Praxis Impact Bond Fund

Class A (MIIAX)

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about Praxis Impact Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$46	0.91%

Fund Statistics

Net Assets$1,056,117,947
Number of Portfolio Holdings527
Advisory Fee $1,745,804
Portfolio Turnover4%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	5.5%
Commercial Mortgage-Backed Securities	0.0%
Corporate Bonds	27.7%
Corporate Notes	0.9%
Foreign Governments	4.7%
Investment Companies	0.3%
Investment Purchased With The Cash Proceeds From Securities Lending	1.0%
Money Market Funds	2.7%
Municipal Bonds	1.0%
U.S. Government Agencies	56.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
FNMA, 0.875%, due 08/5/30	2.0%
FHLB, 5.500%, due 07/15/36	1.9%
FNMA, 5.625%, due 07/15/37	1.5%
FNMA, 6.625%, due 11/15/30	1.4%
FHLMC, 1.487%, due 11/25/30	1.3%
FNMA, 1.286%, due 01/25/31	1.3%
FHLMC, 3.000%, due 07/1/52	1.3%
FNMA, 3.500%, due 05/1/52	1.2%
FHLB, 3.250%, due 11/16/28	1.2%
FNMA, 4.000%, due 09/1/52	1.1%

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

Praxis Impact Bond Fund - Class A (MIIAX)

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 063025-MIIAX

Praxis Impact Bond Fund

Class I (MIIIX)

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$23	0.46%

Fund Statistics

Net Assets$1,056,117,947
Number of Portfolio Holdings527
Advisory Fee $1,745,804
Portfolio Turnover4%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	5.5%
Commercial Mortgage-Backed Securities	0.0%
Corporate Bonds	27.7%
Corporate Notes	0.9%
Foreign Governments	4.7%
Investment Companies	0.3%
Investment Purchased With The Cash Proceeds From Securities Lending	1.0%
Money Market Funds	2.7%
Municipal Bonds	1.0%
U.S. Government Agencies	56.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
FNMA, 0.875%, due 08/5/30	2.0%
FHLB, 5.500%, due 07/15/36	1.9%
FNMA, 5.625%, due 07/15/37	1.5%
FNMA, 6.625%, due 11/15/30	1.4%
FHLMC, 1.487%, due 11/25/30	1.3%
FNMA, 1.286%, due 01/25/31	1.3%
FHLMC, 3.000%, due 07/1/52	1.3%
FNMA, 3.500%, due 05/1/52	1.2%
FHLB, 3.250%, due 11/16/28	1.2%
FNMA, 4.000%, due 09/1/52	1.1%

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

Praxis Impact Bond Fund - Class I (MIIIX)

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-MIIIX

Praxis International Index Fund

Class A (MPLAX)

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about Praxis International Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$61	1.14%

Fund Statistics

Net Assets$497,484,735
Number of Portfolio Holdings454
Advisory Fee $942,176
Portfolio Turnover9%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	87.8%
Corporate Notes	0.8%
Investment Purchased With The Cash Proceeds From Securities Lending	11.3%
Money Market Funds	0.1%

What did the Fund invest in?

Common Stocks Country Weighting (% of net assets)

Value	Value
South Korea	4.0%
Australia	4.4%
Germany	5.0%
India	5.1%
Switzerland	5.2%
France	6.3%
Taiwan	7.0%
Canada	7.3%
United Kingdom	7.9%
Japan	15.1%
Other Country	31.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	5.0%
ICICI Bank Ltd. - ADR	1.7%
Samsung Electronics Co. Ltd.	1.5%
Tencent Holdings Ltd. - ADR	1.5%
HDFC Bank Ltd. - ADR	1.4%
Chunghwa Telecom Co. Ltd. - ADR	1.3%
Infosys Ltd. - ADR	1.1%
ASML Holding N.V.	1.1%
Schneider Electric SE	1.0%
Wipro Ltd. - ADR	0.9%

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

Praxis International Index Fund - Class A (MPLAX)

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-MPLAX

Praxis International Index Fund

Class I (MPLIX)

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$30	0.55%

Fund Statistics

Net Assets$497,484,735
Number of Portfolio Holdings454
Advisory Fee $942,176
Portfolio Turnover9%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	87.8%
Corporate Notes	0.8%
Investment Purchased With The Cash Proceeds From Securities Lending	11.3%
Money Market Funds	0.1%

What did the Fund invest in?

Common Stocks Country Weighting (% of net assets)

Value	Value
South Korea	4.0%
Australia	4.4%
Germany	5.0%
India	5.1%
Switzerland	5.2%
France	6.3%
Taiwan	7.0%
Canada	7.3%
United Kingdom	7.9%
Japan	15.1%
Other Country	31.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	5.0%
ICICI Bank Ltd. - ADR	1.7%
Samsung Electronics Co. Ltd.	1.5%
Tencent Holdings Ltd. - ADR	1.5%
HDFC Bank Ltd. - ADR	1.4%
Chunghwa Telecom Co. Ltd. - ADR	1.3%
Infosys Ltd. - ADR	1.1%
ASML Holding N.V.	1.1%
Schneider Electric SE	1.0%
Wipro Ltd. - ADR	0.9%

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

Praxis International Index Fund - Class I (MPLIX)

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-MPLIX

Praxis Value Index Fund

Class A (MVIAX)

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about Praxis Value Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$39	0.76%

Fund Statistics

Net Assets$493,491,907
Number of Portfolio Holdings287
Advisory Fee $583,506
Portfolio Turnover13%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Common Stocks	96.5%
Corporate Notes	0.9%
Investment Purchased With The Cash Proceeds From Securities Lending	2.4%
Money Market Funds	0.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
JPMorgan Chase & Co.	4.2%
Walmart, Inc.	2.3%
Procter & Gamble Co. (The)	2.0%
AbbVie, Inc.	1.7%
Bank of America Corp.	1.7%
Oracle Corp.	1.7%
Home Depot, Inc. (The)	1.6%
Johnson & Johnson	1.5%
Coca-Cola Co. (The)	1.4%
Cisco Systems, Inc.	1.4%

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

Praxis Value Index Fund - Class A (MVIAX)

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-MVIAX

Praxis Value Index Fund

Class I (MVIIX)

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

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

Fund Statistics

Net Assets$493,491,907
Number of Portfolio Holdings287
Advisory Fee $583,506
Portfolio Turnover13%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Common Stocks	96.5%
Corporate Notes	0.9%
Investment Purchased With The Cash Proceeds From Securities Lending	2.4%
Money Market Funds	0.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
JPMorgan Chase & Co.	4.2%
Walmart, Inc.	2.3%
Procter & Gamble Co. (The)	2.0%
AbbVie, Inc.	1.7%
Bank of America Corp.	1.7%
Oracle Corp.	1.7%
Home Depot, Inc. (The)	1.6%
Johnson & Johnson	1.5%
Coca-Cola Co. (The)	1.4%
Cisco Systems, Inc.	1.4%

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

Praxis Value Index Fund - Class I (MVIIX)

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-MVIIX

Praxis Growth Index Fund

Class A (MGNDX)

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about Praxis Growth Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$33	0.65%

Fund Statistics

Net Assets$672,189,137
Number of Portfolio Holdings168
Advisory Fee $733,054
Portfolio Turnover10%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.3%
Corporate Notes	0.9%
Investment Purchased With The Cash Proceeds From Securities Lending	0.7%
Money Market Funds	0.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
NVIDIA Corp.	12.1%
Apple, Inc.	10.6%
Microsoft Corp.	9.5%
Amazon.com, Inc.	5.7%
Meta Platforms, Inc. - Class A	5.0%
Broadcom, Inc.	4.4%
Alphabet, Inc. - Class A	3.3%
Tesla, Inc.	2.8%
Alphabet, Inc. - Class C	2.6%
Eli Lilly & Co.	2.4%

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

Praxis Growth Index Fund - Class A (MGNDX)

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-MGNDX

Praxis Growth Index Fund

Class I (MMDEX)

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$17	0.34%

Fund Statistics

Net Assets$672,189,137
Number of Portfolio Holdings168
Advisory Fee $733,054
Portfolio Turnover10%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.3%
Corporate Notes	0.9%
Investment Purchased With The Cash Proceeds From Securities Lending	0.7%
Money Market Funds	0.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
NVIDIA Corp.	12.1%
Apple, Inc.	10.6%
Microsoft Corp.	9.5%
Amazon.com, Inc.	5.7%
Meta Platforms, Inc. - Class A	5.0%
Broadcom, Inc.	4.4%
Alphabet, Inc. - Class A	3.3%
Tesla, Inc.	2.8%
Alphabet, Inc. - Class C	2.6%
Eli Lilly & Co.	2.4%

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

Praxis Growth Index Fund - Class I (MMDEX)

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-MMDEX

Praxis Small Cap Index Fund

Class A (MMSCX)

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about Praxis Small Cap Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$52	1.06%

Fund Statistics

Net Assets$186,674,704
Number of Portfolio Holdings661
Advisory Fee $266,120
Portfolio Turnover21%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Common Stocks	83.4%
Corporate Notes	0.7%
Investment Purchased With The Cash Proceeds From Securities Lending	15.2%
Money Market Funds	0.7%
Rights	0.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Liberty Media Corp. - Liberty Formula One - Series C	0.7%
Expand Energy Corp.	0.6%
SPX Technologies, Inc.	0.6%
Franklin Resources, Inc.	0.5%
NRG Energy, Inc.	0.5%
Sanmina Corp.	0.4%
Balchem Corp.	0.4%
Smurfit WestRock plc	0.4%
UGI Corp.	0.4%
Rexford Industrial Realty, Inc.	0.4%

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

Praxis Small Cap Index Fund - Class A (MMSCX)

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-MMSCX

Praxis Small Cap Index Fund

Class I (MMSIX)

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$21	0.42%

Fund Statistics

Net Assets$186,674,704
Number of Portfolio Holdings661
Advisory Fee $266,120
Portfolio Turnover21%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Common Stocks	83.4%
Corporate Notes	0.7%
Investment Purchased With The Cash Proceeds From Securities Lending	15.2%
Money Market Funds	0.7%
Rights	0.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Liberty Media Corp. - Liberty Formula One - Series C	0.7%
Expand Energy Corp.	0.6%
SPX Technologies, Inc.	0.6%
Franklin Resources, Inc.	0.5%
NRG Energy, Inc.	0.5%
Sanmina Corp.	0.4%
Balchem Corp.	0.4%
Smurfit WestRock plc	0.4%
UGI Corp.	0.4%
Rexford Industrial Realty, Inc.	0.4%

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

Praxis Small Cap Index Fund - Class I (MMSIX)

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-MMSIX

Praxis Genesis Conservative Portfolio

Class A (MCONX)

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about Praxis Genesis Conservative Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$31	0.61%

Fund Statistics

Net Assets$24,393,370
Number of Portfolio Holdings6
Advisory Fee $5,962
Portfolio Turnover5%

What did the Fund invest in?

