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

United States

Securities And Exchange Commission

Washington, D.C.  20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-8056

Praxis Mutual Funds

(Exact name of registrant as specified in charter)

P.O. Box 483

Goshen, IN 46527

 (Address of principal executive offices) (Zip code)

Anthony Zacharski, Dechert LLP

200 Clarendon Street, 27th Floor

Boston, MA 02116

(Name and address of agent for service)

Registrant's telephone number, including area code: (513) 878-4066

Date of fiscal year end: December 31

Date of reporting period: June 30, 2011

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public.  A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number.  Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.  Reports to Stockholders.

Semi-Annual Report

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

Table of Contents

Message from the President		3
3	President’s letter
5	Performance review
Schedule of portfolio investments		7
7	Praxis Intermediate Income Fund
12	Praxis Core Stock Fund
14	Praxis International Fund
17	Praxis International Index Fund
26	Praxis Value Index Fund
30	Praxis Growth Index Fund
34	Praxis Small Cap Fund
36	Praxis Genesis Conservative Portfolio
37	Praxis Genesis Balanced Portfolio
38	Praxis Genesis Growth Portfolio
Financial statements		39
39	Statements of Assets and Liabilities
42	Statements of Operations
45	Statements of Changes in Net Assets
Financial Highlights		48
48	Praxis Intermediate Income Fund
49	Praxis Core Stock Fund
50	Praxis International Fund
51	Praxis International Index Fund
52	Praxis Value Index Fund
53	Praxis Growth Index Fund
54	Praxis Small Cap Fund
55	Praxis Genesis Conservative Portfolio
56	Praxis Genesis Balanced Portfolio
57	Praxis Genesis Growth Portfolio
Notes to Financial Statements		58
Additional Fund information		74

2

Message from the President

Dear Praxis Shareholder:

Throughout the first two quarters of 2011, the equities markets continued to experience volatility driven by unemployment numbers, federal debt discussions, unrest in the Middle East, and numerous other issues impacting our complex economy. However, equities markets showed positive gains during this period. As it was one year ago, the question remains: “Is the recovery sustainable?” Until there are clearer signs that, in fact, the recovery will continue, volatility will be a part of the investment experience.

We’re pleased with the introduction of the Praxis International Index Fund, launched on December 31, 2010. The Fund, which is managed by Aperio Group LLC, draws investments from companies domiciled in the developed markets of Europe, Australia and the Far East, and 21 emerging markets. The International Index Fund Class A Shares (without load) rose 1.7 percent for the period ending June 30, 2011, with its benchmark, MSCI All Country World ex-U.S. Index, rising 3.80 percent for the same period.

During the first six months of 2011, domestic equities – as measured by the Standard & Poor’s 500 Index – rose 6.02 percent. The Praxis Core Stock Fund Class A shares (without load) underperformed its benchmark and was up 0.95 percent. Over the same period, the Class A shares (without load) of the Praxis Value Index Fund rose by 4.03 percent, and underperformed its benchmark, the MSCI Prime Market Value Index (which rose 6.45 percent). The Class A shares (without load) of the Praxis Growth Index Fund rose by 4.97 percent, while its benchmark (the MSCI Prime Market Growth Index) rose by 6.01 percent. The Class A shares (without load) of the Praxis Small Cap Fund rose by 15.08 percent and outperformed its benchmark, the Russell 2000 Index, which rose by 6.21 percent.

The international equity benchmark MSCI EAFE Index rose 4.98 percent for the six-month period ending June 30, 2011. The Praxis International Fund Class A shares (without load) underperformed its benchmark over the same period, rising 2.53 percent.

The Praxis Intermediate Income Fund continued to provide positive returns. For the six-month period ending June 30, 2011, the Class A shares (without load) posted a gain of 2.67 percent. The three-year annualized returns were 7.18 percent and the five-year annualized returns were 6.61 percent. This Fund’s benchmark, Barclay’s Capital U.S. Aggregate Bond Index, returned 6.52 percent over the same five-year period.

The Praxis Genesis Portfolios, offering three “fund-of-funds” allocation models, continue to be popular with our investors who desire a fund that is based on risk tolerance levels. The Class A shares (without load) of the Conservative Allocation Fund rose 2.93 percent during the first six months of the year, outperforming its benchmark, the Barclay’s Capital U.S. Aggregate Bond Index, which rose 2.72 percent. The Class A shares (without load) of the Balanced Allocation Fund (up 3.76 percent) and the Class A shares (without load) of the Growth Allocation Fund (up 4.30 percent) both underperformed their benchmark, the Russell 3000 Index, which rose 6.35% during the period. As of June 30, 2011, over $82 million had been invested in one of the three portfolios. The Genesis Portfolios have lower minimum investment requirements than our individual Funds.

Praxis Mutual Funds continue to focus our shareholder advocacy efforts around issues of modern slavery and food and water sustainability, such as:

• Eradicating child slavery in the cocoa fields of West Africa, through dialogues with Hershey’s1 and Kraft2, two of the world’s largest chocolate makers.

• Curtailing the conflict mineral trade in the Democratic Republic of the Congo, by actively commenting on guidelines being issued by the Securities and Exchange Commission and building awareness with companies and consumers. This brutal trade, often based on forced labor, provides metals critical to the production of laptops, cell phones and other electronics.

• Confronting child sex trafficking in the global tourism industry, where hotels, airlines and travel agencies become unwitting partners in these heinous activities. Praxis was involved in helping Delta Air Lines3 become the first U.S. airline to sign the Code of Conduct for the Protection of Children from Sexual Exploitation in Travel and Tourism.

• Addressing environmental concerns related to hydraulic fracturing, a process to release natural gas from shale rock using high pressure water, chemicals and particles. As our world faces increasing demands for energy, Praxis is working with companies to ensure appropriate operating standards, due diligence and community disclosure adherence.

• Engaging BP4 in the aftermath of the 2010 oil spill, as part of an international coalition of institutional investors. BP has committed to high-level engagement with shareholders, including a meeting with BP’s chairman in the fall of 2011.

Our activities at Praxis Mutual Funds remain focused on providing solid returns to our shareholders and, at the same time, fulfilling our mission as a faith-based mutual fund family by being actively engaged in shareholder advocacy and community development investing.

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.

3

Message from the President (continued)

Thank you for being an investor with Praxis Mutual Funds. We strive to be good stewards of the resources you’ve entrusted to us.

Sincerely,

David C. Gautsche

President

Praxis Mutual Funds

1As of June 30, 2011, the Praxis Growth Index Fund held 0.24 percent of its assets in the Hershey Company.

2As of June 30, 2011, the Praxis Core Stock Fund held 1.80 percent and the Praxis Value Index Fund held 1.17 percent of its assets in Kraft Foods.

3As of June 30, 2011, the Praxis Growth Index Fund held 0.06 percent and the Praxis Value Index Fund held 0.11 percent of its assets in Delta Air Lines.

4As of June 30, 2011, the Praxis International Fund held 1.24 percent, the Praxis Intermediate Income Fund held 0.43 percent, and the Praxis International Index Fund held 0.92 percent of its assets in BP.

Fund holdings are subject to change. To obtain holdings as of the most previous quarter, visit www.praxismutualfunds.com.

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

The views expressed are those of the President of the Praxis Mutual Funds as of June 30, 2011, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

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.

4

Performance

We are pleased to provide this 2011 mid-year update for the Praxis Mutual Funds. The following tables summarize the performance of the Praxis Mutual Funds as of June 30, 2011.

						Annualized
		Six		One		Three		Five		Ten
		Month		Year		Year		Year		Year		Since			Expense
	NAV	Ended		Ended		Ended		Ended		Ended		Inception		Inception	Ratio***
	6/30/11	6/30/11		6/30/11		6/30/11		6/30/11		6/30/11		6/30/11		Date	Gross / Net
Intermediate Income
Class A (No Load)	10.53	2.67	%	3.96	%	7.18	%	6.61	%	5.31	%	5.27	%	1/4/94	1.17	%	0.99	%
Class A*	10.53	-1.22	%	0.06	%	5.81	%	5.80	%	4.91	%	5.04	%	1/4/94
Class I**	10.50	2.98	%	4.39	%	7.55	%	6.94	%	5.47	%	5.32	%	5/1/06	0.59	%	0.59	%
Barclays Capital Aggregate Bond Index (1)		2.72	%	3.90	%	6.46	%	6.52	%	5.74	%
Core Stock
Class A (No Load)	12.72	0.95	%	21.37	%	-0.45	%	-1.04	%	0.05	%	4.82	%	1/4/94	1.74	%	1.74	%
Class A*	12.72	-4.36	%	15.01	%	-2.23	%	-2.10	%	-0.49	%	4.50	%	1/4/94
Class I**	12.84	1.34	%	22.28	%	0.11	%	-0.56	%	0.30	%	4.91	%	5/1/06	0.94	%	0.94	%
S&P 500 Index (2)		6.02	%	30.69	%	3.34	%	2.94	%	2.72	%
International Fund
Class A (No Load)	11.34	2.53	%	29.46	%	-3.66	%	-0.38	%	2.46	%	3.18	%	4/1/97	2.12	%	2.12	%
Class A*	11.34	-2.83	%	22.61	%	-5.36	%	-1.45	%	1.90	%	2.79	%	4/1/97
Class I**	11.42	2.98	%	30.65	%	-3.03	%	0.16	%	2.74	%	3.31	%	5/1/06	1.13	%	1.13	%
MSCI EAFE Index (3)		4.98	%	30.36	%	-1.77	%	1.48	%	5.66	%
International Index Fund
Class A (No Load)	10.17	1.70	%	n/a		n/a		n/a		n/a		1.70	%	12/31/10	1.67	%	1.65	%
Class A*	10.17	-3.60	%	n/a		n/a		n/a		n/a		-3.60	%	12/31/10
Class I	10.20	2.00	%	n/a		n/a		n/a		n/a		2.00	%	12/31/10	0.96	%	0.96	%
MSCI All Country World Index ex-US (4)		3.80	%	n/a		n/a		n/a		n/a		3.80	%
Value Index Fund
Class A (No Load)	8.28	4.03	%	23.54	%	1.68	%	-1.62	%	0.60	%	0.36	%	5/1/01	1.38	%	1.38	%
Class A*	8.28	-1.43	%	16.97	%	-0.15	%	-2.68	%	0.06	%	-0.17	%	5/1/01
Class I**	8.26	4.42	%	24.54	%	2.25	%	-1.18	%	0.79	%	0.53	%	5/1/06	0.50	%	0.50	%
MSCI US Prime Market Value Index (5)		6.45	%	28.76	%	2.98	%	1.46	%	4.12	%

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

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

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

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

*** Reflects the expense ratios as reported in the Prospectus dated May 1, 2011. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee waivers are in effect from May 1, 2011 through April 30, 2012 for Class A.

(1)	Barclay’s Capital Aggregate Bond Index is an unmanaged index composed of the Barclay’s Capital Government/Credit Index and the Barclay’s Capital Mortgage-Backed Securities Index and includes Treasury issues, agency issues, corporate bond issues and mortgage-backed securities, and is intended to be generally representative of the bond market as a whole.
(2)	The S&P 500 Index (the “S&P 500 Index”) is a widely recognized, unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange.
(3)	The MSCI EAFE Index is a widely recognized, unmanaged index composed of a sample of companies’ representative of the developed markets throughout the world, excluding the United States and Canada.
(4)	MSCI All Country World Index ex-US is a market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S based companies. The index includes both developed and emerging markets.
(5)	The MSCI US Prime Market Value Index represents the value companies of the MSCI US Prime Market 750 Index. (The MSCI US Prime Market 750 Index represents the universe of large and medium capitalization companies in the US equity market). The MSCI US Prime Market Value Index is a subset of the MSCI US Prime Market 750 Index.

5

Performance (continued)

						Annualized
		Six		One		Three		Five	Ten
		Month		Year		Year		Year	Year	Since			Expense
	NAV	Ended		Ended		Ended		Ended	Ended	Inception		Inception	Ratio**
	6/30/11	6/30/11		6/30/11		6/30/11		6/30/11	6/30/11	6/30/11		Date	Gross / Net
Growth Index Fund
Class A (No Load)	10.35	4.97	%	29.86	%	3.23	%	n/a	n/a	0.97	%	5/1/07	2.68	%	1.10	%
Class A*	10.35	-0.58	%	23.07	%	1.40	%	n/a	n/a	-0.32	%	5/1/07
Class I	10.38	5.27	%	30.67	%	3.63	%	n/a	n/a	1.30	%	5/1/07	0.58	%	0.58	%
MSCI US Prime Market Growth Index (6)		6.01	%	34.78	%	4.37	%	n/a	n/a	2.67	%
Small Cap Fund
Class A (No Load)	11.46	15.08	%	53.90	%	9.97	%	n/a	n/a	3.30	%	5/1/07	2.80	%	1.70	%
Class A*	11.46	9.05	%	45.86	%	8.00	%	n/a	n/a	1.99	%	5/1/07
Class I	11.60	15.31	%	54.67	%	10.36	%	n/a	n/a	3.65	%	5/1/07	1.09	%	1.09	%
Russell 2000 Index (7)		6.21	%	37.41	%	7.77	%	n/a	n/a	1.72	%
Genesis Conservative Portfolio
Class A (No Load)	10.76	2.93	%	10.75	%	n/a		n/a	n/a	7.48	%	12/31/09	1.64	%	1.32	%
Class A*	10.76	-2.52	%	4.95	%	n/a		n/a	n/a	3.70	%	12/31/09
Barclays Capital Aggregate Bond Index (1)		2.72	%	3.90	%	n/a		n/a	n/a	6.17	%
Composite Benchmark (8)		3.74	%	11.97	%	n/a		n/a	n/a	8.53	%
Genesis Balanced Portfolio
Class A (No Load)	11.28	3.76	%	19.04	%	n/a		n/a	n/a	9.83	%	12/31/09	1.68	%	1.42	%
Class A*	11.28	-1.73	%	12.82	%	n/a		n/a	n/a	5.96	%	12/31/09
Russell 3000 Index (9)		6.35	%	32.36	%	n/a		n/a	n/a	14.52	%
Composite Benchmark (10)		4.73	%	20.64	%	n/a		n/a	n/a	10.94	%
Genesis Growth Portfolio
Class A (No Load)	11.64	4.30	%	24.83	%	n/a		n/a	n/a	11.39	%	12/31/09	2.00	%	1.49	%
Class A*	11.64	-1.19	%	18.29	%	n/a		n/a	n/a	7.47	%	12/31/09
Russell 3000 Index (9)		6.35	%	32.36	%	n/a		n/a	n/a	14.52	%
Composite Benchmark (11)		5.38	%	26.62	%	n/a		n/a	n/a	12.38	%

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

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

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2011. For certain funds, as indicated in the difference between the gross and net expense ratio, contractual fee waivers are in effect from May 1, 2011 through April 30, 2012 for Class A.

(6)	The MSCI US Prime Market Growth Index represents the growth companies of the MSCI US Prime Market 750 Index. (The MSCI US Prime Market 750 Index represents the universe of large and medium capitalization companies in the US equity market). The MSCI US Prime Market Growth Index is a subset of the MSCI US Prime Market 750 Index.
(7)	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.
(8)	The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (70%), the MSCI EAFE Index (7.50%), the Russell 1000 Index (2.50%) and the Russell 2000 Index (20%).
(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 Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (40%), the MSCI EAFE Index (15%), the Russell 1000 Index (35%) and the Russell 2000 Index (10%).
(11)	The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (20%), the MSCI EAFE Index (20%), the Russell 1000 Index (45%) and the Russell 2000 Index (15%).

6

Schedule of portfolio investments
Praxis Intermediate Income Fund	June 30, 2011 (Unaudited)

	PRINCIPAL		FAIR
	AMOUNT		VALUE
ASSET BACKED SECURITIES—1.4%
Cabela’s Master Credit Card Trust, 0.80%,
6/17/19+(a)	$	1,000,000	$	1,000,000
GTP Acquisition Partners I LLC, 4.35%,
6/15/16(a)		333,000		334,652
Hyundai Auto Receivables Trust, 1.65%,
2/15/17		1,000,000		1,005,152
SBA Tower Trust, 4.25%, 4/15/15(a)		750,000		789,021
Trip Rail Master Funding LLC, 0.00%,
7/15/41+(a)		1,000,000		1,000,000
TOTAL ASSET BACKED SECURITIES				4,128,825
COLLATERALIZED MORTGAGE OBLIGATION—0.1%
JPMorgan Mortgage Trust, 4.50%, 9/25/34		125,878		127,202
COMMERCIAL MORTGAGE BACKED SECURITIES—6.7%
Banc of America Merrill Lynch Commercial
Mortgage, Inc., 5.12%, 7/11/43		445,748		452,753
Bear Stearns Commercial Mortgage Securities,
4.52%, 11/11/41		500,000		506,956
Bear Stearns Commercial Mortgage Securities,
4.56%, 2/13/42+		570,203		571,297
Bear Stearns Commercial Mortgage Securities,
4.67%, 6/11/41		1,000,000		1,068,741
Bear Stearns Commercial Mortgage Securities,
4.95%, 2/11/41		245,732		248,432
Bear Stearns Commercial Mortgage Securities,
5.12%, 2/11/41+		1,000,000		1,078,076
Bear Stearns Commercial Mortgage Securities,
5.13%, 10/12/42+		945,460		947,372
Bear Stearns Commercial Mortgage Securities,
5.54%, 9/11/41		2,000,000		2,179,546
Bear Stearns Commercial Mortgage Securities,
5.61%, 6/11/50		1,000,000		1,031,355
Bear Stearns Commercial Mortgage Securities,
5.74%, 9/11/42+		1,000,000		1,113,617
DBUBS Mortgage Trust, 3.74%, 11/10/46(a)		744,676		761,661
First Union National Bank Commercial Mortgage,
6.22%, 12/12/33		343,296		344,734
JP Morgan Chase Commercial Mortgage
Securities Corp., 5.13%, 5/15/47		594,800		609,595
JPMorgan Chase Commercial Mortgage
Securities Corp., 4.63%, 3/15/46		392,516		396,920
JPMorgan Chase Commercial Mortgage
Securities Corp., 4.90%, 10/15/42		1,000,000		1,017,866
JPMorgan Chase Commercial Mortgage
Securities Corp., 4.92%, 10/15/42+		1,000,000		1,078,812
JPMorgan Chase Commercial Mortgage
Securities Corp., 5.40%, 5/15/45		2,000,000		2,161,429
Morgan Stanley Capital I, 3.88%, 9/15/47(a)		1,000,000		1,028,277
Morgan Stanley Capital I, 4.83%, 6/12/47		395,392		398,177
Morgan Stanley Capital I, 5.01%, 1/14/42		935,093		943,340
Morgan Stanley Capital I, 5.99%, 8/12/41+		1,000,000		1,119,026
Morgan Stanley Dean Witter Capital I,
5.93%, 12/15/35		1,225,000		1,265,714
TOTAL COMMERCIAL MORTGAGE
BACKED SECURITIES				20,323,696
FOREIGN BONDS—1.4%
Arab Republic of Egypt, 4.45%, 9/15/15		2,000,000		2,221,700
Province of Ontario, Canada, 4.10%, 6/16/14		1,000,000		1,083,119
Republic of Austria, 2.00%, 11/15/12(a)		1,000,000		1,020,175
TOTAL FOREIGN BONDS				4,324,994

MUNICIPAL BONDS—2.1%
Cincinnati Ohio Water System Rev., 6.46%,
12/01/34	$	600,000	$	630,210
Columbus Multi-High School Building Corp.
Rev., 6.45%, 1/15/30		1,000,000		1,031,770
Fort Wayne International Airport Air Trade
Center Building Corp., 4.25%, 7/15/16		500,000		515,180
Houston Independent School District,
6.17%, 2/15/34		1,000,000		1,033,100
Indianapolis Public School Multi-School
Building, 5.73%, 7/15/29		1,500,000		1,506,225
LL&P Wind Energy, Inc. (XLCA), 5.73%,
12/01/17(a)		1,000,000		945,270
Wisconsin State Transportation Rev.,
5.84%, 7/01/30		800,000		829,504
TOTAL MUNICIPAL BONDS				6,491,259
CORPORATE BONDS—44.4%
ADVERTISING—0.6%
Interpublic Group of Cos., Inc. (The),
10.00%, 7/15/17		500,000		591,250
Omnicom Group, Inc., 6.25%, 7/15/19		1,000,000		1,106,980
				1,698,230
AUTO COMPONENTS—0.4%
BorgWarner, Inc., 5.75%, 11/01/16		1,000,000		1,091,662
BIOTECHNOLOGY—0.2%
Biogen Idec, Inc., 6.00%, 3/01/13		500,000		534,923
BROADCASTING & CABLE TV—0.6%
Comcast Corp., 5.15%, 3/01/20		1,000,000		1,076,691
DIRECTV Holdings LLC / DIRECTV Financing
Co., Inc., 7.63%, 5/15/16		750,000		817,500
				1,894,191
BUILDING PRODUCTS—0.4%
Masco Corp., 6.13%, 10/03/16		500,000		513,623
Owens Corning, 6.50%, 12/01/16		800,000		870,466
				1,384,089
CAPITAL MARKETS—0.6%
BlackRock, Inc., 3.50%, 12/10/14		1,000,000		1,053,866
Franklin Resources, Inc., 2.00%, 5/20/13		670,000		680,975
				1,734,841
CHEMICALS—0.7%
Airgas, Inc., 3.25%, 10/01/15		1,000,000		1,017,111
Albemarle Corp., 4.50%, 12/15/20		500,000		505,783
Nalco Co., 8.25%, 5/15/17		500,000		546,250
				2,069,144
COMMERCIAL BANKS—2.0%
American Express Bank FSB, 5.55%, 10/17/12		630,000		664,668
ANZ National Internatioanl Ltd., 3.13%,
8/10/15(a)		1,000,000		1,007,288
Bank of New York Mellon Corp., 5.13%,
8/27/13		830,000		900,970
Canadian Imperial Bank of Commerce,
2.00%, 2/04/13(a)		1,000,000		1,018,772
State Street Corp., 7.35%, 6/15/26		1,000,000		1,243,067
Wells Fargo & Co., 5.25%, 10/23/12		1,250,000		1,318,865
				6,153,630

See accompanying notes to financial statements.

7

Schedule of portfolio investments, continued
Praxis Intermediate Income Fund	June 30, 2011 (Unaudited)

	PRINCIPAL		FAIR
	AMOUNT		VALUE
CORPORATE BONDS—44.4%, continued
COMMERCIAL SERVICES & SUPPLIES—0.7%
GATX Corp., 9.00%, 11/15/13	$	974,211	$	1,119,134
TTX Co., 4.90%, 3/01/15(a)		1,000,000		1,070,516
				2,189,650
CONSTRUCTION MATERIALS—0.4%
Martin Marietta Materials, Inc., 6.60%, 4/15/18		1,000,000		1,111,107
CONSUMER FINANCE—1.1%
American Honda Finance Corp., 4.63%,
4/02/13(a)		1,500,000		1,584,204
Ford Motor Credit Co. LLC, 7.00%, 4/15/15		1,000,000		1,080,159
Harley-Davidson Financial Services, Inc.,
3.88%, 3/15/16(a)		150,000		152,557
SLM Corp., 5.38%, 1/15/13		500,000		513,857
				3,330,777
CONTAINERS & PACKAGING—0.5%
Bemis Co., Inc., 5.65%, 8/01/14		500,000		550,002
Sealed Air Corp., 7.88%, 6/15/17		1,000,000		1,082,117
				1,632,119
DIVERSIFIED FINANCIAL SERVICES—4.7%
Ally Financial, Inc., 6.75%, 12/01/14		600,000		619,500
Bank of America Corp., 4.50%, 4/01/15		500,000		522,750
Citigroup, Inc., 5.13%, 5/05/14		1,000,000		1,071,836
Equifax, Inc., 4.45%, 12/01/14		1,110,000		1,189,543
ERAC USA Finance LLC, 5.90%, 11/15/15(a)		1,000,000		1,124,060
General Electric Capital Corp., 6.15%, 8/07/37		1,000,000		1,037,227
JPMorgan Chase & Co., 4.65%, 6/01/14		1,000,000		1,074,355
Moody’s Corp., 5.50%, 9/01/20		1,000,000		1,024,628
Morgan Stanley, 5.63%, 9/23/19		1,500,000		1,539,223
NASDAQ OMX Group, Inc., 4.00%, 1/15/15		750,000		758,678
National Rural Utilities Cooperative Finance Corp., 10.38%, 11/01/18		780,000		1,080,241
NYSE Euronext, 4.80%, 6/28/13		1,000,000		1,069,236
UBS AG, 3.88%, 1/15/15		1,000,000		1,043,809
Verisk Analytics, Inc., 5.80%, 5/01/21		960,000		1,018,271
				14,173,357
ELECTRIC UTILITIES—4.6%
AEP Texas North Co., 5.50%, 3/01/13		1,000,000		1,064,273
Atlantic City Electric Co., 7.75%, 11/15/18		500,000		623,595
CenterPoint Energy Houston Electric LLC, 7.00%, 3/01/14		1,000,000		1,143,332
CMS Energy Corp., 4.25%, 9/30/15		600,000		617,131
Consumers Energy Co., 6.70%, 9/15/19		625,000		749,667
ITC Holdings Corp., 5.50%, 1/15/20(a)		500,000		544,002
MidAmerican Energy Co., 6.75%, 12/30/31		1,500,000		1,734,975
Pennsylvania Electric Co., 5.20%, 4/01/20		500,000		526,566
Portland General Electric Co., 6.10%, 4/15/19		1,100,000		1,276,244
Potomac Edison Co., 5.13%, 8/15/15		1,000,000		1,086,895
Potomac Electric Power Co., 6.50%, 11/15/37		1,000,000		1,174,230
Puget Sound Energy, Inc., 6.74%, 6/15/18		1,000,000		1,175,766
TransAlta Corp., 4.75%, 1/15/15		500,000		533,945
TransAlta Corp., 6.65%, 5/15/18		500,000		572,051
Vectren Utility Holdings, Inc., 6.63%, 12/01/11		1,000,000		1,023,670
				13,846,342
ELECTRICAL EQUIPMENT—0.2%
Thomas & Betts Corp., 5.63%, 11/15/21		500,000		541,867

FOOD & STAPLES RETAILING—0.2%
Kroger Co., 7.50%, 1/15/14	$	500,000	$	571,509
FOOD PRODUCTS—0.5%
Kellogg Co., 4.25%, 3/06/13		1,000,000		1,055,372
Ralcorp Holdings, Inc., 4.95%, 8/15/20		500,000		506,966
				1,562,338
GAS UTILITIES—0.9%
Indiana Gas Co., Inc., 6.55%, 6/30/28		250,000		247,022
Michigan Consolidated Gas Co., 8.25%,
5/01/14		1,000,000		1,152,876
National Fuel Gas Co., 6.50%, 4/15/18		500,000		559,050
Sempra Energy, 6.50%, 6/01/16		600,000		694,854
				2,653,802
HEALTH CARE EQUIPMENT & SUPPLIES—0.7%
Beckman Coulter, Inc., 6.00%, 6/01/15		900,000		1,022,733
Mead Johnson Nutrition Co., 3.50%, 11/01/14		500,000		523,452
Zimmer Holdings, Inc., 4.63%, 11/30/19		500,000		525,405
				2,071,590
HEALTH CARE PROVIDERS & SERVICES—0.8%
Express Scripts, Inc., 6.25%, 6/15/14		550,000		619,368
Howard Hughes Medical Institute, 3.45%,
9/01/14		843,000		896,977
Laboratory Corp of America Holdings, 3.13%,
5/15/16		500,000		506,915
McKesson Corp., 6.00%, 3/01/41		474,000		506,322
				2,529,582
HOTELS, RESTAURANTS & LEISURE—0.3%
Hyatt Hotels Corp., 5.75%, 8/15/15(a)		750,000		788,558
HOUSEHOLD DURABLES—0.4%
Snap-On, Inc., 4.25%, 1/15/18		500,000		518,527
Stanley Black & Decker, Inc., 6.15%, 10/01/13		725,000		794,715
				1,313,242
HOUSEHOLD PRODUCTS—0.2%
Church & Dwight Co., Inc., 3.35%, 12/15/15		500,000		514,188
INDUSTRIAL CONGLOMERATES—1.3%
Cargill, Inc., 7.50%, 9/01/26(a)		1,250,000		1,622,219
Cooper U.S., Inc., 5.45%, 4/01/15		1,000,000		1,121,644
Harsco Corp., 5.75%, 5/15/18		1,000,000		1,124,884
				3,868,747
INDUSTRIAL MACHINERY—0.4%
Valmont Industries, Inc., 6.63%, 4/20/20		1,000,000		1,095,048
INSURANCE BROKERS—0.3%
Willis North America, Inc., 5.63%, 7/15/15		1,000,000		1,081,974
INTEGRATED TELECOMMUNICATION SERVICES—1.1%
AT&T, Inc., 4.95%, 1/15/13		1,000,000		1,060,022
Frontier Communications Corp., 7.88%, 4/15/15		500,000		542,500
GTE Corp., 6.84%, 4/15/18		1,000,000		1,163,271
Verizon Communications, Inc., 6.00%, 4/01/41		500,000		522,123
				3,287,916
INTERNET & CATALOG RETAIL—0.2%
QVC, Inc., 7.13%, 4/15/17(a)		500,000		525,000

See accompanying notes to financial statements.

