   450,000    414,056 
Calvert Impact Capital, Inc. (c)   4.000%  06/15/28   350,000    316,722 
Capital Impact Partners Investment (c)   4.800%  12/15/23   450,000    448,993 
Capital Impact Partners Investment (c)   5.750%  06/15/24   350,000    349,720 
TOTAL CORPORATE NOTES (COST $3,880,000)       $3,740,671 

 

MONEY MARKET FUNDS - 0.5%  Shares   Fair Value 
First American Government Obligations Fund - Class X, 5.26% (d) (COST $2,385,367)   2,385,367   $2,385,367 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Value Index Fund

 

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 3.9%  Shares   Fair Value 
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (d)(e) (COST $17,753,591)   17,753,591   $17,753,591 
           
TOTAL INVESTMENTS - (COST $406,101,788) - 103.6%       $476,794,183 
           
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.6%)        (16,696,197)
           
NET ASSETS - 100.0%       $460,097,986 

 

(a) All or a portion of the security is on loan.  The total fair value of the securities on loan as of September 30, 2023 was $17,386,145.  
(b) Non-income producing security.
(c) Illiquid securities are as follows:

 

   Acquisition
Date		  Current
Cost		   Fair
Value		   % of Net
Assets		 
Calvert Impact Capital, Inc., 3.000%, 12/15/23  12/17/18  $720,000   $713,733    0.1%
Calvert Impact Capital, Inc., 1.000%, 06/14/24  06/15/21   750,000    721,625    0.1%
Calvert Impact Capital, Inc., 3.000%, 06/17/24  06/17/19   280,000    273,049    0.1%
Calvert Impact Capital, Inc., 3.000%, 12/15/24  12/12/19   250,000    240,280    0.0%(f)
Calvert Impact Capital, Inc., 2.500%, 06/13/25  06/12/20   280,000    262,493    0.1%
Calvert Impact Capital, Inc., 2.500%, 12/15/25  12/15/20   450,000    414,056    0.1%
Calvert Impact Capital, Inc., 4.000% 06/15/28  06/15/23   350,000    316,722    0.1%
Capital Impact Partners Investment, 4.800%, 12/15/23  12/19/22   450,000    448,993    0.1%
Capital Impact Partners Investment, 5.750%, 06/15/24  06/20/23   350,000    349,720    0.1%
      $3,880,000   $3,740,671    0.8%

 

(d) The rate shown is the 7-day effective yield as of September 30, 2023.
(e) The security was purchased with cash collateral received from securities on loan.  
(f) Percentage rounds to less than 0.1%.  

 

plc - Public Liability Company

 

 

Schedule of Portfolio Investments

Praxis Growth Index Fund

September 30, 2023 (Unaudited)

 

COMMON STOCKS - 98.7%  Shares   Fair Value 
ADVERTISING & MARKETING - 0.1%        
Interpublic Group of Cos., Inc. (The)   23,990   $687,553 
           
AEROSPACE & DEFENSE - 0.2%          
Howmet Aerospace, Inc.   17,210    795,962 
           
ASSET MANAGEMENT - 0.5%          
Ameriprise Financial, Inc.   2,880    949,478 
BlackRock, Inc.   923    596,710 
Blackstone, Inc. (a)   4,320    462,845 
Charles Schwab Corp. (The)   9,520    522,648 
         2,531,681 
AUTOMOTIVE - 3.0%          
Tesla, Inc. (b)   60,280    15,083,262 
           
BANKING - 0.4%          
KeyCorp   34,530    371,543 
Regions Financial Corp.   35,280    606,816 
Truist Financial Corp.   35,280    1,009,361 
         1,987,720 
BEVERAGES - 2.2%          
Coca-Cola Co. (The)   82,470    4,616,670 
Keurig Dr Pepper, Inc.   16,600    524,062 
PepsiCo, Inc.   35,420    6,001,565 
         11,142,297 
BIOTECH & PHARMA - 9.8%          
AbbVie, Inc.   41,581    6,198,064 
Amgen, Inc.   15,744    4,231,357 
Biogen, Inc. (b)   2,020    519,160 
Bristol-Myers Squibb Co.   63,056    3,659,770 
Eli Lilly & Co.   21,650    11,628,865 
Gilead Sciences, Inc.   36,000    2,697,840 
Incyte Corp. (b)   8,270    477,758 
Johnson & Johnson   36,528    5,689,236 
Merck & Co., Inc.   67,391    6,937,904 
Moderna, Inc. (b)   8,160    842,846 
Regeneron Pharmaceuticals, Inc. (b)   3,671    3,021,086 
Vertex Pharmaceuticals, Inc. (b)   8,324    2,894,588 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.7% (Continued)  Shares   Fair Value 
BIOTECH & PHARMA - 9.8% (Continued)        
Zoetis, Inc. (a)   3,590   $624,588 
         49,423,062 
CHEMICALS - 2.2%          
Air Products & Chemicals, Inc.   8,000    2,267,200 
CF Industries Holdings, Inc.   6,230    534,160 
Linde plc   13,918    5,182,367 
LyondellBasell Industries N.V. - Class A   34,580    3,274,726 
         11,258,453 
COMMERCIAL SUPPORT SERVICES - 0.4%          
Cintas Corp.   900    432,909 
Rollins, Inc.   14,180    529,340 
Waste Management, Inc.   6,464    985,372 
         1,947,621 
CONTAINERS & PACKAGING - 0.1%          
Amcor plc   55,690    510,120 
           
DIVERSIFIED INDUSTRIALS - 0.2%          
Illinois Tool Works, Inc.   5,274    1,214,655 
           
E-COMMERCE DISCRETIONARY - 2.3%          
Amazon.com, Inc. (b)   92,330    11,736,990 
           
ELECTRIC UTILITIES - 0.4%          
Alliant Energy Corp.   7,450    360,953 
Eversource Energy   16,260    945,519 
NextEra Energy, Inc.   5,814    333,084 
Sempra   5,280    359,198 
         1,998,754 
ELECTRICAL EQUIPMENT - 1.0%          
Amphenol Corp. - Class A   10,642    893,822 
Johnson Controls International plc   7,170    381,516 
Keysight Technologies, Inc. (b)   3,981    526,726 
Otis Worldwide Corp.   4,950    397,534 
Rockwell Automation, Inc.   5,278    1,508,822 
TE Connectivity Ltd.   3,060    378,002 
Trane Technologies plc   5,710    1,158,616 
         5,245,038 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.7% (Continued)  Shares   Fair Value 
ENTERTAINMENT CONTENT - 0.3%        
Activision Blizzard, Inc.   6,180   $578,634 
Electronic Arts, Inc.   3,415    411,166 
Walt Disney Co. (The) (b)   5,103    413,598 
         1,403,398 
FOOD - 1.4%          
Campbell Soup Co.   12,510    513,911 
General Mills, Inc.   42,780    2,737,492 
Hershey Co. (The)   3,180    636,254 
Lamb Weston Holdings, Inc.   7,880    728,585 
Mondelez International, Inc. - Class A   31,950    2,217,330 
         6,833,572 
GAS & WATER UTILITIES - 0.3%          
American Water Works Co., Inc.   10,730    1,328,696 
           
