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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-8056

Praxis Mutual Funds

(Exact name of registrant as specified in charter)

1110 N. Main Street

Goshen, IN 46527

(Address of principal executive offices) (Zip code)

Anthony Zacharski

Dechert LLP

200 Clarendon Street, 27^th Floor

Boston, MA 02116

(Name and Address of Agent for Service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2016

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).

Table of Contents

Message from the President	1

Performance	3

Praxis Impact Bond Fund
Schedule of Portfolio Investments	5
Praxis International Index Fund
Schedule of Portfolio Investments	12
Praxis Value Index Fund
Schedule of Portfolio Investments	21
Praxis Growth Index Fund
Schedule of Portfolio Investments	25
Praxis Small Cap Fund
Schedule of Portfolio Investments	29
Praxis Genesis Conservative Portfolio
Schedule of Portfolio Investments	31
Praxis Genesis Balanced Portfolio
Schedule of Portfolio Investments	32
Praxis Genesis Growth Portfolio
Schedule of Portfolio Investments	33
Financial Statements
Statements of Assets and Liabilities	34
Statements of Operations	36
Statements of Changes in Net Assets	38
Financial Highlights	41
Notes to Financial Statements	49

Additional Fund Information	61

Message from the President

Dear Praxis shareholder:

Global financial markets continued to lurch from one crisis to the next, with Europe the focus of investor attention as the first half of the year drew to a close. On June 23, citizens of the United Kingdom voted to leave the European Union. The so-called “Brexit” was feared, but unexpected by markets and most political pundits.

Markets reacted swiftly, with global equities dropping several percent in the days following the vote. By the end of the following week, equity markets in the United States recovered to their previous levels, but bond markets were still showing the effects at the end of the semiannual period. Equity markets in Europe and developed Asia also fell in response to the U.K. vote, and failed to fully recover by the end of June.

Faced with very low, and in some cases negative, interest rates on sovereign bonds in Europe and heightened uncertainty about the fallout from the U.K. vote, investors flocked to U.S. Treasuries in search of return. U.S. interest rates fell to historic lows, but from the perspective of foreign investors, the Treasury market represented an opportunity to earn positive yields.

During the period, Praxis Mutual Funds^® accomplished a successful proxy vote with the help of you, our shareholders. You elected the trustees (all of whom received over 90 percent approval), supported revisions to the fundamental investment policies and agreed to revisions to the Declaration of Trust, which governs Fund activities. A successful proxy vote allows management and trustees to operate the Funds more effectively and efficiently.

We also introduced the newly named Praxis Impact Bond Fund (formerly the Praxis Intermediate Income Fund) to the market. We believe the new name captures the profound impact this Fund has through comprehensive screening, active environmental, social, and governance management, and thoughtful investments in fixed income securities that embed positive impacts on climate and community. Our portfolio managers have been employing these strategies over the past several years, and we decided that it was time that the Fund’s name reflects this great work.

More investors are looking for investments that both make money and make a difference in the world. From its inception, Praxis has helped shareholders accomplish their dual goals through shareholder advocacy, company screening and community development investing. 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,

Chad M. Horning, CFA
President

Praxis Mutual Funds are advised by Everence Capital Management and distributed through FINRA/SIPC member BHIL Distributors, LLC.

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

The views expressed are those of the President of Praxis Mutual Funds as of June 30, 2016, are subject to change, and may differ from the views of portfolio managers or the firm as a whole. These views are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decisions.

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Performance

We are pleased to provide this 2016 mid-year update for the Praxis Mutual Funds. The following tables summarize the performance of the Praxis Mutual Funds as of June 30, 2016.

			Annualized
	NAV 6/30/16	Six Months Ended 6/30/16	One Year Ended 6/30/16	Three Years Ended 6/30/16	Five Years Ended 6/30/16	Ten Years Ended 6/30/16	Since Inception 6/30/16	Inception Date	Expense Ratio*** Gross / Net
Praxis Impact Bond Fund
Class A *	$ 10.67	0.66%	1.01%	2.19%	2.53%	4.55%	3.33%	1/4/1994
Class A (Without Load)	$ 10.67	4.56%	4.99%	3.49%	3.32%	4.95%	3.51%	1/4/1994	0.98%	0.93%
Class I **	$ 10.62	4.78%	5.32%	3.88%	3.71%	5.31%	4.98%	5/1/2006	0.54%	0.54%
Barclays U.S. Aggregate Bond Index ¹		5.31%	6.00%	4.06%	3.76%	5.13%	5.63%
Praxis International Index Fund
Class A *	$ 9.15	-5.28%	-14.61%	-1.22%	-1.77%	n/a	-1.30%	12/31/2010
Class A (Without Load)	$ 9.15	0.00%	-9.88%	0.57%	-0.71%	n/a	-0.34%	12/31/2010	1.33%	1.33%
Class I	$ 9.21	0.22%	-9.47%	1.10%	-0.09%	n/a	0.27%	12/31/2010	0.78%	0.78%
MSCI All Country World Index ex-U.S. ²		-1.02%	-10.25%	1.16%	0.10%		0.78%
Praxis Value Index Fund
Class A *	$ 11.78	-0.08%	-5.74%	6.04%	8.27%	3.21%	2.91%	5/1/2001
Class A (Without Load)	$ 11.78	5.46%	-0.51%	7.96%	9.45%	3.77%	3.27%	5/1/2001	0.94%	0.94%
Class I **	$ 11.73	5.77%	0.06%	8.48%	10.09%	4.30%	4.01%	5/1/2006	0.45%	0.45%
S&P 500 Value Index ³		6.24%	3.38%	9.66%	11.18%	5.77%	5.83%
Praxis Growth Index Fund
Class A *	$ 17.98	-3.64%	-1.82%	10.53%	11.17%	n/a	6.41%	5/1/2007
Class A (Without Load)	$ 17.98	1.70%	3.60%	12.54%	12.36%	n/a	7.03%	5/1/2007	0.84%	0.84%
Class I	$ 18.12	1.91%	4.00%	13.05%	12.91%	n/a	7.48%	5/1/2007	0.44%	0.44%
S&P 500 Growth Index ⁴		1.56%	4.26%	13.46%	12.92%		7.91%

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

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

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

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

*** Reflects the expense ratios as reported in the Prospectus dated April 30, 2016. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee reductions are in effect through April 30, 2017 for Class A Shares.

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

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

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

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

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

Performance, continued

			Annualized
	NAV 6/30/16	Six Months Ended 6/30/16	One Year Ended 6/30/16	Three Years Ended 6/30/16	Five Years Ended 6/30/16	Ten Years Ended 6/30/16	Since Inception 6/30/16	Inception Date	Expense Ratio** Gross / Net
Praxis Small Cap Fund
Class A *	$ 9.49	-4.81%	-15.06%	1.73%	3.31%	n/a	3.31%	5/1/2007
Class A (Without Load)	$ 9.49	0.42%	-10.36%	3.58%	4.42%	n/a	3.91%	5/1/2007	1.81%	1.68%
Class I	$ 10.09	0.80%	-9.76%	4.25%	5.08%	n/a	4.43%	5/1/2007	1.06%	1.06%
Russell 2000 Index ⁵		2.22%	-6.73%	7.09%	8.35%		5.29%
Praxis Genesis Conservative Portfolio
Class A *	$ 11.32	-1.62%	-2.86%	2.68%	3.29%	n/a	4.25%	12/31/2009
Class A (Without Load)	$ 11.32	3.85%	2.54%	4.54%	4.41%	n/a	5.11%	12/31/2009	1.15%	1.12%
Barclays U.S. Aggregate Bond Index ⁶		5.31%	6.00%	4.06%	3.76%		4.32%
Conservative Composite Benchmark ⁷		4.28%	4.01%	5.61%	5.52%		6.29%
S&P Target Risk Conservative Index ⁸		4.78%	3.42%	4.40%	4.40%		6.18%
Praxis Genesis Balanced Portfolio
Class A *	$ 12.48	-2.25%	-5.42%	3.57%	4.28%	n/a	5.54%	12/31/2009
Class A (Without Load)	$ 12.48	3.14%	-0.14%	5.45%	5.42%	n/a	6.42%	12/31/2009	1.10%	1.10%
Russell 3000 Index ⁹		3.62%	2.14%	11.13%	11.60%		12.53%
Balanced Composite Benchmark ¹⁰		3.10%	1.37%	6.84%	6.98%		8.05%
S&P Target Risk Growth Index ¹¹		3.55%	0.82%	6.42%	6.40%		7.82%
Praxis Genesis Growth Portfolio
Class A *	$ 13.26	-2.85%	-7.20%	4.05%	4.82%	n/a	6.29%	12/31/2009
Class A (Without Load)	$ 13.26	2.55%	-2.06%	5.94%	5.94%	n/a	7.17%	12/31/2009	1.21%	1.21%
Russell 3000 Index ⁹		3.62%	2.14%	11.13%	11.60%		12.53%
Growth Composite Benchmark ¹²		2.26%	-0.47%	7.59%	7.86%		9.11%
S&P Target Risk Aggressive Index ¹³		2.68%	-0.90%	7.20%	7.28%		8.80%

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

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

** Reflects the expense ratios as reported in the Prospectus dated April 30, 2016. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee reductions are in effect through April 30, 2017 for Class A Shares.

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

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

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

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

⁹ The Russell 3000 Index is a widely recognized unmanaged market capitalization-weighted index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization.

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

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

¹² The Growth Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s U.S. Aggregate Bond Index (20%), the MSCI EAFE Index (20%), the Russell 1000 Index (45%) and the Russell 2000 Index (15%).

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

Schedule of Portfolio Investments

Praxis Impact Bond Fund
June 30, 2016 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
ASSET BACKED SECURITIES—2.5%
Beacon Container Finance LLC(a)		3.720	%	09/20/22	$	312,592	$	304,739
CLI Funding LLC(a)		2.830	%	03/18/28		675,000		647,650
Cronos Containers Program I Ltd.(a)		3.270	%	11/18/29		824,074		788,786
Domino's Pizza Master Issuer LLC(a)		5.216	%	01/25/42		590,125		607,357
Fairway Outdoor Funding LLC(a)		4.212	%	10/15/19		448,193		456,153
Global SC Finance II SRL(a)		2.980	%	04/17/28		785,833		749,305
Honda Auto Receivables Owners Trust		1.040	%	02/18/20		1,800,000		1,801,187
SBA Tower Trust		2.898	%	10/15/19		525,000		532,290
SolarCity LMC Series I LLC(a)		4.800	%	12/21/26		751,916		734,255
SolarCity LMC Series IV LLC(a) (b)		4.180	%	08/21/45		242,814		232,395
Spruce ABS Trust		4.320	%	06/15/28		775,000		774,890
Textainer Marine Containers III Ltd.(a)		3.270	%	10/20/24		416,667		402,130
Toyota Auto Receivables Owner Trust		0.670	%	01/17/17		849,929		849,357
Toyota Auto Receivables Owner Trust		1.270	%	05/15/19		1,200,000		1,205,278
Toyota Motor Credit Corp.		1.300	%	04/15/20		1,000,000		1,004,572
Trip Rail Master Funding LLC(a) (c)		2.930	%	07/15/41		432,284		434,510
TOTAL ASSET BACKED SECURITIES (Cost $11,626,359)								11,524,854
COMMERCIAL MORTGAGE BACKED SECURITIES—1.7%
Bear Stearns Commercial Mortgage Securities		5.742	%	09/01/42		935,614		974,155
Commercial Mortgage Pass Through Certificates		3.391	%	05/15/45		1,000,000		1,076,675
Commercial Mortgage Pass Through Certificates		2.853	%	10/15/45		1,000,000		1,048,403
CSMC		5.383	%	02/15/40		635,970		640,244
DBUBS Mortgage Trust(a)		3.742	%	11/10/46		15,121		15,216
FHLMC Multifamily Structured Pass Through Certificates		5.085	%	03/25/19		1,140,000		1,244,392
JPMorgan Chase Commercial Mortgage Securities Corp.		5.399	%	05/15/45		205,478		205,202
ML-CFC Commercial Mortgage Trust		5.419	%	08/12/48		250,000		254,342
OBP Depositor LLC Trust(a)		4.646	%	07/15/45		1,040,000		1,146,065
RBSCF Trust(a) (c)		6.300	%	12/16/49		547,439		561,495
RBSCF Trust(a) (c)		5.950	%	02/16/51		952,663		955,828
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $8,130,719)								8,122,017
FOREIGN BONDS—1.7%
Hashemite Kingdom of Jordan		2.503	%	10/30/20		5,000,000		5,294,950
Hashemite Kingdom of Jordan		3.000	%	06/30/25		1,450,000		1,580,935
Ukraine Government AID Bonds		1.847	%	05/29/20		1,000,000		1,023,651
TOTAL FOREIGN BONDS (Cost $7,481,637)								7,899,536
MUNICIPAL BONDS—3.1%
American Municipal Power Ohio, Inc., Rev. Taxable-Hydroelectric Projects		7.334	%	02/15/28		1,000,000		1,385,690
Bridgeport Connecticut Housing Authority		1.850	%	12/15/18		180,000		180,723
Cincinnati Ohio Water System Rev.		6.458	%	12/01/34		600,000		697,188
City of Lancaster PA		5.590	%	11/15/34		1,000,000		1,016,400
Columbus Multi-High School Building Corp.		6.446	%	01/15/30		1,000,000		1,086,690
Findlay City School District		6.250	%	12/01/37		270,000		279,372
Fort Wayne International Airport Air Trade Center Building Corp.		4.250	%	07/15/16		255,000		255,296
Houston Independent School District		6.168	%	02/15/34		1,000,000		1,114,040
Indianapolis Public School Multi-School Building		5.731	%	07/15/29		1,500,000		1,677,585
LL&P Wind Energy, Inc., WA		5.733	%	12/01/17		460,000		466,127
Massachusetts State		3.277	%	06/01/46		1,500,000		1,514,670
New Jersey St. Housing and Mortgage Finance		2.600	%	07/01/23		390,000		396,373
Osceola County Housing Finance Authority Rev.		3.350	%	07/01/23		275,000		284,804
St Paul Housing & Redevelopment Authority Rev.		2.993	%	07/01/21		1,250,000		1,298,100
State of Hawaii, Department of Business Economic Development & Tourism		1.467	%	07/01/22		813,686		815,834
Warm Springs Reservation Confederated Tribe		8.250	%	11/01/19		895,000		1,001,541
Wisconsin Department of Transportation		5.837	%	07/01/30		800,000		875,144
TOTAL MUNICIPAL BONDS (Cost $13,563,589)								14,345,577
CORPORATE BONDS—45.1%
AIRLINES—0.1%
Southwest Airlines Co.		2.650	%	11/05/20		680,000		701,868
AUTO COMPONENTS—0.6%
BorgWarner, Inc.		5.750	%	11/01/16		1,000,000		1,012,104
Delphi Corp.		5.000	%	02/15/23		992,000		1,051,520
Johnson Controls, Inc.		3.750	%	12/01/21		550,000		586,656
								2,650,280
BANKS—2.7%
Bank of America Corp.		1.350	%	11/21/16		1,000,000		1,001,390
Bank of America Corp.		5.650	%	05/01/18		1,250,000		1,339,560
Bank of America Corp.		1.950	%	05/12/18		1,000,000		1,005,880
Bank of America Corp.		3.300	%	01/11/23		500,000		514,573
Citigroup, Inc.		2.400	%	02/18/20		1,250,000		1,262,796
Discover Bank/ Greenwood DE		3.100	%	06/04/20		1,000,000		1,021,599
JPMorgan Chase & Co.		2.250	%	01/23/20		500,000		506,876
JPMorgan Chase & Co.		4.625	%	05/10/21		500,000		556,413
Manufacturers & Traders Trust Co.		6.625	%	12/04/17		600,000		640,221
Manufacturers & Traders Trust Co.		2.100	%	02/06/20		500,000		505,867

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis Impact Bond Fund
June 30, 2016 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—45.1%, continued
BANKS—2.7%, continued
Sumitomo Mitsui Banking Corp.		2.450	%	10/20/20	$	1,250,000	$	1,279,823
US Bank NA		2.800	%	01/27/25		1,250,000		1,301,671
Wells Fargo & Co.		2.600	%	07/22/20		500,000		513,859
Wells Fargo & Co.		3.500	%	03/08/22		1,250,000		1,340,815
								12,791,343
BIOTECHNOLOGY—0.8%
Amgen, Inc.		5.700	%	02/01/19		1,000,000		1,107,959
Biogen, Inc.		2.900	%	09/15/20		1,000,000		1,042,157
Celgene Corp.		2.875	%	08/15/20		835,000		863,499
Gilead Sciences, Inc.		3.650	%	03/01/26		500,000		544,089
								3,557,704
BUILDING PRODUCTS—0.2%
Masco Corp.		3.500	%	04/01/21		250,000		255,075
Owens Corning		4.200	%	12/01/24		750,000		784,784
								1,039,859
CAPITAL MARKETS—2.3%
Bank of New York Mellon Corp., Perpetual Bond (c)		4.950	%	12/29/49		1,000,000		1,003,750
Goldman Sachs Group, Inc.		6.000	%	06/15/20		1,200,000		1,369,242
Goldman Sachs Group, Inc.		3.500	%	01/23/25		1,000,000		1,027,508
ING Bank NV (a)		2.000	%	11/26/18		1,000,000		1,010,643
Jefferies Group LLC		8.500	%	07/15/19		900,000		1,028,553
Morgan Stanley		2.200	%	12/07/18		910,000		921,989
Morgan Stanley		5.625	%	09/23/19		1,500,000		1,664,262
Raymond James Financial, Inc.		8.600	%	08/15/19		1,000,000		1,183,105
State Street Corp.		7.350	%	06/15/26		1,000,000		1,358,917
								10,567,969
CHEMICALS—0.7%
Ecolab, Inc.		4.350	%	12/08/21		500,000		566,031
NOVA Chemicals Corp. (a)		5.250	%	08/01/23		500,000		502,500
Potash Corp. of Saskatchewan, Inc.		5.875	%	12/01/36		840,000		1,011,183
Solvay Finance America LLC (a)		3.400	%	12/03/20		1,250,000		1,309,039
								3,388,753
COMMERCIAL SERVICES & SUPPLIES—0.2%
Steelcase, Inc.		6.375	%	02/15/21		750,000		855,435
COMMUNICATIONS EQUIPMENT—0.1%
Juniper Networks, Inc.		3.300	%	06/15/20		500,000		515,540
CONSTRUCTION MATERIALS—0.2%
Martin Marietta Materials, Inc.		6.600	%	04/15/18		1,000,000		1,077,153
CONSUMER FINANCE—1.0%
Ally Financial, Inc.		3.250	%	09/29/17		500,000		502,500
American Express Credit Corp.		2.600	%	09/14/20		1,000,000		1,033,112
Ford Motor Credit Co. LLC		4.250	%	02/03/17		500,000		507,990
Ford Motor Credit Co. LLC		3.157	%	08/04/20		1,000,000		1,036,815
Harley-Davidson Financial Services, Inc. (a)		2.700	%	03/15/17		500,000		505,018
Hyundai Capital Services, Inc. (a)		2.875	%	03/16/21		1,250,000		1,291,351
								4,876,786
CONTAINERS & PACKAGING—0.3%
Newell Rubbermaid, Inc.		3.850	%	04/01/23		185,000		196,224
Sonoco Products Co.		5.750	%	11/01/40		1,000,000		1,187,432
								1,383,656
DIVERSIFIED FINANCIAL SERVICES—1.3%
Brookfield Finance, Inc.		4.250	%	06/02/26		1,000,000		1,022,156
GATX Corp.		2.600	%	03/30/20		897,000		891,515
GE Capital International Funding Co. (a)		4.418	%	11/15/35		1,250,000		1,401,982
Moody's Corp.		5.500	%	09/01/20		1,000,000		1,138,893
MSCI, Inc. (a)		5.750	%	08/15/25		500,000		518,750
National Rural Utilities Cooperative Finance Corp.		10.375	%	11/01/18		780,000		942,476
								5,915,772
DIVERSIFIED TELECOMMUNICATION SERVICES—0.7%
AT&T, Inc.		2.450	%	06/30/20		500,000		510,479
AT&T, Inc.		4.750	%	05/15/46		500,000		512,437
Frontier Communications Corp.		7.125	%	03/15/19		750,000		793,125
Verizon Communications, Inc.		6.000	%	04/01/41		500,000		622,139
Verizon Communications, Inc.		6.550	%	09/15/43		500,000		673,693
								3,111,873
EDUCATION—0.4%
Graham Holdings Co.		7.250	%	02/01/19		575,000		621,000
Massachusetts Institute of Technology		3.959	%	07/01/38		1,000,000		1,141,169
								1,762,169
ELECTRIC UTILITIES—3.1%
Electricite de France SA (a)		3.625	%	10/13/25		1,250,000		1,303,660
Florida Power & Light Co.		4.050	%	10/01/44		1,000,000		1,130,928
Georgia Power Co.		3.250	%	04/01/26		1,000,000		1,062,468
ITC Holdings Corp. (a)		5.500	%	01/15/20		1,000,000		1,101,578
MidAmerican Energy Co.		6.750	%	12/30/31		1,500,000		2,088,072
NextEra Energy Capital Holdings, Inc.		2.700	%	09/15/19		500,000		515,734
NSTAR Electric Co.		5.500	%	03/15/40		1,000,000		1,290,385
Oncor Electric Delivery Co.		6.800	%	09/01/18		750,000		833,497
Pacificorp		8.080	%	10/14/22		500,000		635,337
Pennsylvania Electric Co.		5.200	%	04/01/20		500,000		528,787
Portland General Electric Co.		6.100	%	04/15/19		1,100,000		1,234,916
Potomac Electric Power Co.		6.500	%	11/15/37		1,000,000		1,410,784
Southern Power Co.		2.375	%	06/01/20		240,000		243,729
Southern Power Co.		4.150	%	12/01/25		1,000,000		1,081,353
								14,461,228