8

Schedule of portfolio investments, continued
Praxis Intermediate Income Fund	June 30, 2011 (Unaudited)

	PRINCIPAL		FAIR
	AMOUNT		VALUE
CORPORATE BONDS—44.4%, continued
IT SERVICES—0.7%
Dun & Bradstreet Corp., 2.88%, 11/15/15	$	250,000	$	250,067
Dun & Bradstreet Corp., 6.00%, 4/01/13		1,000,000		1,074,851
Fiserv, Inc., 3.13%, 6/15/16		666,000		662,496
Fiserv, Inc., 3.13%, 10/01/15		250,000		253,037
				2,240,451
LIFE & HEALTH INSURANCE—0.3%
Ohio National Financial Services, Inc.,
6.35%, 4/01/13(a)		355,000		377,634
Prudential Financial, Inc., 4.75%, 4/01/14		641,000		689,644
				1,067,278
MACHINERY—0.2%
Pall Corp., 5.00%, 6/15/20		500,000		516,067
METALS & MINING—0.5%
Carpenter Technology Corp., 6.63%, 5/15/13		500,000		530,861
Teck Resources Ltd., 9.75%, 5/15/14		750,000		907,861
				1,438,722
MULTI—LINE INSURANCE—1.4%
American International Group, Inc., 4.25%,
5/15/13		500,000		513,987
Horace Mann Educators Corp., 6.85%,
4/15/16		750,000		815,944
MetLife, Inc., 4.75%, 2/08/21		500,000		509,707
Metropolitan Life Global Funding I, 5.13%,
6/10/14(a)		500,000		546,280
Principal Life Global Funding I, 6.25%,
2/15/12(a)		1,000,000		1,034,540
Unitrin, Inc., 6.00%, 11/30/15		800,000		855,045
				4,275,503
MULTILINE RETAIL—0.9%
J.C. Penney Co., Inc., 5.75%, 2/15/18		500,000		507,500
Wal-Mart Stores, Inc., 1.50%, 10/25/15		1,000,000		986,929
Wal-Mart Stores, Inc., 7.55%, 2/15/30		1,000,000		1,278,995
				2,773,424
OFFICE SERVICES & SUPPLIES—0.2%
Steelcase, Inc., 6.38%, 2/15/21		500,000		520,235
OIL, GAS & CONSUMABLE FUELS—2.4%
BP Capital Markets plc, 3.88%, 3/10/15		1,250,000		1,316,440
ConocoPhillips Holding Co., 6.95%, 4/15/29		1,075,000		1,305,665
Merey Sweeny LP, 8.85%, 12/18/19(a)		641,326		730,336
Motiva Enterprises LLC, 5.20%, 9/15/12(a)		1,000,000		1,039,147
Newfield Exploration Co., 7.13%, 5/15/18		500,000		530,000
Pioneer Natural Resources Co., 5.88%,
7/15/16		500,000		527,915
Ras Laffan Liquefied Natural Gas Co. Ltd. III,
5.83%, 9/30/16(a)		840,500		916,145
Shell International Finance BV, 4.00%, 3/21/14		1,000,000		1,076,604
				7,442,252
PAPER & FOREST PRODUCTS—0.4%
Domtar Corp., 9.50%, 8/01/16		702,000		859,950
Plum Creek Timberlands LP, 4.70%, 3/15/21		375,000		369,584
				1,229,534
PHARMACEUTICALS—1.2%
Abbott Laboratories, 5.13%, 4/01/19		1,000,000		1,100,135
Novartis Capital Corp., 4.13%, 2/10/14		1,250,000		1,347,111
Roche Holdings, Inc., 6.00%, 3/01/19(a)		1,000,000		1,152,161
				3,599,407

PIPELINES—1.2%
Enbridge Energy Partners LP, 5.20%,
3/15/20	$	500,000	$	530,157
Enterprise Products Operating LLC,
3.70%, 6/01/15		1,000,000		1,048,372
Florida Gas Transmission Co. LLC,
4.00%, 7/15/15(a)		1,000,000		1,050,515
Texas Gas Transmission LLC, 4.60%,
6/01/15		1,000,000		1,068,986
				3,698,030
PROPERTY & CASUALTY INSURANCE—1.4%
21st Century Insurance Group, 5.90%,
12/15/13		973,000		1,033,856
Fidelity National Financial, Inc., 7.30%,
8/15/11		1,000,000		1,006,383
Markel Corp., 6.80%, 2/15/13		1,000,000		1,071,691
Progressive Corp., 6.70%, 6/15/37+		500,000		519,400
W.R.Berkley Corp., 6.15%, 8/15/19		710,000		765,899
				4,397,229
PUBLISHING—0.6%
McGraw-Hill Cos., Inc., 5.38%, 11/15/12		1,000,000		1,049,001
Washington Post Co., 7.25%, 2/01/19		575,000		661,221
				1,710,222
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.7%
AMP Property LP, 6.13%, 12/01/16		1,000,000		1,092,290
Pan Pacific Retail Properties, Inc., 5.95%,
6/01/14		1,000,000		1,101,023
				2,193,313
ROAD & RAIL—0.5%
Burlington Northern Santa Fe LLC, 5.75%,
5/01/40		1,000,000		1,030,114
CSX Transportation, Inc., 8.38%, 10/15/14		440,202		515,622
				1,545,736
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.0%
Analog Devices, Inc., 5.00%, 7/01/14		1,000,000		1,101,432
Applied Materials, Inc., 2.65%, 6/15/16		370,000		371,412
Applied Materials, Inc., 7.13%, 10/15/17		500,000		603,253
KLA-Tencor Corp., 6.90%, 5/01/18		1,000,000		1,129,618
				3,205,715
SOFT DRINKS—0.4%
Bottling Group LLC, 5.13%, 1/15/19		1,000,000		1,107,516
SPECIALTY RETAIL—0.5%
Ethan Allen Global, Inc., 5.38%, 10/01/15		500,000		488,996
Home Depot, Inc., 5.95%, 4/01/41		1,000,000		1,029,826
				1,518,822
SUPRANATIONAL—2.1%
Corporation Andina de Fomento, 5.20%,
5/21/13		1,000,000		1,070,000
Inter-American Development Bank, 3.50%,
3/15/13		1,000,000		1,049,799
Inter-American Development Bank, 3.50%,
7/08/13		1,000,000		1,056,979
International Bank for Reconstruction &
Development, 2.00%, 12/04/13		2,000,000		2,058,602
International Finance Facility for Immunisation
(IFFIM), 5.00%, 11/14/11(a)		1,000,000		1,017,091
				6,252,471

See accompanying notes to financial statements.

9

Schedule of portfolio investments, continued
Praxis Intermediate Income Fund	June 30, 2011 (Unaudited)

	PRINCIPAL		FAIR
	AMOUNT		VALUE
CORPORATE BONDS—44.4%, continued
TECHNOLOGY DISTRIBUTORS—0.2%
Arrow Electronics, Inc., 3.38%, 11/01/15 $		500,000	$	506,556
THRIFTS & MORTGAGE FINANCE—0.3%
Countrywide Financial Corp., 5.80%, 6/07/12		1,000,000		1,043,119
TRANSPORTATION SERVICES—0.3%
Golden State Petroleum Transport Corp.,
8.04%, 2/01/19		813,690		815,415
TRUCK MANUFACTURERS—0.3%
PACCAR, Inc., 6.88%, 2/15/14		760,000		867,713
TRUCKING—0.3%
JB Hunt Transport Services, Inc., 3.38%,
9/15/15		1,000,000		1,009,996
UTILITIES—1.0%
FPL Energy National Wind LLC, 5.61%,
3/10/24(a)		149,829		152,951
Harper Lake Solar Funding Corp., 7.65%,
12/31/18(a)		558,467		614,816
Kiowa Power Partners LLC, 4.81%,
12/30/13(a)		788,083		796,161
Salton Sea Funding Corp., 7.48%,
11/30/18		878,101		941,140
SteelRiver Transmission Co. LLC,
4.71%, 6/30/17(a)		579,249		587,996
				3,093,064
WATER UTILITIES—0.4%
American Water Capital Corp., 6.09%,
10/15/17		1,000,000		1,152,529
TOTAL CORPORATE BONDS				134,469,742
CORPORATE NOTES—0.9%
DEVELOPMENT AUTHORITIES—0.9%
Everence Community Investment, Inc.,
0.78%, 12/15/11+(b)		1,052,500		1,052,500
Everence Community Investment, Inc.,
0.52%, 12/15/12+(b)		1,010,000		1,010,000
Everence Community Investment, Inc.,
0.78%, 12/15/13+(b)		802,500		730,275
TOTAL CORPORATE NOTES				2,792,775
INTEREST—ONLY BONDS—0.0%**
Freddie Mac REMICS, 5.00%, 4/15/29		1,090,325		30,760
Government National Mortgage Association,
0.66%, 4/16/27+		2,925,302		25,189
TOTAL INTEREST-ONLY BONDS				55,949
U.S. GOVERNMENT AGENCIES—39.4%
FEDERAL FARM CREDIT BANK — 0.7%
4.88%, 12/16/15		2,000,000		2,271,186
FEDERAL HOME LOAN BANK — 5.2%
3.38%, 6/12/20		3,500,000		3,494,474
3.88%, 6/14/13		300,000		319,586
5.00%, 11/17/17		2,000,000		2,297,418
5.00%, 12/10/21		2,625,000		2,908,043
5.50%, 7/15/36		6,220,000		6,829,846
				15,849,367

FEDERAL HOME LOAN MORTGAGE
CORP. — 16.3%
2.48%, 5/01/34+	$	212,328	$	221,804
2.48%, 5/01/34+		388,584		405,926
3.75%, 3/27/19		4,000,000		4,232,508
4.00%, 10/01/25		1,709,991		1,783,564
4.50%, 6/01/18		657,125		698,027
4.50%, 10/01/35		2,504,579		2,608,063
4.50%, 6/01/39		2,521,561		2,610,972
4.50%, 7/01/39		2,902,476		3,005,394
4.50%, 9/01/40		3,806,246		3,937,642
4.88%, 6/13/18		1,700,000		1,932,188
5.00%, 4/01/19		485,908		525,317
5.00%, 12/01/21		923,985		995,891
5.00%, 2/15/32		1,221,511		1,287,373
5.00%, 7/01/35		1,015,667		1,083,580
5.00%, 6/01/39		4,272,535		4,543,531
5.25%, 4/18/16		6,500,000		7,486,303
5.50%, 7/18/16		3,500,000		4,068,935
5.50%, 4/01/22		532,620		576,017
5.50%, 11/01/33		477,349		519,582
5.50%, 3/01/36		652,988		709,944
5.50%, 6/01/36		1,018,982		1,104,835
5.50%, 12/01/36		965,995		1,047,384
6.00%, 9/01/17		406,508		443,450
6.00%, 4/01/27		1,039,025		1,141,240
6.00%, 6/01/36		690,828		759,309
6.00%, 8/01/37		573,059		629,865
7.00%, 2/01/30		261,483		300,161
7.00%, 3/01/31		214,856		246,638
7.50%, 7/01/30		448,848		516,087
				49,421,530
FEDERAL NATIONAL MORTGAGE
ASSOCIATION — 16.0%
1.25%, 8/20/13		3,103,000		3,145,418
1.95%, 2/01/34+		201,749		204,708
2.40%, 6/01/33+		105,779		106,440
2.47%, 5/01/34+		276,230		289,137
3.50%, 7/01/20		2,045,576		2,130,712
3.50%, 10/01/25		1,399,674		1,427,310
4.13%, 4/15/14		900,000		980,110
4.38%, 10/15/15		4,700,000		5,208,357
4.50%, 9/01/40		2,331,110		2,415,225
4.50%, 10/01/40		2,351,636		2,436,751
5.00%, 4/15/15		2,250,000		2,547,083
5.00%, 2/13/17		4,500,000		5,138,109
5.00%, 7/01/18		370,439		398,572
5.00%, 9/01/18		481,764		518,353
5.00%, 4/01/25		803,970		865,531
5.00%, 7/01/25		690,281		743,137
5.00%, 10/01/25		854,629		920,070
5.00%, 10/01/35		1,306,544		1,392,497
5.38%, 7/15/16		6,500,000		7,554,352
5.48%, 5/01/37+		645,342		686,161
5.50%, 6/01/22		687,171		746,505
5.50%, 11/01/25		229		251
5.50%, 2/01/34		459,228		498,781
5.50%, 1/01/35		977,012		1,061,161
5.50%, 10/01/35		1,484,145		1,611,973
5.50%, 6/01/36		644,123		699,600

See accompanying notes to financial statements.

10

Schedule of portfolio investments, continued
Praxis Intermediate Income Fund	June 30, 2011 (Unaudited)

	��	PRINCIPAL
		AMOUNT/
		SHARES		VALUE
U.S. GOVERNMENT AGENCIES—39.4%, continued
FEDERAL NATIONAL MORTGAGE
ASSOCIATION — 16.0%, continued
5.50%, 11/01/36		$	899,866	$	977,370
6.00%, 10/01/33			253,085		278,212
6.00%, 11/01/34			975,482		1,072,332
6.00%, 10/01/35			603,031		662,902
6.00%, 6/01/36			585,323		643,436
6.63%, 11/15/30			575,000		726,308
7.00%, 7/01/15			3,074		3,337
7.00%, 11/01/19			32,796		37,717
7.00%, 11/01/19			51,910		59,724
8.50%, 9/01/26			214,529		252,369
					48,440,011
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION — 0.5%
2.50%, 1/20/34+			140,258		145,291
5.50%, 10/20/38			741,676		805,413
6.50%, 11/20/38			151,108		161,898
6.75%, 4/15/16			44,919		49,944
7.00%, 12/20/30			69,529		80,328
7.00%, 10/20/31			47,201		54,532
7.00%, 3/20/32			143,455		165,736
					1,463,142
SMALL BUSINESS ADMINISTRATION - 0.2%
0.60%, 2/25/32+			523,572		522,259
1.00%, 9/25/18+			33,746		33,894
					556,153
U.S. DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT — 0.5%
1.80%, 8/01/14			1,440,000		1,474,469
TOTAL U.S. GOVERNMENT AGENCIES					119,475,858
INVESTMENT COMPANY—1.4%
MUTUAL FUND—1.4%
Pax World High Yield Bond Fund,
Individual Investor Class			530,984		4,062,026
SHORT TERM INVESTMENT—2.9%
INVESTMENT COMPANY—2.9%
JPMorgan U.S. Government Money Market
Fund, Agency Shares			8,900,319		8,900,319
TOTAL INVESTMENTS (Cost*
$292,500,566)—100.7%				$	305,152,645
Liabilities in excess of other assets - (0.7)%					(2,090,717	)
NET ASSETS-100%				$	303,061,928

+	Variable rate security. Rates presented are the rates in effect at June 30, 2011.
(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, 2011, these securities were valued at $26,332,005 or 8.7% of net assets.
(b)	Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been deemed illiquid under guidelines established by the Board of Trustees:

				Acquisition
Security	Yield		Shares	Date
Everence Community Investment, Inc.	0.78	%	1,052,500	12/2009
Everence Community Investment, Inc.	0.52	%	1,010,000	12/2009
Everence Community Investment, Inc.	0.78	%	802,500	12/2009

	At June 30, 2011, these securities had an aggregate market value of $2,792,775, representing 0.9% of net assets.
*	Represents cost for financial reporting purposes.
**	Amount rounds to less than 0.01%.

plc	—	Public Liability Company
REMICS	—	Real Estate Mortgage Investment Conduits
Rev.	—	Revenue
XLCA	—	XL Capital Assurance, Inc.

See accompanying notes to financial statements.

11

Schedule of portfolio investments
Praxis Core Stock Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—97.4%
AUTOMOBILES—1.2%
Harley-Davidson, Inc.		46,200	$	1,892,814
BEVERAGES—1.3%
Coca-Cola Co.		31,350		2,109,542
CAPITAL MARKETS—7.1%
Ameriprise Financial, Inc.		25,400		1,465,072
Bank of New York Mellon Corp.		232,600		5,959,212
Charles Schwab Corp.		5,700		93,765
GAM Holding AG(Switzerland)		10,510		172,510
Goldman Sachs Group, Inc.		5,660		753,289
Julius Baer Group Ltd.(Switzerland)		78,120		3,227,009
				11,670,857
CHEMICALS—1.1%
Air Products & Chemicals, Inc.		8,980		858,309
Potash Corp of Saskatchewan, Inc.(Canada)		10,761		613,269
Praxair, Inc.		3,700		401,043
				1,872,621
COMMERCIAL BANKS—4.3%
Wells Fargo & Co.		248,358		6,968,925
COMMERCIAL SERVICES & SUPPLIES—3.2%
Iron Mountain, Inc.		151,400		5,161,226
COMPUTERS & PERIPHERALS—0.7%
Hewlett-Packard Co.		30,750		1,119,300
CONSTRUCTION MATERIALS—0.9%
Martin Marietta Materials, Inc.		17,500		1,399,475
CONSUMER FINANCE—5.0%
American Express Co.		158,200		8,178,940
CONTAINERS & PACKAGING—1.8%
Sealed Air Corp.		120,900		2,876,211
DIVERSIFIED FINANCIAL SERVICES—0.1%
JPMorgan Chase & Co.		3,950		161,713
ENERGY EQUIPMENT & SERVICES—0.7%
Transocean Ltd.(Switzerland)		18,955		1,223,735
FOOD & STAPLES RETAILING—10.5%
Costco Wholesale Corp.		126,600		10,284,984
CVS Caremark Corp.		182,072		6,842,266
				17,127,250
FOOD PRODUCTS—3.6%
Kraft Foods, Inc., Class A		83,900		2,955,797
Unilever NV - NY Registry Shares
(Netherlands)		88,300		2,900,655
				5,856,452
HEALTH CARE EQUIPMENT & SUPPLIES—1.8%
Baxter International, Inc.		19,800		1,181,862
Becton Dickinson and Co.		21,050		1,813,879
				2,995,741
HEALTH CARE PROVIDERS & SERVICES—1.7%
Express Scripts, Inc.(a)		52,800		2,850,144

HOUSEHOLD DURABLES—0.3%
Hunter Douglas NV(Netherlands)	8,300	$	406,223
HOUSEHOLD PRODUCTS—5.2%
Procter & Gamble Co.	133,200		8,467,524
INSURANCE—9.2%
ACE Ltd.(Switzerland)	13,240		871,457
AON Corp.	4,600		235,980
Berkshire Hathaway, Inc., Class A(a)	19		2,205,995
Everest Re Group Ltd.(Bermuda)	2,240		183,120
Loews Corp.	125,900		5,299,131
Markel Corp.(a)	480		190,469
Progressive Corp.	202,700		4,333,726
Transatlantic Holdings, Inc.	34,343		1,683,150
			15,003,028
INTERNET & CATALOG RETAIL—0.8%
Expedia, Inc.	22,390		649,086
Liberty Media Corp. - Interactive, Series A(a)	38,475		645,226
			1,294,312
INTERNET SOFTWARE & SERVICES—4.1%
Google, Inc., Class A(a)	13,200		6,684,216
IT SERVICES—0.3%
Visa, Inc., Class A	6,370		536,736
MARINE—1.2%
China Shipping Development Co. Ltd.,
Class H(China)	406,000		373,042
Kuehne + Nagel International AG(Switzerland)	10,900		1,654,285
			2,027,327
MEDIA—0.9%
Grupo Televisa SA, ADR(Mexico)	15,180		373,428
Liberty Media Corp. - Starz, Series A(a)	3,044		229,031
Walt Disney Co.	20,130		785,875
			1,388,334
METALS & MINING—1.5%
BHP Billiton plc(United Kingdom)	32,000		1,259,308
Rio Tinto plc(United Kingdom)	17,400		1,254,023
			2,513,331
OIL, GAS & CONSUMABLE FUELS—10.2%
Canadian Natural Resources Ltd.(Canada)	109,200		4,571,112
Devon Energy Corp.	60,500		4,768,005
EOG Resources, Inc.	60,300		6,304,365
OGX Petroleo e Gas Participacoes SA(Brazil)(a)	110,000		1,025,534
			16,669,016
PAPER & FOREST PRODUCTS—0.2%
Sino-Forest Corp.(Canada)(a)	111,360		369,487
PERSONAL PRODUCTS—0.2%
Natura Cosmeticos SA(Brazil)	12,200		305,811
PHARMACEUTICALS—9.3%
Johnson & Johnson	66,100		4,396,972
Merck & Co., Inc.	223,916		7,901,996
Roche Holding AG(Switzerland)	17,700		2,962,105
			15,261,073

See accompanying notes to financial statements.

12

Schedule of portfolio investments, continued
Praxis Core Stock Fund	June 30, 2011 (Unaudited)

	PRINCIPAL
	AMOUNT/
	SHARES		VALUE
COMMON STOCKS—97.4%, continued
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.7%
Brookfield Asset Management, Inc., Class A
(Canada)		39,900	$	1,323,483
Hang Lung Group Ltd.(Hong Kong)		231,000		1,463,472
				2,786,955
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.7%
Intel Corp.		16,720		370,515
Texas Instruments, Inc.		75,740		2,486,544
				2,857,059
SOFTWARE—1.3%
Activision Blizzard, Inc.		79,100		923,888
Microsoft Corp.		46,780		1,216,280
				2,140,168
SPECIALTY RETAIL—2.7%
Bed Bath & Beyond, Inc.(a)		57,400		3,350,438
CarMax, Inc.(a)		29,700		982,179
				4,332,617
TRANSPORTATION INFRASTRUCTURE—1.3%
China Merchants Holdings International Co.
Ltd.(Hong Kong)		557,355		2,152,295
WIRELESS TELECOMMUNICATION SERVICES—0.3%
America Movil SAB de CV, Series L, ADR
(Mexico)		10,500		565,740
TOTAL COMMON STOCKS				159,226,198
COMMERCIAL PAPER—1.6%
Intesa Funding LLC, 0.08%, 7/01/11	$	2,692,000		2,691,987
CORPORATE NOTES—1.3%
DEVELOPMENT AUTHORITIES—1.3%
Everence Community Investment, Inc.,
0.78%, 12/15/11+(b)		716,000		716,000
Everence Community Investment, Inc.,
0.52%, 12/15/12+(b)		803,000		803,000
Everence Community Investment, Inc.,
0.78%, 12/15/13+(b)		716,000		651,560
TOTAL CORPORATE NOTES				2,170,560
SHORT TERM INVESTMENT—0.0%**
INVESTMENT COMPANY—0.0%**
JPMorgan U.S. Government Money Market
Fund, Agency Shares		15,411		15,411
TOTAL INVESTMENTS (Cost* $138,374,477)—100.3%			$	164,104,156
Liabilities in excess of other assets — (0.3)%				(565,510	)
NET ASSETS—100%			$	163,538,646

+	Variable rate security. Rates presented are the rates in effect at June 30, 2011.
(a)	Non-income producing securities.
(b)	Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been deemed illiquid under guidelines established by the Board of Trustees:

				Acquisition
Security	Yield	Shares		Date
Everence Community Investment, Inc.	0.78 %		716,000	12/2009
Everence Community Investment, Inc.	0.52 %		803,000	12/2009
Everence Community Investment, Inc.	0.78 %		716,000	12/2009

	At June 30, 2011, these securities had an aggregate market value of $2,170,560, representing 1.3% of net assets.
*	Represents cost for financial reporting purposes.
**	Amount rounds to less than 0.1%

ADR	—	American Depositary Receipt
plc	—	Public Liability Company

See accompanying notes to financial statements.

13

Schedule of portfolio investments
Praxis International Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—92.8%
ARGENTINA—1.0%
ENERGY—0.3%
YPF SA- ADR		5,693	$	256,470
REAL ESTATE—0.7%
IRSA Inversiones y Representaciones SA- ADR		39,225		539,736
				796,206
AUSTRALIA—3.5%
BANKS—1.6%
Commonwealth Bank of Australia		14,366		809,096
Westpac Banking Corp.		22,573		541,567
				1,350,663
DIVERSIFIED FINANCIALS—0.5%
Macquarie Group Ltd.		11,227		378,748
INSURANCE—0.4%
AMP Ltd.		63,100		331,837
MATERIALS—1.0%
Newcrest Mining Ltd.		20,584		834,058
				2,895,306
BRAZIL—0.5%
BANKS—0.5%
Banco Bradesco SA- ADR		20,864		427,503
CANADA—5.1%
ENERGY—2.7%
Canadian Natural Resources Ltd.		28,256		1,184,499
Encana Corp.		10,984		339,161
Suncor Energy, Inc.		17,144		671,930
				2,195,590
MATERIALS—0.9%
Teck Resources Ltd., Class B		14,745		749,442
REAL ESTATE—1.5%
Brookfield Asset Management, Inc., Class A		36,745		1,218,832
				4,163,864
CHINA—4.4%
CAPITAL GOODS—0.8%
Shanghai Electric Group Co. Ltd., Class H		1,327,000		703,204
SOFTWARE & SERVICES—3.0%
Baidu, Inc.- ADR (a)		3,987		558,698
Netease.com- ADR (a)		7,893		355,896
Sina Corp. (a)		9,442		982,912
Tencent Holdings Ltd.		19,600		534,931
				2,432,437
TECHNOLOGY HARDWARE & EQUIPMENT—0.6%
ZTE Corp., Class H		128,800		468,495
				3,604,136
FRANCE—9.0%
AUTOMOBILES & COMPONENTS—0.6%
Peugeot SA		10,810		484,950
BANKS—1.1%
BNP Paribas SA		11,285		870,175
CAPITAL GOODS—1.2%
Cie de Saint-Gobain		14,972		970,456

ENERGY—1.6%
Technip SA	12,044	$	1,291,015
FOOD & STAPLES RETAILING—0.6%
Carrefour SA (a)	11,833		486,449
FOOD, BEVERAGE & TOBACCO—0.9%
Danone SA	10,005		746,905
MEDIA—0.6%
Publicis Groupe SA	8,997		502,249
RETAILING—1.3%
PPR	6,109		1,088,045
TELECOMMUNICATION SERVICES—1.1%
France Telecom SA	41,159		875,184
			7,315,428
GERMANY—9.3%
CAPITAL GOODS—0.6%
Hochtief AG	5,673		474,043
DIVERSIFIED FINANCIALS—0.5%
Deutsche Boerse AG	5,419		411,462
FOOD & STAPLES RETAILING—0.9%
Metro AG	12,328		746,558
HEALTH CARE EQUIPMENT & SERVICES—1.9%
Fresenius SE & Co. KGaA	14,767		1,541,389
INSURANCE—1.8%
Allianz SE	6,619		922,999
Muenchener Rueckversicherungs
Gesellschaft AG	3,415		521,317
			1,444,316
MATERIALS—1.0%
BASF SE	8,332		816,714
PHARMACEUTICALS & BIOTECHNOLOGY—1.6%
Bayer AG	16,001		1,285,146
SOFTWARE & SERVICES—0.8%
SAP AG	10,526		638,174
UTILITIES—0.2%
E.ON AG	7,391		210,085
			7,567,887
HONG KONG—0.8%
TELECOMMUNICATION SERVICES—0.8%
China Mobile Ltd.- ADR	14,510		678,778
ISRAEL—0.8%
PHARMACEUTICALS & BIOTECHNOLOGY—0.8%
Teva Pharmaceutical Industries Ltd.- ADR	14,033		676,671
ITALY—0.6%
BANKS—0.6%			��
Intesa Sanpaolo	187,479		499,215

See accompanying notes to financial statements.

14

Schedule of portfolio investments, continued
Praxis International Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—92.8%, continued
JAPAN—11.4%
AUTOMOBILES & COMPONENTS—4.6%
Isuzu Motors Ltd.		340,000	$	1,609,539
Toyota Motor Corp.		52,300		2,153,671
				3,763,210
BANKS—1.3%
Mitsubishi UFJ Financial Group, Inc.		157,500		767,551
Sumitomo Mitsui Financial Group, Inc.		9,200		283,679
				1,051,230
CAPITAL GOODS—1.3%
Makita Corp.		23,300		1,085,756
DIVERSIFIED FINANCIALS—0.7%
Nomura Holdings, Inc.		107,200		528,999
INSURANCE—0.4%
NKSJ Holdings, Inc.		54,600		360,370
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT—0.5%
Tokyo Electron Ltd.		7,900		431,995
SOFTWARE & SERVICES—1.6%
Nintendo Co. Ltd.		3,800		713,596
Yahoo! Japan Corp.		1,681		578,509
				1,292,105
TECHNOLOGY HARDWARE & EQUIPMENT—1.0%
Canon, Inc.		16,200		770,574
				9,284,239
NETHERLANDS—5.9%
COMMERCIAL & PROFESSIONAL SERVICES—3.4%
Randstad Holding NV		32,994		1,525,573
USG People NV		74,027		1,280,239
				2,805,812
DIVERSIFIED FINANCIALS—1.0%
ING Groep NV, CVA (a)		68,909		849,201
FOOD, BEVERAGE & TOBACCO—0.8%
Unilever NV, CVA		19,017		624,150
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT—0.7%
ASML Holding NV		15,002		553,346
				4,832,509
NORWAY—0.7%
TELECOMMUNICATION SERVICES—0.7%
Telenor ASA		34,726		568,301
SINGAPORE—0.6%
BANKS—0.6%
DBS Group Holdings Ltd.		42,000		502,415
SPAIN—4.9%
BANKS—1.0%
Banco Bilbao Vizcaya Argentaria SA		24,826		291,427
Banco Santander SA		46,040		530,388
				821,815

ENERGY—2.0%
Repsol YPF SA	47,804	$	1,658,105
RETAILING—0.8%
Inditex SA	6,911		629,687
TELECOMMUNICATION SERVICES—1.1%
Telefonica SA	36,285		886,216
			3,995,823
SWITZERLAND—8.8%
CAPITAL GOODS—1.2%
ABB Ltd. (a)	36,895		958,617
CONSUMER DURABLES & APPAREL—1.5%
Swatch Group AG	2,356		1,189,092
DIVERSIFIED FINANCIALS—1.9%
Credit Suisse Group AG (a)	20,453		797,099
UBS AG (a)	41,414		755,788
			1,552,887
INSURANCE—1.2%
Zurich Financial Services AG (a)	4,046		1,023,799
PHARMACEUTICALS & BIOTECHNOLOGY—3.0%
Novartis AG	27,638		1,693,853
Roche Holding AG	4,428		741,339
			2,435,192
			7,159,587
UNITED KINGDOM—25.5%
BANKS—4.2%
Barclays plc	190,813		782,782
HSBC Holdings plc	165,290		1,638,806
Lloyds Banking Group plc (a)	660,426		518,985
Standard Chartered plc	18,702		491,258
			3,431,831
CAPITAL GOODS—1.9%
Ashtead Group plc	189,599		517,307
Cookson Group plc	41,011		443,033
Travis Perkins plc	38,854		617,071
			1,577,411
COMMERCIAL SERVICES & SUPPLIES—1.2%
Experian plc	35,038		446,311
Intertek Group plc	15,570		493,443
			939,754
CONSUMER DURABLES & APPAREL—1.7%
Burberry Group plc	34,889		811,332
Persimmon plc	77,572		601,002
			1,412,334
ENERGY—4.2%
BG Group plc	39,741		902,356
BP plc	141,469		1,041,635
Royal Dutch Shell plc, Class A	41,281		1,468,924
			3,412,915

See accompanying notes to financial statements.

