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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-8056

Praxis Mutual Funds

(Exact name of registrant as specified in charter)

1110 N. Main Street

Goshen, IN 46527

(Address of principal executive offices) (Zip code)

Anthony Zacharski

Dechert LLP

200 Clarendon Street, 27^th Floor

Boston, MA 02116

(Name and Address of Agent for Service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2015

Item 1. Reports To Stockholders.

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

Praxis Mutual Funds

Semi-Annual Report and Privacy Policy

for the six months ending June 30, 2015 (unaudited)

LOGO


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

LOGO

Table of Contents


Message from the President			1

Performance			3

Praxis Intermediate Income Fund
Schedule of portfolio investments			5

Praxis International Index Fund
Schedule of portfolio investments			11

Praxis Value Index Fund
Schedule of portfolio investments			21

Praxis Growth Index Fund
Schedule of portfolio investments			25

Praxis Small Cap Fund
Schedule of portfolio investments			28

Praxis Genesis Conservative Portfolio
Schedule of portfolio investments			30

Praxis Genesis Balanced Portfolio
Schedule of portfolio investments			31

Praxis Genesis Growth Portfolio
Schedule of portfolio investments			32

Financial Statements
Statements of Assets and Liabilities			33
Statements of Operations			35
Statements of Changes in Net Assets			37
Financial Highlights			40

Notes to Financial Statements			48

Additional Fund Information			59

Message from the President

Dear Praxis shareholder:

During the first half of 2015, the U.S. economy continued to improve, even as Europe lurched into another crisis as it worked out how to manage the varied health of its member countries. U.S. stocks gained modestly while bonds generally finished flat.

Smaller U.S. companies generally outperformed larger companies in a reversal of what occurred in 2014. And, large company stocks in the developed economies of Europe and Asia generally generated stronger returns than their American counterparts, despite the continued strengthening of the U.S. dollar relative to the Euro, which otherwise reduced these returns to U.S. investors. Most of the gains were generated in the early part of the year, as concerns about the health of Europe, particularly Greece, dampened enthusiasm in June.

Bond investors maintained their focus on the timing of potential interest rate increases by the U.S. Federal Reserve. Broadly held consensus is that the Federal Reserve will begin raising short-term interest rates by the end of 2015, but the recovery of the U.S. economy has been uneven, with economic growth disappointing in the first quarter even as labor markets showed consistent improvement.

Praxis Mutual Funds continued to invest in what matters by participating in constructive conversations with companies regarding environmental sustainability and modern slavery, and by directing fund assets to projects and companies that are making a positive impact on the world. Investments in bonds that address climate and community challenges now represent over 18 percent of the net assets of the Praxis Intermediate Income Fund. Our managers have shaped the portfolio to make a positive impact while not compromising on their expectations for competitive risk adjusted returns.

Finally, we are excited to announce a change in how the fund family invests in community development investments. Praxis Mutual Funds has partnered with the Calvert Foundation to channel over $10 million to high impact investments across the country and around the world. These investments – representing approximately 1 percent of each fund in the Praxis Mutual Fund family – help open doors of economic opportunity to thousands of disadvantaged individuals and communities.

For many investors today, making money isn’t enough. They also want their investments to make a difference. They want to invest in what matters. That’s why shareholder advocacy, company screening and community development investing remain essential to our work at Praxis. Our goal is to invest in ways that make a positive impact on communities locally and around the world – and we are able to do that because of you.

Thank you for entrusting your investments with Praxis Mutual Funds.

Sincerely,

LOGO

Chad M. Horning, CFA

President

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

The Fund’s stewardship investing strategy could cause the Fund to sell or avoid securities that may subsequently perform well, and the application of social screens may cause the Fund to lag the performance of its index or peer group.

The views expressed are those of the president of Praxis Mutual Funds as of June 30, 2015, are subject to change, and may differ from the views of portfolio managers or the firm as a whole. These views 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 decisions.

[THIS PAGE INTENTIONALLY LEFT BLANK]

Performance

We are pleased to provide this 2015 mid-year update for the Praxis Mutual Funds. The following tables summarize the performance of the Praxis Mutual Funds as of June 30, 2015.


					Annualized
	NAV 6/30/15	Six Month Ended 6/30/15			One Year Ended 6/30/15			Three Year Ended 6/30/15			Five Year Ended 6/30/15			Ten Year Ended 6/30/15			Since Inception 6/30/15			Inception Date		Expense Ratio*** Gross / Net
Praxis Intermediate Income Fund
Class A *	$10.41		-3.83	%		-2.37	%		0.56	%		2.33	%		3.91	%		4.64	%		1/4/94
Class A (Without Load)	$10.41		-0.09	%		1.44	%		1.86	%		3.12	%		4.31	%		4.82	%		1/4/94		0.95	%	0.94	%
Class I **	$10.37		0.11	%		1.85	%		2.24	%		3.52	%		4.62	%		4.94	%		5/1/06		0.54	%	0.54	%
Barclays Capital Aggregate Bond Index¹			-0.10	%		1.86	%		1.83	%		3.35	%		4.44	%		5.61	%
Praxis International Index Fund
Class A *	$10.30		-0.96	%		-10.02	%		6.55	%		n/a			n/a			0.71	%		12/31/10
Class A (Without Load)	$10.30		4.57	%		-5.05	%		8.50	%		n/a			n/a			1.92	%		12/31/10		1.28	%	1.28	%
Class I	$10.38		4.95	%		-4.51	%		9.17	%		n/a			n/a			2.58	%		12/31/10		0.78	%	0.78	%
MSCI All Country World Index ex-U.S.²			4.03	%		-5.26	%		9.94	%								3.40	%
Praxis Value Index Fund
Class A *	$12.44		-5.97	%		-1.89	%		14.54	%		13.05	%		4.44	%		3.15	%		5/1/01
Class A (Without Load)	$12.44		-0.80	%		3.54	%		16.61	%		14.29	%		5.00	%		3.54	%		5/1/01		0.87	%	0.87	%
Class I **	$12.38		-0.64	%		3.91	%		17.21	%		15.02	%		5.49	%		3.84	%		5/1/06		0.45	%	0.45	%
S&P 500 Value Index³			-0.45	%		4.56	%		16.82	%		16.00	%		6.68	%		5.08	%
Praxis Growth Index Fund
Class A *	$17.56		-3.57	%		3.38	%		14.75	%		16.30	%		n/a			6.76	%		5/1/07
Class A (Without Load)	$17.56		1.80	%		9.13	%		16.83	%		17.56	%		n/a			7.46	%		5/1/07		0.91	%	0.91	%
Class I	$17.69		2.02	%		9.56	%		17.37	%		18.19	%		n/a			7.91	%		5/1/07		0.42	%	0.42	%
S&P 500 Growth Index⁴			2.79	%		10.07	%		17.78	%		18.64	%					8.37	%

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. Indexes are unmanaged, do not incur fees, and it is not possible to invest directly in an index.

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

* The total return figures shown reflect the maximum sales charge applicable to Class A Shares for each Fund. Class A Shares have a maximum sales charge on purchases of 5.25%, except for Intermediate Income Fund, which is 3.75%.

** Class I Shares of the Intermediate Income and the Value Index Funds were not in existence prior to 5/1/06. Class I Share performance for the Intermediate Income Fund is calculated for any period prior to 5/1/06 based on the performance of Class B Shares since inception and has been adjusted to reflect differences in sales charges and expenses between the classes. The Class B Shares for the Intermediate Income Fund were exchanged into Class A Shares on August 17, 2009. Class I share performance for the Value Index Fund is calculated for any period prior to 5/01/06 based on the performance of Class A shares since inception.

*** Reflects the expense ratios as reported in the Prospectus dated April 30, 2015. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee waivers are in effect from May 1, 2015 through April 30, 2016 for Class A Shares.

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

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

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

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

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

Performance, continued


				Annualized
	NAV 6/30/15	Six Month Ended 6/30/15		One Year Ended 6/30/15		Three Year Ended 6/30/15		Five Year Ended 6/30/15		Ten Year Ended 6/30/15		Since Inception 6/30/15		Inception Date		Expense Ratio** Gross / Net
Praxis Small Cap Fund
Class A (Without Load)	$12.29		6.96%		3.62%		12.86%		16.34%		n/a		5.81%		5/1/07		1.70%	1.69%
Class A *	$12.29		1.32%		-1.84%		10.85%		15.10%		n/a		5.12%		5/1/07
Class I	$12.88		7.24%		4.23%		13.59%		17.04%		n/a		6.32%		5/1/07		1.02%	1.02%
Russell 2000 Index⁵			4.76%		6.49%		17.81%		17.08%				6.86%
Praxis Genesis Conservative Portfolio
Class A (Without Load)	$11.33		0.46%		1.85%		5.32%		6.03%		n/a		5.59%		12/31/09		1.16%	1.14%
Class A *	$11.33		-4.83%		-3.52%		3.44%		4.90%		n/a		4.56%		12/31/09
Barclays Capital Aggregate Bond Index⁶			-0.10%		1.86%		1.83%		3.35%				4.00%
Conservative Composite Benchmark⁷			0.68%		2.63%		5.97%		7.00%				6.54%
S&P Target Risk Conservative Index⁸			0.24%		0.31%		4.83%		5.68%				5.28%
Praxis Genesis Balanced Portfolio
Class A (Without Load)	$12.92		1.49%		2.34%		5.32%		6.03%		n/a		7.66%		12/31/09		1.16%	1.16%
Class A *	$12.92		-3.85%		-3.02%		3.44%		4.90%		n/a		6.61%		12/31/09
Russell 3000 Index⁹			1.94%		7.29%		17.74%		17.54%				14.51%
Balanced Composite Benchmark¹⁰			1.58%		3.32%		10.22%		10.63%				8.98%
S&P Target Risk Growth Index¹¹			1.74%		2.58%		9.85%		10.23%				8.61%
Praxis Genesis Growth Portfolio
Class A (Without Load)	$14.08		2.10%		2.58%		11.40%		11.21%		n/a		8.94%		12/31/09		1.21%	1.21%
Class A *	$14.86		-3.23%		-2.79%		9.42%		10.02%		n/a		7.89%		12/31/09
Russell 3000 Index⁹			1.94%		7.29%		17.74%		17.54%				14.51%
Growth Composite Benchmark¹²			2.15%		3.73%		13.10%		12.99%				10.50%
S&P Target Risk Aggressive Index¹³			2.81%		2.78%		12.83%		13.43%				10.99%

* The total return figures shown reflect the maximum sales charge applicable to Class A Shares for each Fund. Class A Shares have a maximum sales charge on purchases of 5.25%.

** Reflects the expense ratios as reported in the Prospectus dated April 30, 2015. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee waivers are in effect from May 1, 2015 through April 30, 2016 for Class A Shares.

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

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

⁷ The Conservative 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%).

⁸ S&P Target Risk Conservative Index seeks to emphasize exposure to fixed income, in order to produce a current income stream and avoid excessive volatility of returns. Equities are included to protect long-term purchasing power. The series is comprised of four multi-asset class indices. The index is comprised exclusively of exchange traded funds.

⁹ 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.

¹⁰ The Balanced 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%).

¹¹ S&P Target Risk Growth Index seeks to provide increased exposure to equities, while using fixed income to dampen risk. The series is comprised of four multi-asset class indixes. The index is comprised exclusively of exchange trade funds.

¹² The Growth 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%).

¹³ S&P Target Risk Aggressive Index seeks to emphasize exposure to equities, maximizing opportunities for long-term capital accumulation. It may include small allocations in fixed income to enhance portfolio efficiency. The series is comprised of four multi-asset class indixes. The index is comprised exclusively of exchange traded funds.

Schedule of Portfolio Investments


Praxis Intermediate Income Fund
June 30, 2015 (unaudited)


	PRINCIPAL AMOUNT		FAIR VALUE
ASSET BACKED SECURITIES—3.1%
Beacon Container Finance LLC, 3.72%, 9/20/27(a)	$	363,050	$	369,333
Cabela’s Credit Card Master Note Trust, 0.79%, 6/17/19+(a)		1,000,000		1,002,065
CLI Funding LLC, 2.83%, 3/18/28(a)		775,000		770,343
Cronos Containers Program I Ltd., 3.27%, 11/18/29(a)		935,185		939,126
Domino’s Pizza Master Issuer LLC, 5.22%, 1/25/42(a)		966,250		997,384
Fairway Outdoor Funding LLC, 4.21%, 10/15/42(a)		462,651		463,127
Ford Credit Auto Owner Trust, 0.51%, 4/15/17		407,659		407,606
Global SC Finance II SRL, 2.98%, 4/17/28(a)		900,833		897,904
Honda Auto Receivables Owner Trust, 0.74%, 10/15/18		985,000		985,498
Hyundai Auto Receivables Trust, 1.30%, 2/15/18		809,752		811,913
SBA Tower Trust, 2.90%, 10/15/19(a)		525,000		527,629
Solarcity LMC Series I LLC, 4.80%, 11/20/38(a)		817,855		858,396
Textainer Marine Containers III Ltd., 3.27%, 10/20/39(a)		466,667		466,717
Toyota Auto Receivables Owner Trust, 0.67%, 12/15/17		1,900,000		1,896,162
Toyota Auto Receivables Owner Trust, 1.27%, 5/15/19		1,200,000		1,199,216
Trip Rail Master Funding LLC, 2.69%, 7/15/41+(a)		535,097		544,460

TOTAL ASSET BACKED SECURITIES (COST $13,051,756)				13,136,879

COMMERCIAL MORTGAGE BACKED SECURITIES—3.7%
Bear Stearns Commercial Mortgage Securities, 5.54%, 9/11/41		1,800,574		1,859,451
Bear Stearns Commercial Mortgage Securities, 5.74%, 9/11/42+		1,000,000		1,076,978
Commercial Mortgage Pass Through Certificates, 2.85%, 10/15/45		1,000,000		995,863
Commercial Mortgage Pass Through Certificates, 3.39%, 5/15/45		1,000,000		1,035,956
CSMC, 5.38%, 2/15/40(a)		738,944		758,994
CSMC, 5.47%, 9/16/39+(a)		739,596		757,564
DBUBS Mortgage Trust, 3.74%, 11/10/46(a)		761,434		769,788
FHLMC Multifamily Structured Pass Through Certificates, 5.09%, 3/25/19		1,140,000		1,273,365
JPMorgan Chase Commercial Mortgage Securities Corp., 4.92%, 10/15/42+		430,331		430,602
JPMorgan Chase Commercial Mortgage Securities Corp., 5.40%, 5/15/45		1,809,805		1,866,079
ML-CFC Commercial Mortgage Trust, 5.42%, 8/12/48		250,000		261,951
Morgan Stanley Capital I, Inc., 3.88%, 9/15/47(a)		687,772		693,161
Morgan Stanley Capital I, Inc., 6.01%, 8/12/41+		895,081		923,922
OBP Depositor LLC Trust, 4.65%, 7/15/45(a)		1,040,000		1,143,824
RBSCF Trust, 6.15%, 2/16/51+(a)		1,027,586		1,058,450
RBSCF Trust, 6.24%, 12/16/49+(a)		887,485		921,044

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (COST $15,757,462)				15,826,992


	PRINCIPAL AMOUNT		FAIR VALUE
FOREIGN BONDS—2.3%
Arab Republic of Egypt, 4.45%, 9/15/15	$	2,000,000	$	2,016,542
Hashemite Kingdom of Jordan, 2.50%, 10/30/20		5,000,000		5,162,515
Hashemite Kingdom of Jordan, 3.00%, 6/30/25		1,450,000		1,453,625
Ukraine Government AID Bonds, 1.85%, 5/29/20		1,000,000		1,000,788

TOTAL FOREIGN BONDS (COST $9,498,357)				9,633,470

MUNICIPAL BONDS—3.3%
Bridgeport Connecticut Housing Authority, 1.85%, 12/15/18		240,000		240,648
Cincinnati Ohio Water System Rev., 6.46%, 12/01/34		600,000		685,134
City of Lancaster PA, 5.59%, 11/15/34		1,000,000		1,015,710
Columbus Multi-High School Building Corp. Rev., 6.45%, 1/15/30		1,000,000		1,075,100
Findlay City School District, 6.25%, 12/01/37		270,000		277,430
Florida Housing Finance Corp. Multifamily Housing Rev. Garden Vista Apartments, 0.55%, 3/01/16(a)		1,000,000		999,870
Florida Housing Finance Corp. Multifamily Housing Rev. Ridge Club Apartments, 0.40%, 12/01/15		1,000,000		999,750
Fort Wayne International Airport Air Trade Center Building Corp., 4.25%, 7/15/16		500,000		510,515
Houston Independent School District, 6.17%, 2/15/34		1,000,000		1,109,760
Indianapolis Public School Multi-School Building, 5.73%, 7/15/29		1,500,000		1,630,275
LL&P Wind Energy, Inc., 5.73%, 12/01/17(a)		650,000		655,467
New Jersey St Housing and Mortgage Finance, 2.60%, 7/01/23		435,000		442,147
Osceola County Housing Finance Authority Rev., 3.35%, 7/01/23		305,000		316,044
St Paul Housing & Redevelopment Authority Rev., 2.99%, 7/01/21		1,250,000		1,236,525
State of Hawaii, Department of Business Economic Development & Tourism, 1.47%, 7/01/22		1,000,000		995,790
Warm Springs Reservation Confederated Tribe, 8.25%, 11/01/19		895,000		980,839
Wisconsin Department of Transportation, 5.84%, 7/01/30		800,000		872,728

TOTAL MUNICIPAL BONDS (COST $13,590,196)				14,043,732

CORPORATE BONDS—41.7%
AUTO COMPONENTS—0.4%
BorgWarner, Inc., 5.75%, 11/01/16		1,000,000		1,055,045
Delphi Corp., 5.00%, 2/15/23		492,000		523,980

				1,579,025

BANKS—2.7%
Bank of America Corp., 1.35%, 11/21/16		1,000,000		999,796
Bank of America Corp., 1.95%, 5/12/18		1,000,000		999,827
Bank of America Corp., 3.30%, 1/11/23		500,000		492,418
Bank of America Corp., 5.65%, 5/01/18		1,250,000		1,373,135
Citigroup, Inc., 4.45%, 1/10/17		500,000		522,380
Citigroup, Inc., 6.13%, 11/21/17		1,000,000		1,099,972

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Intermediate Income Fund
June 30, 2015 (unaudited)


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—41.7%, continued
BANKS—2.7%, continued
Discover Bank/Greenwood DE, 3.10%, 6/04/20	$	1,000,000	$	999,005
JPMorgan Chase & Co., 2.25%, 1/23/20		500,000		491,342
JPMorgan Chase & Co., 4.63%, 5/10/21		500,000		540,827
JPMorgan Chase Bank NA, 5.88%, 6/13/16		700,000		731,341
Manufacturers & Traders Trust Co., 2.10%, 2/06/20		500,000		492,625
Manufacturers & Traders Trust Co., 6.63%, 12/04/17		600,000		670,609
US Bank NA/Cincinnati OH, 2.80%, 1/27/25		1,250,000		1,195,984
Wells Fargo & Co., 3.50%, 3/08/22		887,000		911,134

				11,520,395

BEVERAGES—0.3%
Bottling Group LLC, 5.13%, 1/15/19		1,000,000		1,108,387

BIOTECHNOLOGY—0.3%
Amgen, Inc., 5.70%, 2/01/19		1,000,000		1,117,071

BUILDING PRODUCTS—0.3%
Masco Corp., 6.13%, 10/03/16		500,000		526,250
Owens Corning, 4.20%, 12/01/24		750,000		736,176

				1,262,426

CAPITAL MARKETS—2.2%
Bank of New York Mellon Corp., Perpetual Bond, 4.95%, 12/31/49+		1,000,000		992,500
Goldman Sachs Group, Inc., 3.50%, 1/23/25		1,000,000		969,794
Goldman Sachs Group, Inc., 6.00%, 6/15/20		1,200,000		1,371,271
Jefferies Group LLC, 8.50%, 7/15/19		900,000		1,068,438
Morgan Stanley, 2.20%, 12/07/18		910,000		915,201
Morgan Stanley, 5.63%, 9/23/19		1,500,000		1,680,891
Raymond James Financial, Inc., 8.60%, 8/15/19		1,000,000		1,221,019
State Street Corp., 7.35%, 6/15/26		1,000,000		1,305,051

				9,524,165

CHEMICALS—0.5%
Ecolab, Inc., 4.35%, 12/08/21		500,000		539,421
NOVA Chemicals Corp., 5.25%, 8/01/23(a)		500,000		507,500
Potash Corp of Saskatchewan, Inc., 5.88%, 12/01/36		840,000		969,350

				2,016,271

COMMERCIAL SERVICES & SUPPLIES—0.2%
Steelcase, Inc., 6.38%, 2/15/21		750,000		840,890

COMMUNICATIONS EQUIPMENT—0.1%
Juniper Networks, Inc., 3.30%, 6/15/20		500,000		503,543

CONSTRUCTION MATERIALS—0.3%
Martin Marietta Materials, Inc., 6.60%, 4/15/18		1,000,000		1,119,336

CONSUMER FINANCE—0.4%
Ally Financial, Inc., 3.25%, 9/29/17		500,000		500,000
Ford Motor Credit Co. LLC, 4.25%, 2/03/17		500,000		519,689
Harley-Davidson Financial Services, Inc., 2.70%, 3/15/17(a)		500,000		511,206

				1,530,895

CONTAINERS & PACKAGING—0.2%
Sonoco Products Co., 5.75%, 11/01/40		850,000		917,410


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—41.7%, continued
DIVERSIFIED CONSUMER SERVICES—0.1%
Washington Post Co., 7.25%, 2/01/19	$	575,000	$	641,043

DIVERSIFIED FINANCIAL SERVICES—1.1%
GATX Corp., 2.60%, 3/30/20		897,000		885,083
General Electric Capital Corp., 6.15%, 8/07/37		1,000,000		1,243,397
McGraw Hill Financial, Inc., 4.00%, 6/15/25(a)		500,000		499,506
Moody’s Corp., 5.50%, 9/01/20		1,000,000		1,122,528
National Rural Utilities Cooperative Finance Corp., 10.38%, 11/01/18		780,000		992,626

				4,743,140

DIVERSIFIED TELECOMMUNICATION SERVICES—0.7%
AT&T, Inc., 2.45%, 6/30/20		500,000		490,134
Frontier Communications Corp., 7.13%, 3/15/19		750,000		774,375
Verizon Communications, Inc., 2.55%, 6/17/19		485,000		491,630
Verizon Communications, Inc., 6.00%, 4/01/41		500,000		550,047
Verizon Communications, Inc., 6.55%, 9/15/43		500,000		584,877

				2,891,063

EDUCATION—0.2%
Massachusetts Institute of Technology, 3.96%, 7/01/38		1,000,000		996,068

ELECTRIC UTILITIES—2.5%
Florida Power & Light Co., 4.05%, 10/01/44		500,000		485,494
ITC Holdings Corp., 5.50%, 1/15/20(a)		1,000,000		1,094,905
MidAmerican Energy Co., 6.75%, 12/30/31		1,500,000		1,958,908
NextEra Energy Capital Holdings, Inc., 2.70%, 9/15/19		500,000		503,358
NSTAR Electric Co., 5.50%, 3/15/40		1,000,000		1,173,694
Oncor Electric Delivery Co. LLC, 6.80%, 9/01/18		750,000		867,916
Pennsylvania Electric Co., 5.20%, 4/01/20		500,000		547,383
Portland General Electric Co., 6.10%, 4/15/19		1,100,000		1,252,675
Potomac Edison Co., 5.13%, 8/15/15		1,000,000		1,004,804
Potomac Electric Power Co., 6.50%, 11/15/37		1,000,000		1,285,745
Southern Power Co., 2.38%, 6/01/20		240,000		236,962

				10,411,844

ELECTRICAL EQUIPMENT—0.1%
Thomas & Betts Corp., 5.63%, 11/15/21		500,000		582,251

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.0%**
Arrow Electronics, Inc., 3.00%, 3/01/18		165,000		167,608

FOOD & STAPLES RETAILING—0.7%
Koninklijke Ahold NV, 7.82%, 1/02/20		489,168		538,085
Smith’s Food & Drug Centers, Inc. Pass Through Trust, 9.20%, 7/02/18		853,513		952,958
Wal-Mart Stores, Inc., 7.55%, 2/15/30		1,000,000		1,417,167

