Praxis Growth Index Fund Class I (MMDEX) N-CSR Certified 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: December 31, 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

Annual Report

for the 12 months ending Dec. 31, 2013

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
Stewardship investing report	3
Praxis Intermediate Income Fund
Portfolio managers’ letter	5
Performance review	6
Schedule of portfolio investments	7
Praxis International Index Fund
Portfolio managers’ letter	13
Performance review	14
Schedule of portfolio investments	15
Praxis Value Index Fund
Portfolio manager’s letter	25
Performance review	26
Schedule of portfolio investments	27
Praxis Growth Index Fund
Portfolio manager’s letter	31
Performance review	32
Schedule of portfolio investments	33
Praxis Small Cap Fund
Portfolio manager’s letter	37
Performance review	38
Schedule of portfolio investments	39
Praxis Genesis Conservative Portfolio
Portfolio manager’s letter	41
Performance review	42
Schedule of portfolio investments	43
Praxis Genesis Balanced Portfolio
Portfolio manager’s letter
Performance review	44
Schedule of portfolio investments	45
Praxis Genesis Growth Portfolio
Portfolio manager’s letter
Performance review	46
Schedule of portfolio investments	47

Table of Contents (continued)

Financial Statements
Statements of Assets and Liabilities	48
Statements of Operations	50
Statements of Changes in Net Assets	52
Financial Highlights	55
Notes to Financial Statements	63
Report of Independent Registered Public Accounting Firm	77
Additional Fund Information (unaudited)	78
Management of the Trust (unaudited)	86

Message from the President

Dear Praxis shareholder:

Last year was characterized by steady improvements in U.S. and global economic fundamentals that encouraged investors to embrace equity risk. As a result, returns for stocks across the globe were broadly strong, with U.S. small and large caps leading the way, followed by international developed markets. In contrast, emerging markets stocks fell during the year as investors withdrew money in search of higher returns in the U.S. On the other end of the spectrum, bonds posted their first negative return since 1999, as investors anticipated a shift in Federal Reserve policy leading to higher interest rates.

Of course, the goal of most investors is to achieve a positive return – with success usually measured in annualized percentages. However, a growing number of investors are looking to accomplish more than just a positive return in their portfolios. They’re looking for ways to make a difference through their investments – to improve the quality of life in their local and global communities.

We believe in this very concept at Praxis Mutual Funds – so much so that we approach our investment strategy through stewardship investing, a philosophy of financial decision-making that balances social and financial considerations and is motivated and informed by our company’s faith convictions. Our focus is driven by our core values, which include the need to respect the dignity and value of all people, demonstrate a concern for justice in a global society and work toward environmental sustainability. At Praxis, we apply this approach to all of our mutual funds.

Especially notable is the Praxis Intermediate Income Fund, which holds more than 10 percent of its assets in high social impact bonds. Some of the most notable purchases made by the Fund include:

• $2.2 million in United States Agency for International Development (USAID) bonds designated for water and wastewater systems in Egypt.

• A $167,000 bond in NextEra Energy Resources to fund multiple wind energy projects operated by FPL Energy National Wind (a subsidiary of NextEra).

• An $800,000 bond purchased in Topaz Solar Farms LLC (a subsidiary of MidAmerican Energy Holdings Company) to construct a major solar farm installation in San Luis Obispo County, Calif.

• A $750,000 bond in the Pelton Round Butte hydro-project, the only hydroelectric project in the U.S. jointly owned by a Native American tribe (the Confederated Tribes of Warm Springs) and a utility (Portland General Electric Company). The agreement protects important Native American cultural resources, and power from the three dams is an important source of income for both partners.

• $1.5 million U.S. Department of Housing and Urban Development (HUD) bond to help support community development and increase access to affordable housing free from discrimination.

• $2.5 million in bonds purchased for a green apartment complex in Long Island, N.Y., as part of Fannie Mae’s Multifamily Green Initiative.

• $1 million in low-income housing bonds issued by the city of Indianapolis, Ind., to help provide financing or financial assistance toward costs of the acquisition, renovation and equipping of an approximately 360-unit multifamily rental housing project.

• $2 million in the second issue of International Finance Facility for Immunization bonds, funding a program to help save millions of children from preventable diseases.

• $1 million (in addition to another $1 million through Everence Association) in the latest Green Bond offering from the World Bank, to provide global solutions to climate change, as well as economic opportunities and higher standards of living for people in developing countries.

1

Message from the President (continued)

We believe we need to be just as concerned about the impact of our investments on others as we are about the financial returns we receive. Looking ahead, we’re excited about where green bonds and other high social impact investments are heading, and we’re glad to be part of it.

In December, the Praxis Board of Trustees recognized the important work of two outgoing board members: Donald Showalter, who was a charter trustee since the formation of Praxis Mutual Funds in 1994; and Bruce Harder, who served from 2000 to 2013. We are profoundly grateful for their contribution and guidance, and wish them well in their retirement from the Board. We also welcome Dwight Short as a new member to the Board. Mr. Short is a retired Merrill Lynch executive with many years of investment experience, and author of several books, including Kingdom Gains: What Every Christian Should Know Before Investing. We look forward to his involvement with Praxis in the years to come.

On the following pages, you will find portfolio managers’ letters and performance reviews for each of the Praxis Mutual Funds. I encourage you to read these letters for further explanation of our investment strategies and perspectives. In addition, you will find an update on our stewardship investing activities. The work we do on your behalf in company screening, shareholder advocacy and community development are reminders that you are investing in what matters.

Thank you for being an investor with Praxis Mutual Funds. We are able to make a lasting impact on the world because of you. We are doing better together – working to improve our world, one investment at a time. We appreciate your support.

Sincerely,

David C. Gautsche

President

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

The views expressed are those of the president of Praxis Mutual Funds as of Dec. 31, 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

Message from the Director of Stewardship Investing Annual report to shareholders

New environmental screening policy incorporates climate risks

Over the years, attention has grown around the impact climate change has on our planet, vulnerable populations and growing businesses. As a result, Praxis revamped its environmental screen to address these concerns and incorporate a wealth of new data related to business impact.

The new environmental screen does not avoid all carbon intensive industries, but assesses the environmental impact of companies. Working with the Intangible Value Assessment system built by MSCI ESG Research, Praxis will examine past environmental practices, current carbon emissions and proven ability to track and manage the climate risks faced by the companies. This expands our analysis beyond identifying which companies had environmental accidents or regulatory judgments against them in the past.

The revised environmental screen adds approximately 175 new companies to the international and domestic restricted lists used by the Praxis Mutual Funds. We routinely assess over 8,000 companies globally across the developed and emerging markets, as part of a stewardship investing philosophy that embraces a wide range of environmental, social, and governance concerns.

As we believe it is important to make a difference, not just a statement, when it comes to the challenging issues facing our world, our new environmental screen is just one part of our response to our changing climate. To learn more about our efforts, visit praxismutualfunds.com.

Positive fixed income investing comes of age – and Praxis takes the lead

While traditionally considered an important but quiet corner of the social investment industry, there has been growing attention to the potential for social impact in fixed income funds. Beyond traditional screening, we have had several opportunities in 2013 to purchase competitively-priced bonds that target a range of positive, social or environmental outcomes. This is a trend that fits well with the Praxis stewardship investing philosophy and one that we’ve eagerly embraced.

At the end of 2013, the Praxis Intermediate Income Fund had more than 10 percent of its assets invested in bonds with a positive, targeted social impact. This is in addition to the approximately 1 percent every Fund in the Praxis fund family places in below-market community development investments that benefit vulnerable communities.

From country-level energy and efficiency projects, to global immunization efforts, to medical research, community infrastructure, green buildings, renewable energy and more, the opportunities to invest in making our world a better place are growing rapidly. And Praxis Mutual Funds has become an acknowledged leader in this space, working directly with bond issuers and participating this fall in an invitation-only consultation, hosted by the World Bank, on the rapidly emerging “green bond” industry.

We are excited about these opportunities to help our clients seek to achieve competitive financial returns while making positive investments in our world.

Shareholder advocacy – focused on modern slavery and environmental sustainability

Praxis shareholder advocacy efforts continued to pursue a wide range of topics related to modern slavery and environmental sustainability. One highlight for 2013 includes our work with Hershey as it grows its responsible sourcing capacity.

For the last three years, Praxis has co-led shareholders in working with Hershey – one of the world’s largest chocolatiers – to shape new solutions to this long-standing problem. As an outgrowth of these conversations and Hershey’s ongoing efforts to address these issues, shareholders are seeing the company take numerous critical steps forward, including:

• Adding staff to its cocoa sustainability and responsible sourcing programs.

• More visibly collaborating with other companies and governments to address the social side of cocoa.

• Committing to source 100 percent certified (sustainable and child labor free) cocoa by 2020. Hershey achieved 18 percent certified cocoa by the end of 2013, and is on pace to exceed 40 to 50 percent by the end of 2016.

• Reaching more farmers in West Africa through Hershey’s CocoaLink and Learn to Grow programs, helping to improve farmer livelihoods and attentiveness to social issues, as well as helping farmers receive certification from certifying organizations.

3

Message from the Director of Stewardship Investing (continued) Annual report to shareholders

Certified cocoa is required to meet comprehensive sustainability standards designed to protect the environment, people and communities. Hershey has stated that it intends to use a third-party certification system to ensure its cocoa is grown sustainably and without the use of forced and child labor. As a major chocolate company, we believe Hershey is helping to move the world cocoa market to higher social and environmental standards and transparency.

Praxis Mutual Funds are involved in more than a dozen corporate engagements at any given time. Visit praxismutualfunds.com to learn more about our current shareholder advocacy efforts.

Mark Regier

Director of Stewardship Investing

Everence Financial

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

The views expressed are those of the Director of Stewardship Investing as of Dec. 31, 2013, are subject to change, and may differ from the views of other 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.

4

Praxis Intermediate Income Fund

Annual report to shareholders

Portfolio Managers’ Commentary

For the calendar year 2013, the Praxis Intermediate Income Fund’s Class I Shares lost 1.26 percent and the Class A shares (without load) lost 1.65 percent versus the Barclays U.S. Aggregate Bond Index, which lost 2.03 percent.

The Fund and the benchmark were hurt by rising interest rates, which is one of the major risks for an investment grade, fixed income fund. The five-year U.S. Treasury yield rose from 0.72 percent on Dec. 31, 2012, to 1.74 percent on Dec. 31, 2013. With bond coupons at a fixed interest rate, rising interest rates force bond prices to fall to adjust the new yield on the bond to the market’s current interest rate.

While the absolute return was negative, the Fund outperformed its benchmark. Among the positive factors that mitigated the Fund’s loss was its short duration versus its benchmark. Duration measures the percentage change in a bond’s price for a 1 percent change in interest rates. We kept the Fund’s duration shorter than the benchmark’s duration throughout the year, which helped but could not overcome the large increase in interest rates.

Corporate bonds and commercial mortgage backed securities did well as spreads (the yield premium over Treasuries) narrowed. The Fund held more of these than the benchmark. Agency bonds did slightly worse than Treasuries for 2013, which was a slight negative for the fund.

We expect the economy to do better in 2014 than it did in 2013, with a growth rate of 2.25 percent to 2.75 percent versus a preliminary estimate of 1.9 percent in 2013. In addition, the Federal Reserve has announced plans to gradually end the policy of buying large amounts of Treasury bonds and agency mortgage backed securities. We expect this will gradually push interest rates higher in 2014.

In our view, the main driver of this faster growth rate will likely be a strong housing market and fewer reductions in Federal government spending, plus better tax revenues for state and local governments. If these factors are relatively stronger, capital spending by business should improve as well. As always there are risks to this outlook. Among these are declining growth and rising debt in China, the risk of further gridlock in Washington, and a potential adverse market reaction to events in Japan, among others. In general, these risks seem more modest than they have been in the last few years.

We continue to increase the weight in the Fund to bonds that have a positive social impact. The allocation to these positive impact bonds grew from less than 2 percent in 2006 to over 10 percent in 2013. These bonds help to support such areas as affordable housing, renewable energy projects and other “green bonds,” and education, among many others. All of these positive impact bonds meet our risk and return requirements and they also have a positive impact on society.

As we head into 2014, we continue to be focused on mitigating the adverse impact of rising interest rates. While rising interest rates hurt current bond prices, they improve the future income of the Fund as bonds mature, are called, and paydowns occur and the cash is reinvested at higher interest rates. With the short to intermediate duration of the majority of the Fund, this natural turnover will likely allow shareholders to have higher incomes, if interest rates rise as we expect.

Benjamin J. Bailey, CFA^®

Praxis Intermediate Income Fund Co-Manager

Everence Financial

Delmar King

Praxis Intermediate Income Fund Co-Manager

Everence Financial

The views expressed are those of the portfolio managers as of Dec. 31, 2013, are subject to change, and may differ from the views of other 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.

5

Praxis Intermediate Income Fund

Performance Review

Growth of $10,000 investment from 12/31/03 to 12/31/13

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 3.75%) of the Fund and Index from 12/31/03 to 12/31/13, and includes the reinvestment of dividends and capital gains.

				Annualized
	Inception Date	One Year Ended		Three Year Ended		Five Year Ended		Ten Year Ended		Expense Ratio*** Gross / Net
Intermediate Income Fund
Class A (Without Load)			-1.65%		3.08%		5.16%		4.39%		1.07%	0.98%
Class A *			-5.36%		1.76%		4.37%		3.99%
Class I **	5/1/06		-1.26%		3.50%		5.54%		4.64%		0.58%	0.58%
Barclays Capital Aggregate Bond Index1			-2.03%		3.26%		4.44%		4.55%

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 more or less than the 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.

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 instances, and without this activity, the total returns would have been lower.

* The total return figures shown reflect the maximum sales charge applicable to Class A.

**   Class I Share of this Fund was 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 Share since inception of 1/4/94 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.

*** Reflects the expense ratios as reported in the Prospectus dated April 30, 2013. Contractual fee waivers are in effect from May 1, 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.

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of these services. An investor cannot invest directly in an index, although they can invest in its underlying securities.

6

Schedule of Portfolio Investments

Praxis Intermediate Income Fund

December 31, 2013

	PRINCIPAL AMOUNT		FAIR VALUE
ASSET BACKED SECURITIES—4.2%
Ally Auto Receivables Trust, 0.97%, 8/17/15	$	418,605	$	418,914
Ally Auto Receivables Trust, 0.99%, 11/16/15		806,923		808,521
Ally Auto Receivables Trust, 1.35%, 12/15/15		1,318,346		1,322,157
Beacon Container Finance LLC, 3.72%, 9/20/27(a)		438,826		439,559
Cabela’s Master Credit Card Trust, 0.77%, 6/17/19+(a)		1,000,000		1,006,287
CLI Funding LLC, 2.83%, 3/18/28(a)		925,000		900,555
Cronos Containers Program Ltd., 4.21%, 5/18/27(a)		841,667		846,128
Domino’s Pizza Master Issuer LLC, 5.22%, 1/25/42(a)		973,750		1,032,118
Fairway Outdoor Funding LLC, 4.21%, 10/15/42(a)		484,337		484,710
Global SC Finance SRL, 4.11%, 7/19/27(a)		858,333		864,210
GTP Acquisition Partners I LLC, 4.35%, 6/15/16(a)		800,000		841,970
Honda Auto Receivables Owner Trust, 0.46%, 12/15/14		172,187		172,204
Honda Auto Receivables Owner Trust, 0.88%, 9/21/15		629,195		630,573
Hyundai Auto Receivables Trust, 1.65%, 2/15/17		1,000,000		1,008,756
Nissan Auto Receivables Owner Trust, 1.31%, 9/15/16		1,060,426		1,062,330
SBA Tower Trust, 4.25%, 4/15/15(a)		750,000		759,367
Solarcity LMC Series I LLC, 4.80%, 11/20/38(a)		900,171		883,663
Trinity Rail Leasing LLC, 3.90%, 7/15/43(a)		985,074		985,074
Trip Rail Master Funding LLC, 2.67%, 7/15/41+(a)		711,419		729,903
TOTAL ASSET BACKED SECURITIES				15,196,999
COMMERCIAL MORTGAGE BACKED SECURITIES—4.8%
Bear Stearns Commercial Mortgage Securities, 4.67%, 6/11/41		983,983		1,023,353
Bear Stearns Commercial Mortgage Securities, 4.95%, 2/11/41		14,825		14,822
Bear Stearns Commercial Mortgage Securities, 5.12%, 2/11/41+		1,000,000		1,035,603
Bear Stearns Commercial Mortgage Securities, 5.54%, 9/11/41		2,000,000		2,180,624
Bear Stearns Commercial Mortgage Securities, 5.74%, 9/11/42+		1,000,000		1,128,469
Commercial Mortgage Pass Through Certificates, 2.85%, 10/15/45		1,000,000		937,869
Commercial Mortgage Pass Through Certificates, 3.39%, 5/15/45		1,000,000		985,183
DBUBS Mortgage Trust, 3.74%, 11/10/46(a)		690,635		725,832
FHLMC Multifamily Structured Pass Through Certificates, 5.09%, 3/25/19		1,140,000		1,286,162
JPMorgan Chase Commercial Mortgage Securities Corp., 4.63%, 3/15/46		49,059		49,065
JPMorgan Chase Commercial Mortgage Securities Corp., 4.92%, 10/15/42+		994,162		1,046,680
JPMorgan Chase Commercial Mortgage Securities Corp., 5.13%, 5/15/47		242,493		245,096
JPMorgan Chase Commercial Mortgage Securities Corp., 5.40%, 5/15/45		2,000,000		2,178,882

	PRINCIPAL AMOUNT		FAIR VALUE
COMMERCIAL MORTGAGE BACKED SECURITIES—4.8%, continued
ML-CFC Commercial Mortgage Trust, 5.42%, 8/12/48	$	250,000	$	262,511
Morgan Stanley Capital I, Inc., 3.88%, 9/15/47(a)		1,000,000		1,050,701
Morgan Stanley Capital I, Inc., 5.81%, 8/12/41+		1,000,000		1,099,521
OBP Depositor LLC Trust, 4.65%, 7/15/45(a)		1,040,000		1,127,842
RBSCF Trust, 5.92%, 2/16/51+(a)		1,050,000		1,147,123
Wachovia Bank Commercial Mortgage Trust, 5.04%, 3/15/42		15,558		15,560
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES				17,540,898
FOREIGN BONDS—0.8%
Arab Republic of Egypt, 4.45%, 9/15/15		2,000,000		2,135,074
Province of Ontario, Canada, 4.10%, 6/16/14		1,000,000		1,017,300
TOTAL FOREIGN BONDS				3,152,374
MUNICIPAL BONDS—3.5%
Bridgeport Connecticut Housing Authority, 1.85%, 12/15/18		335,000		332,176
Cincinnati Ohio Water System Rev., 6.46%, 12/01/34		600,000		648,756
City of Indianapolis IN, 0.63%, 7/01/14		1,000,000		1,000,130
City of Lancaster PA (CIFG), 5.59%, 11/15/34		1,000,000		1,010,650
Columbus Multi-High School Building Corp. Rev., 6.45%, 1/15/30		1,000,000		1,048,560
Findlay City School District, 6.25%, 12/01/37		270,000		269,870
Fort Wayne International Airport Air Trade Center Building Corp., 4.25%, 7/15/16		500,000		519,085
Houston Independent School District, 6.17%, 2/15/34		1,000,000		1,108,120
Indianapolis Industry Multifamily Housing Rev., 0.50%, 7/01/14		1,500,000		1,500,060
Indianapolis Public School Multi-School Building, 5.73%, 7/15/29		1,500,000		1,597,095
LL&P Wind Energy, Inc. (XLCA), 5.73%, 12/01/17(a)		810,000		820,190
New Jersey St Housing and Mortgage Finance, 2.60%, 7/01/23		495,000		487,615
Osceola County Housing Finance Authority Rev., 3.35%, 7/01/23		345,000		345,000
Warm Springs Reservation Confederated Tribe, 8.25%, 11/01/19		990,000		1,108,810
Wisconsin Department of Transportation, 5.84%, 7/01/30		800,000		849,152
TOTAL MUNICIPAL BONDS				12,645,269
CORPORATE BONDS—35.2%
ADVERTISING—0.3%
Omnicom Group, Inc., 6.25%, 7/15/19		1,000,000		1,154,295
AUTO COMPONENTS—0.6%
BorgWarner, Inc., 5.75%, 11/01/16		1,000,000		1,107,975
Delphi Corp., 5.00%, 2/15/23		292,000		300,395
Delphi Corp., 6.13%, 5/15/21		150,000		166,312
TRW Automotive, Inc., 4.50%, 3/01/21(a)		500,000		505,000
				2,079,682

See accompanying notes to financial statements.

7

Schedule of Portfolio Investments, continued

Praxis Intermediate Income Fund

December 31, 2013

	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—35.2%, continued
BROADCASTING & CABLE TV—0.3%
Comcast Corp., 5.15%, 3/01/20	$	1,000,000	$	1,115,569
BUILDING PRODUCTS—0.2%
Masco Corp., 6.13%, 10/03/16		500,000		560,000
CAPITAL MARKETS—0.3%
Raymond James Financial, Inc., 8.60%, 8/15/19		1,000,000		1,257,592
CHEMICALS—0.3%
Methanex Corp., 6.00%, 8/15/15		250,000		267,715
Potash Corp of Saskatchewan, Inc., 5.88%, 12/01/36		840,000		904,192
				1,171,907
COMMERCIAL BANKS—1.0%
JPMorgan Chase Bank NA, 5.88%, 6/13/16		700,000		776,362
Manufacturers & Traders Trust Co., 6.63%, 12/04/17		600,000		694,612
State Street Corp., 7.35%, 6/15/26		1,000,000		1,241,607
Wells Fargo & Co., 3.50%, 3/08/22		887,000		887,234
				3,599,815
COMPUTERS & PERIPHERALS—0.2%
Hewlett-Packard Co., 3.30%, 12/09/16		500,000		523,313
Seagate HDD Cayman, 3.75%, 11/15/18(a)		250,000		252,813
				776,126
CONSTRUCTION MATERIALS—0.3%
Martin Marietta Materials, Inc., 6.60%, 4/15/18		1,000,000		1,136,250
CONSUMER FINANCE—0.6%
Ford Motor Credit Co. LLC, 4.25%, 2/03/17		500,000		537,884
Ford Motor Credit Co. LLC, 7.00%, 4/15/15		1,000,000		1,076,367
Harley-Davidson Financial Services, Inc., 2.70%, 3/15/17(a)		500,000		512,572
				2,126,823
CONTAINERS & PACKAGING—0.1%
Bemis Co., Inc., 5.65%, 8/01/14		500,000		513,965
DIVERSIFIED FINANCIAL SERVICES—2.9%
Bank of America Corp., 1.35%, 11/21/16		1,000,000		999,588
Bank of America Corp., 5.65%, 5/01/18		1,250,000		1,422,836
Citigroup, Inc., 4.45%, 1/10/17		500,000		541,899
Citigroup, Inc., 6.13%, 11/21/17		1,000,000		1,152,709
ERAC USA Finance LLC, 5.90%, 11/15/15(a)		1,000,000		1,089,720
General Electric Capital Corp., 6.15%, 8/07/37		1,000,000		1,166,680
Goldman Sachs Group, Inc., 6.15%, 4/01/18		700,000		802,674
JPMorgan Chase & Co., 4.63%, 5/10/21		500,000		539,001
Morgan Stanley, 5.63%, 9/23/19		1,500,000		1,705,029
National Rural Utilities Cooperative Finance Corp., 10.38%, 11/01/18		780,000		1,054,860
				10,474,996
ELECTRIC UTILITIES—3.0%
Consumers Energy Co., 6.70%, 9/15/19		750,000		911,177
ITC Holdings Corp., 5.50%, 1/15/20(a)		500,000		543,871
MidAmerican Energy Co., 6.75%, 12/30/31		1,500,000		1,840,549
Midland Cogeneration Venture LP, 5.25%, 3/15/25(a)		250,000		247,050

	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—35.2%, continued
ELECTRIC UTILITIES—3.0%, continued
Oncor Electric Delivery Co. LLC, 6.80%, 9/01/18	$	750,000	$	881,417
Pennsylvania Electric Co., 5.20%, 4/01/20		500,000		535,522
Portland General Electric Co., 6.10%, 4/15/19		1,100,000		1,297,423
Potomac Edison Co., 5.13%, 8/15/15		1,000,000		1,059,591
Potomac Electric Power Co., 6.50%, 11/15/37		1,000,000		1,240,763
Puget Sound Energy, Inc., 6.74%, 6/15/18		1,000,000		1,171,253
TransAlta Corp., 4.75%, 1/15/15		500,000		518,393
TransAlta Corp., 6.65%, 5/15/18		500,000		564,618
				10,811,627
ELECTRICAL EQUIPMENT—0.2%
Thomas & Betts Corp., 5.63%, 11/15/21		500,000		569,697
FOOD PRODUCTS—0.4%
Bunge Ltd. Finance Corp., 3.20%, 6/15/17		1,000,000		1,028,467
ConAgra Foods, Inc., 4.95%, 8/15/20		500,000		536,797
				1,565,264
FOOD-RETAIL—0.2%
Koninklijke Ahold NV, 7.82%, 1/02/20		617,341		694,509
GAS UTILITIES—0.5%
Indiana Gas Co., Inc., 6.55%, 6/30/28		250,000		278,475
Michigan Consolidated Gas Co., 8.25%, 5/01/14		1,000,000		1,025,090
National Fuel Gas Co., 6.50%, 4/15/18		500,000		572,287
				1,875,852
HEALTH CARE EQUIPMENT & SUPPLIES—0.6%
DENTSPLY International, Inc., 2.75%, 8/15/16		570,000		586,512
Mallinckrodt International Finance SA, 3.50%, 4/15/18(a)		500,000		490,494
Mead Johnson Nutrition Co., 3.50%, 11/01/14		500,000		510,966
Zimmer Holdings, Inc., 4.63%, 11/30/19		500,000		544,638
				2,132,610
HEALTH CARE PROVIDERS & SERVICES—0.7%
Howard Hughes Medical Institute, 3.50%, 9/01/23		1,500,000		1,475,040
Laboratory Corp of America Holdings, 3.13%, 5/15/16		500,000		520,426
McKesson Corp., 6.00%, 3/01/41		474,000		531,418
				2,526,884
HOME BUILDERS—0.1%
DR Horton, Inc., 3.63%, 2/15/18		500,000		507,500
HOTELS, RESTAURANTS & LEISURE—0.6%
Brinker International, Inc., 2.60%, 5/15/18		500,000		492,141
Darden Restaurants, Inc., 3.35%, 11/01/22		1,000,000		860,315
Hyatt Hotels Corp., 3.38%, 7/15/23		1,000,000		916,776
				2,269,232
HOUSEHOLD DURABLES—0.2%
Snap-On, Inc., 4.25%, 1/15/18		500,000		535,630
HOUSEHOLD PRODUCTS—0.1%
Church & Dwight Co., Inc., 3.35%, 12/15/15		500,000		522,198
INDUSTRIAL CONGLOMERATES—0.7%
Cargill, Inc., 7.50%, 9/01/26(a)		1,250,000		1,601,022
Harsco Corp., 5.75%, 5/15/18		750,000		787,167
				2,388,189

See accompanying notes to financial statements.

