Schedule of Portfolio Investments
Praxis Impact Bond Fund
March 31, 2023 (Unaudited)
MUNICIPAL BONDS - 1.0% | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects, Series 2010-A | 7.334 | % | 02/15/28 | $ | 1,000,000 | $ | 1,087,499 | ||||||||
City of San Francisco, California, Public Utilities Comm. Water Rev., Series 2019-A | 3.303 | % | 11/01/39 | 2,500,000 | 2,096,050 | ||||||||||
Findlay City School District, Series 2010-B | 6.250 | % | 12/01/37 | 270,000 | 270,467 | ||||||||||
Houston, Texas, Independent School District, Series 2009A-2 | 6.168 | % | 02/15/34 | 1,000,000 | 1,002,010 | ||||||||||
Massachusetts St., Series 2016-F | 3.277 | % | 06/01/46 | 3,100,000 | 2,427,331 | ||||||||||
New Jersey St. Housing & Mortgage Finance, Series 2013-C | 2.600 | % | 07/01/23 | 30,000 | 29,978 | ||||||||||
Osceola County Housing Finance Authority Rev., Series 2013-B | 3.350 | % | 07/01/23 | 25,000 | 24,990 | ||||||||||
TOTAL MUNICIPAL BONDS (COST $8,249,559) | $ | 6,938,325 | |||||||||||||
CORPORATE BONDS - 38.2% | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
APPAREL & TEXTILE PRODUCTS - 0.1% | |||||||||||||||
VF Corp. | 2.400 | % | 04/23/25 | $ | 536,000 | $ | 505,256 | ||||||||
ASSET MANAGEMENT - 0.1% | |||||||||||||||
Ameriprise Financial, Inc. | 3.000 | % | 04/02/25 | 730,000 | 702,003 | ||||||||||
AUTOMOTIVE - 0.5% | |||||||||||||||
BMW US Capital, LLC (a) | 3.800 | % | 04/06/23 | 1,000,000 | 999,896 | ||||||||||
BorgWarner, Inc. | 2.650 | % | 07/01/27 | 601,000 | 551,033 | ||||||||||
Honda Motor Co. Ltd. (b) | 2.967 | % | 03/10/32 | 760,000 | 682,019 | ||||||||||
Hyundai Capital Services, Inc. (a) | 1.250 | % | 02/08/26 | 200,000 | 179,598 | ||||||||||
Magna International, Inc. | 2.450 | % | 06/15/30 | 1,250,000 | 1,060,631 | ||||||||||
3,473,177 | |||||||||||||||
BANKING - 4.4% | |||||||||||||||
Bank of America Corp., Series N | 0.981 | % | 09/25/25 | 1,500,000 | 1,399,634 | ||||||||||
Bank of America Corp., Series N | 2.456 | % | 10/22/25 | 1,000,000 | 951,952 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
CORPORATE BONDS - 38.2% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
BANKING - 4.4% (Continued) | |||||||||||||||
Bank of America Corp., Series N | 1.530 | % | 12/06/25 | $ | 2,000,000 | $ | 1,869,861 | ||||||||
Bank of America Corp., Series N | 4.271 | % | 07/23/29 | 1,000,000 | 962,881 | ||||||||||
Bank of America Corp., Series N | 2.572 | % | 10/20/32 | 1,500,000 | 1,225,969 | ||||||||||
Bank of Montreal | 3.300 | % | 02/05/24 | 1,000,000 | 981,112 | ||||||||||
Bank of Montreal | 5.203 | % | 02/01/28 | 1,750,000 | 1,764,306 | ||||||||||
Citigroup, Inc. | 1.678 | % | 05/15/24 | 1,250,000 | 1,244,863 | ||||||||||
Citigroup, Inc. | 3.700 | % | 01/12/26 | 1,750,000 | 1,693,443 | ||||||||||
Citigroup, Inc. | 2.014 | % | 01/25/26 | 1,000,000 | 941,513 | ||||||||||
Citigroup, Inc. | 2.572 | % | 06/03/30 | 1,000,000 | 843,709 | ||||||||||
ING Groep N.V. (a) | 4.625 | % | 01/06/26 | 1,250,000 | 1,227,106 | ||||||||||
JPMorgan Chase & Co. | 0.653 | % | 09/16/24 | 1,000,000 | 977,579 | ||||||||||
JPMorgan Chase & Co. | 0.563 | % | 02/16/25 | 500,000 | 479,204 | ||||||||||
JPMorgan Chase & Co. | 3.200 | % | 06/15/26 | 2,557,000 | 2,450,281 | ||||||||||
JPMorgan Chase & Co.) | 2.739 | % | 10/15/30 | 2,000,000 | 1,745,938 | ||||||||||
KeyBank National Association | 4.150 | % | 08/08/25 | 1,000,000 | 945,470 | ||||||||||
Mitsubishi UFJ Financial Group | 2.527 | % | 09/13/23 | 1,250,000 | 1,233,176 | ||||||||||
National Australia Bank, New York Branch | 3.625 | % | 06/20/23 | 1,750,000 | 1,744,610 | ||||||||||
PNC Financial Services Group, Inc. (The) (b) | 4.758 | % | 01/26/27 | 500,000 | 493,818 | ||||||||||
Regions Financial Corp. | 2.250 | % | 05/18/25 | 1,000,000 | 919,912 | ||||||||||
State Street Corp. | 7.350 | % | 06/15/26 | 1,000,000 | 1,068,384 | ||||||||||
State Street Corp. | 4.164 | % | 08/04/33 | 195,000 | 183,446 | ||||||||||
Sumitomo Mitsui Financial Group, Inc. | 0.508 | % | 01/12/24 | 2,000,000 | 1,923,547 | ||||||||||
Toronto-Dominion Bank (SOFR + 45) (c) | 3.977 | % | 09/28/23 | 2,000,000 | 1,998,201 | ||||||||||
Truist Financial Corp (SOFR + 60.90) (c) | 1.267 | % | 03/02/27 | 1,000,000 | 880,698 | ||||||||||
32,150,613 | |||||||||||||||
BEVERAGES - 0.2% | |||||||||||||||
Coca-Cola Co. (The) | 3.450 | % | 03/25/30 | 500,000 | 480,679 | ||||||||||
Coca-Cola Femsa S.A.B. de C.V. (b) | 1.850 | % | 09/01/32 | 1,000,000 | 778,648 | ||||||||||
1,259,327 | |||||||||||||||
BIOTECH & PHARMA - 0.6% | |||||||||||||||
AbbVie, Inc. | 2.950 | % | 11/21/26 | 500,000 | 475,744 | ||||||||||
Amgen, Inc. | 3.000 | % | 02/22/29 | 2,500,000 | 2,299,222 | ||||||||||
Gilead Sciences, Inc. | 3.650 | % | 03/01/26 | 750,000 | 734,159 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
CORPORATE BONDS - 38.2% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
BIOTECH & PHARMA - 0.6% (Continued) | |||||||||||||||
Zeneca Wilmington, Inc. | 7.000 | % | 11/15/23 | $ | 1,100,000 | $ | 1,111,298 | ||||||||
4,620,423 | |||||||||||||||
CABLE & SATELLITE - 0.3% | |||||||||||||||
Comcast Corp. | 3.300 | % | 04/01/27 | 500,000 | 480,506 | ||||||||||
Comcast Corp. (b) | 4.650 | % | 02/15/33 | 1,000,000 | 1,005,097 | ||||||||||
Comcast Corp. | 2.937 | % | 11/01/56 | 672,000 | 447,319 | ||||||||||
Time Warner Cable, Inc. | 4.500 | % | 09/15/42 | 500,000 | 383,976 | ||||||||||
2,316,898 | |||||||||||||||
CHEMICALS - 0.9% | |||||||||||||||
Avery Dennison Corp. | 2.650 | % | 04/30/30 | 1,250,000 | 1,067,396 | ||||||||||
DowDuPont, Inc. | 4.493 | % | 11/15/25 | 1,500,000 | 1,497,694 | ||||||||||
Ecolab, Inc. | 4.800 | % | 03/24/30 | 140,000 | 142,551 | ||||||||||
Ecolab, Inc. | 2.750 | % | 08/18/55 | 1,470,000 | 940,992 | ||||||||||
LG Chemical Ltd. (a) | 3.250 | % | 10/15/24 | 290,000 | 282,065 | ||||||||||
Nutrien Ltd. | 1.900 | % | 05/13/23 | 800,000 | 796,416 | ||||||||||
Nutrien Ltd. | 5.875 | % | 12/01/36 | 840,000 | 872,314 | ||||||||||
Solvay Finance S.A. (a) | 4.450 | % | 12/03/25 | 1,250,000 | 1,217,465 | ||||||||||
6,816,893 | |||||||||||||||
CONSTRUCTION MATERIALS - 0.3% | |||||||||||||||
Carlisle Cos., Inc. | 3.500 | % | 12/01/24 | 1,250,000 | 1,222,070 | ||||||||||
Owens Corning | 4.200 | % | 12/01/24 | 1,000,000 | 989,739 | ||||||||||
Owens Corning | 3.950 | % | 08/15/29 | 300,000 | 282,615 | ||||||||||
2,494,424 | |||||||||||||||
CONSUMER SERVICES - 4.8% | |||||||||||||||
Andrew W. Mellon Funding | 0.947 | % | 08/01/27 | 1,050,000 | 917,076 | ||||||||||
California Endowment (The) | 2.498 | % | 04/01/51 | 4,500,000 | 2,961,541 | ||||||||||
Conservation Fund, Series 2019 | 3.474 | % | 12/15/29 | 535,000 | 459,867 | ||||||||||
Ford Foundation (The), Series 2017 | 3.859 | % | 06/01/47 | 2,485,000 | 2,166,498 | ||||||||||
Ford Foundation (The), Series 2020 | 2.415 | % | 06/01/50 | 235,000 | 155,672 | ||||||||||
John D. & Catherine T. MacArthur Foundation, Series 2020 | 1.299 | % | 12/01/30 | 1,500,000 | 1,171,299 | ||||||||||
Leland Stanford Junior University (The) | 3.460 | % | 05/01/47 | 2,415,000 | 2,028,804 | ||||||||||
Local Initiatives Support Corp. | 4.649 | % | 03/01/37 | 1,500,000 | 1,432,205 | ||||||||||
Massachusetts Institute of Technology | 3.959 | % | 07/01/38 | 1,500,000 | 1,431,515 | ||||||||||
Massachusetts Institute of Technology, Series H | 3.067 | % | 04/01/52 | 4,000,000 | 3,118,109 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
CORPORATE BONDS - 38.2% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
CONSUMER SERVICES - 4.8% (Continued) | |||||||||||||||
President & Fellows of Harvard College, Series 2016-B | 3.150 | % | 07/15/46 | $ | 3,961,000 | $ | 3,130,311 | ||||||||
President & Fellows of Harvard College, Series 2020-B | 2.517 | % | 10/15/50 | 1,300,000 | 890,717 | ||||||||||
President & Fellows of Harvard College, Series 2022-A | 3.745 | % | 11/15/52 | 500,000 | 435,298 | ||||||||||
Rockefeller Foundation (The) | 2.492 | % | 10/01/50 | 1,800,000 | 1,191,945 | ||||||||||
Stanford University California, Series 2020-A | 2.413 | % | 06/01/50 | 3,450,000 | 2,305,495 | ||||||||||
Trustees of Princeton University (The) (b) | 2.516 | % | 07/01/50 | 6,650,000 | 4,556,815 | ||||||||||
University of Notre Dame, Series 2017 | 3.394 | % | 02/15/48 | 3,424,000 | 2,842,734 | ||||||||||
Yale University | 2.402 | % | 04/15/50 | 5,665,000 | 3,818,754 | ||||||||||
35,014,655 | |||||||||||||||
CONTAINERS & PACKAGING - 0.3% | |||||||||||||||
CCL Industries, Inc. (a) | 3.050 | % | 06/01/30 | 1,750,000 | 1,485,028 | ||||||||||
Sonoco Products Co. | 5.750 | % | 11/01/40 | 1,000,000 | 1,019,318 | ||||||||||
2,504,346 | |||||||||||||||
DIVERSIFIED INDUSTRIALS - 0.1% | |||||||||||||||
Illinois Tool Works, Inc. | 3.900 | % | 09/01/42 | 1,000,000 | 899,566 | ||||||||||
ELECTRIC UTILITIES - 6.0% | |||||||||||||||
Ameren Illinois Co. | 5.900 | % | 12/01/52 | 2,250,000 | 2,513,437 | ||||||||||
Avangrid, Inc. | 3.150 | % | 12/01/24 | 1,800,000 | 1,744,451 | ||||||||||
Avista Corp. | 4.000 | % | 04/01/52 | 1,000,000 | 844,627 | ||||||||||
Caledonia Generating, LLC (a) | 1.950 | % | 02/28/34 | 1,734,044 | 1,497,251 | ||||||||||
CenterPoint Energy, Inc., Series AL | 5.300 | % | 04/01/53 | 1,000,000 | 1,035,027 | ||||||||||
Consolidated Edison Co. | 3.350 | % | 04/01/30 | 1,000,000 | 921,262 | ||||||||||
DTE Electric Co. | 4.050 | % | 05/15/48 | 1,750,000 | 1,494,589 | ||||||||||
DTE Electric Co. | 3.650 | % | 03/01/52 | 500,000 | 398,390 | ||||||||||
Duke Energy Carolinas, LLC | 3.550 | % | 03/15/52 | 2,200,000 | 1,713,260 | ||||||||||
Duke Energy Progress, LLC | 3.450 | % | 03/15/29 | 1,750,000 | 1,635,942 | ||||||||||
Duke Energy Progress, LLC | 4.000 | % | 04/01/52 | 1,500,000 | 1,247,338 | ||||||||||
Electricite de France S.A. (a)(b) | 3.625 | % | 10/13/25 | 1,250,000 | 1,217,487 | ||||||||||
Enel Finance International N.V. (a) | 2.650 | % | 09/10/24 | 1,250,000 | 1,206,705 | ||||||||||
Florida Power & Light Co. | 3.700 | % | 12/01/47 | 1,300,000 | 1,076,673 | ||||||||||
Florida Power & Light Co. | 2.875 | % | 12/04/51 | 2,000,000 | 1,403,477 | ||||||||||
Georgia Power Co. | 3.250 | % | 04/01/26 | 1,000,000 | 954,182 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
CORPORATE BONDS - 38.2% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
ELECTRIC UTILITIES - 6.0% (Continued) | |||||||||||||||
Interstate Power & Light Co. | 3.600 | % | 04/01/29 | $ | 1,250,000 | $ | 1,169,005 | ||||||||
Liberty Utilities Financial Services (a) | 2.050 | % | 09/15/30 | 1,355,000 | 1,064,822 | ||||||||||
MidAmerican Energy Co. | 3.950 | % | 08/01/47 | 1,750,000 | 1,493,511 | ||||||||||
Midland Cogeneration Venture, L.P. (a) | 6.000 | % | 03/15/25 | 156,731 | 160,024 | ||||||||||
Narragansett Electric Co. (a) | 3.395 | % | 04/09/30 | 1,500,000 | 1,372,785 | ||||||||||
National Rural Utilities | 1.350 | % | 03/15/31 | 1,000,000 | 770,356 | ||||||||||
NextEra Energy Capital Holdings, Inc. | 6.051 | % | 03/01/25 | 500,000 | 508,651 | ||||||||||
Niagara Mohawk Power Corp. (a) | 1.960 | % | 06/27/30 | 1,500,000 | 1,217,055 | ||||||||||
Northern States Power Co. | 2.900 | % | 03/01/50 | 1,250,000 | 882,770 | ||||||||||
NSTAR Electric Co. | 3.950 | % | 04/01/30 | 600,000 | 580,941 | ||||||||||
NSTAR Electric Co. | 5.500 | % | 03/15/40 | 1,250,000 | 1,303,891 | ||||||||||
Potomac Electric Power Co. | 6.500 | % | 11/15/37 | 1,000,000 | 1,134,740 | ||||||||||
Public Service Co. | 3.700 | % | 06/15/28 | 1,750,000 | 1,691,353 | ||||||||||
Public Service Electric and Gas Co. | 4.650 | % | 03/15/33 | 2,500,000 | 2,510,756 | ||||||||||
Puget Energy, Inc. | 4.223 | % | 06/15/48 | 1,000,000 | 865,195 | ||||||||||
Rochester Gas & Electric Corp. (a) | 1.850 | % | 12/01/30 | 500,000 | 395,684 | ||||||||||
San Diego Gas and Electric Co. | 4.500 | % | 08/15/40 | 841,000 | 781,242 | ||||||||||
Solar Star Funding, LLC (a) | 3.950 | % | 06/30/35 | 251,772 | 220,876 | ||||||||||
Solar Star Funding, LLC (a) | 5.375 | % | 06/30/35 | 393,332 | 401,848 | ||||||||||
Southern California Edison | 4.050 | % | 03/15/42 | 1,165,000 | 965,807 | ||||||||||
Tenaska Virginia Partners, L.P. (a) | 6.119 | % | 03/30/24 | 161,671 | 159,670 | ||||||||||
Topaz Solar Farms, LLC (a)(b) | 4.875 | % | 09/30/39 | 225,923 | 185,257 | ||||||||||
Topaz Solar Farms, LLC (a) | 5.750 | % | 09/30/39 | 537,504 | 508,866 | ||||||||||
Union Electric Co. | 2.625 | % | 03/15/51 | 2,000,000 | 1,310,018 | ||||||||||
Westar Energy, Inc. | 2.550 | % | 07/01/26 | 1,292,000 | 1,211,317 | ||||||||||
43,770,538 | |||||||||||||||
ELECTRICAL EQUIPMENT - 0.3% | |||||||||||||||
Johnson Controls International plc | 1.750 | % | 09/15/30 | 1,000,000 | 823,650 | ||||||||||
Legrand S.A. | 8.500 | % | 02/15/25 | 1,000,000 | 1,070,570 | ||||||||||
Roper Technologies, Inc. | 2.000 | % | 06/30/30 | 440,000 | 362,432 | ||||||||||
2,256,652 | |||||||||||||||
ENTERTAINMENT CONTENT - 0.2% | |||||||||||||||
Magallanes, Inc. (a) | 4.054 | % | 03/15/29 | 1,500,000 | 1,395,200 | ||||||||||
FOOD - 1.3% | |||||||||||||||
Campbell Soup Co. | 3.950 | % | 03/15/25 | 1,500,000 | 1,473,087 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
CORPORATE BONDS - 38.2% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
FOOD - 1.3% (Continued) | |||||||||||||||
Cargill, Inc. (a) | 4.760 | % | 11/23/45 | $ | 1,500,000 | $ | 1,438,176 | ||||||||
General Mills, Inc. | 4.000 | % | 04/17/25 | 1,500,000 | 1,479,670 | ||||||||||
Hormel Foods Corp. | 1.800 | % | 06/11/30 | 2,250,000 | 1,878,866 | ||||||||||
Ingredion, Inc. | 2.900 | % | 06/01/30 | 1,000,000 | 877,947 | ||||||||||
Kellogg Co. | 2.650 | % | 12/01/23 | 1,250,000 | 1,238,055 | ||||||||||
Mars, Inc. (a) | 3.600 | % | 04/01/34 | 1,500,000 | 1,355,982 | ||||||||||
9,741,783 | |||||||||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.1% | |||||||||||||||
Fibria Overseas Finance Ltd. (b) | 5.500 | % | 01/17/27 | 800,000 | 803,200 | ||||||||||
GAS & WATER UTILITIES - 0.4% | |||||||||||||||
American Water Capital Corp. | 2.800 | % | 05/01/30 | 1,500,000 | 1,335,166 | ||||||||||
Brooklyn Union Gas Co. (a) | 4.504 | % | 03/10/46 | 1,250,000 | 1,030,841 | ||||||||||
Indiana Gas Co., Inc. | 6.550 | % | 06/30/28 | 250,000 | 261,575 | ||||||||||
2,627,582 | |||||||||||||||
HEALTH CARE FACILITIES & SERVICES - 0.2% | |||||||||||||||
Kaiser Foundation Hospital | 3.150 | % | 05/01/27 | 1,500,000 | 1,412,707 | ||||||||||
HOME & OFFICE PRODUCTS - 0.1% | |||||||||||||||
Steelcase, Inc. (b) | 5.125 | % | 01/18/29 | 1,000,000 | 898,870 | ||||||||||
HOME CONSTRUCTION - 0.1% | |||||||||||||||
NVR, Inc. | 3.000 | % | 05/15/30 | 1,000,000 | 879,539 | ||||||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.3% | |||||||||||||||
Brookfield Finance, Inc. | 4.250 | % | 06/02/26 | 1,570,000 | 1,523,761 | ||||||||||
Goldman Sachs Group, Inc. | 3.272 | % | 09/29/25 | 1,500,000 | 1,455,190 | ||||||||||
Goldman Sachs Group, Inc. | 4.223 | % | 05/01/29 | 1,000,000 | 958,294 | ||||||||||
Goldman Sachs Group, Inc. | 3.800 | % | 03/15/30 | 1,500,000 | 1,396,756 | ||||||||||
Morgan Stanley | 3.125 | % | 07/27/26 | 2,000,000 | 1,894,073 | ||||||||||
Morgan Stanley, Series GMTN | 2.699 | % | 01/22/31 | 1,250,000 | 1,076,506 | ||||||||||
National Securities Clearing Corp. (a) | 1.500 | % | 04/23/25 | 1,000,000 | 934,102 | ||||||||||
9,238,682 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
CORPORATE BONDS - 38.2% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
INSURANCE - 4.5% | |||||||||||||||
Aflac, Inc. | 4.000 | % | 10/15/46 | $ | 1,058,000 | $ | 859,132 | ||||||||
Allstate Corp. (The) | 5.250 | % | 03/30/33 | 1,000,000 | 1,011,044 | ||||||||||
Athene Global Funding (a) | 2.800 | % | 05/26/23 | 1,500,000 | 1,491,887 | ||||||||||
F&G Global Funding | 2.300 | % | 04/11/27 | 535,000 | 474,878 | ||||||||||
Fidelity National Financial, Inc. | 3.400 | % | 06/15/30 | 500,000 | 437,469 | ||||||||||
First American Financial Corp. | 2.400 | % | 08/15/31 | 1,500,000 | 1,159,548 | ||||||||||
Five Corners Funding Trust (a) | 4.419 | % | 11/15/23 | 1,000,000 | 993,670 | ||||||||||
GA Global Funding Trust | 2.250 | % | 01/06/27 | 2,000,000 | 1,744,862 | ||||||||||
Horace Mann Educators Corp. | 4.500 | % | 12/01/25 | 1,235,000 | 1,202,821 | ||||||||||
Jackson National Life Global Funding | 1.750 | % | 01/12/25 | 385,000 | 360,441 | ||||||||||
Jackson National Life Global Funding (a) | 5.500 | % | 01/09/26 | 1,250,000 | 1,263,818 | ||||||||||
Kemper Corp. | 4.350 | % | 02/15/25 | 1,250,000 | 1,233,551 | ||||||||||
Marsh & McLennan Cos., Inc. | 3.750 | % | 03/14/26 | 1,000,000 | 978,158 | ||||||||||
Massachusetts Mutual Life Insurance Co. (a) | 3.375 | % | 04/15/50 | 1,500,000 | 1,098,107 | ||||||||||
Met Life Global Funding I (a) | 3.600 | % | 01/11/24 | 1,750,000 | 1,722,229 | ||||||||||
Met Life Global Funding I (a) | 5.150 | % | 03/28/33 | 1,000,000 | 1,008,092 | ||||||||||
New York Life Global Funding (a) | 2.900 | % | 01/17/24 | 3,000,000 | 2,953,710 | ||||||||||
Pacific Life Global Funding II, Series 2020-1 (a) | 1.200 | % | 06/24/25 | 415,000 | 381,434 | ||||||||||
Pacific Life Global Funding II, Series 2021-1 (a)(b) | 1.450 | % | 01/20/28 | 1,000,000 | 849,540 | ||||||||||
Primerica, Inc. | 2.800 | % | 11/19/31 | 1,000,000 | 839,526 | ||||||||||
Principal Financial Group, Inc. | 3.700 | % | 05/15/29 | 1,250,000 | 1,173,877 | ||||||||||
Protective Life Global Funding (a) | 5.366 | % | 01/06/26 | 500,000 | 506,429 | ||||||||||
Prudential Financial, Inc. | 1.500 | % | 03/10/26 | 644,000 | 587,382 | ||||||||||
Prudential Funding Asia plc | 3.125 | % | 04/14/30 | 750,000 | 669,737 | ||||||||||
Reliance STD Life Insurance Co. (a) | 2.750 | % | 05/07/25 | 1,280,000 | 1,215,298 | ||||||||||
RLI Corp. | 4.875 | % | 09/15/23 | 1,000,000 | 996,987 | ||||||||||
Sammons Financial Group, Inc. (a) | 4.450 | % | 05/12/27 | 1,200,000 | 1,131,290 | ||||||||||
Security Benefit Global, Series MTN (a) | 1.250 | % | 05/17/24 | 1,500,000 | 1,422,473 | ||||||||||
Teachers Insurance & Annuity Association (3MO LIBOR + 266.10) (a)(c) | 4.375 | % | 09/15/54 | 2,678,000 | 2,606,814 | ||||||||||
Trustage Financial Group, Inc. | 4.625 | % | 04/15/32 | 400,000 | 357,988 | ||||||||||
32,732,192 | |||||||||||||||
LEISURE FACILITIES & SERVICES - 0.4% | |||||||||||||||
Marriott International, Inc. | 3.600 | % | 04/15/24 | 727,000 | 713,231 | ||||||||||
McDonald's Corp., Series MTN | 3.500 | % | 07/01/27 | 1,000,000 | 968,534 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
CORPORATE BONDS - 38.2% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
LEISURE FACILITIES & SERVICES - 0.4% (Continued) | |||||||||||||||
Starbucks Corp. | 2.450 | % | 06/15/26 | $ | 1,000,000 | $ | 938,611 | ||||||||
2,620,376 | |||||||||||||||
MACHINERY - 0.5% | |||||||||||||||
Ingersoll-Rand Global Holding Co. Ltd. | 6.391 | % | 11/15/27 | 655,000 | 694,171 | ||||||||||
John Deere Capital Corp. | 1.750 | % | 03/09/27 | 250,000 | 227,197 | ||||||||||
John Deere Capital Corp. | 3.050 | % | 01/06/28 | 1,250,000 | 1,187,772 | ||||||||||
Xylem, Inc. | 1.950 | % | 01/30/28 | 1,775,000 | 1,570,925 | ||||||||||
3,680,065 | |||||||||||||||
MEDICAL EQUIPMENT & DEVICES - 0.1% | |||||||||||||||
Alcon Finance Corp. (a) | 2.600 | % | 05/27/30 | 1,250,000 | 1,077,033 | ||||||||||
PERSONAL PRODUCTS - 0.1% | |||||||||||||||
Estée Lauder Cos., Inc. (The) | 2.600 | % | 04/15/30 | 1,000,000 | 895,792 | ||||||||||
PIPELINES - 0.1% | |||||||||||||||
Northern Natural Gas Co. (a) | 4.100 | % | 09/15/42 | 1,000,000 | 814,045 | ||||||||||
REITS - 3.5% | |||||||||||||||
Agree Ltd. Partnership | 2.900 | % | 10/01/30 | 650,000 | 552,369 | ||||||||||
Agree Ltd. Partnership | 4.800 | % | 10/01/32 | 715,000 | 686,486 | ||||||||||
Alexandria Real Estate Equities, Inc. | 2.950 | % | 03/15/34 | 1,000,000 | 799,817 | ||||||||||
Alexandria Real Estate Equities, Inc. | 4.750 | % | 04/15/35 | 1,250,000 | 1,171,412 | ||||||||||
Boston Properties, L.P. | 4.500 | % | 12/01/28 | 1,250,000 | 1,095,003 | ||||||||||
Camden Property Trust | 2.800 | % | 05/15/30 | 1,500,000 | 1,299,145 | ||||||||||
Digital Realty Trust, L.P. (b) | 5.550 | % | 01/15/28 | 2,250,000 | 2,241,280 | ||||||||||
ERP Operating, L.P. | 4.150 | % | 12/01/28 | 1,250,000 | 1,204,790 | ||||||||||
ESSEX Portfolio, L.P. (b) | 2.650 | % | 03/15/32 | 1,500,000 | 1,223,276 | ||||||||||