15

Schedule of portfolio investments, continued
Praxis International Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—92.8%, continued
UNITED KINGDOM—25.5%, continued
MATERIALS—6.5%
Antofagasta plc		56,380	$	1,261,680
BHP Billiton plc		35,436		1,392,414
New World Resources plc, Class A		35,703		524,309
Rio Tinto plc		17,777		1,283,601
Xstrata plc		38,559		849,277
				5,311,281
MEDIA—0.7%
WPP plc		47,904		600,134
PHARMACEUTICALS & BIOTECHNOLOGY—1.3%
GlaxoSmithKline plc		50,974		1,092,589
RETAILING—0.9%
Game Group plc		451,370		262,443
Kingfisher plc		105,525		453,292
				715,735
TELECOMMUNICATION SERVICES—2.3%
Vodafone Group plc		691,241		1,832,924
TRANSPORTATION—0.6%
International Consolidated Airlines Group SA (a)		122,582		500,382
				20,827,290
TOTAL COMMON STOCKS				75,795,158

	PRINCIPAL
	AMOUNT/		FAIR
	SHARES		VALUE
CORPORATE NOTES—1.4%
DEVELOPMENT AUTHORITIES—1.4%
Everence Community Investment, Inc.,
0.78%, 12/15/11+(b)	$	331,000	$	331,000
Everence Community Investment, Inc.,
0.52%, 12/15/12+(b)	$	443,000		443,000
Everence Community Investment, Inc.,
0.78%, 12/15/13+(b)	$	331,000		301,210
TOTAL CORPORATE NOTES				1,075,210
SHORT TERM INVESTMENT—8.6%
INVESTMENT COMPANY—8.6%
JPMorgan U.S. Government Money
Market Fund, Agency Shares		7,064,795		7,064,795
TOTAL INVESTMENTS (Cost* $67,252,687)—102.8%			$	83,935,163
Liabilities in excess of other assets — (2.8)%				(2,252,826	)
NET ASSETS—100%			$	81,682,337

+	Variable rate security. Rates presented are the rates in effect at June 30, 2011.
(a)	Non-income producing securities.
(b)	Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been deemed illiquid under guidelines established by the Board of Trustees:

			Acquisition
Security	Yield	Shares	Date
Everence Community Investment, Inc.	0.78 %	331,000	12/2009
Everence Community Investment, Inc.	0.52 %	443,000	12/2009
Everence Community Investment, Inc.	0.78 %	331,000	12/2009

       At June 30, 2011, these securities had an aggregate market value of $1,075,210, representing 1.4% of net assets.

*    Represents cost for financial reporting purposes.

ADR	—	American Depositary Receipt
CVA	—	Dutch Certificate
plc	—	Public Liability Company

See accompanying notes to financial statements.

16

Schedule of portfolio investments
Praxis International Index Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—99.1%
AUSTRALIA—5.8%
BANKS—0.4%
Commonwealth Bank of Australia		2,579	$	145,250
BIOTECHNOLOGY—0.2%
CSL Ltd.		530		18,839
CSL Ltd.- ADR		3,812		69,188
				88,027
CAPITAL MARKETS—0.2%
Macquarie Group Ltd.- ADR		1,947		65,517
CHEMICALS—0.1%
Orica Ltd.		1,786		51,779
COMMERCIAL BANKS—1.6%
Australia & New Zealand Banking Group
Ltd.- ADR		9,143		216,689
National Australia Bank Ltd.- ADR		8,071		223,163
Westpac Banking Corp.- ADR		1,887		226,742
				666,594
CONTAINERS & PACKAGING—0.3%
Amcor Ltd.		3,344		25,912
Amcor Ltd.- ADR		3,211		99,766
				125,678
DIVERSIFIED FINANCIALS—0.0%**
Macquarie Group Ltd.		463		15,620
FOOD & STAPLES RETAILING—0.2%
Woolworths Ltd.		3,078		91,837
INSURANCE—0.1%
Suncorp Group Ltd.		5,969		52,174
METALS & MINING—2.0%
Alumina Ltd.- ADR		10,916		100,427
BHP Billiton Ltd.- ADR		6,162		583,110
Newcrest Mining Ltd.- ADR		3,594		145,557
				829,094
OIL, GAS & CONSUMABLE FUELS—0.6%
Origin Energy Ltd.		4,010		68,181
Woodside Petroleum Ltd.		876		38,646
Woodside Petroleum Ltd.- ADR		2,836		126,174
				233,001
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.1%
Westfield Group REIT		4,207		39,212
				2,403,783
AUSTRIA—0.4%
COMMERCIAL BANKS—0.4%
Erste Group Bank AG		757		39,647
Erste Group Bank AG- ADR		4,328		113,783
				153,430
BELGIUM—0.3%
FOOD & STAPLES RETAILING—0.3%
Delhaize Group SA- ADR		1,594		120,124
BERMUDA—0.0%
OIL, GAS & CONSUMABLE FUELS—0.0%**
Frontline Ltd.		590		8,697

BRAZIL—3.7%
BANKS—0.2%
Banco Bradesco SA- ADR	4,607	$	94,397
CHEMICALS—0.2%
Braskem SA- ADR	2,271		66,041
COMMERCIAL BANKS—0.3%
Banco do Brasil SA- ADR	1,629		29,208
Itau Unibanco Holding SA- ADR	4,556		107,294
			136,502
ELECTRIC UTILITIES—0.5%
Cia Energetica de Minas Gerais- ADR	4,265		88,029
Cia Paranaense de Energia- ADR	780		21,185
CPFL Energia SA- ADR	1,222		106,192
			215,406
FOOD & STAPLES RETAILING—0.3%
Cia Brasileira de Distribuicao Grupo Pao
de Acucar- ADR	2,382		111,835
FOOD PRODUCTS—0.2%
BRF - Brasil Foods SA- ADR	5,584		96,771
METALS & MINING—0.9%
Cia Siderurgica Nacional SA- ADR	3,783		47,136
Gerdau SA- ADR	3,330		35,032
Vale SA- ADR	8,414		268,827
			350,995
OIL, GAS & CONSUMABLE FUELS—1.0%
OGX Petroleo e Gas Participacoes
SA- ADR (a)	6,257		59,754
Petroleo Brasileiro SA- ADR	7,878		266,749
Ultrapar Participacoes SA- ADR	5,052		91,593
			418,096
WATER UTILITIES—0.1%
Cia de Saneamento Basico do Estado de
Sao Paulo- ADR	716		42,724
			1,532,767
CANADA—7.6%
AUTO COMPONENTS—0.2%
Magna International, Inc.	1,404		75,872
CHEMICALS—0.7%
Agrium, Inc.	739		64,855
Methanex Corp.	1,929		60,532
Potash Corp of Saskatchewan, Inc.	2,493		142,076
			267,463
COMMERCIAL BANKS—1.6%
Bank of Montreal	1,353		85,983
Bank of Nova Scotia	2,930		176,298
Canadian Imperial Bank of Commerce	1,086		85,761
Royal Bank of Canada	3,121		177,991
Toronto-Dominion Bank	1,762		149,594
			675,627
COMMERCIAL SERVICES & SUPPLIES—0.0%**
Progressive Waste Solutions Ltd.	790		19,671
HOTELS, RESTAURANTS & LEISURE—0.2%
Tim Hortons, Inc.	1,519		74,142

See accompanying notes to financial statements.

17

Schedule of portfolio investments, continued
Praxis International Index Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—99.1%, continued
CANADA—7.6%, continued
INDEPENDENT POWER PRODUCERS &
ENERGY TRADERS—0.1%
TransAlta Corp.		1,844	$	39,388
INSURANCE—0.3%
Manulife Financial Corp.		3,530		62,340
Sun Life Financial, Inc.		1,718		51,677
				114,017
MATERIALS—0.1%
Agnico-Eagle Mines Ltd.		912		57,575
MEDIA—0.2%
Shaw Communications, Inc., Class B		3,171		72,394
METALS & MINING—1.1%
Barrick Gold Corp.		2,318		104,982
Eldorado Gold Corp.		1,057		15,580
Kinross Gold Corp.		4,398		69,488
Taseko Mines Ltd. (a)		7,158		35,504
Teck Resources Ltd., Class B		3,655		185,455
Thompson Creek Metals Co., Inc. (a)		4,395		43,862
				454,871
OIL, GAS & CONSUMABLE FUELS—2.4%
Canadian Natural Resources Ltd.		3,994		167,189
Cenovus Energy, Inc.		4,110		154,783
Enbridge, Inc.		5,822		188,982
Encana Corp.		2,939		90,492
Nexen, Inc.		2,371		53,347
Penn West Petroleum Ltd.		1,667		38,474
Suncor Energy, Inc.		4,928		192,685
Talisman Energy, Inc.		5,261		107,798
				993,750
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%
Brookfield Asset Management, Inc., Class A		2,835		94,037
ROAD & RAIL—0.4%
Canadian National Railway Co.		1,083		86,532
Canadian Pacific Railway Ltd.		1,287		80,206
				166,738
TECHNOLOGY HARDWARE & EQUIPMENT—0.1%
Research In Motion Ltd. (a)		1,012		29,196
				3,134,741
CHILE—0.7%
AIRLINES—0.1%
Lan Airlines SA- ADR		988		28,178
BEVERAGES—0.1%
Embotelladora Andina SA, Class B- ADR		1,729		49,882
CHEMICALS—0.3%
Sociedad Quimica y Minera de Chile SA- ADR		2,198		142,254
COMMERCIAL BANKS—0.2%
Corpbanca- ADR		3,140		75,046
				295,360

CHINA—2.4%
AIRLINES—0.2%
China Eastern Airlines Corp. Ltd.- ADR (a)	2,802	$	62,709
China Southern Airlines Co. Ltd.- ADR (a)	1,296		35,044
			97,753
CHEMICALS—0.2%
Sinopec Shanghai Petrochemical Co. Ltd.- ADR	1,403		61,732
COMMERCIAL BANKS—0.7%
China Construction Bank Corp.- ADR	16,143		268,781
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
China Telecom Corp. Ltd.- ADR	1,342		87,834
INSURANCE—0.6%
China Life Insurance Co. Ltd.- ADR	5,022		260,340
INTERNET SOFTWARE & SERVICES—0.4%
Tencent Holdings Ltd.- ADR	6,040		165,496
ROAD & RAIL—0.1%
Guangshen Railway Co. Ltd.- ADR	2,256		47,376
			989,312
COLOMBIA—0.6%
COMMERCIAL BANKS—0.3%
BanColombia SA- ADR	1,659		110,705
OIL, GAS & CONSUMABLE FUELS—0.3%
Ecopetrol SA- ADR	2,831		124,592
			235,297
DENMARK—0.7%
COMMERCIAL BANKS—0.1%
Danske Bank A/S- ADR (a)	6,614		60,320
PHARMACEUTICALS—0.6%
Novo Nordisk A/S- ADR	1,904		238,533
			298,853
FINLAND—0.5%
COMMUNICATIONS EQUIPMENT—0.2%
Nokia OYJ- ADR	10,739		68,945
PAPER & FOREST PRODUCTS—0.3%
Stora Enso OYJ- ADR	11,880		124,621
			193,566
FRANCE—6.9%
AUTO COMPONENTS—0.5%
Cie Generale des Etablissements
Michelin- ADR	4,285		84,114
Cie Generale des Etablissements
Michelin, Class B	370		36,238
Valeo SA- ADR	2,696		92,338
			212,690
CAPITAL GOODS—0.2%
Cie de Saint-Gobain	1,071		69,420
COMMERCIAL BANKS—0.8%
BNP Paribas SA- ADR	5,874		227,030
Societe Generale- ADR	8,975		106,668
			333,698

See accompanying notes to financial statements.

18

Schedule of portfolio investments, continued
Praxis International Index Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—99.1%, continued
FRANCE—6.9%, continued
CONSTRUCTION & ENGINEERING—0.6%
Bouygues SA		956	$	42,040
Vinci SA- ADR		12,602		202,388
				244,428
CONSTRUCTION MATERIALS—0.2%
Lafarge SA		430		27,399
Lafarge SA- ADR		3,968		61,663
				89,062
DIVERSIFIED FINANCIAL SERVICES—0.1%
Credit Agricole SA- ADR		3,795		28,652
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
France Telecom SA- ADR		4,942		105,215
ELECTRICAL EQUIPMENT—0.6%
Schneider Electric SA		457		76,306
Schneider Electric SA- ADR		10,410		175,201
				251,507
ENERGY EQUIPMENT & SERVICES—0.6%
Cie Generale de Geophysique - Veritas- ADR (a)		2,968		108,570
Technip SA- ADR		5,684		152,615
				261,185
FOOD & STAPLES RETAILING—0.2%
Carrefour SA- ADR		13,380		104,498
FOOD PRODUCTS—0.7%
Danone SA- ADR		18,955		283,377
HEALTH CARE EQUIPMENT & SUPPLIES—0.2%
Cie Generale d’Optique Essilor International SA		900		73,025
INSURANCE—0.4%
AXA SA- ADR		7,294		166,157
MEDIA—0.5%
Publicis Groupe SA- ADR		4,620		129,314
Vivendi SA		2,408		67,118
				196,432
MULTI-UTILITIES—0.4%
GDF Suez- ADR		1,918		70,487
Veolia Environnement SA- ADR		3,612		102,364
				172,851
PERSONAL PRODUCTS—0.4%
L’Oreal SA		382		49,574
L’Oreal SA- ADR		5,140		134,359
				183,933
SOFTWARE—0.2%
Dassault Systemes SA- ADR		805		68,908
				2,845,038
GERMANY—6.6%
AIR FREIGHT & LOGISTICS—0.1%
Deutsche Post AG		1,591		30,586
AIRLINES—0.1%
Deutsche Lufthansa AG- ADR		2,402		52,412

AUTOMOBILES—0.6%
Bayerische Motoren Werke AG- ADR	4,901	$	161,978
Volkswagen AG- ADR	1,965		72,371
			234,349
CAPITAL MARKETS—0.4%
Deutsche Bank AG	2,834		167,886
CHEMICALS—1.0%
BASF SE- ADR	4,043		396,457
CONSUMER DURABLES & APPAREL—0.1%
Adidas AG	717		56,845
DIVERSIFIED FINANCIALS—0.3%
Deutsche Boerse AG	386		29,309
Deutsche Boerse AG- ADR	10,140		77,368
			106,677
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Deutsche Telekom AG- ADR	9,016		140,920
HEALTH CARE PROVIDERS & SERVICES—0.4%
Fresenius Medical Care AG & Co. KGaA- ADR	2,282		170,465
INSURANCE—1.1%
Allianz SE- ADR	20,430		286,429
Muenchener Rueckversicherungs AG- ADR	6,970		106,850
Muenchener Rueckversicherungs
Gesellschaft AG	376		57,398
			450,677
MACHINERY—0.2%
MAN SE	389		51,815
MAN SE- ADR	4,026		53,505
			105,320
MULTI-UTILITIES—0.3%
RWE AG- ADR	1,927		106,949
PHARMACEUTICALS—0.6%
Bayer AG- ADR	2,987		240,633
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Infineon Technologies AG- ADR	5,568		62,640
SOFTWARE—0.5%
SAP AG- ADR	3,157		191,472
TEXTILES, APPAREL & LUXURY GOODS—0.3%
Adidas AG- ADR	2,210		88,113
Puma AG Rudolf Dassler Sport	105		33,192
			121,305
TRUCKING—0.2%
Deutsche Post AG- ADR	3,960		76,270
			2,711,863
GREECE—0.2%
BEVERAGES—0.2%
Coca Cola Hellenic Bottling Co. SA- ADR (a)	2,295		61,414
COMMERCIAL BANKS—0.0%**
National Bank of Greece SA- ADR (a)	10,440		14,929
			76,343

See accompanying notes to financial statements.

19

Schedule of portfolio investments, continued
Praxis International Index Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—99.1%, continued
HONG KONG—3.5%
COMMERCIAL BANKS—0.5%
BOC Hong Kong Holdings Ltd.		14,000	$	40,781
BOC Hong Kong Holdings Ltd.- ADR		1,754		102,311
Hang Seng Bank Ltd.		4,200		67,185
				210,277
DISTRIBUTORS—0.2%
Li & Fung Ltd.		12,000		23,984
Li & Fung Ltd.- ADR		12,287		51,483
				75,467
DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
China Unicom Hong Kong Ltd.- ADR		7,913		160,396
INDUSTRIAL CONGLOMERATES—0.3%
Jardine Matheson Holdings Ltd.		751		43,126
Jardine Matheson Holdings Ltd.- ADR		1,684		96,493
				139,619
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.3%
Hang Lung Properties Ltd.		11,000		45,228
Henderson Land Development Co. Ltd.		8,000		51,733
Sun Hung Kai Properties Ltd.		3,000		43,853
Sun Hung Kai Properties Ltd.- ADR		11,170		163,082
Swire Pacific Ltd., Series A- ADR		12,307		181,528
Wharf Holdings Ltd.		8,000		55,788
				541,212
SPECIALTY RETAIL—0.1%
Esprit Holdings Ltd.		2,500		7,811
Esprit Holdings Ltd.- ADR		4,499		28,164
				35,975
TELECOMMUNICATION SERVICES—0.7%
China Mobile Ltd.- ADR		6,187		289,428
				1,452,374
HUNGARY—0.3%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Magyar Telekom Telecommunications plc- ADR		6,987		111,792
INDIA—1.9%
BANKS—0.3%
ICICI Bank Ltd.- ADR		2,666		131,434
COMMERCIAL BANKS—0.3%
HDFC Bank Ltd.- ADR		793		139,877
IT SERVICES—0.5%
Infosys Ltd.- ADR		2,078		135,548
Wipro Ltd.- ADR		6,008		79,125
				214,673
MACHINERY—0.3%
Tata Motors Ltd.- ADR		4,990		112,325
METALS & MINING—0.3%
Sterlite Industries India Ltd.- ADR (a)		7,937		119,452
PHARMACEUTICALS—0.2%
Dr. Reddy’s Laboratories Ltd.- ADR		1,964		67,424
				785,185

INDONESIA—0.8%
COMMERCIAL BANKS—0.3%
PT Bank Mandiri- ADR	17,087	141,139
DIVERSIFIED TELECOMMUNICATION
SERVICES—0.2%
Telekomunikasi Indonesia Tbk PT- ADR	1,803	62,203
MACHINERY—0.3%
United Tractors Tbk PT- ADR	2,162	126,866
		330,208
IRELAND—0.9%
COMMERCIAL SERVICES & SUPPLIES—0.3%
Experian plc	3,191	40,647
Experian plc- ADR	4,814	61,475
		102,122
CONSTRUCTION MATERIALS—0.1%
CRH plc- ADR	2,554	57,516
MEDIA—0.2%	��
WPP plc- ADR	1,328	83,332
PHARMACEUTICALS—0.3%
Shire plc- ADR	1,478	139,242
		382,212
ISRAEL—0.5%
PHARMACEUTICALS—0.3%
Teva Pharmaceutical Industries Ltd.- ADR	3,075	148,277
SOFTWARE—0.2%
Check Point Software Technologies Ltd. (a)	1,232	70,039
		218,316
ITALY—1.7%
AUTOMOBILES—0.3%
Fiat SpA	2,547	27,987
Fiat SpA- ADR	8,202	90,632
		118,619
BANKS—0.1%
UniCredit SpA	14,781	31,287
COMMERCIAL BANKS—0.1%
Intesa Sanpaolo SpA	4,425	11,783
Intesa Sanpaolo SpA- ADR	2,243	35,955
		47,738
ELECTRIC UTILITIES—0.1%
Enel SpA	9,543	62,356
INSURANCE—0.1%
Assicurazioni Generali SpA	2,092	44,105
OIL, GAS & CONSUMABLE FUELS—0.6%
ENI SpA- ADR	5,257	249,970
TEXTILES, APPAREL & LUXURY GOODS—0.3%
Luxottica Group SpA- ADR	3,721	119,444
TRANSPORTATION INFRASTRUCTURE—0.1%
Atlantia SpA	2,222	47,316
		720,835

See accompanying notes to financial statements.

20

Schedule of portfolio investments, continued
Praxis International Index Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—99.1%, continued
JAPAN—13.9%
AUTO COMPONENTS—0.5%
Bridgestone Corp.		1,656	$	38,155
Bridgestone Corp.- ADR		426		19,762
Denso Corp.		1,200		44,631
Denso Corp.- ADR		5,122		95,730
				198,278
AUTOMOBILES—1.8%
Honda Motor Co. Ltd.- ADR		6,411		247,529
Nissan Motor Co. Ltd.- ADR		6,614		139,225
Toyota Motor Corp.- ADR		4,199		346,081
				732,835
BUILDING PRODUCTS—0.3%
Asahi Glass Co. Ltd.		3,000		35,107
Asahi Glass Co. Ltd.- ADR		9,001		105,312
				140,419
CAPITAL GOODS—0.3%
Makita Corp.		600		27,959
Makita Corp.- ADR		1,694		79,178
				107,137
CAPITAL MARKETS—0.3%
Daiwa Securities Group, Inc.		3,000		13,218
Daiwa Securities Group, Inc.- ADR		13,662		60,933
Nomura Holdings, Inc.- ADR		10,538		51,952
				126,103
CHEMICALS—0.5%
Nitto Denko Corp.		500		25,406
Nitto Denko Corp.- ADR		1,465		74,554
Shin-Etsu Chemical Co. Ltd.		800		42,881
Sumitomo Chemical Co. Ltd.		7,000		34,952
Toray Industries, Inc.		6,000		44,305
				222,098
COMMERCIAL BANKS—1.1%
Mitsubishi UFJ Financial Group, Inc.- ADR		34,414		166,220
Mizuho Financial Group, Inc.- ADR		28,470		93,382
Sumitomo Mitsui Financial Group, Inc.- ADR		25,390		156,148
Sumitomo Mitsui Trust Holdings, Inc.		2,980		10,373
Sumitomo Mitsui Trust Holdings, Inc.- ADR (a)		9,732		33,283
				459,406
COMMERCIAL SERVICES & SUPPLIES—0.2%
Dai Nippon Printing Co. Ltd.- ADR		7,467		83,556
COMPUTERS & PERIPHERALS—0.3%
Fujitsu Ltd.		2,000		11,432
Fujitsu Ltd.- ADR		1,240		35,476
Seiko Epson Corp.		600		10,400
Seiko Epson Corp.- ADR		5,156		44,806
				102,114
CONSTRUCTION & ENGINEERING—0.2%
JGC Corp.		2,000		54,794
Obayashi Corp.		9,000		39,310
				94,104
DIVERSIFIED FINANCIAL SERVICES—0.2%
ORIX Corp.		230		22,373
ORIX Corp.- ADR		1,460		71,379
				93,752

DIVERSIFIED TELECOMMUNICATION
SERVICES—0.1%
Nippon Telegraph & Telephone Corp.- ADR	1,894	$	45,797
ELECTRIC UTILITIES—0.2%
Chubu Electric Power Co., Inc.	1,800		35,152
Tohoku Electric Power Co., Inc.	2,200		31,747
Tokyo Electric Power Co., Inc.	2,400		9,715
			76,614
ELECTRICAL EQUIPMENT—0.2%
Nidec Corp.- ADR	4,156		97,084
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%
FUJIFILM Holdings Corp.- ADR	1,890		59,025
Hoya Corp.	500		11,069
Hoya Corp.- ADR	1,734		38,564
Kyocera Corp.- ADR	620		63,501
Murata Manufacturing Co. Ltd.	500		33,429
			205,588
HEALTH CARE EQUIPMENT & SUPPLIES—0.1%
Terumo Corp.	600		32,481
HOUSEHOLD DURABLES—0.9%
Panasonic Corp.- ADR	9,594		117,430
Sekisui House Ltd.	2,000		18,622
Sekisui House Ltd.- ADR	7,457		69,425
Sharp Corp.	2,000		18,252
Sharp Corp.- ADR	3,930		35,920
Sony Corp.- ADR	4,384		115,694
			375,343
INSURANCE—0.3%
MS&AD Insurance Group Holdings- ADR	7,744		90,140
Tokio Marine Holdings, Inc.- ADR	1,609		45,084
			135,224
INTEGRATED TELECOMMUNICATION SERVICES—0.3%
KDDI Corp.- ADR	1,700		122,757
MACHINERY—0.9%
FANUC Corp.- ADR	7,302		204,456
Kubota Corp.- ADR	2,673		119,002
SMC Corp.	300		54,081
			377,539
MARINE—0.1%
Nippon Yusen KK- ADR	7,243		53,815
METALS & MINING—0.3%
Nippon Steel Corp.	13,000		42,174
Sumitomo Metal Mining Co. Ltd.	4,000		65,717
			107,891
OFFICE ELECTRONICS—0.5%
Canon, Inc.- ADR	3,690		175,607
Ricoh Co. Ltd.	1,000		11,094
Ricoh Co. Ltd.- ADR	542		30,070
			216,771

See accompanying notes to financial statements.

21

Schedule of portfolio investments, continued
Praxis International Index Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—99.1%, continued
JAPAN—13.9%, continued
PERSONAL PRODUCTS—0.5%
Kao Corp.- ADR		4,463	$	117,645
Shiseido Co. Ltd.- ADR		5,404		101,433
				219,078
PHARMACEUTICALS—0.7%
Astellas Pharma, Inc.		500		19,401
Astellas Pharma, Inc.- ADR		2,174		84,177
Daiichi Sankyo Co. Ltd.		1,700		33,220
Takeda Pharmaceutical Co. Ltd.- ADR		6,044		139,495
				276,293
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.8%
Daiwa House Industry Co. Ltd.- ADR		939		118,615
Mitsubishi Estate Co. Ltd.		1,000		17,550
Mitsubishi Estate Co. Ltd.- ADR		714		124,807
Mitsui Fudosan Co. Ltd.		2,000		34,446
Sumitomo Realty & Development Co. Ltd.		2,000		44,699
				340,117
ROAD & RAIL—0.6%
Central Japan Railway Co.		5		39,306
East Japan Railway Co.		290		16,609
East Japan Railway Co.- ADR		15,030		143,987
Keikyu Corp.		5,000		36,055
				235,957
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.0%**
Rohm Co. Ltd.- ADR		188		5,343
SOFTWARE—0.2%
Nintendo Co. Ltd.- ADR		2,744		63,935
TECHNOLOGY HARDWARE & EQUIPMENT—0.1%
TDK Corp.		200		11,032
TDK Corp.- ADR		576		31,836
				42,868
TEXTILES, APPAREL & LUXURY GOODS—0.2%
Wacoal Holdings Corp.- ADR		945		58,703
TRADING COMPANIES & DISTRIBUTORS—0.4%
Mitsui & Co. Ltd.- ADR		424		147,976
WIRELESS TELECOMMUNICATION SERVICES—0.3%
NTT DoCoMo, Inc.- ADR		4,700		84,177
Softbank Corp.		1,300		49,234
				133,411
				5,730,387
JERSEY—0.1%
METALS & MINING—0.1%
Randgold Resources Ltd.- ADR		358		30,090
MEXICO—1.3%
BEVERAGES—0.2%
Coca-Cola Femsa SAB de CV- ADR		806		74,966
CONSTRUCTION & ENGINEERING—0.1%
Empresas ICA SAB de CV- ADR (a)		5,565		51,309
CONSTRUCTION MATERIALS—0.1%
Cemex SAB de CV- ADR (a)		7,034		60,493

FOOD & STAPLES RETAILING—0.3%
Wal-Mart de Mexico SAB de CV- ADR	4,742	$	141,170
MEDIA—0.2%
Grupo Televisa SA- ADR	2,932		72,127
TRANSPORTATION INFRASTRUCTURE—0.2%
Grupo Aeroportuario del Pacifico SAB de
CV- ADR	1,821		74,588
WIRELESS TELECOMMUNICATION SERVICES—0.2%
America Movil SAB de CV, Series L- ADR	1,548		83,406
			558,059
NETHERLANDS—3.9%
AIR FREIGHT & LOGISTICS—0.1%
PostNL NV	667		5,652
PostNL NV- ADR	1,500		12,675
TNT Express NV (a)	667		6,918
TNT Express NV- ADR (a)	1,500		15,315
			40,560
CHEMICALS—0.3%
Akzo Nobel NV- ADR	2,143		135,609
DIVERSIFIED FINANCIAL SERVICES—0.4%
ING Groep NV- ADR (a)	12,689		156,963
FOOD & STAPLES RETAILING—0.3%
Koninklijke Ahold NV- ADR	8,413		112,902
FOOD PRODUCTS—0.4%
Unilever NV - NY Registry Shares	5,040		165,564
INDUSTRIAL CONGLOMERATES—0.3%
Koninklijke Philips Electronics NV	4,198		107,805
INSURANCE—0.2%
Aegon NV (a)	10,038		68,258
LIFE SCIENCES TOOLS & SERVICES—0.1%
QIAGEN NV (a)	2,927		55,672
MEDIA—0.2%
Wolters Kluwer NV	954		21,150
Wolters Kluwer NV- ADR	1,881		41,702
			62,852
OIL, GAS & CONSUMABLE FUELS—1.6%
Royal Dutch Shell plc, Class A- ADR	9,318		662,789
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.0%**
ASML Holding NV	560		20,698
			1,589,672
NORWAY—0.8%
CHEMICALS—0.2%
Yara International ASA- ADR	1,204		68,243
METALS & MINING—0.3%
Norsk Hydro ASA	4,183		32,021
Norsk Hydro ASA- ADR	13,201		100,988
			133,009

See accompanying notes to financial statements.

