Praxis Growth Index Fund Class I NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-8056

Praxis Mutual Funds

(Exact name of registrant as specified in charter)

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: December 31, 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

Annual Report

for the 12 months ending Dec. 31, 2015

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

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Table of Contents


Message from the President			1
Stewardship investing report			2

Praxis Intermediate Income Fund
Portfolio managers’ letter			3
Performance review			4
Schedule of portfolio investments			5

Praxis International Index Fund
Portfolio managers’ letter			11
Performance review			12
Schedule of portfolio investments			13

Praxis Value Index Fund
Portfolio manager’s letter			23
Performance review			24
Schedule of portfolio investments			25

Praxis Growth Index Fund
Portfolio manager’s letter			29
Performance review			30
Schedule of portfolio investments			31

Praxis Small Cap Fund
Portfolio manager’s letter			34
Performance review			35
Schedule of portfolio investments			36

Praxis Genesis Conservative Portfolio
Portfolio manager’s letter			38
Performance review			39
Schedule of portfolio investments			40

Praxis Genesis Balanced Portfolio
Performance review			41
Schedule of portfolio investments			42

Praxis Genesis Growth Portfolio
Performance review			43
Schedule of portfolio investments			44

Financial Statements
Statements of Assets and Liabilities			45
Statements of Operations			47
Statements of Changes in Net Assets			49
Financial Highlights			52

Notes to Financial Statements			60

Report of Independent Registered Public Accounting Firm			71

Additional Fund Information (unaudited)			72

Management of the Trust (unaudited)			80


Message from the President		Annual report to shareholders

Dear Praxis shareholder:

The strength of U.S. equity markets faltered in 2015 as investors digested two significant changes – a reversal in Federal Reserve policy and China’s slowing growth. A third factor, the precipitous decline in oil and other energy prices, is also shifting the balance of profitability from suppliers of energy products to energy users.

For the past several years, market watchers were concerned that accommodative Federal Reserve policy was the primary force behind investor confidence and that a change in Fed policy would negatively affect the markets. By the Fed’s December meeting, the U.S. economy made enough progress during the year with modest economic growth, steady declines in unemployment, and benign inflation that the Fed began raising its short-term target interest rate. Now that the Fed commenced a reversal of their strategy, investors quickly shifted focus to China and the potentially wide-ranging impacts of a slowdown in its growth.

Despite investment markets that occasionally disappoint like they did in 2015, Praxis Mutual Funds continues to work for positive impacts through our investments and advocacy with companies. The Praxis Intermediate Income Fund investment managers demonstrated their leadership by investing in bonds with both financial strength and positive climate and community impacts. Our stewardship investing team labored alongside other like-minded investors to advance our goals for environmental sustainability and to end the scourge of modern slavery.

In 2015, Praxis Mutual Funds partnered with the Calvert Foundation, a leader in community development investing, to channel more than $10 million into 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. Like you, 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 are 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

President

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

The views expressed are those of the Praxis Mutual Funds President as of Dec. 31, 2015, are subject to change, and may differ from the views of portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.


Message from the Vice President of Stewardship Investing		Annual report to shareholders

Stewardship investing highlights for Praxis Mutual Funds in 2015 underscore both the importance of a strong values orientation and the ongoing integration of environmental, social and governance data into our ever-evolving management processes. Some of these highlights include:

•

Praxis enhanced its social and governance screens, based on forward-looking data from MSCI’s Intangible Value Assessment, to help inform both active and passive investment decisions with risk and return. These new screens complement existing values-based exclusionary screens – including the environment screen developed in 2013 – and should be fully implemented in mid-2016.

•

Praxis Mutual Funds remained at the forefront of climate-solution finance through its market-leading efforts in purchasing green bonds and other positive impact fixed income securities. The Praxis Intermediate Income Fund ended 2015 with nearly 22 percent of its holdings committed to positive impact bonds – up more than 5 percent from the end of 2014.

•

Shareholder advocacy remains a leading component of our stewardship investing philosophy and the primary means we voice the needs and concerns of those impacted by our investments. Praxis Mutual Funds continued to focus its efforts around the themes of climate change responsibility and modern slavery. Some milestones include:

•

Hershey, Mondelēz and eight other chocolate companies launched CocoaAction in order to coordinate activities to benefit 300,000 smallholder cocoa farmers by 2020 through improved planting techniques, education, child labor monitoring and women’s empowerment.

•

Praxis co-led a new shareholder initiative to engage major utilities – including DTE Energy, Duke Energy and Southern Company – on plans to adapt their business models in light of the rapidly-growing trend of distributed power and demands for low-carbon energy.

•

Sherwin-Williams committed to work at ending its use of lead in its internationally sold commercial coatings. It also decided to become an active member of the Global Alliance to Eliminate Lead Paint.

•

CVS made progress as a result of conversations on chemical safety, and has made efforts to identify and remove “chemicals of concern” from its branded products. CVS created a model other retailers are now following.

•

Through a new partnership with the Calvert Foundation, Praxis Mutual Funds continues its commitment to maintaining approximately 1 percent of all fund assets in high social impact, community development investments. On June 30, 2015, Praxis completed the conversion of over $9.1 million in community investments to Calvert Foundation Community Investment Notes. As a fund family with one of the nation’s deepest commitments to community investing, we are proud of this collaboration with Calvert – one of the nation’s leaders in community investment and high social impact. To see how these investments are making a difference, visit our new community development investments impact map at praxismutualfunds.com.

Mark A. Regier

Vice President of Stewardship Investing

Praxis Mutual Funds

As of Dec. 31, 2015, the Praxis Growth Index Fund has invested 0.25 percent of its assets in Hershey, 0.28 percent of its assets in Mondelez International, 1.35 percent of its assets in CVS, 0.50 of its assets in Sherwin Williams; and the Praxis Value Index Fund has invested 0.75 percent of its assets in Mondelez International, 0.20 percent of its assets in DTE Energy, 0.87 percent of its assets in Duke, 0.89 percent of its assets in Southern Company and 0.47 percent of its assets in CVS. Fund holdings are subject to change. To obtain holdings as of the most previous quarter, visit praxismutualfunds.com.

Calvert Social Investment Foundation offers the Community Investment Note, which is subject to certain risks. This is neither an offer to sell nor a solicitation of an offer to buy these securities.

The views expressed are those of the Praxis Mutual Funds Vice President of Stewardship Investing as of Dec. 31, 2015, are subject to change, and may differ from the views of portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

Praxis Intermediate Income Fund

Annual report to shareholders

Portfolio managers’ commentary

For the year ended December 31, 2015, the Praxis Intermediate Income Fund’s Class I shares had a return of 0.72 percent, and the Class A Shares (without load) returned 0.33 percent. The Barclays U.S. Aggregate Bond Index, the Fund’s benchmark, returned 0.55 percent. Over the last five years, the Class I Shares returned 3.37 percent (annually) versus 3.25 percent for the Fund’s benchmark and over the last 10 years, the Class I Shares returned 4.72 percent (annually) versus 4.51 percent for the Barclays U.S. Aggregate Bond Index.

The Fund benefited from its short duration versus the index as Treasury rates rose across the yield curve. In particular, the 30-year Treasury rate rose about 0.27 percent, from 2.75 percent at the start of the year to 3.02 percent at the end. The Fund’s underweight to long maturity bonds relative to its benchmark helped the Fund’s performance.

The Fund also benefited from corporate security and industry selection. The Fund generally had a lower weight in some of the most volatile industries and the companies that the Fund did hold were usually higher quality or had a shorter maturity. On the negative side, the Fund was underweight mortgage backed securities, which had the best absolute return of any sector.

For 2016, we expect economic growth to continue at a moderate pace of roughly 2 percent. We expect the strong dollar to act as a drag on the manufacturing sector, which although it is only 12 percent of the gross domestic product, pays its workforce higher than average wages. This should keep growth from accelerating, despite very strong growth in services and housing. We expect the unemployment rate to end the year below 5 percent, which we expect to lead the Federal Reserve to increase the federal funds rate multiple times.

We do not expect interest rates to spike sharply, but we do expect short- and long- term rates to rise moderately. We expect inflation to rise in 2016 as the effects of low oil prices wear off. We still do not expect the consumer price index to rise above 2 percent in 2016. If it did, that would pressure the Federal Reserve to be more aggressive in raising interest rates. We expect other factors tempering upward pressure on rates to be: slower growth in China which will keep commodity prices low, the quantitative easing policies in Europe and Japan, and continued economic problems in countries with emerging markets.

One of the highlights of 2015 was the continued growth of the green bond market. Green bonds are securities that fund projects that have positive environmental benefits. We included green bonds in the part of our portfolio that has a positive impact on the climate and/or the community and we call these positive impact bonds. We were able to increase the positive impact bonds in the Fund to nearly 22 percent of the portfolio by December 31, 2015. Positive impact bonds not only make up a growing portion of the portfolio, they also tend to be high quality issues with just over 63 percent of them being rated AAA, the highest credit rating. Of the 76 issues that are a part of the positive impact holdings 51 provide clear benefits to the climate.

As our story spreads across the country, interest in the Fund continues to grow. The combination of above benchmark returns for the Class I Shares and a growing allocation to positive impact bonds has attracted new investors and growing attention from the financial media.

As 2016 begins, we are positioned for higher rates over the next few years, and are looking for more opportunities to enhance the financial return and the social impact of the Fund.

Benjamin J. Bailey, CFA^®

Praxis Intermediate Income Fund Co-Manager

Praxis Mutual Funds

Delmar King

Praxis Intermediate Income Fund Co-Manager

Praxis Mutual Funds

The views expressed are those of the portfolio managers as of Dec. 31, 2015, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

Praxis Intermediate Income Fund

Performance Review

Growth of $10,000 investment from 12/31/05 to 12/31/15

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 3.75%) of the Fund and Index from 12/31/05 to 12/31/15, and includes the reinvestment of dividends and capital gains.

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				Annualized
	Inception Date	One Year Ended		Three Year Ended		Five Year Ended		Ten Year Ended		Expense Ratio Gross / Net**
Intermediate Income Fund
Class A*	5/12/99		-3.43%		-0.04%		2.15%		3.98%		0.95%	0.94%
Class A (Without Load)	5/12/99		0.33%		1.25%		2.94%		4.38%
Class I**	5/1/06		0.72%		1.66%		3.37%		4.72%		0.54%	0.54%
Barclays Capital Aggregate Bond Index¹			0.55%		1.44%		3.25%		4.51%

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

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

* The total return figures shown reflect the maximum sales charge applicable to Class A Shares. Class A Shares have a maximum sales charge on purchases of 3.75%.

** Class I Share of this Fund was not in existence prior to 5/1/06. Class I Share performance calculated for any period prior to 5/1/06 is based on the performance of Class B Share since inception of 1/4/94 and has been adjusted to reflect differences in sales charges and expenses between the classes. The Class B Shares were exchanged into Class A Shares on August 17, 2009.

*** Reflects the expense ratios as reported in the Prospectus dated April 30, 2015. Contractual fee waivers are in effect from May 1, 2015 through April 30, 2016 for Class A.

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

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

Schedule of Portfolio Investments


Praxis Intermediate Income Fund
December 31, 2015


	PRINCIPAL AMOUNT		FAIR VALUE
ASSET BACKED SECURITIES—2.3%
Beacon Container Finance LLC, 3.72%, 9/20/27(a)	$	337,879	$	336,611
Cabela’s Credit Card Master Note Trust, 0.93%, 6/17/19+(a)		1,000,000		1,000,614
CLI Funding LLC, 2.83%, 3/18/28(a)		725,000		698,896
Cronos Containers Program I Ltd., 3.27%, 11/18/29(a)		879,630		858,015
Domino’s Pizza Master Issuer LLC, 5.22%, 1/25/42(a)		611,250		628,751
Fairway Outdoor Funding LLC, 4.21%, 10/15/42(a)		455,422		454,265
Ford Credit Auto Owner Trust, 0.51%, 4/15/17		6,013		6,012
Global SC Finance II SRL, 2.98%, 4/17/28(a)		843,333		814,869
SBA Tower Trust, 2.90%, 10/15/19(a)		525,000		513,035
Solarcity LMC Series I LLC, 4.80%, 11/20/38(a)		779,674		823,742
Solarcity Lmc Series IV LLC, 4.18%, 8/21/45(a)(b)		247,089		246,961
Textainer Marine Containers III Ltd., 3.27%, 10/20/39(a)		441,667		429,731
Toyota Auto Receivables Owner Trust, 0.67%, 12/15/17		1,635,823		1,632,368
Toyota Auto Receivables Owner Trust, 1.27%, 5/15/19		1,200,000		1,194,826
Trip Rail Master Funding LLC, 2.83%, 7/15/41+(a)		487,526		495,403

TOTAL ASSET BACKED SECURITIES (COST $10,172,842)				10,134,099

COMMERCIAL MORTGAGE BACKED SECURITIES—3.1%
Bear Stearns Commercial Mortgage Securities, 5.54%, 9/11/41		1,548,477		1,563,138
Bear Stearns Commercial Mortgage Securities, 5.74%, 9/11/42+		977,344		1,026,620
Commercial Mortgage Pass Through Certificates, 2.85%, 10/15/45		1,000,000		991,264
Commercial Mortgage Pass Through Certificates, 3.39%, 5/15/45		1,000,000		1,027,265
CSMC, 5.38%, 2/15/40(a)		689,558		698,328
CSMC, 5.47%, 9/16/39+(a)		705,015		709,434
DBUBS Mortgage Trust, 3.74%, 11/10/46(a)		208,077		208,451
FHLMC Multifamily Structured Pass Through Certificates, 5.09%, 3/25/19		1,140,000		1,240,297
JPMorgan Chase Commercial Mortgage Securities Corp., 5.40%, 5/15/45		1,760,108		1,770,242
ML-CFC Commercial Mortgage Trust, 5.42%, 8/12/48		250,000		254,487
Morgan Stanley Capital I, Inc., 3.88%, 9/15/47(a)		154,477		154,461
Morgan Stanley Capital I, Inc., 5.85%, 8/12/41+		832,758		838,601
OBP Depositor LLC Trust, 4.65%, 7/15/45(a)		1,040,000		1,120,519
RBSCF Trust, 5.95%, 2/16/51+(a)		963,438		978,209
RBSCF Trust, 6.04%, 12/16/49+(a)		698,669		715,782

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (COST $13,479,928)				13,297,098

		��
	PRINCIPAL AMOUNT		FAIR VALUE
FOREIGN BONDS—1.8%
Hashemite Kingdom of Jordan, 2.50%, 10/30/20	$	5,000,000	$	5,125,125
Hashemite Kingdom of Jordan, 3.00%, 6/30/25		1,450,000		1,490,849
Ukraine Government AID Bonds, 1.85%, 5/29/20		1,000,000		995,884

TOTAL FOREIGN BONDS (COST $7,484,991)				7,611,858

MUNICIPAL BONDS—3.2%
American Municipal Power Ohio, Inc., Rev Taxable-Hydroelec Projects, 7.33%, 2/15/28		1,000,000		1,270,890
Bridgeport Connecticut Housing Authority, 1.85%, 12/15/18		210,000		210,460
Cincinnati Ohio Water System Rev., 6.46%, 12/01/34		600,000		691,338
City of Lancaster PA, 5.59%, 11/15/34		1,000,000		1,039,200
Columbus Multi-High School Building Corp. Rev., 6.45%, 1/15/30		1,000,000		1,068,190
Findlay City School District, 6.25%, 12/01/37		270,000		276,216
Florida Housing Finance Corp. Multifamily Housing Rev. Garden Vista Apartments, 0.55%, 3/01/16(a)		1,000,000		999,900
Fort Wayne International Airport Air Trade Center Building Corp., 4.25%, 7/15/16		500,000		503,945
Houston Independent School District, 6.17%, 2/15/34		1,000,000		1,109,640
Indianapolis Public School Multi-School Building, 5.73%, 7/15/29		1,500,000		1,664,685
LL&P Wind Energy, Inc., 5.73%, 12/01/17(a)		460,000		464,899
New Jersey St Housing and Mortgage Finance, 2.60%, 7/01/23		415,000		422,532
Osceola County Housing Finance Authority Rev., 3.35%, 7/01/23		290,000		301,699
St Paul Housing & Redevelopment Authority Rev., 2.99%, 7/01/21		1,250,000		1,243,700
State of Hawaii, Department of Business Economic Development & Tourism, 1.47%, 7/01/22		905,000		898,891
Warm Springs Reservation Confederated Tribe, 8.25%, 11/01/19		895,000		991,991
Wisconsin Department of Transportation, 5.84%, 7/01/30		800,000		863,576

TOTAL MUNICIPAL BONDS (COST $13,498,914)				14,021,752

CORPORATE BONDS—43.8%
AIRLINES—0.2%
Southwest Airlines Co., 2.65%, 11/05/20		680,000		676,544

AUTO COMPONENTS—0.5%
BorgWarner, Inc., 5.75%, 11/01/16		1,000,000		1,031,503
Delphi Corp., 5.00%, 2/15/23		992,000		1,049,536

				2,081,039

BANKS—3.0%
Bank of America Corp., 1.35%, 11/21/16		1,000,000		998,684
Bank of America Corp., 1.95%, 5/12/18		1,000,000		994,347
Bank of America Corp., 3.30%, 1/11/23		500,000		492,162

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Intermediate Income Fund
December 31, 2015


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—43.8%, continued
BANKS—3.0%, continued
Bank of America Corp., 5.65%, 5/01/18	$	1,250,000	$	1,344,135
Citigroup, Inc., 3.88%, 10/25/23		1,000,000		1,033,420
Discover Bank/Greenwood DE, 3.10%, 6/04/20		1,000,000		1,002,269
JPMorgan Chase & Co., 2.25%, 1/23/20		500,000		491,891
JPMorgan Chase & Co., 4.63%, 5/10/21		500,000		540,077
JPMorgan Chase Bank NA, 5.88%, 6/13/16		700,000		713,815
Manufacturers & Traders Trust Co., 2.10%, 2/06/20		500,000		491,061
Manufacturers & Traders Trust Co., 6.63%, 12/04/17		600,000		652,042
Sumitomo Mitsui Banking Corp., 2.45%, 10/20/20		1,250,000		1,234,721
US Bank NA/Cincinnati OH, 2.80%, 1/27/25		1,250,000		1,216,156
Wells Fargo & Co., 2.60%, 7/22/20		500,000		498,719
Wells Fargo & Co., 3.50%, 3/08/22		1,250,000		1,287,938

				12,991,437

BIOTECHNOLOGY—0.8%
Amgen, Inc., 5.70%, 2/01/19		1,000,000		1,102,483
Biogen, Inc., 2.90%, 9/15/20		1,000,000		997,371
Celgene Corp., 2.88%, 8/15/20		835,000		828,706
Gilead Sciences, Inc., 3.65%, 3/01/26		500,000		504,239

				3,432,799

BUILDING PRODUCTS—0.3%
Masco Corp., 6.13%, 10/03/16		500,000		514,990
Owens Corning, 4.20%, 12/01/24		750,000		729,937

				1,244,927

CAPITAL MARKETS—2.4%
Bank of New York Mellon Corp., Perpetual Bond, 4.95%, 12/31/49+		1,000,000		980,000
Goldman Sachs Group, Inc., 3.50%, 1/23/25		1,000,000		982,813
Goldman Sachs Group, Inc., 6.00%, 6/15/20		1,200,000		1,356,132
ING Bank NV, 2.00%, 11/26/18(a)		1,000,000		995,889
Jefferies Group LLC, 8.50%, 7/15/19		900,000		1,048,189
Morgan Stanley, 2.20%, 12/07/18		910,000		910,471
Morgan Stanley, 5.63%, 9/23/19		1,500,000		1,655,398
Raymond James Financial, Inc., 8.60%, 8/15/19		1,000,000		1,192,422
State Street Corp., 7.35%, 6/15/26		1,000,000		1,250,623

				10,371,937

CHEMICALS—0.5%
Ecolab, Inc., 4.35%, 12/08/21		500,000		533,885
NOVA Chemicals Corp., 5.25%, 8/01/23(a)		500,000		495,000
Potash Corp of Saskatchewan, Inc., 5.88%, 12/01/36		840,000		915,087
Solvay Finance America LLC, 3.40%, 12/03/20(a)		315,000		312,468

				2,256,440

COMMERCIAL SERVICES & SUPPLIES—0.2%
Steelcase, Inc., 6.38%, 2/15/21		750,000		821,132

COMMUNICATIONS EQUIPMENT—0.1%
Juniper Networks, Inc., 3.30%, 6/15/20		500,000		497,826


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—43.8%, continued
CONSTRUCTION MATERIALS—0.2%
Martin Marietta Materials, Inc., 6.60%, 4/15/18	$	1,000,000	$	1,077,412

CONSUMER FINANCE—0.8%
Ally Financial, Inc., 3.25%, 9/29/17		500,000		499,375
American Express Credit Corp., 2.60%, 9/14/20		1,000,000		1,002,310
Ford Motor Credit Co. LLC, 3.16%, 8/04/20		1,000,000		996,496
Ford Motor Credit Co. LLC, 4.25%, 2/03/17		500,000		510,854
Harley-Davidson Financial Services, Inc., 2.70%, 3/15/17(a)		500,000		506,658

				3,515,693

CONTAINERS & PACKAGING—0.2%
Sonoco Products Co., 5.75%, 11/01/40		850,000		921,347

DIVERSIFIED CONSUMER SERVICES—0.1%
Washington Post Co., 7.25%, 2/01/19		575,000		616,203

DIVERSIFIED FINANCIAL SERVICES—1.4%
GATX Corp., 2.60%, 3/30/20		897,000		872,669
GE Capital International Funding Co., 4.42%, 11/15/35(a)		944,000		963,335
General Electric Capital Corp., 6.15%, 8/07/37		287,000		360,299
McGraw Hill Financial, Inc., 3.30%, 8/14/20		750,000		756,409
McGraw Hill Financial, Inc., 4.00%, 6/15/25		500,000		501,215
Moody’s Corp., 5.50%, 9/01/20		1,000,000		1,101,926
MSCI, Inc., 5.75%, 8/15/25(a)		500,000		512,500
National Rural Utilities Cooperative Finance Corp., 10.38%, 11/01/18		780,000		951,594

				6,019,947

DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%
AT&T, Inc., 2.45%, 6/30/20		500,000		492,412
AT&T, Inc., 4.75%, 5/15/46		500,000		457,798
Frontier Communications Corp., 7.13%, 3/15/19		750,000		749,925
Verizon Communications, Inc., 6.00%, 4/01/41		500,000		540,090
Verizon Communications, Inc., 6.55%, 9/15/43		500,000		593,605

				2,833,830

EDUCATION—0.2%
Massachusetts Institute of Technology, 3.96%, 7/01/38		1,000,000		1,025,289

ELECTRIC UTILITIES—2.8%
Electricite de France SA, 3.63%, 10/13/25(a)		1,250,000		1,221,959
Florida Power & Light Co., 4.05%, 10/01/44		1,000,000		989,529
ITC Holdings Corp., 5.50%, 1/15/20(a)		1,000,000		1,076,412
MidAmerican Energy Co., 6.75%, 12/30/31		1,500,000		1,918,471
NextEra Energy Capital Holdings, Inc., 2.70%, 9/15/19		500,000		497,782
NSTAR Electric Co., 5.50%, 3/15/40		1,000,000		1,158,651
Oncor Electric Delivery Co. LLC, 6.80%, 9/01/18		750,000		833,586
Pennsylvania Electric Co., 5.20%, 4/01/20		500,000		533,028
Portland General Electric Co., 6.10%, 4/15/19		1,100,000		1,227,258

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Intermediate Income Fund
December 31, 2015


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—43.8%, continued
ELECTRIC UTILITIES—2.8%, continued
Potomac Electric Power Co., 6.50%, 11/15/37	$	1,000,000	$	1,284,986
Southern Power Co., 2.38%, 6/01/20		240,000		233,304
Southern Power Co., 4.15%, 12/01/25		1,000,000		998,134

				11,973,100

ELECTRICAL EQUIPMENT—0.1%
Thomas & Betts Corp., 5.63%, 11/15/21		500,000		567,710

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.0%**
Arrow Electronics, Inc., 3.00%, 3/01/18		165,000		164,867

FOOD & STAPLES RETAILING—0.7%
Koninklijke Ahold NV, 7.82%, 1/02/20		348,049		376,763
Smith’s Food & Drug Centers, Inc. Pass Through Trust, 9.20%, 7/02/18		841,959		927,685
Sysco Corp., 2.60%, 10/01/20		500,000		500,791
Wal-Mart Stores, Inc., 7.55%, 2/15/30		1,000,000		1,409,785

				3,215,024

FOOD PRODUCTS—1.6%
Bunge Ltd. Finance Corp., 3.20%, 6/15/17		1,000,000		1,009,799
Bunge Ltd. Finance Corp., 3.50%, 11/24/20		250,000		248,608
Cargill, Inc., 4.76%, 11/23/45(a)		1,250,000		1,268,371
ConAgra Foods, Inc., 4.95%, 8/15/20		500,000		534,619
JM Smucker Co., 3.50%, 3/15/25		1,250,000		1,243,230
Kraft Foods Group, Inc., 5.38%, 2/10/20		1,000,000		1,094,941
Mead Johnson Nutrition Co., 3.00%, 11/15/20		1,000,000		999,698
Wm Wrigley Jr Co., 3.38%, 10/21/20(a)		680,000		693,246

				7,092,512

FOREIGN AGENCY—2.1%
Export Development Canada, 0.88%, 1/30/17		1,500,000		1,498,296
Export Development Canada, 1.25%, 12/10/18		1,000,000		993,508
KFW, 1.75%, 10/15/19		2,500,000		2,503,790
KFW, 1.88%, 11/30/20		1,000,000		995,383
Kommunalbanken AS, 2.13%, 2/11/25(a)		1,000,000		958,489
Nacional Financiera SNC, 3.38%, 11/05/20(a)		1,000,000		990,375
Svensk Exportkredit AB, 1.88%, 6/23/20		1,000,000		995,097

				8,934,938

GAS UTILITIES—0.5%
Indiana Gas Co., Inc., 6.55%, 6/30/28		250,000		290,028
Laclede Group, Inc., 2.55%, 8/15/19		1,250,000		1,243,244
National Fuel Gas Co., 6.50%, 4/15/18		500,000		534,240

				2,067,512

HEALTH CARE EQUIPMENT & SUPPLIES—0.3%
DENTSPLY International, Inc., 2.75%, 8/15/16		570,000		574,204
Medtronic, Inc., 2.50%, 3/15/20		625,000		629,435

				1,203,639

HEALTH CARE PROVIDERS & SERVICES—0.8%
Howard Hughes Medical Institute, 3.50%, 9/01/23		1,500,000		1,557,792
Laboratory Corp of America Holdings, 2.63%, 2/01/20		1,000,000		987,253
Laboratory Corp of America Holdings, 3.13%, 5/15/16		500,000		503,169
McKesson Corp., 6.00%, 3/01/41		474,000		545,683

				3,593,897


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—43.8%, continued
HOME BUILDERS—0.2%
DR Horton, Inc., 3.63%, 2/15/18	$	750,000	$	759,375