				2,908,210

FOOD PRODUCTS—1.3%
Bunge Ltd. Finance Corp., 3.20%, 6/15/17		1,000,000		1,029,636
Cargill, Inc., 7.50%, 9/01/26(a)		1,250,000		1,649,541
ConAgra Foods, Inc., 4.95%, 8/15/20		500,000		542,020
JM Smucker Co., 3.50%, 3/15/25(a)		1,250,000		1,224,613
Kraft Foods Group, Inc., 5.38%, 2/10/20		1,000,000		1,116,191

				5,562,001

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Intermediate Income Fund
June 30, 2015 (unaudited)


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—41.7%, continued
FOREIGN AGENCY—1.2%
Export Development Canada, 0.88%, 1/30/17	$	1,500,000	$	1,504,425
KFW, 1.75%, 10/15/19		1,500,000		1,508,749
Kommunalbanken AS, 2.13%, 2/11/25(a)		1,000,000		956,600
Svensk Exportkredit AB, 1.88%, 6/23/20		1,000,000		998,737

				4,968,511

GAS UTILITIES—0.5%
Indiana Gas Co., Inc., 6.55%, 6/30/28		250,000		290,244
Laclede Group, Inc., 2.55%, 8/15/19		1,250,000		1,241,746
National Fuel Gas Co., 6.50%, 4/15/18		500,000		532,541

				2,064,531

HEALTH CARE EQUIPMENT & SUPPLIES—0.5%
DENTSPLY International, Inc., 2.75%, 8/15/16		570,000		579,150
Mallinckrodt International Finance SA, 3.50%, 4/15/18		500,000		501,250
Medtronic, Inc., 2.50%, 3/15/20(a)		625,000		626,044
Zimmer Biomet Holdings, Inc., 4.63%, 11/30/19		500,000		543,626

				2,250,070

HEALTH CARE PROVIDERS & SERVICES—0.8%
Howard Hughes Medical Institute, 3.50%, 9/01/23		1,500,000		1,544,915
Laboratory Corp of America Holdings, 2.63%, 2/01/20		1,000,000		992,250
Laboratory Corp of America Holdings, 3.13%, 5/15/16		500,000		508,279
McKesson Corp., 6.00%, 3/01/41		474,000		544,812

				3,590,256

HOME BUILDERS—0.2%
DR Horton, Inc., 3.63%, 2/15/18		750,000		764,063

HOTELS, RESTAURANTS & LEISURE—0.4%
Brinker International, Inc., 2.60%, 5/15/18		500,000		500,977
Darden Restaurants, Inc., 3.35%, 11/01/22		145,000		136,105
Hyatt Hotels Corp., 3.38%, 7/15/23		1,000,000		973,774

				1,610,856

HOUSEHOLD PRODUCTS—0.1%
Church & Dwight Co., Inc., 3.35%, 12/15/15		500,000		505,745

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—2.0%
FPL Energy American Wind LLC, 6.64%, 6/20/23(a)		639,839		701,318
FPL Energy National Wind LLC, 5.61%, 3/10/24(a)		365,818		382,280
Harper Lake Solar Funding Corp., 7.65%, 12/31/18(a)		660,412		709,943
LS Power Funding Corp., 8.08%, 12/30/16		504,680		529,914
Midland Cogeneration Venture LP, 5.25%, 3/15/25(a)		240,524		248,376
Midland Cogeneration Venture LP, 6.00%, 3/15/25(a)		588,978		636,744
NRG Yield Operating LLC, 5.38%, 8/15/24(a)		500,000		503,750
Salton Sea Funding Corp., 7.48%, 11/30/18		481,515		491,582
Solar Star Funding LLC, 3.95%, 6/30/35(a)		335,000		308,691
Solar Star Funding LLC, 5.38%, 6/30/35(a)		500,000		555,288
SteelRiver Transmission Co. LLC, 4.71%, 6/30/17(a)		918,978		956,452


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—41.7%, continued
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—2.0%, continued
Tenaska Virginia Partners LP, 6.12%, 3/30/24(a)	$	399,225	$	440,366
Topaz Solar Farms LLC, 4.88%, 9/30/39(a)		350,000		368,759
Topaz Solar Farms LLC, 5.75%, 9/30/39(a)		800,000		905,871
TransAlta Corp., 6.65%, 5/15/18		500,000		552,562
Utility Contract Funding LLC, 7.94%, 10/01/16(a)		210,584		220,144

				8,512,040

INDUSTRIAL CONGLOMERATES—0.1%
Ingersoll-Rand Global Holding Co. Ltd., 2.88%, 1/15/19		500,000		508,381

INSURANCE—2.4%
Fidelity National Financial, Inc., 5.50%, 9/01/22		725,000		762,696
Horace Mann Educators Corp., 6.85%, 4/15/16		750,000		782,794
Kemper Corp., 4.35%, 2/15/25		1,250,000		1,242,058
Liberty Mutual Group, Inc., 4.95%, 5/01/22(a)		1,050,000		1,128,758
Markel Corp., 3.63%, 3/30/23		400,000		394,237
Marsh & McLennan Cos., Inc., 2.35%, 9/10/19		250,000		250,809
OneBeacon US Holdings Inc, 4.60%, 11/09/22		1,000,000		1,019,542
Progressive Corp., 6.70%, 6/15/37+		500,000		521,250
Provident Cos., Inc., 7.00%, 7/15/18		340,000		384,932
Prudential Financial, Inc., 5.87%, 9/15/42+		500,000		528,400
RLI Corp., 4.88%, 9/15/23		1,000,000		1,034,297
TIAA Asset Management Finance Co. LLC, 2.95%, 11/01/19(a)		1,000,000		1,006,988
W.R. Berkley Corp., 4.63%, 3/15/22		250,000		265,808
W.R. Berkley Corp., 6.15%, 8/15/19		710,000		800,582

				10,123,151

IT SERVICES—0.6%
Broadridge Financial Solutions, Inc., 3.95%, 9/01/20		1,000,000		1,040,098
Fiserv, Inc., 2.70%, 6/01/20		1,000,000		998,081
Xerox Corp., 2.75%, 3/15/19		500,000		507,175

				2,545,354

MACHINERY—1.1%
Harsco Corp., 5.75%, 5/15/18		750,000		772,500
Illinois Tool Works, Inc., 3.90%, 9/01/42		1,000,000		932,680
Kennametal, Inc., 2.65%, 11/01/19		1,000,000		993,843
Pall Corp., 5.00%, 6/15/20		1,000,000		1,095,215
Snap-On, Inc., 4.25%, 1/15/18		500,000		532,840
Valmont Industries, Inc., 6.63%, 4/20/20		334,000		385,431

				4,712,509

MEDIA—0.9%
Comcast Corp., 4.75%, 3/01/44		500,000		507,572
Comcast Corp., 5.15%, 3/01/20		1,000,000		1,125,673
Omnicom Group, Inc., 6.25%, 7/15/19		1,000,000		1,144,822
Scripps Networks Interactive, Inc., 2.80%, 6/15/20		500,000		492,563
Time Warner Cable, Inc., 4.50%, 9/15/42		500,000		407,851

				3,678,481

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Intermediate Income Fund
June 30, 2015 (unaudited)


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—41.7%, continued
METALS & MINING—0.4%
Newcrest Finance Pty Ltd., 4.45%, 11/15/21(a)	$	1,000,000	$	985,708
Reliance Steel & Aluminum Co., 4.50%, 4/15/23		705,000		693,542

				1,679,250

MULTILINE RETAIL—0.3%
Dollar General Corp., 4.13%, 7/15/17		700,000		731,977
Macy’s Retail Holdings, Inc., 9.50%, 4/15/21		540,000		630,984

				1,362,961

MULTI-UTILITIES—0.7%
Consumers Energy Co., 6.70%, 9/15/19		750,000		879,751
Puget Energy, Inc., 5.63%, 7/15/22		750,000		842,944
Puget Sound Energy, Inc., 6.74%, 6/15/18		1,000,000		1,138,030

				2,860,725

OIL, GAS & CONSUMABLE FUELS—0.8%
ConocoPhillips Holding Co., 6.95%, 4/15/29		1,000,000		1,279,079
Denbury Resources, Inc., 4.63%, 7/15/23		600,000		504,000
Merey Sweeny LP, 8.85%, 12/18/19(a)		470,410		541,372
Ras Laffan Liquefied Natural Gas Co. Ltd. II, 5.30%, 9/30/20(a)		572,700		617,084
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.83%, 9/30/16(a)		301,400		311,226

				3,252,761

PAPER & FOREST PRODUCTS—0.4%
Domtar Corp., 9.50%, 8/01/16		702,000		755,874
PH Glatfelter Co., 5.38%, 10/15/20		750,000		768,750

				1,524,624

PHARMACEUTICALS—0.4%
AbbVie, Inc., 2.00%, 11/06/18		500,000		500,220
AbbVie, Inc., 2.50%, 5/14/20		500,000		494,871
Merck & Co., Inc., 1.85%, 2/10/20		700,000		694,140

				1,689,231

PIPELINES—1.3%
Columbia Pipeline Group, Inc., 3.30%, 6/01/20(a)		600,000		602,341
Enbridge Energy Partners LP, 5.20%, 3/15/20		500,000		539,133
Florida Gas Transmission Co. LLC, 4.00%, 7/15/15(a)		1,000,000		1,000,799
Kern River Funding Corp., 4.89%, 4/30/18(a)		652,000		696,178
Kern River Funding Corp., 6.68%, 7/31/16(a)		445,588		464,317
Northern Natural Gas Co., 4.10%, 9/15/42(a)		1,000,000		978,115
Spectra Energy Capital LLC, 6.75%, 7/15/18		800,000		894,394
Williams Partners LP / ACMP Finance Corp., 4.88%, 5/15/23		500,000		493,205

				5,668,482

PROFESSIONAL SERVICES—0.5%
Dun & Bradstreet Corp., 2.88%, 11/15/15		250,000		251,966
Dun & Bradstreet Corp., 4.38%, 12/01/22		1,000,000		996,432
Verisk Analytics, Inc., 5.80%, 5/01/21		960,000		1,080,091

				2,328,489


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—41.7%, continued
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.4%
Digital Realty Trust LP, 3.95%, 7/01/22	$	1,250,000	$	1,247,408
ERP Operating LP, 7.13%, 10/15/17		1,104,000		1,236,695
Health Care REIT, Inc., 4.70%, 9/15/17		1,018,000		1,083,038
National Retail Properties, Inc., 3.80%, 10/15/22		250,000		252,590
Regency Centers LP, 3.75%, 6/15/24		1,000,000		999,513
Vornado Realty LP, 2.50%, 6/30/19		1,000,000		998,618

				5,817,862

ROAD & RAIL—2.0%
Burlington Northern Santa Fe LLC, 5.75%, 5/01/40		1,000,000		1,147,441
Burlington Northern Santa Fe LLC, 7.16%, 1/02/20		655,782		736,933
ERAC USA Finance LLC, 5.90%, 11/15/15(a)		1,000,000		1,018,277
JB Hunt Transport Services, Inc., 3.38%, 9/15/15		1,000,000		1,005,027
Kansas City Southern de Mexico SA de CV, 2.35%, 5/15/20		500,000		487,791
Norfolk Southern Corp., 4.84%, 10/01/41		1,000,000		1,024,519
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.75%, 5/11/17(a)		1,000,000		1,034,613
Ryder System, Inc., 2.50%, 5/11/20		795,000		789,173
Ryder System, Inc., 2.65%, 3/02/20		455,000		454,266
TTX Co., 2.60%, 6/15/20(a)		1,000,000		998,986

				8,697,026

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.0%
Applied Materials, Inc., 7.13%, 10/15/17		500,000		557,910
KLA-Tencor Corp., 3.38%, 11/01/19		600,000		616,313
Lam Research Corp., 2.75%, 3/15/20		1,000,000		993,152
Maxim Integrated Products, Inc., 3.38%, 3/15/23		500,000		488,814
QUALCOMM, Inc., 2.25%, 5/20/20		1,035,000		1,029,699
Xilinx, Inc., 2.13%, 3/15/19		500,000		499,168

				4,185,056

SOFTWARE—0.1%
Symantec Corp., 2.75%, 6/15/17		500,000		506,180

SPECIALTY RETAIL—0.7%
Advance Auto Parts, Inc., 4.50%, 1/15/22		402,000		422,024
Lowe’s Cos., Inc., 4.65%, 4/15/42		1,000,000		1,030,992
O’Reilly Automotive, Inc., 3.80%, 9/01/22		1,000,000		1,020,010
Staples, Inc., 2.75%, 1/12/18		580,000		585,179

				3,058,205

SUPRANATIONAL—5.6%
African Development Bank, 0.75%, 10/18/16		1,000,000		1,002,037
Asian Development Bank, 2.13%, 3/19/25		1,000,000		967,546
European Bank for Reconstruction & Development, 1.63%, 4/10/18		500,000		504,268
European Investment Bank, 2.50%, 10/15/24		1,000,000		998,178
Inter-American Development Bank, 1.50%, 9/25/18		2,500,000		2,523,472
Inter-American Development Bank, 2.13%, 11/09/20		3,000,000		3,055,479
Inter-American Development Bank, 4.38%, 1/24/44		3,000,000		3,475,686

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Intermediate Income Fund
June 30, 2015 (unaudited)


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—41.7%, continued
SUPRANATIONAL—5.6%, continued
International Bank for Reconstruction & Development, 0.22%, 7/22/15+	$	500,000	$	499,970
International Bank for Reconstruction & Development, 0.38%, 8/24/15		1,000,000		1,000,381
International Bank for Reconstruction & Development, 2.13%, 3/03/25		500,000		483,200
International Finance Corp., 0.50%, 5/16/16		3,250,000		3,250,949
International Finance Corp., 0.63%, 11/15/16		2,000,000		1,999,068
International Finance Facility for Immunisation, 0.47%, 7/05/16+(a)		2,000,000		2,000,196
Nordic Investment Bank, 2.25%, 9/30/21		1,000,000		1,011,304
North American Development Bank, 2.30%, 10/10/18		1,000,000		1,017,710

				23,789,444

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%
Hewlett-Packard Co., 3.30%, 12/09/16		500,000		513,238
Seagate HDD Cayman, 3.75%, 11/15/18		635,000		662,009

				1,175,247

TEXTILES, APPAREL & LUXURY GOODS—0.4%
Hanesbrands, Inc., 6.38%, 12/15/20		745,000		778,525
Levi Strauss & Co., 6.88%, 5/01/22		750,000		800,625

				1,579,150

TOTAL CORPORATE BONDS (COST $171,337,388)				176,951,683

CORPORATE NOTES—1.0%
COMMUNITY DEVELOPMENT—1.0%
Calvert Social Investment Foundation, Inc., 0.50%, 6/15/16(b)		3,000,000		3,000,000
Calvert Social Investment Foundation, Inc., 1.00%, 12/15/17(b)		1,200,000		1,200,000

TOTAL CORPORATE NOTES (COST $4,200,000)				4,200,000

U.S. GOVERNMENT AGENCIES—42.9%
FEDERAL FARM CREDIT BANK—0.5%
4.88%, 12/16/15		2,000,000		2,042,104

FEDERAL HOME LOAN BANK—4.6%
0.63%, 11/23/16		4,000,000		4,002,424
3.38%, 6/12/20		1,000,000		1,076,927
5.00%, 11/17/17		5,500,000		6,033,956
5.50%, 7/15/36		6,570,000		8,499,859

				19,613,166

FEDERAL HOME LOAN MORTGAGE CORP.—18.6%
1.25%, 10/02/19		2,710,000		2,673,819
1.38%, 5/01/20		4,000,000		3,943,156
2.38%, 1/13/22		7,960,000		8,059,261
2.48%, 5/01/34+		169,683		180,165
2.48%, 5/01/34+		102,763		109,686
2.50%, 10/01/27		1,412,902		1,443,404
3.00%, 11/01/32		2,406,504		2,449,853
3.00%, 11/01/32		1,584,225		1,612,695
3.00%, 1/01/43		1,793,008		1,788,088
3.00%, 5/01/43		2,637,931		2,629,483
3.50%, 10/01/41		1,260,621		1,299,411
3.50%, 2/01/42		1,866,454		1,924,054


	PRINCIPAL AMOUNT		FAIR VALUE
U.S. GOVERNMENT AGENCIES—42.9%, continued
FEDERAL HOME LOAN MORTGAGE CORP.—18.6%, continued
3.50%, 6/01/42	$	2,049,114	$	2,113,075
3.50%, 6/01/42		2,060,175		2,124,282
3.50%, 8/01/42		2,248,638		2,318,565
3.50%, 11/01/44		2,711,706		2,792,813
3.50%, 4/01/45		2,982,112		3,071,407
3.75%, 3/27/19		3,020,000		3,281,016
4.00%, 11/01/24		905,146		956,747
4.00%, 10/01/25		385,200		408,095
4.00%, 10/01/41		1,137,608		1,205,301
4.00%, 2/01/42		660,214		698,654
4.50%, 6/01/18		112,911		117,592
4.50%, 10/01/35		466,405		505,767
4.50%, 6/01/39		740,627		800,835
4.50%, 7/01/39		829,228		897,421
4.50%, 11/01/39		797,646		863,170
4.50%, 9/01/40		1,148,952		1,243,647
4.50%, 5/01/41		2,219,985		2,403,297
4.50%, 7/01/41		2,321,466		2,509,718
4.88%, 6/13/18		6,200,000		6,885,925
5.00%, 4/01/19		81,468		85,383
5.00%, 12/01/21		175,208		186,183
5.00%, 7/01/35		228,825		252,812
5.00%, 3/01/38		740,849		816,047
5.00%, 6/01/39		1,148,718		1,265,197
5.00%, 9/01/41		1,123,189		1,243,995
5.50%, 7/18/16		3,500,000		3,684,552
5.50%, 4/01/22		102,339		109,701
5.50%, 11/01/33		87,047		97,613
5.50%, 3/01/36		111,373		124,770
5.50%, 6/01/36		176,580		197,765
5.50%, 12/01/36		153,356		171,658
6.00%, 9/01/17		59,170		61,116
6.00%, 4/01/27		272,054		307,539
6.00%, 6/01/36		177,055		202,526
6.00%, 8/01/37		91,802		104,044
6.25%, 7/15/32		4,500,000		6,253,331
7.00%, 2/01/30		142,512		159,333
7.00%, 3/01/31		87,683		103,521
7.50%, 7/01/30		237,482		279,711

				79,017,199

FEDERAL NATIONAL MORTGAGE ASSOCIATION—17.8%
1.13%, 4/27/17		2,000,000		2,015,188
1.63%, 10/26/15		3,600,000		3,617,024
1.83%, 2/01/34+		162,748		167,493
2.19%, 1/01/23		2,000,000		1,943,908
2.37%, 5/01/37+		194,848		207,970
2.40%, 6/01/33+		75,044		78,296
2.45%, 5/01/34+		144,379		154,009
2.50%, 9/01/27		1,766,188		1,800,912
2.50%, 11/01/27		2,485,162		2,534,060
2.50%, 1/01/28		1,680,030		1,711,040
2.63%, 9/06/24		5,000,000		5,001,930
3.00%, 12/01/32		2,379,879		2,427,917
3.00%, 6/01/42		2,544,264		2,548,458
3.00%, 8/01/42		2,337,159		2,341,017
3.00%, 8/01/42		2,336,100		2,339,944

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Intermediate Income Fund
June 30, 2015 (unaudited)


	PRINCIPAL AMOUNT		FAIR VALUE
U.S. GOVERNMENT AGENCIES—42.9%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION—17.8%, continued
3.00%, 6/01/43	$	2,227,542	$	2,229,148
3.50%, 7/01/20		472,083		498,008
3.50%, 10/01/25		390,082		412,361
3.50%, 2/01/41		1,483,050		1,532,213
3.50%, 5/01/42		1,807,128		1,868,171
3.50%, 12/01/42		2,708,606		2,800,210
4.00%, 3/01/26		1,283,446		1,371,805
4.00%, 12/01/40		1,547,065		1,647,341
4.00%, 1/01/41		1,107,520		1,177,169
4.00%, 10/01/41		1,034,989		1,101,808
4.00%, 11/01/41		922,565		980,275
4.00%, 12/01/41		1,271,986		1,353,814
4.00%, 12/01/41		2,409,886		2,564,643
4.00%, 1/01/42		2,568,794		2,737,237
4.00%, 12/01/44		3,105,054		3,315,690
4.38%, 10/15/15		3,200,000		3,238,534
4.50%, 9/01/40		738,911		800,602
4.50%, 10/01/40		730,811		791,628
5.00%, 2/13/17		1,800,000		1,928,061
5.00%, 7/01/18		83,787		87,709
5.00%, 9/01/18		111,912		117,151
5.00%, 4/01/25		214,164		236,249
5.00%, 7/01/25		164,093		181,098
5.00%, 10/01/25		213,042		235,151
5.00%, 10/01/35		301,064		333,028
5.50%, 6/01/22		174,114		189,341
5.50%, 11/01/25		65		73
5.50%, 2/01/34		120,348		135,802
5.50%, 1/01/35		228,337		256,997
5.50%, 10/01/35		321,648		362,163
5.50%, 6/01/36		74,858		83,926
5.50%, 11/01/36		128,255		143,793
5.63%, 7/15/37		6,000,000		7,932,642
6.00%, 10/01/33		95,481		109,176
6.00%, 11/01/34		265,369		303,374
6.00%, 10/01/35		159,164		181,966
6.00%, 6/01/36		93,728		106,672
6.63%, 11/15/30		2,250,000		3,179,734
7.00%, 11/01/19		14,707		15,668
7.00%, 11/01/19		11,851		12,589
8.50%, 9/01/26		60,528		68,474

				75,510,660

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION—0.4%
1.75%, 1/20/34+		86,361		89,546
2.25%, 4/16/42		1,289,703		1,316,325
5.50%, 10/20/38		65,986		70,784
6.50%, 11/20/38		23,304		25,195
6.75%, 4/15/16		1,531		1,537
7.00%, 12/20/30		33,915		40,970
7.00%, 10/20/31		25,592		31,227
7.00%, 3/20/32		85,717		104,973

				1,680,557


	PRINCIPAL AMOUNT		FAIR VALUE
U.S. GOVERNMENT AGENCIES—42.9%, continued
OVERSEAS PRIVATE INVESTMENT CORP.—0.7%
3.28%, 9/15/29	$	1,100,000	$	1,114,279
3.54%, 6/15/30		882,356		936,273
3.82%, 6/01/33		1,000,000		1,049,404

				3,099,956

SMALL BUSINESS ADMINISTRATION—0.1%
0.60%, 2/25/32+		412,646		411,871

UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT—0.2%
2.35%, 8/01/21		1,000,000		991,365

TOTAL U.S. GOVERNMENT AGENCIES (COST $179,510,696)				182,366,878

INVESTMENT COMPANY—0.9%
MUTUAL FUND—0.9%
Pax World High Yield Bond Fund, Individual Investor Class (COST $4,199,236)		530,984		3,663,788


TOTAL INVESTMENTS (Cost* $411,145,091—Unrealized gain/loss $8,678,331)—98.9%			$	419,823,422
Other assets in excess of liabilities—1.1%				4,874,046

NET ASSETS—100%			$	424,697,468

+	Variable rate security. Rates presented are the rates in effect at June 30, 2015.

(a)	144a security is restricted as to resale to institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. At June 30, 2015, these securities were valued at $42,987,501 or 10.1% of net assets.

(b)	Illiquid security

*	Represents cost for financial reporting purposes.