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis Impact Bond Fund
June 30, 2016 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—45.1%, continued
ELECTRICAL EQUIPMENT—0.1%
Thomas & Betts Corp.		5.625	%	11/15/21	$	500,000	$	582,008
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.0% (d)
Arrow Electronics, Inc.		3.000	%	03/01/18		165,000		166,691
FOOD & STAPLES RETAILING—0.7%
Ahold Finance U.S.A., LLC (c)		7.820	%	01/02/20		348,049		375,134
Smith's Food & Drug Centers, Inc. Pass Through Trust		9.200	%	07/02/18		637,269		689,302
Sysco Corp.		2.600	%	10/01/20		500,000		516,280
Wal-Mart Stores, Inc.		7.550	%	02/15/30		1,000,000		1,525,518
								3,106,234
FOOD PRODUCTS—1.5%
Bunge Ltd. Finance Corp.		3.200	%	06/15/17		1,000,000		1,015,541
Bunge Ltd. Finance Corp.		3.500	%	11/24/20		250,000		262,054
Cargill, Inc. (a)		4.760	%	11/23/45		1,250,000		1,456,524
ConAgra Foods, Inc.		4.950	%	08/15/20		217,000		237,374
JM Smucker Co.		3.500	%	03/15/25		1,250,000		1,349,828
Kraft Foods Group, Inc.		5.375	%	02/10/20		1,000,000		1,126,609
Mead Johnson Nutrition Co.		3.000	%	11/15/20		1,000,000		1,044,680
Wm. Wrigley Jr. Co. (a)		3.375	%	10/21/20		680,000		725,294
								7,217,904
FOREIGN AGENCY—2.5%
Export Development Canada		0.875	%	01/30/17		1,500,000		1,500,974
Export Development Canada		1.250	%	12/10/18		1,000,000		1,008,085
Export-Import Bank of Korea		2.125	%	02/11/21		1,250,000		1,261,475
KFW		1.750	%	10/15/19		2,500,000		2,560,062
KFW		1.875	%	11/30/20		1,000,000		1,029,398
Kommunalbanken AS (a)		2.125	%	02/11/25		1,000,000		1,023,384
Kommunivest I Sverige AB (a)		1.500	%	04/23/19		1,000,000		1,014,194
Nacional Financiera SNC (a)		3.375	%	11/05/20		1,000,000		1,019,000
Svensk Exportkredit AB		1.875	%	06/23/20		1,000,000		1,018,617
								11,435,189
GAS UTILITIES—0.7%
Brooklyn Union Gas Co. (a)		4.504	%	03/10/46		1,250,000		1,414,519
Indiana Gas Co., Inc.		6.550	%	06/30/28		250,000		308,725
Laclede Group, Inc.		2.550	%	08/15/19		1,250,000		1,234,995
National Fuel Gas Co.		6.500	%	04/15/18		500,000		531,000
								3,489,239
HEALTH CARE EQUIPMENT & SUPPLIES—0.1%
DENTSPLY International, Inc.		2.750	%	08/15/16		570,000		571,035
HEALTH CARE PROVIDERS & SERVICES—0.9%
Express Scripts Holding Co.		3.300	%	02/25/21		1,000,000		1,048,614
Howard Hughes Medical Institute		3.500	%	09/01/23		1,500,000		1,655,322
Laboratory Corp. of America Holdings		2.625	%	02/01/20		1,000,000		1,021,390
McKesson Corp.		6.000	%	03/01/41		474,000		598,626
								4,323,952
HOME BUILDERS—0.2%
DR Horton, Inc.		3.625	%	02/15/18		750,000		761,962
HOTELS, RESTAURANTS & LEISURE—0.5%
Brinker International, Inc.		2.600	%	05/15/18		500,000		505,931
Hyatt Hotels Corp.		3.375	%	07/15/23		1,000,000		1,011,685
Starbucks Corp.		2.450	%	06/15/26		1,000,000		1,015,529
								2,533,145
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.8%
FPL Energy American Wind LLC (a)		6.639	%	06/20/23		559,782		551,385
FPL Energy National Wind LLC (a)		5.608	%	03/10/24		324,213		308,002
Harper Lake Solar Funding Corp. (a)		7.645	%	12/31/18		735,091		768,170
LS Power Funding Corp.		8.080	%	12/30/16		589,083		601,440
Midland Cogeneration Venture LP (a)		5.250	%	03/15/25		219,155		223,756
Midland Cogeneration Venture LP (a)		6.000	%	03/15/25		547,714		594,094
NRG Yield Operating LLC		5.375	%	08/15/24		500,000		497,500
Salton Sea Funding Corp.		7.475	%	11/30/18		322,955		320,632
Solar Star Funding LLC (a)		3.950	%	06/30/35		335,000		354,531
Solar Star Funding LLC (a)		5.375	%	06/30/35		500,000		592,778
SteelRiver Transmission Co. LLC (a)		4.710	%	06/30/17		874,457		885,203
Tenaska Virginia Partners LP (a)		6.119	%	03/30/24		979,575		1,089,528
Topaz Solar Farms LLC (a)		4.875	%	09/30/39		333,716		356,593
Topaz Solar Farms LLC (a)		5.750	%	09/30/39		767,617		874,055
TransAlta Corp.		6.900	%	05/15/18		500,000		513,973
Utility Contract Funding LLC (a)		7.944	%	10/01/16		56,682		57,381
								8,589,021
INDUSTRIAL CONGLOMERATES—0.1%
Ingersoll-Rand Global Holding Co. Ltd.		2.875	%	01/15/19		500,000		517,801
INSURANCE—3.1%
American International Group, Inc.		3.750	%	07/10/25		1,250,000		1,274,006
CNA Financial Corp.		4.500	%	03/01/26		1,250,000		1,330,507
Fidelity National Financial, Inc.		5.500	%	09/01/22		725,000		799,338
Horace Mann Educators Corp.		4.500	%	12/01/25		335,000		353,906
Kemper Corp.		4.350	%	02/15/25		1,250,000		1,295,933
Liberty Mutual Group, Inc. (a)		4.950	%	05/01/22		1,050,000		1,160,325
Markel Corp.		3.625	%	03/30/23		400,000		413,416

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis Impact Bond Fund
June 30, 2016 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—45.1%, continued
INSURANCE—3.1%, continued
Marsh & McLennan Cos., Inc.		3.500	%	06/03/24	$	473,000	$	491,203
Marsh & McLennan Cos., Inc.		3.750	%	03/14/26		1,000,000		1,054,653
OneBeacon US Holdings, Inc.		4.600	%	11/09/22		1,000,000		1,016,985
Progressive Corp. (c)		6.700	%	06/15/37		500,000		458,750
Provident Cos., Inc.		7.000	%	07/15/18		340,000		371,386
Prudential Financial, Inc. (c)		5.875	%	09/15/42		500,000		540,625
RLI Corp.		4.875	%	09/15/23		1,000,000		1,084,635
TIAA Asset Management Finance Co. LLC (a)		2.950	%	11/01/19		1,000,000		1,024,458
Unum Group		3.000	%	05/15/21		700,000		715,914
W.R. Berkley Corp.		6.150	%	08/15/19		710,000		791,357
W.R. Berkley Corp.		4.625	%	03/15/22		250,000		273,122
								14,450,519
IT SERVICES—0.6%
Broadridge Financial Solutions, Inc.		3.950	%	09/01/20		1,000,000		1,067,143
Fiserv, Inc.		2.700	%	06/01/20		1,000,000		1,035,281
Xerox Corp.		2.750	%	03/15/19		500,000		497,801
								2,600,225
LIFE SCIENCES TOOLS & SERVICES—0.3%
Agilent Technologies, Inc.		3.875	%	07/15/23		1,250,000		1,323,209
MACHINERY—1.0%
Harsco Corp.		5.750	%	05/15/18		550,000		518,375
Illinois Tool Works, Inc.		3.900	%	09/01/42		1,000,000		1,075,091
Kennametal, Inc.		2.650	%	11/01/19		1,000,000		1,005,366
Pall Corp.		5.000	%	06/15/20		1,000,000		1,138,468
Snap-on, Inc.		4.250	%	01/15/18		500,000		523,512
Valmont Industries, Inc.		6.625	%	04/20/20		334,000		378,126
								4,638,938
MEDIA—0.7%
Comcast Corp.		4.750	%	03/01/44		500,000		583,012
Omnicom Group, Inc.		6.250	%	07/15/19		1,000,000		1,137,072
Scripps Networks Interactive, Inc.		2.800	%	06/15/20		1,000,000		1,015,693
Time Warner Cable, Inc.		4.500	%	09/15/42		500,000		465,723
								3,201,500
METALS & MINING—0.5%
Newcrest Finance Pty Ltd. (a)		4.450	%	11/15/21		1,000,000		1,030,050
Nucor Corp.		4.125	%	09/15/22		665,000		723,262
Reliance Steel & Aluminum Co.		4.500	%	04/15/23		705,000		720,746
								2,474,058
MULTILINE RETAIL—0.3%
Dollar General Corp.		4.125	%	07/15/17		700,000		719,706
Macy's Retail Holdings, Inc.		9.500	%	04/15/21		450,000		503,005
								1,222,711
MULTI-UTILITIES—0.9%
Consumers Energy Co.		6.700	%	09/15/19		750,000		875,041
Puget Energy, Inc.		5.625	%	07/15/22		750,000		856,283
Puget Sound Energy, Inc.		6.740	%	06/15/18		1,000,000		1,096,328
Westar Energy, Inc.		2.550	%	07/01/26		1,260,000		1,260,937
								4,088,589
OIL, GAS & CONSUMABLE FUELS—0.5%
ConocoPhillips Holdings Co.		6.950	%	04/15/29		1,000,000		1,248,068
Denbury Resources, Inc.		4.625	%	07/15/23		400,000		258,000
Merey Sweeny LP (a)		8.850	%	12/18/19		381,040		426,283
Ras Laffan Liquefied Natural Gas Co. Ltd. II (a)		5.298	%	09/30/20		476,600		509,171
Ras Laffan Liquefied Natural Gas Co. Ltd. III (a)		5.832	%	09/30/16		107,400		108,579
								2,550,101
PAPER & FOREST PRODUCTS—0.2%
Domtar Corp.		9.500	%	08/01/16		286,000		287,325
PH Glatfelter Co.		5.375	%	10/15/20		750,000		761,250
								1,048,575
PHARMACEUTICALS—0.5%
AbbVie, Inc.		2.000	%	11/06/18		500,000		505,104
AbbVie, Inc.		2.500	%	05/14/20		500,000		511,162
Zoetis, Inc.		3.250	%	02/01/23		1,200,000		1,222,825
								2,239,091
PIPELINES—1.1%
Columbia Pipeline Group, Inc. (a)		3.300	%	06/01/20		850,000		878,828
Enbridge Energy Partners LP		5.200	%	03/15/20		500,000		524,573
Florida Gas Transmission Co. LLC (a)		4.350	%	07/15/25		1,000,000		992,067
Kern River Funding Corp. (a)		4.893	%	04/30/18		532,833		564,639
Northern Natural Gas Co. (a)		4.100	%	09/15/42		1,000,000		1,053,440
Spectra Energy Capital LLC		6.750	%	07/15/18		800,000		853,961
Williams Partners LP		4.875	%	05/15/23		500,000		483,277
								5,350,785
PROFESSIONAL SERVICES—0.5%
Dun & Bradstreet Corp.		4.375	%	12/01/22		1,000,000		1,024,177
Verisk Analytics, Inc.		5.800	%	05/01/21		960,000		1,101,075
								2,125,252
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.1%
Digital Realty Trust LP		3.950	%	07/01/22		1,250,000		1,309,405
Health Care REIT, Inc.		4.700	%	09/15/17		1,018,000		1,055,106
National Retail Properties, Inc.		3.800	%	10/15/22		750,000		792,274
Regency Centers LP		3.750	%	06/15/24		1,000,000		1,042,016
Vornado Realty LP		2.500	%	06/30/19		1,000,000		1,018,812
								5,217,613

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis Impact Bond Fund
June 30, 2016 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—45.1%, continued
ROAD & RAIL—1.5%
Burlington Northern Santa Fe LLC		7.160	%	01/02/20	$	519,839	$	566,531
Burlington Northern Santa Fe LLC		5.750	%	05/01/40		1,000,000		1,282,711
Kansas City Southern (a)		2.350	%	05/15/20		500,000		499,692
Norfolk Southern Corp.		4.837	%	10/01/41		1,000,000		1,141,151
Penske Truck Leasing Co. LP/PTL Finance Corp. (a)		3.750	%	05/11/17		1,000,000		1,018,906
Ryder System, Inc.		2.650	%	03/02/20		455,000		460,799
Ryder System, Inc.		2.500	%	05/11/20		795,000		804,562
TTX Co. (a)		2.600	%	06/15/20		1,000,000		1,020,995
								6,795,347
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.9%
Applied Materials, Inc.		7.125	%	10/15/17		500,000		535,761
Intel Corp.		4.900	%	07/29/45		1,000,000		1,164,869
KLA-Tencor Corp.		3.375	%	11/01/19		600,000		620,471
Lam Research Corp.		2.750	%	03/15/20		1,000,000		1,021,924
Maxim Integrated Products, Inc.		3.375	%	03/15/23		500,000		517,436
Xilinx, Inc.		2.125	%	03/15/19		500,000		506,533
								4,366,994
SOFTWARE—0.5%
Microsoft Corp.		4.450	%	11/03/45		1,500,000		1,691,475
Symantec Corp.		2.750	%	06/15/17		500,000		502,481
								2,193,956
SOFTWARE & SERVICES—0.3%
S&P Global, Inc.		3.300	%	08/14/20		750,000		784,682
S&P Global, Inc.		4.000	%	06/15/25		500,000		545,788
								1,330,470
SPECIALTY RETAIL—0.9%
Advanced Auto Parts, Inc.		4.500	%	01/15/22		402,000		432,940
Gap, Inc.		5.950	%	04/12/21		1,000,000		1,042,970
Lowe's Cos., Inc.		4.650	%	04/15/42		1,000,000		1,165,279
O'Reilly Automotive, Inc.		3.800	%	09/01/22		1,000,000		1,076,774
Staples, Inc.		2.750	%	01/12/18		580,000		582,544
								4,300,507
SUPRANATIONAL—5.2%
African Development Bank		0.750	%	10/18/16		1,000,000		999,720
African Development Bank		1.375	%	12/17/18		1,000,000		1,013,139
Asian Development Bank		2.125	%	03/19/25		1,000,000		1,034,951
Axis Bank/Dubai		2.875	%	06/01/21		500,000		500,876
Banco Nal Costa Rica		5.875	%	04/25/21		750,000		773,775
European Bank For Reconstruction & Development		1.625	%	04/10/18		500,000		505,738
European Investment Bank		2.500	%	10/15/24		1,000,000		1,059,763
European Investment Bank		2.125	%	04/13/26		1,000,000		1,024,378
Inter-American Development Bank		1.500	%	09/25/18		2,500,000		2,534,668
Inter-American Development Bank		2.125	%	11/09/20		3,000,000		3,120,435
Inter-American Development Bank		4.375	%	01/24/44		3,000,000		3,972,171
International Bank for Reconstruction & Development		2.125	%	03/03/25		500,000		519,070
International Finance Corp.		0.625	%	11/15/16		2,000,000		2,000,120
International Finance Corp.		1.250	%	11/27/18		1,000,000		1,009,063
International Finance Facility for Immunisation Co. (a) (c)		0.802	%	07/05/16		2,000,000		2,000,000
Nordic Investment Bank		2.250	%	09/30/21		1,000,000		1,046,905
North American Development Bank		2.300	%	10/10/18		1,000,000		1,022,336
								24,137,108
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4%
Apple, Inc.		2.850	%	02/23/23		1,250,000		1,313,520
Seagate HDD Cayman		3.750	%	11/15/18		635,000		635,400
								1,948,920
TEXTILES, APPAREL & LUXURY GOODS—0.3%
Hanesbrands, Inc.		4.625	%	05/15/24		500,000		501,250
Levi Strauss & Co.		6.875	%	05/01/22		750,000		795,937
								1,297,187
TOTAL CORPORATE BONDS (Cost $199,940,989)								210,853,224
CORPORATE NOTES—1.0%
COMMUNITY DEVELOPMENT—1.0%
Calvert Social Investment Foundation, Inc. (e)		1.000	%	06/15/17		1,700,000		1,700,000
Calvert Social Investment Foundation, Inc. (e)		1.000	%	12/15/17		1,200,000		1,200,000
Calvert Social Investment Foundation, Inc. (e)		1.500	%	06/17/19		1,700,000		1,700,000
TOTAL CORPORATE NOTES (Cost $4,600,000)								4,600,000
U.S. GOVERNMENT AGENCIES—40.5%
FEDERAL HOME LOAN BANK—3.0%
FHLB		0.625	%	11/23/16		4,000,000		4,002,148
FHLB		5.000	%	11/17/17		2,500,000		2,648,857
FHLB		3.375	%	06/12/20		1,000,000		1,086,702
FHLB		5.500	%	07/15/36		4,320,000		6,232,745
								13,970,452
FEDERAL HOME LOAN MORTGAGE CORPORATION—17.2%
FHLMC		5.500	%	07/18/16		3,500,000		3,508,680
FHLMC		6.000	%	09/01/17		22,041		22,372
FHLMC		4.500	%	06/01/18		59,309		60,678
FHLMC		4.875	%	06/13/18		6,200,000		6,700,886
FHLMC		3.750	%	03/27/19		3,020,000		3,260,622
FHLMC		5.000	%	04/01/19		44,803		46,097
FHLMC		1.250	%	10/02/19		2,710,000		2,742,181
FHLMC		1.375	%	05/01/20		4,000,000		4,060,304
FHLMC		5.000	%	12/01/21		115,615		122,493
FHLMC		2.375	%	01/13/22		9,460,000		10,019,587
FHLMC		5.500	%	04/01/22		78,404		85,011
FHLMC		4.000	%	11/01/24		668,428		709,933
FHLMC		4.000	%	10/01/25		295,493		314,833
FHLMC		6.000	%	04/01/27		218,937		248,561
FHLMC		2.500	%	10/01/27		1,215,775		1,259,669
FHLMC		7.000	%	02/01/30		131,928		148,057
FHLMC		7.500	%	07/01/30		218,301		257,452
FHLMC		7.000	%	03/01/31		77,632		94,973
FHLMC		6.250	%	07/15/32		3,000,000		4,538,745
FHLMC		3.000	%	11/01/32		2,096,801		2,207,982
FHLMC		3.000	%	11/01/32		1,376,920		1,450,038

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis Impact Bond Fund
June 30, 2016 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
U.S. GOVERNMENT AGENCIES—40.5%, continued
FEDERAL HOME LOAN MORTGAGE CORPORATION—17.2%, continued
FHLMC		5.500	%	11/01/33	$	80,302	$	90,691
FHLMC		2.481	%	05/01/34		79,698		83,521
FHLMC		2.481	%	05/01/34		138,418		146,004
FHLMC		5.000	%	07/01/35		175,492		194,147
FHLMC		4.500	%	10/01/35		344,053		376,408
FHLMC		5.500	%	03/01/36		86,561		97,261
FHLMC		5.500	%	06/01/36		134,969		151,515
FHLMC		6.000	%	06/01/36		133,330		154,711
FHLMC		5.500	%	12/01/36		111,971		125,714
FHLMC		6.000	%	08/01/37		66,273		75,764
FHLMC		5.000	%	03/01/38		546,261		605,491
FHLMC		4.500	%	06/01/39		567,083		621,614
FHLMC		5.000	%	06/01/39		897,795		991,089
FHLMC		4.500	%	07/01/39		638,014		698,279
FHLMC		4.500	%	11/01/39		603,875		660,318
FHLMC		4.500	%	09/01/40		901,723		990,391
FHLMC		4.500	%	05/01/41		1,765,466		1,939,108
FHLMC		4.500	%	07/01/41		1,777,339		1,951,448
FHLMC		5.000	%	09/01/41		870,231		964,935
FHLMC		3.500	%	10/01/41		1,059,006		1,118,384
FHLMC		4.000	%	10/01/41		899,580		967,260
FHLMC		3.500	%	02/01/42		1,622,215		1,713,701
FHLMC		4.000	%	02/01/42		517,213		556,207
FHLMC		3.500	%	06/01/42		1,776,307		1,876,202
FHLMC		3.500	%	06/01/42		1,758,300		1,856,866
FHLMC		3.500	%	08/01/42		1,923,325		2,030,701
FHLMC		3.000	%	11/01/42		2,622,739		2,725,679
FHLMC		3.000	%	01/01/43		1,616,760		1,679,967
FHLMC		3.000	%	05/01/43		2,366,633		2,458,169
FHLMC		3.500	%	10/01/44		2,480,848		2,616,403
FHLMC		3.500	%	11/01/44		2,309,351		2,435,535
FHLMC		3.500	%	04/01/45		2,669,355		2,816,958
FHLMC		3.000	%	05/01/46		2,992,028		3,104,724
								80,734,319
FEDERAL NATIONAL MORTGAGE ASSOCIATION—19.0%
FNMA		5.000	%	02/13/17		1,800,000		1,850,004
FNMA		1.125	%	04/27/17		2,000,000		2,008,856
FNMA		5.000	%	07/01/18		46,409		47,677
FNMA		5.000	%	09/01/18		73,620		75,599
FNMA		1.875	%	02/19/19		3,000,000		3,083,007
FNMA		7.000	%	11/01/19		8,424		8,864
FNMA		7.000	%	11/01/19		8,446		8,884
FNMA		3.500	%	07/01/20		301,441		319,635
FNMA		5.500	%	06/01/22		123,966		133,953
FNMA		2.590	%	07/01/22		2,477,340		2,603,554
FNMA		2.890	%	07/01/22		2,463,947		2,626,018
FNMA		2.190	%	01/01/23		2,000,000		2,062,074
FNMA		2.770	%	07/01/23		2,420,458		2,558,233
FNMA		2.625	%	09/06/24		10,750,000		11,565,882
FNMA		3.080	%	12/01/24		2,438,265		2,640,285
FNMA		5.000	%	04/01/25		164,490		182,508
FNMA		5.000	%	07/01/25		128,964		143,121
FNMA		3.500	%	10/01/25		296,252		314,219
FNMA		5.000	%	10/01/25		160,453		178,048
FNMA		5.500	%	11/01/25		51		57
FNMA		4.000	%	03/01/26		1,019,357		1,087,078
FNMA		2.125	%	04/24/26		3,500,000		3,594,685
FNMA		8.500	%	09/01/26		53,554		59,575
FNMA		2.500	%	09/01/27		1,496,102		1,552,349
FNMA		2.500	%	11/01/27		2,103,281		2,182,301
FNMA		2.500	%	01/01/28		1,439,613		1,493,928
FNMA		6.625	%	11/15/30		2,250,000		3,447,313
FNMA		3.000	%	12/01/32		2,056,410		2,167,804
FNMA		6.000	%	10/01/33		75,240		86,836
FNMA		2.075	%	02/01/34		152,460		156,547
FNMA		5.500	%	02/01/34		92,335		104,724
FNMA		2.786	%	05/01/34		107,803		114,296
FNMA		2.895	%	05/01/34		59,873		62,372
FNMA		6.000	%	11/01/34		210,429		243,057
FNMA		5.500	%	01/01/35		164,020		184,370
FNMA		5.000	%	10/01/35		228,528		254,583
FNMA		5.500	%	10/01/35		243,434		276,141
FNMA		6.000	%	10/01/35		123,052		141,863
FNMA		5.500	%	06/01/36		60,346		67,722
FNMA		6.000	%	06/01/36		71,253		81,712
FNMA		5.500	%	11/01/36		80,341		90,387
FNMA		2.845	%	05/01/37		144,375		152,217
FNMA		5.625	%	07/15/37		2,750,000		4,015,237
FNMA		4.500	%	09/01/40		566,284		620,701
FNMA		4.500	%	10/01/40		560,820		614,808
FNMA		4.000	%	12/01/40		1,278,583		1,374,964
FNMA		4.000	%	01/01/41		918,065		987,356
FNMA		3.500	%	02/01/41		1,267,172		1,340,176
FNMA		4.000	%	10/01/41		842,078		905,111
FNMA		4.000	%	11/01/41		779,204		837,799
FNMA		4.000	%	12/01/41		1,996,608		2,146,015
FNMA		4.000	%	12/01/41		1,038,561		1,116,487
FNMA		4.000	%	01/01/42		2,218,014		2,420,636
FNMA		3.500	%	05/01/42		1,535,064		1,625,653
FNMA		3.000	%	06/01/42		2,262,377		2,352,846
FNMA		3.000	%	08/01/42		2,068,487		2,151,287
FNMA		3.000	%	08/01/42		2,100,357		2,184,572
FNMA		3.500	%	12/01/42		2,348,254		2,510,236
FNMA		3.000	%	06/01/43		2,004,260		2,084,355
FNMA		4.000	%	12/01/44		2,819,698		3,079,103
FNMA		3.500	%	05/01/45		3,007,619		3,216,351
FNMA		3.000	%	04/01/46		2,981,534		3,096,952
								88,692,983
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION—0.3%
GNMA		7.000	%	12/20/30		28,983		35,572
GNMA		7.000	%	10/20/31		22,157		27,512
GNMA		7.000	%	03/20/32		75,743		95,085
GNMA		1.750	%	01/20/34		70,498		73,812
GNMA		5.500	%	10/20/38		43,619		46,124
GNMA		6.500	%	11/20/38		15,474		17,043
GNMA		2.250	%	04/16/42		1,095,365		1,110,193
								1,405,341
OVERSEAS PRIVATE INVESTMENT CORPORATION—0.7%
OPIC		3.280	%	09/15/29		1,100,000		1,177,925
OPIC		3.540	%	06/15/30		823,534		906,917
OPIC		3.820	%	06/01/33		986,172		1,106,082
								3,190,924

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis Impact Bond Fund
June 30, 2016 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
SMALL BUSINESS ADMINISTRATION—0.1%
Small Business Administration		0.849	%	02/25/32	$	386,867	$	385,138
UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT—0.2%
United States Department of Housing and Urban Development		2.350	%	08/01/21		1,000,000		1,056,459
TOTAL U.S. GOVERNMENT AGENCIES (Cost $181,545,584)								189,435,616
INVESTMENT COMPANIES—0.7%
Pax World High Yield Bond Fund - Individual Investor Class (Cost $4,199,236)						530,984		3,361,127

TOTAL INVESTMENTS (Cost (f) $431,088,113—Unrealized gain/loss $19,053,838)—96.3%							$	450,141,951
Other assets in excess of liabilities—3.7%								17,230,814
NET ASSETS—100.0%							$	467,372,765

(a)	144a security is restricted as to resale to institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. At June 30, 2016, these securities were valued at $42,576,229 or 9.1% of net assets.