8

Schedule of Portfolio Investments, continued

Praxis Intermediate Income Fund

December 31, 2013

	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—35.2%, continued
INDUSTRIAL MACHINERY—0.3%
Valmont Industries, Inc., 6.63%, 4/20/20	$	1,000,000	$	1,121,969
INSURANCE—0.9%
Markel Corp., 3.63%, 3/30/23		400,000		376,480
Montpelier Re Holdings Ltd., 4.70%, 10/15/22		250,000		245,299
OneBeacon US Holdings Inc, 4.60%, 11/09/22		1,000,000		981,130
Prudential Financial, Inc., 5.87%, 9/15/42+		500,000		508,125
RLI Corp., 4.88%, 9/15/23		1,000,000		986,978
				3,098,012
INTEGRATED TELECOMMUNICATION SERVICES—0.9%
Frontier Communications Corp., 7.13%, 3/15/19		750,000		808,125
GTE Corp., 6.84%, 4/15/18		1,000,000		1,164,756
Verizon Communications, Inc., 6.00%, 4/01/41		500,000		548,966
Verizon Communications, Inc., 6.55%, 9/15/43		500,000		584,979
				3,106,826
IT SERVICES—1.4%
Broadridge Financial Solutions, Inc., 3.95%, 9/01/20		500,000		503,014
Dun & Bradstreet Corp., 2.88%, 11/15/15		250,000		256,377
Dun & Bradstreet Corp., 4.38%, 12/01/22		1,000,000		964,116
Equifax, Inc., 4.45%, 12/01/14		1,110,000		1,144,783
Moody’s Corp., 5.50%, 9/01/20		1,000,000		1,059,551
Verisk Analytics, Inc., 5.80%, 5/01/21		960,000		1,036,743
				4,964,584
MACHINERY—0.5%
Ingersoll-Rand Global Holding Co. Ltd., 2.88%, 1/15/19(a)		500,000		492,813
Kennametal, Inc., 2.65%, 11/01/19		955,000		929,928
Pall Corp., 5.00%, 6/15/20		500,000		522,220
				1,944,961
MEDIA—0.1%
Time Warner Cable, Inc., 4.50%, 9/15/42		500,000		378,783
METALS & MINING—0.7%
Newcrest Finance Pty Ltd., 4.45%, 11/15/21(a)		1,000,000		831,844
Reliance Steel & Aluminum Co., 4.50%, 4/15/23		705,000		691,548
Teck Resources Ltd., 3.00%, 3/01/19		500,000		501,566
Xstrata Finance Canada Ltd., 3.60%, 1/15/17(a)		500,000		521,535
				2,546,493
MULTI-LINE INSURANCE—1.0%
American International Group, Inc., 3.80%, 3/22/17		1,000,000		1,067,899
Horace Mann Educators Corp., 6.85%, 4/15/16		750,000		815,222
Kemper Corp., 6.00%, 11/30/15		800,000		855,653
Liberty Mutual Group, Inc., 4.95%, 5/01/22(a)		800,000		827,210
				3,565,984

	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—35.2%, continued
MULTILINE RETAIL—0.8%
Dollar General Corp., 4.13%, 7/15/17	$	700,000	$	743,205
Macy’s Retail Holdings, Inc., 9.50%, 4/15/21		675,000		810,269
Wal-Mart Stores, Inc., 7.55%, 2/15/30		1,000,000		1,346,195
				2,899,669
MULTI-UTILITIES—0.2%
Puget Energy, Inc., 5.63%, 7/15/22		750,000		815,628
OFFICE ELECTRONICS—0.1%
Xerox Corp., 2.75%, 3/15/19		500,000		495,550
OFFICE SERVICES & SUPPLIES—0.2%
Steelcase, Inc., 6.38%, 2/15/21		500,000		549,107
OIL, GAS & CONSUMABLE FUELS—1.2%
ConocoPhillips Holding Co., 6.95%, 4/15/29		1,000,000		1,265,377
Continental Resources, Inc., 4.50%, 4/15/23		200,000		202,750
Denbury Resources, Inc., 4.63%, 7/15/23		600,000		541,500
Merey Sweeny LP, 8.85%, 12/18/19(a)		580,667		653,846
Newfield Exploration Co., 7.13%, 5/15/18		500,000		519,250
Pioneer Natural Resources Co., 5.88%, 7/15/16		500,000		554,643
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.83%, 9/30/16(a)		517,000		549,313
				4,286,679
PAPER & FOREST PRODUCTS—0.4%
Domtar Corp., 9.50%, 8/01/16		702,000		827,110
PH Glatfelter Co., 5.38%, 10/15/20		500,000		512,500
				1,339,610
PHARMACEUTICALS—0.1%
AbbVie, Inc., 2.00%, 11/06/18		500,000		494,605
PIPELINES—0.9%
Enbridge Energy Partners LP, 5.20%, 3/15/20		500,000		536,723
Florida Gas Transmission Co. LLC, 4.00%, 7/15/15(a)		1,000,000		1,042,663
Kern River Funding Corp., 6.68%, 7/31/16(a)		579,412		634,918
Texas Gas Transmission LLC, 4.60%, 6/01/15		1,000,000		1,049,099
				3,263,403
PROPERTY & CASUALTY INSURANCE—0.6%
Fidelity National Financial, Inc., 5.50%, 9/01/22		725,000		751,944
Progressive Corp., 6.70%, 6/15/37+		500,000		540,000
W.R.Berkley Corp., 4.63%, 3/15/22		250,000		252,865
W.R.Berkley Corp., 6.15%, 8/15/19		710,000		799,905
				2,344,714
PUBLISHING—0.2%
Washington Post Co., 7.25%, 2/01/19		575,000		683,142
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.6%
ERP Operating LP, 7.13%, 10/15/17		1,104,000		1,292,135
Federal Realty Investment Trust, 5.65%, 6/01/16		625,000		687,524
Health Care REIT, Inc., 4.70%, 9/15/17		718,000		780,464
National Retail Properties, Inc., 3.80%, 10/15/22		250,000		238,178
Pan Pacific Retail Properties, Inc., 5.95%, 6/01/14		1,000,000		1,021,662

See accompanying notes to financial statements.

9

Schedule of Portfolio Investments, continued

Praxis Intermediate Income Fund

December 31, 2013

	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—35.2%, continued
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.6%, continued
PPF Funding, Inc., 5.13%, 6/01/15(a)	$	750,000	$	785,829
ProLogis LP, 6.13%, 12/01/16		1,000,000		1,126,224
				5,932,016
ROAD & RAIL—1.4%
Burlington Northern Santa Fe LLC, 5.75%, 5/01/40		1,000,000		1,097,393
Burlington Northern Santa Fe LLC, 7.16%, 1/02/20		929,384		1,070,833
CSX Transportation, Inc., 8.38%, 10/15/14		398,572		420,683
Kansas City Southern de Mexico SA de CV, 2.35%, 5/15/20		500,000		465,811
Penske Truck Leasing Co. LP / PTL Finance Corp., 3.75%, 5/11/17(a)		1,000,000		1,051,972
TTX Co., 4.90%, 3/01/15(a)		1,000,000		1,047,474
				5,154,166
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%
Applied Materials, Inc., 7.13%, 10/15/17		500,000		587,187
KLA-Tencor Corp., 6.90%, 5/01/18		1,000,000		1,170,141
Maxim Integrated Products, Inc., 3.38%, 3/15/23		500,000		457,779
				2,215,107
SOFT DRINKS—0.3%
Bottling Group LLC, 5.13%, 1/15/19		1,000,000		1,129,167
SOFTWARE—0.1%
Symantec Corp., 2.75%, 6/15/17		500,000		505,369
SPECIALTY RETAIL—0.7%
Advance Auto Parts, Inc., 4.50%, 1/15/22		402,000		407,926
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		965,117
Staples, Inc., 2.75%, 1/12/18		580,000		588,123
				2,478,666
SUPRANATIONAL—3.0%
African Development Bank, 0.75%, 10/18/16		1,000,000		997,840
European Bank for Reconstruction & Development, 1.63%, 4/10/18		500,000		500,838
International Bank for Reconstruction & Development, 0.38%, 8/24/15		1,000,000		1,000,001
International Finance Corp., 0.50%, 5/16/16		3,250,000		3,243,763
International Finance Corp., 0.63%, 11/15/16		2,000,000		1,991,078
International Finance Corp., 2.25%, 4/28/14		1,000,000		1,006,369
International Finance Facility for Immunisation, 0.43%, 7/05/16+(a)		2,000,000		1,999,983
				10,739,872
TECHNOLOGY DISTRIBUTORS—0.2%
Arrow Electronics, Inc., 3.00%, 3/01/18		165,000		165,085
Arrow Electronics, Inc., 3.38%, 11/01/15		500,000		517,441
				682,526
TEXTILES, APPAREL & LUXURY GOODS—0.2%
Hanesbrands, Inc., 6.38%, 12/15/20		545,000		595,412
TRANSPORTATION SERVICES—0.2%
Golden State Petroleum Transport Corp., 8.04%, 2/01/19		654,917		556,239

	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—35.2%, continued
TRUCK MANUFACTURERS—0.2%
PACCAR, Inc., 6.88%, 2/15/14	$	760,000	$	765,515
TRUCKING—0.3%
JB Hunt Transport Services, Inc., 3.38%, 9/15/15		1,000,000		1,035,899
UTILITIES—1.5%
FPL Energy American Wind LLC, 6.64%, 6/20/23(a)		284,495		278,483
FPL Energy National Wind LLC, 5.61%, 3/10/24(a)		101,578		99,428
Harper Lake Solar Funding Corp., 7.65%, 12/31/18(a)		796,636		835,813
LS Power Funding Corp., 8.08%, 12/30/16		310,145		332,953
Midland Cogeneration Venture LP, 6.00%, 3/15/25(a)		630,111		648,763
Salton Sea Funding Corp., 7.48%, 11/30/18		621,944		635,764
Solar Star Funding LLC, 5.38%, 6/30/35(a)		500,000		477,300
SteelRiver Transmission Co. LLC, 4.71%, 6/30/17(a)		746,118		768,418
Tenaska Virginia Partners LP, 6.12%, 3/30/24(a)		442,655		478,543
Topaz Solar Farms LLC, 5.75%, 9/30/39(a)		800,000		801,606
				5,357,071
TOTAL CORPORATE BONDS				127,412,956
CORPORATE NOTES—1.1%
COMMUNITY DEVELOPMENT—1.1%
Everence Community Investment, Inc., 1.00%, 12/15/15+(b)		1,340,000		1,343,060
Everence Community Investment, Inc., 1.50%, 12/15/14+(b)		1,227,500		1,236,042
Everence Community Investment, Inc., 1.50%, 12/15/16+(b)		1,307,500		1,316,985
TOTAL CORPORATE NOTES				3,896,087
U.S. GOVERNMENT AGENCIES—45.0%
FEDERAL FARM CREDIT BANK—0.6%
4.88%, 12/16/15		2,000,000		2,173,960
FEDERAL HOME LOAN BANK—3.0%
3.38%, 6/12/20		1,000,000		1,047,685
5.00%, 11/17/17		2,000,000		2,282,346
5.50%, 7/15/36		6,570,000		7,600,419
				10,930,450
FEDERAL HOME LOAN MORTGAGE CORP.—21.4%
1.25%, 10/02/19		2,710,000		2,567,283
1.38%, 5/01/20		4,000,000		3,750,056
2.36%, 5/01/34+		251,085		266,423
2.36%, 5/01/34+		138,046		146,478
2.38%, 1/13/22		6,460,000		6,175,534
2.50%, 10/01/27		1,700,145		1,686,860
3.00%, 11/01/32		1,850,868		1,828,207
3.00%, 11/01/32		2,772,859		2,738,910
3.00%, 5/01/43		2,927,195		2,776,622
3.50%, 10/01/41		1,512,827		1,502,761
3.50%, 2/01/42		2,207,109		2,192,423
3.50%, 6/01/42		2,421,693		2,405,580
3.50%, 6/01/42		2,421,292		2,405,182

See accompanying notes to financial statements.

10

Schedule of Portfolio Investments, continued

Praxis Intermediate Income Fund

December 31, 2013

	PRINCIPAL AMOUNT		FAIR VALUE
U.S. GOVERNMENT AGENCIES—45.0%, continued
FEDERAL HOME LOAN MORTGAGE CORP.—21.4%, continued
3.50%, 8/01/42	$	2,696,517	$	2,678,575
3.75%, 3/27/19		3,020,000		3,291,706
4.00%, 11/01/24		1,381,461		1,458,712
4.00%, 10/01/25		577,417		609,865
4.00%, 10/01/41		1,524,155		1,566,553
4.00%, 2/01/42		905,935		931,103
4.50%, 6/01/18		242,052		256,536
4.50%, 10/01/35		700,333		742,340
4.50%, 6/01/39		1,021,788		1,081,349
4.50%, 7/01/39		1,154,780		1,222,968
4.50%, 11/01/39		1,145,509		1,213,200
4.50%, 9/01/40		1,542,388		1,634,327
4.50%, 5/01/41		2,964,580		3,141,840
4.88%, 6/13/18		6,200,000		7,045,079
5.00%, 4/01/19		166,999		176,864
5.00%, 12/01/21		320,407		345,931
5.00%, 7/01/35		323,079		348,913
5.00%, 3/01/38		1,168,583		1,258,583
5.00%, 6/01/39		1,725,190		1,859,366
5.00%, 9/01/41		1,642,816		1,794,785
5.50%, 7/18/16		3,500,000		3,926,951
5.50%, 4/01/22		173,912		189,059
5.50%, 11/01/33		122,424		134,815
5.50%, 3/01/36		176,259		192,543
5.50%, 6/01/36		290,799		317,849
5.50%, 12/01/36		277,892		302,930
6.00%, 9/01/17		152,134		160,712
6.00%, 4/01/27		413,434		457,949
6.00%, 6/01/36		245,777		273,966
6.00%, 8/01/37		168,795		186,271
6.25%, 7/15/32		6,000,000		7,590,054
7.00%, 2/01/30		157,188		176,016
7.00%, 3/01/31		133,682		155,786
7.50%, 7/01/30		276,748		318,100
				77,483,915
FEDERAL NATIONAL MORTGAGE ASSOCIATION—18.8%
1.13%, 4/27/17		2,000,000		2,007,780
1.63%, 10/26/15		3,600,000		3,678,664
1.82%, 2/01/34+		177,900		179,060
2.19%, 1/01/23		2,000,000		1,850,129
2.33%, 5/01/34+		186,487		197,149
2.39%, 6/01/33+		80,087		81,851
2.50%, 5/01/37+		319,946		340,535
2.50%, 9/01/27		2,155,793		2,140,953
2.50%, 11/01/27		3,014,575		2,997,332
2.50%, 1/01/28		2,013,185		1,994,744
3.00%, 12/01/32		2,784,527		2,743,436
3.00%, 6/01/42		2,927,695		2,782,443
3.00%, 8/01/42		2,674,157		2,541,662
3.00%, 8/01/42		2,644,140		2,513,194
3.50%, 7/01/20		790,245		830,544
3.50%, 10/01/25		539,475		564,543
3.50%, 2/01/41		1,805,992		1,796,096
4.00%, 3/01/26		1,790,179		1,897,948
4.00%, 12/01/40		1,959,201		2,018,294
4.00%, 1/01/41		1,406,654		1,448,817
4.00%, 10/01/41		1,289,357		1,328,199

	PRINCIPAL AMOUNT		FAIR VALUE
U.S. GOVERNMENT AGENCIES—45.0%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION—18.8%, continued
4.00%, 11/01/41	$	1,165,575	$	1,200,735
4.00%, 12/01/41		1,620,051		1,668,966
4.38%, 10/15/15		4,700,000		5,031,350
4.50%, 9/01/40		1,004,673		1,064,870
4.50%, 10/01/40		1,038,634		1,100,406
5.00%, 4/15/15		5,500,000		5,833,311
5.00%, 2/13/17		1,800,000		2,025,650
5.00%, 7/01/18		161,297		171,882
5.00%, 9/01/18		264,407		281,376
5.00%, 4/01/25		317,505		344,535
5.00%, 7/01/25		252,946		274,499
5.00%, 10/01/25		322,554		349,890
5.00%, 10/01/35		440,019		477,483
5.50%, 6/01/22		279,126		304,857
5.50%, 11/01/25		97		108
5.50%, 2/01/34		173,165		190,453
5.50%, 1/01/35		311,835		342,817
5.50%, 10/01/35		479,745		527,394
5.50%, 6/01/36		127,768		140,421
5.50%, 11/01/36		268,923		295,181
5.63%, 7/15/37		6,000,000		7,128,954
6.00%, 10/01/33		105,713		118,658
6.00%, 11/01/34		391,732		439,577
6.00%, 10/01/35		233,671		262,248
6.00%, 6/01/36		164,577		182,062
6.63%, 11/15/30		1,750,000		2,276,361
7.00%, 7/01/15		938		941
7.00%, 11/01/19		27,819		29,507
7.00%, 11/01/19		17,867		19,232
8.50%, 9/01/26		99,289		112,193
				68,129,290
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION—0.2%
1.63%, 1/20/34+		106,845		110,829
5.50%, 10/20/38		136,773		144,977
6.50%, 11/20/38		42,767		44,953
6.75%, 4/15/16		15,401		15,909
7.00%, 12/20/30		43,875		51,658
7.00%, 10/20/31		31,931		37,246
7.00%, 3/20/32		103,868		122,287
				527,859
OVERSEAS PRIVATE INVESTMENT CORP.—0.5%
3.54%, 6/15/30		970,589		972,688
3.82%, 6/01/33		1,000,000		980,490
				1,953,178
SMALL BUSINESS ADMINISTRATION—0.1%
0.60%, 2/25/32+		447,801		445,264
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT—0.4%
1.80%, 8/01/14		1,440,000		1,453,782
TOTAL U.S. GOVERNMENT AGENCIES				163,097,698

See accompanying notes to financial statements.

11

Schedule of Portfolio Investments, continued

Praxis Intermediate Income Fund

December 31, 2013

	SHARES		FAIR VALUE
INVESTMENT COMPANY—1.1%
MUTUAL FUND—1.1%
Pax World High Yield Bond Fund, Individual Investor Class		530,984	$	4,003,618
TOTAL INVESTMENTS (Cost* $342,191,406)—95.7%			$	346,945,899
Other assets in excess of liabilities—4.3%				15,432,126
NET ASSETS—100%			$	362,378,025

+ Variable rate security. Rates presented are the rates in effect at December 31, 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 December 31, 2013, these securities were valued at $34,715,528 or 9.6% 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	%		1,227,500		12/2009
Everence Community Investment, Inc.		1.50	%		1,307,500		12/2009

At December 31, 2013, these securities had an aggregate market value of $3,896,087, 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.

12

Praxis International Index Fund

Annual report to shareholders

Portfolio Managers’ Commentary

Foreign equity markets continued to surge in 2013. The MSCI All Country World ex U.S. Index posted a return of 15.29 percent for the year. The Praxis International Index Fund Class A Shares (without load) closely tracked the index and posted a gain of 13.86 percent.

The Praxis International Index Fund seeks to generate performance that reflects the performance of both foreign developed and emerging equity markets, as measured by the MSCI All Country World ex U.S. Index, the Fund’s benchmark index. The Fund is constructed using optimization techniques to have characteristics similar to the benchmark index. Limitations due to the screens and the lower number of holdings versus the benchmark are expected to cause the Fund’s performance to deviate from the benchmark over short periods of time, but the goal over long periods of time is for the Fund to perform in line with the benchmark before fees.

During the period, these factors, including a difference in timing between the pricing of the securities held by the Fund and the benchmark, had a small positive contribution to the Fund’s returns. However, the results were consistent with our forecasted tracking error – a measure of variability of relative returns – for a fund subject to the constraints we discussed above.

Ran Leshem

Praxis International Index Fund Co-Manager

Aperio Group LLC

Patrick Geddes

Praxis International Index Fund Co-Manager

Aperio Group LLC

The views expressed are those of the Portfolio Managers as of Dec. 31, 2013, are subject to change, and may differ from the views of other 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.

13

Praxis International Index Fund

Performance Review

Growth of $10,000 investment from 12/31/10 to 12/31/13

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/10 to 12/31/13, and includes the reinvestment of dividends and capital gains.

				Annualized
	Inception Date	One Year Ended		Three Year Ended		Since Inception		Expense Ratio** Gross / Net
International Index Fund
Class A (Without Load)	12/31/10		13.86%		3.37%		3.37%		1.73%	1.73%
Class A *	12/31/10		7.93%		1.54%		1.54%
Class I	12/31/10		14.68%		4.13%		4.13%		0.84%	0.84%
MSCI All Country World Index ex-US1			15.29%		5.14%		5.14%

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 more or less than the 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.

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 instances, and without this activity, the total returns would have been lower.

* The total return figures shown reflect the maximum sales charge applicable to Class A.

**    Reflects the expense ratios as reported in the Prospectus dated April 30, 2013. Contractual fee waivers are in effect from May 1, 2013 through April 30, 2014 for Class A.

¹     The MSCI All Country World Index ex-US is a 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.

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of these services. An investor cannot invest directly in an index, although they can invest in its underlying securities.

14

Schedule of Portfolio Investments

Praxis International Index Fund

December 31, 2013

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%
AUSTRALIA—5.6%
BANKS—0.2%
Commonwealth Bank of Australia		3,955	$	274,744
BIOTECHNOLOGY—0.2%
CSL Ltd.		2,979		183,430
CSL Ltd.- ADR		6,332		194,836
				378,266
CAPITAL MARKETS—0.1%
Macquarie Group Ltd.		437		21,448
Macquarie Group Ltd.- ADR		2,747		126,380
				147,828
CHEMICALS—0.2%
Orica Ltd.		19,480		415,013
COMMERCIAL BANKS—2.2%
Australia & New Zealand Banking Group Ltd.		6,107		175,748
Australia & New Zealand Banking Group Ltd.- ADR		36,061		1,040,360
Commonwealth Bank of Australia- ADR		613		42,593
National Australia Bank Ltd.		4,644		144,427
National Australia Bank Ltd.- ADR		28,593		887,813
Westpac Banking Corp.		4,051		117,123
Westpac Banking Corp.- ADR		43,855		1,273,988
				3,682,052
CONTAINERS & PACKAGING—0.1%
Amcor Ltd.		3,344		31,501
Amcor Ltd.- ADR		3,500		152,950
				184,451
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Telstra Corp. Ltd.		8,647		40,535
Telstra Corp. Ltd.- ADR		10,910		255,730
				296,265
FOOD & STAPLES RETAILING—0.2%
Wesfarmers Ltd.		7,898		310,576
INSURANCE—0.3%
Suncorp Group Ltd.		46,152		539,839
METALS & MINING—1.3%
Alumina Ltd.- ADR(a)		41,858		165,758
BHP Billiton Ltd.- ADR		29,852		2,035,906
Newcrest Mining Ltd.- ADR		15,942		112,232
				2,313,896
OIL, GAS & CONSUMABLE FUELS—0.5%
Origin Energy Ltd.		43,674		548,681
Woodside Petroleum Ltd.		3,151		109,446
Woodside Petroleum Ltd.- ADR		5,235		181,780
				839,907
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.1%
Shopping Centres Australasia Property Group REIT		1		2
Westfield Group REIT		20,433		184,088
				184,090

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
AUSTRALIA—5.6%, continued
TRANSPORTATION INFRASTRUCTURE—0.0%**
Sydney Airport		463	$	1,573
				9,568,500
AUSTRIA—0.1%
COMMERCIAL BANKS—0.1%
Erste Group Bank AG		757		26,379
Erste Group Bank AG- ADR		12,078		212,573
				238,952
BELGIUM—0.3%
FOOD & STAPLES RETAILING—0.3%
Colruyt SA		2,958		165,133
Delhaize Group SA		1,156		68,701
Delhaize Group SA- ADR		5,575		331,267
				565,101
BERMUDA—0.3%
ENERGY EQUIPMENT & SERVICES—0.3%
Seadrill Ltd.		13,733		564,152
BRAZIL—2.4%
BANKS—0.2%
Banco Bradesco SA- ADR		29,175		365,563
BEVERAGES—0.2%
AMBEV SA- ADR		51,940		381,759
CHEMICALS—0.1%
Braskem SA- ADR(a)		7,600		135,660
COMMERCIAL BANKS—0.1%
Itau Unibanco Holding SA- ADR		17,233		233,852
ELECTRIC UTILITIES—0.1%
Cia Energetica de Minas Gerais- ADR		14,523		113,134
FOOD & STAPLES RETAILING—0.1%
Cia Brasileira de Distribuicao Grupo Pao de Acucar- ADR		5,510		246,132
FOOD PRODUCTS—0.2%
BRF SA- ADR		16,910		352,912
METALS & MINING—0.7%
Cia Siderurgica Nacional SA- ADR		57,569		356,928
Gerdau SA- ADR		26,820		210,269
Vale SA- ADR		39,675		605,043
				1,172,240
OIL, GAS & CONSUMABLE FUELS—0.5%
Petroleo Brasileiro SA- ADR		40,639		560,005
Ultrapar Participacoes SA- ADR		12,325		291,486
				851,491
WATER UTILITIES—0.2%
Cia de Saneamento Basico do Estado de Sao Paulo- ADR		26,970		305,840
				4,158,583

See accompanying notes to financial statements.

15

Schedule of Portfolio Investments, continued

Praxis International Index Fund

December 31, 2013

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
CANADA—7.2%
AUTO COMPONENTS—0.3%
Magna International, Inc.		5,715	$	468,973
CHEMICALS—0.7%
Agrium, Inc.		3,522		322,192
Methanex Corp.		7,953		471,136
Potash Corp of Saskatchewan, Inc.		10,495		345,915
				1,139,243
COMMERCIAL BANKS—2.1%
Bank of Montreal		7,625		508,283
Bank of Nova Scotia		12,310		769,991
Canadian Imperial Bank of Commerce		5,717		488,289
Royal Bank of Canada		13,414		901,823
Toronto-Dominion Bank		9,118		859,280
				3,527,666
HOTELS, RESTAURANTS & LEISURE—0.3%
Tim Hortons, Inc.		8,185		477,840
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.1%
TransAlta Corp.		9,461		119,965
INSURANCE—0.4%
Manulife Financial Corp.		17,556		346,380
Sun Life Financial, Inc.		9,109		321,821
				668,201
MEDIA—0.2%
Shaw Communications, Inc., Class B		12,864		313,110
METALS & MINING—0.5%
Barrick Gold Corp.		13,544		238,781
Goldcorp, Inc.		9,048		196,070
Teck Resources Ltd., Class B		16,007		416,342
				851,193
OIL, GAS & CONSUMABLE FUELS—1.6%
Advantage Oil & Gas Ltd.(a)		18,950		82,243
Canadian Natural Resources Ltd.		15,131		512,033
Cenovus Energy, Inc.		12,145		347,954
Enbridge, Inc.		16,308		712,334
Encana Corp.		15,181		274,017
Suncor Energy, Inc.		16,176		566,969
Talisman Energy, Inc.		19,045		221,874
				2,717,424
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%
Brookfield Asset Management, Inc., Class A		11,557		448,758
ROAD & RAIL—0.8%
Canadian National Railway Co.		12,210		696,214
Canadian Pacific Railway Ltd.		5,165		781,568
				1,477,782
				12,210,155
CHILE—0.5%
AIRLINES—0.3%
Latam Airlines Group SA- ADR		26,658		434,792
BEVERAGES—0.1%
Embotelladora Andina SA, Class B- ADR		6,720		189,773

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
CHILE—0.5%, continued
CHEMICALS—0.1%
Sociedad Quimica y Minera de Chile SA- ADR		8,470	$	219,203
				843,768
CHINA—3.2%
AIRLINES—0.1%
China Southern Airlines Co. Ltd.- ADR		5,546		109,478
CHEMICALS—0.1%
Sinopec Shanghai Petrochemical Co. Ltd.- ADR		7,041		200,950
COMMERCIAL BANKS—0.5%
China Construction Bank Corp.- ADR		59,876		908,918
COMPUTERS & PERIPHERALS—0.1%
Lenovo Group Ltd.- ADR		9,860		240,880
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
China Telecom Corp. Ltd.- ADR		6,115		309,235
INSURANCE—0.6%
China Life Insurance Co. Ltd.- ADR		22,204		1,049,139
INTERNET SOFTWARE & SERVICES—0.9%
Tencent Holdings Ltd.- ADR		23,026		1,483,335
MULTI-LINE INSURANCE—0.2%
Ping An Insurance Group Co. of China Ltd.- ADR		15,855		285,866
OIL, GAS & CONSUMABLE FUELS—0.4%
CNOOC Ltd.- ADR		3,726		699,221
ROAD & RAIL—0.1%
Guangshen Railway Co. Ltd.- ADR		8,797		203,211
				5,490,233
COLOMBIA—0.5%
COMMERCIAL BANKS—0.2%
BanColombia SA- ADR		7,754		380,101
OIL, GAS & CONSUMABLE FUELS—0.3%
Ecopetrol SA- ADR		10,323		396,919
				777,020
DENMARK—0.7%
COMMERCIAL BANKS—0.1%
Danske Bank A/S(a)		3,457		79,305
Danske Bank A/S- ADR(a)		6,614		76,193
				155,498
PHARMACEUTICALS—0.6%
Novo Nordisk A/S- ADR		5,702		1,053,502
				1,209,000
FINLAND—0.4%
COMMUNICATIONS EQUIPMENT—0.1%
Nokia OYJ- ADR(a)		27,613		223,942
MACHINERY—0.1%
Kone OYJ, Class B		3,606		162,713
PAPER & FOREST PRODUCTS—0.2%
Stora Enso OYJ- ADR		32,308		324,695
				711,350

See accompanying notes to financial statements.

