UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-8056

Praxis Funds

(Exact name of registrant as specified in charter)

1110 N. Main Street

Goshen, IN 46527

(Address of principal executive offices) (Zip code)

Anthony Zacharski

Morgan, Lewis & Bockius LLP

101 Park Avenue

New York, NY 10178-0060

(Name and Address of Agent for Service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

Item 1. Reports to Stockholders.

(a)

Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

Praxis Impact Bond Fund

Class A (MIIAX)

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Praxis Impact Bond Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$41	0.82%

Fund Statistics

Net Assets$1,227,849,126
Number of Portfolio Holdings 523
Advisory Fee $2,002,970
Portfolio Turnover 5%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Asset Backed Securities	6.9%
Commercial Mortgage-Backed Securities	0.0%
Corporate Bonds	23.6%
Corporate Notes	0.9%
Foreign Governments	5.8%
Investment Companies	0.3%
Investment Purchased With The Cash Proceeds From Securities Lending	0.8%
Money Market Funds	2.5%
Municipal Bonds	0.8%
U.S. Government Agencies	58.4%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
FHLB, 5.500%, due 07/15/36	2.5%
FNMA, 0.875%, due 08/05/30	1.7%
FNMA, 5.625%, due 07/15/37	1.6%
FHLMC, 2.347%, due 11/25/31	1.3%
FHLMC, 2.361%, due 10/25/36	1.2%
FHLMC, 1.487%, due 11/25/30	1.2%
FNMA, 1.244%, due 01/25/31	1.1%
FNMA, 6.625%, due 11/15/30	1.1%
FHLMC, 2.350%, due 03/25/32	1.1%
FHLB, 3.250%, due 11/16/28	1.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

Praxis Impact Bond Fund - Class A (MIIAX)

Semi-Annual Shareholder Report - June 30, 2026

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 063026-MIIAX

Praxis Impact Bond Fund

Class I (MIIIX)

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$22	0.45%

Fund Statistics

Net Assets$1,227,849,126
Number of Portfolio Holdings 523
Advisory Fee $2,002,970
Portfolio Turnover 5%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Asset Backed Securities	6.9%
Commercial Mortgage-Backed Securities	0.0%
Corporate Bonds	23.6%
Corporate Notes	0.9%
Foreign Governments	5.8%
Investment Companies	0.3%
Investment Purchased With The Cash Proceeds From Securities Lending	0.8%
Money Market Funds	2.5%
Municipal Bonds	0.8%
U.S. Government Agencies	58.4%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
FHLB, 5.500%, due 07/15/36	2.5%
FNMA, 0.875%, due 08/05/30	1.7%
FNMA, 5.625%, due 07/15/37	1.6%
FHLMC, 2.347%, due 11/25/31	1.3%
FHLMC, 2.361%, due 10/25/36	1.2%
FHLMC, 1.487%, due 11/25/30	1.2%
FNMA, 1.244%, due 01/25/31	1.1%
FNMA, 6.625%, due 11/15/30	1.1%
FHLMC, 2.350%, due 03/25/32	1.1%
FHLB, 3.250%, due 11/16/28	1.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

Praxis Impact Bond Fund - Class I (MIIIX)

Semi-Annual Shareholder Report - June 30, 2026

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 063026-MIIIX

Praxis International Index Fund

Class A (MPLAX)

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Praxis International Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$50	0.94%

Fund Statistics

Net Assets$673,635,502
Number of Portfolio Holdings 472
Advisory Fee $1,170,750
Portfolio Turnover 7%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	87.8%
Corporate Notes	0.8%
Investment Purchased With The Cash Proceeds From Securities Lending	11.1%
Money Market Funds	0.2%
Preferred Stocks	0.1%

What did the Fund invest in?

Country Weighting (% of net assets)

Table Summary
Value	Value
Italy	3.0%
Australia	3.6%
Germany	3.8%
France	4.7%
Switzerland	5.0%
Canada	7.1%
United Kingdom	7.6%
South Korea	8.8%
Taiwan	9.6%
Japan	14.9%
Other Country	31.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	6.0%
Samsung Electronics Co. Ltd.	3.8%
SK Hynix, Inc.	3.2%
ASML Holding N.V.	2.1%
ASE Technology Holding Co. Ltd. - ADR	1.4%
Chunghwa Telecom Co. Ltd. - ADR	1.1%
ICICI Bank Ltd. - ADR	1.1%
Royal Bank of Canada	1.0%
Tencent Holdings Ltd. - ADR	1.0%
United Microelectronics Corp. - ADR	1.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

Praxis International Index Fund - Class A (MPLAX)

Semi-Annual Shareholder Report - June 30, 2026

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 063026-MPLAX

Praxis International Index Fund

Class I (MPLIX)

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$27	0.51%

Fund Statistics

Net Assets$673,635,502
Number of Portfolio Holdings 472
Advisory Fee $1,170,750
Portfolio Turnover 7%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	87.8%
Corporate Notes	0.8%
Investment Purchased With The Cash Proceeds From Securities Lending	11.1%
Money Market Funds	0.2%
Preferred Stocks	0.1%

What did the Fund invest in?

Country Weighting (% of net assets)

Table Summary
Value	Value
Italy	3.0%
Australia	3.6%
Germany	3.8%
France	4.7%
Switzerland	5.0%
Canada	7.1%
United Kingdom	7.6%
South Korea	8.8%
Taiwan	9.6%
Japan	14.9%
Other Country	31.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	6.0%
Samsung Electronics Co. Ltd.	3.8%
SK Hynix, Inc.	3.2%
ASML Holding N.V.	2.1%
ASE Technology Holding Co. Ltd. - ADR	1.4%
Chunghwa Telecom Co. Ltd. - ADR	1.1%
ICICI Bank Ltd. - ADR	1.1%
Royal Bank of Canada	1.0%
Tencent Holdings Ltd. - ADR	1.0%
United Microelectronics Corp. - ADR	1.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

Praxis International Index Fund - Class I (MPLIX)

Semi-Annual Shareholder Report - June 30, 2026

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 063026-MPLIX

Praxis Value Index Fund

Class A (MVIAX)

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Praxis Value Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$37	0.70%

Fund Statistics

Net Assets$613,702,730
Number of Portfolio Holdings 280
Advisory Fee $660,057
Portfolio Turnover 12%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	92.9%
Corporate Notes	0.8%
Investment Purchased With The Cash Proceeds From Securities Lending	5.2%
Money Market Funds	1.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Micron Technology, Inc.	4.7%
JPMorgan Chase & Co.	3.8%
Johnson & Johnson	2.4%
Walmart, Inc.	2.1%
AbbVie, Inc.	1.9%
Cisco Systems, Inc.	1.9%
Procter & Gamble Co. (The)	1.7%
Bank of America Corp.	1.6%
Home Depot, Inc. (The)	1.6%
Goldman Sachs Group, Inc. (The)	1.4%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

Praxis Value Index Fund - Class A (MVIAX)

Semi-Annual Shareholder Report - June 30, 2026

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 063026-MVIAX

Praxis Value Index Fund

Class I (MVIIX)

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$19	0.35%

Fund Statistics

Net Assets$613,702,730
Number of Portfolio Holdings 280
Advisory Fee $660,057
Portfolio Turnover 12%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	92.9%
Corporate Notes	0.8%
Investment Purchased With The Cash Proceeds From Securities Lending	5.2%
Money Market Funds	1.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Micron Technology, Inc.	4.7%
JPMorgan Chase & Co.	3.8%
Johnson & Johnson	2.4%
Walmart, Inc.	2.1%
AbbVie, Inc.	1.9%
Cisco Systems, Inc.	1.9%
Procter & Gamble Co. (The)	1.7%
Bank of America Corp.	1.6%
Home Depot, Inc. (The)	1.6%
Goldman Sachs Group, Inc. (The)	1.4%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

Praxis Value Index Fund - Class I (MVIIX)

Semi-Annual Shareholder Report - June 30, 2026

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 063026-MVIIX

Praxis Growth Index Fund

Class A (MGNDX)

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Praxis Growth Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$32	0.62%

Fund Statistics

Net Assets$812,162,645
Number of Portfolio Holdings 149
Advisory Fee $848,070
Portfolio Turnover 7%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	97.4%
Corporate Notes	0.8%
Investment Purchased With The Cash Proceeds From Securities Lending	1.5%
Money Market Funds	0.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
NVIDIA Corp.	12.2%
Apple, Inc.	11.7%
Microsoft Corp.	5.9%
Alphabet, Inc. - Class A	5.5%
Broadcom, Inc.	4.6%
Amazon.com, Inc.	4.4%
Alphabet, Inc. - Class C	4.2%
Meta Platforms, Inc. - Class A	3.5%
Tesla, Inc.	3.2%
Eli Lilly & Co.	3.1%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

Praxis Growth Index Fund - Class A (MGNDX)

Semi-Annual Shareholder Report - June 30, 2026

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 063026-MGNDX

Praxis Growth Index Fund

Class I (MMDEX)

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$17	0.33%

Fund Statistics

Net Assets$812,162,645
Number of Portfolio Holdings 149
Advisory Fee $848,070
Portfolio Turnover 7%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	97.4%
Corporate Notes	0.8%
Investment Purchased With The Cash Proceeds From Securities Lending	1.5%
Money Market Funds	0.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
NVIDIA Corp.	12.2%
Apple, Inc.	11.7%
Microsoft Corp.	5.9%
Alphabet, Inc. - Class A	5.5%
Broadcom, Inc.	4.6%
Amazon.com, Inc.	4.4%
Alphabet, Inc. - Class C	4.2%
Meta Platforms, Inc. - Class A	3.5%
Tesla, Inc.	3.2%
Eli Lilly & Co.	3.1%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

Praxis Growth Index Fund - Class I (MMDEX)

Semi-Annual Shareholder Report - June 30, 2026

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 063026-MMDEX

Praxis Small Cap Index Fund

Class A (MMSCX)

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Praxis Small Cap Index Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$49	0.90%

Fund Statistics

Net Assets$234,339,340
Number of Portfolio Holdings 717
Advisory Fee $312,583
Portfolio Turnover 44%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	83.1%
Corporate Notes	0.7%
Investment Purchased With The Cash Proceeds From Securities Lending	16.1%
Money Market Funds	0.1%
Rights	0.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Flex Ltd.	0.5%
Credo Technology Group Holding Ltd.	0.5%
Revolution Medicines, Inc.	0.5%
Carpenter Technology Corp.	0.5%
Natera, Inc.	0.5%
SPX Technologies, Inc.	0.5%
Littelfuse, Inc.	0.4%
Jabil, Inc.	0.4%
Franklin Resources, Inc.	0.4%
TechnipFMC plc	0.4%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

Praxis Small Cap Index Fund - Class A (MMSCX)

Semi-Annual Shareholder Report - June 30, 2026

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 063026-MMSCX

Praxis Small Cap Index Fund

Class I (MMSIX)

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$22	0.41%

Fund Statistics

Net Assets$234,339,340
Number of Portfolio Holdings 717
Advisory Fee $312,583
Portfolio Turnover 44%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	83.1%
Corporate Notes	0.7%
Investment Purchased With The Cash Proceeds From Securities Lending	16.1%
Money Market Funds	0.1%
Rights	0.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Flex Ltd.	0.5%
Credo Technology Group Holding Ltd.	0.5%
Revolution Medicines, Inc.	0.5%
Carpenter Technology Corp.	0.5%
Natera, Inc.	0.5%
SPX Technologies, Inc.	0.5%
Littelfuse, Inc.	0.4%
Jabil, Inc.	0.4%
Franklin Resources, Inc.	0.4%
TechnipFMC plc	0.4%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

Praxis Small Cap Index Fund - Class I (MMSIX)

Semi-Annual Shareholder Report - June 30, 2026

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 063026-MMSIX

Praxis Genesis Conservative Portfolio

Class A (MCONX)

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Praxis Genesis Conservative Portfolio (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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)

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

Fund Statistics

Net Assets$23,621,225
Number of Portfolio Holdings 6
Advisory Fee $6,036
Portfolio Turnover 12%

What did the Fund invest in?

Asset Weighting (% of total investments)

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

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Praxis Impact Bond Fund - Class I	77.4%
Praxis Growth Index Fund - Class I	7.0%
Praxis International Index Fund - Class I	6.9%
Praxis Value Index Fund - Class I	6.7%
Praxis Small Cap Index Fund - Class I	1.8%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

Praxis Genesis Conservative Portfolio - Class A (MCONX)

Semi-Annual Shareholder Report - June 30, 2026

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 063026-MCONX

Praxis Genesis Balanced Portfolio

Class A (MBAPX)

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Praxis Genesis Balanced Portfolio (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$24	0.46%

Fund Statistics

Net Assets$109,469,931
Number of Portfolio Holdings 5
Advisory Fee $26,362
Portfolio Turnover 7%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Affiliated Mutual Funds	100.0%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Praxis Impact Bond Fund - Class I	39.4%
Praxis International Index Fund - Class I	18.2%
Praxis Growth Index Fund - Class I	16.5%
Praxis Value Index Fund - Class I	15.8%
Praxis Small Cap Index Fund - Class I	10.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

Praxis Genesis Balanced Portfolio - Class A (MBAPX)

Semi-Annual Shareholder Report - June 30, 2026

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 063026-MBAPX

Praxis Genesis Growth Portfolio

Class A (MGAFX)

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Praxis Genesis Growth Portfolio (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$24	0.45%

Fund Statistics

Net Assets$140,585,620
Number of Portfolio Holdings 5
Advisory Fee $32,494
Portfolio Turnover 7%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Affiliated Mutual Funds	100.0%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Praxis International Index Fund - Class I	24.1%
Praxis Growth Index Fund - Class I	21.1%
Praxis Value Index Fund - Class I	20.2%
Praxis Impact Bond Fund - Class I	19.6%
Praxis Small Cap Index Fund - Class I	14.9%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

Praxis Genesis Growth Portfolio - Class A (MGAFX)

Semi-Annual Shareholder Report - June 30, 2026

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 063026-MGAFX

Praxis Impact Large Cap Growth ETF

PRXG (Principal U.S. Listing Exchange: NYSE Arca, Inc. )

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Praxis Impact Large Cap Growth ETF for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://www.praxisinvests. com/prxg. You can also request this information by contacting us at (800)-977-2947.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Praxis Impact Large Cap Growth ETF	$18	0.36%

Annualized

KEY FUND STATISTICS (as of June 30, 2026)

Net Assets	$85,791,761
Number of Portfolio Holdings	164
Advisory Fee	$136,501
Portfolio Turnover	11%

Visit https://www.praxisinvests.com/prxg for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of June 30, 2026)

Asset Weighting (% of total investments)

Asset Weighting	(% of total investments)
Common Stocks	(98.1%)
Real Estate Investment Trusts	(0.9%)
Corporate Bonds	(0.4%)
Money Market Funds	(0.5%)
Cash & Other	(0.1%)

Top Holdings	(% of net assets)
NVIDIA Corp.	12.5%
Apple, Inc.	11.5%
Microsoft Corp.	8.2%
Alphabet, Inc. - Class C	6.2%
Amazon.com, Inc.	4.2%
Broadcom, Inc.	4.1%
Alphabet, Inc. - Class A	4.1%
Meta Platforms, Inc. - Class A	3.5%
Tesla, Inc.	3.4%
Eli Lilly & Co.	2.8%

Praxis Impact Large Cap Growth ETF

PAGE 1

TSR-SAR-74006E736

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Praxis Investment Management, Inc. documents not be householded, please contact Praxis Investment Management, Inc. at (800)-977-2947, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Praxis Investment Management, Inc. or your financial intermediary.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

Additional information is available on the Fund’s website (https://www.praxisinvests.com/prxg), including its:

●

Prospectus

●

Financial information

●

Holdings

●

Proxy voting information

Praxis Impact Large Cap Growth ETF

PAGE 2

TSR-SAR-74006E736

Praxis Impact Large Cap Value ETF

PRXV (Principal U.S. Listing Exchange: NYSE Arca, Inc. )

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Praxis Impact Large Cap Value ETF for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://www.praxisinvests. com/prxv. You can also request this information by contacting us at (800)-977-2947.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Praxis Impact Large Cap Value ETF	$19	0.36%

Annualized

KEY FUND STATISTICS (as of June 30, 2026)

Net Assets	$75,726,246
Number of Portfolio Holdings	276
Advisory Fee	$121,756
Portfolio Turnover	9%

Visit https://www.praxisinvests.com/prxv for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of June 30, 2026)

Asset Weighting (% of total investments)

Asset Weighting	(% of total investments)
Common Stocks	(97.1%)
Real Estate Investment Trusts	(2.2%)
Corporate Bonds	(0.5%)
Money Market Funds	(0.1%)
Cash & Other	(0.1%)

Top Holdings	(% of net assets)
Micron Technology, Inc.	4.7%
JPMorgan Chase & Co.	3.4%
Johnson & Johnson	2.7%
Walmart, Inc.	2.1%
AbbVie, Inc.	2.0%
Cisco Systems, Inc.	1.8%
Procter & Gamble Co.	1.8%
Coca-Cola Co.	1.5%
Bank of America Corp.	1.4%
Home Depot, Inc.	1.4%

Praxis Impact Large Cap Value ETF

PAGE 1

TSR-SAR-74006E744

HOUSEHOLDING

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

Additional information is available on the Fund’s website (https://www.praxisinvests.com/prxv), including its:

●

Prospectus

●

Financial information

●

Holdings

●

Proxy voting information

Praxis Impact Large Cap Value ETF

PAGE 2

TSR-SAR-74006E744

Praxis Impact International ETF

PRXI (Principal U.S. Listing Exchange: NYSE Arca, Inc. )

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Praxis Impact International ETF for the period of June 23, 2026 to June 30, 2026. You can find additional information about the Fund at https://www.praxisinvests.com/prxi. You can also request this information by contacting us at (800)-977-2947.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment**	Costs paid as a percentage of a $10,000 investment*
Praxis Impact International ETF	$1	0.54%

Annualized

Amount shown reflects the expenses of the Fund from June 23, 2026 through June 30, 2026. Expenses would be higher if the Fund had been in operations for the full reporting period.

KEY FUND STATISTICS (as of June 30, 2026)

Net Assets	$3,077,029
Number of Portfolio Holdings	269
Advisory Fee	$181
Portfolio Turnover	0%

Visit https://www.praxisinvests.com/prxi for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of June 30, 2026)

Asset Weighting (% of total investments)

Asset Weighting	(% of total investments)
Common Stocks	(97.6%)
Real Estate Investment Trusts	(1.2%)
Preferred Stocks	(0.1%)
Cash & Other	(1.1%)

Top Holdings	(% of net assets)
ASML Holding NV	3.9%
Novartis AG	1.6%
Siemens AG	1.6%
Roche Holding AG	1.5%
Nestle SA	1.4%
HSBC Holdings PLC	1.2%
Mitsubishi UFJ Financial Group, Inc.	1.2%
Schneider Electric SE	1.2%
ABB Ltd.	1.1%
Toyota Motor Corp.	1.1%

Praxis Impact International ETF

PAGE 1

TSR-SAR-74006E728

HOUSEHOLDING

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

Additional information is available on the Fund’s website (https://www.praxisinvests.com/prxi), including its:

●

Prospectus

●

Financial information

●

Holdings

●

Proxy voting information

Praxis Impact International ETF

PAGE 2

TSR-SAR-74006E728

(b)

Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

(a)

Not applicable.

(b)

Not applicable.

Item 6. Investments.

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

(b)

Not applicable.

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

(a)

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

Table of Contents


Praxis Impact Bond Fund
Schedule of Investments	1
Praxis International Index Fund
Schedule of Investments	9
Praxis Value Index Fund
Schedule of Investments	15
Praxis Growth Index Fund
Schedule of Investments	19
Praxis Small Cap Index Fund
Schedule of Investments	22
Praxis Genesis Conservative Portfolio
Schedule of Investments	30
Praxis Genesis Balanced Portfolio
Schedule of Investments	31
Praxis Genesis Growth Portfolio
Schedule of Investments	32
Financial Statements
Statements of Assets & Liabilities	33
Statements of Operations	35
Statements of Changes in Net Assets	37
Financial Highlights	40
Notes to Financial Statements	48
Additional Information	60

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

THIS PAGE INTENTIONALLY LEFT BLANK

Schedule of Investments

Praxis Impact Bond Fund

June 30, 2026 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
ASSET BACKED SECURITIES — 6.9%
Aligned Data Centers Issuer, LLC ^(a)		6.000	%		08/17/48	$	1,510,000	$	1,512,943
Ameren Missouri Securitization Funding I, LLC		4.850	%		10/01/39		2,911,513		2,880,024
American Tower Trust I ^(a)		3.652	%		03/23/28		2,000,000		1,963,859
Bank of America Credit Card Trust		4.980	%		11/15/28		4,116,000		4,129,157
Beacon Container Finance II, LLC ^(a)		2.250	%		10/22/46		3,352,000		3,107,355
Chase Issue Trust		4.630	%		01/15/31		3,300,000		3,321,598
CLI Funding, LLC ^(a)		2.720	%		01/18/47		858,289		785,451
CyrusOne Data Centers Issuer I, LLC ^(a)		4.500	%		05/20/49		2,525,000		2,445,138
DB Master Finance, LLC ^(a)		2.493	%		11/20/51		1,933,875		1,821,776
Duke Energy Florida Project Finance, LLC		3.112	%		09/01/36		1,500,000		1,302,247
Duke Energy Progress NC Storm Funding, LLC		2.799	%		07/01/41		2,000,000		1,539,010
Duke Energy Progress NC Storm Funding, LLC ^(a)		5.070	%		01/01/46		3,000,000		2,922,277
Duke Energy Progress SC Storm Funding, LLC		5.404	%		03/01/44		621,719		631,820
Ford Credit Auto Owner Trust		4.050	%		10/15/30		1,000,000		992,802
Golden Credit Card Trust ^(a)		1.140	%		08/15/28		1,000,000		996,444
GoodLeap Sustainable Home Solutions Trust ^(a)		6.250	%		06/20/57		1,421,416		1,378,486
Iowa Student Loan Liquidity Corp. Rev.		1.730	%		08/25/70		682,139		599,863
Mosaic Solar Loans, LLC ^(a)		2.100	%		04/20/46		523,174		458,658
Mosaic Solar Loans, LLC ^(a)		1.640	%		04/22/47		583,990		479,721
PG&E Energy Recovery Funding, LLC		5.256	%		01/15/38		1,000,000		1,015,399
PG&E Energy Recovery Funding, LLC		2.822	%		07/15/46		7,633,000		5,641,969
PG&E Energy Recovery Funding, LLC		5.536	%		07/15/47		1,500,000		1,484,413
PG&E Wildfire Recovery Funding, LLC		5.081	%		06/01/41		2,200,000		2,139,023
PG&E Wildfire Recovery Funding, LLC		4.674	%		12/01/51		2,400,000		2,090,005
PNM Energy Transition Bond Co. I, LLC		6.028	%		08/15/48		500,000		521,307
SBA Tower Trust ^(a)		4.831	%		10/15/29		1,750,000		1,754,782
SBA Tower Trust ^(a)		6.599	%		11/15/52		880,000		888,802
SCE Recovery Funding, LLC		5.541	%		09/15/52		1,000,000		986,717
Sunrun Artemis Issuer, LLC ^(a)		6.250	%		07/30/59		2,417,559		2,410,335
Swepco Storm Recovery Funding, LLC		4.880	%		09/01/39		3,770,134		3,736,509
Switch ABS Issuer, LLC ^(a)		6.280	%		03/25/54		600,000		602,660
Switch ABS Issuer, LLC ^(a)		5.036	%		03/25/55		1,500,000		1,461,600
TAL Advantage VII, LLC ^(a)		2.050	%		09/20/45		1,802,541		1,727,810

	Coupon			Maturity		Principal Amount		Fair Value
ASSET BACKED SECURITIES — 6.9%, continued
Texas Electric Market Stabilization Funding N, LLC ^(a)		4.966	%		02/01/44	$	4,195,000	$	4,096,522
Texas Electric Market Stabilization Funding N, LLC ^(a)		5.057	%		08/01/46		4,730,000		4,391,627
Textainer Marine Containers VII Ltd. ^(a)		1.680	%		02/20/46		915,933		860,125
TIF Funding II, LLC ^(a)		1.650	%		02/20/46		279,792		253,903
Toyota Auto Receivables Owner Trust		5.300	%		09/15/27		90,607		90,774
Trinity Rail Leasing, L.P. ^(a)		2.260	%		07/19/51		1,749,156		1,653,663
Trinity Rail Leasing, L.P. ^(a)		5.780	%		05/19/54		2,770,973		2,766,815
Triton Container Finance VIII, LLC ^(a)		1.860	%		03/20/46		3,438,788		3,170,051
Triton International Finance Funding III, LLC ^(a)		5.480	%		05/22/34		1,246,875		1,248,772
Triumph Rail, LLC ^(a)		2.150	%		06/19/51		1,534,737		1,495,380
USQ Rail III, LLC ^(a)		4.990	%		09/28/54		695,572		682,707
Vantage Data Centers Issuer, LLC ^(a)		2.165	%		10/15/46		2,300,000		2,281,609
Wendy’s Funding, LLC ^(a)		3.884	%		03/15/48		1,280,530		1,250,961
Wendy’s Funding, LLC ^(a)		4.236	%		03/15/52		1,200,000		1,164,602
TOTAL ASSET BACKED SECURITIES (COST $86,471,200)								$	85,137,471

MUNICIPAL BONDS — 0.8%
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A		7.334	%		02/15/28		520,000		537,325
Findlay City School District, Series 2010-B		6.250	%		12/01/37		270,000		271,562
Houston, Texas, Independent School District, Series 2009A-2		6.168	%		02/15/34		1,000,000		1,000,764
Massachusetts St., Series 2016-F		3.277	%		06/01/46		3,100,000		2,468,678
University of Texas, Permanent University Fund, Series 2017-A		3.376	%		07/01/47		3,000,000		2,263,615
University of Texas, Rev., Series 2020 B		2.439	%		08/15/49		1,875,000		1,154,600
University of Virginia, Rev., Series 2009		6.200	%		09/01/39		2,000,000		2,144,457
TOTAL MUNICIPAL BONDS (COST $10,735,544)								$	9,841,001

CORPORATE BONDS — 23.6%
AUTOMOTIVE — 0.4%
BorgWarner, Inc.		2.650	%		07/01/27		601,000		590,366
Honda Motor Co. Ltd.		2.967	%		03/10/32		760,000		681,357
Magna International, Inc.		2.450	%		06/15/30		1,250,000		1,147,383
Toyota Motor Corp.		4.450	%		06/30/30		2,500,000		2,488,663
									4,907,769

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2026 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 23.6%, continued
BANKING — 2.0%
American Express Co.		5.016	%		04/25/31	$	500,000	$	505,105
Bank of America Corp., Series N (TSFR3M + 157.16) ^(b)		4.271	%		07/23/29		1,000,000		992,113
Bank of America Corp., Series N		2.572	%		10/20/32		1,500,000		1,335,132
Bank of America Corp., Series N		2.972	%		02/04/33		1,000,000		902,646
Bank of America Corp., Series N		5.464	%		05/09/36		500,000		510,218
Bank of Montreal		5.203	%		02/01/28		1,750,000		1,768,233
Bank of New York Mellon Corp. (The), Series J		4.967	%		04/26/34		2,000,000		1,997,731
Citigroup, Inc. (SOFR + 210.70) ^(b)		2.572	%		06/03/31		2,000,000		1,837,697
JPMorgan Chase & Co. (SOFR + 151.00) ^(b)		2.739	%		10/15/30		2,000,000		1,878,458
JPMorgan Chase & Co.		2.963	%		01/25/33		1,000,000		905,349
JPMorgan Chase & Co.		5.572	%		04/22/36		500,000		514,019
M&T Bank Corp.		4.553	%		08/16/28		1,500,000		1,498,949
Mitsubishi UFJ Financial Group, Inc.		5.159	%		04/24/31		2,500,000		2,526,148
PNC Financial Services Group, Inc. (The)		5.582	%		06/12/29		1,000,000		1,018,146
State Street Corp.		4.164	%		08/04/33		1,000,000		961,853
Toronto-Dominion Bank, Series C		5.264	%		12/11/26		2,000,000		2,008,935
UBS AG London		5.650	%		09/11/28		550,000		563,182
US Bancorp, Series CC		5.083	%		05/15/31		3,000,000		3,033,412
									24,757,326
BEVERAGES — 0.1%
Coca-Cola Femsa S.A.B. de C.V.		1.850	%		09/01/32		1,000,000		835,934

BIOTECH & PHARMA — 0.2%
AbbVie, Inc.		2.950	%		11/21/26		500,000		497,571
Amgen, Inc.		3.000	%		02/22/29		2,500,000		2,407,988
									2,905,559
CABLE & SATELLITE — 0.1%
Comcast Corp.		4.650	%		02/15/33		1,000,000		977,299
Comcast Corp.		2.937	%		11/01/56		672,000		363,947
Time Warner Cable, Inc.		4.500	%		09/15/42		500,000		376,843
									1,718,089
CHEMICALS — 0.3%
Air Products and Chemicals, Inc.		4.850	%		02/08/34		1,000,000		996,114
Avery Dennison Corp.		2.650	%		04/30/30		1,250,000		1,156,513
Ecolab, Inc.		4.800	%		03/24/30		140,000		140,978
Ecolab, Inc.		2.750	%		08/18/55		1,470,000		872,625
Nutrien Ltd.		5.875	%		12/01/36		840,000		870,983
									4,037,213
CONSTRUCTION MATERIALS — 0.0% ^(c)
Owens Corning		3.950	%		08/15/29		300,000		293,646

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 23.6%, continued
CONSUMER SERVICES — 3.9%
Andrew W. Mellon Funding		0.947	%		08/01/27	$	1,050,000	$	1,011,757
California Endowment (The)		2.498	%		04/01/51		4,500,000		2,695,975
Conservation Fund, Series 2019		3.474	%		12/15/29		535,000		503,608
Ford Foundation (The), Series 2017 ^(d)		3.859	%		06/01/47		4,620,000		3,698,873
Ford Foundation (The), Series 2020		2.415	%		06/01/50		235,000		140,358
John D. & Catherine T. MacArthur Foundation, Series 2020		1.299	%		12/01/30		1,500,000		1,303,797
Leland Stanford Junior University (The)		3.460	%		05/01/47		2,415,000		1,810,918
Local Initiatives Support Corp.		4.649	%		03/01/37		1,500,000		1,414,684
Massachusetts Institute of Technology, Series D-2		3.959	%		07/01/38		1,700,000		1,547,068
President & Fellows of Harvard College, Series 2024-A ^(d)		4.609	%		02/15/35		2,000,000		1,982,119
President & Fellows of Harvard College, Series 2016-B		3.150	%		07/15/46		3,961,000		2,913,894
President & Fellows of Harvard College, Series 2020-B		2.517	%		10/15/50		1,600,000		975,686
President & Fellows of Harvard College, Series 2022-A		3.745	%		11/15/52		3,200,000		2,450,074
Rockefeller Foundation (The)		2.492	%		10/01/50		9,290,000		5,630,714
Stanford University California, Series 2017		3.647	%		05/01/48		750,000		582,548
Stanford University California, Series 2020-A		2.413	%		06/01/50		4,400,000		2,607,310
Trustees of Princeton University (The)		2.516	%		07/01/50		6,650,000		4,134,428
University of Notre Dame, Series 2017		3.394	%		02/15/48		3,749,000		2,774,504
W.K. Kellogg Foundation Trust, Series 2020 ^(a)		2.443	%		10/01/50		7,223,000		4,360,365
Yale University		2.402	%		04/15/50		8,765,000		5,261,322
									47,800,002
CONTAINERS & PACKAGING — 0.2%
CCL Industries, Inc. ^(a)(d)		3.050	%		06/01/30		1,750,000		1,636,271
Sonoco Products Co.		5.750	%		11/01/40		1,000,000		1,013,412
									2,649,683
DIVERSIFIED INDUSTRIALS — 0.1%
Illinois Tool Works, Inc.		3.900	%		09/01/42		1,000,000		834,125

ELECTRIC UTILITIES — 4.0%
Ameren Illinois Co.		5.900	%		12/01/52		2,250,000		2,298,164
Appalachian Power Recovery Funding, Series 2026-A		5.836	%		04/01/46		6,244,000		6,374,086
Avista Corp.		4.000	%		04/01/52		1,000,000		755,361

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2026 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 23.6%, continued
ELECTRIC UTILITIES — 4.0%, continued
Caledonia Generating, LLC ^(a)		1.950	%		02/28/34	$	1,268,098	$	1,096,793
CenterPoint Energy, Inc., Series AL		5.300	%		04/01/53		1,000,000		949,145
Consolidated Edison Co.		3.350	%		04/01/30		1,000,000		955,580
DTE Electric Co.		4.050	%		05/15/48		1,750,000		1,394,532
DTE Electric Co.		3.650	%		03/01/52		750,000		546,319
DTE Energy Co., Series C		4.875	%		06/01/28		1,500,000		1,506,254
Duke Energy Carolinas SC Storm Funding, LLC, Series A		4.898	%		03/01/44		510,000		500,304
Duke Energy Carolinas, LLC		3.550	%		03/15/52		2,200,000		1,564,046
Duke Energy Progress, LLC		3.450	%		03/15/29		1,750,000		1,705,159
Duke Energy Progress, LLC		4.000	%		04/01/52		1,500,000		1,146,963
Florida Power & Light Co.		3.700	%		12/01/47		1,550,000		1,171,010
Florida Power & Light Co.		2.875	%		12/04/51		2,000,000		1,254,081
Interstate Power & Light Co.		3.600	%		04/01/29		1,250,000		1,217,959
Liberty Utilities Financial Services ^(a)		2.050	%		09/15/30		1,355,000		1,213,377
MidAmerican Energy Co.		3.950	%		08/01/47		1,750,000		1,372,334
Narragansett Electric Co. ^(a)		3.395	%		04/09/30		1,500,000		1,431,325
National Rural Utilities		1.350	%		03/15/31		2,000,000		1,725,602
Niagara Mohawk Power Corp. ^(a)		1.960	%		06/27/30		1,500,000		1,351,488
Northern States Power Co.		2.900	%		03/01/50		1,500,000		989,807
NSTAR Electric Co.		3.950	%		04/01/30		600,000		585,159
NSTAR Electric Co.		5.500	%		03/15/40		1,250,000		1,243,380
NY State Electric & Gas ^(a)		5.650	%		08/15/28		1,650,000		1,680,567
Potomac Electric Power Co.		6.500	%		11/15/37		1,000,000		1,097,442
Public Service Co.		3.700	%		06/15/28		2,250,000		2,219,215
Public Service Electric and Gas Co.		4.650	%		03/15/33		2,500,000		2,475,042
Puget Energy, Inc.		4.223	%		06/15/48		1,000,000		809,609
Rochester Gas & Electric Corp. ^(a)		1.850	%		12/01/30		500,000		439,810
San Diego Gas and Electric Co.		4.500	%		08/15/40		841,000		756,713
Solar Star Funding, LLC ^(a)		3.950	%		06/30/35		1,052,556		984,474
Solar Star Funding, LLC ^(a)		5.375	%		06/30/35		324,183		320,962
Southern California Edison		4.050	%		03/15/42		1,165,000		921,553
Topaz Solar Farms, LLC ^(a)		4.875	%		09/30/39		183,183		162,508
Topaz Solar Farms, LLC ^(a)		5.750	%		09/30/39		443,736		435,838
Union Electric Co.		2.625	%		03/15/51		2,000,000		1,189,976
Westar Energy, Inc. ^(d)		2.550	%		07/01/26		1,292,000		1,292,000
									49,133,937
ELECTRICAL EQUIPMENT — 0.2%
Johnson Controls International plc		1.750	%		09/15/30		1,800,000		1,600,767
Roper Technologies, Inc.		2.000	%		06/30/30		440,000		394,908
									1,995,675

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 23.6%, continued
FOOD — 0.6%
Cargill, Inc. ^(a)		4.760	%		11/23/45	$	1,500,000	$	1,342,853
Hormel Foods Corp.		1.800	%		06/11/30		2,250,000		2,022,376
Ingredion, Inc.		2.900	%		06/01/30		1,000,000		934,806
Mars, Inc. ^(a)		4.650	%		04/20/31		1,000,000		1,000,829
Mars, Inc. ^(a)		3.600	%		04/01/34		1,500,000		1,360,413
									6,661,277
GAS & WATER UTILITIES — 0.5%
American Water Capital Corp.		2.800	%		05/01/30		1,500,000		1,403,288
Brooklyn Union Gas Co. ^(a)		4.504	%		03/10/46		1,250,000		1,029,015
Indiana Gas Co., Inc.		6.550	%		06/30/28		250,000		256,362
Southern California Gas Co., Series DDD		5.450	%		06/15/35		2,500,000		2,557,278
Spire Missouri, Inc.		5.150	%		08/15/34		1,000,000		1,002,331
									6,248,274
HEALTH CARE FACILITIES & SERVICES — 0.1%
Kaiser Foundation Hospital		3.150	%		05/01/27		1,500,000		1,486,898

HOME & OFFICE PRODUCTS — 0.1%
HNI Corp. ^(a)		5.125	%		01/18/29		1,000,000		984,897

HOME CONSTRUCTION — 0.1%
NVR, Inc.		3.000	%		05/15/30		1,000,000		937,708

INSTITUTIONAL FINANCIAL SERVICES — 0.6%
Goldman Sachs Group, Inc. (TSFR3M + 156.26) ^(b)		4.223	%		05/01/29		1,000,000		991,315
Goldman Sachs Group, Inc.		3.800	%		03/15/30		1,500,000		1,451,611
Morgan Stanley, Series F		3.125	%		07/27/26		2,000,000		1,999,277
Morgan Stanley, Series I		5.449	%		07/20/29		1,000,000		1,013,237
Morgan Stanley, Series I (SOFR + 114.30) ^(b)		2.699	%		01/22/31		1,250,000		1,160,772
Morgan Stanley, Series I		5.192	%		04/17/31		1,000,000		1,010,535
									7,626,747
INSURANCE — 2.9%
Aflac, Inc.		4.000	%		10/15/46		1,408,000		1,121,317
AIG Global Funding, Series 2024-1 ^(a)		5.200	%		01/12/29		500,000		504,789
Allstate Corp. (The)		5.250	%		03/30/33		1,000,000		1,017,278
American National Global Funding ^(a)		4.875	%		01/23/31		1,000,000		984,135
American National Group, Inc.		5.750	%		10/01/29		1,850,000		1,878,151
Athene Global Funding ^(a)		5.583	%		01/09/29		2,000,000		2,028,768
F&G Global Funding ^(a)		2.300	%		04/11/27		535,000		524,206
Fidelity National Financial, Inc.		3.400	%		06/15/30		1,000,000		941,994
First American Financial Corp.		2.400	%		08/15/31		1,500,000		1,307,329
GA Global Funding Trust ^(a)		2.250	%		01/06/27		2,000,000		1,976,171
Horace Mann Educators Corp.		7.250	%		09/15/28		965,000		1,009,704
Massachusetts Mutual Life Insurance Co. ^(a)		3.375	%		04/15/50		2,500,000		1,702,494