HOTELS, RESTAURANTS & LEISURE—0.3%
Brinker International, Inc., 2.60%, 5/15/18		500,000		498,030
Hyatt Hotels Corp., 3.38%, 7/15/23		1,000,000		949,536

				1,447,566

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.9%
FPL Energy American Wind LLC, 6.64%, 6/20/23(a)		639,839		639,839
FPL Energy National Wind LLC, 5.61%, 3/10/24(a)		346,774		346,774
Harper Lake Solar Funding Corp., 7.65%, 12/31/18(a)		735,091		771,846
LS Power Funding Corp., 8.08%, 12/30/16		589,083		611,173
Midland Cogeneration Venture LP, 5.25%, 3/15/25(a)		227,618		231,577
Midland Cogeneration Venture LP, 6.00%, 3/15/25(a)		569,548		590,680
NRG Yield Operating LLC, 5.38%, 8/15/24		500,000		414,375
Salton Sea Funding Corp., 7.48%, 11/30/18		405,150		394,710
Solar Star Funding LLC, 3.95%, 6/30/35(a)		335,000		330,514
Solar Star Funding LLC, 5.38%, 6/30/35(a)		500,000		555,409
SteelRiver Transmission Co. LLC, 4.71%, 6/30/17(a)		889,545		911,757
Tenaska Virginia Partners LP, 6.12%, 3/30/24(a)		383,491		414,787
Topaz Solar Farms LLC, 4.88%, 9/30/39(a)		339,158		350,094
Topaz Solar Farms LLC, 5.75%, 9/30/39(a)		777,477		857,235
TransAlta Corp., 6.90%, 5/15/18		500,000		508,861
Utility Contract Funding LLC, 7.94%, 10/01/16(a)		150,991		153,999

				8,083,630

INDUSTRIAL CONGLOMERATES—0.1%
Ingersoll-Rand Global Holding Co. Ltd., 2.88%, 1/15/19		500,000		505,012

INSURANCE—2.8%
American International Group, Inc., 3.75%, 7/10/25		1,250,000		1,238,825
Fidelity National Financial, Inc., 5.50%, 9/01/22		725,000		769,456
Horace Mann Educators Corp., 4.50%, 12/01/25		335,000		334,959
Kemper Corp., 4.35%, 2/15/25		1,250,000		1,241,715
Liberty Mutual Group, Inc., 4.95%, 5/01/22(a)		1,050,000		1,112,984
Markel Corp., 3.63%, 3/30/23		400,000		394,445
Marsh & McLennan Cos., Inc., 3.50%, 6/03/24		473,000		468,702
Marsh & McLennan Cos., Inc., 3.75%, 3/14/26		1,000,000		1,001,321
OneBeacon US Holdings Inc, 4.60%, 11/09/22		1,000,000		1,005,104
Progressive Corp., 6.70%, 6/15/37+		500,000		498,750
Provident Cos., Inc., 7.00%, 7/15/18		340,000		376,219
Prudential Financial, Inc., 5.88%, 9/15/42+		500,000		519,750
RLI Corp., 4.88%, 9/15/23		1,000,000		1,033,806
TIAA Asset Management Finance Co. LLC, 2.95%, 11/01/19(a)		1,000,000		1,001,993

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Intermediate Income Fund
December 31, 2015


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—43.8%, continued
INSURANCE—2.8%, continued
W.R. Berkley Corp., 4.63%, 3/15/22	$	250,000	$	264,003
W.R. Berkley Corp., 6.15%, 8/15/19		710,000		789,245

				12,051,277

IT SERVICES—0.6%
Broadridge Financial Solutions, Inc., 3.95%, 9/01/20		1,000,000		1,036,455
Fiserv, Inc., 2.70%, 6/01/20		1,000,000		991,702
Xerox Corp., 2.75%, 3/15/19		500,000		491,025

				2,519,182

MACHINERY—1.1%
Harsco Corp., 5.75%, 5/15/18		750,000		665,625
Illinois Tool Works, Inc., 3.90%, 9/01/42		1,000,000		948,073
Kennametal, Inc., 2.65%, 11/01/19		1,000,000		973,114
Pall Corp., 5.00%, 6/15/20		1,000,000		1,098,877
Snap-On, Inc., 4.25%, 1/15/18		500,000		524,360
Valmont Industries, Inc., 6.63%, 4/20/20		334,000		370,056

				4,580,105

MEDIA—0.6%
Comcast Corp., 4.75%, 3/01/44		500,000		519,354
Omnicom Group, Inc., 6.25%, 7/15/19		1,000,000		1,118,383
Scripps Networks Interactive, Inc., 2.80%, 6/15/20		500,000		487,762
Time Warner Cable, Inc., 4.50%, 9/15/42		500,000		392,391

				2,517,890

METALS & MINING—0.4%
Newcrest Finance Pty Ltd., 4.45%, 11/15/21(a)		1,000,000		905,876
Reliance Steel & Aluminum Co., 4.50%, 4/15/23		705,000		656,256

				1,562,132

MULTILINE RETAIL—0.3%
Dollar General Corp., 4.13%, 7/15/17		700,000		718,821
Macy’s Retail Holdings, Inc., 9.50%, 4/15/21		495,000		568,774

				1,287,595

MULTI-UTILITIES—0.6%
Consumers Energy Co., 6.70%, 9/15/19		750,000		863,254
Puget Energy, Inc., 5.63%, 7/15/22		750,000		832,035
Puget Sound Energy, Inc., 6.74%, 6/15/18		1,000,000		1,106,835

				2,802,124

OIL, GAS & CONSUMABLE FUELS—0.6%
ConocoPhillips Holding Co., 6.95%, 4/15/29		1,000,000		1,145,391
Denbury Resources, Inc., 4.63%, 7/15/23		600,000		193,128
Merey Sweeny LP, 8.85%, 12/18/19(a)		426,687		482,555
Ras Laffan Liquefied Natural Gas Co. Ltd. II, 5.30%, 9/30/20(a)		525,100		557,063
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.83%, 9/30/16(a)		215,200		219,495

				2,597,632

PAPER & FOREST PRODUCTS—0.2%
Domtar Corp., 9.50%, 8/01/16		286,000		299,486
PH Glatfelter Co., 5.38%, 10/15/20		750,000		750,000

				1,049,486


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—43.8%, continued
PHARMACEUTICALS—0.5%
AbbVie, Inc., 2.00%, 11/06/18	$	500,000	$	497,774
AbbVie, Inc., 2.50%, 5/14/20		500,000		494,973
Zoetis, Inc., 3.25%, 2/01/23		1,200,000		1,145,815

				2,138,562

PIPELINES—1.1%
Columbia Pipeline Group, Inc., 3.30%, 6/01/20(a)		600,000		584,224
Enbridge Energy Partners LP, 5.20%, 3/15/20		500,000		506,576
Florida Gas Transmission Co. LLC, 4.35%, 7/15/25(a)		1,000,000		916,897
Kern River Funding Corp., 4.89%, 4/30/18(a)		587,000		609,621
Northern Natural Gas Co., 4.10%, 9/15/42(a)		1,000,000		965,263
Spectra Energy Capital LLC, 6.75%, 7/15/18		800,000		860,237
Williams Partners LP / ACMP Finance Corp., 4.88%, 5/15/23		500,000		405,332

				4,848,150

PROFESSIONAL SERVICES—0.5%
Dun & Bradstreet Corp., 4.38%, 12/01/22		1,000,000		978,858
Verisk Analytics, Inc., 5.80%, 5/01/21		960,000		1,063,790

				2,042,648

REAL ESTATE INVESTMENT TRUSTS (REITS)—1.4%
Digital Realty Trust LP, 3.95%, 7/01/22		1,250,000		1,241,251
ERP Operating LP, 7.13%, 10/15/17		1,104,000		1,202,005
National Retail Properties, Inc., 3.80%, 10/15/22		750,000		752,185
Regency Centers LP, 3.75%, 6/15/24		1,000,000		992,792
Vornado Realty LP, 2.50%, 6/30/19		1,000,000		984,840
Welltower, Inc., 4.70%, 9/15/17		1,018,000		1,064,149

				6,237,222

ROAD & RAIL—1.5%
Burlington Northern Santa Fe LLC, 5.75%, 5/01/40		1,000,000		1,119,418
Burlington Northern Santa Fe LLC, 7.16%, 1/02/20		519,839		570,223
Kansas City Southern, 2.35%, 5/15/20(a)		500,000		482,728
Norfolk Southern Corp., 4.84%, 10/01/41		1,000,000		971,391
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.75%, 5/11/17(a)		1,000,000		1,020,185
Ryder System, Inc., 2.50%, 5/11/20		795,000		774,297
Ryder System, Inc., 2.65%, 3/02/20		455,000		447,603
TTX Co., 2.60%, 6/15/20(a)		1,000,000		981,539

				6,367,384

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.2%
Applied Materials, Inc., 7.13%, 10/15/17		500,000		542,626
Intel Corp., 4.90%, 7/29/45		1,000,000		1,056,962
KLA-Tencor Corp., 3.38%, 11/01/19		600,000		606,166
Lam Research Corp., 2.75%, 3/15/20		1,000,000		967,067
Maxim Integrated Products, Inc., 3.38%, 3/15/23		500,000		495,800
QUALCOMM, Inc., 2.25%, 5/20/20		1,035,000		1,024,941
Xilinx, Inc., 2.13%, 3/15/19		500,000		495,542

				5,189,104

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Intermediate Income Fund
December 31, 2015


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—43.8%, continued
SOFTWARE—0.5%
Microsoft Corp., 4.45%, 11/03/45	$	1,500,000	$	1,546,834
Symantec Corp., 2.75%, 6/15/17		500,000		499,346

				2,046,180

SPECIALTY RETAIL—0.9%
Advance Auto Parts, Inc., 4.50%, 1/15/22		402,000		413,769
Gap, Inc., 5.95%, 4/12/21		1,000,000		1,057,890
Lowe’s Cos., Inc., 4.65%, 4/15/42		1,000,000		1,057,753
O’Reilly Automotive, Inc., 3.80%, 9/01/22		1,000,000		1,012,113
Staples, Inc., 2.75%, 1/12/18		580,000		576,370

				4,117,895

SUPRANATIONAL—5.6%
African Development Bank, 0.75%, 10/18/16		1,000,000		999,190
African Development Bank, 1.38%, 12/17/18		1,000,000		998,323
Asian Development Bank, 2.13%, 3/19/25		1,000,000		975,066
European Bank for Reconstruction & Development, 1.63%, 4/10/18		500,000		501,620
European Investment Bank, 2.50%, 10/15/24		1,000,000		1,006,399
Inter-American Development Bank, 1.50%, 9/25/18		2,500,000		2,508,220
Inter-American Development Bank, 2.13%, 11/09/20		3,000,000		3,045,156
Inter-American Development Bank, 4.38%, 1/24/44		3,000,000		3,516,798
International Bank for Reconstruction & Development, 2.13%, 3/03/25		500,000		486,500
International Finance Corp., 0.50%, 5/16/16		3,250,000		3,247,423
International Finance Corp., 0.63%, 11/15/16		2,000,000		1,994,334
International Finance Corp., 1.25%, 11/27/18		1,000,000		989,053
International Finance Facility for Immunisation Co., 0.80%, 7/05/16+(a)		2,000,000		2,000,100
Nordic Investment Bank, 2.25%, 9/30/21		1,000,000		1,009,244
North American Development Bank, 2.30%, 10/10/18		1,000,000		1,006,891

				24,284,317

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%
Seagate HDD Cayman, 3.75%, 11/15/18		635,000		630,238

TEXTILES, APPAREL & LUXURY GOODS—0.4%
Hanesbrands, Inc., 6.38%, 12/15/20		745,000		771,075
Levi Strauss & Co., 6.88%, 5/01/22		750,000		802,500

				1,573,575

TOTAL CORPORATE BONDS (COST $188,105,019)				190,435,282

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

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

U.S. GOVERNMENT AGENCIES—39.2%
FEDERAL HOME LOAN BANK—3.4%
0.63%, 11/23/16		4,000,000		3,992,164
3.38%, 6/12/20		1,000,000		1,064,894


	PRINCIPAL AMOUNT		FAIR VALUE
U.S. GOVERNMENT AGENCIES—39.2%, continued
FEDERAL HOME LOAN BANK—3.4%, continued
5.00%, 11/17/17	$	2,500,000	$	2,680,093
5.50%, 7/15/36		5,320,000		6,910,584

				14,647,735

FEDERAL HOME LOAN MORTGAGE CORP.—17.2%
1.25%, 10/02/19		2,710,000		2,673,060
1.38%, 5/01/20		4,000,000		3,938,284
2.38%, 1/13/22		9,460,000		9,591,418
2.48%, 5/01/34+		145,875		153,972
2.48%, 5/01/34+		98,379		104,626
2.50%, 10/01/27		1,313,337		1,335,345
3.00%, 11/01/32		2,238,560		2,294,844
3.00%, 11/01/32		1,473,317		1,510,286
3.00%, 1/01/43		1,702,086		1,703,236
3.00%, 5/01/43		2,484,295		2,485,333
3.50%, 10/01/41		1,158,486		1,195,120
3.50%, 2/01/42		1,758,452		1,813,093
3.50%, 6/01/42		1,884,472		1,942,253
3.50%, 6/01/42		1,912,873		1,971,446
3.50%, 8/01/42		2,084,270		2,148,121
3.50%, 10/01/44		2,720,182		2,802,402
3.50%, 11/01/44		2,547,215		2,624,208
3.50%, 4/01/45		2,876,215		2,963,152
3.75%, 3/27/19		3,020,000		3,233,396
4.00%, 11/01/24		768,503		810,683
4.00%, 10/01/25		338,885		357,884
4.00%, 10/01/41		1,021,804		1,082,324
4.00%, 2/01/42		583,058		617,779
4.50%, 6/01/18		85,309		88,082
4.50%, 10/01/35		390,195		421,140
4.50%, 6/01/39		630,733		680,366
4.50%, 7/01/39		730,498		788,017
4.50%, 11/01/39		692,214		746,669
4.50%, 9/01/40		1,019,280		1,099,480
4.50%, 5/01/41		1,961,446		2,116,420
4.50%, 7/01/41		1,971,094		2,126,021
4.88%, 6/13/18		6,200,000		6,732,853
5.00%, 4/01/19		61,524		63,846
5.00%, 12/01/21		142,433		152,103
5.00%, 7/01/35		199,446		219,110
5.00%, 3/01/38		632,512		692,066
5.00%, 6/01/39		997,402		1,090,027
5.00%, 9/01/41		972,702		1,068,165
5.50%, 7/18/16		3,500,000		3,590,188
5.50%, 4/01/22		86,663		92,687
5.50%, 11/01/33		85,239		94,762
5.50%, 3/01/36		97,330		108,199
5.50%, 6/01/36		152,641		169,649
5.50%, 12/01/36		128,371		142,668
6.00%, 9/01/17		38,604		39,482
6.00%, 4/01/27		239,428		268,717
6.00%, 6/01/36		135,997		152,757
6.00%, 8/01/37		77,334		87,441
6.25%, 7/15/32		1,250,000		1,737,806
7.00%, 2/01/30		137,246		151,614
7.00%, 3/01/31		80,868		95,659
7.50%, 7/01/30		224,632		260,308

				74,428,567

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Intermediate Income Fund
December 31, 2015


	PRINCIPAL AMOUNT		FAIR VALUE
U.S. GOVERNMENT AGENCIES—39.2%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION—17.3%
1.13%, 4/27/17	$	2,000,000	$	2,003,304
1.82%, 2/01/34+		157,679		162,106
2.19%, 1/01/23		2,000,000		1,959,706
2.37%, 5/01/37+		177,524		188,669
2.39%, 6/01/33+		73,387		76,407
2.45%, 5/01/34+		136,703		144,888
2.50%, 9/01/27		1,628,801		1,655,109
2.50%, 11/01/27		2,285,029		2,321,932
2.50%, 1/01/28		1,558,939		1,579,603
2.59%, 7/01/22		2,502,284		2,520,722
2.63%, 9/06/24		8,000,000		8,084,472
2.77%, 7/01/23		2,442,019		2,464,700
2.89%, 7/01/22		2,483,876		2,544,407
3.00%, 12/01/32		2,216,708		2,276,016
3.00%, 6/01/42		2,424,899		2,434,908
3.00%, 8/01/42		2,227,326		2,235,323
3.00%, 8/01/42		2,183,825		2,192,047
3.00%, 6/01/43		2,109,171		2,113,576
3.50%, 7/01/20		376,463		394,404
3.50%, 10/01/25		336,664		353,218
3.50%, 2/01/41		1,373,746		1,420,631
3.50%, 5/01/42		1,666,783		1,723,573
3.50%, 12/01/42		2,519,207		2,606,817
4.00%, 3/01/26		1,143,836		1,213,409
4.00%, 12/01/40		1,410,352		1,495,951
4.00%, 1/01/41		996,470		1,057,118
4.00%, 10/01/41		941,070		998,395
4.00%, 11/01/41		854,113		906,201
4.00%, 12/01/41		2,216,379		2,351,424
4.00%, 12/01/41		1,148,895		1,218,899
4.00%, 1/01/42		2,378,378		2,532,374
4.00%, 12/01/44		2,961,255		3,156,463
4.50%, 9/01/40		639,091		691,599
4.50%, 10/01/40		637,821		690,231
5.00%, 2/13/17		1,800,000		1,881,374
5.00%, 7/01/18		66,746		69,391
5.00%, 9/01/18		93,975		97,305
5.00%, 4/01/25		184,787		203,239
5.00%, 7/01/25		142,833		157,096
5.00%, 10/01/25		181,093		199,176
5.00%, 10/01/35		251,230		276,763
5.50%, 6/01/22		145,863		156,623
5.50%, 11/01/25		58		65
5.50%, 2/01/34		100,798		113,067
5.50%, 1/01/35		202,011		226,328
5.50%, 10/01/35		276,748		310,173
5.50%, 6/01/36		73,028		81,615
5.50%, 11/01/36		93,298		103,899
5.63%, 7/15/37		4,750,000		6,303,217
6.00%, 10/01/33		91,996		104,785
6.00%, 11/01/34		235,078		267,751
6.00%, 10/01/35		140,648		160,119
6.00%, 6/01/36		77,877		87,982
6.63%, 11/15/30		3,250,000		4,602,439
7.00%, 11/01/19		9,942		10,440


	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
U.S. GOVERNMENT AGENCIES—39.2%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION—17.3%, continued
7.00%, 11/01/19	$	9,788	$	10,303
8.50%, 9/01/26		57,120		63,258

				75,255,010

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION—0.3%
1.75%, 1/20/34+		81,948		84,244
2.25%, 4/16/42		1,121,694		1,133,072
5.50%, 10/20/38		50,343		53,374
6.50%, 11/20/38		19,010		20,304
6.75%, 4/15/16		83		83
7.00%, 12/20/30		31,576		38,113
7.00%, 10/20/31		24,014		29,095
7.00%, 3/20/32		80,763		98,030

				1,456,315

OVERSEAS PRIVATE INVESTMENT CORP.—0.7%
3.28%, 9/15/29		1,100,000		1,113,638
3.54%, 6/15/30		852,945		897,988
3.82%, 6/01/33		999,646		1,048,790

				3,060,416

SMALL BUSINESS ADMINISTRATION—0.1%
0.60%, 2/25/32+		400,858		398,549

UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT—0.2%
2.35%, 8/01/21		1,000,000		1,005,682

TOTAL U.S. GOVERNMENT AGENCIES (COST $167,931,067)				170,252,274

INVESTMENT COMPANY—0.8%
MUTUAL FUND—0.8%
Pax World High Yield Bond Fund,
Individual Investor Class (COST $4,199,236)		530,984		3,302,719


TOTAL INVESTMENTS (Cost* $409,071,997—Unrealized gain/loss $4,183,085)—95.2%			$	413,255,082
Other assets in excess of liabilities—4.8%				20,697,870

NET ASSETS—100%			$	433,952,952

+	Variable rate security. Rates presented are the rates in effect at December 31, 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 December 31, 2015, these securities were valued at $41,340,612 or 9.5% of net assets.

(b)	This security has been fair valued by the Pricing Committee under the guidelines established by the Board of Trustees.

(c)	Illiquid security.

*	Represents cost for financial reporting purposes.

**	Amount rounds to less than 0.1%.


Rev.		—		Revenue

See accompanying notes to financial statements.

Praxis International Index Fund

Annual report to shareholders

Portfolio managers’ commentary

Foreign equity markets went through a turbulent period in 2015. The MSCI All Country World ex-U.S. Index posted a return of -5.66 percent for the year. The Praxis International Index Fund Class I Shares were slightly better than the index at -5.19 percent, and Class A Shares (without load) closely tracked the index and posted a net asset value return of -5.76 percent.

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

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

Ran Leshem

Praxis International Index Fund Manager

Aperio Group LLC

Patrick Geddes

Praxis International Index Fund Manager

Aperio Group LLC

Praxis International Index Fund

Performance Review

Growth of $10,000 investment from 12/31/10 to 12/31/15

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/10 to 12/31/15, and includes the reinvestment of dividends and capital gains.

LOGO


				Annualized
	Inception Date	One Year Ended		Three Year Ended		Since Inception		Expense Ratio Gross / Net**
International Index Fund
Class A*	12/31/10		-10.75%		-1.38%		-1.43%		1.28%	1.28%
Class A (Without Load)	12/31/10		-5.76%		0.39%		-0.37%
Class I	12/31/10		-5.19%		0.96%		-0.26%		0.78%	0.78%
MSCI All Country World Index ex-US¹			-5.66%		1.50%

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

¹ The MSCI All Country World Index ex-US is a market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S. based companies. The index includes both developed and emerging markets.

Schedule of Portfolio Investments


Praxis International Index Fund
December 31, 2015


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%
AUSTRALIA—5.4%
BANKS—2.3%
Australia & New Zealand Banking Group Ltd.		6,107	$	123,238
Australia & New Zealand Banking Group Ltd.- ADR		36,061		729,153
Commonwealth Bank of Australia		17,730		1,096,148
Commonwealth Bank of Australia- ADR		919		57,217
National Australia Bank Ltd.		4,644		101,341
National Australia Bank Ltd.- ADR		63,688		692,926
Westpac Banking Corp.		4,051		98,195
Westpac Banking Corp.- ADR		43,855		1,062,607

				3,960,825

BIOTECHNOLOGY—0.3%
CSL Ltd.		2,979		227,118
CSL Ltd.- ADR		6,332		242,484

				469,602

CAPITAL MARKETS—0.3%
Macquarie Group Ltd.		5,439		325,377
Macquarie Group Ltd.- ADR		2,747		165,576

				490,953

CHEMICALS—0.1%
Orica Ltd.		19,480		218,248

CONTAINERS & PACKAGING—0.2%
Amcor Ltd.		15,893		154,404
Amcor Ltd.- ADR		3,500		136,710

				291,114

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Telstra Corp. Ltd.		17,682		71,854
Telstra Corp. Ltd.- ADR		10,910		221,691

				293,545

FOOD & STAPLES RETAILING—0.3%
Wesfarmers Ltd.		16,433		495,423

INSURANCE—0.2%
Suncorp Group Ltd.		46,152		405,215

METALS & MINING—0.9%
Alumina Ltd.- ADR		41,858		138,969
BHP Billiton Ltd.- ADR		31,920		822,259
BHP Billiton plc		30,582		341,045
Newcrest Mining Ltd.- ADR(a)		9,928		94,018
South32 Ltd.(a)		30,582		23,536
South32 Ltd.- ADR(a)		12,768		48,710

				1,468,537

OIL, GAS & CONSUMABLE FUELS—0.4%
Origin Energy Ltd.		86,024		290,996
Woodside Petroleum Ltd.		18,241		380,032
Woodside Petroleum Ltd.- ADR		5,235		109,543

				780,571

REAL ESTATE INVESTMENT TRUSTS (REITS)—0.2%
Scentre Group REIT		25,459		77,221
Shopping Centres Australasia Property Group REIT		1		1
Westfield Corp. REIT		32,355		222,600

				299,822


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
AUSTRALIA—5.4%, continued
TRANSPORTATION INFRASTRUCTURE—0.0%**
Sydney Airport		9,815	$	45,172

				9,219,027

AUSTRIA—0.2%
BANKS—0.2%
Erste Group Bank AG(a)		5,112		159,955
Erste Group Bank AG- ADR(a)		12,078		189,987

				349,942

BELGIUM—0.6%
FOOD & STAPLES RETAILING—0.6%
Colruyt SA		8,334		428,728
Delhaize Group		1,156		112,510
Delhaize Group- ADR		22,300		541,667

				1,082,905

BRAZIL—1.1%
BANKS—0.1%
Banco Bradesco SA- ADR		49,429		237,754

CHEMICALS—0.1%
Braskem SA- ADR		13,824		187,177

ELECTRIC UTILITIES—0.0%**
Cia Energetica de Minas Gerais- ADR		52,928		79,392

FOOD PRODUCTS—0.3%
BRF SA- ADR		30,956		427,812

METALS & MINING—0.1%
Cia Siderurgica Nacional SA- ADR		44,029		42,968
Gerdau SA- ADR		5,717		6,860
Vale SA- ADR		50,564		166,356

				216,184

OIL, GAS & CONSUMABLE FUELS—0.4%
Petroleo Brasileiro SA- ADR(a)		86,183		370,587
Ultrapar Participacoes SA- ADR		19,886		303,261

				673,848

WATER UTILITIES—0.1%
Cia de Saneamento Basico do Estado de Sao Paulo- ADR		26,970		124,062

				1,946,229

CANADA—5.5%
AUTO COMPONENTS—0.3%
Magna International, Inc.		11,430		463,601

BANKS—1.6%
Bank of Montreal		7,625		430,203
Bank of Nova Scotia		12,180		492,559
Canadian Imperial Bank of Commerce		3,074		202,484
Royal Bank of Canada		17,137		918,201
Toronto-Dominion Bank		18,236		714,304

				2,757,751

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
December 31, 2015


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
CANADA—5.5%, continued
CHEMICALS—0.4%
Agrium, Inc.		3,522	$	314,655
Methanex Corp.		7,953		262,529
Potash Corp of Saskatchewan, Inc.		10,495		179,674

				756,858

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.0%**
TransAlta Corp.		20,678		73,200

INSURANCE—0.4%
Manulife Financial Corp.		25,400		380,492
Sun Life Financial, Inc.		8,848		276,057

				656,549

MEDIA—0.1%
Shaw Communications, Inc., Class B		9,357		160,847

METALS & MINING—0.4%
Barrick Gold Corp.		12,151		89,674
Goldcorp, Inc.		22,274		257,488
Teck Resources Ltd., Class B		76,983		297,154

				644,316

OIL, GAS & CONSUMABLE FUELS—1.1%
Advantage Oil & Gas Ltd.(a)		18,950		96,266
Cenovus Energy, Inc.		18,779		236,991
Enbridge, Inc.		18,096		600,606
Encana Corp.		66,587		338,928
Suncor Energy, Inc.		23,377		603,127