HEALTH CARE FACILITIES & SERVICES - 2.4%          
Cardinal Health, Inc.   6,390    554,780 
Cencora, Inc.   4,700    845,859 
Cigna Group (The)   6,580    1,882,341 
CVS Health Corp.   6,520    455,226 
Elevance Health, Inc.   5,650    2,460,123 
Henry Schein, Inc. (b)   13,020    966,735 
Humana, Inc.   2,790    1,357,391 
IQVIA Holdings, Inc. (b)   2,778    546,571 
Laboratory Corp. of America Holdings   1,890    379,985 
McKesson Corp.   5,580    2,426,463 
Quest Diagnostics, Inc.   3,170    386,296 
         12,261,770 
HOUSEHOLD PRODUCTS - 1.2%          
Church & Dwight Co., Inc.   9,850    902,556 
Clorox Co. (The)   2,800    366,968 
Colgate-Palmolive Co.   10,057    715,153 
Procter & Gamble Co. (The)   28,600    4,171,596 
         6,156,273 
INDUSTRIAL SUPPORT SERVICES - 0.3%          
W.W. Grainger, Inc.   2,530    1,750,355 
           
INSTITUTIONAL FINANCIAL SERVICES - 0.4%          
Intercontinental Exchange, Inc.   12,941    1,423,769 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.7% (Continued)  Shares   Fair Value 
INSTITUTIONAL FINANCIAL SERVICES - 0.4% (Continued)        
Nasdaq, Inc.   8,490   $412,529 
         1,836,298 
INSURANCE - 0.7%          
Aon plc - Class A   1,260    408,517 
Arch Capital Group Ltd. (b)   5,760    459,130 
Marsh & McLennan Cos., Inc.   4,260    810,678 
Progressive Corp. (The)   11,080    1,543,444 
Travelers Cos., Inc. (The)   2,400    391,944 
         3,613,713 
INTERNET MEDIA & SERVICES - 7.3%          
Alphabet, Inc. - Class A (b)   156,720    20,508,379 
Alphabet, Inc. - Class C (b)   124,120    16,365,222 
         36,873,601 
LEISURE FACILITIES & SERVICES - 1.0%          
Chipotle Mexican Grill, Inc. (b)   617    1,130,239 
Hilton Worldwide Holdings, Inc.   5,110    767,420 
Marriott International, Inc. - Class A   2,920    573,955 
McDonald's Corp.   5,987    1,577,215 
Starbucks Corp.   9,152    835,303 
         4,884,132 
LEISURE PRODUCTS - 0.6%          
Hasbro, Inc.   45,540    3,012,016 
           
MACHINERY - 0.7%          
Deere & Co.   8,086    3,051,495 
Xylem, Inc.   7,650    696,379 
         3,747,874 
MEDICAL EQUIPMENT & DEVICES - 4.8%          
Abbott Laboratories   24,186    2,342,414 
Agilent Technologies, Inc.   4,905    548,477 
Baxter International, Inc.   9,940    375,136 
Becton, Dickinson and Co.   2,750    710,958 
Bio-Techne Corp.   10,430    709,970 
Boston Scientific Corp. (b)   12,030    635,184 
Cooper Cos., Inc. (The)   1,311    416,911 
Danaher Corp.   17,684    4,387,400 
DexCom, Inc. (b)   9,570    892,881 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.7% (Continued)  Shares   Fair Value 
MEDICAL EQUIPMENT & DEVICES - 4.8% (Continued)        
Edwards Lifesciences Corp. (b)   9,550   $661,624 
IDEXX Laboratories, Inc. (a)(b)   1,700    743,359 
Illumina, Inc. (b)   5,508    756,138 
Intuitive Surgical, Inc. (b)   4,170    1,218,849 
Medtronic plc   13,590    1,064,912 
Mettler-Toledo International, Inc. (b)   1,300    1,440,491 
ResMed, Inc.   4,380    647,671 
Revvity, Inc.   7,880    872,316 
Thermo Fisher Scientific, Inc.   10,265    5,195,835 
Waters Corp. (b)   1,646    451,350 
         24,071,876 
OIL & GAS PRODUCERS - 4.6%          
ConocoPhillips   91,320    10,940,136 
ONEOK, Inc.   12,750    808,732 
Pioneer Natural Resources Co.   37,050    8,504,828 
Valero Energy Corp.   21,960    3,111,952 
         23,365,648 
OIL & GAS SERVICES & EQUIPMENT - 1.3%          
Baker Hughes Co.   76,150    2,689,618 
Schlumberger Ltd.   64,140    3,739,362 
         6,428,980 
REAL ESTATE SERVICES - 0.7%          
CBRE Group, Inc. - Class A (b)   45,503    3,360,852 
           
REITS - 1.3%          
American Tower Corp.   8,562    1,408,021 
Crown Castle, Inc.   9,259    852,106 
Equinix, Inc.   2,277    1,653,694 
Host Hotels & Resorts, Inc. (a)   46,150    741,630 
Iron Mountain, Inc.   8,670    515,432 
Prologis, Inc.   6,088    683,134 
Public Storage   2,790    735,221 
         6,589,238 
RENEWABLE ENERGY - 0.2%          
First Solar, Inc. (b)   4,200    678,678 
SolarEdge Technologies, Inc. (a)(b)   4,540    587,975 
         1,266,653 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.7% (Continued)  Shares   Fair Value 
RETAIL - CONSUMER STAPLES - 0.8%        
Costco Wholesale Corp.   3,333   $1,883,012 
Dollar General Corp.   4,053    428,807 
Dollar Tree, Inc. (b)   6,940    738,763 
Walgreen Boots Alliance, Inc.   34,620    769,949 
         3,820,531 
RETAIL - DISCRETIONARY - 2.7%          
AutoZone, Inc. (a)(b)   659    1,673,853 
Home Depot, Inc. (The)   16,306    4,927,021 
Lowe's Cos., Inc.   13,349    2,774,456 
O'Reilly Automotive, Inc. (b)   1,810    1,645,037 
TJX Cos., Inc. (The)   18,753    1,666,767 
Tractor Supply Co. (a)   2,060    418,283 
Ulta Beauty, Inc. (b)   1,070    427,411 
         13,532,828 
SEMICONDUCTORS - 9.0%          
Advanced Micro Devices, Inc. (b)   16,796    1,726,965 
Analog Devices, Inc.   4,584    802,613 
Applied Materials, Inc.   22,816    3,158,875 
Broadcom, Inc.   5,539    4,600,583 
Lam Research Corp.   2,633    1,650,285 
NVIDIA Corp.   62,256    27,080,737 
NXP Semiconductors N.V.   2,220    443,822 
ON Semiconductor Corp. (a)(b)   10,610    986,200 
QUALCOMM, Inc.   27,400    3,043,044 
Texas Instruments, Inc.   13,417    2,133,437 
         45,626,561 
SOFTWARE - 11.3%          
Adobe, Inc. (b)   2,177    1,110,052 
ANSYS, Inc. (b)   1,328    395,147 
Cadence Design Systems, Inc. (b)   10,624    2,489,203 
Fortinet, Inc. (b)   9,090    533,401 
Intuit, Inc.   2,800    1,430,632 
Microsoft Corp.   128,238    40,491,149 
Oracle Corp.   37,870    4,011,190 
Paycom Software, Inc.   1,910    495,206 
PTC, Inc. (a)(b)   6,510    922,337 
Roper Technologies, Inc.   780    377,738 
ServiceNow, Inc. (b)   3,243    1,812,707 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.7% (Continued)  Shares   Fair Value 
SOFTWARE - 11.3% (Continued)        
Synopsys, Inc. (b)   6,460   $2,964,946 
         57,033,708 
SPECIALTY FINANCE - 0.1%          
American Express Co.   2,440    364,024 
           