Asset Weighting (% of total investments)

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

Top Holdings (% of net assets)

Holding Name	% of Net Assets
Praxis Impact Bond Fund - Class I	69.5%
Praxis Growth Index Fund - Class I	9.4%
Praxis Value Index Fund - Class I	9.3%
Praxis International Index Fund - Class I	9.1%
Praxis Small Cap Index Fund - Class I	2.5%

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

Praxis Genesis Conservative Portfolio - Class A (MCONX)

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-MCONX

Praxis Genesis Balanced Portfolio

Class A (MBAPX)

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about Praxis Genesis Balanced Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$24	0.47%

Fund Statistics

Net Assets$99,299,435
Number of Portfolio Holdings6
Advisory Fee $23,517
Portfolio Turnover7%

What did the Fund invest in?

Asset Weighting (% of total investments)

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

Top Holdings (% of net assets)

Holding Name	% of Net Assets
Praxis Impact Bond Fund - Class I	39.6%
Praxis International Index Fund - Class I	18.1%
Praxis Growth Index Fund - Class I	16.2%
Praxis Value Index Fund - Class I	16.0%
Praxis Small Cap Index Fund - Class I	10.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

Praxis Genesis Balanced Portfolio - Class A (MBAPX)

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-MBAPX

Praxis Genesis Growth Portfolio

Class A (MGAFX)

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about Praxis Genesis Growth Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.praxisinvests.com/resources/prospectuses-and-reports. You can also request this information by contacting us at (800) 977-2947.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$25	0.49%

Fund Statistics

Net Assets$118,072,462
Number of Portfolio Holdings6
Advisory Fee $27,929
Portfolio Turnover6%

What did the Fund invest in?

Asset Weighting (% of total investments)

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

Top Holdings (% of net assets)

Holding Name	% of Net Assets
Praxis International Index Fund - Class I	24.0%
Praxis Growth Index Fund - Class I	20.7%
Praxis Value Index Fund - Class I	20.5%
Praxis Impact Bond Fund - Class I	19.7%
Praxis Small Cap Index Fund - Class I	15.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

Praxis Genesis Growth Portfolio - Class A (MGAFX)

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-MGAFX

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

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

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

As of June 30, 2025 the Funds offer Class A and Class I Shares and the Portfolios offer Class A Shares. Each class of shares in a Fund or Portfolio has identical rights and privileges except with respect to fees paid under the distribution and shareholder servicing agreement, certain other class specific expenses, voting rights on matters affecting a single class of shares and the exchange privileges of each class of shares. Class A has a maximum sales charge on purchases of 5.25 percent as a percentage of the original purchase price, except for the Impact Bond Fund which has a maximum sales charge of 3.75 percent.

The Funds and Portfolios have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (“Topic 280”) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect each Fund’s and Portfolio’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Trust. Each Fund and Portfolio operates as a single operating segment. Each Fund’s and Portfolio’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund and Portfolio, using the information presented in the financial statements and financial highlights.

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

In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (“Topic 740”) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds’ financial statements.

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

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

The Funds use various independent pricing services to value most of their debt investments. A pricing service would normally consider such factors as yield, risk, quality, maturity, type of issue, trading characteristics, special circumstances and other factors it deems relevant in determining valuations of normal institutional trading units of debt securities and would not rely exclusively on quoted prices. When valuing foreign securities held by the Funds, certain pricing services might use computerized pricing models to systematically calculate adjustments to foreign security closing prices based on the latest market movements. Such pricing models utilize market data

that has been obtained between the local market close and the NYSE close to compute adjustments to foreign security close prices. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Praxis Investment Management, Inc. (the “Adviser”), investment adviser to the Funds and Portfolios, as the Valuation Designee (the “Designee”) with responsibility for reviewing the methods used by the pricing service and the valuations so established under general supervision of the Board. The Adviser carries out its designated activities through the Adviser’s Pricing Committee. Securities for which market quotations are not readily available (e.g. an approved pricing service does not provide a price, certain stale prices or an event occurs that materially affects the furnished price) are valued at their fair value as determined in good faith in accordance with consistently applied procedures established by the Designee and under the general supervision of the Board. Short-term debt securities of sufficient credit quality maturing in less than 61 days may be valued at amortized cost, which approximates fair value. The Portfolios’ investments in the Funds (the “Underlying Funds”) are valued at the closing NAV per share.

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

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

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

The aggregate value by each Fund’s and Portfolio’s investments and the input level, as of June 30, 2025, for the investments are as follows:

The following is a reconciliation of Level 3 instruments held in the International Index Fund and Small Cap Index Fund for which significant unobservable inputs were used to determine fair value for the six months ended June 30, 2025:

The total change in unrealized appreciation (depreciation) included on the Statements of Operations attributable to Level 3 investments still held as of June 30, 2025 for the International Index Fund and Small Cap Index Fund was $0 and $(504), respectively.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

It is each Fund’s and Portfolio’s policy to continue to qualify as a regulated investment company by complying with the provisions available to investment companies, as defined in applicable sections of Subchapter M of the Internal Revenue Code, and to distribute timely all of its net investment company taxable income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax law, a withholding tax may be imposed on interest, dividends and capital gains earned on foreign investments at various rates. Where available, the Funds will file for claims on foreign taxes withheld. The Funds and Portfolios recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended June 30, 2025, the Funds and Portfolios did not incur any interest or penalties.

Purchases, sales and maturities of securities (excluding short-term debt securities having maturities one year or less and U.S. Government Securities) for the six months ended June 30, 2025 were as follows:

During the six months ended June 30, 2025, cost of purchases and proceeds from sales and maturities of long-term U.S. government securities for Praxis Impact Bond Fund were $30,736,411 and $16,193,208, respectively.

During the six months ended June 30, 2025, the Value Index Fund sold securities to the Growth Index Fund and the Small Cap Index Fund, the Growth Index Fund sold securities to the Value Index Fund and the Small Cap Index Fund, and the Small Cap Index Fund sold securities to the Value Index Fund and Growth Index Fund. These transactions, which were effected at the then current market prices as provided by an independent pricing service used by the Trust, complied with Rule 17a-7 under the 1940 Act. The transactions were as follows:

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

The Adviser provides investment advisory services to the Funds and Portfolios. During the six months ended June 30, 2025, under the terms of the investment advisory agreement, the Adviser was entitled to receive fees based on a percentage of the average daily net assets of each of the Funds and Portfolios as follows:

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

The Adviser has entered into an expense limitation agreement effective until April 30, 2026. Pursuant to this agreement, the Adviser has agreed to reduce its fees (but not below zero) and/or reimburse expenses to the extent necessary in order to limit the Total Annual Fund Operating Expenses (excluding AFFE, brokerage costs, interest, taxes, dividends, Trustees fees and expenses, legal fees and expenses, and extraordinary expenses) of certain Funds and the Portfolios. Those Funds and Portfolios have agreed to repay the Adviser for the amount of fee reduction and/or expense reimbursements by the Adviser pursuant to this expense limitation agreement provided that such repayment does not cause the Total Annual Fund Operating Expenses (excluding AFFE, brokerage costs, interest, taxes, dividends, Trustees fees and expenses, legal fees and expenses, and extraordinary expenses) to exceed the contractual expense limit in place at the time of the fee reduction and/or reimbursement and at the time of repayment, and the repayment is made within three years after the time in which the Adviser reduced and/or reimbursed the expense.

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

Foreside Financial Services, LLC (“Distributor” and “Underwriter”) serves as the Funds’ and Portfolios’ principal Distributor and Underwriter and, as such, acts as exclusive agent for distribution of the Funds’ and Portfolios’ shares. Under the terms of the Underwriting Agreements between the Trust and the Underwriter, the Underwriter earned sales charges from underwriting and broker commissions on the sale of shares during the six months ended June 30, 2025 as follows:

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

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

The character of dividends paid to shareholders of the Funds and Portfolios for federal income tax purposes during the periods ended June 30, 2025 and December 31, 2024 was as follows:

The following information was computed on a tax basis for each item as of December 31, 2024:

For the latest tax year ended December 31, 2024, the following Funds have capital loss carry forwards (“CLCFs”) as summarized below.