**	Amount rounds to less than 0.1%.


Rev.	—	Revenue
REIT	—	Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Portfolio Investments


Praxis International Index Fund
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%
AUSTRALIA—5.6%
BANKS—2.1%
Australia & New Zealand Banking Group Ltd.		6,107	$	151,722
Australia & New Zealand Banking Group Ltd.- ADR		36,061		892,870
Commonwealth Bank of Australia		8,732		573,536
Commonwealth Bank of Australia- ADR		919		60,300
National Australia Bank Ltd.		4,644		119,352
National Australia Bank Ltd.- ADR		57,186		727,406
Westpac Banking Corp.		4,051		100,486
Westpac Banking Corp.- ADR		43,855		1,084,973

				3,710,645

BIOTECHNOLOGY—0.2%
CSL Ltd.		2,979		198,747
CSL Ltd.- ADR		6,332		210,855

				409,602

CAPITAL MARKETS—0.2%
Macquarie Group Ltd.		3,958		248,579
Macquarie Group Ltd.- ADR		2,747		172,979

				421,558

CHEMICALS—0.2%
Orica Ltd.		19,480		319,834

CONTAINERS & PACKAGING—0.2%
Amcor Ltd.		15,893		168,238
Amcor Ltd.- ADR		3,500		148,575

				316,813

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Telstra Corp. Ltd.		17,682		83,765
Telstra Corp. Ltd.- ADR		10,910		257,258

				341,023

FOOD & STAPLES RETAILING—0.3%
Wesfarmers Ltd.		16,433		494,857

INSURANCE—0.2%
Suncorp Group Ltd.		46,152		478,223

METALS & MINING—1.3%
Alumina Ltd.- ADR		41,858		195,477
BHP Billiton Ltd.- ADR		31,920		1,299,463
BHP Billiton plc		30,582		600,169
Newcrest Mining Ltd.- ADR(a)		9,928		100,074
South32 Ltd.(a)		30,582		41,325
South32 Ltd.- ADR(a)		12,768		85,673

				2,322,181

OIL, GAS & CONSUMABLE FUELS—0.6%
Origin Energy Ltd.		43,674		403,349
Woodside Petroleum Ltd.		18,241		481,748
Woodside Petroleum Ltd.- ADR		5,235		139,277

				1,024,374

REAL ESTATE INVESTMENT TRUSTS (REITS)—0.1%
Scentre Group REIT		25,459		73,661


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
AUSTRALIA—5.6%, continued
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.1%, continued
Shopping Centres Australasia Property Group REIT		1	$	2
Westfield Corp. REIT		20,433		143,777

				217,440

TRANSPORTATION INFRASTRUCTURE—0.0%**
Sydney Airport		463		1,779

				10,058,329

AUSTRIA—0.1%
BANKS—0.1%
Erste Group Bank AG(a)		757		21,500
Erste Group Bank AG- ADR(a)		12,078		172,836

				194,336

BELGIUM—0.4%
FOOD & STAPLES RETAILING—0.4%
Colruyt SA		2,958		132,453
Delhaize Group		1,156		95,446
Delhaize Group- ADR		22,300		460,049

				687,948

BRAZIL—1.5%
BANKS—0.2%
Banco Bradesco SA- ADR		43,998		403,022

CHEMICALS—0.1%
Braskem SA- ADR		10,037		86,920

ELECTRIC UTILITIES—0.1%
Cia Energetica de Minas Gerais- ADR		52,928		201,656

FOOD PRODUCTS—0.3%
BRF SA- ADR		26,662		557,502

METALS & MINING—0.3%
Cia Siderurgica Nacional SA- ADR		64,043		105,671
Gerdau SA- ADR		59,830		144,190
Vale SA- ADR		51,251		301,869

				551,730

OIL, GAS & CONSUMABLE FUELS—0.4%
Petroleo Brasileiro SA- ADR(a)		39,388		356,461
Ultrapar Participacoes SA- ADR		17,683		371,697

				728,158

WATER UTILITIES—0.1%
Cia de Saneamento Basico do Estado de Sao Paulo- ADR		26,970		139,704

				2,668,692

CANADA—6.0%
AUTO COMPONENTS—0.4%
Magna International, Inc.		11,430		641,109

BANKS—1.6%
Bank of Montreal		7,625		452,010
Bank of Nova Scotia		12,180		628,854
Canadian Imperial Bank of Commerce		3,074		226,615
Royal Bank of Canada		14,189		867,657
Toronto-Dominion Bank		18,236		775,212

				2,950,348

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
CANADA—6.0%, continued
CHEMICALS—0.6%
Agrium, Inc.		3,522	$	373,156
Methanex Corp.		7,953		442,664
Potash Corp of Saskatchewan, Inc.		10,495		325,030

				1,140,850

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.1%
TransAlta Corp.		14,668		113,677

INSURANCE—0.4%
Manulife Financial Corp.		22,525		418,740
Sun Life Financial, Inc.		8,848		295,523

				714,263

MEDIA—0.1%
Shaw Communications, Inc., Class B		7,330		159,721

METALS & MINING—0.4%
Barrick Gold Corp.		12,151		129,530
Goldcorp, Inc.		17,370		281,394
Teck Resources Ltd., Class B		23,545		233,331

				644,255

OIL, GAS & CONSUMABLE FUELS—1.1%
Advantage Oil & Gas Ltd.(a)		18,950		119,954
Cenovus Energy, Inc.		15,514		248,379
Enbridge, Inc.		18,096		846,712
Encana Corp.		21,865		240,952
Suncor Energy, Inc.		21,761		598,863

				2,054,860

REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%
Brookfield Asset Management, Inc., Class A		20,511		716,449

ROAD & RAIL—0.9%
Canadian National Railway Co.		12,210		705,127
Canadian Pacific Railway Ltd.		5,165		827,588

				1,532,715

				10,668,247

CHILE—0.3%
AIRLINES—0.1%
Latam Airlines Group SA- ADR(a)		21,752		153,134

BEVERAGES—0.1%
Embotelladora Andina SA, Class B- ADR		6,720		133,997

CHEMICALS—0.1%
Sociedad Quimica y Minera de Chile SA- ADR		10,318		165,294

				452,425

CHINA—4.0%
AIRLINES—0.2%
China Southern Airlines Co. Ltd.- ADR(a)		5,546		323,554

BANKS—0.6%
China Construction Bank Corp.- ADR		55,276		1,008,787

CHEMICALS—0.2%
Sinopec Shanghai Petrochemical Co. Ltd.- ADR(a)		7,041		379,017


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
CHINA—4.0%, continued
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
China Telecom Corp. Ltd.- ADR		6,115	$	360,968

INSURANCE—1.1%
China Life Insurance Co. Ltd.- ADR		66,612		1,449,477
Ping An Insurance Group Co. of China Ltd.- ADR		16,913		452,085

				1,901,562

INTERNET SOFTWARE & SERVICES—1.3%
Tencent Holdings Ltd.- ADR		119,811		2,402,210

ROAD & RAIL—0.1%
Guangshen Railway Co. Ltd.- ADR		8,797		240,510

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%
Lenovo Group Ltd.- ADR		18,577		515,326

				7,131,934

COLOMBIA—0.6%
BANKS—0.3%
BanColombia SA- ADR		10,431		448,533

OIL, GAS & CONSUMABLE FUELS—0.3%
Ecopetrol SA- ADR		46,852		621,257

				1,069,790

DENMARK—1.1%
BANKS—0.2%
Danske Bank A/S		7,264		213,625
Danske Bank A/S- ADR		6,614		97,093

				310,718

PHARMACEUTICALS—0.9%
Novo Nordisk A/S- ADR		28,510		1,561,208

				1,871,926

FINLAND—0.4%
COMMUNICATIONS EQUIPMENT—0.1%
Nokia OYJ- ADR		31,017		212,467

MACHINERY—0.1%
Kone OYJ, Class B		6,179		250,747

PAPER & FOREST PRODUCTS—0.2%
Stora Enso OYJ- ADR		32,308		332,126

				795,340

FRANCE—6.8%
AUTO COMPONENTS—0.6%
Cie Generale des Etablissements Michelin		1,074		112,539
Cie Generale des Etablissements Michelin- ADR		25,215		529,767
Valeo SA		338		53,263
Valeo SA- ADR		4,352		344,853

				1,040,422

AUTOMOBILES—0.3%
Renault SA		5,464		569,072

BANKS—0.9%
BNP Paribas SA- ADR		28,958		882,350
Credit Agricole SA		11,014		163,801

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
FRANCE—6.8%, continued
BANKS—0.9%, continued
Credit Agricole SA- ADR		14,211	$	105,872
Societe Generale SA		4,111		191,897
Societe Generale SA- ADR		36,300		342,309

				1,686,229

BUILDING PRODUCTS—0.3%
Cie de Saint-Gobain		11,742		527,157

CONSTRUCTION & ENGINEERING—0.3%
Bouygues SA		956		35,742
Vinci SA- ADR		30,694		443,835

				479,577

CONSTRUCTION MATERIALS—0.1%
Lafarge SA		430		28,399
Lafarge SA- ADR		6,876		113,935

				142,334

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Orange SA- ADR		20,175		309,888
Vivendi SA		9,270		233,822

				543,710

ELECTRICAL EQUIPMENT—0.5%
Legrand SA		17,254		968,706

ENERGY EQUIPMENT & SERVICES—0.3%
CGG SA(a)		670		3,746
CGG SA- ADR(a)		7,732		44,459
Technip SA- ADR		26,180		408,146

				456,351

FOOD & STAPLES RETAILING—0.2%
Carrefour SA		1,523		48,764
Carrefour SA- ADR		49,035		316,276

				365,040

FOOD PRODUCTS—0.6%
Danone SA- ADR		79,720		1,032,374

HEALTH CARE EQUIPMENT & SUPPLIES—0.3%
Essilor International SA		4,503		537,158
Essilor International SA- ADR		952		57,501

				594,659

INSURANCE—0.5%
AXA SA- ADR		34,977		883,169

MEDIA—0.3%
Publicis Groupe SA- ADR		26,260		487,385

MULTI-UTILITIES—0.4%
GDF Suez		2,524		46,823
GDF Suez- ADR		17,681		329,308
Veolia Environnement SA		11,656		237,673
Veolia Environnement SA- ADR		8,771		179,104

				792,908

PERSONAL PRODUCTS—0.6%
L’Oreal SA		382		68,140
L’Oreal SA- ADR		26,720		957,110

				1,025,250


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
FRANCE—6.8%, continued
SOFTWARE—0.3%
Dassault Systemes- ADR		6,224	$	454,601

				12,048,944

GERMANY—6.1%
AIR FREIGHT & LOGISTICS—0.4%
Deutsche Post AG		10,161		296,850
Deutsche Post AG- ADR		14,832		436,951

				733,801

AIRLINES—0.1%
Deutsche Lufthansa AG- ADR(a)		10,201		132,613

AUTOMOBILES—0.6%
Bayerische Motoren Werke AG- ADR		27,692		1,017,127

CAPITAL MARKETS—0.3%
Deutsche Bank AG		18,882		569,481

CHEMICALS—0.7%
BASF SE- ADR		13,580		1,204,003

DIVERSIFIED FINANCIAL SERVICES—0.2%
Deutsche Boerse AG		2,890		239,227
Deutsche Boerse AG- ADR		15,060		124,697

				363,924

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Deutsche Telekom AG- ADR		32,617		561,502

HEALTH CARE PROVIDERS & SERVICES—0.6%
Fresenius Medical Care AG & Co. KGaA- ADR		19,354		804,933
Fresenius SE & Co. KGaA		5,130		329,139

				1,134,072

INSURANCE—1.0%
Allianz SE- ADR		76,050		1,191,704
Muenchener Rueckversicherungs-Gesellschaft AG		1,682		298,153
Muenchener Rueckversicherungs-Gesellschaft AG- ADR		18,890		336,242

				1,826,099

MULTI-UTILITIES—0.1%
RWE AG		2,125		45,687
RWE AG- ADR		5,585		120,357

				166,044

PHARMACEUTICALS—0.8%
Bayer AG- ADR		9,846		1,388,138

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Infineon Technologies AG- ADR		12,109		151,605

SOFTWARE—0.5%
SAP SE- ADR		12,252		860,458

TEXTILES, APPAREL & LUXURY GOODS—0.3%
adidas AG		1,323		101,255
adidas AG- ADR		9,964		383,180
Puma SE		285		45,261

				529,696

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
GERMANY—6.1%, continued
TRADING COMPANIES & DISTRIBUTORS—0.1%
Brenntag AG		3,519	$	201,768

				10,840,331

HONG KONG—3.4%
BANKS—0.5%
BOC Hong Kong Holdings Ltd.		158,000		658,371
BOC Hong Kong Holdings Ltd.- ADR		1,754		146,354

				804,725

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
China Unicom Hong Kong Ltd.- ADR		24,284		381,259

ELECTRIC UTILITIES—0.1%
Cheung Kong Infrastructure Holdings Ltd.		32,000		248,518

INDUSTRIAL CONGLOMERATES—0.1%
Jardine Matheson Holdings Ltd.		751		42,619
Jardine Matheson Holdings Ltd.- ADR		3,618		204,960

				247,579

REAL ESTATE MANAGEMENT & DEVELOPMENT—1.5%
Hang Lung Properties Ltd.		50,000		148,680
Hang Lung Properties Ltd.- ADR		4,159		61,927
Henderson Land Development Co. Ltd.		46,948		321,302
Sun Hung Kai Properties Ltd.		11,000		178,235
Sun Hung Kai Properties Ltd.- ADR		22,014		358,168
Swire Pacific Ltd., Class A		6,500		81,716
Swire Pacific Ltd., Class A- ADR		32,051		405,766
Swire Properties Ltd.		14,150		45,180
Wharf Holdings Ltd.		150,000		998,510

				2,599,484

SPECIALTY RETAIL—0.0%**
Esprit Holdings Ltd.		2,500		2,342
Esprit Holdings Ltd.- ADR		4,499		8,188

				10,530

TEXTILES, APPAREL & LUXURY GOODS—0.1%
Global Brands Group Holding Ltd.(a)		122,000		25,654
Li & Fung Ltd.		122,000		96,794
Li & Fung Ltd.- ADR		12,287		18,799

				141,247

WIRELESS TELECOMMUNICATION SERVICES—0.9%
China Mobile Ltd.- ADR		25,856		1,657,111

				6,090,453

HUNGARY—0.1%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Magyar Telekom Telecommunications plc- ADR(a)		11,582		79,453

OIL, GAS & CONSUMABLE FUELS—0.0%**
MOL Hungarian Oil & Gas plc- ADR		796		20,367

				99,820

INDIA—1.8%
BANKS—0.8%
HDFC Bank Ltd.- ADR		16,597		1,004,616
ICICI Bank Ltd.- ADR		39,425		410,809

				1,415,425


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
INDIA—1.8%, continued
IT SERVICES—0.5%
Infosys Ltd.- ADR		30,752	$	487,419
Wipro Ltd.- ADR		39,159		468,733

				956,152

METALS & MINING—0.2%
Vedanta Ltd.- ADR		29,355		317,034

PHARMACEUTICALS—0.3%
Dr. Reddy’s Laboratories Ltd.- ADR		10,846		600,001

				3,288,612

INDONESIA—0.6%
BANKS—0.2%
PT Bank Mandiri- ADR		49,403		371,511

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Telekomunikasi Indonesia Persero Tbk PT- ADR		13,972		606,245

MACHINERY—0.1%
United Tractors Tbk PT- ADR		3,369		102,148

				1,079,904

IRELAND—1.4%
CONSTRUCTION MATERIALS—0.5%
CRH plc- ADR		27,925		784,972

PHARMACEUTICALS—0.5%
Shire plc- ADR		3,634		877,575

PROFESSIONAL SERVICES—0.4%
Experian plc		3,191		58,110
Experian plc- ADR		37,268		682,750

				740,860

				2,403,407

ISRAEL—0.6%
PHARMACEUTICALS—0.5%
Teva Pharmaceutical Industries Ltd.- ADR		13,991		826,868

SOFTWARE—0.1%
Check Point Software Technologies Ltd.(a)		2,576		204,921

				1,031,789

ITALY—1.5%
BANKS—0.4%
Intesa Sanpaolo SpA		59,272		214,890
Intesa Sanpaolo SpA- ADR		5,976		130,456
UniCredit SpA		48,046		322,724

				668,070

ELECTRIC UTILITIES—0.1%
Enel SpA		29,978		135,823

INSURANCE—0.1%
Assicurazioni Generali SpA		16,056		289,265

OIL, GAS & CONSUMABLE FUELS—0.4%
ENI SpA- ADR		18,511		658,621

TEXTILES, APPAREL & LUXURY GOODS—0.3%
Luxottica Group SpA- ADR		9,316		619,048

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
ITALY—1.5%, continued
TRANSPORTATION INFRASTRUCTURE—0.2%
Atlantia SpA		13,863	$	342,486

				2,713,313

JAPAN—16.9%
AUTO COMPONENTS—0.5%
Bridgestone Corp.		4,656		172,244
Bridgestone Corp.- ADR		16,204		299,612
Denso Corp.		5,900		293,879
Denso Corp.- ADR		6,048		150,589

				916,324

AUTOMOBILES—2.4%
Honda Motor Co. Ltd.- ADR		32,346		1,048,010
Nissan Motor Co. Ltd.- ADR		36,396		761,040
Toyota Motor Corp.- ADR		18,470		2,470,363

				4,279,413

BANKS—1.9%
Mitsubishi UFJ Financial Group, Inc.- ADR		188,606		1,361,735
Mizuho Financial Group, Inc.- ADR		132,028		573,002
Sumitomo Mitsui Financial Group, Inc.- ADR		135,650		1,205,928
Sumitomo Mitsui Trust Holdings, Inc.		2,980		13,650
Sumitomo Mitsui Trust Holdings, Inc.- ADR		39,737		182,393

				3,336,708

BUILDING PRODUCTS—0.1%
Asahi Glass Co. Ltd.		3,000		18,017
Asahi Glass Co. Ltd.- ADR		21,219		127,314

				145,331

CAPITAL MARKETS—0.5%
Daiwa Securities Group, Inc.		16,000		119,910
Daiwa Securities Group, Inc.- ADR		49,678		372,088
Nomura Holdings, Inc.- ADR		61,382		414,943

				906,941

CHEMICALS—0.5%
Nitto Denko Corp.		500		41,100
Nitto Denko Corp.- ADR		11,626		478,642
Shin-Etsu Chemical Co. Ltd.		2,000		124,182
Sumitomo Chemical Co. Ltd.		38,000		228,525

				872,449

COMMERCIAL SERVICES & SUPPLIES—0.3%
Dai Nippon Printing Co. Ltd.		50,000		516,607
Dai Nippon Printing Co. Ltd.- ADR		37		382

				516,989

CONSTRUCTION & ENGINEERING—0.3%
JGC Corp.		9,000		170,021
Obayashi Corp.		55,000		401,315

				571,336

DIVERSIFIED FINANCIAL SERVICES—0.3%
ORIX Corp.		2,300		34,223
ORIX Corp.- ADR		5,614		418,355

				452,578


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
JAPAN—16.9%, continued
DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%
Nippon Telegraph & Telephone Corp.- ADR		26,412	$	958,491

ELECTRIC UTILITIES—0.2%
Chubu Electric Power Co., Inc.		12,600		187,839
Tohoku Electric Power Co., Inc.		9,200		124,636

				312,475

ELECTRICAL EQUIPMENT—0.3%
Nidec Corp.- ADR		30,872		576,689

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%
Hitachi Ltd.		11,000		72,515
Hitachi Ltd.- ADR		4,047		266,556
Kyocera Corp.		2,800		145,577
Kyocera Corp.- ADR		3,162		164,550
Murata Manufacturing Co. Ltd.		1,300		226,891
TDK Corp.		200		15,312
TDK Corp.- ADR		826		63,668

				955,069

HEALTH CARE EQUIPMENT & SUPPLIES—0.4%
Hoya Corp.		9,500		380,900
Hoya Corp.- ADR		1,734		69,863
Terumo Corp.		11,800		283,177

				733,940

HOUSEHOLD DURABLES—1.0%
Panasonic Corp.		10,700		147,012
Panasonic Corp.- ADR		21,410		293,745
Sekisui House Ltd.		8,000		127,074
Sekisui House Ltd.- ADR		30,149		482,082
Sharp Corp.(a)		10,000		12,175
Sharp Corp.- ADR(a)		17,095		20,258
Sony Corp.- ADR(a)		22,223		630,911

				1,713,257

INSURANCE—0.6%
MS&AD Insurance Group Holdings, Inc.- ADR		34,266		532,494
Tokio Marine Holdings, Inc.		4,600		191,465
Tokio Marine Holdings, Inc.- ADR		7,354		307,029

				1,030,988

INTERNET & CATALOG RETAIL—0.2%
Rakuten, Inc.		18,400		297,308

IT SERVICES—0.0%**
Fujitsu Ltd.		2,000		11,184
Fujitsu Ltd.- ADR		1,240		34,609

				45,793

MACHINERY—1.3%
FANUC Corp.		400		81,971
FANUC Corp.- ADR		22,452		768,083
Kubota Corp.- ADR		7,847		624,543
Makita Corp.		600		32,553
Makita Corp.- ADR		4,936		269,209
SMC Corp.		1,900		572,321

				2,348,680

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
JAPAN—16.9%, continued
MARINE—0.0%**
Nippon Yusen KK- ADR		7,243	$	40,343

METALS & MINING—0.4%
Nippon Steel Corp.		127,000		329,369
Sumitomo Metal Mining Co. Ltd.		23,000		350,210

				679,579

PERSONAL PRODUCTS—0.5%
Kao Corp.- ADR		10,418		484,645
Shiseido Co. Ltd.		2,100		47,668
Shiseido Co. Ltd.- ADR		15,035		340,543

				872,856

PHARMACEUTICALS—0.7%
Astellas Pharma, Inc.		13,000		185,411
Astellas Pharma, Inc.- ADR		22,165		316,073
Daiichi Sankyo Co. Ltd.		7,700		142,442
Daiichi Sankyo Co. Ltd.- ADR		1,901		35,225
Takeda Pharmaceutical Co. Ltd.		2,700		130,406
Takeda Pharmaceutical Co. Ltd.- ADR		17,304		419,103

				1,228,660

REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%
Daiwa House Industry Co. Ltd.- ADR		15,470		360,915
Mitsubishi Estate Co. Ltd.		7,000		150,799
Mitsubishi Estate Co. Ltd.- ADR		8,499		182,983
Mitsui Fudosan Co. Ltd.		15,000		420,027
Sumitomo Realty & Development Co. Ltd.		6,000		210,492

				1,325,216

ROAD & RAIL—0.7%
Central Japan Railway Co.		1,348		243,474
East Japan Railway Co.		3,590		322,964
East Japan Railway Co.- ADR		29,226		436,490
Keikyu Corp.		37,000		279,348

				1,282,276

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Rohm Co. Ltd.		700		46,958
Rohm Co. Ltd.- ADR		2,660		89,456

				136,414

SOFTWARE—0.1%
Nintendo Co. Ltd.- ADR		11,880		249,242

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.6%
Canon, Inc.- ADR		18,193		589,635
FUJIFILM Holdings Corp.- ADR		11,626		415,281
Seiko Epson Corp.		1,200		21,287
Seiko Epson Corp.- ADR		10,312		91,158

				1,117,361

TEXTILES, APPAREL & LUXURY GOODS—0.2%
Wacoal Holdings Corp.- ADR		5,242		305,556

TRADING COMPANIES & DISTRIBUTORS—0.3%
Mitsui & Co. Ltd.- ADR		1,637		444,855


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
JAPAN—16.9%, continued
WIRELESS TELECOMMUNICATION SERVICES—0.8%
KDDI Corp.- ADR		36,546	$	439,100
NTT DoCoMo, Inc.- ADR		25,911		495,678
Softbank Corp.		6,500		382,878
Softbank Corp.- ADR		6,172		181,765

				1,499,421

				30,152,538

JERSEY—0.2%
METALS & MINING—0.2%
Randgold Resources Ltd.- ADR		6,079		406,989

LUXEMBOURG—0.1%
ENERGY EQUIPMENT & SERVICES—0.1%
Tenaris SA- ADR		7,826		211,459

MEXICO—1.3%
BEVERAGES—0.2%
Coca-Cola Femsa SAB de CV- ADR		4,725		375,401

CONSTRUCTION MATERIALS—0.2%
Cemex SAB de CV- ADR(a)		44,994		412,145

FOOD & STAPLES RETAILING—0.2%
Wal-Mart de Mexico SAB de CV- ADR		11,112		270,800

MEDIA—0.2%
Grupo Televisa SAB- ADR		11,081		430,165

METALS & MINING—0.1%
Fresnillo plc		14,613		159,347

TRANSPORTATION INFRASTRUCTURE—0.2%
Grupo Aeroportuario del Pacifico SAB de CV- ADR		4,513		309,095

WIRELESS TELECOMMUNICATION SERVICES—0.2%
America Movil SAB de CV, Class L- ADR		17,340		369,515

				2,326,468

NETHERLANDS—2.1%
BANKS—0.3%
ING Groep NV- ADR		35,844		594,294

CHEMICALS—0.2%
Akzo Nobel NV- ADR		10,773		261,999

FOOD & STAPLES RETAILING—0.3%
Koninklijke Ahold NV- ADR		23,941		451,765

INDUSTRIAL CONGLOMERATES—0.4%
Koninklijke Philips NV—NY Registry Shares		30,708		781,826