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2026 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 23.6%, continued
INSURANCE — 2.9%, continued
Met Life Global Funding I ^(a)		5.150	%		03/28/33	$	1,250,000	$	1,264,017
Mutual of Omaha Global, Series 2023-1 ^(a)		5.800	%		07/27/26		385,000		385,432
Mutual of Omaha Global ^(a)		5.450	%		12/12/28		365,000		371,014
New York Life Global Funding ^(a)		4.900	%		06/13/28		3,000,000		3,020,274
Northwestern Mutual, Series 2023-3 ^(a)		4.900	%		06/12/28		1,740,000		1,751,620
Pacific Life Global Funding II, Series 2021-1 ^(a)		1.450	%		01/20/28		1,000,000		954,132
Peachtree Corners Funding Trust II ^(a)		6.012	%		05/15/35		400,000		413,885
Pricoa Global Funding I ^(a)		5.100	%		05/30/28		2,000,000		2,018,417
Primerica, Inc.		2.800	%		11/19/31		1,000,000		900,180
Principal Financial Group, Inc.		3.700	%		05/15/29		1,250,000		1,217,585
Prudential Funding Asia plc		3.125	%		04/14/30		750,000		709,885
RGA Global Funding ^(a)		5.500	%		01/11/31		2,000,000		2,047,804
Sammons Financial Group, Inc. ^(a)		4.450	%		05/12/27		1,200,000		1,196,592
Sammons Financial Group, Inc. ^(a)		6.875	%		04/15/34		1,000,000		1,069,250
Trustage Financial Group, Inc. ^(a)		4.625	%		04/15/32		400,000		387,608
Western-Southern Global Funding ^(a)		4.900	%		05/01/30		3,000,000		3,003,905
									35,707,936
LEISURE FACILITIES & SERVICES — 0.1%
McDonald’s Corp., Series MTN		3.500	%		07/01/27		1,000,000		991,742

MACHINERY — 0.3%
Ingersoll-Rand Global Holding Co. Ltd.		6.391	%		11/15/27		655,000		663,921
John Deere Capital Corp.		1.750	%		03/09/27		250,000		245,823
John Deere Capital Corp.		3.050	%		01/06/28		1,250,000		1,227,320
Xylem, Inc.		1.950	%		01/30/28		1,775,000		1,706,367
									3,843,431
MEDICAL EQUIPMENT & DEVICES — 0.1%
Alcon Finance Corp. ^(a)		2.600	%		05/27/30		1,250,000		1,154,397

PERSONAL PRODUCTS — 0.1%
Estée Lauder Cos., Inc. (The)		2.600	%		04/15/30		1,000,000		931,838

PIPELINES — 0.1%
Northern Natural Gas Co. ^(a)		4.100	%		09/15/42		1,200,000		969,252

REITS — 2.9%
Agree Ltd. Partnership		2.900	%		10/01/30		650,000		603,275
Agree Ltd. Partnership		4.800	%		10/01/32		715,000		705,992
Alexandria Real Estate Equities, Inc.		2.950	%		03/15/34		1,000,000		849,301

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 23.6%, continued
REITS — 2.9%, continued
Alexandria Real Estate Equities, Inc.		4.750	%		04/15/35	$	1,250,000	$	1,189,013
American Homes 4 Rent, L.P.		5.500	%		02/01/34		2,000,000		2,025,488
Boston Properties, L.P.		4.500	%		12/01/28		1,250,000		1,242,421
Camden Property Trust		2.800	%		05/15/30		1,500,000		1,401,254
Cousins Properties, L.P.		5.375	%		02/15/32		1,650,000		1,673,704
Digital Realty Trust, L.P.		5.550	%		01/15/28		2,250,000		2,281,984
ERP Operating, L.P.		4.150	%		12/01/28		1,250,000		1,238,111
ESSEX Portfolio, L.P.		2.650	%		03/15/32		1,500,000		1,330,693
ESSEX Portfolio, L.P.		5.500	%		04/01/34		250,000		254,955
Federal Realty Investment Trust		5.375	%		05/01/28		1,500,000		1,520,213
Fortitude Global Funding, Series 2026-1 ^(d)		5.500	%		06/12/31		2,000,000		2,009,940
Kilroy Realty Corp.		2.500	%		11/15/32		1,750,000		1,451,641
Kimco Realty Corp.		2.700	%		10/01/30		1,750,000		1,625,252
Lexington Realty Trust		2.700	%		09/15/30		1,500,000		1,365,700
Mid-America Apartment Communities, Inc.		3.950	%		03/15/29		1,750,000		1,720,981
Ontario Teachers Cadillac Fairview Properties Trust ^(a)		2.500	%		10/15/31		1,255,000		1,110,883
Prologis, L.P.		2.875	%		10/06/29		1,500,000		1,419,540
Prologis, L.P.		4.625	%		01/15/33		1,500,000		1,482,192
Realty Income Corp.		4.700	%		12/15/28		1,000,000		1,002,505
Regency Centers, L.P.		5.000	%		07/15/32		348,000		350,071
Rexford Industrial Realty, L.P.		5.000	%		06/15/28		500,000		502,553
Rexford Industrial Realty, L.P.		2.150	%		09/01/31		1,750,000		1,520,644
Sun Communities Operating, L.P.		2.700	%		07/15/31		500,000		450,052
UDR, Inc.		1.900	%		03/15/33		1,500,000		1,239,531
WP Carey, Inc.		2.450	%		02/01/32		1,500,000		1,309,672
									34,877,561
RETAIL - CONSUMER STAPLES — 0.1%
Kroger Co. (The)		5.000	%		04/15/42		1,000,000		922,862
Walmart, Inc.		1.800	%		09/22/31		500,000		441,658
									1,364,520
RETAIL - DISCRETIONARY — 0.2%
Home Depot, Inc. (The)		3.625	%		04/15/52		1,000,000		723,460
Lowe’s Cos., Inc.		4.650	%		04/15/42		1,000,000		888,832
Lowe’s Cos., Inc.		3.000	%		10/15/50		500,000		316,548
Lowe’s Cos., Inc.		5.625	%		04/15/53		1,000,000		963,134
									2,891,974
SEMICONDUCTORS — 0.1%
Intel Corp.		4.150	%		08/05/32		1,000,000		958,913
Intel Corp.		3.734	%		12/08/47		1,000,000		719,930
									1,678,843
SOFTWARE — 0.3%
Microsoft Corp. ^(d)		2.525	%		06/01/50		4,500,000		2,675,980
Microsoft Corp.		2.921	%		03/17/52		1,000,000		634,816
									3,310,796

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2026 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE BONDS — 23.6%, continued
SPECIALTY FINANCE — 0.8%
BlueHub Loan Fund, Inc.		3.099	%		01/01/30	$	1,030,000	$	955,634
Community Preservation Corp. (The)		2.867	%		02/01/30		2,500,000		2,329,387
GABX Leasing, LLC ^(a)		4.625	%		04/15/31		2,000,000		1,972,077
Low Income Investment Fund		3.386	%		07/01/26		115,000		115,000
Low Income Investment Fund, Series 2019		3.711	%		07/01/29		1,985,000		1,901,863
USAA Capital Corp. ^(a)		2.125	%		05/01/30		3,000,000		2,738,193
									10,012,154
TECHNOLOGY HARDWARE — 0.4%
Apple, Inc.		3.000	%		06/20/27		1,000,000		988,969
Apple, Inc.		2.650	%		05/11/50		1,000,000		611,773
Apple, Inc.		2.650	%		02/08/51		2,000,000		1,213,072
HP, Inc.		4.750	%		01/15/28		1,100,000		1,102,857
HP, Inc.		4.000	%		04/15/29		915,000		896,939
									4,813,610
TECHNOLOGY SERVICES — 0.1%
Experian Finance plc ^(a)		2.750	%		03/08/30		635,000		590,467
Moody’s Corp.		3.250	%		05/20/50		500,000		335,760
Moody’s Corp. ^(d)		3.750	%		02/25/52		1,000,000		732,960
									1,659,187
TELECOMMUNICATIONS — 0.6%
AT&T, Inc.		5.250	%		03/01/37		500,000		490,965
AT&T, Inc.		4.750	%		05/15/46		2,000,000		1,681,441
Verizon Communications, Inc.		3.875	%		02/08/29		1,000,000		984,574
Verizon Communications, Inc.		1.500	%		09/18/30		1,000,000		880,490
Verizon Communications, Inc.		5.875	%		11/30/55		2,000,000		1,940,357
Verizon Communications, Inc.		2.987	%		10/30/56		1,799,000		1,059,317
									7,037,144
TRANSPORTATION & LOGISTICS — 0.8%
Burlington Northern Santa Fe, LLC		5.750	%		05/01/40		2,078,000		2,165,861
Canadian Pacific Railway Co.		2.050	%		03/05/30		1,750,000		1,598,924
Norfolk Southern Corp.		4.837	%		10/01/41		1,000,000		930,395
Norfolk Southern Corp.		3.050	%		05/15/50		1,500,000		979,172
TTX Co. ^(a)		4.600	%		02/01/49		280,000		243,154
TTX Co. ^(a)		5.650	%		12/01/52		500,000		498,312
Union Pacific Corp. ^(d)		4.950	%		09/09/52		2,000,000		1,818,628
United Parcel Service, Inc.		5.950	%		05/14/55		2,000,000		2,043,292
									10,277,738
TRANSPORTATION EQUIPMENT — 0.1%
Ryder System, Inc.		5.650	%		03/01/28		1,250,000		1,271,931

WHOLESALE - CONSUMER STAPLES — 0.1%
Sysco Corp.		2.400	%		02/15/30		1,750,000		1,611,354

TOTAL CORPORATE BONDS (COST $319,736,725)								$	290,220,167

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE NOTES — 1.0%
COMMUNITY DEVELOPMENT — 1.0%
Calvert Impact Capital, Inc. ^(e)		4.000	%		06/15/28	$	1,200,000	$	1,157,834
Calvert Impact Capital, Inc. ^(e)		5.000	%		12/15/28		450,000		440,004
Calvert Impact Capital, Inc. ^(e)		5.000	%		06/15/29		1,800,000		1,743,719
Calvert Impact Capital, Inc. ^(e)		4.500	%		12/14/29		550,000		524,438
Calvert Impact Capital, Inc. ^(e)		4.500	%		06/14/30		1,800,000		1,694,839
Calvert Impact Capital, Inc. ^(e)		4.500	%		12/13/30		1,000,000		940,935
Calvert Impact Capital, Inc. ^(e)		4.500	%		06/15/31		2,300,000		2,282,750
Calvert Impact Climate, Inc. ^(e)		5.500	%		12/15/53		979,002		877,649
Capital Impact Partners Investment ^(e)		5.000	%		12/15/26		500,000		500,525
Local Initiatives Support Corp. ^(e)		4.100	%		06/15/27		1,560,000		1,557,677
TOTAL CORPORATE NOTES (COST $12,139,002)								$	11,720,370

FOREIGN GOVERNMENTS — 5.8%
SUPRANATIONAL — 5.8%
African Development Bank		3.500	%		09/18/29		2,000,000		1,957,176
Asian Development Bank		3.125	%		09/26/28		1,000,000		977,624
BNG Bank N.V. ^(a)		3.875	%		04/29/31		2,000,000		1,964,732
Central American Bank ^(a)		3.750	%		01/22/29		200,000		196,939
Council Europe Development Bank		4.000	%		05/21/29		3,000,000		2,985,640
European Investment Bank		2.375	%		05/24/27		4,000,000		3,938,998
European Investment Bank		4.375	%		10/10/31		5,000,000		5,031,339
Inter-American Development Bank		0.625	%		09/16/27		7,000,000		6,709,359
Inter-American Development Bank		3.500	%		04/12/33		3,000,000		2,852,109
Inter-American Development Bank		4.375	%		01/24/44		3,000,000		2,786,218
International Bank for Reconstruction & Development		0.875	%		07/15/26		3,000,000		2,996,398
International Bank for Reconstruction & Development		3.125	%		06/15/27		4,000,000		3,962,502
International Bank for Reconstruction & Development, Series 101820		4.625	%		08/01/28		6,000,000		6,053,691
International Bank for Reconstruction & Development		4.750	%		11/14/33		6,000,000		6,142,997
International Development Association ^(a)		4.500	%		02/12/35		4,000,000		4,014,711
International Finance Corp., Series 2622		4.375	%		01/15/27		1,000,000		1,001,521
International Finance Corp., Series 2853		3.500	%		01/22/29		4,000,000		3,935,176

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2026 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
FOREIGN GOVERNMENTS — 5.8%, continued
SUPRANATIONAL — 5.8%, continued
Kreditanstalt Fur Wiederafbau		3.500	%		08/09/28	$	6,000,000	$	5,921,210
Kreditanstalt Fur Wiederafbau		4.375	%		02/28/34		7,500,000		7,505,554
TOTAL FOREIGN GOVERNMENTS (COST $71,605,174)								$	70,933,894

COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0% ^(c)
Commercial Mortgage Pass-Through Certificates, Class A-3 (COST $33,464)		0.000	%		10/17/45		32,965	$	32,305

U.S. GOVERNMENT AGENCIES — 58.6%
DEVELOPMENT FINANCE CORPORATION — 0.6%
DFC		3.850	%		09/15/26		41,667		41,667
DFC		1.590	%		04/15/28		2,000,000		1,933,590
DFC		1.650	%		04/15/28		3,500,000		3,410,722
DFC		3.130	%		04/15/28		1,000,000		982,582
DFC		3.540	%		06/15/30		235,311		229,382
DFC		3.520	%		09/20/32		446,429		429,689
									7,027,632
FEDERAL FARM CREDIT BANK — 0.3%
FFCB		1.950	%		08/13/40		4,937,000		3,341,065

FEDERAL HOME LOAN BANK — 6.1%
FHLB		4.250	%		12/10/27		11,000,000		11,008,250
FHLB		4.500	%		03/10/28		3,000,000		3,015,928
FHLB		4.000	%		06/30/28		3,200,000		3,189,771
FHLB		3.250	%		11/16/28		13,000,000		12,739,108
FHLB		5.500	%		07/15/36		28,620,000		30,858,775
FHLB		2.590	%		03/19/40		4,000,000		3,023,788
FHLB		2.340	%		03/26/40		1,000,000		736,523
FHLB		2.070	%		06/29/40		1,715,000		1,227,820
FHLB		2.010	%		07/16/40		2,685,000		1,870,969
FHLB		5.250	%		03/11/44		7,200,000		7,329,648
									75,000,580
FEDERAL HOME LOAN MORTGAGE CORPORATION — 25.4%
FHLMC		6.000	%		04/01/27		3,996		4,093
FHLMC		2.500	%		10/01/27		39,731		39,284
FHLMC		2.738	%		04/25/29		1,119,129		1,093,852
FHLMC		2.939	%		04/25/29		7,000,000		6,696,926
FHLMC		2.412	%		08/25/29		5,780,000		5,462,862
FHLMC		7.000	%		02/01/30		4,577		4,839
FHLMC		1.234	%		02/25/30		882,534		826,800
FHLMC		1.297	%		06/25/30		13,000,000		11,523,452
FHLMC		7.500	%		07/01/30		5,292		5,366
FHLMC		1.406	%		08/25/30		2,000,000		1,773,858
FHLMC		1.503	%		09/25/30		5,324,300		4,731,480
FHLMC		1.487	%		11/25/30		16,167,800		14,264,746
FHLMC		1.878	%		01/25/31		2,720,745		2,443,434
FHLMC		2.000	%		01/25/31		13,328,000		11,966,846
FHLMC		7.000	%		03/01/31		9,599		10,148
FHLMC		1.777	%		10/25/31		5,000,000		4,385,055
FHLMC		2.154	%		10/25/31		4,000,000		3,563,008
FHLMC		2.091	%		11/25/31		11,700,000		10,323,672
FHLMC		2.127	%		11/25/31		9,000,000		7,989,430
FHLMC		2.347	%		11/25/31		17,900,000		16,053,815

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 58.6%, continued
FEDERAL HOME LOAN MORTGAGE CORPORATION — 25.4%, continued
FHLMC		2.250	%		01/25/32	$	9,000,000	$	8,005,331
FHLMC		2.350	%		03/25/32		14,930,000		13,328,896
FHLMC		2.450	%		04/25/32		7,100,000		6,355,726
FHLMC		2.580	%		05/25/32		6,688,000		6,020,033
FHLMC		2.650	%		05/25/32		12,450,000		11,238,984
FHLMC		6.250	%		07/15/32		7,050,000		7,779,924
FHLMC		3.123	%		08/25/32		9,560,000		8,831,203
FHLMC		3.000	%		11/01/32		169,283		162,979
FHLMC		3.000	%		11/01/32		225,068		216,579
FHLMC		2.459	%		07/25/33		3,000,000		2,540,185
FHLMC		5.500	%		11/01/33		10,463		10,512
FHLMC (H15T1Y + 223.10) ^(b)		6.231	%		05/01/34		13,188		13,469
FHLMC		1.783	%		06/25/34		2,084,061		1,750,818
FHLMC		2.797	%		08/25/34		5,000,000		4,378,477
FHLMC		5.000	%		07/01/35		28,554		28,686
FHLMC		4.500	%		10/01/35		40,465		40,067
FHLMC		2.438	%		02/25/36		4,000,000		3,293,566
FHLMC		5.500	%		03/01/36		12,134		12,499
FHLMC		1.500	%		04/01/36		3,663,610		3,272,168
FHLMC		5.500	%		06/01/36		16,263		16,753
FHLMC		6.000	%		06/01/36		16,572		17,223
FHLMC		2.361	%		10/25/36		18,750,000		15,139,307
FHLMC		5.500	%		12/01/36		13,732		14,146
FHLMC		2.000	%		02/01/37		2,970,364		2,706,525
FHLMC		6.000	%		08/01/37		6,273		6,572
FHLMC		5.000	%		03/01/38		73,213		73,922
FHLMC		0.000	%		11/15/38		4,331,000		2,376,677
FHLMC		4.500	%		06/01/39		72,606		71,891
FHLMC		5.000	%		06/01/39		118,026		119,171
FHLMC		4.500	%		07/01/39		75,542		74,798
FHLMC		4.500	%		11/01/39		70,049		69,360
FHLMC		4.500	%		09/01/40		111,325		110,228
FHLMC		4.500	%		05/01/41		221,060		218,881
FHLMC		4.500	%		07/01/41		238,552		236,201
FHLMC		5.000	%		09/01/41		97,162		98,106
FHLMC		3.500	%		10/01/41		116,568		109,405
FHLMC		4.000	%		10/01/41		131,741		127,261
FHLMC		3.500	%		02/01/42		212,588		198,914
FHLMC		4.000	%		02/01/42		55,462		53,665
FHLMC		3.500	%		06/01/42		246,569		230,633
FHLMC		3.500	%		06/01/42		250,831		234,738
FHLMC		3.500	%		08/01/42		294,737		275,596
FHLMC		3.000	%		11/01/42		571,095		518,492
FHLMC		3.000	%		01/01/43		324,067		293,998
FHLMC		3.000	%		05/01/43		419,278		379,460
FHLMC		3.500	%		10/01/44		247,496		230,402
FHLMC		3.500	%		11/01/44		224,702		209,159
FHLMC		3.500	%		04/01/45		284,169		264,172
FHLMC		3.000	%		05/01/46		476,955		427,555
FHLMC		3.000	%		12/01/46		1,208,196		1,084,255
FHLMC		3.500	%		03/01/48		1,323,750		1,226,482
FHLMC		3.500	%		03/01/49		369,477		339,734
FHLMC		3.500	%		07/01/49		591,823		543,194
FHLMC		3.000	%		09/01/49		705,590		624,216
FHLMC		3.000	%		07/01/50		1,752,623		1,534,152
FHLMC		2.000	%		08/01/50		2,591,075		2,088,490
FHLMC		2.050	%		08/19/50		2,500,000		1,364,223

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2026 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 58.6%, continued
FEDERAL HOME LOAN MORTGAGE CORPORATION — 25.4%, continued
FHLMC		1.500	%		11/01/50	$	6,792,419	$	5,202,210
FHLMC		2.000	%		01/01/51		6,381,374		5,146,885
FHLMC		2.500	%		04/01/51		6,234,490		5,251,821
FHLMC		2.000	%		08/01/51		2,657,918		2,135,480
FHLMC		2.500	%		09/01/51		2,438,976		2,045,531
FHLMC		2.000	%		01/01/52		4,735,940		3,796,007
FHLMC		2.500	%		02/01/52		5,161,758		4,338,785
FHLMC		2.000	%		04/01/52		3,945,622		3,162,560
FHLMC		3.000	%		04/01/52		4,500,170		3,932,635
FHLMC		2.500	%		05/01/52		5,491,024		4,613,335
FHLMC		3.000	%		05/01/52		7,683,236		6,715,840
FHLMC		3.000	%		07/01/52		14,268,962		12,450,308
FHLMC		4.000	%		07/01/52		4,603,463		4,323,193
FHLMC		4.000	%		08/01/52		4,647,702		4,352,485
FHLMC		3.500	%		09/01/52		10,269,403		9,323,362
FHLMC		4.500	%		09/01/52		7,703,688		7,436,253
FHLMC		4.000	%		10/01/52		9,391,555		8,801,353
FHLMC		5.500	%		05/01/53		4,749,003		4,788,518
									311,967,586
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 21.5%
FNMA		2.500	%		09/01/27		36,647		36,225
FNMA		0.750	%		10/08/27		8,000,000		7,668,906
FNMA		2.500	%		11/01/27		65,541		64,741
FNMA		2.500	%		01/01/28		45,789		45,170
FNMA ^(b)		3.312	%		06/25/28		1,507,395		1,479,799
FNMA		3.560	%		09/25/28		2,807,449		2,759,028
FNMA		2.530	%		05/01/29		3,949,068		3,746,742
FNMA		2.522	%		08/27/29		4,747,694		4,494,325
FNMA		0.875	%		08/05/30		24,000,000		21,024,546
FNMA		6.625	%		11/15/30		12,750,000		13,968,800
FNMA ^(b)		1.468	%		11/25/30		3,000,000		2,648,275
FNMA		1.208	%		12/25/30		4,000,000		3,468,098
FNMA ^(b)		1.368	%		12/25/30		4,318,499		3,824,573
FNMA		1.244	%		01/25/31		15,996,282		13,985,095
FNMA		1.410	%		02/01/31		3,000,000		2,625,997
FNMA		1.375	%		03/25/31		1,000,000		875,213
FNMA		1.820	%		06/01/31		2,000,000		1,763,252
FNMA		1.531	%		09/25/31		1,125,000		985,303
FNMA		2.000	%		01/01/32		579,898		549,218
FNMA		2.082	%		04/25/32		4,000,000		3,522,212
FNMA		3.759	%		08/25/32		9,848,754		9,447,699
FNMA		1.684	%		11/25/32		5,000,000		4,274,070
FNMA		3.000	%		12/01/32		255,478		245,243
FNMA		4.497	%		04/25/33		1,999,674		1,988,785
FNMA		6.000	%		10/01/33		7,087		7,250
FNMA		5.500	%		02/01/34		12,030		12,191
FNMA (H15T1Y + 211.70) ^(b)		5.687	%		05/01/34		11,308		11,523
FNMA		6.000	%		11/01/34		28,512		29,232
FNMA		5.500	%		01/01/35		19,049		19,505
FNMA		2.500	%		02/01/35		678,132		636,306
FNMA		5.000	%		10/01/35		24,044		24,247
FNMA		5.500	%		10/01/35		33,281		34,242
FNMA		6.000	%		10/01/35		15,425		15,782
FNMA		5.500	%		06/01/36		8,579		8,746
FNMA		6.000	%		06/01/36		9,182		9,633
FNMA		5.500	%		11/01/36		13,271		13,654

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 58.6%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 21.5%, continued
FNMA (RFUCCT1Y + 156.50) ^(b)		5.690	%		05/01/37	$	1,710	$	1,724
FNMA		5.625	%		07/15/37		18,250,000		19,884,891
FNMA		2.500	%		10/25/37		1,112,080		987,224
FNMA		4.500	%		09/01/40		63,289		62,588
FNMA		4.500	%		10/01/40		63,519		62,815
FNMA		4.000	%		12/01/40		174,797		168,794
FNMA		4.000	%		01/01/41		117,024		113,420
FNMA		3.500	%		02/01/41		175,646		164,723
FNMA		4.000	%		10/01/41		89,495		86,531
FNMA		4.000	%		11/01/41		105,711		102,160
FNMA		4.000	%		12/01/41		176,927		170,482
FNMA		4.000	%		12/01/41		125,873		121,470
FNMA		4.000	%		01/01/42		400,684		389,052
FNMA		3.500	%		05/01/42		212,085		198,168
FNMA		3.000	%		06/01/42		396,033		359,055
FNMA		3.000	%		08/01/42		281,770		255,461
FNMA		3.000	%		08/01/42		319,100		289,307
FNMA		3.500	%		12/01/42		424,747		396,807
FNMA		3.000	%		06/01/43		365,486		330,770
FNMA		4.000	%		12/01/44		477,754		456,569
FNMA		3.500	%		05/01/45		555,973		517,374
FNMA		3.000	%		04/01/46		475,347		426,919
FNMA		3.500	%		11/01/46		798,148		742,016
FNMA		4.000	%		10/01/48		362,334		343,746
FNMA		4.000	%		11/01/48		1,056,157		992,947
FNMA		3.500	%		05/01/49		297,295		272,897
FNMA		4.000	%		06/01/49		456,424		428,271
FNMA		3.500	%		08/01/49		1,216,241		1,115,717
FNMA		3.000	%		09/01/49		681,540		602,939
FNMA		3.000	%		06/01/50		1,408,738		1,240,830
FNMA		2.500	%		07/01/50		2,355,317		1,991,974
FNMA		2.500	%		08/01/50		1,665,240		1,406,809
FNMA		3.000	%		08/01/50		2,485,249		2,189,760
FNMA		2.000	%		11/01/50		4,304,144		3,468,946
FNMA		2.000	%		01/01/51		7,694,427		6,201,331
FNMA		2.000	%		02/01/51		4,568,961		3,686,914
FNMA		2.500	%		04/01/51		12,646,817		10,665,927
FNMA		2.000	%		08/01/51		10,847,350		8,726,114
FNMA		2.000	%		11/01/51		4,515,422		3,625,620
FNMA		2.500	%		12/01/51		7,262,140		6,100,843
FNMA		2.500	%		05/01/52		4,702,786		3,949,234
FNMA		3.500	%		05/01/52		6,398,900		5,809,491
FNMA		3.500	%		05/01/52		13,222,745		12,004,695
FNMA		3.000	%		07/01/52		3,992,698		3,483,823
FNMA		4.500	%		07/01/52		10,997,562		10,608,157
FNMA		4.500	%		08/01/52		5,153,062		4,973,918
FNMA		3.500	%		09/01/52		3,956,801		3,592,289
FNMA		4.000	%		09/01/52		11,537,340		10,813,638
FNMA		4.500	%		10/01/52		5,867,358		5,671,984
FNMA		5.000	%		04/01/53		8,250,062		8,158,101
FNMA		5.000	%		06/01/53		3,325,938		3,289,207
FNMA		5.000	%		10/01/53		5,693,833		5,625,370
									263,643,438

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Impact Bond Fund
June 30, 2026 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
U.S. GOVERNMENT AGENCIES — 58.6%, continued
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 2.3%
GNMA		7.000	%		12/20/30	$	3,090	$	3,190
GNMA		7.000	%		10/20/31		2,917		3,034
GNMA		7.000	%		03/20/32		13,092		13,516
GNMA (H15T1Y + 150.00) ^(b)		5.000	%		01/20/34		8,987		9,064
GNMA		5.500	%		10/20/38		4,328		4,322
GNMA		6.500	%		11/20/38		2,631		2,696
GNMA		2.500	%		12/20/50		12,422,746		10,623,390
GNMA		2.500	%		02/20/51		6,308,582		5,399,258
GNMA		3.500	%		08/20/52		3,295,768		2,987,130
GNMA		3.500	%		11/20/52		3,904,070		3,537,260
GNMA		3.500	%		11/20/54		6,660,494		5,986,499
									28,569,359
SMALL BUSINESS ADMINISTRATION — 0.0% ^(c)
SBA (Prime - 2.65) ^(b)		4.850	%		02/25/32		3,416		3,393

TENNESSEE VALLEY AUTHORITY — 2.4%
TVA		4.250	%		09/15/52		5,000,000		4,214,858
TVA		5.250	%		02/01/55		9,500,000		9,330,864
TVA		4.625	%		09/15/60		6,500,000		5,768,682
TVA		4.250	%		09/15/65		13,000,000		10,654,186
									29,968,590

TOTAL U.S. GOVERNMENT AGENCIES (COST $743,318,142)								$	719,521,643

						Shares		Fair Value
MONEY MARKET FUNDS — 2.5%
First American Government Obligations Fund - Class X, 3.57% ^(f) (COST $30,246,184)							30,246,184	$	30,246,184

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 0.8%
Mount Vernon Liquid Assets Portfolio, LLC, 3.71% ^(f)(g) (COST $10,089,182)							10,089,182	$	10,089,182

INVESTMENT COMPANIES — 0.3%
Impax High Yield Bond Fund - Institutional Class (COST $4,199,236)							530,984	$	3,239,001

TOTAL INVESTMENTS - (COST $1,288,573,853) — 100.3%								$	1,230,981,218
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3%)									(3,132,092	)
NET ASSETS — 100.0%								$	1,227,849,126

(a)	144a security may only be resold to qualified institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. As of June 30, 2026, these securities have a fair value of $113,924,249 or 9.3% of net assets.

(b)

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 2026. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

(c)	Percentage rounds to less than 0.1%.

(d)	All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2026 was $9,824,053 (Note 8).

(e)	Illiquid securities are as follows:

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Impact Capital, Inc., 4.000%, 06/15/28		06/15/23	$	1,200,000	$	1,157,834		0.1	%
Calvert Impact Capital, Inc., 5.000%, 12/15/28		12/15/23		450,000		440,004		0.0	%^(c)
Calvert Impact Capital, Inc., 5.000%, 06/15/29		06/14/24		1,800,000		1,743,719		0.2	%
Calvert Impact Capital, Inc., 4.500%, 12/14/29		12/13/24		550,000		524,438		0.1	%
Calvert Impact Capital, Inc., 4.500%, 06/14/30		06/13/25		1,800,000		1,694,839		0.1	%
Calvert Impact Capital, Inc., 4.500%, 12/13/30		12/15/25		1,000,000		940,935		0.1	%
Calvert Impact Capital, Inc., 4.500%, 06/15/31		06/15/26		2,300,000		2,282,750		0.2	%
Calvert Impact Climate, Inc., 5.500%, 12/15/53		10/13/23		979,002		877,649		0.1	%
Capital Impact Partners Investment, 5.000%, 12/15/26		12/15/23		500,000		500,525		0.0	%^(c)
Local Initiatives Support Corp., 4.100%, 06/15/27		06/15/26		1,560,000		1,557,677		0.1	%
			$	12,139,002	$	11,720,370		1.0	%

(f)	The rate shown is the 7-day effective yield as of June 30, 2026.

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

H15T1Y

— U.S. Treasury yield curve rate for U.S. Treasury note with a constant maturity of 1 year

plc	— Public Liability Company

REIT	— Real Estate Investment Trust

RFUCCT

— Refinitiv USD IBOR Consumer Cash Fallbacks

SOFR	— Secured Overnight Financing Rate

TSFR	— CME Term SOFR

See accompanying notes to financial statements.

Schedule of Investments

Praxis International Index Fund

June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.3%
AUSTRALIA — 3.6%
ANZ Group Holdings Ltd.		40,646	$	991,431
BlueScope Steel Ltd.		21,201		468,680
Brambles Ltd.		133,068		1,795,771
Commonwealth Bank of Australia - ADR ^(a)		4,274		489,202
Commonwealth Bank of Australia		33,189		3,780,413
Computershare Ltd.		20,272		536,586
CSL Ltd. - ADR ^(a)		7,376		147,962
CSL Ltd.		3,640		290,267
Goodman Group		71,175		1,534,897
GPT Group (The)		90,335		304,718
National Australia Bank Ltd.		36,653		961,968
QBE Insurance Group Ltd.		33,550		583,307
Scentre Group		655,700		1,746,930
Sigma Healthcare Ltd.		195,524		372,099
Stockland		219,568		618,863
Transurban Group		375,071		3,727,392
Vicinity Centres		490,871		874,200
Wesfarmers Ltd.		32,429		2,028,469
Westpac Banking Corp.		67,302		1,639,014
Woodside Energy Group Ltd.		57,213		1,105,875
Woolworths Group Ltd.		9,403		259,670
				24,257,714
AUSTRIA — 0.3%
Erste Group Bank AG		5,331		713,080
Verbund AG		6,899		436,961
voestalpine AG		12,072		563,563
				1,713,604
BELGIUM — 0.9%
Ageas S.A.		629		50,298
D’ieteren Group		2,242		437,410
Elia Group S.A. / N.V.		4,796		763,272
KBC Group N.V.		12,677		1,730,452
UCB S.A.		9,252		2,768,191
				5,749,623
BERMUDA — 0.6%
Credicorp Ltd.		9,750		3,798,405
Orient Overseas International Ltd.		34,000		529,913
				4,328,318
BRAZIL — 1.1%
Banco do Brasil S.A. - ADR ^(a)		172,858		677,603
Banco Santander Brasil S.A. - ADR ^(a)		65,143		342,001
MBRF Global Foods Co. S.A. - ADR		1		4
Suzano S.A. - ADR ^(a)		157,997		1,226,057
Telefónica Brasil S.A. - ADR		259,146		3,410,361
TIM S.A. - ADR ^(a)		72,269		1,548,002
				7,204,028
CANADA — 7.1%
Agnico Eagle Mines Ltd.		2,236		346,871
Bank of Montreal		17,350		3,065,745
Bank of Nova Scotia (The) ^(a)		10,199		885,681
Brookfield Corp.		8,766		373,344
Cameco Corp.		7,279		741,439
Canadian Imperial Bank of Commerce ^(a)		25,453		2,927,095
Canadian National Railway Co.		15,841		1,888,881
Canadian Pacific Kansas City Ltd.		16,665		1,444,022

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
CANADA — 7.1%, continued
CGI, Inc. ^(a)		8,100	$	523,017
Dollarama, Inc.		3,089		408,629
Franco-Nevada Corp.		15,119		3,151,404
Gildan Activewear, Inc. ^(a)		18,362		947,479
Manulife Financial Corp.		75,463		3,057,006
National Bank of Canada		15,375		2,427,284
Pembina Pipeline Corp. ^(a)		55,412		2,562,805
RB Global, Inc.		6,407		746,095
Restaurant Brands International, Inc.		11,589		840,318
Royal Bank of Canada		32,879		6,804,967
Shopify, Inc. - Class A ^(b)		16,669		1,903,266
Sun Life Financial, Inc. ^(a)		28,402		2,227,285
Teck Resources Ltd. - Class B ^(a)		42,461		2,524,731
Thomson Reuters Corp. ^(a)		17,592		1,436,739
Toronto-Dominion Bank (The) ^(a)		23,372		2,838,062
Wheaton Precious Metals Corp.		35,850		4,026,672
				48,098,837
CAYMAN ISLANDS — 3.0%
Akeso, Inc. ^(b)		4,000		45,039
Alibaba Group Holding Ltd. - ADR ^(a)		38,652		3,709,819
Baidu, Inc. - ADR ^(a)(b)		5,446		622,423
BeOne Medicines Ltd. - ADR ^(b)		976		278,131
China Resources Mixc Lifestyle Services Ltd.		161,400		756,874
CK Asset Holdings Ltd.		133,000		751,378
ENN Energy Holdings Ltd.		107,400		554,918
Genscript Biotech Corp. ^(b)		244,000		381,241
NetEase, Inc. - ADR ^(a)		6,618		848,030
NIO, Inc. - ADR ^(a)(b)		69,480		351,569
Tencent Holdings Ltd. - ADR		122,850		6,783,777
Tongcheng Travel Holdings Ltd.		69,600		106,514
Trip.com Group Ltd. - ADR ^(a)(b)		19,946		794,649
Vipshop Holdings Ltd. - ADR		21,137		280,277
WuXi Biologics Cayman, Inc. ^(b)		313,500		1,394,313
Xiaomi Corp. - ADR ^(b)		81,437		1,131,974
XPeng, Inc. - ADR ^(a)(b)		27,625		365,755
Yadea Group Holdings Ltd.		494,000		561,903
ZTO Express Cayman, Inc. - ADR		6,629		148,357
				19,866,941
CHILE — 0.4%
Banco de Chile - ADR		24,032		955,512
Banco Santander Chile - ADR		22,594		744,021
Sociedad Quimica y Minera de Chile S.A. - ADR		12,932		957,485
				2,657,018
CHINA — 2.6%
Agricultural Bank of China Ltd. - H Shares		2,216,000		1,511,536
ANTA Sports Products Ltd.		181,200		1,648,869
Bank of China Ltd. - H Shares		3,583,000		2,284,968
BYD Co. Ltd. - ADR ^(a)		35,840		332,237
BYD Co. Ltd. - H Shares		49,500		458,664
China CITIC Bank Corp. Ltd. - H Shares		1,185,000		1,005,950
China Life Insurance Co. Ltd. - H Shares		87,000		297,777
China Merchants Bank Co. Ltd. - H Shares		83,000		476,568
China Minsheng Banking Corp. Ltd. - H Shares		1,287,000		515,853
CMOC Group Ltd. - H Shares		84,000		164,088
COSCO SHIPPING Holdings Co. Ltd. - H Shares		186,000		309,043
Industrial & Commercial Bank of China Ltd. - H Shares		1,755,000		1,441,711

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
CHINA — 2.6%, continued
Jiangsu Expressway Co. Ltd. - H Shares		1,492,000	$	1,744,338
PICC Property & Casualty Co. Ltd. - H Shares		294,000		539,497
Ping An Insurance Group Co. of China Ltd. - H Shares		334,818		2,189,308
Postal Savings Bank of China Co. Ltd. - H Shares		256,000		149,484
Sinopharm Group Co. Ltd. - H Shares		692,400		1,408,769
Weichai Power Co. Ltd. - H Shares		185,000		811,520
Zhejiang Leapmotor Technology Co. Ltd. - H Shares ^(b)		25,800		113,867
				17,404,047
COLOMBIA — 0.6%
Grupo Cibest S.A. - ADR ^(a)		50,160		3,984,209

DENMARK — 0.8%
A.P. Moller-Maersk A/S - Series B		317		753,089
DSV A/S		4,551		1,082,979
Genmab A/S - ADR ^(b)		6,790		186,521
Novo Nordisk A/S - ADR		59,796		2,866,620
Orsted A/S - ADR		1		7
Vestas Wind Systems A/S		28,304		801,422
				5,690,638
FINLAND — 0.4%
Neste OYJ		55,141		1,799,320
Nordea Bank Abp		38,441		728,627
UPM-Kymmene OYJ		14,351		380,189
				2,908,136
FRANCE — 4.7%
Acciona S.A.		2,979		943,284
Accor S.A.		4,739		274,727
Air Liquide S.A. - ADR		4		174
Air Liquide S.A.		17,914		3,545,417
AXA S.A.		33,469		1,676,149
BNP Paribas S.A.		13,821		1,613,271
Bureau Veritas S.A.		16,518		505,636
Canal+ S.A.		46,775		151,946
Capgemini SE		2,481		248,931
Cie Generale des Etablissements Michelin SCA		32,714		1,263,025
Danone S.A. - ADR		15,630		255,394
Danone S.A.		30,905		2,524,672
EssilorLuxottica S.A.		6,450		1,210,432
Eurofins Scientific SE		6,072		474,889
Getlink SE		46,322		984,078
Hermes International SCA		830		1,516,945
Kering S.A.		2,777		785,070
Klepierre S.A.		20,396		851,932
Legrand S.A.		16,032		2,714,971
Louis Hachette Group		46,775		93,354
Publicis Groupe S.A.		12,555		1,240,009
Sartorius Stedim Biotech		1,868		387,113
Schneider Electric SE - ADR		14,445		941,525
Schneider Electric SE		19,026		6,222,221
Societe Generale S.A. - ADR		8,915		158,241
Societe Generale S.A.		12,929		1,143,690
Vivendi SE		1		2
Wendel SE		2,561		240,721
				31,967,819