16

Schedule of Portfolio Investments, continued

Praxis International Index Fund

December 31, 2013

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
FRANCE—6.7%
AUTO COMPONENTS—0.5%
Cie Generale des Etablissements Michelin- ADR		25,215	$	538,340
Cie Generale des Etablissements Michelin, Class B		1,074		114,137
Valeo SA- ADR		4,352		242,015
				894,492
CAPITAL GOODS—0.4%
Cie de Saint-Gobain		11,742		645,735
COMMERCIAL BANKS—0.9%
BNP Paribas SA- ADR		26,450		1,036,840
Credit Agricole SA(a)		5,199		66,552
Credit Agricole SA- ADR(a)		14,211		91,234
Societe Generale SA- ADR		36,300		422,859
				1,617,485
CONSTRUCTION & ENGINEERING—0.3%
Bouygues SA		956		36,062
Vinci SA- ADR		30,694		505,223
				541,285
CONSTRUCTION MATERIALS—0.1%
Lafarge SA		430		32,222
Lafarge SA- ADR		6,876		128,719
				160,941
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Orange SA- ADR		17,186		212,247
Vivendi SA		9,270		244,279
				456,526
ELECTRICAL EQUIPMENT—0.6%
Legrand SA		17,254		950,877
ENERGY EQUIPMENT & SERVICES—0.4%
CGG SA(a)		670		11,595
CGG SA- ADR(a)		12,244		212,433
Technip SA- ADR		21,292		514,415
				738,443
FOOD & STAPLES RETAILING—0.3%
Carrefour SA		1,523		60,362
Carrefour SA- ADR		49,035		386,396
				446,758
FOOD PRODUCTS—0.6%
Danone- ADR		70,005		1,016,473
HEALTH CARE EQUIPMENT & SUPPLIES—0.3%
Essilor International SA		4,503		478,732
Essilor International SA- ADR		952		50,961
				529,693
INSURANCE—0.4%
AXA SA- ADR		24,952		695,911
MEDIA—0.4%
Publicis Groupe SA- ADR		26,260		603,192

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
FRANCE—6.7%, continued
MULTI-UTILITIES—0.4%
GDF Suez		2,524	$	59,358
GDF Suez- ADR		17,681		418,509
Veolia Environnement SA		3,865		63,034
Veolia Environnement SA- ADR		8,771		143,494
				684,395
PERSONAL PRODUCTS—0.6%
L’Oreal SA		382		67,109
L’Oreal SA- ADR		25,935		911,615
				978,724
SOFTWARE—0.2%
Dassault Systemes- ADR		3,112		386,822
				11,347,752
GERMANY—6.7%
AIR FREIGHT & LOGISTICS—0.2%
Deutsche Post AG		10,161		370,430
AIRLINES—0.1%
Deutsche Lufthansa AG- ADR(a)		10,201		218,159
AUTOMOBILES—0.6%
Bayerische Motoren Werke AG- ADR		27,692		1,091,896
CAPITAL MARKETS—0.2%
Deutsche Bank AG		6,576		317,226
CHEMICALS—0.9%
BASF SE- ADR		13,580		1,463,788
DIVERSIFIED FINANCIALS—0.2%
Deutsche Boerse AG		2,890		239,341
Deutsche Boerse AG- ADR		15,060		124,245
				363,586
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Deutsche Telekom AG- ADR		26,454		456,596
HEALTH CARE PROVIDERS & SERVICES—0.5%
Fresenius Medical Care AG & Co. KGaA- ADR		17,810		633,680
Fresenius SE & Co. KGaA		956		146,773
				780,453
INSURANCE—1.1%
Allianz SE- ADR		57,890		1,049,546
Muenchener Rueckversicherungs AG- ADR		18,890		420,076
Muenchener Rueckversicherungs Gesellschaft AG		1,682		370,575
				1,840,197
MULTI-UTILITIES—0.2%
RWE AG		2,125		77,776
RWE AG- ADR		5,585		205,528
				283,304
PHARMACEUTICALS—0.8%
Bayer AG- ADR		9,398		1,334,516
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Infineon Technologies AG- ADR		12,109		131,019

See accompanying notes to financial statements.

17

Schedule of Portfolio Investments, continued

Praxis International Index Fund

December 31, 2013

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
GERMANY—6.7%, continued
SOFTWARE—0.6%
SAP AG- ADR		12,252	$	1,067,639
TEXTILES, APPAREL & LUXURY GOODS—0.5%
Adidas AG		1,323		168,610
Adidas AG- ADR		9,964		639,988
Puma SE		285		92,137
				900,735
TRADING COMPANIES & DISTRIBUTORS—0.1%
Brenntag AG		1,173		217,446
TRUCKING—0.3%
Deutsche Post AG- ADR		14,832		544,334
				11,381,324
HONG KONG—2.8%
COMMERCIAL BANKS—0.2%
BOC Hong Kong Holdings Ltd.		59,500		190,678
BOC Hong Kong Holdings Ltd.- ADR		1,754		113,168
				303,846
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
China Unicom Hong Kong Ltd.- ADR		24,284		365,717
ELECTRIC UTILITIES—0.1%
Cheung Kong Infrastructure Holdings Ltd.		32,000		202,004
INDUSTRIAL CONGLOMERATES—0.2%
Jardine Matheson Holdings Ltd.		751		39,285
Jardine Matheson Holdings Ltd.- ADR		3,618		191,066
				230,351
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.3%
Hang Lung Properties Ltd.		23,000		72,669
Hang Lung Properties Ltd.- ADR		4,159		65,421
Henderson Land Development Co. Ltd.		8,800		50,217
Sun Hung Kai Properties Ltd.		11,000		139,516
Sun Hung Kai Properties Ltd.- ADR		22,014		279,358
Swire Pacific Ltd., Series A		6,500		76,197
Swire Pacific Ltd., Series A- ADR		32,051		375,317
Swire Properties Ltd.		150		379
Wharf Holdings Ltd.		150,000		1,147,106
				2,206,180
SPECIALTY RETAIL—0.0%**
Esprit Holdings Ltd.(a)		2,500		4,817
Esprit Holdings Ltd.- ADR(a)		4,499		17,276
				22,093
TELECOMMUNICATION SERVICES—0.7%
China Mobile Ltd.- ADR		23,349		1,220,919
TEXTILES, APPAREL & LUXURY GOODS—0.1%
Li & Fung Ltd.		122,000		157,332
Li & Fung Ltd.- ADR		12,287		31,332
				188,664
				4,739,774

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
HUNGARY—0.1%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Magyar Telekom Telecommunications plc- ADR		11,582	$	83,738
OIL, GAS & CONSUMABLE FUELS—0.0%**
MOL Hungarian Oil & Gas plc- ADR		796		26,722
				110,460
INDIA—1.6%
BANKS—0.2%
ICICI Bank Ltd.- ADR		7,885		293,085
COMMERCIAL BANKS—0.3%
HDFC Bank Ltd.- ADR		16,597		571,601
IT SERVICES—0.6%
Infosys Ltd.- ADR		7,688		435,141
Wipro Ltd.- ADR		42,991		541,257
				976,398
METALS & MINING—0.2%
Sesa Sterlite Ltd.- ADR		31,574		415,514
PHARMACEUTICALS—0.3%
Dr. Reddy’s Laboratories Ltd.- ADR		10,846		445,011
				2,701,609
INDONESIA—0.5%
COMMERCIAL BANKS—0.2%
PT Bank Mandiri- ADR		49,403		319,143
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Telekomunikasi Indonesia Persero Tbk PT- ADR		11,564		414,569
MACHINERY—0.1%
United Tractors Tbk PT- ADR		3,369		106,326
				840,038
IRELAND—1.0%
COMMERCIAL SERVICES & SUPPLIES—0.5%
Experian plc		3,191		58,866
Experian plc- ADR		37,268		686,849
				745,715
CONSTRUCTION MATERIALS—0.2%
CRH plc- ADR		15,719		401,620
PHARMACEUTICALS—0.3%
Shire plc- ADR		3,634		513,448
				1,660,783
ISRAEL—0.3%
PHARMACEUTICALS—0.2%
Teva Pharmaceutical Industries Ltd.- ADR		10,330		414,026
SOFTWARE—0.1%
Check Point Software Technologies Ltd.(a)		2,576		166,204
				580,230
ITALY—1.6%
BANKS—0.2%
UniCredit SpA		48,046		355,601

See accompanying notes to financial statements.

18

Schedule of Portfolio Investments, continued

Praxis International Index Fund

December 31, 2013

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
ITALY—1.6%, continued
COMMERCIAL BANKS—0.1%
Intesa Sanpaolo SpA		59,272	$	146,284
Intesa Sanpaolo SpA- ADR		5,976		89,341
				235,625
ELECTRIC UTILITIES—0.0%**
Enel SpA		9,543		41,669
INSURANCE—0.2%
Assicurazioni Generali SpA		16,056		377,709
OIL, GAS & CONSUMABLE FUELS—0.6%
ENI SpA- ADR		19,027		922,619
TEXTILES, APPAREL & LUXURY GOODS—0.3%
Luxottica Group SpA- ADR		8,604		463,928
TRANSPORTATION INFRASTRUCTURE—0.2%
Atlantia SpA		13,863		311,053
				2,708,204
JAPAN—15.1%
AUTO COMPONENTS—0.6%
Bridgestone Corp.		4,656		175,965
Bridgestone Corp.- ADR		16,204		309,529
Denso Corp.		5,900		310,939
Denso Corp.- ADR		6,048		159,970
				956,403
AUTOMOBILES—2.1%
Honda Motor Co. Ltd.- ADR		24,950		1,031,683
Nissan Motor Co. Ltd.- ADR		26,653		447,770
Toyota Motor Corp.- ADR		17,148		2,090,684
				3,570,137
BUILDING PRODUCTS—0.1%
Asahi Glass Co. Ltd.		3,000		18,631
Asahi Glass Co. Ltd.- ADR		21,219		131,345
				149,976
CAPITAL GOODS—0.2%
Makita Corp.		600		31,450
Makita Corp.- ADR		4,936		261,608
				293,058
CAPITAL MARKETS—0.6%
Daiwa Securities Group, Inc.		16,000		159,529
Daiwa Securities Group, Inc.- ADR		49,678		501,251
Nomura Holdings, Inc.- ADR		53,590		416,394
				1,077,174
CHEMICALS—0.3%
Nitto Denko Corp.		500		21,057
Nitto Denko Corp.- ADR		11,626		247,983
Shin-Etsu Chemical Co. Ltd.		2,000		116,608
Sumitomo Chemical Co. Ltd.		38,000		148,666
				534,314
COMMERCIAL BANKS—2.0%
Mitsubishi UFJ Financial Group, Inc.- ADR		188,606		1,259,888
Mizuho Financial Group, Inc.- ADR		132,028		575,642
Sumitomo Mitsui Financial Group, Inc.- ADR		135,650		1,422,968

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
JAPAN—15.1%, continued
COMMERCIAL BANKS—2.0%, continued
Sumitomo Mitsui Trust Holdings, Inc.		2,980	$	15,677
Sumitomo Mitsui Trust Holdings, Inc.- ADR		39,737		210,209
				3,484,384
COMMERCIAL SERVICES & SUPPLIES—0.3%
Dai Nippon Printing Co. Ltd.		50,000		529,864
Dai Nippon Printing Co. Ltd.- ADR		37		394
				530,258
COMPUTERS & PERIPHERALS—0.0%**
Seiko Epson Corp.		600		16,095
Seiko Epson Corp.- ADR		5,156		69,704
				85,799
CONSTRUCTION & ENGINEERING—0.4%
JGC Corp.		9,000		352,531
Obayashi Corp.		55,000		312,838
				665,369
DIVERSIFIED FINANCIAL SERVICES—0.3%
ORIX Corp.		2,300		40,339
ORIX Corp.- ADR		5,614		500,207
				540,546
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Nippon Telegraph & Telephone Corp.- ADR		15,032		406,465
ELECTRIC UTILITIES—0.2%
Chubu Electric Power Co., Inc.		12,600		162,600
Tohoku Electric Power Co., Inc.(a)		9,200		103,348
				265,948
ELECTRICAL EQUIPMENT—0.2%
Nidec Corp.- ADR		15,436		381,424
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.7%
FUJIFILM Holdings Corp.- ADR		11,626		330,806
Hitachi Ltd.- ADR		2,091		159,773
Hoya Corp.		9,500		263,593
Hoya Corp.- ADR		1,734		48,743
Kyocera Corp.		2,800		139,588
Kyocera Corp.- ADR		3,162		158,543
Murata Manufacturing Co. Ltd.		500		44,345
				1,145,391
HEALTH CARE EQUIPMENT & SUPPLIES—0.2%
Terumo Corp.		5,900		284,047
HOUSEHOLD DURABLES—0.8%
Panasonic Corp.		10,700		124,364
Panasonic Corp.- ADR		21,410		249,641
Sekisui House Ltd.		8,000		111,670
Sekisui House Ltd.- ADR		30,149		420,579
Sharp Corp.(a)		10,000		31,716
Sharp Corp.- ADR		17,095		53,849
Sony Corp.- ADR		18,382		317,825
				1,309,644

See accompanying notes to financial statements.

19

Schedule of Portfolio Investments, continued

Praxis International Index Fund

December 31, 2013

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
JAPAN—15.1%, continued
INSURANCE—0.4%
MS&AD Insurance Group Holdings- ADR		34,266	$	459,165
Tokio Marine Holdings, Inc.		2,000		66,755
Tokio Marine Holdings, Inc.- ADR		7,354		245,991
				771,911
INTEGRATED TELECOMMUNICATION SERVICES—0.1%
KDDI Corp.- ADR		11,212		173,113
INTERNET & CATALOG RETAIL—0.2%
Rakuten, Inc.		18,400		273,266
IT SERVICES—0.0%**
Fujitsu Ltd.(a)		2,000		10,331
Fujitsu Ltd.- ADR		1,240		32,389
				42,720
MACHINERY—1.1%
FANUC Corp.		400		73,118
FANUC Corp.- ADR		22,452		689,501
Kubota Corp.- ADR		7,847		656,009
SMC Corp.		1,900		478,112
				1,896,740
MARINE—0.0%**
Nippon Yusen KK- ADR		7,243		46,210
METALS & MINING—0.3%
Nippon Steel Corp.		54,000		180,496
Sumitomo Metal Mining Co. Ltd.		23,000		300,740
				481,236
OFFICE ELECTRONICS—0.1%
Canon, Inc.- ADR		6,053		193,696
PERSONAL PRODUCTS—0.2%
Kao Corp.- ADR		4,738		149,958
Shiseido Co. Ltd.		2,100		33,720
Shiseido Co. Ltd.- ADR		15,035		242,815
				426,493
PHARMACEUTICALS—0.6%
Astellas Pharma, Inc.		2,600		153,812
Astellas Pharma, Inc.- ADR		17,732		263,072
Daiichi Sankyo Co. Ltd.		4,600		83,998
Daiichi Sankyo Co. Ltd.- ADR		1,901		34,969
Takeda Pharmaceutical Co. Ltd.		2,700		123,706
Takeda Pharmaceutical Co. Ltd.- ADR		17,304		398,338
				1,057,895
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%
Daiwa House Industry Co. Ltd.- ADR		1,547		300,396
Mitsubishi Estate Co. Ltd.		7,000		209,050
Mitsubishi Estate Co. Ltd.- ADR		8,499		256,160
Mitsui Fudosan Co. Ltd.		11,000		395,357
Sumitomo Realty & Development Co. Ltd.		6,000		297,977
				1,458,940
ROAD & RAIL—0.6%
Central Japan Railway Co.		500		58,779
East Japan Railway Co.		3,590		285,673

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
JAPAN—15.1%, continued
ROAD & RAIL—0.6%, continued
East Japan Railway Co.- ADR		29,226	$	391,044
Keikyu Corp.		37,000		304,615
				1,040,111
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Rohm Co. Ltd.		700		34,033
Rohm Co. Ltd.- ADR		2,660		64,585
				98,618
SOFTWARE—0.1%
Nintendo Co. Ltd.- ADR		11,880		198,158
TECHNOLOGY HARDWARE & EQUIPMENT—0.0%**
TDK Corp.		200		9,572
TDK Corp.- ADR		826		39,483
				49,055
TEXTILES, APPAREL & LUXURY GOODS—0.2%
Wacoal Holdings Corp.- ADR		5,242		267,028
TRADING COMPANIES & DISTRIBUTORS—0.3%
Mitsui & Co. Ltd.- ADR		1,637		458,458
WIRELESS TELECOMMUNICATION SERVICES—0.7%
NTT DoCoMo, Inc.- ADR		26,591		439,018
Softbank Corp.		6,500		567,847
Softbank Corp.- ADR		2,656		116,359
				1,123,224
				25,737,209
JERSEY—0.1%
METALS & MINING—0.1%
Randgold Resources Ltd.- ADR		3,893		244,519
LUXEMBOURG—0.2%
ENERGY EQUIPMENT & SERVICES—0.2%
Tenaris SA- ADR		6,950		303,646
MEXICO—1.3%
BEVERAGES—0.2%
Coca-Cola Femsa SAB de CV- ADR		3,164		385,280
CONSTRUCTION & ENGINEERING—0.1%
Empresas ICA SAB de CV- ADR(a)		18,068		152,675
CONSTRUCTION MATERIALS—0.2%
Cemex SAB de CV- ADR(a)		28,012		331,382
FOOD & STAPLES RETAILING—0.2%
Wal-Mart de Mexico SAB de CV- ADR		11,112		290,245
MEDIA—0.2%
Grupo Televisa SAB- ADR		11,081		335,311
METALS & MINING—0.1%
Fresnillo plc		14,613		180,399
TRANSPORTATION INFRASTRUCTURE—0.1%
Grupo Aeroportuario del Pacifico SAB de CV- ADR		4,513		240,182
WIRELESS TELECOMMUNICATION SERVICES—0.2%
America Movil SAB de CV, Series L- ADR		12,573		293,831
				2,209,305

See accompanying notes to financial statements.

20

Schedule of Portfolio Investments, continued

Praxis International Index Fund

December 31, 2013

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
NETHERLANDS—3.0%
CHEMICALS—0.2%
Akzo Nobel NV- ADR		10,773	$	278,698
COMPUTERS & PERIPHERALS—0.1%
Gemalto NV		2,161		237,861
DIVERSIFIED FINANCIAL SERVICES—0.2%
ING Groep NV- ADR(a)		26,118		365,913
FOOD & STAPLES RETAILING—0.3%
Koninklijke Ahold NV- ADR		25,936		467,107
FOOD PRODUCTS—0.7%
Unilever NV—NY Registry Shares		28,732		1,155,888
INDUSTRIAL CONGLOMERATES—0.7%
Koninklijke Philips NV		30,708		1,135,275
INSURANCE—0.1%
Aegon NV		23,208		220,012
LIFE SCIENCES TOOLS & SERVICES—0.2%
QIAGEN NV(a)		16,784		399,627
MEDIA—0.1%
Wolters Kluwer NV		954		27,226
Wolters Kluwer NV- ADR		7,337		209,325
				236,551
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.3%
ASML Holding NV—NY Registry Shares		4,549		426,241
TRANSPORTATION INFRASTRUCTURE—0.1%
Koninklijke Vopak NV		2,532		148,109
				5,071,282
NORWAY—0.8%
CHEMICALS—0.2%
Yara International ASA- ADR		7,283		312,659
METALS & MINING—0.1%
Norsk Hydro ASA		13,975		62,372
Norsk Hydro ASA- ADR		13,201		58,876
				121,248
OIL, GAS & CONSUMABLE FUELS—0.5%
Statoil ASA- ADR		36,526		881,373
				1,315,280
PORTUGAL—0.1%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.0%**
Portugal Telecom SGPS SA- ADR		26,158		113,003
ELECTRIC UTILITIES—0.1%
EDP—Energias de Portugal SA		20,520		75,372
EDP—Energias de Portugal SA- ADR		1,231		45,018
				120,390
				233,393
RUSSIA—1.2%
MEDIA—0.2%
CTC Media, Inc.		28,039		389,602

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
RUSSIA—1.2%, continued
OIL, GAS & CONSUMABLE FUELS—0.4%
Gazprom OAO- ADR		24,108	$	208,535
Lukoil OAO- ADR		6,735		425,113
				633,648
WIRELESS TELECOMMUNICATION SERVICES—0.6%
Mobile Telesystems OJSC- ADR		47,756		1,032,962
				2,056,212
SINGAPORE—2.2%
BANKS—0.1%
DBS Group Holdings Ltd.		10,656		144,394
COMMERCIAL BANKS—1.3%
DBS Group Holdings Ltd.- ADR		18,371		996,994
United Overseas Bank Ltd.		24,187		407,094
United Overseas Bank Ltd.- ADR		22,014		740,111
				2,144,199
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Singapore Telecommunications Ltd.		71,000		205,919
Singapore Telecommunications Ltd.- ADR		6,886		200,383
				406,302
INDUSTRIAL CONGLOMERATES—0.6%
Keppel Corp. Ltd.		11,721		103,933
Keppel Corp. Ltd.- ADR		49,775		884,999
				988,932
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.0%**
Keppel REIT REIT		737		692
				3,684,519
SOUTH AFRICA—0.7%
COMMERCIAL BANKS—0.1%
Standard Bank Group Ltd.- ADR		11,694		145,941
METALS & MINING—0.1%
Impala Platinum Holdings Ltd.- ADR		15,171		177,956
TRADING COMPANIES & DISTRIBUTORS—0.2%
Barloworld Ltd.		45,286		431,750
WIRELESS TELECOMMUNICATION SERVICES—0.3%
MTN Group Ltd.- ADR		22,849		479,829
				1,235,476
SOUTH KOREA—2.9%
COMMERCIAL BANKS—1.7%
KB Financial Group, Inc.- ADR		33,114		1,341,448
Shinhan Financial Group Co. Ltd.- ADR		25,553		1,167,772
Woori Finance Holdings Co. Ltd.- ADR		11,480		440,029
				2,949,249
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
KT Corp.- ADR		38,311		569,685
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%
LG Display Co. Ltd.- ADR		42,203		512,344
WIRELESS TELECOMMUNICATION SERVICES—0.6%
SK Telecom Co. Ltd.- ADR		37,733		928,986
				4,960,264

See accompanying notes to financial statements.

21

Schedule of Portfolio Investments, continued

Praxis International Index Fund

December 31, 2013

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
SPAIN—2.4%
COMMERCIAL BANKS—1.1%
Banco Bilbao Vizcaya Argentaria SA- ADR		64,435	$	798,350
Banco Santander SA- ADR		116,415		1,055,884
				1,854,234
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Telefonica SA- ADR		32,722		534,677
ELECTRIC UTILITIES—0.2%
Iberdrola SA- ADR		15,225		388,999
METALS & MINING—0.1%
Acerinox SA		16,589		211,030
OIL, GAS & CONSUMABLE FUELS—0.3%
Repsol YPF SA- ADR		19,040		481,521
RETAILING—0.4%
Inditex SA		3,528		581,446
				4,051,907
SWEDEN—2.9%
COMMUNICATIONS EQUIPMENT—0.4%
Telefonaktiebolaget LM Ericsson- ADR		48,767		596,908
CONSTRUCTION & ENGINEERING—0.4%
Skanska AB, Class B		37,142		758,796
HOUSEHOLD PRODUCTS—0.2%
Svenska Cellulosa AB SCA, Class B		12,219		376,153
MACHINERY—1.1%
Alfa Laval AB		23,419		600,781
Atlas Copco AB- ADR		18,292		509,249
Atlas Copco AB, Class A		8,922		247,331
Sandvik AB		19,176		270,414
Sandvik AB- ADR		20,116		284,440
				1,912,215
METALS & MINING—0.2%
Boliden AB		22,985		351,823
OIL, GAS & CONSUMABLE FUELS—0.1%
Lundin Petroleum AB(a)		7,186		140,104
RETAILING—0.1%
Hennes & Mauritz AB (H&M), Class B		3,195		147,136
SPECIALTY RETAIL—0.4%
Hennes & Mauritz AB- ADR		65,360		598,698
				4,881,833
SWITZERLAND—7.0%
CAPITAL MARKETS—1.0%
Credit Suisse Group AG- ADR(a)		13,001		403,551
Julius Baer Group Ltd.(a)		9,537		458,007
UBS AG(a)		46,462		894,393
				1,755,951
CHEMICALS—0.8%
Syngenta AG- ADR		15,780		1,261,453
COMPUTERS & PERIPHERALS—0.1%
Logitech International SA		10,434		142,841

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
SWITZERLAND—7.0%, continued
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Swisscom AG- ADR		7,140	$	377,635
ELECTRICAL EQUIPMENT—0.8%
ABB Ltd.- ADR(a)		52,187		1,386,087
FOOD PRODUCTS—0.1%
Barry Callebaut AG(a)		110		137,862
INSURANCE—0.9%
Swiss Re AG(a)		3,563		327,722
Zurich Insurance Group AG- ADR(a)		38,640		1,127,129
				1,454,851
MACHINERY—0.1%
Schindler Holding AG		1,587		234,123
PHARMACEUTICALS—2.7%
Novartis AG- ADR		27,800		2,234,564
Roche Holding AG- ADR		33,260		2,334,852
				4,569,416
PROFESSIONAL SERVICES—0.1%
Adecco SA(a)		2,237		177,044
Adecco SA- ADR		1,206		48,035
				225,079
TRADING COMPANIES & DISTRIBUTORS—0.2%
Wolseley plc		537		30,457
Wolseley plc- ADR		63,056		360,681
				391,138
				11,936,436
TAIWAN—2.3%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%
Chunghwa Telecom Co. Ltd.- ADR		29,844		923,970
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%
AU Optronics Corp.- ADR(a)		61,761		192,694
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.7%
Advanced Semiconductor Engineering, Inc.- ADR		106,910		513,168
Siliconware Precision Industries Co.- ADR		79,145		473,287
Taiwan Semiconductor Manufacturing Co. Ltd.- ADR		84,657		1,476,418
United Microelectronics Corp.- ADR		191,039		389,720
				2,852,593
				3,969,257
TURKEY—0.2%
COMMERCIAL BANKS—0.1%
Turkiye Garanti Bankasi AS- ADR		59,610		191,348
WIRELESS TELECOMMUNICATION SERVICES—0.1%
Turkcell Iletisim Hizmetleri AS- ADR(a)		8,446		112,754
				304,102
UNITED KINGDOM—13.5%
BANKS—0.3%
Standard Chartered plc		26,352		593,471

See accompanying notes to financial statements.

22

Schedule of Portfolio Investments, continued

Praxis International Index Fund

December 31, 2013

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
UNITED KINGDOM—13.5%, continued
CAPITAL MARKETS—0.0%**
Man Group plc		3,940	$	5,546
Man Group plc- ADR		7,608		10,710
				16,256
COMMERCIAL BANKS—1.7%
Barclays plc- ADR		30,320		549,702
HSBC Holdings plc- ADR		35,841		1,975,914
Lloyds Banking Group plc- ADR(a)		72,585		386,152
				2,911,768
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
BT Group plc- ADR		8,434		532,438
ELECTRIC UTILITIES—0.4%
SSE plc		2,983		67,674
SSE plc- ADR		26,274		597,996
				665,670
ENERGY EQUIPMENT & SERVICES—0.4%
AMEC plc		26,726		481,515
Subsea 7 SA		2,434		46,591
Subsea 7 SA- ADR		5,306		102,724
				630,830
FOOD & STAPLES RETAILING—0.8%
J Sainsbury plc		4,806		29,049
J Sainsbury plc- ADR		18,741		460,560
Tesco plc- ADR		29,806		501,933
WM Morrison Supermarkets plc		29,374		126,955
WM Morrison Supermarkets plc- ADR		8,054		176,141
				1,294,638
HEALTH CARE EQUIPMENT & SUPPLIES—0.3%
Smith & Nephew plc		4,232		60,339
Smith & Nephew plc- ADR		6,874		493,141
				553,480
HOTELS, RESTAURANTS & LEISURE—0.9%
Carnival plc- ADR		4,671		193,613
Compass Group plc		2,388		38,279
Compass Group plc- ADR		50,014		806,676
InterContinental Hotels Group plc- ADR		12,377		413,763
				1,452,331
HOUSEHOLD PRODUCTS—0.6%
Reckitt Benckiser Group plc		3,212		254,935
Reckitt Benckiser Group plc- ADR		49,075		789,617
				1,044,552
INSURANCE—0.8%
Aviva plc		30,794		229,317
Aviva plc- ADR		6,116		92,657
Prudential plc- ADR		22,297		1,003,365
				1,325,339
MATERIALS—0.0%**
Antofagasta plc		3,335		45,506

	SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
UNITED KINGDOM—13.5%, continued
MEDIA—1.3%
British Sky Broadcasting Group plc		3,176	$	44,388
British Sky Broadcasting Group plc- ADR		6,005		337,661
Pearson plc- ADR		23,760		532,224
Reed Elsevier plc- ADR		7,992		479,920
WPP plc- ADR		6,767		777,258
				2,171,451
METALS & MINING—0.6%
Antofagasta plc- ADR		3,393		92,900
BHP Billiton plc		30,582		946,504
				1,039,404
MULTILINE RETAIL—0.3%
Marks & Spencer Group plc		10,719		76,787
Marks & Spencer Group plc- ADR		17,019		243,950
Next plc		1,607		145,031
				465,768
MULTI-UTILITIES—0.8%
National Grid plc- ADR		16,304		1,064,977
United Utilities Group plc		2,386		26,532
United Utilities Group plc- ADR		12,883		289,481
				1,380,990
OIL, GAS & CONSUMABLE FUELS—0.7%
BG Group plc		6,208		133,385
BG Group plc- ADR		37,740		818,581
Tullow Oil plc		6,601		93,459
Tullow Oil plc- ADR		15,976		112,790
				1,158,215
PHARMACEUTICALS—1.4%
AstraZeneca plc- ADR		15,840		940,421
GlaxoSmithKline plc- ADR		27,908		1,490,008
				2,430,429
PROFESSIONAL SERVICES—0.1%
Capita plc		12,030		206,781
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.2%
Land Securities Group plc REIT		16,051		256,095
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.3%
ARM Holdings plc- ADR		8,551		468,082
SOFTWARE—0.2%
Sage Group plc		33,781		225,829
Sage Group plc- ADR		2,320		61,967
				287,796
SPECIALTY RETAIL—0.2%
Kingfisher plc- ADR		29,151		374,299
WATER UTILITIES—0.1%
Severn Trent plc		6,683		188,688
WIRELESS TELECOMMUNICATION SERVICES—0.8%
Vodafone Group plc- ADR		36,035		1,416,536
				22,910,813

See accompanying notes to financial statements.