22

Schedule of portfolio investments, continued
Praxis International Index Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—99.1%, continued
NORWAY—0.8%, continued
OIL, GAS & CONSUMABLE FUELS—0.3%
Statoil ASA- ADR		5,772	$	146,897
				348,149
PERU—0.2%
METALS & MINING—0.2%
Cia de Minas Buenaventura SA- ADR		1,836		69,731
PORTUGAL—0.2%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Portugal Telecom SGPS SA- ADR		5,151		50,686
ELECTRIC UTILITIES—0.1%
EDP - Energias de Portugal SA		10,966		38,916
				89,602
RUSSIA—0.7%
WIRELESS TELECOMMUNICATION SERVICES—0.7%
Mobile Telesystems OJSC- ADR		14,878		282,979
SINGAPORE—1.8%
BANKS—0.2%
DBS Group Holdings Ltd.		6,656		79,621
COMMERCIAL BANKS—0.8%
DBS Group Holdings Ltd.- ADR		2,784		133,660
United Overseas Bank Ltd.		5,187		83,278
United Overseas Bank Ltd.- ADR		4,113		133,179
				350,117
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Singapore Telecommunications Ltd.- ADR		2,847		73,054
INDUSTRIAL CONGLOMERATES—0.6%
Keppel Corp. Ltd.- ADR		13,566		243,916
				746,708
SOUTH AFRICA—1.8%
COMMERCIAL BANKS—0.3%
Standard Bank Group Ltd.- ADR		3,812		113,102
METALS & MINING—0.8%
AngloGold Ashanti Ltd.- ADR		2,109		88,768
Gold Fields Ltd.- ADR		5,538		80,799
Harmony Gold Mining Co. Ltd.- ADR		6,602		87,279
Impala Platinum Holdings Ltd.- ADR		2,516		67,454
				324,300
OIL, GAS & CONSUMABLE FUELS—0.4%
Sasol Ltd.- ADR		3,496		184,903
WIRELESS TELECOMMUNICATION SERVICES—0.3%
MTN Group Ltd.- ADR		4,831		103,383
				725,688
SOUTH KOREA—2.9%
COMMERCIAL BANKS—1.4%
KB Financial Group, Inc.- ADR		4,131		197,462
Shinhan Financial Group Co. Ltd.- ADR		2,367		227,113
Woori Finance Holdings Co. Ltd.- ADR		3,757		148,439
				573,014
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
KT Corp.- ADR		5,471		106,356

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%
LG Display Co. Ltd.- ADR	7,139	$	100,303
METALS & MINING—0.6%
POSCO- ADR	2,221		241,245
WIRELESS TELECOMMUNICATION SERVICES—0.4%
SK Telecom Co. Ltd.- ADR	9,211		172,246
			1,193,164
SPAIN—2.7%
COMMERCIAL BANKS—0.9%
Banco Bilbao Vizcaya Argentaria SA- ADR	11,196		131,441
Banco Santander SA- ADR	21,462		247,028
			378,469
DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%
Telefonica SA- ADR	10,193		249,626
ELECTRIC UTILITIES—0.4%
Iberdrola SA- ADR (a)	4,209		150,430
METALS & MINING—0.1%
Acerinox SA	2,098		38,256
OIL, GAS & CONSUMABLE FUELS—0.6%
Repsol YPF SA- ADR	6,851		238,141
RETAILING—0.1%
Inditex SA	678		61,775
			1,116,697
SWEDEN—2.0%
COMMUNICATIONS EQUIPMENT—0.3%
Telefonaktiebolaget LM Ericsson- ADR	9,870		141,930
MACHINERY—1.1%
Atlas Copco AB- ADR	7,261		191,037
Atlas Copco AB, Class A	3,373		88,832
Sandvik AB	3,417		59,864
Sandvik AB- ADR	7,068		123,973
			463,706
PAPER & FOREST PRODUCTS—0.2%
Svenska Cellulosa AB, Class B	4,800		67,678
RETAILING—0.1%
Hennes & Mauritz AB (H&M), Class B	1,624		56,064
SPECIALTY RETAIL—0.3%
Hennes & Mauritz AB- ADR	16,410		113,065
			842,443
SWITZERLAND—6.2%
CAPITAL MARKETS—0.9%
Credit Suisse Group AG- ADR	3,553		138,638
Julius Baer Group Ltd. (a)	936		38,664
UBS AG (a)	11,726		214,117
			391,419
CHEMICALS—0.5%
Syngenta AG- ADR	2,905		196,262
COMPUTERS & PERIPHERALS—0.1%
Logitech International SA (a)	2,644		29,718

See accompanying notes to financial statements.

23

Schedule of portfolio investments, continued
Praxis International Index Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—99.1%, continued
SWITZERLAND—6.2%, continued
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Swisscom AG- ADR		1,780	$	81,453
ELECTRICAL EQUIPMENT—0.8%
ABB Ltd.- ADR (a)		13,586		352,557
INSURANCE—0.8%
Swiss Reinsurance Co. Ltd. (a)		2,040		113,828
Zurich Financial Services AG- ADR (a)		8,640		218,937
				332,765
METALS & MINING—0.6%
Xstrata plc- ADR		56,520		248,688
PHARMACEUTICALS—2.0%
Novartis AG- ADR		7,184		439,014
Roche Holding AG- ADR		8,808		369,584
				808,598
PROFESSIONAL SERVICES—0.1%
Adecco SA (a)		710		45,572
TRADING COMPANIES & DISTRIBUTORS—0.2%
Wolseley plc		581		18,965
Wolseley plc- ADR		17,340		55,661
				74,626
				2,561,658
TAIWAN—2.2%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Chunghwa Telecom Co. Ltd.- ADR		1,055		36,450
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%
AU Optronics Corp.- ADR (a)		16,883		116,155
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.8%
Advanced Semiconductor Engineering, Inc.- ADR		29,374		165,669
Siliconware Precision Industries Co.- ADR		19,234		119,636
Taiwan Semiconductor Manufacturing Co. Ltd.- ADR		27,664		348,843
United Microelectronics Corp.- ADR		44,783		114,645
				748,793
				901,398
TURKEY—0.3%
COMMERCIAL BANKS—0.3%
Turkiye Garanti Bankasi AS- ADR		23,408		107,677
UNITED KINGDOM—11.6%
CAPITAL MARKETS—0.1%
Man Group plc		3,940		14,987
Man Group plc- ADR		7,608		29,215
				44,202
COMMERCIAL BANKS—1.5%
Barclays plc- ADR		7,014		115,240
HSBC Holdings plc- ADR		8,588		426,137
Lloyds Banking Group plc- ADR (a)		19,484		60,790
				602,167
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
BT Group plc- ADR		2,806		91,756

ELECTRIC UTILITIES—0.4%
Scottish & Southern Energy plc- ADR	7,531	$	169,598
ENERGY EQUIPMENT & SERVICES—0.2%
Subsea 7 SA- ADR (a)	2,434		62,603
FOOD & STAPLES RETAILING—0.3%
J Sainsbury plc	4,806		25,459
J Sainsbury plc- ADR	1,966		41,443
WM Morrison Supermarkets plc	7,868		37,632
			104,534
HEALTH CARE EQUIPMENT & SUPPLIES—0.1%
Smith & Nephew plc- ADR	1,153		62,446
HOTELS, RESTAURANTS & LEISURE—0.5%
Carnival plc- ADR	1,539		59,775
Compass Group plc- ADR	13,066		126,740
			186,515
HOUSEHOLD PRODUCTS—0.3%
Reckitt Benckiser Group plc	1,019		56,281
Reckitt Benckiser Group plc- ADR	7,895		87,556
			143,837
INDEPENDENT POWER PRODUCERS &
ENERGY TRADERS—0.2%
International Power plc	4,881		25,209
International Power plc- ADR	914		47,025
			72,234
INSURANCE—0.5%
Aviva plc	6,027		42,424
Prudential plc- ADR	7,164		165,704
			208,128
MATERIALS—0.2%
Antofagasta plc	3,335		74,631
MEDIA—0.6%
British Sky Broadcasting Group plc	3,176		43,118
British Sky Broadcasting Group plc- ADR	934		50,912
Pearson plc- ADR	4,455		84,689
Reed Elsevier plc- ADR	1,985		72,413
			251,132
METALS & MINING—1.2%
Antofagasta plc- ADR	1,875		83,719
Rio Tinto plc- ADR	5,467		395,373
			479,092
MULTILINE RETAIL—0.2%
Marks & Spencer Group plc- ADR	5,459		62,997
MULTI-UTILITIES—1.0%
Centrica plc	7,002		36,358
Centrica plc- ADR	4,689		97,813
National Grid plc- ADR	3,670		181,408
United Utilities Group plc- ADR	5,897		112,986
			428,565

See accompanying notes to financial statements.

24

Schedule of portfolio investments, continued
Praxis International Index Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—99.1%, continued
UNITED KINGDOM—11.6%, continued
OIL, GAS & CONSUMABLE FUELS—1.9%
BG Group plc- ADR		2,588	$	295,679
BP plc- ADR		8,546		378,502
Tullow Oil plc		1,784		35,527
Tullow Oil plc- ADR		7,812		77,417
				787,125
PHARMACEUTICALS—1.1%
AstraZeneca plc- ADR		3,599		180,202
GlaxoSmithKline plc- ADR		6,253		268,254
				448,456
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.2%
ARM Holdings plc- ADR		3,422		97,287
SOFTWARE—0.1%
Sage Group plc		3,343		15,499
Sage Group plc- ADR		2,441		45,207
				60,706
SPECIALTY RETAIL—0.1%
Kingfisher plc- ADR		6,958		59,560
WIRELESS TELECOMMUNICATION SERVICES—0.7%
Vodafone Group plc- ADR		10,308		275,430
				4,773,001
UNITED STATES—0.5%
HEALTH CARE TECHNOLOGY—0.1%
SXC Health Solutions Corp. (a)		939		55,326
MEDIA—0.1%
Thomson Reuters Corp.		931		34,968
METALS & MINING—0.1%
Sims Metal Management Ltd.- ADR		2,644		50,210
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%
Brookfield Office Properties, Inc.		3,769		72,666
				213,170
TOTAL COMMON STOCKS				40,880,369
SHORT TERM INVESTMENT—0.9%
INVESTMENT COMPANY—0.9%
JPMorgan U.S. Government Money Market
Fund, Agency Shares		378,749		378,749
TOTAL INVESTMENTS (Cost* $41,478,426)—100.0%			$	41,259,118
Liabilities in excess of other assets — 0.0%**				(17,268	)
NET ASSETS—100%			$	41,241,850

(a)	Non-income producing securities.
*	Represents cost for financial reporting purposes.
**	Amount rounds to less than 0.1%.

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

See accompanying notes to financial statements.

25

Schedule of portfolio investments
Praxis Value Index Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—97.7%
AIRLINES—0.5%
Delta Air Lines, Inc.(a)		6,669	$	61,155
Southwest Airlines Co.		10,063		114,919
United Continental Holdings, Inc.(a)		4,220		95,499
				271,573
AUTO COMPONENTS—0.2%
Autoliv, Inc.		465		36,479
Lear Corp.		1,093		58,454
				94,933
AUTOMOBILES—0.2%
General Motors Co.(a)		3,891		118,131
BEVERAGES—0.3%
Coca-Cola Enterprises, Inc.		4,031		117,625
Dr. Pepper Snapple Group, Inc.		1,738		72,874
				190,499
BIOTECHNOLOGY—0.6%
Amgen, Inc.(a)		4,943		288,424
Cephalon, Inc.(a)		652		52,095
				340,519
BUILDING PRODUCTS—0.2%
Masco Corp.		5,766		69,365
Owens Corning(a)		1,759		65,699
				135,064
CAPITAL MARKETS—4.0%
Ameriprise Financial, Inc.		2,516		145,123
Bank of New York Mellon Corp.		16,131		413,276
BlackRock, Inc.		1,071		205,428
Goldman Sachs Group, Inc.		6,013		800,270
Legg Mason, Inc.		2,963		97,068
Morgan Stanley		17,185		395,427
Raymond James Financial, Inc.		876		28,163
State Street Corp.		5,540		249,799
				2,334,554
CHEMICALS—1.7%
Air Products & Chemicals, Inc.		983		93,955
Airgas, Inc.		1,048		73,402
Albemarle Corp.		1,285		88,922
Ashland, Inc.		1,112		71,858
E.I. du Pont de Nemours & Co.		7,498		405,267
FMC Corp.		861		74,063
Huntsman Corp.		2,004		37,776
International Flavors & Fragrances, Inc.		1,910		122,698
LyondellBasell Industries NV, Class A		914		35,207
				1,003,148
COMMERCIAL BANKS—6.5%
BB&T Corp.		8,292		222,557
CIT Group, Inc.(a)		2,126		94,097
Comerica, Inc.		1,809		62,537
Fifth Third Bancorp		11,090		141,398
First Horizon National Corp.		4,659		44,447
Huntington Bancshares, Inc.		10,533		69,096
KeyCorp		12,151		101,218
M&T Bank Corp.		1,320		116,094
Marshall & Ilsley Corp.		7,130		56,826
PNC Financial Services Group, Inc.		5,556		331,193
Regions Financial Corp.		16,978		105,264

SunTrust Banks, Inc.	5,767	148,789
U.S. Bancorp	21,297	543,286
Wells Fargo & Co.	59,752	1,676,641
Zions Bancorp	2,722	65,355
		3,778,798
COMMERCIAL SERVICES & SUPPLIES—0.8%
Avery Dennison Corp.	2,140	82,668
Pitney Bowes, Inc.	2,461	56,578
R.R. Donnelley & Sons Co.	3,672	72,008
Waste Management, Inc.	6,946	258,878
		470,132
COMMUNICATIONS EQUIPMENT—0.3%
Motorola Mobility Holdings, Inc.(a)	1	22
Motorola Solutions, Inc.(a)	2,418	111,325
Tellabs, Inc.	8,127	37,465
		148,812
COMPUTERS & PERIPHERALS—1.7%
Dell, Inc.(a)	11,287	188,154
Hewlett-Packard Co.	16,753	609,809
SanDisk Corp.(a)	670	27,805
Seagate Technology plc	6,861	110,874
Western Digital Corp.(a)	1,612	58,645
		995,287
CONSTRUCTION MATERIALS—0.1%
Vulcan Materials Co.	2,061	79,410
CONSUMER FINANCE—0.6%
Capital One Financial Corp.	5,236	270,544
SLM Corp.	6,152	103,415
		373,959
CONTAINERS & PACKAGING—0.4%
Bemis Co., Inc.	4,163	140,626
Owens-Illinois, Inc.(a)	2,703	69,764
		210,390
DISTRIBUTORS—0.3%
Genuine Parts Co.	2,860	155,584
DIVERSIFIED CONSUMER SERVICES—0.1%
H&R Block, Inc.	4,703	75,436
DIVERSIFIED FINANCIAL SERVICES—8.8%
Bank of America Corp.	122,804	1,345,932
Citigroup, Inc.	33,732	1,404,600
CME Group, Inc., Class A	694	202,363
JPMorgan Chase & Co.	46,604	1,907,968
Moody’s Corp.	796	30,527
NASDAQ OMX Group, Inc.(a)	3,172	80,252
NYSE Euronext	4,404	150,925
		5,122,567
DIVERSIFIED TELECOMMUNICATION SERVICES—6.7%
AT&T, Inc.	69,390	2,179,540
CenturyLink, Inc.	7,428	300,314
Frontier Communications Corp.	14,847	119,815
Verizon Communications, Inc.	32,653	1,215,671
Windstream Corp.	9,242	119,777
		3,935,117

See accompanying notes to financial statements.

26

Schedule of portfolio investments, continued
Praxis Value Index Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—97.7%, continued
ELECTRIC UTILITIES—2.0%
DPL, Inc.		1,113	$	33,568
FirstEnergy Corp.		3,355		148,123
NextEra Energy, Inc.		5,890		338,440
Northeast Utilities		3,436		120,844
Pepco Holdings, Inc.		5,153		101,153
Southern Co.		10,416		420,598
				1,162,726
ELECTRICAL EQUIPMENT—0.3%
Cooper Industries plc		2,745		163,794
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.3%
Arrow Electronics, Inc.(a)		1,980		82,170
Corning, Inc.		21,537		390,897
Flextronics International Ltd.(a)		9,429		60,534
Jabil Circuit, Inc.		1,859		37,552
TE Connectivity Ltd.		4,666		171,522
				742,675
ENERGY EQUIPMENT & SERVICES—0.5%
Ensco plc, ADR		1,275		67,945
Nabors Industries Ltd.(a)		3,047		75,078
Noble Corp.		1,933		76,180
Patterson-UTI Energy, Inc.		2,566		81,111
				300,314
FOOD & STAPLES RETAILING—1.2%
CVS Caremark Corp.		16,455		618,379
Safeway, Inc.		4,013		93,784
				712,163
FOOD PRODUCTS—2.4%
ConAgra Foods, Inc.		7,530		194,349
Dean Foods Co.(a)		2,276		27,926
H.J. Heinz Co.		1,906		101,552
Hormel Foods Corp.		2,480		73,929
J. M. Smucker Co.		1,238		94,633
Kraft Foods, Inc., Class A		19,291		679,622
McCormick & Co., Inc.		2,169		107,517
Ralcorp Holdings, Inc.(a)		350		30,303
Tyson Foods, Inc., Class A		3,302		64,125
				1,373,956
GAS UTILITIES—0.4%
National Fuel Gas Co.		1,408		102,502
Oneok, Inc.		1,690		125,077
				227,579
HEALTH CARE EQUIPMENT & SUPPLIES—1.1%
Boston Scientific Corp.(a)		21,282		147,059
CareFusion Corp.(a)		2,330		63,306
Covidien plc		5,754		306,285
Hologic, Inc.(a)		4,950		99,842
Kinetic Concepts, Inc.(a)		521		30,025
				646,517
HEALTH CARE PROVIDERS & SERVICES—2.0%
Aetna, Inc.		4,164		183,591
Cardinal Health, Inc.		4,105		186,449
CIGNA Corp.		3,085		158,662
Community Health Systems, Inc.(a)		1,078		27,683
Coventry Health Care, Inc.(a)		2,032		74,107

Humana, Inc.	1,892	152,382
Omnicare, Inc.	1,142	36,418
Universal Health Services, Inc., Class B	578	29,784
WellPoint, Inc.	4,257	335,324
		1,184,400
HOTELS, RESTAURANTS & LEISURE—0.7%
Carnival Corp.	4,993	187,887
Darden Restaurants, Inc.	1,878	93,449
Hyatt Hotels Corp., Class A(a)	683	27,880
Royal Caribbean Cruises Ltd.(a)	1,060	39,899
Wyndham Worldwide Corp.	2,582	86,884
		435,999
HOUSEHOLD DURABLES—0.8%
D.R. Horton, Inc.	5,775	66,528
Leggett & Platt, Inc.	2,910	70,946
Lennar Corp., Class A	2,711	49,205
Mohawk Industries, Inc.(a)	841	50,451
Newell Rubbermaid, Inc.	8,200	129,396
Toll Brothers, Inc.(a)	1,451	30,094
Whirlpool Corp.	987	80,263
		476,883
HOUSEHOLD PRODUCTS—3.8%
Church & Dwight Co., Inc.	2,046	82,945
Procter & Gamble Co.	33,381	2,122,030
		2,204,975
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.2%
NRG Energy, Inc.(a)	4,298	105,645
INDUSTRIAL CONGLOMERATES—1.4%
3M Co.	8,325	789,626
INSURANCE—8.7%
ACE Ltd.	4,050	266,571
Aflac, Inc.	5,141	239,982
Allstate Corp.	7,809	238,409
AON Corp.	2,830	145,179
Assurant, Inc.	2,380	86,323
Assured Guaranty Ltd.	1,851	30,190
Axis Capital Holdings Ltd.	1,396	43,220
Berkshire Hathaway, Inc., Class B(a)	7,434	575,317
Chubb Corp.	3,860	241,675
Cincinnati Financial Corp.	1,700	49,606
Everest Re Group Ltd.	1,250	102,187
Fidelity National Financial, Inc., Class A	3,675	57,844
Genworth Financial, Inc., Class A(a)	9,227	94,853
Hartford Financial Services Group, Inc.	5,940	156,638
Lincoln National Corp.	4,385	124,929
Loews Corp.	3,484	146,642
Markel Corp.(a)	219	86,901
Marsh & McLennan Cos., Inc.	6,770	211,156
MetLife, Inc.	12,042	528,282
Principal Financial Group, Inc.	4,754	144,617
Progressive Corp.	7,694	164,498
Prudential Financial, Inc.	5,225	332,258
RenaissanceRe Holdings Ltd.	1,607	112,410

See accompanying notes to financial statements.

27

Schedule of portfolio investments, continued
Praxis Value Index Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—97.7%, continued
INSURANCE—8.7%, continued
Torchmark Corp.		1,589	$	101,918
Transatlantic Holdings, Inc.		2,330		114,193
Travelers Cos., Inc.		4,849		283,085
Unum Group		4,968		126,585
White Mountains Insurance Group Ltd.		180		75,629
Willis Group Holdings plc		2,720		111,819
XL Group plc		4,703		103,372
				5,096,288
INTERNET & CATALOG RETAIL—0.2%
Liberty Media Corp. - Interactive, Series A(a)		7,606		127,552
INTERNET SOFTWARE & SERVICES—0.3%
AOL, Inc.(a)		3,218		63,910
Yahoo!, Inc.(a)		8,881		133,570
				197,480
IT SERVICES—0.4%
Computer Sciences Corp.		944		35,834
Fidelity National Information Services, Inc.		3,883		119,558
Paychex, Inc.		2,084		64,020
				219,412
LEISURE EQUIPMENT & PRODUCTS—0.4%
Hasbro, Inc.		1,817		79,821
Mattel, Inc.		5,796		159,332
				239,153
MACHINERY—1.6%
Dover Corp.		1,882		127,600
Harsco Corp.		1,722		56,137
Illinois Tool Works, Inc.		6,373		360,011
Ingersoll-Rand plc		2,301		104,488
Parker Hannifin Corp.		815		73,138
Stanley Black & Decker, Inc.		2,321		167,228
Terex Corp.(a)		1,159		32,974
				921,576
MEDIA—2.1%
Comcast Corp. - Special, Class A		4,446		107,727
DISH Network Corp., Class A(a)		2,260		69,314
Gannett Co., Inc.		3,372		48,287
Time Warner, Inc.		12,812		465,972
Walt Disney Co.		14,162		552,885
				1,244,185
METALS & MINING—0.8%
Cliffs Natural Resources, Inc.		1,169		108,074
Nucor Corp.		3,890		160,346
Reliance Steel & Aluminum Co.		814		40,415
Steel Dynamics, Inc.		3,597		58,451
United States Steel Corp.		2,078		95,671
				462,957
MULTILINE RETAIL—0.6%
J.C. Penney Co., Inc.		2,635		91,013
Macy’s, Inc.		6,152		179,885
Nordstrom, Inc.		1,410		66,185
Sears Holdings Corp.(a)		435		31,076
				368,159

MULTI-UTILITIES—2.3%
Alliant Energy Corp.	2,331	$	94,778
CenterPoint Energy, Inc.	6,705		129,742
CMS Energy Corp.	2,199		43,298
Consolidated Edison, Inc.	3,801		202,365
DTE Energy Co.	3,860		193,077
MDU Resources Group, Inc.	4,677		105,233
NiSource, Inc.	4,934		99,913
NSTAR	674		30,991
OGE Energy Corp.	649		32,658
PG&E Corp.	5,198		218,472
SCANA Corp.	763		30,039
Wisconsin Energy Corp.	4,376		137,188
			1,317,754
OFFICE ELECTRONICS—0.3%
Xerox Corp.	18,621		193,844
OIL, GAS & CONSUMABLE FUELS—6.1%
Apache Corp.	4,819		594,616
Chesapeake Energy Corp.	7,342		217,984
Cimarex Energy Co.	1,068		96,035
ConocoPhillips	15,753		1,184,468
Devon Energy Corp.	5,300		417,693
Energen Corp.	509		28,758
EQT Corp.	1,325		69,589
Forest Oil Corp.(a)	1,214		32,426
Marathon Oil Corp.	8,847		466,060
Newfield Exploration Co.(a)	1,235		84,005
Noble Energy, Inc.	930		83,356
Plains Exploration & Production Co.(a)	1,466		55,884
Southern Union Co.	1,026		41,194
Spectra Energy Corp.	7,434		203,766
			3,575,834
PAPER & FOREST PRODUCTS—0.5%
International Paper Co.	5,831		173,880
MeadWestvaco Corp.	2,902		96,666
			270,546
PHARMACEUTICALS—9.6%
Abbott Laboratories	15,300		805,086
Bristol-Myers Squibb Co.	22,150		641,464
Eli Lilly & Co.	12,210		458,241
Forest Laboratories, Inc.(a)	3,827		150,554
Johnson & Johnson	32,442		2,158,042
Merck & Co., Inc.	37,166		1,311,588
Watson Pharmaceuticals, Inc.(a)	983		67,562
			5,592,537
PROFESSIONAL SERVICES—0.1%
Manpower, Inc.	915		49,090
REAL ESTATE INVESTMENT TRUSTS (REITS)—4.0%
Annaly Capital Management, Inc.	10,507		189,546
AvalonBay Communities, Inc.	668		85,771
Boston Properties, Inc.	571		60,617
Duke Realty Corp.	4,136		57,945
Equity Residential	2,432		145,920
Federal Realty Investment Trust	1,074		91,483
General Growth Properties, Inc.	1,895		31,628
HCP, Inc.	6,195		227,295
Health Care REIT, Inc.	902		47,292

See accompanying notes to financial statements.

28

Schedule of portfolio investments, continued
Praxis Value Index Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—97.7%, continued
REAL ESTATE INVESTMENT TRUSTS
(REITS)—4.0%, continued
Host Hotels & Resorts, Inc.		1,756	$	29,764
Kimco Realty Corp.		6,550		122,092
Liberty Property Trust		4,026		131,167
Macerich Co.		1,986		106,251
Plum Creek Timber Co., Inc.		3,200		129,728
ProLogis, Inc.		4,972		178,197
Rayonier, Inc.		1,300		84,955
Regency Centers Corp.		1,634		71,847
SL Green Realty Corp.		1,136		94,140
UDR, Inc.		2,982		73,208
Ventas, Inc.		2,371		124,975
Vornado Realty Trust		2,270		211,519
Weingarten Realty Investors		2,084		52,434
				2,347,774
ROAD & RAIL—0.0%**
Hertz Global Holdings, Inc.(a)		1,028		16,325
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.9%
Applied Materials, Inc.		15,397		200,315
Intel Corp.		67,533		1,496,531
KLA-Tencor Corp.		3,035		122,857
LSI Corp.(a)		11,770		83,802
Maxim Integrated Products, Inc.		4,493		114,841
Microchip Technology, Inc.		2,894		109,712
Micron Technology, Inc.(a)		12,628		94,458
Xilinx, Inc.		2,037		74,289
				2,296,805
SOFTWARE—1.4%
Microsoft Corp.		29,000		754,000
Synopsys, Inc.(a)		3,565		91,656
				845,656
SPECIALTY RETAIL—1.3%
Best Buy Co., Inc.		2,085		65,490
GameStop Corp., Class A(a)		2,804		74,782
Home Depot, Inc.		12,672		458,980
Limited Brands, Inc.		3,705		142,457
				741,709
THRIFTS & MORTGAGE FINANCE—0.4%
Hudson City Bancorp, Inc.		9,114		74,643
New York Community Bancorp, Inc.		5,331		79,912
People’s United Financial, Inc.		4,388		58,975
				213,530
WATER UTILITIES—0.2%
American Water Works Co., Inc.		1,236		36,400
Aqua America, Inc.		2,869		63,061
				99,461
WIRELESS TELECOMMUNICATION SERVICES—0.4%
Sprint Nextel Corp.(a)		39,309		211,875
Telephone & Data Systems, Inc.		1,172		36,426
				248,301
TOTAL COMMON STOCKS				57,047,093

CORPORATE NOTES—1.2%
DEVELOPMENT AUTHORITIES—1.2%
Everence Community Investment, Inc.,
0.78%, 12/15/11+(b)	$	292,500	$	292,500
Everence Community Investment, Inc.,
0.52%, 12/15/12+(b)		175,000		175,000
Everence Community Investment, Inc.,
0.78%, 12/15/13+(b)		292,500		266,175
TOTAL CORPORATE NOTES				733,675
SHORT TERM INVESTMENT—0.3%
INVESTMENT COMPANY—0.3%
JPMorgan U.S. Government Money Market
Fund, Agency Shares		167,372		167,372
TOTAL INVESTMENTS (Cost* $52,181,454)—99.2%			$	57,948,140
Other assets in excess of liabilities — 0.8%				453,534
NET ASSETS—100%			$	58,401,674

______________________

+	Variable rate security. Rates presented are the rates in effect at June 30, 2011.
(a)	Non-income producing securities.
(b)	Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been deemed illiquid under guidelines established by the Board of Trustees:

			Acquisition
Security	Yield	Shares	Date
Everence Community Investment, Inc.	0.78 %	292,500	12/2009
Everence Community Investment, Inc.	0.52 %	175,000	12/2009
Everence Community Investment, Inc.	0.78 %	292,500	12/2009

	At June 30, 2011, these securities had an aggregate market value of $733,675, representing 1.2% of net assets.
*	Represents cost for financial reporting purposes.
**	Amount rounds to less than 0.1%.

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

See accompanying notes to financial statements.