				1,875,918

REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%
Brookfield Asset Management, Inc., Class A		20,511		646,712

ROAD & RAIL—0.8%
Canadian National Railway Co.		12,210		682,295
Canadian Pacific Railway Ltd.		5,165		659,054

				1,341,349

				9,377,101

CHILE—0.4%
AIRLINES—0.1%
Latam Airlines Group SA- ADR(a)		29,445		158,709

BEVERAGES—0.0%**
Embotelladora Andina SA, Class B- ADR		6,720		116,995

CHEMICALS—0.2%
Sociedad Quimica y Minera de Chile SA- ADR		15,440		293,514

METALS & MINING—0.1%
Antofagasta plc		12,055		82,924
Antofagasta plc- ADR		3,393		47,807

				130,731

				699,949

CHINA—3.8%
AIRLINES—0.1%
China Southern Airlines Co. Ltd.- ADR		5,546		211,580


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
CHINA—3.8%, continued
BANKS—0.5%
China Construction Bank Corp.- ADR		67,532	$	919,110

CHEMICALS—0.2%
Sinopec Shanghai Petrochemical Co. Ltd.- ADR(a)		7,041		278,753

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
China Telecom Corp. Ltd.- ADR		6,115		284,042

INSURANCE—1.1%
China Life Insurance Co. Ltd.- ADR		66,612		1,065,126
Ping An Insurance Group Co. of China Ltd.- ADR		33,826		373,439
Ping An Insurance Group Co. of China Ltd., Class H		87,088		480,265

				1,918,830

INTERNET SOFTWARE & SERVICES—1.4%
Tencent Holdings Ltd.- ADR		119,811		2,350,692

ROAD & RAIL—0.1%
Guangshen Railway Co. Ltd.- ADR		8,797		217,462

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.2%
Lenovo Group Ltd.- ADR		18,577		372,933

				6,553,402

COLOMBIA—0.4%
BANKS—0.2%
BanColombia SA- ADR		10,431		279,029

OIL, GAS & CONSUMABLE FUELS—0.2%
Ecopetrol SA- ADR		50,865		356,564

				635,593

DENMARK—1.2%
BANKS—0.2%
Danske Bank A/S		11,624		311,899
Danske Bank A/S- ADR		6,614		88,098

				399,997

PHARMACEUTICALS—1.0%
Novo Nordisk A/S- ADR		28,510		1,655,861

				2,055,858

FINLAND—0.6%
COMMUNICATIONS EQUIPMENT—0.2%
Nokia OYJ- ADR		50,312		353,190

MACHINERY—0.2%
Kone OYJ, Class B		9,457		400,419

PAPER & FOREST PRODUCTS—0.2%
Stora Enso OYJ- ADR		32,308		294,003

				1,047,612

FRANCE—7.1%
AUTO COMPONENTS—0.6%
Cie Generale des Etablissements Michelin		1,074		102,226
Cie Generale des Etablissements Michelin- ADR		25,215		480,724
Valeo SA		931		143,537
Valeo SA- ADR		4,352		336,910

				1,063,397

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
December 31, 2015


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
FRANCE—7.1%, continued
AUTOMOBILES—0.3%
Renault SA		5,464	$	546,922

BANKS—0.9%
BNP Paribas SA- ADR		28,958		818,353
Credit Agricole SA		11,014		129,791
Credit Agricole SA- ADR		14,211		83,276
Societe Generale SA		4,111		189,444
Societe Generale SA- ADR		36,300		334,686

				1,555,550

BUILDING PRODUCTS—0.3%
Cie de Saint-Gobain		11,742		508,843

CONSTRUCTION & ENGINEERING—0.5%
Bouygues SA		8,092		320,853
Vinci SA- ADR		30,694		492,485

				813,338

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Orange SA- ADR		20,175		335,510
Vivendi SA		9,270		199,093
Vivendi SA- ADR		1,680		35,868

				570,471

ELECTRICAL EQUIPMENT—0.6%
Legrand SA		17,254		975,977

ENERGY EQUIPMENT & SERVICES—0.2%
CGG SA(a)		670		1,954
CGG SA- ADR(a)		7,732		21,417
Technip SA- ADR		26,180		327,381

				350,752

FOOD & STAPLES RETAILING—0.2%
Carrefour SA		1,523		43,953
Carrefour SA- ADR		49,035		280,480

				324,433

FOOD PRODUCTS—0.7%
Danone SA- ADR		85,545		1,164,268

HEALTH CARE EQUIPMENT & SUPPLIES—0.4%
Essilor International SA		4,503		561,236
Essilor International SA- ADR		952		59,685

				620,921

INSURANCE—0.5%
AXA SA- ADR		34,977		955,397

MEDIA—0.2%
Publicis Groupe SA- ADR		26,260		439,330

MULTI-UTILITIES—0.5%
Engie SA		2,524		44,708
Engie SA- ADR		17,681		311,185
Veolia Environnement SA		11,656		276,548
Veolia Environnement SA- ADR		8,771		206,908

				839,349


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
FRANCE—7.1%, continued
PERSONAL PRODUCTS—0.6%
L’Oreal SA		382	$	64,254
L’Oreal SA- ADR		26,720		901,800

				966,054

SOFTWARE—0.3%
Dassault Systemes- ADR		6,224		498,854

				12,193,856

GERMANY—6.7%
AIR FREIGHT & LOGISTICS—0.4%
Deutsche Post AG		10,161		284,079
Deutsche Post AG- ADR		14,832		412,033

				696,112

AIRLINES—0.1%
Deutsche Lufthansa AG- ADR(a)		10,201		160,207

AUTOMOBILES—0.6%
Bayerische Motoren Werke AG- ADR		27,692		965,482

CAPITAL MARKETS—0.4%
Deutsche Bank AG		26,653		643,670

CHEMICALS—0.6%
BASF SE- ADR		13,580		1,032,284

DIVERSIFIED FINANCIAL SERVICES—0.3%
Deutsche Boerse AG		3,878		340,881
Deutsche Boerse AG- ADR		15,060		131,775

				472,656

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Deutsche Telekom AG- ADR		32,617		583,192

HEALTH CARE PROVIDERS & SERVICES—0.7%
Fresenius Medical Care AG & Co. KGaA- ADR		19,354		809,771
Fresenius SE & Co. KGaA		5,130		365,422

				1,175,193

INSURANCE—1.2%
Allianz SE- ADR		76,050		1,340,001
Muenchener Rueckversicherungs- Gesellschaft AG		1,682		335,117
Muenchener Rueckversicherungs-Gesellschaft AG- ADR		18,890		377,516

				2,052,634

MULTI-UTILITIES—0.1%
RWE AG		13,874		174,915
RWE AG- ADR		5,585		70,538

				245,453

PHARMACEUTICALS—0.7%
Bayer AG- ADR		9,846		1,229,125

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Infineon Technologies AG- ADR		12,109		177,397

SOFTWARE—0.6%
SAP SE- ADR		12,252		969,133

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
December 31, 2015


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
GERMANY—6.7%, continued
TEXTILES, APPAREL & LUXURY GOODS—0.4%
adidas AG		1,323	$	128,409
adidas AG- ADR		9,964		483,354
Puma SE		285		61,329

				673,092

TRADING COMPANIES & DISTRIBUTORS—0.2%
Brenntag AG		5,521		287,687

				11,363,317

HONG KONG—4.1%
BANKS—0.3%
BOC Hong Kong Holdings Ltd.		158,000		480,797
BOC Hong Kong Holdings Ltd.- ADR		1,754		106,503

				587,300

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
China Unicom Hong Kong Ltd.- ADR		24,284		292,865

ELECTRIC UTILITIES—0.3%
Cheung Kong Infrastructure Holdings Ltd.		54,000		498,899

INDUSTRIAL CONGLOMERATES—0.1%
Jardine Matheson Holdings Ltd.		751		36,369
Jardine Matheson Holdings Ltd.- ADR		3,618		174,677

				211,046

INSURANCE—0.5%
AIA Group Ltd.		151,200		903,433

REAL ESTATE MANAGEMENT & DEVELOPMENT—1.7%
Hang Lung Properties Ltd.		118,000		267,371
Hang Lung Properties Ltd.- ADR		4,159		46,872
Henderson Land Development Co. Ltd.		73,948		451,084
Sun Hung Kai Properties Ltd.		28,000		336,548
Sun Hung Kai Properties Ltd.- ADR		22,014		267,250
Swire Pacific Ltd., Class A		10,000		111,701
Swire Pacific Ltd., Class A- ADR		32,051		363,138
Swire Properties Ltd.		87,550		251,736
Wharf Holdings Ltd.		150,000		827,022

				2,922,722

SPECIALTY RETAIL—0.0%**
Esprit Holdings Ltd.		2,500		2,752
Esprit Holdings Ltd.- ADR		4,499		9,718

				12,470

TEXTILES, APPAREL & LUXURY GOODS—0.1%
Global Brands Group Holding Ltd.(a)		122,000		23,103
Li & Fung Ltd.		122,000		82,507
Li & Fung Ltd.- ADR		12,287		15,973

				121,583

WIRELESS TELECOMMUNICATION SERVICES—0.9%
China Mobile Ltd.- ADR		25,856		1,456,469

				7,006,787

HUNGARY—0.1%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Magyar Telekom Telecommunications plc- ADR(a)		11,582		80,379


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
HUNGARY—0.1%, continued
OIL, GAS & CONSUMABLE FUELS—0.0%**
MOL Hungarian Oil & Gas plc- ADR		796	$	19,503

				99,882

INDIA—2.0%
BANKS—0.8%
HDFC Bank Ltd.- ADR		16,597		1,022,375
ICICI Bank Ltd.- ADR		53,449		418,506

				1,440,881

IT SERVICES—0.7%
Infosys Ltd.- ADR		35,912		601,526
Wipro Ltd.- ADR		50,683		584,882

				1,186,408

METALS & MINING—0.2%
Vedanta Ltd.- ADR		47,320		263,099

PHARMACEUTICALS—0.3%
Dr. Reddy’s Laboratories Ltd.- ADR		11,769		544,787

				3,435,175

INDONESIA—0.7%
BANKS—0.2%
PT Bank Mandiri- ADR		49,403		322,997

DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%
Telekomunikasi Indonesia Persero Tbk PT- ADR		18,427		818,159

MACHINERY—0.0%**
United Tractors Tbk PT- ADR		3,369		81,866

				1,223,022

IRELAND—1.3%
CONSTRUCTION MATERIALS—0.5%
CRH plc- ADR		27,925		804,799

PHARMACEUTICALS—0.4%
Shire plc- ADR		3,634		744,970

PROFESSIONAL SERVICES—0.4%
Experian plc		3,191		56,399
Experian plc- ADR		37,268		662,811

				719,210

				2,268,979

ISRAEL—0.7%
PHARMACEUTICALS—0.6%
Teva Pharmaceutical Industries Ltd.- ADR		13,991		918,369

SOFTWARE—0.1%
Check Point Software Technologies Ltd.(a)		2,576		209,635

				1,128,004

ITALY—1.8%
BANKS—0.5%
Intesa Sanpaolo SpA		108,407		360,020
Intesa Sanpaolo SpA- ADR		5,976		119,430
UniCredit SpA		62,353		344,731

				824,181

ELECTRIC UTILITIES—0.1%
Enel SpA		58,027		243,325

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
December 31, 2015


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
ITALY—1.8%, continued
INSURANCE—0.2%
Assicurazioni Generali SpA		16,056	$	293,290

OIL, GAS & CONSUMABLE FUELS—0.4%
ENI SpA- ADR		23,598		703,220

TEXTILES, APPAREL & LUXURY GOODS—0.4%
Luxottica Group SpA- ADR		9,316		604,236

TRANSPORTATION INFRASTRUCTURE—0.2%
Atlantia SpA		13,863		366,793

				3,035,045

JAPAN—17.2%
AUTO COMPONENTS—0.5%
Bridgestone Corp.		4,656		159,707
Bridgestone Corp.- ADR		16,204		276,845
Denso Corp.		5,900		281,935
Denso Corp.- ADR		6,048		144,608

				863,095

AUTOMOBILES—2.4%
Honda Motor Co. Ltd.- ADR		32,346		1,032,808
Nissan Motor Co. Ltd.- ADR		36,396		763,770
Toyota Motor Corp.- ADR		18,470		2,272,549

				4,069,127

BANKS—1.7%
Mitsubishi UFJ Financial Group, Inc.- ADR		188,606		1,173,130
Mizuho Financial Group, Inc.- ADR		132,028		533,393
Sumitomo Mitsui Financial Group, Inc.- ADR		135,650		1,029,584
Sumitomo Mitsui Trust Holdings, Inc.		2,980		11,286
Sumitomo Mitsui Trust Holdings, Inc.- ADR		39,737		151,199

				2,898,592

BUILDING PRODUCTS—0.1%
Asahi Glass Co. Ltd.		3,000		17,186
Asahi Glass Co. Ltd.- ADR		21,219		120,312

				137,498

CAPITAL MARKETS—0.5%
Daiwa Securities Group, Inc.		16,000		97,819
Daiwa Securities Group, Inc.- ADR		49,678		302,042
Nomura Holdings, Inc.- ADR		68,574		380,586

				780,447

CHEMICALS—0.5%
Nitto Denko Corp.		500		36,503
Nitto Denko Corp.- ADR		11,626		425,279
Shin-Etsu Chemical Co. Ltd.		4,200		228,336
Sumitomo Chemical Co. Ltd.		38,000		218,238

				908,356

COMMERCIAL SERVICES & SUPPLIES—0.3%
Dai Nippon Printing Co. Ltd.		50,000		494,432
Dai Nippon Printing Co. Ltd.- ADR		37		365

				494,797


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
JAPAN—17.2%, continued
CONSTRUCTION & ENGINEERING—0.4%
JGC Corp.		9,000	$	137,756
Obayashi Corp.		55,000		507,496

				645,252

DIVERSIFIED FINANCIAL SERVICES—0.2%
ORIX Corp.		2,300		32,266
ORIX Corp.- ADR		5,614		394,327

				426,593

DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%
Nippon Telegraph & Telephone Corp.- ADR		26,412		1,049,613

ELECTRIC UTILITIES—0.2%
Chubu Electric Power Co., Inc.		12,600		172,541
Tohoku Electric Power Co., Inc.		12,700		158,767

				331,308

ELECTRICAL EQUIPMENT—0.3%
Nidec Corp.- ADR		30,872		563,105

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6%
Hitachi Ltd.		11,000		62,330
Hitachi Ltd.- ADR		4,047		229,465
Kyocera Corp.		2,800		130,034
Kyocera Corp.- ADR		3,162		145,800
Murata Manufacturing Co. Ltd.		2,300		330,927
TDK Corp.		800		51,235
TDK Corp.- ADR		826		52,959

				1,002,750

HEALTH CARE EQUIPMENT & SUPPLIES—0.5%
Hoya Corp.		9,500		388,480
Hoya Corp.- ADR		1,734		71,423
Terumo Corp.		11,800		365,722

				825,625

HOUSEHOLD DURABLES—1.0%
Panasonic Corp.		18,600		188,558
Panasonic Corp.- ADR		21,410		216,883
Sekisui House Ltd.		8,000		134,510
Sekisui House Ltd.- ADR		30,149		508,614
Sharp Corp.(a)		10,000		10,314
Sharp Corp.- ADR(a)		17,095		17,095
Sony Corp.- ADR		23,902		588,228

				1,664,202

INSURANCE—0.6%
MS&AD Insurance Group Holdings, Inc.- ADR		34,266		499,770
Tokio Marine Holdings, Inc.		4,600		177,673
Tokio Marine Holdings, Inc.- ADR		7,354		285,887

				963,330

INTERNET & CATALOG RETAIL—0.1%
Rakuten, Inc.		18,400		211,927

IT SERVICES—0.1%
Fujitsu Ltd.		20,000		99,823
Fujitsu Ltd.- ADR		1,240		30,764

				130,587

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
December 31, 2015


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
JAPAN—17.2%, continued
MACHINERY—1.2%
FANUC Corp.		400	$	68,916
FANUC Corp.- ADR		22,452		646,730
Kubota Corp.- ADR		7,847		607,240
Makita Corp.		600		34,576
Makita Corp.- ADR		4,936		286,288
SMC Corp.		1,900		493,494

				2,137,244

MARINE—0.0%**
Nippon Yusen KK- ADR		7,243		34,766

METALS & MINING—0.3%
Nippon Steel Corp.		12,700		251,236
Sumitomo Metal Mining Co. Ltd.		23,000		279,195

				530,431

PERSONAL PRODUCTS—0.5%
Kao Corp.		1,000		51,389
Kao Corp.- ADR		10,418		535,693
Shiseido Co. Ltd.		2,100		43,572
Shiseido Co. Ltd.- ADR		15,035		312,653

				943,307

PHARMACEUTICALS—0.7%
Astellas Pharma, Inc.		13,000		185,065
Astellas Pharma, Inc.- ADR		22,165		317,181
Daiichi Sankyo Co. Ltd.		7,700		158,926
Daiichi Sankyo Co. Ltd.- ADR		1,901		39,493
Takeda Pharmaceutical Co. Ltd.		2,700		134,621
Takeda Pharmaceutical Co. Ltd.- ADR		17,304		433,119

				1,268,405

REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%
Daiwa House Industry Co. Ltd.- ADR		15,470		445,072
Mitsubishi Estate Co. Ltd.		11,000		228,727
Mitsubishi Estate Co. Ltd.- ADR		8,499		176,397
Mitsui Fudosan Co. Ltd.		15,000		376,468
Sumitomo Realty & Development Co. Ltd.		9,000		256,884

				1,483,548

ROAD & RAIL—0.8%
Central Japan Railway Co.		1,348		239,316
East Japan Railway Co.		3,590		338,055
East Japan Railway Co.- ADR		29,226		458,410
Keikyu Corp.		37,000		305,740

				1,341,521

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Rohm Co. Ltd.		700		35,456
Rohm Co. Ltd.- ADR		2,660		67,324

				102,780

SOFTWARE—0.1%
Nintendo Co. Ltd.		300		41,253
Nintendo Co. Ltd.- ADR		11,880		204,989

				246,242


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
JAPAN—17.2%, continued
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.7%
Canon, Inc.- ADR		18,193	$	548,155
FUJIFILM Holdings Corp.- ADR		11,626		484,862
Seiko Epson Corp.		1,200		18,479
Seiko Epson Corp.- ADR		10,312		79,609

				1,131,105

TEXTILES, APPAREL & LUXURY GOODS—0.2%
Wacoal Holdings Corp.- ADR		5,242		313,262

TRADING COMPANIES & DISTRIBUTORS—0.2%
Mitsui & Co. Ltd.- ADR		1,637		389,770

WIRELESS TELECOMMUNICATION SERVICES—0.9%
KDDI Corp.- ADR		36,546		473,088
NTT DoCoMo, Inc.- ADR		25,911		531,175
SoftBank Group Corp.		6,500		328,058
SoftBank Group Corp.- ADR		6,172		155,442

				1,487,763

				29,376,348

JERSEY—0.2%
METALS & MINING—0.2%
Randgold Resources Ltd.- ADR		6,079		376,472

LUXEMBOURG—0.2%
ENERGY EQUIPMENT & SERVICES—0.2%
Tenaris SA- ADR		14,688		349,574

MEXICO—1.3%
BEVERAGES—0.2%
Coca-Cola Femsa SAB de CV- ADR		5,797		410,486

CONSTRUCTION MATERIALS—0.2%
Cemex SAB de CV- ADR(a)		67,979		378,643

FOOD & STAPLES RETAILING—0.2%
Wal-Mart de Mexico SAB de CV- ADR		12,772		321,216

MEDIA—0.2%
Grupo Televisa SAB- ADR		11,081		301,514

METALS & MINING—0.1%
Fresnillo plc		14,613		151,933

TRANSPORTATION INFRASTRUCTURE—0.2%
Grupo Aeroportuario del Pacifico SAB de CV- ADR		4,513		398,408

WIRELESS TELECOMMUNICATION SERVICES—0.2%
America Movil SAB de CV, Class L- ADR		17,340		243,800

				2,206,000

NETHERLANDS—2.1%
BANKS—0.3%
ING Groep NV- ADR		41,830		563,032

CHEMICALS—0.1%
Akzo Nobel NV- ADR		10,773		239,322

FOOD & STAPLES RETAILING—0.3%
Koninklijke Ahold NV- ADR		23,941		505,991

INDUSTRIAL CONGLOMERATES—0.4%
Koninklijke Philips NV—NY Registry Shares		30,708		781,519

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
December 31, 2015


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
NETHERLANDS—2.1%, continued
INSURANCE—0.1%
Aegon NV—NY Registry Shares		23,208	$	131,589

LIFE SCIENCES TOOLS & SERVICES—0.3%
QIAGEN NV(a)		16,784		464,078

MEDIA—0.2%
Wolters Kluwer NV		954		32,038
Wolters Kluwer NV- ADR		7,337		245,863

				277,901

OIL, GAS & CONSUMABLE FUELS—0.1%
Koninklijke Vopak NV		3,557		153,182

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.2%
ASML Holding NV—NY Registry Shares		4,549		403,815

SOFTWARE—0.1%
Gemalto NV		2,161		129,664

				3,650,093

NORWAY—0.6%
CHEMICALS—0.2%
Yara International ASA- ADR		7,283		312,295

METALS & MINING—0.1%
Norsk Hydro ASA		28,584		106,249
Norsk Hydro ASA- ADR		13,201		49,702

				155,951

OIL, GAS & CONSUMABLE FUELS—0.3%
Statoil ASA- ADR		41,206		575,236

				1,043,482

PHILIPPINES—0.2%
WIRELESS TELECOMMUNICATION SERVICES—0.2%
Philippine Long Distance Telephone Co.- ADR		7,932		339,093

PORTUGAL—0.1%
ELECTRIC UTILITIES—0.1%
EDP—Energias de Portugal SA		20,520		73,941
EDP—Energias de Portugal SA- ADR		1,231		44,513

				118,454

RUSSIA—0.2%
MEDIA—0.0%**
CTC Media, Inc.		28,039		51,872

WIRELESS TELECOMMUNICATION SERVICES—0.2%
Mobile TeleSystems PJSC- ADR		37,298		230,502

				282,374

SINGAPORE—1.7%
BANKS—1.1%
DBS Group Holdings Ltd.		10,656		124,883
DBS Group Holdings Ltd.- ADR		18,371		857,834
United Overseas Bank Ltd.		24,187		333,461
United Overseas Bank Ltd.- ADR		22,014		606,486

				1,922,664

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Singapore Telecommunications Ltd.		86,000		221,731
Singapore Telecommunications Ltd.- ADR		6,886		177,314

				399,045


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
SINGAPORE—1.7%, continued
INDUSTRIAL CONGLOMERATES—0.3%
Keppel Corp. Ltd.		11,721	$	53,544
Keppel Corp. Ltd.- ADR		49,775		454,197

				507,741

REAL ESTATE INVESTMENT TRUSTS (REITS)—0.0%**
Keppel REIT		737		483

				2,829,933

SOUTH AFRICA—0.8%
BANKS—0.1%
Standard Bank Group Ltd.- ADR		11,694		84,782

METALS & MINING—0.0%**
Impala Platinum Holdings Ltd.- ADR(a)		15,171		25,637

OIL, GAS & CONSUMABLE FUELS—0.4%
Sasol Ltd.- ADR		28,422		762,278

TRADING COMPANIES & DISTRIBUTORS—0.1%
Barloworld Ltd.		45,286		182,161

WIRELESS TELECOMMUNICATION SERVICES—0.2%
MTN Group Ltd.- ADR		31,552		267,245

				1,322,103

SOUTH KOREA—2.2%
BANKS—1.3%
KB Financial Group, Inc.- ADR		35,152		979,687
Shinhan Financial Group Co. Ltd.- ADR		30,017		1,008,271
Woori Bank- ADR		9,632		217,683

				2,205,641

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
KT Corp.- ADR		41,800		497,838

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%
LG Display Co. Ltd.- ADR		42,203		440,599

WIRELESS TELECOMMUNICATION SERVICES—0.4%
SK Telecom Co. Ltd.- ADR		32,754		659,993

				3,804,071

SPAIN—1.9%
BANKS—0.7%
Banco Bilbao Vizcaya Argentaria SA- ADR		68,498		502,091
Banco Santander SA- ADR		141,790		690,517

				1,192,608

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Telefonica SA- ADR		37,220		411,653

ELECTRIC UTILITIES—0.2%
Iberdrola SA- ADR		15,225		431,172

METALS & MINING—0.1%
Acerinox SA		16,589		169,210

OIL, GAS & CONSUMABLE FUELS—0.3%
Repsol SA		20,489		225,569
Repsol SA- ADR		26,386		293,676

				519,245

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
December 31, 2015


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
SPAIN—1.9%, continued
SPECIALTY RETAIL—0.4%
Industria de Diseno Textil SA		17,640	$	606,007

				3,329,895

SWEDEN—2.5%
COMMUNICATIONS EQUIPMENT—0.3%
Telefonaktiebolaget LM Ericsson- ADR		48,767		468,651

CONSTRUCTION & ENGINEERING—0.4%
Skanska AB, Class B		37,142		720,317

HOUSEHOLD PRODUCTS—0.2%
Svenska Cellulosa AB SCA, Class B		12,219		354,108

MACHINERY—0.9%
Alfa Laval AB		23,419		427,539
Atlas Copco AB, Class A		8,922		218,810
Atlas Copco AB, Class A- ADR		18,292		446,672
Sandvik AB		19,176		167,158
Sandvik AB- ADR		20,116		173,802

				1,433,981

METALS & MINING—0.2%
Boliden AB		22,985		385,095

OIL, GAS & CONSUMABLE FUELS—0.2%
Lundin Petroleum AB(a)		20,989		302,858

SPECIALTY RETAIL—0.3%
Hennes & Mauritz AB (H&M), Class B		3,195		113,647
Hennes & Mauritz AB- ADR		65,360		461,769

				575,416

				4,240,426

SWITZERLAND—7.1%
CAPITAL MARKETS—1.1%
Credit Suisse Group AG- ADR(a)		27,848		604,023
Julius Baer Group Ltd.(a)		9,537		461,373
UBS Group AG		46,462		899,969

				1,965,365

CHEMICALS—0.6%
Syngenta AG- ADR		12,090		951,846

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Swisscom AG- ADR		7,140		357,214

ELECTRICAL EQUIPMENT—0.6%
ABB Ltd.- ADR(a)		61,282		1,086,530

FOOD PRODUCTS—0.3%
Barry Callebaut AG(a)		397		431,230

INSURANCE—0.8%
Swiss Re AG		3,563		347,985
Zurich Insurance Group AG- ADR(a)		39,970		1,024,231

				1,372,216

MACHINERY—0.2%
Schindler Holding AG		1,587		267,630


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
SWITZERLAND—7.1%,continued
PHARMACEUTICALS—2.8%
Novartis AG- ADR		28,388	$	2,442,504
Roche Holding AG- ADR		67,656		2,332,102