23

Schedule of Portfolio Investments, continued

Praxis International Index Fund

December 31, 2013

	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
COMMON STOCKS—99.0%, continued
UNITED STATES—0.6%
HEALTH CARE PROVIDERS & SERVICES—0.1%
Catamaran Corp.(a)		3,636	$	172,637
MEDIA—0.1%
Thomson Reuters Corp.		5,573		210,771
METALS & MINING—0.1%
Sims Metal Management Ltd.- ADR(a)		21,356		205,872
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3%
Brookfield Office Properties, Inc.		24,368		469,084
				1,058,364
TOTAL COMMON STOCKS				168,570,805
CORPORATE NOTES—1.0%
COMMUNITY DEVELOPMENT—1.0%
Everence Community Investment, Inc., 1.00%, 12/15/15+(b)	$	343,000		343,783
Everence Community Investment, Inc., 1.50%, 12/15/14+(b)		606,000		610,217
Everence Community Investment, Inc., 1.50%, 12/15/16+(b)		656,000		660,759
TOTAL CORPORATE NOTES				1,614,759
TOTAL INVESTMENTS (Cost* $143,571,148)—100.0%			$	170,185,564
Other assets in excess of liabilities—0.0%				75,365
NET ASSETS—100%			$	170,260,929

+ Variable rate security. Rates presented are the rates in effect at December 31, 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	%		606,000		3/2012
Everence Community Investment, Inc.		1.50	%		656,000		3/2012

At December 31, 2013, these securities had an aggregate market value of $1,614,759, representing 1.0% 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

Praxis Value Index

Annual report to shareholders

Portfolio Managers’ Commentary

During a period when the U.S. economy gradually showed signs of improvement and Europe tentatively emerged from recession, investors embrace risk and piled into stocks. The sentiment was particularly strong in the U.S. as investors favored small cap stocks that benefit most from a strengthening domestic economy. Still, large company indexes generated returns exceeding 30 percent for the period that included the five-year anniversary of the credit induced crisis of 2008-2009.

The growth and value styles of investing delivered virtually identical performance during the year despite some variation in the sources of the return among the various economic sectors.

The Fund’s Class A Shares (without load) 31.33 percent return underperformed the 31.99 percent return of the benchmark (S&P 500 Value Index). Though on the negative side, this is a smaller variance than experienced in past years. The impact of the fund family screens on returns was minimal over the course of the year.

The mid-December, reconstitution of the benchmark index and our incorporation of fairly significant changes in our environmental screening process caused some shuffling of portfolio holdings. However, we are confident that we will be able to continue to track benchmark returns with continued reduced variability.

Chad Horning, CFA^®

Praxis Genesis Portfolios Co-Manager

Everence Financial

Dale Snyder, CFA^®

Praxis Genesis Portfolios Co-Manager

Everence Financial

The views expressed are those of the Portfolio Managers as of Dec. 31, 2013, are subject to change, and may differ from the views of other 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.

25

Praxis Value Index Fund

Performance Review

Growth of $10,000 investment from 12/31/03 to 12/31/13

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/03 to 12/31/13, and includes the reinvestment of dividends and capital gains.

				Annualized
	Inception Date	One Year Ended		Three Year Ended		Five Year Ended		Ten Year Ended		Expense Ratio*** Gross / Net
Value Index Fund
Class A (Without Load)			31.33%		13.71%		15.38%		5.14%		1.21%	1.21%
Class A *			24.47%		11.69%		14.15%		4.57%
Class I **	5/1/06		32.26%		14.55%		16.15%		5.57%		0.47%	0.47%
S&P 500 Value Index1			31.99%		15.64%		16.63%		7.07%

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 more or less than the 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.

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 instances, and without this activity, the total returns would have been lower.

* The total return figures shown reflect the maximum sales charge applicable to Class A.

**   Class I Share of this Fund was 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 Share since inception of 5/1/01 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.

*** Reflects the expense ratios as reported in the Prospectus dated April 30, 2013. Contractual fee waivers are in effect from May 1, 2013 through April 30, 2014 for Class A.

¹    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.

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of these services. An investor cannot invest directly in an index, although they can invest in its underlying securities.

26

Schedule of Portfolio Investments

Praxis Value Index Fund

December 31, 2013

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%
AIR FREIGHT & LOGISTICS—0.9%
C. H. Robinson Worldwide, Inc.		2,912	$	169,886
FedEx Corp.		3,106		446,550
United Parcel Service, Inc., Class B		3,464		363,997
				980,433
AUTO COMPONENTS—0.1%
Johnson Controls, Inc.		2,111		108,294
AUTOMOBILES—1.1%
Ford Motor Co.		63,213		975,376
General Motors Co.(a)		5,140		210,072
				1,185,448
BEVERAGES—1.8%
Coca-Cola Co.		26,820		1,107,934
Coca-Cola Enterprises, Inc.		4,031		177,888
PepsiCo, Inc.		8,579		711,542
				1,997,364
BIOTECHNOLOGY—0.2%
Amgen, Inc.		1,504		171,697
BUILDING PRODUCTS—0.1%
Allegion plc(a)		1,788		79,026
CAPITAL MARKETS—3.1%
Ameriprise Financial, Inc.		1,806		207,780
Bank of New York Mellon Corp.		10,794		377,142
BlackRock, Inc.		932		294,950
Goldman Sachs Group, Inc.		6,557		1,162,294
Invesco Ltd.		4,702		171,153
Morgan Stanley		22,811		715,353
Northern Trust Corp.		3,977		246,137
State Street Corp.		2,400		176,136
				3,350,945
CHEMICALS—2.1%
Air Products & Chemicals, Inc.		5,817		650,224
E.I. du Pont de Nemours & Co.		13,349		867,285
Ecolab, Inc.		1,616		168,500
Mosaic Co.		2,590		122,429
Praxair, Inc.		4,186		544,306
				2,352,744
COMMERCIAL BANKS—5.0%
BB&T Corp.		13,054		487,175
Comerica, Inc.		4,021		191,158
Huntington Bancshares, Inc.		6,364		61,413
KeyCorp		9,408		126,255
M&T Bank Corp.		1,286		149,716
PNC Financial Services Group, Inc.		7,721		598,995
SunTrust Banks, Inc.		6,766		249,057
U.S. Bancorp		8,637		348,935
Wells Fargo & Co.		68,489		3,109,401
Zions Bancorp		4,400		131,824
				5,453,929
COMMERCIAL SERVICES & SUPPLIES—1.2%
ADT Corp.		5,046		204,211

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
COMMERCIAL SERVICES & SUPPLIES—1.2%, continued
Tyco International Ltd.		10,821	$	444,094
Waste Management, Inc.		14,226		638,321
				1,286,626
COMMUNICATIONS EQUIPMENT—1.7%
Cisco Systems, Inc.		75,985		1,705,863
Motorola Solutions, Inc.		2,965		200,138
				1,906,001
COMPUTERS & PERIPHERALS—1.4%
Apple, Inc.		230		129,055
EMC Corp.		23,911		601,362
Hewlett-Packard Co.		28,901		808,650
				1,539,067
CONSTRUCTION MATERIALS—0.2%
Vulcan Materials Co.		3,272		194,422
CONSUMER FINANCE—1.0%
American Express Co.		2,374		215,393
Capital One Financial Corp.		9,400		720,134
SLM Corp.		5,903		155,131
				1,090,658
CONTAINERS & PACKAGING—0.5%
Avery Dennison Corp.		3,846		193,031
Ball Corp.		4,084		210,979
Owens-Illinois, Inc.(a)		3,065		109,666
				513,676
DIVERSIFIED CONSUMER SERVICES—0.2%
H&R Block, Inc.		6,094		176,970
DIVERSIFIED FINANCIAL SERVICES—6.6%
Bank of America Corp.		135,880		2,115,652
Citigroup, Inc.		22,656		1,180,604
CME Group, Inc.		5,240		411,130
JPMorgan Chase & Co.		55,892		3,268,564
McGraw Hill Financial, Inc.		3,488		272,762
				7,248,712
DIVERSIFIED TELECOMMUNICATION SERVICES—4.3%
AT&T, Inc.		83,108		2,922,077
CenturyLink, Inc.		10,818		344,554
Frontier Communications Corp.		32,028		148,930
Verizon Communications, Inc.		23,320		1,145,945
Windstream Holdings, Inc.		14,690		117,226
				4,678,732
ELECTRIC UTILITIES—3.6%
American Electric Power Co., Inc.		3,730		174,340
Duke Energy Corp.		14,124		974,697
Edison International		5,917		273,957
NextEra Energy, Inc.		8,265		707,650
Pepco Holdings, Inc.		6,469		123,752
PPL Corp.		14,801		445,362
Southern Co.		24,911		1,024,091
Xcel Energy, Inc.		8,784		245,425
				3,969,274

See accompanying notes to financial statements.

27

Schedule of Portfolio Investments, continued

Praxis Value Index Fund

December 31, 2013

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
ELECTRICAL EQUIPMENT—0.6%
Eaton Corp. plc		1,680	$	127,882
Emerson Electric Co.		7,364		516,805
				644,687
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.8%
Corning, Inc.		35,156		626,480
Jabil Circuit, Inc.		9,905		172,743
TE Connectivity Ltd.		1,996		110,000
				909,223
ENERGY EQUIPMENT & SERVICES—1.6%
Baker Hughes, Inc.		2,000		110,520
Cameron International Corp.(a)		4,198		249,907
Diamond Offshore Drilling, Inc.		2,733		155,562
Ensco plc, Class A		1,910		109,214
Nabors Industries Ltd.		10,006		170,002
National Oilwell Varco, Inc.		5,916		470,499
Noble Corp. plc		5,821		218,113
Rowan Cos. plc, Class A(a)		5,585		197,486
Transocean Ltd.		2,240		110,701
				1,792,004
FOOD & STAPLES RETAILING—4.8%
Costco Wholesale Corp.		3,820		454,618
CVS Caremark Corp.		19,593		1,402,271
Kroger Co.		7,732		305,646
Safeway, Inc.		3,077		100,218
Sysco Corp.		10,383		374,826
Walgreen Co.		8,566		492,031
Wal-Mart Stores, Inc.		26,700		2,101,023
				5,230,633
FOOD PRODUCTS—3.0%
Archer-Daniels-Midland Co.		5,240		227,416
Campbell Soup Co.		5,016		217,093
ConAgra Foods, Inc.		6,460		217,702
General Mills, Inc.		8,384		418,445
Hormel Foods Corp.		5,131		231,767
Kellogg Co.		3,959		241,776
Kraft Foods Group, Inc.		10,350		558,072
Mondelez International, Inc., Class A		34,482		1,217,215
				3,329,486
GAS UTILITIES—0.7%
AGL Resources, Inc.		7,240		341,945
ONEOK, Inc.		7,415		461,065
				803,010
HEALTH CARE EQUIPMENT & SUPPLIES—1.5%
Abbott Laboratories		20,366		780,629
Baxter International, Inc.		2,140		148,837
Medtronic, Inc.		12,551		720,302
				1,649,768
HEALTH CARE PROVIDERS & SERVICES—3.3%
Aetna, Inc.		6,449		442,337
Cigna Corp.		1,255		109,787
Express Scripts Holding Co.(a)		8,617		605,258
Humana, Inc.		3,560		367,463

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
HEALTH CARE PROVIDERS & SERVICES—3.3%, continued
McKesson Corp.		1,664	$	268,570
UnitedHealth Group, Inc.		16,767		1,262,555
WellPoint, Inc.		5,655		522,466
				3,578,436
HOTELS, RESTAURANTS & LEISURE—1.7%
Carnival Corp.		8,393		337,147
Marriott International, Inc., Class A		2,660		131,298
McDonald’s Corp.		11,860		1,150,776
Starwood Hotels & Resorts Worldwide, Inc.		1,776		141,103
Wyndham Worldwide Corp.		1,251		92,186
				1,852,510
HOUSEHOLD DURABLES—0.6%
D.R. Horton, Inc.(a)		8,224		183,559
Newell Rubbermaid, Inc.		6,507		210,892
Whirlpool Corp.		1,522		238,741
				633,192
HOUSEHOLD PRODUCTS—1.8%
Colgate-Palmolive Co.		4,598		299,836
Procter & Gamble Co.		20,308		1,653,274
				1,953,110
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.3%
AES Corp.		11,874		172,292
NRG Energy, Inc.		6,736		193,458
				365,750
INDUSTRIAL CONGLOMERATES—0.6%
3M Co.		4,825		676,706
INSURANCE—7.8%
ACE Ltd.		4,420		457,602
Aflac, Inc.		3,250		217,100
Allstate Corp.		8,739		476,625
American International Group, Inc.		19,597		1,000,427
Aon plc		2,267		190,179
Assurant, Inc.		2,924		194,066
Berkshire Hathaway, Inc., Class B(a)		27,382		3,246,410
Chubb Corp.		3,750		362,362
Cincinnati Financial Corp.		2,512		131,553
Hartford Financial Services Group, Inc.		4,990		180,788
Loews Corp.		3,484		168,068
Marsh & McLennan Cos., Inc.		5,930		286,775
MetLife, Inc.		18,363		990,133
Progressive Corp.		4,933		134,523
Travelers Cos., Inc.		5,533		500,958
				8,537,569
INTERNET SOFTWARE & SERVICES—0.3%
eBay, Inc.(a)		5,038		276,536
IT SERVICES—2.4%
Accenture plc, Class A		4,238		348,448
Fidelity National Information Services, Inc.		3,862		207,312
International Business Machines Corp.		9,352		1,754,155
Paychex, Inc.		3,684		167,733
Western Union Co.		10,989		189,560
				2,667,208

See accompanying notes to financial statements.

28

Schedule of Portfolio Investments, continued

Praxis Value Index Fund

December 31, 2013

		SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
LIFE SCIENCES TOOLS & SERVICES—0.1%
Thermo Fisher Scientific, Inc.			1,204	$	134,065
MACHINERY—3.1%
Deere & Co.			7,837		715,753
Dover Corp.			3,483		336,249
Illinois Tool Works, Inc.			3,805		319,924
Ingersoll-Rand plc			5,365		330,484
Joy Global, Inc.			1,970		115,225
PACCAR, Inc.			3,666		216,917
Parker Hannifin Corp.			3,757		483,301
Pentair Ltd.			3,600		279,612
Stanley Black & Decker, Inc.			2,540		204,953
Xylem, Inc.			10,598		366,691
					3,369,109
MEDIA—1.8%
Comcast Corp., Class A			4,325		224,749
Omnicom Group, Inc.			2,019		150,153
Time Warner Cable, Inc.			1,227		166,258
Time Warner, Inc.			2,922		203,722
Viacom, Inc., Class B			3,931		343,333
Walt Disney Co.			11,967		914,279
					2,002,494
METALS & MINING—0.8%
Newmont Mining Corp.			12,040		277,281
Nucor Corp.			9,290		495,900
United States Steel Corp.			3,907		115,257
					888,438
MULTILINE RETAIL—0.9%
Macy’s, Inc.			6,103		325,900
Target Corp.			11,166		706,473
					1,032,373
	��
MULTI-UTILITIES—1.6%
CenterPoint Energy, Inc.			9,131		211,657
Consolidated Edison, Inc.			9,561		528,532
DTE Energy Co.			3,270		217,095
NiSource, Inc.			4,934		162,230
PG&E Corp.			2,640		106,339
SCANA Corp.			4,988		234,087
Sempra Energy			2,723		244,416
					1,704,356
OFFICE ELECTRONICS—0.2%
Xerox Corp.			15,601		189,864
OIL, GAS & CONSUMABLE FUELS—10.5%
Anadarko Petroleum Corp.			1,350		107,082
Apache Corp.			9,988		858,369
Chesapeake Energy Corp.			4,157		112,821
ConocoPhillips			30,577		2,160,265
Denbury Resources, Inc.(a)			11,999		197,143
Devon Energy Corp.			10,065		622,721
EQT Corp.			1,308		117,432
Hess Corp.			7,590		629,970
Kinder Morgan, Inc.			14,521		522,756
Marathon Oil Corp.			20,366		718,920
Marathon Petroleum Corp.			3,978		364,902

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
OIL, GAS & CONSUMABLE FUELS—10.5%, continued
Murphy Oil Corp.		8,106	$	525,917
Noble Energy, Inc.		4,958		337,689
Occidental Petroleum Corp.		10,690		1,016,619
Phillips 66		11,344		874,963
QEP Resources, Inc.		6,218		190,582
Southwestern Energy Co.(a)		6,594		259,342
Spectra Energy Corp.		27,629		984,145
Valero Energy Corp.		10,459		527,134
Williams Cos., Inc.		7,991		308,213
				11,436,985
PAPER & FOREST PRODUCTS—0.3%
International Paper Co.		5,781		283,442
PERSONAL PRODUCTS—0.3%
Avon Products, Inc.		11,182		192,554
Estee Lauder Cos., Inc., Class A		1,570		118,252
				310,806
PHARMACEUTICALS—5.1%
AbbVie, Inc.		2,548		134,560
Bristol-Myers Squibb Co.		12,729		676,546
Eli Lilly & Co.		17,087		871,437
Forest Laboratories, Inc.(a)		4,555		273,437
Hospira, Inc.(a)		2,583		106,626
Johnson & Johnson		26,241		2,403,413
Merck & Co., Inc.		23,311		1,166,716
				5,632,735
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.4%
Equity Residential		3,691		191,452
General Growth Properties, Inc.		5,250		105,368
HCP, Inc.		4,327		157,157
Host Hotels & Resorts, Inc.		5,618		109,214
Plum Creek Timber Co., Inc.		2,980		138,600
Prologis, Inc.		4,597		169,859
Simon Property Group, Inc.		2,569		390,899
Vornado Realty Trust		1,493		132,563
Weyerhaeuser Co.		3,419		107,938
				1,503,050
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.1%
CBRE Group, Inc., Class A(a)		5,299		139,364
ROAD & RAIL—0.7%
CSX Corp.		16,936		487,249
Norfolk Southern Corp.		1,835		170,343
Ryder System, Inc.		1,959		144,535
				802,127
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.5%
Analog Devices, Inc.		6,343		323,049
Applied Materials, Inc.		15,187		268,658
Broadcom Corp., Class A		3,700		109,705
Intel Corp.		69,558		1,805,726
NVIDIA Corp.		11,768		188,523
				2,695,661
SOFTWARE—1.9%
Adobe Systems, Inc.(a)		1,819		108,921

See accompanying notes to financial statements.

29

Schedule of Portfolio Investments, continued

Praxis Value Index Fund

December 31, 2013

	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
SOFTWARE—1.9%, continued
Autodesk, Inc.(a)		2,660	$	133,878
CA, Inc.		7,512		252,779
Microsoft Corp.		15,730		588,774
Oracle Corp.		26,072		997,515
				2,081,867
SPECIALTY RETAIL—0.5%
Home Depot, Inc.		3,222		265,299
Lowe’s Cos., Inc.		3,385		167,727
Staples, Inc.		8,050		127,915
				560,941
TOTAL COMMON STOCKS				107,951,523
CORPORATE NOTES—1.0%
COMMUNITY DEVELOPMENT—1.0%
Everence Community Investment, Inc., 1.00%, 12/15/15+(b)	$	175,000		175,400
Everence Community Investment, Inc., 1.50%, 12/15/14+(b)		758,500		763,778
Everence Community Investment, Inc., 1.50%, 12/15/16+(b)		192,500		193,896
TOTAL CORPORATE NOTES				1,133,074
TOTAL INVESTMENTS (Cost* $82,813,118)—99.7%			$	109,084,597
Other assets in excess of liabilities—0.3%				309,162
NET ASSETS—100%			$	109,393,759

+ Variable rate security. Rates presented are the rates in effect at December 31, 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	%	$	175,000		12/2009
Everence Community Investment, Inc.		1.50	%		758,500		12/2009
Everence Community Investment, Inc.		1.50	%		192,500		12/2009

At December 31, 2013, these securities had an aggregate market value of $1,133,074, representing 1.0% of net assets.

* Represents cost for financial reporting purposes.

plc	—	Public Liability Company
REIT	—	Real Estate Investment Trust

See accompanying notes to financial statements.

30

Praxis Growth Index

Annual report to shareholders

Portfolio Managers’ Commentary

During a period when the U.S. economy gradually showed signs of improvement and Europe tentatively emerged from recession, investors embrace risk and piled into stocks. The sentiment was particularly strong in the U.S. as investors favored small cap stocks that benefit most from a strengthening domestic economy. Still, large company indexes generated returns exceeding 30 percent for the period that included the five-year anniversary of the credit induced crisis of 2008-2009.

The growth and value styles of investing delivered virtually identical performance during the year despite some variation in the sources of the return among the various economic sectors.

The Fund’s Class A Shares (without load) 31.72 percent return underperformed the 32.75 percent return of the benchmark (S&P 500 Growth Index). Though on the negative side, this is a smaller variance than experienced in past years. The impact of the fund family screens on returns was minimal over the course of the year.

The mid-December, reconstitution of the benchmark index and our incorporation of fairly significant changes in our environmental screening process caused some shuffling of portfolio holdings. However, we are confident that we will be able to continue to track benchmark returns with continued reduced variability.

Chad Horning, CFA^®

Praxis Genesis Portfolios Co-Manager

Everence Financial

Dale Snyder, CFA^®

Praxis Genesis Portfolios Co-Manager

Everence Financial

The views expressed are those of the Portfolio Managers as of Dec. 31, 2013, are subject to change, and may differ from the views of other 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.

31

Praxis Growth Index Fund

Performance Review

Growth of $10,000 Investment from 5/1/07 to 12/31/13

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 5/1/07 to 12/31/13, and includes the reinvestment of dividends and capital gains.

				Annualized
	Inception Date	One Year Ended		Three Year Ended		Five Year Ended		Since Inception		Expense Ratio** Gross / Net
Growth Index Fund
Class A (Without Load)	5/1/07		31.72%		15.99%		18.87%		6.76%		1.26%	1.08%
Class A *	5/1/07		24.48%		13.91%		17.60%		5.91%
Class I	5/1/07		32.26%		16.64%		19.40%		7.21%		0.48%	0.48%
S&P 500 Growth Index1			32.75%		16.81%		19.28%		7.67%

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 more or less than the 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.

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 instances, and without this activity, the total returns would have been lower.

* The total return figures shown reflect the maximum sales charge applicable to Class A.

**   Reflects the expense ratios as reported in the Prospectus dated April 30, 2013. Contractual fee waivers are in effect from May 1, 2013 through April 30, 2014 for Class A.

¹    The S&P 500 Growth Index represents the growth companies (defined by sales growth, earnings charge to price and momentum) of the S&P 500 Index, a universe of large capitalization companies in the US equity market.

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of these services. An investor cannot invest directly in an index, although they can invest in its underlying securities.

32

Schedule of Portfolio Investments

Praxis Growth Index Fund

December 31, 2013

	SHARES		FAIR VALUE
COMMON STOCKS—98.8%
AIR FREIGHT & LOGISTICS—1.5%
C. H. Robinson Worldwide, Inc.		4,879	$	284,641
Expeditors International of Washington, Inc.		3,995		176,779
FedEx Corp.		4,034		579,968
United Parcel Service, Inc., Class B		11,861		1,246,354
				2,287,742
AIRLINES—0.4%
Delta Air Lines, Inc.		22,163		608,818
AUTO COMPONENTS—0.7%
Delphi Automotive plc		5,636		338,893
Johnson Controls, Inc.		15,567		798,587
				1,137,480
AUTOMOBILES—0.2%
Harley-Davidson, Inc.		4,305		298,078
BEVERAGES—2.8%
Coca-Cola Co.		53,560		2,212,564
Monster Beverage Corp.(a)		2,421		164,071
PepsiCo, Inc.		22,533		1,868,887
				4,245,522
BIOTECHNOLOGY—5.4%
Alexion Pharmaceuticals, Inc.(a)		4,425		588,790
Amgen, Inc.		16,153		1,844,026
Biogen Idec, Inc.(a)		5,389		1,507,573
Celgene Corp.(a)		9,299		1,571,159
Gilead Sciences, Inc.(a)		31,272		2,350,091
Vertex Pharmaceuticals, Inc.(a)		4,082		303,293
				8,164,932
BUILDING PRODUCTS—0.1%
Allegion plc(a)		1,453		64,194
Masco Corp.		7,182		163,534
				227,728
CAPITAL MARKETS—2.7%
Ameriprise Financial, Inc.		4,361		501,733
BlackRock, Inc.		2,928		926,624
Charles Schwab Corp.		25,375		659,750
Franklin Resources, Inc.		11,949		689,816
Northern Trust Corp.		4,438		274,668
State Street Corp.		4,392		322,329
T. Rowe Price Group, Inc.		8,045		673,929
				4,048,849
CHEMICALS—3.6%
Air Products & Chemicals, Inc.		5,469		611,325
E.I. du Pont de Nemours & Co.		15,268		991,962
Ecolab, Inc.		7,662		798,917
LyondellBasell Industries NV, Class A		9,411		755,515
PPG Industries, Inc.		3,500		663,810
Praxair, Inc.		8,079		1,050,512
Sherwin-Williams Co.		1,830		335,805
Sigma-Aldrich Corp.		2,605		244,896
				5,452,742

	SHARES		FAIR VALUE
COMMON STOCKS—98.8%, continued
COMMERCIAL BANKS—0.7%
Fifth Third Bancorp		13,966	$	293,705
U.S. Bancorp		19,296		779,558
				1,073,263
COMMUNICATIONS EQUIPMENT—1.9%
Cisco Systems, Inc.		7,920		177,804
F5 Networks, Inc.(a)		1,257		114,211
Juniper Networks, Inc.(a)		8,505		191,958
QUALCOMM, Inc.		32,565		2,417,951
				2,901,924
COMPUTERS & PERIPHERALS—6.6%
Apple, Inc.		15,715		8,817,844
EMC Corp.		7,874		198,031
NetApp, Inc.		6,524		268,397
SanDisk Corp.		4,838		341,273
Western Digital Corp.		4,218		353,890
				9,979,435
CONSUMER FINANCE—1.6%
American Express Co.		17,687		1,604,742
Discover Financial Services		14,497		811,107
				2,415,849
CONTAINERS & PACKAGING—0.3%
Sealed Air Corp.		14,643		498,594
DIVERSIFIED FINANCIAL SERVICES—1.4%
Citigroup, Inc.		24,287		1,265,595
IntercontinentalExchange Group, Inc.		1,386		311,739
McGraw Hill Financial, Inc.		7,028		549,590
				2,126,924
DIVERSIFIED TELECOMMUNICATION SERVICES—1.0%
Verizon Communications, Inc.		29,493		1,449,286
ELECTRIC UTILITIES—0.1%
NextEra Energy, Inc.		2,070		177,233
ELECTRICAL EQUIPMENT—1.3%
Emerson Electric Co.		11,472		805,105
Rockwell Automation, Inc.		5,547		655,434
Roper Industries, Inc.		4,143		574,551
				2,035,090
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%
Amphenol Corp., Class A		5,073		452,410
ENERGY EQUIPMENT & SERVICES—2.1%
Cameron International Corp.(a)		4,337		258,182
Diamond Offshore Drilling, Inc.		5,939		338,048
Ensco plc, Class A		5,092		291,161
National Oilwell Varco, Inc.		2,119		168,524
Rowan Cos. plc, Class A(a)		6,620		234,083
Schlumberger Ltd.		21,941		1,977,103
				3,267,101
FOOD & STAPLES RETAILING—0.7%
Costco Wholesale Corp.		1,796		213,742
Walgreen Co.		5,591		321,147

See accompanying notes to financial statements.