The federal tax cost, unrealized appreciation (depreciation) as of June 30, 2025 was as follows:

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

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

Under the terms of the securities lending agreement with U.S. Bank, N.A. (“U.S. Bank”), U.S. Bank is authorized to loan securities on behalf of the Funds to approved borrowers. The contractual maturity of securities lending transactions are on an overnight and continuous basis. In exchange, the Funds receive cash collateral in the amount of at least 102% of the value of the securities loaned. Any collateral shortfalls due to changes in security market prices are adjusted the next business day. The cash collateral is invested in a short-term investment instrument as noted on the Funds’ Schedules of Investments. Although risk is mitigated by the collateral, the

Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them. The agreement provides that after predetermined rebates to borrowers, the Funds retain a portion of their net securities lending income and pays U.S. Bank the remaining portion. The Funds are not subject to a master netting agreement with respect to securities lending; therefore, no additional disclosures are required. The Funds’ collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize current income to the extent with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit. The Funds have measures in place to recall loaned securities to vote proxies.

As of June 30, 2025, the fair value of securities on loan and the collateral held were as follows:

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

Each Trustee who is not an “interested person” of the Trust (“Independent Trustee”) receives an annual retainer and meeting fees, plus reimbursement for travel and other meeting related expenses. Collectively, the Independent Trustees were paid $141,500 in retainers and meeting fees during the six months ended June 30, 2025.

The Funds and Portfolios evaluated subsequent events June 30, 2025 through the date these financial statements were issued. There were no significant events that would have a material impact on the Funds’ and Portfolios’ financial statements.

There were no changes in and/or disagreements with accountants during the period covered by this report.

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

The Praxis Funds’ annual and semi-annual financial statements contain additional information on each Fund’s or Portfolio’s investments.

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

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

Praxis Funds
c/o U.S. Bank Global Fund Services
PO Box 219286
Kansas City, MO 64121-9286
Telephone: 1-800-977-2947
Internet: https://www.praxisinvests.com⁽¹⁾

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

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

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

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

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

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

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

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

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

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

	Coupon			Maturity		Principal Amount		Fair Value
MUNICIPAL BONDS — 0.9%
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A		7.334	%		02/15/28	$	770,000	$	804,315
Findlay City School District, Series 2010-B		6.250	%		12/01/37		270,000		273,896
Houston, Texas, Independent School District, Series 2009A-2		6.168	%		02/15/34		1,000,000		1,004,610
Massachusetts St., Series 2016-F		3.277	%		06/01/46		3,100,000		2,413,939
University of Texas, Permanent University Fund, Series 2017-A		3.376	%		07/01/47		3,000,000		2,265,238
University of Texas, Rev., Series 2020 B		2.439	%		08/15/49		1,875,000		1,121,141
University of Virginia, Rev., Series 2009		6.200	%		09/01/39		2,000,000		2,179,746
TOTAL MUNICIPAL BONDS (COST $10,997,492)								$	10,062,885

CORPORATE BONDS — 27.9%
AUTOMOTIVE — 0.5%
BorgWarner, Inc.		2.650	%		07/01/27		601,000		581,465
Honda Motor Co. Ltd. ^(a)		2.967	%		03/10/32		760,000		682,058
Hyundai Capital Services, Inc. ^(b)		1.250	%		02/08/26		200,000		196,036
Magna International, Inc.		2.450	%		06/15/30		1,250,000		1,130,858
Toyota Motor Corp.		4.450	%		06/30/30		2,500,000		2,509,472
									5,099,889
BANKING — 3.1%
American Express Co.		5.016	%		04/25/31		500,000		510,557
Bank of America Corp., Series N (TSFR3M + 157.16) ^(c)		4.271	%		07/23/29		1,000,000		996,706
Bank of America Corp., Series N ^(c)		2.572	%		10/20/32		1,500,000		1,322,042
Bank of America Corp., Series N ^(c)		2.972	%		02/04/33		1,000,000		895,487
Bank of America Corp., Series N		5.464	%		05/09/36		500,000		512,706
Bank of Montreal		5.203	%		02/01/28		1,750,000		1,789,709
Bank of New York Mellon Corp. (The), Series J		4.967	%		04/26/34		2,000,000		2,006,245
Citigroup, Inc. (SOFR + 210.70) ^(c)		2.572	%		06/03/31		2,000,000		1,813,823
ING Groep N.V. ^(b)		4.625	%		01/06/26		1,250,000		1,250,330
JPMorgan Chase & Co.		3.200	%		06/15/26		2,557,000		2,532,490
JPMorgan Chase & Co. (SOFR + 151.00) ^(c)		2.739	%		10/15/30		2,000,000		1,864,882
JPMorgan Chase & Co. ^(c)		2.963	%		01/25/33		1,000,000		898,831
JPMorgan Chase & Co. ^(c)		5.572	%		04/22/36		500,000		518,172
KeyBank N.A.		4.150	%		08/08/25		1,000,000		999,261
M&T Bank Corp.		4.553	%		08/16/28		1,500,000		1,503,678
Mitsubishi UFJ Financial Group, Inc.		5.159	%		04/24/31		2,500,000		2,559,361
PNC Financial Services Group, Inc. (The)		4.758	%		01/26/27		1,500,000		1,502,194
PNC Financial Services Group, Inc. (The) ^(c)		5.582	%		06/12/29		1,000,000		1,035,621
State Street Corp. ^(a)		7.350	%		06/15/26		1,000,000		1,024,619
State Street Corp.		4.164	%		08/04/33		1,000,000		961,309

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 27.9%, continued
BANKING — 3.1%, continued
Toronto-Dominion Bank, Series C		5.264	%		12/11/26	$	2,000,000	$	2,027,061
Truist Financial Corp. (SOFR + 60.90) ^(c)		1.267	%		03/02/27		1,000,000		977,628
UBS AG London		5.650	%		09/11/28		550,000		572,679
US Bancorp, Series CC		5.083	%		05/15/31		3,000,000		3,060,125
									33,135,516
BEVERAGES — 0.1%
Coca-Cola Co. (The)		3.450	%		03/25/30		500,000		485,578
Coca-Cola Femsa S.A.B. de C.V.		1.850	%		09/01/32		1,000,000		818,470
									1,304,048
BIOTECH & PHARMA — 0.3%
AbbVie, Inc.		2.950	%		11/21/26		500,000		491,714
Amgen, Inc.		3.000	%		02/22/29		2,500,000		2,388,624
Gilead Sciences, Inc.		3.650	%		03/01/26		750,000		746,252
									3,626,590
CABLE & SATELLITE — 0.2%
Comcast Corp.		3.300	%		04/01/27		500,000		492,449
Comcast Corp. ^(a)		4.650	%		02/15/33		1,000,000		993,784
Comcast Corp.		2.937	%		11/01/56		672,000		394,566
Time Warner Cable, Inc.		4.500	%		09/15/42		500,000		398,241
									2,279,040
CHEMICALS — 0.5%
Air Products and Chemicals, Inc. ^(a)		4.850	%		02/08/34		1,000,000		1,002,480
Avery Dennison Corp. ^(a)		2.650	%		04/30/30		1,250,000		1,148,023
DowDuPont, Inc.		4.493	%		11/15/25		1,500,000		1,497,741
Ecolab, Inc.		4.800	%		03/24/30		140,000		143,432
Ecolab, Inc.		2.750	%		08/18/55		1,470,000		876,082
Nutrien Ltd.		5.875	%		12/01/36		840,000		871,383
									5,539,141
CONSTRUCTION MATERIALS — 0.0% ^(d)
Owens Corning		3.950	%		08/15/29		300,000		294,117

CONSUMER SERVICES — 4.0%
Andrew W. Mellon Funding		0.947	%		08/01/27		1,050,000		986,151
California Endowment (The)		2.498	%		04/01/51		4,500,000		2,601,789
Conservation Fund, Series 2019		3.474	%		12/15/29		535,000		504,308
Ford Foundation (The), Series 2017		3.859	%		06/01/47		4,620,000		3,592,762
Ford Foundation (The), Series 2020		2.415	%		06/01/50		235,000		137,209
John D. & Catherine T. MacArthur Foundation, Series 2020		1.299	%		12/01/30		1,500,000		1,267,916
Leland Stanford Junior University (The)		3.460	%		05/01/47		2,415,000		1,815,010
Local Initiatives Support Corp.		4.649	%		03/01/37		1,500,000		1,397,370
Massachusetts Institute of Technology, Series D-2		3.959	%		07/01/38		1,700,000		1,546,469
President & Fellows of Harvard College, Series 2024-A ^(a)		4.609	%		02/15/35		2,000,000		1,977,027

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 27.9%, continued
CONSUMER SERVICES — 4.0%, continued
President & Fellows of Harvard College, Series 2016-B		3.150	%		07/15/46	$	3,961,000	$	2,798,807
President & Fellows of Harvard College, Series 2020-B		2.517	%		10/15/50		1,600,000		970,602
President & Fellows of Harvard College, Series 2022-A		3.745	%		11/15/52		700,000		536,272
Rockefeller Foundation (The)		2.492	%		10/01/50		4,290,000		2,527,755
Stanford University California, Series 2017		3.647	%		05/01/48		750,000		571,943
Stanford University California, Series 2020-A		2.413	%		06/01/50		4,400,000		2,600,005
Trustees of Princeton University (The)		2.516	%		07/01/50		6,650,000		4,064,006
University of Notre Dame, Series 2017		3.394	%		02/15/48		3,749,000		2,757,800
W.K. Kellogg Foundation Trust, Series 2020 ^(b)		2.443	%		10/01/50		7,223,000		4,252,944
Yale University ^(a)		2.402	%		04/15/50		8,765,000		5,179,554
									42,085,699
CONTAINERS & PACKAGING — 0.2%
CCL Industries, Inc. ^(b)		3.050	%		06/01/30		1,750,000		1,623,243
Sonoco Products Co.		5.750	%		11/01/40		1,000,000		989,786
									2,613,029
DIVERSIFIED INDUSTRIALS — 0.1%
Illinois Tool Works, Inc.		3.900	%		09/01/42		1,000,000		828,305