(b)	This security has been fair valued by the Pricing Committee under the guidelines established by the Board of Trustees (Note 2).

(c)	Variable rate security. Rates presented are the rates in effect at June 30, 2016.

(d)	Percentage rounds to less than 0.1%.

(e)	Illiquid security.

(f)	Represents cost for financial reporting purposes.

REIT	— Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Portfolio Investments

Praxis International Index Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—97.8%
AUSTRALIA—5.6%
BANKS—2.0%
Australia & New Zealand Banking Group Ltd. (a)		6,107	$	111,261
Australia & New Zealand Banking Group Ltd. - ADR		36,061		652,343
Commonwealth Bank Of Australia (a)		17,730		995,108
Commonwealth Bank Of Australia - ADR		613		34,236
National Australia Bank Ltd. (a)		4,644		89,155
National Australia Bank Ltd. - ADR		63,688		606,947
Westpac Banking Corp. (a)		4,051		89,826
Westpac Banking Corp. - ADR		43,855		968,757
				3,547,633
BIOTECHNOLOGY—0.3%
CSL Ltd. (a)		2,979		251,207
CSL Ltd. - ADR		6,332		265,089
				516,296
CAPITAL MARKETS—0.2%
Macquarie Group Ltd. (a)		5,439		283,101
Macquarie Group Ltd. - ADR		2,747		139,932
				423,033
CHEMICALS—0.1%
Orica Ltd. (a)		19,480		181,198
CONTAINERS & PACKAGING—0.2%
Amcor Ltd. (a)		15,893		178,680
Amcor Ltd. - ADR		3,500		156,275
				334,955
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Telstra Corp. Ltd. (a)		17,682		73,900
Telstra Corp. Ltd. - ADR		10,910		226,928
				300,828
FOOD & STAPLES RETAILING—0.3%
Wesfarmers Ltd. (a)		16,433		495,528
INSURANCE—0.2%
Suncorp Group Ltd. (a)		46,152		423,176

METALS & MINING—0.9%
Alumina Ltd. - ADR		41,858		160,735
BHP Billiton Ltd. - ADR		31,920		911,635
BHP Billiton plc (a)		30,582		387,074
Newcrest Mining Ltd. - ADR (b)		9,928		172,052
South32 Ltd. (a) (b)		30,582		36,543
				1,668,039
OIL, GAS & CONSUMABLE FUELS—0.9%
Caltex Australia Ltd. (a)		12,181		293,660
Oil Search Ltd. (a)		60,661		306,287
Origin Energy Ltd. (a)		100,656		439,743
Woodside Petroleum Ltd. (a)		18,241		369,848
Woodside Petroleum Ltd. - ADR		5,235		104,438
				1,513,976
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%
Scentre Group REIT (a)		25,459		94,291
Shopping Centres Australasia Property Group REIT (a)		1		2
Westfield Corp. REIT (a)		47,772		383,706
				477,999
TRANSPORTATION INFRASTRUCTURE—0.0% (c)
Sydney Airport (a)		9,815		51,247
				9,933,908
AUSTRIA—0.1%
BANKS—0.1%
Erste Group Bank AG (a) (b)		5,112		116,371
Erste Group Bank AG - ADR		12,078		137,931
				254,302
BELGIUM—0.1%
FOOD & STAPLES RETAILING—0.1%
Colruyt SA (a)		8,334		461,112
Delhaize Group (a)		1,156		122,094
Delhaize Group - ADR		22,300		585,598
				1,168,804
BERMUDA—0.0% (c)
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.0% (c)
Brookfield Business Partners L.P (b)		410		7,831
BRAZIL—1.4%
BANKS—0.3%
Banco Bradesco SA - ADR		70,220		548,418
CHEMICALS—0.1%
Braskem SA - ADR		13,824		163,815
FOOD PRODUCTS—0.2%
BRF SA - ADR		21,929		305,471
METALS & MINING—0.2%
Vale SA - ADR		75,734		383,214
OIL GAS & CONSUMABLE FUELS—0.4%
Petroleo Brasileiro SA - ADR (b)		63,920		457,667
Ultrapar Participacoes SA - ADR		14,545		320,135
				777,802
WATER UTILITIES—0.2%
Cia de Saneamento Basico do Estado de Sao Paulo - ADR		36,049		322,999
				2,501,719
CANADA—6.3%
AUTO COMPONENTS—0.2%
Magna International, Inc. - Class A		11,430		400,850
BANKS—1.6%
Bank of Montreal		7,625		483,349
Bank of Nova Scotia		12,180		596,942
Royal Bank of Canada		17,137		1,012,625
Toronto-Dominion Bank		18,236		782,871
				2,875,787
CHEMICALS—0.4%
Agrium, Inc.		3,522		318,459
Methanex Corp.		9,429		274,384
Potash Corp. of Saskatchewan, Inc.		13,104		212,809
				805,652

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis International Index Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—97.8%, continued
CANADA—6.3%, continued
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.1%
TransAlta Corp.		20,678	$	107,939
INSURANCE—0.5%
Manulife Financial Corp.		41,223		563,518
Sun Life Financial, Inc.		11,714		384,571
				948,089
MEDIA—0.1%
Shaw Communications, Inc. - Class B		7,628		146,458
METALS & MINING—0.7%
Barrick Gold Corp.		12,151		259,424
Teck Resources Ltd. - Class B		76,983		1,013,866
				1,273,290
OIL, GAS & CONSUMABLE FUELS—1.5%
Cameco Corp.		15,488		169,903
Cenovus Energy, Inc.		23,980		331,404
Enbridge, Inc.		18,096		766,547
Encana Corp.		66,587		518,713
Suncor Energy, Inc.		30,429		843,796
				2,630,363
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%
Brookfield Asset Management, Inc. - Class A		20,511		678,299
ROAD & RAIL—0.8%
Canadian National Railway Co.		12,210		721,123
Canadian Pacific Railway Ltd.		5,165		665,200
				1,386,323
				11,253,050
CHILE—0.6%
AIRLINES—0.2%
Latam Airlines Group SA - ADR (b)		37,423		246,992
BEVERAGES—0.1%
Embotelladora Andina SA - Class B - ADR		6,720		142,464
CHEMICALS—0.2%
Sociedad Quimica y Minera de Chile SA - ADR		15,440		381,677
METALS & MINING—0.1%
Antofagasta plc (a)		31,044		194,076
Antofagasta plc - ADR		3,393		42,362
				236,438
				1,007,571
CHINA—3.9%
AIRLINES—0.1%
China Southern Airlines Co. Ltd. - ADR		5,546		158,005
BANKS—0.5%
China Construction Bank Corp. - ADR		69,587		916,461
CHEMICALS—0.2%
Sinopec Shanghai Petrochemical Co. Ltd. - ADR		7,041		322,971
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
China Telecom Corp. Ltd. - ADR		6,115		275,114
INSURANCE—0.8%
China Life Insurance Company Ltd. - ADR		66,612		716,745
Ping An Insurance Group Co. Of China Ltd. - ADR		33,826		301,390
INSURANCE—0.8%, continued
Ping An Insurance Group Co. Of China Ltd. - Class H (a) (b)		87,088		385,849
				1,403,984
INTERNET SOFTWARE & SERVICES—1.9%
Alibaba Group Holdings Ltd. - ADR (b)		4,878		387,947
Baidu, Inc. - ADR (b)		1,948		321,712
Tencent Holdings Ltd. - ADR		119,811		2,752,059
				3,461,718
ROAD & RAIL—0.1%
Guangshen Railway Co. - ADR		8,797		208,577
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%
Lenovo Group Ltd. - ADR		18,577		224,410
				6,971,240
COLOMBIA—0.5%
BANKS—0.2%
BanColombia SA - ADR		10,431		364,250
OIL, GAS & CONSUMABLE FUELS—0.3%
Ecopetrol SA - ADR (b)		50,865		486,269
				850,519
DENMARK—1.2%
BANKS—0.2%
Danske Bank A/S (a)		11,624		305,892
Danske Bank A/S - ADR		6,614		88,165
				394,057
PHARMACEUTICALS—0.9%
Novo Nordisk A/S - ADR		28,510		1,533,268
TEXTILES, APPAREL & LUXURY GOODS—0.1%
Pandora A/S (a)		1,365		185,878
				2,113,203
FINLAND—0.5%
COMMUNICATIONS EQUIPMENT—0.2%
Nokia OYJ - ADR		50,312		286,275
MACHINERY—0.2%
Kone OYJ - Class B (a)		9,457		436,373
PAPER & FOREST PRODUCTS—0.1%
Stora Enso OYJ - ADR		32,308		257,495
				980,143
FRANCE—6.4%
AUTO COMPONENTS—0.6%
Cie Generale des Etablissements Michelin - ADR		25,215		480,346
Cie Generale Des Etablissements Michelin (a)		1,074		101,198
Valeo SA (a)		2,793		123,973
Valeo SA - ADR		13,056		292,389
				997,906
AUTOMOBILES—0.2%
Renault SA (a)		5,892		444,759
BANKS—0.7%
BNP Paribas SA - ADR		28,958		653,872
Credit Agricole SA (a)		11,014		92,579
Credit Agricole SA - ADR		14,211		60,113
Societe Generale SA (a)		4,111		128,596

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis International Index Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—97.8%, continued
FRANCE—6.4%, continued
BANKS—0.7%, continued
Societe Generale SA - ADR		36,300	$	233,409
				1,168,569
BUILDING PRODUCTS—0.2%
Cie de Saint-Gobain (a)		11,742		445,015
CONSTRUCTION & ENGINEERING—0.4%
Bouygues SA (a)		8,092		231,784
Vinci SA - ADR		30,694		543,591
				775,375
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Orange SA - ADR		24,634		404,490
Vivendi SA (a)		9,270		173,402
Vivendi SA - ADR		1,680		31,601
				609,493
ELECTRICAL EQUIPMENT—0.5%
Legrand SA (a)		17,254		883,112
ENERGY EQUIPMENT & SERVICES—0.2%
Technip SA - ADR		26,180		354,608
FOOD & STAPLES RETAILING—0.2%
Carrefour SA (a)		1,523		37,453
Carrefour SA - ADR		49,035		241,497
				278,950
FOOD PRODUCTS—0.7%
Danone SA - ADR		85,545		1,212,173
HEALTH CARE EQUIPMENT & SUPPLIES—0.4%
Essilor International SA (a)		4,503		591,729
Essilor International SA - ADR		952		63,056
				654,785
INSURANCE—0.4%
AXA SA - ADR		34,977		703,737
MEDIA—0.2%
Publicis Groupe SA - ADR		26,260		442,481
MULTI-UTILITIES—0.4%
Engie SA (b)		2,524		40,520
Engie SA - ADR		17,681		286,609
Veolia Environnement SA (a)		11,656		251,666
Veolia Environnement SA - ADR (b)		8,771		190,068
				768,863
PERSONAL PRODUCTS—0.6%
L'Oreal SA (a)		382		73,123
L'Oreal SA - ADR		26,720		1,026,315
				1,099,438
SOFTWARE—0.3%
Dassault Systemes - ADR		6,224		472,713
				11,311,977
GERMANY—6.0%
AIR FREIGHT & LOGISTICS—0.4%
Deutsche Post AG (a)		10,161		286,215
Deutsche Post AG - ADR		14,832		419,152
				705,367
AIRLINES—0.1%
Deutsche Lufthansa AG - ADR		10,201		120,576
AUTOMOBILES—0.4%
Bayerische Motoren Werke AG - ADR		27,692		679,562
BANKS—0.2%
Deutsche Bank AG (b)		26,653		365,946
CHEMICALS—0.6%
BASF SE - ADR		13,580		1,041,586
DIVERSIFIED FINANCIAL SERVICES—0.2%
Deutsche Boerse AG (a)		3,878		318,545
Deutsche Boerse AG - ADR		15,060		123,040
				441,585
DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
Deutsche Telekom AG - ADR		37,132		630,501
HEALTH CARE PROVIDERS & SERVICES—0.7%
Fresenius Medical Care AG & Co. KGaA - ADR		19,354		843,254
Fresenius SE & Co. KGaA (a)		5,130		376,878
				1,220,132
INSURANCE—1.0%
Allianze SE - ADR		76,050		1,095,120
Muenchener Rueckversicherungs-Gesellschaft AG (a)		1,682		282,017
Muenchener Rueckversicherungs-Gesellschaft AG - ADR		18,890		316,785
				1,693,922
MULTI-UTILITIES—0.2%
RWE AG (a) (b)		17,185		273,630
RWE AG - ADR (b)		5,585		88,690
				362,320
PHARMACEUTICALS—0.6%
Bayer AG - ADR		9,846		991,000
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Infineon Technologies AG - ADR		12,109		175,823
SOFTWARE—0.6%
SAP SE - ADR		13,243		993,490
TEXTILES, APPAREL & LUXURY GOODS—0.5%
adidas AG (a)		1,323		189,885
adidas AG - ADR		9,964		714,319
Puma SE (a)		285		63,816
				968,020
TRADING COMPANIES & DISTRIBUTORS—0.1%
Brenntag AG (a)		5,521		267,405
				10,657,235
HONG KONG—4.5%
BANKS—0.3%
BOC Hong Kong Holdings Ltd. (a)		158,000		476,098
BOC Hong Kong Holdings Ltd. - ADR		1,754		105,380
				581,478
DIVERSIFIED FINANCIAL SERVICES—0.2%
Hong Kong Exchanges & Clearing Ltd. (a)		11,000		268,014

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis International Index Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—97.8%, continued
HONG KONG—4.5%, continued
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
China Unicom Hong Kong Ltd. - ADR		24,284	$	252,797
ELECTRIC UTILITIES—0.6%
Cheung Kong Infrastructure Holdings Ltd. (a)		130,000		1,120,839
INDUSTRIAL CONGLOMERATES—0.2%
CK Hutchison Holdings Ltd. (a)		13,000		143,002
Jardine Matheson Holdings Ltd.		751		43,791
Jardine Matheson Holdings Ltd. - ADR		3,618		212,449
				399,242
INSURANCE—0.5%
AIA Group Ltd. (a)		151,200		909,252
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.5%
Henderson Land Development Co. Ltd. (a)		81,343		459,475
Sun Hung Kai Properties Ltd. (a)		28,000		337,920
Sun Hung Kai Properties Ltd. - ADR		22,014		265,709
Swire Pacific Ltd. - Class A (a)		10,000		113,009
Swire Pacific Ltd. - Class A - ADR		32,051		364,740
Swire Properties Ltd. (a)		87,550		233,262
Wharf Holdings Ltd. (a)		150,000		915,356
				2,689,471
TEXTILES, APPAREL & LUXURY GOODS—0.1%
Global Brands Group Holding Ltd. (a) (b)		122,000		10,733
Li & Fung Ltd. (a)		122,000		59,156
Li & Fung Ltd. - ADR		12,287		11,280
				81,169
WIRELESS TELECOMMUNICATION SERVICES—0.9%
China Mobile Ltd. - ADR		28,456		1,647,602
				7,949,864
HUNGARY—0.1%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Magyar Telekom Telecommunications plc - ADR		11,582		89,008
OIL, GAS & CONSUMABLE FUELS—0.0% (c)
MOL Hungarian Oil & Gas plc - ADR		796		23,034
				112,042
INDIA—2.3%
BANKS—0.9%
HDFC Bank Ltd. - ADR		16,597		1,101,211
ICICI Bank Ltd. - ADR		72,213		518,489
				1,619,700
IT SERVICES—1.1%
Infosys Ltd. - ADR		70,957		1,266,582
Wipro Ltd. - ADR		50,683		626,442
				1,893,024
METALS & MINING—0.0% (c)
Vedanta Ltd. - ADR		3		24
PHARMACEUTICALS—0.3%
Dr. Reddy's Laboratories Ltd. - ADR		10,846		555,640
				4,068,388
INDONESIA—0.9%
BANKS—0.2%
PT Bank Mandiri - ADR		49,403		351,749
DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%
Telekomunikasi Indonesia Persero Tbk PT - ADR		18,427		1,132,524
MACHINERY—0.1%
United Tractors Tbk PT - ADR		3,369		75,095
				1,559,368
IRELAND—1.3%
CONSTRUCTION MATERIALS—0.4%
CRH plc - ADR		27,925		826,022
PHARMACEUTICALS—0.4%
Shire plc - ADR		3,634		668,947
PROFESSIONAL SERVICES—0.4%
Experian plc (a)		3,191		60,540
Experian plc - ADR		37,268		708,092
				768,632
				2,263,601
ISRAEL—0.5%
PHARMACEUTICALS—0.4%
Teva Pharmaceutical Industries Ltd. - ADR		13,991		702,768
SOFTWARE—0.1%
Check Point Software Technologies Ltd. (b)		2,576		205,256
				908,024
ITALY—1.3%
BANKS—0.2%
Intesa Sanpaolo SpA (a)		59,272		112,878
Intesa Sanpaolo SpA - ADR		4,450		52,198
UniCredit SpA (a)		62,353		137,108
				302,184
ELECTRIC UTILITIES—0.1%
Enel SpA (a)		58,027		257,566
INSURANCE—0.1%
Assicurazioni Generali SpA (a)		16,056		189,308
OIL, GAS & CONSUMABLE FUELS—0.4%
ENI SpA - ADR		23,598		763,395
TEXTILES, APPAREL & LUXURY GOODS—0.3%
Luxottica Group SpA - ADR		10,605		518,160
TRANSPORTATION INFRASTRUCTURE—0.2%
Atlantia SpA (a)		13,863		346,310
				2,376,923
JAPAN—16.0%
AUTO COMPONENTS—0.4%
Bridgestone Corp. (a)		4,656		149,615
Bridgestone Corp. - ADR		16,204		258,778
Denso Corp. (a)		5,900		207,573
Denso Corp. - ADR		6,048		106,021
				721,987
AUTOMOBILES—1.9%
Honda Motor Co. Ltd. - ADR		32,346		819,324
Nissan Motor Co. Ltd. - ADR		36,396		653,672
Toyota Motor Corp. - ADR		18,470		1,846,816
				3,319,812

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis International Index Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—97.8%, continued
JAPAN—16.0%, continued
BANKS—1.2%
Mitsubishi UFJ Financial Group, Inc. - ADR		203,404	$	901,080
Mizuho Financial Group, Inc. - ADR		132,028		376,280
Sumitomo Mitsui Financial Group, Inc. - ADR		135,650		775,918
Sumitomo Mitsui Trust Holdings, Inc. (a)		2,980		9,695
Sumitomo Mitsui Trust Holdings, Inc. - ADR		39,737		128,350
				2,191,323
BUILDING PRODUCTS—0.1%
Asahi Glass Co. Ltd. (a)		3,000		16,279
Asahi Glass Co. Ltd. - ADR		21,219		113,416
				129,695
CAPITAL MARKETS—0.3%
Daiwa Securities Group, Inc. (a)		16,000		84,286
Daiwa Securities Group, Inc. - ADR		49,678		258,822
Nomura Holdings, Inc. - ADR		61,382		215,451
				558,559
CHEMICALS—0.5%
Nitto Denko Corp. (a)		500		31,714
Nitto Denko Corp. - ADR		11,626		366,800
Shin-Etsu Chemical Co. Ltd. (a)		4,200		246,048
Sumitomo Chemical Co. Ltd. (a)		38,000		156,775
				801,337
COMMERCIAL SERVICES & SUPPLIES—0.3%
Dai Nippon Printing Co. Ltd. (a)		50,000		557,192
Dai Nippon Printing Co. Ltd. - ADR		37		408
				557,600
CONSTRUCTION & ENGINEERING—0.4%
JGC Corp. (a)		9,000		128,828
Obayashi Corp. (a)		55,000		585,523
				714,351
DIVERSIFIED FINANCIAL SERVICES—0.2%
ORIX Corp. (a)		2,300		29,760
ORIX Corp. - ADR		5,614		358,791
				388,551
DIVERSIFIED TELECOMMUNICATION SERVICES—0.7%
Nippon Telegraph & Telephone Corp. - ADR		26,412		1,243,477
ELECTRIC UTILITIES—0.2%
Chubu Electric Power Co., Inc. (a)		12,600		179,294
Tohoku Electric Power Co., Inc. (a)		12,700		160,265
				339,559
ELECTRICAL EQUIPMENT—0.3%
Nidec Corp. - ADR		30,872		580,394
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%
Hitachi Ltd. (a)		11,000		46,084
Hitachi Ltd. - ADR		4,047		168,193
Kyocera Corp. (a)		2,800		133,219
Kyocera Corp. - ADR		3,162		150,701
Murata Manufacturing Co. Ltd. (a)		2,300		257,839
TDK Corp. (a)		800		44,776
TDK Corp. - ADR		826		46,058
				846,870
FOOD PRODUCTS—0.4%
Ajinomoto Co., Inc. (a)		7,000		164,911
Calbee, Inc. (a)		2,700		112,946
Meiji Holdings Co. Ltd. (a)		2,000		205,491
Yakult Honsha Co. Ltd. (a)		2,800		145,511
				628,859
HEALTH CARE EQUIPMENT & SUPPLIES—0.5%
Hoya Corp. (a)		9,500		339,269
Hoya Corp. - ADR		1,734		61,453
Terumo Corp. (a)		11,800		503,521
				904,243
HOUSEHOLD DURABLES—0.9%
Sekisui House Ltd. (a) (b)		8,000		140,083
Sekisui House Ltd. - ADR		30,149		523,085
Sharp Corp. (a) (b)		10,000		10,828
Sharp Corp. - ADR		17,095		17,950
Sony Corp. - ADR		32,917		966,114
				1,658,060
INSURANCE—0.5%
MS&AD Insurance Group Holdings, Inc. - ADR		34,266		437,234
Tokio Marine Holdings, Inc. (a)		4,600		153,124
Tokio Marine Holdings, Inc. - ADR		7,354		241,873
				832,231
INTERNET & CATALOG RETAIL—0.1%
Rakuten, Inc. (a) (b)		18,400		199,682
IT SERVICES—0.1%
Fujitsu Ltd. (a)		20,000		73,539
Fujitsu Ltd. - ADR		1,240		22,603
				96,142
LEISURE PRODUCTS—0.1%
Shimano, Inc. (a)		1,000		152,883
MACHINERY—1.1%
FANUC Corp. (a) (c)		400		65,063
FANUC Corp. - ADR		22,452		605,755
Kubota Corp. - ADR		7,847		522,846
Makita Corp. (a)		600		39,834
Makita Corp. - ADR		4,936		326,023
SMC Corp. (a)		1,900		467,404
				2,026,925
MARINE—0.0% (c)
Nippon Yusen KK - ADR		7,243		24,974
METALS & MINING—0.3%
Nippon Steel Corp. (a)		12,700		245,843
Sumitomo Metal Mining Co. Ltd. (a)		23,000		233,942
				479,785
OIL, GAS & CONSUMABLE FUELS—0.1%
Inpex Corp. (a)		26,239		205,185
PERSONAL PRODUCTS—0.6%
Kao Corp. (a)		1,000		58,237
Kao Corp. - ADR		10,830		626,732
Shiseido Co. Ltd. (a)		2,100		54,716

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis International Index Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—97.8%, continued
JAPAN—16.0%, continued
PERSONAL PRODUCTS—0.6%, continued
Shiseido Co. Ltd. - ADR		15,035	$	387,136
				1,126,821
PHARMACEUTICALS—0.7%
Astellas Pharma, Inc. (a)		13,000		203,851
Astellas Pharma, Inc. - ADR		24,473		381,289
Daiichi Sankyo Co. Ltd. (a)		7,700		187,054
Daiichi Sankyo Co. Ltd. - ADR		1,901		45,814
Takeda Pharmaceutical Co. Ltd. (a)		2,700		116,435
Takeda Pharmaceutical Co. Ltd. - ADR		18,144		390,822
				1,325,265
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.8%
Daiwa House Industry Co. Ltd. - ADR		15,470		449,326
Mitsubishi Estate Co. Ltd. (a)		11,000		201,751
Mitsubishi Estate Co. Ltd. - ADR		8,499		155,234
Mitsui Fudosan Co. Ltd. (a)		15,000		344,229
Sumitomo Realty & Development Co. Ltd. (a)		9,000		244,033
				1,394,573
ROAD & RAIL—0.8%
Central Japan Railway Co. (a)		1,348		239,737
East Japan Railway Co. (a)		3,590		332,665
East Japan Railway Co. - ADR		29,226		448,035
Keikyu Corp. (a)		37,000		372,298
				1,392,735
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Rohm Co. Ltd. (a)		700		27,626
Rohm Co. Ltd. - ADR		2,660		51,841
				79,467
SOFTWARE—0.1%
Nintendo Co. Ltd. (a)		300		43,105
Nintendo Co. Ltd. - ADR		11,880		211,226
				254,331
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%
FUJIFILM Holdings Corp. - ADR		11,626		447,136
Seiko Epson Corp. (a)		1,200		19,236
Seiko Epson Corp. - ADR		10,312		82,032
				548,404
TEXTILES, APPAREL & LUXURY GOODS—0.1%
Wacoal Holdings Corp. - ADR		5,242		255,757
TRADING COMPANIES & DISTRIBUTORS—0.2%
Mitsui & Co. Ltd. - ADR		1,637		387,592
WIRELESS TELECOMMUNICATION SERVICES—1.1%
KDDI Corp. - ADR		43,480		658,287
NTT DoCoMo, Inc. - ADR		28,611		772,783
Softbank Group Corp. (a)		6,500		367,553
Softbank Group Corp. - ADR		6,172		173,433
				1,972,056
				28,339,485
JERSEY—0.4%
METALS & MINING—0.4%
Randgold Resources Ltd. - ADR		6,079		681,091

