Praxis Growth Index Fund Class I (MMDEX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-8056

Praxis Mutual Funds

(Exact name of registrant as specified in charter)

P.O. Box 483

Goshen, IN 46527

(Address of principal executive offices) (Zip code)

Anthony Zacharski

Dechert LLP

200 Clarendon Street, 27^th Floor

Boston, MA 02116

(Name and Address of Agent for Service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2013

Item 1. Reports To Stockholders.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

Praxis Mutual Funds

Semi-Annual Report and Privacy Policy

for the six months ending June 30, 2013 (unaudited)

Praxis Mutual Funds	Class A	Class I
Intermediate Income Fund	MIIAX	MIIIX
International Index Fund	MPLAX	MPLIX
Value Index Fund	MVIAX	MVIIX
Growth Index Fund	MGNDX	MMDEX
Small Cap Fund	MMSCX	MMSIX
Praxis Genesis Portfolios	Class A
Conservative Portfolio	MCONX
Balanced Portfolio	MBAPX
Growth Portfolio	MGAFX

Table of Contents

Message from the President	1
Performance	3
Praxis Intermediate Income Fund
Schedule of portfolio investments	5
Praxis International Index Fund
Schedule of portfolio investments	11
Praxis Value Index Fund
Schedule of portfolio investments	21
Praxis Growth Index Fund
Schedule of portfolio investments	25
Praxis Small Cap Fund
Schedule of portfolio investments	29
Praxis Genesis Conservative Portfolio
Schedule of portfolio investments	31
Praxis Genesis Balanced Portfolio
Schedule of portfolio investments	32
Praxis Genesis Growth Portfolio
Schedule of portfolio investments	33
Financial Statements
Statements of Assets and Liabilities	34
Statements of Operations	36
Statements of Changes in Net Assets	38
Financial Highlights	41
Notes to Financial Statements	49
Additional Fund Information	63

Message from the President

Dear Praxis shareholder:

While we are between national election cycles, the news is dominated by many of the same topics from months and years past – the need to address the national debt, uncertainty around the Patient Protection and Affordable Care Acts, immigration reform, the need for entitlement reform, and the list goes on and on. Uncertainty lies ahead, but these challenges have not deterred the domestic equities markets. The various equities indices, including the Dow and the S&P 500, have reached record highs. While the market has been trending up, we expect market volatility to be with us throughout the coming months.

While there are outside forces that impact the markets, one area where we at Praxis can have a direct impact is through stewardship investing, a philosophy of financial decision making that balances social and financial considerations and is motivated and informed by our faith convictions. At Praxis, we want to do our part to transform our world for the better – and that’s why our investment philosophy consists of careful company selection, targeted shareholder advocacy and community development investing.

For example, the Praxis Intermediate Income Fund recently purchased $2 million in International Finance Facility for Immunization bonds, helping fund a program to save millions of children from preventable diseases. These so-called vaccine bonds provide investors the opportunity to fund immunization programs through the GAVI Alliance, a public-private partnership created to increase access to life-saving vaccines in the world’s poorest countries. The bonds are backed by legally binding donation commitments from governments in the GAVI Alliance.

For the last three years, Praxis has co-led shareholders working with Hershey – one of the world’s largest chocolatiers – to shape new solutions to the long-standing problems related to child slavery on African cocoa bean farms. As a result of these ongoing efforts, shareholders are seeing the company take critical steps forward, including hiring additional staff for its cocoa sustainability and responsible sourcing programs; collaborating with other companies and governments to address the broader social concerns related to cocoa farming; committing to source 100 percent certified (sustainable and child labor free) cocoa by 2020; and reaching more farmers in West Africa through Hershey’s CocoaLink and Learn to Grow programs, which help improve farmer livelihoods and attentiveness to social issues, as well as help farmers receive certification from certifying organizations.

In the wake of disasters in garment factories in Bangladesh, Praxis has joined with other investor and religious groups to urge retail and manufacturing companies to address factory safety worldwide. Some 123 organizations (including Praxis and Everence) – representing more than $1.2 trillion in assets under management – signed on to an investor letter in May 2013 through the Interfaith Center on Corporate Responsibility. The letter calls on industry leaders to “implement systemic reforms that will ensure worker safety and welfare, and to adopt zero tolerance policies on global supply chain abuses.”

Shareholder advocacy, company screening, and community development investing remain integral to our work at Praxis. I hope they serve as reminders of how you can invest in what matters. Our goal is to invest in ways that make a positive impact on local communities and around the world. We are able to do that with your support and participation.

1

Message from the President (continued)

Thank you for being an investor with Praxis Mutual Funds. We are grateful for your support.

Sincerely,

David C. Gautsche

President

Praxis Mutual Funds are advised by Everence Capital Management and distributed through FINRA member BHIL Distributors Inc.

Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

As of June 30, 2013, the Praxis Intermediate Income Fund had invested 0.58 percent of its assets in IFFIM FRN, and the Praxis Growth Index Fund had invested 0.24 percent of its assets in The Hershey Corporation. Fund holdings are subject to change. To obtain holdings as of the most previous quarter, visit www.praxismutualfunds.com.

The views expressed are those of the president of Praxis Mutual Funds as of June 30, 2013, are subject to change, and may differ from the views of portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

2

Performance

We are pleased to provide this 2013 mid-year update for the Praxis Mutual Funds. The following tables summarize the performance of the Praxis Mutual Funds as of June 30, 2013.

					Annualized
	NAV 6/30/13		Six Month Ended 6/30/13		One Year Ended 6/30/13		Three Year Ended 6/30/13		Five Year Ended 6/30/13		Ten Year Ended 6/30/13			Since Inception 6/30/13		Inception Date	Expense Ratio*** Gross / Net
Praxis Intermediate Income Fund
Class A (No Load)		10.37		-2.08%		0.10%		3.36%		5.51%		4.36%			5.04%	1/4/94		1.07%	0.98%
Class A *		10.37		-5.77%		-3.68%		2.05%		4.70%		3.96%			4.83%	1/4/94
Class I **		10.33		-1.89%		0.41%		3.75%		5.89%		4.59%			5.12%	5/1/06		0.58%	0.58%
Barclays Capital Aggregate Bond Index1				-2.44%		-0.69%		3.51%		5.19%		4.52%			n/a
Praxis International Index Fund
Class A (No Load)		9.42		-0.53%		13.15%		n/a		n/a		n/a			-1.42%	12/31/10		1.73%	1.73%
Class A *		9.42		-5.71%		7.18%		n/a		n/a		n/a			-3.51%	12/31/10
Class I		9.49		-0.21%		13.98%		n/a		n/a		n/a			-0.71%	12/31/10		0.84%	0.84%
MSCI All Country World Index ex-U.S.2				-0.04%		13.63%		n/a		n/a		n/a			n/a
Praxis Value Index Fund
Class A (No Load)		10.11		15.94%		25.36%		15.52%		5.58%		5.40%			2.14%	5/1/01		1.21%	1.21%
Class A *		10.11		9.89%		18.79%		13.44%		4.44%		4.83%			1.70%	5/1/01
Class I **		10.07		16.42%		26.20%		16.41%		6.25%		5.80%			2.41%	5/1/06		0.47%	0.47%
S&P 500 Value Index3				15.75%		25.15%		18.14%		6.51%		7.36%	��		n/a
Praxis Growth Index Fund
Class A (No Load)		12.94		11.36%		15.91%		17.73%		6.69%		n/a			4.45%	5/1/07		1.26%	1.08%
Class A *		12.94		5.55%		9.83%		15.64%		5.55%		n/a			3.55%	5/1/07
Class I		13.03		11.46%		16.39%		18.40%		7.17%		n/a			4.87%	5/1/07		0.48%	0.48%
S&P 500 Growth Index4				12.04%		16.87%		18.95%		7.61%		n/a			n/a

Past Performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth less than original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit www.praxismutualfunds.com. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.

* The total return figures shown reflect the maximum sales charge applicable to Class A for each Fund

**   Class I Shares of the Intermediate and Value Index Funds were not in existence prior to 5/1/06. Class I Share performance calculated for any period prior to 5/1/06 is based on the performance of Class B Shares and has been adjusted to reflect differences in sales charges and expenses between the classes. The Class B Shares were exchanged into Class A Shares on August 17, 2009.

The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any party during the periods presented. In such instance, and without this activity, the total returns would have been lower.

*** Reflects the expense ratios as reported in the Prospectus dated April 30, 2013. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee waivers are in effect from April 30, 2013 through April 30, 2014 for Class A.

¹    Barclay’s Capital Aggregate Bond Index is an unmanaged index composed of the Barclay’s Capital Government/Credit Index and the Barclay’s Capital Mortgage-Backed Securities Index and includes Treasury issues, agency issues, corporate bond issues and mortgage-backed securities, and is intended to be generally representative of the bond market as a whole.

²    The MSCI All Country World Index ex-U.S. is market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S. based companies. The index includes both developed and emerging markets.

³    The S&P 500 Value Index represents the value companies (defined by book value to price ratio, earnings to price ratio, and sales to price ratio) of the S&P 500 Index, a universe of large capitalization companies in the U.S. equity market.

⁴    The S&P 500 Growth Index represents the growth companies (defined by sales growth, earnings change to prime and momentum) of the S&P 500 Index, a universe of large capitalization companies in the U.S. equity market.

3

Performance (continued)

					Annualized
	NAV 6/30/13		Six Month Ended 6/30/13		One Year Ended 6/30/13		Three Year Ended 6/30/13		Five Year Ended 6/30/13		Ten Year Ended 6/30/13		Since Inception 6/30/13		Inception Date	Expense Ratio** Gross / Net
Praxis Small Cap Fund
Class A (No Load)		12.62		11.39%		15.96%		19.79%		8.24%		n/a		4.07%	5/1/07		1.92%	1.73%
Class A *		12.62		5.52%		9.88%		17.67%		7.07%		n/a		3.17%	5/1/07
Class I		12.95		11.73%		16.73%		20.49%		8.74%		n/a		4.52%	5/1/07		1.06%	1.06%
Russell 2000 Index5				15.86%		24.19%		18.67%		8.77%		n/a		n/a
Praxis Genesis Conservative Portfolio
Class A (No Load)		10.86		1.28%		4.86%		6.36%		n/a		n/a		5.61%	12/31/09		1.27%	1.23%
Class A *		10.86		-4.06%		-0.65%		4.47%		n/a		n/a		4.00%	12/31/09
Barclays Capital Aggregate Bond Index6				-2.44%		-0.69%		3.51%		n/a		n/a		n/a
Composite Benchmark7				1.63%		5.44%		7.54%		n/a		n/a		n/a
Praxis Genesis Balanced Portfolio
Class A (No Load)		11.66		4.92%		10.32%		9.74%		n/a		n/a		7.25%	12/31/09		1.33%	1.32%
Class A *		11.66		-0.61%		4.57%		7.79%		n/a		n/a		5.62%	12/31/09
Russell 3000 Index8				14.06%		21.49%		18.64%		n/a		n/a		n/a
Composite Benchmark9				5.92%		12.01%		11.50%		n/a		n/a		n/a
Praxis Genesis Growth Portfolio
Class A (No Load)		12.22		7.19%		13.87%		11.90%		n/a		n/a		8.24%	12/31/09		1.50%	1.37%
Class A *		12.22		1.58%		7.92%		9.91%		n/a		n/a		6.60%	12/31/09
Russell 3000 Index8				14.06%		21.49%		18.67%		n/a		n/a		n/a
Composite Benchmark10				8.84%		16.56%		14.07%		n/a		n/a		n/a

Past Performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth less than original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit www.praxismutualfunds.com. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.

* The total return figures shown reflect the maximum sales charge applicable to Class A for each Fund

The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any party during the periods presented. In such instance, and without this activity, the total returns would have been lower.

**   Reflects the expense ratios as reported in the Prospectus dated April 30, 2013. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee waivers are in effect from April 30, 2013 through April 30, 2014 for Class A.

⁵    The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

⁶    Barclay’s Capital Aggregate Bond Index is an unmanaged index composed of the Barclay’s Capital Government/Credit Index and the Barclay’s Capital Mortgage-Backed Securities Index and includes Treasury issues, agency issues, corporate bond issues and mortgage-backed securities, and is intended to be generally representative of the bond market as a whole.

⁷    The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (70%), the MSCI EAFE Index (7.50%), the Russell 1000 Index (2.50%) and the Russell 2000 Index (20%).

⁸    The Russell 3000 Index is a widely recognized unmanaged market capitalization-weighted index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization.

⁹    The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (40%), the MSCI EAFE Index (15%), the Russell 1000 Index (35%) and the Russell 2000 Index (10%).

¹⁰  The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (20%), the MSCI EAFE Index (20%), the Russell 1000 Index (45%) and the Russell 2000 Index (15%).

4

Schedule of Portfolio Investments

Praxis Intermediate Income Fund

June 30, 2013 (Unaudited)

	PRINCIPAL AMOUNT		FAIR VALUE
ASSET BACKED SECURITIES—6.2%
Ally Auto Receivables Trust, 0.97%, 8/17/15	$	1,433,335	$	1,435,594
Ally Auto Receivables Trust, 0.99%, 11/16/15		1,565,953		1,569,185
Ally Auto Receivables Trust, 1.11%, 1/15/15		226,422		226,545
Ally Auto Receivables Trust, 1.35%, 12/15/15		2,000,000		2,009,140
AmeriCredit Automobile Receivables Trust, 0.92%, 3/09/15		50,459		50,465
Bank of America Auto Trust, 1.94%, 6/15/17		1,606,910		1,614,021
Bank of America Auto Trust, 2.67%, 12/15/16(a)		290,809		291,114
Beacon Container Finance LLC, 3.72%, 9/20/27(a)		463,603		462,255
Cabela’s Master Credit Card Trust, 0.79%, 6/17/19+(a)		1,000,000		1,004,527
CLI Funding LLC, 2.83%, 3/18/28(a)		975,000		943,882
Cronos Containers Program Ltd., 4.21%, 5/18/27(a)		891,667		905,122
Domino’s Pizza Master Issuer LLC, 5.22%, 1/25/42(a)		981,250		1,047,536
Fairway Outdoor Funding LLC, 4.21%, 10/15/42(a)		491,566		491,301
Ford Credit Auto Owner Trust, 0.97%, 1/15/15		70,373		70,420
Ford Credit Auto Owner Trust, 4.43%, 11/15/14		91,472		91,643
Global SC Finance SRL, 4.11%, 7/19/27(a)		908,333		913,108
GTP Acquisition Partners I LLC, 4.35%, 6/15/16(a)		800,000		840,857
Honda Auto Receivables Owner Trust, 0.88%, 9/21/15		1,131,724		1,133,595
Hyundai Auto Receivables Trust, 1.65%, 2/15/17		1,000,000		1,012,520
Hyundai Auto Receivables Trust, 3.15%, 3/15/16		549,931		554,276
Nissan Auto Receivables Owner Trust, 0.54%, 10/15/14		886,741		886,829
Nissan Auto Receivables Owner Trust, 1.31%, 9/15/16		2,000,000		2,007,890
SBA Tower Trust, 4.25%, 4/15/15(a)		750,000		776,336
Trip Rail Master Funding LLC, 2.69%, 7/15/41+(a)		770,650		791,587
TOTAL ASSET BACKED SECURITIES				21,129,748
COMMERCIAL MORTGAGE BACKED SECURITIES—4.4%
Bear Stearns Commercial Mortgage Securities, 4.67%, 6/11/41		1,000,000		1,052,229
Bear Stearns Commercial Mortgage Securities, 4.83%, 7/11/42		245,654		246,803
Bear Stearns Commercial Mortgage Securities, 4.95%, 2/11/41		17,671		17,648
Bear Stearns Commercial Mortgage Securities, 5.12%, 2/11/41+		1,000,000		1,055,835
Bear Stearns Commercial Mortgage Securities, 5.54%, 9/11/41		2,000,000		2,211,612

	PRINCIPAL AMOUNT		FAIR VALUE
COMMERCIAL MORTGAGE BACKED SECURITIES—4.4%, continued
Bear Stearns Commercial Mortgage Securities, 5.61%, 6/11/50	$	263,570	$	265,937
Bear Stearns Commercial Mortgage Securities, 5.74%, 9/11/42+		1,000,000		1,134,116
Commercial Mortgage Pass Through Certificates, 2.85%, 10/15/45		1,000,000		924,090
Commercial Mortgage Pass Through Certificates, 3.39%, 5/15/45		1,000,000		979,273
DBUBS Mortgage Trust, 3.74%, 11/10/46(a)		711,063		751,390
JPMorgan Chase Commercial Mortgage Securities Corp., 4.63%, 3/15/46		72,512		72,979
JPMorgan Chase Commercial Mortgage Securities Corp., 4.90%, 10/15/42		502,039		508,955
JPMorgan Chase Commercial Mortgage Securities Corp., 4.92%, 10/15/42+		1,000,000		1,069,227
JPMorgan Chase Commercial Mortgage Securities Corp., 5.13%, 5/15/47		335,747		349,231
JPMorgan Chase Commercial Mortgage Securities Corp., 5.40%, 5/15/45		2,000,000		2,196,838
Morgan Stanley Capital I, Inc., 3.88%, 9/15/47(a)		1,000,000		1,058,868
Morgan Stanley Capital I, Inc., 5.01%, 1/14/42		39,738		40,000
Morgan Stanley Capital I, Inc., 5.99%, 8/12/41+		1,000,000		1,113,230
Wachovia Bank Commercial Mortgage Trust, 5.04%, 3/15/42		123,698		124,335
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES				15,172,596
FOREIGN BONDS—0.9%
Arab Republic of Egypt, 4.45%, 9/15/15		2,000,000		2,170,680
Province of Ontario, Canada, 4.10%, 6/16/14		1,000,000		1,035,094
TOTAL FOREIGN BONDS				3,205,774
MUNICIPAL BONDS—3.6%
Bridgeport Connecticut Housing Authority, 1.85%, 12/15/18		365,000		357,382
Cincinnati Ohio Water System Rev., 6.46%, 12/01/34		600,000		668,766
City of Indianapolis IN, 0.63%, 7/01/14		1,000,000		1,000,720
City of Lancaster PA (CIFG), 5.59%, 11/15/34		1,000,000		1,027,980
Columbus Multi-High School Building Corp. Rev., 6.45%, 1/15/30		1,000,000		1,067,250
Fort Wayne International Airport Air Trade Center Building Corp., 4.25%, 7/15/16		500,000		524,355
Houston Independent School District, 6.17%, 2/15/34		1,000,000		1,143,250
Indianapolis Industry Multifamily Housing Rev., 0.50%, 7/01/14		1,500,000		1,500,150
Indianapolis Public School Multi-School Building, 5.73%, 7/15/29		1,500,000		1,645,710
LL&P Wind Energy, Inc. (XLCA), 5.73%, 12/01/17(a)		1,000,000		1,007,960
New Jersey St Housing and Mortgage Finance, 2.60%, 7/01/23		500,000		469,490

See accompanying notes to financial statements.

5

Schedule of Portfolio Investments, continued

Praxis Intermediate Income Fund

June 30, 2013 (Unaudited)

	PRINCIPAL AMOUNT		FAIR VALUE
MUNICIPAL BONDS—3.6%, continued
Warm Springs Reservation Confederated Tribe, 8.25%, 11/01/19	$	990,000	$	1,135,540
Wisconsin Department of Transportation, 5.84%, 7/01/30		800,000		874,616
TOTAL MUNICIPAL BONDS				12,423,169
CORPORATE BONDS—37.4%
ADVERTISING—0.6%
Interpublic Group of Cos., Inc., 10.00%, 7/15/17		750,000		789,525
Omnicom Group, Inc., 6.25%, 7/15/19		1,000,000		1,155,289
				1,944,814
AUTO COMPONENTS—0.6%
BorgWarner, Inc., 5.75%, 11/01/16		1,000,000		1,118,941
Delphi Corp., 5.00%, 2/15/23		250,000		256,875
Delphi Corp., 6.13%, 5/15/21		150,000		163,500
TRW Automotive, Inc., 4.50%, 3/01/21(a)		500,000		498,750
				2,038,066
BROADCASTING & CABLE TV—0.3%
Comcast Corp., 5.15%, 3/01/20		1,000,000		1,143,286
BUILDING PRODUCTS—0.5%
Masco Corp., 6.13%, 10/03/16		500,000		540,000
Owens Corning, 4.20%, 12/15/22		960,000		930,228
Owens Corning, 6.50%, 12/01/16		163,000		181,954
				1,652,182
CAPITAL MARKETS—0.4%
Raymond James Financial, Inc., 8.60%, 8/15/19		1,000,000		1,243,489
CHEMICALS—0.4%
Methanex Corp., 6.00%, 8/15/15		250,000		268,769
Potash Corp of Saskatchewan, Inc., 5.88%, 12/01/36		840,000		942,316
				1,211,085
COMMERCIAL BANKS—1.1%
JPMorgan Chase Bank NA, 5.88%, 6/13/16		700,000		780,492
Manufacturers & Traders Trust Co., 6.63%, 12/04/17		600,000		705,883
State Street Corp., 7.35%, 6/15/26		1,000,000		1,318,269
Wells Fargo & Co., 3.50%, 3/08/22		887,000		897,038
				3,701,682
COMMERCIAL SERVICES & SUPPLIES—0.5%
GATX Corp., 9.00%, 11/15/13		530,710		546,521
TTX Co., 4.90%, 3/01/15(a)		1,000,000		1,046,584
				1,593,105
COMPUTERS & PERIPHERALS—0.1%
Hewlett-Packard Co., 3.30%, 12/09/16		500,000		519,024
CONSTRUCTION MATERIALS—0.3%
Martin Marietta Materials, Inc., 6.60%, 4/15/18		1,000,000		1,127,366
CONSUMER FINANCE—0.6%
Ford Motor Credit Co. LLC, 4.25%, 2/03/17		500,000		522,413

	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—37.4%, continued
CONSUMER FINANCE—0.6%, continued
Ford Motor Credit Co. LLC, 7.00%, 4/15/15	$	1,000,000	$	1,084,111
Harley-Davidson Financial Services, Inc., 2.70%, 3/15/17(a)		500,000		506,643
				2,113,167
CONTAINERS & PACKAGING—0.2%
Bemis Co., Inc., 5.65%, 8/01/14		500,000		523,627
DIVERSIFIED FINANCIAL SERVICES—2.7%
Bank of America Corp., 5.65%, 5/01/18		1,250,000		1,388,727
Citigroup, Inc., 4.45%, 1/10/17		500,000		535,395
Citigroup, Inc., 6.13%, 11/21/17		1,000,000		1,136,549
ERAC USA Finance LLC, 5.90%, 11/15/15(a)		1,000,000		1,105,064
General Electric Capital Corp., 6.15%, 8/07/37		1,000,000		1,131,534
Goldman Sachs Group, Inc., 6.15%, 4/01/18		700,000		788,788
JPMorgan Chase & Co., 4.63%, 5/10/21		500,000		528,516
Morgan Stanley, 5.63%, 9/23/19		1,500,000		1,612,247
National Rural Utilities Cooperative Finance Corp., 10.38%, 11/01/18		780,000		1,080,667
				9,307,487
ELECTRIC UTILITIES—3.1%
Consumers Energy Co., 6.70%, 9/15/19		750,000		931,661
ITC Holdings Corp., 5.50%, 1/15/20(a)		500,000		555,532
MidAmerican Energy Co., 6.75%, 12/30/31		1,500,000		1,879,908
Oncor Electric Delivery Co. LLC, 6.80%, 9/01/18		750,000		906,318
Pennsylvania Electric Co., 5.20%, 4/01/20		500,000		549,754
Portland General Electric Co., 6.10%, 4/15/19		1,100,000		1,320,965
Potomac Edison Co., 5.13%, 8/15/15		1,000,000		1,078,668
Potomac Electric Power Co., 6.50%, 11/15/37		1,000,000		1,270,206
Puget Sound Energy, Inc., 6.74%, 6/15/18		1,000,000		1,203,355
TransAlta Corp., 4.75%, 1/15/15		500,000		522,655
TransAlta Corp., 6.65%, 5/15/18		500,000		566,002
				10,785,024
ELECTRICAL EQUIPMENT—0.2%
Thomas & Betts Corp., 5.63%, 11/15/21		500,000		575,751
FOOD PRODUCTS—0.5%
Bunge Ltd. Finance Corp., 3.20%, 6/15/17		1,000,000		1,023,033
ConAgra Foods, Inc., 4.95%, 8/15/20(a)		500,000		537,206
				1,560,239
FOOD-RETAIL—0.2%
Koninklijke Ahold NV, 7.82%, 1/02/20		737,453		839,775
GAS UTILITIES—0.6%
Indiana Gas Co., Inc., 6.55%, 6/30/28		250,000		292,605
Michigan Consolidated Gas Co., 8.25%, 5/01/14		1,000,000		1,058,075
National Fuel Gas Co., 6.50%, 4/15/18		500,000		581,220
				1,931,900

See accompanying notes to financial statements.