ELECTRIC UTILITIES — 4.2%
Ameren Illinois Co.		5.900	%		12/01/52		2,250,000		2,315,065
Avista Corp.		4.000	%		04/01/52		1,000,000		736,435
Caledonia Generating, LLC ^(b)		1.950	%		02/28/34		1,418,387		1,242,118
CenterPoint Energy, Inc., Series AL		5.300	%		04/01/53		1,000,000		949,840
Consolidated Edison Co.		3.350	%		04/01/30		1,000,000		961,063
DTE Electric Co.		4.050	%		05/15/48		1,750,000		1,409,364
DTE Electric Co.		3.650	%		03/01/52		750,000		551,234
DTE Energy Co., Series C		4.875	%		06/01/28		1,500,000		1,522,045
Duke Energy Carolinas, LLC		3.550	%		03/15/52		2,200,000		1,584,133
Duke Energy Progress, LLC		3.450	%		03/15/29		1,750,000		1,702,472
Duke Energy Progress, LLC		4.000	%		04/01/52		1,500,000		1,150,916
Electricite de France S.A. ^(b)		3.625	%		10/13/25		1,250,000		1,244,958
Florida Power & Light Co.		3.700	%		12/01/47		1,550,000		1,177,703
Florida Power & Light Co.		2.875	%		12/04/51		2,000,000		1,259,695
Georgia Power Co., Series 2016-A		3.250	%		04/01/26		1,000,000		991,463
Interstate Power & Light Co.		3.600	%		04/01/29		1,250,000		1,213,503
Liberty Utilities Financial Services ^(b)		2.050	%		09/15/30		1,355,000		1,189,712
MidAmerican Energy Co.		3.950	%		08/01/47		1,750,000		1,381,153

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 27.9%, continued
ELECTRIC UTILITIES — 4.2%, continued
Narragansett Electric Co. ^(b)		3.395	%		04/09/30	$	1,500,000	$	1,431,410
National Rural Utilities		1.350	%		03/15/31		2,000,000		1,683,155
Niagara Mohawk Power Corp. ^(b)		1.960	%		06/27/30		1,500,000		1,324,227
Northern States Power Co.		2.900	%		03/01/50		1,500,000		976,350
NSTAR Electric Co.		3.950	%		04/01/30		600,000		588,497
NSTAR Electric Co.		5.500	%		03/15/40		1,250,000		1,265,815
NY State Electric & Gas ^(b)		5.650	%		08/15/28		1,650,000		1,710,196
Potomac Electric Power Co.		6.500	%		11/15/37		1,000,000		1,116,497
Public Service Co.		3.700	%		06/15/28		2,250,000		2,225,293
Public Service Electric and Gas Co.		4.650	%		03/15/33		2,500,000		2,484,624
Puget Energy, Inc.		4.223	%		06/15/48		1,000,000		798,806
Rochester Gas & Electric Corp. ^(b)		1.850	%		12/01/30		500,000		428,126
San Diego Gas and Electric Co.		4.500	%		08/15/40		841,000		750,767
Solar Star Funding, LLC ^(b)		3.950	%		06/30/35		220,350		209,428
Solar Star Funding, LLC ^(b)		5.375	%		06/30/35		349,052		366,402
Southern California Edison		4.050	%		03/15/42		1,165,000		873,967
Topaz Solar Farms, LLC ^(b)		4.875	%		09/30/39		196,903		173,831
Topaz Solar Farms, LLC ^(b)		5.750	%		09/30/39		474,202		465,576
Union Electric Co.		2.625	%		03/15/51		2,000,000		1,189,861
Westar Energy, Inc.		2.550	%		07/01/26		1,292,000		1,269,134
									43,914,834
ELECTRICAL EQUIPMENT — 0.2%
Johnson Controls International plc		1.750	%		09/15/30		1,800,000		1,579,931
Roper Technologies, Inc.		2.000	%		06/30/30		440,000		390,995
									1,970,926
FOOD — 0.6%
Cargill, Inc. ^(b)		4.760	%		11/23/45		1,500,000		1,338,874
Hormel Foods Corp.		1.800	%		06/11/30		2,250,000		2,000,376
Ingredion, Inc.		2.900	%		06/01/30		1,000,000		924,350
Mars, Inc. ^(b)		4.650	%		04/20/31		1,000,000		1,012,328
Mars, Inc. ^(b)		3.600	%		04/01/34		1,500,000		1,358,688
									6,634,616
FORESTRY, PAPER & WOOD PRODUCTS — 0.1%
Suzano S.A.		5.500	%		01/17/27		800,000		808,946

GAS & WATER UTILITIES — 0.6%
American Water Capital Corp.		2.800	%		05/01/30		1,500,000		1,393,619
Brooklyn Union Gas Co. ^(b)		4.504	%		03/10/46		1,250,000		1,012,873
Indiana Gas Co., Inc.		6.550	%		06/30/28		250,000		264,309
Southern California Gas Co., Series DDD		5.450	%		06/15/35		2,500,000		2,552,562
Spire Missouri, Inc.		5.150	%		08/15/34		1,000,000		1,013,477
									6,236,840
HEALTH CARE FACILITIES & SERVICES — 0.1%
Kaiser Foundation Hospital		3.150	%		05/01/27		1,500,000		1,471,973

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 27.9%, continued
HOME & OFFICE PRODUCTS — 0.1%
Steelcase, Inc.		5.125	%		01/18/29	$	1,000,000	$	996,280

HOME CONSTRUCTION — 0.1%
NVR, Inc.		3.000	%		05/15/30		1,000,000		931,422

INSTITUTIONAL FINANCIAL SERVICES — 0.9%
Brookfield Finance, Inc.		4.250	%		06/02/26		1,570,000		1,566,166
Goldman Sachs Group, Inc. (TSFR3M + 156.26) ^(c)		4.223	%		05/01/29		1,000,000		994,299
Goldman Sachs Group, Inc.		3.800	%		03/15/30		1,500,000		1,463,798
Morgan Stanley, Series F		3.125	%		07/27/26		2,000,000		1,974,995
Morgan Stanley, Series I ^(c)		5.449	%		07/20/29		1,000,000		1,028,451
Morgan Stanley, Series I (SOFR + 114.30) ^(c)		2.699	%		01/22/31		1,250,000		1,152,646
Morgan Stanley, Series I ^(c)		5.192	%		04/17/31		1,000,000		1,025,130
									9,205,485
INSURANCE — 3.8%
Aflac, Inc.		4.000	%		10/15/46		1,408,000		1,094,944
AIG Global Funding, Series 2024-1 ^(b)		5.200	%		01/12/29		500,000		512,092
Allstate Corp. (The)		5.250	%		03/30/33		1,000,000		1,025,229
American National Group, Inc.		5.750	%		10/01/29		1,850,000		1,894,250
Athene Global Funding ^(b)		5.583	%		01/09/29		2,000,000		2,055,815
F&G Global Funding ^(b)		2.300	%		04/11/27		535,000		513,684
Fidelity National Financial, Inc.		3.400	%		06/15/30		1,000,000		933,346
First American Financial Corp.		2.400	%		08/15/31		1,500,000		1,279,543
GA Global Funding Trust ^(b)		2.250	%		01/06/27		2,000,000		1,930,950
Horace Mann Educators Corp.		4.500	%		12/01/25		1,235,000		1,233,033
Horace Mann Educators Corp.		7.250	%		09/15/28		965,000		1,029,905
Jackson National Life Global Funding ^(b)		5.500	%		01/09/26		1,250,000		1,255,220
Marsh & McLennan Cos., Inc.		3.750	%		03/14/26		1,000,000		994,972
Massachusetts Mutual Life Insurance Co. ^(b)		3.375	%		04/15/50		2,500,000		1,697,702
Met Life Global Funding I ^(b)		5.150	%		03/28/33		1,250,000		1,268,661
Mutual of Omaha Global, Series 2023-1 ^(b)		5.800	%		07/27/26		385,000		390,798
Mutual of Omaha Global ^(b)		5.450	%		12/12/28		365,000		375,236
New York Life Global Funding ^(b)		4.900	%		06/13/28		3,000,000		3,061,643
Northwestern Mutual, Series 2023-3 ^(b)		4.900	%		06/12/28		1,740,000		1,774,181
Pacific Life Global Funding II, Series 2021-1 ^(b)		1.450	%		01/20/28		1,000,000		932,875
Peachtree Corners Funding Trust II ^(b)		6.012	%		05/15/35		400,000		409,989


Praxis Impact Bond Fund
Schedule of Investments	1
Praxis International Index Fund
Schedule of Investments	9
Praxis Value Index Fund
Schedule of Investments	15
Praxis Growth Index Fund
Schedule of Investments	20
Praxis Small Cap Index Fund
Schedule of Investments	23
Praxis Genesis Conservative Portfolio
Schedule of Investments	31
Praxis Genesis Balanced Portfolio
Schedule of Investments	32
Praxis Genesis Growth Portfolio
Schedule of Investments	33
Financial Statements
Statements of Assets & Liabilities	34
Statements of Operations	36
Statements of Changes in Net Assets	38
Financial Highlights	41
Notes to Financial Statements	49
Additional Information	61

	Shares		Fair Value
MONEY MARKET FUNDS — 2.7%
First American Government Obligations Fund - Class X, 4.25% ^(f) (COST $28,525,285)		28,525,285	$	28,525,285