INSURANCE—0.1%
Aegon NV—NY Registry Shares		23,208		171,739

LIFE SCIENCES TOOLS & SERVICES—0.2%
QIAGEN NV(a)		16,784		416,075

MEDIA—0.1%
Wolters Kluwer NV		954		28,339
Wolters Kluwer NV- ADR		7,337		219,083

				247,422

OIL, GAS & CONSUMABLE FUELS—0.1%
Koninklijke Vopak NV		2,532		127,774

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
NETHERLANDS—2.1%, continued
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.3%
ASML Holding NV—NY Registry Shares		4,549	$	473,687

SOFTWARE—0.1%
Gemalto NV		2,161		192,446

				3,719,027

NORWAY—0.6%
CHEMICALS—0.2%
Yara International ASA- ADR		7,283		379,080

METALS & MINING—0.1%
Norsk Hydro ASA		28,584		120,491
Norsk Hydro ASA- ADR		13,201		54,784

				175,275

OIL, GAS & CONSUMABLE FUELS—0.3%
Statoil ASA- ADR		31,384		561,774

				1,116,129

PORTUGAL—0.1%
ELECTRIC UTILITIES—0.1%
EDP—Energias de Portugal SA		20,520		77,895
EDP—Energias de Portugal SA- ADR		1,231		46,938

				124,833

RUSSIA—0.2%
MEDIA—0.0%**
CTC Media, Inc.		28,039		63,649

WIRELESS TELECOMMUNICATION SERVICES—0.2%
Mobile TeleSystems OJSC- ADR		37,298		364,774

				428,423

SINGAPORE—2.0%
BANKS—1.4%
DBS Group Holdings Ltd.		10,656		163,695
DBS Group Holdings Ltd.- ADR		18,371		1,131,470
United Overseas Bank Ltd.		24,187		414,296
United Overseas Bank Ltd.- ADR		22,014		758,052

				2,467,513

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Singapore Telecommunications Ltd.		86,000		268,820
Singapore Telecommunications Ltd.- ADR		6,886		215,807

				484,627

INDUSTRIAL CONGLOMERATES—0.4%
Keppel Corp. Ltd.		11,721		71,535
Keppel Corp. Ltd.- ADR		49,775		607,255

				678,790

REAL ESTATE INVESTMENT TRUSTS (REITS)—0.0%**
Keppel REIT REIT		737		626

				3,631,556

SOUTH AFRICA—0.8%
BANKS—0.1%
Standard Bank Group Ltd.- ADR		11,694		154,945

METALS & MINING—0.0%**
Impala Platinum Holdings Ltd.- ADR(a)		15,171		67,663


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
SOUTH AFRICA—0.8%, continued
OIL, GAS & CONSUMABLE FUELS—0.2%
Sasol Ltd.- ADR		8,993	$	333,281

TRADING COMPANIES & DISTRIBUTORS—0.2%
Barloworld Ltd.		45,286		359,206

WIRELESS TELECOMMUNICATION SERVICES—0.3%
MTN Group Ltd.- ADR		31,552		591,284

				1,506,379

SOUTH KOREA—2.3%
BANKS—1.3%
KB Financial Group, Inc.- ADR		33,114		1,088,457
Shinhan Financial Group Co. Ltd.- ADR		25,553		946,994
Woori Bank- ADR		9,632		253,804

				2,289,255

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
KT Corp.- ADR		38,311		485,400

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%
LG Display Co. Ltd.- ADR		42,203		489,133

WIRELESS TELECOMMUNICATION SERVICES—0.5%
SK Telecom Co. Ltd.- ADR		34,055		844,223

				4,108,011

SPAIN—2.1%
BANKS—0.9%
Banco Bilbao Vizcaya Argentaria SA- ADR		68,498		676,075
Banco Santander SA- ADR		127,833		896,109

				1,572,184

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Telefonica SA- ADR		37,220		528,524

ELECTRIC UTILITIES—0.2%
Iberdrola SA- ADR		15,225		399,656

METALS & MINING—0.1%
Acerinox SA		16,589		229,514

OIL, GAS & CONSUMABLE FUELS—0.3%
Repsol SA		5,200		91,306
Repsol SA- ADR		23,049		405,663

				496,969

SPECIALTY RETAIL—0.3%
Inditex SA		17,640		573,361

				3,800,208

SWEDEN—2.6%
COMMUNICATIONS EQUIPMENT—0.3%
Telefonaktiebolaget LM Ericsson- ADR		48,767		509,128

CONSTRUCTION & ENGINEERING—0.4%
Skanska AB, Class B		37,142		752,710

HOUSEHOLD PRODUCTS—0.2%
Svenska Cellulosa AB SCA, Class B		12,219		310,713

MACHINERY—0.9%
Alfa Laval AB		23,419		412,171
Atlas Copco AB, Class A		8,922		249,691

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
SWEDEN—2.6%, continued
MACHINERY—0.9%, continued
Atlas Copco AB, Class A- ADR		18,292	$	513,456
Sandvik AB		19,176		212,004
Sandvik AB- ADR		20,116		223,891

				1,611,213

METALS & MINING—0.2%
Boliden AB		22,985		418,950

OIL, GAS & CONSUMABLE FUELS—0.2%
Lundin Petroleum AB(a)		20,989		359,529

SPECIALTY RETAIL—0.4%
Hennes & Mauritz AB (H&M), Class B		3,195		123,023
Hennes & Mauritz AB- ADR		65,360		502,619

				625,642

				4,587,885

SWITZERLAND—7.5%
CAPITAL MARKETS—1.3%
Credit Suisse Group AG- ADR(a)		27,848		768,605
Julius Baer Group Ltd.(a)		9,537		535,018
UBS AG(a)		46,462		986,853

				2,290,476

CHEMICALS—0.7%
Syngenta AG- ADR		15,780		1,287,806

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Swisscom AG- ADR		7,140		399,840

ELECTRICAL EQUIPMENT—0.7%
ABB Ltd.- ADR(a)		61,282		1,279,568

FOOD PRODUCTS—0.1%
Barry Callebaut AG(a)		110		125,301

INSURANCE—0.9%
Swiss Re AG		3,563		315,352
Zurich Insurance Group AG- ADR(a)		39,970		1,215,088

				1,530,440

MACHINERY—0.1%
Schindler Holding AG		1,587		259,196

PHARMACEUTICALS—2.9%
Novartis AG- ADR		28,388		2,791,676
Roche Holding AG- ADR		67,656		2,372,696

				5,164,372

PROFESSIONAL SERVICES—0.2%
Adecco SA(a)		4,136		335,764
Adecco SA- ADR(a)		1,206		48,963

				384,727

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%
Logitech International SA		10,434		152,962

TRADING COMPANIES & DISTRIBUTORS—0.3%
Wolseley plc		537		34,282
Wolseley plc- ADR		63,056		408,603

				442,885

				13,317,573


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
TAIWAN—2.8%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.7%
Chunghwa Telecom Co. Ltd.- ADR		38,672	$	1,234,410

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%
AU Optronics Corp.- ADR		56,975		254,109

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.0%
Advanced Semiconductor Engineering, Inc.- ADR		101,549		670,223
Siliconware Precision Industries Co. Ltd.- ADR		79,145		589,630
Taiwan Semiconductor Manufacturing Co. Ltd.- ADR		84,657		1,922,561
United Microelectronics Corp.- ADR		191,039		391,630

				3,574,044

				5,062,563

TURKEY—0.2%
BANKS—0.1%
Turkiye Garanti Bankasi AS- ADR		59,610		188,964

WIRELESS TELECOMMUNICATION SERVICES—0.1%
Turkcell Iletisim Hizmetleri AS- ADR		19,718		226,560

				415,524

UNITED KINGDOM—12.9%
BANKS—2.1%
Barclays plc- ADR		50,461		829,579
HSBC Holdings plc- ADR		44,158		1,978,720
Lloyds Banking Group plc- ADR		102,926		558,888
Standard Chartered plc		26,352		421,923

				3,789,110

CAPITAL MARKETS—0.0%**
Man Group plc		3,940		9,713
Man Group plc- ADR		7,608		18,336

				28,049

DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
BT Group plc- ADR		9,102		645,241

ELECTRIC UTILITIES—0.4%
SSE plc		2,983		71,993
SSE plc- ADR		26,274		634,780

				706,773

ENERGY EQUIPMENT & SERVICES—0.4%
AMEC Foster Wheeler plc		26,726		343,295
Subsea 7 SA(a)		36,082		353,206
Subsea 7 SA- ADR(a)		3,305		32,306

				728,807

FOOD & STAPLES RETAILING—0.3%
J Sainsbury plc		4,806		20,034
J Sainsbury plc- ADR		18,741		315,973
WM Morrison Supermarkets plc		29,374		83,446
WM Morrison Supermarkets plc- ADR		8,054		114,528

				533,981

FOOD PRODUCTS—0.7%
Unilever NV—NY Registry Shares		28,732		1,202,147

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
UNITED KINGDOM—12.9%, continued
HEALTH CARE EQUIPMENT & SUPPLIES—0.4%
Smith & Nephew plc		4,232	$	71,416
Smith & Nephew plc- ADR		17,185		583,431

				654,847

HOTELS, RESTAURANTS & LEISURE—0.7%
Compass Group plc		2,247		37,177
Compass Group plc- ADR		47,072		787,985
InterContinental Hotels Group plc- ADR		11,424		462,215

				1,287,377

HOUSEHOLD PRODUCTS—0.6%
Reckitt Benckiser Group plc		3,212		276,971
Reckitt Benckiser Group plc- ADR		51,855		900,203

				1,177,174

INSURANCE—0.9%
Aviva plc		41,971		324,789
Aviva plc- ADR		6,116		95,226
Prudential plc- ADR		24,107		1,170,636

				1,590,651

MEDIA—1.3%
Pearson plc- ADR		23,760		450,490
Reed Elsevier plc- ADR		9,232		600,080
Sky plc		3,176		51,749
Sky plc- ADR		6,005		393,328
WPP plc- ADR		6,767		762,776

				2,258,423

METALS & MINING—0.1%
Antofagasta plc		3,335		36,130
Antofagasta plc- ADR		3,393		73,798

				109,928

MULTILINE RETAIL—0.3%
Marks & Spencer Group plc		10,719		90,274
Marks & Spencer Group plc- ADR		17,019		287,281
Next plc		1,607		188,112

				565,667

MULTI-UTILITIES—0.6%
National Grid plc- ADR		16,906		1,091,620

OIL, GAS & CONSUMABLE FUELS—0.7%
BG Group plc		6,208		103,347
BG Group plc- ADR		48,093		807,001
Tullow Oil plc		60,144		321,021
Tullow Oil plc- ADR		15,976		42,336

				1,273,705

PHARMACEUTICALS—1.3%
AstraZeneca plc- ADR		15,840		1,009,167
GlaxoSmithKline plc- ADR		28,888		1,203,185
Indivior plc(a)		3,212		11,345
Indivior plc- ADR(a)		1,963		35,236

				2,258,933


	SHARES		FAIR VALUE
COMMON STOCKS—97.9%, continued
UNITED KINGDOM—12.9%, continued
PROFESSIONAL SERVICES—0.1%
Capita plc		12,030	$	234,008

REAL ESTATE INVESTMENT TRUSTS (REITS)—0.2%
Land Securities Group plc REIT		16,051		303,650

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.2%
ARM Holdings plc- ADR		8,551		421,308

SOFTWARE—0.2%
Sage Group plc		33,781		272,027
Sage Group plc- ADR		2,320		74,797

				346,824

SPECIALTY RETAIL—0.2%
Kingfisher plc- ADR		29,151		318,329

WATER UTILITIES—0.3%
Severn Trent plc		6,683		218,519
United Utilities Group plc		2,386		33,441
United Utilities Group plc- ADR		12,883		361,497

				613,457

WIRELESS TELECOMMUNICATION SERVICES—0.5%
Vodafone Group plc- ADR		26,458		964,394

				23,104,403

UNITED STATES—0.9%
HEALTH CARE PROVIDERS & SERVICES—0.1%
Catamaran Corp.(a)		3,636		222,087

HOTELS, RESTAURANTS & LEISURE—0.2%
Carnival plc- ADR		7,671		393,369

MEDIA—0.2%
Thomson Reuters Corp.		7,011		266,909

METALS & MINING—0.1%
Sims Metal Management Ltd.- ADR		21,356		170,314

PHARMACEUTICALS—0.3%
Valeant Pharmaceuticals International, Inc.(a)		2,545		565,371

				1,618,050

TOTAL COMMON STOCKS (COST $151,588,598)				174,833,558

PREFERRED STOCKS—0.3%
BRAZIL—0.3%
BANKS—0.2%
Itau Unibanco Holding SA- ADR		35,028		383,557

FOOD & STAPLES RETAILING—0.1%
Cia Brasileira de Distribuicao- ADR		4,760		112,669

				496,226	��

TOTAL PREFERRED STOCKS (COST $625,699)				496,226

WARRANT—0.0%**
HONG KONG—0.0%**
Sun Hung Kai Properties Ltd., expiring 4/22/16(a) (COST $—)		916		3,256

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
June 30, 2015 (unaudited)


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc., 0.50%, 6/15/16(b)	$	1,000,000	$	1,000,000
Calvert Social Investment Foundation, Inc., 1.00%, 12/15/17(b)		600,000		600,000

TOTAL CORPORATE NOTES (COST $1,600,000)				1,600,000


TOTAL INVESTMENTS (Cost* $153,814,297—Unrealized gain/loss $23,118,743)—99.1%			$	176,933,040
Other assets in excess of liabilities—0.9%				1,590,923

NET ASSETS—100%			$	178,523,963

(a)	Non-income producing securities.

(b)	Illiquid security

*	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.

Schedule of Portfolio Investments


Praxis Value Index Fund
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
COMMON STOCKS—98.7%
AIR FREIGHT & LOGISTICS—1.7%
FedEx Corp.		3,856	$	657,063
United Parcel Service, Inc., Class B		17,264		1,673,054

				2,330,117

AUTO COMPONENTS—1.1%
BorgWarner, Inc.		4,390		249,528
Delphi Automotive plc		3,800		323,342
Goodyear Tire & Rubber Co.		4,500		135,675
Johnson Controls, Inc.		16,631		823,733

				1,532,278

AUTOMOBILES—1.5%
Ford Motor Co.		70,233		1,054,197
General Motors Co.		30,620		1,020,565

				2,074,762

BANKS—10.9%
Bank of America Corp.		153,220		2,607,804
BB&T Corp.		13,054		526,207
Citigroup, Inc.		43,026		2,376,756
Comerica, Inc.		4,021		206,358
Huntington Bancshares, Inc.		18,154		205,322
JPMorgan Chase & Co.		57,942		3,926,150
KeyCorp		9,408		141,308
M&T Bank Corp.		2,256		281,842
PNC Financial Services Group, Inc.		7,721		738,514
Regions Financial Corp.		24,860		257,550
SunTrust Banks, Inc.		6,766		291,073
U.S. Bancorp		11,287		489,856
Wells Fargo & Co.		50,289		2,828,253
Zions Bancorp		4,400		139,634

				15,016,627

BEVERAGES—1.6%
Coca-Cola Co.		29,710		1,165,523
PepsiCo, Inc.		10,879		1,015,446

				2,180,969

BIOTECHNOLOGY—0.2%
Amgen, Inc.		1,504		230,894

BUILDING PRODUCTS—0.2%
Allegion plc		4,178		251,265

CAPITAL MARKETS—3.4%
Ameriprise Financial, Inc.		1,806		225,624
Bank of New York Mellon Corp.		14,064		590,266
BlackRock, Inc.		932		322,453
Charles Schwab Corp.		8,270		270,016
Goldman Sachs Group, Inc.		6,557		1,369,036
Invesco Ltd.		4,702		176,278
Morgan Stanley		22,811		884,839
Northern Trust Corp.		3,977		304,081
State Street Corp.		6,240		480,480

				4,623,073


	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
CHEMICALS—3.1%
Air Products & Chemicals, Inc.		2,567	$	351,243
E.I. du Pont de Nemours & Co.		15,069		963,662
Eastman Chemical Co.		5,570		455,737
Ecolab, Inc.		1,616		182,721
LyondellBasell Industries NV, Class A		7,340		759,837
Mosaic Co.		4,920		230,502
PPG Industries, Inc.		5,430		622,930
Praxair, Inc.		5,656		676,175

				4,242,807

COMMERCIAL SERVICES & SUPPLIES—0.5%
ADT Corp.		5,046		169,394
Tyco International plc		13,821		531,832

				701,226

COMMUNICATIONS EQUIPMENT—0.6%
Cisco Systems, Inc.		30,465		836,569

CONSTRUCTION MATERIALS—0.1%
Vulcan Materials Co.		1,852		155,438

CONSUMER FINANCE—1.1%
American Express Co.		7,624		592,537
Capital One Financial Corp.		10,900		958,873

				1,551,410

CONTAINERS & PACKAGING—0.5%
Avery Dennison Corp.		3,846		234,375
Ball Corp.		4,084		286,493
Owens-Illinois, Inc.(a)		7,755		177,900

				698,768

DISTRIBUTORS—0.2%
Genuine Parts Co.		3,080		275,752

DIVERSIFIED CONSUMER SERVICES—0.1%
H&R Block, Inc.		6,094		180,687

DIVERSIFIED FINANCIAL SERVICES—3.3%
Berkshire Hathaway, Inc., Class B(a)		27,382		3,726,964
CME Group, Inc.		5,240		487,634
McGraw Hill Financial, Inc.		3,488		350,370

				4,564,968

DIVERSIFIED TELECOMMUNICATION SERVICES—4.7%
AT&T, Inc.		86,318		3,066,015
CenturyLink, Inc.		7,688		225,874
Frontier Communications Corp.		55,538		274,913
Verizon Communications, Inc.		61,930		2,886,557

				6,453,359

ELECTRIC UTILITIES—3.1%
American Electric Power Co., Inc.		6,000		317,820
Duke Energy Corp.		15,864		1,120,316
Edison International		3,537		196,586
NextEra Energy, Inc.		8,265		810,218
PPL Corp.		14,801		436,186
Southern Co.		24,911		1,043,771
Xcel Energy, Inc.		8,784		282,669

				4,207,566

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Value Index Fund
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
ELECTRICAL EQUIPMENT—1.9%
Eaton Corp. plc		9,050	$	610,784
Emerson Electric Co.		22,204		1,230,768
Rockwell Automation, Inc.		5,850		729,144

				2,570,696

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%
Corning, Inc.		16,306		321,717
TE Connectivity Ltd.		3,956		254,371

				576,088

ENERGY EQUIPMENT & SERVICES—2.6%
Baker Hughes, Inc.		8,170		504,089
Cameron International Corp.(a)		3,818		199,949
Diamond Offshore Drilling, Inc.		5,913		152,615
Ensco plc, Class A		8,150		181,500
FMC Technologies, Inc.(a)		6,180		256,408
Nabors Industries Ltd.		16,686		240,779
National Oilwell Varco, Inc.		9,526		459,915
Noble Corp. plc		13,071		201,163
Schlumberger Ltd.		14,100		1,215,279
Transocean Ltd.		11,520		185,702

				3,597,399

FOOD & STAPLES RETAILING—3.8%
Costco Wholesale Corp.		6,540		883,292
CVS Health Corp.		1,923		201,684
Kroger Co.		9,582		694,791
Safeway, Inc.		6,607		323
Safeway, Inc.		6,607		6,706
Sysco Corp.		10,383		374,826
Walgreens Boots Alliance, Inc.		10,216		862,639
Wal-Mart Stores, Inc.		28,280		2,005,900
Whole Foods Market, Inc.		6,300		248,472

				5,278,633

FOOD PRODUCTS—2.3%
Archer-Daniels-Midland Co.		7,850		378,527
General Mills, Inc.		8,384		467,157
Kellogg Co.		3,959		248,229
Kraft Foods Group, Inc.		8,290		705,811
Mondelez International, Inc., Class A		34,482		1,418,589

				3,218,313

GAS UTILITIES—0.2%
AGL Resources, Inc.		7,240		337,094

HEALTH CARE EQUIPMENT & SUPPLIES—0.9%
Abbott Laboratories		21,510		1,055,711
Baxter International, Inc.		2,140		149,650

				1,205,361

HEALTH CARE PROVIDERS & SERVICES—3.7%
Aetna, Inc.		4,309		549,225
Anthem, Inc.		5,655		928,212
Cardinal Health, Inc.		4,550		380,608
Cigna Corp.		1,255		203,310
Express Scripts Holding Co.(a)		8,567		761,949
Humana, Inc.		2,730		522,194


	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
HEALTH CARE PROVIDERS & SERVICES—3.7%, continued
McKesson Corp.		1,664	$	374,084
UnitedHealth Group, Inc.		11,127		1,357,494

				5,077,076

HOTELS, RESTAURANTS & LEISURE—1.6%
Carnival Corp.		8,393		414,530
McDonald’s Corp.		11,860		1,127,530
Starbucks Corp.		4,360		233,762
Starwood Hotels & Resorts Worldwide, Inc.		1,776		144,016
Wyndham Worldwide Corp.		2,711		222,058

				2,141,896

HOUSEHOLD DURABLES—0.3%
D.R. Horton, Inc.		10,244		280,276
Whirlpool Corp.		872		150,900

				431,176

HOUSEHOLD PRODUCTS—1.4%
Colgate-Palmolive Co.		4,598		300,755
Procter & Gamble Co.		21,658		1,694,522

				1,995,277

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.2%
AES Corp.		11,874		157,449
NRG Energy, Inc.		6,736		154,120
Talen Energy Corp.(a)		1,849		31,724

				343,293

INDUSTRIAL CONGLOMERATES—1.8%
3M Co.		14,975		2,310,642
Roper Technologies, Inc.		1,380		237,995

				2,548,637

INSURANCE—6.0%
ACE Ltd.		4,420		449,426
Aflac, Inc.		10,310		641,282
Allstate Corp.		8,739		566,899
American International Group, Inc.		21,857		1,351,200
Aon plc		2,267		225,974
Assurant, Inc.		2,924		195,908
Chubb Corp.		3,750		356,775
Cincinnati Financial Corp.		5,262		264,047
Hartford Financial Services Group, Inc.		4,990		207,434
Lincoln National Corp.		3,280		194,242
Loews Corp.		9,894		381,018
Marsh & McLennan Cos., Inc.		5,930		336,231
MetLife, Inc.		20,563		1,151,322
Principal Financial Group, Inc.		3,230		165,667
Progressive Corp.		9,953		276,992
Prudential Financial, Inc.		8,520		745,670
Travelers Cos., Inc.		5,533		534,820
Unum Group		4,280		153,010

				8,197,917

INTERNET SOFTWARE & SERVICES—0.5%
eBay, Inc.(a)		2,888		173,973
Google, Inc., Class C(a)		421		219,135
Google, Inc., Class A(a)		490		264,620

				657,728

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Value Index Fund
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
IT SERVICES—2.7%
Accenture plc, Class A		4,238	$	410,154
Fidelity National Information Services, Inc.		3,862		238,672
International Business Machines Corp.		14,012		2,279,192
Mastercard, Inc., Class A		2,880		269,222
Paychex, Inc.		3,684		172,706
Western Union Co.		10,989		223,406
Xerox Corp.		15,601		165,995

				3,759,347

LIFE SCIENCES TOOLS & SERVICES—0.3%
Thermo Fisher Scientific, Inc.		3,244		420,942

MACHINERY—3.7%
Deere & Co.		10,637		1,032,321
Dover Corp.		7,213		506,208
Flowserve Corp.		3,900		205,374
Illinois Tool Works, Inc.		7,035		645,743
Ingersoll-Rand plc		5,365		361,708
Joy Global, Inc.		4,620		167,244
PACCAR, Inc.		3,666		233,927
Parker-Hannifin Corp.		3,757		437,052
Pentair plc		9,840		676,500
Stanley Black & Decker, Inc.		3,840		404,122
Xylem, Inc.		10,598		392,868

				5,063,067

MEDIA—1.9%
CBS Corp., Class B		2,720		150,960
Comcast Corp., Class A		15,295		919,841
Omnicom Group, Inc.		2,019		140,300
Time Warner Cable, Inc.		1,227		218,615
Time Warner, Inc.		3,172		277,264
Viacom, Inc., Class B		3,931		254,100
Walt Disney Co.		5,997		684,498