				4,774,606

PROFESSIONAL SERVICES—0.2%
Adecco SA(a)		4,136		283,079
Adecco SA- ADR(a)		1,206		41,209

				324,288

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%
Logitech International SA		10,434		157,240

TRADING COMPANIES & DISTRIBUTORS—0.2%
Wolseley plc		537		29,166
Wolseley plc- ADR		63,056		345,862

				375,028

				12,063,193

TAIWAN—2.7%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.7%
Chunghwa Telecom Co. Ltd.- ADR		38,672		1,161,320

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%
AU Optronics Corp.- ADR		56,975		165,797

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.9%
Advanced Semiconductor Engineering, Inc.- ADR		101,549		575,783
Siliconware Precision Industries Co. Ltd.- ADR		70,913		549,576
Taiwan Semiconductor Manufacturing Co. Ltd.- ADR		77,900		1,772,225
United Microelectronics Corp.- ADR		191,039		359,153

				3,256,737

				4,583,854

TURKEY—0.2%
BANKS—0.1%
Turkiye Garanti Bankasi AS- ADR		59,610		141,872

WIRELESS TELECOMMUNICATION SERVICES—0.1%
Turkcell Iletisim Hizmetleri AS- ADR		26,648		226,241

				368,113

UNITED KINGDOM—12.7%
BANKS—1.8%
Barclays plc- ADR		50,461		653,975
HSBC Holdings plc- ADR		44,158		1,742,916
Lloyds Banking Group plc- ADR		102,926		448,757
Standard Chartered plc		33,979		281,929

				3,127,577

CAPITAL MARKETS—0.0%**
Man Group plc		3,940		10,136
Man Group plc- ADR		7,608		18,868

				29,004

DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
BT Group plc- ADR		18,204		630,041

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
December 31, 2015


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
UNITED KINGDOM—12.7%, continued
ELECTRIC UTILITIES—0.4%
SSE plc		2,983	$	66,980
SSE plc- ADR		26,274		587,618

				654,598

ENERGY EQUIPMENT & SERVICES—0.3%
AMEC Foster Wheeler plc		32,410		204,593
Subsea 7 SA(a)		36,082		255,388
Subsea 7 SA- ADR(a)		3,305		23,185

				483,166

FOOD & STAPLES RETAILING—0.3%
J Sainsbury plc		4,806		18,302
J Sainsbury plc- ADR		18,741		283,833
Wm Morrison Supermarkets plc		29,374		64,002
Wm Morrison Supermarkets plc- ADR		8,054		88,151

				454,288

HEALTH CARE EQUIPMENT & SUPPLIES—0.4%
Smith & Nephew plc		4,232		75,423
Smith & Nephew plc- ADR		17,185		611,786

				687,209

HOTELS, RESTAURANTS & LEISURE—0.8%
Compass Group plc		2,247		38,936
Compass Group plc- ADR		47,072		829,409
InterContinental Hotels Group plc- ADR		11,424		442,566

				1,310,911

HOUSEHOLD PRODUCTS—0.7%
Reckitt Benckiser Group plc		3,212		297,194
Reckitt Benckiser Group plc- ADR		51,855		971,763

				1,268,957

INSURANCE—0.9%
Aviva plc		41,971		318,580
Aviva plc- ADR		6,116		93,024
Prudential plc- ADR		24,107		1,086,744

				1,498,348

MEDIA—1.3%
Pearson plc- ADR		23,760		256,133
RELX plc- ADR		36,928		658,426
Sky plc		3,176		52,063
Sky plc- ADR		6,005		395,609
WPP plc- ADR		6,767		776,446

				2,138,677

MULTILINE RETAIL—0.4%
Marks & Spencer Group plc		10,719		71,369
Marks & Spencer Group plc- ADR		17,019		227,289
Next plc		3,156		338,862

				637,520

MULTI-UTILITIES—0.7%
National Grid plc- ADR		16,906		1,175,643


	SHARES		FAIR VALUE
COMMON STOCKS—98.3%, continued
UNITED KINGDOM—12.7%, continued
OIL, GAS & CONSUMABLE FUELS—0.6%
BG Group plc		6,208	$	89,990
BG Group plc- ADR		48,093		698,310
Tullow Oil plc(a)		75,462		184,841
Tullow Oil plc- ADR(a)		15,976		18,660

				991,801

PERSONAL PRODUCTS—0.7%
Unilever NV—NY Registry Shares		28,732		1,244,670

PHARMACEUTICALS—1.3%
AstraZeneca plc- ADR		31,680		1,075,536
GlaxoSmithKline plc- ADR		28,888		1,165,631
Indivior plc		3,212		8,876
Indivior plc- ADR		1,963		27,374

				2,277,417

PROFESSIONAL SERVICES—0.1%
Capita plc		12,030		214,044

REAL ESTATE INVESTMENT TRUSTS (REITS)—0.2%
Land Securities Group plc REIT		16,051		278,245

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.2%
ARM Holdings plc- ADR		8,551		386,847

SOFTWARE—0.2%
Sage Group plc		33,781		300,146
Sage Group plc- ADR		2,320		82,546

				382,692

SPECIALTY RETAIL—0.2%
Kingfisher plc- ADR		29,151		283,202

WATER UTILITIES—0.3%
Severn Trent plc		6,683		213,633
United Utilities Group plc		2,386		32,853
United Utilities Group plc- ADR		12,883		352,930

				599,416

WIRELESS TELECOMMUNICATION SERVICES—0.5%
Vodafone Group plc- ADR		26,458		853,535

				21,607,808

UNITED STATES—0.7%
HOTELS, RESTAURANTS & LEISURE—0.3%
Carnival plc- ADR		7,671		436,633

MEDIA—0.1%
Thomson Reuters Corp.		7,011		265,366

METALS & MINING—0.1%
Sims Metal Management Ltd.- ADR		21,356		110,838

PHARMACEUTICALS—0.2%
Valeant Pharmaceuticals International, Inc.(a)		3,643		370,311

				1,183,148


TOTAL COMMON STOCKS (COST $162,402,653)				167,796,119

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund
December 31, 2015


	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
PREFERRED STOCKS—0.3%
BRAZIL—0.3%
BANKS—0.2%
Itau Unibanco Holding SA- ADR		43,666		284,266

FOOD & STAPLES RETAILING—0.1%
Cia Brasileira de Distribuicao- ADR		11,237		118,213

				402,479


TOTAL PREFERRED STOCKS (COST $808,789)				402,479

WARRANT—0.0%**
HONG KONG—0.0%**
Sun Hung Kai Properties Ltd., expiring 4/22/16 (a) (COST $—)		916		227

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* $164,811,442—Unrealized gain/loss $4,987,383)—99.5%			$	169,798,825
Other assets in excess of liabilities—0.5%				931,370

NET ASSETS—100%			$	170,730,195

(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.

Praxis Value Index Fund

Annual Report to Shareholders

Portfolio managers’ commentary

In 2015, stock returns cooled off from double-digit positive returns the past three years. In fact, the Standard and Poor’s 500 Index price return was -0.73 percent. Dividends are the only reason total returns ended positive at 1.37 percent. In terms of major asset classes, only real estate investment trusts did better at 1.76 percent, while the Barclays U.S. Aggregate Bond Index did worse – but stayed positive at 0.55 percent. Mid-cap and small cap stock indexes, as well as international stock and bond indexes, all recorded negative returns. Commodities, as measured by the Bloomberg Commodity Index, were off a whopping 24.70 percent – the fifth straight year of negative returns. Crude oil is responsible for a big part of this drop, starting the year at around $52 per barrel and meandering around before ending at around $37 per barrel.

Among the 10 stock sectors of the S&P 500, an even split developed between winners and losers with consumer (discretionary and staples), health care, information technology and telecommunication services sectors ending positive, and financials, industrials, utilities, materials, and energy sectors ending negative.

Returns also diverged among styles, with the S&P 500 Value Index ending negative at -3.14 percent whereas the S&P 500 Growth Index ended positive at 5.51 percent.

For the year ended December 31, 2015, the Praxis Value Index Fund Class I Shares returned -6.00 percent, and the Class A Shares (without load) returned -6.41 percent, underperforming the -3.14 percent return of the benchmark (S&P 500 Value Index). The margin of underperformance was larger than expected, and was primarily a result of the Fund’s screening out of a few large integrated oil companies. In order to maintain the fundamental characteristics of the excluded companies, we purchased smaller energy companies that were more directly impacted by the dramatic decline in oil prices during the year. The excluded companies, which comprise a material portion of the benchmark, were impacted by the decline in oil prices, but to a lesser extent.

The annual mid-December reconstitution of the benchmark index and our routine updating of our screening list again caused some shuffling of portfolio holdings. This is always a good opportunity to realign our efforts to track benchmark returns.

Dale Snyder, CFA^®

Praxis Value Index Fund Manager

Praxis Mutual Funds

The views expressed are those of the portfolio manager as of Dec. 31, 2015, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

Praxis Value Index Fund

Performance Review

Growth of $10,000 investment from 12/31/05 to 12/31/15

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/05 to 12/31/15, and includes the reinvestment of dividends and capital gains.

LOGO


				Annualized
	Inception Date	One Year Ended		Three Year Ended		Five Year Ended		Ten Year Ended		Expense Ratio* Gross / Net**
Value Index Fund
Class A*	5/1/01		-11.30%		9.46%		7.98%		3.22%		0.87%	0.87%
Class A (Without Load)	5/1/01		-6.41%		11.43%		9.15%		3.78%
Class I**	5/1/06		-6.00%		12.01%		9.81%		4.29%		0.45%	0.45%
S&P 500 Value Index¹			-3.14%		12.82%		10.95%		5.79%

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

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

*** Reflects the expense ratios as reported in the Prospectus dated April 30, 2015.

¹ The S&P 500 Value Index represents the value companies (defined by book value to price ratio earnings to price ratio and sales to price ratio) of the S&P 500 Index, a universe of large capitalization companies in the U.S. equity market.

Schedule of Portfolio Investments


Praxis Value Index Fund
December 31, 2015


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%
AIR FREIGHT & LOGISTICS—1.2%
FedEx Corp.		5,156	$	768,193
United Parcel Service, Inc., Class B		7,914		761,564

				1,529,757

AIRLINES—0.9%
American Airlines Group, Inc.		10,440		442,134
Delta Air Lines, Inc.		9,630		488,145
United Continental Holdings, Inc.(a)		3,890		222,897

				1,153,176

AUTO COMPONENTS—0.8%
BorgWarner, Inc.		4,390		189,780
Goodyear Tire & Rubber Co.		4,500		147,015
Johnson Controls, Inc.		16,631		656,758

				993,553

AUTOMOBILES—1.5%
Ford Motor Co.		70,233		989,583
General Motors Co.		30,620		1,041,386

				2,030,969

BANKS—12.0%
Bank of America Corp.		153,220		2,578,693
BB&T Corp.		13,054		493,572
Citigroup, Inc.		43,026		2,226,596
Comerica, Inc.		4,021		168,198
Huntington Bancshares, Inc.		18,154		200,783
JPMorgan Chase & Co.		57,942		3,825,910
KeyCorp		19,528		257,574
M&T Bank Corp.		2,256		273,382
PNC Financial Services Group, Inc.		7,721		735,889
Regions Financial Corp.		24,860		238,656
SunTrust Banks, Inc.		6,766		289,855
U.S. Bancorp		15,437		658,697
Wells Fargo & Co.		66,409		3,609,993
Zions Bancorp		9,110		248,703

				15,806,501

BEVERAGES—1.8%
Coca-Cola Co.		29,710		1,276,341
PepsiCo, Inc.		10,879		1,087,030

				2,363,371

BIOTECHNOLOGY—0.6%
Amgen, Inc.		2,584		419,461
Baxalta, Inc.		5,730		223,642
Vertex Pharmaceuticals, Inc.(a)		1,410		177,420

				820,523

CAPITAL MARKETS—3.1%
Ameriprise Financial, Inc.		1,806		192,194
Bank of New York Mellon Corp.		14,064		579,718
BlackRock, Inc.		932		317,365
Charles Schwab Corp.		4,200		138,306
Franklin Resources, Inc.		7,540		277,623
Goldman Sachs Group, Inc.		6,557		1,181,768
Invesco Ltd.		4,702		157,423
Morgan Stanley		15,791		502,312


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
CAPITAL MARKETS—3.1%, continued
Northern Trust Corp.		3,977	$	286,702
State Street Corp.		6,240		414,086

				4,047,497

CHEMICALS—2.3%
Air Products & Chemicals, Inc.		2,567		333,992
Dow Chemical Co.		9,880		508,623
E.I. du Pont de Nemours & Co.		13,229		881,051
Eastman Chemical Co.		5,570		376,031
Ecolab, Inc.		1,616		184,838
Mosaic Co.		4,920		135,743
Praxair, Inc.		5,656		579,174

				2,999,452

COMMERCIAL SERVICES & SUPPLIES—0.3%
Tyco International plc		13,821		440,752

COMMUNICATIONS EQUIPMENT—0.6%
Cisco Systems, Inc.		30,465		827,277

CONSUMER FINANCE—1.0%
American Express Co.		7,624		530,249
Capital One Financial Corp.		10,900		786,762

				1,317,011

CONTAINERS & PACKAGING—0.5%
Avery Dennison Corp.		3,086		193,369
Ball Corp.		4,084		297,029
Owens-Illinois, Inc.(a)		7,755		135,092

				625,490

DISTRIBUTORS—0.2%
Genuine Parts Co.		3,080		264,541

DIVERSIFIED CONSUMER SERVICES—0.2%
H&R Block, Inc.		6,094		202,991

DIVERSIFIED FINANCIAL SERVICES—3.4%
Berkshire Hathaway, Inc., Class B(a)		27,382		3,615,519
CME Group, Inc.		5,240		474,744
McGraw Hill Financial, Inc.		3,488		343,847

				4,434,110

DIVERSIFIED TELECOMMUNICATION SERVICES—4.8%
AT&T, Inc.		92,678		3,189,050
CenturyLink, Inc.		7,688		193,430
Frontier Communications Corp.		55,538		259,362
Level 3 Communications, Inc.(a)		2,500		135,900
Verizon Communications, Inc.		55,790		2,578,614

				6,356,356

ELECTRIC UTILITIES—3.7%
American Electric Power Co., Inc.		8,370		487,720
Duke Energy Corp.		15,864		1,132,531
Edison International		5,717		338,504
NextEra Energy, Inc.		8,265		858,651
PPL Corp.		14,801		505,158
Southern Co.		24,911		1,165,586
Xcel Energy, Inc.		8,784		315,433

				4,803,583

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Value Index Fund
December 31, 2015


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
ELECTRICAL EQUIPMENT—1.5%
Eaton Corp. plc		9,050	$	470,962
Emerson Electric Co.		22,204		1,062,017
Rockwell Automation, Inc.		4,780		490,476

				2,023,455

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%
Corning, Inc.		16,306		298,074
TE Connectivity Ltd.		3,956		255,597

				553,671

ENERGY EQUIPMENT & SERVICES—2.4%
Baker Hughes, Inc.		11,020		508,573
Cameron International Corp.(a)		1,538		97,202
Diamond Offshore Drilling, Inc.		12,263		258,749
FMC Technologies, Inc.(a)		6,180		179,282
National Oilwell Varco, Inc.		9,526		319,026
Schlumberger Ltd.		23,200		1,618,200
Transocean Ltd.		11,520		142,617

				3,123,649

FOOD & STAPLES RETAILING—2.9%
CVS Health Corp.		6,233		609,401
Kroger Co.		19,164		801,630
Sysco Corp.		10,383		425,703
Wal-Mart Stores, Inc.		28,280		1,733,564
Whole Foods Market, Inc.		6,300		211,050

				3,781,348

FOOD PRODUCTS—1.9%
General Mills, Inc.		8,384		483,422
Kellogg Co.		3,959		286,117
Keurig Green Mountain, Inc.		1,810		162,864
Kraft Heinz Co.		8,290		603,180
Mondelez International, Inc., Class A		21,812		978,050

				2,513,633

GAS UTILITIES—0.1%
AGL Resources, Inc.		2,590		165,268

HEALTH CARE EQUIPMENT & SUPPLIES—2.5%
Abbott Laboratories		5,540		248,801
Baxter International, Inc.		5,470		208,680
Medtronic plc		37,130		2,856,040

				3,313,521

HEALTH CARE PROVIDERS & SERVICES—2.0%
Cardinal Health, Inc.		4,550		406,178
Cigna Corp.		1,255		183,644
Express Scripts Holding Co.(a)		10,087		881,705
HCA Holdings, Inc.(a)		2,390		161,636
Humana, Inc.		2,730		487,332
McKesson Corp.		2,344		462,307

				2,582,802

HOTELS, RESTAURANTS & LEISURE—1.8%
Carnival Corp.		8,393		457,251
McDonald’s Corp.		10,640		1,257,010
Starbucks Corp.		4,360		261,731
Starwood Hotels & Resorts Worldwide, Inc.		3,716		257,444
Wyndham Worldwide Corp.		2,711		196,954

				2,430,390


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
HOUSEHOLD DURABLES—0.4%
D.R. Horton, Inc.		8,094	$	259,251
Whirlpool Corp.		1,752		257,316

				516,567

HOUSEHOLD PRODUCTS—3.1%
Colgate-Palmolive Co.		6,578		438,226
Kimberly-Clark Corp.		1,090		138,757
Procter & Gamble Co.		44,528		3,535,969

				4,112,952

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.4%
AES Corp.		26,264		251,346
NRG Energy, Inc.		19,466		229,115

				480,461

INDUSTRIAL CONGLOMERATES—2.1%
3M Co.		16,665		2,510,415
Roper Technologies, Inc.		1,010		191,688

				2,702,103

INSURANCE—5.9%
ACE Ltd.		4,420		516,477
Aflac, Inc.		10,310		617,569
Allstate Corp.		8,739		542,605
American International Group, Inc.		21,857		1,354,478
Aon plc		2,267		209,040
Assurant, Inc.		2,924		235,499
Chubb Corp.		3,750		497,400
Cincinnati Financial Corp.		3,262		193,013
Hartford Financial Services Group, Inc.		4,990		216,866
Lincoln National Corp.		3,280		164,853
Marsh & McLennan Cos., Inc.		5,930		328,819
MetLife, Inc.		20,563		991,342
Principal Financial Group, Inc.		3,230		145,285
Progressive Corp.		9,953		316,505
Prudential Financial, Inc.		8,520		693,613
Travelers Cos., Inc.		5,533		624,454
Unum Group		4,280		142,481

				7,790,299

INTERNET SOFTWARE & SERVICES—0.4%
eBay, Inc.(a)		7,498		206,045
Yahoo!, Inc.(a)		11,510		382,823

				588,868

IT SERVICES—2.3%
Fidelity National Information Services, Inc.		3,862		234,037
International Business Machines Corp.		11,962		1,646,210
Mastercard, Inc., Class A		2,880		280,397
Paychex, Inc.		3,684		194,847
PayPal Holdings, Inc.(a)		6,598		238,847
Western Union Co.		10,989		196,813
Xerox Corp.		15,601		165,839

				2,956,990

LIFE SCIENCES TOOLS & SERVICES—0.4%
Thermo Fisher Scientific, Inc.		3,244		460,161

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Value Index Fund
December 31, 2015


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
MACHINERY—2.7%
Deere & Co.		8,957	$	683,150
Dover Corp.		7,213		442,229
Flowserve Corp.		3,900		164,112
Illinois Tool Works, Inc.		7,035		652,004
Ingersoll-Rand plc		5,365		296,631
Joy Global, Inc.		10,200		128,622
PACCAR, Inc.		3,666		173,768
Parker-Hannifin Corp.		3,757		364,354
Stanley Black & Decker, Inc.		2,630		280,700
Xylem, Inc.		10,598		386,827

				3,572,397

MEDIA—1.9%
CBS Corp., Class B		5,470		257,801
Comcast Corp., Class A		15,295		863,097
Omnicom Group, Inc.		2,019		152,757
Time Warner Cable, Inc.		1,047		194,313
Time Warner, Inc.		8,992		581,513
Walt Disney Co.		4,797		504,069

				2,553,550

METALS & MINING—0.4%
Newmont Mining Corp.		10,380		186,736
Nucor Corp.		9,290		374,387

				561,123

MULTILINE RETAIL—0.8%
Kohl’s Corp.		2,800		133,364
Macy’s, Inc.		3,933		137,577
Target Corp.		11,166		810,763

				1,081,704

MULTI-UTILITIES—1.5%
CenterPoint Energy, Inc.		9,131		167,645
Consolidated Edison, Inc.		9,561		614,486
DTE Energy Co.		3,270		262,221
NiSource, Inc.		11,844		231,076
SCANA Corp.		4,988		301,724
Sempra Energy		4,883		459,051

				2,036,203

OIL, GAS & CONSUMABLE FUELS—8.6%
Apache Corp.		9,988		444,167
ConocoPhillips		48,057		2,243,781
Denbury Resources, Inc.		63,189		127,642
EOG Resources, Inc.		7,770		550,038
EQT Corp.		2,798		145,860
Hess Corp.		16,310		790,709
Kinder Morgan, Inc.		43,511		649,184
Marathon Oil Corp.		53,336		671,500
Marathon Petroleum Corp.		13,436		696,522
Murphy Oil Corp.		28,246		634,123
Noble Energy, Inc.		14,958		492,567
Occidental Petroleum Corp.		20,170		1,363,694
ONEOK, Inc.		10,535		259,793
Phillips 66		14,384		1,176,611
QEP Resources, Inc.		12,478		167,205


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
OIL, GAS & CONSUMABLE FUELS—8.6%, continued
Spectra Energy Corp.		27,629	$	661,438
Williams Cos., Inc.		9,371		240,835

				11,315,669

PAPER & FOREST PRODUCTS—0.2%
International Paper Co.		5,781		217,944

PERSONAL PRODUCTS—0.3%
Avon Products, Inc.		48,712		197,284
Estee Lauder Cos., Inc., Class A		2,200		193,732

				391,016

PHARMACEUTICALS—5.8%
AbbVie, Inc.		6,808		403,306
Bristol-Myers Squibb Co.		15,019		1,033,157
Eli Lilly & Co.		13,497		1,137,257
Johnson & Johnson		25,081		2,576,320
Mallinckrodt plc(a)		2,980		222,398
Merck & Co., Inc.		43,421		2,293,497

				7,665,935

REAL ESTATE INVESTMENT TRUSTS (REITS)—0.8%
HCP, Inc.		4,327		165,465
Prologis, Inc.		4,597		197,303
Simon Property Group, Inc.		1,429		277,855
Vornado Realty Trust		1,493		149,240
Weyerhaeuser Co.		6,909		207,132

				996,995

ROAD & RAIL—1.1%
CSX Corp.		10,090		261,835
Norfolk Southern Corp.		4,645		392,921
Ryder System, Inc.		4,249		241,471
Union Pacific Corp.		6,320		494,224

				1,390,451

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.6%
Analog Devices, Inc.		6,343		350,895
Applied Materials, Inc.		11,897		222,117
Intel Corp.		39,838		1,372,419
Micron Technology, Inc.(a)		10,330		146,273

				2,091,704

SOFTWARE—1.5%
Adobe Systems, Inc.(a)		1,819		170,877
CA, Inc.		7,512		214,543
Microsoft Corp.		8,480		470,470
Oracle Corp.		26,072		952,410
salesforce.com, Inc.(a)		2,090		163,856

				1,972,156

SPECIALTY RETAIL—0.8%
Best Buy Co., Inc.		7,220		219,849
Gap, Inc.		10,170		251,199
Home Depot, Inc.		1,182		156,319
Staples, Inc.		25,360		240,159
Tiffany & Co.		1,720		131,219

				998,745

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Value Index Fund
December 31, 2015


	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.9%
Apple, Inc.		1,610	$	169,468
EMC Corp.		15,941		409,365
SanDisk Corp.		3,500		265,965
Seagate Technology plc		5,480		200,897
Western Digital Corp.		2,500		150,125

				1,195,820

TRADING COMPANIES & DISTRIBUTORS—0.2%
W.W. Grainger, Inc.		1,020		206,642


TOTAL COMMON STOCKS (COST $112,003,658)				129,361,102

RIGHTS—0.0%**
FOOD & STAPLES RETAILING—0.0%**
Safeway, Inc. (Casa Ley subsidiary), expiring 1/30/18(a)(b)		6,607		6,706
Safeway, Inc. (PDC subsidiary), expiring 1/30/17(a)(b)		6,607		322

TOTAL RIGHTS (COST $—)				7,028

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


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


TOTAL INVESTMENTS (Cost* $113,203,658—Unrealized gain/loss $17,364,472)—99.4%			$	130,568,130
Other assets in excess of liabilities—0.6%				812,007

NET ASSETS—100%			$	131,380,137

(a)	Non-income producing securities.

(b)	This security has been fair valued by the Pricing Committee under the guidelines established by the Board of Trustees.

(c)	Illiquid security.

*	Represents cost for financial reporting purposes.

**	Amount rounds to less than 0.1%.


plc	—	Public Liability Company
REIT	—	Real Estate Investment Trust

See accompanying notes to financial statements.

Praxis Growth Index Fund

Annual report to shareholders

Portfolio managers’ commentary

Returns also diverged among styles, with the S&P 500 Value Index ending negative at -3.14 percent whereas the S&P 500 Growth Index ended positive at 5.51 percent.

For the year ended December 31, 2015, the Praxis Growth Index Fund Class I Shares returned 4.1 percent, and Class A Shares (without load) returned 3.70 percent, underperforming the 5.51 percent return of the benchmark (S&P 500 Growth Index). The fund family screens impacted returns, because stocks that paid large dividends were in favor, such as excluded tobacco companies.

Dale Snyder, CFA^®

Praxis Growth Index Fund Manager

Praxis Mutual Funds

Praxis Growth Index Fund

Performance Review

Growth of $10,000 Investment from 5/1/07 to 12/31/15

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 5/1/07 to 12/31/15, and includes the reinvestment of dividends and capital gains.