LUXEMBOURG—0.3%
ENERGY EQUIPMENT & SERVICES—0.3%
Tenaris SA - ADR		16,654		480,301
MEXICO—1.6%
BEVERAGES—0.3%
Coca-Cola Femsa SAB de CV - ADR		7,597		630,247
CONSTRUCTION MATERIALS—0.3%
Cemex SAB de CV - ADR (b)		80,149		494,519
FOOD & STAPLES RETAILING—0.2%
Wal-Mart de Mexico SAB de CV - ADR		14,734		354,279
MEDIA—0.2%
Grupo Televisa SAB - ADR		13,126		341,801
METALS & MINING—0.2%
Fresnillo plc (a)		14,613		321,800
TRANSPORTATION INFRASTRUCTURE—0.3%
Grupo Aeroportuario del Pacifico SAB de CV - ADR		4,513		463,169
WIRELESS TELECOMMUNICATION SERVICES—0.1%
America Movil SAB de CV - Class L - Series L - ADR		17,340		212,588
				2,818,403
NETHERLANDS—1.9%
BANKS—0.2%
ING Groep NV - ADR		38,217		394,782
CHEMICALS—0.1%
Akzo Nobel NV - ADR		10,773		226,664
FOOD & STAPLES RETAILING—0.3%
Koninklijke Ahold NV - ADR		23,941		529,573
INDUSTRIAL CONGLOMERATES—0.4%
Koninklijke Philips NV - NY Registry Shares		30,708		765,857
LIFE SCIENCES TOOLS & SERVICES—0.2%
QIAGEN NV (b)		16,784		366,059
MEDIA—0.2%
Wolters Kluwer NV (a)		954		38,622
Wolters Kluwer NV - ADR		7,337		299,570
				338,192
OIL, GAS & CONSUMABLE FUELS—0.1%
Koninklijke Vopak NV (a)		3,557		177,037
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.3%
ASML Holding NV - NY Registry Shares		4,549		451,306
SOFTWARE—0.1%
Gemalto NV (a)		2,161		130,901
				3,380,371
NORWAY—0.6%
CHEMICALS—0.1%
Yara International ASA - ADR		7,283		232,801
METALS & MINING—0.1%
Norsk Hydro ASA (a)		40,866		149,589
Norsk Hydro ASA - ADR		13,201		48,316
				197,905

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis International Index Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—97.8%, continued
NORWAY—0.6%, continued
OIL, GAS & CONSUMABLE FUELS—0.4%
Statoil ASA - ADR		41,206	$	713,276
				1,143,982
PERU—0.1%
METALS & MINING—0.1%
Southern Copper Corp. - ADR		9,283		250,455
PHILIPPINES—0.1%
WIRELESS TELECOMMUNICATION SERVICES—0.1%
Philippine Long Distance Telephone Co. - ADR		4,418		196,910
PORTUGAL—0.1%
ELECTRIC UTILITIES—0.1%
EDP - Energias de Portugal SA (a)		20,520		62,813
EDP - Energias de Portugal SA - ADR		1,231		37,767
				100,580
RUSSIA—0.2%
WIRELESS TELECOMMUNICATION SERVICES—0.2%
Mobile TeleSystems PJSC - ADR		37,298		308,828
SINGAPORE—1.6%
BANKS—1.1%
DBS Group Holdings Ltd. (a)		10,656		125,654
DBS Group Holdings Ltd. - ADR		18,371		863,804
United Overseas Bank Ltd. (a)		24,187		333,275
United Overseas Bank Ltd. - ADR		22,014		603,624
				1,926,357
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Singapore Telecommunications Ltd. (a)		86,000		265,643
Singapore Telecommunications Ltd. - ADR		6,886		211,813
				477,456
INDUSTRIAL CONGLOMERATES—0.2%
Keppel Corporation Ltd. (a)		11,721		48,357
Keppel Corporation Ltd. - ADR		49,775		406,164
				454,521
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.0% (c)
Keppel REIT (a)		737		577
				2,858,911
SOUTH AFRICA—0.6%
BANKS—0.1%
Standard Bank Group Ltd. - ADR		19,275		165,572
METALS & MINING—0.1%
Gold Fields Ltd. - ADR		45,416		222,538
TRADING COMPANIES & DISTRIBUTORS—0.1%
Barloworld Ltd. (a)		45,286		225,519
WIRELESS TELECOMMUNICATION SERVICES—0.3%
MTN Group Ltd. - ADR		50,154		488,500
				1,102,129
SOUTH KOREA—2.6%
BANKS—1.2%
KB Financial Group, Inc. - ADR		35,152		1,000,426
Shinhan Financial Group Co. Ltd. - ADR		30,017		982,757
Woori Bank - ADR		9,632		239,259
				2,222,442
DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%
KT Corp. - ADR		71,631		1,021,458
ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS—0.4%
LG Display Co. Ltd. - ADR		61,056		707,639
WIRELESS TELECOMMUNICATION SERVICES—0.4%
SK Telecom Co. Ltd. - ADR		32,754		685,214
				4,636,753
SPAIN—1.8%
BANKS—0.6%
Banco Bilbao Vizcaya Argentaria SA - ADR		68,498		393,178
Banco Santander SA - ADR		141,790		555,817
				948,995
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Telefonica SA - ADR		37,220		352,846
ELECTRIC UTILITIES—0.2%
Iberdrola SA - ADR (b)		15,225		412,597
METALS & MINING—0.1%
Acerinox SA (a) (b)		16,589		184,496
OIL, GAS & CONSUMABLE FUELS—0.4%
Repsol SA (a)		24,639		315,793
Repsol SA - ADR		27,585		352,261
				668,054
SPECIALTY RETAIL—0.3%
Industria de Diseno Textil SA (a)		17,640		592,501
				3,159,489
SWEDEN—2.5%
COMMUNICATIONS EQUIPMENT—0.2%
Telefonaktiebolaget LM Ericsson - ADR		48,767		374,531
CONSTRUCTION & ENGINEERING—0.4%
Skanska AB - Class B (a)		37,142		777,557
HOUSEHOLD PRODUCTS—0.2%
Svenska Cellulosa AB SCA - Class B (a)		12,219		392,524
MACHINERY—0.8%
Alfa Laval AB (a)		23,419		369,027
Atlas Copco AB - Class A (a)		8,922		231,676
Atlas Copco AB - Class A - ADR		18,292		473,763
Sandvik AB (a)		19,176		191,950
Sandvik AB - ADR		20,116		201,763
				1,468,179
METALS & MINING—0.3%
Boliden AB (a)		22,985		449,129
OIL, GAS & CONSUMABLE FUELS—0.3%
Lundin Petroleum AB (a) (b)		24,270		442,185
SPECIALTY RETAIL—0.3%
Hennes & Mauritz AB - ADR		65,360		378,108
Hennes & Mauritz AB (H&M) - Class B (a)		3,195		93,980
				472,088
				4,376,193

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis International Index Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—97.8%, continued
SWITZERLAND—7.7%
CAPITAL MARKETS—0.7%
Credit Suisse Group AG - ADR		27,848	$	297,974
Julius Baer Group Ltd. (a) (b)		9,537		383,809
UBS Group AG (a)		46,462		602,148
				1,283,931
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Swisscom AG - ADR		7,140		355,286
ELECTRICAL EQUIPMENT—0.7%
ABB Ltd. - ADR (b)		61,282		1,215,222
FOOD PRODUCTS—2.0%
Barry Callebaut AG (a)		397		488,756
Nestle SA - ADR		38,145		2,948,990
				3,437,746
INSURANCE—0.7%
Swiss Re AG (a)		3,563		311,162
Zurich Insurance Group AG - ADR		39,970		988,458
				1,299,620
MACHINERY—0.2%
Schindler Holding AG (a)		1,587		288,783
METALS & MINING—0.2%
Glencore plc (a) (b)		183,091		377,372
PHARMACEUTICALS—2.6%
Novartis AG - ADR		28,388		2,342,294
Roche Holding AG - ADR		67,656		2,229,265
				4,571,559
PROFESSIONAL SERVICES—0.1%
Adecco SA (a)		4,136		208,590
Adecco SA - ADR		1,206		30,271
				238,861
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%
Logitech International SA		10,434		169,866
TRADING COMPANIES & DISTRIBUTORS—0.2%
Wolseley plc (a)		537		27,808
Wolseley plc - ADR		63,056		325,369
				353,177
				13,591,423
TAIWAN—3.1%
DIVERSIFIED TELECOMMUNICATION SERVICES—1.0%
Chunghwa Telecom Co. Ltd. - ADR		47,691		1,731,183
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%
AU Optronics Corp. - ADR		56,975		198,843
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.0%
Advanced Semiconductor Engineering, Inc. - ADR		101,549		566,643
Siliconware Precision Industries Co. Ltd. - ADR		70,913		543,194
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		77,900		2,043,317
United Microelectronics Corp. - ADR		191,039		380,168
				3,533,322
				5,463,348
TURKEY—0.2%
BANKS—0.1%
Turkiye Garanti Bankasi AS - ADR		59,610		155,582
WIRELESS TELECOMMUNICATIONS SERVICES—0.1%
Turkcell Iletisim Hizmetleri AS - ADR (b)		24,908		227,908
				383,490
UNITED KINGDOM—11.7%
BANKS—1.3%
Barclays plc - ADR		50,461		383,504
HSBC Holdings plc - ADR		44,158		1,382,587
Lloyds Banking Group plc - ADR		102,926		305,690
Standard Chartered plc (a) (b)		33,979		257,797
				2,329,578
CAPITAL MARKETS—0.0% (c)
Man Group plc (a)		3,940		6,116
Man Group plc - ADR		7,608		11,412
				17,528
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
BT Group plc - ADR		18,204		506,981
ELECTRIC UTILITIES—0.3%
SSE plc (a)		2,983		62,086
SSE plc - ADR		26,274		543,084
				605,170
ENERGY EQUIPMENT & SERVICES—0.4%
AMEC Foster Wheeler plc (a)		32,410		213,099
Subsea 7 SA (a)		43,347		426,038
Subsea 7 SA - ADR (b)		3,305		32,389
				671,526
FOOD & STAPLES RETAILING—0.3%
J Sainsbury plc (a)		4,806		14,972
J Sainsbury plc - ADR		18,741		232,951
Tesco plc - ADR (b)		22,961		161,186
Wm Morrison Supermarkets plc (a)		29,374		73,740
Wm Morrison Supermarkets plc - ADR		8,054		100,514
				583,363
FOOD PRODUCTS—0.1%
Associated British Foods plc (a)		6,106		222,410
HEALTH CARE EQUIPMENT & SUPPLIES—0.4%
Smith & Nephew plc (a)		4,232		71,807
Smith & Nephew plc - ADR		17,185		589,789
				661,596
HOTELS, RESTAURANTS & LEISURE—0.7%
Compass Group plc (a)		2,247		42,750
Compass Group plc - ADR		47,072		899,075
Intercontinental Hotels Group Plc - ADR		9,520		357,095
				1,298,920
HOUSEHOLD PRODUCTS—0.9%
Reckitt Benckiser Group plc (a)		3,212		322,072
Reckitt Benckiser Group plc - ADR		58,040		1,179,373
				1,501,445

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis International Index Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—97.8%, continued
UNITED KINGDOM—11.7%, continued
INSURANCE—0.7%
Aviva plc (a)		41,971	$	221,241
Aviva plc - ADR		6,116		65,380
Prudential plc - ADR		26,183		890,484
				1,177,105
MEDIA—1.1%
Pearson plc - ADR		23,760		308,642
RELX plc - ADR		36,928		690,554
Sky plc (a)		3,176		36,090
Sky plc - ADR		6,005		275,089
WPP plc - ADR		6,767		707,287
				2,017,662
MULTILINE RETAIL—0.2%
Marks & Spencer Group plc (a)		10,719		45,904
Marks & Spencer Group plc - ADR		17,019		145,002
Next plc (a) (b)		3,156		208,535
				399,441
MULTI-UTILITIES—1.0%
National Grid plc - ADR		23,545		1,750,100
OIL, GAS & CONSUMABLE FUELS—0.3%
Royal Dutch Shell plc - B Shares (a)		2,765		76,374
Tullow Oil plc (a) (b)		112,077		395,281
Tullow Oil plc - ADR (b)		15,976		27,479
				499,134
PERSONAL PRODUCTS—0.8%
Unilever NV - NY Registry Shares - ADR		28,732		1,348,680
PHARMACEUTICALS—1.3%
AstraZeneca plc - ADR		31,680		956,419
GlaxoSmithKline plc - ADR		28,888		1,252,006
Indivior plc - ADR		1,963		33,273
				2,241,698
PROFESSIONAL SERVICES—0.1%
Capita plc (a)		12,030		154,932
REAL ESTATE INVESTMENT TRUSTS (REIT) - 0.1%
Land Securities Group plc REIT (a)		16,051		223,142
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.2%
ARM Holdings plc - ADR		8,551		389,156
SOFTWARE—0.2%
Sage Group plc (a)		33,781		291,988
Sage Group plc - ADR		2,320		79,274
				371,262
SPECIALTY RETAIL—0.1%
Kingfisher plc - ADR		29,151		251,573
WATER UTILITIES—0.4%
Severn Trent plc (a)		10,914		356,115
United Utilities Group plc (a)		2,386		33,071
United Utilities Group plc - ADR		12,883		356,859
				746,045
WIRELESS TELECOMMUNICATION SERVICES—0.5%
Vodafone Group plc - ADR		26,458		817,288
				20,785,735
UNITED STATES—0.6%
BANKS—0.1%
Canadian Imperial Bank of Commerce		3,074		230,765
HOTELS, RESTAURANTS & LEISURE—0.2%
Carnival plc - ADR		9,241		413,905
MEDIA—0.2%
Thomson Reuters Corp.		7,011		283,385
METALS & MINING—0.1%
Sims Metal Management Ltd. - ADR		21,356		124,352
				1,052,407
TOTAL COMMON STOCKS (COST $167,262,588)				173,359,996
PREFERRED STOCKS—0.3%
BRAZIL—0.3%
BANKS—0.3%
Itau Unibanco Holding SA - ADR (Cost $594,233)		55,974		528,395

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc. (d)		1.000	%	06/15/17	$	500,000	$	500,000
Calvert Social Investment Foundation, Inc. (d)		1.000	%	12/15/17		600,000		600,000
Calvert Social Investment Foundation, Inc. (d)		1.500	%	06/17/19		500,000		500,000
TOTAL CORPORATE NOTES (Cost $1,600,000)								1,600,000

TOTAL INVESTMENTS (Cost (e) $169,456,821—Unrealized gain/loss $6,031,570)—99.0%							$	175,488,391
Other assets in excess of liabilities—1.0%								1,696,445
NET ASSETS—100.0%							$	177,184,836

(a)	This security has been fair valued by the Pricing Committee under the guidelines established by the Board of Trustees. At June 30, 2016, these securities were valued at $40,628,111, or 22.9% of net assets (Note 2).

(b)	Non-income producing security.

(c)	Rounds to less than 0.1%.

(d)	Illiquid security.

(e)	Represents cost for financial reporting purposes.

ADR	— American Depositary Receipt

plc	— Public Liability Company

REIT	— Real Estate Investment Trust

See accompanying notes to financial statements.

Schedule of Portfolio Investments

Praxis Value Index Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%
AIR FREIGHT & LOGISTICS—1.1%
FedEx Corp.		5,156	$	782,578
United Parcel Service, Inc. - Class B		7,914		852,496
				1,635,074
AIRLINES—0.5%
American Airlines Group, Inc.		5,710		161,650
Delta Air Lines, Inc.		13,490		491,441
United Continental Holdings, Inc. (a)		3,890		159,645
				812,736
AUTO COMPONENTS—0.8%
BorgWarner, Inc.		4,390		129,593
Goodyear Tire & Rubber Co.		9,590		246,079
Johnson Controls, Inc.		16,631		736,088
				1,111,760
AUTOMOBILES—0.6%
Ford Motor Co.		70,233		882,829
BANKS—10.6%
Bank of America Corp.		153,220		2,033,230
BB&T Corp.		20,994		747,596
Citigroup, Inc.		46,306		1,962,911
Comerica, Inc.		4,021		165,384
Huntington Bancshares, Inc.		18,154		162,297
JPMorgan Chase & Co.		57,942		3,600,516
KeyCorp		19,528		215,784
M&T Bank Corp.		4,486		530,380
PNC Financial Services Group, Inc.		7,721		628,412
Regions Financial Corp.		24,860		211,559
SunTrust Banks, Inc.		6,766		277,947
U.S. Bancorp		26,907		1,085,159
Wells Fargo & Co.		79,859		3,779,727
Zions Bancorp		9,110		228,934
				15,629,836
BEVERAGES—2.0%
Coca-Cola Co.		39,160		1,775,123
PepsiCo, Inc.		10,879		1,152,521
				2,927,644
BIOTECHNOLOGY—0.6%
Amgen, Inc.		4,664		709,627
Vertex Pharmaceuticals, Inc. (a)		2,930		252,039
				961,666
CAPITAL MARKETS—2.5%
Ameriprise Financial, Inc.		1,806		162,269
Bank of New York Mellon Corp.		14,064		546,386
BlackRock, Inc.		932		319,238
Charles Schwab Corp.		9,030		228,549
Franklin Resources, Inc.		7,540		251,610
Goldman Sachs Group, Inc.		6,557		974,239
Invesco Ltd.		9,712		248,045
Morgan Stanley		15,791		410,250
Northern Trust Corp.		3,977		263,516
State Street Corp.		6,240		336,461
				3,740,563
CHEMICALS—2.6%
Air Products & Chemicals, Inc.		3,687		523,701
Dow Chemical Co.		19,170		952,941
E.I. du Pont de Nemours & Co.		11,159		723,103
Eastman Chemical Co.		5,570		378,203
Ecolab, Inc.		1,616		191,658
Mosaic Co.		10,240		268,083
Praxair, Inc.		7,486		841,352
				3,879,041
COMMERCIAL SERVICES & SUPPLIES—1.1%
Republic Services, Inc.		9,340		479,235
Tyco International plc		13,821		588,775
Waste Management, Inc.		8,340		552,692
				1,620,702
COMMUNICATIONS EQUIPMENT—0.9%
Cisco Systems, Inc.		46,885		1,345,131
CONSUMER FINANCE—1.1%
American Express Co.		12,254		744,553
Capital One Financial Corp.		10,900		692,259
Discover Financial Services		4,480		240,083
				1,676,895
CONTAINERS & PACKAGING—0.4%
Avery Dennison Corp.		3,086		230,678
Ball Corp.		4,084		295,232
Owens-Illinois, Inc. (a)		7,755		139,668
				665,578
DISTRIBUTORS—0.4%
Genuine Parts Co.		6,180		625,725
DIVERSIFIED CONSUMER SERVICES—0.2%
H&R Block, Inc.		12,554		288,742
DIVERSIFIED FINANCIAL SERVICES—0.3%
CME Group, Inc.		5,240		510,376
DIVERSIFIED TELECOMMUNICATION SERVICES—5.4%
AT&T, Inc.		103,598		4,476,470
CenturyLink, Inc.		7,688		223,029
Frontier Communications Corp.		56,308		278,161
Level 3 Communications, Inc. (a)		5,190		267,233
Verizon Communications, Inc.		48,530		2,709,915
				7,954,808
ELECTRIC UTILITIES—4.1%
American Electric Power Co., Inc.		8,370		586,653
Duke Energy Corp.		15,864		1,360,973
Edison International		5,717		444,039
Eversource Energy		6,410		383,959
NextEra Energy, Inc.		8,265		1,077,756
PPL Corp.		14,801		558,738
Southern Co.		24,911		1,335,977
Xcel Energy, Inc.		8,784		393,348
				6,141,443
ELECTRICAL EQUIPMENT—1.1%
Eaton Corp. plc		9,050		540,557
Emerson Electric Co.		13,334		695,501
Rockwell Automation, Inc.		3,580		411,056
				1,647,114

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis Value Index Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%
Corning, Inc.		16,306	$	333,947
TE Connectivity Ltd.		3,956		225,927
				559,874
ENERGY EQUIPMENT & SERVICES—3.1%
Baker Hughes, Inc.		16,290		735,168
Diamond Offshore Drilling, Inc.		12,183		296,412
FMC Technologies, Inc. (a)		6,180		164,821
National Oilwell Varco, Inc.		9,526		320,550
Schlumberger Ltd.		38,242		3,024,177
				4,541,128
FOOD & STAPLES RETAILING—3.5%
CVS Health Corp.		11,063		1,059,172
Kroger Co.		15,274		561,930
Sysco Corp.		13,173		668,398
Walgreen Boots Alliance, Inc.		6,830		568,734
Wal-Mart Stores, Inc.		28,280		2,065,006
Whole Foods Market, Inc.		6,300		201,726
				5,124,966
FOOD PRODUCTS—2.1%
General Mills, Inc.		8,384		597,947
Kellogg Co.		5,889		480,837
Kraft Heinz Co.		10,580		936,118
Mondelez International, Inc. - Class A		17,582		800,157
Tyson Foods, Inc. - Class A		3,530		235,769
				3,050,828
GAS UTILITIES—0.1%
AGL Resources, Inc.		2,590		170,862
HEALTH CARE EQUIPMENT & SUPPLIES—1.6%
Abbott Laboratories		18,830		740,207
Baxter International, Inc.		5,272		238,400
Medtronic plc		16,720		1,450,795
				2,429,402
HEALTH CARE PROVIDERS & SERVICES—2.7%
Anthem, Inc.		4,300		564,762
Cardinal Health, Inc.		8,170		637,342
Cigna Corp.		1,255		160,627
Express Scripts Holding Co. (a)		12,457		944,241
HCA Holdings, Inc. (a)		2,390		184,054
Humana, Inc.		2,730		491,072
McKesson Corp.		3,974		741,747
Quest Diagnostics, Inc.		3,790		308,544
				4,032,389
HOTELS, RESTAURANTS & LEISURE—1.1%
Carnival Corp.		8,393		370,971
McDonald's Corp.		8,870		1,067,416
Starbucks Corp.		4,360		249,043
				1,687,430
HOUSEHOLD DURABLES—0.2%
Whirlpool Corp.		1,752		291,953
HOUSEHOLD PRODUCTS—3.3%
Colgate-Palmolive Co.		6,578		481,509
Kimberly-Clark Corp.		2,070		284,584
Procter & Gamble Co.		48,518		4,108,019
				4,874,112
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.1%
AES Corp.		14,014		174,895
INDUSTRIAL CONGLOMERATES—1.9%
3M Co.		15,075		2,639,934
Roper Technologies, Inc.		1,010		172,266
				2,812,200
INSURANCE—6.3%
Aflac, Inc.		10,310		743,970
Allstate Corp.		8,739		611,293
American International Group, Inc.		21,857		1,156,017
Aon plc		2,267		247,624
Assurant, Inc.		2,924		252,371
Chubb Corp.		11,627		1,519,765
Cincinnati Financial Corp.		3,262		244,291
Hartford Financial Services Group, Inc.		4,990		221,456
Lincoln National Corp.		6,560		254,331
Loews Corp.		7,580		311,462
Marsh & McLennan Cos., Inc.		8,530		583,964
MetLife, Inc.		20,563		819,024
Principal Financial Group, Inc.		6,500		267,215
Progressive Corp.		14,513		486,186
Prudential Financial, Inc.		8,520		607,817
Travelers Cos., Inc.		6,833		813,400
Unum Group		4,280		136,061
				9,276,247
INTERNET SOFTWARE & SERVICES—0.4%
eBay, Inc. (a)		7,498		175,528
Yahoo!, Inc. (a)		11,510		432,316
				607,844
IT SERVICES—2.1%
Accenture plc - Class A		2,300		260,567
Fidelity National Information Services, Inc.		3,862		284,552
International Business Machines Corp.		9,682		1,469,534
Mastercard, Inc. - Class A		2,880		253,613
Paychex, Inc.		3,684		219,198
PayPal Holdings, Inc. (a)		6,598		240,893
Western Union Co.		10,989		210,769
Xerox Corp.		15,601		148,053
				3,087,179
LIFE SCIENCES TOOLS & SERVICES—0.3%
Thermo Fisher Scientific, Inc.		3,244		479,333
MACHINERY—2.6%
Deere & Co.		8,957		725,875
Dover Corp.		7,213		500,005
Flowserve Corp.		3,900		176,163
Illinois Tool Works, Inc.		7,035		732,765
Ingersoll-Rand plc		5,365		341,643
PACCAR, Inc.		6,216		322,424
Parker-Hannifin Corp.		3,757		405,944
Stanley Black & Decker, Inc.		2,630		292,509
Xylem, Inc.		7,558		337,465
				3,834,793