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
GERMANY — 3.8%
adidas AG - ADR ^(a)		5,158	$	529,056
adidas AG		1,323		271,363
Allianz SE - ADR		76,050		3,583,476
Allianz SE		5,268		2,492,165
Aumovio SE ^(b)		2,165		89,322
Bayerische Motoren Werke AG - ADR		2		44
Commerzbank AG		24,099		1,025,900
Continental AG		4,331		358,163
Covestro AG ^(b)		2,464		168,262
Deutsche Boerse AG		7,737		2,109,054
Deutsche Post AG - ADR		19,942		604,043
Deutsche Post AG		14,726		894,774
Deutsche Telekom AG - ADR		30,009		818,646
Deutsche Telekom AG		25,629		698,355
E.ON SE - ADR		9,923		203,223
E.ON SE		36,677		753,789
Evonik Industries AG		18,750		340,033
Hannover Rueck SE		1,159		320,785
Infineon Technologies AG		10,636		1,001,356
Merck KGaA		5,154		863,544
Muenchener Rueckversicherungs-Gesellschaft AG - ADR ^(a)		94,450		1,057,840
Muenchener Rueckversicherungs-Gesellschaft AG		1,968		1,098,419
SAP SE - ADR ^(a)		16,431		2,532,181
Siemens AG		8,885		2,854,951
Telefonica Deutschland Holding AG ^(b)		124,863		292,302
Vonovia SE		20,203		498,111
				25,459,157
HONG KONG — 2.2%
AAC Technologies Holdings, Inc.		92,000		504,161
AIA Group Ltd. - ADR		31,807		1,163,818
AIA Group Ltd.		57,569		527,059
BYD Electronic International Co. Ltd.		86,500		232,468
China Merchants Port Holdings Co. Ltd.		892,000		1,406,246
Fuyao Glass Industry Group Co. Ltd.		102,800		672,239
Geely Automobile Holdings Ltd.		541,000		1,167,952
Guangdong Investment Ltd.		350,000		346,792
Hong Kong Exchanges & Clearing Ltd.		14,978		696,882
Lenovo Group Ltd.		754,000		2,237,353
Link REIT		580,000		2,706,487
Nongfu Spring Co. Ltd. - H Shares		63,000		319,759
Pop Mart International Group Ltd.		23,200		459,444
Sino Land Co. Ltd.		482,000		633,079
Sun Hung Kai Properties Ltd.		120,500		1,734,400
				14,808,139
INDIA — 2.9%
HDFC Bank Ltd. - ADR		183,554		4,741,200
ICICI Bank Ltd. - ADR		245,727		7,133,455
Infosys Ltd. - ADR ^(a)		292,190		3,065,073
Wipro Ltd. - ADR ^(a)		2,154,405		4,847,411
				19,787,139
INDONESIA — 0.3%
Bank Central Asia Tbk PT - ADR ^(a)		31,159		241,483
Bank Mandiri Persero Tbk PT - ADR		99,559		854,216
Telkom Indonesia Persero Tbk PT - ADR		81,761		1,098,050
				2,193,749

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
IRELAND — 0.4%
AIB Group plc		100,681	$	1,182,572
CRH plc		11,121		1,189,947
Smurfit WestRock plc ^(a)		10,065		465,607
				2,838,126
ISRAEL — 0.2%
Check Point Software Technologies Ltd. ^(b)		2,999		394,159
ICL Group Ltd. ^(a)		148,461		739,336
Nice Ltd. - ADR ^(a)(b)		2,297		208,682
				1,342,177
ITALY — 3.0%
Enel S.p.A.		63,194		724,443
Generali		24,438		1,190,739
Intesa Sanpaolo S.p.A. - ADR		2,566		105,796
Intesa Sanpaolo S.p.A.		455,983		3,132,302
Mediobanca Banca di Credito Finanziario S.p.A.		49,451		1,475,407
Moncler S.p.A.		10,592		616,072
Poste Italiane S.p.A.		51,414		1,681,991
Prysmian S.p.A. - ADR		2,358		197,789
Prysmian S.p.A.		8,622		1,450,621
Snam S.p.A.		250,989		1,810,879
Terna - Rete Elettrica Nazionale S.p.A.		263,787		3,078,490
UniCredit S.p.A.		49,517		4,435,103
				19,899,632
JAPAN — 14.9%
Advantest Corp.		19,200		3,950,253
Aeon Co. Ltd.		59,400		491,280
Ajinomoto Co., Inc.		9,900		360,970
Asahi Kasei Corp.		8,500		94,544
Asics Corp.		18,300		497,770
Astellas Pharma, Inc.		60,700		812,019
Bandai Namco Holdings, Inc.		10,100		234,145
Bridgestone Corp.		114,112		2,406,284
Brother Industries Ltd.		29,100		662,033
Canon, Inc.		9,300		238,193
Chugai Pharmaceutical Co. Ltd.		15,200		702,184
Dai Nippon Printing Co. Ltd.		122,636		2,250,336
Daifuku Co. Ltd.		17,400		770,873
Dai-ichi Life Holdings, Inc.		65,384		713,960
Daiichi Sankyo Co. Ltd.		38,130		613,182
Daiwa House Industry Co. Ltd.		24,700		669,334
Daiwa Securities Group, Inc.		81,800		811,326
Denso Corp.		14,200		163,510
Disco Corp.		2,500		1,300,673
ENEOS Holdings, Inc.		137,900		1,020,856
FANUC Corp.		19,900		916,380
Fast Retailing Co. Ltd.		5,100		2,613,133
FUJIFILM Holdings Corp. - ADR ^(a)		15,104		161,462
FUJIFILM Holdings Corp.		5,600		119,811
Fujikura Ltd.		44,400		1,760,218
Fujitsu Ltd.		48,680		967,337
Honda Motor Co. Ltd.		23,400		210,796
Hoya Corp. - ADR		1,273		205,208
Hoya Corp.		6,861		1,106,764
Ibiden Co. Ltd.		23,000		3,472,805
Inpex Corp.		41,000		827,363
KDDI Corp. - ADR		43,814		737,828

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
JAPAN — 14.9%, continued
Keyence Corp.		4,500	$	2,274,847
Kubota Corp.		93,100		1,557,900
Kyocera Corp.		28,900		640,989
Lasertec Corp.		400		127,064
Mitsubishi Corp.		66,600		1,781,816
Mitsubishi Estate Co. Ltd.		36,400		928,306
Mitsubishi UFJ Financial Group, Inc. - ADR ^(a)		5,599		111,364
Mitsubishi UFJ Financial Group, Inc.		275,109		5,481,349
Mitsui OSK Lines Ltd.		6,300		201,831
Mizuho Financial Group, Inc.		32,700		1,570,648
MS&AD Insurance Group Holdings, Inc.		31,500		816,534
Murata Manufacturing Co. Ltd.		80,100		5,750,352
NEC Corp.		42,500		1,026,117
Nidec Corp. ^(b)		10,700		175,885
Nintendo Co. Ltd. - ADR		96,172		1,007,883
Nintendo Co. Ltd.		3,000		126,129
Nippon Prologis REIT, Inc.		357		190,677
Nippon Yusen KK		9,300		300,823
Nomura Holdings, Inc.		126,200		1,108,102
Nomura Real Estate Holdings, Inc.		56,000		322,746
Nomura Real Estate Master Fund, Inc.		271		253,259
Nomura Research Institute Ltd.		10,900		305,809
ORIX Corp.		16,800		639,981
Otsuka Holdings Co. Ltd.		4,100		272,911
Pan Pacific International Holdings Corp.		106,500		539,836
Panasonic Holdings Corp. - ADR ^(a)		10,264		287,597
Panasonic Holdings Corp.		6,200		174,439
PDD Holdings, Inc. - ADR ^(b)		8,211		626,335
Recruit Holdings Co. Ltd - ADR		4		56
Recruit Holdings Co. Ltd.		39,450		2,745,076
Resona Holdings, Inc.		85,600		1,116,132
Ricoh Co. Ltd.		40,800		355,501
SCREEN Holdings Co. Ltd.		1,000		112,184
Sekisui House Ltd.		80,500		1,673,679
Seven & i Holdings Co. Ltd.		52,200		626,044
Shimadzu Corp.		19,900		507,574
Shimano, Inc. - ADR ^(a)		7,530		80,195
Shimano, Inc.		4,400		469,337
Shin-Etsu Chemical Co. Ltd.		17,000		741,072
Shionogi & Co. Ltd.		44,700		763,819
SoftBank Group Corp. - ADR		1,688		31,768
SoftBank Group Corp.		57,400		2,129,299
Sompo Holdings, Inc.		15,100		573,692
Sony Financial Group, Inc. - ADR ^(a)		20,338		88,267
Sony Group Corp. - ADR ^(a)		117,916		2,365,395
Sony Group Corp.		10,000		201,254
Sumitomo Electric Industries Ltd.		68,800		1,276,817
Sumitomo Mitsui Financial Group, Inc. - ADR ^(a)		88,295		2,081,996
Sumitomo Mitsui Financial Group, Inc.		39,600		1,552,388
Sumitomo Mitsui Trust Group, Inc.		39,200		1,463,826
Sysmex Corp.		38,300		344,567
Taisei Corp.		4,000		354,114
Takeda Pharmaceutical Co. Ltd.		32,800		1,045,559
TDK Corp.		79,900		1,792,625
Terumo Corp.		21,944		299,721
Tokio Marine Holdings, Inc.		53,500		2,352,491
Tokyo Electron Ltd. - ADR ^(a)		3,728		905,941
Tokyo Electron Ltd.		7,300		3,539,675

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
JAPAN — 14.9%, continued
TOPPAN Holdings, Inc.		30,000	$	951,299
Toray Industries, Inc.		104,200		729,933
Toyota Motor Corp. - ADR		15,291		2,575,310
USS Co. Ltd.		90,440		1,062,383
Yamaha Motor Co. Ltd.		216,400		1,643,284
Yokogawa Electric Corp.		36,800		1,293,357
				100,309,989
JERSEY — 0.2%
Experian plc		38,018		1,281,313

MEXICO — 1.1%
America Movil S.A.B. de C.V. - ADR		23,886		620,797
Cemex S.A.B. de C.V. - ADR		49,154		589,848
Coca-Cola Femsa S.A.B. de C.V. - ADR ^(a)		6,523		693,069
Fomento Economico Mexicano S.A.B. de C.V. - ADR ^(a)		13,198		1,688,024
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR		3,877		981,501
Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR ^(a)		3,153		967,025
Grupo Financiero Banorte S.A.B. de C.V. - ADR		14,433		760,475
Wal-Mart de Mexico S.A.B. de C.V. - ADR		31,235		918,622
				7,219,361
NETHERLANDS — 2.8%
Akzo Nobel N.V. - ADR		2		45
Argenx SE - ADR ^(a)(b)		1,526		1,415,777
ASM International N.V. - ADR ^(a)		199		228,623
ASM International N.V.		1,134		1,303,330
ASML Holding N.V. - ADR		7,034		13,993,721
Ferrovial SE		3,335		228,814
Havas N.V.		4,677		91,255
Koninklijke Ahold Delhaize N.V.		3,492		140,526
Magnum Ice Cream Co. N.V. (The) ^(a)(b)		5,885		102,458
Prosus N.V.		23,786		1,032,994
Stellantis N.V. ^(b)		21,320		121,743
STMicroelectronics N.V.		538		40,291
Universal Music Group N.V. - ADR		28,640		299,002
				18,998,579
NEW ZEALAND — 0.0% ^(c)
Auckland International Airport Ltd.		57,418		272,456

NORWAY — 1.0%
Aker BP ASA		66,958		2,043,001
DNB Bank ASA		30,272		901,327
Equinor ASA - ADR ^(a)		30,879		969,601
Norsk Hydro ASA		254,823		2,305,994
Yara International ASA		14,637		643,747
				6,863,670
PHILIPPINES — 0.0% ^(c)
PLDT, Inc. - ADR		11,303		198,028

PORTUGAL — 0.2%
Galp Energia SGPS S.A.		67,137		1,422,078
Jeronimo Martins SGPS S.A.		4,825		92,356
				1,514,434

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
SINGAPORE — 1.6%
BOC Aviation Ltd.		278,100	$	2,891,562
CapitaLand Ascendas REIT		114,000		219,571
CapitaLand Integrated Commercial Trust		1,712,512		3,142,737
CapitaLand Investment Ltd.		378,700		729,944
City Developments Ltd.		152,800		919,429
DBS Group Holdings Ltd. - ADR		12,531		2,542,415
Singapore Telecommunications Ltd.		145,900		498,151
				10,943,809
SOUTH AFRICA — 1.6%
Bid Corp. Ltd.		60,976		1,662,478
FirstRand Ltd.		265,164		1,576,079
Mr Price Group Ltd.		70,832		778,930
MTN Group Ltd.		49,082		683,564
Naspers Ltd. - Class N - ADR ^(a)		150,275		1,496,739
Reinet Investments SCA		16,974		470,059
Standard Bank Group Ltd.		186,903		3,689,430
Valterra Platinum Ltd.		4,127		278,053
				10,635,332
SOUTH KOREA — 8.8%
Celltrion, Inc.		8,963		1,011,188
KB Financial Group, Inc. - ADR ^(a)		20,550		2,156,928
KB Financial Group, Inc.		3,184		329,977
KT Corp. - ADR		39,515		682,819
LG Chem Ltd.		4,745		871,222
LG Display Co. Ltd. - ADR ^(b)		1		4
NAVER Corp.		10,156		1,319,925
POSCO Holdings, Inc. - ADR ^(a)		2		103
POSCO Holdings, Inc.		5,338		1,104,617
Samsung Electronics Co. Ltd.		115,648		25,703,781
Shinhan Financial Group Co. Ltd. - ADR		10,792		682,594
Shinhan Financial Group Co. Ltd.		15,559		977,133
SK Hynix, Inc.		12,374		21,870,518
SK Telecom Co. Ltd. - ADR ^(a)		15,215		489,314
Woori Financial Group, Inc. - ADR ^(a)		34,279		1,967,615
				59,167,738
SPAIN — 2.9%
Aena S.M.E. S.A.		55,250		1,682,646
Amadeus IT Group S.A.		7,348		429,620
Banco Bilbao Vizcaya Argentaria S.A. - ADR		24,792		621,288
Banco Bilbao Vizcaya Argentaria S.A.		37,106		933,674
Banco Santander S.A. - ADR ^(a)		81,368		1,122,878
Banco Santander S.A.		51,429		713,417
CaixaBank S.A.		173,802		2,461,041
EDP Renovaveis S.A.		45,981		742,370
Iberdrola S.A.		112,778		2,805,384
Industria de Diseno Textil S.A.		39,262		2,473,354
International Consolidated Airlines Group S.A.		68,747		435,104
Naturgy Energy Group S.A.		12,657		396,496
Repsol S.A.		170,518		4,257,878
Telefónica S.A.		92,766		372,597
				19,447,747
SWEDEN — 1.6%
Atlas Copco AB - A Shares		46,116		934,792
Atlas Copco AB - Class A - ADR		5,893		120,158
Boliden AB		39,793		2,248,605

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
SWEDEN — 1.6%, continued
Epiroc AB - Class A		21,893	$	600,716
Industrivarden AB - A Shares		23,389		1,312,310
Investor AB - B Shares		79,865		3,318,718
Securitas AB - B Shares		19,191		315,190
SKF AB - B Shares		15,859		407,396
Telefonaktiebolaget LM Ericsson - ADR ^(a)		53,110		592,177
Telefonaktiebolaget LM Ericsson - B Shares		76,365		856,471
				10,706,533
SWITZERLAND — 5.0%
ABB Ltd. - ADR		58,667		6,377,103
ABB Ltd.		5,783		629,094
Accelleron Industries AG		1,953		198,249
Alcon, Inc. ^(a)		1,865		125,141
Amrize Ltd.		8,532		450,836
Coca-Cola HBC AG ^(b)		5,321		346,846
Galderma Group AG		3,102		705,569
Geberit AG		1,595		1,064,410
Givaudan S.A.		208		879,823
Holcim Ltd.		9,064		817,265
Julius Baer Group Ltd.		9,346		807,524
Logitech International S.A. ^(a)		4,776		449,135
Lonza Group AG		2,065		1,393,110
Nestlé S.A. - ADR		33,581		3,448,433
Nestlé S.A.		19,553		2,005,531
Roche Holding AG - ADR ^(a)		74,928		3,847,553
Roche Holding AG		1,846		758,894
Schindler Holding AG		829		263,538
Swiss Life Holding AG		1,691		1,858,933
Swiss Re AG		9,611		1,527,724
UBS Group AG		39,428		1,954,169
UBS Group AG ^(a)		23,238		1,151,675
Zurich Insurance Group AG - ADR		53,580		1,981,442
Zurich Insurance Group AG		492		363,913
				33,405,910
TAIWAN — 9.6%
ASE Technology Holding Co. Ltd. - ADR ^(a)		206,276		9,307,173
AUO Corp. - ADR		66,947		686,876
Chunghwa Telecom Co. Ltd. - ADR ^(a)		161,828		7,162,507
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		85,174		40,676,547
United Microelectronics Corp. - ADR ^(a)		240,575		6,546,046
				64,379,149
TURKEY — 0.2%
Turkcell Iletisim Hizmetleri A.S. - ADR ^(a)		235,845		1,386,769

UNITED KINGDOM — 7.6%
3i Group plc		68,813		2,262,786
Anglo American plc		16,527		810,671
Antofagasta plc		39,339		1,996,530
AstraZeneca plc		27,124		5,143,253
Aviva plc		75,450		650,499
Burberry Group plc ^(b)		26,668		376,738
Coca-Cola Europacific Partners plc ^(a)		21,706		2,172,119
Compass Group plc		35,682		1,152,862
GSK plc - ADR		48,475		2,541,060
GSK plc		17,282		453,692

	Shares		Fair Value
COMMON STOCKS — 98.3%, continued
UNITED KINGDOM — 7.6%, continued
Haleon plc - ADR ^(a)		114,886	$	1,071,886
Halma plc - ADR		618		65,934
Halma plc		22,626		1,182,596
HSBC Holdings plc - ADR ^(a)		52,192		4,962,937
HSBC Holdings plc		27,340		516,968
Informa plc		135,110		1,620,952
J Sainsbury plc		86,209		365,828
Kingfisher plc		105,733		396,983
Land Securities Group plc		38,604		332,316
Legal & General Group plc		110,502		418,944
Lloyds Banking Group plc		437,921		640,894
London Stock Exchange Group plc		10,296		1,113,131
National Grid plc - ADR		35,876		2,973,044
NatWest Group plc		148,065		1,306,487
PEARSON plc - ADR ^(a)		114,298		1,816,195
PEARSON plc		24,794		394,001
Phoenix Group Holdings plc		64,790		716,206
Reckitt Benckiser Group plc - ADR		19,632		257,376
Reckitt Benckiser Group plc		9,096		592,441
RELX plc - ADR ^(a)		8,678		274,832
RELX plc		68,571		2,167,123
Rentokil Initial plc		26,851		152,697
Sage Group plc (The) - ADR		2,320		100,350
Sage Group plc (The)		14,027		152,176
Segro plc		103,617		1,201,992
Sunbelt Rentals Holdings, Inc. ^(b)		15,878		1,158,247
Tesco plc - ADR		293		5,385
Tesco plc		162,457		990,331
Unilever plc - ADR		57,358		3,448,363
United Utilities Group plc		144,298		2,503,803
Vodafone Group plc - ADR		30,290		400,585
Vodafone Group plc		399,124		528,253
				51,389,466
UNITED STATES — 0.3%
Palo Alto Networks, Inc. ^(b)		5,153		1,757,276

TOTAL COMMON STOCKS (COST $331,651,970)			$	662,036,610

PREFERRED STOCKS — 0.2%
BRAZIL — 0.2%
Itau Unibanco Holding S.A. - ADR (COST $1,081,579)		145,627	$	1,189,773

	Coupon			Maturity		Par Value		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Impact Capital, Inc. ^(d)		4.000	%		06/15/28	$	620,000	$	598,214
Calvert Impact Capital, Inc. ^(d)		5.000	%		12/15/28		200,000		195,557
Calvert Impact Capital, Inc. ^(d)		5.000	%		06/15/29		880,000		852,485
Calvert Impact Capital, Inc. ^(d)		4.500	%		12/14/29		180,000		171,634
Calvert Impact Capital, Inc. ^(d)		4.500	%		06/14/30		830,000		781,509

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis International Index Fund
June 30, 2026 (unaudited)

	Coupon			Maturity		Par Value		Fair Value
CORPORATE NOTES — 0.9%, continued
COMMUNITY DEVELOPMENT — 0.9%, continued
Calvert Impact Capital, Inc. ^(d)		4.500	%		12/13/30	$	530,000	$	498,696
Calvert Impact Capital, Inc. ^(d)		4.500	%		06/15/31		1,400,000		1,389,500
Capital Impact Partners Investment ^(d)		5.000	%		12/15/26		300,000		300,315
Local Initiatives Support Corp. ^(d)		4.100	%		06/15/27		1,000,000		998,511
TOTAL CORPORATE NOTES (COST $5,940,000)								$	5,786,421

	Shares		Fair Value
MONEY MARKET FUNDS — 0.2%
First American Government Obligations Fund - Class X, 3.57% ^(e) (COST $1,722,694)		1,722,694	$	1,722,694

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 12.4%
Mount Vernon Liquid Assets Portfolio, LLC, 3.71% ^(e)(f) (COST $83,628,886)		83,628,886	$	83,628,886

TOTAL INVESTMENTS - (COST $424,025,129) — 112.0%			$	754,364,384
LIABILITES IN EXCESS OF OTHER ASSETS — (12.0%)				(80,728,882	)
NET ASSETS — 100.0%			$	673,635,502

(a)	All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2026 was $81,935,334 (Note 8).

(b)	Non-income producing security.

(c)	Percentage rounds to less than 0.1%.

(d)	Illiquid securities are as follows:

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Impact Capital, Inc., 4.000%, 06/15/28		06/15/23	$	620,000	$	598,214		0.1	%
Calvert Impact Capital, Inc., 5.000%, 12/15/28		12/15/23		200,000		195,557		0.0	%^(c)
Calvert Impact Capital, Inc., 5.000%, 06/15/29		06/14/24		880,000		852,485		0.1	%
Calvert Impact Capital, Inc., 4.500%, 12/14/29		12/13/24		180,000		171,634		0.0	%^(c)
Calvert Impact Capital, Inc., 4.500%, 06/14/30		06/13/25		830,000		781,509		0.1	%
Calvert Impact Capital, Inc., 4.500%, 12/13/30		12/15/25		530,000		498,696		0.1	%
Calvert Impact Capital, Inc., 4.500%, 06/15/31		06/15/26		1,400,000		1,389,500		0.2	%
Capital Impact Partners Investment, 5.000%, 12/15/26		12/15/23		300,000		300,315		0.1	%
Local Initiatives Support Corp., 4.100%, 06/15/27		06/15/26		1,000,000		998,511		0.2	%
			$	5,940,000	$	5,786,421		0.9	%

(e)	The rate shown is the 7-day effective yield as of June 30, 2026.

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

ADR	— American Depositary Receipt

plc	— Public Liability Company

REIT	— Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Investments

Praxis Value Index Fund

June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.7%
AEROSPACE & DEFENSE — 0.7%
HEICO Corp.		4,380	$	1,560,112
HEICO Corp. - Class A ^(a)		7,929		2,044,969
Howmet Aerospace, Inc.		1,620		435,553
				4,040,634
APPAREL & TEXTILE PRODUCTS — 0.2%
NIKE, Inc. - Class B		22,773		934,832

ASSET MANAGEMENT — 1.2%
Ameriprise Financial, Inc. ^(a)		1,540		706,490
BlackRock, Inc.		3,332		3,203,918
Charles Schwab Corp. (The)		35,800		3,303,266
Raymond James Financial, Inc.		2,691		409,113
				7,622,787
AUTOMOTIVE — 0.6%
Ford Motor Co.		123,775		1,720,473
General Motors Co.		22,152		1,707,476
Tesla, Inc. ^(b)		1,010		424,806
				3,852,755
BANKING — 9.4%
Bank of America Corp.		173,310		9,875,204
Citigroup, Inc.		50,406		7,054,824
Citizens Financial Group, Inc.		12,820		898,297
Fifth Third Bancorp		18,470		1,041,154
Huntington Bancshares, Inc.		48,680		863,096
JPMorgan Chase & Co.		71,665		23,458,105
KeyCorp		36,140		833,027
M&T Bank Corp. ^(a)		8,184		1,947,874
PNC Financial Services Group, Inc. (The)		11,121		2,738,213
Regions Financial Corp.		36,930		1,115,286
Truist Financial Corp.		47,920		2,387,374
U.S. Bancorp		34,100		2,059,640
Wells Fargo & Co.		39,424		3,257,999
				57,530,093
BEVERAGES — 2.4%
Coca-Cola Co. (The)		105,220		8,551,229
Keurig Dr Pepper, Inc. ^(a)		52,513		1,718,751
Monster Beverage Corp. ^(b)		4,669		448,784
PepsiCo, Inc.		30,968		4,193,067
				14,911,831
BIOTECH & PHARMA — 8.0%
AbbVie, Inc.		47,045		11,838,404
Amgen, Inc.		12,830		4,646,000
Biogen, Inc. ^(b)		3,450		745,407
Bristol-Myers Squibb Co.		41,770		2,406,787
Eli Lilly & Co.		500		599,715
Gilead Sciences, Inc.		34,790		4,395,369
Johnson & Johnson		59,055		14,998,198
Merck & Co., Inc.		63,063		8,103,596
Regeneron Pharmaceuticals, Inc.		1,310		816,837
Vertex Pharmaceuticals, Inc. ^(b)		995		494,246
Zoetis, Inc.		3,822		274,649
				49,319,208
CABLE & SATELLITE — 0.2%
Comcast Corp. - Class A		43,246		1,061,689

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
CHEMICALS — 1.8%
Air Products & Chemicals, Inc.		3,870	$	1,134,607
Dow, Inc.		21,902		599,239
Ecolab, Inc. ^(a)		2,840		791,252
International Flavors & Fragrances, Inc.		7,621		603,736
Linde plc		9,600		4,981,824
LyondellBasell Industries N.V. - Class A		50,642		2,666,301
				10,776,959
COMMERCIAL SUPPORT SERVICES — 1.6%
Republic Services, Inc.		22,948		4,889,760
Rollins, Inc.		6,544		273,146
Waste Connections, Inc.		4,706		784,443
Waste Management, Inc.		18,312		4,081,379
				10,028,728
CONSTRUCTION MATERIALS — 0.4%
CRH plc		15,980		1,709,860
Martin Marietta Materials, Inc.		760		438,292
				2,148,152
CONTAINERS & PACKAGING — 0.2%
International Paper Co.		21,329		812,635
Packaging Corp. of America		2,530		602,848
				1,415,483
DIVERSIFIED INDUSTRIALS — 1.5%
Dover Corp.		6,723		1,507,835
Emerson Electric Co.		19,394		2,776,251
Illinois Tool Works, Inc.		19,211		5,195,999
				9,480,085
E-COMMERCE DISCRETIONARY — 0.3%
Amazon.com, Inc. ^(b)		2,544		606,337
eBay, Inc.		12,910		1,442,692
				2,049,029
ELECTRIC UTILITIES — 4.0%
American Electric Power Co., Inc.		11,980		1,638,984
CenterPoint Energy, Inc. ^(a)		10,020		441,281
Consolidated Edison, Inc.		10,621		1,175,001
Dominion Energy, Inc.		17,170		1,172,539
DTE Energy Co.		4,300		655,191
Duke Energy Corp.		30,409		3,849,171
Edison International		14,514		1,080,567
Entergy Corp.		8,670		995,836
Eversource Energy		6,247		451,471
Exelon Corp.		19,100		890,442
FirstEnergy Corp.		8,440		401,238
NextEra Energy, Inc. ^(a)		48,316		4,240,695
PPL Corp.		22,540		819,329
Sempra		22,746		2,108,782
Southern Co. (The)		34,801		3,330,804
WEC Energy Group, Inc. ^(a)		4,050		472,918
Xcel Energy, Inc.		9,014		723,824
				24,448,073
ELECTRICAL EQUIPMENT — 4.1%
AMETEK, Inc.		7,484		1,810,679
Carrier Global Corp.		21,394		1,569,250
Fortive Corp.		20,275		1,238,600
GE Vernova, Inc.		413		485,217
Hubbell, Inc.		1,176		615,283
Johnson Controls International plc		31,287		4,571,343

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
ELECTRICAL EQUIPMENT — 4.1%, continued
Keysight Technologies, Inc. ^(b)		4,869	$	1,704,491
Otis Worldwide Corp.		7,692		550,747
Rockwell Automation, Inc.		9,390		4,648,801
TE Connectivity plc		12,870		2,594,721
Trane Technologies plc		10,350		5,083,506
				24,872,638
ENTERTAINMENT CONTENT — 1.0%
Electronic Arts, Inc.		4,550		932,932
Fox Corp. - Class B		8,540		400,014
Walt Disney Co. (The)		34,533		3,323,801
Warner Bros. Discovery, Inc. ^(b)		54,292		1,447,425
				6,104,172
FOOD — 0.9%
Hershey Co. (The)		3,228		566,353
Kraft Heinz Co. (The)		24,698		583,367
McCormick & Co., Inc. ^(a)		12,799		645,325
Mondelez International, Inc. - Class A		60,063		3,474,044
Tyson Foods, Inc. - Class A ^(a)		9,139		523,208
				5,792,297
GAS & WATER UTILITIES — 0.3%
American Water Works Co., Inc.		15,103		1,987,253

HEALTH CARE FACILITIES & SERVICES — 3.4%
Cardinal Health, Inc.		12,030		2,857,847
Cencora, Inc.		5,450		1,542,241
Centene Corp. ^(b)		19,423		1,246,762
Cigna Group (The)		8,089		2,229,976
CVS Health Corp.		31,342		3,242,330
Elevance Health, Inc.		4,820		1,864,039
Humana, Inc.		2,765		1,098,313
IQVIA Holdings, Inc. ^(b)		2,589		500,247
Labcorp Holdings, Inc.		4,820		1,349,600
McKesson Corp.		3,834		2,896,970
Quest Diagnostics, Inc.		8,530		1,807,933
				20,636,258
HOME CONSTRUCTION — 0.2%
D.R. Horton, Inc.		2,776		452,155
Lennar Corp. - Class A		3,415		309,024
PulteGroup, Inc.		4,530		621,561
				1,382,740
HOUSEHOLD PRODUCTS — 2.5%
Church & Dwight Co., Inc. ^(a)		10,045		973,159
Colgate-Palmolive Co.		29,331		2,689,066
Kenvue, Inc.		49,916		953,895
Procter & Gamble Co. (The)		72,997		10,704,280
				15,320,400
INDUSTRIAL SUPPORT SERVICES — 0.7%
Fastenal Co.		13,360		641,681
Ferguson Enterprises, Inc.		3,720		882,867
United Rentals, Inc.		1,120		1,268,837
W.W. Grainger, Inc.		870		1,183,548
				3,976,933
INSTITUTIONAL FINANCIAL SERVICES — 4.6%
Bank of New York Mellon Corp. (The)		32,984		4,769,816
CME Group, Inc.		8,040		1,775,473
Goldman Sachs Group, Inc. (The)		8,730		8,829,260

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
INSTITUTIONAL FINANCIAL SERVICES — 4.6%, continued
Intercontinental Exchange, Inc.		16,126	$	1,985,272
Morgan Stanley		32,291		6,750,111
Nasdaq, Inc.		7,520		592,727
Northern Trust Corp.		10,217		1,776,123
State Street Corp.		8,990		1,524,704
				28,003,486
INSURANCE — 5.8%
Aflac, Inc.		21,650		2,538,462
Allstate Corp. (The)		12,509		2,976,391
American International Group, Inc.		19,777		1,473,980
Aon plc - Class A		1,090		361,542
Arch Capital Group Ltd. ^(b)		11,250		1,091,925
Arthur J. Gallagher & Co.		4,261		978,198
Berkley (W.R.) Corp. ^(a)		14,737		1,039,401
Brown & Brown, Inc.		14,532		932,228
Chubb Ltd.		12,990		4,426,213
Cincinnati Financial Corp. ^(a)		8,657		1,602,757
Hartford Insurance Group, Inc. (The)		10,830		1,435,192
Loews Corp.		5,440		615,862
Markel Group, Inc. ^(b)		853		1,665,918
Marsh & McLennan Cos., Inc.		12,791		2,131,876
MetLife, Inc.		23,723		2,007,203
Principal Financial Group, Inc.		9,570		1,031,455
Progressive Corp. (The)		17,321		3,783,772
Prudential Financial, Inc.		13,740		1,482,958
Travelers Cos., Inc. (The)		10,733		3,543,178
Willis Towers Watson plc		2,325		607,685
				35,726,196
INTERNET MEDIA & SERVICES — 0.6%
Alphabet, Inc. - Class C		3,320		1,173,056
Booking Holdings, Inc.		3,075		548,088
Meta Platforms, Inc. - Class A		660		371,771
Netflix, Inc. ^(b)		6,596		470,954
Uber Technologies, Inc. ^(b)		15,706		1,133,345
				3,697,214
LEISURE FACILITIES & SERVICES — 0.6%
Carnival Corp Ltd.		18,750		535,687
Chipotle Mexican Grill, Inc. ^(b)		9,269		315,146
McDonald’s Corp.		5,076		1,372,094
Royal Caribbean Cruises Ltd. ^(a)		2,400		762,072
Starbucks Corp.		7,156		731,272
				3,716,271
LEISURE PRODUCTS — 0.1%
Axon Enterprise, Inc. ^(b)		1,034		579,671

MACHINERY — 1.4%
Deere & Co.		8,287		5,256,693
Ingersoll-Rand, Inc. ^(a)		11,800		967,482
Veralto Corp. ^(a)		5,569		493,859
Xylem, Inc.		14,930		1,764,875
				8,482,909
MEDICAL EQUIPMENT & DEVICES — 4.0%
Abbott Laboratories ^(a)		52,064		4,724,287
Becton, Dickinson and Co. ^(a)		3,317		501,962
Boston Scientific Corp. ^(b)		27,936		1,192,309
Danaher Corp.		16,893		3,217,779

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
MEDICAL EQUIPMENT & DEVICES — 4.0%, continued
Edwards Lifesciences Corp. ^(a)(b)		17,190	$	1,555,007
GE HealthCare Technologies, Inc.		7,429		475,530
Intuitive Surgical, Inc. ^(b)		1,510		600,497
Medline, Inc. - Class A ^(a)(b)		28,161		1,110,670
Medtronic plc		37,569		2,939,023
Stryker Corp.		4,431		1,395,056
Thermo Fisher Scientific, Inc.		12,517		6,275,523
Waters Corp. ^(b)		2,130		798,835
				24,786,478
METALS & MINING — 0.6%
Newmont Corp.		38,112		3,559,661

OIL & GAS PRODUCERS — 5.6%
ConocoPhillips		80,739		8,393,627
Devon Energy Corp.		51,338		2,121,286
Diamondback Energy, Inc.		6,599		1,159,972
EOG Resources, Inc.		41,601		5,396,898
EQT Corp. ^(a)		9,199		489,111
Kinder Morgan, Inc.		138,140		4,416,336
Marathon Petroleum Corp.		12,708		3,249,054
ONEOK, Inc. ^(a)		19,710		1,713,587
Phillips 66		25,043		4,233,519
Williams Cos., Inc. (The)		43,780		3,254,605
				34,427,995
OIL & GAS SERVICES & EQUIPMENT — 1.0%
Baker Hughes Co. ^(a)		54,184		3,007,212
SLB Ltd. ^(a)		64,581		3,002,371
				6,009,583
PUBLISHING & BROADCASTING — 0.1%
TKO Group Holdings, Inc.		2,141		431,005

REAL ESTATE SERVICES — 0.2%
CBRE Group, Inc. - Class A ^(b)		7,370		992,665

REITS — 1.9%
American Tower Corp.		6,751		1,104,261
Crown Castle, Inc. ^(a)		13,216		1,000,848
Digital Realty Trust, Inc.		6,060		1,088,255
Iron Mountain, Inc.		12,047		1,521,657
Prologis, Inc.		19,841		2,687,860
Public Storage ^(a)		1,300		413,803
Realty Income Corp. ^(a)		10,720		664,211
Simon Property Group, Inc.		7,319		1,636,894
Ventas, Inc.		9,610		853,368
Welltower, Inc.		2,990		678,640
				11,649,797
RENEWABLE ENERGY — 0.1%
First Solar, Inc. ^(a)(b)		2,655		626,474

RETAIL - CONSUMER STAPLES — 2.7%
Costco Wholesale Corp.		1,230		1,150,628
Dollar General Corp.		3,717		427,864
Dollar Tree, Inc. ^(b)		4,360		527,342
Kroger Co. (The)		20,514		1,139,142
Target Corp.		4,974		649,654
Walmart, Inc.		114,080		12,920,701
				16,815,331

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
RETAIL - DISCRETIONARY — 2.3%
AutoZone, Inc. ^(b)		156	$	498,566
Home Depot, Inc. (The)		27,250		9,610,530
Lowe’s Cos., Inc.		12,570		2,771,559
O’Reilly Automotive, Inc. ^(b)		3,341		307,673
Ross Stores, Inc.		1,881		400,371
Tractor Supply Co.		9,926		313,761
				13,902,460
SEMICONDUCTORS — 8.7%
Advanced Micro Devices, Inc. ^(b)		1,679		975,348
Applied Materials, Inc.		9,057		6,548,211
Broadcom, Inc.		3,344		1,263,196
Intel Corp. ^(b)		44,474		6,209,905
Microchip Technology, Inc.		4,170		380,304
Micron Technology, Inc.		25,211		29,100,805
NVIDIA Corp.		2,705		541,243
ON Semiconductor Corp. ^(b)		6,327		598,155
QUALCOMM, Inc.		22,679		4,190,852
Texas Instruments, Inc.		12,214		3,640,627
				53,448,646
SOFTWARE — 1.7%
Adobe, Inc. ^(b)		3,147		645,198
Intuit, Inc.		3,293		859,473
Microsoft Corp.		7,740		2,887,175
Roper Technologies, Inc. ^(a)		7,093		2,400,200
Salesforce, Inc.		15,272		2,392,512
Strategy, Inc. - Class A ^(a)(b)		7,485		650,671
Veeva Systems, Inc. - Class A ^(b)		1,907		338,435
Zoom Communications, Inc. ^(a)(b)		6,324		545,824
				10,719,488
SPECIALTY FINANCE — 1.2%
American Express Co.		9,744		3,295,908
Capital One Financial Corp.		15,730		3,155,753
Synchrony Financial		9,950		756,697
				7,208,358
STEEL — 0.3%
Nucor Corp. ^(a)		6,410		1,427,827
Steel Dynamics, Inc. ^(a)		3,010		690,675
				2,118,502
TECHNOLOGY HARDWARE — 3.5%
Apple, Inc.		2,772		802,106
Arista Networks, Inc. ^(b)		2,770		470,568
Cisco Systems, Inc.		98,040		11,515,778
Corning, Inc.		11,542		2,948,173
Dell Technologies, Inc. - Class C		7,264		3,134,126
Hewlett Packard Enterprise Co.		30,160		1,360,518
HP, Inc. ^(a)		14,431		316,616
Seagate Technology Holdings plc		308		297,220
Western Digital Corp.		745		475,846
				21,320,951
TECHNOLOGY SERVICES — 1.4%
Accenture plc - Class A		8,892		1,106,521
Automatic Data Processing, Inc.		5,433		1,216,720
Cognizant Technology Solutions Corp. - Class A ^(a)		9,739		377,191
CoStar Group, Inc. ^(b)		9,695		274,562
Global Payments, Inc.		6,096		442,326

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Value Index Fund
June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.7%, continued
TECHNOLOGY SERVICES — 1.4%, continued
Paychex, Inc.		10,814	$	1,063,341
PayPal Holdings, Inc.		22,112		954,796
S&P Global, Inc.		7,255		2,954,671
Visa, Inc. - Class A		1,440		494,050
				8,884,178
TELECOMMUNICATIONS — 1.6%
AT&T, Inc.		174,986		3,622,210
T-Mobile US, Inc.		8,204		1,376,057
Verizon Communications, Inc.		108,835		4,608,074
				9,606,341
TRANSPORTATION & LOGISTICS — 2.4%
CSX Corp.		29,639		1,408,741
Delta Air Lines, Inc.		22,800		2,135,448
FedEx Corp.		6,170		1,932,012
Fedex Freight Holding Co., Inc. ^(b)		3,085		465,835
Norfolk Southern Corp.		5,330		1,676,765
Southwest Airlines Co.		24,245		1,246,678
Union Pacific Corp.		11,880		3,231,360
United Airlines Holdings, Inc. ^(b)		11,600		1,577,484
United Parcel Service, Inc. - Class B		12,242		1,316,015
				14,990,338
TRANSPORTATION EQUIPMENT — 0.4%
PACCAR, Inc.		14,850		1,783,782
Westinghouse Air Brake Technologies Corp.		3,020		814,192
				2,597,974
WHOLESALE - CONSUMER STAPLES — 0.3%
Archer-Daniels-Midland Co.		14,117		1,078,539
Sysco Corp.		7,490		626,014
				1,704,553

TOTAL COMMON STOCKS (COST $359,212,875)			$	605,699,554

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Impact Capital, Inc. ^(c)		4.000	%		06/15/28	$	350,000	$	337,702
Calvert Impact Capital, Inc. ^(c)		5.000	%		12/15/28		800,000		782,229
Calvert Impact Capital, Inc. ^(c)		5.000	%		06/15/29		830,000		804,048
Calvert Impact Capital, Inc. ^(c)		4.500	%		12/14/29		150,000		143,029
Calvert Impact Capital, Inc. ^(c)		4.500	%		06/14/30		290,000		273,058
Calvert Impact Capital, Inc. ^(c)		4.500	%		12/13/30		600,000		564,561
Calvert Impact Capital, Inc. ^(c)		4.500	%		06/15/31		820,000		813,850
Capital Impact Partners Investment ^(c)		5.000	%		12/15/26		1,000,000		1,001,049
Local Initiatives Support Corp. ^(c)		4.100	%		06/15/27		550,000		549,181
TOTAL CORPORATE NOTES (COST $5,390,000)								$	5,268,707

	Shares		Fair Value
MONEY MARKET FUNDS — 1.1%
First American Government Obligations Fund - Class X, 3.57% ^(d) (COST $7,013,634)		7,013,634	$	7,013,634

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 5.5%
Mount Vernon Liquid Assets Portfolio, LLC, 3.71% ^(d)(e) (COST $34,066,166)		34,066,166	$	34,066,166

TOTAL INVESTMENTS - (COST $405,682,675) — 106.2%			$	652,048,061
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.2%)				(38,345,331	)
NET ASSETS — 100.0%			$	613,702,730

(a)	All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2026 was $32,941,982 (Note 8).