				2,645,578

METALS & MINING—0.5%
Newmont Mining Corp.		10,380		242,477
Nucor Corp.		9,290		409,410

				651,887

MULTILINE RETAIL—0.9%
Macy’s, Inc.		3,933		265,359
Target Corp.		11,166		911,481

				1,176,840

MULTI-UTILITIES—1.2%
CenterPoint Energy, Inc.		9,131		173,763
Consolidated Edison, Inc.		9,561		553,391
DTE Energy Co.		3,270		244,073
NiSource, Inc.		4,934		224,941
SCANA Corp.		4,988		252,642
Sempra Energy		2,723		269,413

				1,718,223

OIL, GAS & CONSUMABLE FUELS—10.7%
Anadarko Petroleum Corp.		6,920		540,175
Apache Corp.		9,988		575,609


	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
OIL, GAS & CONSUMABLE FUELS—10.7%, continued
ConocoPhillips		55,637	$	3,416,668
Denbury Resources, Inc.		28,879		183,671
EOG Resources, Inc.		1,900		166,345
EQT Corp.		2,798		227,589
Hess Corp.		13,630		911,574
Kinder Morgan, Inc.		13,001		499,108
Marathon Oil Corp.		37,946		1,007,087
Marathon Petroleum Corp.		10,896		569,970
Murphy Oil Corp.		21,806		906,475
Noble Energy, Inc.		10,988		468,968
Occidental Petroleum Corp.		27,730		2,156,562
ONEOK, Inc.		4,175		164,829
Phillips 66		17,404		1,402,066
QEP Resources, Inc.		12,478		230,968
Southwestern Energy Co.(a)		7,744		176,021
Spectra Energy Corp.		27,629		900,705
Williams Cos., Inc.		3,591		206,088

				14,710,478

PAPER & FOREST PRODUCTS—0.2%
International Paper Co.		5,781		275,118

PERSONAL PRODUCTS—0.3%
Avon Products, Inc.		24,222		151,630
Estee Lauder Cos., Inc., Class A		3,190		276,445

				428,075

PHARMACEUTICALS—5.3%
AbbVie, Inc.		4,888		328,425
Bristol-Myers Squibb Co.		15,309		1,018,661
Eli Lilly & Co.		16,857		1,407,391
Hospira, Inc.(a)		2,223		197,202
Johnson & Johnson		25,081		2,444,394
Merck & Co., Inc.		32,311		1,839,465

				7,235,538

REAL ESTATE INVESTMENT TRUSTS (REITS)—1.0%
Communications Sales & Leasing, Inc.		10,540		260,549
HCP, Inc.		4,327		157,806
Plum Creek Timber Co., Inc.		6,180		250,723
Prologis, Inc.		4,597		170,549
Simon Property Group, Inc.		1,429		247,245
Vornado Realty Trust		1,493		141,730
Weyerhaeuser Co.		6,909		217,633

				1,446,235

ROAD & RAIL—0.4%
Norfolk Southern Corp.		4,645		405,787
Ryder System, Inc.		1,959		171,158

				576,945

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.8%
Analog Devices, Inc.		6,343		407,126
Applied Materials, Inc.		11,897		228,660
Intel Corp.		7,728		235,047
NVIDIA Corp.		11,848		238,263

				1,109,096

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Value Index Fund
June 30, 2015 (unaudited)


	PRINCIPAL AMOUNT/ SHARES			FAIR VALUE
COMMON STOCKS—98.7%, continued
SOFTWARE—1.4%
Adobe Systems, Inc.(a)		1,819		$	147,357
CA, Inc.		7,512			220,026
Microsoft Corp.		8,480			374,392
Oracle Corp.		26,072			1,050,702
salesforce.com, Inc.(a)		2,090			145,527

					1,938,004

SPECIALTY RETAIL—0.6%
Best Buy Co., Inc.		7,220			235,444
Home Depot, Inc.		3,542			393,623
Staples, Inc.		11,780			180,352

					809,419

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.1%
Apple, Inc.		1,610			201,934
EMC Corp.		15,941			420,683
Hewlett-Packard Co.		28,901			867,319

					1,489,936

TRADING COMPANIES & DISTRIBUTORS—0.2%
W.W. Grainger, Inc.		1,020			241,383

TOTAL COMMON STOCKS (COST $107,943,001)			��		135,981,230

CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc., 0.50%, 6/15/16(b)	$	450,000			450,000
Calvert Social Investment Foundation, Inc., 1.00%, 12/15/17(b)		750,000			750,000

TOTAL CORPORATE NOTES (COST $1,200,000)					1,200,000


TOTAL INVESTMENTS (Cost* $109,143,001—Unrealized gain/loss $28,038,229)—99.6%				$	137,181,230
Other assets in excess of liabilities—0.4%					551,120

NET ASSETS—100%				$	137,732,350

(a)	Non-income producing securities.

(b)	Illiquid security

*	Represents cost for financial reporting purposes.


plc	—	Public Liability Company
REIT	—	Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Portfolio Investments


Praxis Growth Index Fund
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
COMMON STOCKS—98.6%
AIR FREIGHT & LOGISTICS—1.1%
C. H. Robinson Worldwide, Inc.		5,690	$	354,999
Expeditors International of Washington, Inc.		3,995		184,190
FedEx Corp.		3,651		622,130
United Parcel Service, Inc., Class B		9,026		874,710

				2,036,029

AIRLINES—0.8%
Delta Air Lines, Inc.		17,886		734,757
Southwest Airlines Co.		20,508		678,610

				1,413,367

AUTO COMPONENTS—0.2%
Delphi Automotive plc		4,705		400,349

AUTOMOBILES—0.1%
Harley-Davidson, Inc.		4,305		242,587

BANKS—1.5%
Fifth Third Bancorp		8,595		178,948
U.S. Bancorp		19,296		837,447
Wells Fargo & Co.		29,764		1,673,927

				2,690,322

BEVERAGES—2.8%
Coca-Cola Co.		53,560		2,101,159
Monster Beverage Corp.(a)		5,146		689,667
PepsiCo, Inc.		24,432		2,280,483

				5,071,309

BIOTECHNOLOGY—6.2%
Alexion Pharmaceuticals, Inc.(a)		4,425		799,907
Amgen, Inc.		14,823		2,275,627
Biogen, Inc.(a)		4,371		1,765,622
Celgene Corp.(a)		16,758		1,939,487
Gilead Sciences, Inc.		27,932		3,270,279
Regeneron Pharmaceuticals, Inc.(a)		1,440		734,587
Vertex Pharmaceuticals, Inc.(a)		4,082		504,045

				11,289,554

BUILDING PRODUCTS—0.2%
Masco Corp.		13,683		364,926

CAPITAL MARKETS—1.9%
Ameriprise Financial, Inc.		4,361		544,820
BlackRock, Inc.		2,088		722,406
Charles Schwab Corp.		18,879		616,399
Franklin Resources, Inc.		7,976		391,063
Northern Trust Corp.		4,438		339,330
State Street Corp.		2,220		170,940
T. Rowe Price Group, Inc.		8,045		625,338

				3,410,296

CHEMICALS—2.9%
Air Products & Chemicals, Inc.		5,469		748,323
E.I. du Pont de Nemours & Co.		10,538		673,905
Ecolab, Inc.		7,662		866,342
PPG Industries, Inc.		5,480		628,666
Praxair, Inc.		8,079		965,845
Sherwin-Williams Co.		3,622		996,122
Sigma-Aldrich Corp.		2,605		363,007

				5,242,210


	SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
COMMUNICATIONS EQUIPMENT—2.3%
Cisco Systems, Inc.		59,674	$	1,638,648
F5 Networks, Inc.(a)		2,555		307,494
Juniper Networks, Inc.		8,505		220,875
QUALCOMM, Inc.		32,565		2,039,546

				4,206,563

CONSUMER FINANCE—0.8%
American Express Co.		12,240		951,293
Discover Financial Services		9,272		534,253

				1,485,546

CONTAINERS & PACKAGING—0.2%
Sealed Air Corp.		5,793		297,644

DIVERSIFIED FINANCIAL SERVICES—0.7%
Berkshire Hathaway, Inc., Class B(a)		2,515		342,317
Intercontinental Exchange, Inc.		2,047		457,730
McGraw Hill Financial, Inc.		5,128		515,107

				1,315,154

DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
Level 3 Communications, Inc.(a)		6,374		335,718
Verizon Communications, Inc.		8,380		390,592

				726,310

ELECTRIC UTILITIES—0.5%
NextEra Energy, Inc.		8,610		844,038

ELECTRICAL EQUIPMENT—0.5%
Emerson Electric Co.		6,247		346,271
Rockwell Automation, Inc.		4,181		521,120

				867,391

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%
Amphenol Corp., Class A		10,146		588,164

ENERGY EQUIPMENT & SERVICES—0.7%
Cameron International Corp.(a)		4,337		227,129
Schlumberger Ltd.		11,061		953,347

				1,180,476

FOOD & STAPLES RETAILING—1.9%
Costco Wholesale Corp.		1,796		242,567
CVS Health Corp.		23,968		2,513,764
Walgreens Boots Alliance, Inc.		3,882		327,796
Wal-Mart Stores, Inc.		2,244		159,167
Whole Foods Market, Inc.		4,929		194,400

				3,437,694

FOOD PRODUCTS—1.7%
Campbell Soup Co.		5,670		270,175
Hershey Co.		5,314		472,043
Kellogg Co.		7,669		480,846
Keurig Green Mountain, Inc.		2,536		194,334
Kraft Foods Group, Inc.		8,438		718,411
Mead Johnson Nutrition Co.		5,698		514,074
Mondelez International, Inc., Class A		11,813		485,987

				3,135,870

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Growth Index Fund
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
GAS UTILITIES—0.2%
AGL Resources, Inc.		5,725	$	266,556

HEALTH CARE EQUIPMENT & SUPPLIES—3.1%
Baxter International, Inc.		9,021		630,839
Boston Scientific Corp.(a)		19,106		338,176
Edwards Lifesciences Corp.(a)		4,114		585,957
Intuitive Surgical, Inc.(a)		861		417,154
Medtronic plc		30,912		2,290,579
Stryker Corp.		7,068		675,489
Zimmer Biomet Holdings, Inc.		5,940		648,826

				5,587,020

HEALTH CARE PROVIDERS & SERVICES—1.5%
DaVita HealthCare Partners, Inc.(a)		6,464		513,694
Express Scripts Holding Co.(a)		7,717		686,350
UnitedHealth Group, Inc.		11,979		1,461,438

				2,661,482

HEALTH CARE TECHNOLOGY—0.3%
Cerner Corp.(a)		8,234		568,640

HOTELS, RESTAURANTS & LEISURE—2.4%
Chipotle Mexican Grill, Inc.(a)		790		477,942
Marriott International, Inc., Class A		5,438		404,533
McDonald’s Corp.		12,500		1,188,375
Starbucks Corp.		24,398		1,308,099
Starwood Hotels & Resorts Worldwide, Inc.		3,900		316,251
Yum! Brands, Inc.		6,767		609,571

				4,304,771

HOUSEHOLD DURABLES—0.2%
Whirlpool Corp.		1,667		288,474

HOUSEHOLD PRODUCTS—2.1%
Colgate-Palmolive Co.		13,933		911,357
Kimberly-Clark Corp.		8,229		872,027
Procter & Gamble Co.		26,136		2,044,881

				3,828,265

INDUSTRIAL CONGLOMERATES—1.4%
3M Co.		12,187		1,880,454
Roper Technologies, Inc.		4,143		714,502

				2,594,956

INSURANCE—1.0%
Aflac, Inc.		4,154		258,379
Aon plc		6,821		679,917
Chubb Corp.		4,619		439,452
Prudential Financial, Inc.		1,920		168,038
Travelers Cos., Inc.		2,642		255,376

				1,801,162

INTERNET & CATALOG RETAIL—2.8%
Amazon.com, Inc.(a)		6,436		2,793,803
Expedia, Inc.		2,388		261,128
Netflix, Inc.(a)		1,218		800,153
Priceline Group, Inc.(a)		1,030		1,185,911

				5,040,995


	SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
INTERNET SOFTWARE & SERVICES—6.0%
Akamai Technologies, Inc.(a)		5,069	$	353,917
eBay, Inc.(a)		16,367		985,948
Facebook, Inc., Class A(a)		38,630		3,313,102
Google, Inc., Class C(a)		4,762		2,478,669
Google, Inc., Class A(a)		5,029		2,715,861
VeriSign, Inc.(a)		5,480		338,226
Yahoo!, Inc.(a)		17,787		698,851

				10,884,574

IT SERVICES—4.4%
Accenture plc, Class A		7,994		773,659
Automatic Data Processing, Inc.		11,012		883,493
Cognizant Technology Solutions Corp., Class A(a)		11,980		731,858
Fiserv, Inc.(a)		7,858		650,878
International Business Machines Corp.		1,095		178,113
Mastercard, Inc., Class A		20,125		1,881,285
Paychex, Inc.		5,970		279,873
Visa, Inc., Class A		38,164		2,562,713

				7,941,872

LIFE SCIENCES TOOLS & SERVICES—0.8%
Agilent Technologies, Inc.		5,785		223,186
Thermo Fisher Scientific, Inc.		9,445		1,225,583

				1,448,769

MACHINERY—0.5%
Illinois Tool Works, Inc.		6,683		613,433
Ingersoll-Rand plc		4,358		293,816

				907,249

MEDIA—5.6%
CBS Corp., Class B		6,525		362,137
Comcast Corp., Class A		31,097		1,870,174
DIRECTV(a)		11,407		1,058,455
Discovery Communications, Inc., Class C(a)		6,791		211,064
Discovery Communications, Inc., Class A(a)		6,791		225,869
Gannett Co., Inc.(a)		3,092		43,257
Omnicom Group, Inc.		8,416		584,828
TEGNA, Inc.		6,184		198,321
Time Warner Cable, Inc.		4,148		739,049
Time Warner, Inc.		15,792		1,380,379
Viacom, Inc., Class B		4,340		280,538
Walt Disney Co.		27,439		3,131,887

				10,085,958

MULTILINE RETAIL—0.4%
Dollar Tree, Inc.(a)		6,249		493,608
Target Corp.		2,531		206,606

				700,214

OIL, GAS & CONSUMABLE FUELS—2.3%
Anadarko Petroleum Corp.		4,126		322,076
EOG Resources, Inc.		11,562		1,012,253
EQT Corp.		4,010		326,173
Kinder Morgan, Inc.		29,358		1,127,054
Murphy Oil Corp.		1,830		76,073

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Growth Index Fund
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
OIL, GAS & CONSUMABLE FUELS—2.3%, continued
Noble Energy, Inc.		3,494	$	149,124
Spectra Energy Corp.		14,393		469,212
Williams Cos., Inc.		13,291		762,770

				4,244,735

PHARMACEUTICALS—6.8%
AbbVie, Inc.		31,628		2,125,086
Allergan plc(a)		7,444		2,258,956
Bristol-Myers Squibb Co.		19,628		1,306,047
Eli Lilly & Co.		11,868		990,859
Johnson & Johnson		31,098		3,030,811
Merck & Co., Inc.		28,494		1,622,164
Mylan NV(a)		8,313		564,120
Perrigo Co. plc		1,776		328,258

				12,226,301

PROFESSIONAL SERVICES—0.2%
Robert Half International, Inc.		6,317		350,594

REAL ESTATE INVESTMENT TRUSTS (REITS)—3.7%
American Tower Corp.		10,594		988,314
AvalonBay Communities, Inc.		3,510		561,144
Crown Castle International Corp.		11,808		948,182
Equity Residential		9,459		663,738
General Growth Properties, Inc.		12,536		321,674
Health Care REIT, Inc.		9,176		602,221
Host Hotels & Resorts, Inc.		16,449		326,184
Public Storage		3,142		579,290
Simon Property Group, Inc.		5,204		900,396
Ventas, Inc.		8,540		530,249
Weyerhaeuser Co.		9,037		284,665

				6,706,057

ROAD & RAIL—1.8%
CSX Corp.		27,725		905,221
Kansas City Southern		2,586		235,843
Norfolk Southern Corp.		5,900		515,424
Union Pacific Corp.		17,062		1,627,203

				3,283,691

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.7%
Altera Corp.		5,948		304,538
Analog Devices, Inc.		8,337		535,110
Applied Materials, Inc.		18,241		350,592
Avago Technologies Ltd.		6,441		856,202
Broadcom Corp., Class A		12,158		626,015
Intel Corp.		89,693		2,728,013
Micron Technology, Inc.(a)		21,952		413,576
Texas Instruments, Inc.		18,499		952,883

				6,766,929

SOFTWARE—6.0%
Adobe Systems, Inc.(a)		7,977		646,217
Autodesk, Inc.(a)		4,626		231,647
Citrix Systems, Inc.(a)		3,452		242,192
Intuit, Inc.		6,883		693,600
Microsoft Corp.		148,554		6,558,659
Oracle Corp.		35,196		1,418,399


	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
COMMON STOCKS—98.6%, continued
SOFTWARE—6.0%, continued
Red Hat, Inc.(a)		3,075	$	233,485
salesforce.com, Inc.(a)		8,813		613,649
Symantec Corp.		10,288		239,196

				10,877,044

SPECIALTY RETAIL—3.7%
Bed Bath & Beyond, Inc.(a)		2,656		183,211
Gap, Inc.		8,185		312,421
Home Depot, Inc.		26,011		2,890,602
Lowe’s Cos., Inc.		17,846		1,195,147
O’Reilly Automotive, Inc.(a)		3,768		851,493
Ross Stores, Inc.		9,142		444,393
TJX Cos., Inc.		12,650		837,050

				6,714,317

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—8.4%
Apple, Inc.		106,785		13,393,509
EMC Corp.		27,961		737,891
NetApp, Inc.		6,524		205,897
SanDisk Corp.		4,838		281,668
Seagate Technology plc		6,305		299,487
Western Digital Corp.		4,218		330,776

				15,249,228

TEXTILES, APPAREL & LUXURY GOODS—1.2%
NIKE, Inc., Class B		12,530		1,353,490
Ralph Lauren Corp.		1,097		145,199
VF Corp.		9,543		665,529

				2,164,218

TRADING COMPANIES & DISTRIBUTORS—0.4%
Fastenal Co.		3,809		160,664
W.W. Grainger, Inc.		2,257		534,119

				694,783

TOTAL COMMON STOCKS (COST $117,506,674)				178,434,653

CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc., 0.50%, 6/15/16(b)	$	1,500,000		1,500,000
Calvert Social Investment Foundation, Inc., 1.00%, 12/15/17(b)		175,000		175,000

TOTAL CORPORATE NOTES (COST $1,675,000)				1,675,000


TOTAL INVESTMENTS (Cost* $119,181,674—Unrealized gain/loss $60,927,979)—99.5%			$	180,109,653
Other assets in excess of liabilities—0.5%				951,930

NET ASSETS—100%			$	181,061,583

(a)	Non-income producing securities.

(b)	Illiquid security

*	Represents cost for financial reporting purposes.


plc	—	Public Liability Company
REIT	—	Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Portfolio Investments


Praxis Small Cap Fund
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
COMMON STOCKS—96.8%
AEROSPACE & DEFENSE—1.4%
Hexcel Corp.		15,770	$	784,400

BANKS—9.3%
BancorpSouth, Inc.		33,458		861,878
Bank of the Ozarks, Inc.		20,105		919,804
Columbia Banking System, Inc.		28,150		916,001
Hanmi Financial Corp.		28,465		707,070
Home Bancshares, Inc.		23,695		866,289
Texas Capital Bancshares, Inc.(a)		12,790		796,050

				5,067,092

BIOTECHNOLOGY—1.8%
Exact Sciences Corp.(a)		32,960		980,230

BUILDING PRODUCTS—1.4%
PGT, Inc.(a)		51,100		741,461

CAPITAL MARKETS—2.5%
HFF, Inc., Class A		17,785		742,168
Waddell & Reed Financial, Inc., Class A		13,670		646,728

				1,388,896

CHEMICALS—1.0%
PolyOne Corp.		13,525		529,774

COMMERCIAL SERVICES & SUPPLIES—3.4%
Healthcare Services Group, Inc.		29,720		982,246
Ritchie Bros Auctioneers, Inc.		31,175		870,406

				1,852,652

COMMUNICATIONS EQUIPMENT—3.2%
Ciena Corp.(a)		29,505		698,678
Infinera Corp.(a)		48,955		1,027,076

				1,725,754

CONSTRUCTION MATERIALS—1.3%
Headwaters, Inc.(a)		38,365		699,010

CONSUMER FINANCE—1.3%
PRA Group, Inc.(a)		11,115		692,576

DISTRIBUTORS—1.8%
Pool Corp.		13,885		974,449

ELECTRICAL EQUIPMENT—0.4%
Franklin Electric Co., Inc.		7,410		239,565

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.3%
Belden, Inc.		8,485		689,237

FOOD PRODUCTS—1.7%
Post Holdings, Inc.(a)		17,030		918,428

HEALTH CARE EQUIPMENT & SUPPLIES—6.0%
Cynosure, Inc., Class A(a)		21,935		846,252
Endologix, Inc.(a)		37,485		575,020
LDR Holding Corp.(a)		10,585		457,801
Neogen Corp.(a)		11,020		522,789
Spectranetics Corp.(a)		36,597		842,097

				3,243,959

HEALTH CARE PROVIDERS & SERVICES—5.3%
Acadia Healthcare Co., Inc.(a)		14,010		1,097,403
Aceto Corp.		21,815		537,303


	SHARES		FAIR VALUE
COMMON STOCKS—96.8%, continued
HEALTH CARE PROVIDERS & SERVICES—5.3%, continued
Team Health Holdings, Inc.(a)		19,305	$	1,261,196

				2,895,902

HOTELS, RESTAURANTS & LEISURE—5.5%
Belmond Ltd., Class A(a)		42,999		537,058
Brinker International, Inc.		13,190		760,403
La Quinta Holdings, Inc.(a)		40,755		931,252
Popeyes Louisiana Kitchen, Inc.(a)		12,535		751,975

				2,980,688

INTERNET & CATALOG RETAIL—1.8%
HSN, Inc.		13,700		961,603

INTERNET SOFTWARE & SERVICES—4.2%
Criteo SA, ADR(a)		22,055		1,051,362
LogMeIn, Inc.(a)		10,320		665,537
SPS Commerce, Inc.(a)		8,880		584,304

				2,301,203

IT SERVICES—2.2%
Euronet Worldwide, Inc.(a)		19,025		1,173,843

LIFE SCIENCES TOOLS & SERVICES—4.5%
Charles River Laboratories International, Inc.(a)		11,345		798,007
Fluidigm Corp.(a)		19,715		477,103
PRA Health Sciences, Inc.(a)		9,705		352,583
VWR Corp.(a)		31,440		840,391

				2,468,084

MACHINERY—2.7%
Barnes Group, Inc.		20,440		796,956
Hillenbrand, Inc.		10,235		314,214
Manitowoc Co., Inc.		18,555		363,678

				1,474,848

MEDIA—1.9%
EW Scripps Co., Class A		44,225		1,010,541

OIL, GAS & CONSUMABLE FUELS—3.1%
Diamondback Energy, Inc.		8,165		615,478
Memorial Resource Development Corp.(a)		24,820		470,835
Synergy Resources Corp.(a)		51,335		586,759

				1,673,072

PHARMACEUTICALS—1.8%
Akorn, Inc.(a)		21,897		956,023

PROFESSIONAL SERVICES—2.5%
Advisory Board Co.(a)		15,180		829,891
FTI Consulting, Inc.(a)		12,855		530,140

				1,360,031

REAL ESTATE INVESTMENT TRUSTS (REITS)—4.1%
Pebblebrook Hotel Trust		18,630		798,854
Sovran Self Storage, Inc.		7,550		656,171
STAG Industrial, Inc.		12,870		257,400
Strategic Hotels & Resorts, Inc.(a)		42,130		510,616

				2,223,041

REAL ESTATE MANAGEMENT & DEVELOPMENT—1.4%
Kennedy-Wilson Holdings, Inc.		32,140		790,323

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Small Cap Fund
June 30, 2015 (unaudited)


	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
COMMON STOCKS—96.8%, continued
ROAD & RAIL—0.8%
Landstar System, Inc.		6,490	$	433,986

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.7%
Rambus, Inc.(a)		65,810		953,587

SOFTWARE—8.8%
ACI Worldwide, Inc.(a)		35,205		864,987
Fair Isaac Corp.		10,065		913,701
Interactive Intelligence Group, Inc.(a)		16,940		753,322
Manhattan Associates, Inc.(a)		14,565		868,802
Proofpoint, Inc.(a)		11,390		725,201
Take-Two Interactive Software, Inc.(a)		24,650		679,600

				4,805,613

SPECIALTY RETAIL—4.7%
Asbury Automotive Group, Inc.(a)		4,805		435,429
Cabela’s, Inc.(a)		5,190		259,396
Lithia Motors, Inc., Class A		9,530		1,078,415
Monro Muffler Brake, Inc.		12,465		774,825

				2,548,065

TEXTILES, APPAREL & LUXURY GOODS—0.2%
Skechers U.S.A., Inc., Class A(a)		1,215		133,395

TRADING COMPANIES & DISTRIBUTORS—1.8%
Watsco, Inc.		8,060		997,344

TOTAL COMMON STOCKS (COST $38,539,428)				52,668,675

CORPORATE NOTE—0.8%
COMMUNITY DEVELOPMENT—0.8%
Calvert Social Investment Foundation, Inc., 0.50%, 6/15/16(b) (COST $450,000)	$	450,000		450,000


TOTAL INVESTMENTS (Cost* $38,989,428—Unrealized gain/loss $14,129,247)—97.6%			$	53,118,675
Other assets in excess of liabilities—2.4%				1,294,829

NET ASSETS—100%			$	54,413,504

(a)	Non-income producing securities.