6

Schedule of Portfolio Investments, continued

Praxis Intermediate Income Fund

June 30, 2013 (Unaudited)

	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—37.4%, continued
HEALTH CARE EQUIPMENT & SUPPLIES—0.6%
DENTSPLY International, Inc., 2.75%, 8/15/16	$	570,000	$	585,211
Mallinckrodt International Finance SA, 3.50%, 4/15/18(a)		500,000		494,278
Mead Johnson Nutrition Co., 3.50%, 11/01/14		500,000		514,212
Zimmer Holdings, Inc., 4.63%, 11/30/19		500,000		546,346
				2,140,047
HEALTH CARE PROVIDERS & SERVICES—0.6%
Howard Hughes Medical Institute, 3.45%, 9/01/14		843,000		870,931
Laboratory Corp of America Holdings, 3.13%, 5/15/16		500,000		518,504
McKesson Corp., 6.00%, 3/01/41		474,000		554,321
				1,943,756
HOTELS, RESTAURANTS & LEISURE—0.7%
Brinker International, Inc., 2.60%, 5/15/18		500,000		489,383
Darden Restaurants, Inc., 3.35%, 11/01/22		1,000,000		921,184
Hyatt Hotels Corp., 3.38%, 7/15/23		1,000,000		932,254
				2,342,821
HOUSEHOLD DURABLES—0.2%
Snap-On, Inc., 4.25%, 1/15/18		500,000		529,728
HOUSEHOLD PRODUCTS—0.2%
Church & Dwight Co., Inc., 3.35%, 12/15/15		500,000		524,238
INDUSTRIAL CONGLOMERATES—0.7%
Cargill, Inc., 7.50%, 9/01/26(a)		1,250,000		1,673,052
Harsco Corp., 5.75%, 5/15/18		750,000		802,599
				2,475,651
INDUSTRIAL MACHINERY—0.3%
Valmont Industries, Inc., 6.63%, 4/20/20		1,000,000		1,140,234
INSURANCE—0.6%
Markel Corp., 3.63%, 3/30/23		400,000		380,868
Montpelier Re Holdings Ltd., 4.70%, 10/15/22		250,000		245,773
OneBeacon US Holdings Inc, 4.60%, 11/09/22		1,000,000		994,822
Prudential Financial, Inc., 5.87%, 9/15/42+		500,000		501,250
				2,122,713
INSURANCE BROKERS—0.3%
Willis North America, Inc., 5.63%, 7/15/15		1,000,000		1,073,070
INTEGRATED TELECOMMUNICATION SERVICES—0.7%
Frontier Communications Corp., 7.13%, 3/15/19		750,000		789,375
GTE Corp., 6.84%, 4/15/18		1,000,000		1,188,873
Verizon Communications, Inc., 6.00%, 4/01/41		500,000		560,983
				2,539,231
IT SERVICES—1.3%
Dun & Bradstreet Corp., 2.88%, 11/15/15		250,000		256,594

	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—37.4%, continued
IT SERVICES—1.3%, continued
Dun & Bradstreet Corp., 4.38%, 12/01/22	$	1,000,000	$	966,006
Equifax, Inc., 4.45%, 12/01/14		1,110,000		1,159,644
Moody’s Corp., 5.50%, 9/01/20		1,000,000		1,077,812
Verisk Analytics, Inc., 5.80%, 5/01/21		960,000		1,059,605
				4,519,661
MACHINERY—0.6%
Ingersoll-Rand Global Holding Co. Ltd., 2.88%, 1/15/19(a)		500,000		493,239
Kennametal, Inc., 2.65%, 11/01/19		955,000		926,031
Pall Corp., 5.00%, 6/15/20		500,000		528,631
				1,947,901
MEDIA—0.1%
Time Warner Cable, Inc., 4.50%, 9/15/42		500,000		387,742
METALS & MINING—0.9%
Carpenter Technology Corp., 4.45%, 3/01/23		480,000		467,892
Newcrest Finance Pty Ltd., 4.45%, 11/15/21(a)		1,000,000		897,414
Reliance Steel & Aluminum Co., 4.50%, 4/15/23		705,000		668,605
Teck Resources Ltd., 3.00%, 3/01/19		500,000		486,178
Xstrata Finance Canada Ltd., 3.60%, 1/15/17(a)		500,000		503,918
				3,024,007
MULTI-LINE INSURANCE—1.0%
American International Group, Inc., 3.80%, 3/22/17		1,000,000		1,048,316
Horace Mann Educators Corp., 6.85%, 4/15/16		750,000		822,627
Kemper Corp., 6.00%, 11/30/15		800,000		869,686
Liberty Mutual Group, Inc., 4.95%, 5/01/22(a)		800,000		821,349
				3,561,978
MULTILINE RETAIL—0.9%
Dollar General Corp., 4.13%, 7/15/17		700,000		738,347
Macy’s Retail Holdings, Inc., 9.50%, 4/15/21		720,000		878,021
Wal-Mart Stores, Inc., 7.55%, 2/15/30		1,000,000		1,371,801
				2,988,169
MULTI-UTILITIES—0.2%
Puget Energy, Inc., 5.63%, 7/15/22		750,000		795,149
OFFICE SERVICES & SUPPLIES—0.2%
Steelcase, Inc., 6.38%, 2/15/21		500,000		540,072
OIL, GAS & CONSUMABLE FUELS—1.3%
ConocoPhillips Holding Co., 6.95%, 4/15/29		1,000,000		1,273,704
Continental Resources, Inc., 4.50%, 4/15/23(a)		200,000		194,500
Denbury Resources, Inc., 4.63%, 7/15/23		600,000		553,500
Merey Sweeny LP, 8.85%, 12/18/19(a)		607,740		691,418
Newfield Exploration Co., 7.13%, 5/15/18		500,000		518,750

See accompanying notes to financial statements.

7

Schedule of Portfolio Investments, continued

Praxis Intermediate Income Fund

June 30, 2013 (Unaudited)

	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—37.4%, continued
OIL, GAS & CONSUMABLE FUELS—1.3%, continued
Pioneer Natural Resources Co., 5.88%, 7/15/16	$	500,000	$	557,616
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.83%, 9/30/16(a)		581,700		618,056
				4,407,544
PAPER & FOREST PRODUCTS—0.4%
Domtar Corp., 9.50%, 8/01/16		702,000		829,841
PH Glatfelter Co., 5.38%, 10/15/20		500,000		495,000
				1,324,841
PHARMACEUTICALS—0.1%
AbbVie, Inc., 2.00%, 11/06/18(a)		500,000		484,813
PIPELINES—1.0%
Enbridge Energy Partners LP, 5.20%, 3/15/20		500,000		544,793
Florida Gas Transmission Co. LLC, 4.00%, 7/15/15(a)		1,000,000		1,054,373
Kern River Funding Corp., 6.68%, 7/31/16(a)		630,882		691,127
Texas Gas Transmission LLC, 4.60%, 6/01/15		1,000,000		1,054,637
				3,344,930
PROPERTY & CASUALTY INSURANCE—1.0%
21st Century Insurance Group, 5.90%, 12/15/13		973,000		991,819
Fidelity National Financial, Inc., 5.50%, 9/01/22		725,000		768,375
Progressive Corp., 6.70%, 6/15/37+		500,000		540,000
W.R.Berkley Corp., 4.63%, 3/15/22		250,000		257,511
W.R.Berkley Corp., 6.15%, 8/15/19		710,000		793,589
				3,351,294
PUBLISHING—0.2%
Washington Post Co., 7.25%, 2/01/19		575,000		669,364
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.7%
ERP Operating LP, 7.13%, 10/15/17		1,104,000		1,280,278
Federal Realty Investment Trust, 5.65%, 6/01/16		625,000		695,870
Health Care REIT, Inc., 4.70%, 9/15/17		718,000		780,206
National Retail Properties, Inc., 3.80%, 10/15/22		250,000		238,138
Pan Pacific Retail Properties, Inc., 5.95%, 6/01/14		1,000,000		1,044,248
PPF Funding, Inc., 5.13%, 6/01/15(a)		750,000		783,749
ProLogis LP, 6.13%, 12/01/16		1,000,000		1,126,727
				5,949,216
ROAD & RAIL—1.2%
Burlington Northern Santa Fe LLC, 5.75%, 5/01/40		1,000,000		1,113,693
Burlington Northern Santa Fe LLC, 7.16%, 1/02/20		931,513		1,077,714
CSX Transportation, Inc., 8.38%, 10/15/14		398,572		434,340
Kansas City Southern de Mexico SA de CV, 2.35%, 5/15/20(a)		500,000		483,728

	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—37.4%, continued
ROAD & RAIL—1.2%, continued
Penske Truck Leasing Co. LP / PTL Finance Corp., 3.75%, 5/11/17(a)	$	1,000,000	$	1,046,300
				4,155,775
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%
Applied Materials, Inc., 7.13%, 10/15/17		500,000		594,863
KLA-Tencor Corp., 6.90%, 5/01/18		1,000,000		1,164,111
Maxim Integrated Products, Inc., 3.38%, 3/15/23		500,000		468,981
				2,227,955
SOFT DRINKS—0.3%
Bottling Group LLC, 5.13%, 1/15/19		1,000,000		1,138,590
SOFTWARE—0.1%
Symantec Corp., 2.75%, 6/15/17		500,000		503,429
SPECIALTY RETAIL—0.7%
Advance Auto Parts, Inc., 4.50%, 1/15/22		402,000		390,937
Ethan Allen Global, Inc., 5.38%, 10/01/15		500,000		517,500
O’Reilly Automotive, Inc., 3.80%, 9/01/22		1,000,000		985,632
Staples, Inc., 2.75%, 1/12/18		580,000		580,177
				2,474,246
SUPRANATIONAL—2.7%
Inter-American Development Bank, 3.50%, 7/08/13		1,000,000		1,000,603
International Bank for Reconstruction & Development, 2.00%, 12/04/13		2,000,000		2,013,604
International Finance Corp., 0.50%, 5/16/16		3,250,000		3,227,910
International Finance Corp., 2.25%, 4/28/14		1,000,000		1,015,315
International Finance Facility for Immunisation, 0.47%, 7/05/16+(a)		2,000,000		2,000,000
				9,257,432
TECHNOLOGY DISTRIBUTORS—0.2%
Arrow Electronics, Inc., 3.00%, 3/01/18		165,000		164,763
Arrow Electronics, Inc., 3.38%, 11/01/15		500,000		517,492
				682,255
TEXTILES, APPAREL & LUXURY GOODS—0.2%
Hanesbrands, Inc., 6.38%, 12/15/20		545,000		581,106
TRANSPORTATION SERVICES—0.2%
Golden State Petroleum Transport Corp., 8.04%, 2/01/19		689,221		585,739
TRUCK MANUFACTURERS—0.2%
PACCAR, Inc., 6.88%, 2/15/14		760,000		789,051
TRUCKING—0.3%
JB Hunt Transport Services, Inc., 3.38%, 9/15/15		1,000,000		1,042,579
UTILITIES—1.7%
FPL Energy American Wind LLC, 6.64%, 6/20/23(a)		284,495		263,750
FPL Energy National Wind LLC, 5.61%, 3/10/24(a)		111,022		100,783
Harper Lake Solar Funding Corp., 7.65%, 12/31/18(a)		924,067		968,201

See accompanying notes to financial statements.

8

Schedule of Portfolio Investments, continued

Praxis Intermediate Income Fund

June 30, 2013 (Unaudited)

	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—37.4%, continued
UTILITIES—1.7%, continued
Kiowa Power Partners LLC, 4.81%, 12/30/13(a)	$	275,316	$	276,910
LS Power Funding Corp., 8.08%, 12/30/16		350,460		374,096
Midland Cogeneration Venture LP, 6.00%, 3/15/25(a)		641,178		647,109
Salton Sea Funding Corp., 7.48%, 11/30/18		674,683		697,271
Solar Star Funding LLC, 5.38%, 6/30/35(a)		500,000		500,000
SteelRiver Transmission Co. LLC, 4.71%, 6/30/17(a)		774,124		796,236
Tenaska Virginia Partners LP, 6.12%, 3/30/24(a)		456,131		487,918
Topaz Solar Farms LLC, 5.75%, 9/30/39(a)		800,000		820,945
				5,933,219
WATER UTILITIES—0.3%
American Water Capital Corp., 6.09%, 10/15/17		1,000,000		1,153,396
TOTAL CORPORATE BONDS				128,464,011
CORPORATE NOTES—1.1%
COMMUNITY DEVELOPMENT—1.1%
Everence Community Investment, Inc., 1.00%, 12/15/15+(b)		1,340,000		1,340,215
Everence Community Investment, Inc., 1.50%, 12/15/13+(b)		1,107,500		1,110,235
Everence Community Investment, Inc., 1.50%, 12/15/14+(b)		1,227,500		1,233,789
TOTAL CORPORATE NOTES				3,684,239
U.S. GOVERNMENT AGENCIES—43.7%
FEDERAL FARM CREDIT BANK—0.7%
4.88%, 12/16/15		2,000,000		2,206,290
FEDERAL HOME LOAN BANK—3.3%
3.38%, 6/12/20		1,000,000		1,057,039
5.00%, 11/17/17		2,000,000		2,296,158
5.50%, 7/15/36		6,570,000		8,077,749
				11,430,946
FEDERAL HOME LOAN MORTGAGE CORP.—20.4%
1.25%, 10/02/19		2,710,000		2,567,500
1.38%, 5/01/20		1,000,000		947,556
2.36%, 5/01/34+		272,043		289,791
2.36%, 5/01/34+		153,497		163,512
2.38%, 1/13/22		2,310,000		2,244,805
2.50%, 10/01/27		1,805,633		1,818,336
3.00%, 11/01/32		1,928,113		1,954,025
3.00%, 11/01/32		2,887,619		2,926,304
3.00%, 5/01/43		2,995,338		2,924,108
3.50%, 10/01/41		1,630,628		1,653,970
3.50%, 2/01/42		2,360,681		2,394,473
3.50%, 6/01/42		2,562,663		2,599,347
3.50%, 6/01/42		2,530,756		2,566,983
3.50%, 8/01/42		2,837,751		2,878,373
3.75%, 3/27/19		3,020,000		3,319,708
4.00%, 11/01/24		1,655,883		1,735,585
4.00%, 10/01/25		695,488		729,619
4.00%, 10/01/41		1,684,863		1,753,270

	PRINCIPAL AMOUNT		FAIR VALUE
U.S. GOVERNMENT AGENCIES—43.7%, continued
FEDERAL HOME LOAN MORTGAGE CORP.—20.4%, continued
4.00%, 2/01/42	$	1,024,030	$	1,067,795
4.50%, 6/01/18		307,083		322,372
4.50%, 10/01/35		877,396		924,876
4.50%, 6/01/39		1,193,830		1,256,960
4.50%, 7/01/39		1,317,598		1,387,273
4.50%, 11/01/39		1,357,803		1,429,604
4.50%, 9/01/40		1,742,802		1,836,760
4.50%, 5/01/41		3,365,889		3,554,314
4.88%, 6/13/18		7,200,000		8,304,085
5.00%, 4/01/19		200,363		212,277
5.00%, 12/01/21		397,165		425,410
5.00%, 7/01/35		408,701		437,055
5.00%, 3/01/38		1,514,387		1,617,298
5.00%, 6/01/39		2,069,496		2,208,920
5.00%, 9/01/41		1,899,903		2,074,232
5.50%, 7/18/16		3,500,000		3,995,614
5.50%, 4/01/22		238,118		257,806
5.50%, 11/01/33		149,104		161,588
5.50%, 3/01/36		240,560		259,927
5.50%, 6/01/36		374,707		403,601
5.50%, 12/01/36		383,995		413,605
6.00%, 9/01/17		186,684		200,658
6.00%, 4/01/27		491,685		535,283
6.00%, 6/01/36		280,007		305,428
6.00%, 8/01/37		224,128		243,106
7.00%, 2/01/30		161,714		188,547
7.00%, 3/01/31		141,568		164,639
7.50%, 7/01/30		309,226		367,598
				70,023,896
FEDERAL NATIONAL MORTGAGE ASSOCIATION—18.5%
1.13%, 4/27/17		2,000,000		1,993,056
1.63%, 10/26/15		3,600,000		3,689,248
1.95%, 2/01/34+		182,887		182,945
2.19%, 1/01/23		2,500,000		2,351,364
2.33%, 5/01/34+		202,635		215,697
2.40%, 6/01/33+		81,666		83,098
2.51%, 5/01/37+		392,140		416,226
3.00%, 12/01/32		2,900,770		2,930,859
3.00%, 6/01/42		3,043,272		2,977,636
3.00%, 8/01/42		2,743,938		2,684,759
3.00%, 8/01/42		2,789,991		2,729,818
3.50%, 7/01/20		961,476		1,005,215
3.50%, 10/01/25		608,711		635,092
3.50%, 2/01/41		1,951,684		1,983,893
4.00%, 3/01/26		2,112,989		2,227,991
4.00%, 12/01/40		2,074,013		2,172,136
4.00%, 1/01/41		1,522,437		1,586,818
4.00%, 10/01/41		1,401,585		1,462,169
4.00%, 11/01/41		1,302,099		1,358,383
4.00%, 12/01/41		1,783,600		1,860,697
4.38%, 10/15/15		4,700,000		5,106,409
4.50%, 9/01/40		1,148,282		1,214,905
4.50%, 10/01/40		1,207,318		1,283,340
5.00%, 4/15/15		5,500,000		5,951,181
5.00%, 2/13/17		1,800,000		2,051,806
5.00%, 7/01/18		191,412		204,465

See accompanying notes to financial statements.

9

Schedule of Portfolio Investments, continued

Praxis Intermediate Income Fund

June 30, 2013 (Unaudited)

	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
U.S. GOVERNMENT AGENCIES—43.7%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION—18.5%, continued
5.00%, 9/01/18	$	319,462	$	340,383
5.00%, 4/01/25		378,153		410,030
5.00%, 7/01/25		305,949		331,602
5.00%, 10/01/25		387,516		421,354
5.00%, 10/01/35		550,016		592,195
5.50%, 6/01/22		327,718		353,679
5.50%, 11/01/25		118		129
5.50%, 2/01/34		208,182		227,846
5.50%, 1/01/35		390,788		428,462
5.50%, 10/01/35		624,900		681,533
5.50%, 6/01/36		172,362		186,997
5.50%, 11/01/36		401,544		435,638
5.63%, 7/15/37		6,000,000		7,442,238
6.00%, 10/01/33		135,724		149,509
6.00%, 11/01/34		492,174		548,912
6.00%, 10/01/35		290,516		320,001
6.00%, 6/01/36		238,787		259,846
7.00%, 7/01/15		1,217		1,221
7.00%, 11/01/19		19,661		21,409
7.00%, 11/01/19		30,868		33,564
8.50%, 9/01/26		105,776		121,452
				63,667,206
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION—0.2%
1.63%, 1/20/34+		115,512		120,610
5.50%, 10/20/38		173,657		182,469
6.50%, 11/20/38		48,228		51,164
6.75%, 4/15/16		23,681		25,495
7.00%, 12/20/30		48,973		57,452
7.00%, 10/20/31		35,168		40,148
7.00%, 3/20/32		111,272		131,020
				608,358
SMALL BUSINESS ADMINISTRATION—0.2%
0.60%, 2/25/32+		459,449		458,672
1.00%, 9/25/18+		24,680		24,826
				483,498
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT—0.4%
1.80%, 8/01/14		1,440,000		1,464,214
TOTAL U.S. GOVERNMENT AGENCIES				149,884,408
INVESTMENT COMPANY—1.1%
MUTUAL FUND—1.1%
Pax World High Yield Bond Fund, Individual Investor Class		530,984		3,913,350
SHORT TERM INVESTMENT—1.7%
INVESTMENT COMPANY—1.7%
JPMorgan U.S. Government Money Market Fund, Premier Shares		5,831,926		5,831,926
TOTAL INVESTMENTS (Cost* $336,022,116)—100.1%			$	343,709,221
Liabilities in excess of other assets—(0.1)%				(270,092	)
NET ASSETS—100%			$	343,439,129

+ Variable rate security. Rates presented are the rates in effect at June 30, 2013.

(a) 144a security is restricted as to resale to institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. At June 30, 2013, these securities were valued at $33,328,788 or 9.7% of net assets.

(b) Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been fair valued by the Pricing Committee and have been deemed illiquid under guidelines established by the Board of Trustees:

Security	Yield			Principal Amount		Acquisition Date
Everence Community Investment, Inc.		1.00	%		1,340,000		12/2009
Everence Community Investment, Inc.		1.50	%		1,107,500		12/2009
Everence Community Investment, Inc.		1.50	%		1,227,500		12/2009

At June 30, 2013, these securities had an aggregate market value of $3,684,239, representing 1.1% of net assets.

* Represents cost for financial reporting purposes.

CIFG	—	CDC IXIS Financial Guaranty
Rev.	—	Revenue
XLCA	—	XL Capital Assurance, Inc.
REIT	—	Real Estate Investment Trust

See accompanying notes to financial statements.

10

Schedule of Portfolio Investments

Praxis International Index

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%
AUSTRALIA—5.5%
BANKS—0.1%
Commonwealth Bank of Australia		3,262	$	206,382
BIOTECHNOLOGY—0.2%
CSL Ltd.		2,979		167,771
CSL Ltd.- ADR		6,332		178,499
				346,270
CAPITAL MARKETS—0.1%
Macquarie Group Ltd.		463		17,729
Macquarie Group Ltd.- ADR		2,911		111,317
				129,046
CHEMICALS—0.3%
Orica Ltd.		19,480		367,888
COMMERCIAL BANKS—2.2%
Australia & New Zealand Banking Group Ltd.		7,223		188,794
Australia & New Zealand Banking Group Ltd.- ADR		36,061		942,094
Commonwealth Bank of Australia- ADR		613		38,834
National Australia Bank Ltd.		4,644		126,056
National Australia Bank Ltd.- ADR		28,593		774,155
Westpac Banking Corp.		5,173		136,630
Westpac Banking Corp.- ADR		8,771		1,156,807
				3,363,370
CONTAINERS & PACKAGING—0.1%
Amcor Ltd.		3,344		31,011
Amcor Ltd.- ADR		3,500		129,850
				160,861
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Telstra Corp. Ltd.		8,647		37,722
Telstra Corp. Ltd.- ADR		12,255		267,649
				305,371
INSURANCE—0.3%
Suncorp Group Ltd.		46,152		503,123
METALS & MINING—1.3%
Alumina Ltd.- ADR(a)		41,858		149,433
BHP Billiton Ltd.- ADR		29,852		1,721,266
Newcrest Mining Ltd.- ADR		14,397		136,340
				2,007,039
OIL, GAS & CONSUMABLE FUELS—0.5%
Origin Energy Ltd.		43,674		502,072
Woodside Petroleum Ltd.		2,190		70,120
Woodside Petroleum Ltd.- ADR		5,235		168,986
				741,178
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.2%
Shopping Centres Australasia Property Group REIT		4,483		6,519
Westfield Group REIT		20,433		213,779
				220,298
				8,350,826

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
AUSTRIA—0.1%
COMMERCIAL BANKS—0.1%
Erste Group Bank AG		757	$	20,204
Erste Group Bank AG- ADR		12,078		161,000
				181,204
BELGIUM—0.3%
FOOD & STAPLES RETAILING—0.3%
Delhaize Group SA		1,156		71,459
Delhaize Group SA- ADR		5,575		344,758
				416,217
BRAZIL—2.6%
BANKS—0.3%
Banco Bradesco SA- ADR		32,232		419,338
CHEMICALS—0.1%
Braskem SA- ADR(a)		7,600		113,088
COMMERCIAL BANKS—0.3%
Banco do Brasil SA- ADR		16,094		162,549
Itau Unibanco Holding SA- ADR		29,162		376,773
				539,322
ELECTRIC UTILITIES—0.3%
Cia Energetica de Minas Gerais- ADR		14,523		130,271
Cia Paranaense de Energia- ADR		9,827		122,052
CPFL Energia SA- ADR		14,235		260,358
				512,681
FOOD & STAPLES RETAILING—0.2%
Cia Brasileira de Distribuicao Grupo Pao de Acucar- ADR		5,510		250,485
FOOD PRODUCTS—0.2%
BRF SA- ADR		16,910		367,116
METALS & MINING—0.5%
Cia Siderurgica Nacional SA- ADR		29,370		81,355
Gerdau SA- ADR		26,820		153,142
Vale SA- ADR		36,386		478,476
				712,973
OIL, GAS & CONSUMABLE FUELS—0.5%
Petroleo Brasileiro SA- ADR		35,699		479,081
Ultrapar Participacoes SA- ADR		10,512		251,657
				730,738
WATER UTILITIES—0.2%
Cia de Saneamento Basico do Estado de Sao Paulo- ADR		26,970		280,758
				3,926,499
CANADA—7.1%
AUTO COMPONENTS—0.3%
Magna International, Inc.		5,715		407,022
CHEMICALS—0.7%
Agrium, Inc.		3,522		306,273
Methanex Corp.		7,953		340,309
Potash Corp of Saskatchewan, Inc.		10,495		400,174
				1,046,756

See accompanying notes to financial statements.

11

Schedule of Portfolio Investments, continued

Praxis International Index

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
CANADA—7.1%, continued
COMMERCIAL BANKS—2.0%
Bank of Montreal		7,625	$	442,479
Bank of Nova Scotia		12,310		659,200
Canadian Imperial Bank of Commerce		5,717		405,793
Royal Bank of Canada		13,414		782,170
Toronto-Dominion Bank		9,118		732,814
				3,022,456
COMMERCIAL SERVICES & SUPPLIES—0.0%**
Progressive Waste Solutions Ltd.		790		16,993
HOTELS, RESTAURANTS & LEISURE—0.3%
Tim Hortons, Inc.		8,185		443,054
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.2%
TransAlta Corp.		18,054		247,701
INSURANCE—0.3%
Manulife Financial Corp.		17,556		281,247
Sun Life Financial, Inc.		9,109		269,809
				551,056
MATERIALS—0.0%**
Agnico Eagle Mines Ltd.		872		24,015
MEDIA—0.2%
Shaw Communications, Inc., Class B		14,403		346,104
METALS & MINING—0.3%
Barrick Gold Corp.		8,023		126,282
Eldorado Gold Corp.		6,382		39,441
Kinross Gold Corp.		9,733		49,638
Taseko Mines Ltd.(a)		32,865		61,786
Teck Resources Ltd., Class B		10,555		225,561
				502,708
OIL, GAS & CONSUMABLE FUELS—1.7%
Advantage Oil & Gas Ltd.(a)		18,950		74,663
Canadian Natural Resources Ltd.		15,131		427,602
Cenovus Energy, Inc.		12,145		346,375
Enbridge, Inc.		16,308		686,078
Encana Corp.		15,181		257,166
Penn West Petroleum Ltd.		14,713		155,664
Suncor Energy, Inc.		16,176		477,030
Talisman Energy, Inc.		19,045		217,684
				2,642,262
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3%
Brookfield Asset Management, Inc., Class A		11,557		416,283
ROAD & RAIL—0.8%
Canadian National Railway Co.		6,105		593,833
Canadian Pacific Railway Ltd.		5,165		626,928
				1,220,761
				10,887,171
CHILE—0.7%
AIRLINES—0.1%
Latam Airlines Group SA- ADR		11,124		187,884
BEVERAGES—0.3%
Embotelladora Andina SA, Class B- ADR		12,208		419,711

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
CHILE—0.7%, continued
CHEMICALS—0.3%
Sociedad Quimica y Minera de Chile SA- ADR		11,926	$	481,811
COMMERCIAL BANKS—0.0%**
Corpbanca- ADR		3,709		63,424
				1,152,830
CHINA—2.7%
AIRLINES—0.1%
China Eastern Airlines Corp. Ltd.- ADR(a)		2,802		43,123
China Southern Airlines Co. Ltd.- ADR		5,546		112,972
				156,095
CHEMICALS—0.1%
Sinopec Shanghai Petrochemical Co. Ltd.- ADR(a)		4,694		155,982
COMMERCIAL BANKS—0.6%
China Construction Bank Corp.- ADR		68,758		964,675
COMPUTERS & PERIPHERALS—0.1%
Lenovo Group Ltd.- ADR		9,860		178,367
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
China Telecom Corp. Ltd.- ADR		6,115		290,462
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.3%
Huaneng Power International, Inc.- ADR		9,631		370,312
INSURANCE—0.5%
China Life Insurance Co. Ltd.- ADR		22,434		782,498
INTERNET SOFTWARE & SERVICES—0.6%
Tencent Holdings Ltd.- ADR		23,026		897,093
MULTI-LINE INSURANCE—0.1%
Ping An Insurance Group Co. of China Ltd.- ADR		7,049		94,104
ROAD & RAIL—0.1%
Guangshen Railway Co. Ltd.- ADR		8,797		176,644
				4,066,232
COLOMBIA—0.7%
COMMERCIAL BANKS—0.4%
BanColombia SA- ADR		9,621		543,586
OIL, GAS & CONSUMABLE FUELS—0.3%
Ecopetrol SA- ADR		11,213		471,619
				1,015,205
DENMARK—0.6%
COMMERCIAL BANKS—0.0%**
Danske Bank A/S(a)		3,457		59,124
Danske Bank A/S- ADR(a)		6,614		56,318
				115,442
PHARMACEUTICALS—0.6%
Novo Nordisk A/S- ADR		5,702		883,639
				999,081
FINLAND—0.2%
COMMUNICATIONS EQUIPMENT—0.1%
Nokia OYJ- ADR(a)		39,805		148,871

See accompanying notes to financial statements.