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis Value Index Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.7%, continued
MEDIA—2.0%
CBS Corp. - Class B		2,930	$	159,509
Comcast Corp. - Class A		19,175		1,250,018
Omnicom Group, Inc.		2,019		164,528
Time Warner, Inc.		12,412		912,779
Walt Disney Co.		4,797		469,243
				2,956,077
METALS & MINING—0.6%
Newmont Mining Corp.		14,490		566,849
Nucor Corp.		6,560		324,129
				890,978
MULTILINE RETAIL—0.9%
Kohl's Corp.		6,730		255,201
Macy's, Inc.		8,193		275,367
Target Corp.		11,166		779,610
				1,310,178
MULTI-UTILITIES—1.9%
CenterPoint Energy, Inc.		9,131		219,144
Consolidated Edison, Inc.		9,561		769,087
DTE Energy Co.		3,270		324,122
NiSource, Inc.		11,844		314,103
SCANA Corp.		4,988		377,392
Sempra Energy		4,883		556,760
WEC Energy Group, Inc.		2,940		191,982
				2,752,590
OIL, GAS & CONSUMABLE FUELS—10.0%
Apache Corp.		9,908		551,578
ConocoPhillips		47,827		2,085,257
EOG Resources, Inc.		12,570		1,048,589
EQT Corp.		2,798		216,649
Hess Corp.		18,240		1,096,224
Kinder Morgan, Inc.		36,451		682,363
Marathon Oil Corp.		47,566		713,966
Marathon Petroleum Corp.		14,156		537,362
Murphy Oil Corp.		14,906		473,266
Noble Energy, Inc.		14,958		536,543
Occidental Petroleum Corp.		36,460		2,754,918
ONEOK, Inc.		6,325		300,121
Phillips 66		23,344		1,852,113
Spectra Energy Corp.		27,629		1,012,050
Valero Energy Corp.		15,000		765,000
Williams Cos., Inc.		9,371		202,695
				14,828,694
PAPER & FOREST PRODUCTS—0.2%
International Paper Co.		5,781		244,999
PERSONAL PRODUCTS—0.1%
Estee Lauder Cos., Inc. - Class A		2,200		200,244
PHARMACEUTICALS—6.2%
AbbVie, Inc.		12,228		757,036
Bristol-Myers Squibb Co.		15,019		1,104,647
Eli Lilly & Co.		14,157		1,114,864
Johnson & Johnson		25,081		3,042,325
Mallinckrodt plc (a)		2,980		181,124
Merck & Co., Inc.		52,021		2,996,930
				9,196,926
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.4%
HCP, Inc.		8,647		305,931
Prologis, Inc.		4,597		225,437
Simon Property Group, Inc.		4,609		999,692
Vornado Realty Trust		2,993		299,659
Weyerhaeuser Co.		6,909		205,681
				2,036,400
ROAD & RAIL—1.0%
CSX Corp.		10,090		263,147
Norfolk Southern Corp.		4,645		395,429
Union Pacific Corp.		8,810		768,673
				1,427,249
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.6%
Analog Devices, Inc.		4,963		281,104
Applied Materials, Inc.		11,837		283,733
Intel Corp.		45,608		1,495,942
Micron Technology, Inc. (a)		21,870		300,931
QUALCOMM, Inc.		23,380		1,252,467
Texas Instruments, Inc.		4,120		258,118
				3,872,295
SOFTWARE—1.5%
Adobe Systems, Inc. (a)		1,819		174,242
CA, Inc.		7,512		246,619
Microsoft Corp.		8,480		433,921
Oracle Corp.		30,672		1,255,405
salesforce.com, Inc. (a)		2,090		165,967
				2,276,154
SOFTWARE & SERVICES—0.2%
S&P Global, Inc.		2,198		235,758
SPECIALTY RETAIL—0.7%
Best Buy Co., Inc.		7,220		220,932
Gap, Inc.		10,170		215,807
Home Depot, Inc.		1,182		150,930
Staples, Inc.		25,360		218,603
Tiffany & Co.		3,990		241,954
				1,048,226
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.9%
Apple, Inc.		1,610		153,916
EMC Corp.		29,541		802,629
Seagate Technology plc		11,550		281,358
Western Digital Corp.		3,335		157,612
				1,395,515
TRADING COMPANIES & DISTRIBUTORS—0.2%
W.W. Grainger, Inc.		1,020		231,795
WATER UTILITIES—0.2%
American Water Works Company, Inc.		3,640		307,616
TOTAL COMMON STOCKS (Cost $121,575,304)				146,304,792
RIGHTS—0.0% (b)
Safeway, Inc. (Casa Ley subsidiary), expiring 1/30/18		6,607		322
Safeway, Inc. (PDC subsidiary), expiring 1/30/17		6,607		6,706
TOTAL RIGHTS (Cost $—)				7,028

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis Value Index Fund
June 30, 2016 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc. (c)		1.000	%	06/15/17	$	260,000	$	260,000
Calvert Social Investment Foundation, Inc. (c)		1.000	%	12/15/17		750,000		750,000
Calvert Social Investment Foundation, Inc. (c)		1.500	%	06/17/19		260,000		260,000
TOTAL CORPORATE NOTES (Cost $1,270,000)								1,270,000

TOTAL INVESTMENTS (Cost (d) $122,845,304—Unrealized gain/loss $24,736,516)—99.6%							$	147,581,820
Other assets in excess of liabilities—0.4%								542,656
NET ASSETS—100.0%							$	148,124,476

(a)	Non-income producing security.

(b)	Percentage rounds to less than 0.1%.

(c)	Illiquid security.

(d)	Represents cost for financial reporting purposes.

plc	— Public Liability Company

See accompanying notes to financial statements.

Schedule of Portfolio Investments

Praxis Growth Index Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.9%
AIR FREIGHT & LOGISTICS—1.1%
C.H. Robinson Worldwide, Inc.		3,010	$	223,492
Expeditors International of Washington, Inc.		2,841		139,323
FedEx Corp.		2,389		362,602
United Parcel Service, Inc. - Class B		13,623		1,467,470
				2,192,887
AIRLINES—0.3%
Southwest Airlines Co.		16,318		639,829
AUTO COMPONENTS—0.2%
Delphi Automotive plc		4,705		294,533
AUTOMOBILES—0.1%
Harley-Davidson, Inc.		4,305		195,016
BANKS—0.7%
Fifth Third Bancorp		17,834		313,700
U.S. Bancorp		10,096		407,172
Wells Fargo & Co.		14,058		665,365
				1,386,237
BEVERAGES—3.5%
Coca-Cola Co.		62,669		2,840,786
Dr Pepper Snapple Group, Inc.		8,419		813,528
Monster Beverage Corp. (a)		2,850		458,023
PepsiCo, Inc.		24,432		2,588,326
				6,700,663
BIOTECHNOLOGY—4.7%
Alexion Pharmaceuticals, Inc. (a)		4,425		516,663
Amgen, Inc.		14,823		2,255,319
Biogen, Inc. (a)		4,807		1,162,429
Celgene Corp. (a)		16,758		1,652,842
Gilead Sciences, Inc.		29,832		2,488,585
Regeneron Pharmaceuticals, Inc. (a)		1,762		615,343
Vertex Pharmaceuticals, Inc. (a)		4,082		351,134
				9,042,315
BUILDING PRODUCTS—0.4%
Allegion plc		3,964		275,221
Masco Corp.		14,010		433,469
				708,690
CAPITAL MARKETS—1.6%
Ameriprise Financial, Inc.		4,361		391,836
BlackRock, Inc.		2,088		715,203
Charles Schwab Corp.		18,879		477,827
Morgan Stanley		11,030		286,559
Northern Trust Corp.		4,438		294,062
State Street Corp.		4,974		268,198
T. Rowe Price Group, Inc.		8,045		587,044
				3,020,729
CHEMICALS—2.5%
Air Products & Chemicals, Inc.		5,469		776,817
E.I. du Pont de Nemours & Co.		10,538		682,863
Ecolab, Inc.		7,662		908,713
International Flavors and Fragrances, Inc.		3,158		398,129
LyondellBasell Industries N.V. - Class A		2,820		209,864
Praxair, Inc.		8,079		907,999
Sherwin-Williams Co.		2,972		872,787
				4,757,172
COMMERCIAL SERVICES & SUPPLIES—0.5%
Republic Services, Inc.		19,944		1,023,327
COMMUNICATIONS EQUIPMENT—1.0%
Cisco Systems, Inc.		51,964		1,490,847
F5 Networks, Inc. (a)		2,555		290,861
Juniper Networks, Inc.		8,505		191,278
				1,972,986
COMPUTERS & PERIPHERALS—0.1%
Hewlett Packard Enterprise Co.		12,680		231,664
CONSTRUCTION MATERIALS—0.3%
Vulcan Materials Co.		5,347		643,565
CONSUMER FINANCE—0.6%
American Express Co.		6,566		398,950
Discover Financial Services		9,272		496,887
Synchrony Financial (a)		6,700		169,376
				1,065,213
CONTAINERS & PACKAGING—0.3%
Avery Dennison Corp.		5,212		389,597
Sealed Air Corp.		5,793		266,304
				655,901
DIVERSIFIED FINANCIAL SERVICES—0.8%
CME Group, Inc.		3,995		389,113
Intercontinental Exchange, Inc.		2,047		523,950
S&p Global, Inc.		5,128		550,029
				1,463,092
DIVERSIFIED TELECOMMUNICATION SERVICES—1.1%
AT&T, Inc.		7,872		340,149
Level 3 Communications, Inc. (a)		2,674		137,684
Verizon Communications, Inc.		30,290		1,691,394
				2,169,227
ELECTRIC UTILITIES—0.5%
NextEra Energy, Inc.		7,090		924,536
ELECTRICAL EQUIPMENT—0.8%
Acuity Brands, Inc.		1,940		481,042
Emerson Electric Co.		7,507		391,565
Rockwell Automation, Inc.		5,891		676,405
				1,549,012
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%
Amphenol Corp. - Class A		10,146		581,670
ENERGY EQUIPMENT & SERVICES—0.2%
Schlumberger Ltd.		5,908		467,205
FOOD & STAPLES RETAILING—1.5%
CVS Health Corp.		16,998		1,627,388
Kroger Co.		8,867		326,217
Walgreen Boots Alliance, Inc.		6,182		514,775
Wal-Mart Stores, Inc.		2,692		196,570
Whole Foods Market, Inc.		8,683		278,030
				2,942,980
FOOD PRODUCTS—2.1%
Campbell Soup Co.		15,400		1,024,562
Hershey Co.		5,314		603,086
Kellogg Co.		11,156		910,887

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis Growth Index Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.9%, continued
FOOD PRODUCTS—2.1%, continued
Mead Johnson Nutrition Co.		5,698	$	517,094
Mondelez International, Inc. - Class A		21,133		961,763
				4,017,392
GAS UTILITIES—0.2%
AGL Resources, Inc.		5,725		377,678
HEALTH CARE EQUIPMENT & SUPPLIES—3.5%
Abbott Laboratories		5,070		199,302
Baxter International, Inc.		7,059		319,208
Becton, Dickinson and Co.		8,515		1,444,059
Boston Scientific Corp. (a)		37,718		881,469
Edwards Lifesciences Corp. (a)		6,308		629,097
Intuitive Surgical, Inc. (a)		861		569,474
Medtronic plc		9,540		827,786
St. Jude Medical, Inc.		2,530		197,340
Stryker Corp.		8,347		1,000,221
Zimmer Biomet Holdings, Inc.		5,940		715,057
				6,783,013
HEALTH CARE PROVIDERS & SERVICES—1.4%
AmerisourceBergen Corp.		2,580		204,646
Centene Corp. (a)		3,400		242,658
Cigna Corp.		7,376		944,054
DaVita HealthCare Partners, Inc. (a)		6,464		499,796
Express Scripts Holding Co. (a)		5,211		394,994
HCA Holdings, Inc. (a)		2,500		192,525
Humana, Inc.		1,140		205,063
				2,683,736
HEALTH CARE TECHNOLOGY—0.3%
Cerner Corp. (a)		8,234		482,512
HOTELS, RESTAURANTS & LEISURE—2.9%
Chipotle Mexican Grill, Inc. - Class A (a)		790		318,180
Marriott International, Inc. - Class A		5,438		361,409
McDonald's Corp.		12,500		1,504,250
Royal Caribbean Cruises Ltd.		6,358		426,940
Starbucks Corp.		35,185		2,009,767
Starwood Hotels & Resorts Worldwide, Inc.		3,900		288,405
Yum! Brands, Inc.		6,767		561,120
				5,470,071
HOUSEHOLD DURABLES—0.5%
Mohawk Industries, Inc. (a)		1,000		189,760
Newell Brands, Inc.		10,165		493,714
Whirlpool Corp.		1,667		277,789
				961,263
HOUSEHOLD PRODUCTS—1.7%
Colgate-Palmolive Co.		16,612		1,215,999
Kimberly-Clark Corp.		8,109		1,114,825
Procter & Gamble Co.		11,845		1,002,916
				3,333,740
INDUSTRIAL CONGLOMERATES—1.9%
3M Co.		16,257		2,846,926
Roper Technologies, Inc.		4,915		838,302
				3,685,228
INSURANCE—1.1%
Aflac, Inc.		4,154		299,752
Aon plc		6,821		745,058
Chubb Corp.		2,780		363,374
Prudential Financial, Inc.		4,176		297,916
Travelers Cos., Inc.		2,642		314,504
				2,020,604
INTERNET & CATALOG RETAIL—4.3%
Amazon.com, Inc. (a)		8,403		6,013,355
Netflix, Inc. (a)		10,057		920,015
Priceline Group, Inc. (a)		1,030		1,285,862
				8,219,232
INTERNET SOFTWARE & SERVICES—8.6%
Akamai Technologies, Inc. (a)		5,069		283,509
Alphabet, Inc. - Class A (a)		9,417		6,625,142
Alphabet, Inc. - Class C (a)		4,150		2,872,215
eBay, Inc. (a)		22,795		533,631
Equinix, Inc.		1,080		418,749
Facebook, Inc. - Class A (a)		49,575		5,665,431
				16,398,677
IT SERVICES—5.5%
Accenture plc - Class A		7,994		905,640
Automatic Data Processing, Inc.		11,012		1,011,672
Cognizant Technology Solutions Corp. - Class A (a)		11,980		685,735
Fiserv, Inc. (a)		9,826		1,068,381
International Business Machines Corp.		4,168		632,619
Mastercard, Inc. - Class A		20,125		1,772,208
Paychex, Inc.		5,970		355,215
PayPal Holdings, Inc. (a)		16,367		597,559
Total System Services, Inc.		11,178		593,664
Visa, Inc. - Class A		38,164		2,830,624
				10,453,317
LEISURE PRODUCTS—0.1%
Hasbro, Inc.		2,270		190,657
LIFE SCIENCES TOOLS & SERVICES—1.4%
Agilent Technologies, Inc.		5,785		256,623
Illumina, Inc. (a)		3,317		465,640
Thermo Fisher Scientific, Inc.		10,736		1,586,351
Waters Corp. (a)		2,874		404,228
				2,712,842
MACHINERY—0.5%
Illinois Tool Works, Inc.		8,683		904,421
MEDIA—3.7%
CBS Corp. - Class B		6,525		355,221
Comcast Corp. - Class A		31,097		2,027,213
Discovery Communications, Inc. - Class A (a)		13,662		344,692
Discovery Communications, Inc. - Class C (a)		6,448		153,785
Omnicom Group, Inc.		8,416		685,820
TEGNA, Inc.		13,339		309,065
Time Warner, Inc.		5,141		378,069
Walt Disney Co.		29,379		2,873,854
				7,127,719
MULTILINE RETAIL—0.5%
Dollar Tree, Inc. (a)		6,249		588,906

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis Growth Index Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—98.9%, continued
MULTILINE RETAIL—0.5%, continued
Target Corp.		5,066	$	353,708
				942,614
OIL, GAS & CONSUMABLE FUELS—1.1%
EOG Resources, Inc.		11,562		964,502
Noble Energy, Inc.		9,075		325,520
Occidental Petroleum Corp.		2,758		208,395
Spectra Energy Corp.		8,413		308,168
Williams Cos., Inc.		13,291		287,484
				2,094,069
PERSONAL PRODUCTS—0.1%
Estee Lauder Cos., Inc. - Class A		2,155		196,148
PHARMACEUTICALS—5.6%
AbbVie, Inc.		31,185		1,930,663
Bristol-Myers Squibb Co.		23,108		1,699,593
Eli Lilly & Co.		17,438		1,373,242
Johnson & Johnson		33,248		4,032,982
Merck & Co., Inc.		14,542		837,765
Mylan N.V. (a)		4,790		207,120
Perrigo Co. plc		3,786		343,277
Shire plc - ADR		1		129
Zoetis, Inc.		8,110		384,901
				10,809,672
PROFESSIONAL SERVICES—0.9%
Equifax, Inc.		5,634		723,405
Nielsen Holdings plc		16,371		850,801
Robert Half International, Inc.		6,317		241,057
				1,815,263
REAL ESTATE INVESTMENT TRUSTS (REIT)—0.2%
General Growth Properties, Inc.		12,536		373,824
REAL ESTATE INVESTMENT TRUSTS (REITS)—3.9%
American Tower Corp.		10,594		1,203,584
AvalonBay Communities, Inc.		3,510		633,169
Crown Castle International Corp.		11,808		1,197,685
Equity Residential		9,459		651,536
Host Hotels & Resorts, Inc.		16,449		266,638
Prologis, Inc.		6,480		317,779
Public Storage		3,142		803,064
Simon Property Group, Inc.		5,204		1,128,748
Ventas, Inc.		8,540		621,883
Weyerhaeuser Co.		19,409		577,806
				7,401,892
ROAD & RAIL—0.8%
CSX Corp.		9,455		246,586
Kansas City Southern		2,586		232,973
Norfolk Southern Corp.		1,614		137,400
Union Pacific Corp.		9,514		830,096
				1,447,055
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.1%
Analog Devices, Inc.		8,337		472,208
Applied Materials, Inc.		18,241		437,237
Broadcom Corp. - Class A		6,964		1,082,206
Intel Corp.		58,397		1,915,421
NVIDIA Corp.		12,980		610,190
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.1%, continued
Skyworks Solutions, Inc.		3,110		196,801
Texas Instruments, Inc.		18,499		1,158,962
				5,873,025
SOFTWARE—7.9%
Activision Blizzard, Inc.		19,487		772,270
Adobe Systems, Inc. (a)		7,977		764,117
Autodesk, Inc. (a)		4,626		250,452
Citrix Systems, Inc. (a)		3,452		276,471
Electronic Arts, Inc. (a)		7,846		594,413
Intuit, Inc.		6,883		768,211
Microsoft Corp.		166,767		8,533,467
Oracle Corp.		35,196		1,440,572
Red Hat, Inc. (a)		6,307		457,888
salesforce.com, Inc. (a)		13,105		1,040,668
Symantec Corp.		13,168		270,471
				15,169,000
SPECIALTY RETAIL—4.6%
Advance Auto Parts, Inc.		1,310		211,735
AutoZone, Inc. (a)		659		523,141
Bed Bath & Beyond, Inc.		6,116		264,334
Home Depot, Inc.		26,011		3,321,345
L Brands, Inc.		2,519		169,100
Lowe's Cos., Inc.		17,846		1,412,868
O'Reilly Automotive, Inc. (a)		3,768		1,021,505
Ross Stores, Inc.		9,142		518,260
TJX Cos., Inc.		12,650		976,959
Ulta Salon, Cosmetics & Fragrance, Inc. (a)		1,400		341,096
				8,760,343
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.8%
Apple, Inc.		114,365		10,933,294
EMC Corp.		6,513		176,958
				11,110,252
TEXTILES, APPAREL & LUXURY GOODS—1.1%
NIKE, Inc. - Class B		25,060		1,383,312
Under Armour, Inc. - Class A (a)		5,220		209,479
VF Corp.		9,543		586,799
				2,179,590
TRADING COMPANIES & DISTRIBUTORS—0.5%
Fastenal Co.		8,253		366,351
W.W. Grainger, Inc.		2,257		512,903
				879,254
TOTAL COMMON STOCKS (Cost $129,331,784)				189,502,552

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis Growth Index Fund
June 30, 2016 (unaudited)

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc. (b)		1.000	%	06/15/17	$	800,000	$	800,000
Calvert Social Investment Foundation, Inc. (b)		1.000	%	12/15/17		175,000		175,000
Calvert Social Investment Foundation, Inc. (b)		1.500	%	06/17/19		800,000		800,000
TOTAL CORPORATE NOTES (Cost $1,775,000)								1,775,000

TOTAL INVESTMENTS (Cost (c) $131,106,784—Unrealized gain/loss $60,170,768)—99.8%							$	191,277,552
Other assets in excess of liabilities—0.2%								431,183
NET ASSET—100.0%							$	191,708,735

(a)	Non-income producing security.

(b)	Illiquid security.

(c)	Represents cost for financial reporting purposes.

ADR	— American Depositary Receipt

plc	— Public Liability Company

See accompanying notes to financial statements.