(b)	Illiquid security

*	Represents cost for financial reporting purposes.


ADR	—	American Depositary Receipt
REIT	—	Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Portfolio Investments


Praxis Genesis Conservative Portfolio
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
MUTUAL FUNDS—100.0%
DEBT FUND—69.8%
Praxis Intermediate Income Fund, Class I(a)		1,329,652	$	13,788,496

EQUITY FUND—30.2%
Praxis Growth Index Fund, Class I(a)		111,845		1,978,529
Praxis International Index Fund, Class I(a)		144,510		1,500,018
Praxis Small Cap Fund, Class I(a)(b)		41,375		532,912
Praxis Value Index Fund, Class I(a)		157,575		1,950,780

				5,962,239

TOTAL MUTUAL FUNDS (COST $18,049,750)				19,750,735


TOTAL INVESTMENTS (Cost* $18,049,750—Unrealized gain/loss $1,700,985)—100.0%			$	19,750,735
Liabilities in excess of other assets—0.0%**				(9,498	)

NET ASSETS—100%			$	19,741,237

(a)	Affiliated fund.

(b)	Non-income producing securities.

*	Represents cost for financial reporting purposes.

**	Amount rounds to less than 0.1%.

See accompanying notes to financial statements.

Schedule of Portfolio Investments


Praxis Genesis Balanced Portfolio
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
MUTUAL FUNDS—100.0%
DEBT FUND—39.6%
Praxis Intermediate Income Fund, Class I(a)		2,313,583	$	23,991,854

EQUITY FUND—60.4%
Praxis Growth Index Fund, Class I(a)		596,017		10,543,540
Praxis International Index Fund, Class I(a)		880,046		9,134,875
Praxis Small Cap Fund, Class I(a)(b)		503,057		6,479,370
Praxis Value Index Fund, Class I(a)		839,603		10,394,283

				36,552,068

TOTAL MUTUAL FUNDS (COST $50,339,415)				60,543,922


TOTAL INVESTMENTS (Cost* $50,339,415—Unrealized gain/loss $10,204,507)—100.0%			$	60,543,922
Liabilities in excess of other assets—0.0%**				(30,190	)

NET ASSETS—100%			$	60,513,732

(a)	Affiliated fund.

(b)	Non-income producing securities.

*	Represents cost for financial reporting purposes.

**	Amount rounds to less than 0.1%.

See accompanying notes to financial statements.

Schedule of Portfolio Investments


Praxis Genesis Growth Portfolio
June 30, 2015 (unaudited)


	SHARES		FAIR VALUE
MUTUAL FUNDS—100.1%
DEBT FUND—19.8%
Praxis Intermediate Income Fund, Class I(a)		986,751	$	10,232,609

EQUITY FUND—80.3%
Praxis Growth Index Fund, Class I(a)		653,386		11,558,394
Praxis International Index Fund, Class I(a)		1,000,719		10,387,467
Praxis Small Cap Fund, Class I(a)(b)		643,571		8,289,190
Praxis Value Index Fund, Class I(a)		920,449		11,395,162

				41,630,213

TOTAL MUTUAL FUNDS (COST $40,466,034)				51,862,822


TOTAL INVESTMENTS (Cost* $40,466,034—Unrealized gain/loss $11,396,788)—100.1%			$	51,862,822
Liabilities in excess of other assets—(0.1)%				(27,892	)

NET ASSETS—100%			$	51,834,930

(a)	Affiliated fund.

(b)	Non-income producing securities.

*	Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

Statements of assets & liabilities

June 30, 2015 (unaudited)


	Praxis Intermediate Income Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Fund

Assets
Total investment securities, at cost	$	411,145,091		$	153,814,297		$	109,143,001		$	119,181,674		$	38,989,428

Investments in unaffiliated securities, at fair value	$	419,823,422		$	176,933,040		$	137,181,230		$	180,109,653		$	53,118,675

Total investment securities, at fair value		419,823,422			176,933,040			137,181,230			180,109,653			53,118,675
Cash		1,769,443			914,362			256,095			565,949			1,156,832
Receivable for investments sold		1,537,872			—			—			—			—
Receivable for capital shares sold		1,413,090			510,446			297,347			432,666			259,719
Receivable for dividends and interest		3,310,122			569,322			152,204			152,292			21,699
Receivable for tax reclaims		—			34,438			—			15,025			—
Prepaid expenses		32,908			14,055			16,333			15,523			9,641

Total Assets		427,886,857			178,975,663			137,903,209			181,291,108			54,566,566

Liabilities
Distributions payable		944,109			—			—			—			—
Payable for capital shares redeemed		947,720			270,992			86,683			109,701			74,414
Payable for investments purchased		1,001,200			—			—			—			—
Accrued expenses and other payables:
Investment advisory fees		137,684			90,027			33,446			45,283			40,472
Administration fees		48,628			20,726			14,872			20,174			8,070
Distribution fees		25,623			6,702			6,526			18,280			1,081
Other		84,425			63,253			29,332			36,087			29,025

Total Liabilities		3,189,389			451,700			170,859			229,525			153,062


Net Assets		$424,697,468			$178,523,963			$137,732,350			$181,061,583			$54,413,504

Components of Net Assets
Paid-in capital	$	416,140,964		$	161,096,022		$	105,110,735		$	126,419,063		$	32,297,821
Accumulated (distributions in excess of) net investment income		(383,183	)		2,055,682			2,158,961			1,007,777			82,890
Accumulated net realized gains (losses) on investments and foreign currency transactions		261,356			(7,742,931	)		2,424,425			(7,295,488	)		7,903,546
Net unrealized appreciation/(depreciation) on investments and foreign currency translations		8,678,331			23,115,190			28,038,229			60,930,231			14,129,247

Net Assets	$	424,697,468		$	178,523,963		$	137,732,350		$	181,061,583		$	54,413,504

Pricing of Class A Shares
Net assets attributable to Class A shares	$	75,683,466		$	20,110,437		$	18,157,736		$	57,672,545		$	9,192,503

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		7,269,072			1,951,683			1,460,180			3,284,701			748,232

Net asset value, offering price and redemption price per share	$	10.41		$	10.30		$	12.44		$	17.56		$	12.29

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]	$	10.82		$	10.87		$	13.13		$	18.53		$	12.97

Pricing of Class I Shares
Net assets attributable to Class I shares	$	349,014,002		$	158,413,526		$	119,574,614		$	123,389,038		$	45,221,001

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		33,664,387			15,263,812			9,656,785			6,976,571			3,510,130

Net asset value and redemption price per share	$	10.37		$	10.38		$	12.38		$	17.69		$	12.88

See accompanying notes to financial statements.

Statements of assets & liabilities, continued

June 30, 2015 (unaudited)


	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio

Assets
Investments in affiliates, at cost	$	18,049,750		$	50,339,415		$	40,466,034

Investments in affiliates, at fair value		19,750,735			60,543,922			51,862,822
Cash		710			46			142
Receivable for investments sold		179,905			—			37,140
Receivable for capital shares sold		24,866			131,170			5,481
Receivable for dividends and interest		31,728			54,619			23,350
Prepaid expenses		3,708			4,939			5,652

Total Assets		19,991,652			60,734,696			51,934,587

Liabilities
Payable for capital shares redeemed		204,770			34,539			42,446
Payable for investments purchased		31,728			150,433			23,350
Accrued expenses and other payables:
Investment advisory fees		820			2,499			2,156
Administration fees		1,350			4,045			3,504
Distribution fees		5,423			15,596			13,034
Other		6,324			13,852			15,167

Total Liabilities		250,415			220,964			99,657


Net Assets		$19,741,237			$60,513,732			$51,834,930

Components of Net Assets
Paid-in capital	$	18,031,734		$	49,592,003		$	39,434,952
Accumulated (distributions in excess of) net investment income		21,975			19,083			(15,048	)
Accumulated net realized gains (losses) on investments in affiliates		(13,457	)		698,139			1,018,238
Net unrealized appreciation/(depreciation) on investments in affiliates		1,700,985			10,204,507			11,396,788

Net Assets	$	19,741,237		$	60,513,732		$	51,834,930

Pricing of Class A Shares
Net assets attributable to Class A shares	$	19,741,237		$	60,513,732		$	51,834,930

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		1,743,024			4,684,148			3,680,997

Net asset value, offering price and redemption price per share	$	11.33		$	12.92		$	14.08

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]	$	11.96		$	13.64		$	14.86

See accompanying notes to financial statements.

Statements of operations

For the six months ended June 30, 2015 (unaudited)


	Praxis Intermediate Income Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Fund

Investment income
Dividends	$	114,101		$	3,137,633		$	1,582,873		$	1,482,304		$	427,987
Foreign tax withholding		—			(104,396	)		—			—			(1,091	)
Interest		6,296,491			3,303			3,800			1,139			81
Interest from affiliates		14,764			5,787			2,074			7,970			2,560

Total Investment Income		6,425,356			3,042,327			1,588,747			1,491,413			429,537

Expenses
Investment advisory fees		830,312			540,695			192,756			267,460			258,778
Administration fees		100,889			42,294			30,949			43,017			15,294
Distribution fees - Class A		93,286			24,546			21,948			70,706			9,973
Transfer agent fees - Class A		51,841			15,970			12,160			32,694			9,273
Transfer agent fees - Class I		4,966			2,137			2,513			2,225			2,107
Compliance service fees		33,589			14,276			10,450			14,448			5,110
Registration fees - Class A		8,408			8,095			6,557			6,737			7,674
Registration fees - Class I		9,400			7,050			5,962			7,481			8,222
Shareholder report printing fees - Class A		7,130			3,076			2,099			4,847			2,854
Shareholder report printing fees - Class I		575			118			283			100			127
Professional fees		52,590			35,857			18,661			23,599			12,896
Custodian fees		15,983			13,125			5,045			6,711			9,904
Trustee fees and expenses		20,085			8,702			6,126			7,740			3,482
Other expenses		33,837			27,381			7,366			8,875			4,004

Total Expenses Before Reductions		1,262,891			743,322			322,875			496,640			349,698
Expenses waived by Investment Advisor		(8,805	)		—			—			—			(3,051	)

Net Expenses		1,254,086			743,322			322,875			496,640			346,647


Net Investment Income (Loss)		5,171,270			2,299,005			1,265,872			994,773			82,890

Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		377,737			(2,267,393	)		215,346			2,124,572			5,342,616
Net realized gains (losses) on foreign currency transactions		—			(3,496	)		—			—			—
Change in unrealized appreciation (depreciation) of investments		(5,486,161	)		8,521,253			(2,406,220	)		270,046			(1,175,503	)
Change in unrealized appreciation (depreciation) of investments in affiliates		(2,039	)		(1,565	)		(337	)		(1,607	)		(154	)
Change in unrealized appreciation (depreciation) of foreign currency translations		—			(1,897	)		—			895			—

Net Realized and Unrealized Gains (Losses) on Investments, Investments in Affiliates and Foreign Currency Transactions		(5,110,463	)		6,246,902			(2,191,211	)		2,393,906			4,166,959

Net Change in Net Assets from Operations	$	60,807		$	8,545,907		$	(925,339	)	$	3,388,679		$	4,249,849

See accompanying notes to financial statements.

Statements of operations, continued

For the six months ended June 30, 2015 (unaudited)


	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio

Investment income
Dividends from affiliates	$	188,702		$	324,024		$	139,199

Total Investment Income		188,702			324,024			139,199

Expenses
Investment advisory fees		4,915			26,057			20,522
Administration fees		2,827			8,517			7,302
Distribution fees		24,576			74,051			63,781
Recoupment of waiver		1,311			5,886			6,443
Transfer agent fees		11,379			33,529			40,318
Compliance service fees		159			477			411
Registration fees		8,261			6,572			7,346
Shareholder report printing fees		2,135			4,258			5,014
Professional fees		1,724			2,175			2,084
Custodian fees		378			425			425
Trustee fees and expenses		84			284			256
Other expenses		136			410			345

Total Expenses Before Reductions		57,885			162,641			154,247

Net Expenses		57,885			162,641			154,247


Net Investment Income (Loss)		130,817			161,383			(15,048	)

Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments in affiliates		(9,755	)		(20,952	)		(28,474	)
Change in unrealized appreciation (depreciation) of investments in affiliates		(36,777	)		711,493			1,090,312

Net Realized and Unrealized Gains (Losses) on Investments in Affiliates		(46,532	)		690,541			1,061,838

Net Change in Net Assets from Operations	$	84,285		$	851,924		$	1,046,790

See accompanying notes to financial statements.

Statements of changes in net assets


	Praxis Intermediate Income Fund						Praxis International Index Fund

	For the Six Months Ended June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Six Months Ended June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014

From Operations
Net investment income (loss)	$	5,171,270		$	10,248,077		$	2,299,005		$	3,940,342
Net realized gains (losses) from security transactions		377,737			1,242,984			(2,270,889	)		(1,159,772	)
Net change in unrealized appreciation (depreciation) on investments, investments in affiliates and foreign currency transactions		(5,488,200	)		9,412,038			8,517,791			(11,994,912	)

Net Change in Net Assets from Operations		60,807			20,903,099			8,545,907			(9,214,342	)

Distributions to Shareholders
From net investment income
Class A		(864,609	)		(1,755,138	)		—			(339,901	)
Class I		(4,689,844	)		(9,203,257	)		—			(3,648,304	)

Change in Net Assets from Distributions to Shareholders		(5,554,453	)		(10,958,395	)		—			(3,988,205	)


Change in Net Assets from Capital Transactions		24,498,483			33,369,902			(2,465,477	)		15,385,151

Change in Net Assets		19,004,837			43,314,606			6,080,430			2,182,604

Net Assets
Beginning of period		405,692,631			362,378,025			172,443,533			170,260,929

End of period	$	424,697,468		$	405,692,631		$	178,523,963		$	172,443,533


Accumulated (Distributions in Excess of) Net Investment Income	$	(383,183	)	$	—		$	2,055,682		$	(243,323	)

See accompanying notes to financial statements.

Statements of changes in net assets, continued


	Praxis Value Index Fund						Praxis Growth Index Fund					Praxis Small Cap Fund

	For the Six Months Ended June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Six Months Ended June 30, 2015 (Unaudited)		For the Year Ended December 31, 2014			For the Six Months Ended June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014

From Operations
Net investment income (loss)	$	1,265,872		$	2,189,580		$	994,773	$	1,656,223		$	82,890		$	(270,507	)
Net realized gains (losses) from security transactions		215,346			8,204,335			2,124,572		5,583,884			5,342,616			7,991,935
Net change in unrealized appreciation (depreciation) on investments, investments in affiliates and foreign currency transactions		(2,406,557	)		4,173,307			269,334		14,665,534			(1,175,657	)		(10,936,974	)

Net Change in Net Assets from Operations		(925,339	)		14,567,222			3,388,679		21,905,641			4,249,849			(3,215,546	)

Distributions to Shareholders
From net investment income
Class A		—			(110,202	)		—		(344,766	)		—			—
Class I		—			(1,150,898	)		—		(1,273,958	)		—			—
From net realized gains
Class A		—			—			—		—			—			(1,053,634	)
Class I		—			—			—		—			—			(6,905,347	)

Change in Net Assets from Distributions to Shareholders		—			(1,261,100	)		—		(1,618,724	)		—			(7,958,981	)


Change in Net Assets from Capital Transactions		12,457,519			3,500,289			3,220,641		1,879,864			(11,283,486	)		(4,605,058	)

Change in Net Assets		11,532,180			16,806,411			6,609,320		22,166,781			(7,033,637	)		(15,779,585	)

Net Assets
Beginning of period		126,200,170			109,393,759			174,452,263		152,285,482			61,447,141			77,226,726

End of period	$	137,732,350		$	126,200,170		$	181,061,583	$	174,452,263		$	54,413,504		$	61,447,141


Accumulated (Distributions in Excess of) Net Investment Income	$	2,158,961		$	893,089		$	1,007,777	$	13,004		$	82,890		$	—

See accompanying notes to financial statements.

Statements of changes in net assets, continued


	Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio

	For the Six Months Ended June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Six Months Ended June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Six Months Ended June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014

From Operations
Net investment income (loss)	$	130,817		$	340,315		$	161,383		$	746,998		$	(15,048	)	$	463,682
Net realized gains (losses) on investments in affiliates		(9,755	)		82,932			(20,952	)		333,390			(28,474	)		268,296
Distribution of realized gains received from affiliates		—			62,340			—			751,613			—			973,473
Net change in unrealized appreciation (depreciation) on investments in affiliates		(36,777	)		531,064			711,493			1,061,165			1,090,312			682,839

Net Change in Net Assets from Operations		84,285			1,016,651			851,924			2,893,166			1,046,790			2,388,290

Distributions to Shareholders
From net investment income
Class A		(108,842	)		(340,468	)		(142,300	)		(747,151	)		—			(463,893	)
From net realized gains
Class A		—			(299,450	)		—			(1,025,974	)		—			(908,646	)

Change in Net Assets from Distributions to Shareholders		(108,842	)		(639,918	)		(142,300	)		(1,773,125	)		—			(1,372,539	)


Change in Net Assets from Capital Transactions		638,203			706,241			2,193,333			2,877,140			1,118,395			2,860,563

Change in Net Assets		613,646			1,082,974			2,902,957			3,997,181			2,165,185			3,876,314

Net Assets
Beginning of period		19,127,591			18,044,617			57,610,775			53,613,594			49,669,745			45,793,431

End of period	$	19,741,237		$	19,127,591		$	60,513,732		$	57,610,775		$	51,834,930		$	49,669,745


Accumulated (Distributions in Excess of) Net Investment Income	$	21,975		$	—		$	19,083		$	—		$	(15,048	)	$	—

See accompanying notes to financial statements.

Financial Highlights

For a share outstanding throughout the period indicated

Praxis Intermediate Income Fund - Class A


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010
Net asset value at beginning of period	$	10.54		$	10.27		$	10.73		$	10.63		$	10.43		$	10.20
Net investment income (loss)		0.11			0.24	^(a)		0.25	^(a)		0.27			0.34			0.37
Net realized and unrealized gains (losses) on investments		(0.12	)		0.29			(0.42	)		0.22			0.32			0.27
Total from investment operations		(0.01	)		0.53			(0.17	)		0.49			0.66			0.64
Less distributions:
Dividends from investment income		(0.12	)		(0.26	)		(0.28	)		(0.30	)		(0.35	)		(0.37	)
Distributions from net realized gains		—			—			(0.01	)		(0.09	)		(0.11	)		(0.04	)
Total distributions		(0.12	)		(0.26	)		(0.29	)		(0.39	)		(0.46	)		(0.41	)
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—			—
Net asset value at end of period	$	10.41		$	10.54		$	10.27		$	10.73		$	10.63		$	10.43
Total return (excludes sales charge)		(0.09	%)^(c)		5.21	%		(1.65	%)		4.64	%		6.43	%		6.26	%
Net assets at end of period (in 000s)	$	75,683		$	74,950		$	69,784		$	83,494		$	72,106		$	67,259
Ratio of net expenses to average net assets		0.93	%^(d)		0.93	%		0.94	%		0.96	%		0.96	%		0.98	%
Ratio of net investment income to average net assets		2.16	%^(d)		2.32	%		2.34	%		2.49	%		3.19	%		3.49	%
Ratio of gross expenses to average net assets*		0.95	%^(d)		0.94	%		0.99	%		1.05	%		1.08	%		1.16	%
Portfolio turnover rate		9.05	%^(c)		16.48	%		23.68	%		35.75	%		36.12	%		26.75	%

Praxis Intermediate Income Fund - Class I


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010
Net asset value at beginning of period	$	10.50		$	10.22		$	10.69		$	10.60		$	10.39		$	10.17
Net investment income (loss)		0.13			0.28	^(a)		0.29	^(a)		0.31			0.38			0.40
Net realized and unrealized gains (losses) on investments		(0.12	)		0.30			(0.43	)		0.21			0.33			0.27
Total from investment operations		0.01			0.58			(0.14	)		0.52			0.71			0.67
Less distributions:
Dividends from investment income		(0.14	)		(0.30	)		(0.32	)		(0.34	)		(0.39	)		(0.41	)
Distributions from net realized gains		—			—			(0.01	)		(0.09	)		(0.11	)		(0.04	)
Total distributions		(0.14	)		(0.30	)		(0.33	)		(0.43	)		(0.50	)		(0.45	)
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—			—
Net asset value at end of period	$	10.37		$	10.50		$	10.22		$	10.69		$	10.60		$	10.39
Total return (excludes sales charge)		0.11	%^(c)		5.66	%		(1.26	%)		4.98	%		6.98	%		6.60	%
Net assets at end of period (in 000s)	$	349,014		$	330,742		$	292,594		$	268,864		$	234,612		$	229,140
Ratio of net expenses to average net assets		0.53	%^(c)		0.53	%		0.54	%		0.56	%		0.57	%		0.58	%
Ratio of net investment income to average net assets		2.56	%^(c)		2.73	%		2.73	%		2.89	%		3.59	%		3.86	%
Ratio of gross expenses to average net assets		0.53	%^(c)		0.53	%		0.54	%		0.56	%		0.57	%		0.58	%
Portfolio turnover rate		9.05	%^(c)		16.48	%		23.68	%		35.75	%		36.12	%		26.75	%

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

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

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis International Index Fund - Class A


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011^(a)
Net asset value at beginning of period	$	9.85		$	10.64		$	9.47		$	8.25		$	10.00
Net investment income (loss)		0.11			0.20	^(b)		0.14	^(b)		0.17			0.03
Net realized and unrealized gains (losses) on investments		0.34			(0.81	)		1.17			1.17			(1.68	)
Total from investment operations		0.45			(0.61	)		1.31			1.34			(1.65	)
Less distributions:
Dividends from investment income		—			(0.18	)		(0.14	)		(0.12	)		(0.10	)
Distributions from net realized gains		—			—			—			—			—
Total distributions		—			(0.18	)		(0.14	)		(0.12	)		(0.10	)
Paid-in capital from redemption fees		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—
Net asset value at end of period	$	10.30		$	9.85		$	10.64		$	9.47		$	8.25
Total return (excludes sales charge)		4.57	%^(d)		(5.70	%)		13.86	%		16.24	%		(16.54	%)
Net assets at end of period (in 000s)	$	20,110		$	18,370		$	19,892		$	18,181		$	2,363
Ratio of net expenses to average net assets		1.28	%^(e)		1.28	%		1.43	%		1.73	%		1.73	%
Ratio of net investment income to average net assets		2.12	%^(e)		1.88	%		1.36	%		1.58	%		0.89	%
Ratio of gross expenses to average net assets*		1.28	%^(e)		1.28	%		1.43	%		1.73	%		4.87	%
Portfolio turnover rate		3.30	%^(d)		5.73	%		11.36	%		5.18	%		2.44	%

Praxis International Index Fund - Class I


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011^(a)
Net asset value at beginning of period	$	9.89		$	10.70		$	9.51		$	8.27		$	10.00
Net investment income (loss)		0.13			0.25	^(b)		0.20	^(b)		0.18			0.12
Net realized and unrealized gains (losses) on investments		0.36			(0.82	)		1.20			1.24			(1.73	)
Total from investment operations		0.49			(0.57	)		1.40			1.42			(1.61	)
Less distributions:
Dividends from investment income		—			(0.24	)		(0.21	)		(0.18	)		(0.12	)
Distributions from net realized gains		—			—			—			—			—
Total distributions		—			(0.24	)		(0.21	)		(0.18	)		(0.12	)
Paid-in capital from redemption fees		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—
Net asset value at end of period	$	10.38		$	9.89		$	10.70		$	9.51		$	8.27
Total return (excludes sales charge)		4.95	%^(d)		(5.36	%)		14.68	%		17.26	%		(16.05	%)
Net assets at end of period (in 000s)	$	158,414		$	154,074		$	150,369		$	118,838		$	64,580
Ratio of net expenses to average net assets		0.77	%^(e)		0.78	%		0.80	%		0.84	%		0.86	%
Ratio of net investment income to average net assets		2.60	%^(e)		2.35	%		1.96	%		2.29	%		2.25	%
Ratio of gross expenses to average net assets		0.77	%^(e)		0.78	%		0.80	%		0.84	%		0.86	%
Portfolio turnover rate		3.30	%^(d)		5.73	%		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’s inception date is December 31, 2010. The Fund 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.