12

Schedule of Portfolio Investments, continued

Praxis International Index

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
FINLAND—0.2%, continued
PAPER & FOREST PRODUCTS—0.1%
Stora Enso OYJ- ADR		32,308	$	215,817
				364,688
FRANCE—6.1%
AUTO COMPONENTS—0.5%
Cie Generale des Etablissements Michelin- ADR		25,215		452,105
Cie Generale des Etablissements Michelin, Class B		1,074		96,041
Valeo SA- ADR		4,352		137,044
				685,190
CAPITAL GOODS—0.3%
Cie de Saint-Gobain		11,742		475,332
COMMERCIAL BANKS—0.6%
BNP Paribas SA- ADR		21,636		595,423
Credit Agricole SA(a)		5,199		44,684
Credit Agricole SA- ADR(a)		14,211		60,397
Societe Generale SA- ADR		37,640		259,716
				960,220
CONSTRUCTION & ENGINEERING—0.2%
Bouygues SA		956		24,402
Vinci SA- ADR		26,246		329,650
				354,052
CONSTRUCTION MATERIALS—0.1%
Lafarge SA		430		26,441
Lafarge SA- ADR		6,876		104,102
				130,543
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
France Telecom SA- ADR		17,186		162,408
Vivendi SA		9,270		175,564
				337,972
ELECTRICAL EQUIPMENT—0.5%
Legrand SA		17,254		800,427
ENERGY EQUIPMENT & SERVICES—0.5%
CGG- ADR(a)		12,914		282,687
Technip SA- ADR		21,292		541,669
				824,356
FOOD & STAPLES RETAILING—0.2%
Carrefour SA		1,523		41,888
Carrefour SA- ADR		49,035		266,260
				308,148
FOOD PRODUCTS—0.7%
Danone SA- ADR		70,005		1,050,075
HEALTH CARE EQUIPMENT & SUPPLIES—0.4%
Essilor International SA		4,503		479,105
Essilor International SA- ADR		952		50,780
				529,885
INSURANCE—0.3%
AXA SA- ADR		23,140		455,627

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
FRANCE—6.1%, continued
MEDIA—0.3%
Publicis Groupe SA- ADR		26,260	$	471,630
MULTI-UTILITIES—0.4%
GDF Suez		2,524		49,428
GDF Suez- ADR		17,681		347,078
Veolia Environnement SA		3,865		43,975
Veolia Environnement SA- ADR		8,771		100,077
				540,558
PERSONAL PRODUCTS—0.6%
L’Oreal SA		382		62,775
L’Oreal SA- ADR		25,935		851,965
				914,740
SOFTWARE—0.3%
Dassault Systemes SA- ADR		3,582		439,225
				9,277,980
GERMANY—5.9%
AIR FREIGHT & LOGISTICS—0.2%
Deutsche Post AG		10,161		252,552
AIRLINES—0.1%
Deutsche Lufthansa AG- ADR(a)		10,201		206,417
AUTOMOBILES—0.5%
Bayerische Motoren Werke AG- ADR		27,692		806,668
CAPITAL MARKETS—0.3%
Deutsche Bank AG		11,061		464,009
CHEMICALS—0.8%
BASF SE- ADR		13,580		1,215,274
DIVERSIFIED FINANCIALS—0.2%
Deutsche Boerse AG		2,890		190,233
Deutsche Boerse AG- ADR		15,060		98,417
				288,650
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Deutsche Telekom AG- ADR		26,454		308,454
HEALTH CARE PROVIDERS & SERVICES—0.4%
Fresenius Medical Care AG & Co. KGaA- ADR		17,810		628,159
INSURANCE—1.0%
Allianz SE- ADR		57,890		845,773
Muenchener Rueckversicherungs AG- ADR		18,890		347,576
Muenchener Rueckversicherungs Gesellschaft AG		1,682		309,577
				1,502,926
MULTI-UTILITIES—0.2%
RWE AG		2,125		67,822
RWE AG- ADR		5,585		178,441
				246,263
PHARMACEUTICALS—0.6%
Bayer AG- ADR		9,398		1,002,485
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Infineon Technologies AG- ADR		10,403		86,761

See accompanying notes to financial statements.

13

Schedule of Portfolio Investments, continued

Praxis International Index

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
GERMANY—5.9%, continued
SOFTWARE—0.6%
SAP AG- ADR		12,252	$	892,313
TEXTILES, APPAREL & LUXURY GOODS—0.5%
Adidas AG		1,323		143,174
Adidas AG- ADR		9,964		539,451
Puma SE		285		80,222
				762,847
TRUCKING—0.2%
Deutsche Post AG- ADR		14,832		369,613
				9,033,391
HONG KONG—3.1%
COMMERCIAL BANKS—0.2%
BOC Hong Kong Holdings Ltd.		59,500		182,964
BOC Hong Kong Holdings Ltd.- ADR		1,754		107,766
Hang Seng Bank Ltd.		4,200		62,111
				352,841
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
China Unicom Hong Kong Ltd.- ADR		24,284		319,092
INDUSTRIAL CONGLOMERATES—0.2%
Jardine Matheson Holdings Ltd.		751		45,436
Jardine Matheson Holdings Ltd.- ADR		3,618		218,165
				263,601
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.5%
Hang Lung Properties Ltd.		23,000		80,215
Hang Lung Properties Ltd.- ADR		289		5,026
Henderson Land Development Co. Ltd.		8,800		52,532
Sun Hung Kai Properties Ltd.		11,000		141,967
Sun Hung Kai Properties Ltd.- ADR		22,014		283,981
Swire Pacific Ltd., Series A		6,500		78,693
Swire Pacific Ltd., Series A- ADR		32,051		388,458
Swire Properties Ltd.		4,550		13,463
Wharf Holdings Ltd.		150,000		1,260,951
				2,305,286
SPECIALTY RETAIL—0.0%**
Esprit Holdings Ltd.		2,500		3,726
Esprit Holdings Ltd.- ADR		4,499		13,317
				17,043
TELECOMMUNICATION SERVICES—0.8%
China Mobile Ltd.- ADR		24,320		1,259,046
TEXTILES, APPAREL & LUXURY GOODS—0.2%
Li & Fung Ltd.		122,000		167,678
Li & Fung Ltd.- ADR		12,287		33,175
				200,853
				4,717,762
HUNGARY—0.1%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Magyar Telekom Telecommunications plc- ADR		11,582		86,865

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
HUNGARY—0.1%, continued
OIL, GAS & CONSUMABLE FUELS—0.0%**
MOL Hungarian Oil & Gas plc- ADR		796	$	30,041
				116,906
INDIA—1.6%
BANKS—0.3%
ICICI Bank Ltd.- ADR		12,121		463,628
COMMERCIAL BANKS—0.4%
HDFC Bank Ltd.- ADR		17,649		639,600
IT SERVICES—0.4%
Infosys Ltd.- ADR		7,688		316,669
Wipro Ltd.- ADR		42,991		312,974
				629,643
METALS & MINING—0.2%
Sterlite Industries India Ltd.- ADR		55,902		326,468
PHARMACEUTICALS—0.3%
Dr. Reddy’s Laboratories Ltd.- ADR(a)		10,846		410,196
				2,469,535
INDONESIA—0.8%
COMMERCIAL BANKS—0.3%
PT Bank Mandiri- ADR		53,391		477,849
DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
Telekomunikasi Indonesia Persero Tbk PT- ADR		13,117		560,621
MACHINERY—0.1%
United Tractors Tbk PT- ADR		3,369		119,936
				1,158,406
IRELAND—1.0%
BIOTECHNOLOGY—0.1%
Elan Corp. plc- ADR(a)		15,702		222,026
COMMERCIAL SERVICES & SUPPLIES—0.5%
Experian plc		3,191		55,474
Experian plc- ADR		37,268		651,817
				707,291
CONSTRUCTION MATERIALS—0.2%
CRH plc- ADR		15,719		319,253
PHARMACEUTICALS—0.2%
Shire plc- ADR		3,634		345,630
				1,594,200
ISRAEL—0.4%
PHARMACEUTICALS—0.3%
Teva Pharmaceutical Industries Ltd.- ADR		13,225		518,420
SOFTWARE—0.1%
Check Point Software Technologies Ltd.(a)		2,576		127,976
				646,396
ITALY—1.3%
BANKS—0.1%
UniCredit SpA		41,823		195,871

See accompanying notes to financial statements.

14

Schedule of Portfolio Investments, continued

Praxis International Index

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
ITALY—1.3%, continued
COMMERCIAL BANKS—0.1%
Intesa Sanpaolo SpA		50,341	$	80,663
Intesa Sanpaolo SpA- ADR		5,976		57,220
				137,883
ELECTRIC UTILITIES—0.0%**
Enel SpA		9,543		29,936
INSURANCE—0.2%
Assicurazioni Generali SpA		16,056		280,469
OIL, GAS & CONSUMABLE FUELS—0.5%
ENI SpA- ADR		18,297		750,909
TEXTILES, APPAREL & LUXURY GOODS—0.3%
Luxottica Group SpA- ADR		8,604		435,018
TRANSPORTATION INFRASTRUCTURE—0.1%
Atlantia SpA		13,863		226,101
				2,056,187
JAPAN—15.9%
AUTO COMPONENTS—0.6%
Bridgestone Corp.		4,656		158,674
Bridgestone Corp.- ADR		4,051		277,493
Denso Corp.		5,900		277,511
Denso Corp.- ADR		6,048		142,733
				856,411
AUTOMOBILES—2.3%
Honda Motor Co. Ltd.- ADR		24,950		929,388
Nissan Motor Co. Ltd.- ADR		26,653		541,855
Toyota Motor Corp.- ADR		17,148		2,069,078
				3,540,321
BUILDING PRODUCTS—0.1%
Asahi Glass Co. Ltd.		3,000		19,540
Asahi Glass Co. Ltd.- ADR		21,219		137,499
				157,039
CAPITAL GOODS—0.2%
Makita Corp.		600		32,426
Makita Corp.- ADR		4,936		267,580
				300,006
CAPITAL MARKETS—0.7%
Daiwa Securities Group, Inc.		16,000		134,382
Daiwa Securities Group, Inc.- ADR		49,678		421,766
Nomura Holdings, Inc.- ADR		64,340		478,690
				1,034,838
CHEMICALS—0.5%
Nitto Denko Corp.		500		32,164
Nitto Denko Corp.- ADR		11,626		375,404
Shin-Etsu Chemical Co. Ltd.		2,500		165,860
Sumitomo Chemical Co. Ltd.		38,000		119,540
Toray Industries, Inc.		6,000		38,838
				731,806
COMMERCIAL BANKS—2.1%
Mitsubishi UFJ Financial Group, Inc.- ADR		188,606		1,171,243
Mizuho Financial Group, Inc.- ADR		132,028		545,276

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
JAPAN—15.9%, continued
COMMERCIAL BANKS—2.1%, continued
Sumitomo Mitsui Financial Group, Inc.- ADR		135,650	$	1,250,693
Sumitomo Mitsui Trust Holdings, Inc.		2,980		13,912
Sumitomo Mitsui Trust Holdings, Inc.- ADR		39,737		185,969
				3,167,093
COMMERCIAL SERVICES & SUPPLIES—0.3%
Dai Nippon Printing Co. Ltd.		50,000		457,250
Dai Nippon Printing Co. Ltd.- ADR		37		337
				457,587
COMPUTERS & PERIPHERALS—0.0%**
Seiko Epson Corp.		600		8,197
Seiko Epson Corp.- ADR		5,156		35,370
				43,567
CONSTRUCTION & ENGINEERING—0.4%
JGC Corp.		9,000		323,956
Obayashi Corp.		55,000		285,592
				609,548
DIVERSIFIED FINANCIAL SERVICES—0.3%
ORIX Corp.		2,300		31,423
ORIX Corp.- ADR		5,614		383,604
				415,027
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Nippon Telegraph & Telephone Corp.- ADR		10,320		268,423
ELECTRIC UTILITIES—0.2%
Chubu Electric Power Co., Inc.		12,600		178,621
Tohoku Electric Power Co., Inc.(a)		9,200		114,930
				293,551
ELECTRICAL EQUIPMENT—0.2%
Nidec Corp.- ADR		15,436		270,439
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%
FUJIFILM Holdings Corp.- ADR		11,626		255,772
Hoya Corp.		9,500		196,264
Hoya Corp.- ADR		1,734		35,773
Kyocera Corp.		1,400		142,569
Kyocera Corp.- ADR		1,581		160,867
Murata Manufacturing Co. Ltd.		500		38,062
				829,307
HEALTH CARE EQUIPMENT & SUPPLIES—0.2%
Terumo Corp.		5,900		293,572
HOUSEHOLD DURABLES—0.9%
Panasonic Corp.(a)		10,700		85,984
Panasonic Corp.- ADR(a)		21,410		173,207
Sekisui House Ltd.		8,000		115,668
Sekisui House Ltd.- ADR		30,149		435,954
Sharp Corp.(a)		10,000		40,331
Sharp Corp.- ADR		17,095		68,038
Sony Corp.- ADR		18,382		389,515
				1,308,697
INSURANCE—0.4%
MS&AD Insurance Group Holdings- ADR		34,266		434,150

See accompanying notes to financial statements.

15

Schedule of Portfolio Investments, continued

Praxis International Index

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
JAPAN—15.9%, continued
INSURANCE—0.4%, continued
Tokio Marine Holdings, Inc.		2,000	$	63,420
Tokio Marine Holdings, Inc.- ADR		4,898		155,610
				653,180
INTEGRATED TELECOMMUNICATION SERVICES—0.2%
KDDI Corp.- ADR		23,200		300,788
INTERNET & CATALOG RETAIL—0.1%
Rakuten, Inc.		18,400		217,616
IT SERVICES—0.0%**
Fujitsu Ltd.		2,000		8,268
Fujitsu Ltd.- ADR		1,240		25,829
				34,097
MACHINERY—1.0%
FANUC Corp.		400		57,996
FANUC Corp.- ADR		22,452		542,665
Kubota Corp.- ADR		8,556		622,791
SMC Corp.		1,900		381,609
				1,605,061
MARINE—0.0%**
Nippon Yusen KK- ADR		7,243		38,316
METALS & MINING—0.3%
Nippon Steel Corp.		54,000		145,917
Sumitomo Metal Mining Co. Ltd.		23,000		256,483
				402,400
OFFICE ELECTRONICS—0.3%
Canon, Inc.- ADR		14,801		486,509
PERSONAL PRODUCTS—0.5%
Kao Corp.- ADR		16,459		565,696
Shiseido Co. Ltd.		2,100		31,273
Shiseido Co. Ltd.- ADR		15,035		222,969
				819,938
PHARMACEUTICALS—0.7%
Astellas Pharma, Inc.		2,600		141,299
Astellas Pharma, Inc.- ADR		15,568		210,479
Daiichi Sankyo Co. Ltd.		4,600		76,806
Daiichi Sankyo Co. Ltd.- ADR		1,901		31,671
Takeda Pharmaceutical Co. Ltd.		2,700		121,960
Takeda Pharmaceutical Co. Ltd.- ADR		19,192		433,355
				1,015,570
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.8%
Daiwa House Industry Co. Ltd.- ADR		1,547		289,034
Mitsubishi Estate Co. Ltd.		7,000		186,398
Mitsubishi Estate Co. Ltd.- ADR		8,499		227,008
Mitsui Fudosan Co. Ltd.		11,000		323,523
Sumitomo Realty & Development Co. Ltd.		6,000		239,262
				1,265,225
ROAD & RAIL—0.7%
Central Japan Railway Co.		500		61,152
East Japan Railway Co.		3,590		279,077

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
JAPAN—15.9%, continued
ROAD & RAIL—0.7%, continued
East Japan Railway Co.- ADR		29,226	$	379,938
Keikyu Corp.		44,000		377,979
				1,098,146
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Advantest Corp.- ADR		323		5,294
Rohm Co. Ltd.		700		28,231
Rohm Co. Ltd.- ADR		2,660		53,546
				87,071
SOFTWARE—0.1%
Nintendo Co. Ltd.- ADR		13,576		199,160
TECHNOLOGY HARDWARE & EQUIPMENT—0.0%**
TDK Corp.		200		6,907
TDK Corp.- ADR		826		28,629
				35,536
TEXTILES, APPAREL & LUXURY GOODS—0.2%
Wacoal Holdings Corp.- ADR		5,242		260,790
TRADING COMPANIES & DISTRIBUTORS—0.3%
Mitsui & Co. Ltd.- ADR		1,637		413,228
WIRELESS TELECOMMUNICATION SERVICES—0.5%
NTT DoCoMo, Inc.- ADR		17,300		270,745
Softbank Corp.		6,500		379,462
Softbank Corp.- ADR		2,656		77,210
				727,417
				24,237,280
JERSEY—0.2%
METALS & MINING—0.2%
Randgold Resources Ltd.- ADR		3,893		249,347
MEXICO—1.3%
BEVERAGES—0.3%
Coca-Cola Femsa SAB de CV- ADR		3,164		443,877
CONSTRUCTION & ENGINEERING—0.1%
Empresas ICA SAB de CV- ADR(a)		19,147		144,177
CONSTRUCTION MATERIALS—0.2%
Cemex SAB de CV- ADR(a)		28,012		296,367
FOOD & STAPLES RETAILING—0.2%
Wal-Mart de Mexico SAB de CV- ADR		11,112		311,136
MEDIA—0.2%
Grupo Televisa SAB- ADR		11,081		275,252
TRANSPORTATION INFRASTRUCTURE—0.1%
Grupo Aeroportuario del Pacifico SAB de CV- ADR		4,513		229,396
WIRELESS TELECOMMUNICATION SERVICES—0.2%
America Movil SAB de CV, Series L- ADR		12,573		273,463
				1,973,668
NETHERLANDS—4.3%
AIR FREIGHT & LOGISTICS—0.0%**
PostNL NV(a)		748		2,087
PostNL NV- ADR(a)		1,681		4,707

See accompanying notes to financial statements.

16

Schedule of Portfolio Investments, continued

Praxis International Index

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
NETHERLANDS—4.3%, continued
AIR FREIGHT & LOGISTICS—0.0%**, continued
TNT Express NV		667	$	5,003
TNT Express NV- ADR		1,509		11,370
				23,167
CHEMICALS—0.1%
Akzo Nobel NV- ADR		10,773		202,640
COMPUTERS & PERIPHERALS—0.1%
Gemalto NV		2,161		195,663
DIVERSIFIED FINANCIAL SERVICES—0.2%
ING Groep NV- ADR(a)		40,591		368,972
FOOD & STAPLES RETAILING—0.3%
Koninklijke Ahold NV- ADR		25,936		386,187
FOOD PRODUCTS—0.8%
Unilever NV - NY Registry Shares		30,310		1,191,486
INDUSTRIAL CONGLOMERATES—0.6%
Koninklijke Philips NV		30,708		834,951
INSURANCE—0.2%
Aegon NV		35,051		236,945
LIFE SCIENCES TOOLS & SERVICES—0.2%
QIAGEN NV(a)		16,784		334,169
MEDIA—0.1%
Wolters Kluwer NV		954		20,185
Wolters Kluwer NV- ADR		7,337		154,958
				175,143
OIL, GAS & CONSUMABLE FUELS—1.5%
Royal Dutch Shell plc, Class A- ADR		35,254		2,249,205
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.2%
ASML Holding NV - NY Registry Shares		4,549		359,826
				6,558,354
NORWAY—0.8%
CHEMICALS—0.2%
Yara International ASA- ADR		7,283		290,956
METALS & MINING—0.1%
Norsk Hydro ASA		13,975		55,768
Norsk Hydro ASA- ADR		13,201		52,540
				108,308
OIL, GAS & CONSUMABLE FUELS—0.5%
Statoil ASA- ADR		36,526		755,723
				1,154,987
PERU—0.1%
METALS & MINING—0.1%
Cia de Minas Buenaventura SAA- ADR		6,708		99,010
PORTUGAL—0.1%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.0%**
Portugal Telecom SGPS SA- ADR		26,158		102,801

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
PORTUGAL—0.1%, continued
ELECTRIC UTILITIES—0.1%
EDP - Energias de Portugal SA		20,520	$	66,107
EDP - Energias de Portugal SA- ADR		1,231		39,589
				105,696
				208,497
RUSSIA—0.8%
MEDIA—0.2%
CTC Media, Inc.		28,039		311,794
WIRELESS TELECOMMUNICATION SERVICES—0.6%
Mobile Telesystems OJSC- ADR		47,756		904,498
				1,216,292
SINGAPORE—2.2%
BANKS—0.1%
DBS Group Holdings Ltd.		10,656		130,310
COMMERCIAL BANKS—1.3%
DBS Group Holdings Ltd.- ADR		18,371		899,169
United Overseas Bank Ltd.		24,187		378,977
United Overseas Bank Ltd.- ADR		22,014		692,120
				1,970,266
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Singapore Telecommunications Ltd.		71,000		211,180
Singapore Telecommunications Ltd.- ADR		6,886		204,514
				415,694
INDUSTRIAL CONGLOMERATES—0.6%
Keppel Corp. Ltd.		11,721		96,172
Keppel Corp. Ltd.- ADR		49,775		821,288
				917,460
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.0%**
Keppel REIT REIT		1,800		1,839
				3,435,569
SOUTH AFRICA—1.4%
COMMERCIAL BANKS—0.1%
Standard Bank Group Ltd.- ADR		11,694		131,557
METALS & MINING—0.4%
AngloGold Ashanti Ltd.- ADR		15,620		223,366
Gold Fields Ltd.- ADR		29,917		157,064
Harmony Gold Mining Co. Ltd.- ADR		30,013		114,350
Impala Platinum Holdings Ltd.- ADR		15,171		141,545
				636,325
OIL, GAS & CONSUMABLE FUELS—0.6%
Sasol Ltd.- ADR		20,177		873,866
WIRELESS TELECOMMUNICATION SERVICES—0.3%
MTN Group Ltd.- ADR		24,376		452,419
				2,094,167
SOUTH KOREA—2.7%
COMMERCIAL BANKS—1.4%
KB Financial Group, Inc.- ADR		34,232		1,014,294
Shinhan Financial Group Co. Ltd.- ADR		25,553		831,239
Woori Finance Holdings Co. Ltd.- ADR		11,480		317,766
				2,163,299

See accompanying notes to financial statements.

17

Schedule of Portfolio Investments, continued

Praxis International Index

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
SOUTH KOREA—2.7%, continued
DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
KT Corp.- ADR		38,311	$	594,587
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%
LG Display Co. Ltd.- ADR(a)		43,639		517,995
WIRELESS TELECOMMUNICATION SERVICES—0.6%
SK Telecom Co. Ltd.- ADR		42,848		871,100
				4,146,981
SPAIN—1.9%
COMMERCIAL BANKS—0.8%
Banco Bilbao Vizcaya Argentaria SA- ADR		64,435		541,898
Banco Santander SA- ADR		116,415		753,205
				1,295,103
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Telefonica SA- ADR(a)		32,722		419,169
ELECTRIC UTILITIES—0.2%
Iberdrola SA- ADR		15,225		310,286
METALS & MINING—0.1%
Acerinox SA		16,589		154,434
OIL, GAS & CONSUMABLE FUELS—0.2%
Repsol YPF SA- ADR		17,252		365,052
RETAILING—0.3%
Inditex SA		3,528		435,526
				2,979,570
SWEDEN—2.4%
COMMUNICATIONS EQUIPMENT—0.4%
Telefonaktiebolaget LM Ericsson- ADR		48,767		550,092
CONSTRUCTION & ENGINEERING—0.4%
Skanska AB, Class B		37,142		616,439
HOUSEHOLD PRODUCTS—0.2%
Svenska Cellulosa AB, Class B		12,219		306,655
MACHINERY—1.0%
Alfa Laval AB		23,419		478,430
Atlas Copco AB- ADR		18,292		443,947
Atlas Copco AB, Class A		8,922		215,530
Sandvik AB		19,176		229,331
Sandvik AB- ADR		20,116		241,995
				1,609,233
RETAILING—0.1%
Hennes & Mauritz AB (H&M), Class B		3,195		105,006
SPECIALTY RETAIL—0.3%
Hennes & Mauritz AB- ADR		65,360		426,801
				3,614,226
SWITZERLAND—6.9%
CAPITAL MARKETS—1.1%
Credit Suisse Group AG- ADR(a)		16,554		438,019
Julius Baer Group Ltd.(a)		9,537		372,473
UBS AG(a)		46,462		787,531
				1,598,023

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
SWITZERLAND—6.9%, continued
CHEMICALS—0.8%
Syngenta AG- ADR		15,780	$	1,228,631
COMPUTERS & PERIPHERALS—0.1%
Logitech International SA		10,434		73,560
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Swisscom AG- ADR		7,140		313,375
ELECTRICAL EQUIPMENT—0.7%
ABB Ltd.- ADR(a)		52,187		1,130,370
ENERGY EQUIPMENT & SERVICES—0.3%
Transocean Ltd.		9,839		471,780
INSURANCE—0.8%
Swiss Re AG(a)		3,294		245,162
Zurich Insurance Group AG- ADR(a)		38,640		1,006,186
				1,251,348
PHARMACEUTICALS—2.6%
Novartis AG- ADR		27,800		1,965,738
Roche Holding AG- ADR		33,260		2,057,630
				4,023,368
PROFESSIONAL SERVICES—0.1%
Adecco SA(a)		2,237		127,534
Adecco SA- ADR		1,206		34,190
				161,724
TRADING COMPANIES & DISTRIBUTORS—0.2%
Wolseley plc		555		25,602
Wolseley plc- ADR		65,158		304,288
				329,890
				10,582,069
TAIWAN—2.6%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.7%
Chunghwa Telecom Co. Ltd.- ADR		31,205		1,001,992
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%
AU Optronics Corp.- ADR(a)		61,761		213,693
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.8%
Advanced Semiconductor Engineering, Inc.- ADR		101,549		412,289
Siliconware Precision Industries Co.- ADR		68,065		426,768
Taiwan Semiconductor Manufacturing Co. Ltd.- ADR		84,657		1,550,916
United Microelectronics Corp.- ADR		191,039		445,121
				2,835,094
				4,050,779
TURKEY—0.3%
COMMERCIAL BANKS—0.3%
Turkiye Garanti Bankasi AS- ADR		104,314		448,550
UNITED KINGDOM—13.0%
CAPITAL MARKETS—0.0%**
Man Group plc		3,940		4,986
Man Group plc- ADR		7,608		9,600
				14,586

See accompanying notes to financial statements.