STEEL - 0.1%          
Nucor Corp.   3,250    508,137 
           
TECHNOLOGY HARDWARE - 14.2%          
Apple, Inc.   399,198    68,346,690 
Arista Networks, Inc. (b)   7,440    1,368,439 
Cisco Systems, Inc.   14,590    784,359 
HP, Inc.   26,550    682,335 
NetApp, Inc.   10,730    814,192 
         71,996,015 
TECHNOLOGY SERVICES - 6.5%          
Accenture plc - Class A   17,989    5,524,602 
Automatic Data Processing, Inc.   11,740    2,824,409 
Broadridge Financial Solutions, Inc.   2,596    464,814 
Fiserv, Inc. (b)   11,266    1,272,607 
Mastercard, Inc. - Class A   22,916    9,072,674 
Moody's Corp.   3,375    1,067,074 
MSCI, Inc.   1,797    922,005 
S&P Global, Inc.   2,494    911,332 
Visa, Inc. - Class A (a)   46,423    10,677,754 
         32,737,271 
TRANSPORTATION & LOGISTICS - 1.4%          
Alaska Air Group, Inc. (b)   17,600    652,608 
CSX Corp.   22,471    690,983 
Delta Air Lines, Inc.   11,420    422,540 
Expeditors International of Washington, Inc.   4,770    546,785 
J.B. Hunt Transport Services, Inc.   2,270    427,940 
Old Dominion Freight Line, Inc.   2,950    1,206,963 
Southwest Airlines Co.   17,240    466,687 
Union Pacific Corp.   5,761    1,173,113 
United Airlines Holdings, Inc. (b)   8,760    370,548 
United Parcel Service, Inc. - Class B   7,445    1,160,452 
         7,118,619 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

COMMON STOCKS - 98.7% (Continued)  Shares   Fair Value 
WHOLESALE - CONSUMER STAPLES - 0.1%        
Sysco Corp.   5,970   $394,318 
           
WHOLESALE - DISCRETIONARY - 0.2%          
Copart, Inc. (b)   20,652    889,895 
           
TOTAL COMMON STOCKS (COST $286,600,628)       $498,370,020 

 

CORPORATE NOTES - 0.9%  Coupon   Maturity  Principal Amount   Fair Value 
COMMUNITY DEVELOPMENT - 0.9%       
Calvert Impact Capital, Inc. (c)   3.000%  12/15/23  $200,000   $198,259 
Calvert Impact Capital, Inc. (c)   1.000%  06/14/24   520,000    500,327 
Calvert Impact Capital, Inc. (c)   3.000%  06/17/24   550,000    536,346 
Calvert Impact Capital, Inc. (c)   3.000%  12/15/24   150,000    144,168 
Calvert Impact Capital, Inc. (c)   2.500%  06/13/25   670,000    628,110 
Calvert Impact Capital, Inc. (c)   2.500%  12/15/25   500,000    460,062 
Calvert Impact Capital, Inc. (c)   3.000%  12/15/23   200,000    198,259 
Capital Impact Partners Investment (c)   4.000%  06/15/28   750,000    678,690 
Capital Impact Partners Investment (c)   5.750%  06/15/24   750,000    749,399 
TOTAL CORPORATE NOTES (COST $4,690,000)               $4,494,018 

 

MONEY MARKET FUNDS - 0.3%  Shares   Fair Value 
First American Government Obligations Fund - Class X, 5.26% (d) (COST $1,783,677)   1,783,677   $1,783,677 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Growth Index Fund

 

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 3.1%  Shares   Fair Value 
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (d)(e)      (COST $15,565,315)   15,565,315   $15,565,315 
           
TOTAL INVESTMENTS - (COST $308,639,620) - 103.0%       $520,213,030 
           
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.0%)        (15,068,325)
           
NET ASSETS - 100.0%       $505,144,705 

 

(a) All or a portion of the security is on loan.  The total fair value of the securities on loan as of September 30, 2023 was $15,134,557.  
(b)   Non-income producing security.
(c) Illiquid securities are as follows:

 

   Acquisition Date  Current Cost   Fair Value   % of Net Assets 
Calvert Impact Capital, Inc., 3.000%, 12/15/23  12/17/18  $200,000   $198,259    0.1%
Calvert Impact Capital, Inc., 1.000%, 06/14/24  06/15/21   520,000    500,327    0.1%
Calvert Impact Capital, Inc., 3.000%, 06/17/24  06/17/19   550,000    536,346    0.1%
Calvert Impact Capital, Inc., 3.000%, 12/15/24  12/12/19   150,000    144,168    0.0%(f)
Calvert Impact Capital, Inc., 2.500%, 06/13/25  06/12/20   670,000    628,110    0.1%
Calvert Impact Capital, Inc., 2.500%, 12/15/25  12/15/20   500,000    460,062    0.1%
Calvert Impact Capital, Inc., 4.000% 06/15/28  06/15/23   750,000    678,690    0.1%
Capital Impact Partners Investment, 4.800%, 12/15/23  12/19/22   600,000    598,657    0.1%
Capital Impact Partners Investment, 5.750%, 06/15/24  06/20/23   750,000    749,399    0.2%
      $4,690,000   $4,494,018    0.9%

 

(d) The rate shown is the 7-day effective yield as of September 30, 2023.
(e) The security was purchased with cash collateral received from securities on loan.  
(f) Percentage rounds to less than 0.1%.

 

plc - Public Liability Company

 

 

Schedule of Portfolio Investments

Praxis Small Cap Index Fund

September 30, 2023 (Unaudited)

 

COMMON STOCKS - 98.6%  Shares   Fair Value 
ADVERTISING & MARKETING - 0.1%        
QuinStreet, Inc. (a)   15,700   $140,829 
           
AEROSPACE & DEFENSE - 0.1%          
Barnes Group, Inc.   6,060    205,858 
           
APPAREL & TEXTILE PRODUCTS - 1.0%          
Hanesbrands, Inc.   51,000    201,960 
Kontoor Brands, Inc. (b)   4,780    209,890 
Movado Group, Inc.   6,810    186,254 
Oxford Industries, Inc.   3,465    333,090 
Steven Madden Ltd. (b)   11,935    379,175 
Wolverine World Wide, Inc. (b)   19,270    155,316 
         1,465,685 
ASSET MANAGEMENT - 1.1%          
Artisan Partners Asset Management, Inc. - Class A   6,080    227,514 
Avantax, Inc. (a)   15,340    392,397 
B. Riley Financial, Inc. (b)   3,850    157,811 
BrightSphere Investment Group, Inc.   7,030    136,312 
Kennedy-Wilson Holdings, Inc. (b)   21,830    321,774 
Virtus Investment Partners, Inc.   920    185,831 
WisdomTree, Inc.   21,350    149,450 
         1,571,089 
AUTOMOTIVE - 0.9%          
American Axle & Manufacturing Holdings, Inc. (a)   25,710    186,655 
Dana, Inc.   14,900    218,583 
Dorman Products, Inc. (a)   2,970    225,007 
Gentherm, Inc. (a)   4,670    253,394 
Phinia Inc.   5,290    141,719 
XPEL, Inc. (a)(b)   3,920    302,271 
         1,327,629 
BANKING - 8.4%          
Ameris Bancorp   7,424    285,007 
Atlantic Union Bankshares Corp.   7,690    221,318 
Axos Financial, Inc. (a)(b)   8,590    325,217 
Banc of California, Inc.   9,670    119,715 
BancFirst Corp.   3,710    321,768 
Bancorp, Inc. (The) (a)   10,190    351,555 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
BANKING - 8.4% (Continued)        
Bank of Hawaii Corp. (b)   5,430   $269,817 
BankUnited, Inc.   12,200    276,940 
Banner Corp.   2,830    119,935 
Berkshire Hills Bancorp, Inc.   7,000    140,350 
Brookline Bancorp, Inc.   15,670    142,754 
Capitol Federal Financial, Inc. (b)   21,140    100,838 
Cathay General Bancorp   6,960    241,930 
Central Pacific Financial Corp.   12,720    212,170 
City Holding Co.   2,750    248,462 
Community Bank System, Inc.   9,620    406,060 
Customers Bancorp, Inc. (a)   10,660    367,237 
CVB Financial Corp.   15,770    261,309 
Dime Community Bancshares, Inc.   5,859    116,946 
Eagle Bancorp, Inc.   4,960    106,392 
FB Financial Corp.   7,386    209,467 
First BanCorp.   38,970    524,536 
First Bancorp/NC   5,760    162,086 
First Financial Bancorp   14,970    293,412 
First Hawaiian, Inc.   13,580    245,119 
Fulton Financial Corp.   8,580    103,904 
Hanmi Financial Corp.   9,870    160,190 
Heritage Financial Corp.   8,470    138,146 
Hope Bancorp, Inc.   13,410    118,678 
Independent Bank Corp.   2,770    135,979 
Independent Bank Group, Inc.   4,740    187,467 
Lakeland Financial Corp.   3,090    146,651 
National Bank Holdings Corp. - Class A   6,570    195,523 
NBT Bancorp, Inc.   4,520    143,239 
Northwest Bancshares, Inc.   21,190    216,774 
OFG Bancorp   7,230    215,888 
Pacific Premier Bancorp, Inc.   15,096    328,489 
PacWest Bancorp   24,420    193,162 
Park National Corp.   2,050    193,766 
Pathward Financial, Inc.   6,750    311,107 
Preferred Bank (b)   2,910    181,148 
Provident Financial Services, Inc.   6,970    106,571 
Renasant Corp.   5,600    146,664 
Seacoast Banking Corp. of Florida   11,950    262,422 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
BANKING - 8.4% (Continued)        
ServisFirst Bancshares, Inc.   10,670   $556,654 
Simmons First National Corp. - Class A   20,420    346,323 
SiriusPoint Ltd. (a)   10,500    106,785 
Triumph Financial, Inc. (a)   5,040    326,542 
Trustmark Corp.   12,050    261,847 
United Community Banks, Inc. (b)   18,510    470,339 
Veritex Holdings, Inc.   11,700    210,015 
Washington Federal, Inc.   7,540    193,175 
Westamerica BanCorp.   4,380    189,435 
WSFS Financial Corp.   7,320    267,180 
         12,484,403 
BEVERAGES - 0.1%          
National Beverage Corp. (a)   4,440    208,769 
           