33

Schedule of Portfolio Investments, continued

Praxis Growth Index Fund

December 31, 2013

	SHARES		FAIR VALUE
COMMON STOCKS—98.8%, continued
FOOD & STAPLES RETAILING—0.7%, continued
Wal-Mart Stores, Inc.		2,244	$	176,580
Whole Foods Market, Inc.		4,929		285,044
				996,513
FOOD PRODUCTS—1.1%
Campbell Soup Co.		5,670		245,398
Hershey Co.		3,634		353,334
Kellogg Co.		4,846		295,945
Kraft Foods Group, Inc.		2,781		149,952
Mead Johnson Nutrition Co.		2,219		185,863
Mondelez International, Inc., Class A		11,813		416,999
				1,647,491
GAS UTILITIES—0.2%
AGL Resources, Inc.		5,725		270,392
HEALTH CARE EQUIPMENT & SUPPLIES—2.7%
Abbott Laboratories		12,087		463,295
Baxter International, Inc.		11,801		820,760
Boston Scientific Corp.(a)		32,126		386,154
Covidien plc		8,857		603,162
Edwards Lifesciences Corp.(a)		2,620		172,291
Intuitive Surgical, Inc.(a)		511		196,265
Medtronic, Inc.		13,250		760,417
Stryker Corp.		5,228		392,832
Zimmer Holdings, Inc.		2,886		268,946
				4,064,122
HEALTH CARE PROVIDERS & SERVICES—0.5%
DaVita HealthCare Partners, Inc.(a)		4,292		271,984
Express Scripts Holding Co.(a)		3,025		212,476
UnitedHealth Group, Inc.		3,826		288,098
				772,558
HEALTH CARE TECHNOLOGY—0.3%
Cerner Corp.(a)		8,234		458,963
HOTELS, RESTAURANTS & LEISURE—2.4%
Chipotle Mexican Grill, Inc.(a)		523		278,644
Marriott International, Inc., Class A		5,438		268,419
McDonald’s Corp.		9,061		879,189
Starbucks Corp.		15,692		1,230,096
Starwood Hotels & Resorts Worldwide, Inc.		6,087		483,612
Yum! Brands, Inc.		6,767		511,653
				3,651,613
HOUSEHOLD DURABLES—0.1%
Whirlpool Corp.		761		119,371
HOUSEHOLD PRODUCTS—2.5%
Colgate-Palmolive Co.		11,452		746,785
Kimberly-Clark Corp.		8,229		859,601
Procter & Gamble Co.		26,136		2,127,732
				3,734,118
INDUSTRIAL CONGLOMERATES—1.2%
3M Co.		13,321		1,868,270

	SHARES		FAIR VALUE
COMMON STOCKS—98.8%, continued
INSURANCE—1.7%
Aflac, Inc.		4,154	$	277,487
Aon plc		5,036		422,470
Berkshire Hathaway, Inc., Class B(a)		2,515		298,178
Chubb Corp.		4,619		446,334
Prudential Financial, Inc.		9,822		905,785
Travelers Cos., Inc.		2,642		239,207
				2,589,461
INTERNET & CATALOG RETAIL—3.0%
Amazon.com, Inc.(a)		6,866		2,738,092
Expedia, Inc.		2,388		166,348
Netflix, Inc.(a)		1,218		448,431
priceline.com, Inc.(a)		1,030		1,197,272
				4,550,143
INTERNET SOFTWARE & SERVICES—6.2%
Akamai Technologies, Inc.(a)		5,069		239,156
eBay, Inc.(a)		16,367		898,385
Facebook, Inc., Class A(a)		28,843		1,576,558
Google, Inc., Class A(a)		5,029		5,636,051
VeriSign, Inc.(a)		5,480		327,594
Yahoo!, Inc.(a)		17,787		719,306
				9,397,050
IT SERVICES—5.7%
Accenture plc, Class A		9,914		815,129
Automatic Data Processing, Inc.		11,012		889,880
Cognizant Technology Solutions Corp., Class A(a)		5,990		604,870
Fiserv, Inc.(a)		5,400		318,870
International Business Machines Corp.		8,636		1,619,855
Mastercard, Inc., Class A		2,268		1,894,823
Paychex, Inc.		5,970		271,814
Teradata Corp.(a)		1,606		73,057
Visa, Inc., Class A		10,194		2,270,000
				8,758,298
LIFE SCIENCES TOOLS & SERVICES—0.9%
Agilent Technologies, Inc.		5,785		330,844
Life Technologies Corp.(a)		4,642		351,864
Thermo Fisher Scientific, Inc.		6,472		720,657
				1,403,365
MACHINERY—1.4%
Deere & Co.		7,779		710,456
Illinois Tool Works, Inc.		8,492		714,007
Ingersoll-Rand plc		4,358		268,453
Parker Hannifin Corp.		2,984		383,862
				2,076,778
MEDIA—6.9%
CBS Corp., Class B		13,368		852,076
Comcast Corp., Class A		52,868		2,747,286
DIRECTV(a)		11,407		788,110
Discovery Communications, Inc., Class A(a)		6,791		614,042
Gannett Co., Inc.		6,184		182,923
Omnicom Group, Inc.		3,764		279,929

See accompanying notes to financial statements.

34

Schedule of Portfolio Investments, continued

Praxis Growth Index Fund

December 31, 2013

	SHARES		FAIR VALUE
COMMON STOCKS—98.8%, continued
MEDIA—6.9%, continued
Time Warner Cable, Inc.		6,397	$	866,793
Time Warner, Inc.		18,203		1,269,113
Viacom, Inc., Class B		10,061		878,728
Walt Disney Co.		27,439		2,096,339
				10,575,339
MULTILINE RETAIL—0.2%
Dollar Tree, Inc.(a)		3,712		209,431
Target Corp.		2,531		160,136
				369,567
OIL, GAS & CONSUMABLE FUELS—3.8%
ConocoPhillips		11,048		780,541
EOG Resources, Inc.		6,935		1,163,970
EQT Corp.		4,010		360,018
Hess Corp.		3,235		268,505
Kinder Morgan, Inc.		5,228		188,208
Marathon Oil Corp.		7,281		257,019
Murphy Oil Corp.		3,439		223,122
Noble Energy, Inc.		7,778		529,760
Phillips 66		3,335		257,229
Pioneer Natural Resources Co.		4,090		752,846
Southwestern Energy Co.(a)		5,272		207,348
Spectra Energy Corp.		14,393		512,679
Williams Cos., Inc.		8,576		330,776
				5,832,021
PHARMACEUTICALS—6.0%
AbbVie, Inc.		29,064		1,534,870
Actavis plc(a)		3,223		541,464
Allergan, Inc./United States		4,698		521,854
Bristol-Myers Squibb Co.		22,468		1,194,174
Eli Lilly & Co.		7,061		360,111
Johnson & Johnson		31,098		2,848,266
Merck & Co., Inc.		31,204		1,561,760
Mylan, Inc.(a)		8,313		360,784
Perrigo Co. plc		1,848		283,594
				9,206,877
PROFESSIONAL SERVICES—0.2%
Robert Half International, Inc.		6,317		265,251
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.6%
American Tower Corp.		10,594		845,613
Public Storage		3,142		472,934
Simon Property Group, Inc.		5,204		791,841
Weyerhaeuser Co.		9,414		297,200
				2,407,588
ROAD & RAIL—1.6%
Kansas City Southern		2,586		320,224
Norfolk Southern Corp.		7,484		694,740
Union Pacific Corp.		8,531		1,433,208
				2,448,172
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.7%
Altera Corp.		5,948		193,489

	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
COMMON STOCKS—98.8%, continued
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.7%, continued
Analog Devices, Inc.		5,281	$	268,961
Broadcom Corp., Class A		6,525		193,466
Intel Corp.		21,397		555,466
Micron Technology, Inc.(a)		26,722		581,471
Texas Instruments, Inc.		18,499		812,291
				2,605,144
SOFTWARE—5.7%
Adobe Systems, Inc.(a)		5,512		330,058
Autodesk, Inc.(a)		4,626		232,827
Citrix Systems, Inc.(a)		3,452		218,339
Intuit, Inc.		6,883		525,310
Microsoft Corp.		126,662		4,740,959
Oracle Corp.		41,356		1,582,281
Red Hat, Inc.(a)		3,075		172,323
Salesforce.com, Inc.(a)		12,396		684,135
Symantec Corp.		10,288		242,591
				8,728,823
SPECIALTY RETAIL—3.0%
Bed Bath & Beyond, Inc.(a)		2,655		213,197
Gap, Inc.		3,876		151,474
Home Depot, Inc.		20,901		1,720,988
Lowe’s Cos., Inc.		17,846		884,269
O’Reilly Automotive, Inc.(a)		1,963		252,658
Ross Stores, Inc.		4,571		342,505
TJX Cos., Inc.		16,661		1,061,806
				4,626,897
TEXTILES, APPAREL & LUXURY GOODS—2.1%
Coach, Inc.		6,796		381,460
Fossil Group, Inc.(a)		1,418		170,075
NIKE, Inc., Class B		12,530		985,359
Ralph Lauren Corp.		1,097		193,697
VF Corp.		22,808		1,421,851
				3,152,442
TRADING COMPANIES & DISTRIBUTORS—0.3%
Fastenal Co.		3,809		180,965
W.W. Grainger, Inc.		1,104		281,984
				462,949
WIRELESS TELECOMMUNICATION SERVICES—0.4%
Crown Castle International Corp.(a)		7,430		545,585
TOTAL COMMON STOCKS				150,434,161
CORPORATE NOTES—1.0%
COMMUNITY DEVELOPMENT—1.0%
Everence Community Investment, Inc., 1.00%, 12/15/15+(b)	$	453,000		454,034
Everence Community Investment, Inc., 1.00%, 11/30/16+(b)		135,000		135,308
Everence Community Investment, Inc., 1.50%, 12/15/14+(b)		175,000		176,218

See accompanying notes to financial statements.

35

Schedule of Portfolio Investments, continued

Praxis Growth Index Fund

December 31, 2013

	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—1.0%, continued
COMMUNITY DEVELOPMENT—1.0%, continued
Everence Community Investment, Inc., 1.50%, 11/30/16+(b)	$	230,000	$	231,669
Everence Community Investment, Inc., 1.50%, 12/15/16+(b)		566,000		570,106
TOTAL CORPORATE NOTES				1,567,335
TOTAL INVESTMENTS (Cost* $106,010,619)—99.8%			$	152,001,496
Other assets in excess of liabilities—0.2%				283,986
NET ASSETS—100%			$	152,285,482

+ Variable rate security. Rates presented are the rates in effect at December 31, 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	%	$	453,000		12/2012
Everence Community Investment, Inc.		1.00	%		135,000		12/2010
Everence Community Investment, Inc.		1.50	%		175,000		9/2011
Everence Community Investment, Inc.		1.50	%		230,000		12/2010
Everence Community Investment, Inc.		1.50	%		566,000		12/2012

At December 31, 2013, these securities had an aggregate market value of $1,567,335, representing 1.0% of net assets.

* Represents cost for financial reporting purposes.

plc	—	Public Liability Company
REIT	—	Real Estate Investment Trust

See accompanying notes to financial statements.

36

Praxis Small Cap Fund

Annual report to shareholders

Portfolio Manager’s Commentary

The Praxis Small Cap Fund’s Class A Shares (without load) gained 34.63 percent versus the Russell 2000’s advance of 38.82 percent in 2013. The benchmark’s performance represents one of the strongest performance years in the history of small cap stocks. The market got an additional boost in the latter part of 2013 as investors refocused on improving economic growth after multiple Government influenced uncertainties were finally resolved; namely the Federal Reserve’s decision to “taper,” Janet Yellen being nominated as the next Federal Reserve Chair, and Congress reaching a budget agreement.

The U.S. economy continues to expand and is viewed as now strong enough to allow the Federal Reserve to begin tapering its very accommodative monetary policy. We view this as a positive. Increased output and consumption, improved labor markets, and increased confidence should result in a stronger economy as we enter 2014. The stock market’s gains in 2013 were partially based on this improving outlook. Our positive outlook is not without risks. Global insecurity, high oil prices, fiscal and monetary policy, and the upcoming debt ceiling debate in Washington are just a few of the risks we monitor closely. Overall, we expect the stock market to trend higher as continued economic growth, combined with low interest rates, should support additional corporate profit growth, stock buybacks, dividend increases and additional merger and acquisition activity. That said, a consolidation or pullback would not surprise us given the recent strength in the markets.

The Russell 2000’s strong performance in 2013 was broad based as all sectors posted double digit gains. The Healthcare sector (led by the highly volatile, early cycle Bio-Tech companies) gained more than 50 percent. The defensive Utilities sector, while up, was the laggard for the year. As expected, in a big up market, the best performing areas in the benchmark were the smaller market cap, lower priced, higher beta companies. We saw a leadership transition to the higher quality companies during the back half of 2013 as the more profitable companies, those with the highest return on equity, also outperformed. While the higher quality companies started leading the benchmark, 2013’s advance was clearly led by the lower quality companies. The markets rotation towards higher quality companies is a welcome transition for your high quality focused Fund.

The Fund continued its strong performance that began in May when the market began rotating away from the interest rate theme and towards higher quality companies. For the year, our sector allocation decisions were additive while our stock selection decisions, relative to the benchmark, detracted from our overall results. Our stocks in all sectors contributed positively to our results and the relative performance of our Financials sector stocks was a big contributor. Stock selection weakness relative to the benchmark was present in several sectors but stocks in the Consumer Discretionary sector were especially weak and detracted from our results. Being underweight the underperforming Financials (by being underweight the lagging REIT’s) and underweight the lagging Utilities sector benefitted our sector allocation decisions. Overall, we are pleased with our absolute and relative returns as your high quality Fund was able to keep up in this strong market.

Our investment strategy is to identify competitively advantaged companies that generate strong financial returns with good reinvestment opportunities and purchase these stocks at attractive prices. We believe this strategy of investing in competitively advantaged companies with viable strategies to increase the value of their businesses will continue to be beneficial for our investors. Our goal is to generate superior returns over time relative to our benchmark and to minimize the risk (volatility) of the portfolio.

The management of our investment process truly maximizes our internal, research-intensive investment process. By incorporating the total research capabilities of the firm, we are constantly identifying and analyzing companies that meet our stringent criteria. We believe our consistent investment disciplines have produced a winning investment strategy, and have us well positioned going forward.

Steven R. Purvis, CFA^®

Praxis Small Cap Fund Manager

Luther King Capital Management

The views expressed are those of the Portfolio Manager as of Dec. 31, 2013, are subject to change, and may differ from the views of other 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.

37

Praxis Small Cap Fund

Performance Review

Growth of $10,000 investment from 5/1/07 to 12/31/13

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 5/1/07 to 12/31/13, and includes the reinvestment of dividends and capital gains.

				Annualized
	Inception Date	One Year Ended		Three Year Ended		Five Year Ended		Since Inception		Expense Ratio** Gross / Net
Small Cap Fund
Class A (Without Load)	5/1/07		34.63%		15.82%		21.58%		6.75%		1.92%	1.73%
Class A *	5/1/07		27.54%		13.76%		20.28%		5.90%
Class I	5/1/07		35.53%		16.52%		22.20%		7.23%		1.06%	1.06%
Russell 2000 Index1			38.82%		15.67%		20.08%		6.98%

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 more or less than the 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.

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 instances, and without this activity, the total returns would have been lower.

* The total return figures shown reflect the maximum sales charge applicable to Class A.

** Reflects the expense ratios as reported in the Prospectus dated April 30, 2013. Contractual fee waivers are in effect from May 1, 2013 through April 30, 2014 for Class A.

¹    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.

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of these services. An investor cannot invest directly in an index, although they can invest in its underlying securities.

38

Schedule of Portfolio Investments

Praxis Small Cap Fund

December 31, 2013

	SHARES		FAIR VALUE
COMMON STOCKS—97.5%
AEROSPACE & DEFENSE—1.3%
Hexcel Corp.(a)		22,715	$	1,015,133
AUTOMOBILES—1.4%
Thor Industries, Inc.		19,190		1,059,864
BIOTECHNOLOGY—1.0%
Exact Sciences Corp.(a)		67,150		784,984
BUILDING PRODUCTS—1.0%
Armstrong World Industries, Inc.(a)		13,747		791,965
CAPITAL MARKETS—2.4%
Evercore Partners, Inc., Class A		14,885		889,825
HFF, Inc., Class A(a)		35,830		962,036
				1,851,861
CHEMICALS—1.2%
PolyOne Corp.		25,840		913,444
COMMERCIAL BANKS—10.4%
BancorpSouth, Inc.		46,353		1,178,293
Columbia Banking System, Inc.		34,470		948,270
Community Bank System, Inc.		25,640		1,017,395
First Horizon National Corp.		55,100		641,915
Hancock Holding Co.		18,630		683,348
Hanmi Financial Corp.		10,295		225,358
Home Bancshares, Inc.		35,980		1,343,853
Prosperity Bancshares, Inc.		14,830		940,074
Texas Capital Bancshares, Inc.(a)		17,035		1,059,577
				8,038,083
COMMUNICATIONS EQUIPMENT—3.7%
Ciena Corp.(a)		45,200		1,081,636
Infinera Corp.(a)		73,910		722,840
Ixia(a)		35,275		469,510
Ruckus Wireless, Inc.(a)		42,475		603,145
				2,877,131
CONSTRUCTION & ENGINEERING—0.6%
Primoris Services Corp.		13,930		433,641
CONSTRUCTION MATERIALS—0.8%
Headwaters, Inc.(a)		59,590		583,386
CONTAINERS & PACKAGING—1.2%
Greif, Inc., Class A		17,615		923,026
DISTRIBUTORS—1.2%
Pool Corp.		16,315		948,554
DIVERSIFIED CONSUMER SERVICES—1.7%
DeVry Education Group, Inc.		10,845		384,997
Hillenbrand, Inc.		31,385		923,347
				1,308,344
DIVERSIFIED FINANCIAL SERVICES—1.0%
MarketAxess Holdings, Inc.		11,370		760,312
ELECTRICAL EQUIPMENT—1.4%
Franklin Electric Co., Inc.		24,900		1,111,536
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.2%
Belden, Inc.		18,655		1,314,245
Coherent, Inc.(a)		5,335		396,870
				1,711,115

	SHARES		FAIR VALUE
COMMON STOCKS—97.5%, continued
ENERGY EQUIPMENT & SERVICES—0.7%
Atwood Oceanics, Inc.(a)		10,855	$	579,548
FOOD & STAPLES RETAILING—1.5%
Casey’s General Stores, Inc.		13,970		981,393
Chefs’ Warehouse, Inc.(a)		6,975		203,391
				1,184,784
HEALTH CARE EQUIPMENT & SUPPLIES—5.3%
Cyberonics, Inc.(a)		15,315		1,003,286
DexCom, Inc.(a)		35,590		1,260,242
Endologix, Inc.(a)		54,090		943,329
Spectranetics Corp.(a)		34,572		864,300
				4,071,157
HEALTH CARE PROVIDERS & SERVICES—3.8%
Acadia Healthcare Co., Inc.(a)		8,315		393,549
MWI Veterinary Supply, Inc.(a)		7,420		1,265,778
Team Health Holdings, Inc.(a)		27,310		1,243,970
				2,903,297
HOTELS, RESTAURANTS & LEISURE—1.8%
Bloomin’ Brands, Inc.(a)		25,830		620,178
Orient-Express Hotels Ltd., Class A(a)		53,104		802,402
				1,422,580
HOUSEHOLD DURABLES—0.6%
Ethan Allen Interiors, Inc.		13,980		425,272
INDUSTRIAL CONGLOMERATES—1.0%
Raven Industries, Inc.		18,550		763,147
INSURANCE—1.9%
AmTrust Financial Services, Inc.		15,777		515,750
Endurance Specialty Holdings Ltd.		16,340		958,668
				1,474,418
INTERNET SOFTWARE & SERVICES—1.9%
IntraLinks Holdings, Inc.(a)		58,189		704,669
LogMeIn, Inc.(a)		22,845		766,450
				1,471,119
IT SERVICES—4.0%
Acxiom Corp.(a)		37,490		1,386,380
Euronet Worldwide, Inc.(a)		19,450		930,683
Sapient Corp.(a)		45,515		790,140
				3,107,203
LEISURE EQUIPMENT & PRODUCTS—0.7%
Arctic Cat, Inc.		8,920		508,262
MACHINERY—7.5%
Actuant Corp., Class A		24,855		910,687
Barnes Group, Inc.		25,530		978,054
Chart Industries, Inc.(a)		6,955		665,176
Harsco Corp.		21,750		609,653
Manitowoc Co., Inc.		41,760		973,843
Middleby Corp.(a)		4,185		1,004,275
Trimas Corp.(a)		16,291		649,848
				5,791,536
MARINE—0.8%
Diana Shipping, Inc.(a)		48,690		647,090

See accompanying notes to financial statements.

39

Schedule of Portfolio Investments, continued

Praxis Small Cap Fund

December 31, 2013

	SHARES		FAIR VALUE
COMMON STOCKS—97.5%, continued
MEDIA—2.2%
Cinemark Holdings, Inc.		28,125	$	937,406
Loral Space & Communications, Inc.(a)		9,800		793,604
				1,731,010
METALS & MINING—2.0%
Carpenter Technology Corp.		9,970		620,134
Commercial Metals Co.		45,765		930,402
				1,550,536
OIL, GAS & CONSUMABLE FUELS—4.2%
Approach Resources, Inc.(a)		29,800		574,842
Athlon Energy, Inc.(a)		35,324		1,068,551
Bill Barrett Corp.(a)		13,985		374,518
Kodiak Oil & Gas Corp.(a)		60,445		677,589
Sanchez Energy Corp.(a)		23,633		579,245
				3,274,745
PHARMACEUTICALS—1.8%
Akorn, Inc.(a)		56,617		1,394,477
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.9%
Rambus, Inc.(a)		72,135		683,118
SOFTWARE—9.0%
ACI Worldwide, Inc.(a)		17,535		1,139,775
Allot Communications Ltd.(a)		36,435		552,355
Aspen Technology, Inc.(a)		24,450		1,022,010
Bottomline Technologies de, Inc.(a)		27,940		1,010,310
Interactive Intelligence Group, Inc.(a)		18,155		1,222,921
Mentor Graphics Corp.		28,130		677,089
NICE Systems Ltd., ADR		15,690		642,662
Pegasystems, Inc.		13,290		653,602
				6,920,724
SPECIALTY RETAIL—3.8%
DSW, Inc., Class A		14,035		599,715
Genesco, Inc.(a)		5,700		416,442
Group 1 Automotive, Inc.		8,090		574,552
Guess?, Inc.		25,210		783,275
Select Comfort Corp.(a)		25,235		532,206
				2,906,190
TEXTILES, APPAREL & LUXURY GOODS—5.0%
Fifth & Pacific Cos., Inc.(a)		41,835		1,341,648
Oxford Industries, Inc.		12,285		991,031
Skechers U.S.A., Inc., Class A(a)		17,100		566,523
Wolverine World Wide, Inc.		28,100		954,276
				3,853,478
THRIFTS & MORTGAGE FINANCE—0.7%
Capitol Federal Financial, Inc.		46,040		557,544
TRADING COMPANIES & DISTRIBUTORS—3.9%
Applied Industrial Technologies, Inc.		16,435		806,794
Beacon Roofing Supply, Inc.(a)		10,635		428,378

	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
COMMON STOCKS—97.5%, continued
TRADING COMPANIES & DISTRIBUTORS—3.9%, continued
MRC Global, Inc.(a)		19,935	$	643,103
WESCO International, Inc.(a)		12,145		1,106,045
				2,984,320
TOTAL COMMON STOCKS				75,317,934
CORPORATE NOTES—1.0%
COMMUNITY DEVELOPMENT—1.0%
Everence Community Investment, Inc., 1.00%, 11/30/13+(b)	$	280,000		280,639
Everence Community Investment, Inc., 1.50%, 11/30/13+(b)		195,000		196,415
Everence Community Investment, Inc., 1.50%, 12/15/14+(b)		275,000		276,914
TOTAL CORPORATE NOTES				753,968
TOTAL INVESTMENTS (Cost* $49,830,024)—98.5%			$	76,071,902
Other assets in excess of liabilities—1.5%				1,154,824
NET ASSETS—100%			$	77,226,726

+ Variable rate security. Rates presented are the rates in effect at December 31, 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 December 31, 2013, these securities had an aggregate market value of $753,968, representing 1.0% of net assets.

* Represents cost for financial reporting purposes.

ADR — American Depositary Receipt

See accompanying notes to financial statements.

40

Praxis Genesis Portfolios

Annual report to shareholders

Portfolio Managers’ Commentary

During a period when the U.S. economy gradually showed signs of improvement and Europe tentatively emerged from recession, investors embraced risk and piled into stocks. The sentiment was particularly strong in the U.S. as investors favored small cap stocks that benefit most from a strengthening domestic economy. Around the globe, developed markets generated substantial gains while emerging markets faltered on investor concerns about growth and the potentially negative impact of a change in U.S. Federal Reserve policy.

On the other end of the risk spectrum, bonds posted their first negative return since 1999 as investors anticipated a shift in Federal Reserve policy that would lead to higher interest rates.

The strong performance of stocks relative to bonds in the market generally was reflected in the returns of the Genesis allocation funds, with the Genesis Growth Portfolio outperforming the Genesis Conservative Portfolio.

The Genesis Conservative Portfolio’s Class A Shares (without load) 6.28 percent return outperformed the Barclays Aggregate Bond Index’s -2.03 percent return during the year. The Conservative Portfolio’s allocation to stocks, which outperformed bonds by a wide margin, contributed to the Portfolio’s strong relative performance.

The Genesis Balanced Portfolio’s Class A Shares (without load) 15.30 percent return trailed the Russell 3000 Index’s 33.55 percent return during the year. The Balanced Portfolio’s strategic allocation to bonds, which underperformed stocks by a wide margin, hindered the fund from keeping pace with the benchmark.

The Genesis Growth Portfolio’s Class A Shares (without load) 21.28 percent return also trailed the Russell 3000 Index’s 33.55 percent return during the year. Despite a higher allocation to stocks than Genesis Balanced Portfolio, the Growth Portfolio’s modest allocation to bonds kept it from matching the strong returns of the benchmark.

Each of the Portfolios benefited from the relative outperformance of the Class I Shares of the Praxis Value Index and Praxis Intermediate Income Funds versus their respective benchmarks. In contrast, the relative underperformance of the Praxis Small Cap Fund and, to a lesser extent, the Praxis Growth Index and Praxis International Index Funds, versus their respective benchmarks detracted from fund performance.

The underlying investments in the Genesis Portfolios are the other Praxis Mutual Funds, including four equity funds and one fixed income fund, which are held in proportions matching the risk profile of each of the Genesis Portfolios. We take a long-term approach in assigning weights to the various underlying Funds, relying on the premise that higher risk equity funds are expected to generate higher long-term returns than lower risk fixed income investments. This assumption held true during 2013, with the exception that the Praxis International Index Fund’s investments in emerging markets countries, which arguably are the riskiest equity class in the Funds, lost value during the period and dampened the return of the Fund.

Chad Horning, CFA^®

Praxis Genesis Portfolios Co-Manager

Everence Financial

Dale Snyder, CFA^®

Praxis Genesis Portfolios Co-Manager

Everence Financial

The views expressed are those of the Portfolio Manager as of Dec. 31, 2013, are subject to change, and may differ from the views of other 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.

41

Praxis Genesis Conservative Portfolio

Performance Review

Growth of $10,000 investment from 12/31/09 to 12/31/13

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/09 to 12/31/13, and includes the reinvestment of dividends and capital gains.

				Annualized
	Inception Date	One Year Ended		Three Year Ended		Since Inception		Expense Ratio** Gross / Net
Genesis Conservative Portfolio
Class A (Without Load)	12/31/09		6.28%		5.47%		6.15%		1.27%	1.23%
Class A *	12/31/09		0.68%		3.58%		4.74%
Barclays Capital Aggregate Bond Index1			-2.03%		3.26%		4.03%
Composite Benchmark2			6.72%		6.57%		7.07%

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 more or less than the 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.

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 instances, and without this activity, the total returns would have been lower.

* The total return figures shown reflect the maximum sales charge applicable to Class A.

**   Reflects the expense ratios as reported in the Prospectus dated April 30, 2013. Contractual fee waivers are in effect from May 1, 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 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 (20%) and the Russell 2000 Index (2.50%).

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of these services. An investor cannot invest directly in an index, although they can invest in its underlying securities.

42

Schedule of Portfolio Investments

Praxis Genesis Conservative Portfolio

December 31, 2013

	SHARES		FAIR VALUE
MUTUAL FUNDS—100.1%
DEBT FUND—69.3%
Praxis Intermediate Income Fund, Class I(a)		1,221,966	$	12,500,713
EQUITY FUND—30.8%
Praxis Growth Index Fund, Class I(a)		121,490		1,855,145
Praxis International Index Fund, Class I(a)		130,450		1,395,816
Praxis Small Cap Fund, Class I(a)		32,123		457,751
Praxis Value Index Fund, Class I(a)		166,128		1,850,669
				5,559,381
TOTAL MUTUAL FUNDS				18,060,094
TOTAL INVESTMENTS (Cost* $16,853,396)—100.1%			$	18,060,094
Liabilities in excess of other assets—(0.1)%				(15,477	)
NET ASSETS—100%			$	18,044,617

(a) Affiliated fund.

* Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

43

Praxis Genesis Balanced Portfolio

Performance Review

Growth of $10,000 investment from 12/31/09 to 12/31/13

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/09 to 12/31/13, and includes the reinvestment of dividends and capital gains.