Federal Realty Investment Trust (b) | 1.250 | % | 02/15/26 | 515,000 | 469,863 | ||||||||||
Kilroy Realty Corp. | 2.500 | % | 11/15/32 | 1,750,000 | 1,116,437 | ||||||||||
Kimco Realty Corp. | 2.700 | % | 10/01/30 | 1,750,000 | 1,457,884 | ||||||||||
Lexington Realty Trust | 2.700 | % | 09/15/30 | 1,500,000 | 1,217,459 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
CORPORATE BONDS - 38.2% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
REITS - 3.5% (Continued) | |||||||||||||||
Mid-America Apartment Communities, Inc. | 3.950 | % | 03/15/29 | $ | 1,750,000 | $ | 1,677,090 | ||||||||
Ontario Teachers Cadillac Fairview Properties Trust (a) | 2.500 | % | 10/15/31 | 1,125,000 | 885,813 | ||||||||||
Prologis, L.P. | 2.875 | % | 10/06/29 | 1,500,000 | 1,337,522 | ||||||||||
Prologis, L.P. | 4.625 | % | 01/15/33 | 1,500,000 | 1,479,244 | ||||||||||
Regency Centers, L.P. | 3.750 | % | 06/15/24 | 1,000,000 | 976,968 | ||||||||||
Rexford Industrial Realty, L.P. | 5.000 | % | 06/15/28 | 210,000 | 207,177 | ||||||||||
Rexford Industrial Realty, L.P. | 2.150 | % | 09/01/31 | 1,750,000 | 1,385,806 | ||||||||||
Sun Communities Operating, L.P. | 2.700 | % | 07/15/31 | 500,000 | 404,399 | ||||||||||
Sun Communities Operating, L.P. | 5.700 | % | 01/15/33 | 750,000 | 750,492 | ||||||||||
UDR, Inc. | 1.900 | % | 03/15/33 | 1,000,000 | 747,502 | ||||||||||
Vornado Realty, L.P. (b) | 3.500 | % | 01/15/25 | 567,000 | 512,506 | ||||||||||
WP Carey, Inc. | 2.450 | % | 02/01/32 | 985,000 | 786,316 | ||||||||||
25,686,056 | |||||||||||||||
RETAIL - CONSUMER STAPLES - 0.2% | |||||||||||||||
Kroger Co. (The) | 5.000 | % | 04/15/42 | 1,000,000 | 937,912 | ||||||||||
Walmart, Inc. | 1.800 | % | 09/22/31 | 500,000 | 422,864 | ||||||||||
1,360,776 | |||||||||||||||
RETAIL - DISCRETIONARY - 0.6% | |||||||||||||||
ERAC USA Finance, LLC (a) | 2.700 | % | 11/01/23 | 1,250,000 | 1,229,121 | ||||||||||
Home Depot, Inc. | 3.625 | % | 04/15/52 | 1,000,000 | 804,781 | ||||||||||
Lowe's Cos., Inc. | 4.650 | % | 04/15/42 | 1,000,000 | 898,694 | ||||||||||
Lowe's Cos., Inc. (b) | 3.000 | % | 10/15/50 | 500,000 | 331,836 | ||||||||||
Lowe's Cos., Inc. | 5.625 | % | 04/15/53 | 1,000,000 | 1,003,264 | ||||||||||
4,267,696 | |||||||||||||||
SEMICONDUCTORS - 0.4% | |||||||||||||||
Intel Corp. (b) | 4.150 | % | 08/05/32 | 1,000,000 | 964,615 | ||||||||||
Intel Corp. | 3.734 | % | 12/08/47 | 1,361,000 | 1,080,103 | ||||||||||
NVIDIA Corp. (b) | 2.850 | % | 04/01/30 | 500,000 | 455,238 | ||||||||||
Skyworks Solutions, Inc. | 0.900 | % | 06/01/23 | 500,000 | 495,799 | ||||||||||
2,995,755 | |||||||||||||||
SOFTWARE - 0.5% | |||||||||||||||
Microsoft Corp. | 2.525 | % | 06/01/50 | 4,500,000 | 3,184,118 | ||||||||||
Microsoft Corp. | 2.921 | % | 03/17/52 | 1,000,000 | 760,172 | ||||||||||
3,944,290 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
CORPORATE BONDS - 38.2% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
SPECIALTY FINANCE - 1.0% | |||||||||||||||
American Express Credit Corp. | 3.000 | % | 10/30/24 | $ | 1,000,000 | $ | 968,236 | ||||||||
BlueHub Loan Fund, Inc. | 3.099 | % | 01/01/30 | 1,030,000 | 918,575 | ||||||||||
Community Preservation Corp. (The) (b) | 2.867 | % | 02/01/30 | 1,750,000 | 1,457,662 | ||||||||||
GATX Corp. | 4.350 | % | 02/15/24 | 300,000 | 296,255 | ||||||||||
Low Income Investment Fund | 3.386 | % | 07/01/26 | 115,000 | 109,686 | ||||||||||
USAA Capital Corp. (a) | 1.500 | % | 05/01/23 | 1,000,000 | 997,156 | ||||||||||
USAA Capital Corp. (a) | 2.125 | % | 05/01/30 | 3,000,000 | 2,499,089 | ||||||||||
7,246,659 | |||||||||||||||
STEEL - 0.1% | |||||||||||||||
Nucor Corp. | 2.000 | % | 06/01/25 | 460,000 | 432,525 | ||||||||||
TECHNOLOGY HARDWARE - 0.7% | |||||||||||||||
Apple, Inc. (b) | 3.000 | % | 06/20/27 | 1,000,000 | 965,797 | ||||||||||
Apple, Inc. | 2.650 | % | 05/11/50 | 1,000,000 | 704,937 | ||||||||||
Apple, Inc. | 2.650 | % | 02/08/51 | 2,000,000 | 1,401,508 | ||||||||||
HP, Inc. | 4.750 | % | 01/15/28 | 1,100,000 | 1,087,332 | ||||||||||
HP, Inc. (b) | 4.000 | % | 04/15/29 | 915,000 | 868,071 | ||||||||||
5,027,645 | |||||||||||||||
TECHNOLOGY SERVICES - 0.4% | |||||||||||||||
Experian Finance plc (a) | 2.750 | % | 03/08/30 | 635,000 | 546,503 | ||||||||||
IBM Corp. | 3.300 | % | 05/15/26 | 1,000,000 | 964,486 | ||||||||||
Moody's Corp. | 3.250 | % | 05/20/50 | 500,000 | 361,358 | ||||||||||
Moody's Corp. | 3.750 | % | 02/25/52 | 1,000,000 | 799,212 | ||||||||||
2,671,559 | |||||||||||||||
TELECOMMUNICATIONS - 0.7% | |||||||||||||||
AT&T, Inc. | 5.250 | % | 03/01/37 | 500,000 | 500,035 | ||||||||||
AT&T, Inc. | 4.750 | % | 05/15/46 | 1,500,000 | 1,354,685 | ||||||||||
Verizon Communications, Inc. (b) | 3.875 | % | 02/08/29 | 1,000,000 | 966,179 | ||||||||||
Verizon Communications, Inc. (b) | 1.500 | % | 09/18/30 | 1,000,000 | 809,680 | ||||||||||
Verizon Communications, Inc. | 2.987 | % | 10/30/56 | 1,799,000 | 1,169,929 | ||||||||||
4,800,508 | |||||||||||||||
TRANSPORTATION & LOGISTICS - 1.3% | |||||||||||||||
British Airways, Series 2013-1 (a) | 4.625 | % | 12/20/25 | 267,087 | 263,943 | ||||||||||
Burlington Northern Santa Fe, LLC | 5.750 | % | 05/01/40 | 1,000,000 | 1,074,658 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
CORPORATE BONDS - 38.2% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
TRANSPORTATION & LOGISTICS - 1.3% (Continued) | |||||||||||||||
Canadian Pacific Railway Co. | 2.050 | % | 03/05/30 | $ | 1,750,000 | $ | 1,486,868 | ||||||||
Mexico City Airport Trust (a) | 4.250 | % | 10/31/26 | 497,000 | 477,120 | ||||||||||
Norfolk Southern Corp. | 4.837 | % | 10/01/41 | 1,000,000 | 936,085 | ||||||||||
Norfolk Southern Corp. | 3.050 | % | 05/15/50 | 1,500,000 | 1,038,171 | ||||||||||
Penske Truck Leasing Co. (a) | 3.450 | % | 07/01/24 | 1,250,000 | 1,216,809 | ||||||||||
TTX Co. (a) | 4.600 | % | 02/01/49 | 280,000 | 258,377 | ||||||||||
TTX Co. | 5.650 | % | 12/01/52 | 500,000 | 537,205 | ||||||||||
Union Pacific Corp. (b) | 4.950 | % | 09/09/52 | 2,000,000 | 2,032,852 | ||||||||||
9,322,088 | |||||||||||||||
TRANSPORTATION EQUIPMENT - 0.2% | |||||||||||||||
Ryder System, Inc. | 5.650 | % | 03/01/28 | 1,250,000 | 1,266,476 | ||||||||||
WHOLESALE - CONSUMER STAPLES - 0.3% | |||||||||||||||
Bunge Ltd. Finance Corp. | 1.630 | % | 08/17/25 | 395,000 | 365,403 | ||||||||||
Sysco Corp. | 2.400 | % | 02/15/30 | 1,750,000 | 1,528,631 | ||||||||||
1,894,034 | |||||||||||||||
TOTAL CORPORATE BONDS (COST $310,947,235) | $ | 278,517,904 |
CORPORATE NOTES - 0.9% | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
COMMUNITY DEVELOPMENT - 0.9% | |||||||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 06/15/23 | $ | 1,650,000 | $ | 1,638,726 | ||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 12/15/23 | 950,000 | 930,618 | ||||||||||
Calvert Social Investment Foundation, Inc. (d) | 1.000 | % | 06/14/24 | 550,000 | 520,172 | ||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 06/17/24 | 980,000 | 948,709 | ||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 12/15/24 | 400,000 | 382,692 | ||||||||||
Calvert Social Investment Foundation, Inc. (d) | 2.500 | % | 06/13/25 | 1,400,000 | 1,311,296 | ||||||||||
Calvert Social Investment Foundation, Inc. (d) | 2.500 | % | 12/15/25 | 650,000 | 601,872 | ||||||||||
Capital Impact Partners (d) | 4.800 | % | 12/15/23 | 250,000 | 250,105 | ||||||||||
TOTAL CORPORATE NOTES (COST $6,830,000) | $ | 6,584,190 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
FOREIGN GOVERNMENTS - 5.9% | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
FOREIGN AGENCY - 0.6% | |||||||||||||||
BNG Bank N.V. (a)(b) | 1.500 | % | 10/16/24 | $ | 1,500,000 | $ | 1,433,313 | ||||||||
BNG Bank N.V. (a)(b) | 0.500 | % | 11/24/25 | 2,000,000 | 1,817,200 | ||||||||||
Kommunalbanken A.S. (a) | 2.125 | % | 02/11/25 | 1,000,000 | 960,212 | ||||||||||
Kommunivest I Sverige AB, Series MTN (a)(b) | 0.375 | % | 06/19/24 | 500,000 | 475,367 | ||||||||||
4,686,092 | |||||||||||||||
SUPRANATIONAL - 5.3% | |||||||||||||||
Asian Development Bank | 2.125 | % | 03/19/25 | 1,000,000 | 961,081 | ||||||||||
Asian Development Bank | 3.125 | % | 09/26/28 | 1,000,000 | 970,246 | ||||||||||
Central American Bank for Economic Integration (a) | 1.140 | % | 02/09/26 | 1,200,000 | 1,088,005 | ||||||||||
European Bank for Reconstruction & Development | 1.625 | % | 09/27/24 | 1,250,000 | 1,201,338 | ||||||||||
European Bank for Reconstruction & Development | 1.500 | % | 02/13/25 | 200,000 | 190,494 | ||||||||||
European Investment Bank (b) | 2.500 | % | 10/15/24 | 1,000,000 | 974,370 | ||||||||||
European Investment Bank (b) | 2.125 | % | 04/13/26 | 1,000,000 | 950,353 | ||||||||||
European Investment Bank | 2.375 | % | 05/24/27 | 4,000,000 | 3,794,680 | ||||||||||
Inter-American Development Bank | 0.875 | % | 04/03/25 | 3,000,000 | 2,814,144 | ||||||||||
Inter-American Development Bank | 4.375 | % | 01/24/44 | 3,000,000 | 3,078,562 | ||||||||||
International Bank for Reconstruction & Development | 0.250 | % | 11/24/23 | 4,500,000 | 4,372,380 | ||||||||||
International Bank for Reconstruction & Development | 0.625 | % | 04/22/25 | 1,000,000 | 931,981 | ||||||||||
International Bank for Reconstruction & Development | 3.125 | % | 11/20/25 | 1,000,000 | 979,350 | ||||||||||
International Bank for Reconstruction & Development | 0.875 | % | 07/15/26 | 3,000,000 | 2,728,127 | ||||||||||
International Bank for Reconstruction & Development | 3.125 | % | 06/15/27 | 4,000,000 | 3,906,800 | ||||||||||
International Development Association (a) | 2.750 | % | 04/24/23 | 3,000,000 | 2,996,310 | ||||||||||
International Development Association (a) | 0.375 | % | 09/23/25 | 2,000,000 | 1,830,940 | ||||||||||
International Development Association (a)(b) | 0.875 | % | 04/28/26 | 2,000,000 | 1,817,661 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
FOREIGN GOVERNMENTS - 5.9% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
SUPRANATIONAL - 5.3% (Continued) | |||||||||||||||
International Finance Corp., Series GMTN | 2.125 | % | 04/07/26 | $ | 3,000,000 | $ | 2,848,980 | ||||||||
38,435,802 | |||||||||||||||
TOTAL FOREIGN GOVERNMENTS (COST $45,470,548) | $ | 43,121,894 |
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0% (e) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
Commercial Mortgage Pass-Through Certificates, Class A-3 (COST $72,397) | 2.853 | % | 10/17/45 | $ | 71,021 | $ | 68,563 |
U.S. GOVERNMENT AGENCIES - 46.3% | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
DEVELOPMENT FINANCE CORPORATION - 1.3% | |||||||||||||||
DFC (PO) | 0.000 | % | 06/21/23 | $ | 1,000,000 | $ | 1,084,130 | ||||||||
DFC (c) | 4.880 | % | 09/15/26 | 583,333 | 583,333 | ||||||||||
DFC | 1.590 | % | 04/15/28 | 2,000,000 | 1,788,618 | ||||||||||
DFC | 1.650 | % | 04/15/28 | 3,500,000 | 3,154,826 | ||||||||||
DFC | 3.130 | % | 04/15/28 | 1,000,000 | 953,813 | ||||||||||
DFC | 3.540 | % | 06/15/30 | 426,483 | 414,199 | ||||||||||
DFC | 3.520 | % | 09/20/32 | 678,571 | 653,613 | ||||||||||
DFC | 3.820 | % | 06/01/33 | 780,794 | 767,114 | ||||||||||
9,399,646 | |||||||||||||||
FEDERAL HOME LOAN BANK - 7.4% | |||||||||||||||
FHLB | 4.625 | % | 12/13/24 | 5,000,000 | 5,024,527 | ||||||||||
FHLB | 1.250 | % | 12/21/26 | 4,000,000 | 3,642,734 | ||||||||||
FHLB | 4.250 | % | 12/10/27 | 11,000,000 | 11,174,493 | ||||||||||
FHLB | 3.250 | % | 11/16/28 | 13,000,000 | 12,658,174 | ||||||||||
FHLB | 5.500 | % | 07/15/36 | 18,620,000 | 21,266,667 | ||||||||||
53,766,595 | |||||||||||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION - 11.8% | |||||||||||||||
FHLMC | 4.000 | % | 11/01/24 | 24,856 | 24,613 | ||||||||||
FHLMC | 0.375 | % | 09/23/25 | 3,500,000 | 3,197,617 | ||||||||||
FHLMC | 4.000 | % | 10/01/25 | 18,430 | 18,228 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
U.S. GOVERNMENT AGENCIES - 46.3% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION - 11.8% (Continued) | |||||||||||||||
FHLMC | 2.875 | % | 04/25/26 | $ | 3,000,000 | $ | 2,876,203 | ||||||||
FHLMC | 6.000 | % | 04/01/27 | 33,942 | 34,677 | ||||||||||
FHLMC | 2.500 | % | 10/01/27 | 201,649 | 194,087 | ||||||||||
FHLMC | 2.738 | % | 04/25/29 | 2,252,351 | 2,144,036 | ||||||||||
FHLMC | 2.412 | % | 08/25/29 | 3,670,000 | 3,308,764 | ||||||||||
FHLMC | 7.000 | % | 02/01/30 | 12,619 | 12,661 | ||||||||||
FHLMC | 1.297 | % | 06/25/30 | 2,185,000 | 1,796,895 | ||||||||||
FHLMC | 7.500 | % | 07/01/30 | 48,604 | 50,950 | ||||||||||
FHLMC | 1.503 | % | 09/25/30 | 4,000,000 | 3,322,892 | ||||||||||
FHLMC | 1.487 | % | 11/25/30 | 5,500,000 | 4,533,074 | ||||||||||
FHLMC | 1.878 | % | 01/25/31 | 1,500,000 | 1,268,934 | ||||||||||
FHLMC | 2.000 | % | 01/25/31 | 3,000,000 | 2,555,202 | ||||||||||
FHLMC | 7.000 | % | 03/01/31 | 20,765 | 21,726 | ||||||||||
FHLMC | 1.777 | % | 10/25/31 | 5,000,000 | 4,141,238 | ||||||||||
FHLMC | 2.091 | % | 11/25/31 | 2,500,000 | 2,116,319 | ||||||||||
FHLMC | 6.250 | % | 07/15/32 | 7,050,000 | 8,403,978 | ||||||||||
FHLMC | 3.123 | % | 08/25/32 | 2,000,000 | 1,830,024 | ||||||||||
FHLMC | 3.000 | % | 11/01/32 | 434,278 | 409,682 | ||||||||||
FHLMC | 3.000 | % | 11/01/32 | 331,656 | 312,873 | ||||||||||
FHLMC | 5.500 | % | 11/01/33 | 24,329 | 25,134 | ||||||||||
FHLMC (H15T1Y + 223.10) (c) | 3.356 | % | 05/01/34 | 24,556 | 24,806 | ||||||||||
FHLMC (H15T1Y + 223.10) (c) | 3.356 | % | 05/01/34 | 2,007 | 1,984 | ||||||||||
FHLMC | 1.783 | % | 06/25/34 | 2,084,061 | 1,674,454 | ||||||||||
FHLMC | 5.000 | % | 07/01/35 | 49,883 | 50,759 | ||||||||||
FHLMC | 4.500 | % | 10/01/35 | 68,242 | 68,549 | ||||||||||
FHLMC | 2.438 | % | 02/25/36 | 4,000,000 | 3,214,827 | ||||||||||
FHLMC | 5.500 | % | 03/01/36 | 19,260 | 19,967 | ||||||||||
FHLMC | 5.500 | % | 06/01/36 | 27,448 | 28,428 | ||||||||||
FHLMC | 6.000 | % | 06/01/36 | 21,176 | 21,671 | ||||||||||
FHLMC | 5.500 | % | 12/01/36 | 22,613 | 23,501 | ||||||||||
FHLMC | 6.000 | % | 08/01/37 | 12,245 | 12,806 | ||||||||||
FHLMC | 5.000 | % | 03/01/38 | 115,263 | 117,843 | ||||||||||
FHLMC | 4.500 | % | 06/01/39 | 123,366 | 124,202 | ||||||||||
FHLMC | 5.000 | % | 06/01/39 | 181,309 | 185,379 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
U.S. GOVERNMENT AGENCIES - 46.3% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION - 11.8% (Continued) | |||||||||||||||
FHLMC | 4.500 | % | 07/01/39 | $ | 116,017 | $ | 116,804 | ||||||||
FHLMC | 4.500 | % | 11/01/39 | 106,318 | 107,039 | ||||||||||
FHLMC | 4.500 | % | 09/01/40 | 156,868 | 157,931 | ||||||||||
FHLMC | 4.500 | % | 05/01/41 | 310,938 | 313,046 | ||||||||||
FHLMC | 4.500 | % | 07/01/41 | 358,372 | 360,798 | ||||||||||
FHLMC | 5.000 | % | 09/01/41 | 148,548 | 151,887 | ||||||||||
FHLMC | 3.500 | % | 10/01/41 | 173,311 | 165,545 | ||||||||||
FHLMC | 4.000 | % | 10/01/41 | 190,514 | 186,652 | ||||||||||
FHLMC | 3.500 | % | 02/01/42 | 308,462 | 294,607 | ||||||||||
FHLMC | 4.000 | % | 02/01/42 | 81,140 | 79,495 | ||||||||||
FHLMC | 3.500 | % | 06/01/42 | 344,580 | 329,102 | ||||||||||
FHLMC | 3.500 | % | 06/01/42 | 352,161 | 336,463 | ||||||||||
FHLMC | 3.500 | % | 08/01/42 | 404,726 | 386,544 | ||||||||||
FHLMC | 3.000 | % | 11/01/42 | 769,619 | 710,584 | ||||||||||
FHLMC | 3.000 | % | 01/01/43 | 438,114 | 404,507 | ||||||||||
FHLMC | 3.000 | % | 05/01/43 | 598,009 | 552,127 | ||||||||||
FHLMC | 3.500 | % | 10/01/44 | 346,073 | 328,374 | ||||||||||
FHLMC | 3.500 | % | 11/01/44 | 310,533 | 294,556 | ||||||||||
FHLMC | 3.500 | % | 04/01/45 | 386,109 | 365,165 | ||||||||||
FHLMC | 3.000 | % | 05/01/46 | 674,188 | 618,844 | ||||||||||
FHLMC | 3.000 | % | 12/01/46 | 1,659,605 | 1,523,348 | ||||||||||
FHLMC | 3.500 | % | 03/01/48 | 1,852,791 | 1,753,438 | ||||||||||
FHLMC | 3.500 | % | 03/01/49 | 507,735 | 477,597 | ||||||||||
FHLMC | 3.500 | % | 07/01/49 | 826,931 | 776,256 | ||||||||||
FHLMC | 3.000 | % | 09/01/49 | 946,507 | 856,154 | ||||||||||
FHLMC | 3.000 | % | 07/01/50 | 2,326,682 | 2,106,285 | ||||||||||
FHLMC | 2.000 | % | 08/01/50 | 3,233,595 | 2,682,098 | ||||||||||
FHLMC | 2.000 | % | 01/01/51 | 7,975,818 | 6,616,150 | ||||||||||
FHLMC | 2.500 | % | 04/01/51 | 7,791,080 | 6,727,902 | ||||||||||
FHLMC | 2.500 | % | 09/01/51 | 3,123,713 | 2,695,460 | ||||||||||
FHLMC | 3.000 | % | 04/01/52 | 5,684,942 | 5,097,574 | ||||||||||
85,741,315 | |||||||||||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 25.6% | |||||||||||||||
FNMA | 2.670 | % | 12/01/23 | 2,210,016 | 2,166,038 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
U.S. GOVERNMENT AGENCIES - 46.3% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 25.6% (Continued) | |||||||||||||||
FNMA (c) | 2.540 | % | 07/25/24 | $ | 2,429,063 | $ | 2,362,772 | ||||||||
FNMA | 2.890 | % | 12/01/24 | 4,000,000 | 3,857,760 | ||||||||||
FNMA | 3.080 | % | 12/01/24 | 2,105,145 | 2,049,991 | ||||||||||
FNMA | 2.710 | % | 01/01/25 | 4,500,000 | 4,323,285 | ||||||||||
FNMA | 5.000 | % | 04/01/25 | 12,944 | 13,030 | ||||||||||
FNMA | 5.000 | % | 07/01/25 | 12,101 | 12,182 | ||||||||||
FNMA | 3.500 | % | 10/01/25 | 20,216 | 19,868 | ||||||||||
FNMA | 5.000 | % | 10/01/25 | 17,042 | 17,158 | ||||||||||
FNMA | 5.500 | % | 11/01/25 | 5 | 5 | ||||||||||
FNMA | 0.500 | % | 11/07/25 | 13,934,000 | 12,748,345 | ||||||||||
FNMA | 4.000 | % | 03/01/26 | 94,607 | 94,026 | ||||||||||
FNMA | 2.910 | % | 04/01/26 | 3,000,000 | 2,869,589 | ||||||||||
FNMA | 2.125 | % | 04/24/26 | 2,000,000 | 1,899,761 | ||||||||||
FNMA | 8.500 | % | 09/01/26 | 2,695 | 2,688 | ||||||||||
FNMA | 2.500 | % | 09/01/27 | 235,100 | 226,269 | ||||||||||
FNMA | 0.750 | % | 10/08/27 | 10,000,000 | 8,772,779 | ||||||||||
FNMA | 2.500 | % | 11/01/27 | 376,532 | 362,016 | ||||||||||
FNMA | 2.500 | % | 01/01/28 | 244,364 | 234,950 | ||||||||||
FNMA (c) | 3.430 | % | 06/25/28 | 1,815,839 | 1,743,616 | ||||||||||
FNMA | 2.522 | % | 08/27/29 | 5,374,507 | 4,845,174 | ||||||||||
FNMA | 0.875 | % | 08/05/30 | 23,250,000 | 18,979,535 | ||||||||||
FNMA | 6.625 | % | 11/15/30 | 12,750,000 | 15,105,812 | ||||||||||
FNMA (c) | 1.561 | % | 11/25/30 | 3,000,000 | 2,460,246 | ||||||||||
FNMA (c) | 1.380 | % | 12/25/30 | 5,000,000 | 4,089,870 | ||||||||||
FNMA | 1.292 | % | 01/25/31 | 3,000,000 | 2,418,303 | ||||||||||
FNMA | 1.376 | % | 03/25/31 | 1,000,000 | 810,031 | ||||||||||
FNMA | 2.000 | % | 01/01/32 | 1,135,813 | 1,047,486 | ||||||||||
FNMA | 3.000 | % | 12/01/32 | 484,689 | 456,737 | ||||||||||
FNMA | 6.000 | % | 10/01/33 | 17,965 | 18,679 | ||||||||||
FNMA | 5.500 | % | 02/01/34 | 20,313 | 20,962 | ||||||||||
FNMA (H15T1Y + 211.70) (c) | 2.808 | % | 05/01/34 | 23,555 | 23,656 | ||||||||||
FNMA | 6.000 | % | 11/01/34 | 51,523 | 53,571 | ||||||||||
FNMA | 5.500 | % | 01/01/35 | 28,131 | 28,963 | ||||||||||
FNMA | 2.500 | % | 02/01/35 | 1,138,826 | 1,061,758 | ||||||||||
FNMA | 5.000 | % | 10/01/35 | 43,603 | 44,529 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
U.S. GOVERNMENT AGENCIES - 46.3% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 25.6% (Continued) | |||||||||||||||
FNMA | 5.500 | % | 10/01/35 | $ | 55,259 | $ | 57,085 | ||||||||
FNMA | 6.000 | % | 10/01/35 | 28,206 | 29,326 | ||||||||||
FNMA | 5.500 | % | 06/01/36 | 12,883 | 13,273 | ||||||||||
FNMA | 6.000 | % | 06/01/36 | 13,223 | 13,798 | ||||||||||
FNMA | 5.500 | % | 11/01/36 | 16,364 | 16,989 | ||||||||||
FNMA (12MO LIBOR + 156.50) (c) | 2.065 | % | 05/01/37 | 2,042 | 2,050 | ||||||||||
FNMA | 5.625 | % | 07/15/37 | 13,750,000 | 15,952,667 | ||||||||||
FNMA | 4.500 | % | 09/01/40 | 94,297 | 94,588 | ||||||||||
FNMA | 4.500 | % | 10/01/40 | 93,979 | 94,513 | ||||||||||
FNMA | 4.000 | % | 12/01/40 | 244,612 | 239,398 | ||||||||||
FNMA | 4.000 | % | 01/01/41 | 175,349 | 171,613 | ||||||||||
FNMA | 3.500 | % | 02/01/41 | 256,685 | 244,951 | ||||||||||
FNMA | 4.000 | % | 10/01/41 | 134,452 | 131,587 | ||||||||||
FNMA | 4.000 | % | 11/01/41 | 147,399 | 144,258 | ||||||||||
FNMA | 4.000 | % | 12/01/41 | 265,714 | 260,051 | ||||||||||
FNMA | 4.000 | % | 12/01/41 | 183,983 | 180,061 | ||||||||||
FNMA | 4.000 | % | 01/01/42 | 582,433 | 574,975 | ||||||||||
FNMA | 3.500 | % | 05/01/42 | 297,329 | 283,667 | ||||||||||
FNMA | 3.000 | % | 06/01/42 | 550,777 | 507,969 | ||||||||||
FNMA | 3.000 | % | 08/01/42 | 449,660 | 414,733 | ||||||||||