(b)	Non-income producing security.

(c)	Illiquid securities are as follows:

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Impact Capital, Inc., 4.000%, 06/15/28		06/15/23	$	350,000	$	337,702		0.1	%
Calvert Impact Capital, Inc., 5.000%, 12/15/28		12/15/23		800,000		782,229		0.1	%
Calvert Impact Capital, Inc., 5.000%, 06/15/29		06/14/24		830,000		804,048		0.1	%
Calvert Impact Capital, Inc., 4.500%, 12/14/29		12/13/24		150,000		143,029		0.0	%^(f)
Calvert Impact Capital, Inc., 4.500%, 06/14/30		06/13/25		290,000		273,058		0.1	%
Calvert Impact Capital, Inc., 4.500%, 12/13/30		12/15/25		600,000		564,561		0.1	%
Calvert Impact Capital, Inc., 4.500%, 06/15/31		06/15/26		820,000		813,850		0.1	%
Capital Impact Partners Investment, 5.000%, 12/15/26		12/15/23		1,000,000		1,001,049		0.2	%
Local Initiatives Support Corp., 4.100%, 06/15/27		06/15/26		550,000		549,181		0.1	%
			$	5,390,000	$	5,268,707		0.9	%

(d)	The rate shown is the 7-day effective yield as of June 30, 2026.

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

(f)	Percentage round to less than 0.1%.

plc	— Public Liability Company

REIT	— Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Investments

Praxis Growth Index Fund

June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.8%
AEROSPACE & DEFENSE — 0.6%
HEICO Corp.		3,838	$	1,367,057
Howmet Aerospace, Inc.		8,650		2,325,639
Rocket Lab Corp ^(a)		13,648		1,387,319
				5,080,015
ASSET MANAGEMENT — 0.4%
Robinhood Markets, Inc. - Class A ^(a)		30,163		3,024,746

AUTOMOTIVE — 3.2%
Tesla, Inc. ^(a)		61,832		26,006,539

BEVERAGES — 0.1%
PepsiCo, Inc.		7,760		1,050,704

BIOTECH & PHARMA — 3.8%
AbbVie, Inc.		7,461		1,877,486
Alnylam Pharmaceuticals, Inc. ^(a)		2,970		894,059
Eli Lilly & Co.		20,910		25,080,081
Merck & Co., Inc.		7,191		924,044
Vertex Pharmaceuticals, Inc. ^(a)		4,274		2,123,024
				30,898,694
CHEMICALS — 0.5%
Linde plc		7,048		3,657,489

COMMERCIAL SUPPORT SERVICES — 0.1%
Cintas Corp.		3,600		612,288

E-COMMERCE DISCRETIONARY — 4.5%
Amazon.com, Inc. ^(a)		148,466		35,385,386
eBay, Inc.		8,540		954,345
				36,339,731
ELECTRICAL EQUIPMENT — 2.6%
Amphenol Corp. - Class A		22,287		3,929,644
Bloom Energy Corp. - Class A ^(a)		5,776		1,748,395
GE Vernova, Inc.		5,900		6,931,674
Keysight Technologies, Inc. ^(a)		3,981		1,393,629
Rockwell Automation, Inc.		2,288		1,132,743
Trane Technologies plc		5,710		2,804,523
Veritiv Holdings Co. - Class A		10,544		3,530,342
				21,470,950
ENGINEERING & CONSTRUCTION — 0.3%
Comfort Systems USA, Inc.		100		198,195
Quanta Services, Inc.		3,128		2,252,285
				2,450,480
ENTERTAINMENT CONTENT — 0.5%
AppLovin Corp. - Class A ^(a)		6,660		3,431,432
Electronic Arts, Inc.		3,445		706,363
				4,137,795
HEALTH CARE FACILITIES & SERVICES — 0.3%
Cencora, Inc.		2,714		768,008
McKesson Corp.		1,910		1,443,196
				2,211,204
HOUSEHOLD PRODUCTS — 0.1%
Colgate-Palmolive Co.		8,374		767,728

INDUSTRIAL SUPPORT SERVICES — 0.4%
W.W. Grainger, Inc.		2,530		3,441,812

	Shares		Fair Value

COMMON STOCKS — 98.8%, continued
INSTITUTIONAL FINANCIAL SERVICES — 0.4%
Coinbase Global, Inc. - Class A ^(a)		2,774	$	405,531
Interactive Brokers Group, Inc. - Class A		25,416		2,212,209
Nasdaq, Inc.		8,490		669,182
				3,286,922
INSURANCE — 0.2%
Brown & Brown, Inc.		5,176		332,040
Progressive Corp. (The)		5,690		1,242,981
				1,575,021
INTERNET MEDIA & SERVICES — 16.0%
Airbnb, Inc. - Class A ^(a)		10,831		1,549,916
Alphabet, Inc. - Class A		124,440		44,471,123
Alphabet, Inc. - Class C		97,310		34,382,542
Booking Holdings, Inc.		28,482		5,076,632
DoorDash, Inc. - Class A ^(a)		9,672		1,784,774
Expedia Group, Inc. ^(b)		3,256		833,145
Meta Platforms, Inc. - Class A		50,551		28,474,873
Netflix, Inc. ^(a)		108,094		7,717,912
ROBLOX Corp. - Class A ^(a)		27,577		1,499,637
Uber Technologies, Inc. ^(a)		42,705		3,081,593
VeriSign, Inc.		4,711		1,185,099
				130,057,246
LEISURE FACILITIES & SERVICES — 1.2%
Chipotle Mexican Grill, Inc. ^(a)		25,068		852,312
Hilton Worldwide Holdings, Inc.		7,350		2,428,881
Live Nation Entertainment, Inc. ^(a)(b)		3,624		663,591
Marriott International, Inc. - Class A		4,660		1,726,950
McDonald’s Corp.		5,969		1,613,480
Royal Caribbean Cruises Ltd. ^(b)		4,160		1,320,925
Starbucks Corp.		13,753		1,405,419
				10,011,558
LEISURE PRODUCTS — 0.1%
Axon Enterprise, Inc. ^(a)		936		524,731

MACHINERY — 0.4%
Deere & Co.		3,936		2,496,723
Veralto Corp.		8,988		797,056
				3,293,779
MEDICAL EQUIPMENT & DEVICES — 1.4%
Agilent Technologies, Inc.		4,905		651,531
Boston Scientific Corp. ^(a)		3,847		164,190
Danaher Corp.		9,764		1,859,847
DexCom, Inc. ^(a)		6,820		459,327
IDEXX Laboratories, Inc. ^(a)		1,700		894,948
Intuitive Surgical, Inc. ^(a)		6,730		2,676,386
Mettler-Toledo International, Inc. ^(a)		550		702,630
Stryker Corp.		1,315		414,015
Thermo Fisher Scientific, Inc.		6,355		3,186,143
				11,009,017
OIL & GAS SERVICES & EQUIPMENT — 0.1%
Baker Hughes Co.		15,026		833,943

OIL, GAS & CONSUMABLE FUELS — 0.1%
Venture Global, Inc. - Class A ^(b)		66,623		741,514

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.8%, continued
REITS — 1.2%
American Tower Corp.		3,920	$	641,194
Equinix, Inc.		3,842		4,004,862
Iron Mountain, Inc.		8,670		1,095,108
Texas Pacific Land Corp. ^(b)		1,992		871,779
Welltower, Inc.		14,163		3,214,576
				9,827,519
RENEWABLE ENERGY — 0.1%
First Solar, Inc. ^(a)		3,450		814,062

RETAIL - CONSUMER STAPLES — 0.7%
Costco Wholesale Corp.		4,724		4,419,160
Walmart, Inc.		7,770		880,030
				5,299,190
RETAIL - DISCRETIONARY — 2.2%
AutoZone, Inc. ^(a)		659		2,106,124
Carvana Co. ^(a)(b)		16,145		1,062,664
Cloudflare, Inc. - Class A ^(a)(b)		9,380		2,300,726
Home Depot, Inc. (The)		13,406		4,728,028
Lowe’s Cos., Inc.		6,789		1,496,907
O’Reilly Automotive, Inc. ^(a)		27,150		2,500,243
TJX Cos., Inc. (The)		25,503		3,863,705
				18,058,397
SEMICONDUCTORS — 26.8%
Advanced Micro Devices, Inc. ^(a)		36,851		21,407,115
Applied Materials, Inc.		22,816		16,495,968
Broadcom, Inc.		99,575		37,614,456
Coherent Corp. ^(a)		1,006		396,837
Intel Corp. ^(a)		44,352		6,192,870
KLA Corp.		30,300		9,141,813
Lam Research Corp.		31,227		13,531,596
Marvell Technology, Inc.		22,460		6,690,609
Monolithic Power Systems, Inc.		1,690		2,336,188
NVIDIA Corp.		495,402		99,124,986
QUALCOMM, Inc.		7,930		1,465,385
Teradyne, Inc.		3,018		1,460,229
Texas Instruments, Inc.		6,387		1,903,773
				217,761,825
SOFTWARE — 10.5%
Adobe, Inc. ^(a)		2,018		413,730
Atlassian Corp. - Class A ^(a)		960		74,678
Autodesk, Inc. ^(a)		8,895		1,729,366
Cadence Design Systems, Inc. ^(a)		12,442		4,669,731
CoreWeave, Inc. - Class A ^(a)(b)		15,138		1,506,837
Crowdstrike Holdings, Inc. - Class A ^(a)		6,320		4,823,045
Fortinet, Inc. ^(a)		23,153		3,556,764
Intuit, Inc.		2,800		730,800
Microsoft Corp.		128,238		47,835,339
MongoDB, Inc. ^(a)		2,987		1,003,333
Palo Alto Networks, Inc. ^(a)		24,994		8,523,454
Salesforce, Inc.		456		71,437
ServiceNow, Inc. ^(a)		25,963		2,577,607
Snowflake, Inc. - Class A ^(a)(b)		8,695		2,212,877
Synopsys, Inc. ^(a)		6,452		2,878,044
Workday, Inc. - Class A ^(a)		9,018		1,103,984
Zoom Communications, Inc. ^(a)(b)		8,262		713,093
Zscaler, Inc. ^(a)		8,325		1,175,074
				85,599,193

	Shares		Fair Value
COMMON STOCKS — 98.8%, continued
SPECIALT Y FINANCE — 0.3%
American Express Co.		6,050	$	2,046,413

TECHNOLOGY HARDWARE — 15.6%
Apple, Inc.		328,685		95,108,292
Arista Networks, Inc. ^(a)		29,760		5,055,629
Ciena Corp. ^(a)		2,278		1,117,496
Corning, Inc.		6,385		1,630,921
Datadog, Inc. - Class A ^(a)		10,068		2,621,304
Lumentum Holdings, Inc. ^(a)		1,521		1,305,109
NetApp, Inc.		5,800		897,608
Sandisk Corp. ^(a)		3,493		7,942,139
Seagate Technology Holdings plc		6,383		6,159,595
Western Digital Corp.		8,152		5,206,845
				127,044,938
TECHNOLOGY SERVICES — 3.7%
Accenture plc - Class A		6,840		851,170
Automatic Data Processing, Inc.		6,970		1,560,931
CoStar Group, Inc. ^(a)		34,194		968,374
Fair Isaac Corp. ^(a)		1,271		1,518,565
Fiserv, Inc. ^(a)		10,401		510,169
Mastercard, Inc. - Class A		17,176		8,821,594
Moody’s Corp.		3,375		1,528,605
MSCI, Inc.		1,797		1,006,392
S&P Global, Inc.		1,944		791,713
Visa, Inc. - Class A		36,266		12,442,502
				30,000,015
TELECOMMUNICATIONS — 0.0% ^(c)
AST SpaceMobile, Inc. ^(a)(b)		4,417		392,495

TRANSPORTATION & LOGISTICS — 0.3%
Old Dominion Freight Line, Inc. ^(b)		5,900		1,277,940
Union Pacific Corp.		3,911		1,063,792
				2,341,732
WHOLESALE - DISCRETIONARY — 0.1%
Copart, Inc. ^(a)		20,652		582,180

TOTAL COMMON STOCKS (COST $232,128,926)			$	802,251,865

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Growth Index Fund
June 30, 2026 (unaudited)

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE NOTES — 0.9%
COMMUNITY DEVELOPMENT — 0.9%
Calvert Impact Capital, Inc. ^(d)		4.000	%		06/15/28	$	750,000	$	723,646
Calvert Impact Capital, Inc. ^(d)		5.000	%		12/15/28		450,000		440,004
Calvert Impact Capital, Inc. ^(d)		5.000	%		06/15/29		1,270,000		1,230,291
Calvert Impact Capital, Inc. ^(d)		4.500	%		12/14/29		450,000		429,086
Calvert Impact Capital, Inc. ^(d)		4.500	%		06/14/30		760,000		715,599
Calvert Impact Capital, Inc. ^(d)		4.500	%		12/13/30		950,000		893,888
Calvert Impact Capital, Inc. ^(d)		4.500	%		06/15/31		1,250,000		1,240,625
Capital Impact Partners Investment ^(d)		5.000	%		12/15/26		500,000		500,525
Local Initiatives Support Corp. ^(d)		4.100	%		06/15/27		800,000		798,808
TOTAL CORPORATE NOTES (COST $7,180,000)								$	6,972,472

	Shares		Fair Value
MONEY MARKET FUNDS — 0.3%
First American Government Obligations Fund - Class X, 3.57% ^(e) (COST $2,588,564)		2,588,564	$	2,588,564

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 1.5%
Mount Vernon Liquid Assets Portfolio, LLC, 3.71% ^(e)(f) (COST $12,237,714)		12,237,714	$	12,237,714

TOTAL INVESTMENTS - (COST $254,135,204) — 101.5%			$	824,050,615
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.5%)				(11,887,970	)
NET ASSETS — 100.0%			$	812,162,645

(a)	Non-income producing security.

(b)	All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2026 was $12,119,743 (Note 8).

(c)	Percentage rounds to less than 0.1%.

(d)	Illiquid securities are as follows:

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Calvert Impact Capital, Inc., 4.000%, 06/15/28		06/15/23	$	750,000	$	723,646		0.1	%
Calvert Impact Capital, Inc., 5.000%, 12/15/28		12/15/23		450,000		440,004		0.0	%^(c)
Calvert Impact Capital, Inc., 5.000%, 06/15/29		06/14/24		1,270,000		1,230,291		0.2	%
Calvert Impact Capital, Inc., 4.500%, 12/14/29		12/13/24		450,000		429,086		0.1	%
Calvert Impact Capital, Inc., 4.500%, 06/14/30		06/13/25		760,000		715,599		0.1	%
Calvert Impact Capital, Inc., 4.500%, 12/13/30		12/15/25		950,000		893,888		0.1	%
Calvert Impact Capital, Inc., 4.500%, 06/15/31		06/15/26		1,250,000		1,240,625		0.1	%
Capital Impact Partners Investment, 5.000%, 12/15/26		12/15/23		500,000		500,525		0.1	%
Local Initiatives Support Corp., 4.100%, 06/15/27		06/15/26		800,000		798,808		0.1	%
			$	7,180,000	$	6,972,472		0.9	%

(e)	The rate shown is the 7-day effective yield as of June 30, 2026.

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

plc	— Public Liability Company

REIT	— Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Investments

Praxis Small Cap Index Fund

June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.0%
ADVERTISING & MARKETING — 0.4%
Omnicom Group, Inc.		9,594	$	698,731
Trade Desk, Inc. (The) - Class A ^(a)		18,792		339,759
				1,038,490
AEROSPACE & DEFENSE — 0.7%
Archer Aviation, Inc. - Class A ^(a)		34,655		163,918
Firefly Aerospace, Inc. ^(a)		3,963		116,512
FTAI Aviation Ltd. ^(b)		3,505		948,208
Intuitive Machines, Inc. ^(a)(b)		2,114		45,219
Loar Holdings, Inc. ^(a)		1,610		129,782
York Space Systems, Inc. ^(a)(b)		6,574		161,852
				1,565,491
APPAREL & TEXTILE PRODUCTS — 1.2%
Crocs, Inc. ^(a)		1,441		173,842
Deckers Outdoor Corp. ^(a)		2,937		291,615
Kontoor Brands, Inc. ^(b)		4,037		336,443
PVH Corp.		568		42,180
Ralph Lauren Corp.		1,138		456,805
Steven Madden Ltd.		3,894		163,937
Tapestry, Inc.		5,992		877,109
VF Corp.		18,085		301,658
Wolverine World Wide, Inc.		7,440		122,983
				2,766,572
ASSET MANAGEMENT — 1.6%
Affiliated Managers Group, Inc.		990		335,016
Blue Owl Capital, Inc.		18,316		160,265
Federated Hermes, Inc. - Class B		2,317		127,945
Franklin Resources, Inc.		29,859		993,409
GitLab, Inc. - Class A ^(a)		7,840		239,355
Invesco Ltd.		15,213		401,471
Janus Henderson Group plc		4,592		238,554
Jefferies Financial Group, Inc.		4,311		215,464
StepStone Group, Inc. - Class A		2,890		119,530
Stifel Financial Corp.		4,799		334,826
TPG, Inc.		5,430		220,187
WisdomTree, Inc.		18,255		309,240
				3,695,262
AUTOMOTIVE — 1.3%
Aptiv plc ^(a)		6,798		417,261
BorgWarner, Inc.		6,136		407,430
Dana, Inc.		7,322		199,232
Dorman Products, Inc. ^(a)(b)		2,127		290,229
Harley-Davidson, Inc.		9,121		223,100
Lear Corp.		1,505		201,760
Modine Manufacturing Co. ^(a)		1,807		482,505
Phinia, Inc.		3,280		270,174
Rivian Automotive, Inc. - Class A ^(a)(b)		27,266		473,065
				2,964,756
BANKING — 4.7%
Ameris Bancorp		4,705		424,673
Associated Banc-Corp		4,207		129,449
Atlantic Union Bankshares Corp.		4,240		179,394
Axos Financial, Inc. ^(a)(b)		3,442		335,216
BancFirst Corp. ^(b)		2,490		276,714
Bank of Hawaii Corp.		1,872		152,549
Banner Corp. ^(b)		1,910		126,900
Beacon Financial Corp.		7,000		213,150
Cathay General Bancorp ^(b)		2,773		171,898

	Shares		Fair Value
COMMON STOCKS — 99.0%, continued
BANKING — 4.7%, continued
City Holding Co.		2,750	$	364,760
Columbia Banking System, Inc.		7,638		244,798
Cullen/Frost Bankers, Inc.		1,673		258,512
CVB Financial Corp.		6,528		147,206
East West Bancorp, Inc.		3,797		490,155
First BanCorp		15,211		396,551
First Citizens BancShares, Inc. - Class A ^(b)		123		255,937
First Financial Bancorp		6,798		229,976
First Hawaiian, Inc.		5,621		164,695
First Horizon Corp.		14,190		363,832
Flagstar Bank N.A. ^(b)		13,220		197,507
FNB Corp. ^(b)		11,671		222,683
Fulton Financial Corp.		7,890		190,859
Glacier Bancorp, Inc.		2,522		130,085
Hancock Whitney Corp. ^(b)		2,130		159,154
Independent Bank Corp. ^(b)		2,280		190,882
National Bank Holdings Corp. - Class A		3,270		145,286
OFG Bancorp		7,230		354,776
Old National Bancorp		8,517		220,590
Park National Corp.		1,936		354,269
Pinnacle Financial Partners, Inc.		3,218		324,632
Popular, Inc.		1,598		262,360
Provident Financial Services, Inc.		7,040		166,426
ServisFirst Bancshares, Inc.		3,334		289,225
SouthState Bank Corp.		1,710		170,829
Texas Capital Bancshares, Inc.		1,109		114,515
Triumph Financial, Inc. ^(a)		2,565		195,735
Trustmark Corp.		4,750		218,548
UMB Financial Corp.		2,320		331,203
United Bankshares, Inc.		3,920		179,654
United Community Banks, Inc.		6,642		233,068
Valley National Bancorp		14,113		206,755
Webster Financial Corp.		5,418		414,044
Western Alliance Bancorp		2,882		236,900
Wintrust Financial Corp.		1,799		289,135
Zions Bancorp N.A.		4,054		280,496
				11,005,981
BEVERAGES — 0.3%
Celsius Holdings, Inc. ^(a)(b)		7,021		205,575
Coca-Cola Consolidated, Inc. ^(b)		827		157,891
Primo Brands Corp. ^(b)		9,763		238,607
				602,073
BIOTECH & PHARMA — 6.2%
Alkermes plc ^(a)(b)		5,798		303,786
Arrowhead Pharmaceuticals, Inc. ^(a)		4,483		365,409
Axsome Therapeutics, Inc. ^(a)		1,333		326,278
Beam Therapeutics Inc. ^(a)(b)		3,621		124,273
BioMarin Pharmaceutical, Inc. ^(a)		6,584		376,737
BridgeBio Pharma, Inc. ^(a)(b)		5,413		403,160
CG Oncology, Inc. ^(a)(b)		3,744		266,011
Cogent Biosciences, Inc. ^(a)(b)		4,984		192,881
Crinetics Pharmaceuticals, Inc. ^(a)(b)		3,946		147,659
Cytokinetics, Inc. ^(a)		4,328		368,702
Elanco Animal Health, Inc. ^(a)(b)		17,250		424,523
Exelixis, Inc. ^(a)		8,010		435,824
Guardant Health, Inc. ^(a)		4,080		612,122
Halozyme Therapeutics, Inc. ^(a)(b)		4,391		343,684
Incyte Corp. ^(a)		6,840		775,382

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.0%, continued
BIOTECH & PHARMA — 6.2%, continued
Indivior Pharmaceuticals, Inc. ^(a)		5,071	$	208,063
Innoviva, Inc. ^(a)		9,029		205,049
Insmed, Inc. ^(a)		3,560		379,567
Ionis Pharmaceuticals, Inc. ^(a)		6,232		494,135
Jazz Pharmaceuticals plc ^(a)		2,277		548,689
Krystal Biotech, Inc. ^(a)(b)		892		331,530
Kymera Therapeutics, Inc. ^(a)		2,181		250,095
Ligand Pharmaceuticals, Inc. ^(a)(b)		738		233,274
Madrigal Pharmaceuticals, Inc. ^(a)		558		299,618
Mirion Technologies, Inc. ^(a)		7,448		133,543
Mirum Pharmaceuticals, Inc. ^(a)		1,793		209,907
Moderna, Inc. ^(a)(b)		10,929		765,358
Neurocrine Biosciences, Inc. ^(a)		3,074		518,077
Nuvalent, Inc. - Class A ^(a)		1,593		196,736
Organon & Co.		9,023		122,171
Praxis Precision Medicines, Inc. ^(a)		832		278,545
Protagonist Therapeutics, Inc. ^(a)(b)		1,924		235,844
PTC Therapeutics, Inc. ^(a)		2,849		232,393
Revolution Medicines, Inc. ^(a)		6,152		1,152,147
Rhythm Pharmaceuticals, Inc. ^(a)(b)		2,053		227,945
Roivant Sciences Ltd. ^(a)		15,820		559,870
Spyre Therapeutics, Inc. ^(a)		485		43,058
Supernus Pharmaceuticals, Inc. ^(a)		3,820		177,668
TG Therapeutics, Inc. ^(a)		4,624		254,043
Ultragenyx Pharmaceutical, Inc. ^(a)		4,785		159,771
United Therapeutics Corp. ^(a)		1,380		747,725
				14,431,252
CABLE & SATELLITE — 0.3%
Charter Communications, Inc. - Class A ^(a)(b)		1,803		256,405
Liberty Broadband Corp. - Series A ^(a)		5,112		170,127
Sirius XM Holdings, Inc. ^(b)		5,535		163,504
				590,036
CHEMICALS — 2.2%
Albemarle Corp. ^(b)		3,852		520,136
Avery Dennison Corp.		2,153		349,540
Axalta Coating Systems Ltd. ^(a)		7,040		240,909
Dow, Inc.		20,725		567,036
DuPont de Nemours, Inc. ^(a)		4,163		564,669
Eastman Chemical Co.		2,729		182,788
Element Solutions, Inc.		8,574		409,408
H.B. Fuller Co.		2,550		148,639
Huntsman Corp.		17,964		190,778
International Flavors & Fragrances, Inc.		3,681		291,609
LyondellBasell Industries N.V. - Class A		8,539		449,578
Materion Corp. ^(b)		1,843		548,090
Mosaic Co. (The)		10,011		212,133
NewMarket Corp.		265		209,679
WD-40 Co.		954		232,433
				5,117,425
COMMERCIAL SUPPORT SERVICES — 1.9%
ABM Industries, Inc.		3,590		158,822
Brady Corp. - Class A		7,062		646,667
Casella Waste Systems, Inc. - Class A ^(a)(b)		1,243		120,534
CBIZ, Inc. ^(a)		7,686		246,567
Clean Harbors, Inc. ^(a)		1,773		529,684
CorVel Corp. ^(a)		6,700		418,884
First Advantage Corp. ^(a)(b)		12,591		227,268

	Shares		Fair Value
COMMON STOCKS — 99.0%, continued
COMMERCIAL SUPPORT SERVICES — 1.9%, continued
FTI Consulting, Inc. ^(a)(b)		1,047	$	156,013
H&R Block, Inc.		6,506		247,748
Korn Ferry		5,842		388,960
Legence Corp. - Class A ^(a)		1,970		167,903
ManpowerGroup, Inc.		9,068		306,226
Robert Half, Inc.		5,243		160,960
UL Solutions, Inc. - Class A ^(b)		2,401		244,566
UniFirst Corp.		1,280		338,509
				4,359,311
CONSTRUCTION MATERIALS — 0.7%
Advanced Drainage Systems, Inc.		2,130		334,325
Carlisle Cos., Inc.		904		327,926
Knife River Corp. ^(a)		1,579		132,084
MDU Resources Group, Inc.		18,225		386,552
Owens Corning ^(b)		1,619		257,356
Simpson Manufacturing Co., Inc.		1,129		236,356
				1,674,599
CONSUMER SERVICES — 0.5%
Bright Horizons Family Solutions, Inc. ^(a)		4,119		291,954
Covista, Inc. ^(a)		2,385		297,314
Laureate Education, Inc. ^(a)		4,732		171,866
Service Corp. International ^(b)		1,807		137,260
Strategic Education, Inc.		1,698		130,101
Stride, Inc. ^(a)		2,408		207,666
				1,236,161
CONTAINERS & PACKAGING — 1.4%
AptarGroup, Inc.		1,918		240,134
Ball Corp.		9,299		580,258
Crown Holdings, Inc. ^(b)		4,210		470,762
Graphic Packaging Holding Co. ^(b)		26,641		281,595
International Paper Co.		13,162		501,472
Silgan Holdings, Inc. ^(b)		4,574		212,188
Smurfit WestRock plc ^(b)		17,301		800,344
Sonoco Products Co. ^(b)		5,377		302,994
				3,389,747
DIVERSIFIED INDUSTRIALS — 0.2%
ITT, Inc.		2,730		539,885

E-COMMERCE DISCRETIONARY — 0.3%
Etsy, Inc. ^(a)		3,893		293,260
Wayfair, Inc. - Class A ^(a)(b)		5,090		470,418
				763,678
ELECTRIC UTILITIES — 2.2%
AES Corp. (The)		25,016		366,735
Alliant Energy Corp. ^(b)		3,110		237,262
Avista Corp.		4,680		191,459
Evergy, Inc.		8,550		738,976
Fluence Energy, Inc. ^(a)		933		18,548
IDACORP, Inc. ^(b)		1,030		155,839
NorthWestern Energy Group, Inc.		7,369		527,768
NRG Energy, Inc.		5,488		801,577
OGE Energy Corp.		5,730		278,822
Ormat Technologies, Inc. ^(b)		2,688		292,723
Pinnacle West Capital Corp. ^(b)		5,911		632,477
Talen Energy Corp. ^(a)		1,532		588,686
TXNM Energy, Inc.		4,340		246,425
				5,077,297

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.0%, continued
ELECTRICAL EQUIPMENT — 4.7%
A.O. Smith Corp. ^(b)		4,181	$	262,232
AAON, Inc.		3,590		455,427
Acuity, Inc.		790		297,561
Advanced Energy Industries, Inc.		2,355		878,109
APi Group Corp. ^(a)		12,619		534,415
Argan, Inc.		444		354,556
Badger Meter, Inc. ^(b)		2,075		307,889
Belden, Inc.		1,406		168,594
Cognex Corp.		5,473		396,355
Forgent Power Solutions, Inc. - Class A ^(a)(b)		4,233		236,455
Fortive Corp.		2,756		168,364
Generac Holdings, Inc. ^(a)		1,704		498,948
Hubbell, Inc.		707		369,902
Itron, Inc. ^(a)(b)		2,170		187,770
Lennox International, Inc. ^(b)		938		537,427
Littelfuse, Inc.		2,290		1,042,706
Madison Air Solutions Corp. ^(a)		4,178		162,942
Nextpower, Inc. - Class A ^(a)		5,428		646,692
NuScale Power Corp. ^(a)		16,243		162,917
nVent Electric plc		5,350		907,414
OSI Systems, Inc. ^(a)		1,451		317,334
Powell Industries, Inc.		772		221,070
Sensata Technologies Holding plc		5,211		248,773
SPX Technologies, Inc. ^(a)(b)		4,302		1,054,721
Vontier Corp. ^(b)		5,771		167,359
Watts Water Technologies, Inc. - Class A		916		358,568
				10,944,500
ENGINEERING & CONSTRUCTION — 3.4%
Arcosa, Inc.		5,337		775,413
Centuri Holdings, Inc. ^(a)(b)		3,433		103,814
Construction Partners, Inc. - Class A ^(a)(b)		1,630		193,595
Dycom Industries, Inc. ^(a)		1,265		639,571
EMCOR Group, Inc.		1,145		950,213
Everus Construction Group, Inc. ^(a)		1,914		317,628
Frontdoor, Inc. ^(a)		5,262		408,279
Granite Construction, Inc.		4,296		679,112
IES Holdings, Inc. ^(a)(b)		261		191,746
Installed Building Products, Inc.		1,411		324,304
Jacobs Solutions, Inc.		3,283		413,658
MasTec, Inc. ^(a)		2,190		911,171
MYR Group, Inc. ^(a)(b)		466		233,186
Sterling Infrastructure, Inc. ^(a)		1,160		973,658
Tetra Tech, Inc.		7,313		211,273
TopBuild Corp. ^(a)(b)		863		305,959
WillScott Holdings Corp. ^(b)		8,062		232,669
				7,865,249
ENTERTAINMENT CONTENT — 0.3%
Lionsgate Studios Corp. ^(a)		12,193		186,675
Paramount Skydance Corp. - Class B ^(b)		15,859		156,370
Versant Media Group, Inc.		4,714		169,751
Warner Music Group Corp. - Class A		7,764		210,171
				722,967
FOOD — 1.3%
Cal-Maine Foods, Inc. ^(b)		2,264		182,388
Campbell’s Co. (The) ^(b)		13,444		299,398
Conagra Brands, Inc.		31,055		418,000
Darling Ingredients, Inc. ^(a)		4,770		260,537
General Mills, Inc. ^(b)		13,355		464,754

	Shares		Fair Value
COMMON STOCKS — 99.0%, continued
FOOD — 1.3%, continued
Hormel Foods Corp.		12,364	$	306,875
J.M. Smucker Co. (The)		3,888		437,400
Lamb Weston Holdings, Inc.		4,433		191,417
McCormick & Co., Inc. ^(b)		5,250		264,705
Simply Good Foods Co. (The) ^(a)		14,785		196,345
				3,021,819
FORESTRY, PAPER & WOOD PRODUCTS — 0.3%
Boise Cascade Co.		4,194		325,580
Louisiana-Pacific Corp.		2,621		206,168
Trex Co., Inc. ^(a)		4,482		224,279
				756,027
GAS & WATER UTILITIES — 1.2%
American States Water Co.		3,640		300,773
California Water Service Group ^(b)		7,671		373,194
Essential Utilities, Inc.		15,343		587,790
NiSource, Inc.		8,098		385,060
Southwest Gas Holdings, Inc.		6,850		607,458
UGI Corp.		13,957		482,075
				2,736,350
HEALTH CARE FACILITIES & SERVICES — 2.5%
Acadia Healthcare Co., Inc. ^(a)		6,801		200,834
BrightSpring Health Services, Inc. ^(a)		5,022		350,234
Centene Corp. ^(a)		9,622		617,636
Charles River Laboratories International, Inc. ^(a)(b)		1,757		398,470
Chemed Corp.		689		320,895
Concentra Group Holdings Parent, Inc.		17,165		510,659
DaVita, Inc. ^(a)		1,258		279,880
Encompass Health Corp.		2,921		295,255
Ensign Group, Inc. (The)		1,550		248,465
Henry Schein, Inc. ^(a)		3,820		319,046
Medpace Holdings, Inc. ^(a)		820		434,264
Molina Healthcare, Inc. ^(a)		2,095		479,126
National HealthCare Corp. ^(b)		2,170		458,651
Oscar Health, Inc. - Class A ^(a)		7,897		225,222
Pediatrix Medical Group, Inc. ^(a)		7,350		186,176
RadNet, Inc. ^(a)		3,960		244,213
Select Medical Holdings Corp.		12,896		212,913
Sotera Health Co. ^(a)		8,430		149,633
				5,931,572
HOME & OFFICE PRODUCTS — 0.3%
HNI Corp.		5,538		223,791
Newell Brands, Inc.		28,308		173,811
Scotts Miracle-Gro Co. (The) ^(b)		1,410		96,035
Whirlpool Corp. ^(b)		7,421		292,536
				786,173
HOME CONSTRUCTION — 1.5%
Armstrong World Industries, Inc.		2,600		417,092
Cavco Industries, Inc. ^(a)		743		456,484
Champion Homes, Inc. ^(a)		1,485		130,858
Fortune Brands Innovations, Inc.		7,167		393,468
Griffon Corp.		2,560		249,677
Interface, Inc.		6,988		250,450
M/I Homes, Inc. ^(a)		1,817		292,156
Masco Corp.		3,974		323,364
Meritage Homes Corp.		4,450		373,133
Mohawk Industries, Inc. ^(a)		1,004		121,815

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.0%, continued
HOME CONSTRUCTION — 1.5%, continued
Taylor Morrison Home Corp. ^(a)		1,762	$	126,406
Toll Brothers, Inc.		2,659		438,070
				3,572,973
HOUSEHOLD PRODUCTS — 0.2%
Clorox Co. (The) ^(b)		1,849		176,469
Quanex Building Products Corp.		6,912		128,701
Spectrum Brands Holdings, Inc.		3,020		258,965
				564,135
INDUSTRIAL INTERMEDIATE PRODUCTS — 1.4%
AZZ, Inc.		1,430		221,722
Chart Industries, Inc. ^(a)		1,431		298,993
Enpro, Inc. ^(b)		1,560		588,011
Mueller Industries, Inc.		3,309		406,775
Proto Labs, Inc. ^(a)		2,998		244,367
RBC Bearings, Inc. ^(a)		990		637,619
Timken Co. (The)		3,660		531,871
Valmont Industries, Inc.		473		273,205
Xometry, Inc. - Class A ^(a)		1,442		139,182
				3,341,745
INDUSTRIAL SUPPORT SERVICES — 1.2%
Applied Industrial Technologies, Inc.		1,140		385,491
Core & Main, Inc. - Class A ^(a)		684		33,003
Herc Holdings, Inc.		1,176		168,568
MSC Industrial Direct Co., Inc. - Class A		5,310		631,624
RB Global, Inc.		5,653		658,292
Resideo Technologies, Inc. ^(a)		6,763		210,329
VSE Corp.		725		165,663
WESCO International, Inc.		1,554		536,798
				2,789,768
INSTITUTIONAL FINANCIAL SERVICES — 0.9%
Evercore, Inc. - Class A		1,302		444,555
Lazard, Inc.		3,959		166,040
Moelis & Co. - Class A ^(b)		3,694		241,662
Piper Sandler Cos.		7,436		537,920
PJT Partners, Inc. - Class A		1,721		259,768
SEI Investments Co.		2,558		224,362
StoneX Group, Inc. ^(a)(b)		2,215		262,478
				2,136,785
INSURANCE — 3.2%
Assurant, Inc.		1,350		362,516
Assured Guaranty Ltd.		3,960		317,434
Axis Capital Holdings Ltd. ^(b)		1,521		163,416
Brighthouse Financial, Inc. ^(a)		1,775		112,358
Corebridge Financial, Inc.		13,243		379,147
Equitable Holdings, Inc.		12,284		539,022
Erie Indemnity Co. - Class A ^(b)		671		160,872
Everest Group Ltd.		706		252,204
Genworth Financial, Inc. - Class A ^(a)		39,408		373,194
Globe Life, Inc.		2,835		506,558
Jackson Financial, Inc. - Class A		4,108		420,618
Kinsale Capital Group, Inc. ^(b)		776		255,933
Lincoln National Corp.		7,044		249,005
Mercury General Corp.		3,903		416,138
Old Republic International Corp.		4,962		203,045
Primerica, Inc.		950		269,990
Radian Group, Inc.		8,239		310,363
Reinsurance Group of America, Inc.		1,799		382,557