BIOTECH & PHARMA - 2.8%          
Amphastar Pharmaceuticals, Inc. (a)   6,470    297,555 
Ani Pharmaceuticals, Inc. (a)   1,780    103,347 
Arcus Biosciences, Inc. (a)   10,060    180,577 
Avid Bioservices, Inc. (a)   12,650    119,416 
Catalyst Pharmaceutical, Inc. (a)   15,260    178,389 
Certara, Inc. (a)(b)   12,320    179,133 
Collegium Pharmaceutical, Inc. (a)(b)   4,870    108,845 
Cytek Biosciences Inc (a)   16,020    88,430 
Cytokinetics, Inc. (a)(b)   13,510    398,005 
Dynavax Technologies Corp. (a)(b)   20,100    296,877 
Harmony Biosciences Holdings, Inc. (a)(b)   4,600    150,742 
Innoviva, Inc. (a)   11,970    155,490 
Ironwood Pharmaceuticals, Inc. (a)   20,430    196,741 
iTeos Therapeutics, Inc. (a)   9,220    100,959 
Ligand Pharmaceuticals, Inc. (a)   2,760    165,379 
Pacira BioSciences, Inc. (a)   8,940    274,279 
Prestige Consumer Healthcare, Inc. (a)   6,630    379,170 
REGENXBIO, Inc. (a)   11,450    188,467 
Supernus Pharmaceuticals, Inc. (a)(b)   7,570    208,705 
Vir Biotechnology, Inc. (a)   21,430    200,799 
Xencor, Inc. (a)   8,400    169,260 
         4,140,565 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
CABLE & SATELLITE - 0.1%        
DISH Network Corp. - Class A (a)(b)   34,500   $202,170 
           
CHEMICALS - 2.7%          
AdvanSix, Inc.   3,580    111,267 
Balchem Corp.   5,560    689,663 
H.B. Fuller Co.   10,240    702,566 
Ingevity Corp. (a)   4,120    196,153 
Innospec, Inc.   4,330    442,526 
Materion Corp.   5,040    513,626 
Minerals Technologies, Inc.   3,580    196,041 
Quaker Chemical Corp.   1,500    240,000 
Rogers Corp. (a)(b)   3,610    474,607 
Stepan Co.   1,400    104,958 
WD-40 Co. (b)   1,810    367,864 
         4,039,271 
COMMERCIAL SUPPORT SERVICES - 2.8%          
ABM Industries, Inc.   13,350    534,133 
AMN Healthcare Services, Inc. (a)(b)   9,180    781,952 
Brady Corp. - Class A   16,250    892,450 
CorVel Corp. (a)   2,390    469,994 
Cross Country Healthcare, Inc. (a)(b)   5,410    134,114 
Enviri Corp. (a)   29,730    214,651 
Healthcare Services Group, Inc.   12,090    126,099 
Heidrick & Struggles International, Inc.   6,300    157,626 
Korn Ferry   8,880    421,267 
UniFirst Corp.   1,790    291,788 
Viad Corp. (a)   5,500    144,100 
         4,168,174 
CONSUMER SERVICES - 1.0%          
Adtalem Global Education, Inc. (a)   12,630    541,195 
Medifast, Inc. (b)   1,780    133,233 
Perdoceo Education Corp.   16,740    286,254 
Strategic Education, Inc. (b)   2,550    191,887 
Stride, Inc. (a)(b)   5,850    263,426 
         1,415,995 
CONTAINERS & PACKAGING - 0.1%          
Myers Industries, Inc.   10,120    181,452 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
ELECTRIC UTILITIES - 0.7%        
Avista Corp.   16,020   $518,567 
Otter Tail Corp. (b)   5,850    444,132 
Unitil Corp.   2,380    101,650 
         1,064,349 
ELECTRICAL EQUIPMENT - 2.9%          
AAON, Inc.   16,545    940,914 
Advanced Energy Industries, Inc. (b)   6,290    648,625 
Alarm.com Holdings, Inc. (a)   7,330    448,156 
Badger Meter, Inc.   6,300    906,381 
Hayward Holdings Inc. (a)   7,570    106,737 
Itron, Inc. (a)   2,170    131,459 
OSI Systems, Inc. (a)   2,550    301,002 
SPX Technologies, Inc. (a)   9,870    803,418 
         4,286,692 
ENGINEERING & CONSTRUCTION - 2.4%          
Arcosa, Inc.   7,940    570,886 
Comfort Systems USA, Inc.   5,320    906,581 
Dycom Industries, Inc. (a)   4,400    391,600 
Frontdoor, Inc. (a)   14,390    440,190 
Granite Construction, Inc. (b)   7,530    286,291 
Installed Building Products, Inc. (b)   3,410    425,875 
MYR Group, Inc. (a)   2,470    332,857 
NV5 Global, Inc. (a)   2,110    203,045 
         3,557,325 
ENTERTAINMENT CONTENT - 0.1%          
AMC Networks, Inc. - Class A (a)   13,090    154,200 
           