LOGO


				Annualized
	Inception Date	One Year Ended		Three Year Ended		Five Year Ended		Since Inception		Expense Ratio** Gross / Net
Growth Index Fund
Class A*	5/1/07		-1.76%		13.94%		11.86%		6.58%		0.91%	0.91%
Class A (Without Load)	5/1/07		3.70%		16.00%		13.08%		7.24%
Class I	5/1/07		4.10%		16.48%		13.65%		7.69%		0.42%	0.42%
S&P 500 Growth Index¹			5.51%		17.18%		14.05%

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

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

Schedule of Portfolio Investments


Praxis Growth Index Fund
December 31, 2015


	SHARES		FAIR VALUE
COMMON STOCKS—98.7%
AIR FREIGHT & LOGISTICS—1.1%
C. H. Robinson Worldwide, Inc.		5,690	$	352,894
Expeditors International of Washington, Inc.		7,851		354,080
FedEx Corp.		2,389		355,937
United Parcel Service, Inc., Class B		10,813		1,040,535

				2,103,446

AIRLINES—0.4%
Southwest Airlines Co.		16,318		702,653

AUTO COMPONENTS—0.2%
Delphi Automotive plc		4,705		403,360

AUTOMOBILES—0.1%
Harley-Davidson, Inc.		4,305		195,404

BANKS—1.4%
Fifth Third Bancorp		17,834		358,464
U.S. Bancorp		19,296		823,360
Wells Fargo & Co.		26,348		1,432,277

				2,614,101

BEVERAGES—3.3%
Coca-Cola Co.		62,669		2,692,260
Coca-Cola Enterprises, Inc.		5,600		275,744
Dr. Pepper Snapple Group, Inc.		8,419		784,651
PepsiCo, Inc.		24,432		2,441,245

				6,193,900

BIOTECHNOLOGY—5.9%
Alexion Pharmaceuticals, Inc.(a)		4,425		844,069
Amgen, Inc.		14,823		2,406,218
Biogen, Inc.(a)		4,807		1,472,624
Celgene Corp.(a)		16,758		2,006,938
Gilead Sciences, Inc.		27,932		2,826,439
Regeneron Pharmaceuticals, Inc.(a)		1,762		956,537
Vertex Pharmaceuticals, Inc.(a)		4,082		513,638

				11,026,463

BUILDING PRODUCTS—1.1%
Allegion plc		24,844		1,637,717
Masco Corp.		14,010		396,483

				2,034,200

CAPITAL MARKETS—1.6%
Ameriprise Financial, Inc.		4,361		464,098
BlackRock, Inc.		2,088		711,006
Charles Schwab Corp.		18,879		621,685
Northern Trust Corp.		4,438		319,935
State Street Corp.		4,974		330,075
T. Rowe Price Group, Inc.		8,045		575,137

				3,021,936

CHEMICALS—2.3%
Air Products & Chemicals, Inc.		5,469		711,572
E.I. du Pont de Nemours & Co.		10,538		701,831
Ecolab, Inc.		7,662		876,379
International Flavors & Fragrances, Inc.		1,568		187,595
Praxair, Inc.		8,079		827,290
Sherwin-Williams Co.		3,622		940,271

				4,244,938


	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
COMMERCIAL SERVICES & SUPPLIES—0.5%
Republic Services, Inc.		19,838	$	872,674

COMMUNICATIONS EQUIPMENT—1.1%
Cisco Systems, Inc.		59,674		1,620,447
F5 Networks, Inc.(a)		2,555		247,733
Juniper Networks, Inc.		8,505		234,738

				2,102,918

CONSTRUCTION MATERIALS—0.3%
Vulcan Materials Co.		6,522		619,394

CONSUMER FINANCE—0.6%
American Express Co.		9,596		667,402
Discover Financial Services		9,272		497,164

				1,164,566

CONTAINERS & PACKAGING—0.3%
Avery Dennison Corp.		5,212		326,584
Sealed Air Corp.		5,793		258,368

				584,952

DIVERSIFIED FINANCIAL SERVICES—0.9%
Berkshire Hathaway, Inc., Class B(a)		2,515		332,081
CME Group, Inc.		3,995		361,947
Intercontinental Exchange, Inc.		2,047		524,564
McGraw Hill Financial, Inc.		5,128		505,518

				1,724,110

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
AT&T, Inc.		7,872		270,875
Level 3 Communications, Inc.(a)		6,374		346,491

				617,366

ELECTRIC UTILITIES—0.5%
NextEra Energy, Inc.		8,610		894,493

ELECTRICAL EQUIPMENT—0.4%
Emerson Electric Co.		6,247		298,794
Rockwell Automation, Inc.		4,181		429,012

				727,806

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%
Amphenol Corp., Class A		10,146		529,926

ENERGY EQUIPMENT & SERVICES—0.5%
Cameron International Corp.(a)		4,337		274,098
Schlumberger Ltd.		8,453		589,597

				863,695

FOOD & STAPLES RETAILING—1.9%
CVS Health Corp.		25,688		2,511,516
Kroger Co.		4,433		185,432
Walgreens Boots Alliance, Inc.		3,882		330,572
Wal-Mart Stores, Inc.		5,312		325,626
Whole Foods Market, Inc.		8,683		290,880

				3,644,026

FOOD PRODUCTS—1.6%
Campbell Soup Co.		15,400		809,270
Hershey Co.		5,314		474,381
Kellogg Co.		11,156		806,244

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Growth Index Fund
December 31, 2015


	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
FOOD PRODUCTS—1.6%, continued
Mead Johnson Nutrition Co.		5,698	$	449,857
Mondelez International, Inc., Class A		11,813		529,695

				3,069,447

GAS UTILITIES—0.2%
AGL Resources, Inc.		5,725		365,312

HEALTH CARE EQUIPMENT & SUPPLIES—2.3%
Baxter International, Inc.		14,607		557,257
Becton Dickinson and Co.		4,305		663,357
Boston Scientific Corp.(a)		29,748		548,553
Edwards Lifesciences Corp.(a)		8,228		649,847
Intuitive Surgical, Inc.(a)		861		470,244
Stryker Corp.		9,017		838,040
Zimmer Biomet Holdings, Inc.		5,940		609,385

				4,336,683

HEALTH CARE PROVIDERS & SERVICES—1.1%
AmerisourceBergen Corp.		2,580		267,572
Cigna Corp.		3,596		526,203
DaVita HealthCare Partners, Inc.(a)		6,464		450,605
Express Scripts Holding Co.(a)		8,351		729,961

				1,974,341

HEALTH CARE TECHNOLOGY—0.3%
Cerner Corp.(a)		8,234		495,440

HOTELS, RESTAURANTS & LEISURE—4.2%
Chipotle Mexican Grill, Inc.(a)		790		379,081
Marriott International, Inc., Class A		5,438		364,564
McDonald’s Corp.		12,500		1,476,750
Royal Caribbean Cruises Ltd.		26,648		2,697,044
Starbucks Corp.		35,185		2,112,156
Starwood Hotels & Resorts Worldwide, Inc.		3,900		270,192
Yum! Brands, Inc.		6,767		494,329

				7,794,116

HOUSEHOLD DURABLES—0.2%
Newell Rubbermaid, Inc.		5,175		228,114
Whirlpool Corp.		1,667		244,832

				472,946

HOUSEHOLD PRODUCTS—1.9%
Colgate-Palmolive Co.		16,612		1,106,692
Kimberly-Clark Corp.		6,569		836,234
Procter & Gamble Co.		21,335		1,694,212

				3,637,138

INDUSTRIAL CONGLOMERATES—1.5%
3M Co.		12,187		1,835,850
Roper Technologies, Inc.		5,194		985,769

				2,821,619

INSURANCE—1.1%
Aflac, Inc.		4,154		248,825
Aon plc		6,821		628,964
Chubb Corp.		4,619		612,664
Prudential Financial, Inc.		4,176		339,968
Travelers Cos., Inc.		2,642		298,176

				2,128,597


	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
INTERNET & CATALOG RETAIL—4.4%
Amazon.com, Inc.(a)		8,403	$	5,679,504
Netflix, Inc.(a)		10,057		1,150,320
Priceline Group, Inc.(a)		1,030		1,313,198

				8,143,022

INTERNET SOFTWARE & SERVICES—5.2%
Akamai Technologies, Inc.(a)		5,069		266,781
Alphabet, Inc., Class A(a)		5,029		3,912,612
eBay, Inc.(a)		22,795		626,407
Facebook, Inc., Class A(a)		46,235		4,838,955

				9,644,755

IT SERVICES—5.7%
Accenture plc, Class A		7,994		835,373
Automatic Data Processing, Inc.		11,012		932,937
Cognizant Technology Solutions Corp., Class A(a)		11,980		719,040
Fiserv, Inc.(a)		9,826		898,686
International Business Machines Corp.		2,448		336,894
Mastercard, Inc., Class A		20,125		1,959,370
Paychex, Inc.		5,970		315,753
PayPal Holdings, Inc.(a)		16,367		592,485
Total System Services, Inc.		22,948		1,142,810
Visa, Inc., Class A		38,164		2,959,618

				10,692,966

LIFE SCIENCES TOOLS & SERVICES—1.2%
Agilent Technologies, Inc.		5,785		241,871
Illumina, Inc.(a)		1,957		375,636
Thermo Fisher Scientific, Inc.		10,846		1,538,505
Waters Corp.(a)		1,406		189,220

				2,345,232

MACHINERY—0.3%
Illinois Tool Works, Inc.		6,683		619,380

MEDIA—4.6%
CBS Corp., Class B		6,525		307,523
Comcast Corp., Class A		31,097		1,754,804
Discovery Communications, Inc., Class A(a)		6,791		181,184
Discovery Communications, Inc., Class C(a)		13,728		346,220
Gannett Co., Inc.		15,975		260,233
Omnicom Group, Inc.		8,416		636,755
TEGNA, Inc.		13,339		340,411
Time Warner Cable, Inc.		5,618		1,042,645
Time Warner, Inc.		13,011		841,421
Walt Disney Co.		27,439		2,883,290

				8,594,486

MULTILINE RETAIL—0.5%
Dollar Tree, Inc.(a)		6,249		482,548
Target Corp.		5,066		367,842

				850,390

OIL, GAS & CONSUMABLE FUELS—1.0%
EOG Resources, Inc.		11,562		818,474
Noble Energy, Inc.		9,075		298,840
Occidental Petroleum Corp.		2,758		186,468

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Growth Index Fund
December 31, 2015


	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
OIL, GAS & CONSUMABLE FUELS—1.0%, continued
Spectra Energy Corp.		8,413	$	201,407
Williams Cos., Inc.		13,291		341,579

				1,846,768

PERSONAL PRODUCTS—0.1%
Estee Lauder Cos., Inc., Class A		2,155		189,769

PHARMACEUTICALS—6.2%
AbbVie, Inc.		34,295		2,031,636
Allergan plc(a)		8,046		2,514,375
Bristol-Myers Squibb Co.		19,628		1,350,210
Eli Lilly & Co.		11,868		999,998
Johnson & Johnson		31,098		3,194,386
Merck & Co., Inc.		25,002		1,320,606
Perrigo Co. plc		1,566		226,600

				11,637,811

PROFESSIONAL SERVICES—1.4%
Equifax, Inc.		5,634		627,459
Nielsen Holdings plc		35,941		1,674,851
Robert Half International, Inc.		6,317		297,783

				2,600,093

REAL ESTATE INVESTMENT TRUSTS (REITS)—4.3%
American Tower Corp.		10,594		1,027,088
AvalonBay Communities, Inc.		3,510		646,296
Care Capital Properties, Inc.		7,159		218,851
Crown Castle International Corp.		11,808		1,020,802
Equity Residential		9,459		771,760
General Growth Properties, Inc.		12,536		341,105
Host Hotels & Resorts, Inc.		16,449		252,328
Plum Creek Timber Co., Inc.		23,995		1,145,041
Public Storage		3,142		778,273
Simon Property Group, Inc.		5,204		1,011,866
Ventas, Inc.		8,540		481,912
Weyerhaeuser Co.		9,037		270,929

				7,966,251

ROAD & RAIL—1.1%
CSX Corp.		20,645		535,738
Kansas City Southern		2,586		193,096
Norfolk Southern Corp.		3,864		326,856
Union Pacific Corp.		12,064		943,405

				1,999,095

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.9%
Analog Devices, Inc.		8,337		461,203
Applied Materials, Inc.		18,241		340,559
Broadcom Corp., Class A		12,158		702,976
Intel Corp.		72,837		2,509,235
NVIDIA Corp.		12,980		427,821
Texas Instruments, Inc.		18,499		1,013,930

				5,455,724

SOFTWARE—8.1%
Activision Blizzard, Inc.		19,487		754,342
Adobe Systems, Inc.(a)		7,977		749,359
Autodesk, Inc.(a)		4,626		281,862
Citrix Systems, Inc.(a)		3,452		261,144


	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
SOFTWARE—8.1%, continued
Electronic Arts, Inc.(a)		7,846	$	539,177
Intuit, Inc.		6,883		664,209
Microsoft Corp.		159,167		8,830,585
Oracle Corp.		35,196		1,285,710
Red Hat, Inc.(a)		6,307		522,283
salesforce.com, Inc.(a)		13,105		1,027,432
Symantec Corp.		10,288		216,048

				15,132,151

SPECIALTY RETAIL—4.4%
AutoZone, Inc.(a)		659		488,919
Bed Bath & Beyond, Inc.(a)		6,116		295,097
Home Depot, Inc.		26,011		3,439,955
L Brands, Inc.		2,519		241,371
Lowe’s Cos., Inc.		17,846		1,357,010
O’Reilly Automotive, Inc.(a)		3,768		954,886
Ross Stores, Inc.		9,142		491,931
TJX Cos., Inc.		12,650		897,011

				8,166,180

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.3%
Apple, Inc.		106,785		11,240,189
EMC Corp.		20,933		537,560

				11,777,749

TEXTILES, APPAREL & LUXURY GOODS—1.2%
NIKE, Inc., Class B		25,060		1,566,250
VF Corp.		9,543		594,052

				2,160,302

TRADING COMPANIES & DISTRIBUTORS—0.4%
Fastenal Co.		8,253		336,887
W.W. Grainger, Inc.		2,257		457,246

				794,133


TOTAL COMMON STOCKS (COST $124,780,884)				184,598,223

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* $126,455,884—Unrealized gain/loss $59,817,339)—99.6%			$	186,273,223
Other assets in excess of liabilities—0.4%				726,771

NET ASSETS—100%			$	186,999,994

(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.

Praxis Small Cap Fund

Annual report to shareholders

Portfolio managers’ commentary

The Praxis Small Cap Fund I shares declined 3.99 percent, and A shares (without load) declined 4.53 percent, compared to the Russell 2000’s decline of 4.41 percent in 2015. The benchmark rebounded in the fourth quarter to help narrow its losses for the year. The market ended the year down 12 percent from last summer’s record high. Slowing earnings growth, above average valuations and uncertainty regarding the Federal Reserve’s monetary policy for 2016 continue to weigh heavy on the markets.

The U.S. economy continued to expand and grow through the end of 2015, and our forecast is for this to continue. However, economic growth appears to be running below expectations. The industrial economy is in decline as a result of lower global economic growth, while the consumer remains the bright spot. Stronger employment, higher wages and lower oil prices support the consumers’ positive sentiment and outlook. The Fed took its first step in its interest rate “normalization” process in the fourth quarter of 2015. But many have questioned the timing of the rate increase because the growth in housing trends and auto sales slowed. High-yield bonds have also suffered, and we are concerned about the negative global impact this might cause, specifically its impact on the U.S. dollar and emerging markets. We believe the Fed’s rate increase cycle will be a slow, drawn out process with a peak well below prior cycles. Our positive outlook is not without risks. Current trouble spots are global growth prospects, namely the emerging markets, and geopolitical risk arising from tension in the Middle East, which we are watching closely. Oil prices, at a 12-year low, are causing significant pressure to everyone involved, especially the oil exporting countries. At this point, we have not seen the supply of oil decline in response to the lower oil prices. Overall, we expect to see limited profit growth, but continued stock buybacks, dividend increases, and additional merger and acquisition activity. With slower earnings growth and market valuations higher than normal, additional market volatility and lower overall returns would not surprise us.

For 2015, healthcare was by far the best performing sector and one of only two positive sectors in the benchmark. The global growth driven sectors, namely energy, materials, and industrials were the weakest. In addition, larger companies, profitable and higher return on equity companies, and companies with better balance sheets outperformed. We have been waiting patiently for higher quality investing to be rewarded and expect higher quality companies to continue their leadership position in the coming year.

The Fund’s performance improved relative to the benchmark in 2015. Both our stock selection and sector allocation were positive to our results. Our top contributors were our stock selections in the technology and energy sectors, and being overweight the outperforming technology sector. The biggest detractors were our stock selections in the healthcare sector. Also during the year, two of our investments were acquired at significant premiums to our initial costs. As a high quality core manager, we continue to have the strategy tilted towards quality growth – as we have for several years – and we believe this area of the market currently provides the most attractive investment opportunities.

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

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

Steven R. Purvis, CFA^®

Praxis Small Cap Fund Manager

Luther King Capital Management

Praxis Small Cap Fund

Performance Review

Growth of $10,000 investment from 5/1/07 to 12/31/15

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 5/1/07 to 12/31/15, and includes the reinvestment of dividends and capital gains.

LOGO


				Annualized
	Inception Date	One Year Ended		Three Year Ended		Five Year Ended		Since Inception		Expense Ratio** Gross / Net
Small Cap Fund
Class A*	5/1/07		-9.57%		5.30%		6.15%		3.45%		1.70%	1.69%
Class A (Without Load)	5/1/07		-4.53%		7.22%		7.30%		4.09%
Class I	5/1/07		-3.99%		7.89%		7.95%		4.59%		1.02%	1.02%
Russell 2000 Index¹			-4.41%		11.65%		9.15%

* The total return figures shown reflect the maximum sales charge applicable to Class A Shares. 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. Contractual fee waivers are in effect from May 1, 2015 through April 30, 2016 for Class A.

¹ The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

Schedule of Portfolio Investments


Praxis Small Cap Fund
December 31, 2015


	SHARES		FAIR VALUE
COMMON STOCKS—93.1%
AEROSPACE & DEFENSE—1.0%
Hexcel Corp.		10,495	$	487,493

BANKS—11.6%
BancorpSouth, Inc.		33,458		802,657
Bank of the Ozarks, Inc.		20,105		994,393
Columbia Banking System, Inc.		28,150		915,157
Hanmi Financial Corp.		28,465		675,190
Home Bancshares, Inc.		19,975		809,387
PrivateBancorp, Inc.		17,060		699,801
Texas Capital Bancshares, Inc.(a)		11,090		548,068

				5,444,653

BIOTECHNOLOGY—0.8%
Exact Sciences Corp.(a)		39,940		368,646

BUILDING PRODUCTS—2.1%
Apogee Enterprises, Inc.		9,540		415,085
PGT, Inc.(a)		51,100		582,029

				997,114

CAPITAL MARKETS—2.0%
Bgc Partners, Inc., Class A		39,785		390,291
HFF, Inc., Class A		17,785		552,580

				942,871

COMMERCIAL SERVICES & SUPPLIES—4.2%
Healthcare Services Group, Inc.		29,720		1,036,336
Multi-Color Corp.		4,270		255,389
Ritchie Bros Auctioneers, Inc.		28,980		698,708

				1,990,433

COMMUNICATIONS EQUIPMENT—2.2%
Ciena Corp.(a)		15,485		320,385
Infinera Corp.(a)		39,205		710,394

				1,030,779

CONSTRUCTION & ENGINEERING—0.6%
MasTec, Inc.(a)		17,265		300,066

CONSTRUCTION MATERIALS—2.2%
Headwaters, Inc.(a)		29,090		490,748
Summit Materials, Inc., Class A(a)		27,491		550,925

				1,041,673

DISTRIBUTORS—2.4%
Pool Corp.		13,885		1,121,630

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%
Belden, Inc.		3,575		170,456

FOOD & STAPLES RETAILING—0.5%
Sprouts Farmers Market, Inc.(a)		8,975		238,645

FOOD PRODUCTS—2.9%
Post Holdings, Inc.(a)		13,965		861,641
TreeHouse Foods, Inc.(a)		6,570		515,482

				1,377,123

HEALTH CARE EQUIPMENT & SUPPLIES—5.4%
Cantel Medical Corp.		8,030		498,984
Cynosure, Inc., Class A(a)		18,540		828,182


	SHARES		FAIR VALUE
COMMON STOCKS—93.1%, continued
HEALTH CARE EQUIPMENT & SUPPLIES—5.4%, continued
LDR Holding Corp.(a)		23,760	$	596,614
Neogen Corp.(a)		11,020		622,850

				2,546,630

HEALTH CARE PROVIDERS & SERVICES—2.9%
Acadia Healthcare Co., Inc.(a)		9,605		599,928
Aceto Corp.		21,815		588,569
Team Health Holdings, Inc.(a)		4,375		192,019

				1,380,516

HEALTH CARE TECHNOLOGY—1.2%
Omnicell, Inc.(a)		17,490		543,589

HOTELS, RESTAURANTS & LEISURE—1.8%
La Quinta Holdings, Inc.(a)		6,935		94,385
Popeyes Louisiana Kitchen, Inc.(a)		9,540		558,090
Zoe’s Kitchen, Inc.(a)		6,725		188,166

				840,641

INTERNET SOFTWARE & SERVICES—5.3%
Criteo SA, ADR(a)		17,945		710,622
Demandware, Inc.(a)		8,690		468,999
LogMeIn, Inc.(a)		10,320		692,472
SPS Commerce, Inc.(a)		8,880		623,465

				2,495,558

IT SERVICES—2.3%
Euronet Worldwide, Inc.(a)		15,070		1,091,520

LIFE SCIENCES TOOLS & SERVICES—6.0%
Cambrex Corp.(a)		15,465		728,247
Charles River Laboratories International, Inc.(a)		9,735		782,597
PRA Health Sciences, Inc.(a)		9,795		443,420
VWR Corp.(a)		31,440		890,066

				2,844,330

MACHINERY—0.8%
Barnes Group, Inc.		10,940		387,167

MEDIA—1.8%
EW Scripps Co., Class A		44,225		840,275

MULTILINE RETAIL—1.1%
Burlington Stores, Inc.(a)		12,125		520,162

OIL, GAS & CONSUMABLE FUELS—2.2%
Diamondback Energy, Inc.		4,165		278,638
Memorial Resource Development Corp.(a)		27,385		442,268
PDC Energy, Inc.(a)		6,220		332,024

				1,052,930

PHARMACEUTICALS—2.1%
Akorn, Inc.(a)		27,037		1,008,750

PROFESSIONAL SERVICES—2.3%
Advisory Board Co.(a)		12,235		606,978
FTI Consulting, Inc.(a)		13,225		458,379

				1,065,357

REAL ESTATE INVESTMENT TRUSTS (REITS)—5.6%
CubeSmart		23,185		709,925
LaSalle Hotel Properties		16,875		424,575

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Small Cap Fund
December 31, 2015


	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
COMMON STOCKS—93.1%, continued
REAL ESTATE INVESTMENT TRUSTS (REITS)—5.6%, continued
Sovran Self Storage, Inc.		8,955	$	960,961
STAG Industrial, Inc.		29,260		539,847

				2,635,308

REAL ESTATE MANAGEMENT & DEVELOPMENT—1.2%
Kennedy-Wilson Holdings, Inc.		22,330		537,706

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%
Rambus, Inc.(a)		54,080		626,787

SOFTWARE—11.1%
ACI Worldwide, Inc.(a)		35,205		753,387
Callidus Software, Inc.(a)		28,005		520,053
Fair Isaac Corp.		10,065		947,922
Guidewire Software, Inc.(a)		7,265		437,062
Interactive Intelligence Group, Inc.(a)		10,575		332,267
Manhattan Associates, Inc.(a)		9,755		645,488
Proofpoint, Inc.(a)		11,390		740,464
Take-Two Interactive Software, Inc.(a)		24,650		858,806

				5,235,449

SPECIALTY RETAIL—3.8%
Lithia Motors, Inc., Class A		9,190		980,298
Monro Muffler Brake, Inc.		12,465		825,432

				1,805,730

TRADING COMPANIES & DISTRIBUTORS—2.0%
Watsco, Inc.		8,060		944,068

TOTAL COMMON STOCKS (COST $34,932,850)				43,914,055

CORPORATE NOTE—1.0%
COMMUNITY DEVELOPMENT—1.0%
Calvert Social Investment Foundation, Inc., 0.50%, 6/15/16(b) (COST $450,000)	$	450,000		450,000


TOTAL INVESTMENTS (Cost* $35,382,850—Unrealized gain/loss $8,981,205)—94.1%			$	44,364,055
Other assets in excess of liabilities—5.9%				2,798,994

NET ASSETS—100%			$	47,163,049

(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.

Praxis Genesis Portfolios

Annual report to shareholders

Portfolio managers’ commentary

In 2015, most asset classes struggled as commodity prices fell due to the economic slowdown in China, modest improvement in Europe and Japan, and weakness in most emerging markets countries. The Standard and Poor’s 500 Index was up 1.38 percent while the Barclays U.S. Aggregate Bond Index returned 0.55 percent. The energy and materials stock sectors were particularly weak, falling 22.19 percent and 8.39 percent, respectively. The consumer discretionary sector was the only sector with a double-digit gain and was up 10.11 percent.

Within the U.S. equity market, cap size and style mattered. The S&P MidCap 400 was down 2.18 percent and the Russell 2000 small cap index was worse at -5.71 percent. Returns varied among styles with the S&P 500 Growth Index rising 5.51 percent, while the S&P 500 Value Index fell 3.14 percent.

Overseas results were even weaker with the MSCI EAFE Index down 3.30 percent and emerging markets down sharply at 16.96 percent. In general, currency hurt returns as the U.S. dollar strengthened against most other currencies.

Bond returns were positive, but not as much as might be expected, based on the initial yield on the bonds. U.S. interest rates rose modestly, driven by employment gains and steady growth in consumer demand. The Federal Reserve finally raised the federal funds rate in December after promising to do so for most of the year. Interest rates weren’t affected by the move because the market was pricing this in.

The asset allocation strategies pursued by the Genesis Portfolios make it hard to benchmark. After a review of possible options, the Genesis management team and board decided to replace the benchmark for each portfolio with an S&P Target Risk multi-asset class index. Unlike the prior benchmarks, the new benchmarks track exposure to a combination of stocks and bonds and therefore better reflect how the Genesis Portfolios are allocated.

For the year ending December 31, 2015, the Genesis Conservative Portfolio’s Class A shares (without load) -0.81 percent return outperformed the S&P Target Risk Conservative Index’s -1.06 percent return and underperformed the Barclays Aggregate’s 0.55 percent return. The allocation to fixed income was the largest contributor to the Fund’s performance relative to the S&P Target Risk Conservative Index. The exposure to international stocks, U.S. large cap value stocks and small cap stocks detracted on an absolute basis.

For the year ended December 31, 2015, the Genesis Balanced Portfolio’s Class A shares (without load) -1.66 percent return underperformed the S&P Target Risk Growth Index’s -0.94 percent return and also underperformed the Russell 3000 benchmark’s 0.48 percent return. U.S. growth stocks and fixed income contributed to this Fund’s performance on an absolute basis; and international stocks, U.S. large cap value stocks and small cap stocks detracted on an absolute basis.

For the year ended December 31, 2015, the Genesis Growth Portfolio’s Class A shares (without load) -2.49 percent return underperformed both the S&P Target Risk Aggressive Growth Index’s -0.79 percent return and the Russell 3000 benchmark’s 0.48 percent return. The allocation to U.S. large cap growth stocks was the biggest positive contributor to the Fund’s performance. International stocks, U.S. large cap value stocks and small cap stocks detracted from the Fund’s performance.

The underlying investments in the Genesis Portfolios are the other Praxis Mutual Funds, including four equity funds and one fixed income fund, which are held in proportions matching the risk profile of each of the Genesis Portfolios. We take a long-term approach in assigning weights to the various underlying funds, relying on the premise that the higher risk equity funds are expected to generate higher long-term returns than lower risk fixed income investments over the long term. This generally did not happen in 2015 as riskier assets had a mixed performance relative to fixed income.