	Shares		Fair Value
COMMON STOCKS — 99.0%, continued
INSURANCE — 3.2%, continued
Remitly Global, Inc. ^(a)		7,613	$	170,607
RenaissanceRe Holdings Ltd.		1,171		371,090
Ryan Specialty Holdings, Inc. ^(b)		7,111		268,511
SiriusPoint Ltd. ^(a)		10,490		251,760
Unum Group		4,937		441,368
Voya Financial, Inc.		3,198		289,515
				7,467,221
INTERNET MEDIA & SERVICES — 1.3%
CarGurus, Inc. ^(a)		4,745		161,757
GoDaddy, Inc. - Class A ^(a)		5,501		466,925
Life360, Inc. ^(a)		2,520		139,507
Lyft, Inc. - Class A ^(a)(b)		15,962		233,205
Maplebear, Inc. ^(a)		5,875		278,181
Match Group, Inc.		6,858		260,947
Pinterest, Inc. - Class A ^(a)		19,481		409,686
Roku Inc. ^(a)		4,219		582,813
Snap, Inc. - Class A ^(a)		44,685		198,401
Zillow Group, Inc. - Class C ^(a)		9,164		288,849
				3,020,271
LEISURE FACILITIES & SERVICES — 1.6%
Brinker International, Inc. ^(a)		2,179		366,072
CAVA Group, Inc. ^(a)		3,226		253,176
Cheesecake Factory, Inc. (The) ^(b)		4,578		364,134
Choice Hotels International, Inc. ^(b)		1,237		136,404
Cinemark Holdings, Inc.		6,254		198,439
Hyatt Hotels Corp. - Class A ^(b)		1,435		278,160
Life Time Group Holdings, Inc. ^(a)		4,864		198,646
Marriott Vacations Worldwide Corp.		1,361		138,659
Norwegian Cruise Line Holdings Ltd. ^(a)(b)		10,788		227,735
Shake Shack, Inc. - Class A ^(a)		3,630		203,353
Six Flags Entertainment Corp. ^(a)		6,506		138,578
Texas Roadhouse, Inc.		1,966		379,890
Travel + Leisure Co.		1,699		129,855
Vail Resorts, Inc.		67		9,122
Wendy’s Co. (The) ^(b)		16,928		140,333
Wingstop, Inc. ^(b)		1,575		273,121
Wyndham Hotels & Resorts, Inc.		3,458		291,198
				3,726,875
LEISURE PRODUCTS — 0.7%
Acushnet Holdings Corp. ^(b)		3,196		378,822
Brunswick Corp.		3,232		272,263
Callaway Golf Co. ^(a)		8,496		159,640
Hasbro, Inc. ^(b)		5,420		447,638
LCI Industries		1,669		176,714
Peloton Interactive, Inc. - Class A ^(a)		22,738		134,381
YETI Holdings, Inc. ^(a)		3,746		185,652
				1,755,110
MACHINERY — 3.5%
AGCO Corp.		2,433		291,230
CNH Industrial N.V. ^(b)		20,484		230,035
Crane Co.		1,594		355,574
CSW Industrials, Inc.		626		174,216
Donaldson Co., Inc.		4,192		376,316
Enerpac Tool Group Corp.		8,150		292,259
ESAB Corp. ^(b)		1,439		141,928
ESCO Technologies, Inc.		2,052		718,282
Federal Signal Corp. ^(b)		4,740		609,043

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.0%, continued
MACHINERY — 3.5%, continued
Flowserve Corp.		3,468	$	257,187
Franklin Electric Co., Inc.		6,300		675,297
Gates Industrial Corp. plc ^(a)		11,576		323,781
IDEX Corp.		2,674		606,864
JBT Marel Corp. ^(b)		3,075		445,875
Kennametal, Inc.		4,699		164,700
Lincoln Electric Holdings, Inc.		1,966		521,993
Middleby Corp. (The) ^(a)		1,490		256,295
Nordson Corp.		2,090		630,532
Stanley Black & Decker, Inc.		3,058		287,819
Tennant Co.		1,705		149,256
Terex Corp.		3,663		265,164
Toro Co. (The)		2,600		253,292
Zurn Elkay Water Solutions Corp.		4,762		240,624
				8,267,562
MEDICAL EQUIPMENT & DEVICES — 3.4%
10X Genomics, Inc. - Class A ^(a)		4,538		173,987
Align Technology, Inc. ^(a)		1,570		264,796
Avantor, Inc. ^(a)(b)		27,869		275,903
Baxter International, Inc. ^(b)		18,438		393,098
Bio-Techne Corp. ^(b)		6,118		432,237
Bruker Corp.		3,752		225,795
Glaukos Corp. ^(a)		3,039		424,731
Globus Medical, Inc. - Class A ^(a)		2,470		195,155
Haemonetics Corp. ^(a)(b)		1,869		140,175
ICU Medical, Inc. ^(a)		907		132,966
Illumina, Inc. ^(a)		4,504		791,938
Integer Holdings Corp. ^(a)(b)		2,180		203,721
iRhythm Technologies, Inc. ^(a)		1,288		153,208
Lantheus Holdings, Inc. ^(a)		2,141		237,523
Merit Medical Systems, Inc. ^(a)		5,690		394,545
Natera, Inc. ^(a)		3,941		1,069,784
Penumbra, Inc. ^(a)(b)		1,280		404,160
QuantumScape Corp. ^(a)		20,524		155,161
Repligen Corp. ^(a)		2,077		283,386
Revvity, Inc.		3,625		403,317
Solventum Corp. ^(a)		4,456		343,780
Tandem Diabetes Care, Inc. ^(a)		7,271		109,719
Teleflex, Inc.		1,330		168,591
Twist Bioscience Corp. ^(a)		2,128		218,929
Veracyte, Inc. ^(a)		2,895		170,023
Zimmer Biomet Holdings, Inc.		3,284		282,720
				8,049,348
METALS & MINING — 1.1%
Alcoa Corp.		8,307		433,127
Century Aluminum Co. ^(a)		3,551		163,382
Coeur Mining, Inc.		30,398		496,095
MP Materials Corp. ^(a)(b)		5,737		321,329
Royal Gold, Inc.		3,020		602,822
Rubrik, Inc. - Class A ^(a)		4,708		377,958
Uranium Energy Corp. ^(a)		16,907		180,229
				2,574,942
OIL & GAS PRODUCERS — 1.6%
Antero Midstream Corp.		16,376		372,554
APA Corp.		18,269		595,021
California Resources Corp.		3,720		196,677
Chord Energy Corp.		2,918		333,527

	Shares		Fair Value
COMMON STOCKS — 99.0%, continued
OIL & GAS PRODUCERS — 1.6%, continued
DT Midstream, Inc. ^(b)		3,577	$	524,889
EQT Corp. ^(b)		11,347		603,320
Ovintiv, Inc.		10,792		568,199
SM Energy Co.		8,290		216,369
Viper Energy, Inc. - Class A		5,906		250,414
				3,660,970
OIL & GAS SERVICES & EQUIPMENT — 0.5%
TechnipFMC plc		14,787		980,378
Weatherford International plc		3,408		277,752
				1,258,130
PUBLISHING & BROADCASTING — 0.6%
John Wiley & Sons, Inc. - Class A		2,851		138,302
Liberty Media Corp. - Liberty Formula One - Series C ^(a)		5,093		484,548
New York Times Co. (The) - Class A		3,410		238,632
Nexstar Media Group, Inc. ^(b)		740		132,157
TKO Group Holdings, Inc.		1,818		365,981
				1,359,620
REAL ESTATE OWNERS & DEVELOPERS — 0.1%
McGrath RentCorp		2,414		292,166

REAL ESTATE SERVICES — 0.5%
AGNC Investment Corp.		39,508		430,637
Compass, Inc. - Class A ^(a)(b)		16,659		205,406
Jones Lang LaSalle, Inc. ^(a)		1,424		441,369
				1,077,412
REITS — 6.1%
Acadia Realty Trust ^(b)		8,150		170,416
Agree Realty Corp. ^(b)		2,580		195,409
Alexandria Real Estate Equities, Inc.		6,596		348,599
American Healthcare REIT, Inc. ^(b)		6,644		346,485
American Homes 4 Rent - Class A		7,456		249,925
Americold Realty Trust, Inc.		14,712		231,273
Apple Hospitality REIT, Inc.		7,403		124,444
Brixmor Property Group, Inc.		11,669		367,924
Broadstone Net Lease, Inc.		9,933		205,315
BXP, Inc. ^(b)		1,865		123,668
Camden Property Trust		1,877		214,898
CareTrust REIT, Inc.		11,472		462,895
CubeSmart		4,752		188,987
DiamondRock Hospitality Co. ^(b)		14,240		173,443
EastGroup Properties, Inc.		1,531		310,073
EPR Properties		3,010		174,610
Essential Properties Realty Trust, Inc. ^(b)		7,790		232,531
Essex Property Trust, Inc.		1,508		439,718
Federal Realty Investment Trust		2,749		339,337
First Industrial Realty Trust, Inc.		4,250		260,568
HA Sustainable Infrastructure Capital, Inc. ^(b)		4,106		160,339
Healthpeak Properties, Inc.		18,310		391,834
Host Hotels & Resorts, Inc.		22,009		521,833
Independence Realty Trust, Inc.		12,613		210,511
Invitation Homes, Inc.		22,967		693,833
Kilroy Realty Corp.		6,135		229,878
Kimco Realty Corp.		19,961		506,011
Kite Realty Group Trust		5,788		164,263
Lamar Advertising Co. - Class A		2,846		443,919
Lineage, Inc.		2,508		108,471

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.0%, continued
REITS — 6.1%, continued
Macerich Co. (The) ^(b)		11,680	$	294,219
Mid-America Apartment Communities, Inc.		3,139		436,133
NNN REIT, Inc.		5,050		234,977
Omega Healthcare Investors, Inc.		8,620		411,002
OUTFRONT Media Inc.		7,026		230,172
Park Hotels & Resorts, Inc.		10,556		150,423
Phillips Edison & Co., Inc.		3,643		151,622
Rayonier, Inc.		11,459		243,848
Regency Centers Corp.		5,103		406,913
Ryman Hospitality Properties, Inc. ^(b)		1,635		210,179
Sabra Health Care REIT, Inc.		6,980		136,180
SL Green Realty Corp. ^(b)		5,952		308,135
Tanger, Inc.		10,710		422,724
Terreno Realty Corp. ^(b)		2,943		190,618
Texas Pacific Land Corp. ^(b)		810		354,488
UDR, Inc.		12,003		479,160
Urban Edge Properties		9,260		211,869
W.P. Carey, Inc. ^(b)		6,500		464,750
Weyerhaeuser Co.		19,727		472,264
				14,401,086
RENEWABLE ENERGY — 0.9%
EnerSys		1,156		270,296
Enphase Energy, Inc. ^(a)		4,913		241,916
Fervo Energy Co. ^(a)		19,659		574,633
First Solar, Inc. ^(a)		1,970		464,841
Plug Power, Inc. ^(a)		63,483		172,039
Solv Energy, Inc. - Class A ^(a)(b)		9,522		324,224
Sunrun, Inc. ^(a)		10,415		139,353
				2,187,302
RETAIL - CONSUMER STAPLES — 1.3%
BJ’s Wholesale Club Holdings, Inc. ^(a)		3,069		267,678
Casey’s General Stores, Inc.		983		781,279
Five Below, Inc. ^(a)		2,072		372,525
Hims & Hers Health, Inc. ^(a)(b)		7,659		265,537
Murphy USA, Inc.		1,125		606,229
PriceSmart, Inc. ^(b)		1,550		302,777
Sprouts Farmers Market, Inc. ^(a)(b)		4,550		384,839
				2,980,864
RETAIL - DISCRETIONARY — 3.4%
Abercrombie & Fitch Co. - Class A ^(a)(b)		1,800		162,018
Advance Auto Parts, Inc. ^(b)		4,870		303,012
American Eagle Outfitters, Inc.		8,722		150,019
Asbury Automotive Group, Inc. ^(a)		1,419		285,333
AutoNation, Inc. ^(a)		935		173,714
Avis Budget Group, Inc. ^(a)		799		118,116
Bath & Body Works, Inc.		8,941		206,805
Best Buy Co., Inc.		6,190		469,697
Boot Barn Holdings, Inc. ^(a)		1,758		288,787
Buckle, Inc. (The)		5,380		227,036
Builders FirstSource, Inc. ^(a)(b)		3,732		333,939
Burlington Stores, Inc. ^(a)		888		281,318
CarMax, Inc. ^(a)(b)		3,317		175,436
Dick’s Sporting Goods, Inc. ^(b)		1,793		406,670
Floor & Decor Holdings, Inc. - Class A ^(a)		5,297		314,430
GameStop Corp. - Class A ^(a)(b)		11,812		260,809
Genuine Parts Co. ^(b)		3,943		465,195
Group 1 Automotive, Inc.		1,120		326,110
La-Z-Boy, Inc.		3,300		132,396

	Shares		Fair Value
COMMON STOCKS — 99.0%, continued
RETAIL - DISCRETIONARY — 3.4%, continued
Lithia Motors, Inc. ^(b)		487	$	141,469
Lululemon Athletica, Inc. ^(a)		2,546		290,702
Macy’s, Inc. ^(b)		8,663		204,014
RH ^(a)		1,061		174,779
Signet Jewelers Ltd.		1,576		135,851
Tractor Supply Co.		14,658		463,339
Valvoline, Inc. ^(a)(b)		5,209		205,964
Victoria’s Secret & Co. ^(a)(b)		4,850		404,878
Williams-Sonoma, Inc.		3,300		769,230
				7,871,066
SEMICONDUCTORS — 4.2%
Allegro MicroSystems, Inc. ^(a)(b)		6,590		458,796
Ambarella, Inc. ^(a)		2,112		181,210
Amkor Technology, Inc.		3,787		326,553
Axcelis Technologies, Inc. ^(a)(b)		2,766		524,019
Diodes, Inc. ^(a)		3,199		350,099
Entegris, Inc.		4,198		755,052
FormFactor, Inc. ^(a)		3,694		590,781
Impinj, Inc. ^(a)(b)		1,003		143,660
Lattice Semiconductor Corp. ^(a)		3,703		566,411
MACOM Technology Solutions Holdings, Inc. ^(a)		2,222		845,182
MaxLinear, Inc. - Class A ^(a)		3,293		421,603
MKS, Inc. ^(b)		2,100		934,080
Onto Innovation, Inc. ^(a)		1,704		644,879
Qorvo, Inc. ^(a)		3,115		290,536
Rambus, Inc. ^(a)		3,003		398,618
Semtech Corp. ^(a)		3,740		605,319
Silicon Laboratories, Inc. ^(a)		780		170,477
SiTime Corp. ^(a)		822		612,850
Skyworks Solutions, Inc. ^(b)		2,774		188,077
Veeco Instruments, Inc. ^(a)(b)		5,663		429,255
Vishay Intertechnology, Inc. ^(b)		7,545		405,770
				9,843,227
SOFTWARE — 5.8%
ACI Worldwide, Inc. ^(a)		4,180		210,212
Adeia, Inc.		6,147		202,421
Affirm Holdings, Inc. ^(a)(b)		7,910		645,061
Akamai Technologies, Inc. ^(a)		5,140		607,599
Alignment Healthcare, Inc. ^(a)		6,840		162,860
Appfolio, Inc. - Class A ^(a)(b)		1,048		168,047
Bentley Systems, Inc. - Class B		5,966		178,324
BlackLine, Inc. ^(a)		5,988		168,083
Box, Inc. - Class A ^(a)		8,036		213,275
Calix, Inc. ^(a)(b)		3,303		123,268
CCC Intelligent Solutions Holdings, Inc. ^(a)		35,127		181,255
Circle Internet Group, Inc. ^(a)(b)		2,213		138,600
Clear Secure, Inc. - Class A		3,169		176,608
Commvault Systems, Inc. ^(a)(b)		2,794		395,994
DigitalOcean Holdings, Inc. ^(a)		2,654		416,758
DocuSign, Inc. ^(a)		6,501		288,774
Doximity, Inc. - Class A ^(a)		8,869		183,943
Dropbox, Inc. - Class A ^(a)		8,459		232,369
Duolingo, Inc. ^(a)(b)		1,763		202,780
D-Wave Quantum, Inc. ^(a)(b)		11,027		264,538
Dynatrace, Inc. ^(a)		3,143		138,009
Elastic N.V. ^(a)		3,416		194,780
Figma, Inc. - Class A ^(a)		6,615		119,665
Five9, Inc. ^(a)(b)		12,562		267,822

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.0%, continued
SOFTWARE — 5.8%, continued
Freshworks, Inc. - Class A ^(a)		24,939	$	252,383
Galaxy Digital, Inc. - Class A ^(a)		5,619		153,624
Gen Digital, Inc.		18,820		468,430
Guidewire Software, Inc. ^(a)(b)		3,369		414,555
Hinge Health, Inc. - Class A ^(a)(b)		2,157		179,031
Manhattan Associates, Inc. ^(a)		2,250		313,313
nCino, Inc. ^(a)(b)		8,437		137,945
Nutanix, Inc. - Class A ^(a)		4,326		220,453
OKTA, Inc. ^(a)(b)		5,130		699,989
Paycom Software, Inc. ^(b)		2,101		264,054
Paylocity Holding Corp. ^(a)		1,955		204,356
Planet Labs PBC ^(a)		9,465		313,575
Privia Health Group, Inc. ^(a)		5,538		142,493
Qualys, Inc. ^(a)		1,782		245,007
Samsara, Inc. - Class A ^(a)		10,881		352,871
SentinelOne, Inc. - Class A ^(a)		13,564		230,181
SPS Commerce, Inc. ^(a)		3,377		193,063
SS&C Technologies Holdings, Inc.		2,422		150,285
Tempus AI, Inc. - Class A ^(a)(b)		5,124		296,833
Tenable Holdings, Inc. ^(a)		9,171		338,227
Teradata Corp. ^(a)(b)		4,443		153,950
Twilio, Inc. - Class A ^(a)		4,551		939,008
Unity Software, Inc. ^(a)		13,488		385,487
Varonis Systems, Inc. ^(a)		5,968		250,417
Workiva, Inc. - Class A ^(a)		3,346		162,314
Zeta Global Holdings Corp. - Class A ^(a)		10,640		209,395
				13,552,284
SPECIALTY FINANCE — 1.8%
Ally Financial, Inc.		8,477		389,518
Annaly Capital Management, Inc.		22,655		506,566
ARMOUR Residential REIT, Inc. ^(b)		10,482		182,911
BitMine Immersion Technologies, Inc.		18,368		244,478
Bread Financial Holdings, Inc.		2,710		293,628
Credit Acceptance Corp. ^(a)		194		123,528
Encore Capital Group, Inc. ^(a)		3,150		293,863
Essent Group Ltd.		2,482		159,543
Fidelity National Financial, Inc.		4,168		196,563
GATX Corp. ^(b)		1,024		181,443
MGIC Investment Corp.		5,493		154,903
OneMain Holdings, Inc.		3,730		227,418
QXO, Inc. ^(a)(b)		19,631		339,224
SLM Corp. ^(b)		7,698		199,686
SoFi Technologies, Inc. ^(a)(b)		31,464		564,149
Walker & Dunlop, Inc.		2,200		120,340
				4,177,761
STEEL — 1.4%
ATI, Inc. ^(a)		4,865		958,892
Carpenter Technology Corp. ^(b)		1,855		1,144,238
Commercial Metals Co. ^(b)		3,147		197,474
Reliance, Inc.		1,511		564,510
Steel Dynamics, Inc.		2,148		492,880
				3,357,994
TECHNOLOGY HARDWARE — 4.9%
Aurora Innovation, Inc. ^(a)(b)		49,352		336,581
Benchmark Electronics, Inc.		3,940		388,760
Credo Technology Group Holding Ltd. ^(a)		4,492		1,221,599
Everpure, Inc. - Class A ^(a)		9,433		743,226
Extreme Networks, Inc. ^(a)		6,621		214,322

	Shares		Fair Value
COMMON STOCKS — 99.0%, continued
TECHNOLOGY HARDWARE — 4.9%, continued
F5, Inc. ^(a)		1,849	$	769,110
Fabrinet ^(a)		1,170		657,634
Flex Ltd. ^(a)		7,826		1,268,360
InterDigital, Inc. ^(b)		1,402		396,948
Jabil, Inc.		2,627		1,012,656
JFrog Ltd. ^(a)		4,430		402,598
Knowles Corp. ^(a)(b)		9,450		391,986
NCR Atleos Corp. ^(a)		3,149		136,698
Pitney Bowes, Inc.		13,600		238,272
Plexus Corp. ^(a)		1,982		595,928
Sanmina Corp. ^(a)		3,583		906,786
TD SYNNEX Corp.		2,289		611,941
ViaSat, Inc. ^(a)(b)		3,482		312,718
Viavi Solutions, Inc. ^(a)		8,513		406,496
Vicor Corp. ^(a)(b)		695		263,947
Zebra Technologies Corp. - Class A ^(a)		899		236,671
				11,513,237
TECHNOLOGY SERVICES — 1.2%
Broadridge Financial Solutions, Inc.		2,878		394,142
CoStar Group, Inc. ^(a)		10,493		297,162
FactSet Research Systems, Inc. ^(b)		2,139		492,141
Hawkeye 360, Inc. ^(a)		15,259		308,537
HealthEquity, Inc. ^(a)		1,715		154,899
Insight Enterprises, Inc. ^(a)		2,670		325,206
LiveRamp Holdings, Inc. ^(a)		5,242		197,309
Toast, Inc. - Class A ^(a)		17,864		496,976
TransUnion ^(b)		1,995		143,919
				2,810,291
TELECOMMUNICATIONS — 0.5%
Applied Digital Corp. ^(a)(b)		7,774		289,970
AST SpaceMobile, Inc. ^(a)		3,327		295,637
DigitalBridge Group, Inc.		6,776		106,926
Lumen Technologies, Inc. ^(a)		33,428		256,727
Telephone and Data Systems, Inc.		4,416		163,436
				1,112,696
TRANSPORTATION & LOGISTICS — 2.6%
Alaska Air Group, Inc. ^(a)		4,379		228,584
American Airlines Group, Inc. ^(a)		30,978		559,772
ArcBest Corp.		2,845		408,371
C.H. Robinson Worldwide, Inc.		3,573		672,939
GXO Logistics, Inc. ^(a)		4,540		230,178
Hub Group, Inc. - Class A		6,960		304,778
J.B. Hunt Transport Services, Inc.		2,159		624,879
JetBlue Airways Corp. ^(a)		39,336		225,395
Kirby Corp. ^(a)		1,478		200,964
Knight-Swift Transportation Holdings, Inc.		6,171		480,536
Matson, Inc. ^(b)		2,746		527,864
RXO, Inc. ^(a)		5,184		143,027
Ryder System, Inc.		1,323		348,968
Saia, Inc. ^(a)		596		251,011
SkyWest, Inc. ^(a)		2,138		212,368
XPO, Inc. ^(a)		3,265		670,272
				6,089,906
TRANSPORTATION EQUIPMENT — 0.1%
Greenbrier Cos., Inc. (The)		560		27,445
Trinity Industries, Inc.		6,334		219,030
				246,475

See accompanying notes to financial statements.

Schedule of Investments, continued

Praxis Small Cap Index Fund
June 30, 2026 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.0%, continued
WHOLESALE - CONSUMER STAPLES — 0.8%
Andersons, Inc. (The) ^(b)		4,953	$	338,785
Bunge Global S.A.		6,257		667,810
United Natural Foods, Inc. ^(a)		3,759		171,673
US Foods Holding Corp. ^(a)		7,032		719,022
				1,897,290
WHOLESALE - DISCRETIONARY — 0.6%
Aramark		7,620		433,578
G-III Apparel Group Ltd.		4,123		138,986
OPENLANE, Inc. ^(a)		8,420		347,241
Pool Corp.		2,017		433,453
				1,353,258

TOTAL COMMON STOCKS (COST $156,491,560)			$	231,892,443

RIGHTS — 0.0% ^(c)
ASSET MANAGEMENT — 0.0% ^(c)
Arcellx, Inc. ^(a)(d)(e)		1,888		132
Sycamore Partners, LLC ^(a)(d)(e)		44,730		23,707
TPG, Inc. ^(a)(d)(e)		9,530		95
				23,934
BIOTECH & PHARMA — 0.0% ^(c)
Blueprint Medicines Corp. ^(a)(d)(e)		2,090		961

MEDICAL EQUIPMENT & DEVICES — 0.0% ^(c)
OmniAb, Inc. ^(a)(d)(e)		2,092		690

TOTAL RIGHTS (COST $0)			$	25,585

	Coupon			Maturity		Principal Amount		Fair Value
CORPORATE NOTES — 0.8%
COMMUNITY DEVELOPMENT — 0.8%
Calvert Impact Capital, Inc. ^(d)		4.000	%		06/15/28	$	180,000	$	173,675
Calvert Impact Capital, Inc. ^(d)		5.000	%		12/15/28		220,000		215,113
Calvert Impact Capital, Inc. ^(d)		5.000	%		06/15/29		200,000		193,747
Calvert Impact Capital, Inc. ^(d)		4.500	%		12/14/29		170,000		162,099
Calvert Impact Capital, Inc. ^(d)		4.500	%		06/14/30		110,000		103,574
Calvert Impact Capital, Inc. ^(d)		4.500	%		12/13/30		320,000		301,099
Calvert Impact Capital, Inc. ^(d)		4.500	%		06/15/31		350,000		347,375
Capital Impact Partners Investment ^(d)		5.000	%		12/15/26		200,000		200,210
Local Initiatives Support Corp. ^(d)		4.100	%		06/15/27		300,000		299,553
TOTAL CORPORATE NOTES (COST $2,050,000)								$	1,996,445

	Shares		Fair Value
MONEY MARKET FUNDS — 0.1%
First American Government Obligations Fund - Class X, 3.57% ^(f) (COST $291,634)		291,635	$	291,635

INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING — 19.2%
Mount Vernon Liquid Assets Portfolio, LLC, 3.71% ^(f)(g) (COST $44,893,569)		44,893,569	$	44,893,569

TOTAL INVESTMENTS - (COST $203,726,763) — 119.1%			$	279,099,677
LIABILITIES IN EXCESS OF OTHER ASSETS — (19.1%)				(44,760,337	)
NET ASSETS — 100.0%			$	234,339,340

(a)	Non-income producing security.

(b)	All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2026 was $44,133,480 (Note 8).

(c)	Percentage rounds to less than 0.1%.

(d)	Illiquid securities are as follows:

	Acquisition Date		Current Cost		Fair Value		% of Net Assets
Arcellx, Inc.		05/20/26	$	—	$	132		0.0	%^(c)
Blueprint Medicines Corp.		07/21/25		—		961		0.0	%^(c)
Calvert Impact Capital, Inc., 4.000%, 06/15/28		06/15/23		180,000		173,675		0.1	%
Calvert Impact Capital, Inc., 5.000%, 12/15/28		12/15/23		220,000		215,113		0.1	%
Calvert Impact Capital, Inc., 5.000%, 06/15/29		06/14/24		200,000		193,747		0.1	%
Calvert Impact Capital, Inc., 4.500%, 12/14/29		12/13/24		170,000		162,099		0.1	%
Calvert Impact Capital, Inc., 4.500%, 06/14/30		06/13/25		110,000		103,574		0.0	%^(c)
Calvert Impact Capital, Inc., 4.500%, 12/13/30		12/15/25		320,000		301,099		0.1	%
Calvert Impact Capital, Inc., 4.500%, 06/15/31		06/15/26		350,000		347,375		0.1	%
Capital Impact Partners Investment, 5.000%, 12/15/26		12/15/23		200,000		200,210		0.1	%
Local Initiatives Support Corp., 4.100%, 06/15/27		06/15/26		300,000		299,553		0.1	%
OmniAb, Inc.		11/02/22		—		690		0.0	%^(c)
Sycamore Partners, LLC		08/28/25		—		23,707		0.0	%^(c)
TPG, Inc.		04/08/26		—		95		0.0	%^(c)
			$	2,050,000	$	2,022,030		0.8	%

(e)	Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total fair value of such securities was $25,585 as of June 30, 2026, representing 0.0% (c) of net assets.

(f)	The rate shown is the 7-day effective yield as of June 30, 2026.

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

plc	— Public Liability Company

REIT	— Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Investments

Praxis Genesis Conservative Portfolio

June 30, 2026 (unaudited)

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 99.8%
DEBT FUND — 77.4%
Praxis Impact Bond Fund - Class I		1,938,136	$	18,276,619

EQUITY FUND — 22.4%
Praxis Growth Index Fund - Class I		27,602		1,663,024
Praxis International Index Fund - Class I		86,748		1,623,062
Praxis Small Cap Index Fund - Class I		29,852		416,728
Praxis Value Index Fund - Class I		70,437		1,587,649
				5,290,463

TOTAL AFFILIATED MUTUAL FUNDS (COST $20,544,145)			$	23,567,082

MONEY MARKET FUNDS — 0.0% ^(a)
First American Government Obligations Fund - Class X, 3.57% ^(b) (COST $6,144)		6,144	$	6,144

TOTAL INVESTMENTS - (COST $20,550,289) — 99.8%			$	23,573,226
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				47,999
NET ASSETS — 100.0%			$	23,621,225

(a)	Percentage rounds to less than 0.1%.

(b)	The rate shown is the 7-day effective yield as of June 30, 2026.

See accompanying notes to financial statements.

Schedule of Investments

Praxis Genesis Balanced Portfolio

June 30, 2026 (unaudited)

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 99.9%
DEBT FUND — 39.4%
Praxis Impact Bond Fund - Class I		4,575,612	$	43,148,024

EQUITY FUND — 60.5%
Praxis Growth Index Fund - Class I		299,785		18,062,037
Praxis International Index Fund - Class I		1,064,210		19,911,371
Praxis Small Cap Index Fund - Class I		784,662		10,953,886
Praxis Value Index Fund - Class I		768,225		17,315,789
				66,243,083

TOTAL INVESTMENTS - (COST $69,590,093) — 99.9%			$	109,391,107
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				78,824
NET ASSETS — 100.0%			$	109,469,931

See accompanying notes to financial statements.

Schedule of Investments

Praxis Genesis Growth Portfolio

June 30, 2026 (unaudited)

	Shares		Fair Value
AFFILIATED MUTUAL FUNDS — 99.9%
DEBT FUND — 19.6%
Praxis Impact Bond Fund - Class I		2,925,954	$	27,591,742

EQUITY FUND — 80.3%
Praxis Growth Index Fund - Class I		491,177		29,593,425
Praxis International Index Fund - Class I		1,812,450		33,910,942
Praxis Small Cap Index Fund - Class I		1,505,137		21,011,718
Praxis Value Index Fund - Class I		1,259,540		28,390,025
				112,906,110

TOTAL INVESTMENTS - (COST $78,311,759) — 99.9%			$	140,497,852
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				87,768
NET ASSETS — 100.0%			$	140,585,620

See accompanying notes to financial statements.

Statements of Assets & Liabilities

June 30, 2026 (unaudited)

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Index Fund
Assets
Investments in unaffiliated securities, at cost	$	1,288,573,853		$	424,025,129		$	405,682,675		$	254,135,204		$	203,726,763
Investments in unaffiliated securities, at fair value*	$	1,230,981,218		$	754,364,384		$	652,048,061		$	824,050,615		$	279,099,677
Cash		—			3,215			—			—			—
Receivable for capital shares sold		1,587,363			240,386			557,035			750,015			75,182
Receivable for investments sold		130			—			—			—			—
Receivable for dividends and interest		8,636,829			2,354,559			568,462			151,826			220,526
Receivable for tax reclaims		—			1,025,972			7,690			—			—
Prepaid expenses and other assets		97,210			56,754			86,753			71,938			44,599
Total Assets		1,241,302,750			758,045,270			653,268,001			825,024,394			279,439,984

Liabilities
Distributions payable		1,749,154			—			—			—			—
Payable for capital shares redeemed		516,132			375,004			208,525			289,888			107,914
Payable for investments purchased		517,246			—			5,026,969			—			—
Payable for return of collateral received for securities on loan		10,089,182			83,628,886			34,066,166			12,237,714			44,893,569
Accrued expenses and other payables:
Investment advisory fees		339,655			207,191			114,824			149,097			54,076
Administration fees		110,090			51,267			61,958			70,232			20,089
Distribution fees		6,763			3,880			7,817			27,555			1,881
Other		125,402			143,540			79,012			87,263			23,115
Total Liabilities		13,453,624			84,409,768			39,565,271			12,861,749			45,100,644

Contingencies and Commitments (Note 9)		—			—			—			—			—
Net Assets	$	1,227,849,126		$	673,635,502		$	613,702,730		$	812,162,645		$	234,339,340

Components of Net Assets
Paid-in capital	$	1,298,140,322		$	382,192,955		$	354,203,991		$	244,518,210		$	149,615,330
Accumulated earnings (deficit)		(70,291,196	)		291,442,547			259,498,739			567,644,435			84,724,010
Net Assets	$	1,227,849,126		$	673,635,502		$	613,702,730		$	812,162,645		$	234,339,340

Pricing of Class A Shares
Net assets attributable to Class A shares	$	33,044,656		$	19,032,685		$	38,526,586		$	134,593,812		$	9,458,318
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)		3,487,257			1,024,430			1,697,560			2,269,365			767,340
Net asset value, offering price and redemption price per share*	$	9.48		$	18.58		$	22.70		$	59.31		$	12.33
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]	$	9.85		$	19.61		$	23.96		$	62.60		$	13.01

Pricing of Class I Shares
Net assets attributable to Class I shares	$	1,194,804,470		$	654,602,817		$	575,176,144		$	677,568,833		$	224,881,022
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		126,742,019			34,989,896			25,520,738			11,245,512			16,106,048
Net asset value and redemption price per share	$	9.43		$	18.71		$	22.54		$	60.25		$	13.96
*Includes fair value of securities on loan	$	9,824,053		$	81,935,334		$	32,941,982		$	12,119,743		$	44,133,480

See accompanying notes to financial statements.

Statements of Assets & Liabilities, continued

June 30, 2026 (unaudited)

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Assets
Investments in affiliated securities, at cost	$	20,544,145		$	69,590,093		$	78,311,759
Investments in unaffiliated securities, at cost		6,144			—			—
Investments in affiliated securities, at fair value	$	23,567,082		$	109,391,107		$	140,497,852
Investments in unaffiliated securities, at fair value		6,144			—			—
Receivable for capital shares sold		612			2,830			37,714
Receivable for dividends		56,807			134,070			85,733
Prepaid expenses and other assets		18,820			15,951			31,291
Total Assets		23,649,465			109,543,958			140,652,590

Liabilities
Distributions payable		516			1,715			336
Payable for capital shares redeemed		9,127			13,895			290
Accrued expenses and other payables:
Investment advisory fees		977			4,470			5,687
Administration fees		2,295			8,148			9,397
Distribution fees		4,886			22,350			28,436
Other		10,439			23,449			22,824
Total Liabilities		28,240			74,027			66,970

Contingencies and Commitments (Note 9)		—			—			—
Net Assets	$	23,621,225		$	109,469,931		$	140,585,620

Components of Net Assets
Paid-in capital	$	19,789,784		$	68,747,464		$	77,275,104
Accumulated earnings		3,831,441			40,722,467			63,310,516
Net Assets	$	23,621,225		$	109,469,931		$	140,585,620

Pricing of Class A Shares
Net assets attributable to Class A shares	$	23,621,225		$	109,469,931		$	140,585,620
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.0001 par value)		1,875,973			6,019,479			5,982,132
Net asset value and redemption price per share	$	12.59		$	18.19		$	23.50
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]	$	13.29		$	19.20		$	24.80

See accompanying notes to financial statements.

Statements of Operations

For the six months ended June 30, 2026 (unaudited)

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Index Fund
Investment Income
Dividends	$	549,368		$	10,332,733		$	5,993,608		$	1,910,931		$	1,470,867
Tax reclaims received		—			372,180			5,170			—			—
Foreign tax withholding		—			(1,848,126	)		(1,439	)		—			(2,424	)
Securities lending income		14,827			741,164			8,844			7,306			26,725
Interest		23,855,426			102,348			104,242			137,895			35,868
Total Investment Income		24,419,621			9,700,299			6,110,425			2,056,132			1,531,036

Expenses
Investment advisory fees		2,002,970			1,170,750			660,057			848,070			312,583
Administration fees		220,399			108,628			115,643			141,139			42,055
Transfer agent fees - Class A		18,628			11,972			21,112			32,040			4,866
Transfer agent fees - Class I		83,728			28,189			46,390			60,878			11,382
Distribution fees - Class A		42,594			22,129			44,528			157,096			9,953
Trustee fees and expenses		73,670			35,632			35,911			47,894			13,556
Custodian fees		28,336			66,390			18,713			21,809			5,260
Registration fees - Class A		3,257			3,013			2,112			5,116			5,269
Registration fees - Class I		36,174			19,772			25,564			19,461			16,081
Audit and tax services fees		29,600			26,752			17,322			22,934			11,200
Legal fees		39,703			18,656			22,264			21,718			1,462
Insurance fees		9,378			3,381			5,519			5,876			1,771
Other expenses		93,578			67,167			33,051			43,181			25,499
Total Expenses		2,682,015			1,582,431			1,048,186			1,427,212			460,937

Net Investment Income		21,737,606			8,117,868			5,062,239			628,920			1,070,099

Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Transactions
Net realized gains (losses) on investments		17,002			1,761,575			13,026,352			(4,844,763	)		8,808,542
Net realized losses on foreign currency transactions		—			(78,184	)		—			—			—
Change in unrealized appreciation/(depreciation) of investments		(13,390,675	)		82,468,894			65,375,380			70,289,852			27,998,929
Change in unrealized appreciation/(depreciation) of foreign currency translations		—			(24,516	)		—			—			—
Net Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Transactions		(13,373,673	)		84,127,769			78,401,732			65,445,089			36,807,471
Net Change in Net Assets from Operations	$	8,363,933		$	92,245,637		$	83,463,971		$	66,074,009		$	37,877,570

See accompanying notes to financial statements.