29

Schedule of portfolio investments

Praxis Growth Index Fund June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—94.4%
AIR FREIGHT & LOGISTICS—1.9%
C. H. Robinson Worldwide, Inc.		1,398	$	110,218
Expeditors International of Washington, Inc.		1,536		78,628
FedEx Corp.		2,084		197,667
United Parcel Service, Inc., Class B		4,421		322,424
				708,937
AIRLINES—0.1%
Delta Air Lines, Inc.(a)		2,213		20,293
AUTO COMPONENTS—0.9%
BorgWarner, Inc.(a)		812		65,602
Goodyear Tire & Rubber Co.(a)		2,001		33,557
Johnson Controls, Inc.		5,008		208,633
TRW Automotive Holdings Corp.(a)		347		20,483
				328,275
AUTOMOBILES—1.0%
Ford Motor Co.(a)		21,629		298,264
Harley-Davidson, Inc.		1,740		71,288
				369,552
BEVERAGES—4.0%
Coca-Cola Co.		12,156		817,977
Hansen Natural Corp.(a)		654		52,941
PepsiCo, Inc.		9,069		638,730
				1,509,648
BIOTECHNOLOGY—2.5%
Alexion Pharmaceuticals, Inc.(a)		860		40,446
Amgen, Inc.(a)		3,835		223,772
Biogen Idec, Inc.(a)		1,455		155,569
Celgene Corp.(a)		3,239		195,376
Dendreon Corp.(a)		390		15,382
Gilead Sciences, Inc.(a)		4,987		206,512
Regeneron Pharmaceuticals, Inc.(a)		363		20,586
Vertex Pharmaceuticals, Inc.(a)		1,259		65,455
				923,098
CAPITAL MARKETS—1.8%
Affiliated Managers Group, Inc.(a)		179		18,160
Ameriprise Financial, Inc.		241		13,901
Charles Schwab Corp.		6,954		114,393
Eaton Vance Corp.		1,115		33,706
Franklin Resources, Inc.		1,121		147,176
Invesco Ltd.		2,576		60,278
Northern Trust Corp.		1,751		80,476
SEI Investments Co.		2,882		64,874
T. Rowe Price Group, Inc.		1,784		107,647
TD Ameritrade Holding Corp.		1,759		34,318
				674,929
CHEMICALS—2.2%
Air Products & Chemicals, Inc.		797		76,177
CF Industries Holdings, Inc.		471		66,727
E.I. du Pont de Nemours & Co.		1,775		95,939
Ecolab, Inc.		1,868		105,318
Lubrizol Corp.		480		64,450
LyondellBasell Industries NV, Class A		1,021		39,329
Nalco Holding Co.		1,829		50,864
Praxair, Inc.		2,111		228,811
Sigma-Aldrich Corp.		1,156		84,827
				812,442

COMMERCIAL SERVICES & SUPPLIES—0.5%
Copart, Inc.(a)	1,318	$	61,419
Iron Mountain, Inc.	1,622		55,294
Stericycle, Inc.(a)	729		64,968
			181,681
COMMUNICATIONS EQUIPMENT—3.8%
Acme Packet, Inc.(a)	476		33,382
Cisco Systems, Inc.	33,824		527,993
F5 Networks, Inc.(a)	544		59,976
Juniper Networks, Inc.(a)	3,530		111,195
Motorola Mobility Holdings, Inc.(a)	1,407		31,010
Motorola Solutions, Inc.(a)	977		44,981
QUALCOMM, Inc.	9,946		564,833
Riverbed Technology, Inc.(a)	924		36,581
			1,409,951
COMPUTERS & PERIPHERALS—7.3%
Apple, Inc.(a)	5,549		1,862,633
Dell, Inc.(a)	7,540		125,692
EMC Corp.(a)	12,971		357,351
Hewlett-Packard Co.	4,851		176,576
NetApp, Inc.(a)	2,370		125,089
SanDisk Corp.(a)	1,413		58,639
Western Digital Corp.(a)	1,034		37,617
			2,743,597
CONSTRUCTION & ENGINEERING—0.4%
Fluor Corp.	1,432		92,593
Foster Wheeler AG(a)	1,255		38,127
			130,720
CONSUMER FINANCE—1.2%
American Express Co.	6,900		356,730
Discover Financial Services	3,851		103,014
			459,744
CONTAINERS & PACKAGING—0.2%
Crown Holdings, Inc.(a)	1,550		60,171
DIVERSIFIED CONSUMER SERVICES—0.2%
Apollo Group, Inc., Class A(a)	871		38,045
ITT Educational Services, Inc.(a)	94		7,355
Weight Watchers International, Inc.	171		12,905
			58,305
DIVERSIFIED FINANCIAL SERVICES—0.2%
IntercontinentalExchange, Inc.(a)	406		50,632
Moody’s Corp.	923		35,397
			86,029
ELECTRICAL EQUIPMENT—1.3%
AMETEK, Inc.	1,324		59,448
Emerson Electric Co.	4,766		268,087
Rockwell Automation, Inc.	734		63,682
Roper Industries, Inc.	838		69,805
Sensata Technologies Holding NV(a)	430		16,190
			477,212
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%
Amphenol Corp., Class A	660		35,633
Trimble Navigation Ltd.(a)	421		16,689
			52,322

See accompanying notes to financial statements.

30

Schedule of portfolio investments, continued
Praxis Growth Index Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—94.4%, continued
ENERGY EQUIPMENT & SERVICES—1.7%
Cameron International Corp.(a)		1,770	$	89,013
Diamond Offshore Drilling, Inc.		731		51,470
FMC Technologies, Inc.(a)		1,710		76,591
Helmerich & Payne, Inc.		838		55,409
McDermott International, Inc.(a)		1,278		25,317
National Oilwell Varco, Inc.		2,524		197,402
Noble Corp.		880		34,681
Weatherford International Ltd.(a)		5,139		96,356
				626,239
FOOD & STAPLES RETAILING—3.4%
Costco Wholesale Corp.		2,739		222,516
Kroger Co.		4,956		122,909
Walgreen Co.		6,108		259,346
Wal-Mart Stores, Inc.		11,454		608,665
Whole Foods Market, Inc.		1,082		68,653
				1,282,089
FOOD PRODUCTS—1.6%
General Mills, Inc.		4,766		177,391
Green Mountain Coffee Roasters, Inc.(a)		745		66,499
H.J. Heinz Co.		1,196		63,723
Hershey Co.		1,517		86,241
Kellogg Co.		1,539		85,137
Mead Johnson Nutrition Co.		1,738		117,402
				596,393
HEALTH CARE EQUIPMENT & SUPPLIES—3.5%
Baxter International, Inc.		3,841		229,269
Becton Dickinson and Co.		1,404		120,983
C.R. Bard, Inc.		773		84,922
DENTSPLY International, Inc.		1,554		59,176
Edwards Lifesciences Corp.(a)		825		71,923
Intuitive Surgical, Inc.(a)		269		100,098
Medtronic, Inc.		6,960		268,169
ResMed, Inc.(a)		1,256		38,873
St. Jude Medical, Inc.		2,362		112,620
Stryker Corp.		1,630		95,665
Varian Medical Systems, Inc.(a)		811		56,786
Zimmer Holdings, Inc.(a)		1,166		73,691
				1,312,175
HEALTH CARE PROVIDERS & SERVICES—2.9%
AmerisourceBergen Corp.		1,765		73,071
DaVita, Inc.(a)		733		63,485
Express Scripts, Inc.(a)		2,942		158,809
Henry Schein, Inc.(a)		841		60,207
Laboratory Corp. of America Holdings(a)		706		68,334
McKesson Corp.		1,533		128,235
Medco Health Solutions, Inc.(a)		2,804		158,482
Quest Diagnostics, Inc.		876		51,772
UnitedHealth Group, Inc.		6,531		336,869
				1,099,264
HEALTH CARE TECHNOLOGY—0.1%
Cerner Corp.(a)		904		55,243
HOTELS, RESTAURANTS & LEISURE—3.0%
Chipotle Mexican Grill, Inc.(a)		213		65,644
Marriott International, Inc., Class A		2,248		79,782
McDonald’s Corp.		6,438		542,852
Starbucks Corp.		4,710		185,998
Starwood Hotels & Resorts Worldwide, Inc.		1,434		80,361

Yum! Brands, Inc.	3,227	178,260
		1,132,897
HOUSEHOLD DURABLES—0.1%
Toll Brothers, Inc.(a)	1,800	37,332
HOUSEHOLD PRODUCTS—1.4%
Clorox Co.	983	66,294
Colgate-Palmolive Co.	2,972	259,782
Energizer Holdings, Inc.(a)	736	53,257
Kimberly-Clark Corp.	2,084	138,711
		518,044
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.1%
AES Corp.(a)	4,097	52,196
INDUSTRIAL CONGLOMERATES—0.4%
Tyco International Ltd.	2,934	145,028
INSURANCE—0.4%
Berkshire Hathaway, Inc., Class B(a)	1,479	114,460
Brown & Brown, Inc.	1,455	37,335
		151,795
INTERNET & CATALOG RETAIL—2.0%
Amazon.com, Inc.(a)	2,210	451,923
Expedia, Inc.	1,610	46,674
NetFlix, Inc.(a)	336	88,264
priceline.com, Inc.(a)	306	156,650
		743,511
INTERNET SOFTWARE & SERVICES—3.4%
Akamai Technologies, Inc.(a)	1,478	46,513
eBay, Inc.(a)	7,408	239,056
Google, Inc., Class A(a)	1,508	763,621
Rackspace Hosting, Inc.(a)	802	34,277
VeriSign, Inc.	1,821	60,931
Yahoo!, Inc.(a)	7,321	110,108
		1,254,506
IT SERVICES—7.0%
Accenture plc, Class A	4,213	254,549
Automatic Data Processing, Inc.	2,723	143,448
Cognizant Technology Solutions Corp., Class A(a)	1,991	146,020
Fiserv, Inc.(a)	1,482	92,818
International Business Machines Corp.	7,514	1,289,027
Mastercard, Inc., Class A	720	216,965
Paychex, Inc.	1,693	52,009
Teradata Corp.(a)	1,177	70,855
VeriFone Systems, Inc.(a)	727	32,242
Visa, Inc., Class A	3,036	255,813
Western Union Co.	3,868	77,476
		2,631,222
LIFE SCIENCES TOOLS & SERVICES—1.2%
Covance, Inc.(a)	602	35,741
Illumina, Inc.(a)	894	67,184
Life Technologies Corp.(a)	1,718	89,456
Thermo Fisher Scientific, Inc.(a)	2,866	184,542
Waters Corp.(a)	650	62,231
		439,154

See accompanying notes to financial statements.

31

Schedule of portfolio investments, continued
Praxis Growth Index Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—94.4%, continued
MACHINERY—1.7%
AGCO Corp.(a)		680	$	33,565
Bucyrus International, Inc.		693		63,520
Deere & Co.		2,755		227,150
Flowserve Corp.		498		54,725
Ingersoll-Rand plc		856		38,871
Joy Global, Inc.		746		71,049
PACCAR, Inc.		2,221		113,471
Parker Hannifin Corp.		447		40,114
				642,465
MEDIA—5.7%
Cablevision Systems Corp., Class A		1,824		66,047
CBS Corp., Class B		4,258		121,310
Comcast Corp., Class A		12,062		305,651
Comcast Corp. - Special, Class A		2,719		65,881
DIRECTV, Class A(a)		5,581		283,626
Discovery Communications, Inc., Class C(a)		1,116		40,790
Discovery Communications, Inc., Class A(a)		1,172		48,005
Interpublic Group of Cos., Inc.		4,104		51,300
Liberty Global, Inc., Class A(a)		856		38,554
Liberty Media Corp. - Capital, Series A(a)		402		34,472
Liberty Media Corp. - Starz, Series A(a)		204		15,349
McGraw-Hill Cos., Inc.		1,927		80,761
News Corp., Class A		11,908		210,772
News Corp., Class B		3,227		58,344
Omnicom Group, Inc.		1,958		94,297
Sirius XM Radio, Inc.(a)		19,293		42,252
Time Warner Cable, Inc.		2,448		191,042
Viacom, Inc., Class B		2,896		147,696
Virgin Media, Inc.		2,280		68,240
Walt Disney Co.		4,340		169,434
				2,133,823
METALS & MINING—0.3%
Allegheny Technologies, Inc.		282		17,899
Cliffs Natural Resources, Inc.		390		36,055
Molycorp, Inc.(a)		493		30,103
Walter Energy, Inc.		353		40,877
				124,934
MULTILINE RETAIL—1.2%
Dollar Tree, Inc.(a)		925		61,623
Family Dollar Stores, Inc.		952		50,037
Kohl’s Corp.		2,523		126,175
Target Corp.		4,561		213,957
				451,792
OIL, GAS & CONSUMABLE FUELS—4.3%
Alpha Natural Resources, Inc.(a)		1,276		57,981
Anadarko Petroleum Corp.		3,099		237,879
Arch Coal, Inc.		1,251		33,352
Cabot Oil & Gas Corp.		603		39,985
Concho Resources, Inc.(a)		654		60,070
Denbury Resources, Inc.(a)		1,861		37,220
El Paso Corp.		4,420		89,284
EOG Resources, Inc.		1,873		195,822
Hess Corp.		2,045		152,884
Murphy Oil Corp.		1,163		76,363
Noble Energy, Inc.		598		53,599
Petrohawk Energy Corp.(a)		2,191		54,052
Pioneer Natural Resources Co.		771		69,058

QEP Resources, Inc.	1,047	43,796
Range Resources Corp.	1,251	69,431
SandRidge Energy, Inc.(a)	3,064	32,662
SM Energy Co.	300	22,044
Southwestern Energy Co.(a)	2,293	98,324
Tesoro Corp.(a)	539	12,348
Ultra Petroleum Corp.(a)	1,269	58,120
Whiting Petroleum Corp.(a)	570	32,439
Williams Cos., Inc.	3,181	96,225
		1,622,938
PERSONAL PRODUCTS—0.5%
Avon Products, Inc.	2,561	71,708
Estee Lauder Cos., Inc., Class A	790	83,100
Herbalife Ltd.	645	37,178
		191,986
PHARMACEUTICALS—1.0%
Allergan, Inc./United States	2,365	196,886
Hospira, Inc.(a)	1,027	58,190
Mylan, Inc.(a)	2,727	67,275
Perrigo Co.	673	59,137
		381,488
PROFESSIONAL SERVICES—0.3%
Dun & Bradstreet Corp.	502	37,921
IHS, Inc., Class A(a)	404	33,702
Robert Half International, Inc.	1,272	34,382
		106,005
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.5%
Boston Properties, Inc. REIT	331	35,139
CB Richard Ellis Group, Inc., Class A(a) REIT	1,523	38,242
Host Hotels & Resorts, Inc. REIT.	4,329	73,377
Public Storage REIT	1,186	135,216
Simon Property Group, Inc. REIT	1,682	195,499
Weyerhaeuser Co. REIT.	3,014	65,886
		543,359
ROAD & RAIL—1.0%
CSX Corp.	6,156	161,410
Kansas City Southern(a)	401	23,791
Norfolk Southern Corp.	2,750	206,058
		391,259
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.4%
Altera Corp.	2,067	95,805
Analog Devices, Inc.	2,349	91,940
Atmel Corp.(a)	2,699	37,975
Avago Technologies Ltd.	1,101	41,838
Broadcom Corp., Class A(a)	3,029	101,896
Cree, Inc.(a)	803	26,973
First Solar, Inc.(a)	428	56,612
Lam Research Corp.(a)	772	34,184
Marvell Technology Group Ltd.(a)	3,343	49,359
National Semiconductor Corp.	813	20,008
NVIDIA Corp.(a)	3,331	53,079
ON Semiconductor Corp.(a)	1,761	18,438
Skyworks Solutions, Inc.(a)	1,374	31,575
Texas Instruments, Inc.	7,669	251,773
		911,455

See accompanying notes to financial statements.

32

Schedule of portfolio investments, continued
Praxis Growth Index Fund	June 30, 2011 (Unaudited)

	PRINCIPAL
	AMOUNT/		FAIR
	SHARES		VALUE
COMMON STOCKS—94.4% , continued
SOFTWARE—7.1%
Activision Blizzard, Inc.		3,596	$	42,001
Adobe Systems, Inc.(a)		4,171		131,178
Autodesk, Inc.(a)		1,538		59,367
BMC Software, Inc.(a)		962		52,622
CA, Inc.		2,481		56,666
Citrix Systems, Inc.(a)		1,209		96,720
Electronic Arts, Inc.(a)		2,092		49,371
Informatica Corp.(a)		605		35,350
Intuit, Inc.(a)		1,857		96,304
Microsoft Corp.		30,603		795,678
Nuance Communications, Inc.(a)		1,773		38,066
Oracle Corp.		24,628		810,508
Red Hat, Inc.(a)		1,450		66,555
Rovi Corp.(a)		610		34,990
Salesforce.com, Inc.(a)		802		119,482
Symantec Corp.(a)		4,563		89,982
TIBCO Software, Inc.(a)		1,238		35,927
VMware, Inc., Class A(a)		362		36,283
				2,647,050
SPECIALTY RETAIL—3.0%
Abercrombie & Fitch Co., Class A		459		30,716
AutoZone, Inc.(a)		224		66,047
Bed Bath & Beyond, Inc.(a)		1,559		90,999
Best Buy Co., Inc.		1,109		34,834
CarMax, Inc.(a)		1,462		48,348
Gap, Inc.		3,188		57,703
Home Depot, Inc.		2,989		108,262
Lowe’s Cos., Inc.		8,739		203,706
O’Reilly Automotive, Inc.(a)		964		63,152
PetSmart, Inc.		1,009		45,778
Ross Stores, Inc.		902		72,268
Staples, Inc.		4,220		66,676
Tiffany & Co.		515		40,438
TJX Cos., Inc.		3,125		164,156
Tractor Supply Co.		272		18,191
				1,111,274
TEXTILES, APPAREL & LUXURY GOODS—1.4%
Coach, Inc.		2,052		131,184
Fossil, Inc.(a)		332		39,083
Lululemon Athletica, Inc.(a)		389		43,498
NIKE, Inc., Class B		2,474		222,611
Polo Ralph Lauren Corp.		478		63,388
VF Corp.		356		38,647
				538,411
TRADING COMPANIES & DISTRIBUTORS—0.4%
Fastenal Co.		1,954		70,325
W.W. Grainger, Inc.		402		61,767
				132,092
WIRELESS TELECOMMUNICATION SERVICES—0.8%
American Tower Corp., Class A(a)		2,840		148,617
Crown Castle International Corp.(a)		1,874		76,441
MetroPCS Communications, Inc.(a)		1,930		33,215
NII Holdings, Inc.(a)		1,258		53,314
				311,587
TOTAL COMMON STOCKS				35,325,912

CORPORATE NOTES—0.5%
COMMUNITY DEVELOPMENT—0.5%
Everence Community
Investment, Inc., 0.52%, 11/30/13+(b)	$	35,000	$	35,000
Everence Community
Investment, Inc., 0.78%, 11/30/13+(b)		155,000		155,000
TOTAL CORPORATE NOTES				190,000
SHORT TERM INVESTMENT—0.6%
INVESTMENT COMPANY—0.6%
JPMorgan U.S. Government
Money Market Fund, Agency Shares		211,497		211,497
TOTAL INVESTMENTS (Cost* $29,869,905)—95.5%			$	35,727,409
Other assets in excess of liabilities—4.5%				1,680,893
NET ASSETS—100%			$	37,408,302

+	Variable rate security. Rates presented are the rates in effect at June 30, 2011.
(a)	Non-income producing securities.
(b)	Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been deemed illiquid under guidelines established by the Board of Trustees:

			Acquisition
Security	Yield	Shares	Date
Everence Community Investment, Inc.	0.52 %	35,000	12/2010
Everence Community Investment, Inc.	0.78 %	155,000	12/2010

       At June 30, 2011, these securities had an aggregate market value of $190,000, representing 0.5% of net assets.

*    Represents cost for financial reporting purposes.

plc	—	Public Liability Company
REIT	—	Real Estate Investment Trust

See accompanying notes to financial statements.

33

Schedule of portfolio investments
Praxis Small Cap Fund	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—100.6%
AIR FREIGHT & LOGISTICS—1.2%
UTi Worldwide, Inc.		19,150	$	377,063
CAPITAL MARKETS—1.2%
Evercore Partners, Inc., Class A		11,225		374,017
CHEMICALS—1.1%
Calgon Carbon Corp.(a)		19,400		329,800
COMMERCIAL BANKS—3.6%
Home Bancshares, Inc.		13,650		322,686
Prosperity Bancshares, Inc.		8,650		379,043
Texas Capital Bancshares, Inc.(a)		15,725		406,177
				1,107,906
COMMERCIAL SERVICES & SUPPLIES—2.2%
Interface, Inc., Class A		27,425		531,222
Mobile Mini, Inc.(a)		6,640		140,702
				671,924
COMMUNICATIONS EQUIPMENT—2.2%
Arris Group, Inc.(a)		19,800		229,878
Brocade Communications Systems, Inc.(a)		68,625		443,318
				673,196
CONSUMER FINANCE—3.9%
Cash America International, Inc.		10,350		598,955
First Cash Financial Services, Inc.(a)		14,075		591,009
				1,189,964
CONTAINERS & PACKAGING—1.3%
Silgan Holdings, Inc.		9,350		383,069
DISTRIBUTORS—1.2%
LKQ Corp.(a)		14,350		374,392
DIVERSIFIED CONSUMER SERVICES—1.4%
American Public Education, Inc.(a)		9,425		419,507
ELECTRICAL EQUIPMENT—2.8%
Belden, Inc.		11,925		415,706
Franklin Electric Co., Inc.		9,275		435,461
				851,167
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.3%
Anixter International, Inc.		5,375		351,202
National Instruments Corp.		12,300		365,187
Rofin-Sinar Technologies, Inc.(a)		8,325		284,299
				1,000,688
ENERGY EQUIPMENT & SERVICES—3.2%
Atwood Oceanics, Inc.(a)		6,700		295,671
CARBO Ceramics, Inc.		2,525		411,449
Dril-Quip, Inc.(a)		4,000		271,320
				978,440
FOOD & STAPLES RETAILING—1.3%
Ruddick Corp.		9,150		398,391
FOOD PRODUCTS—0.6%
SunOpta, Inc.(a)		26,850		190,903
HEALTH CARE EQUIPMENT & SUPPLIES—1.9%
DexCom, Inc.(a)		5,900		85,491
Zoll Medical Corp.(a)		8,900		504,274
				589,765
HEALTH CARE PROVIDERS & SERVICES—6.4%
Health Management Associates, Inc., Class A(a)		32,500		350,350
HMS Holdings Corp.(a)		6,175		474,672
MWI Veterinary Supply, Inc.(a)		7,475		603,756

PSS World Medical, Inc.(a)	18,525	518,885
		1,947,663
HEALTH CARE TECHNOLOGY—1.1%
Computer Programs & Systems, Inc.	5,450	345,966
HOUSEHOLD DURABLES—1.0%
Tempur-Pedic International, Inc.(a)	4,250	288,235
INDUSTRIAL CONGLOMERATES—1.0%
Raven Industries, Inc.	5,475	305,012
INSURANCE—1.5%
AmTrust Financial Services, Inc.	20,350	463,573
INTERNET SOFTWARE & SERVICES—4.5%
Active Network, Inc.(a)	13,425	236,280
Digital River, Inc.(a)	12,275	394,764
LivePerson, Inc.(a)	30,275	428,089
LogMeIn, Inc.(a)	8,325	321,095
		1,380,228
LIFE SCIENCES TOOLS & SERVICES—1.6%
Parexel International Corp.(a)	20,975	494,171
MACHINERY—10.3%
Actuant Corp., Class A	15,550	417,206
Albany International Corp., Class A	9,700	255,983
Astec Industries, Inc.(a)	11,150	412,327
CIRCOR International, Inc.	9,925	425,088
CLARCOR, Inc.	9,625	455,070
Harsco Corp.	10,525	343,115
Middleby Corp.(a)	4,750	446,690
Westport Innovations, Inc.(a)	16,600	398,732
		3,154,211
MARINE—1.6%
Kirby Corp.(a)	8,800	498,696
MEDIA—2.8%
Cinemark Holdings, Inc.	20,175	417,824
Live Nation Entertainment, Inc.(a)	36,800	422,096
		839,920
METALS & MINING—3.9%
Carpenter Technology Corp.	12,450	718,116
Haynes International, Inc.	7,800	483,054
		1,201,170
OIL, GAS & CONSUMABLE FUELS—7.8%
Approach Resources, Inc.(a)	17,025	385,957
Brigham Exploration Co.(a)	10,800	323,244
Gulfport Energy Corp.(a)	10,475	311,003
Oasis Petroleum, Inc.(a)	12,925	383,614
Rosetta Resources, Inc.(a)	12,350	636,519
SM Energy Co.	4,650	341,682
		2,382,019
PHARMACEUTICALS—0.9%
Endo Pharmaceuticals Holdings, Inc.(a)	6,750	271,147

PROFESSIONAL SERVICES—1.7%
Insperity, Inc.	17,225	510,032
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%
Cirrus Logic, Inc.(a)	11,665	185,473
SOFTWARE—7.6%
Aspen Technology, Inc.(a)	27,525	472,880
MicroStrategy, Inc., Class A(a)	3,150	512,442

See accompanying notes to financial statements.

34

Schedule of portfolio investments, continued
Praxis Small Cap Fund	June 30, 2011 (Unaudited)

	PRINCIPAL
	AMOUNT/		FAIR
	SHARES		VALUE
COMMON STOCKS—100.6%, continued
SOFTWARE—7.6%, continued
NICE Systems Ltd., ADR(a)		10,900	$	396,324
Pegasystems, Inc.		12,675		590,021
TIBCO Software, Inc.(a)		12,275		356,220
				2,327,887
SPECIALTY RETAIL—7.6%
DSW, Inc., Class A(a)		11,575		585,811
Group 1 Automotive, Inc.		9,500		391,210
Hibbett Sports, Inc.(a)		11,800		480,378
Monro Muffler Brake, Inc.		12,575		468,922
Ulta Salon Cosmetics & Fragrance, Inc.(a)		6,050		390,709
				2,317,030
TEXTILES, APPAREL & LUXURY GOODS—3.4%
Crocs, Inc.(a)		26,850		691,388
Warnaco Group, Inc.(a)		6,525		340,931
				1,032,319
TRADING COMPANIES & DISTRIBUTORS—1.9%
WESCO International, Inc.(a)		10,475		566,593
WIRELESS TELECOMMUNICATION SERVICES—1.0%
Leap Wireless International, Inc.(a)		18,300		297,009
TOTAL COMMON STOCKS				30,718,546
CORPORATE NOTES—0.7%
DEVELOPMENT AUTHORITIES—0.7%
Everence Community Investment,
Inc., 0.52%, 11/30/13+(b)	$	80,000	$	80,000
Everence Community Investment,
Inc., 0.78%, 11/30/13+(b)		120,000		120,000
TOTAL CORPORATE NOTES				200,000
SHORT TERM INVESTMENT—10.9%
INVESTMENT COMPANY—10.9%
JPMorgan U.S. Government Money Market
Fund, Agency Shares		3,317,412		3,317,412
TOTAL INVESTMENTS (Cost* $24,103,249)—112.2%			$	34,235,958
Liabilities in excess of other assets — (12.2)%				(3,714,849	)
NET ASSETS—100%			$	30,521,109

+	Variable rate security. Rates presented are the rates in effect at June 30, 2011.
(a)	Non-income producing securities.
(b)	Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been deemed illiquid under guidelines established by the Board of Trustees:

			Acquisition
Security	Yield	Shares	Date
Everence Community Investment, Inc.	0.52 %	80,000	12/2010
Everence Community Investment, Inc.	0.78 %	120,000	12/2010

       At June 30, 2011, these securities had an aggregate market value of $200,000, representing 0.7% of net assets.

*     Represents cost for financial reporting purposes.

ADR       —   American Depositary Receipt

See accompanying notes to financial statements.

35

Schedule of portfolio investments
Praxis Genesis Conservative Portfolio	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
Mutual Funds — 99.5%
Praxis Core Stock Fund, Class I (a)		105,082	$	1,349,253
Praxis Growth Index Fund, Class I (a)		66,588		691,183
Praxis Intermediate Income Fund, Class I (a)		906,533		9,518,597
Praxis International Fund, Class I (a)		45,046		514,428
Praxis International Index Fund, Class I (a)(b)		49,139		501,219
Praxis Small Cap Fund, Class I (a)(b)		32,154		372,989
Praxis Value Index Fund, Class I (a)		84,775		700,238
Total Mutual Funds				13,647,907
TOTAL INVESTMENTS (Cost* $12,922,190)—99.5%			$	13,647,907
Other assets in excess of liabilities — 0.5%				71,302
NET ASSETS—100%			$	13,719,209

(a)	Affiliated fund.
(b)	Non-income producing securities.
*	Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

36

Schedule of portfolio investments
Praxis Genesis Balanced Portfolio	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
Mutual Funds — 99.9%
Praxis Core Stock Fund, Class I (a)		595,523	$	7,646,511
Praxis Growth Index Fund, Class I (a)		278,505		2,890,883
Praxis Intermediate Income Fund, Class I (a)		1,427,116		14,984,723
Praxis International Fund, Class I (a)		246,471		2,814,704
Praxis International Index Fund, Class I (a)(b)		276,574		2,821,060
Praxis Small Cap Fund, Class I (a)(b)		354,028		4,106,721
Praxis Value Index Fund, Class I (a)		348,876		2,881,717
Total Mutual Funds				38,146,319
TOTAL INVESTMENTS (Cost* $34,492,531)—99.9%			$	38,146,319
Other assets in excess of liabilities — 0.1%				46,443
NET ASSETS—100%			$	38,192,762

(a)	Affiliated fund.
(b)	Non-income producing securities.
*	Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

37

Schedule of portfolio investments
Praxis Genesis Growth Portfolio	June 30, 2011 (Unaudited)

			FAIR
	SHARES		VALUE
Mutual Funds — 99.9%
Praxis Core Stock Fund, Class I (a)		588,423	$	7,555,347
Praxis Growth Index Fund, Class I (a)		297,402		3,087,034
Praxis Intermediate Income Fund, Class I (a)		572,676		6,013,103
Praxis International Fund, Class I (a)		262,925		3,002,603
Praxis International Index Fund, Class I (a)(b)		295,788		3,017,043
Praxis Small Cap Fund, Class I (a)(b)		417,934		4,848,034
Praxis Value Index Fund, Class I (a)		369,483		3,051,927
Total Mutual Funds				30,575,091
TOTAL INVESTMENTS (Cost* $26,758,887)—99.9%			$	30,575,091
Other assets in excess of liabilities — 0.1%				41,521
NET ASSETS—100%			$	30,616,612

(a)	Affiliated fund.
(b)	Non-income producing securities.
*	Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

38

Statements of assets & liabilities

June 30, 2011 (Unaudited)

	Intermediate
	Income Fund			Core Stock Fund			International Fund
Assets
Total investment securities, at cost	$	292,500,566		$	138,374,477		$	67,252,687
Investments in unaffiliated securities, at market value	$	302,359,870		$	161,933,596		$	82,859,953
Investments in affiliates, at market value		2,792,775			2,170,560			1,075,210
Total investment securities, at market value		305,152,645			164,104,156			83,935,163
Cash		—			—			5,136
Foreign currency, at value (cost $298,378)		—			—			298,814
Receivable for investments sold		—			1,037,329			6,018,665
Receivable for capital shares sold		2,655,858			725,366			66,689
Receivable for dividends and interest		2,920,389			274,656			197,723
Receivable for tax reclaims		—			67,945			516,073
Prepaid expenses		22,445			20,592			22,859
Total Assets		310,751,337			166,230,044			91,061,122
Liabilities
Payable for capital shares redeemed		2,992,747			2,068,362			236,996
Payable for investments purchased		4,352,663			293,919			8,908,189
Accrued expenses and other payables:
Investment advisory fees		97,620			98,288			59,106
Administration fees		50,483			29,727			17,217
Compliance service fees		22,222			5,151			5,340
Distribution fees		15,708			17,926			7,855
Trustee fees		1,889			—			—
Other		156,077			178,025			144,082
Total Liabilities		7,689,409			2,691,398			9,378,785
Net Assets	$	303,061,928		$	163,538,646		$	81,682,337
Components of Net Assets
Paid-in capital	$	289,124,486			183,445,664			76,483,320
Accumulated net investment income (loss)		(81,702	)		36,191			1,036,028
Accumulated net realized gains (losses) on investments and foreign currency transactions		1,367,065			(45,683,741	)		(12,595,420	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		12,652,079			25,740,532			16,758,409
Net Assets	$	303,061,928		$	163,538,646		$	81,682,337
Pricing of Class A Shares
Net assets attributable to Class A shares	$	69,629,783		$	60,386,585		$	29,754,736
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		6,611,903			4,746,935			2,623,659
Net asset value and redemption price per share	$	10.53		$	12.72		$	11.34
Maximum sales charge		3.75	%		5.25	%		5.25	%
Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]	$	10.94		$	13.43		$	11.97
Pricing of Class I Shares
Net assets attributable to Class I shares	$	233,432,145		$	103,152,061		$	51,927,601
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		22,237,267			8,036,191			4,547,814
Net asset value, offering price and redemption price per share	$	10.50		$	12.84		$	11.42

See accompanying notes to financial statements.