				Annualized
	Inception Date	One Year Ended		Three Year Ended		Since Inception		Expense Ratio** Gross / Net
Genesis Balanced Portfolio
Class A (Without Load)	12/31/09		15.30%		8.17%		8.84%		1.33%	1.32%
Class A *	12/31/09		9.22%		6.23%		7.40%
Russell 3000 Index1			33.55%		16.25%		16.10%
Composite Benchmark2			16.41%		9.77%		10.06%

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 more or less than the 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.

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 instances, and without this activity, the total returns would have been lower.

* The total return figures shown reflect the maximum sales charge applicable to Class A.

**   Reflects the expense ratios as reported in the Prospectus dated April 30, 2013. Contractual fee waivers are in effect from May 1, 2013 through April 30, 2014 for Class A.

¹    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.

²     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%).

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of these services. An investor cannot invest directly in an index, although they can invest in its underlying securities.

44

Schedule of Portfolio Investments

Praxis Genesis Balanced Portfolio

December 31, 2013

	SHARES		FAIR VALUE
MUTUAL FUNDS—100.2%
DEBT FUND—39.2%
Praxis Intermediate Income Fund, Class I(a)		2,054,082	$	21,013,254
EQUITY FUND—61.0%
Praxis Growth Index Fund, Class I(a)		625,545		9,552,071
Praxis International Index Fund, Class I(a)		767,110		8,208,079
Praxis Small Cap Fund, Class I(a)		378,121		5,388,231
Praxis Value Index Fund, Class I(a)		856,081		9,536,737
				32,685,118
TOTAL MUTUAL FUNDS				53,698,372
TOTAL INVESTMENTS (Cost* $45,266,523)—100.2%			$	53,698,372
Liabilities in excess of other assets—(0.2)%				(84,778	)
NET ASSETS—100%			$	53,613,594

(a) Affiliated fund.

* Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

45

Praxis Genesis Growth Portfolio

Performance Review

Growth of $10,000 investment from 12/31/09 to 12/31/13

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/09 to 12/31/13, and includes the reinvestment of dividends and capital gains.

				Annualized
	Inception Date	One Year Ended		Three Year Ended		Since Inception		Expense Ratio** Gross / Net
Genesis Growth Portfolio
Class A (Without Load)	12/31/09		21.28%		9.83%		10.53%		1.50%	1.37%
Class A *	12/31/09		14.93%		7.86%		9.06%
Russell 3000 Index1			33.55%		16.25%		16.10%
Composite Benchmark2			23.27%		11.84%		11.94%

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 more or less than the 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.

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 instances, and without this activity, the total returns would have been lower.

* The total return figures shown reflect the maximum sales charge applicable to Class A.

**   Reflects the expense ratios as reported in the Prospectus dated April 30, 2013. Contractual fee waivers are in effect from May 1, 2013 through April 30, 2014 for Class A.

¹    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.

²    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%).

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of these services. An investor cannot invest directly in an index, although they can invest in its underlying securities.

46

Schedule of Portfolio Investments

Praxis Genesis Growth Portfolio

December 31, 2013

	SHARES		FAIR VALUE
MUTUAL FUNDS—100.1%
DEBT FUND—19.5%
Praxis Intermediate Income Fund, Class I(a)		870,432	$	8,904,518
EQUITY FUND—80.6%
Praxis Growth Index Fund, Class I(a)		681,678		10,409,221
Praxis International Index Fund, Class I(a)		874,799		9,360,347
Praxis Small Cap Fund, Class I(a)		480,854		6,852,176
Praxis Value Index Fund, Class I(a)		925,327		10,308,141
				36,929,885
TOTAL MUTUAL FUNDS				45,834,403
TOTAL INVESTMENTS (Cost* $36,210,766)—100.1%			$	45,834,403
Liabilities in excess of other assets—(0.1)%				(40,972	)
NET ASSETS—100%			$	45,793,431

(a) Affiliated fund.

* Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

47

Statements of assets & liabilities

December 31, 2013

	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	$	342,191,406		$	143,571,148		$	82,813,118		$	106,010,619		$	49,830,024
Investments in unaffiliated securities, at fair value	$	343,049,812		$	168,570,805		$	107,951,523		$	150,434,161		$	75,317,934
Investments in affiliates, at fair value		3,896,087			1,614,759			1,133,074			1,567,335			753,968
Total investment securities, at fair value		346,945,899			170,185,564			109,084,597			152,001,496			76,071,902
Cash		14,225,404			285,998			—			271,795			1,237,698
Receivable for investments sold		97,019			11,564,252			426,437			—			—
Receivable for capital shares sold		995,072			154,682			195,375			111,455			69,456
Receivable for dividends and interest		2,921,572			240,958			132,448			156,538			43,043
Receivable for tax reclaims		—			16,839			—			53,557			—
Prepaid expenses		30,370			13,947			8,411			12,824			6,588
Total Assets		365,215,336			182,462,240			109,847,268			152,607,665			77,428,687
Liabilities
Bank overdraft		—			—			250,932			—			—
Payable for capital shares redeemed		199,736			126,879			92,042			145,434			90,331
Payable for investments purchased		2,287,198			11,879,233			—			—			—
Accrued expenses and other payables:
Investment advisory fees		119,236			85,624			27,597			38,376			55,274
Administration fees		27,222			3,676			5,950			26,325			5,101
Distribution fees		26,207			10,087			13,003			19,007			—
Other		177,712			95,812			63,985			93,041			51,255
Total Liabilities		2,837,311			12,201,311			453,509			322,183			201,961
Net Assets	$	362,378,025		$	170,260,929		$	109,393,759		$	152,285,482		$	77,226,726
Components of Net Assets
Paid-in capital	$	358,332,014		$	148,216,336		$	89,158,319		$	121,438,948		$	48,456,872
Accumulated (distributions in excess of) net investment income		14,727			(255,805	)		—			—			—
Accumulated net realized gains (losses) on investments and foreign currency transactions		(723,209	)		(4,291,913	)		(6,036,039	)		(15,148,829	)		2,527,976
Net unrealized appreciation/(depreciation) on investments and foreign currency translations		4,733,406			26,582,552			26,264,405			45,987,028			26,237,910
Net unrealized appreciation/(depreciation) on investments in affiliates		21,087			9,759			7,074			8,335			3,968
Net Assets	$	362,378,025		$	170,260,929		$	109,393,759		$	152,285,482		$	77,226,726
Pricing of Class A Shares
Net assets attributable to Class A shares	$	69,783,662		$	19,891,737		$	16,275,265		$	51,724,031		$	8,464,600
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		6,798,038			1,868,976			1,451,859			3,404,138			613,397
Net asset value, offering price and redemption price per share	$	10.27		$	10.64		$	11.21		$	15.19		$	13.80
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]	$	10.67		$	11.23		$	11.83		$	16.03		$	14.56
Pricing of Class I Shares
Net assets attributable to Class I shares	$	292,594,363		$	150,369,192		$	93,118,494		$	100,561,451		$	68,762,126
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		28,616,786			14,059,181			8,360,926			6,585,634			4,826,609
Net asset value and redemption price per share	$	10.22		$	10.70		$	11.14		$	15.27		$	14.25

See accompanying notes to financial statements.

48

Statements of assets & liabilities, continued

December 31, 2013

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Assets
Investments in affiliates, at cost	$	16,853,396		$	45,266,523		$	36,210,766
Investments in affiliates, at fair value	$	18,060,094		$	53,698,372		$	45,834,403
Cash		820			36			1,309
Receivable for investments sold		4,715			29,965			—
Receivable for capital shares sold		119,815			543,060			635,318
Due from adviser		865			—			1,105
Prepaid expenses		4,744			407			344
Total Assets		18,191,053			54,271,840			46,472,479
Liabilities
Distributions payable		121,255			546,375			568,608
Payable for capital shares redeemed		3,275			47,188			25,447
Payable for investments purchased		—			—			27,108
Accrued expenses and other payables:
Investment advisory fees		—			7,481			—
Administration fees		807			1,745			1,333
Distribution fees		5,536			14,702			11,926
Other		15,563			40,755			44,626
Total Liabilities		146,436			658,246			679,048
Net Assets	$	18,044,617		$	53,613,594		$	45,793,431
Components of Net Assets
Paid-in capital	$	16,687,290		$	44,521,530		$	35,455,994
Accumulated (distributions in excess of) net investment income		—			—			—
Accumulated net realized gains (losses) on investments in affiliates		150,629			660,215			713,800
Net unrealized appreciation/(depreciation) on investments in affiliates		1,206,698			8,431,849			9,623,637
Net Assets	$	18,044,617		$	53,613,594		$	45,793,431
Pricing of Class A Shares
Net assets attributable to Class A shares	$	18,044,617		$	53,613,594		$	45,793,431
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		1,625,079			4,290,142			3,393,916
Net asset value, offering price and redemption price per share	$	11.10		$	12.50		$	13.49
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]	$	11.72		$	13.19		$	14.24

See accompanying notes to financial statements.

49

Statements of operations

For the year ended December 31, 2013

	Praxis Intermediate Income Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Fund
Investment income
Dividends	$	254,248		$	4,414,704		$	2,472,197		$	2,518,325		$	517,892
Foreign tax withholding		—			(106,011	)		(831	)		—			—
Interest		11,179,751			—			—			—			—
Interest from affiliates		48,562			16,627			16,016			14,713			9,850
Total Investment Income		11,482,561			4,325,320			2,487,382			2,533,038			527,742
Expenses
Investment advisory fees		1,402,307			938,033			307,656			427,224			618,006
Administration fees		151,483			64,333			42,355			43,759			30,490
Distribution fees - Class A		191,218			46,600			37,977			117,777			16,987
Recoupment of waiver		—			3,957			—			45,535			—
Transfer agent fees - Class A		118,341			35,745			21,112			74,651			18,058
Transfer agent fees - Class I		4,642			3,860			4,069			4,145			4,391
Compliance service fees		64,761			27,754			20,065			28,472			12,772
Registration fees - Class A		22,551			26,752			21,551			20,566			20,617
Registration fees - Class I		21,035			20,109			20,038			20,047			16,037
Shareholder report printing fees - Class A		17,849			7,829			7,011			10,705			4,928
Shareholder report printing fees - Class I		245			11			146			131			128
Professional fees		102,605			86,771			43,759			75,295			25,996
Custodian fees		30,045			21,628			14,970			16,976			22,578
Trustee fees and expenses		61,878			24,913			16,233			23,445			11,727
Other expenses		51,780			57,426			14,986			15,040			11,575
Total Expenses Before Reductions		2,240,740			1,365,721			571,928			923,768			814,290
Expenses waived by Investment Advisor		(39,015	)		—			—			—			(14,524	)
Net Expenses		2,201,725			1,365,721			571,928			923,768			799,766
Net Investment Income (Loss)		9,280,836			2,959,599			1,915,454			1,609,270			(272,024	)
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		583,583			(2,238,196	)		7,001,424			5,770,873			9,417,386
Net realized gains (losses) on foreign currency transactions		—			(3,663	)		—			(378	)		—
Change in unrealized appreciation (depreciation) of investments		(14,917,144	)		21,019,599			19,166,857			32,323,542			12,898,876
Change in unrealized appreciation (depreciation) of investments in affiliates		6,668			4,531			1,456			4,681			1,115
Change in unrealized appreciation (depreciation) of foreign currency translations		—			(21,363	)		—			1,004			—
Net Realized and Unrealized Gains (Losses) on Investments, Investments in Affiliates and Foreign Currency Transactions		(14,326,893	)		18,760,908			26,169,737			38,099,722			22,317,377
Net Change in Net Assets from Operations	$	(5,046,057	)	$	21,720,507		$	28,085,191		$	39,708,992		$	22,045,353

See accompanying notes to financial statements.

50

Statements of operations, continued

For the year ended December 31, 2013

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio		Praxis Genesis Growth Portfolio
Investment income
Dividends from affiliates	$	472,973		$	1,108,773	$	817,291
Total Investment Income		472,973			1,108,773		817,291
Expenses
Investment advisory fees		8,924			24,617		20,495
Administration fees		5,375			14,448		11,875
Distribution fees		44,620			123,080		102,474
Recoupment of waiver		613			14,383		—
Transfer agent fees		28,083			76,553		89,051
Compliance service fees		369			962		799
Registration fees		15,794			23,216		21,647
Shareholder report printing fees		6,230			13,366		16,263
Professional fees		3,946			4,787		4,544
Custodian fees		702			678		742
Trustee fees and expenses		285			767		628
Other expenses		149			378		309
Total Expenses Before Reductions		115,090			297,235		268,827
Expenses waived by Investment Advisor		(6,678	)		—		(21,201	)
Net Expenses		108,412			297,235		247,626
Net Investment Income (Loss)		364,561			811,538		569,665
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments in affiliates		231,272			553,232		437,077
Distribution of realized gains received from affiliates		52,435			515,974		640,736
Change in unrealized appreciation (depreciation) of investments in affiliates		439,010			5,092,192		6,282,949
Net Realized and Unrealized Gains (Losses) on Investments in Affiliates		722,717			6,161,398		7,360,762
Net Change in Net Assets from Operations	$	1,087,278		$	6,972,936	$	7,930,427

See accompanying notes to financial statements.

51

Statements of changes in net assets

	Praxis Intermediate Income Fund						Praxis International Index Fund
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
From Operations
Net investment income (loss)	$	9,280,836		$	9,430,269		$	2,959,599		$	2,446,983
Net realized gains (losses) from security transactions		583,583			4,053,360			(2,241,859	)		(1,733,305	)
Net change in unrealized appreciation (depreciation) on investments, investments in affiliates and foreign currency transactions		(14,910,476	)		2,779,200			21,002,767			14,680,475
Net Change in Net Assets from Operations		(5,046,057	)		16,262,829			21,720,507			15,394,153
Distributions to Shareholders
From net investment income
Class A		(2,000,686	)		(2,237,463	)		(264,179	)		(224,763	)
Class I		(8,406,868	)		(8,264,252	)		(2,858,933	)		(2,285,608	)
From net realized gains
Class A		(55,855	)		(691,028	)		—			—
Class I		(234,454	)		(2,202,841	)		—			—
Change in Net Assets from Distributions to Shareholders		(10,697,863	)		(13,395,584	)		(3,123,112	)		(2,510,371	)
Change in Net Assets from Capital Transactions		25,763,418			42,774,091			14,644,539			57,192,275
Change in Net Assets		10,019,498			45,641,336			33,241,934			70,076,057
Net Assets
Beginning of year		352,358,527			306,717,191			137,018,995			66,942,938
End of year	$	362,378,025		$	352,358,527		$	170,260,929		$	137,018,995
Accumulated (Distributions in Excess of) Net Investment Income	$	14,727		$	—		$	(255,805	)	$	(86,938	)

See accompanying notes to financial statements.

52

Statements of changes in net assets, continued

	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Fund
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
From Operations
Net investment income (loss)	$	1,915,454		$	1,214,618		$	1,609,270		$	680,132		$	(272,024	)	$	285,000
Net realized gains (losses) from security transactions		7,001,424			2,673,267			5,770,495			1,540,118			9,417,386			3,686,110
Net change in unrealized appreciation (depreciation) on investments, investments in affiliates and foreign currency transactions		19,168,313			5,580,749			32,329,227			5,700,119			12,899,991			2,768,802
Net Change in Net Assets from Operations		28,085,191			9,468,634			39,708,992			7,920,369			22,045,353			6,739,912
Distributions to Shareholders
From net investment income
Class A		(340,066	)		(110,133	)		(389,543	)		(173,208	)		—			—
Class I		(2,464,942	)		(1,031,011	)		(1,244,235	)		(495,501	)		(17,379	)		—
From net realized gains
Class A		—			—			—			—			(811,959	)		(75,360	)
Class I		—			—			—			—			(6,360,506	)		(811,681	)
Change in Net Assets from Distributions to Shareholders		(2,805,008	)		(1,141,144	)		(1,633,778	)		(668,709	)		(7,189,844	)		(887,041	)
Change in Net Assets from Capital Transactions		(760,922	)		23,701,181			(25,896,367	)		95,648,369			(6,859,003	)		(3,294,397	)
Change in Net Assets		24,519,261			32,028,671			12,178,847			102,900,029			7,996,506			2,558,474
Net Assets
Beginning of year		84,874,498			52,845,827			140,106,635			37,206,606			69,230,220			66,671,746
End of year	$	109,393,759		$	84,874,498		$	152,285,482		$	140,106,635		$	77,226,726		$	69,230,220
Accumulated (Distributions in Excess of) Net Investment Income	$	—		$	895,481		$	—		$	23,079		$	—		$	285,000

See accompanying notes to financial statements.

53

Statements of changes in net assets, continued

	Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
From Operations
Net investment income (loss)	$	364,561		$	341,966		$	811,538		$	663,807		$	569,665		$	415,051
Net realized gains (losses) on investments in affiliates		231,272			344,150			553,232			1,464,500			437,077			1,347,371
Distribution of realized gains received from affiliates		52,435			107,320			515,974			199,194			640,736			127,854
Net change in unrealized appreciation (depreciation) on investments in affiliates		439,010			316,004			5,092,192			1,624,554			6,282,949			1,725,837
Net Change in Net Assets from Operations		1,087,278			1,109,440			6,972,936			3,952,055			7,930,427			3,616,113
Distributions to Shareholders
From net investment income
Class A		(365,829	)		(365,818	)		(810,539	)		(696,655	)		(568,608	)		(428,627	)
From net realized gains
Class A		(217,262	)		(375,464	)		(614,548	)		(1,415,238	)		(546,812	)		(1,227,081	)
Change in Net Assets from Distributions to Shareholders		(583,091	)		(741,282	)		(1,425,087	)		(2,111,893	)		(1,115,420	)		(1,655,708	)
Change in Net Assets from Capital Transactions		337,809			2,816,486			3,481,362			4,974,168			2,684,884			4,450,688
Change in Net Assets		841,996			3,184,644			9,029,211			6,814,330			9,499,891			6,411,093
Net Assets
Beginning of year		17,202,621			14,017,977			44,584,383			37,770,053			36,293,540			29,882,447
End of year	$	18,044,617		$	17,202,621		$	53,613,594		$	44,584,383		$	45,793,431		$	36,293,540
Accumulated (Distributions in Excess of) Net Investment Income	$	—		$	850		$	—		$	(1,154	)	$	—		$	(1,680	)

See accompanying notes to financial statements.

54

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Intermediate Income Fund - Class A

	Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009 (a)
Net asset value at beginning of period	$	10.73		$	10.63		$	10.43		$	10.20		$	9.62
Net investment income (loss)		0.25	(b)		0.27			0.34			0.37			0.43
Net realized and unrealized gains (losses) on investments		(0.42	)		0.22			0.32			0.27			0.56
Total from investment operations		(0.17	)		0.49			0.66			0.64			0.99
Less distributions:
Dividends from investment income		(0.28	)		(0.30	)		(0.35	)		(0.37	)		(0.41	)
Distributions from net realized gains		(0.01	)		(0.09	)		(0.11	)		(0.04	)		—
Total distributions		(0.29	)		(0.39	)		(0.46	)		(0.41	)		(0.41	)
Paid-in capital from redemption fees		—	(c)		—	(c)		—			—			—
Net asset value at end of period	$	10.27		$	10.73		$	10.63		$	10.43		$	10.20
Total return (excludes sales charge)		(1.65	%)		4.64	%		6.43	%		6.26	%		10.49	%
Net assets at end of period (in 000s)	$	69,784		$	83,494		$	72,106		$	67,259		$	74,965
Ratio of net expenses to average net assets		0.94	%		0.96	%		0.96	%		0.98	%		0.92	%
Ratio of net investment income to average net assets		2.34	%		2.49	%		3.19	%		3.49	%		4.22	%
Ratio of gross expenses to average net assets*		0.99	%		1.05	%		1.08	%		1.16	%		1.27	%
Portfolio turnover rate		23.68	%		35.75	%		36.12	%		26.75	%		28.56	%

Praxis Intermediate Income Fund - Class I

	Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Net asset value at beginning of period	$	10.69		$	10.60		$	10.39		$	10.17		$	9.61
Net investment income (loss)		0.29	(b)		0.31			0.38			0.40			0.45
Net realized and unrealized gains (losses) on investments		(0.43	)		0.21			0.33			0.27			0.57
Total from investment operations		(0.14	)		0.52			0.71			0.67			1.02
Less distributions:
Dividends from investment income		(0.32	)		(0.34	)		(0.39	)		(0.41	)		(0.46	)
Distributions from net realized gains		(0.01	)		(0.09	)		(0.11	)		(0.04	)		—
Total distributions		(0.33	)		(0.43	)		(0.50	)		(0.45	)		(0.46	)
Paid-in capital from redemption fees		—	(c)		—	(c)		—			—			—
Net asset value at end of period	$	10.22		$	10.69		$	10.60		$	10.39		$	10.17
Total return (excludes sales charge)		(1.26	%)		4.98	%		6.98	%		6.60	%		10.79	%
Net assets at end of period (in 000s)	$	292,594		$	268,864		$	234,612		$	229,140		$	176,005
Ratio of net expenses to average net assets		0.54	%		0.56	%		0.57	%		0.58	%		0.67	%
Ratio of net investment income to average net assets		2.73	%		2.89	%		3.59	%		3.86	%		4.51	%
Ratio of gross expenses to average net assets*		0.54	%		0.56	%		0.57	%		0.58	%		0.72	%
Portfolio turnover rate		23.68	%		35.75	%		36.12	%		26.75	%		28.56	%

* 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 for Class A shares.

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

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

See accompanying notes to financial statements.

55

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis International Index Fund - Class A

	Year Ended December 31, 2013			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)		0.14	(b)		0.17			0.03
Net realized and unrealized gains (losses) on investments		1.17			1.17			(1.68	)
Total from investment operations		1.31			1.34			(1.65	)
Less distributions:
Dividends from investment income		(0.14	)		(0.12	)		(0.10	)
Distributions from net realized gains		—			—			—
Total distributions		(0.14	)		(0.12	)		(0.10	)
Paid-in capital from redemption fees		—	(c)		—	(c)		—
Net asset value at end of period	$	10.64		$	9.47		$	8.25
Total return (excludes sales charge)		13.86	%		16.24	%		(16.54	%)
Net assets at end of period (in 000s)	$	19,892		$	18,181		$	2,363
Ratio of net expenses to average net assets		1.43	%		1.73	%		1.73	%
Ratio of net investment income to average net assets		1.36	%		1.58	%		0.89	%
Ratio of gross expenses to average net assets*		1.43	%		1.73	%		4.87	%
Portfolio turnover rate		11.36	%		5.18	%		2.44	%

Praxis International Index Fund - Class I

	Year Ended December 31, 2013			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)		0.20	(b)		0.18			0.12
Net realized and unrealized gains (losses) on investments		1.20			1.24			(1.73	)
Total from investment operations		1.40			1.42			(1.61	)
Less distributions:
Dividends from investment income		(0.21	)		(0.18	)		(0.12	)
Distributions from net realized gains		—			—			—
Total distributions		(0.21	)		(0.18	)		(0.12	)
Paid-in capital from redemption fees		—	(c)		—	(c)		—
Net asset value at end of period	$	10.70		$	9.51		$	8.27
Total return (excludes sales charge)		14.68	%		17.26	%		(16.05	%)
Net assets at end of period (in 000s)	$	150,369		$	118,838		$	64,580
Ratio of net expenses to average net assets		0.80	%		0.84	%		0.86	%
Ratio of net investment income to average net assets		1.96	%		2.29	%		2.25	%
Ratio of gross expenses to average net assets*		0.80	%		0.84	%		0.86	%
Portfolio turnover rate		11.36	%		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)  Net investment income (loss) per share have been calculated using the average daily shares outstanding during the period.

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

See accompanying notes to financial statements.

56

Financial Highlights

For a share outstanding throughout the year indicated.

Praxis Value Index Fund - Class A

	Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009 (a)
Net asset value at beginning of period	$	8.71		$	7.57		$	7.95		$	7.09		$	5.80
Net investment income (loss)		0.14	(b)		0.28			0.12			0.14			0.10
Net realized and unrealized gains (losses) on investments		2.60			0.93			(0.40	)		0.81			1.21
Total from investment operations		2.74			1.21			(0.28	)		0.95			1.31
Less distributions:
Dividends from investment income		(0.24	)		(0.07	)		(0.10	)		(0.09	)		(0.02	)
Distributions from net realized gains		—			—			—			—			—
Total distributions		(0.24	)		(0.07	)		(0.10	)		(0.09	)		(0.02	)
Paid-in capital from redemption fees		—	(c)		—	(c)		—			—			—
Net asset value at end of period	$	11.21		$	8.71		$	7.57		$	7.95		$	7.09
Total return (excludes sales charge)		31.33	%		16.12	%		(3.58	%)		13.40	%		22.64	%
Net assets at end of period (in 000s)	$	16,275		$	13,591		$	20,776		$	24,341		$	30,983
Ratio of net expenses to average net assets		1.03	%		1.21	%		1.32	%		1.38	%		1.01	%
Ratio of net investment income to average net assets		1.40	%		1.48	%		1.19	%		1.15	%		1.96	%
Ratio of gross expenses to average net assets*		1.03	%		1.21	%		1.32	%		1.38	%		1.33	%
Portfolio turnover rate		30.38	%		69.58	%		29.11	%		24.12	%		25.72	%

Praxis Value Index Fund - Class I

	Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Net asset value at beginning of period	$	8.65		$	7.52		$	7.91		$	7.05		$	5.77
Net investment income (loss)		0.20	(b)		0.09			0.15			0.17			0.14
Net realized and unrealized gains (losses) on investments		2.59			1.18			(0.37	)		0.85			1.18
Total from investment operations		2.79			1.27			(0.22	)		1.02			1.32
Less distributions:
Dividends from investment income		(0.30	)		(0.14	)		(0.17	)		(0.16	)		(0.04	)
Distributions from net realized gains		—			—			—			—			—
Total distributions		(0.30	)		(0.14	)		(0.17	)		(0.16	)		(0.04	)
Net asset value at end of period	$	11.14		$	8.65		$	7.52		$	7.91		$	7.05
Total return (excludes sales charge)		32.26	%		16.91	%		(2.80	%)		14.53	%		22.82	%
Net assets at end of period (in 000s)	$	93,118		$	71,284		$	32,070		$	31,865		$	30,900
Ratio of net expenses to average net assets		0.48	%		0.47	%		0.49	%		0.50	%		0.73	%
Ratio of net investment income to average net assets		1.95	%		2.24	%		2.03	%		2.06	%		2.28	%
Ratio of gross expenses to average net assets*		0.48	%		0.47	%		0.49	%		0.50	%		0.73	%
Portfolio turnover rate		30.38	%		69.58	%		29.11	%		24.12	%		25.72	%

* 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 for Class A shares.

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

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

See accompanying notes to financial statements.

57

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Growth Index Fund - Class A

	Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009 (a)
Net asset value at beginning of period	$	11.63		$	9.96		$	9.86		$	8.71		$	6.50
Net investment income (loss)		0.10	(b)		0.02			0.01			0.01			0.03
Net realized and unrealized gains (losses) on investments		3.58			1.70			0.10			1.14			2.20
Total from investment operations		3.68			1.72			0.11			1.15			2.23
Less distributions:
Dividends from investment income		(0.12	)		(0.05	)		(0.01	)		—			(0.02	)
Distributions from net realized gains		—			—			—			—			—
Total distributions		(0.12	)		(0.05	)		(0.01	)		—			(0.02	)
Paid-in capital from redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—
Net asset value at end of period	$	15.19		$	11.63		$	9.96		$	9.86		$	8.71
Total return (excludes sales charge)		31.72	%		17.15	%		1.12	%		13.20	%		34.38	%
Net assets at end of period (in 000s)	$	51,724		$	43,035		$	3,363		$	2,911		$	4,714
Ratio of net expenses to average net assets		1.01	%		1.08	%		1.10	%		1.10	%		0.93	%
Ratio of net investment income to average net assets		0.76	%		1.08	%		0.14	%		0.13	%		0.42	%
Ratio of gross expenses to average net assets*		1.01	%		1.26	%		2.01	%		2.68	%		1.54	%
Portfolio turnover rate		14.82	%		82.74	%		21.18	%		28.55	%		30.99	%

Praxis Growth Index Fund - Class I

	Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Net asset value at beginning of period	$	11.68		$	9.96		$	9.86		$	8.72		$	6.51
Net investment income (loss)		0.18	(b)		0.07			0.07			0.05			0.04
Net realized and unrealized gains (losses) on investments		3.60			1.71			0.10			1.15			2.20
Total from investment operations		3.78			1.78			0.17			1.20			2.24
Less distributions:
Dividends from investment income		(0.19	)		(0.06	)		(0.07	)		(0.06	)		(0.03	)
Distributions from net realized gains		—			—			—			—			—
Total distributions		(0.19	)		(0.06	)		(0.07	)		(0.06	)		(0.03	)
Paid-in capital from redemption fees		—	(c)		—	(c)		—			—			—
Net asset value at end of period	$	15.27		$	11.68		$	9.96		$	9.86		$	8.72
Total return (excludes sales charge)		32.26	%		17.94	%		1.73	%		13.74	%		34.46	%
Net assets at end of period (in 000s)	$	100,561		$	97,072		$	33,843		$	29,401		$	16,570
Ratio of net expenses to average net assets		0.47	%		0.48	%		0.50	%		0.58	%		0.81	%
Ratio of net investment income to average net assets		1.31	%		1.31	%		0.75	%		0.70	%		0.54	%
Ratio of gross expenses to average net assets*		0.47	%		0.48	%		0.50	%		0.58	%		0.87	%
Portfolio turnover rate		14.82	%		82.74	%		21.18	%		28.55	%		30.99	%

* 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 for Class A shares.