Statements of Operations, continued

For the six months ended June 30, 2026 (unaudited)

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio		Praxis Genesis Growth Portfolio
Investment Income
Dividends from affiliates	$	325,676		$	761,769	$	467,476
Dividends from non-affiliates		117			16		10
Total Investment Income		325,793			761,785		467,486

Expenses
Distribution fees - Class A		30,177			131,806		162,463
Transfer agent fees		8,728			29,310		40,103
Investment advisory fees		6,036			26,362		32,494
Administration fees		5,980			17,520		20,464
Registration and filing fees		11,537			10,623		12,978
Audit and tax services fees		7,485			11,197		12,130
Legal fees		979			3,941		4,659
Custodian fees		2,348			2,348		2,348
Trustee fees and expenses		312			1,339		1,510
Shareholder reporting expenses		171			1,133		471
Insurance expense		26			102		120
Other expenses		3,736			5,209		4,264
Total Expenses		77,515			240,890		294,004

Net Investment Income		248,278			520,895		173,482

Realized and Unrealized Gains (Losses) on Investments
Net realized gains on investments in affiliates		1,452,492			1,282,512		223,976
Change in unrealized appreciation/(depreciation) of investments in affiliates		(850,136	)		7,319,293		14,428,257
Net Realized and Unrealized Gains on Investments		602,356			8,601,805		14,652,233
Net Change in Net Assets from Operations	$	850,634		$	9,122,700	$	14,825,715

See accompanying notes to financial statements.

Statements of Changes in Net Assets

	Praxis Impact Bond Fund						Praxis International Index Fund
	For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025			For the Six Months Ended June 30, 2026 (Unaudited)		For the Year Ended December 31, 2025
From Operations
Net investment income	$	21,737,606		$	38,671,651		$	8,117,868	$	11,744,484
Net realized gains (losses) from investments and foreign currency transactions		17,002			(211,119	)		1,683,391		3,559,385
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		(13,390,675	)		34,347,795			82,444,378		112,326,637
Net Change in Net Assets from Operations		8,363,933			72,808,327			92,245,637		127,630,506

Distributions to Shareholders
Class A		(564,157	)		(1,053,066	)		—		(491,853	)
Class I		(21,281,413	)		(37,844,389	)		—		(17,387,235	)
Change in Net Assets from Distributions to Shareholders		(21,845,570	)		(38,897,455	)		—		(17,879,088	)

Change in Net Assets from Capital Transactions (Note 6)		97,186,877			125,776,548			32,788,433		(1,484,879	)
Change in Net Assets		83,705,240			159,687,420			125,034,070		108,266,539

Net Assets
Beginning of period		1,144,143,886			984,456,466			548,601,432		440,334,893
End of period	$	1,227,849,126		$	1,144,143,886		$	673,635,502	$	548,601,432

See accompanying notes to financial statements.

Statements of Changes in Net Assets, continued

	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Index Fund
	For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025			For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025			For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025
From Operations
Net investment income	$	5,062,239		$	9,599,781		$	628,920		$	1,085,180		$	1,070,099		$	1,921,480
Net realized gains (losses) from investments		13,026,352			(13,402,977	)		(4,844,763	)		16,257,250			8,808,542			650,494
Net change in unrealized appreciation/(depreciation) on investments		65,375,380			65,898,008			70,289,852			99,781,262			27,998,929			10,864,872
Net Change in Net Assets from Operations		83,463,971			62,094,812			66,074,009			117,123,692			37,877,570			13,436,846

Distributions to Shareholders
Class A		—			(354,960	)		—			(5,535,054	)		—			(646,260	)
Class I		—			(6,906,951	)		—			(27,614,841	)		—			(15,971,092	)
Change in Net Assets from Distributions to Shareholders		—			(7,261,911	)		—			(33,149,895	)		—			(16,617,352	)

Change in Net Assets from Capital Transactions (Note 6)		(1,235,331	)		(18,286,721	)		(770,447	)		(10,896,498	)		(1,464,452	)		20,125,129
Change in Net Assets		82,228,640			36,546,180			65,303,562			73,077,299			36,413,118			16,944,623

Net Assets
Beginning of period		531,474,090			494,927,910			746,859,083			673,781,784			197,926,222			180,981,599
End of period	$	613,702,730		$	531,474,090		$	812,162,645		$	746,859,083		$	234,339,340		$	197,926,222

See accompanying notes to financial statements.

Statements of Changes in Net Assets, continued

	Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio
	For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025			For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025			For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025
From Operations
Net investment income	$	248,278		$	593,702		$	520,895		$	1,983,926		$	173,482		$	1,881,932
Net realized gains on investments in affiliates		1,452,492			215,889			1,282,512			866,406			223,976			1,368,418
Long-term capital gain distributions from investments in affiliates		—			141,147			—			1,472,967			—			2,424,348
Net change in unrealized appreciation/(depreciation) on investments in affiliates		(850,136	)		1,393,753			7,319,293			8,249,505			14,428,257			11,411,823
Net Change in Net Assets from Operations		850,634			2,344,491			9,122,700			12,572,804			14,825,715			17,086,521

Distributions to Class A Shareholders		(247,938	)		(1,152,241	)		(520,143	)		(5,014,918	)		(172,243	)		(5,367,974	)

Change in Net Assets from Capital Transactions (Note 6)		(1,626,419	)		(632,948	)		(3,913,078	)		3,041,728			1,089,660			1,076,908
Change in Net Assets		(1,023,723	)		559,302			4,689,479			10,599,614			15,743,132			12,795,455

Net Assets
Beginning of period		24,644,948			24,085,646			104,780,452			94,180,838			124,842,488			112,047,033
End of period	$	23,621,225		$	24,644,948		$	109,469,931		$	104,780,452		$	140,585,620		$	124,842,488

See accompanying notes to financial statements.

Financial Highlights

For a share outstanding throughout the period indicated

Praxis Impact Bond Fund - Class A

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
Net asset value at beginning of period	$	9.58		$	9.27		$	9.45		$	9.19		$	10.78		$	11.19
Net investment income ^(a)		0.16			0.32			0.29			0.24			0.17			0.14
Net realized and unrealized gains (losses) on investments		(0.10	)		0.30			(0.18	)		0.26			(1.58	)		(0.39	)
Total from investment operations		0.06			0.62			0.11			0.50			(1.41	)		(0.25	)
Less distributions from:
Net investment income		(0.16	)		(0.31	)		(0.29	)		(0.24	)		(0.18	)		(0.16	)
Net realized gains		—			—			—			—			—			—
Total distributions		(0.16	)		(0.31	)		(0.29	)		(0.24	)		(0.18	)		(0.16	)
Paid-in capital from redemption fees		—			—			—			—			—			0.00	^(b)
Net asset value at end of period	$	9.48		$	9.58		$	9.27		$	9.45		$	9.19		$	10.78
Total return (excludes sales charge)		0.61	%^(c)		6.82	%		1.17	%		5.56	%		(13.12	%)		(2.23	%)
Net assets at end of period (in 000s)	$	33,045		$	33,789		$	30,603		$	33,489		$	29,546		$	41,413
Ratio of expenses to average net assets		0.82	%^(d)		0.79	%		0.85	%		0.88	%		0.94	%		0.88	%
Ratio of net investment income to average net assets		3.35	%^(d)		3.35	%		3.05	%		2.60	%		1.74	%		1.28	%
Portfolio turnover rate		5.23	%^(c)		7.92	%		8.03	%		13.19	%		21.12	%		14.68	%

Praxis Impact Bond Fund - Class I

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
Net asset value at beginning of period	$	9.54		$	9.23		$	9.40		$	9.15		$	10.72		$	11.14
Net investment income ^(a)		0.18			0.35			0.32			0.28			0.21			0.18
Net realized and unrealized gains (losses) on investments		(0.11	)		0.31			(0.17	)		0.25			(1.56	)		(0.39	)
Total from investment operations		0.07			0.66			0.15			0.53			(1.35	)		(0.21	)
Less distributions from:
Net investment income		(0.18	)		(0.35	)		(0.32	)		(0.28	)		(0.22	)		(0.21	)
Net realized gains		—			—			—			—			—			—
Total distributions		(0.18	)		(0.35	)		(0.32	)		(0.28	)		(0.22	)		(0.21	)
Paid-in capital from redemption fees		—			—			—			—			—			0.00	^(b)
Net asset value at end of period	$	9.43		$	9.54		$	9.23		$	9.40		$	9.15		$	10.72
Total return		0.69	%^(c)		7.23	%		1.63	%		5.87	%		(12.65	%)		(1.93	%)
Net assets at end of period (in 000s)	$	1,194,804		$	1,110,355		$	953,854		$	819,818		$	639,959		$	773,270
Ratio of expenses to average net assets		0.45	%^(d)		0.46	%		0.47	%		0.49	%		0.49	%		0.48	%
Ratio of net investment income to average net assets		3.73	%^(d)		3.69	%		3.43	%		3.00	%		2.20	%		1.68	%
Portfolio turnover rate		5.23	%^(c)		7.92	%		8.03	%		13.19	%		21.12	%		14.68	%

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

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

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis International Index Fund - Class A

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
Net asset value at beginning of period	$	16.03		$	12.80		$	12.33		$	11.07		$	13.50		$	12.82
Net investment income ^(a)		0.19			0.29			0.25			0.23			0.20			0.18
Net realized and unrealized gains (losses) on investments and foreign currencies		2.36			3.41			0.54			1.38			(2.46	)		0.75
Total from investment operations		2.55			3.70			0.79			1.61			(2.26	)		0.93
Less distributions from:
Net investment income		—			(0.47	)		(0.32	)		(0.35	)		(0.17	)		(0.25	)
Paid-in capital from redemption fees		—			—			—			—			—			—
Net asset value at end of period	$	18.58		$	16.03		$	12.80		$	12.33		$	11.07		$	13.50
Total return (excludes sales charge)		15.91	%^(c)		28.89	%		6.42	%		14.51	%		(16.72	%)		7.22	%
Net assets at end of period (in 000s)	$	19,033		$	17,011		$	12,842		$	12,463		$	10,526		$	10,859
Ratio of expenses to average net assets		0.94	%^(d)		0.94	%		1.02	%		1.10	%		1.24	%		1.20	%
Ratio of net investment income to average net assets		2.25	%^(d)		1.99	%		1.91	%		1.98	%		1.71	%		1.32	%
Portfolio turnover rate		7.19	%^(c)		21.62	%		29.01	%		19.21	%		37.48	%		39.58	%

Praxis International Index Fund - Class I

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
Net asset value at beginning of period	$	16.11		$	12.85		$	12.38		$	11.11		$	13.53		$	12.86
Net investment income ^(a)		0.23			0.35			0.32			0.29			0.27			0.27
Net realized and unrealized gains (losses) on investments and foreign currencies		2.37			3.44			0.53			1.38			(2.46	)		0.74
Total from investment operations		2.60			3.79			0.85			1.67			(2.19	)		1.01
Less distributions from:
Net investment income		—			(0.53	)		(0.38	)		(0.40	)		(0.23	)		(0.34	)
Paid-in capital from redemption fees		—			—			—			—			—			0.00	^(b)
Net asset value at end of period	$	18.71		$	16.11		$	12.85		$	12.38		$	11.11		$	13.53
Total return		16.14	%^(c)		29.51	%		6.88	%		15.07	%		(16.18	%)		7.83	%
Net assets at end of period (in 000s)	$	654,603		$	531,590		$	427,493		$	383,812		$	327,905		$	370,796
Ratio of expenses to average net assets		0.51	%^(d)		0.54	%		0.56	%		0.60	%		0.62	%		0.61	%
Ratio of net investment income to average net assets		2.71	%^(d)		2.38	%		2.40	%		2.46	%		2.36	%		1.94	%
Portfolio turnover rate		7.19	%^(c)		21.62	%		29.01	%		19.21	%		37.48	%		39.58	%

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

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

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Value Index Fund - Class A

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
Net asset value at beginning of period	$	19.62		$	17.55		$	17.41		$	15.18		$	17.32		$	14.42
Net investment income ^(a)		0.15			0.30			0.31			0.23			0.26			0.22
Net realized and unrealized gains (losses) on investments		2.93			1.98			1.51			2.80			(1.63	)		3.30
Total from investment operations		3.08			2.28			1.82			3.03			(1.37	)		3.52
Less distributions from:
Net investment income		—			(0.21	)		(0.32	)		(0.16	)		(0.07	)		(0.31	)
Net realized gains		—			—			(1.36	)		(0.64	)		(0.70	)		(0.31	)
Total distributions		—			(0.21	)		(1.68	)		(0.80	)		(0.77	)		(0.62	)
Paid-in capital from redemption fees		—			—			—			—			—			0.00	^(b)
Net asset value at end of period	$	22.70		$	19.62		$	17.55		$	17.41		$	15.18		$	17.32
Total return (excludes sales charge)		15.70	%^(c)		12.97	%		10.30	%		20.04	%		(7.86	%)		24.52	%
Net assets at end of period (in 000s)	$	38,527		$	33,749		$	45,273		$	30,598		$	25,497		$	22,442
Ratio of expenses to average net assets		0.70	%^(d)		0.69	%		0.68	%		0.70	%		0.75	%		0.78	%
Ratio of net investment income to average net assets		1.47	%^(d)		1.61	%		1.64	%		1.39	%		1.63	%		1.34	%
Portfolio turnover rate		12.20	%^(c)		25.51	%		32.18	%		45.27	%		53.35	%		28.06	%

Praxis Value Index Fund - Class I

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
Net asset value at beginning of period	$	19.45		$	17.40		$	17.26		$	15.05		$	17.18		$	14.30
Net investment income ^(a)		0.19			0.36			0.36			0.28			0.31			0.28
Net realized and unrealized gains (losses) on investments		2.90			1.96			1.51			2.78			(1.61	)		3.29
Total from investment operations		3.09			2.32			1.87			3.06			(1.30	)		3.57
Less distributions from:
Net investment income		—			(0.27	)		(0.37	)		(0.21	)		(0.13	)		(0.38	)
Net realized gains		—			—			(1.36	)		(0.64	)		(0.70	)		(0.31	)
Total distributions		—			(0.27	)		(1.73	)		(0.85	)		(0.83	)		(0.69	)
Paid-in capital from redemption fees		—			—			—			—			—			0.00	^(b)
Net asset value at end of period	$	22.54		$	19.45		$	17.40		$	17.26		$	15.05		$	17.18
Total return		15.89	%^(c)		13.34	%		10.65	%		20.42	%		(7.55	%)		25.08	%
Net assets at end of period (in 000s)	$	575,176		$	497,725		$	449,655		$	469,374		$	373,084		$	417,164
Ratio of expenses to average net assets		0.35	%^(d)		0.37	%		0.38	%		0.38	%		0.38	%		0.38	%
Ratio of net investment income to average net assets		1.83	%^(d)		1.93	%		1.94	%		1.70	%		1.98	%		1.73	%
Portfolio turnover rate		12.20	%^(c)		25.51	%		32.18	%		45.27	%		53.35	%		28.06	%

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

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

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Growth Index Fund - Class A

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
Net asset value at beginning of period	$	54.74		$	48.48		$	36.94		$	29.04		$	42.88		$	33.96
Net investment income (loss) ^(a)		(0.02	)		(0.03	)		0.03			0.23			0.10			0.03
Net realized and unrealized gains (losses) on investments		4.59			8.76	^(b)		12.20			8.33			(12.27	)		10.69
Total from investment operations		4.57			8.73			12.23			8.56			(12.17	)		10.72
Less distributions from:
Net investment income		—			(0.03	)		(0.11	)		(0.23	)		—			(0.03	)
Net realized gains		—			(2.44	)		(0.58	)		(0.43	)		(1.67	)		(1.77	)
Total distributions		—			(2.47	)		(0.69	)		(0.66	)		(1.67	)		(1.80	)
Paid-in capital from redemption fees		—			—			—			—			—			0.00	^(c)
Net asset value at end of period	$	59.31		$	54.74		$	48.48		$	36.94		$	29.04		$	42.88
Total return (excludes sales charge)		8.35	%^(d)		18.05	%		33.04	%		29.48	%		(28.42	%)		31.60	%
Net assets at end of period (in 000s)	$	134,594		$	127,701		$	112,124		$	88,260		$	72,214		$	109,319
Ratio of expenses to average net assets		0.62	%^(e)		0.62	%		0.63	%		0.66	%		0.67	%		0.66	%
Ratio of net investment income (loss) to average net assets		(0.07	%)^(e)		(0.07	%)		0.07	%		0.70	%		0.28	%		0.08	%
Portfolio turnover rate		6.75	%^(d)		17.99	%		16.48	%		35.55	%		49.76	%		18.17	%

Praxis Growth Index Fund - Class I

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
Net asset value at beginning of period	$	55.53		$	49.13		$	37.41		$	29.40		$	43.27		$	34.25
Net investment income ^(a)		0.06			0.11			0.16			0.33			0.21			0.15
Net realized and unrealized gains (losses) on investments		4.66			8.90			12.38			8.44			(12.39	)		10.79
Total from investment operations		4.72			9.01			12.54			8.77			(12.18	)		10.94
Less distributions from:
Net investment income		—			(0.17	)		(0.24	)		(0.33	)		(0.02	)		(0.15	)
Net realized gains		—			(2.44	)		(0.58	)		(0.43	)		(1.67	)		(1.77	)
Total distributions		—			(2.61	)		(0.82	)		(0.76	)		(1.69	)		(1.92	)
Paid-in capital from redemption fees		—			—			—			—			—			0.00	^(c)
Net asset value at end of period	$	60.25		$	55.53		$	49.13		$	37.41		$	29.40		$	43.27
Total return		8.50	%^(d)		18.37	%		33.44	%		29.82	%		(28.18	%)		31.97	%
Net assets at end of period (in 000s)	$	677,569		$	619,158		$	561,657		$	452,516		$	378,141		$	420,287
Ratio of expenses to average net assets		0.33	%^(e)		0.34	%		0.35	%		0.37	%		0.36	%		0.36	%
Ratio of net investment income to average net assets		0.22	%^(e)		0.21	%		0.35	%		0.98	%		0.60	%		0.38	%
Portfolio turnover rate		6.75	%^(d)		17.99	%		16.48	%		35.55	%		49.76	%		18.17	%

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

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

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

^(d)	Not annualized.

^(e)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Small Cap Index Fund - Class A

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
Net asset value at beginning of period	$	10.38		$	10.70		$	9.99		$	8.70		$	11.00		$	9.69
Net investment income ^(a)		0.03			0.06			0.05			0.06			0.03			0.02
Net realized and unrealized gains (losses) on investments		1.92			0.61			0.73			1.32			(2.24	)		2.52
Total from investment operations		1.95			0.67			0.78			1.38			(2.21	)		2.54
Less distributions from:
Net investment income		—			(0.05	)		(0.07	)		(0.09	)		—			(0.03	)
Net realized gains		—			(0.94	)		—			—			(0.09	)		(1.20	)
Total distributions		—			(0.99	)		(0.07	)		(0.09	)		(0.09	)		(1.23	)
Paid-in capital from redemption fees		—			—			—			—			—			0.00	^(b)
Net asset value at end of period	$	12.33		$	10.38		$	10.70		$	9.99		$	8.70		$	11.00
Total return (excludes sales charge)		18.79	%^(c)		6.15	%		7.86	%		15.87	%		(20.08	%)		26.53	%
Net assets at end of period (in 000s)	$	9,458		$	7,307		$	6,463		$	6,141		$	5,296		$	6,656
Ratio of net expenses to average net assets		0.90	%^(d)		0.94	%		1.03	%		1.12	%		1.11	%		1.12	%
Ratio of gross expenses to average net assets		0.90	%^(d)		0.94	%		1.03	%*		1.04	%*		1.09	%*		1.12	%*
Ratio of net investment income to average net assets		0.54	%^(d)		0.51	%		0.47	%		0.63	%		0.37	%		0.13	%
Portfolio turnover rate		43.52	%^(c)		34.84	%		82.31	%		38.41	%		35.74	%		40.95	%

Praxis Small Cap Index Fund - Class I

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
Net asset value at beginning of period	$	11.73		$	11.96		$	11.15		$	9.68		$	12.17		$	10.60
Net investment income ^(a)		0.06			0.13			0.13			0.13			0.11			0.11
Net realized and unrealized gains (losses) on investments		2.17			0.68			0.82			1.49			(2.50	)		2.76
Total from investment operations		2.23			0.81			0.95			1.62			(2.39	)		2.87
Less distributions from:
Net investment income		—			(0.10	)		(0.14	)		(0.15	)		(0.01	)		(0.10	)
Net realized gains		—			(0.94	)		—			—			(0.09	)		(1.20	)
Total distributions		—			(1.04	)		(0.14	)		(0.15	)		(0.10	)		(1.30	)
Paid-in capital from redemption fees		—			—			—			—			—			0.00	^(b)
Net asset value at end of period	$	13.96		$	11.73		$	11.96		$	11.15		$	9.68		$	12.17
Total return		19.01	%^(c)		6.71	%		8.49	%		16.67	%		(19.60	%)		27.36	%
Net assets at end of period (in 000s)	$	224,881		$	190,620		$	174,518		$	159,172		$	143,969		$	166,462
Ratio of expenses to average net assets		0.41	%^(d)		0.42	%		0.44	%		0.44	%		0.43	%		0.43	%
Ratio of net investment income to average net assets		1.02	%^(d)		1.04	%		1.12	%		1.32	%		1.02	%		0.83	%
Portfolio turnover rate		43.52	%^(c)		34.84	%		82.31	%		38.41	%		35.74	%		40.95	%

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

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

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

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Conservative Portfolio - Class A

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
Net asset value at beginning of period	$	12.28		$	11.69		$	11.66		$	10.85		$	12.99		$	12.99
Net investment income ^(a)		0.13			0.30			0.27			0.22			0.17			0.20
Net realized and unrealized gains (losses) on investments		0.31			0.88			0.33			0.84			(2.06	)		0.37
Total from investment operations		0.44			1.18			0.60			1.06			(1.89	)		0.57
Less distributions from:
Net investment income		(0.13	)		(0.30	)		(0.27	)		(0.23	)		(0.17	)		(0.20	)
Net realized gains		—			(0.29	)		(0.30	)		(0.02	)		(0.08	)		(0.37	)
Total distributions		(0.13	)		(0.59	)		(0.57	)		(0.25	)		(0.25	)		(0.57	)
Paid-in capital from redemption fees		—			—			—			—			—			0.00	^(b)
Net asset value at end of period	$	12.59		$	12.28		$	11.69		$	11.66		$	10.85		$	12.99
Total return (excludes sales charge)		3.58	%^(c)		10.14	%		5.16	%		9.77	%		(14.59	%)		4.42	%
Net assets at end of period (in 000s)	$	23,621		$	24,645		$	24,086		$	24,573		$	24,185		$	28,609
Ratio of net expenses to average net assets^†		0.64	%^(d)		0.61	%		0.62	%		0.62	%		0.58	%		0.60	%
Ratio of gross expenses to average net assets^†		0.64	%^(d)		0.61	%		0.62	%		0.62	%		0.58	%		0.58	%**
Ratio of net investment income to average net assets^†*		2.06	%^(d)		2.44	%		2.30	%		1.98	%		1.43	%		1.50	%
Portfolio turnover rate		11.71	%^(c)		12.32	%		12.40	%		10.52	%		13.60	%		15.51	%

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

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

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

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

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

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Balanced Portfolio - Class A

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
Net asset value at beginning of period	$	16.77		$	15.52		$	14.84		$	13.31		$	16.30		$	15.40
Net investment income ^(a)		0.09			0.33			0.31			0.26			0.17			0.33
Net realized and unrealized gains (losses) on investments		1.42			1.74			1.04			1.62			(2.79	)		1.47
Total from investment operations		1.51			2.07			1.35			1.88			(2.62	)		1.80
Less distributions from:
Net investment income		(0.09	)		(0.32	)		(0.31	)		(0.26	)		(0.17	)		(0.32	)
Net realized gains		—			(0.50	)		(0.36	)		(0.09	)		(0.20	)		(0.58	)
Total distributions		(0.09	)		(0.82	)		(0.67	)		(0.35	)		(0.37	)		(0.90	)
Paid-in capital from redemption fees		—			—			—			—			—			0.00	^(b)
Net asset value at end of period	$	18.19		$	16.77		$	15.52		$	14.84		$	13.31		$	16.30
Total return (excludes sales charge)		9.00	%^(c)		13.46	%		9.03	%		14.15	%		(16.06	%)		11.77	%
Net assets at end of period (in 000s)	$	109,470		$	104,780		$	94,181		$	90,217		$	78,828		$	95,935
Ratio of expenses to average net assets^†		0.46	%^(d)		0.46	%		0.46	%		0.47	%		0.47	%		0.46	%
Ratio of net investment income to average net assets^†*		0.99	%^(d)		2.01	%		1.96	%		1.82	%		1.21	%		2.01	%
Portfolio turnover rate		7.37	%^(c)		12.84	%		13.43	%		10.51	%		12.96	%		15.28	%

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

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

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

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

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Growth Portfolio - Class A

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
Net asset value at beginning of period	$	21.04		$	19.03		$	17.63		$	15.42		$	19.15		$	17.17
Net investment income ^(a)		0.03			0.32			0.31			0.27			0.17			0.43
Net realized and unrealized gains (losses) on investments		2.46			2.62			1.73			2.35			(3.44	)		2.43
Total from investment operations		2.49			2.94			2.04			2.62			(3.27	)		2.86
Less distributions from:
Net investment income		(0.03	)		(0.32	)		(0.31	)		(0.27	)		(0.16	)		(0.42	)
Net realized gains		—			(0.61	)		(0.33	)		(0.14	)		(0.30	)		(0.46	)
Total distributions		(0.03	)		(0.93	)		(0.64	)		(0.41	)		(0.46	)		(0.88	)
Paid-in capital from redemption fees		—			—			—			—			—			0.00	^(b)
Net asset value at end of period	$	23.50		$	21.04		$	19.03		$	17.63		$	15.42		$	19.15
Total return (excludes sales charge)		11.84	%^(c)		15.50	%		11.52	%		16.98	%		(17.05	%)		16.72	%
Net assets at end of period (in 000s)	$	140,586		$	124,842		$	112,047		$	103,648		$	87,208		$	100,854
Ratio of expenses to average net assets^†		0.45	%^(d)		0.46	%		0.48	%		0.49	%		0.48	%		0.49	%
Ratio of net investment income to average net assets^†*		0.27	%^(d)		1.60	%		1.64	%		1.63	%		1.02	%		2.28	%
Portfolio turnover rate		6.91	%^(c)		13.56	%		12.86	%		7.57	%		10.46	%		12.90	%

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

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

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

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

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Notes to Financial Statements (unaudited)

June 30, 2026

1. Organization:

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.” Other series of the Trust are not included in this report.

As of June 30, 2026 the Funds offer Class A and Class I Shares and the Portfolios offer Class A Shares. Each class of shares in a Fund or Portfolio has identical rights and privileges except with respect to fees paid under the distribution and shareholder servicing agreement, certain other class specific expenses, voting rights on matters affecting a single class of shares and the exchange privileges of each class of shares. Class A has a maximum sales charge on purchases of 5.25 percent as a percentage of the original purchase price, except for the Impact Bond Fund which has a maximum sales charge of 3.75 percent.

2. Significant Accounting Policies:

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

Segment Reporting

The President and Chief Executive Officer of the Trust acts as each Fund and Portfolio’s chief operating decision maker (“CODM”). The CODM has determined that each Fund and Portfolio has a single operating segment as the CODM monitors the operating results of each Fund and Portfolio as a whole and each Fund and Portfolio’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by Praxis Investment Management, Inc. (the “Adviser”), investment adviser to the Funds and Portfolios. The CODM allocates resources and assess performance based on the operating results of each Fund and Portfolio, which is consistent with the results presented in the Funds’ and Portfolios’ Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

Securities Valuation:

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

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

The Funds use various independent pricing services to value most of their debt investments. A pricing service would normally consider such factors as yield, risk, quality, maturity, type of issue, trading characteristics, special circumstances and other factors it deems relevant in determining valuations of normal institutional trading units of debt securities and would not rely exclusively on quoted prices. When valuing foreign securities held by the Funds, certain pricing services might use computerized pricing models to systematically calculate adjustments to foreign security closing prices based on the latest market movements. Such pricing models utilize market data that has been obtained between the local market close and the NYSE close to compute adjustments to foreign security close prices. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser, 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

Notes to Financial Statements (unaudited), continued

June 30, 2026

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:

●

Level 1 — quoted prices in active markets for identical securities

●

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

●

Level 3 — significant unobservable inputs (including the Funds’ and Portfolios’ own assumptions in determining the fair value of investments)

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

The aggregate value by each Fund’s and Portfolio’s investments and the input level, as of June 30, 2026, for the investments are as follows:

Impact Bond Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Asset Backed Securities	$	—	$	85,137,471	$	—	$	85,137,471
Municipal Bonds		—		9,841,001		—		9,841,001
Corporate Bonds		—		290,220,167		—		290,220,167
Corporate Notes		—		11,720,370		—		11,720,370
Foreign Governments		—		70,933,894		—		70,933,894
Commercial Mortgage-Backed Securities		—		32,305		—		32,305
U.S. Government Agencies		—		719,521,643		—		719,521,643
Money Market Funds		30,246,184		—		—		30,246,184
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		10,089,182
Investment Companies		3,239,001		—		—		3,239,001
Total Investments	$	33,485,185	$	1,187,406,851	$	—	$	1,230,981,218

International Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	283,105,316	$	378,931,294	$	—	$	662,036,610
Preferred Stocks		1,189,773		—		—		1,189,773
Corporate Notes		—		5,786,421		—		5,786,421
Money Market Funds		1,722,694		—		—		1,722,694
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		83,628,886
Total Investments	$	286,017,783	$	384,717,715	$	—	$	754,364,384

Notes to Financial Statements (unaudited), continued

June 30, 2026

Value Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	605,699,554	$	—	$	—	$	605,699,554
Corporate Notes		—		5,268,707		—		5,268,707
Money Market Funds		7,013,634		—		—		7,013,634
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		34,066,166
Total Investments	$	612,713,188	$	5,268,707	$	—	$	652,048,061

Growth Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	802,251,865	$	—	$	—	$	802,251,865
Corporate Notes		—		6,972,472		—		6,972,472
Money Market Funds		2,588,564		—		—		2,588,564
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		12,237,714
Total Investments	$	804,840,429	$	6,972,472	$	—	$	824,050,615

Small Cap Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Common Stocks	$	231,892,443	$	—	$	—	$	231,892,443
Rights		—		—		25,585		25,585
Corporate Notes		—		1,996,445		—		1,996,445
Money Market Funds		291,635		—		—		291,635
Investment Purchased with the Cash Proceeds from Securities Lending *		—		—		—		44,893,569
Total Investments	$	232,184,078	$	1,996,445	$	25,585	$	279,099,677

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

Conservative Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	23,567,082	$	—	$	—	$	23,567,082
Money Market Funds		6,144		—		—		6,144
Total Investments	$	23,573,226	$	—	$	—	$	23,573,226

Balanced Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	109,391,107	$	—	$	—	$	109,391,107
Total Investments	$	109,391,107	$	—	$	—	$	109,391,107

Growth Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Fair Value
Affiliated Mutual Funds	$	140,497,852	$	—	$	—	$	140,497,852
Total Investments	$	140,497,852	$	—	$	—	$	140,497,852

Notes to Financial Statements (unaudited), continued

June 30, 2026

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, 2026:

	International Index Fund			Small Cap Index Fund
Balance as of December 31, 2025	$	869		$	25,187
Received via corporate action		—			227
Change in Unrealized appreciation (depreciation)		—			171
Realized losses		(869	)		—
Balance as of June 30, 2026	$	—		$	25,585

The total change in unrealized appreciation (depreciation) included on the Statements of Operations attributable to Level 3 investments still held as of June 30, 2026 for the Small Cap Index Fund was $171.

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:

Small Cap Index Fund
	6/30/26		Valuation Technique	Unobservable Input	Range	Impact to Valuation from an Increase in Input *
Rights		$25,585	Discount on Future Cash Flows	Estimate of Future Cash Flows	100%	Increase

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

Investment Transactions and Related Income:

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

Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Where available, the Funds will file for claims on foreign taxes withheld. Tax reclaims receivable, if any, are recorded based upon the Funds’ interpretation of country specific taxation of accrued income and interest income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable or the Funds’ interpretation of country-specific taxation of dividend income and related amounts reclaimable. 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 Real Estate Investment Trusts (“REITs”) may be characterized as ordinary income, net capital gains or return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds may use estimates in reporting the character of their income and distributions for financial statement purposes; otherwise, these amounts are recorded once the issuers provide the information about the actual composition of the distributions. The actual character of distributions to the Funds’ shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Funds’ shareholders may represent a return of capital.

Allocations:

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

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.

Notes to Financial Statements (unaudited), continued

June 30, 2026

Risks Associated with Foreign Securities and Currencies:

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

Foreign Currency Translation:

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

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

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

Dividends and Distributions:

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

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

Uninvested Cash:

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

Federal Income Taxes:

It is each Fund’s and Portfolio’s policy to continue to qualify as a regulated investment company by complying with the provisions available to investment companies, as defined in applicable sections of Subchapter M of the Internal Revenue Code, and to distribute timely all of its net investment company taxable income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax law, a withholding tax may be imposed on interest, dividends and capital gains earned on foreign investments at various rates. Where available, the Funds will file for claims on foreign taxes withheld. The Funds and Portfolios recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended June 30, 2026, the Funds and Portfolios did not incur any interest or penalties and no federal, state or local income taxes or any material income taxes in foreign jurisdictions were paid by the Funds or Portfolios.

Notes to Financial Statements (unaudited), continued

June 30, 2026

3. Purchases and Sales of Securities:

Purchases, sales and maturities of securities (excluding short-term debt securities having maturities one year or less and U.S. Government Securities) for the six months ended June 30, 2026 were as follows:

	Purchases		Sales
Impact Bond Fund	$	104,204,178	$	44,101,154
International Index Fund		82,602,954		43,384,235
Value Index Fund		73,557,792		68,806,439
Growth Index Fund		53,584,096		51,027,097
Small Cap Index Fund		93,613,724		93,109,724
Conservative Portfolio		2,845,185		4,527,011
Balanced Portfolio		7,853,549		11,889,847
Growth Portfolio		10,041,687		9,084,455

During the six months ended June 30, 2026, cost of purchases and proceeds from sales and maturities of long-term U.S. government securities for Praxis Impact Bond Fund were $54,172,400 and $15,883,000, respectively.

During the six months ended June 30, 2026, 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:

Selling Fund	Purchasing Fund	Net Proceeds		Net Gain (Loss)
Value Index Fund	Growth Index Fund	$	7,931,721	$	5,395,943
Value Index Fund	Small Cap Index Fund		1,622,477		(107,078	)
Growth Index Fund	Value Index Fund		7,724,628		(2,718,767	)
Growth Index Fund	Small Cap Index Fund		281,362		(162,235	)
Small Cap Index Fund	Value Index Fund		133,123		32,316
Small Cap Index Fund	Growth Index Fund		6,185,205		4,883,234

4. Investment Transactions with Affiliates:

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

	For the six months ended June 30, 2026
Affiliate	Fair Value at December 31, 2025		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at June 30, 2026		Dividend Income		Long-Term Capital Gain Distributions		Shares at June 30, 2026
Conservative Portfolio
Growth Index - Class I	$	2,258,199	$	28,674	$	(776,746	)	$	576,191		$	(423,294	)	$	1,663,024	$	—	$	—		27,602
Impact Bond - Class I		17,300,826		2,759,162		(1,574,773	)		(138,711	)		(69,885	)		18,276,619		325,676		—		1,938,136
International Index - Class I		2,213,011		21,506		(892,809	)		378,004			(96,650	)		1,623,062		—		—		86,748
Small Cap Index - Class I		607,468		7,168		(284,937	)		94,685			(7,656	)		416,728		—		—		29,852
Value Index - Class I		2,267,048		28,675		(997,746	)		542,323			(252,651	)		1,587,649		—		—		70,437
Total	$	24,646,552	$	2,845,185	$	(4,527,011	)	$	1,452,492		$	(850,136	)	$	23,567,082	$	325,676	$	—		2,152,775

	For the six months ended June 30, 2026
Affiliate	Fair Value at December 31, 2025		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at June 30, 2026		Dividend Income		Long-Term Capital Gain Distributions		Shares at June 30, 2026
Balanced Portfolio
Growth Index - Class I	$	16,657,100	$	2,121,110	$	(2,463,310	)	$	263,783		$	1,483,354		$	18,062,037	$	—	$	—		299,785
Impact Bond - Class I		42,178,885		4,985,048		(3,516,945	)		(318,516	)		(180,448	)		43,148,024		761,769		—		4,575,612
International Index - Class I		18,902,684		263,785		(2,197,385	)		615,528			2,326,759			19,911,371		—		—		1,064,210
Small Cap Index - Class I		10,366,413		175,857		(1,485,257	)		157,898			1,738,975			10,953,886		—		—		784,662
Value Index - Class I		16,720,518		307,749		(2,226,950	)		563,819			1,950,653			17,315,789		—		—		768,225
Total	$	104,825,600	$	7,853,549	$	(11,889,847	)	$	1,282,512		$	7,319,293		$	109,391,107	$	761,769	$	—		7,492,494

Notes to Financial Statements (unaudited), continued

June 30, 2026

	For the six months ended June 30, 2026
Affiliate	Fair Value at December 31, 2025		Purchase Cost		Sales Proceeds			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Fair Value at June 30, 2026		Dividend Income		Long-Term Capital Gain Distributions		Shares at June 30, 2026
Growth Portfolio
Growth Index - Class I	$	25,478,774	$	3,438,399	$	(2,107,915	)	$	93,907		$	2,690,260		$	29,593,425	$	—	$	—		491,177
Impact Bond - Class I		25,176,888		4,241,992		(1,513,150	)		(163,533	)		(150,455	)		27,591,742		467,476		—		2,925,954
International Index - Class I		30,091,911		821,320		(1,790,222	)		72,675			4,715,258			33,910,942		—		—		1,812,450
Small Cap Index - Class I		18,565,314		615,990		(1,641,667	)		133,221			3,338,860			21,011,718		—		—		1,505,137
Value Index - Class I		25,575,500		923,986		(2,031,501	)		87,706			3,834,334			28,390,025		—		—		1,259,540
Total	$	124,888,387	$	10,041,687	$	(9,084,455	)	$	223,976		$	14,428,257		$	140,497,852	$	467,476	$	—		7,994,258

5. Related Party Transactions:

The Adviser provides investment advisory services to the Funds and Portfolios. During the six months ended June 30, 2026, under the terms of the investment advisory agreement, the Adviser was entitled to receive fees based on a percentage of the average daily net assets of each of the Funds and Portfolios as follows:


Impact Bond Fund*	0.34	%
International Index Fund**	0.39	%
Value Index Fund***	0.24	%
Growth Index Fund***	0.23	%
Small Cap Index Fund***	0.29	%
Conservative Portfolio	0.05	%
Balanced Portfolio	0.05	%
Growth Portfolio	0.05	%

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

The International Index Fund’s fee is subject to a tier schedule as follows: 0.49% on the average daily net assets up to $100 million and 0.37% on the average daily net asset over $100 million, and 0.34% on the average daily net assets over $500 million. Rate disclosed above represents the effective rate charged during the period.

***

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

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, 2027. Pursuant to this agreement, the Adviser has agreed to reduce its fees (but not below zero) and/or reimburse expenses to the extent necessary in order to limit the Total Annual Fund Operating Expenses (excluding AFFE, brokerage costs, interest, taxes, dividends, Trustees fees and expenses, legal fees and expenses, and extraordinary expenses) of certain Funds and the Portfolios. Those Funds and Portfolios have agreed to repay the Adviser for the amount of fee reduction and/or expense reimbursements by the Adviser pursuant to this expense limitation agreement provided that such repayment does not cause the Total Annual Fund Operating Expenses (excluding AFFE, brokerage costs, interest, taxes, dividends, Trustees fees and expenses, legal fees and expenses, and extraordinary expenses) to exceed the contractual expense limit in place at the time of the fee reduction and/or reimbursement and at the time of repayment, and the repayment is made within three years after the time in which the Adviser reduced and/or reimbursed the expense.

The contractual expense limits in place as of June 30, 2026 were:


Small Cap Index Fund (Class A)			1.10	%

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.