Each of the portfolios benefited from the relative outperformance of the I shares of the Praxis Intermediate Income Fund, Praxis Small Cap Fund and Praxis International Index Fund relative to their benchmarks. The Praxis Value Index Fund and the Praxis Growth Index Fund underperformed their benchmarks, with the Value Index noticeably under its benchmark.

Benjamin Bailey, CFA^®

Praxis Genesis Portfolios Co-Manager

Praxis Mutual Funds

Delmar King

Praxis Genesis Portfolios Co-Manager

Praxis Mutual Funds

Praxis Genesis Conservative Portfolio

Performance Review

Growth of $10,000 investment from 12/31/09 to 12/31/15

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/09 to 12/31/15, and includes the reinvestment of dividends and capital gains.

LOGO


				Annualized
	Inception Date	One Year Ended		Three Year Ended		Five Year Ended		Since Inception		Expense Ratio** Gross / Net
Genesis Conservative Portfolio
Class A*	12/31/09		-6.03%		1.81%		3.10%		3.95%		1.16%	1.14%
Class A (Without Load)	12/31/09		-0.81%		3.67%		4.23%		4.88%
Barclays Capital Aggregate Bond Index¹			0.55%		1.44%		3.25%
Conservative Composite Benchmark²			0.33%		4.56%		5.33%
S&P Target Risk Conservative Index³			-1.06%		3.15%		4.07%

* The total return figures shown reflect the maximum sales charge applicable to Class A Shares. 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. Contractual fee waivers are in effect from May 1, 2015 through April 30, 2016 for Class A.

² 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%).

³ 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

Schedule of Portfolio Investments


Praxis Genesis Conservative Portfolio
December 31, 2015


	SHARES		FAIR VALUE
MUTUAL FUNDS—100.1%
DEBT FUND—70.0%
Praxis Intermediate Income Fund, Class I(a)		1,344,520	$	13,808,222

EQUITY FUND—30.1%
Praxis Growth Index Fund, Class I(a)		110,921		1,972,173
Praxis International Index Fund, Class I(a)		163,350		1,501,187
Praxis Small Cap Fund, Class I(a)(b)		48,989		490,376
Praxis Value Index Fund, Class I(a)		177,727		1,970,993

				5,934,729

TOTAL MUTUAL FUNDS (COST $18,654,639)				19,742,951


TOTAL INVESTMENTS (Cost* $18,654,639—Unrealized gain/loss $1,088,312)—100.1%			$	19,742,951
Liabilities in excess of other assets—(0.1)%				(24,602	)

NET ASSETS—100%			$	19,718,349

(a)	Affiliated fund.

(b)	Non-income producing securities.

*	Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

Praxis Genesis Balanced Portfolio

Performance Review

Growth of $10,000 investment from 12/31/09 to 12/31/15

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/09 to 12/31/15, and includes the reinvestment of dividends and capital gains.

LOGO


				Annualized
	Inception Date	One Year Ended		Three Year Ended		Five Year Ended		Since Inception		Expense Ratio** Gross / Net
Genesis Balanced Portfolio
Class A*	12/31/09		-6.84%		4.19%		4.42%		5.48%		1.16%	1.16%
Class A (Without Load)	12/31/09		-1.66%		6.09%		5.56%		6.43%
Russell 3000 Index¹			0.48%		14.73%		12.18%
Balanced Composite Benchmark²			-0.34%		7.50%		7.14%
S&P Target Risk Growth Index³			-0.94%		6.91%		6.64%

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

¹ The Russell 3000 Index is a widely recognized unmanaged market capitalization-weighted index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization.

² The 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%).

³ 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 indices. The index is comprised exclusively of exchange trade funds.

Schedule of Portfolio Investments


Praxis Genesis Balanced Portfolio
December 31, 2015


	SHARES		FAIR VALUE
MUTUAL FUNDS—100.1%
DEBT FUND—40.0%
Praxis Intermediate Income Fund, Class I(a)		2,325,288	$	23,880,711

EQUITY FUND—60.1%
Praxis Growth Index Fund, Class I(a)		587,434		10,444,573
Praxis International Index Fund, Class I(a)		988,937		9,088,330
Praxis Small Cap Fund, Class I(a)(b)		592,972		5,935,653
Praxis Value Index Fund, Class I(a)		941,349		10,439,561

				35,908,117

TOTAL MUTUAL FUNDS (COST $53,339,868)				59,788,828


TOTAL INVESTMENTS (Cost* $53,339,868—Unrealized gain/loss $6,448,960)—100.1%			$	59,788,828
Liabilities in excess of other assets—(0.1)%				(47,198	)

NET ASSETS—100%			$	59,741,630

(a)	Affiliated fund.

(b)	Non-income producing securities.

*	Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

Praxis Genesis Growth Portfolio

Performance Review

Growth of $10,000 investment from 12/31/09 to 12/31/15

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/09 to 12/31/15, and includes the reinvestment of dividends and capital gains.

LOGO


				Annualized
	Inception Date	One Year Ended		Three Year Ended		Five Year Ended		Since Inception		Expense Ratio Gross / Net**
Genesis Growth Portfolio
Class A*	12/31/09		-7.58%		5.61%		5.16%		6.38%		1.21%	1.21%
Class A (Without Load)	12/31/09		-2.49%		7.52%		6.30%		7.34%
Russell 3000 Index¹			0.48%		14.73%		12.18%
Growth Composite Benchmark²			-0.88%		9.44%		8.27%
S&P Target Risk Aggressive Index³			-0.79%		8.86%		7.90%

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

¹ The Russell 3000 Index is a widely recognized unmanaged market capitalization-weighted index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization.

² The 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%).

³ 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 indices. The index is comprised exclusively of exchange traded funds.

Schedule of Portfolio Investments


Praxis Genesis Growth Portfolio
December 31, 2015


	SHARES		FAIR VALUE
MUTUAL FUNDS—100.1%
DEBT FUND—20.0%
Praxis Intermediate Income Fund, Class I(a)		971,049	$	9,972,670

EQUITY FUND—80.1%
Praxis Growth Index Fund, Class I(a)		630,777		11,215,209
Praxis International Index Fund, Class I(a)		1,101,267		10,120,648
Praxis Small Cap Fund, Class I(a)(b)		742,833		7,435,760
Praxis Value Index Fund, Class I(a)		1,010,851		11,210,340

				39,981,957

TOTAL MUTUAL FUNDS (COST $42,856,687)				49,954,627


TOTAL INVESTMENTS (Cost* $42,856,687—Unrealized gain/loss $7,097,940)—100.1%			$	49,954,627
Liabilities in excess of other assets—(0.1)%				(73,245	)

NET ASSETS—100%			$	49,881,382

(a)	Affiliated fund.

(b)	Non-income producing securities.

*	Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

Statements of assets & liabilities

December 31, 2015


	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	$	409,071,997		$	164,811,442			$	113,203,658		$	126,455,884		$	35,382,850

Investments in unaffiliated securities, at fair value	$	413,255,082		$	169,798,825			$	130,568,130		$	186,273,223		$	44,364,055

Total investment securities, at fair value		413,255,082			169,798,825				130,568,130			186,273,223			44,364,055
Cash		15,739,360			—				—			181,937			5,171,100
Receivable for investments sold		281,548			866,585				4,585,901			635,912			—
Receivable for capital shares sold		1,997,432			303,166				542,314			411,277			84,788
Receivable for dividends and interest		3,258,975			275,952				226,523			176,402			27,223
Receivable for tax reclaims		—			52,555				—			14,026			—
Prepaid expenses		28,928			11,634				9,186			12,948			3,118

Total Assets		434,561,325			171,308,717				135,932,054			187,705,725			49,650,284

Liabilities
Bank overdraft		—			303,034				1,162,421			—			—
Payable for capital shares redeemed		273,372			80,269				51,345			106,215			121,441
Payable for investments purchased		—			—				3,237,590			443,820			2,282,654
Accrued expenses and other payables:
Investment advisory fees		143,270			87,397				33,935			48,081			34,487
Administration fees		36,166			15,015				11,421			15,668			4,847
Distribution fees		27,269			7,297				8,642			29,343			1,098
Other		128,296			85,510				46,563			62,604			42,708

Total Liabilities		608,373			578,522				4,551,917			705,731			2,487,235


Net Assets	$	433,952,952		$	170,730,195		��	$	131,380,137		$	186,999,994		$	47,163,049

Components of Net Assets
Paid-in capital	$	429,393,251		$	174,167,696			$	113,372,529		$	130,940,398		$	38,010,146
Accumulated (distributions in excess of) net investment income		—			(214,204	)			—			—			—
Accumulated net realized gains (losses) on investments and foreign currency transactions		376,616			(8,204,945	)			643,136			(3,758,995	)		171,698
Net unrealized appreciation/(depreciation) on investments and foreign currency translations		4,183,085			4,981,648				17,364,472			59,818,591			8,981,205

Net Assets	$	433,952,952		$	170,730,195			$	131,380,137		$	186,999,994		$	47,163,049

Pricing of Class A Shares
Net assets attributable to Class A shares	$	79,999,361		$	17,630,713			$	17,453,408		$	64,689,446		$	7,338,954

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		7,752,420			1,927,475				1,562,380			3,658,167			776,337

Net asset value, offering price and redemption price per share	$	10.32		$	9.15			$	11.17		$	17.68		$	9.45

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]	$	10.72		$	9.66			$	11.79		$	18.66		$	9.97

Pricing of Class I Shares
Net assets attributable to Class I shares	$	353,953,591		$	153,099,482			$	113,926,729		$	122,310,548		$	39,824,095

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		34,450,226			16,663,751				10,268,693			6,875,959			3,977,452

Net asset value and redemption price per share	$	10.27		$	9.19			$	11.09		$	17.79		$	10.01

See accompanying notes to financial statements.

Statements of assets & liabilities, continued

December 31, 2015


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

Assets
Investments in affiliates, at cost	$	18,654,639		$	53,339,868		$	42,856,687

Investments in affiliates, at fair value		19,742,951			59,788,828			49,954,627

Cash		710			47			142
Receivable for investments sold		23,183			—			—
Receivable for capital shares sold		180,410			751,474			739,499
Prepaid expenses		125			385			319

Total Assets		19,947,379			60,540,734			50,694,587

Liabilities
Distributions payable		154,550			723,693			717,504
Payable for capital shares redeemed		49,043			2,297			28,443
Payable for investments purchased		—			25,484			18,817
Accrued expenses and other payables:
Investment advisory fees		231			2,540			1,264
Administration fees		994			3,090			2,641
Distribution fees		6,092			16,448			14,000
Other		18,120			25,552			30,536

Total Liabilities		229,030			799,104			813,205


Net Assets	$	19,718,349		$	59,741,630		$	49,881,382

Components of Net Assets
Paid-in capital	$	18,647,628		$	52,585,962		$	41,763,001
Accumulated (distributions in excess of) net investment income		—			—			—
Accumulated net realized gains (losses) on investments in affiliates		(17,591	)		706,708			1,020,441
Net unrealized appreciation/(depreciation) on investments in affiliates		1,088,312			6,448,960			7,097,940

Net Assets	$	19,718,349		$	59,741,630		$	49,881,382

Pricing of Class A Shares
Net assets attributable to Class A shares	$	19,718,349		$	59,741,630		$	49,881,382

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		1,798,143			4,924,943			3,858,414

Net asset value, offering price and redemption price per share	$	10.97		$	12.13		$	12.93

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]	$	11.58		$	12.80		$	13.65

See accompanying notes to financial statements.

Statements of operations

For the year ended December 31, 2015


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

Investment income
Dividends	$	226,069		$	5,000,531		$	3,364,126		$	3,311,905		$	543,264
Foreign tax withholding		—			(148,489	)		—			—			(3,585	)
Interest		12,891,684			8,827			8,704			5,770			1,206
Interest from affiliates		14,764			5,787			2,074			7,970			2,560

Total Investment Income		13,132,517			4,866,656			3,374,904			3,325,645			543,445

Expenses
Investment advisory fees		1,696,711			1,062,183			395,691			545,705			472,103
Administration fees		213,178			88,606			66,494			91,651			28,178
Distribution fees - Class A		190,173			47,887			44,247			146,247			19,877
Transfer agent fees - Class A		110,467			32,038			24,735			67,375			19,314
Transfer agent fees - Class I		12,162			5,576			6,568			6,558			5,148
Compliance service fees		71,094			28,481			21,877			29,778			8,355
Registration fees - Class A		22,626			22,322			18,730			18,692			20,042
Registration fees - Class I		24,626			19,822			17,429			20,192			21,342
Shareholder report printing fees - Class A		17,211			6,152			3,095			10,945			4,516
Shareholder report printing fees - Class I		2,357			315			1,021			745			356
Professional fees		108,766			68,711			38,593			49,241			25,483
Custodian fees		35,190			25,369			12,345			15,913			11,277
Trustee fees and expenses		41,728			16,792			13,087			16,787			4,864
Other expenses		83,421			56,444			14,480			17,345			7,089

Total Expenses Before Reductions		2,629,710			1,480,698			678,392			1,037,174			647,944
Expenses waived by Investment Advisor		(35,957	)		—			—			—			(9,640	)

Net Expenses		2,593,753			1,480,698			678,392			1,037,174			638,304


Net Investment Income		10,538,764			3,385,958			2,696,512			2,288,471			(94,859	)

Realized and Unrealized Gains (Losses) on Investments, Investments in Affiliates and Foreign Currency Transactions
Net realized gains (losses) on investments		1,781,238			(2,708,064	)		2,072,935			5,579,954			5,122,570
Net realized gains (losses) on foreign currency transactions		—			(16,488	)		—			—			—
Net realized gains (losses) on investments in affiliates		—			—			—			—			1
Change in unrealized appreciation (depreciation) of investments		(9,981,407	)		(9,610,107	)		(13,079,977	)		(840,594	)		(6,323,545	)
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		—			(4,079	)		—			(105	)		—

Net Realized and Unrealized Gains (Losses) on Investments, Investments in Affiliates and Foreign Currency Transactions		(8,202,208	)		(12,340,303	)		(11,007,379	)		4,737,648			(1,201,128	)

Net Change in Net Assets from Operations	$	2,336,556		$	(8,954,345	)	$	(8,310,867	)	$	7,026,119		$	(1,295,987	)

See accompanying notes to financial statements.

Statements of operations, continued

For the year ended December 31, 2015


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

Investment income
Dividends from affiliates	$	504,976		$	1,316,651		$	990,261

Total Investment Income		504,976			1,316,651			990,261

Expenses
Investment advisory fees		9,892			41,193			33,241
Administration fees		5,943			18,115			15,418
Distribution fees		49,459			149,732			127,375
Recoupment of waiver		—			5,886			9,048
Transfer agent fees		24,472			71,742			87,416
Compliance service fees		328			987			832
Registration fees		25,789			20,414			22,449
Shareholder report printing fees		3,513			10,502			13,045
Professional fees		3,635			4,593			4,423
Custodian fees		764			740			724
Trustee fees and expenses		178			800			544
Other expenses		218			667			571

Total Expenses Before Reductions		124,191			325,371			315,086
Expenses waived by Investment Advisor		(4,872	)		—			—

Net Expenses		119,319			325,371			315,086


Net Investment Income		385,657			991,280			675,175

Realized and Unrealized Gains (Losses) on Investments and Investments in Affiliates
Net realized gains (losses) on investments in affiliates		(24,903	)		(92,806	)		(28,590	)
Distribution of realized gains received from affiliates		120,155			1,057,300			1,268,444
Change in unrealized appreciation (depreciation) of investments in affiliates		(649,450	)		(3,044,054	)		(3,208,536	)

Net Realized and Unrealized Gains (Losses) on Investments and Investments in Affiliates		(554,198	)		(2,079,560	)		(1,968,682	)

Net Change in Net Assets from Operations	$	(168,541	)	$	(1,088,280	)	$	(1,293,507	)

See accompanying notes to financial statements.

Statements of changes in net assets


	Praxis Intermediate Income Fund						Praxis International Index Fund

	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014

From Operations
Net investment income (loss)	$	10,538,764		$	10,248,077		$	3,385,958		$	3,940,342
Net realized gains (losses) from security transactions		1,781,238			1,242,984			(2,724,552	)		(1,159,772	)
Net change in unrealized appreciation (depreciation) on investments, investments in affiliates and foreign currency transactions		(9,983,446	)		9,412,038			(9,615,751	)		(11,994,912	)

Net Change in Net Assets from Operations		2,336,556			20,903,099			(8,954,345	)		(9,214,342	)

Distributions to Shareholders
From net investment income
Class A		(1,815,811	)		(1,755,138	)		(255,773	)		(339,901	)
Class I		(9,735,335	)		(9,203,257	)		(3,096,088	)		(3,648,304	)
From net realized gains
Class A		(40,363	)		—			—			—
Class I		(178,884	)		—			—			—

Change in Net Assets from Distributions to Shareholders		(11,770,393	)		(10,958,395	)		(3,351,861	)		(3,988,205	)


Change in Net Assets from Capital Transactions		37,694,158			33,369,902			10,592,868			15,385,151

Change in Net Assets		28,260,321			43,314,606			(1,713,338	)		2,182,604

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

End of year	$	433,952,952		$	405,692,631		$	170,730,195		$	172,443,533


Accumulated Distributions in Excess of Net Investment Income	$	—		$	—		$	(214,204	)	$	(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 Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014

From Operations
Net investment income (loss)	$	2,696,512		$	2,189,580		$	2,288,471		$	1,656,223		$	(94,859	)	$	(270,507	)
Net realized gains (losses) on investments in affiliates		—			—			—			—			1			—
Net realized gains (losses) from security transactions		2,072,935			8,204,335			5,579,954			5,583,884			5,122,570			7,991,935
Net change in unrealized appreciation (depreciation) on investments, investments in affiliates and foreign currency transactions		(13,080,314	)		4,173,307			(842,306	)		14,665,534			(6,323,699	)		(10,936,974	)

Net Change in Net Assets from Operations		(8,310,867	)		14,567,222			7,026,119			21,905,641			(1,295,987	)		(3,215,546	)

Distributions to Shareholders
From net investment income
Class A		(431,824	)		(110,202	)		(763,479	)		(344,766	)		—			—
Class I		(3,438,261	)		(1,150,898	)		(1,867,184	)		(1,273,958	)		—			—
From net realized gains
Class A		(425,723	)		—			—			—			(1,034,253	)		(1,053,634	)
Class I		(2,805,885	)		—			—			—			(5,325,978	)		(6,905,347	)

Change in Net Assets from Distributions to Shareholders		(7,101,693	)		(1,261,100	)		(2,630,663	)		(1,618,724	)		(6,360,231	)		(7,958,981	)


Change in Net Assets from Capital Transactions		20,592,527			3,500,289			8,152,275			1,879,864			(6,627,874	)		(4,605,058	)

Change in Net Assets		5,179,967			16,806,411			12,547,731			22,166,781			(14,284,092	)		(15,779,585	)

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

End of year	$	131,380,137		$	126,200,170		$	186,999,994		$	174,452,263		$	47,163,049		$	61,447,141


Accumulated Net Investment Income	$	—		$	893,089		$	—		$	13,004		$	—		$	—

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 Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014

From Operations
Net investment income (loss)	$	385,657		$	340,315		$	991,280		$	746,998		$	675,175		$	463,682
Net realized gains (losses) on investments in affiliates		(24,903	)		82,932			(92,806	)		333,390			(28,590	)		268,296
Distribution of realized gains received from affiliates		120,155			62,340			1,057,300			751,613			1,268,444			973,473
Net change in unrealized appreciation (depreciation) on investments, investments in affiliates		(649,450	)		531,064			(3,044,054	)		1,061,165			(3,208,536	)		682,839

Net Change in Net Assets from Operations		(168,541	)		1,016,651			(1,088,280	)		2,893,166			(1,293,507	)		2,388,290

Distributions to Shareholders
From net investment income
Class A		(392,724	)		(340,468	)		(1,035,512	)		(747,151	)		(717,504	)		(463,893	)
From net realized gains
Class A		(102,074	)		(299,450	)		(932,645	)		(1,025,974	)		(1,223,796	)		(908,646	)

Change in Net Assets from Distributions to Shareholders		(494,798	)		(639,918	)		(1,968,157	)		(1,773,125	)		(1,941,300	)		(1,372,539	)


Change in Net Assets from Capital Transactions		1,254,097			706,241			5,187,292			2,877,140			3,446,444			2,860,563

Change in Net Assets		590,758			1,082,974			2,130,855			3,997,181			211,637			3,876,314

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

End of year	$	19,718,349		$	19,127,591		$	59,741,630		$	57,610,775		$	49,881,382		$	49,669,745


Accumulated Net Investment Income	$	—		$	—		$	—		$	—		$	—		$	—

See accompanying notes to financial statements.

Financial Highlights

For a share outstanding throughout the year indicated

Praxis Intermediate Income Fund - Class A


	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011
Net asset value at beginning of period	$	10.54		$	10.27		$	10.73		$	10.63		$	10.43
Net investment income (loss)		0.23	^(a)		0.24	^(a)		0.25	^(a)		0.27			0.34
Net realized and unrealized gains (losses) on investments		(0.19	)		0.29			(0.42	)		0.22			0.32
Total from investment operations		0.04			0.53			(0.17	)		0.49			0.66
Less distributions:
Dividends from investment income		(0.25	)		(0.26	)		(0.28	)		(0.30	)		(0.35	)
Distributions from net realized gains		(0.01	)		—			(0.01	)		(0.09	)		(0.11	)
Total distributions		(0.26	)		(0.26	)		(0.29	)		(0.39	)		(0.46	)
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—
Net asset value at end of period	$	10.32		$	10.54		$	10.27		$	10.73		$	10.63
Total return (excludes sales charge)		0.33	%		5.21	%		(1.65	)%		4.64	%		6.43	%
Net assets at end of period (in 000s)	$	79,999		$	74,950		$	69,784		$	83,494		$	72,106
Ratio of net expenses to average net assets		0.93	%		0.93	%		0.94	%		0.96	%		0.96	%
Ratio of net investment income to average net assets		2.16	%		2.32	%		2.34	%		2.49	%		3.19	%
Ratio of gross expenses to average net assets*		0.98	%		0.94	%		0.99	%		1.05	%		1.08	%
Portfolio turnover rate		22.67	%		16.48	%		23.68	%		35.75	%		36.12	%

Praxis Intermediate Income Fund - Class I


	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011
Net asset value at beginning of period	$	10.50		$	10.22		$	10.69		$	10.60		$	10.39
Net investment income (loss)		0.27	^(a)		0.28	^(a)		0.29	^(a)		0.31			0.38
Net realized and unrealized gains (losses) on investments		(0.20	)		0.30			(0.43	)		0.21			0.33
Total from investment operations		0.07			0.58			(0.14	)		0.52			0.71
Less distributions:
Dividends from investment income		(0.29	)		(0.30	)		(0.32	)		(0.34	)		(0.39	)
Distributions from net realized gains		(0.01	)		—			(0.01	)		(0.09	)		(0.11	)
Total distributions		(0.30	)		(0.30	)		(0.33	)		(0.43	)		(0.50	)
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—
Net asset value at end of period	$	10.27		$	10.50		$	10.22		$	10.69		$	10.60
Total return (excludes sales charge)		0.72	%		5.66	%		(1.26	)%		4.98	%		6.98	%
Net assets at end of period (in 000s)	$	353,954		$	330,742		$	292,594		$	268,864		$	234,612
Ratio of net expenses to average net assets		0.54	%		0.53	%		0.54	%		0.56	%		0.57	%
Ratio of net investment income to average net assets		2.55	%		2.73	%		2.73	%		2.89	%		3.59	%
Ratio of gross expenses to average net assets		0.54	%		0.53	%		0.54	%		0.56	%		0.57	%
Portfolio turnover rate		22.67	%		16.48	%		23.68	%		35.75	%		36.12	%

* 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.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis International Index Fund - Class A


	Year Ended December 31, 2015			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)		0.14	^(b)		0.20	^(b)		0.14	^(b)		0.17			0.03
Net realized and unrealized gains (losses) on investments		(0.71	)		(0.81	)		1.17			1.17			(1.68	)
Total from investment operations		(0.57	)		(0.61	)		1.31			1.34			(1.65	)
Less distributions:
Dividends from investment income		(0.13	)		(0.18	)		(0.14	)		(0.12	)		(0.10	)
Distributions from net realized gains		—			—			—			—			—
Total distributions		(0.13	)		(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	$	9.15		$	9.85		$	10.64		$	9.47		$	8.25
Total return (excludes sales charge)		(5.76	)%		(5.70	)%		13.86	%		16.24	%		(16.54	)%^(d)
Net assets at end of period (in 000s)	$	17,631		$	18,370		$	19,892		$	18,181		$	2,363
Ratio of net expenses to average net assets		1.33	%		1.28	%		1.43	%		1.73	%		1.73	%^(e)
Ratio of net investment income to average net assets		1.45	%		1.88	%		1.36	%		1.58	%		0.89	%^(e)
Ratio of gross expenses to average net assets*		1.33	%		1.28	%		1.43	%		1.73	%		4.87	%^(e)
Portfolio turnover rate		4.48	%		5.73	%		11.36	%		5.18	%		2.44	%

Praxis International Index Fund - Class I


	Year Ended December 31, 2015			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)		0.20	^(b)		0.25	^(b)		0.20	^(b)		0.18			0.12
Net realized and unrealized gains (losses) on investments		(0.71	)		(0.82	)		1.20			1.24			(1.73	)
Total from investment operations		(0.51	)		(0.57	)		1.40			1.42			(1.61	)
Less distributions:
Dividends from investment income		(0.19	)		(0.24	)		(0.21	)		(0.18	)		(0.12	)
Distributions from net realized gains		—			—			—			—			—
Total distributions		(0.19	)		(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	$	9.19		$	9.89		$	10.70		$	9.51		$	8.27
Total return (excludes sales charge)		(5.19	)%		(5.36	)%		14.68	%		17.26	%		(16.05	)%^(d)
Net assets at end of period (in 000s)	$	153,099		$	154,074		$	150,369		$	118,838		$	64,580
Ratio of net expenses to average net assets		0.78	%		0.78	%		0.80	%		0.84	%		0.86	%^(e)
Ratio of net investment income to average net assets		1.97	%		2.35	%		1.96	%		2.29	%		2.25	%^(e)
Ratio of gross expenses to average net assets		0.78	%		0.78	%		0.80	%		0.84	%		0.86	%^(e)
Portfolio turnover rate		4.48	%		5.73	%		11.36	%		5.18	%		2.44	%^(d)