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

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

See accompanying notes to financial statements.

58

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Small Cap Fund - Class A

	Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009 (a)
Net asset value at beginning of period	$	11.33		$	10.51		$	9.95		$	7.55		$	5.82
Net investment income (loss)		(0.12	)(b)		(0.06	)		(0.09	)		(0.11	)		(0.04	)
Net realized and unrealized gains (losses) on investments		4.04			1.03			0.64			2.51			1.77
Total from investment operations		3.92			0.97			0.55			2.40			1.73
Less distributions:
Distributions from net realized gains		(1.45	)		(0.15	)		—			—			—
Total distributions		(1.45	)		(0.15	)		—			—			—
Paid-in capital from redemption fees		—	(c)		—	(c)		0.01			—	(c)		—	(c)
Net asset value at end of period	$	13.80		$	11.33		$	10.51		$	9.95		$	7.55
Total return (excludes sales charge)		34.63	%		9.26	%		5.63	%		31.79	%		29.73	%
Net assets at end of period (in 000s)	$	8,465		$	5,710		$	5,541		$	3,341		$	4,227
Ratio of net expenses to average net assets		1.69	%		1.72	%		1.71	%		1.69	%		1.49	%
Ratio of net investment income to average net assets		(0.95	%)		(0.34	%)		(1.09	%)		(1.08	%)		(0.80	%)
Ratio of gross expenses to average net assets*		1.90	%		1.91	%		2.17	%		2.79	%		2.34	%
Portfolio turnover rate		49.25	%		49.78	%		67.48	%		84.26	%		60.33	%

Praxis Small Cap Fund - Class I

	Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Net asset value at beginning of period	$	11.59		$	10.67		$	10.06		$	7.59		$	5.84
Net investment income (loss)		(0.04	)(b)		0.06			(0.03	)		(0.04	)		(0.04	)
Net realized and unrealized gains (losses) on investments		4.15			1.01			0.64			2.51			1.79
Total from investment operations		4.11			1.07			0.61			2.47			1.75
Less distributions:
Distributions from net realized gains		(1.45	)		(0.15	)		—			—			—
Total distributions		(1.45	)		(0.15	)		—			—			—
Paid-in capital from redemption fees		—	(c)		—			—			—			—
Net asset value at end of period	$	14.25		$	11.59		$	10.67		$	10.06		$	7.59
Total return (excludes sales charge)		35.53	%		10.06	%		6.06	%		32.54	%		29.97	%
Net assets at end of period (in 000s)	$	68,762		$	63,520		$	61,130		$	25,584		$	18,300
Ratio of net expenses to average net assets		1.04	%		1.05	%		1.04	%		1.08	%		1.36	%
Ratio of net investment income to average net assets		(0.31	%)		0.50	%		(0.44	%)		(0.46	%)		(0.66	%)
Ratio of gross expenses to average net assets*		1.04	%		1.05	%		1.04	%		1.08	%		1.53	%
Portfolio turnover rate		49.25	%		49.78	%		67.48	%		84.26	%		60.33	%

* 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 for Class A shares.

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

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

See accompanying notes to financial statements.

59

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Genesis Conservative Portfolio - Class A

	Year Ended December 31, 2013			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)		0.23	(b)		0.23			0.24			0.25
Net realized and unrealized gains (losses) on investments		0.45			0.54			0.06			0.55
Total from investment operations		0.68			0.77			0.30			0.80
Less distributions:
Dividends from investment income		(0.23	)		(0.24	)		(0.29	)		(0.25	)
Distributions from net realized gains		(0.14	)		(0.24	)		(0.06	)		—
Total distributions		(0.37	)		(0.48	)		(0.35	)		(0.25	)
Paid-in capital from redemption fees		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value at end of period	$	11.10		$	10.79		$	10.50		$	10.55
Total return (excludes sales charge)		6.28	%		7.42	%		2.88	%		8.22	%
Net assets at end of period (in 000s)	$	18,045		$	17,203		$	14,018		$	12,695
Ratio of net expenses to average net assets (d)		0.61	%		0.61	%		0.61	%		0.65	%
Ratio of net investment income to average net assets (d)		2.04	%		2.13	%		2.31	%		2.60	%
Ratio of gross expenses to average net assets (d)*		0.64	%		0.65	%		0.78	%		0.97	%
Portfolio turnover rate		25.69	%		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)  Net investment income (loss) per share have been calculated using the average daily shares outstanding during the period.

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

^(d)  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.

60

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Genesis Balanced Portfolio - Class A

	Year Ended December 31, 2013			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)		0.20	(b)		0.17			0.15			0.16
Net realized and unrealized gains (losses) on investments		1.50			0.90			(0.17	)		0.91
Total from investment operations		1.70			1.07			0.02			1.07
Less distributions:
Dividends from investment income		(0.19	)		(0.18	)		(0.18	)		(0.16	)
Distributions from net realized gains		(0.15	)		(0.37	)		(0.09	)		—
Total distributions		(0.34	)		(0.55	)		(0.27	)		(0.16	)
Paid-in capital from redemption fees		—	(c)		—	(c)		—	(c)		—
Net asset value at end of period	$	12.50		$	11.14		$	10.62		$	10.91
Total return (excludes sales charge)		15.30	%		10.11	%		(0.21	%)		10.88	%
Net assets at end of period (in 000s)	$	53,614		$	44,584		$	37,770		$	34,182
Ratio of net expenses to average net assets (d)		0.60	%		0.61	%		0.61	%		0.64	%
Ratio of net investment income to average net assets (d)		1.65	%		1.57	%		1.39	%		1.80	%
Ratio of gross expenses to average net assets (d)*		0.60	%		0.62	%		0.71	%		0.90	%
Portfolio turnover rate		19.91	%		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)  Net investment income (loss) per share have been calculated using the average daily shares outstanding during the period.

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

^(d)  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.

61

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Genesis Growth Portfolio - Class A

	Year Ended December 31, 2013			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)		0.17	(b)		0.13			0.08			0.10
Net realized and unrealized gains (losses) on investments		2.26			1.13			(0.33	)		1.15
Total from investment operations		2.43			1.26			(0.25	)		1.25
Less distributions:
Dividends from investment income		(0.17	)		(0.14	)		(0.10	)		(0.10	)
Distributions from net realized gains		(0.17	)		(0.40	)		(0.12	)		—
Total distributions		(0.34	)		(0.54	)		(0.22	)		(0.10	)
Paid-in capital from redemption fees		—	(c)		—	(c)		—	(c)		—
Net asset value at end of period	$	13.49		$	11.40		$	10.68		$	11.15
Total return (excludes sales charge)		21.28	%		11.82	%		(2.24	%)		12.65	%
Net assets at end of period (in 000s)	$	45,793		$	36,294		$	29,882		$	26,673
Ratio of net expenses to average net assets (d)		0.60	%		0.61	%		0.61	%		0.64	%
Ratio of net investment income to average net assets (d)		1.39	%		1.22	%		0.79	%		1.33	%
Ratio of gross expenses to average net assets (d)*		0.66	%		0.74	%		0.89	%		1.15	%
Portfolio turnover rate		20.87	%		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)  Net investment income (loss) per share have been calculated using the average daily shares outstanding during the period.

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

^(d)  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.

62

Notes to Financial Statements

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 December 31, 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 December 31, 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.

63

Notes to Financial Statements, continued

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 December 31, 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	$	—	$	15,196,999	$	—	$	15,196,999
Commercial Mortgage Backed Securities		—		17,540,898		—		17,540,898
Corporate Bonds		—		127,412,956		—		127,412,956
Corporate Notes		—		—		3,896,087		3,896,087
Foreign Bonds		—		3,152,374		—		3,152,374
Investment Companies		4,003,618		—		—		4,003,618
Municipal Bonds		—		12,645,269		—		12,645,269
U.S. Government Agencies		—		163,097,698		—		163,097,698
Total Investments	$	4,003,618	$	339,046,194	$	3,896,087	$	346,945,899

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 Maturities		(1,107,500	)
Cost of Purchases		1,307,500
Change in unrealized appreciation (depreciation)		6,668
Balance as of December 31, 2013	$	3,896,087

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2013.

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

Investment Type	Fair value at 12/31/2013		Valuation Technique(s)	Unobservable Inputs(s)*	Range
			Fundamental quality	Credit rating		AA
Corporate Notes	$	3,896,087	Nature and duration of restrictions on disposition	Discount for Lack of Marketability		0.50	%
Total	$	3,896,087

* 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

64

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 (a)		Level 2 (a)		Level 3		Total
Investments at Value
Common Stocks	$	168,570,805	$	—	$	—	$	168,570,805
Corporate Notes		—		—		1,614,759		1,614,759
Total Investments	$	168,570,805	$	—	$	1,614,759	$	170,185,564

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 Maturities		(256,000	)
Cost of Purchases		656,000
Change in unrealized appreciation (depreciation)		4,531
Balance as of December 31, 2013	$	1,614,759

^(a)  During the year ended December 31, 2013, the Fund transferred $16,001,496 of common stock investments from Level 2 to Level 1. As of December 31, 2013, the market value of these common stock investments was $21,292,790. The transfers from Level 2 to Level 1 during the year were as a result of the Fund’s systematic application of the fair value trigger for international securities, which is described in the Securities Valuation section of Note 2.

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

Investment Type	Fair value at 12/31/2013		Valuation Technique(s)	Unobservable Inputs(s)*	Range
			Fundamental quality	Credit rating		AA
Corporate Notes	$	1,614,759	Nature and duration of restrictions on disposition	Discount for Lack of Marketability		0.50	%
Total	$	1,614,759

* 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	$	107,951,523	$	—	$	—	$	107,951,523
Corporate Notes		—		—		1,133,074		1,133,074
Total Investments	$	107,951,523	$	—	$	1,133,074	$	109,084,597

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 Maturities		(192,500	)
Cost of Purchases		192,500
Change in unrealized appreciation (depreciation)		1,456
Balance as of December 31, 2013	$	1,133,074

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2013.

65

Notes to Financial Statements, continued

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

Investment Type	Fair value at 12/31/2013		Valuation Technique(s)	Unobservable Inputs(s)*	Range
			Fundamental quality	Credit rating		AA
Corporate Notes	$	1,133,074	Nature and duration of restrictions on disposition	Discount for Lack of Marketability		0.50	%
Total	$	1,133,074

* 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	$	150,434,161	$	—	$	—	$	150,434,161
Corporate Notes		—		—		1,567,335		1,567,335
Total Investments	$	150,434,161	$	—	$	1,567,335	$	152,001,496

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 Maturities		(531,000	)
Cost of Purchases		931,000
Change in unrealized appreciation (depreciation)		4,681
Balance as of December 31, 2013	$	1,567,335

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2013.

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

Investment Type	Fair value at 12/31/2013		Valuation Technique(s)	Unobservable Inputs(s)*	Range
			Fundamental quality	Credit rating		AA
Corporate Notes	$	1,567,335	Nature and duration of restrictions on disposition	Discount for Lack of Marketability		0.50	%
Total	$	1,567,335

* 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

66

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	$	75,317,934	$	—	$	—	$	75,317,934
Corporate Notes		—		—		753,968		753,968
Total Investments	$	75,317,934	$	—	$	753,968	$	76,071,902

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 Maturities		(475,000	)
Cost of Purchases		475,000
Change in unrealized appreciation (depreciation)		1,115
Balance as of December 31, 2013	$	753,968

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2013.

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

Investment Type	Fair value at 12/31/2013		Valuation Technique(s)	Unobservable Inputs(s)*	Range
			Fundamental quality	Credit rating		AA
Corporate Notes	$	753,968	Nature and duration of restrictions on disposition	Discount for Lack of Marketability		0.50	%
Total	$	753,968

* 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	$	18,060,094	$	—	$	—	$	18,060,094
Total Investments	$	18,060,094	$	—	$	—	$	18,060,094

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2013.

Praxis Genesis Balanced Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	53,698,372	$	—	$	—	$	53,698,372
Total Investments	$	53,698,372	$	—	$	—	$	53,698,372

67

Notes to Financial Statements, continued

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2013.

Praxis Genesis Growth Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	45,834,403	$	—	$	—	$	45,834,403
Total Investments	$	45,834,403	$	—	$	—	$	45,834,403

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 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.

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 “ECI-Notes”). Assets raised through offerings of ECI-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 ECI-Notes. ECI-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.

68

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 year ended December 31, 2013 were as follows:

	Purchases		Sales
Intermediate Income Fund	$	103,537,736	$	80,553,998
International Index Fund		32,855,636		17,557,719
Value Index Fund		30,639,580		32,047,796
Growth Index Fund		21,001,731		46,738,429
Small Cap Fund		35,023,709		47,393,113
Genesis Conservative Portfolio		4,745,683		4,580,017
Genesis Balanced Portfolio		13,184,282		9,782,347
Genesis Growth Portfolio		11,296,329		8,544,470

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 year ended December 31, 2013
Affiliate	Fair value at December 31, 2012		Purchase Cost		Sales Proceeds		Realized Gain/ (Loss)			Dividend Income		Shares at December 31, 2013		Fair value at December 31, 2013
Praxis Conservative Allocation Portfolio
Praxis Intermediate Income Fund	$	12,656,268	$	2,649,277	$	2,259,919	$	(46,366	)	$	375,135		1,221,966	$	12,500,713
Praxis Growth Index Fund		2,443,112		237,524		1,339,630		134,813			22,868		121,490		1,855,145
Praxis International Index Fund		1,080,287		414,240		258,884		12,290			26,337		130,450		1,395,816
Praxis Small Cap Fund		253,878		266,432		156,917		82,632			116		32,123		457,751
Praxis Value Index Fund		790,603		1,178,210		564,667		100,338			48,517		166,128		1,850,669
Total	$	17,224,148					$	283,707		$	472,973			$	18,060,094
	For the year ended December 31, 2013
Affiliate	Fair value at December 31, 2012		Purchase Cost		Sales Proceeds		Realized Gain/ (Loss)			Dividend Income		Shares at December 31, 2013		Fair value at December 31, 2013
Praxis Balanced Allocation Portfolio
Praxis Intermediate Income Fund	$	17,334,519	$	5,517,445	$	989,497	$	(11,107	)	$	584,180		2,054,082	$	21,013,254
Praxis Growth Index Fund		11,553,901		857,077		5,304,194		274,986			117,878		625,545		9,552,071
Praxis International Index Fund		7,285,651		1,100,592		1,064,965		(31,373	)		155,052		767,110		8,208,079
Praxis Small Cap Fund		4,474,808		922,853		1,068,682		682,323			1,363		378,121		5,388,231
Praxis Value Index Fund		4,002,134		4,786,315		1,355,009		154,377			250,300		856,081		9,536,737
Total	$	44,651,013					$	1,069,206		$	1,108,773			$	53,698,372
	For the year ended December 31, 2013
Affiliate	Fair value at December 31, 2012		Purchase Cost		Sales Proceeds		Realized Gain/ (Loss)			Dividend Income		Shares at December 31, 2013		Fair value at December 31, 2013
Praxis Growth Allocation Portfolio
Praxis Intermediate Income Fund	$	7,304,548	$	2,383,586	$	433,654	$	(7,899	)	$	241,025		870,432	$	8,904,518
Praxis Growth Index Fund		12,129,374		906,979		5,215,698		201,945			128,172		681,678		10,409,221
Praxis International Index Fund		7,627,832		1,510,268		759,074		(21,108	)		176,430		874,799		9,360,347
Praxis Small Cap Fund		5,278,614		1,259,214		973,818		791,727			1,730		480,854		6,852,176
Praxis Value Index Fund		4,022,150		5,236,282		1,162,226		113,148			269,934		925,327		10,308,141
Total	$	36,362,518					$	1,077,813		$	817,291			$	45,834,403

69

Notes to Financial Statements, continued

5. Related Party Transactions:

The Adviser 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:

Intermediate Income Fund	0.40	%
International Index Fund	0.60	%
Value Index Fund	0.30	%
Growth Index Fund	0.30	%
Small Cap Fund	0.85	%
Genesis Conservative Portfolio	0.05	%
Genesis Balanced Portfolio	0.05	%
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, Trustees fees, legal fees, acquired fund fees and expenses, 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, acquired fund fees and expenses, 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 year ended December 31, 2013 were:

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

For the year ended December 31, 2013, the Adviser contractually waived investment advisory fees and/or reimbursed other operating expenses of the Funds and Portfolios as follows:

Intermediate Income Fund (Class A)	$	39,015
Small Cap Fund (Class A)		14,524
Conservative Portfolio (Class A)		6,678
Growth Portfolio (Class A)		21,201
For the year ended December 31, 2013, the Advisor recouped investment advisory fees of the Funds and Portfolios as follows:
International Index (Class A)	$	3,957
Growth Index Fund (Class A)		45,535
Conservative Portfolio (Class A)		613
Balanced Portfolio (Class A)		14,383

70

As of December 31, 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		2011		2014	$	83,384
		2012		2015		66,632
		2013		2016		39,015
					$	189,031
Praxis Growth Index Fund		2011		2014	$	30,195
		2012		2015		9,361
		2013		2016		—
					$	39,556
Praxis Small Cap Fund		2011		2014	$	24,721
		2012		2015		16,604
		2013		2016		14,524
					$	55,849
Praxis Genesis Conservative Portfolio		2011		2014	$	22,806
		2012		2015		7,324
		2013		2016		6,678
					$	36,808
Praxis Genesis Balanced Portfolio		2011		2014	$	37,883
		2012		2015		5,886
		2013		2016		—
					$	43,769
Praxis Genesis Growth Portfolio		2011		2014	$	83,266
		2012		2015		47,030
		2013		2016		21,201
					$	151,497

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.

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:

Intermediate Income Fund	$	3,915
International Index Fund		1,103
Value Index Fund		2,182
Growth Index Fund		5,017
Small Cap Fund		701
Conservative Portfolio		7,136
Balanced Portfolio		17,590
Growth Portfolio		16,480

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.

71

Notes to Financial Statements, continued

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 $96,000 in aggregate Trustee fees during the year ended December 31, 2013.

6. Capital Share Transactions:

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

	Praxis Intermediate Income Fund						Praxis International Index Fund
	Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2013			Year Ended December 31, 2012
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	15,797,015		$	26,822,768		$	3,192,224		$	17,181,692
Dividends reinvested		1,769,191			2,521,675			252,938			216,165
Cost of shares redeemed		(27,832,055	)		(18,616,005	)		(3,909,637	)		(2,657,644	)
Redemption fees		3,908			7,763			892			1,880
Class A Share Transactions	$	(10,261,941	)	$	10,736,201		$	(463,583	)	$	14,742,093
Class I Shares:
Proceeds from shares issued	$	90,106,019		$	62,926,076		$	37,301,377		$	58,338,772
Dividends reinvested		4,527,307			6,427,955			1,639,574			1,355,463
Cost of shares redeemed		(58,608,804	)		(37,316,366	)		(23,832,830	)		(17,244,057	)
Redemption fees		837			225			1			4
Class I Share Transactions	$	36,025,359		$	32,037,890		$	15,108,122		$	42,450,182
Net increase (decrease) from capital transactions	$	25,763,418		$	42,774,091		$	14,644,539		$	57,192,275
Share Transactions:
Class A Shares:
Issued		1,499,786			2,495,507			321,309			1,910,438
Reinvested		168,770			234,310			23,840			23,144
Redeemed		(2,649,670	)		(1,731,548	)		(395,263	)		(300,911	)
Change in Class A Shares:		(981,114	)		998,269			(50,114	)		1,632,671
Class I Shares:
Issued		8,641,573			5,883,036			3,765,179			6,451,750
Reinvested		434,387			599,527			153,806			144,506
Redeemed		(5,600,890	)		(3,478,548	)		(2,350,124	)		(1,912,505	)
Change in Class I Shares:		3,475,070			3,004,015			1,568,861			4,683,751
Net increase (decrease) from share transactions		2,493,956			4,002,284			1,518,747			6,316,422

72

	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Fund
	Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2013			Year Ended December 31, 2012
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	3,586,156		$	2,817,148		$	4,612,744		$	197,711		$	2,300,259		$	5,900,338
Proceeds received in connection with merger		—			—			—			38,527,148			—			—
Dividends reinvested		326,183			105,681			376,514			166,601			726,033			65,246
Cost of shares redeemed		(5,015,353	)		(12,570,704	)		(8,847,685	)		(1,585,463	)		(1,489,585	)		(6,260,968	)
Redemption fees		2,967			988			960			6			113			2,056
Class A Share Transactions	$	(1,100,047	)	$	(9,646,887	)	$	(3,857,467	)	$	37,306,003		$	1,536,820		$	(293,328	)
Class I Shares:
Proceeds from shares issued	$	23,700,673		$	40,845,473		$	13,804,230		$	34,765,199		$	12,103,273		$	12,351,247
Proceeds received in connection with merger		—			—			—			42,884,490			—			—
Dividends reinvested		1,569,340			672,392			845,938			324,918			6,362,205			811,156
Cost of shares redeemed		(24,930,888	)		(8,169,797	)		(36,689,408	)		(19,632,640	)		(26,863,112	)		(16,163,472	)
Redemption fees		—			—			340			399			1,811			—
Class I Share Transactions	$	339,125		$	33,348,068		$	(22,038,900	)	$	58,342,366		$	(8,395,823	)	$	(3,001,069	)
Net increase (decrease) from capital transactions	$	(760,922	)	$	23,701,181		$	(25,896,367	)	$	95,648,369		$	(6,859,003	)	$	(3,294,397	)
Share Transactions:
Class A Shares:
Issued		356,985			334,799			354,576			164,617			173,730			534,425
Shares issued on portfolio merger		—			—			—			3,321,957			—			—
Reinvested		29,202			12,303			24,884			14,575			52,611			5,841
Redeemed		(494,936	)		(1,530,756	)		(674,689	)		(139,463	)		(117,083	)		(563,377	)
Change in Class A Shares:		(108,749	)		(1,183,654	)		(295,229	)		3,361,686			109,258			(23,111	)
Class I Shares:
Issued		2,450,325			4,867,009			1,030,219			2,895,647			906,943			1,077,528
Shares issued on portfolio merger		—			—			—			3,675,470			—			—
Reinvested		141,382			78,919			55,654			28,254			446,472			71,029
Redeemed		(2,469,735	)		(974,231	)		(2,807,788	)		(1,689,433	)		(2,009,483	)		(1,394,396	)
Change in Class I Shares:		121,972			3,971,697			(1,721,915	)		4,909,938			(656,068	)		(245,839	)
Net increase (decrease) from share transactions		13,223			2,788,043			(2,017,144	)		8,271,624			(546,810	)		(268,950	)

	Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio
	Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2013			Year Ended December 31, 2012
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,851,379		$	3,801,607		$	6,664,424		$	7,211,035		$	5,324,232		$	5,728,705
Dividends reinvested		568,242			833,350			1,302,708			2,378,440			959,596			1,871,959
Cost of shares redeemed		(3,081,972	)		(1,818,614	)		(4,485,960	)		(4,615,641	)		(3,599,480	)		(3,150,031	)
Redemption fees		160			143			190			334			536			55
Class A Share Transactions	$	337,809		$	2,816,486		$	3,481,362		$	4,974,168		$	2,684,884		$	4,450,688
Net increase (decrease) from capital transactions	$	337,809		$	2,816,486		$	3,481,362		$	4,974,168		$	2,684,884		$	4,450,688
Share Transactions:
Class A Shares:
Issued		258,389			349,495			557,486			640,953			420,904			497,359
Reinvested		51,558			77,101			109,205			213,935			76,449			165,047
Redeemed		(279,018	)		(166,876	)		(377,024	)		(410,003	)		(287,578	)		(275,557	)
Change in Class A Shares:		30,929			259,720			289,667			444,885			209,775			386,849
Net increase (decrease) from share transactions		30,929			259,720			289,667			444,885			209,775			386,849

73

Notes to Financial Statements, continued

7. Federal Income Tax Information:

The character of dividends paid to shareholders for federal income tax purposes during the latest years ended December 31, 2013 and 2012 was (as applicable) as follows:

	Praxis Intermediate Income Fund				Praxis International Index Fund				Praxis Value Index Fund
	2013		2012		2013		2012		2013		2012
From ordinary income	$	10,407,782	$	11,220,863	$	3,123,112	$	2,510,371	$	2,805,008	$	1,141,144
From long-term capital gains		290,081		2,174,721		—		—		—		—
Total distributions	$	10,697,863	$	13,395,584	$	3,123,112	$	2,510,371	$	2,805,008	$	1,141,144

	Praxis Growth Index Fund				Praxis Small Cap Fund
	2013		2012		2013		2012
From ordinary income	$	1,633,778	$	668,709	$	17,379	$	—
From long-term capital gains		—		—		7,172,465		887,041
Total distributions	$	1,633,778	$	668,709	$	7,189,844	$	887,041

	Praxis Genesis Conservative Portfolio				Praxis Genesis Balanced Portfolio				Praxis Genesis Growth Portfolio
	2013		2012		2013		2012		2013		2012
From ordinary income	$	406,843	$	396,966	$	936,467	$	761,816	$	689,574	$	446,907
From long-term capital gains		176,248		344,316		488,620		1,350,077		425,846		1,208,801
Total distributions	$	583,091	$	741,282	$	1,425,087	$	2,111,893	$	1,115,420	$	1,655,708

The following information is computed on a tax basis for each item as of December 31, 2013:

	Praxis Intermediate Income Fund			Praxis International Index Fund			Praxis Value Index Fund
Tax cost of portfolio investments	$	342,191,406		$	143,911,718		$	83,601,977
Gross unrealized appreciation		10,585,154			32,801,196			25,740,841
Gross unrealized depreciation		(5,830,661	)		(6,527,350	)		(258,221	)
Net unrealized appreciation (depreciation) on investments		4,754,493			26,273,846			25,482,620
Net unrealized appreciation (depreciation) on foreign currency translations		—			(16,274	)		—
Undistributed ordinary income		14,727			82,338			—
Undistributed long-term capital gains		—			—			—
Capital loss carryforward		(589,488	)		(3,177,562	)		(5,247,180	)
Post-October losses		(133,721	)		(1,117,755	)		—
Other temporary differences		—			—			—
Accumulated earnings (deficit)	$	4,046,011		$	22,044,593		$	20,235,440
				Praxis Growth Index Fund			Praxis Small Cap Fund
Tax cost of portfolio investments				$	106,301,549		$	49,674,374
Gross unrealized appreciation					45,857,397			26,460,318
Gross unrealized depreciation					(157,450	)		(62,790	)
Net unrealized appreciation (depreciation) on investments					45,699,947			26,397,528
Net unrealized appreciation (depreciation) on foreign currency translations					4,486			—
Undistributed ordinary income					—			—
Undistributed long-term capital gains					—			2,372,326
Capital loss carryforward					(14,857,899	)		—
Post-October losses					—			—
Other temporary differences					—			—
Accumulated earnings (deficit)				$	30,846,534		$	28,769,854

74

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Tax cost of portfolio investments	$	16,935,355		$	45,418,237		$	36,344,405
Gross unrealized appreciation		1,319,302			8,646,013			9,660,219
Gross unrealized depreciation		(194,563	)		(365,878	)		(170,221	)
Net unrealized appreciation (depreciation)		1,124,739			8,280,135			9,489,998
Undistributed ordinary income		1,946			18,868			20,327
Undistributed long-term capital gains		230,642			793,061			827,113
Post-October losses		—			—			—
Other temporary differences		—			—			—
Accumulated earnings (deficit)	$	1,357,327		$	9,092,064		$	10,337,438

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

As of the end of tax year ended December 31, 2013, 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
Value Index Fund	$	371,858		2017
		4,875,322		2018
	$	5,247,180
Growth Index Fund	$	11,041,743		2016
		3,816,156		2017
	$	14,857,899

Post-effective CLCFs not subject to expiration:

	Short Term CLCF		Long Term CLCF
Intermediate Income Fund	$	589,488	$	—
International Index Fund	$	2,116,894	$	1,060,668

During the year ended December 31, 2013 the Value Index Fund and Growth Index Fund utilized $6,079,351 and $6,040,218 of capital loss carryfowards, respectively.