^(d)	Not annualized.

^(e)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Value Index Fund - Class A


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010
Net asset value at beginning of period	$	12.54		$	11.21		$	8.71		$	7.57		$	7.95		$	7.09
Net investment income (loss)		0.10			0.18	^(b)		0.14	^(b)		0.28			0.12			0.14
Net realized and unrealized gains (losses) on investments		(0.20	)		1.23			2.60			0.93			(0.40	)		0.81
Total from investment operations		(0.10	)		1.41			2.74			1.21			(0.28	)		0.95
Less distributions:
Dividends from investment income		—			(0.08	)		(0.24	)		(0.07	)		(0.10	)		(0.09	)
Distributions from net realized gains		—			—			—			—			—			—
Total distributions		—			(0.08	)		(0.24	)		(0.07	)		(0.10	)		(0.09	)
Paid-in capital from redemption fees		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—			—
Net asset value at end of period	$	12.44		$	12.54		$	11.21		$	8.71		$	7.57		$	7.95
Total return (excludes sales charge)		(0.80	%)^(d)		12.57	%		31.33	%		16.12	%		(3.58	%)		13.40	%
Net assets at end of period (in 000s)	$	18,158		$	17,356		$	16,275		$	13,591		$	20,776		$	24,341
Ratio of net expenses to average net assets		0.91	%^(e)		0.87	%		1.03	%		1.21	%		1.32	%		1.38	%
Ratio of net investment income to average net assets		1.57	%^(e)		1.53	%		1.40	%		1.48	%		1.19	%		1.15	%
Ratio of gross expenses to average net assets		0.91	%^(e)		0.87	%		1.03	%		1.21	%		1.32	%		1.38	%
Portfolio turnover rate		1.69	%^(d)		20.53	%		30.38	%		69.58	%		29.11	%		24.12	%

Praxis Value Index Fund - Class I


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010
Net asset value at beginning of period	$	12.46		$	11.14		$	8.65		$	7.52		$	7.91		$	7.05
Net investment income (loss)		0.13			0.23	^(b)		0.20	^(b)		0.09			0.15			0.17
Net realized and unrealized gains (losses) on investments		(0.21	)		1.22			2.59			1.18			(0.37	)		0.85
Total from investment operations		(0.08	)		1.45			2.79			1.27			(0.22	)		1.02
Less distributions:
Dividends from investment income		—			(0.13	)		(0.30	)		(0.14	)		(0.17	)		(0.16	)
Distributions from net realized gains		—			—			—			—			—			—
Total distributions		—			(0.13	)		(0.30	)		(0.14	)		(0.17	)		(0.16	)
Paid-in capital from redemption fees		—	^(c)		—	^(c)		—			—			—			—
Net asset value at end of period	$	12.38		$	12.46		$	11.14		$	8.65		$	7.52		$	7.91
Total return (excludes sales charge)		(0.64	%)^(d)		13.03	%		32.26	%		16.91	%		(2.80	%)		14.53	%
Net assets at end of period (in 000s)	$	119,574		$	108,845		$	93,118		$	71,284		$	32,070		$	31,865
Ratio of net expenses to average net assets		0.44	%^(e)		0.45	%		0.48	%		0.47	%		0.49	%		0.50	%
Ratio of net investment income to average net assets		2.03	%^(e)		1.94	%		1.95	%		2.24	%		2.03	%		2.06	%
Ratio of gross expenses to average net assets		0.44	%^(e)		0.45	%		0.48	%		0.47	%		0.49	%		0.50	%
Portfolio turnover rate		1.69	%^(d)		20.53	%		30.38	%		69.58	%		29.11	%		24.12	%

^(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)	Not annualized.

^(e)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Growth Index Fund - Class A


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010
Net asset value at beginning of period	$	17.25		$	15.19		$	11.63		$	9.96		$	9.86		$	8.71
Net investment income (loss)		0.07			0.12			0.10	^(b)		0.02			0.01			0.01
Net realized and unrealized gains (losses) on investments		0.24			2.05			3.58			1.70			0.10			1.14
Total from investment operations		0.31			2.17			3.68			1.72			0.11			1.15
Less distributions:
Dividends from investment income		—			(0.11	)		(0.12	)		(0.05	)		(0.01	)		—
Distributions from net realized gains		—			—			—			—			—			—
Total distributions		—			(0.11	)		(0.12	)		(0.05	)		(0.01	)		—
Paid-in capital from redemption fees		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—	^(c)
Net asset value at end of period	$	17.56		$	17.25		$	15.19		$	11.63		$	9.96		$	9.86
Total return (excludes sales charge)		1.80	%^(d)		14.26	%		31.72	%		17.15	%		1.12	%		13.20	%
Net assets at end of period (in 000s)	$	57,673		$	55,833		$	51,724		$	43,035		$	3,363		$	2,911
Ratio of net expenses to average net assets		0.82	%^(e)		0.91	%		1.01	%		1.08	%		1.10	%		1.10	%
Ratio of net investment income to average net assets		0.85	%^(e)		0.73	%		0.76	%		1.08	%		0.14	%		0.13	%
Ratio of gross expenses to average net assets*		0.82	%^(e)		0.91	%		1.01	%		1.26	%		2.01	%		2.68	%
Portfolio turnover rate		3.67	%^(d)		19.09	%		14.82	%		82.74	%		21.18	%		28.55	%

Praxis Growth Index Fund - Class I


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010
Net asset value at beginning of period	$	17.34		$	15.27		$	11.68		$	9.96		$	9.86		$	8.72
Net investment income (loss)		0.11			0.20			0.18	^(b)		0.07			0.07			0.05
Net realized and unrealized gains (losses) on investments		0.24			2.06			3.60			1.71			0.10			1.15
Total from investment operations		0.35			2.26			3.78			1.78			0.17			1.20
Less distributions:
Dividends from investment income		—			(0.19	)		(0.19	)		(0.06	)		(0.07	)		(0.06	)
Distributions from net realized gains		—			—			—			—			—			—
Total distributions		—			(0.19	)		(0.19	)		(0.06	)		(0.07	)		(0.06	)
Paid-in capital from redemption fees		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—			—
Net asset value at end of period	$	17.69		$	17.34		$	15.27		$	11.68		$	9.96		$	9.86
Total return (excludes sales charge)		2.02	%^(d)		14.77	%		32.26	%		17.94	%		1.73	%		13.74	%
Net assets at end of period (in 000s)	$	123,389		$	118,619		$	100,561		$	97,072		$	33,843		$	29,401
Ratio of net expenses to average net assets		0.43	%^(e)		0.42	%		0.47	%		0.48	%		0.50	%		0.58	%
Ratio of net investment income to average net assets		1.24	%^(e)		1.22	%		1.31	%		1.31	%		0.75	%		0.70	%
Ratio of gross expenses to average net assets		0.43	%^(e)		0.42	%		0.47	%		0.48	%		0.50	%		0.58	%
Portfolio turnover rate		3.67	%^(d)		19.09	%		14.82	%		82.74	%		21.18	%		28.55	%

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

^(b)	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)	Not annualized.

^(e)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Small Cap Fund - Class A


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010
Net asset value at beginning of period	$	11.49		$	13.80		$	11.33		$	10.51		$	9.95		$	7.55
Net investment income (loss)		(0.02	)		(0.12	)^(b)		(0.12	)^(b)		(0.06	)		(0.09	)		(0.11	)
Net realized and unrealized gains (losses) on investments		0.82			(0.43	)		4.04			1.03			0.64			2.51
Total from investment operations		0.80			(0.55	)		3.92			0.97			0.55			2.40
Less distributions:
Distributions from net realized gains		—			(1.76	)		(1.45	)		(0.15	)		—			—
Total distributions		—			(1.76	)		(1.45	)		(0.15	)		—			—
Paid-in capital from redemption fees		—	^(c)		—	^(c)		—	^(c)		—	^(c)		0.01			—	^(c)
Net asset value at end of period	$	12.29		$	11.49		$	13.80		$	11.33		$	10.51		$	9.95
Total return (excludes sales charge)		6.96	%^(d)		(4.11	%)		34.63	%		9.26	%		5.63	%		31.79	%
Net assets at end of period (in 000s)	$	9,193		$	7,664		$	8,465		$	5,710		$	5,541		$	3,341
Ratio of net expenses to average net assets		1.69	%^(e)		1.69	%		1.69	%		1.72	%		1.71	%		1.69	%
Ratio of net investment income to average net assets		(0.30	)%^(e)		(0.95	)%		(0.95	)%		(0.34	)%		(1.09	)%		(1.08	)%
Ratio of gross expenses to average net assets*		1.76	%^(e)		1.70	%		1.90	%		1.91	%		2.17	%		2.79	%
Portfolio turnover rate		33.01	%^(d)		73.67	%		49.25	%		49.78	%		67.48	%		84.26	%

Praxis Small Cap Fund - Class I


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010
Net asset value at beginning of period	$	12.01		$	14.25		$	11.59		$	10.67		$	10.06		$	7.59
Net investment income (loss)		0.02			(0.04	)^(b)		(0.04	)^(b)		0.06			(0.03	)		(0.04	)
Net realized and unrealized gains (losses) on investments		0.85			(0.44	)		4.15			1.01			0.64			2.51
Total from investment operations		0.87			(0.48	)		4.11			1.07			0.61			2.47
Less distributions:
Distributions from net realized gains		—			(1.76	)		(1.45	)		(0.15	)		—			—
Total distributions		—			(1.76	)		(1.45	)		(0.15	)		—			—
Paid-in capital from redemption fees		—			—	^(c)		—	^(c)		—			—			—
Net asset value at end of period	$	12.88		$	12.01		$	14.25		$	11.59		$	10.67		$	10.06
Total return (excludes sales charge)		7.24	%^(d)		(3.49	%)		35.53	%		10.06	%		6.06	%		32.54	%
Net assets at end of period (in 000s)	$	45,221		$	53,783		$	68,762		$	63,520		$	61,130		$	25,584
Ratio of net expenses to average net assets		1.06	%^(e)		1.02	%		1.04	%		1.05	%		1.04	%		1.08	%
Ratio of net investment income to average net assets		0.36	%^(e)		(0.28	%)		(0.31	%)		0.50	%		(0.44	%)		(0.46	%)
Ratio of gross expenses to average net assets		1.06	%^(e)		1.02	%		1.04	%		1.05	%		1.04	%		1.08	%
Portfolio turnover rate		33.01	%^(d)		73.67	%		49.25	%		49.78	%		67.48	%		84.26	%

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

^(b)	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)	Not annualized.

^(e)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Conservative Portfolio - Class A


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			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	$	11.34		$	11.10		$	10.79		$	10.50		$	10.55		$	10.00
Net investment income (loss)		0.08			0.21	^(b)		0.23	^(b)		0.23			0.24			0.25
Net realized and unrealized gains (losses) on investments		(0.03	)		0.42			0.45			0.54			0.06			0.55
Total from investment operations		0.05			0.63			0.68			0.77			0.30			0.80
Less distributions:
Dividends from investment income		(0.06	)		(0.21	)		(0.23	)		(0.24	)		(0.29	)		(0.25	)
Distributions from net realized gains		—			(0.18	)		(0.14	)		(0.24	)		(0.06	)		—
Total distributions		(0.06	)		(0.39	)		(0.37	)		(0.48	)		(0.35	)		(0.25	)
Paid-in capital from redemption fees		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—	^(c)
Net asset value at end of period	$	11.33		$	11.34		$	11.10		$	10.79		$	10.50		$	10.55
Total return (excludes sales charge)		0.46	%^(d)		5.68	%		6.28	%		7.42	%		2.88	%		8.22	%
Net assets at end of period (in 000s)	$	19,741		$	19,128		$	18,045		$	17,203		$	14,018		$	12,695
Ratio of net expenses to average net assets ^†		0.59	%^(e)		0.60	%		0.61	%		0.61	%		0.61	%		0.65	%
Ratio of net investment income to average net assets ^†		1.33	%^(e)		1.82	%		2.04	%		2.13	%		2.31	%		2.60	%
Ratio of gross expenses to average net assets ^†*		0.59	%^(e)		0.62	%		0.64	%		0.65	%		0.78	%		0.97	%
Portfolio turnover rate		3.64	%^(d)		10.78	%		25.69	%		30.58	%		15.03	%		10.08	%

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

*	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’s inception date is December 31, 2009. The Fund commenced public offering and investment operations on January 4, 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)	Not annualized.

^(e)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Balanced Portfolio - Class A


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			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	$	12.76		$	12.50		$	11.14		$	10.62		$	10.91		$	10.00
Net investment income (loss)		0.04			0.17	^(b)		0.20	^(b)		0.17			0.15			0.16
Net realized and unrealized gains (losses) on investments		0.15			0.49			1.50			0.90			(0.17	)		0.91
Total from investment operations		0.19			0.66			1.70			1.07			(0.02	)		1.07
Less distributions:
Dividends from investment income		(0.03	)		(0.17	)		(0.19	)		(0.18	)		(0.18	)		(0.16	)
Distributions from net realized gains		—			(0.23	)		(0.15	)		(0.37	)		(0.09	)		—
Total distributions		(0.03	)		(0.40	)		(0.34	)		(0.55	)		(0.27	)		(0.16	)
Paid-in capital from redemption fees		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—
Net asset value at end of period	$	12.92		$	12.76		$	12.50		$	11.14		$	10.62		$	10.91
Total return (excludes sales charge)		1.49	%^(d)		5.30	%		15.30	%		10.11	%		(0.21	%)		10.88	%
Net assets at end of period (in 000s)	$	60,514		$	57,611		$	53,614		$	44,584		$	37,770		$	34,182
Ratio of net expenses to average net assets ^†		0.55	%^(e)		0.58	%		0.60	%		0.61	%		0.61	%		0.64	%
Ratio of net investment income to average net assets ^†		0.54	%^(e)		1.33	%		1.65	%		1.57	%		1.39	%		1.80	%
Ratio of gross expenses to average net assets ^†*		0.55	%^(e)		0.58	%		0.60	%		0.62	%		0.71	%		0.90	%
Portfolio turnover rate		2.05	%^(d)		10.26	%		19.91	%		38.48	%		15.11	%		7.84	%

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

*	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’s inception date is December 31, 2009. The Fund commenced public offering and investment operations on January 4, 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)	Not annualized.

^(e)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Growth Portfolio - Class A


	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			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	$	13.79		$	13.49		$	11.40		$	10.68		$	11.15		$	10.00
Net investment income (loss)		—	^(b)(c)		0.13	^(b)		0.17	^(b)		0.13			0.08			0.10
Net realized and unrealized gains (losses) on investments		0.29			0.56			2.26			1.13			(0.33	)		1.15
Total from investment operations		0.29			0.69			2.43			1.26			(0.25	)		1.25
Less distributions:
Dividends from investment income		—			(0.13	)		(0.17	)		(0.14	)		(0.10	)		(0.10	)
Distributions from net realized gains		—			(0.26	)		(0.17	)		(0.40	)		(0.12	)		—
Total distributions		—			(0.39	)		(0.34	)		(0.54	)		(0.22	)		(0.10	)
Paid-in capital from redemption fees		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—
Net asset value at end of period	$	14.08		$	13.79		$	13.49		$	11.40		$	10.68		$	11.15
Total return (excludes sales charge)		2.10	%^(d)		5.09	%		21.28	%		11.82	%		(2.24	%)		12.65	%
Net assets at end of period (in 000s)	$	51,835		$	49,670		$	45,793		$	36,294		$	29,882		$	26,673
Ratio of net expenses to average net assets ^†		0.60	%^(e)		0.60	%		0.60	%		0.61	%		0.61	%		0.64	%
Ratio of net investment income to average net assets ^†		(0.06	)%^(e)		0.95	%		1.39	%		1.22	%		0.79	%		1.33	%
Ratio of gross expenses to average net assets ^†*		0.60	%^(e)		0.60	%		0.66	%		0.74	%		0.89	%		1.15	%
Portfolio turnover rate		2.49	%^(d)		8.81	%		20.87	%		45.13	%		15.54	%		7.54	%

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

*	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’s inception date is December 31, 2009. The Fund commenced public offering and investment operations on January 4, 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)	Not annualized.

^(e)	Annualized.

See accompanying notes to financial statements.


Notes to Financial Statements (unaudited)		June 30, 2015

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, 2014, the Trust consists of the Praxis Intermediate Income Fund, the Praxis International Index Fund, the Praxis Value Index Fund, the Praxis Growth Index Fund, and the Praxis Small Cap Fund, (individually a “Fund”, collectively “the Funds”), the Praxis Genesis Conservative Portfolio, the Praxis Genesis Balanced Portfolio, and the Praxis Genesis Growth Portfolio, (individually a “Portfolio”, collectively “the Portfolios”). The Funds and Portfolios are also referred to individually as the Intermediate Income Fund, International Index Fund, Value Index Fund, Growth Index Fund, Small Cap Fund, Conservative Portfolio, Balanced Portfolio, and Growth Portfolio in the financial statements. Each Fund and Portfolio is a diversified series of the Trust.

As of June 30, 2015, 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 year. 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 are reviewed by the Pricing Committee of the Funds and Portfolios (“Pricing Committee”) 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 may be at amortized cost. The Portfolios’ investments in the 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 Pricing Committee. In valuing restricted securities under the Valuation Procedures, the Pricing Committee will consider (but is not limited to) certain specific and general factors enumerated in the Valuation Procedures. The Valuation Procedures require that the Pricing Committee report to the Board at each of its regular quarterly meetings regarding valuation of restricted securities and actions taken in connection with the Valuation Procedures.

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


•	Level 1 —	quoted prices in active markets for identical securities

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



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

The inputs or methodology used for valuing securities 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 year end.

The aggregate value by input level, as of June 30, 2015, 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:

Intermediate Income Fund Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Asset Backed Securities	$	—	$	13,136,879	$	—	$	13,136,879
Commercial Mortgage Backed Securities		—		15,826,992		—		15,826,992
Corporate Bonds		—		176,951,683		—		176,951,683
Corporate Notes		—		4,200,000		—		4,200,000
Foreign Bonds		—		9,633,470		—		9,633,470
Investment Company		3,663,788		—		—		3,663,788
Municipal Bonds		—		14,043,732		—		14,043,732
U.S. Government Agencies		—		182,366,878		—		182,366,878

Total Investments	$	3,663,788	$	416,159,634	$	—	$	419,823,422

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2015.

International Index Fund Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Common Stocks	$	174,833,558	$	—	$	—	$	174,833,558
Corporate Notes		—		1,600,000		—		1,600,000
Preferred Stocks		496,226		—		—		496,226
Warrant		3,256		—		—		3,256

Total Investments	$	175,333,040	$	1,600,000	$	—	$	176,933,040

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2015.

Value Index Fund Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Common Stocks	$	135,974,201	$	7,029	$	—	$	135,981,230
Corporate Notes		—		1,200,000		—		1,200,000

Total Investments	$	135,974,201	$	1,207,029	$	—	$	137,181,230

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2015.

Growth Index Fund Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Common Stocks	$	178,434,653	$	—	$	—	$	178,434,653
Corporate Notes		—		1,675,000		—		1,675,000

Total Investments	$	178,434,653	$	1,675,000	$	—	$	180,109,653

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2015.


Notes to Financial Statements (unaudited), continued		June 30, 2015

Small Cap Fund Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Common Stocks	$	52,668,675	$	—	$	—	$	52,668,675
Corporate Note		—		450,000		—		450,000

Total Investments	$	52,668,675	$	450,000	$	—	$	53,118,675

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2015.

Conservative Portfolio Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Mutual Funds	$	19,750,735	$	—	$	—	$	19,750,735

Total Investments	$	19,750,735	$	—	$	—	$	19,750,735

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2014.

Balanced Portfolio Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Mutual Funds	$	60,543,922	$	—	$	—	$	60,543,922

Total Investments	$	60,543,922	$	—	$	—	$	60,543,922

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2015.

Growth Portfolio Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Mutual Funds	$	51,862,822	$	—	$	—	$	51,862,822

Total Investments	$	51,862,822	$	—	$	—	$	51,862,822

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2015.

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


Everence Community Investment Notes	Intermediate Income Fund			International Index Fund			Value Index Fund			Growth Index Fund			Small Cap Fund

Balance as of December 31, 2014	$	2,649,539		$	1,000,565		$	367,837		$	1,385,607		$	475,154
Proceeds from Maturities		—			—			—			—			—
Cost of Purchases		—			—			—			—			—
Sales		(2,647,500	)		(999,000	)		(367,500	)		(1,384,000	)		(475,001	)
Change in unrealized appreciation (depreciation)		(2,039	)		(1,565	)		(337	)		(1,607	)		(153	)

Balance as of June 30, 2015	$	—		$	—		$	—		$	—		$	—

Securities Transactions and Related Income:

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

Allocations:

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

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

Risks associated with Foreign Securities and Currencies:

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

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

Foreign Currency Translation:

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

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

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.


Notes to Financial Statements (unaudited), continued		June 30, 2015

3. Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term debt securities having maturities one year or less and U.S. Government Securities) for the period ended June 30, 2015 were as follows:


	Purchases		Sales

Intermediate Income Fund	$	68,577,991	$	36,868,880
International Index Fund		5,893,119		6,573,519
Value Index Fund		15,895,020		2,177,876
Growth Index Fund		10,207,492		6,536,669
Small Cap Fund		19,353,612		29,135,043
Conservative Portfolio		1,368,308		719,536
Balanced Portfolio		3,406,316		1,217,841
Growth Portfolio		2,354,467		1,274,097

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 semiannual period ended June 30, 2015
Affiliate	Fair value at December 31, 2014		Purchase Cost		Sales Proceeds		Realized Gain/ (Loss)			Dividend Income		Shares at June 30, 2015		Fair value at June 30, 2015

Praxis Genesis Conservative Portfolio
Praxis Intermediate Income Fund	$	13,455,374	$	1,014,426	$	503,675	$	(5,950	)	$	188,702		1,329,653	$	13,788,496
Praxis Growth Index Fund		1,894,323		117,961		71,954		(594	)		—		111,845		1,978,529
Praxis International Index Fund		1,395,904		88,470		53,965		(453	)		—		144,510		1,500,018
Praxis Small Cap Fund		485,442		29,490		17,988		(1,888	)		—		41,375		532,912
Praxis Value Index Fund		1,917,452		117,961		71,954		(870	)		—		157,575		1,950,780

Total	$	19,148,495	$	1,368,308	$	719,536	$	(9,755	)	$	188,702		1,784,958	$	19,750,735


	For the semiannual period ended June 30, 2015

Affiliate	Fair value at December 31, 2014		Purchase Cost		Sales Proceeds		Realized Gain/ (Loss)			Dividend Income		Shares at June 30, 2015		Fair value at June 30, 2015

Praxis Genesis Balanced Portfolio
Praxis Intermediate Income Fund	$	23,226,013	$	1,556,941	$	487,136	$	(4,433	)	$	324,024		2,313,583	$	23,991,854
Praxis Growth Index Fund		10,012,892		539,401		213,122		400			—		596,017		10,543,540
Praxis International Index Fund		8,434,364		462,344		182,676		(2,408	)		—		880,046		9,134,875
Praxis Small Cap Fund		5,859,092		308,229		121,785		(13,297	)		—		503,057		6,479,370
Praxis Value Index Fund		10,132,544		539,401		213,122		(1,214	)		—		839,603		10,394,283

Total	$	57,664,905	$	3,406,316	$	1,217,841	$	(20,952	)	$	324,024		5,132,306	$	60,543,922


	For the semiannual period ended June 30, 2015
Affiliate	Fair value at December 31, 2014		Purchase Cost		Sales Proceeds		Realized Gain/ (Loss)			Dividend Income		Shares at June 30, 2015		Fair value at June 30, 2015

Praxis Genesis Growth Portfolio
Praxis Intermediate Income Fund	$	10,035,938	$	582,253	$	254,819	$	(3,270	)	$	139,199		986,751	$	10,232,609
Praxis Growth Index Fund		11,121,593		498,435		286,672		(799	)		—		653,386		11,558,394
Praxis International Index Fund		9,715,189		443,053		254,819		(1,473	)		—		1,000,719		10,387,467
Praxis Small Cap Fund		7,592,841		332,290		191,115		(21,451	)		—		643,571		8,289,190
Praxis Value Index Fund		11,255,053		498,436		286,672		(1,481	)		—		920,449		11,395,162

Total	$	49,720,614	$	2,354,467	$	1,274,097	$	(28,474	)	$	139,199		4,204,876	$	51,862,822

5. Related Party Transactions:

Everence Capital Management, Inc. (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	%
Conservative Portfolio	0.05	%
Balanced Portfolio	0.05	%
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, 2016. 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 AFFE, brokerage costs, interest, taxes, dividends, fees paid to vendors providing fair value pricing and fund compliance services, Trustees fees and expenses, legal fees and expenses, and extraordinary expenses) of certain Funds and the Portfolios. Those Funds and Portfolios have agreed to repay the Adviser for the 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 AFFE, brokerage costs, interest, taxes, dividends, fees paid to vendors providing fair value pricing and fund compliance services, Trustees fees and expenses, legal fees and expenses, and extraordinary expenses) to exceed the contractual expense limit in place at the time of the waiver and/or reimbursement and at the time of repayment, and the repayment is made within three years after the year in which the Adviser waived and/or reimbursed the expense.