FNMA | 3.000 | % | 08/01/42 | 414,568 | 382,369 | ||||||||||
FNMA | 3.500 | % | 12/01/42 | 611,323 | 583,231 | ||||||||||
FNMA | 3.000 | % | 06/01/43 | 502,343 | 463,291 | ||||||||||
FNMA | 4.000 | % | 12/01/44 | 700,844 | 689,406 | ||||||||||
FNMA | 3.500 | % | 05/01/45 | 832,915 | 787,672 | ||||||||||
FNMA | 3.000 | % | 04/01/46 | 653,964 | 600,569 | ||||||||||
FNMA | 3.500 | % | 11/01/46 | 1,105,106 | 1,044,054 | ||||||||||
FNMA | 4.000 | % | 10/01/48 | 510,004 | 495,334 | ||||||||||
FNMA | 4.000 | % | 11/01/48 | 1,298,499 | 1,265,682 | ||||||||||
FNMA | 3.500 | % | 05/01/49 | 418,692 | 393,168 | ||||||||||
FNMA | 4.000 | % | 06/01/49 | 642,234 | 622,766 | ||||||||||
FNMA | 3.500 | % | 08/01/49 | 1,717,384 | 1,611,689 | ||||||||||
FNMA | 3.000 | % | 09/01/49 | 903,176 | 818,397 | ||||||||||
FNMA | 3.000 | % | 06/01/50 | 1,863,880 | 1,685,958 | ||||||||||
FNMA | 2.500 | % | 07/01/50 | 3,011,749 | 2,605,794 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
U.S. GOVERNMENT AGENCIES - 46.3% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 25.6% (Continued) | |||||||||||||||
FNMA | 2.500 | % | 08/01/50 | $ | 2,126,416 | $ | 1,840,957 | ||||||||
FNMA | 3.000 | % | 08/01/50 | 3,289,139 | 2,973,585 | ||||||||||
FNMA | 2.000 | % | 11/01/50 | 5,350,213 | 4,438,481 | ||||||||||
FNMA | 2.000 | % | 01/01/51 | 9,574,185 | 7,941,539 | ||||||||||
FNMA | 2.000 | % | 02/01/51 | 5,657,734 | 4,692,050 | ||||||||||
FNMA | 2.500 | % | 04/01/51 | 16,115,703 | 13,893,621 | ||||||||||
FNMA | 2.000 | % | 08/01/51 | 3,579,918 | 2,966,335 | ||||||||||
FNMA | 2.000 | % | 11/01/51 | 5,537,003 | 4,585,729 | ||||||||||
FNMA | 2.500 | % | 05/01/52 | 5,761,789 | 4,968,047 | ||||||||||
FNMA | 3.500 | % | 05/01/52 | 5,714,789 | 5,311,275 | ||||||||||
FNMA | 3.000 | % | 07/01/52 | 4,849,751 | 4,353,858 | ||||||||||
186,683,849 | |||||||||||||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.0% (e) | |||||||||||||||
GNMA | 7.000 | % | 12/20/30 | 8,408 | 8,640 | ||||||||||
GNMA | 7.000 | % | 10/20/31 | 5,606 | 5,896 | ||||||||||
GNMA | 7.000 | % | 03/20/32 | 24,667 | 25,713 | ||||||||||
GNMA (H15T1Y + 150) (c) | 2.625 | % | 01/20/34 | 14,865 | 14,708 | ||||||||||
GNMA | 5.500 | % | 10/20/38 | 5,047 | 5,029 | ||||||||||
GNMA | 6.500 | % | 11/20/38 | 3,213 | 3,289 | ||||||||||
63,275 | |||||||||||||||
SMALL BUSINESS ADMINISTRATION - 0.0% (e) | |||||||||||||||
SBA (Prime - 2.65) (c) | 4.850 | % | 02/25/32 | 43,940 | 43,762 | ||||||||||
UNITED STATES AGENCY OF INTERNATIONAL DEVELOPMENT - 0.2% | |||||||||||||||
Hashemite Kingdom of Jordan AID Bond | 3.000 | % | 06/30/25 | 1,450,000 | 1,406,973 | ||||||||||
TOTAL U.S. GOVERNMENT AGENCIES (COST $367,511,897) | $ | 337,105,415 | |||||||||||||
ASSET BACKED SECURITIES - 4.8% | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
Ahold Finance U.S.A., LLC | 8.620 | % | 01/02/25 | $ | 64,581 | $ | 66,796 | ||||||||
Beacon Container Finance II, LLC (a) | 2.250 | % | 10/22/46 | 892,927 | 786,485 | ||||||||||
Cards II Trust (a) | 0.602 | % | 04/15/27 | 2,250,000 | 2,148,563 | ||||||||||
CLI Funding, LLC (a) | 2.720 | % | 01/18/47 | 1,207,989 | 1,052,885 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
ASSET BACKED SECURITIES - 4.8% (Continued) | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
DB Master Finance, LLC (a) | 2.493 | % | 11/20/51 | $ | 1,999,688 | $ | 1,691,662 | ||||||||
Domino's Pizza Master Issuer, LLC (a) | 4.474 | % | 10/25/45 | 2,109,375 | 2,038,781 | ||||||||||
Duke Energy Progress NC Storm Funding, LLC | 2.799 | % | 07/01/41 | 2,000,000 | 1,465,053 | ||||||||||
Golden Credit Card Trust (a) | 1.140 | % | 08/15/28 | 1,000,000 | 886,592 | ||||||||||
Iowa Student Loan Liquidity Corp. Rev. | 1.730 | % | 08/25/70 | 1,133,262 | 989,411 | ||||||||||
Mosaic Solar Loans LLC (a) | 2.100 | % | 04/20/46 | 888,897 | 774,378 | ||||||||||
PG&E Energy Recovery Funding, LLC | 2.822 | % | 07/15/46 | 1,000,000 | 730,899 | ||||||||||
PG&E Energy Recovery Funding, LLC | 5.536 | % | 07/15/47 | 1,500,000 | 1,588,964 | ||||||||||
PG&E Wildfire Recovery Funding, LLC | 4.674 | % | 12/01/51 | 2,400,000 | 2,258,372 | ||||||||||
SBA Tower Trust (a) | 2.836 | % | 01/15/50 | 282,000 | 267,027 | ||||||||||
SBA Tower Trust (a) | 6.599 | % | 11/15/52 | 880,000 | 928,747 | ||||||||||
SolarCity LMC, Series I, LLC (a) | 4.800 | % | 12/20/26 | 275,182 | 271,627 | ||||||||||
Tesla Auto Lease Trust | 0.600 | % | 09/22/25 | 1,200,000 | 1,147,089 | ||||||||||
Texas Electric Market Stabilization Funding N, LLC (a) | 4.966 | % | 02/01/44 | 630,000 | 631,670 | ||||||||||
Texas Electric Market Stabilization Funding N, LLC | 5.057 | % | 08/01/46 | 3,000,000 | 2,996,992 | ||||||||||
Textainer Marine Containers VII Ltd. (a) | 1.680 | % | 02/20/46 | 1,250,000 | 1,066,167 | ||||||||||
TIF Funding II, LLC (a) | 1.650 | % | 02/20/46 | 415,625 | 350,348 | ||||||||||
Toyota Auto Receivables Owner Trust | 0.260 | % | 11/17/25 | 2,569,698 | 2,479,967 | ||||||||||
Tribute Rail, LLC (a) | 4.760 | % | 05/17/52 | 1,961,852 | 1,897,495 | ||||||||||
Triton Container Finance VIII, LLC (a) | 1.860 | % | 03/20/46 | 1,452,500 | 1,247,412 | ||||||||||
Triumph Rail, LLC (a) | 2.150 | % | 06/19/51 | 1,901,357 | 1,636,627 | ||||||||||
Vantage Data Centers Issuer, LLC (a) | 2.165 | % | 10/15/46 | 2,000,000 | 1,784,740 | ||||||||||
Wendy's Funding, LLC (a) | 3.783 | % | 06/15/49 | 680,625 | 634,057 | ||||||||||
Wendy's Funding, LLC | 4.236 | % | 03/15/52 | 1,240,625 | 1,147,506 | ||||||||||
TOTAL ASSET BACKED SECURITIES (COST $37,459,982) | $ | 34,966,312 | |||||||||||||
MONEY MARKET FUNDS - 1.1% | Shares | Fair Value | |||||||||||||
First American Government Obligations Fund - Class X, 4.65% (f) (COST $7,932,333) | 7,932,333 | $ | 7,932,333 |
Schedule of Portfolio Investments (Continued)
Praxis Impact Bond Fund
INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 2.7% | Shares | Fair Value | ||||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.93% (f)(g) (COST $19,989,455) | 19,989,455 | $ | 19,989,455 | |||||
INVESTMENT COMPANIES - 0.4% | Shares | Fair Value | ||||||
Pax High Yield Bond Fund - Institutional Class (COST $4,199,236) | 530,984 | $ | 3,085,016 | |||||
TOTAL INVESTMENTS - (COST $808,662,642) - 101.3% | $ | 738,309,407 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.3%) | (9,400,896 | ) | ||||||
NET ASSETS - 100.0% | $ | 728,908,511 |
(a) | 144a security may only be resold to qualified institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. At March 31, 2023, these securities were valued at $82,577,860 or 11.3% of net assets. |
(b) | All or a portion of the security is on loan. The total fair value of the securities on loan as of March 31, 2023 was $19,678,580. |
(c) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of March 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread. |
(d) | Illiquid securities are as follows: |
Acquisition | Current | Fair | % of Net | ||||||||||||
Date | Cost | Value | Assets | ||||||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23 | 06/18/18 | 1,650,000 | 1,638,726 | 0.2 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23 | 12/17/18 | 950,000 | 930,618 | 0.1 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24 | 06/15/21 | 550,000 | 520,172 | 0.1 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24 | 06/17/19 | 980,000 | 948,709 | 0.1 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24 | 12/12/19 | 400,000 | 382,692 | 0.1 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25 | 06/12/20 | 1,400,000 | 1,311,296 | 0.2 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25 | 12/15/20 | 650,000 | 601,872 | 0.1 | % | ||||||||||
Capital Impact Partners 4.800%, 12/15/23 | 12/19/22 | 250,000 | 250,105 | 0.0 | %(e) | ||||||||||
$ | 6,830,000 | $ | 6,584,190 | 0.9 | % |
(e) | Percentage rounds to less than 0.1%. |
(f) | The rate shown is the 7-day effective yield as of March 31, 2023. |
(g) | The security was purchased with cash collateral received from securities on loan. |
GMTN - Global Medium-Term Note |
H15T1Y - U.S. Treasury yield curve rate for U.S. Treasury Note with a constant maturity of 1 year |
LIBOR - London Interbank Offered Rate |
plc - Public Liability Company |
PO - Principal Only security with a redemption price above par |
SOFR - Secured Overnight Financing Rate |
Schedule of Portfolio Investments
Praxis International Index Fund
March 31, 2023 (Unaudited)
COMMON STOCKS - 98.1% | Shares | Fair Value | ||||||
AUSTRALIA - 4.3% | ||||||||
ANZ Group Holdings Ltd. | 40,646 | $ | 626,443 | |||||
ASX Ltd. | 3,087 | 134,829 | ||||||
Brambles Ltd. | 84,413 | 761,190 | ||||||
Coles Group Ltd. | 20,682 | 249,927 | ||||||
Commonwealth Bank of Australia | 19,560 | 1,291,630 | ||||||
Computershare Ltd. | 20,272 | 294,494 | ||||||
CSL Ltd. - ADR | 7,282 | 703,514 | ||||||
CSL Ltd. | 3,640 | 705,054 | ||||||
Dexus | 158,141 | 799,640 | ||||||
Fortescue Metals Group Ltd. | 63,440 | 953,729 | ||||||
Goodman Group | 44,189 | 560,826 | ||||||
GPT Group (The) | 86,547 | 247,363 | ||||||
Lendlease Corp. Ltd. | 22,661 | 110,297 | ||||||
Macquarie Group Ltd. - ADR | 1,184 | 140,363 | ||||||
Macquarie Group Ltd. | 2,144 | 253,883 | ||||||
Mirvac Group | 157,601 | 220,768 | ||||||
National Australia Bank Ltd. | 36,653 | 683,059 | ||||||
Origin Energy Ltd. | 41,376 | 230,457 | ||||||
REA Group Ltd. | 6,602 | 615,675 | ||||||
Scentre Group | 175,279 | 324,499 | ||||||
SEEK Ltd. | 49,532 | 800,796 | ||||||
Sonic Healthcare Ltd. | 7,195 | 168,694 | ||||||
South32 Ltd. | 255,820 | 749,839 | ||||||
Stockland | 68,242 | 182,762 | ||||||
Transurban Group | 200,755 | 1,917,141 | ||||||
Vicinity Centres | 397,679 | 520,172 | ||||||
Wesfarmers Ltd. | 32,429 | 1,096,197 | ||||||
Woolworths Group Ltd. | 28,598 | 727,135 | ||||||
16,070,376 | ||||||||
AUSTRIA - 0.2% | ||||||||
Verbund AG | 6,899 | 600,214 | ||||||
BELGIUM - 0.9% | ||||||||
Elia Group S.A./N.V. | 4,015 | 530,312 | ||||||
Groupe Bruxelles Lambert N.V. | 6,989 | 596,561 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
BELGIUM - 0.9% (Continued) | ||||||||
Groupe Bruxelles Lambert N.V. | 2,460 | $ | 208,876 | |||||
KBC Group N.V. | 15,375 | 1,056,639 | ||||||
UCB S.A. | 7,663 | 685,027 | ||||||
Umicore S.A. | 3,663 | 124,278 | ||||||
3,201,693 | ||||||||
BERMUDA - 0.6% | ||||||||
China Gas Holdings Ltd. | 115,000 | 161,911 | ||||||
Credicorp Ltd. | 7,803 | 1,033,039 | ||||||
Hongkong Land Holdings Ltd. | 35,400 | 155,741 | ||||||
Shenzhen International Holdings Ltd. | 799,000 | 706,960 | ||||||
2,057,651 | ||||||||
BRAZIL - 1.5% | ||||||||
Banco Bradesco S.A. - ADR (a) | 243,207 | 637,202 | ||||||
Banco do Brasil S.A. - ADR | 98,038 | 760,530 | ||||||
Banco Santander Brasil S.A. - ADR (a) | 127,977 | 679,558 | ||||||
Cia Energética de Minas Gerais - ADR | 13,046 | 29,223 | ||||||
Cia Siderurgica Nacional S.A. - ADR (a) | 61,558 | 188,983 | ||||||
Gerdau S.A. - ADR | 83,298 | 410,657 | ||||||
Sendas Distribuidora S.A. - ADR (a) | 32,322 | 497,759 | ||||||
Suzano S.A. - ADR | 78,845 | 647,317 | ||||||
Telefónica Brasil S.A. - ADR | 151,274 | 1,145,144 | ||||||
TIM S.A. - ADR | 55,016 | 679,998 | ||||||
5,676,371 | ||||||||
CANADA - 7.7% | ||||||||
Bank of Montreal (a) | 17,353 | 1,546,326 | ||||||
Bank of Nova Scotia (The) (a) | 24,639 | 1,240,820 | ||||||
BCE, Inc. (a) | 10,817 | 484,493 | ||||||
Brookfield Asset Management Ltd. - Class A (a) | 9,245 | 302,496 | ||||||
Cameco Corp. | 13,443 | 351,803 | ||||||
Canadian Imperial Bank of Commerce (a) | 18,545 | 786,679 | ||||||
Canadian National Railway Co. | 15,841 | 1,868,763 | ||||||
Canadian Pacific Railway Ltd. | 19,191 | 1,476,556 | ||||||
CGI, Inc. (b) | 8,100 | 779,787 | ||||||
Franco-Nevada Corp. | 14,305 | 2,085,669 | ||||||
Gildan Activewear, Inc. (a) | 18,362 | 609,435 | ||||||
Magna International, Inc. | 1,678 | 89,890 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
CANADA - 7.7% (Continued) | ||||||||
Manulife Financial Corp. (a) | 76,580 | $ | 1,406,009 | |||||
Methanex Corp. | 9,990 | 464,835 | ||||||
Nutrien Ltd. | 11,961 | 883,320 | ||||||
Restaurant Brands International, Inc. | 11,589 | 778,085 | ||||||
Ritchie Bros. Auctioneers, Inc. | 3,297 | 185,588 | ||||||
Royal Bank of Canada (a) | 32,068 | 3,065,059 | ||||||
Shopify, Inc. - Class A (b) | 16,669 | 799,112 | ||||||
Sun Life Financial, Inc. | 27,123 | 1,266,644 | ||||||
Teck Resources Ltd. - Class B | 43,317 | 1,581,071 | ||||||
Thomson Reuters Corp. (a) | 23,351 | 3,038,432 | ||||||
Toronto-Dominion Bank (The) (a) | 26,902 | 1,611,430 | ||||||
West Fraser Timber Co. Ltd. | 2,404 | 171,261 | ||||||
Wheaton Precious Metals Corp. (a) | 37,982 | 1,829,213 | ||||||
28,702,776 | ||||||||
CAYMAN ISLANDS - 5.0% | ||||||||
Alibaba Group Holding Ltd. - ADR (b) | 26,924 | 2,751,094 | ||||||
Autohome, Inc. - ADR | 2,537 | 84,913 | ||||||
Baidu, Inc. - ADR (b) | 4,105 | 619,527 | ||||||
China Literature Ltd. (b) | 83,000 | 428,616 | ||||||
China Mengniu Dairy Co. Ltd. (b) | 98,000 | 401,743 | ||||||
Daqo New Energy Corp. - ADR (b) | 3,647 | 170,825 | ||||||
ENN Energy Holdings Ltd. | 31,800 | 435,433 | ||||||
Genscript Biotech Corp. (b) | 112,000 | 239,606 | ||||||
Hengan International Group Co. Ltd. | 99,000 | 458,569 | ||||||
JD.com, Inc. - ADR | 11,792 | 517,551 | ||||||
KE Holdings, Inc. - ADR (b) | 9,508 | 179,131 | ||||||
Kingdee International Software Group Co. Ltd. (b) | 100,000 | 161,536 | ||||||
Li Auto, Inc. (a)(b) | 10,834 | 270,308 | ||||||
Meituan - ADR (b) | 33,181 | 1,202,148 | ||||||
Minth Group Ltd. | 64,000 | 194,249 | ||||||
NetEase, Inc. - ADR (a) | 11,682 | 1,033,156 | ||||||
NIO, Inc. - ADR (a)(b) | 19,532 | 205,281 | ||||||
Sea Ltd. - ADR (b) | 4,007 | 346,806 | ||||||
Shenzhou International Group Holdings Ltd. | 48,000 | 503,524 | ||||||
Sunny Optical Technology Group Co. Ltd. | 19,200 | 231,678 | ||||||
Tencent Holdings Ltd. - ADR (a) | 101,450 | 4,959,891 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
CAYMAN ISLANDS - 5.0% (Continued) | ||||||||
Tingyi Cayman Islands Holding Corp. | 276,000 | $ | 461,870 | |||||
Trip.com Group Ltd. - ADR (b) | 22,788 | 858,424 | ||||||
Vipshop Holdings Ltd. - ADR (b) | 21,137 | 320,860 | ||||||
WuXi Biologics Cayman, Inc. (b) | 113,072 | 696,740 | ||||||
Xinyi Solar Holdings Ltd. | 100,000 | 119,879 | ||||||
ZTO Express Cayman, Inc. - ADR | 26,341 | 754,933 | ||||||
18,608,291 | ||||||||
CHILE - 0.2% | ||||||||
Sociedad Quimica y Minera de Chile S.A. - ADR | 10,226 | 828,920 | ||||||
CHINA - 2.8% | ||||||||
Agricultural Bank of China Ltd. - H Shares | 1,583,000 | 586,222 | ||||||
ANTA Sports Products Ltd. | 50,400 | 731,758 | ||||||
Bank of China Ltd. - H Shares | 1,903,000 | 729,542 | ||||||
BYD Co. Ltd. - H Shares | 23,000 | 676,566 | ||||||
China Life Insurance Co. Ltd. - H Shares | 376,000 | 617,037 | ||||||
China Merchants Bank Co. Ltd. - H Shares | 66,820 | 339,311 | ||||||
China Minsheng Banking Corp. Ltd. - H Shares | 456,500 | 156,418 | ||||||
China Pacific Insurance Group Co. Ltd. - H Shares | 100,200 | 265,637 | ||||||
China Resources Land Ltd. | 134,000 | 610,209 | ||||||
China Vanke Co. Ltd. - H Shares | 108,074 | 170,534 | ||||||
COSCO SHIPPING Holdings Co. Ltd. - H Shares | 87,500 | 98,645 | ||||||
Haier Smart Home Co. Ltd. - H Shares | 241,230 | 755,352 | ||||||
Huatai Securities Co. Ltd. - H Shares | 117,400 | 134,015 | ||||||
Industrial & Commercial Bank of China Ltd. - H Shares | 1,118,000 | 594,145 | ||||||
Jiangsu Expressway Co. Ltd. - H Shares | 720,000 | 669,574 | ||||||
PICC Property & Casualty Co. Ltd. - H Shares | 146,000 | 148,935 | ||||||
Ping An Insurance Group Co. of China Ltd. - H Shares | 244,818 | 1,583,768 | ||||||
Sinopharm Group Co. Ltd. - H Shares | 427,200 | 1,290,890 | ||||||
TravelSky Technology Ltd. - H Shares | 217,000 | 404,345 | ||||||
10,562,903 | ||||||||
COLOMBIA - 0.3% | ||||||||
Bancolombia S.A. - ADR (a) | 39,868 | 1,001,883 | ||||||
DENMARK - 2.1% | ||||||||
A.P. Moller-Maersk A/S - Series B | 67 | 121,791 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
DENMARK - 2.1% (Continued) | ||||||||
Chr. Hansen Holding A/S | 1,812 | $ | 137,845 | |||||
Coloplast A/S - Series B | 2,036 | 268,085 | ||||||
DSV A/S | 4,551 | 882,461 | ||||||
Genmab A/S (b) | 932 | 352,314 | ||||||
Novo Nordisk A/S - ADR | 29,898 | 4,757,968 | ||||||
Novozymes A/S - B Shares | 3,368 | 172,459 | ||||||
Orsted A/S | 4,694 | 400,263 | ||||||
Pandora A/S | 1,085 | 104,151 | ||||||
Vestas Wind Systems A/S (b) | 21,015 | 612,493 | ||||||
7,809,830 | ||||||||
FINLAND - 0.9% | ||||||||
Neste OYJ | 20,268 | 1,001,518 | ||||||
Nokia Corp. - ADR | 180,069 | 884,139 | ||||||
Sampo OYJ - A Shares | 10,139 | 478,506 | ||||||
Stora Enso OYJ - R Shares | 11,015 | 143,332 | ||||||
UPM-Kymmene OYJ | 20,395 | 685,164 | ||||||
3,192,659 | ||||||||
FRANCE - 7.0% | ||||||||
Accor S.A. (b) | 11,801 | 383,740 | ||||||
Aeroports de Paris (b) | 1,860 | 265,590 | ||||||
Air Liquide S.A. - ADR | 1,327 | 44,348 | ||||||
Air Liquide S.A. | 9,728 | 1,628,682 | ||||||
Alstom S.A. | 10,037 | 273,325 | ||||||
Arkema S.A. | 1,887 | 186,354 | ||||||
AXA S.A. | 33,469 | 1,021,597 | ||||||
BNP Paribas S.A. - ADR | 6,162 | 183,812 | ||||||
BNP Paribas S.A. | 3,140 | 187,551 | ||||||
Bollore SE | 82,440 | 509,716 | ||||||
Bureau Veritas S.A. | 16,518 | 474,698 | ||||||
Capgemini SE | 5,024 | 933,824 | ||||||
Carrefour S.A. | 14,741 | 298,087 | ||||||
Cie Generale des Etablissements Michelin SCA - ADR | 28,976 | 438,986 | ||||||
Cie Generale des Etablissements Michelin SCA | 18,076 | 552,663 | ||||||
Covivio | 5,514 | 320,814 | ||||||
Danone S.A. - ADR | 12,960 | 161,611 | ||||||
Danone S.A. | 6,488 | 403,787 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
FRANCE - 7.0% (Continued) | ||||||||
Dassault Systemes SE - ADR | 901 | $ | 37,031 | |||||
Dassault Systemes SE | 9,814 | 404,919 | ||||||
EssilorLuxottica S.A. | 6,450 | 1,163,315 | ||||||
Eurofins Scientific SE | 2,307 | 154,507 | ||||||
Getlink SE | 77,043 | 1,269,123 | ||||||
Henkel AG & Co. KGaA | 4,390 | 319,422 | ||||||
Hermes International - ADR | 1,050 | 212,950 | ||||||
Hermes International | 830 | 1,681,299 | ||||||
Kering S.A. | 1,685 | 1,099,561 | ||||||
Klepierre S.A. | 22,849 | 518,140 | ||||||
Legrand S.A. | 10,029 | 916,556 | ||||||
L'Oreal S.A. - ADR | 21,745 | 1,938,349 | ||||||
L'Oreal S.A. | 1,380 | 616,766 | ||||||
Publicis Groupe S.A. | 12,555 | 980,236 | ||||||
Renault S.A. (b) | 4,575 | 186,497 | ||||||
Sartorius Sedim Biotech | 1,319 | 404,744 | ||||||
Schneider Electric SE - ADR | 5,840 | 194,647 | ||||||
Schneider Electric SE | 10,419 | 1,741,612 | ||||||
Societe Generale S.A. | 23,503 | 529,660 | ||||||
Solvay S.A. | 809 | 92,541 | ||||||
Teleperformance | 1,454 | 351,406 | ||||||
Unibail-Rodamco-Westfield (b) | 6,388 | 343,782 | ||||||
Unibail-Rodamco-Westfield - CDI (b) | 45,646 | 122,785 | ||||||
Valeo | 22,970 | 471,434 | ||||||
Veolia Environnement S.A. | 6,731 | 207,741 | ||||||
Vivendi SE - ADR | 13,553 | 136,031 | ||||||
Vivendi SE | 21,180 | 214,205 | ||||||
Wendel SE | 8,457 | 894,418 | ||||||
Worldline S.A. (b) | 11,073 | 470,680 | ||||||
25,943,542 | ||||||||
GERMANY - 4.2% | ||||||||
adidas AG - ADR | 5,158 | 455,503 | ||||||
adidas AG | 1,323 | 234,578 | ||||||
Allianz SE - ADR | 76,050 | 1,752,953 | ||||||
Allianz SE | 239 | 55,181 | ||||||
BASF SE | 10,650 | 559,222 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
GERMANY - 4.2% (Continued) | ||||||||
Bayerische Motoren Werke AG - ADR | 2 | $ | 73 | |||||
Bayerische Motoren Werke AG | 2,092 | 229,326 | ||||||
Brenntag SE | 6,380 | 480,231 | ||||||
Commerzbank AG (b) | 24,099 | 253,771 | ||||||
Continental AG | 4,852 | 363,630 | ||||||
Deutsche Boerse AG | 5,965 | 1,161,678 | ||||||
Deutsche Post AG - ADR | 9,971 | 466,344 | ||||||
Deutsche Post AG | 10,161 | 475,992 | ||||||
Deutsche Telekom AG - ADR | 38,185 | 923,695 | ||||||
Deutsche Telekom AG | 25,629 | 621,173 | ||||||
Fraport AG Frankfurt Airport Services Worldwide (b) | 1,961 | 98,873 | ||||||
Fresenius Medical Care AG & Co. KGaA - ADR | 8,998 | 191,297 | ||||||
Fresenius Medical Care AG & Co. KGaA | 4,696 | 199,358 | ||||||
Hannover Rueck SE | 1,159 | 226,723 | ||||||
Infineon Technologies AG - ADR | 5,268 | 215,777 | ||||||
Mercedes-Benz Group AG | 18,669 | 1,435,985 | ||||||