18

Schedule of Portfolio Investments, continued

Praxis International Index

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
UNITED KINGDOM—13.0%, continued
COMMERCIAL BANKS—1.8%
Barclays plc- ADR		32,892	$	563,111
HSBC Holdings plc- ADR		35,841		1,860,148
Lloyds Banking Group plc- ADR(a)		66,031		253,559
				2,676,818
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
BT Group plc- ADR		8,434		396,314
ELECTRIC UTILITIES—0.4%
SSE plc		2,983		69,098
SSE plc- ADR		26,274		609,820
				678,918
ENERGY EQUIPMENT & SERVICES—0.1%
Subsea 7 SA(a)		2,770		48,566
Subsea 7 SA- ADR(a)		7,740		137,656
				186,222
FOOD & STAPLES RETAILING—0.5%
J Sainsbury plc		4,806		25,971
J Sainsbury plc- ADR		18,741		407,992
WM Morrison Supermarkets plc		23,333		92,908
WM Morrison Supermarkets plc- ADR		8,054		161,080
				687,951
HEALTH CARE EQUIPMENT & SUPPLIES—0.3%
Smith & Nephew plc		4,232		47,309
Smith & Nephew plc- ADR		6,874		385,563
				432,872
HOTELS, RESTAURANTS & LEISURE—0.8%
Carnival plc- ADR		7,766		272,276
Compass Group plc		2,388		30,509
Compass Group plc- ADR		50,014		643,180
InterContinental Hotels Group plc- ADR		12,377		339,996
				1,285,961
HOUSEHOLD PRODUCTS—0.6%
Reckitt Benckiser Group plc		3,212		227,068
Reckitt Benckiser Group plc- ADR		49,075		700,055
				927,123
INSURANCE—0.6%
Aviva plc		30,794		159,055
Aviva plc- ADR		6,116		63,668
Prudential plc- ADR		23,333		763,456
				986,179
MATERIALS—0.0%**
Antofagasta plc		3,335		40,325
MEDIA—1.1%
British Sky Broadcasting Group plc		3,176		38,258
British Sky Broadcasting Group plc- ADR		6,005		290,582
Pearson plc- ADR		23,760		425,541
Reed Elsevier plc- ADR		7,992		364,675
WPP plc- ADR		6,767		577,834
				1,696,890

	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
UNITED KINGDOM—13.0%, continued
METALS & MINING—1.2%
Antofagasta plc- ADR		3,393	$	82,755
BHP Billiton plc		30,582		782,360
Rio Tinto plc- ADR		23,406		961,519
				1,826,634
MULTILINE RETAIL—0.2%
Marks & Spencer Group plc		10,719		70,217
Marks & Spencer Group plc- ADR		17,019		222,779
				292,996
MULTI-UTILITIES—0.8%
National Grid plc- ADR		16,304		923,948
United Utilities Group plc		2,386		24,822
United Utilities Group plc- ADR		12,883		269,126
				1,217,896
OIL, GAS & CONSUMABLE FUELS—1.6%
BG Group plc		6,208		105,610
BG Group plc- ADR		33,166		562,495
BP plc- ADR		35,960		1,500,970
Tullow Oil plc		7,926		120,671
Tullow Oil plc- ADR		15,976		122,137
				2,411,883
PHARMACEUTICALS—1.4%
AstraZeneca plc- ADR		15,840		749,232
GlaxoSmithKline plc- ADR		27,908		1,394,563
				2,143,795
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.2%
ARM Holdings plc- ADR		9,810		354,926
SOFTWARE—0.2%
Sage Group plc		33,782		174,797
Sage Group plc- ADR		2,320		47,653
				222,450
SPECIALTY RETAIL—0.2%
Kingfisher plc- ADR		29,151		304,336
WIRELESS TELECOMMUNICATION SERVICES—0.7%
Vodafone Group plc- ADR		36,035		1,035,646
				19,820,721
UNITED STATES—0.6%
HEALTH CARE PROVIDERS & SERVICES—0.1%
Catamaran Corp.(a)		3,636		177,146
MEDIA—0.1%
Thomson Reuters Corp.		5,573		181,513
METALS & MINING—0.1%
Sims Metal Management Ltd.- ADR		21,356		161,451
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3%
Brookfield Office Properties, Inc.		24,368		406,458
				926,568
TOTAL COMMON STOCKS				150,227,351

See accompanying notes to financial statements.

19

Schedule of Portfolio Investments, continued

Praxis International Index

June 30, 2013 (Unaudited)

	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.8%
COMMUNITY DEVELOPMENT—0.8%
Everence Community Investment, Inc., 1.00%, 12/15/15+(b)	$	343,000	$	343,055
Everence Community Investment, Inc., 1.50%, 12/15/13+(b)		256,000		256,632
Everence Community Investment, Inc., 1.50%, 12/15/14+(b)		606,000		609,105
TOTAL CORPORATE NOTES				1,208,792
SHORT TERM INVESTMENT—2.9%
INVESTMENT COMPANY—2.9%
JPMorgan U.S. Government Money Market Fund, Premier Shares		4,460,079		4,460,079
TOTAL INVESTMENTS (Cost* $152,254,324)—102.0%			$	155,896,222
Liabilities in excess of other assets—(2.0)%				(3,080,531	)
NET ASSETS—100%			$	152,815,691

+ Variable rate security. Rates presented are the rates in effect at June 30, 2013.

(a) Non-income producing securities.

(b) Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been fair valued by the Pricing Committee and have been deemed illiquid under guidelines established by the Board of Trustees:

Security	Yield			Principal Amount		Acquisition Date
Everence Community Investment, Inc.		1.00	%		343,000		3/2012
Everence Community Investment, Inc.		1.50	%		256,000		3/2012
Everence Community Investment, Inc.		1.50	%		606,000		3/2012

At June 30, 2013, these securities had an aggregate market value of $1,208,792, representing 0.8% of net assets.

* Represents cost for financial reporting purposes.

** Amount rounds to less than 0.1%.

ADR	—	American Depositary Receipt
plc	—	Public Liability Company
REIT	—	Real Estate Investment Trust

See accompanying notes to financial statements.

20

Schedule of Portfolio Investments

Praxis Value Index Fund

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.6%
AIR FREIGHT & LOGISTICS—1.5%
C. H. Robinson Worldwide, Inc.		2,912	$	163,974
FedEx Corp.		6,486		639,390
United Parcel Service, Inc., Class B		8,064		697,375
				1,500,739
AIRLINES—0.1%
Southwest Airlines Co.		4,278		55,143
AUTO COMPONENTS—0.5%
Johnson Controls, Inc.		13,721		491,075
AUTOMOBILES—1.1%
Ford Motor Co.		56,883		879,980
Harley-Davidson, Inc.		2,879		157,827
				1,037,807
BEVERAGES—0.7%
Coca-Cola Co.		6,260		251,089
Coca-Cola Enterprises, Inc.		4,031		141,730
PepsiCo, Inc.		3,589		293,544
				686,363
BIOTECHNOLOGY—0.2%
Amgen, Inc.		1,504		148,385
CAPITAL MARKETS—3.3%
Ameriprise Financial, Inc.		856		69,233
Bank of New York Mellon Corp.		7,654		214,695
BlackRock, Inc.		932		239,384
Charles Schwab Corp.		15,343		325,732
Goldman Sachs Group, Inc.		6,557		991,746
Invesco Ltd.		4,702		149,524
Morgan Stanley		22,811		557,273
Northern Trust Corp.		3,977		230,268
State Street Corp.		7,090		462,339
				3,240,194
CHEMICALS—2.6%
Air Products & Chemicals, Inc.		5,817		532,663
Ashland, Inc.		1,090		91,015
E.I. du Pont de Nemours & Co.		16,829		883,522
Ecolab, Inc.		1,616		137,667
LyondellBasell Industries NV, Class A		6,152		407,631
Praxair, Inc.		4,186		482,060
				2,534,558
COMMERCIAL BANKS—5.0%
BB&T Corp.		10,104		342,324
Comerica, Inc.		1,751		69,742
Fifth Third Bancorp		13,500		243,675
Huntington Bancshares, Inc.		18,304		144,236
KeyCorp		9,408		103,864
M&T Bank Corp.		1,286		143,710
PNC Financial Services Group, Inc.		7,721		563,015
SunTrust Banks, Inc.		6,766		213,603
U.S. Bancorp		3,577		129,309
Wells Fargo & Co.		68,459		2,825,303
Zions Bancorp		4,400		127,072
				4,905,853

	SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
COMMERCIAL SERVICES & SUPPLIES—0.9%
ADT Corp.(a)		2,396	$	95,481
Avery Dennison Corp.		1,696		72,521
Pitney Bowes, Inc.		9,012		132,296
Tyco International Ltd.		7,992		263,336
Waste Management, Inc.		6,956		280,536
				844,170
COMMUNICATIONS EQUIPMENT—1.4%
Cisco Systems, Inc.		45,705		1,111,089
Motorola Solutions, Inc.		4,585		264,692
				1,375,781
COMPUTERS & PERIPHERALS—1.5%
Dell, Inc.		22,704		303,098
EMC Corp.		7,201		170,087
Hewlett-Packard Co.		28,901		716,745
Western Digital Corp.		4,719		293,003
				1,482,933
CONSTRUCTION MATERIALS—0.1%
Vulcan Materials Co.		1,422		68,839
CONSUMER FINANCE—0.9%
American Express Co.		2,394		178,975
Capital One Financial Corp.		9,400		590,414
SLM Corp.		5,903		134,943
				904,332
CONTAINERS & PACKAGING—0.4%
Ball Corp.		4,084		169,649
Owens-Illinois, Inc.(a)		8,345		231,908
				401,557
DIVERSIFIED CONSUMER SERVICES—0.2%
H&R Block, Inc.		6,094		169,108
DIVERSIFIED FINANCIAL SERVICES—5.9%
Citigroup, Inc.		42,746		2,050,526
CME Group, Inc.		5,240		398,135
JPMorgan Chase & Co.		55,677		2,939,189
McGraw Hill Financial, Inc.		3,488		185,527
NYSE Euronext		3,488		144,403
				5,717,780
DIVERSIFIED TELECOMMUNICATION SERVICES—5.0%
AT&T, Inc.		85,998		3,044,329
CenturyLink, Inc.		10,818		382,416
Frontier Communications Corp.		32,028		129,714
Verizon Communications, Inc.		23,320		1,173,929
Windstream Corp.		14,690		113,260
				4,843,648
ELECTRIC UTILITIES—4.0%
Duke Energy Corp.		14,124		953,370
Edison International		5,917		284,963
FirstEnergy Corp.		7,565		282,477
NextEra Energy, Inc.		7,025		572,397
Pepco Holdings, Inc.		6,469		130,415
PPL Corp.		14,801		447,878
Southern Co.		22,371		987,232

See accompanying notes to financial statements.

21

Schedule of Portfolio Investments, continued

Praxis Value Index Fund

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
ELECTRIC UTILITIES—4.0%, continued
Xcel Energy, Inc.		8,784	$	248,939
				3,907,671
ELECTRICAL EQUIPMENT—0.5%
Emerson Electric Co.		9,824		535,801
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.9%
Corning, Inc.		35,156		500,270
Jabil Circuit, Inc.		8,685		177,000
TE Connectivity Ltd.		4,986		227,063
				904,333
ENERGY EQUIPMENT & SERVICES—1.6%
Cameron International Corp.(a)		4,198		256,750
Diamond Offshore Drilling, Inc.		2,733		188,003
Nabors Industries Ltd.		3,376		51,687
National Oilwell Varco, Inc.		8,766		603,977
Noble Corp.		5,821		218,753
Rowan Cos. plc, Class A(a)		5,585		190,281
				1,509,451
FOOD & STAPLES RETAILING—4.5%
CVS Caremark Corp.		21,213		1,212,959
Kroger Co.		7,732		267,063
Safeway, Inc.		3,137		74,222
Sysco Corp.		7,463		254,936
Walgreen Co.		13,836		611,551
Wal-Mart Stores, Inc.		26,700		1,988,883
				4,409,614
FOOD PRODUCTS—2.5%
Campbell Soup Co.		5,016		224,667
ConAgra Foods, Inc.		6,460		225,648
General Mills, Inc.		8,384		406,875
Hormel Foods Corp.		5,131		197,954
Kellogg Co.		3,959		254,287
Kraft Foods Group, Inc.		4,350		243,034
Mondelez International, Inc., Class A		31,212		890,478
				2,442,943
GAS UTILITIES—0.6%
AGL Resources, Inc.		7,240		310,306
ONEOK, Inc.		7,415		306,314
				616,620
HEALTH CARE EQUIPMENT & SUPPLIES—1.1%
Abbott Laboratories		11,196		390,516
Medtronic, Inc.		12,551		646,000
				1,036,516
HEALTH CARE PROVIDERS & SERVICES—3.8%
Aetna, Inc.		8,129		516,517
Cigna Corp.		4,505		326,567
Express Scripts Holding Co.(a)		6,457		398,332
Humana, Inc.		4,610		388,992
McKesson Corp.		3,714		425,253
UnitedHealth Group, Inc.		16,767		1,097,903
WellPoint, Inc.		6,945		568,379
				3,721,943

	SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
HOTELS, RESTAURANTS & LEISURE—1.8%
Carnival Corp.		8,393	$	287,796
Marriott International, Inc., Class A		2,660		107,384
McDonald’s Corp.		11,860		1,174,140
Starwood Hotels & Resorts Worldwide, Inc.		1,776		112,225
Wyndham Worldwide Corp.		1,251		71,595
				1,753,140
HOUSEHOLD DURABLES—0.3%
D.R. Horton, Inc.		2,964		63,074
Newell Rubbermaid, Inc.		3,207		84,184
Whirlpool Corp.		1,522		174,056
				321,314
HOUSEHOLD PRODUCTS—1.8%
Colgate-Palmolive Co.		4,598		263,420
Procter & Gamble Co.		18,888		1,454,187
				1,717,607
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.3%
AES Corp.		11,874		142,369
NRG Energy, Inc.		6,736		179,851
				322,220
INDUSTRIAL CONGLOMERATES—1.2%
3M Co.		10,655		1,165,124
INSURANCE—8.5%
ACE Ltd.		4,420		395,501
Allstate Corp.		8,739		420,521
American International Group, Inc.(a)		19,587		875,539
Aon plc		2,267		145,881
Assurant, Inc.		1,304		66,387
Berkshire Hathaway, Inc., Class B(a)		28,332		3,170,917
Chubb Corp.		3,750		317,437
Cincinnati Financial Corp.		2,512		115,301
Hartford Financial Services Group, Inc.		5,040		155,837
Loews Corp.		3,484		154,690
Marsh & McLennan Cos., Inc.		5,930		236,726
MetLife, Inc.		18,363		840,291
Principal Financial Group, Inc.		5,342		200,058
Progressive Corp.		4,933		125,397
Prudential Financial, Inc.		5,128		374,498
Torchmark Corp.		3,408		221,997
Travelers Cos., Inc.		5,533		442,197
				8,259,175
INTERNET SOFTWARE & SERVICES—0.3%
eBay, Inc.(a)		1,488		76,959
Yahoo!, Inc.(a)		7,064		177,377
				254,336
IT SERVICES—2.3%
Accenture plc, Class A		4,238		304,966
Fidelity National Information Services, Inc.		3,862		165,448
International Business Machines Corp.		7,562		1,445,174
Paychex, Inc.		3,684		134,540
Western Union Co.		10,989		188,022
				2,238,150

See accompanying notes to financial statements.

22

Schedule of Portfolio Investments, continued

Praxis Value Index Fund

June 30, 2013 (Unaudited)

	SHARES			FAIR VALUE
COMMON STOCKS—98.6%, continued
LIFE SCIENCES TOOLS & SERVICES—0.3%
Thermo Fisher Scientific, Inc.		3,444		$	291,466
MACHINERY—2.5%
Deere & Co.		6,647			540,068
Dover Corp.		2,303			178,851
Illinois Tool Works, Inc.		3,805			263,192
Ingersoll-Rand plc		5,365			297,865
PACCAR, Inc.		1,806			96,910
Parker Hannifin Corp.		5,297			505,334
Pentair Ltd.		1,980			114,226
Stanley Black & Decker, Inc.		2,540			196,342
Xylem, Inc.		7,168			193,106
					2,385,894
MEDIA—2.2%
CBS Corp., Class B		3,034			148,272
Comcast Corp., Class A		4,325			181,131
Interpublic Group of Cos., Inc.		9,086			132,201
Omnicom Group, Inc.		2,019			126,935
Time Warner Cable, Inc.		2,107			236,995
Time Warner, Inc.		2,922	��		168,950
Viacom, Inc., Class B		5,201			353,928
Walt Disney Co.		11,967			755,716
					2,104,128
METALS & MINING—0.6%
Allegheny Technologies, Inc.		5,013			131,892
Nucor Corp.		9,290			402,443
United States Steel Corp.		3,687			64,633
					598,968
MULTILINE RETAIL—1.0%
Macy’s, Inc.		6,103			292,944
Target Corp.		9,466			651,829
					944,773
MULTI-UTILITIES—1.6%
CenterPoint Energy, Inc.		9,131			214,487
CMS Energy Corp.		1,886			51,243
Consolidated Edison, Inc.		7,731			450,794
DTE Energy Co.		3,270			219,123
NiSource, Inc.		4,934			141,310
SCANA Corp.		4,988			244,911
Sempra Energy		2,723			222,632
					1,544,500
OFFICE ELECTRONICS—0.1%
Xerox Corp.		15,601			141,501
OIL, GAS & CONSUMABLE FUELS—11.1%
Apache Corp.		9,988			837,294
BP plc, ADR		15,194			634,198
Chesapeake Energy Corp.		12,297			250,613
ConocoPhillips		33,337			2,016,889
Denbury Resources, Inc.(a)		5,539			95,936
Devon Energy Corp.		10,065			522,172
Energen Corp.		1,970			102,952
EQT Corp.		3,278			260,175
Hess Corp.		6,280			417,557

	SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
OIL, GAS & CONSUMABLE FUELS—11.1%, continued
Kinder Morgan, Inc.		14,521	$	553,976
Marathon Oil Corp.		17,326		599,133
Marathon Petroleum Corp.		2,523		179,284
Murphy Oil Corp.		5,836		355,354
Noble Energy, Inc.		4,958		297,678
Phillips 66		9,573		563,945
QEP Resources, Inc.		6,218		172,736
Royal Dutch Shell plc, Class A, ADR		18,899		1,205,756
Southwestern Energy Co.(a)		6,594		240,879
Spectra Energy Corp.		27,629		952,095
Valero Energy Corp.		7,939		276,039
Williams Cos., Inc.		7,991		259,468
				10,794,129
PAPER & FOREST PRODUCTS—0.4%
International Paper Co.		9,061		401,493
PERSONAL PRODUCTS—0.2%
Avon Products, Inc.		5,002		105,192
Estee Lauder Cos., Inc., Class A		1,570		103,259
				208,451
PHARMACEUTICALS—4.2%
AbbVie, Inc.		2,548		105,334
Bristol-Myers Squibb Co.		14,819		662,261
Eli Lilly & Co.		3,617		177,667
Forest Laboratories, Inc.(a)		7,575		310,575
Hospira, Inc.(a)		5,733		219,631
Johnson & Johnson		27,156		2,331,614
Merck & Co., Inc.		6,121		284,321
				4,091,403
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.5%
Equity Residential		1,651		95,857
HCP, Inc.		4,327		196,619
Host Hotels & Resorts, Inc.		12,568		212,022
Plum Creek Timber Co., Inc.		2,980		139,077
Prologis, Inc.		4,890		184,451
Simon Property Group, Inc.		2,569		405,696
Vornado Realty Trust		1,493		123,695
Weyerhaeuser Co.		3,419		97,407
				1,454,824
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.1%
CBRE Group, Inc., Class A(a)		5,299		123,785
ROAD & RAIL—1.3%
CSX Corp.		25,206		584,527
Norfolk Southern Corp.		7,885		572,845
Ryder System, Inc.		1,959		119,088
				1,276,460
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.9%
Analog Devices, Inc.		4,253		191,640
Applied Materials, Inc.		15,187		226,438
Intel Corp.		10,648		257,895
NVIDIA Corp.		11,768		165,105
				841,078

See accompanying notes to financial statements.

23

Schedule of Portfolio Investments, continued

Praxis Value Index Fund

June 30, 2013 (Unaudited)

	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
SOFTWARE—2.8%
Adobe Systems, Inc.(a)		4,979	$	226,843
Autodesk, Inc.(a)		5,050		171,397
CA, Inc.		7,512		215,069
Microsoft Corp.		57,890		1,998,942
Oracle Corp.		3,482		106,967
				2,719,218
SPECIALTY RETAIL—0.4%
Home Depot, Inc.		1,892		146,573
Lowe’s Cos., Inc.		3,385		138,447
Staples, Inc.		8,050		127,673
				412,693
WATER UTILITIES—0.1%
American Water Works Co., Inc.		2,056		84,769
TOTAL COMMON STOCKS				95,943,756
PREFERRED STOCK—0.0%**
SPECIALTY RETAIL—0.0%**
Orchard Supply Hardware Stores Corp., Perpetual, Series A - Zero Coupon(a),(b)		39		5
TOTAL PREFERRED STOCKS				5
CORPORATE NOTES—1.1%
COMMUNITY DEVELOPMENT—1.1%
Everence Community Investment, Inc., 1.00%, 12/15/15+(c)	$	175,000		175,028
Everence Community Investment, Inc., 1.50%, 12/15/13+(c)		192,500		192,976
Everence Community Investment, Inc., 1.50%, 12/15/14+(c)		758,500		762,386
TOTAL CORPORATE NOTES				1,130,390
SHORT TERM INVESTMENT—0.3%
INVESTMENT COMPANY—0.3%
JPMorgan U.S. Government Money Market Fund, Premier Shares		297,861		297,861
TOTAL INVESTMENTS (Cost* $78,138,330)—100.0%			$	97,372,012
Liabilities in excess of other assets—0.0%				(32,975	)
NET ASSETS—100%			$	97,339,037

+ Variable rate security. Rates presented are the rates in effect at June 30, 2013.

(a) Non-income producing securities.

(b) Is Zero Coupon

(c) Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been fair valued by the Pricing Committee and have been deemed illiquid under guidelines established by the Board of Trustees:

Security	Yield			Principal Amount		Acquisition Date
Everence Community Investment, Inc.		1.00	%		175,000		12/2009
Everence Community Investment, Inc.		1.50	%		192,500		12/2009
Everence Community Investment, Inc.		1.50	%		758,500		12/2009

At June 30, 2013, these securities had an aggregate market value of $1,130,390, representing 1.1% of net assets.

* Represents cost for financial reporting purposes.

** Amount rounds to less than 0.1%.

ADR	—	American Depositary Receipt
plc	—	Public Liability Company
REIT	—	Real Estate Investment Trust

See accompanying notes to financial statements.

24

Schedule of Portfolio Investments

Praxis Growth Index Fund

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—99.1%
AIR FREIGHT & LOGISTICS—1.3%
C. H. Robinson Worldwide, Inc.		2,296	$	129,288
Expeditors International of Washington, Inc.		3,995		151,850
FedEx Corp.		4,034		397,672
United Parcel Service, Inc., Class B		11,861		1,025,739
				1,704,549
AUTO COMPONENTS—0.2%
Delphi Automotive plc		5,636		285,689
AUTOMOBILES—0.3%
Harley-Davidson, Inc.		6,675		365,923
BEVERAGES—4.6%
Coca-Cola Co.		82,458		3,307,390
Monster Beverage Corp.(a)		2,421		147,124
PepsiCo, Inc.		35,036		2,865,595
				6,320,109
BIOTECHNOLOGY—4.5%
Alexion Pharmaceuticals, Inc.(a)		4,425		408,162
Amgen, Inc.		17,448		1,721,419
Biogen Idec, Inc.(a)		5,919		1,273,769
Celgene Corp.(a)		10,179		1,190,027
Gilead Sciences, Inc.(a)		31,272		1,601,439
				6,194,816
BUILDING PRODUCTS—0.2%
Masco Corp.		13,915		271,203
CAPITAL MARKETS—1.6%
BlackRock, Inc.		2,928		752,057
Franklin Resources, Inc.		3,983		541,767
Northern Trust Corp.		4,438		256,960
T. Rowe Price Group, Inc.		8,045		588,492
				2,139,276
CHEMICALS—3.3%
Air Products & Chemicals, Inc.		5,469		500,796
CF Industries Holdings, Inc.		1,787		306,470
E.I. du Pont de Nemours & Co.		20,034		1,051,785
Ecolab, Inc.		7,662		652,726
PPG Industries, Inc.		3,500		512,435
Praxair, Inc.		8,079		930,378
Sherwin-Williams Co.		1,830		323,178
Sigma-Aldrich Corp.		2,605		209,338
				4,487,106
COMMERCIAL BANKS—1.0%
U.S. Bancorp		36,760		1,328,874
COMMERCIAL SERVICES & SUPPLIES—0.1%
Stericycle, Inc.(a)		756		83,485
COMMUNICATIONS EQUIPMENT—2.4%
Cisco Systems, Inc.		33,559		815,819
F5 Networks, Inc.(a)		1,610		110,768
Juniper Networks, Inc.(a)		8,505		164,232
QUALCOMM, Inc.		34,615		2,114,284
				3,205,103

	SHARES		FAIR VALUE
COMMON STOCKS—99.1%, continued
COMPUTERS & PERIPHERALS—5.9%
Apple, Inc.		17,702	$	7,011,408
EMC Corp.		30,983		731,818
NetApp, Inc.(a)		6,524		246,477
SanDisk Corp.(a)		1,648		100,693
				8,090,396
CONSUMER FINANCE—1.6%
American Express Co.		19,417		1,451,615
Discover Financial Services		14,497		690,637
				2,142,252
DIVERSIFIED FINANCIAL SERVICES—2.5%
Bank of America Corp.		214,541		2,758,997
IntercontinentalExchange, Inc.(a)		1,386		246,376
McGraw Hill Financial, Inc.		7,028		373,819
				3,379,192
DIVERSIFIED TELECOMMUNICATION SERVICES—1.2%
AT&T, Inc.		428		15,151
Verizon Communications, Inc.		32,513		1,636,705
				1,651,856
ELECTRIC UTILITIES—0.1%
NextEra Energy, Inc.		2,070		168,664
ELECTRICAL EQUIPMENT—1.3%
Emerson Electric Co.		13,652		744,580
Rockwell Automation, Inc.		5,547		461,178
Roper Industries, Inc.		4,143		514,643
				1,720,401
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%
Amphenol Corp., Class A		5,073		395,390
ENERGY EQUIPMENT & SERVICES—1.0%
Cameron International Corp.(a)		4,337		265,251
Diamond Offshore Drilling, Inc.		5,939		408,544
Ensco plc, Class A		5,092		295,947
National Oilwell Varco, Inc.		2,119		145,999
Rowan Cos. plc, Class A(a)		6,620		225,543
				1,341,284
FOOD & STAPLES RETAILING—0.9%
Costco Wholesale Corp.		4,261		471,139
Walgreen Co.		5,591		247,122
Wal-Mart Stores, Inc.		2,244		167,155
Whole Foods Market, Inc.		7,412		381,570
				1,266,986
FOOD PRODUCTS—1.5%
Campbell Soup Co.		5,670		253,959
Hershey Co.		3,634		324,444
Kellogg Co.		4,846		311,259
Kraft Foods Group, Inc.		12,201		681,670
Mead Johnson Nutrition Co.		2,219		175,811
Mondelez International, Inc., Class A		11,813		337,025
				2,084,168

See accompanying notes to financial statements.