Schedule of Portfolio Investments

Praxis Small Cap Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—91.3%
AEROSPACE & DEFENSE—0.5%
Hexcel Corp.		5,540	$	230,686
BANKS—9.7%
BancorpSouth, Inc.		33,458		759,162
Bank of the Ozarks, Inc.		12,770		479,130
Capital Bank Financial Corp. - Class A		16,685		480,528
Columbia Banking System, Inc.		8,400		235,704
Hanmi Financial Corp.		24,300		570,807
Home Bancshares, Inc.		43,830		867,396
PrivateBancorp, Inc.		21,715		956,112
SVB Financial Group (a)		4,040		384,446
				4,733,285
BEVERAGES—0.7%
National Beverage Corp. (a)		5,410		339,802
BUILDING PRODUCTS—2.2%
American Woodmark Corp. (a)		4,455		295,723
Apogee Enterprises, Inc.		5,770		267,439
PGT, Inc. (a)		51,100		526,330
				1,089,492
CAPITAL MARKETS—1.7%
BGC Partners, Inc. - Class A		61,175		532,834
NorthStar Asset Management Group, Inc.		27,905		284,910
				817,744
COMMERCIAL SERVICES & SUPPLIES—4.1%
Copart, Inc. (a)		5,765		282,543
Healthcare Services Group, Inc.		29,720		1,229,814
Ritchie Bros Auctioneers, Inc.		14,625		494,032
				2,006,389
COMMUNICATIONS EQUIPMENT—1.5%
Ciena Corp. (a)		15,485		290,344
Infinera Corp. (a)		41,090		463,495
				753,839
CONSTRUCTION & ENGINEERING—2.3%
EMCOR Group, Inc.		14,630		720,674
MasTec, Inc. (a)		17,265		385,355
				1,106,029
CONSTRUCTION MATERIALS—1.9%
Headwaters, Inc. (a)		19,134		343,264
Summit Materials, Inc. - Class A (a)		28,836		589,985
				933,249
DISTRIBUTORS—2.0%
Pool Corp.		10,615		998,128
FOOD & STAPLES RETAILING—1.1%
Sprouts Farmers Market, Inc. (a)		22,670		519,143
FOOD PRODUCTS—3.6%
Post Holdings, Inc. (a)		13,005		1,075,383
TreeHouse Foods, Inc. (a)		6,570		674,411
				1,749,794
HEALTH CARE EQUIPMENT & SUPPLIES—4.1%
Cantel Medical Corp.		11,565		794,862
Cynosure, Inc. - Class A (a)		12,400		603,198
Neogen Corp. (a)		11,020		619,875
				2,017,935
HEALTH CARE PROVIDERS & SERVICES—3.4%
Acadia Healthcare Co., Inc. (a)		8,260		457,604
Aceto Corp.		27,040		591,906
HealthEquity, Inc. (a)		21,010		638,389
				1,687,899
HEALTH CARE TECHNOLOGY—1.6%
Omnicell, Inc. (a)		22,175		759,050
HOTELS, RESTAURANTS & LEISURE—0.8%
Zoe's Kitchen, Inc. (a)		11,195		406,043
INTERNET SOFTWARE & SERVICES—3.9%
Criteo SA, ADR - ADR (a)		18,790		862,837
Envestnet, Inc. (a)		2,755		91,769
LogMeIn, Inc. (a)		6,410		406,586
SPS Commerce, Inc. (a)		8,880		538,128
				1,899,320
IT SERVICES—2.8%
Acxiom Corp. (a)		25,900		569,541
Euronet Worldwide, Inc. (a)		11,690		808,831
				1,378,372
LIFE SCIENCES TOOLS & SERVICES—6.0%
Cambrex Corp. (a)		11,220		580,411
Charles River Laboratories International, Inc. (a)		10,175		838,827
PRA Health Sciences, Inc. (a)		14,945		624,103
VWR Corp. (a)		31,440		908,616
				2,951,957
MACHINERY—1.2%
John Bean Technologies Corp.		3,400		208,148
Toro Co.		4,470		394,254
				602,402
MARINE—0.8%
Kirby Corp. (a)		6,100		380,579
MEDIA—1.2%
EW Scripps Co. - Class A (a)		37,060		587,030
MULTILINE RETAIL—2.2%
Burlington Stores, Inc. (a)		15,805		1,054,352
OIL, GAS & CONSUMABLE FUELS—1.7%
Parsley Energy, Inc. - Class A (a)		5,985		161,954
PDC Energy, Inc. (a)		11,545		665,108
				827,062
PHARMACEUTICALS—1.6%
Akorn, Inc. (a)		27,037		770,149
PROFESSIONAL SERVICES—1.6%
FTI Consulting, Inc. (a)		19,705		801,599
REAL ESTATE INVESTMENT TRUSTS (REIT)—2.6%
First Industrial Realty Trust, Inc.		28,670		797,599
Outfront Media, Inc.		20,575		497,298
				1,294,897
REAL ESTATE INVESTMENT TRUSTS (REITS)—4.8%
CubeSmart		22,040		680,595
Sovran Self Storage, Inc.		8,955		939,558
STAG Industrial, Inc.		30,560		727,634
				2,347,787

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued

Praxis Small Cap Fund
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
COMMON STOCKS—91.3%, continued
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%
Kennedy-Wilson Holdings, Inc.		18,820	$	356,827
ROAD & RAIL—1.0%
Genesee & Wyoming, Inc. - Class A (a)		8,355		492,527
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.0%
Rambus, Inc. (a)		39,335		475,167
SOFTWARE—10.6%
ACI Worldwide, Inc. (a)		29,830		581,983
Callidus Software, Inc. (a)		28,005		559,540
Fair Isaac Corp.		4,360		492,723
Guidewire Software, Inc. (a)		13,030		804,733
Interactive Intelligence Group, Inc. (a)		12,840		526,312
Manhattan Associates, Inc. (a)		12,315		789,761
Proofpoint, Inc. (a)		8,225		518,915
Take-Two Interactive Software, Inc. (a)		24,650		934,728
				5,208,695
SPECIALTY RETAIL—1.4%
Monro Muffler Brake, Inc.		10,375		659,435
TEXTILES, APPAREL & LUXURY GOODS—2.1%
Columbia Sportswear Co.		13,450		773,913
Oxford Industries, Inc.		4,685		265,265
				1,039,178
TRADING COMPANIES & DISTRIBUTORS—2.9%
MSC Industrial Direct Co., Inc. - Class A		6,400		451,584
Watsco, Inc.		6,950		977,796
				1,429,380
TOTAL COMMON STOCKS (Cost $36,306,114)				44,705,222

	COUPON			MATURITY	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Calvert Social Investment Foundation, Inc. (b) (Cost $440,000)		1.000	%	06/15/17	$	440,000	$	440,000

TOTAL INVESTMENTS (Cost (c) $36,746,114—Unrealized gain/loss $8,399,108)—92.2%							$	45,145,222
Other assets in excess of liabilities—7.8%								3,845,348
NET ASSET—100.0%							$	48,990,570

(a)	Non-income producing security.

(b)	Illiquid security.

(c)	Represents cost for financial reporting purposes.

ADR	— American Depositary Receipt

See accompanying notes to financial statements.

Schedule of Portfolio Investments

Praxis Genesis Conservative Portfolio
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
MUTUAL FUNDS—99.2%
DEBT FUND—68.9%
Praxis Impact Bond Fund - Class I (a)		1,367,429	$	14,522,101
EQUITY FUNDS—30.3%
Praxis Growth Index Fund - Class I (a)		117,284		2,125,180
Praxis International Index Fund - Class I (a)		170,136		1,566,955
Praxis Small Cap Fund - Class I (a) (b)		54,237		547,250
Praxis Value Index Fund - Class I (a) (b)		183,637		2,154,058
				6,393,443
TOTAL MUTUAL FUNDS (Cost $19,137,811)				20,915,544

TOTAL INVESTMENTS (Cost (c) $19,137,811—Unrealized gain/loss $1,777,733)—99.2%			$	20,915,544
Other assets in excess of liabilities—0.8%				160,637
NET ASSETS—100.0%			$	21,076,181

(a)	Affiliated fund.

(b)	Non-income producing security.

(c)	Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

Schedule of Portfolio Investments

Praxis Genesis Balanced Portfolio
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
MUTUAL FUNDS—99.9%
DEBT FUND—39.3%
Praxis Impact Bond Fund - Class I (a)		2,316,427	$	24,600,449
EQUITY FUNDS—60.6%
Praxis Growth Index Fund - Class I (a)		608,195		11,020,502
Praxis International Index Fund - Class I (a)		1,008,068		9,284,310
Praxis Small Cap Fund - Class I (a) (b)		643,308		6,490,981
Praxis Value Index Fund - Class I (a) (b)		952,276		11,170,195
				37,965,988
TOTAL MUTUAL FUNDS (Cost $54,226,456)				62,566,437

TOTAL INVESTMENTS (Cost (c) $54,226,456—Unrealized gain/loss $8,339,981)—99.9%			$	62,566,437
Other assets in excess of liabilities—0.1%				38,390
NET ASSETS—100.0%			$	62,604,827

(a)	Affiliated fund.

(b)	Non-income producing security.

(c)	Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

Schedule of Portfolio Investments

Praxis Genesis Growth Portfolio
June 30, 2016 (unaudited)

	SHARES		FAIR VALUE
MUTUAL FUNDS—100.0%
DEBT FUND—19.5%
Praxis Impact Bond Fund - Class I (a)		951,735	$	10,107,425
EQUITY FUNDS—80.5%
Praxis Growth Index Fund - Class I (a)		642,862		11,648,660
Praxis International Index Fund - Class I (a)		1,105,068		10,177,672
Praxis Small Cap Fund - Class I (a) (b)		793,181		8,003,199
Praxis Value Index Fund - Class I (a) (b)		1,006,564		11,806,997
				41,636,528
TOTAL MUTUAL FUNDS (Cost $43,145,884)				51,743,953

TOTAL INVESTMENTS (Cost (c) $43,145,884—Unrealized gain/loss $8,598,069)—100.0%			$	51,743,953
Other assets in excess of liabilities—0.0% (d)				1,340
NET ASSETS—100.0%			$	51,745,293

(a)	Affiliated fund.

(b)	Non-income producing security.

(c)	Represents cost for financial reporting purposes.

(d)	Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

Statements of Assets & Liabilities

June 30, 2016 (unaudited)

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Fund
Assets
Total investments in unaffiliated securities, at cost	$	431,088,113		$	169,456,821		$	122,845,304		$	131,106,784		$	36,746,114
Investments in unaffiliated securities, at fair value (Note 2)	$	450,141,951		$	175,488,391		$	147,581,820		$	191,277,552		$	45,145,222
Cash		15,641,217			2,426,216			323,910			1,064,799			3,849,167
Receivable for investments sold		968			10,876			—			15,304			—
Receivable for capital shares sold		1,139,190			108,377			87,082			239,543			30,147
Receivable for dividends and interest		3,302,545			746,029			217,916			148,929			21,072
Receivable for tax reclaims		—			116,615			—			14,385			—
Prepaid expenses		73,388			22,152			23,684			41,337			15,073
Total Assets		470,299,259			178,918,656			148,231,412			192,801,849			49,060,681

Liabilities
Distributions payable		928,816			—			—			—			—
Payable for capital shares redeemed		225,830			65,637			30,346			116,712			3,446
Payable for investments purchased		1,500,000			1,519,626			—			845,821			—
Accrued expenses and other payables:
Investment advisory fees (Note 5)		152,636			86,201			34,620			48,170			33,960
Administration fees (Note 5)		39,425			13,230			11,758			21,665			5,748
Distribution fees (Note 5)		17,019			5,937			8,333			27,063			1,650
Other		62,768			43,189			24,879			33,683			25,307
Total Liabilities		2,926,494			1,733,820			109,936			1,093,114			70,111

Net Assets	$	467,372,765		$	177,184,836		$	148,124,476		$	191,708,735		$	48,990,570

Components of Net Assets
Paid-in capital	$	447,944,109		$	179,705,278		$	122,114,064		$	132,236,163		$	39,360,144
Accumulated (distributions in excess of) net investment income		(350,615	)		2,391,336			1,480,194			1,188,355			(44,900	)
Accumulated net realized gains (losses) on investments and foreign currency transactions		725,433			(10,940,125	)		(206,298	)		(1,888,301	)		1,276,218
Net unrealized appreciation on investments and foreign currency translations		19,053,838			6,028,347			24,736,516			60,172,518			8,399,108
Net Assets	$	467,372,765		$	177,184,836		$	148,124,476		$	191,708,735		$	48,990,570

Pricing of Class A Shares
Net assets attributable to Class A shares	$	90,237,407		$	18,091,764		$	19,320,959		$	68,077,586		$	7,387,159
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		8,460,504			1,978,033			1,640,217			3,786,816			778,046
Net asset value, offering price and redemption price per share	$	10.67		$	9.15		$	11.78		$	17.98		$	9.49
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]	$	11.09		$	9.66		$	12.43		$	18.98		$	10.02

Pricing of Class I Shares
Net assets attributable to Class I shares	$	377,135,358		$	159,093,072		$	128,803,517		$	123,631,149		$	41,603,411
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		35,513,806			17,273,591			10,983,386			6,823,684			4,124,564
Net asset value and redemption price per share	$	10.62		$	9.21		$	11.73		$	18.12		$	10.09

See accompanying notes to financial statements.

Statements of Assets & Liabilities, continued

June 30, 2016 (unaudited)

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Assets
Total investments in affiliated securities, at cost	$	19,137,811		$	54,226,456		$	43,145,884
Investments in affiliated securities, at fair value (Note 2 and 4)	$	20,915,544		$	62,566,437		$	51,743,953
Cash		662			218			624
Receivable for capital shares sold		160,171			25,671			2,774
Receivable for dividends and interest		29,933			50,505			20,743
Prepaid expenses		9,897			18,401			17,471
Total Assets		21,116,207			62,661,232			51,785,565

Liabilities
Distributions payable		18,112			8,025			—
Payable for capital shares redeemed		2,849			4,361			6,112
Accrued expenses and other payables:
Investment advisory fees (Note 5)		2,853			2,553			834
Administration fees (Note 5)		3,405			9,997			11,265
Distribution fees (Note 5)		6,083			16,269			13,555
Other		6,724			15,200			8,506
Total Liabilities		40,026			56,405			40,272

Net Assets	$	21,076,181		$	62,604,827		$	51,745,293

Components of Net Assets
Paid-in capital	$	19,345,447		$	53,705,830		$	42,302,462
Accumulated (distributions in excess of) net investment income		20			229			(21,088	)
Accumulated net realized gains (losses) on investments		(47,019	)		559,787			865,850
Net unrealized appreciation on investments		1,777,733			8,339,981			8,598,069
Net Assets	$	21,076,181		$	62,604,827		$	51,745,293

Pricing of Class A Shares
Net assets attributable to Class A shares	$	21,076,181		$	62,604,827		$	51,745,293
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		1,862,043			5,017,188			3,902,099
Net asset value, offering price and redemption price per share	$	11.32		$	12.48		$	13.26
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]	$	11.95		$	13.17		$	13.99

See accompanying notes to financial statements.

Statements of Operations

For the six months ended June 30, 2016 (unaudited)

	Praxis Impact Bond Fund			Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund		Praxis Small Cap Fund
Investment income
Dividends	$	105,388		$	3,663,773		$	1,793,587		$	1,598,797	$	163,480
Foreign tax withholding		—			(367,111	)		—			—		(2,055	)
Interest		6,740,791			21,591			29,261			137,948		53,491
Total Investment Income		6,846,179			3,318,253			1,822,848			1,736,745		214,916

Expenses
Investment advisory fees (Note 5)		895,768			508,407			198,791			280,237		193,493
Administration fees (Note 5)		134,191			50,338			39,852			56,493		12,852
Distribution fees - Class A (Note 5)		105,528			22,055			21,992			80,893		8,595
Transfer agent fees - Class A (Note 5)		53,625			17,135			11,559			34,068		7,860
Transfer agent fees - Class I (Note 5)		4,291			1,978			1,848			1,849		1,513
Compliance service fees (Note 5)		5,937			2,258			1,736			2,655		575
Registration fees - Class A		1,274			986			1,550			1,207		695
Registration fees - Class I		2,397			470			370			917		341
Shareholder report printing fees - Class A		34,735			8,365			7,630			21,145		6,455
Shareholder report printing fees - Class I		4,374			873			745			1,100		476
Professional fees		67,680			24,724			24,403			34,317		2,681
Custodian fees		17,236			14,851			6,509			7,482		3,837
Trustee fees and expenses (Note 5)		33,813			12,857			10,006			14,271		3,220
Other expenses		47,386			47,416			15,663			11,756		20,908
Total Expenses		1,408,235			712,713			342,654			548,390		263,501
Expenses reduced by Investment Adviser (Note 5)		(17,820	)		—			—			—		(3,685	)
Net Expenses		1,390,415			712,713			342,654			548,390		259,816

Net Investment Income (Loss)		5,455,764			2,605,540			1,480,194			1,188,355		(44,900	)

Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		348,817			(2,729,660	)		(849,434	)		1,870,694		1,104,520
Net realized losses on foreign currency transactions		—			(5,520	)		—			—		—
Change in unrealized appreciation (depreciation) of investments		14,870,753			1,044,186			7,372,044			353,568		(582,097	)
Change in unrealized appreciation (depreciation) of foreign currency translations		—			2,513			—			359		—
Net Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Transactions		15,219,570			(1,688,481	)		6,522,610			2,224,621		522,423
Net Change in Net Assets from Operations	$	20,675,334		$	917,059		$	8,002,804		$	3,412,976	$	477,523

See accompanying notes to financial statements.

Statements of Operations, continued

For the six months ended June 30, 2016 (unaudited)

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Investment income
Dividends from affiliates	$	188,476		$	319,991		$	132,162

Expenses
Investment advisory fees (Note 5)		5,042			14,940			12,316
Administration fees (Note 5)		3,090			9,068			7,424
Distribution fees - Class A (Note 5)		25,209			74,701			61,580
Transfer agent fees (Note 5)		8,905			26,228			31,288
Compliance service fees (Note 5)		27			79			66
Registration fees		—			4,468			1,533
Shareholder report printing fees		6,154			19,203			22,490
Professional fees		5,465			7,956			7,242
Custodian fees		368			378			352
Trustee fees and expenses (Note 5)		336			1,032			839
Other expenses		2,428			10,530			6,962
Total Expenses		57,024			168,583			152,092
Expenses recouped by Investment Adviser (Note 5)		2,000			—			—
Net Expenses		59,024			168,583			152,092

Net Investment Income (Loss)		129,452			151,408			(19,930	)

Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments in affiliates		(29,428	)		(146,921	)		(154,591	)
Change in unrealized appreciation (depreciation) of investments in affiliates		689,421			1,891,021			1,500,129
Net Realized and Unrealized Gains on Investments and Investments in Affiliates		659,993			1,744,100			1,345,538
Net Change in Net Assets from Operations	$	789,445		$	1,895,508		$	1,325,608

See accompanying notes to financial statements.

Statements of Changes in Net Assets

	Praxis Impact Bond Fund						Praxis International Index Fund
	For the Six Months Ended June 30, 2016 (unaudited)			For the Year Ended December 31, 2015			For the Six Months Ended June 30, 2016 (unaudited)			For the Year Ended December 31, 2015
From Operations
Net investment income	$	5,455,764		$	10,538,764		$	2,605,540		$	3,385,958
Net realized gains (losses) from investments		348,817			1,781,238			(2,735,180	)		(2,724,552	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		14,870,753			(9,983,446	)		1,046,699			(9,615,751	)
Net Change in Net Assets from Operations		20,675,334			2,336,556			917,059			(8,954,345	)

Distributions to Shareholders (Note 7)
From net investment income
Class A		(960,908	)		(1,815,811	)		—			(255,773	)
Class I		(4,845,471	)		(9,735,335	)		—			(3,096,088	)
From net realized gains
Class A		—			(40,363	)		—			—
Class I		—			(178,884	)		—			—
Change in Net Assets from Distributions to Shareholders		(5,806,379	)		(11,770,393	)		—			(3,351,861	)

Change in Net Assets from Capital Transactions (Note 6)		18,550,858			37,694,158			5,537,582			10,592,868
Change in Net Assets		33,419,813			28,260,321			6,454,641			(1,713,338	)

Net Assets
Beginning of period		433,952,952			405,692,631			170,730,195			172,443,533
End of period	$	467,372,765		$	433,952,952		$	177,184,836		$	170,730,195

Accumulated (Distributions in Excess of) Net Investment Income	$	(350,615	)	$	—		$	2,391,336		$	(214,204	)

See accompanying notes to financial statements.

Statements of Changes in Net Assets, continued

	Praxis Value Index Fund						Praxis Growth Index Fund					Praxis Small Cap Fund
	For the Six Months Ended June 30, 2016 (unaudited)			For the Year Ended December 31, 2015			For the Six Months Ended June 30, 2016 (unaudited)		For the Year Ended December 31, 2015			For the Six Months Ended June 30, 2016 (unaudited)			For the Year Ended December 31, 2015
From Operations
Net investment income (loss)	$	1,480,194		$	2,696,512		$	1,188,355	$	2,288,471		$	(44,900	)	$	(94,859	)
Net realized gains on investments in affiliates		—			—			—		—			—			1
Net realized gains (losses) from investments		(849,434	)		2,072,935			1,870,694		5,579,954			1,104,520			5,122,570
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		7,372,044			(13,080,314	)		353,927		(842,306	)		(582,097	)		(6,323,699	)
Net Change in Net Assets from Operations		8,002,804			(8,310,867	)		3,412,976		7,026,119			477,523			(1,295,987	)

Distributions to Shareholders (Note 7)
From net investment income
Class A		—			(431,824	)		—		(763,479	)		—			—
Class I		—			(3,438,261	)		—		(1,867,184	)		—			—
From net realized gains
Class A		—			(425,723	)		—		—			—			(1,034,253	)
Class I		—			(2,805,885	)		—		—			—			(5,325,978	)
Change in Net Assets from Distributions to Shareholders		—			(7,101,693	)		—		(2,630,663	)		—			(6,360,231	)

Change in Net Assets from Capital Transactions (Note 6)		8,741,535			20,592,527			1,295,765		8,152,275			1,349,998			(6,627,874	)
Change in Net Assets		16,744,339			5,179,967			4,708,741		12,547,731			1,827,521			(14,284,092	)

Net Assets
Beginning of period		131,380,137			126,200,170			186,999,994		174,452,263			47,163,049			61,447,141
End of period	$	148,124,476		$	131,380,137		$	191,708,735	$	186,999,994		$	48,990,570		$	47,163,049

Accumulated (Distributions in Excess of) Net Investment Income	$	1,480,194		$	—		$	1,188,355	$	—		$	(44,900	)	$	—

See accompanying notes to financial statements.

Statements of Changes in Net Assets, continued

	Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio
	For the Six Months Ended June 30, 2016 (unaudited)			For the Year Ended December 31, 2015			For the Six Months Ended June 30, 2016 (unaudited)			For the Year Ended December 31, 2015			For the Six Months Ended June 30, 2016 (unaudited)			For the Year Ended December 31, 2015
From Operations
Net investment income (loss)	$	129,452		$	385,657		$	151,408		$	991,280		$	(19,930	)	$	675,175
Net realized losses on investments in affiliates		(29,428	)		(24,903	)		(146,921	)		(92,806	)		(154,591	)		(28,590	)
Distribution of realized gains received from affiliates		—			120,155			—			1,057,300			—			1,268,444
Net change in unrealized appreciation (depreciation) on investments in affiliates		689,421			(649,450	)		1,891,021			(3,044,054	)		1,500,129			(3,208,536	)
Net Change in Net Assets from Operations		789,445			(168,541	)		1,895,508			(1,088,280	)		1,325,608			(1,293,507	)

Distributions to Shareholders (Note 7)
From net investment income
Class A		(129,432	)		(392,724	)		(151,179	)		(1,035,512	)		(1,158	)		(717,504	)
From net realized gains
Class A		—			(102,074	)		—			(932,645	)		—			(1,223,796	)
Change in Net Assets from Distributions to Shareholders		(129,432	)		(494,798	)		(151,179	)		(1,968,157	)		(1,158	)		(1,941,300	)

Change in Net Assets from Capital Transactions (Note 6)		697,819			1,254,097			1,118,868			5,187,292			539,461			3,446,444
Change in Net Assets		1,357,832			590,758			2,863,197			2,130,855			1,863,911			211,637

Net Assets
Beginning of period		19,718,349			19,127,591			59,741,630			57,610,775			49,881,382			49,669,745
End of period	$	21,076,181		$	19,718,349		$	62,604,827		$	59,741,630		$	51,745,293		$	49,881,382

Accumulated (Distributions in Excess of) Net Investment Income	$	20		$	—		$	229		$	—		$	(21,088	)	$	—

See accompanying notes to financial statements.