Notes to Financial Statements (unaudited), continued

June 30, 2026

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, 2026 as follows:


Impact Bond Fund	$	4,320
International Index Fund		1,370
Value Index Fund		5,227
Growth Index Fund		9,459
Small Cap Index Fund		509
Conservative Portfolio		2,174
Balanced Portfolio		11,500
Growth Portfolio		26,053

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.

Notes to Financial Statements (unaudited), continued

June 30, 2026

6. Capital Share Transactions:

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

	Impact Bond Fund						International Index Fund
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	5,644,806		$	7,941,658		$	1,487,136		$	4,126,442
Dividends reinvested		536,446			980,995			—			480,261
Cost of shares redeemed		(6,516,461	)		(6,744,546	)		(2,125,628	)		(3,796,656	)
Class A Share Transactions	$	(335,209	)	$	2,178,107		$	(638,492	)	$	810,047
Class I Shares:
Proceeds from shares issued	$	182,481,831		$	306,589,406		$	85,948,558		$	106,308,398
Dividends reinvested		11,436,767			20,884,418			—			7,534,575
Cost of shares redeemed		(96,396,512	)		(203,875,383	)		(52,521,633	)		(116,137,899	)
Class I Share Transactions	$	97,522,086		$	123,598,441		$	33,426,925		$	(2,294,926	)
Net change from capital transactions	$	97,186,877		$	125,776,548		$	32,788,433		$	(1,484,879	)
Share Transactions:
Class A Shares:
Issued		591,499			834,215			86,181			288,477
Reinvested		56,225			103,412			—			29,867
Redeemed		(686,179	)		(711,471	)		(123,062	)		(260,546	)
Change in Class A Shares:		(38,455	)		226,156			(36,881	)		57,798
Class I Shares:
Issued		19,238,589			32,556,890			4,979,661			7,244,371
Reinvested		1,204,927			2,212,320			—			466,248
Redeemed		(10,150,881	)		(21,665,572	)		(2,996,784	)		(7,964,808	)
Change in Class I Shares:		10,292,635			13,103,638			1,982,877			(254,189	)
Net change from share transactions		10,254,180			13,329,794			1,945,996			(196,391	)

	Value Index Fund						Growth Index Fund						Small Cap Index Fund
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	3,166,932		$	4,158,995		$	3,265,704		$	9,239,700		$	1,073,883		$	1,232,207
Dividends reinvested		—			335,425			—			5,377,167			—			638,478
Cost of shares redeemed		(3,634,286	)		(19,785,986	)		(6,908,216	)		(13,150,654	)		(356,695	)		(784,660	)
Class A Share Transactions	$	(467,354	)	$	(15,291,566	)	$	(3,642,512	)	$	1,466,213		$	717,188		$	1,086,025
Class I Shares:
Proceeds from shares issued	$	58,041,759		$	140,264,345		$	77,528,827		$	154,641,721		$	17,836,936		$	48,472,212
Dividends reinvested		—			4,604,761			—			20,648,853			—			7,231,325
Cost of shares redeemed		(58,809,736	)		(147,864,261	)		(74,656,762	)		(187,653,285	)		(20,018,576	)		(36,664,433	)
Class I Share Transactions	$	(767,977	)	$	(2,995,155	)	$	2,872,065		$	(12,362,711	)	$	(2,181,640	)	$	19,039,104
Net change from capital transactions	$	(1,235,331	)	$	(18,286,721	)	$	(770,447	)	$	(10,896,498	)	$	(1,464,452	)	$	20,125,129
Share Transactions:
Class A Shares:
Issued		146,966			228,758			60,342			179,397			95,105			113,210
Reinvested		—			16,975			—			99,136			—			60,707
Redeemed		(169,620	)		(1,105,370	)		(123,846	)		(258,628	)		(31,949	)		(73,554	)
Change in Class A Shares:		(22,654	)		(859,637	)		(63,504	)		19,905			63,156			100,363
Class I Shares:
Issued		2,751,769			7,699,191			1,419,333			3,064,886			1,410,459			4,171,947
Reinvested		—			235,057			—			374,069			—			605,724
Redeemed		(2,823,111	)		(8,185,534	)		(1,323,051	)		(3,722,093	)		(1,561,142	)		(3,107,685	)
Change in Class I Shares:		(71,342	)		(251,286	)		96,282			(283,138	)		(150,683	)		1,669,986
Net change from share transactions		(93,996	)		(1,110,923	)		32,778			(263,233	)		(87,527	)		1,770,349

Notes to Financial Statements (unaudited), continued

June 30, 2026

	Conservative Portfolio						Balanced Portfolio						Growth Portfolio
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	520,017		$	1,657,058		$	3,837,523		$	7,898,526		$	6,860,767		$	8,598,795
Dividends reinvested		244,906			1,141,300			513,365			4,977,375			170,575			5,320,333
Cost of shares redeemed		(2,391,342	)		(3,431,306	)		(8,263,966	)		(9,834,173	)		(5,941,682	)		(12,842,220	)
Class A Share Transactions	$	(1,626,419	)	$	(632,948	)	$	(3,913,078	)	$	3,041,728		$	1,089,660		$	1,076,908
Net change from capital transactions	$	(1,626,419	)	$	(632,948	)	$	(3,913,078	)	$	3,041,728		$	1,089,660		$	1,076,908
Share Transactions:
Class A Shares:
Issued		42,082			137,076			221,299			490,709			312,121			429,269
Reinvested		19,682			93,169			29,408			296,734			7,669			251,241
Redeemed		(192,316	)		(283,561	)		(478,721	)		(606,707	)		(270,661	)		(636,497	)
Change in Class A Shares:		(130,552	)		(53,316	)		(228,014	)		180,736			49,129			44,013
Net change from share transactions		(130,552	)		(53,316	)		(228,014	)		180,736			49,129			44,013

7. Federal Income Tax Information:

The character of dividends paid to shareholders of the Funds and Portfolios for federal income tax purposes during the periods ended June 30, 2026 and December 31, 2025 was as follows:

	Impact Bond Fund				International Index Fund				Value Index Fund
	Six Months Ended June 30, 2026 (unaudited)		Year Ended December 31, 2025		Six Months Ended June 30, 2026 (unaudited)		Year Ended December 31, 2025		Six Months Ended June 30, 2026 (unaudited)		Year Ended December 31, 2025
From ordinary income	$	21,845,570	$	38,897,455	$	—	$	17,879,088	$	—	$	7,261,911
From long-term capital gains		—		—		—		—		—		—
Total distributions	$	21,845,570	$	38,897,455	$	—	$	17,879,088	$	—	$	7,261,911

	Growth Index Fund				Small Cap Index Fund
	Six Months Ended June 30, 2026 (unaudited)		Year Ended December 31, 2025		Six Months Ended June 30, 2026 (unaudited)		Year Ended December 31, 2025
From ordinary income	$	—	$	1,913,816	$	—	$	1,725,071
From long-term capital gains		—		31,236,079		—		14,892,281
Total distributions	$	—	$	33,149,895	$	—	$	16,617,352

	Conservative Portfolio				Balanced Portfolio				Growth Portfolio
	Six Months Ended June 30, 2026 (unaudited)		Year Ended December 31, 2025		Six Months Ended June 30, 2026 (unaudited)		Year Ended December 31, 2025		Six Months Ended June 30, 2026 (unaudited)		Year Ended December 31, 2025
From ordinary income	$	247,938	$	609,276	$	520,143	$	2,275,201	$	172,243	$	2,190,937
From long-term capital gains		—		542,965		—		2,739,717		—		3,177,037
Total distributions	$	247,938	$	1,152,241	$	520,143	$	5,014,918	$	172,243	$	5,367,974

The following information was computed on a tax basis for each item as of December 31, 2025:

	Impact Bond Fund			International Index Fund			Value Index Fund
Tax cost of investments	$	1,191,215,581		$	364,974,669		$	366,306,856
Gross unrealized appreciation		12,552,580			240,746,459			187,273,182
Gross unrealized depreciation		(56,983,951	)		(2,131,481	)		(8,264,865	)
Net unrealized appreciation (depreciation) on investments	$	(44,431,371	)	$	238,614,978		$	179,008,317
Net unrealized appreciation on foreign currency transactions		—			42,120			—
Undistributed ordinary income		—			—			9,556,800
Accumulated capital and other losses		(12,378,188	)		(39,460,188	)		(12,552,349	)
Distributable earnings (accumulated deficit)	$	(56,809,559	)	$	199,196,910		$	176,012,768

Notes to Financial Statements (unaudited), continued

June 30, 2026

	Growth Index Fund			Small Cap Index Fund
Tax cost of investments	$	260,341,867		$	178,669,573
Gross unrealized appreciation		500,107,654			56,059,061
Gross unrealized depreciation		(1,177,399	)		(9,132,373	)
Net unrealized appreciation on investments	$	498,930,255		$	46,926,688
Undistributed ordinary income		1,000,066			—
Undistributed long-term capital gains		1,640,105			—
Post-October capital losses		—			(80,248	)
Distributable earnings	$	501,570,426		$	46,846,440

	Conservative Portfolio			Balanced Portfolio			Growth Portfolio
Tax cost of investments	$	21,693,887		$	74,471,369		$	79,023,266
Gross unrealized appreciation		4,380,223			33,288,297			47,731,445
Gross unrealized depreciation		(1,420,438	)		(2,932,186	)		(1,865,147	)
Net unrealized appreciation on investments	$	2,959,785		$	30,356,111		$	45,866,298
Undistributed ordinary income		16,185			122,883			16,648
Undistributed long-term capital gains		252,775			1,640,916			2,773,098
Distributable earnings	$	3,228,745		$	32,119,910		$	48,656,044

For the latest tax year ended December 31, 2025, the following Funds have capital loss carry forwards (“CLCFs”) as summarized below.

CLCFs not subject to expiration:

	Impact Bond		International Index		Value Index
No expiration - short-term	$	2,178,971	$	38,062,464	$	7,277,417
No expiration - long-term		10,199,217		—		5,252,932
	$	12,378,188	$	38,062,464	$	12,530,349

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

	Impact Bond Fund			International Index Fund			Value Index Fund
Tax cost of investments	$	1,288,803,305		$	433,309,710		$	407,850,845
Gross unrealized appreciation		5,409,536			328,340,026			250,759,684
Gross unrealized depreciation		(63,231,623	)		(7,285,352	)		(6,562,468	)
Net unrealized appreciation (depreciation) on investments	$	(57,822,087	)	$	321,054,674		$	244,197,216

	Growth Index Fund			Small Cap Index Fund
Tax cost of investments	$	255,449,172		$	204,292,713
Gross unrealized appreciation		572,220,745			77,295,469
Gross unrealized depreciation		(3,619,302	)		(2,488,505	)
Net unrealized appreciation on investments	$	568,601,443		$	74,806,964

	Conservative Portfolio			Balanced Portfolio			Growth Portfolio
Tax cost of investments	$	21,521,506		$	71,742,236		$	80,301,155
Gross unrealized appreciation		3,595,582			40,702,345			62,022,451
Gross unrealized depreciation		(1,543,862	)		(3,053,474	)		(1,825,754	)
Net unrealized appreciation on investments	$	2,051,720		$	37,648,871		$	60,196,697

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 publicly traded partnerships, C Corporations and 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.

Notes to Financial Statements (unaudited), continued

June 30, 2026

8. Securities Lending

Under the terms of the securities lending agreement with U.S. Bank, N.A. (“U.S. Bank”), U.S. Bank is authorized to loan securities on behalf of the Funds to approved borrowers. The contractual maturity of securities lending transactions are on an overnight and continuous basis. In exchange, the Funds receive cash collateral in the amount of at least 102% of the value of the securities loaned. Any collateral shortfalls due to changes in security market prices are adjusted the next business day. The cash collateral is invested in a short-term investment instrument as noted on the Funds’ Schedules of 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, 2026, the fair value of securities on loan and the collateral held were as follows:

	Fair Value of Securities Loaned		Cash Collateral
Impact Bond Fund	$	9,824,053	$	10,089,182
International Index Fund		81,935,334		83,628,886
Value Index Fund		32,941,982		34,066,166
Growth Index Fund		12,119,743		12,237,714
Small Cap Index Fund		44,133,480		44,893,569

9. Commitments and Contingencies

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

10. Trustee Compensation

Each Trustee who is not an “interested person” of the Trust (“Independent Trustee”) receives an annual retainer and meeting fees, plus reimbursement for travel and other meeting related expenses. Collectively, the Independent Trustees were paid $161,850 in retainers and meeting fees during the six months ended June 30, 2026.

11. Subsequent Events

The Funds and Portfolios evaluated subsequent events June 30, 2026 through the date these financial statements were issued. There were no significant events that would have a material impact on the Funds’ and Portfolios’ financial statements.

Additional Information (unaudited)

June 30, 2026

Changes in and/or Disagreements with Accountants

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

Proxy Disclosures

Not applicable.

Remuneration Paid to Directors, Officers and Others

Refer to the financial statements included herein.

Statement Regarding Basis for Approval of Investment Advisory Agreement

Not applicable.

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

Annual/Semi-Annual Financial Statements:

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

Statement of Additional Information (SAI):

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:

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

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

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

Investment Company Act file no. 811-08056

Table of Contents

Praxis Impact International ETF
Schedule of Investments	1
Praxis Impact Large Cap Growth ETF
Schedule of Investments	4
Praxis Impact Large Cap Value ETF
Schedule of Investments	6
Financial Statements
Statements of Assets & Liabilities	9
Statements of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	13
Notes to the Financial Statements	16
Other Non-Audited Information	22
Additional Information	22

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

THIS PAGE INTENTIONALLY LEFT BLANK

Schedule of Investments

Praxis Impact International ETF

June 30, 2026 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.6%
COMMUNICATIONS — 3.2%
BT Group PLC		1,545	$	3,898
Deutsche Telekom AG		572		15,597
Informa PLC		632		7,584
KDDI Corp.		600		10,134
NTT, Inc.		7,200		6,424
Orange SA		390		7,359
Prosus NV		209		9,078
Publicis Groupe SA		71		7,018
Singapore Telecommunications Ltd.		1,694		5,776
SoftBank Group Corp.		500		18,345
Vodafone Group PLC		5,410		7,152
				98,365
CONSUMER DISCRETIONARY — 6.3%
adidas AG		52		10,666
Aisin Corp.		400		5,381
Amadeus IT Group SA		117		6,833
Asics Corp.		100		2,692
Associated British Foods PLC		179		4,718
Bayerische Motoren Werke AG		77		5,041
Bridgestone Corp.		400		8,393
Cie Generale des Etablissements Michelin SCA		29		1,119
Denso Corp.		400		4,617
Ferrari NV		21		7,787
Hermes International SCA		10		18,270
Honda Motor Co. Ltd.		900		8,196
Industria de Diseno Textil SA		196		12,352
InterContinental Hotels Group PLC		44		7,579
Kering SA		21		5,938
Mercedes-Benz Group AG		150		7,532
Next PLC		30		5,791
Oriental Land Co. Ltd./Japan		400		6,128
Sumitomo Electric Industries Ltd.		400		7,204
Suzuki Motor Corp.		500		6,016
Toyota Motor Corp.		2,000		33,533
Wesfarmers Ltd.		267		16,722
				192,508
CONSUMER STAPLES — 7.3%
Ajinomoto Co., Inc.		400		14,454
CK Hutchison Holdings Ltd.		500		4,224
Coca-Cola Europacific Partners PLC		94		9,407
Coca-Cola HBC AG		111		7,248
Coles Group Ltd.		421		7,108
Danone SA		149		12,221
Essity AB - Class B		111		3,146
Haleon PLC		2,366		10,919
J Sainsbury PLC		835		3,544
Koninklijke Ahold Delhaize NV		209		8,416
L'Oreal SA		45		19,738
Mitsubishi Corp.		900		24,072
Nestle SA		425		43,772
Reckitt Benckiser Group PLC		147		9,582
Suntory Beverage & Food Ltd.		200		5,534
Tesco PLC		1,476		8,986
Unilever PLC		406		24,397
Woolworths Group Ltd.		317		8,791
				225,559

	SHARES		VALUE
COMMON STOCKS — 97.6%, continued
ENERGY — 2.8%
Aker BP ASA		137	$	4,198
Equinor ASA		496		15,714
Inpex Corp.		500		10,045
Neste Oyj		166		5,435
OMV AG		242		15,259
ORLEN SA		310		10,441
Repsol SA		674		16,960
Santos Ltd.		997		4,980
Vestas Wind Systems AS		160		4,518
				87,550
FINANCIALS — 26.8% (a)
3i Group PLC		261		8,612
Ageas SA/NV		65		5,202
AIA Group Ltd.		800		7,289
Allianz SE		67		31,721
Amundi SA (b)		70		6,719
ANZ Group Holdings Ltd.		676		16,556
Aviva PLC - Class B		931		8,034
AXA SA		294		14,739
Banco Bilbao Vizcaya Argentaria SA		894		22,354
Banco Santander SA		1,862		25,725
Barclays PLC		2,120		14,255
BNP Paribas SA		155		18,100
BPER Banca SPA		432		6,782
CaixaBank SA		457		6,471
Commonwealth Bank of Australia		291		33,188
Daiichi Life Group, Inc.		700		7,660
Daiwa Securities Group, Inc.		1,000		9,817
DBS Group Holdings Ltd.		390		19,719
Deutsche Bank AG		304		10,297
Deutsche Boerse AG		10		2,730
DNB Bank ASA		151		4,497
EQT AB		114		3,228
Erste Group Bank AG		35		4,686
Experian PLC		176		5,940
Generali		176		8,574
Hannover Rueck SE		19		5,266
Hong Kong Exchanges & Clearing Ltd.		200		9,258
HSBC Holdings PLC		2,009		38,151
ING Groep NV		490		15,501
Insurance Australia Group Ltd.		1,007		5,644
Intesa Sanpaolo SpA		2,772		18,984
Investor AB		275		11,438
Investor AB - Class A		89		3,643
Julius Baer Group Ltd.		61		5,278
KBC Group NV		70		9,548
Legal & General Group PLC		1,882		7,144
Lloyds Banking Group PLC		11,042		16,282
London Stock Exchange Group PLC		90		9,750
Mitsubishi UFJ Financial Group, Inc.		1,900		37,491
Mizuho Financial Group, Inc.		500		23,821
MS&AD Insurance Group Holdings, Inc.		400		10,435
Muenchener Rueckversicherungs-Gesellschaft AG
in Muenchen		25		13,963
National Australia Bank Ltd.		669		17,547
NatWest Group PLC		1,272		11,261

The accompanying notes are an integral part of these financial statements.

Schedule of Investments, continued

Praxis Impact International ETF

June 30, 2026 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.6%, continued
FINANCIALS — 26.8% (a), continued
Nomura Holdings, Inc.		1,000	$	8,697
Nordea Bank Abp		752		14,270
ORIX Corp.		400		15,134
Oversea-Chinese Banking Corp. Ltd.		529		10,139
Partners Group Holding AG		9		7,388
Powszechna Kasa Oszczednosci Bank Polski SA		207		5,680
Prudential PLC		222		2,955
Resona Holdings, Inc.		700		9,071
Sampo Oyj - Class A		234		2,460
Societe Generale SA		82		7,254
Standard Chartered PLC		251		6,799
Sumitomo Mitsui Financial Group, Inc.		500		19,523
Sumitomo Mitsui Trust Group, Inc.		400		14,907
Swedbank AB - Class A		100		3,740
Swiss Re AG		54		8,602
Tokio Marine Holdings, Inc.		400		17,725
UBS Group AG		559		27,761
UniCredit SpA		249		22,279
United Overseas Bank Ltd.		371		11,404
Westpac Banking Corp.		744		18,149
Zurich Insurance Group AG		24		17,810
				825,047
HEALTH CARE — 10.1%
Alcon AG		114		7,716
Argenx SE (c)		11		10,204
Astellas Pharma, Inc.		600		8,029
AstraZeneca PLC		160		29,943
Chugai Pharmaceutical Co. Ltd.		100		4,636
Coloplast AS - Class B		65		3,701
CSL Ltd.		77		6,121
EssilorLuxottica SA		59		11,066
Fisher & Paykel Healthcare Corp. Ltd.		124		2,752
FUJIFILM Holdings Corp.		500		10,715
Galderma Group AG		32		7,295
GSK PLC		714		18,773
Koninklijke Philips NV		182		4,944
Kyowa Kirin Co. Ltd.		400		6,367
Lonza Group AG		14		9,473
Novartis AG		320		50,215
Novo Nordisk AS – Class A		439		21,124
Otsuka Holdings Co. Ltd.		100		6,648
Roche Holding AG		10		4,205
Roche Holding AG		110		45,383
Shionogi & Co. Ltd.		500		8,580
Siemens Healthineers AG (b)		145		5,670
Smith & Nephew PLC		327		4,733
Takeda Pharmaceutical Co. Ltd.		400		12,687
UCB SA		29		8,687
				309,667
INDUSTRIALS — 16.4%
ABB Ltd.		319		34,635
Ackermans & van Haaren NV		39		12,743
ACS Actividades de Construccion y Servicios SA		51		7,504
Aena SME SA (b)		215		6,553
Alfa Laval AB		310		18,482
Assa Abloy AB - Class B		216		7,642

	SHARES		VALUE
COMMON STOCKS — 97.6%, continued
INDUSTRIALS — 16.4%, continued
Atlas Copco AB - Class A		419	$	8,492
Atlas Copco AB - Class B		607		10,769
Bouygues SA		152		8,482
Brambles Ltd.		587		7,922
Bureau Veritas SA		206		6,307
Compass Group PLC		374		12,080
Dai Nippon Printing Co. Ltd.		400		7,278
Daifuku Co. Ltd.		100		4,384
Deutsche Post AG		262		15,906
DSV AS		42		9,951
Epiroc AB - Class A		169		4,643
Ferrovial NV		157		10,766
Fuji Electric Co. Ltd.		100		8,316
International Consolidated Airlines Group SA		1,202		7,618
Kajima Corp.		200		7,226
Keppel Ltd.		996		8,424
Kone Oyj - Class B		209		11,890
Kubota Corp.		600		9,914
Legrand SA		79		13,340
Metso Oyj		554		9,627
Mitsui OSK Lines Ltd.		100		3,208
MTR Corp. Ltd.		2,000		7,779
Obayashi Corp.		500		10,020
Poste Italiane SpA		196		6,413
Prysmian SpA		61		10,186
Qantas Airways Ltd.		512		3,767
Recruit Holdings Co. Ltd.		100		6,971
RELX PLC		341		10,708
Rentokil Initial PLC		1,187		6,721
Sandvik AB		150		6,198
Schindler Holding AG		22		7,309
Schindler Holding AG		19		6,053
Schneider Electric SE		110		35,893
SGH Ltd.		191		6,172
Shimizu Corp.		400		6,275
Siemens AG		156		50,144
Spirax Group PLC		51		4,627
Techtronic Industries Co. Ltd.		500		8,257
Transurban Group		854		8,508
Vinci SA		146		21,333
Volvo AB - Class B		149		5,073
Yokogawa Electric Corp.		100		3,467
				505,976
MATERIALS — 7.0%
Air Liquide SA		52		10,302
Amrize Ltd.		110		5,839
Anglo American PLC		321		15,751
Antofagasta PLC		212		10,748
ArcelorMittal SA		191		11,508
Asahi Kasei Corp.		700		7,714
BlueScope Steel Ltd.		295		6,513
Boliden AB		132		7,458
Cie de Saint-Gobain SA		166		15,024
DSM-Firmenich AG		56		5,314
Evolution Mining Ltd.		647		5,267
Fresnillo PLC		75		2,728

The accompanying notes are an integral part of these financial statements.

Schedule of Investments, continued

Praxis Impact International

ETF June 30, 2026 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.6%, continued
MATERIALS — 7.0%, continued
Givaudan SA		2	$	8,479
Holcim AG		109		9,848
JFE Holdings, Inc.		1,000		9,598
KGHM Polska Miedz SA		82		7,226
Kingspan Group PLC		36		3,291
Nippon Steel Corp.		3,600		11,875
Nitto Denko Corp.		400		7,802
Norsk Hydro ASA		600		5,445
Northern Star Resources Ltd.		355		4,661
Shin-Etsu Chemical Co. Ltd.		500		21,560
Sika AG		37		7,649
SSAB AB - Class B		164		1,518
Sumitomo Metal Mining Co. Ltd.		100		4,596
Toray Industries, Inc.		1,000		6,937
				214,651
REAL ESTATE — 1.3%
Azrieli Group Ltd.		94		12,755
CK Asset Holdings Ltd.		500		2,817
Mitsubishi Estate Co. Ltd.		400		10,202
Mitsui Fudosan Co. Ltd.		900		8,301
Vonovia SE		277		6,837
				40,912
TECHNOLOGY — 12.2%
Advantest Corp.		100		19,898
ASM International NV		9		10,295
ASML Holding NV		61		120,053
Canon, Inc.		500		12,758
Capgemini SE		67		6,738
Fujikura Ltd.		400		15,353
Fujitsu Ltd.		500		9,989
Infineon Technologies AG		232		21,663
Kyocera Corp.		400		8,764
Murata Manufacturing Co. Ltd.		400		28,045
NEC Corp.		500		12,075
Nintendo Co. Ltd.		400		16,773
Panasonic Holdings Corp.		500		13,850
SAP SE		187		28,649
Sony Group Corp.		1,200		24,218
STMicroelectronics NV		121		8,922
TDK Corp.		400		8,786
Telefonaktiebolaget LM Ericsson - Class B		820		9,163
				375,992
UTILITIES — 4.2%
Centrica PLC		1,599		3,626
Chubu Electric Power Co., Inc.		400		7,531
CLP Holdings Ltd.		1,000		9,334

	SHARES		VALUE
COMMON STOCKS — 97.6%, continued
UTILITIES — 4.2%, continued
E.ON SE		517	$	10,654
EDP SA		1,307		6,846
Iberdrola SA		1,040		25,969
Kansai Electric Power Co., Inc.		500		7,031
National Grid PLC		1,119		18,535
Origin Energy Ltd.		437		3,324
Osaka Gas Co. Ltd.		100		3,357
RWE AG		145		9,387
SSE PLC		269		8,697
Terna - Rete Elettrica Nazionale		195		2,283
United Utilities Group PLC		247		4,291
Veolia Environnement SA		172		7,166
				128,031

TOTAL COMMON STOCKS (COST $2,981,206)				3,004,258

REAL ESTATE INVESTMENT TRUSTS — 1.2%
REAL ESTATE — 1.2%
Goodman Group		480		10,352
GPT Group		1,371		4,635
Link REIT		1,200		5,585
Mirvac Group		2,747		3,273
Scentre Group		2,814		7,525
Vicinity Ltd.		2,392		4,276

TOTAL REAL ESTATE INVESTMENT TRUSTS
(COST $35,908)				35,646

PREFERRED STOCKS — 0.1%
CONSUMER DISCRETIONARY — 0.1%
Volkswagen AG		40		3,206

TOTAL PREFERRED STOCKS (COST $3,489)				3,206

TOTAL INVESTMENTS — 98.9% (Cost $3,020,603)			$	3,043,110
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1%				33,919
TOTAL NET ASSETS — 100.0%			$	3,077,029

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

(a)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.

(b)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2026, the value of these securities total $18,942 or 0.6% of the Fund’s net assets.

(c)

Non-income producing security.

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

Praxis Impact Large Cap Growth ETF

June 30, 2026 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 98.1%
COMMUNICATIONS — 16.7%
Airbnb, Inc. - Class A (a)		1,066	$	152,545
Alphabet, Inc. - Class A		9,888		3,533,674
Alphabet, Inc. - Class C		15,091		5,332,103
AppLovin Corp. - Class A (a)		787		405,486
AST SpaceMobile, Inc. - Class A (a)		587		52,161
Booking Holdings, Inc.		2,186		389,633
DoorDash, Inc. - Class A (a)		1,050		193,756
Electronic Arts, Inc.		246		50,440
Expedia Group, Inc. - Class A		176		45,035
Meta Platforms, Inc. - Class A		5,332		3,003,462
Netflix, Inc. (a)		10,683		762,766
ROBLOX Corp. - Class A (a)		1,849		100,549
Uber Technologies, Inc. (a)		2,841		205,007
VeriSign, Inc.		350		88,046
				14,314,663
CONSUMER DISCRETIONARY — 10.7%
Amazon.com, Inc. (a)		15,067		3,591,069
AutoZone, Inc. (a)		35		111,858
Burlington Stores, Inc. (a)		247		78,250
Carvana Co. - Class A (a)		2,043		134,470
Chipotle Mexican Grill, Inc. (a)		4,245		144,330
Copart, Inc. (a)		1,830		51,588
eBay, Inc.		405		45,259
Hilton Worldwide Holdings, Inc.		616		203,563
Live Nation Entertainment, Inc. (a)		534		97,781
Lululemon Athletica, Inc. (a)		750		85,635
Marriott International, Inc./MD - Class A		583		216,054
McDonald’s Corp.		1,610		435,199
O’Reilly Automotive, Inc. (a)		1,772		163,183
Royal Caribbean Cruises Ltd.		408		129,552
Starbucks Corp.		3,140		320,877
Tesla, Inc. (a)		6,891		2,898,355
TJX Cos., Inc.		2,603		394,354
Yum! Brands, Inc.		406		64,903
				9,166,280
CONSUMER STAPLES — 1.3%
Costco Wholesale Corp.		1,043		975,695
Monster Beverage Corp. (a)		1,652		158,790
				1,134,485
ENERGY — 0.4%
Baker Hughes Co.		833		46,231
EQT Corp.		1,535		81,616
First Solar, Inc. (a)		196		46,248
Kinder Morgan, Inc.		1,398		44,694
Phillips 66		293		49,532
Texas Pacific Land Corp.		212		92,780
				361,101
FINANCIALS — 4.2%
American Express Co.		222		75,091
Ares Management Corp. - Class A		563		62,668
Block, Inc. - Class A (a)		1,201		91,276
Cboe Global Markets, Inc.		183		44,409
Coinbase Global, Inc. - Class A (a)		694		101,456
Fair Isaac Corp. (a)		93		111,115
Goldman Sachs Group, Inc.		39		39,443

	SHARES		VALUE
COMMON STOCKS — 98.1%, continued
FINANCIALS — 4.2%, continued
Interactive Brokers Group, Inc. - Class A		986	$	85,821
LPL Financial Holdings, Inc.		234		65,913
Mastercard, Inc. - Class A		1,954		1,003,574
Moody’s Corp.		311		140,858
MSCI, Inc.		189		105,848
Robinhood Markets, Inc. - Class A (a)		1,744		174,888
S&P Global, Inc.		104		42,355
Tradeweb Markets, Inc. - Class A		522		52,023
Verisk Analytics, Inc.		508		91,201
Visa, Inc. - Class A		3,845		1,319,181
				3,607,120
HEALTH CARE — 4.8%
AbbVie, Inc.		376		94,617
Alnylam Pharmaceuticals, Inc. (a)		364		109,575
Boston Scientific Corp. (a)		1,808		77,166
Danaher Corp.		350		66,668
Dexcom, Inc. (a)		988		66,542
Eli Lilly & Co.		1,986		2,382,068
IDEXX Laboratories, Inc. (a)		248		130,557
Insmed, Inc. (a)		823		87,748
Intuitive Surgical, Inc. (a)		856		340,414
Mettler-Toledo International, Inc. (a)		65		83,038
ResMed, Inc.		381		74,249
Stryker Corp.		204		64,227
Thermo Fisher Scientific, Inc.		180		90,245
Vertex Pharmaceuticals, Inc. (a)		613		304,496
Waters Corp. (a)		185		69,382
West Pharmaceutical Services, Inc.		178		63,902
				4,104,894
INDUSTRIALS — 5.5%
AMETEK, Inc.		323		78,147
Amphenol Corp. - Class A		2,859		504,099
Automatic Data Processing, Inc.		372		83,309
Axon Enterprise, Inc. (a)		210		117,728
Bloom Energy Corp. - Class A (a)		477		144,388
Cintas Corp.		805		136,914
Comfort Systems USA, Inc.		45		89,188
CSX Corp.		968		46,009
Deere & Co.		86		54,552
Dover Corp.		330		74,012
Fastenal Co.		3,036		145,819
GE Vernova, Inc.		557		654,397
HEICO Corp.		405		144,257
HEICO Corp. - Class A		332		85,626
Howmet Aerospace, Inc.		1,049		282,034
Hubbell, Inc.		149		77,957
Ingersoll Rand, Inc.		805		66,002
Johnson Controls International PLC		543		79,338
Old Dominion Freight Line, Inc.		736		159,418
Quanta Services, Inc.		439		316,098
Republic Services, Inc.		377		80,331
Rocket Lab Corp. (a)		1,416		143,936
Rockwell Automation, Inc.		188		93,075
Rollins, Inc.		1,084		45,246
Southwest Airlines Co.		896		46,072
Sunbelt Rentals Holdings, Inc.		504		37,704

The accompanying notes are an integral part of these financial statements.

Schedule of Investments, continued

Praxis Impact Large Cap Growth ETF

June 30, 2026 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 98.1%, continued
INDUSTRIALS — 5.5%, continued
Symbotic, Inc. - Clas A (a)		1,345	$	60,458
TE Connectivity PLC		339		68,346
Trane Technologies PLC		97		47,643
Vertiv Holdings Co. - Class A		556		186,160
Waste Connections, Inc.		974		162,356
Waste Management, Inc.		197		43,907
Westinghouse Air Brake Technologies Corp.		252		67,939
W.W. Grainger, Inc.		139		189,096
Xylem, Inc./NY		681		80,501
				4,692,062
MATERIALS — 0.5%
Ecolab, Inc.		519		144,599
LyondellBasell Industries NV - Class A		714		37,592
Martin Marietta Materials, Inc.		110		63,437
Newmont Corp.		422		39,415
Sherwin-Williams Co.		133		45,794
Vulcan Materials Co.		368		108,564
				439,401
REAL ESTATE — 0.0% (b)
CoStar Group, Inc. (a)		1,536		43,499

TECHNOLOGY — 54.0% (c)
Adobe, Inc. (a)		779		159,711
Advanced Micro Devices, Inc. (a)		3,861		2,242,893
Apple, Inc.		34,023		9,844,895
Applied Materials, Inc.		1,711		1,237,053
Arista Networks, Inc. (a)		2,701		458,846
Atlassian Corp. - Class A (a)		1,079		83,935
Autodesk, Inc. (a)		930		180,811
Broadcom, Inc.		9,404		3,552,361
Cadence Design Systems, Inc. (a)		859		322,400
Cerebras Systems, Inc. - Class A (a)		208		45,968
Ciena Corp. (a)		377		184,941
Cisco Systems, Inc.		359		42,168
Cloudflare, Inc. - Class A (a)		803		196,960
Coherent Corp. (a)		527		207,886
CoreWeave, Inc. - Class A (a)		1,346		133,981
Corning, Inc.		974		248,789
Crowdstrike Holdings, Inc. - Class A (a)		630		480,778
Datadog, Inc. - Class A (a)		1,030		268,171
Flex Ltd. (a)		498		80,711
Fortinet, Inc. (a)		1,725		264,994
Intel Corp. (a)		4,684		654,027
Intuit, Inc.		610		159,210
KLA Corp.		3,258		982,971
Lam Research Corp.		2,835		1,228,491
Lumentum Holdings, Inc. (a)		197		169,038
Marvell Technology, Inc.		2,037		606,802
Microsoft Corp.		18,936		7,063,507
MongoDB, Inc. (a)		300		100,770
Monolithic Power Systems, Inc.		131		181,089
NVIDIA Corp.		53,786		10,762,041
Palo Alto Networks, Inc. (a)		2,025		690,565
Salesforce, Inc.		488		76,450

	SHARES		VALUE
COMMON STOCKS — 98.1%, continued
TECHNOLOGY — 54.0% (c), continued
Sandisk Corp./DE (a)		348	$	791,258
Seagate Technology Holdings PLC		515		496,975
ServiceNow, Inc. (a)		3,241		321,766
Snowflake, Inc. (a)		1,027		261,371
Synopsys, Inc. (a)		515		229,726
Teradyne, Inc.		456		220,631
Texas Instruments, Inc.		1,027		306,118
Veeva Systems, Inc. - Class A (a)		527		93,527
Western Digital Corp.		723		461,795
Workday, Inc. - Class A (a)		865		105,893
Zscaler, Inc. (a)		692		97,676
				46,299,949

TOTAL COMMON STOCKS (COST $69,013,693)				84,163,454

REAL ESTATE INVESTMENT TRUSTS — 0.9%
REAL ESTATE — 0.9%
Equinix, Inc.		279		290,827
Realty Income Corp.		1,322		81,911
SBA Communications Corp.		261		46,056
Welltower, Inc.		1,785		405,141
TOTAL REAL ESTATE INVESTMENT TRUSTS
(COST $700,704)				823,935

	PAR
CORPORATE BONDS — 0.5%
CONSUMER DISCRETIONARY — 0.5%
Local Initiatives Support Corp., 4.10%, 06/15/2027	$	420,000		419,375

TOTAL CORPORATE BONDS (COST $420,000)				419,375

	SHARES
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS — 0.5%
First American Government Obligations Fund - Class X, 3.57%^(d)		403,383		403,383

TOTAL MONEY MARKET FUNDS (COST $403,383)				403,383

TOTAL INVESTMENTS - 100.0% (COST $70,537,780)			$	85,810,147
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (b)				(18,386	)
TOTAL NET ASSETS — 100.0%			$	85,791,761

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

Represents less than 0.05% of net assets.

(c)

(d)

The rate shown represents the 7-day annualized yield as of June 30, 2026.