Certain reclassifications, the result of permanent differences between financial statement and income tax reporting requirements, have been made to the components of capital. Reclassifications result primarily from the difference in the tax treatment of paydown gains and losses, investments in Real Estate Investment Trusts, net investment losses and sales of contributed securities. These reclassifications have no impact on the net assets or the net asset value per share of the Funds and Portfolios and are designed to

75

Notes to Financial Statements, continued

present each Fund’s or Portfolio’s capital accounts on a tax basis. The following reclassifications have been made to the following Funds and Portfolios for the year ended December 31, 2013:

	Paid in Capital			Accumulated Net Investment Income (Loss)			Accumulated Net Realized Gains (Losses)
Intermediate Income Fund	$	—		$	1,141,445		$	(1,141,445	)
International Index Fund		—			(5,354	)		5,354
Value Index Fund		(29,844	)		(5,927	)		35,771
Growth Index Fund		(297,658	)		1,429			296,229
Small Cap Fund		(272,237	)		4,403			267,834
Conservative Portfolio		—			418			(418	)
Balanced Portfolio		—			155			(155	)
Growth Portfolio		—			623			(623	)

The Funds and Portfolios have analyzed their tax positions taken on Federal income tax returns for all open tax years (tax years ended December 31, 2010 through 2013) and have concluded that no provision for income tax is required in their financial statements.

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 December 31, 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.

76

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders

of Praxis Mutual Funds

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Praxis Mutual Funds (comprising, the Praxis Intermediate Income Fund, Praxis International Index Fund, Praxis Value Index Fund, Praxis Growth Index Fund, Praxis Small Cap Fund, Praxis Genesis Conservative Portfolio, Praxis Genesis Balanced Portfolio, and Praxis Genesis Growth Portfolio) (collectively, the “Funds”) as of December 31, 2013, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2013, by correspondence with the custodian and brokers or by other auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective funds constituting the Praxis Mutual Funds at December 31, 2013, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Cincinnati, Ohio

February 25, 2014

77

Additional Fund Information (unaudited) December 31, 2013

Security Allocation:

The Praxis Mutual Funds invested, as a percentage of net assets, in the following as of the year ended December 31, 2013.

Praxis Intermediate Income Fund

Security Allocation	Percentage of Net Assets
Asset Backed Securities		4.2%
Commercial Mortgage Backed Securities		4.8%
Corporate Bonds		35.2%
Corporate Notes		1.1%
Foreign Bonds		0.8%
Municipal Bonds		3.5%
Federal Farm Credit Bank		0.6%
Federal Home Loan Bank		3.0%
Federal Home Loan Mortgage Corp.		21.4%
Federal National Mortgage Association		18.8%
Government National Mortgage Association		0.2%
Overseas Private Investment Corp		0.5%
Small Business Administration		0.1%
U.S. Department of Housing and Urban Development		0.4%
Mutual Funds		1.1%
Total		95.7%

Praxis International Index Fund

Security Allocation	Percentage of Net Assets
Australia		5.6%
Austria		0.1%
Belgium		0.3%
Bermuda		0.3%
Brazil		2.4%
Canada		7.2%
Chile		0.5%
China		3.2%
Colombia		0.5%
Denmark		0.7%
Finland		0.4%
France		6.7%
Germany		6.7%
Hong Kong		2.8%
Hungary		0.1%
India		1.6%
Indonesia		0.5%
Ireland		1.0%
Israel		0.3%
Italy		1.6%
Japan		15.1%
Jersey		0.1%
Luxembourg		0.2%
Mexico		1.3%
Netherlands		3.0%
Norway		0.8%
Portugal		0.1%
Russia		1.2%
Singapore		2.2%
South Africa		0.7%
South Korea		2.9%
Spain		2.4%
Sweden		2.9%
Switzerland		7.0%
Taiwan		2.3%
Turkey		0.2%
United Kingdom		13.5%
United States		0.6%
Corporate Notes		1.0%
Total		100.0%

Security Allocation	Percentage of Net Assets
Commercial Banks		15.2%
Pharmaceuticals		6.9%
Oil, Gas & Consumable Fuels		5.7%
Insurance		5.3%
Metals & Mining		4.6%
Diversified Telecommunication Services		3.7%
Chemicals		3.5%
Wireless Telecommunication Services		3.2%
Automobiles		2.7%
Real Estate Management & Development		2.7%
Machinery		2.5%
Media		2.5%
Semiconductors & Semiconductor Equipment		2.3%
Food & Staples Retailing		2.1%
Capital Markets		1.9%
Road & Rail		1.6%
Electrical Equipment		1.6%
Food Products		1.6%
Industrial Conglomerates		1.4%
Multi-Utilities		1.4%
Auto Components		1.4%
Energy Equipment & Services		1.3%
Construction & Engineering		1.2%
Software		1.2%
Banks		1.2%
Hotels, Restaurants & Leisure		1.1%
Electronic Equipment, Instruments & Components		1.1%
Textiles, Apparel & Luxury Goods		1.1%
Electric Utilities		1.1%
Community Development		0.9%
Trading Companies & Distributors		0.9%
Internet Software & Services		0.9%
Household Products		0.8%
Personal Products		0.8%
Health Care Equipment & Supplies		0.8%
Household Durables		0.8%
Commercial Services & Supplies		0.8%
Telecommunication Services		0.7%
IT Services		0.6%
Specialty Retail		0.6%
Beverages		0.6%
Health Care Providers & Services		0.6%
Capital Goods		0.6%
Diversified Financial Services		0.5%
Construction Materials		0.5%
Communications Equipment		0.5%
Airlines		0.4%
Retailing		0.4%
Computers & Peripherals		0.4%
Transportation Infrastructure		0.4%
Trucking		0.3%
Water Utilities		0.3%
Multiline Retail		0.3%
Real Estate Investment Trusts (REITs)		0.3%
Professional Services		0.3%
Life Sciences Tools & Services		0.2%
Biotechnology		0.2%
Air Freight & Logistics		0.2%
Diversified Financials		0.2%
Paper & Forest Products		0.2%
Multi-line Insurance		0.2%
Internet & Catalog Retail		0.2%
Office Electronics		0.1%
Containers & Packaging		0.1%
Integrated Telecommunication Services		0.1%
Building Products		0.1%
Independent Power Producers & Energy Traders		0.1%
Total		100.0%

78

Additional Fund Information (unaudited), continued December 31, 2013

Praxis Value Index Fund

Security Allocation	Percentage of Net Assets
Common Stock		98.7%
Corporate Note		1.0%
Total		99.7%

Praxis Growth Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks		98.8%
Corporate Notes		1.0%
Total		99.8%

Praxis Small Cap Fund

Security Allocation	Percentage of Net Assets
Common Stock		97.5%
Corporate Notes		1.0%
Total		98.5%

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		100.2%

Praxis Genesis Growth Portfolio

Security Allocation	Percentage of Net Assets
Mutual Funds		100.1%

79

Additional Fund Information (unaudited), continued December 31, 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 July 1, 2013 through December 31, 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 7/1/2013	Ending Account Value 12/31/2013	Expenses Paid During Period* 7/1/2013-12/31/2013	Expense Ratio During Period** 7/1/2013-12/31/2013
Praxis Intermediate Income Fund
Class A	$1,000.00	$1,004.40	$4.55	0.90%
Class I	1,000.00	1,006.40	2.53	0.50%
Praxis International Index Fund
Class A	1,000.00	1,144.70	7.24	1.34%
Class I	1,000.00	1,149.30	4.06	0.75%
Praxis Value Index Fund
Class A	1,000.00	1,132.70	5.38	1.00%
Class I	1,000.00	1,136.10	2.48	0.46%
Praxis Growth Index Fund
Class A	1,000.00	1,182.80	5.45	0.99%
Class I	1,000.00	1,186.60	2.31	0.42%
Praxis Small Cap Fund
Class A	1,000.00	1,208.70	9.19	1.65%
Class I	1,000.00	1,212.90	5.75	1.03%
Praxis Genesis Conservative Portfolio
Class A	1,000.00	1,049.40	3.15	0.61%
Praxis Genesis Balanced Portfolio
Class A	1,000.00	1,098.90	3.28	0.62%
Praxis Genesis Growth Portfolio
Class A	1,000.00	1,131.40	3.22	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

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Additional Fund Information (unaudited), continued December 31, 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 7/1/2013	Ending Account Value 12/31/2013	Expenses Paid During Period* 7/1/2013-12/31/2013	Expense Ratio During Period** 7/1/2013-12/31/2013
Praxis Intermediate Income Fund
Class A	$1,000.00	$1,020.67	$4.58	0.90%
Class I	1,000.00	1,022.68	2.55	0.50%
Praxis International Index Fund
Class A	1,000.00	1,018.45	6.82	1.34%
Class I	1,000.00	1,021.42	3.82	0.75%
Praxis Value Index Fund
Class A	1,000.00	1,020.16	5.09	1.00%
Class I	1,000.00	1,022.89	2.35	0.46%
Praxis Growth Index Fund
Class A	1,000.00	1,020.21	5.04	0.99%
Class I	1,000.00	1,023.09	2.14	0.42%
Praxis Small Cap Fund
Class A	1,000.00	1,016.89	8.39	1.65%
Class I	1,000.00	1,020.01	5.24	1.03%
Praxis Genesis Conservative Portfolio
Class A	1,000.00	1,022.13	3.11	0.61%
Praxis Genesis Balanced Portfolio
Class A	1,000.00	1,022.08	3.16	0.62%
Praxis Genesis Growth Portfolio
Class A	1,000.00	1,022.18	3.06	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

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Additional Fund Information (unaudited), continued December 31, 2013

Proxy Voting:

The Adviser and Sub-Advisers are responsible for exercising the voting rights associated with the securities purchased and held by the Funds and Portfolios. A description of the policies and procedures that the Adviser and Sub-Advisers use in fulfilling this responsibility and information regarding how those proxies were voted during the twelve month period ended June 30 are available (i) without charge, upon request, by calling (800) 977-2947; and (ii) on the Securities and Exchange Commission’s (“Commission’s”) Web site at http://www.sec.gov.

Quarterly Portfolio Disclosure:

The Trust files a complete listing of the Schedules of portfolio investments for each Fund as of the end of the first and third quarters of each fiscal year on Form N-Q. The complete listing (i) is available on the Commission’s Web site, (ii) may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; and (iii) will be made available to shareholders upon request by calling (800) 977-2947. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Statement of Additional Information contains more information about the Funds and Portfolios and can be obtained free of charge by calling (800) 977-2947.

Dividends Received Deduction:

For corporate shareholder, the following ordinary dividends paid during the year ended December 31, 2013 qualify for the corporate dividends received deduction:

Value Index Fund	81.0%
Growth Index Fund	100.0%
Small Cap Fund	100.0%
Conservative Portfolio	15.3%
Balanced Portfolio	34.4%
Growth Portfolio	50.5%

Qualified Dividend Income:

The funds designated the maximum amount allowable of their net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount was reflected on form 1099-div for the calendar year 2013.

Foreign Tax Credit:

The International Index Fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. As of December 31, 2013, the foreign tax credit for the Fund was $462,843 or $0.0291 per outstanding share.

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Additional fund information (unaudited), continued December 31, 2013

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

Section 15(c) of the 1940 Act requires that each mutual fund’s board of trustees, including a majority of trustees who are not “interested persons” of the fund (“Independent Trustees”), annually review and approve any continuation of the fund’s investment advisory and sub-advisory agreements. At its November 18, 2013 meeting, the Funds’ Board of Trustees, which is comprised of a majority of Independent Trustees, unanimously approved a one-year renewal of each Fund’s Advisory Agreement. Also at its November 18, 2013 meeting, the Board approved a one-year renewal of the Sub-Advisory Agreements for the International Index Fund and the Small Cap Fund. In this section, Advisory and Sub-Advisory Agreements are referred to as the “Agreements.”

In reaching its decision to approve the renewals, the Board considered information furnished to the Board throughout the year at regular Board meetings, as well as information prepared specifically in connection with the annual contract review process that took place at various meetings in October and November 2013. In determining to approve the renewals, the members of the Board reviewed and evaluated all of this information and factors they believed, in light of legal advice furnished to them by independent legal counsel and through the exercise of their own business judgment, to be relevant and appropriate. The Board’s conclusions with respect to the renewals were based in part on the Board’s consideration of the investment advisory and sub-advisory agreements in prior years. The Board also observed that there is a range of investment options available to shareholders of the Funds, including other mutual funds, and that the Funds’ shareholders have chosen to invest in the Funds. The Board’s decision to approve the Agreements was not based on any single factor. Each member of the Board may have weighed certain factors differently.

INVESTMENT ADVISORY AGREEMENT WITH EVERENCE CAPITAL MANAGEMENT, INC.

In approving the continuation of the Investment Advisory Agreement between each of the Funds and Everence Capital Management, Inc. (the “Adviser”), the Board gave weight to the following factors, among others.

Nature, Quality and Extent of Services

The Board examined the nature, quality and extent of services the Adviser provides to the Funds. Among other things, the Board considered the Adviser’s experience in serving as investment manager of the Funds, including the experience of senior personnel at the Adviser providing services to the Funds. The Board also considered the Adviser’s performance in fulfilling its responsibilities for overseeing the Funds’ legal and compliance environment, in overseeing the Sub-Advisers’ compliance with the Funds’ investment objectives and policies, and its responsiveness in implementing Board directives as they relate to the Funds. In addition, the Board considered the Adviser’s track record and experience providing portfolio management services to the Funds that do not have Sub-Advisers. The Board also considered that the Adviser is responsible for the stewardship investing screening process for the Funds, develops and carries out shareholder advocacy on behalf of the Funds, and manages the Everence Community Investment program in which the Funds participate. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that it was generally satisfied with the nature, quality and extent of services provided to the Funds by the Adviser.

Investment Performance of the Funds and Everence

In evaluating each Fund’s investment performance, the Board considered performance in light of the Fund’s investment objectives, strategies, and risks, as disclosed in the Fund’s prospectus. The Board reviewed historical performance information for the Funds, and considered each Fund’s historical performance relative to its benchmark and peer group. The Board also considered the impact of SRI Criteria on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, among other conclusions, the Board reached the following conclusions with regard to performance, for the periods ended September 30, 2013, for the Funds that do not have Sub-Advisers: Intermediate Income Fund: the Fund’s gross performance beat the Fund’s benchmark for the one-, three- and five-year periods, and measured against its peer group, Class A ranked between the 53^rd and 73^rd percentiles and Class I ranked between the 38^th and 58^th percentiles over those periods; Value Index Fund: the Fund’s gross performance exceeded the benchmark for the one-year period although it trailed the benchmark for the three- and five-year periods, and measured against its peer group, Class A ranked between the 36^th and 81^st percentiles and Class I ranked between the 30^th and 69^th percentiles over those periods; Growth Index Fund: the Fund’s gross performance exceeded the Fund’s benchmark for the three-year period although it trailed the benchmark for the one- and five-year periods and, measured against its peer group, Class A ranked between the 43^rd and 86^th percentiles and Class I ranked between the 33^rd and 83^rd percentiles over those periods; Conservative Portfolio: the Fund’s gross performance exceeded its benchmark for the one- and three-year periods and, measured against its peer group, ranked between the 67^th and 69^th percentiles over those periods; Balanced Portfolio: the Fund’s gross performance trailed its benchmark for the one- and three-year periods and, measured against its peer groups, ranked between the 68^th and 75^th percentiles over those periods; Growth Portfolio: the Fund’s gross performance trailed its benchmark for the one- and three-year periods and, measured against its peer groups, ranked in 60^th percentile over those periods.

Costs of Services and Profitability of Everence and Affiliates

The Board then reviewed information regarding the costs of providing the advisory services to the Funds and the profits to be realized by the Adviser and its affiliates from their relationship with the Funds. Representatives of the Adviser addressed the Board’s questions regarding guidelines for manager selection, fund-related expenses, expense allocations and compensation levels and expense

83

Additional fund information (unaudited), continued December 31, 2013

waivers and reimbursements. In its review of the Funds’ total and net expenses, the Board considered the Adviser’s fees, as well as other Fund expenses, such as transfer agent, custodial, legal, compliance and audit fees. The Board also noted the effects of any current expense waivers and reimbursements on fees and expense levels, as well as proposed changes to the current expense limitations and the duration of those waivers and reimbursements. As part of its review, the Board considered the expense ratios and profitability information by Fund compared with peer group fund expense ratios. In addition, the Board reviewed the fee structures and other information provided by the Adviser regarding its services to other clients. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that the costs to each Fund of the services provided to the Fund by the Adviser were fair.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Funds grow and whether the investment advisory fee rates reflect those economies of scale for the benefit of Fund shareholders. The Adviser represented to the Board that it would consider breakpoints as the Funds grow in size, but that the Funds’ asset values had not yet reached levels at which additional economies of scale could be realized in the form of breakpoints. The Board then considered the information provided regarding the expense levels of peer group funds. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board acknowledged the Adviser’s statement that current asset levels did not warrant breakpoints at this time.

Other Benefits

The Board discussed the extent to which the Adviser and its affiliates might derive other benefits, including soft dollar credits or other similar benefits from the Adviser’s relationship with the Funds. The Board noted that the Adviser does not generate soft dollar credits on Fund brokerage transactions. The Board also considered other potential benefits to the Adviser and its affiliates from their relationship with the Funds. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that such benefits were not material or were reasonable in relation to the services provided.

SUB-INVESTMENT ADVISORY AGREEMENT WITH APERIO GROUP, LLC

In approving the continuation of the Sub-Investment Advisory Agreement between Everence Capital Management, Inc. and Aperio Group, LLC (“Aperio”), with respect to portfolio management of Praxis International Index Fund, the Board gave weight to the following factors, among others.

Nature, Quality and Extent of Services

The Board considered the nature, quality and extent of services Aperio provides to the International Index Fund. Among other things, the Board considered Aperio’s experience in providing the investment strategy used by the Fund and in serving as Sub-Adviser to the Fund, including the experience of senior personnel at Aperio providing portfolio management and other services to the Funds. The Board considered Aperio’s compliance capabilities, its compliance record with respect to the International Index Fund, and the quality of communication among the Adviser, Aperio and the Board. The Board also considered Aperio’s compliance with the Fund’s investment objective and policies, and its responsiveness in implementing Board directives as they relate to the Fund. In addition, the Board considered Aperio’s track record and experience providing portfolio management services to the Fund. The Board also considered Aperio’s responsiveness in addressing Board questions and requests. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that it was generally satisfied with the nature, quality and extent of services provided to the International Index Fund by Aperio.

Investment Performance of the International Index Fund and Aperio

The Board reviewed historical performance data for the International Index Fund, and considered the Fund’s historical performance relative to its benchmark and peer groups, noting that the Fund had less than three full years of performance history. The Board also considered the impact of SRI criteria on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that, for the periods ended September 30, 2013, the Fund’s gross performance exceeded the benchmark for the one-year period and, measured against its peer group, Class A ranked at the 84^th percentile and Class I ranked at the 79^th percentile for that period.

Costs of Services and Profitability of Aperio and Affiliates

The Board considered the costs of the services provided by Aperio to the International Index Fund and the profits to be realized by Aperio and its affiliates from their relationship with the International Index Fund. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that the costs to the International Index Fund of the services provided by Aperio were fair.

Economies of Scale

The Board noted that Aperio’s sub-advisory fee schedule currently incorporates breakpoints.

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Additional fund information (unaudited), continued December 31, 2013

Other Benefits

The Board considered the extent to which Aperio or its affiliates would derive other benefits, including soft dollar credits or other similar benefits, from Aperio’s relationship with the International Index Fund. Within the context of its overall determinations regarding the Agreements, the Board concluded that Aperio did not derive material benefits from its relationship with the International Index Fund other than its sub-advisory fees.

SUB-INVESTMENT ADVISORY AGREEMENT WITH LUTHER KING CAPITAL MANAGEMENT

In approving the continuation of the Sub-Investment Advisory Agreement between Everence Capital Management Corporation and Luther King Capital Management Corporation (“Luther King Capital Management”), with respect to portfolio management of the Praxis Small Cap Fund, the Board gave weight to the following factors, among others.

Nature, Quality and Extent of Services

The Board considered the nature, quality and extent of services Luther King Capital Management provides to the Small Cap Fund. Among other things, the Board considered Luther King Capital Management’s experience in serving as Sub-Adviser to the Fund, including the experience of senior personnel at Luther King Capital Management providing portfolio management and other services to the Funds. The Board considered Luther King Capital Management’s compliance capabilities, its compliance record with respect to the Small Cap Fund, and the quality of communication among the Adviser, Luther King Capital Management and the Board. The Board also considered Luther King Capital Management’s compliance with the Fund’s investment objective and policies, and its responsiveness in implementing Board directives as they relate to the Fund. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that it was generally satisfied with the nature, quality and extent of services provided to the Small Cap Fund by Luther King Capital Management.

Investment Performance of the Small Cap Fund and Luther King Capital Management

The Board reviewed historical performance data for the Small Cap Fund, and considered the Fund’s historical performance relative to its benchmark and peer groups. The Board also considered the impact of SRI criteria on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that, for the periods ended September 30, 2013, the Fund’s gross performance exceeded the benchmark for the three- and five-year periods although it trailed the benchmark for the one-year period, and measured against its peer group, Class A ranked between the 50^th and 94^th percentiles and Class I ranked between 39^th and 93^rd percentiles over those periods.

Costs of Services and Profitability of Luther King Capital Management and Affiliates

The Board considered the costs of the services provided by Luther King Capital Management to the Small Cap Fund and the profits to be realized by Luther King Capital Management and its affiliates from their relationship with the Small Cap Fund. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that the costs to the Small Cap Fund of the services provided by Luther King Capital Management were fair.

Economies of Scale

The Board noted that Luther King Capital Management’s sub-advisory fee schedule does not incorporate breakpoints. The Board also acknowledged Luther King Capital Management’s statement that the current fee schedule reflects existing economies of scale.

Other Benefits

The Board considered the extent to which Luther King Capital Management or its affiliates would derive other benefits, including soft dollar credits or other similar benefits, from Luther King Capital Management’s relationship with the Small Cap Fund. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that Luther King Capital Management did not derive material benefits, other than its sub-advisory fees and potentially, certain soft dollar arrangements, from its relationship with the Small Cap Fund.

85

Management of the Trust (unaudited)

Listed below is basic information regarding the Trustee and principal officers of the Trust. The Trust’s Statement of Additional Information includes additional information about Trustees and is available, without charge, upon request by calling (800) 977-2947.

Management of the Trust

Name, Age and Address	Position with the Company, Term of Office and Length of Time Served	Principal Occupation During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships Held by Trustee
Interested Trustees1
Larry Miller 1110 North Main Street Goshen, IN 46528 Age: 64	Trustee, Indefinite, since 2/19/07	President and CEO of Everence Financial (January 2007 - Present); President and CEO of Everence Federal Credit Union (September 1990 - December 2006)	8	Chair of Board of Directors of Everence Trust Company
1 These Trustees are “interested” persons under the Investment Company Act of 1940 because of their affiliation with the Adviser.
Independent Trustees
Karen Klassen Harder, Ph.D. 1110 North Main Street Goshen, IN 46528 Age: 57	Trustee, Indefinite, since 12/2/93	Professor, Bluffton University (September 2001 - present)	8	N/A
R. Clair Sauder 1110 North Main Street Goshen, IN 46528 Age: 70	Trustee, Indefinite, since 6/30/02	Retired; Partner, Encore Enterprises, LLC, retail home furnishings (May 2001 - October 2008); Partner, C&D Enterprises Unlimited, commercial real estate (1982 - present)	8	N/A
Dwight L. Short 1110 North Main Street Goshen, IN 46528 Age: 68	Trustee, Indefinite, since 12/31/13	Retired Financial Advisor from Merrill Lynch/BAC; Consultant to organizations on Biblically Responsible Investing, DLS Consulting, Inc.	8	N/A
Candace L. Smith 1110 North Main Street Goshen, IN 46528 Age: 55	Trustee, Indefinite, since 11/16/07	COO MicroVest Capital Management LLC (2011 - present); CFO MicroVest Capital Management LLC (2005 - 2011); Investment Committee Member, CleanTech Fund LP (2004 - 2008)	8	N/A
Don E. Weaver 1110 North Main Street Goshen, IN 46528 Age: 51	Trustee, Indefinite, since 5/21/07	Chief Risk Officer, Koch Fertilizer, LLC (2012 - present); CFO, Hesston College (2006 - 2012); CIO, Koch Industries and Flint Hills Resources (1987 - 2006)	8	N/A

86

Management of the Trust (unaudited), continued

Name, Age and Address	Position with the Company, Term of Office and Length of Time Served	Principal Occupation During the Past Five Years
Officers
David C. Gautsche 1110 North Main Street Goshen, IN 46528 Age: 50	President, Indefinite, since 11/17/08	Senior Vice President, Everence Financial (2008 - Present); Regional Vice President, Everence Financial (1999 - 2008)
Marlo J. Kauffman 1110 North Main Street Goshen, IN 46528 Age: 57	Vice President, Secretary, Indefinite, since 12/2/93	Vice President of Financial Services Operations, Everence Financial (1981 - present); President, Everence Securities, Inc. (2004 - present); OSJ Principal, ProEquities, Inc., a broker-dealer (1994 - Present); Assistant Secretary, Everence Financial (1990 - Present)
Trent M. Statczar 4041 N. High Street Suite 402 Columbus, OH 43214 Age: 42	Treasurer, Indefinite, since 1/1/09	Director, Beacon Hill Fund Services, Inc. 2008 to present: Vice President, Citi Fund Services Ohio, Inc. from 2004 to 2007.
George L. Stevens 4041 N. High Street Suite 402 Columbus, OH 43214 Age: 62	Chief Compliance Officer, Indefinite, since 1/1/09	Director, Beacon Hill Fund Services, Inc. 2008 to present: Vice President, Citi Fund Services Ohio, Inc. from 2004 to 2007.

87

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

2131384

Item 2. Code Of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The code of ethics is included as Exhibit 12(a)(1).

During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Mr. R. Clair Sauder is the registrant’s “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. Audit fees totaled $123,800 for the December 31, 2013 fiscal year and $120,150 for the December 31, 2012 fiscal year, including fees associated with the annual audit and filing of the registrant’s Form N-SAR.

(b) Audit-Related Fees. There were audit-related fees of $0 for the December 31, 2013 fiscal year and $10,000 for the December 31, 2012 fiscal year related to consent fees for two N-14 filings.

(c) Tax Fees. Tax fees totaled $49,400 for the December 31, 2013 fiscal year and $55,950 for the December 31, 2012 fiscal year and consisted of fees for tax compliance services during both years.

(d) All Other Fees. There were no other fees for the December 31, 2013 or December 31, 2012 fiscal years.

(e) (1) Audit Committee Pre-Approval Policies.

(A) Audit Services

Before an auditor is engaged by the funds to render audit services, the committee shall review and approve the engagement. (see also “delegation” below.)

(B) Permissible Non-Audit Services

The committee shall review and approve in advance any proposal (except as set forth in (1) through (3) below) that the funds employ their auditor to render “permissible non-audit services” to the funds. (a “permissible non-audit service” is defined as a non-audit service that is not prohibited by rule 2-01(c)(4) of regulation s-x or other applicable law or regulation.) The committee shall also review and approve in advance any proposal (except as set forth in (1) through (3) below) that the adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the funds (an “adviser-affiliated service provider”), employ the funds’ auditor to render non-audit services, if such engagement would relate directly to the operations and financial reporting of the funds. As a part of its review, the committee shall consider whether the provision of such services is consistent with the auditor’s independence. (see also “delegation” below.) pre-approval by the committee of non-audit services is not required so Long as:

(1) (a) with respect to the funds, the aggregate amount of all such permissible non-audit services provided to the funds constitutes no more than 5% of the total amount of revenues paid to the auditor by the funds during the fiscal year in which the services are provided; (b) with respect to the adviser and any adviser-affiliated service provider, the aggregate amount of all such non-audit services provided constitutes no more than 5% of the total amount of revenues (of the type that would have to be pre-approved by the committee) paid to the auditor by the funds, the adviser and any adviser-affiliated service provider during the fiscal year in which the services are provided;

(2) such services were not recognized by the funds at the time of the engagement to be non-audit services; and

(3) such services are promptly brought to the attention of the committee and approved prior to the completion of the audit by the committee or its delegate(s) (as defined below).

(C) Delegation

The committee may delegate to one or more of its members (“delegates”) authority to pre-approve the auditor’s provision of audit services or permissible non-audit services to the funds, or the provision of non- audit services to the adviser or any adviser-affiliated service provider. Any pre-approval determination made by a delegate shall be presented to the full committee at its next meeting. The committee shall communicate any pre-approval made by it or a delegate to the fund administrator/fund accounting agent, who will ensure that the appropriate disclosure is made in the funds’ periodic reports and other documents as required under the federal securities laws.

(e) (2) 0.0% for fiscal years ended December 31, 2013 and December 31, 2012.

(f) Not applicable

(g) The aggregate non-audit fees for services to the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $49,400 for the December 31, 2013 fiscal year and $55,950 for December 31, 2012 fiscal year.

(h) The audit committee considered the non-audit services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser, and believes the services are compatible with the principal accountant’s independence.

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) The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

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 have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date

of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There have not been any changes in registrant’s control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of Ethics for Senior Financial Officers is filed herewith.

(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
	March 4, 2014

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
	March 4, 2014

By:	/s/ Trent Statczar
	Trent Statczar
	Treasurer and Chief Financial Officer
	March 4, 2014