Financial Highlights

For a share outstanding throughout the period indicated

Praxis Impact Bond Fund - Class A

	Six Months Ended June 30, 2016 (Unaudited)			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	$	10.32		$	10.54		$	10.27		$	10.73		$	10.63		$	10.43
Net investment income		0.10			0.23	^(a)		0.24	^(a)		0.25	^(a)		0.27			0.34
Net realized and unrealized gains (losses) on investments		0.37			(0.19	)		0.29			(0.42	)		0.22			0.32
Total from investment operations		0.47			0.04			0.53			(0.17	)		0.49			0.66
Less distributions:
Dividends from investment income		(0.12	)		(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		(0.12	)		(0.26	)		(0.26	)		(0.29	)		(0.39	)		(0.46	)
Paid-in capital from redemption fees (Note 2)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—
Net asset value at end of period	$	10.67		$	10.32		$	10.54		$	10.27		$	10.73		$	10.63
Total return (excludes sales charge)		4.56	%^(c)		0.33	%		5.21	%		(1.65	%)		4.64	%		6.43	%
Net assets at end of period (in 000s)	$	90,237		$	79,999		$	74,950		$	69,784		$	83,494		$	72,106
Ratio of net expenses to average net assets		0.94	%^(d)		0.93	%		0.93	%		0.94	%		0.96	%		0.96	%
Ratio of net investment income to average net assets		1.86	%^(d)		2.16	%		2.32	%		2.34	%		2.49	%		3.19	%
Ratio of gross expenses to average net assets*		0.99	%^(d)		0.98	%		0.94	%		0.99	%		1.05	%		1.08	%
Portfolio turnover rate		7.82	%^(c)		22.67	%		16.48	%		23.68	%		35.75	%		36.12	%

Praxis Impact Bond Fund - Class I

	Six Months Ended June 30, 2016 (Unaudited)			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	$	10.27		$	10.50		$	10.22		$	10.69		$	10.60		$	10.39
Net investment income		0.14			0.27	^(a)		0.28	^(a)		0.29	^(a)		0.31			0.38
Net realized and unrealized gains (losses) on investments		0.35			(0.20	)		0.30			(0.43	)		0.21			0.33
Total from investment operations		0.49			0.07			0.58			(0.14	)		0.52			0.71
Less distributions:
Dividends from investment income		(0.14	)		(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		(0.14	)		(0.30	)		(0.30	)		(0.33	)		(0.43	)		(0.50	)
Paid-in capital from redemption fees (Note 2)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—
Net asset value at end of period	$	10.62		$	10.27		$	10.50		$	10.22		$	10.69		$	10.60
Total return (excludes sales charge)		4.78	%^(c)		0.72	%		5.66	%		(1.26	%)		4.98	%		6.98	%
Net assets at end of period (in 000s)	$	377,135		$	353,954		$	330,742		$	292,594		$	268,864		$	234,612
Ratio of expenses to average net assets		0.55	%^(d)		0.54	%		0.53	%		0.54	%		0.56	%		0.57	%
Ratio of net investment income to average net assets		2.57	%^(d)		2.55	%		2.73	%		2.73	%		2.89	%		3.59	%
Portfolio turnover rate		7.82	%^(c)		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. (Note 5)

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

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

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis International Index Fund - Class A

	Six Months Ended June 30, 2016 (Unaudited)			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	$	9.15			$	9.85			$	10.64			$	9.47			$	8.25			$	10.00
Net investment income		0.11				0.14	^(b)			0.20	^(b)			0.14	^(b)			0.17				0.03
Net realized and unrealized gains (losses) on investments		(0.11	)			(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 (Note 2)		—	^(c)			—	^(c)			—	^(c)			—	^(c)			—	^(c)			—	^(c)
Net asset value at end of period	$	9.15			$	9.15			$	9.85			$	10.64			$	9.47			$	8.25
Total return (excludes sales charge)		0.00	%			(5.76	%)			(5.70	%)			13.86	%			16.24	%			(16.54	)%^(d)
Net assets at end of period (in 000s)	$	18,092			$	17,631			$	18,370			$	19,892			$	18,181			$	2,363
Ratio of net expenses to average net assets		1.37	%^(e)			1.33	%			1.28	%			1.43	%			1.73	%			1.73	%^(e)
Ratio of net investment income to average net assets		2.52	%^(e)			1.45	%			1.88	%			1.36	%			1.58	%			0.89	%^(e)
Ratio of gross expenses to average net assets*		1.37	%^(e)			1.33	%			1.28	%			1.43	%			1.73	%			4.87	%^(e)
Portfolio turnover rate		3.73	%^(d)			4.48	%			5.73	%			11.36	%			5.18	%			2.44	%^(d)

Praxis International Index Fund - Class I

	Six Months Ended June 30, 2016 (Unaudited)			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	$	9.19			$	9.89			$	10.70			$	9.51			$	8.27			$	10.00
Net investment income		0.14				0.20	^(b)			0.25	^(b)			0.20	^(b)			0.18				0.12
Net realized and unrealized gains (losses) on investments		(0.12	)			(0.71	)			(0.82	)			1.20				1.24				(1.73	)
Total from investment operations		0.02				(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 (Note 2)		—	^(c)			—	^(c)			—	^(c)			—	^(c)			—	^(c)			—
Net asset value at end of period	$	9.21			$	9.19											$	9.51			$	8.27
Total return (excludes sales charge)		0.22	%^(d)			(5.19	%)			(5.36	%)			14.68	%			17.26	%			(16.05	)%^(d)
Net assets at end of period (in 000s)	$	159,093			$	153,099			$	154,074			$	150,369			$	118,838			$	64,580
Ratio of expenses to average net assets		0.78	%^(e)			0.78	%			0.78	%			0.80	%			0.84	%			0.86	%^(e)
Ratio of net investment income to average net assets		3.14	%^(e)			1.97	%			2.35	%			1.96	%			2.29	%			2.25	%^(e)
Portfolio turnover rate		3.73	%^(d)			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. (Note 5)

^(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 per share has been calculated using the average daily shares outstanding during the period.

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

^(d)	Not annualized.

^(e)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Value Index Fund - Class A

	Six Months Ended June 30, 2016 (Unaudited)			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	$	11.17		$	12.54		$	11.21		$	8.71		$	7.57		$	7.95
Net investment income		0.08			0.20	^(a)		0.18	^(a)		0.14	^(a)		0.28			0.12
Net realized and unrealized gains (losses) on investments		0.53			(1.00	)		1.23			2.60			0.93			(0.40	)
Total from investment operations		0.61			(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 (Note 2)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—
Net asset value at end of period	$	11.78		$	11.17		$	12.54		$	11.21		$	8.71		$	7.57
Total return (excludes sales charge)		5.46	%^(c)		(6.41	%)		12.57	%		31.33	%		16.12	%		(3.58	%)
Net assets at end of period (in 000s)	$	19,321		$	17,453		$	17,356		$	16,275		$	13,591		$	20,776
Ratio of expenses to average net assets		0.94	%^(d)		0.94	%		0.87	%		1.03	%		1.21	%		1.32	%
Ratio of net investment income to average net assets		1.65	%^(d)		1.62	%		1.53	%		1.40	%		1.48	%		1.19	%
Portfolio turnover rate		14.75	%^(c)		21.38	%		20.53	%		30.38	%		69.58	%		29.11	%

Praxis Value Index Fund - Class I

	Six Months Ended June 30, 2016 (Unaudited)			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	$	11.09		$	12.46		$	11.14		$	8.65		$	7.52		$	7.91
Net investment income		0.12			0.26	^(a)		0.23	^(a)		0.20	^(a)		0.09			0.15
Net realized and unrealized gains (losses) on investments		0.52			(1.00	)		1.22			2.59			1.18			(0.37	)
Total from investment operations		0.64			(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 (Note 2)		—	^(b)		—	^(b)		—	^(b)		—			—			—
Net asset value at end of period	$	11.73		$	11.09		$	12.46		$	11.14		$	8.65		$	7.52
Total return (excludes sales charge)		5.77	%^(c)		(6.00	%)		13.03	%		32.26	%		16.91	%		(2.80	%)
Net assets at end of period (in 000s)	$	128,804		$	113,927		$	108,845		$	93,118		$	71,284		$	32,070
Ratio of expenses to average net assets		0.45	%^(d)		0.45	%		0.45	%		0.48	%		0.47	%		0.49	%
Ratio of net investment income to average net assets		2.32	%^(d)		2.11	%		1.94	%		1.95	%		2.24	%		2.03	%
Portfolio turnover rate		14.75	%^(c)		21.68	%		20.53	%		30.38	%		69.58	%		29.11	%

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

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

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Growth Index Fund - Class A

	Six Months Ended June 30, 2016 (Unaudited)			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	$	17.68		$	17.25		$	15.19		$	11.63		$	9.96		$	9.86
Net investment income		0.09			0.18	^(a)		0.12	^(a)		0.10	^(a)		0.02			0.01
Net realized and unrealized gains on investments		0.21			0.46			2.05			3.58			1.70			0.10
Total from investment operations		0.30			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 (Note 2)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)
Net asset value at end of period	$	17.98		$	17.68		$	17.25		$	15.19		$	11.63		$	9.96
Total return (excludes sales charge)		1.70	%^(c)		3.70	%		14.26	%		31.72	%		17.15	%		1.12	%
Net assets at end of period (in 000s)	$	68,078		$	64,689		$	55,833		$	51,724		$	43,035		$	3,363
Ratio of net expenses to average net assets		0.84	%^(d)		0.84	%		0.91	%		1.01	%		1.08	%		1.10	%
Ratio of net investment income to average net assets		1.02	%^(d)		1.00	%		0.73	%		0.76	%		1.08	%		0.14	%
Ratio of gross expenses to average net assets*		0.84	%^(d)		0.84	%		0.91	%		1.01	%		1.26	%		2.01	%
Portfolio turnover rate		13.14	%^(c)		18.68	%		19.09	%		14.82	%		82.74	%		21.18	%

Praxis Growth Index Fund - Class I

	Six Months Ended June 30, 2016 (Unaudited)			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	$	17.79		$	17.34		$	15.27		$	11.68		$	9.96		$	9.86
Net investment income		0.13			0.25	^(a)		0.20	^(a)		0.18	^(a)		0.07			0.07
Net realized and unrealized gains on investments		0.20			0.47			2.06			3.60			1.71			0.10
Total from investment operations		0.33			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 (Note 2)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—
Net asset value at end of period	$	18.12		$	17.79		$	17.34		$	15.27		$	11.68		$	9.96
Total return (excludes sales charge)		1.85	%^(c)		4.10	%		14.77	%		32.26	%		17.94	%		1.73	%
Net assets at end of period (in 000s)	$	123,631		$	122,311		$	118,619		$	100,561		$	97,072		$	33,843
Ratio of expenses to average net assets		0.45	%^(d)		0.44	%		0.42	%		0.47	%		0.48	%		0.50	%
Ratio of net investment income to average net assets		1.41	%^(d)		1.38	%		1.22	%		1.31	%		1.31	%		0.75	%
Portfolio turnover rate		13.14	%^(c)		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. (Note 5)

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

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

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Small Cap Fund - Class A

	Six Months Ended June 30, 2016 (Unaudited)			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	$	9.45			$	11.49			$	13.80			$	11.33			$	10.51			$	9.95
Net investment loss		(0.03	)			(0.09	)^(a)			(0.12	)^(a)			(0.12	)^(a)			(0.06	)			(0.09	)
Net realized and unrealized gains (losses) on investments		0.07				(0.41	)			(0.43	)			4.04				1.03				0.64
Total from investment operations		0.04				(0.50	)			(0.55	)			3.92				0.97				0.55
Less distributions:
Dividends from investment income		—				(1.54	)			(1.76	)			(1.45	)			(0.15	)			—
Total distributions		—				(1.54	)			(1.76	)			(1.45	)			(0.15	)			—
Paid-in capital from redemption fees (Note 2)		—				—	^(b)			—	^(b)			—	^(b)			—	^(b)			0.01
Net asset value at end of period	$	9.49			$	9.45			$	11.49			$	13.80			$	11.33			$	10.51
Total return (excludes sales charge)		0.42	%^(c)			(4.53	%)			(4.11	%)			34.63	%			9.26	%			5.63	%
Net assets at end of period (in 000s)	$	7,387			$	7,339			$	7,664			$	8,465			$	5,710			$	5,541
Ratio of net expenses to average net assets		1.66	%^(d)			1.68	%			1.69	%			1.69	%			1.72	%			1.71	%
Ratio of net investment loss to average net assets		(0.54	%)^(d)			(0.75	%)			(0.95	%)			(0.95	%)			(0.34	%)			(1.09	%)
Ratio of gross expenses to average net assets*		1.77	%^(d)			1.81	%			1.70	%			1.90	%			1.91	%			2.17	%
Portfolio turnover rate		26.81	%^(c)			75.84	%			73.67	%			49.25	%			49.78	%			67.48	%

Praxis Small Cap Fund - Class I

	Six Months Ended June 30, 2016 (Unaudited)			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	$	10.01		$	12.01		$	14.25		$	11.59		$	10.67		$	10.06
Net investment income (loss)		(0.01	)		(0.01	)^(a)		(0.04	)^(a)		(0.04	)^(a)		0.06			(0.03	)
Net realized and unrealized gains (losses) on investments		0.09			(0.45	)		(0.44	)		4.15			1.01			0.64
Total from investment operations		0.08			(0.46	)		(0.48	)		4.11			1.07			0.61
Less distributions:
Dividends from investment income		—			(1.54	)		(1.76	)		(1.45	)		(0.15	)		—
Total distributions		—			(1.54	)		(1.76	)		(1.45	)		(0.15	)		—
Paid-in capital from redemption fees (Note 2)		—			—	^(b)		—	^(b)		—	^(b)		—			—
Net asset value at end of period	$	10.09		$	10.01		$	12.01		$	14.25		$	11.59		$	10.67
Total return (excludes sales charge)		0.80	%^(c)		(3.99	%)		(3.49	%)		35.53	%		10.06	%		6.06	%
Net assets at end of period (in 000s)	$	41,603		$	39,824		$	53,783		$	68,762		$	63,520		$	61,130
Ratio of expenses to average net assets		1.05	%^(d)		1.06	%		1.02	%		1.04	%		1.05	%		1.04	%
Ratio of net investment income (loss) to average net assets		(0.14	%)^(d)		(0.07	%)		(0.28	%)		(0.31	%)		0.50	%		(0.44	%)
Portfolio turnover rate		26.81	%^(c)		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. (Note 5)

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

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

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Conservative Portfolio - Class A

	Six Months Ended June 30, 2016 (Unaudited)			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	$	10.97		$	11.34		$	11.10		$	10.79		$	10.50		$	10.55
Net investment income		0.07			0.22	^(a)		0.21	^(a)		0.23	^(a)		0.23			0.24
Net realized and unrealized gains (losses) on investments		0.35			(0.31	)		0.42			0.45			0.54			0.06
Total from investment operations		0.42			(0.09	)		0.63			0.68			0.77			0.30
Less distributions:
Dividends from investment income		(0.07	)		(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		(0.07	)		(0.28	)		(0.39	)		(0.37	)		(0.48	)		(0.35	)
Paid-in capital from redemption fees (Note 2)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)
Net asset value at end of period	$	11.32		$	10.97		$	11.34		$	11.10		$	10.79		$	10.50
Total return (excludes sales charge)		3.85	%^(c)		(0.81	%)		5.68	%		6.28	%		7.42	%		2.88	%
Net assets at end of period (in 000s)	$	21,076		$	19,718		$	19,128		$	18,045		$	17,203		$	14,018
Ratio of net expenses to average net assets^†		0.59	%^(d)		0.60	%		0.60	%		0.61	%		0.61	%		0.61	%
Ratio of net investment income to average net assets		1.28	%^(d)		1.95	%		1.82	%		2.04	%		2.13	%		2.31	%
Ratio of gross expenses to average net assets^†*		0.59	%^(d)		0.63	%		0.62	%		0.64	%		0.65	%		0.78	%
Portfolio turnover rate		5.24	%^(c)		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. (Note 5)

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

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

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Balanced Portfolio - Class A

	Six Months Ended June 30, 2016 (Unaudited)			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	$	12.13		$	12.76		$	12.50		$	11.14		$	10.62		$	10.91
Net investment income		0.03			0.21	^(a)		0.17	^(a)		0.20	^(a)		0.17			0.15
Net realized and unrealized gains (losses) on investments		0.35			(0.42	)		0.49			1.50			0.90			(0.17	)
Total from investment operations		0.38			(0.21	)		0.66			1.70			1.07			(0.02	)
Less distributions:
Dividends from investment income		(0.03	)		(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		(0.03	)		(0.42	)		(0.40	)		(0.34	)		(0.55	)		(0.27	)
Paid-in capital from redemption fees (Note 2)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)
Net asset value at end of period	$	12.48		$	12.13		$	12.76		$	12.50		$	11.14		$	10.62
Total return (excludes sales charge)		3.14	%^(c)		(1.66	%)		5.30	%		15.30	%		10.11	%		(0.21	%)
Net assets at end of period (in 000s)	$	62,605		$	59,742		$	57,611		$	53,614		$	44,584		$	37,770
Ratio of net expenses to average net assets^†		0.56	%^(d)		0.54	%		0.58	%		0.60	%		0.61	%		0.61	%
Ratio of net investment income to average net assets		0.51	%^(d)		1.65	%		1.33	%		1.65	%		1.57	%		1.39	%
Ratio of gross expenses to average net assets^†*		0.56	%^(d)		0.54	%		0.58	%		0.60	%		0.62	%		0.71	%
Portfolio turnover rate		3.62	%^(c)		6.53	%		10.26	%		19.91	%		38.48	%		15.11	%

^†	The ratios presented only reflect the direct 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. (Note 5)

^(a)	Net investment income per share has been calculated using the average daily shares outstanding during the period.

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

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Growth Portfolio - Class A

	Six Months Ended June 30, 2016 (Unaudited)			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	$	12.93		$	13.79		$	13.49		$	11.40		$	10.68		$	11.15
Net investment income (loss)		(0.02	)		0.18	^(a)		0.13	^(a)		0.17	^(a)		0.13			0.08
Net realized and unrealized gains (losses) on investments		0.35			(0.52	)		0.56			2.26			1.13			(0.33	)
Total from investment operations		0.33			(0.34	)		0.69			2.43			1.26			(0.25	)
Less distributions:
Dividends from investment income		(0.00	)^(b)		(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		(0.00	)^(b)		(0.52	)		(0.39	)		(0.34	)		(0.54	)		(0.22	)
Paid-in capital from redemption fees (Note 2)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)
Net asset value at end of period	$	13.26		$	12.93		$	13.79		$	13.49		$	11.40		$	10.68
Total return (excludes sales charge)		2.55	%^(c)		(2.49	%)		5.09	%		21.28	%		11.82	%		(2.24	%)
Net assets at end of period (in 000s)	$	51,745		$	49,881		$	49,670		$	45,793		$	36,294		$	29,882
Ratio of net expenses to average net assets^†		0.62	%^(d)		0.62	%		0.60	%		0.60	%		0.61	%		0.61	%
Ratio of net investment income (loss) to average net assets		(0.08	)%^(d)		1.33	%		0.95	%		1.39	%		1.22	%		0.79	%
Ratio of gross expenses to average net assets^†*		0.62	%^(d)		0.62	%		0.60	%		0.66	%		0.74	%		0.89	%
Portfolio turnover rate		3.53	%^(c)		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. (Note 5)

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

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

^(c)	Not annualized.

^(d)	Annualized.

See accompanying notes to financial statements.

Notes to Financial Statements (unaudited)

June 30, 2016

1. Organization:

The Praxis Mutual Funds (the “Trust”) is an open-end management investment company established as a Delaware business trust under a Declaration of Trust dated September 27, 1993, as amended and restated December 1, 1993, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of June 30, 2016, the Trust consists of the Praxis Impact Bond 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 Impact Bond Fund, International Index Fund, Value Index Fund, Growth Index Fund, Small Cap Fund, Conservative Portfolio, Balanced Portfolio and Growth Portfolio in the financial statements. Each Fund and Portfolio is a diversified series of the Trust.

As of June 30, 2016, 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 Impact Bond 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 open-end 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 debt 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, which approximates fair value. The Portfolios’ investments in the Funds (the “Underlying Funds”) are valued at the closing net asset value per share.

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

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

●

Level 1 — quoted prices in active markets for identical securities

●

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

Notes to Financial Statements (unaudited), continued

June 30, 2016

●

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 is 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 may be valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

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

The aggregate value by input level, as of June 30, 2016, for each Fund’s and Portfolio’s investments are as follows:

Impact Bond Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Asset Backed Securities	$	—	$	11,524,854	$	—	$	11,524,854
Commercial Mortgage Backed Securities		—		8,122,017		—		8,122,017
Foreign Bonds		—		7,899,536		—		7,899,536
Municipal Bonds		—		14,345,577		—		14,345,577
Corporate Bonds		—		210,853,224		—		210,853,224
Corporate Notes		—		4,600,000		—		4,600,000
U.S. Government Agencies		—		189,435,616		—		189,435,616
Investment Companies		3,361,127		—		—		3,361,127
Total Investments	$	3,361,127	$	446,780,824	$	—	$	450,141,951

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2016.

International Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	132,731,885	$	40,628,111	$	—	$	173,359,996
Preferred Stocks		528,395		—		—		528,395
Corporate Notes		—		1,600,000		—		1,600,000
Total Investments	$	133,260,280	$	42,228,111	$	—	$	175,488,391

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2016.

Value Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	146,304,792	$	—	$	—	$	146,304,792
Rights		—		7,028		—		7,028
Corporate Notes		—		1,270,000		—		1,270,000
Total Investments	$	146,304,792	$	1,277,028	$	—	$	147,581,820

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2016.

Growth Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	189,502,552	$	—	$	—	$	189,502,552
Corporate Notes		—		1,775,000		—		1,775,000
Total Investments	$	189,502,552	$	1,775,000	$	—	$	191,277,552

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2016.

Notes to Financial Statements (unaudited), continued

June 30, 2016

Small Cap Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	44,705,222	$	—	$	—	$	44,705,222
Corporate Notes		—		440,000		—		440,000
Total Investments	$	44,705,222	$	440,000	$	—	$	45,145,222

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2016.

Conservative Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	20,915,544	$	—	$	—	$	20,915,544
Total Investments	$	20,915,544	$	—	$	—	$	20,915,544

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2016.

Balanced Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	62,566,437	$	—	$	—	$	62,566,437
Total Investments	$	62,566,437	$	—	$	—	$	62,566,437

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2016.

Growth Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	51,743,953	$	—	$	—	$	51,743,953
Total Investments	$	51,743,953	$	—	$	—	$	51,743,953

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2016.

Securities Transactions and Related Income:

Changes in holdings of portfolio securities are reflected in the calculation of each Fund’s and Portfolio’s net asset value no later than 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. Realized 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. Withholding taxes on foreign dividends have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

Allocations:

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

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

Notes to Financial Statements (unaudited), continued

June 30, 2016

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 Fund’s 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 Impact Bond Fund and for each of 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 Impact Bond Fund and receive dividends, they will be paid monthly. Distributions of net realized capital 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 of the Funds, if any, are declared and distributed at least annually.

The amounts of dividends from net investment income and distributions from net realized capital 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 Share Transactions as disclosed in Note 6 to the Financial Statements.

Notes to Financial Statements (unaudited), continued

June 30, 2016

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 six months ended June 30, 2016 were as follows:

	Purchases		Sales
Impact Bond Fund	$	57,545,540	$	33,656,831
International Index Fund		14,213,650		6,338,608
Value Index Fund		30,521,357		19,840,251
Growth Index Fund		28,087,505		24,539,314
Small Cap Fund		11,797,780		11,529,032
Conservative Portfolio		1,576,831		1,064,231
Balanced Portfolio		3,224,259		2,190,748
Growth Portfolio		2,211,494		1,767,713

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 six months ended June 30, 2016
Affiliate	Fair Value at December 31, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2016		Fair Value at June 30, 2016
Praxis Genesis Conservative Portfolio
Praxis Impact Bond Fund	$	13,808,222	$	1,030,868	$	678,574	$	(8,648	)	$	188,476		1,367,429	$	14,522,101
Praxis Growth Index Fund		1,972,173		197,321		90,915		(1,548	)		—		117,284		2,125,180
Praxis International Index Fund		1,501,187		125,741		68,186		(6,782	)		—		170,136		1,566,955
Praxis Small Cap Fund		490,376		70,580		22,729		(8,525	)		—		54,237		547,250
Praxis Value Index Fund		1,970,993		152,321		90,915		(3,925	)		—		183,637		2,154,058
Total	$	19,742,951	$	1,576,831	$	951,319	$	(29,428	)	$	188,476		1,892,723	$	20,915,544

	For the six months ended June 30, 2016
Affiliate	Fair Value at December 31, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2016		Fair Value at June 30, 2016
Praxis Genesis Balanced Portfolio
Praxis Impact Bond Fund	$	23,880,711	$	1,181,154	$	1,271,058	$	(19,219	)	$	319,991		2,316,427	$	24,600,449
Praxis Growth Index Fund		10,444,573		625,691		264,987		(8,774	)		—		608,195		11,020,502
Praxis International Index Fund		9,088,330		399,735		227,132		(33,260	)		—		1,008,068		9,284,310
Praxis Small Cap Fund		5,935,653		618,824		151,421		(58,527	)		—		643,308		6,490,981
Praxis Value Index Fund		10,439,561		398,855		276,150		(27,141	)		—		952,276		11,170,195
Total	$	59,788,828	$	3,224,259	$	2,190,748	$	(146,921	)	$	319,991		5,528,274	$	62,566,437

	For the six months ended June 30, 2016
Affiliate	Fair Value at December 31, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2016		Fair Value at June 30, 2016
Praxis Genesis Growth Portfolio
Praxis Impact Bond Fund	$	9,972,670	$	423,556	$	622,663	$	(9,987	)	$	132,163		951,735	$	10,107,425
Praxis Growth Index Fund		11,215,209		478,590		274,809		(7,290	)		—		642,862		11,648,660
Praxis International Index Fund		10,120,648		312,136		283,663		(44,203	)		—		1,105,068		10,177,672
Praxis Small Cap Fund		7,435,760		646,060		183,206		(68,213	)		—		793,181		8,003,199
Praxis Value Index Fund		11,210,340		351,153		403,371		(24,898	)		—		1,006,564		11,806,997
Total	$	49,954,627	$	2,211,495	$	1,767,712	$	(154,591	)	$	132,163		4,499,410	$	51,743,953

Notes to Financial Statements (unaudited), continued

June 30, 2016

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:


Impact Bond 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 Sub-Advisers to manage the investments of certain Funds under the terms of 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 effective until April 30, 2017. Pursuant to this agreement, the Adviser has agreed to reduce its 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 amount of fee reduction and/or expense reimbursements 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 fee reduction and/or reimbursement and at the time of repayment, and the repayment is made within three years after the year in which the Adviser reduced and/or reimbursed the expense.