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 1.0%
Mount Vernon Liquid Assets Portfolio, LLC, 4.46% ^(f)(g) (COST $10,444,778)		10,444,778	$	10,444,778

INVESTMENT COMPANIES — 0.3%
Impax High Yield Bond Fund - Institutional Class (COST $4,199,235)		530,984	$	3,254,931

TOTAL INVESTMENTS - (COST $1,119,282,260) — 100.5%			$	1,061,790,255
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5%)				(5,672,308	)
NET ASSETS — 100.0%			$	1,056,117,947

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Impact Capital, Inc., 2.500%, 12/15/25		12/15/20	$	650,000	$	640,238		0.1	%
Calvert Impact Capital, Inc., 4.000%, 06/15/28		06/15/23		1,200,000		1,152,611		0.1	%
Calvert Impact Capital, Inc., 5.000%, 12/15/28		12/15/23		450,000		442,887		0.0	%^(d)
Calvert Impact Capital, Inc., 5.000%, 06/15/29		06/14/24		1,800,000		1,766,941		0.2	%
Calvert Impact Capital, Inc., 4.500%, 12/14/29		12/13/24		550,000		527,377		0.0	%^(d)
Calvert Impact Capital, Inc., 4.500%, 06/14/30		06/13/25		1,800,000		1,786,500		0.2	%
Calvert Impact Climate, Inc., 5.500%, 12/15/53		10/13/23		991,134		888,098		0.1	%
Capital Impact Partners Investment, 4.500%, 12/15/25		12/16/24		550,000		550,310		0.0	%^(d)
Capital Impact Partners Investment, 4.500%, 06/15/26		06/17/25		1,800,000		1,801,887		0.2	%
Capital Impact Partners Investment, 5.000%, 12/15/26		12/15/23		500,000		503,461		0.0	%^(d)
			$	10,291,134	$	10,060,310		0.9	%

	Shares		Fair Value
COMMON STOCKS — 98.3%
AUSTRALIA — 4.4%
ANZ Group Holdings Ltd.		40,646	$	779,465
BlueScope Steel Ltd.		21,201		323,075
Brambles Ltd.		133,068		2,055,089
Coles Group Ltd.		19,663		269,623
Commonwealth Bank of Australia		29,614		3,604,294
Computershare Ltd.		20,272		531,821
CSL Ltd. - ADR		7,282		576,734
CSL Ltd.		3,640		574,981
Dexus		232,164		1,018,964
Goodman Group		44,189		996,231
GPT Group (The)		90,335		288,403
Mirvac Group		249,710		362,321
National Australia Bank Ltd.		36,653		949,971
Scentre Group		526,498		1,236,603
SEEK Ltd.		39,173		619,947
Sonic Healthcare Ltd.		28,099		495,984
Stockland		177,423		627,039
Transurban Group		349,776		3,218,298
Vicinity Centres		397,679		649,202
Wesfarmers Ltd.		32,429		1,809,789
Woodside Energy Group Ltd.		57,213		883,770
				21,871,604
AUSTRIA — 0.2%
Erste Group Bank AG		3,804		323,791
Verbund AG		6,899		529,984
voestalpine AG		12,072		340,390
				1,194,165
BELGIUM — 0.6%
KBC Group N.V.		12,677		1,308,284
UCB S.A.		9,252		1,820,259
				3,128,543
BERMUDA — 0.5%
Credicorp Ltd.		9,750		2,179,320
Orient Overseas International Ltd.		34,000		578,643
				2,757,963
BRAZIL — 1.4%
Banco do Brasil S.A. - ADR		196,076		809,794
Banco Santander Brasil S.A. - ADR ^(a)		65,143		355,029
BRF S.A. - ADR ^(a)		213,663		779,870
Suzano S.A. - ADR ^(a)		64,023		602,457
Telefónica Brasil S.A. - ADR		259,146		2,954,264
TIM S.A. - ADR ^(a)		72,269		1,453,330
				6,954,744
CANADA — 7.3%
Bank of Montreal		17,350		1,919,430
Bank of Nova Scotia (The)		10,199		563,699
Canadian Imperial Bank of Commerce		25,453		1,802,836
Canadian National Railway Co.		15,841		1,648,098
Canadian Pacific Kansas City Ltd.		16,665		1,321,035
CGI, Inc.		8,100		849,123
Dollarama, Inc.		3,089		435,124
Franco-Nevada Corp.		12,999		2,130,796
Gildan Activewear, Inc.		18,362		904,145
Manulife Financial Corp.		75,463		2,411,797
National Bank of Canada		3,759		387,791

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
CANADA — 7.3%, continued
Nutrien Ltd.		9,260	$	539,302
Pembina Pipeline Corp. ^(a)		47,722		1,790,052
RB Global, Inc. ^(a)		6,407		680,359
Restaurant Brands International, Inc. ^(a)		11,589		768,235
Royal Bank of Canada		26,330		3,463,712
Shopify, Inc. - Class A ^(a)(b)		16,669		1,922,769
Sun Life Financial, Inc.		28,402		1,887,313
Teck Resources Ltd. - Class B ^(a)		34,502		1,393,191
Thomson Reuters Corp.		17,868		3,593,791
Toronto-Dominion Bank (The)		23,372		1,716,673
Wheaton Precious Metals Corp.		35,850		3,219,330
WSP Global, Inc.		5,329		1,086,723
				36,435,324
CAYMAN ISLANDS — 3.9%
Alibaba Group Holding Ltd. - ADR ^(a)		34,073		3,864,219
China Literature Ltd. ^(b)		77,200		294,769
China Mengniu Dairy Co. Ltd.		113,000		232,918
CK Asset Holdings Ltd.		151,000		667,242
ENN Energy Holdings Ltd.		60,300		484,089
Li Auto, Inc. - ADR ^(a)(b)		13,041		353,541
Meituan - ADR ^(b)		37,651		1,211,609
NetEase, Inc. - ADR		7,947		1,069,507
Shenzhou International Group Holdings Ltd.		61,800		441,754
Tencent Holdings Ltd. - ADR		114,280		7,371,060
Trip.com Group Ltd. - ADR		19,946		1,169,633
Vipshop Holdings Ltd. - ADR		21,137		318,112
WuXi Biologics Cayman, Inc. ^(b)		330,000		1,084,347
XPeng, Inc. - ADR ^(a)(b)		27,625		493,935
Yadea Group Holdings Ltd.		136,000		217,601
				19,274,336
CHILE — 0.2%
Banco de Chile - ADR		18,637		566,937
Enel Chile S.A. - ADR		52,052		188,949
Sociedad Quimica y Minera de Chile S.A. - ADR ^(a)(b)		10,226		360,671
				1,116,557
CHINA — 3.5%
Agricultural Bank of China Ltd. - H Shares		2,216,000		1,583,591
ANTA Sports Products Ltd.		54,600		660,647
Bank of China Ltd. - H Shares		3,583,000		2,085,884
BYD Co. Ltd. - ADR ^(a)		6,004		563,175
BYD Co. Ltd. - H Shares		49,500		770,716
China CITIC Bank Corp. Ltd. - H Shares		1,185,000		1,129,755
China Merchants Bank Co. Ltd. - H Shares		83,000		582,241
China Minsheng Banking Corp. Ltd. - H Shares		1,287,000		730,066
COSCO SHIPPING Holdings Co. Ltd. - H Shares		186,000		323,810
Guotai Junan Securities Co. Ltd. - H Shares		539,200		867,248
Industrial & Commercial Bank of China Ltd. - H Shares		1,755,000		1,393,566
Jiangsu Expressway Co. Ltd. - H Shares		1,248,000		1,763,125
PICC Property & Casualty Co. Ltd. - H Shares		294,000		571,293
Ping An Insurance Group Co. of China Ltd. - H Shares		394,318		2,517,054
Postal Savings Bank of China Co. Ltd. - H Shares		615,000		430,021
Sinopharm Group Co. Ltd. - H Shares		382,000		896,728

	Coupon			Maturity		Par Value		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Impact Capital, Inc. ^(e)		2.500	%		12/15/25	$	400,000	$	393,992
Calvert Impact Capital, Inc. ^(e)		4.000	%		06/15/28		620,000		595,516
Calvert Impact Capital, Inc. ^(e)		5.000	%		12/15/28		200,000		196,839
Calvert Impact Capital, Inc. ^(e)		5.000	%		06/15/29		880,000		863,838
Calvert Impact Capital, Inc. ^(e)		4.500	%		12/14/29		180,000		172,596
Calvert Impact Capital, Inc. ^(e)		4.500	%		06/14/30		830,000		823,775
Capital Impact Partners Investment ^(e)		4.500	%		12/15/25		170,000		170,096
Capital Impact Partners Investment ^(e)		4.500	%		06/15/26		830,000		830,870
Capital Impact Partners Investment ^(e)		5.000	%		12/15/26		300,000		302,076
TOTAL CORPORATE NOTES (COST $4,410,000)								$	4,349,598

	Shares		Fair Value
MONEY MARKET FUNDS — 0.1%
First American Government Obligations Fund - Class X, 4.25% ^(f) (COST $761,118)		761,118	$	761,118

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 12.7%
Mount Vernon Liquid Assets Portfolio, LLC, 4.46% ^(f)(g) (COST $62,970,844)		62,970,844	$	62,970,844

TOTAL INVESTMENTS - (COST $355,957,978) — 112.0%			$	557,127,546
LIABILITES IN EXCESS OF OTHER ASSETS — (12.0%)				(59,642,811	)
NET ASSETS — 100.0%			$	497,484,735

	Shares		Fair Value
COMMON STOCKS — 98.9%
ADVERTISING & MARKETING — 0.1%
Omnicom Group, Inc.		6,559	$	471,854