25

Schedule of Portfolio Investments, continued

Praxis Growth Index Fund

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—99.1%, continued
GAS UTILITIES—0.2%
AGL Resources, Inc.		5,725	$	245,373
HEALTH CARE EQUIPMENT & SUPPLIES—3.1%
Abbott Laboratories		29,064		1,013,752
Baxter International, Inc.		11,801		817,455
Covidien plc		8,857		556,574
Edwards Lifesciences Corp.(a)		2,620		176,064
Intuitive Surgical, Inc.(a)		891		451,363
Medtronic, Inc.		13,250		681,978
Stryker Corp.		5,228		338,147
Zimmer Holdings, Inc.		2,886		216,277
				4,251,610
HEALTH CARE PROVIDERS & SERVICES—0.7%
DaVita HealthCare Partners, Inc.(a)		2,146		259,237
Express Scripts Holding Co.(a)		10,041		619,429
UnitedHealth Group, Inc.		1,811		118,584
				997,250
HEALTH CARE TECHNOLOGY—0.3%
Cerner Corp.(a)		4,117		395,603
HOTELS, RESTAURANTS & LEISURE—2.4%
Chipotle Mexican Grill, Inc.(a)		523		190,555
Marriott International, Inc., Class A		5,438		219,532
McDonald’s Corp.		9,061		897,039
Starbucks Corp.		15,692		1,027,669
Starwood Hotels & Resorts Worldwide, Inc.		6,087		384,638
Yum! Brands, Inc.		8,777		608,597
				3,328,030
HOUSEHOLD DURABLES—0.3%
Lennar Corp., Class A		5,428		195,625
PulteGroup, Inc.(a)		4,117		78,100
Whirlpool Corp.		761		87,028
				360,753
HOUSEHOLD PRODUCTS—2.8%
Colgate-Palmolive Co.		11,452		656,085
Kimberly-Clark Corp.		8,229		799,365
Procter & Gamble Co.		30,036		2,312,472
				3,767,922
INDUSTRIAL CONGLOMERATES—1.1%
3M Co.		13,321		1,456,651
INSURANCE—1.2%
Aflac, Inc.		4,224		245,499
Aon plc		6,376		410,295
Berkshire Hathaway, Inc., Class B(a)		3,915		438,167
Chubb Corp.		4,619		390,998
Travelers Cos., Inc.		2,642		211,149
				1,696,108
INTERNET & CATALOG RETAIL—2.2%
Amazon.com, Inc.(a)		7,356		2,042,688
Expedia, Inc.		2,388		143,638
priceline.com, Inc.(a)		1,030		851,944
				3,038,270

	SHARES		FAIR VALUE
COMMON STOCKS—99.1%, continued
INTERNET SOFTWARE & SERVICES—4.7%
Akamai Technologies, Inc.(a)		5,069	$	215,686
eBay, Inc.(a)		25,008		1,293,414
Google, Inc., Class A(a)		5,304		4,669,482
VeriSign, Inc.(a)		5,480		244,737
				6,423,319
IT SERVICES—6.0%
Accenture plc, Class A		9,914		713,411
Automatic Data Processing, Inc.		11,012		758,286
Cognizant Technology Solutions Corp., Class A(a)		5,990		375,034
Fiserv, Inc.(a)		2,700		236,007
International Business Machines Corp.		11,209		2,142,152
Mastercard, Inc., Class A		2,468		1,417,866
Paychex, Inc.		5,970		218,024
Teradata Corp.(a)		4,886		245,424
Visa, Inc., Class A		11,154		2,038,394
				8,144,598
LIFE SCIENCES TOOLS & SERVICES—0.8%
Agilent Technologies, Inc.		5,785		247,367
Life Technologies Corp.(a)		4,642		343,554
Thermo Fisher Scientific, Inc.		6,472		547,725
				1,138,646
MACHINERY—1.4%
Deere & Co.		10,463		850,119
Illinois Tool Works, Inc.		8,492		587,392
Ingersoll-Rand plc		4,358		241,956
Parker Hannifin Corp.		2,984		284,673
				1,964,140
MEDIA—6.8%
CBS Corp., Class B		15,928		778,401
Comcast Corp., Class A		55,918		2,341,846
DIRECTV(a)		15,350		945,867
Discovery Communications, Inc., Class A(a)		6,791		524,333
Gannett Co., Inc.		6,184		151,261
Omnicom Group, Inc.		3,764		236,643
Time Warner Cable, Inc.		7,517		845,512
Time Warner, Inc.		18,203		1,052,497
Viacom, Inc., Class B		10,061		684,651
Walt Disney Co.		27,439		1,732,773
				9,293,784
MULTILINE RETAIL—0.3%
Dollar Tree, Inc.(a)		3,712		188,718
Target Corp.		2,531		174,285
				363,003
OIL, GAS & CONSUMABLE FUELS—4.8%
BP plc, ADR		12,947		540,408
Cabot Oil & Gas Corp.		3,382		240,189
ConocoPhillips		14,347		867,993
EOG Resources, Inc.		6,935		913,201
EQT Corp.		4,010		318,274
Hess Corp.		3,235		215,095
Kinder Morgan, Inc.		5,228		199,448

See accompanying notes to financial statements.

26

Schedule of Portfolio Investments, continued

Praxis Growth Index Fund

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—99.1%, continued
OIL, GAS & CONSUMABLE FUELS—4.8%, continued
Marathon Oil Corp.		7,281	$	251,777
Murphy Oil Corp.		3,439		209,401
Noble Energy, Inc.		7,778		466,991
Phillips 66		1,334		78,586
Pioneer Natural Resources Co.		4,090		592,027
Range Resources Corp.		3,277		253,378
Royal Dutch Shell plc, Class A, ADR		6,416		409,341
Southwestern Energy Co.(a)		5,272		192,586
Spectra Energy Corp.		14,393		495,983
Williams Cos., Inc.		8,576		278,463
				6,523,141
PHARMACEUTICALS—7.5%
AbbVie, Inc.		29,064		1,201,506
Allergan, Inc./United States		6,228		524,647
Bristol-Myers Squibb Co.		25,888		1,156,935
Eli Lilly & Co.		18,250		896,440
Johnson & Johnson		36,198		3,107,960
Merck & Co., Inc.		60,126		2,792,853
Mylan, Inc.(a)		8,313		257,952
Perrigo Co.		1,848		223,608
				10,161,901
PROFESSIONAL SERVICES—0.2%
Robert Half International, Inc.		6,317		209,914
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.7%
American Tower Corp.		10,594		775,163
Public Storage		3,142		481,763
Simon Property Group, Inc.		5,204		821,815
Weyerhaeuser Co.		9,414		268,205
				2,346,946
ROAD & RAIL—0.4%
Kansas City Southern		2,586		274,012
Norfolk Southern Corp.		3,072		223,181
				497,193
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.7%
Altera Corp.		5,948		196,224
Analog Devices, Inc.		5,281		237,962
Broadcom Corp., Class A		11,602		391,684
Intel Corp.		92,498		2,240,302
Texas Instruments, Inc.		18,499		645,060
				3,711,232
SOFTWARE—5.6%
Adobe Systems, Inc.(a)		5,512		251,127
Autodesk, Inc.(a)		4,626		157,006
BMC Software, Inc.(a)		5,542		250,166
Citrix Systems, Inc.(a)		3,452		208,259
Intuit, Inc.		6,883		420,070
Microsoft Corp.		88,591		3,059,047
Oracle Corp.		81,219		2,495,048
Red Hat, Inc.(a)		3,075		147,047
Salesforce.com, Inc.(a)		12,396		473,279
Symantec Corp.		10,288		231,171
				7,692,220

	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
COMMON STOCKS—99.1%, continued
SPECIALTY RETAIL—3.8%
Bed Bath & Beyond, Inc.(a)		2,655	$	188,239
Gap, Inc.		7,686		320,737
Home Depot, Inc.		30,876		2,391,964
Lowe’s Cos., Inc.		24,141		987,367
O’Reilly Automotive, Inc.(a)		1,963		221,073
Ross Stores, Inc.		4,571		296,246
TJX Cos., Inc.		16,661		834,050
				5,239,676
TEXTILES, APPAREL & LUXURY GOODS—1.4%
Coach, Inc.		6,796		387,984
Fossil Group, Inc.(a)		1,418		146,494
NIKE, Inc., Class B		12,530		797,910
Ralph Lauren Corp.		1,097		190,593
VF Corp.		1,774		342,488
				1,865,469
TRADING COMPANIES & DISTRIBUTORS—0.2%
Fastenal Co.		3,809		174,643
W.W. Grainger, Inc.		355		89,524
				264,167
WIRELESS TELECOMMUNICATION SERVICES—0.7%
Crown Castle International Corp.(a)		7,430		537,858
Sprint Nextel Corp.(a)		62,242		436,939
				974,797
TOTAL COMMON STOCKS				134,978,438
CORPORATE NOTES—0.8%
COMMUNITY DEVELOPMENT—0.8%
Everence Community Investment, Inc., 1.00%, 11/30/13+(b)	$	135,000		135,015
Everence Community Investment, Inc., 1.00%, 12/15/15+(b)		453,000		453,072
Everence Community Investment, Inc., 1.50%, 11/30/13+(b)		230,000		230,520
Everence Community Investment, Inc., 1.50%, 12/15/13+(b)		166,000		166,410
Everence Community Investment, Inc., 1.50%, 12/15/14+(b)		175,000		175,897
TOTAL CORPORATE NOTES				1,160,914
SHORT TERM INVESTMENT—0.2%
INVESTMENT COMPANY—0.2%
JPMorgan U.S. Government Money Market Fund, Premier Shares		221,808		221,808
TOTAL INVESTMENTS (Cost* $109,484,752)—100.1%			$	136,361,160
Liabilities in excess of other assets — (0.1)%				(97,872	)
NET ASSETS—100%			$	136,263,288

+ Variable rate security. Rates presented are the rates in effect at June 30, 2013.

(a) Non-income producing securities.

See accompanying notes to financial statements.

27

Schedule of Portfolio Investments, continued

Praxis Growth Index Fund

June 30, 2013 (Unaudited)

(b) Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been fair valued by the Pricing Committee and have been deemed illiquid under guidelines established by the Board of Trustees:

Security	Yield			Principal Amount		Acquisition Date
Everence Community Investment, Inc.		1.00	%		135,000		12/2010
Everence Community Investment, Inc.		1.00	%		453,000		12/2012
Everence Community Investment, Inc.		1.50	%		230,000		12/2010
Everence Community Investment, Inc.		1.50	%		166,000		12/2012
Everence Community Investment, Inc.		1.50	%		175,000		9/2011

At June 30, 2013, these securities had an aggregate market value of $1,160,914, representing 0.8% of net assets. * Represents cost for financial reporting purposes.

ADR	—	American Depositary Receipt
plc	—	Public Liability Company
REIT	—	Real Estate Investment Trust

See accompanying notes to financial statements.

28

Schedule of Portfolio Investments

Praxis Small Cap Fund

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—100.8%
AEROSPACE & DEFENSE—1.8%
Hexcel Corp.(a)		36,100	$	1,229,205
AUTOMOBILES—1.5%
Thor Industries, Inc.		20,860		1,025,895
BIOTECHNOLOGY—1.4%
Exact Sciences Corp.(a)		67,150		934,056
BUILDING PRODUCTS—0.9%
Armstrong World Industries, Inc.(a)		12,800		611,712
CAPITAL MARKETS—2.2%
Greenhill & Co., Inc.		18,475		845,047
HFF, Inc., Class A		35,830		636,699
				1,481,746
CHEMICALS—0.9%
PolyOne Corp.		23,310		577,622
COMMERCIAL BANKS—11.1%
BancorpSouth, Inc.		52,128		922,666
Columbia Banking System, Inc.		38,800		923,828
Community Bank System, Inc.		29,265		902,825
First Horizon National Corp.		86,600		969,920
Hancock Holding Co.		21,890		658,232
Home Bancshares, Inc.		41,880		1,087,624
Prosperity Bancshares, Inc.		21,340		1,105,199
Texas Capital Bancshares, Inc.(a)		20,140		893,410
				7,463,704
COMMUNICATIONS EQUIPMENT—4.3%
Ciena Corp.(a)		55,200		1,071,984
Infinera Corp.(a)		73,910		788,620
Ixia(a)		54,120		995,808
				2,856,412
CONSTRUCTION MATERIALS—0.5%
Headwaters, Inc.(a)		40,510		358,108
CONTAINERS & PACKAGING—1.1%
Greif, Inc., Class A		14,060		740,540
DISTRIBUTORS—1.1%
Pool Corp.		14,160		742,126
DIVERSIFIED FINANCIAL SERVICES—0.6%
MarketAxess Holdings, Inc.		8,340		389,895
ELECTRICAL EQUIPMENT—3.9%
Belden, Inc.		22,885		1,142,648
Franklin Electric Co., Inc.		26,530		892,734
Thermon Group Holdings, Inc.(a)		29,105		593,742
				2,629,124
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.9%
National Instruments Corp.		21,475		600,011
ENERGY EQUIPMENT & SERVICES—0.8%
Atwood Oceanics, Inc.(a)		10,855		565,003
FOOD & STAPLES RETAILING—1.3%
Casey’s General Stores, Inc.		15,000		902,400
HEALTH CARE EQUIPMENT & SUPPLIES—5.6%
Align Technology, Inc.(a)		4,720		174,829

	SHARES		FAIR VALUE
COMMON STOCKS—100.8%, continued
HEALTH CARE EQUIPMENT & SUPPLIES—5.6%, continued
Cyberonics, Inc.(a)		16,880	$	877,085
DexCom, Inc.(a)		52,240		1,172,788
Endologix, Inc.(a)		54,090		718,315
Spectranetics Corp.(a)		44,572		832,605
				3,775,622
HEALTH CARE PROVIDERS & SERVICES—5.4%
Health Management Associates, Inc., Class A(a)		68,645		1,079,100
MWI Veterinary Supply, Inc.(a)		10,155		1,251,502
Team Health Holdings, Inc.(a)		31,775		1,304,999
				3,635,601
HOTELS, RESTAURANTS & LEISURE—0.6%
Bloomin’ Brands, Inc.(a)		16,060		399,573
HOUSEHOLD DURABLES—2.5%
Ethan Allen Interiors, Inc.		27,260		785,088
Tempur Sealy International, Inc.(a)		20,565		902,803
				1,687,891
INDUSTRIAL CONGLOMERATES—0.8%
Raven Industries, Inc.		18,550		556,129
INSURANCE—2.6%
AmTrust Financial Services, Inc.		24,557		876,685
Endurance Specialty Holdings Ltd.		16,340		840,693
				1,717,378
INTERNET SOFTWARE & SERVICES—0.8%
LogMeIn, Inc.(a)		22,845		558,789
IT SERVICES—2.5%
Acxiom Corp.(a)		46,190		1,047,589
Euronet Worldwide, Inc.(a)		19,450		619,677
				1,667,266
LEISURE EQUIPMENT & PRODUCTS—0.5%
Arctic Cat, Inc.		7,820		351,744
MACHINERY—5.9%
Actuant Corp., Class A		29,785		982,011
Chart Industries, Inc.(a)		6,955		654,396
CLARCOR, Inc.		7,310		381,655
Manitowoc Co., Inc.		35,250		631,328
Middleby Corp.(a)		7,710		1,311,394
				3,960,784
MARINE—1.1%
Kirby Corp.(a)		9,135		726,598
MEDIA—2.3%
Cinemark Holdings, Inc.		34,125		952,770
Loral Space & Communications, Inc.		9,800		587,804
				1,540,574
METALS & MINING—1.9%
Carpenter Technology Corp.		11,555		520,784
Commercial Metals Co.		50,430		744,851
				1,265,635

See accompanying notes to financial statements.

29

Schedule of Portfolio Investments, continued

Praxis Small Cap Fund

June 30, 2013 (Unaudited)

	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
COMMON STOCKS—100.8%, continued
OIL, GAS & CONSUMABLE FUELS—5.1%
Approach Resources, Inc.(a)		29,800	$	732,186
Gulfport Energy Corp.(a)		16,935		797,130
Halcon Resources Corp.(a)		82,240		466,301
Kodiak Oil & Gas Corp.(a)		71,035		631,501
Oasis Petroleum, Inc.(a)		19,960		775,845
				3,402,963
PHARMACEUTICALS—1.4%
Akorn, Inc.(a)		69,317		937,166
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.8%
Cirrus Logic, Inc.(a)		21,995		381,833
Rambus, Inc.(a)		20,300		174,377
				556,210
SOFTWARE—7.7%
ACI Worldwide, Inc.(a)		18,940		880,331
Allot Communications Ltd.(a)		5,000		68,550
Aspen Technology, Inc.(a)		27,650		796,043
Bottomline Technologies de, Inc.(a)		31,200		789,048
Interactive Intelligence Group, Inc.(a)		19,690		1,016,004
Mentor Graphics Corp.		18,380		359,329
NICE Systems Ltd., ADR		23,140		853,635
Pegasystems, Inc.		13,290		440,165
				5,203,105
SPECIALTY RETAIL—9.2%
CST Brands, Inc.(a)		26,850		827,248
DSW, Inc., Class A		11,325		832,048
Francesca’s Holdings Corp.(a)		26,090		725,041
Genesco, Inc.(a)		5,410		362,416
Group 1 Automotive, Inc.		13,670		879,391
Guess?, Inc.		6,750		209,452
Monro Muffler Brake, Inc.		16,830		808,681
Select Comfort Corp.(a)		30,825		772,475
Sonic Automotive, Inc., Class A		37,725		797,507
				6,214,259
TEXTILES, APPAREL & LUXURY GOODS—4.4%
Fifth & Pacific Cos., Inc.(a)		41,460		926,216
Oxford Industries, Inc.		13,805		861,432
Skechers U.S.A., Inc., Class A(a)		7,740		185,837
Wolverine World Wide, Inc.		17,450		952,945
				2,926,430
THRIFTS & MORTGAGE FINANCE—1.3%
Capitol Federal Financial, Inc.		71,455		867,464
TRADING COMPANIES & DISTRIBUTORS—4.1%
Applied Industrial Technologies, Inc.		18,520		895,072
Beacon Roofing Supply, Inc.(a)		22,980		870,482
WESCO International, Inc.(a)		14,925		1,014,303
				2,779,857
TOTAL COMMON STOCKS				67,838,597
CORPORATE NOTES—1.1%
COMMUNITY DEVELOPMENT—1.1%
Everence Community Investment, Inc., 1.00%, 11/30/13+(b)	$	280,000		280,031

	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
CORPORATE NOTES—1.1%, continued
COMMUNITY DEVELOPMENT—1.1%, continued
Everence Community Investment, Inc., 1.50%, 11/30/13+(b)		195,000	$	195,441
Everence Community Investment, Inc., 1.50%, 12/15/14+(b)		275,000		276,409
TOTAL CORPORATE NOTES				751,881
SHORT TERM INVESTMENT—0.8%
INVESTMENT COMPANY—0.8%
JPMorgan U.S. Government Money Market Fund, Premier Shares		557,036		557,036
TOTAL INVESTMENTS (Cost* $50,020,320)—102.7%			$	69,147,514
Liabilities in excess of other assets — (2.7)%				(1,826,773	)
NET ASSETS—100%			$	67,320,741

+ Variable rate security. Rates presented are the rates in effect at June 30, 2013.

(a) Non-income producing securities.

(b) Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been fair valued by the Pricing Committee and have been deemed illiquid under guidelines established by the Board of Trustees:

Security	Yield			Principal Amount		Acquisition Date
Everence Community Investment, Inc.		1.00	%	$	280,000		12/2010
Everence Community Investment, Inc.		1.50	%		195,000		12/2010
Everence Community Investment, Inc.		1.50	%		275,000		9/2011

At June 30, 2013, these securities had an aggregate market value of $751,881, representing 1.1% of net assets.

* Represents cost for financial reporting purposes.

ADR — American Depositary Receipt

See accompanying notes to financial statements.

30

Schedule of Portfolio Investments

Praxis Genesis Conservative Portfolio

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
Mutual Funds—100.1%
Praxis Growth Index Fund, Class I(a)		136,630	$	1,780,292
Praxis Intermediate Income Fund, Class I(a)		1,207,943		12,478,049
Praxis International Index Fund, Class I(a)		139,625		1,325,041
Praxis Small Cap Fund, Class I(a)		35,117		454,764
Praxis Value Index Fund, Class I(a)		177,714		1,789,583
Total Mutual Funds				17,827,729
TOTAL INVESTMENTS (Cost* $17,039,971)—100.1%			$	17,827,729
Liabilities in excess of other assets—(0.1)%				(12,367	)
NET ASSETS—100%			$	17,815,362

(a) Affiliated fund.

* Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

31

Schedule of Portfolio Investments

Praxis Genesis Balanced Portfolio

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
Mutual Funds—100.1%
Praxis Growth Index Fund, Class I(a)		645,908	$	8,416,183
Praxis Intermediate Income Fund, Class I(a)		1,865,667		19,272,336
Praxis International Index Fund, Class I(a)		754,284		7,158,153
Praxis Small Cap Fund, Class I(a)		379,332		4,912,350
Praxis Value Index Fund, Class I(a)		840,974		8,468,603
Total Mutual Funds				48,227,625
TOTAL INVESTMENTS (Cost* $43,095,138)—100.1%			$	48,227,625
Liabilities in excess of other assets—(0.1)%				(42,791	)
NET ASSETS—100%			$	48,184,834

(a) Affiliated fund.

* Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

32

Schedule of Portfolio Investments

Praxis Genesis Growth Portfolio

June 30, 2013 (Unaudited)

	SHARES		FAIR VALUE
Mutual Funds—100.1%
Praxis Growth Index Fund, Class I(a)		686,039	$	8,939,085
Praxis Intermediate Income Fund, Class I(a)		770,719		7,961,528
Praxis International Index Fund, Class I(a)		830,694		7,883,284
Praxis Small Cap Fund, Class I(a)		469,892		6,085,101
Praxis Value Index Fund, Class I(a)		893,159		8,994,114
Total Mutual Funds				39,863,112
TOTAL INVESTMENTS (Cost* $34,124,370)—100.1%			$	39,863,112
Liabilities in excess of other assets—(0.1)%				(45,168	)
NET ASSETS—100%			$	39,817,944

(a) Affiliated fund.

* Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

33

Statements of assets & liabilities

June 30, 2013 (Unaudited)

	Praxis Intermediate Income Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Fund
Assets
Total investment securities, at cost	$	336,022,116		$	152,254,324		$	78,138,330		$	109,484,752		$	50,020,320
Investments in unaffiliated securities, at fair value	$	340,024,982		$	154,687,430		$	96,241,622		$	135,200,246		$	68,395,633
Investments in affiliates, at fair value		3,684,239			1,208,792			1,130,390			1,160,914			751,881
Total investment securities, at fair value		343,709,221			155,896,222			97,372,012			136,361,160			69,147,514
Cash		26,953			756			—			—			—
Receivable for investments sold		40,424			632,836			481,007			299,287			—
Receivable for capital shares sold		1,268,320			888,370			119,949			116,675			77,391
Receivable for dividends and interest		2,764,248			635,773			81,914			126,157			33,781
Receivable for tax reclaims		—			15,643			—			50,580			—
Prepaid expenses		47,902			31,950			32,919			38,157			19,748
Total Assets		347,857,068			158,101,550			98,087,801			136,992,016			69,278,434
Liabilities
Distributions payable		362,748			—			—			—			—
Bank overdraft		—			—			1,328			259			7
Foreign currency due to custodian, at value		—			1,843			—			—			—
Payable for capital shares redeemed		1,194,952			116,899			650,187			552,387			1,858,792
Payable for investments purchased		2,469,473			4,993,375			—			—			—
Accrued expenses and other payables:
Investment advisory fees		127,693			67,542			24,967			42,578			48,200
Administration fees		58,746			20,471			12,246			22,223			11,111
Distribution fees		16,439			3,831			3,256			9,907			1,353
Other		187,888			81,898			56,780			101,374			38,230
Total Liabilities		4,417,939			5,285,859			748,764			728,728			1,957,693
Net Assets	$	343,439,129		$	152,815,691		$	97,339,037		$	136,263,288		$	67,320,741
Components of Net Assets
Paid-in capital	$	335,855,861		$	150,098,720		$	87,567,750		$	128,757,593		$	45,734,246
Accumulated net investment income (loss)		6,961			1,836,391			1,849,675			807,027			147,166
Accumulated net realized gains (losses) on investments and foreign currency transactions		(110,798	)		(2,756,669	)		(11,312,070	)		(20,179,249	)		2,312,135
Net unrealized appreciation/(depreciation) on investments and foreign currency translations		7,677,866			3,633,457			19,229,292			26,876,003			19,125,313
Net unrealized appreciation/(depreciation) on investments in affiliates		9,239			3,792			4,390			1,914			1,881
Net Assets	$	343,439,129		$	152,815,691		$	97,339,037		$	136,263,288		$	67,320,741
Pricing of Class A Shares
Net assets attributable to Class A shares	$	75,238,572		$	17,548,497		$	15,281,183		$	46,090,830		$	6,366,963
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		7,257,948			1,863,062			1,511,348			3,561,164			504,600
Net asset value, offering price and redemption price per share	$	10.37		$	9.42		$	10.11		$	12.94		$	12.62
Maximum sales charge		3.75	%		5.25	%		5.25	%		5.25	%		5.25	%
Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]	$	10.77		$	9.94		$	10.67		$	13.66		$	13.32
Pricing of Class I Shares
Net assets attributable to Class I shares	$	268,200,557		$	135,267,194		$	82,057,854		$	90,172,458		$	60,953,778
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		25,972,550			14,249,970			8,147,002			6,918,763			4,706,710
Net asset value and redemption price per share	$	10.33		$	9.49		$	10.07		$	13.03		$	12.95

See accompanying notes to financial statements.