FOOD - 1.6%          
B&G Foods, Inc. (b)   15,050    148,844 
Cal-Maine Foods, Inc. (b)   5,360    259,531 
Hain Celestial Group, Inc. (The) (a)   20,110    208,541 
Hostess Brands, Inc. (a)   28,140    937,343 
J & J Snack Foods Corp.   1,740    284,751 
Simply Good Foods Co. (The) (a)(b)   3,290    113,571 
TreeHouse Foods, Inc. (a)   9,670    421,419 
         2,374,000 
FORESTRY, PAPER & WOOD PRODUCTS - 0.6%          
Boise Cascade Co.   7,010    722,311 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
FORESTRY, PAPER & WOOD PRODUCTS - 0.6% (Continued)        
Sylvamo Corp.   3,510   $154,229 
         876,540 
GAS & WATER UTILITIES - 1.7%          
American States Water Co.   7,190    565,709 
California Water Service Group   15,720    743,713 
Middlesex Water Co.   7,570    501,513 
SJW Group   11,270    677,440 
         2,488,375 
HEALTH CARE FACILITIES & SERVICES - 2.3%          
Addus HomeCare Corp. (a)   2,750    234,272 
Agiliti, Inc. (a)   28,560    185,354 
Enhabit, Inc. (a)   17,950    201,938 
Ensign Group, Inc. (The)   8,010    744,369 
Fortrea Holdings Inc. (a)(b)   3,910    111,787 
Fulgent Genetics, Inc. (a)   6,100    163,114 
ModivCare, Inc. (a)   4,460    140,535 
NeoGenomics, Inc. (a)   17,840    219,432 
Owens & Minor, Inc. (a)   12,410    200,546 
Pediatrix Medical Group, Inc. (a)(b)   14,540    184,803 
Premier, Inc. - Class A   5,270    113,305 
RadNet, Inc. (a)   11,320    319,111 
Select Medical Holdings Corp.   16,840    425,547 
U.S. Physical Therapy, Inc. (b)   2,080    190,798 
         3,434,911 
HOME & OFFICE PRODUCTS - 0.7%          
HNI Corp.   7,870    272,538 
iRobot Corp. (a)   3,560    134,924 
MillerKnoll, Inc.   10,390    254,036 
Newell Brands, Inc.   37,100    335,013 
         996,511 
HOME CONSTRUCTION - 3.0%          
American Woodmark Corp. (a)   1,460    110,391 
Cavco Industries, Inc. (a)   1,950    518,037 
Century Communities, Inc.   2,300    153,594 
Green Brick Partners, Inc. (a)(b)   5,000    207,550 
Griffon Corp.   3,880    153,920 
Interface, Inc.   37,160    364,540 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
HOME CONSTRUCTION - 3.0% (Continued)        
LGI Homes, Inc. (a)(b)   3,980   $395,970 
M/I Homes, Inc. (a)   3,510    294,980 
Masterbrand Inc. (a)   15,020    182,493 
MDC Holdings, Inc.   10,555    435,183 
Meritage Homes Corp.   6,110    747,803 
Patrick Industries, Inc.   2,420    181,645 
PGT Innovations, Inc. (a)   9,950    276,112 
TRI Pointe Homes, Inc. (a)   14,490    396,301 
         4,418,519 
HOUSEHOLD PRODUCTS - 0.5%          
Central Garden & Pet Co. (a)   3,630    160,228 
Edgewell Personal Care Co. (b)   3,180    117,533 
Nu Skin Enterprises, Inc. - Class A   7,900    167,559 
Quanex Building Products Corp. (b)   11,930    336,068 
         781,388 
INDUSTRIAL INTERMEDIATE PRODUCTS - 1.4%          
EnPro Industries, Inc.   3,620    438,708 
Gibraltar Industries, Inc. (a)   5,860    395,608 
Insteel Industries, Inc.   3,950    128,217 
Mueller Industries, Inc. (b)   8,500    638,860 
Proto Labs, Inc. (a)(b)   4,540    119,856 
Standex International Corp.   2,030    295,751 
         2,017,000 
INDUSTRIAL SUPPORT SERVICES - 1.0%          
Applied Industrial Technologies, Inc.   6,700    1,035,887 
DXP Enterprises, Inc. (a)   5,460    190,772 
Resideo Technologies, Inc. (a)   18,410    290,878 
         1,517,537 
INSTITUTIONAL FINANCIAL SERVICES - 0.8%          
Moelis & Co. - Class A   7,690    347,050 
Piper Sandler Cos.   3,730    542,006 
StoneX Group, Inc. (a)   2,410    233,577 
         1,122,633 
INSURANCE - 3.7%          
Ambac Financial Group, Inc. (a)   10,910    131,574 
American Equity Investment Life Holding Co.   12,720    682,301 
Assured Guaranty Ltd.   7,980    482,949 
Employers Holdings, Inc.   3,240    129,438 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
INSURANCE - 3.7% (Continued)        
Genworth Financial, Inc. - Class A (a)   116,460   $682,456 
Goosehead Insurance, Inc. - Class A (a)(b)   3,070    228,807 
Horace Mann Educators Corp.   5,960    175,105 
Jackson Financial, Inc. - Class A   8,980    343,216 
James River Group Holdings Ltd.   11,360    174,376 
Lincoln National Corp.   22,240    549,106 
Mercury General Corp.   4,640    130,059 
NMI Holdings, Inc. - Class A (a)   14,340    388,471 
Palomar Holdings, Inc. (a)   3,850    195,387 
ProAssurance Corp.   14,110    266,538 
Radian Group, Inc.   20,170    506,469 
Safety Insurance Group, Inc.   1,630    111,150 
Trupanion, Inc. (a)(b)   6,280    177,096 
United Fire Group, Inc.   5,650    111,587 
         5,466,085 
INTERNET MEDIA & SERVICES - 1.0%          
CarGurus, Inc. (a)   11,260    197,275 
Cars.com, Inc. (a)   16,270    274,312 
Shutterstock, Inc. (b)   3,610    137,361 
TechTarget, Inc. (a)   4,120    125,083 
TripAdvisor, Inc. (a)   14,320    237,426 
Yelp, Inc. (a)   11,460    476,621 
         1,448,078 
LEISURE FACILITIES & SERVICES - 2.2%          
Bloomin' Brands, Inc. (b)   18,470    454,177 
Brinker International, Inc. (a)   7,800    246,402 
Cheesecake Factory, Inc. (The)   7,530    228,159 
Chuy's Holdings, Inc. (a)(b)   6,950    247,281 
Cinemark Holdings, Inc. (a)   16,910    310,298 
Cracker Barrel Old Country Store, Inc. (b)   4,680    314,496 
Dave & Buster's Entertainment, Inc. (a)   5,970    221,308 
Dine Brands Global, Inc. (b)   3,280    162,196 
Jack in the Box, Inc.   2,970    205,108 
Papa John's International, Inc.   3,850    262,647 
Shake Shack, Inc. - Class A (a)   5,180    300,803 
Six Flags Entertainment Corp. (a)   10,490    246,620 
         3,199,495 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
LEISURE PRODUCTS - 0.5%        
LCI Industries (b)   4,750   $557,745 
Winnebago Industries, Inc. (b)   3,720    221,154 
         778,899 
MACHINERY - 3.4%          
Alamo Group, Inc.   1,800    311,148 
Astec Industries, Inc.   4,830    227,541 
CIRCOR International, Inc. (a)   9,130    508,997 
Enerpac Tool Group Corp.   19,940    527,014 
ESCO Technologies, Inc.   2,890    301,832 
Federal Signal Corp.   4,750    283,718 
Franklin Electric Co., Inc.   6,300    562,149 
Hillenbrand, Inc.   7,280    308,017 
Ichor Holdings Ltd. (a)   8,140    252,014 
John Bean Technologies Corp.   5,325    559,871 
Lindsay Corp.   3,140    369,515 
Stellar Bancorp, Inc.   8,879    189,300 
Tennant Co.   2,040    151,266 
Titan International, Inc. (a)(b)   33,750    453,263 
         5,005,645 
MEDICAL EQUIPMENT & DEVICES - 2.8%          
Artivion, Inc. (a)   7,320    110,971 
Avanos Medical, Inc. (a)   8,170    165,197 
BioLife Solutions, Inc. (a)(b)   15,770    217,784 
CONMED Corp.   3,920    395,332 
Embecta Corp.   6,860    103,243 
Glaukos Corp. (a)   7,100    534,275 
Integer Holdings Corp. (a)   4,160    326,269 
LeMaitre Vascular, Inc.   5,530    301,274 
Merit Medical Systems, Inc. (a)   10,140    699,863 
Myriad Genetics, Inc. (a)   13,280    213,011 
Omnicell, Inc. (a)   2,090    94,134 
OraSure Technologies, Inc. (a)   28,300    167,819 
STAAR Surgical Co. (a)   8,010    321,842 
Tandem Diabetes Care, Inc. (a)   9,020    187,345 
Varex Imaging Corp. (a)   8,210    154,266 
Vericel Corp. (a)   6,960    233,299 
         4,225,924 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
METALS & MINING - 1.3%        
Compass Minerals International, Inc.   3,830   $107,049 
Encore Wire Corp. (b)   3,620    660,505 
Haynes International, Inc.   4,750    220,970 
Kaiser Aluminum Corp.   2,420    182,129 
Livent Corp. (a)(b)   25,290    465,589 
SunCoke Energy, Inc.   30,440    308,966 
         1,945,208 
OIL & GAS PRODUCERS - 1.9%          
Core Laboratories, Inc. (b)   42,210    1,013,462 
CVR Energy, Inc.   18,480    628,874 
SM Energy Co. (b)   22,970    910,761 
Talos Energy, Inc. (a)   20,310    333,896 
         2,886,993 
OIL & GAS SERVICES & EQUIPMENT - 1.3%          
Bristow Group, Inc. (a)   34,382    968,541 
Helmerich & Payne, Inc.   20,440    861,750 
U.S. Silica Holdings, Inc. (a)   9,200    129,168 
         1,959,459 
PUBLISHING & BROADCASTING - 0.3%          
John Wiley & Sons, Inc. - Class A   7,180    266,881 
Scholastic Corp.   4,200    160,188 
         427,069 
REAL ESTATE OWNERS & DEVELOPERS - 0.1%          
St. Joe Co. (The)   2,610    141,801 
           