* 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 year indicated

Praxis Value Index Fund - Class A


	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011
Net asset value at beginning of period	$	12.54		$	11.21		$	8.71		$	7.57		$	7.95
Net investment income (loss)		0.20	^(a)		0.18	^(a)		0.14	^(a)		0.28			0.12
Net realized and unrealized gains (losses) on investments		(1.00	)		1.23			2.60			0.93			(0.40	)
Total from investment operations		(0.80	)		1.41			2.74			1.21			(0.28	)
Less distributions:
Dividends from investment income		(0.28	)		(0.08	)		(0.24	)		(0.07	)		(0.10	)
Distributions from net realized gains		(0.29	)		—			—			—			—
Total distributions		(0.57	)		(0.08	)		(0.24	)		(0.07	)		(0.10	)
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—
Net asset value at end of period	$	11.17		$	12.54		$	11.21		$	8.71		$	7.57
Total return (excludes sales charge)		(6.41	)%		12.57	%		31.33	%		16.12	%		(3.58	)%
Net assets at end of period (in 000s)	$	17,453		$	17,356		$	16,275		$	13,591		$	20,776
Ratio of net expenses to average net assets		0.94	%		0.87	%		1.03	%		1.21	%		1.32	%
Ratio of net investment income to average net assets		1.62	%		1.53	%		1.40	%		1.48	%		1.19	%
Ratio of gross expenses to average net assets		0.94	%		0.87	%		1.03	%		1.21	%		1.32	%
Portfolio turnover rate		21.38	%		20.53	%		30.38	%		69.58	%		29.11	%

Praxis Value Index Fund - Class I


	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011
Net asset value at beginning of period	$	12.46		$	11.14		$	8.65		$	7.52		$	7.91
Net investment income (loss)		0.26	^(a)		0.23	^(a)		0.20	^(a)		0.09			0.15
Net realized and unrealized gains (losses) on investments		(1.00	)		1.22			2.59			1.18			(0.37	)
Total from investment operations		(0.74	)		1.45			2.79			1.27			(0.22	)
Less distributions:
Dividends from investment income		(0.34	)		(0.13	)		(0.30	)		(0.14	)		(0.17	)
Distributions from net realized gains		(0.29	)		—			—			—			—
Total distributions		(0.63	)		(0.13	)		(0.30	)		(0.14	)		(0.17	)
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—			—			—
Net asset value at end of period	$	11.09		$	12.46		$	11.14		$	8.65		$	7.52
Total return (excludes sales charge)		(6.00	)%		13.03	%		32.26	%		16.91	%		(2.80	)%
Net assets at end of period (in 000s)	$	113,927		$	108,845		$	93,118		$	71,284		$	32,070
Ratio of net expenses to average net assets		0.45	%		0.45	%		0.48	%		0.47	%		0.49	%
Ratio of net investment income to average net assets		2.11	%		1.94	%		1.95	%		2.24	%		2.03	%
Ratio of gross expenses to average net assets		0.45	%		0.45	%		0.48	%		0.47	%		0.49	%
Portfolio turnover rate		21.38	%		20.53	%		30.38	%		69.58	%		29.11	%

^(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.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Growth Index Fund - Class A


	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011
Net asset value at beginning of period	$	17.25		$	15.19		$	11.63		$	9.96		$	9.86
Net investment income (loss)		0.18	^(a)		0.12	^(a)		0.10	^(a)		0.02			0.01
Net realized and unrealized gains (losses) on investments		0.46			2.05			3.58			1.70			0.10
Total from investment operations		0.64			2.17			3.68			1.72			0.11
Less distributions:
Dividends from investment income		(0.21	)		(0.11	)		(0.12	)		(0.05	)		(0.01	)
Distributions from net realized gains		—			—			—			—			—
Total distributions		(0.21	)		(0.11	)		(0.12	)		(0.05	)		(0.01	)
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)
Net asset value at end of period	$	17.68		$	17.25		$	15.19		$	11.63		$	9.96
Total return (excludes sales charge)		3.70	%		14.26	%		31.72	%		17.15	%		1.12	%
Net assets at end of period (in 000s)	$	64,689		$	55,833		$	51,724		$	43,035		$	3,363
Ratio of net expenses to average net assets		0.84	%		0.91	%		1.01	%		1.08	%		1.10	%
Ratio of net investment income to average net assets		1.00	%		0.73	%		0.76	%		1.08	%		0.14	%
Ratio of gross expenses to average net assets*		0.84	%		0.91	%		1.01	%		1.26	%		2.01	%
Portfolio turnover rate		18.68	%		19.09	%		14.82	%		82.74	%		21.18	%

Praxis Growth Index Fund - Class I


	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011
Net asset value at beginning of period	$	17.34		$	15.27		$	11.68		$	9.96		$	9.86
Net investment income (loss)		0.25	^(a)		0.20	^(a)		0.18	^(a)		0.07			0.07
Net realized and unrealized gains (losses) on investments		0.47			2.06			3.60			1.71			0.10
Total from investment operations		0.72			2.26			3.78			1.78			0.17
Less distributions:
Dividends from investment income		(0.27	)		(0.19	)		(0.19	)		(0.06	)		(0.07	)
Distributions from net realized gains		—			—			—			—			—
Total distributions		(0.27	)		(0.19	)		(0.19	)		(0.06	)		(0.07	)
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—
Net asset value at end of period	$	17.79		$	17.34		$	15.27		$	11.68		$	9.96
Total return (excludes sales charge)		4.10	%		14.77	%		32.26	%		17.94	%		1.73	%
Net assets at end of period (in 000s)	$	122,311		$	118,619		$	100,561		$	97,072		$	33,843
Ratio of net expenses to average net assets		0.44	%		0.42	%		0.47	%		0.48	%		0.50	%
Ratio of net investment income to average net assets		1.38	%		1.22	%		1.31	%		1.31	%		0.75	%
Ratio of gross expenses to average net assets		0.44	%		0.42	%		0.47	%		0.48	%		0.50	%
Portfolio turnover rate		18.68	%		19.09	%		14.82	%		82.74	%		21.18	%

* 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.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Small Cap Fund - Class A


	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011
Net asset value at beginning of period	$	11.49		$	13.80		$	11.33		$	10.51		$	9.95
Net investment income (loss)		(0.09	)^(a)		(0.12	)^(a)		(0.12	)^(a)		(0.06	)		(0.09	)
Net realized and unrealized gains (losses) on investments		(0.41	)		(0.43	)		4.04			1.03			0.64
Total from investment operations		(0.50	)		(0.55	)		3.92			0.97			0.55
Less distributions:
Distributions from net realized gains		(1.54	)		(1.76	)		(1.45	)		(0.15	)		—
Total distributions		(1.54	)		(1.76	)		(1.45	)		(0.15	)		—
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.01
Net asset value at end of period	$	9.45		$	11.49		$	13.80		$	11.33		$	10.51
Total return (excludes sales charge)		(4.53	)%		(4.11	)%		34.63	%		9.26	%		5.63	%
Net assets at end of period (in 000s)	$	7,339		$	7,664		$	8,465		$	5,710		$	5,541
Ratio of net expenses to average net assets		1.68	%		1.69	%		1.69	%		1.72	%		1.71	%
Ratio of net investment income to average net assets		(0.75	)%		(0.95	)%		(0.95	)%		(0.34	)%		(1.09	)%
Ratio of gross expenses to average net assets*		1.81	%		1.70	%		1.90	%		1.91	%		2.17	%
Portfolio turnover rate		75.84	%		73.67	%		49.25	%��		49.78	%		67.48	%

Praxis Small Cap Fund - Class I


	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011
Net asset value at beginning of period	$	12.01		$	14.25		$	11.59		$	10.67		$	10.06
Net investment income (loss)		(0.01	)^(a)		(0.04	)^(a)		(0.04	)^(a)		0.06			(0.03	)
Net realized and unrealized gains (losses) on investments		(0.45	)		(0.44	)		4.15			1.01			0.64
Total from investment operations		(0.46	)		(0.48	)		4.11			1.07			0.61
Less distributions:
Distributions from net realized gains		(1.54	)		(1.76	)		(1.45	)		(0.15	)		—
Total distributions		(1.54	)		(1.76	)		(1.45	)		(0.15	)		—
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—	^(b)		—			—
Net asset value at end of period	$	10.01		$	12.01		$	14.25		$	11.59		$	10.67
Total return (excludes sales charge)		(3.99	)%		(3.49	)%		35.53	%		10.06	%		6.06	%
Net assets at end of period (in 000s)	$	39,824		$	53,783		$	68,762		$	63,520		$	61,130
Ratio of net expenses to average net assets		1.06	%		1.02	%		1.04	%		1.05	%		1.04	%
Ratio of net investment income to average net assets		(0.07	)%		(0.28	)%		(0.31	)%		0.50	%		(0.44	)%
Ratio of gross expenses to average net assets		1.06	%		1.02	%		1.04	%		1.05	%		1.04	%
Portfolio turnover rate		75.84	%		73.67	%		49.25	%		49.78	%		67.48	%

* 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.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Genesis Conservative Portfolio - Class A


	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011
Net asset value at beginning of period	$	11.34		$	11.10		$	10.79		$	10.50		$	10.55
Net investment income (loss)		0.22	^(a)		0.21	^(a)		0.23	^(a)		0.23			0.24
Net realized and unrealized gains (losses) on investments		(0.31	)		0.42			0.45			0.54			0.06
Total from investment operations		(0.09	)		0.63			0.68			0.77			0.30
Less distributions:
Dividends from investment income		(0.22	)		(0.21	)		(0.23	)		(0.24	)		(0.29	)
Distributions from net realized gains		(0.06	)		(0.18	)		(0.14	)		(0.24	)		(0.06	)
Total distributions		(0.28	)		(0.39	)		(0.37	)		(0.48	)		(0.35	)
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)
Net asset value at end of period	$	10.97		$	11.34		$	11.10		$	10.79		$	10.50
Total return (excludes sales charge)		(0.81	)%		5.68	%		6.28	%		7.42	%		2.88	%
Net assets at end of period (in 000s)	$	19,718		$	19,128		$	18,045		$	17,203		$	14,018
Ratio of net expenses to average net assets†		0.60	%		0.60	%		0.61	%		0.61	%		0.61	%
Ratio of net investment income to average net assets†		1.95	%		1.82	%		2.04	%		2.13	%		2.31	%
Ratio of gross expenses to average net assets†*		0.63	%		0.62	%		0.64	%		0.65	%		0.78	%
Portfolio turnover rate		8.66	%		10.78	%		25.69	%		30.58	%		15.03	%

† The

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

* 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.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Genesis Balanced Portfolio - Class A


	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011
Net asset value at beginning of period	$	12.76		$	12.50		$	11.14		$	10.62		$	10.91
Net investment income (loss)		0.21	^(a)		0.17	^(a)		0.20	^(a)		0.17			0.15
Net realized and unrealized gains (losses) on investments		(0.42	)		0.49			1.50			0.90			(0.17	)
Total from investment operations		(0.21	)		0.66			1.70			1.07			(0.02	)
Less distributions:
Dividends from investment income		(0.22	)		(0.17	)		(0.19	)		(0.18	)		(0.18	)
Distributions from net realized gains		(0.20	)		(0.23	)		(0.15	)		(0.37	)		(0.09	)
Total distributions		(0.42	)		(0.40	)		(0.34	)		(0.55	)		(0.27	)
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)
Net asset value at end of period	$	12.13		$	12.76		$	12.50		$	11.14		$	10.62
Total return (excludes sales charge)		(1.66	)%		5.30	%		15.30	%		10.11	%		(0.21	)%
Net assets at end of period (in 000s)	$	59,742		$	57,611		$	53,614		$	44,584		$	37,770
Ratio of net expenses to average net assets†		0.54	%		0.58	%		0.60	%		0.61	%		0.61	%
Ratio of net investment income to average net assets†		1.65	%		1.33	%		1.65	%		1.57	%		1.39	%
Ratio of gross expenses to average net assets†*		0.54	%		0.58	%		0.60	%		0.62	%		0.71	%
Portfolio turnover rate		6.53	%		10.26	%		19.91	%		38.48	%		15.11	%

† The

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

* 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.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated

Praxis Genesis Growth Portfolio - Class A


	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011
Net asset value at beginning of period	$	13.79		$	13.49		$	11.40		$	10.68		$	11.15
Net investment income (loss)		0.18	^(a)		0.13	^(a)		0.17	^(a)		0.13			0.08
Net realized and unrealized gains (losses) on investments		(0.52	)		0.56			2.26			1.13			(0.33	)
Total from investment operations		(0.34	)		0.69			2.43			1.26			(0.25	)
Less distributions:
Dividends from investment income		(0.19	)		(0.13	)		(0.17	)		(0.14	)		(0.10	)
Distributions from net realized gains		(0.33	)		(0.26	)		(0.17	)		(0.40	)		(0.12	)
Total distributions		(0.52	)		(0.39	)		(0.34	)		(0.54	)		(0.22	)
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)
Net asset value at end of period	$	12.93		$	13.79		$	13.49		$	11.40		$	10.68
Total return (excludes sales charge)		(2.49	)%		5.09	%		21.28	%		11.82	%		(2.24	)%
Net assets at end of period (in 000s)	$	49,881		$	49,670		$	45,793		$	36,294		$	29,882
Ratio of net expenses to average net assets†		0.62	%		0.60	%		0.60	%		0.61	%		0.61	%
Ratio of net investment income to average net assets†		1.33	%		0.95	%		1.39	%		1.22	%		0.79	%
Ratio of gross expenses to average net assets†*		0.62	%		0.60	%		0.66	%		0.74	%		0.89	%
Portfolio turnover rate		7.39	%		8.81	%		20.87	%		45.13	%		15.54	%

† The

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

* 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.

See accompanying notes to financial statements.


Notes to Financial Statements		December 31, 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, 2015, the Trust consists of the Praxis Intermediate Income Fund, the Praxis International Index Fund, the Praxis Value Index Fund, the Praxis Growth Index Fund, and the Praxis Small Cap Fund, (individually a “Fund”, collectively “the Funds”), the Praxis Genesis Conservative Portfolio, the Praxis Genesis Balanced Portfolio, and the Praxis Genesis Growth Portfolio, (individually a “Portfolio”, collectively “the Portfolios”). The Funds and Portfolios are also referred to individually as the Intermediate Income Fund, International Index Fund, Value Index Fund, Growth Index Fund, Small Cap Fund, Conservative Portfolio, Balanced Portfolio, and Growth Portfolio in the financial statements. Each Fund and Portfolio is a diversified series of the Trust.

As of December 31, 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.


Notes to Financial Statements, continued

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


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

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

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

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

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

The aggregate value by input level, as of December 31, 2015, for each Fund’s and Portfolio’s investments 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	$	—	$	10,134,099	$	—	$	10,134,099
Commercial Mortgage Backed Securities		—		13,297,098		—		13,297,098
Corporate Bonds		—		190,435,282		—		190,435,282
Corporate Notes		—		4,200,000		—		4,200,000
Foreign Bonds		—		7,611,858		—		7,611,858
Investment Company		3,302,719		—		—		3,302,719
Municipal Bonds		—		14,021,752		—		14,021,752
U.S. Government Agencies		—		170,252,274		—		170,252,274

Total Investments	$	3,302,719	$	409,952,363	$	—	$	413,255,082

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2015.

International Index Fund Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Common Stocks	$	130,031,534	$	37,764,585	$	—	$	167,796,119
Corporate Notes		—		1,600,000		—		1,600,000
Preferred Stocks		402,479		—		—		402,479
Warrant		—		227		—		227

Total Investments	$	130,434,013	$	39,364,812	$	—	$	169,798,825

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2015.

Value Index Fund Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Common Stocks	$	129,361,102	$	—	$	—	$	129,361,102
Corporate Notes		—		1,200,000		—		1,200,000
Rights		—		7,028		—		7,028

Total Investments	$	129,361,102	$	1,207,028	$	—	$	130,568,130

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2015.

Growth Index Fund Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Common Stocks	$	184,598,223	$	—	$	—	$	184,598,223
Corporate Notes		—		1,675,000		—		1,675,000

Total Investments	$	184,598,223	$	1,675,000	$	—	$	186,273,223


		December 31, 2015

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2015.

Small Cap Fund Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Common Stocks	$	43,914,055	$	—	$	—	$	43,914,055
Corporate Note		—		450,000		—		450,000

Total Investments	$	43,914,055	$	450,000	$	—	$	44,364,055

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2015.

Conservative Portfolio Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Mutual Funds	$	19,742,951	$	—	$	—	$	19,742,951

Total Investments	$	19,742,951	$	—	$	—	$	19,742,951

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2015.

Balanced Portfolio Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Mutual Funds	$	59,788,828	$	—	$	—	$	59,788,828

Total Investments	$	59,788,828	$	—	$	—	$	59,788,828

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2015.

Growth Portfolio Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Mutual Funds	$	49,954,627	$	—	$	—	$	49,954,627

Total Investments	$	49,954,627	$	—	$	—	$	49,954,627

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


Notes to Financial Statements, continued

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, continued		December 31, 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 year ended December 31, 2015 were as follows:


	Purchases		Sales

Intermediate Income Fund	$	122,704,882	$	93,780,088
International Index Fund		18,624,699		7,839,711
Value Index Fund		43,932,312		27,934,006
Growth Index Fund		41,453,736		33,708,213
Small Cap Fund		40,382,386		53,497,366
Conservative Portfolio		2,979,738		1,710,929
Balanced Portfolio		9,162,222		3,901,439
Growth Portfolio		7,223,783		3,752,644

4. Investment Transactions with Affiliates:

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


	For the year ended December 31, 2015
Affiliate	Fair value at December 31, 2014		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Capital Gain Distribution		Shares at December 31, 2015		Fair value at December 31, 2015

Praxis Genesis Conservative Portfolio
Praxis Intermediate Income Fund	$	13,455,374	$	1,827,395	$	1,162,951	$	(15,033	)	$	385,887	$	6,983		1,344,520	$	13,808,222
Praxis Growth Index Fund		1,894,323		262,539		236,133		3,507			30,038		—		110,921		1,972,173
Praxis International Index Fund		1,395,904		318,994		106,535		(3,754	)		30,183		—		163,350		1,501,187
Praxis Small Cap Fund		485,442		131,486		41,177		(4,686	)		—		65,217		48,989		490,376
Praxis Value Index Fund		1,917,452		439,324		164,133		(4,937	)		58,868		47,955		177,727		1,970,993

Total	$	19,148,495	$	2,979,738	$	1,710,929	$	(24,903	)	$	504,976	$	120,155		1,845,507	$	19,742,951


	For the year ended December 31, 2015
Affiliate	Fair value at December 31, 2014		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Capital Gain Distribution		Shares at December 31, 2015		Fair value at December 31, 2015

Praxis Genesis Balanced Portfolio
Praxis Intermediate Income Fund	$	23,226,013	$	2,898,110	$	1,709,968	$	(23,117	)	$	665,709	$	12,099		2,325,288	$	23,880,711
Praxis Growth Index Fund		10,012,892		1,079,331		917,881		14,900			158,430		—		587,434		10,444,573
Praxis International Index Fund		8,434,364		1,662,412		353,546		(18,382	)		181,992		—		988,937		9,088,330
Praxis Small Cap Fund		5,859,092		1,525,088		408,742		(49,448	)		—		790,763		592,972		5,935,653
Praxis Value Index Fund		10,132,544		1,997,281		511,302		(16,759	)		310,520		254,438		941,349		10,439,561

Total	$	57,664,905	$	9,162,222	$	3,901,439	$	(92,806	)	$	1,316,651	$	1,057,300		5,435,980	$	59,788,828


	For the year ended December 31, 2015
Affiliate	Fair value at December 31, 2014		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Capital Gain Distribution		Shares at December 31, 2015		Fair value at December 31, 2015

Praxis Genesis Growth Portfolio
Praxis Intermediate Income Fund	$	10,035,938	$	1,050,336	$	887,113	$	(14,896	)	$	282,485	$	5,051		971,049	$	9,972,670
Praxis Growth Index Fund		11,121,593		968,408		1,166,893		93,147			170,493		—		630,777		11,215,209
Praxis International Index Fund		9,715,189		1,579,689		448,900		(15,267	)		203,103		—		1,101,267		10,120,648
Praxis Small Cap Fund		7,592,841		1,788,617		646,335		(77,436	)		—		990,266		742,833		7,435,760
Praxis Value Index Fund		11,255,053		1,836,733		603,403		(14,138	)		334,180		273,127		1,010,851		11,210,340

Total	$	49,720,614	$	7,223,783	$	3,752,644	$	(28,590	)	$	990,261	$	1,268,444		4,456,777	$	49,954,627


Notes to Financial Statements, continued

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 year ended December 31, 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 year ended December 31, 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)	$	35,957
Small Cap Fund (Class A)		9,640
Conservative Portfolio (Class A)		4,872

For the year ended December 31, 2015, the Advisor recouped investment advisory fees of the Funds and Portfolios as follows:



Balanced Portfolio (Class A)	$	5,886
Growth Portfolio (Class A)		9,048


Notes to Financial Statements, continued		December 31, 2015

As of December 31, 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		2013		2016	$	39,015
		2014		2017		2,575
		2015		2018		35,957

					$	77,547

Small Cap Fund		2013		2016	$	14,524
		2014		2017		1,183
		2015		2018		9,640

					$	25,347

Conservative Portfolio		2013		2016	$	6,678
		2014		2017		2,698
		2015		2018		4,872

					$	14,248

Growth Portfolio		2013		2016	$	21,201
		2014		2017		—
		2015		2018		—

					$	21,201

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

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

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



Intermediate Income Fund	$	3,196
International Index Fund		1,591
Value Index Fund		3,422
Growth Index Fund		8,604
Small Cap Fund		1,712
Conservative Portfolio		8,251
Balanced Portfolio		34,960
Growth Portfolio		25,859

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 $83,000 in aggregate Trustee fees during the year ended December 31, 2015.


Notes to Financial Statements, continued

6. Capital Share Transactions:

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


	Praxis Intermediate Income Fund						Praxis International Index Fund
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014

Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	25,477,562		$	18,836,663		$	3,794,384		$	3,656,590
Dividends reinvested		1,682,011			1,493,127			248,626			326,602
Cost of shares redeemed		(20,465,074	)		(17,023,565	)		(3,392,694	)		(4,006,423	)
Redemption fees		10,474			2,692			392			1,175

Class A Share Transactions	$	6,704,973		$	3,308,917		$	650,708		$	(22,056	)

Class I Shares:
Proceeds from shares issued	$	75,797,084		$	66,714,226		$	30,218,572		$	32,872,118
Dividends reinvested		5,273,696			4,760,965			1,760,826			2,095,455
Cost of shares redeemed		(50,081,922	)		(41,415,913	)		(22,037,352	)		(19,560,655	)
Redemption fees		327			1,707			114			289

Class I Share Transactions	$	30,989,185		$	30,060,985		$	9,942,160		$	15,407,207

Net increase (decrease) from capital transactions	$	37,694,158		$	33,369,902		$	10,592,868		$	15,385,151

Share Transactions:
Class A Shares:
Issued		2,427,994			1,798,114			376,545			346,513
Reinvested		160,463			142,462			26,968			32,990
Redeemed		(1,945,403	)		(1,629,248	)		(341,240	)		(383,277	)

Change in Class A Shares:		643,054			311,328			62,273			(3,774	)

Class I Shares:
Issued		7,241,195			6,397,073			3,057,635			3,138,546
Reinvested		505,144			456,054			190,154			210,599
Redeemed		(4,798,010	)		(3,968,016	)		(2,155,658	)		(1,836,706	)

Change in Class I Shares:		2,948,329			2,885,111			1,092,131			1,512,439

Net increase (decrease) from share transactions		3,591,383			3,196,439			1,154,404			1,508,665


Notes to Financial Statements, continued		December 31, 2015


	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Fund
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014

Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	3,221,870		$	3,756,219		$	12,280,368		$	4,241,009		$	3,041,010		$	1,880,889
Dividends reinvested		813,980			103,491			714,366			334,373			986,104			962,681
Cost of shares redeemed		(1,898,850	)		(4,728,180	)		(5,438,167	)		(7,204,375	)		(2,981,353	)		(2,222,203	)
Redemption fees		297			2,019			199			152			6,093			74

Class A Share Transactions	$	2,137,297		$	(866,451	)	$	7,556,766		$	(2,628,841	)	$	1,051,854		$	621,441

Class I Shares:
Proceeds from shares issued	$	28,736,694		$	18,677,593		$	20,442,653		$	24,196,281		$	5,380,398		$	12,452,928
Dividends reinvested		4,698,231			705,197			1,142,707			783,510			5,274,940			6,870,866
Cost of shares redeemed		(14,979,797	)		(15,017,156	)		(20,989,879	)		(20,474,425	)		(18,335,066	)		(24,551,236	)
Redemption fees		102			1,106			28			3,339			–			943

Class I Share Transactions	$	18,455,230		$	4,366,740		$	595,509		$	4,508,705		$	(7,679,728	)	$	(5,226,499	)

Net increase (decrease) from capital transactions	$	20,592,527		$	3,500,289		$	8,152,275		$	1,879,864		$	(6,627,874	)	$	(4,605,058	)

Share Transactions:
Class A Shares:
Issued		262,186			321,193			688,665			263,797			258,539			142,474
Reinvested		71,448			8,162			39,976			19,195			103,052			82,776
Redeemed		(154,999	)		(397,469	)		(307,994	)		(449,610	)		(252,274	)		(171,627	)

Change in Class A Shares:		178,635			(68,114	)		420,647			(166,618	)		109,317			53,623

Class I Shares:
Issued		2,350,086			1,587,421			1,147,457			1,468,820			441,067			915,822
Reinvested		413,148			56,012			63,554			44,746			520,725			565,038
Redeemed		(1,230,288	)		(1,268,612	)		(1,176,692	)		(1,257,560	)		(1,462,158	)		(1,829,651	)

Change in Class I Shares:		1,532,946			374,821			34,319			256,006			(500,366	)		(348,791	)

Net increase (decrease) from share transactions		1,711,581			306,707			454,966			89,388			(391,049	)		(295,168	)


	Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014

Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,824,534		$	2,247,788		$	8,644,629		$	7,738,709		$	6,117,121		$	5,898,483
Dividends reinvested		334,878			535,320			1,235,992			1,322,198			1,221,517			908,858
Cost of shares redeemed		(1,905,324	)		(2,076,881	)		(4,693,372	)		(6,183,959	)		(3,892,254	)		(3,946,922	)
Redemption fees		9			14			43			192			60			144

Class A Share Transactions	$	1,254,097		$	706,241		$	5,187,292		$	2,877,140		$	3,446,444		$	2,860,563

Net increase (decrease) from capital transactions	$	1,254,097		$	706,241		$	5,187,292		$	2,877,140		$	3,446,444		$	2,860,563

Share Transactions:
Class A Shares:
Issued		249,570			198,287			678,098			605,671			443,572			429,532
Reinvested		29,738			46,999			99,173			102,467			92,469			64,605
Redeemed		(168,576	)		(182,954	)		(366,356	)		(484,252	)		(278,755	)		(286,925	)

Change in Class A Shares:		110,732			62,332			410,915			223,886			257,286			207,212

Net increase (decrease) from share transactions		110,732			62,332			410,915			223,886			257,286			207,212


Notes to Financial Statements, continued

7. Federal Income Tax Information:

The character of dividends paid to shareholders for federal income tax purposes during the latest years ended December 31, 2015 and 2014 was (as applicable) as follows:


	Praxis Intermediate Income Fund				Praxis International Index Fund				Praxis Value Index Fund
	2015		2014		2015		2014		2015		2014

From ordinary income	$	11,402,413	$	10,958,395	$	3,351,861	$	3,988,205	$	3,536,414	$	1,261,100
From long-term capital gains		367,980		—		—		—		3,565,279		—

Total distributions	$	11,770,393	$	10,958,395	$	3,351,861	$	3,988,205	$	7,101,693	$	1,261,100


	Praxis Growth Index Fund				Praxis Small Cap Fund
	2015		2014		2015		2014

From ordinary income	$	2,630,663	$	1,618,724	$	—	$	—
From long-term capital gains		—		—		6,360,231		7,958,981

Total distributions	$	2,630,663	$	1,618,724	$	6,360,231	$	7,958,981


	Praxis Genesis Conservative Portfolio				Praxis Genesis Balanced Portfolio				Praxis Genesis Growth Portfolio
	2015		2014		2015		2014		2015		2014

From ordinary income	$	391,185	$	349,748	$	1,005,688	$	807,461	$	711,578	$	526,232
From long-term capital gains		103,613		290,170		962,469		965,664		1,229,722		846,307

Total distributions	$	494,798	$	639,918	$	1,968,157	$	1,773,125	$	1,941,300	$	1,372,539

The following information is computed on a tax basis for each item as of December 31, 2015:


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

Tax cost of portfolio investments	$	409,071,997		$	165,146,273		$	113,772,405

Gross unrealized appreciation		9,013,334			31,091,459			25,650,216
Gross unrealized depreciation		(4,830,249	)		(26,438,907	)		(8,854,491	)

Net unrealized appreciation (depreciation) on investments		4,183,085			4,652,552			16,795,725
Net unrealized appreciation (depreciation) on foreign currency transactions		—			(5,735	)		—
Undistributed ordinary income		—			47,397			—
Undistributed long-term capital gains		376,616			—			1,211,883
Capital loss carryforward		—			(7,607,871	)		—
Post-October losses		—			(523,844	)		—
Other temporary differences		—			—			—

Accumulated earnings (deficit)	$	4,559,701		$	(3,437,501	)	$	18,007,608


				Praxis Growth Index Fund			Praxis Small Cap Fund

Tax cost of portfolio investments				$	126,784,779		$	35,425,403

Gross unrealized appreciation					61,507,853			9,834,847
Gross unrealized depreciation					(2,019,409	)		(896,195	)

Net unrealized appreciation (depreciation) on investments					59,488,444			8,938,652
Net unrealized appreciation (depreciation) on foreign currency transactions					1,252			—
Undistributed ordinary income					—			—
Undistributed long-term capital gains					—			214,251
Capital loss carryforward					(2,741,906	)		—
Post-October losses					(688,194	)		—
Other temporary differences					—			—

Accumulated earnings (deficit)				$	56,059,596		$	9,152,903


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

Tax cost of portfolio investments	$	18,788,616		$	53,641,129		$	43,112,691

Gross unrealized appreciation		1,215,467			7,304,522			8,028,612
Gross unrealized depreciation		(261,132	)		(1,156,823	)		(1,186,676	)

Net unrealized appreciation (depreciation)		954,335			6,147,699			6,841,936
Undistributed ordinary income		—			—			—
Undistributed long-term capital gains		116,386			1,007,969			1,276,445
Capital loss carryforward		—			—			—
Other temporary differences		—			—			—

Accumulated earnings (deficit)	$	1,070,721		$	7,155,668		$	8,118,381


Notes to Financial Statements, continued

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, 2015, 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	$	2,741,906		2017

Post-effective CLCFs not subject to expiration:


	Short Term CLCF		Long Term CLCF

International Index Fund	$	4,484,128	$	3,123,743

During the year ended December 31, 2015 the Intermediate Income Fund and Growth Index Fund utilized $89,170 and $6,405,763 of capital loss carryfowards, respectively.