Merck KGaA | 3,418 | 637,362 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG - ADR | 18,890 | 660,206 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 1,787 | 624,924 | ||||||
RWE AG | 13,344 | 574,285 | ||||||
Sartorius AG | 918 | 386,974 | ||||||
Siemens AG | 8,289 | 1,343,118 | ||||||
Telefonica Deutschland Holding AG | 166,204 | 511,720 | ||||||
Vonovia SE | 25,494 | 480,270 | ||||||
Zalando SE (b) | 3,395 | 142,315 | ||||||
15,762,537 | ||||||||
HONG KONG - 2.2% | ||||||||
AAC Technologies Holdings, Inc. (b) | 92,000 | 227,548 | ||||||
AIA Group Ltd. - ADR | 41,503 | 1,743,126 | ||||||
AIA Group Ltd. | 57,569 | 603,742 | ||||||
BYD Electronic International Co. Ltd. | 86,500 | 269,196 | ||||||
CSPC Pharmaceutical Group Ltd. | 232,000 | 227,432 | ||||||
Geely Automobile Holdings Ltd. | 93,000 | 119,841 | ||||||
Hang Seng Bank Ltd. | 16,100 | 228,865 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 26,978 | 1,195,784 | ||||||
Lenovo Group Ltd. | 562,000 | 608,874 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
HONG KONG - 2.2% (Continued) | ||||||||
Link REIT | 95,500 | $ | 614,083 | |||||
New China Life Insurance Co. Ltd. - H Shares | 87,400 | 207,575 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares | 132,000 | 210,923 | ||||||
Sino Land Co. Ltd. | 144,000 | 194,733 | ||||||
Sun Hung Kai Properties Ltd. | 24,000 | 336,228 | ||||||
Swire Properties Ltd. | 206,350 | 531,080 | ||||||
Techtronic Industries Co. Ltd. | 24,500 | 265,458 | ||||||
Wharf Holdings Ltd. (The) | 91,000 | 208,206 | ||||||
Zhongsheng Group Holdings Ltd. | 86,000 | 423,752 | ||||||
8,216,446 | ||||||||
INDIA - 3.8% | ||||||||
HDFC Bank Ltd. - ADR | 30,589 | 2,039,368 | ||||||
ICICI Bank Ltd. - ADR | 245,727 | 5,302,789 | ||||||
Infosys Ltd. - ADR | 211,720 | 3,692,397 | ||||||
Wipro Ltd. - ADR | 657,537 | 2,952,341 | ||||||
13,986,895 | ||||||||
INDONESIA - 0.7% | ||||||||
Bank Mandiri Persero Tbk PT - ADR | 87,101 | 1,172,379 | ||||||
Telkom Indonesia Persero Tbk PT - ADR (a) | 50,040 | 1,364,591 | ||||||
2,536,970 | ||||||||
IRELAND - 0.6% | ||||||||
AIB Group plc | 100,681 | 407,592 | ||||||
Bank of Ireland Group plc | 8,303 | 84,029 | ||||||
CRH plc - ADR (a) | 14,500 | 737,615 | ||||||
Kingspan Group plc | 2,206 | 151,197 | ||||||
Smurfit Kappa Group plc | 20,818 | 755,221 | ||||||
2,135,654 | ||||||||
ISRAEL - 0.6% | ||||||||
Check Point Software Technologies Ltd. (b) | 4,473 | 581,490 | ||||||
CyberArk Software Ltd. (b) | 2,342 | 346,569 | ||||||
ICL Group Ltd. | 59,849 | 406,973 | ||||||
Nice Ltd. - ADR (a)(b) | 3,821 | 874,589 | ||||||
Wix.com Ltd. (b) | 1,794 | 179,041 | ||||||
2,388,662 | ||||||||
ITALY - 1.7% | ||||||||
Assicurazioni Generali S.p.A. | 24,438 | 487,015 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
ITALY - 1.7% (Continued) | ||||||||
Enel S.p.A. | 63,194 | $ | 385,494 | |||||
Intesa Sanpaolo S.p.A. - ADR | 1 | 15 | ||||||
Intesa Sanpaolo S.p.A. | 276,901 | 710,793 | ||||||
Mediobanca Banca di Credito Finanziario S.p.A. | 49,451 | 497,029 | ||||||
Moncler S.p.A. | 10,592 | 731,752 | ||||||
Poste Italiane S.p.A. | 80,416 | 820,212 | ||||||
Telecom Italia S.p.A. (b) | 591,414 | 195,078 | ||||||
Terna - Rete Elettrica Nazionale S.p.A. | 199,413 | 1,636,986 | ||||||
UniCredit S.p.A. | 49,517 | 933,476 | ||||||
6,397,850 | ||||||||
JAPAN - 14.3% | ||||||||
Advantest Corp. | 4,800 | 445,017 | ||||||
Aeon Co. Ltd. | 7,900 | 153,276 | ||||||
AGC, Inc. | 10,000 | 372,832 | ||||||
Asahi Intecc Co. Ltd. | 11,100 | 196,129 | ||||||
Asahi Kasei Corp. | 50,000 | 350,227 | ||||||
Astellas Pharma, Inc. | 34,300 | 487,340 | ||||||
Azbil Corp. | 10,400 | 284,868 | ||||||
Bandai Namco Holdings, Inc. | 18,600 | 401,024 | ||||||
Bridgestone Corp. | 33,456 | 1,359,155 | ||||||
Brothers Industries Ltd. | 13,900 | 209,429 | ||||||
Canon, Inc. | 22,800 | 507,784 | ||||||
Chiba Bank Ltd. (The) | 28,700 | 185,249 | ||||||
CyberAgent, Inc. | 13,700 | 116,085 | ||||||
Dai Nippon Printing Co. Ltd. | 61,318 | 1,716,914 | ||||||
Dai-ichi Life Holdings, Inc. | 16,346 | 300,514 | ||||||
Daiichi Sankyo Co. Ltd. - ADR | 5,703 | 208,331 | ||||||
Daiichi Sankyo Co. Ltd. | 23,430 | 854,723 | ||||||
Daiwa House Industry Co. Ltd. | 30,000 | 706,880 | ||||||
Denso Corp. | 10,000 | 564,508 | ||||||
Dentsu Group, Inc. | 4,300 | 151,577 | ||||||
Eisai Co. Ltd. | 4,600 | 261,294 | ||||||
ENEOS Holdings, Inc. | 167,700 | 588,413 | ||||||
FANUC Corp. - ADR | 8,460 | 151,857 | ||||||
FANUC Corp. | 4,000 | 144,457 | ||||||
Fast Retailing Co. Ltd. | 4,200 | 919,488 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
JAPAN - 14.3% (Continued) | ||||||||
FUJIFILM Holdings Corp. - ADR (a) | 6,620 | $ | 335,899 | |||||
FUJIFILM Holdings Corp. | 1,500 | 76,149 | ||||||
Fujitsu Ltd. | 4,868 | 657,854 | ||||||
Hitachi Construction Machinery Co. Ltd. | 7,800 | 181,808 | ||||||
Honda Motor Co. Ltd. | 7,800 | 206,331 | ||||||
Hoya Corp. - ADR | 1,273 | 141,710 | ||||||
Hoya Corp. | 6,861 | 758,271 | ||||||
Ibiden Co. Ltd. | 4,600 | 184,486 | ||||||
Idemitsu Kosan Co. Ltd. | 13,300 | 291,191 | ||||||
Japan Exchange Group, Inc. | 13,000 | 198,832 | ||||||
Kao Corp. | 29,400 | 1,144,472 | ||||||
KDDI Corp. - ADR (a) | 43,814 | 675,612 | ||||||
Keyence Corp. | 3,600 | 1,764,498 | ||||||
Kintetsu Group Holdings Co. Ltd. | 18,128 | 584,009 | ||||||
Kubota Corp. - ADR | 788 | 59,781 | ||||||
Kubota Corp. | 24,000 | 363,894 | ||||||
Lixil Corp. | 15,100 | 249,253 | ||||||
Mitsubishi Corp. | 44,800 | 1,610,050 | ||||||
Mitsubishi Estate Co. Ltd. | 14,300 | 170,104 | ||||||
Mitsubishi UFJ Financial Group, Inc. - ADR | 5,599 | 35,778 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 275,109 | 1,763,189 | ||||||
Mitsui & Co. Ltd. - ADR (a) | 730 | 455,717 | ||||||
Mitsui & Co. Ltd. | 62,990 | 1,963,507 | ||||||
Mitsui Chemicals, Inc. | 7,100 | 183,337 | ||||||
Mitsui OSK Lines Ltd. | 21,700 | 544,218 | ||||||
Mizuho Financial Group, Inc. | 65,200 | 923,781 | ||||||
Murata Manufacturing Co. Ltd. | 12,900 | 786,241 | ||||||
Nexon Co. Ltd. | 13,700 | 327,159 | ||||||
Nidec Corp. - ADR | 23,780 | 308,902 | ||||||
Nintendo Co. Ltd. - ADR | 74,200 | 718,998 | ||||||
Nintendo Co. Ltd. | 3,000 | 116,532 | ||||||
Nippon Building Fund, Inc. | 33 | 137,372 | ||||||
Nippon Prologis REIT, Inc. (b) | 175 | 370,505 | ||||||
Nippon Sanso Holdings Corp. | 9,300 | 168,029 | ||||||
Nippon Telegraph & Telephone Corp. | 5,200 | 155,400 | ||||||
Nippon Yusen KK | 9,300 | 217,246 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
JAPAN - 14.3% (Continued) | ||||||||
Nitori Holdings Co. Ltd. | 1,100 | $ | 132,846 | |||||
Nomura Real Estate Holdings, Inc. | 6,900 | 152,800 | ||||||
Nomura Research Institute Ltd. | 10,900 | 254,941 | ||||||
Olympus Corp. | 16,400 | 288,047 | ||||||
Omron Corp. | 2,900 | 169,738 | ||||||
Ono Pharmaceutical Co. Ltd. | 6,900 | 143,792 | ||||||
Oriental Land Co. Ltd. | 20,800 | 712,219 | ||||||
ORIX Corp. | 16,800 | 277,015 | ||||||
Pan Pacific International Holdings Corp. | 10,900 | 210,887 | ||||||
PDD Holdings, Inc. - ADR (b) | 8,211 | 623,215 | ||||||
Persol Holdings Co. Ltd. | 8,000 | 161,089 | ||||||
Recruit Holdings Co. Ltd. | 25,750 | 708,400 | ||||||
Resona Holdings, Inc. | 45,300 | 218,547 | ||||||
Ricoh Co. Ltd. | 25,500 | 191,290 | ||||||
Secom Co. Ltd. | 2,700 | 166,405 | ||||||
Seiko Epson Corp. | 30,300 | 432,954 | ||||||
Sekisui House Ltd. - ADR | 21,690 | 440,090 | ||||||
Sekisui House Ltd. | 8,000 | 163,060 | ||||||
Seven & i Holdings Co. Ltd. | 18,900 | 853,843 | ||||||
Sharp Corp. | 20,600 | 145,661 | ||||||
Shimadzu Corp. | 17,000 | 533,706 | ||||||
Shimano, Inc. | 2,084 | 361,358 | ||||||
Shin-Etsu Chemical Co. Ltd. | 17,000 | 551,871 | ||||||
Shionogi & Co. Ltd. | 3,400 | 153,368 | ||||||
Shiseido Co. Ltd. - ADR | 2,703 | 126,284 | ||||||
Shiseido Co. Ltd. | 2,100 | 98,461 | ||||||
SoftBank Corp. | 33,205 | 383,335 | ||||||
SoftBank Group Corp. - ADR | 12,130 | 238,354 | ||||||
SoftBank Group Corp. | 13,000 | 511,107 | ||||||
Sony Group Corp. - ADR | 19,749 | 1,790,247 | ||||||
Sony Group Corp. | 2,000 | 182,178 | ||||||
Sumitomo Corp. | 23,254 | 411,978 | ||||||
Sumitomo Metal Mining Co. Ltd. | 8,000 | 306,130 | ||||||
Sumitomo Mitsui Financial Group, Inc. - ADR | 44,230 | 353,840 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 13,200 | 528,264 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 19,600 | 673,418 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
JAPAN - 14.3% (Continued) | ||||||||
Suntory Beverage & Food Ltd. | 7,600 | $ | 283,105 | |||||
Takeda Pharmaceutical Co. Ltd. - ADR | 17,704 | 291,762 | ||||||
Takeda Pharmaceutical Co. Ltd. | 35,100 | 1,152,878 | ||||||
TDK Corp. | 11,700 | 420,010 | ||||||
Terumo Corp. | 10,972 | 296,759 | ||||||
Toho Co. Ltd. | 4,100 | 157,199 | ||||||
Tokyo Electron Ltd. | 5,700 | 696,389 | ||||||
Toppan, Inc. | 55,900 | 1,126,584 | ||||||
Toray Industries, Inc. | 50,000 | 286,054 | ||||||
TOTO Ltd. | 5,000 | 167,529 | ||||||
Toyota Motor Corp. - ADR | 10,972 | 1,554,623 | ||||||
USS Co. Ltd. | 31,120 | 539,952 | ||||||
Yamaha Corp. | 17,000 | 656,647 | ||||||
Yamaha Motor Co. Ltd. | 31,100 | 813,961 | ||||||
Yokogawa Electric Corp. | 36,800 | 599,270 | ||||||
Z Holdings Corp. | 54,000 | 153,124 | ||||||
53,314,070 | ||||||||
JERSEY - 0.2% | ||||||||
Experian plc - ADR | 11,145 | 367,339 | ||||||
Experian plc | 2,439 | 80,315 | ||||||
WPP plc - ADR | 1,188 | 70,710 | ||||||
WPP plc | 34,966 | 415,452 | ||||||
933,816 | ||||||||
LUXEMBOURG - 0.2% | ||||||||
Aroundtown S.A. | 34,293 | 49,033 | ||||||
Tenaris S.A. - ADR | 30,827 | 876,104 | ||||||
925,137 | ||||||||
MEXICO - 1.1% | ||||||||
America Movil SAB de C.V. - ADR (b) | 11,290 | 237,655 | ||||||
Fomento Economico Mexicano S.A.B. de C.V. - ADR | 12,776 | 1,216,147 | ||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR | 2,661 | 519,188 | ||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR | 3,153 | 966,300 | ||||||
Wal-Mart de Mexico S.A.B. de C.V. - ADR (a) | 32,608 | 1,298,124 | ||||||
4,237,414 | ||||||||
NETHERLANDS - 3.1% | ||||||||
Adyen N.V. (b) | 349 | 556,218 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
NETHERLANDS - 3.1% (Continued) | ||||||||
Aegon N.V. | 13,988 | $ | 60,148 | |||||
Akzo Nobel N.V. - ADR | 1,673 | 43,582 | ||||||
Argenx SE - ADR (a)(b) | 732 | 272,728 | ||||||
ASML Holding N.V. | 6,611 | 4,500,174 | ||||||
CNH Industrial N.V. | 17,084 | 260,873 | ||||||
Exor N.V. (b) | 3,298 | 272,006 | ||||||
ING Groep N.V. - ADR | 40,673 | 482,788 | ||||||
ING Groep N.V. | 12,870 | 152,866 | ||||||
Koninklijke Ahold Delhaize N.V. - ADR | 24,466 | 835,171 | ||||||
Koninklijke Ahold Delhaize N.V. | 5,491 | 187,638 | ||||||
Koninklijke DSM N.V. | 2,622 | 310,361 | ||||||
NN Group N.V. | 8,950 | 325,039 | ||||||
OCI N.V. (b) | 9,087 | 308,109 | ||||||
Prosus N.V. (b) | 13,725 | 1,074,938 | ||||||
QIAGEN N.V. (a)(b) | 11,697 | 537,243 | ||||||
Randstad N.V. | 3,477 | 206,452 | ||||||
Stellantis N.V. | 42,053 | 764,368 | ||||||
STMicroelectronics N.V. (a) | 2,836 | 151,698 | ||||||
Wolters Kluwer N.V. | 1,707 | 215,529 | ||||||
11,517,929 | ||||||||
NORWAY - 1.7% | ||||||||
Aker BP ASA | 53,928 | 1,323,136 | ||||||
Equinor ASA - ADR | 158,981 | 4,519,830 | ||||||
Norsk Hydro ASA | 79,990 | 597,248 | ||||||
6,440,214 | ||||||||
PHILIPPINES - 0.0% (c) | ||||||||
PLDT, Inc. - ADR | 3,953 | 99,813 | ||||||
PORTUGAL - 0.5% | ||||||||
Galp Energia SGPS S.A. | 155,230 | 1,756,821 | ||||||
Jeronimo Martins SGPS S.A. | 8,104 | 190,262 | ||||||
1,947,083 | ||||||||
RUSSIA - 0.0% (c) | ||||||||
Mobile TeleSystems PJSC - ADR (b)(d)(e) | 86,910 | 869 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
SINGAPORE - 1.6% | ||||||||
BOC Aviation Ltd. | 87,700 | $ | 680,091 | |||||
CapitaLand Ascendas REIT | 167,800 | 361,807 | ||||||
CapitaLand Integrated Commercial Trust | 522,925 | 779,895 | ||||||
CapitaLand Investment Ltd. | 183,000 | 507,729 | ||||||
CDL Hospitality Trusts | 28,826 | 25,834 | ||||||
City Developments Ltd. | 203,900 | 1,131,415 | ||||||
DBS Group Holdings Ltd. - ADR | 11,392 | 1,129,061 | ||||||
Singapore Telecommunications Ltd. | 216,000 | 400,214 | ||||||
Venture Corp. Ltd. | 84,300 | 1,121,970 | ||||||
6,138,016 | ||||||||
SOUTH AFRICA - 1.0% | ||||||||
FirstRand Ltd. | 201,574 | 683,265 | ||||||
Gold Fields Ltd. - ADR (a) | 14,088 | 187,652 | ||||||
Impala Platinum Holdings Ltd. - ADR (a) | 29,987 | 274,981 | ||||||
Mr Price Group Ltd. | 56,059 | 454,046 | ||||||
MTN Group Ltd. (b) | 18,970 | 135,920 | ||||||
MultiChoice Group Ltd. | 72,496 | 503,823 | ||||||
Naspers Ltd. - Class N - ADR | 26,085 | 956,276 | ||||||
Standard Bank Group Ltd. | 44,968 | 436,034 | ||||||
3,631,997 | ||||||||
SOUTH KOREA - 3.8% | ||||||||
Celltrion, Inc. | 4,265 | 491,459 | ||||||
Hyundai Mobis Co. Ltd. | 8,222 | 1,361,355 | ||||||
KB Financial Group, Inc. - ADR | 15,444 | 562,471 | ||||||
KT Corp. - ADR | 39,515 | 448,100 | ||||||
LG Display Co. Ltd. - ADR | 3 | 19 | ||||||
NAVER Corp. | 5,824 | 909,738 | ||||||
POSCO Holdings, Inc. - ADR | 12,686 | 884,087 | ||||||
Samsung Electronics Co. Ltd. | 112,248 | 5,533,557 | ||||||
Shinhan Financial Group Co. Ltd. - ADR | 23,067 | 621,425 | ||||||
Shinhan Financial Group Co. Ltd. | 29,265 | 792,528 | ||||||
SK Hynix, Inc. | 15,952 | 1,088,289 | ||||||
SK Telecom Co. Ltd. - ADR (a) | 19,765 | 405,380 | ||||||
Woori Financial Group, Inc. - ADR | 34,279 | 901,195 | ||||||
13,999,603 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
SPAIN - 1.9% | ||||||||
Aena SME S.A. (b) | 5,525 | $ | 893,617 | |||||
Amadeus IT Group S.A. (b) | 7,348 | 493,028 | ||||||
CaixaBank S.A. | 18,268 | 71,295 | ||||||
Cellnex Telecom S.A. | 4,067 | 158,188 | ||||||
Grifols S.A. (b) | 20,633 | 152,065 | ||||||
Iberdrola S.A. - ADR | 1,595 | 79,304 | ||||||
Iberdrola S.A. | 29,928 | 372,912 | ||||||
Industria de Diseno Textil S.A. | 34,462 | 1,157,990 | ||||||
Naturgy Energy Group S.A. | 12,657 | 381,096 | ||||||
Repsol S.A. | 178,289 | 2,742,253 | ||||||
Telefónica S.A. | 92,766 | 399,606 | ||||||
6,901,354 | ||||||||
SWEDEN - 1.3% | ||||||||
Atlas Copco AB - A Shares | 58,602 | 742,347 | ||||||
Atlas Copco AB - Class A - ADR | 26,193 | 330,556 | ||||||
Boliden AB | 20,477 | 804,375 | ||||||
Epiroc AB - Class A | 14,553 | 288,860 | ||||||
Essity AB - Series B | 7,919 | 226,184 | ||||||
H & M Hennes & Mauritz AB - B Shares | 19,185 | 274,282 | ||||||
Hexagon AB - B Shares | 62,284 | 716,810 | ||||||
Industrivarden AB - A Shares | 23,389 | 632,110 | ||||||
Svenska Cellulosa AB S.C.A. - Series B | 16,418 | 216,221 | ||||||
Svenska Handelsbanken AB - A Shares | 31,343 | 271,442 | ||||||
Telefonaktiebolaget LM Ericsson - B Shares | 42,832 | 251,059 | ||||||
4,754,246 | ||||||||
SWITZERLAND - 6.5% | ||||||||
ABB Ltd. - ADR (a) | 58,667 | 2,012,278 | ||||||
ABB Ltd. | 5,783 | 198,981 | ||||||
Accelleron Industries A.G. (b) | 289 | 6,844 | ||||||
Accelleron Industries A.G. (b) | 1,953 | 45,700 | ||||||
Adecco Group AG | 8,723 | 317,795 | ||||||
Alcon, Inc. (a) | 5,312 | 374,708 | ||||||
Barry Callebaut AG | 553 | 1,171,897 | ||||||
Clariant AG (b) | 10,218 | 169,541 | ||||||
Coca-Cola HBC AG | 26,042 | 712,945 | ||||||
Geberit AG | 1,928 | 1,076,886 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
SWITZERLAND - 6.5% (Continued) | ||||||||
Givaudan S.A. | 223 | $ | 725,953 | |||||
Holcim Ltd. (b) | 8,532 | 550,342 | ||||||
Julius Baer Group Ltd. | 3,557 | 243,018 | ||||||
Keuhne + Nagel International AG | 643 | 191,544 | ||||||
Logitech International S.A. | 4,776 | 277,295 | ||||||
Lonza Group AG - ADR | 1,070 | 64,098 | ||||||
Lonza Group AG | 2,080 | 1,252,392 | ||||||
Nestlé S.A. - ADR | 31,994 | 3,893,350 | ||||||
Nestlé S.A. | 4,022 | 490,496 | ||||||
Partners Group Holding AG | 570 | 536,882 | ||||||
Roche Holding AG - ADR (a) | 73,736 | 2,644,173 | ||||||
Roche Holding AG | 2,204 | 629,894 | ||||||
Sika AG | 852 | 239,027 | ||||||
Sonova Holding AG | 1,560 | 460,268 | ||||||
Swatch Group AG (The) | 707 | 243,530 | ||||||
Swiss Life Holding AG | 1,691 | 1,043,721 | ||||||
Swiss Re AG | 9,611 | 987,555 | ||||||
Swisscom AG | 981 | 626,163 | ||||||
Temenos AG | 3,323 | 231,278 | ||||||
UBS Group AG | 39,428 | 834,483 | ||||||
UBS Group AG (a) | 26,246 | 560,090 | ||||||
Zurich Insurance Group AG - ADR | 24,700 | 1,181,648 | ||||||
Zurich Insurance Group AG | 492 | 235,810 | ||||||
24,230,585 | ||||||||
TAIWAN - 4.8% | ||||||||
ASE Technology Holding Co. Ltd. - ADR (a) | 126,937 | 1,011,688 | ||||||
AUO Corp. - ADR | 115,722 | 719,791 | ||||||
Chunghwa Telecom Co. Ltd. - ADR | 122,331 | 4,783,142 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 105,463 | 9,810,168 | ||||||
United Microelectronics Corp. - ADR (a)(b) | 183,092 | 1,603,886 | ||||||
17,928,675 | ||||||||
UNITED KINGDOM - 8.8% | ||||||||
3i Group plc | 68,813 | 1,434,385 | ||||||
Anglo American plc | 40,782 | 1,356,294 | ||||||
Antofagasta plc | 47,452 | 929,223 | ||||||
Ashtead Group plc | 11,037 | 677,764 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
UNITED KINGDOM - 8.8% (Continued) | ||||||||
AstraZeneca plc - ADR | 51,316 | $ | 3,561,844 | |||||
Aviva plc | 147,903 | 738,837 | ||||||
Barratt Developments plc | 27,950 | 160,855 | ||||||
British Land Co. plc (The) | 62,287 | 298,710 | ||||||
BT Group plc | 130,919 | 235,842 | ||||||
Bunzl plc | 5,822 | 219,924 | ||||||
Burberry Group plc | 13,434 | 430,179 | ||||||
Coca-Cola Europacific Partners plc | 21,706 | 1,284,778 | ||||||
Compass Group plc | 35,682 | 896,795 | ||||||
GSK plc - ADR | 27,099 | 964,182 | ||||||
GSK plc | 27,901 | 493,020 | ||||||
Haleon plc - ADR (a) | 17,287 | 140,716 | ||||||
Halma plc | 6,736 | 185,968 | ||||||
HSBC Holdings plc - ADR (a) | 58,458 | 1,995,171 | ||||||
HSBC Holdings plc | 27,340 | 185,827 | ||||||
Informa plc | 99,047 | 849,026 | ||||||
InterContinental Hotels Group plc - ADR (a) | 2,515 | 167,499 | ||||||
J Sainsbury plc | 86,209 | 296,678 | ||||||
Kingfisher plc | 161,921 | 523,441 | ||||||
Land Securities Group plc | 31,696 | 243,251 | ||||||
Legal & General Group plc | 210,040 | 621,251 | ||||||
Lloyds Banking Group plc | 437,921 | 257,462 | ||||||
London Stock Exchange Group plc | 7,929 | 770,185 | ||||||
Mondi plc | 24,044 | 381,769 | ||||||
National Grid plc | 77,306 | 1,045,778 | ||||||
NatWest Group plc | 160,250 | 522,930 | ||||||
PEARSON plc - ADR | 42,312 | 442,160 | ||||||
PEARSON plc | 24,794 | 259,482 | ||||||
Prudential plc - ADR (a) | 10,228 | 279,633 | ||||||
Reckitt Benckiser Group plc - ADR | 34,350 | 531,515 | ||||||
Reckitt Benckiser Group plc | 3,212 | 244,375 | ||||||
RELX plc - ADR | 28,876 | 936,737 | ||||||
RELX plc | 74,635 | 2,417,334 | ||||||
Rentokil Initial plc | 28,495 | 208,269 | ||||||
Sage Group plc (The) - ADR | 2,320 | 88,670 | ||||||
Sage Group plc (The) | 14,027 | 134,617 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
COMMON STOCKS - 98.1% (Continued) | Shares | Fair Value | ||||||
UNITED KINGDOM - 8.8% (Continued) | ||||||||
Segro plc | 49,056 | $ | 467,202 | |||||
Severn Trent plc | 16,234 | 576,712 | ||||||
Taylor Wimpey plc | 108,822 | 160,105 | ||||||
Tesco plc - ADR | 293 | 2,866 | ||||||
Tesco plc | 144,166 | 472,665 | ||||||
Unilever plc - ADR | 44,516 | 2,311,716 | ||||||
United Utilities Group plc | 59,321 | 776,405 | ||||||
Vodafone Group plc - ADR | 18,241 | 201,381 | ||||||
Whitbread plc | 5,438 | 200,831 | ||||||
32,582,259 | ||||||||
TOTAL COMMON STOCKS (Cost $273,922,437) | $ | 365,265,203 |
CORPORATE NOTES - 0.8% | Coupon | Maturity | Par Value | Fair Value | ||||||||||||
COMMUNITY DEVELOPMENT - 0.8% | ||||||||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 06/15/23 | $ | 870,000 | $ | 864,055 | |||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 12/15/23 | 480,000 | 470,207 | |||||||||||
Calvert Social Investment Foundation, Inc. (d) | 1.000 | % | 06/14/24 | 450,000 | 425,595 | |||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 06/17/24 | 290,000 | 280,740 | |||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 12/15/24 | 120,000 | 114,808 | |||||||||||
Calvert Social Investment Foundation, Inc. (d) | 2.500 | % | 06/13/25 | 500,000 | 468,320 | |||||||||||
Calvert Social Investment Foundation, Inc. (d) | 2.500 | % | 12/15/25 | 400,000 | 370,383 | |||||||||||