REAL ESTATE SERVICES - 0.5%          
Anywhere Real Estate, Inc. (a)   32,900    211,547 
Cushman & Wakefield plc (a)   17,860    136,093 
eXp World Holdings, Inc. (b)   9,950    161,588 
Marcus & Millichap, Inc.   6,930    203,326 
         712,554 
REITS - 6.9%          
Acadia Realty Trust   10,440    149,814 
Alexander & Baldwin, Inc.   13,880    232,212 
American Assets Trust, Inc.   5,770    112,227 
Apple Hospitality REIT, Inc. (b)   26,940    413,260 
Armada Hoffler Properties, Inc.   12,440    127,386 
Brandywine Realty Trust   50,190    227,863 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
REITS - 6.9% (Continued)        
CareTrust REIT, Inc. (b)   12,440   $255,020 
Chatham Lodging Trust   14,320    137,042 
Community Healthcare Trust, Inc.   4,290    127,413 
DiamondRock Hospitality Co. (b)   28,340    227,570 
Douglas Emmett, Inc. (b)   25,910    330,612 
Easterly Government Properties, Inc.   9,670    110,528 
Elme Communities   7,590    103,528 
Essential Properties Realty Trust, Inc. (b)   18,920    409,240 
Four Corners Property Trust, Inc.   8,360    185,508 
Franklin BSP Realty Trust, Inc.   21,422    283,627 
Getty Realty Corp.   4,160    115,357 
Global Net Lease, Inc. (b)   26,490    254,569 
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)   11,130    235,956 
Highwoods Properties, Inc.   13,520    278,647 
Hudson Pacific Properties, Inc. (b)   23,360    155,344 
Innovative Industrial Properties, Inc. (b)   4,430    335,174 
JBG SMITH Properties (b)   11,590    167,591 
LTC Properties, Inc.   3,650    117,275 
LXP Industrial Trust   32,120    285,868 
Macerich Co. (The)   33,280    363,085 
NexPoint Residential Trust, Inc.   6,700    215,606 
Outfront Media, Inc. (b)   24,990    252,399 
Pebblebrook Hotel Trust (b)   16,060    218,255 
Phillips Edison & Co., Inc. (b)   13,700    459,498 
Retail Opportunity Investments Corp.   14,970    185,329 
RPT Realty   19,470    205,603 
Safehold, Inc. (b)   9,118    162,300 
Saul Centers, Inc. (b)   3,420    120,623 
Service Properties Trust (b)   28,860    221,933 
SITE Centers Corp.   25,140    309,976 
SL Green Realty Corp. (b)   17,480    652,004 
Summit Hotel Properties, Inc.   23,710    137,518 
Sunstone Hotel Investors, Inc.   12,360    115,566 
Tanger Factory Outlet Centers, Inc. (b)   16,810    379,906 
Uniti Group, Inc.   35,680    168,410 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
REITS - 6.9% (Continued)        
Urban Edge Properties (b)   13,970   $213,182 
Veris Residential, Inc.   13,500    222,750 
Xenia Hotel & Resorts, Inc. (b)   18,240    214,867 
         10,197,441 
RENEWABLE ENERGY - 0.3%          
Green Plains, Inc. (a)(b)   7,060    212,506 
SunPower Corp. (a)(b)   28,580    176,339 
         388,845 
RETAIL - CONSUMER STAPLES - 0.4%          
PriceSmart, Inc.   2,650    197,240 
SpartanNash Co.   18,290    402,380 
         599,620 
RETAIL - DISCRETIONARY - 6.3%          
Abercrombie & Fitch Co. - Class A (a)   13,550    763,813 
Academy Sports & Outdoors, Inc. (b)   16,030    757,738 
Advance Auto Parts, Inc.   6,200    346,766 
American Eagle Outfitters, Inc.   24,760    411,264 
America's Car-Mart, Inc. (a)(b)   1,540    140,125 
Asbury Automotive Group, Inc. (a)(b)   3,100    713,217 
Boot Barn Holdings, Inc. (a)   4,560    370,226 
Buckle, Inc. (The) (b)   5,380    179,638 
Caleres, Inc. (b)   10,210    293,640 
Chico's FAS, Inc. (a)(b)   40,780    305,034 
Ethan Allen Interiors, Inc. (b)   12,700    379,730 
Foot Locker, Inc. (b)   12,600    218,610 
GMS, Inc. (a)   7,050    450,988 
Group 1 Automotive, Inc. (b)   3,050    819,566 
Guess?, Inc. (b)   9,260    200,386 
Hibbett, Inc. (b)   5,140    244,201 
La-Z-Boy, Inc. (b)   6,970    215,234 
MarineMax, Inc. (a)(b)   4,440    145,721 
Mister Car Wash, Inc. (a)(b)   23,690    130,532 
Monro, Inc. (b)   5,420    150,513 
National Vision Holdings, Inc. (a)(b)   13,350    216,003 
ODP Corp. (The) (a)(b)   7,677    354,294 
Sally Beauty Holdings, Inc. (a)(b)   15,060    126,203 
Shoe Carnival, Inc.   9,820    235,975 
Signet Jewelers Ltd.   5,740    412,189 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
RETAIL - DISCRETIONARY - 6.3% (Continued)        
Sleep Number Corp. (a)   5,410   $133,032 
Sonic Automotive, Inc. - Class A (b)   2,100    100,296 
Urban Outfitters, Inc. (a)   10,750    351,418 
Victoria's Secret & Co. (a)   8,400    140,112 
         9,306,464 
SEMICONDUCTORS - 4.2%          
Axcelis Technologies, Inc. (a)   5,580    909,819 
CEVA, Inc. (a)   9,810    190,216 
Cohu, Inc. (a)   7,270    250,379 
CTS Corp.   6,010    250,857 
Diodes, Inc. (a)   6,230    491,173 
FormFactor, Inc. (a)   11,450    400,063 
Kulicke & Soffa Industries, Inc. (b)   9,850    479,005 
MaxLinear, Inc. (a)   8,610    191,572 
Onto Innovation, Inc. (a)   8,127    1,036,355 
Photronics, Inc. (a)   16,690    337,305 
Rambus, Inc. (a)   16,495    920,256 
Semtech Corp. (a)(b)   4,490    115,618 
SiTime Corp. (a)(b)   1,000    114,250 
SMART Global Holdings, Inc. (a)   4,650    113,228 
Ultra Clean Holdings, Inc. (a)(b)   7,450    221,042 
Veeco Instruments, Inc. (a)   8,620    242,308 
         6,263,446 
SOFTWARE - 4.0%          
Adeia, Inc.   14,711    157,114 
Agilysys, Inc. (a)   6,190    409,530 
Apollo Medical Holdings, Inc. (a)   6,870    211,940 
Avid Technology, Inc. (a)   9,070    243,711 
Cerence, Inc. (a)   6,920    140,960 
Digi International, Inc. (a)   11,930    322,110 
Digital Turbine, Inc. (a)(b)   32,740    198,077 
Donnelley Financial Solutions, Inc. (a)   6,550    368,634 
DoubleVerify Holdings, Inc. (a)   15,840    442,728 
Ebix, Inc. (b)   15,700    155,116 
NextGen Healthcare, Inc. (a)   13,380    317,507 
PDF Solutions, Inc. (a)   9,190    297,756 
Privia Health Group, Inc. (a)   9,310    214,130 
Progress Software Corp.   6,410    337,038 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
SOFTWARE - 4.0% (Continued)        
Schrodinger, Inc. (a)   6,200   $175,274 
Simulations Plus, Inc.   4,350    181,395 
SPS Commerce, Inc. (a)   5,620    958,828 
Veradigm, Inc. (a)   13,450    176,733 
Verra Mobility Corp. (a)(b)   24,480    457,776 
Xperi, Inc. (a)   14,004    138,080 
         5,904,437 
SPECIALTY FINANCE - 3.3%          
Apollo Commercial Real Estate Finance, Inc.   20,490    207,564 
Arbor Realty Trust, Inc. (b)   24,230    367,811 
ARMOUR Residential REIT, Inc. (a)(b)   33,710    143,267 
Blackstone Mortgage Trust, Inc. - Class A (b)   25,030    544,402 
Bread Financial Holdings, Inc. (b)   3,590    122,778 
Deluxe Corp.   6,430    121,463 
Ellington Financial, Inc. (b)   15,050    187,673 
Encore Capital Group, Inc. (a)   3,150    150,444 
Enova International, Inc. (a)   7,260    369,316 
Invesco Mortgage Capital, Inc.   11,176    111,872 
KKR Real Estate Finance Trust, Inc.   13,750    163,213 
Mr. Cooper Group, Inc. (a)   12,710    680,748 
Navient Corp.   6,380    109,864 
New York Mortgage Trust, Inc.   22,582    191,721 
PennyMac Mortgage Investment Trust   14,450    179,180 
PRA Group, Inc. (a)   6,530    125,441 
Ready Capital Corp. (b)   19,700    199,167 
Redwood Trust, Inc. (b)   19,810    141,245 
Stewart Information Services Corp.   2,460    107,748 
Two Harbors Investment Corp. (b)   10,280    136,107 
Walker & Dunlop, Inc. (b)   4,340    322,202 
World Acceptance Corp. (a)   1,310    166,449 
         4,849,675 
STEEL - 1.1%          
ATI, Inc. (a)   21,650    890,897 
Carpenter Technology Corp.   6,590    442,914 
TimkenSteel Corp. (a)   17,280    375,322 
         1,709,133 
TECHNOLOGY HARDWARE - 4.3%          
3D Systems Corp. (a)   37,770    185,451 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
TECHNOLOGY HARDWARE - 4.3% (Continued)        
A10 Networks, Inc.   15,220   $228,757 
ADTRAN Holdings, Inc.   13,980    115,055 
Arlo Technologies, Inc. (a)   33,990    350,097 
Benchmark Electronics, Inc.   8,080    196,021 
Clearfield, Inc. (a)   3,590    102,889 
Extreme Networks, Inc. (a)   29,990    726,058 
Fabrinet (a)   6,420    1,069,700 
Harmonic, Inc. (a)(b)   29,630    285,337 
InterDigital, Inc. (b)   6,470    519,153 
Knowles Corp. (a)   18,120    268,357 
NetScout Systems, Inc. (a)   7,500    210,150 
Pitney Bowes, Inc.   38,260    115,545 
Plexus Corp. (a)   4,900    455,602 
Sanmina Corp. (a)   13,090    710,525 
Sonos, Inc. (a)   8,600    111,026 
TTM Technologies, Inc. (a)   28,760    370,429 
Viavi Solutions, Inc. (a)   24,360    222,650 
Xerox Holdings Corp.   7,040    110,458 
         6,353,260 
TECHNOLOGY SERVICES - 2.0%          
CSG Systems International, Inc.   3,400    173,808 
EVERTEC, Inc.   10,810    401,916 
Green Dot Corp. - Class A (a)   12,290    171,200 
Insight Enterprises, Inc. (a)(b)   6,620    963,210 
LiveRamp Holdings, Inc. (a)   10,470    301,955 
Payoneer Global, Inc. (a)   34,870    213,056 
Perficient, Inc. (a)   4,700    271,942 
Sabre Corp. (a)   54,990    246,905 
TTEC Holdings, Inc.   7,670    201,107 
         2,945,099 
TELECOMMUNICATIONS - 0.5%          
Cogent Communications Holdings, Inc.   5,100    315,690 
Gogo, Inc. (a)   12,910    154,016 
Lumen Technologies, Inc. (a)(b)   92,910    131,932 
Telephone and Data Systems, Inc.   6,380    116,818 
         718,456 
TRANSPORTATION & LOGISTICS - 2.5%          
Allegiant Travel Co.   2,520    193,687 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