Certain reclassifications, the result of permanent differences between financial statement and income tax reporting requirements, have been made to the components of capital. Reclassifications result primarily from the difference in the tax treatment of paydown gains and losses, distribution redesignations, Passive Foregin Investment Companies, equalization and net investment losses. These reclassifications have no impact on the net assets or the net asset value per share of the Funds and Portfolios and are designed to present each Fund’s or Portfolio’s capital accounts on a tax basis. The following reclassifications have been made to the following Funds and Portfolios for the year ended December 31, 2015:


	Paid in Capital			Accumulated Net Investment Income (Loss)			Accumulated Net Realized Gains (Losses)

Intermediate Income Fund	$	56,612		$	1,012,382		$	(1,068,994	)
International Index Fund		13,329			(4,978	)		(8,351	)
Value Index Fund		126,786			280,484			(407,270	)
Growth Index Fund		(410,299	)		329,188			81,111
Small Cap Fund		1,056,713			94,859			(1,151,572	)
Conservative Portfolio		—			7,067			(7,067	)
Balanced Portfolio		—			44,232			(44,232	)
Growth Portfolio		—			42,329			(42,329	)

The Funds and Portfolios have analyzed their tax positions taken on Federal income tax returns for all open tax years (tax years ended December 31, 2012 through 2015) and have concluded that no provision for income tax is required in their financial statements.

8. Commitments and Contingencies

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

9. Subsequent Events

The Funds and Portfolios evaluated subsequent events from December 31, 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.

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders

of Praxis Mutual Funds

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Praxis Mutual Funds (comprising the Praxis Intermediate Income Fund, Praxis International Index Fund, Praxis Value Index Fund, Praxis Growth Index Fund, Praxis Small Cap Fund, Praxis Genesis Conservative Portfolio, Praxis Genesis Balanced Portfolio, and Praxis Genesis Growth Portfolio) (collectively, the “Funds”) as of December 31, 2015, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2015, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective funds constituting the Praxis Mutual Funds at December 31, 2015, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

LOGO

Cincinnati, Ohio

February 25, 2016


Additional Fund Information (unaudited)		December 31, 2015

Praxis Intermediate Income Fund


Security Allocation	Percentage of Net Assets
Asset Backed Security		2.3%
Commercial Mortgage Backed Security		3.1%
Corporate Bond		43.8%
Corporate Note		1.0%
Foreign Bond		1.8%
Municipal Bond		3.2%
Federal Home Loan Bank		3.4%
Federal Home Loan Mortgage Corp.		17.2%
Federal National Mortgage Association		17.3%
Government National Mortgage Association		0.3%
Overseas Private Investment Corp.		0.7%
Small Business Administration		0.1%
United States Department of Housing and Urban Development		0.2%
Mutual Funds		0.8%

Total		95.2%

Praxis International Index Fund


Security Allocation	Percentage of Net Assets
Australia		5.4%
Austria		0.2%
Belgium		0.6%
Brazil		1.1%
Canada		5.5%
Chile		0.4%
China		3.8%
Colombia		0.4%
Denmark		1.2%
Finland		0.6%
France		7.1%
Germany		6.7%
Hong Kong		4.1%
Hungary		0.1%
India		2.0%
Indonesia		0.7%
Ireland		1.3%
Israel		0.7%
Italy		1.8%
Japan		17.2%
Jersey		0.2%
Luxembourg		0.2%
Mexico		1.3%
Netherlands		2.1%
Norway		0.6%
Philippines		0.2%
Portugal		0.1%
Russia		0.2%
Singapore		1.7%
South Africa		0.8%
South Korea		2.2%
Spain		1.9%
Sweden		2.5%
Switzerland		7.1%
Taiwan		2.7%
Turkey		0.2%
United Kingdom		12.7%
United States		0.7%
Corporate Notes		0.9%
Preferred Stocks		0.3%
Warrant**		0.0%

Total		99.5%

** Amount rounds to less than 0.1%.


Security Allocation	Percentage of Net Assets
Banks		15.3%
Pharmaceuticals		8.1%
Insurance		6.5%
Oil, Gas & Consumable Fuels		4.5%
Diversified Telecommunication Services		4.4%
Wireless Telecommunication Services		3.4%
Automobiles		3.3%
Chemicals		3.0%
Real Estate Management & Development		3.0%
Metals & Mining		2.7%
Semiconductors & Semiconductor Equipment		2.5%
Machinery		2.5%
Capital Markets		2.3%
Media		2.1%
Food & Staples Retailing		1.9%
Personal Products		1.8%
Road & Rail		1.7%
Electrical Equipment		1.5%
Software		1.4%
Auto Components		1.4%
Electric Utilities		1.4%
Internet Software & Services		1.4%
Multi-Utilities		1.3%
Construction & Engineering		1.3%
Health Care Equipment & Supplies		1.3%
Food Products		1.2%
Hotels, Restaurants & Leisure		1.0%
Textiles, Apparel & Luxury Goods		1.0%
Household Durables		1.0%
Technology Hardware, Storage & Peripherals		1.0%
Household Products		1.0%
Electronic Equipment, Instruments & Components		0.9%
Community Development		0.9%
Industrial Conglomerates		0.9%
Specialty Retail		0.9%
IT Services		0.8%
Professional Services		0.7%
Trading Companies & Distributors		0.7%
Energy Equipment & Services		0.7%
Construction Materials		0.7%
Health Care Providers & Services		0.7%
Diversified Financial Services		0.5%
Communications Equipment		0.5%
Transportation Infrastructure		0.5%
Water Utilities		0.4%
Air Freight & Logistics		0.4%
Building Products		0.4%
Multiline Retail		0.4%
Real Estate Investment Trusts (REITs)		0.3%
Airlines		0.3%
Beverages		0.3%
Commercial Services & Supplies		0.3%
Biotechnology		0.3%
Life Sciences Tools & Services		0.3%
Paper & Forest Products		0.2%
Containers & Packaging		0.2%
Internet & Catalog Retail		0.1%
Independent Power and Renewable Electricity Producers**		0.0%
Marine**		0.0%
Other Assets Less Liabilities		0.5%

Total		100.0%

** Amount rounds to less than 0.1%.


Additional Fund Information (unaudited), continued		December 31, 2015

Praxis Value Index Fund


Security Allocation	Percentage of Net Assets
Common Stock		98.5%
Corporate Notes		0.9%
Rights**		0.0%

Total		99.4%

** Amount rounds to less than 0.1%.

Praxis Growth Index Fund


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

Total		99.6%

Praxis Small Cap Fund


Security Allocation	Percentage of Net Assets
Common Stocks		93.1%
Corporate Note		1.0%

Total		94.1%

Praxis Genesis Conservative Portfolio


Security Allocation	Percentage of Net Assets
Mutual Funds		100.1%

Praxis Genesis Balanced Portfolio


Security Allocation	Percentage of Net Assets
Mutual Funds		100.1%

Praxis Genesis Growth Portfolio


Security Allocation	Percentage of Net Assets
Mutual Funds		100.1%


Additional Fund Information (unaudited), continued		December 31, 2015

Proxy Voting:

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

Quarterly Portfolio Disclosure:

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

Dividends Received Deduction:

For corporate shareholder, the following ordinary dividends paid during the year ended December 31, 2015 qualify for the corporate dividends received deduction:


Value Index Fund			78.3%
Growth Index Fund			100.0%
Conservative Portfolio			19.4%
Balanced Portfolio			38.1%
Growth Portfolio			56.4%

Qualified Dividend Income:

The funds designated the maximum amount allowable of their net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount was reflected on form 1099-div for the calendar year 2015.

Foreign Tax Credit:

The Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries, if any. As of December 31, 2015, the following Funds had foreign tax credits:


Fund	Foreign Tax Credit		Foreign Tax Credit per Share

International Index Fund	$	549,655	$	0.0296
Conservative Portfolio		5,358		0.0030
Balanced Portfolio		32,309		0.0066
Growth Portfolio		36,057		0.0093


Additional Fund Information (unaudited), continued		December 31, 2015

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

At its November 13-14, 2015 meeting, the Funds’ Board of Trustees, which is composed of a majority of Independent Trustees, unanimously approved a one-year renewal of each Fund’s Advisory Agreement. Also at that meeting, the Board approved a one-year renewal of the Sub-Advisory Agreements for the International Index Fund and the Small Cap Fund. In this section, the Advisory and Sub-Advisory Agreements are referred to as the “Agreements.”

In reaching its decision to approve the renewals, the Board considered information furnished throughout the year at regular Board meetings, as well as information prepared specifically in connection with the annual contract review process, which included meetings in October and November 2015. The Trustees reviewed and evaluated all of this information and considered factors they believed, in light of legal advice furnished to them by independent legal counsel and through the exercise of their own business judgment, to be relevant and appropriate. The Board considered each Fund and each Agreement separately. The Board’s conclusions with respect to the renewals were based in part on the Board’s evaluation of the Agreements in prior years and their experience with the nature and quality of services provided under the Agreements in prior years. The Board’s decision to renew the Agreements was not based on any single factor, and individual Trustees may have weighed certain factors differently.

INVESTMENT ADVISORY AGREEMENT WITH EVERENCE CAPITAL MANAGEMENT, INC.

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

Nature, Quality and Extent of Services

The Board examined the nature, quality and extent of services the Adviser provides to the Funds. Among other things, the Board considered the Adviser’s experience in serving as investment adviser of the Funds, including the experience of senior personnel at the Adviser providing services to the Funds. The Board also considered the Adviser’s performance in fulfilling its responsibilities for overseeing the Funds’ legal and compliance environment, for overseeing the Sub-Advisers’ compliance with the Funds’ investment objectives and policies, and its responsiveness in implementing Board directives as they relate to the Funds. In addition, the Board considered the Adviser’s track record and experience providing portfolio management services to the Funds that the Adviser manages directly. The Board also considered that the Adviser is responsible for developing and integrating the elements of the Funds’ socially responsible investing, including the stewardship investing screening process for the Funds and shareholder advocacy on behalf of the Funds. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that it was satisfied with the nature, quality and extent of services provided to the Funds by the Adviser. The Board also observed that there is a range of investment options available to shareholders of the Funds, including other mutual funds, and that the Funds’ shareholders have chosen to invest in the Funds.

Investment Performance of the Funds and Everence

In evaluating each Fund’s investment performance, the Board considered performance in light of the Fund’s investment objectives, strategies, and risks, as disclosed in the Fund’s prospectus. The Board reviewed historical performance information for the Funds, and considered each Fund’s historical performance relative to its benchmark and peer group. The Board evaluated Fund performance gross of fees and net of fees. The Board also considered the impact of the Funds’ social investing screens on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, among other conclusions, the Board reached the following conclusions with regard to performance, for the periods ended September 30, 2015, for the Funds that do not have Sub-Advisers: Intermediate Income Fund: the Fund’s gross performance was strong. The Board noted that the Fund’s gross performance exceeded its benchmark for the one-, three- and five-year periods, and measured against its peer group, Class A ranked between the 25th and 68th percentiles and Class I ranked between the 12th and 48th percentiles over those periods; Value Index Fund: the Fund’s gross performance was understandable although, in some respects, disappointing. The Board noted that the Fund’s gross performance exceeded its benchmark for the three-year period although it trailed its benchmark for the one- and five-year periods, and measured against its peer group, Class A ranked between the 50th and 70th percentiles and Class I ranked between the 35th and 65th percentiles over those periods; Growth Index Fund: the Fund’s gross performance was understandable although, in some respects, disappointing. The Board noted that the Fund’s gross performance trailed its benchmark for the one-, three-and five-year periods, although only slightly for the three- and five-year periods, and measured against its peer group, Class A ranked between the 30th and 56th percentiles and Class I ranked between the 20th and 53rd percentiles over those periods; Conservative Portfolio: the Fund’s gross performance was in line with expectations. The Board noted that the Fund’s gross performance exceeded its benchmark for the three- and five-year periods although it trailed its benchmark for the one-year period and, measured against its peer group, ranked between the 11th and 64th percentiles over those periods; Balanced Portfolio: the Fund’s gross performance was in line with expectations. The Board noted that the Fund’s gross performance trailed its benchmark for the one-, three- and five-year periods and, measured against its peer group, ranked between the 41st and 75th percentiles over those periods; and Growth Portfolio: the Fund’s gross performance was in line with expectations. The Board noted that the Fund’s gross performance trailed its benchmark for the one-, three- and five-year periods and, measured against its peer group, ranked between the 35th and 61st percentiles over those periods. The Board also noted that the benchmark index for each of the Genesis Portfolios does not represent the mix of asset classes in which those Funds invest.


Additional Fund Information (unaudited), continued		December 31, 2015

Costs of Services and Profitability of Everence and Affiliates

The Board then reviewed information regarding the costs of providing the advisory services to the Funds and the profits to be realized by the Adviser and its affiliates from their relationship with the Funds. Representatives of the Adviser addressed the Board’s questions regarding guidelines for manager selection, fund-related expenses, expense allocations and compensation levels and expense waivers and reimbursements. In its review of the Funds’ total and net expenses, the Board considered the Adviser’s fees, as well as other Fund expenses, such as transfer agent, custodial, legal, compliance and audit fees. The Board also noted the effects of any current expense waivers and reimbursements on fees and expense levels, as well as proposed changes to the current expense limitations and the duration of those waivers and reimbursements. As part of its review, the Board considered the expense ratios and profitability information by Fund compared with peer group fund expense ratios. In addition, the Board reviewed the fee structures and other information provided by the Adviser regarding its services to other clients. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that the costs to each Fund of the services provided to the Fund by the Adviser were fair.

Economies of Scale

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

Other Benefits

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

SUB-INVESTMENT ADVISORY AGREEMENT WITH APERIO GROUP, LLC

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

Nature, Quality and Extent of Services

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

Investment Performance of the International Index Fund and Aperio

The Board reviewed historical performance data for the International Index Fund, and considered the Fund’s historical performance relative to its benchmark and peer groups. The Board also considered the impact of the Fund’s social investing screens on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that, for the periods ended September 30, 2015, the Fund’s gross performance was strong. The Board noted that the Fund’s gross performance exceeded its benchmark for the one- and three-year periods and, measured against its peer group, Class A was in the 85th and 90th percentile, respectively, and Class I was in the 83rd and 86th percentile, respectively, for those periods.

Costs of Services and Profitability of Aperio and Affiliates

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


Additional Fund Information (unaudited), continued		December 31, 2015

Economies of Scale

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

Other Benefits

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

SUB-INVESTMENT ADVISORY AGREEMENT WITH LUTHER KING CAPITAL MANAGEMENT

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

Nature, Quality and Extent of Services

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

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

The Board reviewed historical performance data for the Small Cap Fund, and considered the Fund’s historical performance relative to its benchmark and peer groups. The Board also considered the impact of the Fund’s social investing screens on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that, for the periods ended September 30, 2015, the Fund’s gross performance was understandable although, in some respects, disappointing. The Board noted that the Fund’s gross performance exceeded its benchmark for the one- and five-year periods and trailed its benchmark for the three-year period, and measured against its peer group, Class A ranked between the 43rd and 94th percentiles and Class I ranked between 36th and 90th percentiles over those periods. The Board noted Luther King’s explanation for the Fund’s underperformance and steps that Luther King is taking to address performance.

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

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

Economies of Scale

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

Other Benefits

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


Additional Fund Information (unaudited), continued		December 31, 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 July 1, 2015 through December 31, 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 7/1/2015	Ending Account Value 12/31/2015	Expenses Paid During Period* 7/1/2015-12/31/2015	Expense Ratio During Period** 7/1/2015-12/31/2015

Praxis Intermediate Income Fund
Class A	$1,000.00	$1,004.20	$4.55	0.90%
Class I	1,000.00	1,006.10	2.63	0.52%
Praxis International Index Fund
Class A	1,000.00	901.20	6.33	1.32%
Class I	1,000.00	903.40	3.50	0.73%
Praxis Value Index Fund
Class A	1,000.00	943.40	4.60	0.94%
Class I	1,000.00	946.10	2.11	0.43%
Praxis Growth Index Fund
Class A	1,000.00	1,018.70	4.17	0.82%
Class I	1,000.00	1,020.40	2.19	0.43%
Praxis Small Cap Fund
Class A	1,000.00	892.60	7.87	1.65%
Class I	1,000.00	895.20	4.92	1.03%
Praxis Genesis Conservative Portfolio
Class A	1,000.00	987.40	3.06	0.61%
Praxis Genesis Balanced Portfolio
Class A	1,000.00	968.90	2.63	0.53%
Praxis Genesis Growth Portfolio
Class A	1,000.00	955.00	3.10	0.63%

* 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		December 31, 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 7/1/2015	Ending Account Value 12/31/2015	Expenses Paid During Period* 7/1/2015-12/31/2015	Expense Ratio During Period** 7/1/2015-12/31/2015

Praxis Intermediate Income Fund
Class A	$1,000.00	$1,020.67	$4.58	0.90%
Class I	1,000.00	1,022.58	2.65	0.52%
Praxis International Index Fund
Class A	1,000.00	1,018.55	6.72	1.32%
Class I	1,000.00	1,021.53	3.72	0.73%
Praxis Value Index Fund
Class A	1,000.00	1,020.47	4.79	0.94%
Class I	1,000.00	1,023.04	2.19	0.43%
Praxis Growth Index Fund
Class A	1,000.00	1,021.07	4.18	0.82%
Class I	1,000.00	1,023.04	2.19	0.43%
Praxis Small Cap Fund
Class A	1,000.00	1,016.89	8.39	1.65%
Class I	1,000.00	1,020.01	5.24	1.03%
Praxis Genesis Conservative Portfolio
Class A	1,000.00	1,022.13	3.11	0.61%
Praxis Genesis Balanced Portfolio
Class A	1,000.00	1,022.53	2.70	0.53%
Praxis Genesis Growth Portfolio
Class A	1,000.00	1,022.03	3.21	0.63%

** Annualized

Management of the Trust (unaudited)

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

Management of the Trust


Name, Age and Address	Position with the Company, Term of Office and Length of Time Served	Principal Occupation During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships Held by Trustee

Interested Trustees¹

Kenneth D. Hochstetler 1110 North Main Street Goshen, IN 46528 Age: 54	Trustee, Indefinite, since 11/14/14	President and CEO of Everence Financial (September 2014 - Present); Senior Executive Vice President, Univest Corporation 1992 - September 2014	8	N/A

¹ These Trustees are “interested” persons under the Investment Company Act of 1940 because of their affiliation with the Adviser.

Independent Trustees

Karen Klassen Harder, Ph.D. 1110 North Main Street Goshen, IN 46528 Age: 59	Trustee, Indefinite, since 12/2/93	Professor, Bluffton University (September 2001 - present)	8	N/A

R. Clair Sauder 1110 North Main Street Goshen, IN 46528 Age: 72	Trustee, Indefinite, since 6/30/02	Retired; Partner, Encore Enterprises, LLC, retail home furnishings (May 2001 - October 2008); Partner, C&D Enterprises Unlimited, commercial real estate (1981 - present)	8	N/A

Dwight L. Short 1110 North Main Street Goshen, IN 46528 Age: 70	Trustee, Indefinite, since 1/1/14	Consultant, DLS Consulting, Consulting and Writing (2005 - present)	8	N/A

Candace L. Smith 1110 North Main Street Goshen, IN 46528 Age: 57	Trustee, Indefinite, since 11/16/07	Managing Director of Risk, MicroVest Capital Management, LLC (2015 - present); COO, MicroVest Capital Management LLC (2011 - 2014); CFO, MicroVest Capital Management LLC (2005 - 2011)	8	N/A

Don E. Weaver 1110 North Main Street Goshen, IN 46528 Age: 53	Trustee, Indefinite, since 5/21/07	Chief Risk Officer, Koch Ag & Energy Solutions, LLC (2012 - present); Chief Financial Officer, Hesston College (2006 - 2012)	8	N/A

Management of the Trust (unaudited), continued


Name, Age and Address	Position with the Company, Term of Office and Length of Time Served	Principal Occupation During the Past Five Years

Officers

Chad Horning 1110 North Main Street Goshen, IN 46528 Age: 47	President, Indefinite, since 3/10/15	Chief Investment Officer and Senior Vice President, Everence (2009 - present)

Marlo J. Kauffman 1110 North Main Street Goshen, IN 46528 Age: 59	Vice President, Secretary, Indefinite, since 12/2/93	Vice President of Financial Services Operations, Everence Financial (1981 - present); President, Everence Securities, Inc. (2004 - present); OSJ Principal, ProEquities, Inc., a broker-dealer (1994 - Present); Assistant Secretary, Everence Financial (1990 - Present)

Trent M. Statczar 325 John H. McConnell Blvd Columbus, OH 43215 Age: 44	Treasurer, Indefinite, since 1/1/09	Director, Beacon Hill Fund Services, Inc. 2008 to present: Vice President, Citi Fund Services Ohio, Inc. from 2004 to 2007.

Rodney L. Ruehle 325 John H. McConnell Blvd Columbus, OH 43215 Age: 47	Chief Compliance Officer, Indefinite, since 5/15/15	Director, Beacon Hill Fund Services, Inc. 2008 to present: Vice President, Citi Fund Services Ohio, Inc. from 2004 to 2007.

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

Annual/Semi-Annual Reports:

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

Statement Of Additional Information (SAI):

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

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

Praxis Mutual Funds

c/o U.S. Bancorp Fund Services LLC

P.O. Box 701

Milwaukee, WI 53201-0701

Telephone: 1-800-977-2947

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

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

•

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

•

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

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

Investment Company Act file no. 811-08056

LOGO

Praxis Mutual Funds

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

P.O. Box 701

Milwaukee, WI 53201-0701

2151314

Item 2.

Code of Ethics.

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

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

Item 3.

Audit Committee Financial Expert.

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

Item 4.

Principal Accountant Fees and Services.

(a)	Audit Fees. Audit fees totaled $134,000 for the December 31, 2015 fiscal year and $134,000 for the December 31, 2014 fiscal year, including fees associated with the annual audit and filing of the registrant’s Form N-SAR.

(b)	Audit-Related Fees. There were no audit-related fees for the December 31, 2015 fiscal year and the December 31, 2014 fiscal year.

(c)	Tax Fees. Tax fees totaled $49,970 for the December 31, 2015 fiscal year and $49,950 for the December 31, 2014 fiscal year and consisted of fees for tax compliance services during both years.

(d)	All Other Fees. There were no other fees for the December 31, 2015 or December 31, 2014 fiscal years.

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

(A) Audit Services

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

(B) Permissible Non-Audit Services

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

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

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

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

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

(e)	(2) 0.0% for fiscal years ended December 31, 2015 and December 31, 2014.

(f)	Not applicable

(g)

The aggregate non-audit fees for services to the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $66,048 for the December 31, 2015 fiscal year and $72,588 for December 31, 2014 fiscal year.

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

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments

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

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

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

Item 7.

Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote Of Security Holders.

Not applicable.

Item 11.

Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)

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

Item 12.

Exhibits.

(a)(1)

Code of Ethics for Senior Financial Officers is filed herewith.

(a)(2)

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

(a)(3)

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

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

SIGNATURES

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

Praxis Mutual Funds


By:		/s/ Trent Statczar
		Trent Statczar
		Treasurer and Chief Financial Officer
		March 4, 2016

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
		March 4, 2016


By:		/s/ Trent Statczar
		Trent Statczar
		Treasurer and Chief Financial Officer
		March 4, 2016

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