AEROSPACE & DEFENSE — 0.4%
HEICO Corp.		4,380		1,436,640
Howmet Aerospace, Inc.		1,690		314,560
				1,751,200
APPAREL & TEXTILE PRODUCTS — 0.3%
NIKE, Inc. - Class B		23,990		1,704,250

ASSET MANAGEMENT — 2.0%
Ameriprise Financial, Inc.		1,540		821,944
BlackRock, Inc.		3,332		3,496,101
Charles Schwab Corp. (The)		35,800		3,266,392
KKR & Co., Inc.		12,660		1,684,160
Raymond James Financial, Inc.		2,080		319,010
T. Rowe Price Group, Inc.		4,850		468,025
				10,055,632
AUTOMOTIVE — 0.4%
Ford Motor Co.		146,843		1,593,246
Tesla, Inc. ^(a)		730		231,892
				1,825,138
BANKING — 8.9%
Bank of America Corp.		173,310		8,201,029
Citigroup, Inc.		50,406		4,290,559
Citizens Financial Group, Inc.		12,820		573,695
Fifth Third Bancorp ^(b)		18,470		759,671
Huntington Bancshares, Inc.		48,680		815,877
JPMorgan Chase & Co.		71,665		20,776,400
KeyCorp		36,140		629,559
M&T Bank Corp.		8,184		1,587,614
PNC Financial Services Group, Inc. (The)		11,121		2,073,177
Regions Financial Corp.		36,930		868,593
Truist Financial Corp.		47,920		2,060,081
U.S. Bancorp		28,587		1,293,562
				43,929,817
BEVERAGES — 2.8%
Coca-Cola Co. (The)		99,190		7,017,692
Keurig Dr Pepper, Inc.		43,770		1,447,036
Monster Beverage Corp. ^(a)		3,740		234,274
PepsiCo, Inc.		39,349		5,195,642
				13,894,644
BIOTECH & PHARMA — 6.8%
AbbVie, Inc.		45,710		8,484,690
Amgen, Inc.		12,830		3,582,265
Biogen, Inc. ^(a)		5,690		714,607
Bristol-Myers Squibb Co.		41,770		1,933,533
Eli Lilly & Co.		440		342,993
Gilead Sciences, Inc.		34,790		3,857,167
Johnson & Johnson		49,661		7,585,718
Merck & Co., Inc.		65,240		5,164,399
Regeneron Pharmaceuticals, Inc.		3,030		1,590,750
Vertex Pharmaceuticals, Inc. ^(a)		790		351,708
				33,607,830
CABLE & SATELLITE — 0.9%
Charter Communications, Inc. - Class A ^(a)(b)		1,410		576,422

	Shares		Fair Value
COMMON STOCKS — 98.9%, continued
CABLE & SATELLITE — 0.9%, continued
Comcast Corp. - Class A		114,240	$	4,077,226
				4,653,648
CHEMICALS — 2.3%
Air Products & Chemicals, Inc.		2,357		664,815
Dow, Inc. ^(b)		38,700		1,024,776
DuPont de Nemours, Inc.		7,128		488,909
Ecolab, Inc.		2,840		765,210
International Flavors & Fragrances, Inc.		6,912		508,378
Linde plc		9,776		4,586,704
LyondellBasell Industries N.V. - Class A ^(b)		59,390		3,436,305
				11,475,097
COMMERCIAL SUPPORT SERVICES — 1.3%
Republic Services, Inc.		11,450		2,823,684
Rollins, Inc.		4,330		244,299
Waste Connections, Inc.		2,270		423,854
Waste Management, Inc.		13,900		3,180,598
				6,672,435
CONSTRUCTION MATERIALS — 0.4%
CRH plc		15,980		1,466,964
Martin Marietta Materials, Inc.		760		417,210
				1,884,174
CONTAINERS & PACKAGING — 0.4%
Ball Corp.		9,860		553,047
International Paper Co.		20,160		944,093
Packaging Corp. of America		2,430		457,934
				1,955,074
DIVERSIFIED INDUSTRIALS — 1.5%
Dover Corp.		5,243		960,675
Emerson Electric Co. ^(b)		19,394		2,585,802
Illinois Tool Works, Inc.		14,815		3,663,009
				7,209,486
E-COMMERCE DISCRETIONARY — 0.2%
eBay, Inc.		12,910		961,279

ELECTRIC UTILITIES — 4.4%
American Electric Power Co., Inc.		11,980		1,243,045
CenterPoint Energy, Inc. ^(b)		10,020		368,135
Consolidated Edison, Inc.		10,621		1,065,817
Dominion Energy, Inc.		17,170		970,449
DTE Energy Co.		4,300		569,578
Duke Energy Corp.		24,994		2,949,292
Edison International		14,617		754,237
Entergy Corp.		8,670		720,650
Eversource Energy		4,560		290,107
Exelon Corp.		27,760		1,205,339
FirstEnergy Corp.		8,440		339,794
NextEra Energy, Inc.		45,560		3,162,775
PPL Corp.		22,540		763,881
Sempra		22,746		1,723,465
Southern Co. (The)		34,801		3,195,776
Vistra Corp.		7,060		1,368,299
WEC Energy Group, Inc.		4,050		422,010
Xcel Energy, Inc.		9,014		613,853
				21,726,502

	Shares		Fair Value
MONEY MARKET FUNDS — 0.2%
First American Government Obligations Fund - Class X, 4.25% ^(d) (COST $1,228,724)		1,228,724	$	1,228,724

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 2.5%
Mount Vernon Liquid Assets Portfolio, LLC, 4.46% ^(d)(e) (COST $12,273,381)		12,273,381	$	12,273,381

TOTAL INVESTMENTS - (COST $362,540,880) — 102.5%			$	505,670,985
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.5%)				(12,179,078	)
NET ASSETS — 100.0%			$	493,491,907

	Shares		Fair Value
COMMON STOCKS — 99.1%
ADVERTISING & MARKETING — 0.2%
Trade Desk, Inc. (The) - Class A ^(a)		16,710	$	1,202,953

AEROSPACE & DEFENSE — 0.5%
HEICO Corp.		4,450		1,459,600
Howmet Aerospace, Inc.		8,650		1,610,025
				3,069,625
ASSET MANAGEMENT — 0.6%
Ares Management Corp. - Class A		290		50,228
LPL Financial Holdings, Inc.		2,640		989,921
Robinhood Markets, Inc. - Class A ^(a)		34,060		3,189,038
				4,229,187
AUTOMOTIVE — 2.8%
Tesla, Inc. ^(a)		60,340		19,167,604

BEVERAGES — 0.1%
PepsiCo, Inc.		7,760		1,024,630

BIOTECH & PHARMA — 3.2%
AbbVie, Inc.		7,461		1,384,911
Alnylam Pharmaceuticals, Inc. ^(a)		2,970		968,487
Eli Lilly & Co.		20,910		16,299,972
Merck & Co., Inc.		7,191		569,240
Vertex Pharmaceuticals, Inc. ^(a)		4,274		1,902,785
Zoetis, Inc.		3,580		558,301
				21,683,696
CHEMICALS — 0.5%
Linde plc		7,048		3,306,781

COMMERCIAL SUPPORT SERVICES — 0.4%
Cintas Corp.		9,350		2,083,835
Republic Services, Inc.		3,500		863,135
				2,946,970
DIVERSIFIED INDUSTRIALS — 0.1%
Illinois Tool Works, Inc.		3,444		851,529

E-COMMERCE DISCRETIONARY — 5.8%
Amazon.com, Inc. ^(a)		175,000		38,393,250
eBay, Inc.		8,540		635,888
				39,029,138
ELECTRICAL EQUIPMENT — 1.5%
Amphenol Corp. - Class A		14,484		1,430,295
GE Vernova, Inc.		5,900		3,121,985
Keysight Technologies, Inc. ^(a)		3,981		652,327
Rockwell Automation, Inc.		2,288		760,005
Trane Technologies plc		7,160		3,131,855
Veritiv Holdings Co.		5,200		667,732
				9,764,199
ENGINEERING & CONSTRUCTION — 0.1%
Quanta Services, Inc.		1,600		604,928

ENTERTAINMENT CONTENT — 0.4%
AppLovin Corp. - Class A ^(a)		6,660		2,331,533
Electronic Arts, Inc.		3,445		550,166
				2,881,699

	Shares		Fair Value
COMMON STOCKS — 99.1%, continued
GAS & WATER UTILITIES — 0.0% ^(b)
NiSource, Inc.		6,850	$	276,329

HEALTH CARE FACILITIES & SERVICES — 0.4%
Cencora, Inc.		2,140		641,679
Elevance Health, Inc.		1,080		420,077
McKesson Corp.		1,910		1,399,610
				2,461,366
HOUSEHOLD PRODUCTS — 0.1%
Colgate-Palmolive Co.		4,057		368,781