COMMON STOCKS - 98.6% (Continued)  Shares   Fair Value 
TRANSPORTATION & LOGISTICS - 2.5% (Continued)        
ArcBest Corp. (b)   6,890   $700,368 
Forward Air Corp.   4,570    314,142 
Hub Group, Inc. - Class A (a)   9,370    735,920 
Marten Transport Ltd.   18,180    358,328 
Matson, Inc.   6,440    571,357 
RXO, Inc. (a)   6,260    123,510 
SkyWest, Inc. (a)   10,660    447,080 
Sun Country Airlines Holdings, Inc. (a)   14,580    216,367 
         3,660,759 
TRANSPORTATION EQUIPMENT - 0.5%          
Greenbrier Cos., Inc. (The)   6,020    240,800 
Trinity Industries, Inc.   8,880    216,228 
Wabash National Corp. (b)   15,190    320,813 
         777,841 
WHOLESALE - CONSUMER STAPLES - 0.9%          
Andersons, Inc. (The)   20,960    1,079,649 
Chefs' Warehouse, Inc. (The) (a)   3,960    83,873 
United Natural Foods, Inc. (a)   9,370    132,492 
         1,296,014 
WHOLESALE - DISCRETIONARY - 1.5%          
ePlus, Inc. (a)   4,560    289,651 
G-III Apparel Group Ltd. (a)   9,060    225,775 
Leslie's, Inc. (a)(b)   23,260    131,652 
OPENLANE, Inc. (a)   12,030    179,488 
ScanSource, Inc. (a)   23,700    718,347 
Veritiv Corp.   3,640    614,796 
         2,159,709 
           