39

Statements of assets & liabilities, continued

June 30, 2011 (Unaudited)

	International Index Fund			Value Index Fund			Growth Index Fund			Small Cap Fund
Assets
Total investment securities, at cost		41,478,426			52,181,454			29,869,905			24,103,249
Investment in unaffiliated securities, at market value	$	41,259,118		$	57,214,465		$	35,537,409		$	34,035,958
Investments in affiliates, at market value		—			733,675			190,000			200,000
Total Investment securities, at market value		41,259,118			57,948,140			35,727,409			34,235,958
Cash		176,950			42,066			—			—
Receivable for investments sold		—			1,510,626			—			—
Receivable for capital shares sold		102,607			68,583			1,840,275			16,010
Receivable for dividends and interest		158,184			82,255			22,256			9,839
Receivable for tax reclaims		1,413			—			—			—
Prepaid expenses		14,690			14,326			4,906			6,380
Total Assets		41,712,962			59,665,996			37,594,846			34,268,187
Liabilities
Payable for capital shares redeemed		83,566			1,171,943			145,354			3,691,654
Payable for investments purchased		306,374			—			—			—
Accrued expenses and other payables:
Investment advisory fees		9,746			14,273			4,550			19,451
Administration fees		4,950			9,752			5,066			4,756
Compliance service fees		—			1,389			2,492			1,813
Distribution fees		—			10,204			—			—
Trustee fees		—			728			—			—
Other		66,476			56,033			29,082			29,404
Total Liabilities		471,112			1,264,322			186,544			3,747,078
Net Assets	$	41,241,850		$	58,401,674		$	37,408,302		$	30,521,109
Components of Net Assets
Paid-in capital	$	40,940,790		$	66,649,579		$	34,412,689		$	23,036,677
Accumulated net investment income (loss)		527,461			1,359,334			102,495			(100,736	)
Accumulated net realized gains (losses) on investments and foreign currency transactions		(7,132	)		(15,373,925	)		(2,964,386	)		(2,547,541	)
Net unrealized appreciation (depreciation) on investments		(219,269	)		5,766,686			5,857,504			10,132,709
Net Assets	$	41,241,850		$	58,401,674		$	37,408,302		$	30,521,109
Pricing of Class A Shares
Net assets attributable to Class A shares	$	379,056		$	24,080,502		$	3,567,934		$	5,769,677
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		37,281			2,909,439			344,831			503,516
Net asset value and redemption price per share	$	10.17		$	8.28		$	10.35		$	11.46
Maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]	$	10.73		$	8.74		$	10.92		$	12.09
Pricing of Class I Shares
Net assets attributable to Class I shares	$	40,862,794		$	34,321,172		$	33,840,368		$	24,751,432
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		4,007,013			4,153,718			3,259,674			2,133,370
Net asset value, offering price and redemption price per share	$	10.20		$	8.26		$	10.38		$	11.60

See accompanying notes to financial statements.

40

Statements of assets & liabilities, continued

June 30, 2011 (Unaudited)

	Conversative Portfolio			Balanced Portfolio			Growth Portfolio
Assets
Investment in affiliates, at cost	$	12,922,190		$	34,492,531		$	26,758,887
Investment in affiliates, at value	$	13,647,907		$	38,146,319		$	30,575,091
Cash		25,129			54,406			63,654
Receivable for capital shares sold		41,633			28,313			31,978
Dividends receivable		30,450			47,946			19,238
Due from adviser		4,238			5,301			9,947
Prepaid expenses		1,239			3,629			3,402
Total Assets		13,750,596			38,285,914			30,703,310
Liabilities
Payable for capital shares redeemed		2,158			12,792			82
Accrued expenses and other payables:
Compliance service fees		139			356			397
Distribution fees		2,727			6,011			4,533
Other		26,363			73,993			81,686
Total Liabilities		31,387			93,152			86,698
Net Assets	$	13,719,209		$	38,192,762		$	30,616,612
Components of Net Assets
Paid-in capital	$	12,910,098		$	34,220,373		$	26,474,541
Accumulated net investment income (loss)		22,982			27,609			3,363
Accumulated net realized gains (losses) on investments in affiliates		60,412			290,992			322,504
Net unrealized appreciation (depreciation) on investments in affiliates		725,717			3,653,788			3,816,204
Net Assets	$	13,719,209		$	38,192,762		$	30,616,612
Pricing of Class A Shares
Net assets attributable to Class A shares	$	13,719,209			38,192,762		$	30,616,612
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		1,275,393			3,385,897			2,631,533
Net asset value and redemption price per share	$	10.76		$	11.28		$	11.63
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]	$	11.36		$	11.90		$	12.28

See accompanying notes to financial statements.

41

Statements of operations

For the six months ended June 30, 2011 (Unaudited)

	Intermediate			Core
	Income Fund			Stock Fund			International Fund
Investment Income
Dividends	$	97,801		$	1,661,408		$	1,524,429
Foreign tax withholding		—			(31,938	)		(51,293	)
Interest		6,252,378			2,312			124
Interest from affiliates		8,275			6,438			3,132
Total Investment Income		6,358,454			1,638,220			1,476,392
Expenses
Investment advisory fees		587,134			627,911			377,270
Administration fees		66,284			38,065			21,689
Distribution fees - Class A		84,074			79,511			38,409
Transfer agent fees - Class A		61,878			94,386			56,184
Transfer agent fees - Class I		2,546			1,213			1,029
Compliance service fees		45,749			19,077			7,889
Registration fees - Class A		16,712			16,888			16,897
Registration fees - Class I		120			42			102
Shareholder report printing fees - Class A		12,806			24,468			14,467
Shareholder report printing fees - Class I		11			13			2,896
Professional fees		96,548			52,864			31,302
Custodian fees		11,799			18,361			34,085
Trustees’ fees and expenses		32,658			13,843			—
Other expenses		29,362			20,569			10,696
Total Expenses Before Reductions		1,047,681			1,007,211			612,915
Expenses waived by Investment Adviser		(48,336	)		—			—
Net Expenses		999,345			1,007,211			612,915
Net Investment Income (Loss)		5,359,109			631,009			863,477
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		1,367,065			3,049,590			7,746,398
Net realized gains (losses) on foreign currency transactions		—			(4,330	)		(68,755	)
Change in unrealized appreciation (depreciation) of investments		1,618,660			(1,450,887	)		(5,713,673	)
Change in unrealized appreciation (depreciation) on foreign currency translations		—			6,475			24,492
Net Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Transactions		2,985,725			1,600,848			1,988,462
Net Change in Net Assets from Operations	$	8,344,834		$	2,231,857		$	2,851,939

See accompanying notes to financial statements.

42

Statements of operations, continued

For the six months ended June 30, 2011 (Unaudited)

	International			Value		Growth			Small
	Index  Fund			Index Fund		Index Fund			Cap Fund
Investment Income
Dividends	$	703,935		$	721,540	$	201,639		$	82,167
Foreign tax withholding		(19,177	)		—		—			(247	)
Interest		—			—		606			—
Interest from affiliates		—			2,298		—			588
Total Investment Income		684,758			723,838		202,245			82,508
Expenses
Investment advisory fees		97,751			91,374		51,388			133,684
Administration fees		5,240			12,109		6,887			6,572
Distribution fees - Class A		—			33,119		4,174			5,764
Transfer agent fees - Class A		20,734			41,629		7,962			8,672
Transfer agent fees - Class I		1,198			771		1,176			1,125
Compliance service fees		1,690			10,675		5,047			4,516
Registration fees - Class A		14,756			16,477		15,768			15,757
Registration fees - Class I		1,481			110		439			533
Shareholder report printing fees - Class A		1,999			10,549		2,559			2,765
Shareholder report printing fees - Class I		25			346		398			6
Professional fees		6,070			17,926		14,595			13,383
Custodian fees		30,269			2,814		2,140			6,061
Trustees’ fees and expenses		578			7,851		2,947			538
Other expenses		14,205			8,641		6,284			3,226
Total Expenses Before Reductions		195,996			254,391		121,764			202,602
Expenses waived by Investment Adviser		(38,699	)		—		(22,014	)		(19,358	)
Net Expenses		157,297			254,391		99,750			183,244
Net Investment Income (Loss)		527,461			469,447		102,495			(100,736	)
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		(7,132	)		1,844,911		5,906			2,551,476
Change in unrealized appreciation (depreciation) of investments		(219,269	)		203,378		1,637,056			2,054,847
Net Realized and Unrealized Gains (Losses) on Investments		(226,401	)		2,048,289		1,642,962			4,606,323
Net Change in Net Assets from Operations	$	301,060		$	2,517,736	$	1,745,457		$	4,505,587

See accompanying notes to financial statements.

43

Statements of operations, continued

For the six months ended June 30, 2011 (Unaudited)

	Conservative Portfolio			Balanced Portfolio			Growth Portfolio
Investment Income
Dividends from affiliates	$	171,644		$	266,526		$	105,363
Expenses
Investment advisory fees		3,268			8,970			7,101
Administration fees		2,155			5,642			6,722
Distribution fees		16,339			44,848			35,504
Transfer agent fees		13,797			41,453			54,426
Compliance service fees		290			653			597
Registration fees		17,048			16,707			16,991
Shareholder report printing fees		2,662			8,479			8,559
Professional fees		2,990			3,670			3,489
Trustee fees and expenses		122			280			291
Other expenses		5,105			13,491			10,567
Total Expenses Before Reductions		63,776			144,193			144,247
Expenses waived/reimbursed by Investment Adviser		(19,712	)		(24,475	)		(50,637	)
Net Expenses		44,064			119,718			93,610
Net Investment Income (Loss)		127,580			146,808			11,753
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments in affiliates		43,655			232,573			268,923
Change in unrealized appreciation (depreciation) of investments in affiliates		210,337			962,364			940,159
Net Realized and Unrealized Gains (Losses) on Investments in affliates		253,992			1,194,937			1,209,082
Net Change in Net Assets from Operations	$	381,572		$	1,341,745		$	1,220,835

See accompanying notes to financial statements.

44

Statements of changes in net assets

	Intermediate Income Fund						Core Stock Fund						International Fund
	For the						For the						For the
	Six Months			For the			Six Months			For the			Six Months			For the
	Ended			Year			Ended			Year			Ended			Year
	June 30,			Ended			June 30,			Ended			June 30,			Ended
	2011			December			2011			December			2011			December
	(Unaudited)			31, 2010			(Unaudited)			31, 2010			(Unaudited)			31, 2010
From Operations
Net investment income (loss)	$	5,359,109		$	10,295,310		$	631,009		$	558,463		$	863,477		$	349,601
Net realized gains (losses) on investments		1,367,065			2,184,059			3,045,260			2,054,066			7,677,643			4,372,140
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		1,618,660			4,100,541			(1,444,412	)		16,944,220			(5,689,181	)		6,848,343
Net Change in Net Assets from Operations		8,344,834			16,579,910			2,231,857			19,556,749			2,851,939			11,570,084
Distributions to Shareholders
From net investment income
Class A		(1,141,338	)		(2,422,822	)		—			—			—			(70,839	)
Class I		(4,299,473	)		(8,000,422	)		—			(933,114	)		—			(856,430	)
From net realized gains
Class A		—			(237,301	)		—			—			—			—
Class I		—			(801,163	)		—			—			—			—
Change in Net Assets from Distributions to Shareholders		(5,440,811	)		(11,461,708	)		—			(933,114	)		—			(927,269	)
Change in Net Assets from Capital Transactions		3,758,514			40,311,187			(11,070,073	)		(41,143,871	)		(20,997,616	)		(4,022,253	)
Change in Net Assets		6,662,537			45,429,389			(8,838,216	)		(22,520,236	)		(18,145,677	)		6,620,562
Net Assets
Beginning of period		296,399,391			250,970,002			172,376,862			194,897,098			99,828,014			93,207,452
End of period	$	303,061,928		$	296,399,391		$	163,538,646		$	172,376,862		$	81,682,337		$	99,828,014
Accumulated Net Investment Income (Loss)	$	(81,702	)	$	—		$	36,191		$	(594,818	)	$	1,036,028		$	172,551

See accompanying notes to financial statements.

45

Statements of changes in net assets, continued

	International Index Fund					Value Index Fund						Growth Index Fund					Small Cap Fund
	For the					For the						For the					For the
	Six Months			For the		Six Months			For the			Six Months		For the			Six Months			For the
	Ended			Period		Ended			Year			Ended		Year			Ended			Year
	June 30,			Ended		June 30,			Ended			June 30,		Ended			June 30,			Ended
	2011 (Unaudited)			December 31, 2010(a)		2011 (Unaudited)			December  31, 2010			2011 (Unaudited)		December  31, 2010			2011 (Unaudited)			December 31, 2010
From Operations
Net investment income (loss)	$	527,461		$	—	$	469,447		$	957,250		$	102,495	$	158,403		$	(100,736	)	$	(139,207	)
Net realized gains (losses) from security transactions		(7,132	)		—		1,844,911			(962,043	)		5,906		(405,208	)		2,551,476			2,556,316
Net change in unrealized appreciation (depreciation) on investments		(219,269	)		—		203,378			7,423,705			1,637,056		4,144,656			2,054,847			5,467,725
Net Change in Net Assets from Operations		301,060			—		2,517,736			7,418,912			1,745,457		3,897,851			4,505,587			7,884,834
Distributions to Shareholders
From net investment income
Class A		—			—		—			(272,240	)		—		—			—			—
Class I		—			—		—			(655,340	)		—		(172,241	)		—			—
Change in Net Assets from Distributions to Shareholders		—			—		—			(927,580	)		—		(172,241	)		—			—
Change in Net Assets from Capital Transactions		40,920,790			20,000		(322,092	)		(12,168,388	)		3,350,423		7,303,087			(2,909,270	)		(1,487,604	)
Change in Net Assets		41,221,850			20,000		2,195,644			(5,677,056	)		5,095,880		11,028,697			1,596,317			6,397,230
Net Assets
Beginning of period		20,000			—		56,206,030			61,883,086			32,312,422		21,283,725			28,924,792			22,527,562
End of period	$	41,241,850		$	20,000	$	58,401,674		$	56,206,030		$	37,408,302	$	32,312,422		$	30,521,109		$	28,924,792
Accumulated Net Investment Income (Loss)	$	527,461		$	—	$	1,359,334		$	889,887		$	102,495	$	—		$	(100,736	)	$	—

(a) Commenced operations on December 31, 2010.

See accompanying notes to financial statements.

46

Statements of changes in net assets, continued

	Conversative Portfolio						Balanced Portfolio						Growth Portfolio
	For the Six						For the Six						For the Six
	Months			For the			Months			For the			Months			For the
	Ended			Year			Ended			Year			Ended			Year
	June 30,			Ended			June 30,			Ended			June 30,			Ended
	2011			December			2011			December			2011			December
	(Unaudited)			31, 2010			(Unaudited)			31, 2010			(Unaudited)			31, 2010
From Operations
Net investment income (loss)	$	127,580		$	230,718		$	146,808		$	400,626		$	11,753		$	218,043
Net realized gains (losses) on investments in affiliates		43,655			13,841			232,573			53,989			268,923			51,859
Distributions of realized gains by investment company affiliates		—			31,183			—			47,420			—			18,422
Net change in unrealized appreciation (depreciation) on investments in affiliates		210,337			515,380			962,364			2,691,424			940,159			2,876,045
Net Change in Net Assets from Operations		381,572			791,122			1,341,745			3,193,459			1,220,835			3,164,369
Distributions to Shareholders
From net investment income
Class A		(132,729	)		(233,151	)		(161,996	)		(405,913	)		(25,001	)		(221,272	)
Change in Net Assets from Distributions to Shareholders		(132,729	)		(233,151	)		(161,996	)		(405,913	)		(25,001	)		(221,272	)
Change in Net Assets from Capital Transactions		775,690			12,136,705			2,830,576			31,394,891			2,747,915			23,729,766
Change in Net Assets		1,024,533			12,694,676			4,010,325			34,182,437			3,943,749			26,672,863
Net Assets
Beginning of period		12,694,676			—			34,182,437			—			26,672,863			—
End of period	$	13,719,209		$	12,694,676		$	38,192,762		$	34,182,437		$	30,616,612		$	26,672,863
Accumulated Net Investment Income (Loss)	$	22,982		$	28,131		$	27,609		$	42,797		$	3,363		$	16,611

See accompanying notes to financial statements.

47

Financial Highlights

For a share outstanding throughout the period indicated.

Praxis Intermediate Income Fund - Class A

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Year Ended December 31, 2009(a)			Year Ended December 31, 2008			Year Ended December 31, 2007			Year Ended December 31, 2006
Net asset value at beginning of period	$	10.43		$	10.20		$	9.62		$	9.78		$	9.66		$	9.73
Income (loss) from investment operations:
Net investment income		0.18			0.37			0.43			0.45			0.41			0.38
Net realized and unrealized gains (losses) on investments		0.10			0.27			0.56			(0.16	)		0.15			(0.04	)
Total from investment operations		0.28			0.64			0.99			0.29			0.56			0.34
Less distributions:
Dividends from net investment income		(0.18	)		(0.37	)		(0.41	)		(0.45	)		(0.44	)		(0.41	)
Distributions from net realized gains		—			(0.04	)		—			—			—			—
Total distributions		(0.18	)		(0.41	)		(0.41	)		(0.45	)		(0.44	)		(0.41	)
Paid-in capital from redemption fees (b)		—			—			—			—			—			—
Net asset value at end of period	$	10.53		$	10.43		$	10.20		$	9.62		$	9.78		$	9.66
Total return (excludes sales charge)		2.67	%(c)		6.26	%		10.49	%		3.09	%		5.91	%		3.63	%
Net assets at end of period (000s)	$	69,630		$	67,259		$	74,965		$	49,693		$	48,951		$	41,350
Ratio of net expenses to average net assets		0.99	%(d)		0.98	%		0.92	%		0.88	%		0.88	%		0.93	%
Ratio of net investment income to average net assets		3.35	%(d)		3.49	%		4.22	%		4.49	%		4.23	%		4.19	%
Ratio of gross expenses to average net assets*		1.13	%(d)		1.16	%		1.27	%		1.21	%		1.27	%		1.28	%
Portfolio turnover rate		20.42	%(c)		26.75	%		28.56	%		25.46	%		29.22	%		34.19	%

Praxis Intermediate Income Fund - Class I

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007			Period Ended December 31, 2006(e)
Net asset value at beginning of period	$	10.39		$	10.17		$	9.61		$	9.77		$	9.65		$	9.47
Income (loss) from investment operations:
Net investment income		0.20			0.40			0.45			0.47			0.43			0.29
Net realized and unrealized gains (losses) on investments		0.11			0.27			0.57			(0.16	)		0.15			0.18
Total from investment operations		0.31			0.67			1.02			0.31			0.58			0.47
Less distributions:
Dividends from net investment income		(0.20	)		(0.41	)		(0.46	)		(0.47	)		(0.46	)		(0.29	)
Distributions from net realized gains		—			(0.04	)		—			—			—			—
Total distributions		(0.20	)		(0.45	)		(0.46	)		(0.47	)		(0.46	)		(0.29	)
Paid-in capital from redemption fees		—			—			—			—	(b)		—			—	(b)
Net asset value at end of period	$	10.50		$	10.39		$	10.17		$	9.61		$	9.77		$	9.65
Total return (excludes sales charge)		2.98	%(c)		6.60	%		10.79	%		5.21	%		6.18	%		5.07	%(c)
Net assets at end of period (000s)	$	233,432		$	229,140		$	176,005		$	153,332		$	212,097		$	206,221
Ratio of net expenses to average net assets		0.59	%(d)		0.58	%		0.67	%		0.63	%		0.63	%		0.63	%(d)
Ratio of net investment income to average net assets		3.74	%(d)		3.86	%		4.51	%		4.73	%		4.48	%		4.47	%(d)
Ratio of gross expenses to average net assets*		0.59	%(d)		0.58	%		0.72	%		0.64	%		0.77	%		0.76	%(d)
Portfolio turnover rate		20.42	%(c)		26.75	%		28.56	%		25.46	%		29.22	%		34.19	%

*	During the period, certain expenses were reduced by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.
(a)	On August 17, 2009, Class B shares were exchanged for Class A shares.
(b)	Amount is less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

See accompanying notes to financial statements.

48

Financial Highlights

For a share outstanding throughout the period indicated.

Praxis Core Stock Fund - Class A

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Year Ended December 31, 2009(a)			Year Ended December 31, 2008			Year Ended December 31, 2007			Year Ended December 31, 2006
Net asset value at beginning of period	$	12.60		$	11.30		$	8.79		$	14.87		$	15.40		$	14.42
Income (loss) from investment operations:
Net investment income (loss)		0.02			(0.07	)		0.01			0.05			0.13			0.04
Net realized and unrealized gains (losses) on investments		0.10			1.37			2.54			(6.08	)		(0.24	)		1.70
Total from investment operations		0.12			1.30			2.55			(6.03	)		(0.11	)		1.74
Less distributions:
Dividends from net investment income		—			—			(0.04	)		(0.05	)		(0.14	)		—
Distributions from net realized gains		—			—			—			—			(0.28	)		(0.76	)
Total distributions		—			—			(0.04	)		(0.05	)		(0.42	)		(0.76	)
Paid-in capital from redemption fees (b)		—			—			—			—			—			—
Net asset value at end of period	$	12.72		$	12.60		$	11.30		$	8.79		$	14.87		$	15.40
Total return (excludes sales charge)		0.95	%(c)		11.50	%		29.00	%		(40.64	%)		(0.68	%)		12.10	%
Net assets at end of period (000s)	$	60,387		$	65,185		$	93,120		$	55,151		$	99,838		$	95,185
Ratio of net expenses to average net assets		1.63	%(d)		1.74	%		1.44	%		1.31	%		1.45	%		1.49	%
Ratio of net investment income (loss) to average net assets		0.30	%(d)		(0.16	%)		0.15	%		0.42	%		0.81	%		0.19	%
Ratio of gross expenses to average net assets*		1.63	%(d)		1.74	%		1.69	%		1.56	%		1.70	%		1.74	%
Portfolio turnover rate		6.93	%(c)		7.43	%		12.64	%		29.73	%		12.17	%		72.41	%

Praxis Core Stock Fund - Class I

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007			Year Ended December 31, 2006(e)
Net asset value at beginning of period	$	12.67		$	11.37		$	8.84		$	14.94		$	15.45		$	14.76
Income (loss) from investment operations:
Net investment income		0.07			0.08			0.06			0.09			0.20			0.04
Net realized and unrealized gains (losses) on investments		0.10			1.33			2.53			(6.11	)		(0.24	)		1.41
Total from investment operations		0.17			1.41			2.59			(6.02	)		(0.04	)		1.45
Less distributions:
Dividends from net investment income		—			(0.11	)		(0.06	)		(0.08	)		(0.19	)		—
Distributions from net realized gains		—			—			—			—			(0.28	)		(0.76	)
Total distributions		—			(0.11	)		(0.06	)		(0.08	)		(0.47	)		(0.76	)
Paid-in capital from redemption fees		—			—			—			—	(b)		—			—
Net asset value at end of period	$	12.84		$	12.67		$	11.37		$	8.84		$	14.94		$	15.45
Total return (excludes sales charge)		1.34	%(c)		12.38	%		29.35	%		(40.43	%)		(0.26	%)		9.86	%(c)
Net assets at end of period (000s)	$	103,152		$	107,192		$	101,777		$	90,820		$	159,737		$	173,565
Ratio of net expenses to average net assets		0.92	%(d)		0.94	%		1.08	%		1.01	%		1.05	%		1.02	%(d)
Ratio of net investment income to average net assets		1.01	%(d)		0.66	%		0.57	%		0.72	%		1.20	%		0.43	%(d)
Ratio of gross expenses to average net assets*		0.92	%(d)		0.94	%		1.08	%		1.01	%		1.05	%		1.03	%(d)
Portfolio turnover rate		6.93	%(c)		7.43	%		12.64	%		29.73	%		12.17	%		72.41	%

*	During the period, certain expenses were reduced by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.
(a)	On August 17, 2009, Class B shares were exchanged for Class A shares.
(b)	Amount is less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

See accompanying notes to financial statements.

49

Financial Highlights

For a share outstanding throughout the period indicated.

Praxis International Fund - Class A

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Year Ended December 31, 2009(a)			Year Ended December 31, 2008			Year Ended December 31, 2007			Year Ended December 31, 2006
Net asset value at beginning of period	$	11.04		$	9.88		$	8.61		$	15.42		$	14.23		$	11.94
Income (loss) from investment operations:
Net investment income		0.09			0.00	(b)		0.08			0.16			0.12			0.16
Net realized and unrealized gains (losses) on investments		0.21			1.19			1.19			(6.44	)		1.65			2.26
Total from investment operations		0.30			1.19			1.27			(6.28	)		1.77			2.42
Less distributions:
Dividends from net investment income		—			(0.03	)		—			(0.15	)		(0.21	)		(0.13	)
Distributions from net realized gains		—			—			—			(0.36	)		(0.37	)		—
Tax return of capital		—			—			—			(0.02	)		—			—
Total distributions		—			(0.03	)		—			(0.53	)		(0.58	)		(0.13	)
Paid-in capital from redemption fees (b)		—			—			—			—			—			—
Net asset value at end of period	$	11.34		$	11.04		$	9.88		$	8.61		$	15.42		$	14.23
Total return (excludes sales charge)		2.53	%(c)		12.20	%		14.75	%		(41.01	%)		12.59	%		20.31	%
Net assets at end of period (000s)	$	29,755		$	30,665		$	41,158		$	26,005		$	50,709		$	44,837
Ratio of net expenses to average net assets		2.04	%(d)		2.11	%		1.70	%		1.67	%		1.72	%		1.76	%
Ratio of net investment income (loss) to average net assets		1.56	%(d)		(0.20	%)		1.04	%		1.40	%		0.75	%		0.85	%
Ratio of gross expenses to average net assets*		2.04	%(d)		2.11	%		1.98	%		1.92	%		1.97	%		2.09	%
Portfolio turnover rate		51.71	%(c)		72.01	%		194.23	%		148.65	%		59.13	%		82.77	%

Praxis International Fund - Class I

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007			Year Ended December 31, 2006(e)
Net asset value at beginning of period	$	11.06		$	9.91		$	8.61		$	15.39		$	14.20		$	13.52
Income (loss) from investment operations:
Net investment income		0.14			0.05			0.14			0.15			0.17			0.10
Net realized and unrealized gains (losses) on investments		0.22			1.24			1.16			(6.38	)		1.65			0.78
Total from investment operations		0.36			1.29			1.30			(6.23	)		1.82			0.88
Less distributions:
Dividends from net investment income		—			(0.14	)		—			(0.17	)		(0.26	)		(0.20	)
Distributions from net realized gains		—			—			—			(0.36	)		(0.37	)		—
Tax return of capital		—			—			—			(0.02	)		—			—
Total distributions		—			(0.14	)		—			(0.55	)		(0.63	)		(0.20	)
Net asset value at end of period	$	11.42		$	11.06		$	9.91		$	8.61		$	15.39		$	14.20
Total return (excludes sales charge)		2.98	%(c)		13.30	%		15.23	%		(40.85	%)		13.02	%		6.61	%(c)
Net assets at end of period (000s)	$	51,928		$	69,163		$	52,049		$	48,830		$	110,001		$	98,598
Ratio of net expenses to average net assets		1.13	%(d)		1.12	%		1.39	%		1.32	%		1.31	%		1.28	%(d)
Ratio of net investment income (loss) to average net assets		2.36	%(d)		0.71	%		1.56	%		1.47	%		1.13	%		1.23	%(d)
Ratio of gross expenses to average net assets*		1.13	%(d)		1.12	%		1.39	%		1.32	%		1.31	%		1.39	%(d)
Portfolio turnover rate		51.71	%(c)		72.01	%		194.23	%		148.65	%		59.13	%		82.77	%

*	During the period, certain expenses were reduced by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.
(a)	On August 17, 2009, Class B shares were exchanged for Class A shares.
(b)	Amount is less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

See accompanying notes to financial statements.

50

Financial Highlights

For a share outstanding throughout the period indicated.

Praxis International Index Fund - Class A

	Six Months Ended June 30, 2011 (Unaudited)(a)
Net asset value at beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income		0.05
Net realized and unrealized gains (losses) on investments		0.12
Total from investment operations		0.17
Net asset value at end of period	$	10.17
Total return (excludes sales charge)		1.70	%(b)
Net assets at end of period (000s)	$	379
Ratio of net expenses to average net assets		1.67	%(c)
Ratio of net investment income to average net assets		2.65	%(c)
Ratio of gross expenses to average net assets*		54.00	%(c)
Portfolio turnover rate		0.78	%(b)

Praxis International Index Fund - Class I

	Six Months Ended June 30, 2011 (Unaudited)(a)
Net asset value at beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income		0.13
Net realized and unrealized gains (losses) on investments		0.07
Total from investment operations		0.20
Net asset value at end of period	$	10.20
Total return (excludes sales charge)		2.00	%(b)
Net assets at end of period (000s)	$	40,863
Ratio of net expenses to average net assets		0.96	%(c)
Ratio of net investment income to average net assets		3.22	%(c)
Ratio of gross expenses to average net assets*		0.96	%(c)
Portfolio turnover rate		0.78	%(b)

*	During the period, certain expenses were reduced by the Adviser.
	If such expense reductions had not occurred, the ratios would have been as indicated.
(a)	For the period from December 31, 2010 (commencement of operations) through June 30, 2011.
(b)	Not annualized.
(c)	Annualized.

See accompanying notes to financial statements.

51

Financial Highlights

For a share outstanding throughout the period indicated.