INDUSTRIAL SUPPORT SERVICES — 0.4%
W.W. Grainger, Inc.		2,530		2,631,807

INSTITUTIONAL FINANCIAL SERVICES — 0.6%
Coinbase Global, Inc. - Class A ^(a)		4,480		1,570,195
Interactive Brokers Group, Inc. - Class A		25,520		1,414,063
Nasdaq, Inc.		8,490		759,176
Tradeweb Markets, Inc. - Class A ^(c)		3,740		547,536
				4,290,970
INSURANCE — 0.5%
Aon plc - Class A		2,560		913,306
Arch Capital Group Ltd.		5,760		524,448
Brown & Brown, Inc.		4,740		525,524
Progressive Corp. (The)		5,690		1,518,433
				3,481,711
INTERNET MEDIA & SERVICES — 15.6%
Airbnb, Inc. - Class A ^(a)		5,790		766,249
Alphabet, Inc. - Class A		124,440		21,930,061
Alphabet, Inc. - Class C		97,310		17,261,821
Booking Holdings, Inc.		830		4,805,069
DoorDash, Inc. - Class A ^(a)		10,120		2,494,681
Expedia Group, Inc.		1,970		332,300
Meta Platforms, Inc. - Class A		45,180		33,346,906
Netflix, Inc. ^(a)		11,520		15,426,778
Pinterest, Inc. - Class A ^(a)		22,240		797,526
ROBLOX Corp. - Class A ^(a)		19,330		2,033,516
Uber Technologies, Inc. ^(a)		50,480		4,709,784
VeriSign, Inc.		3,210		927,048
				104,831,739
LEISURE FACILITIES & SERVICES — 1.6%
Chipotle Mexican Grill, Inc. ^(a)		35,120		1,971,988
Hilton Worldwide Holdings, Inc.		7,350		1,957,599
Live Nation Entertainment, Inc. ^(a)(c)		5,560		841,117
Marriott International, Inc. - Class A		4,660		1,273,159
McDonald’s Corp.		7,547		2,205,007
Royal Caribbean Cruises Ltd. ^(c)		4,160		1,302,662
Starbucks Corp.		12,372		1,133,646
Yum! Brands, Inc.		140		20,745
				10,705,923
LEISURE PRODUCTS — 0.3%
Axon Enterprise, Inc. ^(a)		2,700		2,235,438

MACHINERY — 0.4%
Deere & Co.		3,936		2,001,417

	Shares		Fair Value
MONEY MARKET FUNDS — 0.8%
First American Government Obligations Fund - Class X, 4.25% ^(f) (COST $1,440,675)		1,440,675	$	1,440,675

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 17.9%
Mount Vernon Liquid Assets Portfolio, LLC, 4.46% ^(f)(g) (COST $33,533,729)		33,533,729	$	33,533,729

TOTAL INVESTMENTS - (COST $186,069,033) — 117.9%			$	220,094,012
LIABILITIES IN EXCESS OF OTHER ASSETS — (17.9%)				(33,419,308	)
NET ASSETS — 100.0%			$	186,674,704

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 99.8%
DEBT FUND — 69.5%
Praxis Impact Bond Fund - Class I		1,799,603	$	16,952,260

EQUITY FUND — 30.3%
Praxis Growth Index Fund - Class I		44,181		2,288,550
Praxis International Index Fund - Class I		147,490		2,212,348
Praxis Small Cap Index Fund - Class I		51,957		614,127
Praxis Value Index Fund - Class I		124,072		2,274,238
				7,389,263

TOTAL AFFILIATED MUTUAL FUNDS (COST $20,902,459)			$	24,341,523

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 4.25% ^(b) (COST $6,975)		6,975	$	6,975

TOTAL INVESTMENTS - (COST $20,909,434) — 99.8%			$	24,348,498
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				44,872
NET ASSETS — 100.0%			$	24,393,370

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 99.9%
DEBT FUND — 39.6%
Praxis Impact Bond Fund - Class I		4,171,156	$	39,292,291

EQUITY FUND — 60.3%
Praxis Growth Index Fund - Class I		310,034		16,059,755
Praxis International Index Fund - Class I		1,196,237		17,943,549
Praxis Small Cap Index Fund - Class I		843,652		9,971,966
Praxis Value Index Fund - Class I		870,793		15,961,636
				59,936,906

TOTAL AFFILIATED MUTUAL FUNDS (COST $70,003,404)			$	99,229,197

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 4.25% ^(b) (COST $1,842)		1,842	$	1,842

TOTAL INVESTMENTS - (COST $70,005,246) — 99.9%			$	99,231,039
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				68,396
NET ASSETS — 100.0%			$	99,299,435

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Index Fund
Assets
Investments in unaffiliated securities, at cost	$	1,119,282,260		$	355,957,978		$	362,540,880		$	251,640,421		$	186,069,033
Investments in unaffiliated securities, at fair value*	$	1,061,790,255		$	557,127,546		$	505,670,985		$	677,587,703		$	220,094,012
Cash		—			88,890			—			—			689
Receivable for capital shares sold		1,478,375			180,508			236,877			335,087			133,608
Receivable for investments sold		381			1,233,540			—			—			—
Receivable for dividends and interest		7,333,962			1,595,100			528,651			135,260			189,973
Receivable for tax reclaims		—			908,225			—			—			—
Prepaid expenses and other assets		36,979			28,334			26,903			36,418			15,613
Total Assets		1,070,639,952			561,162,143			506,463,416			678,094,468			220,433,895

Liabilities
Distributions payable		1,395,610			—			—			—			—
Payable for capital shares redeemed		460,551			348,160			499,034			764,233			151,583
Payable for investments purchased		1,733,906			—			—			—			—
Payable for return of collateral received for securities on loan		10,444,778			62,970,844			12,273,381			4,872,000			33,533,729
Accrued expenses and other payables:
Investment advisory fees		297,095			162,694			95,499			123,794			44,979
Administration fees		34,506			16,266			15,974			21,682			6,057
Distribution fees		6,265			3,128			6,795			22,774			1,287
Other		149,294			176,316			80,826			100,848			21,556
Total Liabilities		14,522,005			63,677,408			12,971,509			5,905,331			33,759,191

Net Assets	$	1,056,117,947		$	497,484,735		$	493,491,907		$	672,189,137		$	186,674,704

Components of Net Assets
Paid-in capital	$	1,126,152,333		$	335,185,444		$	348,050,350		$	212,642,530		$	136,201,451
Accumulated earnings (deficit)		(70,034,386	)		162,299,291			145,441,557			459,546,607			50,473,253
Net Assets	$	1,056,117,947		$	497,484,735		$	493,491,907		$	672,189,137		$	186,674,704

Pricing of Class A Shares
Net assets attributable to Class A shares	$	30,776,617		$	15,532,020		$	33,303,398		$	115,098,560		$	6,387,779
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)		3,252,380			1,043,094			1,804,539			2,255,294			606,221
Net asset value, offering price and redemption price per share*	$	9.46		$	14.89		$	18.46		$	51.03		$	10.54
Maximum sales charge		3.75	%		5.25	%		5.25	%		5.25	%		5.25	%
Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]	$	9.83		$	15.72		$	19.48		$	53.86		$	11.12

Pricing of Class I Shares
Net assets attributable to Class I shares	$	1,025,341,330		$	481,952,715		$	460,188,509		$	557,090,577		$	180,286,925
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		108,865,780			32,131,890			25,102,198			10,755,226			15,258,710
Net asset value and redemption price per share	$	9.42		$	15.00		$	18.33		$	51.80		$	11.82
*Includes fair value of securities on loan	$	10,293,818		$	61,293,378		$	12,010,302		$	4,868,842		$	32,672,906

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Assets
Investments in affiliated securities, at cost	$	20,902,459		$	70,003,404		$	74,515,304
Investments in unaffiliated securities, at cost		6,975			1,842			1,153
Investments in affiliated securities, at fair value	$	24,341,523		$	99,229,197		$	118,016,954
Investments in unaffiliated securities, at fair value		6,975			1,842			1,153
Receivable for capital shares sold		1,827			29,984			51,468
Receivable for dividends		51,672			119,718			70,962
Prepaid expenses and other assets		12,097			10,664			16,216
Total Assets		24,414,094			99,391,405			118,156,753

Liabilities
Distributions payable		439			568			168
Payable for capital shares redeemed		2,417			29,377			4,909
Accrued expenses and other payables:
Investment advisory fees		986			4,004			4,744
Administration fees		591			2,398			2,840
Distribution fees		4,931			20,019			23,720
Other		11,360			35,604			47,910
Total Liabilities		20,724			91,970			84,291

Net Assets	$	24,393,370		$	99,299,435		$	118,072,462

Components of Net Assets
Paid-in capital	$	21,393,995		$	69,351,481		$	73,613,508
Accumulated earnings		2,999,375			29,947,954			44,458,954
Net Assets	$	24,393,370		$	99,299,435		$	118,072,462

Pricing of Class A Shares
Net assets attributable to Class A shares	$	24,393,370		$	99,299,435		$	118,072,462
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)		2,006,801			6,062,379			5,824,765
Net asset value and redemption price per share	$	12.16		$	16.38		$	20.27
Maximum sales charge		5.25	%		5.25	%		5.25	%
Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]	$	12.83		$	17.29		$	21.39

	Praxis Impact Bond Fund						Praxis International Index Fund
	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024			For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024
From Operations
Net investment income	$	18,223,926		$	32,012,114		$	7,650,041		$	10,291,123
Net realized losses from investments and foreign currency transactions		(212,052	)		(1,241,823	)		(361,686	)		(1,339,918	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		21,057,750			(15,385,997	)		65,638,754			18,843,623
Net Change in Net Assets from Operations		39,069,624			15,384,294			72,927,109			27,794,828

Distributions to Shareholders
Class A		(489,820	)		(949,240	)		—			(317,895	)
Class I		(17,824,116	)		(31,354,181	)		—			(12,503,552	)
Change in Net Assets from Distributions to Shareholders		(18,313,936	)		(32,303,421	)		—			(12,821,447	)

Change in Net Assets from Capital Transactions (Note 6)		50,905,793			148,068,293			(15,777,267	)		29,087,197
Change in Net Assets		71,661,481			131,149,166			57,149,842			44,060,578

Net Assets
Beginning of period		984,456,466			853,307,300			440,334,893			396,274,315
End of period	$	1,056,117,947		$	984,456,466		$	497,484,735		$	440,334,893