TOTAL COMMON STOCKS (COST $116,431,640)       $145,969,278 

 

RIGHTS - 0.0% (c)  Shares   Fair Value 
MEDICAL EQUIPMENT & DEVICES - 0.0% (c)        
OmniAb, Inc. (a)(d)(e) (Cost $0)   2,092   $1,455 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

CORPORATE NOTES - 0.9%  Coupon   Maturity  Principal Amount   Fair Value 
COMMUNITY DEVELOPMENT - 0.9%       
Calvert Impact Capital, Inc. (d)   3.000%  12/15/23  $330,000   $327,127 
Calvert Impact Capital, Inc. (d)   1.000%  06/14/24   100,000    96,217 
Calvert Impact Capital, Inc. (d)   3.000%  06/17/24   60,000    58,510 
Calvert Impact Capital, Inc. (d)   3.000%  12/15/24   90,000    86,501 
Calvert Impact Capital, Inc. (d)   2.500%  06/13/25   150,000    140,622 
Calvert Impact Capital, Inc. (d)   2.500%  12/15/25   280,000    257,635 
Calvert Impact Capital, Inc. (d)   4.000%  06/15/28   180,000    162,886 
Capital Impact Partners Investment (d)   5.750%  06/15/24   180,000    179,856 
TOTAL CORPORATE NOTES (COST $1,370,000)               $1,309,354 

 

MONEY MARKET FUNDS - 0.6%  Shares   Fair Value 
First American Government Obligations Fund -    Class X, 5.26% (f) (COST $931,753)   931,753   $931,753 

 

 

Schedule of Portfolio Investments (Continued)

Praxis Small Cap Index Fund

 

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 21.9%  Shares   Fair Value 
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (f)(g) (COST $32,447,814)   32,447,814   $32,447,814 
           
TOTAL INVESTMENTS - (COST $151,181,207) - 122.0%       $180,659,654 
           
LIABILITIES IN EXCESS OF OTHER ASSETS - (22.0%)        (32,660,391)
           
NET ASSETS - 100.0%       $147,999,263 

 

(a) Non-income producing security.
(b) All or a portion of the security is on loan.  The total fair value of the securities on loan as of September 30, 2023 was $30,709,018.  
(c) Percentage rounds to less than 0.1%.
(d) Illiquid securities are as follows:  

 

   Acquisition Date  Current Cost   Fair Value   % of Net Assets 
Calvert Impact Capital, Inc., 3.000%, 12/15/23  12/17/18  $330,000   $327,127    0.2%
Calvert Impact Capital, Inc., 1.000%, 06/14/24  06/15/21   100,000    96,217    0.1%
Calvert Impact Capital, Inc., 3.000%, 06/17/24  06/17/19   60,000    58,510    0.0%(c)
Calvert Impact Capital, Inc., 3.000%, 12/15/24  12/12/19   90,000    86,501    0.1%
Calvert Impact Capital, Inc., 2.500%, 06/13/25  06/12/20   150,000    140,622    0.1%
Calvert Impact Capital, Inc., 2.500%, 12/15/25  12/15/20   280,000    257,635    0.2%
Calvert Impact Capital, Inc., 4.000% 06/15/28  06/15/23   180,000    162,886    0.1%
Capital Impact Partners Investment, 5.750%, 06/15/24  06/20/23   180,000    179,856    0.1%
OmniAb, Inc.  11/02/22   -    1,455    0.0%(c)
      $1,370,000   $1,310,809    0.9%

 

(e) Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total value of such securities was $1,455 as of September 30,2023, representing 0.0% (c) of net assets.
(f) The rate shown is the 7-day effective yield as of September 30, 2023.
(g) The security was purchased with cash collateral received from securities on loan.  

 

plc - Public Liability Company
REIT - Real Estate Investment Trust

 

 

Schedule of Portfolio Investments

Praxis Genesis Conservative Portfolio

September 30, 2023 (Unaudited)

 

AFFILIATED MUTUAL FUNDS - 100.0%  Shares   Fair Value 
DEBT FUND - 69.9%        
Praxis Impact Bond Fund - Class I   1,862,695   $16,559,362 
           
EQUITY FUND - 30.1%          
Praxis Growth Index Fund - Class I   64,365    2,227,668 
Praxis International Index Fund - Class I   183,092    2,122,037 
Praxis Small Cap Index Fund - Class I   60,414    591,454 
Praxis Value Index Fund - Class I   136,260    2,191,068 
         7,132,227 
TOTAL AFFILIATED MUTUAL FUNDS (Cost $22,679,192)       $23,691,589 

 

MONEY MARKET FUNDS - 0.0% (a)  Shares   Fair Value 
First American Government Obligations Fund - Class X, 5.26% (b) (COST $6,380)   6,380   $6,380 
           
TOTAL INVESTMENTS - (COST $22,685,572) - 100.0%       $23,697,969 
           
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0%) (a)        (6,378)
           
NET ASSETS - 100.0%       $23,691,591 

 

(a) Percentage rounds to less than 0.1%.
(b) The rate shown is the 7-day effective yield as of September 30, 2023.

 

 

Schedule of Portfolio Investments

Praxis Genesis Balanced Portfolio

September 30, 2023 (Unaudited)

 

AFFILIATED MUTUAL FUNDS - 100.0%  Shares   Fair Value 
DEBT FUND - 39.9%        
Praxis Impact Bond Fund - Class I   3,762,518   $33,448,789 
           
EQUITY FUND - 60.1%          
Praxis Growth Index Fund - Class I   393,779    13,628,682 
Praxis International Index Fund - Class I   1,290,798    14,960,354 
Praxis Small Cap Index Fund - Class I   852,756    8,348,484 
Praxis Value Index Fund - Class I   833,747    13,406,653 
         50,344,173 
TOTAL AFFILIATED MUTUAL FUNDS (Cost $68,442,482)       $83,792,962 

 

MONEY MARKET FUNDS - 0.0% (a)  Shares   Fair Value 
First American Government Obligations Fund - Class X, 5.26% (b) (COST $1,308)   1,308   $1,308 
           
TOTAL INVESTMENTS - (COST $68,443,790) - 100.0%       $83,794,270 
           
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0%) (a)        (34,008)
           
NET ASSETS - 100.0%       $83,760,262 

 

(a) Percentage rounds to less than 0.1%.
(b) The rate shown is the 7-day effective yield as of September 30, 2023.

 

 

Schedule of Portfolio Investments

Praxis Genesis Growth Portfolio

September 30, 2023 (Unaudited)

 

AFFILIATED MUTUAL FUNDS - 100.0%  Shares   Fair Value 
DEBT FUND - 19.9%        
Praxis Impact Bond Fund - Class I   2,100,988   $18,677,785 
           
EQUITY FUND - 80.1%          
Praxis Growth Index Fund - Class I   563,570    19,505,141 
Praxis International Index Fund - Class I   1,920,041    22,253,275 
Praxis Small Cap Index Fund - Class I   1,429,373    13,993,561 
Praxis Value Index Fund - Class I   1,193,553    19,192,337 
         74,944,314 
TOTAL AFFILIATED MUTUAL FUNDS (Cost $71,223,235)       $93,622,099 

 

MONEY MARKET FUNDS - 0.0% (a)  Shares   Fair Value 
First American Government Obligations Fund - Class X, 5.26% (b) (COST $934)   934   $934 
           
TOTAL INVESTMENTS - (COST $71,224,169) - 100.0%       $93,623,033 
           
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0%) (a)        (35,705)
           
NET ASSETS - 100.0%       $93,587,328 

 

(a) Percentage rounds to less than 0.1%.
(b) The rate shown is the 7-day effective yield as of September 30, 2023.