Praxis Value Index Fund - Class A

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Year Ended December 31, 2009(a)			Year Ended December 31, 2008			Year Ended December 31, 2007			Year Ended December 31, 2006
Net asset value at beginning of period	$	7.95		$	7.09		$	5.80		$	10.12		$	11.43		$	10.09
Income (loss) from investment operations:
Net investment income		0.06			0.14			0.10			0.18			0.17			0.22
Net realized and unrealized gains (losses) on investments		0.27			0.81			1.21			(4.21	)		(0.93	)		1.82
Total from investment operations		0.33			0.95			1.31			(4.03	)		(0.76	)		2.04
Less distributions:
Dividends from net investment income		—			(0.09	)		(0.02	)		(0.18	)		(0.20	)		(0.13	)
Distributions from net realized gains		—			—			—			(0.11	)		(0.35	)		(0.57	)
Total distributions		—			(0.09	)		(0.02	)		(0.29	)		(0.55	)		(0.70	)
Paid-in capital from redemption fees (b)		—			—			—			—			—			—
Net asset value at end of period	$	8.28			7.95		$	7.09		$	5.80		$	10.12		$	11.43
Total return (excludes sales charge)		4.03	%(c)		13.40	%		22.64	%		(40.15	%)		(6.66	%)		20.41	%
Net assets at end of period (000s)	$	24,081			24,341		$	30,983		$	20,019		$	28,209		$	22,426
Ratio of net expenses to average net assets		1.29	%(d)		1.38	%		1.01	%		0.97	%		0.90	%		1.11	%
Ratio of net investment income to average net assets		1.09	%(d)		1.15	%		1.96	%		2.35	%		1.87	%		1.52	%
Ratio of gross expenses to average net assets*		1.29	%(d)		1.38	%		1.33	%		1.27	%		1.18	%		1.37	%
Portfolio turnover rate		18.32	%(c)		24.12	%		25.72	%		20.66	%		33.34	%		55.37	%

Praxis Value Index Fund - Class I

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007			Year Ended December 31, 2006(e)
Net asset value at beginning of period	$	7.91		$	7.05		$	5.77		$	10.07		$	11.38		$	10.90
Income (loss) from investment operations:
Net investment income		0.07			0.17			0.14			0.20			0.24			0.12
Net realized and unrealized gains (losses) on investments		0.28			0.85			1.18			(4.19	)		(0.97	)		1.13
Total from investment operations		0.35			1.02			1.32			(3.99	)		(0.73	)		1.25
Less distributions:
Dividends from net investment income		—			(0.16	)		(0.04	)		(0.20	)		(0.23	)		(0.20	)
Distributions from net realized gains		—			—			—			(0.11	)		(0.35	)		(0.57	)
Total distributions		—			(0.16	)		(0.04	)		(0.31	)		(0.58	)		(0.77	)
Net asset value at end of period	$	8.26		$	7.91		$	7.05		$	5.77		$	10.07		$	11.38
Total return (excludes sales charge)		4.42	%(c)		14.53	%		22.82	%		(39.94	%)		(6.46	%)		11.67	%(c)
Net assets at end of period (000s)	$	34,321			31,865		$	30,900		$	24,893		$	29,843		$	27,029
Ratio of net expenses to average net assets		0.49	%(d)		0.50	%		0.73	%		0.64	%		0.65	%		0.89	%(d)
Ratio of net investment income to average net assets		1.89	%(d)		2.06	%		2.28	%		2.71	%		2.12	%		1.69	%(d)
Ratio of gross expenses to average net assets*		0.49	%(d)		0.50	%		0.73	%		0.64	%		0.68	%		0.95	%(d)
Portfolio turnover rate		18.32	%(c)		24.12	%		25.72	%		20.66	%		33.34	%		55.37	%

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	On August 17, 2009, Class B shares were exchanged for Class A shares.
(b)	Amount is less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

See accompanying notes to financial statements.

52

Financial Highlights

For a share outstanding throughout the period indicated.

Praxis Growth Index Fund - Class A

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Year Ended December 31, 2009(a)			Year Ended December 31, 2008			Period Ended December 31, 2007(e)
Net asset value at beginning of period	$	9.86		$	8.71		$	6.50		$	10.40		$	10.00
Income (loss) from investment operations:
Net investment income		—	(b)		0.01			0.03			0.01			0.02
Net realized and unrealized gains (losses) on investments		0.49			1.14			2.20			(3.89	)		0.38
Total from investment operations		0.49			1.15			2.23			(3.88	)		0.40
Less distributions:
Dividends from net investment income		—			—			(0.02	)		(0.02	)		—
Distributions from net realized gains		—			—			—			—			—	(b)
Total distributions		—			—			(0.02	)		(0.02	)		—	(b)
Paid-in capital from redemption fees(b)		—			—			—			—			—
Net asset value at end of period	$	10.35		$	9.86		$	8.71		$	6.50		$	10.40
Total return (excludes sales charge)		4.97	%(c)		13.20	%		34.38	%		(37.34	%)		4.03	%(c)
Net assets at end of period (000s)	$	3,568		$	2,911		$	4,714		$	2,504		$	2,232
Ratio of net expenses to average net assets		1.11	%(d)		1.10	%		0.93	%		0.94	%		1.16	%(d)
Ratio of net investment income to average net assets		0.07	%(d)		0.13	%		0.42	%		0.19	%		0.68	%(d)
Ratio of gross expenses to average net assets*		2.43	%(d)		2.68	%		1.54	%		1.51	%		3.65	%(d)
Portfolio turnover rate		12.10	%(c)		28.55	%		30.99	%		28.40	%		36.64	%(c)

Praxis Growth Index Fund - Class I

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008			Period Ended December 31, 2007(e)
Net asset value at beginning of period	$	9.86		$	8.72		$	6.51		$	10.41		$	10.00
Income (loss) from investment operations:
Net investment income		0.03			0.05			0.04			0.04			—	(b)
Net realized and unrealized gains (losses) on investments		0.49			1.15			2.20			(3.90	)		0.42
Total from investment operations		0.52			1.20			2.24			(3.86	)		0.42
Less distributions:
Dividends from net investment income		—			(0.06	)		(0.03	)		(0.04	)		(0.01	)
Distributions from net realized gains		—			—			—			—			—	(b)
Total distributions		—			(0.06	)		(0.03	)		(0.04	)		(0.01	)
Net asset value at end of period	$	10.38		$	9.86		$	8.72		$	6.51		$	10.41
Total return (excludes sales charge)		5.27	%(c)		13.74	%		34.46	%		(37.09	%)		4.18	%(c)
Net assets at end of period (000s)	$	33,840		$	29,401		$	16,570		$	12,388		$	24,203
Ratio of net expenses to average net assets		0.52	%(d)		0.58	%		0.81	%		0.65	%		0.82	%(d)
Ratio of net investment income to average net assets		0.66	%(d)		0.70	%		0.54	%		0.45	%		0.34	%(d)
Ratio of gross expenses to average net assets*		0.52	%(d)		0.58	%		0.87	%		0.73	%		2.41	%(d)
Portfolio turnover rate		12.10	%(c)		28.55	%		30.99	%		28.40	%		36.64	%(c)

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	On August 17, 2009, Class B shares were exchanged for Class A shares.
(b)	Amount is less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	For the period May 1, 2007 (commencement of operations) through December 31, 2007.

See accompanying notes to financial statements.

53

Financial Highlights

For a share outstanding throughout the period indicated.

Praxis Small Cap Fund - Class A

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Year Ended December 31, 2009(a)			Year Ended December 31, 2008			Period Ended December 31, 2007(e)
Net asset value at beginning of period	$	9.95		$	7.55		$	5.82		$	9.50		$	10.00
Loss from investment operations:
Net investment income (loss)		(0.06	)		(0.11	)		(0.04	)		(0.03	)		—	(b)
Net realized and unrealized gains (losses) on investments		1.57			2.51			1.77			(3.65	)		(0.50	)
Total from investment operations		1.51			2.40			1.73			(3.68	)		(0.50	)
Paid-in capital from redemption fees(b)		—			—			—			—			—
Net asset value at end of period	$	11.46		$	9.95		$	7.55		$	5.82		$	9.50
Total return (excludes sales charge)		15.08	%(c)		31.79	%		29.73	%		(38.74	%)		(5.00	%)(c)
Net assets at end of period (000s)	$	5,770		$	3,341		$	4,227		$	2,307		$	1,398
Ratio of net expenses to average net assets		1.71	%(d)		1.69	%		1.49	%		1.46	%		1.65	%(d)
Ratio of net investment loss to average net assets		(1.19	%)(d)		(1.08	%)		(0.80	%)		(0.52	%)		(0.04	%)(d)
Ratio of gross expenses to average net assets*		2.55	%(d)		2.79	%		2.34	%		2.20	%		3.78	%(d)
Portfolio turnover rate		29.39	%(c)		84.26	%		60.33	%		64.37	%		30.37	%(c)

Praxis Small Cap Fund - Class I

	Six Months ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008			Period Ended December 31, 2007(e)
Net asset value at beginning of period	$	10.06		$	7.59		$	5.84		$	9.50		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		(0.04	)		(0.04	)		(0.02	)		0.01
Net realized and unrealized gains (losses) on investments		1.57			2.51			1.79			(3.64	)		(0.50	)
Total from investment operations		1.54			2.47			1.75			(3.66	)		(0.49	)
Less distributions:
Dividends from net investment income		—			—			—			—			(0.01	)
Net asset value at end of period	$	11.60		$	10.06		$	7.59		$	5.84		$	9.50
Total return (excludes sales charge)		15.31	%(c)		32.54	%		29.97	%		(38.53	%)		(4.91	%)(c)
Net assets at end of period (000s)	$	24,751		$	25,584		$	18,300		$	15,392		$	15,406
Ratio of net expenses to average net assets		1.07	%(d)		1.08	%		1.36	%		1.22	%		1.35	%(d)
Ratio of net investment income (loss) to average net assets		(0.55	%)(d)		(0.46	%)		(0.66	%)		(0.29	%)		0.47	%(d)
Ratio of gross expenses to average net assets*		1.07	%(d)		1.08	%		1.53	%		1.27	%		2.18	%(d)
Portfolio turnover rate		29.39	%(c)		84.26	%		60.33	%		64.37	%		30.37	%(c)

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	On August 17, 2009, Class B shares were exchanged for Class A shares.
(b)	Amount is less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	For the period May 1, 2007 (commencement of operations) through December 31, 2007.

See accompanying notes to financial statements.

54

Financial Highlights

For a share outstanding throughout the period indicated

Praxis Genesis Conservative Portfolio - Class A

	Six Months Ended June 30, 2011 (Unaudited)		��	Year Ended December 31, 2010(a)
Net asset value at beginning of period	$	10.55		$	10.00
Income from investment operations:
Net investment income		0.10			0.25
Net realized and unrealized gains on investments		0.22			0.55
Total from investment operations		0.32			0.80
Less distributions:
Dividends from net investment income		(0.11	)		(0.25	)
Paid-in capital from redemption fees(b)		—			—
Net asset value at end of period	$	10.76		$	10.55
Total return (excludes sales charge)		2.93	%(c)		8.22	%
Net assets at end of period (000s)	$	13,719		$	12,695
Ratio of net expenses to average net assets(e)		0.67	%(d)		0.65	%
Ratio of net investment income to average net assets(f)		1.95	%(d)		2.60	%
Ratio of gross expenses to average net assets(e)*		0.98	%(d)		0.97	%
Portfolio turnover rate		7.71	%(c)		10.08	%

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period January 1, 2010 (commencement of operations) through December 31, 2010.
(b)	Amount rounds to less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Represents only expenses of the Fund, not Underlying Funds.
(f)	Net Investment income (loss) is affected by timing of distribution from Underlying Funds.

See accompanying notes to financial statements.

55

Financial Highlights

For a share outstanding throughout the period indicated.

Praxis Genesis Balanced Portfolio - Class A

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010(a)
Net asset value at beginning of period	$	10.91		$	10.00
Income (loss) from investment operations:
Net investment income		0.04			0.16
Net realized and unrealized losses on investments		0.38			0.91
Total from investment operations		0.42			1.07
Less distributions:
Dividends from net investment income		(0.05	)		(0.16	)
Paid-in capital from redemption fees(b)		—			—
Net asset value at end of period	$	11.28		$	10.91
Total return (excludes sales charge)		3.76	%(c)		10.88	%
Net assets at end of period (000s)	$	38,193		$	34,182
Ratio of net expenses to average net assets(e)		0.67	%(d)		0.64	%
Ratio of net investment income to average net assets(f)		0.82	%(d)		1.80	%
Ratio of gross expenses to average net assets(e)*		0.80	%(d)		0.90	%
Portfolio turnover rate		9.08	%(c)		7.84	%

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period January 1, 2010 (commencement of operations) through December 31, 2010.
(b)	Amount rounds to less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Represents only expenses of the Fund, not Underlying Funds.
(f)	Net Investment income (loss) is affected by timing of distribution from Underlying Funds.

See accompanying notes to financial statements.

56

Financial Highlights

For a share outstanding throughout the period indicated.

Praxis Genesis Growth Portfolio - Class A

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010(a)
Net asset value at beginning of period	$	11.15		$	10.00
Income (loss) from investment operations:
Net investment income		0.00			0.10
Net realized and unrealized losses on investments		0.49			1.15
Total from investment operations		0.49			1.25
Less distributions:
Dividends from net investment income		(0.01	)		(0.10	)
Paid-in capital from redemption fees(b)		—			—
Net asset value at end of period	$	11.63		$	11.15
Total return (excludes sales charge)		4.30	%(c)		12.65	%
Net assets at end of period (000s)	$	30,617		$	26,673
Ratio of net expenses to average net assets(e)		0.66	%(d)		0.64	%
Ratio of net investment income to average net assets(f)		0.08	%(d)		1.33	%
Ratio of gross expenses to average net assets(e)*		1.01	%(d)		1.15	%
Portfolio turnover rate		10.35	%(c)		7.54	%

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period January 1, 2010 (commencement of operations) through December 31, 2010.
(b)	Amount rounds to less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Represents only expenses of the Fund, not Underlying Funds.
(f)	Net Investment income (loss) is affected by timing of distribution from Underlying Funds.

See accompanying notes to financial statements.

57

 Notes to financial statements   June 30, 2011 (Unaudited)

1. Organization:

On May 1, 2011, the MMA Praxis Mutual Funds changed its name to the Praxis Mutual Funds. 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, 2011, the Trust consists of the Praxis Intermediate Income Fund, the Praxis Core Stock Fund, the Praxis International Fund, the Praxis International Index Fund, the Praxis Value Index Fund, the Praxis Growth Index Fund, and the Praxis Small Cap Fund, (individually a “Fund”, collectively “the Funds”), the Praxis Genesis Conservative Portfolio, the Praxis Genesis Balanced Portfolio, and the Praxis Genesis Growth Portfolio, (individually a “Portfolio”, collectively “the Portfolios”). The Funds and Portfolios are also referred to individually as the Intermediate Income Fund, Core Stock Fund, International 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.

The International Index Fund commenced operations on December 31, 2010.

As of June 30, 2011, the Funds offer two classes of shares; Class A and Class I and the Portfolios offer Class A. 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, voting rights on matters affecting a single class of shares and the exchange privileges of each class of shares. Class A has a maximum sales charge on purchases of 5.25 percent as a percentage of the original purchase price, except for the Intermediate Income Fund which is 3.75 percent.

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.

2. Significant Accounting Policies:

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

Securities Valuation:

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

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

The Funds use various independent pricing services to value most of their investments. A pricing service would normally consider such factors as yield, risk, quality, maturity, type of issue, trading characteristics, special circumstances and other factors it deems relevant in determining valuations of normal institutional trading units of debt securities and would not rely exclusively on quoted prices. When valuing foreign securities held by the Funds, certain pricing services might use computerized pricing models to systematically calculate adjustments to foreign security closing prices based on the latest market movements. Such pricing models utilize market data that has been obtained between the local market close and the NYSE close to compute adjustments to foreign security close prices. The methods used by the pricing service and the valuations so established will be reviewed by the Adviser under general supervision of the Board of Trustees. 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 of Trustees. Short-term debt securities of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value.

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

58

The Portfolio’s investments in the underlying Praxis Mutual Funds (the “Underlying Funds”) are valued at the closing net asset value per share.

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

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

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

The aggregate value by input level, as of June 30, 2011, for each Fund’s and Portfolio’s investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, are as follows:

Intermediate Income Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments
Asset Backed Securities	$	—	$	4,128,825	$	—	$	4,128,825
Collateralized Mortgage Obligation		—		127,202		—		127,202
Commercial Mortgage Backed Securities		—		20,323,696		—		20,323,696
Foreign Bonds		—		4,324,994		—		4,324,994
Municipal Bonds		—		6,491,259		—		6,491,259
Corporate Bonds		—		134,469,742		—		134,469,742
Corporate Notes		—		—		2,792,775		2,792,775
Interest-Only Bonds		—		55,949		—		55,949
U.S. Government Agencies		—		119,475,858		—		119,475,858
Investment Company		4,062,026		—		—		4,062,026
Short Term Investment		8,900,319		—		—		8,900,319
Total Investments	$	12,962,345	$	289,397,525	$	2,792,775	$	305,152,645

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

Corporate Notes
Balance as of December 31, 2010	$	2,803,207
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		(10,432	)
Balance as of June 30, 2011	$	2,792,775

There were no significant transfers in and out of Levels 1, 2, or 3 during the six months ended June 30, 2011.

Core Stock Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments
Common Stocks	$	159,226,198	$	—	$	—	$	159,226,198
Commercial Paper		—		2,691,987		—		2,691,987
Corporate Notes		—		—		2,170,560		2,170,560
Short Term Investment		15,411		—		—		15,411
Total Investments	$	159,241,609	$	2,691,987	$	2,170,560	$	164,104,156

59

Notes to financial statements, continued June 30, 2011 (Unaudited)

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

Corporate Notes
Balance as of December 31, 2010	$	2,179,868
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		(9,308	)
Balance as of June 30, 2011	$	2,170,560

There were no significant transfers in and out of Levels 1, 2, or 3 during the six months ended June 30, 2011.

International Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments
Common Stocks
Automobiles & Components	$	—	$	4,248,160	$	—	$	4,248,160
Banks		427,503		8,527,344		—		8,954,847
Capital Goods		—		5,769,487		—		5,769,487
Commercial & Professional Services		—		2,805,812		—		2,805,812
Commercial Services & Supplies		—		939,754		—		939,754
Consumer Durables & Apparel		—		2,601,426		—		2,601,426
Diversified Financials		—		3,721,297		—		3,721,297
Energy		2,452,060		6,362,035		—		8,814,095
Food & Staples Retailing		—		1,233,007		—		1,233,007
Food, Beverage & Tobacco		—		1,371,055		—		1,371,055
Health Care Equipment & Services		—		1,541,389		—		1,541,389
Insurance		—		3,160,322		—		3,160,322
Materials		749,442		6,962,053		—		7,711,495
Media		—		1,102,383		—		1,102,383
Pharmaceuticals & Biotechnology		676,671		4,812,927		—		5,489,598
Real Estate		1,758,568		—		—		1,758,568
Retailing		—		2,433,467		—		2,433,467
Semiconductors & Semiconductor Equipment		—		985,341		—		985,341
Software & Services		1,897,506		2,465,210		—		4,362,716
Technology Hardware & Equipment		—		1,239,069		—		1,239,069
Telecommunication Services		678,778		4,162,625		—		4,841,403
Transportation		—		500,382		—		500,382
Utilities		—		210,085		—		210,085
Total Common Stocks		8,640,528		67,154,630		—		75,795,158
Short Term Investment		7,064,795		—		—		7,064,795
Corporate Notes		—		—		1,075,210		1,075,210
Total Investments	$	15,705,323	$	67,154,630	$	1,075,210	$	83,935,163

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

Corporate Notes
Balance as of December 31, 2010	$	1,079,513
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		(4,303	)
Balance as of June 30, 2011	$	1,075,210

There were no significant transfers in and out of Levels 1, 2, or 3 during the six months ended June 30, 2011.

60

International Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments
Common Stocks
Air Freight & Logistics	$	27,990	$	43,156	$	—	$	71,146
Airlines		178,343		—		—		178,343
Auto Components		367,816		119,024		—		486,840
Automobiles		1,057,816		27,987		—		1,085,803
Banks		225,831		256,158		—		481,989
Beverages		186,262		—		—		186,262
Biotechnology		69,188		18,839		—		88,027
Building Products		105,312		35,107		—		140,419
Capital Goods		79,178		97,379		—		176,557
Capital Markets		728,258		66,869		—		795,127
Chemicals		1,408,615		199,323		—		1,607,938
Commercial Banks		5,365,568		253,047		—		5,618,615
Commercial Services & Supplies		164,702		40,647		—		205,349
Communications Equipment		210,875		—		—		210,875
Computers & Peripherals		110,000		21,832		—		131,832
Construction & Engineering		253,697		136,144		—		389,841
Construction Materials		179,672		27,399		—		207,071
Consumer Durables & Apparel		—		56,845		—		56,845
Containers & Packaging		99,766		25,912		—		125,678
Distributors		51,483		23,984		—		75,467
Diversified Financial Services		256,994		22,373		—		279,367
Diversified Financials		77,368		44,929		—		122,297
Diversified Telecommunication Services		1,403,538		—		—		1,403,538
Electric Utilities		535,434		177,886		—		713,320
Electrical Equipment		624,842		76,306		—		701,148
Electronic Equipment, Instruments & Components		377,548		44,498		—		422,046
Energy Equipment & Services		323,788		—		—		323,788
Food & Staples Retailing		631,972		154,928		—		786,900
Food Products		545,712		—		—		545,712
Health Care Equipment & Supplies		62,446		105,506		—		167,952
Health Care Providers & Services		170,465		—		—		170,465
Health Care Technology		55,326		—		—		55,326
Hotels, Restaurants & Leisure		260,657		—		—		260,657
Household Durables		338,469		36,874		—		375,343
Household Products		87,556		56,281		—		143,837
Independent Power Producers & Energy Traders		86,413		25,209		—		111,622
Industrial Conglomerates		448,214		43,126		—		491,340
Insurance		1,521,916		309,929		—		1,831,845
Integrated Telecommunication Services		122,757		—		—		122,757
Internet Software & Services		165,496		—		—		165,496
IT Services		214,673		—		—		214,673
Life Sciences Tools & Services		55,672		—		—		55,672
Machinery		931,164		254,592		—		1,185,756
Marine		53,815		—		—		53,815
Materials		57,575		74,631		—		132,206
Media		641,851		131,386		—		773,237
Metals & Mining		3,298,756		178,168		—		3,476,924
Multiline Retail		62,997		—		—		62,997
Multi-Utilities		672,007		36,358		—		708,365
Office Electronics		205,677		11,094		—		216,771
Oil, Gas & Consumable Fuels		3,905,607		142,354		—		4,047,961
Paper & Forest Products		124,621		67,678		—		192,299
Personal Products		353,437		49,574		—		403,011
Pharmaceuticals		2,314,835		52,621		—		2,367,456
Professional Services		—		45,572		—		45,572
Real Estate Investment Trusts (REITs)		—		39,212		—		39,212
Real Estate Management & Development		754,735		293,297		—		1,048,032
Retailing		—		117,839		—		117,839
Road & Rail		358,101		91,970		—		450,071
Semiconductors & Semiconductor Equipment		934,761		—		—		934,761

61

Notes to financial statements, continued June 30, 2011 (Unaudited)

International Index Fund Valuation Inputs at Reporting Date: (continued)

Description	Level 1		Level 2		Level 3		Total
Investments (continued)
Software	$	439,561	$	15,499	$	—	$	455,060
Specialty Retail		200,789		7,811		—		208,600
Technology Hardware & Equipment		61,032		11,032		—		72,064
Telecommunication Services		289,428		—		—		289,428
Textiles, Apparel & Luxury Goods		266,260		33,192		—		299,452
Trading Companies & Distributors		203,637		18,965		—		222,602
Transportation Infrastructure		74,588		47,316		—		121,904
Trucking		76,270		—		—		76,270
Water Utilities		42,724		—		—		42,724
Wireless Telecommunication Services		1,001,621		49,234		—		1,050,855
Total Common Stocks		36,563,477		4,316,892		—		40,880,369
Short Term Investment		378,749		—		—		378,749
Total Investments	$	36,942,226	$	4,316,892	$	—	$	41,259,118

There were no significant transfers in and out of Levels 1, 2, or 3 during the six months ended June 30, 2011 and the Fund held no Level 3 securities as of June 30, 2011.

Value Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments
Common Stocks	$	57,047,093	$	—	$	—	$	57,047,093
Corporate Notes		—		—		733,675		733,675
Short Term Investment		167,372		—		—		167,372
Total Investments	$	57,214,465	$	—	$	733,675	$	57,948,140

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

Corporate Notes
Balance as of December 31, 2010	$	737,478
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		(3,803	)
Balance as of June 30, 2011	$	733,675

There were no significant transfers in and out of Levels 1, 2, or 3 during the six months ended June 30, 2011.

Growth Index Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments
Common Stocks	$	35,325,912	$	—	$	—	$	35,325,912
Corporate Notes		—		—		190,000		190,000
Short Term Investment		211,497		—		—		211,497
Total Investments	$	35,537,409	$	—	$	190,000	$	35,727,409

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

Corporate Notes
Balance as of December 31, 2010	$	190,000
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		—
Balance as of June 30, 2011	$	190,000

There were no significant transfers in and out of Levels 1, 2, or 3 during the six months ended June 30, 2011.

62

Small Cap Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments
Common Stocks	$	30,718,546	$	—	$	—	$	30,718,546
Corporate Notes		—		—		200,000		200,000
Short Term Investment		3,317,412		—		—		3,317,412
Total Investments	$	34,035,958	$	—	$	200,000	$	34,235,958

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

Corporate Notes
Balance as of December 31, 2010	$	200,000
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		—
Balance as of June 30, 2011	$	200,000

There were no significant transfers in and out of Levels 1, 2, or 3 during the six months ended June 30, 2011.

Conservative Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments
Mutual Funds	$	13,647,907	$	—	$	—	$	13,647,907
Total Investments	$	13,647,907	$	—	$	—	$	13,647,907

There were no significant transfers in and out of Levels 1, 2, or 3 during the six months ended June 30, 2011 and the Portfolio held no Level 3 securities as of June 30, 2011.

Balanced Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments
Mutual Funds	$	38,146,319	$	—	$	—	$	38,146,319
Total Investments	$	38,146,319	$	—	$	—	$	38,146,319

There were no significant transfers in and out of Levels 1, 2, or 3 during the six months ended June 30, 2011 and the Portfolio held no Level 3 securities as of June 30, 2011.

Growth Portfolio Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments
Mutual Funds	$	30,575,091	$	—	$	—	$	30,575,091
Total Investments	$	30,575,091	$	—	$	—	$	30,575,091

There were no significant transfers in and out of Levels 1, 2, or 3 during the six months ended June 30, 2011 and the Portfolio held no Level 3 securities as of June 30, 2011.

New Accounting Pronouncement:

In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) — Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update’s adoption on the Funds’ and Portfolios’ financial statement disclosures.

Securities Transactions and Related Income:

Changes in holdings of portfolio securities are reflected in the Funds’ and Portfolios’ valuation no later than in the first business day following trade date. For financial reporting purposes, security transactions are accounted for on the trade date on the last business day

63

Notes to financial statements, continued June 30, 2011 (Unaudited)

of the reporting period. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Interest income is recognized on the accrual basis and includes, where applicable, the pro-rata amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date.

Allocations:

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

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

Risks associated with Foreign Securities and Currencies:

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

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

Foreign Currency Translation:

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

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

Community Development Investments:

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

Dividends and Distributions:

Dividends from net investment income are declared and paid monthly for the Intermediate Income Fund and the Portfolios. Dividends from net investment income are declared and paid annually for the Core Stock Fund, the International Fund, the International Index

64

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

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

Federal Income Taxes:

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

Redemption Fees:

The Funds and Portfolios will charge a redemption fee of 2.00 percent of the total redemption amount if a shareholder sells or exchanges shares after holding them for less than 30 days subject to certain exceptions and limitations described in the Prospectus. Amounts charged are included in Paid in Capital Transactions as disclosed in Note 6 to the Financial Statements.

3. Derivative Financial Instruments:

A derivative financial instrument in very general terms refers to an investment whose value is “derived” from the value of an underlying asset, reference rate or index. The Trust may use derivative instruments for a variety of reasons, such as to attempt to protect a Fund against possible changes in the market value of its portfolio or to manage a Fund’s foreign currency exposure or to generate potential gain. All of the Trust’s portfolio holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation/depreciation. Upon disposition, a realized gain or loss is recognized accordingly, except when taking delivery of a security underlying a contract. In these instances, the recognition of gain or loss is postponed until the disposal of the security underlying the contract. Risk may arise as a result of the potential inability of the counterparties to meet the terms of their contracts.

Summarized below are specific types of derivative financial instruments used by the Trust.

Forward Foreign Currency Exchange Contracts:

The Funds may enter into forward foreign currency exchange contracts for the purchase or sale of specific foreign currencies at a fixed price on a future date. Risks may arise upon entering these contracts for the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The International Fund may enter into forward contracts as a hedge against specific transactions or portfolio positions to protect against adverse currency movements. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

As of June 30, 2011, the Funds did not hold any forward foreign currency exchange contracts.