34

Statements of assets & liabilities, continued

June 30, 2013 (Unaudited)

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Assets
Investments in affiliates, at cost	$	17,039,971		$	43,095,138		$	34,124,370
Investments in affiliates, at fair value	$	17,827,729		$	48,227,625		$	39,863,112
Cash		—			—			118
Receivable for capital shares sold		39,221			6,390			79,860
Receivable for dividends and interest		32,101			49,681			20,485
Prepaid expenses		6,890			10,874			9,514
Total Assets		17,905,941			48,294,570			39,973,089
Liabilities
Foreign currency due to custodian, at value		—			—			—
Payable for capital shares redeemed		1,500			2,552			2,129
Payable for investments purchased		69,785			53,519			98,180
Accrued expenses and other payables:
Investment advisory fees		2,536			3,702			1,449
Administration fees		1,612			4,005			3,225
Distribution fees		3,791			10,303			8,475
Other		11,355			35,655			41,687
Total Liabilities		90,579			109,736			155,145
Net Assets	$	17,815,362		$	48,184,834		$	39,817,944
Components of Net Assets
Paid-in capital	$	16,852,839		$	42,560,011		$	33,666,366
Accumulated net investment income (loss)		22,872			27,581			(3,541	)
Accumulated net realized gains (losses) on investments in affiliates		151,893			464,755			416,377
Net unrealized appreciation/(depreciation) on investments in affiliates		787,758			5,132,487			5,738,742
Net Assets	$	17,815,362		$	48,184,834		$	39,817,944
Pricing of Class A Shares
Net assets attributable to Class A shares	$	17,815,362		$	48,184,834		$	39,817,944
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		1,639,860			4,132,158			3,259,169
Net asset value, offering price and redemption price per share	$	10.86		$	11.66		$	12.22
Maximum sales charge		5.25	%		5.25	%		5.25	%
Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]	$	11.46		$	12.31		$	12.90

See accompanying notes to financial statements.

35

Statements of operations

For the six months ended June 30, 2013 (Unaudited)

	Praxis Intermediate Income Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Fund
Investment income
Dividends	$	129,907		$	2,622,180		$	1,210,085		$	1,224,662		$	236,346
Foreign tax withholding		—			(67,202	)		(831	)		—			—
Interest		6,141,127			—			—			—			—
Interest from affiliates		24,216			8,180			8,008			7,223			4,925
Total Investment Income		6,295,250			2,563,158			1,217,262			1,231,885			241,271
Expenses
Investment advisory fees		697,223			437,783			149,042			206,985			299,203
Administration fees		84,996			33,495			19,821			35,135			16,351
Distribution fees - Class A		101,077			22,651			18,303			56,448			7,695
Recoupment of waiver		—			3,957			—			28,107			—
Transfer agent fees - Class A		65,958			20,348			10,226			19,326			11,174
Transfer agent fees - Class I		1,043			684			781			851			860
Compliance service fees		33,021			13,355			9,010			14,453			6,269
Registration fees - Class A		10,891			10,967			7,003			10,140			10,068
Registration fees - Class I		639			—			—			—			1,851
Shareholder report printing fees - Class A		9,172			3,882			4,408			4,132			2,444
Shareholder report printing fees - Class I		121			5			72			65			63
Professional fees		73,634			45,918			22,963			42,942			16,912
Custodian fees		14,155			9,915			6,883			8,152			4,906
Trustee fees and expenses		30,685			11,900			7,275			11,919			5,816
Other expenses		30,833			24,969			7,281			9,282			5,640
Total Expenses Before Reductions		1,153,448			639,829			263,068			447,937			389,252
Expenses waived by Investment Advisor		(26,122	)		—			—			—			(10,147	)
Net Expenses		1,127,326			639,829			263,068			447,937			379,105
Net Investment Income (Loss)		5,167,924			1,923,329			954,194			783,948			(137,834	)
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		(235,760	)		(703,339	)		1,761,164			1,036,682			2,296,914
Net realized gains (losses) on foreign currency transactions		—			2,078			—			(378	)		—
Change in unrealized appreciation (depreciation) of investments		(11,972,684	)		(1,946,952	)		12,131,744			13,215,494			5,786,279
Change in unrealized appreciation (depreciation) of investments in affiliates		(5,180	)		(1,436	)		(1,228	)		(1,740	)		(972	)
Change in unrealized appreciation (depreciation) of foreign currency translations		—			(3,907	)		—			(1,973	)		—
Net Realized and Unrealized Gains (Losses) on Investments in affiliates and Foreign Currency Transactions		(12,213,624	)		(2,653,556	)		13,891,680			14,248,085			8,082,221
Net Change in Net Assets from Operations	$	(7,045,700	)	$	(730,227	)	$	14,845,874		$	15,032,033		$	7,944,387

See accompanying notes to financial statements.

36

Statements of operations, continued

For the six months ended June 30, 2013 (Unaudited)

	Praxis Genesis Conservative Portfolio		Praxis Genesis Balanced Portfolio		Praxis Genesis Growth Portfolio
Investment income
Dividends from affiliates	$	185,751	$	281,883	$	115,000
Foreign tax withholding		—		—		—
Total Investment Income		185,751		281,883		115,000
Expenses
Investment advisory fees		4,393		11,768		9,654
Administration fees		2,604		6,879		5,599
Distribution fees		21,966		58,838		48,268
Recoupment of waiver		613		4,323		—
Transfer agent fees		11,346		32,956		38,642
Compliance service fees		186		477		393
Registration fees		6,179		8,325		7,926
Shareholder report printing fees		3,316		9,778		11,297
Professional fees		2,057		2,621		2,452
Custodian fees		352		372		368
Trustee fees and expenses		141		380		311
Other expenses		72		182		147
Total Expenses Before Reductions		53,225		136,899		125,057
Expenses waived by Investment Advisor		—		—		(8,196	)
Net Expenses		53,225		136,899		116,861
Net Investment Income (Loss)		132,526		144,984		(1,861	)
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments in affiliates		67,291		259,043		232,955
Change in unrealized appreciation (depreciation) of investments in affiliates		20,070		1,792,830		2,398,054
Net Realized and Unrealized Gains (Losses) on Investments in affiliates		87,361		2,051,873		2,631,009
Net Change in Net Assets from Operations	$	219,887	$	2,196,857	$	2,629,148

See accompanying notes to financial statements.

37

Statements of changes in net assets

	Praxis Intermediate Income Fund						Praxis International Index Fund
	For the Six Months Ended June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Six Months Ended June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
From Operations
Net investment income (loss)	$	5,167,924		$	9,430,269		$	1,923,329		$	2,446,983
Net realized gains (losses) from security transactions		(235,760	)		4,053,360			(701,261	)		(1,733,305	)
Net change in unrealized appreciation (depreciation) on investments in affiliates and foreign currency transactions		(11,977,864	)		2,779,200			(1,952,295	)		14,680,475
Net Change in Net Assets from Operations		(7,045,700	)		16,262,829			(730,227	)		15,394,153
Distributions to Shareholders
From net investment income
Class A		(1,057,126	)		(2,237,463	)		—			(224,763	)
Class I		(4,103,837	)		(8,264,252	)		—			(2,285,608	)
From net realized gains
Class A		—			(691,028	)		—			—
Class I		—			(2,202,841	)		—			—
Change in Net Assets from Distributions to Shareholders		(5,160,963	)		(13,395,584	)		—			(2,510,371	)
Change in Net Assets from Capital Transactions		3,287,265			42,774,091			16,526,923			57,192,275
Change in Net Assets		(8,919,398	)		45,641,336			15,796,696			70,076,057
Net Assets
Beginning of period		352,358,527			306,717,191			137,018,995			66,942,938
End of period	$	343,439,129		$	352,358,527		$	152,815,691		$	137,018,995
Accumulated Net Investment Income (Loss)	$	6,961		$	—		$	1,836,391		$	(86,938	)

See accompanying notes to financial statements.

38

Statements of changes in net assets, continued

	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Fund
	For the Six Months Ended June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Six Months Ended June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Six Months Ended June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
From Operations
Net investment income (loss)	$	954,194		$	1,214,618		$	783,948		$	680,132		$	(137,834	)	$	285,000
Net realized gains (losses) from security transactions		1,761,164			2,673,267			1,036,304			1,540,118			2,296,914			3,686,110
Net change in unrealized appreciation on investments in affiliates and foreign currency transactions		12,130,516			5,580,749			13,211,781			5,700,119			5,785,307			2,768,802
Net Change in Net Assets from Operations		14,845,874			9,468,634			15,032,033			7,920,369			7,944,387			6,739,912
Distributions to Shareholders
From net investment income		—			—			—			—			—			—
Class A		—			(110,133	)		—			(173,208	)		—			—
Class I		—			(1,031,011	)		—			(495,501	)		—			—
From net realized gains
Class A		—			—			—			—			—			(75,360	)
Class I		—			—			—			—			—			(811,681	)
Change in Net Assets from Distributions to Shareholders		—			(1,141,144	)		—			(668,709	)		—			(887,041	)
Change in Net Assets from Capital Transactions		(2,381,335	)		23,701,181			(18,875,380	)		95,648,369			(9,853,866	)		(3,294,397	)
Change in Net Assets		12,464,539			32,028,671			(3,843,347	)		102,900,029			(1,909,479	)		2,558,474
Net Assets
Beginning of period		84,874,498			52,845,827			140,106,635			37,206,606			69,230,220			66,671,746
End of period	$	97,339,037		$	84,874,498		$	136,263,288		$	140,106,635		$	67,320,741		$	69,230,220
Accumulated Net Investment Income (Loss)	$	1,849,675		$	895,481		$	807,027		$	23,079		$	147,166		$	285,000

See accompanying notes to financial statements.

39

Statements of changes in net assets, continued

	Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio
	For the Six Months Ended June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Six Months Ended June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Six Months Ended June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
From Operations
Net investment income (loss)	$	132,526		$	341,966		$	144,984		$	663,807		$	(1,861	)	$	415,051
Net realized gains (losses) on investments in affiliates		67,291			344,150			259,043			1,464,500			232,955			1,347,371
Distribution of realized gains received from affiliates		—			107,320			—			199,194			—			127,854
Net change in unrealized appreciation on investments in affiliates		20,070			316,004			1,792,830			1,624,554			2,398,054			1,725,837
Net Change in Net Assets from Operations		219,887			1,109,440			2,196,857			3,952,055			2,629,148			3,616,113
Distributions to Shareholders
From net investment income		—			—			—			—			—			—
Class A		(110,504	)		(365,818	)		(116,249	)		(696,655	)		—			(428,627	)
From net realized gains
Class A		—			(375,464	)		—			(1,415,238	)		—			(1,227,081	)
Change in Net Assets from Distributions to Shareholders		(110,504	)		(741,282	)		(116,249	)		(2,111,893	)		—			(1,655,708	)
Change in Net Assets from Capital Transactions		503,358			2,816,486			1,519,843			4,974,168			895,256			4,450,688
Change in Net Assets		612,741			3,184,644			3,600,451			6,814,330			3,524,404			6,411,093
Net Assets
Beginning of period		17,202,621			14,017,977			44,584,383			37,770,053			36,293,540			29,882,447
End of period	$	17,815,362		$	17,202,621		$	48,184,834		$	44,584,383		$	39,817,944		$	36,293,540
Accumulated Net Investment Income (Loss)	$	22,872		$	851		$	27,581		$	(1,154	)	$	(3,541	)	$	(1,680	)

See accompanying notes to financial statements.

40

Financial Highlights

For a share outstanding throughout the year indicated

Praxis Intermediate Income Fund - Class A

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009 (a)			Year Ended December 31, 2008
Net asset value at beginning of period	$	10.73		$	10.63		$	10.43		$	10.20		$	9.62		$	9.78
Net investment income (loss)		0.14			0.27			0.34			0.37			0.43			0.45
Net realized and unrealized gains (losses) on investments		(0.36	)		0.22			0.32			0.27			0.56			(0.16	)
Total from investment operations		(0.22	)		0.49			0.66			0.64			0.99			0.29
Less distributions:
Dividends from investment income		(0.14	)		(0.30	)		(0.35	)		(0.37	)		(0.41	)		(0.45	)
Distributions from net realized gains		—			(0.09	)		(0.11	)		(0.04	)		—			—
Total distributions		(0.14	)		(0.39	)		(0.46	)		(0.41	)		(0.41	)		(0.45	)
Paid-in capital from redemption fees		—	(b)		—	(b)		—			—			—			—
Net asset value at end of period	$	10.37		$	10.73		$	10.63		$	10.43		$	10.20		$	9.62
Total return (excludes sales charge)		(2.08	)%(c)		4.64	%		6.43	%		6.26	%		10.49	%		3.09	%
Net assets at end of period (in 000s)	$	75,239		$	83,494		$	72,106		$	67,259		$	74,965		$	49,693
Ratio of net expenses to average net assets		0.95	%(d)		0.96	%		0.96	%		0.98	%		0.92	%		0.88	%
Ratio of net investment income to average net assets		2.66	%(d)		2.49	%		3.19	%		3.49	%		4.22	%		4.49	%
Ratio of gross expenses to average net assets*		1.02	%(d)		1.05	%		1.08	%		1.16	%		1.27	%		1.21	%
Portfolio turnover rate		14.07	%(c)		35.75	%		36.12	%		26.75	%		28.56	%		25.46	%

Praxis Intermediate Income Fund - Class I

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Net asset value at beginning of period	$	10.69		$	10.60		$	10.39		$	10.17		$	9.61		$	9.77
Net investment income (loss)		0.16			0.31			0.38			0.40			0.45			0.47
Net realized and unrealized gains (losses) on investments		(0.36	)		0.21			0.33			0.27			0.57			(0.16	)
Total from investment operations		(0.20	)		0.52			0.71			0.67			1.02			0.30
Less distributions:
Dividends from investment income		(0.16	)		(0.34	)		(0.39	)		(0.41	)		(0.46	)		(0.47	)
Distributions from net realized gains		—			(0.09	)		(0.11	)		(0.04	)		—			—
Total distributions		(0.16	)		(0.43	)		(0.50	)		(0.45	)		(0.46	)		(0.47	)
Paid-in capital from redemption fees		—	(b)		—	(b)		—			—			—			—
Net asset value at end of period	$	10.33		$	10.69		$	10.60		$	10.39		$	10.17		$	9.61
Total return (excludes sales charge)		(1.89	)%(c)		4.98	%		6.98	%		6.60	%		10.79	%		5.21	%
Net assets at end of period (in 000s)	$	268,201		$	268,864		$	234,612		$	229,140		$	176,005		$	153,332
Ratio of net expenses to average net assets		0.55	%(d)		0.56	%		0.57	%		0.58	%		0.67	%		0.63	%
Ratio of net investment income to average net assets		3.06	%(d)		2.89	%		3.59	%		3.86	%		4.51	%		4.73	%
Ratio of gross expenses to average net assets*		0.55	%(d)		0.56	%		0.57	%		0.58	%		0.72	%		0.64	%
Portfolio turnover rate		14.07	%(c)		35.75	%		36.12	%		26.75	%		28.56	%		25.46	%

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

^(a)  On August 17, 2009, Class B shares were exchanged fro Class A shares.

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

^(c)  Not annualized.

^(d)  Annualized.

See accompanying notes to financial statements.

41

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis International Index Fund - Class A

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Year Ended December 31, 2011 (a)
Net asset value at beginning of period	$	9.47		$	8.25		$	10.00
Net investment income (loss)		0.10			0.17			0.03
Net realized and unrealized gains (losses) on investments		(0.15	)		1.17			(1.68	)
Total from investment operations		(0.05	)		1.34			(1.65	)
Less distributions:
Dividends from investment income		—			(0.12	)		(0.10	)
Distributions from net realized gains		—			—			—
Total distributions		—			(0.12	)		(0.10	)
Paid-in capital from redemption fees		—	(b)		—	(b)		—
Net asset value at end of period	$	9.42		$	9.47		$	8.25
Total return (excludes sales charge)		(0.53	)%(c)		16.24	%		(16.54	)%
Net assets at end of period (in 000s)	$	17,548		$	18,181		$	2,363
Ratio of net expenses to average net assets		1.47	%(d)		1.73	%		1.73	%
Ratio of net investment income to average net assets		2.02	%(d)		1.58	%		0.89	%
Ratio of gross expenses to average net assets*		1.47	%(d)		1.73	%		4.87	%
Portfolio turnover rate		1.79	%(c)		5.18	%		2.44	%

Praxis International Index Fund - Class I

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Year Ended December 31, 2011 (a)
Net asset value at beginning of period	$	9.51		$	8.27		$	10.00
Net investment income (loss)		0.12			0.18			0.12
Net realized and unrealized gains (losses) on investments		(0.14	)		1.24			(1.73	)
Total from investment operations		(0.02	)		1.42			(1.61	)
Less distributions:
Dividends from investment income		—			(0.18	)		(0.12	)
Distributions from net realized gains		—			—			—
Total distributions		—			(0.18	)		(0.12	)
Paid-in capital from redemption fees		—	(b)		—	(b)		—
Net asset value at end of period	$	9.49		$	9.51		$	8.27
Total return (excludes sales charge)		(0.21	)%(c)		17.26	%		(16.05	)%
Net assets at end of period (in 000s)	$	135,267		$	118,838		$	64,580
Ratio of net expenses to average net assets		0.79	%(d)		0.84	%		0.86	%
Ratio of net investment income to average net assets		2.72	%(d)		2.29	%		2.25	%
Ratio of gross expenses to average net assets*		0.79	%(d)		0.84	%		0.86	%
Portfolio turnover rate		1.79	%(c)		5.18	%		2.44	%

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

^(a)  The fund commenced operations on December 31, 2010, and commenced public offering and investment operations on January 3, 2011.

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

^(c)  Not annualized.

^(d)  Annualized.

See accompanying notes to financial statements.

42

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Value Index Fund - Class A

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009 (a)			Year Ended December 31, 2008
Net asset value at beginning of period	$	8.71		$	7.57		$	7.95		$	7.09		$	5.80		$	10.12
Net investment income (loss)		0.08			0.28			0.12			0.14			0.10			0.18
Net realized and unrealized gains (losses) on investments		1.32			0.93			(0.40	)		0.81			1.21			(4.21	)
Total from investment operations		1.40			1.21			(0.28	)		0.95			1.31			(4.03	)
Less distributions:
Dividends from investment income		—			(0.07	)		(0.10	)		(0.09	)		(0.02	)		(0.18	)
Distributions from net realized gains		—			—			—			—			—			—
Total distributions		—			(0.07	)		(0.10	)		(0.09	)		(0.02	)		(0.29	)
Paid-in capital from redemption fees		—	(b)		—	(b)		—			—			—			—
Net asset value at end of period	$	10.11		$	8.71		$	7.57		$	7.95		$	7.09		$	5.80
Total return (excludes sales charge)		15.94	%(c)		16.12	%		(3.58	)%		13.40	%		22.64	%		(40.15	)%
Net assets at end of period (in 000s)	$	15,281		$	13,591		$	20,776		$	24,341		$	30,983		$	20,019
Ratio of net expenses to average net assets		0.99	%(d)		1.21	%		1.32	%		1.38	%		1.01	%		0.97	%
Ratio of net investment income to average net assets		1.46	%(d)		1.48	%		1.19	%		1.15	%		1.96	%		2.35	%
Ratio of gross expenses to average net assets*		0.99	%(d)		1.21	%		1.32	%		1.38	%		1.33	%		1.27	%
Portfolio turnover rate		11.06	%(c)		69.58	%		29.11	%		24.12	%		25.72	%		20.66	%

Praxis Value Index Fund - Class I

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Net asset value at beginning of period	$	8.65		$	7.52		$	7.91		$	7.05		$	5.77		$	10.07
Net investment income (loss)		0.10			0.09			0.15			0.17			0.14			0.20
Net realized and unrealized gains (losses) on investments		1.32			1.18			(0.37	)		0.85			1.18			(4.19	)
Total from investment operations		1.42			1.27			(0.22	)		1.02			1.32			(3.99	)
Less distributions:
Dividends from investment income		—			(0.14	)		(0.17	)		(0.16	)		(0.04	)		(0.20	)
Distributions from net realized gains		—			—			—			—			—			(0.11	)
Total distributions		—			(0.14	)		(0.17	)		(0.16	)		(0.04	)		(0.31	)
Net asset value at end of period	$	10.07		$	8.65		$	7.52		$	7.91		$	7.05		$	5.77
Total return (excludes sales charge)		16.42	%(c)		16.91	%		(2.80	)%		14.53	%		22.82	%		(39.94	)%
Net assets at end of period (in 000s)	$	82,058		$	71,284		$	32,070		$	31,865		$	30,900		$	24,893
Ratio of net expenses to average net assets		0.45	%(d)		0.47	%		0.49	%		0.50	%		0.73	%		0.64	%
Ratio of net investment income to average net assets		2.00	%(d)		2.24	%		2.03	%		2.06	%		2.28	%		2.71	%
Ratio of gross expenses to average net assets*		0.45	%(d)		0.47	%		0.49	%		0.50	%		0.73	%		0.64	%
Portfolio turnover rate		11.06	%(c)		69.58	%		29.11	%		24.12	%		25.72	%		20.66	%

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

^(a)  On August 17, 2009, Class B shares were exchanged fro Class A shares.

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

^(c)  Not annualized.

^(d)  Annualized.

See accompanying notes to financial statements.

43

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Growth Index Fund - Class A

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Net asset value at beginning of period	$	11.63		$	9.96		$	9.86		$	8.71		$	6.50		$	10.40
Net investment income (loss)		0.05			0.02			0.01			0.01			0.03			0.01
Net realized and unrealized gains (losses) on investments		1.26			1.70			0.10			1.14			2.20			(3.89	)
Total from investment operations		1.31			1.72			0.11			1.15			2.23			(3.88	)
Less distributions:
Dividends from investment income		—			(0.05	)		(0.01	)		—			(0.02	)		(0.02	)
Distributions from net realized gains		—			—			—			—			—			—
Total distributions		—			(0.05	)		(0.01	)		—			(0.02	)		(0.02	)
Paid-in capital from redemption fees		—	(b)		—	(b)		—	(b)		—	(b)		—			—	(b)
Net asset value at end of period	$	12.94		$	11.63		$	9.96		$	9.86		$	8.71		$	6.50
Total return (excludes sales charge)		11.36	%(c)		17.15	%		1.12	%		13.20	%		34.38	%		(37.34	)%
Net assets at end of period (in 000s)	$	46,091		$	43,035		$	3,363		$	2,911		$	4,714		$	2,504
Ratio of net expenses to average net assets		1.00	%(d)		1.08	%		1.10	%		1.10	%		0.93	%		0.94	%
Ratio of net investment income to average net assets		0.78	%(d)		1.08	%		0.14	%		0.13	%		0.42	%		0.19	%
Ratio of gross expenses to average net assets*		1.00	%(d)		1.26	%		2.01	%		2.68	%		1.54	%		1.51	%
Portfolio turnover rate		0.65	%(c)		82.74	%		21.18	%		28.55	%		30.99	%		28.40	%

Praxis Growth Index Fund - Class I

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Net asset value at beginning of period	$	11.68		$	9.96		$	9.86		$	8.72		$	6.51		$	10.41
Net investment income (loss)		0.09			0.07			0.07			0.05			0.04			0.04
Net realized and unrealized gains (losses) on investments		1.26			1.71			0.10			1.15			2.20			(3.90	)
Total from investment operations		1.35			1.78			0.17			1.20			2.24			(3.86	)
Less distributions:
Dividends from investment income		—			(0.06	)		(0.07	)		(0.06	)		(0.03	)		(0.04	)
Distributions from net realized gains		—			—			—			—			—			—
Total distributions		—			(0.06	)		(0.07	)		(0.06	)		(0.03	)		(0.04	)
Paid-in capital from redemption fees		—	(b)		—	(b)		—			—			—			—
Net asset value at end of period	$	13.03		$	11.68		$	9.96		$	9.86		$	8.72		$	6.51
Total return (excludes sales charge)		11.46	%(c)		17.94	%		1.73	%		13.74	%		34.46	%		(37.09	)%
Net assets at end of period (in 000s)	$	90,172		$	97,072		$	33,843		$	29,401		$	16,570		$	12,388
Ratio of net expenses to average net assets		0.48	%(d)		0.48	%		0.50	%		0.58	%		0.81	%		0.65	%
Ratio of net investment income to average net assets		1.31	%(d)		1.31	%		0.75	%		0.70	%		0.54	%		0.45	%
Ratio of gross expenses to average net assets*		0.48	%(d)		0.48	%		0.50	%		0.58	%		0.87	%		0.73	%
Portfolio turnover rate		0.65	%(c)		82.74	%		21.18	%		28.55	%		30.99	%		28.40	%

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

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

^(c)  Not annualized.

^(d)  Annualized.

See accompanying notes to financial statements.