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Net asset value at beginning of period	$	9.27		$	9.45		$	9.19		$	10.78		$	11.19		$	10.67
Net investment income ^(a)		0.15			0.29			0.24			0.17			0.14			0.19
Net realized and unrealized gains (losses) on investments		0.19			(0.18	)		0.26			(1.58	)		(0.39	)		0.60
Total from investment operations		0.34			0.11			0.50			(1.41	)		(0.25	)		0.79
Less distributions from:
Net investment income		(0.15	)		(0.29	)		(0.24	)		(0.18	)		(0.16	)		(0.20	)
Net realized gains		—			—			—			—			—			(0.07	)
Total distributions		(0.15	)		(0.29	)		(0.24	)		(0.18	)		(0.16	)		(0.27	)
Paid-in capital from redemption fees		—			—			—			—			0.00	^(b)		0.00	^(b)
Net asset value at end of period	$	9.46		$	9.27		$	9.45		$	9.19		$	10.78		$	11.19
Total return (excludes sales charge)		3.70	%^(c)		1.17	%		5.56	%		(13.12	%)		(2.23	%)		7.45	%
Net assets at end of period (in 000s)	$	30,777		$	30,603		$	33,489		$	29,546		$	41,413		$	48,146
Ratio of expenses to average net assets		0.91	%^(d)		0.85	%		0.88	%		0.94	%		0.88	%		0.92	%
Ratio of net investment income to average net assets		3.22	%^(d)		3.05	%		2.60	%		1.74	%		1.28	%		1.72	%
Portfolio turnover rate		4.45	%^(c)		8.03	%		13.19	%		21.12	%		14.68	%		31.27	%

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Municipal Bonds	$	—	$	10,062,885	$	—	$	10,062,885
Corporate Bonds		—		294,441,479		—		294,441,479
Corporate Notes		—		10,060,310		—		10,060,310
Foreign Governments		—		50,246,014		—		50,246,014
Commercial Mortgage-Backed Securities		—		31,488		—		31,488
U.S. Government Agencies		—		596,437,324		—		596,437,324
Asset Backed Securities		—		58,285,761		—		58,285,761
Money Market Funds		28,525,285		—		—		28,525,285
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		10,444,778
Investment Companies		3,254,931		—		—		3,254,931
Total Investments	$	31,780,216	$	1,019,565,261	$	—	$	1,061,790,255

	International Index Fund		Small Cap Index Fund
Balance as of December 31, 2024	$	869	$	992
Change in Unrealized appreciation (depreciation)		—		(504	)
Balance as of June 30, 2025	$	869	$	488

International Index Fund
	6/30/2025		Valuation Technique	Unobservable Input	Range	Impact to Valuation from an Increase in Input *
Common Stocks		$869	Discount on Future Cash Flows	Estimate of Future Cash Flows	100%	Increase

Small Cap Index Fund
	6/30/2025		Valuation Technique	Unobservable Input	Range	Impact to Valuation from an Increase in Input *
Rights		$488	Discount on Future Cash Flows	Estimate of Future Cash Flows	100%	Increase

	Purchases		Sales
Impact Bond Fund	$	59,682,319	$	27,689,475
International Index Fund		41,099,622		49,591,228
Value Index Fund		62,976,191		82,776,574
Growth Index Fund		66,083,899		97,617,990
Small Cap Index Fund		45,296,407		37,034,680
Conservative Portfolio		1,308,030		1,979,615
Balanced Portfolio		6,629,399		6,818,468
Growth Portfolio		7,347,204		8,687,370

Selling Fund	Purchasing Fund	Net Proceeds		Net Gain (Loss)
Value Index Fund	Growth Index Fund	$	8,062,987	$	(1,211,415	)
Value Index Fund	Small Cap Index Fund		1,226,508		(7,368	)
Growth Index Fund	Value Index Fund		3,686,970		1,256,479
Growth Index Fund	Small Cap Index Fund		1,439,541		(182,871	)
Small Cap Index Fund	Value Index Fund		40,498		(1,307	)
Small Cap Index Fund	Growth Index Fund		584,428		54,588

	For the six months ended June 30, 2025
Affiliate	Fair Value at December 31, 2024		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at June 30, 2025		Dividend Income		Long-Term Capital Gain Distributions		Shares at June 30, 2025
Conservative Portfolio
Growth Index - Class I	$	2,153,879	$	277,386	$	(276,943	)	$	31,237		$	102,991		$	2,288,550	$	—	$	—		44,181
Impact Bond - Class I		16,974,598		831,951		(1,195,865	)		(130,392	)		471,968			16,952,260		305,636		—		1,799,603
International Index - Class I		2,156,779		39,478		(325,896	)		69,741			272,246			2,212,348		—		—		147,490
Small Cap Index - Class I		594,562		62,043		(36,182	)		(409	)		(5,887	)		614,127		—		—		51,957
Value Index - Class I		2,208,663		97,172		(144,729	)		(5,294	)		118,426			2,274,238		—		—		124,072
Total	$	24,088,481	$	1,308,030	$	(1,979,615	)	$	(35,117	)	$	959,744		$	24,341,523	$	305,636	$	—		2,167,303


Impact Bond Fund*	0.35	%
International Index Fund**	0.41	%
Value Index Fund***	0.24	%
Growth Index Fund***	0.23	%
Small Cap Index Fund***	0.30	%
Conservative Portfolio	0.05	%
Balanced Portfolio	0.05	%
Growth Portfolio	0.05	%


Impact Bond Fund	$	1,271
International Index Fund		512
Value Index Fund		2,903
Growth Index Fund		8,461
Small Cap Index Fund		375
Conservative Portfolio		846
Balanced Portfolio		10,102
Growth Portfolio		18,998

	Impact Bond Fund						International Index Fund
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,020,394		$	7,377,882		$	2,383,595		$	3,280,645
Dividends reinvested		454,277			870,286			—			308,943
Cost of shares redeemed		(2,912,968	)		(10,527,101	)		(1,839,347	)		(3,660,006	)
Class A Share Transactions	$	(438,297	)	$	(2,278,933	)	$	544,248		$	(70,418	)
Class I Shares:
Proceeds from shares issued	$	155,487,579		$	378,231,136		$	47,816,828		$	167,166,260
Dividends reinvested		9,812,516			17,002,384			—			5,613,483
Cost of shares redeemed		(113,956,005	)		(244,886,294	)		(64,138,343	)		(143,622,128	)
Class I Share Transactions	$	51,344,090		$	150,347,226		$	(16,321,515	)	$	29,157,615
Net change from capital transactions	$	50,905,793		$	148,068,293		$	(15,777,267	)	$	29,087,197
Share Transactions:
Class A Shares:
Issued		216,218			787,025			175,763			253,873
Reinvested		48,278			92,967			—			24,118
Redeemed		(311,672	)		(1,124,050	)		(136,182	)		(285,335	)
Change in Class A Shares:		(47,176	)		(244,058	)		39,581			(7,344	)
Class I Shares:
Issued		16,698,041			40,658,560			3,572,262			12,700,602
Reinvested		1,047,702			1,825,140			—			436,507
Redeemed		(12,225,709	)		(26,322,506	)		(4,701,580	)		(10,880,616	)
Change in Class I Shares:		5,520,034			16,161,194			(1,129,318	)		2,256,493
Net change from share transactions		5,472,858			15,917,136			(1,089,737	)		2,249,149

	Value Index Fund						Growth Index Fund						Small Cap Index Fund
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,545,987		$	22,677,791		$	3,107,729		$	8,249,276		$	378,863		$	1,542,861
Dividends reinvested		—			3,765,232			—			1,526,227			—			43,555
Cost of shares redeemed		(16,217,300	)		(11,688,429	)		(5,748,117	)		(12,873,956	)		(356,807	)		(1,687,209	)
Class A Share Transactions	$	(13,671,313	)	$	14,754,594		$	(2,640,388	)	$	(3,098,453	)	$	22,056		$	(100,793	)
Class I Shares:
Proceeds from shares issued	$	71,010,291		$	169,301,774		$	76,553,185		$	213,905,554		$	26,178,116		$	68,239,522
Dividends reinvested		—			30,118,609			—			6,680,462			—			921,429
Cost of shares redeemed		(83,010,844	)		(224,102,923	)		(110,172,499	)		(250,240,114	)		(19,043,059	)		(66,405,312	)
Class I Share Transactions	$	(12,000,553	)	$	(24,682,540	)	$	(33,619,314	)	$	(29,654,098	)	$	7,135,057		$	2,755,639
Net change from capital transactions	$	(25,671,866	)	$	(9,927,946	)	$	(36,259,702	)	$	(32,752,551	)	$	7,157,113		$	2,654,846
Share Transactions:
Class A Shares:
Issued		143,893			1,247,740			66,810			190,072			36,830			151,777
Reinvested		—			207,858			—			30,377			—			4,070
Redeemed		(919,205	)		(633,674	)		(124,480	)		(296,974	)		(34,430	)		(166,863	)
Change in Class A Shares:		(775,312	)		821,924			(57,670	)		(76,525	)		2,400			(11,016	)
Class I Shares:
Issued		4,036,608			9,348,544			1,667,112			4,611,716			2,359,923			5,749,234
Reinvested		—			1,673,072			—			131,475			—			77,043
Redeemed		(4,777,776	)		(12,380,189	)		(2,344,254	)		(5,405,603	)		(1,687,958	)		(5,521,025	)
Change in Class I Shares:		(741,168	)		(1,358,573	)		(677,142	)		(662,412	)		671,965			305,252
Net change from share transactions		(1,516,480	)		(536,649	)		(734,812	)		(738,937	)		674,365			294,236