TOTAL CORPORATE NOTES (Cost $3,110,000) | $ | 2,994,108 |
MONEY MARKET FUNDS - 0.3% | Shares | Fair Value | ||||||
First American Government Obligations Fund - Class X, 4.65% (f) (Cost $1,238,957) | 1,238,957 | $ | 1,238,957 |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 8.3% | Shares | Fair Value | ||||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.93% (f)(g) (Cost $30,908,830) | 30,908,830 | $ | 30,908,830 | |||||
TOTAL INVESTMENTS - (Cost $309,180,224) - 107.5% | $ | 400,407,098 | ||||||
LIABILITES IN EXESS OF OTHER ASSETS - (7.5%) | (28,133,507 | ) | ||||||
NET ASSETS - 100.0% | $ | 372,273,591 |
(a) | All or a portion of the security is on loan. The total fair value of the securities on loan as of March 31, 2023 was $30,199,926. |
(b) | Non-income producing security. |
(c) | Percentage rounds to less than 0.1%. |
(d) | Illiquid securities are as follows: |
Acquisition | Current | Fair | % of Net | ||||||||||||
Date | Cost | Value | Assets | ||||||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23 | 06/18/18 | $ | 870,000 | $ | 864,055 | 0.2 | % | ||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23 | 12/17/18 | 480,000 | 470,207 | 0.1 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24 | 06/15/21 | 450,000 | 425,595 | 0.1 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24 | 06/17/19 | 290,000 | 280,740 | 0.1 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24 | 12/12/19 | 120,000 | 114,808 | 0.1 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25 | 06/12/20 | 500,000 | 468,320 | 0.1 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25 | 12/15/20 | 400,000 | 370,383 | 0.1 | % | ||||||||||
Mobile TeleSystems PJSC - ADR | 07/19/11 | 752,376 | 869 | 0.0 | %(c) | ||||||||||
$ | 3,862,376 | $ | 2,994,977 | 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 $869 as of March 31, 2023 representing 0.0% (c) of net assets. |
(f) | The rate shown is the 7-day effective yield as of March 31, 2023. |
(g) | The security was purchased with cash collateral received from securities on loan. |
ADR - American Depositary Receipt |
CDI - CHESS Depositary Interest |
plc - Public Liability Company |
REIT - Real Estate Investment Trust |
Schedule of Portfolio Investments (Continued)
Praxis International Index Fund
March 31, 2023 (Unaudited)
Common Stocks by Sector/Industry | % of Net Assets | |||
Communications - 9.6% | ||||
Advertising & Marketing | 0.5 | % | ||
Cable & Satellite | 0.1 | % | ||
Entertainment Content | 0.8 | % | ||
Internet Media & Services | 3.5 | % | ||
Publishing & Broadcasting | 0.4 | % | ||
Telecommunications | 4.3 | % | ||
Consumer Discretionary - 9.9% | ||||
Apparel & Textile Products | 1.5 | % | ||
Automotive | 3.2 | % | ||
E-Commerce Discretionary | 1.1 | % | ||
Home & Office Products * | 0.0 | % | ||
Home Construction | 0.8 | % | ||
Leisure Facilities & Services | 0.6 | % | ||
Leisure Products | 0.3 | % | ||
Retail - Discretionary | 2.0 | % | ||
Wholesale - Discretionary | 0.4 | % | ||
Consumer Staples - 7.0% | ||||
Beverages | 1.1 | % | ||
Food | 1.8 | % | ||
Household Products | 2.2 | % | ||
Retail - Consumer Staples | 1.5 | % | ||
Wholesale - Consumer Staples | 0.4 | % | ||
Energy - 3.5% | ||||
Oil & Gas Producers | 3.3 | % | ||
Renewable Energy | 0.2 | % | ||
Financials - 19.9% | ||||
Asset Management | 1.8 | % | ||
Banking | 11.9 | % | ||
Institutional Financial Services | 1.0 | % | ||
Insurance | 4.9 | % | ||
Specialty Finance | 0.3 | % |
Schedule of Portfolio Investments (Continued)
Common Stocks by Sector/Industry (Continued) | % of Net Assets | |||
Health Care - 8.4% | ||||
Biotech & Pharma | 5.7 | % | ||
Health Care Facilities & Services | 1.0 | % | ||
Medical Equipment & Devices | 1.7 | % | ||
Industrials - 9.6% | ||||
Commercial Support Services | 1.7 | % | ||
Diversified Industrials | 0.5 | % | ||
Electrical Equipment | 1.8 | % | ||
Engineering & Construction | 0.1 | % | ||
Industrial Support Services | 0.3 | % | ||
Machinery | 1.2 | % | ||
Transportation & Logistics | 3.9 | % | ||
Transportation Equipment | 0.1 | % | ||
Materials - 8.7% | ||||
Chemicals | 2.4 | % | ||
Construction Materials | 0.6 | % | ||
Containers & Packaging | 0.5 | % | ||
Forestry, Paper & Wood Products | 0.5 | % | ||
Metals & Mining | 3.4 | % | ||
Steel | 1.3 | % | ||
Real Estate - 3.7% | ||||
Real Estate Owners & Developers | 1.6 | % | ||
Real Estate Services * | 0.0 | % | ||
REITs | 2.1 | % | ||
Technology - 15.6% | ||||
Semiconductors | 5.2 | % | ||
Software | 0.8 | % | ||
Technology Hardware | 4.6 | % | ||
Technology Services | 5.0 | % | ||
Utilities - 2.2% | ||||
Electric & Gas Marketing & Trading | 0.2 | % | ||
Electric Utilities | 1.5 | % | ||
Gas & Water Utilities | 0.5 | % | ||
98.1 | % |
* | Amount rounds to less than 0.1%. |
Schedule of Portfolio Investments
Praxis Value Index Fund
March 31, 2023 (Unaudited)
COMMON STOCKS - 98.6% | Shares | Fair Value | ||||||
ADVERTISING & MARKETING - 0.2% | ||||||||
Omnicom Group, Inc. | 10,229 | $ | 965,004 | |||||
AEROSPACE & DEFENSE - 0.3% | ||||||||
TransDigm Group, Inc. | 1,510 | 1,112,945 | ||||||
APPAREL & TEXTILE PRODUCTS - 1.0% | ||||||||
NIKE, Inc. - Class B (a) | 29,440 | 3,610,521 | ||||||
VF Corp. | 18,360 | 420,628 | ||||||
4,031,149 | ||||||||
ASSET MANAGEMENT - 1.2% | ||||||||
Ameriprise Financial, Inc. | 1,540 | 472,010 | ||||||
BlackRock, Inc. | 4,022 | 2,691,200 | ||||||
Charles Schwab Corp. (The) | 17,660 | 925,031 | ||||||
Invesco Ltd. | 34,830 | 571,212 | ||||||
T. Rowe Price Group, Inc. (a) | 2,870 | 324,023 | ||||||
4,983,476 | ||||||||
AUTOMOTIVE - 1.0% | ||||||||
Aptiv plc (b) | 7,050 | 790,939 | ||||||
BorgWarner, Inc. | 14,870 | 730,266 | ||||||
Ford Motor Co. | 104,753 | 1,319,888 | ||||||
General Motors Co. | 37,320 | 1,368,898 | ||||||
4,209,991 | ||||||||
BANKING - 6.0% | ||||||||
Bank of America Corp. | 192,070 | 5,493,202 | ||||||
Citigroup, Inc. | 63,306 | 2,968,418 | ||||||
Citizens Financial Group, Inc. (a) | 10,900 | 331,033 | ||||||
Fifth Third Bancorp | 19,490 | 519,214 | ||||||
First Republic Bank (a) | 4,180 | 58,478 | ||||||
Huntington Bancshares, Inc. | 43,970 | 492,464 | ||||||
JPMorgan Chase & Co. | 75,425 | 9,828,632 | ||||||
KeyCorp (a) | 21,488 | 269,030 | ||||||
M&T Bank Corp. (a) | 5,634 | 673,657 | ||||||
PNC Financial Services Group, Inc. (The) | 11,131 | 1,414,750 | ||||||
Regions Financial Corp. (a) | 24,860 | 461,402 | ||||||
Signature Bank | 2,580 | 472 | ||||||
Truist Financial Corp. | 40,660 | 1,386,506 |
Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
BANKING - 6.0% (Continued) | ||||||||
U.S. Bancorp (a) | 34,867 | $ | 1,256,955 | |||||
25,154,213 | ||||||||
BEVERAGES - 0.9% | ||||||||
Coca-Cola Co. (The) | 40,420 | 2,507,253 | ||||||
Keurig Dr Pepper, Inc. (a) | 12,430 | 438,530 | ||||||
PepsiCo, Inc. | 4,139 | 754,540 | ||||||
3,700,323 | ||||||||
BIOTECH & PHARMA - 1.7% | ||||||||
Biogen, Inc. (b) | 1,930 | 536,598 | ||||||
Gilead Sciences, Inc. | 3,130 | 259,696 | ||||||
Johnson & Johnson | 28,441 | 4,408,355 | ||||||
Viatris, Inc. | 40,540 | 389,995 | ||||||
Zoetis, Inc. | 10,000 | 1,664,400 | ||||||
7,259,044 | ||||||||
CABLE & SATELLITE - 1.4% | ||||||||
Charter Communications, Inc. - Class A (b) | 2,520 | 901,177 | ||||||
Comcast Corp. - Class A | 119,140 | 4,516,597 | ||||||
DISH Network Corp. - Class A (b) | 34,020 | 317,407 | ||||||
5,735,181 | ||||||||
CHEMICALS - 3.0% | ||||||||
Air Products & Chemicals, Inc. | 2,397 | 688,442 | ||||||
Dow, Inc. | 7,400 | 405,668 | ||||||
DuPont de Nemours, Inc. | 8,148 | 584,782 | ||||||
Ecolab, Inc. (a) | 2,960 | 489,969 | ||||||
FMC Corp. (a) | 2,410 | 294,333 | ||||||
International Flavors & Fragrances, Inc. | 9,942 | 914,266 | ||||||
Linde plc (a) | 15,566 | 5,532,779 | ||||||
LyondellBasell Industries N.V. - Class A | 12,360 | 1,160,481 | ||||||
PPG Industries, Inc. | 10,210 | 1,363,852 | ||||||
Sherwin-Williams Co. (The) | 6,010 | 1,350,868 | ||||||
12,785,440 | ||||||||
COMMERCIAL SUPPORT SERVICES - 0.9% | ||||||||
Republic Services, Inc. | 11,450 | 1,548,269 | ||||||
Robert Half International, Inc. | 5,180 | 417,353 | ||||||
Rollins, Inc. | 6,760 | 253,703 | ||||||
Waste Management, Inc. | 10,650 | 1,737,760 | ||||||
3,957,085 |
Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
CONSTRUCTION MATERIALS - 0.1% | ||||||||
Martin Marietta Materials, Inc. | 1,320 | $ | 468,679 | |||||
Vulcan Materials Co. | 1,030 | 176,707 | ||||||
645,386 | ||||||||
CONTAINERS & PACKAGING - 0.1% | ||||||||
Amcor plc | 23,320 | 265,382 | ||||||
WestRock Co. | 10,430 | 317,802 | ||||||
583,184 | ||||||||
DIVERSIFIED INDUSTRIALS - 1.4% | ||||||||
Dover Corp. | 5,253 | 798,141 | ||||||
Emerson Electric Co. | 12,984 | 1,131,426 | ||||||
Illinois Tool Works, Inc. (a) | 12,695 | 3,090,598 | ||||||
Pentair plc | 12,120 | 669,872 | ||||||
5,690,037 | ||||||||
E-COMMERCE DISCRETIONARY - 3.3% | ||||||||
Amazon.com, Inc. (b) | 122,600 | 12,663,354 | ||||||
eBay, Inc. | 12,910 | 572,817 | ||||||
Etsy, Inc. (a)(b) | 3,930 | 437,527 | ||||||
13,673,698 | ||||||||
ELECTRIC UTILITIES - 5.1% | ||||||||
AES Corp. (The) | 10,154 | 244,508 | ||||||
Ameren Corp. | 3,400 | 293,726 | ||||||
American Electric Power Co., Inc. | 16,270 | 1,480,407 | ||||||
CenterPoint Energy, Inc. | 19,510 | 574,765 | ||||||
CMS Energy Corp. | 12,530 | 769,091 | ||||||
Consolidated Edison, Inc. (a) | 29,931 | 2,863,499 | ||||||
DTE Energy Co. | 4,170 | 456,782 | ||||||
Duke Energy Corp. | 25,514 | 2,461,336 | ||||||
Edison International (a) | 16,627 | 1,173,700 | ||||||
Eversource Energy | 7,770 | 608,080 | ||||||
Exelon Corp. | 34,410 | 1,441,435 | ||||||
NextEra Energy, Inc. | 56,650 | 4,366,582 | ||||||
PPL Corp. | 26,930 | 748,385 | ||||||
Sempra Energy | 6,023 | 910,437 | ||||||
Southern Co. (The) | 36,061 | 2,509,124 | ||||||
Xcel Energy, Inc. | 9,744 | 657,135 | ||||||
21,558,992 | ||||||||
ELECTRICAL EQUIPMENT - 3.1% | ||||||||
AMETEK, Inc. | 4,630 | 672,878 |
Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
ELECTRICAL EQUIPMENT - 3.1% (Continued) | ||||||||
Carrier Global Corp. | 22,720 | $ | 1,039,440 | |||||
Generac Holdings, Inc. (a)(b) | 3,210 | 346,712 | ||||||
Johnson Controls International plc | 38,687 | 2,329,731 | ||||||
Keysight Technologies, Inc. (b) | 3,690 | 595,861 | ||||||
Otis Worldwide Corp. | 20,480 | 1,728,512 | ||||||
Rockwell Automation, Inc. (a) | 7,420 | 2,177,399 | ||||||
TE Connectivity Ltd. | 14,490 | 1,900,364 | ||||||
Trane Technologies plc | 10,390 | 1,911,552 | ||||||
Trimble, Inc. (b) | 8,990 | 471,256 | ||||||
13,173,705 | ||||||||
ENGINEERING & CONSTRUCTION - 0.0% (c) | ||||||||
Quanta Services, Inc. | 840 | 139,978 | ||||||
ENTERTAINMENT CONTENT - 1.9% | ||||||||
Activision Blizzard, Inc. | 7,690 | 658,187 | ||||||
Electronic Arts, Inc. | 3,150 | 379,417 | ||||||
Fox Corp. - Class B | 13,000 | 407,030 | ||||||
Paramount Global - Class B (a) | 18,226 | 406,622 | ||||||
Walt Disney Co. (The) (b) | 47,699 | 4,776,101 | ||||||
Warner Bros. Discovery, Inc. (b) | 88,447 | 1,335,550 | ||||||
7,962,907 | ||||||||
FOOD - 1.2% | ||||||||
Conagra Brands, Inc. | 16,070 | 603,589 | ||||||
Hormel Foods Corp. | 4,080 | 162,710 | ||||||
J.M. Smucker Co. (The) | 5,630 | 885,993 | ||||||
Kellogg Co. | 5,960 | 399,082 | ||||||
Kraft Heinz Co. (The) | 26,030 | 1,006,580 | ||||||
McCormick & Co., Inc. (a) | 6,090 | 506,749 | ||||||
Mondelez International, Inc. - Class A (a) | 15,422 | 1,075,222 | ||||||
Tyson Foods, Inc. - Class A | 8,430 | 500,068 | ||||||
5,139,993 | ||||||||
GAS & WATER UTILITIES - 0.3% | ||||||||
American Water Works Co., Inc. | 4,090 | 599,144 | ||||||
NiSource, Inc. | 19,060 | 532,918 | ||||||
1,132,062 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 2.2% | ||||||||
AmerisourceBergen Corp. | 4,700 | 752,517 | ||||||
Cardinal Health, Inc. | 7,850 | 592,675 |
Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
HEALTH CARE FACILITIES & SERVICES - 2.2% (Continued) | ||||||||
Catalent, Inc. (a)(b) | 5,260 | $ | 345,635 | |||||
Cigna Group (The) | 4,062 | 1,037,963 | ||||||
CVS Health Corp. | 32,034 | 2,380,446 | ||||||
Elevance Health, Inc. | 1,150 | 528,781 | ||||||
HCA Healthcare, Inc. | 1,660 | 437,709 | ||||||
Humana, Inc. (a) | 1,410 | 684,499 | ||||||
IQVIA Holdings, Inc. (b) | 2,920 | 580,759 | ||||||
Laboratory Corp. of America Holdings | 2,120 | 486,370 | ||||||
McKesson Corp. | 3,384 | 1,204,873 | ||||||
UnitedHealth Group, Inc. | 510 | 241,021 | ||||||
9,273,248 | ||||||||
HOME & OFFICE PRODUCTS - 0.1% | ||||||||
Whirlpool Corp. (a) | 3,150 | 415,863 | ||||||
HOME CONSTRUCTION - 0.4% | ||||||||
D.R. Horton, Inc. (a) | 3,300 | 322,377 | ||||||
Lennar Corp. - Class A (a) | 6,340 | 666,397 | ||||||
NVR, Inc. (b) | 130 | 724,385 | ||||||
1,713,159 | ||||||||
HOUSEHOLD PRODUCTS - 2.2% | ||||||||
Church & Dwight Co., Inc. | 2,540 | 224,561 | ||||||
Clorox Co. (The) (a) | 2,020 | 319,645 | ||||||
Estée Lauder Cos., Inc. (The) - Class A | 4,940 | 1,217,512 | ||||||
Kimberly-Clark Corp. | 12,700 | 1,704,594 | ||||||
Procter & Gamble Co. (The) | 38,156 | 5,673,416 | ||||||
9,139,728 | ||||||||
INDUSTRIAL SUPPORT SERVICES - 0.4% | ||||||||
Fastenal Co. | 9,800 | 528,612 | ||||||
United Rentals, Inc. | 1,620 | 641,131 | ||||||
W.W. Grainger, Inc. | 870 | 599,265 | ||||||
1,769,008 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 3.1% | ||||||||
Bank of New York Mellon Corp. (The) | 38,024 | 1,727,810 | ||||||
CME Group, Inc. | 11,190 | 2,143,109 | ||||||
Goldman Sachs Group, Inc. (The) | 9,160 | 2,996,327 | ||||||
Intercontinental Exchange, Inc. | 16,430 | 1,713,485 | ||||||
Morgan Stanley (a) | 35,391 | 3,107,330 |
Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
INSTITUTIONAL FINANCIAL SERVICES - 3.1% (Continued) | ||||||||
Nasdaq, Inc. | 40 | $ | 2,187 | |||||
Northern Trust Corp. (a) | 6,297 | 554,955 | ||||||
State Street Corp. | 10,420 | 788,690 | ||||||
13,033,893 | ||||||||
INSURANCE - 5.1% | ||||||||
Aflac, Inc. | 20,790 | 1,341,371 | ||||||
Allstate Corp. (The) | 10,919 | 1,209,934 | ||||||
American International Group, Inc. | 22,987 | 1,157,625 | ||||||
Aon plc - Class A | 4,280 | 1,349,441 | ||||||
Arthur J. Gallagher & Co. | 4,520 | 864,721 | ||||||
Assurant, Inc. | 4,170 | 500,692 | ||||||
Berkley (W.R.) Corp. | 9,825 | 611,704 | ||||||
Brown & Brown, Inc. | 15,040 | 863,597 | ||||||
Chubb Ltd. | 8,860 | 1,720,435 | ||||||
Cincinnati Financial Corp. | 9,332 | 1,045,931 | ||||||
Everest Re Group Ltd. | 2,840 | 1,016,777 | ||||||
Globe Life, Inc. | 4,450 | 489,589 | ||||||
Hartford Financial Services Group, Inc. (The) | 10,830 | 754,743 | ||||||
Lincoln National Corp. | 16,990 | 381,765 | ||||||
Loews Corp. | 25,180 | 1,460,944 | ||||||
Marsh & McLennan Cos., Inc. | 7,170 | 1,194,163 | ||||||
MetLife, Inc. | 23,733 | 1,375,090 | ||||||
Principal Financial Group, Inc. | 4,530 | 336,670 | ||||||
Progressive Corp. (The) | 8,230 | 1,177,384 | ||||||
Prudential Financial, Inc. | 13,980 | 1,156,705 | ||||||
Travelers Cos., Inc. (The) | 5,403 | 926,128 | ||||||
Willis Towers Watson plc | 1,250 | 290,475 | ||||||
21,225,884 | ||||||||
INTERNET MEDIA & SERVICES - 4.6% | ||||||||
Booking Holdings, Inc. (b) | 1,010 | 2,678,934 | ||||||
Match Group, Inc. (b) | 14,910 | 572,395 | ||||||
Meta Platforms, Inc. - Class A (b) | 56,990 | 12,078,460 | ||||||
Netflix, Inc. (b) | 11,010 | 3,803,735 | ||||||
19,133,524 | ||||||||
LEISURE FACILITIES & SERVICES - 1.8% | ||||||||
Carnival Corp. (a)(b) | 34,193 | 347,059 | ||||||
Darden Restaurants, Inc. | 2,130 | 330,491 |
Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
LEISURE FACILITIES & SERVICES - 1.8% (Continued) | ||||||||
Hilton Worldwide Holdings, Inc. | 6,420 | $ | 904,386 | |||||
Live Nation Entertainment, Inc. (a)(b) | 6,980 | 488,600 | ||||||
Marriott International, Inc. - Class A | 2,910 | 483,176 | ||||||
McDonald's Corp. | 8,340 | 2,331,947 | ||||||
Royal Caribbean Cruises Ltd. (b) | 4,840 | 316,052 | ||||||
Starbucks Corp. | 16,870 | 1,756,673 | ||||||
Yum! Brands, Inc. | 5,400 | 713,232 | ||||||
7,671,616 | ||||||||
LEISURE PRODUCTS - 0.4% | ||||||||
Hasbro, Inc. | 29,200 | 1,567,748 | ||||||
MACHINERY - 1.0% | ||||||||
Deere & Co. (a) | 907 | 374,482 | ||||||
IDEX Corp. | 2,840 | 656,125 | ||||||
Ingersoll-Rand, Inc. | 13,050 | 759,249 | ||||||
Nordson Corp. (a) | 2,610 | 580,099 | ||||||
Stanley Black & Decker, Inc. | 8,890 | 716,356 | ||||||
Xylem, Inc. | 9,970 | 1,043,859 | ||||||
4,130,170 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 5.7% | ||||||||
Abbott Laboratories | 23,170 | 2,346,194 | ||||||
Agilent Technologies, Inc. (a) | 1,990 | 275,297 | ||||||
Align Technology, Inc. (b) | 2,500 | 835,350 | ||||||
Baxter International, Inc. | 17,182 | 696,902 | ||||||
Becton, Dickinson and Co. | 8,310 | 2,057,058 | ||||||
Bio-Rad Laboratories, Inc. - Class A (b) | 720 | 344,894 | ||||||
Boston Scientific Corp. (b) | 29,180 | 1,459,875 | ||||||
Cooper Cos., Inc. (The) | 1,170 | 436,831 | ||||||
Danaher Corp. (a) | 4,670 | 1,177,027 | ||||||
DENTSPLY SIRONA, Inc. (a) | 10,150 | 398,692 | ||||||
Edwards Lifesciences Corp. (b) | 11,480 | 949,740 | ||||||
GE HealthCare Technologies, Inc. (b) | 4,240 | 347,807 | ||||||
IDEXX Laboratories, Inc. (b) | 660 | 330,053 | ||||||
Illumina, Inc. (b) | 5,030 | 1,169,727 | ||||||
Intuitive Surgical, Inc. (b) | 4,520 | 1,154,724 | ||||||
Medtronic plc | 33,680 | 2,715,282 | ||||||
PerkinElmer, Inc. | 2,360 | 314,494 |
Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
MEDICAL EQUIPMENT & DEVICES - 5.7% (Continued) | ||||||||
ResMed, Inc. | 2,370 | $ | 519,006 | |||||
Stryker Corp. | 8,800 | 2,512,136 | ||||||
Teleflex, Inc. | 2,740 | 694,069 | ||||||
Thermo Fisher Scientific, Inc. (a) | 3,154 | 1,817,871 | ||||||
West Pharmaceutical Services, Inc. | 1,260 | 436,552 | ||||||
Zimmer Biomet Holdings, Inc. | 5,900 | 762,280 | ||||||
23,751,861 | ||||||||
METALS & MINING - 0.3% | ||||||||
Newmont Corp. | 22,640 | 1,109,813 | ||||||
OIL & GAS PRODUCERS - 0.8% | ||||||||
ConocoPhillips | 5,377 | 533,452 | ||||||
Pioneer Natural Resources Co. | 3,330 | 680,119 | ||||||
Valero Energy Corp. | 14,590 | 2,036,764 | ||||||
3,250,335 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 0.6% | ||||||||
Baker Hughes Co. | 44,790 | 1,292,639 | ||||||
Schlumberger Ltd. | 26,396 | 1,296,044 | ||||||
2,588,683 | ||||||||
REAL ESTATE SERVICES - 0.2% | ||||||||
CBRE Group, Inc. - Class A (b) | 10,290 | 749,215 | ||||||
REITS - 4.5% | ||||||||
Alexandria Real Estate Equities, Inc. | 5,380 | 675,674 | ||||||
American Tower Corp. | 4,760 | 972,658 | ||||||
AvalonBay Communities, Inc. (a) | 5,900 | 991,554 | ||||||
Boston Properties, Inc. | 13,490 | 730,079 | ||||||
Crown Castle, Inc. | 6,910 | 924,834 | ||||||
Digital Realty Trust, Inc. | 8,840 | 869,060 | ||||||
Equinix, Inc. | 2,350 | 1,694,444 | ||||||
Equity Residential | 7,500 | 450,000 | ||||||
Essex Property Trust, Inc. (a) | 1,340 | 280,248 | ||||||
Extra Space Storage, Inc. | 290 | 47,250 | ||||||
Federal Realty Investment Trust | 4,450 | 439,793 | ||||||
Healthpeak Properties, Inc. | 20,530 | 451,044 | ||||||
Host Hotels & Resorts, Inc. (a) | 20,470 | 337,550 | ||||||
Kimco Realty Corp. | 22,420 | 437,863 |
Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
REITS - 4.5% (Continued) | ||||||||
Mid-America Apartment Communities, Inc. | 2,890 | $ | 436,506 | |||||
Prologis, Inc. | 26,080 | 3,254,002 | ||||||
Public Storage | 1,920 | 580,109 | ||||||
Realty Income Corp. | 20,130 | 1,274,632 | ||||||
Regency Centers Corp. | 9,230 | 564,691 | ||||||
SBA Communications Corp. - Class A | 1,660 | 433,376 | ||||||
Simon Property Group, Inc. | 8,469 | 948,274 | ||||||
UDR, Inc. | 8,600 | 353,116 | ||||||
Ventas, Inc. (a) | 11,270 | 488,554 | ||||||
VICI Properties, Inc. (a) | 9,190 | 299,778 | ||||||
Welltower, Inc. | 13,540 | 970,683 | ||||||
18,905,772 | ||||||||
RETAIL - CONSUMER STAPLES - 2.6% | ||||||||
Costco Wholesale Corp. | 3,700 | 1,838,419 | ||||||
Dollar General Corp. | 1,190 | 250,447 | ||||||
Kroger Co. (The) | 20,514 | 1,012,776 | ||||||
Target Corp. | 9,860 | 1,633,112 | ||||||
Walgreen Boots Alliance, Inc. | 22,490 | 777,704 | ||||||
Walmart, Inc. | 37,380 | 5,511,681 | ||||||
11,024,139 | ||||||||
RETAIL - DISCRETIONARY - 1.8% | ||||||||
AutoZone, Inc. (b) | 240 | 589,956 | ||||||