44

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Small Cap Fund - Class A

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Net asset value at beginning of period	$	11.33		$	10.51		$	9.95		$	7.55		$	5.82		$	9.50
Net investment income (loss)		(0.06	)		(0.06	)		(0.09	)		(0.11	)		(0.04	)		(0.03	)
Net realized and unrealized gains (losses) on investments		1.35			1.03			0.64			2.51			1.77			(3.65	)
Total from investment operations		1.29			0.97			0.55			2.40			1.73			(3.68	)
Less distributions:
Distributions from net realized gains		—			(0.15	)		—			—			—			—
Total distributions		—			(0.15	)		—			—			—			—
Paid-in capital from redemption fees		—	(b)		—	(b)		0.01			—	(b)		—	(b)		—	(b)
Net asset value at end of period	$	12.62		$	11.33		$	10.51		$	9.95		$	7.55		$	5.82
Total return (excludes sales charge)		11.39	%(c)		9.26	%		5.63	%		31.79	%		29.73	%		(38.74	)%
Net assets at end of period (in 000s)	$	6,367		$	5,710		$	5,541		$	3,341		$	4,227		$	2,307
Ratio of net expenses to average net assets		1.70	%(d)		1.72	%		1.71	%		1.69	%		1.49	%		1.46	%
Ratio of net investment income to average net assets		(1.01	)%(d)		(0.34	)%		(1.09	)%		(1.08	)%		(0.80	)%		(0.52	)%
Ratio of gross expenses to average net assets*		2.03	%(d)		1.91	%		2.17	%		2.79	%		2.34	%		2.20	%
Portfolio turnover rate		25.58	%(c)		49.78	%		67.48	%		84.26	%		60.33	%		64.37	%

Praxis Small Cap Fund - Class I

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Net asset value at beginning of period	$	11.59		$	10.67		$	10.06		$	7.59		$	5.84		$	9.50
Net investment income (loss)		(0.01	)		0.06			(0.03	)		(0.04	)		(0.04	)		(0.02	)
Net realized and unrealized gains (losses) on investments		1.37			1.01			0.64			2.51			1.79			(3.64	)
Total from investment operations		1.36			1.07			0.61			2.47			1.75			(3.66	)
Less distributions:
Distributions from net realized gains		—			(0.15	)		—			—			—			—
Total distributions		—			(0.15	)		—			—			—			—
Paid-in capital from redemption fees		—	(b)		—			—			—			—			—
Net asset value at end of period	$	12.95		$	11.59		$	10.67		$	10.06		$	7.59		$	5.84
Total return (excludes sales charge)		11.73	%(c)		10.06	%		6.06	%		32.54	%		29.97	%		(38.53	)%
Net assets at end of period (in 000s)	$	60,954		$	63,520		$	61,130		$	25,584		$	18,300		$	15,392
Ratio of net expenses to average net assets		1.02	%(d)		1.05	%		1.04	%		1.08	%		1.36	%		1.22	%
Ratio of net investment income to average net assets		(0.33	)%(d)		0.50	%		(0.44	)%		(0.46	)%		(0.66	)%		(0.29	)%
Ratio of gross expenses to average net assets*		1.02	%(d)		1.05	%		1.04	%		1.08	%		1.53	%		1.27	%
Portfolio turnover rate		25.58	%(c)		49.78	%		67.48	%		84.26	%		60.33	%		64.37	%

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

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

^(c)  Not annualized.

^(d)  Annualized.

See accompanying notes to financial statements.

45

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Genesis Conservative Portfolio - Class A

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010 (a)
Net asset value at beginning of period	$	10.79		$	10.50		$	10.55		$	10.00
Net investment income (loss)		0.08			0.23			0.24			0.25
Net realized and unrealized gains (losses) on investments		0.06			0.54			0.06			0.55
Total from investment operations		0.14			0.77			0.30			0.80
Less distributions:
Dividends from investment income		(0.07	)		(0.24	)		(0.29	)		(0.25	)
Distributions from net realized gains		—			(0.24	)		(0.06	)		—
Total distributions		(0.07	)		(0.48	)		(0.35	)		(0.25	)
Paid-in capital from redemption fees		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value at end of period	$	10.86		$	10.79		$	10.50		$	10.55
Total return (excludes sales charge)		1.28	%(c)		7.42	%		2.88	%		8.22	%
Net assets at end of period (in 000s)	$	17,815		$	17,203		$	14,018		$	12,695
Ratio of net expenses to average net assets (e)		0.61	%(d)		0.61	%		0.61	%		0.65	%
Ratio of net investment income to average net assets		1.51	%(d)		2.13	%		2.31	%		2.60	%
Ratio of gross expenses to average net assets (e)*		0.61	%(d)		0.65	%		0.78	%		0.97	%
Portfolio turnover rate		15.33	%(c)		30.58	%		15.03	%		10.08	%

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

^(a)  For the period December 31, 2009 (commencement of operations) through December 31, 2010.

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

^(c)  Not annualized.

^(d)  Annualized.

^(e)  The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which they invest.

See accompanying notes to financial statements.

46

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Genesis Balanced Portfolio - Class A

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010 (a)
Net asset value at beginning of period	$	11.14		$	10.62		$	10.91		$	10.00
Net investment income (loss)		0.04			0.17			0.15			0.16
Net realized and unrealized gains (losses) on investments		0.51			0.90			(0.17	)		0.91
Total from investment operations		0.55			1.07			0.02			1.07
Less distributions:
Dividends from investment income		(0.03	)		(0.18	)		(0.18	)		(0.16	)
Distributions from net realized gains		—			(0.37	)		(0.09	)		—
Total distributions		(0.03	)		(0.55	)		(0.27	)		(0.16	)
Paid-in capital from redemption fees		—	(b)		—	(b)		—	(b)		—
Net asset value at end of period	$	11.66		$	11.14		$	10.62		$	10.91
Total return (excludes sales charge)		4.92	%(c)		10.11	%		(0.21	)%		10.88	%
Net assets at end of period (in 000s)	$	48,185		$	44,584		$	37,770		$	34,182
Ratio of net expenses to average net assets (e)		0.58	%(d)		0.61	%		0.61	%		0.64	%
Ratio of net investment income to average net assets		0.62	%(d)		1.57	%		1.39	%		1.80	%
Ratio of gross expenses to average net assets (e)*		0.58	%(d)		0.62	%		0.71	%		0.90	%
Portfolio turnover rate		14.98	%(c)		38.48	%		15.11	%		7.84	%

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

^(a)  For the period December 31, 2009 (commencement of operations) through December 31, 2010.

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

^(c)  Not annualized.

^(d)  Annualized.

^(e)  The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which they invest.

See accompanying notes to financial statements.

47

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Genesis Growth Portfolio - Class A

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010 (a)
Net asset value at beginning of period	$	11.40		$	10.68		$	11.15		$	10.00
Net investment income (loss)		—			0.13			0.08			0.10
Net realized and unrealized gains (losses) on investments		0.82			1.13			(0.33	)		1.15
Total from investment operations		0.82			1.26			(0.25	)		1.25
Less distributions:
Dividends from investment income		—			(0.14	)		(0.10	)		(0.10	)
Distributions from net realized gains		—			(0.40	)		(0.12	)		—
Total distributions		—			(0.54	)		(0.22	)		(0.10	)
Paid-in capital from redemption fees		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value at end of period	$	12.22		$	11.40		$	10.68		$	11.15
Total return (excludes sales charge)		7.19	%(c)		11.82	%		(2.24	)%		12.65	%
Net assets at end of period (in 000s)	$	39,818		$	36,294		$	29,882		$	26,673
Ratio of net expenses to average net assets (e)		0.60	%(d)		0.61	%		0.61	%		0.64	%
Ratio of net investment income to average net assets		(0.01	)%(d)		1.22	%		0.79	%		1.33	%
Ratio of gross expenses to average net assets (e)*		0.65	%(d)		0.74	%		0.89	%		1.15	%
Portfolio turnover rate		16.93	%(c)		45.13	%		15.54	%		7.54	%

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

^(a)  For the period December 31, 2009 (commencement of operations) through December 31, 2010.

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

^(c)  Not annualized.

^(d)  Annualized.

^(e)  The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which they invest.

See accompanying notes to financial statements.

48

Notes to Financial Statements (unaudited)

1. Organization:

The Praxis Mutual Funds (the “Trust”) is an open-end management investment company established as a Delaware business trust under a Declaration of Trust dated September 27, 1993, as amended and restated December 1, 1993, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of June 30, 2013, the Trust consists of the Praxis Intermediate Income Fund, the Praxis International Index Fund, the Praxis Value Index Fund, the Praxis Growth Index Fund, and the Praxis Small Cap Fund, (individually a “Fund”, collectively “the Funds”), the Praxis Genesis Conservative Portfolio, the Praxis Genesis Balanced Portfolio, and the Praxis Genesis Growth Portfolio, (individually a “Portfolio”, collectively “the Portfolios”). The Funds and Portfolios are also referred to individually as the Intermediate Income Fund, International Index Fund, Value Index Fund, Growth Index Fund, Small Cap Fund, Conservative Portfolio, Balanced Portfolio, and Growth Portfolio in the financial statements. Each Fund and Portfolio is a diversified series of the Trust.

As of June 30, 2013, the Funds offer Class A and Class I Shares and the Portfolios offer Class A Shares. Each class of shares in a Fund or Portfolio has identical rights and privileges except with respect to fees paid under the distribution and shareholder servicing agreements, certain other class specific expenses and income, voting rights on matters affecting a single class of shares and the exchange privileges of each class of shares. Class A has a maximum sales charge on purchases of 5.25 percent as a percentage of the original purchase price, except for the Intermediate Income Fund which has a maximum sales charge of 3.75 percent.

2. Significant Accounting Policies:

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

Securities Valuation:

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

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

The Funds use various independent pricing services to value most of their investments. A pricing service would normally consider such factors as yield, risk, quality, maturity, type of issue, trading characteristics, special circumstances and other factors it deems relevant in determining valuations of normal institutional trading units of debt securities and would not rely exclusively on quoted prices. When valuing foreign securities held by the Funds, certain pricing services might use computerized pricing models to systematically calculate adjustments to foreign security closing prices based on the latest market movements. Such pricing models utilize market data that has been obtained between the local market close and the NYSE close to compute adjustments to foreign security close prices. The methods used by the pricing service and the valuations so established will be reviewed by Everence Capital Management, Inc. (the “Adviser”) under general supervision of the Board of Trustees (the “Board”). Securities for which market quotations are not readily available (e.g. an approved pricing service does not provide a price, certain stale prices or an event occurs that materially affects the furnished price) are valued at their fair value as determined in good faith in accordance with consistently applied procedures established by and under the general supervision of the Board. Short-term debt securities of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. The Portfolio’s investments in the underlying Funds (the “Underlying Funds”) are valued at the closing net asset value per share.

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

The Pricing Committee of the Adviser (“Pricing Committee”) has established a policy and methodology, which was approved by the Board, for pricing the Everence Community Investments notes held by several of the Praxis Funds. The methodology takes into consideration the fundamental quality of the notes, the nature and duration of restrictions on the disposition of the securities, and an evaluation of the forces that influence the market in which these securities are purchased and sold. Accordingly, the Pricing Committee applied discounts to the notes, for which there is not an active market, based on the credit quality, maturity, and liquidity characteristics of what the committee determined to be similar securities.

49

Notes to Financial Statements (unaudited), continued June 30, 2013

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

•	Level 1 —	quoted prices in active markets for identical securities
•	Level 2 —	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•	Level 3 —	significant unobservable inputs (including the Funds’ and Portfolios’ own assumptions in determining the fair value of investments)

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

The Trust determines transfers between fair value hierarchy levels at the reporting period end.

The aggregate value by input level, as of June 30, 2013, for each Fund’s and Portfolio’s investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, are as follows:

Praxis Intermediate Income Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Asset Backed Securities	$	—	$	21,129,748	$	—	$	21,129,748
Commercial Mortgage Backed Securities		—		15,172,596		—		15,172,596
Corporate Bonds		—		128,464,011		—		128,464,011
Corporate Notes		—		—		3,684,239		3,684,239
Foreign Bonds		—		3,205,774		—		3,205,774
Investment Companies		3,913,350		—		—		3,913,350
Municipal Bonds		—		12,423,169		—		12,423,169
Short Term Investment		5,831,926		—		—		5,831,926
U.S. Government Agencies		—		149,884,408		—		149,884,408
Total Investments	$	9,745,276	$	330,279,706	$	3,684,239	$	343,709,221

Following is a reconciliation of Level 3 assets for which significant unobservable inputs for Investments in Securities were used to determine fair value:

Corporate Notes
Balance as of December 31, 2012	$	3,689,419
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		(5,180	)
Balance as of June 30, 2013	$	3,684,239

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2013.

The following represents quantitative information about Level 3 fair value measurements:

Investment Type	Fair value at 6/30/2013		Valuation Technique(s)	Unobservable Input(s)*	Range
			Fundamental quality	Credit rating		AA
Corporate Notes	$	3,684,239	Nature and duration of restrictions on disposition	Discount for Lack of Marketability		0.50	%
Total	$	3,684,239

* Level 3 values are based on significant unobservable inputs that reflect the Pricing Committee’s determination of assumptions that market participants might reasonably use in valuing the securities. Changes in significant unobservable inputs could cause significant changes in valuation to individual securities and in aggregate. Fair value determinations and valuation of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Changes to any of these inputs may result in significant changes to fair value measurement as follows:

Unobservable Input(s)*	Increase in Inputs Impact to Valuation	Decrease in Inputs Impact to Valuation
Fundamental quality	Increase	Decrease
Nature and duration of restrictions on disposition	Decrease	Increase

50

Discounts applied for lack of marketability are taken after consideration of changes in other unobservable inputs used to value these securities.

Praxis International Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	150,227,351	$	—	$	—	$	150,227,351
Short Term Investment		4,460,079		—		—		4,460,079
Corporate Notes		—		—		1,208,792		1,208,792
Total Investments	$	154,687,430	$	—	$	1,208,792	$	155,896,222

Following is a reconciliation of Level 3 assets for which significant unobservable inputs for Investments in Securities were used to determine fair value:

Corporate Notes
Balance as of December 31, 2012	$	1,210,228
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		(1,436	)
Balance as of June 30, 2013	$	1,208,792

The transfers from Level 2 to Level 1 during the period were as a result of the Fund’s systematic application of the fair value trigger for international securities.

The following represents quantitative information about Level 3 fair value measurements:

Investment Type	Fair value at 6/30/2013		Valuation Technique(s)	Unobservable Input(s)*	Range
			Fundamental quality	Credit rating		AA
Corporate Notes	$	1,208,792	Nature and duration of restrictions on disposition	Discount for Lack of Marketability		0.50	%
Total	$	1,208,792

* Level 3 values are based on significant unobservable inputs that reflect the Pricing Committee’s determination of assumptions that market participants might reasonably use in valuing the securities. Changes in significant unobservable inputs could cause significant changes in valuation to individual securities and in aggregate. Fair value determinations and valuation of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Changes to any of these inputs may result in significant changes to fair value measurement as follows:

Unobservable Input(s)*	Increase in Inputs Impact to Valuation	Decrease in Inputs Impact to Valuation
Fundamental quality	Increase	Decrease
Nature and duration of restrictions on disposition	Decrease	Increase

Discounts applied for lack of marketability are taken after consideration of changes in other unobservable inputs used to value these securities.

Praxis Value Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	95,943,756	$	—	$	—	$	95,943,756
Corporate Notes		—		—		1,130,390		1,130,390
Preferred Stocks		5		—		—		5
Short Term Investment		297,861		—		—		297,861
Total Investments	$	96,241,622	$	—	$	1,130,390	$	97,372,012

Following is a reconciliation of Level 3 assets for which significant unobservable inputs for Investments in Securities were used to determine fair value:

Corporate Notes
Balance as of December 31, 2012	$	1,131,618
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		(1,228	)
Balance as of June 30, 2013	$	1,130,390

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2013.

51

Notes to Financial Statements (unaudited), continued June 30, 2013

The following represents quantitative information about Level 3 fair value measurements:

Investment Type	Fair value at 6/30/2013		Valuation Technique(s)	Unobservable Input(s)*	Range
			Fundamental quality	Credit rating		AA
Corporate Notes	$	1,130,390	Nature and duration of restrictions on disposition	Discount for Lack of Marketability		0.50	%
Total	$	1,130,390

* Level 3 values are based on significant unobservable inputs that reflect the Pricing Committee’s determination of assumptions that market participants might reasonably use in valuing the securities. Changes in significant unobservable inputs could cause significant changes in valuation to individual securities and in aggregate. Fair value determinations and valuation of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Changes to any of these inputs may result in significant changes to fair value measurement as follows:

Unobservable Input(s)*	Increase in Inputs Impact to Valuation	Decrease in Inputs Impact to Valuation
Fundamental quality	Increase	Decrease
Nature and duration of restrictions on disposition	Decrease	Increase

Discounts applied for lack of marketability are taken after consideration of changes in other unobservable inputs used to value these securities.

Praxis Growth Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	134,978,438	$	—	$	—	$	134,978,438
Corporate Notes		—		—		1,160,914		1,160,914
Short Term Investment		221,808		—		—		221,808
Total Investments	$	135,200,246	$	—	$	1,160,914	$	136,361,160

Following is a reconciliation of Level 3 assets for which significant unobservable inputs for Investments in Securities were used to determine fair value:

Corporate Notes
Balance as of December 31, 2012	$	1,162,654
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		(1,740	)
Balance as of June 30, 2013	$	1,160,914

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30 2013.

The following represents quantitative information about Level 3 fair value measurements:

Investment Type	Fair value at 6/30/2013		Valuation Technique(s)	Unobservable Input(s)*	Range
			Fundamental quality	Credit rating		AA
Corporate Notes	$	1,160,914	Nature and duration of restrictions on disposition	Discount for Lack of Marketability		0.50	%
Total	$	1,160,914

* Level 3 values are based on significant unobservable inputs that reflect the Pricing Committee’s determination of assumptions that market participants might reasonably use in valuing the securities. Changes in significant unobservable inputs could cause significant changes in valuation to individual securities and in aggregate. Fair value determinations and valuation of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Changes to any of these inputs may result in significant changes to fair value measurement as follows:

Unobservable Input(s)*	Increase in Inputs Impact to Valuation	Decrease in Inputs Impact to Valuation
Fundamental quality	Increase	Decrease
Nature and duration of restrictions on disposition	Decrease	Increase

52

Discounts applied for lack of marketability are taken after consideration of changes in other unobservable inputs used to value these securities.

Praxis Small Cap Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	67,838,597	$	—	$	—	$	67,838,597
Corporate Notes		—		—		751,881		751,881
Short Term Investment		557,036		—		—		557,036
Total Investments	$	68,395,633	$	—	$	751,881	$	69,147,514

Following is a reconciliation of Level 3 assets for which significant unobservable inputs for Investments in Securities were used to determine fair value:

Corporate Notes
Balance as of December 31, 2012	$	752,853
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		(972	)
Balance as of June 30, 2013	$	751,881

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2013.

The following represents quantitative information about Level 3 fair value measurements:

Investment Type	Fair value at 6/30/2013		Valuation Technique(s)	Unobservable Input(s)*	Range
			Fundamental quality	Credit rating		AA
Corporate Notes	$	751,881	Nature and duration of restrictions on disposition	Discount for Lack of Marketability		0.50	%
Total	$	751,881

* Level 3 values are based on significant unobservable inputs that reflect the Pricing Committee’s determination of assumptions that market participants might reasonably use in valuing the securities. Changes in significant unobservable inputs could cause significant changes in valuation to individual securities and in aggregate. Fair value determinations and valuation of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Changes to any of these inputs may result in significant changes to fair value measurement as follows:

Unobservable Input(s)*	Increase in Inputs Impact to Valuation	Decrease in Inputs Impact to Valuation
Fundamental quality	Increase	Decrease
Nature and duration of restrictions on disposition	Decrease	Increase

Discounts applied for lack of marketability are taken after consideration of changes in other unobservable inputs used to value these securities.

Praxis Genesis Conservative Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	17,827,729	$	—	$	—	$	17,827,729
Total Investments	$	17,827,729	$	—	$	—	$	17,827,729

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2013 and the Portfolio held no Level 3 securities as of June 30, 2013.

Praxis Genesis Balanced Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	48,227,625	$	—	$	—	$	48,227,625
Total Investments	$	48,227,625	$	—	$	—	$	48,227,625

53

Notes to Financial Statements (unaudited), continued June 30, 2013

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2013 and the Portfolio held no Level 3 securities as of June 30, 2013.

Praxis Genesis Growth Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	39,863,112	$	—	$	—	$	39,863,112
Total Investments	$	39,863,112	$	—	$	—	$	39,863,112

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2013 and the Portfolio held no Level 3 securities as of June 30, 2013.

Securities Transactions and Related Income:

Changes in holdings of portfolio securities are reflected in the Funds’ and Portfolios’ valuation no later than in the first business day following trade date. For financial reporting purposes, security transactions are accounted for on the trade date on the last business day of the reporting period. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Interest income is recognized on the accrual basis and includes, where applicable, the pro-rata amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date.

Allocations:

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

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

Risks associated with Foreign Securities and Currencies:

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

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

Foreign Currency Translation:

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

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

54

Community Development Investments:

The Board has authorized the Funds to make certain types of community development investments. In connection with the community development investments, the Funds have received from the Securities and Exchange Commission (“SEC”) an exemptive order that permits each of the Funds to invest a limited portion of its respective net assets in securities issued by Everence Community Investments, Inc. (“ECI”), an affiliate of the Adviser. ECI is a not-for-profit corporation that was organized specifically to promote community development investing and it seeks to fund its efforts primarily through the sale to investors of interests in certain investment pools that it has established (the “CDI-Notes”). Assets raised through offerings of CDI-Notes are then invested directly in non-profit and not-for-profit community development organizations. Each Fund, in accordance with guidelines established by the Board and in compliance with the SEC’s exemptive order, would be permitted to invest up to 3 percent of its net assets in CDI-Notes. CDI-Notes have certain specific risk factors associated with them. These types of investments offer a rate of return below the prevailing market rate at acquisition and are considered illiquid, unrated and below-investment grade. They also involve a greater risk of default or price decline than investment-grade securities. However, these investments have been determined by the Adviser and the Board as being a beneficial way to carry out each Fund’s goals for stewardship investing at the community level. In addition, these investments are valued in accordance with procedures approved by the Board.

Dividends and Distributions:

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

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

Federal Income Taxes:

It is each Fund’s and Portfolio’s policy to continue to qualify as a regulated investment company by complying with the provisions available to investment companies, as defined in applicable sections of Subchapter M of the Internal Revenue Code, and to distribute timely all of its net investment company taxable income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax law, a withholding tax may be imposed on interest, dividends and capital gains earned on foreign investments at various rates. Where available, the Funds will file for claims on foreign taxes withheld.

Redemption Fees:

The Funds and Portfolios will charge a redemption fee of two percent of the total redemption amount if a shareholder sells or exchanges shares after holding them for less than 30 days subject to certain exceptions and limitations described in the Prospectus. Amounts charged are included in Paid in Capital Transactions as disclosed in Note 6 to the Financial Statements.

3. Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term debt securities having maturities one year or less and U.S. Government Securities) for the period ended June 30, 2013 were as follows:

	Purchases		Sales
Praxis Intermediate Income Fund	$	57,871,118	$	47,775,204
Praxis International Index Fund		20,501,163		2,610,482
Praxis Value Index Fund		10,773,306		11,958,703
Praxis Growth Index Fund		893,829		18,669,171
Praxis Small Cap Fund		17,604,312		23,219,985
Praxis Genesis Conservative Portfolio		3,226,216		2,709,996
Praxis Genesis Balanced Portfolio		8,598,923		7,074,184
Praxis Genesis Growth Portfolio		7,436,093		6,566,508

55

Notes to Financial Statements (unaudited), continued June 30, 2013

4. Investment Transactions with Affiliates:

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

	For the semi annual period ended June 30, 2013
Affiliate	Fair value at December 31, 2012		Purchase Cost		Sales Proceeds		Realized Gain/ Loss			Dividend Income		Shares at June 30, 2013		Fair value at June 30, 2013
Praxis Genesis Conservative Portfolio
Praxis Growth Index Fund	$	2,443,112	$	138,901	$	1,016,854	$	40,725		$	—		136,630	$	1,780,292
Praxis Intermediate Income Fund		12,656,268		1,497,305		1,252,226		(21,170	)		185,751		1,207,943		12,478,049
Praxis International Index Fund		1,080,287		331,087		80,302		(609	)		—		139,625		1,325,041
Praxis Small Cap Fund		253,878		204,985		47,723		1,356			—		35,117		454,764
Praxis Value Index Fund		790,603		1,053,938		312,891		46,989			—		177,714		1,789,583
Total	$	17,224,148					$	67,291		$	185,751			$	17,827,729
	For the semi annual period ended June 30, 2013
Affiliate	Fair value at December 31, 2012		Purchase Cost		Sales Proceeds		Realized Gain/ Loss			Dividend Income		Shares at June 30, 2013		Fair value at June 30, 2013
Praxis Genesis Balanced Portfolio
Praxis Growth Index Fund	$	11,553,901	$	418,726	$	4,556,226	$	150,104		$	—		645,908	$	8,416,183
Praxis Intermediate Income Fund		17,334,519		3,054,535		468,509		(7,729	)		281,883		1,865,667		19,272,336
Praxis International Index Fund		7,285,651		670,849		772,421		(30,962	)		—		754,284		7,158,153
Praxis Small Cap Fund		4,474,808		239,272		328,986		19,095			—		379,332		4,912,350
Praxis Value Index Fund		4,002,134		4,215,541		948,042		128,535			—		840,974		9,468,603
Total	$	44,651,013					$	259,043		$	281,883			$	49,227,625
	For the semi annual period ended June 30, 2013
Affiliate	Fair value at December 31, 2012		Purchase Cost		Sales Proceeds		Realized Gain/ Loss			Dividend Income		Shares at June 30, 2013		Fair value at June 30, 2013
Praxis Genesis Growth Portfolio
Praxis Growth Index Fund	$	12,129,374	$	430,371	$	4,664,589	$	140,088		$	—		686,039	$	8,939,085
Praxis Intermediate Income Fund		7,304,548		1,152,903		230,985		(4,642	)		115,000		770,719		7,961,528
Praxis International Index Fund		7,627,832		843,322		556,405		(19,761	)		—		830,694		7,883,284
Praxis Small Cap Fund		5,278,614		391,599		220,412		5,482			—		469,892		6,085,101
Praxis Value Index Fund		4,022,150		4,617,898		894,117		111,788			—		893,159		8,994,114
Total	$	36,362,518					$	232,955		$	115,000			$	39,863,112

5. Related Party Transactions:

Everence Capital Management, Inc. provides investment advisory services to the Funds and Portfolios. Under the terms of the investment advisory agreement, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each of the Funds and Portfolios as follows:

Praxis Intermediate Income Fund	0.40	%
Praxis International Index Fund	0.60	%
Praxis Value Index Fund	0.30	%
Praxis Growth Index Fund	0.30	%
Praxis Small Cap Fund	0.85	%
Praxis Genesis Conservative Portfolio	0.05	%
Praxis Genesis Balanced Portfolio	0.05	%
Praxis Genesis Growth Portfolio	0.05	%

The Adviser has retained various Sub-Advisers to manage the investments of certain Funds under the terms of the Sub-Advisory Agreements. The Adviser (not the Funds) pays each Sub-Adviser a fee for these services. Aperio Group LLC serves as the Sub-Adviser to the International Index Fund and Luther King Capital Management Corporation serves as the Sub-Adviser to the Small Cap Fund.