The contractual expense limits in place for the period ended June 30, 2015 were:



Intermediate Income Fund (Class A)	0.90	%
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 period ended June 30, 2015, 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)	$	8,805
Small Cap Fund (Class A)		3,051

For the period ended June 30, 2015, the Advisor recouped investment advisory fees of the Funds and Portfolios as follows:



Conservative Portfolio (Class A)	$	1,311
Balanced Portfolio (Class A)		5,886
Growth Portfolio (Class A)		6,443


Notes to Financial Statements (unaudited), continued		June 30, 2015

As of June 30, 2015, the Funds and Portfolios had the following amounts (and year of expiration) subject to repayment to the Adviser:


	Year Waived		Year Repayment Expires		Balance

Intermediate Income Fund		2012		2015	$	66,632
		2013		2016		39,015
		2014		2017		2,575
		2015		2018		8,805

					$	117,027

Small Cap Fund		2012		2015	$	16,604
		2013		2016		14,524
		2014		2017		1,183
		2015		2018		3,051

					$	35,362

Conservative Portfolio		2012		2015	$	6,013
		2013		2016		6,678
		2014		2017		2,698

					$	15,389

Growth Portfolio		2012		2015	$	40,587
		2013		2016		21,201

					$	61,788

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	$	1,458
International Index		699
Value Index		1,751
Growth Index		4,098
Small Cap		1,127
Conservative Portfolio		3,873
Balanced Portfolio		17,026
Growth Portfolio		12,258

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 attributable to Class A Shares of the applicable Fund and Portfolio, although the Board has currently authorized the Funds and Portfolios to charge no more than 0.25%. The Distributor may use the 12b-1 fee for shareholder servicing or distribution.

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 quarterly fee from each Fund and Portfolio.

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

The Chair of the Board of Trustees receives an annual retainer of $9,000. The Audit Committee Chair 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 $58,000 in aggregate Trustee fees during the period ended June 30, 2015.

6. Capital Share Transactions:

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


	Praxis Intermediate Income Fund						Praxis International Index Fund
	Six Months Ended 30-Jun-15			Year Ended 31-Dec-14			Six Months Ended 30-Jun-15			Year Ended 31-Dec-14

Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	12,229,349		$	18,836,663		$	2,421,352		$	3,656,590
Dividends reinvested		642,513			1,493,127			—			326,602
Cost of shares redeemed		(11,208,375	)		(17,023,565	)		(1,523,495	)		(4,006,423	)
Redemption fees		6,828			2,692			25			1,175

Class A Share Transactions	$	1,670,315		$	3,308,917		$	897,882		$	(22,056	)

Class I Shares:
Proceeds from shares issued	$	40,508,556		$	66,714,226		$	11,556,681		$	32,872,118
Dividends reinvested		2,015,388			4,760,965			—			2,095,455
Cost of shares redeemed		(19,695,943	)		(41,415,913	)		(14,920,040	)		(19,560,655	)
Redemption fees		167			1,707			—			289

Class I Share Transactions	$	22,828,168		$	30,060,985		$	(3,363,359	)	$	15,407,207

Net increase (decrease) from capital transactions	$	24,498,483		$	33,369,902		$	(2,465,477	)	$	15,385,151

Share Transactions:
Class A Shares:
Issued		1,156,777			1,798,114			233,666			346,513
Reinvested		60,562			142,462			—			32,990
Redeemed		(1,057,633	)		(1,629,248	)		(147,185	)		(383,277	)

Change in Class A Shares:		159,706			311,328			86,481			(3,774	)

Class I Shares:
Issued		3,843,365			6,397,073			1,111,674			3,138,546
Reinvested		190,718			456,054			—			210,599
Redeemed		(1,871,593	)		(3,968,016	)		(1,419,482	)		(1,836,706	)

Change in Class I Shares:		2,162,490			2,885,111			(307,808	)		1,512,439

Net increase (decrease) from share transactions		2,322,196			3,196,439			(221,327	)		1,508,665


Notes to Financial Statements (unaudited), continued		June 30, 2015


	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Fund
	Six Months Ended 30-Jun-15			Year Ended 31-Dec-14			Six Months Ended 30-Jun-15			Year Ended 31-Dec-14			Six Months Ended 30-Jun-15			Year Ended 31-Dec-14

Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	1,978,815		$	3,756,219		$	3,963,970		$	4,241,009		$	1,721,102		$	1,880,889
Dividends reinvested		—			103,491			—			334,373			—			962,681
Cost of shares redeemed		(1,016,625	)		(4,728,180	)		(3,113,236	)		(7,204,375	)		(725,293	)		(2,222,203	)
Redemption fees		293			2,019			31			152			148			74

Class A Share Transactions	$	962,483		$	(866,451	)	$	850,765		$	(2,628,841	)	$	995,957		$	621,441

Class I Shares:
Proceeds from shares issued	$	19,082,852		$	18,677,593		$	11,050,696		$	24,196,281		$	2,752,285		$	12,452,928
Dividends reinvested		—			705,197			—			783,510			—			6,870,866
Cost of shares redeemed		(7,587,816	)		(15,017,156	)		(8,680,843	)		(20,474,425	)		(15,031,728	)		(24,551,236	)
Redemption fees		—			1,106			23			3,339			—			943

Class I Share Transactions	$	11,495,036		$	4,366,740		$	2,369,876		$	4,508,705		$	(12,279,443	)	$	(5,226,499	)

Net increase (decrease) from capital transactions	$	12,457,519		$	3,500,289		$	3,220,641		$	1,879,864		$	(11,283,486	)	$	(4,605,058	)

Share Transactions:
Class A Shares:
Issued		157,726			321,193			223,973			263,797			142,838			142,474
Reinvested		—			8,162			—			19,195			—			82,776
Redeemed		(81,291	)		(397,469	)		(176,792	)		(449,610	)		(61,626	)		(171,627	)

Change in Class A Shares:		76,435			(68,114	)		47,181			(166,618	)		81,212			53,623

Class I Shares:
Issued		1,525,790			1,587,421			621,712			1,468,820			222,328			915,822
Reinvested		—			56,012			—			44,746			—			565,038
Redeemed		(604,752	)		(1,268,612	)		(486,781	)		(1,257,560	)		(1,190,016	)		(1,829,651	)

Change in Class I Shares:		921,038			374,821			134,931			256,006			(967,688	)		(348,791	)

Net increase (decrease) from share transactions		997,473			306,707			182,112			89,388			(886,476	)		(295,168	)


	Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio
	Six Months Ended 30-Jun-15			Year Ended 31-Dec-14			Six Months Ended 30-Jun-15			Year Ended 31-Dec-14			Six Months Ended 30-Jun-15			Year Ended 31-Dec-14

Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	1,448,915		$	2,247,788		$	4,506,838		$	7,738,709		$	3,254,849		$	5,898,483
Dividends reinvested		107,136			535,320			140,603			1,322,198			—			908,858
Cost of shares redeemed		(917,852	)		(2,076,881	)		(2,454,132	)		(6,183,959	)		(2,136,488	)		(3,946,922	)
Redemption fees		4			14			24			192			34			144

Class A Share Transactions	$	638,203		$	706,241		$	2,193,333		$	2,877,140		$	1,118,395		$	2,860,563

Net increase (decrease) from capital transactions	$	638,203		$	706,241		$	2,193,333		$	2,877,140		$	1,118,395		$	2,860,563

Share Transactions:
Class A Shares:
Issued		126,682			198,287			348,120			605,671			230,744			429,532
Reinvested		9,350			46,999			10,828			102,467			—			64,605
Redeemed		(80,419	)		(182,954	)		(188,828	)		(484,252	)		(150,875	)		(286,925	)

Change in Class A Shares:		55,613			62,332			170,120			223,886			79,869			207,212

Net increase (decrease) from share transactions		55,613			62,332			170,120			223,886			79,869			207,212

7. Federal Income Tax Information:

The character of dividends paid to shareholders for federal income tax purposes during the latest years ended December 31, 2014 and 2013 was (as applicable) as follows:


	Praxis Intermediate Income Fund				Praxis International Index Fund				Praxis Value Index Fund
	2014		2013		2014		2013		2014		2013

From ordinary income	$	10,958,395	$	10,407,782	$	3,988,205	$	3,123,112	$	1,261,100	$	2,805,008
From long-term capital gains		—		290,081		—		—		—		—

Total distributions	$	10,958,395	$	10,697,863	$	3,988,205	$	3,123,112	$	1,261,100	$	2,805,008


	Praxis Growth Index Fund				Praxis Small Cap Fund
	2014		2013		2014		2013

From ordinary income	$	1,618,724	$	1,633,778	$	—	$	17,379
From long-term capital gains		—		—		7,958,981		7,172,465

Total distributions	$	1,618,724	$	1,633,778	$	7,958,981	$	7,189,844


	Praxis Genesis Conservative Portfolio				Praxis Genesis Balanced Portfolio				Praxis Genesis Growth Portfolio
	2014		2013		2014		2013		2014		2013

From ordinary income	$	349,748	$	406,843	$	807,461	$	936,467	$	526,232	$	689,574
From long-term capital gains		290,170		176,248		965,664		488,620		846,307		425,846

Total distributions	$	639,918	$	583,091	$	1,773,125	$	1,425,087	$	1,372,539	$	1,115,420

The following information is computed on a tax basis for each item as of December 31, 2014:


	Praxis Intermediate Income Fund			Praxis International Index Fund			Praxis Value Index Fund

Tax cost of portfolio investments	$	380,073,365		$	157,015,064		$	95,934,921

Gross unrealized appreciation		15,886,937			30,180,040			31,740,530
Gross unrealized depreciation		(1,720,406	)		(15,767,744	)		(2,017,848	)

Net unrealized appreciation (depreciation)		14,166,531			14,412,296			29,722,682
Undistributed ordinary income		—			—			893,090
Undistributed long-term capital gains		—			—			2,931,182
Capital loss carryforward		(89,170	)		(5,077,198	)		—
Post-October losses		(27,211	)		(453,064	)		—
Other temporary differences		—			—			—

Accumulated earnings (deficit)	$	14,050,150		$	8,882,034		$	33,546,954


				Praxis Growth Index Fund			Praxis Small Cap Fund

Tax cost of portfolio investments				$	113,663,576		$	43,444,581

Gross unrealized appreciation					60,711,270			15,782,223
Gross unrealized depreciation					(322,764	)		(493,654	)

Net unrealized appreciation (depreciation)					60,388,506			15,288,569
Undistributed ordinary income					13,004			—
Undistributed long-term capital gains					—			2,577,265
Capital loss carryforward					(9,147,669	)		—
Post-October losses					—			—
Other temporary differences					—			—

Accumulated earnings (deficit)				$	51,253,841		$	17,865,834


	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio

Tax cost of portfolio investments	$	17,516,488		$	48,385,412		$	39,591,159

Gross unrealized appreciation		1,653,953			9,490,143			10,420,156
Gross unrealized depreciation		(21,946	)		(210,649	)		(290,701	)

Net unrealized appreciation (depreciation)		1,632,007			9,279,494			10,129,455
Undistributed ordinary income		727			5,235			26,556
Undistributed long-term capital gains		101,326			927,376			1,197,177
Capital loss carryforward		—			—			—
Other temporary differences		—			—			—

Accumulated earnings (deficit)	$	1,734,060		$	10,212,105		$	11,353,188


Notes to Financial Statements (unaudited), continued		June 30, 2015

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

As of the end of tax year ended December 31, 2014, 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

Growth Index Fund	$	5,331,513		2016
		3,816,156		2017

	$	9,147,669

Post-effective CLCFs not subject to expiration:


	Short Term CLCF		Long Term CLCF

Intermediate Income Fund	$	89,170	$	—

International Index Fund	$	3,179,928	$	1,897,270

During the year ended December 31, 2014 the Intermediate Income Fund, Value Index Fund and Growth Index Fund utilized $506,047, $5,241,728 and $5,709,756 of capital loss carryfowards, respectively.


	Praxis Intermediate Income Fund			Praxis International Index Fund			Praxis Value Index Fund

Tax cost of portfolio investments	$	411,145,091		$	153,814,347		$	109,950,004

Gross unrealized appreciation		11,753,368			37,041,540			30,091,406
Gross unrealized depreciation		(3,075,037	)		(13,922,847	)		(2,860,180	)

Net unrealized appreciation (depreciation)		8,678,331			23,118,693			27,231,226


				Praxis Growth Index Fund			Praxis Small Cap Fund

Tax cost of portfolio investments				$	119,463,552		$	38,991,167

Gross unrealized appreciation					62,159,113			14,409,069
Gross unrealized depreciation					(1,513,012	)		(281,561	)

Net unrealized appreciation (depreciation)					60,646,101			14,127,508


	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio

Tax cost of portfolio investments	$	18,164,839		$	50,575,542		$	40,675,311

Gross unrealized appreciation		1,597,373			10,040,778			11,231,849
Gross unrealized depreciation		(11,477	)		(72,398	)		(44,338	)

Net unrealized appreciation (depreciation)		1,585,896			9,968,380			11,187,511

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

8. Commitments and Contingencies

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

9. Subsequent Events

The Funds and Portfolios evaluated subsequent events from June 30, 2015 through the date these financial statements were issued. There were no significant events that would have a material impact on the Funds’ and Portfolios’ financial statements.


Additional Fund Information (unaudited)		June 30, 2015

Praxis Intermediate Income Fund


Security Allocation	Percentage of Net Assets
Asset Backed Securities		3.1%
Commercial Mortgage Backed Securities		3.7%
Corporate Bonds		41.7%
Corporate Notes		1.0%
Foreign Bonds		2.3%
Municipal Bonds		3.3%
Federal Farm Credit Bank		0.5%
Federal Home Loan Bank		4.6%
Federal Home Loan Mortgage Corp.		18.6%
Federal National Mortgage Association		17.8%
Government National Mortgage Association		0.4%
Overseas Private Investment Corp.		0.7%
Small Business Administration		0.1%
United States Department of Housing and Urban Development		0.2%
Mutual Fund		0.9%

Total		98.9%

Praxis International Index Fund


Security Allocation	Percentage of Net Assets
Australia		5.6%
Austria		0.1%
Belgium		0.4%
Brazil		1.5%
Canada		6.0%
Chile		0.3%
China		4.0%
Colombia		0.6%
Denmark		1.1%
Finland		0.4%
France		6.8%
Germany		6.1%
Hong Kong		3.4%
Hungary		0.1%
India		1.8%
Indonesia		0.6%
Ireland		1.4%
Israel		0.6%
Italy		1.5%
Japan		16.9%
Jersey		0.2%
Luxembourg		0.1%
Mexico		1.3%
Netherlands		2.1%
Norway		0.6%
Portugal		0.1%
Russia		0.2%
Singapore		2.0%
South Africa		0.8%
South Korea		2.3%
Spain		2.1%
Sweden		2.6%
Switzerland		7.5%
Taiwan		2.8%
Turkey		0.2%
United Kingdom		12.9%
United States		0.9%
Corporate Notes		0.9%
Preferred Stocks		0.3%
Warrant**		0.0%

Total		99.1%

Praxis International Index Fund


Security Allocation	Percentage of Net Assets
Banks		16.1%
Pharmaceuticals		8.1%
Insurance		5.8%
Oil, Gas & Consumable Fuels		4.6%
Diversified Telecommunication Services		4.3%
Wireless Telecommunication Services		3.6%
Metals & Mining		3.5%
Chemicals		3.4%
Automobiles		3.3%
Semiconductors & Semiconductor Equipment		2.7%
Real Estate Management & Development		2.6%
Machinery		2.6%
Capital Markets		2.4%
Media		2.2%
Road & Rail		1.7%
Food Products		1.6%
Food & Staples Retailing		1.6%
Electrical Equipment		1.6%
Auto Components		1.4%
Internet Software & Services		1.3%
Software		1.3%
Electric Utilities		1.2%
Multi-Utilities		1.1%
Health Care Equipment & Supplies		1.1%
Personal Products		1.1%
Construction & Engineering		1.0%
Technology Hardware, Storage & Peripherals		1.0%
Household Durables		1.0%
Industrial Conglomerates		1.0%
Electronic Equipment, Instruments & Components		0.9%
Hotels, Restaurants & Leisure		0.9%
Community Development		0.9%
Textiles, Apparel & Luxury Goods		0.9%
Specialty Retail		0.9%
Household Products		0.8%
Trading Companies & Distributors		0.8%
Energy Equipment & Services		0.8%
Professional Services		0.8%
Health Care Providers & Services		0.8%
Construction Materials		0.7%
IT Services		0.6%
Diversified Financial Services		0.5%
Water Utilities		0.4%
Air Freight & Logistics		0.4%
Communications Equipment		0.4%
Building Products		0.4%
Transportation Infrastructure		0.4%
Airlines		0.3%
Multiline Retail		0.3%
Real Estate Investment Trusts (REITs)		0.3%
Commercial Services & Supplies		0.3%
Beverages		0.3%
Life Sciences Tools & Services		0.2%
Biotechnology		0.2%
Paper & Forest Products		0.2%
Containers & Packaging		0.2%
Internet & Catalog Retail		0.2%
Independent Power and Renewable Electricity Producers		0.1%
Marine**		0.0%
Other Assets Less Liabilities		0.9%

Total		100.0%


Additional Fund Information (unaudited), continued		June 30, 2015

Praxis Value Index Fund


Security Allocation	Percentage of Net Assets
Common Stocks		98.7%
Corporate Notes		0.9%

Total		99.6%

Praxis Growth Index Fund


Security Allocation	Percentage of Net Assets
Common Stocks		98.6%
Corporate Notes		0.9%

Total		99.5%

Praxis Small Cap Fund


Security Allocation	Percentage of Net Assets
Common Stocks		96.8%
Corporate Note		0.8%

Total		97.6%

Praxis Genesis Conservative Portfolio


Security Allocation	Percentage of Net Assets
Mutual Funds		100.0%

Praxis Genesis Balanced Portfolio


Security Allocation	Percentage of Net Assets
Mutual Funds		100.0%

Praxis Genesis Growth Portfolio


Security Allocation	Percentage of Net Assets
Mutual Funds		100.1%


Additional Fund Information (unaudited), continued		June 30, 2015

Expense Comparison:

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2015 through June 30, 2015.

Actual Expenses:

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


	Beginning Account Value 1/1/2015	Ending Account Value 6/30/2015	Expenses Paid During Period* 1/1/2015-6/30/2015	Expense Ratio During Period** 1/1/2015-6/30/2015

Praxis Intermediate Income Fund
Class A	$1,000.00	$999.10	$4.46	0.90%
Class I	1,000.00	1,001.10	2.48	0.50%
Praxis International Index Fund
Class A	1,000.00	1,045.70	6.24	1.23%
Class I	1,000.00	1,049.50	3.66	0.72%
Praxis Value Index Fund
Class A	1,000.00	992.00	4.35	0.88%
Class I	1,000.00	993.60	2.03	0.41%
Praxis Growth Index Fund
Class A	1,000.00	1,018.00	4.00	0.80%
Class I	1,000.00	1,020.20	2.05	0.41%
Praxis Small Cap Fund
Class A	1,000.00	1,069.60	8.47	1.65%
Class I	1,000.00	1,072.40	5.24	1.02%
Praxis Genesis Conservative Portfolio
Class A	1,000.00	1,004.60	2.93	0.59%
Praxis Genesis Balanced Portfolio
Class A	1,000.00	1,014.90	2.75	0.55%
Praxis Genesis Growth Portfolio
Class A	1,000.00	1,021.00	3.01	0.60%

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

** Annualized


Additional Fund Information (unaudited), continued		June 30, 2015

Hypothetical Example for Comparison Purposes:

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

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


	Beginning Account Value 1/1/2015	Ending Account Value 6/30/2015	Expenses Paid During Period* 1/1/2015-6/30/2015	Expense Ratio During Period** 1/1/2015-6/30/2015

Praxis Intermediate Income Fund
Class A	$1,000.00	$1,020.33	$4.51	0.90%
Class I	1,000.00	1,022.32	2.51	0.50%
Praxis International Index Fund
Class A	1,000.00	1,018.70	6.16	1.23%
Class I	1,000.00	1,021.22	3.61	0.72%
Praxis Value Index Fund
Class A	1,000.00	1,020.43	4.41	0.88%
Class I	1,000.00	1,022.76	2.06	0.41%
Praxis Growth Index Fund
Class A	1,000.00	1,020.83	4.01	0.80%
Class I	1,000.00	1,022.76	2.06	0.41%
Praxis Small Cap Fund
Class A	1,000.00	1,016.61	8.25	1.65%
Class I	1,000.00	1,019.74	5.11	1.02%
Praxis Genesis Conservative Portfolio
Class A	1,000.00	1,021.87	2.96	0.59%
Praxis Genesis Balanced Portfolio
Class A	1,000.00	1,022.07	2.76	0.55%
Praxis Genesis Growth Portfolio
Class A	1,000.00	1,021.82	3.01	0.60%

** Annualized

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

Proxy Voting

The investment adviser is responsible for exercising the voting rights associated with the securities purchased and held by the Funds. A description of the policies and procedures that the adviser uses in fulfilling this responsibility and information regarding how those proxies were voted during the twelve month period ending June 30 are available without charge upon request by calling toll free 1-800-977-2947 or on the Securities and Exchange Commission’s website at www.sec.gov.

Portfolio Disclosure

The Trust files a complete listing of portfolio holdings as of the end of the first and third quarters of each fiscal year on Form N-Q and each second and fourth quarters of each fiscal year on Form N-CSR. The complete listing (i) is available on the Commission’s website; (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 1-800-977-2947. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

LOGO

Praxis Mutual Funds

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

P.O. Box 701

Milwaukee, WI 53201-0701

2150808

Item 2. Code Of Ethics.

Not applicable for this reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for this reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for this reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls And Procedures.

(a)

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

(b)

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

Item 12. Exhibits.

(a)(1)

Not required for this filing.

(a)(2)

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

(a)(3)

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

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

SIGNATURES

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

Praxis Mutual Funds


By:		/s/ Trent Statczar
		Trent Statczar
		Treasurer and Chief Financial Officer
		August 28, 2015

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/ Chad Horning
		Chad Horning
		President and Chief Executive Officer
		August 28, 2015


By:		/s/ Trent Statczar
		Trent Statczar
		Treasurer and Chief Financial Officer
		August 28, 2015

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