Bath & Body Works, Inc. | 7,140 | 261,181 | ||||||
CarMax, Inc. (a)(b) | 3,630 | 233,336 | ||||||
Genuine Parts Co. | 4,570 | 764,607 | ||||||
Home Depot, Inc. (The) (a) | 10,732 | 3,167,228 | ||||||
Lowe's Cos., Inc. | 4,570 | 913,863 | ||||||
Ross Stores, Inc. | 8,070 | 856,469 | ||||||
TJX Cos., Inc. (The) | 12,030 | 942,671 | ||||||
7,729,311 | ||||||||
SEMICONDUCTORS - 3.4% | ||||||||
Advanced Micro Devices, Inc. (b) | 16,990 | 1,665,190 | ||||||
Analog Devices, Inc. | 6,980 | 1,376,595 | ||||||
Broadcom, Inc. | 4,180 | 2,681,637 | ||||||
Intel Corp. | 112,288 | 3,668,449 | ||||||
Microchip Technology, Inc. | 4,630 | 387,901 | ||||||
Micron Technology, Inc. (a) | 29,590 | 1,785,461 | ||||||
NVIDIA Corp. | 510 | 141,663 |
Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
SEMICONDUCTORS - 3.4% (Continued) | ||||||||
NXP Semiconductors N.V. | 2,190 | $ | 408,380 | |||||
Qorvo, Inc. (b) | 4,610 | 468,238 | ||||||
Skyworks Solutions, Inc. | 2,870 | 338,603 | ||||||
Texas Instruments, Inc. (a) | 6,950 | 1,292,769 | ||||||
14,214,886 | ||||||||
SOFTWARE - 9.2% | ||||||||
Adobe, Inc. (b) | 6,460 | 2,489,490 | ||||||
ANSYS, Inc. (b) | 1,760 | 585,728 | ||||||
Autodesk, Inc. (b) | 2,650 | 551,624 | ||||||
Ceridian HCM Holding, Inc. (b) | 4,490 | 328,758 | ||||||
Gen Digital, Inc. | 15,800 | 271,128 | ||||||
Intuit, Inc. | 3,330 | 1,484,614 | ||||||
Microsoft Corp. | 81,860 | 23,600,238 | ||||||
Oracle Corp. | 23,412 | 2,175,443 | ||||||
Roper Technologies, Inc. | 3,030 | 1,335,291 | ||||||
Salesforce.com, Inc. (b) | 26,700 | 5,334,126 | ||||||
Synopsys, Inc. (b) | 920 | 355,350 | ||||||
38,511,790 | ||||||||
SPECIALTY FINANCE - 0.7% | ||||||||
American Express Co. | 9,754 | 1,608,922 | ||||||
Capital One Financial Corp. | 12,880 | 1,238,541 | ||||||
Synchrony Financial | 10,350 | 300,978 | ||||||
3,148,441 | ||||||||
STEEL - 0.1% | ||||||||
Nucor Corp. (a) | 2,220 | 342,923 | ||||||
TECHNOLOGY HARDWARE - 2.2% | ||||||||
Cisco Systems, Inc. | 110,020 | 5,751,295 | ||||||
Corning, Inc. | 14,610 | 515,441 | ||||||
F5, Inc. (b) | 2,100 | 305,949 | ||||||
Garmin Ltd. | 30 | 3,028 | ||||||
Hewlett Packard Enterprise Co. | 27,900 | 444,447 | ||||||
HP, Inc. | 26,820 | 787,167 | ||||||
Seagate Technology Holdings plc | 5,690 | 376,223 | ||||||
Western Digital Corp. (b) | 11,965 | 450,721 | ||||||
Zebra Technologies Corp. - Class A (a)(b) | 1,540 | 489,720 | ||||||
9,123,991 |
Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
TECHNOLOGY SERVICES - 4.9% | ||||||||
Accenture plc - Class A | 16,780 | $ | 4,795,892 | |||||
Automatic Data Processing, Inc. | 880 | 195,914 | ||||||
Cognizant Technology Solutions Corp. - Class A | 10,200 | 621,486 | ||||||
DXC Technology Co. (a)(b) | 15,380 | 393,113 | ||||||
EPAM Systems, Inc. (b) | 1,050 | 313,950 | ||||||
Equifax, Inc. | 460 | 93,306 | ||||||
Fidelity National Information Services, Inc. | 21,130 | 1,147,993 | ||||||
Fiserv, Inc. (b) | 8,480 | 958,494 | ||||||
Global Payments, Inc. | 8,590 | 904,011 | ||||||
International Business Machines Corp. | 23,592 | 3,092,675 | ||||||
Mastercard, Inc. - Class A | 860 | 312,533 | ||||||
Moody's Corp. | 1,080 | 330,502 | ||||||
MSCI, Inc. | 1,140 | 638,047 | ||||||
Paychex, Inc. | 3,334 | 382,043 | ||||||
PayPal Holdings, Inc. (b) | 28,270 | 2,146,824 | ||||||
S&P Global, Inc. | 8,310 | 2,865,039 | ||||||
Verisk Analytics, Inc. (a) | 5,050 | 968,893 | ||||||
Visa, Inc. - Class A (a) | 1,450 | 326,917 | ||||||
20,487,632 | ||||||||
TELECOMMUNICATIONS - 2.1% | ||||||||
AT&T, Inc. | 204,646 | 3,939,436 | ||||||
T-Mobile US, Inc. (b) | 6,580 | 953,047 | ||||||
Verizon Communications, Inc. | 104,080 | 4,047,671 | ||||||
8,940,154 | ||||||||
TRANSPORTATION & LOGISTICS - 3.3% | ||||||||
Alaska Air Group, Inc. (b) | 9,130 | 383,095 | ||||||
American Airlines Group, Inc. (b) | 24,860 | 366,685 | ||||||
C.H. Robinson Worldwide, Inc. (a) | 6,070 | 603,176 | ||||||
CSX Corp. | 31,150 | 932,631 | ||||||
Delta Air Lines, Inc. (b) | 21,130 | 737,860 | ||||||
FedEx Corp. | 6,880 | 1,572,011 | ||||||
J.B. Hunt Transport Services, Inc. | 4,690 | 822,907 | ||||||
Norfolk Southern Corp. | 7,190 | 1,524,280 | ||||||
Southwest Airlines Co. | 24,810 | 807,317 | ||||||
Union Pacific Corp. | 9,000 | 1,811,340 | ||||||
United Airlines Holdings, Inc. (b) | 13,060 | 577,905 | ||||||
United Parcel Service, Inc. - Class B | 18,730 | 3,633,433 | ||||||
13,772,640 |
Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
TRANSPORTATION EQUIPMENT - 0.4% | ||||||||
PACCAR, Inc. | 12,210 | $ | 893,772 | |||||
Westinghouse Air Brake Technologies Corp. | 6,250 | 631,625 | ||||||
1,525,397 | ||||||||
WHOLESALE - CONSUMER STAPLES - 0.3% | ||||||||
Archer-Daniels-Midland Co. (a) | 5,880 | 468,401 | ||||||
Sysco Corp. (a) | 11,430 | 882,739 | ||||||
1,351,140 | ||||||||
WHOLESALE - DISCRETIONARY - 0.1% | ||||||||
LKQ Corp. | 5,170 | 293,449 | ||||||
TOTAL COMMON STOCKS (COST $346,829,214) | $ | 413,489,206 | ||||||
CORPORATE NOTES - 0.8% | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
COMMUNITY DEVELOPMENT - 0.8% | |||||||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 06/15/23 | $ | 450,000 | $ | 446,925 | ||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 12/15/23 | 720,000 | 705,310 | ||||||||||
Calvert Social Investment Foundation, Inc. (d) | 1.000 | % | 06/14/24 | 750,000 | 709,325 | ||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 06/17/24 | 280,000 | 271,060 | ||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 12/15/24 | 250,000 | 239,183 | ||||||||||
Calvert Social Investment Foundation, Inc. (d) | 2.500 | % | 06/13/25 | 280,000 | 262,259 | ||||||||||
Calvert Social Investment Foundation, Inc. (d) | 2.500 | % | 12/15/25 | 450,000 | 416,681 | ||||||||||
Capital Impact Partners (d) | 4.800 | % | 12/15/23 | 450,000 | 450,213 | ||||||||||
TOTAL CORPORATE NOTES (COST $3,630,000) | $ | 3,500,956 | |||||||||||||
MONEY MARKET FUNDS - 0.4% | Shares | Fair Value | ||||||
First American Government Obligations Fund - Class X, 4.65% (e) (COST $1,660,965) | 1,660,965 | $ | 1,660,965 |
Schedule of Portfolio Investments (Continued)
Praxis Value Index Fund
INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 8.3% | Shares | Fair Value | ||||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.93% (e)(f) (COST $34,685,253) | 34,685,253 | $ | 34,685,253 | |||||
TOTAL INVESTMENTS - (COST $386,805,432) - 108.1% | $ | 453,336,380 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (8.1%) | (34,019,580 | ) | ||||||
NET ASSETS - 100.0% | $ | 419,316,800 | ||||||
(a) | All or a portion of the security is on loan. The total fair value of the securities on loan as of March 31, 2023 was $34,403,561. |
(b) | Non-income producing security. |
(c) | Percentage rounds to less than 0.1%. |
(d) | Illiquid securities are as follows: |
Acquisition | Current | Fair | % of Net | ||||||||||||
Date | Cost | Value | Assets | ||||||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23 | 06/18/18 | 450,000 | 446,925 | 0.1 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23 | 12/17/18 | 720,000 | 705,310 | 0.2 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24 | 06/15/21 | 750,000 | 709,325 | 0.2 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24 | 06/17/19 | 280,000 | 271,060 | 0.1 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24 | 12/12/19 | 250,000 | 239,183 | 0.0 | %(c) | ||||||||||
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25 | 06/12/20 | 280,000 | 262,259 | 0.0 | %(c) | ||||||||||
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25 | 12/15/20 | 450,000 | 416,681 | 0.1 | % | ||||||||||
Capital Impact Partners 4.800%, 12/15/23 | 12/19/22 | 450,000 | 450,213 | 0.1 | % | ||||||||||
$ | 3,630,000 | $ | 3,500,956 | 0.8 | % |
(e) | The rate shown is the 7-day effective yield as of March 31, 2023. |
(f) | The security was purchased with cash collateral received from securities on loan. |
plc - Public Liability Company
Schedule of Portfolio Investments
Praxis Growth Index Fund
March 31, 2023 (Unaudited)
COMMON STOCKS - 98.9% | Shares | Fair Value | ||||||
ADVERTISING & MARKETING - 0.1% | ||||||||
Interpublic Group of Cos., Inc. (The) | 11,200 | $ | 417,088 | |||||
AEROSPACE & DEFENSE - 0.3% | ||||||||
Howmet Aerospace, Inc. | 17,210 | 729,188 | ||||||
TransDigm Group, Inc. | 870 | 641,233 | ||||||
1,370,421 | ||||||||
ASSET MANAGEMENT - 0.4% | ||||||||
Ameriprise Financial, Inc. | 2,880 | 882,720 | ||||||
BlackRock, Inc. | 923 | 617,598 | ||||||
Charles Schwab Corp. (The) | 5,930 | 310,613 | ||||||
1,810,931 | ||||||||
AUTOMOTIVE - 2.9% | ||||||||
Tesla, Inc. (a)(b) | 66,920 | 13,883,223 | ||||||
BANKING - 0.2% | ||||||||
Regions Financial Corp. (b) | 35,280 | 654,797 | ||||||
Truist Financial Corp. | 9,100 | 310,310 | ||||||
965,107 | ||||||||
BEVERAGES - 3.1% | ||||||||
Coca-Cola Co. (The) | 55,720 | 3,456,312 | ||||||
Monster Beverage Corp. (a) | 6,720 | 362,947 | ||||||
PepsiCo, Inc. | 59,540 | 10,854,142 | ||||||
14,673,401 | ||||||||
BIOTECH & PHARMA - 10.2% | ||||||||
AbbVie, Inc. (b) | 44,181 | 7,041,126 | ||||||
Amgen, Inc. | 15,744 | 3,806,112 | ||||||
Biogen, Inc. (a) | 2,020 | 561,620 | ||||||
Bristol-Myers Squibb Co. | 63,056 | 4,370,411 | ||||||
Eli Lilly & Co. | 21,650 | 7,435,043 | ||||||
Gilead Sciences, Inc. | 36,000 | 2,986,920 | ||||||
Incyte Corp. (a) | 3,300 | 238,491 | ||||||
Johnson & Johnson | 43,618 | 6,760,790 | ||||||
Merck & Co., Inc. | 77,971 | 8,295,335 | ||||||
Moderna, Inc. (a) | 8,160 | 1,253,213 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 3,671 | 3,016,350 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 8,324 | 2,622,643 |
Schedule of Portfolio Investments (Continued)
Praxis Growth Index Fund
COMMON STOCKS - 98.9% (Continued) | Shares | Fair Value | ||||||
BIOTECH & PHARMA - 10.2% (Continued) | ||||||||
Zoetis, Inc. | 3,590 | $ | 597,520 | |||||
48,985,574 | ||||||||
CHEMICALS - 2.2% | ||||||||
Air Products & Chemicals, Inc. | 8,000 | 2,297,680 | ||||||
Albemarle Corp. | 1,330 | 293,983 | ||||||
CF Industries Holdings, Inc. (b) | 1,610 | 116,709 | ||||||
Linde plc | 13,918 | 4,947,014 | ||||||
LyondellBasell Industries N.V. - Class A | 30,530 | 2,866,462 | ||||||
Mosaic Company (The) | 6,010 | 275,739 | ||||||
10,797,587 | ||||||||
COMMERCIAL SUPPORT SERVICES - 0.4% | ||||||||
Cintas Corp. | 900 | 416,412 | ||||||
Rollins, Inc. | 14,180 | 532,175 | ||||||
Waste Management, Inc. | 6,464 | 1,054,731 | ||||||
2,003,318 | ||||||||
CONTAINERS & PACKAGING - 0.1% | ||||||||
Amcor plc | 55,690 | 633,752 | ||||||
DIVERSIFIED INDUSTRIALS - 0.2% | ||||||||
Illinois Tool Works, Inc. (b) | 3,694 | 899,304 | ||||||
E-COMMERCE DISCRETIONARY - 2.0% | ||||||||
Amazon.com, Inc. (a) | 92,330 | 9,536,766 | ||||||
ELECTRIC UTILITIES - 0.7% | ||||||||
Consolidated Edison, Inc. (b) | 8,140 | 778,754 | ||||||
Eversource Energy | 10,190 | 797,469 | ||||||
NextEra Energy, Inc. | 5,814 | 448,143 | ||||||
Sempra Energy | 8,900 | 1,345,324 | ||||||
3,369,690 | ||||||||
ELECTRICAL EQUIPMENT - 1.1% | ||||||||
Amphenol Corp. - Class A | 10,642 | 869,664 | ||||||
Johnson Controls International plc | 7,170 | 431,778 | ||||||
Keysight Technologies, Inc. (a) | 6,221 | 1,004,567 | ||||||
Otis Worldwide Corp. | 4,950 | 417,780 | ||||||
Rockwell Automation, Inc. (b) | 5,278 | 1,548,829 | ||||||
Trane Technologies plc | 5,710 | 1,050,526 | ||||||
5,323,144 |
Schedule of Portfolio Investments (Continued)
Praxis Growth Index Fund
COMMON STOCKS - 98.9% (Continued) | Shares | Fair Value | ||||||
ENTERTAINMENT CONTENT - 0.3% | ||||||||
Activision Blizzard, Inc. | 6,180 | $ | 528,946 | |||||
Electronic Arts, Inc. | 3,415 | 411,337 | ||||||
Walt Disney Co. (The) (a) | 5,103 | 510,963 | ||||||
1,451,246 | ||||||||
FOOD - 1.5% | ||||||||
Campbell Soup Co. (b) | 21,660 | 1,190,867 | ||||||
General Mills, Inc. | 32,720 | 2,796,251 | ||||||
Hershey Co. (The) | 5,470 | 1,391,623 | ||||||
Lamb Weston Holdings, Inc. | 3,900 | 407,628 | ||||||
Mondelez International, Inc. - Class A (b) | 18,960 | 1,321,891 | ||||||
7,108,260 | ||||||||
GAS & WATER UTILITIES - 0.3% | ||||||||
American Water Works Co., Inc. | 10,730 | 1,571,838 | ||||||
HEALTH CARE FACILITIES & SERVICES - 3.9% | ||||||||
AmerisourceBergen Corp. | 4,700 | 752,517 | ||||||
Cardinal Health, Inc. | 6,390 | 482,445 | ||||||
Cigna Group (The) | 3,330 | 850,915 | ||||||
Elevance Health, Inc. | 4,760 | 2,188,696 | ||||||
Henry Schein, Inc. (a) | 8,260 | 673,520 | ||||||
Humana, Inc. (b) | 1,060 | 514,588 | ||||||
IQVIA Holdings, Inc. (a) | 2,778 | 552,516 | ||||||
McKesson Corp. | 5,580 | 1,986,759 | ||||||
UnitedHealth Group, Inc. | 22,730 | 10,741,971 | ||||||
18,743,927 | ||||||||
HOUSEHOLD PRODUCTS - 1.2% | ||||||||
Church & Dwight Co., Inc. | 9,850 | 870,839 | ||||||
Colgate-Palmolive Co. | 15,207 | 1,142,806 | ||||||
Kimberly-Clark Corp. | 4,670 | 626,807 | ||||||
Procter & Gamble Co. (The) | 20,980 | 3,119,516 | ||||||
5,759,968 | ||||||||
INDUSTRIAL SUPPORT SERVICES - 0.4% | ||||||||
W.W. Grainger, Inc. | 2,530 | 1,742,689 | ||||||
INSTITUTIONAL FINANCIAL SERVICES - 0.4% | ||||||||
Intercontinental Exchange, Inc. | 12,941 | 1,349,617 | ||||||
Nasdaq, Inc. | 8,490 | 464,148 | ||||||
1,813,765 |
Schedule of Portfolio Investments (Continued)
Praxis Growth Index Fund
COMMON STOCKS - 98.9% (Continued) | Shares | Fair Value | ||||||
INSURANCE - 0.8% | ||||||||
Aon plc - Class A | 1,260 | $ | 397,266 | |||||
Arch Capital Group Ltd. (a) | 5,760 | 390,931 | ||||||
Marsh & McLennan Cos., Inc. | 4,260 | 709,503 | ||||||
Progressive Corp. (The) | 14,480 | 2,071,509 | ||||||
Travelers Cos., Inc. (The) | 1,830 | 313,680 | ||||||
3,882,889 | ||||||||
INTERNET MEDIA & SERVICES - 6.1% | ||||||||
Alphabet, Inc. - Class A (a) | 156,720 | 16,256,566 | ||||||
Alphabet, Inc. - Class C (a) | 124,120 | 12,908,480 | ||||||
29,165,046 | ||||||||
LEISURE FACILITIES & SERVICES - 1.4% | �� | |||||||
Chipotle Mexican Grill, Inc. (a) | 617 | 1,054,015 | ||||||
Hilton Worldwide Holdings, Inc. | 5,110 | 719,846 | ||||||
Marriott International, Inc. - Class A | 1,980 | 328,759 | ||||||
McDonald's Corp. | 11,447 | 3,200,695 | ||||||
Starbucks Corp. | 9,152 | 952,998 | ||||||
Yum! Brands, Inc. | 4,940 | 652,475 | ||||||
6,908,788 | ||||||||
MACHINERY - 1.0% | ||||||||
Deere & Co. | 8,086 | 3,338,547 | ||||||
IDEX Corp. | 2,890 | 667,677 | ||||||
Xylem, Inc. | 7,650 | 800,955 | ||||||
4,807,179 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 4.2% | ||||||||
Abbott Laboratories | 20,676 | 2,093,652 | ||||||
Agilent Technologies, Inc. | 8,185 | 1,132,313 | ||||||
Boston Scientific Corp. (a) | 12,030 | 601,861 | ||||||
Cooper Cos., Inc. (The) | 1,311 | 489,475 | ||||||
Danaher Corp. (b) | 17,684 | 4,457,075 | ||||||
DexCom, Inc. (a) | 9,570 | 1,111,842 | ||||||
IDEXX Laboratories, Inc. (a) | 1,700 | 850,136 | ||||||
Illumina, Inc. (a) | 2,758 | 641,373 | ||||||
Intuitive Surgical, Inc. (a) | 1,780 | 454,737 | ||||||
Mettler-Toledo International, Inc. (a)(b) | 960 | 1,469,002 | ||||||
PerkinElmer, Inc. | 4,400 | 586,344 | ||||||
Thermo Fisher Scientific, Inc. (b) | 10,265 | 5,916,438 | ||||||
Waters Corp. (a) | 1,646 | 509,651 | ||||||
20,313,899 |
Schedule of Portfolio Investments (Continued)
Praxis Growth Index Fund
COMMON STOCKS - 98.9% (Continued) | Shares | Fair Value | ||||||
OIL & GAS PRODUCERS - 4.7% | ||||||||
ConocoPhillips | 117,220 | $ | 11,629,396 | |||||
Pioneer Natural Resources Co. | 37,050 | 7,567,092 | ||||||
Valero Energy Corp. | 25,340 | 3,537,464 | ||||||
22,733,952 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 1.1% | ||||||||
Baker Hughes Co. | 76,150 | 2,197,689 | ||||||
Schlumberger Ltd. | 64,140 | 3,149,274 | ||||||
5,346,963 | ||||||||
REAL ESTATE SERVICES - 0.7% | ||||||||
CBRE Group, Inc. - Class A (a) | 45,503 | 3,313,073 | ||||||
REITS - 1.5% | ||||||||
American Tower Corp. | 8,562 | 1,749,559 | ||||||
Crown Castle, Inc. | 5,259 | 703,864 | ||||||
Equinix, Inc. | 2,277 | 1,641,808 | ||||||
Host Hotels & Resorts, Inc. (b) | 22,400 | 369,376 | ||||||
Iron Mountain, Inc. | 8,670 | 458,730 | ||||||
Prologis, Inc. | 6,088 | 759,600 | ||||||
Public Storage | 1,350 | 407,889 | ||||||
SBA Communications Corp. - Class A | 1,668 | 435,465 | ||||||
VICI Properties, Inc (b) | 14,310 | 466,792 | ||||||
6,993,083 | ||||||||
RENEWABLE ENERGY - 0.4% | ||||||||
Enphase Energy, Inc. (a) | 2,690 | 565,653 | ||||||
First Solar, Inc. (a)(b) | 4,200 | 913,500 | ||||||
SolarEdge Technologies, Inc. (a) | 1,750 | 531,913 | ||||||
2,011,066 | ||||||||
RETAIL - CONSUMER STAPLES - 0.7% | ||||||||
Costco Wholesale Corp. | 3,333 | 1,656,068 | ||||||
Dollar General Corp. | 4,053 | 852,994 | ||||||
Dollar Tree, Inc. (a) | 1,220 | 175,131 | ||||||
Walgreen Boots Alliance, Inc. | 17,030 | 588,897 | ||||||
3,273,090 | ||||||||
RETAIL - DISCRETIONARY - 3.0% | ||||||||
AutoZone, Inc. (a) | 659 | 1,619,921 | ||||||
Genuine Parts Co. | 6,140 | 1,027,283 | ||||||
Home Depot, Inc. (The) | 16,306 | 4,812,227 | ||||||
Lowe's Cos., Inc. | 13,349 | 2,669,400 |
Schedule of Portfolio Investments (Continued)
Praxis Growth Index Fund
COMMON STOCKS - 98.9% (Continued) | Shares | Fair Value | ||||||
RETAIL - DISCRETIONARY - 3.0% (Continued) | ||||||||
O'Reilly Automotive, Inc. (a) | 1,810 | $ | 1,536,654 | |||||
TJX Cos., Inc. (The) | 18,753 | 1,469,485 | ||||||
Tractor Supply Co. | 2,060 | 484,182 | ||||||
Ulta Beauty, Inc. (a) | 1,070 | 583,867 | ||||||
14,203,019 | ||||||||
SEMICONDUCTORS - 7.3% | ||||||||
Advanced Micro Devices, Inc. (a) | 16,796 | 1,646,176 | ||||||
Analog Devices, Inc. | 4,584 | 904,057 | ||||||
Applied Materials, Inc. | 22,816 | 2,802,489 | ||||||
Broadcom, Inc. | 5,539 | 3,553,490 | ||||||
Lam Research Corp. | 2,633 | 1,395,806 | ||||||
NVIDIA Corp. | 62,256 | 17,292,849 | ||||||
NXP Semiconductors N.V. | 2,220 | 413,975 | ||||||
ON Semiconductor Corp. (a)(b) | 10,610 | 873,415 | ||||||
QUALCOMM, Inc. | 27,400 | 3,495,692 | ||||||
Texas Instruments, Inc. (b) | 13,417 | 2,495,696 | ||||||
34,873,645 | ||||||||
SOFTWARE - 10.6% | ||||||||
Adobe, Inc. (a) | 2,177 | 838,951 | ||||||
ANSYS, Inc. (a) | 1,328 | 441,958 | ||||||
Autodesk, Inc. (a) | 1,516 | 315,571 | ||||||
Cadence Design Systems, Inc. (a) | 10,624 | 2,231,996 | ||||||
Gen Digital, Inc. | 5,360 | 91,978 | ||||||
Intuit, Inc. | 2,800 | 1,248,324 | ||||||
Microsoft Corp. | 128,238 | 36,971,015 | ||||||
Oracle Corp. | 37,870 | 3,518,880 | ||||||
Paycom Software, Inc. (a) | 1,910 | 580,659 | ||||||
PTC, Inc. (a) | 6,510 | 834,777 | ||||||
ServiceNow, Inc. (a) | 3,323 | 1,544,265 | ||||||
Synopsys, Inc. (a) | 6,460 | 2,495,175 | ||||||
51,113,549 | ||||||||
SPECIALTY FINANCE - 0.3% | ||||||||
American Express Co. | 7,720 | 1,273,414 | ||||||
STEEL - 0.1% | ||||||||
Nucor Corp. (b) | 3,250 | 502,027 |
Schedule of Portfolio Investments (Continued)
Praxis Growth Index Fund
COMMON STOCKS - 98.9% (Continued) | Shares | Fair Value | ||||||
TECHNOLOGY HARDWARE - 14.4% | ||||||||
Apple, Inc. | 399,198 | $ | 65,827,750 | |||||
Arista Networks, Inc. (a) | 7,440 | 1,248,878 | ||||||
Cisco Systems, Inc. | 7,020 | 366,971 | ||||||
HP, Inc. | 12,500 | 366,875 | ||||||
Juniper Networks, Inc. | 16,400 | 564,488 | ||||||
NetApp, Inc. | 10,730 | 685,111 | ||||||
69,060,073 | ||||||||
TECHNOLOGY SERVICES - 6.9% | ||||||||
Accenture plc - Class A | 17,989 | 5,141,436 | ||||||
Automatic Data Processing, Inc. | 13,460 | 2,996,600 | ||||||
Broadridge Financial Solutions, Inc. | 2,596 | 380,496 | ||||||
Fiserv, Inc. (a) | 11,266 | 1,273,396 | ||||||
Gartner, Inc. (a) | 10 | 3,258 | ||||||
International Business Machines Corp. | 2,900 | 380,161 | ||||||
Jack Henry & Associates, Inc. (b) | 3,660 | 551,635 | ||||||
MarketAxess Holdings, Inc. | 1,390 | 543,893 | ||||||
Mastercard, Inc. - Class A | 22,916 | 8,327,904 | ||||||
Moody's Corp. | 3,375 | 1,032,817 | ||||||
MSCI, Inc. | 1,797 | 1,005,763 | ||||||
S&P Global, Inc. | 2,494 | 859,856 | ||||||
Visa, Inc. - Class A (b) | 46,423 | 10,466,530 | ||||||
32,963,745 | ||||||||
TELECOMMUNICATIONS - 0.1% | ||||||||
T-Mobile US, Inc. (a) | 3,790 | 548,944 | ||||||
TRANSPORTATION & LOGISTICS - 1.4% | ||||||||
Alaska Air Group, Inc. (a) | 7,690 | 322,672 | ||||||
American Airlines Group, Inc. (a) | 43,510 | 641,773 | ||||||
CSX Corp. | 22,471 | 672,782 | ||||||