The contractual expense limits in place as of June 30, 2016 were:

Impact Bond 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 six months ended June 30, 2016, the Adviser contractually reduced investment advisory fees and/or reimbursed other operating expenses of the Funds and Portfolios as follows:

Impact Bond Fund (Class A)		$	17,820
Small Cap Fund (Class A)			3,685

For the six months ended June 30, 2016, the Adviser recouped investment advisory fees of the Funds and Portfolios as follows:

Conservative Portfolio (Class A)

2,000

Notes to Financial Statements (unaudited), continued

June 30, 2016

As of June 30, 2016, the Funds and Portfolios had the following amounts (and year of expiration) subject to repayment to the Adviser:

	Year Waived	Year Repayment Expires	Balance
Impact Bond Fund	2013	2016	$	39,015
	2014	2017		2,575
	2015	2018		35,957
	2016	2019		17,820
			$	95,367
Small Cap Fund	2013	2016	$	14,524
	2014	2017		1,183
	2015	2018		9,640
	2016	2019		3,685
			$	29,032
Conservative Portfolio	2013	2016	$	4,678
	2014	2017		2,698
	2015	2018		4,872
			$	12,248
Growth Portfolio	2013	2016	$	21,201

U.S. Bancorp Fund Services LLC provides transfer agent, 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, LLC (“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 during the six months ended June 30, 2016 as follows:

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

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

Effective March 1, 2016, the Trust entered into a Management and Administration Agreement with Beacon Hill Fund Services, Inc. (“Beacon Hill”) on behalf of the Funds to serve as business manager and administrator for the Trust on behalf of the Funds. This Agreement supplemented and replaced the Compliance Services and Financial Services Agreements with Beacon Hill. Pursuant to the terms of the Agreement, Beacon Hill, as business manager and administrator for the Trust, performs and coordinates all management and administration services for the Trust either directly or through working with the Trust’s service providers. Services provided under the Agreement by Beacon Hill include, but are not limited to, coordinating and monitoring activities of the third party service providers to the Funds; serving as officers of the Trust, including but not limited to the Assistant Secretary, Chief Compliance Officer, Anti-Money Laundering Officer, Treasurer and others as are deemed necessary and appropriate; performing compliance services for the Trust, including maintaining the Trust compliance program as required under the 1940 Act; managing the process of filing amendments to the Trust’s registration statement and other reports to shareholders; coordinating the Board meeting preparation process; reviewing financial filings and filing with the Securities and Exchange Commission; and maintaining books and records in accordance with applicable laws and regulations. For these services, Beacon Hill receives a monthly fee from each Fund and Portfolio.

Certain Officers of the Trust are affiliated with the Adviser and/or the Distributor. 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 $60,000 in aggregate Trustee fees during the six months ended June 30, 2016.

Notes to Financial Statements (unaudited), continued

June 30, 2016

6. Capital Share Transactions:

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

	Praxis Impact Bond Fund						Praxis International Index Fund
	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	15,446,878		$	25,477,562		$	1,642,649		$	3,794,384
Dividends reinvested		720,124			1,682,011			—			248,626
Cost of shares redeemed		(8,734,177	)		(20,465,074	)		(1,283,776	)		(3,392,694	)
Redemption fees		567			10,474			374			392
Class A Share Transactions	$	7,433,392		$	6,704,973		$	359,247		$	650,708
Class I Shares:
Proceeds from shares issued	$	36,345,946		$	75,797,084		$	14,972,721		$	30,218,572
Dividends reinvested		2,154,741			5,273,696			—			1,760,826
Cost of shares redeemed		(27,383,722	)		(50,081,922	)		(9,794,397	)		(22,037,352	)
Redemption fees		501			327			11			114
Class I Share Transactions	$	11,117,466		$	30,989,185		$	5,178,335		$	9,942,160
Net increase from capital transactions	$	18,550,858		$	37,694,158		$	5,537,582		$	10,592,868
Share Transactions:
Class A Shares:
Issued		1,471,666			2,427,994			195,230			376,545
Reinvested		68,298			160,463			—			26,968
Redeemed		(831,880	)		(1,945,403	)		(144,672	)		(341,240	)
Change in Class A Shares:		708,084			643,054			50,558			62,273
Class I Shares:
Issued		3,475,195			7,241,195			1,700,092			3,057,635
Reinvested		205,343			505,144			—			190,154
Redeemed		(2,616,958	)		(4,798,010	)		(1,090,252	)		(2,155,658	)
Change in Class I Shares:		1,063,580			2,948,329			609,840			1,092,131
Net increase from share transactions		1,771,664			3,591,383			660,398			1,154,404

	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Fund
	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,358,932		$	3,221,870		$	6,700,716		$	12,280,368		$	719,186		$	3,041,010
Dividends reinvested		—			813,980			—			714,366			—			986,104
Cost of shares redeemed		(1,446,650	)		(1,898,850	)		(4,523,954	)		(5,438,167	)		(697,425	)		(2,981,353	)
Redemption fees		31			297			560			199			—			6,093
Class A Share Transactions	$	912,313		$	2,137,297		$	2,177,322		$	7,556,766		$	21,761		$	1,051,854
Class I Shares:
Proceeds from shares issued	$	15,307,219		$	28,736,694		$	11,820,321		$	20,442,653		$	3,696,618		$	5,380,398
Dividends reinvested		—			4,698,231			—			1,142,707			—			5,274,940
Cost of shares redeemed		(7,478,190	)		(14,979,797	)		(12,701,882	)		(20,989,879	)		(2,368,381	)		(18,335,066	)
Redemption fees		193			102			4			28			—			—
Class I Share Transactions	$	7,829,222		$	18,455,230		$	(881,557	)	$	595,509		$	1,328,237		$	(7,679,728	)
Net increase (decrease) from capital transactions	$	8,741,535		$	20,592,527		$	1,295,765		$	8,152,275		$	1,349,998		$	(6,627,874	)

Notes to Financial Statements (unaudited), continued

June 30, 2016

	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Fund
	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Share Transactions:
Class A Shares:
Issued		207,631			262,186			388,052			688,665			80,094			258,539
Reinvested		—			71,448			—			39,976			—			103,052
Redeemed		(129,794	)		(154,999	)		(259,403	)		(307,994	)		(78,385	)		(252,274	)
Change in Class A Shares:		77,837			178,635			128,649			420,647			1,709			109,317
Class I Shares:
Issued		1,384,514			2,350,086			674,749			1,147,457			395,570			441,067
Reinvested		—			416,148			—			63,554			—			520,725
Redeemed		(669,821	)		(1,230,288	)		(727,024	)		(1,176,692	)		(248,458	)		(1,462,158	)
Change in Class I Shares:		714,693			1,535,946			(52,275	)		34,319			147,112			(500,366	)
Net increase (decrease) from share transactions		792,530			1,714,581			76,374			454,966			148,821			(391,049	)

	Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio
	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,001,581		$	2,824,534		$	3,625,952		$	8,644,629		$	2,577,276		$	6,117,121
Dividends reinvested		127,438			334,878			149,625			1,235,992			1,154			1,221,517
Cost of shares redeemed		(1,431,203	)		(1,905,324	)		(2,656,787	)		(4,693,372	)		(2,039,057	)		(3,892,254	)
Redemption fees		3			9			78			43			88			60
Class A Share Transactions	$	697,819		$	1,254,097		$	1,118,868		$	5,187,292		$	539,461		$	3,446,444
Net increase from capital transactions	$	697,819		$	1,254,097		$	1,118,868		$	5,187,292		$	539,461		$	3,446,444
Share Transactions:
Class A Shares:
Issued		181,749			249,570			300,209			678,098			203,173			443,572
Reinvested		11,494			29,738			12,373			99,173			93			92,469
Redeemed		(129,343	)		(168,576	)		(220,337	)		(366,356	)		(159,581	)		(278,755	)
Change in Class A Shares:		63,900			110,732			92,245			410,915			43,685			257,286
Net increase from share transactions		63,900			110,732			92,245			410,915			43,685			257,286

7. Federal Income Tax Information:

The character of dividends paid to shareholders of the Funds and Portfolios for federal income tax purposes during the periods ended June 30, 2016 and December 31, 2015 was as follows:

	Praxis Impact Bond Fund				Praxis International Index Fund				Praxis Value Index Fund
	2016		2015		2016		2015		2016		2015
From ordinary income	$	5,806,379	$	11,402,413	$	—	$	3,351,861	$	—	$	3,536,414
From long-term capital gains		—		367,980		—		—		—		3,565,279
Total distributions	$	5,806,379	$	11,770,393	$	—	$	3,351,861	$	—	$	7,101,693

	Praxis Growth Index Fund				Praxis Small Cap Fund
	2016		2015		2016		2015
From ordinary income	$	—	$	2,630,663	$	—	$	—
From long-term capital gains		—		—		—		6,360,231
Total distributions	$	—	$	2,630,663	$	—	$	6,360,231

Notes to Financial Statements (unaudited), continued

June 30, 2016

	Praxis Genesis Conservative Portfolio				Praxis Genesis Balanced Portfolio				Praxis Genesis Growth Portfolio
	2016		2015		2016		2015		2016		2015
From ordinary income	$	129,432	$	391,185	$	151,179	$	1,005,688	$	1,158	$	711,578
From long-term capital gains		—		103,613		—		962,469		—		1,229,722
Total distributions	$	129,432	$	494,798	$	151,179	$	1,968,157	$	1,158	$	1,941,300

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

	Praxis Impact Bond 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)		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)		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		116,386			—			—
Undistributed long-term capital gains		—			1,007,969			1,276,445
Capital loss carryforward		—			—			—
Other temporary differences		—			—			—
Accumulated earnings (deficit)	$	1,070,721		$	7,155,668		$	8,118,381

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.

Notes to Financial Statements (unaudited), continued

June 30, 2016

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 Impact Bond Fund and Growth Index Fund utilized $89,170 and $6,405,763 of capital loss carryforwards, respectively.

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

8. Commitments and Contingencies

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

9. Special Meeting of Shareholders

A Special Meeting of Shareholders of the Trust was held on April 28, 2016 for the purpose of voting on three proposals: (1) election of Trustees; (2) revisions to the Trust’s Declaration of Trust; and (3) revisions to fundamental investment policies of the Trust. At the meeting, each of the proposals set forth in the shareholder proxy were approved. The voting results for each of the proposals are as follows:

Proposal 1 - Election of Trustees

The voting results for the election of seven Trustees were as follows:

	For	Withhold
Karen Klassen Harder	77,863,473	6,710,646
Kenneth D. Hochstetler	81,252,509	3,321,611
Jeffrey K. Landis	77,931,957	6,642,163
R. Clair Sauder	77,911,536	6,662,583
Dwight L. Short	77,927,581	6,646,539
Candace L. Smith	77,914,579	6,659,541
Don E. Weaver	77,355,733	7,218,386

Proposal 2 - Approve and amended and restated Declaration of Trust

The voting results to approve an amended and restated Declaration of Trust were as follows:

	For	Withhold
	70,983,577	2,416,114

Proposal 3 - Approve updated fundamental investment policies for the Trust

The voting results to approve updated fundamental investment policies for the Trust (by Fund or Portfolio) were as follows:

	Intermediate Income Fund		International Index Fund		Value Index Fund
	For	Against	For	Against	For	Against
a) Borrowing Money	31,317,074	76,827	16,641,587	16,536	9,553,269	16,110
b) Issuing senior securities	31,374,627	33,454	16,645,575	12,762	9,556,843	12,798
c) Underwriting securities	31,318,319	50,267	16,633,994	13,495	9,546,743	13,504
d) Real Estate	30,995,112	415,520	16,644,573	15,656	9,551,227	18,342
e) Commodities	31,380,195	39,373	16,647,199	10,828	9,558,069	11,587
f) Making Loans	31,332,835	65,767	16,559,485	13,895	9,555,186	14,306
g) Diversification	31,366,662	29,110	16,561,123	10,228	9,560,886	8,170
h) Concentration	31,341,539	42,538	16,557,287	10,111	9,557,771	10,441

Notes to Financial Statements (unaudited), continued

June 30, 2016

Proposal 3 - Approve updated fundamental investment policies for the Trust (Continued)

	Growth Index Fund		Small Cap Fund
	For	Against	For	Against
a) Borrowing Money	7,404,011	20,717	3,842,148	15,124
b) Issuing senior securities	7,414,360	11,449	3,844,338	12,937
c) Underwriting securities	7,397,420	15,233	3,842,313	8,755
d) Real Estate	7,269,727	155,828	3,844,413	9,767
e) Commodities	7,407,996	10,576	3,844,835	11,840
f) Making Loans	7,415,044	12,643	3,844,443	14,191
g) Diversification	7,418,229	5,495	3,850,921	5,882
h) Concentration	7,411,756	11,364	3,845,466	7,184

Voting results to approve updated fundamental investment policies for the Trust (by Fund or Portfolio) were as follows:

	Genesis Balanced Portfolio		Genesis Conservative Fund		Genesis Growth Fund
	For	Against	For	Against	For	Against
a) Borrowing Money	2,188,185	13,713	764,626	13,312	1,536,618	13,737
b) Issuing senior securities	2,183,181	15,712	779,166	2,028	1,541,525	10,214
c) Underwriting securities	2,175,960	14,268	771,148	6,086	1,530,500	10,210
d) Real Estate	2,186,804	15,843	774,935	9,886	1,542,115	9,425
e) Commodities	2,186,169	11,328	787,502	840	1,539,741	10,122
f) Making Loans	2,188,092	15,039	771,438	8,552	1,541,931	11,077
g) Diversification	2,197,492	5,476	778,371	1,618	1,539,588	8,495
h) Concentration	2,191,066	10,054	771,176	3,699	1,540,927	8,893

10. Subsequent Events

The Funds and Portfolios evaluated subsequent events from June 30, 2016 through the date these financial statements were issued. There were no significant events that would have a material impact on the Funds’ and Portfolios’ financial statements.

Additional Fund Information (unaudited)

June 30, 2016

Praxis Impact Bond Fund

Security Allocation	Percentage of Net Assets
Asset Backed Security	2.5%
Commercial Mortgage Backed Security	1.7%
Corporate Bond	45.1%
Corporate Notes	1.0%
Federal Home Loan Bank	3.0%
Federal Home Loan Mortgage Corporation	17.2%
Federal National Mortgage Association	19.0%
Foreign Bond	1.7%
Government National Mortgage Association	0.3%
Investment Company	0.7%
Municipal Bond	3.1%
Overseas Private Investment Corporation	0.7%
Small Business Administration	0.1%
United States Department of Housing and Urban Development	0.2%
Total	96.3%

Praxis International Index Fund

Security Allocation	Percentage of Net Assets
Australia	5.6%
Austria	0.2%
Belgium	0.7%
Bermuda **	0.0%
Brazil	1.5%
Canada	6.5%
Chile	0.5%
China	4.0%
Columbia	0.5%
Denmark	1.2%
Finland	0.6%
France	6.2%
Germany	6.3%
Hong Kong	4.3%
Hungary	0.1%
India	2.3%
Indonesia	0.8%
Ireland	1.3%
Israel	0.5%
Italy	1.4%
Japan	15.5%
Jersey	0.4%
Luxembourg	0.3%
Mexico	1.6%
Netherlands	2.0%
Norway	0.6%
Peru	0.2%
Philippines	0.1%
Portugal	0.1%
Russia	0.2%
Singapore	1.6%
South Africa	0.6%
South Korea	2.7%
Spain	1.7%
Sweden	2.6%
Switzerland	7.8%
Taiwan	3.1%
Turkey	0.2%
United Kingdom	11.3%
United States	0.7%
Preferred Stocks	0.3%
Corporate Notes	0.9%
Total	99.0%

Praxis International Index Fund

Security Allocation	Percentage of Net Assets
Banks	13.8%
Pharmaceuticals	7.1%
Insurance	5.4%
Diversified Telecommunications Services	5.1%
Oil, Gas, & Consumable Fuels	5.1%
Metals & Mining	3.9%
Wireless Telecommunication Services	3.7%
Food Products	3.3%
Real Estate Management and Development	2.7%
Semiconductors & Semiconductor Equipment	2.6%
Automobiles	2.5%
Machinery	2.4%
Chemicals	2.3%
Internet Software & Services	2.0%
Media	2.0%
Personal Products	2.0%
Food & Staples Retailing	1.9%
Road and Rail	1.7%
Electric Utilities	1.6%
Multi-Utilities	1.6%
Electrical Equipment	1.5%
Software	1.4%
Capital Markets	1.3%
Construction & Engineering	1.3%
Health Care Equipment & Supplies	1.3%
Auto Components	1.2%
Household Products	1.1%
IT Services	1.1%
Textiles, Apparel, & Luxury Goods	1.1%
Electronic Equipment, Instruments, & Components	1.0%
Hotels, Restaurants and Leisure	1.0%
Community Development	0.9%
Household Durables	0.9%
Industrial Conglomerates	0.9%
Energy Equipment & Services	0.8%
Construction Materials	0.7%
Health Care Providers & Services	0.7%
Professional Services	0.7%
Specialty Retail	0.7%
Trading Companies and Distributors	0.7%
Diversified Financial Services	0.6%
Water Utilities	0.6%
Technology Hardware, Storage, & Peripherals	0.5%
Transportation Infrastructure	0.5%
Air Freight & Logistics	0.4%
Beverages	0.4%
Communications Equipment	0.4%
Real Estate Investment Trusts (REITs)	0.4%
Airlines	0.3%
Biotechnology	0.3%
Building Products	0.3%
Commercial Services & Supplies	0.3%
Containers and Packaging	0.2%
Life Sciences Tools & Services	0.2%
Multiline Retail	0.2%
Independent Power Producers & Energy Traders	0.1%
Internet & Catalog Retail	0.1%
Leisure Products	0.1%
Paper & Forest Products	0.1%
Marine **	0.0%
Other Assets in Excess of Liabilities	1.0%
Total	100.0%

**	Amount rounds to less than 0.1%

Additional Fund Information (unaudited), continued

June 30, 2016

Praxis Value Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.7%
Corporate Notes	0.9%
Rights**	0.0%
Total	99.6%

**	Amount rounds to less than 0.1%

Praxis Growth Index Fund

Security Allocation	Percentage of Net Assets
Common Stocks	98.9%
Corporate Notes	0.9%
Total	99.8%

Praxis Small Cap Fund

Security Allocation	Percentage of Net Assets
Common Stocks	91.3%
Corporate Notes	0.9%
Total	92.2%

Praxis Genesis Conservative Portfolio

Security Allocation

Percentage of

Net Assets

Affiliated Mutual Funds

99.2%

Praxis Genesis Balanced Portfolio

Security Allocation

Percentage of

Net Assets

Affiliated Mutual Funds

99.9%

Praxis Genesis Growth Portfolio

Security Allocation

Percentage of

Net Assets

Affiliated Mutual Funds

100.0%

Additional Fund Information (unaudited), continued

June 30, 2016

Expense Comparison:

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2016 through June 30, 2016.

Actual Expenses:

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

	Beginning Account Value 1/1/2016	Ending Account Value 6/30/2016	Expenses Paid During Period* 1/1/2016-6/30/2016	Expense Ratio During Period** 1/1/2016-6/30/2016
Praxis Impact Bond Fund
Class A	$1,000.00	$1,045.60	$4.78	0.94%
Class I	1,000.00	1,047.80	2.80	0.55%
Praxis International Index Fund
Class A	1,000.00	1,000.00	6.81	1.37%
Class I	1,000.00	1,002.20	3.88	0.78%
Praxis Value Index Fund
Class A	1,000.00	1,054.60	4.80	0.94%
Class I	1,000.00	1,057.70	2.30	0.45%
Praxis Growth Index Fund
Class A	1,000.00	1,017.00	4.21	0.84%
Class I	1,000.00	1,019.10	2.26	0.45%
Praxis Small Cap Fund
Class A	1,000.00	1,004.20	8.27	1.66%
Class I	1,000.00	1,008.00	5.24	1.05%
Praxis Genesis Conservative Portfolio
Class A	1,000.00	1,038.50	2.99	0.59%
Praxis Genesis Balanced Portfolio
Class A	1,000.00	1,031.40	2.83	0.56%
Praxis Genesis Growth Portfolio
Class A	1,000.00	1,025.50	3.12	0.62%

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

** Annualized

Additional Fund Information (unaudited), continued

June 30, 2016

Hypothetical Example for Comparison Purposes:

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

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

	Beginning Account Value 1/1/2016	Ending Account Value 6/30/2016	Expenses Paid During Period* 1/1/2016-6/30/2016	Expense Ratio During Period** 1/1/2016-6/30/2016
Praxis Impact Bond Fund
Class A	$1,000.00	$1,020.19	$4.72	0.94%
Class I	1,000.00	1,022.13	2.77	0.55%
Praxis International Index Fund
Class A	1,000.00	1,018.05	6.87	1.37%
Class I	1,000.00	1,020.98	3.92	0.78%
Praxis Value Index Fund
Class A	1,000.00	1,020.19	4.72	0.94%
Class I	1,000.00	1,022.63	2.26	0.45%
Praxis Growth Index Fund
Class A	1,000.00	1,020.69	4.22	0.84%
Class I	1,000.00	1,022.63	2.26	0.45%
Praxis Small Cap Fund
Class A	1,000.00	1,016.61	8.32	1.66%
Class I	1,000.00	1,019.64	5.27	1.05%
Praxis Genesis Conservative Portfolio
Class A	1,000.00	1,021.93	2.97	0.59%
Praxis Genesis Balanced Portfolio
Class A	1,000.00	1,022.08	2.82	0.56%
Praxis Genesis Growth Portfolio
Class A	1,000.00	1,021.78	3.12	0.62%

** Annualized

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

Proxy Voting

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

Portfolio Disclosure

The Trust files a complete listing of portfolio holdings as of the end of the first and third quarters of each fiscal year on Form N-Q and each second and fourth quarters of each fiscal year on Form N-CSR. The complete listing (i) is available on the Commission’s website; (ii) may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; and (iii) will be made available to shareholders upon request by calling 1-800-977-2947. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Annual/Semi-Annual Reports:

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

Statement Of Additional Information (SAI):

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

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

Praxis Mutual Funds
c/o U.S. Bancorp Fund Services LLC
P.O. Box 701
Milwaukee, WI 53201-0701
Telephone: 1-800-977-2947
Internet: http://www.praxismutualfunds.com⁽¹⁾

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

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

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

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

Investment Company Act file no. 811-08056

THIS PAGE INTENTIONALLY LEFT BLANK

Item 2. Code of Ethics.

Not applicable for this reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for this reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for this reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

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

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

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

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

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

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)

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

(b)

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

Item 12. Exhibits.


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

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

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

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

SIGNATURES

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

Praxis Mutual Funds


By:		/s/ Trent Statczar
		Trent Statczar
		Treasurer and Chief Financial Officer
		August 30, 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
		August 30, 2016

By:		/s/ Trent Statczar
		Trent Statczar
		Treasurer and Chief Financial Officer
		August 30, 2016

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