Derivative Instruments and Hedging Activities:

The following table is the summary of the effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2011:

International Fund

The Effect of Derivative Instruments on the Statements of Operations

for the Six Months Ended June 30, 2011

Derivatives not accounted for as hedging instruments under ASC 815	Location of Gain or (Loss) on Derivatives  on the Statements  of Operations		Realized Gain  or (Loss) on Derivatives		Change in Unrealized Appreciation (Deprecation) on Derivatives
		Net realized gains on
		foreign currency transactions,
Forward Foreign		Change in unrealized
Currency Exchange		appreciation/depreciation
Contracts		on foreign currency translations	$	(120,206)	$	—

65

Notes to financial statements, continued June 30, 2011 (Unaudited)

The average monthly contract amount of the forward foreign currency contracts during the period ended June 30, 2011 are detailed in the table below:

Fund	Average Contract Market Value - Short			Average Contract Market Value - Long
International Fund	$	(1,030,515	)	$	2,833,221

4. 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, 2011 were as follows:

	Purchases		Sales
Intermediate Income Fund	$	63,099,193	$	58,986,122
Core Stock Fund		11,709,093		20,625,163
International Fund		41,952,753		63,106,524
International Index Fund		41,322,210		240,684
Value Index Fund		11,197,976		11,637,046
Growth Index Fund		5,861,760		4,177,765
Small Cap Fund		9,167,153		11,414,175
Conservative Portfolio		1,724,491		1,015,158
Balanced Portfolio		6,163,680		3,297,486
Growth Portfolio		5,723,297		2,984,751

5. Investment Transactions with Affiliates:

The Portfolios invest in the underlying Praxis Mutual Funds which are also advised by Everence Capital Management, Inc. (formerly MMA Capital Management, Inc.), (the “Adviser”). Therefore, the Underlying Funds are deemed affiliates, and the related activity in those investments were as follows:

	For the period ended June 30, 2011
Affliate	Value at December 31, 2010		Purchase Cost		Sales Proceeds		Realized Gain (Loss)			Dividend Income		Shares at June 30, 2011		Value at June 30, 2011
Praxis Conservative Allocation Portfolio
Praxis Core Stock Fund	$	1,298,563	$	86,808	$	53,295	$	(537	)	$		$	105,082	$	1,349,253
Praxis Growth Index Fund		640,325		43,404		26,648		(258	)				66,588		691,183
Praxis Intermediate
Income Fund		8,803,625		984,071		364,244		(6,524	)	$	171,644		906,533		9,518,597
Praxis International Fund		962,105		32,580		500,405		50,366					45,046		514,428
Praxis International Index		—		512,521		19,561		(248	)				49,139		501,219
Praxis Small Cap Fund		325,498		21,702		24,358		1,110					32,154		372,989
Praxis Value Index Fund		654,467		43,404		26,648		(254	)				84,775		700,238
Total	$	12,684,583					$	43,655		$	171,644			$	13,647,907

	For the period ended June 30, 2011
Affliate	Value at December 31, 2010		Purchase Cost		Sales Proceeds		Realized Gain (Loss)			Dividend Income		Shares at June 30, 2011		Value at June 30, 2011
Praxis Balanced Allocation Portfolio
Praxis Core Stock Fund	$	6,917,392	$	769,720	$	134,549	$	(1,018	)			$	595,523	$	7,646,511
Praxis Growth Index Fund		2,558,882		241,997		50,456		(317	)				278,505		2,890,883
Praxis Intermediate
Income Fund		13,402,811		1,704,621		267,353		(6,629	)	$	266,526		1,427,116		14,984,723
Praxis International Fund		5,124,809		182,805		2,601,428		237,994					246,471		2,814,704
Praxis International Index		—		2,826,492		50,456		(522	)				276,574		2,821,060
Praxis Small Cap Fund		3,465,970		238,883		142,787		3,403					354,028		4,106,721
Praxis Value Index Fund		2,615,325		199,162		50,456		(338	)				348,876		2,881,717
Total	$	34,085,189					$	232,573		$	266,526			$	38,146,319

66

		For the period ended June 30, 2011
Affliate	Value at December 31, 2010		Purchase Cost		Sales Proceeds		Realized Gain (Loss)			Dividend Income		Shares at June 30, 2011		Value at June 30, 2011
Praxis Growth Allocation Portfolio
Praxis Core Stock Fund	$	6,716,678	$	813,282	$	62,155	$	(372	)			$	588,423	$	7,555,347
Praxis Growth Index Fund		2,650,426		313,549		24,862		(251	)				297,402		3,087,034
Praxis Intermediate
Income Fund		5,206,075		799,929		49,724		(1,304	)	$	105,363		572,676		6,013,103
Praxis International Fund		5,307,825		265,732		2,682,861		272,689					262,925		3,002,603
Praxis International Index		—		2,992,224		24,862		(265	)				295,788		3,017,043
Praxis Small Cap Fund		4,037,354		293,389		115,426		(1,456	)				417,934		4,848,034
Praxis Value Index Fund		2,709,105		245,192		24,862		(118	)				369,483		3,051,927
Total	$	26,627,463					$	268,923		$	105,363			$	30,575,091

6. Related Party Transactions:

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

Intermediate Income Fund	0.40	%
Core Stock Fund	0.74	%
International Fund	0.90	%
International Index Fund	0.60	%
Value Index Fund	0.30	%
Growth Index Fund	0.30	%
Small Cap Fund	0.85	%
Conservative Portfolio	0.05	%
Balanced Portfolio	0.05	%
Growth Portfolio	0.05	%

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

The Adviser has entered into an expense limitation agreement until April 30, 2012. Pursuant to this agreement, the Adviser has agreed to waive fees and/or reimburse expenses to the extent necessary in order to limit the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, fees paid to vendors providing fair value pricing and fund compliance services, Trustees fees, legal fees, acquired fund fees and expenses, and other extraordinary expenses) of certain Funds and the Portfolios. Those Funds and Portfolios have agreed to repay the Adviser for the amounts waived and/or reimbursed by the Adviser pursuant to this expense limitation agreement provided that such repayment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, fees paid to vendors providing fair value pricing and fund compliance services, Trustees fees, legal fees, acquired fund fees and expenses, and extraordinary expenses) to exceed the contractual expense limit in place at the time of the waiver and/or reimbursement and the repayment is made within three years after the year in which the Adviser waived and/or reimbursed the expense.

The contractual expense limits in place for the six months ended June 30, 2011 were:

Funds
Intermediate Income Fund – Class A	0.90	%
International Fund – Class A	2.10	%
International Index Fund – Class A	1.65	%
Growth Index Fund – Class A	1.04	%
Small Cap Fund – Class A	1.65	%
Conservative Portfolio – Class A	0.60	%
Balanced Portfolio – Class A	0.60	%
Growth Portfolio – Class A	0.60	%

67

Notes to financial statements, continued June 30, 2011 (Unaudited)

For the period of six months ended June 30, 2011, the Adviser contractually waived investment advisory fees and/or reimbursed other operating expenses of the Funds and Portfolios as follows:

Intermediate Income Fund – Class A	$	48,336
International Index Fund – Class A		38,699
Growth Index Fund – Class A		22,014
Small Cap Fund – Class A		19,358
Conservative Portfolio – Class A		19,712
Balanced Portfolio – Class A		24,475
Growth Portfolio – Class A		50,637

As of June 30, 2011, the Funds and Portfolios had the following amounts (and year of expiration) subject to repayment to the Adviser:

	Year Waived		Repayment Expires		Balance
Intermediate Income Fund		2008		2011	$	99,191
		2009		2012		78,489
		2010		2013		126,302
		2011		2014		48,336
					$	352,318
Core Stock Fund		2009		2012	$	3,112
International Fund		2008		2011		4,106
		2009		2012		17,440
					$	21,546
International Index Fund		2011		2014	$	38,699
Value Index Fund		2008		2011		24,950
		2009		2012		12,461
					$	37,411
Growth Index Fund		2008		2011	$	31,734
		2009		2012		30,231
		2010		2013		49,945
		2011		2014		22,014
					$	133,924
Small Cap Fund		2008		2011	$	26,019
		2009		2012		31,813
		2010		2013		36,427
		2011		2014		19,358
					$	113,617
Conservative Portfolio		2010		2013		29,103
		2011		2014		19,712
					$	48,815
Balanced Portfolio		2010		2013		55,781
		2011		2014		24,475
					$	80,256
Growth Portfolio		2010		2013		83,521
		2011		2014		50,637
					$	134,158

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

BHIL Distributors, Inc. (“Distributor” and “Underwriter”) serves as the Funds’ and Portfolios’ principal Distributor and Underwriter and, as such, acts as exclusive agent for distribution of the Funds’ and Portfolios’ shares. Under the terms of the Underwriting Agreements

68

between the Trust and the Underwriter, the Underwriter earned amounts from underwriting and broker commissions on the sale of shares as follows:

Intermediate Income Fund	$	2,540
Core Stock Fund	$	3,509
International Fund	$	1,532
International Index Fund	$	270
Value Index Fund	$	1,648
Growth Index Fund	$	567
Small Cap Fund	$	895
Conservative Portfolio	$	2,674
Balanced Portfolio	$	10,802
Growth Portfolio	$	9,666

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

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

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

The Chairman of the Board of Trustees receives an annual retainer of $9,000. The Lead Independent Trustee receives an annual retainer of $8,000. The Audit Committee Chairman of the Board of Trustees receives an annual retainer of $7,000. Each additional Independent Board member 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 meetings. The Trust paid $76,000 in aggregate Trustee fees during the six months ended June 30, 2011.

7. Capital Share Transactions:

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

	Intermediate Income Fund						Core Stock Fund						International Fund
	Six Months Ended June 30, 2011			Year Ended December 31, 2010			Six Months Ended June 30, 2011			Year Ended December 31, 2010			Six Months Ended June 30, 2011			Year Ended December 31, 2010
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	9,088,789		$	16,338,985		$	2,145,015		$	4,428,945		$	1,889,755		$	4,499,797
Dividends reinvested		792,670			2,366,991						314,061						66,214
Cost of shares redeemed		(8,175,990	)		(28,007,803	)		(7,652,131	)		(39,407,861	)		(3,638,056	)		(17,995,216	)
Redemption fees		653			2,306			54			531			706			1,044
Class A Share Transactions	$	1,706,122		$	(9,299,521	)	$	(5,507,062	)	$	(34,664,324	)	$	(1,747,595	)	$	(13,428,161	)
Class I Shares:
Proceeds from shares issued	$	17,723,205		$	71,176,908		$	4,950,514		$	22,759,027		$	4,198,763		$	20,292,824
Dividends reinvested		1,798,560			4,651,592						738,180						559,358
Cost of shares redeemed		(17,469,373	)		(26,217,792	)		(10,513,525	)		(29,976,754	)		(23,448,784	)		(11,446,274	)
Class I Share Transactions	$	2,052,392		$	49,610,708		$	(5,563,011	)	$	(6,479,547	)	$	(19,250,021	)	$	9,405,908
Net increase (decrease) from capital transactions	$	3,758,514		$	40,311,187		$	(11,070,073	)	$	(41,143,871	)	$	(20,997,616	)	$	(4,022,253	)

69

Notes to financial statements, continued June 30, 2011 (Unaudited)

	Intermediate Income Fund						Core Stock Fund						International Fund
	Six Months Ended June 30, 2011			Year Ended December 31, 2010			Six Months Ended June 30, 2011			Year Ended December 31, 2010			Six Months Ended June 30, 2011			Year Ended December 31, 2010
Share Transactions:
Class A Shares:
Issued		865,945			1,558,925			166,866			385,848			166,160			452,088
Reinvested		75,708			226,275						27,793						6,009
Redeemed		(780,192	)		(2,685,416	)		(595,357	)		(3,480,062	)		(321,072	)		(1,843,831	)
Change in Class A Shares		161,461			(900,216	)		(428,491	)		(3,066,421	)		(154,912	)		(1,385,734	)
Class I Shares:
Issued		1,694,578			6,807,757			384,055			2,003,349			368,054			2,068,778
Reinvested		172,315			445,815						60,440						50,667
Redeemed		(1,674,776	)		(2,517,124	)		(811,047	)		(2,552,665	)		(2,071,897	)		(1,118,050	)
Change in Class I Shares		192,117			4,736,448			(426,992	)		(488,876	)		(1,703,843	)		1,001,395
Net increase (decrease)  from share    transactions		353,578			3,836,232			(855,483	)		(3,555,297	)		(1,858,755	)		(384,339	)

	International Index Fund			Value Index Fund						Growth Index Fund						Small Cap Fund
	Six Months Ended June 30, 2011			Six Months Ended June 30, 2011			Year Ended December 31, 2010			Six Months Ended June 30, 2011			Year Ended December 31, 2010			Six Months Ended June 30, 2011			Year Ended December 31, 2010
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	373,165		$	7,330,108		$	4,266,903		$	864,946		$	801,174		$	2,056,562		$	588,024
Dividends reinvested								258,121						12,108						—
Cost of shares redeemed		(4,865	)		(8,530,365	)		(13,951,117	)		(364,029	)		(2,938,142	)		(258,118	)		(2,326,953	)
Redemption fees		115			377			1,028			3			10			29			6
Class A Share Transactions	$	368,415		$	(1,199,880	)	$	(9,425,065	)	$	500,920		$	(2,124,850	)	$	1,798,473		$	(1,738,923	)
Class I Shares:
Proceeds from shares issued	$	41,856,232		$	6,547,069		$	8,733,406		$	4,313,019		$	11,447,062		$	2,212,983		$	10,730,518
Dividends reinvested								480,087						176,792						—
Cost of shares redeemed		(1,303,857	)		(5,669,281	)		(11,956,816	)		(1,463,516	)		(2,195,917	)		(6,920,726	)		(10,479,199	)
Class I Share Transactions	$	40,552,375		$	877,788		$	(2,743,323	)	$	2,849,503		$	9,427,937		$	(4,707,743	)	$	251,319
Net increase (decrease) from capital transactions	$	40,920,790		$	(322,092	)	$	(12,168,388	)	$	3,350,423		$	7,303,087		$	(2,909,270	)	$	(1,487,604	)
Share Transactions:
Class A Shares:
Issued		36,755			895,445			564,826			85,085			90,595			191,344			73,267
Reinvested								45,709						1,390						—
Redeemed		(474	)		(1,046,521	)		(1,922,416	)		(35,567	)		(337,731	)		(23,571	)		(297,101	)
Change in Class A Shares		36,281			(151,076	)		(1,311,881	)		49,518			(245,746	)		167,773			(223,834	)
Class I Shares:
Issued		4,135,042			808,717			1,204,577			420,228			1,302,570			203,772			1,338,188
Reinvested								61,712						18,615						—
Redeemed		(129,029	)		(682,811	)		(1,618,796	)		(143,125	)		(238,378	)		(614,040	)		(1,205,918	)
Change in Class I Shares		4,006,013			125,906			(352,507	)		277,103			1,082,807			(410,268	)		132,270
Net increase (decrease) from share transactions		4,042,294			(25,170	)		(1,664,388	)		326,621			837,061			(242,495	)		(91,564	)

70

	Conservative Portfolio						Balanced Portfolio						Growth Portfolio
	Six Months Ended June 30, 2011			Year Ended December 31, 2010			Six Months Ended June 30, 2011			Year Ended December 31, 2010			Six Months Ended June 30, 2011			Year Ended December 31, 2010
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	1,494,621		$	12,845,366		$	4,645,211		$	33,056,765		$	3,894,814		$	24,915,475
Dividends reinvested		129,691			228,751			160,754			402,086			24,923			220,356
Cost of shares redeemed		(848,622	)		(937,427	)		(1,975,429	)		(2,064,731	)		(1,171,824	)		(1,406,473	)
Redemption fees					15			40			771			2			408
Class A Share Transactions	$	775,690		$	12,136,705		$	2,830,576		$	31,394,891		$	2,747,915		$	23,729,766
Net increase (decrease) from capital transactions	$	775,690		$	12,136,705		$	2,830,576		$	31,394,891		$	2,747,915		$	23,729,766
Share Transactions:
Class A Shares:
Issued		139,774			1,271,551			415,691			3,297,446			338,918			2,507,828
Reinvested		12,105			22,174			14,282			38,103			2,167			20,002
Redeemed		(79,444	)		(90,767	)		(176,441	)		(203,184	)		(101,889	)		(135,493	)
Change in Class A Shares		72,435			1,202,958			253,532			3,132,365			239,196			2,392,337
Net increase (decrease) from share transactions		72,435			1,202,958			253,532			3,132,365			239,196			2,392,337

8. Federal Income Tax Information:

The character of dividends paid to shareholders for federal income tax purposes during the latest years ended December 31, 2010 and 2009 was (as applicable) was as follows:

	Intermediate Income Fund				Core Stock Fund				International Fund
	2010		2009		2010		2009		2010		2009
From ordinary income	$	11,366,009	$	10,038,319	$	933,114	$	909,968	$	927,269	$	—
From long-term capital gains		95,699		—		—		—		—		—
Total distributions	$	11,461,708	$	10,038,319	$	933,114	$	909,968	$	927,269	$	—

	Value Index Fund				Growth Index Fund				Small Cap Fund
	2010		2009		2010		2009		2010		2009
From ordinary income	$	927,580	$	262,193	$	172,241	$	76,741	$	—	$	—
From long-term capital gains		—		—		—		—		—		—
Total distributions	$	927,580	$	262,193	$	172,241	$	76,741	$	—	$	—

	Conservative Portfolio		Balanced Portfolio		Growth Portfolio
	2010		2010		2010
From ordinary income	$	233,151	$	405,913	$	221,272
From long-term capital gains		—		—		—
Total distributions	$	233,151	$	405,913	$	221,272

71

Notes to financial statements, continued June 30, 2011 (Unaudited)

The following information is computed on a tax basis for each item as of December 31, 2010:

	Intermediate Income Fund			Core Stock Fund			International Fund
Tax cost of portfolio investments	$	281,689,743		$	146,019,159		$	78,578,745
Gross unrealized appreciation		13,186,885			37,616,637			21,415,180
Gross unrealized depreciation		(2,153,466	)		(11,198,954	)		(1,360,307	)
Net unrealized appreciation (depreciation)		11,033,419			26,417,683			20,054,873
Undistributed ordinary income		—			—			291,918
Capital loss carryforward		—			(48,559,587	)		(18,051,153	)
Post-October losses		—			(1,349	)		—
Other temporary differences		—			4,378			51,440
Accumulated earnings (deficit)	$	11,033,419		$	(22,138,875	)	$	2,347,078

	Value Index Fund			Growth Index Fund			Small Cap Fund
Tax cost of portfolio investments	$	52,275,120		$	28,617,994		$	21,516,699
Gross unrealized appreciation		8,932,141			5,194,607			8,153,278
Gross unrealized depreciation		(4,831,256	)		(1,376,036	)		(132,250	)
Net unrealized appreciation (depreciation)		4,100,885			3,818,571			8,021,028
Undistributed ordinary income		885,761			—			—
Capital loss carryforward		(15,741,058	)		(2,482,797	)		(5,042,183	)
Post-October losses		—			(85,592	)		—
Other temporary differences		(11,229	)		(26	)		—
Accumulated earnings (deficit)	$	(10,765,641	)	$	1,250,156		$	2,978,845

	Conservative Portfolio			Balanced Portfolio			Growth Portfolio
Tax cost of portfolio investments	$	12,179,774		$	31,418,084		$	23,768,482
Gross unrealized appreciation		534,132			2,718,121			2,881,771
Gross unrealized depreciation		(29,323	)		(51,016	)		(22,790	)
Net unrealized appreciation (depreciation)		504,809			2,667,105			2,858,981
Undistributed ordinary income		55,459			125,535			87,256
Accumulated earnings (deficit)	$	560,268		$	2,792,640		$	2,946,237

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and investments in Passive Foreign Investment Companies.

As of the latest tax year, December 31, 2010, the following Funds had net capital loss carry forwards to offset future net capital gains, if any:

	Amount		Expires
Core Stock Fund	$	12,397,714		2016
		32,345,717		2017
		3,816,156		2018
	$	48,559,587
International Fund	$	4,667,932		2016
		13,383,221		2017
	$	18,051,153
Value Index Fund	$	1,354,661		2016
		9,511,075		2017
		4,875,322		2018
	$	15,741,058
Growth Index Fund	$	230,032		2016
		2,252,765		2017
	$	2,482,797
Small Cap Fund	$	684,193		2016
		4,357,990		2017
	$	5,042,183

72

During the year ended December 31, 2010 the Intermediate Fund, International Fund, Growth Index Fund, and Small Cap Fund utilized $1,940,494, $3,962,538, $655,918, and $2,280,620 of capital loss carryforwards, respectively.

The Regulated Investment Company Modernization Act of 2010 (the ‘‘Act’’) was enacted on December 22, 2010. The Act makes changes to several tax rules impacting the Funds and Portfolios. In general, the provisions of the Act will be effective for the Funds’ and Portfolios’ fiscal year ending December 31, 2011. Although the Act provides several benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all or a portion of each Fund’s and Portfolio’s pre-enactment capital loss carryovers may expire without being utilized due to the fact that post-enactment capital losses get utilized before pre-enactment capital loss carryovers. Relevant information regarding the impact of the Act on the Funds and Portfolios, if any, will be contained within the ‘‘Federal Taxes’’ section of the financial statement notes for the fiscal year ending December 31, 2011.

The following information is computed on a tax basis for each item as of June 30, 2011:

	Intermediate Income Fund			Core Stock Fund			International Fund			International Index Fund
Tax cost of portfolio investments	$	292,518,493		$	138,549,831		$	69,131,801		$	41,478,429
Gross unrealized appreciation		14,062,177			34,273,368			16,322,578			1,641,653
Gross unrealized depreciation		(1,428,025	)		(8,719,043	)		(1,519,216	)		(1,860,964	)
Net unrealized appreciation (depreciation)	$	12,634,152		$	25,554,325		$	14,803,362		$	(219,311	)

	Value Index Fund			Growth Index Fund			Small Cap Fund
Tax cost of portfolio investments	$	53,887,419		$	30,234,479		$	24,146,568
Gross unrealized appreciation		8,157,868			6,551,194			10,117,526
Gross unrealized depreciation		(4,097,147	)		(1,058,264	)		(28,136	)
Net unrealized appreciation (depreciation)	$	4,060,721		$	5,492,930		$	10,089,390

	Conservative Portfolio		Balanced Portfolio		Growth Portfolio
Tax cost of portfolio investments	$	12,940,088	$	34,525,313	$	26,778,105
Gross unrealized appreciation		707,819		3,621,006		3,796,986
Gross unrealized depreciation		—		—		—
Net unrealized appreciation (depreciation)	$	707,819	$	3,621,006	$	3,796,986

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.

9. Subsequent Events

The Funds and Portfolios evaluated subsequent events 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.

73

Additional Fund information June 30, 2011 (Unaudited)

Security Allocation:

The Praxis Mutual Funds invested, as a percentage of net assets, in the following as of the year ended June 30, 2011.

Intermediate Income Fund

	Percentage of
Security Allocation	Net Assets
Asset Backed Securities		1.4	%
Collateralized Mortgage Obligation		0.1	%
Commercial Mortgage Backed Securities		6.7	%
Foreign Bonds		1.4	%
Municipal Bonds		2.1	%
Corporate Bonds		44.4	%
Corporate Notes		0.9	%
Interest-Only Bond		0.0	%
Federal Farm Credit Bank		0.7	%
Federal Home Loan Bank		5.2	%
Federal Home Loan Mortgage Corp.		16.3	%
Federal National Mortgage Association		16.0	%
Government National Mortgage Association		0.5	%
Small Business Administration		0.2	%
U.S. Department of Housing and Urban Development		0.5	%
Mutual Fund		1.4	%
Short Term Investment		2.9	%
Total		100.7	%

Core Stock Fund

	Percentage of
Security Allocation	Net Assets
Common Stocks		97.4	%
Commercial Paper		1.6	%
Corporate Notes		1.3	%
Short Term Investment		0.0	%
Total		100.3	%

International Fund

	Percentage of
Security Allocation	Net Assets
Argentina		1.0	%
Australia		3.5	%
Brazil		0.5	%
Canada		5.1	%
China		4.4	%
France		9.0	%
Germany		9.3	%
Hong Kong		0.8	%
Israel		0.8	%
Italy		0.6	%
Japan		11.4	%
Netherlands		5.9	%
Norway		0.7	%
Singapore		0.6	%
Spain		4.9	%
Switzerland		8.8	%
United Kingdom		25.5	%
Corporate Notes - Domestic		1.4	%
Short Term Investment		8.6	%
Total		102.8	%

International Index Fund

	Percentage of
Security Allocation	Net Assets
Australia		5.8	%
Austria		0.4	%
Belgium		0.3	%
Bermuda		0.0	%
Brazil		3.7	%
Canada		7.6	%
Chile		0.7	%
China		2.4	%
Colombia		0.6	%
Denmark		0.7	%
Finland		0.5	%
France		6.9	%
Germany		6.6	%
Greece		0.2	%
Hong Kong		3.5	%
Hungary		0.3	%
India		1.9	%
Indonesia		0.8	%
Ireland		0.9	%
Israel		0.5	%
Italy		1.7	%
Japan		13.9	%
Jersey		0.1	%
Mexico		1.3	%
Netherlands		3.9	%
Norway		0.8	%
Peru		0.2	%
Portugal		0.2	%
Russia		0.7	%
Singapore		1.8	%
South Africa		1.8	%
South Korea		2.9	%
Spain		2.7	%
Sweden		2.0	%
Switzerland		6.2	%
Taiwan		2.2	%
Turkey		0.3	%
United Kingdom		11.6	%
United States		0.5	%
Short Term Investment		0.9	%
Total		100.0	%

Value Index Fund

	Percentage of
Security Allocation	Net Assets
Common Stocks		97.7	%
Corporate Notes		1.2	%
Short Term Investment		0.3	%
Total		99.2	%

74

Growth Index Fund

	Percentage of
Security Allocation	Net Assets
Common Stocks		94.4	%
Corporate Notes		0.5	%
Short Term Investment		0.6	%
Total		95.5	%

Small Cap Fund

	Percentage of
Security Allocation	Net Assets
Common Stocks		100.6	%
Corporate Notes		0.7	%
Short Term Investment		10.9	%
Total		112.2	%

Genesis Conservative Portfolio

	Percentage of
Security Allocation	Net Assets
Mutual Funds		99.5	%

Genesis Balanced Portfolio

	Percentage of
Security Allocation	Net Assets
Mutual Funds		99.9	%

Genesis Growth Portfolio

	Percentage of
Security Allocation	Net Assets
Mutual Funds		99.9	%

75

Additional Fund information, continued June 30, 2011 (Unaudited)

Expense Comparison:

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2011 through June 30, 2011.

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 12/31/10		Ending Account Value 6/30/11		Expense Paid During Period* 12/31/2010-6/30/2011		Expense Ratio During Period** 12/31/2010-6/30/2011
Intermediate Income Fund
Class A	$	1,000.00	$	1,026.70	$	4.97		0.99	%
Class I		1,000.00		1,029.80		2.97		0.59	%
Core Stock Fund
Class A		1,000.00		1,009.50		8.12		1.63	%
Class I		1,000.00		1,013.40		4.59		0.92	%
International Fund
Class A		1,000.00		1,025.30		10.24		2.04	%
Class I		1,000.00		1,029.80		5.69		1.13	%
International Index Fund
Class A		1,000.00		1,017.00		8.35		1.67	%
Class I		1,000.00		1,020.00		4.81		0.96	%
Value Index Fund
Class A		1,000.00		1,040.30		6.53		1.29	%
Class I		1,000.00		1,044.20		2.48		0.49	%
Growth Index Fund
Class A		1,000.00		1,049.70		5.64		1.11	%
Class I		1,000.00		1,052.70		2.65		0.52	%
Small Cap Index
Class A		1,000.00		1,150.80		9.12		1.17	%
Class I		1,000.00		1,153.10		5.71		1.07	%
Conservative Portfolio
Class A		1,000.00		1,029.30		3.37		0.67	%
Balanced Portfolio
Class A		1,000.00		1,037.60		3.38		0.67	%
Growth Allocation Portfolio
Class A		1,000.00		1,043.00		3.34		0.66	%

*	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

76

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 or Portfolio’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 12/31/10		Ending Account Value 6/30/11		Expense Paid During Period* 12/31/2010-6/30/2011		Expense Ratio During Period** 12/31/2010-6/30/2011
Intermediate Income Fund
Class A	$	1,000.00	$	1,019.89	$	4.96		0.99	%
Class I		1,000.00		1,021.87		2.96		0.59	%
Core Stock Fund
Class A		1,000.00		1,016.71		8.15		1.63	%
Class I		1,000.00		1,020.23		4.61		0.92	%
International Fund
Class A		1,000.00		1,014.68		10.19		2.04	%
Class I		1,000.00		1,019.19		5.66		1.13	%
International Index Fund
Class A		1,000.00		1,016.51		8.35		1.67	%
Class I		1,000.00		1,020.03		4.81		0.96	%
Value Index Fund
Class A		1,000.00		1,018.40		6.46		1.29	%
Class I		1,000.00		1,022.36		2.46		0.49	%
Growth Index Fund
Class A		1,000.00		1,019.29		5.56		1.11	%
Class I		1,000.00		1,022.22		2.61		0.52	%
Small Cap Index
Class A		1,000.00		1,016.31		8.55		1.71	%
Class I		1,000.00		1,019.49		5.36		1.07	%
Conservative Portfolio
Class A		1,000.00		1,021.47		3.36		0.67	%
Balanced Portfolio
Class A		1,000.00		1,021.47		3.36		0.67	%
Growth Allocation Portfolio
Class A		1,000.00		1,021.52		3.31		0.66	%

* 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

77

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

Annual/Semi-Annual Reports:

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

Statement Of Additional Information (SAI):

The SAI provides more detailed information about the 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, by contacting the broker that sells the Funds, or by contacting the Funds at:

Praxis Mutual Funds

P.O. Box 5356

Cincinnati, Ohio 45201-5356

Telephone: 1-800-977-2947

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

You can review and get copies of the 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

JPMorgan Chase Bank N.A.

303 Broadway, Suite 900

Cincinnati, OH 45202

2101987

Item 2. Code of Ethics.

Not required in Semi-Annual Report.

Item 3. Audit Committee Financial Expert.

Not required in Semi-Annual Report.

Item 4. Principal Accountant Fees and Services.

Not required in Semi-Annual Report.

Item 5. Audit Committee of Listed Companies.

Not applicable.

Item 6.  Schedule of Investments.

(a)   The Schedule of Investments is included in the Report to Shareholders filed under Item 1 of this Form.

(b)    Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.

Not applicable.

Item 8.  Portfolio Managers of Closed-End Funds.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Funds.

Not Applicable.

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

Not Applicable.

Item 11.  Controls and Procedures.

(a)           Based on an evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are effective.

(b)           There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s second fiscal quarter 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 in Semi-Annual Report.

(a) (2)      Certifications required by Item 12(a) of Form N-CSR are filed herewith.

(a) (3)      Not applicable

(b)           Certification required by Item 12(b) of Form N-CSR 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

(Registrant)  

By: (Signature and Title)

/s/ Trent Statczar            

Trent Statczar

Treasurer

Date:  September 7, 2011

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: (Signature and Title)

 /s/ David Gautsche         

David Gautsche

 President and Chief Executive Officer

Date:  September 7, 2011

By: (Signature and Title)

/s/ Trent Statczar             

Trent Statczar

Treasurer and Chief Financial Officer 

Date:  September 7, 2011