Delta Air Lines, Inc. (a) | 11,420 | 398,786 | ||||||
Expeditors International of Washington, Inc. | 4,770 | 525,272 | ||||||
J.B. Hunt Transport Services, Inc. | 2,270 | 398,294 | ||||||
Old Dominion Freight Line, Inc. | 2,950 | 1,005,478 | ||||||
Southwest Airlines Co. | 10,060 | 327,352 | ||||||
Union Pacific Corp. | 3,921 | 789,141 | ||||||
United Airlines Holdings, Inc. (a) | 8,760 | 387,630 | ||||||
United Parcel Service, Inc. - Class B | 7,445 | 1,444,256 | ||||||
6,913,436 |
Schedule of Portfolio Investments (Continued)
Praxis Growth Index Fund
COMMON STOCKS - 98.9% (Continued) | Shares | Fair Value | ||||||
WHOLESALE - CONSUMER STAPLES - 0.1% | ||||||||
Sysco Corp. | 5,970 | $ | 461,063 | |||||
WHOLESALE - DISCRETIONARY - 0.2% | ||||||||
Copart, Inc. (a) | 10,326 | 776,618 | ||||||
TOTAL COMMON STOCKS (COST $294,169,663) | $ | 474,299,560 |
CORPORATE NOTES - 0.8% | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
COMMUNITY DEVELOPMENT - 0.8% | |||||||||||||||
Calvert Social Investment Foundation, Inc. (c) | 3.000 | % | 06/15/23 | $ | 900,000 | $ | 893,851 | ||||||||
Calvert Social Investment Foundation, Inc. (c) | 3.000 | % | 12/15/23 | 200,000 | 195,919 | ||||||||||
Calvert Social Investment Foundation, Inc. (c) | 1.000 | % | 06/14/24 | 520,000 | 491,799 | ||||||||||
Calvert Social Investment Foundation, Inc. (c) | 3.000 | % | 06/17/24 | 550,000 | 532,438 | ||||||||||
Calvert Social Investment Foundation, Inc. (c) | 3.000 | % | 12/15/24 | 150,000 | 143,510 | ||||||||||
Calvert Social Investment Foundation, Inc. (c) | 2.500 | % | 06/13/25 | 670,000 | 627,549 | ||||||||||
Calvert Social Investment Foundation, Inc. (c) | 2.500 | % | 12/15/25 | 500,000 | 462,979 | ||||||||||
Capital Impact Partners (c) | 4.800 | % | 12/15/23 | 600,000 | 600,284 | ||||||||||
TOTAL CORPORATE NOTES (COST $4,090,000) | $ | 3,948,329 |
MONEY MARKET FUNDS - 0.2% | Shares | Fair Value | ||||||
First American Government Obligations Fund - Class X, 4.65% (d) (COST $1,140,889) | 1,140,889 | $ | 1,140,889 |
Schedule of Portfolio Investments (Continued)
Praxis Growth Index Fund
INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 11.4% | Shares | Fair Value | ||||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.93% (d)(e) (COST $54,579,859) | 54,579,859 | $ | 54,579,859 | |||||
TOTAL INVESTMENTS - (COST $353,980,411) - 111.3% | $ | 533,968,637 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (11.3%) | (54,206,586 | ) | ||||||
NET ASSETS - 100.0% | $ | 479,762,051 |
(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 March 31, 2023 was $54,823,301. |
(c) | Illiquid securities are as follows: |
Acquisition Date | Current Cost | Fair Value | % of Net Assets | |||||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23 | 06/18/18 | 900,000 | 893,851 | 0.2 | % | |||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23 | 12/17/18 | 200,000 | 195,919 | 0.1 | % | |||||||||
Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24 | 06/15/21 | 520,000 | 491,799 | 0.1 | % | |||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24 | 06/17/19 | 550,000 | 532,438 | 0.1 | % | |||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24 | 12/12/19 | 150,000 | 143,510 | 0.0 | %(f) | |||||||||
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25 | 06/12/20 | 670,000 | 627,549 | 0.1 | % | |||||||||
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25 | 12/15/20 | 500,000 | 462,979 | 0.1 | % | |||||||||
Capital Impact Partners 4.800%, 12/15/23 | 12/19/22 | 600,000 | 600,284 | 0.1 | % | |||||||||
$ | 4,090,000 | $ | 3,948,329 | 0.8 | % |
(d) | The rate shown is the 7-day effective yield as of March 31, 2023. |
(e) | The security was purchased with cash collateral received from securities on loan. |
(f) | Percentage rounds to less than 0.1%. |
plc - Public Liability Company |
Schedule of Portfolio Investments
Praxis Small Cap Index Fund
March 31, 2023 (Unaudited)
COMMON STOCKS - 98.6% | Shares | Fair Value | ||||||
ADVERTISING & MARKETING - 0.2% | ||||||||
QuinStreet, Inc. (a) | 15,700 | $ | 249,159 | |||||
AEROSPACE & DEFENSE - 0.2% | ||||||||
Barnes Group, Inc. | 6,060 | 244,097 | ||||||
APPAREL & TEXTILE PRODUCTS - 1.2% | ||||||||
Hanesbrands, Inc. (b) | 75,150 | 395,289 | ||||||
Kontoor Brands, Inc. (b) | 7,330 | 354,699 | ||||||
Movado Group, Inc. | 6,810 | 195,924 | ||||||
Oxford Industries, Inc. | 3,465 | 365,869 | ||||||
Steven Madden Ltd. | 11,935 | 429,660 | ||||||
1,741,441 | ||||||||
ASSET MANAGEMENT - 0.7% | ||||||||
Avantax, Inc. (a) | 15,340 | 403,749 | ||||||
B. Riley Financial, Inc. (b) | 3,850 | 109,301 | ||||||
BrightSphere Investment Group, Inc. | 7,030 | 165,767 | ||||||
Star Holdings (a) | 4,715 | 82,002 | ||||||
Virtus Investment Partners, Inc. | 920 | 175,159 | ||||||
WisdomTree Investments, Inc. | 21,350 | 125,111 | ||||||
1,061,089 | ||||||||
AUTOMOTIVE - 1.0% | ||||||||
American Axle & Manufacturing Holdings, Inc. (a) | 25,710 | 200,795 | ||||||
Dorman Products, Inc. (a) | 3,060 | 263,955 | ||||||
Gentherm, Inc. (a) | 6,580 | 397,564 | ||||||
Methode Electronics, Inc. | 8,170 | 358,500 | ||||||
XPEL, Inc. (a) | 3,920 | 266,364 | ||||||
1,487,178 | ||||||||
BANKING - 9.1% | ||||||||
Ameris Bancorp | 10,274 | 375,823 | ||||||
Atlantic Union Bankshares Corp. | 3,030 | 106,202 | ||||||
Axos Financial, Inc. (a)(b) | 8,590 | 317,143 | ||||||
Banc of California, Inc. | 9,670 | 121,165 | ||||||
BancFirst Corp. | 3,710 | 308,301 | ||||||
Bancorp, Inc. (The) (a) | 10,190 | 283,792 | ||||||
BankUnited, Inc. (b) | 12,200 | 275,476 | ||||||
Banner Corp. | 6,070 | 330,026 | ||||||
Berkshire Hills Bancorp, Inc. | 7,000 | 175,420 |
Schedule of Portfolio Investments (Continued)
Praxis Small Cap Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
BANKING - 9.1% (Continued) | ||||||||
Brookline Bancorp, Inc. | 15,670 | $ | 164,535 | |||||
Capitol Federal Financial, Inc. | 21,140 | 142,272 | ||||||
Central Pacific Financial Corp. | 5,870 | 105,073 | ||||||
City Holding Co. | 2,750 | 249,920 | ||||||
Community Bank System, Inc. | 6,810 | 357,457 | ||||||
Customers Bancorp, Inc. (a) | 10,660 | 197,423 | ||||||
CVB Financial Corp. | 8,690 | 144,949 | ||||||
Dime Community Bancshares, Inc. | 5,099 | 115,849 | ||||||
Eagle Bancorp, Inc. | 4,960 | 166,011 | ||||||
FB Financial Corp. | 3,496 | 108,656 | ||||||
First BanCorp. | 38,970 | 445,038 | ||||||
First Bancorp/NC | 5,760 | 204,595 | ||||||
First Commonwealth Financial Corp. | 16,040 | 199,377 | ||||||
First Financial Bancorp | 14,510 | 315,883 | ||||||
First Hawaiian, Inc. | 19,630 | 404,967 | ||||||
Hanmi Financial Corp. | 9,870 | 183,286 | ||||||
Heritage Financial Corp. | 8,470 | 181,258 | ||||||
Hilltop Holdings, Inc. | 3,420 | 101,471 | ||||||
HomeStreet, Inc. | 11,670 | 209,943 | ||||||
Hope Bancorp, Inc. | 13,790 | 135,418 | ||||||
Independent Bank Corp. | 6,760 | 443,591 | ||||||
Independent Bank Group, Inc. | 4,740 | 219,699 | ||||||
Lakeland Financial Corp. | 5,160 | 323,222 | ||||||
National Bank Holdings Corp. - Class A | 6,570 | 219,832 | ||||||
NBT Bancorp, Inc. | 10,730 | 361,708 | ||||||
Northwest Bancshares, Inc. | 16,270 | 195,728 | ||||||
OFG Bancorp | 7,230 | 180,316 | ||||||
Pacific Premier Bancorp, Inc. | 15,096 | 362,606 | ||||||
Park National Corp. (b) | 2,050 | 243,069 | ||||||
Pathward Financial, Inc. | 6,750 | 280,058 | ||||||
Preferred Bank | 2,910 | 159,497 | ||||||
Provident Financial Services, Inc. | 14,360 | 275,425 | ||||||
Renasant Corp. | 9,410 | 287,758 | ||||||
S&T Bancorp, Inc. | 3,290 | 103,471 | ||||||
Seacoast Banking Corp. of Florida | 11,950 | 283,215 | ||||||
ServisFirst Bancshares, Inc. (b) | 10,670 | 582,902 | ||||||
Simmons First National Corp. - Class A | 20,420 | 357,146 | ||||||
Southside Bancshares, Inc. | 4,987 | 165,568 |
Schedule of Portfolio Investments (Continued)
Praxis Small Cap Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
BANKING - 9.1% (Continued) | ||||||||
Tompkins Financial Corp. | 1,620 | $ | 107,260 | |||||
Triumph Financial, Inc. (a) | 5,040 | 292,622 | ||||||
Trustmark Corp. | 12,050 | 297,635 | ||||||
United Community Banks, Inc. (b) | 18,510 | 520,501 | ||||||
Veritex Holdings, Inc. | 13,050 | 238,293 | ||||||
Westamerica BanCorp. | 4,380 | 194,034 | ||||||
WSFS Financial Corp. | 10,230 | 384,750 | ||||||
13,506,635 | ||||||||
BEVERAGES - 0.2% | ||||||||
National Beverage Corp. (a) | 4,440 | 234,077 | ||||||
BIOTECH & PHARMA - 3.6% | ||||||||
Amphastar Pharmaceuticals, Inc. (a) | 6,470 | 242,625 | ||||||
Anika Therapeutics, Inc. (a) | 4,520 | 129,814 | ||||||
Arcus Biosciences, Inc. (a) | 10,060 | 183,494 | ||||||
Avid Bioservices, Inc. (a) | 12,650 | 237,314 | ||||||
Catalyst Pharmaceutical, Inc. (a) | 15,260 | 253,011 | ||||||
Certara, Inc. (a) | 12,320 | 297,035 | ||||||
Coherus Biosciences, Inc. (a) | 28,080 | 192,067 | ||||||
Collegium Pharmaceutical, Inc. (a) | 4,650 | 111,553 | ||||||
Cytokinetics, Inc. (a)(b) | 16,450 | 578,876 | ||||||
Dynavax Technologies Corp. (a) | 20,100 | 197,181 | ||||||
Emergent BioSolutions, Inc. (a) | 8,150 | 84,434 | ||||||
Enanta Pharmaceuticals, Inc. (a) | 4,260 | 172,274 | ||||||
Harmony Biosciences Holdings, Inc. (a)(b) | 4,600 | 150,190 | ||||||
Heska Corp. (a)(b) | 1,950 | 190,359 | ||||||
Innoviva, Inc. (a)(b) | 11,970 | 134,663 | ||||||
Ironwood Pharmaceuticals, Inc. (a) | 10,090 | 106,147 | ||||||
Ligand Pharmaceuticals, Inc. (a) | 2,760 | 203,026 | ||||||
Pacira BioSciences, Inc. (a) | 6,110 | 249,349 | ||||||
Prestige Consumer Healthcare, Inc. (a) | 6,630 | 415,237 | ||||||
REGENXBIO, Inc. (a) | 5,650 | 106,842 | ||||||
Supernus Pharmaceuticals, Inc. (a) | 7,570 | 274,261 | ||||||
uniQure N.V. (a) | 10,260 | 206,636 | ||||||
Vanda Pharmaceuticals, Inc. (a) | 25,990 | 176,472 | ||||||
Vir Biotechnology, Inc. (a) | 10,170 | 236,656 | ||||||
Xencor, Inc. (a) | 8,400 | 234,276 | ||||||
5,363,792 |
Schedule of Portfolio Investments (Continued)
Praxis Small Cap Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
CHEMICALS - 3.2% | ||||||||
AdvanSix, Inc. | 10,540 | $ | 403,366 | |||||
Balchem Corp. | 5,560 | 703,229 | ||||||
H.B. Fuller Co. | 10,240 | 700,928 | ||||||
Innospec, Inc. | 4,330 | 444,561 | ||||||
Materion Corp. | 5,040 | 584,640 | ||||||
Minerals Technologies, Inc. | 4,550 | 274,911 | ||||||
Quaker Chemical Corp. | 1,500 | 296,925 | ||||||
Rayonier Advanced Materials, Inc. (a) | 10,420 | 65,333 | ||||||
Rogers Corp. (a) | 3,610 | 589,982 | ||||||
Stepan Co. | 3,960 | 407,999 | ||||||
WD-40 Co. | 1,810 | 322,271 | ||||||
4,794,145 | ||||||||
COMMERCIAL SUPPORT SERVICES - 3.0% | ||||||||
ABM Industries, Inc. | 13,350 | 599,949 | ||||||
AMN Healthcare Services, Inc. (a) | 9,180 | 761,573 | ||||||
Brady Corp. - Class A | 19,000 | 1,020,870 | ||||||
CorVel Corp. (a) | 2,390 | 454,769 | ||||||
Cross Country Healthcare, Inc. (a) | 5,410 | 120,751 | ||||||
Harsco Corp. (a) | 14,710 | 100,469 | ||||||
Healthcare Services Group, Inc. | 12,090 | 167,688 | ||||||
Heidrick & Struggles International, Inc. | 6,300 | 191,268 | ||||||
Kelly Services, Inc. - Class A | 11,930 | 197,919 | ||||||
Korn Ferry | 8,880 | 459,451 | ||||||
UniFirst Corp. | 1,790 | 315,452 | ||||||
Viad Corp. (a)(b) | 5,500 | 114,620 | ||||||
4,504,779 | ||||||||
CONSUMER SERVICES - 1.0% | ||||||||
Adtalem Global Education, Inc. (a) | 12,630 | 487,771 | ||||||
Medifast, Inc. | 1,780 | 184,533 | ||||||
Perdoceo Education Corp. (a) | 16,740 | 224,818 | ||||||
Strategic Education, Inc. (b) | 5,770 | 518,319 | ||||||
Stride, Inc. (a)(b) | 2,770 | 108,722 | ||||||
1,524,163 | ||||||||
CONTAINERS & PACKAGING - 0.5% | ||||||||
Myers Industries, Inc. | 10,120 | 216,871 | ||||||
O-I Glass, Inc. (a) | 22,780 | 517,334 | ||||||
734,205 |
Schedule of Portfolio Investments (Continued)
Praxis Small Cap Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
ELECTRIC UTILITIES - 1.2% | ||||||||
Avista Corp. (b) | 18,490 | $ | 784,901 | |||||
Otter Tail Corp. | 1,520 | 109,850 | ||||||
Unitil Corp. | 15,560 | 887,542 | ||||||
1,782,293 | ||||||||
ELECTRICAL EQUIPMENT - 2.9% | ||||||||
AAON, Inc. | 11,030 | 1,066,491 | ||||||
Advanced Energy Industries, Inc. (b) | 6,290 | 616,420 | ||||||
Alarm.com Holdings, Inc. (a) | 7,330 | 368,552 | ||||||
Badger Meter, Inc. | 6,300 | 767,466 | ||||||
FARO Technologies, Inc. (a) | 5,290 | 130,187 | ||||||
Itron, Inc. (a) | 3,600 | 199,620 | ||||||
Mesa Laboratories, Inc. | 1,460 | 255,106 | ||||||
OSI Systems, Inc. (a) | 2,550 | 261,018 | ||||||
SPX Technologies, Inc. (a) | 9,870 | 696,625 | ||||||
4,361,485 | ||||||||
ENGINEERING & CONSTRUCTION - 2.2% | ||||||||
Arcosa, Inc. | 7,940 | 501,093 | ||||||
Comfort Systems USA, Inc. | 5,920 | 864,083 | ||||||
Dycom Industries, Inc. (a) | 2,190 | 205,094 | ||||||
Frontdoor, Inc. (a) | 14,390 | 401,193 | ||||||
Granite Construction, Inc. (b) | 7,530 | 309,332 | ||||||
Installed Building Products, Inc. | 3,410 | 388,842 | ||||||
MYR Group, Inc. (a) | 2,470 | 311,245 | ||||||
NV5 Global, Inc. (a) | 2,110 | 219,377 | ||||||
3,200,259 | ||||||||
ENTERTAINMENT CONTENT - 0.2% | ||||||||
AMC Networks, Inc. - Class A (a) | 13,090 | 230,122 | ||||||
FOOD - 1.6% | ||||||||
Cal-Maine Foods, Inc. (b) | 6,880 | 418,923 | ||||||
Hain Celestial Group, Inc. (The) (a) | 6,490 | 111,304 | ||||||
Hostess Brands, Inc. (a)(b) | 28,140 | 700,123 | ||||||
Simply Good Foods Co. (The) (a) | 13,440 | 534,509 | ||||||
Tootsie Roll Industries, Inc. | 3,329 | 149,519 | ||||||
TreeHouse Foods, Inc. (a) | 9,670 | 487,658 | ||||||
2,402,036 | ||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.4% | ||||||||
Boise Cascade Co. | 7,010 | 443,382 |
Schedule of Portfolio Investments (Continued)
Praxis Small Cap Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.4% (Continued) | ||||||||
Sylvamo Corp. | 3,510 | $ | 162,373 | |||||
605,755 | ||||||||
GAS & WATER UTILITIES - 1.9% | ||||||||
American States Water Co. | 8,490 | 754,676 | ||||||
California Water Service Group | 16,470 | 958,554 | ||||||
Middlesex Water Co. | 6,040 | 471,845 | ||||||
SJW Group (b) | 8,190 | 623,505 | ||||||
2,808,580 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 2.4% | ||||||||
AdaptHealth Corp. (a) | 11,070 | 137,600 | ||||||
Addus HomeCare Corp. (a) | 2,750 | 293,590 | ||||||
Agiliti, Inc. (a) | 14,000 | 223,720 | ||||||
Enhabit, Inc. (a) | 8,590 | 119,487 | ||||||
Ensign Group, Inc. (The) (b) | 8,010 | 765,276 | ||||||
Fulgent Genetics, Inc. (a) | 5,970 | 186,383 | ||||||
ModivCare, Inc. (a) | 2,130 | 179,090 | ||||||
NeoGenomics, Inc. (a) | 17,840 | 310,594 | ||||||
Owens & Minor, Inc. (a) | 12,410 | 180,566 | ||||||
Pediatrix Medical Group, Inc. (a) | 14,540 | 216,791 | ||||||
RadNet, Inc. (a) | 11,320 | 283,340 | ||||||
Select Medical Holdings Corp. | 16,840 | 435,314 | ||||||
U.S. Physical Therapy, Inc. | 2,080 | 203,653 | ||||||
3,535,404 | ||||||||
HOME & OFFICE PRODUCTS - 0.3% | ||||||||
HNI Corp. | 4,010 | 111,638 | ||||||
iRobot Corp. (a) | 3,560 | 155,358 | ||||||
MillerKnoll, Inc. | 10,390 | 212,476 | ||||||
479,472 | ||||||||
HOME CONSTRUCTION - 2.6% | ||||||||
Cavco Industries, Inc. (a) | 1,950 | 619,593 | ||||||
Century Communities, Inc. | 2,300 | 147,016 | ||||||
Green Brick Partners, Inc. (a) | 5,000 | 175,300 | ||||||
Interface, Inc. | 24,150 | 196,098 | ||||||
LGI Homes, Inc. (a)(b) | 3,980 | 453,839 | ||||||
M/I Homes, Inc. (a) | 3,510 | 221,446 | ||||||
Masterbrand Inc. (a) | 15,020 | 120,761 | ||||||
MDC Holdings, Inc. | 10,555 | 410,273 |
Schedule of Portfolio Investments (Continued)
Praxis Small Cap Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
HOME CONSTRUCTION - 2.6% (Continued) | ||||||||
Meritage Homes Corp. | 6,110 | $ | 713,404 | |||||
Patrick Industries, Inc. | 2,420 | 166,520 | ||||||
PGT Innovations, Inc. (a) | 9,950 | 249,844 | ||||||
TRI Pointe Homes, Inc. (a) | 14,490 | 366,887 | ||||||
3,840,981 | ||||||||
HOUSEHOLD PRODUCTS - 1.3% | ||||||||
e.l.f. Beauty, Inc. (a) | 10,960 | 902,556 | ||||||
Edgewell Personal Care Co. | 5,910 | 250,702 | ||||||
Inter Parfums, Inc. | 2,400 | 341,376 | ||||||
Nu Skin Enterprises, Inc. - Class A | 2,820 | 110,854 | ||||||
Quanex Building Products Corp. | 11,930 | 256,853 | ||||||
1,862,341 | ||||||||
INDUSTRIAL INTERMEDIATE PRODUCTS - 1.4% | ||||||||
AZZ, Inc. | 4,910 | 202,488 | ||||||
EnPro Industries, Inc. | 3,620 | 376,082 | ||||||
Gibraltar Industries, Inc. (a) | 5,860 | 284,210 | ||||||
Insteel Industries, Inc. | 3,950 | 109,889 | ||||||
Mueller Industries, Inc. (b) | 8,500 | 624,580 | ||||||
Proto Labs, Inc. (a) | 4,540 | 150,501 | ||||||
Standex International Corp. | 2,030 | 248,553 | ||||||
1,996,303 | ||||||||
INDUSTRIAL SUPPORT SERVICES - 1.1% | ||||||||
Applied Industrial Technologies, Inc. | 7,530 | 1,070,239 | ||||||
DXP Enterprises, Inc. (a) | 5,460 | 146,983 | ||||||
Resideo Technologies, Inc. (a) | 24,870 | 454,624 | ||||||
1,671,846 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 0.5% | ||||||||
Piper Sandler Cos. | 3,730 | 517,016 | ||||||
StoneX Group, Inc. (a) | 2,410 | 249,507 | ||||||
766,523 | ||||||||
INSURANCE - 2.5% | ||||||||
Ambac Financial Group, Inc. (a) | 10,910 | 168,887 | ||||||
American Equity Investment Life Holding Co. (b) | 12,720 | 464,153 | ||||||
AMERISAFE, Inc. | 3,560 | 174,262 | ||||||
Assured Guaranty Ltd. | 10,110 | 508,230 | ||||||
Employers Holdings, Inc. | 3,240 | 135,076 | ||||||
Genworth Financial, Inc. - Class A (a) | 116,460 | 584,629 | ||||||
Horace Mann Educators Corp. | 5,960 | 199,541 |
Schedule of Portfolio Investments (Continued)
Praxis Small Cap Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
INSURANCE - 2.5% (Continued) | ||||||||
James River Group Holdings Ltd. | 5,500 | $ | 113,575 | |||||
NMI Holdings, Inc. - Class A (a) | 14,340 | 320,212 | ||||||
Palomar Holdings, Inc. (a) | 3,850 | 212,520 | ||||||
ProAssurance Corp. | 6,230 | 115,130 | ||||||
Radian Group, Inc. | 10,070 | 222,547 | ||||||
Safety Insurance Group, Inc. | 2,760 | 205,675 | ||||||
Trupanion, Inc. (a)(b) | 6,280 | 269,349 | ||||||
3,693,786 | ||||||||
INTERNET MEDIA & SERVICES - 0.7% | ||||||||
Cars.com, Inc. (a) | 16,270 | 314,011 | ||||||
Shutterstock, Inc. | 3,610 | 262,086 | ||||||
TechTarget, Inc. (a) | 4,120 | 148,814 | ||||||
Yelp, Inc. (a) | 11,460 | 351,822 | ||||||
1,076,733 | ||||||||
LEISURE FACILITIES & SERVICES - 2.5% | ||||||||
Bloomin' Brands, Inc. (b) | 18,470 | 473,755 | ||||||
Brinker International, Inc. (a) | 7,800 | 296,400 | ||||||
Cheesecake Factory, Inc. (The) | 7,530 | 263,927 | ||||||
Chuy's Holdings, Inc. (a) | 6,950 | 249,158 | ||||||
Cinemark Holdings, Inc. (a) | 24,860 | 367,679 | ||||||
Cracker Barrel Old Country Store, Inc. (b) | 1,880 | 213,568 | ||||||
Dave & Buster's Entertainment, Inc. (a) | 9,190 | 338,100 | ||||||
Dine Brands Global, Inc. | 3,280 | 221,859 | ||||||
El Pollo Loco Holdings, Inc. | 21,940 | 210,405 | ||||||
Jack in the Box, Inc. | 4,400 | 385,396 | ||||||
Shake Shack, Inc. - Class A (a) | 5,180 | 287,438 | ||||||
Six Flags Entertainment Corp. (a) | 15,340 | 409,731 | ||||||
3,717,416 | ||||||||
LEISURE PRODUCTS - 0.5% | ||||||||
LCI Industries (b) | 4,750 | 521,883 | ||||||
Winnebago Industries, Inc. (b) | 3,720 | 214,644 | ||||||
736,527 | ||||||||
MACHINERY - 3.3% | ||||||||
Alamo Group, Inc. | 1,800 | 331,488 | ||||||
Astec Industries, Inc. | 4,830 | 199,237 | ||||||
CIRCOR International, Inc. (a) | 9,130 | 284,126 | ||||||
Enerpac Tool Group Corp. | 19,940 | 508,470 | ||||||
ESCO Technologies, Inc. | 2,890 | 275,851 |
Schedule of Portfolio Investments (Continued)
Praxis Small Cap Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
MACHINERY - 3.3% (Continued) | ||||||||
Federal Signal Corp. | 4,750 | $ | 257,498 | |||||
Franklin Electric Co., Inc. | 6,300 | 592,830 | ||||||
Hillenbrand, Inc. | 7,280 | 346,018 | ||||||
Ichor Holdings Ltd. (a) | 8,140 | 266,504 | ||||||
John Bean Technologies Corp. | 5,325 | 581,969 | ||||||
Lindsay Corp. | 3,140 | 474,548 | ||||||
Stellar Bancorp, Inc. | 8,879 | 218,512 | ||||||
Tennant Co. | 2,040 | 139,801 | ||||||
Titan International, Inc. (a) | 33,750 | 353,700 | ||||||
4,830,552 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 2.8% | ||||||||
AngioDynamics, Inc. (a) | 10,480 | 108,363 | ||||||
Avanos Medical, Inc. (a) | 8,170 | 242,976 | ||||||
BioLife Solutions, Inc. (a) | 7,490 | 162,908 | ||||||