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

Praxis Impact Large Cap Value ETF

June 30, 2026 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.1%
COMMUNICATIONS — 3.7%
Alphabet, Inc. - Class A		372	$	132,942
Alphabet, Inc. - Class C		112		39,573
AT&T, Inc.		20,915		432,940
Booking Holdings, Inc.		325		57,928
Charter Communications, Inc. - Class A (a)		485		68,972
Comcast Corp. - Class A		5,763		141,482
Electronic Arts, Inc.		667		136,762
Fox Corp. - Class B		1,166		54,615
Meta Platforms, Inc. - Class A		96		54,076
Netflix, Inc. (a)		614		43,840
T-Mobile US, Inc.		1,079		180,981
Uber Technologies, Inc. (a)		2,769		199,811
Verizon Communications, Inc.		11,719		496,182
Walt Disney Co.		5,670		545,737
Warner Bros Discovery, Inc. (a)		7,565		201,683
				2,787,524
CONSUMER DISCRETIONARY — 4.6%
Amazon.com, Inc. (a)		212		50,528
AutoZone, Inc. (a)		19		60,723
Carnival Corp. Ltd.		2,400		68,568
Copart, Inc. (a)		2,271		64,019
DR Horton, Inc.		388		63,197
eBay, Inc.		1,459		163,043
Ferguson Enterprises, Inc.		759		180,133
Ford Motor Co.		17,185		238,872
General Motors Co.		2,035		156,858
Hilton Worldwide Holdings, Inc.		111		36,681
Home Depot, Inc.		3,086		1,088,370
Lennar Corp. - Class B		696		61,742
Lowe’s Cos., Inc.		1,923		424,002
Marriott International, Inc./MD - Class A		106		39,283
McDonald’s Corp.		534		144,346
NIKE, Inc. - Class B		2,586		106,155
O'Reilly Automotive, Inc. (a)		741		68,239
Ross Stores, Inc.		426		90,674
Royal Caribbean Cruises Ltd.		347		110,183
Starbucks Corp.		909		92,891
Tesla, Inc. (a)		113		47,528
TKO Group Holdings, Inc. - Class A		363		73,076
Ulta Beauty, Inc. (a)		162		73,059
				3,502,170
CONSUMER STAPLES — 8.6%
Archer-Daniels-Midland Co.		2,228		170,219
Church & Dwight Co., Inc.		1,027		99,496
Coca-Cola Co.		13,935		1,132,498
Colgate-Palmolive Co.		2,558		234,517
Dollar General Corp.		460		52,951
Dollar Tree, Inc. (a)		635		76,803
Hershey Co.		381		66,846
Kenvue, Inc.		3,873		74,013
Keurig Dr Pepper, Inc.		6,017		196,936
Kraft Heinz Co.		4,413		104,235
Kroger Co.		1,471		81,685
Mondelez International, Inc. - Class A		7,591		439,063
Monster Beverage Corp. (a)		746		71,706

	SHARES		VALUE
COMMON STOCKS — 97.1%, continued
CONSUMER STAPLES — 8.6%, continued
PepsiCo, Inc.		4,739	$	641,661
Procter & Gamble Co.		9,283		1,361,259
Sysco Corp.		507		42,375
Target Corp.		684		89,337
Tyson Foods, Inc. - Class A		951		54,445
Walmart, Inc.		13,726		1,554,607
				6,544,652
ENERGY — 7.0%
Baker Hughes Co.		7,095		393,773
ConocoPhillips		10,092		1,049,164
Devon Energy Corp.		6,921		285,976
Diamondback Energy, Inc.		872		153,280
EOG Resources, Inc.		5,155		668,758
EQT Corp.		1,314		69,865
Kinder Morgan, Inc.		18,801		601,068
Marathon Petroleum Corp.		1,827		467,109
ONEOK, Inc.		2,531		220,045
Phillips 66		3,399		574,601
SLB Ltd.		9,422		438,029
Williams Cos., Inc.		4,867		361,813
				5,283,481
FINANCIALS — 22.3%
Aflac, Inc.		2,805		328,886
Allstate Corp.		1,292		307,418
American Express Co.		1,365		461,711
American International Group, Inc.		2,604		194,076
Ameriprise Financial, Inc.		140		64,226
Aon PLC - Class A		768		254,738
Arch Capital Group Ltd. (a)		1,750		169,855
Arthur J Gallagher & Co.		1,132		259,873
Bank of America Corp.		19,122		1,089,572
Bank of New York Mellon Corp.		2,133		308,453
Blackrock, Inc.		394		378,855
Brown & Brown, Inc.		944		60,558
Capital One Financial Corp.		1,876		376,363
Charles Schwab Corp.		4,504		415,584
Chubb Ltd.		1,770		603,110
Cincinnati Financial Corp.		1,114		206,246
Citigroup, Inc.		5,445		762,082
Citizens Financial Group, Inc.		1,224		85,766
CME Group, Inc. - Class A		910		200,955
Fifth Third Bancorp		1,921		108,287
Fiserv, Inc. (a)		1,471		72,152
Goldman Sachs Group, Inc.		891		901,131
Hartford Insurance Group, Inc.		1,108		146,832
Huntington Bancshares, Inc./OH		7,153		126,823
Intercontinental Exchange, Inc.		1,746		214,950
JPMorgan Chase & Co.		7,760		2,540,081
KeyCorp		4,835		111,447
KKR & Co., Inc.		1,963		180,164
M&T Bank Corp.		676		160,895
Markel Group, Inc. (a)		126		246,079
Marsh & McLennan Cos., Inc.		2,505		417,508
MetLife, Inc.		3,320		280,905
Morgan Stanley		3,319		693,804

The accompanying notes are an integral part of these financial statements.

Schedule of Investments, continued

Praxis Impact Large Cap Value ETF

June 30, 2026 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.1%, continued
FINANCIALS — 22.3%, continued
Nasdaq, Inc.		948	$	74,721
Northern Trust Corp.		1,132		196,787
PayPal Holdings, Inc.		2,005		86,576
PNC Financial Services Group, Inc.		1,503		370,069
Principal Financial Group, Inc.		1,509		162,640
Progressive Corp.		2,277		497,411
Prudential Financial, Inc.		1,962		211,759
Raymond James Financial, Inc.		327		49,714
Regions Financial Corp.		4,532		136,866
S&P Global, Inc.		374		152,315
State Street Corp.		577		97,859
Synchrony Financial		744		56,581
T Rowe Price Group, Inc.		701		79,697
Travelers Cos., Inc.		1,088		359,171
Truist Financial Corp.		6,195		308,635
US Bancorp		5,371		324,408
Verisk Analytics, Inc.		213		38,240
Visa, Inc. - Class A		177		60,727
W.R. Berkley Corp.		1,454		102,551
Wells Fargo & Co.		8,188		676,656
Willis Towers Watson PLC		420		109,775
				16,882,543
HEALTH CARE — 16.1%
Abbott Laboratories		5,802		526,473
AbbVie, Inc.		6,001		1,510,092
Agilent Technologies, Inc.		308		40,912
Amgen, Inc.		1,708		618,501
Becton Dickinson & Co.		1,030		155,870
Biogen, Inc. (a)		451		97,443
Boston Scientific Corp. (a)		2,554		109,005
Bristol-Myers Squibb Co.		6,332		364,850
Cardinal Health, Inc.		887		210,716
Cencora, Inc.		256		72,443
Centene Corp. (a)		1,182		75,872
Cigna Group		1,131		311,794
CVS Health Corp.		4,485		463,973
Danaher Corp.		2,880		548,582
Edwards Lifesciences Corp. (a)		2,060		186,348
Elevance Health, Inc.		912		352,698
Eli Lilly & Co.		92		110,347
GE HealthCare Technologies, Inc.		1,693		108,369
Gilead Sciences, Inc.		3,832		484,135
Humana, Inc.		382		151,738
Intuitive Surgical, Inc. (a)		181		71,980
IQVIA Holdings, Inc. (a)		225		43,474
Johnson & Johnson		8,073		2,050,300
Labcorp Holdings, Inc.		629		176,120
McKesson Corp.		418		315,841
Medline, Inc. - Class A (a)		2,865		112,996
Medtronic PLC		5,213		407,813
Merck & Co., Inc.		8,013		1,029,670
Quest Diagnostics, Inc.		632		133,952
Regeneron Pharmaceuticals, Inc.		363		226,345
STERIS PLC		237		49,905
Stryker Corp.		639		201,183
Thermo Fisher Scientific, Inc.		1,530		767,081

	SHARES		VALUE
COMMON STOCKS — 97.1%, continued
HEALTH CARE — 16.1%, continued
Vertex Pharmaceuticals, Inc. (a)		92	$	45,699
Waters Corp. (a)		128		48,005
Zoetis, Inc.		479		34,421
				12,214,946
INDUSTRIALS — 13.1%
AMETEK, Inc.		1,355		327,829
Automatic Data Processing, Inc.		1,281		286,880
Axon Enterprise, Inc. (a)		99		55,500
Carrier Global Corp.		3,619		265,454
Comfort Systems USA, Inc.		29		57,477
CSX Corp.		5,579		265,170
Deere & Co.		1,055		669,218
Delta Air Lines, Inc.		2,442		228,718
Dover Corp.		811		181,891
Emerson Electric Co.		2,719		389,225
Expeditors International of Washington, Inc.		231		37,648
FedEx Corp.		597		186,939
Fortive Corp.		2,567		156,818
GE Vernova, Inc.		33		38,770
HEICO Corp. - Class A		1,619		417,556
Hubbell, Inc.		76		39,763
Illinois Tool Works, Inc.		2,586		699,436
Ingersoll Rand, Inc.		2,970		243,510
Johnson Controls International PLC		2,768		404,433
Keysight Technologies, Inc. (a)		747		261,502
Norfolk Southern Corp.		592		186,237
Otis Worldwide Corp.		1,747		125,085
PACCAR, Inc.		2,227		267,507
Paychex, Inc.		751		73,846
Quanta Services, Inc.		81		58,323
Republic Services, Inc.		1,696		361,384
Rocket Lab Corp. (a)		519		52,756
Rockwell Automation, Inc.		988		489,139
Southwest Airlines Co.		2,677		137,651
TE Connectivity PLC		1,766		356,043
Trane Technologies PLC		1,096		538,311
Union Pacific Corp.		1,521		413,712
United Airlines Holdings, Inc. (a)		1,044		141,974
United Parcel Service, Inc. - Class B		2,156		231,770
United Rentals, Inc.		192		217,515
Veralto Corp.		1,136		100,741
Vertiv Holdings Co. - Class A		118		39,509
Waste Connections, Inc.		954		159,022
Waste Management, Inc.		1,834		408,762
Westinghouse Air Brake Technologies Corp.		203		54,729
WW Grainger, Inc.		61		82,984
Xylem, Inc./NY		1,525		180,270
				9,891,007
MATERIALS — 3.3%
Air Products and Chemicals, Inc.		730		214,021
CRH PLC		2,333		249,631
International Flavors & Fragrances, Inc.		828		65,594
International Paper Co.		3,287		125,235
Linde PLC		1,456		755,577
LyondellBasell Industries NV - Class A		5,189		273,201

The accompanying notes are an integral part of these financial statements.

Schedule of Investments, continued

Praxis Impact Large Cap Value ETF

June 30, 2026 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.1%, continued
MATERIALS — 3.3%, continued
Martin Marietta Materials, Inc.		90	$	51,903
Newmont Corp.		5,450		509,030
Nucor Corp.		712		158,598
Packaging Corp. of America		243		57,902
Sherwin-Williams Co.		116		39,941
Steel Dynamics, Inc.		147		33,730
				2,534,363
REAL ESTATE — 0.1%
CBRE Group, Inc. - Class A (a)		537		72,329

TECHNOLOGY — 13.9%
Accenture PLC - Class A		2,387		297,038
Adobe, Inc. (a)		590		120,962
Apple, Inc.		913		264,186
Applied Materials, Inc.		103		74,469
Arista Networks, Inc. (a)		507		86,129
Broadcom, Inc.		301		113,703
Cisco Systems, Inc.		11,712		1,375,692
Cognizant Technology Solutions Corp. - Class A		1,091		42,254
Coherent Corp. (a)		93		36,686
Corning, Inc.		1,297		331,293
Dell Technologies, Inc. - Class C		780		336,539
Garmin Ltd.		276		65,561
Hewlett Packard Enterprise Co.		5,039		227,309
HP, Inc.		1,909		41,883
Intel Corp. (a)		5,690		794,495
Intuit, Inc.		447		116,667
KLA Corp.		250		75,427
Lam Research Corp.		156		67,599
Microchip Technology, Inc.		845		77,064
Micron Technology, Inc.		3,062		3,534,436
Microsoft Corp.		1,034		385,703
NVIDIA Corp.		262		52,424
ON Semiconductor Corp. (a)		761		71,945
QUALCOMM, Inc.		3,089		570,816
Roper Technologies, Inc.		675		228,413
Salesforce, Inc.		2,459		385,227
Seagate Technology Holdings PLC		35		33,775
Strategy, Inc. - Class A (a)		1,052		91,450
Texas Instruments, Inc.		1,538		458,432
Veeva Systems, Inc. - Class A (a)		379		67,261
Western Digital Corp.		49		31,297
Zoom Communications, Inc. - Class A (a)		660		56,965
				10,513,100
UTILITIES — 4.4%
American Electric Power Co., Inc.		2,012		275,262
American Water Works Co., Inc.		1,666		219,212
CenterPoint Energy, Inc.		1,552		68,350
Consolidated Edison, Inc.		868		96,027
Dominion Energy, Inc.		3,173		216,684
DTE Energy Co.		504		76,794
Duke Energy Corp.		3,169		401,132
Edison International		960		71,472
Entergy Corp.		1,580		181,479

	SHARES		VALUE
COMMON STOCKS — 97.1%, continued
UTILITIES — 4.4%, continued
Eversource Energy		1,801	$	130,158
Exelon Corp.		1,903		88,718
FirstEnergy Corp.		1,539		73,164
NextEra Energy, Inc.		6,462		567,170
Sempra		3,080		285,547
Southern Co.		4,207		402,652
Vistra Corp.		772		122,462
Xcel Energy, Inc.		906		72,752
				3,349,035

TOTAL COMMON STOCKS (COST $61,382,654)				73,575,150

REAL ESTATE INVESTMENT TRUSTS — 2.2%
REAL ESTATE — 2.2%
American Tower Corp.		958		156,700
Crown Castle, Inc.		1,206		91,330
Digital Realty Trust, Inc.		973		174,731
Extra Space Storage, Inc.		558		81,077
Iron Mountain, Inc.		1,389		175,445
Prologis, Inc.		3,316		449,219
Public Storage		309		98,358
Realty Income Corp.		2,182		135,197
Simon Property Group, Inc.		551		123,231
Ventas, Inc.		1,387		123,166
Welltower, Inc.		353		80,120
TOTAL REAL ESTATE INVESTMENT TRUSTS
(COST $1,478,544)				1,688,574

	PAR
CORPORATE BONDS — 0.5%
CONSUMER DISCRETIONARY — 0.5%
Local Initiatives Support Corp., 4.10%, 06/15/2027	$	370,000	369,449

TOTAL CORPORATE BONDS (COST $370,000)			369,449

	SHARES
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS — 0.1%
First American Government Obligations Fund - Class X, 3.57% (b)		45,945		45,945

TOTAL MONEY MARKET FUNDS (COST $45,945)				45,945

TOTAL INVESTMENTS — 99.9% (COST $63,277,143)			$	75,679,118
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				47,128
TOTAL NET ASSETS — 100.0%			$	75,726,246

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown represents the 7-day annualized yield as of June 30, 2026.

The accompanying notes are an integral part of these financial statements.

Statements of Assets and Liabilities

June 30, 2026 (Unaudited)

	Praxis Impact International ETF		Praxis Impact Large Cap Growth ETF		Praxis Impact Large Cap Value ETF
Assets:
Investments, at value	$	3,043,110	$	85,810,147	$	75,679,118
Cash		30,421		—		—
Foreign currency, at value		2,428		—		—
Dividends receivable		1,192		6,161		67,332
Dividend tax reclaims receivable		59		89		1,351
Interest receivable		—		622		548
Total Assets		3,077,210		85,817,019		75,748,349

Liabilities:
Payable to Adviser		181		25,258		22,103
Total Liabilities		181		25,258		22,103

Net Assets	$	3,077,029	$	85,791,761	$	75,726,246

Net Assets Consist of:
Paid-in capital	$	3,054,501	$	71,512,028	$	60,990,879
Total distributable earnings		22,528		14,279,733		14,735,367
Total Net Assets	$	3,077,029	$	85,791,761	$	75,726,246

Net assets	$	3,077,029	$	85,791,761	$	75,726,246
Shares issued and outstanding^(a)		125,000		2,200,000		2,175,000
Net asset value per share	$	24.62	$	39.00	$	34.82

Cost:
Investments, at cost	$	3,020,603	$	70,537,780	$	63,277,143
Foreign currency, at cost	$	2,425	$	—	$	—

^(a)

Unlimited shares authorized.

The accompanying notes are an integral part of these financial statements.

Statements of Operations

For the Period Ended June 30, 2026 (Unaudited)

	Praxis Impact International ETF^(a)			Praxis Impact Large Cap Growth ETF			Praxis Impact Large Cap Value ETF
Investment Income:
Dividend income	$	1,413		$	178,481		$	729,612
Less: dividend withholding taxes		(161	)		(153	)		(153	)
Interest income		—			4,312			4,238
Total Investment Income		1,252			182,640			733,697

Expenses:
Investment advisory fee		181			136,501			121,756
Total Expenses		181			136,501			121,756

Net Investment Income		1,071			46,139			611,941

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		10			(1,168,763	)		(327,325	)
In-kind redemptions		—			803,120			3,039,019
Foreign currency transactions		(1,063	)		—			—
Net realized gain (loss)		(1,053	)		(365,643	)		2,711,694
Net change in unrealized appreciation (depreciation) on:
Investments		22,507			6,074,818			6,750,037
Foreign currency translation		3			—			—
Net change in unrealized appreciation (depreciation)		22,510			6,074,818			6,750,037
Net Realized and Unrealized Gain (Loss)		21,457			5,709,175			9,461,731
Net Increase (Decrease) in Net Assets Resulting from Operations	$	22,528		$	5,755,314		$	10,073,672

^(a)

Inception date of the Fund was June 23, 2026.

The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets

	Praxis Impact International ETF			Praxis Impact Large Cap Growth ETF
	Period Ended June 30, 2026^(a)			Period Ended June 30, 2026			Period Ended December 31, 2025^(b)
Operations:
Net investment income (loss)	$	1,071		$	46,139		$	45,929
Net realized gain (loss)		(1,053	)		(365,643	)		808,226
Net change in unrealized appreciation (depreciation)		22,510			6,074,818			9,197,549
Net Increase (Decrease) in Net Assets from Operations		22,528			5,755,314			10,051,704

Distributions to Shareholders:
From earnings		—			(48,705	)		(46,494	)
Total Distributions to Shareholders		—			(48,705	)		(46,494	)

Capital Transactions:
Shares sold		3,052,125			11,586,495			67,275,520
Shares redeemed		—			(2,655,915	)		(6,126,158	)
ETF transaction fees		2,376			—			—
Net Increase (Decrease) in Net Assets from Capital Transactions		3,054,501			8,930,580			61,149,362
Net Increase (Decrease) in Net Assets		3,077,029			14,637,189			71,154,572

Net Assets:
Beginning of the period		—			71,154,572			—
End of the period	$	3,077,029		$	85,791,761		$	71,154,572

Shares Transactions
Shares sold		125,000			325,000			2,125,000
Shares redeemed		—			(75,000	)		(175,000	)
Total Increase (Decrease) in Shares Outstanding		125,000			250,000			1,950,000

^(a)

Inception date of the Fund was June 23, 2026.

^(b)

Inception date of the Fund was April 7, 2025.

The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets, continued

	Praxis Impact Large Cap Value ETF
	Period Ended June 30, 2026			Period Ended December 31, 2025^(a)
Operations:
Net investment income (loss)	$	611,941		$	617,787
Net realized gain (loss)		2,711,694			576,646
Net change in unrealized appreciation (depreciation)		6,750,037			5,651,939
Net Increase (Decrease) in Net Assets from Operations		10,073,672			6,846,372

Distributions to Shareholders:
From earnings		(588,283	)		(619,777	)
Total Distributions to Shareholders		(588,283	)		(619,777	)

Capital Transactions:
Shares sold		15,355,945			60,987,995
Shares redeemed		(10,459,998	)		(5,869,680	)
Net Increase (Decrease) in Net Assets from Capital Transactions		4,895,947			55,118,315
Net Increase (Decrease) in Net Assets		14,381,336			61,344,910

Net Assets:
Beginning of the period		61,344,910			—
End of the period	$	75,726,246		$	61,344,910

Shares Transactions
Shares sold		475,000			2,225,000
Shares redeemed		(325,000	)		(200,000	)
Total Increase (Decrease) in Shares Outstanding		150,000			2,025,000

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Praxis Impact International ETF

	Period Ended June 30, 2026^(a)(Unaudited)
Per Share Data:
Net asset value, beginning of period	$	25.00
Investment Operations:
Net investment income^(b)		0.01
Net realized and unrealized gain (loss) on investments^(c)		(0.42	)
Total from investment operations		(0.41	)
Less distributions from:
ETF transaction fees per share		0.03
Net asset value, end of period	$	24.62
Total return^(d)		1.05	%
Supplemental Data and Ratios:
Net assets, end of period (in thousands)	$	3,077
Ratio of expenses to average net assets^(e)		0.54	%
Ratio of net investment income (loss) to average net assets^(e)		3.20	%
Portfolio turnover rate^(d)(f)		—	%

^(a)

Inception date of the Fund was June 23, 2026.

^(b)

Net investment income per share has been calculated based on average shares outstanding during the period.

^(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

^(d)

Not annualized for periods less than one year.

^(e)

Annualized for periods less than one year.

^(f)

Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Praxis Impact Large Cap Growth ETF

	Period Ended June 30, 2026 (Unaudited)			Period Ended December 31, 2025^(a)
Per Share Data:
Net asset value, beginning of period	$	36.49		$	25.14
Investment Operations:
Net investment income^(b)		0.02			0.04
Net realized and unrealized gain (loss) on investments^(c)		2.51			11.34
Total from investment operations		2.53			11.38
Less distributions from:
Net investment income		(0.02	)		(0.03	)
Total distributions		(0.02	)		(0.03	)
Net asset value, end of period	$	39.00		$	36.49
Total return^(d)		6.94	%		45.28	%
Supplemental Data and Ratios:
Net assets, end of period (in thousands)	$	85,792		$	71,155
Ratio of expenses to average net assets^(e)		0.36	%		0.36	%
Ratio of net investment income (loss) to average net assets^(e)		0.12	%		0.14	%
Portfolio turnover rate^(d)(f)		11	%		13	%

^(a)

Inception date of the Fund was April 7, 2025.

^(b)

Net investment income per share has been calculated based on average shares outstanding during the periods.

^(c)

^(d)

Not annualized for periods less than one year.

^(e)

Annualized for periods less than one year.

^(f)

Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Praxis Impact Large Cap Value ETF

	Period Ended June 30, 2026 (Unaudited)			Period Ended December 31, 2025^(a)
Per Share Data:
Net asset value, beginning of period	$	30.29		$	24.69
Investment Operations:
Net investment income^(b)		0.29			0.41
Net realized and unrealized gain (loss) on investments^(c)		4.52			5.54
Total from investment operations		4.81			5.95
Less distributions from:
Net investment income		(0.28	)		(0.35	)
Total distributions		(0.28	)		(0.35	)
Net asset value, end of period	$	34.82		$	30.29
Total return^(d)		15.90	%		24.14	%
Supplemental Data and Ratios:
Net assets, end of period (in thousands)	$	75,726		$	61,345
Ratio of expenses to average net assets^(e)		0.36	%		0.36	%
Ratio of net investment income (loss) to average net assets^(e)		1.82	%		1.92	%
Portfolio turnover rate^(d)(f)		9	%		14	%

^(a)

Inception date of the Fund was April 7, 2025.

^(b)

Net investment income per share has been calculated based on average shares outstanding during the periods.

^(c)

^(d)

Not annualized for periods less than one year.

^(e)

Annualized for periods less than one year.

^(f)

Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

Notes to the Financial Statements (unaudited)

June 30, 2026

Note 1 – Organization

The Praxis Funds (the “Trust”) was organized as a Delaware statutory trust on September 27, 1993, and is authorized to issue multiple series or portfolios. The Trust is an open-end investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Included in this Report are the three operational exchange-traded funds (“ETFs”): Praxis Impact International ETF (“PRXI”), Praxis Impact Large Cap Growth ETF (“PRXG”) and Praxis Impact Large Cap Value ETF (“PRXV”) (collectively, the “Funds” or individually, a “Fund”). PRXI qualifies and will continue to qualify as a diversified management investment company under the 1940 Act. PRXG and PRXV each qualify and will continue to qualify as non-diversified management investment companies under the 1940 Act. The investment objective of PRXI, PRXG and PRXV is to seek capital appreciation.

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.”

The Funds 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 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 operates as a single operating segment. Each Fund’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, using the information presented in the financial statements and financial highlights.

Note 2 – Summary of Significant Accounting Policies

Securities Valuation:

The Funds 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.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Praxis Investment Management, Inc. (the “Adviser”), investment adviser to the Funds, 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.

In certain circumstances, the Praxis Investment Management, Inc. Valuation Procedures for the Praxis 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.

●

Level 1 — quoted prices in active markets for identical securities

●

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

●

Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

Notes to the Financial Statements (unaudited), continued

June 30, 2026

The following is a summary of the inputs used to value each Fund’s investments as of June 30, 2026:

Praxis Impact International ETF

Assets	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	3,004,258	$	—	$	—	$	3,004,258
Real Estate Investment Trusts		35,646		—		—		35,646
Preferred Stocks		3,206		—		—		3,206
Total Investments	$	3,043,110	$	—	$	—	$	3,043,110

Praxis Impact Large Cap Growth ETF

Assets	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	84,163,454	$	—	$	—	$	84,163,454
Real Estate Investment Trusts		823,935		—		—		823,935
Corporate Bonds		—		419,375		—		419,375
Money Market Funds		403,383		—		—		403,383
Total Investments	$	85,390,772	$	419,375	$	—	$	85,810,147

Praxis Impact Large Cap Value ETF

Assets	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	73,575,150	$	—	$	—	$	73,575,150
Real Estate Investment Trusts		1,688,574		—		—		1,688,574
Corporate Bonds		—		369,449		—		369,449
Money Market Funds		45,945		—		—		45,945
Total Investments	$	75,309,669	$	369,449	$	—	$	75,679,118

Refer to the Schedules of Investments for further disaggregation of investment categories.

Investment Transactions and Related Income:

Changes in holdings of portfolio investments are reflected in the calculation of each Fund’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.

Notes to the Financial Statements (unaudited), continued

June 30, 2026

Risks Associated with Foreign Securities and Currencies:

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include adverse future political and economic developments and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those countries. Certain countries may also impose substantial restrictions on investments on their capital markets by foreign entities, including restriction on investment in issuers or industries deemed sensitive to the relevant nation’s interests. These factors may limit the investment opportunities available or result in lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Foreign Currency Translation:

The fair value of investment securities and other assets and liabilities of the Impact International ETF denominated in foreign currencies are translated into U.S. dollars at the current exchange rate on 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 Impact International ETF 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 ETF’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from the changes in the value of assets and liabilities other than investments in securities at the reporting period, resulting from changes in the exchange rate.

Dividends and Distributions:

Dividends from net investment income, if any, are declared and paid annually for PRXI.

Dividends from net investment income, if any, are declared and paid quarterly for PRXG and PRXV.

Uninvested Cash:

Federal Income Taxes:

It is each Fund’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.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations.

During the period ended June 30, 2026, the Funds did not incur any interest or penalties.

Reclassification of Capital Accounts:

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets of NAV per share and are primarily due to differing book and tax treatments for in-kind redemptions. For the period ended December 31, 2025, the following adjustments were made:

	Distributable Earnings (Accumulated Loss)			Paid-in Capital
PRXG	$	(1,432,086	)	$	1,432,086
PRXV	$	(976,617	)	$	976,617

Notes to the Financial Statements (unaudited), continued

June 30, 2026

Note 3 – Related Party Transaction

The Adviser acts as each Fund’s investment adviser pursuant to an investment advisory agreement with the Trust (the “Investment Advisory Agreement”).

Vident Advisory, LLC (d/b/a Vident Asset Management) (the “Sub-Adviser”) acts as the sub-adviser to each of the Funds pursuant to investment sub-advisory agreement with the Adviser (the “Sub-Advisory-Agreement”).

Under an investment advisory agreement between the Trust, on behalf of each Fund, and the Adviser (the “Management Agreement”), the Adviser provides investment advisory services to the Funds, including providing oversight of the Sub-Adviser, as well as daily monitoring of the purchase and sale of securities by the Sub-Adviser for the Funds and regular review of the Sub-Adviser’s performance.

The Management Agreement provides that the Adviser will furnish investment advisory services in connection with the management of the Funds. The Adviser provides portfolio management services, including developing investment recommendations, and provides certain administrative services as well as overseeing and monitoring the nature and quality of the services provided by other service providers to the Funds. The Adviser performs compliance monitoring services to help each Fund maintain compliance with applicable laws and regulations and provides services related to, among others, the valuation of Fund securities, risk management and oversight of trade execution and brokerage services carried out by the Sub-Adviser.

Pursuant to the Investment Advisory Agreement, PRXI, PRXG and PRXV paid the Adviser a monthly unitary management fee at an annual rate of 0.54%, 0.36% and 0.36%, respectively, based on each Fund’s average daily net assets.

Under the Investment Advisory Agreement, the Adviser has agreed to pay all operating expenses of each Fund, except for certain expenses, including but not limited to, interest expenses, taxes, brokerage expenses, future Rule 12b-1 fees (if any), and the management fee payable to the Adviser under the Investment Advisory Agreement.

Pursuant to the Sub-Advisory Agreement, the Adviser compensates the Sub-Adviser out of the management fees it receives from the Funds.

For the period ended June 30, 2026, the table below represents the amount each Fund incurred in management fees:

	Management Fees
PRXI	$	181
PRXG	$	136,501
PRXV	$	121,756

U.S. Bancorp Fund Services, LLC dba U.S. Bank Global Fund Services (“Fund Services”), an indirect wholly- owned subsidiary of U.S. Bancorp, serves as the Funds’ sub-administrator and, in that capacity performs various administrative and accounting services for the Funds. Fund Services also serves as the Funds’ fund accountant, transfer agent, dividend disbursing agent and registrar. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the trustees; monitors the activities of the Funds’ custodian, transfer agent and accountants; reviews the Funds’ advisory fee expense accrual and coordinates the preparation and payment of the advisory fees. U.S. Bank, N.A., an affiliate of Fund Services, serves as the Funds’ custodian. For the period ended June 30, 2026, there were no fees incurred by the Funds from the service providers described above as the Adviser bore all such costs.

Foreside Fund Services, LLC (the “Distributor”) serves as the principal underwriter for shares of the Funds and acts as each Fund’s distributor in a continuous public offering of the Funds’ shares and serves as the distributor of Creation Units for the Funds. Shares are continuously offered for sale by the Trust through the Distributor only in Creation Units, as described further in Note 6. Shares in less than Creation Units are not distributed by the Distributor. The Distributor did not receive commissions from the Funds during the period ended June 30, 2026.

The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”).

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.

Notes to the Financial Statements (unaudited), continued

June 30, 2026

Note 4 – Purchases and Sales of Securities

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, during the period ended June 30, 2026, were as follows:

	Purchases		Sales
PRXI	$	1,818,206	$	2,419
PRXG	$	8,232,671	$	8,987,342
PRXV	$	6,055,372	$	10,310,562

The costs of purchases and sales of in-kind transactions, during the period ended June 30, 2026, were as follows:

	Purchases In-Kind		Sales In-Kind
PRXI	$	1,204,805	$	—
PRXG	$	11,539,271	$	2,366,206
PRXV	$	15,208,827	$	6,170,104

Note 5 – Federal Income Tax Information

The tax character of the distributions paid during the period ended June 30, 2026 and period ended December 31, 2025 were as follows:

	Period Ended June 30, 2026		Period Ended December 31, 2025
Distributions paid from:	Ordinary Income		Ordinary Income
PRXI	$	—	$	—
PRXG	$	—	$	46,494
PRXV	$	—	$	619,777

Net capital losses incurred after October 31 and late year losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. For the period ended December 31, 2025, PRXG and PRXV did not have any late year losses nor post October losses. Capital loss carry forwards will retain their character as either short-term or long-term capital losses. At December 31, 2025, the following capital loss carry forwards were available:

Indefinite

Short-Term

Indefinite

Long-Term

Total

PRXG

276,298

—

276,298

PRXV

175,812

—

175,812

As of December 31, 2025, the components of accumulated earnings (losses) for income tax purposes were as follows:

	PRXG			PRXV
Federal income tax cost of investments	$	62,318,717		$	55,871,099
Aggregate gross unrealized appreciation		10,800,146			7,023,046
Aggregate gross unrealized (depreciation)		(1,950,724	)		(1,596,010	)
Net unrealized appreciation (depreciation)		8,849,422			5,427,036
Undistributed Ordinary Income		—			—
Undistributed Long Term Capital Gains		—			—
Distributable Earnings		—			—
Accumulated capital and other gain/(loss)		(276,298	)		(177,058	)
Total distributable earnings (accumulated loss)		8,573,124			5,249,978

Book and tax unrealized appreciation (depreciation) differ due to temporary differences related to wash sales.

Note 6 – Share Transactions

Each Fund currently offers one class of shares, which has no front-end sales loads, no deferred sales charges, and no redemption fees. The standard fixed transaction fee for the Praxis Impact International ETF is $3,000, payable to the Custodian. The standard fixed transaction fees for the Praxis Impact Large Cap Growth ETF and Praxis Impact Large Cap Value ETF are $500, payable to the Custodian. Additionally, a variable transaction fee may be charged by the Funds of up to a maximum of 2% of the value of the Creation Units (inclusive of any transaction fees charged), for each creation or redemption. Variable transaction fees are imposed to compensate the Funds for the transaction costs associated with creation and redemption transactions. The Adviser, subject to the approval of the Board, may adjust or waive the transaction fees from time to time. The Funds may each issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

Notes to the Financial Statements (unaudited), continued

June 30, 2026

Shares of the Praxis Impact International ETF, Praxis Impact Large Cap Growth ETF and Praxis Impact Large Cap Value ETF are listed and traded on the NYSE Arca, Inc. (the “Exchange”). Market prices for the Shares may be different from their NAV. The Funds will issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, typically 10,000 Shares, called “Creation Units.” Creation Unit transactions are conducted in exchange for the deposit or delivery of a designated basket of in-kind securities and/or cash. Once created, Shares generally will trade in the secondary market in amounts less than a Creation Unit and at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”) or (ii) a participant in the Depository Trust Company (“DTC”) and, in each case, must have executed a Participant Agreement with the Funds’ Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

For the period ended June 30, 2026, no variable rate transaction fees have been assessed for each Fund.

Note 7 – Beneficial Ownership

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of the date of these financial statements, Praxis Investment Management, Inc., the adviser to the Praxis Impact International ETF, Praxis Impact Large Cap Growth ETF and Praxis Impact Large Cap Value ETF, has no voting power of the shares outstanding of the Funds. Additionally, as of the date of these financial statements, Vident Advisory, LLC (d/b/a Vident Asset Management), the sub-adviser to the Praxis Impact International ETF, Praxis Impact Large Cap Growth ETF and Praxis Impact Large Cap Value ETF, has no voting power of the shares outstanding of the Funds. It is not known whether there are any beneficial owners.

Note 8 – Principal Risks

For all ETFs, shareholders of the Funds are subject to the risk that their investment could lose money. The Funds are subject to the principal risks, any of which may adversely affect each Fund’s NAV, trading price, yield, total return and ability to meet their investment objectives. A description of principal risks is included in each prospectus under the heading “Principal Investment Risks”.

Note 9 – Guarantees and Indemnification

In the normal course of business, the Trust, on behalf of the Funds, enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Trust organizational documents, the officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. The Funds’ maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. The Adviser is of the view that the risk of loss to the Funds in connection with the Funds’ indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.

Note 10 – Accounting Pronouncements and/or Regulatory Updates

The Funds adopted the FASB Accounting Standards Update 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”). Adoption of the new standard by the Funds impacted financial statement disclosures only and did not affect the Funds’ financial position or results of operations. A disaggregation of income taxes paid by jurisdiction is presented when significant income taxes are paid. Income taxes paid by the Funds for the period were determined to not be significant.

Note 11 – Subsequent Events

In preparing these financial statements, management of the Funds has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no transactions that occurred during the period subsequent to June 30, 2026, that materially impacted the amounts or disclosures in the Funds’ financial statements.

Other Non-Audited Information (unaudited)

June 30, 2026

Tax Information

For the fiscal period ended December 31, 2025, certain dividends paid by the Funds may be subject to reduced tax rates, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

PRXG	100.00%
PRXV	100.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended December 31, 2025 were as follows:

PRXG	100.00%
PRXV	100.00%

For the period ended December 31, 2025, the percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for the Funds were as follows:

PRXG	0.00%
PRXV	0.00%

Frequency Distribution of Premiums and Discounts

Information regarding how often shares of the Funds traded on the Exchanges at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds are available on the Funds’ website at www.praxisinvests.com

Proxy Voting Policies and Procedures

A description of the policies and procedures the Funds uses to determine how to vote proxies relating to portfolio securities is provided in the Statements of Additional Information (‘‘SAIs’’). The SAI is available without charge upon request by calling toll-free at (833) 833-1311, by accessing the SEC’s website at http://www.sec.gov, or by accessing the Funds’ website at www.praxisinvests.com. Information on how the Funds’ voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available without charge, upon request, by calling (833) 833-1311 or by accessing the website of the SEC.

Additional Information (unaudited)

Changes in and/or Disagreements with Accountants

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

Proxy Disclosures

Not applicable.

Renumeration Paid to Directors, Officers and Others

Refer to the financial statements included herein.

Additional Information (unaudited), continued

June 30, 2026

BOARD CONSIDERATION OF ADVISORY AND SUB-ADVISORY AGREEMENTS

At an in-person meeting on May 15, 2026, the Praxis ETFs’ Board of Trustees, which consists of a majority of Independent Trustees, unanimously approved the initial advisory and sub-advisory agreements for the Praxis Impact International ETF (“PRXI”). Additional information about each agreement is provided in the Praxis ETFs’ statement of additional information. The Board considered information furnished at and in advance of the meeting. The Board reviewed and evaluated the information and considered factors they determined, in the exercise of their business judgment and with the advice of independent legal counsel, to be relevant and appropriate. The Board’s determinations were not based on any single factor, and individual Trustees may have weighed certain factors differently.

In approving the initial term of the Investment Advisory Agreement between PRXI and Praxis Investment Management, Inc. (the “Adviser”), the Board gave weight to the following factors, among others.

●

The Board evaluated the nature, quality, and extent of services the Adviser is expected to provide to PRXI, taking into consideration the high level of services the Adviser has provided to the other Praxis ETFs and Praxis Funds, including the existing exchange traded funds, and concluded it was satisfied with the nature, quality, and extent of those services.

●

The Board noted that PRXI had commenced investment operations and considered the historical investment performance of substantially similar strategies implemented by the Adviser.

●

The Board evaluated the proposed unitary fee for PRXI, including the portion that would be retained by the Adviser, the estimated profitability to the Adviser and any indirect or fallout benefits to the Adviser or its affiliates, and concluded that the proposed unitary fee and the portion to be retained by the Adviser was reasonable in relation to the services to be provided.

In approving the initial term of the Sub-Investment Advisory Agreement between the Adviser and Vident Advisory, LLC (d/b/a Vident Asset Management) (“Sub-Adviser”), the Board gave weight to the following factors, among others.

●

The Board evaluated the nature, quality, and extent of services the Sub-Adviser is expected to provide to the Adviser, for the benefit of PRXI, taking into account the high level of services the Sub-Adviser has provided for the other Praxis ETFs, and concluded it was satisfied with the nature, quality, and extent of those services.

●

The Board considered various metrics regarding the Sub-Adviser’s historical performance providing similar services to other clients.

●

The Board evaluated the proposed sub-advisory fee and concluded that the fee for PRXI was reasonable in relation to the services

to be provided. The Board evaluated the nature, quality, and extent of services the Adviser is expected to provide to PRXI and concluded it was satisfied with the nature, quality and extent of those services.

Praxis Investment Management

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

P.O. Box 701

Milwaukee, WI 53201-0701

xxxxxxx

(b)

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

Disclosed as part of the financial statements included in Item 7 (a).

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

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

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

Disclosed as part of the financial statements included in Item 7 (a).

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

Disclosed as part of the financial statements included in Item 7 (a).

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

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

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

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

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 16. Controls and Procedures.

(a)

Based on an evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the registrant have concluded that the disclosure controls and procedures of the registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the registrant’s management, including the registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b)

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Not applicable.

(a)(3)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(a)(4)

There were no written solicitations to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5)

There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

SIGNATURES

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

(Registrant)	Praxis Mutual Funds

By (Signature and Title)^*	/s/ Trent Statczar
	Trent Statczar
	Principal Financial Officer

Date	September 4, 2026

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

By (Signature and Title)^*	/s/ Chad Horning
	Chad Horning
	Principal Executive Officer

Date	September 4, 2026

By (Signature and Title)^*	/s/ Trent Statczar
	Trent Statczar
	Principal Financial Officer

Date	September 4, 2026

Print the name and title of each signing officer under his or her signature.

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