The Adviser has entered into an expense limitation agreement until April 30, 2014. Pursuant to this agreement, the Adviser has agreed to waive fees and/or reimburse expenses to the extent necessary in order to limit the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, fees paid to vendors providing fair value pricing and fund compliance services,

56

Trustees fees, legal fees, AFFEs and extraordinary expenses) of certain Funds and the Portfolios. Those Funds and Portfolios have agreed to repay the Adviser for the amounts waived and/or reimbursed by the Adviser pursuant to this expense limitation agreement provided that such repayment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, AFFEs, fees paid to vendors providing fair value pricing and fund compliance services, Trustees fees, legal fees, and extraordinary expenses) to exceed the contractual expense limit in place at the time of the waiver and/or reimbursement and at the time of repayment, and the repayment is made within three years after the year in which the Adviser waived and/or reimbursed the expense.

The contractual expense limits in place for the period ended June 30, 2013 were:

Praxis Intermediate Income Fund (Class A)	0.90	%
Praxis International Index Fund (Class A)	1.65	%
Praxis Growth Index Fund (Class A)	1.04	%
Praxis Small Cap Fund (Class A)	1.65	%
Praxis Genesis Conservative Portfolio (Class A)	0.60	%
Praxis Genesis Balanced Portfolio (Class A)	0.60	%
Praxis Genesis Growth Portfolio (Class A)	0.60	%

For the period ended June 30, 2013, the Adviser contractually waived investment advisory fees and/or reimbursed other operating expenses of the Funds and Portfolios as follows:

Praxis Intermediate Income Fund (Class A)	$	26,122
Praxis Small Cap Fund (Class A)		10,147
Praxis Genesis Growth Portfolio (Class A)		8,196

For the period ended June 30, 2013, the Advisor recouped investment advisory fees of the Funds and Portfolios as follows:

Praxis International Index Fund (Class A)	$	3,957
Praxis Growth Index Fund (Class A)		28,107
Praxis Genesis Conservative Portfolio (Class A)		613
Praxis Genesis Balanced Portfolio (Class A)		4,323

As of June 30, 2013, the Funds and Portfolios had the following amounts (and year of expiration) subject to repayment to the Adviser:

	Year Waived		Year Repayment Expires		Balance
Praxis Intermediate Income Fund		2010		2013	$	126,302
		2011		2014		83,384
		2012		2015		66,632
					$	276,318
Praxis Growth Index Fund		2010		2013	$	18,243
		2011		2014		30,195
		2012		2015		9,361
					$	57,799
Praxis Small Cap Fund		2010		2013	$	36,427
		2011		2014		24,721
		2012		2015		16,604
					$	77,751
Praxis Genesis Conservative Portfolio		2010		2013	$	19,460
		2011		2014		22,806
		2012		2015		7,324
					$	49,589
Praxis Genesis Balanced Portfolio		2010		2013	$	49,470
		2011		2014		37,883
		2012		2015		5,886
					$	93,239
Praxis Genesis Growth Portfolio		2010		2013	$	83,521
		2011		2014		83,266
		2012		2015		47,030
					$	213,817

JPMorgan Chase Bank, N.A. (“JPMorgan”) provides administrative and accounting services on behalf of the Trust. For these services, JPMorgan receives an annual fee, paid monthly, from each Fund and Portfolio.

57

Notes to Financial Statements (unaudited), continued June 30, 2013

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

BHIL Distributors, Inc. (“Distributor” and “Underwriter”) serves as the Funds’ and Portfolios’ principal Distributor and Underwriter and, as such, acts as exclusive agent for distribution of the Funds’ and Portfolios’ shares. Under the terms of the Underwriting Agreements between the Trust and the Underwriter, the Underwriter earned amounts from underwriting and broker commissions on the sale of shares as follows:

Praxis Intermediate Income Fund	$	5,010
Praxis International Index Fund		1,354
Praxis Value Index Fund		2,348
Praxis Growth Index Fund		5,880
Praxis Small Cap Fund		1,055
Praxis Genesis Conservative Portfolio		11,084
Praxis Genesis Balanced Portfolio Praxis Genesis Growth Portfolio		19,990 19,320

The Trust has adopted a Plan of Distribution “Rule 12b-1 Plan” under which each Fund and Portfolio may directly incur or reimburse the Adviser or the Underwriter for expenses related to the distribution and promotion of shares. The Rule 12b-1 Plan permits Class A Shares of the Funds and Portfolios to pay a 12b-1 fee of up to 0.50 percent of the average daily net assets of the applicable Fund and Portfolio, although the Board has currently authorized the Funds and Portfolios to charge no more than 0.25%. The Distributor may use the 12b-1 fee for shareholder servicing or distribution.

Under the terms of the Compliance and Financial Controls Service Agreements between the Trust and Beacon Hill Fund Services (“Beacon Hill”), Beacon Hill provides certain compliance and financial control services to the Trust, including developing and assisting in implementing a compliance program for the Trust, providing administrative support services to the Funds’ and Portfolios’ Compliance Program, providing the Chief Compliance Officer and providing the Chief Financial Officer. For these services, Beacon Hill receives a monthly fee from each Fund and Portfolio.

Certain Officers of the Trust are affiliated with the Adviser, Distributor and/or JPMorgan. With the exception of the Chief Compliance Officer and the Chief Financial Officer, such officers are not paid any fees directly by the Funds or Portfolios for serving as Officers of the Trust.

The Chairman of the Board of Trustees receives an annual retainer of $9,000. To the extent there is a lead Independent Trustee in addition to the Chairman, the Lead Independent Trustee receives an annual retainer of $8,000. The Audit Committee Chairman receives an annual retainer of $7,000. Each additional Independent Trustee receives an annual retainer of $6,000. The meeting attendance fee is $2,000 per Trustee for each quarterly in-person meeting and $1,000 for telephonic Board meetings. The Trust paid $64,000 in aggregate Trustee fees during the period ended June 30, 2013.

6. Capital Share Transactions:

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

	Praxis Intermediate Income Fund						Praxis International Index Fund
	Six Months Ended June 30, 2013			Year Ended December 31, 2012			Six Months Ended June 30, 2013			Year Ended December 31, 2012
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	9,453,845		$	26,822,768		$	1,916,371		$	17,181,692
Dividends reinvested		912,462			2,521,675			0			216,165
Cost of shares redeemed		(15,887,687	)		(18,616,005	)		(2,442,126	)		(2,657,644	)
Redemption fees		1,283			7,763			585			1,880
Class A Share Transactions	$	(5,520,097	)	$	10,736,201		$	(525,170	)	$	14,742,093
Class I Shares:
Proceeds from shares issued	$	40,848,831		$	62,926,076		$	25,436,784		$	58,338,772
Dividends reinvested		2,083,432			6,427,955			—			1,355,463
Cost of shares redeemed		(34,125,637	)		(37,316,366	)		(8,384,691	)		(17,244,057	)
Redemption fees		736			225			0			4
Class I Share Transactions	$	8,807,362		$	32,037,890		$	17,052,093		$	42,450,182
Net increase (decrease) from capital transactions	$	3,287,265		$	42,774,091		$	16,526,923		$	57,192,275

58

	Praxis Intermediate Income Fund						Praxis International Index Fund
	Six Months Ended June 30, 2013			Year Ended December 31, 2012			Six Months Ended June 30, 2013			Year Ended December 31, 2012
Share Transactions:
Class A Shares:
Issued		886,562			2,495,507			195,578			1,910,438
Reinvested		85,908			234,310			0			23,144
Redeemed		(1,493,674	)		(1,731,548	)		(251,606	)		(300,911	)
Change in Class A Shares:		(521,204	)		998,269			(56,028	)		1,632,671
Class I Shares:
Issued		3,858,529			5,883,036			2,615,619			6,451,750
Reinvested		197,038			599,527			—			144,506
Redeemed		(3,224,733	)		(3,478,548	)		(855,969	)		(1,912,505	)
Change in Class I Shares:		830,834			3,004,015			1,759,650			4,683,751
Net increase (decrease) from share transactions		309,630			4,002,284			1,703,622			6,316,422

	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Fund
	Six Months Ended June 30, 2013			Year Ended December 31, 2012			Six Months Ended June 30, 2013			Year Ended December 31, 2012			Six Months Ended June 30, 2013			Year Ended December 31, 2012
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,131,571		$	2,817,148		$	3,283,356		$	197,711		$	860,060		$	5,900,338
Proceeds received in connection with merger		—			—			—			38,527,148			—			—
Dividends reinvested		—			105,681			0			166,601			—			65,246
Cost of shares redeemed		(2,621,547	)		(12,570,704	)		(4,981,277	)		(1,585,463	)		(856,817	)		(6,260,968	)
Redemption fees		1,533			988			402			6			100			2,056
Class A Share Transactions	$	(488,443	)	$	(9,646,887	)	$	(1,697,519	)	$	37,306,003		$	3,343		$	(293,328	)
Class I Shares:
Proceeds from shares issued	$	14,980,563		$	40,845,473		$	6,218,335		$	34,765,199		$	5,620,463		$	12,351,247
Proceeds received in connection with merger		—			—			—			42,884,490			—			—
Dividends reinvested		—			672,392			—			324,918			—			811,156
Cost of shares redeemed		(16,873,455	)		(8,169,797	)		(23,396,536	)		(19,632,640	)		(15,478,507	)		(16,163,472	)
Redemption fees		—			—			340			399			835			—
Class I Share Transactions	$	(1,892,892	)	$	33,348,068		$	(17,177,861	)	$	58,342,366		$	(9,857,209	)	$	(3,001,069	)
Net increase (decrease) from capital transactions	$	(2,381,335	)	$	23,701,181		$	(18,875,380	)	$	95,648,369		$	(9,853,866	)	$	(3,294,397	)
Share Transactions:
Class A Shares:
Issued		220,129			334,799			260,917			164,617			71,392			534,425
Shares issued on portfolio merger		—			—			—			3,321,957			—			—
Reinvested		—			12,303			0			14,575			—			5,841
Redeemed		(269,389	)		(1,530,756	)		(399,120	)		(139,463	)		(70,931	)		(563,377	)
Change in Class A Shares:		(49,260	)		(1,183,654	)		(138,203	)		3,361,686			461			(23,111	)
Class I Shares:
Issued		1,632,194			4,867,009			489,245			2,895,647			455,173			1,077,528
Shares issued on portfolio merger		—			—			—			3,675,470			—			—
Reinvested		—			78,919			—			28,254			—			71,029
Redeemed		(1,724,146	)		(974,231	)		(1,878,031	)		(1,689,433	)		(1,231,140	)		(1,394,396	)
Change in Class I Shares:		(91,952	)		3,971,697			(1,388,786	)		4,909,938			(775,967	)		(245,839	)
Net increase (decrease) from share transactions		(141,212	)		2,788,043			(1,526,989	)		8,271,624			(775,506	)		(268,950	)

59

Notes to Financial Statements (unaudited), continued June 30, 2013

	Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio
	Six Months Ended June 30, 2013			Year Ended December 31, 2012			Six Months Ended June 30, 2013			Year Ended December 31, 2012			Six Months Ended June 30, 2013			Year Ended December 31, 2012
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	1,776,461		$	3,801,607		$	3,688,224		$	7,211,035		$	2,845,702		$	5,728,705
Dividends reinvested		110,504			833,350			116,249			2,378,440			—			1,871,959
Cost of shares redeemed		(1,383,757	)		(1,818,614	)		(2,284,816	)		(4,615,641	)		(1,950,518	)		(3,150,031	)
Redemption fees		150			143			186			334			72			55
Class A Share Transactions	$	503,358		$	2,816,486		$	1,519,843		$	4,974,168		$	895,256		$	4,450,688
Net increase (decrease) from capital transactions	$	503,358		$	2,816,486		$	1,519,843		$	4,974,168		$	895,256		$	4,450,688
Share Transactions:
Class A Shares:
Issued		151,164			349,495			279,337			640,953			236,648			497,359
Reinvested		20,611			77,101			48,556			213,935			0			165,047
Redeemed		(126,065	)		(166,876	)		(196,210	)		(410,003	)		(161,620	)		(275,557	)
Change in Class A Shares:		45,710			259,720			131,683			444,885			75,028			386,849
Net increase (decrease) from share transactions		45,710			259,720			131,683			444,885			75,028			386,849

7. Federal Income Tax Information:

The character of dividends paid to shareholders for federal income tax purposes during the latest years ended December 31, 2012 and 2011 was (as applicable) as follows:

	Praxis Intermediate Income Fund				Praxis International Index Fund				Praxis Value Index Fund
	2012		2011		2012		2011		2012		2011
From ordinary income	$	11,220,863	$	11,842,578	$	2,510,371	$	985,546	$	1,141,144	$	972,710
From long-term capital gains		2,174,721		2,178,923		—		—		—		—
Total distributions	$	13,395,584	$	14,021,501	$	2,510,371	$	985,546	$	1,141,144	$	972,710

	Praxis Growth Index Fund				Praxis Small Cap Fund
	2012		2011		2012		2011
From ordinary income	$	668,709	$	243,797	$	—	$	—
From long-term capital gains		—		—		887,041		—
Total distributions	$	668,709	$	243,797	$	887,041	$	—

	Praxis Genesis Conservative Portfolio				Praxis Genesis Balanced Portfolio				Praxis Genesis Growth Portfolio
	2012		2011		2012		2011		2012		2011
From ordinary income	$	396,966	$	448,448	$	761,816	$	922,863	$	446,907	$	605,525
From long-term capital gains		344,316		3,455		1,350,077		4,443		1,208,801		1,756
Total distributions	$	741,282	$	451,903	$	2,111,893	$	927,306	$	1,655,708	$	607,281

The following information is computed on a tax basis for each item as of December 31, 2012:

	Praxis Intermediate Income Fund			Praxis International Index Fund			Praxis Value Index Fund
Tax cost of portfolio investments	$	333,325,721		$	131,608,845		$	78,873,736
Gross unrealized appreciation		20,195,223			12,505,128			8,170,322
Gross unrealized depreciation		(530,254	)		(7,004,157	)		(1,770,840	)
Net unrealized appreciation (depreciation)		19,664,969			5,500,971			6,399,482
Undistributed ordinary income		—			2,368			895,481
Undistributed long-term capital gains		290,081			—			—
Capital loss carryforward		—			(2,055,399	)		(11,327,037	)
Post-October losses		(165,119	)		—			(1,042,512	)
Other temporary differences		—			—			—
Accumulated earnings (deficit)	$	19,789,931		$	3,447,940		$	(5,074,586	)

60

	Praxis Growth Index Fund*			Praxis Small Cap Index Fund
Tax cost of portfolio investments	$	127,107,739		$	55,860,329
Gross unrealized appreciation		14,035,358			14,184,563
Gross unrealized depreciation		(690,236	)		(889,559	)
Net unrealized appreciation (depreciation)		13,345,122			13,295,004
Undistributed ordinary income		23,079			285,000
Undistributed long-term capital gains		—			62,104
Capital loss carryforward		(20,898,021	)		—
Post-October losses		—			—
Other temporary differences		—			—
Accumulated earnings (deficit)	$	(7,529,820	)	$	13,642,108

	Praxis Genesis Conservative Portfolio		Praxis Genesis Balanced Portfolio		Praxis Genesis Growth Portfolio
Tax cost of portfolio investments	$	16,488,926	$	41,434,491	$	33,133,845
Gross unrealized appreciation		735,222		3,216,522		3,228,673
Gross unrealized depreciation		—		—		—
Net unrealized appreciation (depreciation)		735,222		3,216,522		3,228,673
Undistributed ordinary income		5,320		3,785		—
Undistributed long-term capital gains		114,851		328,847		295,437
Post-October losses		—		—		—
Other temporary differences		—		—		—
Accumulated earnings (deficit)	$	855,393	$	3,549,154	$	3,524,110

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral on wash sales loss and post-October loss, as well as investments in Passive Foreign Investment Companies.

As of the end of tax year ended December 31, 2012, The following Funds have capital loss carry forwards (“CLCFs”) as summarized in the table below. Under the provisions of the Regulated Investment Company Modernization Act of 2010, CLCFs that originated in a tax year that began before December 23, 2010 (pre-effective CLCFs) may be carried forward, subject to certain limitations, and applied to offset future capital gains, and thus reduce the amount of distributable capital gains, for up to eight succeeding tax years, after which any unutilized CLCFs expire. Pre-effective CLCFs are applied as short-term capital loss regardless of whether the originating capital loss was short term or long term. CLCFs that originate in tax years beginning after December 22, 2010 (post-effective CLCFs), are applied consistent with the character in which they originated as a new loss on the first day of the immediately succeeding tax year, and thus take precedent over the application of pre-effective CLCFs. Post-effective CLCFs can be carried forward indefinitely.

Pre-effective CLCFs subject to expiration:

	Amount		Expires
Praxis Value Index Fund	$	6,451,715		2017
		4,875,322		2018
	$	11,327,037
Praxis Growth Index Fund*	$	16,159,355		2016
		4,738,666		2017
	$	20,898,021

International Index Fund had a post-effective Short Term CLCF of $1,517,411 and Long Term CLCF of $537,988 that is not subject to expiration for the year ended December 31, 2012.

During the year ended December 31, 2012 the Value Index Fund, Growth Index Fund, and Small Cap Fund utilized $2,403,132, $1,638,457, $1,946,038 of capital loss carryfowards, respectively.

* The Core Stock Fund merged into the Growth Index Fund on December 14, 2012.

61

Notes to Financial Statements (unaudited), continued June 30, 2013

The following information is computed on a tax basis for each item as of June 30, 2013:

	Praxis Intermediate Income Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund
Tax cost of portfolio investments	$	336,022,116		$	152,268,225		$	78,021,630		$	109,790,979
Gross unrealized appreciation		12,068,706			16,756,400			19,051,637			27,350,264
Gross unrealized depreciation		(4,381,601	)		(13,128,403	)		(701,255	)		(780,083	)
Net unrealized appreciation (depreciation)	$	7,687,105		$	3,627,997		$	18,350,382		$	26,570,181
	Praxis Small Cap Fund			Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Tax cost of portfolio investments	$	50,065,467		$	17,089,758		$	43,235,045		$	34,254,810
Gross unrealized appreciation		19,568,948			851,523			5,182,423			5,706,000
Gross unrealized depreciation		(486,901	)		(113,552	)		(189,843	)		(97,698	)
Net unrealized appreciation (depreciation)	$	19,082,047		$	737,971		$	4,992,580		$	5,608,302

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) and any net capital losses carryforwards will be determined at the end of the current tax year.

8. Commitments and Contingencies

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

9. Subsequent Events

The Funds and Portfolios evaluated subsequent events from June 30, 2013 through the date these financial statements were issued. There were no significant events that would have a material impact on the Funds’ and Portfolios’ financial statements.

62

Additional Fund Information (unaudited) June 30, 2013

Security Allocation:

The Praxis Mutual Funds invested, as a percentage of net assets, in the following as of the period ended June 30, 2013.

Praxis Intermediate Income Fund

Security Allocation	Percentage of Net Assets
Asset Backed Securities		6.2%
Commercial Mortgage Backed Securities		4.4%
Corporate Bonds		37.4%
Corporate Notes		1.1%
Foreign Bonds		0.9%
Municipal Bonds		3.6%
Federal Farm Credit Bank		0.7%
Federal Home Loan Bank		3.3%
Federal Home Loan Mortgage Corp.		20.4%
Federal National Mortgage Association		18.5%
Government National Mortgage Association		0.2%
Small Business Administration		0.2%
U.S. Department of Housing and Urban Development		0.4%
Mutual Funds		1.1%
Short Term Investment		1.7%
Total		100.1%

Praxis International Index Fund

Security Allocation	Percentage of Net Assets
Australia		5.5%
Austria		0.1%
Belgium		0.3%
Brazil		2.6%
Canada		7.1%
Chile		0.7%
China		2.7%
Colombia		0.7%
Denmark		0.6%
Finland		0.2%
France		6.1%
Germany		5.9%
Hong Kong		3.1%
Hungary		0.1%
India		1.6%
Indonesia		0.8%
Ireland		1.0%
Israel		0.4%
Italy		1.3%
Japan		15.9%
Jersey		0.2%
Mexico		1.3%
Netherlands		4.3%
Norway		0.8%
Peru		0.1%
Portugal		0.1%
Russia		0.8%
Singapore		2.2%
South Africa		1.4%
South Korea		2.7%
Spain		1.9%
Sweden		2.4%
Switzerland		6.9%
Taiwan		2.6%
Turkey		0.3%
United Kingdom		13.0%

Security Allocation	Percentage of Net Assets
United States		0.6%
Corporate Notes		0.8%
Short Term Investment		2.9%
Total		102.0%

Praxis Value Index Fund

Security Allocation	Percentage of Net Assets
Common Stock		98.6%
Corporate Note		1.1%
Short Term Investment		0.3%
Total		100.0%

Praxis Growth Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks		99.1%
Corporate Notes		0.8%
Short Term Investment		0.2%
Total		100.1%

Praxis Small Cap Fund

Security Allocation	Percentage of Net Assets
Common Stock		100.8%
Corporate Notes		1.1%
Short Term Investment		0.8%
Total		102.7%

Praxis Genesis Conservative Portfolio

Security Allocation	Percentage of Net Assets
Mutual Funds		100.1%

Praxis Genesis Balanced Portfolio

Security Allocation	Percentage of Net Assets
Mutual Funds		100.1%

Praxis Genesis Growth Portfolio

Security Allocation	Percentage of Net Assets
Mutual Funds		100.1%

63

Additional Fund Information (unaudited), continued June 30, 2013

Expense Comparison:

As a shareholder of the Praxis Mutual Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, reinvested dividends, or other distributions; redemption fees; and exchange fees; (2) ongoing costs, including management fees; distribution and service 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Praxis Mutual Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2013 through June 30, 2013.

Actual Expenses:

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 1/1/2013	Ending Account Value 6/30/2013	Expenses Paid During Period* 1/1/2013-6/30/2013	Expense Ratio During Period** 1/1/2013-6/30/2013
Praxis Intermediate Income Fund
Class A	$1,000.00	$979.20	$4.42	0.90%
Class I	1,000.00	981.10	2.46	0.50%
Praxis International Index Fund
Class A	1,000.00	994.70	6.92	1.40%
Class I	1,000.00	997.90	3.57	0.72%
Praxis Value Index Fund
Class A	1,000.00	1,159.40	5.09	0.95%
Class I	1,000.00	1,164.20	2.15	0.40%
Praxis Growth Index Fund
Class A	1,000.00	1,113.60	4.93	0.94%
Class I	1,000.00	1,114.60	2.20	0.42%
Praxis Small Cap Fund
Class A	1,000.00	1,113.90	8.65	1.65%
Class I	1,000.00	1,117.30	5.09	0.97%
Praxis Genesis Conservative Portfolio
Class A	1,000.00	1,012.80	2.99	0.60%
Praxis Genesis Balanced Portfolio
Class A	1,000.00	1,049.20	2.95	0.58%
Praxis Genesis Growth Portfolio
Class A	1,000.00	1,071.90	3.08	0.60%

* Expenses are equal to average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.

** Annualized

64

Additional Fund Information (unaudited), continued June 30, 2013

Hypothetical Example for Comparison Purposes:

The table below provides information about hypothetical account values and hypothetical expenses based on each Praxis Mutual Fund’s expense ratio and an assumed rate of return of 5 percent per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5 percent hypothetical example with the 5 percent hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 1/1/2013	Ending Account Value 6/30/2013	Expenses Paid During Period* 1/1/2013-6/30/2013	Expense Ratio During Period** 1/1/2013-6/30/2013
Praxis Intermediate Income Fund
Class A	$1,000.00	$1,020.33	$4.51	0.90%
Class I	1,000.00	1,022.32	2.51	0.50%
Praxis International Index Fund
Class A	1,000.00	1,017.85	7.00	1.40%
Class I	1,000.00	1,021.22	3.61	0.72%
Praxis Value Index Fund
Class A	1,000.00	1,020.08	4.76	0.95%
Class I	1,000.00	1,022.81	2.01	0.40%
Praxis Growth Index Fund
Class A	1,000.00	1,020.13	4.71	0.94%
Class I	1,000.00	1,022.71	2.11	0.42%
Praxis Small Cap Fund
Class A	1,000.00	1,016.61	8.25	1.65%
Class I	1,000.00	1,019.98	4.86	0.97%
Praxis Genesis Conservative Portfolio
Class A	1,000.00	1,021.82	3.01	0.60%
Praxis Genesis Balanced Portfolio
Class A	1,000.00	1,021.92	2.91	0.58%
Praxis Genesis Growth Portfolio
Class A	1,000.00	1,021.82	3.01	0.60%

* Expenses are equal to average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.

** Annualized

65

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

Annual/Semi-Annual Reports:

The Praxis Mutual Funds’ annual and semi-annual reports to shareholders contain additional information on each Fund’s or Portfolio’s investments. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds’ or Portfolio’s performance during their last fiscal year.

Statement Of Additional Information (SAI):

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

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

Praxis Mutual Funds

c/o U.S. Bancorp Fund Services LLC

P.O. Box 701

Milwaukee, WI 53201-0701

Telephone: 1-800-977-2947

Internet: http://www.praxismutualfunds.com⁽¹⁾

You can review and get copies of the Praxis Mutual Funds’ reports and SAI at the Public Reference Room of the Securities and Exchange Commission. You can get text-only copies:

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

• Free from the Commission’s Web site at http://www.sec.gov.

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

Investment Company Act file no. 811-08056

Praxis Mutual Funds

c/o U.S. Bancorp Fund Services LLC

P.O. Box 701

Milwaukee, WI 53201-0701

2130869

Item 2. Code Of Ethics.

Not applicable for this reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for this reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for this reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a) Schedule I – Investments in Securities of Unaffiliated Issuers

The complete schedule of investments is included in the report to shareholders in Item 1 of this Form N-CSR.

(b) Securities Divested of in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure Of Proxy Voting Policies And Procedures For Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchase Of Equity Securities By Closed-End Management Investment Company And Affiliated Purchasers.

Not applicable.

Item 10. Submission Of Matters To A Vote Of Security Holders.

Not applicable.

Item 11. Controls And Procedures.

(a) The Registrant’s principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a - 3(d) under the 1940 Act) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not required for this filing.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act – Not applicable.

(b) Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is furnished herewith.

SIGNATURES

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

Praxis Mutual Funds

By:	/s/ Trent Statczar
	Trent Statczar
	Treasurer and Chief Financial Officer
	August 30, 2013

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

By:	/s/ David Gautsche
	David Gautsche
	President and Chief Executive Officer
	August 30, 2013
By:	/s/ Trent Statczar
	Trent Statczar
	Treasurer and Chief Financial Officer
	August 30, 2013