CONMED Corp. | 3,920 | 407,131 | ||||||
Cutera, Inc. (a) | 4,980 | 117,628 | ||||||
Embecta Corp. (b) | 9,350 | 262,922 | ||||||
Glaukos Corp. (a) | 7,100 | 355,710 | ||||||
Integer Holdings Corp. (a) | 4,160 | 322,400 | ||||||
LeMaitre Vascular, Inc. | 5,530 | 284,629 | ||||||
Merit Medical Systems, Inc. (a) | 10,140 | 749,853 | ||||||
Myriad Genetics, Inc. (a) | 13,280 | 308,494 | ||||||
NuVasive, Inc. (a) | 5,380 | 222,248 | ||||||
OraSure Technologies, Inc. (a) | 28,300 | 171,215 | ||||||
Varex Imaging Corp. (a) | 8,210 | 149,340 | ||||||
Vericel Corp. (a) | 8,820 | 258,602 | ||||||
4,124,419 | ||||||||
METALS & MINING - 1.6% | ||||||||
Arconic Corp. (a) | 13,470 | 353,318 | ||||||
Century Aluminum Co. (a) | 11,200 | 112,000 | ||||||
Encore Wire Corp. (b) | 3,620 | 670,895 | ||||||
Haynes International, Inc. | 4,750 | 237,927 | ||||||
Kaiser Aluminum Corp. | 2,420 | 180,605 | ||||||
Livent Corp. (a)(b) | 25,290 | 549,299 | ||||||
SunCoke Energy, Inc. | 30,440 | 273,351 | ||||||
2,377,395 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 2.4% | ||||||||
Bristow Group, Inc. (a) | 46,472 | 1,040,973 |
Schedule of Portfolio Investments (Continued)
Praxis Small Cap Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
OIL & GAS SERVICES & EQUIPMENT - 2.4% (Continued) | ||||||||
Core Laboratories N.V. | 51,860 | $ | 1,143,513 | |||||
DMC Global, Inc. (a) | 9,750 | 214,207 | ||||||
Helmerich & Payne, Inc. | 26,550 | 949,163 | ||||||
U.S. Silica Holdings, Inc. (a) | 17,890 | 213,607 | ||||||
3,561,463 | ||||||||
PUBLISHING & BROADCASTING - 0.2% | ||||||||
E.W. Scripps Co. (The) - Class A (a) | 21,100 | 198,551 | ||||||
Scholastic Corp. | 4,200 | 143,724 | ||||||
342,275 | ||||||||
REAL ESTATE OWNERS & DEVELOPERS - 0.1% | ||||||||
St. Joe Co. (The) | 5,140 | 213,875 | ||||||
REAL ESTATE SERVICES - 0.5% | ||||||||
Anywhere Real Estate, Inc. (a) | 32,310 | 170,597 | ||||||
Cushman & Wakefield plc (a)(b) | 17,860 | 188,244 | ||||||
Marcus & Millichap, Inc. | 6,930 | 222,522 | ||||||
RE/MAX Holdings, Inc. - Class A | 8,460 | 158,710 | ||||||
740,073 | ||||||||
REITS - 6.5% | ||||||||
Acadia Realty Trust (b) | 17,540 | 244,683 | ||||||
Alexander & Baldwin, Inc. | 13,480 | 254,907 | ||||||
American Assets Trust, Inc. | 6,220 | 115,630 | ||||||
Armada Hoffler Properties, Inc. | 12,440 | 146,916 | ||||||
Brandywine Realty Trust | 55,840 | 264,123 | ||||||
CareTrust REIT, Inc. | 12,440 | 243,575 | ||||||
Centerspace | 3,050 | 166,621 | ||||||
Chatham Lodging Trust | 14,320 | 150,217 | ||||||
Community Healthcare Trust, Inc. | 4,290 | 157,014 | ||||||
DiamondRock Hospitality Co. | 28,340 | 230,404 | ||||||
Easterly Government Properties, Inc. | 9,670 | 132,866 | ||||||
Elme Communities | 8,830 | 157,704 | ||||||
Essential Properties Realty Trust, Inc. | 18,920 | 470,162 | ||||||
Four Corners Property Trust, Inc. (b) | 8,630 | 231,802 | ||||||
Franklin BSP Realty Trust, Inc. (b) | 21,422 | 255,564 | ||||||
Getty Realty Corp. (b) | 8,140 | 293,284 | ||||||
Global Net Lease, Inc. | 16,580 | 213,219 | ||||||
Hudson Pacific Properties, Inc. | 47,960 | 318,934 |
Schedule of Portfolio Investments (Continued)
Praxis Small Cap Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
REITS - 6.5% (Continued) | ||||||||
Innovative Industrial Properties, Inc. (b) | 4,430 | $ | 336,636 | |||||
iStar, Inc. (b) | 9,118 | 267,802 | ||||||
LTC Properties, Inc. | 7,200 | 252,936 | ||||||
LXP Industrial Trust | 32,120 | 331,157 | ||||||
NexPoint Residential Trust, Inc. | 3,250 | 141,927 | ||||||
Office Properties Income Trust | 16,590 | 204,057 | ||||||
Orion Office REIT, Inc. | 26,100 | 174,870 | ||||||
Outfront Media, Inc. | 24,990 | 405,588 | ||||||
Pebblebrook Hotel Trust | 16,060 | 225,482 | ||||||
Retail Opportunity Investments Corp. | 23,490 | 327,920 | ||||||
RPT Realty | 19,470 | 185,160 | ||||||
Saul Centers, Inc. | 3,420 | 133,380 | ||||||
Service Properties Trust | 28,860 | 287,446 | ||||||
SITE Centers Corp. | 25,140 | 308,719 | ||||||
SL Green Realty Corp. | 13,140 | 309,053 | ||||||
Summit Hotel Properties, Inc. | 23,710 | 165,970 | ||||||
Sunstone Hotel Investors, Inc. (b) | 32,670 | 322,780 | ||||||
Tanger Factory Outlet Centers, Inc. | 16,810 | 329,980 | ||||||
Uniti Group, Inc. | 35,680 | 126,664 | ||||||
Universal Health Realty Income Trust | 2,270 | 109,210 | ||||||
Urban Edge Properties | 13,970 | 210,388 | ||||||
Veris Residential, Inc. (a) | 13,500 | 197,640 | ||||||
Xenia Hotel & Resorts, Inc. | 18,240 | 238,762 | ||||||
9,641,152 | ||||||||
RENEWABLE ENERGY - 0.1% | ||||||||
Green Plains, Inc. (a) | 7,060 | 218,789 | ||||||
RETAIL - CONSUMER STAPLES - 0.6% | ||||||||
Big Lots, Inc. | 10,100 | 110,696 | ||||||
SpartanNash Co. | 29,040 | 720,192 | ||||||
830,888 | ||||||||
RETAIL - DISCRETIONARY - 5.7% | ||||||||
Abercrombie & Fitch Co. - Class A (a) | 13,550 | 376,012 | ||||||
Academy Sports & Outdoors, Inc. | 16,030 | 1,045,957 | ||||||
American Eagle Outfitters, Inc. | 22,590 | 303,610 | ||||||
America's Car-Mart, Inc. (a) | 1,540 | 121,983 | ||||||
Asbury Automotive Group, Inc. (a)(b) | 3,100 | 651,000 | ||||||
Boot Barn Holdings, Inc. (a) | 4,560 | 349,478 |
Schedule of Portfolio Investments (Continued)
Praxis Small Cap Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
RETAIL - DISCRETIONARY - 5.7% (Continued) | ||||||||
Buckle, Inc. (The) | 5,380 | $ | 192,012 | |||||
Caleres, Inc. | 10,210 | 220,842 | ||||||
Chico's FAS, Inc. (a) | 40,780 | 224,290 | ||||||
Children's Place, Inc. (The) (a) | 4,250 | 171,062 | ||||||
Ethan Allen Interiors, Inc. | 12,700 | 348,742 | ||||||
Genesco, Inc. (a) | 3,300 | 121,704 | ||||||
GMS, Inc. (a) | 7,050 | 408,125 | ||||||
Group 1 Automotive, Inc. (b) | 3,050 | 690,581 | ||||||
Guess?, Inc. | 9,260 | 180,200 | ||||||
Hibbett, Inc. | 5,140 | 303,157 | ||||||
La-Z-Boy, Inc. | 6,970 | 202,688 | ||||||
Leslie's, Inc. (a) | 23,260 | 256,093 | ||||||
MarineMax, Inc. (a) | 4,440 | 127,650 | ||||||
Mister Car Wash, Inc. (a) | 23,690 | 204,208 | ||||||
Monro, Inc. | 2,660 | 131,484 | ||||||
ODP Corp. (The) (a) | 7,677 | 345,311 | ||||||
Sally Beauty Holdings, Inc. (a) | 15,060 | 234,635 | ||||||
Shoe Carnival, Inc. | 4,710 | 120,812 | ||||||
Signet Jewelers Ltd. | 7,200 | 560,016 | ||||||
Sleep Number Corp. (a) | 5,410 | 164,518 | ||||||
Urban Outfitters, Inc. (a) | 10,750 | 297,990 | ||||||
8,354,160 | ||||||||
SEMICONDUCTORS - 4.6% | ||||||||
Axcelis Technologies, Inc. (a) | 12,690 | 1,690,942 | ||||||
CEVA, Inc. (a) | 4,550 | 138,456 | ||||||
Cohu, Inc. (a) | 7,270 | 279,095 | ||||||
CTS Corp. (b) | 6,010 | 297,255 | ||||||
Diodes, Inc. (a) | 6,230 | 577,895 | ||||||
FormFactor, Inc. (a) | 11,450 | 364,683 | ||||||
Kulicke & Soffa Industries, Inc. (b) | 9,850 | 518,997 | ||||||
MaxLinear, Inc. (a) | 8,610 | 303,158 | ||||||
Onto Innovation, Inc. (a) | 12,047 | 1,058,690 | ||||||
Photronics, Inc. (a) | 16,690 | 276,720 | ||||||
Rambus, Inc. (a)(b) | 18,385 | 942,415 | ||||||
Semtech Corp. (a) | 3,970 | 95,836 | ||||||
Ultra Clean Holdings, Inc. (a) | 3,800 | 126,008 | ||||||
Veeco Instruments, Inc. (a) | 8,620 | 182,141 | ||||||
6,852,291 |
Schedule of Portfolio Investments (Continued)
Praxis Small Cap Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
SOFTWARE - 3.6% | ||||||||
Adeia, Inc. | 14,711 | $ | 130,339 | |||||
Agilysys, Inc. (a) | 6,190 | 510,737 | ||||||
Apollo Medical Holdings, Inc. (a) | 6,870 | 250,549 | ||||||
Avid Technology, Inc. (a) | 4,340 | 138,793 | ||||||
Cerence, Inc. (a) | 6,920 | 194,383 | ||||||
Digi International, Inc. (a) | 11,930 | 401,802 | ||||||
Digital Turbine, Inc. (a) | 16,200 | 200,232 | ||||||
Donnelley Financial Solutions, Inc. (a) | 6,550 | 267,633 | ||||||
DoubleVerify Holdings, Inc. (a) | 8,830 | 266,224 | ||||||
Ebix, Inc. | 7,800 | 102,882 | ||||||
NextGen Healthcare, Inc. (a) | 6,350 | 110,553 | ||||||
PDF Solutions, Inc. (a) | 9,190 | 389,656 | ||||||
Progress Software Corp. (b) | 6,410 | 368,255 | ||||||
Simulations Plus, Inc. | 4,350 | 191,139 | ||||||
SPS Commerce, Inc. (a) | 5,620 | 855,926 | ||||||
Thryv Holdings, Inc. (a) | 9,180 | 211,691 | ||||||
Veradigm, Inc. (a)(b) | 23,320 | 304,326 | ||||||
Verra Mobility Corp. (a)(b) | 12,330 | 208,624 | ||||||
Xperi, Inc. (a) | 14,004 | 153,064 | ||||||
5,256,808 | ||||||||
SPECIALTY FINANCE - 2.6% | ||||||||
Apollo Commercial Real Estate Finance, Inc. | 20,490 | 190,762 | ||||||
ARMOUR Residential REIT, Inc. (b) | 33,710 | 176,977 | ||||||
Bread Financial Holdings, Inc. | 8,810 | 267,119 | ||||||
Deluxe Corp. | 12,780 | 204,480 | ||||||
Ellington Financial, Inc. | 15,050 | 183,760 | ||||||
Encore Capital Group, Inc. (a)(b) | 3,150 | 158,917 | ||||||
Enova International, Inc. (a) | 7,260 | 322,562 | ||||||
Invesco Mortgage Capital, Inc. | 1,166 | 12,931 | ||||||
KKR Real Estate Finance Trust, Inc. | 13,750 | 156,613 | ||||||
LendingTree, Inc. (a) | 8,130 | 216,746 | ||||||
Mr. Cooper Group, Inc. (a) | 12,710 | 520,729 | ||||||
New York Mortgage Trust, Inc. | 11,162 | 111,174 | ||||||
PennyMac Mortgage Investment Trust | 14,450 | 178,169 | ||||||
PRA Group, Inc. (a)(b) | 6,530 | 254,409 | ||||||
Ready Capital Corp. | 19,700 | 200,349 | ||||||
Redwood Trust, Inc. | 19,810 | 133,519 | ||||||
Two Harbors Investment Corp. | 10,280 | 151,219 |
Schedule of Portfolio Investments (Continued)
Praxis Small Cap Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
SPECIALTY FINANCE - 2.6% (Continued) | ||||||||
Walker & Dunlop, Inc. | 4,340 | $ | 330,578 | |||||
World Acceptance Corp. (a) | 1,310 | 109,110 | ||||||
3,880,123 | ||||||||
STEEL - 1.0% | ||||||||
ATI, Inc. (a)(b) | 21,650 | 854,309 | ||||||
Carpenter Technology Corp. | 6,590 | 294,969 | ||||||
TimkenSteel Corp. (a) | 17,280 | 316,915 | ||||||
1,466,193 | ||||||||
TECHNOLOGY HARDWARE - 4.5% | ||||||||
3D Systems Corp. (a) | 16,470 | 176,559 | ||||||
ADTRAN, Inc. | 14,390 | 228,225 | ||||||
Arlo Technologies, Inc. (a) | 33,990 | 205,979 | ||||||
Benchmark Electronics, Inc. | 8,080 | 191,415 | ||||||
Clearfield, Inc. (a) | 3,590 | 167,222 | ||||||
Comtech Telecommunications Corp. | 9,290 | 115,939 | ||||||
Corsair Gaming, Inc. (a) | 10,890 | 199,832 | ||||||
Extreme Networks, Inc. (a) | 29,990 | 573,409 | ||||||
Fabrinet (a) | 7,180 | 852,697 | ||||||
Harmonic, Inc. (a) | 29,630 | 432,302 | ||||||
InterDigital, Inc. | 6,470 | 471,663 | ||||||
Knowles Corp. (a) | 18,120 | 308,040 | ||||||
NetScout Systems, Inc. (a) | 7,500 | 214,875 | ||||||
Pitney Bowes, Inc. | 38,260 | 148,831 | ||||||
Plexus Corp. (a) | 4,900 | 478,093 | ||||||
Sanmina Corp. (a)(b) | 13,090 | 798,359 | ||||||
Sonos, Inc. (a)(b) | 18,690 | 366,698 | ||||||
TTM Technologies, Inc. (a) | 28,760 | 387,972 | ||||||
Viavi Solutions, Inc. (a) | 24,360 | 263,819 | ||||||
6,581,929 | ||||||||
TECHNOLOGY SERVICES - 2.2% | ||||||||
CSG Systems International, Inc. | 5,650 | 303,405 | ||||||
EVERTEC, Inc. | 10,810 | 364,837 | ||||||
Green Dot Corp. - Class A (a) | 12,060 | 207,191 | ||||||
Insight Enterprises, Inc. (a) | 8,860 | 1,266,626 | ||||||
LiveRamp Holdings, Inc. (a) | 6,030 | 132,238 | ||||||
Payoneer Global, Inc. (a) | 34,870 | 218,635 | ||||||
Perficient, Inc. (a) | 4,700 | 339,293 | ||||||
Sabre Corp. (a)(b) | 54,990 | 235,907 |
Schedule of Portfolio Investments (Continued)
Praxis Small Cap Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
TECHNOLOGY SERVICES - 2.2% (Continued) | ||||||||
TTEC Holdings, Inc. | 3,630 | $ | 135,145 | |||||
3,203,277 | ||||||||
TELECOMMUNICATIONS - 0.7% | ||||||||
ATN International, Inc. | 2,850 | 116,622 | ||||||
Cogent Communications Holdings, Inc. (b) | 5,100 | 324,972 | ||||||
Consolidated Communications Holdings, Inc. (a) | 14,850 | 38,313 | ||||||
Gogo, Inc. (a) | 12,910 | 187,195 | ||||||
Lumen Technologies, Inc. (b) | 42,220 | 111,883 | ||||||
Telephone and Data Systems, Inc. | 17,960 | 188,760 | ||||||
967,745 | ||||||||
TRANSPORTATION & LOGISTICS - 2.6% | ||||||||
Allegiant Travel Co. (a) | 3,490 | 321,010 | ||||||
ArcBest Corp. (b) | 6,890 | 636,774 | ||||||
Forward Air Corp. | 4,570 | 492,463 | ||||||
Hawaiian Holdings, Inc. (a) | 17,650 | 161,674 | ||||||
Hub Group, Inc. - Class A (a) | 9,370 | 786,518 | ||||||
Marten Transport Ltd. | 18,180 | 380,871 | ||||||
Matson, Inc. | 6,440 | 384,275 | ||||||
RXO, Inc. (a) | 13,880 | 272,603 | ||||||
SkyWest, Inc. (a) | 13,750 | 304,837 | ||||||
Sun Country Airlines Holdings, Inc. (a) | 7,000 | 143,360 | ||||||
3,884,385 | ||||||||
TRANSPORTATION EQUIPMENT - 0.5% | ||||||||
Greenbrier Cos., Inc. (The) | 6,020 | 193,663 | ||||||
Trinity Industries, Inc. | 8,880 | 216,317 | ||||||
Wabash National Corp. | 15,190 | 373,522 | ||||||
783,502 | ||||||||
WHOLESALE - CONSUMER STAPLES - 1.2% | ||||||||
Andersons, Inc. (The) | 27,150 | 1,121,838 | ||||||
Chefs' Warehouse, Inc. (The) (a) | 5,800 | 197,490 | ||||||
United Natural Foods, Inc. (a) | 14,890 | 392,352 | ||||||
1,711,680 | ||||||||
WHOLESALE - DISCRETIONARY - 1.2% | ||||||||
ePlus, Inc. (a) | 4,560 | 223,622 | ||||||
G-III Apparel Group Ltd. (a) | 9,060 | 140,883 | ||||||
KAR Auction Services, Inc. (a) | 12,030 | 164,570 | ||||||
ScanSource, Inc. (a) | 23,700 | 721,428 |
Schedule of Portfolio Investments (Continued)
Praxis Small Cap Index Fund
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
WHOLESALE - DISCRETIONARY - 1.2% (Continued) | ||||||||
Veritiv Corp. (b) | 3,640 | $ | 491,910 | |||||
1,742,413 | ||||||||
TOTAL COMMON STOCKS (COST $116,310,775) | $ | 145,778,009 |
RIGHTS - 0.0% (c) | Shares | Fair Value | ||||||
MEDICAL EQUIPMENT & DEVISES - 0.0% | ||||||||
Lantheus Holdings, Inc., CVR (a)(d)(e) | 28,980 | $ | 2,608 | |||||
OmniAb, Inc. (a)(d)(e) | 2,092 | 1,032 | ||||||
TOTAL RIGHTS (COST $0) | $ | 3,640 | ||||||
CORPORATE NOTES - 0.9% | Coupon | Maturity | Principal Amount | Fair Value | |||||||||||
COMMUNITY DEVELOPMENT - 0.9% | |||||||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 06/15/23 | $ | 330,000 | $ | 327,745 | ||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 12/15/23 | 330,000 | 323,267 | ||||||||||
Calvert Social Investment Foundation, Inc. (d) | 1.000 | % | 06/14/24 | 100,000 | 94,577 | ||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 06/17/24 | 60,000 | 58,084 | ||||||||||
Calvert Social Investment Foundation, Inc. (d) | 3.000 | % | 12/15/24 | 90,000 | 86,106 | ||||||||||
Calvert Social Investment Foundation, Inc. (d) | 2.500 | % | 06/13/25 | 150,000 | 140,496 | ||||||||||
Calvert Social Investment Foundation, Inc. (d) | 2.500 | % | 12/15/25 | 280,000 | 259,268 | ||||||||||
TOTAL CORPORATE NOTES (COST $1,340,000) | $ | 1,289,543 |
Schedule of Portfolio Investments (Continued)
Praxis Small Cap Index Fund
MONEY MARKET FUNDS - 0.4% | Shares | Fair Value | ||||||
First American Government Obligations Fund - Class X, 4.65% (f) (COST $606,634) | 606,634 | $ | 606,634 |
INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 12.7% | Shares | Fair Value | ||||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.93% (f)(g) (COST $18,775,780) | 18,775,780 | $ | 18,775,780 | |||||
TOTAL INVESTMENTS - (COST $137,033,189) - 112.6% | $ | 166,453,606 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (12.6%) | (18,597,754 | ) | ||||||
NET ASSETS - 100.0% | $ | 147,855,852 | ||||||
(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 March 31, 2023 was $18,672,128. |
(c) | Percentage rounds to less than 0.1%. |
(d) | Illiquid securitites are as follows: |
Acquisition | Current | Fair | % of Net | ||||||||||||
Date | Cost | Value | Assets | ||||||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 06/15/23 | 06/18/18 | �� | 330,000 | 327,745 | 0.2 | % | |||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/23 | 12/17/18 | 330,000 | 323,267 | 0.2 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 1.000%, 06/14/24 | 06/15/21 | 100,000 | 94,577 | 0.1 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 06/17/24 | 06/17/19 | 60,000 | 58,084 | 0.0 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 3.000%, 12/15/24 | 12/12/19 | 90,000 | 86,106 | 0.1 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 2.500%, 06/13/25 | 06/12/20 | 150,000 | 140,496 | 0.1 | % | ||||||||||
Calvert Social Investment Foundation, Inc. 2.500%, 12/15/25 | 12/15/20 | 280,000 | 259,268 | 0.2 | % | ||||||||||
Lantheus Holdings, Inc., CVR | 06/22/20 | - | 2,608 | 0.0 | %(c) | ||||||||||
OmniAb, Inc. | 11/02/22 | - | 1,032 | 0.0 | %(c) | ||||||||||
$ | 1,340,000 | $ | 1,293,183 | 0.9 | % |
(e) | Security value has been determined in good faith pursuant to procedures adopted by the Board of Trustees. The total value of such securities was $3,640 as of March 31, 2023, representing 0.0% (c) of net assets. |
(f) | The rate shown is the 7-day effective yield as of March 31, 2023. |
(g) | The security was purchased with cash collateral received from securities on loan. |
CVR - Contingent Value Right |
plc - Public Liability Company |
REIT - Real Estate Investment Trust |
Schedule of Portfolio Investments
Praxis Genesis Conservative Portfolio
March 31, 2023 (Unaudited)
AFFILIATED MUTUAL FUNDS - 100.0% | Shares | Fair Value | ||||||
DEBT FUND - 69.2% | ||||||||
Praxis Impact Bond Fund - Class I | 1,834,598 | $ | 17,171,842 | |||||
EQUITY FUND - 30.8% | ||||||||
Praxis Growth Index Fund - Class I | 75,225 | 2,429,017 | ||||||
Praxis International Index Fund - Class I | 193,287 | 2,286,586 | ||||||
Praxis Small Cap Index Fund - Class I | 61,527 | 612,189 | ||||||
Praxis Value Index Fund - Class I | 146,721 | 2,319,663 | ||||||
7,647,455 | ||||||||
TOTAL AFFILIATED MUTUAL FUNDS (COST $23,128,155) | $ | 24,819,297 |
MONEY MARKET FUNDS - 0.0% (a) | Shares | Fair Value | ||||||
First American Government Obligations Fund - Class X, 4.65% (b) (COST $6,224) | 6,224 | $ | 6,224 | |||||
TOTAL INVESTMENTS - (COST $23,134,379) - 100.0% | $ | 24,825,521 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0%) (a) | (7,986 | ) | ||||||
NET ASSETS - 100.0% | $ | 24,817,535 |
(a) | Percentage rounds to less than 0.1%. |
(b) | The rate shown is the 7-day effective yield as of March 31, 2023. |
Schedule of Portfolio Investments
Praxis Genesis Balanced Portfolio
March 31, 2023 (Unaudited)
AFFILIATED MUTUAL FUNDS - 100.0% | Shares | Fair Value | ||||||
DEBT FUND - 39.2% | ||||||||
Praxis Impact Bond Fund - Class I | 3,513,604 | $ | 32,887,331 | |||||
EQUITY FUND - 60.8% | ||||||||
Praxis Growth Index Fund - Class I | 436,825 | 14,105,087 | ||||||
Praxis International Index Fund - Class I | 1,288,366 | 15,241,369 | ||||||
Praxis Small Cap Index Fund - Class I | 824,022 | 8,199,022 | ||||||
Praxis Value Index Fund - Class I | 852,029 | 13,470,583 | ||||||
51,016,061 | ||||||||
TOTAL AFFILIATED MUTUAL FUNDS (COST $67,647,173) | $ | 83,903,392 |
MONEY MARKET FUNDS - 0.0% (a) | Shares | Fair Value | ||||||
First American Government Obligations Fund - Class X, 4.65% (b) (COST $1,276) | 1,276 | $ | 1,276 | |||||
TOTAL INVESTMENTS - (COST $67,648,449) - 100.0% | $ | 83,904,668 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0%) (a) | (9,734 | ) | ||||||
NET ASSETS - 100.0% | $ | 83,894,934 |
(a) | Percentage rounds to less than 0.1%. |
(b) | The rate shown is the 7-day effective yield as of March 31, 2023. |
Schedule of Portfolio Investments
Praxis Genesis Growth Portfolio
March 31, 2023 (Unaudited)
AFFILIATED MUTUAL FUNDS - 100.1% | Shares | Fair Value | ||||||
DEBT FUND - 19.5% | ||||||||
Praxis Impact Bond Fund - Class I | 1,921,684 | $ | 17,986,960 | |||||
EQUITY FUND - 80.6% | ||||||||
Praxis Growth Index Fund - Class I | 611,709 | 19,752,091 | ||||||
Praxis International Index Fund - Class I | 1,883,581 | 22,282,762 | ||||||
Praxis Small Cap Index Fund - Class I | 1,352,816 | 13,460,524 | ||||||
Praxis Value Index Fund - Class I | 1,193,325 | 18,866,473 | ||||||
74,361,850 | ||||||||
TOTAL AFFILIATED MUTUAL FUNDS (COST $70,036,719) | $ | 92,348,810 |
MONEY MARKET FUNDS - 0.0% (a) | Shares | Fair Value | ||||||
First American Government Obligations Fund - Class X, 4.65% (b) (COST $911) | 911 | $ | 911 | |||||
TOTAL INVESTMENTS - (COST $70,037,630) - 100.1% | $ | 92,349,721 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1%) | (52,606 | ) | ||||||
NET ASSETS - 100.0% | $ | 92,297,115 |
(a) | Percentage rounds to less than 0.1%. |
(b) | The rate shown is the 7-day effective yield as of March 31, 2023. |